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The.
animercial
Volume 137
firtatiquI
littiturie
New York, Saturday, November 18 1933.
Number 3569
The Financial Situation
HE great need of the hour is the removal of the have done extraordinary things in Washington durprevailing lack of confidence—lack of confi- ing the last eight months, but I think our accomdence in the efficacy of our National Recovery pro- plishments so far are the faintest foreshadowing of
gram, lack of confidence in the Administration's what is necessary."
What are the "extraordinary things" which have
gold policy, lack of confidence in the ability to raise
been accomplished? Mr. Wallace indulges in no
commodity prices by depreciating the value of the
dollar, lack of confidence in the effort to bring about secrecy as to what he has in mind on that point.
social regeneration by uprooting all the principles He means the things that have been done for the
of economics which have served the world in the farmers and for labor. In this he sets himself down
past—in short, lack of confidence in the New Deal as the advocate of class legislation. Why should
according to the methods and processes by which agriculture as a class be favored? Why should we
this is to be effected. At such a time it is certainly have class legislation for labor? To be sure, such
not opportune to go about the country and preach legislation has been the special concern of the
authorities at Washington.
the doctrine of discontent
They have made agriculand of general dissatisfacture and labor almost the
tion. But that is precisely
Report of I. B. A. Convention
sole object of their care
what Henry A. Wallace,
We devote twenty pages to-day to an
and solicitude, and Mr.
the Secretary of Agriculaccount of the proceedings of the annual
Wallace is as truly the
ture, has been engaged in
Convention of the Investment Bankers'
special advocate of agriculAssociation of America, held at Hot
doing this very week.
Springs, Va.,on October 28 to November 1.
ture as William Green is
In an address delivered
This great investment organization is
the advocate of labor. CerMuncie, Indiana, on
at
growing in importance and in influence
tainly the whole address of
Tuesday, Mr. Wallace adwith each succeeding year. The feature
Mr. Wallace is devoted to
vocated "A middle course
of the annual gatherings is always the
the cause of agriculture,
by which we can shake off
Committee reports, which will be found
even though the relation of
spread out at length on subsequent pages.
the leadership of discredagriculture to the general
Committees are composed of men
The
ited capitalists without
thoroughly conversant with their subjects,
economic and industrial
committing ourselves to
and they devote themselves to their resituation forms part of his
the follies of the hell-raisspective tasks with a thoroughness that
remarks.
This has a fine
ers."
has never been surpassed anywhere in the
The Secretary of Agrisound, and is charactersame line of work—in fact, has never
culture characterizes the
istic of the utterances
before been equalled. Their studies,
policies of 1922-1929 as
therefore, are of high value.
which abound in the ad"damnable" (referring in
dress. It is calculated to
this more particularly to
appeal to the superficial
and to those not inclined to go into a deep study of the loaning of money abroad), and says "It is exthe problems confronting the economic world, and ceedingly important that business men never again
• in particular the trials of the farmers, to whom the take as large a percentage of the national income
Secretary's remarks were chiefly addressed, and for profits as they did in 1929. When the total
whom he undertakes to captivate by adorning his capital of the country receives more than a rather
speech with such phrases as the "vomit of capital- modest return, it interferes with the circuit flow
ism" in referring to the testimony brought out in of prosperity." He adds: "We need a new type
the hearings before the Senate Finance Committee. of business man who is willing to help in working
In elucidation of what he means, Mr. Wallace deliv- out the national or international plans, whichever
ered himself of the following: "If the New Deal they may prove to be, and who is then willing to
means anything it means the subordination of capi- devote all his talents to bringing about a fair, worktal rights and property rights to human rights." able relationship between the income of labor, the
Sere again we have one of those catch phrases which income of agriculture, and at the same time receive
are calculated to appeal to the emotions rather than for his services only a small return on capital and
to reason and common sense as fortified by the actual a modest salary."
This is Utopia, but it is also a special plea for a
facts of the case. Who to-day would not espouse
human rights, but need capital rights and property class in advocating special consideration for agrirights be sacrificed to human rights? At another culture and for labor. It is, moreover, calculated to
point Mr. Wallace makes the assertion that "We arouse a feeling of discontent among these two
T
3532
Financial Chronicle
classes by making it appear that they have hitherto
been denied the fair and equitable treatment which
is their jitst due, whereas quite the contrary is the
case. What has not been done for the farmer during and since the war? Mr. Wallace's whole address bears testimony to the liberal way in which
the farmer has been treated during the days of the
present Administration, and as to labor special consideration for the same certainly played an important part in dictating the policies of the Wilson,
the Coolidge, the Hoover Administrations as well
as the present Roosevelt Administration. Union
labor has been favored by them all, as evidenced by
the labor statistics, which show that taking 100 as
the basis for 1913, weekly wages for a full-time week
had increased to 240.7 in 1929.
But in closing, Mr. Wallace is quite optimistic.
The dollar is hereafter to be an inconsequential
thing in our national life—except, of course, in the
case of the farmer and of labor. These two portions
of the country's population stand apart and must
always have exclusive favor. Mr. Wallace conceives
the following vision: "I hope to live to see the day
when the finest things in American life will not be
subject to the measurement of the dollar sign. We
can easily have this kind of world within 10 to 15
years if we have sufficiently decent hearts to entitle
us to the right to live in that kind of world. I
believe we can build a civilization which will give
expression to the things which are infinitely fine
and splendid in human nature. In the midst of our
desperate striving with the hard facts of every day,
while the selfish old world is in its dying gasps and
the new world is not quite born, it is easy to lose
faith. It is hard for the idealists to do the difficult
spade work which must be accomplished day after
day. It is easy for the narrow and bitter ones in
these difficult times to appeal to the grievances
which have been more than 12 years in building."
It is, of course, pleasing to know that "the selfish
old world is in its dying gasps," that "American life
is no longer to be subject to the measurement of
the dollar sign," that profits on capital no longer
need to disturb us, inasmuch as in a spirit of philanthropy the business man is to be schooled so that
he will gladly function even if the profits are reduced to the vanishing point, but what will no doubt
appear as a hardship to the farmer and the laborer
is (though Mr. Wallace dismisses the delay lightly)
that we will have to wait "10 to 15 years" to realize
all the good things planned and will get them only
"if we have sufficiently decent hearts to entitle us
to the right to live in that kind of world."
Soviet Russia has its five-year plan for regenerating the world,and some other countries have equally
definite periods for achieving new industrial goals,
but in the United States 10 to 15 years will be required to realize our new social and economic era,
provided we have sufficiently decent hearts to deserve the better state. One would have thought that
Secretary Wallace would have left the announcement of this grandiose scheme to his chief, President
Roosevelt, who is so prone to concentrate matters
of that kind in his own hands, but it is interesting
to know whither the members of his personal staff
are drifting in dreams for outshining him.
Secretary Wallace discussed another phase of the
agricultural problem which deserves a moment's consideration, namely, the relation of our foreign trade
to the agricultural situation. "Ever since the war
Nov. 18 1933
we have dodged facts," he said. "Our extraordinary
resources, our scientific understanding, and our
methods of mass production have enabled us to do
the most foolish things without paying the penalty
which, to any other nation, would have been fatal.
I am talking about such things as our national
policy with respect to export, imports, tariffs, international currency exchange, export quotas, import
quotas, and international debts. These are the
weapons of economic warfare which are more deadly
than artillery. These economic weapons are so
subtle that they have a nasty way of bouncing back
on you with redoubled force when you think you are
using them against the enemy. For 15 years the
United States has blundered along refusing to decide
whether she would use her creditor position in world
affairs to assume a position of world economic leadership or whether she would toss overboard the debts
owed from abroad and follow a policy of strict
nationalism or whether she would adopt some combination of the two."
Mr. Wallace urges an early but deliberate decision as to our foreign policy. Adjustments and a
planned program would be essential, he contends,
whether the policy adopted is internationalism,
nationalism or a combination of the two. If we
follow the national program, he argues, we must
resolutely plan to keep 50,000,000 acres of land out
of use, no matter how loud may be the outcry of
certain carrying, handling, processing and exporting
interests. What the Secretary says about tariff
obstructions is undeniably true, but when he speaks
of keeping 50;000,000 acres of land out of use he is
stating only half the problem. The Western farmers' plight is due to the fact that he has lost the
British market for his wheat, and the reason for
this is that through the Ottawa conference and the
tariff preferences among the Dominions of the British Empire which resulted therefrom, high tariff
duties against imports from the United States are
imposed, whereas grain coming from the Dominions
is admitted free of any tariff duties.
Taking the two neighboring countries, the United
States and Canada, wheat coming from the United
States is subject to a tax of 6c. a bushel, while wheat
coming from Canada is subject to no duty at all.
This is tantamount to an absolute denial of the British market to grain grown in the United States. Imports from Australia also enjoy Empire preference,
and so also does wheat from other British Dominions, though these are of no great consequence,
since they produce no considerable amount of wheat.
The result is that no wheat whatever is reaching
Great Britain from the United States, while importa-,
tions from Canada have increased enormously, the
Dominion gaining at the expense of the United
States, while imports from Australia have also been
greatly augmented. In the following table we show
the imports of wheat into the United Kingdom in
the 9 months to Sept. 30 for each of the last 5 years:
IMPORTS OF WHEAT INTO THE UNITED KINGDOM FOR THE
NINE MONTHS FROM JAN. 1 TO SEPT. 30.
(In Hundredweights.)
1933.
Australia
Canada
1932.
1931.
1930.
1929.
23,832,392 21,378,024 20,136,113 9,914,171 11,016.104
34,502,829 28,670.455 20,667,228 19.492.105 22,334,59
8
702
58,335,221 50,048,479 40,803,341 29,406,276 33.350.
Total
5,046 3.905,349 8.313,013 16.182,765 16 219,897
United States__ -Argentine Republic 21,921.86119,804,135 16,831.340 13,499,171 31,333,862
789,334 1,445,622 17,574,704 3,471,990
Russia
413 327 2.520.795
--42
British India
,694
3,010,490 3,848,984 2,030,557 5,839,163 2,591.047
Other countries
Total all
84.061.952 79.052.569 85.966.282 70.920.160 Rn An7.702
Volume 137
Financial Chronicle
It will be seen from the foregoing that while the
wheat imports from the United States into Great
Britain during the nine months back in 1929 and
1930 were 16,219,397 and 16,182,765 hundredweights,
during 1933 they footed up the trivial amount of
5,046 cwts. On the other hand, the imports into
Great Britain from Canada, which in 1930 were
19,492,105 cwts., for 1933 aggregated 34,502,829
cwts., and in like manner the imports from Australia
in the same period rose from 9,914,171 cwts. to
23,832,392 cwts. What is needed, therefore, is not
mere tariff revision, but absolute equality, which
means that wheat grown in this country shall enjoy
free entry into Great Britain the same as Canada.
Even a reduction of one-third from the existing duty
of 6c. a bushel, while looking large, would count for
little or nothing, since even then a tax of 4c. a
bushel would remain against wheat grown in the
United States, and that would be as effective in
keeping out American-grown wheat as the present
6c. tax. Yet apparently no effort was made to do
away with this Empire preference, and at the recent
International Wheat Conference for the fixing of
export quotas from the wheat exporting countries
the United States was allotted only 47,000,000
bushels of exports to all the countries of the world,
while the Canadian quota was fixed at 200,000,000
bushels. It is only needful to note that over 40
years ago, back in 1892, the exports of wheat from
the United States aggregated 225,665,812 bushels,
and that during the last decade the shipments from
this country have frequently run over 200,000,000
bushels, to see how the United States has been relegated to an inferior position by the British Empire
preferences in favor of the Dominions.
It is to be remembered, too, that wheat is only
one item where Empire preference is operating to
the detriment of the United States. There 'are
dozens of other items where the export trade from
this country to Great Britain has also been virtually
extinguished by the action of the Ottawa conference.
Great Britain, of course, is clearly within her rights
in establishing the preferences referred to, but this
should be recognized instead of having it appear as
if the American farmer himself was-at fault in producing too much wheat (as does Secretary Wallace
when he says the United States must resolutely plan
to keep 50,000,000 acres of land out of use). There
would be no need for plowing under so much acreage if all the markets of the world were open to
.kmerican-grown wheat as they formerly were.
EPORTS on Thursday and Friday that the Federal Reserve Board had decided to halt purchases of foreign exchange by Americans who
Pinned to buy foreign securities seemed logical
enough,in view of the complete demoralization of the
foreign exchanges as a result of the gold policy of the
Washington Administration, though the reports
have failed to find official confirmation. The purpose would be to stop the further outflow of American capital in seeking refuge abroad. The outflow
has been of enormous proportions in recent weeks.
violent fluctuations have been the feature of the
exchange market ever since President Roosevelt
made his famous Sunday night address on Oct. 22,
saying that the United States had determined to
establish a market of its own in foreign exchange
by buying and selling gold, first in the home market
R
3533
and then in the world market. But since resort to
this latter stage in the gold operations, the fluctuations have been especially violent, and during the
past two weeks they have been assuming startling
dimensions. While it has been the plain purpose of
the Administration to depreciate the value of the
dollar, and it was supposed that this could be done
by raising the price fixed at Washington per ounce
of gold, the depreciation this week assumed a runaway character, with the result that the price fixed
for gold has failed to control the movement, and the
American dollar has plunged precipitately downward, entirely regardless of the American price of
the metal. It is open to serious question, too,
whether the depreciation of the dollar has not got
completely out of hand. On Tuesday of this week,
and every day since then, the Washington price for
the metal has been kept unchanged, but the foreign
exchanges proceeded more and more strongly
against New York and the depreciation of the American dollar continued with unabated fury.
The action in leaving the Washington price unchanged was for the evident purpose of checking
the further decline in the dollar, which was proceeding far too fast even for the Administration at
Washington. As a matter of fact, the rise in foreign exchange rates has continued uninterrupted
day by day almost every day of the present month.
Taking cable transfers on London as the guide, the
high on Nov. 1 was $4.80%; on Nov. 2 it was .86;
on Nov. 3, $4.8578; on Nov. 4, $4.86%; on Monday,
/
Nov. 6, $4,9118; on Nov. 8 (Nov. 7 having been
/
Election Day and a holiday), $4.9818; on Nov. 9,
/
$5.15; on Nov. 10, $5.161 8; on Nov. 11, $5.101 ; on
/
4
Monday of the present week, $5.18%; on Nov. 14,
$5.331 2; on Nov. 15, $5.42; on Nov. 16, $5.52%, but
/
yesterday, Nov. 17, $5.33%, the American price of
the metal for the last four days mentioned having
remained unchanged at $33.56. In like manner, the
French franc has been rising day by day, and this
being a gold currency the rise measures the true
depreciation of the dollar in gold. Cable transfers
on Paris were at a high of 6.32 on 'Monday; a high
of .6.48% on Tuesday, Nov. 14; a high of 6.571 on
%
Nov. 15; a high of 6.72 on Nov. 16, but a high of
only 6.471 2 yesterday, Nov. 17.
/
Whether.or not the long leave of absence granted
William H. Woodin, the Secretary of the Treasury,
and the replacement of Dean G. Acheson as Under.
Secretary of the Treasury by Henry Morgenthau Jr.,
who now becomes Acting Secretary of the Treasury,
has played any part in the further downward plunge
is a matter of opinion, though these moves have been
interpreted as marking the complete triumph of
those among the President's advisers who are favoring inflation. But the fact remains that the dollar
has continued its depreciation, ond on Wednesday it
dropped to below 60c., touching 59.8c. on the basis
of the Paris quotation, and to 58Y on Thursday,
2c.
but with a recovery to 61.2c. on Friday.
There appears to be no doubt that there-is a flight
from the American dollar everywhere. The transfers from this side are coming about in a variety
of ways, and for the same identical reasons. The
proceeds of goods shipped to Europe are being left
on the other side, instead of being remitted to the
United States. Then sales of securities both for
domestic and foreign account are constantly under
way, the desire being to convert into currency units.
3534
Financial Chronicle
that are not likely to undergo depreciation as they
are when kept in dollars, the dollar being manipulated so as actually to drive it lower.
All this has produced a nervous and panicky feeling where everybody is desirous of getting out of
the dollar into something more assured of stability.
An illustration of the prevailing fear appeared in
the erratic fluctuations of Canadian Exchange on
Thursday. On that day Montreal funds opened at
around 15 0 premium, and later in the morning
A47
advanced to a little over 2% premium. Then with
a suddenness which left even veteran exchange traders bewildered, says the "Wall Street Journal," the
rate got completely out of control and rose to un/
heard of heights, at a premium of 51 2% as American
sought refuge in Canadian securities. And
capital
then, as though satisfied with its exhibition, the
rate relapsed to early morning levels. Indications
of the way in which investments are being withdrawn from this side also appear in another direction. The Federal Reserve banks, in their weekly
condition statements, report the amount of their
holdings of acceptances purchased for foreign correspondents. This week that item is down to
$3,896,000 from $10,700,000 last week, and when we
go back another week we find that on Nov. 1 such
holdings amounted to $30,750,000, showing a reduction in two weeks of almost $27,000,000. When we
go still further back, say to Sept. 20, the aggregate
holdings of this description are found to have been
$46,701,000. The foreign exchanges yesterday suffered a sharp downward reaction on the rumor mentioned above that steps were to be taken to stop the
outflow of capital, and cable transfers on London
sold as low as $5.15, with the close at $5.21.
The most unfortunate feature of all is the fact
that all this has had the effect of depressing the
market value of United States Government securities. During the past two weeks these United States
securities have suffered steady decline, at first in
a very moderate kind of way, but the past few days
at quite a rapid pace. There is a menace in this,
not because there, is any immediate need on the
part of the United States Treasury to float additional issues of United States securities, nor because of the large holdings by the Federal Reserve
banks, which are approaching the $2,500,000,000
mark, but because of the very large holdings of Government bonds by the member banks of the System.
The member banks which make weekly returns to
the Federal Reserve Board alone held at the latest
date (Nov. 8) $5,147,000,000 of such United States
securities.
Any very considerable decline in the price of these
.
United States securities would mean very heavy
loss to these institutions, and, of course, later on,
when the Government shall again appear in the
market to float new issues of United States securities, it would mean increased cost to the Government
in its new financing, and possibly make such financing difficult. The situation is one requiring very
cautious handling, and the best way of effecting an
improvement in the situation would be for the
Administration to abandon or modify its policy
with reference to manipulating the price of gold.
As things now are, no one can tell what the value of
the dollar is to be to-morrow or next week. The
only thing he knows is that the determination exists
to drive the dollar lower and still lower. To remove
this uncertainty, or rather, to remove the possibility
Nov. 18 1933
of the impairment of the value of the dollar, would
do more to restore confidence, now so sadly lacking,
throughout the financial world than any single step
that the Washington Administration could undertake.
IN VIEW of the fact that the foreign exchanges
are so deeply upset, causing so much embarrassment in the business world, it is gratifying to find
that merchants and business men are at length declaring their opposition to the gold policy of the
Washington Administration and taking pains to
let the Administration know how deeply business is
being disturbed and urging a return to the gold
standard. Last week we took occasion to refer to
the action of the Chamber of Commerce of the State
of New York on Nov. 3 in urging in most unqualified fashion a return to the gold standard, and expressed our approval of the action. Now the movement is spreading, and other mercantile bodies are
taking a similar attitude. As a case in point the
restoration of a fixed gold standard was urged upon
President Roosevelt in a resolution adopted on
Nov. 10 by the directors of the Illinois Manufacturers' Association. "Transaction of business is becoming increasingly difficult for members of the
organization," said the report of the Banking Committee of the Association, "because of a growing
fear on the part of their customers and the American
public at large concerning the• future purchasing
power of American money, both at home and
abroad."
The various plans adopted by the Administration
to raise commodity prices are designed primarily,
it is averred, to relieve the debtor classes. The resolution adopted then says: "Whereas we are in sympathy with debtors suffering from unemployment
or low commodity prices, any attempt to relieve this
situation by some of the inflationary amendments to
the Emergency Farm Mortgage Act are not likely
to benefit any particular class, and eventually the
entire population of the country will suffer." The
report furthermore says that continued experimentation with unorthodox methods of raising commodity prices rimy soon result in unbridled speculation, a race for currency depreciation by the major
commercial countries of the world, and possibly
eventual loss of control over commodity prices.
The Chamber of Commerce of the State of New
York has the present week also returned to the subject, and is taking steps, according to a statement
given out to the press by James Brown, the President of the Chamber, to further crystalize public
opinion throughout the country on what it regards
very justly as one of the most vital issues now before
the American people. The plan on which.the Chamber is working has for its objective the creating of
a national demand that the Administration return
to a gold standard and abandon all currency experiments to the end that national credit shall be restored, confidence in business revived, and recovery
expedited. The Chamber believes that public
opinion will thus be aroused to so great an extent
that the President no longer can ignore the cry
for sound money from business men throughout the
nation, regardless of what the advisers of the Administration may counsel.
It appears that approval of the action taken by
the Chamber, and commendation of its initiative and
leadership in directing attention to the dangers of
Volume 137
Financial Chronicle
the Administration's monetary policy have come
from wide sections of the nation. Messages, it is
stated, have been received by telegraph, telephone
and mail, congratulating the Chamber on its stand
for sound money, and newspapers which reach millions of homes have enthusiastically supported the
action. Best of all, copies of the resolutions which
were adopted by the Chamber are being sent to
Chambers of Commerce, Boards of Trade and other
civic and business organizations throughout the
country, with letters asking them to join forces
with the Chamber in a great national demonstration for a return to a sound money policy. Not only
that, but industrial leaders, the heads of large savings and commercial banking institutions, and
prominent business and professional men, who are
of influence in their communities, have volunteered
to join in a movement whose goal is the welfare and
prosperity of the whole nation. Gold, it is declared
with much force, has been the basis of our currency'
for more than half a century. It must still be the
basis of any sound monetary unit.
This is a gratifying development at a time when
the evil embodied in the present mistaken policy is
becoming so manifest in the foreign exchange market
and at the same time is in danger of working infinite mischief to the commercial and financial interests of the country, possibly eventuating in serious
disaster if the policy is not speedily abandoned or
at least modified in some of its essential points of
weakness. We are sure that the Washington authorities will not fail to listen to advice and entreaty, coming from such a source.
--•-HIS week's condition statements of the Federal
Reserve banks show that the Reserve banks
have further slowed down in their acquisition of
additional United States securities, the new purchases having aggregated only $1,501,000, raising
the grand total of the holdings from $2,430,101,000
to $2,431,602,000. The addition to the volume of
Reserve credit outstanding has, however, been larger
than this, since the Federal Reserve institutions
have been able to increase their holdings of acceptances bought in the open market, the 12 Reserve
banks having increased their holdings from
$6,737,000 to $15,180,000. This supply of bills has
apparently come .from the holdings of acceptances
thrown over by foreign central banks. These foreign holdings of bills, as already noted further
above, were down the present week to $3,896,000 from
$10,700,000 last week and $30,750,000 the week before. The discount holdings of the 12 Reserve banks
are slightly smaller this week at $111,437,000 against
$112,261,000 last week, indicating diminished borrowing by the member banks to the extent of the
difference. The result of these various changes is
that the volume of Reserve credit outstanding, as
measured by the total of the bill and security holdings, has been increased in amount of somewhat over
$9,000,000, the total having risen from $2,550,658,000
Nov. 8 to $2,559,788,000 Nov. 15.
The amount of Federal Reserve notes in circulation is slightly lower the present week at $2,973,040;000 against $2,982,997,000. On the other hand,
the volume of Federal Reserve bank notes outstanding has further increased during the week from
$193,678,000 to $194,950,000. Deposit liabilities
have increased during the week from $2,829,124,000
to $2,872,531,000. This has occurred notwithstand-
T
3535
ing the Government deposits fell during the week
from $90,926,000 to $64,220,000, the increase in total
deposits following almost entirely from the increase
in the Reserve deposits of the member banks, which
have risen during the week from $2,577,552,000 to
$2,645,232,000, indicating a corresponding improvement in the reserve position of the member banks.
Gold holdings have been further slightly reduced,
falling from $3,578,289,000 to $3,477,153,000. The
final result of these changes is that the ratio of total
golds reserves and other cash to deposit and Federal
Reserve note liabilities combined stands at 65.1%
against 65.2% last week. The amount of United
States securities held as part collateral for Federal
Reserve notes has decreased during the week from
$580,000,000 to $562,600,000.
IVIDEND changes by corporate entities have
the present week, as for some weeks past, been
more largely of a favorable character than the reverse. The Electric Bond & Share Co. omitted the
dividend on its common stock, but that is about the
only company of any consequence that has taken
unfavorable action in regard to dividend declarations. The Texas Gulf Sulphur Co. has increased its
quarterly dividend on common from 25c. a share to
15c. a share. The National Transit Co. has raised
the semi-annual dividend on its common stock from
35c. a share to 40c. a share. The Congoleum-Nairn,
Inc., has declared a special dividend of 50c. a share
on common, in addition to the regular quarterly
dividend of 25c. a share; three months ago the quarterly payment on this issue was increased from 15c.
a share to 25c. a share. Penick & Ford, Ltd., Inc.,
declared an extra dividend of $1 a share on common,
in addition to the usual quarterly dividend of 50c. a
share; this compares with a special dividend of 50c.
a share and a quarterly dividend of 50c. a share paid
on Sept. 15 last. The Standard Oil Co. of Kansas
(Del.) has declared an initial quarterly dividend of
50c. a share on its common stock. The Sun Oil Co.
of Philadelphia declared a 9% stock dividend on
common; a regular quarterly dividend of 25c. a
share previously declared is also payable on this
issue on the same date, that is, Dec. 15. In December of 1932 the company made a distribution of 3%
in stock on the common.
—•-HE New York Stock market the present week
pursued a nervous and an erratic course, until
Thursday. The fluctuations were of no great consequence, stocks failing to respond to the continued
depreciation of the dollar and commodity prices also
showing very little response to the collapse in the
dollar, which in the past was supposed to furnish
warrant for a rise in prices all around, both in the
security markets and in commodities. This failure
of values to follow an upward couese was the more
noteworthy as the rise in the foreign exchanges against
New York was exceedingly rapid and violent, the
pound sterling spurting upward on different days of
the week as much as 10 to 15 cents a day and the
French franc rising in equally spectacular fashion.
The lack of response was due very largely to growing skepticism as to whether the Washington gold
policy could be carried to a successful conclusion and
lack of faith generally in the Administration's policies.
On Thursday, however,on a further downward plunge
in the gold value of the dollar, which tumbled to
583/2c., the lowest figure yet reached, stocks reversed
T
3536
Financial Chronicle
their course and commodity values likewise developed a rising tendency. How largely the rise in
stocks was due to the covering of outstanding short
contracts, the short interest having been extremely
extensive, cannot be stated, but the fact is that
the rise in the active list for the day reached all
the way from $1 a share to $5. On Friday, after
further upward reaction in the morning, prices tapered slightly off by the close of the day, and the
commodity prices also moved somewhat lower, with
the foreign exchanges turning in favor of this country and the dollar showing a recovery to 61.89c.
Aside from the great collapse in the exchange
value of the dollar, there were no new developments
during the week of any great consequence. A depressing feature was the renewed weakness of the
bond market, both in the case of the high-priced and
the low-priced issues, and United States Government obligations also displayed weakness, more so
than in any recent period. This, of course, created
doubt and increased the general feeling of nervousness prevailing. Trade indications were of the same
measure as in other weeks of late. The falling off
in steel production reached a halt, the Iron and Steel
institute reporting the steel mills of the country
engaged to 26% of capacity as against 25.2% last
week. Train loadings of revenue freight on the
railroads of the United States for the week ending
last Saturday reached 607,785 cars as against
587,302 cars in the corresponding week of 1932, and
the production of electricity by the electric light and
power industry of the United States reached 1,616,875,000 kilowatt hours against 1,520,730,000 kilowatt hours in the same week of 1932, or a gain of
6.3% as against 3.8% the ratio the previous week.
As indicating the course of the commodity markets, the December option for wheat in Chicago
closed yesterday at 891 8c. as against 8934c. the
/
/
close on Friday of last week. December corn closed
yesterday at 47%c. against 4778c. the close the pre/
vious Friday. December oats closed yesterday at
3478c. against 35%c. the close on Friday of last
/
week. December rye at Chicago closed yesterday
/
at 6034c. against 6058c. the close on Friday of last
/
week, while December barley at Chicago closed yesterday at 451 4c. against 4834c. the close on the
/
/
previous Friday. The spot price for cotton here in
New York yesterday was 10.20c. as compared with
10.05c. on Friday of last week. The spot price for
rubber yesterday was 8.75c. against 8.50c. the previous Friday. Domestic copper was quoted yesterday at 81 4c. against 814c. the previous Friday. Sil/
/
ver enjoyed a sharp rise, but only in New York, and
this was ascribable largely, if not entirely, to the
further depreciation in the gold value of the American dollar, and the advance was lost when the dollar recovered on Friday.• In London the price yesterday was 1838 pence per ounce against 18 7/16 pence
/
on Friday of last week. The New York quotation
yesterday was 42.70c. as against 42.75c. the previous
Friday. The foreign exchanges, as already noted,
moved sharply upward (involving a corresponding
depreciation in the gold value of the American dollar) in even more sensational fashion than was the
case last week and the week before. Cable transfers
on London yesterday closed at $5.21 as against $5.11
the close the previous Friday, while cable transfers
on Paris closed yesterday at 6.30c. compared with
/
6.261 2c. the close on Friday of last week. On the
New York Stock Exchange 38 stocks advanced to
Nov. 18 1933
new high figures for 1933 during the current week,
and 24 stocks touched new low figures for the year.
For the New York Curb Exchange the week's record
is 34 new highs and 43 new lows. Call loans on the
Stock Exchange remained unaltered at 34 of 1%
/
per annum.
Trading has been moderately large. On the New
York Stock Exchange the sales at the half-day session
on Saturday last were 472,180 shares; on Monday
they were 1,091,235 shares; on Tuesday 2,169,470
shares; on Wednesday 1,353,990 shares; on Thursday
2,577,260 shares, and on Friday 2,323,820 shares.
On the New York Curb Exchange the sales last
Saturday were 86,425 shares; on Monday 199,055
shares; on Tuesday 283,935 shares; on Wednesday
204,900 shares; on Thursday 306,200 shares, and on
Friday 387,435 shares.
As compared with Friday of last week, prices are
irregularly changed. General Electric closed yesterday at 20% against 20% on Friday of last week;
North American at 14% against 17; Standard Gas &
Electric at 7% against 93/2; Consolidated Gas of
N. Y. at 37 against 383 ; Brooklyn Union Gas at
%
against 623/2; Pacific Gas & Elec. at 163/ against
613/
183 ; Columbia Gas & Elec. at 10% against 12%;
%
Electric Power & Light at 53/i against 6; Public
Service of N. J. at 34 against 343/2; J. I. Case Threshing Machine at 72% against 70; International
Harvester at 41% against 38%; Sears, Roebuck
Co. at 42% against 403; Montgomery Ward & Co.
at 223/i against 20%; Woolworth at 403 against
393/; Western Union Telegraph at 543/ against
s
513/; Safeway Stores at 42 against 40 8; American
8
Tel. & Tel. at 119% against 116; American Can at
933/ against 913.; Commercial Solvents at 32%
against 33; Shattuck & Co. at 73% against 7%, and
Corn Products at 71% against 72.
Allied Chemical & Dye closed yesterday at 139
against 132 on Friday of last week; Associated Dry
8
Goods at 13% against 123/; E.I. du Pont de Nemours
at 84 against 79%; National Cash Register A at 153/2
against 15; International Nickel at 213/ against 21;
Timken Roller Bearing at 283/b ex-div. against 28;
Johns-Manville at 54 against 51%; Gillette Safety
Razor at 11% against 113/; National Dairy Products
2
at 15% against 15%; Texas Gulf Sulphur at 43%
against 40%; Freeport-Texas at 463 against 46;
%
United Gas Improvement at 15 against 153/s; National Biscuit at 46% against 4332; Continental Can
at 69% against 653'; Eastman Kodak at 73 against
75; Gold Dust Corp. at 183/i against 173; Standard
Brands at 243 against 243; Paramount Publix
Corp. ctfs. at 1% against 1%; Coca-Cola at 98
against 963' bid; Westinghoure Elec. & Mfg. at 383
%
against 373.'; Columbian Carbon at 60 against 56;
Reynolds Tobacco class B at 463 against 44 8;
Lorillard at 173/i against 17; Liggett & Myers class B
at 87 against 843., and Yellow Truck & Coach at
3
4% against 4%.
Stocks allied to or connected with the alcohol or
brewing group show irregular changes the same as
the rest of the list. National Distillers closed yesterday at 893' against 92% on Friday of last week;
Owens Glass at 81 against 763'; United States Industrial Alcohol at 663/ against 693/2; Canada Dry
at 273 against 273/s; Crown Cork & Seal at 36
3
against 35%; Liquid Carbonic at 253 against 273,
and Mengel & Co. at 93 against 93 .
,
The steel shares followed the course of the general
market. United States Steel closed yesterday at 43
Volume 137
Financial Chronicle
against 403 on Friday of last week; United States
4
%
Steel pref. at 797 against 803/; Bethlehem Steel at
2
315 against 3032; Vanadium at 203/i against 191 2
/
.
%
In the auto group, Auburn Auto closed yesterday at
43 against 41 on Friday of last week; General Motors
at 31% against 30%; Chrysler at 463 against 428 8;
/
Nash Motors at 193 against 19%; Packard Moto s
at 4 against 3%; Hupp Motors at 33% against 3 8,
and Hudson Motor Car at 103 against 10%. In
4
the rubber group, Goodyear Tire & Rubber closed
yesterday at 373 again4 343 on Friday of last
4
4
week; B. F. Goodrich at 14% against 143/s, and
United States Rubber at 183 against 17.
The railroad shares have been inclined toilag
behind. Pennsylvania RR. closed yesterday at 2
73i
against 27 on Friday of last week; Atchison Topeka &
Santa Fe at 47 against 49%; Atlantic Coast Line at
30% against 32; Chicago Rock Island & Pacific at
4 against 3 8; New Yokk Central at 35% against 35%;
Baltimore & Ohio at 233' against 23%; New Haven
at 17 against 17; Union Pacific at 111 against 1111 2;
/
Missouri Pacific at 4 against 4; Southern Pacific at
193 against 203; Missouri-Kansas-Texas at 83
4
against 8%; Southern Ry. at 22 against 22%; Chesapeake & Ohio at 403/i against 403.; Northern Pacific
at 21 against 22, and Great Northern at 18 against
173 .
4
The oil stocks showed special strength on the prospect of larger profits under the operation of the oil
code. Standard Oil of N. J. closed yesterday at 47
%
against 435 on Friday of last week; Standard Oil of
Calif. at 439 against 42%; Atlantic Refining at 31%
against 303. In the copper group, Anaconda
Copper closed yesterday at 15% against 153 on
Friday of last week; Kennecott Copper at 223 against
223/8; American Smelting & Refining at 463/i against
463'; Phelps Dodge at 17 against 16; Cerro de Pasco
Copper at 373 against 39, and Calumet & Hecla at
5 against 53.
3537
is continuing, according to reports from Berlin, but
France shows no great change.
The London Stock Exchange was quiet in the
initial session of the week, but a firm trend was
imparted by the indications of business progress.
British funds lost small fractions, but industrial
securities showed gains. Home rail stocks likewise
were firm. The international list was irregular,
owing to the general uncertainty regarding the
course of the dollar and the decisions of the Washington authorities. Trading in Tuesday's session
was on a still smaller scale, as the sensational fall
of the dollar caused widespread apprehensions.
British funds sold off after a firm opening, and
industrial stocks also eased. Shares of British
tobacco companies were an exception, as advances
resulted from the consideration that American supplies will be available at much cheaper prices. The
international section remained dull. The tone of the
market was unchanged, Wednesday, virtually all
securities receding as the dollar continued to drop.
British funds as well as industrial securities reflected slight liquidation and an indisposition to
buy. International stocks moved sharply lower.
Currency developments continued to dominate the
Exchange on Thursday, and securities moved lower
until just before the close, when slight improvement
took place. British funds staged the best recovery
and closed around previous levels, but net changes
in all other departments were decidedly against
holders. The losses were heaviest in the international group of securities. A good tone prevailed
at London yesterday, owing to further improvement
of the dollar. British funds were marked up
sharply, and industrial stocks also gained.
The Paris Bourse was quiet and fairly steady in
the first session of the week, an initial slump being
compensated by advancing prices in the afternoon.
Turnover was extremely limited, as most investors
preferred to await the outcome not only of the interTOCK markets in the leading financial centers national
currency developments, but also of the
of Europe were somewhat unsettled this week, French budgetary debates
in the Chamber of Depuowing to the profound apprehensions caused every- ties and the
effects of the German national election
whereby the official monetary policy of the United on the European
political situation. Slight imStates Government and its effect on capital move- provement was reported
in most departments of the
ments. The London and Paris markets started off French market Tuesday, but rentes were
an exceprather well, but as the gyrations of the dollar tion, these issues
receding because of the budgetary
assumed more fantastic dimensions nervous selling difficulties. Business was
again on a very small
of securities depressed those exchanges. The Berlin scale, and movements were also minute. Trading
Boerse did better, as the favorable interpretation Wednesday was limited to a few transactions
at the
placed upon the national election results of last opening and a few at the close, with the tendency
Sunday outweighed the perplexing international soft in all sections of the list. The decline was
monetary phenomena. The alarm felt in Europe re- general, but recessions again were small
owing to
garding the American experiments is difficult to the quiet dealings. No change was reported in
the
exaggerate. Commodity prices in England fell situation Thursday, virtually all securities
showing
sharply as the dollar continued to recede in value, slight losses in very quiet trading on the
Bourse.
and by Thursday there were rumors in London that Prices improved slightly on the Bourse
yesterday,
preventive measures might have to be taken against due to the better feeling regarding currency
devela possible influx of American goods artificially opments.
cheapened by monetary manipulation. Fears prePrices on the Berlin Boerse were firm at the start
vailed everywhere that the American activities of trading Monday, as there was a good deal of
satismight force France off the gold standard, and to faction over the results of the national election.
the capital flight in progress from the United States Professional traders were not content with the
rewas added another from France, with funds flow- sponse, however, and profit-taking
reversed the
ing chiefly to London. The panicky feeling finally tendency late in the day, with the result that the
diminished a little when the dollar started to rise initial gains were wiped out. There were more
relaie on Thursday. Although the currency develop- cessions than gains at the close. Demand for bonds
ments overshadowed all other matters, some satis- was the outstanding feature of Tuesday's session on
faction was again derived in London from continued the Boerse, these securities advancing sharply.
gains in British trade. German improvement also Equities were slightly irregular, as the speculators
3538
Financial Chronicle
in Berlin were fearful of the effects of the dollar
experiment. The trend Wednesday was firm in all
departments of the market. Pronounced strength
again was reported in bonds, and the buying movement spread also to stocks, with gains amounting
to 2 and 3 points. Activity increased Thursday, and
prices advanced steadily on a widespread buying
movement. Bonds remained firm, but interest centered more in stocks in this session and the more
active issues moved upward about 5 to 6 points.
The upward tendency was continued in a further
active session yesterday.
--•-ORMAL diplomatic relations between the
United States and Soviet Russia have been
resumed, according to an announcement made
yesterday by President Roosevelt at the conclusion
of 10 days of negotiations between Foreign Commissar Maxim Litvinoff and American authorities.
The discussionsrwere pursued intensively this week,
with President Roosevelt taking a leading part and
consulting frequently with M. Litvinoff. The protracted negotiations occasioned much comment, in
view of expectations that all problems could be
settled in a half hour, but it was intimated in Washington that delay in recognition was occasioned
mainly by the need for a thorough and sweeping
survey of the factors relating to recognition. Washington dispatches stated that there were no hitches
and a successful end of the cOnversations was confidently anticipated. President Roosevelt made the
announcement that normal relations have been reestablished at a gathering of press correspondents
in the White House. The agreement on recognition
had been reached, he said, just before midnight,
Thursday, so that the resumption of diplomatic relations actually dated from that time.
A series of letters was exchanged between Mr.
Roosevelt and M. Litvinoff, wherein fixed policies
were established on mutual abstention from propaganda, religious liberty for the nationals of each
country within the confines of the other, legal protection for the nationals of each country at; great as
that given the nation most favored in that respect,
and arrangements for the final settlement of claims.
The Soviet Government agreed to waive any claims
it might have against the United States because of
the expedition of the United States Government in
Siberia in 1918. In a joint statement issued late
yesterday by the President and M. Litvinoff, it was
indicated that in addition to such agreements an
exchange of views has taken place with regard to
methods of settling all outstanding questions of indebtedness and claims. M. Litvinoff will stay in
Washington several days longer for further discussions, it was added. Mr. Roosevelt stated at the
press conference that William C. Bullitt, special
assistant to the Secretary of State and an authority
on Russia, would be appointed Ambassador to Moscow, if he proves acceptable to the Soviet Government.
N
ESU MPTION of the disarmament debate in
Europe this week affords some ground for
believing that a decided swing is taking place among
the major Powers toward more liberal treatment of
Germany, in deference to that country's plea for
genuine armaments equality and peace with honor.
Notwithstanding its peculiar character, the German
election last Sunday showed an enormous majority
Nov. 18 1933
in favor of Chancellor Hitler's program for conducting foreign affairs, and it is conceded in all European capitals that the election will influence the disarmament negotiations profoundly. The broad
problem of maintaining peace in Europe and of
steering a course on armaments designed to that
end was debated in the British Parliament on Monday and in the French Parliament on Tuesday. In
both countries a more conciliatory attitude toward
the Reich was evident. Concessions to Germany,
which are now more than possible, would mean
chiefly a measure of rearmament by that country.
There is an insistent popular demand in England,
however, for some real disarmament by the heavily
armed land Powers of Europe, and British diplomacy perhaps will be directed for a time toward
obtaining some concessions on this point from
France.
Whether such adjustments on the Continent will
do more than gloss over the present impasse on the
disarmament question as a whole may well be
doubted. Although some progress may be made
toward settling the disputes of the Continental
Powers on land armaments, difficulties are continually increasing so far as sea armaments are
concerned. Announcement was made at London,
Tuesday, by Sir Bolton Eyres-Monsell, First Lord
of the Admiralty, that the British naval construction program for 1933 had been changed by substituting for the four small cruisers originally planned
two larger ones of 9,000 tons each and one of about
5,200 tons. This alteration, it was explained, was
forced on the British Government by the decision of
the United States and Japanese Governments to
build large cruisers this year. In the present phase
of the European disarmament discussions the
United States apparently will take little part. Norman H. Davis, chief American delegate at the
Geneva gathering, arrived in New York last Sunday
on his way to Washington for a conference with
President Roosevelt. The present European disarmament puzzle is one that the European nations
themselves must settle, Mr. Davis said. The disarmament problem, he added, is an incredibly difficult and complex matter, but it is of vital concern
to all nations.
In the House of Commons, Monday, the National
Cabinet of Great Britain was placed on the defensive on the disarmament problem by a motion
of censure, presented by the Labor party, and by
the criticism of Sir Herbert Samuel, one of the Liberal leaders. It was agreed by all party leaders that
the disarmament negotiations must continue, that
Germany must be brought back to the discussions,
and that the League of Nations must be supported.
Prime Minister Ramsay MacDonald, as the chief
spokesman for the National Government, pointed
out that it was still too early to determine the effects
of the German election on the disarmament impasse.
There must be international agreement, with the
Germans participating, and if failure comes it will
be the duty of the British Government to make clear
to the rest of the world where the blame rests, Mr.
MacDonald declared. "Germany's withdrawal unquestionably has greatly complicated the work of
the Conference," the Prime Minister continued. "I
want to make clear that in these deliberations between governments, no government can compel any
other government to accept risks which it believes
too great. In any event, we cannot extend our inter-
Volume 137
Financial Chronicle
national commitments as the price of what may
be asked for in the interests of international agreement." The British draft convention would remain
the basis for discussions, he indicated. The motion
of censure was rejected by 409 to 54 votes.
Just as the British debate was ending, a message
was read in the House of Commons from Arthur
Henderson, the British President of the General Disarmament Conference. This communication, in
which Mr. Henderson hinted at resigning, appears
to have hastened decisions by the London Government on disarmament questions. "I have not decided to resign," said Mr. Henderson,"but the present situation is most unsatisfactory. Unless there
is a change I cannot continue as President of the
Conference. No results are likely to be achieved
by the attitude adopted by delegations at a recent
meeting, and it is useless for me to remain here for
months unless the attitude changes." Mr. Henderson confirmed these views at Geneva, Tuesday, and
indicated that he might resign rather speedily if
there are no signs of progress. After consultations
with rapporteurs of the Conference, Mr. Henderson
issued a call, Wednesday, for a meeting of all members of the Conference, to take place this week-end.
British responsiveness to this call was indicated
Thursday, when preparations were made for an immediate return to Geneva by Foreign Secretary Sir
John Simon, and Captain Anthony Eden, disarmament expert. After several protracted Cabinet
meetings, suggestions were heard in London that
Sir John Simon, who joined the French in their demand for a delay of four years in achieving even a
small measure of disarmament, might be forced to
resign by the popular resentment in England against
any such procedure.
In the French Chamber of Deputies, Premier Albert Sarraut stated, Tuesday, that the result of the
German elections had been foreseen and did not
change the French desire for peace. "Certainly,
France will less to-day than ever abandon the League
and the Disarmament Conference," the Premier continued. "In addition, she will try to retain there
her allies and associates, who appear at the moment
to be hesitating a trifle." It was agreed by all
speakers in the general debate that the German developments had changed the aspects of European
relations, but Premier Sarraut rejected emphatically suggestions for a "preventive war" or an armaments race. "France," he said, "now possesses a
material and military force sufficiently strong to
make herself respected, and she will not disarm
except on certain conditions and in return for guarantees already specified." He added, subsequently,
that French disarmament would be made contingent
upon reciprocal supervision of armaments. Two
resolutions were presented at the end of the debate,
and they were accepted by votes of 545 to 11, and
395 to 194. The first proclaimed France's desire to
remain in the League of Nations and there work for
peace, and her intention to retain and strengthen
present bonds with other nations. The second expressed approval of the French thesis that security
must precede disarmament. Direct conversations
with Germany would prove acceptable to the Cabinet, M. Sarraut stated, but such talks must be held
in the full international limelight.
Premier Benito Mussolini made some significant
references to the disarmament problem in an address, Tuesday, before the National Council of Cor-
3539
porations, in Rome. The Italian Fascist leader
asserted that the growth of the United States and
Japan meant the eclipse of Europe, but he added
that "Europe could still progress if it would display even the least possible quantity of co-operation
among its component nations." Referring to the
disarmament deadlock, he declared that progress
cannot be achieved until "great injustices have been
repaired." The Premier assailed the League of Nations and stated that more and more hopes were
being directed toward the Four-Power pact which
was signed last summer by Great Britain, France,
Germany and Italy. Now that Germany and Japan
have withdrawn, the League has lost most of its
power, Premier Mussolini remarked. "At present
there is a great silence about the Four-Power pact,"
he said. "Nobody talks about it, but everybody is
thinking about it."
ALLOTING by the German people in the
national election last Sunday produced the
virtually complete approval of Chancellor Hitler
and his policies that was looked for, and indeed,
inevitable, since the political opponents of the Nazis
were not permitted to contest the election. Although Herr Hitler and his associates obtained this
result by methods that would be found repugnant in
most Western democracies, the fact remains that
the unopposed Nazi program was approved by 93%
of the 43,439,000 voters. It is a fact, moreover, that
will prove of inescapable iMportance in international negotiations hereafter. German voters were
asked to indicate by a simple yes or no whether they
approved of the foreign policy of the Fascist Government, which Chancellor Hitler proclaimed insistently is one of peace with honor. The favorable
vote on this proposition totaled 40,588,000, and it
is hardly to be doubted that the approval was sincere, however profound or complicated may be the
political strategy of the Hitler regime in putting
the question in this over-simple fashion. Only
2,100,000 negative votes were cast on this point,
while 750,000 votes were discarded as invalid. In
the Reichstag plebiscite 39,626,000 supported the
slate of 10 Nazi and Nationalist leaders who are
to choose the remaining 600 members of the German
Parliament. Opposition votes were not permitted,
but it is somewhat significant that 3,348,000 votes
were so marked or marred that they had to be
declared invalid.
The German election campaign was terminated
last Saturday with numerous appeals to all voters
to extend unanimous support to Chancellor Hitler
and his policies. Activities of every description
within the Reich were halted for an hour by Government order while the Chancellor made a radio
address in which he appealed for support in the
fight to win equality for Germany in the council
of nations. Remarking that he served throughout
the World War and knows its horrors, Chancellor
Hitler exclaimed: "People should not suppose I
am such a fool as to want war!" Peace with
equality was the recurring note of the address, and
the Chancellor explained carefully that he is ready
instantly to co-operate *ith other nations on a basis
of equality. But the German Government never
will enter another conference as an inferior, he
added. The final speech in the election campaign
was made by President Paul von Hindenburg, who
pleaded with the voters to "espouse the principles of
B
3540
Financial Chronicle
equality and peace with honor, and show the world
that we have won back and, with God's help, will
cling to German unity." After the election Chancellor Hitler issued a statement in which he thanked
the millions of German voters for their "historically
unique confession to true love of peace, as also to
our honor and our eternal equal rights." The voting
was exceptionally quiet, no disorders of any kind
being reported anywhere in Germany. It was remarked in Berlin reports that this, in itself, indicates how all organized opposition to the Nazi
regime has been swept out of existence.
Nov. 18 1933
system. A one-party political system and the "totalitarian State" would be necessary conceptions for
other countries that intended to follow the Italian
example, it was pointed out. The rise of the Corporative State was described by the Premier as "coincident with the decadence of Socialism." He informed the Council, dramatically, that "to-day we
are burying economic liberalism."
ACTIONAL dissension in Rumania resulted, last
Sunday, in the resignation of the National
Peasant party Cabinet headed by Premier VaidaVoevod, which has been attempting to co-operate
MSLATIVE preparations at length have been with King Carol. That he could not succeed in
made in Italy for achieving the "Corporative this endeavor was admitted by M. Vaida-Voevod at
State" which has long been one of the prominent a party meeting, Wednesday, which ended in the
aims of Italian Fascism. Premier Benito Mussolini relinquishment of leadership by the former Premier.
took steps toward this end in meetings, Monday and Dr. Juliu Maniu, founder of the National Peasant
Tuesday, of the National Council of Corporations, party and inveterate opponent of Carol, was reheld in Rome. In the earlier session the Premier called to Bucharest to resume the party leadership
introduced a resolution providing for the creation which he gave up when M. Vaida-Voevod insisted
of so-called "category corporations," which are to upon a policy of co-operation. The end of this exrepresent both employing and employed classes in periment thus presages a resumption of the friction
. the divisions of agriculture, industry, trade and between the King and the largest political party
other fields. In the later session he explained the that marked the first months of Carol's reign. After
move in some degree and announced that the Na- the Cabinet resigned last Sunday, King Carol intional Council of Corporations eventually must sup- structed Dr.Ian G. Duca, head of the Liberal party,
plant the Chamber of Deputies entirely as the legis- to form a Government which would include all the
lative body of the Italian State. The Italian "Cor- Liberal party factions, as well as a small group of
porative State" heretofore has been realized only to Rumanian National-Socialists. In this attempt Dr.
the extent of the organization of capital and labor Duca did not succeed, and he was then requested to
into syndicates and of the creation of the National form a Cabinet based on his own Liberal faction.
Council, which in reality had no corporations to Premier Duca readily accomplished this task, and
rule over, a Rome dispatch to the New York "Herald it is now expected that Parliament will be dissolved
Tribune" stated. The resolution introduced by the and new elections held.
Premier defines the new "Corporations of Category"
UBSTANTIAL progress toward Pan-American
as institutions which, under the guidance of the
unity is expected by Secretary of State Cordell
State, actuate the integral discipline of productive
forces for the development of the wealth, political Hull, as an outcome of the Pan-American Conferpower and welfare of the Italian people. The num- ence, which is scheduled to begin in Montevideo on
ber of such corporations is to be determined by the Dec. 3. Mr. Hull sailed from New York last Saturreal interests of national economy, according to the day to attend this gathering, accompanied by an
resolution. It assigns as the specific power of the official delegation consisting of Alexander W. WenCorporations, conciliatory power, a consultative dell, Ambassador to Argentina; J. Reuben Clark,
function which shall be obligatory in case of major Ambassador to Mexico; J. Butler Wright, Minister
questions, and, through the National Council, the to Uruguay; Spruille Braden, of New York, and
promulgation of laws regulating the economic Miss Sophonisba P. Breckenridge, of Kentucky.
Technical advisers from various departments of the
activity of the nation.
closed the meeting, Tuesday, United States Government joined the delegation,
Premier Mussolini
with an address in which he made few specific pro- which is now enroute to Montevideo on the steamnouncements on the questions before the Council. ship American Legion. All the other 20 republics
Capitalism was denounced by the Premier, who de- of the two Americas will be represented by equally
clared that the capitalist system had reached its impressive delegations, headed in most instances by
decadent phase throughout the world. He reiterated their respective Foreign Ministers or other ranking
that legislative powers are to be granted the Na- dignitaries of State. Similar conferences are held
tional Council of Corporations when the corporative every two years in one or another of the 21 capitals
structure has been completed. The next Chamber concerned. The problem of maintaining peace
of Deputies will be elected in 1934 for five years, in among the republics of Pan-America usually forms
accordance with the usual procedure, but the Cham- the principle subject on the agenda at the conferber will be called upon to "decide its own destiny," ences, and there is every indication that the gatherIi Duce said. Amalgamation of the Chamber with ing at Montevideo next month also will consider this
the National Council of Corporations was suggested its chief task.
Discussions of economic subjects at the Pan-Ameras a logical idea by the Premier. The function of
the Corporations in the Fascist State should corre- ican Conference will be somewhat more limited than
spond to the functions of the Grand Council of usual. President Roosevelt announced the personFascism and the Blackshirt Militia in the political nel of the United States delegation late last week
field, he indicated. The Corporative State is not and pointed out at the same time that "unsettled
an article of export, the Premier remarked, but he conditions, such as European commercial quota resuggested that "other nations which have passed strictions, have made it seem desirable for the United
through similar experiences" could learn from the States to forego immediate discussions of such mat-
E
F
Volume 137
Financial Chronicle
ters as currency stabilization, uniform import prohibitions, permanent customs duties, and the like."
Mr. Roosevelt added the assurance that when the
temporary conditions necessitating emergency policies have passed, the United States will again take
up these items in accordance with the original program. Subject to the wishes of the delegations, the
Conference will undertake to deal with such important subjects as the organization of peace, international law, the political and civil rights of women,
uniform legislation respecting bills of lading and
exchange methods, social problems and intellectual
co-operation, it was indicated. President Roosevelt
devoted most of his statement to the possibilities of
improving means of transportation and communication. He pointed out that an 8,750-mile highway
could be constructed from the Texas border to Santiago, Chile, and suggested that the United States
is ready to finance a scientific survey of this contemplated route up to a cost of $500,000. Secretary
of State Hull not only will participate in the conference sessions, but will avail himself of the opportunity to stop at the regular steamship ports of call
on both coasts and visit the capitals of several other
Latin American countries on a good-will tour, the
President added.
Despite the limitations placed on the discussions
at Montevideo, Mr. Hull expiessed high hopes of the
results when he sailed last Saturday. The United
States delegation, he said,"is sailing under auspices
which I believe should do a great deal to improve
even more the spirit of neighborly understanding
prevailing between the United States and the Latin
American republics." Every opportunity will be
seized to give effect to the "good neighbor policy" of
President Roosevelt, Mr. Hull indicated. He also
looks for a substantial step toward mutual economic
national and international planning. "I see no
reason," he declared, "why we should not make an
exhaustive study and sound interpretation of such
matters as the resources, productive capacity, general economic conditions, transportation needs and
other essentials in all countries as they relate to
the welfare of each. At the same time we can also
turn our attention to such questions as conciliation
methods, arbitration procedure, reciprocal commercial arrangements and others out of which concrete
progress may come within the next 12 to 18 months."
Secretary Hull closed his statement with an expression of confidence that the 21 American nations,
with their 240,000,000 population and their younger
civilization, will be able to furnish an example of
high co-operation at Montevideo by which the European nations, with their 450,000,000 population and
their far older civilization, may well profit.
There was a good deal of disappointment among
some Latin American countries at the announcsment
by President Roosevelt that tariffs will not be discussed by the United States delegation in Montevideo. Tentative plans had been made by some Latin
American delegations to fight against the tariff
policy of this country, a Buenos Aires dispatch to
the New York "Times" said. It was pointed out in
some quarters, according to the same report, that
President Roosevelt's ruling created an unprecedented opportunity for Argentina to assume the
leadership in South American affairs and organize
a regional South American bloc as opposed to the
United States. Such views, apparently wirelessed
to Mr. Hull,elicited the comment from him last Sun-
3541
day that President Roosevelt's statement,should not
be misinterpreted in Latin America as meaning that
the United States is approaching the Conference in
a defeatist frame of mind. Definite progress along
the lines of commercial policy, peace machinery and
cultural relations is to be expected at Montevideo,
he insisted.
ROTRACTED negotiations regarding the
blocked funds of American firms and investors
in Argentina were ended, Tuesday, by an agreement
whereunder Argentine Treasury bills payable serially in United States dollars over a period of 15
years are to be made available to the owners of
such funds. The conversations were conducted between the Argentine Finance Minister, Federico
Pinedo, and an American committee consisting of
Palmer E. Pierce, Chairman of the Council on InterAmerican Relations; Eugene P. Thomas, President
of the National Foreign Trade Council, and James
S. Carson, of the Argentine-American Chamber of
Commerce. The Committee, in announcing the
agreement, indicated that representatives of about
100 American firms, holding approximately 30,000,000 pesos in blocked balances, had decided to
accept the offer of Treasury bills. It was estimated
that about 100,000,000 pesos are held in blocked
accounts. The Treasury bills are to be issued at
the fixed rate of 38.76c. United States currency per
paper peso. They will carry interest at 2%, while
amortization will take place at the rate of 4% annually during the first five years and 8% annually
during the last 10 years. Holders of the bills will
have the option of converting them into 20-year
United States dollar bonds with 4% interest and
amortization beginning in the sixth year, these instruments to be similar to the Sterling bonds issued
under the recent agreement for the liquidation of
British balances in Argentina.
P
LTHOUGH the military rebellion in Havana
was quickly subdued by loyalist troops last
week, grave difficulties continue to face the regime
of President Ramon Grau San Martin in Cuba. A
sniping campaign was started by Cuban rebels in
Havana, soon after Atares Fortress fell before the
attack of loyal forces, and by last Saturday Havana
was said in press reports to have become a virtual
battlefield. Numerous casualties were reported
among civilians as well as soldiers, but the number
killed or injured could not be ascertained. Revolutionary activities in the interior are reported on the
increase, with the rebel bands constantly gaining in
strength and numbers. Some interior cities appealed last Saturday for reinforcements, but the
Havana Government needed all troops in the capital
and could not send aid. A court-martial was started
Monday for trial of the rebels who surrendered at
Atares Fortress last week, and the Court promptly
released 27 rebels who were under 18 years of age,
but held the older offenders. The troubled conditions in Cuba remain a source of deep anxiety to
the Administration at Washington, and arrangements have been made for a conference, to be held
at Warm Springs, Ga., to-morrow, between President Roosevelt and the American Ambassador to
Cuba, Sumner Welles. In a brief announcement of
this arrangement, made by the State Department,
Wednesday,it was indicated that the discussion was
requested by Ambassador Welles.
A
Financial Chronicle
been
changes
in the
THERE. haverates anoany of thethis week central
discount
foreign
banks.
Present rates at the leading centers are
shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Rats in
Country.
Wed
Date
Noo.17 Established.
Austria__
Belgium...
Bulgaria__
Chile
Colombia_ _
Czechosiovakia____
Danzig_ ___
Denmark. _
England__ _
Estonia....
Finland__
France....
Germany..
Greece
Holland _ _
Pre-
mous
Country.
Rats.
5
314
1334
434
4
Mar. 23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
July 18 1933
6
236
934
534
5
334
4
3
2
534
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
Sent. 18 1933
434
5
334
234
634
534
2
5
734
3
Rats its
Date
Effect
Nov.17 Established.
Proelms
Rats.
Hungary__
434 Oct. 17 1932 5
334 Feb. 16 1933 4
India
June 30 1932 334
Ireland.... 3
334 Sept. 4 1933 4
Italy
3.65 July 3 1933 4.38
Japan
I 434 Aug. 16 1933 5
Java
May 5 1932 734
7
Lithuania
334 May 23 1933 4
Norway_ _ _
Poland ___ _ 5
Oct. 25 1933 6
Mar. 14 1933
34
Portugal.... 6
Rumania -6
Apr. 7 1933 6
South Africa 4
Feb. 21 1933 7
Oct. 22 1932 534
6
Spain
Sweden
June 1 1933 334
3
Jan. 22 1931
34
Switzerland 2
Nov. 18 1933
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Gold holdings
Credit bats. abroad_
a French commercial
bills discounted_
b13111sbougbt abroad
Adv. agent securs_
Note circulation_ _ _ _
Credit current accts.
Propor. of gold on
on hand to sight
liabilities
Nov. 10 1933. Nov. 10 1932. Nov. 13 1931.
Francs.
Francs.
Francs.
Francs.
—730.216,501 80,018,475,965 83,233,443,734 67,580,324,767
—410,000.000
458,769,727 2,988,361,949 13,094,878,764
+348,000,000 3,389,683,427 2,581,828,238 6,970,504,928
—34,000,000 1,268.728,104 1.930,637,560 11,326,374,355
—66,000,000 2,836.580.722 2,546,074,284 2,799,395,454
—667,000,000 81,527,681,375 82.313,227,380 82,276,258,025
—257,000,000 18,998,586,493 24,727,348,098 30,614,736.834
No change.
79.60%
77.76%
59.138%
a Includes bills purchased in France. b Includes bills discounted abroad.
HE Reichsbank's statement for the second quarter
of November shows an increase in gold and
bullion of 1,109,000 marks. The Bank's gold is now
at 397,585,000 marks, which compares with 825,152,000 marks last year and 1,038,008,000 marks the
In London open market discounts for short bills previous year. A decrease appears in reserve in
on Friday were 1@.1 1-16%, as against 11-16@ foreign currency of 10,652,000 marks in bills of ex13/8% on Friday of last week and 1 1-16@13/s% for change and checks of 233,188,000 marks, in advances
three months' bills, as against 1 1-16@13/
8
% on of 14,919,000 marks and in other assets of 8,550,000
Friday of last week. Money on call in London marks. Notes in circulation reveal a contraction
yesterday was %. At Paris the open market rate of 69,898,000 marks, reducing the total of the item
remains at 23.1% and in Switzerland at 13/2%.
to 3,368,818,000 marks. A year ago circulation
aggregated 3,413,583,000 marks. Silver and other
HE Bank of England statement for the week coin, notes
on other German banks, investments,
ended Nov. 15 shows a loss of £30,548 in gold other daily maturing obligations
and other liabilities
holdings, reducing the total to £191,782,245, as record increases of
48,829,000 marks, 3,398,000
compared with £140,451,771 a year ago. As circula- marks, 194,825,000
marks, 39,438,000 marks and
tion contracted £4,229,000, reserves rose £4,199,000. 11,312,000 marks
respectively. The proportion of
Public deposits fell off £5,516,000 and other deposits gold and foreign currency to
note circulation stands
rose £9,695,681. The latter consists of bankers' now at 12%, as compared with 27.2%
a year ago.
accounts which increased £12,693,818, and other
A comparison of the varison of the various items for
accounts which decreased £2,998,137. The reserve
three years appears below:
ratio is up to 51.73% from 50.10% a week ago.
REICHSBANK'S COMPARATIVE STATEMENT.
Last year the ratio was 41.17%. Loans on GovernChanges
ment securities decreased £1,625,000, whiie those on
Nov. 15 1933. Nov. 15 1932. Nor. 14 1931.
for lVeek.
other securities rose £631,626. Of the latter amount
Assets—
Reichsmarks. Reichsmark,. Reichsmark,. Reichsmark,.
+1,109,000
Gold and
£90,817 was to discounts and advances and £540,809 Of which bullion abroad No change. 397.585.000 825,152,0001.038,008,000
depos.
48.934,000
65,369,000
93,004,000
In foreign curr_
—10,652,000
7,917,000 104,536,000 151.774,000
to securities. The discount rate did not change Reserveexch.and checks —233.188,000 2,861,852,000 2,657,645,000 3,781,369,000
Bills of
+48.829,000 256,879,000 237,776,000 118,848,000
Silver and other coin
from 2%. Below we show the figures for five years: Notes on other Ger.bits
12,117,000
+3,398,000
10,441,000
8,534,000
Advances
Investments
Other assets
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1933.
Nov. 15
CIrculation_a
Public deposits
Other deposits
Bankers accounts_
Other accounts_ _ _
Government securs_
Other securities
Disct. & advances
Securities
Reserve notes & coin
Coln and bullion
Proportion of reserve
to liabilities
1932.
Nov. 16
1931.
Nov. 18.
1930.
Nov. 19
1929.
Nov. 20
£
.0
£
£
£
369,106,000 359,397,172 354,614,998 353,740,322 355,087.000
18,728,000 20,447,326 21,213.372 17,779,906 15,340.000
141,C65,519 115,698,087 92.279,062 92,414,223 97.087,831
103,988,956 82,499,930 59,662,473 59,460,865 58,544,923
37,076.563 33,198,157 37,6/6,589 32,953,368 38,544,908
71.163,905 68.563,375 51,005,906 33,431,247 62,498.855
23,709,002 29,273,525 43,068,162 29,262,196 29,952.118
8,556,731 11,795,039 12,C67,781 4,398,154 8,108,161
15,152,271 17,478,486 31,0CC,381 24,864,C42 21,843,957
82,677.000 56,054,599 42,155,969 65,225,250 37,742,000
191,782,245 140,451,771 121,770,967 158,965.572 132,830,637
Liabilities—
Notes in circulation
Other daily matur.oblig
Other liabilities
Propor.of gold & foreign
curr. to note circurn.
—14,919.000
+194,825,000
—8,550,000
60,825,000
513,699,000
543,612,000
95,312.000
394,885,000
759,351,000
133,364,000
102,884,000
894,904,000
—69,898.000 3,368,818,000 3,413,583,000 4,453,4E9,000
+39,438,000 428,673,000 357,645,000 406,836,000
+11,312,000 233,844,000 746,444,000 862,059,000
—0.1%
_
12%
27.2%
26.7%
HE New York money market was quiet this week,
with rates substantially unchanged from previous levels. Dealers effected an advance of A%
in the rate for bankers' acceptances due in four to
33.57%
59.19%
35.57%
41.17%
.51.73%
aq.
3.4
554.7.
six months, Monday, but this merely brought such
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England notes
longer bills into line with the change on acceptances
outstanding.
maturing up to 90 days made last week. Call loans
statement for the week on the New York Stock Exchange were 4% for all
HE Bank of France
3
ended Nov. 10 reveals a decline in gold hold- transactions of the week, whether renewals or new
ings of 730,216,501 francs. The total of the Bank's loans. In the unofficial street market such loans
gold is now 80,018,475,965 francs, which compares were reported closed every day at %, or a conwith 83,233,443,734 francs a year ago and 67,580,- cession of 4% from the official level. Time loan
324,767 francs two years ago. French commercial rates were unchanged. An issue of $75,000,000 Treasbills discounted increases 348,000,000 francs, while ury bills due in 91 days was sold Monday at an
credit balances abroad, bills bought abroad, advance average discount of 0.40%, this rate contrasting with
against securities and creditor current accounts fell a figure of 0.24% on the previous issue, sold Nov. 3.
off 410,000,000 francs, 34,000,000 francs, 66,000,000‘ Broke..s' loans against stock and bond collate, dea1
francs and 257,000,000 francs, respectively. Notes clined $32,000,000 in the week to Wednesday night,
in circulation show a contraction of 667,000,000 according to the usual report of the Federal Reserve
francs reducing the total of notes outstanding to Bank of New York.
81,527,681,375 francs. The total of circulation a
EALING in detail with call loan rates on the
year ago was 82,313,227,380 francs. The proporStock Exchange from day to day, 4% has
tion of gold on hand to sight liabilities remains
3
unchanged. Below we furnish a comparison of the again been the ruling quotation all through the week
various items for three years:
for both new loans and renewals. There have been
Tionlr rot.
90Y
9%
D
Volume 137
Financial Chronicle
3543
by way of Paris, has been extremely heavy, causing
considerable anxiety to the London authorities. On
a number of occasions the Exchange Equalization
Account, while ignoring all other markets,endeavored
to operate in Paris so as to prevent an undue widening of the rate in favor of London and against the
franc. But so persistent was the European demand
for sterling, by way of Paris, that the Exchange
Equalization Fund was compelled to withdraw to a
large extent several times and let the market take
HE market for prime bankers' acceptances has
shown fai •ly good demand this week and there its course. The movement of sterling throughout
has been a moderate supply of paper available. the week was nothing more than an accentuated
Rates were advanced on Monday IA of 1%, in both phase of what has been under way for the past
the bid and asked columns for 120, 150 and 180 month. The London exchange control endeavored
day maturities. Quotations of the American Accept- to keep the London check rate on Paris below 81
ance Council for bills up to and including 90 days francs to the pound, but so far as can be seen, they
are IA% bid and %% asked; for four months, 4% were not successful in any part of any single day.
bid and %% asked; for five and six months, 1% bid It may be recalled that the London check rate on
and'N% asked. The bill buying rate of the New York Paris closed on Friday of last week at 81.43, against
for bills running from 1 to 90 79.93 on the Friday before. It was with the great-,
Reserve Bank is
days, and proportionately higher for longer maturi- est difficulty that the London authorities kept the
ties. The Federal Reserve banks' holdings of accept- rate from rising to and possibly above 83 francs to
ances increased during the week from $6,737,000 to the pound.
When properly understood, the high price for
$15,180,000. Their holdings of acceptances for
fell during the week sterling and the extremely high quotations for all
foreign correspondents, however,
from $10,700,000 to $3,896,000. Open market rates other foreign currencies represents merely a flight
from the United States dollar. The London authorifor acceptances are as follow,..:
ties were unable to control the advance in sterling
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
for the simple reason that markets are everywhere
Asked.
Bid.
Asked.
Bid.
Asked.
Bid.
1
Si
34
Prime eligible bilis
1
convinced that the Washington authorities are
-—90Days— —60Days— —30Days
determined to split the gold content of the dollar in
Asked.
Bid.
Asked.
Bid.
Asked.
Bid.
Si
Prime eligible bills
Si
Si
half, and in addition the action of the market
FOR DELIVERY WITHIN THIRTY DAYS.
throughout the week would indicate that there is a
1% bid
Eligible member banks
1% bid
Eligible non-member banks
universal belief that the United States will also
further inflate by the drastic emission of greenback
HE rediscount rate of the Federal Reserve Bank issues. The range for sterling this week has been
of Philadelphia was reduced on Nov. 15 from between 5.033/ and 5.523 for bankers' sight bills,
A
The lower rate became effective Nov. 16. compared with a range of from 4.851 to 5.16 last
3 to 2
Therelhave been no other changes this week in the week. The range for cable transfers has been
4
rediscount rates of the Federal Reserve banks. The between 5.043 and 5.523 , compared with a range
following is the schedule of rates now in effect for of between 4.85% and 5.163/i a week ago. The
the various classes of paper at the different Reserve foreign markets, as during the past few weeks, have
banks:
completely ignored the price for gold set by the
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Reconstruction Finance Corporation, and the gold
Rate in
quotations are equally as erratic as the fluctuations
Previous
Date
Effect on
Federal Reserve Bank.
Ram.
Nov. 17.
Established.
in the foreign exchange rates. It is of interest to
3
Nov. 2 1933
Boston
point out that for four successive days this week
2
2Si
Oct. 20 1933
New York
3
Nov. 15 1933
23
Philadelphia
the Reconstruction Finance Corporation made no
3
Oct. 21 1933
234
Cleveland
4
3%
Jan. 25 1932
Richmond
change in its price for gold from $33.56 per fine ounce
3
3%
Nov. 14 1931
Atlanta
3
Oct. 21 1933
Chicago
set on Tuesday, Nov. 14. However, the open
3
3%
June 8 1933
St. Louie
3%
4
Sept. 12 1930
Minneapolis
market gold price in London has remained per3%
3
Oct. 23 1931
Kansas City
8
4
Jan. 28 1932
Dallas
214
3
Nov. 3 1933
sistently above the price evidently aimed at by
San Francisco
the Reconstruction Finance Corporation. The result
exchange the present week far sur- is the bewildering anomaly of three prices for gold—
TERLING
passed the sensational advances of last week the price set by the French franc. which is normal
in the midst of frantic activity, the rate going on parity, the price fixed by the London bullion dealers,
Thursday as high as 5.529, the highest rate recorded which embraces the franc par price plus the premium,
since the outbreak of the World War in 1914. This if any, paid by purchasers of gold in the London open
was followed yesterday by an equally sensational market, and the price dete, mined by the Washington
downward plunge, cable transfers on London at one authorities. The French franc, it must be reg.
time selling as low as 5.153/ In 1914 the rate membered, is simply a piece .of gold representing
reached $6.00 and even $7.00, at which figures, 58.95 milligrams of fine gold, or 65.5 milligrams of
however, there were no transactions so far as could gold 0.900 fine, or in terms of Troy weight, .05895
be ascertained by market authorities. On the cur- grams fine. The premium on gold in the London
rent rise sterling was in extraordinary demand in open market is always, included in the price set
many parts of the world, especially in New York every morning by the London bullion dealers. The
and Paris, giving evidence that sterling is the most sterling price for francs, we will say the -mean price
favored currency even though Great Britain is off to-day, 82.43; that is, the London check-rate on
the gold standard. The flow of funds from the Paris is a price for gold. When the demand for gold
Continent to London during the week, particularly is excessive, as it has been for months, it forces the
no transactions in time money reported this week.
Rates are nominal at %@1% for 60 days and 1% for
three, four, five and six months. The market for
commercial paper has been moderately active this
week. The supply of paper available has been
4% for extra choice names
fairly large. Rates are 11
for names
running from four to six months and 1
less known.
T
T
S
3544
Financial Chronicle
Nov. 18 1933
open market price above the equivalent of the (128 times 12 plus 6, or 1542 pence) and reduced to
sterling price for francs, or steeling-franc cross rate. pounds (1542 divided by 240). The result equals
The following tables give the London check rate the Reconstruction Finance Corporation price of
on Paris from day to day, the mean gold quotation $33.56. Expressed algebraically, the theoretical
for the United States dollar in Paris, the London dollar-sterling rate is determined as follows:
J15421 x=33.56
open market gold price, and the price paid for gold
240 x= 5.2233
by the United States (Reconstruction Finance
The actual quotation for the pound in New York
Corporation):
on Thursday, when the theoretical rate was 5.2233,
MEAN LONDON CHECK RATE ON PARIS.
Saturday Nov. 11
82.104
81.50 I Wednesday Nov. 15
was 5.47 at the opening, 5.523 at the high, and
Monday Nov. 13
82.50
81.812 Thursday Nov. 16
around 5.27 at the close.
Tuesday Nov. 14
82.43
82.11 I Friday Nov. 17
It is impossible to predict the immediate course of
MEAN GOLD QUOTATION U. S. DOLLAR IN PARIS.
Saturday Nov. 11
59.8
'62.04 I Wednesday Nov. 15
exchange. The fact that in late trading on ThursMonday Nov. 13
62.3
58.5
I Thursday Nov. 16
day sterling and the major European currencies reTuesday Nov. 14
61.2
60.9
I Friday Nov. 17
ceded from the extreme highs recorded early in the
LONDON OPEN MARKET GOLD PRICE.
Saturday Nov. 11
130s. 130. Wednesday Nov. 15_ _ _129s. )id.
day and suffered a further sharp decline yesterday
Monday Nov. 13
1285. 6d.
129s. 13d. I Thursday Nov. 16
is without special significance, but merely inidcates
128s. 2d.
Tuesday Nov. 14
Friday Nov. 17
128s. 7.1.
I
that the markets were overtaxed for the time being.
PRICE PAID FOR GOLD BY U. S.(RECONSTRUCTION FINANCE
CORPORATION).
However, another version of the sudden recovery
Saturday Nov. 11
33.32 I Wednesday Nov. 15
33.56
in the dollar and sharp decline in the leading foreign
33.45 Thursday Nov. 16
3'.56
Monday Nov. 13
33.56 I Friday Nov. 17
Tuesday Nov. 14
33.56
currencies, is that late on Thursday afternoon rumors
The fluctuations in the dollar in terms of gold and began to circulate in the financial district that the
the changes in the price of gold in London and New exchange control of the Federal Reserve bank, under
York make the following remarks of interest to the the direction of Fred I. Kent, had "clamped down"
general reader.
on the purchase of foreign securities by American
The gold value Of the dollar based on the Recon- Investment trusts, banks, insurance companies and
struction Finance Corporation's gold price is found by other interests, but this was not confirmed in official
dividing $20.67 (the price paid when the dollar was quarters and appears to have been without basis.
at par) by the price fixed by the Reconstruction Fi- Under the executive order of the President, dated
nance Corporation. Hence when the RFC placed March 10, dealings in foreign exchange have been
a price of $33.56 per fine ounce which it determined restricted, but wide latitude has been allowed for
on Tuesday, Nov. 14, and continued on Wednesday, transactions "for legitimate and normal business
Thursday, and Friday, the value of the dollar was requirements." Organizations having funds to in- ,
61.59 cents. The value of the dollar based on the vest have been allowed to buy foreign securities on the
London gold price is found by dividing $20.67 by ground that diversification of their assets to include
the dollar equivalent for gold in London.
For foreign holdings was a normal requirement of business.
inptance on Thursday, Nov. 16, the price of gold in The investment trusts have of late been heavy buyers
London was 128s. 6d. In the mid-day market the of foreign securities. It is quite possible that the
dollar-sterling cross rate was $5.46875. The price exchange control might, in the routine course of
of gold, reduced to pence, at 240 pence to the pound, scrutinizing transactions, have refused some requests
that is, 128s. x 12 +6, the total number of pence for permission to buy foreign exchange on the ground
in the London gold price that day, must be multi- that the purchase contemplated had as its real purplied by the dollar-sterling cross rate, which was pose the flight of capital. There can be little doubt
$5.46875. The answer is $35.13, the London value that a wave of dollar buying must have set in as
of gold expressed in dollars. At the same time the foreign debtors of American concerns see an unReconstruction Finance Corporation set a price of parelled opportunity to liquidate their indebtedness
$33.56. The gold value of the dollar based on Lon- here with the decline in the dollar.
don gold is found by dividing $20.67 by the dollar
The expectation is that sterling will go higher and
equivalent for gold in London. Hence, as the dollar the dollar much lower. It was evident throughout
equivalent for gold in London on Thursday was the week that the British Exchange Equalization
$35.13, the value of the dollar was 58.83 cents. The Fund was absorbing francs in Paris ,and turning
value of the dollar, based on the franc rate,is found by them into gold. It is believed that London has
dividing the franc par, .0392, by the current rate for drawn down considerable gold from Paris during the
francs in New York. Thus, at one time on Thursday past few weeks, although it has doubtless transferred
the franc was quoted at .0665, making the value of much of this gold to its earmarked account with the
the dollar in Paris 58.94 cents.
Bank of France. It is barely possible that the
The market is in no way guided by the price set Reconstruction Finance Corporation has been buying
for gold by the Reconstruction Finance Corporation. gold in London, but if so, the market has found no
No one knows how the Reconstruction Finance evidence of the operation. However, as pointed out
Corporation arrives at its figure. But once the price here on one occasion, Americans could as well as
has been set, the United States price, taken in con- not acquire gold in London now held in the vaults
junction with the London gold price for that day, of private banks by Continental owners, and there
should give a theoretical dollar-sterling rate of ex- would be no way of tracing such transactions. So
change. For instance, on Thursday when the Recon- far as the open market is concerned the London gold
struction Finance Corporation price for gold was has practically gone for Continental account, as has
$33.56 per fine ounce and the London gold price was been the case for many months. On Saturday last
128s. 6d., the dollar-sterling rate was theoretically £361,000 of bar gold was taken for Continental
5.2233. The theoretical figure is obtained by multi- account at a premium of 103/2d. On Monday,
plying the unknown quantity, the sterling-dollar £440,000 was taken for Continental interests at a
rate, by the London gold price as expressed in pence premium of 9d. On Tuesday Continental interests
Financial Chronicle
Volume 137
took 035,000 at a premium of 6d. On Wednesday
£428,000 went to the Continent at a premium of 8d.
On Thursday £450,000 available is believed to have
been taken for Continental account at a premium
of 83/2d. Yesterday £325,000 went to continental
account at a premium of 9d.
Despite the superabundance of funds in the London open market, bill rates have increased fractionally. This has been brought about by concerted
agreement of the leading banks, guided by the Bank
of England, as owing to the extremely low rates
which have prevailed for over a year the existence
of the discount market was imperiled. Call money
against bills is in supply at N% to Y%. Twoi
months' bills are now at 1 1-16% to 11 8%, three/
months' bills are at 1 1-16% to 13/8%, four-months'
bills are IN% to 1 3-16%, six-months' bills are
1 3-16% to 137o.
The Bank of England statement for the week
ended Nov. 15 shows a loss in gold holdings of
00,548, the total standing at £191,782,245, which
compares with £140,451,771 a year ago, and with
£150,000,000 recommended as the minimum by the
Cualiffe committee. The Bank of England's gold
holdings are calculated on the par basis of 4.8665,
or at 20s. or 240d., representing 7.9881 grams of
gold, 0.916 2-3 fine (7.3224 grams of fine gold).
At the Port of New York the gold movement for
the week ended Nov. 15, as reported by the Federal
Reserve Bank of New York, consisted of exports
of $600,000 to England. There was a corresponding
decrease in gold earmarked for foreign account. In
tabular form the gold movement at the Port of New
York for the week ended Nov. 15, as reported by the
Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,NOV.9-NOV. 15,INCLUSIVE
Imports.
None.
I
I
Exports.
$600,000 to England.
Net Change in Gold Earmarked for Foreign Account.
Decrease: $600,000.
Exports of Gold Recovered from Natural Deposits.
None.
.The above figures are for the week ended Wednesday evening. On Thursday and Friday there were
no imports or exports of the metal or change in gold
earmarked for foreign account. There have been no
reports during the week of gold having been received
at any of the Pacific ports.
Canadian exchange fluctuated rather violently
during the week as a result of the wide fluctuations
in sterling and the dollar. The rate was consistently
in favor of Montreal. In the wild trading on Thursday, Dow, Jones & Co. report: "A fantastic development of the day was a swing in Canadian exchange.
Montreal funds opened at around 1%% premium
and later in the morning advanced to a little over 2%
premium. Then, with a suddenness which left even
veteran exchange traders bewildered, the rate got
completely out of control and rose to unheard of
heights at a premium of 53'%, as American capital
sought refuge in Canadian securities. Then, as
though satisfied with this exhibition, the rate relapsed
to the early morning levels."
A dominating factor in the firmness in Canadian
exchange during the past few weeks is said to be
the activity of the Canadian Government in repatriating a portion of the proceeds of the $75,000,000
loan issued in London last summer. At the time
of issue both the Canadian dollar and sterling were
at a sharp discount, so that the transfer of funds to
Canada would have entailed considerable loss. Now
3545
the situation has changed. The Canadian Government, it is said, has been selling sterling to buy
dollars in New York. With these dollars it has
purchased Canadian dollars in New York, the
principal market for Canadian funds. The mean
noon quotations for Montreal funds this week have
been as follows: On Saturday last, Montreal funds
were at a premium of N%;on Monday, at %%;on
Tuesday, at 13'%; on Wednesday, at 13%; on
4
Thursday, at 23'%, and on Friday, at 21 %.
Referring to day-to-day rates, sterling exchange on
Saturday last was confused and dull with rates off
from the high market of Friday. Bankers' sight
was 5.033 ® 5.10; cable transfers 5.043 (4) 5.103.
,.
On Monday sterling was in demand. The range was
%
%
5.133 ® 5.18 for bankers'sight and 5.135 ® 5.183
4
for cable transfers. On Tuesday sterling was up
sharply in a frenzied market. Bankers' sight was
5.20k ® 5.33; cable transfers 5.20N ® 5.333'. On
Wednesday the pound again advanced sharply.
Bankers' sight was 5.30 ® 5.413 ; cable transfers
4
5.303 ® 5.42. On Thursday sterling moved still
higher with wide and rapid fluctuations. The range
was 5.25 ® 5.523. for bankers' sight and 5.283. ®
5.523 for cable transfers. On Friday sterling was
%
reactionary; the range was 5.15 ® 5.33V for bankers'
%
sight and 5.153 ® 5.333 for cable transfers. Closing quotations on Friday were 5.203 for demand
and 5.21 for cable transfers. Commercial sight bills
finished at 5.21; 60
-day bills at
-day bills at 5.203; 90
5.203'; documents for payment (60 days) at 5.203',
and seven-day grain bills at 5.193'. Cotton and
grain for payment closed at 5.203t.
XCHANGE on the Continental countries has
likewise displayed great strength in terms of
the dollar. The center of interest is of course the
French franc, as the French gold supply seems to be
threatened periodically. At present and during the
past few weeks London has drawn down much gold
from Paris, owing to movements of capital from other
countries to England by way of Paris. The British
Exchange Equalization Fund is also supposed to have
made heavy purchases of francs, which it has converted into gold. The gold bloc countries have taken
less than in recent weeks, as their rates on Paris, while
still above franc par, have been ruling well under the
upper gold point for gold from Paris. The takings
for account of the Reconstruction Finance Corporation are believed to have been inconsiderable. The
next weekly statement of the Bank of France is expected to show a large loss of gold, the greater part
of which has doubtless gone to London chiefly from
private deposits. The frenzied swings in the market
this week owing to dollar-sterling changes were reflected noticeably in the French franc, which is nevertheless firm in terms of the dollar. Par of the franc is
3.92. On Friday of last week the unit closed in New
York at 6.263, up 183 points over the previous Friday. This week it fluctuated in New York in a range
of 513 points, or between 6.183 and 6.70, closing
at 6.30 for cable transfers. The Bank of France state
ment for the week ended November 18 shows a loss
in gold holdings of fr. 730,216,501, the total standing
at fr. 80,018,475,965, which compares with fr. 83,233,443,734 a year ago and with fr. 28,935,000,000
in June 1928, when the unit was stabilized. Since
September, 1 the bank has sold fr. 2,259,000,000.
Since the United States embarked on its new gold
policy late in October the bank has sold fr. 1,750,000,-
E
3546
Financial Chronicle •
000. It is thought in Paris quite possible that another billion francs and perhaps more may be parted
with before the end of the year. Despite the many
rumors and demoralized condition of the foreign exchange market. French banking interests assert
that there is little concern in Paris over the loss in
gold holdings. It is estimated there that there are
fully twelve to fifteen billion francs of liquid foreign
balances in Paris which the French authorities have
at all times been prepared to see withdrawn when confidence in general world conditions improves. It is
pointed out there Ort the Bank of France would be
in a sufficiently strong position if its total gold holdings were reduced even as low as fr. 40,000,000,000,
although of course the psychological effect of too
great a reduction in the reserves would not be conducive to the peace of mind of the ordinary French
citizen and might result in hoarding. At present its
note cover is fully 100% as the Bank of France, while
losing gold, has steadily reduced its other sight liabilities and also its balances abroad. Any further
reduction in gold holdings would have a firming effect
on the Paris money market. In fact, the market is
already much stronger than it has been in several
weeks. It is quite possible that the Bank of France
may almost any day increase its rate of rediscount,
which has been at 23/2% since October 9 1931. Despite the heavy losses in gold in recent months, the
bank's ratio stands very high, being 79.60 on November 10, compared with 79.60 November 3, with 77.76
a year ago, and with legal requirement of 35%.
The London check rate on Paris closed on Friday
at 82.43, against 81.43 on Friday of last week. In
New York sight bills on the French center after the
downward reaction on Friday finished on that chly
at 6.293/2, against 6.26 on Friday of last week; cable
transfers at 6.30, against 6.26, and commercial
sight bills at 6.29, against 6.253/2. Antwerp belgas
finished at 22.49 for bankers' sight bills and at 22.50
for cable transfers, against 22.34@22.35. Final quotations for Berlin marks were 38.49 for bankers'
sight bills and 38.50 for cable transfers, in comparison with 38.17 and 38.18. Italian lire closed at
8.543 for bankers' sight bills and at 8.55 for cable
transfers, against 8.423/ and 8.43. Austrian schillings closed at 18.15, against 18,10; exchange on
Czechoslovakia at 4.82, against 4.77; on Bucharest
at 0.98, against 0.98; on Poland at 18.15, against
18.10, and on Finland at 2.25, against 2.25. Greek
exchange closed at 0.923' for bankers' sight bills
and at 0.93 for cable transfers, against 0.91 and
0.91M.
XCHANGE on the countries neutral during the
war is, of course, exceptionally firm in terms
of the dollar, in sympathy with the general movement of the major currencies. Holland guilders and
Swiss francs are especially firm, while the Scandinavian currencies, which move in sympathy with
sterling exchange, have on several occasions in the
past week approached their old dollar parities for the
first time since Great Britain abandoned the gold
standard. A few transactions in Swedish exchange are
believed to have been effected during the week at
rates above former dollar parity. The Bank of
The Netherlands increased its gold holdings a week
ago by 10,000,000 guilders, most of which was
withdrawn from France, so that the Netherlands
Bank has now gold coverage of 100.3%. Spanish
pesetas, while relatively firm in terms of the dollar,
E
Nov. 18 1933
as they have been for several months, worked
counter to the general trend of the foreign exchanges
due to threats of further political disturbance in
Spain. On the other hand, rumors were rife in the
market that Spanish authorities are making deliberate efforts to depreciate the value of the peseta.
Bankers' sight on Amsterdam finished on Friday
at 65.29, against 64.69 on Friday of last week;
cable transfers at 65.30, against 64.70, and commercial sight bills at 65.15, against 64.55. Swiss
francs closed at 31.34 for checks and at 31.35 for
cable transfers, against 31.00 and 31.01. Copenhagen checks finished at 23.29 and cable transfers
at 23.30, against 22.78 and 22.79. Checks on
Sweden closed at 26.89 and cable transfers at 26.90,
against 26.32 and 26.33; while checks on Norway
finished at 26.20 and cable transfers at 26.21, against
25.64 and 25.65. Spanish pesetas closed at 13.12 for
bankers' sight bills and at 13.13 for cable transfers,
against 13.30 and 13.31.
XCHANGE on the South American countries
presents no important differences from recent
weeks. Several items relating to the blocked accounts of American exporters to Argentina will be
found in our news columns. American firms holding
approximately 32,000,000 pesos of frozen credits as
of May 1 last have agreed to exchange them for
Argentine Treasury 15-year 2% notes. The Finance Ministry has launched a conversion offer of
1,350,000,000 pesos of 6% and 53/2% bonds into 5%
bonds in a program believed to have been designed
to bring about cheaper money. A total of 600,000,000 pesos of internal bonds was converted on
Wednesday and it seems reasonably certain that that
entire issue will be converted at once without much
difficulty.
Argentine paper pesos closed on Friday nominally
at 42.10 for bankers' sight bills, against 40% on
Friday of last week; cable transfers, at 423I, against
E
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
NOV. 11 1933 TO NOV. 17 1933, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable 7'ransfers in New York,
Value in United Hates Money.
Nov. 11. Nov. 13. Nov. 14. Nov. 15. Nov. 16. Nov. 17.
EUROPE8
3
$
$
$
$
.179125 .1805C0 .183800 .187600 .191375 .185900
Austria,schillbzg
Belgium, belga
.222984 .223540 .228700 .233300 .238575 .228730
.020333* .020000 .020750 .022000* .022000 .013333*
Bulgaria, lev
Czechoslovakia. krone .047514 .047728 .048616 .049616 .050871 .049120
Denmark, krone
.226970 .229420 .234288 .240411 .245700 .236870
England, pound
sterling
5.091250 5.141250 5.260000 5.385113 5.512395 5.290714
Finland, markka
.022200 .022700 .023375 .023600 .024083 .023300
France,franc
.062733 .062795 .064185 .065464 .067012 .064107
Germany, reichstaark .382209 .383015 .390600 .399650 .410750 .391800
Greece, drachma
.008945 .009080 .009185 .009456 .009620 .009310
Holland, guilder
646000 .647176 .660900 .673777 .690636 .661066
Hungary, pengo
280500 .282250 .286333 .288761) .297500 .290333
Italy, lira
084091 .084500 .086216 .087865 .090220 .086550
Norway. krone
255220 .258040 .263970 .270187 .276550 .266327
Poland, zloty
180000 .180000 .183800 .187266 .192333 .185583
Portugal, escudo
'048086 .048516 .049220 .051325 .051641 .050141
Rumania,leu
.009766 .009775 .010040 .010433 .010316 .010275
8pain, peseta
132467 .122009 .132150 .135000 .139063 .133375
Sweden,krona
.261963 .265058 .270408 .277C80 .283875 .273600
8witzerland. franc- .310000 .310635 .317469 .323772 .331570 .317458
Yugoslavia, dinar
.022033 .922100 .022566 .022933 .C23575 .022700
ASIAChinaChefoo (yuan) dol'r .324583 .330833 .336250 .342916* .343333 .335833
Hankow (yuan)dor .324583 .330833 .336280 .342916* .343333 .335833
Shanghai(yuan)dor .325000 .331562 .336562 .339791 .344062 .336562
Tientsin (yuan) don' .324583 .330833 .3313250 .342916* .343333 .335833
463750 .370937 .375312 .380000 .382500 .376250
Hong Kong dollar
377250 .382250 .391718 .402500 .409625 .394000
India, rupee
.298687 .301420 .307600 .313750 .317500 .309500
lapan. yen
Singapore (8.8.) dollar .590000 .600625 .608750 .625625* .638750 .621250
AUSTRALASIA4.053333 4.095833 4.185833 4.284166 4.380000 4.218333
kustralia, pound
New Zealand. pound 4.064166 4.106250 4.195833 4.295006 4.391666 4.230000
AFRICA30uth Africa, pound 5.032500 5.085000 5.207500 5.325312 8.446875 6.226666
NORTH AMER.1.000364 1.001927 1.011979 1.013875 1.041534 1.032187
Danada. dollar
.999150 1.000000 .999860 1.000200 .999800 .999800
3uba. peso
1lexico, peso (silver). .276480 .276900 .276900 .276875 .276900 .276900
gewfoundland, dollar .998000 .999375 1.008000 1.011750 1.035000 1.030000
SOUTH AMER.krgentina, peso (gold) .921229* .931127* .943339* .968174* .989541* .952379*
8razil. milreis
.083810* .084060* .083463w .085825* .086187* .088106*
Mlle, peso
.097625* .099000* .100375* .103925* .104750* .101750*
Druguay , peso._ .... .756416* .773333* .7t5333* .787500* .809166* .785333*
Dolombla. nese
667200* .667200* .667200* .667200* .667200* savvon•
* Nominal rate; firm rates not available.
Financial Chronicle
Volume 137
41.00. Brazilian milreis are nominally quoted 83/2
for bankers' sight bills and 8% for cable transfers,
%
against 83/2 and 83 . Chilean exchange is nominally
quoted 10, against 9%. Peru is nominal at 233/s,
against 21.50.
XCHANGE on the Far Eastern countries is, of
course, generally firm in terms of dollars in
consequence of the processes which have caused
the advance in all other currencies against the
dollar. Indian rupees are exceptionally firm as
they move with the pound sterling, to which they
are attached at a fixed rate.
Closing quotations for yen checks yesterday were
30.75, against 30.30 on Friday of last week. Hong
/
Kong closed at 373 s@38 7-16, against 37@37 1-16;
/,
Shanghai at 33%, against 33; Manila at 501
Singapore at 613', against 603i;
against 50;
%
.,
Bombay at 3931 against 383 ,and Calcutta at 393'1-,
against 389.'.
E
HE following table indicates the amount of gold
bullion in the principal European banks as of
Nov. 16 1933; together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of—
1932.
1933.
£
England
191,782,245
France _ a
640,147,807
Germany b
17,432,550
Spain
90.427.000
Italy
76,228,000
Nethlands.
74.445,000
Nat. Belirm
77,501,000
61,691,000
Switzerland
Sweden
14,189,000
Denmark ._
7,397,000
Nof way _
. . 6.576,000
£
140,451,771
665,867.549
38,195,000
90,315,000
62,687,000
86,240,600
74,650,000
89,165,000
11,443,000
7,400,000
8,014,000
1931.
£
121,770,967
540,642,598
47,533,150
89,669,000
58,918,000
72,033,000
73,080,000
53,416,000
11,857,000
9,121,000
6,560,060
1930.
£
158,965,572
410,460,219
101,502,750
97.885,000
57,243,000
35.514,000
37,003,000
25,624.000
13,430,000
9,561,000
8.135,000
1929.
f
132,830,637
324,316,255
104,212.550
102,595,000
56,017,060
36,885.000
30,481,000
21,345,000
13,405.000
9,582,000
8,151,000
Total week 1,257,816,602 1,274,428,320 1.084,600,715 955,263.541 839,820,442
Prey. week 1202 174 452 1 972 9324 AIR 1 0R4 R47 MR 066.610.1124 836.381.010
a These are the gold holdings of the Sank of Fiance as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the pretent year 1.4 £2.446,700.
United Germany and Disunited Europe.
The outcome of the German election last Sunday
was, of course, a foregone conclusion. Even if Germany had had a Government much less firmly seated
than that of Chancellor Hitler, the single issue presented to the voters, that of approving the policy of
demanding arms equality and withdrawing from the
Disarmament Conference and the League, would unquestionably have been sustained by an overwhelming majority. Even so the Government took no
chances, and all the resources of a.highly-developed
propaganda system were invoked to make the victory
of the Government as imposing as possible. A
nation-wide suspension of industry was staged on
Friday, Nov. 10, while Chancellor Hitler made his
final election appeal over the radio, and the next
day President von Hindenburg, in a radio address,
called upon all Germans to announce, "loudly and
positively," that Germany must."never again be
treated as a second-class nation." The result was
shown on Sunday when, out of a registered list of
slightly more than 45,000,000, more than 96% of
those registered voted, and nearly 93% of the votes
were cast for the Government. The total vote of
43,430,046 exceeded by more than 4,000,000 the record vote cast in the Reichstag election last March.
As the Berlin correspondent of the New York
"Herald Tribune" remarked on Monday,"however repugnant his methods may be to the Western democracies, the statesmen of the world henceforth will have
to reckon with the fact that a virtually unanimous
'German people stands back of Hitler in his battle
for German equality."
3547
The outcome of the election is to be viewed from
two standpoints. In addition to expressing their
opinion regarding the Government policy, the voters
also elected a new Reichstag, although at this point
there was no choice since only one list of candidates
was presented. The new Reichstag, which will meet
within the next three weeks, will be a body completely controlled by the Government, and it is expected that it will pass without demur a bill intended to put an end to the political independence
and power of the German States, and establish a
"unified" Reich in which the former States will become merely administrative subdivisions. Thereafter, if predictions regarding the nature of the new
Government policy are verified, parliamentary government in Germany will disappear, and the functions of the Reichstag will be confined to formal
approval of Government decrees, which by law may
still be issued as a substitute for legislation, and
equally formal assent to international agreements.
Germany will have become in law as well as in fact
a virtually complete dictatorship resting upon an
all but unanimous vote of the German people. What
the domestic program of the Government is to be
has been so imperfectly revealed that any discussion
of it at this stage would be premature.
The effect of the German election upon foreign
governments has also been marked. Down to the
eve of the election there was a disposition in some
quarters to continue criticism of Germany's arms
stand and keep alive some of the controversies over
German policy. On Nov. 10 Senator Dordolot of
Belgium, in a newspaper interview, created something of a sensation by announcing that the final
report of the Inter-Allied Control Commission, in
1927, on German armament—a report which has
thus far been held as a secret document—showed
that Germany had not only opposed the work of
the Commission, but that its armament at that time
exceeded what was allowed by the Versailles treaty.
The announcement was not exactly news, since the
general nature of the report was already known,
but it elicited from General J. H. Morgan, the British member of the Commission, a letter to the Lon.don "Times" stating that if the report, together
with earlier ones, were published, "the whole world
will be convinced that Germany never was disarmed,
never intended to disarm, and for seven years did
everything in her power to obstruct, deceive and
counter-control the Commission whose duty it was
to disarm her."
A Munich dispatch to the New York "Times," on
Nov. 10, reported that the Concordat between the
Vatican and the Reich was "not working well," that
Catholics felt that it had "never been put into practice as far as the Government is concerned," and
that there was reason to believe that the Vatican
might denounce it. Some support was given to the
charge by the announcement from Munich on Sunday that former Chancellor Marx and a number of
other leaders of the old Catholic Center party had
been indicted for fraud in connection with the conduct of the National Association for Catholic Germany and its publications. The Governing Commission of the Saar Basin informed the League of
Nations on Nov.10 that the National Socialists were
carrying on "an increasing campaign involving
threats, denunciations and disguised boycotts
against inhabitants of the territory suspected of
not sharing" Nazi political ideas, and that "ex-
3548
Financial Chronicle
ceptional measures" had been found necessary.
The overwhelming victory of the Hitler Government on Sunday, however, brought a change. While
the Italian press refrained from comment upon the
election, Paris opinion was reported as leaning
strongly in the direction already taken by leaders
and newspapers of the Left, and favoring direct
conversations with Germany. One of the most influential Paris papers, the "Matin," was quoted as saying on Monday that the "road of force" which Marshal Foch had advocated could not now be taken,
and in any case was contrary to French public
opinion, that the road of "constant meetings and
academic talks at Geneva" was discredited, and that
the Briand road of direct conversations was the
one that should be tried. "It is not without perils,"
the "Matin" added. "It will demand a firm will
and clearsightedness. But is it not preferable to
try to save everything by going alone than to allow
one's self to slide to disaster by hanging on to the
tail of the procession?" The general impression in
Paris appeared to be that Chancellor Hitler, with
the German people behind him, would shortly put
forward new claims, although no one advanced a
definite idea of what the claims might be. Nevertheless, Premier Sarraut,in a debate in the Chamber
of Deputies, on Tuesday, in the course of which his
Government twice received substantial votes of confidence, declared that "we will not refuse to discuss
the situation if we are asked," while M. Paul-Bontour, the Foreign Minister, said that "any concrete,
precise proposal that is transmitted to us is certain
to be received and examined by us in the same spirit
as we have always shown in negotiations with the
great country whose relations with ourselves are a
condition, in large measure, for the maintenance of
the peace of Europe." The reference to the spirit in
which negotiations had previously been carried on
was, perhaps, open to question, but the statement
was made in a speech whose tone was conciliatory,
and in the course of which M. Paul-Boncour had invited from Germany a full and frank statement of
its wishes and aims.
The British reaction, on the other hand, has been
mixed with controversy over the future of the Disarmament Conference. On Nov. 9, in a London
speech, Prime Minister MacDonald earnestly urged
Germany to return to the Conference, and promised
a friendly consideration in England of any requests
it might make. The next day he assured a visiting
deputation headed by the Archbishop of Canterbury
that it had never been the British intention to defer
supervision of arms until after some probationary
period, or to apply supervision only to Germany.
The revival on Nov. 11 of the report that Germany
intended to broaden its demands to include the annexation of some adjacent territory and the recovery
of some of its former colonies, together with the
announcement that Italy would not be a party to
further discussion of arms control with Germany
absent, apparently made Mr. MacDonald hesitate,
and in the House of Commons on Monday he spoke
rather vaguely of the Government plans while repeating the invitation to Germany to return. The
'attitude of the Liberal party, which joined with
Labor in criticizing the Government, although refusing to vote on a Labor motion of censure, was
indicated by the declaration of Sir Herbert Samuel,
Liberal leader, that "it is essential that a proposal
should be made to Germany which enlightened
Nov. 18 1933
people throughout the world can regard as just and
which Germany can reasonably be expected to
accept." On Thursday night Sir Herbert announced
by radio that on Nov. 21, when Parliament reconvenes, the Liberals would end their support of the
Government and join the Opposition.
Feeling in the Commons was further accentuated
by the reading, on Monday, of a letter in which
Arthur Henderson, President of the Disarmament
Conference, declared that the situation at Geneva
was "most unsatisfactory," and that "unless a much
greater determination to make progress is forthcoming" he would have no alternative except to
place his resignation in the hands of the League
Council. The Geneva correspondent of the New
York "Herald Tribune" reported on Tuesday that
it had been learned "on good authority" that Mr.
Henderson intended to demand a special session of
the Council next week and "force a showdown."
Renewed criticism of the MacDonald Government
was reported from London on Wednesday, the London "Times" taking Sir John Simon, the Foreign
Secretary, rather severely to task for missing an
opportunitST at Geneva and, by agreeing in advance
with the French to postpone consideration of the
draft disarmament convention and to defer armament reduction for from five to eight years, giving
Germany "at least a plausible excuse for discontinuing the discussions."
The German election, in short, has called a halt
in disarmament and left London, Paris and Rome
waiting for the next German move. Chancellor Hitler, meantime, has given no indication of his plans,
but has apparently left it to be inferred that the next
move must come from London or Paris, the attitude
of Rome being regarded as fundamentally friendly.
Even British official circles are credited with conceding that his position at the moment is a strong
one, and that he would be politically unwise to
weaken it by making new proposals about disarmament, since his action might be interpreted as the
result of pressure from uneasy elements among his
supporters. What the situation means is that the
four great Powers of Europe are now more definitely
than before divided into two groups, and that
the continuance of the division does not make for
peace. Edmund Burke, in his great speech in the
House of Commons in 1775 on conciliation with
America, urged Great Britain to conciliate the revolting American colonies on the ground that it
was always the stronger party to a controversy that
was best fitted to offer concessions. The time is
opportune for Great Britain and France to act upon
Burke's wise suggestion. With increasing criticism
at home of their fruitless course at Geneva, and with
no assurance of snpport from Italy as long as Germany holds aloof, the wisest course would seem to
be to meet a united Germany half way. The announcement on Thursday that Sir John Simon was
hurrying back to Geneva in response to an urgent
call from Mr. Henderson, and that conversations
with the French and Italian delegates would be
resumed, seems to point to at least one more effort
to save the Conference from failure and Europe from
an indefinite continuance of perilous discord.
Operation of the National Teeter.
Much of the time since March Fourth Uncle Sam
has been standing upon a teeter with a foot on either
side of the centre, a hopeful people seated upon one
Volume 137
Financial Chronicle
end and a group of bewildered and doubtful persons
clinging fearfully to the other.
Pressure of a potent foot on one side of the centre
raises the hopes and aspirations of those at the other
end and in equal degree depresses those on the opposite side as they feel themselves falling. Perhaps
the next day, the next week or the next month the
pressure is reversed or relaxed, inspiring hope and
confidence to those who felt they had been forsaken
and at the same time lowering the spirits of those
who had believed their conditions were being permanently bettered.
Day by day millions of citizens peruse the daily
newspapers to scan the latest developments at Washington and weigh their influence upon themselves
for weal or woe. So long as the influences related to
such ordinary affairs as banking, agriculture, manufacturing, mining, railroading and merchandising
Americans had a pretty clear idea as to what was
what. They are intelligent and have fair faculties
for weighing the importance of events.
But when Uncle Sam exerts the weight of his influence to depreciate the buying power of the American dollar by enhancing the value of gold, which is
the international measuring stick, the process of
reasoning goes beyond the mentality and comprehension of the ordinary citizen. If operation of the
teeter is long to continue each community will apparently need to set up a school of political economy
and finance in order that the farmer, the merchant,
the mine worker, the toiler in the mills and upon
3549
the railroads, in fact most persons aside from those
employed in counting-houses, may obtain some comprehension as to where the United States is drifting
and what each individual should do in order to set
his own house in order that he may meet the new
conditions to the best advantage.
A spurt in the value of gold has contrary effects.
When the gold is marked up the dollar is depreciated
because as prices move upward more dollars are required to pay for a purchase than before. This "inflation" as it may be termed is calculated to enhance
the market value of stocks. If inflation continues
prices of shares will be apt to rise. On the contrary
a bond upon maturity may be satisfied by payment
of a fixed sum and if the dollars received in payment are not worth 100 cents the loss falls upon the
bondholder who sells a security for which he paid
par or a premium. So it is that while the teeter may
send stocks up, its effect will be to depress bonds of
a near maturity.
The effect of the teeter operation is not wholly
domestic. It extends to many foreign countries
whose bankers and financiers are closely watching
every move at Washington and calculating what
may be the effect upon international commerce.
The whole scheme for bringing about prosperity with the National Industrial Recovery Act
is puzzling, but the attempt to debase the
standard of values and thereby to achieve enduring prosperity is a tax on credulity and staggers
belief.
Gross and Net Earnings of United States Railroads for the
Month of September
There are pretty definite indications that the
improvement in the earnings of United States railroads, which was such a distinctive feature of the
returns during the summer months, is now on the
wane. The ratios of gains, compared with last year,
are very much smaller than they were a short time
ago, both in the gross earnings and in the net. Our
compilations to-day cover the month of September
and as regards gross and net earnings alike the percentages of the increase are relatively light. In the
gross earnings the increase over 1932 is only $23,446,244 or 8.62% and in the net earnings (before the
deduction of the taxes) no more than $11,129,616,
or 13.39%. In July the improvement over 1932
was $59,691,784 in the gross or 25.13%, and
in the net $54,334,821, or 117.74%. In August the
gain over 1932 was $48,737,988 in the gross, or
19.36%, and in the net $33,555,892, or 53.64%.
The dwindling in the amounts and percentages of
increase is not to be ascribed to any betterment of
the results a year ago, with which the comparison is
made. On the contrary, comparison is with very poor
results in 1932, the falling off then having been by
no means small and having followed, moreover,
cumulative losses in the two years preceding, though
in 1932 the cuts in expenses were more decisive than
they had previously been, making the showing as to
the net earnings less unfavorable than they had
been before, but they were unfavorable nevertheless
and the further shrinkage in the net then came on
top of prodigiously heavy losses in the two years
preceding. In the gross, where there was no evidence
of improvement in 1932, this year's gain of $23,446,244 in the gross comes after $77,612,781 loss in 1932
as compared with 1931 and after $117,073,774 loss
in 1931 as compared with 1930 and $99,634,540 loss
in 1930 as compared with 1929, making a cumulative
record of losses startling by reason of its very magnitude. In like manner this year's gain of $11,129,616
in net, comes after $9,060,608 loss in 1932; $55,161,214 loss in 1931 and $36,255,679 loss in 1930.
Month of September—
1933.
1932.
Inc.(+) or Dec.(—).
Miles of road (165 roads)____
240,992
239,904
+1,088 0.45%
Gross earnings
$295,506,009 5272,059,765 +323,446,244 8.62%
Operating expenses
188,966,943
201.283.571
+12,316,628 6.52%
Ratio of expenses to earnings
69.46%
68.11%
—1.35%
Net earnings
$94,222,438
883,092,822 +811,129,616 13.39%
The tapering off of the improvement in both gross
and net earnings reflects the gradual slackening in
trade which has been developing during the last
two months. The diminishing trade activity was most
pronounced in the Middle States and Middle West,
where the manufacturing industries of the country
abound. Conspicuous instances of the kind are found
in the iron and steel trade and the so-called "heavy
industries" where lessened activity has been especially
in evidence. This has been accompanied by a falling
off in the coal traffic, which is an important item of
freight in the manufacturing regions, since, with
production undergoing contraction, the need of coal
for carrying on the processes of trade, has been
correspondingly reduced. Another drawback which
has operated to curtail railroad traffic and railroad
revenue, should not be overlooked. We refer to the
fact that large sections of the southwest suffered
from severe drouth which served greatly to diminish
the size of the leading crops and in fact made the
crops an almost absolute failure in certain districts.
This has reference especially to the winter wheat area
of the southwest. Some of the spring wheat areas
3550
Financial Chronicle
further to the north also had to contend with severe
drouth and as a consequence with a short spring
wheat crop. In addition many farmers have been
dissatisfied with prevailing market prices for grain
and as a consequence have been withholding their
grain from market.
Evidence of the slowing down of industrial activity
is found in many different directions. The iron and
steel trades furnish conspicuous examples, as already
indicated. Steel output, which in July had reached
3,203,810 tons and in August had been 2,900,611
tons, fell to 2,310,982 tons in September. Of course
this still showed considerable increase over the production of 991,858 tons in September 1932, but it is
only necessary to go a few years further back to
make it plain that the 1932 product was far from
being anywhere near the normal; in September 1931
the steel ingot production was 1,545,411 tons; in
September 1930 2,840,379 tons and in September
1929 no less than 4,527,887 tons. The make of iron
in the United States in September 1933 was 1,522,257
tons, which was a drop from 1,833,394 tons in August
1933, and was of course a great improvement over
the 592,589 tons produced in September 1932 and is
better even than the production of 1,168,915 tons
produced in September 1931, but compares with
2,276,770 tons in September 1930 and 3,497,564
tons in September 1929. The comparisons are similar
in the case of the mining of coal. Only 29,500,000
tons of bituminous coal were mined in the United
States during September 1933, which was well below
the amount mined in August 1933, when the production reached 33,910.000 tons; in September 1932
the quantity of bituminous coal mined was only
26.314,000 tons, but if we go back to September
1931 it is found that the production of bituminous
coal then was 31,919,000 tons; that in September
1930 it was 38,632,000 tons and in September 1929,
45,334,000 tons. In the case of Pennsylvania anthracite this year's pioduct in September was somewhat larger than August and larger also than in
September 1932, the comparisons being between
4,993,000 tons in September and 4,396,000 tons in
August of the present year and 4,108,000 tons in
September last year, but in September 1931 the
quantity of Pennsylvania anthracite mined was
4,362,000 tons; in Septembee 1930, 5,293,000 tons,
and in September 1929, 6,543,000 tons. The record
of automobile production is much the same. Only
196,082 motor vehicles were turned out in this
country in September 1933, as against 236,487 in
August; in September 1932 the number was only
84,150, and in September 1931 it was 140,566;
in September 1930, however, the number of automobiles turned out was 220,649 and in September
1929 it was no less than 415,912.
Building activity was on a small scale in September
as it had been in August and all preceding months.
According to the statistics compiled by the F. W.
Dodge Corp. the construction contracts awarded in
the 37 States east of the Rocky Mountains involved
an outlay of $122,589,700 in September 1933 and
$127,526,700 in September 1932; in September 1931,
however, the amount involved was $251,109,700;
in September 1930 the amount was $331,863,500 and
in September 1929, $445,402,300. Lumber production, nevertheless, was on a much larger scale
than in 1932, though well below the cut of lumber
in the preceding years. During the four weeks ended
Sept. 30 1933, the cut of lumber by 573 reporting
Nov. 18 1933
mills was 646,912,000 feet against 447,949,000 feet
in the same four weeks of 1932. In other words the
lumber cut was 44% greater than during the corresponding four weeks of 1932, but if we go back a
year further we find that the 1933 cut was 5% below
that for the same period of 1931.
As we have already indicated the western grain
movement was on a greatly reduced scale and the
shrinkage is still greater when compared with the
full movement in some of the earlier years. We give
the details of the western grain movement in a
separate paragraph further along in this article and
will only say here that for the five weeks ended
Sept. 30, the receipts of wheat, corn, oats, barley
and rye reached a total of only 72,496,000 bushels as
compared with 86,484,000 bushels in the same five
weeks of 1932 and comparing with 70,211,000 bushels
in 1931, but that in the five weeks of 1930 the grain
receipts aggregated no less than 123,945,000 bushels.
The loading of railroad revenue freight furnishes a
composite of these various items of freight as well
as of all other freight, and from statistics compiled
by the Car Service Division of the American Railways
Association it appears that for the five weeks ending
Sept. 30, the loadings of revenue freight on all the
railroads of the United States in 1933 comprised
3,204,551 cars as against 2,867,370 cars in the same
five weeks of 1932, but comparing with 3,685,983
cars in the corresponding five weeks of 1931;4,696,911
cars in the same five weeks of 1930 and no less than
5,722,236 cars in the corresponding weeks of 1929.
Incidentally it might be remarked that according to
the figures issued by the Bureau of Railway Economics at Washington, the volume of freight traffic
handled by the Class I railroads in September
measured in net ton miles, showed an increase of
15.1% above the same month in 1932. Freight traffic
in September amounted to 26,130,010,000 net ton
miles, compared with 22,708,940,000 net ton miles in
September 1432, or an increase of 3,421,070,000 net
ton miles. Compared with the same months in 1931,
however, the volume of freight traffic in September
this year showed a reduction of 1,711,574,000 uet
ton miles or 6.1%.
In the case of the separate roads and systems, there
are many indications of the setback in trade and also
the poor crop yields in the southwest and in certain
portions of the northwest. Whereas in previous
months there were comparatively few losses for large
amounts in the gross earnings and scarcely any in the
case of the net earnings, this time for September the
list of large losses is a fairly long one in the gross and
net earnings alike. Taking only the losses in gross
earnings and confining ourselves to the roads that
have suffered a shrinkage for amounts in excess of
$100,000, we find that the Rock Island fell behind
in its gross earnings as compared with a year ago
in the sum of $536,450; that the C'sic. Mil. St. Paul
& Pacific reports a decrease of $494,571; the Union
Pacific a decrease of $317,819; the Long Island RR.of
$274,113; the Atchison $230,974; the Southern
Pacific of $227,055; the New York Ontario & Western
$168,169; the St. Louis-San Francisco of $155,452,
and the Minneapolis & St. Louis of $103,119. Most
of the same roads are represented in the list of losses
in the case of the net earnings—all these roads
typifying the unfavorable conditions prevailing in
their respective territories.
The big East and West trunk lines as a rule give-a
good account of themselves having to their credit
Volume 137
considerable gains in both gross and net earnings.
The Pennsylvania RR. shows $3,940,629 increase
in gross and $1,439,316 in net. The New York
Central, including the Pittsburgh & Lake Erie and
the Indiana Harbor Belt, reports $3,129,028 gain in
gross and $610,560 in net. The Baltimore & Ohio has
added $3,305,747 to gross and $1,100,575 to net.
The southern roads, as a group, may be said to
make the best showing of all as far as the roads as a
whole are concerned. Some of the smaller roads in
this group show a falling off in gross or in net, or
both combined, but the larger systems continue their
record of improvement of previous months. Thus
the Southern Ry. enjoys a gain of $215,075 in gross
and of $503,562 in net; the Louisville & Nashville
$555,272 gain in gross and $93,982 gain in net.
The Atlantic Coast Line has added $67,702 to its
gross, but falls $144,409 behind in its net. The
Seaboard Air Line has enlarged its gross by $91,819
and its net by $140,280.
In the northwest, the comparisons are somewhat
irregular. The Chicago & North Western has enlarged
its gross by 86,132 and its net by $181,529. The
Milwaukee St. Paul & Pacific, on the other hand,
falls behind $494,571 in gross and $510,119 in net.
The Great Northern has bettered its gross of last
year by $1,118,503 and its net by $790,080, while
the Northern Pacific has to its credit a gain of only
$25,428 in gross and of $207,004 in net. The irregularity in the comparisons has its origin mainly in
the extent and volume of the ore traffic of the different roads. This ore traffic was close to nil in the great
depression in the iron and steel trades a year ago,
but the present year was of considerable volume.
The contrast is most strikingly portrayed by the figures
of the Duluth Missabe & Northern, a distinctively
ore-carrying road, but of relatively small size,
which for 1933 has to its credit an increase of $2,078,386 in gross and of $1,803,816 in net earnings.
In the following we show all changes for the separate
roads and systems for amounts in excess of $100,000,
whether increases or decreases and in both gross and
net earnings:
•
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF SEPTEMBER 1933.
Increase.
Increase.
Pennsylvania
$3.940,629 Southern Ry
$215,075
3,306,747, Virginian
Baltimore & Ohio
206,470
Central
a2,616,537 Western Maryland
New York
189,509
Duluth Missabe & North 2.078,386 Pere Marquette
157,046
.609.996 Boston & Maine
Norfolk & Western
156,257
1,118,503 Chicago & Illinois Micll'd
Great Northern
151,364
961.244 Del Lack & Western.
Chesapeake & Ohio
135,127
Lake Erie_ 642,487 Detroit Toledo & Ironton
Bessemer &
120,691
555,272 Minn St Paul & SS M_
Louisville & Nashville112,310
531,735 Internet Great Northern
Erie (3 roads)
108,091
486,132 Clinchfield
Chicago & North West
106,126
475.947
LehighValley
St Louis
457,187
Total (38 roads)
N Y Chicago &
$24,548,187
441,752
Pittsburgh & Lake Erie
Decrease.
413,164 Chi R I & Pac (2 roads).. $536.450
ElginJoliet & Eastern405,470 Chi Milw St P & Pac
Penn-Reading Seashore L
494,571
405,222 Union Pacific(4 roads).._
Union RR of Penne
317,819
393,000 Long Island
Reading Co
274,113
367,583 Atch Top & S Pe (3 rds)
Wheeling & Lake Erie
230,974
327,024 Southern Pacific (2 rds)Lake Sup & Ishpeming227.055
303,231 N Y Ontario & Western.,
Chicago Burl & Quincy
168,169
302,947 St Louis-San Fr (3 rds).
Delaware & Hudson_
155,452
274,869 Minneapolis & St Louis..
Cin New Orl & Tex Pac..
103,119
254.540
GrandTrunk Western...
221,517
Total (18 roads)
Missouri-Eansas-Texas$2.507,722
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie and the Indiana Harbor Belt, the
result is an increase of $3,129,028.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF SEPTEMBER 1933.
Increase.
Increase.
Duluth Missabe & North $1,803,816 N Y Chicago & St Louis $270,665
1,439,316 Cin New On & Tex Pac241,992
Pennsylvania
1,100,575 Virginian
Baltimore & Ohio
209,947
989,974 Northern Pacific
207,004
Norfolk & Western
790.080 Elgin Joliet & Eastern-Great Northern
204,809
583,254 Chicago Great Western...
201,608
Chesapeake & Ohio
503,562 Minn St Paul & S S M.._
193,038
Southern Ry
New York Central
a474.012 Chicago & North West_
181.529
436.250 Pittsburgh & Lake Erie_
Lehigh Valle
172,987
430,370 Seaboard Air Line
140,280
Bessemer & Lake Erie
Erie (3 roads)
427.896 Bangor & Aroostook_ _132,829
Delaware & Hudson
132,226
408,767 Grand Trunk Western__
Chicago Burl & Quincy123,688
407,192 St Louis Southwest Lines
Reading Co
120.461
358,872 Detroit Toledo & Ironton
Union RR of Parma_ __ _
295,554 Wheeling & Lake Erie--101.123
Lake Sup & Ishpeming277,753
Total (33 roads)
$13,361,429
3551 •
Financial Chronicle
Chi R I & Pac (2 roads).Chi Milw St Paul & Pac_
Missouri Pacific
Union Pacific (4 roads)
Western Pacific
Long Island
Decrease.
$702,098
510.119
471,604
401.332
262.140
252,494
Decrease.
St Louis-San Pr (3 rds)_
Illinois Central
Washy Chatt & St Louis
Atlantic Coast Line
NYNH& Hartford__
Total (17 roads)
$248.359
246.958
164,815
144,407
139.004
$3.543.330
a These figures cover the operations of the New York Central and leased
lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie and the Indiana Harbor Belt, the
result is an increase of $610,560.
When the roads are arranged in groups or geographical divisions according to their location, it
appears that notwithstanding the drawbacks experienced by the roads in some sections of the
country, as outlined further above, the comparisons
on the whole are, after all, fairly good. In the gross
the Central Western region is the only region showing
a loss and in the net earnings that region as well as
the Southwestern region are the only ones which have
suffered any falling off. Our summary by groups
appears below. As previously explained, we group the
roads to conform to the classification of the InterState Commerce Commission. The boundaries of the
different groups and regions are indicated in the
footnote to the table.
SUMMARY BY GROUPS.
Gross Earnings
District and Region.
1932.
Inc.(+1 or Dec. 1--)
Month of September1933.
•
Eastern District$
$
12,144,137
+384,654 3.17
New England region (10 roads)____ 12,528,791
+5,575,592 10.63
58,027,566 52,451,974
Great Lakes region (30 roads)
Central Eastern region (25 roads) 63,272,793 52,891,239 +10,381.554 19.63
Total(65 roads)
Southern District
Southern region (29 roads)
Pocahontas region (4 roads)
133,829,150 117,487,35C
+16,341,800 13.91
32,602,891
18,971,160
31,179,893
16,196,344
+1,422,998 4.56
+2,774,816 17.13
51,574,051
47,376,237
+4,197,814
38,926,929
48.185.525
22,990,354
35,252,012
49,356,971
22.587,195
+3,674,917 10.42
-1,171,446 2.37
+403,159 1.79
Total(33 roads)
Western District
Northwestern region (17 roads)__ _ ..
Central Western region (22 roads)_
Southwestern region (28 roads)
8.86
110,102.808 107,196,178
Total(67 roads)
Total all districts (165 roads)
+2,906.630
2.71
295,506,009 272,059.765
+23,446.244
8.62
District and Region.
Net Earnings
Month of Sept. -Mileage1933.
1932. Inc.(-1-) or DeC.(-)
Eastern District1933. 1932.
$
New England region__ 7,177 7.271
3,620,166 3.433,539 +186,627 5.44
Great Lakes region..__ 27,175 27,461 16,366,639 13.922,096 +2,444,543 17.56
Central Eastern region 25,444 25,472 21.477,669 17,317,111 +4,160.558 24.03
Total
59,796 60,204 41,464,474 34,672,746 +6,791,728 19.59
Southern District
Southern region
39,572 39,947 7,567,540 7.076.616 +490,924 6.94
Pocahontas region_
6,075 6,137 9,641,307 7,868,835 +1,772,472 22.53
Total
45,647,
Western District
Northwestern region 48,720
Central Western region 53,756
Southwestern region.._ 33,073
Total
46,084 17,208.847 14,945,451 +2,263,396 15.14
48,870 14,134,733 10,772,580 +3,362,153 31.21
51,474 15,358,273 16.491,296 -1,133.023 6.87
33,272 6,056,111 6,210,749 -154,638 2.49
135,549 133,616 35,549,117 33,474,625 +2.074,492 6.20
240,992 230,904 94,222.438 83,092.822+11,129,616 13.39
Total all dIstricts
NOTE.
-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
contlnea of the different groups and regions:
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
-This region comprises the section on the Canadian boundary
Great Lakes Region.
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
-This region comprises the section south of the Great
Central Eastern Region.
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Southern Region.
-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova. W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg
W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
Northwestern Region.-Thls region comprises the section adjoining Canada lying
west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.
-This region comprises the section south of the Northwestern Region, weal of a line from Chicago to Peoria and thence to St. Louis. and
north of a line from St Louts to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Rept m.
-This region comprises the section lying between the Mississippi River south oi -4. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the .tio Grande to the Gulf of Mexico.
The grain traffic over western roads in September
the present year, as already pointed out, fell far
below that of September 1932. This was.due almost
entirely to the heavy falling off in the wheat movement, the receipts of all the other cereals, with the
exception of oats, having been larger than a year ago.
The receipts of wheat at the western primary markets
for the five weeks ending Sept. 30 1933 were only
3552
Financial Chronicle
28,048,000 bushels, as against 45,001,000 bushels in
the corresponding five weeks of 1932; the receipts of
corn, 23,518,000 bushels, as compared with 22,797,000 bushels, and of oats only 10,574,000 bushels,
against 11,502,000 bushels. Adding barley and rye
the receipts of which were 8,123,000 and 2,233,000
bushels, respectively, as compared with 5,909,000
and 1,275,000, respectively-the receipts for the five
staples, wheat, corn, oats, barley and rye, combined,
for the five weeks the present year aggregated only
72,496,000 bushels, as against 86,484,000 bushels
in the corresponding five weeks of 1932; 70,211,000
bushels in 1931 and 123,945,000 bushels in the same
five weeks of 1930. In the following table we give
the details of the western grain movement in our
usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
5 Wks.End. Flour.
Wheat.
Corn.
Barley.
Rye.
Oats.
Sept.30. (bbis.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush')
Chicago1933- 799.000 1.413,000 9,542.000 2,716,000 1,003.000 1,314,000
1932.... 975,000 1,419,000 13,692,000 2,371.000
459,000
38,000
Minneapolis
7,886,000 1,202,000 2.486.000 3,883,000
1933_
415,000
13,994,000 1,120,000 3,686,000 2,840,000
1932_
835,000
Duluth
10,088,000
265.000 1,373,000
1933_
919,000
342,000
14,731,000
7,000
1932_
818,000 1,032,000
281,000
Milwaukee
1933....
56,000
19,000 2,778.000 1,307.000 2.033,000
52,000
263,000 1,212,000
1932....
50,000
193.000 1,039,000
11,000
Toted
1,094,C00
154,000
1933____
306,000
7,000
6,000
2,287.000
192.000 1,057,000
1932..
3,000
7.000
Detroit
164,000
1933_
46,000
120,000
97.000
31,000
278,000
9,000
138,000
122,000
69,000
indianapolts & Omaha
2,010,000 3.577.000
900,000
1933._
2,188,000 2,680,000 2,035.000
1932_
4.000
88. Louts
1,515.000
531.000
1933.... 536,000 1,347,000
90,000
24.000
1932.... 699,000 2,112,000 1,401,000
687.000
209,000
24,000
Paula-225,000 1.642,000
1933.... 188,000
384.000
202,000
44,000
148.000 1.361,000
1932.... 185,000
207,000
178,000
5.000
Kansas Mg
53,000 2,271,000 1,869,000
1933____
256,000
71,000 5,098.000
842,000
1932.132,000
St. Joseph
585,000
1933_
656,000
145,000
389,000
249.000
1932_
152,000
Wichita
892,000
1933__..
112.000
15,000
1,734,000
1932_
13,000
7,000
Sioux City
54,000
1933.
160.000
35,000
89,000
5.000
362,000
19,000
1932_
28.000
20,000
1.000
Total ag1933.... 1,632,000
1932.... 1,980,000
9 Mos. End. Flour.
Sept.30. (bets.)
Chicago
1933.... 6,682,000
1932.... 6,346,000
Minneapolis
1933._
1932._
Duluth
1933__
1932_ _
Milwaukee
1933.... 486,000
1932.... 428,000
Toledo
1933____
20,000
1932_
Detroit
1933..
28,048.000 23.518.000 10.574,000 8,123,000 2,233,000
45.001.000 22,797,000 11,542,000 5.909,000 1,275,000
Wheat.
Corn.
Oats.
Barley.
Rye.
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
10,508,000 65,706,000 17,804,000 7.130,000 3,286,000
13.011,000 47,748,000 25,947.000 3.035,000
950,000
52,435,000 12,962,000 20,680,000 18.750,000 4.807,000
42,852,000 4,525,000 10.218,000 9,921,000 3,465,000
36,499,000
23.936.000
8.678,000 11,045.000 4,662.000 4.501,000
150,040 1,086.000 1,839,000 1,320,000
1,934,000 12,737,000
1,960.000 4.823,000
5,853.000 9,921,000
1,990,000 4,998,000
514,000
79,000
9,707,000
11,402.000
1,585,000
2,099,000
3,442.000
7,301,000
33,000
72,000
38.000
206,000
826,000
1,303,000
Indianapolis & Omaha
1933....
11,000 18,364,000
1932....
31,000 19,214,000
St. Louis
1933._ 4,791,000 15.321,000
1932.... 5,240,000 19,223,000
Peoria
1933._ 1,738,000 1.478,000
1932____ 1,757,000 1,506,000
Kansas City
1933._ 480.000 36.536,000
1932_ 389,000 61,931,000
St. Joseph
1933
3.809,000
1932..
4,890,000
Wichita
1933._
11,476,000
1932._
18,145,000
Sioux 0:y1933_
675,000
1932.- 198,000 1,791,000
322,000
137.000
588,000
636,000
879,000
621,000
217.000
235,000
31,751,000 13,426.000
13,779.000 13,127,000
4,000
49,000
2,000
59,000
17,188,000
10,524,000
6,618.000
4,250,000
859,000
997.000
170,000
67,000
13.444.000
9,691,000
3.527,000 1,910.000
2,866.000 2,318,000
1,853,000
48.000
14,112,000
5,911,000
2,254.000
1,319,000
6,720,000
1.798,000
1,723.000
1,424,000
424.000
385,000
97.000
34,000
2.000
14.000
1,000
1,497,000
1,813,000
610,000
567,000
297,000
94.000
198.000
7,000
2,000
Total all
1933-14.208,000 197,588,000 187,126.000 87.645,000 44,247,000 15,587,000
1932...J.4,389,000 220,964,000 103,363,000 70.763,000 23,958,000 6.438,000
The western livestock movement, too, appears to
have been smaller than that of September 1932.
While the receipts at Chicago were somewhat larger
comprising713,885 carloads as against 12,339 carloads
in the month a year ago, the receipts at Kansas City
and Omaha were only 5,302 and 4,739 cars, respectively, as compared with 6,592 and 5,763 cars, in
1932.
Corning nowto the cotton traffic in the South, this
was considerably larger than in September last year,
Nov. 18 1933
both as regards the shipments overland and the port
movement of the staple. Receipts of cotton at the
southern outports during September 1933 reached
1,333,280 bales, against only 1,065,623 bales in
September 1932 and 1,053,908 bales in 1931, but
comparing with 1,649,272 in September 1930;
1,327,471 bales in September 1929; 1,306,890 bales
in 1928 and 1,395,840 bales in September 1927.
Gross shipments overland aggregated 30,041 bales, as
against 20,166 bales in September 1932; 29,405 bales
in September 1931; 49,837 bales in September 1930;
51,520 bales in September 1929; 34,363 bales in
September 1928 and 37,429 bales in September 1927.
The details of the port movement for the past three
years are shown in the table we now present:
RECEIPTS OF corroN AT SOUTHERN PORTS IN SEPTEMBER 1933,
1932. 1931 AND SINCE JAN. 1 1933, 1932, 1931.
Month of September
Since Jan. 1
Ports.
1933.
Galveston
Houston, &o..
NewOrleans..
Mobile
Pensacola
Savannah
Charleston
Wilmington_._
Norfolk
Corpus Christi.
Lake Charles.
Brunswick.
Beaumont _
JaelcsonvWe
Total
1932.
1931.
297,889
518,336
169,974
25,787
45,272
60.130
49,079
5.212
7,131
90,270
52,199
6,179
181,459
401,476
200.851
37,592
13,466
41,000
51,281
7,054
7,151
48,536
64,874
8.100
5.842
2,783
227,827
957,176 1,029,506
446,179 1,695,153 1,355,966
54,047 1,073.258 1,520,190
30,941
203,874
335,177
7,559
111,107
74,256
90,830
165,028
167,973
26,927
157,436
112,879
4,696
24,543
27,745
8,352
30,218
21,747
395,551
149,380
266,417
101,510
95,557
17.084
31.718
7.523
26.636
7,170
12,519
9.740
1933.
1932.
1931.
500,913
885.732
540.018
253.278
45,256
271.580
82.409
23,620
46,297
274,458
18.781
5,398
8,592
1,333,280 1.065,623 1,053,908 4,951,980 5.075,507 2,956,332
RESULTS FOR EARLIER YEARS.
It has already been indicated that the gain of $23,446,244
in gross and $11,129,616 in net follows huge losses in the
three years preceding. It is important to bear in mind, too,
that the heavy losses in these three years-$77,612,781 in
gross and $9,060,608, in net in 1932 following $117,073,774
in gross and $55,161,214 in net in 1931, and $99,634,540 in
gross and $36,255,079 in net in 1930
-do not, as might be
supposed, follow large gains in the years immediately preceding. On the contrary, they come after indifferent results
in September 1929 and equally indifferent results in September 1928 and decidedly unfavorable results in September
1927. In 1929 our September compilation registered an
increase of no more than $9,812,986 in gross, and of only
$2,612,246 in net. In September 1928 our tables recorded
$9,980,689 loss in gross with $1,711,331 gain in net. In
September 1927 there was $26,058,156 loss in gross, and
$13,799,429 loss in net. On the other hand, however, our
tabulations for September 1926 showed gains then which
did not differ greatly from the losses which followed in 1927.
In other words, our statement for September 1926 recorded
$24,192,709 increase in gross and $14,996,918 increase in
net. These 1926 increases, too, came after moderate increases in the year preceding, our tabulations for September
1925 having shown $24,381,000 gain in gross,and $18,026,891
gain in net, notwithstanding that at that time the anthracite
carriers had to contend with the strike at the anthracite
mines, which served to out off completely all traffic in hard
coal. Even in 1924, which was a period of trade reaction,
there was in September of that year only a relatively slight
falling off in gross earnings (no more than $5,116,223), while
in the net there was no loss at all then, but rather improvement in the large sum of $29,947,793 (expenses having been
reduced in amount of $35,064,016 at that time). Moreover,
this followed $44,549,658 improvement in gross in September
1923, and $37,441,385 improvement in net. It is true that
this notable improvement in 1923 was due in part to the
poor exhibit made by the carriers in September 1922, when
they had to contend at once with the shopmen's strike and
the strike in the unionized coal mines. And yet there was
no actual loss in gross even in September 1922, but an
increase, though this increase amounted to only $1,723,772,
and was accompanied by $29,046,000 decrease in the net,
due to the augmentation in operating costs occasioned by the
labor troubles referred to. Furthermore, this loss in the
net in 1922 came after $11,372,524 gain in the net in 1921,as
compared with September 1920.
The noteworthy feature about this 1921 gain in the net
was that it occurred notwithstanding a tremendous shrinkage
in the gross revenues in that year arising out of the great
slump in trade and industry which marked the course of the
Volume
Financial Chionicle
137
whole of the year 1921. The improvement in net came as a
result of prodigious curtailment of the expenditures which
was forced upon the carriers in order to offset the great los
in traffic. In previous months of that year the extent of the
shrinkage in traffic consequent upon the collapse in trade
had been in considerable measure concealed owing to the
fact that the roads were then getting very much higher transportation rates both for passengers and for freight. In other
words, in these earlier months of 1921 the loss in gross
revenues because of diminished traffic was in large part
offset by the additional revenue derived from higher rates
on the traffic which the carriers actually did handle and
transport. In September this was no longer the case, for in
that month comparison was with a time in 1920 when the
higher rates authorized by the Inter-State Commerce Commission in the summer of that year were already in effect.
It was estimated at the time when these great advances were
made that on the volume of traffic then being handled they
would add $1,500,000,000 to the annual gross revenues of the
roads, or, roughly, $125,000,000 a month.
Deprived of the advantage—in the comparisons—of these
higher rates, the naked fact of a tremendous shrinkage in
the volume of business then being moved (1921) stood out
in all its grimness. The loss, accordingly, aggregated no
less than $120,753,579, or not far from 20%. But by dint
of great effort, the roads managed to cut down their expenses in the prodigious sum of $132,126,103, leaving a gain
in net of $11,372,524. The 12% reduction in the wages of
railroad employees which had been in effect since July 1,
under the authorization of the Railroad Labor Board, was
one fact in the big contraction in expenses; the shrinkage
in traffic was yet another factor, and of much larger magnitude, in addition to which railroad managers skimped and
saved in every direction, in particular cutting the maintenance outlays to the bone, little repair work of any kind
being done that could be deferred.
As against the gain in net in 1921, however, brought about
in the way indicated, it is important to note that in preceding years very large additions to gross revenues arising
either from an increased volume of traffic or from higher
rates" failed to yield any substantial additions to the net.
This remark applies to the results for many successive years
of this earlier period, operating costs having steadily risen
at the expense of the net. In that respect, the exhibit for
September 1920 was particularly disappointing. Great expectations had been built on the benefits to be derived from
the noteworthy increase in passenger and freight rates
that had then just been put into effect. Gross earnings
did reflect the higher rates in an increase of no less than
$113,783,775, or 23.68%, but $104,878,082 of this was consumed by augmented expenses, leaving hence a gain of net
of only $8,905,693, or less than 10%. In the years preceding,
the showing as to the net was equally unsatisfactory. Thus
for September 1919 our tabulations registered $9,252,922
gain in gross, but $18,828,861 loss in the net. In September
1918 the gain in the gross revenue reached enormous proportions, the war being still in progress and the volume of
traffic extremely large, besides which decided advances
in both passenger and freight rates had been made only a
few months before. The addition to the gross was no less
than $129,367,931, or 36.16%. But this was accompanied
by an augmentation in expenses of $126,177,381, or 51.82%,
leaving net larger by only $3,190,550, or 2.79%. The year
before rising expenses played a similar part in contracting
the net results. In that year (in September 1917) there was
$33,901,638 increase in gross, but 7,699,654 loss in net,
owing to an expansion of 41M million dollars in expenses.
In the following we furnish the September comparisons
back to 1906:
Gross Earnings.
Net Earnings.
Year.
Year
Given.
Year
Increase(+)or
Preceding. Decrease (—)
Year
Given.
Year
Increase(-1-)or
Preceding. Decrease (—).
$
Sept.
$
"
$
$
$
$
1906 _ 136,839,988 126,782,987 +10,058,999 48,341,798 45,653,884
1907.141,229,009 128,047,787 +13,172,222 41,818,855 45,413,358 +2,687,914
1908 _ 218,929,38i 234,228,778 —15,299,397 81,615.313 77.531,878 —3,594,503
1909 46,965,956 219,013,703 +27,052,253 95,443,956 81,858,660 +4,083,435
.
1910 256.647,70224.6,335,586 +10,312,116 91,680,434 95,449,51 +13,585,396
.
—3,869,083
1911 _ 249.054.036249,014.234
+39,801 90.720,548 89,398,733 +1,321,815
1912 _ 272,209,629 252,318,597 +19,891,022 96,878,558 90,842,946 +6,05,612
1913 _ 285,050,042 275,244,811 +9,805,231 92,847,193 98,000,260 +5,153,067
1914 _ 272,992,901 285,850,746 —12,857,844 92,022,947 91,274,033
+748,914
1915 _ 294,241,340 276,458,109+17,783,141 111,728,276 93,181,915 +18,546,361
1916 _ 332.888.990294.333,449 +38,555,541 124.447,839111,875.296 +12.572.543
1917.
364,880,086 330,978,448 +33,901,638 116,086,103 123,785,767
1918 _ 487,140,781 357,772,850 +129,387,931 117.470,621 114,280,071 —7.699,654
+3,190.550
1919 - 495,i23,397485,870,475 +9,252,922 98,302,598 117,131,459 —18,828,861
1920 - 594,192,321 480,408,546 +113,783,775 102,329,084 93,423,391 +8,905,693
1921 _ 496,784,097617,537,678 —120,753,539 120,604,462949,232,938 +11,372,524
1922 498,702,27 496,978,50
.
+1,723,772 91,384.502
1923 544,270,233499,720,575 +44,549,658 129,300.309 120,428,552 —29,048.059
.
91,858,924 +37,441,385
1924 539,853,860544,970.08
.
—5,116,223 159,176,504 129,228,711
29,947,793
1925 _ 564.443,59i 540,062,587 +24,381.004177,242.895159.216,004
18,026,891
1926.
588,948,933584,756,92 +24,192.009 191,933,148 176,936,230
14,996,918
1927 -564,043,987 590,102,14 —26,058,156 179,454,277 193,233,706 —31,799,429
1928 _ 554,440,541 564,421,630 —9,980,689 180,359.111 178,647,780 —1.711,331
1929 -665,816,658556,003.668 +9,812,986 181,413,185 178,800,939 +2,612.24E
i930_ 466,826,791566,433,331 —99,634.540 147,231,000 183.486.079 —36,255,079
1931 - 349,821.538 466,895,312 —117,073,774 92.217,886 147,379,100 —55,161,214
1932 - 272,049,868349,662,649 —77,612,781 83,092,939 92,153,547 —9,060,606
1933 - 295,506,009272,059.765 +23.446.244 94.222.438 83.092.822 +11.129.810
Note—In 1906 the number of roads Included for the month of September
was
In 1907,84;in 1908 the returns were based on 231,367 miles;in 1909 on 236,545 98;
In 1910 on 240,678 miles; in 1911 on 230,918 miles; in 1912, 237.951 miles; in miles:
242,097 miles: in 1914, 242,386 miles; in 1915, 245,132 miles; in 1916, 248,156 1913,
miles;
In 1917,245,148 miles;in 1918,232,186 miler;in 1919,232.772 miles:90 1920. 226,955
miles; in 1921, 235,155 miles; in 1922, 235,280 miles; in 1923, 235,611
235,178 miles; in 1925, 238,752 miles; in 1926, 236,779 miles; in 1927. miles; in 1924,
238,814
in 1928. 240,693 miles; in 1929. 241,704 miler; in 1930, 242,341 miles; in miles;
1931.
242,815 miles; n 1932, 242,292 miles; in 1933, 240,992 miles.
3553
A Time for Counsel.
[Editorial in New York "Herald Tribune" for Nov. 16 1933.]
With every regard to the gravity of the situation and all
respect for the great office of the Presidency, we feel it our
duty to say that the forced retirement of Mr. Dean Acheson
from the Treasury and the appointment of Mr. Henry Morgenthau Jr. to succeed him form a shocking and dismaying
episode.
In sensational fashion President Roosevelt has given
notice to the country that the inflationists are in the saddle
and that no dissenter will be permitted to remain in his
official family. Mr. Acheson may have had no financial
training that especially fitted him for a Treasury post. But
he had soundness and courage. It is apparently for the
crime of expressing disagreement to the President personally
that he is thus summarily retired. Certainly no one could
have been a more loyal or honorable aid throughout a difficult period.
As for Mr. Morgenthau, he has the equipment for sound
public service in matters concerning which he is an expert.
But he has no training that qualifies him to fill the great
office of Secretary of the Treasury, unquestionably the most
important post in the Cabinet in the present critical days.
The conclusion seems inevitable that he is not intended to
fill that post. He is obviously placed there because he has
neither the experience nor the stature to oppose or criticize
the President's extraordinary financial policies.
Thus in an hour of grave National decisions the country is
suddenly confronted by an Administration in which, in effect,
the President is his own Secretary of State—Mr. Hull being
on his way to Montevideo—and his own Secretary of the
Treasury. It is our conviction that the American Republic
was not designed thus to function and that the American
people, if they had the opportunity, would solemnly protest
such a concentration of power and authority in their President.
The decision is all the more discouraging as there had been
lively hopes that the President was on the verge of recognizing the plight into which his witch doctors from the professorial ranks had'drawn him and the country. When the
Nation's currency was turned over to Professor Warren,
dairy expert of the Cornell Agricultural College, to experiment with, it seemed legitimate to hope that the test would
not be a long one. The experiment has thus far worked precisely as the consensus of expert opinion predicted that it
would work. In addition, the flight from the dollar has
gained such headway as seriously to disturb the market for
Federal bonds. The underlying wealth of the United States
stands unimpaired and unchallenged. But no nation, however rich, can tie its currency to the vagaries of inexpert
advisers without undermining confidence. It seemed as if
the President in the last few days must recognize the falsity
of the advice which he had been receiving.
The country will continue to hope that the President will
turn back from the precipitous path which he is following.
But it would be less than patriotic not to express in unmistakable words the fears which yesterday's recasting of
his official family engenders. Mr. Acheson could and did
express to the President the criticism of his policies unanimously held by trained opinion the country over. Who is left
to voice that protest? Mr. Douglas, whose soundness and
ability are unquestioned, is plainly out of touch with the
White House. It is hard to believe that Mr. Sprague, a
distinguished authority in the world of finance, national and
international, can longer consent to remain part of an Administration whose policies thus affront the fundamentals
of sound economics.
We hope that the protest from the country will gain weight
hour by hour. All that need be urged is that no President,
however skillful, is competent to be his own Cabinet or to
function without the ablest advisers that the country affords.
The President has ample ability of the first order among
his friends, ready and willing to help. As the National crisis
nears may he call them into council!
Cost of Financing the New Deal.
[Editorial in New York "Times," Nov. 13 1933.]
In round numbers the National debt of the
United States
is twenty-three billion dollars. The National Industrial
Conference Board estimates that the total cost of the various
measures comprising the "New Deal" may amount to more
than half the indebtedness now outstanding. This estimate.
includes all contingent liabilities of the Government, but
does not include most of the loans now being made by the
Financial Chronicle
3554
Reconstruction Finance Corporation. The distribution of
potential costs in the estimate is as follows:
$3,150,000,000
1,100,000,000
2,485,000,000
2,200,000,000
50,000,000
500,000,000
250,000,000
2,000,000,000
Public Works
Agricultural Act
Farm credits
Home loans
Tennessee Valley
Federal relief
Conservation work
Bank insurance
$11,735,000,000
Total
These figures require some explanation. The amount
listed for public works is the $3,300,000,000 appropriated last
June by Congress, minus certain allotments made from this
sum for other purposes. The second item, representing expenditures under the Agricultural Adjustment Act, includes
a Treasury appropriation of $100,000,000 and an estimated
$1,000,000,000 in special processing taxes levied indirectly on
the consumers of cotton, wheat, hogs, &c. Farm credit
agencies have received advances of $485,000,000 from the
Treasury and the Reconstruction Finance Corporation, and
are authorized to issue bonds to the amount of $2,000,000,000
for the purpose of refinancing mortgages. These bonds are
guaranteed only as to interest by the Government, but the
full sum is included by the authors of the present estimate,
on the theory that it represents part of the borrowing authorized in connection with the Administration's program
and may be regarded by Congress as a contingent liability
of the Government so long as the present system of farm
loans is in operation.
The same reasoning is followed in including under the
potential cost of home loans not only a Reconstruction
Finance Corporation advance of $200,000,000 but an additional $2,000,000,000 in bonds, also guaranteed as to interest,
and, in the case of the Tennessee Valley Authority, an issue
of $50,000,000. The item of $500,000,000 for Federal relief
is an advance from the Reconstruction Finance Corporation,
and the $250,000,000 for conservation work is an estimate of
one year's expenditures. Finally, the $2,000,000,000 for bank
insurance is the National Industrial Conference Board's estimate of the liability involved in a guarantee of deposits
under present conditions.
It will thus be seen that the list includes some items of a
doubtful nature, some representing loans on which the Government expects repayment and others which are contingent
on future developments. But the resume is a useful reminder of the great potential costs inherent in the Administration's program and of the critical importance of
maintaining confidence in Federal credit.
BOOK NOTICE
CHEMICAL EcoNomics--Havnes-D. Van Nostrand Company,
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Turning common salt, limestone, and coal into acids,
medicines, and brilliant dyes smacks of transmuting lead
Into gold; but on this foundation has been raised an American industry whose output, in tons or in dollars, is greater
than the combined productions of the Chemical industries
of Germany, England, France and Italy. Moreover, it is an
industry whose future is particularly bright, so that, while
the atmosphere of alchemical mystery is all very fascinating,
the modern business of making chemicals deserves a more
knowing understanding on the part of our financial leaders.
A very readable book just published under the formidable
title of "Chemical Economics" makes this possible. In it
the relationships of chemical industry to our commercial and
financial systems are traced from the bough a caveman hung
in front of his den (an unfinished natural product) to a
curtain of hides (a natural product fashioned for better
human use) to a windowpane (a chemical product of fused
silica and sodium carbonate).
The author, Williams Haynes, publisher of several leading
chemical business papers, is well qualified to contrast the
features that distinguish the chemical from the fabricating
Industries; to make clear the peculiar chemical problem of
wastes, by-products and process obsolescence; and to explain
the different motives in the merging of the Du Pont, American Cyanamid, the Union Carbide, and the Allied companies.
In view of his inside knowledge of the chemical industry his
opinion on the economic effects of the increasing industrial
use of chemical substitutes and the replacement of power
operations by chemical reactions is timely and interesting.
In this "chemicalization" of industry he sees lower costs to
the consumer, new products that mean new industries, and
Nov. 18 1933
higher rates of plant depreciation and process obsolescence.
All these would have important financial repercussions, and
this book warrants careful reading by those who are concerned with the industrial trends of to-morrow.
The Course of the Bond Market.
A feature of the bond market this week was again the
weakness of Government bonds and other gilt edge issues.
While long term U. S. Treasury bonds enjoyed an intermediate rally during the week, they closed near the low point
of the movement. Bids on many high grade corporate
bonds were scarce and often it was difficult to sell without
suffering a substantial loss. The average for all utility
bonds made a new low for the year. Short term money
rates were slightly firmer.
The most important news to the bond markefthis week was
the virtual replacement of two Treasury officials with one
who is known to entertain less orthodox views. This has
been taken as an indication that the probabilities of an ultimate substantial inflation are increasing rather than decreasing. The dollar subsequently reached a new low, in terms of
foreign exchange, dropping nearly to 58 cents, but rebounded
toward the week-end on rumors that efforts would be made
soon to stabilize the dollar. The RFC price for gold has
remained unchanged since Tuesday but reports that restrictions have been re-imposed on the buying of foreign exchange
by private interests seem to have been without'basis. The
open market operations of the Federal Reserve banks have
come virtually to a standstill, only a nominal amount having
been bought for the week ended Wednesday.
High grade as well as medium and low grade railroad issues
declined severely. In fact many bonds in the first two mentioned groups lost more in points than many bonds in the
last mentioned group. There was practically no interruption to the selling pressure until Thursday. On Friday many
gains were recorded but the price movements were still
mixed. Among the best issues, Union Pacific 4s, 1947, declined from 983 to 973/i and Norfolk & Western 4s, 1996,
%
from 95% to 93. Great Northern 7s, 1936, lost 3% points
to 733,New York Central 432s, 2013,5 points to 533,Erie
5s, 1975, 53/i points to 483' and Chicago Milwaukee St.
Paul & Pacific 5s, 1975, 4% points to 31%. Defaulted
issues held their prices relatively well.
Declines in utility bonds continued this week and at a
faster rate than in some time. All grades were affected and
many issues were carried to new low prices for the year.
Among those showing pronounced weakness were Central
Hudson Gas & Elec. 5s, 1957, which were down 3 to 102,
Northern Ohio Traction & Light 6s, 1947, down 6 to 82,
Northern States Power 5s, 1941, down 6% to 90, Cumberland Co. Power & Light 43/Is, 1956, down 73% to 70,and Missouri Public Service 5s, 1947, down 43/i to 3452 for the week.
Thursday some scattered resistance, particularly among
high grades, was noticed. Strong Canadian utility issues such
as Montreal Light, Heat & Power cons. 5s, 1951, were in
good demand. This issue, however, lost 53/i points on Friday, when the dollar rose in terms of foreign exchange.
Weakness in all sections of the industrial bond list was
evident. Highest grades lost considerable ground. One
of the sharpest breaks was in Liggett & Myers, deb. 7s, 1944,
which dropped 7 points to 117, subsequently rallying to 119.
The 5s, 1951, of the same company, dropped 29g points to
1063' for the week. Standard Oil of New Jersey 5s, 1946,
were % point lower at 103, while Standard of New York 43zs,
1951, receded from 99 to 97%. Second grade and speculative issues, too, lost considerable ground. Abraham &
Straus 532s, 1943, were off 7 to 87, Armour 532s, and 43
-is
lost 43% and 4 points, respectively. Steels were lower as
a group. National Dairy 5%s, 1948, were 3% points lower
at 8134, and Paramount Famous Lasky 6s, 1947, were
off 134 to 25. Tire and rubber issues were firmer than the
market as a whole, Goodyear, Goodrich and U. S. Rubber
issues yielding only fractional losses.
In the foreign group, principal advances during the week
were scored by the gold currency bonds,including the French,
Swiss and Dutch East Indies issues. This group, however,
closed the week with net losses, having given up as much as
12 points on one issue as a result of Friday's developments in
dollar exchange. The British 534s were also strong but lost
ground on Friday. Interest was displayed in the defaulted
bond group, chiefly the Germans and South Americans.
Cuban issues continued weak.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES.•
(Based on Average Yields.)
1933
Daily
Averages.
All
120
120 Domestics Si, Ratings.
Domes
A.
Baa.
Aaa.
Aa.
tic.
80.26
Nov. 17
80.37
16
81.42
15
14
82.26
82.74
13
83.35
11
83.48
10
84.35
9
84.72
8
7
85.10
6
85.35
4
85.48
3
85.61
2
85.74
1
Weekly
86.77
Oct. 27
87.56
20
88.10
13
86.64
6
86.25
Sept. 29
86.25
22
89.59
15
89.04
8
89.86
1
Aug. 25
90 69
91.25
18
91.39
11
91.67
4
91.67
July 28
90 97
21
91.67
14
90.41
7
June 30
88.90
87.96
•23
86.77
16
86.64
9
2
85.87
May 26
85.10
84.10
19
12
82.74
79.88
5
Apr. 28
77.11
21
74.67
14
13
75.61
74.46
7
1
74.77
Mar. 24
77.88
17
79.11
10
3
74.67
Feb. 24
78.77
17
81.30
10
83.23
3
82.38
Jan. 27
83.11
20
82.99
13
83.85
6
81.66
High 1933
92.39
Low 1933
74.15
High 1932
32.62
Low 1932_____ _ 57.57
Year Aoo-Nov. 17 1932_ _ _
. 80.03
Two Years Ago
7..1, 17 10.11
77 fill
3555
Financial Chronicle
Volume 137
120 Domestics
by Groups
RR.
P. U. Indus.
All
1933
120
Daily
DomesAverages
tie.
120 Domestics by Ratings.
Aaa.
Aa.
A.
6.41
6.36
6.27
6.22
6.19
6.14
6.10
6.03
5.98
Stock
5.94
5.93
5.92
5.89
5.89
61.19 77.22
61.19 76.89
62.40 78.32
63.27 79.22
63.98 79.80
64.71 80.26
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
71.67
71.38
72.45
73.25
73.95
74.67
74.98
75.82
76.25
94.58
95.33
96.39
96.85
97.16
97.47
97.31
97.62
97.62
Nov.17__
18__
1514..
13__
11_
10__
9__
8__
6.19
6.18
6.09
6.02
5.98
5.93
5.92
5.85
5.82
4.62
4.62
4.56
4.54
4.52
4.50
4.51
4.46
4.43
5.48
5.53
5.45
5.37
5.33
5.31
5.30
5.23
5.19
76.67
77.00
77.11
77.33
77.33
97.78
97.62
97.78
97.94
97.78
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
106.78 95.63
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 93.26
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
105.34 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
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 74.67 91.96
88.23 78:87 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
78.67 52.56 78.55
74.46 58.32 74.36
72.16 55.73 71.38
Exoha nee 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 age 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 93.26
71.87 53.16 69.59
78.55 67.86 78.99
54.43 37.94 47.58
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
92.61
92.2.1
91.11
90.21
89.31
87.61
84.81
83.31
81.3(
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
5.67
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
5.82
5.77
5.93
74.67
73.25
73.35
78.10
80.49
81.9(
79.91
80.14
82.14
82.74
6.61
8.72
6.69
6.40
6.29
4.75
4.76
4.78
4.65
4.61
5.73
5.79
5.76
5.58
5.48
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
71.38
87.69
65.71
78.44
83.11
84.91
86.21
85.43
86.31
86.64
87.51
86.31
99.04
78.44
85.6'
62.01
6.70
6.32
6.10
5.94
681
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
524
5.25
5.29
5.26
5.37
4.73
5.96
5.44
7.03
102.14
88.23
76.89
61.49
71.77
85.10
84.21
070k
ea On
75 cm
c7 Al
71
nn
86 01
74 31
6-4_
3__
2__
I__
Weekly
Oct. 27__
2013__
6-Sept.29__
22._
15._
8-_
1-Aug.25.._
18.._
11__
4-July 28_ _
21-14-7__
June 30__
23__
16__
9-2-May 26_
19__
12__
5-Apr. 28_
21_
. 14._
13__
7-1-1VIar.24__
17__
10-3__
Feb. 24__
17__
10__
3_
Jan. 2720__
13._
6__
Low 1933
High 1933
Low 1932
High 1932
Yr. AgoNo.17 '32
2 Yrs.Ago
Nn 17 1 31
102.14
102.14
103.15
103.48
103.82
104.16
103.99
104.85
105.37
105.72
105.89
105.89
106.25
106.25
89.17
88.50
89.59
90.69
91.25
91.53
91.67
92.68
93.26
Stock
93.85
94.14
94.43
94.73
95.18
77.77
78.32
79.34
79.91
80.26
80.84
81.30
82.14
82.74
Excha
83.23
83.35
83.48
83.85
83.85
Baa.
120 Domestics
by Groups.
RR.
40
ForP. U. Indus. etym.
8.23
6.46
7.00
6.49
7.03
8.23
6.36
6.92
8.07
6.28
6.84
7.96
7.87
6.23
6.77
7.78
6.19
6.70
7.78
6.18
6.67
6.06
6.59
7.68
6.01
6.55
7.66
Excha nge Clo sed
6.51
7.65
5.97
5.94
6.48
7.62
5.93
13.47
7.62
5.90
6.45
7.62
5.89
6.45
7.63
7.47
5.76
6.34
5.77
6.33
5.62
7.46
5.69
6.27
5.56
7.36
5.67
6.47
5.67
7.54
5.82
8.48
5.69
7.57
5.83
6.51
5.69
7.54
5.80
5.40
6.15
7.06
5.59
6.18
5.45
5.65
7.08
6.10
5.34
5.58
6.94
5.29
6.00
6.86
5.52
5.28
5.88
6.75
5.51
5.86
6.73
5.26
5.51
5.78
5.26
6.65
5.48
5.76
5.26
6.60
5.48
582
5.28
6.70
5.55
5.25
5.73
6.51
5.55
5.82
5.35
6.63
5.65
5.50
4.89
6.83
5.77
5.94
5.63
6.96
5.83
6.00
7.13
5.75
5.91
5.06
5.71
5.92
7.16
6.11
5.75
7.29
5.97
6.14
5.84
7.39
6.06
5.93
6.20
7.51
6.15
6.29
6.07
7.67
6.27
6.58
6.34
8.05
6.51
6.76
6.73
8.63
6.72
6.96
9.02
7.03
6.95
Stock Bache age Clo sed
6.70
7.06
9.17
6.77
7.11
6.84
9.42
6.90
6.83
9.32
7.03
6.88
6.38
6.80
8.79
6.59
6.17
6.71
8.60
6.45
Stock Excha age CM sed
6.54
7.22
6.96
9.27
8.16
6.85
6.55
8.68
5.89
6.62
6.26
8.31
5 72
6.41
8.06
6.08
5.72
6 55
821
6 17
5.60
6.55
6.11
8.00
5.55
6.66
7.98
6.12
5.48
6.60
7.83
6.05
5.55
6.97
6.27
8.18
5.47
5.19
5.47
6.42
7.03
7.22
9.44
6.98
5.59
6.30
7.41
6.34
7.66
9.23 12.96 10.49
5.10
5.05
4.98
4.95
4.93
4.91
4.92
4.90
4.90
9.24
9.16
9.17
8.19
9.17
9.15
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
9 09
9.03
8.91
8.84
8.89
9.32
9.65
9.51
9.68
9.78
9.62
9.66
10.08
10.07
9.89
10.26
10.58
6.05
6.22
6.20
6.03
5.98
10.83
11.02
10.8C
10.76
10.73
6.35
5.95
5.80
5 70
5.76
5.69
5.67
5.60
5.69
4.81
6.35
5.75
8.11
11.11
11.01
10.46
10.01
10.2(
9.81
9.81
9.61
9.93
8.61
11.11
9.81
15.81
6.21
4.62
5.55
6.49
8.19
6.99
5.79
5.86
10.21
8.48
488
5.53
6.77
8.74
7.07
5.65
6.73
5
11.1,
Notes.-. These prices are computed from average yle d on the basis of one "ideal" bond (4X% coupon, maturing in 31 years) and do not purport to show either
the average level or the average movement of actual price quotations. They merely serve to illustrate In a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market. t The latest complete 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.
Indications of Business Activity
-COMMERCIAL EPITOME.
THE STATE OF TRADE
Friday Night, Nov. 17 1933.
.
General business has been much better than it was a
week ago. Colder weather prevailed over pretty much the
whole country and was accompanied in many sections by
heavy snowfall. It stimulated buying in a great measure.
The largest sales for the season were reported in many
cities. Christmas shopping was on a larger scale, and will
be augmented in a week or so by the distribution of approximately $400,000,000 to members of Christmas savings clubs.
The recent recession in industrial activity was checked to
some extent and in many cases the trend was upward.
There was an increase of 1.9% in the rate of steel production
and the gain in electricity output was double that of the
previous week in ratio. Lumber mills reported the largest
number of new orders in four weeks, but production dropped
to the May level and shipments were lower. While freight
carloadings show a decrease as'compared with a week ago
they show a substantial increase over the same week last
year. There was an increase in bituminous coal production.
Retail distribution expanded to such an extent that it now
exceeds the comparative totals of October and shows a substantial increase over last year's volume, with most of the
demand for women's coats, shoes, blankets, dry goods and
floor coverings. In the wholesale division there was considerable re-ordering of goods, especially of men's and women's
apparel, fur garments, blankets, hardware, radios, rugs and
winter automobile accessories. There was a good business
in textiles. Cotton has been rather active at times and
prices show a rise of 8 to 16 points for the week, being influenced by the changes in foreign exchange. The dollar
was weaker and sterling was higher. The demand for
cotton goods was better, especially for next year's delivery,
64 x 60's 5.35 yard prints being held at 6%c. for nearby
deliveries and 63 0. for next year's delivery. Reports in/
timated that the Government will lend 4e. a pound on cotton
which farmers have been given at6c.for cutting their acreage.
The program is to lend 4e. to make up a 10e. advance similar
to the amount loaned on this year's crop. It was reported
that 600,000 to 700,000 bales of futures might have to be
converted into spots before a loan could be made available.
Grain prices were stronger, reflecting the lower value of the
dollar and unfavorable news regarding the Canadian and
Australian crops. Commodities generally were higher in the
forepart of the week, but later declined. Sugar and rubber
futures show a decline for the week. The weakness in the
London market and a reduction in the price of refined sugar
caused selling of sugar futures. Firmer prices in the hide
market for a time gave a better tone to leather. Shipments
on old orders were fair, but new business fell off. Si)ver was
very active throughout the week and higher until to-day
when prices declined sharply. Wool was still rather quiet,
but the outlook is more promising, owing to a better demand
for men's suits and overcoats stimulated by colder weather.
The first real cold wave of the winter struck the country
this week, driving the theremometer down to new low
records for this time of the year. Snow fell in many sections
and in the more northern parts of the country the snowfall
was heavy. Here in New York the temperature on the
15th was down to 21 degrees, four points below the previous
record set 50 years ago for that day. On Thursday the 16th,
the temperature dropped to 16 degrees. To-day, it was 18.
•
Financial Chronicle
3556
to 34 degrees here and fair. The forecast for possible light
snow flurries and warmer. Overnight at Boston it was
20 to 28 degress; Baltimore, 20 to 32; Pittsburgh, 16 to 20;
Portland, Me., 14 to 26; Chicago, 20 to 32; Cincinnati, 22
to 32; Cleveland, 16 to 24; Detroit, 16 to 22; Charleston,
40 to 52; Milwaukee, 18 to 30; Dallas, 54 to 64; Savannah,
38 to 56; Kansas City, Mo., 42 to 50; Springfield, Mo., 42
to 52; St. Louis, 30 to 40; Oklahoma City, 48 to 62; Denver,
48 to 56; Salt Lake City, 34 to 60; Los Angeles, 52 to 70;
San Francisco, 52 to 64; Seattle, 46 to 50; Montreal,8 to 18;
and Winnipeg, 14 to 34.
•
Continued Decline Noted in Retail Food Prices in
United States by U. S. Department of Labor During
Period from Oct. 10 to 24.
The general average of retail food prices continued to
decline during the two weeks' period ending Oct. 24 1933,
the Bureau of Labor Statistics of the United States Department of Labor announced (Nov. 11). The index number of
the general level of retail food prices for Oct. 24 as reported
by Isador Lubin, Commissioner of Labor Statistics, showed
a decrease of 0.7 of 1% over the two weeks' period. The
index of 106.6 is 0.8 of 1% below the high point reached on
Sept. 26, when the index number registered 107.4. Retail
food prices still remain more than 18% above the low point
reached in April when the index number registered 90.4.
As compared with the index of 100.4 for Oct. 15 1932, retail
food prices on Oct. 24 1933 were more than 6% higher.
The Bureau further announced:
The fall in food prices was caused by a general weakening in the average
prices of meats and particularly pork and pork products. Among other
important items which showed decreases during the two weeks' period were'
fresh vegetables and butter. Eggs showed a normal seasonal advance in
average price in most of the cities. Cereal products,including bread,flour,
macaroni, and breakfast foods showed a slight decrease.
Changes in Retail Prices of Food by Cities.
Between Oct. 10 and Oct. 24, decreases in retail food prices took place
in 31 of the 51 cities covered by the Bureau. Cleveland, Ohio, with a drop
of nearly 3% showed the greatest decline. Detroit, Mich., showed a
decline during the two weeks' period of nearly 23 %. Other cities showing
a decrease of 1% or more were Baltimore. Boston, Bridgeport, Cincinnati,
Columbus, Ohio, Fall River, Indianapolis, Kansas City, Louisville, Manchester, N.H., Minneapolis, Newark, N.J., New Haven, New York, Richmond, and Savannah. The smallest decreases were shown for Buffalo,
New Orleans, and St. Louis, each dropping by 0.3 of 1%. No change in
the general level of food prices were shown in Chicago, Little Rock, and
Philadelphia. Prices in Washington, D. 0., rose by 0.2 of 1% and the
greatest increases were shown in Peoria and Norfolk, where prices rose by
more than 1 %•
Comparing prices with one year ago (Oct. 15 1932) all of the 51 cities
covered showed an increase in retail food prices. Detroit, where food prices
have dropped by nearly 4% during the past month,still showed the largest
increase for the 12 months' period with present prices more than 14%
higher than a year ago. Retail prices in Cincinnati and Columbus, Ohio,
were nearly 12% higher, and in Los Angeles and Louisville more than 10%
higher than a year ago. Butte and Chicago showed the smallest increase
in the 12 months by rising only 3.6 of 1%. In Washington, 13. 0., the
Increase was slightly more than 7%. Percentage changes in the cities
covered by the Bureau during the two weeks' period and the 12 months'
period are shown in the following table for each of the 51 cities:
City.
Per Cent Change on
Oct. 24 1933,
Compared With
Oct. 15
1932.
Atlanta
Baltimore
Birmingham
Boston
Bridgeport
Buftalo
Butte
Charleston, S. C
Chicago
Cincinnati
Cleveland
Columbus
Dallas
Denver
Detroit
Fall River
Houston
Indianapolis
Jacksonville
Kansas City
Little Rock
Los Angeles
Louisville
Manchester
Memphis
[Milwaukee_
+7.2
+7.2
+3.9
+4.6
+3.7
+6.0
+0.5
+3.9
+0.5
+11.7
+9.2
+11.8
+8.4
+6.2
+14.2
+6.8
+8.7
+5.6
+6.7
+2.4
+6.0
+10.6
+11.2
+6.0
+6.7
-1-.5 8
City.
Per Cent Change on
Oct. 24 1933,
Compared With
Oct. 15
1932.
Oct. 10
1933.
+0.6
-1.1
+0.2
-1.0
-1.2
-0.3
-0.0
-0.5
0.0
-1.0
-2.9
-1.6
+6.9
+0.1
-2.3
-1.0
+0.3
-1.4
-0.9
-1.8
0.0
+0.4
-1.6
-1.0
-0.9
-1-00
Minneapolis
Mobile
Newark
New Haven
New Orleans
New York
Norfolk
Omaha
Peoria
Philadelphia
Pittsburgh
Portland, Me
Portland. Ore
Providence
Richmond
Rochester
St. Louis
St. Paul
Salt Lake CitySan Francisco
Savannah
Scranton
Seattle
Springfield, Ill_ _
Washington,D. C_
Oct. 10
1933.
-1-7.1
+5.2
+3.0
+5.2
+6.9
+4.2
+3.8
+7.4
+9.0
+5.5
+5.8
+3.9
+1.1
+7.4
+5.3
+9.1
+8.4
-I-9.1
+4.3
+3.7
+8.2
+8.1
+5.8
+6.6
+7.1
-1.3
+0.1
-1.0
-1.6
-0.3
-1.6
+1.5
-0.9
+1.9
0.0
-0.4
+0.3
+0.3
-0.9
-1.6
-0.4
-0.3
+0.4
-0.7
+1.3
-1.1
+0.6 .
+0.3
-0.6
+0.2
Changes in Food Prices by Commodities.
Potatoes, which declined by 8%,showed the greatest price decrease during
the two weeks' period from Oct. 10 to Oct. 24. Other fresh vegetables
showed decreases ranging up to 3% in average price. Pork chops declined
by 2%.flour dropped by 2%, and cheese and lard by 1% during the
period. Most meat items showed weakened prices. The greatest advance
during the period was shown by strictly fresh eggs with a rise of nearly
3%. Other important items showing increases were cornflakes, wheat
cereal, canned tomatoes, prunes, and canned peaches.
Among the 42 articles of food which are covered by the Bureau. 25 have
shown an increase during the 12 months, 16 have recorded a drop and
canned pork and beans is the only item with an average price on Oct. 24.
the same as in October a year ago. The following table shows the percent
Nov. 18 1933
of change which has taken place in each of the 45 items covered on Oct. 24
1933, as compared with Oct. 10 1933 and Oct. 15 1932:
Article.
Per Cent Change on
Oct. 24 1933,
Compared With
Oct. 15
1932.
Sirloin
Round steak
Rib roast
Chuck roast
Plate beef
Pork chops
Bacon, sliced
Ham,sliced
Lamb,leg of
Hens
Salmon,red,canned
Milk,fresh
Mils,evaporated
Butter
Margarine
Cheese
Lard
Vegetable lard sub_
Eggs, strictly fresh
Bread, white
Bread, rye
Flour
-1.3
-0.4
-1.0
0.0
0.0
-2.5
0.0
-0.9
-1.8
0.0
-0.5
0.0
0.0
-0.4
-0.7
-0.9
-1.0
0.0
+2.8
C.0
0.0
-2.0
Per Cent Change on
Oct. 24 1933
Compared With
Oct. 10
1933.
-10.9
-10.7
-12.2
-11.6
-10.6
+7.4
+0.4
-5.9
-2.7
-11.3
+3.5
+3.7
+11.5
+5.6
-7.0
+2.7
+5.6
-0.5
-3.5
+19.4
a
+54.8
Article.
Oct. 15
1932.
Corn meal
Rolled oats
Corn flakes
Wheat cereal
Macaroni
Rice
Beans, navy
Potatoes
Onions
Cabbage
Pork and beansCorn, canned
Peas, canned
Tomatoes, canned_
Sugar
Tea
Coffee
Prunes
Raisins
Bananas
Oranges
Peaches. canned
Pears,canned
+5.4
-12.2
+3.5
+7.1
+4.6
+6.3
+22.4
+53.3
+21.4
+33.3
0.0
+5.8
+7.1
+10.0
+11.8
-2.5
-12.2
+19.1
-12.1
+13.8
-2.6
a
a
Oct. 10
1933.
0.0
0.0
+1.1
+0.4
0.0
0.0
-3.2
-8.0
-2.9
-3.0
+1.5
+0.9
0.0
+1.0
0.0
+0.1
0.0
+1.9
0.0
+0.4
-0.3
+0.6
-0.5
a Prices not secured.
During the two weeks' period the index number for the cereal group
showed a decrease of 0.3 of 1%, dairy products a decline of 0.2 of 1%,
and meats a fall of nearly I% in average prices. Comparing prices with
one year ago, it Is shown that the average prices of meats have declined
nearly 1)5%, while cereals have advanced more than 20%, and dairy
products increased by nearly 5%.
•
The weighted index numbers of the Bureau, which uses the average prices
for the year 1913 as 100.0 were 106.6 for Oct. 24, 107.3 for Oct. 10, 107.4
for Sept. 26,and 107.0 for Sept. 12, as compared with 90.4 for April 15 1933,
and 100.4 for Oct. 15 1932. The prices used in constructing these indexes
are based upon reports to the Bureau of Labor Statistics from all types of
retail dealers in 51 cities and cover quotations on 42 important food items.
Revenue Freight Car Loadings in Latest Week Increased 7.6% Over Corresponding Period in 1932.
Loadings of revenue freight for the week ended Nov. 11
1933 amounted to 577,676 cars, an increase of 40,989 cars,
or 7.6% over the same week last year, according to the
American Railway Association. The current figure, however, was 30,109 cars, or.4.9%, below the loadings for the
previous week and also showed a decline of 112,284 cars, or
16.2%, as compared with the corresponding week in 1931.
Total loadings for the week ended Nov. 4 1933 were 3.4%
in excess of those for the week ended Nov. 5 1932.
The first 15 major railroads to report loaded 231,621 cars
on their own lines during the week ended Nov. 111933, as
compared with 245,209 cars in the previous week and 217,944
cars in the week ended Nov. 12 1932. Comparative statistics, follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars)
Loaded on Lines.
Reea from Connections.
Nov. 11 Nov.4 Not. 12 Nov. 11 Nov.4 Nov. 12
1933. 1933. 1932. 1933. 1933. 1932.
Atchison Topeka & Santa Fe By. 21,442 20,541 21,321 5.049 5,192 4,356
20,172 21,190 18,749 7,318 8,322 7,457
Chesapeake & Ohio By_ _
Chicago Burlington & Quincy RR. 17.027 17,338 14,242 6,809 7,345 5,390
Chic. Milw. St. Paul dc Pac. fly _ 16,876 17,322 15,266 5,428 6,351 5,238
Chicago & North Western fiy
13,588 14,582 11,546 8,095 8,958 6,916
Gulf Coast Lines and subsidiaries _ 2,074 2,069 2,598 1,214 1,403 1,054
International Great Northern RR 2,318 2,343 2,052 1,421 1,773 1,916
-Texas Lines__ _ 5.017 5,316 5,398 2,730 2,847 2,255
Missouri-Kansas
Missouri Pacific RR
14,170 15,004 13,912 6,821 7,442 6,361
New York Central Lines
38,060 41,604 35,860 49,423 54.302 46,928
New York Chicago de St. L. Ry_
3,523 4,431 3,598 6,829 7,658 5,921
15,591 17,997 15,791 3,245 3,524 3,013
Norfolk & Western By
52,755 55.689 49,149 31.032 33,774 30,589
Pennsylvania RR
4,033 4,505 3,909
Pere Marquette By
4,975 5,338 4,553 5,971 6,247 5,903
Wabash Ry
Week Ended.
Total
:Not available.
231,621 245.269 217,944 141,395 155,138 133,297
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Week Ended.
Illinois Central System
St. Louis-San Francisco fly
Tntn1
Nov. 11 1933.
Nov.4 1933.
26,560
12,969
27,867
13,800
Nov. 12 1932.
_
26,118
12,700
39.529
41.667
38.818
Loading of revenue freight for the week ended Nov. 4
totaled 607,785 cars, the American Railway Association
announced on Nov. 10. This was a decrease of 28,889
cars under the preceding week this year, but an increase
of 20,483 cars over the corresponding week in 1932. It
was, however, a decrease of 109,263 cars below the corresponding week in 1931. Details follow:
Miscellaneous freight loading for the week of Nov. 4 totaled 225,173
cars, a decrease of 8.366 cars below the preceding week, but 15,666 cars
above the corresponding week in 1932. It was, however, a decrease of
39,277 cars under the corresponding week in 1931.
Loading of merchandise less than carload lot freight totaled 171,503
cars, an increase of 81 cars above the preceding week, but a decrease of
5.300 cars below the corresponding week last year. and 41,162 cars below
the same week two years ago.
Financial Chronicle
Volume 137
Grain and grain products loading for the week totaled 31,036 cars, an
increase of 1,018 cars above the preceding week, and 1,164 cars above the
corresponding week last year. It was, however, a decrease of 9,324 cars
below the same week in 1931. In the western districts alone, grain and
grain products loading for the week ended Nov. 4 totaled 19,685 cars, an
increase of 557 cars above the same week last year.
Forest products loading totaled 22.976 cars, 913 cars below the preceding
week, but an increase of 5,574 cars above the same week in 1932. It was,
however, a decrease of 377 cars below the same week in 1931.
Ore loading amounted to 13,175 cars, a decrease of 5,724 cars below the
preceding week, but 8,885 cars above the corresponding week in 1932 and
3,788 cars above the same week in 1931.
Coal loading amounted to 117,885 cars, a decrease of 12,553 cars below
the preceding week, 6,843 cars below the corresponding week in 1932
and 15,994 cars below the same week In 1931.
Coke loading amounted to 6,033 cars, a decrease of 306 cars under the
preceding week, but 1,036 cars above the same week last year. It was,
however, a decrease of 10 cars below the same week two years ago.
Live stock loading amounted to 20,004 cars, a decrease of 2,126 cars
below the preceding week, but an increase of 301 cars above the same
week last year. It was, however, a decrease of 6.907 cars below the
same week two years ago. In the Western districts alone, loading of
live stock for the week ended Nov. 4 totaled 15,861 cars, an increase of
342 cars compared with the same week last year.
Five districts-Eastern, Allegheny, Southern, Northwestern and CentralWestern-showed increases compared with the preceding year, while
the Pocohontas 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:
AN
3557
1933.
2,266,771
2,243.221
2,280,837
2,774,134
2,088,088
1,966.488
2,420,985
2,064.798
2,867,370
2,534,048
587,302
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
3.035,450
717,048
24.637.149
Total
1932.
1,910,496
1,957,081
1,841,202
2,504,745
2,127,841
2,265,379
3,108,813
2,502,714
3,204,551
2,005,642
607,785
Four weeks in January
Four weeks in February
Four weeks in March
Flve weeks in April
Four weeks in May
Four weeks in June
Five weeks in July
Four weeks in August
Five weeks in September
Four weeks In October
Week ended Nov. 4
24.094.042
32.474.205
1931.
In the following table we undertake to show also the loadings for the separate roads and systems, for the week ended
Nov. 4. During this period a total of 75 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
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 Missouri
Pacific RR..
-WEEK ENDED NOV 4.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
, Railroads.
Total Loads Recelied
from Connections.
Total Revenue
Freight Loaded.
1933.
1932.
1931.
1933.
1,344
3,165
7,846
986
2,893
10,806
672
1,097
2,785
7,579
687
2,427
10,483
655
1,647
3,646
9,287
822
2,954
13,014
698
267
4.616
10.017
2,568
2,289
11,887
1,020
211
4,501
9,127
2,253
1,920
10,361
773
27,712
25,713
32,068
32,664
29,146
5.498
8,898
11,790
162
1,133
7,671
2,080
20,155
1,558
299
317
4,672
8,511
11,488
160
1,386
7,641
2,207
19,748
2,092
501
298
6,366
10,077
13,974
245
1,717
8,957
2,053
23,719
2,106
505
393
6,588
5,609
12,702
1,803
96/
6,495
30
27,575
1,773
61
210
5,819
5,126
12,494
1,883
834
5,909
41
24,456
1,630
34
224
59,561
58,704
70,042
63.813
58,450
728
1,420
7.628
20
296
177
1,235
2,225,
5,696
3,488
4,431
4,505
4,872
1,165
.5,338
3,033
606
1,430
7,680
29
286
145
1,464
2,019
5,406
3,579
4,152
3,984
4,241
1,537
4,914
3.358
742
1,838
9,07/
44
441
253
1,290
2,805
6,286
4,065
5.550
5,607
4,488
1,403
6,214
2,779
935
1,611
10,405
56
94
1,988
736
5,888
7,242
167
7,658
4,389
4,235
680
6,247
1,839
946
1,746
10,679
38
120
2,088
698
5.300
7,326
183
6.787
4,158
4,541
564
6.358
1,804
46,257
44.830
52,682
54.170
53.236
Grand total Eastern District... 133,530
129,247
154,792
150,647
140,832
28,568
2,692
281
4,772
284
367
178
963
55,689
11.134
4,960
74
3,073
1,168
26,225
1,252
301
5,459
1
244
210
1,072
52,834
11,203
3,509
61
2,971
1,080
32,005
2,104
131
7,621
408
409
185
1,559
69.618
14,433
6,848
51
3,550
e
12,823
917
7
10,206
43
14
22
2,486
33,774
13,717
2,685
12,070
871
6
9,128
39
18
12
2,500
34,607
13,219
999
4,832
1,455
3,322
1,409
114.203
106,422
138,922
82.981
78,200
21,190
17,997
761
2.935
21,606
18,0/0
654
3,040
22,570
18,823
727
3,338
8,322
3,524
1,069
506
7,636
3,494
967
582
42,883
_
43,370
45,458
13.421
12,679
7,860
1,111
324
176
42
1,472
468
283
7,196
18,702
206
6,868
846
354
141
7/
1,562
480
291
6,169
19,386
174
8,509
1,133
439
189
58
2.058
618
463
7,857
22,968
213
4,489
1,304
918
431
84
1,304
805
2,371
3,095
11,091
714
9,023
1,108
676
225
71
1,088
659
2,311
2,997
10,547
709
Eastern District
Group A
Bangor & Aroostook
Boston dr Albany
Boston & Maine
Central Vermont
Maine Central
New York N.H. dr Hartford_
Rutland
Total
Group B
Delaware & Hudson
Delaware Lackawanna & West.
Erie
Lehigh & Hudson River
Lehigh dr New England
Lehigh Valley
Montour
New York Central
New York Ontario dc Western
Pittsburgh & Shawmut
Pitts. Shawmut & Northern
Total
Group C
Ann Arbor
Chicago Ind. & Louisville
Cleve. Ctn. Chic & St. Louis._.
Central Indiana
Detroit & Mackinac
Detrolt & Toledo Shore Line
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis_
Pero Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Erie
Total
Allegheny District
Baltimore & Ohio
dr Lake Erie
Bessemer
Buffalo Creek & Gauley
Central RR.of New Jersey
Cornwall
Cumberland & Pennsylvania
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
C Penn-Read Seashore Lines
Total
Pocahontas District
Chesapeake dr Ohio
Norfolk dr Western
Norfolk &Portsmouth Belt Line
VIrginlan
Total
Southern District
Group AAtlantic 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_ _ _
1932.
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1933.
Group B
Alabama Tenn. & Northern...
Atlanta Birmingham d3 Coast__
All.& W.P.
-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville dr Nashville
Macon Dublin dr Savannah....
Mississippi Central
Mobile dr Ohio
Nashville Chatt. dr St. Louts.__
d New Orleans-Great Northern.
Tennessee Central
1932.
1931.
189
655
544
3,327
*338
582
1,004
342
1,445
20,277
16,635
192
132
2,119
2,852
216
665
667
3,079
262
644
834
276
1,294
20,706
16,813
144
152
1,999
2,939
242
753
738
3,597
461
713
967
397
a1,870
24,898
18,353
160
171
2.392
3,480
1933.
144
567
1,052
2,272
502
432
1,212
337
715
8,160
3,634
372
222
1,514
2,142
1932.
117
550
976
2,105
218
325
1,150
262
726
8,031
3,246
246
184
1,329
1,841
240
261
576
631
-633
50,873
50,951
59,768
23,908
21,959
Grand total Southern District
88,713
87,299
104,273
50,514
46,373
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn. dr Omaha.
Duluth MIssable & Northern_ _ _
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M. dr Southern.
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie
Northern Pacific
Spokane Portland & Seattle_
717
16,290
2,345
17,322
3,340
630
514
3,816
263
11,668
514
2,057
4,364
10,010
1,078
1,119
13,744
2,178
16,932
3,161
447
711
2,672
227
9,066
492
1,552
5,162
10,051
1,165
1,302
17,343
3,116
21,323
2,777
562
1.299
3,850
317
11,534
668
2,084
5,49/
11,501
949
1,802
8,958
2,277
6,351
3,142
152
344
4,510
99
1,920
283
1,313
1,809
2,067
1,015
1,814
7,769
2.081
6.082
2,718
88
331
2,977
107
1,426
329
1.428
1,612
2,009
841
74,928
68.679
85.122
36,042
31,612
20,541
2,930
175
17,338
11,272
2,659
1,765
3,885
401
1,725
764
255
16.234
235
377
16,671
453
1,292
22,115
2,866
144
16,679
12,304
2.574
1,377
3,822
370
1,893
527
221
14,326
161
345
15,448
536
1,248
27,872
3,878
249
20,621
15,743
2,909
2,029
4,125
587
3,006
616
154
17,757
359
286
18,122
508
1,853
5.192
1,869
30
7,345
5,789
1.766
1,192
2,148
4
1,192
192
31
3,055
297
1,079
7.571
6
1,789
5.048
1,733
25
6,465
6,079
1,678
931
1,934
10
1,148
245
44
2,960
360
792
7,476
7
1,551
98,972
96,955
120,674
40,547
38,486
156
191
228
2,069
146
189
288
2.491
150
189
297
a2,222
3,342
567
134
1,403
2,668
838
173
1,064
2 43
;3219
1,626
1.222
340
682
179
5,316
15,004
32
257
9,028
2,390
2,055
219
1,585
1,396
201
816
00
5,427
14,734
47
294
9.350
2,861
1- 7
,637
252
2.032
2,021
313
1,029
196
6,173
19,837
44
193
11.357
3.665
1:iii
864
1,563
801
609
270
249
2.847
7.442
22
148
3.405
1,479
1,755
755
1,376
600
418
201
314
2,447
7,120
13
162
3,158
1,097
6,520
5,183
.1.748
23
6;i6i
7.852
6,388
1.616
44
2.024
3,067
1,991
47
1:928
:3,194
2.121
56
Total
Total
Central Western DistrictAtch. Top. dr Santa Fe System_
Alton
Bingham dr Garfield
Chicago Burlington & Quincy
Chicago Rock Island dr Pacific_
Chicago dr Eastern Illinois
Colorado .4 Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City....
NorthwesternPacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
b Houston & Brazos Valley....
International-Great Northern
Kansas Oklahoma & 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.
5,370
1,150
28
Total
24,414
44,505
Total
37,840
26,606
36,348
54.556
55,330
31,458
67,807
34,047
a Estimated. la Included in Gulf Coast Lines. c Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore 11R., formerly part of Pennsylvania RR.and Atlant c City RR.,formerly part of Reading Co.; 1931 and 1932 figures included In Pennsylvania System and Reading Co. d Included
In Gulf Mobile dr Northern RR. e Included in Pennsylvania RR.and Reading Co.figures. s Previous week's figures.
558
Financial Chronicle
Colonel Leonard P. Ayres of Cleveland Trust Co. on
Attempts of Administration to Lift Price Levels
by Manipulating Dollar Quotations for Gold—
Influence on Prices Not Yet Clearly Established—
Increase in Number of Strikes Since Adoption of
Codes—Decline in Purchasing Power of Industrial
Wages.
Colonel Leonard P. Ayres observes that "general activity
in trade and industry appears to be slowly declining while
business men watch with great interest the attempts of the
Administration to lift price levels by manipulating the dollar
quotations for gold." "Each day," says Colonel .Ayres, "the
authorities at Washington announce a price for gold, and
their announcements are on an advancing trend, ascending
at a rate of about one-half of one per cent. a day. The domestic quotations are for newly-mined American metal, and it is
reported that some actual purchases have been made." Commenting further on the Administration's gold policy, Colonel
Ayres says:
The economic basis for this procedure is quite simple. It has long been
noted that in periods of advancing business activity increasing numbers of
people demand larger amounts of goods, with the result that prices rise, and
so each dollar has a decreased purchasing power. The economists at Washington have undertaken to operate this train of developments in the reverse
order. Each day they announce that the dollar is worth less, so that it
may appear to have a decreased buying power, with resulting higher general
price levels, so that more people will demand more goods, and greater business activity will develop.
Our domestic gold pricing policy has been supplemented by one of announcing prices for foreign gold in American dollars, and there are reports
that some metal has been acquired abroad. The purpose of these operations
is to decrease the value of the dollar in terms of foreign currencies. The
active agency for conducting the domestic operations is the Reconstruction
Finance Corporation, while the transactions abroad are carried forward by
the Federal Reserve Bank of New York.
The initiation of the new gold policies was announced late in October, and
their influence on prices has not yet become clearly established. Since
the new operations were initiated stock prices have moved in irregular fluctuations. Bond prices have declined, and rather notably so in the case of
the Federal issues. Commodity prices have moved downward in moderate
degree. More definite success has been attained abroad, for there the dollar
now buys distinctly less than it did in the latter part of October. This is
notably true in England, where one depreciated pound is now worth over
five paper dollars.
Colonel Ayres, who is Vice-President of the Cleveland
Trust Co., writes as above in the company's "Business Bulletin," issued Nov. 15, In which his further discussions are
as follows:
Industrial Production.
The volume of industrial production has been declining during the past
thrco months more rapidly than during any previous similar period of the
depression. The index of this bank [this we omit—Ed.] is based on the
figures of the Federal Reserve Board restated so as to show percentage
deviations above and below the computed normal level. The low point of
this year was reached in March, when production was more than 45% below
normal. A rapid improvement was under way from March to July which
carried the output data from 45% below normal up to only 9% below.
Since July an almost equally rapid decline has been in progress which has
carried the index down from 9% below to more than 27% below.
degree. More definite success has been attained abroad, for there the dollar
In the small table within the diagram [this we omit.—Ed.] the figures
show the monthly changes in the production index since the beginning of
1929. The data are final through August of 1933, but the figure for September is preliminary, and that for October is estimated. These two latest figures are subject to revision. The data of the table may be used to bring up
to date any of the long diagrams of business activity that have been published
by this bank.
The recent decreases in the production index are attributable to rather
general shrinkages in most of the component series. The most serious declines have been those in the production of iron and steel, but output has
also fallen off notably in textiles, lumber, automobiles, leather goods,
cement, tobacco goods, and coal. In October the general level of industrial
production has been higher than at any time in 1932, and about equal to
that of the late summer of 1931. A little more than half of the gain made
earlier this year has been lost.
Strikes.
The number of strikes has sharply increased since industries began to
operate under the new codes. In the diagram the irregular line shows the
monthly changes during the past four years in numbers of new workers
Involved in labor disputes. During the 3% years of depression from the
beginning of 1930 to the middle of 1933 the monthly average of new strikers
throughout the country was 20,000, as reported by the United States Department of Labor. The numbers began a rapid increase last July, and in September they had risen to 212,000, or well over 10 times the average of the
previous depression months.
There have been frequent comments of late to the effect that such an
increase in the number and importance of industrial disputes is a normal
feature of a period of business recovery from depression conditions. The
records of strikes in this country do not support such claims. In the past
the years when strikes have been most numerous have been years of peak
prosperity. A diagram showing the numbers of strikes by years has pronounced peaks in 1887, 1890, 1903, 1917, 1923 and 1929. Every one of
these years was a prosperity year.
No year previous to this one which was characterized by the early stages
of recovery from depression has also been a year of numerous strikes. On
the contrary, the recovery years have almost without exception been periods
of exceptional freedom from industrial disputes. The evidence seems clear
that there has been some special and unusual factor injected into the pre:wilt
relationships between employers and employees which has fomented discord
and stimulated disputes. The fact that the abnormal increase in strikes
coincided with the imposition of the codes does not demonstrate that the
codes caused the strikes. Nevertheless, these industrial disputes cannot be
explained away as normal developments of the beginnings of better business.
There must be some other and better explanation to account for them.
Nov. 18 1933
The available records do not clearly show how far back one would have
to go to find a previous month in which more than 200,000 workers joined
the ranks of the voluntarily unemployed, but it would be a long way. Such
a development may have taken place in 1922, which was a recovery year,
with strikes that were not especially numerous, but which involved large
numbers of workers. Possibly a comparable record could be found only by
going back to the years of exceptional prosperity during the war or just
following it. The method of keeping strike records has been changed so that
exact comparisons are not possible. The fact that stands out clearly is that
present strike conditions are as unusual as they are deplorable.
Iron and Steel.
The output of iron and steel has been dropping rapidly since the end of
July, and the decline still continues. The lowest rates of production this
year were reached in March, when actual output of steel plants was only a
little more than 13% of capacity. That low record was followed by a rapid
and steady increase to the end of July, when production reached 57% of
capacity. That was an advance from the low level of well over 300%.
From the first week in August to the first one in November there has
been a decline from 57 to 25. This means that three-quarters of the earlier
advance has been canceled. The movements in the steel percentages have
been accompanid by corresponding changes in the activity of blast furnaces
making pig iron. At the end of March only 13% of the available furnaces
were actively producing. In July the proportion had risen to 36%, and by
the beginning of November it had declined to below 28%.
The brevity of the revival in the making of iron and steel this year is
highly significant. The industry is the primary producer of durable and
capital goods. When the threat of inflation became ominous last spring,
users of iron and steel hastened to place orders for immediate needs and to
buy ahead for possible future requirements. No doubt they were also actuated by the desire to cover generously their expected requirements before
the operation of the new codes should raise prices. The combined stimulus
was only temporarily effective.
For many weeks it was widely believed that the increasing activity in this
industry demonstrated that the new monetary policies and the extensions of
governmental regulation of business were proving effective in reviving the
markets for capital goods. It is now disappointingly clear that no such
permanent influence has come into being. It is now hoped that some additional demand will result from Government financing of railroad purchases,
and it is expected that automobile buying will increase in December. Expanding activity in public works will also support steel output.
Buying Power.
During the past two months there has been a swelling volume of protest
from the agricultural regions concerning the decline in the purchasing
power of farm products. These protests still continue so vociferously that
they have attained important political status, and are widely interpreted
as indicating that the plight of the farmers is more grievous than that of
any other group in the community. Probably the sudden increase in the
complaints of the farmers is mostly due to disappointment.
The farmers sell their products at wholesale prices, and buy the goods
they consume at retail prices. The Department of Agriculture computes
an index number showing the monthly changes in the purchasing power that
a constant amount of standard farm products has for typical articles that
he course of this index during the past five years is
farmers must buy.
shown by the solid line in the diagram in which the average for 1929 is
taken as being equal to 100. The lowest point was reached in the summer
of 1932. Since then farm purchasing power has had a great increase, and
has lost about half of it In September of this year it was still well above
the levels of 1932.
Meanwhile, the purchasing power of industrial wages had been undergoing a long decline and a vigorous recovery, as indicated by the dashed
line in the diagram. This is based on the Federal Reserve Board's index
for factory payrolls, and on the index of the cost of living compiled by the
National Industrial Conference Board. Throughout most of the depression
period the relative reduction in the buying power of the factory workers
as a group has been more severe than the decline in the purchasing power
of the farm products, and this has been especially pronounced in the worst
months of the depression in 1932 and 1933.
The farmers are now distinctly less well off than they were last July, and
that is much to be regretted. The change does not warrant them in supposing that the solution of their troubles should be found either in a policy
of monetary inflation or in the imposition of new taxes on the industrial
population in order to provide bonuses to destroy crops and to reward farmers for reducing outputs. Farmers are faring relatively well as compared
with industrial workers.
Employment.
According to the Census of 1930, there are about 49,000,000 gainfully
employed persons in this country in normal times. They are engaged in a
great variety of occupations, but by regrouping the classifications used by
the Census we may divide them all into two great groups not far from equal
in numbers. The first consists of the producers of goods, and it includes
about 26,000,000 workers. In this group are the farmers, foresters, fishermen, miners, and those engaged in the numerous occupations of manufacturing and of building construction.
The second group consists of those who provide services, and it includes
about 23,000,000 workers. In this second group are those engaged in transportation and communication, in wholesale and retail trade, in clerical work,
and in the varied classifications of public, professional, domestic, and personal services. We do not have in this country inclusive reports telling
from month to month how many people are unemployed in each occupational group, but we do have many official employment indexes reflecting
conditions in numerous branches of business.
The two lines in the diagram at the foot of this page [this we omit—Ed.]
represent the changes in employment during the past five years among the
producers of goods and the providers of services. They have been computed
by using all the employment indexes available, and assuming no unemplovment in agriculture and fishing, and assigning to clerical workers the percentages showing conditions in wholesale trade. The percentages of the
index numbers have been applied to the totals of the different occupational
groups of the Census enumeration, and combined into two inclusive indexes
for employment among producers of goods and providers of services.
The results indicate that in September of this year there were about
10,000,000 unemployed, of whom more than 5,000,000 were producers of
goods and less than 5,000,000 providers of services. In numbers the two
groups were not far from equal, but as constituent elements in the great
depression problem they have entirely different kinds of significance. The
difference is that the unemployment among the providers of services is caused
by that among the producers of goods. If we think of the two groups as
being equal in numbers we may say with near accuracy that one-half of
the unemployment is caused by the other half of it.
When smaller volumes of goods are produced, fewer workers are needed
to transport them, send communications about them, trade in them, and do
financial and clerical work concerning them, and as a further consequence,
there are fewer opportunities for workers in professional, personal, and
domestic services. If we could put the producers of goods back to work
and keep them employed the providers of services would soon be re-employed
also, and the depression would be over. About 11/12 of the idle producers
are employed in normal times in making durable goods, and there is the
key-log in the depression jam.
Moody's Daily Index of Staple Commodity Prices
Holds Steady in Narrow Range.
Staple commodity prices maintained their firm trend
of the last few weeks during the week in review. Moody's
Daily Index of Staple Commodity Prices reached the highest
levels since early in October, and closed slightly higher for
the week at 128.9.
A remarkable steadiness for the second week in succession
was shown by the fact that eight of the 15 commodities
participated in the slight advance of less than one point.
The advances were all naturally very small, the most important being a half-cent increase in the price of hides,
with cotton, rubber, silver, wheat, cocoa, wool and corn
following in the order named. The only declines were in
sugar and silk, while hogs, steel scrap, copper, lead and
coffee were unchanged.
The movement of the Index number during the week,
with comparisons, is as follows:
Friday
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
128.0 2 weeks ago. Nov. 3
127.8 Month ago Oct. 17
Nov. 17
128.8 Year ago
129.6 1932 High, Sept. 6
Low. Dec. 31
129.0
130.1 1933 High, July 18
1Low, Feb. 4
128.9
Nov. 10
Nov. 11
Nov. 13
Nov. 14
Nov. 15
Nov. 16
Nov. 17
124.2
119.9
87.0
103.9
79.3
148.9
78.7
Sharp Rise Noted in Wholesale Prices During Week
Ended Nov. 11 by National Fertilizer Association.
Wholesale commodity prices advanced sharply during the
week ended Nov. 11 according to the index of the National
Fertilizer Association. The index advanced nine points
during the week, advancing from 68.5 to 69.4. (The three
year average 1926-1928 equals 100.) During the preceding week the index declined four points. The index is
now back to where it was Sept. 30, when it started to decline.
The latest index number is eight points higher than it was a
month ago and is 89 points higher than it was at this time
:
last year. Under date of Nov. 13 the Association continued
During the latest week seven groups advanced, one declined, and the
remaining six showed no change. The advancing groups were foods, grains,
feeds and livestock, textiles, miscellaneous commodities, building materials,
fats and oils, and chemicals and drugs. Metals, the only declining group,
showed a very small loss. Substantial gains were shown in all of the
advancing groups except the miscellaneous commodities group. It advanced only slightly.
Thirty-seven commodities showed higher prices for the latest week, and
13 commodities lower prices. This is the smallest number of declines in
many weeks. During the preceding week 26 commodities were lower and
23 commodities were higher. Among the important commodities that
advanced were cotton, burlap, lard, cottonseed oil, eggs, raw sugar, ham,
flour, corn meal, sweet potatoes, apples, corn. oats, wheat, choice cattle.
hogs, lambs, tin, silver, sand, soda and rubber. The prices for cotton,
corn and wheat advanced materially. Listed among the declining commodities were cotton yarns,silk, potatoes, barley, foodstuffs, finished steel,
heavy melting steel, zinc, leather and ground bone.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total index.
Group.
Latest
Week
Nov. 11
1933.
Preceding
Week.
Month
Ago.
Year
Ago.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemlcals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
71.7
70.3
51.0
66.4
67.2
84.4
77.3
78.6
83.4
48.6
87.9
65.2
70.8
90.3
cq co?c,
ei cl o.r ao
co
,citZ.tioe;
OrZ•ie:ioi3e,
00co, 0000C-1, o00[-CZ
op
00
69.2
70.3
50.7
65.6
68.3
84.4
76.0
79.1
81.6
46.5
87.0
64.3
70.2
90.$
61.0
63.6
40.0
45.6
61.0
86.6
70.7
68.1
77.4
44.8
87.4
62.5
68.8
92.1
69.4
68.5
68.6
60.5
Inn n
3559
Financial Chronicle
Volume 137
All cernnna
combined
Electric Output Increased During Week Ended Nov.11
1933.
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. 11 1933 was 1,616,875,000 kwh., an increase of 6.3% over the same period
last year, when output totaled 1,520,730,000 kwh. An
increase of 3.8% was registered during the preceding week.
The current figures also compares with 1,583,412,000 kwh.
produced during the week ended Nov. 4 1933, 1,621,702,000
'kwh. during the week ended Oct. 28 and 1,618,795,000 kwh.
pi•oduced during the week ended Oct. 21 1933.
Of the seven geographical areas, all except the Southern
States region showed gains for the week ended Nov. 11 1933
as compared with the week ended Nov. 12 1932, and also
showed larger percentage increases than for the week ended
Nov. 4 1933 over the same period last year. The Institute
also reports as follows:
PER CENT CHANGES.
Major Geographic
Divisions.
Week Ended
Week Ended
Week Ended Week Ended
Nov.111933. Nov. 4 1933. Oct. 28 1933. Oct. 21 1933.
+30.6
-0.6
+29.2
+6.3
+3.8
Total United States_
+5.9
+5.8
+1.6
West Central
Rocky Mountain
+5.5
+1.8
+9.2
+3.6
+0.7
+0.0
+22.4
+4.8
+4.2
+8.2
+2.5
+0.7
+0.5
+22.8
+5.2
+1.0
+5.5
+0.8
+6.6
+5.1
+9.9
-1.0
+2.6
New England
Middle Atlantic
Central Industrial_ _ _ _
Southern States
Pacific Coast
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:
Week of-
1933.
Week of-
1933
Over
1932.
1931.
Week of-
1932.
1,435,707,000 May 7 1,429,032,000 May 9 1,637.296,000 0.5%
1,468,035,000 May 14 1,436,928,000 May 16 1,654,303,000 2.2%
1,483,090.000 May 21 1,435,731,000 May 23 1,644,783,000 3.3%
1,493,923,000 May 28 1,425,151.000 May 30 1,601,833.000 4.8%
1,461,488.000 June 4 1,381,452,000 June 6 1,593.662,000 5.8%
1,541,713,000 June 11 1,435,471,000 June 13 1,621,451,000 7.4%
1,578,101,000 June 18 1,441,532,000 June 20 1,609,931.000 9.5%
1,598,136,000 June 25 1,440,541.000 June 27 1,634,935,000 10.9%
1,655,843,000 July 2 1,456,961,000 July 4 1,607,238,000 13.7%
1,538,500,000 July 9 1,341,730,000 July 11 1,603.713,000 14.7%
1,648,339,000 July 16 1,415,704,000 July 18 1,644,638,000 16.4%
1,654,424,000 July 23 1,433,990.000 July 25 1,650,545.000 15.4%
1,661,504,000 July 30 1,440.386,000 Aug. 1 1,644,089.000 15.4%
1,650,013,000 Aug. 6 1,426,986,000 Aug. 8 1,642,858,000 15.6%
1,627,339,000 Aug. 13 1,415,122.000 Aug. 15 1,629.011,000 15.0%
1,650.205,000 Aug. 20 1,431.910.000 Aug. 22 1,643,229.000 15.2%
1,630,394,000 Aug. 27 1,436,440,000 Aug. 29 1,637,533,000 13.5%
1,637,317,000 Sept. 3 1,464,700.000 Sept. 5 1,635.623.000 11.8%
1,582,742,000 Sept. 10 x1,423,977,000 Sept. 12 3.582.267.000 11.1%
1,663,212,000 Sept. 17 1,476,442,000 Sept.19 1,662,660,000 12.7%
1,638,757,000 Sept.24 1,490,863,000 Sept.26 1,660,204,000 9.9%
1,652,811,000 Oct. I 1,499,459,000 Oct. 3 1,645.587,000 10.2%
1,646,136,000 Oct. 8 1,506,219,000 Oct. 10 1.653,369.000 9.3%
1,618,948,000 Oct. 15 1,507,503.000 Oct. 17 1,656,051,000 7.4%
1,618,795,000 Oct. 22 1,528,145,000 Oct. 24 1,646,531,000 5.9%
1,621,702,000 Oct. 29 1,533,028,000 Oct. 31 1,651,792,000 5.8%
1,583,412,000 Nov. 5 1,525,410,000 Nov. 7 1,628,147,000 3.8%
1,616,875,000 Nov. 12 1,520,730,000 Nov. 14 1,623,151,000 +6.3%
---Nov. 19 1,531,584,000 Nov. 21 1,655,051,000
-Nov. 28 1,475,268,000 Nov. 28 1,599,900,000
---Dec. 3 1,510,337,000 Dec. 5 1,671,466,000
z Corrected figure.
DATA FOR RECENT MONTHS.
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
Nov. 11
Nov. 18
Nov.25
Dec. 2
1930.
Menthol-
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
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 all.1%
7,363,730,000 a15.5%
7,391,196,000 al4.4%
7,337,106.000 a9.7%
---7,718,787.000
-7,270,112.000
---7,566,601.000
Total
77442.112.000 86.063.969.000 89.467,099,000
a Increase over 1932.
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Valuation of Construction Contracts Awarded, as
Compiled by F. W. Dodge Corp.
The valuation of construction contracts awarded in the
37 States east of the Rocky Mountains in the month of
October 1933 was $38,093,300 larger than in October 1932,
the figure for October of this year being $145,367,200 against
$107,273,900 in the same month of last year. For the first
ten months of the year there is a decline from 1932 of
$278,438,800.
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
New Floor
No. of
Projects. Space (Sq. Ft.)
Month of October
1933
-Residential building
Non-residential building
Public works and utilities
Total construction
1932-Residential building
Non-residential building
Public works and utilities
Total conliruction
First Ten Months
1933
-Residential building
Non-residential building
Public works and utilities
Total construction
1932-Residential building
Non residential building
Public works fad utilities
Total construction
Valuation.
3.161
2,387
1,928
6,868,400
8,330,100
336,200
$21.525,7C0
31,117,400
92,724,100
7,476
15,534,700
$145,367,200
3,313
1,792
1.378
5,983,700
4,911,800
138,200
21,855,600
26,917,400
58,500,900
6,483
11,033.700
$107,273,900
36,259
24,283
10,767
60,459,900
60,150,100
3,230,100
$201,746,800
626,078,400
358,373,100
71,309
123,840.100
1886,198,300
33,5E2
19,678
13,428
64,680,500
69,854,700
2,023,400
$247,865,100
423,999,900
452,772,100
Ann
21 164.637.100
MAAR
VAR AAR
3560
Financial Chronicle
NEW CONTEMPLATED WORK REPORTED- 37 STATES EAST OF THE
ROCKY MOUNTAINS.
1932.
1933.
No. of
Projects.
Month of October
Residential building
Non-relidentlal buildIng,Public works and utilities_ _
Total ccnetructIon
First Ten MqnthsResidential building
Non-residential building_
Public works and utilities_ _
Total construction_
No. of
Projects.
Valuation.
Valuation.
3,676
3,824
2,732
199,917,700
206.624,100
580,085,500
3,699
2,312
1,479
$32,122,300
36,747,800
63,932,300
10,232
$886,627,300
7.490
$132,802,400
41,804
32,778
18,228
$.515,429,890
995.691.900
2,367,000,500
39,304
24,564
16,106
$366,370,300
452,679,300
760,699,600
92.810 $3,878,122,200
79,974
$1,579,749,200
Chain Store Sales Up 4.8% in October.
Sales for the first 20 chain stores reporting for the month
of October showed a gain of 4.8% over sales for the same
month a year ago, according to a compilation of Lehman
Brothers of this city, who also report as follows:
As to groups, the mail order chains earned first place with a sales advance of 18.7%. This was closely followed by results for the shoe chains,
whose sales were 17.5% ahead of October 1932. In September 1932 the
shoe chains held first position by reason of an advance of 24%.
The drug group earned third place with an advance of 13.5% in Walgreen's sales. Peoples Drug, which is Included in this group, did not
report in time to be included.
The 5 & 10 cent-$1 chains' sales were 2.2% ahead of October 1932,
entitling the group to fourth place.
Sales of the grocery chains were 2.8% behind October 1932.
The best individual showing was made by G. 0. Murphy Co., whose
sales for the month of October were 23% in excess of October last year.
This company, which is in the 5 & 10 cent-$1 group, has been in the van
for the last four months. Melville Shoe made the second best individual
'showing, as it did last month, with a gain in sales of 21.5%. Sears, Roebuck
made the third best showing, with a gain of 20.9%, and Montgomery Ward
was fourth with a gain of 16.2%. Other substantial sales advances were
made by J. Cl. Penney. up 11.2%; S. H. Kress, up 12.0%; M. H. Fishman.
up 10.1%. and Schiff Co., up 8.6%.
In the grocery chain group, which lagged behind, the best showings
were made by National Tea, whose sales were 3.3%7 ahead of October
1932, and American Stores Co., sales of which advanced 3.1%. Great
Atlantic & Pacific showed a loss of 4%, and H. C. Boback a loss of 2.7%.
The following tabulation shows individual sales for the month of October:
Month of October.
1933.
Grocery Chains
American Stores
H. C. Bohack
Great Atlantic az Pacific_
National Tea
5 & 10c-S1 Chains
M.H. Fishman
W.T. Grant
S. S. Kresge
S. H.Kress
G. C. Murphy
Nelsner Bros
3.1. Newberry
F. W. Woolworth __ _ _
Specialty ce Dept. Stores.
Interstate Department
Lane Bryant
3. C. Penney
Drug ChainsWalgreen
Shoe Chains
-Melville Shoe
Schiff Co
Mall Order Chains
Montgomery Ward
Sears Roebuck
x Decrease.
1932.
Per Cent
Increase.
$8.564,992
2,358,211
63,856,015
4,717,324
88,305,828
2,423,441
66,529,706
4,563,414
3.1
x2.7
x4.0
3.3
284.180
7.112,547
10,848.332
5,770,539
1,993,644
1,295,851
2,990,111
22,034,919
258,063
6,961,901
10,505,762
5,151,473
1,620,267
1,250,925
2,957,386
22,473,210
10.1
2.2
3.2
12.0
23.0
3.5
1.1
11.9
1,687,580
1,080,422
18,642,740
1,776,796
1,023,341
16,758,628
x5.0
5.5
11.2
4,159,075
3,662,570
13.5
1,829,453
742,088
1,505,323
683,028
21.5
8.6
23,016,704
28.590.302
19,805,497
23,652,111
16.2
20.9
"Annalist" Weekly Index of Wholesale Commodity
Prices-Higher During Week of Nov. 14 on Dollar
Decline.
With a sharp advance of 1.9 points, the "Annalist"
Weekly Index of Wholesale Commodity Prices rose to 104.9
on Nov. 14, from 103.0 on Nov. 6. Continuing, the
"Annalist," said:
The advance was, however, much more than offset by a fresh decline
of the dollar to a new low of 60.7 cents from 64.4, and the index on a gold
basis consequently fell to 63.7 from 66.3. Sharp gains were reported for
the grains and flour, for cotton, pork products and eggs (the latter being the
normal seasonal rise), while cocoa, hides, copper, tin and rubber also made
material advances. Refined sugar, however, declined, along with butter
and some of the textiles.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for seasonal variation (1913=100).
Nov. 141933. Nov. 6 1933, Nov. 15 1932.
Farm products
a84.7
.
69.3
88.7
Food products
a102.2
96.8
104.5
Textile products
71.9
a118.0
*117.7
Fuels
151.5
130.1
151.5
Metals
95.3
104.6
105.1
Building materials
111.5
106.5
111.5
Chemicals
697.8
95.3
97.8
Miscellaneous
73.2
83.2
83.5
All commodities
88.8
103.0
104.9
/jAll commodities on gold basis
66.3
63.7
---'Preliminary, a Revised. b Based on exchange quotations for France, Switzerland, Holland and Belgium.
The advance in the index was due entirely to the stimulus of the drop
In the dollar under the Administration's foreign gold purchase program.
That the index, however, failed to advance at all in proportion to the drop
In the dollar, and on a gold basis accordingly declined sharply, reflected
Increasing skepticism as to the raising of prices by the foreign gold purchase
Nov. 18 1933
route, together with growing concern over the possible consequences of
that program to our economic structure. While the commodity price index
Includes a large number of relatively insensitive commodities, and could
not therefore be expected to respond completely to the drop in the dollar,
It should be noted that the "Annalist" index of domestic prices of 12 international commodities on a gold basis has declined to 94.2 (preliminary) on
Nov. 14 from 100.5 two weeks previous. Thus, even those commodities
that should be particularly responsive to changes in the foreign exchange
situation, failed to advance in terms of paper currency anything like enough
to compensate for the fall in the dollar, and this notwithstanding the
evident flight from the dollar into commodities.
In order to follow more closely the current relations of the price level and
the dollar, the accompanying chart seta forth the day-to-day course of
Moody's Daily Spot Commodity Price Index. This index, the components
of which are listed in the table, comprises 15 commodities from the food,
textile and metal groups
-the most important speculative commodities,
and those that should on the whole be particularly sensitive to exchange
fluctuations.
The degree to which the fall in the dollar has not been reflected in a proportionate rise even In speculative prices is shown on the chart by the much
greater extent of the rise of the gold dollar in terms of United States currency than of commodities.
Even this index, which should be especially responsive to the fall of the
dollar, has declined on a gold basis 3.0 points in two weeks, until now it
stands at only 78.7. or 1.3 points under its level on March 1. Not only
has it, like the index of international commodities, been steadily losing
ground since last Summer, but the entire gain of the Spring upturn has by
now been more than wiped out.
COMMODITIES COMPRISING MOODY'S DAILY SPOT
COMMODITY PRICE'INDEX.
'Approx.
Commodity and DescriptionWeight.
Wheat, No. 2 hard Winter, Chicago
13
Cotton, spot middling upland, N. Y
13
Hogs, top price, Chicago
13
Steel scrap, heavy melting, average Chicago and Pittsburgh
10
Sugar, raw 96 deg., duty paid, N. Y
t10
Wool, tops, exchange standard, Boston
7
Copper, electrolytic, del. Conn. Valley
5
Hides, packer, It. native cows, Chicago
5
Corn, No. 3 yellow, Chicago
a4
Rubber, ribbed smoked sheets, N. Y
4
Silk, crack double extra. N.Y
4
Coffee, Santos No. 4, N. Y
4
Lead, soft Missouri, St. Louis
3
Silver, official, Handy & Harman, N. Y
3
Cocoa, spot, exchange standard, N. Y
3
•Based on the value of the total United States production or consumplion (whichever was largest) of each commodity in 1927-31.
t Effect of sugar price fluctuations is actually smaller, considering the
stabilizing influence of the high 2-cent duty in relation to the landed price.
a Since corn is already represented by hogs, only about ono-sixth of the
total production, approximating average cash sales, has been used as a basis
for determining the weight.
DAILY SPOT PRICES.
Moody's
Index.
U.S. Gold
Wheat
Corn
Cotton
Hogs
Basis Basis
Nov. 6
1.02X
.60%
9.55
4.18
123.6 79.6
Holiday
Nov. 7
Nov. 8
1.044
9.90
126.3 80.1
Nov. 9
10.05
1.08
4.26
.83w
128.3 79.3
Nov.1010.05 1.06k
.62
4.2
128.0 79.6
------Nov. 11
10.05 Holiday
127.8 79.6
Nov. 13
10.10
1.07%
.63%
128.8 79.6
4.40
Nov. 14
10.25
1.083i
.6314
4.40
129.6 78.7
Cotton-Middling upland, New York. Wheat
-No.2 red, new, c. I. f.,
-No. 2 yellow, New York. Hogs
domestic, New York. Corn
-Day's
average, Chicago. Moody's index-Daily Index of fifteen staple commodities, Dec. 31 1931 equals 100; March 1 1933 equals 80.
.ai-- 1:19
Lumber Orders at the Mill Show Spectacular Gain
Over Previous Weeks--Heaviest Volume Since
May 1930.
Lumber orders booked at the mills during the week ended
Nov. 11 1933 were the heaviest of any week since May 1930,
and were 2 1-3 times those of corresponding week of 1932.
Production was only slightly above that of the preceding
week, otherwise the lowest since the week ended July 8,
according to telegraphic reports to the National Lumber
Manufacturers Association from regional associations covering the reports of leading hardwood and softwood mills.
The reports were made by 1,389 American mills whose
production was 174,894,000 feet; shipments, 169,597,000
feet; orders, 311,662,000 feet. Production of 22 British
Columbia mills also reported by the West Coast Lumbermen's Association was 13,683,000 feet; shipments, 9,588,000
feet; orders, 17,275,000 feet. The announcement on Nov. 17
by the National Lumber Manufacturers Association further
stated:
All regions reported orders above production during the week ended
Nov. 11,•total softwood orders being 87% above output and hardwood
orders being 26% above hardwood production. Total production during
the week was 44% above that of corresponding week of 1932; total orders
were 135% above similar week of last year. All regions shared in the gain
in new business over last year, the West Coast Association showing the
most spectacular rise or three times the order volume of the corresponding
week of 1932. Northern hardwoods were the only group whose reported
shipments were lower this year than last, Northern Pine the only one
reporting lower production than last year.
Unfilled orders at the mills on Nov. 11 were the equivalent of 19 days'
average production of reporting mills, compared with 15 days' a week ago
and 15 days' a year ago.
Forest products carloadings during the week ended Nov. 4 of 22,976
cars were 913 cars below the preceding week, 5.574 cars above the same
week in 1932 and 377 cars lower than the same week of 1931.
Lumber orders reported for the week ended Nov. 11 1933 by 752 softwood mills totaled 278,202,000 feet, or 87% above the production of the
same mills. Shipments as reported for the same week were 143,951,000
feet, or 3% below production. Production was 148,407,000 feet.
Reports from 659 hardwood mills give new business as 33,460,000 feet,
or 26% above production. Shipments as reported for the same week were
25,646,000 feet, or 3% below production. Production was 26,487,000 feet.
Unfilled Orders and Stocks.
Reports from 1,095 mills on Nov. 11 1933 give unfilled orders of 715,796,000 feet and 1,079 mills reported gross stocks of 4,142,458,000 feet.
The 585 identical mills report unfilled orders as 567,048,000 feet on Nov. 11
1933. or the equivalent of 19 days' average production, as compared with
443,595,000 feet, or the equivalent of 15 days' average production on similar
date a year ago.
Identical Mill Reports.
Last week's production of 410 identical softwood mills was 137,604,000
feet, and a year ago it was 96,968,000 feet; shipments were respectively
130,293,000 feet and 106,522,000; and orders received 243,093,000 feet
and 97,538,000 feet. In the case of hardwoods, 233 identical mills reported
production last week and a year ago 14,411,000 feet and 8,371,000; shipments 15,684,000 feet and 14,048,000; and orders 21,910,000 feet and 15,275,000 feet.
SOFTWOOD REPORTS.
West Coast Movements.
The West Coast Lumbermen's Association reported from Seattle that
for 432 mills in Washington and Oregon and 22 in British Columbia shipments were 10% below production, and orders 113% above production
and 137% above shipments. New business taken during the week amounted
to 197,212,000 feet (previous week, 98,078,000 at 432 mills); shipments,
83,277,000 feet (previous week, 77,730,000); and production, 92,527,000
feet (previous week, 83,928,000). Orders on hand at the end of the week
at 432 mills were 361,873,000 feet. The 172 identical mills reported an
Increase in production of 49%, and in new business a gain of 203%, as
compared with the same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
102 mills reporting, shipments were 3% above production, and orders
57% above production and 52% above shipments. New business taken
during the week amounted to 36,984,000 feet (previous week, 27,277,000
at 104 mills); shipments, 24,341,000 feet (previous week, 22,901,000);
and Production, 23,607.000 feet (previous week, 24,754,000). Production
was 40% and orders 63% of capacity, compared with 43% and 47% for
the Previous week. Orders on hand at the end of the week at 97 mills were
71,289,000 feet. The 97 identical mills reported a decrease In production
of 0.5%, and in new business a gain of 83% as compared with the same
week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
155 mills reporting, shipments were 11% below production, and orders
26% above production and 41% above shipments. New business taken
during the week amounted to 50,143,000 feet (previous week, 37,553,000
at 172 mills); shipments 35,453,000 feet (previous week, 36,812,000);
and Production 39,708,000 feet (previous week, 39,501,000). Production
was 26% and orders 33% of capacity, compared with 26% and 25% for
the Previous week. Orders on hand at the end of the week at 112 mills
were 102,383,000 feet. The 110 identical mills reported an Increase in
production of 72%, and in new business an increase of 97%, as compared
with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 19 American mills as 463,000 feet, shipments 2,139,000
feet and new business 1,600,000 feet. Seven identical mills (including four
Canadian) reported production 14% less and new business 48% greater
than for the same week last year.
California Redwood.
The California Redwood Association of San Francisco reported production from 22 mills as 5,589.000 feet, shipments 6,586,000 feet, and new
business 7,096,000 feet. Production of 18 mills was 48% of normal production. Ten identical mills reported production 47% greater and new
business 84% greater than for the same week last year.
Northern Hemlock..
The Northern Hemlock and Hardwood Manufacturers Association, of
Wis., reported softwood production from 22 mills as 196,000
Oshkosh.
feet, shipments 1,743,000 and orders 2,442,000 feet. Orders were 21%
of capacity compared with 30% the previous week. The 14 identical mills
reported a gain of 727% in new business, compared with the same week
a year ago.
HARDWOOD REPORTS,
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 637 mills as 25,692,000 feet, shipments 24,727,000 and
new business, 31,001,000. Production was 31% and orders 37% of capacity,
compared with 33% and 30% the previous week. The 219 identical mills
reported production 68% greater and new business 36% greater than for
the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported hardwood production from 22 mills as 795,000
feet, shipments 919,000 and orders 2,459,000 feet. Orders were 31% of
capacity, compared with 22% the previous week. The 14 identical mills
reported a gain of 329% in orders, compared with the same week last year.
"Annalist" Monthly Index of Business Activity Declined Further During October-Combined Index
from January 1928.
The "Annalist" Index of Business Activity shows a further
decline of 3.7 points, the preliminary index for October
being 72.7, as against 76.4 in September, 83.6 for August
and 89.5 for July, the high for the year. The decline, the
"Annalist" announced Nov. 17, has not been as severe as
in August and September, the July-August drop amounting
to 5.9 points and the August-September decline to 7.2
points. The total decrease from the high in July is now
16.8 points, which compares with the March-July rise of
31.0 points. The "Annalist" further said:
The most important factor In the decline was a drop in automobile
production. Next in importance were declines in the cotton consumption,
steel ingot and pig iron production indices. Electric power production and
freight-car loadings, on a weighted basis, also showed substantial losses.
3561
Financial Chronicle
The adjusted index of boot and shoe production, based on a preliminary
estimate, is the lowest since December 1932. The drop in silk consumption, although carrying the silk index to a new low, had only a small effect
on the combined index. The adjusted index of lumber production, on the
basis of a preliminary estimate, is unchanged from September. Zinc
production is the only one of the 10 series for which data are available to
show an inceease for the month,the adjusted index rising to 71.2,the highest
since Octobir 1930.
Table I gives the combined index and its components, each of which is
adjusted for seasonal variation and where necessary for long-time trend, for
the last three months. Table II gives the combined index by months back
to the beginning of 1928.
TABLE I-THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS.
October.
September.
60.6
59.0
Freight car loadings
62.9
54.9
Steel ingot production
54.7
Pig iron production
45.0
a91.4
92.6
Electric power production
97.6
90.4
Cotton consumption
Wool consumption105.2
52.0
Silk consumption
--- 6
49.
97.6
d90.1
Boot and shoe production
60.7
547.1
Automobile production
56.7
c56.7
Lumber production
44
Cement production3.
71.0
71.2
Zinc production
Combinpri Infipe
*723
76.4
August.
62.3
75.9
64.9
94.6
121.3
120.3
71.3
116.0
64.6
72.5
47.5
70.2
83.6
TABLE 11
-THE COMBINED INDEX SINCE JANUARY 1928
1933.
1932.
1931.
1930.
1929.
1928.
000000000000
1m.000
0.c.0000,
4:,,6.bob161;
137
112.9
105.6
January
81.4
70.1
106.1
112.4
February
83.1
68.1
111.9
105.4
March
85.1
66.7
115.0
105.5
April
86.4
63.2
May
115.7
105.6
85.1
60.9
104.8
116.6
June
82.6
60.4
116.7
106.3
July
83.1
59.7
115.6
108.1
August
78.9
61.3
115.0
109.7
September
76.3
65.2
113.4
111.8
October
72.6
65.4
112.0
106.0
November
72.2
64.7
112.5
101.2
72.1
December
64.8
* Subject to revision. a Based on an estimated output of 7,656,000,000 kilowatthours, as against a geological survey total of 7,344,000,000 k lowatt-hours in September and 7,073,000,000 kilowatt-hours in October 1932. b Based on an estimated output of 130,000 cars and trucks, as against Department of Commerce
total of 201,890 cars and trucks in September and 51,625 cars and trucks in October
1932. c Based on an estimated output of 1,245,000,000 feet, as against Federal
Reserve Board total of 1,246,000,000 feet in September and 863,000,000 feet In
October 1932. d Based on an estimated output of 28,000,000 pairs, as against
the Department of Commerce total of 30,886,226 pairs in September and 33,069,741 pairs in October 1932.
•
Cs, CO -4 CD Cn C.=
NICOcutpcuw,p001-.03
Volume
New York Coffee & Sugar Exchange Finds Gold Prices
Outstripping Coffee Prices.
Gold prices are outstripping coffee prices according to
figures released Nov. 17 by the New York Coffee & Sugar
Exchange which show that coffee values on the Exchange
and in the spot market have advanced only slightly since
July 20, while the price of gold has risen over 15.4% in
value during the same period. An announcement issued by
the Exchange added:
Santos coffee futures sold at over 9 cents a pound Nov. 16 on the Exchange, the first time this level has been broken on the upside since July 20.
Coffee is slowly adjusting itself to the higher gold price. For a month
now, practically every day has witnessed higher prices. Santos coffee for
Sept. 1934 delivery has advanced over 100 points, from 8.15 on Oct. 19 to
9.20 Nov. 16. During this time the Brazilian MIlreis has been advanced
from 11.64 to the U. S. Dollar to 10.71 Nov. 16.
Consumption in U. S., as indicated by deliveries, from July 1 to Nov. 1,
amounted to 3,841,852 a record total for the period. Last year, 3,503,098
bags were delivered. Stocks of coffee in the U. S. now total 975,174 bags;
on July 20 there were 797,000 bags. 472,000 bags were afloat to this
country from Brazil yesterday against 308,000 on July 20, below normal
amount. Since July, the restricted coffee held by the Farm Board has been
reduced through monthly sales from 363,000 bags to 187,500 bags. No
date has been set as yet for the sale by the Farm Board of the November
allotment, 62,500 bags, which for over a year has been put up for bids on
the first of each month. It is reported that the "roasting trade" has missed
this month's sale.
Agricultural Department's Complete Official Report
on Cereals, &c.
The Crop Reporting Board of the United States Department of Agriculture made public late on Nov. 10 its forecasts
and estimates of the grain crops of the United States as of
Nov. 1, based on reports and data furnished by crop correspondents, field statisticians and co-operating State boards
(or departments) of agriculture. This report shows that
the production of winter wheat is placed at 340,000,000
bushels, the same as the Department's estimate of a month
ago, and compares with 462,000,000 bushels harvested in
1932 and 789,000,000 bushels harvested in 1931. The
production of spring wheat is also the same as a month ago
at 174,000,000 bushels, which compares with a production
of 265,000,000 bushels last year and a five-year (1926-30)
average production of 271 000,000 bushels. The production
of all wheat is now placed at only 515,000,000 bushels, as
against a harvest of 726,000,000 bushels last year and a
five-year average production of 861,000,000 bushels. The
probable production of corn is placed at 2,289,544,000
bushels, against 2,291,000,000 bushels, the Department's
estimate a month ago. The corn crop in 1932 was 2,875,570,000 bushels, and the five-year average production
2,511,991,000 bushels. The yield per acre for the corn
3562
Financial Chronicle
crop is estimated at 22.2 bushels, as against a yield of 26.7
bushels last year and a 10-year (1921-30) average yield of
26.1 bushels. The October weather improved late crops
materially and proved unusually favorable for late beans,
potatoes, buckwheat and sugar beets. The report in full
follows:
Prospects for several late crops improved materially during October
according to the November estimates of the Crop Reporting Board of the
United States Department of Agriculture. Due chiefly to the lateness of
frosts, October weather was unusually favorable for late beans, potatoes.
buckwheat, sugar beets and broomcorn, but frosts came too early to
permit the late-planted sorghums of Kansas and western Oklahoma to
mature. The estimates of the production of peanuts, rice, grapes and
pecans have also been raised, but the estimates for corn and most other
crops are practically unchanged pending the final checkup of the harvested
acreage that is now under way. As the estimates now stand, they indicate
that, as compared with last year, the acreage of crops harvested was nearly
8% less and crop yields per acre averaged 5% less.
Corn.
The estimated production of corn of 2,289,544,000 bushels in the United
States is practically the same as the October forecast. Production increased during October in Iowa, Missouri, and Michigan, decreased in
Indiana, Wisconsin, Kansas, and Oklahoma, and remained unchanged in
Ohio, Illinois, Minnesota. Nebraska, the Dakotas, and Texas. The
crop of 2,289,544,000 bushels is nearly 600,000.000 bushels less than in
1932 and 222,447.000 bushels or 9% less than the 1926-30 average production of 2,511,991,000 bushels.
. Yield per acre of 22.2 bushels is 15% less than the 10
-year (1921-30)
average yield of 26.1 bushels.
Buckwheat.
Preliminary production of buckwheat is 8,013,000 bushels. This is
an increase of only 629,000 bushels over the October forecast. The fiveyear (1926-30) average of production is 9.913.000 bushels. Threshing
returns in the two important Eastern States, New York and Pennsylvania,
indicated that the storm damage in this area in the forepart of September
did not materially damage the crop.
Flaxseed.
Preliminary production of flaxseed for 1933 is 7,451,000 bushels. The
1932 crop was 11,787.000 bushels and the five-year (1926-30) average 20,011,000 bushels. This year's production is the smallest since 1919 and
the yield per acre the lowest on record. Long-continued drouth, especially
In the Dakotas and parts of Minnesota, caused this very low production.
Grain Sorghums.
Grain sorghum yields are turning out somewhat below Oct. 1 indications
in most of the Southwest. There has been considerable frost damage in
western Kansas and Oklahoma, but in New Mexico the October weather
permitted late fields to mature and in that State the crop is larger than
was expected a month ago. Production Is estimated at 91,585,000 bushels.
compared with 105,871,000 bushels in 1932 and a five-year
(1926-30)
average of 93,182,000 bushels.
Rice.
Rice, In the southern belt (Arkansas, Louisiana, Texas), has been largely
harvested under very good weather conditions, and yields are higher than
indicated on Oct. 1. Production in the southern belt is estimated at
30,443.000 bushels (of 45 lbs.) compared with 33,603,000 bushels in 1932
and a five-year (1926-30) average of 35,240,000 bushels. The California
crop is apparently a little less than was indicated a month ago.
The
United States orop is estimated at 36,803,000 bushels, compared
with
40,643,000 bushels in 1932 and a five-year (1926-30) average of 42,960.000
bushels.
Beans, Dry Edible.
The bean crop has turned out much better than expected in New York,
Michigan and Idaho, and slightly better in California. A production
of 11,639,000 bags of beans is indicated by Nov. 1 reports of yield applied
to the July estimate of acreage. This compares with a production of about
10,164,000 bags in 1932, 12,706,000 bags in 1931 and 13,900,000 bags in
1930.
The gain over the earlier season outlook is mainly in the States producing
small white beans, such as pea beans and Great Northerns and the production of these types will apparently be close to that of last year.
•
Soybeans.
A production of 11,258,000 bushels of soybeans this year is indicated
by preliminary reports of yield and harvested acreage. Production in
1932 was 13,245,000 bushels and in 1931 it was 15,271,000 bushels. Due
to the drouth in portions of the commercial area, the average yield is
13.5 bushels, the smallest in four years. A considerable increase in acreage
was expected, but planting conditions were unfavorable in important
States and the estimated total of 836,000 acres for harvest is less than 1%
above that of last year. Although the fall weather was favorable and
permitted late fields to mature, the poor crops of corn and hay in several
leading soybean States led to a heavy utilization of this crop for feed.
Cow peas.
A cowpea crop of 6,232,000 bushels has been gathered this year, according to Nov. 1 reports from growers, compared with 6,085,000 bushels In
1932 and 6,902.000 in 1931. The area of 685,000 acres harvested is practically the same as during the past two years and production by States is
not widely different from that of 1932.
Peanuts.
A crop of about 929,605,000 pounds of peanuts will be gathered this
year, compared with 1,002.080.000 pounds in 1932, and 1,083,110,000
pounds in 1931. The crop is turning out slightly better than was expected
last month in North Carolina where the large Virginia types of nuts are
grown, also somewhat better in the Southeastern and Southwestern States.
which produce mainly Spanish and runner types. This year's crop is
about 78% as large as last year in the northeastern part of this group and
about the same as last year in the Southeast and 13% greater in the
Southwest.
Pecans.
•
About 61.060,000 pounds of pecans will be gathered this year, judging
from Nov. 1 reports. The crop was estimated at 53,160.000 pounds in
1932 and 77.800,000 pounds in 1931.
Production in the States east of the Mississippi River, where most of
the;crop is from planted trees of improved types, is about 17.000,000
pounds compared with lees tha .8,000.000 pounds in 1932, but about
23,450,000 pounds in 1931. The autumn proved favorable and the present
estimated production is about 2,800,000 pounds larger than estimated
on Oct. 1, increases being shown in both the eastern and western portions
of the belt.
Nov. 18 1933
Potatoes.
With only minor frosts up until the middle of October and absence of
killing frosts in some important Northern potato areas until late in October,
the late potato crop has been favored with an extended period of growth
with which to overcome earlier-season handicaps. Fall weather conditions, quite generally, have been ideal for growth and harvest and, although heavy frosts the latter part of October caught some potatoes that
were not yet dug or were only in temporary storage at the time, harvest
reports indicate that a further substantial gain in yields has occurred.
The very favorable conditions of the past two months have stepped up the
Yields in the 30 late-potato States from a prospective average of about
95 bushels on Aug. 1 and Sept. 1 to nearly 101 bushels on Oct. 1 and a
preliminary harvest report of better than 104 bushels on Nov. 1.
Improvement in yield is noted in all groups of late-potato States but is
most pronounced in the eastern and western groups. The preliminary
estimate of production in the 30 late States is placed at nearly 260,000,000
bushels, compared with 292,400,000 bushels in 1932 and 284,600,000 bushels
the average production from 1926 to 1930. The November estimate is
about 10,000.000 bushels above the October forecast for the late States.
the two groups of 18 surplus States and of 12 other late States sharing
about proportionately in the 4% increase. The total United States crop
is estimated at 317.600,000 bushels, compared with 357,700,000 bushels
in 1932.
Sweet Potatoes.
The yield of sweet potatoes this season will be about 86 bushels per
acre compared with 85 bushels last year and an average yield during the
10
-year (1921-30) period of 91 bushels. The preliminary estimate of
production this year is 69,743.000 bushels, or slightly less than was forecast
on Oct. 1. The production in 1932 was estimated to have been 78,484,000
bushels and the average production during the five years, 1926-30, at
62,483,000 bushels.
Fruit.
Harvest of most of the 1933 fruit crops, with the exception of citrus,
is about completed. The preliminary estimate of the combined production
of the 10 more important fruit crops is about 5% less than the production
In 1932, 18% less than the 1931 production and about 12% loss than
the average production during the preceding five years (1926 to 1930).
The 1933 crops of apples, peaches, dried prunes, and cranberries were
larger than the production in 1932, while all others were short by from
3 to 25%."
Apples.
The 1933 preliminary estimate of apple production is placed at 143,827,000 bushels, or about 2% larger than the 1932 crop, but 15% less
than an average crop for the five years 1926 to 1930. The 1933 season
has been one of unusual damage from insects and fungi, especially coddling
moth, aphis, and scab. To a large extent the difficulties during the past
season were due to the economic condition of many fruit producers
Returns for fruit for the previous three years have been low and growers
In many areas found it impossible to finance an adequate spray schedule
In some cases the use of less effective spray materials in an effort to avoid
the necessity of washing the fruit allowed more than usual opportunity
for the coddling moth to break through the barrier. The net result has
been to increase materially the percentage of cullage and reduce the corn=vela' crops below the amount that would ordinarily be expected from
a crop the size of the present one. The commercial crop, or that portion
of the total to be sold for fresh consumption, is placed at 78.837,000 bushels
which is about 8% less than the commercial crop of 1932. About 55%
of the total 1933 production is estimated to be commercial as contrasted
to 61% of the 1932 crop that was so utilized.
Citrus.
The fruit forecast of oranges in the seven States indicated a total orange
from the bloom of 1933 of 48,216,000 boxes, or about 5% loss than
crop
the crop of 1932. The grapefruit crop is indicated at 12.689,000 boxes,
which is nearly 20% less than the production from the bloom of 1932.
In Florida the fruit has sized well as a result of ample rainfall, and
grapefruit is reported to be of excellent quality. Texas lost most of its
crop of grapefruit in the tropical storm of September; however, the remaining fruit is sizing well and reports indicate a rapid recovery of the
trees. Due to abundant moisture the fruit is slow to pass the maturity
test and shipments have been retarded.
Grapes.
The preliminary estimate of grape production for 1933 is placed at
1,809,000 tons, which is about 18% less than the 1932 production and
around 26% less than the average for the five years 1926 to 1930. With
the repeal of the 18th Amendment, the market for crushing grapes has
shown unusual activity in California. While this has been largely for
wine varieties, it has also furnished an outlet for an important tonnage
of varieties falling in table and raisin classes. Shipments of grapes from
California to Eastern markets have been considerably loss than in recent
years, thereby contributing to an improved grape marketing situation
in 1933.
Pears.
The 1933 pear crop is now estimated at 21,192,000 bushels, which is
about 4% short of the 1932 crop, about 9% less than the production in
1931, and 17% below the production in 1930. Unfavorable weather
during the early season, together with later damage from disease and
drouth served to reduce tho 1933 pear crop below the production of
recent years.
Tobacco.
Production of tobacco in the United States in 1933 is estimated at
1,408,361,000 pounds, compared with 1,015,512,000 pounds In 1932.
No allowance has been made for cigar type tobacco removed from production under contract with the Agricultural Adjustment Administration,
the data on acreage contracted not being available in final form. The
principal change from last month's forecast is a reduction in burley from
a total of 421,347,000 pounds based on October condition reports to
413,893,000 pounds based on November yield reports. Late growth was
reported in several burley districts due to rains when the crop was maturing,
resulting in some immature, light-weight tobacco. Further loss in weight
was occasioned by houseburn, also due to the late rains.
A wide divergence appears in the comparisons of 1933 production figures
with those of 1932. Production of the aincipal cigarette types has been
enormously expanded, while an equally significant contraction has taken
place in cigar types. Production of flue-cured tobacco this year is estimated to exceed that of 1932 by 89%, and burley shows an estimated
Increase of 33%. Cigar filler types with no allowance for acres plowed up
show a decrease of 25%. binder type 46%, and wrapper typos 10%. An
Increase of 8% is shown by the group of fire-cured types and 2% by the
dark air-cured group.
Sugar Crops.
The sugar beet crop is yielding even better than was expected a month
ago, being well above average in most of the important State.s. In the
Colorado-Wyoming-Nebraska area about 90% of the crop had been
harvested by Nov. 1. United States production will probably be about
3563
Financial Chzonicle
Average
1921-30. 1932.
1933,
Average
1926-30.
Total Production in Millions.
Yield per Acre.
Crop.
Average
1926-30. 1932.
Cm, bushels
Wheat, all, bushels
Winter, bushels
All spring, bushels
Durum, bushels
Other spring, bushels_
Oats, bushels
Barley, bushels
Rye, bushels
Buckwheat, bushels
Flaxseed, bushels
Rice, bushels
Grain sorghums, bushels
gay, all tame, tons
Hay, wild, tons
Bay, all clover & timothy,
tons_a
Hay, alfalfa, tons
Beans, dry edible, 100-1b.
bag
Soybeans, bushels_ c
Cowpeas, bushels_c
Peanuts (for nuts), lbs_c_
Apples, total crop, bushels
'
Apples, comm. crop, bbls_
Peaches, total crop, bu
Pears, total crop, bushels
Grapes, tons-q
Pecans, pounds
Potatoes, bushels
Sweet potatoes, bushels..._
Tobacco, pounds
Sorg° sirup, gallons
Sugar cane sirup, gallons
Sugar beets, tons
Broomcorn, tons
Hons. Pounds
Prelim, Average
1933. 1921-30. 1932.
Prelim,
1933.
39.4
42.5
40.7
43.0
40.7
40.6
34.8
40.8
39.8
35.6
34.2
35.0
30.4
33.8
32.4
39.0
27.0
22.3
24.0
25.1
20.3
27.9
31.0
22.2
26.3
18.4
14.0
11.0
11.6
22.5
21.2
13.1
14.8
16.3
14.9
17.2
16.8
14.8
37.0
16.0
14.3
14.5
17.0
25.6
24.6
36.0
31.9
32.1
41.0
40.0
41.0
40.0
39.0
42.0
35.0
42.0
37.0
35.5
37.5
43.0
33.0
37.0
36.5
43.0
30.5
19.0
14.7
25.3
18.5
29.0
30.0
18.0
25.0
15.0
10.8
10.0
8.5
24.0
20.3
11.5
13.5
18.0
14.2
20.0
18.0
12.0
41.0
9.5
7.0
11.0
15.0
27.0
24.0
34.0
31.0
31.0
26.7
22.2
1933
Prelim,
Estimate.
656
560
2,624
1,520
351
2,268
20,790
6,930
46,435
121,872
173,962
387,043
45,969
80,808
176,916
509,507
186,721
26,676
73,235
269,293
136,197
4,263
16,440
26,388
11,150
34,830
17,885
• 38,560
5,840
67,464
59,418
37,076
32,589
35,874
17.906
65,760
102,726
2,580
2,255
2,024
13,363
3,267
615
540
48
1,292
2,015
3,069
738
574
2,520
1,520
396
1,989
18,816
5,868
50,086
111,555
125,906
214,676
42,315
77,210
142,500
429,780
135,242
20,048
31,150
229,905
82,599
3,675
16,356
35,132
13,082
42,550
22,330
37,400
5,328
67,475
66,716
38,688
35,130
26,502
16,772
22,323
74,312
2,486
2,000
2,190
21,954
3,528
756
504
44
1,520
2,278
3,120
2,511,991
2,875,570
2,289,544
41.0
41.0
40.0
40.0
44.0
39.0
32.0
36.0
39.5
33.5
29.5
26.5
31.0
35.0
30.0
39.0
23.5
14.0
7.0
22.5
11.0
25.0
29.0
23.5
28.5
18.5
14.5
10.0
8.0
25.0
23.5
12.5
15.0
14.0
14.0
7.0
14.0
11.0
40.0
10.0
11.5
14.0
18.0
24.0
22.0
38.0
34.0
30.0
26.1
1932.
a Grain equivalent on acreage for al purposes.
2,512
861
590
271
66
206
1,190
264
41.6
9.9
20.0
43.0
93.2
72.7
11.5
2,876
726
462
265
40
225
1,238
300
40.4
6.8
11.8
40.6
105.9
69.8
12.2
2,290
515
340
174
17
157
699
160
23.1
8.0
7.5
36.8
91.6
67.3
9.1
26.1
14.1
14.7
12.8
12.3
12.9
29.6
22.8
12.6
15.9
7.5
41.8
14.6
1.31
0.85
26.7
13.2
13.7
12.3
10.3
12.7
30.1
22.7
12.1
14.8
5.7
46.8
13.5
1.32
0.85
22.2
11.5
12.7
9.7
6.9
10.1
18.9
15.2
8.5
16.7
4.2
48.0
11.2
1.23
0.66
The Canadian Crops-Revised Figures.
The Dominion Bureau of Statistics issued, on Nov. 10, the
provisional estimates of grain production in Canada. The
report is based upon the returns of regular corps of crop
correspondents, including practical farmers throughout Canada and bank managers and railway and elevator agents in
the Prairie Provinces. A special return was also received
for this report from a large list of selected agriculturists, in
addition to those already co-operating as regular crop correspondents, and from rural postmasters in the Prairie Prov-
34.2
23.8
26.0
26.0
24.7
25.0
1.16
2.14
1.11
2.08
1.04
1.96
inces.
11.1
8.7
4.2
811
169
32.6
e56.5
e22.9
e2.45
59.5
355
62.5
1,412
11.0
17.6
7.72
h49.2
30.4
10.2
13.2
6.1
1,002
e141
28.6
e42.4
e22.0
e2.20
53.2
358
78.5
1,016
15.2
17.0
9.07
637.1
24.1
11.6
11.3
6.2
930
144
26.3
45.3
21.2
1.81
61.1
318
69.7
1,408
14.6
18.4
11.15
h30.2
37.7
13669
d12.5
d6.6
697
156.4
159.3
161.9
169.3
177.1
144.8
110.8
91.2
772
62.9
155.5
d10.8
b317.7
1.269
b733
16.0
8.9
625
150.2
153.9
150.4
162.5
175.4
144.6
106.1
84.8
714
60.8
154.4
11.9
b239.7
1.096
b721
13.5
9.1
670
152.1
f53.8
151.4
159.9
165.5
150.3
98.5
85.8
809
60.5
151.0
11.5
b226.2
1.382
a Excludes sweet clover and lespedeza (minor States excluded). b Pounds.
c The figures shown relate to the harvested crop and do not include the acreage
grazed, cut for hay, &c. d Short-time average. e Includes some quantities not
harvested. f Production in percentage of a full crop. g Production is the total
for fresh fruit, juice, and raisins. h Thousands of tons.
ACREAGE.
Crop.
Maine
New Hampshire_
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
PentuvIvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carollna_
South Carolina_ __ _
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
.Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
United States..
GENERAL CROP REPORT AS OF NOV. 1 1933.
The Crop Reporting Board of the United States Department of Agriculture makes the following forecasts and estimates for the United States,
from reports and data furnished by crop correspondents, field statisticians,
and co-operating State boards (or departments) of agriculture and agricultural colleges:
Production (Thausana uusnets).
Yield per Acre (Bushels).
State.
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w.wq,.ww.wwoov,wo.00.owo,wowwq..owww-xwwww.o..w0..c0.0,0
wow....m=0.wwwwom.wo.wwwowwwomwowamo.mwm0.0.w.wwwo
11.151,000 tons, compared with 9,070,000 tons harvested in 1932 and a
five-year (1926-30) average of 7,718,000 tons. No forecast of beet sugar
Is made at this time.
The Louisiana cane crop is not turning out quite as well as expected
and the tonnage of cane to be harvested for all purposes, including seed.
Is estimated to be 3,178,000 tons compared with 3,359,000 tons harvested
in 1932 and 2,717,000 tons in 1931. If the estimated utilization of crop
acreage between seed, sirup production, and sugar production occurs and
If the average outturn of sirup and sugar per ton of cane is obtained, there
will probably be 183,000 tons of sugar and 4,560,000 gallons of sugar
cane sirup made from this year's crop of Louisiana sugar cane. It is
now estimated that about 13,865,000 gallons of sugar cane sirup will be
made in other Southern States, making a United States total of 18,425,000
gallons, compared with 16,985,000 gallons in 1932, and a five-year (1926-30)
average of 17,605,000 gallons.
Production of sorgo sirup is estimated at 14,630,000 gallons, compared
with 15,209,000 gallons in 1932, and a five-year (1926-30) average of
11.032,000 gallons.
Milk Production.
Total milk production on Nov. 1 was apparently slightly greater, perhaps 1 or 2% greater, than on that date last year, for the increase in the
number of milk cows apparently more than offset the lower production
dper cow. Although crop correspondents were milking about the same
proportion of their milk cows as on Nov. 1 last year, they were securing
about 2% less milk per cow in their herds. The production per cow,
as reported, averaged 11.48 pounds per day, compared with 11.70 pounds
on Nov. 1 last year and an average of 12.30 pounds for that date during
the previous five years. Production per cow was particularly low in the
States most affected by the drouth and also in most of the South. Preliminary reports indicate that the low production per cow was 'clue chiefly
to light feeding, for late October pastures were better than they were
last year and the grain ration being fed is somewhat more carefully balanced.
The number of milk cows on farms is believed to be somewhere around
3% above the number a year ago, part of the increase being due to the
milking of some cows formerly kept only for beef. During recent months
the quantity of milk and cream used on farms has decreased as a result
of the more favorable price received for butterfat. This has resulted in
a high level of sales.
CORN.a
1.
Volume 137
Average
1926-30.
1932.
Preliminary
1933.
1933
P. C. of
1932.
95.6
103,022,000
09,328,000
107,776,000
81.4
44,879,000
55,152,000
59,934,000
79.7
26,802,000
33,635,000
38,581,000
18,077,000
84.0
21,517,000
21,353,000
64.7
2,500,000
3,863,000
5,428,000
83.2
15,577.000
17,654,000
15,925,000
89.9
37,023,000
41,193,000
40,215,000
79.8
10,540,000
13,212,000
11,261,000
81.7
2,716,000
3,326,000
3,382,000
104.8
481,000
664,000
459,000
84.3
1,755,000
2,081,000
2,979,000
88.3
767.000
869,000
963,000
8,164,000
104.0
7,850,000
6,481,000
54,848,000
103.5
52,974,000
54,563,000
96.8
13,845,000
14,305,000
13,635,000
23,750,000
101.3
23,438,000
29,223,000
102.1
12,761,000
12,501,000
11,214,000
1,615,000
116.5
1,386,000
1,708,000
836,000
100.7
830,000
661,000
685,000
99.7
687,000
651,000
1,387,000
86.5
1,603,000
1,138.000
3,223,000
95.6
3,371,000
3,090,000
813,000
87.8
926,000
661,000
1,741,000
122.4
1,422,000
1,830,000
242,000
96.8
250,000
170,000
122,000
110.9
110,000
106,000
127.1
c971,000
764,000
701,000
85.8
266,000
310,000
310,000
124.1
27.000
22.000
23.000
a Excludes sweet clover and lespedeza (minor States excluded). b The figures
shown relate to the harvested crop and do not include the acreage grazed or cut
for hay, &c. c Planted acreage less probable abandonment.
Corn
Wheat,all
Winter
Allspring
Durum
Other spring
Oats
Barley
Rye
Buckwheat
Flaxseed
Rice
Grain sorghums
Hay, all tame
Hay, wild
Hay,all clover &timothy a
Hay, alfalfa
Beans, dry edible
Soybeans_ b
Cowpeas_ b
peanuts (for nuts)..b
potatoes
Sweet potatoes
Tobacco
sago for sirup
Sugar cane tor sirup
sugar beets
Broomcorn
nens
Yields of Principal Grain Crops.
provisionally
The total yields of the principal grain crops are estimated
parenthesis: Wheat,
in bushels as follows, with the figures for 1932 within
(391,561,000); barley,
271,821,000 (428,514,000); oats, 311,312,000
1,405,000
63,737,000 (80,773,000); rye, 4,725,000 (8,938,000); peas,
buckwheat, 8,664,000
(1,140,000);
beans, 892,400
(1,518,500);
678,500
(8,424,000); mixed grains, 33,204,000 (39,036,000); flaxseed,
yields
(2,446,000); corn for husking, 4,658,000 (5,057,000). The average
averages for 1932 within parenPer acre in bushels are as follows, with the
rye,
thesis: Wheat, 10.5 (15.8); oats, 23.0 (29.8) ; barley, 17.4 (21.5);
buckwheat, 21.8 (22.9);
8.1 (11.6); peas, 16.6 (17.9); beans, 15.1 ((17.1);
corn for husking, 34.1 (38.9).
mixed grains, 28.4 (83.0); flaxseed, 2.8 (5.4) ;
Comparisons, Preliminary and Provisional Estimates.
those
The second estimates of all the principal grain crops are lower than
made in September. The changes are slight except in the case of rye,
which declined from 6,418,000 bushels to 4,725,000 bushels. The rye crop
of 1933 is the lowest since 1917.
In the Maritimes and Eastern Canada, there is a general tendency toward
higher estimates of grain production, but the changes are slight. In the
Prairie Provinces, rye and flaxseed estimates are lower, except flaxseed in
Alberta; wheat is lower in Saskatchewan and Alberta and unchanged in
'Manitoba; oats are placed higher in Manitoba and Saskatchewan and considerably lower in Alberta; while barley is increased in Saskatchewan and
lowered in the other two Provinces. The second estimates in British Columbia differ very little from those made in September.
Production of Late Craps.
The 1933 production of peas, beans, buckwheat, mixed grains and corn
are estimated for the first time and all, except buckwheat, show decreases
compared with 1932 production. The declines, however, are not as great
as expected, since the summer drouth was followed by rains which were of
great benefit to the late-sown crops.
Grain Yields of the Prairie Provinces.
For the three Prairie Provinces, the provisional estimate of the yields of
the five principal grain crops is, in bushels, as follows, with the figures for
1932 within parenthesis: Wheat, 253,000,000 (408,400,000); oats, 181,071,000 (245,726,000); barley, 47,653,000 (63,114,000); rye, 3,645,000
(7,738,000); flaxseed, 613,000 (2,367,000). By Provinces, the yields are
as follows: Manitoba-wheat, 32,600,000 (42,400,000); oats, 28,756,000
(36,826,000) ; barley, 16,573,000 (20,014,000); rye, 559,000 (560,000);
flaxseed, 100,000 (240,000.
Saskatchewan-wheat, 125,300,000 (202,000,000) ; oats, 78,164,000 (107,400,000); barley, 18,297,000 (
08,400,000); rye, 1,733,000 (5,190,000) ; flaxseed, 472,000 (1,980,000).
Alberta-wheat, 95,100,000 (164,000,000); oats, 74,151,000 (101,500,000);
barley, 12,783,000 (19,700,000); rye, 1,353,000 (1,988,000); flaxseed,
41,000 (147,0001.
3564
Financial Chronicle
Wheat Production in the Prairie Provinces.
The second estimate of wheat production in the Prairie Provinces is 253
million bushels, a reduction of 4% compared with the preliminary estimate
of 264 million bushels issued on Sept. 11. The Manitoba estimate of production is unchanged. Saskatchewan is lowered by three million bushels, and
Alberta by eight million bushels.
The acreages used for the two estimates are identical and are based on
the June survey schedules returned by 55,758 prairie farmers. The yields
per acre are based on schedules returned by nearly 7,000 correspondents in
the three Provinces. Since threshing is practically complete, the estimates
are more reliable than those made on Sept. 11.
Manitoba now shows the highest yield per acre of the three Provinces.
The changes by crop districts in Manitoba are mostly fractional, but there
is a tendency to reduce the preliminary estimates in the south and to
increase them in the north. In Saskatchewan the only appreciable upward
change is in Crop District No. 5 (east-center), where the average yield is
now placed at 23.9 bushels per acre compared with the first estimate of
20.9 bushels. A fractional increase was also noted in Crop District No. 1,
in the southeast corner, but every other crop district in the Province decreased between 2% and 18%. In Alberta every crop district except No. 10
shows a decline in yield per acre. The southern and central districts show
minor reductions, but there are considerable declines evident in the north
and northwest, including the Peace River district, where frost took a greater
toll than at first estimated.
Marketing'.
In the period from Aug. 1 to Oct. 28 deliveries at country elevators and
platform loadings were approximately 123.7 million bushels. Manitoba has
marketed 20.6 million bushels, Saskatchewan 62.1 million, and Alberta 41.0
million bushels. Up to the present date (Nov. 10), marketings have been
about 135 million bushels. Out of a crop estimated at 253 million bushels,
total commercial marketings should be about 218 million bushels—a figure
which allows 40 million bushels for seed, feed, country millings and unmerohantable and for a reduction of five million bushels in the farm carryover
compared with July 31 1933 farm holdings of slightly over 11 million
bushels. This would leave 83 million bushels to come forward—an average
of about 2% million bushels a week for the remaining 37 weeks of the crop
season.
During the past 10 years, primary receipts during the first 15 weeks of
each crop year have averaged 59% of total receipts. The highest percentage
of the crop delivered during the first 15 weeks of any crop year occurred in
1929-1930, when 79% of total deliveries for the cereal year was reported by
the middle of November. The lowest percentage occurred in 1927-1928,
when only 43% of total deliveries took place during the first 15 weeks of
the crop year. During the past four crop years an average of 58% of total
rnarketings has been delivered during the first 15 weeks of the crop year.
With deliveries of 135 million bushels already made out of a prairie crop
of 253 million bushels, and with deliveries for the season estimated at 218
million bushels, it may be calculated that 62% of the total receipts has
come forward. Since threshing was retarded in Alberta, and also since many
farmers are hopeful regarding price recovery, the percentage marketed out
of the 1933 crop appears high enough to support the crop estimate.
Production of Other Grains in the Prairie Provinces.
The second estimates of the production of oats, barley, rye and flaxseed
are all lower than the first estimates released on Sept. 11. The production
of oats in the three Provinms is now placed at 181,071,000 bushels compared
with the previous estimate of 186,500,000 bushels—a reduction of about
3%. Barley shows a minor reduction of 847,000 bushels—from 48,500,000
to 47,653,000 bushels. Rye production is estimated at 3,645,000 bushels—a
32% reduction from the September estimate of 5,340,000 bushels. The light
deliveries of rye support this significant change in the estimates. The
flaxseed estimate is 11% lower than that forecasted in September, being
613,000 bushels compared with 691,000 bushels.
Distribution of United States Beet Sugar During
October Below Year Ago.
United States beet sugar distribution for the month of
October 1933 amounted to 93,700 long tons, raw sugar
value, according to a report received by B. W. Dyer & Co.,
sugar economists and brokers, from the Domestic Sugar
Bureau. An announcement issued Nov. 13 by the Dyer
firm added that this is a decrease of 3,027 tons compared
with October 1932.
Distribution for the first ten months of 1933 amounted to
1,052,576 tons, a decrease of 3,092 tons compared with the
corresponding period of last year, the announcement continued.
Nov. 18 1933
sumption of 918,000 bales of American cotton in that season was due chiefly
to a shortage of competing growths. In years when there have been normal
crops of Chinese and Indian cotton, the Chinese mills have used only 250,000
to 350,000 bales of American cotton per year. The Chinese crop this year
is reported to be one of the largest on record, and the trade is watching to
see how China can consume any large portion of the 800,000 bales of loan
cotton without neglecting its own crop.
A complication which enters into the Chinese situation is that Chinese
spinners normally •buy about 350,000 equivalent 500-pound bales of Indian
cotton, but about 40% of the Chinese spinning industry is owned by Japanese, and the Japanese-owned mills in China have joined with the mills in
Japan in boycotting Indian cotton in retaliation against the 75% duty imposed by India on imports of non-British cotton cloth. If Japan and India
do not come to terms, and the Japanese boycott on Indian cotton is continued, this would presumably lead the Japanese spinners in China to use
American cotton in part in place of Indian. But even this additional demand,
it is pointed out, would not absorb the full 800,000 bales of American loan
cotton except over an extended period.
Although the loan to China was extended by the RFC last May, it is
understood that only a relatively small portion of the cotton which China
may obtain under this credit has as yet been taken by China. It is reported
that the problem faced by the Chinese Government has been to find a market
for the cotton at prices commensurate with those paid for the cotton in this
country. To distribute the cotton on a commercial basis, the Chinese Government has had to face the competition of the private firms regularly supplying the Chinese market. By selling the cotton below current market
prices, it could take the business away from the private firms, but that
would not increase the distribution of American cotton and would merely
disrupt present trade channels.
Meanwhile, according to latest reports, the mills of Japan are adhering to
their boycott of Indian cotton pending the outcome of the conferences now
being held at Delhi between representatives of Japan, India and England.
Exports of Indian cotton from India to Japan and China in August and
September this year totaled only 53,000 bales, compared with 148,000 bales
in the same months last year and 269,000 bales two years ago. But exports
of American cotton from this country to the Orient so far this season total
726,000 bales compared with 489,000 bales to this date last season. These
returns are taken as an indication of the changes in the distribution of
cotton which may result from the Japanese boycott. The absence of demand
for Indian cotton from the large Japanese spinning interests has contributed
to a widening of the discount of Indian cotton under American.
The conferences in India have brought out the conflict of interests within
India as well as between India, Japan and England. Indian cotton growers
object to a high tariff on imports of cotton goods because of the effect on the
prices which they pay for such goods, and they fear the loss of the Japanese
market for their cotton in consequence of the high Indian duties against
Japanese cloth. Indian mills want the high tariff on cloth maintained as a
matter of protection against competition. India would be willing to lose
Its market for cotton in Japan if it could increase its sales of cotton in
compensating volume to England, and England is looking about for ways
and means to increase its consumption of Indian cotton, but both the type
of machinery in English mills and the classes of goods made by England
sharply restrict increased consumption of Indian cotton in Lancashire. Japan
as well as England has built up a national economy based on a large export
trade, and they both feel a desperate need of sharing in the large Indian
cotton cloth market as a means of providing a livelihood for their industrial.
workers.
Japanese spinners are aggressively seeking new sources of cotton to take
the place of Indian. It is reported that both the Japanese-owned mills in
China and the mills in Japan have bought substantial amounts of the new
Chinese crop, taking advantage of the fact that Chinese cotton has been
selling on an attractive price parity because of the large Chinese production
this year. They are also looking to such minor cotton-growing countries as
Turkey and Peru. They have formulated ambitious plans for developing
cotton growing in Manchukuo, although they recognize that some years will
be required to increase the production of that country from its present very
small volume. They recognize that they will need to turn to American cotton in substitution for the larger portion of the discontinued Indian staple.
Japanese spinners admit freely that it would be a costly proposition to use
the higher quality and higher priced American cotton in place of the cheaper
Indian staple, but they assert that it is preferable to make this sacrifice
than to continue using Indian cotton so long as India shuts out Japanesn
cotton cloths by high tariffs.
The Japanese, meanwhile, have announced that they will make a determined and unrelenting drive for new cotton cloth trade in all other parts
of the world to replace the business lost in India. The competitive power of
the Japanese has been demonstrated during the past one or two years by
phenomenal increases in imports of Japanese cotton goods in the Dutch East
Indies, Egypt, East Africa, Cuba and the Philippines. In numerous British
Empire markets, notably East Africa, imports of some classes of Japanese
goods have doubled or tripled during the past year, while imports of British
goods have shown negligible increases or have declined. In Belgium, which
has its own cotton manufacturing industry of sizable proportions and which
lies adjacent to the principal cotton manufacturing countries of Europe,
the Belgian manufacturers are reported to be amazed at the low prices
quoted on Japanese cotton goods. Japanese manufacturers are reported to
be arranging to establish more direct selling connections in South America.
The capture by the Japanese of an increasing portion of the important cotton
cloth trade of Manchukuo is taken for granted, as a result of the political
relationships between Japan and Manchukuo.
Cotton Trade Watching Developments in Orient—
Many Phases Regarded as Being of Major Significance to the United States Raw Cotton
Industry.
The attention of the cotton trade is being directed to conditions and possible developments in the Orient. The extension, says an announcement issued by the New York Cotton
Exchange, of a credit by the Reconstruction Finance Corporation by Which China may purchase up to 800,000 bales of President Roosevelt Lifts Stay on Provisions of Cotton
Textile Code Given Tire Makers.
American cotton, the boycott of Indian cotton by Japan, and
That the stay of provisions of the cotton textile code perthe consequent possibility that Japanese spinners may have
to buy 1,200,000 or 1,400,000 bales of American and other mitting tire fabric manufacturers to operate three 40-hour
growths in place of Indian, and the drive by Japanese to cap- shifts weekly would be terminated on Nov. 13, under an
ture cloth trade in the Near East, Africa and South America executive order of President Roosevelt, was announced on
to take the place of Indian business cut off by the high Indian Nov. 8 by the National Recovery Administration. The
tariff are only some of the phases of the situation in the NRA's announcement said that the temporary exemption
Orient which are regarded as being of major significance to from the code provision limiting machine hours to two 40hour shifts a week was originally granted by the President
the raw cotton industry in this country, the announcement
when he approved the code on July 15 and was later extended
states. Issued under date of Nov. 13, it continues:
by an order of NRA Administrator Hugh S. Johnson on
The 800.000 bales of American cotton which the Nanking Government
July 30. The announcement continued:
could buy under the 840,000,000 RFC credit for cotton purchases at the
rate of 10c. per pound is more than Chinese mills have ever consumed of
the American staple in any full season except in 1931-1932, and its con-
The companies principally affected are Firestone Tire & Rubber Co..
Goodyear Tire & Rubber Co.. United States Rubber Co.. B. F. Goodrich
Financial Chronicle
Volume 137
Rubber Co., General Tire & Rubber Co., Fisk Tire & Rubber Co., and
Dunlop Tire & Rubber Co., although the stay was intended to cover any
cotton textile mill producing tire fabric.
The stay was granted on the assertion of the tire fabric manufacturers
listed above who asserted, in their original application, that an enforced
reduction in machine hours at that time when they were compelled to work
three shifts a day for seven days a week to meet the demand would seriously
cripple their operations.
The text of the President's executive order is as follows:
EXECUTIVE ORDER.
A code of fair competition for the cotton textile industry was approved
by me July 9 1933. At that time the provision limiting machine hours
was stayed for a period of three weeks as applied to the production of tire
yarns or fabrics for rubber tires. After further hearings the Administrator
on July 30 1933, in accordance with the executive order issued by me
July 15 1933, further stayed the application of said provision of the code
pending determination by me of the issues raised by the application for
exemption from such provision of the code.
Pursuant to the authority vested in me by Title I of the National Industrial Recovery Act, approved June 16 1933, and otherwise, the application
or exemption from the machine hour provision of said code as applied to the
use of machinery in the production of tire yarns or fabrics for rubber tires
,
is hereby denied and beginning Nov. 13 1933, the above-mentioned stay
of said provision shall be terminated, and no further exemption from or
exceptions to the provision of said code shall be made except by me upon
recommendation of the Cotton Textile Industry Committee and the Administrator, or the Administrator, or as approved by me.
(Signed) FRANKLIN D. ROOSEVELT.
The White House,
Nov. 6 1933.
Approval recommended:
(Signed) HUGH S. JOHNSON,
Administrator for Industrial Recovery.
Census Report on Cotton Consumed and on Hand, &c.,
in October.
Under date of Nov. 14 1933 the Census Bureau issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles and imports and
exports of cotton for the month of October 1933 and 1932.
Cotton consumed amounted to 503,873 bales of lint and
66,838 bales of linters, compared with 499,486 bales of
lint and 76,451 bales of linters in September 1933 and 501,893
bales of lint and 63,329 bales of linters in October 1932.
It will be seen that there is an increase over October in 1932
in the total lint and linters combined of 4,489 bales, or
0.97%. The following is the statement:
OCTOBER REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
[Cotton in running bales, counting round as half bales, except foreign, which is in
500
-pound bales.]
Cotton Consumed
Miring-Year
Oct.
(bales)
United States
Cotton on Hand
Oct. 31
-
Cotton
Three
In Con- In Public Spindles
Months suming
Storage
Active
Ending Establish- & at Corn- During
Oct. 31. ments.
presses.
Oct.
(bales)
(bales)
(bales) (Number)
11933 503,873 1,591,929 1,361,190 9,474,342 25,875,142
1 1932 501,893 1,399,132 1,267,181 9,824,523 24,583,408
Cotton-growing States.- 1933 405,157 1,270,873 1,088,841 9,123,978 17,614,074
1932 414,490 1,162,251 1,011,530 9,385,648 17,088,600
New England States
1933 83,422 271,726 225,632 238,185 7,528,842
1932 72,377 197,515 210,073 231,916 6,798,816
All other States
1933 15,294
49,330
46,717 112,179
732,226
1932 15,026
39,366
45,578 206,959
695,992
Included Above
Egyptian Cotton
1933 9,558
30,011
24,277
17,675
1932 7,858
20,579
31,883
30,800
Other foreign cotton
1933 4,215
12,772
21,969
4,376
1932 4,640
12,441
15,020
4,014
-Egyptian cotton
Amer.
1933 1,125
3,170
5,831
2,542
1932 1,671
5.082
6,077
10,276
Not Included Above
f 1933 66,838 226,560 257,880
Linters
36,018
(1932 63,329 177,265 276,2821 50.865
Imports of Foreign Cotton (500-lb. Bales).
Country of Production.
October.
1933.
Egypt
Peru
China
Mexico
British India
All other
Total
3 AIos. Ended Oct. 31.
1932.
9,033
418
133
110
2,107
20
2,046
424
1,473
•
12,121
78
4,021
1933.
1932.
18,701
1,819
1,441
110
7,359
65
12,493
1,895
3,231
29.495
18,199
494
86
Exports of Domestic Cotton Excluding Linters
(Running Bales-See Note for Linters).
Country to Which Exported.
October.
3 Mos. Ended Oct. 31.
1933.
United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
1932.
1933.
1932.
173,383
152,508
112,310
206,499
34,816
16,677
65,875
230.748
22,276
23,790
7,642
209,418
106,500
97,437
246,309
28,374
22,962
56,824
202,760
13,821
17,068
6,550
419,950
318,226
238.378
468,523
79,867
42,357
177.810
575.404
54,751
54,252
16,877
363.590
293,980
208,301
604,156
74,562
53,608
128,962
364,631
59.854
29,507
12,890
Total
1,046,524 1,008,023 2,448,395 2,193.842
Note.
-Linters exported, not included above, were 6,723 bales during October in
1933 and 18,705 bales in 1932; 30,894 bales for the three months ended Oct. 31 in
1933 And 45,107 bales in 1932. The distribution for Oct. 1933 follows: United
Kingdom 2,797; Netherlands, 216; Belgium, 75; France, 1,117; Germany, 790;
Italy. 500; Austria, 2; Spain. 48; Canada, 1,171; Panama, 6: British West Indies, 1.
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 of 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.
3565
Sales of American Tires in Austria Declining-American
Products Accounting for Only 3% of Business
Transacted as Compared With 28% in 1931.
Increased domestic competition has resulted in steadily
declining sales of American tires in Austria, according to
advices to the United States Commerce Department from
Acting Commercial Attache I. H. Taylor, Vienna. In
1931, it was estimated that American tires accounted for
28% of total business in the Austrian market; this ratio had
fallen to 7% in 1932. At the present time, according to
Mr. Taylor's report, American tires account for only 3%
of the business transacted. In an announcement issued
Nov. 9, the Commerce Department added:
Sales of Austrian tires now account for 82%. Lower prices, higher
discounts and extended credit terms, coupled with the greatly improved
quality of the domestic product, have been responsible for the present
development, the report points out. Prices of American tires on the local
market are 15% higher than the other foreign makes and 35% higher than
the price of domestic tires.
The sale of British tires has also been adversely affected by the activities
of Austrian producers, the report shows. The share of both British and
French manufacturers of the total Austrian tire sales is estimated at 6%.
The latter are reported to be making every effort to improve their present
position in the market.
During the first eight months of 1933 imports of tires and tubes into
Austria were valued at 1,066,000 schillings, of which the United States
accounted for 133,000. The corresponding figures for last year were 1,989.000 and 454.000 schillings.
(Par value of schilling equals 14.07 cents, U. S. currency.)
Census Report on Cottonseed Oil Production
During October.
On Nov. 13 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on
hand, and cottonseed products manufactured, shipped out,
on hand and exported for one month ended Oct. 31 1933
and 1932:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Mills*
Aug. 110 Oct. 31.
Crushed
Aug. 110 Oct. 31.
State.
1933.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
1932.
1933.
1932.
On Hand at Mills
Oct. 31.
1933.
107,003 126,649
75.242
34,725
90,349
11,334
4,871
11,193
12,740
6,674
180,319 211,607 109,653
86,656
98,100
17,896
11,579
22,013
9,244
14,383
160,695 173,450 129,934 109,151
42,252
96,648 123,294
62,153
37,073
78,189
292,882 302,690 138,618 149,470 166,001
112,191 106.355
63,425
68,073
44,623
225,062 193,367 128,903 122,033 123,441
69,672
86,367
64,178
58,257
12,051
159,176 236,630 115,549
97,032
88,899
793,025 725,699 485,582 516,056 406,746
28,576
30,837
16,927
13.931
14,687
1932.
46,394
5.551
121,315
12,885
74.756
47,443
178,267
97,709
111,137
24,486
148,963
384,911
14,325
United States
2.254 479 2 550 151 1 402 245 1.432.032 1.073.072 1.218.142
•Includes seed destroyed at mills but not 220,938 tons and 300,024 tons on hand
Aug. 1. nor 9,768 tons and 14,761 tons reshipped for 1933 and 1932 respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND
ON HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 110
Oct. 31.
Shipped Out
Aug. 110
Oct. 31.
On Hand
Oct. 31.
Crude oil, lbs_ __ 1933-34 *51,269,417 431,980,151 358,893.328 .145,195,962
1932-33
29,523,581 437,373.835 369.459.127 134,919,144
Refined oil, lbs. 1933-34 x676,331,574 z292,339,542
x676,536.590
193243 628.420,148 289,547,179
584,771,168
Cake and meal, 1933-34
313,114
160,874
629,100
476,860
tons
1932-33
451,960
308,306
114,656
645,610
Hulls, tons
1933-34
383,634
291.887
76,686
168,433
1932-33
162,773
405,279 ,, 311,614
256,438
Linters, running 1933-34
244,801
173,472
142,115
70,786
bales
1932-33
186.831
235,521
221,308
269,998
Hull fiber. 500- 1933-34
14,694
11,082
4,597
985
lb. bales
1932-33
2.843
6,993
4,138
5.698
Grabbota,motes,
&c., 500
-lb. 1933-34
10,127
3,216
6,878
6,465
bales
1932-33
16,342
6,899
15,250
5,807
•Includes 4,274,646 and 12.922,328 pounds held by refining and manufacturing
establishments and 14.320,860 and 26,512,900 pounds in transit to refiners and
consumers Aug. 1 1933 and Oct. 311933. respectively.
x Includes 5,498,953 and 5,604.170 pounds held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments,
and 12,642,917 and 10,155,513 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, &c., Aug. 1 1933 and Oct. 311933, respectively.
z Produced from 318,539,749 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR TWO MONTHS ENDED
SEPT. 30.
Item1933.
1932.
Oil, crude, pounds
11,452
1,343,533
Oil, refined. pounds
640.839
1,282,747
Cake and meal, tons of 2,000 pounds
11,217
15,652
Linters, running bales
24.171
26,402
Petroleum and Its Products-Postponement of Price
Control by Government May Be Necessary, Ickes
Announces-Planning Committee Defends Price
Fixing Plan-Independents Voice Approval of Government Move to Establish Fixed Quotations.
Activities in Washington where the Petroleum Administrative Board will start hearings on the proposed price
schedules under the Government's plan for price-control of
petroleum products on Monday held the attention of the
oil world.
Following an extension of the time for submitting arguments for and against the proposed oil price schedules from
Nov. 15 to Nov. 25 announced early in the week, Secretary
Ickes, Oil Administrator, announced Thursday that it may
3566
Financial Chronicle
be necessary to postpone the effective date of the proposed
fixed-price list in order to permit ample time for all concerned factors to be heard.
"In announcing the price schedule on Oct. 15," Mr. Ickes
said, "the right to all interests to protest against them or
support them, in hearings, was pledged in good faith and
will be carried out accordingly.
"To do this, it may become necessary to postpone the effective date of the proposed price schedule to permit ample
time for careful study so that the consumer and the industry
alike will be fairly protected and injustice that might result
from premature action be avoided.
"If all interests of the industry and representatives of consumers' groups cannot be given a full and fair hearing by
Dec. 1, with sufficient time to enable the Petroleum Administration Board to make its findings and recommendations
to me, the schedule will be suspended to provide time for
sound action."
Many protests have been forwarded to Mr. Ickes from
producers and refiners who have asked him to prevent any
hasty or ill-considered action and these played a major role
in the decision stated in his formal announcement, it was
said. However, it will be noted that Mr. Ickes stressed that
postponement will be made only if necessary.
Prior to Mr.Ickes' disclosure of the possibility of a possible
postponement of the price-control date, the Planning and
Co-ordination Committee issued a strong defense of federal
regulation of petroleum prices and contended that the emergency conditions which led to the price-fixing order issued by
Mr. Ickes were still in existence.
The committee's statement pointed out that the theory of
the ruling was that selling below fair average cost was destructive and unfair and subversive to the objectives of the
National Recovery Act.
"We feel," the statement said, "that it should be pointed
out that gasoline has been selling below cost, and that to
put this commodity on a cost-of-supply basis some increases
in prices are unavoidable." This was in answer to spoken
and written opposition to the provisions of the plan calling
for increases in retail gasoline prices with opponents of the
move claiming that American motorists would have to pay
many additional millions of dollars in higher prices for gasoline in consequence.
Speaking at the annual convention of the Independent
Petroleum Association of America, Wirt Franklin, President
of the group, and Chairman of the Planning and Co-ordinating Committee, told its members that they must fight in
support of the price-fixing measures, holding thatitisopposed
by "only 10% of the industry."
Another development at the convention was the passage
of a resolution to be forwarded to the Petroleum Administrative Board that independent oil factors want the Planning
and Co-ordinating Committee retained as their agent in
dealing with the Administration. Reports of frictions between the two groups were denied by Mr. Franklin who said
that inasmuch as both had distinctively different duties,
there was no conflict and that an exceedingly helpful spirit
of co-operation was shown by the Petroleum Administrative
Board.
A suggestion made by Mr. Wirt at the previous session
of the convention that control of the oil industry be turned
over to the Planning and Co-ordinating Committee with
the inferred elimination of the Petroleum Administrative
Board brought forth an immediate statement from Mr. Ickes
to the effect that "he had no intention of relaxing his control
over Federal efforts to regulate an industry that had failed
to govern itself." Under present conditions the committee representing the oil industry on the code is subject
to Mr. Ickes, who enjoys wide powers under the charter.
Announcement of the Independent Petroleum Association
support of the price-fixing plan brought forth a statement
from the Independent Oil Companies' Alliance of America
denying that this committed the entire independent faction
of the industry to support of the plan.
The Petroleum Administrative Board in Washington yesterday (Friday) heard protests from Governor L. A. Miller
of Wyoming and Governor F. H. Cooney of Montana, both
charging that the proposed gasoline prices will discriminate
unduly against users in their States.
The opposition of Governor Miller to the proposed schedule
was based on an alleged "freak" grouping of States in the
schedule, his testimony disclosed. He contended that
Wyoming refiners would in consequence have to include in
their prices much higher freight charges than neighboring
•
Nov. 18 1933
States, which will result in increasing gasoline prices to
levels materially above those prevailing in other States.
Montana consumers, using gasoline refined in Wyoming
mainly, will find prices unduly advanced under the proposed
schedule, Governor Cooney contended. Current prices of
gasoline in his State, he continued, are 25 cents to 26 cents
a gallon, materially above those charged in the District
of Columbia, which is hundreds of miles away from the
refining areas.
Public hearings on the price-fixing plan in full will begin
before the Board starting Monday, and the trade expects
some extremely interesting discussions between proponents
of the move and its opponents. The majority of the major
units in the oil industry are against price-fixing. But, it
should be remembered, indications are that Secretary Ickes
and his assistants who formulate the final policies of the
oil-governing group are firmly in favor of Government
control unless the industry gives adequate proof that it
can manage its own affairs.
One important factor that is of vital interest to the oil
trade is the increasing threat to the stability of oil prices
in California from the current price war raging in the retail
gasoline market which has brought quotations down 6 cents
a gallon for all three grades marketed within slightly more
than a month.
While there were no price changes posted during the week,
trade reports that oil companies will voluntarily advance
prices before Dec. 1 to the levels set in the tentative fixedprice list issued by Secretary Ickes continue to be heard.
The allowable production in Texas was lowered to 868,412
barrels daily by the Texas Railroad Commission, effective
Thursday morning. The Federal allowable for the State
is 875,000 barrels daily. Included in the new order was a
provision prohibiting the transportation of oil from any
field in the State until the local refinery demand had been
met.
There were no price changes .posted during the week.
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Gasoline Service Station, Tax Included.
Minneapolis
$ 156
Detroit
$.185
$ 159
New Orleans
.185
193
.19% Houston
.20
Philadelphia
14
Jacksonville
203
San Francisco:
.14
Kansas City
185
.19
Third grade
Louisville
151i
.193
Above 85 octane_ .18
Los Angeles:
185
125
Premium
20
Third grade
21
.145
St. Louis
145
Standard
.21
185
Premium
.195
REFINED PRODUCTS—GASOLINE WAR ON WEST COAST
SLASHED—
AGAIN
UNABATED—PRICES
CONTINUES
MIDWEST BULK MARKETS FIRM—LOCAL DEMAND FOR
GASOLINE MODERATELY STRONG WITH PRICES STEADY.
The bitter competitive struggle for gallonage on the West
Coast continues to rage unabated with all major factors
again slashing retail prices, the third consecutive cut, posted
Wednesday, within the past month or so bringing quotations
down six cents a gallon on each of the three grades.
Originating in the southern California area, the price
war's latest development was a reduction of one cent a gallon
on first and second grades of gasoline and 1% cents on third
grade. The new prices are 153/2 cents for ethyl; 123/i cents
for standard, and 11 cents for third grade. The announcement of the cut followed by a day, the disclosure that a
representative of the Interior Department had left for
California to investigate general conditions in the State's oil
industry.
The latest cuts are effective in the chief marketing areas
of California, with the exception of the San Francisco Bay
territory where quotations are maintained unchanged. The
companies making the announcement stated that the cuts
were to meet competition.
Previously announced cuts were accompanied by warnings
from Pacific Coast oil factors that if the price cuts continued
to spread, it was increasingly probable that the weakness in
the retail gasoline market might well affect the State's crude
oil price structure unfavorably.
No such statement was made following the latest reductions
but it is held more than likely that crude oil prices must of
necessity be adversely affected unless the gasoline price
structure is strengthened.
Oil men point out that the Administration's entire program
for restoring prosperity to the petroleum industry is based
on raising prices. With prices in the California retail gasoline market continuing their slump unchecked in one of the
bitterest gallonage struggles witnessed in the industry in
recent times, the seeming unwillingness of the Administration
to take immediate steps, under the power granted it in the
petroleum code, to suppress this price-war has caused some
comment in the grade. Short Of dispatching a representative
Volume 137
Financial Chronicle
to investigate conditions in general, no official recognition
of the chaotic price conditions has been taken.
However, the closeness of the date set for Federal control
over prices is held by some factors to be a dominating factor
in the Administration's apparent blindness in this matter.
If the Government follows through its announced intention
of establishing fixed prices on Dec. 1, although this week
Ifarold L. Ickes, oil administrator, indicated that some delay
nay be necessary, the situation on the West Coast will
automatically be corrected.
Other gasoline marketing centers throughout the country
.howed continued• firmness • in both wholesale and retail
prices with sentiment in the trade aided by the impending
of Federal control of the Nation's prices for petroleum and its
products.
It is possible, however, that the industry will itself make
the necessary price adjustments to bring the price structure
within the levels which have been indicated as satisfactory
by the Administration and many factors in the industry hold
that such a move will be made before the Dec. 1 deadline.
With most of the major units in the industry co-operating
in the absorption of stocks which might have had a tendency
to send quotations in the Mid-west bulk gasoline market
. lower, a firm to strong price list was reported in this area.
Spot movements are confined mainly to routine shipments
and the majority of distributors seem to be well covered on
immediate needs. At the close of the week, demand was
sufficient to push prices slightly higher with 60-64 octane
5
gasoline quoted at 5 to 51 cents a galloon, against 4% to
4
l% cents a gallon previously.
In the local market bulk gasoline quotations were maintained largely unchanged with increasing stabilization in the
retail trade as NRA officials continue their drive on price
wars having a beneficial effect on sentiment.
The firmness of local quotations, in the face of the usual
seasonal decline in demand from consumers, is attributed
mainly to the proposed price fixing program of the Administration. Some minor concessions have been reported in
tank car offerings in the local area but these are small and
the majority of the larger marketeers are holding to the
published lists.
Opposition to some provisions of the proposed price lists
governing fuel oil prices continued strong with factors
engaged in this branch of the trade announcing their deterinination to state their objections at the public hearings
next week in an effort to eliminate the troublesome provisions.
The cold snap has increased the demand for fuel oils and
prices have reflected this in increased firmness. Marketeers
are holding bunker fuel oil, Grade C, at $1.10 a barrel,
refinery, while Diesel oil, which also was in demand, held
at $1.95 a barrel, refinery.
Kerosene has also benefited from the colder weather and
with consumption rising, refiners report a more active demand
for spot deliveries. Water-white 41-43 kerosene is firmly
maintained at 5% to 5% cents a gallon refinery, tank car
lots.
Price changes follow:
-All major factors in the southern California
Nov. 15.
marketing area
cut retail prices of gasoline from 1 to I% cents a gallon. New service
station quotations are 153 cents a gallon for Ethyl; 12X cents for standard
and 11 cents for third-grade.
-Mid-Continent bulk gasoline was moved up to 5 to 5% cents
Nov. 17.
a gallon from 4% to 4% cents a gallon previously quoted.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery.
New York:
Chicago
3.0214-.033 I New Orleans,ex_ -- -$.03 X
(Bayonne)-$.05 X-05Si I Los Ang.,ex
.040(-.06
Tulsa
04%-.03%
North Texas
.03
Fuel 011, F.O.B Refinery or Terminal.
N. Y.(Bayonne):
California 27 plus D
Gulf Coast C
.95
31.10
Bunker C
3.75-1.00 I Chicago 18-22 D_ .42X-.50
Diesel 28-30 D__ - 1.95 New Orleans C
.80 Philadelphia C
.85
Gas Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne):
IChicago:
Tulsa
3.01X
28 plum! G 0...8,03%-.04 I 32-36 G 0
$.01
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
N. Y.(Bayonne):
N. Y.(Bayonne):
Chicago
3.05-.053
Standard Oil N.J.:
Shell Eastern Pet.S.0675 New Orleans,ex_ .04-.04Si
Motor. U. S..$.07
New York:
Arkansas
.04-.043
62-63 octane- _ .0625
Colonial-Beacon __ 0650 California
05-07
vStand. 011 N. Y__ .07
:Texas
0675 Los Angeles. ex_ .04 SI-.07
Tide Water Oil Co .07
Gulf
0625 Gulf ports_ _ __ .06,4-.07X
:Richfield 011(Cal.) .07
Republic Oil
0650 Tulsa
05-.053(
Warner-Quin. Co_ .07
Sinclair Refining_ 063-1 Pennsylvania_ _ .05X
:Richfield "Golden." z"Fire Chief." $.07. v Long Island City.
Crude Oil Output Again Falls Off-Total for Week
Ended Nov. 11 1933 is 65,200 Barrels Daily under
the Quota Allowable by Secretary of the Interior
Ickes-Inventories of Gas and Fuel Oil Stocks
Decreased.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Nov. 11 1933 was 2,273,300 barrels, 65,200 barrels below
3567
the allowable figure effective Oct. 1 1933 which has been set
by Secretary of the Interior Ickes. The current figure compares with 2,300,750 barrels per day produced during the
week ended Nov.4 1933, a daily average of 2,341,700 barrels
during the four weeks ended Nov. 11 and an average daily
output of 2,134,350 barrels during the week ended Nov. 12
1932.
Inventories of gas and motor fuel stocks declined 1,273,000 barrels during the week, or from a total of 129,041,000
barrels at Nov. 4 to 128,041,000.barrels at Nov.'11 1933.
In the preceding week inventories were increased by 701,000
barrels.
Further details, as reported by the American Petroleum
Institute, follow:
Imports of crude and refined oil at principal United States ports totaled
462,000 barrels in the week ended Nov. 11, a daily average of 66.000 barrels
compared with a daily average of 92.607 for the last four weeks.
Receipts of California Oil at Atlantic and Gulf ports totaled 438.000
barrels for the week, a daily average of 62,571 barrels, against a daily
average of 78,214 over the last four weeks.
Reports received for the week ended Nov. 11 from refining companies
controlling 92.4% of the 3,616,900 barrel estimated daily potential refining
capacity of the United States, indicate that 2,084.000 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. 28,417.000 barrels of gasoline
and 128,041,000 barrels of gas and fuel oil. Gasoline at bulk terminals,
in transit and in pipe lines amounted to 20,225.000 barrels. Cracked
gasoline production by companies owning 95.1% of the potential charging
capacity of all cracking units, averaged 443,000 barrels daily during the
week.
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels)
:Federal
Actual Production
Agency
Allowable Weck End. Week End
Effective
Nov. 11
Nov. 4
Oct. 1.
1933.
1933.
Oklahoma
Kansas
495,000
116,000
Average
4 Weeks
Ended
Nov. 11
1933.
Week
Ended
Nov. 12
1932.
498,250
107,350
429,3C0
104,300
479,600
109,400
397,300
95,650
39,000
57,350
23,850
119,800
43,150
399,700
56,1100
39,750
45,250
57,150
23,750
120,500
44,700
467,850
65,950
44,400
44.150
56,050
23,600
122,100
44,400
453,550
67,500
45,350
45,950
47,550
25.100
154,500
49,400
350,950
26,750
52,300
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not incl.
Conroe)
99,900
965,000
105,650
107,550
110,700
878,500
975,200
964,250
863,200
25,350
50,550
Total Texas
26,250
49,350
25,950
49,000
30,450
37,600
North Louisiana
Coastal Louisiana
Total Louisiana
70,000
75,9C0
75,600
74,950
68,050
Arkansas
33,000
Eastern (not Incl. Michigan)
94,200
Michigan
30,000
Wyoming
30,050
Montana
6,450
Colorado
2,400
New Mexico
41,400
California
455,000
32,700
92.750
29,300
29,600
6,950
2,500
41,900
477,600
32,550
101,400
29,850
30.200
7,000
2,500
41,950
470,900
32,750
97,400
29,550
30,050
6,800
2,450
41,950
472.550
33,900
103,650
21,450
35,100
6,100
2,750
31,500
475,700
Total
2338.500 2.273_300 2.300.750 2.341.700 2.134,350
These allowables 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.
Note.
-The figures indicated above do not include any estimate of any oll which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED NOV. 11 1933.
(Figures in Barrels of 42 Gallons Each.)
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_ _
No. La.
-Ark_ _
Rocky Mountain
California
Total.
582,000 582,000 100.0
150,800 139,700 92.6
436,600 425,000 97.3
462,100 379,500 82.1
274,400 165.100 60.2
537,500 527,500 98.1
162,000 162,000100.0
82,600
76,500 92.6
80,700
63,600 78.8
848,200 821,800 96.9
Dally OperAverage. ated.
416,000
91,000
292,000
219,000
83.000
392,000
85,000
49,000
34,000
423,000
Motor
Fuel
Stocks.
Gas and
Fuel ou
Stocks.
71.5 14,497,000 8,847,000
992,000
65.1 2,085,000
68.7 7,160,000 6,165,000
57.7 5,385,000 4,240,000
50.3 1,287,000 1,793,000
74.3 5,175,000 6,897,000
52.5 1,284,000 1,994,000
64.1
226,000
601,000
53.5
838,000
727,000
51.5 14,305,000 95,785,000
Totals week:
Nov. 11 1933_ 3,616,900 3.342,700 92.4 2,084,000 62.3 652242000 128,041,000
Nov. 4 1933_ 3,616,900 3,342,700 92.4 2,119,000 63,4 51,992,000 129,314,000
a Below are set out estimates of total motor fuel stocks in U. S. on Bureau of
Mines basis for week of Nov. 11, compared with certain November 1932 Bureau
figures:
A.P. I. estimate on B. of M.basis, week Nov. 11 1933
54,040,000 barrels
A. P. I. estimate on B. of M. basis, week Nov. 4 1933
53,790,000 barrels
U. S. B. of M. motor fuel stocks, Nov. 1 1932
50,919,000 barrels
U. B. B.of M. motor fuel stocks, Nov. 30 1932
51,054,000 barrels
b Includes 28,417,000 barrels at refineries, 20,225,000 at bulk terminals, in
transit, and pipe lines, and 3,600,000 barrels of other fuel stocks.
Petroleum Planning Committee Defends Oil Price
Fixing as Needed to Establish Stability in Industry-Denies Policy Will Add Huge Sums to
Companies' Incomes
-Gasoline Advance Termed
Unavoidable.
A vigorous defense of the principle of price fixing in the
petroleum industry was made on Nov. 12 by the Planning
3568
and Co-ordination Committee, set up under the oil code.
A statement issued by the Committee, replying to attacks
against the price fixing schedules which are to become effective Dec. 1, after a public hearing, labeled as "misleading"
arguments that price fixing will add huge amounts to incomes
of oil companies. The statement said:
"We feel that it should be pointed out that gasoline has been selling considerably below cost; and that to put this commodity on a cost of supply
basis some increases in prices are unavoidable," the Committee stated.
"It is not to be supposed, however, that such increases represent added
net income to the oil companies. In the main these increases will merely
make up losses due to below cost selling. For this reason, published estimates of huge increases in oil company earnings are misleading the public
and should be corrected."
Remarking that the order by Secretary Ickes on price
fixing "is not a tentative recommendation," the statement
of the Planning Committee declared that it "has in all
respects the effect of law, except in so far as the schedules
may be modified as a result of hearings before the Petroleum
Administrative Board." The Committee stated:
The principle on which the order is based is in our opinion not to be
affected by these hearings. By reference to the Oil Administrator's order
it will be observed that it is based on the fact that an emergency exists and
that this emergency requires the action taken by the Administrator to
correct existing abuses and prevent further demoralization.
The theory of the order is that selling below fair average costs is destructive
and unfair competition and subversive of the objectives of the National
Recovery Act. In addition to the authority of that Act the order is also
justified by the prohibition of the Clayton Act against selling below cost.
During the impending hearings and under the operation of the order,
any inequities that develop can, and, of course, will, be corrected.
It should be emphasized that the price schedules put into effect are not
in any sense permanent either as minimum or maximum of the future,
and that free price competition above the recommended minimum prices
will continue to exist.
The immediate effect of the Administrator's order will be to end price
wars which have heretofore occurred even where production was under
strict control; and the operation of the order as a whole, taken together with
the Administrator's effective measures for the control and movement of
production, limitation of imports, refinery runs, and withdrawals from storage, will be to establish stable and more satisfactory conditions throughout
every branch of the industry.
The Committee is of the opinion that in so far as it may be called upon
to do so, it can amply justify the recommendations it has made as to cost
recovery schedules.
Various subcommittees of the Planning and Co-ordination Committee,
and the regional committees, are making assiduous efforts to clarify misunderstandings, provide interpretations of all sections of the code, and in
these respects, as well as to measures of enforcement, great progress has been
made in overcoming difficulties to be expected in such an undertaking as
the execution of the Recovery Act and the code imposed upon the industry.
The Committee understands its main objective to be one of wholehearted
co-operation with the Administration in carrying out to the fullest extent
the purposes of the Recovery Act.
It should be emphasized, however, that under the code and the terms of
its promulgation by the President, the industry continues to be selfgoverning.
There is no desire or intent to evade the responsibilities nor to surrender
the privileges inherent in this status.
Secretary Ickes Rejects Plan Suggested by Wirt Franklin for Vesting Oil Industry Control in Planning
Committee.
Wirt Franklin, President of the Independent Petroleum
Association of America and Chairman of the Planning and
Co-ordination Committee enforcing the oil code, on Nov. 13
urged oil men to appeal to Secretary Ickes that control of the
industry be vested completely with the Committee. Mr.
Ickes, as Oil Administrator, replied on the following day that
he had no intention of relaxing his control over Federal
efforts to re-establish an industry that had failed satisfactorily to govern itself. Mr. Franklin had made his appeal
in an address at Tulsa, Okla., where he was re-elected by the
independent group. In his statement in reply, Secretary
Ickes said:
It is the intention of the 011 Administrator to conserve the powers delegat ed to him by the President and to exercise those powers whenever there is
necessity for so doing in the interest of the industry.
I may say also that up to the time that the oil code was adopted the oil
industry had all the opportunity in the world to be such a self-governing
industry as Mr. Franklin now says that it ought to be. I doubt whether
he represents any considerable sentiment in the oil industry itself if he
advocates a return to the state of confusion, of cutthroat business methods,
of undercutting of prices, of selling crude oil below the cost of production.
of gasoline price wars, from which the oil industry suffered when it was a
"self-governing industry."
"Metal and Mineral Markets" for November 16 Reports
that Domestic Quotations for Metals Steady as
Dollar Continues to Move Downward.
The downward movement of the dollar in terms of gold
nearly obliterated all other factors that enter into the marketing of non-ferrous metals. Even developments in connection with the copper code exerted little influence on the
situation. Traders, in view of the world-wide unsettlement
in monetary units, were more disposed to sit tight than take
a position one way or the other. Sentiment favored higher
prices under the circumstances, but the actual movement
of goods has not yet improved,and to discount the future was
deemed too hazardous. Copper sold at moderately higher
Nov. 18 1933
Financial Chronicle
levels, contrasted with the week previous, but the advance
was caused chiefly by the threat of foreign bidding for metal
in the form of either scrap or virgin copper. Lead was steady
on moderate activity, with zinc firmer in tone. Tin advanced
sharply on the uplift in sterling exchange. Platinum was
raised to $38 per ounce, in sympathy with gold. Silver
touched 45e. per ounce, a new high for the movement. The
same publication says:
Copper Sells at 8 Ws c.
The fall in the dollar has temporarily removed selling pressure from the
market for copper, and, with at least some progress on the copper code,
inquiry has improved. Sales for the week came close to 4,500 tons, a fair
total contrasted with recent weeks. The market opened the week (Thursday) with sales on the basis of Sc. per pound, delivered Connecticut, prompt
and nearby shipment. On Friday, Nov. 10, sales were reported at prices
ranging from 8c. to Vic., with market quotably unchanged on Saturday.
By Monday the minimum at which sales were reported was 8.20c.,delivered,
though most sellers held out for 83.4c. The week closed with business reported on the basis of nic.
Deputy Administrator King spent both Tuesday and yesterday in New
York to confer with producers in an effort to hasten the adoption of the
copper code. Most of the divergent views have been ironed out, and it was
generally felt that producers and custom smelters now stand apart on only
one important point—namely, sales quotas. This, of course, is a serious
bone of contention and in some quarters it was felt that little short of pressure from Washington could bring about a speedy settlement
The copper statistics for October were much in line with expectations.
United States stocks declined by about 8,000 tons, bringing the total held
here down to about 520.000 tons. Stocks abroad increased moderately,,
so that the so-called world stocks at the end of October amounted to 633,000
tons, against 638,500 tons a month previous. United States production
during October came to 33.500 tons, about half of which was produced from
secondary sources.
A summary of the copper statistics circulated privately in the industry,
covering the months of August, September and October, in short tons, follows:
Aug.
Sept.
Oct.
Produclion—
33,500
33,000
32,500
United States
63,500
62,500
63,500
Foreign
Totals
Deliveries—
United States
Foreign
96,000
95,500
97,000
47,500
55,000
37,500
.000
67
36.500
58,000
102,500
104,500
94,500
Totals
653,000
638.500
633.000
World stocks x
x Copper held by producers credited with about 90% of the world's production, and includes metal stored for account of fabricators.
Stocks of copper, refined and rough, in British official warehouses at the
beginning of November totaled 32,544 long tons, against 33,352 tons a month
previous.
Fair Sales of Lead.
Demand for lead last week was fair, with prices unchanged at 4.30c., New
York, the contract settling basis of the American Smelting & Refining Company,and 4.15c.. St. Louis. Although the total sales volume WM somewhat
less than an average week's business, it represented a distinct improvement
over the preceding seven-day period. Much of the buying consisted of
small lots for prompt or nearby delivery, tactics indicative of purchasing to
cover immediate requirements. Battery manufacturers were the principal
buyers, with tin-foil interests also acquiring a fair tonnage. The lack of a
more active consumer interest in the metal was generally ittributed to widespread uncertainty concerning the financial policy of the national administration. Furthermore, the view was expressed that, following the heavy
buying of lead several weeks ago, some recession in sales volume was to be
expected.
Sales of lead for November shipment, according to statistics circulating
In the industry, already total about 28,200 tons, which figure compares
with about 28,500 tons for the entire month of October. Sales for December shipment have reached about 10,300 toils.
Zinc Market Firmer.
Owing chiefly to the fact that sellers now believe that the uncertainty
injected into the situation by the producers of ore in the 'Fri-State District
has been removed, the market for zinc developed an improved tone, and
prices were easily maintained on the basis of 4.50c. per pound, St. Louis.
for Prime Western. A moderate business was transacted almost daily,
covering prompt as well as December-January deliveries. Late in the
week several sellers were not at all anxious for further business covering
January at prevailing quotations. The moderate upturn in steel operations, as disclosed in the' weekly report of the American Iron and Steel
Institute, was construed as a favorable development.
Tin Irregular.
Marked irregularity in prices, as a result of wide movements In sterling
exchange, was the outstanding feature of the tin market last week. At
the beginning of the seven-day period the price level stood at about 53c.,
buy by Monday a 53.75c. basis prevailed. On Tuesday sales were made
at 55c., and at yesterday's close the metal was nominally quoted at 56c.,
the highest quotation since January 1928. Despite these sharp changes
in price level, a fair volume of business was transacted each day up until
yesterday, when rapidly rising prices drove buyers out of the market.
An increase in the price of tin plate on Dec. 1 is generally expected,
inasmuch as rolling mills have recently received some sizeable orders
against 1934 requirements of tin-plate consumers. Capacity operations of
tin-plate mills will continue throughout the remainder of the year, according to reports in the trade.
Chinese tin, 99%, prompt shipment, was quoted as follows: Nov. 9,
51.50c.; 10th, 51.90c.; 11th, 51.50c.; 13th, 52.25c.; 14th, 53.45c.; 15th,
54.00c.
American Tin Consumption Shows Large Increase—
United States Accounted for 16,900 Tons of Total
World Increase of 18,000 Tons.
Increased American consumption of tin, which for the 12
months ended August 1933 was 48% greater than for the
full year 1932, has accounted principally for the gain in
world consumption this year, according to the latest statistics prepared by The Hague statistical office of the International Tin Research and Development Council. • An
announcement issued with regard to the statistics continued:
Volume 137
Financial Chronicle
Total world consumption for the 12 months ended Aug. 31 1933 amounted
to 118,000 tons, an increase of 18.000 tons over 1932. and of this increase
the United States contributed 16,900 tons.
At the same time European consumption increased by approximately
1,600 tons, and of this amount France contributed 1,300 tons. Increases
in consumption were also recorded by Russia, Germany, the Netherlands.
Italy, United Kingdom, Sweden. Norway, Denmark, Poland and Japan.
Decreases in consumption took place in British India, Canada, Belgium,
Spain. Czechoslovakia and Switzerland.
Of the principal tin consuming industries, the tinplate industry, during
the 12 months ended August 1933, used 44,400 tons of tin, an increase of
7,400 tons or 20%,as compared with the amount used during the year 1932.
The tinplate industry in the U. S. A. it is stated, shows an increase
of 36%,in Germany of 34%,in France of 31%, whereas the tinplate industry in the United Kingdom remained much on the same level.
Steel Production Sustained by Moderate Pick-up in
Orders, Says "Iron Age"
-Current Operations at
About 26% of Capacity-Prices Unchanged.
Steel production has apparently struck at least a temporary
resistance level, reports the "Iron Age" of Nov. 16. Public
works awards are heavier, automotive steel requirements
have improved moderately, and export business has picked
up, especially in tin plate, but the combined gains have not
been sufficiently large to foreshadow a material increase in
mill operations,continue the "Age," further adding:
While the scheduled rate of ingot output at the beginning of this week
was 27.1% of capacity, as compared with 25.2% a week previous, reports
of current operations assembled by the "Iron Age" reflect no perceptible
change in production, present engagement at 26% of capacity being identical with this publication's estimate for last week. In the Valleys the ingot
rate has risen five points to 30% and at Buffalo it has advanced three points
to 24%, but there have been declines of two points to 27% at Chicago, one
Point to 17% in eastern Pennsylvania and seven points to 25% in the
South. The Pittsburgh, Wheeling and Cleveland rates remain unchanged
at 21, 38 and 40% respectively.
Releases of full-finished sheets for Chevrolet bodies have helped sustain
operations at Lake Erie mills and in the Valleys. However, the automobile
industry will not get into volume production on new models until late in
December and is not expected to buy additional steel in quantity before
January or February. Similarly impending orders from the railroads for
rails and rolling stock are not likely to affect steel output materially during
the remaining weeks of this year.
Steel releases from miscellaneous consumers are holding up fairly well,
although adversely affected by seasonal influences in some instances. A
large export order for delivery prior to Ian. 1 will enable a leading producer
of tin plate to continue capacity operations through the rest of the year.
Public works awards have taken a real spurt. Structural steel lettings, at
35,825 tons, are the largest since the first week in May and the third largest
for this year. Among outstanding awards are 9,000 tons for approach
spans for the Golden Gate bridge at San Francisco, 8,000 tons for the West
Side elevated highway, New York, and 5,000 tons for a dam at Canton.
Mo. While most of the tonnage placed during the week was for public
projects, a notable exception was 3,000 tons awarded for a mill building
of the Tennessee-Eastman Corp. at Kingsport, Tenn.
Lettings of sheet steel piling total 3,000 tons and plate awards 2,600 tons.
Chicago is in the market for 2,945 tons of cast iron pipe. San Francisco has
approved a bond issue for water main extensions requiring 18,000 tons of
steel plates and 30,000 tons of cast iron pipe.
No action has yet been taken on large-scale railroad purchases except by
the Pennsylvania, which has asked for bids on 159,000 tons of steel on
Nov. 23. Included are 100,000 tons of 112 to 152-1b. rails, 31,000 tons of
tie plates, 3,500 tons of spikes, 6,800 tons of joint bars, 600 tons of steel
wheels, and 4,500 tons of plates, shapes, bars and sheets. Deliveries are
wanted throughout the entire year 1934. The steel code bars deliveries
beyond a given calendar quarter and, while it is probable that this provision
will be amended so far as rails and track supplies are concerned, there is a
serious question as to whether such a change will be made with reference to
other materials. The Pennsylvania's inquiry for plates, shapes, bars and
sheets is evidently intended as a test of the code.
Advances in pig iron prices for first quarter are regarded as a possibility
in view of increased costa. No changes in steel prices are looked for except
on tin plate.
Scrap is dull and weak, although devoid of major changes in prices. The
"Iron Age" scrap composite is unaltered at $10 a gross ton. The pig iron
and finished steel composites are also unchanged at $16.61 a ton and 2.015c.
a lb. respectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Nov. 14 1933, 2.0150. a Lb.
Based on steel bars, beams, tank plates
2.0150. wire, rails, black pipe and sheets.
One week ago
2.0360. These products make 85% of the
One month ago
I.9480. United States output.
One year ago
High.
Low.
2036c. Oct. 3
1933
1.867c. Apr. 18
1 977o. Oct. 4
1.926o. Feb. 2
1932
2.037o. Jan. 13
1.945o. Dec. 29
1931
22750. Jan. 7
2.0180. Dec. 9
1930
2.3170. Apr. 2
1929
2.2750. Oct. 29
2.286e. Dec. 11
1928
2.217o. July 17
2.4020. Jan. 4
2.212c, Nov. 1
1927
Pig Iron.
Nov. 14 1933, 816.61 a Gross Ton. Based on average of basic Iron at Valley
$16.61 furnace foundry irons at Chicago.
One week ago
18.61 Philadelphia, Buffalo, Valley. and BirOne month ago
13.59 mingham.
One year ago
High.
Low.
$16.71 Aug. 29
1933
$13.56 Jan, 3
14.81 Jan. 5
1932
13.56 Dec. 6
15.90 Jan. 6
1931
14.79 Dec. 15
18.21 Jan. 7
1930
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap.
Nov. 14 1933, $10.00 a Gross Ton. (Based on No. 1 heavy melting steel
One week ago
$10.00i quotations at Pittsburgh. Philadelphia.
One month ago
10.541 and Chicago.
One year ago
7.461
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 Dee. 29
1930
15.00 Feb. 18
11.25 Dec. 6
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
3569
This week completes the 90-day trial period set for the
steel industry's code, with the steel works operating rate
about 24%, compared with 51% when the President signed
that document, stated the magazine "Steel" of Cleveland
on Nov. 13. This publication further reported as follows:
Despite this loss, however, steelmakers are convinced real progress has
been made, and that the groundwork has been laid for a more rapid rise
when present seasonal influences have run their course. The rate of decline
Is slower. A year ago at this time the rate was 20%, and falling to a yearend low of 12%.
Steadying factors are more apparent this year, and may overcome much
of the seasonal inertia. With stocks in general consumers' hands still
heavy, only moderate buying is expected for actual requirements over the
remainder of the year. First specifications for new automobile models are
being released, and as the month progresses they will provide better mill
schedules.
Railroad buying is beginning to assume larger proportions. Co-ordinator
Eastman's announcement that most of the 844,000 tons of Government
financed rails should be allocated within two weeks may lead to early
rolling of a substantial portion.
The Pennsylvania is taking bids, as a formality, Nov. 23 on 100,000 tons
of rails and 57,000 tons of accessories. New York New Haven & Hartford
has announced its intention to take 35,000 tons of rails and track fastenings;
Boston & Maine, 30,000 tons; Rock Island, 26,400 tons, and Maine Central, 10,000 tons.
The Pennsylvania also is to proceed immediately with construction of
500 automobile box cars, starting its program for 7,028 new freight cars.
Award of freight cars in October increased to 514 from 23 in September;
for the first ten months awards of 1,611 compare with 1,687 last year and
30.797 in 1930.
New construction projects are restricted almost entirely to public works,
interspersed with a few breweries. The number of Federal-aid jobs coming
out for bids is increasing steadily, but steel awards so far are comparatively
small; for the week they were down to 7,055 tons.
Strikes in Eastern shipyards are interfering with plate orders and fabrication. For nine coast guard patrol boats 1,350 tons of plates have been
awarded; and for 48 pontoons and pipe for Government work at Memphis.
Tenn., 1,150 tons. Award of 6,550 tons of iron and steel pipe has been
made for Cleveland watermains. Los Angeles has placed 2,915 tons of
cast pipe.
Iron and steel producers are cognizant of a strong feeling at Washington
against further price advances on heavy materials, and are not disposed
to take a contrary attitude. Some interests, especially pig iron sellers, are
preparing to open books for first quarter Dec. 1, which will require them
to file prices Nov. 20. Eastern iron producers are contemplating an advance, though in other districts it is believed the present state of the market
will not support a general increase, either in iron or steel. Cast pipe prices
have been raised $5 a ton.
Pig iron shipments this month are moderately ahead of those in the
comparable period in October, due to melters' intentions to take out practically all fourth-quarter tonnage. Demand for scrap is quiet, and prices
easier.
Discontinuing its monthly report of unfilled tonnage, obviously because
under code restrictions against selling ahead it no longer accurately reflects
demand, the United States Steel Corp. is issuing instead a report on actual
shipments, the October tonnage being 512,897 tons, down only 18% from
the July peak.
October was the third consecutive month of the decline in steel ingot
production, the daily average-81.225 gross tons
-being 8.6% below September, and lowest since May. Total output for the month was 2,111.842
tons; and for the ten months this year 19,516,437 tons, 71% more than
In the period last year.
Steel works operations in the past week in the Detroit district dropped
18 points to 37%;Youngstown, 11 to 21; New England,5 to 75; Birmingham
5 to 20; Chicago,2 to 29; Pittsburgh. 2 to 23; eastern Pennsylvania, 34 point
to 1834. They remained unchanged at 38% at Wheeling and 21 at Buffalo.
Cleveland advanced 10 to 46. The national average was 24%, down 1
point.
"Steel's" iron and steel composite remains $31.59; finished steel. $49.20;
while the scrap composite is off 42 cents to $9.62.
Steel ingot production for the week ended Nov. 13, is
placed at about 253/3% of capacity according to the "Wall
Street Journal" of Nov. 15. This was unchanged from the
preceding week. Two weeks ago the rate was 29%. The
"Journal," added:
U. S. Steel is estimated at 23%,compared with 24% in the previous week
and with 27% two weeks ago. Independents are credited with 2734%,
against a shade under 2634% in the week before, and 30% two week ago.
The following table gives the percentage of production in the corresponding week of the previous year, together with the approximate change from
the week immediately preceding.:
Industry.
1933
1932
1931
1930
1929
1928
1927
2534
19 - Ig
31 + Si
43
73 -434
8234-334
67 -1-1
U. S. Steel.
23 -1
18 + 34
31 -334
4734
75 -5
80 -5
71 +2
Independents.
2734+1
20I4- Ig
31 +2
41
72 -3
84 -3
64
Production of Bituminous Coal Declined During Week
Ended Nov. 4 1933-Anthracite Output Off 347,000
Net Tons -This Sharp Decrease Being Due in
Part to the Observance of "Mitchell Day."
According to the United States Bureau of Mines, Department of Commerce,estimates show that the total production
of bituminous coal during the week ended Nov. 4 1933 was
7,015,000 net tons, a decrease of 365,000 tons, or 4.9%,
from the output of the preceding week. The current figure
also compares with 7,300,009 tons produced during the week
ended Nov. 5 1932 and with 7,771,000 tons in the corresponding period in 1931.
Anthracite production in Pennsylvania during the week
ended Nov. 4 1933 is estimated at 726,000 net tons. The
sharp decrease, 347,000 tons, was due in part to the occur-
Financial Chronicle
3570
rence of "Mitchell Day," which is observed as a holiday in
the hard-coal fields. The average daily rate for the five
active days, however, was lower by'18.8% than that for
the preceding week. Production during the week of Nov. 5
1932, amounted to 894,000 tons.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Calendar Year to Date.
Week Ended
Nov. 4
1933.c
Oct. 28
1933.d
Nov. 5
1932.
1932.
1929.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS)a
Week Ended
State.
Oct. 21
1933.
Oct. 29
1932.
Oct. 22
1932.
Oct. 31
1931.
oa. 1923
Acerage.a
187,000 184,000 190,000 178,000 197,000
398,000
Alabama
81,000
91,000 104,000 113,000 123,000
88,000
Arkansas dr Okla
137,000 145,000 152,000 126,000 168,000
217,000
Colorado
880,000 829,000 744,000 868,000 952,000 1,558,000
Illinois
334,000 317,000 300,000 326,000 301,000
Indiana
520,000
64,000
75,000
64,000
80,000
60,000
116,000
Iowa
161,000
Kansas and Missouri 134,000 118,000 119,000 140,000 122,000
764,000
Kentucky-Eastern _ 670,000 665,000 692,000 726,000 662,000
168,000 149,000 183,000 247,000 190,000
238,000
Western
26,000
45,000
26,000
29,000
35,000
30,000
Maryland
10,000
11,000
8,000
14,000
8,000
28,000
Michigan
51,000
53,000
70,000
56,000
57,000
82,000
Montana
29,000
58,000
23,000
27,000
23,000
34,000
New Mexico
49,000
58,000
68,000
45,000
69,000
North Dakota
36,000
404,000 419,000 353,000 393,000 400,000
Ohio
817,000
Pennsylvania (bit.). 1,595,000 1,390,000 1,878,000 1,820,000 1,922,000 3,149,000
76,000
59,000
94,000
78,000
58,000
188,000
Tennessee
14,000
15,000
15,000
12,000
15,000
26,000
Texas
59,000
57,000
91,000
76,000
121,000
83,000
Utah
173,000 167,000 185,000 202,000 211,000
Virginia
231,000
25,000
25,000
35,000
38,000
51,000
68,000
Washington
West Vs.--South_b_ 1,580,000 1,568,000 1,637,000 1.725,000 1,682,000 1,488,000
532,000 464,000 376,000 422,000 525,000
Northern_c
805,000
108,000 115,000 115,000 111,000 117,000
Wyoming
184,000
2,000
5,000
2,000
4,000
Other States
5,000
4,000
Total bitum. coal_ 7,380.000 7,030,000 7,475,000 7,850,000 8,100,000 11,310,000
Penn. anthracite_ __ _ 1.073.000 1.090,000 1,001.000 1.367,000 1,309,000 1,968,000
Total coal
Shipments of Anthracite Declined During October 1933.
Shipments of anthracite for the month of October 1933, as
reported to the Anthracite Institute, amounted to 4,146,978
net tons. This is a decrease, as compared with shipments
during the preceding month of September, of 74,949 net
tons, or 1.78%, and when compared with October 1932,
shows a decrease of 623,329 net tons, or 13.07%. Shipments
by originating carriers (in net tons) are as follows:
Month of-
1933.
Bitum. coal
-a
Weekly total 7,015,000 7,380,000 7,300,000 271,897,000 247,843,000 446,294,000
Daily aver_ _ 1,169,000 1,230,000 1,217,000 1,044.000
952,000 1,712,000
Pa. anthra.-b
Weekly total 726,000 1,073,000 894,000 40,700,000 40,304,000 61,156,000
158,100
Daily aver_ _ 145,200 178,800 149,000
158,500
237,500
Beehive coke
604,600 5,711,000
19,100
659,800
13,200
Weekly total
19,500
2,509
2,299
3,183
21,715
Daily aver_ _
2,200
3,250
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
c Subject
Sullivan County, washery and dredge coal, local sales, and colliery fue
to revision. d Revised.
Oa. 28
1933.
Nov. 18 1933
8,453,000 8,120,000 8,478,000 9,217,000 9,409,000 13,278,000
a Figures for 1931 and 1923 only are final. b Includes operations on the N.& W.
C. dr 0., Virginian, K. & M. and the B. C. & G. c Rest of State, including
Panhandle.
Oct. 1933. xSept.1933 x0c1. 1932. Sept. 1932
Reading Company
Lehigh Valley RR
Central RR.of New Jersey
Delaware, Lackawanna & Western RR
Delaware dr Hudson RR. Corp
Pennsylvania RR
Erie RR
N. Y. Ontario & Western RailwayLehigh & New England RR
Tiltai
902,281
729,645
315,395
464,682
454,115
482,403
432,508
164,837
201,112
838,981 1,091,899
743,411
751,215
359,855
367,471
579,206
527,129
481,572
493,454
386,633
539,319
477,196
564,051
146,766
236,998
228,307
198,771
714,666
530,318
321,497
427,499
440,054
404,771
425,010
241,547
158,921
_ 4.148.078 4_221.027 4.770.307 2 11114 9R1
* Revised.
40,000 Striking Anthracite Miners Return to Work
After Assurance that National Labor Board Will
-Fact-Finding Committee
Investigate Conditions
Named by Senator Wagner.
The strike of 40,000 anthracite coal miners was ended on
Nov. 13, when the men returned to work on assurances that
the National Labor Board would investigate conditions in
the strike area. The strikers were all members of the United
Anthracite Miners of Pennsylvania, a union opposed by the
United Mine Workers of America, and their demands
included the recognition of their organization by the coal
operators. Senator Robert F. Wagner, Chairman of the
National Labor Board, announced on Nov. 13 the personnel
of the fact-finding committee that will make an investigation
and report to the board. The members of the committee
were listed as follows in a Washington dispatch to the New
York "Times":
The committee consists of Charles P. Neill, for 25 years umpire of the
Anthracite Conciliation Board, Chairman; Dr. Elmer F. Andrews, New
York State Commissioner of Labor. and Dr. Hugh S. Hanna, editor of the
"Labor Review," United States Department of Labor.
Chairman Wagner explained that the Commission was appointed in
accordance with the National Labor Board's decision to establish a factfirding committee to make the fullest investigation on all complaints about
-Barre-Scranton area.
conditions and practices in the Wilkes
"The conditions which we laid down seem to have been fulfilled," he
said. "Picketing and other actions preventing men from returning to work
have been discontinued. The orders to the facbtinding commission are
to start at once, to complete their task as rap/dly as possible and to report
to the board. They will hold hearings in the anthracite area."
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. 15, as reported by
the Federal Reserve banks, was $2,577,000,000, an increase
of $13,000,000 compared with the preceding week and of
$372,000,000 compared with the corresponding week in 1932.
On Nov. 15 total Reserve Bank credit amounted to $2,564.000,000, an
increaie of $22,000,000 for the week. This increase corresponds with
Increases of $67,000,000 in member bank reserve balances and $2,000.000
in unexpended capital funds, non-member deposits, &c., offset in part by
an increase of $27,000,000 in Treasury currency, adjusted, and a decrease of
$19.000,000 in money in circulation.
The System's holdings of discounted bills, of United States Treasury notes,
and of Treasury certificates and bills show little change for the week, while
holdings of bills bought in open market increased $8,000.000 and of United
Stated bonds $2,000.000
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's explanation 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. 15, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 3641 and 3642.
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.
-non-member banks," and "Special deposits
3. "Special deposits
member banks," representing the amount of segregated deposits received
member and non-member banks.
from
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. 15 1933, were as follows:
Lillis discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (4-) or Decrease (-)
Since
Nov. 151938. Nov.8 1933. Nov. 18 1932.
$
111,000,000 -1,000,000 -196,000,000
15,000,000
+8,000,000
-20,000,000
2 432,000,000
+2,000,000 +581,000,000
-10,000,000
6,000,000 +13,000,000
TOTAL RES'VE BANK CREDIT_ _2,564,000,000 +22,000,000
Monetary gold stock
4 322,000,000 -1,000,000
Treasury currency adjusted
1 930.000.000 +27,000,000
+356,000,000
+38,000,000
+1,000,000
Money in circulation
5854,000,000 -19,000,000
Member bank reserve balances
2,645,000,000 +67,000,000
Unexpended capital funds, non-member depoelt. &t.t
+2,000,000
518,000,000
+25,000,000
+245,000,000
+128,000,000
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 $32,000,000, the total of these
loans on Nov. 15 1933 standing at $707,000,000, 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 $626,000,000 to
$595,000,000, but loans "for account of out-of-town banks"
increased from $106,000,000 to $109,000,000, while loans
"for account of others" decreased from $7,000,000 to
•
$3,000,000.
CONDITION OF WEEKLY REPORTINb MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Nov. 15 1933. Nov. 8 1933. Nov. 16 1932.
$
$
6,754,000,000 6,778.000,000 7,026,000,000
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
3,393,000,000 3.428,000,000 3,381,000,000
1,624,000,000 1,657,000,000 1,555,000,000
1,769,000,000 1,771,000,000 1,826,000,000
3,361,000,000 3,350,000,000 3,645,000,000
2 231,000,000 2,231,000,000 2,576,000,000
1 130,000,000 1,119,000,000 1,069,000,000
Reserve with Federal Reserve Bank__ 829,000,000
39,000,000
Cash in vault
796,000,000 1,026,000,000
36,000,000
44,000,000
Net demand deposits
Time deposits
Government deposits
5,180,000,000 5,169,000,000 5,558,000,000
774,000,000 775,000,000 910,000,000
428.000,000 446,000,000 205.000,000
Due from banks
Due to banks
77,000,000
85,000,000
79,000,000
1 179,000,000 1,179,000,000 1,444,000,000
Borrowings from Federal Reserve Bank.
Loans on 'mein. to brokers & dealers
595,000,000
For own account
For account of out-of-town banks__ _ _ 109,000,000
3,000,000
For account of others
626,000,000
106,000,000
7,000,000
326,000,000
12,000,000
6,000,000
707,000,000
739,000,000
344,000,000
Total
On demand
On time
Loans and investments—total
460,000,000 477,000,000 189,000,000
247,000,000 262,000,000 155,000,000
Chicago.
1,197,000,000 1,213,000,000 1,131,000.000
676,000,000
681,000,000
659,000,000
338,000,000
338,000,000
341,000.000
340,000,000
369.000,000
290,000,000
521,000,000
532,000,000
472,000,000
311,000,000
210,000,000
323,000,000' 280,000,000
209,000,000 192,000,000
378,000,000
36,000,000
372,000,000
36,000,000
279,000,000
16,000.000
1,051,000,000 1,047,000,000
339,000,000 350,000,000
48,000,000
44,000,000
882,000,000
323,000,000
26,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
181,000,000
273,000,000
171,000,000
265,000,000
230,000,000
318,000,000
Borrowings from Federal Reserve Bank..
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. 8, with comparisons for
Nov. 1 1933 and Nov. 9 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. 8.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on Nov.8 shows decreases for the week
of $30,000.000 in investments, $122,000,000 in net demand deposits and
$33,000,000 in reserve balances with Federal Reserve banks,and an increase
•of 1125,000,000 in time deposits.
Loans on securities declined $9,000,000 at reporting member banks in the
New York district and $14,000,660 at all reporting member banks. "All
other" loans increased $13,000,000 in the New York district and $14,000,000
at all reporting banks.
Holdings of United States Government securities declined $45,000.000 in
the New York district, $7,000,000 in the Boston district and $17.000,000
at all reporting banks, and increased $32,000,000 in the Chicago district.
Holdings of other securities declined $6,000,000 in the Boston district,
$5,000,000 in the Chicago district and $13,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $21,000,000 on Nov. 8,the principal change for the week
being a decrease of$4,000.000 at the Federal Reserve Bank of San Francisco.
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 $916,000,000 and net demand,
time, and Government deposits of $929,000,000 on Nov. 8, compared with
$916,000,000 and $923,000,000. respectively, on Nov. 1.
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. 8 1933, follows:
3571
Financial Chronicle
Volume 137.
Increase (+) or Decrease (—)
Since
Nov. 9 1932.
Nov. 1 1933.
Nor. 8 1933.
$
$
$
—30,000,000 —263,000.000
Loans and investments—total_ __ A6,719,000,000
Loans—total
On securities
All other
8,593,000,000
3,590,000,000
5,003,000,000
—14,000,000
+14,000,000
Investments—total
—396,000,000
—181,000.090
—215,060,600
8,126,000,000
—30,000,000
+133,000,00G
U.S. Government securities____ 5,147,000,000
2,979,000,000
Other securities
—17,000,000
—13,000,000
+152,000.000
—19,600,000
1,878,000,000
226,000,000
—33,000,000
+26,000,000
+73,000,000
+36,000,00)
10,531,000.000
4,495,000,000
999,000,000
—122,000,060
+25,006,000
—13,000.000
—267,000,000
—171.000,000
+562.000.000
1,154,000,000
2,676,000,000
—82.000,000
—39,000,000
—356,000,000
—431.0010000
21,000.000
—3.000,000
—49.000.000
Reserve with F. R.banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R.banks
Canadian Government Not to Increase Tax
on Gold Production.
The Canadian Government has not considered the question
of increasing taxation on domestic gold putput, according to
a statement last week by W. A. Gordon, Canadian Minister
of Mines, who was reported as follows in an Ottawa dispatch
published in the "Wall Street Journal" on Nov. 10:
"The question of increasing taxation on Canadian gold production has
never been•discussed by the Government," said W. A. Gordon, Minister
of Mines. "Our taxation on gold is on a sliding scale and the dearer the
gold the greater the revenue. It is highly improbable there will be any
change, and certainly not if revenue and business conditions improve or
even remain as they are."
Dollar Depreciation in Terms of Canadian Currency
Results in Saving on Interest Payments by Canadian Provinces.
The depreciation of the United States dollar in terms of
Canadian currency has resulted in a marked saving in interest
payments to New York by Canadian municipalities and provinces, according to the Montreal "Star" on Nov. 15. The
article, as quoted in Canadian Press advices, said:
At the City Hall it was stated to-day that the saving on interest payments to New York in the coming year is such that, provided the exchange
situation with New York remains in its present position, the city need
not worry even if the pound sterling goes to $6. The saving, compared
with six months ago on American exchange, will more than compensate
for any loss that may be entailed on London exchange.
Quebec Province has something like $54,000,000 of bonds on which
interest is payable in New York or Montreal funds at holder's option.
Interest on a greater part of this falls due within two months. The city
of Montreal has about $4,000,000 coming into this category.
Canada Considers Imposition of Dumping Duties on
Imports from This Country if United States Dollar
Continues to Fall.
The possibility of invoking a dumping duty on imports
from the United States into Canada if the margin between
the currencies of the two nations grows wider is being considered by Canadian authorities, according to Canadian
Press advices from Ottawa on Nov. 16, which read as follows
The gyrations of the United States dollar are viewed here with mixed
feelings. The situation affords some measure of relief to Canadian debtors
whose bonds are owned in the United States; but, on the other hand, one
consequence is the lowering, to the exact extent of the depreciation, of the
tariff protection at present afforded to Canadian industrialists.
In Government circles the dollar's movements are closely followed. It
was indicated to-day that if the margin between the currencies of Canada
and the republic broadens out much more the Government will invoke
the power it already possesses under the Customs Act and impose a dumping duty on imports from the United States. Up to the present no such
duty has been collected, nor have instructions been issued so to do.
Whether governmental action will take the form of fixing a proclaimed
value for the United States dollar and collecting as a "dump" the difference
between this and its depreciated value remains to be seen.
Montreal Stores Use United States Currency
for Change.
From Montreal Nov. 10 the New York "Journal of Commerce" reported the following:
Montrealers were to-day greeted with a sight long unfamiliar in this
city as stores began passing out United States currency as change with
purchases. With American funds at a discount here for the first time
since Great Britain abandoned the gold standard on Sept. 211931. tradesmen were even anxious to get rid of these bills. As a result of this an order
went out to all Canadian postmasters not to accept United States currency.
The instructions apply to 13,000 postoffices throughout the Dominion.
London Protests to Paris on Surtax—Reprisal Said
to Be Threatened Unless 16% Impost Is Lifted
Within Month—American Goods Exempt.
The Franco-British trade controversy, which has been
dragging along since last spring, has finally come to a climax,
said a wireless message, Nov. 15, from Paris, to the New
'York "Times," which went on to say:
It is reported in Paris today that Great Britain has formally requested
the suppression of the 15% surtax against British goods on account of the
depreciation of the pound, with a threat that if it is not suppressed within
a month reprisal in the form of a surtax against French goods will be taken.
Financial Chronicle
3572
Nov. 18 1933
Whether such a threat has been made cannot be verified. Laurent Eynac,
Premier Sarraut Declares France "Knows No Fear"
the French Minister of Commerce, will go to London soon to talk the matter
But Is Ready to Conduct Conditional Negotiations
over with the British authorities.
with Germany—Chamber of Deputies Votes Consurtax
It was reported last spring the French had promised to suppress the
fidence in Government — Strength of Nation
in return for the £30,000,000 loan made by British banks to the French
Forbids Dictation, Premier Asserts.
awl
Treasury, but nothing came of the matter then.
Premier Albert Sarraut on Nov. 14 told the French ChamWhat the British chiefly complain about is the fact their goods are paying
a surtax while American exports, despite the depreciation of the dollar, are
ber of Deputies that France is willing to negotiate directly
paying none. Until recently the French have been able to argue the dollar
with Germany on questions outstanding between the two
had not depreciated as much as the pound, but now it has depreciated more.
nations if the subjects of dikussion remain within the sphere
It is believed this fact has brought the question to an issue.
The British also point out that during the depreciation of the franc in
of France's existing international relationships. At the
1925 they did not apply a surtax on French goods.
same time he declared that France "does not know fear,"
In authoritative quarters it is admitted that Great Britain has a good
and possesses materials and a military strength that will
argument on the first count, which has now forced upon the French the
alternatives of placing such a tax on American goods or suppressing it
prevent anyone from "dictating to her." Following the Prealtogether.
mier's address and speeches by many others present, the
However, it is not as simple as it seems, because the French know very
Chamber voted by 545 to 11 to support the Government, and
well what sort of impression such a surtax would make at Washington at
then voted 395 to 194 on an issue of equal security and disthe very time the question of importing French wines, brandies and liquors
Is coming up. In American circles here it is taken for granted that it has
armament. A copyright dispatch of Nov. 14 to the New York
been only for that reason that the French Government has hesitated even
"Herald Tribune" described the debate as follows:
this long.
Premier Sarraut, taking part in the concluding debate on foreign policy,
The French answer to the British is that, in the first place, only about
rejected emphatically the suggested alternatives of a "preventive war" and
one-sixth of British imports are subject to the French surtax, and, secondly,
an armaments race. At the present moment, he said, France is "sufficiently
that the situation in France in 1925 was very different than the present
situation in Great Britain. French prices then were rising so fast that a . strong to make herself respected, and she will not disarm except on certain
conditions and in return for guarantees already specified."
surtax was unnecessary. Moreover, the French, despite their surtax, have
an unfavorable balance of Vade with Great Britain.
Confidence Votes Given.
It is therefore believed France will either contest the British request or
H. Sarraut's speech, which was followed by two separate votes of the
ask some compensation for the abolition of the surtax. The question of trade
Chamber expressing confidence in his Cabinet, made it clear that any direct
with Great Britain is so vital to France that it is felt some sontion must
talks with Germany could not, in the view of the French Government, include
be reached.
representatives of the Reich alone, but must take place in the presence of
spokesmen for other Powers.
By stipulating that such talks must remain within the sphere of France's
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian international engagements, he barred discussion of the Polish Corridor, which
concerns France's ally, Poland, or of the position of Austria, which concerns
banks for Sept. 30 1933 with the figures for Aug. 30 1933 this country's Little Entente allies (Czechoslovakia, Rumania and Jugo1932.
and Sept. 30
slavia).
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
Emphasizing the contention that France's role must be to remain calm
CANADA.
and keep Germany from obtaining a "panicky decision," the Premier promised that France would assist in the drafting of a disarmament convention.
Assets.
Sept. 30 1933. Aug. 30 1933. Sept. 301932.
He said France could not disarm further unless reciprocal supervision of
armaments was instituted by the nations.
Current gold aqd subsidiary coin—
In Canada
Elsewhere
$
38,946,846
9,940,117
$
39,210,166
9,893,095
$
38,518,922
16,960,836
Total
48.886,963
49,103,264
55,479,261
127,204,249
10,022
132,065,608
11,335
112,385,913
10,196
127,214.267
132,076,944
112,396,111
11.709,159
19,172,422
78,872,591
8,814,291
21,561.507
75,350,383
9,517,518
16,899.296
90,012,317
Dominion notes—
In Canada
Elsewhere
Total
Notes of other banks
United States 44 other foreign currencies_
Cheques on other banks
Loans to other banks In Canada,secured,
Including bills rediscounted
Deposits made with and balance due
from other banks in Canada
Due from banks and banking correspondents in the United Kingdom
Due from banks and banking correspondents elsewhere than in Canada and the
United Kingdom
Dominion Government and Provincial
Government securities
Canadian municipal securities and British, foreign and colonial public securities other than Canadian
Railway and other bonds, debs. dr stocks
Call and short (not exceeding 30 days)
loans in Canada on stocks, debentures,
bonds and other securities of a sufficient marketable value to cover---Elsewhere than In Canada
3ther current loans & dIsc'ts in Canada_
Elsewhere
Loans to the Government of Canada
Loans to Provincial Governments
Mans to cities, towns, municipalities
and school districts
son-current loans, estimated loss provided for
teal estate other than bank premises
dortgages on real estate sold by bank
lank premises at not more than cost.
less amounts (If any) written off
gabilities of customers under letters of
credit as per contra
3epocits with the Minister of Finance for
the security of note circulation
3eposit In the central gold reserves....
Bares of and loans to controlled cos..
)ther assets not included under the fore
going heads
Total assets
3,512,236
3,637,815
3,566,885
23,081,638
21,059.960
13,936,989
62,304,386
66,400,218
87,130,791
663,157.371
645,879,870
494,202,066
162,141,482
55,690,262
165,079,205
55,161,161
152,166,403
52.874,237
110,030,403
126,022.212
904,822.716
146,908,111
105,035,628 114,954.355
95,193.231
97,465,670
884,771,869 .003,044,855
150,633,828 158,984.914
17,234,456
19,702,127
22,193,954
108,497,738
121,517,701
116,621,877
14,277.970
8,002,391
6,266,010
14,440,210
7,964,919
6,298,374
13,456,511
7.610,487
6.284,693
78,680,072
78,840,219
79,924,670
47,971,795
96,723,561
48,266,924
6.493,975
20,681,732
13,245,903
6,487,469
20,681.732
13,183,520
6.594,208
23,081,732
13.150,936
1,548.277
1,499.957
1,489,931
2,868.426,639 2,819,371,597 2,798,935,182
14a612fifes. .
cotes In circulation
141,055,653 129,291,890 133,241,528
lalance due to Dominion Govt. after de15,898,370
40,142,812
72,071,216
ducting adv. for credits, pay-lists, gm.
23,000,000
44,344,000
40,744,000
Idvances under the Finance Act
31,867,029
27,407,844
lalance due to Provincial Governments
27,474,878
)eposits by the public, payable on demend in Canada
491,783,798 483,842,674 480,662,806
)eposlts by the public payable after no1,372,184,120 1,372,713,533 1,359,389,475
dee or on a fixed day In Canada
reposits elsewhere than In Canada
296.878,318 297,709,537 307,144,396
mans from other banks in Canada, secured, including bills rediscounted_ _
)eposits made by and balances due to
14.214,283
10,348,208
other banks in Canada
12,205,531
)ue to banks and banking corespond4,848.818
5487,797
4.845,696
ents in the United Kingdom
Elsewhere than in Canada and the
48.909,942
33,358,722
United Kingdom
30.446,515
1,554,600
1.905,673
2,164.532
iills payable
48,266,924
46,723,561
47,971,795
,etters of credit outstanding
2,165,764
2,127,631
labilities not incl. under foregoing heads
2,157,526
720,174
2,966.361
nuidends declared and unpaid
643,818
162,000,000 162.000,000 162,000,000
eat or reserve fund
144.500,000 144,500,000 144,500,000
Capital paid up
2.849,087.452 2,804,370.248 2,778,384,155
Total liabilities
Note.—Owing to the omission of the cents in the official reports, the footings
in the above do not exactly agree with the totals given.
Peace lVish Proclaimed.
In the resolution which the Chamber voted, in closing the debate, there
were two sections. One proclaimed France's desire for peace, determination
to remain within the League of Nations, and intention to retain and
strengthen present bonds with other nations. This was approved by 545
votes to 11. The other section expressed approval of the Cabinet's declaration looking toward international solidarity to bring about security by means
of supervised and guaranteed disarmament. The vote on this was 395 to 194.
Thus, while only the Communists in the Chamber opposed the policy of
remaining in the League and maintaining close understandings with Poland
and the Little Entente, the Right and Center groups went on record as
disapproving further disarmament negotiations.
"The result of the German plebiscite last Sunday had been foreseen,"
Premier Sarraut said, in the course of his speech, which aroused long applause. "It merely strengthens France's desire for peace. Certainly, France
will less to-day than ever abandon the League and the disarmament conference. In addition, she will try to retain there her allies and associates,
who appear at the moment to be hesitating a trifle."
In the present situation of the disarmament conference, the Premier said,
the only reliance can be upon an agreement of the United States, France,
Great Britain and Italy to a convention which Germany would, it was to be
hoped, accept if the Reich really desired peace.
"Germany," the Chamber had been told previously by Joseph Paul-Boncour, the Foreign Minister, "has been upset by an internal revolution, and
the forces there upon which our policy of rapprochement reckoned have
been crushed. This fact we cannot fail to recognize."
German Reichsbank Now Buying in Open—Purchased
28,000 Reichsmarks Bonds in First Week of
November.
From its Berlin Bureau the "Wall Street Journal" of
Nov. 10 reported the following:
The long awaited open market operations of the Reichsbank got under
way during the first week of November, during which time the bank
purchased bonds to the total of 28,000 reichsmarks. Banking circles had
expected that a larger total:would be shown in the initial purchases.
The banking syndicate which was formed in October 1932 to purchase
tax notes will be dissolved now that the Reichsbank has begun operations
in the open market. The syndicate has a total of 330,000,000 reichsmarks
invested in these notes and the Reichsbank has offered to exchange them
against Reich Treasury 4% 23 -year notes at 97%%•
In publishing the above the "Wall Street Journal" said:
The new open market policy is designed to revive the capital market
in Germany and thus enable the Government to assist business on the
road to recovery. In operating the policy, the Reichsbank will go into
the market and buy not only Government and municipal bonds, but also
high grade mortgage and probably also industrial bonds.
Unstable Reichsmark Would Be Costly.
Stability of the reichsmark is held here not to be threatened by the
resumption of open marketloperations by the Reichsbank. Dr. Hjalmar
Schacht, President of the Reichsbank, and high Government officials
have every intention of maintaining reichsunark stability. This has been
their most important task for many months past, and stability is needed
now in order that the new policy of the Reichsbank may not prove too
costly.
Market conditions in recent months have precluded new issues. The
Reichsbank authorities believe thatIbuying of comparatively small amounts
of bonds, say 100,000.000 or 200,000,000 reichsmarks—will be sufficient
to change the bond market tendency. With the Reichsbank lending aid
legally to the bond market, it is believed any further decline can be checked
and buying by speculators will be enough to send prices higher.
According to Reichsbank officials, Germany will run no chance of inflation by this purchasing of some.few hundred millions reichsmarks of
Financial Chronicle
Volume 137
bonds. During the summer of 1931 the Reichsbank was forced to grant
German savings banks discount credits amounting to approximately
1,000,000,000 reichsmarks in order to counteract withdrawals of deposits.
These credits had to be prolonged until after the summer of 1932, but during
the last 12 months they have been largely repaid and amount to only about
100,000,000 reichsrearks at the present time.
Has Money Been Used?
German banking authorities believe that the money thus repaid can be
used now for the bank's new open-market policy, but students of the
German financial situation express some doubts about the reality of the
sums alluded to, maintaining that they have already been employed in
recent rediscounting of public works bills upon a large scale.
Outstanding credits of the Reichsbank are now greater than they were
a year ago, as the following table shows:
Gold and
Derisen.
Sept. 23 1933
Sept. 23 1932
Sent 23 1031
Rm402,000,000
928,000,000
1.672.000.000
Reichsbank
Credits
Outstanding.
Rm3021000,000
2,782,000,000
3.137.000.000
German
Currency
Circulation.
Rm5272000,000
5,483.000,000
5.817.000.000
The figures prove that a considerable amount of central-bank credit is
still outstanding despite last year's repayments. The real danger facing
the Reichsbank is that it may have to discount further large amounts of
public works bills. This danger explains the new open market policy,
which would be unnecessary if public works could be financed by longterm issues.
I* Despite the Reichsbank's rediscounting, its situation cannot be compared with that existing in the great inflation period of 1920-23. In
those years Germany had an enormous deficit which it covered by discounting Treasury bills. At present the deficit is small. Expenditures
for public demonstrations and Nazi festivals, &c., are covered by new
taxes and voluntary contributions which are being paid by even the poorest
workers.
French Balance of International Payments in 1932.
Estimates of current transactions in the French balance
of international payments showed a debit balance in 1932 of
4,815,000,000 francs, while capital and gold movements
showed a credit balance of 4,770,000,000 francs, according to
a report received in the Finance and Investment Division
from Commercial Attache H. C. MacLean, Paris. The Department, in making this known, on Nov. 13, added:
The estimates of the French balance of payments, prepared annually by
Pierre Meynial, indicate that in 1932 the net income from tourists' expenditures was approximately 3,000,000,000 francs; net freight and shipping receipts were 2,000,000,000 francs; interest and dividends yielded 1,600,000,000 francs net; and insurance and transit trade about 300,000,000
francs net. The aggregate of these net receipts was 4,815,000,000 francs
less than the total of the net payments of 10,015,000,000 francs on merchandise transactions, net immigrant remittances of 1,200,000,000 francs, and
net Government overseas payments of 500,000,000 francs.
The total net imports of capital are estimated at 22,430,000,000 francs.
The foreign exchange holdings of the Bank of France were reduced from
20,600,000,000 francs to 4,222,000,000 francs, and those of the French
Treasury from 1,783,0000,000 francs to 317,000,000 francs. England repaid
part of her 1931 credit. American securities were sold by many French
holders, short-term money sought security in France, and a small volume of
French bonds was repurchased abroad. The net imports of gold were
17,660,000,000 francs, leaving the net credit of capital and gold movements
as 4,770,000,000 francs.
The difference between the net debit balance in current accounts and the
net credit balance in capital and gold movements is 45,000,000 francs,
which covers unestimated items, errors and omissions.
President von Hindenburg Asks Unanimous Vote in
Support of Chancellor Hitler and "Peace, Honor
and Equality"—Delivers Closing Campaign Address, and Declares Germans Wish Only Peace,
But Must Demand Equal Treatment from Other
Nations.
The campaign of the Hitler Government for approval
of its policies at Geneva and for the election of an all-Nazi
Reichstag was concluded with a radio address broadcast
throughout Germany on the night of Nov. 11 by President
Paul von Hindenburg, who appealed for a unanimous vote
for "peace, honor and equality." The President denied
that Germany has warlike intentions and declared that
while the nation was determined to defend its honor, it
desired a "true and lasting peace." He reminded his
audience that he himself had fought in three campaigns and
that he wns well acquainted with the horrors of war. No
one in Germany wants political issues settled by force, he
asserted. President von Hindenburg explained that Germany's withdrawal from the Disarmament Conference at
Geneva and from membership in the League of Nations was
not intended to hamper the cause of friendly understanding,
but was meant as a demonstration that the differentiation
between armed and unarmed States must be ended. "Understanding and true peace," the President said, "can be
achieved only on the basis of equality. Let your votes
to-morrow be a profession with me and with the Chancellor
for the principle of equality and for peace with honor.
Show the world that we have again found ourselves, and
by the grace of God are determined to hold fast for German
unity." President von Hindenburg's radio address, as
cabled from Berlin on Nov. 11 by the Associated Press,
follows:
3573
German Men and Women:
At this hour, which decides the vital questions of Germany's present
and future, may I be allowed to address a few words of warning to you.
I and the Government of the Reich, united in the will to get Germany
out of the disruption and weakness of post-war years, summon the German
people to decide to-morrow on its own vote and to proclaim before the
entire world whether you approve our principles and Our policy and make
It your own.
Many years of weakening of this unity lie behind us. Thanks to the
courageous, strong and positive leadership of Chancellor Hitler and his
colleagues. Germany has refound herself and again has the strength to
follow the path dictated her by National honor and her future.
For the first time after the year's disruption, the German people is to
stand before the world as a united nation, united in the will for peace,
but also united in the demand for honor, equality and the respect of others.
Work and reconstruction internally; peace, honor and equality externally; these are the principles whereupon Germany wishes to erect
firmly her State and her life.
It is a lie, it is a vilification if the outside world imputes warlike intentions to us. We mean to defend our honor, but we also desire and
yearn for true and lasting peace.
For he who, like me, has survived three campaigns, the horrors of war
cannot desire a new war and will regard the maintenance of peace as a
most serious duty toward the German people and the entire world. Nobody in Germany desires a conflict of force.
The Government of the Reich has, through the mouth of its Chancellqr, solemnly stated that we sincerely desire understanding. His
report expressed our readiness joyfully to agree to every real disarmament
of the world and even to our complete disarmament as long as other nations
do the same.
We want peace with all our hearts, but a peace of honor and justice.
We left the Disarmament Conference of the League of Nations not in
order to demonstrate against the idea of peaceful understanding between
the nations, but to show the world the existing methods differentiating
between victors and vanquished, between armed and disarmed States,
between free and unfree nations, must cease to prevail.
You. German comrades, now are summoned to declare your views on
this policy of honor and peace.
To-morrow the entire German nation must proclaim it is united for
the following of National honor in its demand for equality of rights and
at the same time for true permanent peace. All Germans must to-morrow
loudly and positively announce that Germany henceforth never again
must be treated as a second-class nation.
Therefore I appeal to all German men and women to show to-morrow
Your National unity and your co-operation with the Government.
Understanding and true peace can be achieved only on the basis of
equality. Let your votes to-morrow be a profession with me and with
the Chancellor for the principle of equality and for peace with honor.
Show the world that we have again found ourselves and by the grace of
God are determined to hold fast for German unity.
Industry Stops for an Hour in Germany as Chancellor
Hitler Delivers Final Pre-Election Appeal—Asserts
Reich Will No Longer Be "Bootblack" and Demands Equality in the Councils of the Nations—
Says His Goal Is Peace, But that Outsiders Must
Not Meddle in German Affairs.
A final appeal to the German nation to support his policies
at the polls on Nov. 12 was broadcast by Chancellor Adolf
Hitler in a radio address on Nov. 10 heard by an audience
estimated at 50,000,000 persons. All work stopped in
factories and offices during the hour in which Chancellor
Hitler delivered his final pre-election appeal, and his words
were heard by the workers of the nation as well as by persons
in their homes. The Chancellor addressed his speech
primarily to the working classes, whom he asked to support
the Government in its fight to obtain equality for the
Reich in the councils of the nations. He again declared
that the world could no longer dictate to Germany, and
in repeating his demands for German equality he said that
the Reich was willing to attend any conference, but only
as an equal. Germans will no longer act as "bootblacks"
or inferiors, he asserted. We quote from a Berlin dispatch
of Nov. 10 to the New York "Times" regarding the principal features of Chancellor Hitler's address:
Dwelling on the familiar slogan,"Honor, peace and equality," Chancellor
Hitler began by telling of his emergence from the humble ranks of the
workers. It entitled him, he said, to talk freely, frankly and intimately
with other workers.
There were references to the Reich's foreign policy, as when the Chancellor declared in concluding:
"We are ready to take part in any conference and co-operate in any
International agreement—but only if equal rights are accorded us. In
my private life I have never pushed myself into upper social circles that
did not want me or did not regard me as an equal. In such a case I should
have no use for them—and the German nation has quite as much strength
of character.
"We are not taking any interest anywhere in the capacity of bootblacks, of a second-rate nation. No—either equal rights or the world
will not see us again at any international conference!"
In the very opening of the speech and again later the Chancellor stressed
that he himself had come from the common people; that he was still of
and with them and understood and could speak with authority for them.
But he claimed this following with unusual emphasis on himself—
It was not "the movement" but his own ideas and aspirations that he
impressed upon his hearers. It was as the supreme and autocratic lead
that he addressed the German nation.
He made it clear that, in his opinion, holding out for achieving an international status of equality for Germany was not a mere matter of sentiment
but essential for the country's economic reconstruction.
"I should be a liar were I to hold out a promise of economic betterment to the German people without at the same time insisting that equality
among the nations be at last accorded to this people," he said.
What militated against Germany's just claim to equality. Herr Hitler
declared, was the pernicious notion abroad of a National struggle between
nations, which he said was an error analogous to that of the class struggle
that he had set himself the task of stamping out in Germany.
3574
Financial Chronicle
"Moreover, international discord is being propagated by certain welldefined special interests," he continued. "The tiiernational clique is
at home everywhere and nowhere—persons now living in Berlin, to-morrow
in Prague, and the day after in Paris or London, without roots anywhere,
have egged on one nation against another. The trouble-makers are these
International gypsies."
Deprecates Theories.
The Chancellor deprecated mere theories.
"What is the use of them in dealing with unemployment?" he asked.
"Would these millions be any happier if I proclaimed new theories? They
want work and bread."
Herr Hitler was similarly scornful of the intelligentsia.
"It was not the intellectuals, the educated classes, that heartened me
to tackle this gigantic task—it was the German worker and peasant, as
I knew them," he asserted. "And these I also knew from the beginning
would become the bedrock of the new Reich—then the intellectual workers
would join us spontaneously."
The Chancellor disavowed any personal ambition.
"Do I need official honors?" he exclaimed. "My title of recognition
is the reputation I have made for myself out of my own strength."
He claimed personal credit for the reported reduction of the unemployed in Germany from 6,200,000 when he took office to 3,700,000 now,
disregarding the incidence of seasons.
"For nine months that is some performance," he said. "Am I to keen
on restoring work and bread to the German people? I can do so, but
only if I am to keep on. I can only do so if Germany enjoys tranquillity
.
and peace, which it can do only on the basis of an international status of
equality."
Reiterates Will to Peace.
With the utmost emphasis Herr Hitler reiterated his will to peace.
"Can any one really credit me with the madness of wanting another
war?" he asked. "I do not know how many of the foreign statesmen
went through the war as soldiers—I did! I know what war is. But of
those who now lead the agitation against Germany and traduce her, there
is not one who has ever heard the whistle of a bullet.
"In the nine months of my Government I have not executed a single
measure calculated to affront a single foreign statesman or foreign nation.
"The German people have but one desire—to obtain salvation after
their own fashion. We are not interfering in the affairs of others—let
them not mix in ours.
"But my sincerity is called in question. What, I ask, must I do in
order to be believed?"
At all events, the Chancellor declared, "at such a juncture" one must
be adamant and not yield an inch of one's right. He scornfully turned
against those who would belittle the issue of National honor.
"If they ask, 'What is this National honor?' I answer, 'My workers,
in this case it means equality of rights, and equality of rights is a precondition for being able to stand up for one's vital interests.'
"If the world intends to continue to issue dictates it will not get my
signature. And if the world should say,'We are forced to take this course
because we cannot trust you,' then I answer,'When has the German people
ever broken its word?"
"Kept Word Too Faithfully."
"Alas, it has all too often kept its word too stubbornly and faithfully.
If in the World War we had not so doggedly stuck by our allies, perhaps
Germany would have fared better."
Although he chose a factory for his platform and repeatedly referred
to the German workmen as his intimate audience on this day, Chancellor
Hitler was of course addressing the whole nation.
A very large part of the nation was listening to his final appeal, in homes
as well as at innumerable public and semi-public loud speakers, provided
on an unprecedented scale for this occasion.
"Against the machinations of the international clique I oppose the professions of the German people and my own personal declaration, hence
this last call for action on Nov. 12," the Chancellor declared.
"For ages the outside world could count on finding allies in Germany
itself. First, there were the traitors who coldly betrayed their people,
then mutually warring parties and philosophies. Now I may assure our
opponents that they have no more allies in Germany.
"For centuries Germany sought its destiny in disunion. I think that
we shall now try our luck with union, that we shall try to weld an indissoluble and united community.
"I have no interest in intellectuals or in the bourgeois or proletariat.
My sole concern is with the whole German people—and this people I
wish to exhibit before the whole world on Nov. 12 as it really is. Let the
world then realize that what I have said here is the utterance not merely
of one man, but the entire people support it."
Elaborate preparations were made to insure an opportunity for every person in Germany to hear Chancellor
Hitler's speech. IncijIent thereto Berlin advices of Nov. 10
to the New York "Herald Tribune" said:
Howling sirens on the big Siemens electrical plant in North Berlin at
the stroke of one this afternoon gave the signal for the beginning of the
moment of silence ordered by the Nazi Government as a prelude to the
leader's final appeal to his countrymen before next Sunday's plebiscite.
Pedestrians Pause for Salute.
The whistles of factories over all the land and of ships at sea took up
the call, and immediately the wheels of industry throughout the Reich
stopped, vehicular traffic was brought to a halt, and pedestrians stood
in their tracks, reverently bared their heads and raised their arms in the
Fascist salute.
This moment of compulsory silence was ordered by the Nazi ruler as
a demonstration to impress the world that Hitler had arrayed all Germany
as one man behind him in his fight for National equality in the brief period
of nine months that he has been at the helm of the State.
Loud Speakers Carry Message.
Thirty million workers in factories and shops and another 20,000,000
in homes and on the streets are estimated to have heard the Chancellor's
speech. Loud speakers mounted in the public squares or placed outside
relpaurants and hotels in all cities, towns and villages brought the message
of the Nazi leader to the public.
Children listened to the words of the Chancellor in their classrooms.
In addition, his speech was rebroadcast in the United States, Great Britain,
South America and India.
Hitler spoke for nearly an hour in the dynamo hall of the SiemensSchuckert plant, surrounded by machines, pipes, wires, turning lathes
and dynamo coils—one of the world's greatest industrial works.
Workers Make Up Time Lost.
For once, only a few brown shirts were to be seen in the audience which
the plant; most of his hearers were workers clad in
listened to Hitler at
Nov. 18 1933
blue overalls. They,.like other factory workers over all the Reich, were
forced to work an hour overtime this evening to make up for the time
they consumed in listening to the Chancellor's election propaganda.
Hitler wore a gray jacket over his brown uniform, and black riding
boots as he took his stand on a table placed in the middle of the vast hall,
under the glare of four big calcium lights.
The demonstration was stage-managed with consummate skill by Dr.
Joseph Goebbels, Nazi Propaganda Minister and artist. His introductory
remarks over the radio were made to the accompaniment of the grinding
and squeaking of factory machinery operating in the adjoining halls,
conveying to the public the atmosphere of the great industrial plant.
Leipzig University Professors Urge World
to "Understand" Germany.
Associated Press advices Nov. 11 from Leipzig said:
In picturesque Leipzig University, German Professors, in an Armistice
Day meeting, appealed to the intelligentsia of the world to-day for a better
understanding of Germany.
It was their way of urging popular support for the Nazi Government
In to-morrow's elections. The appeal followed along broad lines one released during the war, when professors and scientists appealed for a better
understanding of the German nation.
German Professors, to-day's appeal said, placed themselves in the
front ranks of field leaders and fighters in behalf of "Germany's honor.
justice and for world peace."
Americans' Armistice Day Observed
in Germany.
for First
Time
From Berlin Nov. 11 Associated Press accounts said:
Fifty exchange students from the United States observed Armistice Day
by placing a wreath at the memorial to Prussia's war dead to-day.
This act by American students probably was the first observance of
the anniversary in Germany, since the Germans regard the day as commemorating Germany's humiliation and therefore do not observe it.
Germany to Speed Banking Reforms—Dr. Schacht,
President of Reichsbank, Outlines Government's
Policy.
The following by Dr. Hjalmar Schacht, President of the
German Reichsbank, from Berlin Nov. 11 (copyright by
NANA, Inc.) is from the New York "Times":
German banking, even in the years preceding the war, was developing
in a direction that at times gave rise to some apprehension. The war
and its consequences, the many post-war meddlings and blunders in the
domain of banking as well as in industry, therefore brought about a condition that, when Germany came to face the economic crisis, its banks were
unable to rise superior to their task.
This truth was revealed in 1931 when some of the big banks were temporarily compelled to close their doors. To be sure, these shortcomings
were recognized and a special commission to inquire into the position
of the banks was actively engaged in the years 1927-1930 at the cost of
a great deal of time and labor. Unfortunately, like so many undertakings
and conferences in parliamentary Germany, it led to no practical results.
Searching investigations were made and the abundant material collected
was used to draft resolutions and lay down certain rules, but there were
lacking the legal measures which alone would have enabled these investigations to have been turned to profitable account.
Government Ready to Act.
It is certain that National-Socialist Germany will proceed in the field
of money and credit to take the steps now recognized as necessary. If
nothing has been done up till now, the reason for this lies in the need for
proceeding cautiously, with due regard for the idea of allowing a certain
tranquilization to set in before tackling the imperative reforms in this
important and exti•emely sensitive field of economics. Hence the intention
of the Government to set up a committee of inquiry into the present state of
German banking. All the deliberations will be made public and will be
carried on with the aid of experts from all interested circles. It is not
designed to deal with complaints or reproaches but to find a working basis
upon which the German Government can proceed to carry out the juridical,
administrative and business reorganization of the banking system.
First of all, let me set forth the following guiding ideas:
The State, through its currency and credit policy, is the creator of
money. The banks are merely the administrators of money. Consequently—and this is an important point in view of the present scarcity
of loan capital—the creation of credit is exclusively the domain of the
Reich Government, or, what amounts to the same thing, of the centra:
note-issuing institute entrusted by it with the task of formulating the currency policy, that is, of the Reichsbank.
The continual shrinkage of loan capital has finally resulted in the banks
having to fall back upon the Reichsbank—that is, upon the State. This
in itself would justify the vital interest which the State and the Reichsbank
must of necessity have in a healthy and normally functioning banking
system. The Reichsbank has sole power to print and issue notes, and
this is the only credit reserve of German industry in times of distress.
Cautious employment of the power to print and issue notes is the first
requisite for industrial welfare and the development of prices and wages,
hence of public and private business enterprise.
Stresses Private Initiative.
Though ignoring the possibilities presented by business conjuncture,
the banks in the post-war years have directed their attention in many
instances to domains and to tasks that lie quite outside the scope accorded
them in a healthy economy. Partly as a result of this and partly as an
outcome of exaggerated efforts to effect rationalization, there grew up
those mammoth concerns too big for one individual to control and hence
leading to a bureaucratization in the management, with the inevitable
result that much valuable heritage of private initiative and independent
action in the business world has been lost.
The importance of this question of personnel should not be underestimated. It is now clear that as a result of the mechanization of banking
activities more difficulty is being experienced in getting hold of the right
type of person to fill the posts as they become vacant and that this has led
to the retention of head executives far beyond the advisable age limit.
not to mention the fact that a large number of employees have thereby
lost their means of earning a living.
The investigations of the committee of inquiry will of course have to
deal with the very important question whether and in what degree moms-
Volume 137
Financial Chronicle
tary and credit business should be taken over by the State or left to private
initiative. Without wishing at present to express a final opinion in this
matter. it might be as well to say quite plainly that individual achievement
forms the basis of the State, not only in its moral and spiritual aspects
but also in its material aspects.
Progress Based on Savings.
The material progress of any nation is grounded on work and on savings
—that is to say, on the moral factors which after all are subject to the
control of the free will of each individual citizen. By teaching the gospel
of national socialism, we are able to influence this free will, but, as the
Russian example shows, no amount of State machinery can compel it to
act in a desired direction.
If, then, our investigation should arrive at the result that private banking
should in principle not be eliminated; that, on the other hand. the State
cannot renounce its claim to an influential role in the domain of banking,
one is left with no other choice than to seek a clear definition for the scope
and extent of these two factors.
The inquiry is to be concluded by the end of this year. I have not
the slightest doubt that it will be carried out in a spirit of co-operation
between all interested parties, that it will enjoy the confidence of the entire
Nation and that the final outcome will be the restoration of banking to
Its original task of being the servant of business and thereby of the Stet(
and the Nation.
Creditors to Fight Reich Moratorium—Americans and
Britons Hold Germany Can Fay Because of Currency Depreciation—Berlin Figures Said to Show
Trade Credit Balance in October of 98,400,000
Marks.
Reporting that a new struggle between American and
British holders of German bonds and Dr. Hjalmar Schacht,
President of the Reichsbank,is scheduled to take place Dec.5
at a conference of Germany's foreign creditors in' Berlin.
Advices Nov. 15 from Berlin to the New York "Times"
added:
The meeting was called by the Reichsbank for discussion of a prolongation of the German transfer moratorium.
Under the transfer moratorium Germany defaulted 25% of the interest
Payments on her long-term foreign debt, the creditors getting only 50%
In foreign exchange and 50% in scrip, which Germany offers to redeem at
50% of its par value. This moratorium became effective July 1 and was
to run till Dec. 31. The Conference will attempt a settlement for the
period following that date.
Clash on Moratorium Likely.
No doubt was left in authoritative German quarters that Dr. Schacht
would demand an extension of the transfer moratorium on the ground
that the conditions which led to its establishment still persist. There
was Just as little doubt, however, that American and British creditors will
demand termination of the transfer moratorium on many grounds, among
which the most important follow:
Germany is able to pay in full because she is paying American and
British creditors paper dollars or paper pounds the gold value of which
has decreased considerably since the transfer moratorium was established.
Germany is already paying 100% of her interest obligations to such
gold countries as Switzeriand and Holland in return for theoretical additional exports, so American and British creditors are victims of a double
discrimination.
Germany's credit balance on her foreign trade during the last few months
has been sufficient to cover her monthly interest obligations even at gold
parity and certainly at the paper value of the bulk of her foreign obligations.
Germany has been using a large part of her foreign income not to pay
her interest obligations but to buy back her foreign bonds, depreciated partly
because of her transfer moratorium.
Germany's holdings of gold and foreign exchange have been steadily
Increasing despite current interest payments at a 50% rate; they rose from
273,200,000 marks on July 1 to 415,100,000 marks on Nov. 9, the note
coverage rising from 7.8% to 12.1% during the same period. Though
this note coverage still is far below legal reouirements, its increase is nevertheless taken as an indication that Germany could also pay the defaulted
25%.
Eager to Promote Trade.
Dr. Schacht's fight for prolongation of the transfer moratorium is expected to ae particularly keen, because Germany is eager to use her debt
to promote her foreign trade. Her use of blocked marks, depreciated
bonds and scrip has already contributed substantially toward keeping
up her exports, as was revealed anew in the foreign aade barance for
October, announced to-day shnuitaneously with the invitation to the moratorium conference.
According to the Reich Statistical Office, German exports in October
amounted to 445,400,000 marks and German imports amounted to 347,000.000 marks. The credit balance for the month, therefore. was 98,400,000
marks. This was the highest monthly credit balance this year, although
the total credit balance so far this year is still 356,000,000 marks oelow that
for the corresponding period last year.
The gold value of her foreign interest obligations has been estimated at
approximately 80,000,000 marks monthly, but due to the depreciation of
the currencies of her main creditors and the rapid debt reduction, this obligation is put at a substantially lower figure now.
Apparently in anticipation of the moratorium conference, the Reich
Statistical Office points out, however, that Germany doesn't get all the
credit balance in effective foreign exchange because payments for her
exports are also being "blocked" in other countries or suffer from currency
depreciation and from payments in scrip and blocked marks. Therefore,
says the Reich Statistical Office:
"The foreign exchange obtained for Germany's exports Is entirely insufficient to cover current debt obligations, that is, interest and amortization charges on her long-term and short-term debts, not to speak of capital
repayments on her short-term debt. Besides, next month's will probably
reduce the export surplus."
Rim Is Called Seasonal.
The increase in Germany's foreign trade. it is stated, follows a seasonal
trend, although it is smaller than last year's rise. Both exports and imports increased 3% in value; in quantity exports rose 3.6%, imports 4.8%.
Most of the export increase went to Continental Europe, especially to
France, Poland, Switzerland and Holland. German exports to the United
States. Great Britain and Russia dropped heavily.
German imports of raw materials were far below corresponding imports
last Year. This was explained by large purchases during the summer.
A single exception was cotton, imports of which increased 2,500,000 marks.
3575
Meeting of German Creditors to Be Held in Berlin
Dec. 5 at Instance of Reichsbank—John Foster
Dulles to Represent American Issuing Houses—
Transfer Moratorium Expires Dec. 31.
A conference with representatives of German creditors
is to be held in Berlin at the Reichsbank on Dec. 5. At that
time consideration will be given to conditions incident to
the expiration on Dec. 31 of the present transfer moratorium.
John Foster Dulles, of the law firm of Sullivan & Cromwell,
who attended the German debt discussions earlier in the
year will again be the representative of the American issuing
houses at the coming conference.
Ray Morris, on behalf of the American houses and institutions which have been issuers of German bonds in this
country, issued the following statement in the matter on
Nov. 14:
The Federal Reserve Bank of New York has been advised by the Reichsbank that insomuch as the time limit set for the present transfer moratorium
expires on Dec. 31 1933, and as the conditions which gave rise to the transfer
moratorium still prevail, it is considered necessary to renew discussions with
representatives of German creditors. A conference for such purpose has
accordingly been fixed for Dec. 5 1933 at the Reichsbank, Berlin.
The group of American houses and institutions which issued German
bonds have asked John Foster Dulles, who attended the debt conference
of last May, again to attend the Dec. 5 conference to represent the point
of view and to protect as far as possible the interest of the American holders
of German dollar bonds. It is hoped that the American Association for
Foerign Security holders, now in process of creation, will be definitely
organized in time so that Mr. Dulles will be able also to report to it.
Germans Dispute Soviet Russia Payments—Demand
Dollars or Pounds on Notes—Russians Refuse and
Reject Arbitration—Reich Board Appointed.
According to a cablegram Nov. 15 from Moscow to the
New York "Times" a dispute has arisen between German
companies and the Soviet Government over the payment of
notes. A "number of German companies," it is revealed,
is demanding the honoring of Soviet notes in dollars or
pounds. The cablegram further reported:
From 1930 to 1932 the Soviet Union bought from Germany 985,800,000
gold rubles'(about $492,900,0001 worth of commodities, mostly machinery.
These purchases were financed by Soviet notes maturing in periods ranging
from 18 to 30 months. In spite of the fact that the payments as arranged
In the contracts were to be in marks, the Soviet Government asserts, some
German companies are demanding that- the Russians pay the difference in
exchange in dollars or pounds.
"We refused the outrageous demands for additional payment." Soviet
spokesmen said. Thereupon the German companies took the matter to a
German court, which appointed a board of arbitration. The Russians
stand firm against the legality of the board and the jurisdiction of the court.
, "The Soviet Government's agreements with the companies were precisely
executed," it is stated. "At the moment when bills were presented they
were accepted, and payments were made immediately on maturity in the
currency called for in the contracts at the request of these companies. No
one can question the fact that the Soviet Government has met all its obligations on maturity and according to contract at a time when payments by
other countries were unusual occurrences."
The tone of the Soviet press is not only firm but sharp. One newspaper
says:
"Organizations of the U. S. S. R. have promptly and corzipletely honored,
are honoring and will honor all liabilities undertaken by them. The Soviet
Government not only will not be identified with a court of arbitration so
illegally organized but will not submit to the court's decisions."
Most of the previous disputes between the Soviet Government and Germans under the Hitlerite regime have been political. The Nazi Government soon disrupted the Soviet
-German political rapprochement.
Premier Mussolini of Italy Takes Over Posts for Air
and Navy in Move to Consolidate National Defense—Air Marshal Balbo to Be Governor of
Libya in Northern Africa.
Premier Benito Mussolini of Italy on Nov. 6 took over
the posts of Minister of the Navy and of Minister of the
Air, after accepting the resignations pf Air Marshal Italo
Balbo and Admiral Giuseppe Sirianni. This move was
said to be intended as a consolidation of Italy's armed
forces under a single Ministry of National Defense. Signor
Mussolini has been acting as Minister of War for several
months. As a result of the Cabinet changes Signor Mussolini now holds six portfolios in addition to the office of
Premier. A copyright dispatch from Rome to the New
York "Herald Tribune" on Nov. 6 commented on the
resignations as follows:
Air Marshal Balbo, whose most spectacular achievement was his leadership of an armada of seaplanes to the United States and back last summer,
was immediately appointed Governor of Libya, Italian colony in northern
Africa.
Shake-Up Long Predicted.
His removal from the post of Air Minister had been predicted for the
last year and a half, and the only surprise caused by the event arose from
the delay. His appointment to the chief pro-consular post under Italian
rule represents an honor never before conferred upon so young a man
(he is 34), but the transfer may be attributed, at least in pan:, to the fact
that he has never concealed his lack of full agreement with the Premier's
plans for the Air Ministry.
Newspapers to-day declare the move "a logical step in a policy in which
the individual has negligible importance.
Air Marshal Balbo is the second of Signor Mussolini's lieutenants having
a world-wide reputation to be relieved of a Cabinet post and assigned to
duty a distance from Rome. The other was Dino Grandi, former Minister
of Foreign Affairs, who was made Ambassador to Great Britain.
3576
Financial Chronicle
No indication has been given as to when the Ministry of National Defense
will be created, and there is reason to believe it may not emerge within
the immediate future. Strictly technical problems, including some relating to the Disarmament Conference, are said to be responsible only
In part for the Mussolini program.
A consideration probably equally weighty has been the movement,
daily becoming more evident, toward what is described here as a "spiritual
amalgamation" and a military hierarchy under the Fascist regime.
Air Minister Balbo has been mentioned as the probable Minister of
National Defense should II Duce decide against holding that portfolio
personally.
Premier Mussolini Forecasts Abolition. of Italian
Chamber and Government by Guilds — Tells
Council of Corporations It Must Enact All Legislation—Urges Fascism for the Entire World.
Premier Mussolini on Nov. 14, in an address before the
National Council of Corporations, at Rome, forecast the
eventual abolition of the Italian Chamber of Deputies. The
Chamber, he said, would be elected as usual in the spring of
1934 for a term of five years, but after that election the
legislative body must decide its own fate. The Premier declared that the National Council of Corporations must inevitably supplant the Chamber, which he described as "anachronistic in its very title" and an institution "extraneous
to our mentality and to our fashion as Fascists." Other portions of his address are quote below from an Associated Press
dispatch sent from Rome on Nov. 14:
Saying that "to-day we bury economic liberalism" and that "all Socialist
parties in Europe are fragments," Signor Mussolini suggested three conditions for other nations if they wished to achieve a corporative State:
First—A single party with perfect political discipline ;
Second—A totalitarian State and a transformed "potentializing" of interests and hopes of the people;
Third—A period of very high tension.
The Premier denounced capitalism and named Ivar Kreuger, the late
"match king," and Samuel Insull, former Chicago utilities operator, as
representatives of this system. The ideal of super-capitalism, he said, would
be the standardization of the human mind to the level of the greatest.
The rise of the corporative Stfite he described as "coincident with the
decadence of socialism," and maintained that the new system could be
adopted in foreign countries.
Turning to European affairs, Premier Mussolini said the growth of the
United States and Japan meant the eclipse of Europe. Europe, he added,
"could still progress if it would display even the least possible quantity of
co-operation among its component nations."
He made a reference to the disarmament deadlock when he said that
"progress cannot be achieved until great injustices have been repaired."
His audience interpreted this as a reference to the Treaty of Versailles, to
which Germany objects in its stand for equality.
He attacked the League of Nations and asserted that more and more hopes
were being directed toward the Four-Power Pact, signed last summer by
Italy, France, Germany and Great Britain.
"The League has lost most of its power," he maintained, pointing out that
the first nation to support it had not joined the League. He did not mention the United States by name. Germany and Japan have withdrawn, he
pointed out.
"At present there is a great silence about the Four-Power Pact," he
went on. "Nobody talks about it, but everybody is thinking about it."
The remark was loudly applauded, the audience taking it as an Indication that Italy would concentrate efforts to bring the Powers together under
auspices of the agreement.
Premier Mussolini announced before the Council yesterday that it would
be vested with legislative powers in economic affairs.
Returning to the internal situation, he accused the Chamber of "arrogance." He said it "bad lost the principal reason for its existence."
Then he turned his fire of capitalism, which, he said, "lacks the sense
of humanity." The Italian State, the Premier went on, "is a human State
In which bureaucracy is not a diaphragm between the people and the State
but the entrance to the State."
At the conclusion of the address the Council unanimously approved
yesterday's order by Premier Mussolini providing for the establishment of a
new corporative State.
Italy Said to Have Virtually Retired From Tariff Truce.
Associated Press advices Nov. 13 from Geneva, said:
v. Italy notified the League a Nations to-day of additional reservations to
the international tariff truce, amounting virtually to denunciation of the
agreement.
The Italian Foreign Office said on Nov. 8 that it would reserve its decision on the tariff truce until it saw what other signatories to the pact intended to do. The pact itself was suggested by the United States at the
opening of the World Economic Conference in London last June.
Co-operation Reported Between Norway's Banks and
Merchants in Regulating Foreign Exchange Since
Suspension of Gold Payments.
Local banks and merchants in Norway have co-operated
closely in regulating foreign exchange supplies since the suspension by that country of gold payments in September 1931.
It is indicated by Consul-General T. H. Bevan, Oslo, in a
report published in the Commerce Department's "European
Financial Notes." The Department on Nov. 13 further said:
Norway exerts no official control over foreign exchange transactions, it is
pointed out. An unofficial voluntary quota system is in effect, local importers having agreed to restrict their demands for foreign exchange to a
certain percentage of their purchases during previous years.
•
This agreement has caused some difficulty for new firms which were
not in business before the gold standard was suspended. The supplies of
foreign exchange, however, have so far been ample for such firms to obtain
sufficient amounts to meet their engagements abroad.
Up to the present time there have been no cases reported where local lm.
porters have failed to obtain New York exchange from the banks to meet
Nov. 18 1933
demands for goods imported from the United States. A number of Importers purchase their foreign exchange requirements from the large Norwegian shipowners, who maintain dollar credits in the United States, and
are thus not dependent upon the local banks.
Greece to Make Partial Payments of Interest on Two
External Loans for Fiscal Years 1933-34 and
1934-35—Agreement for Payment Reached by
League Loans Committee.
An announcement issued on Nov. 17 by Speyer & Co,
said that Eliot Wadsworth, American member of the League
Loans Committee (London) has advised Speyer & Co., as
fiscal agents for the Greek Government 7% Refugee Loan
of 1924, and Speyer & Co. and the National City Bank, as
fiscal agents for the Greek Government 6% Stabilization and
Refugee Loan of 1928, of the receipt of cable advice from
the League Loans Committee to the effect that, after prolonged negotiations, the Committee has reached an agreement with the Greek Government providing for partial payment of interest on its External Loans for the fiscal years
1933-34 and 1934-35, as follows:
The Greek Government will transfer the following proportions of the
Interest of their external debt—for the financial year 1933-34, 273 %, and
,
6
for the financial year 1934-35, 35%. The Greek Government will make
these remittances forthwith in respect of coupons overdue and will remit
on the due dates in respect of future coupons.
The Greek Government is unable in present circumstances to meet in
full the whole service of their external debts; but they recognize the full
liability in foreign exchange for these debts and they will provide in the
budget for 1933-34 and 1934-35 a sum in drachmas equivalent to the full
Interest service in sterling and-or dollars. The Greek Government reserves
the right to reborrow the untransferred portion of these drachmas against
deposit with the International Financial Commission, or some other depositary to be agreed, of non-interest bearing drachma Treasury bills.
It is, of course, understood that, if the Greek Government provides
more favorable treatment for any other eternal loans or any loans-guaranteed by the Greek State, they will grant at least equally favorable
treatment to all the loans now under consideration.
The Greek Government will discuss with the League Loans Committee
(London) and the Council of Foreign Bondholders arrangements for the
service of the external debts from April 1935 onward before drawing up
the budget for the year 1935-36, and in any case no later than Jan. 31 1935.
Ruling on Bonds of Greek Government by New York
Stock Exchange.
Under date of Nov. 9, Ashbel Green, Secretary of the New
York Stock Exchange, issued the following announcement:
NEW YORK STOCK EXCHANGE.
Committee on Secunties.
Nov. 9 1933.
Referring to the ruling of the Committee on Securities, dated April 20
1933, regarding non-payment of interest on Greek Government 40-year 6%
secured sinking fund gold bonds, Stabilization and Refugee Loan of 1928,
due 1968:
The Committee on Securities further rules that beginning Nov. 13 1933
the said bonds shall be dealt in only "with Aug. 1 1933 and subsequent
coupons attached."
Attention is directed to the fact that the bonds are dealt in "Flat."
ASHBEL GREEN, Secretary.
Ruling by New York Stock Exchange on 73%
Stabilization Loan 1928 Dollar Bonds of Bulgaria.
The following announcement was issued on Nov. 9 by the
New York Stock Exchange through its Secretary, Ashbel
Green:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Nov. 9 1933.
Notice having been received that payment of $9.38 per $1,000 bond will
be made Nov. 15 1933, on account of the interest then due on Kingdom of
%
Bulgaria 71 Stabilization Loan 1928 Dollar Bonds, due 1968:
/
2
The Committee on Securities rules that said bonds be quoted ex-interest
$9.38 per $1,000 bond on Nov. 15 1933; that the bonds shall continue to be
dealt in "Flat" and to be a delivery must carry the Nov. 15 1932 coupon
stamped as to payment of $18.75 per $1,000 bond, the May 15 1933 coupon
stamped as to payment of $16.87 per $1,000 bond, the Nov. 15 1933, coupon
stamped as to payment of $9.38 per $1,000 bond and subsequent coupons.
Such coupons must be securely attached and bear the same serial number
as the bond.
ASHBEL GREEN, Secretary.
An announcement by Speyer & Co. regarding the bonds
was given in our issue of Nov. 11, page 3407.
New York Stock Exchange Rules on Bonds of
Dutch East Indies.
Ashbel Green, Secretary of the New York Stock Exchange,
Issued the following, under date of Nov. 9:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Nov. 9 1933.
Notice having been received that the Dutch East Indies Government has
announced that it will purchase, for payment on Jan. 2 1934, coupons due
Jan. 1 1934 of Dutch East Indies 25-year external 6% gold bonds, due 1947:
(a) At the rate of 2.4525 guilders per dollar which are delivered to the
Nederlandsche Handel-Maatschappy N. V. Amsterdam, Holland, on or before
Dec. 1 1933, and at the rate of 2.45 guilders per dollar which are delivered
to said bank after that date but not later than Dec. 28 1983 ;
Volume 137
Financial Chronicle
(b) At the rate of 2.4425 duilders per dollar which are delivered to De
Javasche Bank, Batavia, Java, Dutch East Indies, on or before Dec. 1 1933,
and at the rate of 2.44 guilders per dollar which arc delivered to said bank
after that date tait not later than Dec. 15 1933:
The Committee on• Securities rules that beginning Nov. 10 1933, to and
including Dec. 27 1933, the said bonds, in addition to the regular method
of trading (with next due coupon attached, "and interest") may be dealt
in "ex" the Jan. 1 1934 coupon, transactions made in that manner to be
"Flat," and to be a delivery to carry the July 1 1934 and subsequent coupons.
Unless otherwise specified, transactions in the said bonds shall be deemed
to have been made with the Jan. 1 1934 coupon attached.
ASHBEL GREEN, Secretary.
Reference to the Dutch East Indies bonds drawn for redemption was made in our issue of Nov. 4, page 3225.
City of Soissons (France) 16-Year External Reconstruction Secured 6% Cold Loan—Ruling by New York
Stock Exchange in View of Arrangements Made for
Payment of Nov. 14 Coupon.
Through its Secretary, Ashbel Green, the New York
Stock Exchange released the following on Nov. 15:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Nov. 15 1933.
In view of the arrangements made for the payment of the Nov. 14 1933,
-Year External Reconcoupons attached to City of Soissons (France) 15
struction Secured 6% Gold Loan, due 1936, upon presentation and surrender of such coupons at the office of the American Paying Agent, at the
option of the holder, either (a) in United States currency amounting to
the face value of the coupons, or (b) in United States currency at the dollar
equivalent of the amount of French Francs payable on coupons at gold
parity of exchange, i.e., Francs 25.52 per dollar of coupons presented and
surrendered to the American Paying Agent, such dollar equivalent to be
computed by them on the basis of the average buying rate in New York
for exchange on Paris on the day such coupons are presented:
The Committee on Securities rules that in settlement of contracts in the
said bonds on which delivery was due prior to the interest-payment date
and should have been made with the next due coupon attached, but where
delivery is made on or after the interest-payment date without the coupon
attached and in settlement of contracts in said bonds made "Delayed
Delivery" between, Nov. 7 1933, and Nov. 9 1933. inclusive, the cash
settlement made in lieu of the coupons shall be at the option of the purchaser on the basis of(1) United States currency in New York or (2) United
States currency in New York at the dollar equivalent of French Francs at
gold Parity of exchange, the said dollar equivalent to be computed at the
rate at which coupons may be cashed at the office of the paying agent
on the date of actual delivery, under option (b) referred to above.
The computation of accrued interest is not changed by this ruling.
ASHBELL GREEN. Secretary.
United States Grants Formal Recognition to Soviet
Russia—President Roosevelt Announces Accord
After Series of Conferences in Washington with
Maxim Litvinoff—William C. Bullitt Named First
Envoy to Moscow—Agreement Reached on Many
Points Involving Russian-American Relations.
President Roosevelt announced yesterday (Nov. 17) that
the United States has extended diplomatic recognition to the
Union of Socialist Soviet Republics, and that in the process
of resuming normal relations after a lapse of 16 years the two
nations will exchange Ambassadors. The President has
named William C. Bullitt, State Department Adviser, to
be the first American Ambassador to Moscow. The agreement on recognition, the President said, was reached at
11.50 p. m. Nov. 16, when Maxim Litvinoff, Soviet Foreign
Commissar, and Mr. Roosevelt signed an exchange of notes
during a conference at the White House. This action marked
the conclusion of a series of conferences between M. Litvinoff
and the President and State Department officials, begun
on Nov. 7 when the Russian envoy arrived in Washington
at the invitation of the President to discuss Soviet-American
relations.
Extension of recognition by the President was based on
agreement on eight separate points, covered by an exchange
of documents with M. Litvinoff. United Press advices from
Washington yesterday listed these documents as follows:
1. An exchange of letters saying the two Executives were glad that their
countries were resuming normal relations.
2. An exchange of notes, by which the Soviet Union and the United
States pledged each other to refrain from interference in the internal affairs of
the other country. This was designed as a protection from Communist
Propaganda in the United States.
3. An agreement that citizens of one country in the other should be permitted freedom of religious worship and exercise of ecclestiastical functions.
4. A proctocol providing that a consular convention should be negotiated,
giving Americans in the Soviet Union the same civil rights as those enjoyed
by the nationals of any third country in Russia.
5. A memorandum from Mr. Litvinoff replying to a verbal question by
the President defining prosecutions for economic espionage.
6. An agreement that the Soviet government, preparatory to a final settlement of claims and counter claims between the two governments, not
make any claim with respect to court judgments or official actions affecting
obligations of the government of Russia.
7. A statement by Mr. Litvinoff that the Soviet Union would not hold
the United States responsible for property damage arising from damage to
property during the activities of United States troops in Siberia in 1918.
8. A joint statement saying that Mr. Roosevelt and Mr. Litvinoff had
exchanged views "with regard to methods of settling all outstanding questions of indebtedness and claims," and that they hoped for a speedy solution
to these soon.
3577
In addition to the letters and memoranda exchanged
between President Roosevelt and M. Litvinoff, a joint statement made public yesterday said:
In addition to the agreements which we have signed to-day, there has
taken place an exchange of views with regard to methods of settling all
outstanding questions of indebtedness and claims that permit us to hope for
a speedy and satisfactory solution of these questions which both our Governments desire to have out of the way as soon as possible.
Mr. Litvinoff will remain in Washington for several days for further
discussions.
Further details of yesterday's press conference, at which
the President made his announcement, are contained in the
following Associated Press advices from Washington:
In connection with the naming of Mr. Bullitt, the President said his name
would be submitted to Moscow for approval. Mr. Bullitt has played a
foremost part in the negotiations which have bridged a diplomatic chasm
which began when the Soviet Government surmounted the old Kerensky
regime.
During the President's conference with the press at which he announced
the resumption of Russo-American relations, he was asked whether his
announcement amounted to formal recognition or whether that would not
take place until there has been an exchange of ambassadors.
The President regarded this as a technicality and repeated that normal
relations had been resumed at 10 minutes before midnight last night.
In reading the exchange of correspondence Mr.Roosevelt placed particular
emphasis on his demand for religious freedom of American citizens in Russia.
His letter in this regard to Mr. Litvinoff the President read in full at his
press conference.
Br. Bullitt is the administration authority on Russian affairs. He made
a special study of the Soviet Government several years ago.
He was again in Europe early this year resurveying the situation abroad
and particularly as relates to Russia.
A native of Philadelphia, he engaged in newspaper work in the early part
of his career.
He has been at the elbow of Mr. Roosevelt throughout the conversations
with Mr. Litvinoff.
The announcement was made by President Roosevelt at a press conference
held a short time before he left the city for Warm Springs, Ga.,for Thanksgiving.
In anticipation of the announcement the President's executive office was
packed and jammed by newspaper men.
Mr. Roosevelt sat calmly at his desk and did not begin speaking until
the door leading out of the office had been firmly closed. A guard watched
to see that no one left until the conference was over.
The President paused. Pencils were raised expectantly. Instead of
talking immediately about Russia, however, the President began to read
a letter about the Iron and Steel Institute.
A laugh broke the tension.
Then, calmly Mr. Roosevelt announced that the Soviet Republics had
been recognized by the United States.
President Roosevelt had not been informed whom the Soviet Government would designate as its representative in this country. No comment
was immediate available from Mr. Litvinoff on this matter, but a press
conference had been arranged with him for to-night.
Imports and Exports of Soviet Russia Dropped During
First Eight Months of 1933—Shows Favorable
Balance of Trade During Period from September
1932 to August 1933—Gold Reserve of State Bank
of U. S. S. R. Oct. 1 Reported at 808,482,380 Gold
Rubles.
According to information received by the Amtorg Trading
Corp., the gold reserve of the Note Issue Department of the
State Bank of the U. S. S. R. on Oct. 1 1933, totaled 808,482,380 gold rubles ($416,368,000 at par), it was announced
Nov. 6. This compares with a total of 779,464,520 rubles
at the end of the preceding quarter and with 714,515.410
rubles ($367,975,000 at par) on Sept. 1 1932, the announcement added. Thus the gain in a little over a year has totaled
$48,000,000. Continuing, the announcement, issued by the
Amtorg Trading Corp., said:
At the same time, the circulation of bank notes during this period showed
a slight decline, amounting to 3,387.438,310 rubles on Oct. 1 1933, as
against 3,430,537.630 rubles on Sept. 1 1932.
Exports during the first eight months of 1933 declined 12.3% in value.
although by only 1.9% in volume, as compared with the same periodrof
1932. Imports were also reduced, and a considerable favorable balance
was accumulated. During the 12 months from September 1932 to August
1933, inclusive, the favorable balance of trade of the Soviet Union was
81.090,000; rubles ($41,760,000 at par), of which 27,442,000 rubles
was recorded in August. This contrasted with an unfavorable balance in
the preceding 12 months of 212,486.000 rubles ($109,400,000 at par).111 It
was reported in the spring of this year that in a period of 18 months the
indebtedness of Soviet organizations to foreign firms had been reduced.by
over 300,000,000 rubles. Since that time there has been a considerable
further reduction. The outstanding obligations of the Amtorg Trading
Corp. have been reduced from $66,000.000 two years ago to 822,000,000
at the present time.
The latest report as to the progress in the handling of the bumper grain
crop shows that on Oct. 15,72.8% of the harvested grain had been threshed.
The threshing covered an area, of 149,610.000 acres, as compared with
107,196,000 acres on the same date a year ago. On Oct. 15, 92.1% of the
entire grain harvest had been stacked, covering an area 22.7% greater than
by the same date in 1932. The yields have been exceptionally high. In
many districts of the Ukraine the wheat yield has ranged from 14 to 20
centners per hectare (21 to 30 bushels per acre), over 50% higher than
normal.
The excellent harvest and its speedy and efficient collection, avoiding the
losses experienced in past years, has resulted in a marked increase in the
Income of members of collective farms. The amount of grain and other
products received by the individual members of collectives—after deliveries
to the State and payments for tractor station services have been made and
reserves for building up the social funds of the collectives set aside—is in
the great majority of districts so far studied at least double that of last year.
A previous statement relative to the gold reserve of the
State Bank of the U. S. S. R. on July 1 was given in our
issue of Nov. 4, page 3226.
•
3578
Financial Chronicle
Secreary Hull Heads United States Delegation Sailing
for Pan-American Conference at Montevideo—Expresses Hope of Marked Progress in Parley Opening
Dec. 3—Will Make Intensive Study of South American Conditions—White House Statement Bars
Currency and Tariff Discussion, Pending Improvement in World Conditions—Transportation Problems to Be Stressed.
Secretary of State Cordell Hull sailed from New York
City on Nov. 11 for Montevideo, where the Pan-American
conference is to convene on Dec. 3. Mr Hull is Chairman
of the United States delegation to the conference, and the
other members of that delegation accompanied him on the
liner American Legion. Before leaving New York Mr. Hull
said that he believed the conference would result in the most
substantial step toward Pan-American unity within the
past 20 years. He predicted that "our 21 nations with 240,000,000 population and their younger civilization" would
be able to set the older civilization of 450,000,000 Europeans
"an example of high accomplishment by which the European
nations may greatly profit." Although Mr. Hull appeared
extremely confident of the good results that may be attained
at Montevideo, prospects of a successful outcome of the
conference were generally regarded as limited by a White
House statement issued on Nov. 9, which said that the
emergency policies adopted in almost every country because
of the depression have made it useless to discuss currency
stabilization and tariff duties at the Montevideo conference.
The United States delegation, the statement continued, will
therefore concentrate on a program to develop Pan-American
transportation facilities. The statement described in detail
the agenda of the conference and listed the members of the
delegation from this country. Although the statement was
not issued in President Roosevelt's name, it was reported
from Washington that it had received his approval. The
text of the White House statement follows:
Final plans were approved to-day for the participation of the United
States delegation in the conference of American States to be convened
December 3 in Montevideo. Uruguay, the seventh of a continuing series of
conferences among the neighbor American republics for promoting good will
and better communications.
President Roosevelt regards the meeting to be of such importance in
Increasing understanding and accord among the American States that
he has directed Secretary of State Hull to attend in person. Mr. Hull
not only will participate in the sessions at Montevideo, but will avail
himself of the opportunity to stop at the regular steamship ports of call
on both coasts and visit the capitals of several other Latin American
countries, which he hopes may include Mexico, thereby establishing contact
and personal relations with their statesmen.
The official delegates are announced herewith. The complete delegation
and its staff is as follows:
The Secretary of State. Chairman of the delegation.
Assistant to the Chairman, Hugh S. Cummings Jr.
Delegates: Alexander W. Weddell, of Virginia, American Ambassador to
Argentina; J. Reuben Clark, of Utah, formerly American Ambassador to
Mexico; J. Butler Wright, of Wyoming, American Minister to Uruguay;
Spruille Braden, of New York; Miss Sophonisba P. BrecIdnridge, of Kentucky.
• Secretary General: James Clement Dunn, of the Department of State.
Adviser: Ernest H. Gruening, of New York.
Techinical Advisers: Wallace McClure, of the Department of State;
Alexander V. Dye, Commercial Attache at Buenos Aires; James C. Corliss,
of the Department of Commerce.
Press Officer: Ulric Bell, of Kentucky.
Secretariat: Secretary, Warren H. Kelchner, of Pennsylvania. Assistant
Secretaries: Hayward Gibbes Hill, of Louisiana; Hartley Edward Howe,
of Massachusetts.
The delgation will sail from New York on the S. S. American Legion on
Saturday.
In approaching the problems of the conference the Administration has
given careful and hopeful study to means of contributing some practical
expression of President Roosevelt's good-neighbor policy.
This study has brought the conviction that no matter what advantageous
arrangements are made ultimately, such arrangements will lack full effectiveness in increasing neighborly contacts and trade unless there is
betterment in the rapidity of communications and transportation. Such
betterments will have an actual value in bringing the two continents even
closer together.
At present, for example, as long as the German dirigible now travels
from Europe on a regular schedule to South America in 60 hours, while
steamship travel to Montevideo from New York requires more than two
weeks, the United States will be more and more at a serious disadvantage,
as air travel increases.
Therefore, it is the intention of the United States to urge upon the conference that the section of the program relating to transportation be taken
up as one of the early subjects.
It will be the polciy of the United States to work out, in collaboration
with the other Governments, an exploratory program looking to the immediate acceleration of improvements in all four forms of transport and
passenger travel—by air, highway, water and rail.
Though motor roads would carry considerable freight traffic, they also
would greatly increase tourist travel and greatly benefit a better PanAmerican understanding.
For some years an Inter-American Highway Commission has considered in theory a road that would lead from this country to the tip of
the southern continent. Recent studies have shown that, except, for a
small stretch lying in Costa Rica, the completion of such a road from the
United States to Panama within a year after full agreement by Mexico
and the Central American Republics would be entirely feasible with the
co-operation of the neighbor Governments.
-mile highway from the Texas border to Santiago, Chile, would
An 8,750
require only half as much road building as will be undertaken in the United
States this year under the public works program. Such a system, if con-
Nov. 18 1933
structed of concrete, would call for 45,000,000 barrels of this material,
or one-third of the total present output of this country.
The immediate program proposed by the United States therefore is to
have a proper scientific survey made of the contemplated route at a cost
of less than $500,000.
President Roosevelt has indicated that he will recommend to Congress
that the United States bear the entire immediate cost of this most important
survey, later on asking the other Governments to share in the costs of the
project. This initiative by the United States has been decided upon as a
menas of giving early impetus to the proposal. The survey , would of
course be conducted only with the full approval and co-operation by each
of the republics interested.
As to rail transportation improvements the Administration has taken
under serious consideration the means of providing necessary funds for
field studies looking to the development of a new proposed route as a
substitute for the original road,the east line of which traverses a rich undeveloped territory east of the Andes, extending to Buenos Aires.
It is the conviction of the Administration that great possibilities lie in
this development but that the most careful studies should precede the final
determination of the cost and questions. Meanwhile, while it is theoretically possible to carry freight from New York to Guatemala it is impractical because of impossible grades and varying rail gauges which make
the establishment of a standard gauge a prime requisite of inter-continental
connections.
The present mail subventions in the nature of subsidies should be readjusted to a strictly business basis that would be free from such abuses
as have been known in the past. The general public would better understand a bald subsidy as a substitute for mail subsidies which are disguised
at present as mail subventions. Congress may well be asked to act accordingly.
Air travel possibilities are immediate for both express and passenger
service. Private companies already have developed large planes which
make regular trips around the coastal line of South America. But, unfortunately, owing to lack of beacon lights and to this alone, these planes
can travel only by day and the trip takes seven days from Miami.
By providing lights, it is possible to cut down the present travel time of
seven days from Miami to Buenos Aires, for example, to a little more than
two days. Passengers, mail and express—up to 15,000 pounds—can now
be carried. With lights, a fast mail and express plane could go from New
York to Buenos Aires in two and one-half days and a more comfortable
passenger service cold be operated between those points on a three-day
schedule.
The policy of the United States in this respect will be, in collaboration
with the other nations, again to offer the initiative, by offering any necessary financial support for the lighting of these airways to the fullest practicable extent. Congress will be asked to stand behind this policy.
Otherwise the conference at Montevideo will proceed to discuss a program
prepared for the unavoidably postponed conference of two years ago.
However, since that time internal economics in nearly every country
concerned have made necessary certain temporary policies regarding a
number of important phases of economic and trade conditions which will
obviously render impracticable at this time useful conclusions as to some
items on the old agenda.
It is understood, of course, that when the temporary conditions necessitating emergency policies have passed, the United States will take up
these items in accordance with the original program. Meanwhile, unsettled conditions, such as European commercial quota restrictions, have
made it seem desirable for the United States to forego immediate discussions
of such matters as currency stabilization, uniform import prohibitions,
permanent customs duties and the like.
Otherwise, the conference, subject to the wishes of the delegates, will
undertake to deal with the extensive agenda which includes such important
subjects as the organization of peace, international law, the political and
civil rights of women, uniform legislation respecting bills of lading and
exchange methods, social problems, intellectual co-operation and the best
means of profiting from results of Pan-American conferences.
Though not on the agenda, it is probable that the question of radio
communications will be taken up with a view to their improvement.
Before sailing from New York on Nov. 11 Mr. Hull in an
interview with newspaper men said that he hoped to make an
exhaustive study of the entire South American situation, but
that he did not know how widely his duties in Montevideo
would permit him to travel, or what countries in addition to
Uruguay he would be able to visit. A formal statement
which Mr. Hull had prepared for the press read as follows:
Our delegation to the Montevideo conference is sailing under auspices
which I believe should do a great deal to improve even more the spirit of
neighborly understanding prevailing between the United States and the
Latin-American republics.
Certainly we shall endeavor to deepen the feeling that this country's
interest is that of the common interest of all.
A fine freiendly feeling on the part of both our people and those of
Latin-America provides a most helpful beginning to our efforts. Common
Interests, similar problems and mutual devotion to the freedom offered by
democaratic forms of government support us as we approach the problems
of the conference.
.In seeking to put into practical operation President Roosevelt's good
nieghbor policy, we are adopting his rule of first things first. If at Montevideo we can deal soundly with some of the basic problems of good relations,
we shall be laying the groundwork for permanent achievement. We shall
attempt, therefore, to do the things that can most intelligently be done in
a time of unsettled conditions. In this way, we hope to build for the future.
A more substantial step forward in Pan-American unity can and I bellow)
will be taken at Montevideo than all others in two decades. I am speaking
of the possibilities of mutual economic national and international planning,
While serious impediments do exist, the need and the opportunity are far
greater than ever before. Every country is busy with its internal economic
plannig for depression relief, but each is only able to advance slowly and
with more or less temporary emergency programs. The same handicaps
apply to international planning, and especially to some of its more permanent phases.
We shall, however, hope to lend the strength of all to the efforts of
each. I see no reason why we should not make an exhaustive study and
sound interpretation, for example, of such matters as the resources, productive capacity, general economic conditions, transportation needs and
other essentials in all countries as they relate to the welfare of each. At
the same time we can also turn our attention to such questions as conciliation methods, arbitration procedure, reciprocal commercial arrangements and others out of which concrete progress may come within the next
12 to 18 months.
Present reciprocity treaty negotiations, for example, will be continued
on an increasing scale.
Volume 137
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Financial Chronicle
Continents, no more than nations,can no longer engage in helter-skelter
economics. We are living under a new order calling for orderly mutual
efforts. We go in this spirit to Montevideo. I have confidence that our
21 American nations, with their 240,000,000 population and their younger
civilization, will be able to furnish an example of high accomplishment at
Montevideo by which the European nations, with their 450,000,000 population and their far older civilization, may greatly profit.
At a meeting of the Governing Board of the Pan-American
Union in Washington on Nov. 1, Secretary Hull was unanimously re-elected Chairman of the Board. This post has
always been held by the Secretary of State of the United
States. A Washington dispatch of Nov. 1 to the New York
"Times," reporting Mr. Hull's election, said:
In nominating Mr. Hull, Dr. Adrian Recinos, the Guatemalan Minister
and Vice Chairman of the board, said that the Secretary of State "has been
the faithful interpreter of the friendly policy of the Government of this
country toward the other republics of America."
On behalf of the other members of the Governing Board Dr. Recinos
expressed the gratification of the Latin-American republics at Mr. Hull's
forthcoming visit to Montevideo to attend the opening days of the Seventh
Pan-American Conference, scheduled to open there on Dec. 3.
Number of American Holders Said to Have Agreed to
Plan for Release of Funds Frozen in Argentina—
May Convert Blocked Balances Into U. S. Dollar
or Sterling Argentine Treasury Bills—Date for
Transmission of Subscriptions Extended to Nov. 25.
It was announced in New York on Nov. 14 that American
holders of approximately 30,000,000 pesos of blocked balances in Argentina have accepted an agreement negotiated
by a committee representing this country's exporters and
investors with the Minister of Finance of the Argentine
Republic for the gradual release of these funds. The total
amount of blocked funds held by American interests is estimated at approximately 100,000,000 pesos, or more than
$35,000,000. Acceptance of the plan by holders of at least
40,000,000 pesos of the frozen balances was expected before
the end of this week.
Members of the committee which negotiated the agreement
and which previously had concluded similar arrangements for
the release of blocked milreis in Brazil, are Palmer E. Pierce,
Chairman of the Council on Inter-American Relations, Eugene P. Thomas, President of the National Foreign Trade
Council, and James S. Carson, of the Argentine-American
Chamber of Commerce. The announcement in behalf of
the Committee said:
The agreement provides for the issuance of U. S. currency dollar Argentine Treasury bills, payable in 180 equal monthly maturities over 15 years
In New York, with interest at 2%. A 4% annual amortization is provided
for the first five years, with the remainder amortized at 8% annually over
the remaining ten years. These bills will be issued at a fixed rate of 38.76
cents U. S. currency per paper peso and will give holders the option, during
the life of the bills, to convert into 20
-year 4% dollar bonds, with amortization beginning the sixth year, on terms generally similar to the sterling bonds
issued in Great Britain under the Runciman Roca agreement.
Subject to the consent of the British Treasury, two options permitting
conversion into sterling Argentine Treasury obligations are also offered by
the Argentine Government. The first provides for conversion into Argentine Treasury notes at the sterling peso rate prevailing on the day the agreement becomes effective (through the subscription of a minimum of 40,000.001) paper pesos), subject to 3% discount on the rate. The seocnd permits
conversion into an additional issue of sterling Argentine bonds, similar to
existing Argentine Roca 4% bonds, with amortization beginning the sixth
year.
While the plan is Intended to cover all balances blocked as of May 1
whether arising from imports, investments, earnings or other sources, it is
announced that the Argentine Finance Minister will entertain subscriptions
for any larger amount arising from balances blocked subsequent to May 1.
Any Argentine government obligations in which blocked balances have been
invested may be tendered as part of the subscription, and will be received
at their market valuation on the day of presentation.
The expiration date for the transmission of subscriptions
to Buenos Aires, which had been set for to-day, Nov. 18, has
been extended to Nov. 25.
Application by cablegram to the Argentine Ministry of
Finance to extend the time limit for memoranda on American
credits in Argentina until a week from to-day was made on
Nov. 15 by the Argentine Trade Commission in New York,
according to the New York "Times" of Nov. 16, which also
said:
Elias M. Saravia, official Argentine trade delegate, who made the announcement, said the extension was sought because the original request had
not reached interests representing an estimated $25,000,000 of United States
credits in Argentina. Information received to date covers about $40,000,000 of credits.
Funds have been released in Argentina to cover all credits, but receipt
of information as to the total of credits is needed before the release can be
completed, according to Mr. Saravia.
Argentina Accepts Loan—Syndicate Grants $20,000,000
to Free Frozen Funds.
Under date of Nov. 9, United Press advices from Buenos
Aires, Argentina, to the New York "Herald Tribune", said:
A loan of 320,000,000 French francs (nearly $20,000,000), offered by
French, Swiss, Dutch and Belgian holders of frozen funds in Argentina,
was accepted by the government to-day.
The terms are identical with the loan by which the British unfreed their
rozen credit here. Bonds will be issued bearing 4% interets, and amortiza-
3579
tion at 5% is to begin after the fifth year. The holders of the credits will
absorb the bonds, discount them at home and obtain immediate cash for
their Argentine holdings.
Negotiations are still under way with a committee from New York to
free $32,000,000 in frozen.United States credits by a similar plan.
Conversion by Argentina. 6% Bonds for 1,350,000,000
Pesos Changed to 5s.
A cablegram, Nov. 14, from Buenos Aires, to the New
York "Times," said:
Finance Minister Frederic° Pined° announced to-day conversion of National Mortgage Bank cedulas into a 5% issue, with a 1% cumulative sinking fund. The cedulas, which hitherto paid 6%. are Argentina's most
popular investment securities, and are quoted on the New York Stock
Exchange and several European exchanges. The conversion embraces
the entire 41 issues, totaling approximately 1,350,000.000 Pesos.
With conversion of the cedulas, interest is reduced to 5% on the government's entire internal indebtedness, totaling approximately 3.000.000,000
pesos.
Minister Pinedo announced that this terminates conversion operations,
scotching rumors that the government would convert the foreign debt as
well. The entire internal debt as well as cedulas will be automatically
liquidated in 35 years.
Currency Problems Pan-American Issue—Mexican Delegate, in Chile en Route, Suggests Unit for Latin
Republics.
Under date of Nov. 11, a cablegram from Santiago, Chile,
to the New York "Times" said:
Emphasis was put on Latin-Americanism, in preference to Pan-Ameri
canism, in a discussion of the program of the coming Pan-American Con
Casauranc, Foreign Minister of
ference at Montevideo, by Jose M. Puig
Mexico, who was here to-day en route to Montevideo as chief of his
country's delegation.
The conference should further the unity of Latin-American efforts,
Senor Puig said. The delegation he heads, he declared, did not intend to
press special subjects which were Mexico's affairs, but was prepared to
deal mainly with problems that affected all the Latin-American republics.
He planned to submit to the other Latin-American delegations before
the opening of the conference a list ofsubjects and to seek either co-operative
action on these items or their removal from the agenda if it were evident
they would not be supported in the conference.
Consideration of financial matters would be one of the most important
points for the Mexican delegates, the Minister said. He believed the conference would gain by the experience of the World Economic Conference
in London last summer.
He suggested a standard monetary unit, possibly based on the principle
of bimetalism, might be considered for the American nations.
Ambassador Welles to Consult with President Roose-velt on Cuban Situation To-morrow (Nov. 19)
Comparative Quiet Reported on Island.
Sumner Welles, United States Ambassador to Cuba, will
confer with President Roosevelt to-morrow (Nov. 19)
regarding recent developments in the Cuban situation,
according to an announcement on Nov. 15 by William
Phillips, Acting Secretary of State. Mr. Welles was expected
to fly from Havana to Warm Springs, Ga., where the President will spend the week-end. He will retuin to Havana.
immediately after the conference. The statement by Mr.
Phillips follows:
In view ofrecent developments in Cuba,Ambassador Welles has requested
Permission to have an opportunity zo discuss the situation with the President. Inasinuch as the President is to be in Warm Springs for the week-end
and as Warm Springs can be quickly reached from Havana, the President
has indicated that he will receive Mr. Welles there on Sunday. After his
conference Mr. Welles will return to Havana.
Conditions in Cuba have been comparatively quiet this
week, following the defeat of a revolt against the regime of
President Grau San Martin, as described in our issue of
Nov. 11, page 3408. The leaders of the rebellion were all
placed on trial by court martial, and the verdict against the
38 defendants was then submitted to President Gran San
Martin. It appeared likely, however, that the execution of
the court martial sentences would be indefinitely delayed.
The details of the verdicts had not been published late this
week.
Ruling by.New York Stock Exchange Ends Technical
Corner of Month's Duration in Class A Stock of
Pierce
-Arrow Motor Car Co.
The New York Stock Exchange on Nov. 3 broke a technical corner which had existed for more than a month in
the class A stock of the Pierce-Arrow Motor Car Co. As
to this we quote further as follows from the New York
"Times" of Nov. 4:
The stock dropped from 2 to 1 after the Committee on Securities of
the Exchange had issued a ruling that transactions in the issue could
be settled by delivery either of the class A stock or of the equivalent certificates of new common stock issued in accordance with the recapitalization
of the company.
On Oct. 18 the Exchange, in an unprecedented action,instructed brokers
to warn their customers of what seemed to be a serious discrepancY in
the prices of Pierce-Arrow old class A and preferred stocks. These issues
are exchangeable for the new common. Despite the fact that the preferred stock was entitled to receive 32 times as much of the new common
as the class A stock, the latter issue was then selling at about $3 a share.
of about one-sixth of the price quoted for the preferred at the time.
This discrepancy was believed to have been caused by the existence
of a short interest in the class A stock. Many traders apparently believed
3580
Financial Chronicle
that short sales of the latter issue could be settled only by the delivery
of class A stock.
Under the Pierce-Arrow recapitalization plan 3 1-5 shares of new $5
common stock are being issued for each share of old preferred and 1-10th
of a share of new common Is being issued for each share of old class A
stock. The new common stock was listed on the Stock Exchange several
days ago.
No Deposits Made of Cuban Tax Funds—Chase National Bank Said to Hold Pledge of 90% of Public
Works Revenue as Security.
The following is from the New York "Times" of Nov. 17:
The Grau San Martin Government in Cuba has made no deposits with
the Havana branch of the Chase National Bank of revenues from the
public works taxes, 90% of which should be placed with the bank for application against the Cuban loans under an agreement between the bank and
the Machado Government. Irregular payments were made by the de
Cespedes Government, which preceded the present regime.
The Cuban Government owes the Chase Bank $867,000 as the balance
of an advance made by the bank on June 30 to enable the Machado regime
to complete payment of $1,250,000 of public works serial certificates
which were due them. It was in connection with this loan that an agreement was made pledging 90% of the public works taxes. The complete
cessation of transfers of these funds may complicate the entire Cuban
debt situation, involving the $80,000,000 of publicly and privately held
obligations issued against public revenues. Interest in the amount of
$1,100,000 is due Dec. 31 on the $40,000,000 of 53.6 % public works bonds
Short Interest on New York Stock Exchange Dropped
.
95,772 Shares, Oct. 31—Total of 779,228 Shares
Lowest Reported by Exchange.
A new low figure for total short interest on the New
York Stock Exchange existed as of the opening of business
on Oct. 31. The Exchange announced on Nov. 11 that
the total on that date, as compiled from information secured by it from its members, was 779,228 shares. This
is the lowest figure to be reported by the Exchange since it
began issuing the short interest figures in May 1931. Compared with the Sept. 29 total of 875,000 shares, the previous
low figure, it represents a decrease of 95,772 shares.
New York Stock Exchange Postpones Effective Date
of Ruling Prohibiting Odd-Lot Security Dealers
from Dealing in Full Lots Until Jan. 1 1934—
Would Have Become Effective Nov. 15.
The ruling of the New York Stock Exchange adopted
on Oct. 10, which would have prohibited dealers in odd-lot
securities listed on the Exchange from dealing in full lots
after Nov. 15, is not to become effective until Jan. 1 1934.
Action deferring the date was taken at a meeting of the
Governing Committee of the Exchange Nov. 10, we learn
from the Exchange's weekly bulletin of Nov. 11. The
ruling of the Exchange of Oct. 10 was given in these columns
Oct. 14, page 2731. The announcement in the bulletin
regarding the Governing Committee's meeting, Nov. 10,
follows:
Nov. 10 1933.
At a special meeting of the Governing Committee held this day, the
effective date of the amendment to Sec. 3 of Chapter XI of the rules
adopted by the Governing Committee pursuant to the constitution, which
amendment was adopted on Oct. 10 1933, was adjourned from Nov. 15
1933 to Jan. 1 1934.
New York Curb Exchange Adopts Two-Day Delivery
Plan—Similar to One Adopted by New York
Stock Exchange.
At a meeting of the Board of Governors of the New York
Curb Exchange held Nov. 10, the two-day delivery plan
was approved,it was announced by the Exchange on Nov. 11.
The plan went into effect in transactions as of Nov. 16,
the delivery date of which will be Nov. 20. This plan
is similar to the one recently adopted by the New York
Stock Exchange. The following brief summary of the
plan was issued by the Exchange:
Contracts made "Regular Way," instead of being settled on the next
full business day following the day on which the transactions were entered
Into, will be settled on the second full business day. In other words,
Monday's transactions will be settled on Wednesday, Tuesday's transactions will be settled on Thursday. Wednesday's transactions will be settled
on Friday, Thursday's transactions will be settled on Monday of the
following week, and Friday's and Saturday's transactions will be settled
on Tuesday of the following week. A holiday intervening between the
day of the transactions and the settlement day will postpone the settlement
by one day. Thus, if a transaction VMS made on Monday, and either
Tuesday or Wednesday was a hollday, settlement would be made on
Thursday instead of Wednesday.
A reference to the New York Stock Exchange's second-day
delivery plan appeared in our issue of Sept. 9, page 1850.
Senate Inquiry into Stock Market Trading—Questionnaire Addressed to Some 50 Banks of Country
—Data Sought Relative to Loans in Pool and
Syndicate Operations—Bank Presidents Subpoenaed to Testify Regarding Loans.
A number of the larger banks throughout the country—
some 50, it is stated—have been.asked by Ferdinand Pecora,
Nov. 18 1933
counsel to the Senate Banking and Currency Committee investigating stock market trading, to supply data respecting
"Street loans," secured loans, loans incident to the financing
of syndicate or pool operations in stocks, &c. The information called for is for the period from 1929 to 1933. The
questionnaire follows:
QUESTIONNAIRE.
I. Give the following data for your bank as of the close of business
on July 31 for each of the years from 1929 to 1933 inclusive:
A. Total amount of Street loans.
1. Total amount of such loans carried by your bank for
• own account.
2. Total amount of such loans carried for the account of
others.
(a) Total amount of such loans carried for the account
of other banks.
(b) Total amount of such loans carried for the account
of corporations other than banks.
(c) Total amount of such loans carried for the account
of co-partnerships or individuals.
B. Total amount of day loans made on July 31 in each of the
above years.
II. Give the following information as of July 31 or any day of the
month of July for each of the years from 1929 to 1933 inclusive:
1. Total amount of all "secured loans" exclusive of "Street loans."
(a) Total amount of loans such which were demand loans.
(b) Total amount of such loans which were time loans.
(c) Total amount of such loans which were secured by
United States Government bonds.
(d) If possible give an estimate of the total amount of these
loans which were secured by real estate mortgages,
life insurance and similar items other than securities.
III. Give the following information for your bank for each of the years
from 1929 to 1933 inclusive:
A. Number of loans made with or without security, pursuant to
credit arrangement for financing syndicate or pool operations
of any nature in stocks.
B. Total amount of such loans.
Note.—Include in the above all syndicate and pool transactions in which
the bank participated whether the sums advanced were carried in the
"loan," "investment," or other accounts.
IV. Give the following data for your bank for each of the years from
1929 to 1933 and for the period from Jan. 1 1933 to Sept. 15
1933 inclusive:
A. Total gross amount written off or specifically reserved against
in each of the classifications set forth in "I
-A" and "II."
B. Total number of such loans thus affected.
C. Set forth separately the total amount of subsequent recoveries
on such write-offs.
V. Give the following data for your bank for each of the years from
1929 to Sept. 15 1933 inclusive.
A. State whether you bank participated in any syndicate or pool
accounts either in
1. Originating group.
2. Banking group.
3. Distributing group.
4. Participant for your own account.
If such participation in "4" was made wholly or in part for account of
customers, give the details thereof.
If your answer to any of the above is in the affirmative, furnish photostatic copy of each of the syndicate or pool agreements or of the correspondence which formed the basis of the syndicate or pool agreement.
VI. Give the following data for your bank for each of the years from
1929 to Sept. 15 1933 inclusive:
A. Name of each and every member or member firm of the New
York Stock Exchange used for the sale or purchase of any
securities, whether for your own account or account of
others.
VII. Name of each and every member or member firm of the New York
Stock Exchange for whom loans were being carried by your bank
either for your own account or for the account of others, as of the
close of business on Sept. 12 1929 and as of the close of business
on July 15 1933, and the amounts of each of the said loans.
VIII. Name of each and every member or member firm of the New York
Stock Exchange associated with you ar participating with you in
the retail distribution of any stocks by your bank.
It is reported that Presidents of 40 or more banks have
been subpoenaed by the Committee in furtherance of the
inquiry into bank loans used for stock speculation from
1929 to 1933. Washington advices No. 16 to the New
York "Times" said:
The subpoenas call for their appearance Nov. 24 before the Senate
Banking and Currency Committee and were issued at the request of Ferdinand Pacers. its counsel, after some of the bank Presidents refused to
provide the desired information by the questionnaire route.
Among the bank Presidents already subpoenaed for Nov. 24 are Philip
Stockton of the First National Bank, Robert T. Brewer of the Merchants
National Bank, and Walter S. Bucklin of the National Shawmut Bank,
all of Boston.
Similar subpoenas are now being served on Presidents of large banks
In New York, Chicago, Washington, St. Louis, Pittsburgh and other
leading cities. The names of these other banks will be made public tomorrow by Mr. Pecora.
Wide Field Is Covered.
The Senate Committee, in seeking originally to obtain this by questionnaire, asked the bank Presidents for information about the amount
of money lent on collateral, to syndicates and on margin in a manner
calculated to show what part of their loans during the five-year period
went into Stock Exchange transactions, in comparison with their loans
for strictly commercial purposes.
Replies came from some bank Presidents refusing to respond on the
ground that, if they were to answer by questionnaire, they would be
reproached by customers to whom they had made such loans. In these
cases subpoenas were issued.
Late to-day Mr. Pecora said the decision to send subpoenas to all the
forty-odd bank Presidents had now been'made in pursuance of a plan
suggested by some bank Presidents to relieve them of any reproach for
furnishing the desired information except under subpoena.
Volume 137
Financial Chronicle
The forty-odd bankers are not all heads of National banks. Some
arge banks not members of the Federal Reserve System are on the list.
Members of the Federal Reserve Banking System are required to report
so-called brokers' loans, but they do not report loans to syndicates and
trading accounts. For this reason officials of the Reserve System had
never been able to get a complete picture of the extent to which bank
loans were used for stock market speculation, Mr. Pecora said.
p. Another questionnaire, now being answered by members of the New
York and other stock exchanges, was also framed to develop further the
stock speculation picture which the Senate market inquiry is drawing.
hi Mr. Pecora said to-night that replies to the Stock Exchange questionnaire had been received from about 200 brokers. When all answers
have been received they will be combined and analyzed by committee
experts.
Richard Whitney, President, and other officials of the New York Stock
Exchange, along with officials of other exchanges, will then be summoned
to Washington to testify.
The New York Stock Exchange officials will be asked about the result
of the Investigation they are now making of the books of E. F. Hutton
&IC°. and others, in connection with the 833,000,000 Purchasing sYndirsta
which reaped a profit of more than 812,000,000 in the Sinclair Consolidated
common stock pool managed by Arthur W. Cutten of Chicago in 1929.
Text of NRA Code for Stock Exchange Firms as
Approved by President—Letter of General Johnson
to President Roosevelt Transmitting Code.
In our issue of Nov. 11, page 3414, we noted the approval
by President Roosevelt, on Nov. 4, of the NRA code for Stock
Exchange firms. The code became effective on Monday of
this week, Nov. 13, and on the coming Monday, Nov. 20, a
meeting will be held at the office of the Association of Stock
Exchange Firms for the appointment and election of members of the Board of Administrators of the code. A letter,
signed by Frank R. Hope, Chairman of the Code Committee
of the Association of Stock Exchange Firms, and Frederick
F. Lyden, Secretary of the Committee, has been addressed,
as follows, to New York Stock Exchange brokers. The letter
follows:
The code of fair competition for Stock Excliange firms, approved by the
Administration, was signed by President Roosevelt Saturday, Nov. 4, and
becomes effective Monday. Nov. 13.
We enclose herewith two copies of the code with General Johnson's fonmal
approved and President Roosevelt's Executive Order; one copy to be executed
and returned as herein explained, and the other copy to be retained by you.
This code Is binding upon all firms and individuals engaged in the business
of trading in securities on any regularly organized Stock Exchange as provided by Article I, Subdivision (b), whether sualk person or firm voluntarily
assents to the code or not. Only those, however, voluntarily assenting are
entitled to participate In the administration of the code. It is earnestly
hoped that all will voluntarily assent. To voluntarily assent you must
execute the letter, Schedule A, attached to the code enclosed herein for
execution and return such code so executed to Mr. Frederick F. Lyden,
42 Broadway, Suite 1605, New York City. We request that you promptly
execute and return this code, as it is imperative that the Board of Administrators be promptly constituted and organized to carry out the duties imposed upon it by the code.
You are notified that there will be a meeting held at the office of the
Association of Stock Exchange Firms, 42 Broadway, New York City, at
3 p. m., Monday, Nov. 20, for the appointment and election of members of
the Board of Administrators of the code. Stock Exchange firms not members of any association, when returning the assent as above provided, should
also indicate in writing the individual for whom they wish to cast their vote
as a member of the Board of Administrators, as Stock Exchange firms not
members of any association are entitled to elect one member to the Board
of Administrators. Stock Exchange firms that are members of any association should not make any such designation as their respective associations
will designate their members on the Board of Administrators.
The text of the code, together with President Roosevelt's
Executive Order and General Johnson's letter, was made
public by the Association of Stock Exchange Firms, as
follows:
EXECUTIVE ORDER.
'Code of Fair Competition for Stock Exchange Firms.
An application having been duly made, pursuant to and in full compliance
with the provisions of Title I of the National Industrial Recovery Act, ap,
proved June 16 1933, for my approval of a code of fair competition for
'stock Exchange firms, and hearings having been held thereon and the Admin.
istrator having rendered his report containing an analysis of the said code of
fair competition, together with his recommendations and findings with
respect thereto, and the Administrator having found that the said code of
fair competition complies in all respects with the pertinent provisions of
Title I of said Act, and that the requirements of Clauses (1) and (2) of
Subsection (a) of Section 3 of said Act have been met:
Now, therefore, I Franklin D. Roosevelt, President of the United States,
. pursuant to the authority vested in me by Title I of the National Industrial
Recovery Act, approved June 16 1933 and otherwise, do adopt and approve
the report, recommendations, and findings of the Administrator, and do
order that the said code of fair competition be, and is hereby approved.
FRANKLIN D. ROOSEVELT.
The White House, Nov. 4 1933.
Approval recommended:
HUGH S. JOHNSON, Administrator.
Nov. 8 1933.
The President, The White House.
Sir: I beg to transmit herewith the report of the hearing on the code
of fair competition for Stock Exchange firms conducted in the Auditorium,
United States Chamber of Commerce Building, on Oct. 17 1933, in accordance with the provisions of the National Industrial Recovery Act. The
application for this code was presented by the Association of Stock Exchange
Firms (New York), on behalf of its members and on behalf of similar associations of members of stock exchanges and members of stock exchanges throughout the country. The applicant thus represents approximately 98%% of
the recorded transactions in listed securities on all the important Exchanges
in the first eight months of this year.
3581
The hearing brought out a remarkable comparison of employment and
wages as of a recent date with like figures during 1929. Current surveys of
representative firms in New York and Chicago revealed that on Aug. 1 1933
the number of employees of such firms in New York was 99% of March 1
1929, and in Chicago such number was 4.3% greater than on Aug. 1 1929.
Wages of employees of the same firms in New York was 85% of the annual
wages paid for 1929, whereas in Chicago the average weekly pay per employee for three months prior to Aug. 1 1933 WU 66.2% of the average
weekly pay for the three months prior to March 1 1929.
Firms in New York and outside of New York reporting to the Code Committee showed that 95% of the employees of the former and 93% of the
latter are paid more than the minimum rate and more than 32% in both
instances are paid over $35 per week. The average weekly sales volume on
the New York Stock Exchange for the first eight months of this year was
67.5% of the average weekly volume for the year 1929, whereas on the
Chicago Stock Exchange volume of business for the first nine months of
1933 was approximately 721 of the like period of 1929. It would thus
/
2
%
seem that Stock Exchange firms continue to employ about the same number
of persons as they did when the volume of their business was much greater,
and that they have not discharged their employees proportionately with the
decline of their business. It is necessary that firms employ complete technically trained staffs at all times in order to handle the unpredictable fluctuations in volume. The result is that at times they are over-manned and
at other periods must work their staffs overtime. Provision in the code is
made for overtime remuneration. Moreover, in this respect it is common
knowledge that Stock Exchange firms are exceptionally generous in bonus
dsitributions to employees during active markets.
The code does not contain provisions covering fair practices, although the
Division Administrator urged upon the Committee the inclusion of provisions
Intended to regulate and co-ordinate methods and practices on all stock
exchanges. Detailed reasons for such omission were subsequently embodied
in a letter from counsel for the applicant and included in this record. In
substance, these reasons are: Existing "fair practice" rules and regulations of the several stock exchanges; the time required to reconcile differences and promulgate a uniform system for dissimilar situations; obligations
under a code would have to be consistent with obligations of memberships in
the several exchanges; limitation under a code of the authority of the several
governing bodies to modify their respective practices as required by experience and ever-changing conditions; and the lack of power of, and the extended time required for, the Code Committee to negotiate fair-practice
provisions for the entire business throughout the United States. It is conceded that there is substantial ground upon which these objections are based.
In principle, fundamental changes affecting the welfare of many should be
carefully considered. This opportunity the President and the Administrator
hold under the code.
There were no objectors to the code from the business, and but one from
the public, this relating to curb trades in an unlisted security. The protest
was immediately filed by the Administrator with the Code Committee.
The code has been accepted by the Association of Stock Exchange Firms
and has received the approval of the several Advisory Boards of the National
Recovery Administration.
I find that the code complies with the pertinent provisions of Clauses (1)
and (2), Subsection (a) of Section 3 of the National Industrial Recovery Act.
I recommend, therefore, that you approve the code of fair competition for
Stock Exchange firms as submitted herewith.
Respectfully,
HUGH S. JOHNSON, Administrator.
CODE OF FAIR COMPETITION FOR STOCK EXCHANGE FIRMS UNDER
NATIONAL INDUSTRIAL RECOVERY ACT.
The code is adopted pursuant to Title I of the National Industrial Recovery
Act to endeavor to effectuate the policy therein enumerated in so far as
applicable.
Article I—Definitions.
Whenever used in this code or in any schedule annexed hereto the terms
hereinafter in this Article I shall, unless the context shall otherwise clearly
Indicate, have the respective meanings hereinafter in this Article set forth.
(a) The term "code" as used herein means and includes this code and all
schedules annexed hereto as originally approved by the President and all
amendments hereof and thereof made as hereinafter provided.
(b) The term "employer" as used herein means and Includes, but without limitation, every individual, partnership, firm, association, corporation,
or other entity, that is (1) a member of any regularly organized stook
exchange or has the privilege of any such exchange for itself or any of its
partners or executive officers, and is also (2) regularly engaged as its
major business in the buying, selling, trading in or otherwise dealing in
stocks, bonds, or other securities, and/or commodities; provided, however,
that no one whose business shall consist of dealing only in commodities shall
be included in such definition and further provided that a member of any
commodity exchange who :s included in this definition shall be bound by
all provisions of any code of fair competition applicable to members of Commodity Exchanges with the exception of the labor provision thereof, in
which latter respect the labor provisions of this code shall be effective.
(e) The term "employee" as used herein shall apply to every person employed by an employer as herein defined.
(d) The term "effective date" means and includes the date on which
provisions of this code become effective and will be the second Monday after
this code is approved by the President.
(e) The term "Administrator" as used herein shall mean
the Administrator appointed by the President under the National Industrial
Recovery Act.
(f) The term the "President" means the President of
the United States
of America.
Article II—Labor Provisions.
1. (a) Employees shall have the right to organize
and bargain collectively
through representatives of their own choosing and
shall be free from the
interference, restraint, or coercion of employers of labor, or
their agents in
the designation of such representatives or in
self-organization or in other
concerted activities for the purposes of collective
bargaining or other mutual
aid or protection;
(b) No employee and no one seeking employment
shall be required as a
condition of employment to join any company union or to
refrain from joining, organizing or assisting a labor organization of
his own choosing; and
(c) Employers shall comply with the maximum hours of
labor, minimum
rates of pay, and other conditions of employment,
approved or prescribed by
the President.
2. No person under 16 years of age shall be
employed by any employer;
provided, however, where a State law requires
higher minimum age, no
person below the age so specified shall be employed
within that State.
3. (a) No employer shall employ any person
for more than 40 hours in
any one week, provided, however, that in order to
meet contingencies which
3582
Financial Chronicle
cannot be anticipated and over which the employers have no control, and in
order to consummate contracts for the sale and purchase of securities, or
commodities which require daily clearance, the said hours of employment
may be increased to meet such contingencies, but in no event shall such
employees work more than a total of 44 hours per week averaged over a
period of four months without the payment of overtime;
(b) The maximum hours fixed in the foregoing paragraph (a) shall not
apply (1) to guards and watchmen employed to safeguard securities or assets,
or (2) to partners in any co-partnership, or (3) to outside salesmen, or (4)
to employees in a managerial or executive capacity or in any other capacity
of distinction or sole responsibility who receive more than $35 per week;
(c) No employee shall be paid (1) less than $16 per week in any city
of over 2,000,000 in population; (2) less than $15 per week in any city
between 500,000 and 2,000,000 population; (3) less than $14.50 per week
in any city between 250,000 and 500,000 population; (4) less than $14 per
week in any city between 2,500 and 250,000 population; and (5) in any
town of less than 2,500 population all wages of employees *of the employers
shall be increased by not less than 20%, provided that this shall not require
the payment of wages in excess of $12 per week. In the event that any
employer shall operate one or more branches or offices in towns or cities
in different classes described in this paragraph (c) then the minimum wage
requirement for the employees at each branch or office of such employer
shall be determined by the classification of the town or city in which each
branch or office shall be located; provided, however, that where a State law
provides a higher minimum wage than is provided in this code, no person
employed within that State shall be paid a wage below that required by such
State law;
(d) All employees, except employees mentioned in Paragraph (b) above,
if employed for more than a total of 44 hours per week averaged over a
period of four months, shall be paid for all such excess time of employment
at the rate of 133 1/3% of the regular hourly rate at which such persons
shall then be employed; but regardless of the calculation of such overtime
averaged over a four months' period, alt such employees if employed for more
than 48 hours in any one week shall be paid for such time is excess of 48
hours at the rate of 133 1/3% of the said regular rate. The amount paid
for overtime for any weekly period shall be credited on the amount of overtime paid at the end of any four months' period, and in computing the
amount of overtime to be paid as herein provided the regular hourly rate at
which any person shall be employed shall be determined by dividing the
amount per week which he shall regularly be paid by 40; and
(e) The wages of employees (except employees mentioned in the foregoing Subdivisions (2), (3) and (4) of Paragraph (b)) being paid on
Sept. 1 1933 In excess of the established minimum shall not be decreased,
notwithstanding that the hours worked in such employment may be hereby
reduced.
Article III—Administration.
The Board of Administrators, as provided for in Schedule B hereof, shall
represent the employers in the administration and supervision of this code,
and shall have, in addition to the specific powers set forth in said Schedule,
all general powers necessary for such administration and supervision, subject at all times to the power of the Administrator to veto or modify any
action taken by it.
The Administrator may appoint a representative to the Board of Administrators who may participate without vote in all activities of the Board.
In order to keep the President and the Administrator informed as to the
observance or non-observance of this code, each employer shall prepare and
file with the Board of Administrators at such times and in such manner as
the Board may prescribe, statistics covering the number of persons employed,
wage rates, hours of work, and such other data or information as the Board
of Administrators, with the approval of the Administrator, or the Administrator, may require. All information so furnished shall be treated as con
fidential and used only for the sole purpose herein set forth.
Article IV—General Previsions.
Any employer may voluntarily assent to this code by signing and delivering to the Board of Administrators a letter substantially as set forth in
Schedule A hereof.
The provisions of this code shall apply to and be binding upon eveTy employer, as defined in Article I hereof, whether or not such employer has
voluntarily assented to this code as herein provided or not; but only such
employers as shall have voluntarily assented to this code as hereinafter provided, or who have paid assessments hereunder, shall be entitled to participate in this administration and to vote for members of the Board of Administrators as herein provided.
Upon the approval of this code by the President, pursuant to the provisions
of Title I of the National Industrial Recovery Act, it shall constitute a binding contract on all those who have assented to this code subject, however, to
the right of amendment and termination as provided in this code.
The President may, from time to time, cancel or modify any order,
approval, license, rule or regulation issued under Title I of the National
Industrial Recovery Act.
Article V—Amendments and Termination.
Any employer assenting to this code that may hereafter desire to have the
code amended or any supplementary provisions added should take the following procedure: Propose the amendment to the Board of Administrators,
who shall, if a majority of the Board shall approve the proposed amendment,
submit it to a meeting of the employers assenting to this code especially
called for that purpose upon due notice; and if at any such meeting a majority of such employers shall vote in favor of the adoption of such proposed
amendment, such amendment shall be submitted by the Board of Administrators to the President for approval, and such proposed amendment shall
take effect as a part of this code upon such approval thereof by the President. Employers voting on such amendments as above provided may vote in
person, by proxy in writing or may vote in writing without being personally
present.
This code shall continue in effect se long and only so long as the National
Industrial Recovery Act shall be in force and effect, but in no event after
June 16 1935, and shall in all respects be subject to the provisions and conditions thereof; provided, however, that this code may be terminated at any
time by the same action by assenting employers, with the approval of the
President, as is above provided for the amendment thereof. Such termination shall not release any employer from the payment of any unpaid assessment theretofore made.
Schedule A—Form of Letter of Assent to Code.
The undersigned, by signing and delivering this letter to Frederick F.
Lyden, 42 Broadway, New York City, assents to all of the terms and
conditions of the code for Stock Exchange firms, a copy of which is annexed
hereto; and such assent shall be effective as of the date on which said
code
Nov. 18 1933
shall become effective as therein provided or the date of the delivery of this
letter, whichever shall be later. The undersigned hereby agrees with everyone similarly assenting to said code, that said code constitutes a contract
between the undersigned and all such others and agrees to be bound by the
provisions thereof as well as the provisions in Schedule B annexed thereto
Including particularly the right of assessment for expenses as therein
provided.
Schedule B—Rules end Regulations for the Administration of the Code.
1. Every employer who voluntarily assents to this code or pays assessments as herein provided, shall be entitled to one vote at all meetings of
employers under the code; and the Board of Administrators shall determine
and resolve all questions which might arise as to the qualification of any
employer and his right to cast a vote at any meeting. Any employer may
vote by proxy in writing. At least 75% of the employers shall constitute a
quorum for the transaction of business at any meeting.
2. The Board of Administrators shall be constituted as follows: Five
members shall be appointed by the Board of Governors of the Association of
Stock Exchange Firms (New York); five members shall be elected by a
majority vote of all other associations or organizations of stock exchange
firms any of whose members shall have assented to this code, each association or organization having one vote; one member shall be elected by a
majority vote of the employers assenting to this code who shall not Ls
members of any of the foregoing associations or ;organizations; a representative to be appointed by the Administrator as provided for in Article III
3. Immediately after the effective date of the code employers shall meet
in the city of New York for the election of the Board of Administrators.
4. Members of the Board of Administrators, except the representative ot
the Administrator, shall serve a term of one year. If a vacancy shall exist
on the Board of Administrators, then such vacancy shall be filled by the
remaining members of the Board elected by the same persons electing the
members in respect to which such vacancy shall then exist.
5. All meetings of the Board of Administrators shall be held in New York
City, or such other place as the Board may determine, and at all such
meetings a majority shall constitute a quorum, and any member of the Board
may vote by proxy in writing. Meetings may be called by any three members of the Board.
6. The Board of Administrators shall have power to appoint, remove, and
fix the compensation of its officers and employees, including accountants,
attorneys, and experts.
7. The Board of Administrators shall designate an Executive Committee
of five from among its members which shall possess and may exercise all of
the powers of the Board of Administrators except as otherwise specifically
directed by such Board. All meetings of the Executive Committee shall be
held in New York City and may be called by any two members thereof.
The Board of Administrators may also from time to time appoint either
from employers under the code or otherwise such committees as it mat
deem necessary or proper in order to carry out its powers and duties under
the code, delegating to any such committee any powers and duties of the
Board of Administrators as shall be deemed necessary or proper to effectuate
such purpose.
The representative appointed by the Administrator shall be given notice
of all meetings of any committee or committees appointed by the Board of
Administrators and shall have the right to participate without vote in the
activities of such committees.
8. The expenses of administering this code shall be borne by the employers.
The Board of Administrators may from time to time make such
assessments
on account of such expenses which shall be apportioned among all
employers
in such manner as the Board of Administrators shall deem fair and
equitable.
Failure of any such employer to pay any such assessment for a period
of 30
days after the date on which it became payable shall constitute
a violation
of the code and such employer shall thereafter, upon notice from
the Board
of Administrators, not be entitled to any of the rights and
privileges appertaining to an employer voluntarily assenting to the Code as therein
and herein
provided, but shall continue to be liable for all due and
unpaid assessments
up to and including the date of such notice.
Chicago Curb Exchange Expels Harry H. Smith.
The Chicago "Tribune" of Nov.9 reported that Harry H.
Smith had been expelled by the Chicago Curb Exchange for
violation of the rule forbidding "wash" or fictitious sales,
according to announcement made the previous night.
Senate Inquiry into Stock Market Operations—Denial
in Behalf of Rockefellers of Alleged Payments by
Them to William S. Fitzpatrick, Former President
of Prairie Oil Co. from Sinclair Pool—Bertram
Cutler Declared No Participation Was Arranged
by Rockefellers—Testimony of Elisha Walker of
Blair & Co.
To compensate him for his long service to the company,
William S. Fitzpatrick, former President of the Prairie
Oil Co., testified on Nov. 15 before the Senate Banking and
Currency Committee inquiring into stock market operations, that (we quote from Associated Press accounts from
Washington) the Rockefellers had arranged payments to
him aggregating $449,000. The Associated Press advices
Nov. 15 continued in part:
This was done, he said, when the'Rockefellers sold half of their holdings
in the concern through Blair & Co., New York banking house, and
he
began to feel concerned about his position.
The gray-haired, bespectacled oil man said $300,000 was given
him by
Blair & Co. out of profits in a Sinclair Consolidated Corp. oil-pool
which
netted participants $12,000,000.
The remainder was made In two payments and represented,
he said,
about 2%% of profits in the sale of the Rockefeller stock.
According to a dispatch Nov. 15 from Washington to
the
New York "Times" Bertram Cutler, financial adviser
for
32 years to the Rockefellers, completely contradicted
testimony by Mr. Fitzpatrick that he and the Rockefellers
had arranged payment of $300,000 to Mr. Fitzpatrick from
profits in a Sinclair oil stock purchasing pool in 1929. The
dispatch further said:
Volume 137
Financial Chronicle
Mr. Fitzpatrick, then President of the Prairie Oil & Gas Co.. shared
In $12,000,000 profits of the pool.
Mr. Cutler, who followed Mr. Fitzpatrick as a witness before the Senate
Banking and Currency Committee, dented also that the Rockefellers
had arranged for payment of an additional $149,000 which was given to
Mr. Fitzpatrick out of profits made by Blair & Co. in their purchase of
$38,000,000 Prairie Oil and other stock from several Rockefeller charitable
trusts in 1929.
Mr. Cutler revealed that the Rockefellers had an interest of more than
1,000,000 shares in the Consolidated Oil Corp., formerly known as the
Sinclair Consolidated Oil Corp.
Harry F. Sinclair is now Chairman and William S. Fitzpatrick is the
Vice-Chairman of its executive committee.
On Nov. 14 it was indicated in the Washington advices to
the "Times" that a cryptic allusion to "the Rockefellers"
incident to the alleged payment of $300,052.73 to Mr.
Fitzpatrick from the profits of $12,002,109.41 by participants in a Sinclair Consolidated common stock syndicate
was made by Harry F. Sinclair, puzzling Senate stock
market investigators. The dispatch added in part:
The oil man topped his reference to the Rockefellers with a characterization of the Senate market investigation as "a joke" and "funny."
Challenged immediately by Ferdinand Pecora, the Banking and Currency Committee counsel, and Senator Couzens, Mr. Sinclair quickly
rejoined that what he meant was that the testimony given last week by
Arthur W. Cutten, Chicago grain and stock operator, was a "joke."
He asked that his criticism of the Committee he "cancelled," but the
Committee insisted that it stand in the record.
The mystifying reference to the Rockefellers came soon after the witness had admitted that Mr. Fitzpatrick, when the $300,000 was paid
from the Sinclair oil pool profits in 1929. was President of the Prairie
Oil & Gas Co., a competing concern, and that negotiations were then
under way for a merger of that company with the Sinclair Consolidated
Oil Corp.
Got $300.000 With No Risk.
Mr. Sinclair testified that the Prairie Oil Co. and the Sinclair Consolidated Corp. were consolidated in March 1932, about three years after
Mr. Fitzpatrick had received 2;6% of the $12,000,000 profits in the Sinclair
oil Pool without having been a participant in, or assuming any risk in
connection with, the operations of the Sinclair oil syndicate of 1928-29.
Mr. Sinclair testified that Mr. Fitzpatrick, who is now Vice-Chairman
of the Consolidated Oil Corp. (successor to the Sinclair Consolidated
Oil Co.) told him less than two weeks ago that Blair & Co. had given
Mr. Fitzpatrick a "cut-in" in the Sinclair pool "because they wanted him
to make some money and that it came up through the Rockefellers."
Mr. Pecora forced Mr. Sinclair to admit, however, that Mr. Fitzpatrick's
profits of 23. % did not come out of the sale of any Rockefeller shares
or of any shares of the Prairie Oil & Gas Co., but came specifically out
of the profits of $12,000,000 which had accrued to the Sinclair purchasing
syndicate.
Mr. Pecora and members of the Committee pressed Mr. Sinclair hard
for an explanation of his reference to "the Rockefellers." The witness
insisted that Fitzpatrick "should tell this story."
At Mr. Pecora's request Mr, Sinclair said he would try to summon
Mr. Fitzpatrick from New York to testify before the Committee tomorrow.
Regarding the testimony before the Committee op Nov.
15, when Mr. Cutler and Mr. Fitzpatrick testified, the
dispatch from Washington to the "Times" said:
Tells of Receiving $449.000.
Mr. Cutler took the stand after Mr. Fitzpatrick had testified that
he had received the $449,000 of which $300,000 represented Sinclair syndicate profits, and that he had been told by Mr. Cutler that the Rockefellers had arranged "to do something for me" in recognition of long service
"for the Rockefellers" with the Prairie Oil & Gas Co.
He was given to understand, said Mr. Fitzpatrick, that he would receive
10% of the profits which Blair & Co. received from Prairie Oil, which
they had bought from the Rockefeller trusts. He received two payments
from Blair & Co., one of $130,000 and another of $19,000, but he said
that this amounted to only about 23i% of the profits and that he received
also a 2%% participation without risk in the profits from the Cutten
pool in Sinclair Oil shares.
After Mr. Cutler challenged his testimony Mr. Fitzpatrick, considerably
aroused, resumed the stand and insisted he had told the truth to the
Committee.
"I do not know what Mr. Cutler testified about," he explained, "I
say I know Mr. Cutler's memory is not good."
Unable 0 Explain Conflicts.
"How do you account for this conflicting testimony?" Senator Couzens
asked.
"I am not able to account for it," Mr. Fitzpatrick replied. "If I could
account for it I would not be here disputing it. I got into this thing
here at the suggestion of Mr. Cutler and Mr. Hunter Marston of Blair
& Co., and whatever you gentlemen see fit to believe, whatever the public
may believe, if it is to my detriment it is too bad. But I am going to
see that the truth is laid before you."
"That is all we want," exclaimed Ferdinand Pecora, counsel for the
Committee.
"I do not care who disputes it," Mr. Fitzpatrick continued. "Mr.
Cutler Is an important man. Mr. Cutler represents perhaps the most
Powerful influence in this country—possibly in the world. I served
them for twenty-some years, and I have never heard anything fall from
the lips of anybody connected with the Rockefeller organization, until
I heard this testimony, that impaired my respect for or confidence in them.
"Now when I told Mr. Cutler that these people have been very good
to me and I appreciated it—in fact, they had carried me in this matter
and made me more money than my combined salary, or approximately
the amount of my combined salary the years that I have been with the
Prairie Oil & Gas Co., he said, 'I would not say anything about that.'
"That is the first intimation I ever had or the first time it ever occurred
to me that anybody might think there was anything wrong about my
taking that money from Blair & Co."
Mr. Pecora—Who said to you you shouldn't say anything about it?
A—Mr. Cutler.
Q—That was when you first told him that you had received that money?
A—Yes, sir. When I told him how much it was.
Q—Now when you were in Excelsior Springs some two weeks ago with
Mr. Sinclair were you surprised to know that he was ignorant of the reasons
3583
why you got that $300,000 out of that purchasing syndicate's profits?
A—I naturally vas.
Began as Small Town Lawyer.
Mr. Fitzpatrick, who was a lawyer in a little country town in Kansas
when he was invited to become general counsel for the Prairie Oil & Gas
Co. in 1908, had become its President in 1928 when it was merged with
the Sinclair Consolidated. He testified the,' he represented the Rockefeller
interests in the Prairie company.
In 1928. he said, some of the Rockefeller trusts "to which Mr. Rockefeller had given stocks in the Prairie Oil & Pipe were about to be wound
up, and Mr. Rockefeller's office force decided it would not be proper for
Mr. Rockefeller to acquire those stocksfrom those trusts,and they arranged
to sell to Blair & Co. those stocks which amounted to about half of what
we called the Rockefeller holdings in our company."
Mr. Fitzpatrick became curious to know what it would mean for him
when half of the Rockefeller influence was taken out of the Prairie stock
ownership. On making inquiries he was told "in Mr. Rockefeller's office
In New York," he related, that "they had arranged to do something for
me."
"Who told you that somebody connected with the Rockefellers had
arranged to do something for you?" asked Mr. Pecora.
"Mr. Cutler told me he had done it," Mr. Fitzpatrick replied, adding
that he understood he was to receive a participation in whatever profits
Blair & Co. got out of Prairie stock which they bought from the Rockefeller
trusts.
Mr. Pecora—Did you ever receive these profits? A—Yes, from Blair
& Co. The first payment was $130,000 and the next was nineteen something.
Q—That was something wholly apart from any profits you received
from the operations of a syndicate that was formed to purchase 1,130,000
shares of the Sinclair company? A—Apart from the operations of the
so-called Cutten syndicate.
"So the promise made to you by Mr. Cutler in 1928. in behalf of the
Rockefellers, was redeemed when they paid you these profits of around
$130,000 out of some deal involving stock of the Prairie Oil & Gas Co.?"
Mr. Pecora asked.
.
Saw Lone Service Repaid.
Tne reply was that "the $130,000 was approximately 2%% of the
profits made on the shares of Prairie stock purchased by Blair & Co. from
the Rockefellers, instead of 10%, and the other participation in the Cutten
syndicate was arranged without suggestion from me or without any knowledge on my pare until I was asked if I would be satisfied with it, if that
would suit me."
"Why they did it you will have to ask them," he went on. "As far as
I was concerned, it was something that I thought the Rockefellers had
arranged for me in view of the more than 20 years' service I had rendered
the company in maintaining its charter rights in the State. I had represented it before evary Committee of Congress and every legislative
or official body that it was attacked by—and it was being attacked.
"Newspapers were just as good to it then as they are to me now in this
thing. The name Rockefeller and the name Standard Oil were not real
good in Kansas and Oklahoma at that time. But I went along with it
for over 20 years, and when we quit it was good; and not only was it good,
but we had taken the $10,500,000 originally invested in those two companies and made of it a property that entitled us to 8,000.000 out of the
14,000,000 of the consolidated stock; and in the meantime we had paid
to the stockholders over $225,000,000 in cash dividends.
"I thought the Rockefellers, knowing that I had helped them all and
lived with it day and night for those 20 years, and attended to that business and neglected my own to the point that if I were to drop dead my
family would not have more than $50,000 or $60,000 out of the savings
I had made out of my salary at that time, and they wanted to do something
for me.
"That is what they gave me to understand, and that is the way I did
understand it and the way I understood it from Blair & Co."
Senator Townsend—Whom do you mean by "they?" A—The Rockefellers—some of them; I don't know which. Mr. Cutler was the man
I knew.
"It was never suggested that the Rockefellers would do anything for
me," witness later said. "It was suggested only that the Rockefellers
had asked or suggested or arranged with Blair & Co. to do it."
Mr.Pecora—Did Mr. Cutler tell you that that had been done? A—Yes.
Q—Did you feel that the Rockefeller interests were under some kind
of obligation, moral or otherwise, to give you something additional to the
salary you had received for your 20 years' service? A—I did not. I
knew that Mr. Rockefeller, according to the press, was giving millions
of dollars away to this thing and that thing, and I thought it was a very
nice and lovely thing for Mr. Rockefeller to remember a faithful employee,
as he seemed to remember me. '
Q—Did you know any reason whatsoever why Blair & Co., or Mr.
Walker and Mr. Tinker, who then were associated with Blair & CO., should
have given you any participation in profits of any kind whatsoever that
they had made? A—None whatever, except that Mr. Cutler and Mr.
Rockefeller's office had told me he had requested them to do that, and
Mr. Marston and Mr. Walker seemed to have consented to it and were
carrying that out.
Q—Did you consider that the moneys that you then received out of
profits from the Prairie Oil stock transactions that Blair & Co. had made
were given to you in fulfillment of what Mr. Cutler had told you the
Rockefellers would do for you? A—I certainly did.
Q—Did you thank the Rockefellers for it? A—I did.
Q—Whom did you thank? A—Mr. Cutler.
Mr. Fitzpatrick said he did not consider that he was morally or otherwise entitled to participate In the profits of the Sinclair syndicate, but
"supposed that Blair & Co., in the keeping of their promise to Mr. Rockefeller's representative, had decided to do it that way."
Mr. Pecora—Was it your understanding that the profits were to be
realized out of transactions in the common stock of the Sinclair company?
A—Sure. So far as I knew, that was all that was involved in the deal.
Q—Mr. Sinclair yesterday referred to your receiving that $300,000 as
a "pretty soft thing." You would not dispute him in that respect, would
you? A—I certainly would not. I so regarded it myself.
Mr. Fitzpatrick testified that John D. Rockefeller Jr. held 254,000
shares of stock in the Prairie Oil & Gas Co., but that these were not disturbed when the other Prairie shares held by the Rockefeller trusts were
sold to Blair & Co. in 1928. These 254,000 shares went into the Sinclair
Consolidated Oil Corp. when it acquired the Prairie Oil & Gas Co., he said.
Mr. Fitzpatrick bought 9,000 shares of Sinclair Consolidated from
the Sinclair purchasing syndicate, but sold 4,000 shares in 1930 because
his income tax on the $449,000 profits paid to him "was so very much
that I had to sell something to pay it."
He admitted that he was engaged in a controversy with the Internal
Revenue Bureau now concerning the 9,000
-share transaction in Sinclair
common.
3584
Financial Chronicle
At the outset of his testimony in contradiction of Mr. Fitzpatrick this
afternoon Mr. Cutler asserted that although he had been associated with
the Rockefellers for 32 years as financial adviser he had "no title."
Mr. Pecora asked whether Mr. Cutler knew anything about the sale
of Prairie 011 stock by certain Rockefeller trusts or foundations. He
replied that in November 1928 the entire amount of Prairie stock owned
by three or four of the so-called Rockefeller charitable funds was sold
to Blair & Co.
"Roughly," he said, "it was 838,000 worth."
In the negotiations for this sale, which he himself conducted, Mr. Cutler
said he had talked with Mr. Fitzpatrick.
Mr. Pecora—Was anything said in these conservations in which you
indicated a desire on the part of the Rockefellers to reward, pay, or give
Mr. Fitzpatrick something out of profits that would accrue from the
sale? A—I do not think I can answer the question just yes or no. The
policy of our office has always been that we like to see the management
of the different companies substantial stockholders in these companies.
When that sale was being consummated Mr. Fitzpatrick expressed to
me a desire that if he had had more time he would like to have bought
some of the stock himself, and to the best of my recollection I did say to
him that I thought the bankers would take him in the purchase. I discussed it with the bankers.
Q—Had you had any discussion with the bankers with respect to taking
care of Mr. Fitzpatrick? A—The expression "taking care of him" I
do not just understand.
Q—Did you say to Mr. Fitzpatrick at any time in words, substance
or effect, that the Rockefeller interests would see to it that he, Fitzpatrick,
received something out of any profits that would accrue to anybody from
the purchase or sale of those shares of the Prairie 011 & Gas Co. stock
which the Rockefeller trusts then had? A—I don't believe so.
Q—When the sale took place, did you have any talk with the bankers
about permitting Mr. Fitzpatrick to acquire some of the stock? A—Ites,
I think it was with Mr. Hunter Marston.
Q—What was the substance of that talk? A—It was that I assumed
that as they were becoming large stockholders in the company, if Mr.
Fitzpatrick wanted an interest in it, we would be glad if they saw fit to
give him one, my idea being that he was going to be allowed to buy the
stock on the same basis they were buying, or about the same basis.
Q—Did you have any knowledge in October or November 1928, or any
time subsequently, of the formation of a purchasing syndicate to buy
1,130,000 shares of the treasury stock from the Sinclair Consolidated
011 Corp.? A—I knew nothing about it at all.
Q—Did you indicate to any one at that time that you or the Rockefeller
interests would like to see Mr. Fitzpatrick obtain a share of any profits
that would accrue to any such syndicate from its purchase and sale of
these shares of stock of the Sinclair company? A—I did not even know
there was a syndicate.
Q—At any time that you had any conversation with Mr. Fitzpatrick
inlconnection with the contemplated sale by the Rockefeller trusts to
Blair & Co. of the Prairie Oil company stock, was anything said about
giving Mr. Fitzpatrick a 10% interest in anything? A—I do not know
about any 10%.
Q—Nothing was ever said to you about 10% by Blair dr Co. or by
Mr. Fitzpatrick, or by anybody? A—To the best of my knowledge, no
amount was fixed. I did not negotiate anything with them, whether it
would be 10%. or 5%, or any percentage.
Q—Did the Rockefeller interests own any shares of the Sinclair Consolidated 011 Corp. in October 1928? A—To the best of my knowledge.
at that time they did not. I would not be sure of that, though.
Q—Do they to-day hold any such stock? A—A very substantial
amount. I would roughly guess that the whole thing is 1,000,000 shares,
or around there.
Would Not Approve Such a "Gift."
Mr. P cora asked what proportion of the outstanding Prairie stock
the Rockefellers owned at the time of the Sinclair-Prairie merger, in March
1932.
"I would have to guess," the witness replied, adding, "12 or 14%.
Maybe less."
"Would you say that proportion of the stock interest gave them a
management control?" Mr. Pecora asked.
"That is a very much debated question, as to what gives control,"
Mr. Cutler said. "Some people say 10% does. Some say it takes 55.
I do not know.
"In view of your 30 years' experience as financial adviser to the Rockefellers, might I ask your opinion about it?"
"I would think 10 or 14% would have quite a weight in the management
of the company, but not control."
Senator Couzens—It would depend on who owned the stock, as to
whether they would be a big factor in getting control. Is that right?
A—The standing of the person who had that much stock, in asking for
proxies, would have great weight.
Mr. Pecora—You learned eventually that Mr. Fitzpatrick received
something like 1300,000 out of the profits that accrued to this purchasing
syndicate in the Sinclair Oil stock deal? A—Yes.
Q—When did you first learn of it? A—Yesterday.
Q—Had you learned of it at Lae time it happened would you, as the
financial adviser of interests that owned around 14% of the stock of the
company of which Fitzpatrick was President, have approved of it? A—I
do not think I could approve of it, no sir.
Q—Having in mind that Prairie 011 company was a competitor of the
Sinclair Consolidated, would you have approved of the President of your
company—the Prairie company receiving from interests that included
executive officers and directors of the Sinclair corporation, or making
of a payment by the latter to Mr. Fitzpatrick of 8300,000, or any sum?
A—The answer is certainly no. I would not tnink the President of my
comoany had a right to rake the payment from some other company.
Elisha Walker. testifying in some detail regarding both the Sinclair
and Prairie Oil transactions, said that neither Mr. Fitzpatrick nor the
Rockefeller interests had anything whatever to do withlthe Sinclair stock
purchasing syndicate but that the group which bought the Prairie stocks
from the Rockefeller trusts in 1928 was almost identical with the one
which constituted the Sinclair syndicate.
• Mr. Fitzpatrick, he asserted, received a 23 % profit participation in
each of these syndicates. Mr. Walker thought that he himself proposed
that Blair & Co. give such participations, without risk, to Mr. Fitzpatrick.
As a result, Mr. Fitzpatrick got $149.000 out of the Prairie syndicate
profits and $300.000 out of the Sinclair syndicate profits.
As to Mr. Sinclair's testimony on Nov. 15 we take the
following from the Washington advices that day to the
New York "Herald Tribune":
Witness Hazy on Details.
Among the points on which he (Mr. Sinclair) was:closely questioned
were these:
Nov. 18 1933
Why the Sinclair company contracted with Mr. Outten to buy 1,130,000
shares of stock from the company when Mr. Sinclair had already arranged
a syndicate with Mr. (Dutton and others, including Albert H. Wiggin,
then head of the Chase National Bank. through Mr. Wiggin's familyowned Shermar Corp. Mr. Sinclair said he did not know why the arrangement was made the way it was and averred that the members of
the executive committee of his company who approved the sale knew
that he was a participant in the syndicate.
Why several members of the executive committee of the company
and other officers and employees of the corporation were given subparticipations in the syndicate and in the trading account formed to support the market while the syndicate was selling its shares to the public
at a profit of more than 812,000,000?
Why Mr. Fitzpatrick, the head of a competing oil company, was given
234% of the profits of the syndicate. Mr. Fitzpatrick was not a member
of the syndicate and therefore received his 8300,000 without assuming a
theoretical risk. Mr. Sinclair did not know why Mr. Fitzpatrick, with
whom he admitted having discussed the matter only a few days ago, received this share of the profits. He said the assignment was made at
the suggestion of Blair & Co., who were participants in the syndicate
and had previously begun negotiations for the merger of the two concerns.
Mr. Sinclair brought in the Rockefeller "interests" in explaining the
desire to reward Mr. Fitzpatrick, but did not make himself entirely clear.
During the morning session Mr. Pecora sought much of the same information from Ruloff Cutten, cousin of Arthur W. Outten and partner
in E. F. Hutton & Co. Ruloff (Dutton was the active manager of the
Sinclair syndicate and trading account under his cousin. He did not
add much to the Committee's knowledge of the transactions. . . .
Mr. Sinclair, who was too ill to appear before the Committee last week,
looked haggard and resigned. He sat squarely in his chair, facing almost
straight ahead, instead of at an angle toward the end of the table where
Mr. Pecora sat. He watched Mr. Pecora out of the corners of his eyes.
Frequently he said "I do not understand your question," or "What was
your question?" He did not hesitate in his answers, but he said as few
words as possible.
Mr. Sinclair admitted frankly that it was he who had approached Arthur
W. Cutten with the proposal that he buy more than 1,100,000 shares of
the Sinclair Consolidated Oil Co. common stock from the company for
$30 a share. He admitted frankly that he arranged to take a personal
participation of 3-12ths, part of which he sub-assigned; that Mr. Outten
was to take 3-12ths, Blair & Co. 3-12ths, the Chase Securities Corp.
2-12ths and the Shermar Corp. 1-12th.
Asked by Senator Couzens why he did not offer the stock to the stockholders of the company, Mr. Sinclair replied:
"Senator, at the time these negotiations were being had the shares
of our company in the last four years before that time had never sold
as high as 30. I do not think that we would have been successful—that
Is my personal opinion—if the shares had been sold to the stockholders."
Mr. Sinclair acknowledged that the following directors of his company
received sub-participations in his interest in the syndicate: A. E. Wattes.
Vice-Chairman of the corporation, who presided at the executive committee meeting; J. F. Farrell, E. W. Sinclair and H. P. Whitney, all members of the executive committee; J. H. Markham Jr., P. M. Thirties,
directors, and W. L. Conely, a Vice-President. F. W. Bartlett, another
director, was given a sub-participation by Mr. Outten.
Mr. Pecora then took up Mr. Fitzpatric.k's 23. % of the profits of the
syndicate.
Blair Sponsored Fitzpatrick.
Mr. Pecora—From whom did you first hear of the proposal to give
Mr.Fitzpatrick 2M% interest in the profits of the syndicate ($12,000,000)?
Mr. Sinclair—From Blair & Co., to the best of my knowledge.
Mr. Pecora—What reason did they advance for it to you?
Mr. Sinclair—They did not advance any reason for it to me.
Mr. Pecora—Did you offer any objection to it?
Mr. Sinclair—Not at all.
Mr. Pecora—It meant a reduction in your share of the profits correspondingly, didn't it?
Mr. Sinclair—Which I was very happy at that time to reduce.
Senator Couzens—In spite of the fact that he was a competitor?
Mr. Sinclair—It did not make any difference to me. His company
was a competitor in the way I have said,if you consider it that way,Senator.
Mr. Pecora—Why were you happy to see it done?
Mr. Sinclair—Because I was promoting the Interests of the corporation
In trying to sell those shares, in trying to do that. And not trying to
make money. I would have been very happy to have given all of my
Participation away. I came into it to help the corporation. I did not
seek it.
Mr. Pecora—Did Fitzpatrick play any part in the syndicate operations
at all?
Mr. Sinclair—Not that I know of.
Mr. Pecora—Then why should be have gotten 21.4% of the profits?
Mr. Sinclair—Mr. Pecora, you will have to ask him. I don't know,
Mr.Pecora—Was this a gift to Mr. Fitzpatrick?
Mr. Sinclair—You may call it what you wish.
Mr. Pecora—What would you call it?
Mr. Sinclair—Well, it wasn't Christmas.
After further questioning, Mr. Sinclair said he had discussed the transaction with Mr. Fitzpatrick, who had been with him at Excelsior Springs,
Mo., during the last two weeks.
Mr. Sinclair—The story that he gave me was that the Rockefellers were
selling some shares to Blair & Co. and that they had said they were going
to make him some money and that he received this money.
Mr. Pecora—But these profits of 2 % did not come out of the sale of
any Rockefeller shares or of any shares of Prairie Oil & Gas Co., did they?
Mr. Sinclair—No, sir.
Pool Profit 812,000,000.
Mr. Pecora—They come specifically out of the profits of 812,000.000
that accrued to your purchasing syndicate?
Mr. Sinclair—Right.
Mr. Pecora—What did he say was the story about that?
Mr. Sinclair—The story that he told me was that Blair & Co. had
said they were going to make him some money.
Mr. Pecora—Without his assuming any risk or liabilities?
Mr. Sinclair—Yes, sir. He told me he did not take any risks.
Mr. Pecora—So that Blair & Co. were making him some money at the
expense of all the other syndicate participants?
Mr. Sinclair—There is no doubt about that.
Mr. Pecora—So that you were out of the Santa Clauses? This was a
Santa Claus syndicate,so far as giving Fitzpatrick $300,000 was concerned?
Mr. Sinclair—It sounds a bit like it, doesn't it?
Mr. Pecora—Did you know they were hanging Santa Claus whiskers
on you at that time?
Mr. Sinclair—Yes, sir.
Volume 137
Financial Chronicle
Mr. Pecora—You were willing to wear them?
Mr. Sinclair—I did.
Senator Couzens—You did not even get new dimesfrom the Rockefellers?
Mr. Sinclair—I never have yet. . . .
Mr. Sinclair admitted, under further questioning, that he had discussed
the evidence in the Senate investigation with Arthur W. Outten in Chicago
hist Saturday, the day after Mr. Cutten testified. Mr. Pecora asked the
witness why he discussed the evidence with Mr. Cutten.
Mr. Sinclair—As a matter of fact. I thought his testimony was a joke
Mr. Pecora—Thought his testimony was what?
Mr. Sinclair—More or less of a joke.
Mr. Pecora—What was there funny about it?
Mr. Sinclair—The whole transaction was funny.
Mr. Pecora—Which transaction do you mean?
Mr. Sinclair—I mean this investigation.
Mr. Pecora—Is it still a subject of amusement to you?
Mr. Sinclair—Rather.
Mr. Pecora—Are you testifying because you think this whole thing
Is a joke?
Mr. Sinclair—I am not. I endeavor to give my testimony as I remember it.
Later Mr. Sinclair reversed himself,saying: "My dies of what I thought
was a joke was Mr. Cutten's testimony, not your meeting," and asked to
have his previous remarks about the investigation being a joke stricken
from the record.
Senate Inquiry Into Stock Market Trading—Committee Decides to Drop Investigation of Cuban
Loans Made by Chase National Bank.
In Associated Press advices from Washington Nov. 10,
it was stated that the Senate Banking and Currency Committee inquiring into stock market trading decided that
day to drop its inquiry into the Cuban loans made by the
Chase National Bank of New York and to withhold publication of State Department records concerning them. The
Associated Press accounts from Washington added:
At an executive session, the Committee reviewed the evidence relative
to the Cuban loans found by its agents in State Department files. Afterwards the Chairman, Senator Fletcher (Dem.). of Florida. said that the
Committee had decided to "go no further" in the inquiry, that it would
"do no good" to make the diplomatic records public and that the Committee would therefore drop the inquiry with the evidence already submitted. Most of the records, Senator Fletcher said. deit with plans and
conversations that were never consummated and therefore "nothing would
be accomplished" by making them public.
4.
3585
To-day it leaked out that he was asked also about loans made to both
the Midland and the Bankers' Mortgage companies and whether he was
personally interested in either. A member of the Senate Committee
said this evening that Mr. Jones told its members that the Midland company was operated by his brother. According to this Senator, Mr. Jones
also denied that he had any self-interest in the RFC loans, or that he was
personally connected with either of the mortgage companies.
Chairman Jones to-night declined to comment on the matter. At his
office a statement was authorized that "anything he has to say he will
send to the Senate Banking Committee." Chairman Fletcher said to-night
that Mr. Jones had been requested to submit information to the Committee
concerning these and other mortgage company loans, but that these data
had not yet been received.
Mortgage Loans to Be Listed.
The information requested is to show what loans have been made to
mortgage companies with which Mr. Jones was formerly identified, and
Is also to include a list of all loans made to mortgage companies by the
RFC since its creation.
This list is to be arranged in two parts, one showing loans to mortgage
companies organized before and other to mortgage companies formed
since the creation of the RFC.
Complaint has been made to the Committee that some banks have
formed mortgage companies for the purpose of obtaining loans which
would be credited to the mortgage company, and thus allow the banks to
escape publicity attendant on such loans.
The Bankers' Mortgage Co., of which Mr. Jones was Chairman before
he joined the RFC, was formed from the Texas Trust Co., organized by
Mr. Jones in 1909.
While no particulars regarding either the Bankers' Mortgage Co. or
the Midland were obtainable from the office of Mr. Jones, It was asserted
in a quarter close to him that he had divorced himself from all connection
with the Bankers' Mortgage Co. in April 1932, and had no self-interest in
either company at the time the loans were made.
According to Delaware records. the Midland Mortgage Co. was chartered
In Wilmington on Nov. 28 1932, and on Dec. 1 1932. the Secretary of State
of Texas granted the company a permit to do business In Texas.
The incorporations are given on Delaware records as Arthur B. Britton
of East Orange, N, ,J., President, with office at 15 Exchange Place, Jersey
City; Daniel P. Mitchell Jr., of East Orange, N.J., and Edward S. Williams,
Secretary, New York City.
The members of the Senate sub-committee present when Mr. Jones
was asked about the Midland and other mortgage companies were Chairman
Fletcher and Senators Couzens, Townsend and Gore.
The declined to discuss the matter in detail to-night, but Chairman
Fletcher confirmed the report that Mr. Jones had been called upon to
furnish information about any RFC loans to the Houston companies.
An item indicating that Mr. Jones had been asked by the
Committee for information as to the status of loans to
mortgage loan companies appeared in our issue of Nov. 11,
page 3408.
Senate Inquiry Into Stock Market Trading—Committee Calls for Data Concerning Loan by RFC
to Midland Mortgage Co. of Texas Operated by
Senate Inquiry Into Stock Market Trading—Alleged
Brother of Jesse H. Jones.
"Write-Up" of $26,000,000 in Financing of General
Data concerning a loan by the Reconstruction Finance
Theatres Equipment, Inc.—H. L. Clarke Defends
Corporation to the Midland Mortgage Co. of Texas,operated
Values.
by the brother of Jesse H. Jones, Chairman of the RFC,
The financing of General Theatres Equipment, Inc.,
has been called for by the subcommittee of the Senate which is now in receivership, came before the Senate Banking
Banking and Currency Committee, it was learned on Nov. and Currency Subcommittee on Nov. 10 incident to its
13, said advices on that date from Washington to the New inquiry into stock market trading. The New York "Herald
York "Journal of Commerce," which went on to say:
Tribune" reporting this from Washington Nov. 10, also
During his appearance before the subcommittee, headed by Chairman
has the following to say:
Fletcher (Dem.),
Florida last week, Mr. Jones was reported to have been
questioned about the loan by the Committee but denied any personal
Interest In the company. He was said to have welcomed an Investigation
bY the Committee.
Information in connection with the loan Is sought by the Committee as a
part of its general inquiry Into loans by the RIM to mortgage companies.
The investigation Is being made in response to numerous complaints that
the mortgage companies are being created by the banks in order to secure
loans from the Government.
Seek to Avoid Publicity.
According to Chairman Fletcher it has been reported to him that the
banks were setting up the mortgage companies and then applying to the
RFC for funds In the name of the company, In that way avoiding possibility
of the bank's name being Published as an RFC borrower.
In making Its study, the Committee has been promised by Chairman
Jones lists showing the names of mortgage company borrowers which were
organized prior to the passage of the RFC Act and those organized subsequently. Chairman Jones Is expected to appear before the Committee
again when the lists are completed.
Strong Indications that the Inquiry might be broadened to Include banks
and trust companies generally as well as the railroads were given to-day by
Chairman Fletcher. Eacn of the Committee members has been authorized
to secure data from the RFC pertaining to any loan which is questioned In
communications received by them.
From a Washington dispatch Nov. 13 to the New York
"Times," we take the following:
The report of the RFC for June showed a loan of 31.070,000 authrolzed
for the Midland company, which Is understood to be a subsidiary of the
Bankers Mortgage Co.. of whose board Mr. Jones was Chairman before
he became a member of the RFC in April 1932.
The total extent to which loans have been made by the RFC to these
Houston mortgage companies has not been disclosed to the Committee,
which last week called upon Mr. Jones to supply this information along
with other material.
In addition to the 31.070,000 loan set aside for the Midland company
in June, a loan of $430.000 was "authorized" for the same company in the
RFC report for July; no part of this, however, had been disbursed up to the
time the report was made.
Called Up After Complaints.
Chairman Jones was called before a Senate Banking Subcommittee last
week after a number of complaints had been made to the Committee about
loans to various mortgage companies. Some of these complainants mentioned the Midland company, with which Mr. Jones had been prominently
identified before he entered the RFO.
Chairman Fletcher said at the time that Mr. Jones was questioned
generally about loans to mortgage companies.
The indications were that it was merely the prelude to a comprehensive
examination of the efforts of various banking interests to obtain control of
the motion picture industry, with the financing of Fox Films by the Chase
National Bank and its associates as the chief exhibit.
Members of the subcimmittee became a bit dazed in trying to follow
Ferdinand Pecora. Committee counsel. ELS he put into the record the complicated exchanges and sales of stocks and debentures which created General
Theatres Equipment, Inc. Mr. Pecora described one transaction as a markup of $26.000.000 in stock value in six weeks. He showed that on June 30
1929, the 1.000.000 shares of common stock of the International Projector
Corp. had a book value of $2.22 a share. In August 1929, this stock was
taken over by General Theatres Equipment, Inc. in an exchange of stock
at a value of $28.50 a share.
-Up."
Mr. Clarke Denies "Write
Harley L. Clarke of Chicago, a utilities operator and an organizer of
corporations, who was President of both the companies with which Mr.
Pecora was concerned, mildly disputed Mr. Pecora's methods of calculation. He insisted that $28.50 was felt to be "a fair nominal value for the
stock."
"Well, what caused it to jump inside of a month and a half's time from
$2.22 a share to 328.50 a share?" Mr. Pecora asked.
"Because of the developments that the International Projector had made
of the motion picture machines," Mr. Clarke replied.
Mr. Clarke agreed that these developments had not taken place in the
month and a half, but had been manifesting themselves over a period of
years.
"Then why was it not reflected in the book value of the stock?" Mr.
Pecora asked.
"There was no occasion for it," Mr. Clarke said.
After further questioning Mr. Clarke said that the stock had been taken
over at $28 a share because of its "potential value."
Mr. Pecora pointed out that the actual net earnings for the stock during
the preceding fiscal year had been about 73 cents a share. Mr. Clarke
stated that the company had perfected an "entirely new motion picture
machine." and also had developed the Grandeur Pictures, and that it had
contracts in hand which would have netted it an additional three and onehalf or four million dollars. The contract was not carried out he said,
because of the depression.
From Mr. Clarke and Murray W. Dodge, a former Vice-President of
the Chase Securities Corp.. Mr. Pecora brought out the methods by which
General Theatres Equipment. Inc. was formed from International Projector Corp., the National Theater Supply Co., three lamp companies and
the Mitchell Camera Corp.
Chase Refused to Participate.
Mr. Dodge explained that the Chase Securities Corp. bad refused to
participate In the financing of International Projector when that company
3586
Financial Chronicle
was formed in 1925 because it "was a new company and did not have a
sufficient background at that time." However, the Shermar Corp.. one
of the family corporations of Albert H. Wiggin, then head of the Chase
National Bank, agreed to participate. Mr. Dodge said he thought it a
good plan, since it would give the Chase Securities Corp. a chance to
finance the undertaking later if it should establish itself. The Shermar
Corp. continued to appear as a participant in various pieces of financing
for companies in the Clarke group and had a participation in the final
formation of General Theatres Equipment, Inc.
Various stages of the financing revealed what Mr.Pecora called "bonuses"
to the bankers, which were chiefly stock exchange houses. The houses
which took part at various stages, as brought out to-day, were Pynchon &
& Co., which subsequently failed; West & Co., W. S. Hanunolas & Co. and
A. B. Leach & Co., Inc.
As a condition to the sale of 25,000 shares of preferred stock in International Projector the banking syndicate received 75,000 shares of common
stock.
'of which 25,000 were contributed by Mr. Clarke from his personal
holdings. Mr. Clarke said he would not call the common stock a "bonus,"
but that "it gave the bankers a chance to make some money on the stock
if it turned out to be valuable."
Share Exchange Questioned.
Mr. Pecora examined Mr. Clarke closely on the exchange of International Projector common for General Theaters Equipment, Inc., common,
when the latter corporation was formed in 1929. About 800.000 shares
of the former were exchanged at the ratio of one share for each share and
a quarter of General Theatres Equipment. Inc., common. Of these shares
a few less than 600,000 were owned by Mr. Clarke. The remaining 200,000
shares were exchanged on a share-for-share basis.
Senator Couzens asked why some of the shares had been exchanged at
one and a quarter and the others at one.
-For the reason that we wished to have control and
Mr. Clarke.
Senator Couzens.-Who wished to have control?
and my associates, and they received one and a
-I did
Mr. Clarke.
quarter shares. All of the others could have had the same had they come
in on the exchange, but they did not, and after we had control, we withdrew
that offer and made the other offer.
Senator Couzens.-And that was accepted?
-Yes,filially, by most of them. Most of them bought this
Mr. Clarke.
stuff at little or nothing, as you can see, and they would have made a big
profit out of it, anyway, had they sold it.
Mr. Pecora.-Why was not the public given the same ratio of exchange
that you were?
-Every one had the same opportunity for a time.
Mr. Clarke.
Mr. Pecora.-How was the opportunity afforded to them?
-Well, all the stockholders were told they could exchange
Mr. Clarke.
their shares on that basis and they did not all do it.
Mr. Pecora.-When was the offer originally made and when was the
offer as originally made withdrawn and a new one substituted?
-The original offer was made in August, 1929. but I don't
Mr. Clarke.
know the date; I think about 60 or 90 days later as to the other.
Mr.Pecora.-Who caused that offer to be withdrawn and a less favorable
one substituted?
-I believe I did.
Mr. Clarke.
Mr. Pecora.-Do you think that was fair to these other stockholders?
-Yes, sir.
Mr. Clarke.
On another piece of financing-for the National Theatre Supply Co.
-Mr.Clarke paid $2.42 a share for 380,000 shares of common stock,
in 1926
and the bankers paid 25 cents a share for 120,000 shares. Mr. Clarke
explained that the difference in price was made "in order to do the financing," which involved the sale of 15.000 shares of preferred stock and $1.500,000 face value offive-year gold bonds. In consummating this arrangement
Mr. Clarke also had to give the banking group $50,000 in cash, which he
said was to cover some advertising and other expenses. The bankers in
this operation were West & Co., W. S. Hammons & Co., the Shermar
Corp. and A. B. Leach & Co., Inc.
-ComSenate Inquiry Into Stock Market Trading
mittee Discloses List of Syndicate Loans Reported
Approved by Chase National Bank Directors
Films
-Chase
Securities
to
Went
$78,000,000
Headed Syndicate Getting $27,150,000 for General
Theatres.
Syndicate loans totaling $208,938,876.34 were approved
by the board of directors of the Chase National Bank between Jan. 4 1928, and Aug. 17 1933, according to disclosures made on Nov. 11 by the Senate Banking and
Currency Committee, which is investigating stock market
operations. Advices to this effect were contained in a
Washington dispatch Nov. 11 to the New York "Times"
from which the following is likewise taken:
Ferdinand Pecora, Committee Counsel, handed the list of loans to
the stenographer, while Albert H. Wiggin, former Chairman of the Board.
was testifying on Oct. 31, but DA, that time asked that the list "be marked
for identification until It has been checked up, but not spread on the record."
The list showed that the loans in question included nore than $34,000.000 approved in 1928, more than $51,000,000 in 1929, more than $95,000,000 in 1930, more than $12,000,000 in 1931 and nearly $15,000,000
in 1933. No loans were listed for 1932.
The largest of the loans was one of $27,150,000 made on May 7 1930,
to a syndicate headed by the Chase Securities Corp. for a General Theatres
Equipment,Inc., transaction. Next was $15,377,812 lent on the same date
to a syndicate managed by Pynchon & Co., which also dealt in General
Theatres securities.
$78,000,000for Movies.
The list shows that more than $78,000,000 was approved for syndicate
loans connected with motion picture high finance. More than $69,000,000
related to General Theatres Equipment, Inc., and more than $9,000,000
to the Fox Film Corp.
The dates of the meetings at which some of the larger loans were presented and approved by the Chase National's Board and the respective
amounts follow:
-Shields & Co., Inc., as a corporation and as syndicate
Jan. 4 1928.
manager $2,600,000. Secured by 50,000 shares Woolworth. Inc., convertible stock, 100.000 shares Woolworth. Inc., common stock.
-Brown Brothers & Co. as syndicate managers. $2,617.March 7 1928.
000. secured by 37,600 shares of Jones Brothers Tea Co., Inc., 7% cumupreferred stock (valuation $4,857,000). Signed syndicate agreelative
ments and assignment thereof, total $4,290.000.
Nov. 18 1933
Kidder, Peabody & Co., syndicate managers, United Drug Co., first
preferred stock syndicate, $3,600,000. Secured by 68,000 shares United
Drug Co. first preferred stock (valuation $4,012,000).
Haystone Securities Corp., managers Wesco Corp.; Fox Film Corp..
class A. common stock purchase group, under agreement dated Feb. 14
1928, $2,034,866.66.
May 16 1928.-0. L. Gubelman, Manager, $5,710,830; secured by 951,805 shares Armour & Co. of Illinois B, common voting trust certificates;
present amount of loan, $92,997.50.
July 5 1928.
-Kidder, Peabody & Co., Caldwell & Co., Inc., syndicate
managers, $2,947,335; secured by 130.000 shares Southern Surety Co. of
New York.
-Kidder, Peabody & Co.. Caldwell & Co., Inc., syndicate
Aug. 1 1928.
managers $1,755,000.
1928.-Pynchon & Co., as syndicate managers under Washington
Oct. 17
Gaslight Co., common stock syndicate agreement, dated April 26 1928,
$15,492.50. Secured by 13.000 shares Washington Gaslight Co. common
stock. Signed syndicate agreements and assignments thereof, total 40,000
shares.
-Utility Equities Corp. purchase group by Chase Securities
Nov.28 1928.
Corp. group managers. $3,135,000. Secured by temporary allotment
certificates for 33,000 shares Utility Equities Corp. $5.50 dividend priority
and 33,000 shares Utility Equities Corp. common.
Pynchon & Co., as syndicate managers under Washington Gaslight
Co. common stock syndicate agreement, dated April 26 1928. $150,000.
Secured by 16,000 shares Washington Gaslight Co. common stock. Signed
syndicate agreements and assignments thereof, total 40,000 shares.
-Hunter, Dunn & Co., syndicate managers, Southern
Dec. 12 1928.
California Gas Corp. common stock syndicate, $4,164,500. Secured by
242,500 shares Southern California Gas Corp. common stock. Signed
syndicate agreements and assignments thereof total 242,500 shares.
Dec. 26 1928.-Pynchon & Co., syndicate managers under Bankers'
Group agreement, dated Dec. 14 1928, 81,795,333.33. Secured by $2,000,000 American States Public Service Co., 10-year 6% gold debenture
bonds, series A, due Dec. 1 1938.
Peabody Smith & Co., Inc., syndicate managers under Bankers' Group
agreement dated Dec. 14 1928, $2,421,975. Secured by $2,700,000 American states public service first lien 51 % gold bonds, series A, due May 1
1948.
Feb. 6 1929.-Pynchon & Co., as syndicate managers under Washington
Gaslight Co. common stock syndicate agreement dated April 26 1928.
$1,330,000. Secured by 26,487 shares Washington Gaslight Co. common
stock. Signed syndicate agreements and assignment thereof, total 40,000
shares.
March 13 1929.-Pynchon & Co., banking group managers under Utilities
Power & Light Corp.. class B, Bankers' Group agreement, dated March 1
1929, $2,710,500. Secured by 69,500 shares Utilities Power & Light Corp..
class B, full paid subscription receipt for voting trust certificates (value
$2,919,000).
-Brown Brothers & Co., as syndicate managers L. 1'.
April 10 1929.
Hollander Co., syndicate, $1,600,000. Secured by 800 shares L. P.
Hollander Co., Inc.
250,000 shares Electric Shareholdings Corp.. $6 cumulative convertible
preferred stock (optional stock dividend series). Purchase syndicate
J. Henry Schroder Banking Corp., Chase Securities Corp., syndicate managers, 11,948,000. Secured by 20,300 shares Electric Shareholdings Corp.
$6 cumulative convertible preferred stock. The sole obligor of this loan 111
J. Henery Schroder Banking Corp.
-International Hydro-Electric System convertible 6%
April 24 1929.
gold debentures;special group Chase Securities Corp., Bankers' Co. of New
York, Harris, Forbes & Co.. special group managers, by Chase Securities
Corp., $2,021,600. Secured by 32,100,000 International Hydro-Electric
System convertible 6% gold debentures due April 1 1944.
May 8 1929.-Pynchon & Co.. syndicate managers under syndicate
agreement, dated April 26 1929, on 82.000,000 American States Public
Service Co. 10-year 6% gold debenture bonds series A, due Dec. 1 1938,
$1.800,000. Secured by $2,000,000 American States Public Service Co.
-year 6% gold debenture bonds, due Dec. I 1938. Signed syndicate
10
agreements.
-Bidder, Peabody & Co., Caldwell & Co., syndicate manJune 5 1929.
agers, $880,000. Secured by 27,000 shares Southern Fire Insurance Co.
of New York,
-Bidder, Peabody & Co.,syndicate managers, $1,000,000.
July 17 1929.
Secured by 8,000 shares National Shawmut Bank of Boston. Mass. (Value
$696,000.)
Aug. 7 1929.-Pynchon & Co.. as syndiate managers under General
Theatres Equipment, Inc., common stock voting trust certifcates syndicate agreement, dated July 18 1929, $2.500,000. Secured by 100,000
shares General Theatres Equipment, Inc., voting trust certificates; valuation $3,500,000.
Aug. 21 1929.-Pynchon & Co., as syndiate managers under Utilties
Power & Light Corp.. class B, stock voting trust certificates syndicate
agreement dated Aug. 8 1929. $2,500,000. Secured by 40,000 shares
Utilities Power & Light Corp., class B voting trust certificates, valuation
$3,200,000.
Aug. 28 1929.-Pynchon & Co., syndicate managers under General
Theatres Equipment, Inc., common stock voting trust certificates syndicate agreement, dated July 18 1929, 84,000.000. Secured by 200,000
shares General Theatres Equipment, Inc., voting trust certificates, valuation $7,200,000.
-Transcontinental Oil Co., common stock syndicate of
Sept. 18 1929.
July 23 1929. Stroud & Co., Inc., syndiate managers, $1.470,857.20.
Oct. 2 1929.-Pynchon & 4:1o., syndicate managers under syndicate
agreement dated Sept. 20 1929. for 210,000 shares General Theatres Equip.
ment, Inc., common stock voting trust certificates, $5.000,000. Secured
by 125,000 shares General Theatres Equipment, Inc., voting trust certificates (valuation $7.875,000).
-Brown Bros. & Co. (renewal) as syndicate managers,
Oct. 9 1929.
L. P. Hollander Co. syndicate. $1,600,000. Secured by 800 shares L. P.
Co., Inc.
Hollander
Stone & Webster and Blodgett. Inc., as syndicate managers under
Marine Midland Corp. agreement dated Sept. 24 1929, $11,400,000.
Secured by 200,000 shares Marine Midland Corp.
-Stone & Webster. capital stock trading account group
Nov. 27 1929.
under agreement dated June 28 1929, as supplemented by agreement dated
July 12 1929, $1,400,000. Stone & Webster and Blodgett, Inc., group
managers. Secured by 37,743 shares Stone & Webster, Inc. (valuation
$3,095,000).
Peirce. Fair & Co. and Laidlaw & Co., jointly and severally; Peirce.
Fair & Co. and Laldlaw & Co., as syndicate managers. $1.278,308.50.
Participation from Bankers Trust Co. in loan for $2,556,617. Secured bY
75,500 shares Caterpillar Tractor Co., valuation $4,153,000.
,s‘
William H. English, John J. Raskob, syndicate managers (participation certificateof Bankers Trust Co.), $336.908. Secured by 1,599
shares County Trust Co.. New York (valuation $399,750).
Volume 137
Financial Chronicle
William H. English, John J. Raskob, syndicate managers (participat ion certificate of Bankers Trust Co.), $57,150. Secured by 1,837 shares
County Trust Co., New York (valuation $459,250).
$1,200,000 Seaboard irilne Ry, Co.4%% 1st lien equipment trust certificates series BB 3-3 account by Chase Securities Corp., managers.
$549,900. Secured oy $611,000 Seaboard Airline Ry.
% 1st lien
equipment trust certificates, series BB, various maturities.
Utilities Power & Light Corp. 5;i% debentures trading account, by
Chase Securities Corp. managers, $753,830. Secured by $847,000 Utilities Power & Light Corp. 20
-year 5 % debentures, due June 1 1947.
Central States Utilities Corp., 6% secured gold bonds trading account,
by Chase Securities Corp., managers, $363,573, secured by $415,900
Central States Utilities Corp. 10
-year 6% secured gold bonds due Jan. 1
1938.
Central States Power & Light Corp., $7 dividend preferred stock trading
account by Chase Securities Corp., managers, $530,910, secured by 5,399
shares of Central States Power & Light Corp., $7 dividend preferred stock.
General Theatres Equipment, Inc., 6% convertible gold debentures,
trading account by Chase Securities Corp., managers,$1,047,200. Secured
by $952,000 General Theatres Equipment, Inc.. 15
-year 6% convertible
gold debentures due July 1 1914.
Detroit & Canada Tunnel Co.,6;i% convertible sinking fund debentures
trading account, by Chase Securities Corp., managers, $1,171,800. Secured by $1,277,500 Detroit & Canada Tunnel Co., 20
-year 63 % convert,
6
ible sinking fund gold debentures, due May 1 1948.
Jan. 2 1930.
-Stone & Webster, Inc., capital stock trading account,
group agreement, dated Dec. 27 1929, by Stone & Webster and Blodgett.
Inc., group managers, $1,975,000. Secured by 37,743 shares Stone &
Webster, Inc. (valuation $2,261,000).
Lincoln Building, Lincoln Forty-second Street Corp., 6%% sinking
fund gold debentures trading account of Dec. 3 1928. By Chase Securities
Corp., managers, $324,300. Secured by $352,500 Lincoln Building,
Lincoln Forty-second Street Corp., 20
-year 635% sinking fund gold debentures.
Jan. 3 1930.
-General Theatres Equipment, Inc., 6% convertible gold
debentures, trading account by Chase Securities Corp., managers,$952,000.
Secured by $952,000 General Theatres Equipment, Inc., 15
-year 6% convertible gold debentures, due July 1 1944.
Detroit & Canada Tunnel Co., 6;i% convertible sinking fund gold
debentures trading account by Chase Securities Corp., managers $1,178,921.25. Secured by $1,343,500 Detroit & Canada Tunnel Co., 20
-year
% convertible sinking fund gold debentures, due May 1 1948.
Bidder, Peabody & Co., syndicate managers, $1,000,000. Secured by
42.419 shares Southern Surety Co. of New York (valuation $1,060.400).
Harris, Forbes & Co., Inc., syndicate managers, $5,000,000. Participation from First National Bank, Boston, Mass., in loan for $13,566,458.34.
Secured by $15,000,000 New England Power Association 535% debentures,
due Dec. 1 1949.
Jan. 29 1930.
-Dillon, Read & Co., II. C. Couch, C. S. McCain, syndicate managers (renewal), $2,795,000. Secured by 24,989 shares Louisiana
& Arkansas By. Co.(Louisiana & Arkansas Corp.); 49,978 shares Louisiana
& Arkansas By. Co. common (Delaware Corp.); 49,978 shares Louisiana &
Arkansas By. Co.6% preferred (Delaware Corp.).
Jan. 15 1930.-Dilion, Read & Co.. H. C. Couch, Coverdale & Colpitts,
Charles S. McCain and S. Z. Mitchell, syndicate managers, $3,300,000.
Secured by $645,000 Seaboard Airline By. adjustment 5% 1949 convertible debentures; $2,000 Seaboard Airline By. refunding 4% 1959;
$490,000 Seaboard Airline By. consolidated 6% 1945; $309,000 Seaboard
Airline By. 3 year 5% 1931; $303,000 Seaboard all Florida 6% series A
1935; $88,000 Seaboard all Florida 6% series B 1935; $125,000 Seaboard
Airline By. Atlanta & Birmingham 4% 1933; 27,400 shares Seaboard
Airline By. preferred, 217,400 shares Seaboard Airline By. common
(valuation $4,035,700).
Feb. 5 1930.
-Stone & Webster, Inc., capital stock trading account, group
agreement, dated Dec. 27 1929 (renewal paid. $200,000). by Stone &
Webster and Blodgett, Inc., group managers,$1,775,000. Secured by 37,743
shares Stone & Webster, Inc. (valuation. $3,094,926)•
April 2 1930.
-Stone It Webster, Inc., capital stock trading account.
group agreement, dated Dec. 17 1929 (renewal) by Stone & Webster and
Blodgett. Inc., group managers, $1,375,000. Secured by 20,000 shares
Stone & Webster, Inc. (valuation, $2,000,000)•
-Brown Brothers & Co. as syndicate manager, L. P.
April 9 1930.
Hollander Co. syndicate (renewal), $1,600,000. Secured by 800 shares
L. P. Hollander Co., Inc. Signed syndicate agreements and assignments
thereof.
-Hayden, Stone & Co., as syndicate managers Canal Bank
April 16 1930.
& Trust Co., New Orleans, capital stock underwriting syndicate, $2,871,550.
Secured by 57,431 shares Canal Bank & Trust Co., New Orleans, La.
Signed syndicate agreements.
April 23 1930.-Pynchon & Co., syndicate managers, $13,125,000. Secured by 350,000 shares General Theatres Equipment, Inc., voting trust
certificates (valuation $17,150,000).
Pynchon & Co., syndicate managers, $7,200,000. Secured by 240,000
shares Fox Film Corp., class A common (valuation $11,520,000)•
May 7 1930.-$30,000,000 General Theatres Equipment, Inc., 10
-year
6% convertible gold debentures-purchase group, the Chase Securities
Corp., $27,150,000. Secured by $30,000,000 General Theatres Equipment, Inc.. 10
-year 6% convertible gold debentures due April 1 1940.
Pynchon & Co., syndicate managers, General Theatres Equipment, Inc..
common stock voting trust certificates purchase syndicate dated April 22
1930, $15,377,812. Secured by 410,075 shares General Theatres Equipment Co., Inc., voting trust certificates common (valuation $19,683,600)•
signed syndicate agreements and assignment thereof.
Dillon, Read & Co., H. C. Couch and Coverdale & Colpitts, syndicate
managers (renewal), $2,700,000. Secured by 42,000 shares Seaboard Airline Ity.. preferred; 343,495 shares Seaboard Airline By. common; $278,000
Seaboard Airline By. preferred 4% 1959; $595.000 Seaboard Airline By.
3
-year 5% 1931; $2,039,500 Seaboard Airline By. consolidated 6% 1945:
$1.286,000 Seaboard all Florida, series A, 6% 1935; $287,000 Seaboard all
Florida, series 13, 6% 1935: $15,000 Jacksonville Gainesville 6% 1951;
warrants to purchase 14,530 shares Seaboard Airline By. Co. common
(valuation 35,005,000)•
Dec. 3 1930.-J. H. Carpenter and L. H. Bean,syndicate managers under
agreement dated May 17 1928, as amended, relating to the Lincoln Building. $1,000,000. Secured by note of Lincoln Forty-second Street Corp..
$1.000,000. Endorsed by them and by United Engineers & Constructors,
• Jan. 7 1931.-Pynchon & Co.. syndicate managers under General
Theatres Equipment, Inc., preferred stock syndicate dated Nov. 11 1930.
4.162. Secured by 25,600 shares General Theatres Equipment 83 Pre$15
ferred voting-trust certificates, 34.426 shares General Theatres Equipment
new common voting-trust certificates. Valuation, $897,700.
Pynchon & Co., as syndicate managers under General Theatres Equipment, Inc.. original group preferred stock syndicate dated Nov. 28 1930
(trading account), $78,718.68. Secured by 4,499 shares General Theatres
3587
Equipment common, 6.187 shares General Theatres Equipment, Inc., 11.3
convertible preferred. Valuation. $242,500.
Pynchon & Co., as syndicate managers under General Theatres Equipment, Inc., preferred stock syndicate dated Nov. 11 1930 (trading account),
$225,181.63. Secured by 11.557 shares General Theatres Equipment, Inc..
common; 16,074 shares General Theatres Equipment, Inc., $3 convertible
preferred. Valuation. $627,800.
July 1 1931.
-Commitment was approved to loan syndicate of which
E. H. Rollins & Sons. Inc., are managers, up to a total of $12.000,000, to
.
run not more than 60 days, one-half of the loan to be secured by Jersey
Central Power & Light Co. first mortgage 43 % bonds of 1961 and the
balance to be secured by Jersey Central Power & Light Co. 534% preferred
stock.
Aug. 16 1933.
-State of New York seriat bonds group account, the Chase
National Bank of the City of New York group account managers, $2,837.411.18. This loan was made July 11 1933. Secured by $2,831,000 State
of New York 3% general State improvement and elimination of grade crossing bonds, dated July 1 1933, due serially July 1 1934, to July 1 1933,
inclusive.
State of New York serial bonds group account, the Chase National
Bank of the City of New York. Group account managers. $2,881,311.17.
This loan was made July 11 1933. Secured by $2,875,000 State of New
York 2;1% emergency unemployment relief bonds dated July 1 1933, due
serially July 1 1934 to July 1 1940, inclusive.
Aug. 23 1933.
-State of Maryland 4% serial bonds group account. The
Chase National Bank, managers, 37.796.485.32. This loan was made
Aug. 15 1933. Secured by $7,381,000 State of Maryland 4% certificates of
indebtedness dated Aug. 15 1933, due Aug. 15 1934 to Aug. 15 1948. inclusive. Issued for emergency relief and unemployment and general
construction purposes.
State of Minnesota 4;1% highway bonds group account. The Chase
National Bank, managers, $1,305.870.75. This loan was made on Aug. 17
1933. Secured by $1,212,000 State of Minnesota 4;1% highway bonds
dated Nov. 15 1930, due May 15 1944 to May 15 1946. (Issued for State
trunk-highway purposes).
Silver Margins Raised.
The following is fromthe "Wall Street Journal" of Nov. 16
Owing to the recent sharp advance in silver futures on the Commodity
Exchange, Inc., a few of the larger commission houses have raised the
marginal requirement for a speculative account to 12.500 a contract of 25,000
ounces of silver. On account for metal trade houses and those doing arbitrating and switching, however, the requirements remain unchanged at
$1,100. The advance in marginal requirements for silver is not a general
one,however,and has thus far been confined to a few houses,inquiry reveals
State Superintendent of Insurance Files Interim Report on Title and Mortgage Companies with Governor Lehman-Reports Progress in Rehabilitation
of 14 Companies
-Aid to Investors Shown-Seeks
RFC Loan to Holders of Guaranteed Certificates.
State Superintendent of Insurance George S. Van Schaick,
in an interim report forwarded to Governor Herbert H.
Lehman on Nov. 13, on the rehabilitation of 14 of the largest
title and mortgage companies and general status of the mortgage field, states that the Insurance Department "has cut
away a great amount of the underbrush, has made some
decided advances in practices and has started on the road
toward orderly reorganization of issues and safeguarding
the position of the certificate and mortgage holders."
The task confronting the Insurance Department is of such
magnitude that the properties to be administered and serviced by the Department in the rehabilitation proceedings
are valued at more than 40 times the total assets involved
in liquidation proceedings handled by the State Insurance
Department since its organization 74 years ago.
The report to the Governor of the Superintendent of
Insurance in reference to pending rehabilitation proceedings
in the title and mortgage company field follows:
To His Excellency Governor Herbert II. Lehman:
The action of the Department of Insurance early in August of this year
in taking for rehabilitation 14 of the largest title and mortgage companies
under its jurisdiction presents a situation which should at this time be laid
before you for public information. This is in the nature of an interim
report.
The reorganization of these 14 companies involves the bulk of an industry
which is closely interwoven with the building program of the metropolitan
area. In size, I think it is fair to say that no court or administrative agency
of any State has had imposed upon it at one time a problem as vast in dollars
and cents or involving so many human beings. The properties to be administered and serviced by the Department in these rehabilitation proceedings are valued at more than forty times the amount of assets involved in
all liquidation proceedings handled by the Insurance Department from its
Inception in 1859 until Jan. 1 1933. The rehabilitation of the 14 companies
involves more than four times the total moneys involved in involuntary
and voluntary bankruptcy proceedings concluded in the Southern District
of New York for the four-year period preceding Sept. 30 1932.
The number of mortgagors in distress is appalling, but equal distress
among holders of mortgage guaranties and certificates is evident. It is
difficult to portray the complexities of the situation. In one company we
found that in order to protect the certificate and mortgage guaranty holders more than 3,000 foreclosure actions were pending when rehabilitation
was ordered. Another company had sold more than 300 million dollars
of mortgages to thousands of participants. The total amount of the
guaranties of the same company outstanding up to the date of rehabilitation
exceeded 800 million dollars. Detailed statistics are not presented in this
report because they would entail duplication of figures presented in papers
filed with the courts in connection with the petitions for rehabilitation orders. Specific information on individual companies will be furnished from
time to time as developments take place.
We must not overlook the fact that for a generation the mortgage companies of this State had functioned with fewer failures and defaults than
nearly any other type of banking or insurance enterprise. In no way as an
excuse for the general practices of these companies, I must refer to the
fundamental fact that the security holders can procure ultimate financial
3588
Financial Chronicle
salvation only by a real recovery in property values. To be sure, mismanagement of individual pieces or laxity of operating agencies do reflect
themselves in the income received. By and large however, the main loss
arises out of general depreciation of real estate values.
It is not for me to comment on whether or not real estate investments
will in the long run suffer greater shrinkage than the investment made by
the public in industrial enterprises, railroads or other institutions. Our
first problem was, of course, to clean house and set up efficient and honest
operating units. Secondarily, we have had in mind,as indicated hereafter.
that the policies employed in respect to the specific properties should bear
some relationsnip to the general recovery program laid down by the President of the United States. This national policy vitally affected the attitude
which the Department has taken in respect to diminishing unnecessary
foreclosures and dispossess actions. It may well prove that the chaotic
cut-throat competitive methods employed in the mortgage and building
market in New York City explain to a great extent the losses now being
experienced by so many unfortunate investors.
Under all the circumstances, I am confident that the Department within
a few months has cut away a great amount of the underbrush, has made
some decided advances in practices and has started on the road toward
orderly reorganization of Issues and safeguarding the position of the certificate and mortgage holders. I am not entirely satisfied with the results.
but I assume that no responsible public official should ever be entirely
satisfied.
(1) Origin of the Problem.
In the report of the Superintendent of Insurance to the Legislature in
February 1933. attention was called to the problem of this type of company
due to an unliquid condition resulting from the slump in real estate values
and the economic plight of the population. The bank holiday closed these
institutions. It liquidation had immediately resulted therefrom much
needless loss would have been inevitable. It was generally recognized that
the interest of all required time for orderly procedure with a view to conserving and protecting assets. The companies were reopened by the Superintendent of Insurance under stringent rules and regulations, which were
aimed at the prevention of preferences and provided for the payment to
the public from the amounts collected upon the various mortgages in which
Investments had been made. This was a mere temporary step preparatory
to using the statutory proceeding of rehabilitation under Article XI of the
Insurance Law.
(2) Size of the Problem.
It must be borne in mind that of the total guaranteed mortgages outstanding. approximately $1,000,000,000 involved guaranties issued not
to a single person but to groups of people unacquainted with one another
and without homogeneity of interest other than that based on their Investment in a particular guaranteed mortgage issue. There are in excess of
20.000 issues involved in rehabilitation. Many of the issues covered more
than one piece of property. It soon became apparent that in order to
preserve the values in the underlying properties and the rights growing
out of the guaranties. the Department was faced with the problem of working out reorganizations in these 20,000 different issues, to the end that the
co-investors of each group could wisely work out in orderly fashion the wishes
of such group.
(3) The Fundamentals of the Plan.
When the restrictions were imposed the Superintendent of Insurance
directed these companies to propose plans for rehabilitation or reorganization. The plans so suggested were rejected and after considerable study
a new plan was drafted as the basis for court orders under the rehabilitation
provisions of the New York Insurance Law. In each case where the company had a presumed good will in connection with the insuring of titles,
searching of titles, servicing of properties or selling of guaranteed mortgages, the orders of rehabilitation endeavored to provide machinery for
the conservation of such good will for the benefit of the holders of guaranties, other creditors and interested parties.
In four cases separate corporations were established with separate capital
funds in order that against these new funds new title insurance business
could be conducted.
In two cases where the companies had no title plants they nevertheless
were permitted to establish separate corporations in order to try to recapture the intangible good will and profits indicated by their past experience
in the marketing of mortgages.
As to this latter group the plan of rehabilitation provided for the sale by
the new companies so established of limited mortgage guaranty policies,
whereby the new companies would guarantee interest, taxes, &c., up to
foreclosure.
This latter class of rehabilitation has been substantially delayed because
of the injection Into the situation of the restrictions and terms of the National
Securities Act. At this time it is impossible to say whether that Federal
measure will frustrate some of the proposed plans of rehabilitation insofar
as they attempted to hold on to the good will established by the companies
in the past in the mortgage market.
objecIn each case of rehabilitation the Department has had as its Initial
tives: (1) preservation of the property; (2) the examination of the causes
of distress, and (3) the removal of
which put the companies into positions
such causes where possible.
Rehabilitation.
(4) The Plan and Aim of the Insurance Department in
(a) The immediate and important requirement was the preservation
hundreds
and servicing of the security back of the guaranties consisting of
of thousands of pieces of property. Each Special Deputy in rehabilitation
was given responsibility to see that adequate and proper service of properties was put In effect. In the case of the six large units servicing was entrusted to new corporations set up as a part of rehabilitation. It was
desirable to use existing real estate service organizations where possible,
with adequate safeguards to assure an intelligent, efficient and honest
service.
(b) The reorganization of properties and certificate issues was likewise
Immediately imperative in view of present mortgage conditions. Wholesale foreclosures of mortgages would result only in loss to investors in certificates and guaranties. The alternative was to co-operate with owners
In the working out of equitable plans which would permit the payment of
some income and at the same time make more secure the invested principal.
Readjustments to fit conditions are in order. Some of those have to do
only with extensions. Some have to do with reduction of interest. All
have to do with making terms with trustworthy owners who need a modification of contract terms in order to be able to carry on.
(5) Mechanics of Operation.
In carrying out the plans of rehabilitation the Department has placed
of
Special Deputies in charge of the various companies. Where volume
necessary. Assistant
the business or the extent of the liabilities made It
possible, these Special
Special Deputies have been designated. As far as
Deputies and Assistants were taken from the trained staff of the LiquidaDepartment examination
tion Bureau of the Department and from the
staff.
Nov. 18 1933
In each case accounting firms were Immediately put on the books to
draw up balance sheets as of the date of the court orders directing rehabilitation.
The courts have been most co-operative and in order to procure as
much uniformity in the law in respect to the multiplicity of the questions
involved the Appellate Divisions of the First and Second Departments
have designated Special Terms in the Supreme Court. The appointment
of Judges Frankenthaler. Johnson and Taylor as Judges sitting in Special
Terms on rehabilitation matters has been of invaluable assistance in preventing confusion and acceleration of procedure.
1) The Department retained special counsel in connection with rehabilitation matters, and in order to reduce expenses and to procure uniformity
In policy, legal matters with respect to rehabilitation of 12 companies have
been concentrated in the hands of three firms of attorneys of highest standing at the Bar, chosen because of legal ability and familiarity with the
unique problems Involved.
The arrangements with the new companies for the servicing and protection of guaranteed mortgages in the case of the six largest companies In
rehabilitation were effected in each case through contracts with the Superintendent revocable by him. By this means the Superintendent hoped to
preserve for the benefit of the rehabilitator the wide knowledge and detailed
Information which lay in the possession of the large staffs of employees
previously retained in respect to the properties involved.
At the last session of the Legislature a new article was added to the
Insurance Law. This Article XII provides for the establishment of one
or more corporations to act as a non-profit making, quasi-public unified
bondholders' committee in behalf of the certificate holders of the mortgage
guaranty companies. That agency up to this time has received deposits
.
of certificates amounting to nearly $34,000.000 and involving 3,364 issues
Your message to the Legislature in respect to the creation of this Protection
Corporation indicated the great danger that would arise in case a multitude
of committees were organized in each separate issue. The action of the
Legislature was no doubt intended to prevent the waste arising from the
then announced multiplicity of separate committees. This would have
resulted in confusion, waste and inaction. The Superintendent, under the
legislation, promulgated rules and regulations for the issuance of lists to
certificate holders and in 90 cases, where peculiar situations warranted,
has permitted the lists of particular issues to be given to applicants. In
many of the smaller mortgages, meetings of the certificate holders have
been held and wherever unanimous action can be agreed upon the issue
has been reorganized by extension of mortgage, reduction of interest or
other appropriate action.
The New York Guaranteed Mortgage Protection Corporation, prior to
the date of rehabilitation, reported that it found delays and obstacles Interposed by the officials of the companies. Cases actually in process of reorganization by the Protection Corporation which are about complete total
$27.000,000, while cases in process of reorganization which will be completed
within the near future total approximately $58.000.000. Furthermore.
approximately $100,000,000 of certificate issues are now being worked on
pursuant to the corporate plan hereinafter mentioned.
There has been considerable criticism that the work of the New York
Guaranteed Mortgage Protection Corporation has not resulted in sufficient
reorganization of issues up to this time. The delays to a great extent have
been unavoidable and are no doubt exaggerated by persons who do not
realize the compllcations and the vastness of the problem. It cannot be
denied, however, that the mere existence of the New York Guaranteed
Mortgage Protection Corporation has prevented the organization of a
multitude of racketeering committees which would have preyed upon the
certificate holders by feigned offers of assistance. The Superintendent
felt it wise public policy not to encourage the organization of other protection corporations under Article XII of the Insurance Law. Local interests
however, have been encouraged in the working out of the problem. In
Westchester County, for example, a prominent member of the Bar of that
county is a director of the Protection Corporation, an advisory committee
of local interested citizens is being formed to co-operate with him and a
local office of the Protection Corporation has been opened at White Plains
to furnish information and assistance to Westchester County residents.
It soon became evident that the reorganization of issues by arranging
through more than two-thirds consent of certificate holders for the extension of the mortgage, reduction of interest or other variances In the terms,
would lead to no ultimate reorganization of the companies. The Superintendent has therefore recently instituted a simple procedure under Chapter 745 of the Laws of 1933, whereby the certificate holders of any particular group may. under a plan promulgated by the Superintendent and
approved by the certificate holders, organize themselves into a corporate
entity. Under such procedure certificate holders are in no way diminishing or affecting their claims on the guarantees. They are, however, thereby
putting themselves in a position to deal effectively and expeditiously In
respect to their joint problems.
(6) Withdrawals of Mortgages.
Prior to the court orders of rehabilitation, many holders of single guaranteed mortgages deemed it wise to withdraw their mortgages. Since
rehabilitation tnIs practice has continued and approximately 160 million
dollars of mortgages have been withdrawn from the companies.
(7) Subsidiaries.
In many cases the problems involved in rehabilitation have been complicated and have been unavoidably delayed because of relations between
parent companies and totally owned subsidiaries. The subsidiaries often
have separate sets of creditors. In several cases the affairs of the subsidiaries have necessitated separate Federal equity court receiverships. Such
receivership proceedings have been commenced in Georgia. New Jersey
and In the Federal Courts for the Southern and Eastern Districts of New
York.
(8) Burden on the Department.
The Insurance Department had no reserve force of employees which
could be shifted into this vast field of reorganization. It has been necessary
to enlarge substantially the staff in order to supervise the situation and to
guide the Interests of all parties Involved. There have been instituted in
the Department central bureaus for the exchange of information between
the Special Deputies in various companies and for the promulgation and
distribution of orders and regulations applicable to all of the companies.
Obviously, not in every instance could uniformity of action be maintained.
but In the main the Department has endeavored to make the practices and
procedure in all of the companies coincident on major policies.
(9) Reduction of Expenses and Overhead.
The special Deputy placed in charge of each company was immediatel9
Instructed to analyze the expenses of all overhead outlays. In this connection the payrolls of each company were analyzed, substantial cuts In
salaries were made and the salaries then paid were justified on the basis of
the experience and ability of each employee. A substantial number of
employees of the companies have been let out, either because their services
were not needed or because their competence or trustworthiness was in
Volume i37
doubt. Compliance with the National Recovery Administration program
was directed by the Superintendent as a contribution to national recovery.
Temporarily this has imposed a slight additional burden upon the companies,
but this will be more than offset by the advantage which should be derived
from larger payrolls and purchasing power.
(10) Mortgage Foreclosure Program.
At the inception of the rehabilitation program there were pending thousands of foreclosure proceedings. The Superintendent has enunciated
the policy that for the general good of the real estate market and for the
particular benefit of guaranty holders, no new foreclosures were to be commenced, provided that by assignment of rents or otherwise the milking
of the property by the equity owner could be prevented. As to the foreclosures pending, endeavors have been made with some satisfaction to
work out short cuts between the mortgage holders and the equity owners
by sitting around the table. To this end regulations and orders have been
promulgated. The philosophy of the Department has been enunciated
heretofore as follows:
"During the existence of the present emergency, leniency shall be shown
to all deserving mortgagors, and the companies are directed to act In consonance with the declaration by President Roosevelt in his message to Congress on April 13 1933, recommending legislation looking to the creation of
the Home Owners' Loan Corporation, when he said:
"'The broad interests of the nation require that special safeguards should
be thrown around home ownership as a guarantee of social and economic
stability, and that to protect home owners from inequitable enforced
liquidation, in time of general distress, is a proper concern of the Government.'
"In order to avoid undue hardship on mortgagors, the companies shall
endeavor in the first instance, in all cases where it is advisable for the
Protection of their policy holders and creditors, to obtain rent assignments,
Instalment agreements or other security for the prompt payment of their
obligation by mortgagors. The companies shall co-operate with the Home
Owners' Loan Corporation and shall exercise the power to foreclose mortgages only when considered necessary to do so, and then only upon the
written approval by the Special Deputy Superintendent of Insurance in
each particular case."
(11) Reconstruction Finance Corporation.
It soon became apparent that many certificate holders were in real need
of funds for the maintenance of their own homes. To this end the Superintendent is actively engaged in negotiations with the Reconstruction Finance Corporation aimed at the establishment of 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
word has been received from Washington on this proposal.
(12) Complexity of the Situation.
The position of the holders of guaranties of these companies is highly
complex. They stand in the position of claimants against real estate
represented either by mortgages or by property foreclosures. In addition,
they have a claim-over against the company on the guarantee. The object
and hope of rehabilitation has been to prevent a mad scramble for the
finalizing of losses on collateral. This has necessitated a program under
which each negotiation on the thousands of properties involves a tri-party
relationship. The owner of the property, the holder of the guaranteed
mortgage and the Superintendent as rehabilitator of the company, all have
to negotiate in respect to each transaction involving each of the thousands
of parcels.
Insofar as the holder of the guarantee owns the whole mortgage against
a particular property, only three parties have to sit around the table to try
to work out the best solution for that particular property and mortgage
holder. Where, however, the mortgage on the property has been split
up into hundreds or thousands of parts among persons unacquainted with
the property and unknown to one another, the Department has been
compelled to face the inherent difficulty that arises out of the necessity
of building within each of such groups some democratic form of procedure
by which the group itself can become articulate in law as to its own wishes
In the situation. The development ofsuch a program is further complicated
by the supreme necessity of providing every safeguard possible to prevent
the freezing out of minorities and the improper control of a particular issue
by any small group for its own benefit. Moreover, to a degree each certificate group normally looks out for its own interests, irrespective of the
effect on'certificate holders in other issues. In the midst of such conflicting interests, the Insurance Department must continue to be the impartial
protector of all holders of guaranties, other creditors and others interested
in the companies.
(13) Investigation into Practices.
Soon after rehabilitation orders were signed the Superintendent established a special bureau with separate counsel to inquire into the practices
of the companies. Not all the departments of all the companies have been
delved into. Up to date, more than 200 witnesses have been examined under oath and several thousand pages of testimony have been
taken. Whenever deemed advisable, civil actions will be instituted to
recover assets. When and as evidence of wrongdoing is found, data is
sent to the District Attorneys. In some cases it appears that issues in
default were sold to innocent purchasers. In other cases it developed that
there were improper substitutions of the collateral underlying issues. In
one instance a substantial number of properties were improperly transferred
to the detriment of creditors to a corporation controlled by persons friendly
With officials of the company. I have by no means finished this investigation. Although this Department is a civil administrative arm of the government, it has promptly transmitted to the law-enforcing officials of the
respective counties the pertinent data already assembled. We will continue this practice and have naturally offered full co-operation to the
Prosecuting agencies. As a result of the investigation, the personnel of
at least two of the companies have been so substantially shattered by necessary resignations or dismissals that the Superintendent could no longer continue to permit the new corporations set up in rehabilitation to service the
Properties in rehabilitation. The Department, therefore, is faced with the
necessity of promptly building up a sufficient staff to replace the officers
and officials heretofore carrying on the work. To bring in this new fresh
blood will of course case some delays. Nevertheless, the Department has
no choice, in view of the improprieties charged against the individuals
formerly employed. Whenever complaints come into the Department
from creditors, certificate holders, property owners or others they are
received by a special complaint bureau and promptly sent out into the field
to be handled by the Deputies in charge. Unfortunately, many of the
complaints go to situations beyond the control of the Department. The
Department, of course, is powerless to create income sufficient to meet
the amounts promised to the certificate holders.
I believe that we are making genuine progress in terminating unfortunate
prior practices and arranging for vigilant, honest management of the properties underlying the guaranties of the companies. Not In all companies
do I find the same laxities and improprieties.
3589
Financial Chronicle
Income to certificate and mortgage holders depends essentially on recovery on a nation-wide basis. In some instances reports made to the Superintendent indicate that there is a gradual and healthy growth in the income
produced from the underlying properties. I am confident that the internal
changes made by the Department of Insurance in nearly all companies
taken for rehabilitation will create operating units that will take full advantage of any future Improvement in rents or interest.
GEORGE S. VAN SCHAICK,
Superintendent of Insurance of the
State of New York.
Increase of $21,642,261 Reported in Volume of Bankers'
Acceptances During October—Volume of Bills
Outstanding Oct. 31 Totaled $736,790,945 as
Compared with $715,148,684 Sept. 30.
In announcing the result of its survey of the acceptance
business for October on Nov. 17 the American Acceptance
Council noted that the volume of outstanding bankers'
acceptances at the end of October showed an increase for the
month of $21,642,261, bringing the total to $736,790,945.
Robert H. Bean, Executive Secretary of the Council, said
that "this increase for the month of October is almost exactly
the increase for September, which gain was $21,137,073."
He said that "the figures for Oct. 31 this year compared
with the corresponding date of 1932 gives an increase for
this year of $38,170,576. Mr. Bean added:
That the use of acceptance credits to finance the shipment of staple
commodities is not up to previous years is shown by the very moderate
gains which have been made since the beginning of the crop-moving season.
Wholesale prices for all major commodities are considerably above last
year's quotations and the movement of much of this year's crop is in larger
proportion, up to Nov. 1, than in previous years. In the case of cotton
alone there is an increase of more than 40% in the price, while there is an
Increase of nearly 20% in the amount of cotton consumed during the three
months of the present season. As cotton is very largely financed by
acceptance credits in normal years, it will be seen that on the face of these
increases as between 1932 and 1933 there should have been a very much
greater increase in the volume of bankers' bills against cotton than the
figures show. It is very clear that Government financing under the emergency agencies and the use of bank cash in place of credit has greatly reduced the volume of acceptance business on commodities.
Another reason for the reduction in dollar bills below the expected volume
may be found in the prevailing belief that great quantities of American
products'as well as finished goods have been shipped abroad against payments which are made in foreign markets to be held there subject to call
of American exporters. The amount of American funds against exportable
goods now lodged in foreign financial centers is undoubtedly an important
factor.
The volume of bankers' acceptances created to finance imports went off
$3,841,941, while bankers' acceptances based on goods stored in or shipped
between foreign countries dropped $4,269,533 to a new low for the past
three years of $195,199,697.
Gains in the classified volume are found in export bills which increased
$14,277,407, domestic shipment bills which increased $14,869,318, acceptances to finance the storage of goods in domestic warehouses increased
only $590,926 and acceptances for the purpose of creating dollar exchange
remained unchanged with the exception of $66,000.
The bill market continued to have only a fair amount of business during
the month under review with portfolios not exceeding $45,000,000 at
any time.
Purchases of acceptances by accepting banks for their investment account
continued heavy throughout the month and these banks at the close of
business Oct. 31 held $321,385,979 in the bills of other banks. The same
banks held unsold of their own bills $270,778,664, a total of $592,000,000
against a total of $533,778.513 on Sept. 30.
Outside of the bills held by accepting banks, the Federal Reserve System
and the dealers. approximately $100,000,000 were held by other nonbanking investors.
Mr.Bean also furnished the following detailed statistics:
TOTAL OF BANKERS DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
Oct. 31 1932.
Oct. 31 1933.
a
4
a
6
7
8
9
10
11
12
nrscs Mtn'
__
__________
$44,193,325
577.544,268
14,266,558
2,368,265
644,918
5,908,810
38,509,005
2,210,841
5,000,915
800,000
3,509,228
20,192,551
$40,863,417
581,284,124
13,297,576
10,253,459
1.524,052
7,923,612
36,738,725
1,745,640
2,499,086
600,000
1,864,487
20,026.121
172&7900451
1
2
Sept. 30 1933.
$45,169,939
596,274,226
16,342,582
1,555,577
507,434
5,568,728
38,416,875
1,381,176
4,846,162
1,250,000
4,535,534
20,942,712
Federal Reserve District.
2715.148.684
5898.620.389
Inereas. for month $21,642,261. Increase for year $33,170,576.
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Oct. 31 1933.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
between foreign countries
Sept. 30 1933. Oct. 31 1932.
$99,364,108
184.984.768
29,463,338
223,349,842
4,429,194
$103,206,049
170,757,359
14,594,020
222,758,916
4,383.110
$81,471,614
157,364,062
15,712.701
206.477,731
6,382,782
195.199.697
199.469.230
231.211.479
CURRENT MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
NOV. 15 1933.
Days—
30
60
90
Dealers'
Dealers'
Raving Rate. Selling Rate.
34
35
14
fi
34
7A
Data—
120
150
180
Dealers'
Dealers'
Buying Rate. Selling Rate
1
1
14
14
3590
Financial Chronicle
Nov. 18 1933
Value of Commercial Paper Outstanding as Reported
to Federal Reserve Bank of New York $129,700,000
on Oet. 31, Compared with $122,900,000 Sept. 30
The following announcement, dated Nov. 14, was issued
by the Federal Reserve Bank of New York:
act are not likely to benefit any particular class and eventually the entire
population of the country will suffer.
Continued experimentation with unorthodox methods of raising commodity prices may soon result in unbridled speculation, a race for currency depreciation by the major commercial countries of the world, and
Possibly eventual loss of control over commodity prices.
Reports received by this bank from commercial paper dealers show a
total of $129,700,000 of open market commercial paper outstanding on
Oct. 31 1933.
The resolutions adopted by the Association also urged the
modification of the Banking Act of 1933 so as to limit the
liability of member banks under the deposit insurance
plan, according to the Chicago "Tribune", which said:
Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 31 1931:
1933—
Oct. 31---$129,700,000
Sept. 30_ -- 122,900.000
Aug. 31_ _ _ 107,400,000
July 31_ _ _ 96,900,000
June 30_.._ 72,700,000
May 31--- 60,100,000
Apr. 30_ __ 64,000,000
Mar.31..__ 71,900,000
Feb. 28.. _ - 84,200,000
Jan. 31_ _ _ 84,600,000
1932—
Dec. 31_ -- $81,100,000
Nov.30_ _ _ 109,500,000
Oct. 31_ _ _ 113,200,000
Sept. 30--- 110,100,000
Aug. 3L:_ 108,100,000
July 3L_ _ 100,400,000
June 30._ 103,300,000
May 31--- 111,100,000
Apr. 30...107.800,000
Mar.31- _ _ 105,606,000
1932—
Feb. 29_ _ _$102,818,000
Jan. 31_ _ _ 107,902,000
1931—
Dec. 31-_ 117,714.784
Nov.30_ _ _ 173,684.384
Oct. 31_ _ _ 210,000.000
Declaring that the unlimited liability of banks under the deposit insurance plan for losses of other banks threatens sound banking in the Country.
the Association recommended that the law be changed so as to fix a definite
limit for the liability member units.
Means Speculative Banking.
"Otherwise," the resolution read, "it is evident that banking will become so speculative and unduly hazardous that credit of existing banks
will be impaired and it will not be possible to obtain necessary new banking
capital."
Both resolutions were adopted unanimously by the directors, the statement said.
American Securities Investing Corporation In Process.
of Dissolution.
-80% of Outstanding Debentures
Called For Redemption—So-Called "Bond Pool"
Formed Under Presidency of Thomas W. Lamont. Greenbacks Soon on Press Predicts Dean Madden—
Managed Currency Plan Will Fail, Forcing Fiat
That the so-called "bond pool"—the American Securities
Money Issuance He Holds—Predicts Printing of
Investing Corp.—is in process of dissolution, is evidenced in
$3,000,000,000.
an announcement of the proposed retirement of 80% of its
The issuance of greenbacks before the next Congress
outstanding debentures. The announcement was made as meets in the amount of $3,000,000,000 was predicted on
follows on Nov. 15 by Thomas W. Lamont of J. P. Morgan Nov.9 by Dean John T. Madden, of the New York Univer& Co.:
sity School of Commerce, Finance and Accounts, in an adAmerican Securities Investing Corp. has announced that it has called for
dress on the present currency situation, delivered before the
redemption on Dec. 1 1933 at 105 and interest, $28,020,000 principal
Nassau County Bankers' Association at Garden City, L. I.
amount of its outstanding Five-Year Debentures constituting 80% of the
$35.025,000 principal amount of debentures outstanding.
According to Dr. Madden (we quote from the New York
The formation of the corporation in 1932 under the presi- "Herald Tribune" of Nov. 10), the managed currency ex,
dency of Thomas W. Lamont of J. P. Morgan & Co. was periment now being made will fail in its aim of increasing
noted in our issue of July 16 1932, page 413, and a later item domestic commodity price levels. A few imported commodappeared in our Nov. 12 issue (1932), page 3267. From the ities, and perhaps some with an international market, will
"Wall Street Journal" of Nov. 16, we quote the following increase in some measurable relation to the decline of the
anent this week's announcement:
dollar in the foreign exchange markets, but the general
Throughout the Wall Street district, the announcement was accepted as
levels of prices in the United States probably will not change
indication that the bankers, apprehensive of the future of the dollar
an
greatly under a managed currency, it was argued. The
and long term claims upon dollars, no longer consider even high grade bonds
paper indicated further quotes Dean Madden as follows:
as good buys. . . .
When the corporation was formed bond prices were extremely low because
of the heavy liquidation forced by the drain of gold from New York to
Paris. Preceding the organization of the corporation, there had been continued talk of the necessity of the need for greater credit expansion, of ways
and means to expand credit and of "doing something for bonds." The
corporation was brought into existence approximately when gold shipments
to Paris ended with the exhaustion of French deposits here. The bond
market had responded immediately and Prices showed large gains.
Change of Situation:
At the time it had been indicated that the bankers considered high grade
bonds to be undervalued and were organizing the corporation precisely
because possible profits were indicated. It was indicated yesterday that
the corporation is being wound up now because conditions have changed
since the company was organized. Bond prices, of course, are weak so that
the inference was that improvement is no longer considered most probable.
The expectation of low bond prices is based upon the belief that holders will
shift their assets into speculative commitments as a hedge against dollar
devaluation.
Rumors on Plans for Prevention of Foreign Exchange
Sales to Pay for Foreign Securities Believed Unfounded at This Time.
Reports yesterday (Nov. 17) that the Federal Reserve
Board had decided to halt purchases of foreign exchange by
Americans who planned to acquire foreign securities are believed to be without foundation, and were denied by responsible sources in the financial district. Such rumors were
mainly responsible for the recovery of the dollar in terms
of foreign exchange late on Thursday and again on Friday.
One authority suggested that the rumors and the action of
the dollar were both "nine-tenths psychology," and it was
indicated that no official measures have yet been contemplated to halt the shipment of American capital abroad.
Restoration of "Fixed Gold Standard" Urged by Illinois
Association—Modification
of
Manufacturers'
Banking Act of 1933 Incident to Deposit Insurance
Provisions Also Urged.
Restoration of a "fixed gold standard" was urged upon
President Roosevelt in a resolution adopted by the Directors
of the Illinois Manufacturers' Association in Chicago on
Nov. 10. The report of the Banking Committee presenting
the resolution said:
"Transaction of business is becoming increasingly difficult for members
of this organization, because of a growing fear on the part of their customers
and the American public at large concerning the future purchasing power
of American money both at home and abroad.
Declining confidence in the Administration's uncertain monetary policies
also is impairing the Government's credit and retarding economic rceovery.
The various plans adopted by the Administration to raise commodity
prices are designed primarily to relieve the debtor classes.
Whereas we are in sympathy with debtors suffering from unemployment or low commodity prices, any attempt to relieve this situation by
some of the-inflationary amendments to the emergency farm mortgage
An analysis of the movement of prices in Great Britain shows that
through the depreciation of the currency Great Britain has been able only'
to maintain the price level on an even keel. She has not been able to bring
about a sharp increase in prices. What is the explanation of this tact?
The answer is that while the pound sterling was decreasing, prices of commodities in the gold standard countries, particularly in the United states,
were derceasing also and hence the depreciation in the pound sterling
merely offset to a certain degree the decline in prices in countries on the
gold basis. Furthermore, although the pound sterling depreciated, salaries,
wage and fixed incomes in Great Britain remained unchanged so that the
purchasing power of Great Britain did not increase and, without an increase
In purchasing power, it is impossible to bring about a permanent increase
In prices. If this analysis is correct, and I am firmly convinced that it is,
managed currency in this country Is not possible. That does not mean
that it will not be attempted, for I would not be surprised to see the policy
In the near future one of managed currency and managed credit but I=also
convinced that if this comes to pass, sooner or later the inherent fallacies
will become so evident that a return to sound money will be made.
British-French Pact Possible.
It is not unlikely that the Administration may endeavor to establish a
modus vivendi with Great Britain and France which will enable it to depress
the dollar without at the same time antagonizing these countries. If the
United States and Great Britain can decide on a common currency whereby
the dollar and the pound move more or less in unison, the chances of the
Administration bringing about a moderate increase in prices are measurably
improved.
We live from day to day. I cannot believe that the Administration has
any longer great hopes for its currency experiment. I suspect that Washington now realizes that currency depreciation alone will not bring about
a substantial increase in prices. Certainly the better Informed advisers of
the Administration have always known this or should have known it.
Results of Greenback Issue.
Less than 60 days intervene before the next Congress meets. What
will the Administration do in the mean time, for it is evident that business has receded and dissatisfaction on the part of the farmer, laborer and
consumer has increased. One of the uncertainties is that the Government
may endeavor to given business another shot in the arm through the issue
of greenbacks and one prominent agency is most active in promoting this
device. I would not be astonished if this came to pass shortly before the
next Congress Meets.
An issue of greenbacks for retiring the existing obligations of the Government would result in the following effects:
(a) The Government would print the money.
(b) The money would be turned over to the holders of Government obligations.
(c) They in turn would deposit it in the banks.
(d) The banks would deposit it in the Reserve Banks.
(e) Through this operation the Reserve balances of the member banks
would be increased by $3.000,000,000.
(f) On this basis, the member banks could increase their own loans and
desposits by about $30,000,000,000.
This would be a most powerful stimulant—more powerful than any device
yet tried. Would it work? The member banks now have surplus balances
of more than $800.000,000 and do not use them. Would they use the
additional amount? Well, the only thing that we can say is that because
they have not used them, that is no guaranty that they will not use them.
Furthermore, if the Government once starts the printing presses there is
the question as to whether recourse may not be had to additional issues.
But suppose that the Government does resort to flat money and let WI
assume that an increase in the prices of commodities and securities results.
We know, from the experience of 1927-1929. that speculation in corn-
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modities and securities can only be carried on extensively with the aid of
bank credit. The Administration would be able to check speculation
when it has gone far enough by disposing of some of the $2,000.000,000 of
Government securities now in the portfolios of the Reserve banks; the
sale of these securities would reduce the balances of the member banks and
force them to borrow from the Reserve banks.
Moreover, under the present Glass-Steagall bill, member banks which
have large loans on securities cannot borrow from the Reserve banks.
These two remedies for excessive speculation and price increases may be
used to offset the effects of greenback issues. It is a fact that the Government, through the Reserve banks, has a better control of the market than
perhaps during any period in our financial history. But will the Administration have the courage to apply the brakes if the engine of inflation
gets going too fast? We failed to do this in 1928. But I see no special
cause for alarm if the Government decides to experiment with a greenback
Issue, provided it is kept within the present proposed limits. The probable
results are well known, its ultimate futility needs no elaboration and more
of our citizens will then have some experience with monetary principles.
It is useless to deny that there are dangers to our currency, but it may
be hoped that the Administration is convinced by now that tinkering with
the currency will not bring about the desired aims and purposes. If the
Administration by other measures is able to bring about an increase in the
purchasing power of the farmer; if it is able to bring about an imporovement
in business before Congress convenes, then the dangers which threaten our
currency will have passed. In that case, one might expect the Administration to leave the dollar alone and, under certain conditions, a return to
parity is not excluded from possible events. Let us hope that conditions
will so improve that there will be no fear of radical or unwise currency
measures from our next Congress.
'fed States Policy Likened to German Inflation
Berlin Writers Say Washington Seems to Be Ignoring Germany's Experience.
Stating that the financial press continues to criticize
Washington's currency policy, a cablegram from Berlin
Nov. 12 to the New York "Times" added:
U
The "Frankfurter Zeittmg" attributes thereto an increase in American
anxiety and discontent, while asserting that President Roosevelt may temporarily purchase the farmers' confidence by MINIMS of still more depreciation.
Alfred Lansburgh, editor of "Die Bank," rejects the belief that President
Roosevelt, by means of currency depreciation, can advance prices in the
way he wants and holds it is probable that most increases in prices will
occur, not in farm products, but in consumption of goods which the farmers
are obliged to buy.
Most German critics, who, until lately, considered America's currency
case radically different from Germany's in the immediate post-war years
and classed America in this respect with England, now have begun to draw
parallels between American and German inflation and to recall the numerous
unfavorable phenomena of German inflation of which America seems
unconscious.
These critics assert that, despite the fluidity of the American money
market, American manufacturers probably will soon suffer a shortage
in working capital in consequence of a greater cost of wages and raw materials and that, further, industrial stocks probably will not rise in accord
with the decline in the value of money because investors soon will realize
they will get dividends in cash of even smaller buying power.
Rediscount Rate of Federal Reserve Bank
Philadelphia Reduced From 3 to 23/2%.
of
The Federal Reserve Board announced on Nov. 15 that
he Federal Reserve Bank of Philadelphia has reduced its
rediscount rate from 3 to 2%% effective Nov. 16. The 3%
rate had been in effect since June 8 1933. The recent action
taken by the other Reserve Banks in lowering their rediscount rates was noted in these columns Oct. 21, page 2909
and Nov. 4, page 3235.
Two Directors of Federal Reserve Bank of New York
Elected—C. R. Berry of Waverly, N. Y., and R. T.
Stevens of Plainfield, N. J., To Serve Three Years.
Cecil R.Berry of Waverly, N.Y.,President of the Citizens
National Bank, Waverly, and Robert T. Stevens of Plainfield, N.J.,President of J.P.Stevens & Co.,Inc., New York,
have been elected directors of the Federal Reserve Bank of
New York by member banks in Group 3, which comprises
banks having capital and surplus of less than $201,000, the
Bank announced yesterday (Nov. 17). Mr. Berry was
elected a Class A director succeeding David C. Warner,
whose term expires Dec. 31, and Mr. Stevens was elected
a Class B director succeeding Samuel W. Reyburn, whose
term also expires Dec. 31. Each was chosen for a term of
three years beginning Jan. 1 1934.
•
The nomination of Messrs. Berry and Stevens was referred
to in our issue of Nov. 4, page 3235.
Tenders of $170,682,000 Received to Offering of $75,-Day Treasury Bills
000,000 or Thereabouts of 91
Dated Nov. 15—$75,295,000 Accepted—Average Rate
0.40%.
Secretary of the Treasury William H.Woodin,in announcing on Nov. 13 the results of the offering of $75,000,000 or
thereabouts of 91-day Treasury bills dated Nov. 15, said
that tenders of $170,682,000 were received of which $75,295,000 were accepted. The offering, tenders to which were
received up to 2.00 p. m., Eastern Standard time, Nov. 13,
was referred to in these columns of Nov. 11, page 3417.
The bills mature on Feb. 14 1934, at which time the face
amount will be payable without interest.
3591
According to Secretary Woodin's announcement, the bills
were sold at an average rate of 0.40% per annum on a bank
discount basis. This compares with previous rates of
0.24% (bills dated Nov. 8); 0.22% (bills dated Nov. 1);
0.17% (bills dated Oct. 25), and 0.13% (bills dated Oct.
18). The average price of the bills to be issued is 99.899.
The accepted bids ranged in price frqm 99.939, equivalent
to a rate of about 0.24% per annum, to 99.876, equivalent
to a rate of about 0.49% per annum, on a bank discount
basis. Only part of the amount bids for at the latter price
was accepted.
New Offering of $60,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated Nov. 22 1933.
Tenders to a new offering of 91-day Treasury bills to
the amount of $60,000,000 or thereabouts will be received
up to 2.00 p. m., Eastern Standard time, Monday, Nov.
20, it was announced on Nov. 15 by William H. Woodin,
Secretary of the Treasury. Tenders will not be received
at the Treasury Department, Washington. The bills will
be dated Nov. 22 1933, and will mature on Feb. 21 1934,
and on the maturity date the face amount will be payable
without interest. They will be sold on a discount basis to
the highest bidders, and will be used to retire an issue of
bills amounting to $60,200,000 maturing on Nov. 22.
ecretary Woodin's announcement of the offering 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. 20
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 the Treasury expressly reserves
the right to reject any or all tenders or parts of tenders, and to allot less
than the amount applied for, and his action in any such respect shall be
final. 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. 22 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.
Resignation Tendered by Secretary of Treasury Woodin
Declined by President Roosevelt—Latter Grants
Mr. Woodin Leave of Absence—Dean Acheson
Resigns as Under-Secretary—Henry Morgenthau
Jr. Named Acting Secretary of Treasury.
Changes in the Treasury Department which were made
known the current week have resulted in the designation by
President Roosevelt of Henry Morgenthau Jr. as Acting
Secretary of the Treasury. Mr. Morgenthau has been
Governor of the Farm Credit Administration, and his successor in that post, named Nov. 16, is Dr. W. I. Myers.
The Treasury Department changes involve an indefinite
leave of absence granted by the President to William H.
Woodin, and the resignation of Dean Acheson, as UnderSecretary; the latter had been Acting Secretary during
the absence of Secretary Woodin because of ill health.
On Nov. 15 it was made known that Mr. Woodin had
tendered his resignation on Oct. 31 to the President,
but the latter declined to accept it, and instead urged upon
Secretary Woodin "a complete leave of absence . . .
to do all you can to get full health and strength, without
any responsibility or thought of work." Indicating the
foregoing as breaking up the Treasury resistance to the
President's inflationary policies, the Washington correspondent of the New York "Herald Tribune" had the following to say in part on Nov. 15:
Mr. Acheson's retirement as Under-Secretary of the Treasury . . .
removes from the President's gold-buying committee the only official to
speak out in opposition to the policy in a recent White House conference.
With Mr. Morgenthau taking charge of the Treasury on Friday(Nov. 17j.
the Administration inflationary program wins right of way there for the
first time since March 4.
Sprague Prepares to Quit.
The shapeup was taken to reflect the President's determination to give
his managed currency experiment a full and unfettered trial with the
exclusive assistance of sympathetic officials. Dr. Oliver M. W. Sprague.
another sound money advocate, prepared at once to resign as Financial
Adviser of the Treasury. Budget Director Lewis W. Douglas, a third
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Financial Chronicle
member of the sound money group which lost in the fight to dissuade the
President, will concentrate on his budgetary work. He has been left out of
the Presidential conferences on monetary policy for weeks.
The position of Eugene R.Black. Governor of the Federal Reserve Board.
was a subject ofspeculation,in view of his known misgivings about the fiscal
policies. Members of the inner group directly involved in the operations to
control the dollar and through It the price level are expected by the President to present a united front. He will stand for no dissension in the high
command.
Woodin to Rest in Arizona.
Mr. Morgenthau, present head of the Federal Farm Administration, is
one of the group of three who have theoretically fixed the daily price of
gold at the Treasury. He has taken courses under Prof. George F. Warren,
of Columbia, chief exponent of the commodity dollar plan. Mr. Acheson
has been sitting in for Mr. Woodin in the latter's absence on account of
Illness. Jesse H. Jones, Chairman of the Reconstruction Finance Corporation, completed the trio, and is expected to remain.
A conservative Treasury front was preserved by persuading Secretary
Woodin to withhold a resignation dated Oct. 31 and take an indefinite and
complete leave of absence to try to recuperate from a throat ailment. He
Is to leave in 10 days for Arizona. During his absence, Mr. Morgenthau
will act ex-officio under the executive regulation requiring the President and
Secretary of the Treasury to meet from time to time to fix the price of gold.
Mr. Morgenthau, a firm supporter of all the President's policies, has
daily carried to the little Treasury group the price the President, presumably
with the advice of Professor Warren, has fixed for RFC purchase of gold.
The announcement of Mr. Acheson's retirement was accompanied
by no exchange of correspondence and took the Treasury group by
surprise. . .
Acheson Lined Up With Douglas.
The Left Wing Presidential advisers became distrustful of Mr. Acheson
when they discovered that he was a friend of Budget Director Douglas and
had been endorsed for his position by him.
He lined up with Mr. Douglas in the conflicts which immediately dedeveloped as left wing and right wing advisers fought to take the President
in opposite directions. When Mr. Roosevelt began seriously to consider
trying out an adaptation of Professor Warren's dollar control plan, Mr.
Acheson submitted a memorandum protesting that the plan for gold purchases through the RFC was illegal.
Budget Director Douglas filed a similar memorandum, which Is said to
have objected that such a course would lead to uncontrolled inflation. Mr.
Douglas, loyal to the President personally, withdrew to his own department when he lost in this fight. Whether or not voluntarily, he was relieved
of his extra-legal activities, which, in the early days of the Administration,
had brought him extremely close to the President and resulted in repeated
suggestions that he would succeed to the Secretaryship of the Treasury if
Mr. Woodin should resign.
Acheson Opposed Gold Policy.
Mr. Acheson, by virtue of his position, was under the necessity of joining with the President in the execution of the gold-buying plan he had protested as illegal and distrusted as unsound. President Roosevelt was convinced of his absolute loyalty. By his reticence about the inner workings
of the Administration, he won the reputation among newspaper men of
being close-mouthed.
Secretary Woodin's letter tendering his resignation was
addressed to the President as follows:
New York City. Oct. 31 1933.
My Dear Governor:
It is so cheering to hear your voice over the telephone that I always
feel better after talking to you.
Last August, after a severe illness, I took up with you the question
as to whether, on account of my health, I should relinquish the position
I now hold in your Cabinet.
You suggested that I try remaining away from my desk for a few weeks,
and, as far as possible, forget the Treasury in order to give my system a
chance for full recovery.
Unfortunately. I am not exactly built that way, and it has been impossible for me, on account of the great responsibility I feel, to refrain from
being almost as active in the affairs of the Department when away as when
I am actually at my desk. I have tried faithfully to carry out your suggestion, but it has been a failure, as evidenced by the relapse which I
have just suffered.
Therefore, I feel that I must tender my resignation and seek complete
rest and a change of climate. My physicians have told me that unless
I do this they will not be responsible for the outcome.
I cannot express the intense regret I feel in writing you this letter. I
have been so happy in serving you, and if I only could continue I would
be the most grateful of all people. You will know that every policy of
yours has had and still has my devoted support, and I have never doubted
that you are the one man that can lead this country out of its difficulties.
Faithfully yours,
WILLIAM H. WOODIN.
The President.
The White House,
Washington, D. O.
The following is the President's reply.
Nov. 2 1933.
Dear Will:
I do not need to tell you that I am deeply grieved at the thought of
your not continuing, but at the same time, as I have told you, I would
not for anything in the world injure your health by any insistence on my
part that you carry on the impossible task of running the Treasury Department and simultaneously giving full obedience to the doctor's orders.
The first consideration is your complete recuperation, and this can only
be accomplished by giving up all work for the next few months.
If you will do this, it is not only my hope but also my sincere belief that
In a few months you will be able once more to give to the Government
the fine, unselfish service which all of us in Washington have so greatly
appreciated. We need you back again, and the country needs you back
again.
For this reason I am going to ask you to withhold your resignation;
to take a complete leave of absence and to do all you can to get full health
and strength, without any responsibility or thought of work.
I hope that you will do this for me because of my own personal affectionate regard for you and because of the very great services which you have
given to our country during a critical period of our history. While you
are away I can well appoint some one with government and financial
experience to be Acting Secretary.
Very sincerely yours.
FRANKLIN D. ROOSEVELT.
William H. Woodin,
Hon.
Secretary of the Treasury,
Washington, D. C.
Nov. 18 1933
In an item elsewhere in this issue to-day we give a statement by Secretary Woodin on Nov. 13 denying that he was
out of line with the President's gold policies.
Mr. Morgenthau was sworn in as Acting Secretary yesterday (Nov. 17).
Gold Hoarding Ban Upheld by Court—Surrender Order
However Found Invalid Because Issued by President, Not Treasury—Ruling in Case Against F. B.
Campbell—Law Invoked Against Holder of $200,754 `Vaild Exercise' of Currency Powers.
In the first court decision concerning President Roosevelt's policies on gold hoarding, the United States District
Court in New York City upheld on Nov. 16 the constitutionality of the Anti-Hoarding Act passed on March 9.
Federal Judge John M. Woolsey in a long opinion sustained
it is stated, the indictment of Frederick Barber Campbell,
New York attorney, for failure to report the possession of
twenty-seven bars of gold valued at $200,754.34. We quote
from the New York "Times" of Nov. 17, which went on to
say:
He ruled, however, that a second count of the indictment charging that
Mr. Campbell had failed to surrender his gold in compliance with an order
issued by the President on Aug. 28 was at fault.
Judge Woolsey held that in section 3 of the Act of Congress, which he
held to be valid, power to require the surrender of gold was vested in the
Secretary of the Treasury and not in the President. For this reason, since
count two of the indictment charged Mr. Campbell with having violated an
order issued by President Roosevelt, Judge Woolsey sustained the attorney's
demurrer to that charge.
In his anti-hoarding proclamation President Roosevelt called for the
surrender of gold within 30 days. The court held this section of the proclamation to be a usurpation of power granted to the Secretary of the Treasury.
Two Courses Now Open.
The error is considered only a technical one, which will interfere in no
material way with the carrying out of the administration's policy against
gold hoarding. The Government has a choice of two ways to meet the
court's objection. Either Judge Woolsey's decision can be appealed, or the
old order may be supplanted by one signed by the Secretary of the Treasury.
Attorney General Cummings said in Washington that he had not decided
whether the Government would appeal. The decision will not conflict
immediately with the purpose of the Executive order, inasmuch as the court
will not sign an order for twenty days,so that if an appeal is filed the status
quo will be maintained.
"The Department," said Mr. Cummings, "Is gratified by the decision.
Under the President's Executive Order prosecutions may be made."
United States Attorney George Z. Medalle, who obtained the Campbell
indictment, said:
"Judge Woolsey's decision is against the Government only on one point,
namely, that the power to order the surrender of the gold and to make
regulations as to its possession is vested in the Secretary of the Treasury by
act of Congress and not in the President. The decision therefore fully suetains the carrying out of the President's policies through legislation and
regulation."
Campbell Suits Dismissed.
Judge Woolsey also decided two other issues raised by Mr. Campbell in
his effort to test the constitutionality of the gold act. He dismissed an
equity action the attorney had brought to restrain Mr. Medalie from prosecuting him, and also a suit to restrain the Chase National Bank from delivering the gold to the Federal Reserve Bank.
In upholding the constitutionality of the Gold Hoarding Act the Court
said in part:
"This Court can take judicial notice of the fact that the banks of the
country were then [March 9 19331 closed and that it was of vital importance
that, as soon as possible, each bank which was in a proper condition
tion should be reopened; that it was obvious that gold coin and goldto funcbullion
could not be allowed to be taken away from the banks, but that every dictate of wisdom pointed to the necessity of having all gold in the banks remain
there, and that all gold, whether coin or bullion. already in the hands of
private persons should be brought back whenever the authorities might
deem necessary into the bands of some fiscal agent of the Government."
Referring to precedents in law, Judge Woolsey said:
"It seems to me perfectly clear from these decisions that gold need not
be dealt with as an ordinary commodity, but that it is a commodity affected
with a public interest as a potential source of currency and credit, and that
Congress when it considers that the national exigency demands control of
gold may control gold in such manner and to such extent as it deems advisable, provided always.
that it does not violate the personal constitutional
privileges of citizens."
Right of Eminent Domain.
Judge Woolsey held that the "incidence of the right of eminent domain
is not limited to commodities with public interest, but involves the right of
the Government to take private property of any kind when it is deemed
necessary by the appropriate authorities for the public good."
The provision of the act of Congress authorizing requisition of gold by
the Secretary of the Treasury, Judge Woolsey held, "is a valid exercise by
Congress of a power necessarily incidental to its currency powers."
Concerning Mr. Campbell's contention that the act was unconstitutional
because it deprived him of property without due process of law, Judge Woolsey wrote:
"Under the Constitution the power of eminent domain means the right
to take property for public use on payment, under the provisions of the Fifth
Amendment, of just compensation for its value determined as of the time
and the place of its taking,"
Judge Woolsey noted in his opinion that the Secretary of the Treasury
"has not yet acted under the powers so given to him and which I have found
to be inherent in the currency power of Congress." He pointed out that
this situation had placed the gold holder in a perplexing predicament since
he faced the loss of his gold through inability to sue the Government if he
surrendered it at the behest of any official who was not authorized by Congress to demand it. On the other hand, the court noted, the gold holder
is faced with the possibility of imprisonment and fine if he does not comply
with the order.
"Not Fair Alternative."
"To lose the gold if he complies," wrote Judge Woolsey, "and to be imprisoned and fined if he does not is surely not a fair alternative to set before
a citizen, for at least his will should be free when he is tempted to commit
what has been denounced by his Government as a crime.
"The law embodied in the Executive order required the defendant
Campbell to file the return, and if he wished to challenge the right of the
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Financial Chronicle
Government to any of the information requested of him in the return he
should have done so on the return, instead of abstaining from making one.
"The purpose of requiring these returns is obvious: to allocate accumuladons of gold so that. if and when the Secretary of the Treasury came to
exercise his power of requisition under Section 3 of Title 1 of the Act of March
9 1933. he would know to whom requisition notices were to be sent."
Mr. Campbell, who lives at the Metropolitan Club, may be imprisoned
or a maximum term of ten years if he is convicted, or he may be fined
$5,000, or both penalties may be imposed.
An item regarding the indictment against Mr. Campbell
appeared in our issue of Oct. 7, page 2556.
Committee on Monetary Policy Formed in Chicago to
Combat Inflation—Endorse Stand of Midwest
Professors—Return to Fixed Gold Standard Urged.
In the Chicago "Daily Tribune" of Nov. 13 it was made
known that Chicago business and industrial leaders indorsed
on Nov. 12 the stand recently taken by 12 Mid-Western
University Professors against tinkering with the monetary
unit. At the same time, said the Chicago, paper, they (the
business leaders) announced that a permanent organization—the Committee on Monetary Policy—has been formed,
with headquarters at 844 Rush St. The opposition of the
Mid-west Professors was noted in an item in our Nov. 11
issue, page 3421. With reference to the views of the Committee on Monetary Policy, the item in the Chicago
"Tribune," said:
The University economists sounded a warning that "the peril of sheer
greenbackism is real and not imaginary." The business and industrial
leaders expressed similar views in a six point statement of policy, which
includes a plea to return to a fixed gold standard.
The statement was signed by the following:
Arthur Andersen
Thomas E. Donnelley
Guy A. Richardson
Sewell L. Avery
James H. Douglas .Jr.
George W.Rossetter
Harold Beacom
Max Epstein
E. L. Ryerson Jr.
Herman A. Behrens
Bruce Johnstone
Frederick H. Scott
Francis X. Busch
John V. Farwell
Ralph M.Shaw
Robert F. Carr
D. Lasker
Albert
A. A. Sprague
Philip W. Collins
Alexander Legge
John Stuart
William Chamberlain
Charles S. Pearce
John P. Wilson
David A. Crawford
George A. Ranney
The statement of the new Committee said:
"Twelve representative economists from six of the principal mid-western
Universities have joined in expressing their views on the present tred of
our monetary policy. They have sounded a warning against the futility
and the dangers of seeking a higher price level through manipulation of our
monetary unit.
Return to Gold Standard.
"They regard a so-called 'managed currency' as impracticable, and express the opinion that the announcement of a prompt return to a gold
standard, restoring confidence in the dollar, is a first step toward lasting
economic recovery.
"While organized groups have brought much pressure to bear upon the
Administration and the Congress to attempt to raise prices by depreciation
of the dollar and by other artificial means, no group appears to have been
formed to give expression and force to the views set forth in the statement
of the 12 economists.
"We are convinced that monetary policy cannot wisely be determined
save on the basis of experience and the judgment of economists qualifed in
the monetary field. Untried currency schemes must be abandoned if confidence in the dollar is to be restored. Only upon that confidence can
business and all production go forward with a higher price level and greater
purchasing power.
A Statement of Policy.
"To promote clear discussion of the issues raised in the determination of
monetary policy and to provide a rallying point for those who, like the
undersigned, indorse the views of the economists, these views are presented
in the form of a statement of policy:
"1. Recovery can be achieved only through an increased volume of business, which increases wages and the whole National income.
"2. The fundamental condition for an increased volume of business is
confidence in the dollar and in the National credit, and a reasonable expectation of profit for individual exterprise, in industry, in trade, and in agriculture.
"3. Confidence in the dollar and in the National credit demand that
currency experimentation be abandoned, and that depreciation of the
currency be stopped before it gets out of hand.
"4. A higher price level is desirable only if accompanied by increased
income—for farmers, wage earners and business men, big and little—and
this cannot be achieved by manipulation of our currency.
"5. Further depreciation of the dollar by Government action is the road
to printing press money, which means the further disorganization of
agriculture and industrial production, and the ultimate impoverishment of
the Nation—of its wage earners, its farmers and of every individual citizen,
debtor and creditor alike.
"6. An announced determination to return to a fixed gold standard,
giving effect to current needs and experience, is indispensable to elimination of uncertainty and to the restoration of confidence in the dollar."
A. D. Welton is in charge of the Committee's headquarters.
Roosevelt's Dollar Plan Called Failure by M. Jenny of
France—"Mad Experiment" to Be Abandoned,
Says Paris Expert.
From the New York "Herald Tribune" we take the following (copy right) from Paris, Nov. 12:
President Roosevelt's attempt to manage the currency has failed and the
time is near at hand when the Administration at Washington will have to
choose between uncontrolled inflation and dollar stabilization, Frederic
Jenny, economist, declares in an article to-day in "Le Temps." M. Jenny
Is considered one of the foremost French authorities on financial matters.
Presenting his weekly review of the world financial situation, M. Jenny
criticizes bitterly what he calls America's "mad experiment" and expresses
gratification at the fact that neither Great Britain nor France has been
shaken by "the convulsions of the dollar." For him, the recent sharp
decline in the exchange value of the dollar, consequent upon Washington's
3593
fixing a price for gold, has proved that it is, in practice, impossible to keep
the currency under control if the American people become frightened and
commence exporting capital.
"Voluntary depreciation of the dollar," M. Jenny writes, "leads to
Inflation, by the very force of things—mainly, through deterioration of the
State's credit." He ridicules the often-expressed opinion of various economists that the dollar is too strong technically to be depreciated.
"This is a mistaken idea," he said, adding "not far distant is the fatal
moment when Mr. Roosevelt will be faced with the dilemma of chaotic
inflation or a return to dollar stability."
The British Government's reported decision to detach the pound from
the dollar is greeted by this commentator with enthusiasm. In his opinion,
it represents a definite condemnation of the American monetary experiment.
Nationwide Interest Evinced in Stand of New York
State Chamber of Commerce on Gold Standard
and Recovery—Chamber Moves to Further Crystalize Public Opinion—James Brown, President
Believes if Natural Flow of Trade is Permitted to
Function United States Will Progress—Declares
Gold Must Continue to Be Basis of Sound Monetary
Unit.
Encouraged by the nation-wide interest in the action
taken by the Chamber of Commerce of the State of New York
at its special meeting on the gold standard and recovery on
Nov. 3, the Chamber is taking steps to further crystalize
public opinion throughout the country on what it regards as
one of the most vital issues now before the American people.
This was made known in a statement on Nov. 14 by James
Brown, President of the Chamber, made at a press conference. We have already indicated in these columns, Nov. 4,
page 3228 and Nov. 11, page 3418, the declarations of the
Chamber on the gold standard, and the reaffirmation of
"its conviction that a gold standard is the most satisfactory
monetary system, from the standpoint of the American
people as a whole."
President Brown, in his statement of Nov. 14 said that
"the plan on which the Chamber is working has for its objective the creating of a National demand that the Administration return to a gold standard and abandon all currency
experiments to the end that National credit may be restored,
confidence in business revived and recovery expedited."
Mr. Brown's statement continued:
The Chamber believes that public opinion will thus be aroused to so
great an extent that the President no longer can ignore the cry forsound
money from business men throughout the nation, regardless of what the
advisers of the Administration may counsel.
Approval of the action taken by the Chamber and commendation of its
Initiative and leadership in directing attention to the dangers of the Administration's policy have come from a wide section of the nation. Messages have been received by telegraph, telephone and mail congratulating
the Chamber on its stand for sound money, and newspapers winch reach
millions of homes have enthusiastically supported the action in their
editorial columns.
Copies of the resolutions which were adopted at the meeting are being
sent to Chambers of Commerce, boards of trade and other civic and business
organizations throughout the country, with letters asking them to join
forces with the Chamber in a great national demonstration for a return
to a sound money policy.
Industrial leaders, the heads of large savings and commercial banking
institutions and prominent business and professional men who are an influence in their communities have volunteered to join in a movement
whose goal is the welfare and prosperity of the whole nation.
While the American Federation of Labor, the American Legion, the
Crusaders and other groups, representing a substantial portion of the
country's population, have declared emphatically against inflation, the
action of this Chamber is the first pronouncement by a prominent business
and commercial organization in the East.
The evils of inflation have been demonstrated many times in the world's
history. The most recent and outstanding instance is that of Germany
following the World War. German workingmen suffered terribly from
depreciation of their currency. Wages could never keep up with increasing
prices of food, clothing and other necessities of life. Merchants advanced
the prices of their goods three and four times a day to keep pace with the
Government printing presses, which turned out paper marks by the hundreds of millions. Widows and heirs living on small fixed incomes from
estates and modest investments found themselves unable to buy bread,
and were reduced to paupers, forced to live on a dole from the Government
or municipalities. Savings banks deposits were wiped out. Industry
reached a point of stagnation and inertia. Unemployment then became
widespread and the GOrman nation was in despair.
With an example of such disastrous consequences resulting from Governmental tampering with a national currency, why should the United
States embark upon a similar policy? We are a great creditor nation.
We have the largest supply of gold—about 40% of the total gold stock of
the world. In spite of the depression now passing into history, our industrial organization is fundamentally sound.
The Chamber of Commerce of the State of New York believes that if the
natural flow of trade and commerce and the operation of normal economic
conditions are permitted to function, the United States will progress. We
believe that the recovery which started will continue if nothing is done to
jeopardize its progress. Gold has been the basis of our currency for more
than half a century. It must still be the basis of any sound monetary unit.
Forty-four Economists Favor Return to Gold Dollar—
Lehigh Professor Publishes Letter Sent to Roosevelt Warning Against Inflation—Instability Is
Harmful to Nation, Says Message—B. M. Anderson Jr. of Chase National Bank, H. Parker Willis,
&c. Among Signers.
Professor Neil Carothers, of Lehigh University, made
public on Nov. 8 a letter which he said had been sent by a
group of educators to President Roosevelt, urging a policy
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Financial Chronicle
of non-inflation of the Nation's currency and a return to the
gold standard, says the Associated Press. The foregoing is
from the New York "Herald Tribune" of Nov.9,from which
we also quote:
The letter was mailed before the announcement of the Administration's
gold purchase plan, he said. The message said the signers long had been
engaged in the study of money and currency problems.
"We know," it said, "that in this time of crisis and conflicting views,
even the most able leaders of our government may be misled in regard to
the attitude of the group of which we are a part.
We do not presume to urge upon you a course of action. We do not
suggest that you accept our views in preference to those of others. We do
wish you to know that we believe the following statements to be true:
"1. Inflation of the currency will injure the nation.
"2. The degree of public confidence essential for economic recovery will
be attained most quickly by a return to the gold standard."
The letter was signed by James W. Angell, Benjamin Haggett Beckhart,
John M. Chapman, Wesley C. Mitchell, H. Parker Willis, all of Columbia
Univesity; James D. Magee, Marcus Nadler and Walter E. Spahr, New
York University; Frederick A. Bradford and Neil Carothers, Lehigh University; T.N.Carver and J. F.Ebersole, Harvard University; David Kinley
and Ivan Wright, University of Illinois; Neil Adams Brown Jr., Brown
University; F. Cyril Jams, Ernst M.Patterson and Elenor Lansing Dulles,
University of Pennsylvania; William A. Scott. University of Wisconsin;
R. G. Rodkey and Leonard L. Watkins, University of Michigan; B. M.
Agger, Rutgers University; B. M. Anderson Jr., Chase National Bank;
Don C. Barnett, Haverford College; James Washington Bell, Northwestern
University; Jules I. Bogen of the "Journal of Commerce"; Edward H.
Collins of the New York "Herald Tribune"; George W. Dowrie, Leland
Stanford University; George H. Edwards, College of the City of New York;
D. W.Ellsworth of the "Annalist"; Herbert F. Fraser, Swarthmore College;
Roy L. Garis, Vanderbilt University; E. C. Harwood, Massachusetts Institute of Technology; John Thom Holdsworth, University of Miami; E. W.
Kemmerer, Princeton University; E. A. Kincaid, University of Virginia;
H. G. Moulton, Brookings Institution; H. H.
Preston, University of Washington; George E. Roberts, National City Bank; W. H. Steiner, Brooklyn
College; Russel Weisman, Western Reserve University; Ray B. Westerfield
Yale University; Max Winkler, New York City, and John Parke Young,
Occidental College.
Dr. Kemmerer on Inflation and Stabilization—Declares
Only Safe Way to Eliminate Danger of Serious
Inflation is for Government to Commit Itself to
Early Return of Gold Standard.
Prof. Edwin W.Kemmerer of Princeton University asserts
that in his judgment'the only safe way "to eliminate the
danger of a serious inflation is for the Government at once to
commit itself to an early return to the gold standard."
According to Dr. Kemmerer "probably a rate of stabilization equal to about 66 2-3 cents of our present gold dollar
would be the wisest policy under the circumstances." He
went on to say that "this gold valuation in due time would
probably result in an advance in prices at least to the level
of 1926, and thereby give to the debtor classes the relief
which the Administration has been advocating." These
views of Dr. Kemmerer were expressed at the student forum
of Princeton University on Nov. 7. A summary of his
remarks follows:
Inflation and the NRA.
The sui3:ect of these Forum meetings is the NRA. The subject of my
talk this evening is inflation Formally and strictly speaking, inflation is
not a necessary part o. the NRA's program. In practice, inflation has
become interwoven with this program and is part of it in the opinion et a
large part ea the public. As a matter of politics, I doubt very much if the
NRA program in its present form can be carried through without a considerable amount of inflation, although I believe that the best elements in that
program could be made effective without further inflation.
Meaning of Inflation.
The word "inflation," like all general economic terms, has a variety of
meanings, and, to avoid confusion, it will be wise at the beginning for me
to state the meaning in which I am using it. Inflation. I would say, exists
in any country whenever the supply of money and of circulating bank credit,
1. e.. "deposit currency," increases relatively to the demand in such a way
BB to cause a rise in the price level. The supply of money and of deposit
currency must always be interpreted in terms of their respective velocities
of circulation. Over 90% of our business is performed by means of bank
deposits circulating through bank checks. A doubling, for example, of the
average rate at which these deposits circulate would be equivalent in its
influence upon prices to a doubling of the deposits with velocities remaining
unchanged. Inflation, therefore, is a relative term. The physical volume
of goods and services to be exchanged represents the demand for money
and deposit currency.
Extent of Present-Day Inflation,
The inflation we have so far had in the United States has been due
chiefly to the facts that the demand for money and deposit currency has
fallen off greatly through the decline in the physical volume of business,
while the supply of money has been maintained at a level higher than that
of the boom times preceding the depression, and that the supply of deposit
currency has been kept relatively high through the extensive open-market
purchases of government securities by the Federal Reserve banks.
Comparing the situation to-day, for example, with that of the predepression year 1926, we find tnat the physical volume of business being
transacted in the country is somewhere in the neighborhood of 70% of
what it was in 1926; while the average price level at which this business
is being transacted is in the neighborhood of 75% of what it was in that
year. To conduct this business we would, therefore, be expected to have
slightly over 50% as much money and deposit currency as we had in that
year. We actually have about 16% more money in circulation than we
had at that time, and our bank deposits subject to check are something
like three-fourths as large as they were then. This situation would naturally
spell in,lation and would ba expected to have brought about a substantial
rise in prices.
Other evidences of a relatively large supply of money and of circulating
credit pressing on the market are the facts that the banks of the country
are carrying enormous excess reserves—over 8850 million at the present
Nov. 18 1933
time, which is by far the largest in our history—that they arc borrowing
practically nothing from the Federal Reserve banks, although they have
enormous amounts of paper eligible for use in borrowing, and the facts that
the cash reserves of the Federal Reserve banks are high and that interest
rates on short-time obligations have been reduced almost to the vanishing point.
Prices.
What has been the effect of all this upon prices? Although the value
of gold, as expressed in its purchasing power in tha free markets of gold
standard countries, has remained practically unchanged since last February,
the price of gold expressed in terms of the American paper dollar has risen
over 50% sine e that time, registering a depreciation of over 33 1-3% in
the value of our American paper dollar. Prices in the United States, however, have by no means advanced sufficiently to register this depreciation
of 33 1-3%in dollars' gold value. As always in such cases, price advances
occur with varying degrees of lag for different kinds of commodities and
services, and it is only after considerable periods of time that the slack is
actually taken up. Since February common stocks in the United States
have advanced about 67%, wholesale prices 18%, farm products about
40% and the cost of living about 7%.
Price Advances Restrained by Lack of Confidence in Business Prospects.
One of the reasons why this response of prices to the inflationary process
has been so slow is the fact that the confidence of the business public has
been held down by much extremely radical legislation in Washington, such
as the greenback, silver and gold debasement provisions of the Farm Relief
Act, many of the provisions of the Securities Act and the bank deposit
guaranty provisions of the Banking Act. With measures of this kind on
the statute books and with all sorts of other half-baked radical measures
threatening, it is only natural that our business and financial leaders, upon
whose initiative we must depend for recovery, are afraid to go ahead. This
lack of confidence is expressing itself in very low rates of circulation of our
bank deposits. When we note that the average rate of circulation of the
bank deposits of our leading cities is only about half to-day what it was
In 1926 and in New York City only about two-fifths, we see one important
reason why the relative expansion in the volumes of our money and deposit
currency, which we have already had, has not resulted in a greater advance
in our commodity prices.
The Habit-Forming Drug of Inflation.
For some time we have been injecting our body economic with the artificial stimulant of inflation and we are pumping more and more of this
habit-forming drug into the body every day. The body has shown a remarkable resistance and so far the dosing has stimulated it only mildly,
except in a few very sensitive parts of the organism.
Danger of a "Flight from the Dollar."
Confidence in business has continued to be low, although there has been
some recovery since last spring, with a recent reaction. Despite our
inflationary measures and our governmentally stimulated prosperity, our
Industrial production is no nearer the pre-depression level than that of a
number of other countries, including gold standard countries like France
and Belgium. The public's confidence in the currency, moreover, has
been surprisingly well maintained, in the face of actual inflation and increasing threats of further inflation. The great danger now is that the public may become increasingly fearful of a rapid depreciation of the dollar,
as a result of the inflationary forces now at work, and that there may be a
strong "flight from the dollar" of the type that has occurred in so many
other countries after inflationary forces had gained considerable momentum.
If this should take place, the velocities at which our money and bank deposits circulate, instead of being subnormal as they are at the present time,
might be increased many fold. In that case the inflation drug would become effective with a vengeance. The more of the stimulant the patient
received the more he would demand, and the discontinuance of the drug
would be exceedingly painful both for the patient and for the doctor.
Prompt Stabilization at About 66 2-3 Cents Gold Recommended.
In my judgment, the only safe way to meet this situation and to eliminate
the danger of a serious inflation is for the Government at once to commit
itself to an early return to the gold standard. Probably a rate of stabilization equal to about 66 2-3 cents of our present gold dollar would be the
wisest policy under the circumstances. This gold valuation in due time
would probably result in an advance of prices at least to the level of 1926,
and thereby give to the debtor classes the relief which the Administration
has been advocating. The giving up of the gold standard last spring was
unnecessary and, in my judgment, was a great mistake, but, now that
Humpty Dumpty has fallen off the wall, all the King's horses and all the
King's men can't put him together again. A deflation back to the previous
gold parity now unfortunately would be politically impossible. The best
that can be done is to stabilize and stabilize promptly at approximately the
existing gold value of the dollar. If this were done, the gold now held by
the Government and the Federal Reserve banks, amounting to nearly
four billion dollars, would become nearly six billion dollars of the new
money,and this profit would go to the Government. The gold representing
this profit should be left where it is, and the profit used by the Government
toward liquidating (by payment, purchase or otherwise) its indebtedness
to the Federal Reserve banks, as represented by the more than two billion
dollars of Government securities owned by these banks. Foreign credits
In the United States are not such as to make possible any appreciable drain
of gold from the United States on foreign account. The plan would, in
fact, attract back to the United States much capital that has already fled
to avoid loss from inflation. Our gold reserves under this plan would be
enormous and the confidence the plan would inspire in the public would
be such as to prevent any considerable drain of gold at home. If such a
plan could be adopted, in co-operation with Great Britain and some other
foreign countries, it would be all the better. At any rate, now is the time
for prompt and vigorous action for a return to the gold standard and,
unless such action is taken, there is serious danger that our so-called "controlled inflation" will get out of control, with results that will be very
unfortunate.
Shortage of Gold is Seen by Professor Cassel—Swedish
Economist Says Rise in its Value Hinders Return
to Metal as Standard.
Associated Press advices from Stockholm (by mail) Nov. 1,
were published as follows in the New York "Times" of
Nov. 12:
Talk of a gold surplus Is a myth, since there is a marked shortage of gold
in the world. Professor Gustav Cassel, Swedish economist, says in commenting on the present gold standard problem in the quarterly review
Issued by the Scandinavian Credit Co., Ltd.
Normally, Professor Cassel remarks, an adequate gold production would
correspond to 3% of the aggregate stock of gold in the world.
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Financial Chronicle
Not counting the gold used for non-monetary purposes, he says, the
Increase of the aggregate gold reserves of the Central Banks and Governments during the period 1928-32 was $1,870.000,000, while the total output
of gold during the same period was not more than $1,786,000,000. This,
he declares, indicates that the gold reserves absorbed not only all the gold
produced in the world but $84,000,000 in addition.
The shortage, Professor Cassel finds, is the result of an abnormally increased demand for gold, while the fall in the level of commodity prices is
evidence that the world monetary gold stock has been inadequate to cope
with the increased demand. This has caused the value of gold to rise abnormally in countries that have abandoned the gold standard by 50%
or more.
Professor Cassel strongly emphasizes the perils to the entire gold standard
system brought about by this state of affairs. Those who desire to work
for the restoration of the gold standard should know the conditions under
which these efforts could count on success and beware to taking their
task too lightly, he concludes.
Increase in Gold Slackens in Reichsbank—Slower Rate
Due to Dwindling Exchange Reserves.
A wireless message Nov. 12 from Berlin to the New York
"Times," stated:
While the Reichsbank is continuing to buy gold in Paris, the pace of the
increase in gold reserves has slackened because exchange reserves have
dwindled so much that the Reichsbank has barely sufficient for current
commercial demand. Indeed, after the unbroken decline of this item since
June, the first week of November sees an increase, with the gold reserve
up only 500,000 marks.
The gold reserve is now 396.000,000 marks, against 189,000,000 marks
when the bond moratorium was declared and 806,000,000 marks at the
end of 1932. The exchange reserve is 19,000,000 marks, against 85,000,000
when the moratorium was declared and 114.000,000 at the end of 1932.
Tax on South African Gold Miners—Estimated Collections 70% of Increased Mining Profits.
The Boston News Bureau's London correspondent was
reported on Nov. 14 as stating:
Professor J. G. Lawn, presiding at the annual meeting of the Johannesburg Consolidated Investment Co., Ltd., said it had been estimated that
the Union of South Africa Government would take over 70% of the increased gold mining profits in taxes if conditions remained as in June.
"That the Government itself felt its measure harsh," he continued, "is
demonstrated by the fact that it has offered better taxation conditions to
new mines starting work than it meted out to existing mines.
"Secondly, there is the fact that the incidence of taxation on the different
mines is most unequal. The Government has given special protection to
those mines making little or no profit at the old standard price of gold,
and in doing so every one would agree that it acted wisely, but above this
level the Government has adopted a method resulting in a wide variation
in the percentage of their profit which the various mines pay, and, most
surprising of all, some of the lower-grade mines are called upon to Pay
a higher percentage of their profit than the richer mines."
"This is brought about by the splitting of the profit for taxation purposes
into two parts, a so-called standard profit calculated on the basis of gold
at 85 shillings an ounce, plus certain allowances, and an excess profit.
The whole profit is taxed at the rate of 20%. and the so-called excess profit
has to bear additional taxation."
A low-grade mine has little other profit than excess profit, and most
of that is taken in taxes.
Stabilized Dollar Urged by Nicholas Roosevelt—
President's Policy Declared Delaying Recovery.
Adoption of a managed, or flexible currency, sounds fine—
if it works, Nicholas Roosevelt, Minister to Hungary under
the Hoover administration, said on Nov. 10 over a National
Broadcasting Co. network in a talk on "Gold or Rubber
Dollar." "But to me" he said, "it sounds too much like
black magic—or its equivalent—the theories of economists!"
The above is from the New York "Herald Tribune" of
Nov. 11, which went on to say:
Mr. Roosevelt, who is now an editorial writer for the New York "Herald
Tribune," said: "Unless the President has determined to accede to demands for currency inflation voiced by such members of his party as Senator
'
Thomas, Governor Charles W. Bryan and others, the sooner he stabilizes
the dollar and returns to a gold standard the more rapid will be our recovery.
"The dangers of inflation are already so well known that it is inconceivable that any one with Mr. Roosevelt's high sense of public responsibility
and earnest desire to see the country pull out of its present depression as
rapidly as possible can favor currency inflation. Unfortunately, however,
the unwillingness to follow the logical consequences of rejecting inflation
—I mean the stabilization of our currency—is increasing the feeling of insecurity and uncertainty on the part of millions of individuals. Not only
do large corporations hesitate to embark on industrial expansion, but small
merchants and business men, not to mention bankers, also are reluctant,
• as long as they do not know what their dollars will be worth a few months
from now."
James J. Hoey Appointed by President, Collector of
Internal Revenue for Second New York District.
James J. Hoey,a member of the New York insurance firm
of Hoey & Ellison, was appointed by President Roosevelt
on Nov. 14 to be Collector of Internal Revenue for the
Second New York District to succeed Yirillian Duggan.
Mr. Hoey is a friend of former Governor Alfred E. Smith
and was his floor manager at the 1928 Democratic National
Convention at Houston, Tex. In the recent New York
City election he was a candidate for Borough President of
Manhattan on the Recovery Party ticket, headed by Joseph
V. McKee. The New York "Times" of Nov. 15 outlined
his various activities as follows:
3595
Mr. Hoey has been in the insurance business for 30 years, as broker.
general agent and company official. He is a Vice-President of the Continental Fire Insurance Co., the Fidelity-Phenix Fire Insurance Co. and
the American Eagle Fire Insurance Co.
He was a member of the Assembly for five years, representing the Fifth
Assembly District, of which Mr. Curry is leader. He was Deputy State
Superintendent of Insurance for four years and was formerly a member of
the Executive Committee of the Democratic National Committee. He was
Chairman of the Home Rule Commission, which formulated laws which
gave New York City and other municipalities in the State the power to
pass local legislation.
Death of Edward N. Hurley, Former Head of United
States Shipping Board—Also Formerly Chairman
of Federal Trade Commission and Member of
World War Debt Funding Commission.
Edward N. Hurley,former Chairman of the United States
Shipping Board, died in Chicago on Nov. 14 at the age of 69,
following a short illness which developed into pneumonia.
Mr. Hurley at the time of his death was co-receiver of the
Middle West Utilities Co. In 1896 he organized the Standard Pneumatic Tool Co. of Chicago and played a leading
part in the development of this industry. He was appointed
a member of the Federal Trade Commission in 1913, and
later became Vice-Chairman and Chairman of the Commission. In February, 1917, he retired to private life, but
in July of the same year, at the request of President Wilson,
he again entered the Government service as head of both the
Shipping Board and the Emergency. Fleet Corporation,
where his executive ability was actively employed in the
transportation of men and supplies to France. In 1924 he
was appointed a member of the United States World War
Debt Funding Commission. Mr. Hurley devoted recent
years largely to civic interests, but after the organization of
the National Recovery Administration he became a member
of the NRA Industrial Advisory Council.
Departure from Gold Standard Deplored by American
Institute of Accountants..
The confusion that has followed America's departure from
the gold standard demonstrates the futility of attempting
to regulate values by legislation, the "Journal of Accountancy," official publication of the American Institute of Accountants, declares editorially in its current issue.
"One of the most interesting and intricate problems that
have arisen from our national departure from the gold standard is the question of the valuation of assets," it says. "Its
complications are almost limitless, and if the accountant is
to be absolutely logical he will probably find himself confronted with the necessity of building up a scheme of dating
which in the last analysis will be based upon the standard
from which we have departed. For example, if accounts receivable are payable in dollars. in order to be accurate we
must know the date when the dollars are paid so ;that we
may ascertain the worth of the dollar itself at the moment
of payment." The article goes on to say:
Inventories, if valued at cost or market, whichever is lower, inust be
further classified by cost at the date of purchase in dollars of that date or
by market at the date of valuation in dollars of that date. If an item in
the inventory cost $100 at March 4 1932, it may be regarded as worth $100
-day the
in gold, for at that time we still clung to the gold standard. To
same item may be worth $100 according to the market value, but in reality,
if we revert to the consideration of the gold standard, it will be worth only
$70 of gold. To add further confusion to the question, let us suppose that
the item which was purchased on March 4 1932 for $100 is worth in the
present market $130 at 70c. gold to the dollar. Which is lower, cost or
market? Again, is it just and fair to carry at par even Government securities issued prior to March 4 1932, bearing the gold payment clause and
purchased, let us say, on March 1 1932? Is it fair to carry such assets,
which are selling to-day at 102, as though they represented a market price
higher than cost? It has been announced that the Government will repudiate
the gold clause of its bonds, and many people believe that this is not only
unnecessary but altogether unworthy of a great nation. If the repudiation
of the gold clause is to be upheld by the courts, where it will ultimately be
tested, it Is quite certain that market prices to-day are much lower than
cost, and consequently the true worth of what was supposed to be the highest
quality of security is at substantially less than cost, and there has been a
net loss of approximately 30%.
What Is Value?
How much further the decline of.the gold worth of the dollar will go it is
impossible to foretell. If inflation be avoided there may be some reason to
believe that we have reached the depths and that the dollar will have real
value of greater amount than at present. Then, again, there is the question
to what extent the present enormous advance in gold mining stocks should
be reflected in the accounts when it is known that if the nation returns to
sound money there will be a sharp decline in the dollar value of gold. The
whole thing is so intensely problematic—we are wandering in such utter
darkness—that even the most confirmed advocate of the present policies
must stand aghast. All this illustrates with peculiar force the futility of
attempting to regulate values by legislation. Of course, it is being said
by some theorists that the gold standard really has no meaning. We are
concerned purely with dollars. We buy so much material for so many
dollars, and we sell such and such goods for so many dollars, and it makes
no difference whether the dollar is worth one cent in gold or 100 cents.
This might be true if there were only one nation in the world. It might
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Financial Chronicle
even be approximately true if any nation were entirely self-contained. If
the people of such a nation desired to have a standard of currency based
upon sea-shells or wampum it would be fair to all concerned, provided everybody was willing to accept and to pay in the chosen medium of exchange.
But this is not so. The gold standard is admittedly imperfect. No one has
ever claimed that it satisfied every requirement of sound economic theory,
but on the other hand no one has ever suggested a standard which has
worked half so well, and, in the absence of perfection, it is wise to accept
, what approaches nearest to perfection.
What Is Money Worth?
We believe that there was never any necessity at all for America to
depart from the gold standard. The decision to do so was prompted, no
doubt, by a hope that a little more flexibility in standards would lead to a
greater activity in business. The only result which has been evident to most
of us is the advance in the dollar cost of everything, while the number of
dollars received has remained stationary, or even has declined. There have
been some advances in wages, but these are much more than offset by
shorter hours, changes in numbers of employees and the grievous uncertainty
which always prevails when no one really knows what anything is worth.
We are in a condition somewhat like that familiar to the residents of
China where there are many currencies and many standards. It is possible
to start out in the morning with $100 of "big money" and to spend $20,
receiving in change more than a hundred dollars of "little money." Perhaps here we shall come to the practice of saying that we have bought in
dollars of Aug. 31 and sold in dollars of Sept. 1—which may be two different kinds of dollars. Accountants are supposed to enjoy the raveling of
difficult financial tangles. If that be true, accountants should now be the
happiest men in the world, for they have knots before them which seem to be
hopelessly complex. And the whole difficulty is worse confounded by the
Impossibility of foreseeing a day ahead. It will not be an easy matter to
return to the gold standard and to say that the dollar again is worth a
hundred cents in gold. It may never return to such a basis of valuation.
If it were stabilized at to-day's gold valuation there would be a loss of
about 30% of our capital—there are, it is said, still a few people who have
capital. We should go through the same tragic experience as that which
befell in Germany and France and Italy when the currencies were pegged at
a given point far below the original gold value. There is serious talk to-day
of an early return to gold as a standard in Great Britain, but few believe
that it will be possible to regard the English pound as the equivalent of
$4.86 in gold. More probably the point of stabilization will be somewhere
In the neighborhood of $4 in gold. If this be true, there will be a reduction of capital in Great Britain of somewhat less than 20%, and if we are
to stabilize at 70% of the old value, we shall be losing, as we ha*
said, 30%.
The Gold Standard Might Have Prevailed,
The saddest part of it all is that it was not necessary. Many people are
saying that they' honestly believe that the depth of the depilssion was
encountered somewhere in the spring of 1932, and that business from that
time showed genuine signs of improvement. Then we began to deal in
theory in the hope of accelerating the resumption of activity, and to-day,
while the number of dollars changing hands is greater, there is a doubt
whether actually we have advanced or not. It is all quite beyond the
realm of ordinary comprehension. Perhaps there is some one who understands the true significance, but his voice has not been heard. After the
World War nearly every economist and the great majority of business men
were quite confident that we should never return to the dollar of 1913.
They maintained that the purchasing power of the dollar would never rise
so high again; yet we did go back to the 1913 dollar, and somewhat
beyond it. Now everyone is saying that we shall never return to the dollar
worth a hundred golden cents. It seems almost too much to expect, and
yet, with a true faith in the recuperative power of America, we predict
that whatever the pain and travail of the way back to stability, we shall
endure it and somehow in some good day we shall be as we were before we
listened so credulously to alluring theories.
J. P. Morgan and Myron C. Taylor Have Tea with
President Roosevelt at White House—Meeting Described as Entirely Social.
J. P. Morgan, New York financier, and Myron C. Taylor,
Chairman of the Board of the United States Steel Corp.,
were guests of President and Mrs. Roosevelt at tea at the
White House on Nov. 16. Their meeting was described
as purely "social" and it was said that no "business" had
been discussed. Associated Press Washington advices of
Nov. 16 commented as follows on the incident:
Mrs. Roosevelt poured tea and sat with the President, Mr. Morgan
and Mr. Taylor during the 45 minutes the visitors were there.
Mr. Taylor has been a frequent caller at the White House executive
office during the long negotiations by the President to establish the NRA
code for the steel industry, but it was the first time that Mr. Morgan
had been in the Executive Mansion in recent years.
Hesitating for a moment on the front portico as he departed, Mr. Morgan
in good nature, replied to inquiries with these words:
"You know I cannot tell you what I talked about with the President
in his home."
Mr. Taylor likewise smilingly declined to talk and neither would say
whether they had been invited to the White House or had sought the
meeting.
It was learned unofficially that a mutual friend, upon learning that
Mr. Morgan was in Washington, had suggested the meeting with the
President and that the tea engagemqnt resulted. The visitors were not
recorded on the White House calling list.
The meeting was held in the family reception room on the second floor
of the mansion. Upon leaving the White House, the two financiers motored to the railroad station, apparently headed for New York City.
The Morgan banking firm is one of the largest stockholders in the steel
company. There has been much talk recently of possible heavy purchases
by Russia of such goods if proper credits could be arranged. Maxim
Litvinoff is in Washington now negotiating for Russian recognition.
Furthermore, one of the difficulties which the Recovery Administration
has encountered in its drive to start business on the upgrade has been a
slowness In the capital or heavy industries.
With the gold purchasing program under way and the dollar showing
recent drops in foreign exchange, there has been talk of possible action
by France or Great Britain to stabilize the franc and the pound. The
Morgan company in recent years has acted as fiscal agent in this country
for France and Great Britain.
Nov. 18 1933
RFC Continues Purchase of Newly Mined Gold—Dollar
in Terms of Gold Below 60 Cents for First Time
Since 1865—Conference on Gold Purchases Held
Between President Roosevelt, Governor Black of
Federal Reserve Board, Governor Harrison of New
York Reserve Bank, Secretary Woodin,8cc.—Statement by Senator Thomas Anent Inflation.
The week's developments incident to the purchase of
newly-mined gold by the Reconstruction Finance Corporation, in furtherance of President Roosevelt's policy announced Oct. 22, were marked by the decline in the value of
the dollar below GO cents in terms of gold—for the first time
since the Civil War.
The week also witnessed a three-hour discussion on Sunday, Nov. 12 of monetary and financial policies between
President Roosevelt and a group of his financial advisers.
While no official statement was given out after the conference, newspaper reports said that much of the time of the
meeting was occupied by the Government's policy of buying
gold abroad and its effect on the currencies of foreign nations. We quote from a Washington dispatch of Nov. 12 to
the "Times" regarding the White House conference:
Purchases of gold in foreign markets will be continued, it is understood,
but with only small amounts bought from time to time, the effort being
to prevent violent fluctuations due to speculative activities. The utmost
secrecy as to the discussions was maintained by the participants, who rep.
resented conservatives on financial matters, as well as those who have advanced radical moves to manipulate the dollar.
The statement was authorized at the White House that no new departure
in monetary policy was considered and that the meeting was merely a continuation of routine conferences which the President has been holding daily
with his fiscal advisers.
The President was reported as having taken advantage of Sunday to meet
a larger grout), when they would be free to review the conditions which
have developed. One of the White House secretaries, after conferring with
the President, described the meeting as a general discussion on current monetary and financial questions.
Secretary Woodin, who has been ill in New York, came to the conference. Others who participated were Eugene R. Black, Governor of the
Federal Reserve Board; George L. Harrison, Governor of the New York
Federal Reserve Bank; Jesse H. Jones, Chairman of the RFC; Henry Morgenthau Jr., Governor of the Farm Credit Administration; Henry Bruere,
President of the Bowery Savings Bank, and Professors James H. Rogers and
George F. Warren.
While the financial group was conferring with the President at the White House, Senator Thomas of Oklahoma, author of the so-called inflation amendment to the Farm Relief Act, issued a statement in which he said that "all the
loose talk about printing press inflation and unlimited
coinage of silver has led many people far astray from the
truth about our real monetary need. Senator Thomas declared that there would be no necessity for printing press
inflation if adequate, soundly backed currency were provided. The statement said that a meeting of various schools
of thought on monetary reform had been called by Senator
Thomas and Senator Ellison D. Smith of South Carolina.
This meeting was planned for yesterday (Nov. 17). In his
announcement of the call for a conference on monetary reform, Senator Thomas stated:
This meeting will be concerned especially with planning for an adequate
metallic base for a sound currency upon which the 1926 volume of bank
deposits and credit may be safely rebuilt.
All the loose talk about printing press inflation and unlimited coinage
of silver has led people far astray from the truth about our real monetary
needs. There need be no fear of printing press inflation if soundly backed
currency, adequate for our needs, is provided.
We must solve the problem of broadening the base of our monetary
system sufficiently to avoid the disaster that came to us through a superimposed credit structure which became highly explosive -because it rested
on an inadequate foundation.
In spite of opposition at home and abroad the President is making progress
in the revaluation of gold. There are many reasons for believing that our
price of gold must go to double the statutory figure—that is, it must not
stop short of $41.34 an ounce.
Conservative world opinion demands a 25% gold reserve behind all
currencies. Doubling the price of gold, if carried through by all nations,
would be equivalent to new discoveries of gold which would double the
total monetary gold stocks of the world. Only on such a revaluation basis
Is it feasible to return to the gold standard. Returning on the old valuation would mean returning to the disastrous price level of the depression.
With gold adequately repriced, the problem of future stabilization is
.
simplified. We must first set gold valued to where it is possible to suslevel of 1926. Then we must be prepared to maintain that
tain the price
valuation by having a metallic base for our currency sufficiently broad
to bear a reasonable relationship to our volume of bank deposits and the
total volume of business needed to restore employment. Our currency
system must support business on a scale that will insure profits.
Recovery can be greatly accelerated if there is recognition of the need
for reasonable business profits, for that is the greatest source of taxable
revenue, and is indispensable to local, State and Federal solvency. Altogether too many business men are being frightened by the false rumor
that the Administration frosms upon legitimate profits.
When gold has been adequately revalued and our monetary base has been
sanely correlated with our credit superstructure, the major implement for
controlling and stabilizing the value of our money should be variation of
the discount rate. It should not be necessary, after we have arrived at
the desirable point for stabilization, to juggle the price of gold so often
as Great Britain is doing now.
One of the purposes of this conference will be to consider the proper
place of silver in the broadened metallic base.
Volume 137
Financial Chronicle
In our issue of a week ago (page 3420) we indicated the
daily official price fixed by the RFC for gold purchases.
On November 11 the RFC increased its gold purchase price
to a new high of $33.32, and this action was followed by
further weakness of the dollar in foreign exchange markets.
The New York "Times" on Nov. 12 surveyed the action of
the preceding day's markets as follows:
After a sharp overnight gain, the dollar again declined yesterday, but it
failed to erase completely its early recovery and closed at 62.54 cents, up
.06 cent in terms of the franc. At this level it was again above the vialuainon put upon it by the RFC, which, in fixing a price of $33.32 an ounce
for newly mined gold, indicated a gold "parity" of 62.03 cents.
The pound sterling opened here at about $5.04, 7 cents under its previous
close, dipped to $5.03% and then advanced steadily to $5.10. It closed
at $5.09, off 2 cents. The franc dropped as low as 6.19 cents, rallied to
6.29 cents and closed at 6.2644 cents, down % point.
With the London and Paris markets closed in observance of Armistice
Day, trading in foreign exchange here was dependent largely upon the
domestic supply and demand, although some European orders came through
as is usually the case when the foreign markets are closed.
Net price changes were small. Guilders were unchanged at 64.65 cents
as were marks and lire at 38.25 cents and 8.43 cents respectively. Belgas
dropped 2 points net to 22.35 cents, Swiss francs 8 points to 30.97 cents
and Scandinavian exchanges 5 to 15 points. The Canadian dollar was
6 points higher at 100.06 cents.
United States Treasury bonds rallied briskly, closing 1-32d to 29-32ds
point on the daY on the strength of the firmer dollar, although eight issues
still continued below par.
The RFC on Nov. 13 again raised its price for newly mined
domestic gold by 13 cents to $33.45 a fine ounce, and once
more the dollar displayed weakness against foreign exchange,
with the pound sterling duplicating its previous half century
peace time high of $5.16%, recorded on Nov. 10. Despite
this decline in the dollar, United States Government obligations rallied, but the gains were attributed In market circles
principally to short covering. Commodities also advanced,
with silver setting another new high of 43% cents an ounce.
Meanwhile, in Washington, Secretary Woodin, in an interview with newspaper men, declared that he was in complete
accord with the President's policies, and that reports of dissension had absolutely no foundation. A Washington dispatch of Nov. 13 to the "Times" described that interview
as follows:
Secretary Woodin's remarks to-day were the outgrowth of statements published in a newspaper that he and some other officials of the Treasury had
no sympathy with the gold-purchase program.
"I want to deny, as vigorously as d can, that I have opposed any of the
President's policies," said Mr. Woodin. "The President has been good
enough to talk over with me everything he has done, especially in regard
to Treasury matters.
"I am heartily in sympathy with all of his policies and will back him
to the limit. I do not understand why a statement of that kind (his reported opposition) should be given out by the press. The President has a
very open mind about these matters.
"I am the President's Secretary of the Treasury. I am speaking as the
Secretary of the Treasury and for the Treasury Department."
The Secretary expressed concern over the fact that rumors of discord
among the fiscal agencies of the Government had received wide circulation, contending that they acted to deter business recovery. He indicated
that in preliminary discussions the legality of the gold-purchase plan had
been raised by the Treasury Department, but that after Attorney-General
Cummings had rendered a decision upholding it, the Treasury had gone
along 100%.
Reports of discord have included a rumor that Secretary Woodin planned
to resign, but this he put aside with a smile.
"My vocal cords are all worn out denying that," he said on leaving the
White House this morning.
On the same day (Nov. 13) Jesse H. Jones, Chairman of
the RFC,indicated that gold purchases abroad were proceeding, but he refused to estimate the scale on which these buying operations had been carried on or are contemplated. The
same dispatch from which we have already quoted regarding the interview with Mr. Woodin outlined Mr. Jones' remarks as follows:
When his attention was called to a report from abroad that no trace could
be discovered there of any purchase having been made to-day for the
American Government account, he replied by stating that the bid might
not have been as big as some persons had expected.
Mr. Jones said that his personal opinion was that the gold purchase policy
was having the desired effect; that at least commodity prices were rising.
He felt that it was much too early to test the actual result, indichting that
an abrupt or highly speculative rise in prices had not been desired or expected. He denied rumors that the gold purchase plan would be dropped as
a result of yesterday's White House conference by stating that there had
been no change in the program.
Senator Harrison, Chairman of the Senate Finance Committee, endorsed the Administration's monetary program
after a conversation with President Roosevelt at the White
House on Nov. 13. The dispatch to the "Times" quoted the
Senator as follows:
"We have made some advance," the Senator said. "Statistics show improvement. I like any program that will raise prices. If the gold program
does it, I'm for it. I have felt the President is trying to do his duty. If
the gold program does not work out, I believe the President will take some
other course."
Asked if he expected legislation in the next Congress looking to compulsory inflation, Senator Harrison said:
"We gave President Roosevelt pretty broad powers to deal with the
situation and the figures show improvement. I don't look for any revolting.
3597
The boys know the President is doing the best be can and is making a good
President."
The Senator was asked if there was much agitation in the South for inflation.
"The South is feeling very much better," he replied. "The policy of
curtailment of cotton acreage and the program of lending 10 cents a pound
on cotton have helped the South a great deal. In March the farmers were
getting 5 cents for their cotton. Now they are getting 10 cents.
"Naturally there is great desire that commodity and land prices be increased."
The action of the foreign exchange market on Nov. 13 was
analyzed as follows in the "Times" on the following day:
In terms of the French franc, the dollar at the close of business was worth
62.09 cents, with the high for the day 62.44 and the low 62.00 cents.
The franc yesterday went as high as 6.32 cents, compared with the recent high of 6.34, closing at 6.31 cents, up 45 points, while the pound
sterling at the high of $5.1634 duplicated the previously established high
which was touched on Friday. The closing price of $5.16 represented a
net gain for the day of 7 cents. All other leading foreign exchange rates
closed higher at the expense of the dollar, guilders leading with an advance
of 40 points.
The Canadian dollar touched 100.37 at the close, which was the highest
level scored since 1917. The Canadian dollar showed a net gain for the
day of 31 points. Actual transactions in exchange were reported as comparatively small.
The price of $33.45 an ounce for gold set yesterday by the RFC for
domestic newly mined metal set a further new high. Yesterday's quotation
was 13 cents above the level set on Saturday (Nov. 11) and considerably
above the dollar equivalent of the London price for gold, since in the London
market the quotation of 129 shillings 11,4 pence represented a drop of a
shilling an ounce from last week. The actual differential between the
American and London market figured 46 cents.
About the only foreign exchange yesterday to weaken against the dollar
was the Spanish peseta, reflecting reports over the week-end of further
political unrest. The market here, however, was little better than nominal.
Bar silver was bid up % cent to the level of 4334 cents an ounce, the
highest since Feb. 14 1930.
The so-called "flight from the dollar" gained further impetus on Nov. 14, with the foreign exchange rate on London
being pushed to $5.33%, an advance of 17% cents from the
previous day's close. The RFC set the gold price at $33.56,
up 11 cents from the quotation published on Nov. 13, but the
dollar depreciated so rapidly that the equivalent of the world
gold price, based on London, was at one time 59 cents above
the RFC figure. It was estimated in Washington that purchases of gold in foreign markets up to Nov. 13 totaled only
$6,000,000. The action of the various markets affected by
the dollar weakness on Nov. 13 was summarized, in part, as
follows in the "Times" of the next day:
The depreciation of the dollar in foreign exchange proceeded rapidly
yesterday. While the RFC set a valuation of 61.59 cents on the currency by
establishing a gold-buying price of $33.56 an ounce, 11 cents higher than
Monday's price, the foreign exchange market appraised the dollar at 60.37
cents in terms of the franc, at the lowest point of the day, and at 60.93
cents, off 1.16 cents, at the close of business.
Sterling soared to $5.3344, a new peace-time high, and closed at $5.26%,
up 1034 cents. All gold-standard exchanges went to record highs for the
present units. The franc went to 6.49 cents, compared with parity of
3.92 cents, and closed at 6.43 cents, up 12 points net.
Canadian dollars reached 101.50 cents, the highest price since the early
days of the World War. Guilders were quoted at 67 cents and closed at
66.25 cents, 1.20 cents dearer; beiges rose to 23.20 cents and closed at
23 cents, up 50 points; Swiss francs reached 32.25 cents, and finished at
31.80 cents, up 34 points.
German marks advanced to 39.55 cents, and closed 75 points dearer at
39.25 cents: lire reached 8.75 cents and finished at 8.66 cents, up 17 points.
Scandinavian currencies were from 55 to 65 points higher, with the Swedish
krona above par for the first time since 1931. Japanese yen went to 30.87
cents, up 50 points.
Below London Bullion Price.
The RFC gold price again fell below the dollar equivalent of the London
bullion price during the day, although it began above the London level. In
London a price of 128s 7d was fixed for bar gold. This was 634d lower
than Monday's quotation, and the lowest price quoted in London since the
RFC began as operations.
Converted into dollars at the opening rate for sterling here, $5.21, the
London price was equal to $33.37, or 19 cents under the rate fixed by the
RFC for purchases of newly mined domestic gold. At the day's high of
$5.33% for sterling, however, the London bullion price had a dollar value
of $34.15, or 59 cents over the RFO price.
Banking circles continued to express concern over the course of the
dollar, and there was renewed emphasis on the opinion that has prevailed
for over a week that the Government would do well to support the dollar
for a while instead of continuing to depress it.
The misgivings of the banking community were again revealed in the
Government bond market, where prices of active issues declined 2-32d to
20-32d point, three issues being unchanged in price. Although the decline
was not as severe as last week, it disclosed a resumption of the downward
trend, after Monday's (Nov. 13) recovery.
The stock and commodity markets showed less response to the fall of
the dollar than they have lately. After early strength, stocks sold off and
closed irregularly lower. Wheat and cotton followed a similar course, except that minor gains were retained at the dote.
On Nov. 15, as noted above, the dollar sank to a value
below 60 cents in terms of gold for the first time since the
Civil War, despite the fact that the official RFC quotation
for newly mined gold was unchanged from the preceding day
at $33.56 an ounce. All foreign currencies surged forward
to new highs in the foreign exchange market. Sterling rose
to $5.42%, a rate which had previously been exceeded only
during the first few days of the World War, and closed at
$5.41, up 14% cents for the day. The RFC gold price was
3598
Financial Chronicle
$1.15 below, the London price on the basis of the New York
opening for the pound. Nevertheless the weakness of the
dollar became more pronounced during the day, apparently
inspired by the announcement of the long leave of. absence
granted to Secretary Woodin and the resignation of tinderSecretary Dean Acheson, to which reference is made in another item in this issue. We quote from the New York
"Times" of Nov. 16 regarding the action of the exchange
markets on the previous day:
The franc soared to 6.57 cents and closed up 13% points to 6.56% cents.
Measured against the franc, the dollar fell to 59.63% of parity and closed
at 59.68% of its former gold value, down 1.25 cents on the day. This wail
among the most severe reactions yet witnessed in the Government's campaign to cheapen the currency.
In leaving its quotations for newly mined gold at $33.56, unchanged
from the previous day, the RFC completely gave up, temporarily, the attempt to quote a gold price above the world market. At London a price of
1298 %d was fixed for gold. Converted into dollars at the opening rate
here, this was equal to $34.71, or $1.15 above the RFC price. But converted at the day's highest rate for sterling, $5.42%, it was equal to $34.99,
or $1.43 above the RFC rate. This was the widest spread that has existed
between the London bullion market and the RFC's quotation.
The trend of the market was a repetition, with gathering force, of the
movement of the last few days. The flight from the dollar appeared to
dealers to be gathering momentum, and the impression prevailed that the
dollar was "out of control," if it could ever have been said to have been in
control.
All Continental European currencies went to new high prices on the
move, the majority to the highest prices in the history of the present currencies. The guilder rose 1.35 cents to 67.60 cents, the belga 45 points to
23.45, and the Swiss franc 1.45 cents to 32.45 cents.
German marks went up to 40.25 cents, and closed at 40 cents, up 75
points; lire rose to 8.85 cents and closed there, up 19 points. The Canadian dollar went to a premium of 1.68 cents, and closed at a premium of
1.62 cents. All Scandinavian exchanges rose above par for the first time
since they followed England off the gold standard in 1931.
For the third successive day the RFC on Nov. 16 fixed an
official gold price of $33.56, seemingly in an attempt to check
the precipitate plunge of the dollar. This figure was far
below the dollar value of gold at London on the same day,
where the equivalent ranged upward from $35.11. Foreign
exchange dealers in New York reported a continued heavy
flow of funds into polunds sterling. The pound, the French
franc and the Canadian dollar were all conspicuously strong,
although the changes were not so marked as on the preceding
day.
The RFC yesterday (Nov. 17)again set the price for newly
mined gold at $33.56, marking the fourth successive day
that the same quotation had been maintained. The American
equivalent of the London gold price, based on the opening of
the pound in New York, was equivalent to $34.06. Later
in the day most foreign exchanges broke sharply, with sterling
sinking to around $5.15, a drop of 12 cents for the day.
United States Government bonds rallied, with gains ranging
up to one-half point. We quote from the "Wall Street
Journal" of Nov. 17 regarding the action of the foreign
exchange markets on that day:
After a morning of indecision, the foreign exchange market turned down
sharply in the afternoon, converting previous gains into losses as the dollar
moved above the RFC price for the first time in several days. Reports of
impending dollar stabilization were persistent. French monetary authorities
were forced to deny the report that Governor Harrison of the New York
Federal Reserve Bank had telephoned to the effect that a stable price for
gold would befixed soon.
Some quarters scouted the idea of possible early stabilization here and
maintained that the drop in the exchanges was a long delayed technical
correction.
Nevertheless, the fact that the RFC had posted its price for domestic
gold again at $33.56 per fine ounce, at which level it has been maintained
since Tuesday, injected just enough doubt in open dollar short positions to
cause heavy selling of French francs from abroad.
The drop in sterling corrected a situation which had come to be regarded
as abnormal. When sterling broke below about $5.23%, it brought the
dollar equivalent for the London price of gold to below the price posted by
the RFC, and the spread widened as sterling plunged precipitately.
By mid afternoon, sterling had broken 11 cents net on the day to $5.16.
At this level, the dollar equivalent for the London gold price was $33.06.
just 50 cents under the RFC valuation. On the basis of sterling and the
London gold, the dollar was worth 62.52 cents, compared with Washington's
figure of 61.59. With French francs off 133 points to $.0627, the dollar
was worth 62.51, showing conclusively that Europe once again valued the
dollar higher than does Washington.
Franc Reflects Budget Problems.
Break in the spot rate for francs accompanied a renewal of political
difficulties in Paris over the budget. The premium on forward francs in
this marked crumbled as the spot rate refused to hold its position. Forward
market was highly nominal but quotations were about % point a month
premium,making the premium for 90 days francs about % point above spot.
The rate for Canadian dollars was remarkably firm in the face of a break
In other foreign currencies. It was not until the drop had developed into
large proportions that the rate for Montreal funds began to decline until
it ultimately showed a loss on the day.
A Century of Progress Closes, with Re-opening Planned
in June 1934—More Than 22,000,000 Visitors
Attended Chicago Fair—Half of Bonded Indebtedness Repaid.
A Century of Progress Exposition at Chicago closed at
midnight on Nov. 12, after five months of operation, during
Nov. 18 1933
which it entertained 22,320,456 visitors from all parts of the
world. Officials plan to re-open the Fair on June 1 1934,
following a decision to that effect on Nov. 3 by members
of the World's Fair Association. The Exposition opened
on May 27 of this year, and the attendance exceeded the
previous record total of 21,480,141 visitors to the Columbian
Exposition 40 years ago. It was estimated that the cost of
the 1933 Fair was $37,000,000. Bonded indebtedness
amounted to $10,000,000, and 50% of that amount was paid
to the backers of the Exposition on Nov. 13. An outline
of the results and financial data of A Century of Progress
is given below, as contained in the Chicago "Tribune" on
Nov. 12:
Not only has A Century of Progress enjoyed the largest attendance
of any fair held in the United States, but it has more fully paid off its
obligations from its earnings than any previous fair.
This Fair has been unique in that it had no public subsidies and yet, if
liquidated this year, its finances have been such that it would return the
holders of its gold notes something like 56 cents on the dollar.
Now that it has been definitely decided to continue the Fair through
next year, its officers are confident that the holders of the gold notes will
get substantially more than that, and, barring the unforeseen, the chances
are believed good that they will get back 100 cents on the dollar.
$1,200,000 in Cash on Hand.
After payment of 50% on the gold notes and payment of all floating
indebtedness those in charge of the Exposition estimate that they will
have on hand this fall about $1,200,000 in cash and current receivables.
Next spring the Fair is expected to open its gates with only the balance
of its note indebtedness. Operating expenses during the winter are to be
paid for out of money left after the payment of 50% on the gold notes.
In addition, there will be other receipts, such as income from the sale of
exhibit space for 1934.
The best estimates are that with an attendance of 12,500,000 next year
—or nearly 10,000,000 less than this year—the Fair will be able to pay out
In full its note obligations. If good times should come along officials of
the Exposition are confident that this figure can easily be surpassed.
Other Measures of Success.
The finances of the Fair are by no means the complete measure of its
financial success, for they fail to include the tremendous volume of business that this enterprise has brought to the railroads, the Chicago store.
the hotels, and, indirectly, to practically all business in this legion.
The Columbian Exposition 40 years ago paid back about $800,000
to the citizens who raised $5,000,000 to finance it. This left a deficit of
about $4,200,000. But in addition to this the earlier Fair was subsidized
to the extent of 17,500,000 by the city and Federal Government. The
Fair of 1933 got no subsidies and if liquidated now would have a deficit
about equal to the $4,200,000 for the old fair.
At the closing of the Fair, the books will show cash on hand of more than
$800.000 and accounts receivable of nearly $450,000. Additional cash of
about $750,000 IS expected from the sale of exhibit space for next year
and something like $250.000 from deposits on concessions.
That would give the Fair about two and a quarter million dollars to work
with between now and the re-opening next spring. Expenses during the
Idle winter period have been estimated at approximately $1,650,000. This
would leave a balance of about $625,000 after deducting expenses for the
winter and also deducting securities set aside for demolition expenses.
Waive Interest Payments.
In order not to impair this working capital most holders of the gold notes
are co-operating with the Fair officials to the extent of waivering the interest payment due next spring.
More capital than the estimated $650,000 is desirable, Fair officials believe, in order to thicken the margin of safety. This is to be forthcoming
from various interests underwriting large blocks of tickets for the 1934
edition of the Fair. Hotels, department stores, the utilities, and the railroads have indicated that they will co-operate in this way and are expected
to advance several hundreds of thousands of dollars of additional money to
start things next spring. All of these agencies have benefited in a big way
from the business brought here by the Exposition.
Roughly, the income of the Fair during 1933 was as follows:
Estimated admission revenues, about $8,900,000.
The Fair's share of receipts at concessions, $3,300,000.
Sale of space to exhibitors, $3.000,000.
Incidentals added some half million more.
The total plant and equipment investment for the Fair as a whole.
Including not only the money invested by the Exposition proper, but also
the investment in concessions and exhibits, was something like $37,000,000.
This 337.000,000 plant—with some additions and improvements—is
to continue in operation another year will doubtless mean many more millions than that to Chicago business.
The opening of the Exposition was noted in our issue of
June 3, page 3795.
Secretary Ickes Removes Two Public Works Officials—
Engineer in Tennessee Dismissed for Expressing
Belief that Municipalities Will Not Be Expected to
Repay Public Works Loans.
A suggestion that municipalities seeking loans from the
Public Works Administration will not be required to repay
them was repudiated by Secretary Ickes on Nov. 13, on
which date Mr. Ickes in a telegram "terminated" the
services of Harry S. Berry, Public Works engineer in Tennessee, who had expressed this belief in a circular letter. On the
same day, and without comment, Mr. Ickes ended the
services of Nels G. Kreschel, Lieutenant-Governor of Iowa,
as Executive Secretary of the Iowa State Advisory Board
for the PWA. In dismissing Mr. Berry, Mr. Ickes made
the following statement of general policy:
Loans by the Federal Emergency Administration of Public Works are
loans the Government expects to be repaid.
These loans are made under the law on legal security which is examined
before contracts with the borrowing body are signed. This security is taken
Volume 137
Financial Chronicle
because repayment is expected in accordance with the National Recovery
Act as written by Congress and valid contracts with the borrowers.
Liberal terms are allowed to expedite the drive to move men from relief
rolls to payrolls. Grants of30% ofthe cost oflabor and materials are made.
These are specified as grants which need not be repaid.
Public Works loans, however, are loans to be repaid. All reports or
statements that these loans are to be canceled are without authority.
Mr. Ickes in his telegram to Mr. Berry said:
I have before me copy of your circular letter Oct. 25 addressed "to all civic
organizations" expressing your belief that municipalities asking for loans
for projects will not be expected to carry out their obligations and repay
those loans. Your services as State Engineer are hereby terminated.
Mortgage Lending in Small Communities Reviewed by
Morton Bodfish, Vice-President of United States
Building and Loan League—Approximately $112,000,000 Loaned in This Field in Past Four Months.
From the building and loan associations, a great part of
them in the small communities which popular mortgage and
construction statistics do not touch, comes an indication of
the past four months' activity in mortgage lending which
estimates that $112,000,000 worth of financing has been
done in the small home field during that time. An announcement issued on Nov. 11 by the United States Building and
Loan League said that Morton Bodfish, Executive VicePresident of the League, shows how these community
financing institutions have spent a large part of their available funds for the protection of worthy borrowers against the
circumstances of depression. In the States reporting their
building and loan association activities for the summer and
early fall, he finds 73% of the funds advanced for two allied
purposes—either the refinancing on a long-term basis of
straight mortgages which had come due in other institutions
and faced foreclosure, or the recasting of the Associaions'
own borrowers' loans so as to allow for easier payments by
the month. We further quote from the announcement as
follows:
Mr. Bodfish pointed out that in this way the building and loan associations are taking over sound loans which would otherwise be knocking at the
doors of Uncle Sam's relief organization, the Home Owners' Loan Corporation. He cites the coincidence of these building and loan activities with
the policy of the recovery program, recalling a recent statement by the
Federal Home Loan Bank Board that the help which home owners have
received in the extension and refinancing of their mortgages in the present
mortgagee institution is a vital part of the program.
"Meanwhile, we find from these figures that there is considerable small
home construction and purchase of small homes going on throughout the
country, and financed by the building and loan associations," said Mr.
Bodfish.
"The construction loans include those made for modernization and
repair of existing homes, one of the most needed activities in the entire
construction ffeld to-day. The building and loan associations reporting
their recent loaning operations allocated 11% of the volume of financing to
construction and modernization loans. We emphasize that a great deal of
this is in small communities where the construction analyst does not bother
to count the new houses built, and the building and loan association is the
first thought of everybody in town who wants a home loan.
"The employment which has resulted by the estimated financing of
some $12,500,000 worth of construction in four months may roughly be
indicated. Eventually about 75% of the money spent on such improvements or building, goes into the pockets of the laborers, either the building
tradesmen or the workers in the manufacturing institutions which produce
the building materials. At least $9,000,000 has been added to the wageearner's purchasing power by these activities.
"Another 14% of the loans made by reporting States for the period were
for the purchase of homes by families desiring to take advantage of the
rapidly disappearing bargain homes. Reports from the building and loan
association managers indicate that the one-family home is enjoying great
favor in the market for homes, as compared with multi-family dwellings.
"The loaning records analayzed above give some recent Indication of the
part these 10,000 local thrift and home financing institutions known variously as building and loan associations, co-operative banks, homestead associations, and savings and loan associations, are doing to make recovery
more sure."
of $4,979,756 Advanced by HOLC During Week
Ended Nov. 3—Total Advanced Up to That Date
Loans
$14,679,183.
Bonds of the Home Owners' Loan Corporation are being
exchanged for mortgages at a rate of more than $800,000 a
clay, it was announced Nov. 11 by the Corporation in making
Public its regular report for the week ending Nov. 3. The
Corporation further announced:
A total of 1,655 loans, with a dollar volume of $4,979,756, was paid out
and closed on the Corporation's books during the week, it was announced.
This is an increase of 61.9% over the amount closed during the previous
week.
A total of 12,366 applications, with dollar volume of 833,845,282. was
tentatively approved by the 257 State and branch offices of the Corporation
during the week.
This brings the aggregate of individual mortgage applications tentatively
approved since the beginning of operations to 106,412, representing a
volume of $299,480,792. Loans paid out to date total 4,963, with dollar
volume of $14,679,183.
Of the loans closed during the week, 1,606 were bond loans, amounting
to $4,937,242. Cash loans numbered 49, amounting to $38,514. Of the
cash loans. $31.040 was on unmortgaged homes for payment of taxes or for
making necessary repairs. In the bond loans to take up mortgages, cash
for similar purposes was advanced in many cases.
Of the tentative approvals during the week,those in which the mortgagee
was willing to reduce Indebtedness and accept less than the unpaid balance
of the loan numbered 1,783, with a value of $5,486,523. The number
3599
approved without reduction of mortgage indebtedness was 10,583, with a
value of $28,358,759.
The number of applications rejected for the week, before appraisal, because not within the limits of the Act, was 2,401, with a value of$8,549,769.
The number rejected after final appraisal was 1,623, amounting to
$6,628,883.
HOLC Speeds Campaign to Release $930,000,000 in
Tied-Up Deposits by Trading Bonds for Mortgage
Held in Closed Banks in 10 States—Many Federal
Savings and Loan Associations Being Organized,
J. H. Fahey Says.
John H. Fahey, Chairman of the Home Owners Loan
Corporation, announced on Nov. 13 that steps will be taken
by the Corporation in an effort to release $930,000,000 in
mortgages in closed banks of 10 States through trading of
bonds for mortgages. Under the law these mortgages held
by banks now in the hands of conservators in the 10 States
can be immediately traded for bonds by the HOLC. Mr.
Fahey also said that the HOLC has granted 16 charters for
Federal savings and loan associations, while preliminary
steps are being taken for the establishment of 86 other
associations. His program was reported as follows in an
Associated Press Washington dispatch of Nov. 13 to the
New York "Times":
Acting vigorously along four fronts, John H. Fahey, new Chairman of
the HOLC, sought to-day to revitalize the Corporation's activities.
Mr. Fahey announced at his first press conference that he was:
1. Acting to free $930,000,000 in mortgages in closed banks of ten States
to enable the banks to pay that much to depositors and ease the position
of the mortgagors.
2. Taking steps to organize bond dealers throughout the nation in an
effort to strengthen the market for the Corporation's bonds.
3. Accelerating the organization of Federal building and loan associations in counties which have few facilities of this kind.
4. Warning "chiselers" that they would get no home mortgage money.
Mr. Fahey became Chairman of the Corporation and of the Federal Home
Loan Bank Board to-day, succeeding William F. Stevenson of South
Carolina, who remains as a member of the Board.
Begins Action in Ten States.
The new Chairman said he had sent special agents into Illinois, Ohio,
Michigan, Indiana, Pennsylvania, Iowa, New Jersey, New York, Massachusetts and California to co-operate with closed banks in liquidating their
$930,000,000 in home mortgages.
The amount of mortgages held by closed banks in the ten States was
estimated as follows:
State.
IMnois
Ohio
Michigan
Indiana
Pennsylvania
No. of
Banks.
Mortgages.
1,587 1413,000,000
325 182.000 000
346 156,000,000
253
19,000,000
358
400410000
No. of
Banks. Mortgages.
Iowa _______ ____
New Jersey
New York
Massachusetts_ _ _
Cln.11tnrnin _ _ _
667
100
134
47
12n
528.000.000
13,000,000
21,000.000
19,000,000
g 000.000
Bank conservators have been authorized to work with the Corporation
so that mortgagee may be taken over as quickly as possible by the Corporation in exchange for bonds. The bonds, in turn, may be deposited with the
RFC on an 80% basis, the resulting cash to be distributed to depositors.
Mr. Fahey said 16 Federal savings and loan associations have been
organized, and 86 are in process of formation. He explained that more
than half of the counties in the nation have no agencies for home mortgage
money, and that facilities in other counties are inadequate.
Private agencies are seeking Federal charters, he said, 11 already having
been converted, and scores of others are seeking conversion. They would
operate in conjunction with the Home Loan Bank Board, much as member
banks work with the Federal Reserve System.
The Board will not advance funds to those "chiselers" who are well able
to take care of their own mortgages, Mr. Fahey remarked. He emphasized
that although the "chiseling" class was small, their efforts slowed up lending,
since all applications have to be examined.
25% Are Called Chiselers.
Some 600,000 applications have been received, Mr. Fahey said, of which
about 25% represent "chiselers." He identified the latter as those seeking
Government funds in expectation of future personal financial difficulties,
and those who are angry at private lending agencies. A very small proportion of this 25%, he said, would get funds.
"I don't want to exaggerate the chiseling problem,' he continued. "because I certainly feel the overwhelming effect of working here is to restore
one's confidence in the good intentions of the majority."
Within the next week, Mr. Fahey will meet with private bond dealers
in an effort to work out more definitely how a market for bonds of the
Corporation, about $20,000,000 of which have been issued so far, may be
improved.
He said he was not worried about the market now, although prices have
been as low as 85. Ile expressed the belief that as soon as investors realize
the worth of the bonds and as soon as the market is extended,it will improve.
The Corporation, he added, has no intention of entering the market to
support the bonds, but will aid the efforts of private dealers.
RFC Completes Details Incident to Purchase of
$50,000,000 Capital Notes in Savings Banks Trust
Co. of New York—Loans Aggregating $100,000,000
on Mortgages Authorized by RFC to Institutional
Securities Corporation.
An announcement as follows was made on Nov. 13 by the
Reconstruction Finance Corporation:
The RFC to-day completed all the details incident to the purchase of
$50,000,000 capital notes in the Savings Banks Trust Co. of New York,
On Nov. 13 Associated Press advices from Washington
stated:
The Savings Banks Trust Co. is a new institution organized by 125 New
York State savings banks. It is designed to provide a means whereby
the savings banks may realize on real estate mortgages if necessary and
gives them access to the Federal Reserve Bank and RFC funds.
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Financial Chronicle
The sale of the capital notes virtually completes organization of the
company.
The mutual savings banks of New York have subscribed $50,000,000 in
common stock.
It also was announced that the RFC had authorized loans aggregating
$100,000.000 on mortgages to the Institutional Securities Corp., a mortgage
loan company with $10,000,000 of capital subscribed by the New York State
savings banks.
In this way, it was pointed out, the RFC will make available $150,000,000
to New York mutual savings banks. The loans to the mortgage company
will bear 43.6% interest, and the capital notes, being in effect preferred
stock, will draw 5% cumulative dividends payable when earned.
Details of the transaction, it also was announced, were worked out by
A. A. Berle Jr., one of President Roosevelt's advisers and head of the
Bowery Savings Bank.
Items regarding the Savings Banks Trust Co. and the
Institutional Securities Corp. appeared in our issues of
July 15, page 421; Aug.19, page 1340,and Oct. 14, page 2741.
RFC and Federal Home Loan Bank Obligations Acceptable at Face Value as Collateral Security for
Deposits of Public Moneys.
Obligations of the Reconstruction Finance Corporation
and of the Federal Home Loan Banks are acceptable at face
value as collateral security for deposits of public moneys
under the terms of Treasury Circular No. 92, according to
an amendment to that circular issued on Oct. 30 by the
Treasury Department. An announcement to that effect by
George L. Harrison, Governor of the Federal Reserve Bank
of New York, dated Nov. 10, read as follows:
SPECIAL DEPOSITS OF PUBLIC MONEYS UNDER THE ACT
OF CONGRESS APPROVED SEPT. 24 1917, AS AMENDED.
To designated special depositaries of public moneys and all other
banks and trust companies in the Second Federal Reserve District:
There is enclosed a copy of the Fourth Supplement dated Oct. 30 1933.
to Treasury Circular No. 92, authorizing the acceptance at face value of
obligations of the Reconstruction Finance Corporation and obligations of
the Federal Home Loan Banks, in addition to the securities previously
covered by Treasury Circular No. 92 as amended, as collateral security
for deposits of public moneys under the terms of that circular.
GEORGE L. HARRISON, Governor.
The enclosure to which Governor Harrison referred is
given below:
SPECIAL DEPOSITS OF PUBLIC MONEYS UNDER THE ACT
OF CONGRESS APPROVED SEPT. 24 1917, AS AMENDED.
Treasury Department,
Office of the Secretary,
1933
Washington, Oct. 30 1933.
Fourth Supplement.
Department Circular No.92 (Revised).
Accounts and Deposits.
To Federal Reserve Banks and Other Banks and Trust Companies
Incorporated Under the Laws of the United States or of Any State:
Treasury Department Circular No. 92, dated Feb. 23 1932, as amended,
is hereby further amended so that Paragraph 11 under the caption "Collateral
Security" will read as follows:
"11. Federal Land Bank bonds, obligations of the Reconstruction Finance
Corporation, obligations of Federal Home Loan Banks, and Home Owners'
Loan Corporation Bonds. Bonds of the Federal Land banks, obligations
of the Reconstruction Finance Corporation, obligations of the Federal Home
Loan banks, and bonds of the Home Owners' Loan Corporation; all at
face value."
DEAN ACHESON, Acting Secretary of the Treasury.
•
Action Under AAA Experimental, Says Secretary of
Agriculture Wallace—Working Toward Permanent
Measures—Discusses Nationalism and Internationalism—Under Latter, We Must Be Prepared
Permanently to Retire 50 Million Surplus Acres—
Declares Business Men Are Never Again to Take as
Large a Percentage of National Income for Profits
as in 1929.
According to Secretary of Agriculture Wallace, "it is
exceedingly important that business men never again take
as large a percentage of the national income for profits as
they did in 1929." Secretary Wallace made this statement
in an address at Muncie, Ind., on Nov. 14, at which time he
also stated that "when the total capital of the country receives more than rather modest return, it interferes with
the circuit flow of prosperity." Mr. Wallace further declared:
We need a new type of business man who is willing to help in working
out the national or international plans, whichever they may prove to be,
and who is then willing to devote all his talents to bringing about a fair,
workable relationship between the income of labor, the income of agriculture and at the same time receive for his services only a small return on
capital and a modest salary. If the New Deal means anything, it means
the subordination of capital rights and property rights to human rights.
Secretary Wallace took occasion to refer to "our national
policy with respect to exports, imports, tariffs, international
currency exchange, export quotas, import quotas, and international debts," and said "these are the weapons of economic warfare which are more deadly than artillery." He
asserted that "the failure to adopt a sound course in our
foreign relationships has cost the farmers of the United
States billions of dollars. It was a damnable thing, during
the period from 1922 to 1929, to gloss over this situation by
loaning from $500,000,000 to $1,000,000,000 annually
Nov. 18 1933
abroad every year without at the same time preparing the
American people for the necessity of lowering tariffs so as
to accept goods from abroad. . . . The explosion was
bound to come when we stopped loaning money abroad."
"If," he said, "we are going to follow the path of internationalism, it seems to me that the only safe way to handle
it is to conclude both loans and trade deals with foreign
countries as nearly as possible on a bi-lateral basis and not
get involved in the confusing complexities of triangular
and polyangular trade, which economists like to uselo mess
up our minds." "In examining the paths of nationalism,"
said Secretary Wallace, "we find ourselves confronted with
difficulties fully as great as the international course, which
I have just described." He went on to say: "Under nationalism we must be prepared to make permanent the retirement of our 50 million surplus acres of crop land."
"Instead of following either the international or national
path," Secretary Wallace observed, "it is possible to follow
a combination of the two." He continued:
If we finally go all the way toward nationalism, it may be necessary to
have compulsory control of marketing, licensing of plowed fields and base
and surplus quotas for every farmer for every product for each month
In the year. In other words, it may be necessary to make a public utility
out of agriculture and apply to it a combination of an Esch-Cummins Act
and an Adamson Act. The five Governors of the Northwestern States
claim they are ready for this kind of thing. Frankly, I don't think we
should go this far until we have had a chance to debate all the issues with
the utmost thoroughness.
In full, the address of Secretary Wallace follows:
We have been faced with thousands of desperate, trying emergencies
ever since this Administration came down to Washington. The Washington hotels have done a marvelous business taking care of the different
delegations which have come to Washington to say to some executive officer,
"For God's sake, something must be done and that right away," and in
response to this pressure, it is surprising how many things we have done in
the past eight months. Most of our laws did not become effective until
May and June,and it was not until late June or early July that our organizations could be thrown together in such a way as to be efficient functioning
units. Since then, they have been working like mad men trying to compose literally millions of differences so as to enable us to emerge out of the
chaos in a constructive way.
As a typical emergency situation, let me use dairying as an illustration.
Dairying has fared decidedly better all through the depression than any
other large branch of agriculture. Last July, when the speculators thought
we were headed toward unlimited inflation, 92 score butter at Chicago
for a brief moment reached 25 cents a pound, or 90% of fair exchange value,
right in the middle of the season when butter is ordinarily put into storage.
And then, when sterling exchange stopped going up, butter suddenly
plunged downward until it reached 19 cents by the middle of August. The
big co-ops and others who had put butter in storage were scared to death.
They descended in force on Washington Aug. 17 and demanded that something be done at once. They had the violence of the Holiday groups pushing them from behind, and the fear of financial difficulties ahead. They
were on a hot spot and they wanted us to share the trouble with them.
I admitted that it was our duty to do our best to meet emergencies of this
sort if we possibly could in a sound way. I hate stabilization operations
because I know they almbst invariably mean trouble later on. Nevertheless, I told these men that if they would come along at the earliest possible
moment on a real program for dairy production control, so that the Government would not be left holding the sack, we would try to work out some
scheme of stabilizing the butter market during the summer and fall months
In the hope that the coming of winter and the increasing of payrolls would
enlarge butter consumption.
While this situation was going on with butter, efforts were being made
by more than a hundred city milk sheds to get agreements stabilizing mllk
prices to the farmers at a decidedly higher basis relatively than other farm
products. Milk for the nation averages about 70% of fair exchange value.
It is higher relatively than the payrolls of labor. As a result, the consumption of milk in its various forms has been declining at a time when
the production was increasing, and so it has been necessary to throw an
Increased quantity into the production of butter. That is the reason we
have SO million more pounds of butter on hand to-day than usual at this
time of year. That is the reason stabilization is bound to break down
sooner or later unless the dairymen are willing to throw themselves wholeheartedly into some scheme for controlling production or getting rid of the
extra cows.
It is interesting to note that New Zealand recently offered our army in
the Philippines butter at 41% less than American butter could be purchased for. Our dairying in this country is out of line with the world situation; it is out of line with most other farm products and it is out of line with
the payrolls of labor.
The superior dairy situation has been maintained largely because of compulsory marketing control exercised by the dairy co-ops working with the
dealers. The interesting thing about (compulsory) marketing control is
that unless it is also backed up by a very broad-gauged production control,
the net result eventually is the hardest kind of fighting on the part of chiselers to muscle in on the preferred position of the groups in control. That
is the reason why dairy racketeering to-day is comparable in some respects
with the bootleg activities of the past. The thing seems to find its origin
in the profits and the tension which are built up as a result of compulsory
control of marketing. When there is compulsory control of this sort, there
are of necessity certain people in position to wield power, and there are
others striving earnestly to challenge that power. As a result, we have
the independent producers warring against the co-ops and the co-ops fighting against the dealers at one time and working with them at another.
It is because of this situation that the milk drivers are able in some cities
to increase their wages to a point beyond most other comparable forms of
labor; it is because of this situation that chain stores have been able to step
in and, by under-selling, create chaos in the local markets; it is because of
this situation that the farm holiday folks have been able to precipitate milk
strikes, violence and oven death in spite of the fact that the dairy farmers
are relatively better off than most other farmers, and better off than they
are going to be unless they get down to the fundamentals of production
control instead of relying exclusively on compulsory marketing control.
The two things which can save the dairy farmers during the next year are,
first, the adoption of a real production-control program, and second, a
real increase in total payrolls in the city.
Volume 137
Financial Chronicle
Ten days ago the President and I were urged by the five Governors of
the Northwestern States to put into effect compulsory marketing control
for all farm products all over the country. I thought of the dairy situation
and of farmers with hogs to sell, and I shuddered. I thought of the racketeering that would grow up at once if hogs were placed at $9 a hundred
next week and different groups of farmers, aided by the racketeering elements of the city, began to fight as to whose hogs should get the preferred
price. I thought of working out the price differentials for every town and
city in the United States and of working out base and surplus plans week by
week and month by month for each farmer in the United States. I thought
of the way in which the dairy people heretofore have relied so far as possible
on compulsory control of marketing without any thought of control of
production and what this situation has finally brought to them. And I
knew it would be necessary to go to Congress to get a very large appropriation so as to have a police force of half a million men to keep down the racketeering. I then thought of prohibition and the way in which this police
force would be open to the bribery which always exists when compulsion
Is being exerted In defiance of economic fact.
I have the greatest sympathy with the people who by their actions forced
the Governors to meet and then to come to Washington. Their trouble
Is real, as I know of my own personal knowledge. But the more I study
the trouble the more I am convinced that it takes more than emergency
action. Of course, I like to see the Government snap into an emergency
to relieve human suffering. but even more important than this is that we
get down to fundamentals at the earliest possible moment, that we have a
plan in line with our world position and with the genius of our people,
and that we stick to that plan through thick and thin, no matter how great
the pressure of the opportunists.
In saying all of this I do not claim that the action taken under the Agricultural Adjustment Act or the National Recovery Act, or any other of the
emergency Acts, helpful as they may have been temporarily, constitute a
fundamental plan for American agriculture. What we have done has been
frankly experimental and emergency in nature, but we are working toward
something which is going to be permanent. We are temporizing with
the situation until the American people are ready to face facts.
(At this point Mr. Wallace stopped to discuss at some length the details
of the plans of the Agricultural Adjustment Administration as they have
been carried out thus far and are to be carried out in the near future.)
Ever since the war we have dodged facts. Our extraordinary resources,
our scientific understanding and our methods of mass production, have
enabled us to do the most foolish things without paying the penalty which
to any other nation would havi. been fatal. I am talking about such tuings
as our national policy with respect to exports, imports, tariffs, international
currency exchange, export quotas, import quotas, and international debts.
Those are the weapons of economic warfare which are more deadly than
artillery. These economic weapons are so subtle that they have a nasty
way of bouncing back on you with redoubled force when you think you are
using them against the enemy. Fundamentally,these weapons are spiritual
In nature, although this is not recognized by business men and by very few
statesmen.
For 15 years the United States has blundered along, refusing to decide
whether she would use her creditor position in world affairs to assume a
position of world economic leadership or whether she would toss overboard
the debts owed from abroad and follow a policy of strict nationalism or
whether she would adopt some combination of the two. The prompt and
steadfast solution of this problem is more important to farmers than to any
other large class of our population. The failure to adopt a sound course
in our foreign relationships has cost the farmers of the United States many
billions of dollars. It was a damnable thing during the period from 1922
to 1929 to gloss over this situation by loaning from 500 million to one billion
dollars annually abroad every year without at the same time preparing the
American people for the necessity of lowering tariffs so as to accept goods
from abroad. The plan we followed was essentially to close all the safety
valves of the international boiler and then to increase the pressure beyond
endurance by demanding payment of debts from abroad with one hand,
while with the other hand we made sufficient payments impossible by our
tariff policy. The explosion was bound to come when we stopped loaning
money abroad.
To-day there are millions of peop-e lathe United States, Democrats and
Republicans alike, who want to play the same old game all over again.
They want to see us loan fresh hundreds of millions of dollars to foreign
nations so that they can buy goods from us, while at the same time we increase our tariffs another notch. I feel keenly on this because it lathe very
issue which caused me to leave the Republican Party. I don't want to see
the Democrats, just to get over the difficulties of the moment,follow that
foreign economic policy of Harding and Coolidge which wrecked such
vengeance on Hoover.
Foreign loans are all right provided at the time we make them we know
that we are certain to have a tarif policy which permits their repayment.
This means a totally different kind of tariff policy than we have ever had
In the past. It means a complete change in the psychology of the American
People. Ideally, it means when we make a loan anywhere outside of the
United States that we know approximately the quantities of the different
kinds of goods which we are going to accept from that nation in repayment.
It means that we play the game in an even more definitely conscious way
than England has played it with Argentina. England loaned money to
Argentina to build railroads and furnished the railroad equipment to her.
In return, England received from Argentina her wheat and cattle. With
us, the necessity for definite planning in our loans and our tariffs is much
greater than with England because our tariffs are so much higher. It is
easy for foreign trade experts to talk about triangular and polyangular
trade and thus avoid the necessity of forming clear-cut trade deals with a
given country. But if we are going to follow the path of internationalism
it seems to me that the only safe way to handle it is to conclude both loans
and trade deals with foreign countries as nearly as possible on a bi-lateral
basis and not get involved in the confusing complexities of triangular and
Polyangular trade which the economists like to use to mess up our minds.
Few people realize that it takes just as much planning to follow a plan of
internationalism as it does the path of nationalism. The planning is of a
different sort and is not as apparent to the rank and file of the people.
England, because of the fact that she has had an extraordinarily well edu.
cated upper class, which was able to think in terms of decades instead of
in terms of weeks, and which also commanded the confidence of the rank
and file of the people, has been about the only nation which has been able to
engage in plans of internationalism successfully. If we in the United
States are to follow the path of internationalism, we must have both political
and financial leaders in whom we have confidence. The people themselves
must be in on the plan. They must be willing to stay by it, not for four
years only, but for at least 10 or 15 years. A plan of this sort in the United
States means that certain industries which are either inefficient or have
used the tariff to enjoy what essentially is a monopoly profit, will be harmed
by the necessary lowering of the tariff. This means that if the majority
of the people of the United States decide on internationalism as a long-time
policy, they must be prepared to stand up against the political pressure
coming from the minority groups, which will inevitably be hard. Is It too
3601
much to ask of these groups that they read the handwriting on the wall
and that they behave themselves? '
In examining the path of nationalism, we find ourselves confronted with
difficulties fully as great as the international course which I have just
described. Under nationalism we must be prepared to make permanent
the retirement of our 50 million surplus acres of crop land. If the bulk of
the people of the United States finally decide for nationalism, they must be
prepared to resist firmly those special groups who try to get farmers to
produce for a foreign market which no longer exists. It is so easy to appeal
to the instinctive, selfish motives of practically every group in the United
States in attacking the program for reduction of acreage. Farmers, unless
they have studied the problem, do not like it because they think they have
a God-given right to produce to the limit. Railroads, commission men.
packers, millers and exporters don't like it because their profits depend in
considerable measure on the volume of business; consumers don't like it
because they think it increases their costs.
Furthermore, if we continue year after year with only 25 or 30 million
acres of cotton in the South instead of 40 or 45 million acres, it may be
necessary after a time to shift part of the Southern population, and there
Is a question as to just what kind of activity these Southern farm laborers
should engage in. We will find exactly the same dilemma, although not
on quite such a great scale, in the corn and wheat belts.
In ordinary times, which have not been upset by the terrific impact of
a great war, matters of this sort could be worked out gradually. But this is
not the case now, and the point I am making is that if the path of nationalism is followed, there must be a definite, conscious planning effort put forth,
even greater in its complexity than the effort ofthe great war itself. The
thing can be done, but it requires the understanding allegiance of the people
themselves. The thing must be done not on the basis of propaganda and
sudden drives but on the basis of a well-thought-out understanding in every
community. To do this requires time and literally hundreds of millions
of personal contacts as the educational process is carried out.
Instead of following either the international or national path,it is possible
to follow a combination of the two. In some ways, this seems to me to
be the best. But the trouble with it is that unless we do it with our eyes
wide open, we tend to get confused and to suffer the handicaps of both
paths without getting the benefits. The Republicans played a bad form
of this game from 1921 to 1929. With the increased exports and loans
abroad, they were internationalists, but with their tariffs they were nationalists. This game came to an end in 1929, and now we,in this Administration, are trying also to follow an intermediate path, but this time we
are doing it a different way. By reducing acreage we are trying to get off
the international market until such time as we can bring about a real increase of foreign purchasing power by tariff reduction and the negotiation
of reciprocal tariffs. Our success in these international negotiations will
determine the extent to which we will have to make permanent our acreage
reduction policy.
If we finally go all the way toward nationalism, it may be necessaly to
have compulsory control of marketing, licensing of plowed fields, and base
and surplus quotas for every farmer for every product for each month in
the year. In other words, it may be necessary to make a public utility
out of agriculture and apply to It a combination of an Esch-Cummins Act
and an Adamson Act. The five Governors of the Northwestern States
claim they are ready for this kind of thing. Frankly. I don't think we
should go this far until we have had a chance to debate all of the issues
with the utmost thoroughness. This whole problem should be debated in
the coming Congress In such a lively fashion and on such a high plane that
every farmer in the United States will begin slowly and surely to make up
his mind as to the path he wants this nation to follow. And above all,
remember that whichever path Is followed there are serious disadvantages.
A great many people are going to be hurt whichever policy is adopted.
The important thing, once we have fully debated and understood the
Issues from a long-time point of view, is that we follow out the policy
steadfastly and firmly in all of its implications, even though certain people
are hurt. If we follow the international program, we absolutely must receive great quantities of goods from abroad and must not be disturbed by
the clamor of the people who are hurt thereby. If we follow the national
program, we must resolutely plan to keep 50 million acres of land out of use.
no matter how loud may be the outcry of certain carrying, handling, processing and exporting interests. If we decide to lower our tariff only part way
and reduce our acreage only part way, we must have the courage to do sufficient of both so that the job is done.
This is the supreme challenge of the American people. Most of the
things we quarrel about among ourselves are mere machinery, petty bickerInge which will steadily increase until such time as we are prepared to arouse
ourselves to the fundamental issues and say,"Yes, this is the thing we will
do—we will stand on it and take the consequences."
No matter which of the three paths we follow, it is absolutely essential
that our farmers and our laboring men learn to keep step with each other.
The supreme function of business men, as I see it, Is not to make a profit,
although a certain amount of that is necessary as long as we are under a
capitalistic system—but to run the business machine so as to maintain a
fair balance between the productive and consumptive forces, and especially
between farmers and laboring men. Total factory payrolls in 1929 were
11 billion dollars and gross farm income was the same. In 1932 both dedined to 5 billion dollars. This year both have increased over 1932 by
about 13i billion dollars. The laboring group in order to meet the mortgages on their homes and farmers in order to meet the mortgages on their
farms must have annual income of at least 11 billion dollars each.
I wish there were some magical way of doing this at once, but it happens
that anything which is done too suddenly for the farmers hurts the laboring
men, and vice versa. Tha problem, therefore, is to increase the total payrolls of labor and the income of farmers without getting these two groups
out of balance with each other. It will not do to increase the payrolls of
individual laborers too rapidly or to decrease the amount of production too
greatly, because that results in too rapid an increase in prices to the consumer, which throws the thing out of balance again and tends to delay the
recovery. The same thing happens when farm prices are moved upward
out of line with consuming power. It seems to me that both agriculture
and labor are now definitely headed upward and that we can get them moving there with unusual speed if we can get the bulk of right-thinking American citizens to looking at the thing in a big way instead of a narrow, selfish
way.
Business Men and Profits.
Incidentally, it is exceedingly important that business men never again
take as large a percentage of the national income for profits as they did in
1929. When the total capital of the country receives more than rather
modest return, it interferes with the circuit flow of prosperity. To get
this principle firmly fixed in our minds is more important than to pillory
such individuals as have testified before the Senate Committee as to the
heartless way in which they betrayed the public and their own better selves
in order to make a few million dollars. Many of these men have posed as
public oracles, giving interviews, making speeches, and writing for the public
press. I trust the influence of that kind of man in public life has gone forever. We do not want their leadership in either national or international
3602
Financial Chronicle
Nov. 18 1933
planning. We need a new type of business man, who is willing to help in
working out the national or international plans, whichever they may prove
to be. and who is then willing to devote all his talents to bringing about a
fair, workable relationship between the income of labor, the income of agriculture and at the same time receive for his services only a small return on
capital and a modest salary. If the New Deal means anything, it means
the subordination of capital rights and property rights to human rights.
This is a glorious theory: the problem is to give it tangible form. We
have done extraordinary things in Washington during the past eight months.
but I think our accomplishments so far are the faintest foreshadowing of
what is necessary. We have to watch ourselves at every turn to see that
we don't fall back into the mistaken attitudes which have governed us since
the close of the war.
And now, having made the problem seem excessively great, I would like
to paint for you the picture of the world which is to be if we only have the
courage and the wisdom to go in and take possession of it. The framework
of this coming world is already with us. We have the natural resources.
the scientific understanding, the productive factories, and faith that all our
productive methods of the past are only a fraction of what they will be in
the future, provided we can only find markets. We know that no matter
whether we follow the internaaonal path or the national path, our best
markets will always be at home. In order to enjoy a standard of living two
or three times that which we had in 1929, all that is necessary is to develop
a perfected social machinery to be run by decent, understanding human
hearts which are more interested in seeing humanity as a whole move forward rather than the pushing of a single individual ahead at the expense of
his fellows. I am convinced that humanity is now hungry to move forward into this new world and that it requires just a little more wisdom,
and a little more kindiiness until we will find ourselves there looking back
on the period from 1930 to 1934 as a terrible nightmare. In this world
which is to come there must not be a continuous slowing down of the
efficiency of human labor, as seems to be the tendency in so many quarters
to-day. True, there must be control of production, but along with that
control of produczion there must be an increased emphasis on efficiency of
production. If that is properly done, all humanity, including the farmers,
can produce the necessary goods which move in ordinary commercial channels with an astonishingly small number of hours per week and the extra
time can be spent in the production of those objects, those endeavors
which have to do with the things of the spirit, and which should be entirely
out of the commercial system.
There Is little doubt that the prospect of getting money from the Government on corn loans is weakening the hold in Iowa of Milo Reno, President
of the Farm Holiday Union. In Lemars, the center of militancy in this
State, farmers are being urged by their leaders to accept the cash and take
a chance on the corn-hog program being a success.
Lemars has been the backbone of the holiday movement in this State.
Its local paper, published by R. F. Starzl, backed Reno and the strike from
the beginning. But the paper now says:
"We don't care if Milo Reno does say you shouldn't touch any of that
money. When you get a chance to get Uncle Sam's check for anywhere from
$300 to $1,000, and even more, there's something wrong with you if you
don't take it
Sees Some Months of Comfort.
"If you do that you can live in comfort for the next few months anyway.
Then if the Wallace plan is a washout you can say, I told you so. and
organize a bandit army the way they do in China and hang your neighbors
and steal their hogs and cattle.
•
"But give the Government this one chance to put you on your feet again."
The people of Lemars think they have a grievance against Reno because
other counties have not baked up the strike as thoroughly as did Plymouth
County, and they also feel that when times have been difficult, not to say
dangerous, for them, the head of the farm union has not been around. But
this appeal to farmers to take the Government loan on corn and sign the
acreage restriction agreement is the first open break against Reno's leadership in a county where farmers said not 10% of them would accept the
Government program.
Urge Farmers to Accept Fund.
Tremendous efforts are being made quietly to bring about a general
acceptance of the corn-hog agreement in Iowa. Not only are members of
the new law and order committees working to persuade farmers to get back
of Secretary Wallace's plan, but storekeepers and wholesalers all over the
State are organizing meetings, with charts and diagrams, to show the
farmers what it will mean to them to have money again circulating.
Those behind the corn-hog program evidently feel that if they can get
farmers to accept money the Holiday Association will lose much of its
influence. Just how large this group is, not even Milo Reno known. At
least he says so. About 6,000 copies of the official paper of the association
are mailed to members in several States. He insists that the association is
as strong as ever and growing stronger.
Looks for New World.
I hope to live to see the day when the finest things in American life will
not be sunject to the measurement of the dollar sign. We can easily
have this kind of world within 10 or 15 years if we have sufficiently decent
hearts to entitle us to the right to live in that kind of world. I believe we
can build a civilization which will give expression to the things which are
infinitely fine and splendid in human nature. In the midst of our desperate
striving with the hard facts of every day while the selfish old world is in
its dying gasps, and the new world is not quite born, it is easy to lose faith.
It is hard for the idealists to do the difficult spade work which must be accomplished day after day. I is easy for the narrow and the bitter ones in
these difficult times to appeal to the grievances which have been more than
12 years in building and to say,"No, we prefer to see everything go to smash
rather than to build up something constructive and glorious."
Do we want to go back to the vomit of capitalism, to the things which
have been brought to your attention in the hearings before the Senate
Finance Committee? But on the other hand, do we want to foment discord, prejudice and violence, which tend to break us up into warring groups
with hatred continually breeding upon hatred, and with no prospect of a
constructive outcome? I believe tnere is a middle course by which we can
shake off the leadership of discredited capitalists without committing ourselves to the follies of the hell-raisers. To follow this middle course requires intelligent, patient, understanding of the new day which we can
surely live to see, provided we can keep the outlines of it bright in our
mind's eye and at the same time work for it with our hands steadfastly,
day by day.
Our most recent reference to the farm strike movement was
contained in our issue of Nov. 11, page 3437.
Iowa Farmers Lose Some Enthusiasm for Farm Strike
on Prospect of Crop Loans from Government—
Sentiment Still Favors "Holiday" in Wisconsin—
Governor of North Dakota Partially Lifts Wheat
Embargo to Permit Durum Shipments.
A further lessening in the strength of the Middle West
farm strike was reported this week, with observers crediting
the loss of enthusiasm for the "holiday" to two factors: a
slight improvement in price for farm commodities, and the
prospect of obtaining money from the Federal Government
on corn loans. This was particularly true in Iowa, where
the strike movement has centered. A post-card vote on the
continuation of the farm strike in Wisconsin, however, was
said to show that a majority of the members of the Wisconsin
Milk Pool and Farmers Holiday Association still favor the
strike. The vote in favor of continuing the strike was 7,724
to 2,990. Meanwhile Gov. William Langer of North Dakota
yesterday (Nov. 17) partially lifted that State's month-old
wheat embargo for a six-day period to permit out-State
shipment of durum wheat, while the embargo on shipments
of hard spring wheat is continued. Associated Press advices
from Bismarck, N. D., outlined the Governor's order as
follows:
Durum wheat may be shipped by the Governor's order from to-day until
midnight, Nov. 22. after which the embargo on outstate shipments of all
wheat, declared Oct. 19, becomes operative again.
The proclamation partially lifting the embargo said the increase in the
price of durum since the embargo was declared had reached the point where
Canadian durum could be shipped into the United States even with a tariff
of 42 cents to compete with durum wheat of North Dakota.
The proclamation said millers using durum wheat were purchasing or
threatening to purchase Canadian durum in place of that grown in the
Northwest and that many farmers desired to sell at present prices.
Some independent and co-operative elevators in the State. the proclamation said, had stated their elevators were full and some wheat must be
shipped out to permit them to handle new offerings.
Interpreting the sentiment of the Iowa farmers toward
continuation of the strike, a Des Moines dispatch to the
New York "Times" on Nov. 16 said:
Dr. W. I. Myers Named by President Roosevelt as
Governor of Farm Credit Administration Succeeding Henry Morgenthau Jr. Who Has Become Acting
Secretary of the Treasury.
On Nov. 16 President Roosevelt named Dr. W. I. Myers
as Governor of the Farm Credit Administration succeeding
Henry Morgenthau Jr., who, as we report elsewhere in these
columns to-day, has become Acting Secretary of the Treasury. Dr. Myers was sworn into his new post yesterday
(Nov. 17). He had been Deputy Governor under Mr.
Morgenthau. According to the New York "Times" Dr.
Myers is on a leave of absence from the faculty of Cornell
University.
President Roosevelt Approves Allotments of $16,678,675
for 237 Public Buildings, Including 180 Post
Offices—New Structures to Be of "Sensible Utilitarian" Character—$17,838,100 Allocated for NonFederal Projects.
President Roosevelt on Nov. 10 approved the allotment of
816,678,675 from the funds of the Public Works Administration for the construction of 237 public buildings, including
180 post offices scattered throughout the country. Harold L.
Ickes, Public Works Administrator, announced that the new
buildings will be "of a sensible, utilitarian character instead
of the monumental edifices which have been built in past
ears." Mr. Ickes said that the old style "elaborately ornamented" stone structures will be replaced by "more modest
and fitting" buildings, and that the change may save the
liovernment many millions of dollars. Re-studies of the
original plans resulted in a reduction of costs to only 49%
of the initial estimate, it was officially stated. Further details of the announcement are given below, as contained in
Washington advices to the New York "Times":
The allotment for the new buildings brings the total of Federal structures
to be erected under Treasury supervision to 389 at a cost of $53,935,944.
Studies for similar buildings are in progress. Through the application of
the "rule of reason," the Public Works Administration, Mr. Ickes said, has
made possible "justification" of the new structures "at a greatly reduced
cost" and provided "the widespread regenerative benefits" of more than
160,000 man-months of employment during construction.
Non-Federal Allotments Made.
in addition to this new program, the Public Works Administration to-day
announced 37 non-Federal allotments, scattered through 18 States, and pro+tiding 97,455 man-months of employment. The list, the eighteenth given
out so far, totals $17,838,100, and raises the total of such non-Federal allotments well above 600, with $445,522,826 given to this class of work alone.
The post offices to be supplied under the $16,000,000 allotment will replace buildings where insufficient space is leased by the Government at large
expense or where the building is in bad shape or working conditions poor.
"Without sacrifice of space or working conditions the new type of structures will be fashioned to fit into their surroundings and provide Government
workers the facilities required to give good postal service," it was stated.
"Suitable sites will be selected in localities picked with a view to improving the service. These sites will not necessarily be the most prominent and
expensive corners but will suit the convenience of both post office workers
and users.
Financial Chronicle
Volume 137
"Realizing, the changes recent years have made in the use of the post
offices and that in sizable communities the post office no longer serves as
the town meeting place, and citizens rely on delivery service, special attention will be given to delivery facilities in connection with the new
structures.
"Local materials of a suitable nature will be used wherever feasible in the
buildings instead of expensive stones transported a long distance.
"Sites will be secured by the Government in the regular manner, and the
post office contracts and construction will be supervised as heretofore."
$54,927,698 Advanced to States During October by
Federal Emergency Relief Administration for Unemployment Relief-Total Disbursed Up to Oct. 31,
$230,664,583.
A total of $54,927,698 was granted to 42 States, Puerto
Rico, and the District of Columbia during October, by the
Federal Emergency Relief Administration, it was announced
Nov. 1 by C. M. Bookman, Assistant Federal Emergency
Relief Administrator. Mr. Bookman said that the month's
grants brought the grand total of allotments to date by the
Administration to $230,664,583.
The following table, showing the grants made in October
and the total grants made through October to all States,
four territories, and the District of Columbia, was also issued
by Mr. Bookman:
States.
Grants Total Grants
During
Through
October.
Oct. 31.
Alabama
Arizona
Arkansas
California
Colorado
Connecticut __-Delaware
Dist.of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
$
$
1,182,870 5,034,266
167,798 1,061,931
1,102,785 2,910,590
3,595,031 9,629,371
292,519 1,698,728
702,311 2,614,531
2,100
486,015
265,061
579,181
822,597 5,669,629
1,482,693 3,004,357
1,400
399,614
3,550,000 25,348,957
2,626,452
534,473 2,048,289
569,665 1,750,726
563,179 2,787,452
1,653,600 7,212,157
79,242
774,775
2,613,996
7,558,231
2,189,643 13,833,102
681,185 2,145,959
336,000 2,193,489
212,000 2,025,308
201,641 1,069,203
447,338
680,199
44,398
119,801
404,378
2.025.110 RAM 211)1
Stales.
New Mexico__
New York
North Carolina__
North Dakota__ _
Ohio
Oklahoma
Oregon
Pennsylvania __ _
Rhode Island_ __
South Carolina__
South Dakota___
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia_ __
Wisconsin
Wyoming
Sub-total
Alaska
Hawaii
Puerto Rico
Virgin Islands
Total
Grants Total Grants
During
Through
October.
oa. 31.
$
50,000
11,279,498
664,609
116,569
2,639,351
1,667,537
283,537
7,082,216
6,000
1,433,545
580,000
640,255
1,344,957
120,000
15,000
821,323
1,702,388
1,571,274
5,000
$
199,237
37,219,741
2,850,989
481,020
13,762,410
4,246,919
• 1,468,315
21,606,509
902,933
4,903,200
1,167,797
1,841,421
7,279,724
864,061
252,511
830,240
3,762,375
6,151,599
5,546,729
86,834
54,727,698 230,011,519
34,629
144,886
200,000
445,472
28,077
54,927,698 230,664,583
Uniform Cost Activities in Trade and Industry.
As a means of combating the unsatisfactory conditions
that have arisen out of uncontrolled price competition and
excessive price-cutting, many business men are giving serious
consideration to the need for some plan of uniform costaccounting and reporting specifically adapted to the problems of their trade and industry; it is noted by the Policyholders Service Bureau of the Metropolitan Life Insurance
Co., which has prepared a report on the subject, entitled
"Uniform Cost Activities in Trade and Industry." The
report is the result of a review of the uniform cost experiences
of more than 76 Trade Associations and sets forth, as well,
the opinions and ideas of a number of responsible executives
in a wide variety of industries.
Procedures entailed in administering uniform cost activities
and methods of preparing uniform cost accounting manuals
are discussed. It is announced that a limited number of
copies of "Uniform Cost Activities in Trade and Industry"
are available for readers of this publication. Requests may
be addressed direct to Policyholders Service Bureau, Metropolitan Life Insurance Co.,1 Madison Ave., New York,N.Y.
Works Council Method of Collective Bargaining,
According to National Industrial Conference
Board, Shows Large Growth in United States
More Than 1,000,000 Workers Now Represented.
The works council form of employee representation in
industry, which was practically unknown in this country
before the War, has developed rapidly in the past decade,
reports the National Industrial Conference Board. Under
date of Nov. 9 the Board further reported:
In 1919 there were 196 factories with 403,765 employees which operated
under the works council plan; in 1932 there were 767 plants with 1,263.194
employees under the works council system. In 1932 the total membership
of the American Federation of Labor was 2,532,261, of which not more
than half were employed in factories and mines. Thus, the membership
of factory employees in works councils equalled the union membership in
Industries.
Under the works council plan of employee representation in industry.
representatives of both employers and employees of a factory meet together to confer on complaints, wages, working conditions, pensions, &c.
This differs from the system of trade unions in that all matters affecting the
welfare of the workers in a factory are determined by joint conferences
between workers and the management to whom the problems are familiar.
3603
The works council system regards a factory as a community where all works
have a common interest; under labor union organization each craft is independent of the others. A dozen unions may be operating in a singla
factory. The American Federation of Labor is violently opposed to the
expansion of the works council methods of collective bargaining. The
success of the works council plan is said to have cut deeply into the ranks
of the American Federation of Labor, whose membership at the beginning
of 1933 was but half of what it was during the War. However, under the
National Recovery Act, organized labor has doubled its membership in
six months.
Delegates to Conference on Plan to Create 4,000,000
Jobs Advised by President Roosevelt that Politics
Must Be Eliminated-$400,000,000 Civil Works
Program Described as Aid to Nation's Morale
H. I. Hopkins and Secretary Ickes Outline Project
-Jobs Allocated by States.
President Roosevelt told more than 500 Governors,
Mayors and State and city relief officials who met at the
White House on Nov. 15 that neither politics nor graft
will be permitted to interfere with the new $400,000,000
civil works program by which the Administration hopes to
put 4,000,000 unemployed to work within 30 days. Addressing the delegates to the conference which had been
called by Harry L. Hopkins, Civil Works Administrator,
the President said that he expected whole-hearted and
patriotic support of the new campaign against unemployment, and he promised the co-operation of the Federal
Government in putting the program into immediate effect.
"I want to tell you," he said, "that your National Government is not trying to gain political advantage one way or
the other out of the needs of human beings for relief."
Some details of the new program to give jobs to 4,000,000
unemployed this winter were contained in our issue of
Nov. 11, page 3438. Prior to President Roosevelt's address
on Nov. 15 Mr. Hopkins,in opening the conference, declared
that while it was not anticipated that politics or personal
gain would be injected into the plan, they would not be
tolerated if they should arise. Mr. Hopkins prescribed
minimum wages for unskilled labor under the program of
50 cents an hour in the Northern zone,45 cents in the Central
zone and 40 cents in the South. Minimum wages for skilled
labor were set at $1.20 an hour in the North, $1.10 in the
Central zone and $1 per hour in the South. A maximum
30-hour week will prevail where practicable, except for
persons engaged in supervisory or administrative positions.
Secretary of Interior Ickes, Administrator of the $3,300,000,000 public works fund which the $400,000,000 for the
civil works program has been appropriated, told the State
and municipal officials on Nov. 15 that the civic works
program would act to fill the unemployment gap during the
winter until the major projects of the Public Works Administration are well under way. President Roosevelt, in emphasizing the non-partisan nature of the new plan, said that
he "would like to have the general rule adopted that no
person connected with the administration of this $400,000,000
will in any single case in any political subdivision of the
United States ask whether a person needing relief or work
is a Republican, Democrat, Socialist or anything else."
The President declared that the delegates to the conference
had in their hands the opportunity to do something no
nation has ever done before. He then outlined the broad
structure of the civil works plan by which it was designed
to take people off what he said "we might just as well call,
frankly, a dole," and also to aid those who, "though barely
subsisting, yet are too proud to ask for relief." The text
of the President's address, which was delivered extemporaneously, follows:
My friends, I will tell you an official secret. Harry Hopkins wrote out
two and a half very excellent pages of suggestions as to what I should say.
They are on the desk. I subscribe to his sentiments 100%. But I am
not going to read them.
I don't want to talk you officially, but unofficially and extemporaneously.
First of all, I want to thank you for coming here.
This group, representative of the entire country, has in its hands to
accomplish something that no nation has ever before done.
As you know, during the past eight months we have tried honestly and
practically to face a problem that no other nation in modern history has
ever been confronted with. We have heard a great deal of unemployment
on the other side. in England. in France and in Germany; but at no time
In any one of those countries has the unemployment situation even approximated the unemployment situation in the United States last spring.
You can figure it at 12 or 14 or 16 million, or whatever you like
-on the
basis of population that is a larger percentage of men, women and children
out of work, in most cases suffering physically and mentally
-a larger
proportion than anywhere else.
During these months a great many of our unemployed have gone back
to work. The number has been estimated variously at from three and a
half to five million. The actual figures make very little difference because
there are still a great many, still millions out of employment, and this
particular effort in which you and I are engaged at the present time is to
put four million people from the list of those still unemployed back to work
during the winter months so that we can honestly say as a nation that this
winter is not going to be like last winter or the winter before.
3604
Financial Chronicle
I like to stress not only the fact of 4 million, but also the fact that of those
4 millions of people 2 million are to-day on what we might just as well call,
frankly, a dole. When any man or woman goes on a dole, something happens to them mentally and the quicker they are taken off the dole the better
It is for them during the rest of their lives.
We hope we can recruit two million from the ranks of people who perhaps
ought to have been on the dole-perhaps people who were too proud to ask
for assistance. In every community most of us know of cases, many cases.
of families that have been living along, barely subsisting, yet too proud
to go and ask for relief. We want to help that type of American family.
Now this work is really and truly a partnership
-a partnership between
the Federal Government, the State governments and the local governments
-a partnership in which each one of those three divisions is expected to
and is going to do its share. This $400,000,000 isn't going to cost the
Federal Government any more money, because we are taking it out of the
large public works appropriation of $3,300,000,000. It is using a portion
of that fund in a very practical way.
We might as well be perfectly frank-It has been exceedingly difficult
honestly to allot the entire sum of $3,300,000,000 to worthwhile projects.
every one of which has had to be scanned by local authorities, State authorities and finally by the Federal Government.
I believe the question was raised this morning as to the transfer of some
of the projects to which allotments have already been made by public works.
and I have been asked by the Governor of Wyoming to clear up that point.
It is possible that certain allotments already made by Secretary Ickes to
public works may be transferred to Mr. Hopkins's Civil Works Administration.
The process, I am told, will be to have that request made to the original
person who did the allotting-in other words, the Secretary of the Interior
and if he approves of the transfer, it will then be made to the CWA under
Mr. Hopkins. I think that straightens out the question the Governor of
Wyoming raised.
Just one word more, and I am sort of talking in the family. We have
heard a good many charges and allegations that have been made in regard
-the same kind of charges that were made when I was Govto relief work
ernor of New York-charges that politics were entering into the use of
public works funds and of emergency relief funds.
I want to tell you very, very simply that your National Government
is not trying to gain political advantage one way or the other out of the
needs of human beings for relief.
We expect the same spirit on the part of every Governor of every one
of the 48 States and on the part of every Mayor and every County Commissioner and of every relief agent. I would like to have the general rule
adopted-that no person connected with the administration of this $400.000,000 will in any single case in any political subdivision of the United
States ask whether a person needing relief or work is a Republican, Democrat, Socialist or anything else.
I am asking you to go ahead and do your share. Most of the work will
fall on your shoulders. Most of the responsibility for the practical application of the plan will fall on you rather than on us in Washington. I
can assure you that Mr. Hopkins, Secretary Ickes and all of the people
connected with the Federal Government are going to co-operate in putting
this plan to work quickly.
Speed is an essential. I am very confident that the mere fact of giving
real wages to 4.000,000 Americans who are to-day not getting wages is
going to do more to relieve suffering and to lift the morale of the nation
than anything undertaken before.
We also quote, in part, from a Washington dispatch of
Nov.15 to the New York "Times"regarding other discussions
at the conference and the addresses by Mr. Hopkins and
Mr. Ickes:
The plan, purposes and methods of administration of the new civil works
program were explained by Mr. Hopkins in his opening address at the mass
meeting of conferees, numbering more than 1,000, and were the subject
of lively discussion for more than an hour.
Applause Greets Ickes.
The arrival at noon of Secretary Ickes was the signal for prolonged
applause, the delegates rising to greet him and several times interrupting
to acclaim the brief address in which he expressed his wholehearted approval of the civil works program and his pleasure in contributing to it
from the $3,300,000,000 public works appropriation, of which, he told
them, only $580,000,000 remains unexpended.
"The beauty of the plan Is that It will fill in the gap in the public works
program, without in any way conflicting with it," he said. "We find it
much more difficult to get men at work on public works than was anticipated. People have become impatient of the delay and I have great
sympathy with their impatience; I feel it. too.
"Much of the delay, however, has been unavoidable. There are matters
of contracts, specifications, advertisements for bids, examinations which
must be made and legalities which must be observed. That is why the
PWA cordially and unanimously fell in behind this program for immediate
action on borderline projects."
The distinction between civil works and public works projects was emphasized both by the Secretary and Mr. Hopkins, with the policy to be
observed in the transfer of appropriate projects from one agency to the
other.
Explains Transfer of Projects.
"For such projects as public buildings, sewage disposal plants, water
works and the like you must still come to us," Mr. Ickes told the State
and city executives. "Furthermore, no State may withdraw a pending
project proposition in order to take it to Mr. Hopkins to get it done for
nothing, and if it is withdrawn for that purpose It may not be resubmitted."
Both Mr. Ickes and Mr. Hopkins gave assurances ofspeedy consideration
and decision of proposed transfers, and prompt action in putting men to
work on projects appropriated for inclusion in the civil works program, and
both declared that any adjustments necessary could and would be made.
Administrative details of the new plan were discussed more specifically
in an executive conference held to-night by those charged with the carrying
out of the program, including questions of allocations of funds with which
Mr. Hopkins was confronted with some frequency during the mass meeting this morning.
Must Provide for Women.
The provision to be made for women in the new program was emphasized,
Mr. Hopkins declaring that "there must be a deliberate intention to work
up jobs on which women can work."
In the discussion that followed, Representative Rogers of Massachusetts
suggested that inasmuch as most of the projects contemplated were evidently such as hold few opportunities for the employment of women, part
of the fund available might well be set aside for such a purpose.
That there was no dearth of opportunities in New York, and that advantage would be taken of the newly provided funds to employ at once at least
Nov. 18 1933
2.000 women in specialized activities, exclusive of sewing or manual labor,
was stated by Frederic J. Daniels, State Relief Director.
Associated Press advices from Washington on Nov. 15
contained the following description of the basis on which
the civil works fund will be allocated and the manner in
which this re-employment program is designed to function:
A basis for allotting the $400,000,000 civil works fund was announced
to-night by Harry L. Hopkins, Administrator. Asserting that "unemployment follows population," he said the Administration proposed to allot
the jobs to be created 75% according to population and 25% unemployment
or relief needs.
The Administration has tentatively allotted on a population basis 3,000,000 of the 4,000,000 jobs which it proposes to create.
The other 1,000,000 Jobs, Mr. Hopkins explained, were left open to tako
care of men who will be placed on Federal projects under the civic works
plan.
Mr. Hopkins's official list of the number to be employed in the States
and Territories on a population basis is as follows:
StateAlabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
No.
70,500
11,250
48,750
132,750
24,750
35,250
6,000
52,500
62,250
10,500
186,750
74,250
53,250
45,000
69,750
54,000
15,750
35,250
StateNo.
Massachusetts_
96,750
Michigan
120,750
Minnesota
55,500
50,250
Mississippi
Missouri
76,500
Montana
13,500
Nebraska
27,750
Nevada
3,000
New Hampshire_
10,500
New Jersey
90,000
New Mexico
8,250
New York
297,000
North Carolina
67,500
North Dakota_ - 12,750
Ohio
165,000
Oklahoma
76,500
StateNo.
Oregon
21,000
Pennsylvania
253,500
Rhode Island
13,500
South Carolina__ 49,500
South Dakota__ _ _ 17.250
Tennessee
56,250
Texas
143,250
Utah
12,750
Vermont
7,500
Virginia
47,750
Washington
37,500
West Virginia
52,500
Wisconsin
'67,500
Wyoming
5,250
Alaska
1,500
Hawaii
7,500
Puerto Rico
30,000
Virgin Islands_ _ _ _ 3,000
Large building projects such as bridges and public structures will not
be undertaken, Mr. Hopkins said. These require too much time to get
under way and come under the Public Works Act.
Cities and counties were called upon to put up some of the money to be
spent. Where this is not possible, Mr. Hopkins said, the Federal money
should all be allotted for civil works projects and the city and county
money used for direct relief, taking over as much as possible of the work
of providing for the 1,000,000 families that still will be on the relief rolls.
Mr. Hopkins said the PWA rules as to hours of work and wages would
govern. These forbid working more than 30 hours a week except that time
lost because of bad weather may be made up within 20 days and on projects
where complete housing of employees is necessary they may be worked
40 hours.
Minimum wages were set at 40 cents an hour for common labor and $1
for skilled labor in the Southern zone, which includes South Carolina.
Georgia, Florida, Arkansas, Alabama, Mississippi, Louisiana, Arizona,
Oklahoma, Texas and New Mexico; 45 cents and $1.10 in the middle zone,
consisting of Delaware, Maryland, Virginia, Tennessee, Colorado, Utah,
California, North Carolina, West Virginia, Kentucky, Missouri, Kansas,
Nevada and the District of Columbia; and 50 cents and $1.20 in the Northern zone, which includes Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Indiana, Wisconsin, Minnesota, Nebraska, Wyoming, Oregon, South Dakota, Idaho,
Pennsylvania, Ohio, Michigan, Illinois, Iowa, North Dakota, Montana
and Washington.
Secretary Ickes Asks Governors of 10 States to Speed
Award of Road Building Contracts-103,445 Men
Now Employed on Road Projects Financed by
Federal Funds.
The Governors of 10 'States have been requested by
Secretary of the Interior Ickes, acting as Public Works
Administrator, to expedite the award of road building
contracts under the Federal aid plan and to furnish needed
employment, according to an announcement on Nov. 12.
The letters were sent to the Governors of Maryland, Kansas,
Indiana, Colorado, Michigan, Tennessee, Mississippi,
Arkansas, Illinois and Georgia. Figures issued by the
PWA showed that Maryland has awarded contracts for
only 23.4% of the potential road work, while the other
States listed have awarded even smaller percentages, and
Georgia has awarded no contracts whatever. It was reported in Washington that the Georgia situation might be
ascribed to a controversy between the Governor and the
State Highway Administration.
Other details of the Administration's announcement of
the progress of the road building program were noted as
follows in a Washington dispatch of Nov. 12 to the New
York "Times":
In contrast with these States, the PWA reported that five States have
awarded contracts covering more than half of their Federal highway
aid allotments.
These leading States are New York, with 67.2% of its allotment already contracted; Maine, with 66.2%; Nebraska, 52.5%; Iowa, 52.3%,
and Montana, 50.3%. The average for all States is given as 31.6%,
with contracts totaling $124,732,000. On Nov. 7, 103,455 men were
reported employed directly on Federal aid highway projects in every
State except Georgia.
The PWA gave the following report from the Bureau of Roads on the
status of awards in the lagging States:
Per Cent
Allotment.
Awarded.
State-$3,564,527
23.4
Maryland
10,089,604
20.6
Kansas
10.037,843
20.4
Indiana
2,865,740
19.9
Colorado
12,736,227
13.2
Michigan
8,492,619
11.8
Tennessee
6,978,675
9.6
Mississippi
6,748,335
7.4
Arkansas
17,570,770
0.9
Illinois
10,091,185
--Georgia
Volume 137
Financial Chronicle
New Codes Approved by President Roosevelt—Affects
Automotive Parts, Paper Board Industry, &c.—
More Than 100 Thus Far Approved.
Eight codes of fair competition affecting many thousands
of workers throughout the country and a supplement to the
Automobile Industry Code establishing fair trade practices
for the funeral vehicle and ambulance manufacturing division
of the industry were approved by President Roosevelt on
Nov. 8. With the approval of the code for the fire extinguisher manufacturing industry announced earlier in ,the
clay, the number of permanent codes thus far approved was
brought to 108. The eight codes and the dates on which
they become effective, were as follows:
Automotive Parts and Equipment Manufacturing Industry_November 18
November 19
Machine Tool and Forging Machinery Industry
November 18
Printers' Rollers Industry
November 20
Shovel, Dragline and Crane Industry
November 17
Ladder Manufacturing Industry
November 20
Paperboard Industry
November 8
Liquified Gas Industry
Motor Fire Apparatus Industry
November 9
Regarding the above the National Recovery Administration said:
Automotive Parts and Equipment Manufacturing Industry.—The Code
establishes a 40
-hour maximum work week and a minimum wage of 40
cents an hour for male employees and 35 cents an hour for female employees
engaged in manufacturing processes, except in plants located in North
Carolina, South Carolina, Georgia. Florida, Alabama, Mississippi, Louisiana,
Arkansas, and Tennessee where the minimum is to be not less than
87M % of the aforementioned minimums. The industry includes units
located in more than 300 communities in 40 States and it is anticipated
by its sponsors that the code will result in restoring employment to approximately 96% of the number employed in 1928 and will effect an increase of
$1,250.000 in the weekly payrolls or an increase of approximately 70%
over the average weekly payroll for the first six months of 1933.
Liquified Gas Industry.—Provides a maximum work week of 40 hours
and meets seasonal variations by permitting 346 hours in any two month
period, but not more than 48 hours in any one week. It also provides a
minimum hourly rate of 40 cents.
Paperboard Industry.—Provides a maximum work week of 40 hours
averaged over any period of 13 consecutive weeks, the hours not to exceed
48 in any one week, with exceptions for watchmen who may work 56 hours
per week but not more than 8 hours in any one day and chauffers, truckmen,
switching crews, engineers, firemen and hydro-elctric operators who would
be permitted to work 168 hours in any four consecutive weeks but not
more than 10 hours in any one day nor more than 48 hours in any one week.
For the purpose of establishing minimum wage scales, the country is
divided into a Northern, Central and Southern zone, in the first zone the
hourly minimum rate for male help is 38 cents and for female 33 cents, In
the Central zone the rate is 35 cents for male and 30 cents for female help
and in the Southern zone the rate is 30 cents for both.
Prior to 1929, the Industry gave employment to 25,000 persons. On
July 1 1933 this number dropped to 19.000 and due to the President's Reemployment Agreement and increased production the total employment is
now approximately 22,500. It is estimated that when all the manufacturers
in the industry are subject to the code the total employment figure will be
on a par with 1929. Total payrolls dropped 39% during the period following 1929 but are now back to a point 2A % under 1929 figures.
Ladder Manufacturing Industry.—A 40
-hour maximum work week
established by this code will, it is estimated by industry officials, effect a
40% increase in the number of persons employed. A minimum hourly
wage rate of 35 cents an hour is established.
Shovel, Dragline and Crane Industry.—Factory employees are limited
to 40 hours per week and 8 hours per day, except during peak periods,
when they may work 44 hours weekly. The minimum wage for factory
employees is set at 40 cents an hour. A maximum work week of 40 hours
for office employees is provided for, with a minimum weekly wage scale
ranging from $12 in small towns to $15 in large cities. Since application
-hour week in the Industry, employment has been increased about
of the 40
20%, industry officials report, and the increased wage scale under the code
expected to add 15% to the payrolls of the industry at its present rate
is
of operation.
Machine Tool and Forging Machinery Industry.—This code is approved
by President Roosevelt with an exception giving the National Recovery
Administrator the right on review, to disapprove or modify any action
taken by the Supervisory Agency which the code establishes.. The code
-hour week with an extension to 48 hours in times of
provides for a 40
seasonal or peak demand for six weeks during any six months' period, with
time and one-half for overtime in excess of 8 hours a day. A minimum
wage of 40 cents an hour is provided with 80% of the minimum for learners.
All other employees not covered by the minimum hourly rate will receive
not less than $15 a week with the exception of office boys and girls whose
rate will be 80% of the minimum.
This industry has suffered more seriously from the depression than most
any other producer of capital goods, according to National Recovery
Administrator Johnson's letter of transmittal to President Roosevelt.
I.Ack of orders had reduced employment from a 1929 high of 41.000 to a
low of 9,600 as of June 1933. With increased orders and the application
-hour week as provided in the code it is estimated that employment
of the 40
should be increased approximately 12% with payroll increases of approximately 20%.
"These contributions toward re-employment and public purchasing
Power," wrote General Johnson to the President, "are being made at a
sacrifice to the industry, and this condition can be maintained and improved
only through early revival of machinery Purchasing."
-hour
Motor Fire Apparatus Manufacturers Industry.—Establishes a 35
maximum work week and minimum wages of 40 cents an hour for factory
-months' period and a
work week, averaged a 3
-hour
employees. A 40
minimum of $14 a week is fixed for other employees. "The industry,"
National Recovery Administrator Johnson reported to the President,
"has suffered a tremendous (approximately 70%) in its sales during the
past four years. The capital invested in the industry has been seriously
depleted. The equipment of its principal purchasers, namely municipalities,
is comparatively modern. Throughout this period, however, the wages
of its employees have been steadily maintained, and the extremely high
average hourly rate of approximately 72 cents bespeaks the fairness of the
member during the depression period.
"The number of employees has only decreased in the same period approximately 50%. With the provision of a maximum week of 35 hours and
•
3605
the possibility of credit extensions through possible Governmental loans
to its limited consumer market, it is estimated that a 25% increase in wages
and an additional 10% increase in employment will result."
Printers' Roller Industry.—Under this code hours of work are limited to
40 per week except for executives receiving more than $35 a week, outside
salesmen, watchmen, service men and members of emergency crews.
Watchmen are limited to 56 hours a week and service, emergency maintenance and repair men are to receive time and one-half for overtime above
40 hours a week or 8 hours a day. Highly skilled specialists are limited
to 48 hours a week with time and one-half for overtime above 40 hours,
while 40 hours is the limit for clerical and office forces.
While equitable adjustments are to be made in the higher wage scales,
the code establishes a minimum of 45 cents an hour except for learners, who
during their first six months shall receive not less than 80% of the minimum.
The minimum for office and clerical workers is $15 a week.
The prevailing hours of labor of a large proportion of these workers
hitherto have been from 50 to 60 hours a week and the scale of hours in
the code is expected to increase workers by 20%. About 70 companies
are engaged in the industry, the average being only 10 per establishment.
Despite the fact that the value of the output of these plants has decreased
from $10,000,000 in 1929 to $5,500,000, the level of employment has been
maintained throughout the depression.
The Supplement to the Automobile Manufacturing Industry establishing
Fair Trade Practices for the Funeral Vehicle and Ambulance Manufacturing
Industry, sets up a separate Code Authority to function as a Subdivision
Authority under the supervision of the Automobile Chamber of Commerce.
Subscribers to the code are required to file price lists with the Authority
thus created as well as specifications, are forbidden to sell at less than the
cost of the product, to cut prices for the benefit of any buyer or to offer
bribes,
President Roosevelt Signs Air Transport Code, to Be
Effective Nov. 27—Pilots Are Exempted from
Wage and Hour Provisions—Pact Expected to
Increase Personnel 16% and Payrolls 20%.
President Roosevelt on Nov. 15 signed the air transport
code, designed to provide a 16% increase in personnel and a
20% increase in the payrolls of the industry, to become effective Nov. 27. The National Recovery Administration had
eliminated from the code the minimum-wage and maximumhour provisions which had been strenuously opposed by the
fliers at the public hearings. Wages and hours for pilots are
now being surveyed by a Fact-Finding Committee, appointed
after a dispute between the pilots and the airlines had been
referred to the National Labor Board.
The code states that none of its provisions shall supersede
existing State or Federal laws or regulations formulated by
the Department of Commerce. It provides for the submission of data regarding all present air routes and all routes
to be opened in the future. Minimum wages for employees
other than pilots are fixed at $15 a week for a maximum
work-week ranging from 40 to 48 hours, averaged over
periods of six and eight weeks.
On the day the code was signed by the President (Nov.15),
Leighton W. Rogers, Executive Vice-President of the Aeronautical Chamber of Commerce of America, issued a statement regarding the code in which he said, in part:
The code WRB worked out in detail by the transport code committee of
the chamber, representing 90% of the industry, and the various departments and advisory boards of the NRA under the direction of Deputy Administrator Malcolm Muir and his assistant, Earl Hughes. In the course
of reaching complete accord the industry and the NRA have had the invaluable co-operation of the aeronautics branch of the Department of Commerce, the Post Office Department and other important branches of the
Government.
In working out the code it was recognized that the industry is a 24-hour,
nation-wide transportation service subject to varying and uncontrollable
weather conditions which have a direct influence on the hours of labor of
employees. The obligation of carrying mail on schedule and the imperative
requirement of the safety of human life were constantly to the fore in the
minds of all those working on the code.
Under its provisions the air transport code sets up a National Code Authority to be located in the offices of the Aeronautical Chamber at 22 East
Fortieth Street, New York. The Code Authority will consist of seven voting members, five of whom will be designated by the chamber and two appointed by air line operators not members of the chamber. There also may
be one or more non-voting members appointed by the Administrator.
President Roosevelt Signs Cleaners' and Dyers' Code,
With Provision Aimed at "Racketeering" in Industry—Estimates Place Additional Employment
at 20,000 Under Agreement Setting Minimum Wages
and Creating Authority to Prescribe "Fair and
Reasonable" Prices.
President Roosevelt on Nov. 10 signed a code of fair competition for the cleaning and dyeing industry, with a provision therein designed to end "racketeering" in the trade.
It was estimated that 20,000 workers would be re-employed
as a result of the agreement. The code was sponsored by
the National Association of Dyers and Cleaners and the
National Association of Retail Tailors, Cleaners and Dyers.
It provides for a 40-hour week, with minimum wages of 27
to 35 cents an hour for unskilled labor in the North, and 20
cents in the South. It sets up a code authority, which is
directed to prescribe "fair and reasonable" minimum wholesale and retail prices, subject to the approval of the National
Recovery Administration. The so-called "racketeering"
vision prohibits the following practices:
3606 '
Financial Chronicle
Any use of violence to persons or property, intimidation or unlawful
coercion by a member of the trade against a member of the trade.
Any threat by a member of the trade to use such violence, intimidation
or unlawful coercion.
Any conspiracy among members of the trade or among members of the
trade and others to use or to threaten to use such violence, intimidation or
unlawful coercion.
Any combining or co-operation by a member of the trade with any one
who is using or threatening to use such violence, intimidation or coercion.
A statement issued by the NRA, describing the unhealthy
conditions with which the trade has been surrounded, said:
The trade has been harrassed for the past three years by cut-throat
competition, which in many cases led to racketeering, brought about by
slashing prices below cost, lowering wages, accompanied often by sweating
labor, offering inferior quality and poor service.
These conditions have almost completely demoralized the business of
plant owners and have caused untold hardships to some 175,000 or more
tailor shops serving as retail outlets for the wholesale dry cleaning plants.
There are but few concerns in the trade who have any credit and in many
cases there are substantial amounts owed to labor for past due wages.
Testimony at the hearing, for example, brought out the fact that over
$600,000 in wages are long past due to workers in the City of New York.
Most of the havoc wrought in the cleaning and dyeing trade is attributed
to price cutting. Partly due to certain economies arising out of efficiency,
but primarily due to exploiting labor and rendering inferior quality and
service to the public, a few operators of cut-rate stores are in an advantageous position to cut prices and to draw volume away from other plants
at will. Witness the price war that has taken place over the past three
years.
The normal charge for cleaning and pressing a man's suit or a woman's
dress was $1.50, but under pressure of keen competition from these operators who entered on an aggressive campaign for volume of business, the
price was gradually reduced to 20 cents, and recently, by way of "special
Prices." to 19 cents.
The other retail establishments, while forced to meet the competition to
some extent, have not gone below 45 cents. However, it is a significant
fact that at this rate most of the retail establishments are forced to operate
at a loss.
Dress Manufacturing Code Becomes Effective—Pact
Affects 80,000 Employees in New York City—Use
of NRA Label Required.
The code of fair competition for the dress manufacturing
industry, signed by President Roosevelt on Oct. 31, went
into effect on Nov. 13. In New York City alone the pact
affects some 3,000 manufacturing establishments with 80,000
employees and an estimated annual production valued at
$700,000,000. A report by George W. Alger, director of
the Coat and Suit Authority, made public on Nov. 13,
said that 5,100,000 NRA labels for garments had been issued
since Oct. 9 to 1,202 manufacturers, including virtually
every one in the coat and suit trade. Mr. Alger said:
Coats and suits being sold in more than 14,000 retail stores now bear
NRA labels.
Representative merchants throughout the country have manifested
hearty co-operation in effectuating the use of the label. The few producers
who did not obtain labels at first were quickly convinced by the attitude
of the stores that they must do so. Many women's clubs and other consumers' organizations are educating the- public to the significance of the
label. We are appointing an advisory committee comprising officials
of these groups, to collaborate in making the label a permanent medium
for differentiating between garments made under wholesome conditions
and those produced in sweatshops.
Interest Rate on RFC Loans to Railroads Lowered
from 5 to 4% for One Year from Nov. 1 1933—
Purpose to Enable Roads to Employ Additional
Workers and Make Further Purchases of Supplies.
Jesse H. Jones, Chairman of the RFC announced on Nov.
13 that for the purpose of better enabling railroads to employ
additional men and make extra purchases of supplies during
the winter and succeeding months, the Board of Directors
of the corporation has reduced the interest rate on loans to
railroads, including both new loans and existing loans,
from 5% per annum to 4% per annum for a period of one
year from Nov. 1 1933. Chairman Jones' announcement
continued:
This action is based upon requests for a reduction in interest rates from
a number of railroad executives who have offered to use the amount of
such reduction; together with substantial additional funds, in making
extraordinary expenditures during the next six months. This would mean
expenditures for labor, equipment and material over and above their
budgets for this period, or in excess of the program presently contemplated
by them, the purpose being to help to promote the President's Recovery
Program. In the light of these representations, and in order to afford
the railroads an opportunity to render this additional assistance, the
Board felt justified in granting this temporary interest reduction.
The Directors of the RFC have taken this action with the expectation
that the savings in interest will be availed of and used by the railroads
in the spirit herein outlined, together with very substantial additional
amounts to be otherwise provided and expended by the railroads in relief
employment.
Pierre S. du Pont Urges Co-ordination for Railroads—
Calls for End of Wasteful Competition—New Rail
Recovery Group Organized.
The conference on railroad recovery, which has been in
the course of organization for several weeks past, held its
first meeting Nov. 14, attended by 80 industrial and business leaders from various parts of the country, including
many directors of the larger railroads and representatives
of insurance companies, savings banks and other financial
institutions which are important holders of railroad securi-
Nov. 18 1933
ties. Pierre S. du Pont, of Wilmington, Del., recently appointed by the President to membership on the Industrial
Advisory Board, Chairman of the Board of E. I. du Pont de
Nemours & Co., and director of the Pennsylvania HR., presided over the meeting as Chairman. Mr. du Pont said at
the conclusion of the meeting that no specific plan for the
railroads had been discussed or formulated. He stated:
Although this was a meeting to discuss the railroad question, the large
interest of this group is naturally in the national recovery, and not only in
railroad measures but in all others which can help to insure it. Railroad
prosperity in the main depends on national prosperity. We must remember
at the same time the tremendous bearing the railroad system has on national
economy. Railroads are one of the pillars of the economic structure, and
their future has a great bearing on the prosperity and welfare of everyone.
In devising means of dealing with the emergencies of the depression, there
is some danger in adopting measures to deal with the questions of immediate
importance, of failing to take due account of their bearing on the long-term
future of the country's transportation. There is an unexampled opportunity
for all who have an interest, direct or indirect, in the future of railroads—
the Government, the shippers, those employed in the service in any capacity,
the managements and the investors to get together, reconcile their differ.
ences of opinion and agree on a program for the future. Broad, long-time
solutions arrived at in that spirit would have a reassuring and stabilizing
effect on business generally which would help greatly to promote the general
recovery for which everyone is striving.
The Co-ordinator of Transportation appointed under the Emergency Railway Act is having the hearty co-operation of the railroads in efforts to bring
about a better co-ordination of service so as to increase the efficiency and
economy of operation. The Co-ordinator is charged by law with the duty
of studying the whole situation and recommending measures which he believes will strengthen the railroad structure. Our group also will co-operate
with Mr. Eastman or others dealing with the problem in the hope that a
sound basis for a long period of prosperity for the railroads and the country
may thereby be established.
To-day's discussion dealt principally with broad questions of policy. All
agreed that under private ownership and operation there should be publie
regulation to safeguard the public interest, but that we should strive for
regulative policies expressive of a constructive and not a repressive attitude toward the railroads. Railroads no longer have a monopoly of transportation. With the system of public highways and the improvement in
motor vehicles, the development of the airplane, the enlargement of
the
network of inland waterways and pipe lines, a large share of the
traffic
which used to be handled by the railroads is going to other agencies
of
transportation, and much of this business is not subject to public regulation
Public regulation has served as a much better safeguard of the
public
interest than the competition between the railroads insisted upon
under the
earlier policies of the country. Now it is seen how costly and wasteful
this
competition is and how much better it will be to place emphasis
on a
greater degree of co-operation between the railroads and a more
effective
co-ordination of their facilities.
We should have railroads which are strong and self-supporting. None
other can serve the public efficiently, none other can treat employees
properly, none other can keep abreast of the country's needs, utilizing
to the
full our national inventiveness and scientific genius which in every
branch
of endeavor is serving to advance our standards of living.
Railroads must
be self-supporting for this further reason. When they are not
their credit
Is impaired. Then they are a drag on our whole financial
structure and
tend in the end to strain the credit of the Government itself.
The conference appointed a committee of nine members to
carry out the purposes of the conference and to co-operate
with the Security Owners' Association in consideration of
measures regarded as important to the strength and financial stability of the railroad industry.
Among the speakers was Milton W. Harrison, President of the
Security
Owners' Association, an organization representing insurance companies,
savings banks and others holding several billions of railroad securities.
Mr.
Harrison presented the viewpoint of the investor in the present
situation
and offered to co-operate with the Conference in studies of the situation
and
in formulation of constructive measures. Jeremiah Milbank
spoke on the
importance of advancing a comprehensive plan for improvement
of the
position of the railroads 'In a fundamental way. W. A. Harriman
spoke on
the desirability of forming an association representative
of all Class I
directors to co-operate with investors, and stressed the
necessity for action
on the part of the appointed committee until such organization
could be
effected. James Lee Loomis emphasized the necessity of co-operation
between all financial interests in order to protect the investments
of the
millions of small investors who are vitally concerned
with the prosperity
of the railroad industry.
Further Borrowing by Municipalities for Current
Expenses Deemed Inadvisable by E. F. Dunstan
of Investment Bankers Association and Dr. Thomas
Reed of University of Michigan—Mr. Dunstan
Cites What Has Been Done in New York and
Chicago.
alkorragout.IN
The question of whether it is advisable for municipalities
to borrow funds for current requirements, was the subject of
a radio interview between E. F. Dunstan, Chairman of the
Municipal Securities Committee of the Investment Bankers
Association of America and Dr. Thomas H. Reed, Professor
of Political Economy of the University of Michigan, over the
NBC network on Nov. 14.
In answer to a question as to whether borrowing for current
needs on the part of municipalities was a development of the
depression Mr. Dunstan stated on the contrary such
borrowings were larger in the more prosperous days as many
municipalities find it a difficult matter to obtain such funds
under present conditions, as the credit of many cities is
impaired because of their inability to collect delinquent taxes.
In explaining the reasons for such temporary borrowing,
Mr. Dunstan stated that it was chiefly due to the fact that
Volume 137
the spending period and the tax collection period were not
properly adjusted, as most cities go on spending money five
or six months before it is collected.
Any changes made in the present system of tax collections
and financial adjustments should be made gradually Mr.
Dunstan said. He called attention to the agreements entered
into between Chicago municipal authorities and more
recently those of New York with the bankers who furnished
the funds to meet the municipalities, requirements. In both
instances changes were made in the tax collection dates; in
New York, for instance, taxes will be collected quarterly
with 1937, the first payment to be made Feb. 1. He also
suggested that all tax anticipation notes be made a first lien
on all revenues collected. Delinquent taxes, in most
Instances, Mr. Dunstan believes, is chiefly responsible for
the difficulties of many cities, although, he added some have
borrowed heavily, not only for public works and improvements, but also for current needs.
Answering the question as to whether additional borrowing of a temporary nature would aleviate the situation of
some municipalities, Mr. Dunstan expressed the view that
further temporary borrowing is inadvisable and dangerous
and only postpones the day of reckoning, for in some
instances such borrowings have been used for purposes other
than originally intended. As a remedy for current conditions,
Mr. Dunstan suggested that where advisable municipalities
should levy a small special tax over and above regular
appropriations for expenses and debt service and the setting
up of this extra levy in a special reserve to be set aside for
the liquidation of all current or temporary indebtedness as
speedily as possible.
Members of Bankers' and Brokers' Committee of
United Hospital Fund-Necessity for Free Treatment in New York Hospitals Found Greater This
Winter Than Ever Before.
Eighty-one bankers and brokers who are trustees or directors of the 56 hospitals belonging to the United Hospital
Fund have agreed to serve on the "Bankers' and Brokers'
Committee" of the Fund for this year's collection. The
following well-known Wall Street men are serving on this
committee:
Cornelius R. Agnew
Marshall Field
Winthrop W. Aldrich
Henry L. Finch
Frederic W. Allen
Albert Forsch
Robert E. Allen
Charles Froeb
Nelson I. Asiel
Charles R. Gay
George F. Baker
Thornton Gemini'
Stephen Baker
Charles D. Halsey
William M. Bernard
Charles Hayden
IAnzee Blagden
Theodore Hetzler
George Blumenthal
Leonard A. Hockstader
Hugo Blumenthal
G. Beekman Hoppin
Myron I. Bord Jr.
William S. Irish
Lindsay Bradford
Samuel T. Jones
George S. Brewster
William M. Kingsley
Robert S. Brewster
G. Herman Kinnicutt
Thatcher M. Brown
W.Thorn Kissel
George C. Carr
David H. Lerman
S. W. Childs
James T. Lee
Stephen C. Clark
Adolph Lewisohn
Charles M.Connfelt
Lucius U. Maltby
William Sheffield Cowles Raymond D.McGrath
D. Irving Mead
Richard G. Croft
Howland EL Davis
Edwin G. Merrill
Edward C. De'afield
De Witt Millhauser
Moreau Delano
Richard L. Morris
Harris A. Dunn
Walter W.Naumburg
William Fahnestock
Simon Newman
Carl H. Pforzheimer
Hermann G. Place
George B. Post
Alonzo Potter
C. Tiffany Richardson
H. E. Robinson
George Emlen Roosevelt
Kermit Roosevelt
Philip J. Roosevelt
Ernest Rosenfeld
Arthur W. Rossiter
Louis F. Rothschild
Samuel Sachs
Theodore Schorske
Edward W.Sheldon
Frank L. Einiffen
Andrew W.Stout
Bertram L. Taylor Jr.
Adrian Van Sinderen
Elisha Walker
Frederick M. Warburg
James P. Warburg
Charles F. Wheaton
Henderson M.Wolfe
William Woodward
August Zimmer
An item with reference to the committee, in which it was
stated that James Speyer is Chairman and showing the
associated chairmen representing various groups, was given
in our issue of Nov. 11, page 3443.
The letter of appeal calls attention to the fact that, "on
account of prevailing conditions, the necessity for free treatment in our hospitals is greater this winter than ever before,"
and urges "Wall Street" to do all it can to help alleviate the
condition of the unfortunate sick poor in our 56 New York
hospitals, without regard to creed, color or nationality.
Last year the "Bankers' and Brokers' Committee" collected
$73,781, the largest amount obtained by any auxiliary.
As usual, the amount collected will be distributed impartially by a committee composed of the Mayor, the Presidents
of the Chamber of Commerce and of the Merchants' Association, and Henry J. Fisher, Arthur Curtiss James, Edwin
P. Maynard, Gates W. MeGarrah and James Speyer.
Licenses to Reopen Issued to 13 Additional National
Banks During First 10 Days of November-Approval
Given to Reorganization Plans of Six Others.
J. P. T. O'Connor, Comptroller of the Currency, reported
Nov.13 that during the first 10 days of November 13 National
banks consummated their reorganization plans and were
Issued licenses to resume business or were granted charters
for new banks. The Comptroller's announcement said that
in the final 11 days of October, 20 National banks were
3607
Financial Chronicle
granted licenses, and in the 10 days prior to that six National
banks received licenses, so that a total of 39 National banks
were issued licenses during the month ending and including
Nov. 10 1933. The announcement continued:
Six National banks received approvals for their reorganization plans from
the Comptroller's Department during the first 10 days of the current month,
contrasted with 21 National banks receiving approvals in the last 11 days
of October and 29 receiving approvals in the 10 days ending Oct. 20. Therefore, for the month ending and including Nov. 10 last, 56 unlicensed National
banks received approved reorganization plans.
Frozen deposits of the 13 National banks which reopened in the first
10 days of this month aggregated $15,062,000, with unrestricted deposits
totaling $1,022,000; while the six National banks to receive approved reorganization plans had $2,475,000 frozen and $350,000 unrestricted deposits.
The Comptroller withdrew his approval for the reorganization plan of the
City National Bank, Ridgefarm, Ill., on Nov. 1. It had $52,000 frozen and
$10,000 unrestricted deposits.
Two banks, with approved reorganization plans, have been declared insolvent and receivers appointed. The Jefferson County National Bank, Brookville, Pa., with $1,413,000 frozen and $84,000 unrestricted deposits, was
placed in receivership Nov. 9; while the Central City National Bank, Central
City, Neb., with $132,000 frozen and $66,000 unrestricted deposits, was
placed in receivership Nov. 2.
Below is a list of National banks which consummated their reorganization
plans and were issued licenses to resume business or were granted charters
for new banks to take over the business of the old ones during the first 10
days of November, with frozen and unrestricted deposits:
Deposits.
Location.
Name of Bank.
Date.
Frozen.
Unrestried
Idaho
Lewiston
Lewiston National Bank
Nov. 1
$962,000
3133,000
Kentucky-Madisonville
Farmers National Bank
Nov. 1 31.217,000
$18,000
MinoisWorden
First National Bank
Nov. 4
Michigan
Adrian
Hubbell
National Bank of Commerce-- Nov. 1
Nov. 6
First National Bank
3185.000
$616,000 3134,000
159,000
50,000
51,175,000
3184,000
Nov. 3 32,824,000
National Ulster Bank
National Bank of Haverstraw_ Nov. 4 1,168,000
Nov. 4
520,000
Florida National Bank
394,000
57,000
9,000
Total
New York
Kingston
Haverstraw
Florida
$4,512,000 $160,000
Total
PennsylvaniaWilklnsburg
Freeport
33,000
First National Bank
Farmers National Bank
Nov. 2 $4,191,000 $297,000
41,000
Nov. 4
649,000
34.840,000 $338,000
Total
N. Hampshire
Claremont
Claremont National Dank ____ Nov. 7 31,020,000
West VirginiaRonceverte
First National Bank
Nov. 4
Maine-Houlton
Nov. 6
Farmers National Bank
3102,000
5426,000
346.000
5725,000
338.000
$15,062,000 $1,022,000
Total
-13 Banks
At the close of business Nov. 10 1933, there were 385 Nationa banks in
the 48 States and the District of Columbia with approved reorganization
plans. Aggregate frozen deposits of these institutions totaled $382,124,000,
while unrestricted deposits stood at $28,400,000.
The six National banks whose reorganization plans were approved during
the first 10 days of November are shown below, with deposits of each:
Deposits.
Location.
Name of Bank.
Unrestric'd
Frozen.
Date.
Colorado
Fort Collins
First National Bank
Nov. 1
$658,000 $257,000
Missouri
Lamar
First National Bank
Nov. 3
$215,000
$25,000
Michigan
Crystal Falls
Crystal Falls
Crystall Falls National Bank.. Nov. 4
IronCounty National Bank__ Nov. 4
$451,000
736,000
$16,000
16,000
$1,187,000
$32,000
5272,000
143,000
$21,000
15,000
Total
MinnesotaWest Concord..- _ First National Bank
Foley
First National Bank
Nov. 6
Nov. 8
$415,000
Total
-6 Banks
$36,000
32.475,000
Total
$350,000
RECAPITULATION.
Deposits.
No.
Number of banks and deposits Nov. 1
Number of banks and deposits approved Nov. 1
to Nov. 10 inclusive
Total
Number of banks and deposits opened Nov. 1 to
Nov. 10 inclusive
One bank disapproved after being approved.. _
Two banks with approved plans, declared insolvent
Total
Balance, Nov. 10 1933
395
6
Frozen.
Unrestricted
3396,308,000 329,232.000
2,475,000
350.000
401
$398,783,000 329,582,000
13
1
$15,062,000 $1,022,000
52,000
10.000
2
1,545,000
150,000
16
316,659.000 $1,182,000
385
3382,124,000 $28,400,000
The last previous list issued by the Comptroller, showing
those banks which have been licensed to reopen and which
have had their reorganization plans approved, was given in
these columns on Nov. 4, page 3266.
•
Financial Chronicle
3608
Isidor J. Kresel Found Guilty of Abetting in Misuse of
Funds of Affiliate of Bank of United States in
New York.
Isidor J. Kresel, counsel and director of the defunct
Bank of United States, and nationally known attorney, was
found guilty on Nov. 15 of aiding and abetting in the misapplication of about $2,000,000 of the funds of one of the
bank's affiliates by a jury in the criminal branch of the
New York Supreme Court. Mr. Kresel's trial, which began
on Sept. 15, lasted exactly two months. After the foreman
of the jury had announced the verdict, Justice George H.
Taylor, who presided at the trial, released the convicted
lawyer in the $100,000 bail he had furnished on his indictment in February 1931. Sentence will be imposed next
Monday (Nov. 20). The penalty, which must be imposed
under a section of the Penal Law relating to first felony
convictions where penalties are not specifically provided,
is from one to seven years in State prison.
The jury returned the conviction of Mr. Kresel on the
same indictment on which Bernard K. Marcus, President
of the bank, and Saul Singer, a Vice-President of the institution, had been found guilty in 1932, and on which they
are now serving terms of from three to six years each in
Sing Sing. Noting the outcome of Mr. Kresel's trial, the
New York "Herald Tribune" on Nov. 16 said, in part:
He was convicted on an Indictment charging him with wilfully aiding
and abetting Marcus and Singer in the misapplication of 12.009.518 of the
funds of the Municipal Safe Deposit Co., an affiliate of the Bank of United
States. The misapplication, according to the indictment, consisted of the
purchase of 25 shares of stock in the Premier Development Co., another
affiliate, from the Bolivar Corp., a third affiliate. Hundreds of details
concerning the bank's affairs and its eventual failure in December 1930
were brought out in the course of the trial, which consumed 38 trial days.
In the course of his career Mr. Kresel has worked in the District Attorney's
office under William Travers Jerome, won fame as a criminal attorney and
conducted the inquiry into the magistrates' courts three years ago before
Samuel Seabury. He was indicted for perjury in connection with his
testimony in the trial of Marcus and Singer, and cleared of the charge
In June 1932.
In his own trial, just over, the character witnesses who appeared to
vouch for him and his general reputation included Mr. Seabury. Alfred E.
Smith, Mr. Jerome, George W. Wickersham and former Governor Nathan
L. Miller. The testimony was long and confused. The prosecution brought
out, as one of its chief points, that the transaction on which Mr. Kresel's
Indictment was based had been severely criticized by Joseph A. Broderick,
State Superintendent of Banks, more than a year before the failure of the
Bank of United States.
Tuesday afternoon Justice Taylor began one of the longest jury charges
on record, requiring eight hours and 41 minutes. He emphasized that the
failure of the bank and the conviction of Marcus and Singer had nothing
to do with the case in hand.
"What happened at the other trial is absolutely immaterial here and
has no evidence value," he said. "You must decide this case solely on the
evidence you have here before you."
Reopening of Closed Banks for Business and Lifting of
Restrictions.
Since the publication in our issue of Nov. 11 (page 3444),
with regard to the banking situation in the various States,
the following further action is recorded:
DISTRICT OF COLUMBIA.
From the Washington "Post" of Nov. 14 it is learnt that
more than 1,000 persons received dividend checks from the
Commercial National Bank of Washington, D. C., Nov.
13, when that institution, in receivership since Feb. 28,
began the foregoing payment. The second dividend is 30%
and represents a disbursement of $1,850,000. This dividend was made possible by a loan from the Federal Deposit
Liquidation Board. The paper mentioned went on to say:
On Sept. 27 the bank began payment of a first dividend of 20%,amounting to $1,030,601.70. Its depositors will have received thus far 50%, or
$2,880,601.70. Total deposits as of Sept. 20 1933, were indicated at
16.000,000.
FLORIDA.
The directors of the Reconstruction Finance Corporation
have authorized the purchase of $100,000 preferred stock
in the First National Bank & Trust Co.at Orlando, Orlando,
Fla., a new bank organized to succeed the First National
Bank & Trust Co. in Orlando, Orlando,
ILLINOIS.
•
The Granite City Trust & Savings Bank of Granite City,
Ill., has been authorized to re-open on an unrestricted basis
by the State Auditor of Illinois, according to Chicago advices
on Nov. 13 appearing in the "Wall Street Journal."
Stockholders of the Continental Illinois National Bank &
Trust Co. of Chicago at a special meeting to be held Dec.
20 next will be asked to vote on a proposition to amend the
bank's articles of association so that the institution may
sell to the RFC $50,000,000 of its preferred stock to increase
its capital funds by that amount. At the same time the
stockholders will be asked to sign certificates of consent to
Nov. 18 1933
a severance of the Continental Illinois Co. from the bank
to comply with provisions contained in the banking law.
Chicago advices to the New York "Evening Post" of Nov.
13, from which the foregoing is taken, continuing said:
Stockholders will have the right to subscribe to the new preferred stock
of which there will be 1,500,000 shares with a stated value of $33.33 a
share on a pro rata basis between Dec. 15 and the date of the meeting.
The letter announcing the meeting said the RFC had agreed to buy all
of the stock not subscribed.
Directors of the Continental Illinois National Bank &
Trust Co. approved the proposed sale of $50,000,000 preferred stock to the RFC at a meeting held Nov. 6. In
noting this the Chicago "Journal of Commerce" of Nov. 7,
said in part:
Stockholders were advised that the par value of the common stock will
be reduced from $100 to $33.33. The number of shares outstanding will
be unchanged, as common capital is being reduced from $75,000,000 to
$25,000,000. Par value of the new preferred stock being subscribed by
the RFC will be $33.33.
The usual practice of the RFC in allocating voting power in such instances is followed. Each share of both classes of stock has one vote, except that if two preferred dividends are in arrears preferred shareholders
have twice the number of votes of the common. There will be 1,500,000
shares of preferred outstanding and 750,000 common on consummation of
the recapitalization.
As.previously announced the new capital structure of the bank will
consist of$50,000,000 preferred stock.$25,000,000 common and $25.000,000
surplus undivided profits and reserves.
The $50,000,000 reduction in present capital will be used to write down
"unsatisfactory assets." The capital structure of the bank Oct. 25 1933,
the date of the last national bank call, consisted of $75.000.000 capital,
$25,000,000 surplus and $4.365,230. a total of $104,365,230. . . .
The proposed amendments to the articles of association provide that
the new preferred stock will be entitled to cumulative dividends at the
rate of 5%. It will be non-assessable as will any common stock issue
from now on.
Retirement of preferred from earnings is provided for at the rate of
not less than 5% ($2,500,000) annually. The bank may wait two years
before making initial provisions for preferred retirement, however. Subject
to certain restrictions, no limit is set as to the maximum which may be
retired in any year.
Dividends can be paid on the common only out of net profits after
provision has been made for preferred requirements and as long as preferred stock is outstanding may not exceed 7% of "the sound book value
of the common as shown by examination of the bank by the national bank
examiner."
Under the new set-up dividend distributions, therefore, will be limited to $3,500,000 (7% of 850,000,000 common capital, surplus, undivided
profits and reserves) until book value is increased through earnings or
recoveries from assets heretofore written off. This amount would be equivalent to $4.66 a share on 750,000 common.
An exception is provided, however, in which stock dividends may be dedared to accomplish retirement of preferred. In order to maintain capital stock at the full authorized amount, directors may declare stock dividends on common in an amount equal to the preferred to be retired out of
net profits.
Net profits are to be determined by six months' periods and will be
computed after deducting expenses, interest, taxes, transfers to surplus
required by law, realized losses, charge-offs, and transfers to reserves
(whether from income, undivided profits or surplus) and net loss, if any,
accumulated at the beginning of the period.
Earnings for a given period will include all recoveries on assets previously charged off or written down or against which reserves have been
set up as may be affected in that period.
The first claim on net profits will be the dividend on the preferred stock;
second, 40% of the balance to be put into a preferred retirement fund
and the remainder will be available for such purposes as directors may
determine.
It is provided that no preferred stock shall be retired if it will reduce
the capital structure below the original $100,000,000 unless approved
by the Comptroller of the Currency.
If, while the RFC holds 25% or more of the preferred stock outstanding
requirements are not met, or provisions of the articles of association violated, preferred shareholders are empowered to fix the compensation
of directors, officers and employees. In addition they can, under such
conditions, remove officials and replace them with others satisfactory to
the RFC. . . .
The Granite City Trust & Savings Bank, Granite City,
Ill., was to reopen on an unrestricted basis, according to •
the St. Louis "Globe-Democrat" of Nov. 12, which furthermore, said in part:
Permission for reopening on an unrestricted basis was received on Nov.
11 from State Auditor Edward Barrett of Springfield. III.
This permission carries approval of the bank's reorganization plan,
under which depositors waived 50% of their deposits and stockholders
were assessed 50% of their holdings.
Deposits reach about 11,000,000, according to Henry Karandjeff,
Cashier, and the fund from the stockholders' assessment provides an
additional $75.000. Other totals announced by bank officials were:
Capital, 8150,000; surplus, $87,500; undivided profits, $35,000.
IOWA.
A plan to consolidate the Cedar Rapids Savings Bank &
Trust Co. of Cedar Rapids, Iowa, and the American Trust &
Savings Bank of that place, to form a new institution with
capital of $200,000 and surplus of $50,000,was to be presented
to the respective depositors of the institutions on Nov. 17,
according to Cedar Rapids advices on Nov. 10 to the Des
Moines "Register," which continuing said:
Both banks ha.ve been under Senate File 111 since Jan. 24.
The consolidation plan is contingent upon a Reconstruction Finance
Corporation loan of about $1,500,000 with which to liquidate 50% of
deposits in both banks immediately. A trusteeship would be established
for remaining deposits.
Stockholders in both banks would be assessed 100% and allowed to
subscribe for stock in the new bank.
Financial Chronicle
Volume 137
The RFC has agreed to purchase $25,000 of preferred stock
in the First National Bank in Hawarden, Hawarden, Iowa,
a new bank which succeeds the First National Bank of
Hawarden.
KENTUCKY.
The Board of Directors of the Reconstruction Finance
Corporation has author:zed the purchase of $100,000 preferred stock in the Ohio Valley National Bank of Henderson,
Henderson, Ky., a new bank which will succeed the Ohio
Valley Bank & Trust Co., of Henderson.
LOUISIANA.
Reorganization plans for the Citizens' National Bank of
Hammond, La., were announced on Nov. 9 by the bank's
reorganization committee. The institution has been operating under a conservator on a 95% restricted basis since the
National banking holiday in March last. The committee's
statement, as given in Hammond advices on Nov. 9 to the
New Orleans "Times-Picayune", from which also the foregoing is learnt, was as follows:
The reorganization committee of the Citizens' National Bank of Hammond, La., has secured the approval of the Comptroller of the Currency
of the United States, the Federal Reserve Bank and the Reconstruction
Finance Corporation of plans for the reorganization of the bank as a new
National bank,to be called the Citizens' National Bank in Hammond,La.
It is planned to organize a new bank having a capital of $50.000 and a
surplus of $10.000, of which capital $25,000 will be in common stock and
$25,000 in preferred stock.
The common stock is to be subscribed locally, 2,500 shares being issued
which will sell for $14 per share, $10 of which will go to capital account,
and $4 to the surplus account.
The preferred stock will be subscribed and paid for by the RFC,which will
then own a one-halfinterest in the bank and have a voice in the management
of the bank as part owner thereof.
The new bank will on opening pay to the depositors and creditors of
the old bank 50%,inclusive of the 5% previously paid, of each depositor's
and creditor's account as it stood on the date the old bank closed. March 3
1933.
In order to make this immediate distribution of funds, the new bank
will take over assets of the old bank in an amount equal to the sum distributed to the depositors of the old bank, and all remaining assets of the
old bank are to be placed in the hands of three depositors, as trustees, who
will administer these assets for the benefit of the depositors so that the
quickest and largest possible distributions may be made on the balance
due. Messrs. Everett Spraker, Lawson Hicks and Sam Locascio Jr., have
accepted and have received the approval of the Comptroller's office as
such trustees.
The plans as above outlined have been approved by the various governmental agencies, the reorganization committee and the depositors' committee after careful study thereof.
The new bank, when the reorganziation has been completed, will be a
member of the Federal Reserve System, and as a duly licensed National
bank will receive the benefit and privileges accorded all National banks
by the recent Acts of Congress. . . .
MAINE.
With reference to the affairs of the Merrill Trust Co. of
Bangor, Me., advices to the New York "Times" from
Augusta, Me., on Nov. 12 contained the following:
Governor Brann of Maine issued a call to-night for a special session of
the Legislature Tuesday (Nov. 14), "to consider the granting of such
charters and such general legislation as may be necessary to permit banks
to become members of the Federal Reserve System."
The special session was called to "co-operate" with stockholders of the
Merrill Trust Co. of Bangor, which has made application.for membership
in the Federal Reserve System. The plan, endorsed by the stockholders
and approved by the Reconstruction Finance Corporation and the Federal
Reserve System, calls for the granting of a new charter to the Merrill
Trust Co. and the formation of a mortgage company, and will prevent
losses to any of the trust company's depositors, the Governor stated.
Governor 13rann explained that the RFC would invest $2.000,000 in
preferred stock of the trust company and more than $3,000,000 in the
mortgage company. The corporation and the Reserve System "will act
mmodiately upon the granting of the charters by the Legislature."
MARYLAND.
On Nov. 9 the Federal Reserve Board and a group of
officials of the Union Trust Co. of Baltimore, Md., agreed
upon plans for the reorganization and reopening of the institution and for its admission to membership in the Federal
Reserve System. Announcement to this effect was made
on the date named by Benjamin H. Brewster Jr., President
of the trust company, following a final conference at the
Treasury. The reorganized bank proposes to resume operations on an unrestricted basis within two weeks and well
before the Federal law guaranteeing bank deposits goes into
effect on Jan. 1. Washington advices on Nov. 9 to the
Baltimore "Sun," authority for the foregoing, continuing
said:
•The Reserve Board approved the application of the bank for membership
upon condition that its reorganizers contribute $500,000 of new capital.
This was agreed to and the money will be raised by the sale of capital notes
of the trust company which, however, will be subordinate to the certificates
of deposits to be issued to depositors under the new plan.
Upon reopening, the trust company immediately will release 20% of
their money to the 70,000 depositors of the old company with the promise
of a release of a second 20% at a later date.
The conference to-day (Nov. 9) was participated in by the members
of the Reserve Board and by Mr. Brewster, H. Webster Smith and Walter
II. Buck, on behalf of the company. All technical objections to the reorganization plan were promptly removed and, when assurances were given
that the additional capital would be provided, the Board announced that
the Plan was acceptable.
3609
Upon conclusion of the conference Mr. Brewster prepared the following
statement before leaving the Treasury and immediately thereafter made It
public:
"At a conference to-day (Nov. 9) with the Federal Reserve Board all
legal details relating of the reopening of the Union Trust Co. under the
plan of reorganization some time ago presented were agreed upon, and the
application of the trust company for membership in the Federal Reserve
System has been approved by the Board upon the condition that $500,000
of additional capital be raised by the sale of capital notes of the trust
company,subordinate to the certificates of deposit to be issued to depositors
under tha plan.
"Mr. Brewster stated that the trust company would at once proceed to
obtain subscriptions to the capital notes and when the subscription is
completed the trust company will reopen on an unrestricted basis. It is
confidently hoped that this will be done within two weeks.
"Regardless of the delay incident to the consummation of the reopening
plan, Mr. Brewster stated that it was justified by the result, as the trust
company will be opened on an unrestricted basis and be a member of the
Federal Reserve System at that time the Federal law relating to the guarantee of bank deposits goes into effect on Jan. 1 1934.
"The trust company deposits, including the 40% certificates of deposit
Issued under the plan, will thus be protected in the same manner and to
the same extent as deposits in National banks."
Concerning the Central Trust Co. of Maryland of Frederick, Md., the Baltimore "Sun" of Nov. 10 contained the
following:
A committee of depositors of the Central Trust Co. of Maryland, with
headquarters at Frederick, has submitted a tentative plan of reorganization
to the State Bank Commissioner, John J. Ghingher, it was announced
yesterday (Nov.9). Mr. Ghingher said he had given this plan consideration
and had submitted certain suggestions. Within the next week or 10 days
he expects the complete and final plan will be filed at his office.
MICHIGAN.
The "Michigan Investor" of Nov. 11 had the following
to say regarding the affairs of the Union Guardian Trust Co.
of Detroit:
The reorganization plan of the Union Guardian Trust Co., whose troubles
precipitated the bank holiday (last February), is ready for presentation
to the Reconstruction Finance Corporation by George H. Kirschner. State
conservator in charge of that institution.
The trust company's reorganization must have the approval of the
RFC,despite the fact that the organization is a State institution. The RFO
Is the largest creditor of the institution, still having due $11,200,000 on
a loan made more than a year ago. The loan is secured by approximately
$31,000,000 in assets of the company.
Mr. Kirschner has informed the RFC that the reorganization contemplates that the company will remain entirely out of the banking business.
It would function strictly as a trust company.
According to the plan to be presented to the RFC,the fiduciary business
of the company never was in jeopardy, before or after the banking holiday
was proclaimed last February. At that time the class A (fiduciary) accounts
totaled $5,031.000, and at the present time these accounts total $5,089,000.
a slight increase. Mr. Kirschner cites this as an indication of the public
confidence which continues in this institution.
The fiduciary business has an earning power of $1,250,000 a year.
In the banking department of the Union Guardian Trust Co. a deposit
liability of $24,000,000 has been set up, which sum,plus the RFC indebtedness, swells liabilities to $35,200,000. Against this liability are assets
with a book value of 343,000,000,including the $31,000,000 held as security
for the loan made to the RFC. Release of these assets is requested to effect
the reorganization.
The plan calls for creation of a trust fund to handle all assets of the company, excluding the fiduciary accounts, which have at all times been segregated, and will remain separate from the other funds under the plan.
It is also provided that stock in the reorganized company shall be sold
only to depositors, who would benefit from the liquidation of assets in the
banking department of the company and also from the earnings of the
newly organized company derived from the operation of the fiduciary
division.
We learn from the "Michigan Investor" of Nov. 11 that
the reopening of the O'Donald State Bank of Howard City,
Mich., under the new title of the Howard City State Bank,
is scheduled for Nov.27and that the officers of the reorganized
institution will be as follows: William H. Collins, President;
Sidney Reynolds, Vice-President, and C. L. Crimmins,
Cashier.
That the First National Bank of Monroe, Mich., would
reopen to-day, Nov. 18, is indicated in the following dispatch from that place on Nov. 9 appearing in the Toledo
"Blade":
Reopening of the First National Bank here has been set tentatively for
Nov. 18. It has been closed since March 6. Immediate payment of 50%
of the depositors' claims is planned.
MONTANA.
The First National Bank of Conrad, Mont., is being
liquidated with P. C. Kivilin of Big Sandy, Mont., as
receiver, according to the "Commercial West" of Nov. 11,
which added:
The bank was established in 1910 and has been operating under restrictions since March 4, W. C. Brown, President, has been ln,charge,as
conservator.
NEW JERSEY.
The Orange First National Bank, Orange, N. J., organized to succeed the Orange National Bank, opened on
Thursday of this week, Nov. 16. It ended its first day's
business with $229,128 in new deposits. Withdrawals from
deposits transferred from the old Orange National to the
new institution totaled $12,695, M. Raymond Riley,
Executive Vice-President of the bank,reported. A dispatch
to the New York "Times" from Orange on Nov. 16, from
which the above information is obtained, continuing said:
Financial Chronicle
3610
Depositors in the Orange National, which operated on a restricted
basis after the banking holiday, can withdraw 55% of their deposits in
the old bank from the Orange First National, less the amounts that they
subscribed for stock in the new institution. The Orange First National
is capitalized at $300,000, with a surplus of $75.000.
While Frank J. Murray, Mayor of Orange is President
of the new institution, its banking affairs will be conducted
under the direction of M. Raymond Riley of Maplewood,
N. J., as Executive Vice-President, according to the Newark
"News" of Nov. 13, which had the following to say in regard
to Mr. Riley's career:
Mr. Riley was born in Orange and is a graduate of Orange High School
and of Cornell University. He entered the employ of Brown Bros. & Co.,
New York, after graduation and continued with that firm and its successor, Brown Bros., Harriman & Co., until a few months ago, when
he resigned to accept the bank office.
NEW YORK STATE.
James J. Munro of Richmond Hill (Borough of Queens),
N. Y., was notified Nov. 15 by J. B. C. O'Connor, Comptroller of the Currency, that he had been named receiver for
the Richmond National Bank of New York, which has been
closed since the bank holiday in March. Frank J. Lang has
been conservator of the institution. It is believed a new bank
may be organized to take over the old one, which has some
21,000 depositors and assets of about $2,800,000. The
New York "Times" of Nov. 15, in reporting the matter,
went on to say:
Approximately 1,700 depositors held a meeting last night. Mr. Lang
told them that large debtors of the bank had balked efforts to reorganize
It. He said that of $800,000 in loans outstanding at the time of closing
only about one-third had been collected. Martin A. Meyer, Chairman
of the depositors' committee, and Mr. Munro also addressed the group.
The new organization of the Kings Park National Bank,
Kings Park, L. I., has been approved by the Comptroller
of the Currency, Austin C. Goodier, conservator of the
bank, announced on Nov. 10. Mr. Goodier added that the
Comptroller had approved also the new directors. They
will be Judge John F. Kelly, State Senator George L.
Thompson, Sol Holdberg, Albert Gehres, Charles V. Platt,
Frank Novak, J. W. Smith, William Resiert, Elias Patiky
and Dr. Reginald Steen. Advices from Kings Park to the
New York "Times," from which this is learnt, added:
Depositors will be asked now to sign waivers, Mr. Goodier said, and
$20,000 new capital must be raised by Dec. 1 to insure opening of the bank.
It is believed the 1,500 depositors will obtain $213,000 of the $355,000
tied up since March 4. The plan approved calls for a new bank with $50,000
capital and $10,000 surplus.
Announcement was made in Yonkers, N. Y. on Wednesday of this week, Nov. 15, that efforts to complete the capital
organization of the new First National Bank in Yonkers
which is to supplant the First National Bank & Trust Co.
of Yonkers now being operated on a restricted basis had
met with success and an opening date for the new institution
was expected to be set in a few days. Only Government
confirmation of the execution of proofs of claim and sub
scription to stock is now necessary. Yonkers advices to the
New York "Herald Tribune" on Nov. 15, from which the
above information is obtained, furthermore said:
The plan to open the bank, which was drafted with the aid of Samuel
Untermyer, calls for subscription to stock by depositors in the restricted
institution and 7,400 of the old 28,000 have complied with this suggestion
so that the bank will have a $300,000 surplus and the same amount in
capital. Since the assets of the old bank, which had more than $11,000,000
In deposits are liquidated, dividends to depositors will be declared. The
first 10% dividend will be turned oveg to the new bank and after that
will be given directly to the depositors.
The first 10% dividend will bring the surplus of the new bank to about
$1,150,000, according to the plan. The Government bonds with actual
cash on hand and other immediately liquid assets held by the old bank
will form the nest egg of the new. The new organization is to be owned
and controlled by the depositors.
Prank Xavier, former publisher of "The Yonkers Herald," is President
of the new bank.
PENNSYLVANIA.
On Nov. 7, the Reconstruction Finance Corporation
authorized the purchase of $50,000 of preferred stock in the
Blairsville National Bank of Blairsville, Pa. The institution
is a new bank which is to succeed the Blairsville National
Bank. Purchase of the stock is contingent upon the sale
of an equal amount of common stock.
Concerning the affairs of the First National Bank of
Braddock, Pa., and the First National Bank of Crafton, Pa.,
the Pittsburgh "Post-Gazette" of Nov. 10 carried the
following:
Two more National banks in this district are expected to reopen within
a few weeks, freeng an additional $1,500,000 in deposits. Stock sales
required for reorganization have been completed by the First National
Bank of Braddock and the new Crafton National Bank.
At Crafton nearly $400,000 will be made available to depositors, and at
Braddock approximately $1,100,000.
In both new banks many of the depositors became stockholders by
waiving portions of their freed savings. Stock in the new bank at Braddock
was largely oversubscribed, more than 1,000 residents of the borough
becoming stockholders. The new institution will make available 65% of
Nov. 18 1933
the deposits. At Crafton 60% of the deposits in the old First Nationa
Bank of Crafton will be freed.
The Board of Directors of the RFC has authorized the
purchase of $300,000 preferred stock in the Sixth-Southwestern National Bank of Philadelphia, Pa., a new bank
which is to succeed two Philadelphia banks—the Sixth
National Bank and the Southwestern National Bank.
We learn from the Pittsburgh "Post-Gazette" of Nov. 15
that the State Bank of Elizabeth, Pa., will be replaced
shortly by a new bank, which will assume 100% of the
deposits of the old institution. Its opening will release
approximately $700,000 in deposits. The paper mentioned
continued:
Its stock selling campaign has been completed and the new institution
will have capital, surplus and undivided profits of $130,000, according
to L. M. Beatty, Cashier. The (old) bank has been progressing even
under restrictions, Mr. Beatty stated, and now has accclunts deposited
since the holiday of $155,000.
VIRGINIA.
Associated Press advices from Richmond, Va., on Nov. 10
in regard to the affairs of the closed American Bank &
Trust Co. of Richmond had the following to say:
Manager J. K. Daughton of the Richmond branch of the Reconstruction
Finance Corporation yesterday (Nov. 9) said appraisal of the assets of the
closed American Bank & Trust Co. would be given preferred attention
to "the exclusion of other matters."
His statement followed announcement from Washington that four
Richmond members of the deposit liquidation committee for Virginia
would be debarred under the law from appraising the bank's assets. The
legal department of the RFC ruled that no local banker could act in appraising the assets.
The bank receivers seek an $8,500,000 loan on its assets to pay preferred
claims and 50% on deposits.
WEST VIRGINIA.
Under a new charter and with new capital and surplus
the First National Bank at Ronceverte, Ronceverte, W. Va.,
opened for business in full on Nov. 6, according to advises
from that place to the Washington "Post," which added:
Bearing the old name in slightly changed form, the new institution
succeeds to all the business of the old, assuming deposits of the former
on a 100% basis. It has qualified for deposit insurance when that becomes
effective January 1.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The transfer of two New York Stock Exchange memberships was arranged this week, the first on Nov. 13, at
$110,000, an increase of $15,000 over the sale of Nov. 2
and the second at $120,000 on Nov. 14. The previous
transaction was at $95,000, on Nov. 2.
The membership of David M. Minton, Jr., in the New
York Cotton Exchange was sold Nov. 13 to Ira Haupt for
another for $16,500. This was an increase of $500 over the
last sale. On Nov. 15 the membership of Waldo R. PauIs
was sold to Jerome Lewine for another for $17,500.
Harold Mayer Lehman, a partner in the private banking
firm of Lehman Bros., New York, died on Nov. 14, in
Mount Sinai Hospital. He was operated on for appendicitis on Oct. 31 and shortly after developed pneumonia,
which was followed by a heart attack on Nov. 11. Mr.
Lehman, a nephew of Governor Herbert H. Lehman of
New York, was 44 years old. Following his graduation in
1912 from Cornell University Mr. Lehman entered the employ of Lehman Bros., becoming a partner a few years
later. At the time of his death he was also Vice-President
and director of the Lehman Corp., and a director of the
Anchor Cap & Closure Corp., Anchor Cap Corp., Employers
Reinsurance Corp., Hahn Department Stores, Inc., Jewel
Tea Co., Inc., National Dairy Products Corp., Phoenix
Hosiery Co. and U. S. Leather Co.
Reginald Roome, President of Excelsior Savings Bank,
New York, announced on Nov. 16 the appointment of
Everett Smith, former Secretary, who has been connected
with the bank since 1904, as Second Vice-President and
Comptroller, to succeed the late Arthur Plage, who died
last month. Cordt G. Rose, former Assistant Secretary,
has been appointed Secretary; Jacob DeRoze, Assistant
Secretary and Miss Cathryn V. McCarthy, Assistant to the
President. Announcement is also made of the election of
Douglas Gibbons, President of Douglas Gibbons & Co., as
a Trustee of the bank.
Complying with the Glass-Steagall Banking Act of 1933,
which provides that no member of a firm engaged in the
marketing of securities shall hold membership on the board
of a National bank, Gayer G. Dominick resigned on Nov. 14
from the board of directors of the National City Bank of
New York at the regular weekly directors' meeting. In
Financial Chronicle
Volume 137
accepting the resignation, the members of the National City
board expressed their regret. Mr. Dominick, who heads
the stock exchange firm of Dominick & Dominick, became
a member of the board when the Bank of America was
acquired by the National City in 1931, and had previously
served as a director of the Bank of America since 1925.
The Rockefeller Center branch of the Chase National
Bank of New York opened for business on November 15.
The new branch is located in the 70-story RCA Building,
the central structure and largest unit in the Center, and
accupies quarters on the main floor, mezzanine and basement
at the corner of Rockefeller Plaza and 49th Street. Richard
H. Mansfield is Manager of the new branch and James J.
Rogers is Assistant Cashier. A safe deposit vault has been
installed in the branch by The Chase Safe Deposit Co.
Columbus O'Donnell Iselin, formerly a senior partner of
the banking firm of A. Iselin & Co., New York, died at
his home November 10, of pneumonia. He was 82 years old.
Mr. Iselin was a son of the late Adrian Iselin, founder of
A. Iselin & Co. He was associated with the banking house
for more than 40 years, retiring in 1920, but still maintained
his office there. At the time of his death Mr. Iselin was an
officer and director of many corporations. He was director
of the Alleghany & Western Railway Co.; Clearfield &
Mahoning Railway Co.; Mahoning Valley Railroad Co.
and the Reynoldsville & Falls Creek Railroad Co.; a trustee
of the Bank of New York & Trust Co.; a director of the
Manhattan Storage & Warehouse Co., and Manhattan Safe
Deposit Co.; President and director of the Codi Corp., and
New Rochelle Homestead Co.; Vice-President and director
of Helvetia Realty Co., Interlaken Realty Co., Neptune
Realty Co. and Two Lakes Corp.
Announcement has been made by Irving Trust Co. of
New York that its Compound Interest Department, in
which are handled "Thrift" accounts, will be discontinued
after Nov. 30. Interest on its present "Thrift" accounts
will cease after that date. "We began handling accounts of
this character," it was said at the company's headquarters
at One Wall Street, "some years ago at several of our offices
in neighborhoods where savings bank facilities were not so
conveniently available as they have since become. Many
of our customers found it a convenience to keep compound
interest accounts with us." It was added:
Inasmuch as savings banks, which are organized primarily to handle this
class of business, are now situated reasonably near all our banking offices,
we feel we can discontinue this service without inconvenience to the public.
The Comptroller of the Currencp on Nov. 4 issued a charter to the National Bank of Florida, Florida, N. Y., with
capital of $50,000. The new bank succeeds the Florida National Bank of that place. Calvin C. Crawford is President
and Clinton E. Mars, Cashier, of the new institution.
On Nov. 6 the Farmers' National Bank in Honlton, Houlton, Me., was chartered by the Comptroller of the Currency.
The new institution is capitalized at $100,000, of which
$50,000 is preferred stock and $50,000 common stock. R. H.
Britton and S. D. McElwee are President and Cashier, respectively, of the new tank.
The Claremont National Bank of Claremont, N. H., was
chartered by the Comptroller of the Currency. The new institution is capitalized at $100,000, and succeeds the Claremont National Bank. Francis W.Johnston and Geo. N. Barrett are President and Cashier, respectively, of the new
Institution.
•••••••
Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania, announced on Nov. 10 the following payments
to depositors in two closed Pennsylvania banks, namely, the
Farmers' & Merchants' Bank of Dillsburg and the People's
Savings & Trust Co. of Duryea, Duryea, as reported in the
Philadelphia "Ledge" of Nov. 11:
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ferred stock and $25,000 common stock. H. C. Brenneman
and R. L. Briggs are President and Cashier, respectively, of
the new institution.
Effective Sept. 14 1933, the First National Bank of Springville, Pa., with capital of $25,000, was placed in voluntary
liquidation. The institution was absorbed by the First &
Farmers' National Bank of Montrose, Pa.
The First National Bank in Ronceverte, Ronceverte, West
Va., was granted a charter by the Comptroller of the Currency on Nov. 8. The new institution, which succeeds the
First National Bank of Ronceverte, is capitalized at $50,000,
consisting of 825,000 preferred stock and $25,000 common
stock.
C. Sterling Smith, former P- resident of the defunct Standard Trust Co. of Cleveland, Ohio, and Dale T. Winslow, the
bank's former Auditor, were found guilty of embezzlement
of the institution's funds in a verdict returned by Judge
Arthur H. Day of the Court of Common Pleas on Oct. 26.
Judge Day found the defendants builty under two counts,
namely, that they had embezzled $4,813.29 contrary to the
provisions of the State code against embezzlement and that
they had violated the general banking statute by embezzling
$14,439.89. In reporting the matter, the Cleveland "Plain
Dealer" of Oct. 27, continued, in part:
In raising Smith's bond, pending the outcome of a motion for a new trial,
from $10,000 to $20,000 and NVinslow's bond from $5,000 to $12,500, Judge
Day pointed out that under the first count they were subject to imprisonment from one to seven years, and that under the second count they might
be imprisoned for 30 years or fined $10,000, or both.
Then he ordered deputy sheriffs to "take the prisoners away." Within
an hour from the time the verdict was returned at 4 p. m., the United States
Fidelity & Guarantee Co. had furnished the required bonds, however, and
Smith and Winslow were on the street. But they spent an hour in
County Jail.
We learn from the Chicago "News" of Nov. 10 that Frank
J. Cimral, receiver of the defunct Bowmanville National
Bank of Chicago, Ill., on that date began payment of a
first dividend of 10% to all creditors who had proved their
claims.
On Nov. 9 State Auditor Barrett of Illinois announced
that a second 50% payment to depositors of the Citizens'
State Bank of Deerfield, Ill., according to the Chicago
"Tribune" of Nov. 10, which added:
Checks for the amount, are now being mailed. The first so% dividend
was paid in December last year. The bank closed in June last year.
Melvin A. Traylor, President of the First National Bank
of Chicago, Chicago, III., following a meeting of tile directors
of the bank, held Nov. 10, announced that the Board adopted
a resolution expressing its approval of the Government's program for increasing the capital structure of the banks of the
country through the issue of preferred stock or capital debentures, and directing the Executive Committee and the
officers of the bank to take the necessary action looking
toward the submission of the question of increasing the capital structure of the First National Bank by the authorization
of an issue of preferred stock—the question to be submitted
to the stockholders probably at their next annual meeting in
January. The statement issued by the bank went on to say:
Mr. Traylor stated that the amount of such authorization in his opinion
would not exceed 815.000,000. Whether the stockholders will be asked
to waive their pre-emptive right to subscribe to any issue of preferred
stock which may be offered by the bank is undetermined. The executive
cemmittee with the officers of the hank are to make recommendations to
the Board on these nand other points of detail at a subsequent meeting.
Mr. Tralyor stated that any issue of preferred stock does not contemplate any adjustment of the bank's present structure, consisting of $25,000.000 capital anad $15,000,000 surplus.
State Auditor Barrett of Illinois has announced that a
10% dividend, aggregating $27,000, had been authorized for
payment to the depositors of the Chatfield Trust & Savings
Bank of Chicago, according to the Chicago "Tribune" of
Nov. 8, which added:
This is the second payment and brings the total distributed since the'bank
closed, June 22 last year. to 25%.
The 1,182 depositors of the Farmers' & Merchants' Bank, Dillsburg, will
%
receive a fifth payment of 71
/ Nov. 21. Including the payments just
2
announced, these depositors will have received 60%, or $140,964, against
a deposit liability of $234,941.
The People's Savings & Trust Co. of Duryea, Duryea, will make a third
depositors Nov. 21. The payment will total
payment of 5% to its
*22,451. Including the payment just announced, the total amount of money
distributed by this bank so far is $89,800, or 20%.
William S. Knudsen, Executive Vice-President of General
Motors Corp. has been elected a director of the National
Bank of Detroit, Detroit, Mich., to fill a vacancy, according
to advices from that city on Nov. 15 to the "Wall Street
Journal."
The First National Bank of Freeport, Freeport, Pa., was
chartered by the Comptroller of the Currency on Nov.4. The
new bank is capitalized at $50,000, made up of $25,000 pre-
The resignation of Walter L. Dunham as President of the
Detroit Savings Bank of Detroit, Mich., was accepted by the
directors of the institution at their regular monthly meeting
3,759
3612
Financial Chronicle
on Nov. 7, it was announced by John M. Dwyer, Chairman Of
the Board. Mr. Dunham's resignation, tendered the previous
week, will become effective on Dec. 31. He will continue
active direction of the institution until that date.
Mr. Dwyer at the same time announced the promotion of
Wilson Fleming to Executive Vice-President of the institution, to take effect immediately, and the appointment of
Sidney T. Miller Jr. as Chairman of the Executive Committee. Mr. Miller is the third generation of his family to have
an intimate connection with the Detroit Savings Bank, while
Mr. Fleming has been in the employ of the institution for 29
years and is well known in Detroit and Michigan banking
circles. The Detroit "Free Press," from Which the foregoing
Is learnt, continuing, said, in part:
Mr. Dunham's resignation from the post he had held since coming to the
bank in November 1927, came as a surprise to the financial community a
week ago. A forceful character in Detroit and Michigan banking circles
for many years, his name became identified with the bank to an unusual
degree.
The Savings Bank executive declared his sole reason for resigning was
consideration for his health and a desire to take a complete rest after close
application to his duties for many years.
A letter evidencing the acceptance of Mr. Dunham's resignation and signed
by Mr. Miller as Secretary of the Board, reads in part as follows:
". . . On behalf of the Board of Directors and of its individual members, I wish to express our deep appreciation of the conscientious devotion
you have given the affairs of the bank at all times since your advent here,
and most particularly your fine courageous work during the troublesome
days last winter and spring, which played such a large part in helping this
bank to render satisfactory service when it was temporarily called upon to
do all of the banking business of the City of Detroit."
--•--
A dispatch from Cedar Radips, Iowa, on Nov.8 to the Des
Moines "Register," stated that Judge A. B. Clark on Nov. 7
authorized the Farmers'& Merchants' State Bank of Marion,
Iowa, to make a 10% payment to its depositors, bringing the
total paid out to 85%. A 50% payment was made March 3
1932, and a 25% payment Sept.15 1932, it was stated.
Henry Grass, President of the People's Bank of Hermann,
Mo., and a pioneer Missouri banker, died in St. Louis, Mo.,
on Nov.9 following a prolonged illness.
Mr. Grass was interested in a number of other banks in
Missouri and was a pioneer in organizing banks in small
Missouri towns. He was 72 years old.
United Press advices from Clinton, N. C., on Nov. 10
stated that checks totaling $12,500 were being mailed
on that day to the 900 depositors of the closed Bank of Clinton
by R.H.Stevens, liquidating agent. The checks represented
the third dividend payment,one of 10% and one of5% having
been made already, it was stated.
The Security National Bank of Greensboro, N. C., on
Nov. 2 was authorized by the Comptroller of the Currency
to establish a branch in High Point, N. C. Associated Press
advices from Greensboro, on Nov. 4, reported N. S. Calhoun,
President of the Security National Bank, as saying that the
High Point branch would probably open within the next 10
days or two weeks. The Security National Bank has its
home office in Greensboro and branches in Raleigh, Wilmington and Tarboro.
Effective Nov. 7 1933, the Citizens' National Bank of Gastonia, N. C., was placed in voluntary liquidation. The institution, which was capitalized at $500,000, was succeeded by
the Citizens' National Bank in Gastonia.
The Mercantile National Bank of Miami Beach, Miami
Beach, Fla., with capital of $100,000, was chartered by the
Comptroller of the Currency on Nov. 6 last. The institution
represents a conversion of the Mercantile Bank & Trust Co.
in Miami Beach.
The directors of the Hibernia National Bank in New Orleans, New Orleans, La., at their regular meeting, on Nov. 8,
elected the following officers: Paul Villoro, W.B. Machado,
R. G. Fitzgerald, E. P. LeBreton, J. M. 0. Monasterio and
W. W. Pope, Assistant Vice-Presidents; A. C. Lapeyre,
Assistant Trust Officer, and R. J. Druhan, Frank J. Swain
and R. F. Schwaner, Assistant Cashiers.
President A. P. Imahorn, in making the announcement,
said:
The continuous growth which our bank has enjoyed since its Nationalization, on May 22 last, thanks to the confidence and co-operation of our stockholders, customers and loyal friends, has rendered imperative the substantial
enlargement of our official personnel.
According to the pro forma statement issued when we opened as a National
bank less than six months ago, our deposits at that time were $14,121,120.46.
In response to the recent call from the Comptroller of the Currency, our
statement of Oct. 25, which was published in the local press, exhibited
Nov. 18 1933
deposits of $23,411,391.32. This is a gain of more than $9,000,000, or
better than 65%, and our deposits to-day are still larger than that figure.
Necessarily, this increase in business multiplies the detail required to comfortably and satisfactorily serve our old and new customers, so we have
added materially to our official family, confident that this development
will meet the approval of the community in general and our clientele in
particular.
In addition to those just elected, the officers of the Hibernia National Bank are as follows:
R. S. Hecht, Chairman of the Board; A. P. Howard, Chairman of the
Executive Committee; A. P. Imahom, President; J. H. Kepper, Executive
Vice-President; Bernard McCloskey, Vice-President; Fred W. Ellsworth,
Vice-President ; Willis G. Wilmot, Vice-President ; G. W. Owen Jr., Cashier;
Louis V. DeGruy, Trust Officer.
Under date of Oct. 31, the First National Bank of Idaho,
of Boise, Idaho, was authorized by the Comptroller of the
Currency to maintain the following branches,'all in that
State:
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.
Bank
The Bank of America National Trust & Savings Association (head office San Francisco) of California and its associated State bank,announced on Nov. 10 that it would increase
the pay of 1,100 of its employees on Dec. 1. In making the
announcement, L. M. Giannini, Senior Vice-President,
pointed out that the present salary adjustment is the second
of its kind in recent months and is in line with the bank's
previously announced policy of restoring salaries to a normal
basis as general conditions and earnings continue to improve,
and its desire to co-operate with the National Administration's program of increasing the volume of business by improving the purchasing power. The statement issued by
the bank continuing said:
The full amount of the increase for the month of December will be
paid on Dec. 15, in order to provide employees with these extra funds for
Christmas shopping to stimulate the volume of holiday trade.
The present revision, placing the salaries of 77% of the institution's
Personnel on the normal pre-depression basis of pay, is made possible hi
the substantial and sustained improvement in the bank's earning record.
Between the call dates of Sept. 30 1932 and Oct. 25 1933, a period of
approximately a year, the combined banks earned $8,078,356 from which
$1.550,000 was paid in dividends. During the same period total deposits
Increased $35,799,275, and 364.416 new accounts were opened.
Placerville National Bank, Placerville, Calif., became a
part of the Bank of America organization (head office San
Francisco), on Nov. 4. An announcement in the matter by
Will F. Morrigh, President of the State-wide branch banking
institution, said:
Members of the staff of the Placerville National Bank will join the personnel of the existing branch of the Bank of America at Placerville on Monday (Nov. 6). Rolon T. Irish, who has been Cashier of the local Placerville
Institution, has been appointed an Assistant Manager of the Bank of America
Placerville branch, which is in charge of Guy E. Wentworth, Vice-President
and Manager. All members of the local bank's Board of Directors will
became members of the Bank of America's Placerville Advisory Board.
Control of the Placerville National Bank, which was founded in 1926, has
been held for some time by Transamerica Corporation, which owns the Bank
of America.
The appointment of W.R. Fawcett as a Vice-President and
a director of the Seaboard National Bank of Los Angeles,
Calif., was announced on Nov.6 by K. L. Carver, President
of the institution. Mr. Fawcett was formerly President of
the Hollywood National Bank of Los Angeles, Hollywood,
Calif., which was merged recently with the Seaboard National Bank interests and is now operated as a branch of
the Seaboard National Bank. The Los Angeles "Times" of
Nov. 7, from which the foregoing is learnt, continuing, said:
Prior to assuming the direction of the Hollywood National, he was associated with the Pacific Clay Products for a number of years. He is a director
of the Los Angeles County Independent Bankers' Association and was a
director and member of the Executive Committee of Western Air Express
for several years after the company was founded.
Mr. Fawcett, according to the announcement, will divide his time betwen
the new Hollywood office and the main office of the Seaboard National,
C. D. Hely-Hutchinson and A. d'A. Willis were recently tippointed directors of the Westminster Bank, Ltd.. London.
CURRENT NOTICES.
—Baron G. Helbig & Co., 60 Broad St., New York, announce the
monthly publication of a quotation sheet of approximately 125 bond Wiled
underwritten by S. W. Straus & Co.
—Allied Distributors, Inc., 63 Wall St., this city. Is distributing a Bs
of ten public utility operating company preferred stocks, currently selling
between 12 and 20.
—Courts & Co., members New York Stock Exchange, of Atlanta, Ga.,
have moved their offices to 11 Marietta St., where they occupy the ground
floor space.
—W. C. Gibson & Co., Chicago, announce the removal of their offices
to the Continental Illinois Bank Building, 231 S. La Salle St.
—J. S.LBache_& Co. have published a circular on the gold stocks.
Volume 137
Financial Chronicle
3613
22nd ANNUAL CONVENTION
Investment Bankers' Association of America
HELD AT HOT SPRINGS, VA., OCTOBER 28 TO NOVEMBER 1 1933.
INDEX TO REPORTS AND PROCEEDINGS
Page.
Annual Address of President of Association, Frank M. Gordon .3613
Essential to Re-define IndefiResolution Adopted Declaring It
3615
nite Liabilities Imposed Under Federal Securities Act
3615
Report of Legislation Committee
3617
Report of Business Conduct Committee
3617
Address by A. H. Dean of Sullivan & Cromwell
3617
Foreign Securities Committee
Report of
3618
Report of Director of Institute of International Finance
3619
Report of Government and Farm Loan Bonds Committee
3621
Report of Municipal Securities Committee
Report of Federal Taxation Committee
Report of Railroad Securities Committee
Address by Floyd L. Carlisle
Report of Real Estate Securities Committee
Report of State and Local Taxation Committee
Report of Investment Companies Committee
Report of Oil and Natural Gas Securities Committee
Report of Distribution Sub-Committee
Stock Brokers Eligible to Membership in I. B. A
Election of Officers
Page,
3624
3624
36 6
3627
3627
3628
3629
3631
3631
3631
putting
Annual Address of President of Association, Frank M. to risk existing resources byliable for his name on financing under a law
years and adopts the
next
Gordon—Reports Almost Complete Stoppage of that makes him personally he is to thejudged10
guilty unless he can be
be
unprecedented principle that
Security Offerings As Result of Passage of Federal prove innocent. It is time for some plain speaking. The law is a hindrance
Securities Act—Amendment Asked in Interest of to National recovery. Personally, I do not believe that anyone ever intended to pass 'a law which makes a country dealer who handles $10,000
National Recovery.
The effect on the investment banking business of the of a $10000000 issue liable for the entire 510.000.000.
Mr. Gordon is Vice-President of the First National Bank
enactment of the Federal Securities Act was pointed out by
his annual address as President of the of Chicago; his address to the convention follows in full:
Frank M. Gordon in
Investment Bankers' Association of America, delivered at Gentlemen of the Convention:
As the term of the high office to which you have elected me draws to a
the opening of the annual convention of the Association at close. I am following the established tradition of reviewing the events
passage of of the past year. In previous and happier years, it has been the custom
Hot Springs, Va., on Oct. 30. The result of the
of the retiring
the Act, said Mr. Gordon, "has been an almost complete and the part itPresident to chronicle the achievements of the Association
development of the country. I can give
has taken
market corporate underwritings for you no glowing account ofin the
stoppage of new general
this character. All business has suffered in the
capital improvement, and an embarrassment to refunding eventful 12 months just past, but none has faced such a storm of abuse
based on misunderstanding,
and readjustment of old issues." "It is obvious," Mr. and slander, mostlyam proud to say that we haveas has the investment
met the situation with
banking business. I
Gordon commented, "that capital goods production must courage and with dignity. Toward irresponsible recrimination we have
and wi I be provided for. Such production can in the main maintained silence. Whenever a statement of our position has been deemed
be financed only by the credit process, for before industry essential, we have spoken fearlessly. a higher standard of living than any
Our country, which to-day provides
can hire workers it must first hire credit,sand capital goods other nation in the world—in which even those out of work live better
production requires long-term credit. Hence to employ than those in comparable circumstances in any other country—even under
fighting for. Our Induspresent conditions has institutions that are
long-term credit in order that industry may employ more trial plants are still models for the entire worth Our railroads, aircraft
world.
workers, industry must seek the courses of investment funds and automobiles still furnish a transportation system which is not even
approached by any other nation. In food, in clothing, in housing,
from individual and institutional investors who ordinarily remotely in the
and even
recreational enterprises, we are still far in the lead. In the
supply such credit."
upbuilding of this Nation, which has taught the world how to create new
gravest obstacles in the wealth for the masses and not for a privileged few, the investment banker
Mr. Gordon declared that "the
largely rests
practical operation of this law are contained in the indefinite has been a leader in the financial field. Upon him major publicthe responor private
sibility of determining the fate of any proposed
liabilities which are imposed upon industry and upon security enterprise. Before the architect or engineer has begun the execution of
his plans, before the contractor has started construction of any important
dealers." He further said:
The burden of proof Is put upon the defendant to sustain the defenses
which are given to him under the Act. From the long-established legal
doctrine of presumptive honesty, the law has made a swing toward presumptive guilt and seema to conclude that makers and sellers of securities
are presumptively corrupt. I make this assertion. not only as to the language
of the Act itself, but on the character of registration statements being
required under it.
Mr. Gordon asserted that "the Federal Securities Act
should be modified, so that the liability sections are made
reasonable, and the complex procedure involved in registration simplified." "Let no one," said Mr. Gordon, "make a
mistake with regard to our position. We are, as we always
have been, for an effective law. Our recommendation is
made with a full acceptance of the spirit and purpose of the
Act, and the sole purpose of such modification would be to
make the Act workable, and thereby increase its effectiveness. All we ask is that this Act be so amended as to enable
us to do our part in the interest of National recovery." In
the course of his address Mr. Gordon said:
There are outstanding approximately 13 billion of railroad bonds, With
the normal credit market practically closed to such securities during 1932
and 1933 and earnings below a normal rate. I daresay that the Interest
charges on a very large part of this debt would have been in default had
not the Federal Government made advances to meet the emergency. The
same economic conditions which thus affected our railroad credit permeated
every form of borrowed capital.
President Gordon, in a press interview following his
formal address, declared that a reservoir of money that can
be translated into jobs for millions of people is being held
back by the need for clarification of the liability sections
of the Act. He was further quoted as saying in the press
interview:
All over the United States corporations are ready to undertake the
necessary financing, but no corporation director in his senses is going
structure, before the laborer has turned the first shovel of earth in any
such enterprise, the investment banker has placed back of it his resources.
his skill and his reputation. Through the investment banker comes the
means for the Nation's capital financing. If it be he who is to blame for
some of its failures, then to him also belongs the credit for much of the
success of our industrial development which even in this day stirs the
envy and inspires the hope of the modern world.
In times like these. it is natural to seek a scapegoat. A man who has
made an unfortunate investment is not willing to accept the loss as one
due to an error of his own judgment. He prefers to have someone at hand
on whom to heap all blame. The investment banker was a peculiarly
easy victim for this purpose. His work was little understood and his wisdom
over-estimated. It is a truism that men suspect that of which they are
ignorant: and as the field of finance has always been one of mystery to
the public, it has been a handy place in which to lodge responsibility for
all the ills of the day. As individuals and investment bankers we resent
these unjust accusations. It is, therefore, our duty to review our part
in the events leading to the depression and to objectively appraise the
remedies now aought to be applied to our business. This I propose to do.
We are opening the 22nd annual convention of the Investment Bankers'
Association of America. This association has among its main objects the
safeguarding of security issues and the protection of the public against
irresponsible dealers in investment securities. It was designed to promote
an exchange of information and to improve the ethical standards of the
business, not alone for the good of those engaged in it, but also for the
general good of investors.
We were scarcely well organized in our Association work when the
World War broke upon us, and up to the present time, the entire life of
the Association has been in periods of unprecedented economic development and change. During this period, direction of our previous industrial
activity, our credit status and our economy was suddenly changed. We
ceased to borrow capital from the Old World. Instead, through the shipments of our goods and the granting of loans, we became the creditor
nation of the world. Then, as we entered the war, the investment banking
business as It had previously existed was virtually wiped out. New capital
issues as well as the production'of new wealth were all directed toward
winning the war. Investment bankers who did not enter the active service
enlisted in the supplementary work, and it was members of this Association
who headed the Liberty Loan drives. Over 21 billions of Government
bonds were sold to the public, yielding rates of interest as high as 43(%•
Later on. these investors who had never purchased securities, other than
Government bonds, acquired a thirst for investments of a higher yield.
3614
•
Financial Chronicle
Nov. 18 1933
After the war came a great rebuilding era. The war had loosened economic
by it than those outside our business. We could have done nothing to
forces with which we were all unfamiliar. On the one hand it had created
stem the tide, and we would have been super-human if we had, as a body,
vast wealth; on the other, tremendous destruction. The situation was
sought to do so.
unprecedented and the circumstances all combined to create a tremendous
The relationship between capital goods and consumer goods has changed
demand for replacement of capital goods. In the 143 years from January
very rapidly in the past year, and to-day it cannot be questioned that
1919 to July 1933, or from the close of the World War to the present time,
there is a need for capital for both consumer goods and capital goods.
capital financing in this country amounted to over 39 billion dollars.
By the term "capital goods" we mean the entire array of capital equipment.
During this period of economic advancement it was found necessary to
We mean homes, home furnishings, automobiles, building materials
obtain this huge sum of capital through the marketing of bonds and stocks, locomotives, cars and steel rails, factories and machinery, public improveWe are all familiar with the procedure used to obtain this tremendous
ments, etc. There are some who do not believe in the expansion of capital
volume of capital. Our industries and our State and municipal entities
to bring old industrial plants up to date or to provide new enterprise.
did not seek capital directly from those with funds to invest. Instead
That school of thought presents the theory that it would be better to operate
they employed the services of investment bankers to mobilize the needed
on a less efficient basis, so as to provide more jobs and thus eliminate what
capital. The capital expenditures of our States and cities, to build roads,
they choose to call "technological unemployment." To my mind such
erect buildings and create educational facilities, were supplied through
principles run entirely contrary to what we have come to know as progress.
this medium. It provided our railroads with capital credit to maintain
The impracticability of the proposal that industry mark time is well stated
adequate transportation, our public utilities with the means to extend
in a current research bulletin, as follows:
their services, and our industries with funds to initiate and expand their
"Young men, without an old plant on their hands, start in business.
operations. Facilities were expanded and production increased as never
When they equip a new plant, nowever small, all the newly developed
equipment is at their disposal. If they start with second hand machines,
before, so that what was formerly considered a luxury for the few came
they put in the newer ones just as soon at their profits enable them to do so.
to be regarded as a necessity for the many.
And nowadays, with financing companies standing ready to spread payFor this extension of capital investment, our business assumed a responment over a term of months or years, they do not have to begin with old
sibility that went much farther than providing an organization for large
machinery. This competition, therefore, forces the older and larger concerns to adopt modern equipment. And that scraps the impractical sugscale distribution of securities. It concerned itself with the adoption of
gestion. Progress cannot be stopped."
policies which would, as far as possible, protect those who had advanced
these vast sums. Regulatory practices within our own ranks and superIt is obvious, therefore, that capital goods production must and will be
vision under various State laws came into existence, and by them we
provided for. Such production can in the main be financed only by the
sought to chart a course that would, so far as circumstances and conditions
credit process, for before Industry can hire workers it must first hire credit,
were within our control, enable us to limit or avoid losses to the investor.
and capital goods production requires long term credit. Hence, to employ
Further, it was part of the tradition of investment bankers to concern
long term credit in order that industry may employ more workers, industry
the business or industry whose securities
themselves with the success of
must seek the sources of investment funds from individual and institutional
they sold. .The investment banker in this country sponsors the securities
investors who ordinarily supply such credit. In the present situation no
which he originates and offers. His name appears on the prospectus, and
obstacle should be placed in the path of properly supplying this credit.
the public is not left in doubt as to the originator of the issue. Our investBesides certain features of the Federal Banking Act which I shall not
ment banking system has been compared unfavorably with the English
discuss, unfortunately there exists one paramount obstacle, and that is
method and it is of value, therefore, to see what the leading English authorthe legislative restriction on the flotation of issues and the re-organization
ities think of the difference between the two methods. In a report prepared
of defaulted issues.
by the Committee on Finance and Industry, headed by Lord McMillan,
The Federal Securities Act.
and compiled in collaboration with the leading bankers and economists
I am about to discuss the Federal Securities Act. But before I do let
presented to Parliament in June 1931, the American system
of England and
no one make a mistake with regard to our position. We are, as we always
of close co-operation between industry and finance is recommended in
have been, for an effective law. The recommendations that I am about
these words:
to make are made with a full acceptance of the spirit and purpose of the
Act and the sole purpose of modification would be to make the Act workable
"Taking first the very broadest view over the modern world, we believe
that in any community which wishes to keep in the van of progress the
and thereby increase its effectiveness. All we ask is that this Act be so
financial and industrial worlds should be closely integrated through approamended as to enable us to do our part in the interest of national recovery.
priate organizations. Bankers, or financial leaders, who are in toucn with
The Federal Securities Act was designed to prevent fraud on investors.
the leaders of finance in other countries, who have a thorough knowledge
of the economic and financial conditions, not only of their own, but of
It has had the practical effect to date of freezing all new long-term credit.
countries, and who are in a position to watch and to judge of the
other
When we consider the stupendous figure I have already mentioned-89
underlying changes taking place in those conditions, should be able, if
billions of long-term securities issued in this country since the World War—
they are in confidential and continuous relationship with industria.ists,
we must recognize how vital it is to the Nation that the integrity of our
not only to supplement the information at the disposal of industrialists
themselves but also to give aid of very great value in all financial problems."
credit structure be maintained.
Long before the passage of the Federal Securities Act, this Association
with its analysis of the English situation, the McMillan
Proceeding further
fought against the issuance of fraudulent securities and urged the enactreport reveals the fallacy of the belief current in this country that the
ment by Congress of legislation which would prevent inter-State dealing
English system has been impervious to such speculative orgies as we have
In fraudulent securities. We pointed out the inadequacy of many of the
had. The report deplores the lack of information given English investors
existing State laws, and the inability of the States to cope with the problems
American investors. Referring to the year 1928, the
fa compared with
of inter-State security transactions.
aeport continues as follows:
Shortly after his inauguration, President Roosevelt sent his message
"In that year the total amount subscribed for capital issues whether of
to Congress, outlining the principles of a Federal securitieslaw. His fine
shares or debentures of 284 companies was 117,000,000 pounds. At May 31
Ideals and sound ideas were welcomed and approved by our Association.
1931, the total market value of these issues as far as ascertainable was
66,000.000 pounds,showing a loss of over 50,000,000 pounds or about 47%.
He stated emphatically that such legislation should be so drafted as not
In fact the public's loss has been greater since many of these shares were
to hamper honest business. The Federal Securities Act was shortly thereno doubt sold by the promoters at a high premium. Still more striking
after passed by Congress. Its result up to this time has been an almost
perhaps, 70 of the above companies have already been wound up and the
capital of 36 others has no ascertainable value. The issues of these 106
complete stoppage of new general market corporate underwritings for
companies during that year amounted to nearly 20.000,000 pounds."
capital improvement and an embarrassment to refunding and re-adjustment
of old issues. Why has this condition followed?
To those who are wont to make unfavorable comparisons between
Your officers have made a thorough study of this law and with the
American and English financing, this report should prove a revelation.
assistance of many members have endeavored to make a fair analysis of
I emphasize again that on the authority of this highly eminent committee,
the effect of its provisions. We have arrived at certain definite conclusions
the American investor has always received from responsible financial
and our views have been given publicity. These views have been attacked
houses more information and better sponsorship than has the English
by some and have been supported by others. Throughout the whole
Investor,
discussion, I have been deeply impressed with the sincerity of purpose
Notwithstanding the investment banking policy in the United States,
which has characterized these divergent opinions, and which, it seems to
the depression brought a decline in security and commodity values unme, augurs well for the adjustment of our problems.
paralleled in history. The stocks of 29 representative American companies
The gravest obstacles in the practical operation of this law are contained
show a decline of 87.14% from 1929, the peak of the speculadve era, as
In the indefinite liabilities which are imposed upon industry and upon
compared with the low price level of 1932. when we were in the throes
security dealers. The Act,as you all know,requires the filing of registration
of the depression. Railroad bonds showed a market decline from 1927
statements by the issuing company. These statements must contain a.
of 52.7%, public utility bonds 30.2%, and industrial bonds 45.5%•
vast amount of information with respect to the affairs of the company.
The development of foreign financing in this period also became an
Under Section 11 of the Act, if any part of the registration statement
important factor in the security markets. The total amount of foreign
contains an untrue statement of a material fact, or omits to state a material
dollar bonds publicly offered in this country during the years 1920 to 1932,
fact required to be stated therein or necessary to make the statements
is
both inclusive, amounted to the sum of $9,550,000,000. This figure
therein not misleading, any person acquiring the security issued may not
derived from Department of Commerce data and does not include foreign
only sue the various officers of the company which signed the statement,
stock issues, foreign currency bonds, issues of domestic corporations
the directors of the company, and others, but he may also sue every underoperating principally abroad or issues of the non-contiguous territories
writer with respect to such security. An underwriter is made liable not
of the United States. Compared with the figure stated, the same source
only for the securities which he sells, but for the entire amount of the issue.
Indicates that on August 31 last, there were outstanding $8,987,077,050
The burden of proof is put upon the defendant to sustain the defenses
foreign dollar bonds, and that the debt service is being paid in full on
which are given to him under the Act.
$6,557,820,450 of them.
From the long-established legal doctrine of presumptive honesty, the
There are outstanding approximately 13 billion of railroad bonds.
law has been made to swing toward presumptive guilt and seems to consuch securities during
With the normal credit market practically closed to
clude that makers and sellers of securities are presumptively corrupt.
1932 and 1933 and earnings below a normal rate, I daresay that the interest
I make this assertion, not only on the language of the Act itself, but on
charges on a very large part of this debt would have been in default had
the character of the registration statements being required under it. It
not the Federal Government made advances to meet the emergency.
Is an axiomatic outgrowth of all experlenCe that ordinary business must
The same economic conditions which thus affected our railroad credit
be conducted on the assumption that almost entirely all transactions are
permeated every form of borrowed capital.
honest. Business could not survive were this not so. If a legislative theory
What were the causes of the depression, and should we as responsible
of presumptive dishonesty be substituted for this truism, then the business
Investment bankers have anticipated and sought to prevent them? I
affected cannot succeed. It is clear from an examination of the questions
will not attempt any exploration of the economic factors which brought
calling for information that every registration is regarded with suspicion,
about the depression. We are practical investment hankers and we know
,
The old doctrine may have been too strong but certainly it was far more
that we are daily confronted with problems that demand the application,
sound than the theory that every maker and seller of securities is guilty
not only of rigid rules, but of common sense. We know that formulas
until he proves himself innocent of any fraud. The present law removes
will not fit every situation, and we know that the word "science" cannot
all responsibility from the purchaser, and fosters litigation. It invites
In any literal sense be applied to any Political, social or financial system
nuisance suits and spurious claims. The responsibility of sound investing
under which men now live. It would be foolish, of course, to disregard
rests on a triple foundation—on the integrity and experience of the issuer
the analyses and generalizations of the scientific observer; but I think it
and of the security dealer and on the exercise of caution and common sense
would be equally foolish to attempt to find the exact truth in any stateby the investor.
ment of their observations,
But the risk in this new It w is not merely one of civil liability. The
All we can say, therefore, about the depression is that, in spite of the
Act subjects the seller of securities to criminal liability for the wilful omission
warnings of many eminent men, the entire Nation was filled with an
of a material fact. This may sound like a substantially safe proposition
optimism so great that it Proceeded to an unheard of expansion. I need
because after all, if a man will wilfully omit a material fact he should be
not recall the facts of that so-called "new economic era." I need not feel
punished. But, all the facts with respect to any issue cannot be put forth
any sense of shame when I admit that the investment bankers were inn a prospectus. Some selection has to be made, and matters which mayduenced by it. I believe firmly that we were probably no more influenced
Financial Chronicle
Volume 137
not appear to any experienced and honest issuer or dealer to be material
at the time may be wilfully omitted at the time of the underwriting, and
in the light of subsequent events come to have a material importance.
What may constitute a material fact? What is a wilful omission? What
information is necessary when a security is sold? Who among us has
sufficient wisdom and foresight to be willing to take a chance, not only
affecting his property, but affecting his liberty as well, in the determination
of these questions for the sake of making an underwriting commission?
We encourage among our members a high sense of fairness and honor.
We desire them to make a full disclosure of all essential facts so far as they
can be determined at the time. We certainly can take no exception to
this as a statement of principle to be adhered to under all circumstances.
Assuming a given security is one that the investment banker is prepared
to underwrite, is there any great industry in the country whose officers
and directors could assume the responsibility imposed upon them by the
Act? The persons who sign the registration statement-including the
Principal executive officer, the principal financial officer, and the comptroller or principal accounting officer of the issuer
-and all persons who
were directors, are liable. They may escape liability only if they can
establish that they had reasonable ground to believe and did believe at
the time that the registration became effective that the statements therein
were true and that there was no omission of a material fact required to
be stated. It would take a very courageous board of directors, assuming
that they were men of responsibility, who could assume a liability so broad.
The whole legal theory of the law of corporations is based upon the limitation of individual liability except in the case of fraud. Inability of an officer
or director of an issuer or inability of a dealer to forecast the future should
not be included in a statutory definition of fraud. The liability under this
Act may extend for a period as long as 10 years.
The Federal Securities Act should be modified so that the liability sections
are made reasonable, and the complex procedure involved in registration
simplified.
I want to repeat what I said when I started my discussion of the Federal
Securities Act. Let no one make a mistake with regard to our position.
We are, as we always have been, for an effective law. Our recommendation
is made with a full acceptance of the spirit and purpose of the Act and the
sole purpose of such modification would be to make the Act workable
and thereby increase its effectiveness. All we ask is that this Act be so
amended as to enable us to do our part In the interest of national recovery.
Your Board of Governors has completed the preliminary work of this
meeting. There will be four convention sessions and 10 forums in all.
The opportunity for you to counsel on the major questions of industry
and finance is at hand. Gentlemen, I now place these important problems
before this, the 22nd annual convention of the Investment Bankers'
Association of America, and I am confident you will apply all of your
skill and experience to their solution
Attached to Mr. Gordon's address were the following
tables:
TOTAL FINANCING IN THE UNITED STATES DURING THE
14 YEARS AND 6 MONTHS ENDING JUNE 301933,INCLUDING
BOTH NEW CAPITAL AND REFUNDING.
(Source: "The Commercial & Financial Chroniciel
Total.
Stouts,
Bonds ct Notes.
•
Municipal
$17,074,405,000
517,074,405,000
Farm loan
2,145,591,000
2,145,591,000
United States Possessions
171,951,000
171,951,000
War Finance Corp
200,000,000
200,000,000
Total
Railroads-Domestic
Canadian)
$19,591,947,000
$19,591,947,000
(including
57,483,169,000
$795,734,000 $8,278,903,000
puplic utilities-Domestic (including Canadian)
$14,271,063,000 $6,452,325,000 $20,723,988,000
Industrial-Domestic (including
Canadian)
Iron, steel, coal, copper, &c..._ $1,1318,105,000 51,071,319,000 $2,689,424,000
Equipment manufacturers_
104,408,000
27,349,000
221,757,000
Motors and accessories
416,885,000
740,162,000 1,157,047,000
011
2,330,354,000 1,768,866,000 4,099,220,000
Rubber
397,374,000
421,674,000
819,048.000
Shipping
136,876,000
63,741,000
200.617,000
Other industel & manufactueg 3,495,382,000 3,857,690,000 7,353,072,000
Total industrial-domestic- 38,589,384,000 $7,950,801,000 $16,540,185.000
Land, buildings, &c
Investment trust, trading, holding, &c
Canadian Government
Foreign gov'ts (except Canadian)Foreign corporate (except Can.)_
Miscellaneous
Grand total
$4,420,043,000
442,500,000
1,428,331,000
5,699,990,000
2,675,659,000
2,435,248,000
Total
Railroads-Domestic (Including Canadian)
Public utilltles-Domestic (Including Canadian)
Industrial Domestic (including Canadian)
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
011
Rubber
Shipping
Other industrial & manufacturing
Total industrial-Domestic
Land, buildings, etc
Investment trust, trading, holding, &c
Canadian Government
Foreign Governments (except Canadian)
Foreign corporate (except Canadian)
Miscellaneous
424,484,000
2,927,406,000
3,514,001,000
1,428,331,000
5,699,990,000
3,100,143,000
5,362,654,000
567.037,934,000 $22,050,174,000 589.088,108,000
Municipal
Farm loan
United States Possessions
War Finance Corp
(rand total
$427,923,000 34,847,966,000
3,071,501,000
11.2
21.3
3.6
29.2
2.4
.3
.6
3.5
.6
.2
5.2
4.9
.1
3.4
8.0
1.9
.3
17.5
12.8
36.1
8.6
.7
2.1
8.5
4.0
3.6
1.9
13.9
____
___
1.9
13.4
100.0
100.0
Resolution Adopted Declaring it Essential to Re-define
Indefinite Liabilities Imposed Under Federal
Securities Act.
Following the annual address of Frank M. Gordon,
President of the Investment Bankers' Association of America,
who dwelt upon the effect of the Federal Securities Act in
hampering national recovery as a result of the fact that
it has served to bar security offerings, the Association at its
annual convention at Hot Springs, Va., October 30 is
reported to have held a secret forum at which the provisions
of the Act were discussed in more detail, to the end, said
a dispatch from Hot Springs to the New York "Herald
Tribune," that they may find some way to raise the money
necessary to revive industry and thus provide jobs. The
following is the resolution unanimously adopted by the
convention:
Resolved: That the purposes of the Federal Securities Act of 1933. as
stated in the title of the Act to assure investors adequate and correct
information relative to enterprises on which securities are based, and to
protect the investing public against losses caused by fraud of any kind
practiced in any manner, have the entire approval and support of the
Investment Bankers' Association of America, and our Association believes
that every seller of securities should be liable to the buyer for any damage
caused by negligence or bad faith on his part.
It has been demonstrated, however, that the effect of certain provisions
of this legislation, which go beyond the express purposes of the Act, has
been to retard the normal flow of capital into business and industry as
represented by new issues of established enterprises. The absence of a
capital market may be attributable to several causes, including the present
unsettled economic conditions, but in the opinion of our Association the
most important single cause has been and is these provisions of the Securities
Act.
This condition is seriously interfering with industrial recovery and reemployment. It is essential to re-define the indefinite liabilities imposed
by the Securities Act so as to make it possible for responsible enterprises
to meet their requirements for new capital and to co-operate with the
recovery program.
We offer our co-operation to any constructive program to this end.
The resolution was introduced by Henry T. Ferriss,
Executive Vice-President of the First National Co. of St.
Louis and a former President of the Investment Bankers'
Association.
Report of Legislation Committee-Presents Data Respecting Legislation Relating to Sale of Securities
-160 Bills Offered in 36 States Amending Their
Securities Laws.
The report of the Legislation Committee of the Investment Bankers' Association of America brought before the
annual convention of the latter at Hot Springs, Va. on
Oct. 30, was confined to legislation bearing on the sale of
securities and the licensing of dealers in securities. The
Committee states that approximately 160 bills were offered
in 36 of the 48 States to amend or wholly rewrite existing
securities law of the respective States. In 13 States the
laws were changed, either by amendments or rewriting the
entire law. "Among other conclusions the Committee finds
that "there is a greater appreciation than heretofore of the
effect of the securities laws upon the secondary market of
securities." "This," says the Committee, "has long been
one of the really difficult problems incident to laws of the
regulatory type." "Many expressions of the necessity of
working out some sound solution to this problem have been
heard" says the Committee, which regards it as "a good
indication," and "should be encouraged." The report of
the Legislation Committee, headed by Francis M. Knight,
of the Continental Illinois Co. of Chicago, was submitted
as follows:
If this Committee were to report on all legislation during the year 1933.
State and national, of direct interest to investment bankers, the report
would be voluminous indeed. We are confining it, however, to legislation
relating generally to the sale of securities and the registration or licensing
of dealers in securities, and to activities in the respective States, touching
only briefly on national problems.
Truly this has been a legislative year, both State and National. There
have been more sessions of State Legislatures during the year than States
of the Union, notwithstanding the fact that five State Legislatures were
22.0
not in regular session. The excess, of course, was occasioned by extra
9.3
sessions convened at the call of the Governors.
23.2
Approximately 160 bills were offered in 36 of the 48 States to amend or
to wholly rewrite existing securities law of the respective States. Each of
these bills was given consideration by the Legislation Committee of the
3.0
appropriate group and by the Field Secretary on behalf of this Committee
.3
in collaboration with its Chairman and Vice-Chairman. The Field Sec1.3
retary maintained contacts with group committees and gave to them,
4.6
when requrested or when it appeared to be advisable, his analysis of the
.9
bill, together with such suggestions as were pertinent.
.2
Some of these bills were of minor importance or even of no importance to
8.3
the daily activity of the investment banker. Others, apparently drawn
18.6
with the best of intentions, were such that had they become a law, public
financing of the most legitimate and necessary charactor, in our opinion.
5.4
would have been almost impossible in these States. Through the ap4.0
propriate committee, situations such as those were pointed out to officials
1.6
and Legislators and in most instances reasonably satisfactory modifications
6.4
were made. While final results have not been all that we might wish, we
3.5
believe that a great deal has nevertheless been accomplished by the As0.0
sociation in very difficult times, due in a great part to the splendid spirit
100.0 of co-operation shown by those with whom we have worked.
-Percentage to Total.
Bonds ct Notes. Stocks.
Total.
25.4
19.2
3.2
2.4
.3
.2
.3
.2
29.2
3615
3616
Financial Chronicle
Twenty-four, or exactly one-half, of the States made no changes in
securities laws this year. Of the other half, 11 enacted amendments more
or less Immaterial to the daily routine of the investment banker. These are:
Alabama, Colorado, Georgia, Maine, Nebraska. New Hampshire, New
Mexico, North Carolina, South Dakota. Utah and Vermont.
In 13 States these laws were changed, either by amendments or by
rewriting the entire law, in certain material points,—some. of course, more
material than others. These States are: Arkansas. California, Connecticut,
Florida, Idaho, Illinois. Kansas, Minnesota, Montana, Oklahoma, Oregon,
West Virginia and Wisconsin.
Trends of Legislation.
The trend of legislation respecting the sale of securities in those 13 States
which material amendments were made during the past year was toward
In
restricting or eliminating exemption provisions and of granting to the
administrating authority broader discretionary powers respecting stop
orders, suspensions or revocations and respecting the examination into the
affairs of registered or licensed dealers. Such amendments are not necessarily indicative of any country-wide trends, since only one-fourth of
the States made any general revision of or mater.al amendments to their
securities laws.
From these trends and from general observations we conclude:
1. The attitude of the public mind appears to support the purpose
and intent of securities laws. whether State or National.
2. There is a perceptible awakening to the importance of capital financing
as an aid to the return of industrial and commercial activity. A very
considerable portion of the public, however, is insistent upon more and
more stringent regulations, apparently believing that thereby it will be
possible both to punish any malefactors of the past and to render the
matter of investing surplus funds comparatively simple and free from
risk. What the public fails adequately to realize is that it cannot have
the benefits of this much needed capital financing under laws so restrictive
in character as to stifle the financing.
3. There has developed in certain jurisdictions a disposition to provide
for and to put into effect flexible rules and regulations promulgated by the
administrative officer under general authority of the securities law to
establish acceptable practices respecting the issuance and sale of securities
and the designation of lines beyond which issuing corporations and investment bankers and brokers may not operate without subjecting themselves to specific inquiry and the furnishing of detailed Inc nenation. This
constitutes a new idea in securities regulation and justifies careful consideration. Your committee does not believe this practice can be developed into a sound and workable plan.
4. There is a growing demand that regulatory laws should begin not
with the sale of the security but with the organizati ea of the issuing corporation by restricting the powers of such corp oration. its officers and
directors, thereby hoping to establish a sounder base for the issuance of
securities. Likewise, there is a pronounced disposition to ask legislatures
for laws requiring certain things of issuing corp 'rations as a condition
precedent to incorporation,such as periodic publication ofcorp rate accounts
and auidts for and at the instance of stockh elders and (or)security h &dere.
5. There is a greater appreciation than heretofore of the effect of the
securities laws upon the secondary mareet of securities. This has long
been one of the really uifficult problems incident to laws of the regulatory
type. Many expressions of the necessity of working out some sound
solution to this problem have been heard. It is a good indication and should
be encouraged.
In a number of State jurisdictions the appropriation for salaries of
Securities Commissioners and of other employees of the securities departments, and for otherwise carrying into effect the purposes of the State
Securities Law, has been very materially reduced and in some instances
limited to the fees collected through the securities law. In all probability
this will create a laxity or inability to apply the law in cases where most
needed. leaving . burden upon legitimate business without accomplishing
the purposes intended.
Federal Legislation.
Of the numorous Important measures before Congress during the past
year. it appears that only the Securities Act of 193:3 is appropriate for any
mention by this Committee. Other measures, important as they are,
come under other committees. As to the Securities Law, this measure
primarily was handled under the direction of President Gordon. in conjunction with other officers, attorneys and special committees as were
available and appeared appropriate at the time. We understand a suggestion under consideration is that of authorizing the appointment of another
Committee to be charged with Federal legislation and kindred matters
national in character. Your Committee recommends that this be done.
Also, the year 1933 saw the final passage of the Glass-Steagall Banking
Act.
We leave to President Gordon any comments to be made on above bills.
Changes made in State securities laws of most importance to investment
bankers consist of modifications of the exemption provisions and modifications of the provisions relating to dealer's bond. A brief summary of these
changes is as follows:
Exemptions.
The modification as to exemption provisions may well be mentioned in
three parts:
(a) Exemption as to securities when listed on approved stock exchanges.
(b) Exemption as to public utility securities.
(c) Exemption as to securities of Foreign Governments.
Stock Exchange Exemptions.
This exemption in the States indicated below was modified as follows:
Arkansas.—Exemption eliminated.
Illinois.—The exemption for securities senior to securities so listed and
securities guaranteed by companies the common stock of which was so
listed, was eliminated. The stock exchange exemption was further modified
so a to predicate such exemption on the furnishing to and approval by the
stock exchanges at the time of listing and at such other times as may be
required, but at least annually, of a statement of assets and liabilities, an
Income or profit and lass statement, and an analysis of surplus account of
the issuer prepared and certified by a Certified Public Accountant duly
licensed as such. It was further provided that the Secretary of State shall
hay% the authority, for cause and after notice and hearing, to withdraw
the exemption as to any security so listed when in his opinion the further
sale of such security would work a fraud.
Minnesota.—The modification in this State is complicated by reason of
the fact that the Legislature adopted each of two bills introduced to amend
the stock e cchange exemption provision. The sum total result of the two
enactments leaves an exemption for securities when listed on the New York
Stock E cchange. New York Curb Exchange and the Chicago Stock Exchange. securities senior thereto, subscription rights when so listed and
evidences of indebtedness guaranteed by companies any stock of which Is
so listed.
Montana.—The New York Curb Exchange and the Chicago Board of
Trade were added as exchanges, securities listed on which are exempted.
West Virginia.—The New York Curb Exchange was added to and the
Chicago and Boston Exchanges were excluded from the list of exchanges,
securities listed on which are exempted. Provsion is made, however, for
the approval of other recognized and responsible stock exchanges by the
Commission, such approval to expire June 30 of each year and renewable
by applic Mon from such stock exchanges on approval of the Commissioner.
This leaves the New York Stock Exchange and the New York Curb Ex-
Nov. 18 1933
change as definitely approved by the Legislature and with power in the
Commissioner to approve other stock exphanges for exemption purposes on
application and investigation.
Wisconsin.—The exemption for securities when listed on approved stock
exchanges was eliminated. A saving clause was adopted, however, which
provides an exemption for any securities sold under exemption provision
which existed prior to the adoption of the amendment. This clearly leaves
an exemption for the secondary market of securities previously sold under
an exemption provision.
Foreign Governmentals.
Arkansas.—The exemption for foreign governmental securities was
eliminat d.
Illinois.—The exemption provision was rewritten to clarify and without
materially modifying the effect.
Minnesota.—The exemption as to all foreign governmental securities,
excepting the Dominion of Canada, its provinces and political subdivisions,
was eliminated.
Oklahoma.—Exemption as to foreign governmentals was eliminated.
West Virginia.—There was added to the exemption provision of foreign
securities the following:
"Providing such foreign Government has not issued or guaranteed external
securities then in default as to interest, principal or sinking fund, and that
such foreign Government has not prevented by law, rulings or otherwise,
the performance by any State, Province, subdivision or person of the
just and exact provisions of such securities."
Public Utility Securities.
Arkansas.—The exemption is eliminated as to all public utility securities,
not excepting those passed upon by the Inter-State Commerce Commission.
Illinois.- -The exemption for public utility securities was amended (a)
1
by limiting the exemption, other than those regulated by the Inter-State
Commerce Commission, to such securities where more than 50% of the
total revenue of the issuer for its last fiscal year was derived from the
operation of a railroad or public utility property to which the issuer has
title and which is situated within the jurisdiction of the commission having
regulatory power over such utility; (b) by eliminating the exemption for
evidences of indebtedness secured by collateral consisting of utility securities.
Minnesota.—The exemption as to public utility securities was amended
so as to apply to (a) securities issued or guaranteed by a railroad subject
to regulation by a regulatory board, body or official of the United States
or of the District of Columbia, and securities senior thereto;(b) equipment
notes, bonds or trust certificates based on chattel mortgage or conditional
sale of cars or other rolling stock, and equipment notes or trust certificates
where ownership or such equipment is pledged to secure payment of such
notes or certificates, provided such railroad is subject to regulation or
supervision by a regulatory board or an official of the United States or of
any State or Territory or insular possession or of the District of Columbia;
(c) interest-bearing securities issued by a public service utility, which utility
is subject to regulation by a public service commission or official of the
United States or of any State or Territory, which security would at the
time of sale qualify for registration by notification.
Oklahoma.—The exemption as to public utility securities was eliminated.
West Virginia.—The exemption was amended so as to apply only to
securities issued or guaranteed as to principal, interest or dividend by a
corporation owning or operating a railroad engaged in Inter-State commerce and under supervision of the Inter-State Commerce Commission.
Wisconsin.—The exemption as to public utility securities was re-written.
There is now a full exemption as to (a) securities of corporations operating
railroads, the issue of whose securities is regulated by the Inter-State
Commerce Commission, and securities senior thereto; (b) equipment securities issued by corporations operating steam railroads within the United
States or the Dominion of Canada. and (c) securities of public service
corporations, the issue of whose securities Is regulated by the Public Service
Commission of Wisconsin.
There is a conditional exemption for evidences of debt of public utility
corporations and securities senior thereto, the issue of whose securities is
regulated by the Public Service Commissions of any State other than
Wisconsin or the Dominion of Canada or any Province thereof, or of the
District of Columbia. provided more than 50% of the total revenue of the
business of the issuer for the last year was derived from the operation of
public utility property to which the corporation has title.
Dealer's Bond Provisions.
Helpful amendments to this provision were made in the States named
below and substantially as follows:
Arkansas.—The dealer's bond provision was amended so as to permit a
dealer to deposit with the State Treasurer bonds of the United States
or the State of Arkansas or any subdivision thereof, of the par value of
$5.000 in lieu of a surety or personal bond. Such securities are subject
to execution, garnishment and other process only upon judgment or decree
of court in a cause of action growing out of a fraudulent statement or
misrepresentation in the sale of securities. Liability is specifically limited
to the total of $5,000.
California.—The dealer's bond provision was amended to provide that
the dealer shall file and thereafter maintain a bond in the sum of $5,000.
It is specifically provided that the total aggregate liability on such bond
shall be limited to $5,000, with the statutory period of limitation for
recovery fixed at two years.
Florida.—The dealer's bond provision was amended to permit the dealer
to deposit with the Commissioner United States Government bonds or
other securities satisfactory to the Commission, or cash in the sum of
$5,000. The total liability on such bond to be not in excess of $5,000.
The statutory period of limitation is fixed at one year after the expiration
time of the bond, which likewise is one year from date of execution.
Oklahoma.—The dealer's bond provision was amended to permit a
personal bond, provided the dealer keeps on deposit with the Commissioner
approved securities in the amount of $5,000. The aggregate liability of
the surety on such bond is limited not to exceed $5,000. Statutory period
of limitation for Instituting any suits on any such bond is fixed at two
years from the date of the act complained of.
Oregon.—The dealer's bond provision was amended by fixing the amount
of the bond at not less than $5,000 nor more than $10,000 in the discretion
of the Commissioner; The form of the bond Is fixed in the statute and
is conditioned upon compliance with the Security Act upon payment of
damages suffered by reason of any violation of the law or by reason of
any fraud. The bond remains in force until canceled by the Commissioner.
The surety is permitted to cancel the bond upon 30 days' notice. The
maximum liability Is fixed at the face of the bond.
Wisconsin.—All provisions respecting dealer's bond eliminated.
Specified types of securities may be sold prior to registration by registered
dealers under specified conditions. The provision for bond to be given
in case of sale prior to full registration was eliminated.
The Commission's control over advertising is materially greater than
under the old law.
Volume 137
Financial Chronicle
The Commission's control over dealers and agents was materially
strengthened. The Commission may now require proof of trustworthiness
and competency to engage in the business of dealing in and selling securities,
upon application being made to register as such dealer or agent.
Report of Business Conduct Committee—Study of
Investment Banking Business and Types of Securities Delayed as Result of Changes Brought About
By Federal Securities Act.
In the report of the Business Conduct Committee, presented at the annual convention of the Investment Bankers'
Association of America, at Hot Springs, Va., Oct. 30, it
was stated that the further study of the investment banking business, in accordance with resolutions and recommendations adopted at the January board meeting has
been delayed "until the future of our business is more
definitely determined." "Changes brought about by the
Federal securities law and possible further legislation must
be considered," said the Committee. The report follows:
Since the last January board meeting the office of the Association has
assembled and forwarded to the Chairman of your Committee all the
resolutions and recommendations adopted by the board since the organization of the Association in 1912. These have been read and carefully examined, as part of the study ordered by the Board of Governors, designed
to codify and make available in convenient form such of the resolutions
and pronouncements as are not obsolete. It is interesting to find that
practically every phase of the investment banking business and all types
ofsecurities have been studied and sound policies and practices recommended
for all of them. Assembled and read with the full Committee reports accompanying them, they make a veritable Bible for Investment Banking.
It is impractical, however, to pursue the study of these resolutions
further until the future of our business is more definitely determined.
Changes brought about by the Federal securities law and possible further
legislation in the near future must be considered. But the work should
go on and be completed as soon as it may become practical and we recommend that each subject group of resolutions be referred to its pertinent
committee next year with instructions to the committees to revise and
bring them down to date and in form to be re-adopted by the board as the
then present standards of the Association. These should then be distributed
in loose leaf form and make-up for ready reference.
We recommend further that in the future all resolutions adopted by the
board should be most carefully and specifically drawn so that when they
are filed in the proposed resolution book they shall be clear and explicit,
and then carefully indexed.
It is felt that the time and effort which have been necessary to assemble
from the archives of the Association the resolutions and recommendations,
which are now for the first time all together, and the sometimes careless
phraseology and form in which many of them are drawn, is justification
for this latter recommendation.
There is one thought your Committee would like to develop as to the
functions of the Business Conduct Committee. In the meetings of your
Committee, which have always been well attended, the question of what
we could and should do as a committee has been discussed and the conclusion has been reached that while we have the power to initiate investigations and develop cases, it was unwise to do so. Rather, we feel, it is
the duty of the members of the Association who find or are aware of troubles
to report them specifically under our well established rules of procedure
which appear in convenient form on pages 66 to 74 of the 1928 Year Book.
In other words, our Committee is and should be a judicial body and should
not function as a prosecuting body or detective agency.
It is interesting to note, in this connection, that during the past two
years your Committee has not received a single complaint or case which
required any action by it.
Respectfully submitted,
BUSINESS CONDUCT COMMITTEE
George IC. Baum
J. M. Hutton Jr.
Russell D. Bell
John C. Legg Jr.
Alfred G. Brown
Francis F. Patton
William Cavalier
Claude G. Rives Jr.
M. J. M. Cox
Albert R. Thayer
Frederick Doane
Eli T. Watson
Geo. P. Hardgrove Kelton E. White
Frank L. Scheffey, Chairman.
Members of Investment Bankers' Association Urged by
Newspaper Men to Take Public into Its Confidence
—Views of A. H. Dean of Sullivan & Cromwell on
Securities Act.
As a preliminary to the official opening of the annual
convention of the Investment Bankers' Association of America
at Hot Springs, Va., a forum was held Oct. 29 at which five
newspaper representatives advised the bankers that they
must bring the public more fully into their confidence.
Associated Press advices from Hot Springs on Oct. 29 said
in part:
The discussion held In open forum brought agreement from many of the
bankers themselves who said privately they felt the Senate's stock market
investigation had put them into a false light in many particulars, although
they were willing to admit off the record several mistakes.
The bankers came to no formal conclusion. At the close of the forum,
high officials of the Association said they were trying to work out some
policy which would help them with the public. Possibly such a policy
might be embraced in the code of fair competition which the bankers must
work out under the National Recovery Administration.
Indicating that the Association had sought the advice of
newspaper men as to how they may best meet and overcome criticism which has been directed toward the bankers,
a dispatch Oct.29 from Hot Springs to the New York "Herald
Tribune" went on to say:
Disturbed by the numerous investigations into phases of the speculative
1929 and by limitations imposed by the new Securities
Act, the group, which represents all the important banking firms of the
markets of 1928 and
3617
Nation, determined upon this radical departure in the usual procedure of
its conventions and requested the newspaper editors and reporters present
to state the popular grievances against the profession.
Stabler and Four Others Speak.
The members of the Fourth Estate were not backward in seizing the
opportunity and speeches were made by five of their number, Phil S.
Hanna, Editor of the Chicago "Journal of Commerce"; Howard Wood,
Financial Editor of the Chicago "Tribune"; Royal F. Munger, Financial
Editor of the Chicago "Daily News"; Edson B. Smith, Financial Editor
of the Boston "Herald," and C. Norman Stabler, Financial Editor of the
New York "Herald Tribune."
A frank statement of the case against the bankers was requested and the
request was gladly met by the speakers, most of whom had to cut their
remarks short in order to allow time for the bankers to ask pertinent questions.
Advice was also given by Arthur H.Dean of the law firm of Sullivan &
Cromwell, an expert on the new Securities Act, who discussed the drawing
up of this law, the difficulties faced by Congress in ironing out certain of
its provisions and the best method of educating Congress and the public
to the advisability of amending some of the most harmful parts of the
measure.
Dean Urges Frank Statements.
Mr. Dean, who spoke after the newspaper men, emphasized one of the
points which they had made, namely, that the employment of publicity
men did not relieve bankers of the responsibility of making frank statements to the press regarding financial deals. The publicity man, he said.
does not understand the details and it is one of the weaknesses of the
present relations with the press that the banker who sells does not prepare
the public statements.
The Securities Act, Mr. Dean said, was adopted without adequate study
and at a time when bankers were at the height of unpopularity. The
measure was put through amid hysteria. No blame was placed on Congress
by the speaker for the errors that were made in shaping the law, the point
being emphasized that the Congressmen are in a position where they must
be experts on tariffs, securities and any number if other important questions
at one and the same time and must also keep their constituents satisfied.
Lawyers at Sea on Law.
"We lawyers took six months to read and study the securities law." Mr.
Dean said, "and we don't understand it yet.
"We must convince the public of the need for furnishing capital to industry," he said. "We cannot apportion the blame for the evils of former
years, but the public must have complete information regarding financing.
No general statements will suffice and no good will be accomplished by
cursing Washington. •We must take the public into our confidence."
This last statement was also the theme for the speeches given by the
newspaper men, who voiced the opinion that a good place to start was
with the financial reporters covering Wall Street.
The doctrine of infallibility must be discarded if the bankers wish to
secure public confidence, one of the financial editors said, and they must
learn to welcome newspaper criticism of some of their new security issues.
Specific mention was made of two reorganizations recently carried out in
Chicago, when. despite all efforts the press was unable to obtain from
official sources information which was vital to the security holders.
Clearing House Attitude Cited.
The case in New York of the Clearing House Association was described:
including the details of the banking holiday, when the bankers kept reporters waiting for two hours in the rain, promised statements which were
never given and failed to give any co-operation to the press despite the
overwhelming popular demand for official news of the condition of the
banks. The manhandling of the press relations in this case were said to
have been complicated by the employment of a high-power publicity
counsel who was unable to handle the situation and the designation of a
banking spokesman who would not speak. The bankers were asked to
believe that they would not lose any of their dignity if they discussed matters
of importance with the financial reporters.
While the bankers came to no formal conclusion at the close of the
forum, high officials of the Association said they were trying to work out
some policy which would help them with the public. Possibly such a
policy might be embraced in the code of fair competition which the bankers
must work out under the NRA. Such a code would give them an opportunity to show fully that they intended to mend those practices that needed
mending, the official said.
-P. Murphy
The forum was presided over by P. Erskine Wood of G. M.
& Co., a member of the Association. There was no other official business
before to-day's session of the convention.
Report of Foreign Securities Committee, by Nevil Ford,
Chairman—Attempt to Secure Permanent Settlement Now for Resumption of Service on Defaulted
Bonds Regarded Premature—Formation of American Securities Protective Association Regarded as
Constructive Step—Views as to Foreign Loans.
In the view of the Foreign Securities Committee of the
Investment Bankers' Association of America, an attempt,
in most cases, "to secure a permanent settlement now for
the resumption of service upon defaulted bonds would be
premature." The Committee adds that "it is to the advantage of bondholders that such efforts should be deferred
until the problems involved in fluctuating exchanges and
commodity prices shall have more nearly resolved themselves." The Chairman of the Committee, Nevil Ford,
of the First of Boston Corp., presented the report as follows
During the past fiscal year your Committee has devoted its energies in
the main, firstly, to insuring the dissemination of reliable and factual
information concerning the status of foreign dollar loans held in the United
States through assisting the continued functioning of the Institute of
International Finance, and secondly to the furtherance of all legitimate
attempts for the protection and betterment of the holders of foreign bonds
in the United States.
Three members of this Committee, in accordance with established
custom, were nominated to the Executive Committee of the I. I. F.,
Mr. Ralph T. Crane, Mr. Robert 0. Hayward and Mr. Nevil Ford. Chairman. These with Dean John T. Madden and Mr. Benjamin Strong Jr..
representing New York University. composed the Committee. Dr. Marcus
Nadler, Professor of Finance at New York University and Research Director
of the I. I. F. participated in all meetings of the Committee.
3618
Financial Chronicle
The I. B. A. of A. contributed $12,000 toward the support of the I. I. F.,
and New York University also contributed as usual, substantially, by
supplying office accommodation and the use of other necessary facilities.
The Staff of the Institute has met faithfully and intelligently the unusual
demands put upon their services. The appended report of the Director
outlines in greater detail the recent activities of the Institute and sets
forth certain findings well worth attention.
Pending the formation of some recognized suitable body to co-ordinate
the problems involved in the reconstitution of the defaulted foreign dollar
loans, as was strongly recommended by your Committee in its report a
year ago, the Foreign Securities Committee by itself and in conjunction
with New York University through the Institute, has sought to see that
proper provisions were made for the protection of holders of foreign bonds,
and also that advantage should not be taken to exploit their difficulties
by those inspired more by venal motives than the welfare of bondholders.
Your Committee holds that in most cases an attempt to secure a permanent settlement now for the resumption of service upon defaulted loans
would be premature, and that it is to the advantage of bondholders that
such efforts should be deferred until the problems involved in fluctuating
exchanges and commodity prices shall have more nearly resolved themselves.
That this opinion is not confined solely to your Committee or to bankers,
is evidenced by the following excerpts from editorials recently appearing
in the New York "Times" and the "Journal of Commerce."
"The adjustment of defaults requires not merely a well recognized agency
to deal with the debtors, but also economic conditions which make a satisfactory arrangement possible. Under the conditions now prevailing in
most defaulting debtor countries, no equitable or permanent settlement
can be made."
"Numerous defaults have occurred on foreign bonds held in countries
which have protective agencies. They are a consequence of circumstances
over which such agencies lack control—including principally the decline
of world prices, the increase of tariff barriers and the depreciation of currencies on exchange. Such matters require for their adjustment the cooperative action of governments themselves. The new American corporation
would perform a useful service, provided it did not arouse extravagant
hopes on the part of owners of bonds in default. But achievement of its
fundamental purpose must plainly await an ebb in the tide of economic
nationalism and a revival of the ill-fated plans which foundered in the
World Conference at London."
The immediate problem therefore, concerns itself more with the con
servation of existing assets both moral and physical, and the maintenance
of an understanding relationship between debtor and creditor.
It is our feeling, shared with many others, that this, as well as preparation
for ultimate settlement, can be done effectively by issue houses or groups
ofissue houses and fiscal agents, and that in most cases the actual formation
of bondholders committees may be deferred without damage. Thereby,
at least for the present, the bondholders can be relieved in large measure
of the not inconsiderable expense which cannot be avoided when bonds
are deposited under a protective agreement.
As has been pointed out many times, the legal status of a default of a
foreign issue is quite different than that of a domestic issue. In the latter
there are certain well defined legal procedures which should be taken, and
can only be taken with the assent of the bondholder, signified by the deposit
of his bond under a protective agreement. These legal recources do not
exist in the case of defaults upon foreign government bonds, and consequently the formation of bondholders' committees immediately following
default is not imperative.
Accordingly your Committee has been active in seeing that competent
committees were formed by the issue houses. In certain cases, when desirable. these committees were formed in conjunction with the fiscal and
paying agents. An example is the case of the recent partial default upon
German issues, caused by transfer difficulties.
Your Committee co-operating with the authorities of the New York
Federal Reserve Bank was instrumental in bringing together all the issue
houses, fiscal and paying agents of the German dollar bond issues. Cooperative and uniform action was created and a temporary settlement
of the difficulty effected. The formation of bondholders committees in
this case would have resulted solely in delay, unco-ordinated action and
expense and could have accomplished nothing further under conditions
then governing.
Your Committee reports in this connection that it has found, despite
assertions to the contrary, no disposition on the part of the issue houses
to unburden themselves of any responsibility to take all possible steps for
the assistance of holders of defaulted foreign bonds.
Nevertheless, your Committee is strongly of the opinion that the decision
to form an association, which it has been indicated will,be called the American Securities Protective Association, as announced on October 20 from
the White Houses is a most constructive step. Your Committee believes
such an association, immediately can, and should perform a most useful
function in co-ordinating and assisting the efforts of existing committees
and issue house groups, working upon specific instances of default.
In the future it should insure the prompt formation of capable working
committees, when necessary, and eliminate duplication, or conflict of
effort, to the general benefit of all concerned.
The indicated composition of this Association is of such calibre as to
give it the requisite prestige and capabilities for action, necessary to make
It most effective. However, the fact must not be lost sight of. that the
Problem of reconstituting the defaulted foreign loans, is most difficult
and involved, and it would be most unfortunate, and entirely unfair to
the Association, if the impression became prevalent that its efforts should
necessarily be productive of immediate results in the form of tangible
returns to bondholders.
Your Committee recommends that members of the I. B. A. of A. cooperate to the fullest extent with this Association.
Foreign Loans.
Much has been said during the past year in condemnation of foreign
loans by our country and grave imputations have been made against
those banking houses which engaged in their purchase and sale to American
investors. Your Committee has naturally concerned itself with this discussion in an endeavor to separate fact from unsupported assumption.
The investigation by the Committee of the United States Senate colloquially known as the "Johnson Investigation" was the first and most
thorough-going study of the methods and practices involved in the issuing
and distribution of foreign dollar securities in the United States. In the
cool light of review, the testimony submitted to the Senate Committee
reveals conclusively that the methods of underwriting and distributing
these issues were on the whole,the same as in the case of domestic securities.
The profits derived from this business which it had been stated were excessive were shown, with minor exceptions in the case of certain small loans.
to be in line with the commissions charged on domestic transactions.
A study of 261 issues for which the price paid to the issuer and the
offering price to the public were reported to the Senate Committee, reveals
that the average price paid was 91.0.5 and the average offering price 94.99;
a gross profit of 3.94 from which all expenses of the underwriter must be
deducted. This would seem to refute effectually the charge that bankers
engaged in these loans were attracted solely by unusual profit.
Nov. 18 1933
Your Committee has sought to determine the underlying causes of these
loans, to trace the disposition of the proceeds, to determine the cash ropayments that have already been made in the form of interest and principal
payments, and to present accurately by reference to the various fiscal and
paying agents the present status of the loans, in order to determine as
nearly as possible the benefits and disadvantages accruing to the United
States as a whole from these loans.
Your Committee feels that the determination of a future policy in regard
to foreign loans is a matter of vital importance to the economic life of the
United States, and an unprejudiced study of the experience of the past
10 years can best provide a basis for such future policy.
Your Committee presents in the accompanying tabulations* the results
of its preliminary findings in the hope that they may be of use in encouraging
others to give the consideration that this important question deserves.
Based on a study of the experience of Great Britain over a period of
many years, your Committee believes that the present distressing situation
surrounding many of the loans made by the United States, should not be
permitted to discourage a dispassionate consideration of future policy.
The following excerpt from the Monthly Review of Barclay's Bank for
September 1933 indicates perhaps the British policy: "A resumption of
overseas lending by this country would greatly facilitate World recovery
and it may safely be assumed that because of our traditions and longer
experience other nations will look to us for a lead in this matter."
A development of factual studies of the record of which the foregoing
Is but a brief beginning, may well show the advantages of foreign loaning
by the United States to outweigh the disadvantages, and a more considered
policy of foreign loaning benefitting by the mistakes of the past be advisable
of adoption under some form of control, whereby these loaning operations
become an integral part of the monetary and trade policy of our Government
* These tabulations are quite voluminous, and we are hence unable to
make room for the same.
Report of Director of Institute of International Finance
—Summary of Defaults on Foreign Dollar Bonds
-Effect of Revocation of Gold Clause Contracts.
John T. Madden, Director of the Institute of International
Finance, in his report presented at the annual convention
at Hot Springs, Va., Oct. 30, of the Investment Bankers'
Association of America, furnished a summary of defaults on
foreign dollar bonds publicly offered in the United States.
We give the report herewith:
INSTITUTE OF INTERNATIONAL FINANCE—ANNUAL REPORT
For Fiscal Year Ended August 311933.
The defaults on foreign dollar bonds which occurred during 1930 and
1931 were increased during the past fiscal year, and bonds to the amount
of $746,523.000 defaulted either entirely or partially. A large part of this
amount consists of German bonds on which transfers of debt service were
temporarily suspended under the moratorium law oflast June. On August 31
1933 the status of foreign securities in default was as follows:
SUMMARY OF DEFAULTS ON FOREIGN DOLLAR BONDS
PUBLICLY OFFERED IN THE UNITED STATES AS OF
AUGUST 311933.
(Exclusive of Canadian issues.)
Country.
Argentina
Austria
Bolivia .
Brazil
Bulgaria
Chile
China
Colombia
Costa Rica
Cuba _b
Denmark_ b
Dominican Republic_ _ _
El Salvador
Germany
Greece
Guatemala
Hungary
Mexico
Panama
Peru
Rumania
Russia
Sweden b
Uruguay
Yugoslavia
Mntal
In Defautt on
a In Default as
Total Amount
to Interest.
Sink.Fund Only. in Default.
$94,244,400
51,589.700
59.422,000
333,844,300
16,989,500
318,506,000
5,500,000
129,269,800
8,781,000
37,649,700
995.000
$4,222.500
2.608,500
$98.466,900
54,178,200
59,422,000
27,039,500
360,883,800
16.989,500
318,506.000
5,500.000
129,269,800
8,781,000
37,649.700
995,000
16,498,500
16,191.865
12,619,300
12,619.300
279,846,500
c279,846,500
26,942,500
26,942.500
2,214.000
2.111:6456
57,384,500
63,963,100
6.578.600
307,635.000
307,635.000
13.653.500
13,653.500
91,286,000
91,286,000
62,895,600
62.895.600
75.000,000
75,000.000
86,673,90086,673,900
63,403,500
17,280,500
46.1233566
54,297,500
54.297.500
59 n70 gon Ann
tlAft Ion
onn
29 947 agn goo
a In most instances sinking fund payments are also in default and on
a few issues principal is in default.
b Defaults by private corporations only.
c In addition $27,867,800 of notes matured in 1932 and 1933 but were
not paid on account of German foreign exchange restrictions. Bondholders
have consented to extend the greater part of this amount for three to
five years.
In some cases these defaults were the result of adverse economic conditions
In the respective countries and-or the lack of foreign exchange caused by
the shrinkage of foreign trade and the adverse movement of capital and
credit. In other cases, however, the defaults represented to some extent
at least a lack of willingness to pay on the part of the debtors. Since the
abandonment of the gold standard by the United States and the revocation
of the gold clause contracts, a number of foreign borrowers have also
disregarded the gold clause in their obligations and have paid their debt
service in depreciated dollars. While this may be considered a breach of
contract and a technical default, yet in view of the fact that the United
States is following the same practice, those countries which have violated
the gold clause provision have not been considered defaulters.
Many foreign debtors unable to meet the service on their foreign obligations in full are endeavoring to make partial payments and some have
already made definite provisions for future payments. Partial payments
of interest in dollars are being made on $227,736,200 of defaulted bonds,
or 11% of the total in default on interest. In this figure are not included
the $264,547,000 of German bonds in default because the 50% payment
of interest In dollars, provided for by the transfer moratorium, has not
been made up to Aug. 311933. Brazil and Costa Rica have offered funding
bonds in lieu of interest for a period of several years on $153,453,300 of
outstanding bonds, representing 7.4% of the total. In several countries,
notably Germany, Austria and Hungary, transfer moratorium laws require
debtors to deposit with the Central Bank or some other institution th
Financial Chronicle
Volume 137
equivalent in domestic currency of service due on external boncis. A number
of South American debtors are also making such deposits. Although
accurate data are not always available, the amount of foreign dollar bonds
on which interest is being deposited, in whole or in part,in foreign currencies
Is provisionally computed at $438,164,500 or 21.5% of the total in default
as to interest. In this group are included the German bonds in default
on Aug. 31 1933. On $1,147,795,400 of defaulted bonds no payments
whatever are being made. A classification of publicly offered foreign
dollar bonds in default, according to the status of interest payments is
shown in the table below:
STATUS OF INTEREST PAYMENTS ON PUBLICLY OFFERED
FOREIGN DOLLAR BONDS IN DEFAULT AS OF AUG. 31 1933.
Country.
Argentina
Austria
Bolivia
Brazil
Bulgaria
Chile
China
Colombia
Costa Rica
Cuba b
Denrnark_b
El Salvador
Germany
Greece
Hungary
Mexico
Panama
Peru
Russia
Sweden_b
Uruguay
yugoslavla
Total
aInterest
Being
Paid in
Part in
Dollars.
clnterest
Interest
Being
Being
Deposited
Abroad
Paid
in Funding in Foreign
Bonds.
Currencies.
$
No
Payments
Being
Made.
$
1,422,000
51,569,700
S
15,232,000
144,672,500 63,069,300
59,422,000
126,102,500
$
77,590,400
16,989.500
5,775,500
32,436,500
312,730,500
5.500,000
96,833,30C
8,781,000
37,649,700
995,000
12,619,300
d
26,942,500
13,773,000
51,781,000
6,860,560
54,297.500
264,547.000
5,603,500
307,635,000
13,653,500
91,286,000
75,000,000
86,673,900
10,420,000
Total
Amount
in
Default
as to
Interest,
$
94,244,400
51,569,700
59,422,000
333,844.300
16,989,500
318,506,000
5,500,000
129,269,800
8,781,000
37,649,700
995.000
12,619.300
278,340,000
26,942,500
57,384,500
307,635.000
13,653,500
91,286,000
75,000,000
86,673,900
17,280,500
54.297,500
227.136.200 153.453.500 438.164.500 1.258.529.900 2.777.884.100
a On most Issues the balance is being paid in scrip.
b Defaults by private corporations only.
c Accurate information as to deposits in foreign currencies is not always
available and these figures are subject to correction. Such deposits are
frequently less than the amount required for debt service at the current
rate of exchange.
d By the terms of the German transfer moratorium 50% of the interest
due on external bonds is to be transferred in foreign currencies, but up to
Aug. 31 1933 no transfers had been made.
Number of Studies.
-The routine work of the Institute during the current
year was continued along the same lines as in the past with the exception
that greater emphasis was placed on studies of countries in default. The
following studies were prepared:
No. 56. Greece-Bulletin on Securities in Default.
57. Bulgaria-Bulletin on Securities in Default.
58. General Bulletin on Securities in Default.
59. Costa Rica-Bulletin on Securities in Default.
60. Yugoslavia-Bulletin on Securities in Default.
61. General Bulletin on Securities in Default.
62. Argentina-Bulletin on Securities in Default.
63. General Bulletin on Securities in Default.
Statistical Bulletin:
Volume III, No. 1. September 1932.
2. March 1933.
In addition the following bulletins on securities in default are ready
for Publication:
Uruguay.
Panama.
Roumania.
Although these studies have been ready for some time, they have not
been released because of uncertainties as to the position of the Institute
under the Securities Act of 1933. As soon as this question is settled, the
studies will be published in rapid succession.
One of the problems which confronted the Institute during the past
fiscal year was whether or not to advise its subscribers to join in the formation of a protective committee in any given case. The formation of a protective committee usually involves more or less expenditure to bondholders.
In deciding whether to advise in favor of a committee the Institute has
always taken the position that formation of such committees was warranted
only when they had a reasonable chance of conferring some benefit on the
bondholders. Where the Institute determined after careful analysis of the
economic, financial and political conditions of the country in default,
that there appeared to be no reasonable hope for settlement or that no
Immediate benefit would likely be obtained for the bondholders, the
Institute invariably took the position that the immediate formation of a
protective committee was premature.
Studies in Preparation.
-The following default studies are in preparation
Germany.
Chile.
In addition some of the credit studies which have been issued In previous
Years are being revised and brought up to date.
Other Research.
-During the past year, the Institute devoted a great
deal of attention to the matter of collecting data relative to securities in
default. In the first place the Institute collected from available public
BOIIITOS the details of securities In default classified as to interest and principal. Realizing, however, that additional information was needed on this
question, the Institute, with the approval of the Executive Committee, has
sent out a questionnaire to all underwriting houses, as well as to fiscal and
Paying agents, with a view of ascertaining the exact status of all foreign securities issued in the United States. The purpose of this study is to disclose
the total amount of foreign securities originally issued in this country, theamount repaid in principal, the amount received in interest and the amount
now in default and the amount outstanding not in default. The questionnaire also endeavors to ascertain what steps have been taken to protect
the interests of American holders of foreign bonds in default. It is obvious
that a study of this character requires a great deal of time and careful
study. It Is hoped that the study will be ready during the course of the
present year. Most banking houses have fully co-operated with the Institute
In replying to the questionnaire.
During the seven years of its existence, the Institute has collected a
vast amount of material relating to foreign securities. Its library contains
numerous volumes dealing with the financial situation of a large number
of countries and political subdivisions. The library also contains the
statistical year books of most countries and a number of books and pamphlets
dealing with the economic and financial conditions of countries and political
subdivisions which have borrowed in the United States. In addition 200
3619
magazines in different languages are being received. Every article dealing
with or relating to foreign investments is indexed and 12,000 cards dealing
with these topics give immediate reference as to where information can
be obtained. A number of daily newspapers and weekly magazines are
clipped and filed. All of this material and information represents a great
deal of cost and labor. I also wish to call the attention of the Executive
Committee to the statistical work carried on by the Institute. In order
to be able to obtain an accurate picture of economic and financial conditions
of foreign countries the Institute collects and tabulates statistical data
on the production of basic commodities, foreign trade, employment, foreign
exchange, interest rates, movement of capital, and the banking situation.
In addition a large number of charts are constantly kept and brought up
to date. The collection and recording of all these figures require a good
deal of time, but I believe them important and valuable enough to warrant
the expense. This information is of assistance not only to the staff of the
Institute but to a number of subscribers who constantly use our facilities.
Inquiries.
-The number of inquiries from subscribers during the year
was very large and they were handled in the usual prompt manner. As
In previous years, the Institute has given factual information only and has
refrained from expressing opinions,
Research Staff.
--,The retearch staff of the Institute has remained unchanged. In view of the importance of keeping the records on foreign
securities as complete as possible, and of classifying the answers received
from the questionnaire, the Institute has assigned one research assistant
exclusively to this work. As in previous years the Institute was in charge
of its director, Dean Madden. The staff of the Institute was as follows:
Dr. Marcus Nadler, Research Director.
Dr. C. F. Carson, Research Assistant.
Dr. S. I. Heller, Research Assistant.
Mr. 11, C. Sauvaln, Research Assistant.
Subscriptions.
-The subscriptions during the past year were as follows:
3.75
163
3.75
lb
1
$815.00
$5.00
3.67
29
di
3.67
1
0 00
•
126
2.50
8i
2.50
0
1
1,920.00
15.00
2.10
8i
2.10
1
1,120.00
16.74
B
8i
16.74
E.8
.8
1
300.00
7.00
1.33
2
1.33
14.00
1
4.18
4.18
1
$4.493.27
395
It is as yet difficult to say what the subscriptions for the coming year
will be since the bills for the fiscal year 1933-1934 have not been sent out.
Finances.
-The following is a preliminary statement of the financial
results of the year:
Receipts
Expenditures
785.29
Subscriptions
$4,493.27 Office supplies and postage
3,454.88
Bulletin sales
387.87 Ofsalariesfice
9,331.63
Binder sales
16.50 Research salaries
24.91
Interest on bank balance
11.93 Publications
1,549.62
I. B.A. Underwriting- - _ - 12,000.00 Printing bulletins
383.58
Prepaid subscription
52.00 Miscellaneous
7.50
Office equipment
1.000.00
Accrued items
$16.537.41
$16,961.57
$424.16
Balance
Work of the Research Committee.
-The Research Committee under th
chairmanship of Mr. George Train has been very active during the past
year. The committee is composed as follows:
George Train, Chairman.
R. S. Rife.
F. H. Brandl.
P.F.Schucker.
A. W. Kimber.
W. A. Sholten.
S. L. Reed.
H. Von Metzler.
In this connection the Director wishes to express his sincere appreciation
for the work of the members of the Research Committee who have devoted
a vast amount of time and energy to the work of the Institute.
JOHN T. MADDEN,Director.
Report of Government and Farm Loan Bonds Committee-Administration's Partial Fourth Liberty
Bond Conversion Program Commended.
The provisions of the Emergency Farm Mortgage Act
were discussed in the report of the Government and Farm
Loan Bonds Committee of the Investment Bankers' Association of America, which also was devoted to Governipent
financing and the Administration's program for the conversion of a part of the Fourth Liberty Loan bonds. The report
says"by converting $1,875,000,000 on the basis proposed,the
Government will save $18,750,000 annually after Oct. 15
1934, and if the operation is extended on the same basis to
cover the entire amount of Fourth Liberty 4soutstanding
the total annual saving would amount to $62,680,000. Going
one step further, if the Government included First Liberties
in the operation, the total par value involved would .be
$8,2_01,000,000and the yearly saving would approximate $711:
600,000." In its resume of the Emergency Farm Mortgage
Apt, the report points out that the Act "definitely placed
the Joint Stock Land Banks in a position of slow liquidation."
F. Seymour Barr, of Barr Brothers & Co., Inc. of New York,
Chairman of the Committee, presented the report as follows:
United States Government.
Between Oct. 26 1932 and Sept. 21 1933, the United States Government
marketed new securities aggregating approximately $S,000,000,000. In
this amount are included Treasury Bills approximating $3,200,000,000
having a maturity of about 90 days. These bills were sold at various
dates within this period on an average discount basis showing a price range
from .09% to 4.26%. This relatively very high rate of 4.26% was carried
on an issue of bills sold on March 6, during the Bank Holiday. and the next
highest rate. 1.83% was carried by an issue sold later in March. With
the exception of these two rates, influenced of course by the Bank Holiday,
the majority of bills issued during this period carried rates of .50% or less,
and the last issue of $100,015,000 dated Sept. 20 bore a rate of 0.110%.
There were included in the above total $2.188,245,400 United States
Treasury Notes maturing in from two to five years and carrying rates of
% to 2M %, which rates are slightly lower than those carried by notes
which were sold during the preceding year. such rates ranging between
254% and 334 %. There were five issues of notes sold by the Government.
and the amounts, maturities and rates are as follows:
r.]
3620
Financial Chronicle
$360.533,200 2% %
four-year notes—sold on Dec. 15 1932.
$277.516,600 2%% five-year notes—sold on Feb. 1 1933.
$572.419,200 2%% three-year notes—sold on May 2 1933.
$623.911,800 2M% five-year notes—sold on June 151933.
$353.865.000 1%% two-year notes—sold on Aug. 15 1933.
United States Certificates of Indebtedness sold by the Treasury and
included in the above total aggregated $1,831,786,000. These certificates
had maturities of from five months to one year and carried rates of interest
ranging from h of 1% to 434 %. Two of these issues carried relatively
very high rates of interest due to the fact that they were marketed on
March 15 1933 at the time of the Bank Holiday. These issues consisted
of $469,089.000 4% five-month certificates and $473.328,000 414% ninemonth certificates. The Government enjoyed unusually low rates of interest on the other three issues sold during this period: %, of 1% on two
issues and 3:i of 1% on the other. These rates, compared with those
carried by certificates sold during the preceding year, are considerably
lower, as the certificates sold during the convention year 1931-1932 ranged
between 1 h% and 334%, The one issue carrying a rate of It of 1% was
marketed on Sept. 15 1933 and consisted of $174,905,500 nine-month certificates. This rate of interest is a record low for Government borrowing
on anything other than Treasury bills and compares with the previous
low rate of % of 1% carried on two issues of certificates which were sold
during the past year.
Also included in the total amount of new securities sold by the Government during the year were $835,036,150 eight-year bonds bearing a rate of
3h %. This is the first time since Sept. 15 1931 when the 3% bonds of
1955-51. apprmdmating $800,000,000 were sold that the Government resorted to financing by means other than bills, notes or certificates. During
this period a total of approximately 85,527,000,000 of Government certificates, notes and bills matured, and in all cases were refunded. Therefore,
the total of "new money" for the year amounted to approximately $2.500,000,000. As a result of the above-mentioned Treasury operations, the
total gross debt of the United States, which was $20,812,541,385 on Oct. 31
1932 increased by $2,285.973.525. making such debt $23.098,514,910 on
Aug. 31 1933, and as you know, this increase was during the Investment
Bankers' Association convention year. For the Government fiscal year,
which ended June 30 1933, the increase in the gross debt amounted to $3,051.670,116. As a matter of comparison with the above, when the peak
of the Government debt was reached in Aug. 31 1919, the amount of indebtedness was approximately $26,600,000,000. From this peak point
the debt was reduced by a yearly average of $345.000,000 to about $16,500.000,000 in 1930, thus showing an increase of appoximately $6,600,000.000
during a period of slightly over three years. With the national income
to-day estimated at three-fifths of what it was in 1919, the present Government debt would appear to be a substantially greater burden than it was
at its peak in 1919.
The Government short-term debt, and we refer to that maturing within
the next five years, amounts to approximately $7.750,000.000 hich is
an increase of about $1,400.000,000 over a year ago, and included in this
amount is approximately $3,000.000,000 of debt which matures within
one year.
Your Committee's report was completed about Oct. 1 and had to be rewritten. as on Oct. 11 official word was received that the Government
had decided to call certain series of the outstanding 4th Liberty Loan 4145.
The terms of this call provided for the retirement of approximately $1,875,000,000, embracing all bonds of three designated series. The interest on
such called bonds shall cease to accrue after April 15 1934. The Treasury
department opened books about Oct. 16 for the exchange of called, or uncalled, 4th 434s at par for a new issue of 10-12-year maturity bearing interest at the arte of 434% to Oct. 15 1934, and 33% thereafter.
The last available official figures indicate that such exchanges have taken
place in the amount of $650,000,000. Cash subscriptions were asked for
approximately $500,000,000 of the new Issue at 10134, which price includes
an accrual of interest from Oct. 15 to the anticipated delivery date. Nov. 1,
amounting to the equivalent of 6-32, so the subscription price on Oct. 16
represented approximately 101.10. showing a yield of about 3.21 to the
1943 optional date. This issue was over-subscribed about four times.
About $7,000,000,000 of the public debt is now eligible for call, including
about $1,400,000,000 First Liberty 330 and about $536.000,000 First
Liberty 4345, which are callable on June 15 and Dec. 15, upon three months'
aotice.
Now that the Government has embarked upon its conversion program
In a substantial way, it may be that neither holders of called or uncalled
bonds will figure too closely on fractional advantages, but will have in mind
the constructive nature of the operation and remember the history of exchange offers, that where early offers are reasonably successful, later proposals are ordinarily progressively less attractive, and may decide to make
a special effort to co-operate with the Government by turning in their
holdings for conversion promptly. The reduction from the outstanding
4h% to the new 334% rate is not so great as that recently made by Great
Britain on a much larger amount of her war debt, when 5s were replaced
by 3345. So far there has not been the direct appeal to patriotic motives
here which was carried on in England at the time of her operation. Neither
does it appear necessary to close our capital market to all other forms of
long-term financing while this conversion is under way.
In addition to $823,000,000 2 and 3% Consols and 234% Potsal Savings
Bonds, the Government has outstanding $2,414,000,000 bonds carrying
rates as low or lower than the new issue. This total is made up of $819,497,000 334s of 1946-49 brought out in June 1931. $759,494,000 3s of 195155,1n,September 1931 and $835,000.000 3345 1941 issued in August of this
year.
•
By converting $1,875,000,000 on the basis proposed, the Government
will save $18,750,000 annually after Oct. 15 1934. and if the operation is
extended on the same basis to cover the entire amount of Fourth 434s now
outstanding, the total annual saving would amount to $62,680,000. Going
one step further, if the Government included First Liberties in the operation
the total par value involved would be $8,201.000,000 and the yearly saving
would approximate $72,000,000.
Nine long-term issues have been brought out since the War and are
now outstanding in the total amount of $6,051.000,000, carrying rates
ranging from 3% to 434%, but with the nearest call date falling in 1940,
this entire category is outside the realm of consideration for nearby conversion purposes.
The calling of approximately one-third of the largest issue of Government
bonds outstanding is generally considered to be at least an indication of
conservative intention on the part of the Administration as to its monetary
policy. Feeling its way along with relative caution and adopting this
policy of conservatism may be taken to indicate that the Administration
is not apt to place itself in wide-open vulnerable positions in one direction
or the other during the next several months.
The Government deficit for the fiscal year ended June 30 1933 amounted
to/about $1,786,000,000 and compares very favorably with the deficit
for the fiscal year ended June 30 1932, which amounted to approximately
$2,880,000,000. For the first two months of the present fiscal year the
Nov. 18 1933
Government deficit amounted to about $229,600,000, also comparing very
favorably with the deficit of about $664,000.000 for a similar period during
the preceding year. This reduction is due almost entirely to receipts of
Increased revenues and has not been influenced materially by decreased
expenditures. As a result, it appears the Government will not need as
much "new money" for current expeness as during the past year. On
Dec. 15 1933. however, two issues of Treasury certificates mature, amounting to $725,000,000, and your Committee believes that they will have to be
refunded.
The Government market was fairly steady last fall, improving in January
to a peak about Feb. 1 this year. Banking difficulties in important midWestern cities shortly after that time caused considerable liquidation from
Institutional portfolios. The market continued very sensitive until the
Federal Reserve started its buying program under the terms of the new
Farm bill the latter part of May. Since that time the market has been
stronger, and although at times largely dependent upon Federal Reserve
direction, has resulted in lower charges for short-term Government borrowings as shown above. The Emergency Banking Act passed March 9 gave
Federal Reserve Banks permission to issue Federal Reserve Bank notes
against deposit of direct Federal Government obligations without regard
to coupon rate or maturity, the amount of such notes issued not to exceed
the face amount of the Government obligations deposited as security. These
Federal Reserve Bank notes may also be issued up to 90% of the estimated
value of notes, drafts, bills of exchange and bankers' acceptances. The
Federal Reserve Act was also amended to allow Federal Reserve Banks
to make 90
-day advances to individuals, partnerships or corporations on
their promissory notes secured by direct obligations of the Federal Government.
les,The Farm Bill passed in May authorized the President, in his discretion,
to direct the Secretary of the Treasury to arrange with the Federal Reserve
Banks for their purchase of up to $3,000,000,000 in Government obligations,
over and above their holdings of $1,837,278,000 at that time. The rate
of buying these obligations by the Federal Reserve was stepped up to
about $35,000,000 a week late in August, and by Sept. 20 total holdings
amounted to $2,238,000,000. The resolution signed by the President
June 5 under the title "A Joint Resolution to Assure Uniform Value to
the Coins and Currency of the United States" abrogated all gold clauses
In effect in this country, and since that date all Federal Government issues
have omitted the clause, "Payable in Gold at Present Standard of Value."
This step had no apparent effect on the rate at which subsequent issues of
Treasury bills were marketed, and it is interesting to note that the first
issue of certificates after the passage of said Joint Resolution, eliminating
the gold clause was the one of $460.099,000 dated June 15 1933 due March 15
1934 and was placed at .75%.
During a year which has included a change of political party in office,
the Bank Holiday, the embargo on gold shipments,and the cancellation of
the gold clause in all Government securities, the fluctuations in the yield
of long-term Treasury bonds have naturally been unusual. An average
of eight issues of Treasury bonds showed a yield of 3.38% on Nov. 1 1932.
From this point the yield fell to 3.11% on Feb. 2 1933; rose to 3.67% on
March 3, and stood at 3.20% on Sept. 20. While the Federal Reserve
Banks during this period have purchased only a negligible amount of the
Treasury bond issues, their substantial purchases of the shorter obligations
have probably been a steadying factor in the market for the long-term Issues.
Federal Land Banks,
Although Federal Land Banks have done no' public financing for the
last year and one-half, $18,800.000 three-year 434% bonds due 1935-1934
were issued to the Reconstruction Finance Corporation against loans during
the latter part of last year; and $3,000,000 of 434% bonds due 1936-1935
were issued this year in the same manner. In addition to these issues there
have been taken by the RFC against loans $3,000,000 of the new consolidated Farm Loan bonds whose 4% interest is unconditionally guaranteed
by the United States Government. The details regarding this issue wil
1
be covered subsequently in this report.
For the period of six months ended June 30 1933, the banks made loans
to$18.399,000. which compares with the amount
to agriculture amounting
of approximately $13,000.000 of loanemade for the corresponding period
last year. During July and August of this year, however, this pace was
accelerated and loans amounting to approximately 111,500,000 were made.
At the time of your Committee's report the last available official statement
of the 12 banks is as of June 30 1933, which shows developments during the
12 months preceding, reflecting a reduction in mortgage loans of approximately $38,000,000; reduction in the amount of United States Government securities owned of close to $12,000,000; a reduction in the amount
of other securities owned to about $17,000,000, and a reduction in cash of
about 33,000.000. The amount of real estate owned outright increased
about $20,000,000 and real estate which is subject to redemption in the
form of sheriffs' certificates, judgments, &c., increased about $4,500,000.
You will note in your Committee's report of last year the comment regarding the marked increase in delinquent instalments and real estate taken
over under foreclosure, and apparently conditions have not changed for
the better in this regard as delinquencies after the allowance for partial
payments, but before reserves, increased about $12,000,000 and delinquent
Items in connection with which extensions were granted increased from
approximately $10,000,000 to about $28,500,000. In this connection
you will probably recall from your Committee's last report the $25,000,000
which was appropriated last year to grant extensions to worthy borrowers.
On June 30 of this year the capital stock of the Federal Land Banks in
the hands of the Treasury of the United States amounted to $124,872,000
out of a total capital of $188,514,000. Reserves and undivided profits
at this time amounting to 138,554.000. This large percentage of capital
stock held by the Federal Government leads your Committee to believe
that the Government is very serious in its intention to work out a constructive program which will definitely aid agriculture and at the same
time endeavor to protect the holders of Federal Farm Loan bonds.
Of greatest importance to the Federal Farm Loan System was the legislation which was enacted during the last session of Congress. As a result
of this legislation, the Federal Farm Loan Board was abolished and its
executive functions were transferred to a Land Bank Commissioner who
Is made a member of the Farm Credit Administration, but subordinate in
authority to that of the Governor, who can assent to, modify, or overrule
any conclusions arrived at by said Commissioner.
On May 12 this year, President Roosevelt signed the Emergency Farm
Mortgage Act. which embraced provisions of great magnitude and of
unusual importance to the Lank Bank System. Under this Act, and until
such time as the banks may be able to sell bonds of the type theretofore
issued, and at present outstanding, at a yield not in excess of 4%, and
for two years from May 12. Federal Land banks may issue not to exceed
12,000,000,000 "New Consolidated Federal Farm Loan" bonds bearing
Interest not in excess'of 4%,which interest shall be fully and unconditionally
guaranteed by the United States. These new bonds and the income derived therefrom carry the same tax exemption as the Present outstanding
Federal FarmiLoan bonds. The Act requires that on mortgage loans
Volume 137
Financial Chronicle
made through national farm loan associations and outstanding May 12,
or made during a two-year period beginning on that date, interest payable
within a five-year period commencing July 11 1933, shall not exceed 434 %.
Interest to be paid by direct borrowers and borrowers in Peurto Rico is
reduced to 5% for the same period. No principal amortization payments
shall be required during the period if the borrower is not in default on some
other provisions of his mortgage. $15,000,000 was appropriated to enable
the Secretary of the Treasury to make payments to the Federal Land Banks
to offset such losses of revenue as they would experience up to June 30 1934.
as a result of reducing interest on loans. This amount should be ample
for this period because it amounts to approximately 29% of the average
rate (4.54), the banks have to pay on 31,141.897.000 bonds outstanding.
whereas the reduction to 434% interest on loans in force amounts to a
downward revision of about 18% from the 5.4 average rate at the time the
Act became effective. Additional amounts are to be appropriated to
offset this reduction of interest as they become necessary each year during
the next four years. To assist the banks in overcoming the loss of revenue
they will experience through postponement of principal amortization,
$50,000,000 was appropriated for the Secretary of the Treasury to use in
making subscriptions to paid-in surplus of the banks. Additional amounts
may be provided as needed.
The Emergency Farm Mortgage Act also provides that up to $50,000
may be loaned to any one borrower, provided loans in excess of the old
limit of $25,000 are made only upon the approval of the Farm Loan Commissioner. Upon certain conditions, the Commissioner may authorize a bank
to loan direct to an individual at a rate of 34% above the rate charged by
the bank on loans made through national farm loan associations.
The new bonds are to be collectively secured by collateral kept separate
from collateral securing bonds previously issued by individual banks and
may be sold for cash or issued in exchange for first mortgages on farm
lands at a price not to exceed the unpaid principal of the mortgage, or 50%
of the normal value of the land and 20% of the value of permanent, insured
Improvements, whichever is lower. Such of these new bonds as may not
be required for making now loans or exchanging for mortgages may be
issued after May 12 1934. to refinance outstanding Federal Land Bank
bonds. Such refinancing as might be done during the year from May 12
1934 to May 12 1935 would be very helpful in reducing interest charges on
the system's funded debt because of the volume of outstanding bonds
bearing coupons of 434. 4%, 4)j and 5%. This swould be in addition to
the advantage to be gained by having a definitely "consolidated" issue
representing one obligation for the entire system, in place of the individual
issues by each of the 12 banks presently outstanding.
There is also a provision in the Act for the RFC to make available to the
Farm Loan Commissioner not exceeding $200,000.000 for the purpose of
loans to farmers against first or second mortgages upon the whole or any
part of farm property, real or personal. including crops where the amount
of such mortgage, together with all prior mortgages or other evidences of
indebtedness secured on the farm property does not exceed 75% of the value
thereof. The loan of any one farmer shall not exceed $5,000, bear interest
at.not over 5% and must be amortized within a limited period.
Some holders of old Federal Land Bank bonds have indicated they might
be reluctant to convert these holdings into the now interest-guaranteed 4s.
They are skeptical of appraised "normal" values which may be established
and wonder if the Government guarantee of interest does not put the bondholder on notice that that is the extent of the Government's responsibility.
In the light of experience, however, they should feel that the Government
has given repeated indications of complete responsibility on the old bonds.
Another factor is that the market on the old bonds is one with which
holders are familiar, but largo amounts of now bonds which can be exchanged
for mortgages may be offered in the market for liquidation, introducing
an element of uncertainty marketwise.
Questioning the Government tie-in is probably not well founded because
it is difficult to imagine the Government sponsoring such an extensive
program so whole-heartedly and then abandoning it later. If things would
not work out well and wholesale foreclosures should become imminent,
It is logical to expect the political aspect would force the Government back
in. The Act might be modified after Congress convenes so that a more
convincing definition of appraised values may be incorporated. If these
consolidated bonds carried a guarantee of interest so long as principal
remained unpaid, there could be no question of the Government's intention
to follow through effectively on supervision and upon efficient operation.
This extended guarantee would undoubtedly add substantially to the attractiveness of these securities which should result in great benefit to the system.
The market on Federal Land Banks bonds experienced severe fluctuations
late last year and early this year. The market during the middle of September was close to the levels obtaining just one year ago, some dollar
quotations being identical, with the widest changes showing an approximate
two-point decline. On June 30 of this year the total outstanding bonds
($1.141,897,000) represented a reduction of about $5,500,000 of bonds
outstanding on Dec. 31 1932.
Federal Intermediate Credit Banks.
This system of banks continues in the strong position it occupied last
Year. As of July 31 this year their assets totaled close to 13.i. times the
amount of outstanding debentures, which were $88,000,000. The principal items of assets consisted of loans and discounts, $29,000,000; United
States Government obligations, 345.000,000, and cash on hand $15,000,000.
During the past two or three months, the banks have marketed $60,000,000 of debentures, about one-half of which are reflected in the $88.000.000
above referred to and all told after allowing for these debentures that have
been retired, the net amount outstanding as of Sept. 15 was about $110.000.000. When considering this increase above the July 31 total, it should be
borne in mind that asset items have increased correspondingly. Of the total
capital $60,000,000 subscribed by the Treasury ($5,000.000 to each of the
12 banks), $30,000,000 had been paid in by 1932 and during that year this
amount was increased by $2.000,000. During the first quarter of 1933.
$28,000.000 was advanced. completing the subscribed total, and as of
the latter part of September this year the paid-in capital, surplus, reserves
and undivided profits aggregated about $62,800,000.
It might not be out of place, at this time, to again outline a few of the
features of these debentures which make them particularly attractive for
short-term investment purposes. They are secured by constantly revolving
short-term loans and discounts; they are exempt from taxation (Federal.
-day loans with
State and local), and they are eligible as collateral for 15
the Federal Reserve Banks if running six months or less.
About a year ago these debentures were selling on a 1% basis for threemonth maturities; 1 % for six-month maturities, and on a 2% basis for
debentures running for one year. The present range is about as follows:
h of 1% for throe months; 1% for 6 months; 11,i% for nine months and
1%% for 12 months.
Joint Stock Land Banks.
r The Emergency Farm Mortgage Act signed by the President-on May 12
slow
,a
of this year definitely placed the joint stock land banks inv position of
Iquidation as it provides "after the date of this Act noIjoint stock land
3621
bank shall issue any tax-exempt bonds, or make any farm loan, except such
as are necessary and incidental to the refinancing, &h." In order to make
this liquidation "orderly" the Act directs the RFC to make $100,000,000
available for not exceeding two years to the Farm Loan Commissioner
so that he may make loans to the Joint stock land banks at 60% of normal,
apprasied value of real estate, and at a rate of 4%. The amount of these
loans is the ratio which the unpaid mortgages of each bank bore to the
total unpaid mortgages of all operating banks. However, in order to obtain such loans, the joint stock land banks must reduce interest on all
their first mortgages to 5% from July 11 this year and must agree that for
a two-year period beginning May 12, they will forego normal foreclosure
proceedings. There is also a provision in the Act allowing joint stock
land banks to exchange mortgages for the new interest-guaranteed 4% Federal Land Bank bonds at a price, however, which shall not exceed the unpaid
principal of the mortgage or 50% of the normal value of the land, and
20% of the value of permanent insured improvements, whichever is lower.
Liquidation of joint stock land banks should eventually work out more
to the advantage of the bondholders than a readjustment and scaling down
of bonded debt, which has been arranged where stockholders are trying to
work out something on their holdings at the expense of bondholders.
It seems to your Committee that the percentage of good and fair collateral,
In addition to other assets of these banks bears a somewhat higher ratio
to outstanding bonds than is indicated by current market quotations on the
bonds. It is interesting to note that the Act which placed these banks
in liquidation has in no way made the capital stock double liability feature
more effective for the benefit of bondholders.
On June 30 this year, 46 joint stock land banks were in operation; one
in voluntary liquidation; three in the process of liquidation through receivership, and three had been liquidated.
As of Dec. 31 1932, $425,320.000 joint stock land bank bonds were outstanding, representing a total of $33,700,000 retired by the banks during
the preceding 12 months. On June 30 of this year, such outstanding
amounts had been reduced to $405,649,000. It is interesting to compare
this amount with the total at the end of December 1927 when $667,314,000
were reported.
It is also interesting to note that in contrast to the current market on
Federal Land Bank bonds, which as above mentioned is practically the same
as it was one year ago, practically all joint stock land bank issues show distinctly improved prices.
Some of the joint stock land banks, realizing the necessity of doing something to balance their current position as it relates to income against fixed
charges evolved a plan which required the sale to the bank of one-half of
each individual investor's holdings at $0.35 on the dollar. The last bank
to resort to this plan abandoned it upon the failure of the specified percentage of bondholders assenting to it.
Your Committee believes your attention should be called to the Plan
adopted by the First Joint Stock Land Bank of Montgomery, Ala. This
institution realized that unless their income and outgo could be more normally balanced, receivership with its attendant expenses, would be inevitable.
Also, realizing their responsibility to the bondholders, they evolved a plan
in which the bondholders were requested to assent to a reduction of 50%
of their interest payments for a period of two years and should 90% of such
bondholders consent it should become immediately operative. Even
with an offer so equitable for all concerned, it was astonishing, in view of
the difficulty in locating so many widely scattered holders of coupon bonds,
to see the rapidity and alacrity with which the plan went through. At the
present moment, your Committee understands that over 93% of the bondholders consented to this interest reduction, and the plan has become
operative.
Respectfully submitted,
GOVERNMENT AND FARM LOAN BONDS COMMITTEE.
F. Seymour Barr, Chairman.
W. C. Hoagland I T. Raymond Pierce
Lester W. Perrin
Clarence B. Jennett
Dudley C. Smith
Report-7of Municipal Securities Committee—Urges
Support of Congressional Measure for Readjustment of Financial Difficulties of Municipalities
Through Federal Bankruptcy Court Machinery—
Resolution Adopted—Status of Proceedings
Affecting State of Arkansas Highway and Toll
Bridge Bonds.
if The enactment by Congress of the proposed law amending
the Federal Bankruptcy Act so as to allow a_ municipality
which is in default to go into Federal Court, with the consent
of 30% of its creditors, and seek an orderly readjustment
of its financial difficulties, was urged in the report of S.
Fleetwood Dunstan (of the Bankers Trust Co. of New
York), Chairman of the Municipal Securities Committee
of the Investment Bankers' Association of America. In
his report, which was presented at the annual convention
of the Association at Hot Springs, Va., on Oct. 31, Mr.
Dunstan stated that the proposed law, originally known as
the Wilcox bill, became the Sumners bill after minor alterations. The House of Representatives, he stated, promptly
passed the bill, but it was never brought before the floor
of the Senate. It remained in the hands of the Senate
Judiciary Committee, and no action was taken on it before
the close of the special session. "Since Congress adjourned,"
said Mr. Dunstan, "the municipal default situation has not
improved." He added:
More-communities now face the necessity of a debt readjustment and
there seems to be little prospect of accomplishing it without Federal bankruptcy court machinery. This legislation is worthy of support by members of our Association.
From an account from Hot Springs, Oct. 31, to the New
York "Journal of Commerce" we quote:
Mr. Dunstan, in avpress interview after the session, voiced the opinion
that at least $200,000,000 in principal and-interest on State and municipal
issues is now overdue and that the debt of these communities so affected
exceeds 31.500,000,000. The market value of these debt obligations has
been depleted through the present legal_requirements,,bonds being quoted
3622
Financial Chronicle
from 5 to 50, and their intrinsic worth would be increased many-fold if beneficial readjustments could be accomplished. * * *
Under recent Federal legislation it is now impossible for a small minority
of the creditors of the railroads to block a reorganization which is believed
to be advisable by a majority of the creditors. No such provision applies
to the States and cities, however, and the holder of one bond may block
a readjustment that Is approved by the debtor and thousands of creditors.
In several cities protective committees of bondholders have been formed
and have drawn up reorganization plans, but they have been unable to
move because of a stubborn minority. The belief was expressed by one
delegate that in no single case in this country has a municipality been able
to put through a readjustment of its debt structure without paying dissenting bondholders 100 cents on the dollar.
The Association placed itself on record in support of the
proposed legislation in the following resolution adopted at
the convention:
Whereas, minority interests may now obstruct needed municipal refundng operations due to the fact that 100% approval of all affected creditors
s required; and
- Whereas, it is to the best interest of municipal credit and the owners
of municipal bonds that all situations of this character be corrected as
early as possible; and
Whereas, legislation was passed by the House of Representatives at the
ast session of Congress providing machinery for refinancing plans binding
on minority creditors when approved by a large majority of the creditors,
the municipality in question and a Federal Court,
Be It Resolved, That the Investment Bankers' Association of America
endorses the principles of legislation which would permit the orderly readjustment of municipal indebtedness when such legislation requires the
approval of the plan of readjustment by a Federal Court, the municipality
and a substantial majority of the creditors affected.
In an account from Hot Springs, Oct. 31; to the St. Louis
"Globe-Democrat" it was stated that application of such a
plan of readjustment to the Arkansas Road District State
Highway and Toll Bridge defaults, would prove a boon to
many St. Louis individuals and institutions, as approximately $40,000,000 of such defaulted bonds are held there,
and incidentally some of the closed banks in St. Louis have
sizable blocks of these bonds which at present market values
would be sold at a needless sacrifice. Reference to these
bonds are made in the report, which follows in full:
This is an opportune time for the members of our Association to use their
best efforts to promote a program of constructive economy in local government. Sound principles of State and municipal administration and finance
have been advanced for many years by our various municipal securities
committees. We have direct evidence that they have been helpful to those
charged with the administration of government and the holders of their
obligations. Generally speaking, we have found that our States and
municipalities and their officials have a high sense of credit. They have
a growing desire to accept counsel. We find, too, that responsible individuals are taking a greater interest in government affairs and more careful
attention is being paid to the problem of municipal operation and finance.
Conditions are most favorable, therefore, for placing special emphasis on
at least two of the recommendations made in our interim report—"Consolidation of Overlapping Government" and "Effective Tax Collecting System."
In an address delivered during August of this year President Roosevelt
said: "The greater part of government, as it affects your daily lives and
mine, is your local government. The opportunity in this field of local
government for improvement . . . is Just as great as it is in Washington." He pointed out the numerous layers of government under which
we live, such as the Federal, State, county, town, village, school district,
electric light district, fire district, sidewalk district and numerous other
districts; and we are "paying taxes in all of them." Continuing, he said:
"But we haven't done much yet along that line. We haven't done much
to reorganize in our local government—what you and I know to be an outworn system, built up in the days of the oxcart and unchanged in the days
of the automobile." It has been estimated that there are nearly 200,000
governments in the United States. Citizens in some of our communities
are blanketed under as many as ten layers of government. This naturally
results in inefficiency and excessive cost. The system must be simplified.
Consolidation and elimination of overlapping functions is difficult for
political reasons. However, our citizens are awake to-day to the fact that
providing government is a business and must be administered efficiently.
A reorganization of local government would bring with it a revised tax
system, but this revision is necessary whether or not a complete reorganization is accomplished. At the Municipal Finance Conference in Chicago
in July the Federal Government was called upon to provide for a commission which would be empowered to study the revenue systems of the various
branches and units of government in this country, and make recommendations. Some of the members of your committee participated in this very
interesting and beneficial three-day forum on municipal affairs. It was
attended also by many prominent public officials, governmental researchers,
bankers and other experts in public finance and taxation. While recognizing the need for rearrangement of the present structure of taxes and
revenues, the conference asked for a more intelligent and forceful administration of the existing tax laws.
A faulty collecting practice has led to much short-term tax delinquency
in some sections of our country. In some communities the statutory
penalties are so light or the enforcement of the law so lax that taxpayers
delay payment of their taxes in order to meet the demands of more exacting
creditors. Taxes must eventually be paid, and if the taxpayer is solvent
he should obtain credit from sources other than the government. Continued extensions and a progressive easement of penalties can hardly fail
to have a demoralizing effect on taxpayers generally. The practices are
grossly unfair to those who pay their taxes promptly and are of doubtful
benefit to those they are intended to help. In order to make possible the
orderly conduct of government through prompt receipt of revenue, the
procedure for the collection of taxes should be made as simple, regular and
undeviating as possible. The power to collect should be exercised vigorously and impartially.
"Pay Your Taxes" Campaign.
Your committee for several months has been taking an active part in
what we call a "Pay Your Taxes" Campaign. Tax delinquencies in the
early stages of the depression were not considered dangerous, as the deficlencies were easily, met by temporary borrowing at the banks. These
loans increased to large proportions, and now further borrowing against
delinquent taxes is exceedingly difficult and in many cases impossible.
Yet local government must be maintained in order to safeguard the prop-
Nov. 18 1933
erty, health and even the lives of its people. Taxes have been levied for
these purposes and the present situation demands their collection.
The thought behind the campaign is that taxpayers should be made
more familiar with the operation of local government and that a frank
discussion of all factors in municipal finance should help the case of honest
and able public officials who are endeavoring to give the citizen service
for his tax-dollar. The movement may be said to have an element of
patriotism. Specific studies of delinquencies made here and there throughout the country indicate that it is the large taxpayer who is most guilty
of the delayed payments which have caused embarrassment to municipalities, and it is chiefly against these large taxpayers that collection campaigns have been directed. Despite the admitted complexities of the
problem, much progress has been made in this campaign. Measures for
more strenuous tax collections already have been placed in effect in a number of municipalities with excellent results, and a spread of this movement
is assured.
A large number of investment dealers have participated actively in the
campaign and, at considerable expense to themselves, have prepared
literature for distribution to public officials, bond buyers and all others
interested in municipal credit. In addition to this, any number of newspapers throughout the country have co-operated by calling upon their
readers for the support of their local government by the payment of taxes.
The National Municipal League has also become interested in the work.
It has been carrying on an extensive field activity and has been issuing
newspaper and magazine publicity. There are some 58 organizations cooperating in the League's program. Furthermore, the League is using a
nationwide radio hook-up. It began its broadcasts on June 20 and will
continue through the late fall at least, and possibly longer. Your committee is working with the League and some of its members are taking part
in the radio educational program. More money is needed to enable the
League to pursue its efforts, and it is the feeling of your committee that
members of the Association should contribute financially to the continuance
of this campaign.
Federal Legislation.
We have had to concern ourselves, too, with the activities of the Federal
Government. The work of Congress has a very direct effect upon municipal credit.
National Industrial Recovery Act.
On June 16 1933 President Roosevelt signed the NIRA. He declared
that it was "the most important and far-reaching legislation ever enacted
by the American Congress." Title II creates the Federal Emergency
Administration of Public Works and appropriates $3,300,000,000 for its
use. The expenditure of this money rests with the President. The Act
is permissive only. The President may exercise all, any or none of the powers invested in him. Furthermore, the Act has a life of only two years.
It authorizes grants of money as well as loans to States, municipalities or
other public bodies. The self-liquidating requirement of the Reconstruction Finance Corporation has been abandoned. The only test of eligibility
under this law seems to be whether or not the proposed work will increase
employment quickly. It does suggest that the loans should be reasonably
secured and that the President may consider whether an applicant's revenues
are in line with its expenditures.
Grants (that is, outright Federal gifts) may be made to political bodies
for the construction, repair or improvement of any *project up to 30%
of the cost of the labor and materials employed. The remaining 70% may
then be advanced as a loan. In addition, public works may be constructed
by the Administration and any necessary real estate or personal property
acquired. These in turn may be leased to the State or municipality with
or without privilege of purchase. The Act is so broad that we have to look
to the statements of policy from its administrators for guidance.
The President's first utterance regarding the expenditure of this public
works money was: "Our first purpose is to create employment as fast as
we can, but we should not pour money into unproved projects." He
recently called upon the mayors of the cities in the country to come forward
quickly with proposals which would give immediate work to their unemployed and asked for a "stimulation of interest all along the line in our
public works program." Word came in early July that Budget Director
Douglas was insistent that Federal loans under this law should be made
only to those States and municipalities whose budgets were balanced and
credit satisfactory, and only on "absolutely sound and useful" projects.
The Emergency Administration has recently announced that all of the $3.300,000.000 will be allocated before the first of the year and has requested
local governments to make application promptly.
The Administrator, Secretary of the Interior Ickes, has recently stated:
"I do not deem it the intent of Congress, as shown by the Act under which
the PWA functions, that any unrestricted orgy of flinging millions of public
dollars toward unknown destinations be tolerated. I will not be a party
to any such program. I do not believe citizens wish me to aid such chemes."
Circular No. 1 issued by the Administration seta forth among others the
following purposes and policies:
"Aid will be granted only wnere the work week is not more than 30 hours,
and the maximum of human labor shall be used in lieu of machinery. No
project will be considered which is a mere makeshift to supply work, nor
will a project be considered which wia require for its maintenance or operation an additional outlay by the Federal Government. After the project
nas been approved the Administration will either purchase the bonds of the
public body or construct the work and lease it to tae State or municipality.
The United States will bid par and accrued interest for the bonds, provided
they bear interest at the rate of 4% or more. In the event the bonds bear
interest at the rate of more than 4%, the difference between 4% and the
coupon rate will be refunded by the Government from time to time during
the period such bonds remain in the possession of the United States. Provision must be made to amortize the bonds pursuant to State statutes and
according to the life of the project not to exceed 30 years, except in the case
of such projects as obviously have a longer life and in no case to exceed
50 years. The acceptance of these bonds will be subject to the opinion of
recognized bond counsel as to tneir enforcibility. A public body may
decide whether its issue of bonds will be for the amount of the entire cost
of the project or such amount less the Federal grant, if made. In the
former case the grant may be utilized to meet the debt service for the early
years, possibly four or five, of the life of the bond issue. In case the public
body decides to issue its bonds for only its portion of the total cost (total
less grant), the cost of retiring the issue will be borne by it. In the event
the applicant may be able to finance its projects in whole or in part otnerwise
than by sale of its obligations to the United States, the grant of 30% will
be made if the project is approved."
Recently the Deputy Administrator made the following statement:
"The reasonable security required by the Act may be earnings of the
project, if it has sufficient earnings, and if not, such earnings supplemented
by taxes. If the project is not one which has earnings, such as schools,
public buildings. &c.,then the Administrator considers whether the ordinary
current expenditures of the public body are within its prudently estimated
revenues. In applying this test, the Administrator will also consider to
what extent the city is honestly, economically and efficiently administered.
In other words, he will estimate as any other lender does, the moral risk.
It is hoped that this policy will raise the standard of municipal government
in the United States and thus promote the re-establishment of confidence
,
in cities and thus their credit.
'
*Section 202 includes "any project of the character heretofore constructed or
carried on either directly by public authority or with public aid to serve the interests of the general public.'
Volume 137
Financial Chronicle
The above statement is encouraging. The policy as announced by those
charged with the administration of this law seems to evidence a recognition
of conflicting economic forces—a demand for public works to give employment and the necessity of maintaining the credit of our local governments.
The NIRA restricted the powers of the RFC in its loan of money for selfliquidating projects. The RFC may approve no new application, but may
complete old contracts. Through July 31 of this year that body had contracted to loan $225,000,000 to local governments, of which $38,000,000
had been advanced. By way of parenthesis, it may be added bore that the
RFC recently announced its intention of selling its bonds to the public.
It sent out letters to various bond dealers, explaining the Corporation's
Position with respect to its municipal portfolio, accompanied by a list of
municipal bondholdings. Since this announcement, however, your committee has been informed directly by the RFC that upon further consideration the Corporation has concluded that these securities "will not be disposed of at this time."
The Federal Administration of Public Works has allocated approximately
$200,000,000 in loans and grants to our States and municipalities for nonFederal projects. This figure does not inc'ude loans to private corporations for such public enterprises as hospitalt housing, slum clearance. &c.
As in all Federal legislation affecting municipal credit, your committee
has followed the progress of this most important law from its inception.
Unable to learn whether or not the Government would purchase State and
municipal bonds which could be marketed through the regular channels,
a letter was addressed to the Federal Emergency Administration of Public
Works, registering the opinion of the Association that this financing should
be done in the open market whenever possible. To date there has been a
strong and active market at favorable rates for bonds of those States and
municipalities which have properly maintained their financial position;
and if capital for new public works Is supplied by individual investors and
financial institutions as heretofore the Federal Government will not be
called upon to tie up its funds unnecessarily.
Federal Securities Act.
If State and municipal financing is to be done through the usual channels,
the dealer will have to consider the effect of the Federal Securities Act
upon his business. It is recognized that few provisions of this law have
as yet been tested and that subsequent court rulings may alter some of the
opinions which have been expressed.
Section 3 of the Act deals with exempted securities and states that
"except as hereinafter expressly provided, the provisions of this title shall
not apply to any of the following classes of securities: . . . (2) Any
security issued or guaranteed by the United States or any Territory thereof.
or by the District of Columbia, or by any State of the United States, or by
any political subdivision of a State or Territory, or by any public instrumentality of one or more States or Territories exercising an essential governmental function, or by any corporation created and controlled or supervised by and acting as an instrumentality of the Government of the United
States pursuant to authority granted by the Congress of the United
States, .
.••
The term "political subdivision" has caused some discussion. The report of the House of Representatives Ways and Means Committee stated:
"The term 'political subdivision' in the above carried with it the exemption
of such securities as county, town or municipal obligations, as well as school
district, drainage district and levee district and other similar bonds. The
line drawn by the expression 'political subdivision' corresponds generally
with the line drawn by the courts as to what obligations of States, their
units and instrumentalities created by them, are exempted from Federal
taxation. By such a delineation any constitutional difficulties that might
arise with reference to the inclusion of State and municipal obligations
are avoided."
The exemption of municipal obligations under Section 3 of the Act applies
to all sections of the Act except Section 17, which relates to fraudulent
transactions, and Section 24 setting forth the criminal penalties. Hence
transactions involving municipal obligations are not subject to the provisions of Section 12 of the Act dealing with civil liabilities with respect to
representations. At the same time the enactment of the Securities Act
of 1933 has served to emphasize the obligation of dealers to exercise scrupulous care with respect to any statements made in connection with the purchase, sale or exchange of any class of securities. This obligation is one
that has always been recognized as a moral obligation by responsible and
conscientious dealers, and, moreover, It is the legal duty of any vendor
of any class of securities under the general rules of common law independently of any statute. All dealers should re-examine old circulars on municipal issues and suspend the use of any such circulars that may not measure
up in every respect to the best standards. Illustrative of the thought here
is the suggestion that in connection with financial statements regarding
bonded debts of political subdivisions, it is well to indicate that such statements do not include overlapping debts of other political subdivisions which
have power to levy taxes upon any or all of the property represented by the
•
assessed valuation.
The effect of the Act upon bondholders' committees representing holders
of municipal obligations is also important. The definition of "security"
Is comprehensive enough to bring within its terms certificates of deposit
Issued by protective committees, and there is no specific exemption with
respect to certificates of deposit for exempt securities. Such certificates of
deposit would seem to be subject to the Act and require registration. However, it is the opinion of some attorneys that the Act does not apply in cases
where title to the deposited securities does not pass to the committee, and
If the deposit agreement merely appoints the committee agent of the dePositor the certificates of deposit need not be registered. The Act is not
clear on this point. It is logical that if securities are exempt certificates of
deposit for such securities should also be exempt; and an amendment of the
Act to make such exemption is advisable. Under the definition of "issuer"
. as "the person or persons performing the acts and assuming the duties of
depositor or manager pursuant to the trust or other agreement under
which such securities are issued," the committee would be the issuer and
subject to the liabilities of an issuer.
In case of any readjustment of municipal debt where the receipts or
certificates of deposit were issued by the municipality itself, they would
undoubtedly be exempt as municipal obligations.
It is understood that the provisions of the Act do not apply to certificates of deposit issued prior to July 27 1933 or pursuant to an offer made
prior to that date.
Banking Act of 1933.
A provision in the Glass-Steagall Act, while not immediately effective,
may later have an important bearing upon State and municipal securities
used to secure postal savings deposits. Paragraph (d) of Section 11 amends
Section 759 of the Postal Savings Act, which governs the securing of deposits, by adding the following proviso:
"Provided, That no security shall be required in case of such part of the
deposits as are insured under Section 12B of the Federal Reserve Act,
as amended."
It appears that under this proviso a bank participating in the Federal
Deposit Insurance Corporation would not have to give security as is now
3623
required in order to act as a postal savings depositary, except for the
amount over that subject to insurance. Evidently a $10,000 Postal savings
deposit does not have to be collateralized. A deposit above $50,000, being
50% insured, seems to require $10,000 collateral plus 50% more on the
amount that it exceeds $50,000. It has been stated that there are $1,000.000,000 of postal savings deposits. Therefore under this law there is a
potential release of around $500,000,000 worth of securities. Any effort
to predict the amount of State and municipal bonds which may be released
would be mere guesswork.
Federal Emergency Relief Act of 1933.
In a statement issued by the President as he signed the Federal Emergency Relief Act of 1933 he made it clear that the measure does not exempt
State and local agencies from the responsibility of assuring the necessities
of life to their citizens, and said that the Federal government will not aid
until these agencies have done their utmost. The Act is being administered on that basis. Provision is made for direct grants of aid to States
in the amount of $500.000,000. Half of the fund is authorized for grants
to States in the ratio of one-third of the amount expended by such States
for relief. On Oct. 1 1933 this restriction was removed. The balance of
$250,000,000, plus any amounts remaining from the first half of the fund.
will be used for grants to States where the combined Federal, State and local
funds are inadequate. Additional grants are authorized for those in distress who have no legal settlement in any State or community. As of
Aug. 31 the total disbursed by the Federal Relief Administrator was
$150,000,000.
Emergency Farm Relief Act.
Among its other provisions, the Emergency Farm Relief Act authorizes
the RFC to make loans to irrigation districts, drainage districts and levee
districts in order to reduce or refinance outstanding indebtedness. The
aggregate of these loans shall not exceed $50.000,000. Provision for the
retirement of them is made by requiring payments to the RFC of amounts
by which assessments against the property exceed costs of operation, maintenance and interest on the district's outstanding obligations. Loans are
to be conditioned upon appraisal of the property by the RFC, satisfactory
proof that the project is economically sound and evidence that the district
will be able to purchase or refund its outstanding bonds at a price to be
determined by the RFC.
Municipal Bankruptcy Legislation.
Many bills were introduced in the last session of Congress designed to
ease the strain put upon some municipalities by slow tax collections and
unemployment relief. The McLeod bill, which provided for a debt moratorium of two or ten years, was promptly defeated. All of the other proposed legislation which ignored the rights of creditors was also pushed aside
for consideration of a proposal which looked toward the orderly readjustment of debts of insolvent municipalities and at the same time recognized
the rights of bondholders. This measure was originally known as the Wilcox bill, but after minor alterations became the Sumners bill. It was
actively supported by many bondholders from the time it was first introduced. The House of Representatives promptly passed the bill, but it
was never brought before the floor of the Senate. It remained in the hands
of the Senate Judiciary Committee and no action was taken on it before the
close of the special session.
This proposed law would amend the Federal Bankruptcy Act so as to
allow a city or other taxing district which is in default. or threatened therewith, to go into Federal Court with the consent of 30% of its creditors
and seek an orderly readjustment of financial difficulties. The court could
not confirm such a plan of readjustment without the approval of 66 2-3%
of the municipality's creditors in each class and 75% of creditors in all
classes of claims affected. The Act would allow the development of a plan
of readjustment based on the financial ability of the community, and at the
same time it would furnish protection to creditors. The court must be
satisfied that the plan is fair and equitable and does not discriminate in
favor of any class of creditors. It must also be satisfied that the plan is
feasible and is based upon reasonable capacity to pay. This legislation
would also prevent a small group of bondholders from capitalizing upon
the nuisance value of its holdings and would make it impossible for them
to block the adoption of a fair plan of readjustment to which the majority
had agreed.
Since Congress adjourned the municipal default situation has not improved. More communities now face the necessity of a debt readjustment.
and there seems to be little prospect of accomplishing it without Federal
bankruptcy court machinery. This legislation is worthy of support by
the members of our Association. It is expected that it will be offered
promptly upon the convening of the next session of Congress, and it is necessarY that those who are interested in the passage of the bill work aggres
sively toward this end.
Statistical Information.
The mere threat of financial ills during the early part of the depression
led to a desire on the part of the dealer and the investing public for more
coMplete information on State and municipal securities. It was discovered
by some that the word "municipal" did not necessarily imply all the safety
heretofore supposed. Our Association carefully studied the possibilities
of forming a national organization for gathering financial statistics, but
concluded that it was not practical for us to undertake this work. There
are in existence, however, various groups who accomplish the same purpose
in their own localities. In addition, and just as important, there are several
privately owned fact-finding bodies which have entered the field on a commercial scale. These have been generally helpful to all interested in municipal credit. The uniform questionnaire adopted by this Association has
been used very extensively by all who gather municipal statistics, and the
fact that our own membership generally uses it is shown by their orders for
30,000 during the six months the form has been in existence. It should
be pointed out, however, that accurate and detailed statistics alone, as
Important as they are, will not always protect the investor.
State of Arkansas.
The bondholders' committee, formed some months ago to represent the
interests of holders of highway and toll bridge bonds issued by the State of
Arkansas outstanding in the amount of about $91,000,000, has recently
filed an application for an injunction to restrain the Treasurer of the State
from making any further disbursements of gasoline tax and motor vehicle
tax money collected under the Martineau Act and subsequent amendments
except as therein authorized.
The Martineau Act and its amendments require the State Treasurer to
set aside out of the first moneys collected a sufficient sum to pay interest
and sinking fund charges first on the highway bonds and then on the toll
bridge bonds, provided the revenues from the toll bridges are insufficient
to meet interest and sinking fund requirements. The Legislature of the
State attempted to violate this pledge when it passed the so called Ellis
Refunding Act, under the terms of which holders of the highway and toll
bridge bonds were offered long-term 3% refunding bonds in exchange.
The Legislature appropriated the proceeds of the gasoline and motor vehicle
taxes to the payment of interest on the proposed issue of refunding bonds.
3624
Financial Chronicle
and made no provision for any payments on the bonds now outstanding.
This action on the State's part brought forth considerable protest from its
security holders, and to date only a very few thousand par value highway
and toll bridge bonds have been deposited for refunding under the State's
plan.
The bondholders' protective committee has announced that it was necessary to file an application for an injunction because the State has been
making appropriations from the gasoline and motor vehicle taxes. These
appropriations include money for the payment of contractors and to service
the highway and toll bridge bonds owned by Pennsylvania, Minnesota,
Nevada and other States. These States alone among holders of its bonds
have the right to sue the State of Arkansas, in the Supreme Court of the
United States, to compel performance of its contract; and the appropriation
to pay the States would seem to constitute a frank admission on the part
of the Legislature that there is an obligation to pay the bonds in accordance
with their terms.
Favorable Factors in Municipal Affairs.
Notwithstanding the unfortunate financial condition of a few of our
States and some of our larger cities, the case of the State of Arkansas is the
only outstanding example of the disposition on the part of any substantial
community to attempt anything which might appear to be a lack of "will
to pay."
There are, on the other hand, a number of very encouraging factors
which have developed in connection with municipal finance during this
depression, which seem to be quite permanent in their character. In the
first place, there has been little or no sign of a disposition to actually repudiate outstanding indebtedness. Contrast this with the depression of
1873 and again in the 1890s, when the general tendency was for the debtburdened municipality to seek invalidation of its obligations on every
possible technicality! One of the greatest difficulties during both of these
periods was the constant threat of municipal officials and local lawyers
throughout the country to have the bonds declared illegally issued. It is
true that since that time the legality of municipal bonds has been more
carefully passed upon by recognized municipal attorneys; but at the same
time we now witness practically no threats or even suggestions on the part
of municipal officials that advantage will be taken of legal technicalities
to force bondholders into compromises. American public opinion would
not sustain technical objections to repudiate indebtedness.
Another very important tendency has been the general recognition by
public officials, backed by public opinion, that municipal indebtedness
must be paid eventually, even though the exigencies of the conditions have
required a request for postponement of the payment of such indebtedness.
Even in the case of the city of Detroit last spring, with all of the banks
In the city closed and conditions most unpropitious, the Detroit government recognized all of its debt and adopted a plan which promises to pay
every dollar of this indebtedness, principal and interest, in due time. With
all the extensions of principal that have been necessary, there has been practically no disposition to ask for a scaling of the obligations. In some of
the bitterest controversies between taxpayers' associations, political bodies
and investors, municipalities generally have asked only for an extension
of time.
The increased interest in and understanding of the functions of local
government by its citizens has been another beneficial development in
municipal affairs. About a year ago aroused taxpayers' associations were
coming into vociferous prominence in almost every section of our country.
These associations in many cases have effected wise economies and improved
administration; and on the whole through these discussions the public has
improved its understanding of the absolutely essential services performed
by the municipality for a civilized existence. The very threats of closing
schools, delayed payments to school teachers, policemen, firemen. Sze.,
have brought home to the taxpayer the necessity for good local government.
Along with this has come the realization that such necessary government
cannot be maintained without real cost to the public. There is a tendency
now in many of our States to increase tax penalties and a public opinion is
forming to insist that taxes must be paid. The term "tax slacker" has
come into evidence in the press, and it is quite conceivable that in time it
will be most unpopular in this country for a man not to pay his local taxes.
The focussing of American public opinion upon local municipal government
for over a year undoubtedly has been a great advantage to municipal management and already has corrected many of the evils and abuses of the past.
Certainly the intelligent individual appreciates more and more the necessity
for taking an interest in his local government which is just as essential to
his welfare and well-being as the national government. This cannot help
but work to the advantage of municipal credit in the future.
Respectfully submitted,
E. F. Dunstan, Chairman
John S. Linen,
Howard H. Fitch,
Clifford S. Ashmun,
Francis Moulton,
George C. Flannans,
R. Emerson Ayars,
Hardgrove, D. T. Richardson,
George P.
Joseph E. Chambers,
A. J. Spencer,
Henry Hart,
Eugene I. Cowell,
E. Warren Willard,
Milton G. Hulme,
John W. Denison,
Meade H. Willis.
Royal D. Kercheval,
Clifford T. Diehl,
Report of Federal Taxation Committee—Chairman
Hopkinson Expresses View That Fiscal Situation
Will Be Improved by Revenues Resulting from
Repeal of Prohibition Amendment.
A very brief report was presented at the annual convention
of the Investment Bankers' Association of America by the
chairman of the Federal Taxation Committee, which refereed
to the Treasury gains under the 1933 Revenue Act. Total receipts, he noted, in the first quarter of 1934 were
$672,001,500, an increase of $234,900,000 over the same
three months the previous year. "Almost the entire gain
in receipts," he said, "is accounted for by an increase of
almost $200,000,000 in miscellaneous internal revenue
(which includes the new tax on beer)." "With the repeal
of the Eighteenth Amendment in prospect," he continued,
"it is reasonable to expect the fiscal situation will be still
further improved during the second half of the current fiscal
year." We give herewith the report as presented by the
Chairman of the Committee, Edward Hopkinson Jr. of
Drezel & Co., Philadelphia:
The 73d Congress has met and adjourned since the report of this Committee a year ago. No general revision of the tax laws was attempted.
Income tax and estate tax rates were increased and exemptions reduced.
The provisions permitting net losses from a trade or business to be carried
Nov. 18 1933
over were entirely wiped out, and the right to deduct losses on the sale
or exchange of stocks and bonds was further restricted.
The National Industrial Recovery Act, approved June 16 1933, also
contained provisions for raising additional revenue. The NIRA, together
with H. R. 5040, also approved June 16 1933, increased the gasoline tax
imposed by the Revenue Act of 1932 from one cent to 1 ji cents and extended
the period for this tax and the other excise taxes under Titles 4 and 5 of the
Revenue Act of 1932 until June 30 1935. There was also imposed a tax
of 5% on dividends (with certain exceptions) received by any person
other than a domestic corporation to be deducted at the source; a capital
stock tax of $1 per $1,000 per annum of the adjusted declared value of the
capital stock of corporations (with certain exceptions); an excess profits
tax equivalent to 5% of such portion of the net income of corporations
subject to the capital stock tax as is in excess of 12y6% of the adjusted
declared value of its capital stock. Income is defined as having the same
meaning as when used in the Revenue Act of 1932, so that dividends received by domestic corporations do not enter into the calculation of the
excess profits tax.
These taxes are to continue until certain dates after the close of the
first fiscal year ending June 30 of any year after the year 1933, during
which the ordinary budget of the United States is balanced or the repeal
of the Eighteenth Amendment is declared, whichever is the earlier.
H. R. 5040, •referred to above as extending the term for the gasoline
tax, also authorized the President to make certain decreases in the postage
rates and transferred the 3% tax on electrical eenrgy for domestic or commercial consumption from the purchaser to the producing company, exempting therefrom energy sold to the United States or any State or political
sub-division, and also exempting energy produced by publicly owned
electric and power plants.
Receipts Under the 1933 Revenue Bill,
The Treasury report for the first quarter of the 1934 fiscal year shows
considerable improvement over the corresponding quarter of last year.
Total receipts in the quarter were $672,001,500, an increase of $234.900,000
over the three months a year ago. Almost the entire gain in receipts is
accounted for by an increase of almost $200,000,000 in miscellaneous
internal revenue (which includes the new tax on beer). The receipts
from income tax fell off approximately $11,000,000. At the end of the
quarter the Government had a deficit of $237,493,000 as compared with
$682,318,200 a year ago.
With the early repeal of the Eighteenth Amendment in prospect, it is
reasonable to expect the fiscal situation will be still further improved
during the second half of the current fiscal year by revenues from spirits.
wines, and stronger beverages than now legalized.
The gross public debt on Sept. 30 1933 was $23,050.754,500, an increase
of $2,439,000,000 in the year, but the net increase was $283,435,000 less
on account of a larger net balance in the general fund.
Future Tar Policy.
It is currently reported that experts selected by the Administration are
already at work preparing a revision of the tax laws for the next session
of Congress which meets next January. It is earnestly to be hoped that
this work will be approached from a scientific standpoint.
Report of Railroad Securities Committee—Bankruptcy
Act Passed at Last Session of Congress a Step
Forward in Solution of Problem in Railroad
Finance—Fundamental Aim in Forming New
Transportation Act Should Be Re-establishment
of Railroad Business on Sound Basis—Future
Railroad Financing Dependent on Change in
Securities Act.
"It is to the interest of all that the railroad industry be
placed on a sound basis, so that capital will of itself flow
freely to that industry." This statement was contained in
the report of the Railroad Securities Committee, presented
at the annual convention of the Investment Bankers' Association of America, at Hot Springs, Va., on Oct. 31. The
report was submitted by the Chairman of the Committee,
Earle Bailie, of J. & W. Seligman & Co. of New York. The
Committee described the Transportation Act of 1920 as
having "failed as a basis of railroad policy" the Committee
stating "we believe that it has failed because it is based
upon an idea now clearly out-molded—the idea that the
railroad occupies a monopoly position in the furnishing of
transportation service." "The fundamental aim governing
the formulation of the new Transportation Act" says the
Committee, "should be to re-establish the railroad business,
as a business, on a sound basis." The Committee added:
"There must be full and frank recognition that no legislative remedies will
CUM the ills of weak or short-sighted technical and financial managements
which have made their contribution to the present accumulation of the
railroads' troubles."
Pointing to the passage of the Bankruptcy Act in the
closing days of the last session of Congress, as "of major
importance in providing machinery for an orderly and inexpensive adjustment of capital structures" the report says
that "while amendments may prove necessary to ensure the
full advantages to be expected from this legislation, the
existing act must be recognized as a step forward in the
solution of a difficult problem in railroad finance." The
report in full follows:
In presenting the report of the Committee on Railroad Securities, I
shall, in general, follow the same procedure as in my report of a year ago.
This involves consideration of the results of railroad operations in the present
year, a review of the measures taken, including the passage of legislation,
to meet the emergencies that arose, and finally certain recommendations to
the Association.
The Railroads in 1933.
The report of your Committee presented at the meeting of a year ago
voiced the hope that the long decline of business which began in the summer
of 1929 had been checked and expressed the belief that an improvement.
even though slow and gradual, was in the making. Despite an unsatis-
Financial Chronicle
Volume 137
factory first quarter, which reflected the results of the banking crisis, the
current year has been one of distinct encouragement for the railroads. In
May, for the first time in four years, the loadings of the carriers rose above
the corresponding figures of the prior year and,in the face of unsatisfactory
crop situations in certain sections, car loadings have continued above last
year.
This change is reflected in the estimate of the results for the current year
which I have made up after consulting the beat authorities, as I did in the
report of last year, in comparison with the final results of the Class I railroads in recent years:
(In Millions of Dollars.)
1933.
Est.
1932.
1930.
1918.
3,170
2,250
3,127
2,404
4,188
3,225
5,281
3,931
3,596
2,357
Net revenue from operations_ _
Taxes
Rentals
920
270
130
723
276
121
963
304
135
1,350
350
131
1,239
158
41
Netfrom operations
Non-operating Income
520
180
326
225
524
298
869
349
1.040
210
Total Income
Fixed charges
700
700
551
690
822
683
1,218
691
1,250
603
Operating revenues
Operating expenses
Net for corporations
Rats of return on investment
1931.
0
—139
139
527
647
2.0%
1.25%
2.0%
3.3%
3.9%
Such annual figures obscure, however, the most striking development
of the year—the ability the carriers have shown so to curtail expenses that
a considerable part of the increased gross revenue has been carried to net.
In the first four months of 1933 the Class I roads, with gross earnings
$206,000,000 below those of January-April 1932, reported net from operations only $33,000,000 below the figures of 1932. while in May, June and
July, with gross earnings only $96,000.000 above the figures of 1932. net
from operations increased $129,000,000. This careful control of expenses
in part reflects decreases in transportation costs, and in part decreases in
maintenance costs. During the first six months of this year, maintenance
for the Class I roads was $84,000,000 below the corresponding figures of
1932, and transportation costs $88.000.000 below the comparable 1932
figure. The necessities of the depression have taught railroad managers
many new methods of economical operation.
As a result, while operating revenues for the whole year will probably
be only moderately above those of 1932, the Class I roads as a group should
just about cover fixed charges, whereas in 1932, they fell short of that
mark by $139,000,000. This, obviously, does not mean that every Class I
road will cover its charges, but it does reflect a distinctly improved condition as compared withia year ago.
Improved Financial Position of Carriers.
The result of the reversal of conditions, signalized so dramatically this
summer, has been a significant change in the railroad picture as compared with that of a year ago—a change which has been reflected in the
higher price level of all classes of railroad securities. Whereas continuation
of the traffic levels then obtaining had meant continuation of financial
difficulties for all except the strongest carriers, the lift in traffic and earnings since April should enable numerous carriers which, previously, were
In doubtful position, to earn their fixed charges for the year 1933. Still
others have been able to carry on without the further recourse to the
Reconstruction Finance Corporation which then seemed probable. From
May to September, disbursements by the RFC were $24,000,000 and in
this same period $30,000,000 was repaid to the RFC.
Despite this improved position, the loans extended by the two emergency agencies—the Railroad Credit Corporation and the RFC—still outstanding aro substantial in amount. The former, since its inception, has
made gross loans totaling $73,692,000 out of the proceeds of the emergency
freight rate surcharge, and up to Aug. 29, the RFC had lent $381,312,000.
with an additional sum of $27.305,000 authorized and at the disposal of
borrowers. Of these latter sums, about two-thirds was advanced to assist
carriers in meeting maturing obligations or to provide funds for capital
improvements. On the other hand,the improved position of certain carriers
had enabled them by Oct. 15 to make substantial repayments: $5,217,000
to the BCC, and $50.184,000 to the RFC. No such repayments seemed
probable or possible a year ago.
It should be borne in mind, however, that, while the situation is much
improved, a decline in traffic would again precipitate a crisis quite as serious
as that which the carriers faced a year ago, and there are still important
systems which do not possess full resources to meet their needs, especially
in meeting maturities, thus necessitating readiness by the RFC to continue its lending operations next year.
Physical Condition of Railroads.
The smaller sum spent for maintenance in recent years has led to considerable discussion of the physical condition of the railroads and the
amount of railroad maintenance which has been deferred and which must.
therefore, be a drag on earnings in the future. Some such deferred maintenance exists, but it Is easy to exaggerate the amount of such deferment if
dependence rests solely upon the more figures allowing the decreased
maintenance costs of recent years as compared with the prosperous years
Prior to 1930. Comparison of the figures of 1929 with the necessarily rough
estimates for 1933 do show a striking difference—for maintenance of way
the decrease is estimated at 3500,000,000, for maintenance of equipment
$580,000.000. In this connection, it must be recalled, however, that in
1929, with a flood tide of traffic and gross revenues, maintenance expenditures reflected managerial judgments of maximum anticipated needs.
Those expenditures, therefore, cannot fairly be taken as a measure of
requirements in more recent years or for the years to come.
Conditions of railroad operation have changed materially in the interim
and new standards have been inaugurated. The present standards are the
standards of stern reality. Maintenance of track has been concentrated
on the more important through-traffic lines. Only the equipment needed
to handle the currently diminished traffic volume has been fully maintained. The standards of maintenance, especially of roadway, during the
years preceding the depression were, in many instances, more expensive
than it is now necessary or economical to contemplate. Moreover, wages
have been reduced at least temporarily, the efficiency of labor has increased, the cost of materials has declined, and,judged by results, management had displayed a greater ability than ever before to spend maintenance
money effectively.
The simple fact, which must stand out in any discussion of this problem,
is that the present railroad machine, on the whole, is in condition to furnish adequate service at the present level of traffic. No better proof of
this fact could be afforded than the striking results obtained in the past
several months in converting the major portion of a substantial increase in
gross into net. This would be impossible of accomplishment with a physical
plant and equipment in a poor state of maintenance. To be sure, there is
3625
track, which must be brought to a higher standard to serve a larger volume
of traffic and there is some equipment not in current use which needs repair.
Some of the latter, indeed, because of obsolescence, will never again see
active service, but the major part will be repaired as and when increased
traffic volume requires its use. This process, gradual or abrupt, as the
event may prove, will be controlled by a commensurate increase in gross
revenues. The latter consideration to some extent will also govern the
necessary increases in the expenditures for maintenance of track and other
structures.
Various suggestions have been made, from time to time, that these
carriers anticipate their needs and, where funds are not available
in the
corporation treasury, borrow from the RFC or Public Works Administration in order to make up such deferments in maintenance as in fact do
exist. The unreadiness of the railroad mangements to burden themselves
with the interest payments incident to such borrowings is understandable
because of their ability to handle the present volume of business economically. There is the possibility that a special owning and leasing corporation,
financed by Government funds, will be created to build and lease equipment to the railroads on terms not dissimilar from those now covering the
use of existing equipment financed by equipment trust certificates. To
the extent that additional equipment is, in fact, needed to perform the present or prospective transportation service of the country,such use of public
funds might well be justified as an emergency measure. However, such
financing by the Federal Government should not be carried to an extent
such as to impair the security underlying outstanding equipment trust
Issues.
It is also appropriate as an emergency work measure that Government
funds be utilized to finance the purchase of rail, and railroad managements would be justified in obligating their companies for near-term
rail requirements if the financing can be done in a way not to unduly
burden the railroads.
Review of Previous Committee Recommendation.
Our last year's report emphasized two steps in the formulation of a
National railroad policy: (1) the urgent necessity, as we saw it, of meeting
the temporary and emergency condition arising out of the depression
by continuing the wage reduction and ensuring the effective operation
of the RCC and the RFC; and (2) the development of a permanent railroad policy which would mean a general revamping of the laws covering
the operation of the transportation agencies of the country.
The first of then)steps was taken and the emergency faced at the time
of our meeting of a year ago has been handled, in the main, with very real
success. It should be noted, however, that the wage reduction, unless
further prolonged by agreement at its date of expiration on June 30 1934.
will automatically expire and that the freight rate surcharge lapsed on
Sept. 30 of this year, so that the useful function performed so effectively
by the RCC will not be operative in 1934. Since March 31 these surcharges have been retained by the individual railroads, and have not
been available to the RCC for distribution as loans. This necessarily
throws a larger burden of responsibility on the RFC to work constructively
with the carriers during the year to come.
While the emergency has been successfully met, the real problem still
remains—the formulation and enactment of a sound and comprehensive
National railroad PolleY.
Legislation.
During the special session of Congress, however, it proved impracticable to develop a complete program for the railroads. Instead, a
short but, in many respects, a highly significant piece of emergency legislation—the Railroad Co-ordinator Act—was passed. This Act, in addition
to providing for the retroactive repeal of recapture which fortified
the
financial soundness of certain of the stronger carriers, set up a new agent
of the Federal Government, a Co-ordinator.
Railroad Co-ordinator Act.
Under the provisions of the Act, which is to be in force for only a year
from date of becoming effective (June 16 1933) unless extended by Presidential proclamation for one year or a part thereof, the railroads are
relieved of the requirements of the anti-trust laws. Machinery for cooperation by the carriers with each other, in the effort to avoid unnecessary
duplication, and preventing waste through the joint use of facilities or
pooling, is thus provided. This provision of the law, which as originally
Introduced held out the promise of attaining real economies was, however.
largely nullified by a subsequent section which requires that the number
of employees shall not be reduced below the number in service during
May 1933 because of any "co-ordination" measure, nor shall an employee's
wages be reduced below the amount he was receiving in that month. The
field for co-ordinating efforts was thus greatly circumscribed. Should
business improve materially during the life of the Act, the situation in
this respect would be improved, but meanwhile the Co-ordinator and
the railroads are greatly hampered in their efforts.
The second main provision of the Act requires the Co-ordinator to investigate the means for improving transportation and labor conditions
and to submit recommendations for further legislation. Mr. Eastman,
the Co-ordinator, has had a long experience as a member of the InterState Commerce Commission and, since taking his new office, has been
engaged actively in making investigations to provide the necessary background for the rewriting of the Federal laws governing railroad operations.
Thus the development of a permanent railroad policy and the development of a new Transportation Act may be assumed to be one of the
important tasks to be undertaken when the Congress convenes early
next year.
Bankruptcy Act.
Meanwhile, it is important to note a piece of legislation, passed in the
closing days of the last Congress—the Bankruptcy Act. Passage of such
an Act was urged by the National Transportation Committee,
and its
enactment was of major importance in providing machinery for an
orderly
and inexpensive adjustment of capital structures. The
passage of this
legislation had the helpful guidance of the Inter-State Commerce Commission and, while amendments may prove necessary to ensure
the full advantages to be expected from this legislation, the existing Act
must be
recognized as a step forward in the solution of a difficult problem
in railroad finance.
It is clear that,in the administration of the Bankruptcy
Act, a difficult
question will arise as to the length of time which is to
elapse before reorganization of a particular property. Reorganization in the
midst of a
business depression must in the nature of things be more
drastic than
when postponed to a time when business has
recovered. The burdens of
such a reorganization necessarily fall primarily upon
the junior bondholders and stockholders, whereas postponement of
reorganization to a
more favorable time will permit of more liberal treatment
of these groups of
security holders. As a matter of theory, it is only after
the railroad business as a whole is on a sound basis that one can
really tell to what extent
the holders of the bonds and stocks of any one
particular railroad should
be called upon for the sacrifices required in order
that the securities of the
reorganized company may meet the requirements of sound investments.
3626
Financial Chronicle
Procedure under the Bankruptcy Act has not yet been clearly defined;
up to now its largest importance has been the relief afforded against a
variety of jurisdictional disputes involving needless expense and duplication or court orders. But it does provide the means for an orderly and
simple method of procedure by a railroad unable to meet its obligations.
Its effectiveness will necessarily be governed in no small degree by the
extent to which the Inter-State Commerce Commission—or whatever
agency may be provided in the new law—interprets its responsibilities on
principles of sound common sense. A narrow and doctrinaire attitude
can destroy much of the nelpfulness promised by tne passage of the Act.
The experience of 1933 lends promise that such a statesmanlike attitude
as we believe essential to a sound solution of the railroad problem will be
shown by the Commission. During the year, the work of that body has
been indicative of full realization of the importance of maintaining the
carriers' financial position. On the one hand, there has been greater readiness to permit the abandonment of branch lines where continued operation
meant a continuing burden upon inter-State commerce, and on the other.
there has been effective resistance to the attempts to lower rail revenues
through comprehensive rate reductions. On this latter point, the Commission's opinion of August 5,in refusing to reduce rates, is a well reasoned
and statesmanlike argument. Likewise, the Commission has, in its work
with the RFC. interpreted its responsibilities upon principles which have
in the main been sufficiently broad to meet the emergencies which were
faced.
Securities Act of 1933.
Railroad securities are exempted from some of the provisions of the
Federal Securities Act. While this partial exemption avoids the necessity
of registering comprehensive statements with the Federal Trade CommisCommission in the case of new issues and the obligation of securing that
as
sion's approval of any prospectus in such a case, the general provisions
matter, while
to liability do apply, and it is not apparent how,as a practical
done.
the present law remains unchanged,future railroad financing can be
The National Railroad Policy.
year, will
The prospect that the Congress, when it convenes early next
railroads is
undertake a comprehensive legislative program affecting the
Association. In the
necessarily of large interest to the members of this
formulation of such a program we believe that this Association should
early
lend its assistance in every appropriate way. Obviously, it is too
manner
to know the exact form that legislation will take or the extent or
depend on the results
in which we can extend such assistance. Much will
of the investigations which are under way under direction of the Co-ordinator
and which may be expected to furnish the basis of his recommendations
recommendato the Congress. Your Committee, therefore, confines its
tions to a brief statement of the general principles which we believe should
formulation of a permanent railroad
govern so important a task as the
policy. The Transportation Act of 1920 has failed as a basis of railroad
policy, and we believe that it has failed because it is based upon an idea
now clearly outmoded—the idea that the railroad occupies a monopoly
position in the furnishing of transportation service. Not only have the
railroads ceased to be a monopoly, but they have become only one of
several highly competitive transportation agencies. They are, of course,
still the most important since they perform 75% of the transportation
service of the United States.
There are, moreover, certain important implications of the general
premise which recognizes the railroad as a competitive 'transportation
agency, implications so important as to justify brief emphasis. It would
seem axiomatic that all transportation agencies, whether by land, air, or
water, should be treated on the same or a fairly comparable basis of regulation and restriction and forced to carry their proper share of the cost of
facilities provided at public expense, There should be no subsidy, direct
or indirect. Only by creating, in so far as possible, properly competitive
conditions, can the proper field of each transportation agency be ascertained correctly. The competitive agencies, which in the past ten years
have materially diverted railway traffic and reduced the level of rates, are
They
not all on a sound and self-supporting basis, all costs considered.
are not subject to comparable regulation, and are not on a basis of combe said that the railroad problem
petition fair to railroads. Thus it cannot
of the moment is one requiring radical readjustment of a partially obsolete
be
agency to new conditions. Real obsolescence, if such there is, can
determined only under conditions of fair competition.
of the new Trans-The fundamental aim governing the formulation
re-establish
portation Act, in this particular, as in all others, should be to
must be full
the railroad business, as a business, on a sound basis. There
ills of weak
and frank recognition that no legislative remedies will cure the
have made
and shortsighted technical and financial managements, which
railroads' troubles.
their contribution to the present accumulation of the
unprofitable
The railroads must be efficiently and economically run, and
must be elimcompetition and duplication of freight and passenger facilities
Moreover,
laid
inated. The ground work for this policy is already being
ng and this implies
the railroads must desist from competitive rate-cutti
railroad managements.
necessarily a greater degree of co-operation between
The excellent
Significant progress is likewise being made along this line.
moreover, that the
performance of the railroads in the past year shows,
economical operation is recognized;
paramount necessity of efficient and
permanent benefit.
and the lessons learned in this crisis promise to be of
are entitled to
This is as it should be. The people of the United States
justifiable
the most effective transportation service possible at the lowest
should be all-inclusive
cost, whatever the agency employed. But the costs
the railroad
costs and the interest of the American people dictates that
whatever test be
industry—one of the most important of the country,
competition. It is
employed—should enjoy a fair field and fair rules of
sound business
to the interest of all that the railroad industry be placed on a
Only if
basis, so that capital will of itself flow freely to that industry.
which the
this end is achieved can railroad securities take the place to
main thread
large importance of the industry entitles them. This is the
position
of our argument; and the necessity of placing the railroads in this
which we hope will
is the justification of the permanent railroad policy
a policy is
develop from the present emergency. Development of such
order to
the next important step which the Government should take in
other
protect the railroad investments of banks, insurance companies, and
asked—no less should
Institutions, and individuals. No more should be
be attempted.
Remarks of Floyd L. Carlisle Before Convention of
Investment Bankers' Association of America—
Views Expressed at Forum on Public Utilities—
Holds that if NRA Is to Continue After Present
Emergency, Regulation Must Be Along Line of
State Regulation of Electric Industry.
At the forum conducted Nov. 1 at the recent annual
convention of the Investment Bankers' Association under the
head "Public Utilities under Present Day Conditions," Floyd
Nov. 18 1933
L. Carlisle took occasion to discuss the purpose of the electric
light and power industry. At the same time Mr.Carlisle had
something to say regarding the operation of the industry
under the National Recovery Administration, as to which
he said:
If the NRA in some measure Is to continue after the present emergency
for the purpose of regulating industry, such regulation seemingly must
be along the line of the present State regulation of the electric industry.
Whatever the degree of regulation or control, certain basic factors must
prevail. The owners must be free to select the management upon the
basis of merit. The management must be free to exercise their honest
and sound judgment. The enterprise must operate profitably, and this
profit must be sufficient to attract the new capital so constantly necessary
In modern society.
Mr. Carlisle is Chairman of the Boards of Consolidated Gas
Co. of New York and Niagara Hudson Power Corporation.
The forum before which he spoke was presided over by
Sydney P. Clark, of E. W. Clark & Co. of Philadelphia.
Advices from Hot Springs, Nov. 1 to the New York "Journal
of Commerce" stated:
It 'the forum] considered the question of comparative costs, the necessity
for fair and equitable accounting requirements and the relative merits of
public regulation and public competition. Rates were discussed on the
relation between rate reductions and, profits and present methods of valuating properties for rate purposes. Under the heading of the present
position of public utility securities, the delegates considered the effect of
public participation through stock ownership and the effect of present conditions on commercial banks, savings banks, insurance companies and
trust estates. The convention also considered the question, "Shall public
utilities continue to be a medium for private enterprise?"
The New York "Times" in its account from Hot Springs
the same day (Nov. 1) observed:
The press, which has been barred from the Convention Hall throughout
the five-day meeting, except at one forum, at which newspaper men were
asked to state their views on public relations co-operation, received but
a few brief excerpts of Mr. Carlisle's address.
Buttonholed by newspaper men, Mr. Carlisle was adamant in his refusal
to amplify the brief news release on his address put out by the Association.
He said he was leaving immediately for Washington and declined to state
the reason for his visit there.
Inasmuch as Mr. Carlisle was the only outsider to formally address the
Convention, the Association adopted no formal resolution concerning its
stand on the subject of continued Federal regulation of industry.
Similarly, officers and governors of the Association declined to reveal
what steps the Association plans to take in the matter. In this connection
the schedulted report of the Association's Committee on Public Utilities
was not made public.
The remarks of Mr. Carlisle as released by the Association
follows:
The electric light and power industry exists for one purpose only and that
is to manufacture and sell electricity at the lowest possible price consistent
with good service. Any avoidance of that purpose is economically unsound
and socially wrong. Within that principle the industry can furnish electricity to the people of the United States to their general well being and de
it with a fair return to its security holders and with credit to the management. The performance of that task requires uncompromising Integrity
and the exercise of the most intelligent and sound judgment.
The electric industry deals with an extraordinary force which was the
discovery of pure science and which is still a great mystery. We know that
certain machines can transform heat or falling water into energy which can
be conducted by a copper cable long distances and, subject to certain limitations, turn motors,cook food,light houses and highways,run trains, wash
clothes, make ice and condition and clean air, performances which are substitutes for the common tasks of life.
Around the corner lurks new discoveries that may change our present
technique. Management must be unusually alert to recognize and adopt
such improvements, although it would tax the judgment of a Solomon
to know the good from the bad. I stress this point to emphasize the absolute necessity that management be detached from all sorts of outside influences so that decisions can be made solely upon merit.
The libraries of the country are filled with tons of white paper upon
which is printed opinions, theories and learned discussions seeking to find
the perfect formula for rate making. The best assurance, however, of low
rates and good service lies in the competence and ability of management
and the road to lower rates lies in the direction of greater use for electricity.
About 95% of the electricity used in the United States is generated and
distributed by public utility companies commonly spoken of as being
privately owned, but actually the property of millions of our citizens.
Every owner of an insurance policy and every depositor In a savings bank
has a direct money interest in this industry. This 95% is strictly regulated
by the various States of the Union. Since 1907 in most States rates have
been approved or fixed by State agencies. The securities of the companies
selling electricity to the public under franchise have with few exceptions
likewise been progressively authorized and approved. The amount of such
outstanding securities exceeds $12,000,000,000. Five percent of the electricity used in the United States is distributed by municipalities. Without
going into a discussion of the merits or demerits of public or private ownership, I merely wish to note several common characteristics. The rates of
municipal plants vary as widely as those of private ones. Their success
or failure is dependent upon the character of management, nature of the
territory served, prosperity of the community and its industries and their
relation to cheap fuels or hydro-electric resources.
In normal times the industry needs over half a billion dollars a year of
new capital to meet the growth of population and the new demands for
electricity. The capital for this growth can only be secured by the sale
to the public of its securities and the public will only buy if the industry is
prosperous.
If the NRA in some measure is to continue after the present emergency
for the purpose of regulating industry, such regulation seemingly must be
along the line of the present State regulation of the electric industry. Whatever the degree of regulation or control, certain basic factors must prevail.
The owners must be free to select the management upon the basis of merit.
The management must be free to exercise their honest and sound judgment.
The enterprise must operate profitably, and this profit must be sufficient
to attract the new capital so constantly necessary in modern society.
This period is one of change and adaptation and all Americans are deeply
and
concerned with the events unfolding daily before them. During
following the Revolutionary War and during and following the civil war
V olutne 137
Financial Chronicle
conditions prevailed quite similar to those with which we are now striving.
At these periods in our history, America, true to a tradition that there
could be no permanent prosperity unless that prosperity were widely distributed, met the problems and settled them, relying upon its traditions of
independence, thrift, honesty, competence and fair play.
Report of Real Estate Securities Committee—Real
Estate Values, as Result of Economic Conditions,
Reached Lower Level in Past Year Than in 1931
or 1932—Government Aid to Mortgage and Surety
Companies Through RFC and HOLC.
"The owner of real estate to-day is faced with problems
extremely difficult to solve," said the report of the Real
Estate Securities Committee, presented to the annual
convention of the Investment Bankers' Association of
America at Hot Springs, Va., Oct. 31. According to the
report, "economic conditions during the past year have
broken down real estate values to an even lower level than
1931 or 1932." With reference to taxation the report
declares that "real estate must be relieved to a large extent
of carrying the burden of the increased cost of Government."
"Some States," it is noted, "have passed legislation
that will allow the funding of back taxes over a period of
years." Government aid, through the Reconstruction
Finance Corporation and the Home Owners.Loan Corporation is referred to in the report, which states that "this
action [as to the RFC]on the part of the Government is to
be highly commended, for it is materially assisting a very
serious situation." According to the report,"new financing
through fee mortgage bonds cannot be considered for some
period of time as it would be nearly impossible to distribute
such securities." As presented by Charles B. Crouse, of
Crouse & Co., Detroit, the report follows:
Economic conditions during the past year have broken down real estate
values to an even lower level than 1931 or 1932. The same factors, namely
excessive taxation, vacancies, and inability to pay rent, due to business
conditions, have caused this continued shrinkage. The owner of real
estate to-day is faced with problems which are extremely difficult to solve.
In the same way, the investor who owns bonds secured by real estate
mortgages is undecided as to what course to pursue.
Taxation.—Real estate must be relieved to a large extent of carrying
the burden of the increased cost of government. An investment that has
for generations been considered prime must not be wiped out through
practical confiscation. True it is that municipalities are attempting to
cut the costs of their operating budgets, but what of the enormous amount
of back taxes that are in arrears. Some States have passed legislation that
will allow the funding of back taxes over a period of years.
Bondholders' Protective Committees.—It would appear that considerable criticism has been directed against the methods employed by some
committees. Perhaps the forming of protective committees has been
overdone. In fact to-day the average investor is loath to deposit his
bonds. A protective committee that functions in the true meaning of its
name is a tremendous aid and guide to the depositing bondholder. On the
other hand, bondholders' committees are seriously hampered by their
inability to secure credit for reorganization, pay delinquent taxes, &c.
This in many cases has necessitated the continued possession of properties
by mortgage trustees and receivers and has prevented the stabilization of
rates and rentals. Furthermore the Securities Act of 1933 has stopped to
large extent a great deal of work of bondholders' committees in the
issuance of new securities on reorganized properties. The question of
depositary and committee fees is one that should be given careful
consideration.
Government Aid.—Through the Reconstruction Finance Corporation
the Government is attempting to help those mortgage and surety companies who have outstanding large amounts of guaranteed first mortgage
securities. This action on the part of the Government is to be highly
commended for it is materially assisting a very serious situation.
The RFC, through its resolution of June 3 1933, agreed to make loans
not to exceed $28,532,427 to new debenture companies to be organized in
connection with the majority of the mortgage guarantees of the United
States Fidelity & Guaranty Co. and the Maryland Casualty Co., subject
to certain terms and conditions specifically set forth in the resolution, and
this loan offer resulted in a comprehensive refunding plan being submitted
to bondholders, applicable to approximately $85.000,000 par value of bonds.
Somewhat similar plans were also announced in connection with bonds outstanding on single properties where the collateral consisted of one mortgage
guaranteed by the surety company.
Your Committee will not endeavor to describe in detail this general
refunding plan or the merits of the two options offered bondholders, as It
is believed that all members of this Association have received complete
Particulars. It is the opinion of your Committee however, that the RFC
would not make a loan offer of over $28,000.000 without the most careful
Investigation, that there exists an urgent necessity for such Governmental
assistance, that the surety companies would not be sponsoring the refunding
plan unless such refunding was absolutely essential and that the investment banking houses recommending acceptance of the plan would not do so
unless their own investigations demonstrated that bondholders were best
protecting their interests by acceptance of the plan. Other plans of a
similar nature may be offered to other bondholders from time to time and
we believe that bondholders should co-operate in making similar concessions in order to best conserve their own interests.
The Home Owners Loan Corporation, through the Home Loan banks,
should expedite the liquidation of mortgages. This will undoubtedly
assist not only the individual, but banks and mortgage companies whose
assets to-day are more or less in a frozen position. We believe that perhaps
our members and their clients who hold mortgage bonds secured by mortgages or trust deed notes on private homes are overlooking an opportunity
whereby in many cases the underlying collateral can be converted Into
Home Loan bonds thereby gaining greatly improved market value and
liquidity. At present there is no adequate means for the owner of business
property to obtain aid from any governmental agency for meeting his
obligations and as a consequence there is a very large amount of values
being destroyed to-day which otherwise could be preserved. We believe
this class deserves more consideration from a governmental agency.
3627
In reviewing the present situation of real estate securities. your:Committee is prompted to draw a number of conclusions:
(a) Management—careful and economic management of properties is:of
vital necessity in their operation and it is absolutely essential they be kept
in sound operating condition.
(b) Leasehold mortgage bonds as a vehicle for public financing have
proven undesirable, in many casts the bondholder has found himself faced
with the necessity of paying ground rentals starting from the time of
default, failing which the security for his bonds can rapidly be lost to him.
(c) It is extremely difficult now to state what the outcome will be for
present outstanding fee mortgage bonds. Certainly if a property is paying
taxes and upkeep a bondholder should be willing to bear with the mortgagor
in the matter of interest and maturing principal. Foreclosure, except in
particular cases, is not the remedy.
(d) New financing through fee mortgage bonds cannot be considered for
some period of time as it would be nearly impossible to distribute such
securities.
(e) A change of economic conditions will undoubtedly correct future
financing, however properties to-day are not returning what they originally
did when securities were issued against them. Reorganizations will demand
a decided cut in the funded indebtedness so that properties may return a
commensurate income on present day value.
Report of State and Local Taxation Committee—Fear
Expressed that State and Local Taxes on Beer May
Negative Efforts by Making Bootlegging Still Profitable—States Enacting Income and Sales Taxes in
1933.
According to the report of the Committee on State and
Local Taxation of the Investment Bankers' Association of
America "there is a very real danger that State and local
imposts may negative the results sought by making bootlegging still profitable. Therefore this Committee joins its
fellow committee in urging that all beer and liquor taxes be
enacted with the idea of eradicating racketeering first."
Charles B. Engle, of the International Trust Co. of Denver,
Chairman of the Committee,was reported in Associated Press
advices from Hot Springs to the Richmond "Dispatch" as
saying in a press conference that a 5-cent glass of beer would
produce more revenue than is now being obtained from beer.
From the same account we also quote:
The present higher tax, he said, is voiding two objectives of the beer
laws—to end bootlegging and to add to Government revenues.
He said prospective taxes on heavier alcoholic liquors are likely to have
even greater effect in this direction. Engle cited the experiences of other
nations to show that high taxes had often cost Government revenue, and
he told of one instance where whisky was sold at $7 a quart legally and
where good quality of whisky was bringing $8 a gallon illegally.
Mg
He emphasized that many persons voted for beer and for repeal not because they believed in liquor but because they wished to end racketeering
and bootlegging. These purposes, he said, will not be achieved if bootlegging be made profitable by overtaxing legal liquor.
The report indicated the States which have been added
"to the growing list of those imposing both personal and
corporation income taxes," and also referred to those wherein
sales taxes have become effective. Mr. Engle's report follows:
The deluge of tax legislation which was promised by your Committee
in its last report not only materialized during 1933. but far exceeded the
most pessimistic expectations. Forty-six State legislatures have met,
a number more than once and some in what justifies the designation of
continuous session. If there is any possible form of tax which has not been
introduced somewhere, evidence to that effect will be welcomed because
human ingenuity in this particular field seemingly rates 100%. To attempt
any accurate resume of the laws enacted, even if we ignore the rejected
proposals, is so utterly impracticable that this brief report will simply
touch upon those certain movements which appear to especially warrant
the continuing thought and attention of the members of our Association.
StatelncomelTaxes.
This form of taxation retained its favored place and while many proposed
laws in this category were defeated at the polls, in legislatures and by
veto, a number of the States took affirmative action. During 1933 6 States
were added to the growing list of those imposing both personal and corporation income taxes: Alabama, Arizona, Kansas, Minnesota, Montana
(subject to November 1934, general election) and Tbw Mexico. The maximum rates in these States were 5,5i% on personal income and 6% oecotkporate income, both in Arizona. Four States increased their rates: Idaho,
North Dakota, Oregon and South Carolina, with North Dakota now having
a maximum rate of 15%. North Carolina and Oklahoma each decreased
by 1% the minimum rate but at the same time lowered the amount at
which the maximum rate applied. Oklahoma also enacted an involved
surtax and increased the personal exemptions. Personal exemptions were
decreased in Idaho, New York, North Dakota, Oregon and South Carolina.
Both New York and Wisconsin continued for another year the additional
emergency income tax and New York imposed a further 1% emergency
tax on gross personal incomes. The Washington law was declared unconstitutional.
It is encouraging to note that several of the States newly adopting the
income tax endeavored to provide tax relief elsewhere. In Minnesota
all proceeds are to be applied to retire outstanding school indebtedness.
New Mexico also applies all such revenue to educational purpose and the
Montana law (if approved) will distribute 50% of personal and 25%Tof
corporate returns to education. Education is the beneficiary of the new
South Carolina law imposing a 5% tax on all income from intangibleslin
excess of $100.
The States now having corporate income taxes are: Alabama, Arizona.
Arkansas, California. Connecticut, Georgia. Idaho, Kansas, Massachusetts,
Minnesota, Mississippi, Missouri. Montana, New York, New Hampshire,
New Mexico, North Dakota, Ohio. Oklahoma, Oregon, South Carolina.
Tennessee, Utah, Vermont. Virginia and Wisconsin.
The States now having a personal income tax are: Alabama. Arkansas.
Arizona, Delaware, Georgia, Idaho, Kansas, Massachusetts, Minnesota,
Mississippi, Missouri, Montana, New Hampshire, New Mexico, New York.
North Carolina, North Dakota, Ohio. Oklahoma, Oregon, South Carolina.
Tennessee, Utah, Vermont, Virginia and Wisconsin.
3628
Financial Chronicle
Sales Taxes.
The search for new sources of revenue and the reported success of the
sales tax in certain States prompted the introduction of innumerable
sales tax laws throughout the country with 14 States levying such taxes
this year. Sales taxes are currently effective in Arizona, California, Illinois,
Indiana. Kentucky. Michigan, Mississippi, New Mexico, New York, North
Carolina, Oklahoma, South Dakota, Utah. Vermont, Washington and West
Virginia. In half the above States the laws are temporary in character;
i.e., Illinois. Mississippi, New York. North Carolina, South Dakota, Utah,
Vermont and Washington. Indiana and South Dakota enacted gross
Income tax laws which are generally classified as sales taxes and these
States are, therefore, listed above. The second effort in Illinois to Pass a
legal sales tax is now being tested in the courts, the first having been declared unconstitutional. Oregon defeated a referred sales tax and North
Dakota is to vote on a similar law.
L Widespread tax legislation in a relatively newTfieldTnaturally results
In marked variations among the several States in addition to the difficulties
of initial administration. Some of the major differences deserve consideration because uniformity must be evolved to lessen the problems of the many
business units operating in more than one State. Some States include
services, amusements and the transfers of tangible real property, while
most are based on sales of tangible personality alone. Some States tax
manufacturers, wholesalers and jobbers as well as retailers. In some cases
certain classes must absorb the tax and in others it is mandatory that the
tax be passed on. The question of the rate, of course, is a vexing one
and whether it should be uniform or classified is troublesome. Exemptions
always cause dissension and we find the following are exmpt in one or more
States: food for human consumption,food consumed in public eating places,
farm products in original state, clothes, gasoline, gold bullion, organizations
not organized for profit.i a limited money exemption. &c. Licensing,
registration and method of collection all reflect diverse theories. The
revenue derived is generally utilized for one or more of the following purposes general fund, education, relief and reduction of taxes on real property, although two States share with local communities. There appears
to have been an overly optimistic opinion as to the yield of such taxes
and revision upward is indicated for laws enacted this year.
Public Welfare.
The tax complexities arising out of necessitous unemployment relief
which were commented upon a year ago have not been materially diminished.
Possibly they might be termed aggravated, due to the apparent lack of
concern over carrying charges upon the money to be obtained from Washington, for which so many taxing units are clamoring. Temporary tax
measures for relief purposes have been uniformly extended with additional ones enacted in many sections. This condition has accentuated the
basis for the rather chronic complaint of your Committee that there is a
constant tendency to exploit,certain revenue sources merely because such
sources have been productive, without regard for principles of equity and
long-term results. And, unfortunately, there seems to be nothing that
can be done about it under present conditions. In Colorado there was a
case in point where the special session passed a tax upon automobiles.
payable September 1933 and {January 1934. which requires a
plate upon each machine. An appeal from the lower courts resulted in this
law being declared unconstitutional by the Colorado Supreme Court. In
connection with unemployment irellef, old-age pensions, Sze., it seems
entirely proper to again suggest that, decision must be made promptly
as to whether Such activities are to be permanently assumed, by whom,
tolwhat degreeTand upon what basis.
Your Committee believes that irrespective of how these details are
finally determined all beneficiaries of every relief program, whenever
practicable, should be required to perform some work of a public nature,
subject always to the physical condition of the individual affected.
Relieffor Real Estate.
As heretofore mentioned, certain reduction in the tax burden upon
realty has been provided in recently enacted State income and sales taxes.
In addition, property owners have beeniassisted by reduction in penalty
rates upon delinquent taxes, thetright to pay taxes in instalments, interest
reduction during periods of redemption, &c. Theltrend toward. general
moratoria, the limitation of total ad valorem taxes and the exemption of
homes up to specified'amounts;haslcontinued from an agitation standpoint
with some enactments!resulting. These methods:of relief have been rightly
questioned and where these,experiments are being tried there are some very
serious compllcations developing.'People everywhere who are entirely
able to pay their taxes areitaking advantage of the situation and adding
tolthe appalling'delinquency figures. It is believed that all members of
our Association should assist the "Pay Your Tax" campaign in their respectIvecommunities if suchfa movement is in existence and, if not, should
aidin starting such a campaign.
The-New York Situation.. .
,
_
There would be no -need to mention this very famous situation even for
record purposes because of the publicity it has received, were It not for
certain implications. There is a very,vital question involved in the delegation of taxing powers br a State to a municipality, a question of such
Importance that it is hoped the practice will not spread unless every angle
has been thoroughly studied. This particular experiment also indicated
the ability of taxation to destroy!and should serve as a warning to those
State and local'governments which are scrutinizing what may be termed
occupational taxes as possible means for new or additional revenues.
Beer and Liquor Taxes.
"q
When our Federal Taxation'Committee threw its unqualified support
to beer because of the tax relief it promised, we knew we would soon have
beer. However, there is a very realdanger that State and local imposts
may negativethe results sought`by making bootlegging still profitable.
committee in urging that all
Therefore, this Committee JjoinsTits7fellow)
beer And liquor:taxes_be enacted with,the idea of eradicating racketeering
first.%
4'N
Conclusion.
While few Legislatures are scheduled for regular sessions during the coming
year, it would be7a mistake to predict any marked recess from tax questions.
Relief measures, beer and liquor(control bills 'and legislation permitting
acceptance'of Federal aid 'will,undoubtedly 'require-numerous special sessions. Our 'membership has really accomplished many desired results
during the past year, despite the number of questionable enactments which
the pressure of economic conditions made inevitable. Vigilance as to tax
measures upon the part of all members:remainsIimperative and the efforts
toward minimizing the effects of unwise legislation must continue until the
time when we can aid in truly moulding a scientific tax system which will
Include the co-ordination of Nation. State and local entities. Much good
has been accomplished by our members through the various tax associations
and It is recommended that our members align themselves with the outstanding organizations engaged in tax control activitiesin their:respective
communities. It is also recommended that.the direct service enterprises
Nov. 18 1933
of local governments be studied to see that they are upon a self-supporting
basis for in this field there should be many opportunities to effect tax relief.
Water rates are a case in point and as an illustration, New York City is
in the process of increasing by 50% the rates which_have stood since 1857.
Respectfully submitted,
Charles B. Engle, Chairman.
Walter S. Robertson
Harold R. Bailey
Alvin F. Sortwell
Jay Cooke 2d
George S. Stevenson
Paul B. Hammond
Robert Strickland Jr.
W. Hubert Kennedy
Claude W. Wilhide
J. Ritchie Kimball
Robert N. Williams
Stewart R. Kirkpatrick
Kenelm Winslow Jr.
John Nuveen Jr.
Reinboldt Jr.
Julius W.
Report of Investment Companies Committee—Classification Urged of Investment Companies.
In the report of the Investment Companies Committee of
the Investment Bankers' Association it was stated that the
Committee "feels that especial emphasis should again be laid
upon the question of classification of investment companies."
The report added "the British form of investment company
is generally conceded to be the basic model upon which investment companies in this country have been conceived,
and yet we have developed a wide variety of enterprises
which have been confused in the public's mind under the
general classification 'Investment Trusts.'" The committee recommended that the Association "go on record as
opposed to the use of the word 'trust' in the designation
of fixed 'trusts' and investment, finance, trading and holding companies, except where such word is legally correct."
Sydney P. Clark of E. W. Clark & Co. of Philadelphia,
Chairman of the Committee,submitted the report as follows:
Generally speaking, we feel that investment companies, especially of.
the management type, are at present passing through a period which will
test them severely. The probability is that the history of the experience of
the early days of the British companies will again repeat itself and that
out of this period will emerge leaders in this field, who, having reacquired public confidence by their proven ability, will grow to a position
In our financial community comparable to that occupied to-day by the
leading invest- ment companies in England.
The foregoing is a quotation from the report of your Investment Companies Committee to the 1930 Convention. The reference to British
companies' experience has to do with their sudden fall into uniform disfavor because they bought securities without proper investigation, gave
more attention to yield than tesoundness, frequently accepted quick
trading profits, dealt with undisclosed associates, and Indulged In other
unsound practices. This phase of the business ended in the Baring crash
i
In
That the parallel of the British experience of the 1880's and '90's has
been subsequently borne out in America, few of those who have been
closely associated with our financial history of the past decade will question. The accuracy of the subsequent prophecy is still awaiting the
decision of the future, but it is apparent that we are already making progress
towards the suggested leadership.
British Experience.
The death of Robert Fleming, dean of investment trust managers In
Great Britain, recalls the important part played in British finance by
those companies which were under his personal direction and that of his
firm. The comparative market stability of British trust company securities during the recent past in the face of tremendous shrinkage of
assets, speaks very well for their established policy of conservation In
Investment, in the continued establishment of substantial reserves and
in modest but consistent dividends, and brings into relief the present
position of those American companies whose practices have been less
conservative. It also reminds us of one aspect of operation which is
appropriate for the consideration of investment companies, and in which
the British companies have long participated, namely, underwriting.
The Federal Securities Act has disrupted our established method offinancing
because of its severe liability provisions, and it is unlikely that at the
present time American investment companies will undertake to enter
this field, for the same reasons which now deter investment bankers from
doing so. However, should the future provide a means by which investment companies can enter the underwriting field, they may prove
of material assistance in financing industry on a conservative and satisfactory basis. It is essential that the business of underwriting be conducted in an entirely independent and unrestricted manner, without
attachment or responsibility to affiliated banking firms or corporations,
in order that only those securities are underwritten which conform wholly
to the principles of proper investment for the company, in case the issue
is not popularly subscribed to. If this is done, investment companies
may well contribute substantially to the stabilization of our markets in
new securities and thereby tend to minimize the "dumping" which now
occurs by banks, dealers and other purchasers who are not true investors,
but who subscribe to new securities only for the purpose of making a
"quick turn" or for resale to the public and are unwilling or financially
unable to hold them for investment. Any comment of this sort must, of
course, include consideration of the psychological difference between
British and American investment practice, but progress toward permanent
rather than temporary distribution would undoubtedly be a step in the
right direction.
Classification of Investment Companies.
Despite the fact that comment has appeared in previous reports of
this Association, your Committee feels that especial emphasis should
again be laid upon the question of classification of investment companies.
The British form of investment trust company is generally conceded to
be the basic model upon which investment companies in this country
have been conceived, and yet we have developed a wide variety of enterprises which have been confused in the public's mind under the general
classification of "Investment Trusts." The pure form, as developed
In England and Scotland may be defined as a co-operative enterprise.
joined by many investors in the belief that, by pooling their funds under
expert management, they would be able to take advantage of favorable
opportunities in various classes of securities of a variety of enterprises
to conserve and increase their principal and yield them a satisfactory
return upon the investment. In order that entire freedom of action
may be given the management, no measure of control of companies the
Financial Chronicle
Volume 137
securities of which appear in the portfolio is attempted, nor is there any
limitation as to the particular industry or country in which the funds
may be invested.
Yet. in America, fixed trusts, investment companies, holding companies, finance companies and various intermediate combinations of all
of these types have been generally described as "Investment Trusts,"
without due regard for the technical meaning of the word "trust" under
our fiduciary laws. Your Committee feels that lack of an adequate description upon which the investor can readily discriminate between the
various types of such companies has led to much of the confusion, loss
and subsequent unpopularity of the companies and their sponsoring banking
firms, and that the Investment Bankers' Association should take the
lead in prescribing a classification of such companies so that its members
may clearly present the facts concerning any offering of such securities.
Such classification should include a form or method of making such oftering in order that the public may clearly understand the nature of the
enterprise, whether presented through advertising, or circulars, or verbally by partners or salesmen. The Committee further strongly recommends that the Investment Bankers' Association go on record as opposed
to the use of the word "trust" in the designation of fixed "trusts" and
investment, finance, trading and holding companies, except when such
word is legally correct.
Consolidation into Larger Units.
The stress of the past three years has provided the opportunity for
the more successful of the larger investment companies to acquire the
securities of other companies, oftentimes at less than their liquidating
value. It is true that in many cases the analytical staff of the parent
company may be more economically and efficiently employed in the supervision of a greater volume of business.
Control through purchase or exchange of securities may result in an
inter-relationship of management commanding excessive fees and costs
of. operation. Moreover, the parent company may, in effect, during
the period of absorption, step out of its original sphere and become an
investment holding company, the propriety of which has often been questioned in so far as the purchase of other investment company equities
is concerned. In any event, the process is likely to result in complicating the capital structure of the parent company and in the presentation
of statements involving complex intercompany holdings of securities,
both of which contribute to the possibility of public misunderstanding.
Your Committee therefore feels that, during the process of absorption,
the management of investment companies which are expanding their
scope by the acquisition of other such companies should take great care
to publish full statements indicating the conditions of acquisition and
should ultimately acquire, through merger, liquidation or otherwise, all
of the assets of subsidiaries in order that the structure of the parent company may be restored to the simplest form as rapidly as possible.
Cost of Operation.
General misconception has been prevalent regarding the cost of operation of investment companies. The responsibility of management demands
proper compensation regardless of income and should be considered from
the point of view of the amount of capital to be administered. A substantial amount of such costs Is semi-fixed in the form of fees for registrars
and transfer agents, legal and accounting expenses. Reasonable and
proper management fees are essential in bad times as well as in good times,
and all items which go to make up administrative costs should be clearly
indicated by a reasonable breakdown in published reports to stockholders.
Nevertheless, your Committee suggests that every reasonable effort
be made to reduce operating costs in order to obviate possible criticism
on this score.
Effect of the New Securities Act.
The Securities Act does not in itself attempt to correct the abuses to
which the investment or finance company is exposed, but is designed to
effect the complete disclosure of all transactions which have taken place
in respect to new securities to be sold to the public, such disclosures to
be filed in a place of public record prior to the sale of the securities. Many
investment companies, particularly those of a fixed or open-end type, in
which the sponsors desire to continue sale to the public, have already
filed their applications before the Federal Trade Commission and in those
applications have made the required disclosures.
Your Committee desires to point out, however, that the Federal Securities Act, with its attendant severe penalties, is not a substitute for
character and that the mere disclosure of pertinent facts in a place of
public record will not in itself correct the present unpopularity of the
investment company as a medium for the profitable investment of private
capital. The Federal Trade Commission does not propose to control
the policies or principles upon which investment companies are conducted,
nor will it supervise their activities after registration of their securities.
Hence it is the Committee's belief that managements of investment companies of all types should take to heart the spirit of full and complete
disclosure of pertinent information to stockholders and carry these principles through their periodical statements to the public. We believe
an attitude of discernment and suspicion on the part of investors has
been created and that they will follow the accuracy of such statements
more closely than over before. The spirit of the times calls for the utmost
frankness, not once, but all the time, and we believe it should be recognized.
Conclusion.
Whereas the Committee believes its primary function is to call attention to the outstanding developments and problems in the investment
company field during the past year, it also desires to record its opinion
that substantial progress has been made. It is natural that comparison
should be made with the more mature experience of this type of security
in Great Britain, but the fundamental differences in method of conducting
the investment business generally should also be noted. Such items
as the setting up of concealed reserves and the publication of portfolios
are matters of practice and public psychology upon which we are entitled
to our own opinion, but it is reasonable that in other fundamental respects
we should study closely and apply to our profit the lessons of history.
The steadying influence of the rulings of the New York Stock Exchange
and the efforts to our Association in respect of adequate disclosure and
uniform accounting methods have been widely felt, the securities of many
investment companies have enjoyed a better record in recent trying times
than the average of the market, and with a growing appreciation of the
necessity for clarifying the functions of the investment company, we may
look forward to an enlightened attitude on the part of the public in regard
to investment company securities.
Respectfully submitted,
INVESTMENT COMPANIES COMMITTEE
Sydney P. Clark, Chairman
Charles H. Diefendorf
Coils Mitchum
Herman Duhme
Lester Watson
Ben B. Ehrlichman
Sidney J. Weinberg
3629
Report of Oil and Natural Gas Securities Committee—
Ills of Oil Industry Laid to Its Inability to Decide
on Uniform Policy to Correct Evils—Effect of
Operation of Code.
"One of the chief reasons why the inherent ills of the oil
industry have not been eliminated," said the report of the
Oil and Natural Gas Securities Committee of the Investment
Bankers Association of America "is that the industry itself
has never been able to decide upon a uniform policy for correcting recognized evils." The report added "this lack of
unified opinion has again been displayed in the inability of
the industry to decide upon a uniform code acceptable to all
factions." The report further said "one of the chief points
of contention in regard to a uniform code is the question
of price fixing. The accepted Federal code contains a price
fixing provision, and the contention over the application of
that feature still continues." It is noted in the report that
"the immediate effect of the operation of the oil code has
been increases in the prices of crude oil and gasoline." Daniel
O'Melveny, of the Union Bank & Trust Co. of Los Angeles
was Chairman of the committee, whose report follows:
Recent Developments in the Petroleum Industry.
A year ago the future of the petroleum industry was exceptionally
promising Although there was still much improvement necessary in
the refining and marketing branches of the industry, nevertheless so
much improvement had been made in the producing branch that it was
generally thought that the petroleum industry would be among the first
to lead the way out of the depression.
However, the past year has seen a condition of chaos return to the
industry so that at the time the code was prepared for it by the NRA
it was in a much worse condition than that of the previous year. Although
some of the other States succeeded in curtailing production during the
year, the excessive production in East Texas, coupled with an utter disregard of regulations as evidenced by the shipment of "hot oil" from
that field, resulted in a break in the crude oil market to a point far too
low for profitable production, a point much less than the average of the
disastrous year of 1931,and as low as 10 cents a barrel, at times,in the East
Texas field. Consequently, seven of the largest companies for which
earnings are reported for the first half of the year, and which reported
a combined surplus during the first half of 1932 of over $6,700,000, show
for the same period of 1933 a deficit of almost $25,000,000.
Although the Texas Railroad Commission has endeavored to enforce
adequate proration in that State, it has been severely handicapped by
the present law, which is cumbersome in enforcement, and is lenient on
offenders. Violations are numerous, and more stringent bills have failed
to pass the Texas Legislature. The violations of the Commissioner's
proration regulations became so great that it was estimated that at the
time President Roosevelt prohibited the inter-State transportation of
illegally produced petroleum on July 12 1933, about 500,000 barrels per
day were being sold in evasion of the State laws of Texas. The right
of the President to control the shipment of "hot oil" under provisions of
the NIRA was upheld on Aug. 15 1933 by Justice Cox, in the District
of Columbia Supreme Court, who denied a petition for an injunction to
restrain the Secretary of the Interior from preventing the shipment in
inter-State commerce of oil produced in excess of State quotas.
While this prohibition has done much to corn ct the East Texas situation, a natural corrective is now at work in that field in the form of rapidly
declining gas pressure, which will probably result in the placing of the entire
field on the pumps during the next few months. If this should occur it
will mean the suppression of the most disturbing influence in oil production during the past three years.
In Oklahoma, a bill passed in April 1933 made more effective control
of production possible, and the validity of the law was upheld during
August by the State Supreme Court, in all except two provisions which
proposed to delegate certain legislative functions to the Supreme Court.
In California, although many local disturbing factors exist in the various
fields, voluntary proration has kept the entire State production very
close to the allotted figures. Although the California curtailment law
was defeated at a general election, the State has a State Recovery Act
which makes binding the provisions of the NIRA, which will unquestionably be used to keep oil production in line in that State. Recent
conferences of the Governors of the different oil-producing States indicate
an endeavor to provide more uniform and more adequate restriction laws.
One of the chief reasons why the inherent ills of the oil industry have
not been eliminated is that the industry itself has never been able to decide
upon a uniform policy for correcting recognized evils. This lack of unified
opinion has been again displayed in the inability of the industry to decide
upon a uniform code acceptable to all factions. The industry as represented by the American Petroleum Institute drew up a code for presentation
to the NRA in Chicago during June of this year which was supposed to
reflect the desires of the industry. So much opposition to this code developed that official hearings were several times adjourned, and it finally
became necessary for the Administration to present a code to the industry,
which WU finally presented by General Johnson on Aug. 17 1933. One
of the chief points of contention in regard to a uniform code is the question
of price fixing. The accepted Federal code contains a price fixing provision, and the contention over the application of that feature still continues.
The immediate effect of the operation of the oil code has been increases
in the prices of crude oil and gasoline. In the fields between California
and Pennsylvania there have been two increases in the price of crude
petroleum, and in each of those two border districts there has been one
advance. Prices are still below the levels which are claimed to be necessary for profitable operation, and further advances may still be in order.
Furthermore, the advance in crude prices has not kept pace with the
Increases in gasoline prices, and this fact may cause Secretary Ickes to
enforce the price fixing provisions which, so far, has not been put into
effect.
One result of the increased price in crude oil will undoubtedly be an
increase of independent exploration, which has been exceedingly dormant
during the past year. Only one new field which gave promise of large
production was developed during the year. This was the Tomball Field
in Texas, which gave early indications of being as troublesome as East
Texas. However,although much money has been spent since the discovery
well was brought in on May 27, in anticipation of the proving up of a
large area, and although three pipe lines have been constructed to the
field, no sizable production has been developed, and the potential threat
from that source has disappeared.
3630
Financial Chronicle
Progress of Control Measures-Petroleum.
For most of the present year, almost the entire effort of the industry
toward voluntary control has been with respect to the formation of a
code under the NIRA. Representatives of the petroleum Industry,
under the auspices of the American Petroleum Institute, met In Chicago
during June and drew up a tentative code of which the following were
the principal features:
1. The amount of crude petroleum necessary to equal market demand
should be allocated between current production, withdrawal from storage
and imports. Maximum production was to be allotted to the various
producers, areas, properties and wells. Restrictive agreements for any
pool by those controlling two-thirds of the entire maximum pool production were to be binding on all after governmental approval.
2. New pools could not be developed except on approval by the Government and a permit was to be required before new drilling could be
started.
3. Withdrawals from storage were to be limited in amount and were
to be allotted equitably.
4. Imports were to be limited to the daily average of the last six months
of 1932, and were to be allotted equitably.
5. The normal average cost of production was to establish the selling
price of oil and the Government was requested to establish maximum
and minimum prices.
6. Complete reports of all operations were to be made monthly by
every producer and every purchaser of crude oil.
7. Violations of the code were to be deemed unfair competition and
were to be subject to prosecution under the terms of the Act. The Act
was to be administered by the President, or a person appointed by the
President, aided by an Emergency National Committee elected by the
industry.
Although the convention which adopted this code was supposed to
represent about 95% of the oil production in the United States, opposition
developed at once from several independent producers and marketers'
associations, which carried their protest forcibly to Washington when
hearings were opened before General Hugh S. Johnson during the latter
part of July. Hearings on the code were repeatedly adjourned and the
industry could come to no agreement. Finally General Johnson was
compelled to write his own code which the President has signed and placed
into operation. The principal provisions of the Government's code are
as follows:
1. A price control section specifies that a barrel of crude oil of a set
quality (36-36.9 Mid-(Jontinent) shall be 18.5 times the price of a gallon
of gasoline (average, group 3 tank price. 60 to 64 octane rating) at the
refinery. The President is given authority to fix the base price of gasoline
against which the price of crude oil should be determined for a test period
of any number of days up to 90. The formula may be revised at the end
of any set period to provide a more equitable cost of crude oil.
2. The required production of crude oil to balance consumer demand
for petroleum products is to be estimated at intervals by a Federal agency
designated by the President. The required production is to be equitably
allocated among the several States by this agency and the estimates submitted to the President for approval, and when approved by him, shall
be deemed the net reasonable market demand, and shall be recommended
as the operating schedules for the producing States and for the industry.
In any State in which there is no regulatory body or official charged with
the duty of allocating quotas, the President may designate an agency
within such State who shall compile the operating schedules for that State.
3. The President is empowered to limit all imports for domestic consumption "to volumes bearing such ratio to the estimated value of domestic
production as will effectuate this purpose of this code." Withdrawals
from storage are subject to approval by a Planning and Co-ordination
Committee, and during the remainder of 1933 may not exceed 100,000
barrels a day. Additions to storage beyond necessary fluctuations in
working stocks shall be made only with the approval of the Committee.
4. Definite provisions are provided for the pay of labor in different
fields and on different types of work setting minimum wages and maximum hours. Differentials between wages of skilled and common labor
in the several geological divisions are not to be less than those prevailing
on July 1 1929. The usual statutorially required provisions insuring
workmen the right to organize and to bargain collectively, and banning
company unions, are included.
5. Wildcatting is not to be prohibited because the future maintenance
of the petroleum supply depends on new discoveries and new pools, but
new fields must be operated in accordance with a plan approved by the
President. or its product will be barred from inter-State commerce.
6. Provisions are made for compiling of statistics at intervals to enable
the President to fix required production and to allocate it properly.
7. The country shall be divided into eight refining districts by a Federal
agency designated by the President. and a proper relationship between
inventories of gasoline and sales thereof shall be established for each district. Refineries in each district will be required to limit their production
to recommended ratios between gasoline inventories and sales within
their districts. Special provisions are provided to insure sufficient crude
to refiners and to insure proper outlet to those refiners who have had a
distribution outside the defined districts. The storage of gasoline in
amounts greater than is required to provide for the necessary fluctuations
in working stocks and to meet the variation resulting from seasonal demand
as determined by a Planning and Co-ordination Committee, is to be dedared an unfair trade practice and is to be prohibited.
8. A moratorium has been placed on the lease and agency practice
by which retailers are bound to handle exclusively the product of one
company pending the outcome of an investigation to be made by the
Federal Trade Commission, The President is authorized to decide whether
this practice shall be prohibited if the Commission fails to give a decision
within 60 days. Many other provisions are included which closely regulate the marketing practices within the industry and eliminate many of
the evils which have caused so much trouble in that branch of the industry.
9. For the administration of the code, there is•provided (a) a Planning
and Co-ordination Committee representing the petroleum industry and
the NRA and (b) a Federal agency to be designated by the President.
The Planning and Co-ordination Committee shall consist of 18 members
and shall have the following subcommittees:
1. Statistical Committee.
2. Production Committee.
3. Refinery Committee.
4. Marketing Committee.
5. Accounting Committee.
6. Labor Committee.
7. Adjustment Committee.
8. Transportation Committee.
9. Finance Committee.
The chief point of controversy concerning the code as provided by
the Administration has been the price fixing provision. Strong camps
within the industry advocate the application of this provision, and equally
strong camps oppose it. Up to the present writing the price fixing provision has not been imposed by the Administration. But as the price of
gasoline has increased much faster than the price of crude oil, much pressure
is being brought upon the Administration to impose this provision so
as to keep the price of crude oil in line with the quoted price of gasoline.
As the Federal representative, or Oil Administrator, the President has
designated Secretary Ickes of the Department of the Interior. As members
of the Planning and Co-ordination Committee, the following persons
have been appointed:
To represent the industry.-Axtell J. Byles,President, American Petroleum
Institute; Wirt Franklin, President, Independent Petroleum Association
of America; R. T. Zook, President, Pennsylvania Grade Crude 011 Association; Howard Bennette, Western Petroleum Refiners Association;
W. T. Holliday, President, Standard Oil Co. of Ohio: E. B. Reeser, President, Barnsdall Corp.; K. R. Kingsbury. President, Standard Oil Co.
of California; B. L. Majewski, Illinois Petroleum Marketers Association;
Henry M. Dawes, President, Pure Oil Co.; C. F. Reeser, Texas 011 &
Gas Conservation Association: Amos L. Beaty. Phillips Petroleum Co.;
C. E. Arnott, President, Socony-Vacuum Corp.
To represent the NRA.-James A. Moffett, former Vice-President of
Standard Oil Co. of New Jersey; Donald R. Richberg, General Counsel
of the NRA; M. L. Benedum, of Pittsburgh
Nov. 18 1933
Of this Planning and Co-ordination Committee the following members
have been designated as chairmen of the subcommittees:
1. Statistical Committee, Axtell J. Byles.
2. Production Committee, Wirt Franklin.
3. Refinery Committee, Howard Bennette.
4. Marketing Committee, C. E. Arnett.
5. Accounting Committee, Ralph Zook.
6. Labor Committee, W. T. Holliday.
7. Adjustment Committee, Amos L. Beaty.
8. Transportation Committee, E. P. Reeser.
9. Finance Committee, H. M. Dawes.
One of the first acts of the 011 Administrator was to order a production
cut of about 350,000 barrels a day to a total of 2,409.700 barrels, and
to allocate this production among the oil-producing States as shown by
the following table, which also shows the daily production for the week
ended Sept. 2 1933:
Daily Production
Barrels Week End.
Daily QuotaSept. 2.
Barrels.
State29.000
31,350
Arkansas
480.000
500.200
California
129.500
112,000
Kansas
70,000
73.750
Louisiana
1,229.500
975,000
Texas
540.000
548.150
Oklahoma
41.400
41,350
New Mexico
38,900
38.050
Rocky Mountain States
94,200
99,050
Appalachian States
30,000
31,000
Michigan
Total
2,409,700
2,721,400
This authorized production reduces the allowable which had been set
by most State regulatory bodies, although it increased by about 27,000
barrels daily the amount which had been set up by the California committee as an allowable production in that State. The regulatory bodies
of California. Texas and Oklahoma, the chief producing States, have
fixed allowables for their States to conform with the quotas of the Oil
Administrator, but the Kansas Commission claims that producers in their
State have a ready market for 50,000 barrels a day more than that allowed,
and are requesting an adjustment of the official quotas. It would appear
at the present writing that the quotas which have been established by
the Federal Government, and the system of checking producers, pipe
lines, railroads and trucks, brokers and refiners which have been set up
by the Federal Government and the various State regulatory commissions,
should be able to establish a real and effective proration of petroleum
production with no by-passing and no bootlegging.
Mergers-Petroleum.
There have been no important mergers in the petroleum industry during
the past year unless the absorption of Union Oil Associates by the Union
Oil Co. on Dec. 20 1932 shall be considered as a merger. The stock of
Union Oil Associates was exchanged on a share for share basis for that of
the Union Oil Co. of California, while stock of the latter company held
by the Union Oil Associates, which was equivalent to the Associates'
shares outstanding, was transferred to unused capital stock.
It was reported during July that the Standard 011 Co. of New Jersey
had purchased the remaining one-half interest in Union Atlantic Co.
from the Union Oil Co. for $1,350.000. and recently the proposal to Purchase the Richfield 011 Co. of California by the Standard Oil Co. of California has been revived, with a report that the Standard 011 Co. will pay
an equivalent of about $23,500.000 for the Richfield properties.
Taxation-Petroleum.
The heavy taxation of petroleum and petroleum products still continues
to be a severe menace to the industry. All States in the Union now have
some form of gasoline tax, with 3yi cents per gallon retail as the lowest
tax in any State, and 123. cents, including local taxes, the highest. As
the carload price of gasoline has averaged around 5 to 6 cents a gallon,
it is readily seen that the bootlegging of gasoline on which tax is not paid
can easily disrupt the entire price structure of any retail gasoline market.
Not only is this feature a serious threat to the industry, but the recent
proposals to divert funds raised by gasoline tax to other purposes has
progressed to such an extent that to-day about one-third ot the total gas
tax collected is used for other purposes than those designated in the original
tax laws. In 1927 $5,297.000 of gasoline tax money was diverted, while
in 1933 this total has risen to $121,988,000, an increase of $116,691,000
per year.
Over 200 bills were introduced into the Legislatures of every State of
the Union during 1933 seeking to divert gasoline tax to such diverse uses
as the maintenance of counties and schools, poor and unemployed relief,
pensions, reform of convicts, oil inspection, commerce and navigation,
State parks, reforestation, highway patrol, establishment of rural mall
routes, the enforcement of registration laws. It was even provided in
some of the bills introduced to divert gas tax funds to the general funds
of the States for the payment of salaries and for the general operation
of the State governments. Proposals were also made to turn gas tax
moneys over to counties and States to relieve them of the general tax
burden.
Since 1918, to October of 1933, the United States has collected from
motorists and oil companies over $1.260,000,000 in tax moneys, and has
appropriated back to the various States as Federal aid in road building
a total of $1,190,000,000, From these figures it is seen that the Federal
aid for highway construction has been more than paid for by Federal collections from the oil industry or the motorist, and the various State
proposals to divert tax funds indicates that the oil industry will probably
be required to furnish much ot the excess expenditures of State and local
governments made necessary by the present depression
The Federal Government has Incr. ased the tax on retail sales of gasoline
from 1 cent to 1% cents per gallon, and has extended its taxes and import
duties on petroleum products which were in effect during the previous year,
The State of Washington has brought suit against 17 oil companies to
compel them to charge not more than 16 cents a gallon retail for gasoline,
including tax, instead ot the average price of about 21 cents per gallon
which is charged at the present time. The tax in Washington is 5 cents
per gallon.
Earnings-Petroleum.
Due to the break in price of crude petroleum, the earnings statements
of the leading oil companies for the first half of 1933 reflect a much less
favorable position than was shown for the corresponding period of 1932.
The following table shows the comparative net income for the first
half of 1932 and the first half of 1933 for seven of the leading oil companies
for which reports can be secured for the first half of the year. This table
Indicates a deficit for this year of $25,022,987 as compared with a net
income of $6,761,612 in the same period of 1932. Only one of the companies in the table shows a net income, while the Shell Union Oil CO,reports
a loss of over $14,000,000 for the first six months of this year. The Union
Oil Co. of California would show a net income, if the proceeds of the sale
of its one-half interest in Union Atlantic Co. were included in the figures.
Financial Chronicle
Volume 137
INCOME AND EARNINGS—LEADING PETROLEUM COMPANIES
FIRST SIX MONTHS OF 1933 AND 1982.
Net Dimmer 1st 6 Mos. Earns. Per Sh. 1st 6 Mos.
1933.
1932.
1933.
1932.
Atlantic Refining Co
d$1,001,659 83,184,824 <40.37
81.18
Barnsdall Corp
d1,835,299
d359,942
d0.84
d0.17
Mid-Continent Petroleum Co_
d731,894
a0.39
d2,703,467
d1.46
Phillips Petroleum Co
0812,492
d5,324,588
al.28
d0.20
Shell Union Oil Co
00.31
014,205,388 ad2,935,427
01.16
Standard Oil ot California
1.197,414 6,916,543
0.10
0.53
Union 011 of California
de.26
c0.34
141,150,000 c1,5e0,000
a Before taking credit of $4,422,323 realized by cancellation of debentures purchased for cash. fi Not including $1,350,000 non-recurring profit from sale of
Union Atlantic Co. c Estimated. d Deficit.
Outlook—Petroleum.
Notwithstanding the demoralized condition of the petroleum industry
at the time the new code was formulated, the effect of the operation of
that code should be to enable the industry to climb out of the present
depths and over the near-term to
.show substantial recovery in earning
power. The new code bids fair to solve many of the disturbing evils
of the marketing branch of the industry, and also promises to provide
prices which will allow the industry to survive. If the provisions of the
code can be enforced the coming year should find the industry well on
the road to a sound and profitable operating basis, although it is hardly
possible that earnings for 1933 will be satisfactory because of the exceedingly unprofitable results of the operations during the first half of
the year.
Although the present prospects for improvement in the domestic position
of the industry are thus favorable, conditions in world-wide markets are
still very unfavorable. Although restriction of world oil production and
stabilization of the export market has been attempted from time to time,
no definite agreement has ever been reached. The International Oil
Conference in New York during May of 1932 was a failure. Further
meetings in Paris during July and December of last year. and April of
this Year, did result in some accord between the United States, British
Dutch and Rumanian interests, but two months after the last restrictive
compact Rumania publicly broke the agreement on the asserted claim that
the collapse of proration in the United States had destroyed world prices
Recent developments in the Russian oil fields also disturb world markets
so that at the present time there is but little hope that United States
companies can look for betterments from any source except through a
solution of their domestic problems.
Natural Gas Industry.
During the past year there have been no startling developments in
the natural gas industry. The year has been one of continued expansion
of natural gas systems which had been begun in previous years. The
industry is still beset with competition from other fuels, and the recent
increase in the use of the cracking process for making gasoline has provided a new source of competition, as that activity now provides many
billion cubic feet of high heat value gas yearly which is used to enrich
low-value manufactured gas.
The extreme low level of industrial production throughout the United
States during the first part of the year has necessitated the operation
of the extensive natural gas pipe lines to the industrial sections at far
below maximum capacity, with a resulting loss in operations. If the
industrial recovery which has been in evidence during the past few months
continues it should be directly reflected in increased earnings for those
companies with long-term contracts with manufacturing concerns.
During the first six months of 1933 industrial sales of natural gas were
4% less than during the corresponding period of 1932, while total sales
of natural gas were only 2% less. Commercial sales of natural gas declined only I% in that period and domestic sales were 5% less.
Total sales of manufactured gas showed a decrease of 8% during the
first half of this year as compared with the same period of 1932, and in
total volume were only 41% as great as the sale of natural gas. Domestic
sales of manufactured gas declined over 8% during the period.
Respectfully submitted.
OIL AND NATURAL GAS SECURITIES COMMITTEE.
Donald O'Melveny, Chairman,
E. J. Costigan,
Edward F. Hayes,
John Nickerson,
Roland L. O'Brien,
Laurence H.Parkhurst,
William E. Stanwood,
Ell T. Watson.
Report of Distribution Sub-committee—Removal of
Securities from Unlisted Division of the New York
Curb Exchange.
The report of the Distribution Sub-committee of the Investment Bankers' Association of America, the Chairman of
which is F. Kenneth Stephenson, of Stone & Webster and
Blodget, Inc. of New York, was presented as follows at the
annual convention of the Association at Hot Springs, Va.:
The almost complete lack of distribution has, of course, forestalled
any problems which in more normal periods would come before the Distribution Subcommittee.
Your Committee has continued to act as spokesman for the various
Ideas expressed by our members with regard to whether or not certain
securities should bo dealt in on the Now York Curb Exchange. Through
your Committee, lists of securities were secured which various members
or groups of members felt were not the type of securities to be listed on
any exchange. The New York Curb Exchange had received similar
information from numerous dealers not membersof the Investment Bankers'
Association. These combined efforts have resulted In that Exchange
removing 229 bends from either its unlisted or listed division, and 475
stocks from its unlisted division since April 1.
As a result of the investigation of the Curb Exchange in April and May
by John J. Bennett, Attorney-General of New York State, a number
of reforms have taken place; the ones in which we are most interested
being the statement by the Curb Exchange that it will not list any bonds
the outstanding amount of which is less than $5,000,000, or bonds in
which there is not a proven public interest. The Curb Exchange still
reserves the right to list securities without receiving an application from
the issuing company. It states that before it will allow trading it will
require such detailed information that the issuing company would have
to be consulted, and at that time would have an opportunity to forestall
trading on the Curb Exchange if it so wished. On the other hand, the
Curb would require the issuing company to prove that the public would
not benefit by such listing and reserve the right to be the final judge.
It is not ready to make these provisions retroactive. The Curb Exchange
claims that it has just as much right as an over-the-counter dealer to
trade In securities without the consent of the issuing company.
3631
In the last few months the Curb has taken off a great number of stock
issues but very few bond issues. It states that this is just a coincidence.
It intends to continue to remove bonds the trading volume of which
does not show public interest. The Curb informs us that it believes it
has removed from trading any bond the volume of which has not been
in excess of 8100.000 in the last 12 months. The exceptions to this are:
(1) cases in which the trading volume is increasing monthly at a rate that
makes the Curb feel the volume will soon be above $100.000. and (2)
where the issuing company has asked the Curb to continue trading privileges after the Curb has written them suggesting that the issue be removed.
We have learned that at least one company has been successful in having
its securities removed from the unlisted division of the Curb Exchange
by writing to the Exchange stating that a study of the subject has proven
that the number of transactions in the over-the-counter market far exceeds
the transactions on the Curb Exchange. They also stated that they
did not consider the amount of trade on the Exchange a market in any
sense of the word, nor the prices at which the few Curb transactions were
made a true indication of the actual current prices for the securities. Your
Committee feels that those of you who wish certain securities removed
from trading on the Curb will work toward having the request come from
the company rather than from those who as investment dealers or traders
would benefit by their removal.
Your Committee has received almost no comments from members on
the subject in the last few months which entitles it to believe that those
who are most vitally interested in seeing issues removed are at least fairly
content with the progress.
Your Committee plans to be alert in watching for new developments in
distribution methods, and to advise on any innovation which it feels
would be helpful.
F. Kenneth Stephenson, Chairman
Bowman C. Lingle
Jonas C. Andersen
William M. Marshall
L. Roy Ballinger
Charles B. Merrill
Harry W. Beebe
Harry S. Middendorf
George W. Bovenizer
Sidney A. Mitchell
John R. Chapin
George E. Porter
Kenneth M. Crane
Albert E. Schwabacher
Perry E. Hall
Burdick Simons
E. Gerald Hanson
Harry F. &ix
John D. Harrison
Francis T. Ward
R. Parker Kuhn
David R. West
Chapman H. Hyams, 3rd
James P. Hale
Thomas T. Coxon
Stock Brokers Eligible to Membership in Investment
Bankers' Association Under Changes in By-Laws.
As we indicated in our issue of Nov.4, page 3266,a change
in the by-laws of the Investment Bankers' Association of
America was made at the annual convention of the Association at Hot Springs, Va., on Nov. 1. One account from
the convention city regarding the change is taken as follows
from the Boston "Herald":
Stock brokers will be eligible for membership in the Investment Bankers'
Association of America as a result of a change in the Association's by-laws
here to-day at the concluding session of the convention. No official statement in the matter was made by officers of the Association in the matter,
but denial was made by a number of delegates that the move was made
in order to form a united front of investment bankers and stock brokers
in matters relating to security legislation in Washington.
It was pointed out that of 7,000 bond houses throughout the country.
378, including virtually all of the larger ones, are at present members of
the Investment Bankers' Association. It is estimated that there are some
13,075 bankers, of which 600 of the larger ones might logically be expected
to join the Association, subject to the approval of the Association's Board
of Governors. The section relating to membership at prawn. reads that—
"Any individual, corporation, partnership or other legal entity of good
reputation, engaged in the investment banking business, that is to say,
In the business of purchasing investment securities and publicly offering
the same for sale as a dealer therein, is eligible for membership."
As amended to-day the entire clause relating to purchasing and selling
securities to the public is dropped out. Thus, it was pointed out, these
who merely act as agents for the buyer and seller will be eligible to join the
Association.
Robert E. Christie Jr. Elected President Investment
Bankers' Association of America—With Induction
Into Office Says Need for Active Co-Operation
Was Never Greater Than It Is To-day.
Robert E. Christie Jr. of Dillon, Read & Co. of New York
was elected President of the Investment Bankers' Association of America at the closing session, Nov. 1, of the annual
convention of the Association at Hot Springs, Va. As
President Mr. Christie succeeds Frank M. Gordon, VicePresident of the First National Bank of Chicago. With
his induction into office President Christie stated that "the
need for active co-operation on your part in the work of the
Association has never been greater than it is to-day." Mr.
Christie added:
We are in the midst of a most critical time for our business. If this
Association has any justification for its existence, now is the time to prove
its usefulness—not to ourselves alone, but to the business community at
large, and, through that relationship, to the country as a whole.
It is not new for the incoming President to tell you that a great honor
has been conferred upon him. Nor is there anything original in his pledge
to discharge the responsibilities of this exalted office to the utmost of
his ability.
You have heard these sentiments in the past from many distinguished
predecessors. What they have told you on similar occasions is what /
want to say to you to-day: I shall do my best. And if I can emulate
their devotion to this work, their spirit of leadership and their accomplishment in office, I am sure you will forgive me later for any lack of originality
In these acceptance remarks.
I am thus keenly aware of both the honor and the responsibility of this
new task. I expect to devote all of my time to the job of being your President. But I might well hesitate to undertake so serious a leadership at all
if I did not know, from past experience as a member of the Board of Governors, the spirit of helpfulness which characterizes the membership of this
3632
Financial Chronicle
group and its tremendous resources of sound, friendly counsel upon which
Its President can draw as necessity arises. I am indebted to the nominating
committee for giving to me one of the strongest Boards of Governors the
Association has ever had. In accordance with custom I have asked some
of the Governors and other outstanding men from our membership to serve
as Chairman of National Committees. Their ready acceptance has been
very encouraging. I am confident that we shall have the wholehearted
support of the entire membership, and I wish every delegate would take
this message back to his associates:
"The need for active co-operation on your part in the work of the Association has never been greater than it is to-day. We are in the midst of
a most critical time for our business. If this Association has any justification for its existence, now is the time to prove its usefulness—not to
ourselves alone, but to the business community at large and, through that
relationship, to the country as a whole.
"Whatever we do to amend our mistakes of the past, to restore the free
flow of capital, and to revive the confidence of the country in investment
bankers, will depend not merely upon the officers, but upon the membership as well. A high degree of watchfulness, of calm, progressive thinking,
and of constructive, courageous action is required of every individual
member of this Association. Every one must contribute toward the joint
effort we have undertaken for the ensuing year.
lik"All business is suffering from maladjustment. Let us adapt ourselves
to our work as quickly as possible, in whatever way may seem best for the
welfare of the country as a whole. We shall find, I think, that our individual
Interests are identical with the general good of our land."
Our retiring President has led us through a difficult year, dedicating
himself unselfishly to the business of the Association. It is a pleasure for
us to pay public tribute to his sincerity and fine character, and this past
president insignia, which it is my pleasure to give him, carries with it the
membership.
affection and best wishes of our
Officers Elected at Annual Convention of Investment
Bankers' Association of America.
On Nov. 1, at the closing session of the annual convention
of the Investment Bankers' Association of America, the
following officers were elected:
President, Robert E. Christie Jr., Dillon, Read Sr Co., New York.
Executive Vice-President, Alden H. Little, Investment Bankers' Association, Chicago.
Vice-Presidents: George W. Bovenizer, Kuhn, Loeb & Co., New York
(re-elected); Robert A. Gardner, Mitchell, Hutchins & Co., Chicago;
Henry Hart, First of Michigan Corp., Detroit; Edward Hopkinson Jr..
Drexel & Co., Philadelphia (re-elected); and Donald O'Melveny, Union
Bank & Trust Co., Los Angeles (re-elected).
Treasurer, Cloud Wampler, Lawrence Stern & Co., Chicago.
Secretary, C. Longford Felske, Chicago.
Educational Director, Samuel 0. Rice, Investment Bankers' Association, Chicago.
Field Secretary, Arthur G. Davis, Investment Bankers' Association,
Chicago.
Board of Governors (two-year terms expiring in 1935): Daniel W. Myers,
Hayden, Miller & Co., Cleveland; Homer L. Boyd, Marine National Co..
Seattle.
Three-year terms expiring in 1936: Earle Bailie, J. & W.Seligman & Co.,
New York; Ralph T. Crane, Brown Brothers Harriman & Co., New York;
Charles B. Crouse, Crouse & Co., Detroit; T. Stockton Matthews, Robert
Garrett & Sons, Baltimore; Orrin G. Wood, Estabrook & Co., Boston;
Joseph M. Scribner, Singer, Deane & Scribner, Inc., Pittsburgh; George
Leib, Blyth & Co., Inc., San Francisco; Robert N. Williams, Edgar Ricker
& Co., Milwaukee; W. Hubert Kennedy, Wells-Dickey Co., Minneapolis,
apd'Otho C. Snider, Prescott, Wright, Snider Co., Kansas City.
• Chairmen of the standing committees for the new year
were announced as follows by President Christie:
Business Conduct, Francis Moulton, R. H. Moulton & Co., Los Angeles,
Business Problems, George W.Bovenizer, Kuhn,Loeb & Co., New York.
Commercial Credits, J. Norrish Thorne, Goldman, Sachs & Co., New
York.
Constitution and By-Laws, Claude G. Rives Jr., Whitney National
Bank of New Orleans.
Education, Cloud Wampler, Lawrence Stern & Co., Chicago.
Federal Taxation, Orrin G. Wood, Estabrook & Co., Boston,
Finance, William T. Bacon, Bacon, Whipple & Co., Chicago.
Foreign Securities. Ralph T. Crane, Brown Brothers Harriman & Co.,
New York.
Government and Farm Loan Bonds, F. Seymour Barr, Barr Bros. &
Co., New York.
Group Chairmen, Frank L. Scheffey, Callaway, Fish & Co., New York.
Industrial Securities, John W. Cutler, Edward B. Smith & Co., New
York.
Investment Companies, Sydney P. Clark, E. W. Clark & Co., Philadelphia.
Membership, Robert A. Gardner, Mitchell. Hutchins & Co., Chicago.
Municipal Securities, E. Fleetwood Dunstan, Bankers Trust Co., New
York.
Public Service Securities, Daniel W. Myers, Hayden, Miller & Co.,
Cleveland.
Railroad Securities,Plerpont V.Davis, City Co.of New York,New York.
Real Estate Securities, Charles B. Crouse, Crouse & Co., Detroit.
State Legislation, Edward B. Hall, Harris Trust & Savings Bank,Chicago
State and Local Taxation, W. Hubert Kennedy, Wells-Dickey Co..
Minneapolis.
Federal Legislation, Earle Bailie, J. & W. Seligman & Co., New York.
Subcommittee Chairmen are as follows:
Distribution, F. Kenneth Stephenson, Stone & Webster and Blodgett,Inc.
Trends of the Business, William Cavalier, William Cavalier & Co., San
Francisco.
Salesmen's Compensation, Paul Loughridge, Bosworth, Chanute,
Loughridge & Co., Denver.
The membership of the Board of Governors, in addition
to those named at the annual meeting, as indicated further
above, includes the following:
J. Augustus Barnard, Dominick & Dominick, New York.
Jr. Seymour Barr, Barr Brothers & Co., Inc., New York.
Pierpont V. Davis. The City Co. of New York, Inc.. New York.
Frank L. Scheffey, Callaway, Fish & Co., New York.
William T. Bacon, Bacon, Whipple & Co., Chicago.
T. J. Bryce, Continental Illinois Co., Chicago.
Frank M. Gordon, First National Bank of Chicago, Chicago,
Sydney P. Clark, E. W. Clark & Co.. Philadelphia.
Nov. 18 1933
Francis Moulton, R. H. Moulton & Co., Los Angeles.
E. Gerald Hanson, Hanson Bros., Inc., Montreal.
John R. Longmire, I. M. Simon & Co., St. Louis.
Harry F. Stlx, Stix & Co.. St. Louis.
John C. Legg Jr., Mackubin, Goodrich & Co., Baltimore.
Albert P. Everts, Paine, Webber & Co., Boston.
William Cavalier, Wm. Cavalier & Co., San Francisco.
Claude G. Rives Jr., Whitney National Bank, New Orleans,
John J. Rowe, First National Bank, Cincinnati.
George P. Hardgrove, Ferris & Hardgrove, Seattle.
Charles B. Engle, International Co. of Denver, Denver
CURRENT NOTICES.
—Inauguration of a corporate bond department was announced this
week by Charles E. Enyart, President of Enyart, Van Camp & Fell, Inc.,
39 S. La Salle St., Chicago. J. Wesley Hickman, formerly manager of
the bond trading department of Paul H. Davis & Co., has been named
manager of the newly opened department. Mr. Hickman, who is a graduate of the University of Illinois, was connected with the Davis organization
for more than five years. The firm of Enyart, Van Camp & Feil was
organized less than two years ago, having started in business Feb. 1 1932.
—Brooke, Tindall & Co., dealers in investment securities, Atlanta, Ga.,
have announced that J. Hollis Austin, formerly associated with Clement A.
Evans & Co., has joined their organization. Mr. Austin entered the
investment field in 1921 with the Robinson-Humphrey Co. as bookkeeper
and Cashier and was later made Treasurer of the company. In 1930 he
was transferred to their sales department, continuing there until becoming
associated with Clement A. Evans & Co. in 1932.
—G. H. Walker & Co. of New York and St. Louis, members of the
New York Stock Exchange, announce that James T. Brown Jr., formerly
with Halsey, Stuart & Co. and F. S. Moseley & Co., will take over active
management of their trading department. Mr. Brown will be assisted by
Harvey Wooster. The firm also announces the opening of a municipal
department which will specialize in Midwestern and Southwestern municipals under the management of R. F. Duff, formerly of Brown Brothers
Harriman & Co.
—The First of Boston Corp. has issued a booklet listing outstanding
Canadian Dominion, Provincial and selected municipal bonds, and also
issues of the Colony of Newfoundland. The new book varies from previous
issues in that it classifies the securities as to the place of payment, grouping
those payable in United States or those in Canadian dollars, as well as those
payable in staling.
—The firm name of Hudson, Miller & Moore, Inc., investment dealers
of Dallas, Tex., has been changed to Miller, Moore .Sc Brown, Inc. They
will continue in the same office. 1309 Main St., Dallas, and will specialize
in Texas municipals and Texas public utility preferred stocks.
—The current number of "Security Surveys" issued by Evans, Stillman
& Co., 14 Wall St., New York, contains a discussion of speculation, which
sets forth popular fallacies concerning it, its true definition and its justification.
—R. A. W. Barrett, formerly manager of the Houston office of Dallas
Union Trust Co., has recently become associated with George V. Rotan Co.
of Houston, Tex., specialists in Texas municipals.
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. 18) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 7.2% above those for the corresponding
week last year. Our preliminary total stands at $4,892,358,218, against $4,563,847,282 for the same week in 1932.
At this center there is a gain for the five days ended Friday
of 15.9%. Our comparative summary for the week follows:
Clearings—Returns by Telegraph,
Week Ending Nov. 18.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
Ban Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1933,
1932.
$2,588,508,164 $2,232,978,418
199,314.059
170,426,530
264.000,000
238,000,000
174,000,000
191,000,000
59,089,761
55,841,258
63,800,000
55,000,000
99,793,000
88,146,000
No longer will re port clearings.
76,264,478
74,573,764
52,144,977
49,660,390
55,009,878
64,724,695
43,459,180
49,337,543
24,522,239
19,392,000
Per
Cent.
+15.9
+17.0
—9.8
+9.8
+5.8
+16.0
+13.2
+2.3
+5.0
—15.0
—11.9
—20.9
Twelve cities, five days
Other cities, five days
$3,685,775,497
391,189,685
$3,303,210,837
534,326,630
+11.6
—26.8
Total all cities, five days
All cities, one day
$4,076,965,182
815,393,036
$3,837,537,467
726,309,815
+6.2
+12.3
54.892.358.218
54.563.847.282
-1.." o
Tmal nil
Atli,. Mr week
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. 11. For
that week there is an increase of 11.4%, the aggregate of
clearings for the whole country being $3,788,986,263,
against $3,402,729,211 in the same week in 1932.
Outside of this city there is a decrease of 0.1%, the bank
clearings at this center having recorded a gain of 18.1%•
We group the cities according to the Federal Reserve dis-
Financial Chronicle
Volume 137
tricts in which they are located and from this it appears
that in the New York Reserve District, including this city,
the totals record a gain of 17.5%, but in the Boston Reserve
District a loss of 6.9% appears, and in the Philadelphia
Reserve District of 12.8%. In the Cleveland Reserve
District the decrease is 9.7% and in the Richmond Reserve
District 19.0%, while the Atlanta Reserve District has
an increase to its credit of 25.4%. In the Chicago Reserve
District the totals are larger by 7.8%, in the St. Louis
Reserve District by 10.4% and in the Minneapolis Reserve District by 15.7%. The Kansas City Reserve District
enjoys a gain of 3.3%, the Dallas Reserve District of 14.4%
and the San Francisco Reserve District of 10.1%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Nov.11 1933.
1933.
Inc.or
Dec.
1932.
1931.
Federal Reserve Diets.
1st Boston _ _ _ _12 cities
2nd New York_.12 "
3rd Philadelpla 9 "
4th Cleveland_ 5 "
5th Richmond _ 6 "
6th Atlanta..._ _10 ''
7th Chicago _ _19 "
.
8th Bt. Louis__ 4 "
9t11 Minneapolis 7 "
10th Kansas City 9 "
11th Dallas
5 "
12th San Fran_ _13 "
$
166,233,224
2,595,441,758
170,960,111
118,761,035
67,513,647
79,996,916
215,210,501
76,167,076
62,723,300
69,976,000
37,785,790
128,216,897
$
178.520,367
2,209,312,139
196,129,135
131,450,523
83,382,514
63,811,298
129,703,829
68,982,957
54,226,804
67,748,518
33,025,767
116,435,360
Total
111 cities
Outside N. Y. City
3,788,986,263
1,257,995,742
3,402,729.211 +11.4
1,259,548,856 -0.1
Canada
29 nut,.
/17 771 777
7.FOC 015
%
-6.9
+17.5
-12.8
-9.7
-19.0
+25.4
+7.8
+10.4
+15.7
+3.3
+14.4
+10.1
A-11 7
1930.
S
3
227,812,053
413,018,316
3,686,778,727 6,033,304,104
303,199.027
455,140,828
236,164,883
366,987,465
118,314,809
180,939.082
106,119,546
111,904,618
421,402,682
739,074,771
98,707,920
166,551,654
82,218,532
115.027,477
116,225,526
174,103,102
58,698,144
48,246,576
199,218,667
288,795,064
5,714,408,958
2,138,664,133
9,102,544,625
3,215,257,695
770 000 471
170 OILI 715
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended Nov. 11.
Clearings *1
1933.
First Federal
Maino--11angor_ _
Portland
Mass.
-Boston _
Fall River_ _ _
Lowell
New 13edford..
Springfield _ _ _ _
Worcester
Conn.
-Hartford
New Haven...
R.I.-Providene
N. H.-Manch'e
Total(12elites
1932.
inc. or
Dec.
5
$
%
Reserve Dist rict-Boston 405,831
283,640 +43.1
1.020,220
1,389,674 -26.6
145,051,923 158,000,000 -8.2
678,761
496,846 +36.6
.500.000
252,799 +97.8
465,542
369,307 +26.1
2,159,117
2,015,953 +7.1
913,212
1,274,707 -28.4
6,220,981
5,227.230 +19.0
2,284,067
2,599,852 -12.1
6,265,600
6,332,800 -1.2
277,970
277,559 +0.1
166,233,224
178,520,367
Second Fede • al Reserve 13 istrict-New
N. Y.
-Albany.
4,567,124
3,322,829
Binghamton_ _
663,590
650,180
Buffalo
20,583,953
20,001,332
Elmira
•
456.887
413,132
Jamestown_ _ _ •
360,364
418,381
New York_ _ _ • 2,530,989,521 2,143,180,355
Rochester
5,248,682
4,896,937
Syracuse
2,564,971
3,158,751
Conn.-Stamfor I
2.221,286
1,921,390
N. J.-Montclalr
.350,000
346,669
Newark
.
9,273,842
13,049.911
Northern N. J .
18,161,544
17,952,272
-6.9
1931.
$
1930.
$
436,045
2,401,834
261,424,743
873,033
487,160
1.053.581
3,573,598
2,452,960
9,134,407
5,926,642
9,538,800
509,250
632,695
3,025,045
363,488,265
1,048,732
523,123
1,083,609
4.524.000
3,069,933
14,016,465
7,171,371
13,345,600
1,089,478
297,812,053
York+37.4
5,341,552
6,957,507
+2.1
944,069
1,278,416
+2.9
32,785,460
47,876,138
+10.6
729,492
1,156,753
-13.9
706,927
1,365,676
+18.1 3,575,744,825 5,887,286,930
+7.2
8,116,197
10,868,920
-18.8
4,092,674
5.300.780
+15.6
2,509,256
3,425,589
+1.0
539,428
719,649
-28.9
25,303,906
31.120,246
+1.2
29.971,541
35,947.500
Total(12 cities 1 2,595,441,758 2,209,312,139 +17.5 3,686,778,727
6,033,304,104
170,960,111
196,129,135 -12.8
Fourth Federa I Reserve Di strict
-Cleve landOhlo-Akron.._ _
C
c
c
Canton
_
c
c
c
Cincinnati _ . 25.991,316
27,526,778 -5.6
Cleveland _..._
35,065,112
43,662,548 -19.7
Columbus_ _ _ _
4,906.800
5,494,000 -10.7
Mansfield _ _ _
1,007.986
934,379 +7.9
Youngstown,.
C
c
c
Pa.
-Pittsburgh 51,789,82l
53,832,818 -3.8
303,199,027
c
1,228,138
c
873,416
1,726,194
435.000,000
3,413,316
4,163,604
3.540,631
2.419,529
3,776,000
456,140,828
c
45,315,417
82,999,964
9,815,200
1,000,000
c
97,034,302
C
C
56,825,257
121,040,089
15,727,700
1,493,016
c
171.901,403
-9.7
236,164,883
366,987,465
Fifth Federa I Reserve Dist rict-R ichm ondW. Vit.-Ilunt'o n
82,697
292,070 -71.7
Va.-Norfolk -- 1.374,000
1,938,000 -29.1
Richmond __. _
22,609,595
22,281,109 +1.5
S.C.-Charleston
878,968
594,832 +47.8
Md.-Baltimore _
29,891,585
42,042,912 -28.9
D. C.-Washlon
12,676,802
16,233.591 -21.9
456,857
2,978,919
30.606,849
1,512,963
59,361,525
23,397,696
1,028,060
3,981,436
46,980,000
3,125,373
99,750,468
26,163,745
83,382,514 -19.0
118,314,809
180,939,082
Sixth Federa I Reserve Dist rIct-A t I a n taTenn.-Knoxv11'e
3,481,340
1,459,116 +138.6
Nashville _ _ _ _
7,706,007
6,556.274 +17.5
Ga.-Atlanta _ _ _
28,300,000
21,500.000 +31.6
Augusta
849,421
_
671,504 +26.5
Macon
_
483,583
360,551 +34.1
Fla.-Jacksonvil le
10,424,000
5,651,877 +84.4
Ala.-131rin'ham _
10,777.495
6.532,102 +65.0
Mobile
810,368
706,231 +14.7
-Jackson_ _
Miss.
C
c
c
Vicksburg_ _ .
_
136,954
98,465 +39.1
La.
-New Orleamiis
17,027,688
20,275,178 -16.0
3,560,700
10,316,823
33,153,603
1,283,684
649,523
9,025,794
10,615,443
1,083,219
c
158,669
36,272,688
1,742,766
20,413,108
42,362,973
1,815,135
1,236,459
11,879,914
16,314,975
1,031,198
c
211,045
13,997.045
106,119,546
111,904,618
Total(5 cities)-
Total(6 cities) _
Total (10 citle I)
118.761.035
67,513,647
79,996,916
131,450,523
63,811,298 +25.4
Week Ended Nov. 11.
Clearings at
1033.
1932.
Inc. or
Dec.
1931.
1930.
S
Seventh Feder al Reserve D istrict.-Chl cago.Mich.
-Adrian. _
28,550
86.802 --67.1
Ann Arbor....
342,004
490,786 --30.3
Detroit
23,708,560
27,237,170 +23.8
Grand Rapids_
988,530
1.987,607 --50.3
Lansing
705.453
336,200 d-109.8
Ind.
-Ft. Wayne
468,908
949,087 --50.6
Indianapolis__ _
11,522,000 --12.9
10,034,000
South Bend.. _
538,123
1,038,783 ---48.2
Terre Haute...
2.986,197 -3.1
2,892,960
Wis.-Milwaukee
9,668,840 --9.4
8,757,653
1owa-Ced. Rap,
381,609 --51.3
185,775
Des Moines...
3,473,372 d-4.2
3,618,758
Sioux City_ _ ._
1,672,881
1,440,368 d- 16.1
Waterloo
c
111.
-Bloomington
678,194 --49.9
.340,00
Chicago
148,063,645 134,023,092 d- 10.5
Decatur
d- 1.3
310,749
306,800
Peoria
1,692,428 --9.7
1,528,97
Rockford
d-7.5
356,115
382,77
Springfield_
1,048,379 --38.7
642.20
137,387
660.501
78,623.638
3,377,128
2,077,821
1,585,777
16,219,000
1,580,103
3,889,475
19,461.353
811,860
5,829,773
3.370,216
201,889
867.476 •
131,013,223
5,825,882
2,501,408
2,922,171
23,558,000
2,868,483
5,485.480
29,300,711
2,855,779
6.917,974
5,262,310
1,283,841
275.692,206
780,823
2,937,644
1,163,665
1,920.471
1.754,948
507,364,698
1,11C,122
3,966,023
2,786,146
2,512,048
+7.8
421.402,682
739.074,771
Eighth Federa I Reserve Die trIct.-St. L
Ind.- Evansville
580.
-St. Louis..
40,300.600 +8.4
43,700,000
_
17,262,624 -16.1
14,485,672
Tenn,- Memphis
11,071,711 +60.1
17,729,404
III.- Jacksonville
Quincy
348.622 -27.7
252,000
60,800,000
19,270,571
17,958,475
109,900,000
34,691,741
21,019.262
Total(19 cities)
215,210,501
199,703,829
678,874
940,651
68,982,957 +10.4
98,707,020
166,551,654
Ninth Federal Reserve Dis trict.-Minn eapolis
Minn.
-Duluth.,
3,782,835
4,648,345 -18.6
Minneapolis....
35,411,405 +21.6
43,053,693
St. Paul
10,571,806 +16.5
12,316,680
No. Dak.-Fargo
1,476,004 -8.5
1,350.900
S.D.
-Aberdeen_
377,544
395.322 -4.5
Mont.-13Illings
281,172 -10.7
251,004
Helena
1,590,644
1,442,750 +10.3
4,426.273
53,905,564
18,394,231
2,2811,539
690.157
487,607
2,025,161
6,777,296
78,067,156
22,873,050
2.603,796
1,039.057
777,122
2.890.000
54,226,804 +15.7
82,218,532
115,027,477
Tenth Federal Reserve Dis trict-Kans as City
Neb.-Fremont _
83,729 --46.4
44,870
Hastings
Lincoln
1,233,473 d-11.3
1,373,128
Omaha
16.803.905
14,959,086 i-12.3
Kan.
-Topeka _ _
1,673.985
1.470,917 +13.8
Wichita
2,795,455 --50.8
1,374,739
Mo.-Kans. City
45,620,939
44,420,877 +2.7
St. Joseph.. _ _
2,427,812
1,949,558 +24.5
Colo.
-Colo. Spgs
375,414 --17.6
309,503
Pueblo
347,119
460,009 --24.5
197,276
233,334
2,667,391
27,376.957
1,816,293
3,997,521
75,322,325
3,085,416
819,508
942.849
3,100,122
37,606,421
2,831,474
6,347,596
116,111,655
5,139,814
1,174.144
1.558,542
+3.3
116,225,536
174,103,102
Eleventh Fede ral Reserve District-fl alias.
Texas-Austin _ _
653,353
552,546 +18.2
Dallas
28,285.202
23.432,346 +20.7
Fort Worth_ _
5.441,187
5,312,085 +2.4
Galveston
1,876,000
1,878.000 -0.1
La -Shreveport.
1,530,056
1,850.790 -17.3
1,253,597
34,602,848
6,617,954
2,815,000
2,957,177
1,371,112
40,918,326
9,351,291
3,608,000
3,449,415
48,246,576
58,698,144
Total(4 cities).
Total(7 cities) _
76,167,076
62,723,300
413,018,316
Third Federa Reserve Dist rict-Philad el ph la-Altoona _ _
Pa.
228,476
265,544 -14.0
561,891
Bethlehem
c
c
c
c
Chester
155,081
192,890 -19.6
614,578
Lancaster. _
590,478
830.293 -28.9
2,078,845
Philadelphia. _ _
165.000.000 189,000,000 -12.7 285,000,000
Reading
668,500
1,236,381 -45.9
2,922,866
Scranton
.
1,241,406
1,491,541 -16.8
3.469,883
Wilkes-Barre.
1,001,143
1,099,072 -8.9
1,981,660
York
791,027
726,414 +8.9
1,446.304
N.J.
-Trenton.
1,284,000
1,287,000 -0.2
5,123,000
Total (9 cities) _
3633
Total(9 cities) _
Total(5 cities) _
69,976,000
37,785,798
67,748,518
33,025,767 +14.4
Twelfth Feder al Reserve 13'strict- San Franci sco-Wash -Seattle..
24,384,224
14,554,973
14,955,404 -2.7
Spokane
8,528,000
4,091,937 -4.4
3,911,000
Yakima
887,606
411,380
401,905 +2.4
Ore -Portland..
28,810,193
17,376,155
15,846,105 +9.7
Utah-Salt L. City
11,501,087
6,839,355
7,041,829 -2.9
Calif.-Long Bch.
4,400,781
2,127,717
2.077,828 +2.4
Los Angeles.. No longer will report clearin gs
Pasadena
4,019,599
2,545,899 -11.3
2,258.176
Sacramento _ _
8,616,294
2,890,723
6.004,701 -51.9
San Diego_ _ No longer will report cleans go
San Francisco.
73,649,847
59,870,840 +23.0 101,646,766
San Jose
2,249,048
1,153,971 +39.8
1,613,057
Santa Barbara.
1,528,807
771,109 +0.1
771,374
1,325,662
Santa Monica..
731,482
648.987 +12.7
Stockton
1,320,600
1,024,845 +5.5
1,081,658
37,765,620
10,354,000
1,523,492
40,061,943
17,536,362
6,476,411
194
5,707,072
6,740.778
mop -4
150,926,815
3,339.601
2.166,449
1,995,121
2,201,400
Total(13 cities) 128,216,897 116,435,360 +10.1 199,218.667 346.795,064
Grand total (111
cities)
3 788,986,263 3.402,729,211 +11.4 5,714,408,958 9,102,544,625
Outside Newyork 1,257,996,742 1,259,548,856
-0.1 2,138,664,133 3,215,257,695
Week Ended 2\ot. 9.
Clearings at
1933.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat _ _ _
Peterborough_ _
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ _
Moncton
Kingston
Chatham
Sarnia
Sudbury
S
97,698,692
108,423,951
51,773,238
12,922,330
4,955,426
5,348,851
2,116,200
3,564,513
4,854,390
1,673,612
1,426,605
2,290,768
3,541,829
4,038,512
349,816
546,819
1,565,084
559,483
835,094
690,334
427.312
219,602
651,839
646,537
1.063.102
2,352,691
280,911
738,047
637,899
416,384
427,177
684,275
Total(32 cities)
317,721,323
1932.
Inc. or
Dec.
1931.
1930.
-8.1
+3.5
+4.7
+2.4
-3.4
-2.4
-3.3
+38.1
+4.4
-8.7
+7.4
+11.3
+7.9
+10.5
+25.0
$E
92,649,994
74,852,426
50,342,252
12,120,851
5,464,879
4,746,670
2,126,884
3,881,505
6,385.365
1,693,185
1,486.943
2,053.026
4,916,847
4.584,542
370.940
406,988
1,876,895
711,257
756,674
597,352
409,947
222,593
631,539
575,411
706,705
2.043,417
334,058
598,385
602,128
598,786
363,221
547,958
s MI 1
113,967,515
94,197,566
43,351,979
16,215,732
5,929,595
6,885,340
3,026,099
4,583,470
8,783,516
2.166,735
1,991,384
2,555.765
4,284,711
5,714,412
529,461
547,420
2,064,703
1,037,300
927,468
755,534
625,019
508,381
1,014,070
755,017
1,043,768
2,658,365
320,998
830,499
622,877
570,464
506,227
967,325
284,529,810 +11.7
279,459,623
329,938.715
84,797,160
89,919,266
50.606,273
12,694,185
4,323,894
4,845,379
2,066,055
3,742,312
5,625,736
1,444,893
1,362,729
2,132,859
3,510,053
4,924,589
369,439
498.101
1,698,987
609,016
807.050
659,153
417,462
227,223
667,997
668,573
769,940
2,254,016
307,573
686,905
573,385
385,806
386,453
547,348
+15.2
+20.6
+2.3
+1.8
+14.6
+10.4
+2.4
-4.8
-13.7
+15.8
+4.7
+7.4
+0.9
-18.0
-5.3
+9.8
•Estimated. b No clearings available. c Clearing house not functioning at
present.
3634
Financial Chronicle
THE WEEK ON THE NEW YORKSTOCK-EXCHANGE.
Dull trading with irregular and fractional changes mostly
on the side of the decline was the rule on the stock market
until uThursday, when the trend turned sharply upward.
Profit taking was frequently in evidence, and while there
were numerous rallies, the advances were not maintained
and many prominent stocks slid back from 1 to 3 or more
points before the market turned definitely upward. The
upturn on Thursday extended to practically every group,
the volume of trading increasing so rapidly that the highspeed tickers were from 3 to 5 minutes behind the transactions on the floor. Call money renewed at % of 1% on
Monday and continued unchanged at that rate on each and
every day of the week.
pr,The market ruled steady-during-the abbreviated session
on Saturday, and while trading ,was comparatively dull
and without noteworthy incident; the nervousnessof the
preceding day was entirely lacking. Metal stocks made
the best showing, particularly Patino Mines, which broke
through to a new high for the year, the buying being based
on the advance in the price of tin. United States Smelting,
Cerro de Pasco, American Smelting and International Nickel
also were in active demand at higher prices. Motor stocks
in general were firm, General Motors going forward about
a point at its top for the day. Public utilities showed
moderate strength as they moved ahead under the leadership
of Western Union Telegraph, which advanced 33% points
to 53%. The best prices of the day were recorded during
the closing hour, though the gains were not particularly
large in any group. Railroad issues were neglected, except
for New York Central, which closed with a gain of about
a point. As the market closed a few of the more active
stocks showed modest advances due to the rally in the last
quarter hour. Among these were Allied Chemical& Dye,2
pointsto 134; J.I.Case Co.,2 points to 72; Columbian Carbon
(2), 2% points to 1033 ;Industrial Rayon,2% points to 75;
4
- Inland Steel, 23 pointa G 31M; National Distillers, 23/8
,
points to 953; Procter & Gamble pref. (5), 23/i points
to 107373; United States Smelting &,Refining, 33' points to
101%; Vulcan Detinning, 6 points to 58, and United States
Steel, 13/i points to 423.
Prices were slightly higher as trading opened on Monday,
but stocks failed to hold their gains as the session progressed.
The larger part of the dealings were in the metal, oil and
rubber groups, due to inflation talks, though there were
some modest gains among other pivotal stocks. As -tge
session progressed, the market turned sluggish and resumed
its gradual downward drift. Around 2:30 there was a slight
selling flurry, but it did not last long and failed to make
any appreciable change in the trend. The principal changes
for the day were on the side of the decline and included among
others such popular speculative favorites as American Can
%
4
pref., 23 points to 1203 ; American Smelting (2) pref',
4 points to 64; Endicott-Johnson pref., 3 points to 117;
Johns-Manville pref., 3 points to 99; Public Service of N. J.
4
pref. (8), 7 points to 99; Studebaker pref., 23 points to
4
203, and Worthington Pump, 13 points to 23%.
Following a modest advance in the early trading on Tuesday, the market turned reactionary due, to a large extent,
to the selling that developed during the afternoon. Alcohol
stocks were the weak issues of the day, most of the active
shares in the group breaking sharply followed by the public
utility stocks which moved to lower levels. Amer. Tel. &
Tel., United States Steel, New York Central and other
leaders were higher during the first hour but slipped back as
the day advanced. This was true also of the industrial
stocks, motor issues and specialties. The losses for the day
included Air Reduction, 13/i points to 1023'; American
Locomotive, 23' points to 27; Atchison, 2 points to 48;
Byers Co., 3 points to 51; Delaware & Hudson, 2% points
to 51; Du Pont, 2 points to 111; General Railway Signal,
2 points to 30; National Distillers, 5 points to 89; Public
Service of N. J. pref. (5), 23/i points to 603/2; Union Pacific,
23/i points to 108; United States Industrial Alcohol, 33
points to 643, and The Fair pref., 23/i points to 48.
The market continued to sag on Wednesday, backing and
filling without definite trend during most of the trading.
Stocks rallied somewhat toward the end of the day but the
dealings were small and there was little change in the final
prices which were generally on the side of the decline. The
outstanding recessions were American Beet Sugar pref.
3 points to 50; Atlantic Coast Line,23 points to 30; Beatrice
Creamery, 5 points to 67; J. I. Case Co., 2 points to 695 ;
%
Columbian Carbon, 23( points to 563 ; Corn Products, 23.'
4
points to 69; Homestake Mining, 5 points to 335; Laclede
Nov. 18 1933
s
Gas,83/i points to 353/; Pacific Tel.& Tel., 43/i points to 76;
Union Bag & Paper,2 points to 39, and Wilson & Co., pref.,
2 points to 43.
On Thursday the market made only small changes during
the early trading, but toward the noon hour the trend
turned upward and stocks moved ahead under the leadership of the metal issues and oil shares. United States Steel,
Amer. Tel. & Tel. and American Can showed gains running
up to 2 or more points and there were numerous substantial
advances in other parts of the list. The gains included such
%
active, speculative stocks as Air Reduction, 23 points to
1065 ; Allied Chemical & Dye, 6 points to 140; American
%
Commercial Alcohol, 23/i points to 52; American Tobacco,
3 points to 72; J. I. Case Co., 45% points to 74; Columbian
Carbon, 4 points to 603 ; Continental Can, 3 points to 70;
4
Cushman pref., 93/i points to 83; Eastman Kodak, 4 points
to 73; Du Pont, 5 points to 853'; Homestake Mimng, 3
,
points to 332; Ingersoll Rand- 4 points to 61; International
Business Machine, 6 points to 146; Patin° Mines, 3 points
to 30; Union Bag & Paper Co.,4 points to 43; United States
Industrial Alcohol, 33 points to 67; United States Steel,
4
5
2% points to 43%; Vulcan Detinning, 43% points to 9934,
and Western Union Telegraph, 33/i points to 5534.
Prices were fairly firm as the market opened on Friday, but
following the sharp drop in wheat,the trend turned downward
during the last half hour. Oils, motors and merchandising
stocks were fairly active during the morning and a number
of new tops were registered by some of the more active of the
trading favorites. The best levels were touched about noon
and from there on prices slowly crumbled though the losses,
on the whole, were comparatively small. Prominent among
the stocks showing declines on the Ilay were American Commercial Alcohol, 23 points to 4934; American Metal, 2%
4
points to 2034; Armour Illinois, pref., 4 points to 40; Bethlehem Steel, 3% points to 48; Cerro de Pasco, 234 points to
49; Delaware & Hudson, 2 points to 51; Gold Dust, 3 points
to 97; Homestake Mining, 4 points to 326; National Biscuit,
5 points to 1333/2; United States Smelting & Refining, 6%
points to 97%; Vulcan Detinning, 334 points to 56; and Shell
Un on Oil, pref., 43 points to 5534.
4
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Week Ended
Nov. 17 1933.
Railroad
State,
Stocks,
Number of and Miscall. Municipal Ob
Poets Bonds.
Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
•rnmi _
Sales at
New York Stock
Exchange.
472.180
1,091,235
2,169.470
1,353,990
2,577,260
2,323,820
82,767,000
5,638,000
7,521,000
8,104,000
9,927,000
8,962,000
United
States
Bonds.
$1,654,000
2,872,000
3,588,000
4,259,000
4,853,000
3,647,000
Total
Bond
Sales.
$8,404.000
14,383,0
00
19,891,500
16,690,000
20,395,90
_
0
0
17,506.00
$1,983,000
5,873,000
8,782,500
4,327,000
5,615,900
4,897,000
0 AR7 ARS S42 010000 120.878.000 541 475 400 105970.400
Week Ended Nov. 17.
1932.
1933.
Stocks
-No,of shares_
9,987,955
Bonds.
Government bonds__. $31,478,400
State .4 foreign bonds_ 20,873,000
Railroad & misc. bonds 42,919,000
Jan. 1 to Nov. 17.
1933.
1932.
5,629,842
607,506,991
395,667,976
85,093,000
10,094,000
25,301,000
$429,960,300
679,553,000
1,869,300,900
$527,717,350
669,180.600
1,463,695,000
$95,270,400 $40.488,000 $2,978,814,200 $2,660,592,950
Total
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Wevx Ended
Nov. 171933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prev. wk. revised..
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sates.
Holl day
23.172
$4,000
36,743
1,000
29,168
1,000
32,172
1,000
7,557
1,000
Holl day
13,117
18,014
81,000
9,100
17,350
11,856
1,000
2,490
608
411
1,521
1,691
1,248
2,044
$6,000
8,000
8,300
6,000
3,000
128,812
58,000
62,827
$11.100
7,523
$31,300
133.366
520.000
53.396
837.000
7.202
820.000
THE CURB EXCHANGE.
The feature of the curb market trading this week was the
strength manifest in the oil issues which have moved briskly
forward to higher levels. Considerable irregularity has
been in evidence and, at times, various groups have been
under pressure, but with the possible exception of the moderate downward movement on Wednesday the tendency has
been toward higher levels, though the changes, on the whole,
have not been particularly noteworthy. Metal stocks and
mining shares have attracted some buying and alcohol issues,
especially Canadian stocks have been in good demand at
higher prices.
On Saturday trading was particularly dull and the tickers
were at a standstill for long periods during the two-hour
session. Prices worked irregularly lower all along the
line, though the losses, as a rule, were small. Oils were
mixed and fractional recessions were apparent in some of the
more popular shares. Industrials were off and stocks like
Sherwin Williams, Tubize A and Consolidated Aircraft
dipped from 1 to 2 or more points. New York Telephone
pref. slipped back about a point and smaller losses were
recorded by the alcohol stocks and miscellaneous issues.
3635
Financial Chronicle
Volume 137
THE ENGLISH GOLD AND SILVER MARKETS.
Oil shares led the upward surge on Monday, Humble Oil
We reprint the following from the weekly circular of
working into a new top for the year with a gain of about 4
points, followed by Standard of Indiana and International Samuel Montagu & Co. of London, written under date of
Petroleum, both of which showed improvement over the pre- Nov. 1 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £190,447.029
ceding close. Public utilities were in better demand as Conon the 25th ultimo, an increase of £69.730 as compared with the previous
solidated Gas of Baltimore moved up a point or more. MisWednesday.
cellaneous industrials like Aluminum Co. of America, Horn &
The amounts of gold offered in the open market were fairly substantial.
Hardart, National Rubber and Great Atlantic & Pacific Tea Owing to erratic exchange movements, prices fluctuated widely, but demaintaining
mand
Co. were stronger and moved to higher levels. Mining a high for gold on Continental account continued to be keen,
premium over franc parity.
owing to'the further depreciation
shares were given attention
Quotations during the week:
Equivalent Value
Per Fine
of the domestic and international dollar, and gains ranging
of I Sterling.
Ounce.
12s. 11.89d.
1305. 9%d.
from fractions to more than a point were scored by Consoli- Oct. 26
125. i1.44d.
131s. 2d.
Oct. 27
13s. 1.24d.
129s. 8d.
dated Mining & Smelting, Newmont, Lake Shore and South Oct. 28
12s. 11.39d.
131s. 2%cl.
Oct. 30
American Gold. Alcohol stocks were comparatively quiet, Oct. 31
13s. 0.14d.
7d.
130s,
12s. 10.76d.
1318. 9d.
Nov 1
issues in the group showing mixed changes.
most of the
12s. 11.81d.
130s. 10.33d.
Average
Oil shares continued to lead the advance on Tuesday as
Reconstruction Finance CorporaFollowing the announcement that the
somewhat higher prices prevailed all along the line. Hum- tion would purchase gold newly mined in the United States, a statement
ble Oil again broke through to a new peak and good advances was issued from the White House on Oct. 29 to the effect that arrangewere recorded by Gulf Oil of Pennsylvania, International ment would be made to enable the United States Government, through
Petroleum and Standard of Indiana. Mining shares were the Reconstruction Finance Corporation, to purchase gold in foreign marin good demand owing to the higher price bid by the Admin- kets.
the London market. AlSo far the
istration for gold and stocks like Lake Shore, Bunker Hill- though the new development has not affectedin the United States have
equivalent of
Sullivan, Consolidated Mining & Smelting and Newmont been very much above the the prices announced
London quotations, particulars as to the methods
gained from 2 to 3 points each. Public utilities were lower of procedure when purchases are actually made are awaited with interest
because of the possibility of the removal of Electric Bond & In order that some indication of their effect may be obtained.
Share from the dividend list. Alcohol issues were fractionThe following were the United Kingdom imports and exports of gold
ally higher, though there was very little activity in this group. registered from mid-day on the 23rd ultimo to mid-day on the 30th ultimo:
Exports.
Some of the oil stocks were stronger on Wednesday, but
Imports.
£504.797
£748,788 Netherlands
Netherlands
the general list moved irregularly downward most of the France
47.969
171,258 France
17.462
day. In the closing hour prices were down to the lowest U.S. A
Belgium
772.890
13,900
18.419 Switzerland
levels of the day, giving the entire list a somewhat weak Venezuela
2,080
British South Africa
1.138,227 Other countries
appearance. Mining stocks did not do as well as on the British India
1,523,369
54,062
preceding day, although some members of the group showed British Malaya
Hongkong
286,083
fractional advances. Public utilities moved within a narrow Japan
35,255
channel, industrials were irregular with a slight upward Australia
78.997
New Zealand
tendency and alcohol stocks like Hiram Walker and. Dis- Jamaica & Dependencies.. 46,248
38,090
tillers Seagram were slightly improved.
Other countries
36.536
Curb stocks, particularly the mining shares, showed a
£586.208
£4,948,222
firm tone on Thursday due to the possibility of monetary
The SS. Ralputana, which sailed from Bombay on the 28th ultimo,
inflation, Lake Shore and Newmont making advances from carries gold to the value of £433,000, consigned to London.
a point to more than 4 points. Canadian alcohol issues were
SILVER.
in good demand at higher prices and the industrials moved
Prices have not shown any wide movements during the week under
been a
forward under the guidance of Aluminum Co. of America review, but a very steady tone has been maintained. America hasshowed
consistent buyer and owing to demand from this
and Axton Fisher, the former moving up about 5 points a firmish tendency on most afternoons. Chinaquarter,the market and
has also been a buyer
The
to 76. Electric Bond & Share dropped over a point, as consequently offerings from the Continent have been well
absorbed.
that stock was removed from the dividend list. Aircraft Indian Bazaars have made some re-sales, but have also given support on
stocks were irregular, Pan American dropping a point, while occasion.
The market has a good undertone and appears quite steady at the present
Waco moved fractionally upward. Canadian alcohol stocks level.
exports of silver
The following were the United
especially Hiram Walker, which jumped registered from mid-day on the 23rdKingdom imports andthe 30th ultimo:
were again active,
ultimo to mid-day on
Shawinigan Water & Power was the
more than a point.
Exports.
Imports.
£6,163
strong feature of the public utilities as it moved smartly Soviet Union (Russia)£38.000 Sundry
13,332
by American Gas & Electric, Germany
forward about 2 points,followed
France
9,724
Consolidated Gas of Baltimore, on the other hand, regis- U. S. A
155,890
British India
13.475
tered a loss of about a point.
18,566
Prices continued to move upward during the first half of Australia
New Zealand
3,655
the session on Friday, though the changes were not especially Canada
4.989
5.918
and, at times, Other countries
large at any time. Oil stocks led the upswing
£6,163
were fairly buoyant. Miscellaneous stocks were firm and
£263.549
Quotations during the week:
registered moderate gains. As the day progressed, some of
IN NEW YORK.
the leaders among the mining stocks were under pressure
IN LONDON.
(Per ounce .999 fine.)
-Bar Silver per Oz.Std.and gave up part of their recent advances. Public utilities
were somewthat easier, stocks like Electric Bond & Share Oct. 26 Cash Delis.2 Mos.Delia. Oct. 25
39c.
181-16d.
183-16d.
38%c.
Oct. 28
181-16d.
183-16d.
and American Gas & Electric showing small losses after Oct. 27
39 5-16c.
Oct. 27
Oct. 28
183-16d.
18 5-16d.
early firmness. Alcohol stocks sagged toward the close and Oct. 30
393c.
Oct. 28
183.d.
18%d.
39%c.
industrials like Aluminum Co. of America were down about Oct. 31
Oct. 30
184d.
18%d.
39%c.
Oct. 31
Nov. 1
187'-16d.
18 5-16d.
a point. The range for the week was generally toward higher Average
18.312d.
i8.187d.
levels though a few prominent stocks showed losses. Among
York recorded during the period
The highest rate of exchange on New
those showing gains were Atlas Corporation, 127% to 127%; from the 26th ultimo to the 1st instant was $4.82% and the lowest $4.68%•
3
Cities Service, 2 to 27%; Cord Corporation, 75% to 7%;
INDIAN CURRENCY RETURNS.
Oct. 7.
Oct. 15.
Creole Petroleum, 10% to 113/2; Gulf Oil of Pennsylvania,
Oct. 22.
(In Lacs of Rupees.)
17.972
17,966
17,950
54 to 587%; Hudson Bay Mining, 10 to 107%; Humble Oil, Notes in circulation in India
10,479
10.429
10,413
Silver coin and bullion
to 9432; International Petroleum, 207% to 227%; New Gold coin and bullion in India
2.951
2.961
2,961
887%
.
4,576 _ •
4
Jersey Zinc, 60% to 623/2; Penroad Corporation, 23 to Securities (Indian Governmen
of about 156,900.000
The
%
2%; Singer Manufacturing Co., 1393 to 1437%; A. 0. ouncesstocksin Shanghai on the 28th ultimo consisted bars, as compared
in sycee. 310.000.000 dollars and 7.120 silver
5
Smith, 24 to 257%; Standard Oil of Indiana, 317% to 32%: with about 155.200,000 ounces in sycee,310.000.000 dollars and 6.080 silver
21st ultimo.
Swift & Company, 13% to 1338, and Utility Power, % to 1. bars on thefor the month of October last are appended:
Statistics
A complete record of Curb Exchange transactions for the
Bar Gold per
Bar Silver
week will be found on page 3661.
Fine Ounce.
2 Mos. Delivery.
Cash Delivery.
-
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Not. 17 1933.
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
Total.
Highest price
Lowest price
Average
18%d.
17)(d.
18.2212d.
18%d.
17 13-16d.
18.3173d.
134s. 8d.
1288. Id.
131s. 6.58d.
-PER CABLE.
ENGLISH FINANCIAL MARKET
closing quotations for securities, &c., at London,
The daily
$67,000 81,379.000
as reported by cable? have been as follows the past week:
144,000 2,536.000
-_---.- Tues.,
143,000 2.995,000
Fri.,
Thurs.,
Wed.,
Mon.,
Sat,,
105.000 3,087,000
Nov. 11. Nov. 13. Nov. 14. Nov. 15. Nov. 16. Nov. 17.
278,000 3,811,000
18 5-16d. 18346.
18 9-16d. 1814cl.
18146.
Silver, per cm- 1834d.
193,000 3,884,000
Gold. p.fine oz. 1303.1 %d. 1298.1 yid. 1288.7d. 129s.%d. 128s.6d. 128s.2d.
7334
7334
7334
7334
Consols, 214% Holiday.
7334
$930,000 $17,692,000
3766.000
Total
1,467.950 $15,996,000
British 334%10034
9974
W. L
9934
Holiday. 10034
10034
British 4%Jas. 1 to Nov. 17.
Sales at
Week Ended Not. 17.
11134
Holiday. 11134
11074
1960-90
11034
11034
New York Curb
1932.
French Rentes
1933.
1932.
1933.
Exchange.
66.50
66.40
66.70
69.70
66.00
(In Parts)3% tr. Holiday.
French War L'n
51,465,868
92,414,090
815,650
-No,of shares,.
Stocks
1,467.950
(In Paris)5%
Bonds.
107.10
106.30 _
106.90
$762,708,100
106.70
Holiday. 107.40
$777,525,000
1920 amort
$15,990,000 $14.726.000
Domestic
28,561,000
37,579,000
766,000
580.000
Foreign government _
The price of silver in New York on the same days has been:
53.962.000
36.369,000
930,000
769,000
Foreign corporate_ __
Silver In N. Y.,
$845,231,100
$851,473.000
$17,692,000 $16.075,000
Total
45
4434
4334
(per oz. cis.) 4274
45
4434
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
86,425 $1,140,000
199,055 2,285,000
283,935 2,664,000
204,900 2,856,000
306,200 3,448,000
387,435 3,603,000
$172,000
107,000
188,000
126,000
85,000
88,000
3636
Financial Chronicle
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. 11 Nov. 13
1933. 1933.
Francs. Francs.
Bank of France
11,340
Banque de Paris et Pays Bits
1,426
Banque d'Union Parisienne
235
Canadian Pacific
205
Canal de Suez
19,635
Cie Distr d'Electricitie
2,465
Cie Generale d'Electricitie
1,998
Cie Generale Transatlantique _
49
Citroen B
497
Compton' Nationale d'Escompte
1,047
Coty Inc
209
Courrieres
319
Credit Commercial de France__ _
740
Credit Fonder de France
4,550
Credit Lyonnais
2,080
Distribution d'Electricitie la Par
Eaux Lyonnais
2,700
Energie Electrique du Nord_
HOLI727
Energie Electrique du Littoral
937
DAY
6
French Line
Galeries Lafayette
85
Gas le Bon
1,010
621
Kuhlmann
L'Alr Liquids
742
Lyon(P L M)
915
Mines de Courrieres
310
420
Mines des Lens
1,300
Nord Ry
854
Orleans Ry
950
Paris, France
72
Pathe Capital
1,085
Pechlney
66.70
Rentea 3%
107.40
Rentes 5% 1920
76.70
Rentes 4% 1917
Rentes 499% 1932 A
83.45
Royal Dutch
1,800
1,310
Saint Gobain C & C
1,491
Schneider & Cie
Societe Andre Citroen
501
Societe Francalse Ford
61
Societe Generale Fonder°
110
Societe Lyonnais*
2,680
Societe Marseillaise
545
Suez
19,700
Tubize Artificial Silk pref
142
Union d'Electricitie
802
Union des Mines
200
Wagon-Lita
94
Nov. 14
1933.
Francs.
11,300
1,430
235
207
19,815
2,475
2,010
47
496
1,040
200
319
735
4.560
2,080
2,480
2,700
726
942
47
85
1.010
620
750
911
320
420
1,280
854
950
73
1,090
66.50
107.10
76.40
83.10
1,800
1,309
1,488
500
62
111
2,705
545
19,800
144
800
200
94
Nov. 15
1933.
Francs.
11,500
1,420
232
199
19,050
2,465
1,990
47
497
1,040
200
319
730
4,540
2,070
2,470
2,710
728
932
45
88
1,010
620
740
913
310
410
1,260
854
950
73
1,080
66.40
108.90
76.20
83.30
1,800
1,302
1,504
490
62
110
2,700
540
20,100
140
790
200
94
Nov. 16 Nov. 17
1933. 1933.
Francs. Francs.
11,300 11,400
1,390 1.410
225
204
188
19,850
2,415
1,980 1,13/113
44
_
493
1,020
1,020
190
190
314
_
710
4,530 4,560
2,040
2,090
2,410
2,430
2,680
2,700
728
925
44
42
88
89
1,010
990
610
610
730
730
901
"aio
310
410
420
1,280
1,280
852
950
920
73
1.060 1,080
66.00 65.70
106.70 106.30
71.90 75.20
82.80 82.50
1,769 1,800
1,272-1,490
490
490
60
56
109
110
2,675
540
19,900 20,i1f1E1
138
"860
790
200
200
94
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Nov. Nov. Nov. Nov. Nov.
11.
13.
14.
15.
16.
Per Cent of Par
Reichsbank (12%)
157
154 155
156
157
Berliner Handels-Gesellschaft (5%)
81
81
80
80
81
Commerz-und Privat Bank A G
39
39
39
39
39
Deutsche Bank und Disconto-Gesellschaft_ 40
40
40
40
41
Dresdner Bank
50
50
50
50
50
Deutsche Reichsbahn (Ger Rys) pref(7%)-101
101
102
102 103
Allgemeine Elektrizitaets-Gesell(A E G)..... 17
16
16
16
16
Berliner Kraft u Licht(10%)
111
111
112 113 115
Dessauer Gas (7%)
106
104 105 106
108
Gesfuerel(5%)
74
73
72
72
74
Hamburg Elektr-Werke (8%)
100
98
100 100 101
Siemens & Haiske(7%)
129 127 125
126 128
I G Farbenindustrie(7%)
113 112 112 114
115
Salzdetfurth (799%)
141
143 145
145
Rheinische Braunkoble (12%)
185 186
182 185 186
Deutsches Erdoel(4%)
91
90
89
90
93
Mannesmann Roehren
50
50
49
51
53
Hapag
10
9
9
10
9
Norddeutscher Lloyd
10
11
10
10
10
Nov.
17.
119
82
40
41
50
103
18
116
109
77
103
131
117
147
185
95
55
10
11
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of
Nov. 17 1933:
BM
129
Anhalt 75 to 1946
Argentine 5%, 1945. 3100
pleces
178
Antioquia 8%. 1946
/25
Austrian Defaulted Coupons /100
Bank of Colombia, 7%, 47 110
Bank of Colombia, 7%,'48 110
137
Bavaria 6995 to 1945
Bavarian Palatinate Cons.
Cit. 7% to 1945
124
Bogota (Colombia)634.'47 123
Bolivia 6%,1940
5
Buenos Aires scrip
115
Brandenburg Elec.6s, 1953 143
Brazil funding 5%.'31-51 36
British Hungarian Bank
7955, 1962
.f50
Brown Coal Ind. Corp.
8%s,1953
16012
Cali (Colombia) 7%. 1947 /14
Callao (Peru) 799%, 1944
3
Ceara (Brazil) 8%, 1947._
3
Columbia scrip
3
Costa Ales funding 5%,'51 3712
Costa Rica scrip
3712
City Savings Bank, Budapest, 75, 1953
141
Deutsche Bk 6% '32 unat'd /73
Dortmund Mun Utii 65,'48 133
DuLsberg 7% to 1945
12312
Duesseldorf 75 to 1945_
12412
East Prussian Pr. 68, 1953_ 37
European Mortgage & Investment 799s, 1966
/52
French Govt. 5199, 1937_ 150
French Nat. Mail SS.65.52 132
Frankfurt 7s to 1945
12812
German Atl Cable 75, 1945 43
German Building dc Landbank 6%%,1948
32
German defaulted coupons. Po
Haiti 6% 1953
65
Hamb-Am Line 639s to '40 80
Hanover Harz Water Wks.
131
6%, 1957
Housing dr Real Imp 75,'46 42
Hungarian Cent Mut 75.'37 135
1Flat Price.
Ask
31
Bid
Hungarian Discount & Exchange Bank 78, 1963_ /291z
Hungarian defaulted coups 180
21 Hungarian Ital Bk 795s,'32 173
Kohoiyt 6995, 1943
/12
Id Land M Bk,Warsaw 8a,'41 15
20 Leipzig Oland Pr.6955,'46 73
39 Leipzig Trade Fair 75, 1953 122
Luneberg Power, Light &
Water 7%, 1948
/62
27
26 Mannheim & Palat 7s, 1941 4912
8 Munich 75 to 1945
/37
25 Muni°/3k, Hessen.7s to 45 /29
46 Municipal Gas & Elea Corp
Recklinghausen. 7s. 1947 135
38
Nassau Landbank 6995,'38 152
53 Natl. Bank Panama 612%
40
1946-9
6312 Nat Central Savings Bk of
Hungary 7995, 1962- 150
15
6 National Hungarian & Ind.
14812
7
Mtge.7%,1948
29
13 Oberpfalz Elec.7%,1946_
____ Oldenburg-Free State 7%
129
to 1945
Porto Alegre 7%, 1968_ 114
____ Protestant Church (Germany). 7s, 1946
13812
36 Prov Bk Westphalia (is,'33 154
2612 Prov Bk Westphalia 68,'36 /52
2712 Rhine Westph Elea 7%,
'36 /42
40 Rio de Janeiro 6%, 1933_ 116
Rom Cath Church 1399s,'46 /63
55 IL C Church Welfare 75.'46 39
156 Saarbruecken M Bk 68. '47 67
136 Salvador 7%, 1957
114
3012 Santa Catharine (Brazil).
/20
46
8%, 1947
Santander(Colom)75, 1948 1 8
35 Sao Paulo (Brazil) 6s, 1947 /19
72 Saxon Pub. Works 5%,'32 f35
75 Saxon State Mtge. 6s, 1947 /58
83 Stem & Halske deb 65, 2930 1230
Stettin Pub Util 78. 1946- 143
34 Tucuman City 7s. 1951_
/21
44 Tucuman Prov. 75, 1950_ 42
37 Vesten Elee Ry 7s, 1947
127
Wurtemberg 7s to 1045.. 136
Public Debt of the United States-Complete Returns
Showing Net Debt as of Aug. 31 1933.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Aug. 311933,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparison with the same date in 1932:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Aug. 311933. Aug. 31 1932.
$
1,199,515,473
338,731,250
Balance end of month by daily statements,&c
Add or Deduct-Excess or deficiency of receipts over
+4,012,311
-2.153,288
or under disbursements on belated items
1,203,527.784
78
45
65
76
25
64
5212
39
31
38
54
43
52
50
32
31
17
4012
58
17
45
20
66
40
74
16
22
10
20
00
250
46
23
45
29
38
336,577,962
28,390,604
95,122,615
4,113,870
1,426,749
24,949,603
83,076,227
4,360,050
2,173,149
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certificates
Settlement on warrant checks
129,053,838
114,559,029
+1,074,473,546
Balance, deficit(-)or surplus(+)
INTEREST
-BEARING DEBT OUTSTANDING.
InterestAug. 31 1933.
$
Payable.
Title oft oan25 Consols of 1930
-J. 599,729,050
Q.
Q.
-F.
48,9E4,180
25 of 1918-1936
Q.
-F.
25,947,400
28 of 1918-1938
Q.
-M.
49,800,000
as of 1961
28,894,500
Q.
-J.
3s convertible bonds of 1946-1947
J.
-S. 1,542,681,000
Certificates of indebtedness
. 1,392,227,350
395s First Liberty Loan, 1932-1947
-D.
5,002,450
ts First Liberty Loan, converted 1932-1947_ _ J.
-D. 532,489,950
4345 First Liberty Loan, converted 1932-1947...J.
-D.
-1947-J.
3,492,150
499s First Liberty Loan, 2d cony., 1932
A.-0. 6,268,094,150
434s Fourth Liberty Loan of 1933-1938
758,983,300
4995 Treasury bonds of 1947-1952
1,036,834,500
45 Treasury bonds of 1944-1954
489,087,100
3345 Treasury bonds of 1946-1956
454,135,200
3998 Treasury bonds of 1943-1947
352,993,950
3995 Treasury bonds of 1940-1943
544,915,050
3995 Treasury bonds of 1941-1943
819,497,000
3995 Treasury bonds of 1948-1949
759,494,200
35 Treasury bonds of 1951-1955
835,036,350
334s Treasury bonds of 1941
68,633,500
2955 Postal Savings bonds
9,152,501,200
Treasury notes
Treasury bills, series maturing
c75,529,000
1933
-Sept. 6
c100,361,000
Sept.28
c75,697,000
Sept.27
c100.010.000
Oct. 4
c75,453,000
Oct. 11
Oct. 18
c75,172,000
Oct. 25
c80,122.000
Nov. 1
c60,096,000
Nov. 8
c75,193.000
Nov. 15
c78,100,000
Nov.22
c60,200,000
Nov.29
c100,296,000
1932
-Sept.28
Oct. 11
Oct. 19
Oct. 26
Nov. 9
Nov. 16
Nov.23
Nov.30
+222,018,933
Total
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
Aug. 31 1932
$
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
2,656,252,050
1,392,228,350
3,002,450
532,491,150
3,492,150
6,268,100,450
758,983,300
1,036,834,500
489,087,100
454,135,200
352,994,450
544,917,050
821,403,000
800,421.100
43,453,360
2,196,987,200
C100,466,000
c75,278,000
c75,923,000
c83,317,000
c75,217,000
c75,016,000
c62,350,000
c100,500,000
22,722,597,530 19,758,170,390
311,572.641
261,784,007
97,224,190
64,350,515
Total debt
Deduct Treasury surplus or add Treasury deficit
523,098,520,686 20,067,178,587
+1,074,473,946 +222,018,933
Net debt
622,024,048,740 19,845,159,614
a Total gross debt Aug. 31 1933 on the basis of daily Treasury statements wa9
523.098,514,910.20, and the net amount of public debt redemptiens and receipts
in transit, &c., was 15,775.75.
b No reduction is made on account of obligations of foreign Governments or
other Investments.
c Maturity value.
Foreign Trade of New York-Monthly Statement.
Ask
3112
Nov. 18 1933
Merchandise Movement at New York.
Imports.
Month.
Exports.
Customs Receipts
at
New York.
1932.
1931.
1932.
1931.
1932.
July
August_ _
September
October_ _
November
December_
$
37,656,849
43,067,631
48,988.212
54,474,928
51,826.170
52.453,858
$
84,823,090
81,423,455
94,872,046
92,059,201
86,585,105
87,837,295
8
31,157,319
31,607,397
36,988.907
38,279,461
38,899,469
38,645,035
1
67,058,129
59,208,716
67,749,087
65,352,268
51,967,285
55,939,911
$
7.704,834
11,864,718
14,253,710
13.883,709
13,273.841
11,000,315
January__
February_
March__
April.____
May
Juno
1933.
49,266,887
42,911,432
46,268,303
43.203.671
52.414,795
64,512,052
1932.
65,450,212
68.324.224
67,088,157
61,785,558
52,497.498
52,482,112
1933.
38,168,036
36,186,782
77,370.206
34,200.531
35,653,302
37,233,454
1933.
1932.
1932.
44,388,825 10,670.817 13,177,166
47,040,635 8.865.580 12,756,949
48.261,354 10,386,765 12,047,238
42,176,624 9,493,105 10,741,892
38,337,589 10,330,616 9,019.643
36,817,616 9,748,706 9,079.203
, 1931.
$
17,237,635
20,162,713
21,683,259
18,506,473
15.161,993
15.902,204
Total._ _ 639,542,264 895,227,95 478,398,899217,989,316 131,476,916 175,476,369
Movement of gold and silver for twelve months:
Gold Movement at New York.
Imports.
Month.
1932.
$
2,484.659
10.268,482
16,170.722
10.759,539
811.521
82,953,565
1931.
Salver-New York.
Exports.
1932.
1931.
10,926,608 23,472,951 1,000,328
25,844,790 18,058,424
32,500
35,034,945
35,000 28,890,327
25,656,339
35,000 98,471.056
6.840,308
8,560 4,934,936
13,248,219
3,370 32,622,524
Imports.
Exports.
1932.
1932.
213,623
738,216
781,306
353,207
478,333
872,429
533,848
272,409
554,106
650,348
397,704
541.384
1932.
1933.
1932.
1933.
1933.
5.750107,842.041
872,419
January 111.598,294 19,067,937
February 20,423,202 7,221,315 21,491,025 128,185,769
134,305
March..._ 2.238.052 6,630,335 628,052,452 43.902,866
757,710
733,518 3,164,462 16,594,167 49,480,976
834,386
April
185,814 2,919.081 22,761,257 212,183.353 4.151,754
May
359,716 2,229,613 4.346,307226.087,954 12,425,471
June
1933.
541.3s4
38,986
109,091
645
100,259
242,858
258.989,084 156,783,972734,866,463233,434,630 22,613,179
3.983,022
July
August- - September
October..
November
December_
Financial Chronicle
Volume 137
Cominercialand Miscellaneous Wats
National Banks.—The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
$50,000
Nov. 4—The National Bank of Florida, Florida N. Y
President, Calvin C. Crawford; Cashier, Clinton E.
Mars. Will succeed the Florida National Bank.
Nov. 4—The First National Bank of Freeport, Freeport, Pa_
50,000
Capital stock consists of $25,000 preferred stock and
$25,000 common stock. President, H. C. Brenneman; Cashier, R. L. Briggs. Will succeed the Farmers National Bank of Freeport.
Nov. 6—Farmers National Bank in Houlton, Houlton, Maine_ _ - 100,000
Capital stock consists of $50,000 preferred stock and
$50,000 common stock. President, R. H. Britton;
Cashier, S. D. McElwee. Primary organization.
Nov. 6—Mercantile National Bank of Miami Beach, Miami
Beach, Fla
100,000
President, Philip Liberman; Cashier, vacant. Conversion of Mercantile Bank & Trust Co. in Miami
Beach. Fla.
100,000
Nov. 7—Claremont National Bank, Claremont, N.H
President, Francis W. Johnston; Cashier, Geo. N.
Barrett. Will succeed the Claremont National Bank.
Nov. 8
--First National Bank in Ronceverte, Roncevert, W.Va.. 50.000
Capital stock consists of $25,000 preferred stock and
$25,000 common stock. President, W. N. Jasper;
Cashier, C. E. Boone. Will succeed the First National Bank of Ronceverte.
VOLUNTARY LIQUIDATION.
Nov. 6—The First National Bank of Springville. Pa
25,000
Effective Sept. 14 1933. Liq. Agent,the First & Farmers National Bank St Trust Co. of Montrose, Pa.
Absorbed by the First & Farmers National Bank &
Trust Co. of Montrose, Pa.
Nov.10—The Citizens National Bank of Gastonia, N.0
500,000
Effective Nov. 7 1933. Lie. Agent, John R. Rankin,
Gastonia. N. O. Succeeded by the Citizens National Bank in Gastonia. N.C.
BRANCHES AUTHORIZED.
Correction in the weekly bulletin, No. 2104, Aug. 14 1933:
Aug. 9—Address of branch authorized by certificate No. 873A should
have been given as 11776 Oakland Avenue, Highland Park, Mich.,
Instead of 11776 Oakman Avenue; also, address of branch authorized by certificate No. 875A should have been given as 16127
Hamilton Avenue, Highland Park, Mich., instead of 16027
Hamilton Avenue.
Nov. 9—Security-First National Bank of Los Angeles, Calif. Location
of branch, southwest corner Main Street and Grand Avenue,
El Segundo, Los Angeles County. Calif.
Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Jersey City, Boston, Philadelphia, and Buffalo
on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
per Share.
50 G. P. Putnam's Sons (N. Y.), par $100
8250 lot
75 G. P. Putnam's Sons (N. Y.), par $100
$450 lot
75G. P. Putnam's Sons (N. Y.), par $100
$550 lot
100 G. P. Putnam's Sons (N.Y.), par $100
$700 lot
100G. P. Putnam's Sons (N. V.), par $100
$700 lot
100 G. P. Putnam's Sons (N. Y.), par $100
$750 lot
1000. P. Putnam's Sons (N. Y.), par $100
MO lot
1000. P. Putnam's Sons (N. Y.), par $100
$800 lot
113G.P.Putnam's Sons(N. Y.), par $100
$1,000 lot
750 Peoples Investment Corp., Charleston, S. C., pref., par $100
$16 lot
100 The Ritz Canton Restaurant dc Hotel Co. of Atlantic City (Del.), pref..
par $100; 25 common, no par
$10 lot
All right, title and interest in claim of the Three Street Corporation under a
certain contract, dated Feb. 26 1932, relating to the properties known as
26-28 Horatio St. and 503-605 West 111th St., Borough of Manhattan, City,
County and State of New York
$3 lot
200 The Intercontinental InvestmentCorp.(Md.), elms A, no par; $800 comCo
mon. no par
$120 lot
400 Pilot Radio & Tube Corp.(Del.), class A common, no par
$7 10t
5 Sherman Investing Corp.(N.Y.), par $100; 3 Kiamie Holding Corp.(N.Y.).
no par; 3 Haviland Holding Corp. (N. Y.), par $100; 100 La Dana Holding Corp.(N. Y.), par $100
$5.000 lot
10 Manhattan Co.(N.Y.), par $20
$201 lot
10 New York Title & Mortgage Corp.(Del.), par $1
$8 lot
20 Kent Garage Investing Corp. (Del.), 7% pref. series A, par $100; 30 7%
A, par $100; class B, no par; 15 class B, no par
pref. series
$4 lot
125 Barkalow Bros. Co. (Nebraska), par UN
500
25 Investors Stock of the Leighton Bakery di Restaurant Corp. (N. Y.),
par $100
500
335 Bernard Bendier dr Sons, Inc.(Md.),7% cum, pref., par $1
2
Patent rights for the various methods and apparatus for the manufacture of
Laminated Glass for the following countries: United States, Belgium,
Dominion of Canada, France, Great Britain, Spain and Holland
$5,000 lot
Bonds—
Per Cent.
$3,500 Mayflower Country Club. Inc., 4th mtge. 10-year 6% gold bonds,
due 1941, fully registered; 1 Me membership of the Mayflower Country
Club, Inc
$6 lot
600 American certificates representing deposited participating debentures of
$11 lot
Kreuger &Toil Co
93)% & Int.
$7,000 New York & East River Gas 5s. Jan. 1945
$11,000 The Utilities Service Co., 10-year 6 % cony,gold deb,bonds,series A,
$97 lot
due Aug. 1 1938—ctl. of deposit
By Adrian H. Muller & Son, Jersey City, N. J.:
$1.50
130,158 Phoenix Securities Corp.(Del.), common, par $1
5 Alameda Community Hotel Corp. (Calif.). common, par $100; 5 Alameda
S4 lot
Hotel Corp.(Calif.), preferred, par $100
$4 lot
10 Kockos Bros., Inc.(Calif.), common,par $100
5 Premier Hotels & Service Co. (Calif.), common, par $25;5 Premier Hotels &
$2 lot
Service Co.(Calif.), Preferred. Par $25
$3 lot
2 The Akron Industrial Salvage Co., Akron. Ohio,common,par $100
$1 lot
5Indianapolis Airport Corp.(Ind.), par $10
$1 lot
2 New Lisbon Farm Telephone Co.. Garrettsville, N.Y.. par $10
15 Oak Park Arms Hotel Co. (Ill.), common, par $5: 15 Oak Park Arms Hotel
$6 lot
Co.(Ill.), preferred, par $100
Si lot
4Proviso Hospital Association (III.),common,par $50
$3 lot
390 Greater Cedar Rapids Co.(Iowa), par $1
10 Bowman-1311tmore Hotels Corp. (N. Y.), common, no par; Certificate evidencing the right to receive 10 shares Bowman-Blltmore Hotels Corp.
(N. Y.), first pref. (par $100). "after a regular dividend upon the pref.
stock of the Westchester-Biltmore Corp. shall have been declared and paid."$3 lot
$2 lot
10 Cedar Rapids Amusement Association (Iowa), par $100
$1 101
10 Mutual Tire & Rubber Corp.(Del.), par S 0
$2 lot
5 Arizona Indian Tours and Lodges,Inc.(Ariz.). preferred, no par
$2 lot
13 C. B. Hayward & Co., Inc. N. Y.), common. no par
Per$2 lot
Cem.
400 Intercontinents Power Co.(Del.), class A common, no Par
Bonds.
-year sinking fund
$1,000 L. IT. Gilmer Co. of Louisiana Inc. let mtge. 6% 10
$15 lot
gold bonds, ctf. of dep
8,331 American etfs. representing deposited panic. debs. of Kreuger dr Toll Co_ $5 lot
.52lot
737 American ctfs. representing deposited panic. debt'. of Kreuger & Toll Co.
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
10 Primary School Construction CO. of Buffalo
$ per Share
10c
3637
By R. L. Day & Co., Boston:
$ Per Sh•
Shares. Stoats.
7 President Suspender Co., let preferred. par $100
15
5 Ocean Spray Preserving Co., common
334
5 Ocean Spray Preserving Co., preferred par $100
1534
3
10 United Cape Cod Cranberry Co., common
10 United Cape Cod Cranberry Co., class A. Par $100
15
200 Gas Utilities Co.;500 Curtiss Airports Corp., v.t.c., temporary ctf____3600 lot
200 Trimount Dredging Co., class B, v.t.c
$20 lot
15 Columbian National Life Insurance Co, par $100
102
100 Texas Louisiana Power Co., 7% preferred, par $100
50c
10 units First Peoples Trust
134
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Share
20 Maryland Casualty Co., par $10
234
20 United States Fidelity & Guaranty Co., par $10
334
4 National Liberty Insurance Co. of America, par $5
5
17 Missouri State Life Insurance Co., par $10
3i
5 Mayflower Building & Loan Association, Newark, N. J., 4th Series
$315 lot
20 Central-Penn National Bank, par $10
20
20 Philadelphia National Bank, par $20
4534
$10,000 Policy No. 338859, Ncrthwestern Nat, Life Insurance
Minneapolis, MIMI. Cash value to April 11 1933, 5230. Policy dated Feb. 11
Co..
1930
$235101
Per Cent.
Bonds—
2
$1,000 Rosenwald & Weil 634% let mtge. Certificate of deposit
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
When
Per
Share. Payable.
Name of Company
Books Closed
Days Inclusive.
Railroads (Steam).
Albany dr Susquehanna(s-a)
$434 Jan. 2 Holders of rec. Dec. 15
Atlantic, Birmingham dr Coast pt. (8.-a.) $234 Jan. 2 Holders of rec. Dec. 12
750. Dec. 4 Holders of rec. Nov. 20
Chestnut Hill (quar.)
$1.61 Jan. 2 Holders of rec. Dec. 20
Elmira & Williamsport, pref. (8.-a.) _ _
Georgia RR.& Banking (quar.)
$254 Jan. 15 Holders of rec. Dec. 30
Illinois Central, leased lines (s.
$2 Jan, 2 Holders of rec. Dec. 11
-a.)
Kansas, Okla.& Gulf,6% sec. A & B pf _
3% Dec. 1 Holders of rec. Nov.23
$1 Jan. 2 Holders of rec. Dec. 8
Lackawanna R11. of N.J.,4% gtd.(qr.)
2.125 Jan. 2 Holders of rec. Dec. 26
Morris & Essex
N.Y ., Lackawanna dr West.,5% gtd.(q.) Si X Jan. 2 Holders of rec. Dec. 15
Pittsburgh, Bessemer & Lake Erie, 6%
d3% Dec. 1 Holders of rec. Nov. 15
preferred (semi-annual)
Sussex (semi-annual)
50c. Jan. 2 Holders of rec. Dec. 16
Valley RR. of N. Y.(semi-annual)
$234 Jan. 2 Holders of rec. Dec. 16
Public Utilities.
American Tel. & Tel.(quer.)
$21‘
5114
Atlantic & Ohio Tel.(quar.)
Baton Rouge Elect., pref. (quar.)
$134
Boston Elevated Ry.,com.(quar.)
$1.11
,
Citizens Gas Co. of Indianapolis, 5%
$134
preferred (quar,)
Citizens Traction (Pitts., Pa.), (5.-a.).- $134
Coast Counties Gas & Elect.,6% pi.(q.) 51 34
Detroit City Gas, 6% pref. (quar.)$134
East Tenn.Tel.(s-a)
$1.44
Electric Bond dr Share Co.—common ividend
Gold Stock Tel.(quar.)
$114
Gulf State Utilities, $6 pref. (quar.)- - - $134
$534 preferred (guar.)
$134
Illinois Wat.Serv.,6% prof.(quar.'
$114
International Ocean Teleg.(guar.)
$IX
Ironwood & Bess.Ry.&Lt.,7% pt.
$IX
(qu.)_
Lake Superior District Pow.,6% pf.(q.) $115
7% preferred (quar.)
$1 14
Lexington Utilities Co.,634% pt.(qr.)-- $134
Lone Star Gas,6% pref. (quar.)
$134
Louisville Gas& Elec., A & B.(guar.)--- 431ic
Lynchburg dr Abingdon Tel.(s-a)
$3
Metropolitan Ediscn.$7 pref.(quer.)-- - $134
$6 preferred (quar.)
$134
$5 preferred (quar.)
$134
7de.
Middlesex Water (quar.)
7% prefrred (s-a)
$334
Milwaukee Elec.Ry & Lt.6% pt.(qr.). $IX
Nebraska Power Co.,7% pref.(quar.). $134
New Jersey P.& L., $6 pref.(quar.)___ _ $134
$5 preferred (quar.)
51 34
New York Mutual Tel.(e-a)
75c
New York Transportation Co.(quar.)...
50c.
Northwestern Tel.(s-a)
$154
Pacific & Atlantic Tel.(s-a)
$1%
Pennsylvania Water & Pow.,corn.(qu.).
75e
Preferred (quar.)
$134
Philadelphia Co., $6 pref. (quar.)
$134
$1 34
$5 preferred (quar.)
Phila., Germantown & Norristown
$114
(qr.)Ponce
sin
Elect., 7% pref. (quar.)
Public Elect, Light,6% pref. (quar.)_
Public Service of N. H.. $6 prof. (quar.) tui
$1%
$5 preferred (guar.)
$3
St. Louis Bridge, 1st pret.(e-a)
$1%
2d preferred (s-a)
Tampa Gas,8% prof.(quar.)
$2
7% preferred
Tri-State Tel. & Tel., 6% pref. ((Maxi15c
Virginia Elect. dr Pow. Co.,56 pref.(qu.) $134
Washington Water Pow., $6 pref. (eau.). 51%
a
Jan, 15 Holders et rec. Dec. 15
Jan. 2 Holders of rec. Dec. 17
Dee. 1 Holders of rec. Nov. 15
Jan. 2 Holders of rec. Dec. 9
Dec. 1 Holders of rec. Nov. 20
Nov. 16 Holders of rec. Nov. 10
Dec. 15 Holders of rec. Nov.25
Dec. 1 Holders of rec. Nov.25
Jan. 2 Holders of rec. Dee. 17
omitted
Jan. 2 Holders of rec. Dec. 31
Dec. 15 HcIders of rec. Dec. 1
Dec. 15 Holders of rec. Dec. 1
Dec. 1 Holders 01 rec. Nov.21
Jan, 2 Holders ot rec. Dec. 31
Dec. I Holders of rec. Nov. 15
Dec. 1 Holders of rec. Nov. 15
Dec. 1 Holders of rec. Nov. 15
Dec. 15 Holders oi rex. Nov. 30
Jan. 1 Holders of rec. Nov. 23
Dec. 23 Holders of rec. Nov.29
Jan. 2 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Nov.29
Jan. 1 Hclders of rec. Nov.29
Jan, 1 Holders of rec. Nov.29
Dec. 1
Jan. 2 Holders of rec. Dec. 22
Dec. 1 Holders of rec. Nov. 15
Dec. 1 Holders of tee. Nov. 15
Jan, 1 Holders of rec. Nov.29
Jan. 1 Holders of rec. Nov.29
Jan. 2 Holders of rec. Dec. 31
Dec. 28 Holders of rec. Dec. 15
Jan, 2 Holders of rec. Dec. 16
Jan, 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan, 2 Holders 01 rec. Dec. 1
Jan. 2 Holders ot tee. Dec. 1
Dec. 4 Holders of rec. Nov. 20
Jan. 2 Holders of rec. Dec. 15
Dec. 1 Holders of rec. Nov. 23
Dec. 15 Holders of rec. Nov.30
Dec. 15 Holders of rec. Nov.30
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Dec. 1 Holders of rec. Nov.20
Dec. 1 Holders of rec. Nov.20
Dec. 1 Holders of rec. Nov. 15
Dec. 20 Holders of rec. Nov.29
Dec. 15 Holders of rec. Nov.24
Fire Insurance Companies.
Title Ins. Co.of Si, Louis, corn.(qu.)_ - - 1214e Nov. 30 Holders of rec. Nov.20
Miscellaneous.
Allegheny Steel Co., pref. (quar.)
American Business Shares
American Cigar Co corn.(quer.)
Preferred (quar.)
American Dock,8% pref.(quar.)
Amer. & General Securities, COM. WO_
Preferred (quar.)
Amer. Laundry Mach. Co., com. (qu.)_
American Radiator & Standard Sanitary
Preferred (quar.)
American Sugar Refining, com.(guar.)Preferred (quar.)
Associates Investments Co. (clUar.)---Atlas Corp., $3 preference ser. A (quar.)
Beech-Nut Packing Co., com. (quar.)
British American Oil Co., Ltd.(quar.)_ _
Bucyrus Erie Co., 7% pre!. (quar.)....
Canada Vinegars(quar.)
Case (J. I.) Co., 7% pref. (quay.)
Champion Coated Paper, 7% Pref (qu.)
7% special preferred (quar.)
Champion Fiber, 7% preferred (quar.)_
Chesebrough Mfg.(quar.)
Extra
Churchill House Corp., A
Colts PatentFire Arms Mfg.(quar.)_ _
_
$13'
2c
$2
$134
$2
7
75c
10c
Dec. 1 Holders of rec. Nov. 15!
Dec. 1 Holders of rec. Nov. 15
Dec. 15 Holders of rec. Dec. 1 I
Jan. 2 Holders of rec. Dec. 15
Dec. 1 Holders of rec. Nov.20
Dec. 1 Holders of rec. Nov. 17
Dec. 1 Holders of rec. Nov. 17
Dec. 1 Holders al rec. Nov.20
50c
$1.%
$1
750
75c
720
50c
40c
$1
$1%
5114
$134
$1
$1
50c
25c
25c
Dec. 1 Holders of rec. Nov.20
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. r5
Dec. 30 Holders of rec. Dec. 20
Deo, 1 Holders of rec. Nov.20
Jan. 2 Holders oi rec. Dee, 12
Jan. 2 Holders ot rec. Dee. 16
Jan. 2 Holders or rec. Dec. 15 I
Dec. 1 Holders of rec. Nov. 15
Jan. 1 Holders of rec. Dec. 12 I
Jan. 1 Holders of rec. Dee. 20
Jan, 1 Holders of rec. Dec. 20
Jan, 1 Holders of rec. Dec. 20
Dec. 30 Holders of rec. Dec. 8
Dec. 30 Holders of rec. Dec. 8
Jan. 1 Holders of rec. Dec. 15
Dec. 30 Holders or rec. Dec. 2
Dec. 30 Holders of rec. Dec. 2
Financial Chronicle
3638
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Columbus Auto Parts, pref. (quar.)____
50o Dee. 1 Holders of rec. Nov.20
Commercial Invest. Trust Corp.. pf.(qu) 1-52ot1 Jan. 1 Holders of rec. Dec. 5
Common (guar.)
50e Dec. 15 Holders of roe. Nov.25
Compressed Industrial Gas(quar.)
350 Dec. 15 Holders of roe. Nov.30
Congoleum-Malm, Inc.. corn. (quar.)__
250 Dec. 15 Holders M. roe. Dec. 1
Special
250 Dec. 15 Holders of roe. Dee. 1
Preferred (guar.)
Si M Dec. 1 Holders of me. Nov. 15
Como Mills Co. (guar.)
25e Dec. 1 Holders of rec. Nov.20
Cushman's Sons. Inc.. corn. (quar.)___
50c Dec. 1 Holders of tee. Nov.20
7% preferred (guar.)
S111 Dec. 1 Holders of rec. Nov.20
$8 preferred (quar-)
Dec. 1 Holders of rec. Nov.20
52
Dominion Textile Co., common (guar.)
Si Jan. 15 Holders of rec. Dec. 30
Preferred (guar.)
$134 Jan. 15 Holders of tee. Dec. 30
Emerson Elec. Mfg. 7% pret
/434 Dec. 1 Holders of tee. Nov. 17
Electric Auto-Lite 6.,7% pref.(qu.)_
$111 Jan. 2 Holders of rec. Dec. 15
Essex Co.(semi-annual)
53 Dec. 1 Holders of rec. Nov. 15
Ferro Enamel Corp.(guar.)
10e Dec. 20 Holders of tee. Dec. 9
Fifth Ave. Bus Securities, (guar.)
16e Dec. 29 Holders of rec. Dee. 15
Florsheim Shoe Co., 6% pref. (quar.)._ $111 Jan. 2 Holders of roe. Dec. 16
Galveston Wharf (monthly)
25e Nov. 15 Holders of roe. Nov. 14
Golden Cycle Corp. (guar.)
400 Dec. 11 Holders of roe. Nov.29
Gordon 011,B (guar.)
25e Dec. 15
Great Western Sugar Co., corn. (quar.)_
60e Jan. 2 Holders of roe. Dec. 15
2 Holders of rec. Dec. 15
)6Preferred (quar.)
$111 Jan
Hanna(M. A.) Co., pref. (guar.)
$111 Dec. 20 Holders of rec. Dee. 5
Holland Land Co
$1 Nov. 18 Holders of roe. Nov. 15
Hollinger Consol. Gold Mines, Ltd. ono)
So Dec. 2 Holders of rec. Nov. 17
r124e Dec. 1 Holders of me. Nov. 15
Imperial Oil, Ltd.(guar.)
15e Jan. 15 Holders of rec. Dec. 20
International Harvester, corn. (quar.)
International Safety Razor A (quar.)__
600 Dec. 1 Holders of roe. Nov.21
International Salt Co.(guar.)
371ic Jan. 2 Holders 01 roe. Dee. 15
853 Dec. 1
Judson Mills,7% pref
Kimberly Clark Corp.. pref.(guar.)$14 Jan. 1 Holders of tee. Dec. 12
$111 Dec. 1 Holders of tee. Nov. 15
Kobacker Stores, Inc.. pref. (quar.)__
50e Dec. 15 Holders of roe. Dee. 1
Lake Shore Mines. Ltd.(8.-a.)
50o Dec. 15 Holders of rec. Dee. 1
Extra
30e Dec.'15 Holders of rec. Nov.29
Libbey-Owens-Ford Glass Co.,com.(qu.)
37140 Dee. 15 Holders of rec. Dee. 1
Lily-Tulip Cup Corp., corn. (guar.)75o Jan. 2 Holders of me. Dec. 15
Mapes Consolidated Mtg.(guar.)
$14 Nov. 15 Holders of roe. Nov.10
Matson Navigation (guar.)
5o Dec. 1 Holders of roe. Nov.25
Maul Agriculture (monthly)
$1 Jan. 2 Holders of rec. Dee. 15
McKeesport Tin Plate Co., corn.(guar.)
25c Dec. 1 Holders of roe. Nov.20
McWilliams Dredging Co.,corn.(quar.)
260 Dec. 1 Holders or roe. Nov.20
Meteor Motor Car Co.(guar.)
h25o Dec. 15 Holders of roe. Dec. 5
Midland Royalty Corp.,$2 pref
150 Dec. 1 Holders of roe. Nov.20
Irilenroe Loan Society
Dec. 1 Holders of me. Nov.20
'Preferred (guar.)
150 Dec. 1 Holders of tee. Nov.20
Extra
Montreal Cottons, Ltd.. Pref.((Mari— $131 Dee. 15 Holders of rec. Nov.30
Muskogee Co.,6% pref.(guar.)
$1.4 Dec. 1 Holders of roe. Nov.20
15o Jan. 1 Holders of rec. Dee. 11
Nat. Finance Corp.of Am.
6% p1.(qu.)_
15e Jan. 1 Holders of rec. Dec. 11
Common (guar.)
160 Jan. 1 Holders of me. Dee. 11
Extra
400 Dec. 15 Holders of roe. Nov.29
National Transit Co.(semi-annual)
Newberry(J.J.) Co.(guar.)
15o Jan. 1 Holders of roe. Dee. 15
New Bedford Cordage, pref.(guar.)._ $1,1 Dec. 1 Holders of rec. Nov. 15
Northern Pipe Line Co.(eeml-annual).—
250 Jan. 2 Holders of rec. Dec. 8
Omnibus Corp., pref.(guar.)
$2 Jan. 2 Holders of me. Dec. 15
124o Dee. 1 Holders of roe. Nov.22
Patterson Sargent Co., corn.(quar.)
Penick & Ford,Ltd.(guar.)
50e Dee. 15 Holders of roe. Dee. 1
Extra
Si Dec. 15 Holders of roe. Dec. 1
Peoples Drug Stores,corn.(guar.)
25o Jan. 2 Holders of roe. Dee. 8
Preferred(guar.)
$14 Dec. 15 Holders of rec. Dee. 1
Pfaudler Co.,6% pref.(guar.)
$114 Dec. 1 Holders of tee. Nov.20
Pioneer Mills (monthly)
50 Dec. 1 Holders of roe. Nov. 21
Pontheon Oil(guar.)
2110 Nov.28 Holders of tee. Nov. 17
Powdrell& Alexander, Inc., pref.(qu.) '
$134 Jan. 2 Holders of roe. Dee. 20
Prentice-Hall, Inc
50e Dec. 1 Holders of tee. Nov.22
Procter & Gamble 5% pref.(guar.)
Si 34 Deo. 15 Holders of rec. Nov.24
Prospect Mfg.(liquidating)
$3 Dee. 1 Holders of rec. Nov. 6
Provident Loan & Says.Soo. pf.(qu.)_
$1,1 Dec. 1 Holders of rec. Nov.20
Quaker Oats,corn.(guar.)
$1 Jan. 15 Holders of roe. Dee. 30
6% preferred (guar.)
Feb. 28 Holders of rec. Feb. 1
Raybestos-Manhattan, Inc. (quar.)
15e Dee. 15 Holders of rec. Nov.29
Rich.6M% pref.(guar.)
$134 Dec. 30 Holders of tee. Dee. 15
Schiff Co.,corn.(guar.)
25e Dec. 15 Holders of rec. Nov.29
Preferred (guar.)
$131 Dec. 15 Holders of rec. Nov. 29
South Porto Rico Sugar (guar.)
60e Jan. 2 Holders of roe. Dee. 9
le Preferred (guar.)
$2 Jan. 2 Holders of roe. Dec. 9
Southerland Paper Co
be Dee. 15 Holders cf me. Dec. 5
Spencer Kellogg & Sons,Inc.,com.(gu.)_
25e Dee, 30 Holders of tee. Dec. 15
Standard Oil of Kansas(guar.)
50e Jan. 31 Holders of rec. Jan. 2
Sun Oil Co., corn, extra
19% Dec. 15 Holders of rec. Nov.25
Texas Gulf Sulphur Co.(guar.)
50c Dec. 15 Holders of rec. Dec. 1
Toronto Elevators,7% pref.(quar.)
$1/1 Jan. 15 Holders of rec. Jan. 2
Unilever, N.V.(interim)
201 Dec. 1
Unilever,Ltd.(interim)
3% Dec. 1
United Oil Trust Shares,series H bearer..
160 Dee. 1
Series 11 registered
160 Dee. 1 Holders of rec. Oct. 31
United States Foil Co. corn. A & B & pf_
Div action d elected
Victor Monaghan (guar.)
$1 Dee. 1
7% preferred (guar.)
$111 Jan. 2
Viking Pump,prof.(guar.)
600 Dec. 15 Holders of roe. Dec. 1
Virginia Coal & Iron Co.(guar.)
25e Dec. 1 Holders of roe. Nov. 15
Weibel Brewing Co.(guar.)
6340 Dee. 30 Holders of roe. Dec. 15
Western Auto Supp. Co.,corn. A&B(qu.)
50c Dec. 1 Holders of rec. Nov.24
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.
Nam of Company.
Railroads (Steam)
Albany & Susquehanna(s-a)
Boston & Albany
Catawissa. pref. (s-a)
Cbesapeaks Ohio. prof.(s. )
-a
Cloy. Gin. Chic Az St Louis. prof...
Cleveland & Pittsburgh, guar. (quar.)_
Special guaranteed (guar.)
Delaware (s.-a.)
Delaware & Bound Brook (guar.)
Elmira Az Williamsport, pref.(s.
-a.)
Erie & Pittsburgh 7% guaranteed (guar.)
r Guaranteed Betterment (guar.)
Grand Rapids & Indiana (s.
-a.)
Green (semi-annual)
Greene(semi-annual)
Mobile & Birmingham,4% pref.(s.
-a.)Nashville & Decatur.711% et& 11 -11.)
(
.
Norfolk & Western,corn.(guar.)
Ad/. preferred (guar.)
North. RR.of New Jer. 4% gtd. ;guar.)
Ontario & Quebec,(s-a)
Semi-annual
Philadelphia Baltimore & Washington...._
yetis. Bess. h Lake Erie. 6% met (au.).
Pittsburgh Fort Wayne & Chicago (go.)
, 707 preferred (guar.)
Pittsburgh Youngstown AL Ashtabula
7% preferred (guar.)
Reading,Istpreferred (guar.)
Union Pacific, common (guar.)
United New Jersey RR.& Canal (quar.)_
West Jersey & Seashore. corn. (s.
-a.)
-a.)
6% special guaranteed (s.
Per
When
Share. Payable.
Books Closed
Days Inclusive.
f4)i
$211
$1.13
$334
$111
8730
500
$I
$2
$1.61
8711c
80c
$2
$3
$3
$2
93,10
$2
$1
$1
234%
$3
$134
d3%
131%
1 /1%
Jan. 1 Holders of me. Dec. 15
Dee. 31 Holders of too. Nov.30
Nov.24 Holders of rec. Nov. 10
Jan. 1 Holders of reo. Dee. 8
Oct. 31 Holders of roe. Oct. 4
Dec. 1 Holders of roe. Nov. 10
Dec. 1 Holders of roe. Nov. 10
Jan. 1 Holders of roe. Dec. 15
Nov.20 Holders of tee. Nov. 15
Jan. 2 Holders of roe. Dec. 20
Dec. 10 Holders of too. Nov.30
Dec. 1 Holders of roe. Nov.30
Dec. 20 Holders of rec. Dec. 9
Dee. le Holders of rec. Dee. 14
Dee. 19 Holders of roe. Dec. 15
Jan. 2 Holders of rec. Dee. 1
Jan, 1 Holders of rec. Dee. 20
Dec. 19 Holders of rec. Nov.29
Nov.18 Holders of rec. Oct. 31
Deo. I Holders of roe. Nov.20
Dee. 1 Holders of rec. Nov. 1
Dec. 1 Holders of rec. Nov. 1
Doe. 31 Holders of tee. Dec. 16
Dec. 1 Holders of me. Nov. 15
Jan. 2 Holders of roe. Dee. 9
Jan. 4 Holders of red. Dec. 9
IM%
50c
$114
$215
$114
14%
Dec. 1 Holders of roe. Nov.20
Dec. 14 Holders of rec. Nov.23
Jan. 2 Holders of roe. Dee. 1
Jan. 10 Holders of roe. Dee. 20
Jan. I Holders of roe. Dee. 16
Dee. I Holders or roe. Nov. 16
Name of Company.
Nov. 18 1933
Warm
Per
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities.
Birmingham Water Wks.,6% pf.(qu.)
514 Dee. 15 Holders of rec. Deo. 1
Hinman Electric Co.. common
200 Dec. 1 Holders of reo. Oct. 16
Blackstone Valley Gas & Electric
6% preferred (5.-a.)
$3 Dec. 1 Holders of roe. Nov. 14
Drooklyn Union Gas Co.(guar.)
$134 Jan. 2 Holders f reo. Dec. 1
Butler Water. 7% pref.(guar.)
$131 Dee, 15 Holders of rec. Dee 11
Canadian Hydro-Electric Corp., Ltd.
1st preferred (guar.)
r$134 Dec. 1 Holders of rec. Nov. 1
6% preferred (guar.)
514 Dee, 1 Holders of tee. Nov. 1
Carolina Tel. & Tel (guar.)
$211 Dee. 30 Holders of rec. Dec. 22
Central Ark.Pub.Serv.7% pf.(gust.)... $151 Dee. 1 Holders of rec. Nov. 15
Central Kan Pow.,7% pref. (quar.)....... $131 Jan. 15 Holders of roc Dec. 31
6% preferred (guar.)
5151 Jan. 15 Holders of tee Dee. 31
Central Miss. Valley Elect. Prop.—
Preferred (guar.)
$134 Dec. 1 Holders of reo Nov. 15
Chicago District Electric Generating,
We Dec. 1 Holders of rec. Nov. 15
Preferred (quar.)
Cleveland Elec. Ilium.6% pref. (guar.).
- $14 Dee. 1 Holders of roe. Nov. 1.5
Connecticut Lt.& P.,634% pf.(quar.)
5134 Dec. 1 Holders of rec. Nov. 15
st M Dee. 1 Holders of rec. Nov. 15
5M % preferred (guar.)
62/10 Dee. 1 Holders of tee. Nov. 15
Connecticut Power (guar.)
Connecticut River Pow.,6% pref.(qu.).. 5134 Dee. 1 Holders of rec Nov. 15
Consolidated Gas of N.Y.corn
75e Dee. 15 Holders of roe. Nov. 10
Consumers Power Co., $5 pref. (guar.). $131 Jan. 2 Holders of roe. Deo. 15
6% preferred (quar.)
5134 Jan. 2 Holders of rec. Dec. 15
6.6% preferred (guar.)
$1.65 Jan. 2 Holders of rec. Dee. 15
$1e1 Jan. 2 Holders of rec. Dec. 15
7% preferred (guar.)
500 Dec. 1 Holders of rec. Nov. 15
6% preferred (monthly)
600 Jan. 2 Holden] of rec. Dee. 15
6% preferred (monthly)
850 Dec. 1 Holders of roe. Nov. 15
6.6% preferred (monthly)
66% preferred (monthly)
55e Jan. 2 Holders of rec. Dec. 12
Dayton Power & Light,6% pref.(me.)_
500 Dec. 1 Holders of nee. Nov.29
E.St. L.& Interurb. Wat.7% pf.(qu.)_
8134 Dec. 1 Holders of roe. Nov.20
6% preferred (guar.)
$14 Dee. 1 Holders of rec. Nov.20
Eastern Shores Pub.Serv., $631 pi.(qu.) 8134 Deo. 1 Holders of rec. Nov. 10
$6 preferred (guar.)
5134 Dec. 1 Holders of ree. Nov. 10
Eastern Township Telephone
18o Apr. 15 Holders of rec. Dee. 31
Elizabethtown Coned. Gas (extra)
$1 Dec. 1 Holden, of rec. Nov. 27
Quarterly
$I Jan. 2 Holders of roe. Dee. 28
Empire & Bay State Telep.4% std.
(qu)
51 Dee. 1 Holders of rec. Nov.20
Empire Gas & Electric Co.
6% preferred A & B (guar.)
514 Dec. 1 Holders of roe. Oct. 31
Holders off roe. Oct. 31
o
7% preferred, C (guar.)
J . 27
UM Dee. 1 H
roe.
Feb.
Escanaba Pow.& Tree.6% pref.(qu.)
Dec. 1 Holders of roe. Nov.150
Federal Light & Traction Co.. pref.(qu.)
Florida Power Corp., 7% Peet. A (Quer.) $134 Dee, 1 Holders of me. Nov. 1
87340 Dec. 1 Holders of rec. Nov. 1
7% Preferred (guar.)
75e Dec. 1 Holders of rec. Nov. 1
Hackensack Water (s.
-a.)
Honolulu Gas (monthly)
150 Nov.30 Holders of rec. Nov.1
Huntington Water,6% Pref.(gnat.).... $tys Dee. 1 Holders of reel. Nov.2
7% preferred (guar.)
8131 Dec. 1 Holders of roe. Nov 2
Indianapolis Water Co.5% pref.(qu.)._
$111 Jan. 1 Holders of rec. Dec. 1
Industrial & Power Securities Co.(guar.)
115e Dee. 1 Holders of roe. Nov.
Extra
The Dec. 1 Holders of roe Nov.
Kentucky Utilities Co.. 7% pr. pf. (qu.) 8734c Nov.20 Holders of roe. Nov.
Milwaukee Gas Light, 7% pref. (quar.)_ *131 Dec. 1 Holders of rec. Oct. 2
Minn. Gas Light 7% pref.(guar.)
5111 Dec. 1 Holders of rec. Nov.2
6% preferred (quar.)
814 Dec. 1 Holders of ree. Nov.2
Mississippi Valley Public Service,
7% preferred A (guar.)
$111 Dee. 1 Holders of tee. Nov.2
Munice Water Wks.,8% pf. (quar.)__.._
$2 Dee. 15 Holders of rec. Dee.
80 Nov.20 Holders of roe. Nov.I
Mutual Telep.(Hawaii)(monthly)
National Pow.& Light (quar.)
250 Dec. 1 Holders of me. Nov.
New Castle Water,6% pref.(quar.)
314 Dec. 1 Holders of rec. Nov.2
New Rochelle Water Co..7% prof.(qu) i134 Dec. 1 Holders of roe. Nov.2
650 Dec. 1 Holders of rec. Nov. 1
New York Steam Corp., corn.(quar.)
North Amer. Edison pref. (guar.)
$134 Dec. 1 Holders of roe. Nov.1
Nova Scotia Light & Pow.,8% pf.(qu.) 314 Dec. 1 Holders of roe. Nov.1
Ohio Power,6% pref.(guar.)
$134 Dec. I Holders of tee. Nov.
Ohio Public Service Co.,7% pf.(mo.)- 58 1-3e Dec. 1 Holders of roe. Nov.1
6% preferred (monthly)
500 De0. 1 Holders of rec. Nov. 1
41 2-30 Deo, 1 Holders of rec. Nov. 1
5% Preferred (monthly)
Oklahoma Gas & Elec. Co.6% pf.(qu.)- $13.4 Dec. 15 Holders of roe. Nov.2
7% preferred (guar.)
$111 Dee. 15 Holders of tee. Nov.2
Penhis lar Telep. Co., 7% pref. (guar.)
% Feb. 15 Holders of roe Feb.
k Dee. 1 Holders of tee. Nov.2
Penn State Water Corp.. $7 pref. (qu.).
Pennsylvania Power Co.,$6 pref.(guar.) $118 Dee. 1 Holders of rec. Nov.2
550 Dee. 1 Holders of me. Nov.2
6.60% preferred (monthly)
People/3Tel.(Butler,Pa.).7% prof.(qu.) $134 Dee. 1 Holders of roe. Nov.30
Philadelphia Suburban Water. pf. (qu.) $134 Dec. 1 Holders of rec. Nov. 1
Potomac Elec. Pow.,6% pref.(guar.)
- $134 Dee, 1 Holders of me. Nov. 1
me Dee. 1 Holders of roe. Nov. 1
511% preferred (guar.)
Pub.Serv. Co.of 0010.7% pref.(mo.) 68 1-30 Dec. 1 Holders of tee. Nov. 1
6% preferred (monthly)
500 Dee. 1 Holders of rec. Nov. 1
412-30 Dec. 1 Holders of tee. Nov. 1
5% preferred (monthly)
Public Service Corp of N.J.50o Nov.30 Holders of rec. Nov.
6% preferred (monthly)
Rochester Gas & Euro., 7% pref. B (qu.) UM Deo, 1 Holders of rec. Oct. 2
6% preferred C & D (guar.)
5115 Dec. 1 Holders of roe. Oct. 2
Savannah Elec. Az Pow.. pref. A (guar.).
$2 Jan. 2 Holders of rec. Dec.
Preferred series B (guar.)
5154 Jan. 2 fielders ot rec. Deo.
Preferred series C (guar.)
5131 Jan, 2 Holders of rec. Dec.
Preferred series D (guar.)
5131 Jan. 2 Holders ot roe. Dec.
Shenango Valley Water Co.6% pl.(qu.) 111% Dee. 1 Holders of rec. Nov.20
Southern Call!. Edison Co.—
Preferred serial A (guar.)
111% Dec. 15 Holders of rec. Nov.20
6% Preferred series Li (guar.)
134% Dec. 15 Holders of rec. Nov.20
Sou. Calif. Gas, $634 preferred (quar.).... $134 Nov.29 Holders of rec. Oct. 31
Somerset Union & Middlesex Ltg.(s.
Dee. 1 Holders of rec. Nov. 14
-a.) $2
Susquehanna Utilities. 6% Ore!. (guar.) $14 Dee. 1 Holders of roe. Nov. 20
Telephone Investors Corp.(monthly).__
20e Dec. 1 Holders of roe. Nov.20
Monthly
20e Jan. 1 Ho!ders of rec. Dec. 20
Tennessee Elec.Pow.Co..5% pref.(qu,) $111 Jan. 2Holderaofree.Dec, 15
6% preferred (guar.)
$14 Jan. 2 Holders of rec. Dec. 15
7% preferred (guar.)
$i31 Jan. 2 Holders of rec. Dec. 15
7.2% preferred (guar.)
61.80 Jan. 2 Holders of rec. Dee. 15
6% preferred (monthly)
50o Dee. 1 Holders of roe. Nov. 15
6% preferred (monthly)
50e Jan, 2 Holders of rec Dec. 15
7.2% preferred (monthly)
600 Dec. 1 Holders of tee. Nov. 15
7.2% preferred (monthly)
(Kle Jan. 2 Holders of reo. Dec. 15
Terre Haute Water Works.7% pf.(au.). 51 54 Dec. 1 Holders of tee. Nov. 20
Texas Utilities, 7% pref. (guar.)
$111 Dee. 1 Holders of ree. Nov. 21
Tide Water Pow..$6 prof.(quar.)
$1.1e Dec. 1 Holders of roe. Nov.10
Toledo Edison Co.. 7% pref.(monthly) 58 1-3o Deo, 1 Holders of me. Nov. 15
6% preferred (monthly)
50e Dec. 1 Holders of roe. Nov. 15
5% preferred (monthly)
41 2
-So. Dee. I Holders of roe. Nov. 15
United Gas Improvement, corn. (guar.)
30e Dec. 30 Holders of rec. Nov. 29
Preferred (guar.)
51/1 Dec. 30 Holden of rec. Nov. 29
United Lt.& Rye.(Del.).7% pt.(mo.) 58 1-3e Dec. 1 Holders of rec. Nov.15
6.36% preferred (monthly)
53e Deo, 1 Holders ot rec. Nov. 15
6% preferred (monthly)
50c Dec. 1 Holders of roe. Nov. 15
7% preferred (monthly)
58 1-30 Jan. 2 Holders of reo. Dec. 15
6.36% pr. forced (monthly)
53e Jan, 2 Holders of ree. Dee. 15
6% preferred (montlhy)
50e Jan. 2 Holders of ree. Dec. 15
Utility Equities Corp., $511 prior stock_
5134 Dee. 1 Holders of roe. Nov. 15
Washington Ry.& Elec.(guar.)
$131 Deo. 1 Holders of rec. Nov. 16
$111 Dec. 1 Holders of rec. Nov. 16
5% Preferred (guar.)
Wheeling Elect..6% pref.(guar.)
*1(4 Dec. 1 Holders Of roe. Nov. 19
Williamsport Water Co.. 66 pf. (qu.).... *154 Dec. 1 Holders of roe. Nov. 12
Wisconsin Telephone. common (guar.).
$14
Preferred (guar.)
5134
Fire Insurance Companies.
North River Insurance (guar.)
15o Dee. 11 Holders of *osit)eo. 1
••••
151n
1:1
Miscellaneous.
Abbotts Dairies. Inc., corn.(guar.)
1st & 2nd preferred (guar.)
Affiliated Products, corn.(mo.)
Aluminum Mfg.,Inc.,corn.(guar.)
Preferred (guar.)
American Arch (guar.)
American Capital Corp..$54 pro!.(qu.)
250
$131
Sc
50o
Se
25e
81 34
Doe. 1 Holders of rec. Nov.15
Dec. 1 Holders of rm. Nov. 15
Dec. 1 Holders of roe. Nov. 17
Dee. 31 Holders of roe. Dec. 16
Dec. 31 Holders of roe. Dee. 15
Dee, 1 Holders of tee. Nov. 20
Dec. 1 Hoidens 01 roe. Nov. 15
Name of Company.
When
Per
Share. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
500 Jan. 2 Holders of rec. Dec. 121
American Chicle Co.(guar.)
250 Jan. 2 Holders of rec. Dec. 12
Extra
American Envelope Co.7% pf.(guar.)... IX% Dee, 1 Holders of ree. Nov.25
10e Dec. 10 Holders of rec. Nov. 10
American Factors, Ltd. (monthly)
25c Jan. 1 Holders of roe. Dee. 16
American Hardware (quar.)
200 Dec. 1 Holders of rec. Nov. 140
American Home Prod.(monthly)
7340 Dee. 1 Holders of roe. Nov.20
Investment 0(111.. B (quar.)_
American
20%
American Mutual Liability Ins. Co
$135 Jan. 1 Holders of coo. Dec. 16
American Optical Co., 7% pref.(qu.)
American Smelting & Refining 7% 1st Pf• 118151 Doe. 1 Holders of too. Nov. 3
50c Dec. 30 Holders of roe. Dee. 15
American Steel Foundries, prof
50o Dee. 1 Holders of me. Nov. 15
American Stores Co.(extra)
500 Jan. 1 Holders of rec. Dec. 15
Quarterly
12140 Jan. 1 Holders of rec. Nov.30
American Thread Co., pref. (5.-a.)
Am. Tobacco Co., corn. & corn. B (qu.) $134 Dec. 1 Holders of rec. Nov. 10
25e Dec. 1 Holders of reo. Nov.20
Archer-Daniels-Midland,corn.(qu.)55134 Deo. 1 Holders of res. Nov.15
Artioom Corp.. pref
250 Dec. 15 Holders of rec. Nov.21
Atlantic Refining Co.. corn. (quar.)
25%
Austin Motors. Ltd., ordlnary
75%
Bonus
20%
Preferred
Automotive Gear Works, pref. (guar.).- 4134e Dec. 1 Helders of roe. Nov.20
$135 Dec. 1 Holders of reo. Nov.15
Bamb'g (L.)& Co.,634% prof.(quar.)
50 Nov.20 Holders of rec. Oct. 31
Bandini Petroleum (mo.)
240 Nov.25 Holders of roe. Nov. 15
Bankers National Investing, A & B (qu.)
60 Nov.25 Holders of rec. Nov. 15
Quarterly
15o Nov.25 Holders of rec. Nov. 15
Preferred (quar.)
7% pref.(guar.). $134 Jan. 2 Holders of reo. Dee. 20
Barber(W.H.)& Co..
Beech-Nut Packing. 7% prof. A (quar.) $134 Dec. 1
$134 Dee. 15 Holders of roe. Nov.30
Belding Corticeill Ltd.. prof.(Qum.)30c Dec. 1 Holders of rec. Nov. 15
Berghoff Brewing Corp.,common (quar.)
$135 Dec. 1 Holders of rec. Nov.25
Black-Clawson Co., prof (guar.)
$134 Dec. 31 Holders of rec. Dec. 25
prof.(quar.)-Bloch Bros.. Tobacco.
n75o Dec. 1 Holders of rec. Nov. 6
Blue Ridge Corp., prof. (guar.)
500 Dec. 27 Holders of rec. Deo. 12
Bohn Aluminum & Brass Co.,corn.(qu.)
400 Dec. 1 Holders of rec. Nov. 15a
Borden's Co., corn. (quar.)
250 Jan. 12 Holders of rec. Jan. 12
Bornot. Inc.. class A
$135 Dec. 30 Holders of rec. Dec. 1
Boston Wharf Co.(s.
-a.)
100 Dee. 1 Holders of roe. Nov. 11
Brach (E. J.) dc Sons (quar.)
750 Nov.25 Holders of rec. Nov.20
Brewer & Co.(monthly)
750 Deo. 25 Holders of rec. Dec. 20
Monthly
50e Dee. 1 Holders of nee. Nov. 15
Bristol-Myers Co., Initial (quar.)
100 Dec. 1 Holders of rec. Nov. 15
Extra
750 Dec. 1 Holders of me. Nov.20
Brown Shoe Co., common (guar.)
75e Dee. 15 Holders of rec. Nov.24
Buckeye-Pipe Line Co. (quar.)
5c Feb. 15
Buffalo Ankerite Gold mines (3.-13.)
c6Oc Dec. 4 Holders of roe. Nov. 9
Bulolo Gold Dredging, Ltd., corn.. int'm
100 Dec. 5 Holders of roe. Oct. 31
Burroughs Adding Mach. Co. (quar.)
400 Jan. 2 Holders of rec. Dec. 15
Calamine Sugar Estates. corn.(quar.)--35e Jan. 2 Holders of roe. Dec. 15
7% Preferred (quar.)
$2 Jan. 1 Holders of rec. Dec. 20
pref. (guar.)._
Canadian 011 Cos., Ltd.,
51 Nov.25 Holders ot rec. Nov.20
Canfield Oil Co.. common (quar.)
8134 Jan. 1
Carnation Co.,7% prof.(Qum.)
87340. Jan. 31 Holders of me. Jan. 14
Cartier, Inc.. 7% pref
12340 Dec. 1 Holders of rec. Nov. 21
Caterpillar Tractor Co.(special)
100 Nov.20 Holders of roe. Nov.10
Central Tube Co.(mo.)
Century Ribbon Mills, Inc., pref. (qu.)_ $134 Dec. I Holders of tee. Nov. 18
Chartered Investors,$5 pref.(quar.)
$134 Deo. 1 Holders of rec. Nov. 1
250 Dee. 1 Holders of rec. Nov. 15
Chicago Corp., pref.(guar.)
Chicago Jct. Ry.,k Union Stk. Yds.(qu.) $234 Jan. 2 Holders of rec. Dee. 15
.
6% preferred (guar.)
5134 Jan. 2 Holders of rec. Dec. 15
250 Dec. 1 Holders of me. Nov.20
Chicago Yellow Cab (guar.)
500 Dec. 30 Holders of rec. Deo. 1
Chyrsier Corp.(quar.)
Cincinnati Wholesale Grocery, pf.(qu.). 5134 Jan. 2 Holders of rec. Deo. 15
50e Dec. 31 Holders of rec. Dec. 15
CUD Ice & Fuel Co.(guar.)
5134 Dec. 1 Holders of rec. Nov.20
Preferred (guar.)
500 Jan. 1 Holders of roe. Deo. 20
Clorox Chemical Co.,el. A (guar.)
5134 Jan. 2 Holders of rec. Dec. 12
Coca-Cola Co.,coin.(guar.)
8135 Jan. 2 Holders of tee. Dec. 12
Class A (semi-annual)
63 Jan. 2 Holders of rec. Dec. 12
Coca-Cola Internat. Corp., COM.(8.-11.).
$3 Jan. 2 Holders of roe. Dec. 12
Class A (semi annual)
Colgate-Palmolive-Peet Co.. p1.(qu.)... $134 Jan. 1 Holders of rec. Dec. 11
Collins & Aikman Corp., pref. (quar.).. 131% Dec. 1 Holders of rec. Nov. 17
50e Dec. 1 Holders of Teo. Nov.15
Columbian Carbon Co.(quar..)
750 Dee. 1 Holders of tee. Nov. 160
Columbia Pictures, pref.(Qum.)
1234e Dec. 1 Holders of rec. Nov. 15
Compo Shoe Mach., coin. (quar.)
el Dec. 31 Holders of rec. Dec. 25
Confederation Life Ammo.(guar.)
$IX Dec. 1 Holders of rec. Nov.I50
Consol. Cigar Corp.. pre.(quar.)
Consol. Diversified Stand. Securities
250 Dec. 15 Holders of tee. Nov.25
Preferred (8.-a.)
Consol. Gold Fields(S. Africa). ord.final 2s. 3d.
150 Dec. 1 Holders of rec. Nov.20
Consolidated Paper Co
Cottrell (C. B.)& Sons Co.. 6% pf.(qu.) 135% Jan. 1
68o Dec. 15 Holders of roe. Nov.300
Crown Cork & Seal Co., Inc. pr.(qu.)....
Crown Zellerbach, cum.of. A & B (qu.). 37340 Dec. 1 Holders of ree. Nov. 13
Crum & Forster Ins., A & B (quar.)...
100 Nov.29 Holders of rec. Nov. 18
Common (guar.)
10e Dee. 14 Holders of ree. Oct. 5
7% preferred (guar.)
$134 Nov.29 Holders of rec. Nov. 18
$2 Dee. 30 Holders of roe. Deo. 20
8% preferred (quar.)
Cuneo Press. Inc.,635% prof.(guar.) --- $134 Dee. 15 Holders of roe. Dec. 1
5o Deo. 1 Holders of rec. Nov.15
Deere & Co.. pref.(quar.)
Denver Union Stockyards. prof.(guar.). $134 Dec. 1 Holders of rec. Nov.20
Deposited Bond Ctfs., ser. 1938 (11(1.)..9 .51010c
Deposited Bank Shares, N. Y., series A
(semi-annual)
234% Jan. 2 Holders of rec. Nov. 15
200 Dec. 1 Holders of rec. Nov.15
Dexter Co
250 Dec. 1 Holders of rec. Nov. 15
Diamond Match Corp., corn.(guar.)._
$2 Dec. 1 Holders of roe. Nov. 17
Dictaphone Corp.. pref.(quar.)
Durham Hos. Mills(N.C.)6% pt.)._ 550,3 Nov. 20 Holders of tee. Nov.10
50o Dec. 1 Holders of reo. Oct. 31
Eastern Theatres. Ltd.. corn.(guar.)___
750 Jan. 2 Holders of roe. Dec. 5
Eastman Kodak Co., common (guar.)._
$1)5 Jan. 2 Holders of rec. Dec. 5
Preferred (guar.)
250 Dec. 1 Holders of roe. Nov. 15
Egry Register Co.Class A
2% Nov.29 Holders of rec. Nov.20a
Empire Capital Corp., class A (quar.)._
Farmers & Traders Life Ins. Co. (Syra$2)i Jan. 1. Holders of rec. Dec. 11
cuse, N. Y.)
$24 Apr. 1 Holders of tee. Mar. 11
Quarterly
500 Nov. 31 Holders of roe. Sept.30
Federal Service Finance (guar.)
10c Dee. 20 Holders of rec. Dec. 10
Ferro Enamel Corp., corn
17)ie Dec. 1 Holders of roe. Nov. 15
Co.. pref.(guar.)
Finance Service
.
Firestone Tire & Rub.Co..6% pf (qu.)_ $1)4 Deo, 1 Holders of rec. Nov. 15
$2.15 Nov. 18 Holders of reo. Nov. 10
First Chrold Corp
,
FltzSimons & Connell Dr. & Dock (qu.) 12350 Dec. I Holders of me. Nov.20
50c Dec. 1 Holders of rec. Nov. 15
Freeport Texas Co. (guar.)
$135 Feb. 1 Holders of n3e. Jan. 15
Preferred (gust.)
1235c Dec. 15 Holders of rec. Nov.30
Garner Royalties Co.. A (0.-a.)
$14 Dec. 1 Holders of rec. Nov. 16
Gates Rubber,7% pref.(guar.)
$134 Jan. 1 Holders of ree. Dec. 12
Geist (C. H.). 5% pref. A (qua?.)
$135 Dec. I
6% preferred (quar.)
$1,' Deo. 1 Holders of rec. Nov.24
General Cigar Co. prof.(:11 1
0%)
250 Dec. 12 Holders of rec. Nov. 16
General Motors Corp., common
250 Dec. 12 Holders of rec. Nov. 16
Extra
$134 Feb. 1 Holders of roe. Jan. 8
Preferred (quar.)
200 Nov. 25 Holders of rec. Nov. 12
Gilmore Gasoline Plant No. 1 (monthly)
250 Dec. 30 Holders of tee. Dee. 14
Glidden Co., common
$134 Jan. 2 Holders of rec. Dee. 14
Prior Preferred (guar)
'
Globe Democrat Publishing, pref. (qU.) 1)134 Dec. 1 Holders of rec. Nov. 17
50c Jan. 2 Holders of roc. Dec. I
Goodyear Tire & Rubber Co., 1st p1.(qu)
134% Jan. 2 Holders of roe. Dee. 20
Gottfried Baking Co.. Inc.. Pref. (gust.),
8% Dec. 29 Holders of reo. Dec. 27
prof. 0
Grace(W.R.)& Co.6%
,64-75c Dec. 1 Holders of roe. Nov. 10
Grand Union. pref. (guar.)
Great AU.& Pao.Tea Co.,corn.(qu.).. $134 Dec. 1 Holders of reo. Nov. 3
25,3 Dec. 1 Holders of rec. Nov. 3
Extra
8134 Dec. 1 Holders of reo. Nov. 3
Preferred (guar.)
250 Doc. 1 Holders of rec. Nov. 18
Great Northern Paper (qua?.)
$1 Dec. 1 Holders of roe. Nov.20
Great Western Electro-Chemleal
$135 Jan. 1 Holders of reo. Dec. 21
1st preferred (quar.)
$134 Jan. 2 Holders of rec. Dec. 20
8% preferred (quur.)
150 Deo. 1 Holders of reo. Nov.15
Hale Bros. Stores, Inc.(guar.)
Hancock 011 Co. of Calif.. corn. 01/11111 A
103 Dec. 1 Holders of roe. Nov.15
and B (guar.)
3639
Financial Chronicle
Volume 137
Name of Company.
When
Per
Share. Payable.
Boats Closed.
Days indent..
Miscellaneous (Continued).
134% Jan. 1 Holders of reo. Dec. 21
Flarbauer Co..7% prof. (quar.)
134% Dec. 1 Holders of reo. Nov.15
Hardesty (R.). 7% Pref. (guar.)
250 Dec. 5 Holders of rec. Nov.25
Hawaiian Commercial & Sugar Co.(mo.)
100 Dec. 15 Holders of rec. Nov.15
Heels Mining Co
200 Dec. 1 Holders of rec. Nov.10
Heileman (G.) Brewing (Wis.)(quar.)
100 Nov.24 Holders of tee. Nov.20
Spencer, Bartlett & Co.(mo.).
Hibbard.
100 Dee. 29 Holders of reo. Dec. 22
Monthly
500 Dec. 1 Holders of rec. Nov. 15
Hires (Chas. E.) Co.,corn.. cl. A (qu.)_.
280 Dec. I Holders of reo. Nov. 18
Hobart Mfg. Co. (guar.)
Si Nov. 25 Holders ot reo. Nov.20
Homestake Mining Co. (monthly)
51 Nov.25 Holders of rec. Nov.20
Extra
25e Dec. 10 Holders of rec. Nov.30
Honolulu Plantation Co.(monthly)Hoover & Allison, 7% preferred (qua?.). $IX Dee. 1 Holders of me. Nov. 15
5151 Dee. 1 Holders of rec. Nov.10
Horn & Hardart Co.of N. Y., pf.(qtr.)
Imperial Chemical Industries, interim _z to234% Dec. 8 Holders of rec. Oct. 13
3734e Dee. 1 Holders of lee. Nov. 6
Ingersoll-Rand Co., corn. (guar.)
$131 Dec. 1 Holders of coo. Nov. 4
International Harvester, pref.(q
1st pref.(go.)) $134 Dec, 1 Holders of rec. Nov. 18
International Milling
$134 Dec. 1 Holders of rec. Nov.18
181 preferred. series A (guar.)
Co..
500 Dee. 1 Holders of me. Nov. 15
International Shoe. pref.(quar.)
Jantzen Knitting Mills, pref. (guar.)... $134 Dec. 1 Holders of rec. Nov.25
$134 Jan. 2 Holders of rec. Dec. 11
Kaufmann Dept. Stores, pref. (guar.).10e Dec. 1 Holders of rec. Nov.25
Kekaha Sugar Co.(monthly)
Kendall Co., cum. pref. sec. A (gust.).. $134 Dee. I Holders of rec. Nov. 100
Participating preferred set. A (quar.)_ $135 Dec. 1 Holders of rec. Nov. 10a
25e Jan. 1 Holders of rec. Dee. 20
Klein (D. Emil) Co., common (gust.)..
$151 Feb. I Holders of rec. Jan. 20
Preferred (qua?.)
250 Dec. I Holders of rec. Nov. 10
Kroger Grocery & Bak.corn.(guar.)
$135 Jan. 2 Holders of roe. Dec. 20
1st preferred (guar.)
$134 Feb. 1 Holders of ree. Jan. 19
2d preferred (guar.)
37350 Dec. 31
Landers Frary a, Clark (guar.)
$134 Dec. 15 Holders of rec. Dec. 5
Landis Machine. 7% pref.(guar.)
$1 Nov.29 Holders of roe. Nov. 17
Lanston hfonotype Machine Co.(quar.).
750 Dec. 1 Holders of rec. Nov. 15
Laura Secord Candy Shops (quar.)- 20c Nov.29 Holders of rec. Oct. 31
Lehigh Coal ,k Navigation (s.
-a.)
5043 Dec. 1 Holders of rec. Nov.15
Lehn & Fink Prod.Co.(guar.)
400 Dec. 1 Holders of roe. Nov. 1
L fe Savers Corp., Initial (guar.)
Liggett & Myers Tobacco Co., corn, and
51 Dec. 1 Holders of tee. Nov.15
common B (guar.)
250 Dec. 1 Holders of rec. Nov.24
Lincoln Stores, Inc.. corn.(guar.)
$131 Dec. 1 Holders of rec. Nov.24
Preferred (guar.)
100 Doe. 1 Holders of rec. Nov.15
Link Belt Co.common (guar.)
5135 Jan. 2 Holders of roe. Doe. 15
Preferred (guar.)
Loblaw Groceteriaa Co.,A & B (gust.).. r200 Dee. 1 Holders of roe. Nov. 11
33,3 Nov.30 Holders of rec. Nov.30
Lock Joint Pipe Co.(monthly)
340 Dec. 31 Holders of rec. Dec. 31
Monthly
5135 Jan. 1 Holders of rec. Dee. 184
Loose-Wiles Biscuit Co. pref.(guar.)
$134 Dec. 1 Holders of rec. Nov. 17
Lord & Taylor, 1st pref.(guar.)
5134 Dec. 1 Holders of rec. Nov. 4
Ludlow Mfg. Assoc. (guar.)
Manischewitz (B.),7% prof.(quar.) . $151 Jan. 2 Holders of rec. Dec. 20
75e Jan. 2 Holders of rec. Dec. 15
Mapes Consolidated Mfg.Co.(quar.)...
75o Apr. 2 Holders of rec. Mex. 15
Quarterly
750 July 2 Holders of rec. June 15
Quarterly
25e Dec. 1 Holders of roe. Nov. 15
May Dept.Stores, corn.(quar.)
50c Dec. 15 Holders of rec. Dec. 1
Mayflower Associates ((mt.)
rlSo Dec. 15 Holders of roe. Nov. 15
McColl Frontenac 011.corn.(guar.)
MeClatchy NewsPaPer,7% prof.(guar.) 43540 Dec. 1 Holders of reo. Dec. I
25e Dec. I Holders of rec. Nov. 1
McIntyre Porcupine Mines,Ltd.
-.
(M.)
25e Dec. 1 Holders of roe. Nov. 1
Extra
$2 Jan. 2 Holders of rec. Dee. 16
Merck Corp., pre (quar.)
4e Jan. 2 Holders of reo. Nov.30
Mercury Oils, Ltd., corn
Metal Textile Corp., preferred (guar.).- 81340 Dec. I Holders of rec. Nov.20
Metro-Goldwyn Pictures, pref.(guar.)_ - 473'e Dec. 15 Holders of rec. Nov.24
$134 Jan. 1 Holders of tee. Dec. 26
Moore (Wm.) Dry Goods (guar.)
Morris 80.& 10o.toll Ma..7% Pf.(1u.) 134% Jan. 2
Dec. 1 Holders of tee. Nov.24
$1
Morris Plan Ins. Soo. (guar.)
200 Nov.29 Holders of rec. Nov.22
Motor Finance Corp.(guar.)
Ho Dec. 1 Holders of roe. Nov.24
Mt. Diablo Oil, Min.& Develop. (qu.)..
250 Dee. 10 Holders of rec. Nov.20
Mountain & Gulf Oil
40e Dee. 1 Holders of rec. Nov. 21
Murphy (G. C.) Co., common (guar.)._
5134 Doe. 1 Holders of too. Nov.20
Muskogee Co.,6% pref.(guar.)
50o Dec. 15 Holders of too. No". 8
Nashua Gummed & Coated Paper
$134 Jan. 2 Holders of too. Des. 21
7% preferred (guar.)
$131 Nov.29 Holders of too. Nov.150
National Biscuit Co pref. (guar.)
250 Dec. 15 Holders of rec. Nov.29
National Bond & Share Corp
50e Dec. 1 Holders of roe. Nov.15
National Container Corp.. pref. (guar.)
30c Jan. 2 Holders of rec. Dec. 4
National Dairy Products Co., corn.(m.)
$134 Jan. 2 Holders of rec. Dec. 4
Class A & B preferred (guar.)
National Lead Co.,class A pref.(guar.). $134 Dee, 15 Holders of rec. Dec. 1
52.630 Jan. 2 Holders of rec. Dec. 1
National Sugar Refining Co.(guar.).
$134 Jan. 2 Holders of ree. Dec. 20
Natomas Co. (guar.)
$134 Dec. 1 Holders of tee. Nov.16
Newberry (J. J.) Co., pref.(quer.)
Niagara Share Corp. of Md.—
$134 Jan. 2 Holders of rec. Dee. 15
Class A $6 preferred (guar.)
750 Dee. 1 Holders of coo. Nov.15
Northam Warren Corp.. pref. (goat.)..
Norwalk Tire & Rubber Co.. pref. (qtr.) 87340 Jan. 1 Holders of rec. Dee. 21
$IX Jan. 2 Holders of too. Deo. 15
Novadel Agene Corp.(guar.)
Ogilvie Flour Mills Co.. pref.(gust.).... 5134 Dec. 1 Holders of roe. Nov.21
$135 Dec. 15 Holders of rec. Dec. 2
Ohio Oil Co.. preferred (guar.)
200 Nov.20 Holders of reo. Nov.10
Onomea Sugar (mo.)
50c Dec. 1 Holders of roe. Nov.24
Oshkosh Overall Co., preferred (guar.).
750 Nov.20 Holders of roe. Nov.10
Parker Rust Proof, common (gust.)....
75e Nov.20 Holders of roe. Nov. 10
Extra
350 Nov.20 Holders of roe. Nov.10
-a.)
Preferred (s.
Ponder (David) Grocery Co.—
87340 Dec. 1 Holders of reo. Nov.201
Cony. class A (quer.)
.
Phoenix Hosiery Co.. 1st pref.(gust.)... 8735e Dec. I Holders of rec. Nov. 16
250 Doe. 1 Holders of reo. Nov. 15
corn.(guar.).
Pillsbury Flour Mills, Inc..
250 Jan. 2 Holders of rec. Dec. 9
Pittsburgh Plate Glass Co.(guar.)
Pollock Paper Box Co.. prof.(guar.).— $134 Dee. 15 Holders of rec. Dec. I
The Dec. 1 Holders or rec. Nov.20
Prentice-Hall, Inc., preferred (guar.)...
250 Dec. 1 Holders of rec. Nov.20
Purity Bakeries (guar.)
$135 Nov.29 Holders of rec. Nov. 1
(guar.)
Quaker Oats Co.,6% preferred
Reliance international Corp.,53 pt.(qr.) 50e. Dec. 1 Holders of reo. Nov.21
250 Dee. 1 Holders of ree. Nov. 15
Reynolds Metals Co.(guar.)
$135 Dec. 30 Holders of tea. Dee. 15
Rich's, Inc.,635% preferred (guar.)
50c. Dec. 11 Holders of rec. Nov.25
corn
Rike-Kumier
Co..
Rolland Paper Co.,6% pref. (guar.)... $134 Dec. 1 Holders of coo. Nov.15
50c. Dec. 20 Holders of rec. Dec.• 5
Royalite Oil Co.. Ltd., corn
250 Dec. 1 Holders of rec. Nov.10
Rubenstein (Helena) (guar.)
780 Dec. I Holders of rec. Nov. 15
Second Investors Corp.,6% pref.(guar.)
200 Dec. 5 Holders of reo. Nov.30
Second Twin Bell Syndicate (monthly)...
235% Nov.30 Holders of too. Nov.14
Selfridge, Provincial Stores, ord
234% Dec. 7 Holders of reo. Nov.14
American deposit receipts
214% Nov.30
Selfridge Provision Stores. Ltd
$134 Dee. 1 Holders of reo.
Sherwin-Williams Co.. pref. (guar.).—
250 Dee. 15 Holders of rec. Nov.170
Socony-Vacuum Corp.(guar.)
150. Dec. 15 Holders of roe. Dec. 1
Seaboard 011 Co. of Delaware (gust.)..
10e. Dec. 15 Holders of rec. Dec. 1
Extra
750. Dec. 1 Holders of rec. Nov. 20
Second Investors(R.I.),6% pref. (gr.) _
Simon (Franklin). 7% pref. (guar.)
_ $134 Dec. 1 Holders of rec. Nov. 17
100 Dee. 12 Holders of rec. Dec. 2
South American Gold & Platinum Co_ _ _
Nov.25 Holders of rec. Nov.10
South Porto Rico Sugar, corn., special
If
Standard Coosa-Thatcher (guar.)
12340 Jan. 1 Holders of roe. Dec. 20
7% preferred (quar.)
$131 Jan. 1 Holders of rec. Dec. 20
250 Dee. 15 Holders of reo. Nov.15
Standard 011 Co. of Calif. (guar.)
250. Dec. 15 Holders of rec. Nov. 15
Standard 011 Co. of Indiana (guar.)
250. Dee, 20 Holders of rec. Nov. 27
Standard Oil of Nebraska (guar.)
500 Dee. 15 Holders of too. Nov.15
-a.)
Standard 01.1 Co.of N..1., $25 par (s.
-a.)
$2 Dee. 15 Holders of rec. Nov.15
$100 par value (a.
Sterling Products.Inc.of Del.,Initial(qr ) 95c. Dec. 1 Holders of rec. Nov. 150
$134 Dec. 1 Holders of rec. Nov.15
Strawbridge & Clothier, pref. A (guar.)
Stromberg-Carl. Tel. Mtg..6 % pf.(gu) $135 Dec. 1 Holders of rec. Nov.15
25c Dec. 15 Holders of roe. Nov.25
corn. (guar.)
Bun OS
Co.
Preferred (guar.)
134% Dee. I Holders of rec. Nov.10
10e Dec. 15 Holders of too. Dec. 5
Sutherland Paper Co., corn
280 Dee. 15 Holders of rec. Dee. 1
Sylvania Industrial (qua?.)
Texas Gulf Producing
e234% Dec. 23 Holders of rec. Nov.24 1
Tex-O-Kan Flour Mills. 7% pref.(qr.)... $131 Dec. I Holders of MC. Nov. 151
250 Dec. 1 Holders of rec. Nov.24
Thomson Electric Welding (guar.)
Timken Detroit Axle Co., pref. (gnat.). $134 Dec. 1 Holders of rec. Nov.20
3640
Finanrial Chronicle
Per
When
Share Payable.
Name of Company.
Books Closed
Days Inclusive.
Nov. 18 1933
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOLISMASSOCIATION FOR THE WEEK ENDED SATURDAY, NOV. 11 1933.
MIseellaneoti. (Concluded).
*Surplus and Nei Demand
Time
Timken Roller Bearing Co. (quar.)____
15c. Dec. 15 Holders of rec. Nov. 20
Clearing House
•Capital.
Undivided
Deposits,
Deposits,
Toronto Elevators
$1 Dec. 1 Holders of rec. Nov. 15
Members.
Profits.
Average.
Average.
Twin Bell Oil Syndicate (monthly)
$2 Dec. 5 Holders of rec. Nov.30
Underwood-Elliott-Fisher Co. corn.(qr.) 25c. Dec. 30 Holders of rec. Dee. 12
3
5
$
$
Preferred (quar.)
Bank of N.Y & Tr. Co_
$159 Dec. 30 Holders of rec. Dec. 12
.
6,000,000
9,595,000
79,402,000
9,358,000
Union Tank Car Co.(quar.)
Bank of Manhattan Co__
30e. Dec. 1 Holders of rec. Nov. 17
20,000,000
31,931,700
263,494,000
33,076,000
United Biscuit Co.of Amer.,corn.(qu.).
National City Bank._ _ _ 124,000,000
40e Dec. 1 Holders of rec. Nov.10
44,272.400 a839,236,000 159,683,000
United Dyewood, pref. (quar.)
Chemical Bk.& Tr. Co__
$1% Jan. 2 Holders of rec. Dec. 20
20,000,000
47,147.900
249,316,000
30.000,000
United Grain Growers
Guaranty Trust Co
Si
90.000.000 177,962,600 6824,566,000
64,741,000
United Milk Crate Corp., al A.(guar.)-Manufacturers Trust Co.
50e Dec. 1 Holders of rec. Nov. 15
32,935,000
20,297,500
197,465,000
98,489,000
United States Freight (guar.)
Cent, Han. Bk.& Tr.Co.
25c. Dec. 1 Holders of rec. Nov. 18
21,000,000
61,203,500
470,547,000
53,036,000
United States Gypsum Co., corn.(qr.).25c. Jan. 2 Holders of rec. Dec. 15
Corn Exch. Bk.Tr. Co
15,000,000
17,567,710
176,934,000
21,597.000
Preferred (guar.)
5139 Jan, 2 Holders of rec. Dec. 15
First National Bank___.
10,000,000
75,366,000
307,845.000
30,195,000
United States Petroleum (quar.)
Irving Trust Co
lc. Dec. 11 Holders of rec. Dec. 5
50,000,000
62,320,200
293,245,000
47,796,000
U.S.Pipe de Foundry Co.,corn.(quar.)_ 123kc. Jan. 20 Holders of rec. Dec. 30
1st preferred (guar.)
Continental Bk.& Tr. Co
30e. Jan. 20 Holders of rec. Dec. 30
4.000,000
4,587,000
27,396,000
1,424,000
United States Playing Card (quar.)
Chase National Bank
25c Jan. 1 Holders of rec. Dec. 21
148,000,000
60,200,000 c1,071,232,000
97,977,000
United States Steel, pref
Fifth Avenue Bank
500 Nov.29 Holders of rec. Nov. 2
500.00o
3,198,700
43,269,000
2,825,000
United Stores Corp.. pref. (quar.)
Bankers Trust Co
$8194c Dec. 15 Holders of rec. Nov. 24
25,000,000
63,285,500 d459,617,000
65,558,000
Van Raaite Co., 1st pref.(quar.)
Title Guar.& Tr. Co._._
El% Dec. 1 Holders of rec. Nov. 18
10,000,000
10,560,800
23,972,000
289,000
Vanadium Alloys Steel Co.special
Marine Midland Tr. Co_
25e Nov.20 Holders of rec. Nov. 10
10,100,000
5,269,900
40,305,000
4,566,000
Venezuelan Oil Consol., Ltd.—
New York Trust Co.__
12,500,000
22.204,200
187,645,000
14,673,000
Common (interim)
Com'i Nat. Bk. de Tr. Co
5%
7.000,000
7.904,300
44,502,000
2,498,000
Vick Chemical,Inc.,Initial (guar.)
Pub. Nat. Bk.& Tr. Co_
50c Dec. 1 Holders of rec. Nov. 15
8,210,000
9,686,800
39,373,000
30,603.000
Extra
100 Dec. 1 Holders of rec. Nov.15
Ward Baking Corp.. 7% pref
Totals
50c Jan. 2 Holders of zee. Dec. 15
614.105.00n 729.362.400 5.639.361.000 760.304.000
Wesson Oil & Snowdrift Co., pref.(qu.)Si Dec. 1 Holders of rec. Nov. 15
Western Cartridge Co..6% pref.(le.).- $134 Nov.20 Holders of rec. Oct. 21
* As per official reports: National, Oct. 25 1933; State, Sept. 30 1933: Trust ComWestern R. Est. Trustees (Boston),(s
panies, Sept. 30 1933.
Si Dec. 1 Holders of rec. Nov. 20
-a)
Westvaco Chlorine Products Corp.—
Includes deposits in foreign branches as follows: (a) $217,437,000;(b)$63,152,000;
Common (quar)
100 Dec. 1 Holders of rec. Nov.15
(c) $73,462,000; (d) $22,896,000
Wiser Oil(quar.)
25c Jan. 2 Holders of tee. Dee. 12
Wolverine Tube,7% pref.(quar.)
Si Si Dec. 1 Holders of rec. Nov. 15
Woolworth (F. W.)common(guar.).—
800 Dec. 1 Holders of rec. Nov. 10
The New York "Times" publishes regularly each week
Wrigley (Wm.) Jr. Co.—
returns of a number of banks and trust companies which are
Capital stock (monthly)
26000 Dec. 1 Holders of rec. Nov.20
t The New York Stock Exchange has ruled that stock will not be quoted ex- not members of the New York Clearing House. The Public
dividend on this date and not until further notice.
I The New York Curb Exchange Association has ruled that stock will not be National Bank & Trust Co. and Manufacturers Trust Co.,
quoted ex-dividend on this date and not until further notice.
having been admitted to membership in the New York
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
Clearing House Association on Dec. 11 1930, now report
fPayable in common stock. y Payable in scrip. h On account of accumulated
dividends. J Payable In preferred stock.
weekly to the Association and the returns of these two banksSubject to the 5% NIRA tax.
m Commercial Invest. Tr. pays env. on convertible preference stock, optional are therefore no longer shown below. The following are
series of 1929. at the rate of 1-52 of 1 share of common stock, or, at the option the
figures for the week ended Nov. 10:
of the holder, in cash at the rate of $1.50.
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 INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
stock, or at the option of such holders (providing written notice thereof is received
OF BUSINESS FOR THE WEEK ENDED FRIDAY, NOV. 10 1933.
by the corporation on or before Nov. 16 1933) at the rate of 75c. per share in cash.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
o A dividend on the cony. pref. stock, optional series of 1929, of Commercial
Investment Trust Corp., has been declared payable in common stock of the corporation at the rate of 1-52 of 1 share of common stock per share of cony. pref. stock,
Loans,
Res. Dap.. nets. Orner
or at the option of the holder,in cash at the rate of $1.50 for each share of cony. pref.
Disc. and
N. F. and Banks and
Cash.
stock held.
Gross
Investments.
Elsewhere. Trust Cos. Deposits.
V South Porto Rico Sugar special dividend from earned surplus of one share of
Maranclut Corp. for each share held.
—
Manhattan—
i
$
r Payable in Canadian funds, and in the ease of non-residents of Canada, a
$
s
5
Grace National
20,440,100
148,100 1,351,000 2.088,000 19,523.500
deduction of a tax of 5% of the amount of such dividend will be made.
2,730,891
104,805
589.895
341,250 3,111.450
I American Cities Power & Light pay a div. of 1-32 share of class B stock on Trade Bank
the cony. class A optional series, or 75e. in cash.
Brooklyn—
u Payable in U. S. funds.
Pr.nnlci w TNTAtInnal
.
5 245 sui(1
06
.000
325.000
143.000 5.010 Ann
VA unit.
w Less depositary expenses.
x Less tax.
y A deduction has been made for expenses.
TRUST COMPANIES—AVERAGE FIGURES.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, 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 New 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:
Loans,
Disc. and
Investments.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County.-United States
Brooklyn—
Brooklyn
Kinesa ClnlIntly
Res, Dep. Dep. Other
N. F. and Banks and
Elsewhere. Trust Coo.
Cash.
s
Gross
1,890312,1.
s
5
$
$
49.991,200 *2,368,900 13,689,700
6,265,133
362,940
55,800
296,431
9,021,596
*437.552
16,705,500 *2,568,500 1.260,300
26.840,500 *6,238,100 1,628,600
66,887,413 7,210,382 17,704.869
2,169,700 57,722.700
825.759 5,938,727
411,339 8,668,340
621,400 16,938,900
32,174,500
63,662,695
2.677,000 19,922,000
1.616.614 70i2.601
260,000 98,408.000
26 412 280
90,834.000
414 vnn
95
• Includes amount with Federa Reserve as follows: Empire, S1,404,200; Fulton,
$2,447,600: Fiduciary, $219,810; Lawyers County, $5,519,600.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Nov.15 1933,in
comparison with the previous week and the corresponding date last year:
Nov. 15 1933. Nov. 8 1933. Nov. 161932.
rRssources—
Gold with Federal Reserve Agent
Gold redemp,fund with U.S. Treasury_
576,706.000
8,029,000
578,706.000
8,285.000
609.724,000
4,662,000
Gold held exclusively agst. F.R.notes
584,735,000
584.991.000
614,386,000
Gold settlement fund with F.R.Board._
Gold and gold certificates held by bank_
212,855,000
147.441,000
198,769,000
147,136,000
93.706.000
290,653,000
945,031,000
930,896,000
998,745,000
53.932,000
49,241,000
77,681,000
Nov. lb 1933. Nov. 8 1933. Nov. 16 1932.
5
5
5
1,251,000
1,336,000
903,000
4,394,000
3,661,000
4,964,000
127,581,000
73.496,000 121,637,000
12,818,000
12,818,000
14,817,000
27,426,000
26.631.000
20,070,000
Total gold reserves
Mee (wall*
980,137,000 1,076,426,000
Total gold reserves and other cash_ ---
998,963,000
Redemption fund—F. R. banknotes_ _ Bela discounted:
Secured by U. B. Govt. obligations...
Other bills discounted
2,821,000
3,043,000
13,346,000
27,846,000
12,623,000
27,571,000
31,691,000
28,212,000
41,192,000
40,194,000
59,903,000
5,488,000
2.426,000
10,391,000
170.045,000
350,919.000
310,717,000
170,045.000
350.919,000
310,717.000
187,716,000
140,562,000
407,514,000
831,681.000
831,681,000
735,792,000
Total bills discounted
BMs bought in open market
U. 8. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S. Government securities—
Other securities (see note)
Total bills and securities (see note).—
993,000
993,000
4,036,000
879,354,000
875,294.000
810,122,000
Resources (Concluded)—
Due from foreign banks (see note)
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
Total assets
2.054,608,000 1,976,416,000 2,048,939,000
Liabilities—
P. R. notes in actual circulation
639,338,000 643,176,000 578,587,000
F. R. bank notes In actual circulation
51,444,000
52,604,000
Deposits: Member bank—reserve account 1,000,437,000 967.570,000 1,182,761,000
Government
28,058,000
24,665,000
6,853,000
Foreign bank (see note)
2,952,0006,103.000
3,946,000
Special deposits—Member bank
5,663,000
5,399,000
Non-member bank
1,432,000
1,202,000
Other deposits
42,166,000. 38,029.000
10,239,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total liabilities
1,080,708,000 1,042,963,000 1,203,799,000
124,669,000
79,759,000 116,702,000
58,464,000
58,459,000
58,981,000
85,058,000
85,058,000
75,077,000
14,902,000
14,927,000
15,793,000
2,054,608,000 1.976,416,000 2,048,939,000
Ratio of total gold reserve dr other cash*
to deposit and F. R. note liabilities
combined
Contingent liability on bills purchased •
for foreign correspondents
58.1%
58.1%
60.4%
1,298,000
3,574,000
11,146,000
"Other cash" does not Include F. R. notes or a bank's own F. R. ban notes.
•
NOTE...Alegi/ming with the statement of Oct. 17 1925, two new items were added In order to show separately the amount
of balances held abroad and amounts due
t foreign correspondents. In addition, the caption "Ali other earnings assets," previously made up of Federal Intermediate Credit Bank debentures, was changed
o
to
"Other securities," and the caption,"Total earnings assets" to "Total bills and securities." The latter term was adopted as a inure accurate description of the total of the
dimwit acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which it was stated are the only items included therein.
Financial Chronicle
Volume 137
3641
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov.16,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. 15 1933.
Nov. 15 1933. Nov. 8 1933. Nov. 1 1933 Oct. 25 1933. Oct. 18 1933. 0r1. 11 1933. Oct. 4 1933. Sept. 27 1933. Nov. 16 1932.
RESOURCES.
$
$
$
$
S
$
$
$
$
Sold with Federal Reserve agents
2,630,254,000 2,637,126,000 2,638.561,00n 2,675,331.000 2,677,599,000 2,661,809,000 2,679,077,000 2,713.026,000 2,241,169,000
Sold redemption fund with U.S. Tress- 37,419,000
36.273,000
38,185,000
39,266,000
37.313,000 37,313.000
35.723,000
42,106,000
36,569,000
Gold held exclusively agst. F. R. notes 2,668,439,000 2,676,392,000 2,675,874,000 2,712,644,000 2,714,168,000 2,699.228,000 2,715.350,000 2,748.749,000 2,283,275,000
Sold settlement fund with F. R.Board.. 668,019,000 661,187,000 666,190,000 629,632,000 631,283,000 641.427,000 626,415.000 592,547,000 321,867,000
Sold and gold certificates held by banks. 240,695,000 240,710,000 24a,841.000 248,512,000 246,633,000 249,560,000 250,020,000 250.503,000 421,927,000
3,577,153,000 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 3,027,069,000
a
a
a
a
a
a
a
a
225,820,000 214.007.000 226,491,000 238,012,000 229,208,000 215,220,000 219.232,000 231.762.000 268,199,000
Total gold reserves
leserves other than gold
Aber cash*
Total gold reserves and other cash
3,802,973,000 3,792,296,000 3,814,396,000 3,828,800,000 3,821.292.000 3.805,435.0003.811,017,000 3,823.561,500 3,295,268,000
Von-reserve cash
a
a
a
a
a
a
a
a
9,839.000
9,497.000
ledemption fund-F. R. bank notes...-.
11.248,000
11.365.000
11,315,000
10,515,000
11,457,000
11,693,000
Sills discounted:
23,241,000
31,219,000 101,293,000
Secured by U. S. Govt. obligations_...
24,994,000
25,825,000
24,067.000
26,457,000
26.298,000
22,798,000
99,743,000 102,014,000 205,879,000
95,240.000
Other bills discounted
84,980,000
91,513.000
89,956,000
85,963,000
88.768.000
Total bills discounted
111,437,000 112,261,000 116,507,000
Bills bought In open market
15,160,000
6,737,000
6,644,000
U.S. Government securities-Bonds-.-. 442,691,000 441,210,000 442,891.000
Treasury notes
1,021,001,000 1,020,979.000 1,007,587.000
Special Treasury certificates
Other certificates and bills
967,910,000 967,912,000 969.297,000
Total U. B. Government securities
Dther securities
Foreign loans on gold
114,593,000 112,754,000 119,307,000
6,523,000
6.906.000
6,569,000
441,262,000 441.395.000 441,225,000
994,098,000 976,161,000 976.162,000
122,984,000
7.195,000
441,271,000
971,411,000
133.233,000
6,681.000
442.011.000
937,374,000
957,723,000
898,534,000
895,010,000 1,061,657,000
964,796.000
926,722,000
307,172,000
34,524,000
420,693,000
368.384,000
2,431,602.000 2,450,101,000 2,419,775,000 2.400,156.0002.375.279,000 2,344,109,000 2,309.216,000 2,274.395,000 1,850,734,000
1.837,000
1,729.000
5,569,000
1.559,000
1,559,000
1,559,000
1,737.000
1,569,000
1,559,000
Total bills and securities
2,559,788,000 2,550,658,000 2.544,485,000 2,522,831,000 2,496,161,000 2.472.059,0002.441.232.000 '2,416,038,000 2,197,999,000
:Sold held abroad
Due from foreign banks
3,732,000
3,610,000
4.238.000
3.775,000
2,749,000
3.700.000
4,913,000
3,662,000
3.615,000
15,948.000
19,323.000
17,833,000
19.575,000
14,310,000
Federal Reserve notes of other banks.- 17,998,000
16,296,000
16,084,000
16,242,000
Uncoilected items
526,891,000 341,876,000 426.364.000 385,196,000 482,884,000 385.872,000 429,705,000 389.001,000 439,203,000
Bank premises
54,614,000
54,554.000
58,169,000
54,643.000
54,639,000
54,614,000
54,614,000
54,732,000
54,730,000
56,850,000
54.681,000
38,157,000
All other resources
50.676.000
48,872,000
47.875,000
58,372,000
49,198,000
48,822,000
7,024,974,000 6,819,781,000 6.923.377,000 6,874,888,000 6,937,052,000 6.806.825,000 6,823,443,000 6,770.430,001 6,045,855,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
2,973,040,000 2,982,997,000 2,967,302,000 2.960,748,000 2,993,917,000 3.008,430,000 2,999,389,000 2,972,782,001' 2,699,747,000
F. It, bank notes in actual circulation.-- 194,950,000 193,678,000 188,840,000 180,363,000 172,143,000 170.501.000 160,789,000 145,627,001
Deposits-Member banks
-reserve acc't- 2,645,232,000 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 2,399,722,000
27,758.000
98,045.000
56,062.600
26,036,000
17,634.000
Government
90,926,000 115,597,000
63,117,000
64,220,000
15.381,000
17,797.000
16,098,000
15.197,00
10,922,000
Foreign banks
15,132.000
10,682,000
13,401.000
7,532,000
68,884.000
73,629.000
67.495.000
70,700.000
74,232.000
Special deposits-Member bank
65,210,000
69,951.000
65,529,000
14.237.000
14,193,000
15,238,000
15,315.000
Non-member bank
14,954.000
14,704.000
15,858,000
14,593,000
Other deposits
66,088.000
53.128.000
51,912.000
22,445,000
80,962.000
65,718,000
69,800.000
55,372.000
75,425,000
2,872,531,000 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 2.459,125,000
525,942,000 354,583,000 424,910.000 385,779.000 471,035,000 384,498,000 425.678,000 387.711.000 431,775,000
145,100,000 145,301,000 145,456,000 145,527,000 145,549,000 145.617.000 145,605.000 145.862.000 151,993,000
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
35,987,000
35,499.000
36,578,000
43,794,000
34,812,000
33,233.000
32,070,000
34,121,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
7,024,974,000 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 6,045,855,000
Ratio of gold reserve to deposits and
,
F. It. note liabilities combined
61.3%
61.5%
61.3%
62.1%
61.1%
61.5%
62.1%
58.6%
61.9%
Ratio of total reserve to deposits and
F. R. note liabilities combined
62.4%
Ratio of total gold reserve & 0th. cash* to
deposit & F.R. note liabilities combined
65.2%
65.5%
66.1%
65.2%
65.5%
63.9%
65.1%
65.9%
65.7%
Contingent liability on bills purchased
for foreign correspondence
30,750,000
10.700,000
33,798.000
36,030,000
40.549,000
42,407,000
34,954,000
3,896,000
38,469,000
Maturity Distribution of Bias 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
5
80,979,000
9,986,000
12,449,000
6,444,000
1,579,000
3
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
8
5
$
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
222,695,000
22,430,000
32,571,000
19,238,000
10,238,000
119.307,000
3,645,000
559,000
1,986,000
716.000
122,984.000
996,000
1,903,000
366,000
3,910,000
133.233.000
1,110,000
2,118.000
565,000
2,888,000
307,172,000
6,186,000
11,388,000
9,179,000
7,771,000
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
34,524,000
120,249,000
111,437,000
499,060
5,156,000
4,491,000
4,887,000
147,000
112,261,000 116,507,000 114,593,000 112.754,000
639,000
285,000
3,408.000
293,000
325,000
737,000
475,000
616,000
863,000
1,045,000
899.000
2,118,000
4,783,000
4,817,000
4,602,000
568,000
Total bills bought In open market.,,...
1-15 days U. S. certificates and bills16-30 days U. S. certificates and bills-- 31-60 days U. S. certificates and bills.-61-90 days U. S. certificates and bills.-Over 90 days U.S. certificates and bills--
15,180.000
106,070,000
246,179,000
174,245,000
98,711,000
342,705,000
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
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
967,910,000
1,449,000
37.000
50.000
33,000
967,912,000
1,439,000
47,000
31,000
42,000
969,297,000 964,796,000
1,439,000
1,449,000
47.000
31,000
51,000
42,000
59.000
957,723,000
1,449,000
926,722.000 896,534,000
1,717.000
1,617.000
10.000
10,000
37,000
37.000
31,000
31,000
42.000
42,000
1,569,000
1,559,000
1.559.000
1,559,000
$
87,541,000
9,057.000
9.730.000
12,023,000
956,000
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
Total municipal warrants
3
81,632.000
9,456,000
11,988,000
8.660,000
1,018.000
37.000
73,000
1.559,000
1,737,000
1.837,000
124,600,000
150,739,000
666,069,000
895,010,000 1,061,657,000
1,650.000
4,293,000
1,000,000
133,000
37.000
143,000
42,000
1,729,000
5,569,000
Federal Reserve Notes
Issued to F. It. Bank by F.It. Agent...... 3,240,601,000 3,236,532,000 3,230,352,000 3,239,636,000 3,262,380,000 3,281.247,090 3.259.873.000 3.250,979,000 2,923,250,000
267,561.000 256,535.000 263.050,000 278,888.000 268,463,000 272.817,000 260,484,000 278.197,000 225,503,000
Held by Federal Reserve Bank
2,973,040,000 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 2,699,747,000
In actual circulation
Collateral Held by Agent as Security
for Notes Issued to Bank
By gold and gold certificates
Gold tund-Federal Reserve Board
By eligible paper
U. S. Government securities
1,514,579,000 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 1,073,224,000
1,115,675,000 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 1,167,945,000
78,405,000
71,089,000
74,491,000
71.637,000
69,032,000
75.435,000
75.332,000
84,057,000 290,799,000
562,600,000 580,000,000 572.000,000 556,200,000 575,200,000 603.200.000 570,200.000 525,200,000 423,300,000
3.271.259.000 3.288.215.000 3.285.052.000 3.303.168.000 3.321.831.000 1,340 444 non 2 294 Ana nnn 2 299 952 finn a cc ,
,
..a
•"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.
'meal
nna
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 15 1933
Two Ciphers (00) Omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis.lkfinneap. Kan.City. Dallas. San Fran.
Toted.
Federal Reserve Bank of$
S
RESOURCES.
Gold with Fed. Res. Agents__ 2,630,254,0 216,872,0
Gold red,fund with U.S.Treas.
38.185,0 1,806,0
$
$
$
8
$
576,706,0 167,000,0 206,770,0 128,075,0 95,200,0
8,029,0 4,395.0 4.626,0 1,867.0 2,484,0
$
$
$
6
$
$
733,972,0 124.578.0 64,854,0 92.390,0 42,074,0 181,763,0
3.410.0 1,436,0 1,683,0 1,315,0
933.0 6,201,0
Gold held excl. agst. F.R.notes 2,668.439,0 218,678,0
Gold settlem't fund with F.R.Bd 668,019,0 25,612,0
Gold ge gold ctfs. held by banks. 240,695.0 21,499,0
584.735,0 171,395,0 211,396.0 129,942,0 97.684,0
212,855,0 12,308,0 37,274.0 23,078,0 12.691,0
147.441,0 12.365,0 4,713,0 1,420.0 2,958,0
737.382,0 126,014.0 66.537,0 93,705,0 43,007.0 187.964,0
176,999,0 29,389,0 18,530.0 38,948,0 32,129.0 48.206.0
2,718,0
307.0
392,0 12,067,0 3.834,0 30.981,0
945,031,0 196,068,0 253,383,0 154,440,0 113,333.0
917,099,0 155.710.0 85.459.0 144.720.0 78.970.0 267.151.0
Total gold reserves
3,577,153,0 265,789,0
3642
Financial Chronicle
Nov. 18 1933
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.
Total.
RESOURCES (Concluded)—
ither cash.
Boston,
New York.
$
$
225,820,0 19,051,0
Total gold res. dn other cash__ 3,802,973,0 284,840.0
tedem. fluid—F. R. bank notes_
11,693,0 1,250,0
iIlls discounted:
See. by U.S. Govt. obligations
26,457,0
1,783,0
Other bills discounted
84,980,0 3,033,C
Total bills discounted
iIlls bought In open market
F. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
111,437.0
15.180,0
Cleveland. Richmond Atlanta.
Phtla.
$
$
$
$
53,932,0 28,795,0 20,181,0 12,161,0
Si. Louts. Mittman. Kan.City. Dallas. San Fran.
Chicago.
5
11,899,0
5
$
32,101,0 10,370,0
998,963,0 224,863,0 273,564,0 166,601,0 125,232,0
2,821,0
885.0 1,544,0
250,0
344,0
5
9,678,0
$
7,987,0
$
5
6,520,0 13,145,0
949,200,0 166,080,0 93,446.0 154.398,0 85,490.0 280.296,0
2,103,0
361,0
262,0
500.0
767,0
606,0
13,346,0 4,215,0
27,846,0 20,601.0
442,691,0 24,389,0
1.021,001,0 68.690,0
584,0
6,235,0
267,0
5,512,0
1,339,0
4,508,0
577,0
850,0
182,0
2,885,C
469,0
3,625,0
296,0
732,0
336.0
2.297,0
41,192,0 24,816,0
5,488,0
1,310,0
4,816,0
926,0
3,063,0
6,856,0
9,919,0
1,249,0
6,819.0
492,0
5,779,0
444,0
5,847,0
1,632,0
1,427,0
397,0
3,067,0
264,0
4,094,0
371,0
1,028,0
378,0
2.633,0
2,229.0
170,045,0 28.070,0 32,161.0 11.862,0 10,770,0
350.919,0 71,677,0 93,212,0 34,376.0 31,176,0
76,950,0 14,493.0 16,311.0 14.008,0 18,524,0 25,108,0
171,753,0 40,562.0 25,412,0 35,732,0 24,711,0 72,781,0
967.910,0 64,592,6
310,717,0 67.373,0 87,651,0 32.324,0 29,297,0
188,640.0 38,145,0 23,888.0 33,601,0 23,240,0 68,442.0
Total U.S. Govt.securities_ 2,431.602,0 157,671,0
Ither securities
1,569,0
Ills discounted for, or with
(—). other F. R. banks
831,681,0 167.120,0 212,C24,0 78,562,0 71,243.0
993,0
510,0
437,343,0 93,200.0 65.611,0 83,341.0 66,475,0 166,331,0
66,0
Total bills and securities
Me from foreign banks
ed. Res. notes of other banks
'ncollected items
ask premises
II other resources
879,354,0 193,756,0 224,192,0 85,873,0 77,466.0 444,822,0 95,024,0 69,008.0 87.806,0 67,881,0 171,193,0
1,251,0
410,0
370,0
146,0
131.0
508,0
22,0
108,0
15,0
108,0
261,0
4,394,0
539,0 1,030,0
1,567,0
1,036,0
3,129,0
772,0
543,0 1,178,0
259.0 1,307,0
127,581,0 43,721,0 53,215,0 44,640,0 15,876,0
72,394.0 23,684,0 13,157,0 30,798,0 21,906,0 22,054,0
12,818,0 3,791,0 6.932,0 3,238,0 2,422.0
7,609,0 3,285,0
1,747,0 3,559,0 1,797,0 4,254,0
27,426,0 4,607,0 2.134.0 3,427,0
3,952,0
1,559,0
599.0 1,071,0
1,783,0 1,196,0
988.0
2,559,788,0 163,413,0
3,615,0
285.0
16,084.0
330,0
526,891,0 57,865,0
54.732,0 3,280,0
49,198.0
456,C
Total resources
7,024,974,0 511,719,0 2,054,608,0 472,572,0 562,981,0 305,742,0 226,459,0 1,481,324,0 289,827,0 179,249,0 280,130,0 179,404,0 480,959.0
LIABILITIES.
.R. notes in actual circulation_ 2,973.040,0 217,528,0 639,338,0 232,849,0 279,076,0 149,697,0 122,230.0
.It. bank notes In act'l circurn 194,950,0 19,984,0
51,444,0 14,188,0 26,105,0 4,533,0 5,716,0
,
eposits:
Member bank reserve account 2,645,232,0 181,252,0 1,000,437,0 124,701,0 150,481,0 80,536,0 57,520.0
Government
64,220,0 1,147,0
28.058,0 1,621,0 3,358,0 1,682,0 2,178,0
Foreign bank
7,532,0
502,0
2,952,0
722,0
681,0
268.0
241,0
Special—Member bank
65,529,0
788,0
5,663,0 8,224,0 6,373,0 2,256.0 2,369,0
Non-member bank
1.432.0 1,990,0
14,593,0
171,0
678,0
375,0
Other deposits
75,425,0 2,157,0
42,166,0
650,0 1,520,0 4,452,0 2,788,0
Total deposits
eferred availability items
apitai paid in
Streins
A U other liabilities
2,872,531,0
525,942,0
145,100,0
278,599,0
34,812,0
Total liabilities
743,726,0 142,903.0 89,847,0 104,623,0 38,493,0 212,730,0
30.347,0 5.749,0 4,164,0 8,348,0 13,795,0 10,487.0
533,094,0 83,026.0 54,416.0 116,508,0 85,162,0 178,098,0
9,261.0 1.213,0 4,041,0 2,004,0 1,671,0 7.986.0
894,0
234.0
158,0
199,0
199,0
482.0
27,989,0 4.414,0 1,184,0 3,199,0
392,0 2,678.0
4,300,0 4,550,0
321,0
101,0
675,0
997,0 5,747,0
1,233,0
933.0 1,631,0 11,151,0
185,846,0 1.080.708,0 137,908,0 162,584,0 89.872,0 65,471,0
56,414,0 124,669,0 41,255,6 51,534,0 44,113.0 15,282.0
10,783,0
58.464,0 15,747,0 12,364,0 4,923,0 4,415,0
20,460,0
85,058.0 29,242,0 28,294,0 11,616,0 10.544,0
704,0
14,927,0 1,383,0 2,934.0
988,0 2,801,0
576,535,0 99,184,0 61,353,0 122,944.0 89,056,0 201,070,0
73.688,0 26,730,0 12,838,0 30,917,0 23.958,0 24,544,0
12,982,0 3,997,0 2,858,0 4,242,0 3,709,0 10,616,0
39,497,0 10.186,0 7,019,0 8,263,0 8,719,0 19,701.0
4,549,0 1.078,0
1,170,0
793,0 1,674,0 1,811,0
7 024,974,0 511,719,0 2.054,608,0 472.572,0 562,981,0 305,742,0 226,459,0 1,481,324,0 289,827,0 179,249,0 280,130,0 179,404,0 480,059.0
Memoranda.
atio of total gold reserves and
other cash• to deposit & F. R.
note liabilities combined
ontingent liability on bills purchased for torn correspondents
65.1
70.6
58.1
60.6
61.9
69.5
66.7
71.9
68.6
61.8
67.8
67.0
67.7
3.896.0
235.0
1,298,0
410,0
386.0
152.0
136.0
507.0
133,0
90,0
113,0
113.6
273.0
•"Other cash" does not, include Federal Reserve notes or a bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at—
Total.
Boston. New York.
Two Ciphers (00) Omitted.
$
$
7ederal Reserve notes:
Issued to F.R.Bk. by F.R.Agt 3.240,601.0 237,636.0
Held by Fedi Reserve Bank_ 267,561,0 20,108,0
In actual circulation
2.973,040,0 217,528,0
;
°Hateral held by Agent as security for notes issued to bits:
Gold and gold certificates__ _ _ 1.514.579,0 74,555,0
Gold fund—F. R. Board
1,115,675,0 142,317,0
Eligible paper
78,405,0 3,416,0
U. S. Government securities
562,600,0 19.000,0
''''-•-' ^-:"----'
•
,
0,1 nen n Oun noo n
Cleveland. Richmond Atlanta.
Phila.
$
5
$
$
Chicago.
$
$
St. Louis. Alinneap. Kan.City. Dallas. San Fran.
$
$
$
$
$
722.976.0 247,723,0 293,425,0 158,767,0 141,575.0
83,638,0 14,874,0 14,349,0 9,070,0 19,345,0
783.958,0 152,103,0 94 941,0 112.419,0 42.128,0 252,950,0
40,232,0 9,200,0 5.094,0 7,796,0 3,635,0 40,220,0
639,338,0 232,849,0 279,076,0 149,697,0 122,230,0
743,726,0 142,903,0 89,847,0 104,623,0 38,493,0 212,730,0
523,606.0
53,100,0
30,672,0
130,000,0
445,972,0 28,378.0 29,854.0 19,590,0 20,574,0 91,000.0
288.000,0 96,200,0 35.000,0 72.800,0 21,500,0 90,763.0
3,214.0
1,285.0 1,783,0 3,367,0 1,172,0 3,966,0
50,000,0 28,000,0 28,600,6 17,000,0
70,000.0
—
/0/ 1.1 A 102 52A1 A on 917 n 119 707 n 49940 n 900 790 n
100,880,0 107,270,0 51,700,0 21.200,0
66,120,0 99.500,0 76,375,0 74,000,0
11,714,0 9.075,0 5.186,0 3,555,0
70,000,0 80,000,0 26.060,0 44,000,0
uu, uuo n oAo ,1A none oAm n len Oat n Ido 70m n
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at—
Total.
Two Ciphers 400) Omitted.
Federal Reserve bank notes:
Issued to F. R. 13k. (outstdg.):
Held by Fed'I Reserve Bank_
5
Boston. New York
$
$
Phila.
Cleveland. Richmond Atlanta.
Chicago.
$
5
$
$
$
Si. Louts. Minneap. Kan.City. Dallas. San Fran.
5
$
$
$
$
rrAr.tonlInfornt
63,375,0 18,684,0 27,484,0
11,931,0 4,496,0 1,289,0
4,600,0
67,0
6,314,0
598,0
31,723,0
1,376,0
5,941,0
192,0
4,467.0
303.0
9.925,0 14.802,0 10,616,0
1,577,0
1,C07,0
129,0
194,950,0 19.984,0
51,444,C 14,188,0 26,195,0
9,533,6
5,716,0
30.347.0
5,749,0
4,164,0
8,348,0 13,705,0 10,487,0
1,929,0
243.274.0 30,000,0
1,515,0
64,274,0 19,000,0 30,000,0
5,000,0
193,0
9,000,0
36,000,0
221.0
7,000,0
6,000,0 10,000,0 16,000.0 11.000,0
245 9090 10 ono n
In actual circulation
Collat. pledged agst. outst. notes:
Discounted A: purchased bills_
U. S. Government securities
221,536,0 23,605,0
26,586,0 3.621,0
54 274 0 In en() 0 11.5110
5.000.0
9.193.0
36.000.0
7.221.0
6.000.0 10.000.0 16.000.0 11.000.0
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 ly* Now 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 su nmary
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. 8 1933 (In Millions of Dollars).
Federal Reserve District—
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
BOrrowlnas from F. R. Bank
Total.
$
16,719
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. AIinneap. Kan.City. Dallas. San Fran.
340
338
$
1,531
458
180
186
227
231
63
117
57
129
$
1,128
$
$
$
1,200
$
7,726
$
1,050
8.593
692
3,971
506
3,590
5.003
244
448
1,889
2,082
241
265
8,126
508
3.755
544
670
160
5,147
2,979
326
182
2,400
1,355
298
246
468
202
114
46
1,878
226
10,531
4,495
999
1,154
2.676
a,
134
26
707
377
1C0
119
156
843
56
5,553
1,201
480
116
1,232
la
71
13
556
312
90
86
150
75
17
515
441
57
50
123
29
11
193
129
9
61
68
24
6
144
132
36
55
57
d
$
$
$
$
479
332
612
392
$
1,691
860
238
182
212
215
893
402
458
87
151
46
136
55
157
59
156
220
673
152
671
241
150
300
177
798
101
51
417
254
140
101
92
58
191
109
122
55
478
320
403
45
1,225
468
65
225
323
58
10
288
159
26
68
100
30
5
200
123
4
55
77
, 62
12
340
169
14
107
160
49
9
238
122
35
85
107
100
16
572
862
83
127
123
9
9
.
ginanitat
r
nit
alt x;,11alitIfir
ctinuterria
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Nov. 17.
S
Maturity.
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
12 Mos.
Including Postage—
$10.00
United States, U. S Possessions and Territories
11.50
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13.50
South and Central America, Spain, Mexico and Cuba.. 13.50
Europe (except Spain). Asia.
Great Britain, Continental
15.00
Australia and Africa
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NOTICE.—On account of the fluctuations In the rates of be
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must
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Oilmen° Orrice—In
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Treas. William
Wall Street, Friday Night, Nov. 17 1933.
Railroad and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 3634.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending Nor. 17.
3643
Financial Chronicle
Volume 137
Sales
for
Week.
Range for Week.
Lowest.
Highest.
,
Range Sii ce Jan. 1.
Lowest.
Highest.
per share.
per skare.1$ per share
Par Shares. $ per share. •
Railroads—
Sept
Nov 178
10 170 Nov 16170 Nov 16, 70
Albany & Susqueh_ A00
Oct
Feb 65
10 6134 Nov 15 61% Nov 15 60
Cleve dr Pittsburgh 50
Mar
30 13i Nov 13 5 Nov 15 1% Nov 5
1)etr & Mack pref.100
Oct 51% July
Nov 15, 20
300 2034 Nov 17 2134
Iludson & Manh pf.100
Aug 8% Sept
100 6% Nov 16 6% Nov 16 5
Interb Rap Trans ctfs_
Silt Rys of Cent Am—
Aug
10 10 Nov 15 10 Nov 15 4% Apr 20
100
Preferred
% Nov 16
34 Feb 3% July
% Nov 16
50
100
Market St Ry
July
Nov 16 58 Nov 16 49% Apr 64
205S
50
Morris & Essex
May 8734 Sept
250 81% Nov 16 85 Nov 11 1 74
Norfolk & West p14..100
July
Feb 7
50 2 Nov 11 2 Nov 11, 1
Pacific Coast 2d pf_100
July
5 Nov 14 5 June 10
10 5 Nov 14
Phila. Rap Trans pr....50
10 2% Nov 15 2% Nov 14 2 June 51i July
50
Common
73% Nov 14 73% Nov 14 7355 Sept 73% Nov
10
Pitts C C & St Louls100
July
Apr 43
100 17 Nov 16 17 Nov 16 15
Texas & Pacific____100
Indus. & Miscell.—
July
Feb 38
30 36 Nov 15 36 Nov 15 13
Austin Nichols prior A •
Beneficial Ind Loan... 2,700 1334 Nov 14 14% Nov 13 13% Sept 1434 Nov
Nov
Jan 72
10 72 Nov 16 72 Nov 16 53
Bloomingdale 7%__100
Sept 38% Sept
Bristol Myers Co____5 4,000 30% Nov 16 3434 Nov 13 29
X Jan 3 June
14 1% Nov 14
200 1% Nov
Burns Bros cl A ctfs__*
% Apr 5 June
100 2 Nov 16 2 Nov 16
Class A
June
160 434 Nov 14 434 Nov 14 1% Jan 13
100
Preferred
Sept
Apr 55
100
20 51 Nov 14 51 Nov 14 40
City Investing
40 2% Nov 11 25.1 Nov 11 134 Jan 834 July
City Stores class A___•
f4 Nov 534 July
170
X Nov 11 2% Nov 16
•
Class A ctfs
,
34 Mar 234 July
% Nov 11
% Nov 11
• 1,100
Certificates
Nov 54 June
40 15 Nov 15 16 Nov 17 13
Col Fuel & Ir pref__100
May 74% June
17 40
1050 Nov 17 50 Nov
Columbia Gas & El pf B
Sept
10 23 Nov 14 23 Nov 14 183.4 Mar 25
Comm Cred pref (7).25
Mar 9634 Aug
20, 83 Nov16 85 Nov 16 74
Cushm SODS pf (7%)100
July
• 48,000: 30% Nov 15 33% Nov 14 2434 July 49
Deere & Co
50, 334 Nov 16 354 Nov 16 2% Apr 694 Nov
Fairbanks Co pf ctfs 100
Mar 9% Nov
140 9% Nov 16 9% Nov 16 5
Fifth Ave Bus See_
20104% Nov 16104% Nov 17 9934 Mar 108% Sept
Gen Baking Co pref_.•
Harbison '14 alker 'tetra*,
Aug
Mar 95
101 85 Nov 14 85 Nov 14 48
100
Preferred
July 90% Nov
25 12,200 82 Nov 13 00% Nov 17 65
Hazel-Atlas Co
10132% Nov 11132)4 Nov 11,116% Mar 132% Nov
pref_100
lielme (G W)
Jan
20 102 Nov 15102% Nov 15 100 June 110
Kens City L & P pf
Mar, 7% June
210 234 Nov 16 3 Nov 17 1
Kresge Dept Stores..•
June
Nov, 80
30 30 Nov 16 3534 Nov 15 30
100
Laclede Gas
Jan
70 45 Nov 15 45 Nov 15 3734 Apr, 61
100
Preferred
5 2.400 17% Nov 16 18% Nov llt 15% Octi 223-4 Sept
Life Savers
MacAndrews Jr Forbes
1
Nov
Apr, 96
10 95 Nov 15 95 Nov 15 74
100
Preferred
1
Mathieson Alkali Works
110 107 Nov 16 110 Nov 17,100% Jan 112% Oct
100
Preferred
29% Nov 14 32% Nov 13 29% Nov 3334 Nov
Nat Distill Prod new..• 108,100
05 Nov 15 64
Nov
Jan 95
Omnibus Corp pref_100 1,800 89 Nov 13
100105 Nov 13105 Nov 13101)4 MaY 11134 Sept
Tel & Tel pref_100
Par
3,600 634 Nov 11 8% Nov 171 6% Oct 934 Sept
Pacific Western Oil_ __•,
300 12 Nov 15 17 Nov 13 534 Jan; 20 June
Panhandle P & It p1100
% Oct
1.100,1-128 Nov 111-128 Nov 111-128 Nov
Peerless Co rights
Peoples Drug Stores
July
Aprt 87
5085 Nov 11 86 Nov 13 65
cony pref__100
655%
34 Feb, 9% July
700 3 Nov 14 3% Nov 11
Penn Coal & Coke_ __50
Novi 734 Nov
634
11 6
Pierce-Arrow Co nevr_5 2,200 6 Nov 13 19% Nov
May, 1934 Nov
Nov 17 14
200, 16% Nov 13
Rhine Westphalia El Pr;
Nov 16 26% Nov 14 249-4 Oct 2634 Nov
Roan Antelope C M__11 6,300, 25% Nov 17
Oct 453.4 Aug
36% Nov 17 32
Dist l'rod__5 17,400 33%
Schenley
Nov
126, 22 Nov 11 31 Nov 14 11% Mar 31
Shell Transp 42 Trad_ £2
57 Nov 16 4
934 Oct, 60% Sept
Sterling l'roducts___10 8,400, 5334 Nov 15
Underwood - Elliott Sept
Apr105
301 100 Nov 16 100 Nov 16 76
100
Fisher pref
Sept
12,000 7% Nov 16 8% Nov 13 67-4 Oct 12
United Drug
Apr 116% Oct
50110 Nov 16 116 Nov 15 96
Univ Leaf Tob pref_100
Mar 83 June
65% Nov 17 35
ln 65,4 Nov 17
10
Utah Copper
Sept
26% Oct 31
5 6,000t 2734 Nov 16 29 Nov 13 2% Feb 16
Vick Chemical
May
40, 63'. Nov 16 8 Nov 13
Virginia Ir Cl & C_100
Apr 9034 Sept
50 81% Nov 15 83% Nov 15 75
Waigreen Co pref__100
July
Feb 67
5
1001 35% Nov 14 3 % Nov 14 15
Wheeling Steel pref_100
1
White Rock Mineral
Oct
Oct 29
1,6001 24 Nov 14 25% Nov 15 23
new
Springs
• No par value.
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 3634.
A complete record of Curb Exchange transactions for the
week will bo found on page 3661.
Int.
Rate.
Bid.
Asked.
996n
%,% 991322
June 15 1934_ _ _
24% 10012, 1004,
Dec. 15 1933.__
,
34% 1002,, 100 ,,
Mar. 15 1934_ _
Aug. 1 1935_ _ _ 154% 991.2, 9911,,
Aug. 1 1934._ 234% 100"s, 101
Feb. 1 1933...... 24% 971.ss 98
Dec. 15 1936._ MI% 98",, 99.2,
Apr. 15 1936_ _ 50.5 °Z. 99201, 100
Maturity.
Int.
Rate.
Bid.
Asked.
June 15 I938___
May 2 1934._ _
June 15 1935._
Apr. 15 1937._
Aug. 1 1936._
Sept. 15 1937_._
Dec. 1.5 1933._
23-4%
3%
3%
3%
3)4%
34%
434%
971.2,
10030,2
1016,2
99
100
99",,
.4
1001
98"21
101322
1013322
99",,
100",,
99"a
100"a
U. S. Treasury Bil s—Friday, Nov. 17.
Rates quoted are for discount at purchase.
Bid.
Nov. 22 1933
Nov. 29 1933
Dec. 6 1933
Dec. 20 1933
Dec. 27 1933
Jan. 3 1933
0.30%
0.30%
0.30%
0.35%
0.35%
0.35%
Bid.
Asked.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Jan. 10 1934
Jan, 17 1934
Jan. 24 1934
Jan. 31 1934
Feb. 7 1934
Feb. 14 1934
Asked.
0.40%
040%
0.40%
0.45%
0.45%
0.45%
0.15%
0.15%
0.20%
020%
0.20%
0.30%
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.
Nov. 15 Nor. 16 Nov. 17
Daily Record of U. S. Bond Prices. Nov. 11 Nov. 13 Nov. 14
,
42 100.22 100 2, 1001,2 1003,2
High 1008s, 100,
First Liberty Loan
9911, 9933,2
1001 n 1001,2
33.4% bonds of 1932-47__ Low. 99,42, 100
991122 100'.,
1001123 100'n 1001:2
Close 100
(First 3%8)
488
135
579
433
216
124
Total sales in $1,000 units._ _
Converted 4% bonds ofrigh
_
1932-47 (First 4.3)
LowClose
Total sales in $1,000 units_
2
f 10112,2 10- 1;, 1011c2
Converted 434% bonds High
1011.2, 101 1.n 101 1n 10001,2 100"ss
01 1932-37 (First 4%s) Low_
22
1011.12 10113,2 101.n 10011,2 101,
Close
105
84
66
31
28
Total sates in $1,000 units_ _ _
Second converted 45,4%11142h
bonds of 1932-47 (First)Low.
Close
Second 43,$)
Total sales In $1,000 units__ _
2
.;
10I 2
0a2 101:;,
101-3°a: 101.
(High
Fourth Liberty Loan
434% bonds of 1933-38...I Low. 10112a2 101212, 101241 101 112, 10112,2 10111n
,2
'22
02: 10111:2 1016 10112a2 101 2
(Close 101 1.22 101.
(Fourth 4548)
495
334
560
784
272
264
Total sales in $1,000 units__ _
high 10118s, 101182, 10111,2 101 1.2, 101 1.22 101":2
Fourth Liberty Loan
Low_ 101 1112 101 1.22 10111,2 10111a, 101 11n 101 142,
434% bonds (called)
Close 1011822 101118 10111:2 101 1.32 10111,2 101 112,
68
129
143
121
123
70
Total sales in $1,000 units_ -10611s2 106
1068s,
righ 1001822 1071,2 107
Treasury
Low 1061.,2 10611,2 106"s2 106.,, 10481:2 104"2,
434,, 1947-52
Close 1061.,2 1074,2 10612,2 100'n 105.22 106.2,
109
155
201
298
215
22
Total sales in $1,000 units_ -991.21
High 991022 992.22 991.22 991.22 998::
9811,2 99212,
90.032 99.22
998,2
Low. 99'n
43.4s-334s, 1943-45
ogun 9918a, 991122 981.a2 9919,2
Close 99.22
1843
813
522
4488
1515
637
Total sales in $1,000 units___
10314s, 103'12 103102,
1041.22 101
{High 104
4s, 194464
Low_ 103.21 1031.,2 1031.,2 103.s, 10212, 1022s,
Close 10310,2 10410,2 1031.2, 1033,2 10210,2 10310s,
206
732
416
923
536
73
Total sales in $1,000 units- - _
righ 102.22 1021.22 1021122 10103,2 1000.22 101.22
10119:2 1013,2 1001822 1001st
102
334s, 1946-56
Low_ 102
101 1°,2 1001.22 101.2,
1021112
Close 102
51
291
390
149
39
298
Total sales in 11.000 units__
,
(High 9924, 991.32 001130 991432 991.82 9921 2
,
99 ,,
991,a, 00.1,2 9905,2 991at
,
99 s,
Low.
3345. 1943-47
” 9921s,
622 991,
Close 993322 991122 99 232 99
145
.41
164
179
61
14
Total sales in $1,000 units....
,
95. s2 951.n 953,2
,
06 32
622 96.22
(High 95
9410,2 940322
110w. 9511, 9510,2 050'st
3s, 1951-55
022 951,2
050baz 94.
96
(Close 0528,, 96.22
229
295
285
460
212
30
Total sales in $1,000 units__
,
High 996 2 992.22 9920,2 991.32 9910:2 100
1 99.11
90"32 9911,
99 42
,
99
334s, 1940-43
Low.
9920,
9910,2 100
i, Close 991.n 992h2 99,32:
290
90
208
117
71
8
Total sales in $1,000 Unit.,....
g92,” 99102, 99 ,2 992
.” 991.22 991.n
6
(High
98.
0n
9913,2 991.22
991.22 998:2
Low_
3%8, 1941-43
,
9909,2
Close 991.22 9911:2 9991,2 931.22 99 21
180
188
214
215
1028
103
Total sales in $1,000 units.
961.22 9631,2
{High 96",, 970522 9711s2 97
Low_ 961.22 966,2 9628,2 9619:: 951.32 950,22
334s, 1946-49
961.22 96.22
96"112
Close 96242 97.32,
382
227
154
149
191
73
Total sales in $1,000 units._.
99122,
6;2 9900,, 9911,2 99',,
illigh 99"s2 99
981.,, 992.n
,
99 n
99.22
,
99 2,
99.n
Low
334s, 1941
992.:2 991.22 991°,2 981.22 9912,2
Close 99.n
958
841
944
435
1106
505
Total sales In $1,000 units_ --
I
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
24th 41.4s (uncalled)
12 4th 43-4s (called)
1 Treas 4s
__101, to 101821
3,
_1013 2 to 101 00.,
,
1021.. to 102'n
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 5.15@5.333
for checks and 5.15.Y8'@5.33.% for cables. Commercial on banks: Sight,
5.21; 60 days. 5.20%; 90 days, 5.20; and documents for payment, 60
days, 5.21. Cotton for payment. 5.2034.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.23(4
6.47 for short. Amsterdam bankers' guilders were 64.50@66.10.
Exchange for Paris on London, 82.43: week's range, 82.62 francs high
and 81.45 francs low.
The week's range for exchange rates follows:
Cheeks,
Cables.
Sterling Actual—
5.52%
5.5234
High for the week
5.03%
5.0414
Low for the week
Parts Bankers' Francs—
6.72
6.71%
High for the week
6.19
6.19%
Low for the week
Germany Bankers' Marks—
41.08
41.07
High for the week
37.76
37.74
Low for the week
Antsterdam Bankers' Guilders—
69.22
69.18
High for the week
63.68
63.64
Low for the week
3644
Nov. 18 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
ao- FOR
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
--
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 11.
Monday
Nov. 13,
Tuesday
Nov. 14.
Wednesday
Nov. 15.
5 Per share
50
.51
5712 5712
3212 3212
233 2414
4
241* 2412
*33
347
8
*96
99
*1012 13
*412 614
*35
453
4
2814 2912
*747 787
8
8
$ per share
4912 51 14
5714 .5712
32
3214
2358 245
8
24
24
*33
347
8
98
98
*1014 13
*412 614
46
*35
283 283
4
4
*6914 777
8
$ per share
47
51
'
5714 571 ,
3214 3314
8
2318 247
2312 2412
*3312 3512
•97
98
*1014 12
*412 614
46
*35
29
27
77
*71
S per share
453 48
4
5614 5614
31
30
2214 233
4
2318 235
8
*3312 35
*96
98
*1014 11
*43
4 614
46
*35
27
2712
*74
77
Thursday
Nov. 16.
Friday
Nov. 17.
$ per share 3 per share
4512 4778 4612 485
8
5.514 5312 55
55
31
30
305 3212
8
22
237
8 2318 243
8
227 2312 2358 2412
8
35
3512 3314 3314
96
96
97
977
8
*1012 107
8
1114 1114
*413 614 *412 6
*35
46
*35
447
8
27
28
2712 2912
*74
77
*6914 73
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest,
Highest.
Shares.
35,600
1,500
4,700
32,500
3,400
300
30
100
Railroads
Par $ per share $ per share
Atch Topeka & Santa Fe__100 345 Feb 25 8018July 7
8
Preferred
100 50 Apr 3 793
4June 3
Atlantic Coast Line RR
100 1612 Feb 25 59 July 19
Baltimore & Ohio
100
814 Feb 27 377 July 7
Preferred
100
912 Apr 5 3914 July7
Bangor & Aroostook
50 20 Jan 5 4114 Aug 29
Preferred
100 6834 Jan 4 110 Aug 30
Boston & Maine
100
6 Apr 19 30 July 1
93 July 8
Brooklyn & Queens Tr_No par
312 Mar 29
Preferred
No par 353 Apr 19 60's July18
4
10.900 Bklyn Manh Transit
No par 213 Feb 25 41'4 July 12
4
56 preferred series A_No par 64 Mar 2 8312June 13
_
Brunswick Ter & Ry SecNo par
12 Jan 11
4'4 July10
-12T2 - 7 -112i3 -127g - i23. - 3- - T8 124 -ii Ii- -ii )17- 13,500 Canadlan Pacific
11
-.
8 11 4 12
.
.i4 8
25
712 Apr 3 207 July 7
•_ 79 •___ 79 *__ __ 79 *_
79 *_ _ _ _ 79 0_ _ _ _ 79
Caro Clinch & Ohio stpd__100 5014 Apr 4 7912July 19
*50
*50
73
*50
73
050
74
*50
74
72
*50
72
Central RR of New Jersey_100 38 Apr 4 122 July 6
4018 403
8 3918 4014 3918 403
4 4014 403
4 3912 405
8 4018 4114 26,600 Chesapeake & Ohio
25 243 Feb 28 4914 Aug 29
8
*118 212 .118 212 *112 212 *15
8 212 *118 212 *118 212
Chic & East III Ry Co
100
12 Apr 18
8 July 10
218 218 *2
218 2'8 •2
3
3
*2
3
*2
3
200
6% preferred
12 Apr 5
100
812July 10
*3
312
33
8 *3
33
8 33
8 *3
314 027
8 3
*27
8 3
100 ChIcago Great ‘Vestern
ICO
13 Apr 6
8
73
8July 8
.63
4 7 4 *614 7 4
*614
7
*612 7
3
*614 7
,
612 714
300
Preferred
100
212 Apr 5 147 July 6
43
4 5
514
5
5
43
5 14
4 47
54 538 4,600 Chic Mllw St P & Pao __No par
8
43
4 514
1 Apr 6 1133 July 19
73
4 814
83
8 83
4
83
8 9
77
8 83
758 81s
s
814 854 17,700
Preferred
100
112 Feb 28 1814July 20
8
8 18
818
8
8
8 14
7 8 78
5
7
7 4 814
3
8
83a 6,000 Chicago & North Western_ 100
114 Apr 5 16 July 7
013
•13
15
13
13
12
15
1218 123 13
14
4
15
1,500
Preferred
100
2 Apr. 5 315
4July 0
8 4
35
*33
8 4
3
*33
4 4
4 4
33
4 3 4 *35
4
43
8 1,900 Chicago Rock 181 .1* Pacific_100
2 Apr 5 10'8 July 7
614 614
65a 6 8
,
612 612 *53
8 812
812 812
612 812
500
7% preferred
100
312 Apr 10 1912July 7
45
8 458 *412, 47
412 412
458
8
458
438
438
454 434 1,000
6% preferred
100
27 April
s
15 July 7
*23
2612 *2312 2612 23
2412 25
28
233 25
8
25
2512
560 Colorado As Southern
100 1514 Feb 24 51 July 13
*14
20
20
*13
20
*14
20
20
015
20
20
'2118
400
4% 1st preferred
100 1212 Apr 10 423
4July 19
.1914 30
22
*15
*18
*20
30
30
*15
30
*15
30
4% 2d preferred
100 10 Mar 2 30 July 21
•2 8 314 *27
7
*212 3
3
8 314
3
*27
8 3
100 Como! RR of Cuba pref
100
*27
114 Feb 24 1058June 12
8 3
*4
7
7
*4
*4
7
*4
7
*4
7
.4
7
Cuba RR. 6% peel
100
212 Jan 6 16 June 7
5414 5414 53 4 54
49
52
5012 55
3
50
53
51
7,700 Delaware & Hudson
537
100 375 Feb 25 934 July7
8
8 24
2414 247
247
8 2318 25's 221s 2334 2218 243
8
8 235 253 23,800 Delaware Lack & Western.50 1714 Feb 25 46 July 6
8
4
55
*512 5
8 53
0512 53
534 55
3
4
55
8 53
700 Deny & Rio Or West prof 100
8
4
53
4 53
2 Feb 28 19 July19
1514 1512 153 1618 15 8 153
8
3
15
4 1412 151
157
8 155 1614 5,400 Erle
8
100
3 4 Apr 4 253
3
4July 20
*1612 18
•153 17
4
173
8 17
17
17
16
167 *1538 17
8
1,900
First preferred
100
412 Apr 4 2913 July 5
1213 •I0
•10
13
13
1212 .10
.8
*10
1212 *10
1212
Second preferred
100
212 Apr 4 2314 July 19
19
1818 19
18
1712 1878 165 173
8
4 1614 185
8 18
10,600 Great Northern pref
19
100
453 Apr 5 3331July 7
512 512 *412 63
8 *412 65
8 .43
8 63
8 •53
8 53
4
5313 53
200 Gulf Mobilo & Northern_100
8
13 Mar 31 1112July 7
4
012
15
15
15
*12
*12
*12
15
*12
15
*12
15
Preferred
100
212 Mar 31 2312July 19
*3
4
1
*34 1
*3
4 1
*3
4
7
8
7
8
7
8
200 Havana Electric Ry Co No par
*3
4 1
NJune 3
23
4June 8
10
10
*1018 11
912 1018
912 912
1,200 Hudson & Manhattan
93 1018
4
97 10
8
19 June 13
100
612July 21
2614 27
265 2712 2512 27 8 25
8
7
2614 2518 273
8 2618 273 15,000 Illinois Central
4
100
4July 20
812 Apr 5 503
034
*34
*35
37
363
;
37
*3312 3418 3512 36
*3418 38
200
6% pref series A
100 16 Mar 31 6018July 20
*50, 56
4
50, 5014 50
4
50
*50
56
4912 50
*477 5012
8
150
Leased lines
100 31 Mar 3 60 July 19
*1612 175
8 1618 1712 1618 17
16
16
16
16
*153 16
4
670
RR Sec ctfs series A__1000
412 Apr 18 34 July 19
912 93
4 *9
10
83
8 87
8
814 812
83
3 83
8
7
8
83
4 9 8 5,600 Interboro Rapid Tran v t c _100
418 Feb 27 115 Oct 16
•11
12
*1012 12
1012 103 010
4
1012 103 11
4
1012 11
900 Kansas City Southern
100
612 Feb 27 247 July 18
•15
1712 16
16
15
15
14
14
14
15
15
15
1,000
Preferred
100 z12 Mar 31 3414July 19
1418 143
4 1414 147
8 137 147
8
8 133 1418 137 147
4
8
8 147 15
5,800 Lehigh Valley
8
4
50
85 Feb 21 273 July5
8
43
4234 4312 4218 4414 3812 42
44
3918 42
41
4212 5,500 Louisville & Nashville____100 2114 Jan 1 6712 July 18
•1912 25 .19 4 25
*193 25
3
4
*193 25
4
1814 1814 187 187
8
8
50 Manhattan Ry 7% guar_ _100 12 Mar 16 28 Oct 11
163 17
8
163 163
8 16
4
4 1612 167
1614 155s 16
16
173
8 6,400 Manh Ay Co mod 5% guar.100
6 Jan 3 20 Oct 11
*312 514 *312 514 *312 514 *312 5 4 *312 514 *312 514
,
Market St Ry prior pref....100
17 Mar 3
8
8 June 9
*5
8
7
3
7
8
'''53
3
8
5
8
214 July 7
*3
3
ki
700 MinneapolLs 8, St Louis_ __100
8
%
5
8
7
*54
Is Jan 23
*1 18 214 *112 214 *13
0118 2
4 2
.118 2
178
178
100 Minn St Paul & SS Marle_100
12 Mar 20
57a July 8
*2
412 .212 412 *212 4
*213 4
•212 4
*212 4
7% preferred
54 Apr II
100
8l3 July8
*3
5
5
*3
*3
5
*3
5
*3
5
*3
5
4% leased line ctts
100
33 Oct 25 1413 July 8
4
0812 83
4
83
4 83
812 812
4
8
*838 812
8
812 83
4
1,500 Mo-Kan-Texas RR____No par
53 Jan 3 17's July7
4
183 183
4
8
4 1712 1712 175 18
17
171a
1614 17
163 1712 2,200
4
Preferred series A
100 1112 Jan 3 37's July7
*4
414 414
43
414 43
8
414 41 1
8
418 414
4
1,900 Missouri Pacific
4
100
118 Apr 1
10'u July8
8 53
514 514
53
4
8 512
512 512
8
53
Cony preferred
512 558 2,300
4 53
53
15 Apr 1
8
100
154 July7
*31
33
*31
33
3112 *2512 30
30
*2712 32
130 Nashville Chatt & St Louis 100 13 Jan 5 57 July 7
*2513 34
*8
8
114
*5
8 114
Its
114 *11/t
Ps
114
110 Nat Rys of Mel 1st 4% pf _100
118
114
114
18 Mar 16
312June 27
12
12
*3
8
8,
12
12
*3
8
12
3
8
12
*3
8
12 1,100
2d preferred
100
18 Jan 3
13
8June 8
3514 3612 3512 3712 34
371 1
3318 35
3338 3638 3518 37 146,000 New York Central
100 14 Feb 25 58,
2July 7
•1514 1714 •1412 1818 *14
16
13
13
14
14
1412 1518
700 N Y Chic & St Louis Co
100
218 Jan 25 2734 Aug 28
01714 18
1614 17
1612 1612 1714 177
16
1714 1712 16
Preferred series A
100
8 1,100
25 Apr 11 3414July 20
8
114 114 *11014 119 *112 115
112 112
11014 11014 *112 119
50 NY & Harlem
50 100 Mar 31 1583
4June 13
1612 1714 163 173
4
8 153 163
4
4 1614 1714 165 175 15,600 NY N H & Hartford
4 1618 173
8
8
100 11 18 Feb 27 347
8July 111
*26
28
25
25
2512 *2414 2412 24
24
25
2512 27
Cony preferred
'2,300
100 18 Apr 4 56 July 6
*83
8 87
8 *814 8 8
8
7
8 18 *83
4
818 83
4 88
7
814 834 1,100 N Y Ontario & Western
lOil
73 Jan 4 15 July 7
8
*17
8 214 *17
8 2
112 15
8 *112 2
8
500 NY Railways pref
15
8 15
8
158
15
No par
18 Mar 15
312.July 7
114
114
114
114
114
112
11 1
114
114
112
112 1 12 1,000 Norfolk Southern
100
12 Apr 4
4 u July 10
*149 15212 147 147
149 150
149 149
1,500 Norfolk & Western
151 15212 15212 154
100 11112 Mar 2 177 July 7
2112 2212 21
8
2114 207 213
223
4 9,400 Northern Pacific
4 2118 223
213
8 20
4 21
100
97 Apr 5 347u July7
8
*212 3
*212 3
*212 3
*2
*2
Pacific Coast
*2
3
3
3
100
1 Jan 25
7 July 11
27
2714 263 2714 257 273
8 2514 263
4
8
.8 2718 277 34,900 Pennsylvania
8
4 2514 275
50 133 Jan 3 4214 July 7
4
*238 412 *238 4
*23
8 412
3
.23
8 312 .25
3
8 312
100 Peoria & Eastern
100
7 Feb 17
8
9 July 11
.1118 18
14
14
14
14
15
15
14
014
14
500 Pere Marquette
15
8
100
37 Mar 3 37 July 13
•15
23
*15
23
Prior preferred
23
015
23 .15
*15
23
*15
18
100
6 Jan 3 4412July 7
*13
15
*13
147 *1212 147 01212 147 01212 147
8
8
8
300
Preferred
412 Feb 28 3812July 7
8
100
8 147 15
•15
21
*15
21
Pittsburgh & West Virginia 100
•17
21
21
.15
21
*15
21
*17
4July 7
612 Apr 19 353
.43
48
*43
*43
46
4712
477 *43
4612 *43
8
4612 46
100 Reading
50 2312 Apr 5 6212July 6
*2912 3518 *2912 3518 34
50 25 Apr 25 38 July 12
100
34
1st preferred
*2912 35 .30
3518
*30
35
.30
31
.30
31
29
30
29
*28
30
29
300
29
50 2312 Mar 31 37 July 6
*28
2d preferred
*712 10
*712 10
*712 10
*712 10
*712 10
Rutland RR 7% pref
*712 10
100
6 Jan 6 1812July 3
25
8 25
8
212 234
93 July 7
8 *212 25
238 23
214
8
212
23
..100
8 212 2,300 St Louis-San Francisco.
73 Jan 30
27
8 27
8
27
8 3
27
8 3
23
4 3
4 3
27
1st preferred
8 27
100
914July 8
*23
8 1,700
1 Apr 17
*9
14
09
1412 .9
12
1412 *9
1412 *9
1412 *9
St Louis SoUthwestern
100
514 Mar 15 22 July 14
14
*13
35
*13
35
*13
35
*13
*13
*13
Preferred
35
35
100 12 June 7 263
35
8July 18
1 18 118
118 114
118
ils
118
1
114
lis
114 4,800 Seaboard Air Line
No par
14 Jan 3
3 July 7
l's
*15
8 178 *15
8 178 .112 178
47g July7
153
158 *112 15
112
400
Preferred
112
100
8
3 Mar 25
8
2018 207
8 1918 207
8 1918 20 4 187 197
3
8
8
8 183 2018 1912 205 42,900 Southern Pacific Co
100 11'* Feb 25 383 July 7
4
3
2212 2314 2212 2312 213 233
4
2214 2118 233
4 21
418 Mar 2 36 July 19
4
100
4 213 233 25,300 Southern Railway
4
.24
2478 2434 25 8 2314 2514 2212 2312 2212 247
3
100
2514 3.800
8 24
Preferred
57 Jan 3 49 July 17
8
30
30
*2312 34
*2312 34
*2312 34
*2312 393 *2312 393
100
4
Mobile & Ohio stk tr ctfs 100
8 Jan 5 4053July 10
4
*7
7 4 *7
3
73
4 *7
713 *63
73
4 *7
74
3
Third Avenue
7
100
418 Feb 25 1218June 3
4 712
0112 178 *112 17
8
114
112 *114
112 0118
113
112 *118
4June 8
43
900 Twin City Rapid Trans NO par
114 Nov 11
0618 7
*618 7
53
4 618 05 4 6
3
53
4 53
4
6
15 June 8
6
80 Preferred
5 Nov 14
31
100
110 4 11112 11012 112
3
108 11214 106 10812 105 11112 1103 11112 7,800 Union Pacific
4
100 6114 Apr 5 132 July 7
69
69
6713 68
6712 6712 6714 6714 6714 6714 6712 68
1,200
100 56 Apr 6 7513 July 12
Preferred
*25
8 27
8 *25
8 23
4
27
8 27
8
25
8 258
71z July10
23
4 27
234 278
s
800 Wabash
100
112 Jan 4
314 314 0314 37
97 July 7
s
34 3
3
54 *314 3e
Preferred A
118 Apr 6
900
100
8
33
8 33
318 312
87
8 87
8
83
4 87e
83
4 918
83
4 83
4
83
4 9
858 918 2,900 Western Maryland
4 Feb 27 16 July 13
100
•11
13 .11
13
*11
13
*11
13
13
*11
011
13
20 preferred
55 Jan 12 1912July 7
8
100
*3
4
*25
8 37
8 025
8 378 *23
4 3 8 *25
7
8 312 *23
Western Pacific
4 312
100
9'2 July 3
1 Apr 22
05
5 12 *5
514
8 5
43
4 *4
43
47
*4
4
414 414
400
Preferred
17 Mar 2 16 July 8
8
100
3712 *25
37
*25
*30
37
*28. 37
031
32
37
32
813
8
8
818 812
812
77
8 818
818 83
4
73
4 812
*6714 7014 6714 6714 .6714 7014 .6714 7014 *6714 7014 *6714 7014
Industrial & Miscellaneous
100 Abraham & Straus
No par
9,900 Adams Express
Vo par
80
Preferred
100
•Bid and asked prtces, no sales on this day. a Optional sale. a Sold 15 days. z F],
c-dIvIdsoi.
y Ex-rights.
1318 Feb 23
3 Feb 28
39 Apr 11
4012July 20
1314July 7
71 June 20
PER SHARE
Range for Previous
Year 11132.
Lowest,
Highest.
$ per share $ per share
17/8 June 94
Jan
35 July 86
Jan
93 May 44 Sept
4
33 June 213 Jan
4
8
6 June 4112 Jan
912 June 353 Aug
4
50 June 91 Sept
4 July
193 Sept
4
27 July
8
1014 Mar
2314 June 58 Mar
11 18 June 5014 Mar
3112 June 783 Mar
8
12 Apr
218 Aug
714 May 203 Mar
8
39 July 70 Feb
25 Juno 101 Sept
93 July 3112 Jan
4
12 July
33 Aug
4
12 May
5 Aug
1, June
4
53 Aug
8
212 May 1512 Jan
54 June
412 Aug
118 May
8 Aug
2 May
1412 Aug
4 Dec 31
Jan
112 May
163 Jan
8
314 Dec 2712 Jan
2 May 2412 Jan
412 June 2912 Sept
8 Mar 30 Sept
5 Mar 18 Sept
1 Dec 1112 Jan
218 Dec 20 Aug
32 July 9212 Sept
812 June 457 Sept
8
112 May
9 Jan
2 May
1131 Sept
258 May
157 Aug
8
2 May
1012 Aug
512 May 25 Jan
2 May 10 Sent
212 Dec 1512 Sept
14 Oct
15 Oct
8
8 May 303 Jan
4
434 June 247 Sent
g
018 July 38 Sept
1518 June 45 Aug
4 May
1412 Jo a
214 June 145 mar
8
214 June 1514 Sept.
5 June 2514 Sept
5 June 2914 Sept
712 May 3814 Sept
9 Sept 463 mar
8
4 June 203 Mar
4
213 Dec
9 Jau
18 Jan
5s Aug
12 Dec
438 Sept
3 May
4
6 Sept
5 Dec 2012 Sept
114 May
13 Sept
314 June 24 Sept
112 May
Jan
11
212 May 26
Jan
712 May 307 Sept
8
14 May
7 Sept
8
18 Feb
7 Sept
8
83 June 3658 Jan
4
112 May
93 Sept
4
2 June
1 553 Jan
8214 May 12712 Au
6 May 3153 Jan
4
117 July
783 Jan
8
153 Sept
4
334 July
18 Der
1
Feb
4
14 Dec
33 Sept
57 June 135 Sept
512 May
253 Sept
6
I Mar
312 Sept
612 June 233a Jan
7 May
8
514 Sept
13 June
4
18 Aug
312 June 26 Aug
212 June 24 Aug
6 Dec 2112 Aug
912 June 5253 Sept
15 July 33
Jan
15 May
38 Sept
3 May
1412 Sept
58 May
653 Jan
1 May
93 Jan
4
3 May
137 Sept
8
85 Dec 2012 Jan
8
1 Sept
18 Jan
14 Jan
15 Sept
8
612 June 375 Jan
8
212 May
1812 Sept
3 July 233 Sept
4
312 June 25 Feb
37 May
14 Mar
8
412 June
153 Dec
7 June 2412 Jam
27 8 July 9412 Feb
,
40 May
7153 Aug
%June
453 Aug
1 June
6
Jan
112 May
113 Sept
8
2 May
1111 Sept
12 June
43 Aug
4
3 May
4
87 Aug
8
10 June
15 May
8
22 June
2453 Aug
912 Sept
73 Sept
New York Stock Record-Continued-Page 2
3645
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
--__:- --- --HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nor. 11.
Monday
Nov. 13.
Tuesday
Nos. 14.
Wednesday
Nov. 15.
Thursday
Nov. 16.
Friday
Nor. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
S per share
1734 185
8
81 814
/
2
638 63
8
712 7
/
1
2
10212 10212
.13
4 212
2538 2618
*4
5
/
1
2
33
4 334
8
8
7
7
*612 73
4
01314 15
13214 134
121 121
1914 20
*14
15
*3
/ 4
1
2
/
1
2
*2312 3112
$ per share $ per share $ per share 6 per share $ per share Shares. Indus. & Miscell. (Con.) Par
1812 19
1812 195
8 1814 19
18
191 1 19
1914 9.900 Adams Millis
No par
/
1
2
7
818 838
/ 7
1
2
9
1018
914 912
9
9 18 3,400 Address Multigr Corp...No par
6
63
8
5 4 674
3
8 6I4
512 512 .57
6
63
8 1.500 Advance Rumely
NO par
12
714
75
8 73
8
72 7
,
7
/ 7
1
2
/ x71 7,2
1
2
/
2
712 2.400 Affiliated Products loc_No par
103 10414 102 106
1023 10414 1031 1 1063 10514 107
4
8
8.500 Air Reduction Inc.. No par
013
4 218 *13
4 2
2
2
*13
4 2
11 2
/
2
1.200 Air Way Else Appliance No pa,
247
8 233 252 2214 24
2514 263
4
8 2518 2612 23
/
1
99,200 Alaska Juneau Gold Min _ __10
52
/
1
*4
5
6
/ 6
1
2
6
*53
4 614 *6
614
800 A P W Paper Co
No par
/
1
2
4
8
3
312 33
/ 3
1
2
312 35
32 3
/
1
/
1
2
35
8 32 5,800 Allegheny Corp
/
1
No par
712 712
712 71 2 *72 7
/
1
2
712 8
/
1
8
8 14 1,400
Prof A with $30 warr___ 100
6 4 614
,
63
4 62
/
1
612 612
63
4 Mil
63
700
4 63
4
Pref A with 840 warr___I00
*512 712 .
538 612 *512 612 *614 7
*6
612
Pref A without
_100
14
14
14 .14
14
15
15
15
*15
50 Allegheny Steel Co_.No pm
183
4
warr_13414 136
134 13834 132 13.5
1:3334 140
138 14212 19,800 Allied Chemical & Dye_No par
12012 12012 120 120
120 120
120 120 .120 122
600 Preferred
100
1912 2014 19
4 171 195
/
2
20,
8 183 19 4 1910 20
8
3
28,200 Allis-Chalmers Mfg____No par
*14
*14
15
15
16
15
147 1.5
8
15
15
1,400 Alpha Portland Cement No par
418 418
43
47
417
4 *4
8 .4
*4
412 412
200 Amalgam Leather Co__No par
*25
3112 *2514 263 .24
2612 *24
8
3112 2614 2614
100
7% preferred
100
43 43
4314 44
43 4 45 4 44
3
45 4 45
3
3
4638 46
475 21,500 Amerada Corp
8
No par
24
2412 2412 2412 24
24
*2312 2514 2412 2512 2312 23°3 1.400 Amer Agric Chem (Del) No par
8 1212 13
13
125 133
8
13
13
13
123 1314
4
1318 133
8 2,900 American Bank Note
10
40
40. .40
4112 4112 4112 90
39
40
40
381.2 3812
70
Preferred
50
*10
1018 10
11
10
10
1014 1114
11
10 4 10
,
1112 9,600 American Beet Sugar__No par
•5212 55 8 *5212 55
3
5212 53
50
50 .50
54
*50
56
100
7% preferred
100
*28
30
2858 29
29
2814 28
28
2912 291
29
29
1,500 Am Brake Shoe & Fdy_No par
*9312 9512 93
*91
9312 91
92
92
91
91
*90
92
160
Preferred
100
905 9112 91
8
9312 90
9212 91
923
8 9112 945
8 9312 95 4 39.100 American Can
3
25
*121 123
12214 12214 12212 12212 1227 122,
12014 1227 1203 122
4
s
8
8 1,200
Preferred
100
2512 253
2312 2512 23
/
1
4 242 25
2512 2318 2512 4,700 American Car & Fdy _ _ _No pa,
2312 23
*37
4
39
*3514 39
3514 3,514 323 3314 3412 3512 03314 3612
500
Preferred
100
04
4
7
4
*418 7
*414 7
414 414 .1 7
203 American Chain
42
/
No par
.14
4
4
173 1314
1712 163 163
4
4 163 163
4 1612 1612 *1512 173
4
403
7% Preferred
100
*47
4712 47
47 8 47
4814 4512 46, *4512 48
,
8
*4512 48
1,003 American Chicle
No par
214 234 *23
8 42 *23
/
1
8 .23
4 43
4 312 .23
4 3341 *3
4
400 Amer Colortype Co
43
10
5338 5312 523 54,4 4812 5412 4914 5112 4912 5218 4914 5212 14,500 Am Comnal Alcohol Corp 20
4
*2
214
214 214
212 212
2
2
*2
212 .218 258
600 Amer Encaustic Tiling_No par
*5
514
*5
5
5
512
43
4 5
4 *43
45
8 43
4 518
700 Amer European See's__No par
101 103
/
2
97 107
8
4 10
8 1012 1114
/ 1112 1012 1112
1
2
10
1114 50,200 Amer & For'n Power___No par
02112 2212 2212 2314 22
23
23
23
2212 2414 23
2512 3,700
Preferred
No par
.13
14
8 1214 13
133 1414 1312 137
1314 1314 123 1414 2,200
8
4
2nd preferred
No par
0 16
162 163 1714 1714 173 *1512 165
/
1
4
8 1612 1714
4
1712 173
4 1.700
$6 preferred
No par
1738 1814 173 183
8 173 1812 1712 173
4
4
4 173 1812 172 1814 3.100 Amer Hawaiian S S Co____ 10
4
/
1
858 918
834 81
914
/
2
9
83
4 83
4
92 914
/
1
9
9 12 2,400 Amer Hide & Leather_No pa/
34
35
3512 3112 36
35
*313 36
/
4
2
351 3578 35
35
1,200
Preferred
100
14 30
931
3112 *30
31
30
3014 *29
29, 30
31
2
3114 1,000 Amer Home Products_ _No par
738 73
738
738 712
8 712
8
73
7
73
7 14
8
61 712 3.933 American Ice
/
2
No par
.385 4.417 *3858 4415 40
8
8
437 *385 431 .40
/
8
2
421 *40
/
2
4238
6% non-cum pret
100
8
818 8
/ 8
1
2
/
1
2
5
814 834
818 83
8
814 83
4
83
8 83
4 6.003 Amer Internal Corp_ __No par
*3
4
1
4 1
*3
7
8
/
1
2
33
4
3
4
303 Am L France & FoarnIte No par
1
3
4
7
8
7
8
*3
/ 412
1
2
412 41
.412 544
412 412 *412 63
4 .412 53
50
4
Preferred
100
29
29
29 14 2914 27
283
26
4 26
2614 271 2712 271 2,103 American Locomotive...No par
/
2
/
2
*4512 47
4514 4514 4412 4412 463 463
*4514 47
4
4 45
45
500
Preferred
100
1412 1412 1412 144 133 141 133 14
1334 14.48 1413 1412 5,900 Amer Mach & Fdry Co_No par
8
/
2
4
*312 4
.35
*33
8 4
8 4
.3 8 4
*33
5
4 4
4
4
600 Amer Mach & Metals__No par
2012 21
20 8 2114 201 22
2012 2134 2118 223
3
/
2
8 2014 221 25,900 Amer Metal Co Ltd___No par
/
2
.75
85 .73
761 .73
77
752 75
/
1
100
/ *73
1
2
6% cony preferred
77
*73
77
100
23 23
.2212 25
*2214 25
2212 2212 2214 2214 *2112 2214
150 Amer News Co Inc____No pa,
7
/ 81
1
2
718 73
/
2
7
712 8
/ 818
1
2
8
7
71
/
2
63
4 712 18,803 Amer Power & Light__No par
0 195 20
8
*1912 20
19
16
*17
16
16
17
1912 20
1,203
56 preferred
No par
*151 18
/
2
15
1514 143 1512 1412 145
8 133 1418 133 14
4
4
4
2.403
$5 preferred
No par
125 13
8
122 1312 1278 13
/
1
13
/ 123 13
1
2
1212 1314
8
1312 79.700 Am Rad & Stand San'y No par
1614 167
8 17
1754
1612 171 173 1814 24,300 American Rolling Mill
1718 177
8
8 157 1714
/
2
8
25
.38
40 .38
3954 3612 38 .3614 3812 36
36
37
38
900 American Safety Razor No par
.214 212
219 212
*212 27
8
3
27
8 2
3
/ •254 278
1
2
403 American Seating v 1 c _No par
114
114
13
8
13
8
13
8 13
114
8
114
114
114 *114
13
*
600 Amer Ship dr Comm___No par
*17
187 .17
2
1812 *16
1714 18
181 *18
187
.
100 Amer Shipbuilding Co_No pa
1758 183
461 4818 461 4812 463 49 - 4518 475
/
2
/
2
8
8 4534 492 46
/
1
49 166,400 Amer Smelting & Refg_No par
8912 8912 89
90
89
93
90
*89
883 8884 8812 89
4
54 2,600
Preferred
100
.61
6412 64
64 . 6412 66
66
1,600
66
*6612 68
6512 67
2nd preferred 6% cum
100
*48
49 .48
4914 *48
49
*4812 49
48
483 .48
49
600 American Snuff
25
*10812 10919 *10812 10912 *10812 10912 *109 109lz 10812 10917 10812 10817
50 • Preferred
100
0 18
1812 18
1812 173 183
18
173 19
4
4
4 17
1818 183
4 5.700 Amer Steel Foundries__No Pa,
054
5612 *54
56
•54
.54
56
54
*48
55
541 541
/
2
/
2
100
Preferred
100
.3512 36
3618 37
*353 3712 36
4
36
36 14 38
373 373
4
4 1.000 American Stores
No par
5414 55
/ 553 5614 5518 5718 5612 5718 561 577
1
2
4
/
2
8 58
581 10,100 Amer Sugar Refining
/
2
100
105 105
10514 10514 .105 107
10618 10618 *106 10612.106 10(112
300
Preferred
100
*143 15
4
14
14
1414 1414
13
13
14
14, 1412 15
1,600 Am Sumatra Tobacco__No par
1147 1177 117 11818 1167 120
8
8
8
116 1175 117 12134 1191 1221 56.100 Amer Telep & Teleg
8
/
2
/
2
100
7012 71
7014 7112 70
7112 69
692 683 72
/
1
4
721 7314 5,900 American Tobacco
/
2
25
713 73
4
7212 74
72
731 7014 7214 701 743
/
2
/
2
4 7414 75 4 22,100
3
Common class B
2.5
.11012 112
109 11012 108 108
10712 10712 105 10612 10512 107
1,300
Preferred
100
)3,
05 8 6 4 . 1 2 614
*6
4
512 513
6
6
5
,
5
814 614
700 Am Type Founders____No par
*9,
2 9
/
1
2
9
/ 1012 1012 12
1
2
9 8 105 .1014 12 .10
5
8
12
400
Preferred
100
201 201 1912 20
/
2
/
2
183 20
4
1812 1812 187
18
8 1714 19
15,300 Am Water Wks & Elee_No par
Common vol tr etts_No par
- - - --- - - - - - - 0 .66- iii 6 6-- ;64 li a li 'CO Wi Co -61038
ion 1st preferred
No par
1112 113
4 1114 117
8 1114 111 11
112 11
/
2
/
1
111 1112 111 6,400 American Woolen____No par
/
2
/
2
53
543* 53
5312 5214 54
5154 5214 523 541 53
2
/
2
543
4 4,800
Preferred
100
•1 18
112 .118
112 •I18
112 .1 18
112
112
112 .11 4
11.
100 Am Writing Paper ctts.No par
.512 7
'512 7
7
7
.51 7
,
*55
8 7
.55
8 790
Preferred certificates No par
63
7
4 714
712
7
71
/
2
7
7
7
7
/
1
2
718 73
4 5,500 Amer Zinc Lead & Smelt_ __ I
43
43 .3912 47
46
47
*40
*40
*40
45
•40
4512
100
Preferred
25
1518 157
4
/
1
/ 15
1
2
8
8
8 153 1618 153 162 143 15
1612 1512 161 127,000 Anaconda Copper Mining 50
/
2
*714 101 .714 1018 .714 1013 *714 101 •714 1018
/ 1
2
/
2
72 8
/
1
200 Anaconda Wire & CableNo par
*1914 22 2014 2014 2012 21 12 2012 2012 2014 2178 2078 2158 3,000 Anchor Cap
No par
*851 87 .851s 87 .851s 87
*8518 87
/
2
87
87
8518 86
230
$6.50 cony preferred_No par
*5 4 8
.512 8
3
.53
4 8
*5 4 8
3
*53
4 8
*53
4 8
Andes Copper Mining_ _No par
27
4
263 263 2614 2614 2612 263 *26
2612 2634 x27
4
2718 1,000 Archer Daniels Midl'd_No par
*107 114 *107 114 .107 114 *107 114 *107 114 *107 114
7% preferred
100
075
*7018 72
74
75
73
75
73 .73
7712 75
743
4
400 Armour dr Co (Del) pref._100
.33
4 3
/
1
2
334 32
/
1
34 4
35
3
8 37
8
3 8 33
5
4
32 33
/
1
4 8.203 Ar141011r of Illinois class A__25
258
212 Do
2 8 212
217.
3
214
212
214
212
212 212 5,000
Class B
25
4
4 433 46
43
/ 43
413 4312 4212 445
1
2
4
/ 4434 463
1
2
8 40
441 12.800
/
2
Preferred
100
32 4
/
1
8
.33
*354 4
4 414 On 43
312 33
4
1,600 Arnold Constable Corp_No par
33
4 34
3
.4
5
.414 5
•37
8 5
.4
*37
2 5
5
*4
5
Artloorn Corp
No par
.112 15
112
11
13
4
8
112
134
112 .112
13
4 .112
13
4
:300 Associated Apparel Ind No par
8 13
1212 1214 133
13
12
1212 1314 13
12
12
133
4 5,000 Associated Dry Goods
1
50
463 463 3142
•42
4
50
50 .42
.43
50 .43
50
200
6% 1st preferred
100
45
40
45
.41
45
50
46
41
50 .41
45
46
400
7% 2d preferred
100
3138 3114 3114 3012 301 .3114 34
*3012 3312 31
*3012 33
80 Associated Oil
25
21
20 .17
.17
*17
21
.17
21
20
*17
*17
20
At G & W I SS Lines__No pa
23 .22
27
23
022
27
.23
27 .23
27
*22
27
100
Preferred
100
3012 32
8
8 3014 31
3114 3212 48.803 Atlantic Refining
301 31
303 311 1 303 315
/
2
4
25
8
2914 284 31
/
2
28
/ 201 .27
1
2
31
28
28
28
28
3218 4,200 Atlas Powder
No pa
80 ... 78
78
3177
78
80
78
80
078
80
80
80
200
Preferred
100
8 303 31
3012 3118 3118 3112 9,500 Atlas Tack Corp
4
/ 313
1
2
8 2914 313
8 30
302 313
/
1
No pa
413
4 4014 44
40
43
4014 45
443 13,300 Auburn Automo Ulle
41
4212 4253 44
_No par
734
7
8
/ 818
1
2
o
73
4 8
.714 8
7,
2 71 2 *7
7.700 Austin Mer1018
No par
81 33.400 Aviation Corp of Del (The)__5
a
812
8
8
75
734 83
4 S'a
812
8
/
1
2
7
/ 8
1
2
8 11
8
1054 113
1154 1214
123
1214
8 11
12
1258 1158 123 30,000 Baldwin Loco Works No par
32
33
32 .29
36
.29
*29
*29
32
3212 .29
33
100
Preferred
100
4
*8234 89
.90
/ 89 •823 89
1
2
92 .90
4
92 .823 92 .82
Bamberger (L)& Co pref__100
31/2 384
4 .312 3 4 *312 33
4 .31/2 334
.3 8 334 *332 33
3
3
10 Barker Brothers
No par
*1814 1812 18
18
18
•16
18
18
1812 .1618 1812 18
80
638 % cony preferred____100
818 83,
82
8 9
812 914
812 9
85
8 9
/
1
2
9
/ 9
1
2
/ 56.200 Ramsdell Corp
1
2
5
2612 26
25
27
28
*26
29 •26
30
700 bsayuk Cigars Inc
28 .26
28
No par
8212 84
8112 8112
85
.84
*84
85
00
8712 .84
87 2 *84
,
lot preferred
100
013
125 13
8
127 13
8
1,500 Beatrice Creamery
1312 1314 1312 13
1314 .123 13
8
50
*6612 693 .6612 692 .6612 6952 67
100
8
66,
67 . 2 6918 *6612 6918
/
1
Preferred
100
56
.54
56
56
*5312 59
530 Beech-Nut Packing Co
54
54
56
57
56
57
20
858 9
83
858
4 .8
/ 4,100 Belding Heminway Co...No par
1
2
.8
/
2
/
2
*83
83
4 9
4 81 .814 81
•983 1017
2
8
8
*9712 981 973 9818 994 9S1 100,1 10114 •1017 104
700 Belgian Nat Rys part pref._
/
2
4
/
2
•Bid and asked prices, no sales on this day. a Optional sale. z Ex-dividend. v Ex-rights. c Cash sale.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
$ per share
8 Apr 7
518 Apr 15
13 Feb 21
4
538July 21
4712 Feb 25
12 Feb 28
11 18 Jan 14
1 Jan 5
7 Apr 4
8
1 Apr 5
1, A pr 17
8
114 Mar 30
5 Mar 30
70 Feb 27
/
1
2
115 Apr 21
6 Feb 27
554 Jan 10
3 Feb 21
8
5 Feb 23
1812 Mar 2
714 Mar 1
8 Mar I.
34 Apr 7
1 Jan 30
234 Jan 5
918 Mar 3
60 Mar 28
4912 Feb 25
112 Feb 27
618 Jan 23
15 Feb 28
15 Mar 31
8
312 Mar 1
34 Mar 2
2 Feb 24
13 Feb 27
1 Jan 5
3 Apr I
/
1
2
37 Feb 27
8
714 Apr 4
43 Apr 4
8
614 Apr 4
418 Jan 5
219 Mar 2
131. Feb 14
2
29 Oct 20
33 Feb 24
4
25 Feb 15
414 Feb 27
14 Apr 21
114 Jan 3
5 Jan 3
/
1
2
173 Jan 3
4
83 Feb 27
4
1 Jan 27
318 Feb 24
1512 Jan 4
17 Jan 20
4 Feb 27
9 Apr 5
/
1
2
9 Apr 1
4 Feb 27
/
1
2
53 Mar 2
4
2018 Apr 6
7 Mar 20
8
18 Apr 8
1112 Mar 3
1054 Feb 25
31 Jan 10
2012 Jan 2
3212 Jan 10
10218 Jan 9
4 Feb 28
/
1
2
375 Mar 28
8
30 Feb 27
2112 Jan 19
80 Jan 19
6 Jan 13
8612 Apr 18
49 Feb 23
503 Feb 25
4
1023 Mar 1
4
3 4 Oct 5
3
7 Oct 5
107 Apr 7
8
912 Apr 4
35 Mar 24
312 Mar 2
225 Feb 16
8
38 Feb 8
3 Feb 17
4
214 Feb 28
20 Feb 24
5 Feb 28
418 Jan 6
8 Jan 20
6212 Jan 11
25 Feb 7
8
9 4 Mar 3
3
95 Feb 23
41 Jan 3
Ils Feb 28
34 Feb 20
7 Feb 27
118 Jan 19
2 Mar 27
3 Apr 17
4
3142 Feb 20
18 Feb 23
15 Jan 19
63 Mar 24
4
412 Mar 22
412 Apr 11
12 Feb 28
/
1
2
9 Feb 14
60 Apr 5
112 Feb 27
31 Oct 21
7 Feb 2
s
542 Feb 27
312 Apr 12
012 Apr 4
6814 Feb 28
3 Jan 4
8
518 Apr 19
3 Mar 2
32 Jan 6
/
1
27 Jan IS
7 Mar 2
45 Feb 24
45 Jan 5
312 Feb 20
6214 Apr 7
HIghest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highes'.
$ per share $ per share $ per share
2138July 12
12 June 30 8 Mar
3
12,2June 19
812 Dec
14 Sept
93
8July 7
1 14 June
47 Aug
8
113
4May 1
414 May
16,2 Mar
112 Sept 25
302 July 6312 Sept
/
1
4 Slay 23
12 June
312 Sept
33 Aug 29
165 Jan
73 June
4
8
95
8July 13
/ Dec
1
2
4 Mar
814 July 7
5 May
8
32 Sept
/
1
217 July7
0
31 May
814 Sept
21 July 7
%June
8 Sept
20 July 7
3 June
4
8 Sept
26 July 19
5 May
15 Sept
14512Sept 18
9212 June 8814 Sept
125 Oct 26
9612 Apr 120 Dec
262July 8
/
1
4 June
153 Sept
8
24 July 17
412. July
10
Jan
14 Apr
914July 19
21 Sept
/
2
40 July 19
4 Dec 10 Mar
4758Nov 17
12
Jan 22 4 Sept
3
312 June
35 July IS
1512 Sept
5 May 2212 Sept
28'2 July13
8June 2
497
28 June 47 Feb
1634 July 18
14 Apr
27 Aug
8
1
Apr
64 Sept 22
9 Aug
/
1
2
4212July 7
612 June
8
177 Sept
106 Aug 1
40 July 90 Feb
2938 June 737 Mar
8
98, Sept 18
4
9312June 129 Mar
134 July 19
4July 17
17 Sept
318 June
393
4July 3
15 Dee 50 Aug
593
14 July 11
714 Sept
11 Apr
/
2
3112July 18
7 June 26
Jan
18 June 38 Nov
51'4 July7
618June 7
2 July
8'4 Sept
11 May
8July 15
27 Sept
897
3 Dec
4
5 Jan
6 June 20
23 Apr
4
13 July 3
153 Sept
4
2 May
15 Sept
1958June 12
5 May 3812 Jan
8June 13
447
23 May 21 14 Aug
4
2714June 12
8June 13
3 4 June 33 Jan
3
353
2112July 17
3 May
612 Aug
/
1
62 Sept
I Slay
16 June 6
/
1
42 May 27 Sept
5712June 13
3
25 June 548 Mar
4212Nlay 31
338 Dec215 Mar
8
1712June 29
8June 29
35 Dec68 Mar
577
212 June 12 Sept
1518 July 3
3 Aug
4
312June 28
14 Jan
1 July
12 June 28
4,4 Aug
15, Aug
3 July
/
1
2
4
3938 July 3
17I8 Dec49 Sept
63 July 7
2214 Jan
712 Jun
22's July3
33 Mar
1 June
4
6 June 2
914 Aug
112 June
8July IS
235
612 JUne 32 Aug
75 Nov 15
/
1
2
14 July 33 Jan
3012July 8
3 June 1714 Sept
8July 13
197
Jan
1514 June 58
41 18July 17
4
10 July 493 Jan
35 July 13
19 July 7
32 June 1214 Sept
/
1
3 May 1812 Sept
8July 11
317
4784 July 13
133 June x2914 Mar
8
4
33 Sept
5 June
4
718 July 13
Is Apr
412June 20
/ Sept
1
2
2518 Jan
10 Jun
4June 19
363
2714 Sept
518 May
5312 Sept 19
22 June 85 Jan
93 Oct 6
15 July 55 Feb
73 July 6
213 June 3612 Aug
4
51 14 Sept 9
90 Jan 106 Sept
112 July 25
1518 Sept
3 May
27 July 7
34 July 80 Feb
85 July 10
/
1
2
20 May 36 Mar
8July 7
477
13 June 3914 Jan
74 July 13
45 May 90 Aug
11214July 15
4
23 Apr 1014 Aug
26 July 18
8
693 July 1373 Feb
4Ju1y 13
4
1343
4
40'zJUne 863 Mar
/
1
902 July 1
4
44 June 893 Mar
4July 7
943
9538 June 11812 Oct
120 July 18
4 June 25 Jan
25 July 5
Jan
70
1012 July
37
/
1
2July 18
11 May 3412 Mar
4314July 13
11 May 31 Mar
352June 12
/
1
26 June 75 Jan
80 June 13
10 Sept
I May
17 July 5
/
1
1512 Jan 392 Sept
/
2July 17
611
214 Aug
14 May
4I8June 27
8 Aug
2 July
4July 8
143
67 Sept
8
114 May
10 July10
10 June 35 Aug
66 July 17
8
8July 19
3 June 193 Sept
227
3 Apr 15 Sept
1512Juue 8
1712 Mar
514 May
3914July 18
40 May 75 Sept
90 June 18
9 Sept
13 May
8
14I2June 3
7 Apr 1512 Sept
2914July 20
4
85 Apr 100, (Jet
115 July 18
24 May 61 Aug
90 July 15
4
4June 6
25 Sept
5 June
8
73
2 Sept
3 June
8
5 July 14
312 Slay
157 Aug
8
93 July 14
352 Aug
I May
7 July 17
3
912J11ne 24
11 Dec5 4 Sept
/
2
/June
1
2
3 Aug
514J00e 6
11 Sept
3 May
20 July 17
4
183 Dec 42 Sept
61'2 July18
5154July 17
1212 Dec 35 Mar
1612 Aug
612 July
3512July 14
26 July 19
43 Dec 1238 Aug
8
332 July 17
/
1
53 Dec 1512 Jan
4
85 Feb 211 Sept
/
2
8
3212 Nov 17
7 Dec 2512 Feb
3918July 5
4512 June 7912 Jan
8318 Sept 12
3 Aug
/
1
2
3112 Nov 10
1 July
282 May 1513 Jan
/
1
4
84'* July13
12 Feb
11 Sept
/
2
9% July 18
8 Dec
/
1
2
8July 17
112 June
163
8July 7
2 Slay
173
12 Aug
8 May 371 Aug
60 July 18
/
2
62 July
99 Feb
997 Aug 7
8
12 Apr
714June 20
312 Aug
2414July 18
7 Dec 30 Jan
11 July 7
3 8 June
7 Sept
3
5223 July 13
2 Dec 13 Feb
Jan
100 July 10
30 Dec 59
27 June 20
1012 Nov 4312 Jan
Jan
85 May 25
62 Dec 95
4
7012June 27
2914 May 453 Dec
121 2July 6
25 Jan
83 Sept
8
4
10114 Nov 15
8
S7SsJune 625 Dec
New York Stock Record-Continued-Page 3
3646
Nov. 18 1933
lar FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
HIGH AND LOW SALE PRICE'S
-PER SHARE, NOT PER CENT.
Saturday
Nov. 11.
Monday
Nov. 13.
Tuesday
Nov. 14.
Ilrednesday
Nov. 15.
Thursday
Nov. 16.
Friday
Nov. 17.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
Lowest.
Highest.
S per share $ per share $ per share 5 per share $ per share $ per share Shares. Indus. &Mdsceit. (Con.) Par $ per share $ Per share
137 143
8
14 4 1418 143
3
8 14
4 133 143
8
8 1353 1518 145 1514 17.400 Bendix Aviation
5
618 Feb 27 2114 July 17
258 253
2512 2512 255 2812 2712 2818 28
8
2812 28
2812 6,500 Best & Co
No par
9 Mar 2 3318 Aug 25
30
30 4 3112 31
3
31
3312 3018 3258 3012 333
8 318 3312 46,200 Bethlehem Steel Corp No par
1018 Mar 2 4914 July 7
48
48
49
4912 497 497
8 4812 5114 483 5112 48
4
517
8 1,600
7% preferred
100 2514 Feb 28 82 July 3
•19
2012 2012 21% 2112 2112 20
2118 2118 *19% 21
21
130 Blgelow-Sanf Carpet Inc No par
61s Apr 5 2912June 30
11
11
1111 12
1114 1112 103 11
8
4
1012 1112 113 12
4,100 Blaw-Knox Co
Vo par
312 Feb 28 1914 July 19
.1012 16 .1018 16
16
16 .1018 163 *1018 163 *1018 1634
4
4
50 Bloomingdale Brothers_No par
6573 Feb 28 21 July 18
*47
48
477
47
49
46
487 10,400 Bohn Aluminum & Br_No par
8
478
4612
4734 4612 483
912 Mar 2 5412July 6
*66
70
*66
70
*6612 70
*66
7218 *68
Bon Ami class A
738 •68
73 8
,
No par 52 Feb 23 74 June 13
2212 23
23
8
233 2227 2312 223 23
8
8 22
2212 233
233 18,300 Borden Co (The)
8
25 18 Feb 27 3712July 3
1612 1612 15 4 1612 1512 1612 1512 154 1512 1612 1614 167
3
8 3,900 Borg-Warner Corp
10
512 Feb 28 215s July 5
*13 112
114 114
*34
114
03
*34
4 114
114
*3
4
114
100 Botany Cons Mills class A_ _50
412July 5
38 Apr 27
812 83
9
914
9% 912
87
918
87
914 97
8 03
4
8,200 Briggs Manufacturing_No par
8
25 Feb 24 145
8July 18
•1112 16
*1112 16
*1112 16
*1112 16
*1112 16
16
*14
Briggs & Stratton
No par
714 Feb 28 1834July 19
*6212 66
*63
66
*63
6212 63
66
625 625
8
8 6112 62
700 Brooklyn Union Gas
No par 61 Nov 1 8812June 12
.4478 47
*447 47
8
47
x48
47
47
48
47
48
4838
800 Brown Shoe Co
No par 2812 Mar 3 537o July 18
*9
10
*9
95
8
83
8 812
83
8 8%
858 812 *812 9
600 Bruns-Balke-Collender_No par
13 Mar 3 1812June 26
4
612 612
63
4 63
4
8
618 63
614 614
614 612
612 67
1.800 Bucyrus-Erle Co
10
2 Feb 27 1273June 20
93
4 93
4 *9
93
4
1,000
93* 93*
912 9 2
,
Preferred
8June 20
83
9 2 10
,
4 958
4
5
23 Feb 23 193
*46
50
*47
50
*47
50
*47
50
*47
50
50
50
10
7% preferred
100 2012 Mar 31 72 June 26
97 July 3
514 514
514 514
5
53
4
8
518 514
53
512 53
8 55
5,900 Budd (E G) Mfg
No par
34 Apr 15
*22
2414 *2218 2414 22
22
*2112 2212 2112 22
2178 22
90
7% preferred
100
3 Mar 16 35 July 3
*31 4
358
318 33
8
3
312 33
314
,
8 3,600 Budd Wheel
318 3 8
314 3 4
,
1 Feb 8
No par
53 July 5
4
*278 312 *27
312
3
3
8
*3
200 Bulova Watch
3 4 *3
3
33
4
3
3
No par
7
8Mar 2
5 June 29
712 712
712 712
7
734 812 4,000 Bullard Co
712
712 712
63
4 7
212 Feb 17 1314 July 3
No par
1418 1458 1438 1514
4
147 153* 1414 147
8
o 1418 1514 151 153 23,000 Burroughs Add Mach No par
618 Feb 14 207 July 3
*212 3
212
212 *212 23
25
4 *212 258 *2
*214 25
8
100 Bush Term
1 Apr 1
8 June 8
No par
4.31, 612 *318 612 •318 658 *318 5
4
*31
4
4
200
Debenture
1 Apr 3
912June 1
100
*718 93
4 *718 9 4 .712 93
3
20 Bush Term BIdgs gu pref 100
93
4 934 *712 12
4 *712. 93
4
614 Oct 4 2312 Jan 5
•112 15
*112 15
.13
8 15
11
8 *112 153
8
112
15
8 15
8
500 Butte & Superlor Mining__10
27
8June 2
1 Feb 10
27
27
23
4 3
23
8 27
5
4 24
12 mar 31
.212 3
23
28 23
4 1,100 Butte Copper & Zinc
414June 2
*23
4 312 *212 33* *212 33* •25
8 31
*212 312 *258 314
Butterick Co
712June 13
No par
114 Apr 10
2412 2412 24
2458 2312 2512 23
2334 2212 243
4 24
25
7,800 Byers Co (A M)
812 Feb 25 4314 July 18
No par
*51
52 .51
51
*48
52
51
54
5712 *48
*43
20
Preferred
5714
100 3018 Mar 2 80 July 18
22
22
22
22
2112 2218 2014 20'2 20
4
2258 213 2238 3,300 California
4
7 4 Mar 2 343 July 17
3
_
No par
*1
118
118
1
1
1
1
1
1
1%
1
118 2.200 Callahan ZInc-Lead
Packing214June 5
10
14 Jan 19
514
5
47
4% 535
8 47
58
3
5
5
538 3,800 Calumet es Hecla Cons Cop_25
5% 014
8June 2
2 Feb 7
93
.9I2 712 *612 718
7
.63
7
7
4 718
400 Campbell NV & C Fdy __No par
718
7
7
2 Feb 28 1614 July 15
2712 28
28
2814 2614 2812 25 4 2612 2514 277
3
27
287
8 9,800 Canada Dry Ginger Ale____5
712 Feb 25 4112 July 19
.27
29
2812 2812 *28
29
288 2814 29
293
4 293 2912 1,200 Cannon Mills
8
14 Feb 2 3512July 18
No par
*5
512 *518 53
4
5
5
518 514
5
2,500 Capital Adminls el A
5%
414 Oct 17 1212July 13
No par
5% 57
---- 30 ._ ___ 30 *--__ 30 *--._ 30 *---- 30 *--__ 30
Preferred A
50 2518 Jan 18 3512July 13
70
72
8
7114 7312 7014 747
727
8 68
8 693 7458 7212 7512 59,100 Case (J I) Co
100 3012 Feb 27 10312July 17
6514 67
*6512 67
66
67
6512 6512 6514 6712 653 67
4
560
Preferred certificates_ _ _100 41 Feb 27 86 July 19
2135 2258 22
2212 2218 233
* 2158 223
4 210 23
223 2312 18,100 Caterpillar Tractor_No par
4
4
512 Mar 2 293
4July 7
445 464 4514 467
8
4312 464 4212 443
8 43% 457
4378 45% 89,600 Celanese Corp of Am__No par
418 Feb 27 587 July 3
8
•13
57 July 3
8 214 *158 212 *112 212 *112 212 *112 23
4 *112 23
12 Mar 15
No par
C,elotex Corp
4
3
•118
112 *11
112 *114
112 *118
112 *118
112
112
112
200
38 Feb 4
No par
438July 5
Certificates
47
*458 4
5
47
5
8
5
45
8 5
5
130
112 Jan 5 123
Preferred
4July 5
100
*435 5
*2812 303
4 3012 3012 3012 31
293 30% 28% 293
4
4 31
1,500 Central Aguirre Asso__No par 14 Jan 3 41 July 17
31
*8% 85
8
812 812
814 85
8
818 8% *8
9
2 Apr 19 115 July 19
8
*8
8%
400 Century Ribbon Mills_No par
.75
80
80
*75
.76
80 80
92
*76
92
Preferred
*76
100 52 Feb 27 05 June 20
20
92
57 Jan 4 443 Sept 19
385 40
8
3918 404 3838 41
99,600 Cerro de Pasco Copper_No par
3714 3958 373 4058 3714 40
4
4
*358 33
4
312 33
4
33
4 4
*33
4 4
*35
8 33
1 Jan 9
4
73 July 3
8
35
8 3 8 1,200 Certain-Teed Products_No par
5
•12
24 .12
24
*12
24
*12
24
*12
24
4 Mar 27 3014 July 18
*12
100
preferred
24
7%
1614 1614 1614 164 1658 173* 163 17
4
1658 173
718 Mar 3 25 June 29
No par
4 1712 18
3.900 City Ice & Fuel
.65
67
67
68
67
67
67
661 68
67
268
100 45 Apr 7 72 July 17
330
6812
Preferred
*12
*1212 20
*1512 197 *12
20
8
197 *12
197 .12
197
Checker Cab Mfg Corp
5
712 Mar 23 2312 Oct 5
3414 343
*3214 34
4 34, 3514 3312 35
4
3314 34
8
335 3412 4,400 Chesapeake Corp
14% Jan 3 5212July 7
No par
7
3
78 7
5
8
858
8
858
123
8July 20
7 4 78
712 83
218 Mar 31
8
8
83
4 2,900 Chicago Pneumat Tool_No par
*18
1912 *18
1912 •18
1912 18
18
*17
18
18
200
18
512 Feb 28 2514June 20
No par
Cone preferred
•12I8 14% *1218 15% 1218 1218
12
1218 *1112 15
8May 31
1512
618 Jan 4 223
*10
300 Chicago Yellow Cab._ _No par
20
20
20
207
8 2014 21
*20
2012 20
2112 203 21
5 Mar 2 34 July 18
10
2,200 Chickasha Cotton 011
4
33
4 33
4 *312 3 4
4
3
4
33
4 33
4
2 Feb 28 1018 July 5
4
43
8 1,200 Childs CO
3 4 33
3
No par
4
*1214 17
12
12
12
1212 *13
147 *1218 15
*12
147
110 Chile Copper CO
25
6 Apr 4 2112July 18
4218 43 8 423 4414 4318 4518 4212 44.8 4314 4614 4618 4735 132,400 Chrysler Corp
3
4
3
s
5
7 4 Mar 3 527 Sept 14
3
7
8
1
1
1
1
1
18
1
1
7
8
1
1
1
33 July 7
8
6,500 City Stores
No par
14 Feb 28
*7'2 8
*712 8
*712 8
712 7 4
3
73
4 73
4 *73
4 8
140 Clark Equipment
5 Mar 24 1414June 22
No par
.25
2812 .23
2812 27
.25
27
27
27
28
*26
2812
10 Jan 27 4112 July 17
200 Cluett Peabody & Co_ _No par
*93
96
*93
96
*93
957 .93
957 *93
957
8 93
10
93
Preferred
100 90 Jan 4 100 June 2
*96
9714 .96
9714 *9612 9711 97 9714 9612 973
4 977 98
8
1,700 Coca-Cola Co (The)___No par 7312 Jan 3 105 July 17
.48% 49
4812 4812 49
49
4912 50
50
50
*4912 50
Class A
1,300
No par 44 Apr 19 50 Nov 15
1312 1312 1312 134 133 133
4
4 123 1312 125* 135
4
7 Mar 30 223
8 1314 135
3July 19
8 7,800 Colgate-Palmolive-Peet No par
*6012 74
*61
43012 74
*6012 74
74
*65
735* •6512 70
6% preferred
100 49 Apr 3 88 Aug 18
•1712 1814 1712 174 173 181: 1735 1712 173 187
3 Apr 4 26 Sept 11
No par
4
18
4
184 5,700 Coffins & Amman
*6
772 .6
712
712 712 •6
9
•6
9
*6
5145iay 10 12 Jan 4
9
300 Colonial Beacon 011 Co_No par
*5
518
453 .5
5
514
47
8 558
312 Apr 4 175* July 7
5
43
4 518 2,200 Colorado Fuel & Iron No par
5 18
5612 583
8 5723 583 2584 6114 5558 59
4
59
607
8 60
6212 18.900 Columbian Carbon v t c No par 2318 Feb 27 7112July 3
.2112 23
2212 2212 2212 23
22
22
65 Mar 27 273 Sept 14
4
2212 233
4 23
2312 1,500 Columb Pict Corp v t c_No par
1212 127
1214 13
11
127
105 1114 103 1114 1012 1138 53,600 Columbia Gas & Elec No par
8
8
9 Mar 31 2818 July 10
.60
61
.60
6012 5912 60
Preferred series A
55
5614 2,500
5723 59
100 55 Nov 6 83 June 12
552 56
*1412 1514 1412 1412 141 1412 1414 1414 1412 143
,
8
4 145 1514 3,300 Commercial Credit____No par
4 Feb 27 19 Sept 18
*3412 3618 35
35
*35
3618 .35
3618 *3512 36
.3512 3612
100
Class A
50 16 Feb 27 3912 Aug 31
*23
2312 *23
2312 23
23
*2212 2312 *2212 2312 *2212 2312
10
Preferred B
25 18% Mar 21 2518 Sept 14
•9112 93
9112 9112 9112 9112 *9112 93
*9112 93
*9112 93
50
635% first preferred_ __ _100 70 Mar 24 957 Sept 1
,
3312 34
3212 3314 3318 34
3314 333
4 3314 335
8 348 343
4 7,300 Comm Invest Trust___No par 18 Mar 3 4312 July 3
8812 8812 *88
90
88
883
8 8514 86
*8514 90
8
*863 90
4
Cony preferred
500
No par 84 Jan 4 977 Jan 31
3318 337
8 323 337
8
4 325 3418 86,100 Commercial Solvents No par
4
9 Feb 25 5714 July 18
8 3158 3435 3158 3235 3112 333
2
218
2
2 18
2
2%
2
218
8
618June 12
1% 218
13 Apr 1
2 91,500 Commonw'Ith & Sou_ _ _No par
1%
281 2818 2812 2812 2712 28
2614 3,200
4
4 263 2712 25
$6 preferred series
27, 273
4
No par 21 Apr 4 6012June 7
62
*514 8
*514 8
'512 65* •5
3 Apr 4 11 June 13
8 *55
Conde Nast Public'ns_No par
313 63
635 *53
233 235
8
8 2312 2414 2312 243
24% 2438 2434 23,500 Congoleum-Nalrn Inc No par
4 233 2414 237
8July 18
4
8
73 Jan 31 275
97
7
.83
4 9% •84 9
93* 9 8 *83
200 Congress Cigar
.9
4 912
3
,
918 9 8
612 Feb 24 18 June 7
No par
73
73
73
7
4 *7
4June 7
7
700 Consolidated Clgar____No par
73
4 *7
'712 8
712 712
312 Apr 6 193
*4712 4912 *4712 4812 4712 48
*4712 473
270
4 4712 475* 4712 4712
Prior preferred
100 31 Apr 5 65 June 8
*212 3
3
3
1,300 Consol Film Indus
3
3 1s
3% 318
3
318 318
3 18
4May 29
53
1
13 Jan 4
4
923 923
57 Star 21
912 10
912 10
9 8 10
5
9% 97
4May 29
143
Preferred
98 1018 4,200
No par
383 393
8
383 393* 373 3914 3612 3712 3612 38
8
8
3835 46.500 Consolidated Gas Co_ No par 3612 Nov 15 6418June 13
37
.84
84
Preferred
83
85
844 837 8514 828 837
8412 8212 8212 3,600
No par a80 Apr 24 99 Jan 3
*23
8 212
1,800 Consol Laundries Corp_No par
214
212 212
212 212 *214
214
2 4 212
,
212
2 Oct 19
512 Jan 10
115 1214
8
8
1112 13
123 133 134,400 Consol 011 Corp
4
8 12
8
123
4
117 123
113* 1214
5 Mar 3 153
No par
4July 6
200
8
1035* 1035 •100 109 *100 109 .100 109
8% preferred
4
103 4 1033 *100 105
3
100 9512 Mar 1 108 Oct 9
1
118
1
14
138
114
111 5,200 Consolidated Textile_ _No par
1
118
114
118
118
.
114
14 Mar 1
3% July 5
•63
4 712
4 7
7
7
63
800 Container Corp class A
7
71
67
8 68
7
714
20
118 Jan 10 1014 July 18
212 25*
238
Class B
,, 258 2,900
258 •212 23
No par
23
212
4
14 Feb 15
2 4 212
214
,
412June 12
*9
1014 *93 1012 10
1014
1,900 Continental Bak class A No Par
1012 10
4
10
1018 1014 10
1814 July 11
3 Mar 1
15
14
13
4
Class B
15
8
138
112 15* 3.900
1%
13
15
4
No par
8
15
8
312 July 11
15*
12 Jan 5
*593 607
4
400
8 6012 61
61
Preferred
100 36 Jan 3 64 July 10
*60
613 *5914 614 6012 6012 *60
4
6514 657
8 657 6612 66
8
6912 70% 28,100 Continental Can Inc
20 3514 Feb 23 707 Nov 17
8
4
6758 6614 6712 663 70
5
500 Cont'l Diamond Fibre
312 Feb 25 1718 July 7
812 812
812 812
812 812 *8
812
958 9%
9
9
2518 2534 *2512 26
25
26
25
2518 2458 25
243 2518 5,900 Continental Insurance__2.50 1012 Mar 28 3612 July 7
4
1 Mar 27
4 June 8
114
13
114 2,100 Continental Motors_No par
8
135
114
112
11?
1%
/ 135
114
135
13*
47 Mar 3 193 Sept 18
18
18
18
8
185s 1914 81,200 Continental 01101 Del_No par
1812 18
19
183
4 172 1814 18
8
72
8
7212 72
7314 17,300 Corn Products Refining __25 453 Feb 25 905 Aug 25
727
7158 683 7212 71
4
8 71
69
73
100 11712 Mar 15 1453 Jan 21
Preferred
4
380
13614 138 .135 8 136
3
5
13512 135 8 13512 13512 134 136 *13512 13812
No par a2 Mar 24
2,100 Coty Inc
712June 13
4 4
33
4 *3 3 3 4
'3 2 33
,
35
5
8 33
3
5
4
335 33
358 3 8
28
28
8 2812 2914 3,000 Cream of Wheat ctfs_ No par 23 Feb 25 3912 July 10
2858 283* 283* 283
8 2812 283
4 2712 287
_No par
214 Star 28 143
*1012 11
4June 8
500 Crosley Radio Corp
10
10 4 103
10
10
3
4 1018 1018
4 10
03
4 03
1414 Feb 27 65 July 13
No par
3512 3512 35
3534 35
37
6,500 Crown Cork & Seal
3618 3512 3512 353* 3712 36
No par 2412 Feb 27 38'? July14
200
$2.70 preferred
3512
03314 35% .3312 35
35
35
3512 3512 3512 .35
*35
1 Apr 10
*414 412
414 414
812July 17
4
418
414 2,500 Crown Zellerback v t c.No par
412 412
418 414
4
9 Mar 2 3712July 19
4
19
*1718 173 .173 1812 1734 1912 17
4
3,300 Crucible Steel of America..1110
18 4 18
3
17
18
100 16 Feb 27 603 July 19
Preferred
000
34
34
8
39
34
3412 34
.33
34
3412 3518 34
34
11
No par
12 Feb 21
43
118
118
8June 7
000 Cuba Co (The)
118
lie
114
118
1%
l's
118
118
1%
45
10
414 412 2,000 Cuban-American Sugar_
4
1 18 Jan 16 1112May 29
412 41,
418 41, *4
43
414
435 412
100 10 Jan 9 68 June 5
10
Preferred
27 .23
26 - *23
263 .23
4
27
267 *23
267
.
8
8
268 *25
4034 1,400 Cudahy Packing
50 203 Feb 21 5912June 8
4
40
40
40
*35
3812 39
383 384 3912 4012 40
4
16
1,700 Curtis Pub Co (The).__,V0 par
16
6'2 Mar 3 3214June 12
1578 17
16
16
16
16
16
1618 .1512 16
40
•40
4012
No par 30 Feb 23 66 June 12
Preferred
800
44
*4012 4112 40
41
4012 4012 40
42
1
112 Feb 23
27
23
4 3 .53,000 Curtiss-Wright
43 July 12
8
23
4 2%
8
1 212 25
23
4 318
318
25* 278
535 6
2 Mar 30
20,400
1
Class A
8 July 13
558
58
5
4
*5
5 2 658
,
5
51: 53
558 618
4 4 Jan 6 21 July 14
,
500 Cutler Hammer Inc___No par
*12
4
12
13
12
12
'
*11
12
1112 1 112 1212 1218 123
1,100 Davega Stores Corp
8
8
5
8
758
83 July 14
4
73
8 75
135 Feb 23
*712
73
758 77
4 77
8
.712 8
8
•Bid and asked prices. no sales on this day. a Optional sale. x Ex-dividend. e Cash sale.
y Ex-rights.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
$ per share $ per share
412 May 183 Jan
4
53 June 247 Feb
4
714 June 293 Sept
8
1614 July 74 Jan
612 Dee 1512 Aug
38 June 10 Aug
614 June 14 Feb
47 June 2214 Jan
8
31 June 55 Nov
20 July 4318 Mar
33* May 1414 Sept
114 Sept
14 Apr
27 June 113 Mar
8
4
4 May
1012 Jan
46 June 8912 Mar
23 July 36 Feb
118 July
412 Sept
112 June
714 Sept
212 Slay 10, Sept
s
35 June 80 Sept
12 Apr
3% Sept
14
312 July
Jan
5 Slay
8
412 Jan
118 Apr
312 Jan
218 May
8 Sept
614 June 1314 Aug
3 Dec 213 Mar
4
7 Dec 65 Mar
1214 July 85 Jan
12 July
17 Sept
8
12 Apr
2 Sept
57 Sept
15 June
7 May 243 Sept
8
3514 May 69 Sept
414 June 19 Sept
18 June
1% Sept
112 May
78 Sept
212 June
914 Aug
6 June 15 Sept
10% June 233 Sept
4
218 Apr
912 Sept
19 June 32 Aug
163 June 653 Sept
4
4
30 May 75 Jan
4% June 15 Jan
114 June 123 Sept
8
7 Aug
8
358 Jan
5 Dec
8
214 Feb
118 Dec
712 Mar
73* June 2012 Sept
23* June
614 Jan
55 Dec 85 Jan
312 June 1512 Sept
58 Dec
358 Feb
43 Dec 183* Aug
8
11
Oct 2812 Feb
4358 Nov 68 Jan
1612 Aug 30% Sept
47 June 2203 Sept
4
1 May
634 Jan
212 June 1214 Sept
6 Dec 14 Mar
5 June 1212 Sept
112 June
8 sent
5 Dee 10 Sept
5 June 2134 Sept
218 Jan
14 July
314 July
84 Jan
10 Apr 22 Mar
90 June 90 Feb
6812 Dee 120 Mar
415 July 50 Mar
8
1014 Dec 3112 Mar
65 June 95 Mar
234 Slay 108 Star
9 Jan
1212 Oct
27 July
8
147 Sept
1312 May 418 Mar
414 May
147 Aug
s
414 June 21 Sept
40 Apr 797 Aug
8
37 June 11 Mar
1154 July 28 Sept
1012 June 21 Sept
40 June 75 Nov
g
8
107 June 277 Mar
5512 June 82 Nov
312 May
4
133 Sept
15 Juno
5 8 Aug
,
273 June 6812 Mar
8
5 May
12 Sept
612 June 1214 Sept
4 May
11 Sept
33 Dec 2412 Jail
8
17 June 60 Mar
1 June
535 Jan
23 June 113 Mar
4
4
4
3112 June 683 Mar
7212 June 99% Dec
4 Dec
107 Jan
4 June
9 Aug
79 Feb 101 Sept
14 Star
15 Aug
8
212 Feb
% June
14 May
1 18 Jan
27 May
8 Sept
12 Apr
138 Aug
247 June 473 Mar
4
173 June 41 Mar
8
3 Apr
812 Sept
4May 2514 Aug
63
58 May
33 Sept
4
35 June
93 Sept
8
243 July 5558 Sept
9912 June 140 Oct
112 May
73* Sept
1312 June 21312 Oct
214 May
714 Sept
277 May 237 Dec
8
173* June 3012 Nov
3 Aug
58 June
6 May 2314 Jan
14 Dec 497 Jan
12 Juno
312 Sept
38 May
37 Aug
312 May 20 Aug
20 May 3512 Mar
7 June 31
Jan
373 Dec 86
4
Jan
% May
314 Sept
112 Mar
43 sent
4
312 May
12 sept
2% Oct
73 Sept
_
New York Stock Record-Continued-Page 4
3647
ler FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 11.
Monday
Nov. 13.
Tuesday
Nov. 14.
Wednesday
Nov. 15.
Thursday
Nov. 16.
Friday
Nov. 17.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
$ per share $ per share
.210 3
*214 3
*1112 1178
117 117
8
8
60
1157
62
*57
293 313
4
4 3012 3012
2514 2 14 2514 26
*2878 2912 2918 2918
8 3712 3812
3712 383
22
207 21
8
21
1418 1418 1412 15
*912 1112 *9t2 104
4 *5 _ 63_
.5 _ (33_
8
$ per share $ per share S per share S per share Shares.
*214 212
*2
212 3
3
120
'23
4 3
4 1134 113 *1112 117
115 113
8
*1112 117
8
500
4
8
*567 57
8
57
5814 59
57
57
57
800
3018 3018 2,800
*30
31
31
3114 *2912 31
2714 28
x2614 2612 257 263
8
4,000
8
8 257 27
2912 *283 2912 283 29
*283 2912 .29
4
4
4
300
37
3918 363 38,
8 343 3614 56,400
4
8
4 3614 383
22
223 24
8
2314 2212 23
4
2312 243 21.100
14
14
4 6,200
145
8 137 14
143
4 1418 143
8
*912 1112 *912 1114 *912 1112 *10
11
*5
6
6
6
.5
6
400
6
6
...
_
__ _ _ _ __ _ _ _ ___
ii-17)
......
933 634 *61.4 10 *64 Ri *i 112 »i -612
16
17 .16
16
1514 16
17
•16
400
173 *16
4
95
*90
93
*83
94
30
90
91
*90
90
*90
5
5
*43
4 5
8 .47
43
4 43
8 53
4
8
47
8 47
400
74
73
7414 7312 7512 683 72
8
7214 733
70
4 9,400
126 126 *12014 126 .122 126 *12014 125 *12014 125
80
1114 113
8 2,700
1112 107 11
4 1114 117
115
8
8 11
11
8012 8334 .783 823
4
8 803 8512 8312 86 133,309
4
7912 81
11212 113
1,500
111 11212 110 11012 *10978 11014 10978 110
138
134
4 23
17 27,300
8
13
4
8
212 23
17
8
4
13
4
13
21
*21
2314 227 23
23 .20
800
23
8
23
23
4
8 15
167 19,400
4
8
1512 1614 153 1612 143 157
1612 16
*70
77
*70
77 .70
*70
77
77
77
*70
4
412
4
412 6.600
33
4 4
37
8 4
8
37
8 37
33
4 3/8 7.800
3
Ps 3 4
4
3 4 33
3
s
3 4 37
3
8
331 37
518 512 12,800
518 512
514 512
512 618
6
6 18
8
115 1218 1118 1118
8
800
.117 13
8
1212 1212 *113 13
10
*10
07s 10
103
4
10
10
914 014
10
800
4212 44
44
402 42
8
42 423
4 417 42
4453 2,300
1
118
1
118 *1
118
1
118 4.203
*1
08
1/8
933
*112
4 *112 2
4 13
4 *112 13
2
2 18
13
303
50
50
*48
50
52
50
•50
*50
52
50
150
114 115 .112 120 *113 120 .112 120 *112 120
*412 5
412 412 .43
.412 5
8
8 43
300
4
414 43
303
1414 1414 *1438 1618 *1414 1618
15
1512 1512 15
20)
•153 17
1718 16
4
16
17 .16
1718 *16
17
*1718 23
*1718 23
*1718 1814 *1718 18
•1718 23
4,703
95
8
9'tr 10
9
918 914
9
93
8
918 912
914 914 7.70)
914
812 10
83
4 93
7 4 83
3
4
9
8
3,033
48 5
353 412
3 4 37
3
8
8
33
4 334
33
4 37
412
80
412 .4
•4
412
412 *4
4
412 *4
*1
15
8 •1
13
8 *1
15
8 *I
15
8
15
8 *1
512
512 .3
1123
4 512 *3
512 *4
512 *4
8
8
712 8
8
.6
712 753 1,000
77
8 •7
42
42
300
42
4012 42
367 4212 4212 4212 42
8
PER SHARE
Range Since Jan.
-share lots.
On basis of 100
Lowes%
Highest.
Indus. & Miscall. (Con.) Par 5 per share $ per share 5
112May 20
5 June 12
Debenham Securities
8June 22
20
614 Feb 24 183
Deere & Co pref
100 48 Apr 3 9112July 10
Detroit Edison
8
10 Mar 1 337 Aug 9
Devoe & Raynoids A__No par
1712 Feb 28 2912July 7
Diamond Match
No par
Participating preferred_ __25 2618 Feb 27 31 July 19
Dome Mines Ltd
No par 12 Feb 28 3912 Sept 19
Dominion Stores Ltd No par
s
1012 Feb 27 263 July 18
Douglas Aircraft Co Inc No par 1014 Feb 14 1814July 17
Dresser(SR)Mfg cony A No par
63 Feb 27 18 June 12
4
4June 2
218 Mar 1 103
Convertible class B__No par
Drug Inc
10 29 Mar 31 6312June 29
4July 19
7 Apr 10 143
8
Dunhill International__No par
.6T4 - 54
6
912 Apr 22 2838June 30
*16
Duplan Silk
173
4
No par
*83
Duquesne Light lot pref__ 100 90 May 4 10218June 13
93
478 478
Eastern Rolling Mills No par
118 Mar 30 10 July 3
Eastman Kodak (N .1)_No par 46 Apr 4 893
747 75
8
4July 14
12618 12618
6% cum preferred
100 110 May 2 130 Mar 20
1112 113
4
Eaton Mtg Co
318 Mar 2 16 July 17
No par
El du Pont de Nemours____20 3218 Mar 2 86 Nov 17
7912 803
4
*11012 11312
6% non-voting deb
100 9712 Apr 20 117 July 7
514 July 14
23
8 3
ss Feb 4
Eitingon Schild
Vo par
*2018 23
100
4 Mar 29 2314 Nov 14
64% cony 1st pref
1512 1578
Elee Auto-Lite (The)
5 10 Apr 4 2712July 13
*70
Preferred
78
100 75 Oct 26 8812July 18
Electric Boat
3 4 33
3
814 July 3
4
I Jan 3
3
414 July 15
Elec & Mus Ind Am shares_
1 Feb 14
*3 4 37
3
8
8June 13
Electric Power & Light No Par
6
6
31s Feb 27 153
•1134 1314
Preferred
712 Apr 4 3612June 12
No par
*10
4June 13
$6 preferred
1114
No par
614 Apr 5 323
42 4214
Elec Storage Battery_ No par 21 Feb 16 54 July 10
1
Elk Horn coal corp
1
4 June 19
18 Jan 4
No pa/
112
6% part preferred
112
6 June 7
5 Apr 29
8
50
*50
Endicott-Johnson Corp
52
8July 18
50 26 Feb 27 627
117 11912
Preferred
100 107 Feb 17 123 Oct 4
•412 53
8
Engineers Public Serv__No par
4June 12
4 Feb 23 143
*153 1812
8
$5 cony preferred____No par
1414 Nov 15 47 June 13
•1712 183
$514 pref2rred
8
raune 12
No par
15 Apr 4 497
•1718 23
56 preferred
1718 N3v 6 55 Juno 13
No par
Equitable Office Bldg No par
9
9
8
612 Mar 27 133 July 7
Eureka Vacuum Clean_No par
73
4
*7
3 Apr 4 1814 July7
Evans Products Co
*312 4
712JUne 28
7 Mar 1
8
5
Exchange Buffet Corp_No par
*4
412
4 Nov 17 1112July 19
*1
15
8
Fairbanks Co
8June 8
23
8May 17
25
7
Preferred
*23
4 512
100
814June 13
1 Feb 23
7
718
Fairbanks Morse & Co _No par
212 Mar 23 1114June 2
347 353
8
Preferred
4
100 10 Feb 25 4212 Nov 13
3 June 8
5 Jan 26
8
lo_
7% preferred
3 Feb 23 11 June 2
100
;i 16
Federal Light & Trac
.i.i Ili
.6 iii .6i4
4
*738f6
15
43 Apr 6 141 2June 12
4
._ _ 45 1 __ 45 e_ _ 45 11 _ _ 45 11 _
1
._
Preferred
45 ._ _ 45
No pa
38 Apr 20 5912July 20
•iii 101
500 Federal Min & Smelt Co_150 15 Mar 31 103 Sept 19
98
*R5
98 9512 ii
5i loo .55 lo 1 9812
600 Federal Motor Truck No par
5
53
4 *512 012
512 512 *512 6
512 512
3 Mar 16 1134July 10
4
514 5 4
47 July 7
900 Federal Screw Works No par
214
218 214 *2
2
214 214
218 21 4
2
218 218
3 Feb 27
4
23
8 23
8
214
214 .214 212 .2
4June 12
218 21/4 1,000 Federal Water Serv A No par
218
238
2
63
15 Feb 25
8
•1818 25
200 Federated Dept Stores_No par
23
22
22 .19
*183 22
2612 *22
4
2712 *21
712 Feb 27 30 July 18
.2518 27 .2518 27
2512 2,900 Fidel Phen Fire Ins N Y__2.5
*251s 2618 2518 2518 2414 2414 25
1014 Mar 27 36 July 6
213 22
8
22
8 20 4 2212 2114 23
2314 26,900 Firestone Tire & Rubber___ 10
227
3
8 2114 233
22
918 Apr 4 3112 July 18
•71
72
Preferred series A
*703 72
4
*6912 7114 .6912 72 .6912 7112
*6912 72
100 42 Mar 3 75 June 7
547 5478 55
8
55
543 56
4
5512 5612 5612 5712 3,100 First National Stores__No par 43 Mar 3 703
5512 b6
43uly 7
*12
1412 .12
1412
Florslaelm Shoe class A_No par
112
1412 *12
1412 *12
1412 *12
1412 .
712 Feb 7 18 July 5
•104 _ _•102 6% preferred
__ •102 . _. ___
*102
•102
_
*102
80 Apr 19 101 Sept 5
10
200 Follansbee 131•09
16
.912 lois
1618 10 014 *9
*912 105
No par
; *912 1012 1014 1
212 Feb 28 19 June 7
•1112 1212 *113 1212 *12
Food Machinery Corp_No pa
,
4
12 2 *12
4
1212 *113 1212 *113 1212
4
612 Apr 19 16 July 13
•143 1512 1514 15 8 15
8
8
15
1612 153 1612 8,400 Foster-Wheeler
1
16
153
; 15
No pa 1 412 Feb 28 23 July 7
*12
13
13
13
3,500 Foundation Co
11118 113 *113 123
4 1318 14
13
12
4
4
No par
2 Feb 27 2338July 17
20
20
8 19
1918 2012 1,900 Fourth Nat Invest w w
19
1914 193
20
1912 193
4 19
1 135 Mar 1 2614June 13
8
*14
15
145 145
8
8
4 2.700 Fox Film class A new__No par
8 145 143
8 145 1512 14
8
1414 143
14
12 Oct 21 19 Sept 14
*42
471 1142
10 Fkin Simon & Co Inc 7% pf100 12 Jan 24 50 Aug 15
4712 *42
4712 4712 4712 *4312 4912 *4012 4912
4612 467
8 4614 467 x46
8
8 463 483 15,800 Freeport Texas Co
8
4
4
473
8 4512 4612 463 481
10 1618 Feb 28 483 Nov 17
4
•150 160 .145 __
160 160
15718 15718 *150
_ *150 160
300 6% cony preferred
100 97 Apr 19 160 Nov 17
13
8
70 Fuller (G Al prior pret_No par
97
*131.3 197 *1318 1 - *1318 197 111318 I972 1318 1318 13
8
8
9 Jan 9 31 June 13
*614 11
*612 11
*6
512 7
11
*63 11
8
190 $6 2d prof
53
No par
4 7
4 Jan 19 23 June 13
3
3.
3
3
3
3
3
3
803 Gabriel Co (The) cl A No par
*212 3
*212 3
1 Feb 27
514 Aug 18
13
12
13
13
1312
1318 12
500 Gamewell Co (The).__No par
1218 14
*1318 1414 13
8
612 Jan 20 207 Aug 25
818 83
8
8
83
8
73
8 83
8
77
8 8
8
8 12 7,100 Gen Amer Inveators
73
4 814
No par
23 Feb 28 12 June 20
8
75 .67
75
100 Preferred
.67
*67
75
70 .67
75
70
75 .67
No par 42 Feb 23 85 July 7
4374 July 19
2912 30
29
30
293 303
8
8 283 3018 29
3014 2912 3018 8.700 Gen Amer Trans Corp
4
5 133 Feb 28
4
4
3
1512 15 4 153 1614
153 163
8
4 15-53 1612 16
163
4 6,600 General Asphalt
8 1514 153
No par
45 Mar 3 27 July 18
8
8 1312 137
133 133
8 1318 1312 13
8
13
1212 1312 1314 133
8 5,103 General Baking
o
5 1112July 21 207 July10
*63
4
4 718
63
8 7
63
4 63
612 7
8 7
1,900 General Bronze5
612 612 1163
218 Feb 6 1012July 7
37g 4
.4
41 1
4
1,700 General Cable
4
4
414
4 *33
4 4
No par
33
1112Ju11e 9
4 33
114 Mar 31
814
8
8 14 *73
.8
814 .8
603 Class A
4 8
818 818
*73
4 81
No par
214 Feb 27 23 June 9
*1612 21
8
.16
21
.16
*163 21
*1634 21
21
*163 21
4
7% cum preferred
100
612 Mar 30 46 June 9
2912 2912 2912 2914 2912 283 2912 29
2912 29
*29
30
1,803 General Cigar Inc
8June 23
4
No par 2812 Oct 20 483
104 104 *104 110 *104 110
105
105
104 104 510012 109
100 7% preferred
100 90 July 28 112 Jan 25
8 20
213
203 213
8 193 2012 197 2114 2012 2112 148,600 General Electric
8
8
8
197 21
8
No par
107 Apr 2(1 30g July 8
8
8 115 113
8
113 117
4 1112 113
4
8
4 113 1112 113 113 16.700 Special
8
117 12
8
8
10
1118 Apr 20 1214July 24
36
3638 3618 3612 3618 363
4 353 36% 35 8 363
8
3718 40,400 General Foods
5
8 36
8
No par 21 Feb 24 397 Sept 18
7
8
1
*7
8
1
3
4
1
78 4,400 Gen'l Gas & Elec A
8June 6
54
3
4
3
4
3
4
No par
7
8
27
341 Apr 1
1112 010
12
*7
12
*8
12
.9
12
*9
11
Cony pref serles A No pa
•10
318 Apr 3 1612June 6
*712 15
8
*9
15
*87 15
8
10
10
10
$7 prof class A
*107 15 •107 15
8
7 Apr 20 1812June 20
No par
13
*S14 13
*10
12
1112
93
4 93
4 *93 18
4
10
$8 pref class A
No par
8
5 Apr 6 20 June 10
•127 18
1.5412
*527
8*53 4 --- *54
,
_.- 5518 553
400 Gen Hal Edison Elec Corp___
4 53
53
2414 Jan 0 5534 Nov 16
6512 657 66
61i2 83 54 OA 63 8
463 66
6712 67
69
4,900 General Mills
No par 3512 Mar 3 71 June 28
10114 1011 1 *10138 103
102 10212 *102 10312
300
Preferred
100 9212 Mar 28 106i2sept, 19
*101 103 *101 102
8
8
8 307 3214 x297 3137
8 3018 3212 313 323 303,100 General Motors Corp
8
4
4
10 10 Feb 27 353 Sept 14
4
3018 3114 307 313
8312 86
87
85
89
8712 8712 87
88
883 89
4
88
2.600
$5 preferred
No par 6512 Mar 3 95 July 15
8
.93 11
8
*93 11
*93 11
8
8
93
8 93
8
.93 11
103 Gen Outdoor Adv A
11
•10
No pa
518 Jan 9 24 June 13
5
*4
438 *4
4 •4
458 .4
45
8
43
4 43
100
Common
8
.43
4 47
212 Mar 1
No par
1018June 12
13
13
10 4 13 .11
3
13 .11
13
*1012 13
60 General Printing ink
No POT
314 Jan 4 17 June 10
*1012 13
*74
77
7414 75
77
75
*74
75
75
75
600
56 preferred
No par 31 Mar 18 82 Aug 3
*7312 77
3
318
312 1,203 Gen Public Service
3
31s 314
314
31 2 312
314
314 314
No par
2 Apr 6
814June 12
32
30
30 .28
32
3214 33
003 Gen Railway Signal
32 .2912 3112 30
No par
1314 Jan 3 49'2 July 6
32
178 2
2
218
2
2
2
218
214 6.200 Gen Realty & Utilities
2
1
8June 24
218 218
3 Feb 16
8
45
*1512 17
153 153 *16
16
8
8
16
17
1,100
$13 preferred
*1514 16
No par
512 Jan 19 2234June 26
1412 15
*85 1012
8
303 General Refractories_ No par
9
9
*812 10
*918 1012 .914 1012 1013 1013
4
212 Feb 27 193 July 5
26
.15
*15
*103 26
4
26
*15
26
Gen Steel Castings pref No par
*103 26
4
91 Feb 17 3912July 14
8
*103 26
4
1112 113 1218 9,103 Gillette Safety Razor__No par
8
1118 1112 11
93 Apr 20 2014 Jan 11
4
11 18 1112 1112 104 1112 12
55
565
8 55
563 1155
4
200
8
56% 563 *55
Cony preferred
57
Vo par 473 Apr 19 75 Jan 9
57 .53
4
'53
53
8 6
512 6
13.800 Glmble Brothers
512 57s
553 63
s
No par
43
4 512
43
8 478
3 Feb 9
4
7 8June 27
3
2012
2312 2312 2312 23
8
800
2318 233 .20
Preferred
21
19
19
100
514 Mar I 33 July 7
*18
16
153 157
8
1512
8
153 16
4
1614
5,400 Glidden Co (The)
16
8
No par
1512 153
4 153 16
33 Mar 2 20 July18
4
8314 8314 *8314 88
*8314 85
10
85
Prior preferred
85 .81
100 48 Apr 22 9112 Aug 1
.81
'Si
85
8
83
8
8
8 3 14,100 Gobel (Adolf)
8
73
s 818
No par
,
Ps 8 4
3 Feb 16 16 July13
8
712 77
712 784
18
1918 11,400 Gold Dust Corp vi c_ No par
8
4
8
12 Feb 27 273 July 18
1712 1734
8 175 1818 173 1814 175 19
1714 177
8
400
97
97
$6 cony preferred
*97 100 .97 100
*97 100
No par 97 Oct 17 105 July21
.97 100
*97 100
1512 1458 155 42,000 Goodrich Co()F)
14
8
8
137 15
8
No par
1412 1518 137 1538
14
3 Mar 2 2112 July18
1434
3618 383
4 383 393
35
4
35
4 2.100
363 363
8
8
8 365 3734 *347 371
8
Preferred
100
9 Feb 28 63 July13
8
4
8 3612 3938 375 393 49.600 Goodyear Tire & Rubb_No Pal
914 Feb 27 4712 July17
3514 363
8 35 4 367
8 3618 3812 3512 373
3
lot preferred
5712 5814 5712 5712 5912 6018 1,500
60
No par
59
273 Mar 2 8014 July 6
4
59
4 59
5754 573
4753 8/
83
83
8 852
8
812 9
8 812 . 4 812 1.800 Gotham Silk Hose_ . No pa
'75
8 83
73
612 Oct 20 1712Junel2
63
---- 63 •__
Preferred
100 41 Apr 3 73 July 3
•- - - 66 •___ _ 66 •____ 66 •____ 64
4 9,000 Graham-Paige Motors
212 23
212 212
212 212
212 212
212 258
1
212 212
I Apr 3
53 July12
8
103
8 4.000 Granby Cons M Sm 4114Pr__100
93 101 2 10
8
54
10
10
37 Mar 2 155
8
912 9
8Junel3
97 10
8
93 10111
4
478 5
1,900 Grand Union Co tr ctIs_No par
43
8 5
5
5
434 43
4
3 8 Mar 2 103
3
43
4 518
434 434
8June26
2318 2378
800
24
24
Cony pref series
*2312 24
24
*22
No par 20 Sept 30 363
2312 2212 2312 24
8July 3
.213 2278
8
21
300 Granite City Steel
217
8 21
*205 22
8
8
No par
11 18 Mar 24 303 Julyll
*203 213
8 2112 2112 217
8
8
29
4 3,800 Grant (W T)
303
4 3014 303
8
273 283
No par
8
8 28
153 Feb 28 363
4
2812 2814 29 .275 29
8July 7
10
1014 5.600 Gt Nor Iron Ore Prop No par
1014
93 1014 10
4
51s Feb 27 163 July 11
1014 1014
8 1014 1012
4
1014 103
3812 3912 38.500 Great Western Sugar No par
3712 39
3714 38
3712 341, 33
374 3914
39
67 Jan 19 41, Sept22
8
8
120
106 105
Preferred
4
100 7212 Jan 3 110 Sept 6
1053 106
106 106
*106 10614 '106 107 .106 107
112 30,000 Grigsby-Grunow
Pi
114
No par
1
112
1
13
8
134
4
43 July13
13
15
8
134
Ps
8
58 Mar 3
..6i4 1-6
• Bid and asked prloes. no sales on this day. a Optional sale. z Ex-dividend. y Ex-rights.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
per share $ per share
1 June
23 Dec
8
614 June 1514 Jan
54 July 122
Jan
7 May
163 Oct
4
12 Apr 1918 Sept
2012 May 263 Dec
4
712 Jan
127 Dec
8
1114 June 1812 Sept
5 June 145 Sept
8
5 July 23 Feb
15 Dec 1212 Feb
8
23 May 57 Feb
3 Dec
8
312 Sept
512 June 15 Sept
87 May 1013 Nov
8
1 June
612 Sept
4
3514 July 873 Jan
99
Jan 125
Oct
3 June
97 Sept
8
22 July
593 Feb
4
803 June 10518 Aug
4
18 June
218 Sept
214 May
1212 Jan
4
812 June 323 Mar
61 June 10014 Feb
12 June
212 Jan
7 June
8
4
Jan
23 July
4
16 Sept
Jan
103 July 64
4
87 July 5512 Jan
8
1258 June 3314 Mar
18 Jan
3 Aug
4
18 Jan
1 Sept
16 July 37, Sept
4
98 May 115 Nov
4 June 25 Feb
51
Feb
16 July
18 July 57 Mar
4
25 June 613 Mar
19
Jan
1012 Dec
2 June
714 Mar
212 Sept
12 May
1134 Jan
93 Jan
4
4
1 Sept13 Sept
1 June
4 Aug
618 Aug
214 Dec
4
10 Dec473 Mar
17 Sept
8
12 June
77 Jan
8
112 July
814 DeC 22 Jan
64 Mar
30 Jun
13 June 35 Sept
8
112 May
35 Feb
12 May
2 8 Aug
3
214 Dec 10 8 Mar
,
4
612 June 153 Sept
4
6 May 273 Jan
8
1012 June 187 Aug
45 July 68 Aug ,
35 July 5412 Dec
414 Apr
10 Feb
63 July 99 Nov
2 June
814 Sept
1014 Feb
33 May
4
157 Sept
8
3 May
1 July
1014 June
15
10
714 Aug
223 Sept
8
Oct 7212 Jan
8
May 2285 Nov
Oct
218 May 26
3 June 32 Feb
312 Sept
14 June
Jan
512 Dec 17
512 Sept
12 June
26 June 71 Sept
4
912 June 353 Mar
43 June 1512 Jan
4
8
1012 June 195 Mar
5 Aug
12 June
14 May
5 Sept
1112 Sept
112 May
4
4
33 June 253 Sept
8
20 June 383 Mar
75 June 106 Dec
812 May 2618 Jan
117 Sept
8
105 July
8
193 May 4012 Mar
8
234 Feb
3 July
8
4
3 June 243 Jan
514 July 30 Aug
,
5 4 July 40 Feb
1818 Apr 25 Mar
28 May 4812 Sept
76 July 9612 Dec
8
7 8 June 245 Jan
5
5614 July 8714 Mar
9 Feb
4 June
4
Jan
8
23 Nov
14
Jan
212 July
2712 June 60 Feb
71s Aug 1
1 May
8
61s July 285 Jan
214 Sept
14 May
4
5 June 163 Sept
13 June 1518 Sept
4
8 Mar 27 Aug
103 Jan 2414 Mar
8
45 June 7212 Aug
7 June
8
33 Aug
4
Jan
63 Dec 31
8
8
318 June 103 Sept
35 Apr 76 Sept
23 May
8
8 Aug
814 May 205 Sept
8
70 July 101 12 Dec
123 Sept
8
2 4 May
,
7 May 3314 Sept
512 May 293 Aug
4
193 Jun
4
6912 Aug
714 Jan 30 Sent
34
5014 Jan 7012 Oct
1 May
45 Jan
8
2,18 Jun
115 Sept
8
314 June
93 Mar
4
22 Jun
3514 Mar
63 June 17 Sept
4
1412 May 3014 Mar
5 June 1314 Jan
314 Apr 12 Aug
48 June 83 Aug
234 Sept
12 Apr
New York Stock Record-Continued-Page 5
3648
tar FOR
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 11.
Nov. 18 1933
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE
FIFTH PAGE PRECEDING.
Monday I Tuesday
Nov. 13.
Nov. 14.
Wednesday
Nov. 15.
Thursday
Nov. 16.
Friday
Nov. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
PER SHARE
Range for Previous
Year 1932.
Lowest.
I Highest.
Lowest.
Highest.
$ per share 3 per share $ per share Shares. Indus. & Miscell. (Con.) Par 5 per share 3 Per share 5 per share $ per share
112 *114
138
*138
138
400 Guantanamo Sugar____No par
13
14 Jan 23
412May 18
1 Sept
Is Mar
*19
21
2012 203
20
400 Gulf States Steel
20
4
No par
63 Feb 27 38 July 13
4
212 June 21% Sept
42 42
40
40
20
57
*36
Preferred
100 1614 Jan 16 64 June 12
12 July 40 Oct
235 235* *21
8
8
2412 *215 23
100 Hackensack Water
25 15 Mar 18 2512July 17
15 May 23 Jan
100
2812
2814 27
27
*28
27
7% preferred class A
25 25 Apr 8 287 Jan 12
8
19 May 28 Apr
518
514
514
614
53
4 618 13,500 Hahn Dept Stores____No par
512
512 618
54
3
118 Feb 28
912July 6
% July
414 Aug
*2214 23
23
25
4
25
2512 2512 1,300
25
223 24
Preferred
100
9 Apr 1 35 July 17
718 July 28 Aug
4 5
*4
*334 47
*33
3
100 Hall Printing
*414 43
4
42 4,
2
10
318 Feb 27 1012July 7
312 July
1118 Jan
"1% 6
*17
8 6
*1% 6
8 6
*17
8 6
*17
Hamilton Watch Co___No par
212 Apr 5
9 July 14
2 June 12 Feb
*1514 25
*1514 25
*1514 25
*1514 25
*1514 25
Preferred
100 15 Feb 11 35 July 17
20
Oct 30 Mar
*81
82
82
*81
*81
81
81
82
81
81
30 Hanna(MA)Co $7 pf_No par 4512 Jan 4 85 Aug 28
33 May 70 Jan
1512 16% 15
16
16% 15
153 16
16
15
4
4,600 Harbison-Walk Retrae_No par
618 Feb 25 2512July 11
7 May 18 Sept
Hartman Corp clasa B_No par
18 Apr 3
18 Dec
13
4June 6
2 Sept
____ ____ ____ ____ ____ ____ ____ _---------_ __-- ---Class A
No par
14 Mar 18
214June 6
4 Mar
3 June
*
*234 3
*23
4 3
4 23
*23
4 *2
4 3
23
20 Hat Corp of America cl A__1
23
4 *2
23
4
7 Mar 16
8
12 Dec
712June 21
3 Aug
•11
20
*11
20
*11
*11
20
*11
20
20
*11
20
6/% preferred
100
512 Apr 5 30 June 21
5 Aug 20 Sept ,
12
*114
*114
114
112 *114
13
114
8
112
13
13
8
600 Hayes Body Corp
I%
No par
3 Feb 27
4
312July 17
14 June
312 Sept
*100 102 *100 102 *100 102 *100 102
102 102
102 102
300 Helme (G W)
25 6912 Jan 16 10212 Sept 1
50 June 815 Sept ,
8
.812 93
4 *812 93
4 *812 93
4 *812 93
4 *812 93
*812 9 4
Hercules Motors
3
No par
3 Mar 20 17 July 6
43 June
4
8% Jan
*54
56
5814 55
5518 5518 55
59
5512 55
583 60
4
6,700 Hercules Powder
No par 15 Feb 27 63 July 1
1378 Aug 2912 Sept
107 108
10618 10618 *107 10812 *107 10812 108 108 *107 108
40
$7 cum preferred
100 85 Apr 5 110 July 19
7012 June 95 Jan
*46
4812 47
47
47 47
4612 46,
4
2 473 4
4 812 483 5012 1,100 Hershey Chocolate___No par 3518 Mar 29 72 July 18
4312 July 83 Mar
873 873
4
4 88
8818 88
8818 87
87% 2,300
8712 87
8714 87
Cony preferred
No par 644 Apr 3 90 July 18
57 June 83 Mar
412
412 41,
412
414
438 43
412 1,900 Holland Furnace
414 412 *414 412
4
No par
3% Jan 4 1012June 20
314 Dec 1212 Aug
*514 73* "512 75* *5 4 618 *3
Hollander & Sons (A) No par
3
3
14 75* *53
4 74 *5 4 738
214 Mar 2 1012June 7
23 Dec 103 Mar
4
8
*306 325
312 3243 340 348
335 33712 330 332 x325 330
2,200 Homestake Mining
4
100 145 Jan 16 373 Oct 5 110 Feb 163 Dec
01012 117s *1012 1112 *1012 1112 *1012 111
,
. 10 8 105* 1012 1012
300 Houdaille-Hershey el A No par
418 Apr 7 15 June 8
6 Dec
712 Nov
3l
31_
3, 318 314
312 35*
314 312. 2,000
35* 35*
2
3%
Class B
No par
1 Mar 2
63
4June 9
1 May
412 Sept
4312 4312 *4312 4434 *433 443 *437 443 *437 443 *437 443
8
8
4
4
8
4
8
100 Household Finance part [4_50 4312 Oct 13 5114 Jan 12
4
4214 June 57% Jan
233 2412 2412 253
4
4 243 2612 25
25 4 243 2612 26
4
3
4
275* 9,300 Houston 011 of Tex tern cas100
814 Mar 13 38 July 17
84 May 2814 Sept
43
43
434 47
4
412 43
43
4 4%
43
43
4 5
4 5% 5,800
Voting trust ctfs new_ _ __25
17 Feb 28
8
118 May
7's July 7
53 Sept
8
*31
3214 3112 323
333
8 3018 327
4 32
8 32
3114 333
335* 15,200 Howe Sound v t c
25
512 Jan 3 333 Nov 9
8
4% Dec 1612 Jan
103 107
8
8 1014 105* 1014 11
10
10,
4 10, 1118 104 1118 6.000 Hudson Motor Car____No par
4
3 Feb 28 163
27 May
8
8July 17
113 Jan
4
*37
334 37
4
8,300 Hupp Motor Car Corp
3% 4
4
312 33
8
35* 33
312 33
4
10
11 Mar 3
%
7 4July 13
3
1 12 May
53 Jan
8
__
_ _ __
_
__
_
_
____ _ _ ____ _ . ___ _ _ Indian Motocycle
No par
14 Mar 16
23
8June 6
38 June
218 Sept
*2F2 118
s
3T if ,,,v T2 i
8
23
4 258 - -58
-.58 - 318 ils 1,600 Indian Refining
2
10
1% April
412June 21
1
Apr
234 Nov
72
75
75
74
76
76
76% 11,500 Industrial Rayon
72
8 72
7312 767
75
No par 24 Apr 4 8212 July 17
7% June 40 Sept
61
61
5714 61
588 57
16,600 Ingersoll Rand
57
*57
56
58
58
59
No par
1914 Feb 27 78 July 18
4
143 Apr 447 Sept
4 3114 3114 31
3012 313
32
33
33
3112 31% *3014 32
1,300 Inland Steel
No par
12 Feb 27 45 July 7
10 June 277 Sept
3
14 514
14 55*
512 512
3
5
5 4 54
5
4
55* 53
512 512 2.500 Inspiration Cons Copper___20
2 Feb 25
912June 2
3 May
4
7 4 Sept
3
.21.2 25*
212 2% *212 25* *212 25* *212 25* *212 25*
100 Insuranshares Ctfs Inc_No par
114 Mar 29
37
8June 8
1 June
37 Jan
8
•17
8 2
2
2
2
2
*17
5 2
13
500 Insuranshares Corp of Del_ _ _1
4 *13
13
4
8
4 17
13 Apr 5
4
314 July
412 Jan 10
818 Sept
*214 25* *214 212 *214
25*
218 2%
218 218
214 212
400 Intercont'l Rubber__ _ _No par
%Mar 21
31 Aug
412July 18
14 Apr
51
5% 5 4 .5 8 512
3
3
55* 55* 1,000 Interlake Iron
5
512 534
,2
538 5%
No par
218 Mar 1 12 July 13
15 July
8
74 Sept
*2
218
2
218
218 218 *2
218
2
2% 218 1,100 Internal Agricul
212
No par
78 Feb 17
53 July 18
14 Apr
312 Aug
*97 16
*10
*97 16
15
8
*10
*12
*12
15
14
14
Prior preferred
100
5 Jan 3 2712July 19
33 Apr 15 Aug
4
14114 14114 14112 142
13912 146
139 14114 140 140
148 14812 3,300 Int Business Machines_No par 753 Feb 28 15311 July18
4
5212 July 117 Mar
*5
512
514
5
514 *5
512
5
5
5
55*
5
1,200 Internet Carriers Ltd
27 Jan 16 107 July 7
1
8
114 May
512 Jan
*31
3312 31
32
3214 31
32
32
33
3338 32
333
4 8,500 International Cement__No par
618 Mar 2 40 July 17
33 June 183 Jan
8
4
3812 395
8 3914 403
8 4014 43
8 3914 4212 39% 413
4112 4318 70,700 Internet Harvester____No par 13% Feb 28 46 July 17
103 July 3418 Aug
8
1163 11612 11614 11614 11614 11614 116 11614 *116 118 *116 11718 2,100
8
Preferred
100 80 Jan 5 11918 Aug 15
684 June 108
Jan
*5
34 6
3
5 4 54
3
512 5 8
7
514 612
618 612
618 614 2,000 Int Hydro-El Sys el A__No par
212 Apr 4 138 July 19
23 June 1138 Mar
8
•33
8 418 *35* 4
*312 4
*312 4
3 4 3 4 *312 4
3
3
100 Int Mercantile Marine_No par
114 Jan 4
8June 20
78 June
67
4% Aug
2012 2112 20% 21% 203 213
8 2118 23
4
4
4 203 215
4
2112 223 331,600 Int Nickel of Canada...No par
63 Feb 27 23 NOV 16
4
312 May
1212 Sept
*106 108
107 107 *106 108
107 107
107 107
400
10912 10912
Preferred
100 72 Jan 11 1097 Sept 12
8
50 June 86 Mar
*85* 11
•8118 1412 •85 15
8
85 15
10
8
*10
10
15
10 Internet Paper 7% pret
100
212 Jan 4 213
4July 11
13 June 12 Sept
3
3 4 33
3
*33
4 412 *312 412
418
4 *33
,
100 Inter Pap & Pow cl A_ _No par
4 4
*33
4 4 8 *3
12 Apr 21 10 July 10
12 June
43 Aug
8
•134 2
*134 218 *13
4 218 *13
4 2
*13
4 2
*13
4 2
Class B
No par
14 Apr 1
53
4July 10
14 May
2 Au4
*113 13
4 *112 13
4 *112 13
1,000
12 112
8
112 15
4
15o
15*
Class C
No par
14 Jan 6
4 July 11
14 Apr
112 Sept
103 1012 10
8
1012 10
1014 1012 10
11
1012 *93 10%
4
1,700
Preferred
2 Apr 5 2212July 11
100
134 Dec 123 Sept
8
*10
*10
11
11
*10
11
105* 10
1012 1012 "10
200 Int Printing Ink Corp_No par
10
312 Feb 28 14 Oct 10
3 Dec
84 Mar
__ *6712
_ 6712 6712 6712 6712
_ 6712 6712
120
Preferred
100 35 Apr 18 71 Aug 23 x243 Jan 45 Nov
4
*6712-*23
24
2312 --2312 2312 2414 *6712- 18 *2312 25
2418 21
24
24
600 International Salt
No par
133 Mar 28 273
4
4July 5
93 June 2312 Feb
4
4212 43
4212 423
4412 45 45
4 4212 4312 4212 4212 42
1,800 International Shoe
No par 243 Jan 3 563
8
8July 17
2014 July 443 Jan
40 403
8 423* 433
8 425* 437
43
423
40
8 40
40
417
8 4.200 International Silver
100
93 Feb 25 5912July 17
4
712 July 26 Sept
63
647
6312 64
64
673
6412
4 6312 64% *6412 65
62
660
7% preferred
100 2412 Mar 2 717
8July 17 26 May 65 Feb
14% 15
14 8 1512 1414 153
,
1518 14
8 1312 143
4 14
1512 165,400 Inter Telep dr Teleg_ __No par
5% Feb 28 2134July 14
238 May
154 Sept
47
47
*4
47
8 *4
4 4 •41
*418 43
3
4 *414 4% *4
Interstate Dept Stores_No pa
112 Mar 2
87
8July 7
1 12 May
Jan
11
215
*19
22
22
22
22
*1718 22
*1518 22%
215* 22
50
Preferred
100 12 Apr 7 403
8July 12 18 June 5212 Jan
*5 8 6
3
*5 8 6
3
*5 4 6
3
514 53
*5
8
5
5
514
40() Intertype Corp
No par
17 Jan 24 1114 July 7
212 Dec
7 Apr
23
24
23
*24
24
25
2412 2412 25
25
2514 2514
900 Island Creek Coal
11 Feb 27 32 July 15 1014 Apr 2012 Aug
•29
31
293 3014 307 30% 3018 30% *3014 31
4
31
8
31
500 Jewel Tea Inc
No pa
23 Feb 27 45 July 7 1518 May 35 Feb
52
513 53
5312 513 533
4
4
4 5012 5212 5114 5412 54
553 44,000 Johns-Manville
4
No pa
1214 Mar 2 6018July 17 10 May 333 Sept
•98% 102
99
98
99
95 95
9812 9812 *95
95
95
380
Preferred
100 42 Apr 5 106%July 11 45 July 993 Jan
4
*47
50
50
48
4818 4818 47
50
48
a47
48
497
300 Jones & Laugh Steel prof.. 100 35 Feb 1 91 July 18 30 July 84
Jan
*6
6
63
8
64
63
8 63
6
*614 6% 1,100 Kaufmann Dept Stores $12.50
6'4
8
7
71s
23 Mar 15
8
918June 9
3 May
914 Mar
13% 1312 .12% 14
14
1314 1314 13-5* 133 .133 137
14
8
8
400 Kayser 01 & Co
25
6% Feb 27 1912July 5
43 July
143 Sept
4
8
314
3
*23
4 3
3
4 3
23
234 23
3% 2,500 Kelly-Springfield Tire
4
234
3
5
38 Mar 2
6's July13
*13
1612 *13
1612 *12
*1212 15
15
*1214 15
*1312 153
4
No par
6% Preferred
6 Feb 28 3118June 2
418 *3
*3
4% *3
4% *3
418
4% *3
418 *3
Kelsey Hayes Wheel conv.clA
2 Feb 27
8 May 12
*118 212 *112 212 *112 212 *112 212 *112 212 *112 212
Class B
2 Mar 27
4June 26
63
1012 1038 103 11
1012 103* 103 1114 103 115 15,900 Kelvinator Corp
4
4
4
105* 1114
8
No pa
35* Feb 28 153 Sept 14
8
234 May
105* Feb
5612 5612 5612
*56
60
*56
59
110 Kendall Co Pt pf ser A_No pa
59
*54 2 60
59
,
*55
30 Jan 10 73 July 8 17 July 38 Feb
2138 2212 217 228 213 23
8
205* 2214 2114 235* 2214 2312 106,200 Kennecott Copper
No pa
7 8 Feb 28 26 Sept 19
47 June 1914 Sept
3
*115* 1412 *1218 1214
12
*10
4
1212 123 *105* 13
15
500 Kimberley-Clark
125*
57 Apr 6 253
No par
8July 7
612 Dec 1912 Jan
*2
212
23
8 238
4
2 4 23
3
212 25*
23
4 23
4 23
4
700 Kinney Co
4
23
No pa
1 Apr 3
5 Sept
614June 7
12 Apr
•1012 15
.1018 15 .1018 15
*1018 15 .1018 15
*1018 15
ereferred
No par
45* Feb 14 30 July 7
3 June 19 Aug
lZlz 12
1214 123* 1218 1212 1214 123
12
127 133 15,900 Kresge (S S) Co
8
8 1218
4
10
512 Mar 2 167 July 8
19 Jan
8
65* July
•10012 103 •100% 103 *10012 103
8
60
10012 1005 103 103 *10012 103
7% preferred
100 88 Apr 4 105 June 14
88 May 110 Mar
*30
3118 *30
200 Kress (S II) & Co
31% 3118 3118 3212 3212
3212 *30
*30
34
No par 27 Jan 17 4414July 3
18 June 37 Jan
22
22
2218 227
4 2114 2218 205* 2218 215* 2214 16,900 Kroger Grog & Bak_No par 1412 Feb 28 353
8 22
223
187 Mar
2
10 May
8July 11
293 30
8
3012 30
30
3012 2938 3018 294 3012 30
3012 5,300 Lambert Co (The)
No par 2218 Mar 2 41I July 17
25 May 564 Jan
*418 5
*4% 5
5
*418 5
80 Lane Bryant
5
418 418
*414 5
No par
3 Feb 8 1012June 28
738 Aug
2 May
.8
814 8%
814
8% 812 1,900 Lee Rubber & Tire
8 814
8
814
77
814 814
5
818 Sept
33 Mar 2 123
4
13 Apr
4
8July 19
*1112 13
14
121 1312 13
4
4
1234 123 *1112 13
*113 13
900 Lehigh Portland Cement___50
57 Jan 5 27 June 20
35 Apr 11 Aug
•7512 90
77
77
*7512 90
*7512 90
*751 77
300
*7512 90
7% preferred
100 34 Feb 9 78 Sept 5
4() Dec 75 Jan
3
3
2% 3
338 35* *314 312
1,300 Lehigh Valley Coal____No par
318 *3
3
32
43 Aug
4
1 Jan 13
1 May
8July 14
63
063
4 6% *6
6
64
300
618 *614 71s *63
8
4 714
07
o 67
Preferred
11 12 Aug
50
212 Apr 10 12 June 19
114 July
6814 70
4,400 Lehman Corp (Tha)___No par 3712 Feb 28 79'* July7
8
67
8
67
674 674 6712 684 663 6778 667 70
3012 June 517 Sept
183 187 *183 19
4
*1812 187 *1812 187
4
4 1,000 Lehn it Fink Prod Co
8 1812 185* 1818 183
8
6 May 2414 Mar
5 14 Feb 27 2314June 6
2912 30
29% 31% 304 3134 53,500 Libby Owens Ford Glass No par
295 3014 2938 3012 283 30
8
4
434 Mar1 37e July 18
93 Sept
8
33 May
4
*82
84 •
8214 8334 833 *8412 8512
81
4
*8018 82
700 Liggett & Myers Tobacco25 49 Feb 16 98 Sept 18
32 June 6512 Oct
83 84
86
82
82
x8212 84
83
8612 8712 7,800
83 4 85
3
Series B
3418 May 6714 Sept
25 4914 Feb 16 9918 Sept 15
132% 133
130 130
125 125
125 125
1,100
123 123
125 127
Preferred
Oct
100 121 Mar 22 14018 Sept 18 100 May 132
*1412 15
8
*14% 15
8
*147 161 *147 16
*1412 15
15
15
100 Lily Tulip Cup Corp__No par 13 Apr 6 2112May 16
14 June 21 Mar
.26
28
*25% 28
27% 2738 2712
28
*25
2712 .23
27
600 Litna Locomot Works _No par 10 Jan 17 313 July 3
812 Apr 19% Aug
4
•1214 14
*1218 14
123 13
*123 131s 13
1318
*1218 14
500 Link Belt Co
612 June 14 Mar
4July 5
No par
634 Apr 17 193
2612 2612 2612 26% 25
8 2514 2618 4.300 Lioutd Carbonic
243
4 2512 263
2612 24
9 May 22 Mar
No par 104 Feb 25 30 July 18
2818 29
2838 2912 283 2912 2812 293
8
8 29
31
2912 3112 11,000 Loew's Incorporated_ No par
1314 May 373 Sept
4
8I1 Mar 22 3612Sept 18
*65
70
*65
•68
66% 66
69% *65
66
100
70
70 .65
39 July 80 Sept
Preferred
No par 35 Apr 4 7812July 19
214 214 *214 212
214 214
214 214
214 214
700 Loft Incorporated
218 218
17 June
5 Sent
414June 8
No par
14 Feb 24
e
17
*13
4
4 2
17
8 *13
17
8 *134
178
17
8 *134
1%
2
14 May
300 Long Bell Lumber A No par
512June 19
12 Feb 28
27 Aug
40
40
391 40
39
40
4134 3,100 Loose-Wiles Biscuit
4014 41
4018 40
40
1618 July
25 1914 Feb 27 4212July 12
3638 Feb
•11812 120 *11812 120 *11812 120
116 116
*116 120
96 July 118
11812 11812
50
7% 1st preferred
100 11312May 9 120 Jan 14
Oct
17
1714 167 173
8
1714 1712 17
8
9 May
167 175* 1738 1818 20,200 Lorillard (I') Co
1714
18118 Sept
No par
105* Feb 16 25' July 6
105 105
104 105 *102 106 *102 10512 *102 10512 *102
73% Jan 10818 Sept
-100 8712 Feb 23 10518 July 8
300 '47% preferred
•112
134
8 0134 2
2
2 -- 4
*11
*112 2
23
1.900 Louisiana Oil
4 July 12
No pa
214 July
5 Jan 5
8
12 Jan
*712 18
*712 13
13
13
13
20
1212 *10
9
3 Dec
*10
Preferred
9
312 Feb 24 29 July 21
100
18
Jan
•1518 16
1512 15 8 1512 16
,
1,200 Louisville Gas & El A_No par 137 Apr 8 253
4June 13
15
8 15
812 June 235* Mar
1512 147 147
8
15
•101 4 113
4 1114 1114
1134 12
1.100 Ludlum Steel
1178 12
1 13* 115* 11
112 Jan
1
4 Feb 28 2018July 11
11
11% Sept
*62
69
*62
69
65
*62
8
65
Cony preferred
*61
No par 143 Mar 28 65 Nov 3
*62
612 Jan 26 Sept
69
69
*61
*2512 2717 *2512 2712 .2512 273* *2538 2714 .26
MacAndrews & Forbes
8
27
10
273 *26
912 Feb 16 2918 Sept 23
912 Aug
1514 Feb
285 285e 29
s
2914 28
2914 2714 28
No par
1312 Feb 27 46-38 July7
2738 304 2014 304 7.300 Mack Trucks Inc
10 June 283 Sept
4
4712 4712 48
51
No par 2414 Feb 25 653
50
49
8,900 Macy (It ID Co Ine
4July 7
48
17 June 6012 Jan
51
4912 4612 51
47
*23
4 3
*212 27
8
212 2% *234 3
23 *212 234
300 Madison So Gard v t e_No par
4
1% Mar 30
28
218 Jan
7 Juno 26
412 Sept
*143 16 2 *15
4
8
,
16
1612 1638 163
800 Magma Copper
No par
*1518 16
8
8July 19
16
.53 Mar 2 193
1512 16
412 Apr 133 Sept
4
4 218 •134 218 .13.
,
MallInson (II R)& Co.No par
•13
8 2 8 *13
2
*13
4
4
7 Feb 15
218 *13
8
4 2
514June 29
12 Jan
4 Sept
143*
*8
7% preferred
8
30
100
8
14%
3 Feb 10 263
*61s 1412 0618 143*
4July 6
612 712 *8
4 Aug 1018 Sept
Mallen Sugar
*114 3
*114 2 4 "114 23
3
8
14 Jan 4
100
18 Mar
•114 2% •138 25* *I% 23
53
4July 10
214 Sept
97 July 19
*212 618 *212 618 0212 618 *3
Preferred
100
618 *3
618
3 Jan 6
618 *3
8
14 Apr
314 Sept
8
.3 4 4
80 Mandel Bros
34 4
33
035* 4
97
8.yune 10
No par
112 Jan 3
3
1 Dec
*33
4 6% *33
4 65* • 4 638
43 Sept
4
300 Manhattan Shirt
1212 01112 12
.1112 1238
1212 1212 12
•1112
1212
.12
512 Apr 1 23 July 18
12
25
312 June
9 Aug
*II. 21s
218 214 *218 231 *218 231 *214 - -500 Maracaibo 011 Expler.No par
4 24
_
3
23
4 June 12
12 Jan 18
3 June
8
112 Aug
612
61. 612
6,400 Marine Midland Corp
63
6
6
, 6
6
6
614
618 61 1
10
Jan 9
514 Mar 31
612 June 1438 Aug
1112
_
•Bid and asked prices, no sales on thls day. a Optional eale. e Cash sale. a Sold 15 days. x Ex-dividend. y Ex-rights.
$ per share
17
8
*1,
2
.20
22
__
•21
*36-2338
*2712 2811
*514
5:1
8
•2212 2334
*312 47
8
*17
8 6
*15
25
*8018 82
1438 17
$ per share
2 112
*20
213
8
*36
57
*21
233
8
.2712 2814
5 per share
112
112
*20
213
8
*36
45
*2178 2338
•28
281 1
New York Stock Record-Continued-Page 6
3649
rarFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Nov. 11.
Monday
Nov. 13.
Tuesday
Nov. 14.
1Vednesday
Nov. 15.
Thursday
Nov. 16.
Friday
Nov. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
$ per share S per share 5 per share $ per share $ per share $ per share Shares. Indus. & MisceII. (Con.) Par $ per share
141 1412 14
/
4
14
14
1514 *14
15
15
1512 1412 15,
8
1,900 Marlin-Rockwell
No par
6 Feb 27
Marmon Motor Car
No par
14May 5
12
127
8 1212 127
8 13
133
8 1312 14
8 1212 12
/
4
/ 121 133
1
4
12,000 Marshall Field & Co_No par
414 Jan 30
4014 4034 4014 41
41
4014 4212 40
41
4334 437 45
8
22,300 Mathicson Alkali WorksNo par
14 Feb 27
26
2612 27 27
z263 2712 251 2512 263 273
4
4
/
4
8 2714 2712 2.600 May Department Stores...25
93 Feb 24
4
414
*414 412 *4
412
414
4
/ 418
1
4
4
4
.4
43
8
400 Maytag Co
No par
118 Apr 10
*95 10
8
9
/ 93
1
4
95
8 9
4
8
/ *95 10
95
1
4
8 95
8
8 •
11
800
Preferred
No par
318 Apr 4
50
50
5012 5012 5012 5012 *4412 51
*4412 51
*4412 51
60
Prior preferred
No par 15 Apr 5
*2412 28
*2514 27 4 2514 2514 *2414 2514 2414 2414 2514 2514
3
300 McCall Corp
No par 13 Mar 3
118
118
11 118
/
4
114
114
13
8 •118
114
114
114
118
1,600 McCrory Stores class A No par
3 Apr 15
8
*13
8 2
*112 134 *112 158 *112 15
*112 2
4
*112 13
8
Class B
Vo par
114 Jan 13
*5
5
518
518
518
5 18
5
5
5
*5
5
53
8
Cony preferred
900
212 Mar 17
100
*43
8 5
*43
8 5
*43
8 5
*43
8 5
438 43
8 *412 47
8
100 McGraw-Hill Pub Co_No par
3 Apr 4
443 453
/
1
8
4412 4318 4538 4018 4312 93,100 McIntyre Porcupine Mines__5 18 Mar 16
8 44
454 4412 4618 43
8614 88
86
8712 88
8314 84
823 823
84
4
88
4 83
6,000 McKeesport Tin Plate_No par 441 Jan 4
/
4
618 614
618 618
614 614
618 63
6
57
6 18
8 614
8 4,800 McKesson & Robbins
13 Mar 2
4
5
*13
147
8
8 137 143
4
15
4 143 15
15
15
1538 1512 1,400
15
Cony prof series A
3 8 Mar 3
5
50
118
1
7
8
7
8
7
8
1
1
1
1
1
1
1
1.800 McLellan Stores
No pat
14 Feb 24
*6
812 *6
512 *6
812 *6
812 *6
812 *6
812
8% cony prof ser A
218 Jan 16
100
2612 2612 *2514 2614 2618 261 267 267 *26
/
4
27
27
8
27
8
400 Melville Shoe
No par
83 Feb 27
4
914 914
918 914
912 *812 9
87
8 9
9
914 912 2,400 Mengel Co (The)
2 Mar 1
1
313 3112 3018 3114 3112 3112 •30
8
313
8 3112 3112 3112 3112
140
7% preferred
100 22 Jan 28
•14
17
*1434 163 *14
*14
8
15
1612 15
1614
*15
15
200 Mesta Machine Co
7 Feb 24
5
2012 2012 no
2012 *20
2012 *20
2012 2012 201 *193 20 2
4
,
400 Metro-Goldwyn Pict pref __27 1312 Mar 1
514 514
51 53
/
4
412 412
8
514 514
47
8 5
5
1,500 Miami Copper
53*
8
5
15 Mar 3
1234 123
4 13
1234 13
1318 125 1314
8
4
8 13
123 133
133 16,000 Mid-Continent Petrol_No par
4
33 Mar 2
4
*11
1214 12
1212 1112 1hz 1112 12
12
12
12
*11
1,100 Midland Steel Prod____No par
3 Mar 2
*62
70
70
*61
*61
*61
*62
70
70
70 .62
70
-8% cum 1st prof
100 26 Mar 3
*25
26
26
26
*26
*2512 26
27
26
27
27
400 Minn-Honeywell Regu_No par
26
13 Apr 4
27
8 278
234 27
23
4 31s
2 4 234
3
234 27e
3
5,200 M11211 Moline Pow Impl No par
3
7 Feb 3
8
*14
20
*1612 19
*15
*1514 19
19
19
1912
.16
19
100
Preferred
No par
6 Feb 7
*123 1312 13
4
133
8 12
125
8 12
12
4 13
1212 123
14
2,800 Mohawk Carpet Mills_No par
7 Jan 23
*7014 72
72
72
72
7312 7412 5,000 Monsanto Chem Wks_.No par 25 Mar 3
74
741
70
7012 72
2014 21
203 213
8
8 21
22'o 20
8
/ 2112 2018 2214 217 2314 163,800 Mont Ward & Co Inc No par
1
4
8 Feb 25
/
1
4
*3218 38
*354 38
/
1
*3214 38
*347 377 *31
37
8
/ 347 347
1
4
8
8
100 Morrel (J) & Co
No par 25 Jan 6
78
1
.78
1
34
1
1
1
1
78 1,600 Mother Lode Coalition.No par
7
8
7
8
18 Jan 9
4
4
4
4
4
4
4
3
/ 4
1
4
4
334 33
4
4,300 Moto Meter Gauge & Eci No par
14 Jan .5
24
2412 2512 2512 25
2S4 24
8 2518 2634 2,200 Motor Products Corp_ N0 par
2618 265
24
7 4 Mar I
3
/ 8'
1
4
712 818 4,700 Motor Wheel
814
71 8
7'4 7 8 *73
/
4
8
4 818
7
5
No par
112 Mar 1
*412 514
*41, 43
45
*412 43
8 43
4 *412 43
4
500 Mullins Mfg Co
43
4 5
No par
112 Mar 21
*11
13 .11
11
1118 il's
*11
13
13
11
*11
13
50
Cony preferred
No par
5 Mar 21
•12
1314 1212 1212 13
1212 1213
13
*1012 1314 *1212 1314
300 Munsingwear Inc
No par
5 Mar 30
518 512
5
514
514 512
538 512
55
8 6
.512 6
6,900 Murray Corp of Amer
10
11 Feb 25
/
4
•1214 15
*14
*1214 15
15
500 Myers F& E Bros
4 15
15
1312 1312 1412 143
No pa
8 Jan 25
1918 20
1912 2014 193 203
4 183 205
/ 2Os 28,300 Nash Motors Co
4
1
4
8
8 19
4 187 193
4
No pa
1118 Apr 12
*414
43
4
41 478 *412 47
/
4
412 412
43
5
8
4 5
5
1,400 National Acme
10
118 Feb 28
37
8 378 *378 414
418 418
414 484
4
4
*31 4
/
4
400 National 13ellas Hess pref_ _100
114 Jan 27
4318 433
8 4318 4312 4318 44
4318 4414 437 4514 4512 47
8
/ 26,900 National Biscuit
1
4
10 3112 Feb 25
•1377 14111 *138 1397 z1387 1387 13812 13812 *134 138
8
/
4
13312 13312
8
8
8
300
7% cum pret
100 118 Mar 3
141 1518 153 1618 1518 16
/
4
8
15
153
8 15
8 1512 1614 14,600 Nat Cash Register A_ No Par
157
,
5 8 Mar 2
153 1512 1512 16
8
1512 16
1514 16
30,600 Nat Dairy Prod
8 1518 16
153 157
8
No par
1012 Feb 27
*12
7
8
12
7g
*5
8
*12 1
12 1,000 Nat Department Stores No par
7
8
*3
8
*12 1
18 Mar 15
.482 5
*412 5
*412 5
•412 5
20
*412 5
412 4
Preferred
/
1
4
100
114 Feb 23
9218 9514 923 96
8 8838 91
8814 945
8912 933
4
8 8912 9212 34,400 National Distil Prod___No par
167 Feb 15
8
$2.50 preferred
40 24 Feb 8
•iii 141 .1I ---- ---- --- -----1- •12i 143 •123 143
- 4
---------124 1 3
8
8 -4
8
Nat Enam & Stamping_No par
8
3
4
5 Feb 2
1343 1343 135 135
4
4
135 13514 136 13912 138 13912 1,500 National Lead
4
1343 135
100 4314 Feb 23
*12712 13018 127 12712 1263 1263 .120 1263 *120 1261 •120 12618
4
4
4
/
4
400
Preferred A
100 101 Mar 1
•105 112 .105 112 *108 111 .105 1103 *105 110 *10312 110
4
Preferred B
100 75 Feb 23
104 1034 1012 11
/
1
103 11
93 1014 15.600 National Pow & Lt __ __No par
8
1018 10 4 10
1014
4
,
67 Apr 1
8
.3914 40
395 4018 393 40
8
/ 10.600 National Steel Corp___No par 15 Feb 27
1
4
3
,34 3814 3914 3818 4014 3924 40
*11
1314 12
13
13
133
8 1212 1212 12
1312 133
13
4 2,200 National Supply of Del_ _ _ _50
4 Apr 6
*33
*33
39
39
*33
39
35
35
35
*33
35
1,300
*33
Preferred
100 17 Feb 23
*238 3
238 23
8
212 23
•23
4 3
3
3
3
8
3
700 NationalSurety
114May 3
10
1712 173
8 1718 173
4 17
173
1612 177
4 1612 17
8 1718 1712 5,700 National,Tea Co
No par
612 Jan 4
*5 4 9
3
*53
4 9
614 612 *614 818
7
73
4 *7
73
4 1,600 Nelsner Bros
No par
112 Jan 16
Nevada Consol Copper_No par
4 Feb 28
6 ic
614 884 ima Newport Industries
6
6
6 .. 4 a -, o 15- 6 -.
8
6;
1
18 Mar 29
3
•13
1418 14
15
14
143
8
*1312 143 *13
4
*13
8 143 143
8
200 N Y Air Brake
No par
61 Apr 4
/
4
4
5
53
5
4 *5
53
514 *5
10 New York Dock
5 4 *5
3
5
/ *5
1
4
*5
312 Oct 21
100
*712 10
*712 11
75
8 75
1014 *814 103*
4 83
20
8
4 *9
83
Preferred
100
6 Oct 19
3
4 3,900 NY Investors Inc
5
8
5
8
3
8
5
8
3
8
5
11
8
/
3
4
4
3
4
38
ki
No par
12 Apr 3
1034 11
1012 10
8
1014 1038 1014 1114
8 103 1118
4
/ 103 107
1
4
4,000 NY Shipbldg Corp part stk_ _1
11 Jan 4
/
4
75
*65
75
*65
75
*65
72
*65
75
75
75
75
30
7% preferred
100 31 Jan 9
*7512 83
*7512 85 .7512 85
*7512 82
*7512 827 *7512 82
8
NY Steam 86 prof
No par 80 Mar 24
*8812 101
.8812 103 .8812 99
100 101
95
9812 9812 95
7
0
$7 1st preferred
No par a9314 Apr 25
8 3412 3518 347 35 4 333 34
3412 347
8
353 18,700 Noranda Mines Ltd_ No par
3
4
3614 34
8
/ 34
1
4
173 Jan 14
8
8 1512 17
IA 175
163 17
4
4 14
1512 42.200 North American Co
153 157
8
8 1518 153
No par
14 Nov 17
8 3612 37
3612 363
37
37
3518 2,100
3512 353
4 3514 3512 35
Preferred
50 32 Feb 23
53* 6
.512 554
/
1
4
5
/ 5
1
4
512 6
612 57
8,300 North Amer Aviation
512 6
8
4 Feb 27
5
*49
53
*49
53 z48
.4112 4318
45
48
473
*45
4 43
400 No Amer Edison prof __No par 43 Nov 16
*312 412 .33
8 4
*312 4
5
*33
4 4
4
5
4
200 North German Lloyd
33 Oct 16
8
*35
38 .36
*35
38
38
36
36
36
36
30 Northwestern Telegraph___50 263 Apr 27
36 .35
4
*3
314
*318
312
3
4 23
3
4 .234 312 •3
23
200 Norwalk Tire & Rubber No par
31
118 Feb 23
15 8 1512 1512 1578 1514 1618 15 8 16
3
3
8 16
165 64,800 Ohio Oil Co
8
153 163
4
43 Feb 27
4
No par
43
2 412
43
4 5
43
4 5
5
8
47
8 47
5
434 47
8 2,200 Oliver Farm Equip
118 Feb 27
No par
1518 1514 1512 1612 1514 1614 153 16
16
4
16
8 1,700
1614 163
Preferred A
No par
314 Feb 28
*5
4
5
43
4 43
4 5
53
5
3
8 *43
5
512 53
1,600 Omnibus Corp(The)vtc No par
13 Mar 2
4
712 8
8
08
5
8
014
812 9
812 8
/
1
4
812 81 5.000 OPpenhelm Coll & Co .No par
/
4
212 Feb 28
- -- ---- - -- ---- - -- ---- - -- ---- ---- ---- - - - _ - Orpheum Circuit Inc pref.100
8
13 Jan 30
144 15 8 143 15 8 14
/ -3
1
143-4 1514
8 -3
143
- 8 14
1512 1412 1511 -- / 9,000 Otis Elevator
4
No par
1018 Feb 27
98 .____ 97 •____ 95 *_ __ _ 95 •___
98
. 94
*45
94
50
Preferred
100 9312 Apr 5
414 414
/
1
4
41
414 4
/
4
4
4
4
4
414
4
4
1,800 Otis Steel
No par
114 Mar 1
.912 97
97
8 *814 93
8 *814 9
8 *7
/ *83
1
4
/ *8
1
4
4 9
08
5
Prior preferred
100
214 Feb 28
77
77
7612 77
775 7912 77
8
823 13,900 Owens-1111nols Glass Co____25 3112 Mar 3
8
7812 8212 81
78
1818 19
184 19
/ 1714 1818 1634 173
1
/
4
1
8 1678 1712 1612 173 15,400 Pacific Gas & Electric
8
25 1612 Nov 17
/ 27
1
4
273
2738 27
2512 26
8 2014 27
245 2514 2414 25
8
5,700 Pacific Ltg Corp
No par 2414 Nov 17
2512 *22
.22
2512 23
23
22
*22
2214 *21
23
223
4
300 Pacific 1311113
100
6 Feb 21
7714 77 4 *7612 804 803* 8014 76
/
1
,
80
76
80
78
78
260 Pacific Telep & Teleg
100 65 Mar 3
3,
2 28
35
8 33
3
/ 3
1
4
19.400 Packard Motor Car_ __No par
4
/
35
1
4
8 37
3
3
3
/ 4
1
4
3'8 3 4
7
8
11 Mar 24
/
4
*918 12i2 10
10
.9
117
12
8 .9
*9
12
100 Pan-Amer Petr & Trans new _5
10 4 59
3
8 June 2
27
27
263 271 263 2718 *26
4
4
/
4
8 263 263
4 1,500 Park-Tilford Inc
4
273* 2618 283
No par
6 Jan 20
.118
13
8 *114
13
8
114
138 .118
114
114
112
114 .114
200 Parmelee Transporta'n _No par
/ Mar 21
1
4
•112 2
2
2
/
1
4
11 23
/
4
2
8
2
8
6,000 Panhandle Prod & Ref _No par
13
4 17
11 2
/
4
/ Apr 18
1
4
*112 13
158 2
4
/
4
112 11
15
8
112 17
8 9,000 Paramount Publlx ctts
13
11 17
/
4
4
8
18 Apr 5
10
12 8,400 Park Utah C 51
318 314
314 312
314 312
312
318 3
3
/
3
1
4
/ 3
1
4
1
2 Jan 9
4
114
11
/
4
11 114
/
4
13
8
13
4
112
13
8
4 8.800 Paths Exchange
13
11 13
4
/
4
112
No par
14 Jan 4
91
/
4
9
914 9,200
9
*7
87
/ 8
1
4
8 914
7
/ 8
1
4
1318 9
Preferred class A_ _ No par
114 Jan 25
2034 23
23 14 2418 223 24
23
2112 2314 2214 25
2478 118.800 Patin° Mines & FmterPr No Par
4
53 Jan 16
8
4
*33
358 3
4
4 418
37
8 4
418
4
/
1
4
3
/ 35
1
4
8 1,400 Peerless Motor Car
2 Feb 16
4
3
*53
54
63 4 54
5514 5512 573
3
53
8 3.700 Penick & Ford
573 583
58
4
8 37
No par z2512 Feb 27
5114 14.600 Penney (J C)
48
4834 48
483
4 48
484 48
/
1
4912 4812 5114 50
No par 1914 Mar 2
*105 107 *105 107 *105 107 *105 107 .105 1051 *105 1051
Preferred
100 90 Jan 4
414 458 *4
412
41_
8
414 45
418 412
41
4
4
1,500 Penn-Dixie Cement_ __No par
3 Jan 25
4
.1212 14
all
14
*12
12
11
12
12
11
*11
11
300
Preferred series A
/
4
41 Mar 2
274 28'z 2,500 People's G L & C (Chic)_ 100
2812 2712 2712 2612 28
2812 28
/
1
*2714 281_ 28
_100 02614 Nov 8
11
11
11
11
1114 1114
8
11
*1012 117 *1012 1112 11
900 Pet Milk
No par
612 Feb 2
1114 1212 123 1234 9,800 Petroleum Corp of Am_No par
8
1118 1114
1114 1138
4
4 114 113
1114 113
/
1
4 Jan 3
/
1
4
157 1638
8
1618 171
1612 1712 47,700 Phelps-Dodge Corp
8
1618 167
17
/ 16
1
4
1614 16
25
412 Jan 4
*2114 25
25
2334 23
2712 25
/
1
4
.2512 26
*25
500 philadelphla Co 6% pref _ _50 233 Nov 17
2512 251
4
4312 42
.41
42
5112 *42
*42
42
.41
42 42
5112
200
86 preferred
No par 40 Oct 2
/
1
4
418 4
4
/ 45
1
4
418 434
43
41 97
4 5
/
4
8
434 47
3,600 Phila & Read C & I
No par
212 Feb 27
•12
123 *12
4
8
123 *1218 125 •1218 123 *1218 1212 1218 1218
100 Phillip Morris & Co Ltd___10
8 Feb 23
*812 13
*812 12
13
.9
13
*84 13
*9
/
1
*812 13
Phillips Jones Corp_ _ _ _No par
3 Feb 8
16
157 164 1612 173
8
4 17
/
1
/ 181 89,200 Philips Petroleum
1
4
8 1618 17
16s 1618 165
/
4
No par
43 Jan 4
4
8
712
812
712 *7
*7
*7
*7
8
130 Phoenix Hosiery
8
*7
71
5
15 Mar 15
8
31
s
_ ---- ----------------------------1,200 Pierce-Arrow class A_ _No par
_
3 Nov 4
1
14
1
118
1
/ 118 21,100 Pierce Oil Corp
1
4
1
111
1
1,
8
-12
7
8
/ 1
1
4
/
1
4
25
14 Jan 3
*7
812 9
7
9 18 918 3,100
/
1
4
814 814
75
/
1
4
8 93
81 8
/
4
4
Preferred
iou
37 Feb 27
8
13
4
8
112 *15
•13
15
8 13
112
8
13
11 17
/
4
4
112
4 4,400 Pierce Petroleum
15
8
8
No par
3 Jan 23
8
8 19
19
193
1918 19
/ 2,000 Pillsbury Flour Mills
1
4
4
*184 1912 *19
193 zI918 1918 *19
/
1
No par
9 Feb 24
/
1
4
7212 7212
•711 7318 •713 7318 .7218 75
7314 7314 7312 75
/
4
8
500 Pirelli Co of Italy Amer shares 33 Apr 4
/
1
4
4
117 *103 13 .12
*107 15
8
8
8
*107 131 1 .1014 117 *10
8
Pit,rerurgh
itsb erredCoal of Pa
13,
4
100
4 Feb 25
393 537
4
393 *37
3934 .35
4
393 *37
4
3934
394 *35
/
1
*35
1
yl7 tehte.
E._rJan2
5
• Bid and asked prices, no sales on this day. a Optional sale. s Sold 15 days 2 Ex-dividend. c Cash sale.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share
2014June 3
.534 May
1334 Sept
12 Apr
218June 6
312 Sept
183
8June 3
3 July
1312 Jan
45 Nov 17
9 June 207 Mar
8
33 Sept 18
912 June 20
Jan
813 July 10
1 July
6 Aug
1514 Aug 28
3 Apr 1012 Sept
2218 Dec 3514 Jan
58 Oct 14
10 May 21
303 Sept 15
4
Jan
47
8June 8
Apr
612 Dec 16
6 Jan 5
5 Dec 19
Jan
21 Jan 9
20 Dec 62
Feb
212 May
818June 12
712 Jan
13 May 211 Dec
483 Oct 25
8
/
4
4
28 June 6214 Feb
953 Aug 28
118 June
1312July 3
612 Sept
318 May 23 Feb
25 July 1
33 July11
3 July
8
4 Mar
7 Dec 36 Mar
8July 11
227
4
283 Oct 10
20 July 19
57 July 18
21 Sept 12
22 Sept 1
4June 2
93
16 July 7
4July 7
173
72 Sept 6
2818July 19
53 July 18
4
30 July 18
22 July 17
7412 Aug 10
8July 7
287
56 July 3
218June 22
4
63 Sept 14
363 Sept 14
4
8July 10
113
104 July 18
25 June 9
8June 27
183
1112July 17
2012July 10
27 July 10
73
4July 7
8July 18
97
8June 28
603
145 Aug 18
23 July 19
/
1
4
4July 19
253
212June 26
10 June 6
1247
8July 17
115 June 2:
183 Sept 18
4
13912 Nov 16
12814 Nov 1
10918July 19
2012July 13
551g July7
285
8June 12
6014June 3
812 Jan 6
27 July 18
1218June 26
8June 2
113
113
4July 5
2312July 7
8June 23
117
22 June 23
4June 12
23
2212 Aug 9
90 June 19
1017 Aug 8
8
110 Jan 11
387 Sept 20
8
3612July 13
46 Jan 12
9 July 17
79 July 13
10 June 7
43 June 5
57 July 18
8July 6
173
/
1
4
8 July 7
4June 9
303
4July 18
83
15 June 2
7 June 9
2514July 18
106 July 19
914June 13
4June 13
213
963 July 13
4
32 July 12
433 Jan 11
8
29 July 5
4July 14
943
6 July 14
/
1
4
14 July 10
363 Oct 9
8
3 July 1
414June 21
212June 6
414July 18
212July 10
9 July 18
/
1
4
25 Nov 16
94 July 17
/
1
4
593 Aug 29
5258Sept 18
108 Aug 1
912June 19
32 July 5
78 Jan 9
1514June 8
15 July 3
187 Sept 19
8
36 July 7
62 July 8
912July 14
147
8June 7
163 July 18
3
183 Sept 18
4
127
8June 7
10 June 26
l's July 12
1314Ju1y 12
23
4June 21
267
8June 7
75 Nov 16
23 July 18
48 July 14
Jan
77 Dec 18
8
1 July
5 Aug
20 May 38
Jan
514 May
1912 Jan
14 June 2214 Jan
614 Sept
112 June
33 Apr
4
87 Sept
8
2 June 123 Sept
8
25 June 65 Sept
11 June 2312 Jan
3 June
8
3 Aug
/
1
4
4 Dec 145 Aug
8
512 June 14 Sept
4
133 May 303 Mar
8
312 May
1612 Sept
20 May 3514 Mar
18 May
3 Aug
4
114 Sept
14 Apr
8
73 June 293 Sept
8
65 Sept
8
2 Jun
8
2 June 133 Jan
5 June 2712 Sept
7 Aug15.8 Sept
9 Mar
/
1
4
218 July
Feb
718 June 19
8 May 193 Sept
4
11g May
4
53 Sept
18 May
6 Sept
2014 July 467 Mar
8
101 May 14214 Oct
z614 Dec 183 Sept
4
8
143 June 313 Mar
8
218 Aug
Li June
114 Dec 10 Aug
13 June 2714 Aug
2018 May 3212 Feb
3 8 July
3
818 Sept
45 July 92
Jan
87 July 125 Mar
61 July 101.
Jan
8
/
1
4
65 June 20 Sept
1312 July 337 Sept
8
3'2June 13 Sept
1312 May 391 Aug
/
4
412 July
197 Aug
8
312 May
107 Aug
8
112 Apr
512 Jan
212 May
1014 Sept
112 Juno
33 Sept
4
414 June 1412 Sept
318 Dec10 Sept
20 Apr 30 Aug
3 Aug
/
1
4
12 June
614 Feb
/
4
11 Dec
20 June 57 Mar
Oct
70 May 100
90 June 10918 Mar
2138 Sept
103 May
4
133 June 4314 Sept
4
2512 July x48 Sept
114 May
6 Dec
/
1
4
49 July 88 Sept
Jan
8
/
1
4
2 June
15 June 33 Aug
4
212 Aug
3 Feb
11 Aug
Jan
.5
12 Apr
4 Aug
1014 Aug
212 Slay
112 Jan
43 Mar
4
97 Jan
8
3 June
314 June 15 Sept
9 May 2212 Jan
90 May 106 Nov
914 Sept
114 May
31 May
/
4
20 Sept
/
1
4
12 June 4214 Nov
167 June 37 Feb
8
4
203 June 4712 Aug
314 May
14 Aug
4
58 June 1043 Mar
112 July
514 Jan
---- ----- ---Apr 10 Sept
2 Jan
14 June
2
14 Dec
14 Jan
/ -Apr
1
4
14 May
/
4
11 June
318 July
2 June
4
16 June
2 Sept
114 Aug
5 Feb
/
1
4
91 Sept
/
4
43 Apr
4
323 Mar
4
13 May 3412 Mar
60 June 91 Mar
212 Aug
12 Apr
8 Sept
3 Nov
Jan
39 July 121
5 Dec 1212 Jan
7 8 Sept
3
2 May
/
1
4
8
3 June 113 Sept
/
1
4
18 June 41 Mar
48 June 76 Sept
2 June
77 Sept
8
7 June 13 Aug
312 Apr 123 Sept
4
818 Sept
2 Jun
Nov918 Aug
2
Jan
9
1'4June
8 Sept
4
14 Jan
9 Aug
312 Jan
12 May
11 Sept
/
4
912 Dec 2212 Jan
/
4
21 June 311 Mar
115 Sept
8
3 May
Jan
17 Dec 40
1
New York Stock Record-Continued-Page 7
3650
rar
Nov. 18 1933
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE', NOT PER CENT.
Saturday
Nov. 11.
Monday
Nov. 13.
$ per share
.63
4 714
*15
22
.1
3
08
11
*214 312
•34
40
.214 3
1418 145
8
.9
11
*23
4 3
•114
15
8
2214 2314
*163 24
4
23
8 28
3
*612 7
4012 4112
10712 10712
5
8 13
8
33
8 618
$ per share
'7
714
.15
22
*13
4 3
11
11
*214 312
.38
40
"23
8 212
1412 147
8
.912 10 4
3
*23
4 3
*114
13
4
2214 2358
*17
24
238 238
6
612
4114 417
8
106 10618
1$8 214
55* 1012
Tuesday
Nov. 14.
Wednesday
Nov. 15.
$ per share $ per share
7l
*512 7
7l
.18
23 .15
23
*13
4 3
.13
4 3
*10
1212 *8
1212
"214 4
*214 4
40
40
3612 38
.214 312 *218 312
14 8 151 4 1414 1434
3
912 912 *814 912
"23
4 3
*234 3
.1
13
158
4 *114
22
2418 21
2318
*17
24 .163 24
4
2
218
2
2
.514 7 4 .512 6
3
41
417
8 40% 42
106 106 *106 109
118 2
1
1
12
712 83
4
3
714 7 4
3412 35
8
333 3412 325 3312
8
63
63
60% 613
4 597 60
8
*80
8014 80 80
7812 7812
8914 •____ 92
8812 8918 .85
103 103 *10012 10518 .1007 108
8
.8618 90
*8618 90
8618 86'o
4612 4412 4614
44
4514 45
1212 13
1214 13% 12
125
8
60
61% 613 627
4
8 62 62
3
16
14 4 1514 15
1512 1614
7
78
3
7
67
o
7 12
714
2612 2412 25 .2312 25
.25
16
4
163
16
4 153 17
15
212 213
2 8 212
3
8
2 8 23
3
16
16
153 16
4
153 1618
4
7
'95* 105*
92 94
912 912
,
4912, *45
4912 .45
*45
4912
218 214
214 214 *2
212
*914 11
11
*712 11
*9
714 712
714 7 8
8 714
5
67
4
28 .25
273
4 273 2734
*24
*25
26
26
27
27
27
318
8
3 3 37
314
3
3
Ws
1314 134 13
137
133
4
13
2912 2712 2914 •2712 28
2812
*514 8
*514 7
.514 8
.818 18
'818 18
"818 18
* 1518 1518
16
8
1612 x157 163
*712 812 "612 712 .612 712
44
3
45
44 4 4514 4418 45
•60
61
607 •60
8
*60
6018
Thursday
Nov. 16.
Friday
Nov. 17.
$ per share S per share
•61
•6
7
7
23
23
2412 *16
112
13
4
'13
4 3
"8
1212 .8
1212
.214 4
.212 4
36
*36
36
40
,
. 18 312 '218 3 2
2
143 151 4
8
4
147 153
8
914 914 .814 831
3
3
3
3 12
*114
15
158
8 '138
215 233
8
8 2212 24
.16
*16
24
24
218 218
2
2 14
3
•S'z 73
4 "6
74
403 42
4112 4218
4
108 108
108 109
I
7
8
118
Ito
06
714
712 712
323 3378 34
4
3412
6178
60 60
60
79
*7618 77
79
87 87
86
87
1027 10218 *10012 105
8
94
8712 *86
.86
45
46
46
43
8
123 133
4
4
113 13
62 62
63
62
1514 1618 x1512 161 4
712
7
,
618 7 2
25
.2312 2612 25
8
153 165*
8
155* 167
2
214
238 212
1612 1614 165*
16
*914 105* 0912 1014
*35
4912 '35
4912
25* 212 "218 212
.912 1078 *912 107
8
4
712 712
7
73
.22
273 *25
27
4
*25
27
27
27
3
318 314
3 18
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Shares.
100
100
200
2G
Indus. & Sliscell. (Con.) Par
Pittsburgh Screw & Bolt No par
Pitts Steel 7% cum pref___100
Pitts Term Coal Corp__No par
6% preferred
100
Pittsburgh United
25
Preferred
90
100
Pittston Co (The)
No par
33,300 Plymouth 011 Co
5
400 Poor & Co class B
No par
400 Porto Ric
-Am Tob el A.No par
Class 13
No par
15,400 Postal Tel & Cable 7% prof 100
Prairie Pipe Line
25
1,400 Pressed Steel Car
No par
200
Preferred
100
13,500 Procter & Gamble
No par
160
5% pref (ser of Feb 1 '29)100
99,300 Producers & Refiners Corp__50
8,100
Preferred
50
3418 35
16,030 Pub Ser Corp of N J___No par
*63
64
1,200
$5 preferred
No par
*80
82
100
300
6% preferred
90
90
725
7% preferred
100
*100 109
200
8% preferred
100
.86
90
100 Pub Ser El & Gas pf $5_No par
45 4 46
3
9,600 Pullman Inc
No par
1218 1212
42,300 Pure Oil (The)
No par
.60
63
240
8% eons preferred
,
100
1412 1412
8,300 Purity Bakeries
No par
7
7 14
62,500 Radio Corp of Amer_ No par
•2212 28
400
Preferred
50
1618 165
10.900
8
Preferred B
No par
*23
8 212
3,900 Radlo-Keith-Orph
No par
16
16
3,700 Raybestos Manhattan_No par
300 Real Silk Hosiery
.9% 10
10
"36
4912
Preferred
100
"2
218
1,100 Reis (Robt) & Co____No par
'9
11
1st preferred
100
8
7
7,905 Remington-Rand
73
1
.25
28
100
1st preferred
100
60
257 26
8
2d preferred
100
3.800 Ron Motor Car
38 38
3
3
5
13
1312
1314 1414 . 14
143 20,600 Republic Steel Corp___No par
4
3,200
28
6% conv preferred
2812 30
29
4 30
283
100
63
100 Revere Copper & Brass_No par
8 63
8
*514 7
*53
4 73
4
*818 18
Class A
.818 18
.818 18
No par
1512 157
153 1612 .153 1618 2,700 Reynolds Metal Co
4
4
8
NO par
200 Reynolds Spring
*612 10
8 712 .612 7 2
,
73
No par
4414 4518
4414 4614 4614 46% 27,600 Reynolds (R J)'rob class B_ 10
20
6018 6018
607
8 60% 60%
Class A
"60
10
Richfield 01101 Callf___No par
300 Ritter Dental Mfg
11
*8
.8
10
"9
10
10
10
10
10
10
*8
No par
*412 434
412 43
412 412
412 412
43
4 43
600 Rossia Insurance Co
4
43
4 484
4
5
3718 375 377
37
8
39 8 383 39
3
8 38
39 393
4
4 3814 38% 9,500 Royal Dutch Co (N Y shares)
4 28
263 275
4
283
283
2912 2812 293 15,700 St Joseph Lead
8 2712 273
4 27
8 28
4
10
40.34 4034 4112 4214 4034 4212 4012 4112 41 4312 42 4338 7,700 Safeway Stores
No par
.81
*82
*83
83
85 .81
85 .82
85
60
85
85
85
6% preferred
100
95
93
280
93
92 .9112 95
95
91
93
9212 9212 91
7% preferred
100
6
600 Savage Arms Corp____No par
6
512
6
'5
*514 512 .5
512 512 .434 6
412 412
8 1,100 Schulte Retail Stores_ _No par
412 412
412 43
47
4 43
8 47
4
4
43
412 534
19
•16
16
1912 1912 1912 *17
70
17 .16
1712 *16
1812
Preferred
100
•4012 4112 .4012 4112 4112 4112 *4012 41 .4012 41
41
41
170 Scott Paper Co
No par
3 3614 3412 3714 3614 373 25.800 Seaboard 011 Co of Del.No par
3412 35 8 347 363
8
3
8 35 8 367
8 34
4
3
.27
3
8 3
3
3
.27
8 3
3
.27
8 3
200 Seagrave Corp
.8 3
27
No par
3912 407
4
413
8 40
8 393 423
8 3918 405* 40
425
8 4218 4312 106,200 Sears. Roebuck & Co No par
21s
.17
218 218 *2
8 214 .2
214
214 *2
214
27
8 1,400 Second Nat Investors
1
.3018 373 •301.3 373 .3018 373 *30% 373 .
8
8
8
*3018 35
8 305* 35
Preferred
1
114
112
114
112 112
112
112
112
112
112
112
15* 1.000 Seneca Copper
No par
412 417
412 458
414 412
8
414 47
412 45
8 9,700 Serve( Inc
43
8 412
1
712 8
3
7
78 74
3
712 73
7 12
4
10,600 Shattuck (F G)
714 77
8
74 8
3
No par
8
53
8 .412 53
.51.8 6
.5
6
.518 6
.5
514 *5
Sharon Steel Hoop
No pa;
55
8
55
8
53
8 512
5 8 55
5
8
5% 5%
5 2 512 *55* 512 1,400 Sharpe & Dohme
,
No par
•363 39 .37
4
300
39
38 4
3
383 383
COnV preferred ser A_No par
4
4
4 383 383
4 375* 375 •38
8
814 87
8
91 43,400 Shell Union Oil
83 9
85
83
8 918
9
8 87
8
8
812 93
No par
59
59
5914 6012 5912 60
57
5514 5914 2,500
5914 59
60
Cony preferred
100
1714 18
175 1818 173 1914 1712 1812 175 187
18,700 Simmons Co
8
8
8 177 19
4
8
No par
10 8 103
3
4,700 Simms Petroleum
1012 10
s 1012 1012 10
93 1018 1014 11
4
1018
10
5 7,500 Skelly 011 Co
87
87
918 93
8 9
8 98
3
93
8
8
9
9
014 93
9 18
25
54
*5312 551
54
300
55
*5312 5412 5412 5412 .5312 5518 55
Preferred
100
.10
*912 22
.812 19
24
100 Sloss-Sheff Steel & Iron 100
12 .12
19 .12
15
12
1618 105*
90
.1612 21
.1612 20 .1612 20
7% preferred
1618 1612 1612 17
100
*6
6,
4 *53
3
4 6
517
2,200 Snider Packing Corp__No par
.512 6
5
5% 6
54 6
17' 351,400 Socony Vacuum Corp
135 1414
8
25
1614 16
143 143
8
4 1412 15
1412 1518 15
1,800 Solvay Am Invt Tr pref__100
83
82
813 8214 81
4
8112 82
81
82
81
81
81
4912 4314 23814 401 11,200 So Porto Rico Sugar---No par
4214 4212 417 4212 413 4312 40 4 42
8
3
8
Preferred
250
112 113
.114 118 .114 118
114 114
114 11414 113 114
100
8 1412 iS's 12,200 Southern Calif Edison
1612 163
25
4 1618 1612 157 1618 155 l5o 1518 155
8
8
47
*3
47
Southern Dairies cl B._No par
478 .3
47
47
8 *3
8 .3
•3
47
8 *3
500 Spalding (AG)& Bros_No par
7
.6
7
8
.534 8
*5
*5 4 8
3
9
9
*5
10
1st preferred
40
"35
40
40
40 .35
*35
"35
100
45
35
*35
35
Spang Chalfant & Co Inc No par
•____ 11 •____ 11 .____ 11 .____ 11 •____ 11 *____ 11
10
Preferred
*1518 20
2014 201 *1518 20
.2014 25 .2014 25 .2014 35
100
43
8 4,500 Sparks WithIngton____No par
414 45
4
4
.4
434 434
4 8 47
4'2
,
8
412 43
200 Spear & Co
134
234
15
*13
*13
4
4 '234
24
3
*13
4
112 *DI 23
4
No par
112
500 Spencer Kellogg & Sons No par
*1612 17
8
1612 16
167 .1618 17
.14
8
167 *1512 167 *16
8
4
512 55
55
512 53
8 53
512 53 13,300 Sperry Corp (The) Vie
8 55
8
4
4
8
512 558
53
1
Spicer Mfg Co
*612 9
No par
.
612 9
*612 9
'612 9
.
612 9
*612 9
10
21
Conv preferred A_ __No par
21
23
*21
23
*21
23
*21
23
23 .21
"17
1612 1714 2,500 Spiegel-May-Stern Co_No par
1878 1512 16
16
16
16
1614 15
.15
16
66,000 Standard Brands
4 2412 25
8
8 2358 2412 237 243
2418 245
No par
8
8 2412 247
8 237 247
100
4
Preferred
8
8
*12138 123 .1213 122 .1213 1217 1213 1213 .12014 124 .12012 1233
No par
8
8
8
500 Stand Comm Tobacco_No par
5
5
5
5
5
5
5
5
3
5 8 *518 5 8
3
*5
4 812 5,300 Standard Gas & El Co _No par
73
8
5
812 8 8
95
8 95*
814 87
914
914
83
4 9
93
Preferred
85* 8% 3,000
9
No par
93
8 912
912 912
8
912 95*
95* 97
8
$6 cum prior pre__ _No par
4 203 2112 1,600
21% 213
22
23
23
23
23
2258 2258 22
1,500
$7 cum prior pref.._ No par
2214 25
26
2814 2814 2814 2834 27
263
4 26
26
27
138
900 Stand Investing Corp_ _No par
13
8
112
•114
112
112
112 *114
112
1
114 *114
200 Standard 011 Export pref _ _ 100
*977 9912 ._-__ 98
8
993 100 .99 102
4
*98 102 .98 102
64,600 Standard Oil of Calif. _No par
4
._
4214 427
4
8 4214 4338 2423 43 8 425 437
8 423 4412 433 45
8
7
4
4,800 Standard 011 of Kansas_ ___10
36
4 35
4
343 3434 34 8 343 347 35
4
347 3518 343 343
3
4
8
4712 120,000 Standard 01101 New Jersey _25
8 46
8
435 4418 4418 443 x437 4518 4418 4514 445 463
8
4
8
100 Starrett Co (The) L S._No par
*57
8 7
*57
8 7
.6
*57
8 7
7
6
6
.57
8 7
300 Sterling Securities cl A.No par
13
4
13
4
4
.138 2
13
8 .112 13
8
.112 17
13
17
8 .13
8
8
No par
800
45*
Preferred
4
4
4
*414 412 .418 41,
412 412 *35* 4
200
Convertible preferred_ _ __50
.283 35 .29
4
2812 2812 .2812 31
35 - .29
31
'29
31
10
-Warner Corp
63
8 5,700 Stewart
6
63
8
6
6
6
58 6
7
53
4 6
614
6
77
714 8
No par
12,300 Stone & Webster
712
7
712
714
8
712 814
818
8 14
47
4 5
8 5
43
11.600 Studebaker Corp (The) No par
5
478 5
434 478
5
514
5
80
100
Preferred
•2112 2212 21318 2018 21
2012 2012 *2012 2114 2114 2114
21
No par
5212 54
2,200 Sun 011
5112 5112 52
483 483
4
4 50
4978 5012 51
50
100 100
100
30
Preferred
100 100
•9914 103
*9914 103
*9914 103
*9914 103
1,200 Superheater Co (The)__No Par
15 '16
18
15
•16
19
16
•16
16
18
19
•16
214
25
8 6,000 Superior 011
No par
23
8 212
.2 8 212
3
212 23
23
8 212
4
8
23
8 25
8
8 105 113
8 4.600 Superior Steel.
100
11
4 1012 113
11
1118 113
10
103
8 1012 1114
43
8 43
8
600 Sweets Co of Amer (The),._50
4
4
412 412
43
414 414
8 43
4
8
4
114
114
600 Symington Co
1
No par
1
•1
8
112 .13
112
112
112
112 .1
33
33
5
1,000
38 4
5
No par
8
Class A
5
3 8 37
35
8 4
4
4
354 3 1
4 1112 113
4 1,100 Telautograph Corp__ No par
4
.11 12 113
1112 113 .1118 113
4 1112 1112 *1112 113
4
2,000 Tennessee Corp
48 5
,
514
5
8
No par
47
8 47
55
8
5
53
8 512
.518 5%
4
8
8 265 273 57,100 Texas Corp (The)
25
4
253 267
*
25
58 253 2614 25% 263
s 2514 26
25
8
41;
4078 423
4 303 415
8
8 403 437
8 5414 445 64,000 Texas Gulf Sulphur._ No par
8
8
403 4114 41
312 37
37
8 4,2
8
33
33, 37
4 37
8
8
8
35
378 418 10,500 MM.'S Pacific Coal & Oil _ 10
8 37
8
814 87 17,400 Texas Pacific Land Trust_ _1
73
77
4
8 814
734
834
.
73
8
4 812
814
74
3
•Bid and asked prices, no sales on this day. a Optional sale. x Ex-dividend.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
y Ex-rights.
c Cash
sale.
Highest.
PER SHARE
Range fo Previous
Year 1932.
Lowest.
Highest.
$ per share
17 Feb 15
8
1014 Jan 6
, Feb 8
2
4 Jan 18
3 Feb 6
4
15 4 Feb 27
3
38 Apr 1
634 Feb 24
4
13 Apr 3
15 Mar 23
8
52 Feb 27
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
325 Nov 15
8
597 Nov 15
8
7812 Nov 15
86 Nov 17
1027 Nov 16
8
86 Nov 8
812 Jan 4
212 Mar 2
30 Mar 3
57 Feb 24
8
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
13 Feb 28
8
4 Feb 27
9 Feb 28
114 Jan 10
214 Mar 2
6 Feb 27
112 Feb 28
2612 Jan 3
60 Jan 5
Is Feb 21
612 Feb 25
2 Apr 8
175 Mar 2
8
618 Feb 27
28 Mar 3
72 Apr 5
8014 Feb 1
214 Apr 3
52 Mar 3
318 Apr 25
28 Jan 24
15 Feb 13
Us Feb 25
1212 Feb 25
$S per share $ per share $ per share
113 July6
4
2 Apr
47 Aug
8
4May 26
383
912 June 213 Sept
4
67
8July 18
212 Aug
12 July
2313 July 20
5 Dec 1212 Mar
6'2 July 18
33 Sept
5 Dec
8
4
64 July 19
14 May 44 Sept
7 June 19
12 Dec
3 Sept
175
8July 7
8
83 Nov 1212 Sept
133 July 7
4
112 May
65 Sept
8
8 June 6
114 May
65 Sept
8
4 May 17
513 May
23 Aug
4
403
4June 7
13 July
4
1712 Sept
22 July 6
512 June 1214 Sept
3 June
4
512June 8
4 Aug
18 June 7
2 5 June 17 Sept
8
50 Apr 20
197 June 423 Jan
8
4
81 July 10312 Dec
109 Nov 17
8June 21
18 May
27
15 Mar
8
1 May
13 June 21
93 Mar
4
28 July 60 Mar
5718June 13
62 June 907 Sept
8812 Jan 31
8
7112 June 10218 Aug
1013 Jan 24
8
9212 May 114 Mar
11212 Jan 2
125 Jan 9 100 July 13014 Mar
83 June 10312 Dec
10312 Jan 11
1012 June 28 Sept
58',July7
27 June
8
153 Sept 20
8
612 Aug
69% Sept 19
50
Jan 8
0 Aug
438 May 157 Mar
8July 11
253
8
1214 July 8
213 May 1312 Sept
40 May 31
10 June 327 Jan
8
27 July 8
33 May 235 Sept
8
8
4June 8
112 June
53
73 Sept
4
43 July x123 Aug
8
205 Sept 14
8
4
8June 12
207
218 July
812 Sept
60 May 16
7 June 30 Sept
18 Apr
412July 18
112 Sept
Cl Dec
1812June 22
7 8 Sept
5
I May
1114July 17
712 Aug
3717 July 19
4 June 29 Aug
5 June 3112 Aug
3514 July 13
63
8June 7
112 Apr
37 Sept
8
23 July 13
17 June 137 Sept
8
8
5412July 13
5 June 2878 Sept
12 June 2
1 July
614 Sept
25 June 2
2 Dec 1212 Aug
55 July
8
2112June 27
1178 Sept
l5 July12
3 Feb
1278 Sept
2612 June 4014 Jan
x5414 Sept 15
64 May
623 Jan 24
4
71 18 June
3 June 8
14 June
13 July
8
4June 29
163
4 July 12
Oct
8June 8
112 May
I07
912 Aug
393 Nov 16
4
1218 Apr 233 Sept
4
318 Sept 19
5
45 July
8
173 sent
4
3018 July 5914 Mar
62's July 17
60 May 90
Oct
9412July 13
105 Sept 12
69 June 99
Oct
12 July 1
114 July
738 Feb
10' July 11
4
Jan
12 Dec
35 4July 12
3
5
Oct 30 Jan
8July 19
447
18 May 42 Feb
658 Apr 203 Dec
433 Sept 26
8
8
434 July 13
1
Apr
4
23 Jan
47 July 17
97 June 373 Jan
8
8
1 Feb 28
14
24 Feb 24
18 Mar 28
112 Feb 4
53 Apr 8
4
1, Feb 23
2
212 Feb 27
2114 Mar 2
312 Feb 17
2812 Mar 28
438 Feb 28
47 Feb 28
8
3 Feb 20
22 Feb 28
7 Jan 3
814 Feb 7
58 Mar 31
6 Mar 23
58 Feb 25
15% Jan 12
112 Jan 4
1412 Nov 17
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
2181%Iay 3
5 Jan 3
11% Mar 21
1 Feb 28
4
133 Mar 2
120 July 11
1 Jan 3
51g Mar 31
85 Apr 3
8
17 Apr 4
20 Apr 4
12 Mar 31
9212 Mar 3
1912 Mar 3
123 Apr 4
4
223 Mar 3
4
4 Feb 16
OS Jan 11
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
3 Jan 4
4
2 Feb 28
1 Mar 22
18 Apr 6
14 Apr 11
818 Feb 17
132 Feb 28
10% Feb 28
15 4 Feb 20
,
13 Mar 3
8
312 Mar 31
5 June 7
48 July 6
8June 2
35
712July 18
1314 July 8
12 July 14
8June 28
83
417
8July 13
115
8July 7
61 July 7
31 July 19
8June 2
123
97
sJune 2
5712July 20
35 July 14
42 July 15
98 July 13
4
17 Nov 17
92 July 3
485
8July 17
132 July 14
28 Jan 11
73
4June 10
11, July 14
8
61 June 27
1512July 19
50 June 13
8 June 12
512June 20
22 July 19
712 July 18
16 June 12
3212June 12
1714 Sept 16
375
8July 18
124 May 4
9 8 Aug 28
3
2212Jurte 13
8June 13
257
61 June 13
66 June 13
8June 2
27
1023 Sept 15
4
45 Nov 17
36 Nov 17
4712 Nov 17
1112June 14
37
8June 13
734June 13
36l4 July3
1112July 19
1914.1, 13
-1y
83
8June 6
3818June 5
54 Nov 17
103 July 26
27 July 19
412July 13
223
8July 13
10 July 19
3 June 7
514 July 3
163
8July 7
714 Aug 10
3018 Sept 18
8
445 Nov 17
612May 29
1118June 12
3 Aug
12 July
2114 June 3618 Aug
18 May
1 Aug
112 June
518 Jan
5 May
123 Mar
4
112 July
73 Sept
4
7 Sept
17 June
8
1112 July 3014 Jan
834 Sept
212 Apr
18 Slay 6514 Sept
8
23 June 133 Sept
4
314 Apr
7 2 Aug
,
3
212 Feb5 4 Sept
Jan 3312 Sept
12
33 June 193 Sept
4
4
6 July 2912 Sept
712 Sept
17 Dec
8
1214 Sept
514 Slay
35 Juno 67 Sept
4
183 Sept
412 Apr
8612 May 11212 Dec
4
1554 June 323 Feb
3 Feb
114 Slay
Jan
12
412 July
Jan
25 Dec 95
93 Mar
4
834 Slar
15 Nov 4812 Jan
5 Sept
1 May
13 Apr
4
12 July
11 Sept
8 May
---- -- - 87 Sept
8
3 Dec
912 June 18 Sept
5 Aug
5 May
8
8
8
83 June 177 Aug
110 June 123 Dec
2
Jan
7 July
8
75 June 3414 Mar
8
914 June 415* Jan
21 July 6212 Aug
28 June 75 Jan
2 4 Aug
,
la June
xfil June 10012 Dec
1518 June 317g SePt
7 Apr
1612 Aug
19% Apr 373a Sent
3 July
83 Sept
4
18 May
214 Sept
5 July
8
4 Beet
1312 June 26 Aug
17 May
8
812 Sept
45 July
8
7 8 Sept
3
212 May
133 Sept
4
30 Nov 1047 Mar
8
4
243 Apr 397 Oct
8
68 July 92 Dec
7 June 1418 Sept
2 Sept
18 Jan
214 May
914 Sept
158 July
11
Jan
14 Mar
1 Sept
12 May
23 Aug
4
6 July
133 Mar
4
1 May
438 Sept
914 June 1814 Sept
12 July 2634 Feb
112 Apr
4 Aug
212 June
812 Sept
New York Stock Necord-Concluded-Page 8
3651
IrEr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 11.
Monday
Nov. 13.
Tuesday
Nov. 14.
Wednesday
Nov. 15.
Thursday
Nov. 16.
Friday
Nov. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share 3 per share Shares. Indus. & Miscell.(Cond.) Par $ per share $ per share S per share $ per share
*II
12 .1118 12
113 1112 1111 1114
8
1114 123
8 113o 1214
No par
1.100 Thatcher Mfg
5 Feb 15 2218July 19
2 Apr 10 Nov
.39
4018 .39
4018 .39
401s .39
40% .39
4018 .39
No par 275 Feb 6 44 July 18
8
40%
83.60 cony pref
2218 Apr 32 Dec
6
*53
6 14
4 618 *512 6
618 610 *554 618 .
512 614
23 Mar 31 12121May 31
600 The Fair
No par
212 Dec
814 Sept
48 .40
.10
48
48 .45
48
48
48
*41
*41
48
10
7% preferred
100 33 Feb 28 70 July 5
38 July 85
Jan
55
618 63
612
8
8
612
618 63
512 6
63
57
8 63* 4,000 Thermold Co
No par
1 Feb 28 1012July 17
7 June
8
4 Sept
.1414 16
1514 1514 *1312 16
13
13
4 16
*1314 153
16
400 Third Nat Investors
1 10 Mar 1 2114July 18
10 May 1712 Dec
75
72
*814 83
73* 812
4 .714 83* *7
100 Thompson (J R)
54 812 .
8
•7
25
612 Oct 20 1512June 2
712 Nov
163 Mar
4
12
1212 123
1214
12% 12
4 1212 1212 123 1412 13
1414 4,600 Thompson Products Inc No par
8
23 June 10 Feb
53 Jan 6 2014 Sept 14
4
8
33* 33*
5
33
8 31 2
314 3 8
3% 3 4
8 4,600 Thompson-Starrett Co_No par
,
3,8 33
314 33
12 Mar 3
912June 19
3 June
8
214 Aug
•21
217 .21
217 .21
8
8
218 21
21
.21
*2118 22
22
100
83.50 cum pref
No par 12 Jan 10 30 June 19
12 June 1712 Sept
10
1038 1014 105
8 1018 10 4 1018 10 8 1014 10% 108 11
3
40,500 Tidewater Assoc 011
3
55 Sept
2 Apr
No par
318 Jan 13 1134 Sept 26
5914 5912 59
593
8 5914 5912 59
60
5912 5912 60
60
2,800
Preferred
100 2312 Apr 6 60 Nov 16
20 Feb 60 Sept
21
21
25 .2018 2418 .2014 2418 .20
*15
2418 *2014 2418
100 Tide Water Oil
No par
914 Apr 20 21 Nov 11
5 June 10 Aug
.75
80 .75
77
77
*75
75
75
77
.74
*7412 77
100
Preferred
100 45 Feb 2 77 Nov 1
30 Feb 62 Sept
4
4
418 .4
414
4 14
4
4
4
418 414 2,800 Timken Detroit Axle
43*
10
2 July
112 Mar 22
814June 20
64 Sept
2712 28
2712 2814 2712 2918 2714 29
28
2912 x2814 297 11,900 Timken Roller Bearing_No par
133 Feb 23 3512July 7
4
7 4 July 23 Jan
3
57
57
57
55
55
534
312 55
2
512 6
55* 6
14,100 Transamerica Corp____No par
25 Mar 2
8
912Ju1y 13
218 Jan
718 Sept
4 9
*914 912 *9
83
.812 83
912
4
1,400 Transue 8: Williams St'l No par
83
4 93
93 10
4
4
27 Mar 21 1712July 19
214 July
812 Sept
5
518
518
5
5
5 14
45
s 5
5
8 518 9,700 Tri-Continental Corp__No par
3
47
23 Feb 27
4
83
4July 7
112 May
512 Sept
•53
61
.53
5118 5118 .52
61 .5318 61
55
61
55
300
6% preferred
42 Jan 72 Sept
No par 41 Apr 8 x75 May 16
313o 318 3114 3114 31
31
31
31
3012 3112 .3114 317
900 Trico Products Corp_ No par 2018 Feb 25 38% July 17
195 Slay 3112 Mar
.112 2
.112 2
.112 2
2
2
.112 2
.112 2
200 Truax Traer Coal
14 May
318 Jan
12 Apr 4
No par
514July 15
55
8 55
8
8
512 55
5
57
8
5
514 53*
514
512 53
4 5,700 Truscon Steel
10
4June 12
2 Apr
2 Mar 3 123
714 Aug
*25* 3
24 3
.125
*212 3
s 3
212 23
500 'Men & Co
No par
4 *214 3
12 May
3 Jan 16
4
318 Aug
614June 10
28
28
273 273
8 263 28 4 28
4
,
28
23
3014 30
31
3,700 Under Elliott Fisher Co No par
8
73* July 243 Sept
914 Feb 24 3912 July 7
4212 39
4114 4114 4012 41
41
4114 40
4318 3,600 Union Bag & Pap Corp_No par
42
43
512 June 113* Aug
512 Jan 13 60 July 18
423* 433
4 4318 443
8 433* 4512 42 4 45
3
4214 4614 453* 4712 44,200 Union Carbide & Carb_No par 194 Feb 24 517g July18
1512 May 36% Mar
1912 19% 1912 203
8 193 203
4
4 1812 2018 1912 204 20
2114 23,700 Union Oil California
812 Mar 2 233 July 7
25
s
8 July
153 Sept
8
•1512 167
8 153 154 *153 17
153 163* x1614 1614 1614 17
4
4
1,500 Union Tank Car
No par
4June 2
114 June 1914 Jan
1012 Feb 21 223
3212 337
8 327 3414 3214 3412 31
3318 3112 3478 33
35 165,500 United Aircraft & Tran_No par
1612 Mar 2 46% July 17
8
612 May 345 Sept
63 6314 63
623 6318 6218 6214 62
4
63
8 623 6212 2,100
8
627
6% prof series A
50 5112 Mar 1 68 June 18
3014 May 58 Dec
2278 23
223* 23
2214 23
223 223
2312 3,900 United Biscuit
4
4 223 2312 23
4
100 1312 Feb 24 275
8July 10
11 July 2812 Mar
107 107 .10614 107 *10614 107
10614 107 .106 107
106 106
120
Preferred
100 92 May 2 x110 July 14
75 July 103 Mar
29
3012 29% 303* 2912 3112 293 3114 3011 3214 32
8
33 41,800 United Carbon
No par 1014 Feb 25 33 Nov 17
8
65 June 18 Sept
12 55
53
8 53
8
53
4
8
512
5
3
514 512
518
47 Mar 31 1412June 13
51.900 United Corp
No par
3l7June 14 Sept
25 8 257
3
8 2512 263
4 2512 25% 2518 2512 24
2218 24
25
9,000
Preferred
No par 22% Nov 17 407
8June 13
20 June 393* Sept
.27
8 37
8 *3
14 4
3
312
312 312 *3
33
4 .3
37
8
300 United Dyewood Corp_ ___100
8June 21
7 Apr
318 Sept
8
3 Feb 17
4
67
45
*414 434
43*
412
412
414 414 *414 43*
600 United Electric C,oal_ No par
4
4 43
41
1 Mar 31
23 July
8
6% Aug
88 July 14
607 61
8
4
643
6112 6212 61
4 633 647 13,800 United Fruit
4
603* 608 613 63
No par 2314 Jan 3 68 Aug 31
1014 June 325 Aug
8
15% 157
4 15
8 1512 153
153
4 147 1514 15
1512 32,200 United Gas Improve. No par 14 Mar 31 25 July 13
1512 15
914 June 22 Sept
*8514 86 .853 86
853 86
8
8
86
86
87
86
•85
800
863*
Preferred
No par 85 May 1 100 Jan 9
70 June 99 Dec
•112 212 *112 212 *112 212 *112 218 *112 218 *112 218
United Paperboard
100
12 Jan 23
512July 13
12 Dec
h Aug
10
10
10
10 .10
1012 10
1014 1012
10
11
700 United Piece Dye Wks_No par
*10
312 Mar 3 2178July 19
8
3% June 117 Sept
70 .55
*55
70 .55
70 .55
6li% preferred
*55
70
70 .55
70
100 50 Apr 19 85 July 13
6412 June 9312 Jan
8
*212 25
2 8 27
5
.23
4 3
3
4
2 4 23
23
4 2%
23
4 27
8 1,700 United Stores class A__No par
3 Feb 28
4
714 July 6
3 Slay
3 Jan
4
5112 5112 .51
60 .51
60 .5112 60
100
60
*51
*51
Preferred class A__No par 45 Mar 21 66 July 20
60
27 Jan 4314 Mar
.37
4114 4112 4112 4134 43
4312 45
414 413
4512 47
2,600 Universal Leaf Tobacco No par 2112 Apr 1 5112July 17
11 May 31 Sept
.193 26
4
*193 27
4
*193 29
4
4
*1934 29
*193 29
Universal Pictures 1st pfd 100 10 Apr 24 35 June 13
*193 29
4
103 Dec 50 Jan
4
*2
212 .218 212 .218 212
218 218
400 Universal Pipe & Rad__No par
33 July 13
23
8 23
8
218 218
14 Apr 4
12 Apr ' 218 Aug
157 157
8
o
153 17
4
153 153
4
1618 1714 10,300 U S Pipe dr Foundry
8
157o 10
4 157 173
20
618 Mar 1 22's July5
714 June 1818 Sept
•1512 1618 •1512 16
.1512 16
1st preferred
100
.1512 16
16
4
•1512 153
No par 123 Apr 10 19 Slay 26
16
4
1112 June 16% Aug
•I5
8 25
8 •158 3
.158 23* •153 25
US Distrib Corp
8 •15
s 25
No par
8 .15* 25*
1 Oct 24
2 June
513 Dec
6 June 13
*7
8
1
*7
8
1
1
1
200 U S Express
100
4
3 Jan 30
8
7
218June 8
8
7
7
8
8
*3
4
*3
114 Sept
7
8
14 Jan
.21
22
2114 2112 2012 203
No par
2014 x2012 2012 *2018 203
4 1,200 U S Freight
4 20
7 Feb 16 293* July 7
4
312 May 153 Sept
.811 812
814 83
814 812
814 812
814 9
318 Feb 23 17%July 8
914 3,000 US & Foreign Secur_ _ _No par
9
614 Sept
18 June
*593 66
4
*59 4 63
3
*593 63
4
Preferred
*59 4 63
3
No par 3812 Mar 28 84 July 19
*59 4 63
*593 63
3
4
26 June 64 Sept
45 8 45% 45
3
455
8 447 447
447 4514 4514 453* 443 453
4
4 3,400 US Gypsum
20 18 Feb 25 5312July 8
1012 June 27 Sept
•110 116 *112 116 •112 116
110 112 .110 116
110 110
7% preferred
120
100 10114 Jan 9 121 Sept 20
Oct
847 June 105
8
45
8 452
47
412
412
5
412 518
518 1,200 U S Hoff Mach CorpNo par
5
514
.5
8June 8
13* Apr 3 117
5 Apr6 Sept
4
69 693
8 6712 6958 64
6214 6412 6314 6712 6618 6712 20,00C US Industrial Alcohol_No par 1312 Feb 28 94 July 17
69
1314 June 3614 Sept
*912 101 1 *912 1014
10
10
912 10 4 .83* 97
93 105* 2,100 U S Leather v t c
,
No par
2-5* Mar 1 1714July 18
4
114 May
714 Sept
1518 1518 153 153
1614 1712 15 4 1614 16
4
3
4
Class A v t c
177
8 1712 187
8 7,100
No par
414 Feb 25 273
4July 18
314 June 16 Sept
69
69 .6812 69 .68
100
69
Prior preferred v to
*66
69
69 .65
69 •66
100 30 Feb 23 78% Sept 20
4414 June 7018 Sept
77
7 4 73
3
4
8 8%
212 Feb 28 1412July 7
8
812
84
8
8%
81
88 914 10.500 U S Realty & Impt___No par
2 June 113 Sept
4
16% 173
4 1712 1814 173* 183
* 1718 183
8 1714 1914 1814 1912 93,300 U S Rubber
No par
27 Feb 27 25 July 18
8
114 Jun
10 4 Aug
,
4 28
275 283
8
29
2718 29
27
2814 2712 3038 287 305s 16,100
Ist preferred
8
100
512 Feb 23 437 July 18
318 June 20 4 Aug
3
973 10112 100 10212 9812 10412 99 1017 100 1047
4
8
9714 10511 65,700 U S Smelting Ref & Min___50 1312 Jan 3 105 8Sept 19
5
10 June 223 Aug
4
5212 5212 5212 5212 5212 523* 53 5314 54
4 1,900
..,3% 533
Preferred
54
50 3912 Jan 4 58 Sept 20
31 July 457 Aug
3
4012 4214 415 4318 405 43 8 40
8
8
42
3
403* 44
4212 445* 184,300 US Steel Corp
100 2338 Mar 2 6712July 18
2114 June 525 Feb
795 8012 80% 8112 8018 82
8
82 8212 7912 82
82
79
Preferred
5,900
100 53 Mar 2 10512July 17
5112 June 113 Feb
9812 .97
9812 9814 9812 975s 9812 98
983 983* •94
8
1,200 U S Tobacco
99
No par 59 Jan 9 102 Oct 16
55 June 66 Apr
318 318
318 314
314 6,000 Utilities Pow & Lt A
3
3
3 18
3
318
38 314
No par
17 Apr 18
3
3
703June 13
112 May
105* Jan
*118
111 •118
114
118 118
114 1,200 Vadsco Sales
118
118
11
118
l's
No par
14 Mar
118 Sept
318July 19
5 Jan 6
8
247 •23
*23
247 .23
247 •23
247 •23
8
247 .23
247s
Preferred
100 1518 Jan 11 2478 Sept 28
Jan
12 June 20
194 207
4 1914 203
4
s 193 203
4 1914 2014 19% 2l1s 2018 215 14,100 Vanadium Corp of Am_No par
75 Mar 2 3614July 19
8
514 May 235 Sept
4
43
53
*43
512 512
4 5
8 .512 6
55
518 512 .5
520 Van Raalte Co Inc
No pa
15
8May 5 10 July 6
2 Dec
7 Feb
.4012 4712 *4012 4712 43 43
*4012 4712 •4012 4712 *4012 4713
20
7% 1st prof *tamped__100 1478May 11 43 Nov 14
3
3
3
3
3
3 14 .318 3 8
3
800 Virginia-Carolina Chem No pa
8
312 31
75 July 19
33* 33
25* Aug
12 Mar
ki Feb 23
•1112 14 .1218 14
.1214 13
13
1218 13 .12
13
1312 1,200
6% preferred
100
318 Feb 1114 Aug
35* Mar 2 2612July 18
70
*5914 70
*5914
*5914 70
5914 5914 .5714 70 .5714 61
100
7% preferred
100 353 Mar 31 6312July 18
20 Apr 69 4 Nov
3
.7312 7412 74
73
74
73
72
73 .69
72
70
200 Virginia El & Pow $6 pf No par 6514 Apr 17 85 8 Jan 25
727
8
60 June 90 Sept
5
53
54 58% 5612 597
5512 597
54
57
55
2.160 Vulcan Detinning
597
59
8 56
100 123 Feb 25 677
8June 8
4
714 July 34% Aug
7
7
.512 5
53
4 53
4
4,000 Waldorf System
512 5
5 2 5%
,
5 4 58
,
No pa
Jan
53
19
5% Nov 16 12 July 5
4 6
718 May
•378 418
4
4
4
4
4
4
.334 4
4
600 Walworth Co
4
No pa
43 Aug
8
8June 27
7 Apr 5
8
83
3 June
4
8
8
*8
97
8
9
9
*8
10
*9
10
10G Ward Baking class A No par
*8
10
214 May 1014 Jan
218 Mar 15 20 July II
8 *212 312 •214 27
214 2% *212 27
.212 27
8
*25
Class B
8 27
500
No pa
5 Apr 13
8
2 8 Jan
5
S's July10
3 May
4
3112 3112 31
30
32
30
32
32 .30
3112 .2712 3112 1,000
Preferred
12 May 4012 Mar
100 1112 Apr 17 447 July 11
s
613 63
63* 63
64 658
618 638
618 612
33,000 Warner Bins Pictures
63* 7
"June
412 Sept
1 Feb 25
9% Sept 15
5
*1811 20% *1812 2018 .1812 2018 •1812 2012 .1812 2018 *1812 2018
$3.85 cony prof
No par
414 Feb 7 2412 Oct 6
4 June 20 Feb
*213 2 4
214
214 214
214 23
,
253
8
25* 212
218 214 2,600 Warner Quinland
No par
12 May
214 Aug
5 Mar 21
8
8June 10
47
88 93
8
812 812
9
85
8 84
9
8
87
8
812 914 4,700 Warren Bros
No par
8
114 Slay
83 Sept
212 Feb 25 223
8June 19
15% 157s 16
8
157 •14
1412 15
•15
1418 15
140
1514 1514
Convertible pref
No par
2 June 1712 Jan
712 Feb 14 355
8June 17
1718 1718 164 164 •1634 1712 1712 1712 1734 18
•1658 19
500 Warren Fdy & Pipe__ _ _No par
714 May 144 Sept
5 Feb 20 223 Sept 26
4
414 414 .412 5
412
412 *412 5%
*45
8 4%
45
8 43*
500 Webster Eisenlohr
Jan
No par
5 May
2
8
1 Jan 16
8 July 8
13
4 *1
13
4 *1
.1
13
4 *1
13
4
1
1
10 Wells Fargo & Co
.1
114
13 Sept
8
1
18 Apr 11
312June 9
14 July
2312 22
2212 23
23
225
8 2212 237
*2212 23
8 23% 2418 2,900 Wesson Oil & Snowdrift No par
818 July 20 Sept
7 Mar 3 3712July 18
4
,54
5518 55
55% .5214 55
533 53 4 533 533
4
3
4
4 5334 54
600
Cony preferred
No par 40 Mar 3 63 July 18
423 July 5812 Sept
4
5412 521s 55 4 5118 54% 5212 553
3
5312 52
51
8 54% 567 49.800 Western Union TelegraPh-100 1714 Feb 25 7714July 18
8
123 June 50 Feb
8
2612 27
273* 2612 28
2614 28
26
20
26
28
2812 4.700 Westingh'se Air Brake-No par
914 Apr 1818 Sept
113 Jan 3 35%July 7
4
393* 3718 40,
8 363 383
8
4 363 393
4
4 3812 4012 51,500 Westinghouse El & Mfg_ __50 193 Feb 25 583
364 3812 38
155 June 4312 Sept
8
8
4July 14
8212 82 8212 .80
.82
804 8014 8212 8212 8212
81
81
240
1s1 preferred
50 6012 Feb 2 96 July 18
5212 June 82 Sept
77
77
*712 8
73
4 7
54 *714 71 2 *7
400 Weston Elec Instruml_No par
8
814 814
23* Apr
914 Feb
312 Feb 27 1314 July 8
•][3
1612 .13
1412 .1312 1412 .1312 1412 15
18
*1612 20
100
Class A
Jan
1314 Apr 19
No par
10 Mar 31 2214July 20
50 .43
50
*43
*43
50
*43
45
50
.43
*43
45
West Penn Elec class A_No par 30 Apr 22 73 June 14
25 May 80 Sept
*4814 50
50
8 .50
523
4718 4814 47
5212 *50
•50
4718
190
Preferred
100 37 Apr 4 773
Jan
4June 14
22 June 76
8 41
41% 413
41
41
41
4018 4112 4112 4112
44
.41
150
0% preferred
100 3312 Apr 6 6912July 14
Jan
20 June 70
3
8
8
•1003 101
8
100 1003* 1008 1005* 100 8 1003 1003 1005* .1003* 101
170 West Penn Power pre
100 92 Apr 13 110% Jan 19
Oct
80 June 111
90
89
90 .89
89% •88
89
60 .89
.89
88
88
30
6% preferred
100 81 Apr 3 101 Jan 11
4
6612 June 1013 Mar
4 4
35
33
312 312 .33
4
4
312 312
*3% 4
4
800 West Dalry Prod ci A__No par
212 Apr 5 1134June 12
312 Nov
1612 Mar
112 .138
8
8 112 .13
112
13
112
112 112 •13
600
1,
Class 13 v t e
2 112
No par
438 Mar
7 Mar 31
8
1 June
414June 12
143
4 15
14
14
15
•1312 15
8
1,400 WestvacoChiorineprodNopar
1412 141 x1412 1412 14
5 Mar 3 2012July 13
3 June 125 Mar
s
.1412 15
1412 1412 153 153
4
1412 1412 1412 1412 *1412 15
4
700 Wheeling Steel Corp_ No par
712 Jan 4 35 July 3
5 June 15 Sept
4
•1618 1914 .16
4 1618 193 .
194 •1618 193 .1618 193 .
4 1618 193
4
White Motor
50 14 Jan 25 2612July 13
67 June 2714 Sept
8
26
.25
26
26
26
•25
26
*2512 2612 2512 2512 26
300 White Rock Min Spr Of No par 11% Apr 1 3S3 July19
11 July 2812 Mar
2
2
•134 212 *152 214 .152 214 .158 2
2
2
300 White Sewing Machine_No pa
14 Apr
4July 6
43
214 Aug
12 Jan 20
6
6
53
4 618
53
4 54
514 514
3
5% 51 1
514 514
900
Cony preferred
No pa
118 Jan 14 1012July 6
23 Sept
4
kl Apr
33
3 8 .3
3
314 3'2
35
.314 3%
8
314
33* 312 2,400 Wilcox Oil de Gas
32
5
2 Mar 2
512June 2
23 May
814 Aug
4
•2212 2514 .2314 2514 .23% 2514 *2412 2514 .2412 25
*2412 25
Wilcox-Rich el A conv_No par 15 Mar 1 2714 Sept 13
1312 June 2012 Mar
57
5
5
*518 533
518
5%
5 8 51
3
5%
514
2.400 Wilson & Co Inc
53*
No par
7 Jan 3 11 June 7
8
13 Mar
4
3* June
14
1514 1418 141s 3.200
14
15
1514 1514 15 4 1412 15% 14
3
Class A
No par
4 Jan 3 22 June 6
47 Sept
15 May
8
.4512 97
43
43
43
43
43
43
46
1,100
4618 48
45
Preferred
100 19 Mar 2 7212July 15
11 June 31 Mar
14 44,600 Woolworth (F W) Co
3812 39
3914 38% 407
3814 395
8 4014 41
8 3818
3812 391 1
10 2518 Apr 8 I0 July 8
22 Jun
458 Mar
5
.2212 232
4
2314 223 2412 244 243
4 2,500 Worthington P & W
244 23
234 23
23
100
8 Mar 2 397 July 7
5 May 24 Sept
.30
4212 .30
4212 .30
4212 *30
33
*30
4214
43 .30
Preferred A
100 14 Mar 15 51 June 7
Jan
1412 June 41
•27
3114 .27
3114 •27
33 .27
3114 .27
3114
43 .27
Preferred B
100 14 Feb 28 47 June 6
12 May
31 Sept
•I35 18 4 .14
8
•131s 17
17
*14
.135* 17
Wright Aeronautical___No par
1712 .13% 17
6 Apr 5 24 May 27
37 Apr 1812 Sept
8
5412 5478 54% 5514 z5513 56
543 5434 54
6,400 Wrigley (Wm) Jr (Del)No par 3412 Feb 28 x56 Nov 17
4
55
5412 5512
Jan
2514 June 57
11% 1212 12
13
12
13
2.100 Yale & Towne Mfg
15
1312 1312 13
13% .13
_ __25
7 Jan 20 23 June 17
612 July 15 Sept
*434 5
43
2,200 Yellow Truck & Coach clB_ 10
4 5
4
934 5
45
8 43
43* 8
45* 47
Co218 Mar 2
13 June
8
73 July 7
4
73 Sept
4
.25
2712 .25
2712 •25
2712 .25
2712 •25
Preferred
2712
2712 •25
100 18 Mar 2 42 July 10
12 Slay 4018 Sept
•1112 113* 12
1114 12
1214 1214
1212 1318 •1112 123*
1,100 Young Spring & Wire_No par
12
312 Mar 3
191 July 19
;
8
3 June 117 Sept
178 1814 1814 1914 18% 19% 18
712 Feb 28 373* July 18
193
8 18
% 16,000 Youngstown Sheet & T_No par
20
'2 1914 20
4 May 2712 Sept
1%
1% *134
112 112
178
118
12 Feb 27
178 1.100 Zenith Radio Corp_ ___No par
118
17
8
4
13
4 13
312July 18
Jan
2
12 May
718 75*
7
65
8
68
8 714
672 7 2 10.900 Zontte Products Corp
,
73* 712
75*
I
73*
3's Feb 28
97 Mar
7
81 2July 8
4 Dec
•Bid and asked prices, no sales on this day. a Optlonal sale. a Sold seven days. x Ex-dividend. y Ex-rights.
3652
New York Stock Exchange —Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—except for income and defaulted bond .
Week's. ------ ---- - BONDSI
'
. 'I,
11
Price
Since
BONDS
..,
Price
Week's
Range
N. Y. STOCK EXCHANGE t
Range or
l'''
Friday
Since
N. Y. STOCK EXCHANGE r
Friday
Range org:5-2
Since
Week Ended Nov. 17.
go. Nov. 17.
Jan. 1.
Last Sale.
80
)
1
Week Ended Nov. 17.
,..,,,F, Nov. 17.
Last Sale.
re
Jan. 1.
—
—
U. S. Government.
Bid
Low
High Deutsche ilk Am part ctf 65_1932
Ask Low
High NO.
Bid
Ask Low
High No. Low
High
First Liberty Loan-334 of '32-47 J D 100 3, Sale 99333,100.33 1890 99 1032033
,
Stamped extd to Sent. 1 1935_ _ ___
73 Sale 73
7418 30
60
85
Cony 4% of 1932-47
033 Dominican Rep Cust Ad 534s 42 M 5 a4912 Sale a4912
J D ---- ___ 1013.32 Oct'33 ____ 101 102
543
4 19
4212 62
Cony 43(% of 1932-47
033 103 3,
33
,
.1 D 101, Sale al001233101333, 335 99
1st scr 514s of 1926
43
40
45
11
1940 A 0 40
3518 59
2d cony 44% of 1932-47
,3102
2d series sink fund 534:... _1940 A 0 a4012 Sale a4012
J D 10003310033n 102 Aug'33 ____ 1010
4212
4 a3414 56
Fourth Lib Loan 434% of '33-38 A 0 10101, Sale al01333 1013031 2692 10001,10303, Dresden (('ity) external 73_19-45 MN 3712 44
38
41
14
27
6512
101",, Sale 101123, 10103, 657 10103,102432 Dutch East Indies extl 6s
4 h % (called)
130
1947 J 2 14412 Sale 14212 149
93 149
Treasury 414s
1947-1952 A 01068,, Sale 104033107032 989 1031,
3,111.0
40
146
-year external 68
92
1962 M 8 14012 Sale 13914
9314 1463
4
Treasury 434s to Oct 15 1934,
March 1962 coupon on____ ____ 135 Aug'33 ____ 127 136
thereafter 334%
1943-45 A 0 99033 Sale 983333 991332 9820 9333,101',,
30-year extl 534s____Nov 1953 11,"Fiq 134 Sale 134
139
32
9212 141
Treasury 4s
1944-1954 J D 103033 Sale 10
2933 9931331071,33
30-year ext 514s
32
Mar 19534 8 134 Sale 134
14012 46
913 14512
2'33 1011,
4
Treasury 3348
1946-1956 M S 10133, Sale 100, 1023333 1233 951,33105.33
33
March 1934 coupon on
25 Aug'33 ---- 125 125
Treasury 33.4a
1943-1947 J D 993733 Sale 0933 992,33 663 97183102.33 El Salvador (Republic) 88 A_1948 2 .1 ____ 4812 37
Oct'33 ---26
64
Treasury 333___Sept 15 1951-1955 M 5 0533, Sale 940 96333 1506 93133, 991.i4
3,
2 2 ____ 4218 43 Sept'33 ____
Certificates of deposit
323 55
4
Treasury 334: June 15 1940-1943J D 100
Sale 98,532100
Certits of dep coupon of1
730 98 102333,
____
_ _ 45 Aug'33 ____
45
45
Treasury 33.4: Mar 15 1941-1943 M S 991333 Sale 983313 99 3, 1928 960
3,102"n Estonia (Republic of) 7s_ _1967 J J ____- - 51
0
5212
8
4212 55
51
53
Treasury 334s June 15 1946-1949 J D 96. Sale 953,33 97133 1156 95181100.n Finland (Republic) ext 6s___1945 M S 7714 Sale 764
33
,
78
31
5812 793
4
Treasury 334:
Aug 1 1941 F A 991333 Sale 983033 99213, 4794 983331013'33
External sinking fund 7s...1950 M 5 85 Sale 8112
85
71
5918 85
External sink fund 634s...1956 M 5 7612 Sale 76
77
84
57
8012
State & City—See note below.
External sink fund 5 s....1958 F A
7012 Sale 6818
713
4 64
54
77
Foreign Govt. & Municipals.
Finnish Mun Loan 630 A__1054 A 0 7114 Sale 69
5578 7612
7114 13
Agile Mtge Bank s t 6s
1947 F A
20
2312 2012 Nov'33
1718 3714
_
External 648 serial B____1954 A 0 7118 Sale 71
7112 20
55
78
Feb 1 1934 subseq coupon__
i
2014 25
. 20
22
22
22
Frankfort(City of) s f 634s_ _1953 M N
32
31 Sale 30
63
2018 51
Sinking fund 6s A__Apr 15 1948 A0 20 Sale 20
_-174 364 French Republic extl 73.4s_1941 .1 I) 153 Sale 153
213
4
2
170
313 118 170
With Apr 15 1934 coupon__
2012 28
8
_ ____ 237 23 Nov'33 ____
External 7s of 1924
1949 J D 163 Sale 159
173
136 al1212 173
Akershus (Dept) ext 5s
1963 M 24 61
_63
7812 German Government Interns697 71 Nov'33 ___
8
Antioquia (Dept) coil 78 A_ _1945 J J
912
7
912 Sale
204
8
tional 35-yr 5348 of 1930_1965 .1 D 494 Sale 4514
5014 1246
773 092
s
5
653 66;
3312 84 4
4
External s 1 78 ser B
1945 J J
618 2012 German Republic extl 78_1949 A 0 7712 Sale 74
8
87 107
8
8 8
8
External s 1 78 ser C
914 11
1945 .1 .1
65 207 German Prov & Communal Bks
5
8
Ws 107
8 8
Externals f 78 ser D
914
9
6
207
,4
1945 J J
8 8 912 8
7
(Cons Agrlc Loan)630 A.I958 J 13 303 3314 3112
3312 80
4
2612 5512
External ,t is 1st sec......_1957 A 0
912 Sale
1712 Graz (Municipality) 8s
8
6
54
912 30
1954 MN 5212 57
5512
4
45
64
914
4
External sec 8 f 7s 2d ser 1957 A 0
5
8
97
8 8
18
Gt Brit dc Ire(U K of)530_1937 F A 120 Sale 11812 124
457 1013 1247
4
8
External sec s f 7s 3d ser I957 A 0
8
97
8 78
5
918 20
44 184
12118
Registered
12118 10 10514 1214
F A ---Antwerp (City) external 5s1958 J D a71 Sale a71
71
9118
80
3
8 Sale a11314 12314 2239 a72 123
94% fund loan £ opt 1960.1990 M N a1137
,1
5912 29
Argentine Govt Pub Wks 68_1960 A 0 4812 Sale 4718
41
7512 Greek Governments f ser 78_1964 M N
1712 193 293
4
4
293
4
6 al6
290
41
Argentine lis of June 1925_1959 J D 50 Sale 46
49
7538
50
Sinking fund sec 6s
19 Sale 19
2012 24
1968 F A
143 237
4
8
Extl s f 68 of Oct. 1925
4012 75
1959 A 0 5038 Sale 4612
503
8 54
25
August 1933 coupon
____ 18 Nov'33 ____
15
20
External 5168 series A..
1957 M S 4912 Sale 46
503 116 a404 7512 Haiti (Republic) of 8s ser A.1952 A 0 69 Sale 69
4
7012•67
67
784
External 68 series B_ _Dec 1958 J D a4812 Sale 4612
51
4
4
120 a403 753 Hamburg (State) 68
Sale a333
8
1946 A 0 3412
35
19
25
59
Exit s f 6s of May 1926_ A960 M N 4838 Sale 4612
8
403 755 Heidelberg(German)exti 754s'50 J .1 30 Sale 29
8
5012 72
30
4
23
60
External,f (ls (State RY)_1960 M 5 4812 Sale 46
105 04018 75
Heisingfors (City) ext 630_ _1960 A 0 6812 Sale 6614
50
4
6812 20
47
75
Extl 6s Sanitary Works_ _1961 F A 4818 Sale 47
404 754 Hungarian Munie Loan 7148 1945 J J
50
70
4
253 Sale 253
4
27
5
153 31
4
8
Extl 65 pub wks May 1927 1961 MN 485 Sale 46
41
7518
507
8 94
23 June'33 ___
Unmatured coups attached__ 2 J ____ 25
2018 23
Public Works extl 530_1962 F A 444 Sale 4212
8912
46
118
38
External s f 7s (coup)_ _1946 2 .1 2718 40
275 may3s __3
8
281
3
_
1612 264
9
1912
Argentine Treasury 55 _ _1945 M S 8214 Sale 773
rg
4
8214 2attached.8 92
Unmatured coups atiach_ J 1 --------1618
Australia 30-yr 5s___July15 1955 J J 81 Sale 7812
E-71, 90
4
86
365
Hungarian Land M Inst 734s '61 M N -- — 34
333
8
3312 10
24
41
14 90
External 5801 1927_ _Sept 1957 M S 82 Sale 784
8614 145
72
Sinking fund 7348 ser B _ _ _1961 MN ---- 323 33
4
33
10
2312 41
External g 4348 of 1928-1956 M N 7712 Sale 7414
6812 8312 Hungary (King of) s f 7348_1944 F A
8012 234
363 383 3812 Nov'33 ___
4
8
314 45
Austrian (Govt) s t 7s
1943 J D 86 Sale a853
8
Irish Free State extl of 5s
887
8 79 a85 100
I960 M N 113 Sale 113
120
30
7618 120
Internal sinking fund 7s 1957 J J 43 Sale 4212
64s Italy (Kingdom of) extl 7s 1951 J D 9812 Sale 9814
44
44 a42
102
157 0514 10434
3812 10
4212 3712
Bavaria (Free State) 634s„..1945 F A 37
30
69
Italian Cred Consortium 7s A '37 M 5 91
9812 93
94
6
8934 101
Belgium 25-yr exti 634s
1949 51 5 915 Sale 90
8
92
53
8812 10212
External sec s f 75 ser B
1947 M 5 95 Sale 943
4
95
20
82
97
1955 J J 8812 Sale 8612
External s f 68
Italian Public Utility extl 78_1952 .1 2 8213 Sale 8212
8612 98
8812 68
90
25 a7212 95,
2
External 30
4
9512 26
924 10802 Japanese Govt 30-yr s f 6345_1954 F A
1955 1 D 933 Sale 924
-year f 7s_
,
8814 Sale 86
8814 208
4514 903
4
1956 MN 93 Sale 91
Stabilization loan 75
933
91 10712
Extl sinking fund 534s
4 58
1965 MN 74 Sale 724
7414 219
3512 81
Bergen (Norway)5s__Oct 15 1949 A 0 8312 Sale 8212
84
9
65
887 Jugoslavia (State Mtge Bank)—
8
External sinking fund 5s 1960 M 5 65
703 70
4
21
63
904
72
Secured 81 g is
323
8
1957 A 0 3112 35
323
4
19
12
324
Berlin (Germany)s t 634s_ _1950 A 0 a3212 Sale 32
2512 60
3312 63
Leipzig (Germany)s f 7s
1947 F A
3214
3218 35
3214
1
2938 64
External St 68_ __June 15 19582 D 2812 Sale 2812
2418 57
Lower Austria (Prov) 7348 1950 J D ____ 52
30
38
50
52
I
4914 601 2
25
39
15
Bogota(City) extl 5 t 8s
8
30
1945 A 0 247 Sale 2414
Lyons (City of) 15-year 68_1934 MN 15018 Sale 149
16114 69 al01 161,1
Bolivia (Republic of) exti 88_1947 M N
8 4 Sale
3
8
4
15
9
49
Marseilles (City of) 15-yr 68_1934 MN 1514 Sale 150
161
61 al0114 161
External secured 75 (flat)_195S J J
63 Sale
4
512
73
4 65
38 2 1312 Medellin (Colombia) 6'78.__1951 J D
93 Sale
4
84
10
13
7 8 23
5
14 1314 Mexican BTU Asstng 4348_1943 M N
External s 1 7s (flat)
638 Sale
1969 M S
47
8
712 155
3
514 414 Nov'33 — _
3
218 612
Bordeaux (City of) I5-yr 6s_1934 54 N 148 Sale 148
4
161 14 72 10114 161, Mexico (US) exti 58 of 1890£ '45 Q .1 --------4 Sept'33 ____
4
4
Brazil(U Sot)external 8s.....1941 J D 2712 Sale 27
28
29
165 43
8
Assenting 58 of 1599
6
10
63
4
1945 ____
63
4
2
318 1018
Externals f 630 of 1926._1957 A 0 22 Sale 22
24
78
154 39
Assenting 5s large
.._
63 Nov'33 _ _ _
4
57
8 574
Externals 1 6 Ms of 1927 1957 A 0 2212 Sale 213
4
144 39
2412 61
41* Sale
Assenting 48 of 1904
412
482
3
24 8
78 (Central RY)
19522 D 2212 Sale 21
2212 39
12 2 36,
,
2
Assenting 4s of 1910
414 Sale
418
43
4 10
it
44
Bremen (State of) exti 7s
1935 M 5 45 Sale 4312
45
25
3412 7212
Assenting 4s of 1910
414 6
44 ,
43
4 18
24 8
Brisbane (City) s f 58
1957 M S 7014 Sale 6812
75
6412
7212 47
Assenting 4s of 1910 small
4
43
4 412
large____-- -45
8 55
_ __
214 8
Sinking fund gold 5s
1958 F A 6914 Sale 69
*
723
4 80
634 75
Treas 58 of'13 assent (large)'332- J
•
1950.1 D 8018 Sale 8018
20
-year 8 1 (Ss
7018 84
21
83
Small
•
*
•
Budapest (City) extl s 1 68 1952 .1 D 27
3312 313
4
15
2418 3518 Milan (City. Italy) exti 63-4:1952 AO 823 ____ 80
33
8
8512 47
74
90
Buenos Aires (City)634:2 B 19542 .1 4014 4412 4014
41
35
37
64
Minas Geraes (State) Brazil—
1960 A 0 3518 42
External of Os ser C-2
397
35
5712
8
394 10
External s f 634s
36
1958 M 5 -r ,,, 197 194
193
4
6
12
8
1960 A 0 ____ 4612 37
External, 1 68 ser C-3_
37
5
3412 64
Ext sec 6345 series A
4
1914
1959 M 5 20, 25
2014
7
1112 36
Buenos Aires (Prov) exti Os.1961 IN S 303 ____ 3034
8
3118
3
16
4212 Montevideo (City of) 7s
397 38
8
1952 .1 D 38
40
f,
1258 42
Stpd (Sept '33 coup on)1961 M 5 2812 Sale 28
30
38
20 2 414
,
External of 138 series A_I959 MN 277 Sale 2712
8
29
11
11
3318
1961 F A 3014 3612 32
External a f 6345
32
4
175 393 New So Wales (State) exti 551957 F A a77 Sale 7354
8
4
7112 884
833
4 73
Stpd (Aug 1 '33 coup on)1961 F A 294 Sale 29
30
48
21
413
4
External s f 58
Apr 1951 A 0 7814 Sale 733
4
80
58
71
884
Bulgaria (Kingdom)of 78.._ _1967 .1 J
4
1612 Sale 153
1612 11
14
2318 Norway 20
-year ext 68
1943 F A 92 Sale 89
9312 4
81, 987
2
8
2112 Sale 2112
Stabil'n s t 7 As_ _Nov 15 1968 MN
20
224 17
27,
2
20-year external 6s
1944 F A a9114 Sale 8912
923
8 41
814 984
Caldas Dept of(Colombia)7346'46 .1 J 1218 Sale 1112
1212 15
11
24
30-year external 6s
1952,A 0 863 Sale 847
4
8
863
4 82 04012 964
Canada (Dom'n of) 30-yr 4s_1960 A 0 9012 Sale 8814
9012 380
79
927
8
40
-year 8 t 530
19652 D 8312 Sale a81
8312 114 a7412 9414 ,
1952 M N 103 Sale 103
58
104
292
904 10518
External 8 1 5s___Mar 15 1963 M S 83 Sale 794
8 1
83
124 07212 925
8
8
1936 F A 997 Sale 997
434s
1004 232
934 10212
Municipal Bank exti 5 f 58_1967 J D
76
8612 7812
78 2
,
2
7414 8914
1954 2 J 67 Sale 66
Carlsbad (City)s t 88
67
21
6418 86
Municipal Bank extl of 5s_1970 .1 13 76
8712 8714 Nov'33 ___. a75
88
7348'46 A 0 1012 Sale 10
Cauca Val (Dept) Colom
105
8
9
812 217 Nuremburg (City) exti 6s
8
1952 F A
32
33
31
3212 38
24
524
_1950 M S 59 Sale 5712
Cent Agric Bank (Ger)
60
99
3914 75
Oriental Devel guar 68
1953 M 8 68 Sale 6
35
72
6912 98
Farm Loan s f 6s_ _July 15 1960 J -1 46 Sale 4312
46
78_109
3212 57
Extl deb 5348
1958 MN 653 Sale 65
4
66
81
3112 71
45
206
4
3212 667 Oslo (City) 30-years f 6s_1955M N a7518 Sale 7518
Farm Loan St 6s_ _Oct 15 1960 A 0 443 Sale 4038
8
80
9
7518 91
4
Farm Loan (is ger A Apr 15 1938 A 0 583 Sale 55
5
138
354 7518 Panama (Rep) exti
..19532 D 90 Sale 90
93
10
85 1023
4
93 Sale
8
818
1942 SIN
Chile (Rep)—Ext1 at 7s
1
19
53 21
4
Esti 8 t 5s ser A___May15 1963,M N 2212 2778 247
534s_-s
2612 55
1814 40
63
4
9 Sale
1712 Pernambuco (State of) extl 75'47iM S
133
5
External sinking fund 6s 1960 A 0
9
1014 83
4
63 21
4
1014
7
7
9 Sale
18 118
14 Sale
Ext sinking fund 68__Feb 1961_ F A
424 1714 Peru (Rep of) external 78
1959,M 5
8
8
9
9
a5
1612
7
107
9 Sale
fly ref ext 8 t 63
47 1714
8
Jan 1961 1 J
Nat Loan extl s f 65 1st ser 1960 J D
7 Sale
57
8
712 88
312 144
818 912 63
86
.5
17 4
,
4
Ext sinking fund 6s Sept 1961 M S
Nat loan extl s f 6s 2d ser_1961,
6
64 Sale
7 8 82
3
33 1414
4
63
4
58
87 Sale
8
5
17, Poland (Rep of) gold 6s._ _1940 A 0 601a Sale 5914
68..1962 M 5
2
External sinking fund
6118 24
5212 6212
7
812 Sale
88
5
17
External sinking fund 6s_ _1963 M N
Stabilization loan s 1 7s
1947 A 0 84 Sale 81
87
220
5114 87
94
1
10 Sale
14
714 18
Chile NItge Bk 6348 June 30 1957 J D
External sink fund g 8s_1950 2 J 69 Sale 69
74
49 a 59
7414
1 12
6
912 2012 Porto Alegre (City of) 88_1961 J D
1912 Sale 17
5 f 6345 of 1026.. June 30 1961 .1 D 13 Sale 13
1912
6
912 30
918
1
8
612 174
914 12
Guar s f 68
EMI guar sink fund 734s 1966 J J 1812 Sale 17 '
Apr 30 1961 A 0
1812
9
83 30 1
4
,
1 78 39
918
612 164 Prague(Greater City) 734s_ _1952 M N 77
N
10 Sale
1962 M
Guar s f 6s
79
7818
79
18
7714 993
4
54
3
612 10
30
44 153 Prussia (Free State) extl 630 '51 M 5 3812 Sale 36
s
Chilean Cons Munic 78
1960 51 S
3958 121
28
634
34
12 r31'4
3
29,
8
Chinese (Ilukuang fly) 58_ _1951 J D ____ 30
External: t 68
1952 A 0 38 Sale 353
4
3818 126
25
6112
------------2012 Nov'33 ___
2012 2012 Queensland (State) ma,'s f 78 1941 A 0 90
Coupon No 35 aCie Dec 15_1928
977 98
8
101
11
88 103
1
____ 78
78
78
90
Christiania (Oslo) 20-yr s f 6s '54 M S 74
25-year external 68
90
1947 F A ---_ 91
94
15
78
95
2214 573 Rhine-Main-Danube 7s A_ 1950 NI S 434 46
8
Cologne (City)Germany 634,1950 M S 3312 Sale 3112
3312 12
43
45
60
3518 7112
Colombia (Rep)68 of'28_ _Oct'61
Rio Grande do Sul esti s 1 88_1946 A 0 2214 Sale 20
2212 19
12
34
Oct 1 1933 and sub coupons on_ A 0 2718 29
External sinking fund 6s._1968 J D 21 Sale 193
274
29
33
16 2 49
,
4
'21
55
818 31
Apr 1 1934 and sub coup's on ____
21 Sale 205
2412 3612
8
1966:M N
External of 7s of 1926
2812 53
2718 2778 26
21
33
9
31
3218 28
Exteres (July 1 '33 coup on)131 .1 J 28
Externals f 7s munic loan_19671J D 21 Sale 19
28
3
1614 4912
213
4 38
814 3014
With Jan 1 1934 coupon on-4
25
4014 Rio de Janeiro 25-year of 8s_19461A 0 163 18
15
1414
2812
17
2612
,
21
9
, 27 Sale 25 4
Colombia Mtge Bank 6 yis of 1947 -17 Sale 145
1818 36
214 Nov'33 ___
1953,F A
External s f 634s
8
A0 ___ _ 18
17
71
64 26
15
374 Rome (City) exti 6348
Sinking fund 78 of 19261946 MN
1952'A 0 a82 Sale 81
7
1714
1714 Sale 15
87
51
7812 9278
Sinking fund 7s of 1927_ A947 F A ____ 20
1512
1512
1
1512 374 Rotterdam (City) esti 6s
1964,M N a993 Sale 9912 102
70 a8812 1163
4
Copenhagen (City) 58
3314
3212 Sale 3212
59
73, Roumania (Monopolies) 7s 1959 F A
2
65
29
1952 .1 D 06112 Sale 6112
9
2812 45
25
-year g 43421
94 a5518 693 Saarbruecken (City) 68
4
1953 .1 J 62 Sale 61
61
8
62
1953 M N a55, Sale 554
6
50
7212
Cordoba (City) extl s f 7s_ _ _1957 F A
23
24
14
23
103 233 Sao Paulo(City):f 83__Mar 19521M N
4
4
1412
24
8
1312 14
7
1018 25
External 81 78_ __ _Nov 15 1937 131 N
243 40
4
8
External 8 f 634s of 1927 19571M N 23 Sale 1812
335
8
313 3312 335
I
4
23
74
714 24
Cordoba(Prov) Argentina 781942 .1 J 35 Sale 35
San Paulo (State) extl s f 73_1936 .1 J 20 Bale 1612
243 56
4
35
6
20
8
1418 3214
Costa Rica (Republic)—
19513 2 .1
145 Sale 14
8
External sec s f f3s
143
4
4
1212 273
4
78 Nov 11032 coupon on _1951 MN 2912 ---- 283 Oct'33 --4
External of 78 Water L'n.19561M 5 133 Sale 134
1514 22 al13 264
2312 30
4
4
78 May 1 1936 coupon on_1951 ____
23
19682 .1
External s t 6s
19
1812 Sale 1812
4
1412 Sale 1118
14
15
22
94 284
Cuba (Republic) 53 of 1904...1944 M 5 a705 Sale 6912 a705
Secured s f 7s
8 15
68, 9812
a
1940 A 0 6314 Sale 6112
8
633
4 76
504 74,
4
External Soot 1914 ser A 1949 F A ____ 9012 90 Nov'33 ---- 07914 9314 Santa Fe (Prov Arg Rep) 75_1942,M S 18
19
18
2014
13
123 3014
4
External loan 434s
90
62
Saxon Pub Wks(Germany) 75'45 F A 534 Sale 494
697 694 Nov'33 ____
8
1949 F A 63
4
544 73
3812 723
Sinking fund 514s Jan 15 1953.1 J 62 Sale 61
Gen ref guar 634s
62
24
61
8312
1951,M N 44 Sale 4112
44
51
305 69,2
8
Public wks 534s June 30 19452 13 29 Sale 284
293
4 50
28, 694 Saxon State Mtge Inst 73_1945,4 D 058 Sale 058
8
61
4
52
74 2
,
Cundinamarca 630
1018 223
1212 17
4
1112
1959 MN
Sinking fund g 6345_ _Dec 19464 D 56
12
13
58
58
6012
7
52
68
Czechoslovakia(Rep of) 8s_ _1951 A 0 7774 8212 773
19
774 994 Serbs Croats & Slovenes 8s 1962 M N
85
4
23 Sale 23
244 12
135 267
8
8
Sinking fund 88 ser B
1952 A 0 72
85
25
77 100
77
External sec 7s ser B
83
1962,NI N
21
1914 Sale 1914
44
1212 2412
Denmark 20
-year ext.16s_ __ _1942 J J 8312 Sale 82
--------1815 2212
93
83 8 90
All unmatured coupons on_i
7
75
2212
3
1912 22,
2
External gold 5,34s
1955 F A a7614 Sale 7512
Silesia (Prov of) extl 78
7612 44
69
88
493
1912 04 48
19.58'J
4 14
40 a50,4
External g 4145_ Anr 15 1962 A 0 6614 Sale 6314
6717 204
5814 774 Silesian Landol
,n^r4 Asm 69 194 F A
3112 Sale 284
3112 34
2514 5012
r Cash sale. aDeferred delivery. t Accrued interest payab e at exchange rate of 54.8665. •Look under list of Matured Bonds on page 3057.
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 such 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."
El
New York Bond Record-Continued-Page 2
Nov. 18 1933
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 17.
Price
Friday
Nov. 17.
Week's
Range or
Last Sale.
,,
Range
Since
4
Jan. 1.
Foreign Govt. & Municipals.
Bid
Ask Low
High No, Low
High
Soissons (City of) extl 6s1936 MN 15412 Sale 15412 15412
2 100 15412
Styria (Prov) external 78_ __1946 F A ____ 52
45
49
2
49
5718
Unmatured coups attached- --- F A ---- ---- 4218 5Iay'33 _ _
4218 4218
Sweden external loan 5 Ms-1954 MN a107 Sale 10514
88 110
109
254
Switzerland Govt extl 5)4s 1946 A 0 160 Sale 159
170
144 al0212 170
Sydney (City) a f 5 Ms
1955 F A 80 Sale 79
8012 42
66
8214
Taiwan Klee Pow s f 5148_1971 J .1 693 Sale 69
4
a70
3318 a70
119
Tokyo City 58 loan of 1912_1952 M 5 7212 74
7112
74
15
26
74
External of 5).4s guar
1961 A 0 66 Sale 6518
68
3312 73
126
Tolima (Dept of) extl 7s
1947 MN
912 12
10 Oct'33
8
18
Trondhjem (City) lot 5548_1957 M N 65
73
70
70 - 2
8412
61
Upper Austria (Prov) 7s
1945 J D ____ 59
5814
5814
1
4514 6212
External at 6 Ms_June 15 1057.8 D --------44
45
3
4112 r56
Uruguay (Republic) extl 88_1946 F A 35 Sale 33
35
3
2112 5018
Feb 11034 & subs coup att__ _ _
33
36
3212
33
5
31
34
External a f 6s
1960 MN 3312 Sale 284
1512 4018
3312 86
May 1934 coupon
_ _1960 __ _
2918 Sale 2612
30
30
12
26
External at 6s____May 1 1964 M N 30
on31
33
9
29
163 4018
4
May 1934 coupon on_ 1964 ---_
____ 2614
28
28
12
26
28
Venetian Prov Mtge Bank 78 '52 A 0 10718 ____ 10712 108
94 108
20
Vienna (City of) extl s 1 65_ _1952 M N 53 Sale 525
8
5312 11
52 8 684
5
45
Unmatured coupons attached. SIN --------48
2
4312 5318
Warsaw (City) external 7s 1958 F A 495 ale 49
8
5214 71
5214
35
Yokohama (City) extl 68_1961 J D 70
73
715
8
7212 49
357 74
8
13
...
.P,cr.
Railroad.
Ala Gt Sou lot cons A 5s
1943 J D 80
873 82 Nov'33
4
lot cons 48 ser B
1943 J D 75
80
77
Oct'33 ____
Alb & Susq 1st guar 310_1916 A 0 32
84
84
84
2
Alley & West 1st gu 4s
1998 A 0 65 Sale 65
65
1
Alleg Vol gen guar g 4s
1942 M S 933 Sale 93
4
96
40
Ann Arbor let g 4s__ _ _July 1995 Q J 31
44
_
31 Nov'33
Atch Top & 9 Fe
-Gen g 48_1995 A 0 8814 Sale 8614
883 -535
4
A 0
Registered
85
8412
8412
1
Adjustment gold 40__July 1995 Nov 67
837 76
8
8
774
Stamped
July 1995 MN 77 Sale 764
24
81
M N ____ 83
Registered
85 Nov'33
Cony gold 4s of 1909____1955 J D ____ 78
82 Nov'33
Cony 48 of 1905
1955 J D
_ 78
77
8012 16
Cony g 48 Issue of 1910
1960 J D 80
80
___ - 80
1
Cony deb 4 Ms
1948 J D 8938 Sale 8818
94
97
Rocky Mtn Div 1st 45_ _ _1965 J .1 81
83 83
83 12 13
Trans-Con Short L let 48_1958 J J __ 91
903
4
92
5
Cal-Ariz 1st & ref 43.4s A_1962 M S 8812 903 8914
4
92
8
All Knox & Nor 1st g 58_1946 J D ____ 10512 10312 Feb'31 ____
AU & Charl AL 151 4 Ms A 1944 J J
__ 91
9114 Nov'33
1st 30
-year 5s series B
1914 J J
7612 88
8812
883
4
1
Atlantic City lot cons 48_ _ _1951 J J 55
793 7412 Oct'33 ____
4
AU Coast Line 1st cons 4s July'52 M S a715 Sale 7112
8
74
88
General unified 434s A
64
1964 J D 62
6212
6234
7
L & N coil gold 48....--Oct 1952 MN 60 Sale 60
6112 29
All & Dan 1st g 4s
1948.8 ..1 36
38
3812 11
36
2d 4s
1948.1 J 29
34
3118
3118
1
Atl A Yad 1st guar 45
1949 A 0 37 Sale 37
73
2
Austin & N W 1st gu g 5s_ _1941 J J ____ 77
75
75
1
Balt & Ohio 1st g 4sJuly 1948 A 0 8338 Sale 8214
833
4 82
Registered
July 1948 Q J ____ 81
855 Nov'33 ____
8
Refund & gen 55 series A _1995 J 0 563 Sale 5412
4
52
95
let gold 58
July 1948 A 0 905 Sale 90
8
92
137
Ref & gen Is series C
1995.1 B 613 Sale 59
4
6818 69
PLEA W Va Sys ref 48_ _1941 MN
763 Sale 763
8
8
785
8 26
7512 sale 75
Southwest Div 1st
_1950 J J
774 43
Tol & Cin Div 1st ref 48A.1959 J J 060 Sale a60
5s_6514 11
Ref & gen 5s series D
2000 M 8 53 Sale 53
61
81
C-ny 434s
1960 F A
4812 Sale 4612
5312 430
Ref & gen M Ss'ser F
1996 M 13 544 Sale 54
60
71
Bangor & Aroostook lot 581943 .1 J
993 10112 9914
4
100
24
Con ref 48
4
1951 J J --__ 767 75
76
6
Battle Crk & Stur lot gu 35_1989 J D
__ 61
60 Nov'33 ____
1936 J J
Beech Creek 1st gu g 48
9012 90 Nov'33
2d guar g 58
1936.8 J
8912 Sept'33
Beech Creek ext lot g 3 Ms_ _1951 A 0 70 ---- 70 Spet'33 ____
Belvidere Del cons gu 3Ms_1943 J J 91
____ ____
____
Hig Sandy 1st 40 guar
1944 J D 8712 _
9018 Nov'33
Boston & Maine 1st 58 A C.1967 M S 6012 Sale 6012
643
4 16
1st NI 58 series II
1955 M N __
6312 6312
65
7
let g 414s ser JJ
1961 A 0
__ 603 68 Nov'33 ____
4
Boston & NY Air Line 1st 4s 1955 F A 55 Sale 55
55
8
Bruns & West 1st gu g 4s 1938 J J ____ 897 93
8
Oct'33
_
11uff Roch & Pitts gen Bs 5s 1937 M S 9824 101t2 99
9912
7
Consol 434s
1957 M N 5012 Sale 50
55
41
Burl C R St Nor lst & coil 58_1934 A 0 273 Sale 2614
4
29
28
Certificates of deposit__ ---- 25
30
35
Oct'33 ____
Canada Sou cons gu .5s A_1962 -A0 8018 Sale 8018
17
Canadian Nat guar 4 Ms_ _1954 M S 100 Sale 997
8
1003 132
4
30
-year gold guar 4 M_ 1957 J 1 100 Sale 9912 101
s
12 239
Guaranteed gold 434s__ _ 1968 .1 D 10212 Sale 10212
105
319
Guaranteed g 58
July 1969.8 J 10312 Sale 10312 1085ti 267
Guaranteed g 50
Oct 1969 A 0 10412 Sale 10438
1083 472
4
Guaranteed g 50
1970 F A 105 Sale 105
10814 100
Guar gold 414s__June 15 1955 J D 1033 Sale 1033
8
8
1065 386
8
Guar e 414s
1956 F A 1023 Sale 10212 106
4
756
Guar g 4Ms
Sept 1951 131 5 103 Sale 103
10512 705
Canadian North deb s f 78_1940 J D 10414 Sale 104
10514 160
25
-year at deb 6.10
1986.8 J 10914 Sale 10914
112
99
113-yr gold 4 Ms___Feb 15 1935 J J 1017 Sale 1014 10218 87
8
Canadian Pac Ry 4% deb stock-- ---- .5512 Sale 523
4
573 382
4
Coll tr 434s
1946 NI 5 7438 Sale 7314
75
216
55 equip tr ctfs
1944 J 1 9912 Sale 993
8 100
119
Coll tr g 5s
Dec 1 1954 J 0 743 Sale 7314
4
7/3
198
Collateral trust 4 Ms____1960 J J
6914 Sale 664
144
69
Car Cent 1st cons g 4s
1949 1 J 17__ 19 June'33 ____
Caro Clinch &0 1st 30-yr 521.1938 J D _ _ _ 9i8
97
98
9
1st & cons g(laser A _Dec 15'S2 J D 304 Sale 9018
907s 24
Cart & Ad 1st guy 4s
1981 J D 65
793 68
Oct'33 __
Cent Branch U P 1st g 4s_ _1918 J D 38 Sale 38
38
1
Central of Ga 1st g 5s__Nov 1945 F A 30
Oct'33 ____
SO7 51
s
Consol gold 5s
1945 SIN
814 207 20
23
8
10
Ref dc gen 514s series 13 1959 A 0 1058 Sale 1038
105
8
2
Ref. & gen 58 series C
1014
7
93
4
934 Sale
1959 A 0
Chatt Div put money g481951 J D
1812 Sale 1812
3
18'l
Mac & Nor Div 1st g 58_1946 J J --------35 July'33
Mid Ga & All Div pur In 58'47 J J ____ 23
28 July'33 ____
Mobile Div 1st g 5s
1946 J J --------28
Oct'33 __
Cent New Engl 1st gu 4s_
1961 .1 J ____ 65
1
60
60
Cent RR & Bkg of Ga coil 5o 1937 MN 50
52
52 Nov'33
Central of NJ gong 50
1987 J .1 91 Sale 90
91
23
General 4s
1987 J J
7612 8512 Oct'33
Cent Pay 1st ref guy 48_ _ 1949 F A a67 Sale 67
70
217
Through Short L lot go 48_1954 A 0 6412 73
794 Oct'33
Guaranteed g 58
1960 F A 563 Sale 5514
4
61
58
Charleston & Sav'h 1st 7s 1936 J J 93
___ 111 June'31 ___
Ches & Ohio 1st con g 50_ _1939 M N 10618 Sale 104
10618 26
Registered
1989 MN 1024 105 1034 Oct'33 ____
General gold 490
1992 lill 5 975 Sale 97
8
997
8 74
Registered
m
9812 Oct'33
Ref & impt 414a
1993 A Q 8412 Sale 8312
8712 17
Ref & impt 4 Weer B _ _1995 J
35 Sale 84
864 35
Craig Valley lot 5s__May 1940 J J ____ 100
96
Oct'33 ____
Potts Creek Branch 1st 48_1946 J
____ 85
85
85
2
R & A Div let con g 48_1989 J
9018 Sale 9018
9018
3
2d consol gold 48
1089.5 J____ 88
88
Oct 33 ____
Warm Spring V 1st g 5s 1941 M S___ 106
93 May'33 ____
Chic & Alton RR ref g 3s1949 A 0 ____ 50
5012
5112
6
Chic Burl de 0-111 Div 314s1049 J J 8638 Sale 864
863
4 43
Illinois DivislonAs
1949 J J 9412 Salo 9312
9512 55
General 48
19551M S 8712 Sale 84,
4
883
4 70
lot & ref 434s ser 13
1O77,F A 8018 Sale 803
8
84
7
1st & ref 5s ser A
1971 F A 883 Sale 883
4
4
91
15
sale. a Deferred delivery. • Look under list of Matured
r Cash
,. ;
.
BONDS
t2
N. Y. STOCK EXCHANGE ,
.,,-.
g 6.:
Week Ended Nov. 17.
Chicago & East III lot 68_ __ _1934 A 0
C& E III Ry (new co) gen 53_1951 M N
Chicago & Erie 1st gold 5s._ _1982 IYI N
Chicago Great West 1st 411_1959 M 5
Chic Ind & Louise ref 6s._ __1947 J J
Refunding gold 5s
1947.1 J
1047.1 J
Refunding 48 series C
1st dr gen 5s series A
1966 M N
1st & gen 6s series B _Slay 1066J J
Chic Ind & Sou 50-year 4s_ 1956 J J
Chic L S & East 1st 4)4s.._1969 1 D
Chi M & St I' gen 4s ser A 1989 J J
Gong 354s ser B___May 1989 J J
Gen 410 ser C
May 1939 J .1
Gen 434s ser E
May 1989 J J
Gen 44s ser F
May 1989.1 J
Chic Milw St P & Pay 5s A.1075 F A
Jan 1 2000 A 0
Cony ad) 5s
Chic & No West gen g 310.1987 M N
1987 M N
General 4s
Stud 4s non-p Fed Inc tax '87 M N
Gen 4 Ms stpd Fed Inc tax_1987 MN
Gen 5s stpd Fed Inc tax
1987 MN
1987 MN
438s stamped
15-year secured g 6)4s_.1936 M S
lot ref g 5s
May 2037.8 D
75
9412
1st & ref 410 stpd May 2037 J D
15t dr ref 4149 ser C._May 2037.1 D
60
83
78
9014
Cony 4 Us series A
1949 M N
65
7712
8
89
987 Chic R I & P Ry gen 4s
1988 .1 J
2212 45
Refunding gold 4s
1934 A 0
8234 9718
Certificates of deposit
Secured 414s series A
8412 94
1952 M 5
89
76
Certificates of deposlt ____
_
Cony g 4 Ms
07518 90
_1960 M N
837 85
8
Ch St L & N 05sJune 15 1951 1 D
73
84
Gold 3)4s
June 15 1931 J D
86
Memphis Div 1st g 4s__ _1951 J D
72
73
81
Chic T II & So East 1st 53._1960 J D
a79 102
Inc gu 5s
Dec 1 1960 M S
Chic Un Sta'n 1st go 4 Ms A_1963 .1 J
87
78
89
9912
1st 5s series 13
1963.8 J
8714 99
Guaranteed g 5s
1941 J D
____
_ _
1st guar 8)4s series C
1963 J J
75 - 9114 Chic & West Ind con 4s
1952.8 J
1st ref 5 Ms series A
6712 96
1962 51 S
7518 Choc Okla & Gulf cons 58
65
1952 M N
66
913 Chi II & D 2d gold 434s
4
1937 J J
51
8212 C 1St L & C 1st g 4s_Aug 2 1938 Q F
7434
45
Registered
August 2 1938 Q F
Cio. Lob & Nor let con gu 48.1942 NI N
1314 52
Cin Union Term 1st 414s._202() J .1
50
8
1st mtge 5s series B
20
53
2020.8 J
8412
1st mtge g 5s series C
75
1957 M N
74
923 Clearfield & Mah 1st gu 5s_ _1943 1 J
4
Cleve Cin Chi & St L gen 43_1993 J D
72
86
7612
General 5s series B
3318
1993 J D
Ref & impt Is ser C
a7918 101
1911 J J
Ref & impt 5s ser D
3712 83
1963 J .3
Ref & impt 4 Ms ser E__1977 J J
6112 877
8
Cairo Div 1st gold 4s
89
55
1939 1 J
Chi WA 51 Div 1st g 4s 1991 J J
4512 74
St L Div 1st coll tr g 4s_1990 M N
343 75
4
Spr & Col Div 1st g 4s__ _1940 NI 5
2512 67
W W Val Div 1st g 4s
54
694
1910 J 1
88 101
C C C & Ices cons g 6s_ _ _ _1934 1 J
Cleveland & Mahon Vol g 5s 1933 J J
65
84
60
62
Clev & Mar 1st gu g 434s1935 M N
80
93
Clev & P gen gu 410 ser B 1942 A 0
8912 9212
Series B 324s
1942 A 0
65
71
Series A 410
1912 1 J
____
__
series C 324s
1918 SIN
874 -9712
Series D 3)4s
1950 A F
53
83
Gen 41-0 ser A
1977 F A
5412 8312 Cleve Sho Line 1st gu 4 14s_1961 A 0
48
7878 Cleve Union Term 1st 5 Ms 1972 A 0
5412 8812
1st s f 5s series II
1973 A 0
843 9412
4
1st of guar 4)4s series C 1977 A 0
85 10012 Coal River Fly 1st gu 40. _1915 J D
333 675 Colo & South ref & ext 4 14s 1935 NI N
8
8
General mtge 4 Ms ser A 1980 M N
26 4 7012
,
Col & II V 1st ext g 48
35
35
1948 A 0
Col & Tot 1st ext 4s
784 97
1955 F A
7914 10034 Conn & Passum Fly lot 4s_ _1913 A 0
794 10112 Consol Ry non-conv deb 4s_1951 J .1
Non-cony deb 48
793 105
4
1955 J J
a8412 1085s
Non-cony deb 40
1955 A 0
84 1043
4
Non-cony deb Is
1956 1 J
4
a843 1043 Cuba Nor Ry 1st 514o
8
1912 J D
803 1035s Cuba RR lot 50
4
-year 5s g..1952 J .1
80 103
1st ref 7)4s series A
1936 J D
4
1st lien & ref 60 ser B
793 10312
1936 .1 D
963 107
4
Del & Hudson 1st & ref 4s
9412 112
1943 M N
5s
90 10212
1935 A 0
49 r70
Gold 534s
1937 M N
8312 D RR & Bridge 1st gu g 4s_ _1936 F A
a55
8012 100
Den & KG 1st cons g 4s__ _1936 J J
5812 9012
Consol gold 4 Ms
1939 .1 J
5312 8012 Den & KG West gen 5s Aug 1955 F A
15
19
Ref & hoot 5s ser B__Apr 1978 A 0
80 10038 Des M & Ft D 1st gu 48._ _1935
99
68
Certificates of deposit
J J
683 Des Plaines Val lot gen 4 Ms.1947 M 5
4
58
Bet & Mac 1st lien g Is
60
24
1955 J D
32
64
Second gold 40
1995 J D
04 4118 Detroit River Tunnel 4 Ms_ _1961 M N
3
28
Dui Missabe dr Nor gen 5s__ _19II 1 J
212 274 Dui & Iron Range 1st 5s
1937 A 0
Dul Sou Shore & AM g 5s
15
33
1937 J .1
35
35
28
28
East Ry 51inn Nor Div 1st 4s'48_ A 0
24
35
East T Va & Ga Div 1st 5s_ _1956 SIN
55 % 7412 Elgin Joliet & East 1st g 50 1911 M N
25
664 El Paso & SW 1st 55
1965 A 0
82 10218 Erie & Pitts g gu 314s ser 13_1940 J .1
7.53 9112
4
Series C 3 Ms
1910.3 J
6312 8S.2 Erie RR 1st cons g 4s prior 1996 J J
a64
87
Registered
1996 J J
45
80
1st consol gen lien g 4s__ .1996 J J
__
_
Registered
1996 J J
8 0712
a1003 1-Penn con trust gold 4s 1951 F A
50-year cony 4s series A _1953 A 0
10112 105
Series B
875 10414
8
1953 A 0
Gen cony 48 series D
9012 9812
1953 A 0
8
80
955
Ref & impt Soot 1927
1967 M N
96
Ref & impt .50 of 1930
79
1975 A 0
90 100
Erie & Jersey 1st at 6s
1955 J J
Genessee River 1st St 68_1957 J J
81
39
843 100
4
83
9012 Fla Cent & Pen list cons g 5s 1943 J „I
Florida East Coast lot 41.0_1959 1 D
93
93
1st & ref 5.8 series A
30
5818
1974 51 5
Certificates of deposit
80
91
8712 9914 Fonda Johns & Cloy ist 4 Ms 1952
Proof of claim tiled by owner
8
957
78
M N
924
(Amended) 101 cons 2-48_1982
68
Proof of claim filed by owner M N
7614 10012
Bonds on page 3657.
3653
Price
Friday
Nov. 17.
Week's
.Z,'
Range org:1.
3
Last Sale.
5
.
3
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
50
____ 58
Oct'33 ___32
58
9 Sale
818
10
60
33 20
4
a843 Sale a343
4
4
02
10 41313 99
4
33 Sale 3118
37
71
20
5014
4214 45
37
45
14
28
6028
4238
____ 53
423
8
1
423 53
8
35
40
55 Aug'33 ____
33
57
22 Sale 22
28
11
9
48
2312 26
2312
2712 29
12
54
60
72
70
Oct'3 I ---61 12 7312
____ 99
993 Nov'33 __
4
9418 10314
54 Sale 54
5812 33
38
73
863 8612 55 Nov'33 __-8
35
64
5918
____ 60
60
22
40
7712
____ 60
583
4
60
53
40
77
___ 7114 65
65
10
38
79
3114 Sale 283
36
453
4
11
5912
13 Sale 1112
s3 s30
133 911
4
.-4 ..
-4
49
4212 50
48
13
34
62
57
____ 5578 5312
10
30
7012
5412
5412
2
5212 56
36
69
____ 66
Oct'33 --__
68
47
73
65
64
60
61
32
40
8212
____ 65
56 Sept'33 --_56
56
71 Sale 71
711s
7
435 923
8
4
56
15
25
4212 Sale 4212
44
3714 Sale 3714
3Sz 3
8
15
4712
38 Sale 3712
15
3914
43
9
311 312
2914 Sale 2714
412 4412
473
4 80
4514 Sale 45
1814 Sale 1712
191 225
15
18
16 Nov'33 ---20
298
19 Sale 19
16
____ 1718 Nov'33 ____
812
9 Sale
1014 88
8412 8212 Nov'33 --_66
6312 Sept'33 --__
6014 _
____ 6212 6512 Oct'33 ___54
54 Nov'33 ---47
38
2
38 Sale 38
98
56
9612 Sale 96
8 37
1043
101 Sale 101
9812 34
9518 Sale 9518
20
112 Sale 1114 113
704 22
6812 Sale 67
884 33
8312 Sale 8312
51
6
51
40
52
9012 ____ 905 Aug'33 ---8
98
____ 9712 Nov'33 ----------945 Aug'33 ---8
Oct'33 ____
7514 87
86
19
99 Sale 99
100
49
1015 Sale 10014
102
8
1013 Sale 10012 1027 159
8
8
76
____ 7812 Oct'33 -65 Sale 65
70
36
_ 93
93
Oct'33 ---70
74
75
74
1
_ 8812 68
68
5
5618 62
553
4
61
73
8818 9314 8818
8818
3
5818 6112 6218
2
62s
6614 7318 74 Nov'33 ---_ 937 9018 Nov'33 ____
8
____ 737 7312 Sep-'33 ---8
10018 Sale 10018
10018 10
87
09
90
Oct'33 ____
9514
99 Nov'33 _---------- 98 June'33 __ _ 8614 ____ 86
Jan'33 ____
--------10114 Sept'33 ____
78
____ 91 Aug'33 _--Oct'32 ____
--------83
---- ----91 Sept'33 ---75 Sale 75
75
3
__ 79
847
8 17
78
7912
8
70
747 75
8
____ 70
72
19
70
88
____ 9212 Oct'33 ___7312 Sale 73
75
41
5612 Sale 56
607
8 13
--------9512 Nov'33 __ _
Oct'33 __4
_ _ _ _ 943 95
66
77 June'33 ____
43
1
43
43
_ _ 5
-------- - 3 Aug'33 __-4612 Sept'32 ____
____ 50
5018 Oct'33 ____
____ 49
17
20
17 Sale 15
15 Sale 15
16
23
1314 1712 1518
1514
4
1518
2
158
1518 18
45
7012
39
16
16
25
16
38
15
19
6
28
72
90
63
63 2
,
46
7224
36
7314
143 644
4
91 102
95 10612
923 1031 2
4
10318 114
597 8012
8
8612 95
50
63
85
905
8
92
9934
945 9453
8
82
81
93 102
9612 10714
9614 107
72
7812
6; 85
85
96
82
49
47
8212
37
7712
85
95
60
77
66
80
9014 93
72
76
9612 1017
8
8014 90
97
99
9614 98
86
86
96 10112
84
91
____
_ _
91
- 91
70
87
6012 90
54
8612
4914 773
4
8612 93 2
,
6712 9434
47
77
8518 97
90
95
77
77
38
6014
40
62
____
_ _
497 - 12
8 53
10
41
15
414
15
41
11
34
7012 Sale
92
9412
90 Sale
95
____
3212 gale
8
____ 457
8
197 Sale
2518 Sale
74
67
Oct'33
96
8912
92
96 Sept'33
3012
37
45
Oct'33
21
17
2312
2518
120
____
22
____
116
____
108
24
67
91
79
98
82612
27
814
11
8912
9912
97,
2
96
66
6712
52
60
258 3
56
66
25
39
_ 29
887 Sale
8
10378_
102 104
24 Sale
23
4
27
8
Oct'33
68
37 Sept'33
30 July'33
8912
8812
10314 Oct'33
103
103
27
24
16
__
____
_ __
14
___
1
2
1
45
33
25
75
10112
99
12
33
4
697
8
4014
30
91
104
1057
8
39
____ 90
903
4
9112
6
8018 Sale 30
82
17
____ 897 92
8
92
1
63 ____ 61
Feb'33 ____
873 ___ 91
4
Oct'33 ____
873 _.,_ _ 90 Aug'33 ____
4
70 Sale 69
75
24
____ 80
7814 Aug'33 ---524 Sale 52
5912 90
--------57 June'33 ____
99 Sale 99
99
1
____ 5514 5314
54
3
____ 50
534
5314
3
--------40 Nlar'33
49 Sale 4612
531 274
4812 Sale 46;
34
54
213
95 Sale 95
98
8
9512
9418 96
951
10
27
48
812
612
30
51
Sale
Sale
84
93
65
98
783 9818
4
61
72
90
91
884 90
6712 85
7814 7814
4012 74
41
57
99 100
3012 63
303 67
8
40
401s
2014 6712
2012 6712
81 10218
75 102
27
281z
2
4912 Oct'33 ___
8
812
7
612
73
4
8
15
3412
3
2
40
63
213
4
21
5
97
8
912 Oct'33 ____
44
912
418
5
5
cs
5
Nov'33 ____
New York Bond Record—Continued—Page 3
3654
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 17.
Fort St U D Co'Istrel;is_ _1941 .1
Ft W & Den C 1st g15
JD
Price
Friday
l'Nov. 17.
Bid
_
Week's
Range or
Last Sale.
•
R
cclu
Ask Low
High No. Low
87 Nov'32
88
9784 9712 Oct'33
Ga & Ala fly 1st cons 58 Oct 1995 J J
9
9
9 Sale
Ga Caro & Nor 1st gu g 55 1929—
Extended at 6% to July 1 1934 .3.3 18
27
2618 July'33
Georgia Midland 1st 38_ ___1946 AO 35
46
39 Nov'33
G ouv & Oswegatchie 1st 58_1942 JD
100
Jan'31
GrR &I ext lstgug 4;0_1941 J J 81
9314 913 Sept'33
Grand Trunk of Can deb 78_1940 AO 105 Sale 10412 105
15
-years f 65
1936 MS 10112 Sale 10014
10314
Grays Point Term let 58. _ _1947 Jo
96 Nov'30
Great Northern gen 75 ser A_1936 J J
7818
73% Sale 7112
1st & ref 434s series A__ _ _1961 J J 71 Sale 693
4
72
Stpd (without 51y 1 '33 coup)
8612 July'33
General 550 series B
1952
65 Sale 65
6712
General 5s series C
1973 J J 59 Sale 57
62
General 4;is series D_ _ _ _1976 J J
59 Sale 59
59
General 4;is series E
1977 J J 56 Sale 5312
59
Green Bay & West deb ctfs A.
Feb 2214 _
Oct'33
_ 30
-Feb
Debentures etfs B
5
6
6
Greenbrier fly 1st gu 4s
1940 MN 89
- 90 Sept'33
Gulf Mob & Nor 1st 5;i8 B _1950 AO so 1E 58 Nov'33
1st mtge 55 series C
1950 AO 52 Sale 50
5514
Gulf & S I 1st ref & ter 5sFeb 1952 J J
45 June'33
56 Nov'33
Stamped (July 1'33 coupon on) J J
Hocking Val lot cons g 43is_1999 J J 95
98
N 7014 83
Housatonic fly cons g 5s___ _1937
11 &T C 1st g 58 Int guar_ _ _1937 J J 9612 100
Houston Belt & Term 1st 5s_1937 J J .__91
Bud de Manhat 1st 5s ser A_ _1957 FA 658 Sale
Adjustment income 5s Feb 1957 AO 31 Sale
Lake Erie & West 1st g 5s_ _ _1937
J
2d gold 5s
1941 ii
Lake Sh & Mich So g ”is
1997 JD
Registered
1997 JD
Lehigh & N Y 1st gu g 4s_ _ _1945 M S
Leh Val Harbor Term gu 58_ 1951 FA
Leh Val N Y 1st gu g 4%8_1940
Lehigh Val (Pa) cons g 4s_ _ _2003 MN
Registered
MN
General cons 4;is
2062 MN
General cons 55
2003 MN
Leh V Term Sty 1st gu g 58_1941 AO
Lea & East 1st 50-yr 58 gu_ _1965 AO
Little Miami gen 4s series A1962 MN
Long Dock consol g 6s
1935 AO
Long Island—
General gold 4s
1938 JD
Unified gold 4s
1949 MS
1934 JD
Debenture gold 58
20
-year 1) m deb 5s
1937 MN
Guar ref gold 4s
1949 M
Louisiana & Ark 1st 5s ser A_1969 J J
Louis & Jeff 13dge Co gd g 481945 MS
Louisville & Nashville 5s_ _ _ _1937 MN
Unified gold 45
1940 J J
Registered
J J
1st refund 5)s series A _2003 AO
1st & ref 58 series B
2003 AO
1st & ref 43s series C__ _ _2003 A0
Gold 5s
1941 AO
Paducah & Mem Div 4s_ _1946 FA
St Louis Div 2d gold 38_ 1980 MS
Slob & Montg let g 4 Xs_ _1945 54 S
South fly joint Slonon 43_1952 J J
AU Knoxv & CM Div 4s_1955 MN
60
71
75
3312 Sale
36%
52% Sale
61 Sale
85% Sale
7818 85
75
65
80
65
6514
60
a79
50
76
65
4414
4518
53%
__
ii
95
9852
9978
____
85
4112
79
102
90
_
74
101
50
58
94
60
80
150
31
34
24
4
25
10
10
_-_____
95
965
8
85 Nov'33
96% Oct'33
91 Nov'33
633
4
6612
27
33
a Deferred delivery
84
O64
96% 10612
933 10412
4
4514
663
4
66
39
4012
37
34
29
314
8814
2212
23
4212
4014
9014
87
8612
8312
773
8
74
74
32
10
90
68
6612
45
56
84 10012
75
90
8512 965
8
78 100
63% 887
8
27
593
4
70 Nov'33
103 Mar'31
73 Nov'33
3312
11
36
383 Nov'33
8
52
56
56
603
4
65
38
843
4
8712 174
8812 Nov'33
84 Aug'31
75 June'33
89
Apr'30
7812 9112
7612 80
72
80
50
45
55
40
5218
6018
30
5012
58
58
58
63
62
75
66
78
80
5618
6918
88
94 4
,
73
85
73 8
3
73
6818
7012
74
75
85%
8
387 7412
37
69
8912 9278
85
75
547
8
27
85 101
85 100
1814 5412
3
25
16
50
16
4912
33% 6512
6118
37
25
55
2
1
10
6
60
75
60
313
4
32
a48
47
83
7414
76
6112
5712
6712
80
96
93
"Li
75
83
82 Nov'33
78
61
61
Sale a79
5
80
83% 82 Nov'33
59
65 Nov'33
823 79
4
2
79
Oct'33
80% 81
Sale 43
127
45
58
45 June'33
11
513 4612
4
4814
8
57
5418
4
533
9412 9818 Oct'33
95 95 Nov'33
8112 Sept'33
99
987 99
8
93
58
55
7812
713 8714
4
7212 83
46
703
4
90
79
597 87
8
62
25
28
45
3214 6412
6812
33
89 10018
79 10012
8112 81%
9012 101
9912 Nov'33
4
_ 917
8
917
8
Sale 997
8
10014 10
97 97 Nov'33
87
86%
8712 27
Sale 3512
4312 85
Sale 79
8218 17
104 102
102
1
Sale 8812
147
91
- - 82 Apr'33 _
16
94% 8512
89
81
86
14
81
Sale 74
77
5
4
102 1013 Nov'33
8614 65 June'33
61% 22
60% 5312
1
- a92% 09212
Sale 60
6012 17
4
84% 843 Nov'33
9512 993
4
82 r9912
97 10112
90 100
95
76
20
57
70
85
96% 104
8112 98
85
77
6512 99
6312 9212
8
597 90
8
87 1023
713
56
43
623
4
82
9312
40
73
75
9214
Mahon Coal RR 1st 5s
100% July'33
1934 J J
Manila RR (South Lines) 48_1939 M N 50
4934
493
4
59
1st ext 4s
52 Nov'33
59
1959 M N 56
Manitoba SW Coloniza'n 58 1934 J D 993 ---- a9612 100
4
Man G13 & N W ist 3;0_1941 .1 j 46
Oct'33
50
60
Mex Internat 1st 48 asstd._ _1977 M S
218 2 Sept'32
Michigan Central Detroit dc Bay
City Air Line 48
98% 9514 Oct'33
1940.3 J
Jack Laos & Sag 334s___ _1951 NI 5
_ 79 May'26
1st gold 3)48
91
88 Nov'33
1952 MN
Ref & impt 4;0 ser C.._ _ _1979 J J
70
70 Sale 70
Slid of NJ 1st eat Ss
64
4
1940 A 0 633 Sale 63%
Mil & Nor lst est 4;0(1880)1934 J D
70 Nov'33
Cons ext 4;0 (1884)
65
1934 J D ____ 677 65
8
5312
Mil Spar & h W 1st gu 4s
1917 M 9 5312 Sale 5312
r Cash sales.
16"
2618
18
2312 50
63
119
2
22
9514
a493
8
50
70
47
10114
5514
52
100
50
9314 9514
11
6
6
g Optional sale Sept. 21 at 83
79
61
40
50
65
3412
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 17,
90
75
753
4
76
70
66
Price
Friday
Nov. 17.
Rb
High
5% 27
Illinois Central 1st gold 4s 1951 J J 89
91
91 Nov'33 - - _1951 ii
1st gold 3;is
80 Nov'33
Extended 1st gold 3_1951 AO
78
78
3
S
73 hlar'30 —
1951
1st gold 38 sterling
5952 AO 59 Sale 58
Collateral trust old 48_
6012 21
Refunding 4s
1955 MN a55 Sale a55
61
7
1952 J J
55 June'33 -Purchased lines 33is
Collateral trust gold 4s_ _ _1953 MN 54 Sale 5312
15
60
N 7418 7712 75
Refunding 5s
75
1
1955
87
89 Nov'33
15
-year secured 6;is g_ _1936 J 1 82
_
126
40
-year 4;4's
55
Aug 1 1966 FA 53 Sale 5112
81
78
1950 Jo 78
Cairo Bridge gold 48
78
2
73% 733 Aug'33
8
Litchfield Div 1st gold 341_1951 J J
70
Loulsv Div & Term g 3;is 1953 J
62
66
66
2
65
Omaha Div 1st gold 35
_
68
1951 F A 63
Oct'33
6112 Sale 61
St Louis Div 84 Term g 38_1951 J
6112
3
64 Nov'33
1951 J J 62
80
Gold 330
75 Aug'33
Springfield Div lst g 3;0_1951 J J 6212 _
1951 FA
- 3 80 Sept'33
8i 4
Western Lines 1st g 4
III Cent and Chic St L & N 0—
57 Sale 55 1
Joint 1st ref 58 series A
60
24
1963 J
1st & ref 4;is series C__1963 J
5212 Sale 5212
57
36
90
Ind Bloom & West 1st ext 4s 1940 A
- 89121.0et'33
70
75
Ind III & Iowa 1st g 4s
1950.3
75
75
1
36
40
Ind & Louisville 1st gu 4s
42
1956 J
Oct'33 - —
Ind Union fly gen 5s ser A_ 1965.3_
Oct'33
J 9612 100 100
__
Gen & ref 53 series B
1965 J J
100
Oct'33
_
Int & Grt Nor 1st Baser A_ 1952 J J 30 Sale 30
31% 25
812 Sale
Adjustment 6s ser A_July 1952 A 0
8
9
33
1st 58 series B
1956J J 24 Sale 2314
24
3
4
1st g 58 series C
1956J J 243 Sale 2314
253
4 27
lot Rye Cent Amer 1st 5s B 1972_ M N 5014 5312 5014
5014
5
let coil trust 6% g notes_ _1941 M N 52
55
5212
533
4 12
1st lien & ref 6Y4s
1947 F A a44 Sale 44%
45%
8
Iowa Central lot gold 5s
1933
518 6
JD
Certificates of deposit_ _
518
518
lat & ref g 48
21, 312 312 Nov'33
1951 MS
James Frank de Clear 1st 4s_1959 JD
Kai A & G It lstgug 5s
1938.3.3
Kan & M 1st gug 4s
1990 AO
K C Ft S & ISI Ry ref g 4s_ _ _1936 AO
Certificates of deposit__...... AO
Kan City Sou 1st gold 3s1950 AO
Ref & impt 5s
Apr 1950 J J
Kansas City Term 1st 48_ _ _ _1960 J J
Kentucky Central gold 48_ _ _1987 J J
Kentucky & Ind Term 430_1961 J J
Stamped
1961 J
Plain
1961 J J
Range
Since
Jan. 1.
Nov. 18 1933
Milw dr State Line 1st 3;is_ _1941 J J
Minn & St Louis 1st cons 5s.1934
Ctfs of deposit
1934 MN
1st & refunding gold 48_ _ _1949 MS
1 4
Ref & ext 50-yr 5s ser A_ _ _1962 Q F
Q F
Certificates of deposit
M St P &SS M con g 4s lot gu '38 .1 J
1st cons 5s
1938 J J
1st cons 55 gu as to int_ _ _1938 J J
1st & ref 68 series A
1946 .3.3
25-year 53-4s
1949 M
1st ref 53.4s ser B
1978 J J
N
1st Chicago Term s f 4s_ _ _1941
Mississippi Central 1st 5s
1949 J J
1Veek s
Range or
Last Sale,
1:5,3
High No, Low
Bid
Ask Low
6012 Oct'33
5118 60
40
512
23
4
8
4
3
4
347
8
29
3012
20
16
56
8
312
4
314
Sale
33
4012
Sale
17
67
518
414
314
312
313
4
35
39
20
17
55
90
75
514 11
Nov'33 _
Aug'33
Aug'33
347
8 31
_
Oct'33
16
40
20
17
3
55%
July'33
Nov'33
Mo-III RR 1st 5s see A
1214
1959 .3.3 12 Sale 12
8
Mo Kan & Tex let gold 4s_1990 JD 6914 Sale 673
7412
Mo-K-T RR pr lien 55 ser A1962'.3 5814 Sale 5814
64
J J 55 Sale 55
40
-year 4s series B
5618
J J
Prior lien 43-(s ser D
63
63
Cum adjust 5s ger A_Jan 19782 A0 a3612 Sale 3514
37
11967
96
Mo Pat 1st & ref 55 ser A
4
4
2414
1965 FA 223 Sale 213
1214
General 4s
1975 MS 1012 Sale 10
1st & ref 5s series F
233
4
1977 MS 23 Sale 21%
23 Sale 23
Certificates of deposit
23
1:1 223 Sale 22
1st & ref 58 ser G
24
4
1978 MN
Cony gold 51
83 Sale
0
4
1949
74
,
9
,
A0 223 Sale 22
4
1st ref g 5s series 11
23
FA 23 Sale 2114
1st & ref 55 ser I
241*
MN 66
Mo Pat 3d 78 ext at4% July 199381
74% Oct'33
73
119889
46 June'33
Mob & Bir prior lien g 5s_ _ _1945 ii 65
91
.3.3 60
44 Aug'33
Small
90
1st M gold 4s
47% 4612 Oct'33
1945 J J
.3'
65
Oct'33
Small
Mobile & Ohio gen gold 4s_ _1938 54 S 90
9812 98 Nov'33
Montgomery Div let g 5s.1947 FA 15 Sale 15
17
7
Ref & impt 4;0
8
712 Sale
1977 MS
Sec 5% notes
12%
1938 MS 12 Sale 12
Mob & Mal 1st gu gold 4s_ _ _1991 MS 72
75 Sept'33
75
J
87
Mont C 1st gu Os
87
80
81
1st guar gold 53
a82
00 a82
1937 Si 75
7312
Morris d4 Essex 1st gu 334s2000 Jo 72 Sale 70
83% Nov'33
Constr 51 58 ser A
1955 MN
Constr M 4;45 ser B
1955 MN 65% 7014 7014
70,
4
-aiEa
Nil
F
r1.'
N YO&W ref g 4s_ _ _ _June 1992 M S
General 48
NY Providence & Boston 4s 1955 'I D
9 A O
42
N Y & Putnam 1st con gu 43_1993 A 0
N Y Susq & West 1st ref 53_1937 .1 J
2d gold 434s
1937 F A
General gold 5s
1940
A
Terminal 1st gold Is
N Y Westch 84B 1st ser I 4 yis946 J N
1 '43 M J
Nord fly ext sink fund 634s_1950 A 0
Norfolk South 1st & ref A 55_1961 F A
Certificates of deposit
Norfolk & South 1st gold 5s_1941 M N
Norf & West RR imp & est 681931 F A
N & W Ry lst cons g 48_ _ _1996 A 0
Registered
1966 A 0
Dly'l 1st lien dr gen g 4s_ _ _1944 J J
Pocah C & C joint 4s
1911
D
North Cent gen & ref Is A_ _1974 M S
Gen dr ref 434s series A1974 M S
North Ohio 1st guar g 5s_ _ __1945 A 0
North Pacific prior lien 48_1997 Q .1
Registered
@
Gen lien ry & id g as Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & impt 45is series A. 2017.3_
J
Ref & lm pt 6s series 13. ___2017 .1 J
Ref & impt 5s series C____2017 J J
Ref & impt 5s series D_ .20475 J
Nor Ity of Calif guar g 53._1938 A 0
69%
65
53%
59
a757
8
7212
Sale
Sale
Sale
Sale
Sale
747
8
Sale
Sale
717
8
68 Sale
____ 7212
7512 7912
46 Sale
39 Sale
4312 Sale
92 Sale
93 10318
8712 94
5314 76
81
853
4
_- - ------4
773
__—
5312
68%
50
63
50
51
44
70
65
Sale
48
Sale
69
44
543
4
86
Sale
Sale
Sale
Sale
Sale
4914
95
71
447
40
35 Sale
7112 98
43 Sale
54
46
8118
65
40
130
69
73
64
65
51
5812
56
613
4
75%
79%
77 Sept'33
77%
807
8
75 Nov'33
51
58
68%
69
6912 Sept'33
68
7012
69 July'33
80
8112
4512
4912
363
4
42
42
45
92
96
0212 Sept'33
95 Nov'33
63
Oct'33
85
85
96
Oct'33
76 June'33
9512 July'29
65
Oct'33
55 Nov'33
51
Oct'33
51
53
51
51
48
48
71
68
90 Aug'33
71
69
44
44
523
4
55
86
87
818
612
11
458
48
39 2
,
5412
34
31%
71
90
85
38
4
90
179
115
49
185
2
25
16
26
194
89
30
1
60
85
8618
97
-71 4
31
5
68
83
68 8 79
,
30
70
49
75
15
35
14 8 3512
,
163 36
4
163 36
4
17
3612
00
9312
98 102
46
92
5712 8418
3412 74
80
39
8
683 837
4
70
7712
60
933
4
8612
64
3412 74
77
60
71
68
78
65
69
57
9134
66
6712
14
563
4
12
514 67
87 100
89 10318
95
86
51% 65
88
84
85
96
76
76
"45"
27
7
3
20
36
2
39
10
40
23
_
1
3
V1544
65
44 a65
45
71
45
71
43
60
57
9912
90
80
95
59
34% 65
45
7578
82% 9012
50% 67
43
6118
54
5612
52
48
85 Nov'32
70
70
45
45
4112 June'33
35
32
Oct'33
75
43
4114
28
64
2312
33
1612
64
31
13418
27
983 13418
.
4
Nov'33
Nov'33 —
Nov'33 - — 9512 127
Jan'33
10012 62
9814 51
Oct'33
10
93
2
41
773 116
4
Aug'33
56
60
Jan'33
66
7
757
8 90
Nov'33
6512 16
Nov'33
5
13
6
283
8
101 10412
87 10012
9418 9418
9312 1013
4
8912 100
98 10012
88
93
17
4518
73
89%
7412 85
48
62
5512 5512
50 z7812
60
9212
5918 84
56 4 83
,
099 100
Sale 130
578 5
4
15
19
11
10112 102 10112
93 Sale 9218
____ 9634 9418
99 Sale 98
97 Sale 97
92 .___ 98
92
4012
36 • 42
7714 Sale 76
--_- 7612 834
4
53 Sale 523
8
____ 547 5512
61 Sale 61
694 Sale 681
7212
____ 65
____ 6414 6314
a99
• Look under list of Matured Bonds on page 36. 7.
4
12
118
112
24
16
2812
912
a812
37
90
65
High
6012
6
12
32
114
67% 8812
23
5514 8714
17
5118 73
1
55
7712
43 03212 6512
35
18, 44
2
132
7
2412
156
18
44
1
23
2812
36
1812 4412
112
3
24
21
1812 44
103
1814 4414
50 2 7418
,
46
46
36% 60
46
4612
44
65
28
98
8
7
37
13
414 21%
2
4 4 25
,
62
75%
1
87
94
1
82
933
8
46
70
805
8
67% 8618
1
60
82
Nash Chatt & St L 4s ser A 1978 F A
78 Nov'33
7612 85
N Fla & lst gu g 5s
923
4
97
1937 F A 86
92%
Nat fly of Mex pr lien 4148_1957 J
--- --18 July'28
212 2
Assent cash war rct No 4 on
218
214
3
123 July'31
4
Guar 48 Apr '14 coupon_1977 A 0
Assent cash war rct No 5 on --- 2
33
4 112 Sept'33
Nat RR Mex pr lien 4345 Oct '26
2% Oct'33
Assent cash war rct No 4 on
2
3
22 Apr'28
1st consol 48
1951 - -12
A- 1
218
212 1%
Assent cash war rct No 4 on - --1%
Naugatuck RR 1st g 4s
1954-M N
7112 Nov'32
New England RR cons 5s__ _19455 J
7712
7712
68% Nov'33
Consol guar 4s
69
1945!J
92 Nov'30
NJ Junction RR guar 1st 4s 1986.F A 60
82
58 Sept'33
NO & NE 1st ref&impt 4;is A '52IJ J
New Orleans Term 1st 4s
6712 60 Nov'33
55
1953 J J
18
N 0 Tex & Mex n-c Inc 58..1935 AO 14
17
Oct'33
14%
1st 55 series B
17% 17
696 A0
19564
FA
21
let 5s series C
Oct'33
1412 21
_
FA
1412 1912 19
1st 4 Ms series D
Oct'33
A0 15
1712 18
1st 534s series A
18
3
9312 Aug'33
N & C Mae gen guar 4 Ms_ _1955 J J
19 4
4
4
N Y 13 & M B 1st con g 5s 1935 AO 101, ---- 1013 Oct'33 _
4
NY Cent RR cony deb 6s_ _1935 M N
C nsol 4s series A
o
Ref & impt 4;is series A_ _mg
Ref & Impt 5s series C_ _ _ _2013 A 0
N Y Cent & Ilud Riv M 3;01997 J J
Registered
1997 J J
Debenture gold 4s
i
s
j
30-year debenture 4s
Ref & impt 434s ser A__2013
Lake Shore coll gold 330_1998
1908 F A
Registered
Mich Cent coll gold 3;is 1998 F A
1008 F A
Registered
A 0
N Y Chic dr St L 1st g 4s_ _ _ _1937 A0
Refunding 53-4s series A_1974
Ref 4;is scrias C
3-yr6% gold not
1E2 0
A_1
953
Y Connect 1st gu 434s
1st guar 5s series B
N Y Erie 1st ext gold 4s
19 7 F N
93 M A
4
5
NY Greenwood L gu g 581946 M N
NY & Harlem gold 3;is_ _ _2000 M N
N Y Lack & W ref 4,10B...1973 MN
NY & Long Branch gen 4s_ _1941 NI S
NY &NE Bost Term 4s
1939 A 0
N Y N & H n-c deb 413_1947 M
Non-cony debenture 3148_1947 M S
Non-cony debenture 33.0_1954 A 0
Non-cony debenture 4s_ _ _1955 J J
Non-cony debenture 4s_ _1956 M N
Cony debenture 334s
1956 J J
Cony debenture 6s
1918 j .T
J J
Registered
Collateral trust 6s
A O
_11,96407 J D
Debenture 48
1st & ref 45isser of 1927_
Harlem R & Pt Ches 1st 4s_ _1954 M N
N
1 67
Range
Since
Jan. 1.
10
78
65
4112
52
75
60
New York Bond Record—Continued—Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 17.
Price
Friday
Nov. 17,
Bid
Ask
Og & I. Chem Ist gu g 4s ___1948 Si 4814 Sale
Ohio Connecting Ry 1st 4s_1943 MS
_
Ohio River RR 1st g 5s
1936 J D 89- )
85 101General gold 55
1937 AO 80
Oregon RR & Nay corn g 48_1946 J D 86 Sale
Ore Short Line let cons g 5s.1946 Si 1014 103
Guar stpd cons 5s
1946 Si 102 104
Ore-Wash RR Sc Nay 48
1961 is 79 Sale
Week's
Range or
Last Sale.
8612 Nov'33
8214 87
85
90
88 Nov'33
___ 9414 9414 Aug'33
12412
12112 Sale 121.2
40
50
54 Nov'33
71
81% 8018 Nov'33
98 10014 9912 Nov'33
9812
9612 Sale 96
96 4 Sale 963
,
99
8
98 8 Sale my 1033
,
8
81 Sale 803
8
823
4
90 Sale 873
0312
8
10214 Sale 10112 10312
83 Sale 81
8618
6612 Sale 66
71
77 Sale 75 4
,
783
4
533 58
8
58
514 6 8 518
,
618
8312 _
8718 Nov'33
53 Sale 51
58
45
50
58
58 12
523 52
4
53,
4
100 Sale 99
101
100
100
_
0312 0412 Oct'33
232 4 Sale 2114
.
223
4
PCC&StLgu“isA
1940 AO
Series B 4 lis guar
1942 AO
Series C 412s guar
1942 NI N
Series I)4s guar
1945 M N
Series E 4 Hs guar gold
1949 F A
Series F 4s guar gold
1953 J D
Series G 4s guar
1957 M N
Series It cons guar 4s
1960 F A
Series icons guar 4 Hs1963 F A
Series J CODS guar 4 3s- _1964 M N
General M 58 series A
1970 1 D
1975 A 0
Gen mtge guar 55 ser B
Gen 4 Hs series C
19772 J
MIA MOE & Y 2d gu 6s
1934 J J
Pitts Sh dr LE 1st g 5s
1940 A 0
1st consol gold bs
1943 J J
Pitts Va & Char 1st 4s
1943 M N
Pitts & W Va let 43 s ser A.1958 J D
4
1st M 4 Hs series 11
1958 A 0
18t M 4 Hs series C
1960IA 0
Pitts Y & Ash 1st 4s ser A 19481.1 D
1st gen bs series It
1962 F A
Providence Scour deb 4s
1957 M N
Providence Term 1st 45
1956 M S
101 8
,
_ 10112 102 4
,
10112 Sale 100
10112
101
____ 1007
8 101
98
9812
98
915
8912 Aug'33
98 __- 9718 Aug'33
98
____ 98
98
98
9618 Sept'33
99
___- 101 Nov'33
101 Sale 101
101
____ 89
88
893
4
8914 Sale 88
8912
7512 .8212 75
78
---- 101 Sept'33
97
97
78 161-14 100 Mar'33
91
____ 94
Oct'33
GO Nov'33
59
61
Oct'33
56 Sale 55
58
925 ____ 923
4
923
4
95
105 Sept'33
3.5
7134 July'3I
i112 80 June'33
79
St Jos & Grand Isld 1st 4s
1947 iJ
St Lawr & Adr 1st g 5s
1996 J J
2d gold 6s
1996 AO
St Louis Iron Mt & Sou—
& G Div 1st g 43
1933 MN
St L Peor & N W ist go 5s 1948 J J
St L-San Fran pr lien 48 A_1950Si
Certificates of deposit
Prior lien 58 series 13
1950 Si
Certificates of deposit-----Con M 4 Hs series A
1978 MS
Ctts of depos stamped __- St L s W 1st g 48 bond ctfs 1989 Ni N
2s g 4s Inc bond ctfs. _Nov 1989 J J
1st terminal & unifying 5s.1952 .4 .4
Gen & ref g 58 ser A
1990 25
70
16
1414
15
1418
133
4
123
4
53
42
4418
91
59
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
4112
St Paul & K C Sh List 4 Hs_1941 FA
2312 Sale
St P & Duluth 1st con g 4s...1968
D ___ 90
St Paul E Or Trk 1st 4 Hs 1947 is :15
50
St Paul Minn & Manitoba—
Cons Si 55 est to July 1 1943- _
9312 Sale
Mont ext 1st gold 45
1937 iD 903 9412
8
Pacific ext go 4s (sterling)_1940
_
St Paul Un Dep let & ref 5s_1972
J 87-- 9912
S A & Ar Pass 1st gu g 4s
1943 i..4
Santa Fe Pres & Phen 1st 55_1912 NI
1934 AO
Say Fla & West let g 65
1st gold 5,
1934 AO
Scioto V & NE 1st gu 4s
1989 MN
Seaboard Air Line 1st g 4s-1950 AO
Gold 4s stamped
1950 AO
Certifs of deposit stamped-- AO
Adjustment 55
Oct 1919 FA
Refunding 4s
1959 AO
Certificates of deposit — -1st & cons On series A
1945 AONi S
Certificates of deposit -- Atl & Ilirm 30-yr 1st g 45_1933 Ni S
Seaboard An Fla 1st gu 6s A_1935
Certificates of deposit
Series IR
1935
Certificates of deposit
FA
So & No Ala cons go g 5s_ _1936 F A
Gen cons guar 50-year 5s_ _1963 AO
So Pac coil 4s(Cent Pac coin 1949
D
let 4 Hs (Oregon Lines) A.1977
S
20
-year cony 58
1934 SD
Gold 4)4s
1968
S
Gold 4 Hs with warrants ,J060 MN
Gold 4 Hs
1981 MN
San Fran Term 1st 4s,
1951) AO
So Pac of Cal let con gag 5s_1937 M N
So Pee Coast 1st go g 48_ —1937 Si
So Pac Rlt 1st ref 4s
1955 is
Stamped.(Federal tax)
1955is
58 Sale
86
97
1003 _ _ _
8
993 Sale
4
92 Sale
•
•
1014 15
55e 6
•
---612
7 Sale
612 Sale
•
314 Sale
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 17.
Week's
Range or
Last Sale,
Range
Since
Jan, 1.
79
80
7914
113
40
100
85
114
314
68
54
11
47
58
7912
8412
84
Oct'30
July'33
100
85
Oct'33
July'33
71
Oct'33
13%
Nov'33
Nov'33
89 Nov'33
6414 Oct'33
70 June'33
•
Oct'33
58
16%
1512
1414
15 4
,
15
15
14
1512
1314
153
4
123
4
15
5212
56
04312
42
4418
4714
405
8
40%
2312
2612
75 June'33
Oct'33
50
9218
9118
86
9812
High
Bid
Ask Low
HighIN o
5814 Southern Ry 181 cons g 5s__1994 S i 74% Sale 74
80
73
Registered
J J
85 July'33 -90
Bevel & gen 4s series A___1956 AG 49 Sale 4618
5214 194
91
Devel Sc gen 6s
1956 AG 8312 Sale 58
28
67
98
Devel Sc gen 6$.s
1956 AO 67 Sale 65
40
72
Mem Div 1st g 5s
10712
1996 S i 635 803 6212 Nov'33
8
4
St Louis Div 1st g 4s
10712
1951 J J ____ 597 60 Nov'33 — 8
90
East Tenn reorg lien g 55_1938 M 5 7712 Sale 7712
7712
1
Mobile Sc Ohio con tr 4s__ _1938 38 S 4412 4812 4412
49
39
7312 93% Spokane Internet 1st g 5s
1955 S i 10 Sale
912
10
8
75
90
Staten Island Ry 1st 4;0_1943 J D
60 May'32
93
9412 Sunbury Sc Lewiston 1st 4s 1936 S i
100 100
Oct'33
102 a9612 12412
51
Tenn Cent 1st 65 A or B
36
1917 AO 443 49 4 43 8 Oct'33
,
4
,
71
9312 Term Assn of St L 1st g 4$n 1939 AO 09 102 10112 Oct'33
95% 1013
8
1st cons gold 55
1944 FA 10112 ---- 102
1
102
37
91 10112
Gen refund s f g 4s
16
1953 is ____ 7412 7312
79
30
90 10112 Texarkana bz Ft S 151. 535A 1950 FA 6414 Sale 6414
6612 34
83
Tex Sc N 0con gold 5s
9412 105
1943 S i
65
Oct'33
192
8
7318 947 Texas Sc Pac 1st gold 5s
17
2000 S D 8214 86
85%
8914
101
78 1003
2d Inc 5s(Mar'28cp on)Dec2000 Mar
4
95 Mar'29
109
95 105 8
,
Gen & ref 5s series B
16
67
1977 AO 55
5514
57
30
98
73
Gen Sc ref 5s series C
33
1979 AO 56 Sale 553
4
57
130
56
Gen Sc ref 5s series D
8614
1980• D 56 Sale 5512
29
56
90
68
901s Tex Pac-IVIo Pac Ter 5 Hs A.1961 7v1
Oct'33
71
5
72
Tol Sc Ohio Cent 1st go 5s_._1935 Si
30
Oct'33
95
10
13 1612
4
Western Div 1St g 5s
9812 Sept'33
98
1935 A0
4
693 903
General gold 5s
4
917 92 Aug'33
8
1935 S D
5
28 4 76
,
Tol St L Sc W 50-year g 45
1950 AO
6513 Oct'33
6
28
Tol W V &0 go 4s ser C_1942 38 S
63
9618 Apr'31
16
28
68 2 Toronto Ham Sc Buff 1st g 4s1946 S D 71
,
89
80 Feb'33
26
94 10114 Union Pac RR 1st Sc Id gr 4s 1947 S i 9712 Sale 955
8
9914 310
4
93 10212
Registered
S i
9914 Nov'33
96
81
1st Lien Sc ref 4s
56
83 Sale 8012
June 2008
85
5
19
Gold 432s
35%
853
a82 Sale 81
5 43
1967 5
1st lien Sc ref 5s
10112 102
June 2008 hiS 100 Sale 99
5 a933 1023
40-year gold 4s
4
4
1968 J D 78 Sale 77
793
4 68
91 1027 UN J RR & Can gen 43
8
1015
8
1944
5 9934 10278 Vandalla cons g 4s series A__1955 MS 101 _--- 10112 Apr'33 7
85
F A
10 a9418 935
Cons s f 4s series B
8
9312
1957 Ni N
85 June'33
8912 8912 Vera Cruz Sc P asst 434s,...,1933 J J
218 Sept'33
118
9618 971s Virginia Midland gen 5s
11
1936 M N 96 Sale 96
97
1
93
Va Sc Southwest 1st gu 5s
92
76 Sept'33
76
2003
1st cons 58
9618 9814
5
57
1953 A0 57 Sale 57
—
Virginia Ry 1st 55 series A 1962 MN 92 Sale 9012
9118 103
9518 72
1
9412 10212
1st mtge 45s series B
9
N 80
87
1962
95 4 85
,
21
76 10018
12
7612 9934 Wabash RR 1st gold 5s
60
37
8
1939 lvi
59 Sale 573
12
2d gold 5s
93
69
3
5812
A ---- 55
1039
55
Deb 65 series B regIstered_1939
99 8 10114
,
9818 May'29
1
let lien 50-year g term 481951
97 102
3712 Apr'33
70
Del Sc Chic Ext 1st 5s
100 10012
1941
HI 9818 7014 Nov'33
Des Moines Div 1st g 4s94
94
Oct'33
55
50
1939
Omaha Div 1st g 3Hs
30
69%
Oct'33
1911 A 0 393 46
39
4
Toledo Sc Chic Div g 4s 1941
685
8
30
56 Aug'33
18
30
7012 Wabash Ry ref Sc gen 55S A.1975
151
20
14 Sale 13
5
923 95
Ref Sc gen 5s(Feb'32 cow)131•76
4
A
1314 Sale 1214
' 50
13
Ref & gen 430 series C
105 105
29
141
1978 A 0 13 Sale 13
Ref Sc gen 5s series D
43
141
1980 A 0 13 Sale 1212
80 -Eki" Warren 1st ref gu g 3Hs_ _ 2000
A
50 Feb'3
Washington Cent 1st gold 48 1948
52 Feb'33
1
9018 Wash Term lst go 33.s
66
A __ 86
1945
9214 Oct'33
56
1st 40
4
753 95
-year guar 4s
A
2
1945
95
95
37
Western Maryland 1st 4s
78
95
1952 A 0 6318 Sale 63 8
,
65
% 29
let Sc ref 53s series A
7112 23
1977
6812 Sale 66
38 16- West N Y & Pa 1st g 5s
1937
10112 31
100 Sale 100
1
9712 101
General gold 45
4
85
1913 A 0 85 Sale 85
1
Western Pac 1st 5s ser A
63
85
32 8 65
,
1946
30 Sale 28
14
114 West Shore 1st 4s guar
2361 is 70 Sale 70
70% 34
1
314
Registered
8
2361 iS 6512 697 7314 Nov'33
18
55
Wheel Sc L E ref 4;0 ser A 1966
87
8
-- -- 83, 83 Nov'33
2512 64%
Refunding 5s series B
8218 Oct'33
1966 38 S 84
86
43
387
8
11
RR 1st consol 4s
1949 MS ____ 865 3714 Oct'33
8
35 8 5712 Wilk & East 1st gu g 55
,
1942 J D 323 35
3714 Nov'33
4
Will Sc S F 1st gold 58
64
39
1938 S D
86 Sept'33
Winston-Salem S B 1st 4s
8412
3
1960 J J 8412 Sale 8112
Win Cent 50-yr 1st gen 4s
70
93
1312 20
1949 J
s
125 Sale 1218
64
Sup Sc Dul dly Sc term 1st 4s'36 MN
643
97
4
2
812 1014 914
Wor Sc Conn East lot 4 As 1943
68
70
s
3514 Sept'31
42
75
3
22
41
53
80
3
77
2
16
_
96
180
9118
1
90
16
99
3
58
60
100
Oct'33
100 Nov'33
993
4 100
90
100
•
•
12 Nov'33
58
,
58
,
•
5
514
612
73
4
612
7
5
42
8
33
4
30
3
4 Sept'33
31e
7
10112 __-- 102
Oct'33
Oct'33
94
49 Sale 47 8
,
5114
5712 Salo 56
59
86
90
86
86
47 Sale 44
50
4514 Sale 43
4812
46 Sale 42
4812
8
833 Sale 8018
833
8
100 10112 10112 Nov'33
953
8
95
Oct'33
062 Sale 6112
6512
9212 May'30
11
2
12
3
86
115
1
82
255
169
119
165
•
2812
8
812
10
93
4
a63
8
614
49
333
8
19
12
65
3012
30
33
303
4
2912
2612
7212
8314
6714
56
INDUSTRIALS.
Abitibi Power Sc Paper 1st 5s 1953 J D
•
Abraham & Straus deb 5;0_1943
With warrants
A 0 87 Sale 87
Adams Express coll tr g 4s___1948 M S 64 Sale 64
Adriatic Elec Co extl
A 0 100 10312 497 8
,
Albany Perfor Wrap 7s5
Pap 65_1199482
5212 Sale 5212
Allegany Corp coil tr 55
4
48 Sale 473
Coll & cony 55
4414 Sale 43
l ?monmy Sn
27% Sale 26
-14'
C
I
87 Sale 8612
Alpine-Montan Steel eb 5 ...1 4 ja
rg dlst 7 --1915 5AF
9
0M
s
51 Sale 51
A129
2312 6212 Amer Beet Sag cony deb 6s 1935 F A
8012 American Chain deb st 6s
70
1933 A 0
45
5-yr 1st mtge Os
58
Amer Cyanamid deb 5s
9218 100
Am Sc Foreign Pow deb 55_ 2(F3:1
i
)
1 10
75
96
American Ices f deb 5s
70
0018 Amer I G Chem cony 5Sis_1Z
1
89 104
Am Internal Corp cony 5Hs 1919 J J
Amer Mach & Fdy s f 6s
1939 A 0
54
8012 Amer Metal5% notes_ __ _4934 A 0
82 100
Am Rolling Mill cony 55
1938 hi N
95 10012 Am Sm & It 1st 30-yr 55 ser A '47. A 0
94 100
Amer Sug Ref 5-year 65
Am Telco & Teleg cony 45. _1936 j S
90
98
-1
1937 M•
30-year coil tr 5s
•
35-year s f deb 5s
1
1 10
D
J
3
20-years f 5145
2314
1943 MN
12 1134
Cony deb 4 Hs
Debenture 5s
1939 5 00
F A
AA j
1412 Am Type Found deb 6s
2
23 1712 Am Wat Wks & El coil tr 58_1934
4
96
9
4
Deb g 65 series A
1 4 18
,
A
1]
Am Writing Paper 1st g 6s 1945 M N
977 J•
J
9 4 Anglo-Chilean Nitrate 7s
,
1945 M N
Ark Sc Mom Bridge & Ter 55.1961 M S
1
712 Armour Sc Co (liI) 1st 4 Hs_ _1939 S D
9912 102
Armour Sc Co of Del 534s _1913 J J
75
96
Armstrong Cork cony deb 5s 1940 J
40
71
Associated 0116% g notes _1935 M
53
80
Atlanta Gas L 1st As
6714 9312 Atl Gulf Sc WI SS coil tr 53_1959 1J
1917 5 D
3814 74
Atlantic Refining deb 5s
1937 J
3714 7412 Baldwin Loco Works let 5s 1940 M N
3614 7212 Bataylan Petr guar deb 430_1942 J J
o703 95
4
13elding-Heminway 6s
9718 10212 Bell Teiep of Pa 5s series 13_193 5 5
1918 J
6
95
95
let Sc ref 5s series
A O
Al s
60
84
Beneficial Indus Loan deb Os 119469
C99
Berlin City Elec Cu deb 614s 1951 J D
Deb sinking fund 6 Hs
1959 F A
Debentures Os
Berlin Elm El Sc Underg Hs 1955 A 0
956 A•
Beth Steel 1st Sc ref 5s-gear A '42 M N
30-yearpm&lmptsf5s._19365 J
1
r Cash sale. a Deferred delivery. • Look under list of Matured Bonds on page
3657.
Price
Friday
Nov. 17.
High N o Low
Low
2
4814
4814
3812
97 Mar'32
90 Aug'33
80
87 Nov'33
70
86
8714 40
8418
8
101
103
99
10418
10414
5 100
7714
81
196
75
Pao RR of Mo 1st ext g 4s 1938 FA
2d extended gold 5s
1933Si
Paducah & Ills 1st s f g 4145_1955 J
Paris-Orleans RE ext 5)s...1988 M
Paulista Ely 1st ref St 7s
1942 M
Pa Ohio & Del 1st & ref 4;0 A'77 AO
Pennsylvania RR coos g 4s 1943 MN
Consol gold 4s
1918 MN
4s sterl stpd dollar May 1 1948 MN
A
Consol sinking fund 4.10_1960
General 4 ;is series A
1965 J D
Gereral bs series B
1968 JO
15-year secured 64is
1936 FA
40-year secured gold 5s
1964 hi N
Deb g 45is
1970 AO
General 4428 series D
1981 AO
Peoria & Eastern let cons 4s_1940 AO
Income 48
April 190C Apr
Peoria & Pekin Un 1st 5 lis....1974 FA
Pere Marquette 1st ser A 5s 1956 J J
1st 4s series B
1956 J
let g 4 yis series C
1980 MS
PhIla Bait & Wash tat g 4s 1943
General 5s series B
1971 FA
General g 4$0 series C
1977 is
Philippine Ity 1st 30-yr s f 4141937 Ji
Reading Co Jersey Cent coil 48'51 AG 65
78
Gen Sc ref 4 Hs series A_ _ _1997 is 8018 Sale
Gen & ref 430 series 11
1997 is 794 Sale
Rensselaer & Saratoga 6s
1941 MN
Rich & Merch 1st g 45
1948 MN
Maim Term Ry 1st go 58
1952 .1 .1 100 __-Rio Grande June 1st go 5s 1939 SD
Rio Grande Sou 1st gold 4s_ _1949 Si
114 ---Guar 4s (Jan 1922 coupon)I940
J
212
Rio Grande West 1st gold 4s_1939 J J 68 Sale
let con & coil trust 4s A 1949 AO 40
46
R I Ark & Louts 1st 4 Hs__ 1934 MS 13 Sale
Rut-Canada 1st go g 4s_1949 J J 433 52
4
Rutland 1st con 4 Hs
1941 J J 4712 58
Range
Since
Jan. 1.
3655
72% Sale
8614 91
4012 Sale
6512 Sale
7712 Sale
8
695 70
105 Sale
97 Sale
93 Sale
10212 Sale
93% Sale
101% Sale
103% Sale
103 Sale
10518 Sale
109% Sale
103 Sale
2318 Sale
94% Sale
63 Sale
39 Sale
54
,
7
94
28
66
6
10014 29
5212
2
5218 168
100
46
130
29
31
88
1
51
7272
12
•
GO
59
89
87
43
3814
67
6512
77
85 4
,
6812
7014
105
106
96%
97%
92
99%
10212 1041
93 4
,
907
8
101%
101
1041
10314
1031
10218
104
1053
1093
4 1117
101%
1031
2318
2318
943
8
96
6514
(3214
3778
39
6
618
79 Sept'33
75
8318
74
8114
91 4
,
02
103
103
981 Feb'33 _
4
78 Sale
7614 Sale
92 Sale
103 Sale
9612 ____
53 Sale
10118 Sale 101
9812
0912
9814 Sale 98
100 1003 100
8
10412 Sale 103
1033 Sale 10314
4
a89 Sale a89
47% 47
4312 Sale 403
8
403 Sale 38
4
40 Sale 3814
08 Sale 98
9412 Sale 94
103%
100
9814
100
105
10514
91
4818
4312
41
40
100
983
4
15
18
3
310
6
123
30
6
81
166
34
155
45
153
795
572
56
937
6
48
10
6
10
—
86
90
8
1
29
62
5
30
1
64
66
30
42
58
74
25
37
48
Low
55
ssi2
17
20
201
8
40
36
60
20
918
High
9618
85
643
4
85
90
8114
76
91
66%
30
-9i3- 10
4 -625
53
96 10212
9112 103
68
9112
59
8618
60
65
85% 10012
-421,
43%
43
50
86
80
73
44
75
76%
75
73
973
4
9812
93
71
80 163
4
917 1017
8
8
09112 9914
a78
9312
a75
95
95 10714
0693 08912
4
96 101%
85 85
85
85
1% 5
80 100
85
60
3611 70
84 10112
78
9414
43
33
85
70
-57r2 371.
3
62
76
35
55
2712 47
41
56
1
51 32
512 32
4
3212
43 32
8
50
50
a513 52
4
9214
87
9212 97
74
53
52
8412
9914 1031s
793 93
8
2012 58
67
8512
6414 80
85
65
6212 8218
91
70
183 45
4
85
87
7634 92
83 2714
4
6
2112
80
99
5312 73
92 11412
2412 5612
2512 69
a1912 60
5
49
65
9412
50
62
2614 85
•
59
6014
7012 943
4
235 5812
8
52
72
89
64
6612 8653
10214 10618
60
99%
87
96%
78 10014
1023 10612
8
006127.105
100 10712
93 10712
9912 10912
99 119
9215 10714
21
67
7418 9814
49
8918
02114 5618
2% 1412
7818 85
75
923
4
71% 90
9412
65
101% 10412
983 983
4
4
35
63
97 1043
4
7918 104
9014 10212
83 100
101 111
10012 1113
8
75
9312
33
7012
32
6912
281s 6412
a28
631s
4
71 1043
79 10012
New York Bond Record -Continued-Page 5
3656
v't
,
..- .2
BONDS
Price
N. Y. STOCK EXCHANGE.
' Friday
.,
.
Week Ended Nov. 17.
....a, Nov. 17.
Bing & Bing deb 644s
1950 M 9
Botany Cons Mills 644s
1934 A 0
Certificates of deposit
A 0
Bowman-Hilt Hotels 1st 7s__1934
Stnip as to pay of $435 pt red
M S
B'way & 7th Ave lot cons 58.19433 D
Brooklyn City RR lot 5s._ 19413 3
Bklyn Edison Inc gen 58 A__1949 J J
Gen mtge 55 series E
1952 J J
Bklyn-Manh It T sec 6s....._1968 J .2
Bklyn Qu Co (SC Sub con gtd 5s'41 MN
lot Is stamped
1941 J J
Bklyn Union El lot g 5s
1950 F A
Bklyn Un Gas lot cons g 58_1945 MN
lot lien & ref 6s series A 1917 M N
Cony deb g 5145
1936.1 J
Debenture gold 55
1950 3 D
lot lien & ref series B
1957 M N
Buff Gen El 4448 series 13_1981 F A
Bush Terminal 1st 4s
1952 A 0
Consol 5s
1955 J J
Bush Term Bldgs 5s gu tax ex '30 A 0
By-Prod Coke lot 544s 41_1945 MN
eal G & E Corp unf & ref 38_1937 MN
Cal Pack cony deb Is
1940 J J
Cal Petroleum cony deb of 5s '39 F A
Cony deb a 1 g 5448
1938 MN
Camaguey Sugar ctfs of deposit
for 1st 7s
1942 _
Canada SS L lot & gen 6s 1941 A 0
Cent Dist Tel 1st 30-yr 58_ _1943 J D
Cent Hudson G & E 5s_Jan 1957 M S
Cent Ill Elec & Gas let be__ _1951 F A
Central Steel 1st gel 8s_
1941 MN
Certain-teed Prod 5148 A_ _1948 IN S
Chesap Corp cony 58 May lb '47 M N
Ch G L & Coke lot gu g 5s_ _1937 J .1
Chicago Railways lot 58stPd
Aug 1 1933 25% part pd
F A
Childs Co deb bs
1943 A 0
Chile Copper Co deb 5s
1947 J J
CM G & E let M 4s A
1968 A 0
Clearfield Bit Coal 18t 4s
1940 .1 .3
Small series B
1940 1 J
Colon 011 cony deb 65
19383 .1
Colo Fuel & Ir Co gen s 150_1943 F A
Col Indus 1st & coil 5s gu__ _1934 F A
Columbia G & E deb 5s May 1952 M N
Debenture Is
Apr 15 1952 A 0
Debenture 55
Jan 15 1961 J J
Columbus Hy P & L lot 444s 19573 .1
Secured cony g 5448
1942 A 0
Week's
Range or
Last Sale.
Bid
Ask
2812 32
11
15
6
12
Low
30
10
12
4.,,
. ,. g c51,
.
High NO.
Nov'33 ___Oct'33 ____
Oct'33 ____
--------413 3Jay'33
*
*
7418 7612 75 Nov'33
10334 Sale 103
104
8 105
103 Sale 1025
8612 Sale 8638
89
59
59 Aug'33
__ 50 Nov'32
78
-753 Sale 75
4
8
1063
10514 Sale 10514
10614 11012 10712 108
160 158 Feb'33
95
93 Sale 93
10234 Sale 10114 10418
8
997
9912 Sale 9914
4318
45
45
15
133
4
1318 15
44
424
42
45
57 Sale 57
58
103
85
964
9918
Sale
Sale
963
4
Sale
104i8
8
85 3
9638
100
1023
8
85
9638
994
314 4
312
17 Sale 17
105
1053
8
9912 1037 10018
- 8
46 Sale 45
8
102 Sale 1013
36 Sale 45
963 Sale 9514
4
100 Sale 100
*
31 Sale
52 Sale
90 Sale
-------___-_
6812 69
-3618 38
2012 2312
6012 Sale
6012 66
6012 Sale
75
80
____ 9412
____
____
90
82
378
____
____
31
20
8
47
59
25
1
20
11
4
19
16
2
9
312
4
17
1
7
1053
8
10312 17
4912 20
103
9
47
36
9812 246
10014 20
.
31
3312 10
183
51
53
8914
9112 39
38 Apr.33 ____
___ ____
____
1
6812
6812 .
37
37
1
22
2312 11
198
60
67
66
66
1
58
643 261
4
8818 Nov'33 ____
943
4
s 11
973
Commercial Credits!5148 1935 J J
Comm'l Invest Tr deb 540_1949 F A
Computing-Tab-flee of 6s 1941 J .1
Conn Ry & L let & ref g 44401951 J J
Stamped guar 440
1951 J J
Consolidated Hydro-Elec Works
of'Upper Wucrtemberg 78_1956 .1 J
Cons Coal of NM lot & ref 58_1950 3 D
Consol Gas(NY)deb 544/3_1945 F A
Debenture 434s
1951 J 13
Debenture 5s
1957 J J
Consumers Gas of Chic gu 581936 J D
Consumers Power 1st Is C 1952 MN
Container Corp 1st 60
1946.3 D
15-year deb Is with warr_1943 .1 D
Copenhagen Telep Is Feb 15 1951 F A
Corn Prod Refg 1st 25-yrs t 58'34 MN
Crown Cork & Seal s f 65_ _ _1947 J D
Crown Willamette Paper 68_1951 J J
Crown Zellerbach deb Sow w 1940 M $
Cuban Cane Prod deb 6s
1950 J J
Cumb T dr T lot & gen 50.-1937 .11 J
3912 Sale
11 s 14
10014 Sale
8912 Sale
943 Sale
4
10012 Sale
102 Sale
6812 Sale
52
55
73 Sale
101 14 Sale
100 Sale
7612 Sale
a66 Sale
*
1023 Sale
1
Del Power & Light 1st 4348_1971 J J
lot & ref 444s
19693 J
1st mortgage 444s
1960 1 J
Den Gas & El List &ref a t 5s'51 M N
Stamped as to Penna tax_ 1951 M N
Detroit Edison 55 ser A
1949 A 0
Gen & ref Is series B
1955 J D
Gen & ref Is series C
1962 F A
Gen & ref 4440 series D__1961 F A
Gen & ref 6s series E
1952 A 0
Dodge Bros cony deb 6s__1940 M N
Bold (Jacob) Pack lot 6s__ _1942 M N
Donner Steel let ref 75
19423 J
Duke-Price POW let 6s ser A _1966 MN
Duquesne Light lot 4448 A 1967 A 0
let NI g 444s series B
1957 IN 5
____ 10014 9912
___- 945 9512
8
93
____ 95
8912
88
92
88
00 8912
06 100
95
875 934 9712
8
95 Sale 95
8614 Sale 86
9512 Sale 9318
95 Sale 95
784 7912 80
93
9118 100
4
70 Sale 693
100 Sale 0914
100 Sale 100
7
10114 -___ 10112 102
9712 Sale 97
10012 36
10512 10612 1053
8
1053
8
1
8
90
983 10012 8818
46
9812 100 100 Nov'33 ____
39
1112
99
8818
93
10012
102
6812
5218
73
10114
100
7612
a66
•
102
41
25
1112
4
10234 291
905 167
8
973 194
4
1013
4 24
103
15
6912 17
54
13
5
7312
10112
4
10014
5
7612
1
67
9
4
1033
60
Nov'33
Nov'33
93
9212
924
9812
Nov'33
98
8812
9512
9712
Nov'33
93
75
1005s
4
1003
____
____
2
4
9
33
___
a
24
100
287
____
1
104
194
6
East Cuba Sug 15-yr a f g 744e'37 M S
•
•
Ed El III Bklyn 1st cons 4s._1939 J J 100 103 100
2
1014
Ed Elec(NY) lot cons g 58_1995 J J 109 11018 11018 Nov'33 ____
El Pow corp (Germany) 6448 '50 M 5 444 47
22
44
415
8
1st sinking fund 6440
455
8 34
1953 A 0 44 Sale 4214
Ernesto Breda Co let M 7s.._1954
With stock purchase warrants_ F A a81 Sale a81
825
8 15
BONDS
N. Y STOCK EXCHANGE
.
Week Ended Nov. 17.
....
.
"
4
Price
Week's
Q__
Range
h .,,Friday
Range or
,g.S.:
Since
Last Sale. :5,
1 a. Nov. 17.
", 5
Jan. 1.
Ask Low
Low High._ Bid
High No. Low
High
30
Hansa SS Lines 63 with warr_1939 A 0 41
8
____ 415
8
43
17
29
61
5
2712 Harpen Mining 68 with warr_1949 1 . a587 Sale a584
1
8
6034 14
39
7212
418 2012 Havana Elec consol g Is_ ___1952 F A 2514 Sale 2518
253
8
2
18
4014
Deb 544s series of 1926.1951 M S
6
1212 612 Oct'33 ---314 15
*
412 Hoe(R)& Co lot 64s ser A..1934 A 0
4
Holland-Amer Line 65 (flat)_1947 M N 4312 Sale 43
4312 12
174 4312
6512 76
Houston Oil sink fund 540_1940 MN 7012 Sale 7012
71
76
38
73
1004 108
Hudson Coal 1st s f 5s ner A.1963 3 13 40 Sale 39
41
41
2712 64
100 108
Hudson Co Gas lot g 59----1949 MN 10214 103 103
10414
7 1013 10814
8
Humble 011 & Refining 5s___1937 A 0 102 Sale 1014
8414 96
104
78 1004 10412
57
60
____
__ Illinois Bell Telephone 5s.„1956 3 D 104 Sale 10312 1055
8 73 1005 10778
8
7212 -87
Illinois Steel deb 444s
1940 A 0 1013 Sale 1013
4 30
4 1033
95 10538
4
4
1013 112
Ilseder Steel Corp mtge 6s 1918 F A 403 Sale 3714
4
403
4 59
263 5812
4
1043 1174 Ind Nat Gas & Oil ref 5s
4
1936 M N
8
9472 9712
-- 947 June'33 __
158 158
Inland Steel lst 444s
8314 14
1978 A 0 8212 Sale 8214
66
90
93 105
1st Met 444s ser B
84
1981 F A 83 Sale 8212
23
65
90
07471073 Interboro Rap Tran 151 5s 1966 41 3 5812 Sale 567
4
8
5912 163
47
70
•
•
9712 10512
10-year 68
1932 A 0
39
6712
Certificates of deposit
,,-, 21
24
2014 Oct'33 ---14
3 11
0
5
*
5
334
10
-year cony 7% notes___1932 m b
.
19
6412
Certificates of deposit_, 613 Sale 60
4
6314 25
52
7314
8
37
5314
747 Interlake Iron 1st 58 13
10
1951 IiiN
32
53 Sale 53
70
Int Agri° Corp lot & coil tr &s100 1063
4
Stamped extended to 1042____ MN 62 Sale 62
2
62
3812 65
623 9212 Int Cement cony deb 5s
4
61 a50
81
1948 M N 80 Sale 78
84
a81 09712 Internal Hydro El deb 68
1944 A 0 3912 Sale 3914
41/
4 08
2414 59
a33 10018 Inter Mere Marine of 60_1941 A_ 0 44 Sale 44
45
44 a29'2 5812
Internet Paper Is ser A & 13_1947 1 J 52 Sale 49
52
71
39
68
Ref 0 f 6s series A
8
14 134
37
1955 M S 365 Sale 3614
46
10
49
4
103 27
Int Telep & Teleg deb g 4 Ms 1952. J 4012 Sale 3912
1
4212 234
1712 55
102 108
Cony deb 4448
271
52
2012 67
1939 3 3 5012 Sale 50
107
100
129
Debenture bs
4312 Sale 42
45
1955 F A
18
5934
45
75
Investors Equity deb Is A 1947 1 13 8012 83
8038
803
8
5
75
923
8
7012 105
Deb Is ser B with warr
Oct'33 --86
85
1948 A 0
80
92
5712
26
Without warrants
Oct'33 ---87
1948 A 0
86
75
925
2
6312 110
97 1054 K C'Pow & Lt 1st 444s ser B 1957 3 3 99 Sale 9812
37
09
964 105
1st mtge 4 44s
9712 Sale 96
993 124
4
96 1053
1961 F A
4
.
7612
Kansas Gas & Electric 43(5_1980 J D
9
75 Sale 75
72
95
25
5512 Karstadt (Rudolph) let 643_1943 MN
1618 1614 a1512
1614 11
133 4114
4
27
713
4
Certificates of deposIt_ ------- 14 Nov'33 ---13
1834
M
Keith (B F) Corp 1st 6s
33
8914 100
47
45
194645 Sa
2912 61
38
38
Kelly-Springfield Tire 8s
1942 A 0 46
4512
6412
4612 4512
5
32
____
_ Kendall Co 544s with warr_1948 M S 70
7312
73
3
7312
55
79
a32 --- Keystone Telep Co 1st 58_1935 3 3 7112 7512 71, Oct'33 --71
6472 75
8
33
684 Kings County El L & P58,1937 A 0 10312 Sale 103
9 101 108
10312
58
17
Purchase money Os
2 1153 135
124
1997 A 0 124 Sale 124
4
60
893 Kings County Elev 1st 818._1049 F A 66 Sale 66
8
67
14
66
7712
66
89
Kings Co Lighting 1st 50_1951 3 1 85 104 104
1
104
99 106
58
877
8
First and ref 6445
1954 J 1 10118 109 a102 a102
5 2110 11412
84 al00
Kinney (Gil) & Co 744% note8'38 3 D 7712 84
80 Nov'33 -_., a42
96
Kresge Found'n coil tr 6s
943 106
4
72
1936 3 D 68
3
70
3114 8312
70
Kreuger & Toll class A Ws of den _ _
96 1024
13
89
for sec a f g is
1959 M 6 12 Sale 11
10
1834
953 10478
4
104 10818 Lackawanna Steel 1st 58 .5 1950 M S 98
9912 994 10012 24
75 1013
4
8818 10112 Laclede G-L ref & ext 5s_
A 0 85 Sale 85
1934
794 9714
88
24
95 102
Coll & ref 544s series C
53
1953 F A a49 Sale a49
24
48
70
46
51
Coll & ref 5445 series D
5078
1960 F A
48
4
48
69
0 sale
6
3012 66
Lautaro Nitrate Co Ltd 6s 1954 J J
7
109
212 147
8
WA 3012 Lehigh C & Nag A f 444s A 1954 1 J 83
84
8412
774 9112
86
3
9812 1074
sink fund 4448 eel. C_1954 3 3 ---- ----86
Cons
1
86
78
01
8712 1017 Lehigh Val Coal 1st & refs f 58'14 F A
71 Sale 71
8
2
71
45
76
93 10512
lot & ref s f 5s
33
3912 33
2
20
36
1954 F A
55
97 105 4
3
1st & ref a 1 Is
1964 F A 35
39
35
35
4
1612 55
35' 39
2
97 107
1974 F A
1st & ref a 1 50
34
Oct'33 ____
22
50
35
7614
Secured 6% gold notes_1938 1 . 8112 Sale 794
1
8
57
8112
8112
163 6312 Liggett & Myers Tobacco 78_1944 A 0 11712 128 117
4
12312 17 117 12612
a65
804
55
109
1951 F A 105 106 106
41 102 111
10012 10412 Loew's Inc deb s t 68
4
82
1911 A 0 8112 8514 793
21
48
89
79 10012 Lombard Elec 75 ser A
8
8918 19
1952 3 D (4885 Sale 8814
7412 903
4
56
88
Lorillard (P) Co deb 75
1944 A 0 11018 120 11912 120
74 a10212 120
55
36
7514
951 F A 102 Sale 102
103
18
90 1055s
Louisville Gas & El(Ky) 58_1952 MN 8712 Sale 8612
903
8 67
8612 10612
100 107
49
Lower Austria Hydro El 6%91944 F A 44
473
4
473
4
1
42
53
Range
Since
Jan. 1.
04
894
4
93
88
88
8518
863
4
8418
75
84
703
4
65
57
43
9718
96
10212
99
10218
100
r963
4
104
103
10312
100
103
09
803
4
03
8112
8
1053
107
•
95 10412
106 120
4
3118 683
30
68
72
8312
75
62
6312 723
2
62
7712
48
6912
81 101
93 10012
04 102
1012 53
McCrory Stores Corp deb 540'41
Proof of claim flied by owner__ ---- 61 Sale
McKesson & Robbins deb 5448'50 MN 5812 Sale
s
Manati Sugar lets f 744..._1942 A 0
Certificates of deposit___ __ ---- 1014 16
Stamped Oct 1931 COIIPOD 1942 A 0
Certificates of deponit______ ---314 1112
Manhat Ry (N Y) cons g 45 1990 A 0 4112 Sale
Certificates of deposIt______ ---- 38 Sale
2d 4s
°0l3' D 3012 35
Manila Elec RR dr Lt of 55_1953 M 8 72
98
Mfrs Tr Co ctfs of panic In
A I Namm & Son lot 6s 1943 3 D 55
65
Marion Steam Shovels I 6s_1947 A 0 43 Sale
Market St Ry 7s ser A_April 1940 0 5 6312 Sale
Mead Corp lot 6s with warr.1945 M N 48 Sale
Merldionale Elec lot 78 A._1957 A 0 96 100
_ 8412
Metr Ed 1st & ref 55 ser C 1953 1 .1 _
let g 444s series D
1968 M S 72 Sale
-.
Metter Wat Sew & Dr 5349_1950 A 0 7814 Sale
)
Met West Side El (Chic) 48_1938 F A
1114 1712
Wag Mill Mach lot s 1 7s
1956 J D 40
60
Midvale St & 0 coll tr s 1 5s.1936 M S 92 Sale
Milw El Sty & Lt 1st bs B
1961 1 D 6518 7()
let mtge bs
1971 3 J 6478 Sale
Montana Power lot be A _ 1943 J 3 8218 Sale
Deb 58 series A
1962. D ____ 60
1
Montecatini Min & Agile
Deb g 7s
1937 3 3 9518 Sale
Montreal Tram lot & ref 58_1941 J J 9112 9912
Gen 3c ref s f 58 series A 1955 A 0 -------Gen & ref of 5s series B 1955 A 0 ____ 75
Gen & ref s f 444s series C_1955 A 0 -------Gen & ref s f 58 series D 1955 A 0 . _ 85
Morris & Co lot s f 444s.._ _1939 J J fiEl
847
8
Mortgage-Bond Co 40 sec L1966 A 0 204 40
Murray Body 1st 6448
1934.3 D 80
8514
Mutual Fuel Gas lot gu g 5s_1947 M N 9014 10112
Mut Un Tel gtd 68 ext at 5% 1941 MN 82
08
Federal Light & Tr lot 5s
1942 IN S
1st lien s f 53 stamped.
..1942 M 8
lot lien 6s stamped
1942 M S
30-year deb 6s series B
1954 J D
Federated Metals s f 7s
19393 13
Fiat deb of g 78
1946 J J
Framerican Ind Dev 20-yr 7348'42 1 J
Francisco Sug lot of 744s
1942 M N
____
__
6212
4714
10012
1003
8
9614
5
Gannett Co deb 6s ser A.._ _1943 F A
Gas & El of Berg Co CODA g01949 J 13
Gelsenkirchen MInIng 6s_ _1934 M S
Gen Amer Investors deb Is A1952F A
Gen Baking deb 8!5Sis
194o A 0
Gen Cable lot s f 544s A_
1947 J J
Gen Electric deb g 334s....._1942 F A
Gen Elec(Germany) 78 Jan 15'453 J
St deb 6448
19405 D
20
-year of deb 68
1948 M N
Gen Petrol let sink I'd 58_1940 F A
Gen Pub Serv deb 540
1039.3 2
Gen Steel Cast 544s with waft'49 J J
Gen Theatres Equip deb 6s 1940 A 0
Certificates of deposit
Good Hope Steel & Ir see 78_1945 A 0
Goodrich(B F)Co 1st 634o,1947 J J
Cony deb (38
1945 J 13
Goodyear Tire& Rubb 1st 5s 1957 MN
Gotham Silk Hosiery deb 619365 D
Gould Coupler let et 65
1940 F A
Gt Cons El Pow (Japan) 713 1941 F A
let & gen of 634s
19503 -1
Gulf States Steel deb 5 44s__ _1942 J 13
Hackensack Water lot 4s
1952 .1 J
80
66
7712 10
7612
7612 79
--------10338 Oct'33 ____ 103 105
3512 75
513
s 17
5113 Sale 5014
76
78
87
8
3
____ 747 76
97 1033
4
10212 12
100 102 100
36
5612 102
7512
5612 Sale 5412
96 10214 Namm (A I) & Son__See Mfrs Tr
8
99
97 Sale 97
2014 6212 Nassau Elec gu g 4s stpd
1951 1 J
4212 14
4212 Sale 4212
41
1942 J D
13
2812 5712 Nat Acme 1st s f (is
a41 Sale a40
25
40
Sale 3812
557 Nat Dairy Prod deb 544s _1948 F A
8
28
40
Nat Steel 1st coil 50
1956 A 0
10312 Sale 10312 10418 20 101 105
7912 Sale 791.2
81
21
Newark Consol Gas cons 5s_1948 J 0
713 89
8
85
Newberry (ii) Co 544% notes '40 A 0
3
47
60
57 Sale 57
*
r
New Eng Tel & Tel 55 A_ _1952 1 D
1961 M N
1
74
lot g 1448 series B
37
3
8 4 Nov'33 _
314
37
5812 28
8518 NJ Pow & Light 1st 444s_ _1960 A 0
573 Sale 57
4
923
4 30
New On Pub Serv 181 50 A_1952 A 0
62
97
9112 Sale 91
127 a3312 753
68
6712 Sale 66
4
First & ref 5s series B
1955 J D
143
68
88
9134 NY Dock 1st gold 45
87 Sale 87
1951 F' A
2
7412 8912
8712
Serial 5% notes
4
874 Sale 853
1938 A 0
NY Edison let & ref 6448 A.1911 A 0
•
7012 Sale 697
8
705
8 14
1st lien & ref 55 series B 1944 A 0
3738 75
70
70
33
lot lien & ref 59 series C 1951 A 0
31
68 Sale 65
42
55
5512 11
6012 52
NY Gas El Lt H & Pow g bs 1948 J 0
82
Purchase money gold 1/3..1949 F A
924 993
98 Sale 97
9812
4
6
NY L E & W Coal & RR 540'42 M N
NY L E & W Dock & Imp be '433 1
64
68
70
54
Sale
Sale
4
973
19
6512 Nov'33 ____
6312 Oct'33 ____
2
6218
6218
5218 Oct'33 ___
1
10012 10012
10012 21
10014
14
96
8
953
15
10
15
r Cash Sale. a Deferred delivery. z Option sale Nov. 15 at 102. • Look under list of Matured Bonds on page 3657.
Nov. 18 1933
5912
57
63
30
60
76
*
15 Aug'33 ____
•
2712 July'33 ____
4034
4212 151
38
38
6
32
32
1
943 Sept'33 ____
8
4612
2312
•
312
•
3
29
8
223
8
175
873
4
60 Nov'33 ____
4212
4458 13
6512 18
6312
5
47
50
23
9212
99
88
Oct'33 ____
7
76
72
7712
7814 26
1114 Nov'33 ___
i
4114
42
9412 94
90
45
70
6512
13
69
64
57
84
8112
1
5718
5718
75
40
2514 50
57
757
8
30 a67
87 12018
99
82
7112 00
6512 81
11
19
30
674
997
2
80
8718
63
85
62
93
60
78
45
63
6512
35
2712
4412
4012
34
043
4
87 59918
33
06
9518
7834 993
993
8 67
97
8
5914 7412
Nov'33 ___
73 2
6814 744
723 Oct'33 ____
4
573 6818
4
6818 10
68
8
663 747
4
744 10
73
78
9114
21
85
86
4038 Dec'32 -----------69
94
89 Sept'33 ____
Oct'33 ____
97
945 1073
8
8
75
9314
893 Oct'33 ___
8
5458 Sale 54
5512
5570 Aug'33
8112 Sale 8014
843
4
8534 Sale 85
9012
4
10318 1033 10318
1033
4
85 Sale 85
85
10438 Sale 1043
10512
8
100 Sale 9914
101
7014 Sale 7014
72
4412 Sale 4412
4812
4914
44 Sale 4212
46
44 Sale 44
3112
3112 3018
31
111
110 Sale 109
8
1035 Sale 1027
103 8
8
,
103 Sale 102.4
1043
3
107
10514 Sale 10514
995
8
953 073 98
8
4
____ 88
75 May'33
____ 87 100 June'31
15
____
340
168
7
1
38
70
10
34
57
25
13
77
60
89
89
63
__
____
51
593
4
53
70
7714 96
9512
69
10212 10714
65
8834
100 11138
9612 10712
701 1 95
4312 6412
4212 05
4112 63
26
47,
2
1062 115
4
10114 1083
8
101 10814
1017 11238
2
a9314 103
75
75
____ ___ _
New York Bond Record-Concluded-Page 6
BONDS
N.Y.STOCK EXCHANGE
Week Ended Nov. 17.
.6t2,
.1 A,
Price
Fridag
Nov. 17.
Week's
Range or
Last Sale.
tt..2
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 17.
t
3657
Price
Friday
Nov. 17.
Week's
Range or
Last Sale.
e 33
'4,
53
Bid
Ask Low
High
High No. Low
Bid
Ask Low
High No,
N Y Rys Corp Inc 6s___Jan 1965 Apr
18 1014 Studebaker Corp 6% g notes 1942 J o
814 Sale
81
9
75i
6112
Prior lien es series A
1965 is 64
4
6512 Certificates of deposit
65
32
34
64
3218 36
2
3412
N Y & Maim Gas 1st 68 A._1951 MN 96
98
3
97
9612
9612 10514 Syracuse Ltg Co. 1st g 5s.. _1951 JD 10314 10714 510314 Nov'33
_
N Y State Rys 430 A ctfs. 1962
1
2
414 2
412 Tenn Coal Iron & RR gen 5s_1951 J J 10312 Sale 10312 10312
218 13
5
23
630 series B certificates._ 1962
8 3
23 Oct'33
112 412 Tenn Copp & Chem deb 6818 1944 MS 60
4
66
70
11
69
1947 MN 9818 Sale 98
N Y Steam 6s series A
98 109
Tenn Elec Pow 1st 6s
997
8 68
1947 J D 59 Sale 59
6112 31
1951 MN 93 Sale 93
9712 367
1st mortgage Ss
26
90 10412 Texas Corp cony deb 5s
96
1944 AO 9614 Sale 96
1st mortgage 58
1956 MN
925 Sale 9214
8
26
90 104
95
Third Ave fly 1st ref Is
23
40
1960 J J 38 Sale 38
NY Telep 1st & gen 51 430 1939 MN 1023 Sale 10214
4
103 2 182
9812 106
4
25
,
Ad.' Inc 55 tax-ex N Y_Jan 1960 AO 23 Sale 213
157
N Y Trap Rock let 68
1946 J D 50 Sale 455
28
8
50
387 6714 Third Ave RR let g 58
7
8
8
8612
1937 J J 861g 873 8618
N ag Lock &0Pow 1st 58 A 1955 AO
3
95
95
947 105
8
Tobacco Prods(NJ)630_2022• N 10118 Sale 101
1013 392
8
Niagara Share deb 5s....1050 MN 57 Sale 56
95
58
5119 74
Toho Elec Power 1st 78_1955 MS 80 Sale 7912
13
81
Norddeutsche Lloyd 20-yrs if 68'47 MN 48 Sale 453
4
4914 156
2818 60
Tokyo Elec Light Co Ltd
Nor Amer('em deb 630 A 1940 MS 20
223 Oct'33
4
25
1018 32
1st 6s dollar series
6514 101
1953 J D 6518 Sale 6318
1961 FA
6314 Sale 6218
North Amer Co deb bs
6812 85
Trenton G & El 1st g 5s
60
89
_ 103 Sept'33
1949 MS 103
6212 26
No Am Edison deb 5s ser A_1957
S 5712 60
57
57
87
3512 if 35 Nov'33
Truax-Traer Coal cony 630_1943 MN
9418 27
Deb 530 ser B___Aug 15 1963 F A 60 Sale 60
60
893 Trumbull Steel 1st s t 65_
8
7212 14
70
7212 6912
1940 MN
5512 Sale 55
Nov 15 1969 SIN
Deb be ser C
55
28 Aug'33
847 Twenty-third St fly ref 5s 1962 .1 J 25
6014 45
__
3
Nor Ohio Trae & Light 68..1947 MS 82 Sale 80
13
867
8 10
80 10714 Tyrol Hydro-Elec Pow 730_1955 MN 47 Sale 4612
47
Nor States Pow 25-yr 55 A__1941 AO 90 Sale 89
4
89 1043
9512 28
Guar sec s 78
4
47
1952 FA 4614 5212 47
lst & ref 5-yr 68 ser B____1941 AO 93 Sale 93
21
101
93 10612
gtd_1934 is 99 100 59812 100
North W T 1st fd g 430
14
86 0100
Ujigawa Elec Powers f 75._.1945 MS 74 Sale 72
13
74
72 Sale 685
Norweg Hydro-El Nit 530_1957 SI
s
73 8 40
3
6314 8112 Union Elec Lt & Pr (Mo)Gen mtge gold be
67
8
96
1957 AO 9512 Sale 943
Ohio Public Service 730 A__1946 A 0 90 Sale 90
10
92
Un E LA P (III) let g 530 A 1954 J J 9914 Sale 9914
90 105
38
102
8
1st & ref 75 series B
4
1947 F A 843 86
84
85
Union Elev fly (Chic) 5.9
84 104
7
17
1714
1945 AO 15
Old Ben Coal 1st 65
1
1944 F A ____ 20
18
18
Union 011 30-yr 6s A_May 1942 FA 1053 Sale 1053
14
31
35
4
4 108
Ontario Power N F 1st 5s_ _1943 F A 102 Sale 102
9318 10418
10418 11
1st lien 51 55 ser C___Feb 1935 AO 10012 Sale 10012 101
14
Ontario Transmission 1st 55.1945 M N 995g 103 10012 10012
5
Deb As with warr
897 10212
g
9612 39
Apr 1945 J D 9512 Sale 9512
Oslo Gas & El Wks extl 5s 1963 M S 68
77
68
18
70
United Biscuit of Am deb 68 1942 M N 98 10212 100
64
84
19
102
Otis Steel 1st mtge 6s ser A.1941 M S 2212 25
22
2412 17
United Drug Co(Del)5s____1953 M S 5412 Sale 5314
912 48
5714 92
United Rys St L 1st g 43--193
18 Nov'33
18
20
1
Pacific Coast Co 1st g 55.._1946
D 33
37
1
TJ S Rubber 1st & ref 5s ser A 1947 J J 60 Sale 60
3212
23
38
3212
154
63
Pacific Gas& El gen & ref bs A '42 J .1 10012 Sale 100
1013 106
s
United S SCo 15-year 6s_..1937 MN 595 Sale 94
9914 107
9514 14
Pacific Pub Serv
8
notes 1936 M S 6618 7112 6618 Nov'33
607 8812 Un Steel Works Corp 630 A _1951 J D 343 Sale 337
8
35 4 95
4
3
Pacific Tel & Tel 1st 5s
8
105
107 101 1073
1937 J J 1035 Sale 1035ii
Sec.s f 6 30 series C
4
1951 J D 3614 Sale 3412
3614 49
Ref mtge Ss series A
Sink fund deb 630 ser A..1947
1952 M N 10412 Sale 10412 1057
8 50 10012 1083
101
'
5 3512 Sale 3414
4
36
Pan-Am Pet Co(of Cal)cony 65'40 J D
•
lErn Steel Works(Burbach)78 1951 AO 106
1083
8 14
_ 106
3112
31 Sale 31
Certificates of deposit
6 25 3878 Universal Pipe & Rash deb 6s 1936 J O _
24
27 Aug'33
8
Paramount-Wway 1st 530.1951 J J 285 Sale 285
8
29
Unterelbe Power & Light 68_1953 AO 4ST4 Sale 45
10
25 r42
8
4512
Certificates of deposit
4
28
28
2712 35
Utah Lt & Trac 1st & ref 58_1944 AO 523 59
28
38
13
525
8
55
4
Paramount Fam's Lasky 6s_1947
Utah Power & Light 1st 5s 1944 FA
38
59
5612 Sale 5612
Proof of claim tiled by owners_
Utica Eiec L & P 1st s g 5s 1950 is ____ 10514 100 May'33
24
27
S D
2612 12
Certificates of deposit
24
1012 341, Utica Gas & Elec ref & ext 58 19575, ____ 10412 1053 Nov'33
4
Paramount Publix Corp 53551950 P A
ITU' Power & Light 530
1917 3D 2512 Sale 25
2612 68
Proof of claim filed by owner
•
Deb 58 with warrants
2412 168
233 Sale 2214
4
1959 FA
24 Sale 24
Certificates of deposit
20
2618
Deb As without warr__.J059 P A
712 35
...... -5
24
24
17
38
Park-Lox 630 ctfs
818 9
812 Nov'33
1953
18
8
Parmelee Trans deb 68
25
6
1944 A 0 24
25
26
Vanadium Corp of Am cone bs'41 AO 59
63 35
4
61
11
6012 6014
l'at & Passaic G & E cons bs 1949 M S 10012 103 102
102
1 101 10614 Vertientes Sugar 78 ctfe____1942
43
4 5
43
4
514
6
l'athe Etch deb 75 with warr 1937 M N 80
85
Victor Fuel 1st s f As
85 Nov'33
4712 87
13
1953 Si 11
15 Nov'33
Pa Co gu 330,coll tr A reg 1937 NI
9514 -- 9514 Oct'33
943 9514 Va Elec & Pow cony 534s..1942 St
4
100
97
9712 98
11
5512
Guar 330 coil trust ser B.1941 IF A
815g July'33
75
815 Va Iron Coal dr Coke 1st g 583949 MS 4712 65
8
Oct'33
50
Guar 330 trust ctfs C
1942,5 D 833 .- 843 Oct'33
4
73
4
843 Va fly & Pow 1st & ref 5s
4
1934 S i 9912 Sale 9912
100
41
Guar 330 trust ctfs D
Walworth deb 630 with warr '35 A0 1214 18
4
19441J D 813 -- 82
Oct'33
78
85
18 Sept'33
Guar 48 ser E trust ate._ ..1952,M N 8314 - -.- 8512 Nov'33
Without warrants
80
OS
AO
21 July'33
37
Secured gold Ws
1st sinking fund 65 ser A_1945 AO 21
861, 16
1963M N 83 Sale 82
743 95
4
22
23
217
8
16
Penn-Dixie Cement 1st 68 A 1941 51 S 5818 Sale 5818
4
585
8
3412 7554 Warner Bros Pict deb 6s_ __1939 rot S 383 Sale 36
41
8
118
Pennsylvania P Sr L 1st 430 1981 A 0 7812 Sale 753
4
7912 121
753 9612 Warner Co 151 Os with ware.1944 AO 10
4
14
14 Nov'33
Peon Gas L & C 1st cons 68.1943 A 0 104 Sale 104
8 102 114
1047
8
Without warrants
AO 10
16
16
Oct'33
Refunding gold 58
1947 M S 85 Sale 85
85 10712 Warner-Quinlan Co deb 6s_ _1939 MS 3012 3312
8814 29
5
Warner Sugar Refin 1st 7s.._1941 J O 10512 106 10512 10512
2
Phila Co see 5s series A
Warren Bros Co debits
1967 J D 62 Sale 6114
695
8 53
6114 91
1941 M
43
4018 Sale 4018
15
Mitt Elec Co 1st & ref 430 1967 M N 10014 Sale 100
10112 14
07 10512 Wash Water Power s f 5s
1939 J J 10218 Sale 102
10212 16
1st & ref 48
9112 Sale 90
9218 88
1971 F A
Westchester Ltg As stpd gtd 1950 S D 105 Sale 105
90 100
106
6
& Reading C & I ref 55 1973 J J 495 Sale 487
8
8
513
4 66
48
747 West Penn Power ser A 5s 1946 MS 103 Sale lo
8
105
27
Cone deb (Is
3914 Sale 3712
1949 M
413
4 91
1st 5s series E
3212 6912
1963
S 102 Sale 102
104
6
Phillips l'etrol deb 530
1939 J D 89 Sale 89
112
90
1st sec As series G
6718 903
4
1956 SD 101 10212 101
10112
7
Pillsbury Flour Mills 20-yr Gs '43 A 0 104 Sale 104
105
10
Western Electric deb 5s
95 107
1914 AO 9512 Sale 9418
973
4 85
Pirelli Co (Italy) cone 75_ 1952 151 N 9918 10014 100
2 5995 10212 Western Union coil trust 59_1938 is 87 Sale 8612
10014
8
9112 23
Pocah Con Collieries 1st s t bs '57 J .1 6214 705s 61
Oct'33
60
7014
Fundirg & real est g 430_1950 MN
7412 24
71 Sale 71
Port Arthur Can & Dk Os A.1953 F A
Oct'33
66
15
73
-year 630
50
4
1936 FA 943 Sale 9312
96
40
1st mtge as series B
6712 66
Oct'33
1953 F A 62
25-year gold As
73
66
7712 27
1951 J O 77 Sale 7614
Port Gen Elec let 430ser C 1960 51 S 40 Sale 3812
45
125
3812 703
4
30
-year 55
1960 MS 76 Sale 76
78
31
l'ortiand Gen Elec 1st 5s_ _1935 J .1 6912 837 84 Nov'33
s
84 10118 Westphalia Un El Power 6s_1953 ii 39 Sale 3652
407 261
8
Porto Rican Am'rob cony 6s 1912 J
30 Sale 2814
44
31
Wheeling Steel Corp 1st 530 1948 S i 7112 Sale 70
18
52
9
7112
Postal Teleg St Cable coll 58_1953 J J 40 Sale 40
4214 237
Ist & ref 430 series B
161g 57
63
23
1953 AO 63 Sale 60
•
Pressed Steel Car cony g 55_1933 J J
White Sew Mach 68 woth warr'36 .1
4714
_ - 54212 Oct'33
9912 89
Pub Serv El & Gist St ref 430'67 J D 9814 Sale 9918
97 1057
Without warrants
8
is 48 Sale 48
48
1
1st & ref 430
993 97
1970 F A 98
4
995
8 29
Partic S I deb 68
97 10558
1940• N 4518 52
47 Nov'33
1st & ref 4s
911
42
1971 A 0 9014 Sale 8814
8814 10012 Wickwire Spencer St'l 1st 78_1935
Pure Oils f 534% notee
1937 13 A 8813 Sale 8812
9214 23
Ctf dep Chase Nat Bank_
683 93
4
47
8
5
3
5
7
S f 534% notes
1940M S 8512 Sale 8512
8814 85
78(Nov 1927 coupon) Jan 1935
6312 90
Purity Bakeries s t deb 58 1948
79 Sale 79
551
80
22
Ctf dep Chase Nat Bank__ __ MN
55
Oct'33
3
57
8 5
Willys-Overland 51 6s A
•
1941 M
'tarifa Keith-Orpheum part paid
Wilson & Co. 1st s f 68 A_..1941 AO 983 Sale 9814
99
70
8
ctfs for deb 6s & comatk.1937 MN
Dec'32
6512 76
GO
Youngstown Sheet Sr Tube 5s '78 J J 6412 Sale 64
Debenture gold 68
1941 J D
1st mtge f 5a ger B
66
56
1970 AO 64 Sale 64
Remington Arms 1st 8 1 68..1937 M N 93
931
96
93
3
58 10018
Rem Rand deb 530 with warr '47 151 N 68 Sale 6512
691
37 54114 7812
Repub I & S I 0-30-yr 5s t_1940 A 0 8114 8512 82 Nov'33
55
92
Ref & gen 5355 series A 1953 J
6412 Sale 627
6412 19
8
30
76
Revere Cop & Brass 68 ser A 1948M S 75
803 80
6
4
81
493 90
4
(Negotiability Impaired by Maturity)
Ithelnelbe Union 5 f 7s
8
1946 J J 397 4114 40
413
s 45
2812 6618
Ithlne-Ruhr Water series 6..1953
337 Sale 317
8
8
337
8 91
J
2212 5712
Rhine-Westphalia El Pr 75._1950 M N 643
8
_ _ 64
65
17 a42
77
MATURED BONDS.
Week's
1
i,.."
Price
Direct mtge 68
et
1952 M N 4514 Sale 4012
72
4514
31
7012 N. Y. STOCK EXCHANGE 1
Range or
Friday
Cons mtge 6s of 1928
4412 Sale 4012
1953 F A
4518 41
303 7014
4
Week Ended Nov. 17.
..., a. Nov. 17.
Last Sale.
go'
4
Cons M 68 of 1930 with tvarr'55 A 0 443 Sale 4012
45
99
32
70
Richfield 011 of Calif 6s
•
1944 M N
•
•
Foreign Govt. & Municipals.
High NO.
Ask Low
Bid
151 N
2512 Sale 245
Certificates of deposit
8
18
27
1912 32
Mexico Trees Os assent large '33 J J
10 Sept'33 ---212 8
1955 F A 55 Sale 55
Rime Steel 1st a f 7s
7
3712 56
56
Small
J J ---- ____ 618 Oct'33 ---Roch G&E gen M 530 ser C '48 M S
99
99
24
101
9612 107
Gen mtge 430 series 13_1977 M S 80
_
9014 Nov'33
897 993
8
4
Railroad.
Gen mtge 58 series E._1962 M S 90 9512 92
8
9712
92 10514 Norfolk South 1st & ref As A _1961 F A
4
6 Sale
53
4
6
73
Roch & Pitts C&Ipm 5s 1946 M N
05712 May'33
_ 55712 55712 St Louis Iron Mt & SouthernRoyal Dutch 45 with ware.J945 A 0 97 Sale 9612
142
99
83 1023
4
Rlv & G Div 1st g 4s
4812 108
1933 M N 4712 Sale 47
Ruhr Chemical it t 68
1948 A 0
47
4712 10 :333 62
4
Seaboard Air Line 1st g 4s 1950 A 0 15
277 31 Sep't33 --- 8
St Joseph Lead deb 530_1941 MN 11318 Sale 11318
11412 139
81 116
Gold 4s stamped
1950 A 0 1014 15
15 Nov'33
84
70
St Jos fly Lt lit & l'r 1st 58_1937 M N
1
76
76
76
03
Refunding 4s
7
1959 A 0
7 ---5 4 Sale
3
53
4
4218 40 Nov'33
St L Rocky Mt & P 5s stpd_1955 J
307 50
8
All& Birm 30-yr let g 4s_.1933 M S 10 Sale 10
4
10
____ 50
St Paul City Cable cons 58_1937
48 Nov'33
42
51
_
50
1937 J
Guaranteed Ss
52 Sept'33
50
61
Industrials.
75 Sale 75
San Antonio Pub Serv 1st 6s 1952 J
3
75
7414 92
Abitibi Pow & Paper 1st 5s...1953 .1 13 21 Sale 2012
233
8 65
2612 41
1946 J
40 July'33
Schulco Co guar 630
25
50
American Chain deb s f 6s_ .1933 A 0 --------99 Nov'33 ---2612 40
30
30
Stamped (July 1933 coup on)
2012 50
B-way & 7th Ave lst cons 5_1943 J D
95 Sale
8
95
8
05
8
4
- 0 2612 50
40 Aug'33
Guar s t 63Ss aeries 11
1946 "r1 28
50
Chic Itys 58 stpd 25% part paid_ F A 47
60
51
5118
5
58
35
35
Oct'33
Stamped
35
585 Cuban Cane Prod deb 6s..1950 J J
8
318 Sale
212
31s 68
35
2
31
35
3514
Sharon Steel Hoop 51 530__1948 F A
16
563 East Cuba Sug 15-yr a 1 g 730'37 M S
4
514 73
8 78
8
712
6
65
90
Shell Pipe Line tt deb 55_1952 M N 8812 Sale 8812
69
93
Gen Theatres Equip deb 6s.1940 A 0
4 Sale
4
30
312
75
90
Shell Union Oil s f deb 5s...1947 M N 89 Sale 8814
65
9214 Gould Coupler 1st s 1 68_ _1940 F A
1438 Sale 1012
9
1438
Deb 58 with warrants__ _1949 A 0 8812 Sale 58812
71
90
6313 9214 Hoe(R)& Co let 6 WI ser-A.1934 A 0 24
28
2612
2712 10
3
6512
ShinYetsu El Pow 1st 630_ _1052 J 0 6512 Sale 63
28
657 Interboro Rap Tran (is
8
1932 A 0 2312 Sale 2114
24
24
6
a75
Siemens & Ilalske 5 f 7s....1935 J J a74 Sale 574
703 95
4
10-year 7% notes
1932 M S 63 Sale 62
6312 GO
5612 39
8
1951 M S 5535 Sale 55352
46
Debenture s f 63is
8212 Manati Sugar 1 a t 730_1942 A 0 1014 16
103 Oct'33 -8
12
92
Sierra & San Fran Power 58_1949 F A 9118 Sale 9118
89 102
Strand Oct 1931 coupon 1942 A 0
314 15
1514 Oct'33 --_
36 Nov'33
3512 39
Silesia Elea Corps I 630_19 F A
46
26
5912 Pan-Am Pet Co (Cal) cone 68'405 D 3112 Sale 3112
32
2
3
39
38
38
4612 Paramount Fam Lasky 68_1947
395
Silesian-Am Corp coll Er 78_1941 F A
s
32
10214 162
Sinclair Cons Oil I5-yr 7s....1937 M S 102 Sale 102
9014 10312
Proof of claim filed by owner__ J D 25 Sale 25
2712
5
10114 184
1st lien 630 series B
1938 .1 D 101 Sale 101
8812 102
Paramount Publix Corp 530 1950
84
15
Skelly Oil deb 5355
1939 M S 8312 Sale 8312
597 8614
8
Proof of claim flied by owner._ F A
253 Sale 25
4
2634 19
9712
3
Solvay Am Invest be ser A._1942 M S 9618 9812 9712
87
9912 Pressed Steel Car cony g 55..1033 J S 5012 56
5112
55
15
84
South Bell Tel & Tel 1st 8155'41 J .1 104 Sale 1035s 105
99 107
Radio-Keith Orpheum 6s._.1941 J D
15
24
23 Aug'33
105
77 100 10712 Richfield 011 of Calif 65
Sweet Bell Tel 1st & ref 5s 1954 F A 10412 Sale 10418
1944 M N 26
267 2518
8
27
4
8
64
4
59
81
Southern Colo Power (is A..1947 J .1 6212 633 6212
Stevens Hotels series A
1314 1512 13
1945 .T .1
__
346 100 10512 Studebaker Coro 6% notes..1042 J D 36 Sale 3414 Nov'33 _ 54
104
Stand 011 01 N J deb 58 Dee 15'46 F A 103 Sale 10214
36
993 163
9712 Sale 96
4
8814 102 Willys-Overland 51 6 30._ 1933 M 5 2512 3212 3312 Nov'33
Stand 01101 NY deb 430..1951 J
•
Stevens Hotel 1st 65 series A 1945
•
Since
Since
Jan. 1.
Low
High
•
31
45
103 11014
97 105
50
76
59 10914
7714 9912
36
5512
205 37
8
9412
83
89 10219
41
81
30
68
10212 10614
1512 48
3912 833
4
15
28
6312
46
46
6214
3712 78
94 1047
8
9914 105
1458 20
9934 109
9812 102
75
99
9512 103
43
7112
14
2214
2914 75
75
9514
2612 6014
2512 60
223 5912
4
93.4 1083
8
10
32
6612
30
5012 73
56
79
100 105
9912 1085s
1318 41
12
37
145 255
8
8
4
343 SI
112 1814
1012 21
95 10558
473 65
8
9712 103
10
35
1614 25
812 43
12
48
3018
10
125 40
8
1312 3814
10212 106
30
7514
100 106
102 11012
10018 108
10014 10918
9912 107
81 102
52
9314
3712 84
55 100
3612 881i
363 8712
4
2312 5712
86
52
413 75
5
45
a27
2212 50
2214 513
118 16
78
1414
84
99 2
,
853
4
52
5214 85
Matured Bonds
r Cash sale. a Deferred delivery. z Optional sale July 6. SI 000 at 3014. • Look under list of %Laurel dendt 011 this page.
Range
Since
Jan. 1.
Low
IIigh
334 1114
31, 1012
212 16
353 6112
8
17 31
8
518 2612
138 163
4
6
31
103
4
313
2
49
34
238
1
478
1278
12
5112
5
2
2518
3314
99
11
70
13
3312
914
20
32
3312
75
34
297
8
397
s
25
34
25
3851142 3
360
20
11
32%
21
8
2014 4614
795s
30
3658
Financial Chronicle
Nov. 18 1933
Outside Stock Exchanges
of transactions at
the Boston Stock Exchange, Nov. 11 to Nov. 17, both inclusive, compiled from official sales lists:
Boston
•
Stocks-
Stock
Exchange.
-Record
r may
bates
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
RailroadBoston & Albany
100 112
112 113
Beaton Elevated
100 56
56
564
Boston & Maine
Prior pref stpd
100
24
24
Class A let pref stpd_100
10
1035
Class B 1st prof stpd.100 17
16
17
Class C 1st pret stpd _100 15
15
15
Chic Jet Ry dr Un Stk Y100 87
8535 874
East Mass St fly com_ 100
1
1
lot preferred
100
534 8
Maine Central vet__ 100
24
24
164 1734
NY N Haven&Hartford 1(81
Old Colony RR
100 8831 8831 9031
Pennsylvania RR
50 274 254 2734
Providence & Worcester100
117 117
99 100
Vermont dr. Mass
100
Miscellaneous
434 534
5
Amer Pneu Service pret_50
21
1st preferred
21
5 21
135
131
135
Common
25
Amer Tel 34 Tel
100 12031 11634 122
6% 7
6%
Amoskeag Mfg Co
158
7c
1
7c
Andes Petroleum
20
Bigelow Sanford Carpet.... 2034
2134
9
Boston Pers Prop Trust...
934
431
Brown C06% cum pref_100
43-4 44
75c
75c
10
East Boston Land
East Use & Fuel Assn
531
5
Common
534
41
44
100 41
6% cum prof
56
55
44% prior preferred 100 55
8
8
Eastern Steamship com_ •
101 101
100 101
1st preferred
141 146
100 141
Edison Elm Ilium
7
Employers Group
734
734
General Capital Corp____*
Gillette Safety Razor
Hathaway Bakeries el A.
Hygrade-Sylvania Lamp_*
International Hydro-Elec •
•
Mass Utilities atlei00 V t 0Mergenthaler Linotype___'
New flog Tel & Tel---100
100
Pacific Mills
Reece Button Hole Mch_10
dhawmut Assn tr afs----•
•
Stone & Webster
25
Swift & Co
•
Torrington Co
•
United Founders eom
25
U Shoe Mach Corp
25
Preferred
Venezuela Holding Corp..•
Venezuela Mex 011 Corp.10
Waldorf System Inc
•
Waltham Watch cl 13 corn*
Preferred
100
Prior preferred
•
Warren Bros Co
Mining
25
Calumet & Reda
25
Copper Range
25
Isle Royal Copper
25
Mohawk Mining
NipIssing Mines
5
North Butte
2.50
25
Old Dominion Co
25
@nine, Mining
5
Utah Apex
Utah Metal & Tunnel____1
BondsAmoskeag Man Co 6s-1948
Chicago Jet fly & Union
Stock Yards 5s__ ._ 1940
E Mass St fly ser A4 358'48
1936
Hood Rubber 7s
1934
22
24
8714
22
8
14
39
1
534
324
3
5%
8%
435
24
42c
Me
80
Jan
5334 May
12 17
11
6
59 10
5
8
149 75
10 200
78
2
25 15
425 1135
43 73
1,017 1335
20 105
55 89
250
90
85
3,247
180
8,000
120
70
47
50
High.
Low.
1
735
25c.
8634
134
Sc
6
634
134
500
July
July
July
July
Aug
July
July
July
July
July
July
Nov
Nov
52
331 Apr
12 June
325 3535 Apr 69
July
Oct 69
216 53
Dec
35
July
5
Jan
17
5 82
Jan 1054 Aug
580 133
Mar 183
Jan
315
5
Jan
104 June
Mar 28
Apr 2034
Apr
54
Feb 29
Apr 1334
Apr
335
Feb 3435
June 102
Mar 2934
Jan
94
Jan
104
Feb
1934
Feb 244
Apr 43
Apr
3
Jan 564
Jan 33
June
331
Mar
835
Feb
1334
May
10
Apr 25
Apr 50
Feb 2234
1334
94.1
I
12
24
131
15 34
67
551
435
634
5%
7
22
51
33
3034
35
258
535
34
10
29
234
435 5
3% 3%
134
131
334 34
235 235
420 48c
540 54c
134
131
80c 800
950 131
45
60
300
100
50
625
50
250
50
8.120
135 Jan
134 Apr
35 Jan
3
Nov
850
Jan
20c
Jan
Apr
40e
30c
Feb
31c
Jan
Jan
25e
96
96
3534 354
70
70
July
Feb
635 July
Apr
June
Feb 25
24 July
Mar
Apr 13434 July
Feb
II
July
Apr 33e June
30 June
Feb
14
July
Apr
Jan
14
July
Apr
14 June
210
296
240
40
58
915
433
606
372
50
1,818
1,040
373
327
553
2,574
363
10
330
50
15
110
20
787
65
121
70
Feb 57
Feb 294
Apr 33
Apr 30
May 904
Jan
3
Feb 10
May 31
Feb 3434
Mar 95
Jan
423-6
May 117
Feb 101
1934
12
531
24
531
235
25
8835
234
855
834
835
144
40
134
5434
3234
235
3
534
6
154
45
935
19
11
54
22
535
235
24
87
22
84
8
7
1334
364
1
53
3234
24
2
535
531
15
45
834
65
96
164
235
Range Since Jan. 1
31.000
31
4,000
2,000
1,000
93
24
70
Feb
934
7
3
13
331
135
131
435
131
131
July
Jan
Nov
July
July
June
June
July
July
June
July
July
July
Aug
July
July
Oct
Sept
Sept
June
Juno
Oct
June
June
July
Jan
July
June
July
June
June
June
June
Sept
684 July
May 1014 Aug
Dec 45
Aug
Nov
Nov 70
• No par value. z Ex-dividend.
-Record of transactions at
Exchange.
Chicago Stock Exchange, Nov. 13 (Saturday, Nov. 11,
Armistice Day Holiday) to Nov. 17, both inclusive, compiled
from official sales lists: popc
Chicago Stock
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Abbott Laboratories corn_.
Acme Steel Co
25
Adams Royalty Co corn. •
Advanced Alum Castings_ 5
Allied Products Corp cl A_•
American Pub Serv prof 100
Asbestos Mfg Co eom_
1
Automatic Products com_ 5
Balaban he Katz pref. __100
Bastian-Blessing Co Oola.•
Beatrice Creamery com.25
Bendix Aviation com___•
Berghoff Brewing Co....!
Binks Mfg Co class A cony'
Borg-Warner Corp corn_ 10
7% preferred
100
Brach & Som.((E J) cora. •
Brown Fence& Wire cl A_•
Bruce Co IL Li corn_
•
Bunte Bros pref
100
Butler Brothers
10
Canal Const Co cony pref..
Castle & Co (A M)com_10
Central Cold Stor cora....20
•
Central III P S pref
Central III Secur Corp
Common
1
Cent Pub Serv class A....!
Central Pub UM A
Cent S W UM
•
Preferred
Prior lien pref
Chicago Corp Common. •
•
Preferred
Range Since Jan. 1.
Low.
High.
384
26
24
3
834
431
3%
431
28
84
1331
15%
9%
234
1534 16%
88
90
7
731
535 535
12% 144
4731 4731
435
4
100
350
100
900
50
30
900
200
200
4,650
150
2,900
3,250
.50
6,300
70
160
400
200
10
2,100
Jan
Feb
Feb
Nov
May
Apr
Apr
Nov
Feb
Feb
Oct
Feb
Oct
Apr
Feb
Jan
Apr
34 June
434 Jan
4731 Nov
14 Feb
Sept
40
39% July
July
54 July
244 June
13% Juno
735 June
Nov
5
Aug
30
154 June
Oct
14
2131 July
1835 June
8 June
214 July
9235 July
June
10
74 Aug
244 July
4731 Nov
64 June
131
134
10
10
435 434
19
19
20
50
90
20
155 Apr
735 Apr
4
Jan
1434 Map
331 June
20
June
535 Sept
3335 Jan
34
35
36
31
34
31
100
50
850
331
5
5
234 251
2234 z2231 224
50
101
2,900
1 000
3
4
334
4
8
1434
9
1634
535
134
331
5
38
25
24
2%
84
4
334
4
24
7%
1335
134
84
234
214
10
1
235
4
24
2
4
15
3
1055
655
831
1
535
70
34
34
Mar
34 Mar
34 Feb
331 Nov
5
Nov
Fel
1
124 Apr
2
1
1
June
June
June
24
June
30% July
June
344 July
Sales
Friday
I,ast Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded)
-Par Price. Low. High. Shares.
Chic Flexible Shaft corn.
.5
Chicago Mad Order corn. b
Chi & N W Rv corn . 100
Chicago Towel cony pret.•
Cities Service Co corn. •
Commonwealth Edison 100
Community P & L SG pref•
Consumers Co corn
5
Contlnental Steel pref_ _100
Cord Corp
Crane Co
Common
25
Preferred
100
Curtis Lighting Inc com_ •
Dayton-Rubber Mfg pf 100
Prior common
•
Class A common
Dexter Co (The)
..5
Diamond Match 6% pref25
Fitzsimons & Connell Dock
&Dredge Co corn
Gardner-Denver Co corn.*
Gen Household CBI corn.'
Great Lakes Aircraft A
•
Great Lake..
&
Greyhound Corp new corn •
°Mob) Grunow Co corn_•
Hall Printing eommon__10
Houriaille-liershey Cl 13 •
Class A
•
Iron Fireman Mfg v t c
*
Kalamazo., stove corn_ •
Katz Drug Co corn
1
Kingsbury Brew Co cap..l
•
Leath & Co cum pref
Libby McNeill & Libby 10
Lincoln Printing Co corn.'
Lindsay Light corn
10
Lindsay I.unn l'ub $2 peel*
•
Lion Oil Ref Co corn
Lynch Core corn
5
McCord Rad & Mfg A.
/34cXx IIIIams Dredging Co •
Manhattan-Dearborn corn*
•
Mapes Cons Mfg cap_
Marshall Field common_ •
Meadows Mfg Co corn_ •
Mickelberry's Food Prod
Common
1
Midland United Co corn..'
Convertible preferred..'
Middle West 1J Gil new...'
•
66 cony pref A
Midland 131116% prior lien
100
7% pr.or lien
100
7% preferred A
100
Miller & hart Inc cony pf.•
Nlodine Mfg corn
Muskegon Mot Seer. el A •
Nachman Springfield corn •
National Battery Co pfd.'
National Leather corn...._10
Natl Elec l'ow A corn....'
Nati Standard corn
•
Noblitt-Sparks Ind corn. •
North Amer Car corn...20
Northwest Bancorp cora •
High.
4131 4131
74 8
331
10
134
58%
2
3235
5
35
40
435
May
Oct
Apr
Sept
Feb
Nov
Nov
Apr
June
Jan
1235
22
16
6735
6%
82
64
134
43
1535
July
July
July
July
May
Jan
Oct
May
Aug
July
6
635
36
37
234 235
24
2435
64 631
531 531
431
:41g
,
2834 284
150
60
100
60
20
20
190
50
3
15
235
1235
135
1
2
28%
Feb
Feb
Jan
May
Jan
Jan
Jan
Nov
1134
59
1015
2434
.634
7
835
30
July
July
July
Nov
Nov
July
July
Oct
1334 14
200
34
8
60
2
32%
7%
36
24
431
1235
31
19
135
314
1035
6
335
634
32
9
16
8%
60
235
39
5
3i
40
18
18
12
1334 1,100
54
3-4 1,600
1835 1935 1,600
1.900
635 731
34 131 12.350
150
435 435
850
331 335
550
1035 1035
150
6
6
200
18
21
50
2035 2035
300
731 731
10
35
354 331
50
34
%
250
2
3
100
135
135
65
531 64
900
3931 334
434 Feb
1434
Oct
May
July
Feb
Feb
Nov
Apr
Mar
Feb
Mar
Feb
Pei,
Mar
(let
Oct
Feb
Sept
Feb
Oct
Feb
Feb
21
2335
2
20
734
4%
9%
6
1435
935
37%
27%
1635
4
731
24
434
63
4
855
44
Aug
July
June
NI ay
Nov
July
July
June
June
July
June
June
July
Oct
June
May
July
Apr
July
Sept
735
10
31
635
534
34
331
1
331
3
4
1734
7%
4
14
31
135
1
1%
8
400
50
800
2(
3,85
500
k Apr
Jan
7
Mar
1
3() May
434 Feb
Si • Jan
1035
16%
5
36
18
1.4
July
May
June
Sept
Jura'
Juno
134
13%
3
3
144 1435
1%
33% 33%
1255 13%
31 1
200
750
50
350
250
134 Nov
31 May
35 Nov
35 Jan
34 Feb
734
231
531
34
34
June
June
June
May
May
10
20
50
Ni
800
1,23
100
40
5
15
15
1,650
100
750
Nov
Nov
35 Oct
Jan
5
631 Apr
134 Apr
351 Mar
Apr
14
34 Mar
3.4 Feb
Feb
10
935 Mar
2% Apr
4
Oct
434
8
4
2135
1535
10
10
25
3
1
26
29%
8
14
June
June
May
June
June
Nov
June
Sept
May
June
June
July
May
June
100
10
50
150
100
50
1,400
600
3.4 Apr
Apr
2
3
Ay
Jan
16
Feb
1
51 May
Nov
8
1
Apr
64
18
834
27%
5
435
34%
635
Aug
Sept
May
June
July
Sept
July
14
14%
3735
40
48
47
85
95
Jan
Jan
Jan
Jan
260 63
80 106
145
Fe
Apr 120
July
Oct
150
100
Oct
Oct
34
34
34
44
14
34
1
1
34
831
10
2335
2534
434
34
94
fi
34
835
7
10
6
23
1
34
2035
24
331
435
835
8%
10
6
2335
1
31
2035
2631
335
44
40
835
444
15
735
27
1355
10
7
42%
20
US Gypsum corn
Utah ttadlo Prod corn_ •
•
Util & Ind Corp
Convertible preferred_ •
Viking Pump Co
•
Proferred
Vortex ('up Co
•
Common
•
Class A
45%
4431 4531
14 131
1
1
3
3
24
24
15
2834
1335
24
6% 631
2434 25
18
73
21.4
5-6
42%
--26
• No par value. z En-dividend.
1
1735
80
6731
30
1
1834
80
73
30
3-4
%
104 10%
231 3
%
1.4
134 1%
40
950
50
100
140
400
10
200
43
1,900
835
50
444
10
10
15
10
734
29% 9,550
15% 13,600
10
10
400
8
50
%
Sears. Roebuck dr Co corn •
Signode Steel Strap pref.30
So'west Gas & El 7% pf 100
Southwestern Lt & Pr pf_•
Sutherland Paper corn..10
Swift International
lb
Swift & Co
. 25
Telep Bd & Sh 1st pfd_100
Thompson (J RI cool_ _25
Transf Corp of Am corn. •
Bonds
Chicago City Style Ws'27
Chicago Railways 5sCert Meares of deposit
Grigsby-Grunow 6s___1936
208 So La Salle St'Bldg
1958
1st mtge 534s
Low.
100
950
600
100
8,100
5,850
10
100
20
8,600
9
15
8
60
2
3234
5
335
331
Oshkosh Overall common..
1234 1231
Convertible preferred..'
5
5
Parker Pen Co corn
10
Perfect Circle (The) Co..' 2135 21% 22%
135
114
Pines Winterfront corn._.5
4
Potter Co (The) corn
•
11% 13
Prima Co common
•
235 3%
235
Process Corp corn
•
Public Service of Nor Ill
14
17
Common
• 14
1435 14%
Common
100 1431
43
47
6% preferred
100
51%
50
7% preferred
100
Quaker Cate (Jo
118 121
Common
• 121
115 117
Preferred
100 115
Raytheon Mfg Co
14 14
Common v t c
50c
135 1%
6% pret v t c
5
Reliance Mfg Co
12
1231
Common
10
90
90
Preferred
100
12
1235
Ryerson & Sons Inc cora_ •
•
Wahl Co common
Pr algreen Co common... •
100
64% preferred
•
Ward (Morita I & Cool A.
Waukesha Motor Co com_•
•
Western P L & Tel A
Wieboldt Stores Inc cora_•
•
Ws Bankshares corn
Yates
-Amer Mach pt pfd_•
Zenith Radio Corp corn. •
Range Since Jan. 1.
450
2,450
200
150
20
300
200
200
1,10(
40
35
3
13
10
50
20
250
4531 $17,000
1
1
1
34
Nov
Nov
AP
Apr
may
May
8
655 June
1134 June
Feb
6
Oct
8334 Jan 100
May
74 Mar 20
Feb
Feb
Oct
Nov
May
Feb
Feb
Apr
Mar
May
47
9%
60
22
9
3234
24%
14%
1534
134
July
Aug
June
Oct
Sept
June
July
Aug
June
June
Mar
18
35 Jan
3.1 Feb
135 Mar
5235
3
4
335
7
July
Sept
June
June
20
Apr
284 June
455 Feb
17
Mar
1035 May
27% July
134
4
40
15
231
1235
7
3%
64
31
3. Jan
,
1
1135
7536
474
12
31
4
234
Feb
May
IsO
Feb
Nov
Apr
Nov
34. Jan
35 Ma
40
Nov
3
2134
8735
8335
45
1
1431
10
334
335
July
July
Oct
July
Juno
Apr
June
Jan
July
July
61
July
4934 5234 11.000
1,000
26
26
484 Ma
Nov
26
6731 July
42
July
1,000
184 Feb
594 July
27
27
Volume 137
Financial Chronicle
Toronto Stock Exchange.—Record of transactions at
the Toronto Stock Exchange, Nov. 11 to Nov. 17, 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 Pr & Paper com_ • 1.35
1.35
1.35
6% preferred
100
5% 5%
Alberta Pee Grain pref _100
15
15
Beatty Bros corn
5
5
Beauharnols Power com_ •
4
4
4
Bell Telephone
100 110
10914 Ill
Brantford Cordage 1st p125
22
22
Brazilian T, L & Pr corn_ _" 11
1034 1114
Brewers & Distillers corn_. 2.25
2.25
2.45
B C l'ower, A
2244 2334
Building Products A
16
16
17
Burt
N) Co corn
25 30
30
31.34
Canada Bread corn
3
334
1st preferred
100
30
30
B preferred
100
8
8
Canada Cement corn
6
5% 634
Preferred
• 2934 2634 30
Canadian Bakeries A _ _*
234 2%
234
Canadian Canners com
6
5%
*
6
Cony pref
934
9
9%
1st pref
100 77
80
77
Canadian Car & Fdy cony."
4% 4%
Preferred
25
10% 1234
Can Dredge & Dock corn_• 1834
1734 1834
Can General Elee pret
50 5834 5835 59
Canadian Ind Alcohol A _
1634
1534 1734
15
15
Canadian 011 corn
12
1234
Preferred
100
94
94
Canadian Pacific Ry
_25 1234
12
1274
Cockshutt Plow corn
•
8
8%
8
Consolidated Bakeries_
8
7% 9
Consolidated Industries_
1% 2
Cons Mining & Smelting 25 132
13634
131
Consumers Gas
100 182
181 183
Cosmos Imperial Mills__ *
734
734
Preferred
100
SO
80
Dominion Stores corn.. _-• 2234 2034 23
Fanny Farmer corn
• 1234
1234 1234
Ford Co of Canada A_
1134 1134 12
Range Since Jan. 1.
Low.
200
34
1
295
10 1934
10
334
11
334
139 80
0 18
4,200
7%
2,435 55c
545 14%
220 1034
50 20
134
95
10 30
4
7
2%
390
95 13
144
50
2%
38
251
3
20 46
5
3
45
934
261 10
148 51
3,625
134
25
%
125
634
5 79
1,824
9
405
3%
171
2
120
%
1,766 54
204 170
2
25
35 39
1,715 12%
15
834
2,363
6
General Steel Wares corn..
2%
234 2%
25
34
Goodyear T & 11 pref...l00
10236 105
206 80
Gypsum, Lime & Alabast_•
3% 334
134
350
Hamilton Cottons pref _ _30 12
12
12
4
20
Blade & Douche Paper_ •
150
5
5
234
International Nickel corn.• 21.15 20.60 22.10 32,295 8.15
lot Utilities A
434 4%
334
10
Laura Secord Candy com_• 48
48
48
50 36
Loblaw Groceterlas A._ _ _* 14% 1434 15
7
1,142 1044
1434
1434 1434
10 1034
Maple Leaf Milling corn_ •
534 534
3
20
Massey-Harris corn
4%
•
534
4%
1,250
234
Moore Corp corn
• 11
11
11
5
205
A
100
97
97
15 65
National Sewer Pipe A.__•
15
05 14
15%
Ont Equitable 10% paid11111
8
8
5
10
Orange Crush corn
•
175
34
34
Y
Page-Ilersey Tubes com •
6034 62
40 40
Photo Engravers & Elec . 1434 1434 1434
55
8
Pressed Metals corn
• 1734
130
1634 1734
8
Riverside Silk Mills A_
* 19
19
19
95
7
Russell Motors pref_ _ _100
37
15 28
37
Simpson's Ltd pref _ _100 37
3434 37
75
6
Stand Steel Cons corn_ _ _* 10
10
1034
1,165
1
Steel of Canada corn
2734 2634 2734
160 1434
l'referred
25
32
31
55 25
Tip Top Tailors corn
734 8%
25
I
Traymore Ltd corn
•
1
-A 1
188
.
3
4
Preferred
20
4% 5
133
1
Union Gas Co corn
•
3% 434
117
234
Walkers, Hiram. cony_
3534 3534 3831 6,869
4
Preferred
1434 1534 2,541
15
93's
Western Can Flour com •
6
8
8
4
155
Weston Ltd, Geo, corn— *
4434 45
185 1634
Dank—
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
131
130
132
132
130% 130%
188
186
282
134
134
180
180
Loan and Trust—
Canada Permanent— _100
Huron & Erie 20% paid_ •
100
National Trust
144
77
185
14034
142
145
190
285
139
187
150
46
74
378
16
122
130
145
77
185
120
124
123
151
228
12334
152
5 120
16 77
1 165
High.
Mar
4
Jan
10
Oct 40
Jan 15
Nov
7
Apr 118
Jan 22
Mar 19
Jan 3.85
Apr 28
Apr 21
Feb 3814
Mar
9%
Nov 7634
May 31
Feb 1034
Apr 45%
May
5
Ma
1034
Apr 14
Apr 80
Apr 11%
Apr 20
22%
Ma
Ma
GO
Ma
40
3844
Ma
Apr 2034
May 97
Apr 21%
15%
Fe
Jan
1634
Apr
5
Mar 140
Jan 190
Apr 10
Apr 80
2734
Fe
15
Jan
Apr 21
July
July
July
July
July
July
Nov
July
July
July
July
July
July
July
July
July
July
June
July
July
Nov
July
July
July
Sept
July
July
July
July
July
June
July
July
Sept
July
July
Nov
July
July
July
Mar
634 June
Apr 10734 Sept
Feb
734 June
Apr 1334 May
Mar
8
July
Mar 23.25 July
Mar 1334 July
Nov
Jan 49
Apr 2134 July
Mar 21
July
July
Mar 17
Mar 1114 June
Mar 1714 July
Apr 107
July
Apr 22
Aug
Aug
May 12
Oct234 June
Apr 70
July
Apr 1634 July
Apr 26
July
Mar 19
Nov
May 45
July
Mar 52
July
Jan
1934 July
Feb 33
July
Mar 34
July
Mar 12
June
Nov
234 Sept
Sept
5
Nov
May
734 July
Mar 66
July
Mar 18
July
Feb 18
July
Mar 5934 Sept
Apr
Apr
Apr
Apr
Apr
Apr
Apr
175
175
185
220
285
183
215
July
July
July
July
July
July
July
May 167
Nov 102
May 212
July
Jan
Jan
• No par value.
Toronto Curb.—Record of transactions at the Toronto
Curb, Nov. 11 to Nov. 17, both inclusive, compiled from
official sales lists:
Stocks—
Friaay
,6ates
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
1434
site
CAN
nHnnal Patrnlemm •
1334 1434
334
3
15
14
2294
20
High.
31
34
634
1334
133.4
11
3
131
4
1434
1
5
40
234
%
5
045
Jan
Mar 19
Apr 18
Mar 40
Jan 26
934
Jan
Apr 12
8
Jan
Feb 5134
Feb 33
Apr
534
Feb19
Mar 11434
Apr 1134
Mar
354
Sept 17
July
July
July
July
July
July
June
July
July
July
July
July
July
July
July
July
7
2644
85
34
234
97%
79
434
134
Feb 1114
Apr 42
Aug 100
Mar
4
Apr 11
Feb 2134
Aug 100
May
1734
Feb
8
Sept
July
Jul3
Juh
Julf
Jul
Jun,
Jun
Jun
.00.5..0
N.O.
TT
1434
1134
34
92
331
635
1734
8134
534
234
Low.
.000.=.4.0.0
MOON.C.C-.Cci
Olt—
British American Oil_ _ _ _•
Crown Dominion Oil_ •
Imperial Oil Ltd
•
11
33
92
3
534
16
81
5
234
-
Imperial Tobacco ord _.
. 5
Montreal L It & P cons_ _. 3334
National Grocers pret...100
331
•
Rogers majestic
Service Stations corn A . 634
Shawinigan \Vat & Power*
Tamblyns Ltd (G) pret_100 8134
United Fuel Inv pref__100
534
Waterloo Mfg A
•
6
14
10
30
2134
534
7
434
2114
26
134
12
96
534
90e
7
734 Jan
134 Apr
734 Apr
1034 Mar
16
634
16
2214
Jul;
Jul;
Jul;
No'
-
94
414
12
894
2834
2034
5
7
4
19
2534
1%
12
88
535
90e
7
C.
434
1334
934
29
2034
514
7
4
1934
2534
134
N=OMO.,00.100.0.00.0
C0000.NNCI. MV.0 ,
Q
.
,..4,1 .
CD.V.e, .
•
Brewing Corp corn
•
Preferred
Can Bud Breweries com_.•
Canada Malting corn_ — -*
Canada Vinegars corn_ _ _ _•
•
Canadian Wineries
Consolidated l'ress A_ __ _•
Cosgrave Export Brew_10
•
Distillers Seagramk
•
Dominion Bridge
Dom Motors of Canada.10
English Eleo of Can A_ •
Goodyear Tire dr Rub corn*
Hamilton Bridge corn_
•
•
Honey Dew corn
Preferred
•
Range Since Jan. 1.
3659
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
McColl Frontenac Oil com•
Preferred
100
North Star 011 pref
5
Supertest Petroleum ord...
Thayers Ltd pref
•
• No par value.
1134
7234
234
1734
1045
7134
234
1634
20
1131
7234
234
1734
20
856
65
185
35
5
Range Since Jan. 1.
Low.
734
5434
144
1134
9
I
Mar
Apr
Apr
Mar
Feb
High.
15
80
434
2234
22
July
June
July
July
Nov
Philadelphia Stock Exchange.—Reeorcl of transactions
at Philadelphia Stock Exchange, Nov. 11 to Nov. 17, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Bankers Securities pref__50
5% 5%
5% Nov
100
844 Feb
Bell Tel Co of Pa pref__100 112% 112% 11334
150 10654 Mar 116
Sept
Budd (E G) Mfg Co
534
44 Mar
534
700
545
•
934 July
Budd Wheel Co
3% 334
h Mar
100
335
5% July
Cambria Iron
36
90 33
50
Apr 40
3634
Oct
Camden Fire Insurance...5
12% 12%
9
100
Apr 1434 July
Electric Storage Battery100
41
41
100 2134 Feb 5334 July
Fire Association
32% 33%
150 18
10 33
Mar 38
July
Horn & Hard
Y)com_ •
18
18
100 16
Oct 25% June
Lehigh Coal & Nay
5% 6%
531 Mar 13% July
700
*
534
Lehigh Valley
14% 1434
15
834 Feb 2734 July
50
Mitten Bank Sec Corp 25
100
34 Feb
1% July
74
34
Preferred
400
34 Feb
25
2% July
134
135
Pennroad Corp v t e
6,100
134 Mar
2% 3
•
6% July
Pennsylvania RR
50
2534 2734 3,200 13% Jan 42
July
Penne Salt Mfg
225 25% Mar 51
51
50
50 51
Oct
Phila Elec of Pa $5 pref.—. 93
150 89
Sept 10334 Jan
94%
90
Phila. Elee l'ow pref
25 3134 31% 3134
400 2844 Apr 33
Jan
Phila Rapid Transit_
134 May
3
300
3
50
July
6
7% preferred
3
100
534 534
9% July
Feb
50
Phila & Rd Coal & Iron_ _ _*
934 July
2% Feb
434 434
25
Philadelphia Traction_ _50 18
Mar 23% June
18
50 15
18
Shreve El Dorado Pipe L 25
44 Sept
100
6% Aug
%
34
Tonopah-Belmont Devel_l
44
1,200
la
% Oct
'is Jan
Tonopah Mining
% Jan
1% Sept
300
44
14
1
Union Traction
50
3% Mar 1234 Jan
600
6%
634 6%
United Gas Imp corn
• 15
Mar 24% July
1434 15% 15,800 14
Preferred
• 86
85% 86
340 85% Nov 99% Jan
Westmoreland Inc
•
7
Feb 13
5
12
734
July
Westmoreland Coal
•
Mar
4
75
934, July
634 6%
Bonds—
Elec & Peoples tr Ms 48 '45
CtLs of deposit
Phila Elee (Pa) 1st 5s 1966
• No Dar valuer
Apr 2344 June
1734 19 $10,000 15
1534 1534
100 1534 Nov 21
May
1,000 10214 Mar 1103.4 Feb
10634 10634
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Nov. 11 to Nov. 17, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Appalachian Corp
10c
9c
Arundel Corpc ration
• 2136 21
21%
Black & Decker corn
55/4
•
534
53-4
Preferred
25
934 9%
Ches & PotTel of Ball pt100
115 116
Commercial Credlt Corp
634% let pref
100 92
92
91
Consol Gas, EL & Pow_ • 50
52
50
6% pref ser D
100
107 107
534% pret w leer E 100
101 101%
5% preferred
100 9634 96
97
Emerson Brorno Seitz A..5
20
2034
Fidelity & Guar Fire_ _ __10
9
9
9
Fidelity & Deposit
50 2234
2244 23
Finance Cool Am cl A_ _ _•
4%
434 4%
Class II
•
434 434
Finance Service cornet A..10
3
3
3
liouston 011 prof
444 5
100
Insurance Shares Sld ctfs_"
2% 2%
Mfrs Finance corn v t _25
3% 3%
let preferred
25
8
8
2d preferred
25
334
334 334
Maryland Casualty Co_ _2
1% 244
1%
Merch & Miners Transp_ _• 27%
2744 2734
MononW Penn PS 7% pf25
14
14
Mtge Bond & Title
•
50
50
MtVer-Wdb Mills pref _100
2334 2334
New Amsterdam Can....
_ _10 10
93.4 10
Penne Water & Power_ _ _• 4634 4634 49
Southern Bankers Security
Corp corn
60
6c
Un Porto Rican Sug pref_.• 75c
75c 75c
S Fidelity & Guar_ _ _ _10
334
334 3%
Western Sid Dairy pref__ ------ 65
65
Bonds—
Baltimore City
4s sewerage Mut__ _1961
North Ave Market 6s 1940
Un Ry & El fund 58(tlat)'36
1st 61 (flat)
1049
Income 4s (flat). _1949
lot 4s (flat)
1949
• No par value.
94
35
734
Range Since Jan. 1.
Low.
High.
Feb 50e
Apr 33
Feb
834
May
13
Apr 11634
June
July
July
July
Feb
16 70
Mar 95
Apr 70
433 43
2 10334 May 116%
Apr 107
14 97
127 9134 Apr 102
50 1544 Apr 29
Apr 15
5
25
49 15
Mar 3934
3% June
139
5
Apt
4
21
4%
234 June
215
4%
300
734
231 .Mar
70
344
234 Oct
Mar
334
2
10
May
934
6
4
334
2
Mar
134 Mar
5
2,17
1934 Jan 3434
2
1
Fe'
10
1734
50 Nov
10
134
39
35
9)4 Ma
158
Apr 1734
7
Apr 60
70 40
Sept
June
Feb
Jan
Jan
July
June
July
Jan
Nov
Apr
July
Sept
Oct
Feb
Oct
June
July
July
Apr
July
Jan
Jan
101
1.000
1,245
10
Nov
Jan
June
June
6c
300
9%
455
1
125
5
10
34 112
94
94
$1,00
1,000
35
35
1
1.300
134
734
734 2.000
3i
1
3,000
44
7
23,000
8
6c No
Oct
50c
134 Ma
May
60
87
Co
1
7
75
May 10235 Feb
55
Jan
Jan
3
1434 June
134 Jan
1436 June
3334 Nov
Oct
1
734 Nov
34 Apr
Nov
7
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, Nov. 11 to Nov. 17, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Aluminum Goods
•
Arkansas Nat Gas pre(_ _10
Armstrong Cork Co
Blaw-Knox Co
•
Carnegie Metals Co
10
Clark (D L) Candy Co_ •
Columbia Gas & Electric_•
Ft Pittsburgh Brewing_ _ _1
Jones& Laughlin Steel pf 100
Koppers Gas & Coke pf 100
Lone Star Gas
•
Siesta Machine
5
Nat Fireproofing Corp_ •
Phoenix Oil
25
Pittsburgh Brewing pf _50
Pittsburgh Coal Co prof 100
Pittsburgh Plate Glass_ _25
Pitts Screw dr Bolt Corp_ •
Plymouth Oil Co
5
Renner Co
10
17%
1234
134
114
6
25%
1535
1%
10
244
16
1034
134
6
1034
134
50
57%
5%
15
134
8e
25
39%
3434
734
1434
1%
10
100
2%
100
17%
1,209
12%
507
I% 12,960
6
10
12%
753
1% 3,090
50
20
57%
70
6% 2,518
15
25
144
15
80
600
26%
810
3935
100
3434
25
734
225
1535
400
1%
600
Range Since Jan. 1.
Low.
7%
2
434
4
134
3
9%
1%
37
45
5
7
1%
5e
10
16%
13
1%
634
1
Apr
Oct
Feb
Feb
Nov
May
Mar
Jan
Feb
Mar
Mar
Feb
Nov
May
Mar
Jan
Mar
Feb
Feb
Oct
High.
1434
5
23
19
134
11
28
2%
75
67
1234
20%
8%
25e
40
44
3934
1134
17%
2%
July
June
July
July
Nov
July
July
Mar
Slay
June
June
Sept
June
June
May
Aug
June
July
May
June
Financial Chronicle
4e
Sr
1% 2%
8% 8%
26% 27%
37% 40%
4% 5
Bonds
Pittsburgh Brewing 6s 1949
High.
June
July
Aug
July
July
June
5,200
1,345
50
153
596
211
lo
1
3
12%
19%
4%
Feb
Feb
Mar
Jan
Feb
Oct
On
3
14
35%
58%
10
26%
65
1
Jan
Apr
Apr
July
61
91% June
July
6
65
Star
91
58
68
3
58
68
3
200
121
10
88
68
Low.
88
55,000
Stocks (Concluded)
Rice Stlx Dry Goods corn*
6% 6%
Scullin Steel pref
"
1.
1
So'western Bell Tel pf _ 100 116% 116% 117
Stix Baer & Fuller corn_ •
7% 7%
St Louis Sc & Bolt pref _100 10
8% 10%
'No par yam()
Stocks-
Friday
sales
Last Week's Range for
of Prices.
Week.
Sale
Par Price. Low. High. Shares.
July
Allen Industries corn
•
City Ice & Fuel
•
Cleve Elec III 6% pref_100
Cleve Ry Cts Dep_ _100
Cleve Secur P L pref
•
Cleve Un Stockyds corn....'
Cleve Worsted Mills com_*
Corr McKin Sti non-vtg
common
100
Dow Chemical corn
•
Enamel 1 roducts
*
Fed Knitting Mills corn.. •
Foote-Burk
*
Gt Lakes Towing com _ _100
Halle Bros Co
10
Hanna MA $7 cum pref....'
Harbauer corn
*
Interlake Steamship corn..'
Lamson Sessions
•
Metropolitan Pay Brick
•
Common
Mohawk Rubber com____•
National Carbon pref_ _100
National Refining com_ _25
Nestle-LeMur Cl A
*
•
Ohio Brass B
•
Patterson Sargent
Peerless Motor com
3
Republic Stamp & En_ __ _"
SelberlIng Rubber corn_ _ _•
•
Selby Shoe com
Sherwin-Williams cerm_ _25
100
AA preferred
Thompson Products Inc_ _.
Trumbull
-ChM Furnace
100
Preferred
Vlchek Tool
•
Weinberger Drug
*
West Res Inv Corp 6%
100
Pr pref
Youngstown 8 & T prof 100
Range Since Jan. 1.
Low.
High.
2% 2%
16% 18
104% 105%
36% 37
A
%
9
9
9% 9%
12
150
81
125
2,425
252
122
I
9%
95%
29
%
7%
4
Jan
6
Apr 25
Mar 110
Apr 49%
Si
Feb
Sept 12
Jan 15
10
69%
5%
31
7
34%
8
80%
7 •
22
334
10
70
5%
31
7
1
34%
8%
80%
7
22
334
10
210
105
100
25
25
100
10
50
65
100
2%
30
5%
26
5
30
4
48
2%
14
1%
Feb
Jan
Nov
Mar
July
Feb
Mar
Apr
Jan
Feb
Feb
2%
3
134
6
5%
I%
11
11
12% 12%
4
40
3834
3
3
19%
44% 42
97
13
13
234
3
134
6
1%
11
13%
4%
40%
3%
19%
44%
97
13
18
9
3
68
68
236 2%
734
75-4
32
25
32
25
32
100
2
100
1
17 110
3
107
55
%
247
5%
130
9%
300
1%
254 22%
65
1
75 10
380 13%
30 70
100
634
June
July
Jan
July
May
July
June
25
78
7
3434
9
341%
12
July
July
Sept
June
Jan
Nov
Aug
say, July
Oct
8
July
29
6% July
Apr
6%
Mar
734
Mar 136
9
Apr
Apr
3
Jan 20
Jan 20
9%
June
Apr 23
Mar
7
Jan 20%
Feb 43
Mar 98%
Feb 20
June
July
Sept
July
June
July
May
July
July
Juno
June
July
Jan
Sept
24
100
40
60
Jan
1% Mar
Feb
7
Feb
3
17% Feb
25
53
Stocks-
Friday
Sales
Last 1Veek'5 Range for
of Prices.
Week.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
616
6%
10
1%
13
8%
20
13-4
3 210
8 40
90 25
25
54
180 62
4%
400
216 57%
5 16%
5
13
11
log
40
634
20
234
1%
15
110
234
5
40
%
75
6
7
2
10
77 10
20
A
125 15%
1
25
25
3%
475 19%
21 150
22 97%
26 20
4
100
50 13
9
545
1
80
High.
Mar 19
Oct
334
Feb 30%
Apr
3
Nov 245
Apr 49%
Apr 60
8
Feb
Sept 93
9
Nov
May 75%
Sept 24
6%
Nov
Mar 2434
Apr 11%
Mar 15
Apr
63-4
8%
Feb
Jan 21%
1
Feb
Apr 14
June
3
Feb 27
%
Nov
Feb 35
5
July
9
Oct
Mar 4634
Apr 170
May 106
Apr 65%
Feb 12%
18%
May
Mar 27%
6%
Apr
July
June
July
May
Mar
July
Aug
June
Jan
May
July
July
July
July
June
June
July
July
June
Apr
June
July
June
Nov
July
June
June
July
Aug
Nov
Sept
July
Juno
July
July
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, Nov. 11 to Nov. 17, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Burkart Mfg pre(
•
Corno Mills corn
Columbia Brewing cons...5
Ely & Walker Dry Goods
100
2d preferred
Common
25
Falstaff Brewing cam_ _1
Globe Democrat pref..100
Huttig (S & D) prof.....100
International Shoe corn_
Key Boiler Equipt corn__•
25
Landis Machine com
•
McQuay Norris corn
Natl Candy 1st pref._ _100
•
Common
9
12
4
75
14
7
106
17
45
42%
4%
4%
6%
41
107
17
17
9%
12%
4%
75
14
7%
106
17
45
4%
6%
41
107
1731
June
June
Sept
June
July
4
4
47
7%
13
9
9%
19%
2434
22
7%
83.4
43.4
2634
9
163-4
1434
305.5
17%
15%
44%
22
5%
2034
5
8%
3%
3%
22
43%
7%
5
11%
13%
3734
7
6%
77
1%
83-4
9%
16%
1934
18
2434
20%
734
,
834
434
26%
8%
3
14%
14%
3034
213.4
17%
1534
2014
20%
19%
42%
20
5%
19%
5
9
4
4
22%
47
834
5
13
13%
373-4
7
6%
83
1%
9
9%
17%
20
18
2634
2234
8
8%
5
27
934
3
16%
17
31
213.4
18
15%
2014
20%
2034
44%
22
5%
21
6
300
200
400
300
500
600
100
1,700
ILO
100
100
300
384
700
1,500
1.100
300
1,500
100
600
55C
1,200
200
1,700
1,250
1,700
200
2,500
3,900
567
1,100
700
1.100
100
200
400
8,600
60
3,000
9,300
300
Range Since Jan. 1.
Low.
High.
11
534
634
28%
5134
13%
7
15%
18
42%
7
1234
98
5%
113.4
9%
30%
2534
22%
43
303-4
9%
9
6
4534
11%
6
16%
273.4
40%
2734
2494
223-4
2234
24%
38%
44%
31
934
23
7
Sept
July
July
July
Sept
July
July
July
July
July
Mar
July
Jan
June
July
Jan
July
Jan
Feb
Jan
July
Aug
Nov
Oct
Jan
July
July
Nov
Jan
Jan
Feb
Jan
Jan
Apr
Feb
July
Nov
July
July
July
Alm
*No par value
June
•No par value.
Stocks-
High.
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Nov. 11 to Nov. 17,
July both inclusive, compiled from official sales lists:
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Nov. 11 to Nov. 17, both
inclusive, compiled from official sales lists:
11%
Amer. Laundry Mach_ _ _20 11% 11
2
2
Amer. l'roducts common_.
16% 18
25 18
Amer. Rolling Mill
23-4 2%
•
Amer Thermos A
210 210
100
Atlas National
49
49
100
Baldwin New pret
47
45
.
Carey (Philip) com_ _ _100 47
2
2
*
Churngold Corp
CM Gas & Elec pref.__ _100 69% 69% 72
4% 414
4%
Cincinnati Street
50
60% 62%
Cincinnati Telephone
50 62
19% 19%
Chi Union Stock Yds
•
5
5
CM Tobacco Ware
16
16
•
City Ice & Fuel
11
11
*
Cohen (Dan) Co
10
10
Crosley Radio A
*
3
3
Dow Drug
•
5% 6
6
Eagle-Picher Lead
20
10
10%
Formica
•
%
Gerrard (S A)
34
•
8
8
Gibson Art corn
•
2
2
2
•
Hatfield Campbell
18% 18%
•
Hob at
Si
A
%
Globe-Wernicke
21% 22%
• 22
Kroger corn
2
2
Leonard
•
Meteor Motor
*
3% 3%
3%
41%
• 41% 41
Procter & Gamble
160% 160%
8% preferred
100
106 106
5% preferred
100 106
46
46
Pure 011 6% pref
100
10
Randall A
10
•
15
Rapid Electrotype
15
•
U S Play Card
14% 15%
10 14%
U S Print corn
*
234
23-4
s rzaay
,Nue$
Last 1Veek's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
13arnsdall Corp A
5
Boise Chica 011 A
10
Byron Jackson
•
California Packing Corp_ •
Chrysler Corp
•
Claude Neon Elec Plod....'
Comm I Discount corn_ _10
Consolidated 011 Corp._ _•
Douglas Aircraft Co Inc_ •
Goodyear of Akton
•
Hal Roach Studios 8% pf25
Hancock Oil corn A
•
Los Angeles Gas & El pf 100
Los Allgeles Invest Co... 11)
Pacific Finance Corp com10
10
Prof A
Pacific Gas & Elee com_ _25
25
6% 1st preferred
5%% 1st preferred_ _ _25
Pacific Lighting corn
*
Pacific Mutual Life Ins_ _ IC
Pacific Western 011 Corp_•
Pacific Indemnity
10
Republic Petroleum Co_10
Sec First Nat Bk of L A_25
Shell Union 011 Corp com _•
Signal Oil & Gas A
•
Socony Vacuum
25
So Calif Edison Ltd com_25
Original preferred__ _ _25
25
7% preferred A
25
6% preferred B
25
53-4% preferred C
So Calif Gas series A pfd_25
25
6% preferred
Southern Pacific Co _100
Standard Oilof Calif
•
Title Ins & Trust Co__ _ _25
'I ransamerica Corp
•
Union Oil ol Calif
25
Van de Kamm Bakers cons•
* No par value.
Stocks-
Low.
3
10
Feb
15
1
4%
Nov
25
89 109% Apr 118
300
5% Feb 12%
652
4% Apr 12%
75
Aug
434 July
9 June
10
110
Range Since Jan. 1.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Nov. 11 to Nov. 17,
both inclusive, compiled from official sales lists:
• No par value.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Nov. 11 to Nov. 17, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Lou'. High. Shares.
,, ) /mxzxxx44zmx44ZXXX,..4,
I .$,
-.Vot,-,cot,.4
g'g'gg.;M””F.F.44.5.g.g2rg'.egE;V4R;
San Toy Mining
1
Shamrock Oil & Gas
•
Standard Steel Spring. •
Westinghouse Air Brake_ *
Westinghouse El & fg_50
Western Pub Service v t c.•
Unlisted
Gulf 011 Corp
25
Lone Star Gas 6% pref _100
Penroad Corp
•
Range Since Jan. 1.
NN.MND..NW... l i
.N...
,
-4
.
t,
Z.
0.4.00.00Cm.q....NNW.CO.WNCO4 00=C5tl*..-4W0tO.Gmen*.W..W
,
Xor,X
X=
= X44 X
4=4X
44 XX
Friday
Sales
Last Week-s Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Nov. 18 1933
=
3660
110
171
194
Range Since Jan. 1.
Low.
4
Mar
8% Mar
3% Nov
High.
10
Oct
13
July
5% Sept
May 75
Nov
10 55
Mar 18
June
6
35
Nov
9
Oct
7
105
17 103% May 107% Feb
Nov
17
Nov
50 17
Mar 55
July
66 26
731 JUIY
2% June
200
May
May
6
7
5
15 24% Mar 4434 July
Apr 107% Oct
40 85
July
5% Mar 22
40
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
TPeek.
Par Price. Low. High Shares.
Alaska Juneau Gold Mining
23
Anglo Calif Nat Bk of S 1 ..
,
9%
Assoc Ins Fund Inc
1%
Bank of Calif N A
130
Bond & Share Co Ltd
43-4
Byron Jackson Co
3%
334
Calamba Sugar corn
22% 2234
%
California Copper
%
Calif Ink Co A corn
1834
Calif Ore Pow 7% pret
...... 30
Calif Packing Corp
2234 20%
Calif West Sts Life Ins cap
1834
Voting 11
17
17
Caterpillar Tractor
2334 211.4
Coast Cos G & E6% 1st pf_
63
24
Cons Chemical Indus A_ _
24
Crown Zellerbach v to......
4
4
Preferred A
2834 2734
Preferred B
28
27
Eldorado Oil Works
20
20
Emporium Capwell Corp..
5%
5%
Fireman, Fund Ins
46
45
Food Mach Corp corn
12%
1234
Foster & Kleiser com
2%
Galland More Laundry_ _
.
. 3414
343-s
Golden State Co Ltd
6
6
Haiku Pine Co Ltd corn_ _
1
1
Hawaiian C & S Ltd
45
Hunt Bros A com
434
Jantzen Knitting Mills_ _ _ _
Langendort Untd Bak A_ _ _
Leighton Ind A
Los Ang Gas & Elec Corp pf
Lyons Magnus Inc B
Magnavox Co Ltd
Natomas Co
No Amer Inv 534% pref
North Amer Oil Cons
Occidental Insur Co
Pacific G & E coin
6% 1st prof
534% Pr Prof
Pacific Lighting Corp cons_
6% preferred
Pac Pub Serv non-vot com_
Non-voting pref
Pacific Tel & Tel corn
6% preferred
Paraffine Cos corn
Plan Whistle pref
Rainier Pulp & Paper Co_
Schlesinger & Sons B F pre(
Shell Union Oil corn
Preferred
Sierra Pac Elec 6% pre1
Socony Vacuum Corp
Southern Pacific Co
So Pac Golden Gate A....
13
Standard 011 Coot Calif
Thomas Allec Corp A
Tide Water Assd 011 corn
6% preferred
Transamerica Corp
Union 011Co ot Calif
Union Sugar Co com
United Aircraft
Wells Fargo Bk & U Tr
Western Pipe Ar Steel Co__
______
______
34
61
14
163.4
19%
1734
24%
75
100
2734
______
934
57
______
17
19%
534
4434
1034
6034
5%
2034
434
333-4
.5%
13
%
79
43.4
%
6134
16
834
14
16%
19%
1734
243-4
7434
%
234
78
100
26%
%
19
3%
8%
57
53
1454
19%
514
334
4294
3%
103-4
5934
534
19
434
327-4
195
1234
23%
934
134
130
5
3%
22%
%
1834
30
22%
1734
17
2334
63
2434
4%
29
28
20
5%
47
13
Range Since Jan. 1.
Low.
235 1134
128
8%
100
A
15 101
500
I%
552
1
600
8
1,580
%
100 12
15 30
2,498
834
45 13
10 15
9,121
53.4
7 57
571
11
608
1
325
73-4
245
7
125 1034
100
234
471 343.4
1,277
534
170
1
30 2634
587
3%
150
%
160 2736
265
2
High.
Jan 32%
May 20
Apr
334
Feb 160
Feb
5%
Mar
634
Mar 2434
Jan
1
Mar 22%
Nov 85
Mar 343.4
Apr 31%
June 31
Feb 2934
May 79
Mar 28
Feb
834
Mar 4334
Mar 43
Jan 2334
8%
Feb
Mar 61
Jan
16%
Jan
4
Mar 36%
Apr 103-4
Mar
3%
Jan 49%
Feb
1034
Aug
Jan
July
July
July
July
Oct
July
July
Jan
July
Jan
Jan
July
Jan
July
July
July
July
Sept
July
July
July
July
Sept
July
June
Sept
May
634
790
2
Apr
79-4
13
380
434 Feb 1434
34
10
% Aug
%
81
Nov 9834
53 80
4%
200
1
June
6
610
3/
% Mar
1
1,542 15
673-4
Feb 7834
16
56
734 Apr 27
565
834
334 Apr
9:4
14
26
834 May 20
1834 8,505 1634 Nov
32
2034 6,362 19% Nov 25%
18
2,244 1734 Nov 2334
25%
842 2434 Nov 43
76%
150 7434 Nov 9334
%
267
34 Ma
2%
2% 1,261
Apr
2
6
78
97 67
Apr 943-4
160 9936 Apr 111
105
1,261
2754
83-4 Feb 29
%
105
54 Oct234
649
20
6
Jun
2034
33-4
100
23-4 June
5
93
, 4,951
1
4
Feb
1134
465 3834 Jan 6034
6034
10 53
53
Apr 66
17
1,559
634 Feb
17
1,685 111% Feb 3
2034
834
237
534
43e Jan
8%
3%
100
3
Nov631
Feb 4434
4434 15,298 20
3%
187
234 June
41.4
547
1034
334 Feb 1 134
264 24
Apr 603-4
603.4
31,157
6
43-4 Mar
934
21
934 Feb 2334
3,319
100
434
134 Mar
734
343.4 2,092 17
Feb 46
10 165
Apr 220
195
100
123-4
534 l"l'b
17
Juno
July
Oct
Jan
Sept
June
Oct
July
Oct
July
July
Jan
Jan
Jan
Jan
June
June
July
July
July
July
Oct
July
July
Nov
July
Nov
July
July
June
Nov
July
Sept
Nov
July
July
July
July
July
July
2%
3434
6
134
46
5
New York Produce Exchange Securities Market.Following is the record of transactions at the New York
Stocks (Concluded)
Produce Exchange Securities Market, Nov. 11 to Nov. 17, Golden Cycle
both inclusive, compiled from official sales lists:
narvard Brew
Stocks-
3661
Financial Chronicle
Volume 137
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
•
Abitibi Power
100
Preferred
1
Aetna Brewery
1
Allied Brewery
1
Altar Consolidated
•
American Republics
Angostura Wuppermann_l
1
Arizona Comstock
1
Bancamerica Blair
•
Brewers & Distl v t c
Bulolo Gold (Old Del).....5
1
Carnegie Metals
1
Central Amer Mines
1
Como Mines
1
Croft Brew
•
Davison Chemical
Detroit & Canada Tunnel•
5
Distilled Liquors
250 .
Dividends Shares
I
Eagle Bird Mine
•
Eitingon Schild w I
El Canada Units
1
Elizabeth Brew
1
Fade Radio
2
Flock Brew
1
Fort l'itt
1
Fuhrmann & Schmidt_
I
General Electronics
13,1
135
434
24
334
4
234
2034
1.55
1%
1235
1.35
g%
115
1%
24
134
515
134
4
1.05
2
31.1
334
4
21.1
2031
1.50
234
220
134
34
Sc
1235
1.00
1.00
8%
2%
1%
114
114
1%
1
2%
14
300
100
5%
134 2,200
1,900
435
300
1.15
600
2%
34 1,100
3% 10,100
4
100
236 6,300
1,100
25
1.60 2,400
1,900
234
7,500
24c
1% 2,800
4
800
100
600
1314
1,600
1.00 2,000
1.45 1,100
8%
100
2,100
534
1%
900
3,000
174
134
200
1%
200
100
1
400
214
Range Since Jan. 1,
High.
Low.
34
535
1
3%
1.05
1%
235
1.15
I%
1%
15
1.00
50c
8c
1
15c
50
1234
84c
1.00
851
2%
154
Oct
3
Nov
534
Oct
3
11%
Nov
Nov
2%
June
33,1
335
Oct
July
314
4%
July
:AU
July
-'•
Aug 25
Oct
1.74
July
33.1
May 240
23,5
July
May
24
Nov 200
Nov 1831
Feb
1.25
Nov
3.75
Nov
834
Nov
815
Aug
435
1%, Oct3%
1% Nov
5%
1% Nov
235
1
Nov315
2% Nov
3
July
Nov
June
July
Aug
June
Nov
Nov
July
July
---.
Nov
Nov
Nov
Nov
July
June
June
Oct
June
July
Nov
Aug
June
May
June
Mar
July
Slay
Hendrick Ranch
Howey Gold
Huron Holding
Cash delivery
Kildun Alining
Kingsbury Brew
Kuchler Brew
Lock Nut
Mines
.
mac
Marancha Corp w 1
MeVittle-Graham
Newton Steel
Friday
sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
10
I
•
1
1
1
1
I
1
1
1
5
1
•
Paramount Publix
10
Paterson Brew
1
Petroleum Conversion _ _ _1
Railways Corp N
1
1
Rayon Industries A
Rhodesian Selec Tr____5 sh
Richfield Oil
•
Ross Union Distillery.5.50
*
Rustless Iron
Seaboard Util ware
Simon Brew
I
I
Siscoe Gold
Squibb Pattison Br pref__1
Syivestre Utility A
•
Texas Gulf Producing. _•
United Cigar N w 1
5
Utah Metals
1
*
Van Sweringen
Willys-Overland
5
2%
250
3
114
87c
5%
3
1%
1%
1
335
634
400
135
11e
1
534
190
Range Since Jan. 1.
High.
Low.
1931
234
14
1.03
25c
260
215
731
3
134
87e
474
1.10
3
2031
231
1
1.03
260
260
335
7%
3
114
95e
5%
1.15
315
200
1,400
800
100
600
100
4,600
100
1,900
100
1,500
3,200
200
400
8%
23,1
25c
56c
250
13c
1
7%
3
1
19e
4%
1.00
2
Mar
Nov
June
Mar
Nov
Apr
Mar
Nov
July
Oct
Jan
Nov
Nov
May
20%
274
131
1.25
350
His
5
1731
34
11.5
1.30
6
1.15
1031
Nov
Nov
Nov
Sept
Oct
June
July
July
Aug
June
Oct
Nov
Nov
July
134
1%
%
335
6%
3%
40c
1834
1%
'is
115
1.50
33,1
I
5%
7%
1.20
170
13c
1%
13,1
1
315
634
3%
50c
20
1%
118
1%
1.50
4
1
674
734
1.20
180
190
4,300
500
500
4,200
7.600
100
800
400
100
100
1,500
400
600
300
400
400
100
200
3,200
120
13,1
380
%
4%
1
280
I
134
'ii
114
1.01
334
35
335
7
350
12c
60
Mar
Sept
Apr
Apr
July
Jan
Oct
Jan
Nov
Nov
Sept
Mar
Nov
Feb
Jan
Sept
Feb
Jan
Mar
235
5
115
5
635
4
1
32
3%
'is
135
1.80
635
115
5%
8%
1.50
115
TA
July
June
Feb
Oct
Sept
Sept
June
July
July
Nov
Oct
July
Oct
Jan
Nov
July
July
July
June
• No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a cotnplete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Nov.11 1933) and ending the present Friday, (Nov. 17,1933). 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
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
Week Ended Nov. 17.
Stocks-
Indus. & Miscellaneous.
235 331
300
Acetol Products Inc A__ •
25
25
50
Acme Steel Co
25
25
8
8
100
Acme Wire v t c
•
1%
1%
300
Aero Supply class B
134
100
Ainsworth Mfg corn
64 6%
•
215 215
600
Air Investors new
Cony preferred
1214 12%
100
4
%
Warrants
35
400
50
Ala Gt Sou RR ord
3331 3331
50
Allied Int Investment•
815
100
$3 cony pre
834 814
•
835
834 9% 2,000
Allied Mills !no
Aluminum Co common._ • 73
69
78
4,750
65
100 66
100
66
65 preference
1,200
• 32
Alumlnum Ltd corn
33
30
Allier beverage corp.
1% 1%
600
P.
134
American Book Co_ _100
4315
43
10
34
Amer Brit & Cont Corp.. •
34
100
Amer Capital•
10
200
10
$3 preferred
•
34
34
200
Amer Corp
1015 1235 23,300
Atuer Cyanamid Class 13__• 12
Amer Dept Stores Corp. •
100
TA
.74
1
135
Amer Equities corn
1% I%
200
.34
I
Awe' r ..unders Corp_
1Ite 1,300
4
50
6% 1st pref ser D
814
8% 1034
22
1
Amer Investors com
2% 2%
100
Warrants
%
34
100
Laundry Mach- 20
11
Amer
11
300
Amer Manufacturing__100
25
113-4 1134
9
•
25
Amer Meter Co
9
5
335
334
Amer Thread pref
331 3,100
.•
235
114
234
1.300
Anchor lust Fence
• 17
1614 17%
Armstrong Cork nom
1,600
Associated Elec IndustriesEl
Amer dep rem
600
49-1 5
•
Associated Rayon
100
134 1%
3%
334
200
Atlantic Coast Fisheries__"
334
• 1234 11
13
22,400
Atkin Corp coin
• 36
36
39
700
$3 preference A
4% 515 5,800
Warrants
534
•
1'%
1% 135
500
Auto-Voting Mach
100
A xton-1 hiller Tob A____10 604 60% 63
100
39
39
25
Babcock & Wilcox
Baldwin Locomotive Wks84 894
200
warrants
414 4%
c.....1
434
600
Itellanra Aircraft v t
•
5
5
300
llickfords Inc
Blue liala8 COM135 174
1
600
Common
1,900
6% opt oonv pref
• 2034 2031 30
•
2% 24
200
Brill Corp cl A
British Amer Tobacco Ltd
Amer dep rcts for bearer. 283-4 28% 3031 7,100
294 30%
300
Amer dep rem for reg Cl
British Celanese Ltd331 4
1,200
374
Am deo nets reg els
200
1834 19
Bulova Watch $3.50 pref.*
14 14
100
Bureo Inc coin
600
%
34
4
Warrants
Burma Corporation3% 334 1,300
Am den ITU, for ma °halo
3y./
4
415
300
435
Butler Brothers
16
17% 3,000
Can Indust Alcohol A _.• 16
800
1534
Class II non-voting_ ___• 1515 14
400
• 1431 144 144
Carnation CO
•
5% 7
1,900
631
Carrier Corp
Celanese Corp of America
250
104 106
7% 181 partic pref. 100
86
86
100
100
7% prior pref
700
17.4 19
15
Celluloid Corp corn
225
8435
* 8434 82
1st preferred
43%
75
43
2
$7 fliv preferred
33-4 331
400
335
Centrifugal 1'1 pe Corp__ ...•
100
•
10
10
Chars Corporation
100
24 2%
Chicago Corp
1
200
214 22
Convertible preferred. •
215 31,900
2
234
Mice Service common___'
900
1234 1235
• 1231
Preferred
10
10% 1094
Preferred BB
•
4
4
500
Claude Neon Lights
1
200
Colts Patent Fire Arms__25 18
/ 15
18
1315 2,100
1235 12
Coiupo Shoe Mach ars_ I
84 1,400
8
Consolidated Aircraft- •
894
.
400
lie
Consul Auto AIerch v t- a..
34
Range Since Jan. 1.
Low.
High.
2%
13
2%
%
1%
211
5%
34
8
Nov
Apr
Mar
Feb
Feb
Nov
Mar
Jan
Jan
5
36%
1535
415
1015
2%
17
1
55
June
June
July
June
June
Nov
June
June
July
33,1
3
374
37
13%
iii
34
Mar
Apr
Feb
Mar
Mar
MM
Mar
Jan
1015
1531
9554
774
53%
54
55
1
July
Aug
June
July
June
mat
July
June
4%
14
34
1
4
134
4
8%
2
'a
635
10
5
215
4
431
Jan 16%
June
35
ten
1534
Jan
114
Nov
415
Apr
24
Nov 20
6
Mar
Afar
194
Feb 1834
Feb 25
May
20
Apr
4
Feb3
Mar 24
July
June
June
June
June
June
June
June
June
June
June
July
July
Sept
July
234
R,
1
64
83
24
191
2531
25
Apr
Apr
Jan
Apr
Mar
Feb
June
Fel
Jan
July
June
July
June
May
June
June
June
Aug
3,/
514
53,1
4
184
434
10
315
65
59
64 Oct11
Aug
I% July
7
Sept
4
May
74 June
114 Oct414 June
214 Mar 374 June
14 Feb515 July
1635
1634
Jan
Jan
3034 Nov
3034 Nov
1
An
44 June
12% Stay 2034 Oct
13,1 Oct215 Slay
35 May
34 July
114
114
2%
74
515
4
27
51
2
20
20
24
64
4
1334
s2
103.4
5
35
8
1034
1
1 o,
Feb
Feb
May
July
Mar
Feb
315
654
38%
34
18
17
July
June
July
July
May
July
Apr 110
Apr 90
Apr 2674
Jan 90
Flay 5834
Jan
414
June 12%
Mar
435
Afar 32
84
Feb
Mar 30
Apr 25
Apr
2
Jan
1935
Oct 1314
Mar
12
Jan
34
July
Oct
Oct
Oct
Oct
July
July
July
July
May
May
May
June
July
Oct
July
June
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
Consul Retail Stores
•
234
*is Jan
134
100
134
Consol Theatres ye c.....'
214
% July
900
345
34
AG
Continental Securities
100
6
134 Jan
2
•
2
Cord Corp
3,200
5
7%
73,1 8
431 Feb 1531
Corroon & Reynolds
4
1% 1%
800
1
114
35 Apr
•
$6 pref A
Mar 20
100
6
10
10
Courtlauds LtdAmer deb rets ord __CI
10% 11% 3,200
44 Mar 11%
1031
Crocker Wheeler Elec. •
11
515 515
100
24 Feb
Crown Cork Internal A •
734
500
24 Jan
94
734 735
De Haviland Aircraft Co
Am dep rets ord reg__111.
100
4
4
Nov
4
4
4
Detroit Aircraft Corp_ ---•
116
14 Jan
300
14
34
AG
Distillers Co Ltd.......Cl 20% 2031 2231 34,000 174 July
2234
Diqillers Corn Scagrams • 20
9,400 15
July
1831 22
4934
Doehler Die-Casting corn..
13,1 Feb
100
5
334 315
Do* Chemical
•
Mar
7
8
6834 7034 1,000 SO
Dublier Condenser com__1
35
1.5
6,4 Feb 26%
400
%
Duval Texas Sulphur_
•
300
% Feb
8
434 4%
Easy Wash Mach B
•
6%
700
9
534 615
134 Jan
Eisler Electric Corn
4 Apr
114
•
134 1,700
2
134
Eles Power Assoc corn
1
24 Apr1214
414
600
435
434
Class A
1134
1,200
1
214 Apr
434
434 434
Electric Shareholding
Common
•
9%
234 Nov
23,1 215
300
$6 cony pref w w
Apr 5915
400 35
• 35
35
35
Equity Coop corn _ _ _10c
134 Nov24
2
115 234 7,800
Ex-Cell-0 Air & Tool_ __.•
1% Feb615
400
2% 374
Fairchild Aviation
5
1
54 14.000
514
84
215 June
Falstaff Brewing
1,000
Nov854
7
1
735
7
774
•
100
Fansteel Prod Inc
434
135 Apr
2
2
F E D Corp
400
•
8
8%
8
37-4 Ma
•
e
9
914
700
Ferro Enamel Corp
154
834 Oct
Fiat Am dep rots
Mar 2234
2234
9
21
300
Fidello Brewery
1% 1% 1,900
I%
435
1% Nov
1
First National Stores
7% 1st preferred____100 11291 112 11254
30 10814 Mar 115
Fisk Rubber Corp
i
4 Apr 934
734 734 5,800
734
56 preferred
300 18
100 5634 5634 5734
Jan 61
FlIntokote Co cl A
114 Feb
434 434
100
•
73-1
Ford Motor Co Ltd
Amer dep tete ord res-C1
64
5% 615 14,000
54
244 Feb
Ford Motor of Can CIA. • 1134 11% 12
44 Feb 1931
1,400
Class 13
25
915 F-b 26
14% 1435
• 1434
Ford Motor of France
Amer deposit receipts_..___..
Mar
100
54
3
4
4
Foremost Dairy Prod _ •
%
75
% May
.
100
114
Convertible preferred_ •
,TA
200
34
3
1
May
Foundation Company
•
8
Foreign shares
8%
24 Mar
631 815 6,100
•
Franklin (II II) Mfg
34 Mar
34
34
200
13-5
General Alloys Co
•
General Aviation Corp...1
Gen Elec Ltd Am der rem •
Gen Investments Corn
Common
5
Gen Rayon A stock
•
Gen Theatres Eq Moment$3 cony preferred
•
General Tire & Ru bber _25
.
Glen Alden Coal
•
Globe Underwriters Exch.
•
Godchaux Sugars cl B..... _•
Gold Seal Electrical
1
Gorham Inc
$3 pre( with warrants...
Gorham Mfg corn v t o_..-•
Grand Rapids Varnish
•
Gray Tel Pay Station_
•
lat Alt dr Pao Tea
Non-vol corn stook _ •
7% 1s1 preferred_ _100
Great North'n Paper_ _ _25
Greenfield Tap & Die__ __•
Greyhound Corp new_'
Grocery Store ProdCommon v t c
250
IIazeltine Corp
•
Helena Rubenstein
•
Heyden Chemical Corp _10
Horn he Harden cony_ •
7% preferred
100
Huyiers Cool Del
1
Hydro Else Securities_
•
Hygrade Food Prof
5
134
54
1131
13,1
70
14
6
531
1534
21
1735
531
Nov
June
Nov
July
June
July
July
Aug
Sept
July
June
June
June
June
Aim
July
July
Oct
July
July
July
Nov
Aug
July
July
Sept
June
July
July
June
July
May
June
Nov
June
% Mar
214 Jan
64 Jan
44 July
1054 July
11% Nov
34
13,1
100
100
34 Nov
35 May
2% July
10
June
11
3,1
66
7231
1274 14%
6
6
1534 5%
ii
'Is
200
450
6,000
50
1,400
900
14
23
634
4
2%
4
Feb
%
APr 140
Apr 2435
,'eh
7
Apr15
Jan
154
1534 1634
20
214
614 635
14% 15
250
3,300
100
200
9%
6
19%
284
935
29
;I
1%
126
35
314
54
Nov
July
July
800
1,500
2,100
1% 194
534 635
114 1115
131
120% 122
4
734
June
June
June
July
July
July
21
21
4
4
534
734
35
35
314
335
55
he
1831 1834
17
1731
90
9434
1
1
514 634
4% 434
Jan
Jan
June
834 Apr
4%
June
July
July
July
July
June
June
Aug
Sept
July
240 1244 Oct 1814 May
30 118
Mar 127
Oct
100 11
Apr 27
Sept
1,000
114 Apr
6
July
1,300
5% Nov
634 Nov
100
100
600
200
675
30
100
200
400
14
14
%
8
May
Mar
Ma,
Am1 Ski
Oct
833,1 Sept
1
N v
335 Mar
23.4 Mar
3
635
134
19
254
95
4
934
9
June
July
June
Aug
June
July
July
July
July
3662
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Imperial Chem Industries
Am dep rcts ord reg
8
Imperial Tobacco of Can_5
Imperial Tob of Gt Britain
& Ire Am dep rets____11
29%
Insurance Co of No Am.10 3934
International Products_ •
6% preferred
100
Interstate Equities
-Common
1
$3 cony pref ser A____50 1734
Interstate Hosiery Mills_ •
Irving Air Chute
4
Jones & Laughlin Steel_100
KoLster-Brandes LtdAmerican shares
£1
Kress (Sit)special pref 100
11
Kreuger Brewing
1
Lakey Fdry & Mach
Lelcourt Realty pref
•
Lehigh Coal & Navigation.
Lerner Stores corn
•
Louisiana Land & Explor_•
234
Maryland Casualty Co_._2
Massey Harris Co com .
Mavis Bottling class A 1
McCord Radiator & Mfg
•
Class 13
Mead Johnson & Co com_•
Mesabi Iron Co
Michigan Sugar
•
10
Preferred
Midland Royalty $2 pret_•
Midland Steel Prod
•
Molybdenum Corp v t c 1
Montgomery Ward & Co
Class A
•
Nat American Co
•
National Aviation
Natl Bellas Hess corn.;
Natl Bond & Share Corp_ •
National Investors com I
1
% preferred new
Warrants
National Leather corn_ •
Nat Rubber Mach corn_ __"
Nat Service common
1
Nat Steel warrants
Nat Sugar & Refit)
•
National Union Radio_ _1
New Mex & Ariz Land 1
Niagara Share class 13___ _5
Niles-Bement Pond
•
Nitrate Corp of Chile
Ctrs for ord B sharesNovadel-Agene Corp.Ohio Brass class 13
011-stocks Ltd
5
Pacific Eastern
Pacific Finance Corp_ _10
Pan-American Airways.10
Paramount Motors
Parke. Davis & Co
Parker Rust-Proof
Pennroad COrD•t a
1
Pepperell Mfg
100
Philip Morris Inc
10
Phoenix Securities
Common
1
$3 cony pref series A____
Pie Bakeries v t c
•
Pierce Governor
•
Pitney-Bowes Postage
Meter
•
Pittsburgh Plate Glass__25
Potrero Sugar
5
Pratt & Lambert
•
Prentice Hall corn
•
Propper McCallum Mills.*
Prudential Investors
•
•
SO preferred
•
Quaker Oats tram
Railroad Shares
•
Rainbow Lumln Prod
•
Class A
•
Reeves (Daniel) corn
Reliance Internat A
•
Reybarn Co Inc
10
Reynolds Investing
Rike-Kumler corn
Russeks Fifth Ave
SafetyCarHeating& Ltg100
10
St Regis Paper corn
100
7% preferred
•
Schiff Co common
Seaboard Utilities Shares_ I
•
Seeman Bros corn
Segal Lock & Hardware_ •
*
Selby Shoe corn
Selected Industries too
1
Common
25
$574 prior stock
Allotment certificates_ -Sentry Safety Control__ __*
Seton Leather Co
•
Shenandoah Corp
1
Common
$3 cony pref
25
Sherwin Williams corn. _25
Singer Mfg
100
Singer Mfg Ltd £1
Am dep rcts ord reg....
Smith (A 0) Corp corn. __
Sonotone Corp
Spanish .St General Corp
Am dep v t cord beareal
Spiegel May Stern
674% Preferred
100
Stahl-Meyer com
•
gtandard Brewing
•
Stand Investing $574 pref•
Starrett Corporation
1
6% preferred
10
Stein (A) & Co pref. _100
Stein Cosmetics corn
•
Stetson (J B) Co corn
•
Stinnes(Hugo) Corp
•
Stutz Motor Car.
•
*
Sun Invest Co corn
*
$3 cony pref
Swift & Co
25
Swift Internacional
15
•
Tastyeast Inc class A .
Technicolor Inc corn
•
Tobacco Prod Export__ •
Torrington Co of Maine_ •
•
Transoont Air Trans
Trani Lux Pict Screen
1
Common
2
4%
135
48%
134
,
3%
3%
71
8
8
11% 11%
74
4%
A
39
3%
10
50%
1%
50
55
76
Low.
High.
4% May
634 Feb
Nov
8
11% Nov
Feb
Mar
Feb
Nov
30% [Nov
45% /July
4
June
Nov
15
28% 30% 15,000
38
3934 1,600
I% 134
100
15
35
15
15
25
%
15
134
1
17% 18
15
15%
3% 4
28
30
800
300
200
1,400
230
34 Jan
9
Apr
7% Jan
335 Sept
,
Jan
19
13-4
24%
17
8%
80
JUDO
1% I%
10
10
13%
11
500
100
1,300
200
100
2,700
100
6,900
%
10
9%
34,
3
5%
4
lit
1%
11
23%
135
1074
14
1631
2%
Nov
Mar
June
May
July
June
Sept
May
8% 835
5% 7
12% 12%
1% 234
2
43-4
1%
300
2
700
5%
134 15,200
134
114
47
48%
%
135
1%
33.4
33-4
635 6%
6
6
3% 334
66
97%
235
,
200
100
1.
Range Since Jan
74
9%
2
32
174
39
74
I
VA
35
4
3735
1
174
3%
9%
72
%
10%
2%
3235
1%
39
%
1
4%
Si
434
39
1
1%
335
10
'it
34
46% 50%
11
11
8% 8%
Jan
Sept
Oct
Jan
Apr
Apr
Jan
Apr
1% Apr
Oct
3
34 Jan
July
July
May
July
June
5
10% July
2% July
Feb
Feb
May
Oct
Oct
May
Apr
Oct
6
69
W
3%
7%
735
12
8
July
May
May
Jute
July
Oct
June
July
530 4834 Feb
400
35 Jan
1,100
4% Apr
9,300
Jan
200 z20
Feb
900
Feb
1
50 24
Apr
400
35 Apr
100
34 Fel3,500
His Mar
34, Mar
1,800
300
A Feb
800 22% Feb
100
% Jan
100
% Jan
SOO
3
Apr
700
4% Apr
82
1
13%
4,4
39
4
48
2%
335
5%
23
,
4
14%
45%
2%
1%
9
17%
July
June
Sept
July
July
June
July
June
May
July
May
June
July
June
July
June
June
Jan
3434 Feb
Feb
6
3
Feb
34
563-4
19%
8%
June
Aug
July
Nov
1%
7
20
234
12%
20%
1%
2634
14
Oct
Nov
Feb
Feb
Mar
Mar
Mar
Feb
Feb
4%
7
5834
8%
2734
69%
8%
8235
4%
June
Nov
Aug
May
June
Sept
July
Oct
July
.if Mar
9% Feb
134 Jan
135 Apr
,
34
25
6%
634
June
Aug
June
June
100
800
200
400
200
100
500
300
700
800
25
700
2
900
7
7
100
4934 51% 14,700
4% 43.4
100
22
22% 2,700
55
55
225
2% 3
9,000
76
420
78%
3
600
334
1
38%
A
1%
2%
3A
13.4
2%
1%
1
22
22
4
474
274 234
700
200
1,100
600
3% 4
32
3435
1% 1%
17% 174
834 834
2%
235
,
535 6
53.4
59
59
120
120 120
A
%
2,600
1,375
600
100
100
300
1,000
150
80
600
2
13
34
10
534
34
3
57
54
%
Feb
5%
Feb
393-4
2%
Ma
Jan 2174
834
Aug
4
May
Feb 1074
Ma
79
Ma 140
134
Ma
June
July
July
July
Nov
July
July
July
July
June
‘
3
,
74
15
15
1% 134
1%
34
12
12
3
3
43
43
3
2234 26
15% 1534
.ie
36
36%
34
34
19
19
300
100
100
100
600
100
200
25
3,800
110
100
1,600
200
20
100
54
15
1%
%
%
4
1%
1634
14
12%
834
.is
26
34
0%
Apr
Nov
Feb
Jan
Mar
Mar
Apr
Feb
Mar
Mar
Feb
Oct
Jan
Jan
Apr
134
25%
4%
334
1%
12
3
80
8%
56
153-4
114
40
%
20A
June
July
June
July
July
Nov
Nov
July
July
June
Sept
June
Sept
June
June
1% 1%
43y,
43
42% 44
.11
%
6
6
1,400
100
600
400
100
%
33
2674
34
134
Feb
Mar
Mar
Jan
Apr
4%
65
70
Si
14%
June
July
July
June
July
1
1%
18
17% 18
44% 41% 45
143% 139% 143%
200
400
5,875
120
1%
12%
12%
90
5
Feb
2634
May
Mar 45
Mar 17534
June
July
July
July
100
250
2,100
134 Jan
II% Feb
Oct
3
3,100
1re Nov
100
48% 49%
200
634 6%
34 1% 2,500
150
11% 11%
700
34
1,200
1%
30
80
80
1,30
74 1%
2
10% 10%
1,10
2
80
834
200
274 2%
100
34% 34%
11,60
13% 15
11.30
27
30
1
134 7,30
10% 11% 1,80
1
10
1
37
5
383-4
3
50
3%
Apr
15
2;5 Apr
35 Nov
Feb
6
Apr
7 s Apr
Jan
70
% Feb
8% June
14 Apr
Oct
6
134 Feb
Feb
21
Feb
7
12% Feb
35 Apr
234 Feb
A Jan
May
30
2% Oct
1%
22
4
4
3335
1%
74
3
2%
25
36%
44
25%
3%
3% 3%
22% 25%
374 335
ill
4935
1
134
1%
10%
8
235
34%
13%
28%
1035
3
134
31
2
1,00
1% Mar
3% June
52% June
3% Nov
1% July
55
14
3
28
2%
6
80
3%
20
2
20
5
37
24%
32.4
2%
14
1%
41
634
Sept
June
Sept
July
June
June
Mar
July
July
Nov
July
June
Sept
July
June
July
Oct
June
Sept
May
3% June
Nov. 18 1933
Sales
riday
Last Week's Range for
of Prices.
IWeek.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
11111.
Tr -Continental warrants__ -----474 July
34 Apr
1% 2
600
Tubize Chatillon Corp___ I 1235
Apr 28% June
2
12
13% 5,300
Class A
8% Mar 4635 June
25
200
26
$I
Tung-Sol Lamp Wks____.
174 Jan
535 1,300
4
5
0% June
Union Amer Investing_ •
100 11
Afar 22
17
17
July
Union Tobacco corn
ins May
300
35 June
31
Si
United Aircraft & Transp
6% pref A ex-warrants 50 55% a5534 5535
300 44% July 55% Nov
9 June 16
1434 1534
Warrants
300
Nov
United Carr Fastener_
135 Feb
534 5%
100
Sept
•
8
United Chemicals
2% Aug
6
234 235
100
•
June
United Dry Docks
1,800
•
335 June
A Mar
134
(Jolted Founders
1% 5,900
3
51 &Pr
July
United Molasses Co
134 Feb
3% 3% 10,800
Am dep rcts ord ref __41
3%
534 July
United NJ RR & Canal 100 195
Nov 202
195 195
10 195
Aug
United Profit-Sharing
200
2% June
*
35 Mar
,
54
%
United Shoe Mach corn _25 53
53
800 30% Mat 56% Sept
54%
United Stores v t c
2 June
34 Jan
1,500
35
Si
USFoilelB
2% Apr
200
1135 June
6% 6%
U S dr Internatl SecurCommon
1
700
1%
.14 Jan
33.4 July
4334 46
lot pref with wart
1,200 17% Mar 65
• 46
July
U S Lines pref
I% June
35 Jan
100
•
74
%
8
S Playing Card
Afar 28
50
10 14% 14% 15
July
8
13
Aug 14% Nov
1434 9,300
Waco Aircraft Co
• 1374
Wagner Electric corn. _15
10
200
10
7% May 12 Juen
2% July
4% 4%
Waitt & Bond class A_
100
•
6% Sept
Walgreen Co
17% 18%
•
500 1134 Feb 21
July
134 May
4
Warrants
234
100
234
July
Fliram Walker-Gooderham
334 Feb 6435 July
• 36% 3535 3735 15,100
& Worts Ltd corn
7% Feb 17% July
1434 1535
•
1,100
Cumulative pref
Watson (John Warren). •
I
800
Si Oct
34
%
Sept
Western Auto Supply A..
300
1735
,
1735 17
2% Jan 21
Aug
Western Cartridge Co
69% 6934
preferred
75 53% Apr 71% Aug
100
6%
West Tablet & Stationery
Apr 1035 July
6
8
100
8
Common v t c
8
Woolworth (F W) Ltd
2634 2,300 11% Jan 26% Nov
Am dep rcts ord ohs
2535 25
,
Public Utilities
Alabama Power 57 pref. •
•
56 preferred
Am Cities Pow & Lt
25
Common class A
New class B
Am Dist Tel NJ 7% pfd100
Amer & Foreign Pow ware.
•
Amer Gas & Elec com
Preferred
Amer L & Tr Qom _____ 25
25
6% preferred
Am Superpower Corp cora•
•
lot preferred
•
Preferred
Assoc Ga. & Elsa
1
New common
1
Class A new
$5 preferred
Warrants
Assoc Telep CBI com____•
Bell Telep Co of Can___100
Brazilian Tr L & P ord___•
.25
Butt Meg dr East Pow.
$5 1st preferred
•
Cables & Wireless 1.01
Am dep rcts pref shs_£1.
Am dep rota ord
Centre l& Sweet UtilCommon
100
$7 Prior lien pref
Cent States Elea new eon) 1
*
Cony pref opt ser '29_100
Cities Serv $6 pref
$7 preferred
Cleveland Elec Ilium corn*
6% preferred
100
Columbia Gan & Elec100
Cony 5% Ore!
Commonwealth Edison_ 100
Common & Southern Corp_
Warrants
Community P & L $6 pref•
Community Wat Service.]
Consol E L&P Ball com •
Duke Power Co.__ .__ _100
East Gas & Fuel A/1600
•
Common
434% prior pref
100
100
6% preferred
East Statee POW corn B__•
East HUI Assoc eons
•
Convertible stock
Elan Bond & Share mm...5
.
$5 oumul preferred__
•
28 preferred_
Elec 1' & L 2d prof A _ _ _ _*
Empire Dist E16% pref100
Empire Gas & Fuel
100
6% preferred
100
634% preferred
7% preferred
100
100
8% preferred
Empire Pow l'art Stock •
European Electric Corn
10
Claw A
Option warrants
Gen G& E cony era B.--•
Georgia Power $13 pref._ •
Gulf States Mil $6 pref..'
Hamilton Gas corn v to..!
.25
Hartford Elec Light...
Illinois P & L $6 pref
Internat Hydro-EleoPret $3.50 series
50
Inter-anti UtilityCiaesil
1
Interstate Power 57 pref. •
Italian Superpower A
•
Warrants
Long Island Ltg•
Common
7% preferred
50
100
6% II prof
Marconi Wirel T of Can_l
Mass TRH Assoc v t c__ •
Memphis Nat Gas
5
Middle West Util corn..'
•
$6 cony pre A
Miss River Pow pref___100
Montreal Lt lit & Pow_ •
Mountain Sts Tel & Tel 100
National P & L $6 pref._•
New England Pow Assn
•
$8 preferred
New Log Tel & Tel ..t00
N Y Teiep 6 34% pref _10u
32
33
2634
134
634
1834
6234
1135
2%
26%
1%
102
654
1834
6235
1134
19%
2%
51
17
3.4
34%
33
1,100
2674
2
2,300
50
102
1,400
7.
22% 16,200
6334
500
13
1,800
100
19%
374 20,400
51
200
200
17
34
/
04
2
"
1111
34
34
210
10
500
7,300
950
100
700
32
32
Nov
Sept
6535
50%
Jan
Jan
2534
134
8434
2%
17%
6234
1134
18
2;4
50
15
Feb 3
6%
Nov
6%
May 104
Apr
13%
Ma
50
Nov 91%
Nov 26%
Apr 22
Mar
9%
Nov 7535
Apr 50
June
June
Aug
June
June
Jan
June
July
June
June
June
if Oct
34 Oct
19-4 Nov
.st Apr
34 Oct
3%
2%
1034
34.
1%
June
July
June
June
June
Feb 112% Nov
Feb
1734 July
June 2211 Jan
Nov 9234 Jan
112% 111
11
11%
15% 15%
73
112%
1234
16
73
50
2,500
900
100
335
35
3%
35
200
500
1
6
1
5
12%
1434
2235 2235
105
1
6
13i
5
13
14%
23
106
100
50
7,400
25
100
50
900
90
1
8
1
5
9%
11
2034
9934
Ma
455
Nov 2734
Nov
4%
Nov 21
Ma
26
Mar 29.35
Apr 37
May 110
81%
39
1,275
3,200
68
31
Apr 138
July
Nov 82% Jan
II,
he
4% 4%
2,700
50
500
1,300
400
34
6
174
74
3234
4835
38
70
31
4834 53311
4
3734 39
70
6
1514
73
235 Feb
'ii Feb
4% July
34 July
July
June
June
July
Stay
June
July
Jan
134
13
255
7074
76
June
June
June
Juno
July
1215
68
68
434
2635
634
41%
5934
66
29
21
June
Jan
July
June
July
July
June
Juno
June
Juno
July
Sr
N : 21
A: wa
19
25
25
15%
434 Nov
Stay
4337:1"
134
1534
12
3035
35
835
10
134
1135
233
17
3534
3835
10
15%
300
50
100
200
250
200
79,000
500
2,400
475
50
13%
14
15%
18
5
5535
5%
55%
4234
1%
1554
235
,
12
30%
35
83.4
1531
15
14
1534
18%
5
175
25
100
100
10
7% Apr
Mar
10
Nov
5
May
June
June
June
June
89-4 113-4 3,600
% 136 15,200
2% Mar
34 Apr
1414 Nov
133 July
5535
4335
13
10
4234
41
3-4
4935
12%
1034
44%
41
31
493-4
13
1735
16
10
41
1
25-4
31
75
40
40%
Ma
Nov
May
Mar
Ap
Apr
Fe
10
2234 Apr
oo
245
Apr94
6
8
0
125
100
25
600
N
Apr
4234
3
40
Oct
35 Jan
48%. Mar
123-3 Nov
17%
375
16
1
8
1%
1,200
30
900
200
4%
4
45
493-4
37
37
2% 2%
236 236
334
3
Si
A
2,100
100
25
3,10
10
60
80
100
1
450
1
95
1
73-4
1%
435
45
400
4
54%
39
I%
1314
75
3435
10534
39
75
3531
10531
443-3
42%
40
8735 87%
114 115
15
7055
55
%
59
3434
July
Jan
Aug
Juno
July
Jan
Nov
27
July
Feb
Mar
Feb
May
334
2334
3
1
June
June
June
June
Nov
o
iav
1
4 4 Ny
Nov
45
Nov
3734
16
8234
74
331
335
634
34
3
%
91
36
108%
7235
June
Feb
Jan
Sept
June
May
May
June
Sept
July
Sept
JUDO
%
535
%
%
Fov
23-4 Neb
74 Apr
75
Apr
21% Apr
80% Apr
Apr
34
720 2633 Apr 62% July
50
9535 Sept
175 109
754 Apr 110
July
Financial Chronicle
Volume 137
Public Utilities
(Concluded)
Friday
Sales
Last IVeek's Range for
Sale
of Prices.
Week.
Par Price. Low, High.
3
Mtwara Dud Pow 15
Common
Claes A opt warrant ..
Class 1101)1 warr
Class C opt warr
No Amer Lt & Pr $6 wet.*
Nor Staten Pow coin A.100
Pacific 0 & E 6% let pt 25
Pacific Ltg $6 pref
"
Pacific Pub Serv corn. •
*
1st preferred
Pa Pow & Lt $7 pret
•
Pennsylvania Water & Pr_•
25
Phila Elec 8% lard
Pub Serv Ind pr pref_ _100
Puget Sound e a 1,35 preferred
•
•
36 preferred
*
Ry & Light Secur com
Shawinigan Wat & Pow....
Sou Calif Fdirion2
5% original pref
25
7% pref series A
25
Pref series B
6%
535% preferred , _ 25
0Southern Colo Power A.25
So'west 0.8 E 7% pref 100
•
Standard P.8 L com
•
Preferred
•
Swiss Amer El pref
•
Tampa Elec Co con,
Union Gas of Canada...
•
United Corp warrants
United Gas Corp corn....I
Pret non-voting
•
Option warrants
United Lt A Pow corn A--•
Common class B
•
•
$6 cony let pref
US Elec Pow with warr 1
Warrants
Utan P i& Lt $7 pref
•
Uti Pow & Lt new corn...1
V t c class B
1
100
7% preferred
Western Power pref
100
Friday
Sales
Last Week's Range for
Mining Stocks
Sale
of Prices.
Week.
(Concluded)
Par Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
Nov
Apr
Sept
Feb
Oct
Nov
Nov
Nov
Nov
Nov
Sept
Apr
May
Nov
1655
2
5
34
1331
534
2534
94
255
53-4
954
60
33
45
Jan
June
June
June
June
July
Jan
Jan
July
Apr
Jun
Jan
Oct
Feb
12
Apr
635 Sept
555 Apr
Feb
8
28
2355
1455
2031
June
June
June
July
50
30
100
2131
1755
100
200
154
255
100
4331
10
200
455
300
234
100
44
500
24
200
355
2
400
251 13.500
244 2,400
54 9,900
3,700
3
100
331
1155
1,400
800
1), 1,
h
10
25
25
3,500
1
2
100
8
100
50
72
30
2131
174
1555
14
434
3
16
184
194
134
131
14
13
55
2
24
84
%
11.
20
4
2
534
72
Nov
Nov
Nov
Nov
Sept
Nov
Oct
Apr
Mar
Apr
Apr
Mar
Feb
Feb
Feb
Mar
Feb
Apr
Sept
Apr
Mar
Nov
Nov
Apr
Nov
37
27
244
224
655
50
1655
50
45
32
755
654
654
45
154
954
1254
4155
1%
54
42
24
455
274
85
July
Jan
Jan
Jan
June
Jan
June
July
Oct
June
July
June
July
July
June
June
June
June
June
June
June
Any
July
June
July
Former Standard 011
Subsidiaries25 12331 120 12334
Chesebrough Mfg
150
Bumble Oil & Ref
25 9355 8855 96
9,700
1455 1531 59,100
Imperial 011 (Can) 00U1)..
• 1535
• 1531
1455 lb% 1,500
Registered
10
Indiana Pipe Line
100
534 531
Notional Transit
12 50
855
1,100
155 1434
Ohio Oil6% preferred..100
87
87
100
South Penn 011
25 1834 174 1894 3,200
Standard 011 (Indiana)._25 3254
3051 324 29.,00
Standard 011 (Nil
10 1631
7,000
154 17
Standard 011 (Neb)
1,000
25 144
15
14
Standard 011 ((mini corn 26 27
25
1,600
2731
Swan-Finch 011Corp_
25
3
3
100
71
40
6%
655
354
531
7034
11
17
834
11
1555
1
Apr 125
Mar 96
Mar 1534
Mar 1555
8
Feb
Apr
10
Apr 87
Fee
2255
Mar 34
Mar
194
Apr 204
41
Mar
3
Jan
Oct
Nov
Nov
Nov
June
May
June
July
Sept
July
July
July
June
5
55
534
20
1935
47
13
6
1831
154
23
40
23
334
134
24
23
55
24
335
10
55
1
72
5
55
155
55
5
1931
194
7455
4
24
7755
46
3131
20
535 12,100
4 2,000
155
100
500
55
50
535
900
22
204 4,100
150
77
100
51
255
200
50
774
47
200
50
3131
20
10
12
13
74 755
655
6
1631 1854
30
2131
1754
1535
255
434
455
22
40
23
354
154
234
22
34
255
334
10
55
h
25
35
2
8
72
Other Oil StocksAmer Maracalbo Co
1
1
1514
Arkansas Nat Gas corn_ _.•
155
135
Common class A
•
14
134
100
Preferred
24
British Amer 011coupon. "
144
Carib Syndicate
25c
4
334
Colon OH Corp corn
•
155
Columbia Oil& Gas vtc..•
1
1
154
Consol Royalty Oil
10
Condon 011 CO3
1
New common
3
5 114 1055
Creole Petroleum
1
h
h
Crown Cent Petroleum
Darby Petroleum new..._5
6
555
Derby Oil & Ref com
•
155
155
Oult 011Coro of Penna....25 5855 5354
Indian Ter Illum 011•
Non-voting class A_
3
•
Class II
3
International Petroleum_• 2255 1954
Kirby Petroleum1
Leonard(n Develop_.25
.
54
•
Lion 011 Refining Co
6
Lone Star Gas Corm-...•
574
534
•
Mexico Ohio 011 Co
middic States Petrol•
Cla.ss A v t c
Class B v t c
*
Mountain & Gulf 011Co 1
Mountain Producers___10
•
National Fuel Gee
,
New Bradford 011 Co_ __2"
5
Nor Cent Texas 011
Pantepea Oil of Venez..._•
Petroleum Corp of AmerStock purchase warr__-.
1
Producers Royalty
Pure 011 Co 6% pref...100
•
Reiter Foster Oil
25
Richfield ()Beret
Root Refining10
Cony prior pref
•
Ryan Consol Petrol
I
Salt Creek Consol 011
Salt Creek Prod Awn_ __JO
5
Savoy Oil Co
5
Southland Royalty Co
Sunray 011
5
Texon OH& Land Co
•
5
Venezuela Petrol
1
Woodley Petroleum
4
31
55
434
1355
1
'33
Ii.
4755
11
54
6
155
4
635
534
h
654
,
',,i
254
4
'
310
20
75
600
155
15-4
134
24
154
451
155
14
14
5,900
600
2.300
900
600
4,200
1,900
1,300
100
99
14
al
2
635
55
54
55
1
Mar
Feb
Mar
Feb
Feb
Feb
Feb
Apr
Jan
231
531
4
435
1554
734
4
214
234
July
June
June
May
Nov
July
July
June
May
334
6,600
h
1,200
6
700
400
174
5955 17,700
2
454
55
455
34
24
Oct334
May
1131
155
Feb
8
Aug
Mar
24
Mar 62
Nov
Nov
July
Oct
June
July
3
200
100
3
2355 86.200
1
700
iii 2,000
101)
6
655 2,100
154
134
1835
54
(5
14
534
Apr
Jan
Feb
Jan
Apr
Apr
Apr
J
1131 53,100
4
7
655
2355
2
155
955
1131
June
June
Nov
June
June
July
June
Feb
5
Apr
194 234
55
4
54
55
431 435
1334 1334
155
135
254 255
h
1
1,100
500
1,300
2,500
400
2,000
100
9,300
h
35
54
215
10
4
54
94
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Mar
4
155
1
655
20
2
5
33,1
June
June
July
June
May
Sept
June
July
'Is
'ii
95
'ii
4555 974
51 15'
55
"ii
8,100
2,200
130
2.800
200
1.,
lis
21
4
4
Jan
Mai
Apr
Apr
Jan
35
14
57
174
24
June
June
Sept
July
June
300
300
100
3,400
200
600
2,400
400
1,200
700
355
55
h
3
54
34
55
64
4
155
May
Feb
Nov
Feb
Oct
Feb
Jan
Apr
Jan
Mar
8
414
!yg
954
154
63.4
134
1355
135
354
July
June
Nov
June
June
June
June
Slay
June
July
144
Jan
5154
Oct
55
54
55
h.
4
55
11.
In
254
631
234
755
255
54
55
2635
155
2634
114
754
1
155 Juno
Jan
24 June
Apr
Sept
Jan 140
55 June
Jan
154 June
Jan
Fee
155 June
5,. June
Apr
Jar
Du July
Feb
835 June
Jan
1134 Nov
Jan
1255 July
Nov
Aug 13
554 Sept
Aug
Jan
151 June
55 Feb
Jan
Mar 514 Nov
Apr
255 July
Mar 6554 Sept
Mar 6755 Sept
Nov
Feb 33
Jan
4
July
5
155
55
555
35
534
"is
634
h
234
6
155
34
64
54
594
nu
7
134
255
200
MiningBunker 11111.8 Sullivan _ _10
47
5055
700
I3wana M'Kubwa Cop 511n
American shame
155
155
154
200
155 155
Consol Copper Mines_ .5
14
30
Consol Min & Smelt Ltd-25 135
13154 140
200
1
54
iii
, ii,
Cresson Coneol(3 NI
1,700
C31131 MeXleall alining _ .5(Je
154
1
14 22,200
Evans Wallower Lead
it
.
si
500
•
F'alcon Lead Mines
55
1
35 2.200
Goldfield Consol Mines-AO
4
Si 4.400
hi
Heels Mining Co
64 1,300
6
25
6
Hollinger Consol 0 M___5 11
1054 1155 10,200
Dud Bay Mink Smelt„.• 1055
955 104 7,900
Internet Mining Corp____1 1235
5,300
105-4 13
Warrants
4
355 455 11,100
Kerr Lake Mines
4
4
54
500
Kirkland Lake (.1 NI Ltd..1
500
55
34
Lake Shore Minas Ltd_ __I 4954 4855 5155 19,500
Mining Corp of Can
155 2
300
•
2
New Jersey Zinc
25 624 6835 6454 3,600
Newmont Mining Corp_ 10 524 4955 54
9,400
NY & Honduras Rosario10 33
31
33
1,100
Niplasing Minn.
_ 5
235 24 4,300
255
eir..-
54
Ili
155
55
4
1934
194
7455
4
255
7455
39
30
20
3663
Ohio Copper Co
1
Pacific Tin spec stock_
•
Pioneer Gold Mime Ltd._1
1
Premier Gold Mining_
St Anthony Gold Mines_ _1
Shattuck Denn Mining_ _5
Silver King Coalition
_5
So Amer Gold & Platt newl
standard Silver Lead __1
Teak-Hughes Mims
1
Tonopah Mining Co
1
United Verde Extension 50c
Wenden Copper M Ming_ .1
Wright-Hargreaves Ltd •
s
Yukon Gold Co
Si
9
1
55
451
4
531
35
354
734
7“
Bonds
Alabama Power Co1st & ref Is
1946 67
lit & ref 1,5
1951
5734
lot & ref as
1908
let & ref 454e
1987 50
Aluminum Co if deb Si'52 933i
Aluminum Ltd deb 58_1948
Amer & Com'wealthe Pow
Cony deb Os
_1940
Am Community Pr 555553
Amer & Continental 581943
Am Ni Pow Corp deb Si'57 14
Amer (1 & El deb Is. _2028 6555
Am Gm & Pow deb 65_1939 2154
Secured deb 55
1953 2055
Am Pow & Lt deb 65_2016 394
Am Radiat deb 4 45_ _1947 994
Am Roll Mill deb 65_ _1948 64
44% notes_ __Nov 1933 10234
Amer Seating cony 68.193e. 91
Appalachian Ei pr 58_1956 704
Appalachian Power 55_1941 10031
Debenture es
2024
Arkansas Pr & Lt 5a_ 1956 604
Associated Elea 4 As_ _ 1953 2255
Associated Bask El Co
Cony deb 548
1938 134
455s
1949
Cony deb 455a
1949 1134
Cony deb 55
1950 124
Deb be
1968 1255
Registered
Cony deb b15e
1977 1354
Assoc Rayon 55
1950 384
Assoc Telephone 5.s.. _1965
Assoc T & T deb 5555 A '55 4454
Assoc Telep URI 545_1944 114
Certificates of deposit_
154
6% notes
19i5
Atlas Plywood 515s_ _1943
Baldwin Loco Works
es with warr
1938 10054
Os without warr
1938 6754
Bell Telep of Canada
let M Is series A...1955 10334
let M be series 13
1957 10255
let 51 bsser C
1960 102
Bethlehem Steel 65_1998
Binghamton L II :I? 5s '46
Birmingham Flee 454s 1968 5.4
Birmingham Gas 55 _1959
Boston Consol Gas 55_1947 10355
Broad River Pow 5s__1954 3255
Buffalo Gen Elec 55_1939 103
Canadian Nat kty 7e...1935 10031
Canada Northern Pr 5s '53 8135
Canadian Pee Ry 65_1942 10631
Carolina Pr A, Lt Eis___ 1955 5155
Caterpillar Tractor 55_1935 10094
Cedar Rapids M & P ba '63 10634
Cent Arizona Lt .8 Pr 55'60 7734
Central German PowerPart ctts es
1934
Central Illinois Lt 52_ _1043
Central III Pub Service
ba series E
1958 514
lat & ref 445 aer P.1987 4955
be series0
11168 5155
4555 series H
1981 48
Cent Maine Pow 5s D 1055
Cent Ohio Lt & Pow 5s '50
Cent Power 5s ser D__1957 41
Cent Pow & Lt 151 55.1956 4034
Cent States Elea bs_ _ _1948 27
Deb 5555 Sept 15 1954
With warrants
2855
Without warrants__ _ -- _ ___
Cent States P.8 L 535e '63 35
Chic Dist E ec Gen 4%e'70 65
Deb 54s._ _Oct 1 1935
Chicago Jet Rye 63 Union
Stock Yards 5s____1940
Chic Peen Tool 555s__1942
Chic Ry8 5.5 etre
1927
Cincinnati Street KY
555s series A
1952 -5155
68 series B
1055
Mit% Servicebe
1966 30
1960 32
Cony deb be
Cities Service Gas 534a '42 464
Cities Serv Gas Pipe L '43 55
Cities Serv P.8 L 15558 1952 3055
1941) 3055
53.4e
Cleve Flee m let 55_1939 10354
Is series A
1954 102
Commers und Privet
1937 50
Bank 1555e
Commonwealth Edisonlet NI ba series A _ _ _1953 87
lst NI be series 11
1954 87
lit 4%e striae C_ - _1956
let M 455s series D_1957 81
4558 series E
1960
let M 48 series F___1981 7035
6555 series 0
1962 935.5
Com'wealth &Amid 534s'48 57
Community Pr & Lt 551957 374
Connecticut Light & Power
455s series C
1956 101
55 series D
1962 104
Conn River Pow Sc A 1952 89
Consol G, EL & P 455e '35 10134
Consol Gas(Balt City)
55
1939 104
Gen mtge 4555
1954
Consol Gas El Lt &P (Balt)
4.48 series 0
1969 102
448 series II
1970 98
let ref 5 f 45
1981 904
Consol Gas UtU Calet & coil as see A.. 1943 37
655s with warrants.1943
8
Consol Publishers Co731% stamped_ ._ .1936
Range Since Jan. 1.
Low.
he 8,500
11
154 1655
200
855 1035 8.400
1
154 9,100
4
4 18,000
200
231 24
755 731
100
331 531 108,300
4 5,300
55
554 651 11,100
55
18,5
300
2,400
334 355
h
1,900
54
39.300
731 8
ri.
91 14.900
67
57
54
4855
9331
614
70
604
59
524
9555
8334
y,
155
li.
335
lui
$
16,000
11,000
26,000
58,000
35,000
.
144 72,000
1331 6,000
1231 33/3,000
14 207,000
144 222,000
2,000
1131
1454 16,000
4254 39,000
804 2,000
464 38,000
1155 70,000
154 14,000
6,000
16
50
8,000
10055 10451 79,000
714 69,000
67
4
1655
1535
135
94
44
731
535
4
74
155
6
'ii
854
1
June
Nov
July
June
June
June
July
Nov
Apr
July
Sept
June
June
Sept
June
Nov 10031 Jan
Jan
Nov 97
Nov 891
4 Jan
Nov 8131 Jan
Apr 99
Jan
Mar 80
June
4
g
64
124
6554
13
11
324
83
33
45
22
6955
94
63
58
204
Apr531
Mar e8
Apr 85
Apr40
Nov 92
APr 42
Apr 3755
Apr7354
Apr 102
Apr 81
AM 165
Apr
Si
Nov 974
Apr 1054
Apr 854
Nov 9031
Nov 4755
July
Jan
May
July
Jan
July
July
July
Oct
July
Jule
July
Jan
Nov
Feb
Jan
Jan
1255
12
1055
1254
1255
1131
134
33
75
lb
5
104
11
27
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Apr
Mar
Feb
Mar
Oct
Apr
Mar
July
Jan
Jan
Jan
Jan
Jan
JILID
Jan
Jan
Nov
Jan
Nov
Jan
June
96
67
Oct11734 Aug
Nov 8234 Aug
2614
27
264
28
27
25
3554
52
8935
4S
2455
16
5355
53
Feb10555
Apr10555
Mar 106
May 112
Nov 102
Sept 80
Feb 66
Apr 105
Apr 4834
Feb 10755
Apr 10234
Mar 8334
Mar 1134
Nov 794
Mar 10031
Mar 10855
Oct 9314
Nov
Nov
Nov
June
Jan
Jan
July
Jan
Jan
Jan
Oct
Nov
July
July
Nov
Nov
Apr
10,000
1,000
3354 Sept6434
9855 June 105
Jan
Jan
10355 10454 161,000 87
10231 10434 187,000 854
102 10455 64,000 87
4 3.000 99
105 1053
2,000 8054
8034 8054
534 544 13.000 52
43
9,000 40
47
10354 103% 5,000 994
14.000 2755
3254 37
103 10554 36,000 101
10055 10255 38,000 9ti
8054 8234 12,000 59
10375 10755 95,000 7055
53,000 49
49
57
10034 WO4 40,000 88
10654 10855 118,000 864
784 26,000 75
76
4035 41
101 101
High.
Jan
Jan
Jan
Apr
Jan
Feb
Jan
Oct
Feb
Feb
Mar
Mar
Jan
Jan
Feb
67
57
54
484
81,
4755
11,000
1
14,000
1
355 355
100
7954 7954
1,000
36.000
18
14
6555 704 160.000
2154 294 12,000
35,000
204 22
93,000
394 47
9935 10031 50,000
64,000
6055 67
10131 10255 186.000
4,000
4155
41
27.000
6955 78
1004 102
19,000
724 7.000
67
684 52,000
58
2034 254 83,000
1255
12
104
1255
1234
1131
1355
3834
8055
43
1155
1031
16
47
1,.
3
355
II.
1,1
15
24
2
1,.
34
50
47
49
46
88
63
3755
3755
2655
57
5335
54
49
90
6554
4254
42
31
18,000
31,000
39,000
19,000
26,000
11,000
44,000
85,000
32,000
50
47
49
46
85
534
374
3715
2655
Nov 80
JU1Y
Nov744 July
Nov78
Jae
Jan
Nov73
Jan
May 101
Jan
Apr 78
Jan
Nov 75
Jan
Nov 67
Nov 56
JUIT
254
2734
32
65
84
3154 77,000
5,000
27h
61.000
36
11,000
69
4,000
84
2555
2755
234
5855
74
Nov 5654 July
Nev 5334 July
July
Apr 54
Apr 8455 Jan
Jan
Apr e94
1,000
96
96
9,000
534 54
5154 21,000
49
51
5454
2935
3055
96
55
2955
294
103
102
9354 May 100 . Oct
2355 Jan 6534 July
Mar 6654 July
47
7,000 4055 Sept 65
52
Oct 65
5455 2,000 47
244 Mar 46
3355 30,00
3354 477,000 2454 Mar 454
Feb 67
5134 79,000 52
Jan 7834
6354 18,000 54
Apr 4355
3255 135,000 25
64,000 254 Apr 434
33
1044 37,000 10131 Sisr e1074
8,000 1024 Apr 1084
104
June
June
May
May
July
June
June
June
May
Jan
6634
Jan
48
52
87
8655
8054
80
83
704
9354
55
37
92
92
86
864
88
7454
96
6055
39
108
4654 June
9.000
26,000
9,000
10,000
9,000
158,000
222.000
52,000
34,000
87
8855
8054
80
82
704
9355
55
3854
Nov
Nov
Nov
Nov
Apr
Nov
Nov
Nov
Apr
1064 Jan
10654 Jan
1024 Jan
1014 Jan
101
Jan
9355 Jan
101354 Jan
8715 Jan
59 June
101 10235 2,000
104 105
22,000
88
9234 58,000
10055 10131 38,000
9754
974
88
9935
May
May
Nov
Mar
10554
10754
10055
105
Feb
Feb
Sept
Sept
2.000 10255 May 1084
1,000 0735 Apr 1074
,
Jan
Jan
104 104
10335 10355
10155 102
11.000
98 100
3,000
8835 914 3/.000
Jan
98
Apr 106
954 May 10754 Jan
884 NoV 100
Aug
36
8
3755 28,000
8
6,000
21
4
Jan
Apr
484 July
July
16
51
51
30
Mar
5354 Nov
2,000
Financial Chronicle
3664
Bonds (Continued)
-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Consumers Pow 945_ _1958 89% 88
964 118,000 88
1st & ref 5s
1936 10033 100% 1024 86,000 100
Cont'l Gas & El 58_1958 3533 34
3866 194,000 34
Continental Oil 5318._ 1937 1014 10156 10154 67,000 92
Crane Co 5s_ _ _ _ Aug 1 1940 79
79
8035 10,000 65
Crucible Steel 5s.. _ A940 60% 6033 62
3,000 25
Cuban Telephone 7365 1941
3,000 53
53
5531
Cudahy Pack deb 5369 1937 96
16,000 87
9.534 97
Sinking fund 55
1996 101% 103% 10436 11,000 9933
6,000 70
Cumb Co P & L 4365_1956 70
76
70
Nov
Mar
Nov
Mar
Apr
Apr
Nov
Mar
Mar
Nov
10961
106
6535
101%
92
8161
81
10063
105
914
Jan
Jan
June
Oct
June
July
July
July
June
Feb
63,000 100
41,000 9831
125.000 99
6,000 60
11,000 96%
9,000 60
15,000 75
34,000 6734
Apr
May
Apr
Apr
Apr
May
Mar
Nov
10836
10313
10634
85%
102H
83
98%
91
Jan
Aug
Jan
June
Jan
July
Jan
Jan
Dallas Pow & Lt 138 A..1949
55 series C
1952
Dayton Pow & Lt Is-.1841
Delaware El Pow 5.36s__'59
Denver Gas & Elec 55_1949
Derby Gas & Elea 5e...1946
Dot City Gas 65 ser A 1947
1950
be let series B
Dixie Gulf Gas 6338 1937
With warrants
Duke Power 4 45
1967
Eastern Utilities Investing58 ser A w w
1954
Edison Flee Ill (Boston)
1934
2-year be
5% notes
1935
Elec Power & Light 58_2030
Elmira Wat L & RR be '56
El Paso Elec Is A
1950
El Paso Nat Gas
6348 with warr
,
194
Empire Dist El Se.....1952
Empire Oil & Ref 533e 1942
Erie Lighting 55
1967
European Deo645
1966
Without warrants
European Mtge Inv 78 C'87
Fairbanks Morse 55.....1942
Federal Water Serv 545'54
Finland Residential Mtge
1961
Banks 6s
Firestone Cot Mills ba_'48
Firestone Tire & Rub 55'42
First Bohemian Gass 75 '57
Fla Power Corp 6365_1979
Florida Power & Lt 55 1959
Gary El & Gas 5e ser A 1934
Gatineau Power let be 1958
Deb gold 65 June 15 1941
Deb 135 series It__ _1941
General Bronze 6s
1940
Gen Motors Accept Corp
19
5% serial notes
1934
5% serial notes
5% serial notes_ _1936
Gen Pub Utll 633e A.1926
1933
2-yr cony 633s
1948
Gen Rayon 65
Gen Refractories 65... 1935
Gen Vending 6s C-O-D-'37
Gen Vs at v‘ as & El 55 1943
Georgia Power ref 55..1067
Georgia Pow & Lt 5s 1978
1953
Gesture'deb 65
Gilette Safety Razor Is '40
Olen Alden Coal 45_1965
Glidden Co 54e
1935
Globe (Adolf) 6 338 1935
With warrants
Godchaux Sugar 7345_1941
Grand (F W) Prop 6.9_1948
Brand Trunk RY 5%s 1935
Grand Trunk West 4s-1950
Great Western Power 5646
Guantanamo & Weft 6s '58
Guardian Investors 55_1948
Gulf 011 of ea be
1937
53
1947
Gulf States Utll 58_1956
1961
434s series 13
10031 105
99 10133
9936 100%
70
76
98 100
65
63
63
83
81
634 6736 763.6
1013g
,
100%
70
83
83
9331 9331
5,000
3,000
1231 1331
5,000
Apr 9451 July
June
Jan 102
70
88
931 Feb
23
Jan
Apr 1034 Jan
Apr 10333 Jan
July
Apr 59
Jan
Nov 83
Apr 86% Jan
1014 101
10033 10036
25% 2531
55
55
69
69
101% 42,000
10131 133,000
30 125,000
3,000
59
3,000
69
99%
9533
21
55
65
63
46%
42
85
1,000
63
49% 31,000
75,000
46
4,000
86
Sept
40
Apr 65
July
Apr 67
87
2331 Apr 58% July
Jan
85
Nov 104
4633
43
85
71
26
71
25
76% 17,000
2733 51,000
60
23
Mar
Apr
80
Sept
39% Aug
22%
11,000
58 a63
224 2534 44,000
46
18
Apr
Apr
7233 July
43
July
Jan
Mar
Apr
Jan
Apr
Nov
Nov
Apr
Mar
Mar
Apr
7331
8933
9251
6531
74
7031
72
8334
7331
73
74
72
8636
91
9731
34
77%
70
67
71%
86%
91
6133
5333
4431
3333
77
70
664
5833
73
8731
9131
61%
54
5654
3436
8033
71
6953
62
28,000 38
37,000 68
41,000 71
3,000 60
4.000 44
116,000 4431
15,000 3336
68,000 5931
14,000 39
20,000 39
5,000 z4333
Oct
July
Aug
Jan
July
July
Jan
July
Nov
July
Aug
101 1014 6,000 1004 Mar 103% Aug
101
10331 103 10333 24.000 1011% Mar 103% Aug
Mar 1044 July
10,000 100
103% 104
264 2736 13,000 12
Mar
38 June
June
3,5
37
37
25,000 1733 Mar 48
June
Mar 60
39
39% 6,000 20
13,000 90
96
Oct 108% Aug
98
96
6
2
Aug
Aug
1,000
533 536
16,000 3833 Mar 60
40
May
39
40
85,000 55
Nov 904 Jan
58
55
62
43
Apr 704 July
4735 4,000 40
43,000 313/ June 69% Jan
4633 50
94
67,000 89
94
Feb
Apr 102
97
Apr 7136 July
55% 115,000 45
5433 53
Apr 9531 Oct
95
95
9551 15,000 75
834 8633
97
97
7
74
10036 10133
6433
64
96
96%
18
1833
40
40
99% 10036
9833 10033
6936
66
60
60
38,000
1,000
5,000
15,000
3.000
2,000
6,000
3.000
50,000
34,000
32,000
2,000
55
77
7
94
50
93
1233
2635
92
92
50
53
Apr
Feb
Apr
Apr
Apr
May
Jan
Apr
Apr
Mar
Apr
Apr
934
100
12
102
7531
1063,4
36
a()
10234
102
32
7833
July
July
Jan
July
Sept
Jan
July
June
July
Aug
Jan
Aug
Hackensack %.3ater 55_1977
9931 9931
63
61
Hall Printing 534s
1947
71
Hamburg Electric 7s.._1935
72
Jlamburg El & Und 5355'38 7131 69
7135
Hood Rubber 5335...._1936 6231 584 62%
70
714
7s
1936 7131
Houston Gulf Gas 68_ _1943 444 4431 4431
Holm L & P 1st 433e E 1981 80
844
80
1st dr ref 435e ser D.1978 7934
7933 83
be series A
. 1953 9231 9233 94
109 112
Hudson Bay M & S 69_1935 111
5035 50%
-Italian Bk 75491963
Hung.
404 42
Ilygrade Food Prod 65 1949
42
43
1049 43
68 series B
2,000
6,000
23,000
48,000
20,000
12.000
1,000
32,000
16.000
10.000
27,000
1,000
12,000
5,000
90%
49
624
40
31%
44
314
7933
7856
88
77
3533
4031
40
Apr
Mar
Apr
Sept
Mar
Feb
Mar
Apr
Apr
MAY
Apr
Feb
Nov
Apr
1034
72%
86%
7233
68
78
61
9631
96%
104
120
55
65
e61
Aug
July
Jan
Jan
July
July
July
Jan
Jan
Jan
July
July
June
June
62,000
12,000
62,000
26.000
102,000
17,000
20,000
33
85
60
47
454
354
844
Apr 85% July
May 100% Feb
Nov 774 July
July
Nov 74
Jan
Apr 71
Nov 60% Jan
Mar 10131 Sept
Illinois Central RR 4368'39
III Northern Utll Is. 1957
III Pow & L 1st 6e ser A '53
let & ref 535s ser B.1954
..i956
1st & ref be ser C.
S f deb 545__51aY 1957
Independent0& G 65_1939
Indiana Electric Com1947
bs series A
1951
55 series C
Indiana Hydro-Elee 58 '58
Indiana & Mich E1ee1st & rd Is
1955
Is
1957
Indiana Service Se. _.19543
lot & ref 5s
1963
Indianapolis Gas Is A 1952
P & L loser A '67
International Power See
Secured 6335 ser C 1055
75 series E
1957
7s series F
1952
International Salt 58.1951
International Sec 55 1947
Interstate Power be_ 1967
Debenture 68
1052
Interstate Publics Service
58 series 1)
1956
445 series F
1953
Invest Coot Amer 5s 1947
With warrants
Without warrants
lowa-Neb L & P Es
1957
1961
55 series B
Iowa Pow & Lt 433s 1958
1951
Lows Pub Clary 5e
Isere° Hydro-Elec 78.1952
Isotta Franshini 75 _A942
Italian Superpower of Del
Deb5 6s without war '63
Jacksonville Gas 59-1942
55
JamalcaWat SuPPIY533s'
84
97
64
9936
9835
67%
6736
51
47
37
6651 6833
89
904
5531
50
47
534
4534 53
3531 38
10133 10131
61
62% 8,000
55
53
6,000
5236 54% 10,000
Feb
Apr 91
57
484 Apr z783.6 Jan
Jan
May 76
49
84
98
254
23%
70
754
2,000
84
9931 6,000
10,000
28
2635 23,000
3,000
71
7633 68,000
80
94
14
12%
65
734
Jan
Apr 99
Jan
May 105
July
Apr 44
Apr 40% July
Apr 8364 Jan
Apr 95% Jan
844
4734
4133
30%
90
90
83
8331
4531
37
28%
9233
9336
,
834
85
4731
47
34
65,000
95,000
17,000
13,000
22,000
96,000
34,000
74
70
45
7431
40
37
2039
July
May
Apr
Mar
Mar
Nov
Apr
92%
9631
85%
9036
6133
64
53%
Nov
Oct
Oct
Oct
July
July
July
51
9733
4834 52% 15,000
46
.5031 26,000
4653 Apr
45
Apr
7844
72
Jan
Jan
55
53
26
2333
76
91%
9331
1,000
6,000
70
70
70
7234
60
61
80
6133
80
83
60
61
80
6133
79%
83
6733 8,000
2,000
65
80% 16,000
6333 8,000
84% 25,000
1,000
83
68.4
68% 684 69,000
414 41% 11,000
11,000
96% 98
9634
65
63
Mar
Mar
7634 July
84% Jan
60
61
74
604
71
63
Nov
Nov
May
Apr
Apr
Jan
84%
84%
9236
8334
13661
86
Jan
Jan
Aug
July
Feb
Aug
37% Apr 72
Aug
304 Apr 53% July
9633 Nov 10231 Sept
Bonds (Continued)
-
Nov. 18 1933
Sales
Haag
Last lireek's Range for
Week.
of Prices.
Sale
Price. Low. High.
Jersey C P & L 58 B___1947 82% 80
8333 32,000
25,000
80
434seeriesC
75
75
1961
6,000
Jones & Laughlin 55_1939
103 103
4,000
Kansas Cask El 8s A_2022
69
68
Kansas Power bs
7,000
55
59
1947 59
Kansas Power & Light
2,000
76
Se series B
73
1957 73
Kentucky Utilities Cola M 58
50
514 14,000
1961
3,000
65
633s series D
55
1948 55
1,000
58
534s series F
58
1955
5231 17,000
513 series 1
1969 50% 50
90
Kimberly-Clark 55 _1943
9131 8,000
Koppera 0 & C deb 58 1947 75% 75
20,000
76
Sink fund deb 5338_1950 5034
7931 8011 10,000
Kresge(55) Co &9__- -1945 92
92% 8,000
92
17,000
90
90
91
Certificates of deposit _
4,000
Laclede Gas 5365
5631
56
1935 56
Lehigh Pow Scour 611.2026 64
6133 6836 65,000
Leonard Tletz 7 Hs_ _1946
2,000
30
30
Lexington URI 58
16,000
57
56
1952
Libby 54eN & Libby 58'42 574 57
5836 21,000
2,000
Lone Star Gas 5s
1942 844 8431 84%
Long Island Ltg 6s_ _1945
6,000
73
70
Los Angeles Gas & Eiec55
884 9033 44,000
1961 90
55
10033 100% 2,000
1939
55.35 series E
96
974 2,000
1947 96
96
545 series I
9633 29,000
1949 96
Louisiana Pow & Lt be 1957 0531 6531 6836 31,000
Manitoba Power S 48_1951
Mansfield Min & Smelt
75 with warrants
1941
Maas Gas Co
Sink fund deb 58_1955
5%s
1946
McCord Radiator & Mfg
Os with warrants.._1943
Melbourne El Sup 7345 '46
Metropolitan Edison
4s series E
1971
5s series F.......1962
Middle StatesPetro1633s'45
Middle West Utilities
.55 ctfs of dep
1932
55 ctfs of deposit_ 1934
MInneap Gas Lt 4335_1950
Minn Gen Elec 5s
1934
Minn P & L 55
1955
1st & ref 4335
1978
Mississippi Pow 58_1955
Miss Pow & Lt 55
1957
Miss River Fuel 65
1944
With warrants
Mtge River Pow let 56_1951
Missouri l'ow & Lt 53-6s'55
Missouri Public Serv 58'47
Monongahela West Penn
Pub Serv 535s ser 8-1953
Mon-Dakota Pow 5335 '34
Montreal L H & P
& ref bs ser A___1951
58 series B
1970
Munson 8 S Line 648_1937
With warrants
8633
10131 1014
80
33
60
8831
10033
96
96
654
Nov
Mar
Nov
Nov
Nov
June
Feb
June
July
Oct
Aug
July
Jan
July
July
Jan
Jan
July
June
Mar
Jan
10331 Jan
1064 Jan
10433 Feb
106% Jan
9431 Jan
53
July
Apr
61
Nov
6,000
2,000
2,000
all
14,000
83
5133 3,000
536
536
7751
10136
6633
63
41
5931
7036 Nov
Apr
75
944
99
Jan
Jan
8% Apr 47
July
92
Jan 10233 Nov
68
Apr
Nov
75
2731 Mar
12,000
3%
1,000
3%
22,000 71
11,000 100
12,000 60%
10,000 57
33,000 354
20,000 45
86
Jan
9733 Feb
60
July
Mar 18
July
Mar
18
July
Nov 90
Jan
Mar 10339 Feb
Nov 87
Jan
Apr 81
Jan
Nov 7333 Jan
Nov 83
Jan
87
10,000
10233 25,000
1,000
80
3535 6,000
79
98
79
33
6,000
2,000
4%
27
Apr
Apr
76
50
Jan
June
24,000
53,000
84
82
Feb 110
Feb 109
Nov
No,:
Feb
July
60
6231
4036 40%
104% 104% 110
105% 1054 109
1234
Nov 7733
93
Nov
Apr 82
Nov 80
Apr 92
Apr 84
Mar 8754
Apr 96
Mar 93
Mar 8064
Apr 884
June 68%
Oct 74
Mar 77
May 97
Nov 100
Apr
35
37
102341023-3
556
536
71
10136
,
6053 6036
6233
374 3531
45
45
May
20
45,000
7033 74
80
8436 55,000
536
,
9034 Aug
71
50
55
56
50
72
10
72
77
6631
47
56
25
50
4633
84
70
47
7033
8033
70
76
51
High.
Nov 101% Jan
Nov 964 Jan
Apr 104
Oct
Nov 8533 Jan
Nov 80
Feb
6,000
33
6016 61
70
77
Low.
80
75
101
68
55
384 68,000
33
6033
37
Range Since Jan. 1.
1233 1533 57.000
Narragansett Mee be A '57 9531 94
9633
Is series B
1957 9.134 9431 9636
Nat Pow & Lt 65 A..._2026 6034 60
62
Deb 5s series B._ _.2030 5136 5133 5234
Nat Public Service 55 1078
831 9
Certificates of deposit _831
National Tea 55
9733
1935 9733 97
Nebraska Power 4 365_1981 8533 854 89%
Nelsner Bros Realty 63_'48
42
42
Nevada-Calif Elea 58 1956 5836 57
614
93% 9336
New Amsterdatn Gas 55'48
34
N E Gas & El Assn 55_1947 35
38%
Cony deb Se
1948 34% 3331 3733
Cony deb be
1950 3434 33% 3631
New Eng Pow Assn 55.1948 51
504 54
Debenture 533s.. _ _1959 5333 53
5533
39
New Orl Pub Serv 434e '35 39
4334
6eserles A
1949 2034 2034 30
N Y & Foreign Investing
55
55
5365 with warr
1948
89
NY Penne & Ohio 435s '35 90
9434
NY P&L Corp 1st 434s'07 7733 74
7933
NY State GI & E 4336.1980 62% 603,1 65
81
NY & Weetch'r Ltg 682004 83
88%
100 10031
Debenture 58
1954
104 106
Niagara Fails Pow 08_1950 104
5s series A
1959 9911 994 1094
Nippon Elec Pow 6338 1953 7031 6433 704
No American Lt & Pow
5% notes
100% 100%
1934
5% notes
9536 96
1935
86
5% serial votes..
86
1936
4 33e geriee A
1956 3031 3033 334
Nor Cont URI 5338
20
224
1948 20
Northern Indiana P 8
Is series C
1966 5436 5433 58%
55 series D
1969 5433 54
59
52% 5631
5365 series E
1970 53
77
Nor Ohio Tree & Lt 58 '56 77
7834
7636 7835
No States Pr 536% notes'40
7331 78
Refunding 44s
1901
76
98% 9833
Nor Texas URI 7s
1935
66
N'western Elect Os_ _1935 66
66
12
N'western Pow 65 A 1960
12
50
N'western Pub Serif 681957 50
59
8
Feb 92
July
May 10556 Jan
Apr 934 Sept
Nov 65
Jan
31
57.000
12,000
83,000
81,000
94
0431
50
41
Nov 104
Aug
Nov el0334 Aug
Mar lib
Jan
Mar 74
Jan
9,000
19,000
2,000
2,000
76,000
1,000
54,000
25,000
60,000
95,000
91,000
64,000
7,000
754
8354
8533
17
4731
89
34
3331
33%
354
40
39
2533
Oct
Jan 9331
2
8
n
y
Nov 10261 July
Apr 76,i July
50
Apr
Apr 15243 Jan
09
Nov
Jan
Nov
Jan
Nov
Mar
Mar 72
6568
9011 Jjjil
Junej li
Nov 4693,3
5
Jan
Apr
1,000 55 . Nov 7835 Mar
41,000 88
Apr 9934
42,000 74
Nov
99,000 604 Nov
16,000 81
Nov
63aaa un
. en
1j pb
'el nt
c
1998
0791
0
14,000 98% June 105
28,000 10196 Mar
Jan
15,000 9636 MAY 106
14,000 35% Feb 7031 Nov
Sept
Aug
Sept
July
2,000
7.000
1,000
09.000
8,000
8633
74
68
21%
20
Apr 19031
00
Apr
May 92%
Apr 474
Nov 43
18,000
26,000
43,000
7,000
4,000
90,000
4,000
1,000
9,000
14,000
54%
54
5233
77
10
7331
8361
63
854
50
Nov
Nov
Nov
Jan
May 1900Y‘
0035
851 V3
e;ybb
lr
,
Mar 96
July
Nov 9731 Jan
June 993J
.
% July
Nov
Oct
18
June
Nov 7534 July
69
93
86
81
6735
92
84%
82
7136
9563
8931
10.000
12,000
16,000
04,000
81
6733
90%
81
Nov 10133 Feb
Nov 98
Jan
May 1044 Jan
Apr 9933 Jan
71
7531
63
47
52
76%
69%
70
7236
6735
46
52
774
6963
73%
7831
63
4833
5333
3,000
7.000
12,000
57,000
12,000
13,000
8,000
75
64
70
70%
63
35
30
Apr
Mar
Apr
Apr
Mar
Mar
Apr
83
91346 3
jy
July
ny
59% July
Pacific Coast Pow 55..1940
2,000 68
68
68
Pacific Gas Sz El °obit 6s series B
10231 1044 48,000 101
1041 103
1052 9655 9533 9931 20,000 954
let & ref ba ser C
Is series D
1955 96
93
9636 25,000 93
1st & ref 43-3s
....1957 8533 8235 8633 13,000 82%
,
1st & ref 433e F_
8531 82% 8633 95,000 824
Pao Investing 55
7336 21,000 64
,
1948 72
69
Pacific Ltg & Pow 55_1912
102 10333 6,000 102
PSC Pow & Light 56
4233 86,000 36
1955 36
36
Pacific Western 011 6338 43
'
With warrants
7654 24,000 5734
75
Palmer Corp of La 68_1938 8931 8931 9031 10,000 7936
Penn Cent L & P 439e 1977 60
5833 6034 46,000 5856
55
Penn Electric 45 F_ _ _ _1971 55
5835 5,000 5144
Nov
93
Ogden Gas 55
1945
Ohio Edison 1st (is__ _1960
Ohio Power let be B _1952
let & ref 439s set D 1986
Ohio Public Service Co
68 series C
1953
1st & ref In ser D _1954
5338 series E
1961
Okla Gas & Elec 58
1950
Os series A
1940
Okla Power & Water Ss '48
1941
Oswego Falls 65
Jan
0533890
9P
ja
Jan
Jtt
Feb
Mar
Nov L
IN j n
Jli
Nov 105% Jan
Nov 10134 Jan
Nov 1013-3 Jan
Apr 81
July
Nov 81084 Feb
Nov 73
July
Ayr
Apr
Nov
Apr
81
July
9433 Aug
80% Feb
744 Jan
Financial Chronicle
Volume 137
Bonds (Continued)-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
Penn Ohio Edison1950 49
Deb 65 x-warr
4834
_1959 4141 4051
Deb 5555 series
Penn-Ohio P lk L B_- 1954
554s
77
Penn Power 5s
19,6
96%
Penn Pub Serv 65 C_ -1947 70
70
Penn Telephone 55 C_ _1960
8834
PennWat&Pow415.311.1968 90
90
1940 104% 103
58
Peoples Gas Lt &Coke1981 66
es series 13
6534
1957 75
6s series C
71
52%
4555
80
9615
7251
90
92
10434
37,000
94,000
23,000
1,000
3,000
4,000
34,000
51,000
6734 25,000
78% 107,000
Range Since Jan. 1.
Low.
High.
Bonds (Concluded)-
4834
40%
77
96
70
8855
90
9951
Nov
Nov
Nov
Mar
Nov
Nov
Nov
Apr
82
75%
10351
104
100
9794
101
10834
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Aug
64
71
Nov 9334
Nov 106%
Jan
Jan
Phi% Electric Co 55-1966 107
27,000 10215 Mar 11034 Jan
10634 107
Nina Hee pow 5555_ A972 101
101 10534 47,000 401
Nov 108
Feb
Phila Rapid Trans 65_1962 9951 48% 50
19,000 43% May 6034 Jan
Phi% Suburban Counties
_1957
99
Gas & Elec 415s
9951 7,000 9515 May 10951 Jan
Piedmont Hydro El Co1st & ref 634801 A-1960
Jan 80% Nov
7034 7334 47,000 65
Piedmont & or 5s.. 191.9 7055 6944 71
15,000 6015 Apr 8334 July
1949
Pittsburgh Coal 6s
90
1,000
90
9534 July
1953
Pomeran% Elm 65
18,000 28
May 59% Jan
3534 36
Poor & Co 68
1939
80
81
6,000 41
Apr 92
July
Portland Gas & Coke 55'40
8834 88% 6,000 82
May 100
Jan
Potomac Edison 58.E 1956
1961
4345 series F
Potomac Elec Pow 55_1936
Power Corp(Can)4%,3B '59
l'ower Corp of N Y
1942
614s series A
1947
55513
1999
Power Securities 6s
American series
Procter & Gamble 4%s '47
Prussian Elec 6s
1954
80
75%
45
43
80
75
103
59
83
23,000 74
76
3.000 65
103% 25,000 102
61
16,000 28
3,00
7534 78
50
5034 20,000
95
7,000
4734
10534 105% 26.00
42
13,000
43
Pub Serv of NH 4103_1957
85
8734
Pub Serv of N J pet etfs 10215 10214 105
Pub Serv of Nor Illinoislot & ref 55
1956 70
69
70
58 series C
1966
6914 71
455s series D
1978
65
66
1st & ref 414s ser E.1980 62%
6034 64%
181 & ref 4(45 ser F.1981 60% 60% 6541
810 series 0
1937 82% 81% 87%
655s series It
1952
7934 81%
Pub eery of Oklahoma5sseries D
1957
66
68
Pub Serv Sub 534s A_1949 5114
1051 51)4
Puget Sound P & L 515s'49 40
3754 4234
1st & ref 55 ser C.--1950 37
37
41
1st & ref 415,3 ser D_1950 36% 35
40%
Quebec Power Se... 1968
Queens Borough G& E4158
1958
RepublicGas Os C-O-D1945
Rochester Cent Pow 56 '53
Ruhr Gas Corp 6346..1953
Ruhr Housing 6%13_1958
Ryerson & Sons 5s__ 1943
Apr 9115 Aug
May 8634 July
Apr 10634 Feb
Apr 64
July
753-4 Nov
Nov
50
9951 Feb
65
Aug
44
Apr 67
98% May 106
36% Sept70
July
Oct
Jan
Apr 9551 Feb
5,000 85
4,000 10234 Nov 119
Jan
Apr 100% Jan
Apr 98
Jan
Apr 90% Jan
Nov 91% Jan
Jan
Nov 93
Apr 10734 Jar
Apr 100
Feb
11,000
3,000
2,000
39,000
66,000
89.000
15,600
66
61
60
6034
6034
AO%
7511
11,000
10,000
94,000
19,000
53,000
Apr
54
Apr
42
3734 Nov
Nov
37
Nov
35
July
81
8034 Jan
6734 Jan
Jan
66
Jan
63
93
0215 99
32,000
71
80
18
2334
49
30%
89
15
2215
48
3015
9415
89
18
30
4955
32
9415
1,000
11,000
29,000
65,000
13,000
2,00
8815
13
2234
32
2334
80%
Jan
May 100
Apr
2434 June
Nov 48
Jan
Jan
Sept 67
May 60% Jan
Mar 96
July
safe Hatbor Wat Pr 4.43 79 9241 92% 97
St Louis Gas & Coke 6.47
555
534 551
Sands Falls 55
1955 10334 10334 104
Saxon Pub Works 65 1937 50
50
50
Schulte Real Estate Os 1935
844 8%
Scrim)(E W)Co 5348_1943 70
70
70
Seattle Lighting 6s....1949 2594
2534 2751
Serve!, Inc 55
1048
67
67
Shawinigan W & P 4345 '67 7355 7314 77)4
41.4s series B
1068 75% 7451 77
1st 58 series C
1970 84% 84
8531
1st 4145 series D
1970 7314
7334 77
Sheffield Steel 5%8_1948 7941
79
84
Sheridan Wyo Coal Os 1997 40
39
41
41,000
18,000
18,000
17.000
1.000
3,000
11,000
1,000
126,000
66.000
75,000
55,000
10.000
8,000
90
5
97%
36%
7
5534
2551
4934
49
50
57
48%
65
23
Apr102
Oct1634
Star 105
Sept6714
Apr 1714
Apr 74
Nov54
Jan 7615
Apr80%
Apr 8015
Mae 87
Mar 81
Apr 92
Feb 48
Sou Carolina Pow 55..1957 43
42
202e
Southeast!' & L (38
Without warrants
48
4634
Sou Calif Edison 5s__ _1951 94
9314
Refunding 58
. 1952 9915 94
935%
Refunding 5s June 1 1954 94
1939 10134 100
Gen & ref 55
201,000 46
111,000 0314
21,000 94
15,900 9334
46,000 100
Sou Calif Gas Co 4155_1901
1957
1st ref 5s
Sou Calif Gas Corp 55_1937
Sou Indiana G & El 534s'57
Sou Indiana Ry 9s____1951
Southern Natural Gas 8s'44
Unstamped
S'western Assoc Tel 5s1961
Southweat0&E 58 A_1957
1957
5e series B
Sou'west Lt & Pow 55_1957
Sou'weet Nat Gas 65_ _1945
So'West Pow & Lt 65_2022
So'West l'ub Serv Os A 1995
Staley (A E) Mfg 65_1942
Stand Gas & Elec 65-1935
1935
Cony 65
1951
Debenture 65
Debenture 6s_ Dec 11986
Standard investing1937
Os exwarrants
1939
535s
88
9934
7811
8914
8651
96%
51
52
9645
96%
9634
103
8054
9034
8815
9935
51%
49,000
19,000
46,000
21,000
7,000
42
AP
Nov
Sept
Nov
Nov
Nov
Nov
96
66
8214
105%
105%
105(4
108
58
to
3545
35
6614
Apr
Mar
61
67
5051
3634
4151
5811
88%
58
55
3531
35
60
52
50
26
32
55
69%
35
35
2834
2815
Apr 8234
Apr 82
Sept78%
Mar 43
Apr 6815
Oct7141
Star 95
Mar 77
Apr 77
Apr 62
Apr 6034
75
59
July
July
Jan
Jan
Aug
May
July
July
Sept
July
July
June
July
03
63
Apr
Apr
79
79
29
17
3651
10
Apr
Apr
June
59
32% Jan
38,000 3034
77,000 29
20,000 9951
5,000 09
23,000 95%
4,000 59
7,000 60
26,000 9634
25,000 87
13.000 101
2,000 96
July
July
Apr
Fob
Jun
Slay
Apr
AM
Mar
Apr
Mar
Nov 9534 Jan
Nov 99
Jan
Jan 86
Oct
Feb 60
July
Nov 90
Jan
Feb 33
Aug
Nov 92
Jan
Nov 104
Jan
Nov 8254 Jan
3
634 62,000
1734 2,000
40
39
101
10051
101
6551
01
10234
943-4
10314
10034
4211
4014
10134
101
101
66
6434
10334
08
10451
10034
51
68
78
56
60
17%
7455
9411
62
4,000
4,000
47,00
3,000
38,000
9,00
23,000
16,001
4.000
49%
64
69
46
6434
11%
66
88
62
46
0434
8444
2354
12,00(
13,00
74.01)0
40,000
2614 Apr
4414 Apr
Nov
79
19
Sept
66
90
62
4951
64
7454
56
64%
16%
66
86
62
Thermold Cow w els 1934
Tide Water Power os.1979
Toledo Edison 55
1962
Twin City Rao Tr 5148'52
51
80
2034
45
50
79
2034
65
Jan
Jan
Jan
Jan
Jan
6615 6734 10.000
6734
67
7,000
Tennessee Elec Pow 5s 1956
Tennessee Pub Serv 581970
Tern! Hydro Flee 6145 1953
Texas Cities Gas 55___1948
Teta* Flee Service 55_1980
Texas Gas UM 65_ _1945
Telma Power & Lt 5s__1956
1937
53
,
65 A
2022
51
16,000
4,000
1,000
4,000
11,000
1,000
20,000
97,000
68,000
44,000
30,000
Jan
Jan
Jan
Jan
July
Oct
July
Sept
July
July
July
July
Sept
July
Jan
7811 Nov 95
May 9941 Jan
80
72
May 93
Sept
0611;Nov 105% Jan
34
Apr 64
July
39
35
68%
67%
5051
38
4234
5851
90
6354
61
38
3755
July
7315 July
5534 55% 25,000
41
46
6,000
Stand Pow &Lt6s--__1957 29
Stand Telephone 5155_1943 17
Stinnes (Hugo) CorD78 without warr Oct 1 '36 4251
Is without warr____1946 40
Sun Oil deb 5155
1939
1934 101
5% notes
Sun Nue Line 55
1940 101
Super Power of Ill 410-68
1970 61
1st 4 Sis
Swift & Co 1st mai 55_1944 10255
39. notes
1940 9534
Syracuse Ltg 5345_1954
1957
55 series 11
4315 18,000
3665
65
5934
104%
102
102%
84
8354
10515
100%
51083-4
10636
Aug
Aug
Jan
Jan
Sept
Aug
Oct
Jan
Jan
July
July
Feb
Jan
6711 July
Jan
69
99% Jan
34% May
Ulen Co deb 6s
1944
Union Elea Lt & Power
41.55
1957
1967
58 series B
On Gulf Corp 5s_July 150
United Elm (NJ)45_1949
United Else Serv 7s 1956
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
5
36
3534 37
91,54
91%
05
98
9815
773
98
9934
7734
5,000
94%
2,000
95
10034 75.000
9915 18,000
7934 31,000
54
53%
34%
.5955
37
United Industrial 634s 1941
151 85
1945
United Lt &Pow (is
1975
list 5 55s- -April 1 1959
deb g 6345
1974
54
52%
2934
32
52
.50
2934
59%
32
Un Lt & Ry 5%5
1952
65 series A
1952
6s series A
1973
U S Rubber
6%% serial notes
1934
615% serial notes_ 1935
634% serial notes ..1937
6%
serial notes_1938
6V% serial notes __1940
Utah Pow & Lt 4345_1944
'
3134
5615
29
37
31
58
55
28% 31
98%
76
9834
76
6334
62
60
57
Vamma Wat Pow 53.5s 1957
Va Elea & Power 51,___1955
Va Public Serv 514s A 1946
1st ref 5s ser B
1950
Os
1946
82%
82
90
5634
49
4744
Waldorf-Astoria Corp
78 with warrants_1954
Ctrs of deposit
Ward Baking 65
1937
Wash Gas Light 55_1958
Wash Water Power 55.1960
West Penn Elec 5s
2030
West Penn Pow
_ _1961
West Texas Utll4s_- _1957
tai A
Western Newspaper Union
6s
1944
Western United Gas & Elec
1st 51.5s ser A
1955
Westvaco Chlor Pro 5%5'37
Wise Elec Pow 5s A___1954.
Wls Siliin Lt & Pr 58_1944
wise Pow & Lt Fs F___1954
Wisc Public Serv 6s1952
Foreign Government
And Municipalities
Agrio Mtge Bk (Colombia)
7s with coupon
1947
Baden extl 78
1951
Buenos Aires (Prov)734s stam ped _ _ _1947
.
7 stamped
1952
Cauca Valley 75
1948
Cent Bk of German State &
Prot Banks Os B.- _1951
,
Os series A
1952
Danish 5s
1953
53s
1955
German Cons Muni('75.'47
Secured 6s
1947
Hanover (City) 7s
1939
Hanover(Prov)610-1949
Indus Mtge Bk (Finland)
1St mute 0011111 74. 1944
Lima (City) Peru 65.5s 1958
Certificates of deposit__
Maranhao 7s
1958
/Medellin Municipal 7s1951
Mendoza 7%s
7158 stamped
1951
Mtge 131( of Chile 6s._1931
:Mtge Bk ot Denmark .5572
Parana 7s
1958
Rio de Janeiro 61.58._ _1959
Russian Govt
615s
1919
615s certlficates____1919
5345
1921
534s certitleates__ _ _1921
Saar Basin is
Santa Fe is
Santiago 7s
7s
1935
1945
1949
1961
69
62
5655
49
96
78
75
4654
41%
14,000
43
July
87% Apr 9941 Sept
92% Apr 106
Jan
96
Apr 103
Feb
Jan
95
Mar 103
Nov
67
July 84
88,000
23.000
16,000
31
Nov
Nov
55
2534 Apr
61
July
8355 July
55 June
98% 11,000
5,000
77
63% 2,00
4.000
64
7,000
62
5715 4,000
50%
2934
25
27
25
53
Apr
Feb
Apr
Feb
Feb
May
99
90
8034
8034
80
70
43.000
83
9134 4,000
21,000
59
14,00
54
7,000
98
68
89
49
563
,
1
43
July
Jan 88
Jau
May 101
Jan
Nov 77
Nov
71)4 Jan
July
Apr 71
80%
78
50
9634
43
37,000
15,000
29,000
9,000
35,000
2
634 2715
May
May
Apr
Mar
Apr
234 Feb
234 Feb
90% Apr
7644
75
4434
93
3515
2,000 :22
67% 72% 18,000
69
High.
Jan
35
3544
27%
5414
29%
5,000
3,000
5,000
102
99
69
59
8154
Low.
15
27,000
18,000
57,000
2,000
20,000
1215
12
415 7
06
9634
70%
75
46%
9615
41
Range Since Jan. 1.
64
66
68
60
82
65
Jan
Jan
June
July
July
Aug
July
July
July
July
June
Oct
13
Slay
10
9734 Aug
Nov9414 Feb
Nov10241 Jan
May 71
June
Jan
May 101
Apr 67
July
Feb35
Apr
8915
June
Feb
Mar 103% Jan
1,000 101
102
Jan
Mar 103
9934 19,000 97
Feb
5.000 6815 Oct 91
6934
May 89)4 Jan
11,000 59
60
Jan
Oct 97
1,000 80
8115
20
21
Nov e27
Sept 5715
Oct
Jan
31
20
2034 4,000
10,000
2934 31
33
31
Nov
3251 34% 12,000 30
9,000 52934 May
32
31
7%
911 15,000
Mar
19% July
54
3515
54
3115
66%
77
5636 27,000
3555 23,000
1,000
66%
1,000
77
3634 May
Sept
22
Jan
57
Jan
57
66
Jan
Jar,
5.5
74% Sept
7834 Nov
37
3234
30
32
36
4034
38% 64,000 26% June
May
3341 68,000 26
38
7,000 z3415 Nov
15,000 25
May
42
62% Jan
6134 Jan
Mat
61
5454 Jan
8434
05
8315 8434 8,000
11,000
a5
7
654 7,000
6
59
4
3
Mar
Feb
Slay
9251 July
July
11
July
r10
15
9,000
163-4
1134 1214 32,000
634 Jan
1054 Mar
22
23
65
4,000
32
30
851 954 6,000
68% 24,000
64
Oct
25
7% Sept
573,4 Apr
35% Oct
15% June
July
75
1911
12,700
736 10
14
143.4 3,000
Jan
Jan
16% July
2251 July
314
434
351
5
414
5
414
40,000
70,000
58,000
45,000
102 102
13
13
531 551
6
6
6,000
2,000
1,000
2.000
9%
314
4
331
7
5
7
2
Apr
151 Mar
Mar
2
114 AM
43% July
4514 JULY
July
July
854
734
815
755
July
July
JulY
July
9434 Nov 103
Apr 26
13
Mar 13%
4
1241
436 Jan
Nov
May
June
June
• No par value. a Deferred delivery. 0 o 6 Certificates of dePeelt• cons Con'
solldated. cum Cumulative. cony Convertible. e See note below. at Mortgage. a Sold under the rule. n-v Non-voting stock. r Sold for cash. v 1 e Voting
z Ex-dividend.
truss certificates.
WI When issued.
w w With warrants.
z ta Wlthout warrants.
1 see alphabetical list below for "Deferred delivery" eutles affecting the range
for the year:
American Sltuiulacturing. pref., Feb. 7,30 at 9311.
Arkansas Natural ()as, corn., class A, March 15, 40) at %.
Associated Gas & Elec 415s 1948 regis. May 22, $1,000 at 12; May 27, 52,000 at 16.
Buenos Aires 78 stamped 1952 Oct. 20, 51,000 at 29.
Once Service, corn.. April 1.3. luu at 1%
Gen. Bronze Corp. 65. 1940 low, Apr 10, 87.000 at 43.
Hanover (City) 7s 1939, Oct. 30, 57,000 at 3134.
Indiana Electric Os. series C. 1951. Feb. 1, $7,000 at 80.
International Petroleum. Feb. 2. 200 at 854.
Jersey Central Pow & Light 034% pref..May 29, 25 at 8.
Letcourt Realty Corp.. pref. Apri 4, 100at 214
Niagara-Hudson Power class 1801)1100 warrants March 21, 100 at 155.
Pacific Ltg & Pow 5s 1942, Oct. 30, $2.000 at 110.
Peoples Light & l'ower 5s. 1979, April 18, 82.000 at 14San Antonio Public Service 50, 1958. May 3. $1,000 at 64.
Syracuse Lighting 515a, 1954. Feb. 1, $1,000 at 10934.
Union American Investment 56 w. w. 1948, Aprll 12, $1,000 at 72.
Valvoline ()II 7s, 1937, July 10. $1,000 at 6051.
Western Newspaper Union Os, 1944. March 16. $1.000 at 21.
e See alphabetical 1188 below for "Under the rule" sales affecting the range for
the year:
Agriculture Mtge Bk is 1947 with coupon, Nov. 9, $1,000 at 2715.
Associated Telephone $140 preferred. Feb. 9, 101.1 at Inti.
American Community Power 5155. 1953, June 16. $1,000 at 10.
Chicago District Electric 554s. 1935, Feb. 2. $7
.000 at 954,
Cleveland Electric Illuminating 58 1939, June 1, $1,000 at 10734.
Ilygrade Food Products 6s, series B. 1949. July 25. 51.000 at 6214.
Narragansett Electric 5a, series I% 1957, Jan. 17. $1,000 all 104.
New York & Westchester Ltg 55 1954. Mar. 27, $5,000 at 100%.
Singer Mfg. Co. Am. dep. rcts.. July 6, 12 at 355.
Tennessee Punt% Service 55. 1970, Jan. 13. 51.000 at 95)4.
United States Rubber 6s, 1933. May 19. $8,000 at 100%.
Financial Chronicle
3666
Nov. 18 1933
Quotations for Unlisted Securities-Friday Nov. 17
Public Utility Bonds.
Port of New York Authority Bonds.
1444
Bid
Ask
Bayonne Bridge 4s series C
J&J 3
1938-53
Inland Terminal 41.48 ser D
M&S
Cleo. Washington Bridge
1936-60
48 series B 1936-50_ _ _J&D 85.50 5.10 Holland Tunnel 43is merles E
M&S
4 hs ser B 1939-53_ _IVI&N 65.50 5.10
1934-60
Arthur Kill Bridges 43.4s
series A 1934-46
M&S
70
80
A84
70
82
70
80
90
95
U S. Insular Bonds.
Philippine Government
-Bid
Ark
4s 1934
97 100
4s 1946
90
94
434s Oct 1959
93
97
434s July 1952
97
93
5s April 19.55
95 100
bes Feb 1952
95 100
101 104
5348 Aug 1941
Hawaii 41.4e Oct 1956
99 102
Honolulu EA
US Panama as June 1 1961_
28 Aug 1 1936
25 Nov 1 1938
Govt of Puerto Rico
494e July 1958
bs July 1948
Bid
Ask
98 103
103 104
99 4 10012
,
9954 10012
98
99
102
103
Federal Land Bank Bonds.
45 1957 optional 1937..NI&N
48 1958 optional 1938_M&N
434a 1956 opt 1936____J&J
43(s 1957 opt 1937____J&J
4hs 1958 opt 1938___M&N
5a 1941 optional 193I_M&N
4348 1933 opt 1932___J&D
Bid
78
78
80
80
80
91
997
8
Ask
80 4)48
80 4348
82 4348
82 4348
82 43.4s
9112, 44e
10018 4)48
1942 opt 1932__M&N
1943 opt 1933____J&J
1953 opt 1933____J&J
1955 opt 1935____J&J
1956 opt 1936____J&J
1953 opt 1.933____J&J
1954 opt 1934____J&J
Bid ' Ask
8412 86
8412 86
8112 83
8112 83
8112 83
8412 86
8412 86
New York State Bonds.
Ask
Bid
Canal & Highway
5s Jan de Mar 1933 to 1935 63.25
5s Jan & Mar 1936 to 1945 83.50
5s Jan & Mar 1946 to 1971 64.00
Highway Imp 434s Sept '63 109
Canal Imp 4 h s Jan 1964 _ _ 109
Can de Imp High 4hs 1985_ 106
Bid
World War Bonus
4348 April 1933 to 1939__
4348 April 1940 to 1949_
Institution Building
4s Sept 1933 to 1940
4s Sept 1941 to 1976
Highway Improvement
45 Mar & Sept 1958 to '67
Canal Imp 4e J & J '60 to'67
Barge C T 4s Jan 1942 to'46
Ask
63.30
83.95
83.35
03.85
102
102
101
New York City Bonds.
Bid
Bid ; Ask
038 May 1935
7712
9012 92 a43.48 June 1974
43348 May 1954
72
77 2
,
75 a4 ha Feb 15 1978
7712
a33.48 Nov 1954
72
75 a4)4s Jan 1977
7712
a4s Nov 1955 & 1956
74
76 a4 ha Nov 15 1978
7712
a4s M Sr N 1957 to 1939_ - - 75
79 a4 ha March 1981
8012
M & N 1957
79 a4
a4s May 1977
75
8012
ais Oct 1980
75
79 a4345 July 1967
8012
c43.48 Feb 15 193310 1940
7.00 6.00 a4 ha Dec 15 1974
77
(Mho March 1980
8012
79 a4348 Dec 1 1979
7712 79,
a43(s Sept 1960
2
95
a4hs March 1962k 2064... 7712 7912 a6s Jan 25 1935
95
7712 7912. a68 Jan 25 1936
a4348 April 1966
95
7712 7912 afis Jan 25 1937
04348 April 15 1972
a Interchangeable. 8 Basis. o Registered coupon (serial). dCoupon.
Ask
7912
79 z
,
7912
7912
79,
2
82
82
82
82
9612
9612.
96 2
,
New York Bank Stocks.
Par Bid
Bank of Manhattan Co. 20 21
Bank of Yorktown
100 20
Bensonhurst Natl
100 27
Chase
20 1918
Citizens Bank of Bklyn_100 ___
City (National)
20 2114
Comm'l Nat Bank & Tr_100 104
Ask
23
30
35
20 8
,
95
2314
114
Par Bid Ask
512
Lafayette National
25
Nat Bronx Bank
60 23
2812
National Exchange
25 2712 31
Nat Safety Bank & Tr_ _25
4
8
06
Penn Exchange
Peoples National
100
Public Nat Bk & Tr new_15
Fifth Avenue
100 935 935
10 1010 1060 Sterling Nat Bank & Tr__25
First National of N Y
Textile Bank
Flatbush National
100 35
100
20 Trade Bank
Fort Greene
100 10
Washington Nat Bank_ _190
100
Grace National Bank
Yorkville(Nat Bank of)_100
Kingsboro Nat Bank_ _100
5
9
80
2114 2314
1312 1612
19
24
30
40"
Trust Companies.
Par .Bid
Bence Comm Helium__ 100 142
Bank of New York & Tr 100 294
20 10
Bank of Sicily Trust
10 4414
Bankers..
7
20
Bronx County
100 78
Brooklyn
Par Bid
Ask
20 1512 17
100 220 250
100 223 228
1414 15 4
10
,
100 1880 1980
26 32 34
Ask
304
12
4614
11
87
20 10512 10912
Central Hanover
, ,
Chemical Bank & Trust..10 27 4 29 4
50
Clinton Trust
50 40
13
100 10
Colonial Trust
,
,
10 10 4 12 4
Continental Bk & Tr
47
20 45
Corn Exch Bk & Trust
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
Manufacturers
20
25
New York
Title Guarantee & Trust_20
Underwriters Trust
United States
1412 16
70 4 73 4
,
,
11 8 1318
,
100 50
100 1530
80
1580
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par in Dollars.
100
Alabama & Vicksburg (Ill Cent)
Albany & Susquehanna (Delaware & Hudson).100
100
Allegheny & Western (Buff Roth & Pitts)
50
Beech Creek (New York Central)
100
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
I00
Caro Clinchfield & Ohio(L & N A CL)4%
100
Common 5% stamped
Chic Cleve Cine & St Louis pref(N Y Cent)
100
Cleveland & Pittsburgh (Pennsylvania)
50
50
Betterman stock
25
Delaware (Pennsylvania)
Georgia RR & Banking(L & N. A C L)
100
Lackawanna RR of NJ (Del Lack de Western).100
100
Michigan Central (New York Central)
Morris & Essex (Del Lack & Western)
ao
New York Lackawanna & Western(D L de W) 100
Northern Central (Penneylvanta)
50
Old Colony (N Y N H & Hartford)
100
Oswego ds Syracuse (Del Lack & Western)
60
Pittsburgh Bess & Lake Erie (II El Steel)
50
Preferred
50
Pittabr gh Fort Wayne &Chicago(Penn)
100
Preferred
100
Rensselaer & Saratoga (Delaware & Hudson) 100
St Louis Bridge 1st prof (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louie (Terminal RR)
100
United New Jersey RR & Canal(Penna)
100
Utica Chenango & Susquehanna (I) I. .1, W).._ 100
Valley (Delaware Lackawanna & Western).- 100
100
Vicksburg Shreveport & Pacific (III Cent)
100
Preferred
50
Warren RR of NJ (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
4 Last reported market.
• No par value.
8.00
11.00
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
60.00
3.875
6.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
8.90
6.00
3.00
3.00
10.00
6.00
5.00
6.00
5.00
3.50
3.00
Bid.
70
165
77
27
110
135
44
60
65
72
82
36
32
135
62
600
55
76
73
87
55
27
55
120
135
97
105
62
105
195
73
75
58
58
38
52
e Defaulted.
Bid Ask
Amer S P S 5348 1948_M&N 3912 4314
Atlanta G L 58 1947 __J&D 9712
Central Gas & Elec1st lien coil tr 5)48'46J&0 3114 36 4
,
let lien coll tr Os '46_M&S 3312 3312
Fed P 8 let Cs 1947__J&D 47 4 22 4
,
,
34
Federated Utll 53.45'S? M&S 29
Ill Wat Ser let ba 1952_Jdr.) 7312 77
Iowa So Util 5348 1950_J&J 43 2 47
,
Keystone Telephone 5345'55 59 4 62
,
Louts Light 1st fs 1953_A&C) 10012 105
New p N dr Ham be '44 Jar.1 79
82
Norf & Portsmouth Tr 5s '36 98, 100 4
4
,
Ask.
76
175
83
31
115
---48
64
69
78
65
39
36
142
63
--58
79
76
90
60
31
60
130
140
102
110
55
110
200
78
63
63
43
56
I Ex-coupon.
NY Was Ser 58 1951_M&N
Oklahoma Gas 68 1940_ _ _ _ _
Old Dom Pow 5s_May 1551
Parr Shoals P58 1952_ _ A &O
Pennsylvania Elec 5s 1962__
Peoples L & P 53411 1941 J&J
Public Sera of Colo Os 1961_
Roanoke W W 58 1950.J&J
Sierra Ss San Fran 2d B 5s'49
United Wat Gas & E 581941
Virginia Power 5s 1942
Western PS 53.45 1960_ FAA
Bid
7014
6714
47
5712
643
4
32
7914
8112
73
7912
9312
47
Ask
7212
69
4912
8212
603
4
35
81 4
,
64
78
16614
50,2
Public Utility Stocks.
Par
Ask
Par Bid
Arizona Power pref....100
10 Jersey Cent P & L $7 pf_100
12 1
Kansas City Pub Sera corn..
Assoc Gas & El °rig pref_•
Preferred
*
36.50 preferred
2
1
•
1
2
Kansas Gas & El 7% pf 100
$7 preferred
•
Atlantic City Elec $6 pref.
• 8412 8712 Kings Co Ltg 7% pref. _100
Bangor Hydro-E17% pf _RIO 100 103 Memphis Pr & Lt 7% pref_•
1912 Metro Edison $7 pref B.__•
Birmingham Elec $7 pref . 17
8% preferred ser C
•
Broad River Pow p1.._100 20
25 _
Mississippi P & L $6 pref •
Cent Ark Pub Serv pref_100 35
-.
Cent Maine Pow 6% pf_100 58
62 Miss River Power pref.
Mo Public Serv pref___100
$7 preferred
100 6712
14 1
Mountain States Pr com
*
Cent Pub Sen Corp pref.•
.
$7 preferred
109
Columbus fly, Pr & Lt
___ Nassau & Suffolk Ltit of 100
1st $6 preferred
100 70
Nebraska Power $7 pref.100
$6.50 preferred B
100 60
11.10
4 --4
Consol Traction (N J) 100 173 192 Newark Corusol Clas
4
Consumers Pow 5% prof_• 523 543 New Jersey Pow & Lt $6 Pf•
4
5911 N Y & Queens E L & P Pf100
6% preferred
100 68
4
6.60% preferred
100 623 66 Northern States Pr $7 pf 100
Pacific Northwest P S____•
Dallas Pow & Lt 7% pref 100
6% preferred
100
82 85
Dayton Pr & Lt $6 pref_100 95--Prior preferred
50
100
Derby Gas & Elec $7 pref _• 45
___ Philadelphia Co $5 pref_50
Essex-Iludson Gas
100 144
__ Somerset On Md Lt._ 100
48
Foreign Lt & Pow units____
___ South Jersey Oas & Elec_1(10
Gas dt Elec of Bergen....100 93
___ Tenn Elec l'ow 6% pref _100
Hudson County Gas_...100 144
United G & E(N J) pref 100
Idaho Power 6% pref
•
55--- Wash fly & Else com
67
100
100 65
7% Preferred
__
3
5% preferred
100
Inland Pow Sr Lt pref. 100
45 4
Jamaica Water Supply M-50 --, 451 1 Western Power 7% pref_100
Ask
8312
12
112
69
87
49
70
53
1812
81
912
412
10
45
49
82 84
9514 99
5 2 6212
6,
100 105
55
50
712
112
1
5
314 412
35
40
70
78
145 150
31
34
35
3812
265
85 88
76
74
Bid
60 2
,
10
5
8
66
82
45
5812
48 2
,
163
4
77
513
Investment Trusts.
Ask
Par Bid
Ask
Par Bid
Administered Fund
47
2 _
1 15.34 16.67 Low Priced Shares
Amer Business Shares
1.01 1.11 Major Shares Corp
4 172: 18.93
5
,
338 4 Mass Investors Trust
Amer Composite Tr Shares_
.40
11
412 512 Mutual Invest Trust
Amer & Continental Corp_
1 10 1.20
8
12 National Wide Securities Co 3.03 -3.13
Am Founders Corp 6% p150
7% preferred
Voting trust certificates._
1.32 1.42
ao 9 13
NY Bank & Trust Shares.4
8
Amer & General Sec el A__•
214
No Amer Bond trust Ws_ _ - 7214
Class B com
18 1
No Amer Trust Shares_1953 1.82
$3 preferred
• 35
45
Amer Insuranstocks Corp _•
13
4 212
Scrim 1955
2.30 2.50
514 53
4
Series 1956
2.30 2.50
Assoc Standard 011 Shares..
4
432 Northern Securities
50
100 40
Bancamerica-Blair Corp...
Pacific Southern Invest pf.• 1812 22
Bancshares. Ltd
Class A
Participating shares __50c 1.04 1.29
•
212 5
•
12
• 3.19
Ill
Basic Industry Shares
Class 13
1.31 1.45
.45 .70 Quarterly Inc Shares
British Type Invest A_ _1
10 4 113 Representative Trust Shares 8.39 9.14
,
Bullock Fund Ltd
4
3
4
3.20 335 Royalties Management.
Canadian Inv Fund Ltd
14
Central Nat Corp class A
20, 2214
4
3
II 212 Second Internal Sec Cl A__•
Class B
r
18
1
8
Class B cornmeal
Century Trust Shares
• 1514 165
8% preferred
Corporate Trust Shares_
2.19
ao 16 20
2.09 ___ Selected Amer Shares Inc... 1.22 1.28
Series AA
2.09Selected American Shares_ 2.50
Accumulative serlea
2.25 ii2 Selected Cumulative Stus___ 6.59 6.81
,
Series AA mod
Series ACC mod
2.25 2.32 Selected Income Shares.... 3.39 3.88
Crum & Foster Ins Shame
Selected Man Trustees Sha _
515 55
Common B
16 Spencer Trust Fund
15 8 1614
,
10 13
7% preferred
100 75... Standard Amer Trust Shares 2.75 3.15
17 Standard Utilities Inc
Crum & Foster Ins corn___• 14
.60 .65
86
8% preferred
State Street Inv Corp
• 62.20 67.23
Cumulative Trust Shares__• 3.95 ___ Super Corp of Am Tr She A 2.91
2.06
AA
1.80 2.00
Deposited Bank Shs ser A
B
3.00
Deposited Insur Sias A
2.74 3.05
BB
2 07 Diversified Tristee Sha B.__
718
5.55
2.95 3.23
D
5.56
45
8 5, Supervised Shares
8
1.30 1.41
1.16 1.19
Dividend Shares_
,
Trust Fund Shares
314 3 4
Equity Corp. cv. of
21
26
Trust Shares of America__ _
2 8 3,s
,
Fquity Trust Shares A
2.75 3.10 Trustee Stand Investment C 2 28 2.40
• 47.54 51.22
D
Fidelity Fund Inc
2.03 2.35
Five-year Fixed Tr Shares_
512
4.02 ___ Trustee Standard 011 She A
512 53
4
Fixed Trust Shares A
8.41
• 7.06 __ Trustee Amer Bank SheA- _ 1.58
.71 .82
4's 4 T1
,
Series B
Fundamental Tr Shares A..
3
7 ... TrusteedN Y Bank Shares_
Shares B
•
1.00 1.15
1 65
Fundamental Investors Inc. 2.03 i35 20th Century orig series
2.50 2.90
Series B
General Investors Trust _ •
15 8 1718
,
418 412 Two-year Trust Shama
Guardian Invest pref w war
11
9
4
Huron Holding Corp
3
.20 .30 United Bank Trust
United Fixed Shares ser Y.
24 3
,
Incorporated Investors____• 17.20 18.67 United Insurance Trust
13
4
Independence Tr Shares __• 1.92 2
.20 175 & British International
.
4
Preferred
•
Indus & Power Security...
113 13
8
8
175 Elec Lt & Pow Shame A
Internal Security Corp(Am)
1014 10 4
3
634% preferred
13
B
1.78 1.85
8
100
13
Voting trust ctfs
6% preferred
100
.63 .73
8
Investment Fund of N J__•
3 8 418
,
12 1 12 Un NY flank Trust C EL_
Investment Trust of N Y.
•
13
4
412 51s Un Ins Tr She ser F
Telephone and Telegraph Stocks.
Par Bid
Ask
Amer Dist Teleg(NJ) COM • 62 66
Cincin Ss Sub Bell Telep__50 59, 6212
2
Cuban Telep 7% pref...100 17
23
Empire &Bay State Tel.100 37
Franklin Teleg $2.50___100 3014 _
Int Ocean Teleg 6% ____100 83
81
)
.
.
Lincoln Tel & Tel 7%
• 9018
Mount States Tel & Tel.100 104 107
New York Mutual Tel__100 15
20
Par
New England Tel & Tel_100
Northw Bell Tel pf 6 h %100
Pee & Atl Teleg U S l%..25
Roth Telep $8.50 1st p1.100
So & All Teleg $1.25____25
Trl States Tel & Tel $8___•
10
Preferred
Wisconsin Telep 7% preflull
Bid
Ask
871s 8912
1051 1 107
1312 1612
95 4 __
,
1412 17
100
74
,
107 109
Sugar Stocks.
Fajardo Sugar
Haytian Corp Amer
S Ex-stock dividends.
Par Bid
100 56
•
Ask
17
8
SavannahSavannah Sugar Ref
7% preferred
United Porto Rican
Preferred .
s Ex-dividend.
Far Bid
4,6
• 8512 92
100 931 98
14
2
4
•
34 1
•
Financial Chronicle
Volume 137
3667
Quotations for Unlisted Securities-Friday Nov. 17-Concluded
Chain Store Stocks.
Par Bid Ask
Bohack (H C) corn
•
100
7% preferred
Butler(lamed)corn
100
100
Preferred
Diamond Shoe pref
100
Edison Bros Stores prat10e
Fan Farmer Candy Sh pf _
Fishman(M H)scores-100
Preferred
Kobacker Stores [net -100
1
Kress (S II) 6% pref
100
Lerner Stores pref
100
Lord & Taylor
181 preferred 6%
100
100
Sec preferred 8%
Aeronautical Stocks.
Par Bid
A sic
15
Melville Shoe pref
18
100 9012
Miller (I) dr Sons pref__ 100
75
85
14
1
212 MockJudserVoehringerpt 100 61
314 714 Murphy(0 C)
pref _100 863 9314
4
51
212
60
1
_ Nat Shirt Shope (Del)
2112 24
Preferred
100 15
25
Newberry (J J)
pref_100 78
6'4 8
84
58
70 NY Merchandise 181 pf _100 80
16
21
412
11
Piggiy-Wiggly Corp
10
50 60 Reeves(Daniel) pref..
.100 95
19014 120 Schiff Co pref
100 7212
7812
Silver (Isaac) & Bros p1.100 1112
is
100 14
7812 --- U S Stores pref
Industrial Stocks.
Par
Alpha Portl Cement 111.. _100
•
American Arch $1
100
American Book $4
Amer Dry Ice CorP-- --60
Bliss(E NV) 1st prof
10
2dprefii
Bohn Refrigerator pf ___100
•
Bon Ami Co B com
Brunsw-lialke-Col pret__100
100
Burden Iron pref
Canadian Celanese com--•
100
Preferred
•
Carnation Co corn
100
Preferred $7
Chestnut dr Smith com____•
100
Preferred
Color Pictures Inc
Columbia Baking com____•
•
let preferred
29 preferred
•
Congoleum-Nairn 37 pf 100
Crowell Pub Co $1 nom_•
$7 preferred
100
De Forest Phonotilm Corp__
•
Doehler Die Cast pref
Preferred
$50 par
Eleeman Magneto com__•
Preferred
100
Flour Mills of AtnerIca____.
Gen Fireproofing $7 of 100
Gmton & Knight corn
•
Preferred
100
Herring-Hall-Mary Safe 100
Howe Scale
100
Preferred
100
Industrial Accept corn____•
Preferred
100
Locomotive Firebox Co___•
afactadden Public'ns com_5
Bid
Ask
60_
1114 13 -,
4
43
46
2 4 512
3
123
4
212
_
165 25
8
30
35
4512 4612
2212
2112 2312
1013 106
4
1418 15 2
,
92
__
2
412 10
4
5
318
112 338
1047
8
1812 2112
83 89
12
1812
9
-- 182
218
35
214
2312
1412
1
512
_
312
2%
114
2212
12
4
1112
23
4
45
414
2812
18
2
812
4
30
52
,
34
,
Par
Macfadden Public'ne pf
•
Merck Corp $8 pref
100
National Licorice coin__ _100
National Paper & Type 100
New Haven Clock pref 100
New Jersey Worsted pf 100
Ohio Leather
•
Okonite Co $7 Pre
100
•
Publication Corp corn
$7 let preferred
100
Riverside Silk Mills
•
Rockwood & Co
•
Preferred
100
Rolls-Royce of America_ •
Preferred
100
Roxy Theatres units
Common
PreferreC A
•
Ruberoid Co
100
Splitdort Beth Elec
•
Standard Screw
100
Standard Textile Pro_ _100
Class A
100
Class B
100
Stetson (J B) corn
•
Preferred
25
•
Taylor Milling Corp
Taylor Wharton Ir&St corn •
Preferred
100
Tenn Products Corp pref _60
TubizeChatillon cupf
100
10
Unexcelled Mfg. Co
White Rock Min Spring
$7 let preferred
100
$10 2d pref
100
Woodward Iron
100
Worcester Salt
100
Young (J S) Co com
100
100
7% preferred
Bid
173
4
10112
20
11
40
1912
20
63
4
76
1812
10
40
_
Ask
20
10512
25
9
20
23 2
-7
35
912
19
46
1
4
3
8 Vs
14 1
25
28
40
1
4
83
912
918
114
514
13
4
.56
112
45
7
8
4
312
1114
13
1212
214
_
412
Equit Office Bldg 55 1952___
Haytian Corp 86 1938
Hoboken Ferry 5s 1946
International Salt 5s...1951
Journal of Comm 6)45.1937
Kane City Pub Serv 68 1951
Loew's New Brd Prop
65 1945
J&D
Bid
6012
71
9812
20
20
71
Ask
Bid
Ask
6412 Merchants Refrig 68 1937___
NO Or No RR 5s '55_F&A 428
77
84,1 ii1
: 1NY & Hob Ferr 56'46 J&D 55
60
3
0 N Y Shipbdg 58 1940.61&N 89
30
7812 Piedmont & Nor Ry 55_1954 7012 7612
Pierce Butler & P 634s 1942 6112 411
7212 76
Prudence Co Guar Coll
5Sit 1981
6512
4412 47,
2
683 nil;
4
9712
_ Realty Assoc Sec 68'37_3&J 429
15 20 61 Broadway 5) '60_A&O 5612
-is
Stand Text Pr 6 As'42 M&S 13
1,
7
4914 50 4 Struthers Wells Titusville
3
0137 173
8
8
6 Ms 1943
36 4312
50
58
88
91 Tol Term RR 4345'57.6MN
791 82 2
,
5712
Ward Baking let 68____1937 9512 98
2112 24
Witherbee Sherman 66 1944
New
6
8
6912 7412 Woodward Iron 58 1952_J&J 631
3512
Chicago Bank Stocks.
Par Bid
Asle
Amer Nat Bank & Trust.100 70
80
Central Republic
100
212 3
Continental III Bk & Tr_100 2414 25
Par Bid
First National
100 66
Harris Trust & Savings...100 198
Northern Trust Co
100 260
•
Central Airport
Kinner Airplane & Mot__ _1
1
12
A sic
10
3
3
7
8
Par Bid
Ask
Southern Air Transport---•
2
5
Swallow Airplane
•
2
United Aircraft Transport
Preferred x warr
54
5712
12
Warner Aircraft Engine__ _•
1
Insurance Companies.
Par
Aetna Casualty & Sursty_10
Aetna Fire
10
Aetna Life
10
Agricultural
25
American Alliance
10
American Colony
6
American Equitable
American Home
1
American of Newark_ _2
American Re-insurance-1
American Reserve
1
American Surety
2
Automobile_
10
Baltimore Amer
234
Bankers & Shippers
25
Boston
100
Carollna
10
City of New York
100
Connecticut General Life_10
Consolidated Indemnity ___ 5
Continental Casualty
5
Cosmopolitan Fire
10
Eagle Fire
212
Employers Re-Insurance_10
Excess
5
Federal
10
Fidelity & Deposit of Md.20
Firemen's of Newark
5
Franklin Fire
5
General Alliance
•
Georgia Home
10
Glens Falls Firs
5
Globe & Republic
__
Globe & Rutgers Fire_ _25
Great American
5
Great Amer Indemnity ._ 1
Halifax Firs
10
Hamilton Fire
25
Hanover Fire
10
Harmonia
10
Hartford Fire
10
Bid Ask
4314 4514
313 33 4
4
,
133 153
4
4
483 53 4
4
,
1318 1518
47
s 77
8
12 4 15 4
, ,
47
8 67
8
73
8 88
,
353 383
4
4
83 103
4
4
1418 1618
1738 19 8
,
218 318
34 4 443
,
4
400 425
135 155s
8
119 129
2414 26 4
,
15
8 38
5
87 107
8
8
137 167
8
s
2 8 Ps
,
19
21
8
7
5512 5912
22
24
53
8 63
8
147 163
8
8
712 912
1212 1612
2614 28 4
,
918 1218
423 523
4
4
137 15 8
8
3
63
8 83
8
145 165
8
8
25
35
2414 2614
1418 1618
,
411. 431,
Par
Bid
Ask
Hartford Steam Boiler__ _10 41 4 473
3
4
Home
1618 175
8
Home Fire Security
10
13
8 238
Homestead Fire
10
812 10
10
Hudson Insurance
67
8
2
Importers & Exp. of N Y_25 1012 j21Knickerbocker
5
5 4 73
,
4
Lincoln Fire
5
114 2
14
Maryland Casualty
2
112 312
25 107 137
Mass Bonding Ar Ins
8
8
Merchants Fire A ssur com212 27
31
Merch & Mfrs Fire Newark 5
4 4 63
,
4
Missouri States Lite
238
10
National Casualty
47
8 67
10
8
National Fire
10 4318 4518
2
National Liberty
45
8 55
8
National Union Fire
20 5412 5912
9 8 11 8
, ,
5
New Amsterdam Cas
10 1414 1614
New Brunswick Fire
10
77 107
8
8
New England Fire
10 3414 3714
New Hampshire Fire
2
New Jersey
1614 1914
9
12
New York Fire
51
Northern
12.50 48
8
2.50 155 175
North River
8
Northwestern National.. 25 8412 8912
4
4
25 343 443
Pacific Fire
10 50, 5218
Phoenix
8
8
Preferred Accident
5 103 1238
Providence-Washington_ _10 2014 2214
30
10
Rochester American
St Paul Fire & Marine.. 25 116 121
4
4
10 213 233
Security New Haven
13
10 11
Southern Fire
82
Springfield Fire & Marine_25 77
4
6
Stuyvesant
10
Sun Life Assurance
100 410 460
100 302 317
Travelers
US Fidelity & Guar Co___2
318 418
3
4 283 30 4
U S Fire
Westchester Fire
2 50 181 2018
-7
24
93 100
135
1
473 52 2
4
,
5712 „..
83
___
Industrial and Railroad Bonds.
Adams Express 48 '47_J&D
American Meter 68 1946._
Amer Tobacco 4s 1951 FAA
Am Type Fdrs Se 1937 MAN
Debenture (is 1939_ _M&N
Am Wire Fab 78 '42_ _II&S
Bear Mountain-Hudson
River Bridge 7s 1953 A &O
Chicago Stock Yds 55_1961
Consul Mach Tool 75__1942
Consul Tobacco 46 1951___ _
Consolidation Coal 4)48 '34_
Par Bid
Alexander Indus 8% pi _100
Aviation Sec Corp (N El_ •
1
Ast
69
203
265
Realty, Surety and Mortgage Companies.
Par Bid Ask
Bond & Mortgage Guar--20
55 21s
Empire Title & Guar___100 22
50
Guaranty Title & Mortgage_
50 80
Home Title Insurance_ ....25
412
International Germanic Ltd
Par Bid
Lawyers Mortgage
20
13
4
Lawyers Title & Guar__100
43
4
National Title Guaranty 100
1
N Y Title & Mtge
21
10
Ask
214
8
2
13
8
New York Real Estate Securities Exchange
Bonds and Stocks.
Active Issues.
Bid
Home Loan Bonds
Home Owners' Loan Corp
4s w I
1951
BondsAllerton 55th St Corp 522845
Butler Hall 6s
1939
Central Zone Bldg etre
Chrysler Bldg 68
1948
Dorset (The) 68 Ws_ .
502 Park Ave Bldg ctfs____
40 Wall St Bldg 68
1958
42d St at Lexington Ave
Bldg 6)4s
1945
Fox Theatre & Office Bldg
Certificates of deposit..___
Harriman Bldg Corp 68_1951
Hearst Brisbane Prop (is '42
Hotel Lexingtn 68 ctfs
_
Hotel St George 5)4s....1943
Lincoln Bldg Certificates___
London Terrace Ants 6s '40_
Merchants' National Prop
1958
6s ww
Mortgage Bond(NY)5 tie_
Ask
Active Issues.
Bonds (Concluded)
New Weston Hotel Annex
1940
Bs
823 83
4
N Y Athletic Club 68_1946
165 11'way Bldg 5tis_1951
Park Central Hotel ctfs____
20
Pennsylvania Bldg ctfs__
29
28
Penny (J C)Corp 5148_1950
4412
1961
Prudence Co 5125
26 Savoy Plaza Corp 68 ctfs 45
21
1212 15 Sherry Netherlands Hotel
1948
5%8
34
39
666 West End Ave Apts6s'41
21
26 60 Broad St Bldg 6s__ 1939
6
10 Trinity Bldgs Corp 5125_193
10 2124-34 Bway Bldg ctfs_
1941
2 Park Ave Bldg 68
47
52 West End Ave & 104th St
1939
Bldg 68
501 5412
15
Stocks
29
33
Alliance Realty Co
36
151 1712 Beaux Arts Apt Inc units
39 Broadway Bldg Units_
17
City & Suburban Homes
2912 if French (F F) Investing
Bid
19
1812
5312
71
171
97
45
9
Ask
20
56
912
2212
471,
18
141
39
42
94
2
914 111331,
32
15
19
613
812
6
12
8
212 512
114 212
Other Over-the-Counter Securities-Friday Nov. 17
Short Term Securities.
Allia-Chal Mfg 56 May 1937
Amer Metal 53-45 1934_ AarO
Amer Wat Wks 58 1934 A&O
Bid
86 4
,
9738
94,
4
Ask
Bid
Ask
883 Hag Pet 43 Feb 15 '34-'35 10014
4
-is
973 Union 011 56 1935.......FAA 101 1014
4
95
Water Bonds.
Bid
Alton Water 56 1956_A&O 00
Ark Wat 1st 58 A 19156.A&O 8512
Ashtabula W W 56'58_A&O 8012
Atlantic Co Wat 68'68 M&EI 81
iiirm WW 1st 534sA'54A&O
let m 54 1953 sex B_ AM)
lst 56 1957 series C__ F&A
Butler Water fe 1957__A&O
City of Newcastle Wat 58'41
City W (Chat) 561B '54 J&D
lit Ss 1957!erica C_M&N
Commonwealth Water-'
1st 58 1956 B
FAA
let m 5e 1957 ser C FAA
Davenport W 541 1961 J&J
ES LA 101W 58'42_
J&J
1st m 68 1942 ser
1st 66 1960 ser D
F&A
94
88
88
80
89
93
93
91
91
88
75
79
73
Ask
BId
Ast
92 iluntIon W 1st ris'54 _ M&S 97 100
1st m 5e 1954 set 11__M&S 87
87
89
82
611 1962
82 85
83 Joplin W W Sa '57 say AM&S 80
82
Kokomo W W 56 1958_J&D 30 82
Nionm Con W lat 5856 J&D 7612 78
96
Monon Val W 5
'50_J&J 88
90
Mehra W W 1st fe'57.M&N 85
_
87
82 St Joseph Wat As 1941.A&O 94
99
91
South Pitta Water Co
1st Ss 1955
FAA 99
1st & ref 56 '60 ser A_J&J 93
let & ref Sa '60 ser B_J&J 93 95
93 Terre II'te WW 65'49A J&D 96
98
03
m 55 1956 set B MD 82 84
8912 Texarkana W lst 58'58 FAA
70
75
80
Wichita Wat 1st 86'49 M&S 98 100
82
let m Si '56 ser B_ _ _ F&A 87
75
1st m 56 1960 per C _M&N 85
Railroad Equipments.
Bid
Ask
Atlantic Coast Line 65
4.00 4.50 Kanawha & Michigan 68.....
Equipment 6
4.60 4.00 KansasCity Southern 63-4*.
Baltimore & Ohio 68
5.00 4.00 Louisville & Nashville 65.....
Equipment 4 3.4e & Se..... 5.00 4.00
Equipment 63ft
Buff Hoch & Pitts equip 65_ 6.00 4.20 Minn St P & 85 .56 41.0 & 66
Canadian Pacific 4 3-4e & 65 5.50 4.50
Equipment 8)48 & 7s........
Central RR of N J 65
4.20 3.75 MissouriPacific eh.
Chesapeake & Ohio 6s
4.20 3.90
Equipment 65
Equipment 830
4.20 3.90 Mobile & Ohio S.
Equipment 58
4.20 3.90 New York Central 4145 dr Sc
Chicago & North West 65...... 8.00 6.50
Equipment 65
Equipment6 Si
8.00 6.50
Equipment 78
Chic R. I & Pao 45.0 & 58._ - 11.00 8.00 Norfolk & Western 434s-__
Equipment 6s
11.00 8.00 Northern Pacific 7s
Colorado & Southern 65...... 5.50 5.00 Pacific Fruit Express 7s. _ _
Delaware & Hudson 65
4.75 4.00 Pennsylvania RR equip 5s
Erie 43ft 58
6.25 5.00 Pittsburgh & Lake Erie Otis
Equipment 66
6.25 5.00 Reading Co 43 & 15s
-is
Great Northerners
5.00 4.50 St Louis & San Fran 55
Equipment 54
5.00 4.50 Southern Pacific Co 43
-is....
Hocking Valley 5s
4.50 4.00
Equipment 7s
Equipment 68
4.50 4.00 Southern Ry 43is & 55
Illinois Central 43-4s & 55..
5.00 4.25
Equipment 66
Equipment Os
5.00 4.23 Toledo & Ohio Central 68.....
Equipment 7s & 6 tin.-- 5.00 4.25 Union Pacific 76
• No par value. el Last reported market.
Bid
5.50
6.00
4.50
4.50
12.00
12.00
12.00
12.00
12.00
5.00
500
5.00
4.00
4.75
4.00
4.00
6.00
4.30
12.00
5.00
5.00
5.75
5.75
6.00
4.00
Au
4.50
5.00
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
5.00
3.50
8.00
400
400
5.00
5.00
5.00
3.00
e Defaulted. s Ex-dividend.
3668
Financial Chronicle
Nov. 18 1933
Current Earnings-Monthly, Quarterly, Half Yearly
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
1933.
$42,022
42,412
1932.
$51.357
40.587
1931.
366,532
55,932
1930.
375.708
61,553
Net rev.from oper__ _
Tax accruals
def$390
2,760
310.770
4.000
310,599
4,500
314.154
4,800
Operating income__ _ _
Other income
def$3,149
473
$6,770
1,625
$6.099
3,483
$9,354
3,655
Gross income
Deduct.from gross inc
def$2,676
12,734
$8,395
13,910
$9,582
28,096
$13,010
31,457
Net deficit
10 Mos.End. Oct.31
Operating revenues
Operating expenses
315,410
35.514
$18,514
$18,447
$469,447
396.362
3495.117
457,517
3682,535
568,177
$758.192
615,023
Net rev, from oper
Tax accruals
$73,085
27,542
337,600
40.000
$114,359
45,000
$143,168
48,000
Length of Road.
Operating income__ _ _
Other income
$45,544
16,226
def$2,400
24,865
$69.359
52.764
$95,168
79,269
Inc.(+) or
Dec.(-).
Gross income
Deduct.from gross inc
361.770
1933.
155,517
322.465
173,083
8122.123
289,451
8174,437
310,674
$
-46,000,776
-46,080.759
-69,022,941
-40,180,139
+3.584,364
+35.484.283
+59.691.784
+48,737.988
+23 44R 244
Miles.
Miles.
241,881
241,189
240,911
241,680
241,484
241.455
241.348
241,166
240 992
241.991
241,467
241,489
242,160
242,143
242,333
241,906
242,358
299 004
Current
Year.
Period
Covered.
NameCanadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis__
Southern
St Louis Southwestem
Western Maryland
2nd wk of Nov
let wk of Nov
let wk of Nov
_lat wk ot Nov
14 wk of Nov
1st wk of Nov
1st wk of Nov
Previous Inc.(+)or
Year.
Dec.(-).
3,028,114
2,416,000
16.425
150,506
1,837,487
269,300
250,092
3,000,627
2,518,000
13.325
170,356
1,844,744
252,882
238.831
+27,487
-102,000
+3.100
-19,850
-7,257
+16,418
+11,261
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.
Gross Earnings.
Month.
1933.
1932.
$
228.889,421
185,897,862
219,857,606
227.300,543
257.963,036
281,353,909
297.185.484
300,520,299
295 5011 009
January
February
March
April
May
June
July
611gust
Rentemhor
$
274,890,197
231,978,621
288,880,547
267,480,682
254,378,672
245,869,626
237.483,700
251.782,311
272 n39 705
Nei Earnings.
1932.
Inc.(+) or Dec.(-).
Month.
1933.
July
August
September
1932.
Amount.
Per Cent.
45.603.287
41,460.593
43,100.029
52,585,047
74.844,410
94,448,669
100.482.838
96.108,921
94,222.438
January
February
March
April
May
June
45,964.987
56,187,604
68,356,042
56,261,840
47,416.270
47,018,729
46.148.017
62,553,029
83,092,822
-361,700
-14.727,011
-25.256.013
-3,676,793
+27,428,140
+47.429.940
+54.334.821
+33,555.892
+11 129,616
-0.79
--26.21
-36.94
--6.55
+57,85
+100.87
+117.74
+53.64
+13.39
11441 Earnings Monthly to Latest Motes.
Montour-
October1933.
Gross from railway..-- $106,621
Net from railway- --4.546
Net after rents
11,604
From Jan. 1
Gross from railway_ _ _ 1,367,303
Net from railway..__ 471,629
Net after rents
619,286
1932.
$184,140
103.600
110,531
1931.
$233,313
105,832
117.964
1930.
$283,745
124,261
126,884
1,207,786
394,557
549.840
1,848,902
668,708
817,728
2,182.728
761,422
838,860
1933.
$433.534
60,005
1932.
$439.810
47.889
16,428
1931.
*514.215
77.215
67.407
1930.
$635,096
135.120
130.841
4,196.843
521,400
4,482,098
435.054
358,890
5,644.398
696.663
610.612
6.469.899
1,116,460
1.122.691
Central Vermont-
October
Gross from railway.._ _
Net from railway_ _ _ _
Net after rents
From Jan. 1
Gross from railway
Net from railway.... _
Net after rents
Other Monthly Steam Railroad Reports.
-In the following 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, Sze., or where they differ in
some other respect from the reports to the Commission:
Central Vermont Ry., Inc.
Month of October
Railway oper.income._ Non-operating income._
1933.
$43.766
38,242
1932.
$30.320
37,831
1931.
$63,284
46.020
1930.
$118.685
52.989
Gross income
Deduct.from gross inc.-
382.009
154,475
$68.150
147.882
3109.307
140.261
$171,674
135.182
Netincome
$72.467 def$79,732 def$30,954
Ratio of ry. oper. exps.
to revenues
89.11%
86.16%
84.98%
Ratio of oper. exps. and
taxes to revenues
87.62
93.1
,
2
89.92
Miles of road operated
10 Mos.End. Oct.31
Railway oper.Income... $363,603
$552,612
3260,081
Non-oper. income
430.184
407,613
388.106
336.492
78.72%
81.3m
$968,936
558,550
Grossincome
Deduct.from gross inc.-
3751.710
1,471,838
Net Income
Ratio of x3r. Won exps.
to revenues
Ratio of oper. exps. and
taxes to revenues
Miles of road operated
3720.128 def$802,418 def$348.304
$246,533
$667,693
1,470,111
New York City Street Railways
(As Filed with Transit Commission)
Operating
Deductions
Gross
Companies
Brooklyn & Queens
Income.
$
June 1933
June 1932
12 months ended June 1933
June 1932
Brooklyn Bus Corp June 1933
June 1932
12 months ended June 1933
June 1932
Eighth de Ninth Ave June 1933
(Receiver)
June 1932
12 months ended June 1933
June 1932
Fifth Avenue Coach June 1933
June 1932
12 months ended June 1933
June 1932
Interboro Rapid Transit
Subway Division
June 1933
June 1932
12 months ended June 1933
June 1932
Elevated DivLsion June 1933
June 1932
12 months ended June 1933
June 1932
Hudson & Manhattan June 1933
June 1932
12 months ended June 1933
June 1932
Manhattan & Queens June 1933
June 1932
12 months ended June 1933
June 1932
NY di Queens County June 1933
(Receiver)
June 1932
12 months ended June 1933
June 1932
New York Rys
June 1933
June 1932
12 months ended June 1933
June 1932
N Y Rapid Transit June 1933
June 1932
12 months ended June 1933
June 1932
South Brooklyn Ry June 1933
June 1932
12 months ended June 1933
June 1932
Steinways Railway
June 1933
(Receiver)
June 1932
12 months ended June 1933
June 1932
Surface Tran.sportationJune 1933
June 1932
12 months ended June 1933
June 1932
Third Ave Ry System June 1933
June 1932
12 months ended June 1933
June 1932
1,483,861
1,591,970
17.883,999
20,208,708
273,795
286.829
3,201,068
2,833,962
63,865
76,714
774,217
964,078
375,102
435,915
4,119,593
5.227.570
3,645.895
3.898.304
45,582.020
50,110.266
1,126.845
1,273,857
13,725,063
16,210,593
475,414
542,433
6,204,681
7,264,286
35,134
36,553
426,344
472,133
49,323
62,335
598.395
784,494
450.493
420,972
4,918.166
5,213.062
2,693,762
2.743,403
31,990,139
34,141,281
75,873
74,878
885,312
972.700
43,670
50,237
551,495
670,661
169,865
181,946
2.008,051
2,172.390
896.457
1,009,616
10,990,511
12,826,855
Net Corp.
Income. from Income. Income.
371,587
369,896
4,416,973
4,407,356
43,279
21,367
411,308
338,261
4,284
54
-52,745
32,215
63.180
85.214
472,201
902,186
188.065
179,761
2,029,423
2,037.814
12,760
16,972
167.669
206.376
32,404
33,755
139,725
138,730
540
708
7,126
8,387
$
204,622
190,135
2,387,549
2,369,542
30,519
4,395
243,638
131,886
--28,121
--33,700
--192,469
--106,514
62,640
84,506
465,074
893,799
1,064,747
1,431,332
341,282
1,123,602
1,400,606
306.588
17.592.395 13.660.220 3,932,175
19,679.860 16,093,219 3.586,641
166,544
469.416 -302.871
36.122
473.921 -427,800
728.025 5,629.598 -4,901.572
1,151,891
5,570,281 -4.418,390
288.173
314.739
-26,566
314,147
373,066
58,919
3,770.329
4,240.696
470,367
5,119,543 3,903.423
1,216,121
8,204
10.246
-2.042
10.441
9,985
456
94.162
-28,625
122.788
74.071
124.449
-50.389
1,162
-3.731
2.569
-3,234
-9,391
6,157
61.827
-9,836
69,338
96,120
267,922 -171,800
84,802
-87.203
172.005
69.959
173.928 -103.968
860,953 2,075,305 -1,214,352
808.488 2.105,392 -1,296,904
1,022,827
435,649
587.178
997,594
413,243
584,351
12,092.281
7,050,705 5,041,576
12,143.586 6,990.555 5,155.031
20,515
11,752
32,267
10,044
• 20.252
10,208
179,055
133,419
312.475
172,391
137.268
309.660
-2,184
4,390
2,206
6,167
-9,391
3,234
-4.059
66.907
62.850
-33.477
71,283
43,174
12,407
22,884
35,291
-5.309
26.756
21,447
44,325
311,281
355.606
101,264
339,056
440.319
26.053
212.456
238,510
220,836
30.001
250,837
221,119
2.567,863
2,788,081
460,138
3,106.046 2,645.907
INDUSTRIAL AND MISCELLANEOUS COS.
Addressograph Multigraph Corp.
(And Subsidiaries)
87.58%
90.29%
87.66%
82.55%
91.33'7;
94.12a
90.22a
,
457
85.03
4
Mexican Currency
-Month of September---9 Mos. End. Sept. 30
1932.
1932.
1933.
1933.
Railway oper. revenues 6.630,290 5,542,493 59,755.314 55,501.678
Railway oper. expenses 6,038.014 5,970,891 53,073,868 51,394.463
Balance
Kilometers operated..
Net deficit
8167,328
$150,617
03,747
3136,237
10
-Last complete annual report in Financial Chronicle Feb. 23'33, p. 1371
3982,795 31,527,486
1.280,953
1,331.099
Ftys. of Mexico.
Net oper. revenue__ -Percentage,exps. to rev..
Tax accruals & uncollect.
revenue (deduction)_
Non-operating income._
Deducts., items 536-541
-S.
(I. C.C)
Fonda Johnstown & Gloversville RR. Co.
Month of OctoberOperating revenues
Operating expenses
91
def428,397
107
6,681,445
88
4,107,214
92
52,592
772
56,885
5,514
369,245
7,075
385.619
201.494
509,607
1.930,988
3.949,340
592,276
443.373 de1881,892 5.114,186
536,417
11.290.019 11.368.719 11.290.019 11,368.719
Period End. Sept. 30
- 1933-3 Mos.-1932.
$143,171
Operating profit
$37,227
57.543
Expenses & amortization
37.101
74,444
Depreciation
84.426
4,510
20,636
Interest St exchange loss
6.725
Federal taxes
Cr17,857
4,246
4,692
Subsidiary pref. divs
1933-9 Mos.-1932."I
$363.792
$569.900
163.580
123.225
227.311
241.811
60.050
4,510
16.140
18,000
12.482
14,089
$75.199
820.869
Net loss
$115.771prol'3168,265
rJrLast complete annual report in Financial Chronicle April 8 '33, p. 2435
American Commercial Alcohol Corp.
(And Subsidiaries)
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
Net profit after taxes,
charges, deprec., &c__
$85.404
3218.513
$160,541
$404,822
Shares capital stock outstanding (par 320)....
194,747
260.859
260.859
194 747
$0.32
Earnings per share
$0.83
$0.82
0.08
ri'Last complete annual report in Financial Chronicle Apr. 1 '33, p. 2246
Financial Chronicle
Volume 137
Black Hawk Consolidated Mines Co.
9 Months Ended Sept. 30Net profit before deprec.and depletion
1933.
$41,187
Cincinnati Gas & Electric Co.
1932.
$9,314
Boston Elevated Ry.
-Month of SeptemberReceipts1933.
1932.
From fares
$1,799,550 $1,884,986
From oper. of special cars, special motor coaches
and mall service
2,526
1,633
From advertising in cars, on transfers, privileges
at stations, &c
36,190
40.782
From rent of equipment, tracks and facilities
2.525
2,687
From rent of buildings and other property
3,510
4,660
From sale of power and other revenue
672
1,260
Total receipts from direct operation of the road $1,844.976 $1,936,011
Interest on deposits, income from securities, &c.._
3.975
4,526
Total receipts
81,848,951 $1,940,538
Cost of Service
Maintaining track, line equipment and buildings- $201.264
$228,463
Maintaining cars, shop equipment, &c
241.406
286.861
Power
118,874
129,222
Transportation exp.(incl. wages of car service men)
624,180
698,950
Salaries and expenses of general officers
5,898
7,120
Law expenses,injuries and damages, and insurance
73,882
89,477
Other general operating expenses
80,429
90,146
Federal, State and municipal tax accruals
103.605
124,589
Rent for leased roads
103,494
103.505
Subway, tunnel and rapid transit line rentals
232,637
232.833
Interest on bonds and notes
327.106
337,678
Miscellaneous items
4,970
4,397
Total cost of service
$2,117,750 $2,333,245
Excess of cost of service over receipts
$268.798
$392,706
10
-Last complete annual report in Financial Chronicle Feb. 25'33, p. 1369
Bowman-Biltmore Hotels Corp.
9 Mos. End.Sept.30-1932.
1931.
1930.
1933.
Income from restaurants,
concessions, &c
$3,086.699 $3,884,929 $5,878,081 $7,857,985
Operating loss
678,331
84.139 prof694,827
727.148
Interest
201,415
200,838
192,992
232.057
DePrec. & amortization_
317,121
316,606
317,643
316,728
Net loss
$594,774prof$152,042
$1,245,684 $1,195,775
IVLast complete annual report in Financial Chronicle April 29'33, p.2978
(E. G.) Budd Mfg. Co.
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after charges,
depreciation & taxes_prof$50,298
$399,491
$253,252 $1,253,978
PrLast complete annual report in Financial Chronicle Feb. 18 '33, p. 1204
Budd Wheel Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after interest,
depreciation & taxes_ prof$24.307
$366,821
$262,775 $1,009,851
UPLast complete annual report in Financial Chronicle Feb. 18 '33, p. 1204
Bulova Watch Co.
(And Subsidiaries)
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-6 Mos.-1933.
Net loss
$304,474
$95,385
$203,283
$470,309
rarLast complete annual report in Financial Chronicle June 10'33, p. 4092
Central Illinois Light Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of September- -12 Mos.End. Sept.30Gross earings
Oper. exp.,incl. maint
Taxes
Fixed charges
Provision for retirement
reserve
$505,849
210,704
68.650
69.891
Net income
Dividends on pref. stock
$105,327
57,747
51.275
$49'5,884 $6,55'4,156
199.420 2,628,070
43,804
556,832
75,785
889,892
51,275
614,500
F6,962,294
2,598,552
563,579
909,423
614,500
Checker Cab Manufacturing Corp.
(And Subsidiaries)
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after taxes, depreciation, &c
$147,342
$187,842
$299,199
$547,923
137Last complete annual report in Financial Chronicle May 13 '33, p. 3350
Columbia Gas & Electric Corp.
(And Subsidiaries)
Period End.Sept. 30- 1933-3 Mos.-1932. 1933-12 Mos.-1932.
$14,652,912 $14,553,173 $74,506,438 $80,772,881
Gross revenues
8,295,704 7.854.989 36,813.898 40,166.567
Operating expenses
Prov.for retire. & deplet. 1,398,499 1,262,616
6,768,707 6,824,349
1,821,809 1,645,630 7,764,655 6,859,326
Taxes
Net oper. revenue-- $3,136,901 $3,789,938 $23,159,177 $26,922,638
56,705
70,700
Other income
258.382
367,261
Gross corp. income_. $3,193,606 $3,860,638 $23,417,559 $27,289.899
Int. on secur. of subs, in
797,721
767,901
hands of public, &c__
3,294,379 3,031.186
Pref. dive, of subs, and
641,207
631,099 2,577,002 2,543,687
minority interests__
Bal. appl. to C.G.&E. $1,754,678 $2,461,637 $17,546,178 $21,715,026
Income of other subs.
21,885
3,317
32,178
75,141
appl. to C.G.&E
Total earns, of subs.
appl. to 0.G.&E___ $1,776,563 $2,464,954 $17,578,355 $21.790,168
Net rev. of C.G.&E___ 487,933
552,689 2,144,927 2,579,604
Combined earns. appl.
to fixed chrges of
$2,264,496 $3,017.643 $19,723,283 $24,369,772
0. G. & E
Interest charges, &c., of
1,441,946
1,578,717 5.855,323 6.357.688
C. G. ,Sc E
$822,550 $1,438,926 $13.867,959 $18,012,084
6,464,916 5,980,491
Balance
$7,403,043 $12,031,593
Earnings per share (on common shares outstand$0.63
ing at end of respective periods)
$1.04
t2b'Last complete annual report in Financial Chronicle Mar. 25'33, p. 2063
(Incl. Union Gas & Electric Co.)
3 Mos.End.Sept.301932.
1930.
1931.
1933.
Revenue
$4,958,040 $4.925,197 $5,469.195 $5,526,593
Expenses
2,692,604 2,614,355 2,825,838 2,954,934
Taxes
506,934
507,949
509,064
536,226
Depreciation
468,244
458,394
462,730
490,121 _
Net operating earnings $1,290,257 $1.339,048 $1,617,010 $1,605,316
Other income
87,750
92.935
79,146
20,951
Gross corp.inc.(avail.
for int, and divs.)__ $1,378,007 $1,431,984 $1,696,156 $1,626,266
tarLast complete annual report in Financial Chronicle April 22'33,P.2796
Columbian Carbon Co.
(And Subsidiaries)
Period End.Sept. 30-1933-3 Mos.-1932. 1933-9 Mos.-1932.
Net after Federal tax___ $558.930
$439,695 $1,505,802 $1,472.126
Deprec. & depletion____
244,358
242.735
738,944
843,297
Cr11,120
Minority interest
22,894
Cr2,458
Cr40.534
Net income
$199,418
$777,978
$669,363
$291,678
Earns. per sh.on 538,420
$1.44
shs. of no par value__ _
$1.24
$0.45
$0.37
rarLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1879
Community Power & Light Co.
(And Controlled Companies)
-Month of September- 12 Mos. Ended Sept. 30
1932.
1932.
1933.
1933.
$339,478 $3.740,230 $4,083,259
Consol. gross revenue_ _ _ $337.222
2.365,753
Oper. exp., incl. taxes__
196,425 2.210,823
196,607
Bal. avail, for int.,
amortiz.,depr., Fed.
inc. taxes, dive. &
surplus
$143,052 $1,529,407 $1,717,505
$140,615
'Last complete annual report in Financial Chronicle May 6 '33, p. 3157
Continental Gas & Electric Corp
(And Subsidiaries)
1932.
12 Months Ended Sept. 301933.
Gross operating earnings of subsidiary companies
(after eliminating inter-company transfers)__ --$29,790,917 $30,165,572
Operating expenses
11,088.405 11,161,358
1,391,718
1,580.415
Maintenance,charged to operation
2,635,237
Taxes, general and income
3,074.951
4,154.726 3,908.965
Depreciation
Net earnings from operations of subsidiary cos__$10,081.117 10.879.597
579,961
749.809
Non-operating income of subsidiary companies __
Total income of subsidiary companies______ --$10,661.078 $11.629,406
Interest, amortization and preferred dividends of
subsidiary companies:
Interest on bonds, notes,&c
3,959,538 3,461.625
Amortization of bond and stock discount and
324,157
347,547
expense
1,063,663
Dividends on preferred stocks
1,069,077
Proportion of earnings attributable to minority
13.269
common stock
11,554
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies
$5,273,362 $6,766,692
51,478
Earnings of Continental Gas & Electric Corp._ _
39,169
Balance
Expenses of Continental Gas & Electric Corp
$5,312,531 $6,818,170
138,090
137,303
Grossincome of Continental Gas & Electric Corp. $5,175,227 86,680,080
Holding company deductions:
Interest on debentures
2,600,000 2,600,000
24,959
Other interest
953
164,185
164,172
Amortization of debenture discount and expense
$2,410.102 $3.890,936
1.320.053
1,320.053
Balance available for dividends
Dividends on prior preference stock
Balance available for common stock dividends__ $1,090.049 $2,570,883
$5.08
$11.99
Earnings per share
OPLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2604
$125.298 $1.8"4.861 $2.276,238
57,717
692,670
692,609
Balance
$47,580
$67.581 $1,172,190 $1,583,629
arLast complete annual report in Financial Chronicle Apr. 29 '33, p. 2972
Bal. appl. to capital
stocks of C.0.&E _
Preferred dividends paid
3669
Coty, Inc.
(And Domestic Subsidiaries)
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
$642,903
$827,288 $2,147,730 *2,250,885
Gross profit
1,705.069
626,959 1,830,336
575,055
Expenses
$67,848
137,818
Total income
Depreciation
Federal tax
$200,269
18,457
$317,394
165,467
$545,816
67,562
$205,666
10,944
28,220
Operating profit
Other income
$218,726
12,344
37,216
$482,861
31,988
65.999
6613.378
38,023
94,216
$384,874
$481.139
$169,166
Net income
$166,502
Earnings per share on 1,537,435 slis. capital
stock (no par)
p d1
0
Note.
-Above figuresare exclusive of the $roprtions of profitsand losses
f
of foreign subsidiary and associated companies applicable to holding of
t43c1
11
Coty, Inc., in these companies.
ra'Last complete annual report in Financial Chronicle May 20 '33, p. 3542
l
Cushman's Sons, Inc.
-12 Weeks Ended- -40 Weeks EndedPeriodOct. 7 1933. Oct. 8 1932. Oct. 7 1933. Oct. 8 1932.
Net profit atter int.,
,
deprec.. Fed. taxes &
other charges
$461,744
$2,972
$56,950
$284.907
Earns, per sh. on comb.
-.4
preferred shares
$0.05
$0.94
$4.69
$7.69
larLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1891
Detroit Edison Co.
(And Subsidiary Utility Companies)
12 Months Ended Oct. 311933.
1932.
Total electric revenues
$39,513,362 $42,311,442
Steam
1,744,342
1,881.187
Gas
387,110
444.369
Miscellaneous
4,334
Dr.3,819
Total operating revenue
Non-operating revenue
$41.649,148 $44,633.180
60,979
177,128
Total
Operating and non-operating expenses
Interest on funded and unfunded debt
Amortization of debt discount and expense
Miscellaneous deductions
$41,826,276 $44,694.160
28.477,272 31,396.775
6,543.037 5,870.655
184.273
205,549
55.427
10,190
Net income
$6,590,228 $7,187,029
complete annual report in Financial Chronicle Jan. 21 '33, 1. 484
3
'Last
3670
Financial Chronicle
Creameries of America, Inc.
Period Ended Sept. 30 1933
3 Months.
Net income after taxes, depreciation. Int. and other
charges but before subs. pref. divs
$89,963
Keith-Albee-Orpheum Corp.
9 Months.
$162,986
Duquesne Light Co.
• 12 Months Ended Sept. 30-Gross earnings
Operating expenses, maintenance and taxes
1932.
1933.
$23,886,697 $25.985.459
9,037,958
8,429,172
Net earnings
Other income-net
$15,457,525 $16,947,502
984,282
990,792
Net earnings including other income ______ _ __ _$16,448.317 $17,931,784
Rent of leased properties
178,614
178,539
Interest charges
-net
3,019,498
3,206,542
Amortization of debt discount and expense__
156,890
167,317
Other charges
721
721
Appropriation for retirement reserve
2,078,837
1,910,936
Net income
Earned surplus, beginning of period
Sundry adjustment
-net
$10.984.262 $12,497,223
25,153,349 23,596,296
82,684
25,746
Total surplus
Preferred dividends
Common dividends
$36,163,358 $36,176,203
1.375,000
1,375,000
9,647,854
9.687,726
Earned surplus, end of period
$25,100,632 $25,153,349
"Last complete annual report in Financial Chronicle May 13 '33, p. 3331
Fifth Avenue Bus Securities Corp.
3 Months Ended Sept. 30Dividends received from N.Y. Transport Co__ -_
Interest received
General expenses
1933
$95,534
Totalincome
Dividends paid
Nov. 18 1933
$95,074
94.805
1932.
$95,435
24
(And Subsidiary Companie )
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Profit from operations__
$444,638
$83.142
$372,805
$315,914
Deprec. & amortiza'n__
370,407
280,239
925,597
1,360,734
Net loss
$07,097 prof$74.231
$552,793 $1,044,820
Note.
-The net loss of figures reported for 1933 include net loss of
Orpheum Circuit, Inc., and its subsidiaries, amounting to $124,836 from
Jan. 1 1933 to Jan. 27 1933. On the latter date Orpheum Circuit, Inc.,
was adjudicated a bankrupt.
ta"Last complete annual report in Financial Chronicle May 27 '33, p. 3730
(B. F.) Keith Corp.
(And Subsidiary Companies)
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Profit from operations_ 3405.998
$326.493 $1,109,829
$13,417
Deprecia'n & amortiz'n_
223,430
182,243
680.532
652,650
Net loss
$210.013prof$223,755
3354,039prof$457,179
U"Last complete annual report in Financial Chronicle May 27 '33, p. 3731
Kelsey-Hayes Wheel Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after taxes,
charges, &c
$67,194 loss$653,414 loss$234,982loss$1781710
Note.
-Operating results of company's English subsidiary, included in
foregoing figures, have been converted at the year-end rate of $3.328 for
sterling.
la"Last complete annual report in Financial Chronicle July 29 '33, p. 878
(G.) Krueger Brewing Co.
461
$95,458
94,706
Surplus
$752
$269
Earnings per share on 591,915 shares capital stock
(no par)
$0.16
$0.16
For the nine months ended Sept. 30 1933. net income was $282,048 equal
to 47 cents a share, comparing with $282,806 or 47 cents a share in first
nine months of 1932.
129
-Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1884
General Food Corp.
Period End.Sept. 30- 1933-3 Mos.-1932. 1933-9 Mos.-1932.
$12,450.226 $11,520,711 $37,408,423 $37.240.665
Gross profit
8,280,462
8,462,090 24,994,275 24,396.289
Expenses
517,407
440,970
1,499,968
1,478,770
Depreciation
Operating profit
Other income
$3,652,357 $2,617,651 $10,914,180 $11.365,606
166,921
236,772
492,111
745,676
Total income
Federal tax
Earnings for 5 Months Ended Sept. 30 1933.
Income from sales after excise taxes, discounts,&c
Cost of goods sold
Selling, delivery and administrative expenses
Operating profits
Other income
$4478,574
6.442
Total income
Other deductions
Provision for depreciation
Provision for Federal income taxes
$485,016
7.579
37.533
64,517
Net profit
$375,386
Langendorf United Bakeries, Inc.
Period Ended Oct. 14 19335 Weeks.
15 Weeks.
Net income after depreciation and other charges_ ....
825.581
$62,966
Earns, per sh. on 111,926 class B shares
$0.08
$0.12
a'Last complete annual report in Financial Chronicle Sept. 9 '33, p. 1947
$3,819.278 $2,854,423 $11,406,291 $12,111.282
582,982
404,376
1,827,433
1,772,135
Net profit
$3,236,296 $2,450,047 $9,578,858 $10,339.147
Shs,corn. outst.(no par) 5,251.468
5,251,493
5,251,468
5,251,493
$0.62
Earnings per share
$1.82
$0.47
$1.97
W.I.,ast complete annual report in Financial Chronicle Mar. 25 '33, p. 2057
Granite City Steel Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-193k.
Net sales
$1.972,699 $1,123,014 $4,235,671 $3,398,802
Cost of sales, sell., gen.
& admin. expense
1,636,817
1,016.909
3,688,832
3.139,430
Depreciation
90,000
90,000
270,000
270,000
Operating income--__
Miscellaneous income___
$245,8$2
6,494
$16,105
5,585
$276,839 loss$10,628
23,893
19,715
Total income
Spec. charges, incl. Fed.
income tax
$252,376
$21,690
$296,554
$13,265
49,519
1,784
62.943
4,193
Net profit
$202,856
$19,906
$233,611
$4072
Earns, per sh.00 292.347
shs. com.stk.(no par)
80.03
$0.69
$0.79
$0.07
UPLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2077
Greyhound Corp.
(And Subsidiaries)
Earnings for 6 Months Ended June 30 1933.
Net loss after interest, expenses and other charges
Loss from liquidation of Greyhound Securities Corp
Discount on repurchase of company's own collateral trust notes_
$50.461
134,888
155,002
$340,351
Deficit
ta"Last complete annual report in Financial Chronicle June 10'33, p. 4097
Gulf Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of September- -12 Mos. End. Sept. 301932.
1933.
1932.
1933.
$927,702
$73,786
$825,932
$74,562
Gross earnings
37,304
483,945
38,591
443,247
Oyer. expo., incl. maint_
59,070
6,286
65,343
8,433
Taxes
182,295
169.513
15.208
14.150
Fixed charges
30,000
2,500
2,500
30,000
Prov.for retire. reserve_
Net income
Divs. on 1st pref. stock..
Balance
$11,115
5,594
$12,258
5,616
$105,045
67,334
$185,172
67,461
$5,521
$6,641
$37,711
$117,710
International Nickel Co. of Canada, Ltd.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Earnings
$871,689 $10,082,320 $3,107,576
$5,635,728
Other income
136.285
26.226
5,062
63,688
Total income _____ _ _85,699.416
Adm.and gen. expenses
265,214
Federal taxes
604,278
Interest paid and accrued
120.383
Deprec., depletion, &c
936,410
$876,751 $10,218,605 $3,133,802
748,208
758.263
224,132
874.975
132,831
39,956
332,014
81,773
253,824
2.627.388
729.987
2,281,237
Net profit _ __ _
$3,773,130 loss$199,097 85,636.019 loss$292,353
Preferred dividends__ _
1,450,424
1,450,434
483.475
483,475
Surplus
$3,289,655 def$682,572 84,185,595 df$1742,787
Shares com, stock outstanding, no par
14.584,025 14,584,025 14,584,025 14,584,025
Nil
$0.285
Nil
$0.225
Earnings Per
share-Earned surplus Sept. 30 1933. $19,098,617; 1932, 815.015,027.
-In both the second and third quarters of 1933 credits of $522,517
Note.
and $603,588, respectively, resulting from exchange adjustments, were
carried to contingent reserve and are not included in net profit.
OP'Last complete annual report in Financial Chronicle Mar, 18 '33, p. 1878
$1,398,642
532,179
387,888
Lessings, Inc.
9 Mos.End.Sept. 30
Sales
Cost of sales, oper. &
general expenses
Miscellaneous
Provision for Fed. &
State taxes
Net loss from sale of
securities
1933.
$263,046
1932.
$295,431
1931.
$376,433
1930.
$444,324
257,240
Cr2,482
279,955
Cr3,009
326,546
Cr4,009
383,168
Cr2,584
1,645
3,161
8.777
10,196
219
4.563
Net profit
Dividends paid
$6,644
$15,104
27,255
$40,557
35,106
453,543
33,434
Balance
Balance Jan. 1
Additional reserves
Sun. adjust. (net) not
applic. to curr. oper_
Prem. on cap. stk. of
Lessings, Inc., purch.
and canceled
Transfer on account of
reduct. of par value of
common stock
Miscellaneous adjust-- -
$6,644 def$12,151
77,989
55.377
2,964
$5,451
100,257
Dr10,016
$20,109
74,384
5,599
Dr250
•
63,158
Dr65,311
$100,092
Profit & loss surplus__
$59,868
$68,552
$95,691
Shs. cap. stk. outstand.
x33,434
31,532
x32,024
x33.434
(Par $3)
$1.60
Earnings per share
$0.21
$0.47
$1.21
x Par vales, $5.00.
1"
Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2080
Market Street Railway Co.
(And Subsidiaries)
12 Months Ended Sept. 30Gross earnings
Operating expenses, maintenance and taxes
1932.
1933,
$7.411,498 $7,998,505
7,053,096
6,435,338
Net earnings
Other income
3976.160
10,496
$945,410
12.543
Net earnings including other income
Interest charges-net
Amortization of debt discount and expense
Other charges
Appropriation for retirement reserve
$986,656
565,857
30,709
8,796
381,293
$957,953
576,741
34,413
10,248
320,366
Nil
4,173,068
125,756
$16,184
4,080.069
76.816
Consolidated net income
Earned surplus, beginning of period
-net
Sundry adjustment
Earned surplus, end of period
$4.298,824 34,173,068
Kff'Last complete annual report in Financial Chronicle Apr. 15'33, p. 2606
Mississippi Power Co.
A Subsidiary of The Commonwealth & Southern Corp.)
-Month of September- -12 Mos. End. Sept. 30
1933.
1932.
1933.
$252,812
$262,141 $2,794,455 $3,124,138
Gross earnings
132,882
140,466
1,535,796
Oper. exps., incl. maint1,720,756
340,243
33,047
34,524
Taxes
347,115
54.922
63.962
676,471
Fixed charges
760,858
Prov,for retire. reserve_
6,100
6,100
73,200
73,200
Net income
Divs, on 1st pref. stockBalance
$25,859
21,214
$17,087
23,986
$4,644
def$6,898
$168,743
256,663
$222,807
275,524
def$87,920 def$52,716
(Philip) Morris & Co., Ltd., Inc.
6 Months Ended Sept. 30-1933.
1932.
1931.
Net profits after charges but before
Federal taxes
$214,536
$259,417
$250,287
IarLast complete annual report in Financial Chronicle June 3 '33, p. 3917
Gross earnings
Operation
Maintenance
3671
Financial Chronicle
Volume 137
Motor Transit Co.
-Month of October- 10Mos. End
1932. Oct. 29 '33.
1933.
$520,243
$60,463
$47,162
305,167
31,875
31,541
79.803
9,842
7.548
Balance
Retirement accrual
Taxes
Net operating revenue
Interest and amortization
$8,073
10,331
5.145
$18.745
$135,272
82,659
48,994
$3,618
8.410
def$7.403
812
def$4,792
Balance
def$8,215
Note.
-Interest charges on bonds not included in above figures.
Murray Corp. of America.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932. 1933-9 Mos.-1932.
Net profit after taxes,
deprec., interest, &c- - $133,359 loss$293,106 loss$343,987loss$1419523
Earns, per sh. on 765,889
Nil
Nil
Nil
shs.com.stk.(par $10)
$0.17
W'
Last complete annual report in Financial Chronicle April 22'33, p.2808
and Apr il 29 '33, p. 2986.
(Conde) Nast Publications, Inc.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-I932.
Net loss after deprec.
$325,892 prof$56.830
charges
$97,091
$103,957
OWLast complete annual report in Financial Chremicie April 1 '33, p. 2255
Northern States Power Co. (Delaware).
(And Subsidiaries)
1932.
12 Months Ended Sept. 301933.
Gross earnings
$31,124,452 $32,984,472
15.945,370 16,375,869
Operating expenses, maintenance and taxes
Net earnings
Other income
$15,179.082 $16,608,603
98,398
100,670
Net earnings including other income
Interest charges
-net
Amortiz. of debt discount and expense
Minority int. in net income of sub.company
Appropriation for retirement reserve
$15,277,480 $16,709,273
5,795,649 5,766,320
190,353
180,000
25.237
48,668
2,900,000 2,900,000
Net income
Earned surplus, beginning of period
$6,342,810 $7,837,716
6,371,422 6,748,710
Total surplus
Preferred dividends
Common dividends
$12,714,232 $14,586,426
5,091,537 5,106,646
1,865.014 3,108,358
Earned surplus, end of period
$5,757.681 $6,371,422
fa-Last complete annual report in Financial Chronicle May 13 '33, p. 3332
Northern States Power Co. (Minn.)
(And Subsidiaries)
12 Months Ended Sept. 301932.
1933.
Gross earnings
$27.259,798 $28,940,863
Operating expenses, maintenance and taxes
14,445,997 14,978,183
Net earnings
Other income
$12,813,801 $13,962,680
1,584.323
1,590,474
Net earnings including other income
-net
Interest charges
Amortization of debt discount and expense
• Appropriation for retirement reserve
Net income
$14,398,124 $15,553,154
4,923,397 4,886,812
190,352
180,000
2,775.586 2,610,000
$6.508,789 $7.876,342
Oklahoma Power & Water Co.
(And Subsidiary Company)
Period Ended Sept. 30 19333 Months. 9 Months.
$809,439
Gross earnings
$261,952
Operating expenses and taxes
471,174
164,016
Interest and other deductions (net)
267.152
91,323
Net income
$6,613
$71,113
Note.
-Preferred stock dividends amounting to $23,000 for the two
months ended Feb. 28 1933 have been paid. Payment of dividends has been
suspended since that date.
Old Colony Trust Associates.
1933.
1932.
3 Mos. End. Sept.30Dividends
$80,739
$122,291
Interest
5,450
4,027
Total income
Operating salaries and expenses
Trust fees
Interest paid
$86,189
14,367
380
10,772
Net income
Dividends payable Oct. 1
$60,670
56,431
Total income
Corporate and legal expense
General administrative and selling expenses
Int. on funded debt & amortiz. of deb. disct. & exp.
Provision for depreciation of fixed assets
$22,718.648 $25,058,302
Net earnings including other income
1,715,933 1,715,456
Rent of leased properties
6,728,235 6,572,649
Interest charges
-net
69.497
69.456
Contractual guarantee
376.279
387.182
Amortization of debt discount and expense
108,740
94,292
Other charges
Approp. for retirement and depletion reserve_ _ _ _ 6,201,892 6.426,171
$7,521,659 $9,789.510
Net income
41,729,297 43.408.034
Earned surplus beginning of period
$49,250,956 $53.197,544
Total surplus
3.718.773 3,721,881
Preferred dividends
4,680,192 7,680,260
Common dividends
66,106
11,826
Sundry adjustments
-net
$40,840,165 $41,729.297
Earned surplus end of period
la"Last complete annual report in Financial Chronicle May 20 '33, p. 3527
Pierce Arrow Motor Car Co.
1933-9 Mos.-1932.
Period End. Sept. 30-- 1933-3 Mos.-1932.
$216,193
$146,207
Operating profit
$122,982 loss$546,102
635,050
418,857
Depr.,repairs & replace_
88.312
140,897
$418,857
$272,650
Net loss
$634.414
$17,915
fa'Last complete annual report in Ginancial Chronicle Mar. 25 '33, p. 2059
Postal Telegraph-Cable Co.
(Includes Land Lines Only)
-Month of September- -9 Mos.End.Sept.301932.
1933.
1932.
1933.
Teleg. & cable revenues_ $1.727,900 $1,721,644 $15,543,653 $16.437.975
904,356
866.947
79,302
Repairs101,905
2.060,502 2.025.050
All other maintenance
263,085.
Conducting operations.._ 1,334,598 1,305,880 11,387.853 12,707,045
577,363
543.573
62,424
Gen.& miscall. exps_ _ _ _
64,786
1.662,111 14,858,874 16,213.814
Total tel. & cable op.exp. 1.764,374
3224,161
$684,779
$59,533
Net tel.&cable op.revs. -$36,474
137,500
175,500
20,000
Uncollectible oper. revs_
25,500
435,000
404.000
45,000
Taxes assignable to oper.
40,000
3,583
15
Pacific Gas & Electric Co.
(And Subsidiaries)
1933.
1932.
9 Months Ended Sept. 30$64,006,095 $64,773,326
Gross revenue,incl. miscellaneous income
19,989,057 20,493,728
operating expenses
Maintenance and
Taxes & res, for casualties & uncollectible accounts 8,897,630 7,484,461
7,812.959 6,937,867
Taxes
11,927.858 12,011,179
Bond interest and discount
9.142,434 8,579,547
Reserve for depreciation
$14,049,116 $16,204,411
6,066,721
6.086,946
x8,629,403 9,369,288
Deficit
$647.008
$748,177
$1.27
$1.62
Earned per share on common stock (average)
rate of 50 cents per share for each of first two quarters and 37%
x At
cents for third quarter.
tarLast complete annual report in Financial Chronicle May 20 '33, p. 3520
$135,438
11.072
42,452
51,247
1,966
Philadelphia Co.
(And Subsidiaries)
1932.
1933.
Months Ended Sept. 3012
$44,032.745 $49,344,118
Gross earnings
22,908,514 25.646,016
Operating expenses, maintenance and taxes
$21,124,231 $23,698.102
Net earnings
1,594,418 1.360.201
Other income-net
Gross deficit
Deduc.from gross. inc
$3.542 prof$54,386
$79,707 prof$79,706
Net loss
MrLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2439
$484.992
16.186
See x
45,244
Pecos Valley Power & Light Co.
3Months. 9 Months.
Period Ended Sept. 30 1933$317.798
$97.304
Gross earnings
129,5S0
42,864
Operating expenses and taxes
5.294
17,035
Provision for retirement
178.771
59,291
Interest and amortization
67.589
$10.144
Net loss
3198.950
16,043
$182,892
200,000
$24,588
110,850
$423.562
$28,699
Net profit
x Includes selling and administrative expenses. y Includes dividends
received totaling $490,000.
Net profit for the 39 weeks ended Sept. 30 1933 was 2369,289 after taxes,
interest and other charges,against $30,846 in the 39 weeks ended Oct.1 1932
tZPLast complete annual report in Financial Chronicle Apr.8 1933, p.2440
$126,318
16,266
$106,469
56,431
def$12,717
y497,709
Net operating income
Other income
Operating deficit
Non-operating income_ _
Pacific Coast Co.
(Including Company's Interest in Pacific Coast Cement Co.)
1933-9 Mos.-1932.
Period End.Sept. 30- 1933-3 Mos.-1932.
$532.991
$654,852 $1,492,588 $2,009,807
Gross earnings
Expenses, taxes, depre536,532
600,466
1,572,295
1,930.101
ciation and depletion_
Pathe Exchange, Inc.
(And Subsidiaries)
Sept.30'33. Oct. 31 '32.
$38.595
$95,742
n51,312
71,154
13 Weeks EndedGross sales and rentals
Cost of sales and rentals
1931.
$195,770
3,180
$4,239
$50,038 def$17,108
Balance
itgrLast complete annual report in Financial Chronicle May 20 '33, p. 3551
Balance
Dividends accrued on preferred stock
Dividends accrued on common stock
Pan-American Petroleum & Transport Co.
(And Subsidiaries)
3 Months Ended
9 Mos. End.
Sept.30'33. June 30'33. Mar.31'33.Sept. 30'33.
PeriodNetloss after deprecia'n,
depletion, taxes and
prof.$789,885
$611.511 $1,245,194 $1,066,820
other charges
IZI Last complete annual report in Financial Chronicle Apr. 22 '33, p. 2808
-
Net deficit
3101,974
3,109
5,467prof$105,279
18.699
3.803
$348,339
44.061
$98.865
212,563
$1,664prof$123,978
1,928.264
217.451
$304.278
1,945,762
$311,429
$219,115 $1,804,286 $2,250,040
Raybestos-Manhattan, Inc.
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
Sales(net)
$3,683,700 $1,828,025 $8,196,271 $6,344,704
Net profit after taxes,
694,777 loss185,810
depreciation, &c
465,380 loss68,210
Earns. per sh. on 642,900
Nil
Nil
$1.08
she. capital stock_ _ _
$0.72
larLast complete annual report in Financial Chronicle Apr. 15 '33, p.2627
Reliance Manufacturing Co. of Illinois.
Period End. Sept. 30- 1933- 3Mos.-1932.
1933-9 Mos.-1932.
Net profit after charges
$247,441
& Federal taxes
$534,286
$294,899
$156,734
Shares com.stk.outstand.
221.882
250 000
2.21,882
250.000
Earns per share
$6.62
$2.01
$1.19
$0.50
larLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1034
Revere Copper & Brass, Inc.
9 Months End. Sept. 30- 1933.
1932.
1931.
1930. ""
Operating profit
$1,611,462 loss$40.165
$713,848 $2.024,829
Miscell. charges(net)
137,310
55,877
31,942
39,577
Interest
395,940
443.824
409,385
420,762
Depreciation
897,569
858,949
892.713
893,005
Net profit
$180,6421oss$1374205 loss$639,496 $668,379
x Profit before inventory adjustment. During 1930 $2,000,000 was
charged for inventory adjustments against reserve previously created, and
In addition a charge of $600,000 was made to surplus to further reduce all
metal inventories to a basis of cost or market, whichever was lower at
Sept. 30 1930.
For the three months ended Sept. 30 1933 company reports as follows:
Net operating profit before depreciation. $923,339; other income, $24.090;
total income. $947,430; cash discounts on sales and miscellanous char.m
$197.950; expenses of non-operating properties, $29,957: Interest on bonds,
$395.940; depreciation, $897.569: net income, $405.032.
rErLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2084
3672
Financial Chronicle
Nov. 18 1933
Reynolds Spring Co.
United Carbon Co.
(And Subsidiary Companies)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Sales
8579,869
$366,579 31,724,408 31,265,618
Cost of sales
465,052
320.892
1,147,658
1,371,964
(And Subsidiaries)
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Total income after taxes $343,264
8194,466
$959,603
$630,431
Depreciation and deple_
164,348
160,427
479.956
491,756
Gross profit on sales__
Other income
$114,817
4,786
$45,687
3,778
$352,444
11,355
$117,960
19,664
Gross income
Sell., adm. & gen. exp...
Idle plant expense
Depreciation
Int. on bonds (net)
$119,603
64,467
$49,465
34,945
26.751
24,743
2.380
8363,799
184,369
$137,624
164,078
26.751
72.312
11,007
21,703
2,877
65,069
12,640
Net profit for period__
$30,556 loss$39,354
$101.720 loss$136,523
10
-Last complete annual report in Financial Chronicle Apr. 22 '33, p. 2809
9 Mos.End.Sept.301932.
1933.
Net loss after all charges including depreciation...$32,328
$122.810
rarlast complete annual report in Financial Chronicle May 6 '33, p. 3177
South Carolina Power Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of September--12 Mos. End.Se t.301933.
932.
Gross earnings
8179,29
$182,180 $2,144,g74 82,209,687
Oper. exps., incl. maint_
64,015
935.074
70.499
794.199
Taxes
22,440
26,505
342,251
227.470
Fixed charges
46.129
593,660
60.335
720,432
Prov. for retirem't res've
10,000
10,000
120.000
120,000
' Income
Net
$26.095
$294,763
$25,989
$206.709
Divs, on let pref. stock_
14,356
14,284
171,492
156,386
k
Balance
$11,811
811,632
$123,271
$50,322
ParLast complete annual report in Financial Chronicle May 13 '33, p. 3345
Southern Canada Power Co., Ltd.
1933.
$179.894
65,824
1932.
$186.352
64,574
Net earnings
$114.070
$121,778
'Last complete annual report in Financial Chronicle Dec. 2 '32, p. 3857
Southern Colorado Power Co.
12 Months Ended Sept. 30Gross earnings
Operating expenses, maintenance and taxes
1933.
1932.
S1,692.229 $1,902,719
905,775
1,017,492
Net earnings
Other income
$786,455
345
$885,227
469
Net earnings including other income
Interest chagres-net
Appropriation for retirement reserve
$786,799
432,590
152,149
$885,696
433,297
53,792
Net income
Earned surplus beginning of period
$202,060
139,681
$398,606
139,681
Total surplus
x Preferred dividends
y Common class A dividends
3341,741
202,060
$538,287
297,773
100,833
Earned surplus end of period
$139,681
$139,681
x Effective March 1 1933 the dividend rate on the preferred stock was
reduced to 4% per annum. y Class A common stock dividends discontinued April 30 1932.
Last complete annual report in Financial Chronicle May 13 '33, p. 3345
It -
Southern Indiana Gas & Electric Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of September--12 Mos.End.Se t.301933.
1932.
1932.
1933.
Gross earnings
$218,345
$230.279 $2,728,245 $3,054.506
Oper. exps., incl. maint_
85,312
92,920
1,108,335
1,232,136
Taxes
32,244
33.822
331.862
398,859
Fixed charges
26.289
27,271
322.209
322.576
Prov. for retire. res've
23,141
277,700
23,141
277,700
Net Income
Divs. on pref. stock.....
$51,356
45,159
$53,124
45,062
8687,771
541,533
$823,599
516,351
Balance
$307,248
$6,197
$8,061
$1.46.237
tarLast complete annual report in Financial Chronicle May 13 '33, p. 3345
Southland Royalty Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos. 1932.
Net profit after taxes,
deprec., depletion and
other charges
880,575 loss88,852
$198,307
88,272
rZ'East complete annual report in Financial Chronicle Mar. 18 '33, p. 1902
United American Bosch Corp.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Sales
$777,400 82.216,800 32.227,953
$981,600
Profit before depreciation
166,560 def624.469
113,864 def104,823
Depreciation
105,481
71,763
37,870
222,646
Net Inc. after deprec.
& other charges- $41,079 loss$647,115
$75,994 loss$176,586
Earns. per sh. on 278,399
shs.cap.stk.(no par).
Nil
Nil
$0.15
80.27
rZ'Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2086
Western Union Telegraph Co., Inc.
-Month of September- -9 Mos. End. Sept. 301932.
1933.
1932.
1933.
Teleg. & cable oper. rev- $7,109,903 37,006.246 $61,514,238 $63,722,697
Repairs
4,629,024
4,247.008
480,977
473.811
All other maintenance
6,667.569
7.630,093
798,944
827.395
Conducting operations
4,182,198 36.478.646 40,529,711
4,261.021
Gen. & miscell. expenses
2,781,278
3,437,821
368,186
300,010
Total teleg. & cable oper.
expenses
5,833,787
5.858,755 50,174,501 56,226,650
Net teleg. and cable
operating revenues_ $1,276,116 $1,147,491 311.339.737 $7.496,047
Uncollectible oper. revs_
286,752
430,600
49.770
31.528
Taxes assignable to oper.
2,666,100
2,634,000
292,667
280.767
Operating income_ _ _
Non-operating income__
Gross income
Deduc. from gross inc
$945,579
102,973
1,048,552
701,149
$823,296 88,243,037 $4,575,295
2,304,303
1,176,358
101,937
925,234
706,605
10.547,340
6.358.516
5,751.653
6,426,752
3347,403
Net income
8218.629 84,188,824 defS675,099
Income balance transferred to profit and loss $347.403
3218,629 $4,188.824 def$675,099
'Last complete annual report in Financial Chronicle Apr. 1 '33, p. 2230
United Gas Corp.
(And Subsidiaries)
12 Months Ended Sept. 30Subsidiaries
Operating revenues
Operating expenses, including taxes
Net revenues from operation
Other income
Ruud Manufacturing Co.
Month of OctoberGross earnings
Operating expenses
Profit
3178.916
834,039
$479,647
$138,675
159 Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1569
-
Gross corporate income
Interest to public and other deductions
Interest charged to construction
Retirement and depletion reserve appropriations
1933.
1932.
$21,135,605 $22,907,281
11,181.579 10.576,285
89,954,026 812,330,996
90,127
196,769
$10,044,153 812,527,765
1,362,618
1,488.608
Cr8.142 Cr314,233
2,746,135
2.150.000
Balance
$5.943,542 $9,203,390
Pref. dive. to public (full div. requirements applic.
to respective 12 month periods whether earned
or unearned)
30,445
36,592
Cr25,1I2
Portion applicable to minority interests
41,329
Net equity of United Gas Corp.in income of subs.$5,938,209 $9.125,469
United Gas Corp.
Net equity of United Gas Corp. in income of subs.
$5,938,209 $9,125,469
(as shown above)
Other income
60.045
54,822
Total income
Expenses, including taxes
Interest to public and other deductions
$5.998.254
124.408
2,966,017
$9,180,291
120.885
2,987.551
Balance carried to consolidated earned surplus__ 32,907,829 36.071.855
IcarLast complete annual report in Financial Chronicle May 20 '33, p. 3524
United Light & Power Co.
(And Subsidiary Companies)
1933.
12 A fonths Ended Sept. 301932.
operating earnings of subsidiary and conGross
trolled companies (after eliminating inter-com$71,910,367 377,924.539
pany transfers)
Operating expenses
31.075.560 32,980,616
Maintenance, charged to operation
3,869.916
4,288,386
Taxes, general and income
7.914,889 7,864,549
Depreciation
6,972.311
7,716.639
Net earnings from operations of subsidiary and
controlled companies
822.077,689 $25,074,348
Non-operating income of sub. and controlled cos
1.500,367
3.188,020
Total income of subsidiary and controlled cos_ -.523,578,057 828,262.369
Interest on bonds, notes, &c
11,551,448 11.215,077
Amortization of bond and stock discount and exp
734,575
767,072
Dividends on preferred stocks
4,256.279
4,390,204
Proportion of earnings, attributable to minority
common stock
2,176,524
3,144,772
Equity of United Light & Power Co. in earnings
of subsidiary and controlled companies
$4,8F9,232 $8,745,245
Earnings of United Light & Power Co
26,711
59.749
Balance
Expenses of United Light & Power Co
$4,885,943 $8,804,094
192,407
129,923
Gross income of United Light & Power Co
Holding company deductions:
Interest on funded debt
Other interest
Amortization of bond discount and expense
$4,693,535 $6,675,071
2,287,383
63.427
262.901
2,687,704
100,656
294,254
Balance available for dividends
32,079.824 85,592,458
86 cumulative convertible first preferred dividends y3,600,000 x3,600,000
Balance
def$1,520,176 31,992,458
Deficit per share on common stock
$0.44 prof.$0.57
x Includes $1,800,000 accrued but not declared. y Accrued but not
declared.
W-Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2599
United Light & Railways Co.
(And Subsidiary Companies)
12 Months Ended Sept. 301932.
1933.
Gross operating earnings of subsidiary and controlled companies (after eliminating inter-company transfers)
$64,267,842 $68,549,751
Operating expense;
Maintenance, charged to operation
Taxes, general and income
7,770.213
Depreciation
6.162.411
Net earnings from operations of subsidiary and
controlled companies
$19,415,652 $21,847,709
Non-operating income of subsidiary and controlled
companies
2.489.574
1,472.251
Total income of subsidiary and controlled cos ._ _$20,887,903 $24,337,282
Interest, amortization and preferred dividends of
subsidiary and controlled companies:
Interest on bonds, notes, &c
9.zigg?
10,217,543
Amortization of bond and stock discount and exp.
685,889
Dividends on preferred stocks
3,147,264
3,026,978
Proportion of earnings, attributable to minority
common stock
2,183,582
3,149.869
Equity of United Light & Railways Co. in earnings of sub. and controlled companies
$4,773,909 37,463.141
Earnings of United Light & Railways Co
12,751
328.749
Balance
$6.786,659 $7,791,842
Expenses of United Light & Railways Co
110.361
36,252
Gross income of United Light & Railways Co__ _ $4,676,299 $7,755,639
Holding company deductions:
Interest on 51 % debentures, due 1952
1,37.5,000
1,375,000
Other interest
8.220
89,070
62.185
Amortization of debenture discount and expense
111,842
Balance available for dividends
$3,230,894 $6,179,727
Prior preferred stock dividends:
7% prior preferred, first series
275,158
286,322
6.36% prior preferred, series of 1925
347.027
359,496
6% prior preferred, series of 1928
622,458
610,750
Balance available for common stock dividends
$1,986,251 34,923.159
arLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2610
2il°318 21:9M1
76:0M24
Waco Aircraft Co.
Period Ended Sept. 30-1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after taxes &
Charges
$25,307
$113,307 loss$35,906
$58,745
Earns per sh. on 145,000 shs. cap. stk. (no
par)
$0.41
$0.17
$0.78
Nil
ItW'Last complete annual report in Financial Chronicle April 8 '33, p. 2440
and April 15 '33, p. 2630.
3673
Financial Chronicle
Volume 137
Spicer Manufacturing CO.
(And Subsidiaries)
9 Mos. End. Sept. 301933.
Profit from operations
$753,713
Expenses
430,761
1931.
1932.
$659,328 $1.182,360
671,261
500,761
Balance
Other income (net)
$322,952
21,185
$158,567
Dr4,600
$511,099
6,363
Total income
Depreciation
$344.137
458,929
$153,967
766,639
$517,462
928.090
Net loss
8410,628
$114.792
$612,672
For the quarter ended Sept. 30 1933 net loss was $22,633 after taxes
and charges, comparing with a net loss of $304,035 in the September quarter
of 1932.
to-Last complete annual report in Financial Chronicle May 13 '33, p. 3361
Fajardo Sugar Co. of Porto Rico.
(15th Annual Report-Fiscal Year Ended July 31 1933)
RESULTS FOR FISCAL YEARS ENDED JULY 31.
1932.
1933.
1931.
1930.
Cane,ground,tons
526,884
921.634
707,629
706,372
110,202
85,249
Sugar output, tons
57,704
77,994
Sugar, &c., produced--- $3,865.747 $6,347,988 $5,360,048 $6,140,842
174,133
199,430
252,434
198,196
Miscellaneous receipts
Total
$4.039,880 $6,547,418 $5,612,482 $6,339,038
Deduct-Producing and
mfg. costs, &c
3,795,345 5,324,552 4,916,496
5,516,513
$244,535 $1,222,866
• 107,481
164,951
186,140
355,503
Net profits
loss$49,086
Previous surplus
2,334,171
Income tax refunds,prior
years
20,939
$702,412
1,657,897
$695,986
218,385
251,592
$822,525
324.711
274,996
$226,009
1,881,729
x$222,817
1.218,639
Total
$2,306,024 $2,360,309 $2,107,738 $1,441,457
Income and profit taxes
of prior year
9,569
66,983
Payments in respect of
prior year's inc. taxes_
26,139
Profit & loss surplus__ $2,239,039 $2,334,171 $2,107,738 $1,431,888
Shs, of corn, stock outstanding (par $100)-64,778
64.778
64,778
64,778
Earns. per sh.on com stk
43.44
Nil
410.84
43.50
x Before providing for subsidiary company income taxes.
BALANCE SHEET JULY 31.
1932.
1932.
1933.
1933.
Assets
-$
a Prop'y & plant _ _ 7,509,673 7,297,768 Capital stock
8,477,800 6,477.800
b Livestock and
Stock of subsidiequipment
968.187
964,649 aries with public,
1,000
1,000
Growing cane_ _ _ 1,290,947 1,116,861 Mortgages payable 465,804
434,269
Mat'is & supplies_ 408,843
372,328 Bills and loans
Agricultural loans_
36,327
44,507
payable
2,347,742 1,802,742
Planters' accounts 509,317
462,950 Planters' accounts
2,925
6,056
743,401 Accounts payable_ 365,616
Raw sugar on hand 687,621
309,332
Molasses on hand_
88,322
41,623 Reserve for insurMortgage bonds._ 431,278
441,532 ance, contingenMISC. Investments 100,000
100,000 cies and replaceMiscell. accounts &
165,248
165,248
ments
bills receivable_ 125,305
112,015Capital surplus_
449,841
449,841
98,000
U.S., &c., secur__
98,000 Earned surplus_ _ 2.239,039 2,334,171
95,814
Cash
60,656
Accts.(not current)
81,538
57,803
Deferred charges._ 107,580
42,632
Total
12,515,015 11,980,459 Total
12,515,015 11,980,459
a After deducting reserve for depreciation of $2,873,322 In 1933 and
$2,968,536 in 1932. b After deducting reserve for depreciation.
-V. 135.
,. 3517.
Warner Bros. Pictures, Inc.(& Subs.).
(Annual Report-Year Ended Aug. 26 1933.)
11. M. Warner, President, in his remarks to stockholders,
says:
After deducting all charges, including interest, amortization and depreciation, the net loss for the year was $6,291,748, before allowing for the
profit derived from the retirement of debentures and of other funded
indebtedness purchased at a discount. This compares with a net operating
loss for the year ended Aug. 27 1932 of $14,095,054, before allowing for the
profit of $2,870,503 similarly derived in that year from the purchase and
retirement of debentures and other funded indebtedness. This reduction
in net loss was accomplished notwithstanding a substantial reduction in
film rental and box office receipts. The improvement resulted in large
Part from economies effected in the company's operations, including the
production of pictures. Before amortization and depreciation of properties,
there was a net profit of $1,941,359.
In addition to the operating loss sustained by the company, a net charge
of $1,176,591 has been made to deficit. This represents losses of a nonrecurring nature, including losses arising from the disposal of certain unprofitable properties and including a profit of $1,286,071 arising from the
retirement of debentures and other funded obligations. Mortgages and
funded debt were reduced from $96,922,501 as of Aug.27 1932 to $90,627,931
as of Aug. 26 1933 without making any substantial change in the cash
Position of the company. Cash on hand at Aug. 26 1933 was $2,831,124
as compared with $2,928,645 on Aug. 27 1932.
The funded indebtedness of the company maturing within one year
amounts to $8,151,950. Included in this sum are 83,345,850 of sinking
fund and mortgage instalment payments. As has been true in past years,
bonds to apply against these items can be purchased at substantial cash
discounts. Moreover, in the past the company has been successful in.
renewing mortgages as they mature. Similar success during the coming
Year is anticipated. Since Aug. 26 1933 the company has retired sufficient
Of its optional 6% convertible debentures to cover the purchase fund
requirements due August 1934.
Company was one of the first to sign the President's blanket code under
the National Industrial Recovery Act. It has also approved and has
agreed to sign the special code for the motion picture industry which is
now in the hands of the National Recovery Administrator for transmission
to the President.
As no dividend has been paid on the preferred stock of company since
March 2 1932, the preferred stockholders will be entitled to elect six directors
(constituting a majority of the board) to succeed the directors whose terms
of office expire on Dec. 11 1933, the date of the next annual meeting.
Proxies will be mailed on Nov. 15 1933 to the holders of preferred and
common stock of record at the close of business on Nov. 10 1933, the
record date for stock entitled to vote at this meeting.
Two of the most successful pictures produced during the season just
closed were "Forty Second Street" and "Gold Diggers of 1933." Both
Were produced by your company. Based on the results to date, our
currant release. "Footlight Parade," should equal their great success.
In fact company's product as a whole has been received by the public
with marked approval and stands exceedingly high in the opinion of the
motion picture industry.
For the months of September and October company earned a small
net profit after deducting all charges.
Net loss before min.
Interest
$6,636,756 $14,409,668 $9,011,130 47,094.977
1,184,027
315,784
Other income
341,978
Total loss
$6,294,778 514,093,884 57,827.102 47.094,977
Propor, of net earnings
or losses applicable to
91,502
237,910
1,170
3,030
to min.stockholders
Net loss
$6,291,748 $14,095,054 $7,918,605 x06.857.067
Equity in undis. earns.
217.554
of affil. companies_ _
FINANCIAL REPORTS.
Net income
Interest paid
Depreciation
CONSOLIDATED INCOME STATEMENT.
Years EndedAug.26'33. Aug.27'32. Aug.29'31. Aug.30 30.
a Net income
$23.504,457 $23,045.518 $36,371.383 $52,340,302
Amortiz & depreciation- 24,307,673 30,572,965 38,157,973 37,036.852
1,409.294
b Special adjustment_ _ _
Int. & misc. chgs. (net)_ 5,573,478 6,181,007 6,853,597 5.674,179
349.390
373,562
Prov,for inv.in affil.co's
111,483
Prov. for losses of co's in
327,652
equity receivership_ _ _
70,769
21.555 1,125,000
Prov. for Fed. Inc. taxes
Miscellaneous charges
77,811
Net loss
$6.291,748 $14,095,0E4 $7,918,605 47,074.621
Previous surplus
223,747 11,027,379 12,435.879
def12,078,665
Profit on redemption of
233,451
2,870,503
1,286,071
6% debentures
Other credits
796,259
Total surplus
def$16,288.083 df$11000803 $3,342,225 $19,510.500
402.741
396,961
198,481
Preferred dividends--8,080,380
Common dividends
2,721,516
879,381
c3,258,922
Miscellaneous debits
Profit & loss deficit_ -$19,547,005 $12,078,665 sur$223,747sr$11027,379
Com. stock outstanding 3,801,344 3,801,344 3,801,214 3,769,025
Nil
$1.77
Nil
Nil
Earnings Per share
x Profit. a Before providing for amortization and depreciation, interest,
film inventory at Aug. 30 1930.
miscellaneous charges. b Of released
c Includes net loss on sale or abandonments of properties of $1,535,894:
loss on sale of subsidiary company of $334,444; provision for loss on guaranty
of mortgage of an affiliated company of $546,730; net loss on miscellaneous
investments and advances of $18,966; investment in and advances to
Skouras Bros. Enterprises, Inc. tin bankruptcy) of $668,666; investment
in and advances to an a affiliated company $155,220.
CONSOLIDATED BALANCE SHEET.
AssetsAug.26'33. Aug.27'32. Aug.29'31.
52,831.124 $2,928,645 $3,767.088
Cash
397,049
157.693
Notes, &c., receivable
83,612
930.594 2.507,871
Trade customers
931,852
129,893
77.996
Officer & employee notes & accts. rec..
28,947
492,162
343,859
Sundry accounts receivable
350,939
Inventories
9,219,276 9,442.645 16,554,210
995.902 1,397.486
Rights and scenarios
529,976
535,450
26,929
Advances to outside producers
33,431
1,833,840 2,387,027
Dep.to secure contr.& sink,fund dep 2.008,595
181,611
328,616
Mortgages receivable
253.933
8,291.665
Investments
2.388,612 3,784,196
Properties owned and equipment_---116,759,755 123.160.586 132,297.802
Properties leased and equipment.
24,557.642 28.672,942 32.865,871
3.333,840
1,347,641
Deferred charges
1,281,895
Good-will
8,531,468 8,695,675 8,718,425
Total
8169.791,058 5182727,759 5213857,452
Liabilities
Notes payable
$100,000
5560,000 $1.200,000
1,176.693
Unsecured notes payable
278,337
308,393
Purchase money obligations
768.763 1,453,435
803.665
Accounts payable and sundry accruals 9,673,391
9,791.473 8,517,782
Due to affiliated companies
72,171
130,317
197,019
Preferred dividends payable
99.240
Deferred income
325.792
908,296
1,937,230
Royalties pay.to outside prod.& partic 1,190,841
980.858
768,410
Advance payment of film deposits. kc
657.673
261,833
330.146
Remitt.from torn' cos. held in abey_ _
238,316
362,625
188,078
Purchase money obligations
1.782,075
1,350,387 1,175,853
Reserve for contingencies
2,706,775
860,164
935,095
Opt.6% cony. debs., series due 1939- 34,440,000 36,990,000 39,577.500
Mortgages and funded debt
56,187,931 59,932,501 65,321,427
Proper, of capital & surp. of sub, cos.
applic. to minority stockholders__ _
841,849 1,114,449
653,263
3 Preferred stock
,
5,670.885 5,670,8851 88,621,964
x Common stock
19,006,723 19.006.723J
Capital surplus
56,325,485 56,325,464
Deficit
19,547,005 12.078,665 sur223.747
Total
$169,791,058 5182727.759 5213857,452
x Represented by 3,801.344 shares common stock. y Represented by
103.107 shares of no pax value.
-V. 137. p.887.
Canadian Car & Foundry Co., Ltd.
(24th Annual Report
-Year Ended Sept. 30 1933.)
INCOME ACCOUNT FOR YEARS ENDED SEPT. 30.
(Including Canadian Steel Foundries, Ltd., and Other Associated Cos.)
1932,
1931.
1930.
1933.
Combined profit
1°868973,429 lossiS913,193 0896,786 $3,104,867
143.011
164,647
Interest earned (net)......
120,122
183,156
Total income
loss$853,306 loss$730,037 $1,061,433 $3,247.878
402,000
Depreciation
250.000
2,759
Bond interest
50,000
250,000
Prov. for inc. tax. &c_
Net profit
loss$853,306 loss$730,037
Preferred dividends_ _
498,286
525,000
Common dividends
362,142
Deficit
Previous surplus
51,351,592 51,617,179
4,437,868 6,055,048
$761.433 $2,593.119
525,000
525.000
640,150
640,150
$403,717sur$1,427.969
6,458,765 5,030,796
P.& L.surp. Sept. 30. $3,086,276 14,437,869 $6,055,048 56,458.765
Shs. common stock outstanding (no par)_ 365,800
365.800
365,800
365.800
Earnings per share
Nil
Nil
$5.65
$0.64
x After taking credit for reserves not required. y After transferring
$250.000from inventory reserve not now required.
CONSOLIDATED BALANCE SHEET SEPT. 30.
(Including Canadian Steel Foundries, Ltd., and Other Associated Cos.)
1933.
1932.
1933
1932.
Assets
Liabilities-$
8
Real estate, plant,
Preference stock.. _ 7,080,7.50 7,233,625
good-will, pats.,
x Ordinary stock__ 9,145,000 9,145,000
dre
25.139,179 25.130,856 Net prom.from rale
y Govt. bonds....25,000
25,000 of ord.shares......
391,043
Dom.of Can. bds. 1,210,198 2,399,155 Accts., &c., pay.... 267,483
388.929
Co.'s own she. held
Dividends payable 121,789
129,000
by assoc. co.'s_
5,274 Deptee. reset ye_ _ 8,840,230 8,364,455
5,274
Investments
599,775
644,775 Operating, &c., reMaterial, supplies.
serve
406.500
346,500
&o
1,326,634 1,585,794 Profit and loss_ _ _ 3,086,276 4,437,869
Accts. receiv, dew
reservwq
371.948
437.217
Cash in banks. _
102,370
149,153
Deferted charges
107,650
119,197
Total
28,888,028 30,496,421
Total
28,888,028 30,496,421
x Represented by 365,800 shares common stock of no par value. y Deposited with Royal Trust Co. as guarantee under Workmen's CompensaCon Act of Quebec.
-V. 135, 0 4563.
3674
Financial Chronicle
Nov. 18 193.3:
General, Corporate and Investment News
during the preliminary stages of the bankruptcy proceedings.
The circular letter issued Nov. 10 states:
STEAM RAILROADS.
Matters Covered in the "Chronicle" of Nov. 11.-(a) 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 man-hours, p. 3442;(b) 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. p. 3442.
Atchison Topeka & Santa Fe Ry.-Abandonment.The I.
-S. C. Commission on Nov.8 issued an order approving its former
decision of June 22 last, permitting the company to abandon a branch line
of railroad extending from Quenemo in a northwesterly direction to Osage
-V.137, p. 3495.
City, 19.45 miles, all in Osage County, Kansas.
-To Cut Passenger Fares.
Atlantic Coast Line RR.
The company is preparing to establish reduced fares over its entire
system as early as practicable, it was announced Nov. 11 by Lyman Delano,
Chairman. For one-way passenger fare the rate will be three cents a mile
without surcharge for travel in Pullman cars and two cents a mile for travel
In coaches. Adoption of reduced fares by the system is being made to
offset motor competition.
Mr. Delano in his statement said: "These reduced fares will be applied
locally over the Atlantic Coast Line RR. and for both intra-State and
inter-State travel and jointly with such connecting railroads as may join
therein for inter-line travel. They will be substituted for the existing
bases, which are 3.6 cents per mile plus surcharge of approximately 0.4 of
one cent per mile, or a total of approximately four cent per mile for travel
in Pullman cars and 3.6 per mile for travel in coaches.
"The reductions which will be made, therefore, represent approximately
257 for Pullman-car travel and 45% for coach travel. The reduced fares
will be made for an experimental period ending March 31 1934. The
°
program of the Atlantic Coast Line RR. respecting reduced round-trip
-V. 136,
fares is still under consideration and will be announced shortly."
p. 2964.
-Record of Extra Dividends.
Augusta & Savannah RR.
The company on July 5 last paid an extra dividend of 34; of 1% in addition to the regular semi-annual dividend of 234% on the common stock.
par $100, both to holders of record June 15. From January 1929 to and
including July 1932 like amounts were paid each six months.
Semi-annual dividends ordinarily due in January of this year were suspended. The lease agreement provides that "in case the lessee shall fail
to pay any semi-annual payment for six months, it shall then be lawful
for the lessor to terminate this lease and take possession of its property."
Upon Court order, however, the rental payment was made for the six
months period to Dec. 31 1932 and the default remedied, just prior to
July 1. The rental regularly due July 1 was not paid, but will be as soon as
the receiver of the Central of Georgia Ry. is in funds and such rentals, by
direction of the Court, are to be considered as operating charges, ranking
ahead of bond interest. The receiver has been given until Dec. 19 next
-V.137, p. 311; V. 134.
to affirm or disaffirm the lease in its present form.
p. 4319.
-Earnings.
Central Argentine Ry., Ltd.
1932.
1933.
1931.
1930.
Years End. June 30£9,749,195 £11,405,739 £11,196,658 £11,567,717
Gross receipts
8,227,300
8,181,903
Working expenses
7,849,021
8,639,855
Net receipts
£1,900,174 £3,178,438
Remittance exch., acct.
365,49
1,013,874
E3,014,755 £2,927,861
789,915
124.905
Balance
£1,534,695 £2,164,564 £2,224,840 £2,802,956
Int. on investments, &c_
4,665
8,560
22,712
37,538
Deb.stock interest
Interest on notes
Other interest, &c
Net income
% pref. dividend..--6% cum. pref. dividend_
Common dividend
Surplus
-V. 136, p. 4082.
£1,539,360 £2.173,124 £2,247,552 £2,840,494
907,195
902,391
753,419
739,609
99,285
99,285
99,285
99,285
192,648
245,674
198,769
90,787
£340,230
436,307
def£96,077
£925,774 £1,196,079 £1,910,823
436,307
436,307
436,307
300,000
300.000
300.000
281,869
704,673
£189,467
£177,903
£469,843
Chesapeake Corp.-Holdings in C. & 0. Reduced-Reduces Bonds to $37,387,000 and Bank Loans to $20,948,180.
At the close of business Sept. 30 1933 the corporation's 20
-year 5%
convertible collateral trust bonds, originally outstanding in the amount
of $48,000,000. have been reduced to $37,387,000, secured by the pledge
of 2,333,153 shares of common stock of Chesapeake & Ohio Ry.,$5.107,000
of the bonds having been converted into common stock of that company
In accordance with the provisions of the indenture securing the bonds and
$5,506,000 having been retired through the sinking fund.
As stated in announcement accompanying the corporation's statement
of earnings for the quarter ended June 30 1933, the corporation also has
reduced its bank debt from $30,500,000 to $20,948.179 by the sale on the
New York Stock Exchange of 240,000 shares of Chesapeake & Ohio By.
common stock, of which 170,000 shares were sold during the quarter ended
June 30 1933 at the net loss of $355,391, shown by the corporation's statement of earnings for that quarter, and 70.000 shares were sold since June
30 1933 at a profit of $261,595. The net result of the sale of these 240,000
shares was a loss of $93,796.-V. 137. p. 3495.
Chesapeake & Ohio Ry.-New Vice-President.
L. C. Probert has been elected Vice-President of this company and of
several of its subsidiaries.
He has also been elected to the same position with the Cincinnati Union
-V. 137, p. 2630.
Terminal Co., in which the C. & 0. owns an interest.
Chicago & North Western Ry.-Interest Charges Covered
-Loading's Up-Orders Rails.
President Fred W. Sargent states: "The company covered its charges in
October with $100,000 to spare.
"Our gross revenues in October showed an increase of about $200,000
over the like amount of 1932, while the net registered an increase of about
$300,000.
"Loadings so far in November have run about 18% ahead of last year.
"We expect a good grain movement during the balance of the month.
The present cold wave has stimulated a movement of coal."
The company has placed orders for 65,000 tons of steel rails.
-V. 137.
p. 2973.
Chicago Rock Island & Pacific Ry.-Reorganization
Still in Indefinite Stage.
-Reorganization of the company is
still in the indefinite future, according to Dwight S. Beebe,
Chairman of the protective committee formed last summer
to safeguard the interests of holders of the road's 1st & ref.
mtge. 4% gold bonds, due April 1 next, and secured 43'%
gold bonds, series A,due Sept. 1 1952. In a letter to holders
of these bonds, of which $40,388,000 principal amount, or
about 28% of the $144,470,000 total outstanding, are on
deposit, Mr. Beebe stressed the need for deposit of all holdings in order that the committee may take effective action
The purpose of this letter is to urge holders of bonds to deposit them
immediately with the committee and to state the reasons why the committee
Is firmly convinced that it is in the best Interests of the bondholders to make
such deposits at this time. To bondholders who have already deposited
their bonds, this letter will serve as a report regarding the work upon
which the committee is now engaged.
Effect of the Bankruptcy Proceedings.
-The company on June 7 1933, filed
a petition under Section 77 of the Bankruptcy Act, which was approved by
the Court. The effect of this action was to stay bondholders and other
creditors of the company from enforcing their claims and to leave the road
In the hands of its former management under the supervision of the court.
Since the filing of the petition, the company has failed to pay the semiannual interest installments on the 1st & ref. mtge.4% gold bonds and the
secured
% gold bonds, or even on its general mtge. gold bonds, which
are prior in lien to the 1st & ref. mtge. 4% gold bonds on a large part of
the road.
-Shortly after the petition
Protective Committee is an Investors' Committee.
In bankruptcy was filed, the largest investors in the 1st and refunding bonds
and the secured 4347 bonds (life insurance companies and savings banks)
0
met and decided to form this committee, as an investors' group, for the
purpose of organizing the bondholders and safeguarding their interests.
The members of this committee have agreed to serve as such without compensation. The committee announced its formation by newspaper advertisements and by a circular letter to bondholders in July.
-Institutions with which members of
Amount of Bonds now on Deposit.
the committee are affiliated have deposited their bonds; approximately
2,000 other bondholders have deposited bonds; and total deposits amount
to $40.388,000 principal amount of bonds, or about 28% of the total of
$144,470,000 principal amount of 1st & ref. mtge. 4% gold bonds and.
secured
% gold bonds, outstanding in the hands of the public. While
we consider this an unusually good response in view of the fact that these
bonds are scattered among twelve to fourteen thousand bondholders.
throughout the United States, it is extremely important for the bondholders that a much larger amount of bonds be deposited with the committee.
Why Bondholders Should Deposit at Once -The immediate deposit of bonds
is necessary in order that the committee may take effective action during
the preliminary stages of the bankruptcy proceedings, and it is important
to the bondholders that such action be taken.
Delay Before Plan of Reorganization Can Be Proposed.
-Before any plan of
reorganization for this company can be seriously put forward, it seems
inevitable that a considerable period must elapse. No definite prediction
as to the length of this period is possible, because no one can foretell just
when the earnings of this road will return to a level sufficient to support a
debt structure which will not involve too great a sacrifice by the present
bondholders.
•
Debt Structure is Such as to Involve Conflicts in interest.
-The Rock Island.
System has a complicated funded debt structure. The system is covered
by ten or more mortgages securing bond issues held by the public. So far
as the direct lien of the 1st & ref. mtge.4% gold bonds is concerned, it is a
subordinate lien on the greater part of the system and there are portions
of the system on which it is not a lien at all. In addition, these bonds are
secured by the pledge of $96,000,000 of collateral, consisting in part of
bonds secured by other mortgages on the system and in part of stocks of
constituent or subsidiary companies. The sole security for the secured
% gold bonds is a pledge of 1st & ref. mtge. 4% gold bonds.
In this situation, there necessarily exist many points of controversy
between the bonds of the issues for which this committee is acting and
the bonds secured by other mortgages. Furthermore the company itself
may seek to take action which would impair the position of your security,
as, for example, by borrowing funds for purposes not directly benefiting
you or enhancing your security, on obligations which may be given a rank
prior to that of your bonds in the final reorganization. It would be impossible in the space of any letter such as this to enumerate all of the many
ways in which the position of the bondholders may be weakened during the
period prior to the reorganization unless they are alert and ready to protect
their rights.
Accordingly the bondholders must be organized for the purpose of taking
vigorous concerted action, in court proceedings and otherwise, to assert
their rights and to resist attacks on the position of their security wnich
may be instituted by groups of bondholders or others having conflicting
interests with theirs. In doing this protective work, which no single bondholder could afford to undertake in his own behalf, the committee both
merits and needs your support.
Effective Protection of Lien now Will Enhance the Bondholders' Position in
the Reorganization.
-The importance of the committee's work during this
preliminary or "protective stage," is reflected in dollars and cents in the
treatment received by the bonds in the final reorganization. If the committee has been able to protect, or to strengthen, the security for the bonds
during the period preceding the reorganization, this security will be of'
more value and will receive greater recognition in the allotment of new
securities of the company upon the completion of the reorganization than
if no committee action were taken.
Committee's Ability to Take Effective Action Depends on Deposits.
-The
bondholders must realize that the ability of the committee to take forceful
action both preceding and during the reorganization, depends in large part
upon the amount of deposited bonds it represents.
It must be self-evident that,in all stage of the proceedings, the "protective
stage" as well as the later stages when a plan or plans of reorganization
are under negotiation, or are being supported or resisted before the I.
-S. C.
Corrunission or the court, the extent to which the committee will be able
to enforce its views and the weight which will be attached to its requests
and recommendations will be governed in large part by the amount of bonds
for which it is authorized to act.
Furthermore, in order to control the proceedings for the enforcement of
the 1st & ref, mtge., the mortgage indenture itself requires the assemblage
of at least 75% in amount of the let & ref. bonds, and the indenture under
which the secured 4347 bonds were issued expressly requires a majority of
0
such bonds to be assembled in order to control proceedings thereunder.
Also, it may become necessary for this committee to seek to invervene and
become a formal party to the bankruptcy proceedings for all purposes. In
such event, it is desirable that before applying to the court, the committee
shall represent at least a majority in amount of the bonds of the two issues
for which it is acting.
Status of Depositing Bondholders.
Certificates of Deposit are Listed on New York Stock Exchange.
-Upon
the deposit of bonds with the committee, there is issued to a bondholder,
in exchange, a certificate of deposit which is listed and admitted to trading
on the New York Stock Exchange.
The argument is sometimes made that trustees and others acting in a
fiduciary capacity may be open to criticism in depositing bonds and accepting certificates of deposit in exchange because of the fact that there is a
small spread between the market for certificates of deposit and the market
for bonds. This argument, however, is short-sighted. It falls to take
into account the fact that the work of the committee in protecting and
strengthening the mortgage estate, which will be aided by the deposit, will
indirectly influence the market for both bonds and certificates of deposit,
and should ultimately have the effect of increasing the market price of both
bonds and certificates of deposit by many more points than the small differential between the bonds and certificates of deposit.
Depositors Have Right of Withdrawal.
-The committee is asking your
support. 'particularly during the "protective stage" of the proceedings.
During this stage, that is, prior to submission of a plan or plans of reorganization, the committee believes that there is no likelihood whatever that any
bondholder can have an important difference of opinion with the committee
on any question which may arise. When, however, a plan or plans of
reorganization are submitted for final action, each bondholder who has
deposited his bonds is protected by a right to withdraw his bonds, upon
the payment of his pro rata share of the committee's expenses to date, if
he differs with the committee with regard to the action which it proposes
to take in respect of any plan.
Volume 137
Financial Chronicle
Expenses Should not Be a Deterrent Consideration.
-On the question of
expenses of the committee, the bondholders should realize that the new
Section 77 of the Bankruptcy Act expressly provides that, subject to the
approval of the I.
-S. C. Commission and the court, committees representing
bondholders may obtain reimbursement out of the bankrupt estate for their
actual and necessary expenses in connection with the proceedings and the
plan of reorganization. Upon such allowance they represent a levy against
the security for all of the bonds whether they are deposited or not. Even if
some part of the expenses are not so allowed, the deposit agreement places
limitations upon the charges which may be made against the deposited
bonds. Bondholders should also bear in mind that the members of the
committee are serving in that capacity without any compensation and that
the committee has been sponsored by investors who are anxious to keep
expenses as low as possible because, on account of the size of their holdings,
their share of the total expenses will be larger than that of any other bondholder.
Principal Work so Far Undertaken by the Committee, which will Be Furthered
by Prompt Deposit of Bonds.
-(a) The committee,in conjunction with committees representing other issues of the company, has petitioned the court
to appoint an impartial trustee or trustees, who owe no allegiance to the
stockholders, to take joint charge of the property and its operation during
the bankruptcy proceedings.
(b) The committee has moved the trustees of the 1st & ref. mtge. to
engage experts to test a formula which the company has prepared for the
Purpose of allocating the earnings of the property to the several mortgage
districts, in order to see that the issues for which the committee is acting
receive equitable treatment.
(c) The committee has also moved the trustees of the 1st & ref. mtge. to
petition the court to require the company to pay interest on the $38,400,000
general mortgage bonds which are pledged under the 1st & ref. mtge.,
which the company did not propose to pay even if it paid interest on the
$61.581.000 general mortgage bonds which are outstanding in the hands of
the public. The committee furnished the support for this petition by oral
argument and a brief of its counsel.
(d) The committee has caused the company to petition the Court to
restrain bank creditors and the Reconstruction Finance Corporation from
selling $54,000.000 of securities of the company's system which they hold
as collateral for their $17,400,000 of loans, and supported this petition by
oral argument and briefs. Without such an injunction, the banks and the
RFC might sell these securities, which consist in part of 1st & ref. mtge.
bonds, thereby diluting and weakening the position in the final reorganization of all of the bonds for which this committee is acting.
(e) The committee is investigating the status of the $96,000,000 of collateral which is pledged under the 1st & ref. mtge., and the effect upon this
collateral of the proposed unification program of the company. Without
Proper safeguards, the carrying out of this unification might impair the
value of a substantial part of this collateral.
(f) The committee is also making an investigation to determine the
extent to which the 1st & ref. mtge. is a lien on rolling stock and other
equipment.
(g) The committee also examines and makes suggestions regarding many
proposals affecting the interests of the bondholders which the railway company submits to the committee and the court Periodically.
It is obviously necessary to the effective prosecution of the work outlined above and the many additional matters which will arise, that bondholders deposit their bonds so that the recommendations and actions of the
committee will be given full weight.
For the reasons set forth above, the committee urges all holders of 1st &
ref. mtge. 4% gold bonds and secured 4;4% gold bonds to deposit their
bonds immediately with one of the appropriate depositaries for the corn-
Trustee Hearing Put Off.
-
Federal Judge Wilkerson has put off indefinitely the hearing scheduled
for Nov. 15 on appointment of a trustee for the company. The protective committee for the 1st & ref. mtge. bonds favors appointment of
a trustee instead of the present management of directors because such an
appointment would make interest collectible on these bonds.
Allowed More Time in Wichita Acquisition.
The company has been given until Jan. 1 1934 in which to file its acceptance of the condition imposed by the I.
-S. C. Commission requiring it
to agree to include the Wichita Northwestern Ry.in its projected unification
of system lines.
The Commission recently rejected the request of the Rock Island for
reconsideration and elimination of this condition which must be agreed
-V.137, p. 3495.
to before the unification order can become effective.
Delaware Lackawanna & Western RR.
-Refund
of
$2,427,229.
The company and its subsidiaries have obtained an income tax abatement, credit and refund of $2,427,229 for the years 1916-19 and 1921-26.
The subsidiaries are the Keystone Mining Co. and the Moore Timber Co.
The Internal Revenue decision said that $630.084 of the over-assessment
resulted from the elimination of the incomes of several subsidiaries included
In the consolidated returns filed.
-V.137, p. 2631.
3675
Old Colony RR.
-Bonds Authorized.
The Massachusetts Department of Public Utilities has approved the
issuance by the company of $600,000 6% 1st mtge. bonds due Sept. 1 1953.
Proceeds are to be used for reducing the road's indebtedness to the New
York New Haven & Hartford RR. for expenditures for permanent additions, extensions and improvements to the property of the Old Colony RR.
up to and including Dec. 31 1932.-V. 136, p. 2236.
Seaboard Air Line Ry.-To Cut Fares 44%. A reduction of 44% in passenger fares will be put into effect by the
company effective Dec. 1, or as soon thereafter as possible. The new
rate will be effective until May 31, it is said. The announcement, made
at the general offices of the company, Norfolk. Va., states that a one-way
rate of two cents a mile, good in coaches only, will be established over
the entire Seaboard system. The present rate is 3.6 cents a mile.
V. 137, p. 3495.
St. Louis
-San Francisco Ry.-Creditors to Discuss Plan.
Creditors of the company will hold a meeting on Nov. 24 at the office
of the I.
-S. C. Commission to discuss a new financial reorganization plan
for the road. It is expected that the Reconstruction Finance Corporation.
which objected to the reorganization plan presented by the old management, will submit its report on the status of the company based upon a
survey of the road's physical properties and capital structure.
The RFC may also present a new plan of reorganization or at least offer
suggestions which will have the backing of the Government as one of
the chief creditors of the road.
Traffic Declines.
5. M. Kurn, receiver for the company, states: "Traffic on this road is
currently showing a seasonal decline. due partly to slackening of the gasoline
movement and partly to delay in cotton picking caused by cold weather.
. "We have no deferred maintenance on roadway and we have a surplus
of equipment. We just leased 100 coal cars, to a neighboring road. We
have 136 locomotives in white lead, including 44 of our largest ones."
-V. 137. p. 3325, 2632.
Waco Beaumont Trinity & Sabine Ry. Rehearing on
RFC Loan Application Denied.
The I.
-S. C. Commission has denied the petition of Paul T. Sanderson.
receiver, for a reconsideration of the report in which the Commission
previously denied approval of his application for a loan of $304,500from the
-V. 136. p. 4265.
Reconstruction Finance Corporation.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Nov. 11.-(a) Production of electricity in September 1933 as compared with a year ago was up 9%,p. 3384;
(b) September sales of electricity were 11.3% in excess of the corresponding
period is 1932
-Revenue increased only 0.5%, p. 3384; (c) Increase in
production of electricity as compared with the same period last year reduced to 3.8%.P. 3385.
American
Commonwealths
Power
The Chancery Court in Wilimington. Del. on Nov. 10 authorized re'
ceivers for the corporation to participate in the readjustment of the General
Public Utilities Co. and the reorganization of the National Gas & Electric
Corp. and to employ the claims and securities in their charge in furtherance
of these plans.
Receivers for the company also were permitted to assent to the General
Public Utilities plan, as holders of unsecured debt, and to exchange this
debt for shares of a new company which will replace the present corporation.
-V. 137, P. 3495.
-Output.
American Water Works & Electric Co., Inc.
Output of electric energy of the company's electric properties for the
week ended Nov. 11 1933 totaled 33,629.000 kwh., an increase of 16% over
the output of 29,026,000 kwh,for the corresponding period of 1932.
Comparative table of weekly output of electric energy for the last five
years follows:
1929.
Week Ended1930.
1931.
1933.
1932.
Oct. 21
32,869.000 28,011,000 31,789,000 34,915.000 38,609,000
Oct. 28
32,725,000 28.826.000 31,699,000 35.535,000 38,991.000
Nov. 4
31,484,000 29,752,000 30.119,000 34,745.000 38.428.000
Nov. 11
33,629,000 29,026,000 30,522,000 34,851,000 38,644,000
The power output of the company's electric subsidiaries for the month of
October totaled 142,649,297 kwh., against 123,170.521 kwh. for the corresponding month of 1932, an increase of 16%.
For the 10 months ended Oct. 31 power output totaled 1,375,852,984
kwh., as against 1,206,796,433 kwh. for the same period last year, an increase of 14%.-V. 137 P.3495 3325.
Arizona Power Co.
-Deposits
Fonda Johnstown & Gloversville RR.
-Tenders.
The New York Trust Co., trustee. 100 Broadway, N. Y. City, will.
until 2 p. m. on Dec. 8, receive bids for the sale to it of 50
-year gen. ref.
mtge. 4% gold bonds, due July 1 1950. to an amount sufficient to exhaust
$50,844 at prices not exceeding $500 flat per $1,000 bond. There are at
present outstanding $555,000 of these bonds.
-V. 137, p.2270.
-To Add 71 More Trains-ExperiLong Island RR.
mental Low Fares Extended.
Vice-President George Le Boutillier on Nov. 16 announced that a new
passenger train schedule will become effective on the Long Island RR.
on Dec. 3, which contemplates the operation of 71 more trains than at
present, thereby providing substantially better service for patrons, as well
as increasing railroad employment.
This additional service, commencing Dec. 3, will be performed entirely
within the electrified territory and aims to close up gaps now existing
In the night and mid-day schedules. Commuting trains will not be affected,
excepting in certain cases where extra stops, requested by commuters.
have been agreed upon by the railroad management.
This improvement in service involves the scheduling of 23 additional
trains between New York and Jamaica, and 23 additional trains between
Brooklyn and Jamaica. Woodside, Forest Hills, Kew Gardens, Nostrand
Avenue, East New York and other stations on the Atlantic Branch, will
benefit by the proposed increase in train service.
It is also planned to improve the existing service on all electrified branches
beyond Jamaica. Five extra trains are to be operated on the Hempstead
Branch, which means more frequent service for patrons using the stations
at Union Hall Street, Hillside, Hollis, Bellaire, Queens Village, Bellerose
and Floral Park. The Long Beach Branch will have two additional trains;
the Far Rockaway Branch two extra trains; Port Washington Branch five
new trains' West Hempstead Branch one more train, and the Montauk
Branch eight extra trains.
Further announcement was made by Mr. Le Boutillier that the experimental low fares inaug.urated May 1 1935, and which expire under present
tariff regulations on Dec. 31 1933, will be extended into 1934.
"While the new fares." said Mr. Le Boutillier, "have not yet increased
travel sufficiently to overcome losses compared with 1932. at the same
time there has been a substantial increase in patronage, and it is believed
that the additional trains wid not only make rail travel more inviting, but
eventually increase traffic that will more than compensate the company
for making the extensive time table changes and providing the extra train
service this winter."
-V. 137. p. 3146.
-Orders Rails.
-Texas RR.
Missouri
-Kansas
The company on Nov. 16 announced that it is placing an order for 4,700
tons of 112
-pound steel rail for delivery early next year and installation
in March between Eufaula and McAlester ,Okla., a main line distance
of 25 miles.
The company proposes to finance the order from its own funds and will
not avail itself of the plan now being worked out by the Public Works
Administration to provide carriers with a means of financing new equipment.
The cost of the rail program will, it is believed, be around $350,000.V. 137, p. 2270.
Corp. (Del.).
Court Allows Receivers to Act in Two Plans.
of Securities Under Re-
adjustment Plan Asked.
Holders of the securities of the company.are being asked to deposit their
holdings under a plan and agreement of financial readjustment dated
Oct. 11 1933 with either the New York Trust Co. New York, or the Wells
Fargo Bank & Union Trust Co., San Francisco. Deposit should be made on
or before Dec. 31 1933. The committee requesting deposits consists of
P. Blair Lee (Brown Brothers Harriman & Co.), George H. Stuart 3rd
(Girard Trust Co.), Philadelphia, and Jonathan C. Neff (Fidelity-Philadelphia Trust Co.) Philadelphia. D. P. Beardsley, 1531 'Walnut Street.
Philadelphia, is Secretary of the committee.
Securities of the Arizona Power Co. affected by the plan are as follows:
Arizona Steam Generating Co. 1st mtge. 6% gold bonds, due March 1
-year gold bonds, due May 1
1933; Arizona Power Co., 1st mtge. 6% 25
1933; Arizona Power Co., 1st lien & unifying mortgage gold bonds 6%.
series A. due Nov. 1 1947; and Arizona Power Co. preferred and common
stocks. (For further details of plan see V. 137, P. 2974)•
Earnings Statement 12 Months Ended, July 31 1933.
$377.937
Operating revenue-Electric
43.866
Gas
Total operating revenue
Operating expenses
-Ordinary
Maintenance
Renewal and replacement reserve
Provision for Federal taxes
Provision for other taxes
$421,804
133,829
47.996
21.090
2.061
67.858
Operating income
Non-operating income
8148.968
3.839
Gross income
Income deductions
5152,807
215.622
$62,814
Net deficit
Balance Sheet as of July 31 1933.
Liabilities
Assets
$140,000
Property and plant
28,073,423 8% preferred stock
995,250
Investments
13,940 7% preferred stock
4,750
Special deposits
490 6% preferred stock
Cash
3,000.000
100,184 Common stock
Notes & loans receivable
2,297 Funded debt
3,095,700
59,589 Notes payable to CommonAccounts receivable
wealth Utilities Corp
220,000
Materials & supplies
35,357
3,395 Customers'& extension dem- 121,908
Prepaid accounts
28,845
Unamort. debt disc. pip aims_ 180.807 Accounts payable
190.724
15,512 Accrued accounts
Deferred charges
Res. for renewals and replace- 573,637
13,051
Other reserves
103,331
Earned surplus
Total
-V.137. p. 3147.
88,484,998
Total
$8,484,998
Financial Chronicle
3676
-Earnings.
Continental Gas & Electric Corp.
Associated Gas & Electric Co.
-Advise Deposit under
Plan.
In a letter to the holders of debentures the company states:
"You have doubtless read in the newspapers of the application for a
receiver in the case of Lindsey E. Bird vs. Associated Gas & Electric Co.
just filed in the office of the Clerk of the Court for the Southern District of
New York. Inasmuch as there has been no default by the company upon
the principal or interest on any of its debentures we have every hope and
expectation of having the suit dismissed.
"On the other hand, we believe it is in the interest of all debenture holders
who wish to act most effectively to avoid the consequences of default and
receivership, which would result most certainly in stopping all their present
income from debenture interest, to immediately deposit their debentures
for exchange under the plan of rearrangement of debt capitalization. For
his purpose Option
Debentures
be deposited with transfer and coupon paying agency,
Room 2308, 61 Broadway, New York, N. Y., or Public National Bank Er
Trust Co., 76 William St., New York.
Berwick Complaint Brings Charges Foreign to Court's
Jurisdiction Company Contends.
A demurrer has been filed at Wilmington, Del., by the Associated Gas
& Electric Corp. (Del.) and the Associated Gas & Electric Securities Co.,
Inc. (Del.), to bill of complaint filed by Tessie Berwick of New York.
The Berwick suit was brought to compel the Associated Gas & Electric
Corp. to reassign to the Associated Gas & Electric Co. (N. Y.) assets
alleged to have been fraudulently transferred to the Delaware corporation
by the New York corporation. The demurrer contends that no facts to
show that the alleged transfer of assets was fraudulent or illegal are shown
in the bill; that the bill involves consideration of the internal management
and affairs of a New York corporation, foreign to this jurisdiction, and that
the complainant is barred from pressing the action under the provision of an
indenture under which notes or bonds held by the complainant were issued.
b --Removed from List.
Brockton Gas Light Co.
ed trading
The New York Curb Exchange has removedfrom
privileges the stock tikuit certifica , par $25.-V. 137, p. 313. •
Power
For income statement for 12 months ended Sept. 30 see "Earnings
-V. 137, p. 3496.
Department" on a preceding page.
Detroit Edison Co.-Earnings.
For income statement for 12 months ended Oct. 31 seee "Earnings
-V. 137, p. 2976.
Department" on a preceding page.
-Earnings.
Duquesne Light Co.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 2806.
•
mits Common Dividend
Electric Bond & Share Co.
Flectxie-P-Fecluetion-of Affatate8.--The directors on NovTl5
i
decided to omit action on the dividend due at this time On
the common stock, par $5.
On Nov. 16 last year, the directors declared a regular
quarterly dividend of 13'% in common stock on that issue
and at that time announced that thereafter action on the
dividend on the common stock would be taken annually
instead of quarterly. (See V. 135, p. 3522.)
Electric output for three affiliates of the Electric Bond &
Share System for the week ended Nov.9 compares as follows:
1933.
1932.
% change.
American Power & Light Co
Electric Power & Light Corp
National Power & Light Co
-V. 137, p. 3496, 3325.
80,124,000 67.441.000
35,483,000 34,431,000
57,831,000 59,618,000
+13.8
+ 3.1
-- 0.3
Electric Power & Light Corp.-Bal. Sheet Sept. 30.-
Output Resumes Downward Trend.
With net electric output at 52.068,241 units (kwh.) for the week ended
Nov.4, the Associated System output continued the downward trend which
has been making itself felt since late in July. This output is 3.3% above the
same week last year, comparing with the increase of 4.0% for the four
weeks to date.
Gas sendout of 314.948,100 cu. ft. was 7.0% below the same week of
1932. This compares with a decrease of 2.5% for the four weeks ended
Nov.4.-V. 137, p.3496.
Canada Northern
panding.-
Nov. 18 1933
-Subs. ExCorp., Ltd.
A development of great significance to the whole of the mining area of
northern Quebec is seen in the announcement made on Nov. 14 that the
Northern Quebec Power Co., a subsidiary, is extending its power transmission line east from Noranda to Cadillac Township, a distance of 32 miles.
The Northern Quebec Power Co. has just recently secured a contract
-O'Brien Mine,located in the Cadillac
for a block of power from the Cadillac
Township,and the company proposes to clear the right-of-way for the transmission line from its substation at Noranda to Cadillac Township this fall.
Construction material will be taken in during the winter and the spring
will see completion of the construction of the line, making it possible to
supply all the mines in the district east of Noranda as far as and. including
Cadillac Township by not later than June 1 of next year.
This extension will place the company in a position to extend its lines
further east at any time to serve such properties as the Siscoe Mines, Siscoe
Extension, Sullivan, Greene-Stabell, Parker Island, Teck-Hughes and
mines in the Prscalis and Louvicourt territory.
The cost of constructing the transmission line will approximate $200,000.
-V. 137, p. 1763.
Central Utilities Service Co.
-Collateral Sold.
The entire common stock of the company, consisting of 995 shares.
was offered to the highest bidder at auction on Nov.8 by the Chase National
Bank, under a lien which the bank held on the shares.. The sale was
held at 18 Vesey Street, N. Y. City, and the shares were purchased by
the bank for $1,200.
The Central Utilities Service Co. is one of several operating companies
in Ohio formerly under Insull control. At an auction held in March this
year the Chase bank acquired among other securities a promissory note
of the Central Eastern Power Co. for $3,160,000, secured by a $3,160,000
promissory note of Central Utilities Service Co. and the 995 common
shares of that company.
Chicago City & Connecting Rys. Collateral Trust,Obituary.
Edward N. Hurley, a receiver of this company died in Chicago. Ill., on
Nov. 14. He was also a co-receiver of the Middle West Utilities Co.
-V.136,
p.491.
Chicago Rapid Transit Co.
-New Bond Group Organized.
•
1933.
1932.
1932.
1933.
Liabilities$
8
Inv. (book val.)182,886,238 183,429,598 Capital stock_ _ y155.042,839 155,039,139
247,927 Subsc. to $7 pt.
1,374,321
Cash
stk,allot. ctfs.
12,200
Time deposits in
15,200
banks
1,600,000 3,350,000 Liability to issue
44,953 $6 pref.stock_
Short-term secur
800
Gold deben. 5%
Notes and loans
recelv., subs_ 1,198,000 2,500,880 series due 2030 31,000,000 31,000,000
Acct. rec., subs_
43,871 ' 163,491 Contr. liabilities
72,332
Divs. declared_
Accounts receiv1,282,850
36,033 Contracts pay_
able-others _
18,049
1,290,254
46,241
Accts. payableSubsc. to $7 of.
86,677
Accrued accts._
305,226
stk. allotment
335,226
Reserve
156,627
12,251
certificates_ _ _
156,778
4,469,142 4,607,361
101,820
101,820 Surplus
x Reacq.cap.stk
Unamort. debt
disc. & expen. 3,754,504 3,793.518
Claim receivable
38,828
Deferred charges
4,394
218,399
Sundry debits_
Asse,IS-
Total
191,032,276 193,886,619
Total
191,032,276 193,886,619
x Represented by 961 shares $7 pref. stock and 821 shares coin, stock.
y Represented by: $7 pref., cum. (entitled upon liquidation to $100 a
share); panl passu with $6 pref. and $5 pref.; authorized, 800,000 shares;
Issued, 515,122 shares; $6 pref. cum. (entitled upon liquidati m to $100 a
share), pail passu with $7 pref. and $5 pref., authorized, 1,000.000 shares;
issued and outstanding, 255,430 2-3 shares. $5 pref., cum. (entitled upon
liquidation to $100 a share); part passu with $7 pref.and $6 pref.; authtized,
1,000,000 shares; issued, none. 2nd pref., series A ($7), cum.(entitled upon
liquidation to $100 a share); pari passu with 2nd pref., series AA ($7):
authorized, 120,000 shares;issued and outstanding,91,300 shares. 2nd pref..
series AA ($7), cum. (entitled upon liquidation to $100 a share); part passu
with 2nd pref. series A ($7); authorized. 100.000 shares; issued, none.
Corn., authorized, 4.000,000 shares; issued (including 560 shares issuable in
exchange for stock of predecessor company), 3,388,745 shares.
Note.
-At Sept. 30 1933, there were outstanding option warrants entitling the holders, without limitation as to time, to purchase 600,698
shares of corn, stock at $25 a share; in lieu of cash, each share of 2nd pref.
stock, series A ($7), surrendered with four option warrants will be accepted
-V.137, p. 3496.
at $100, in payment for four shares of common stock.
Fifth Avenue Bus Securities Corp.
-Earnings.
For income statement for 3 months ended Sept. 30 see "Earnings De-V. 137, p. 1240.
partment" on a preceding page.
,
Intercontinent Power Co. - Protective Committee
Change.
Homer Reed Jr. of Philadelphia has been appointed Chairman of the
protective committee for holders of the 6% debentures. He succeeds
Thomas J. Walsh, who has joined the financial staff of the Public Works
Administration in Washington. George de B. Greene of 44 Wall St,
New York, is Secretary of the committee.
-V. 134, p. 846.
its appearance Nov. 9 under the name of the "New Deal Traction-Com- "Kentucky Natural Gas Co.
mittee." Its members do not profess to have a financial but merely a
Approval of a $300,000 sale of Indiana properties of the company to
civic interest in seeing that the present ordinance for a new company
organization committee representing bondholders of the- company
a
Is not extended beyond Jan. 31 1934.
Informally was indicated t;; Judge Robert C. Baltzell in Federal Court
.
l
?
Among the members of the committee's executive committee are Edward
at Indianapolis on Nov. 4. The property, consisting of pipe linesand
F. Dunne, Richard W. Wolfe, Carter H. Harrison, Wiley Mills, Edward J.
other equipment, was sol
y Albert 'Ward, special master in chancery.
Brundage, Arthur Albert, Paul H. Douglas, Charles E. Merriam, and
following foreclosure of a mortgage on the property. The sale was held
Newton Jenkins, who is chairman.
Oct. 24 in Terre Haute.
-V. 137, P. 1413.
-V. 137.
The new committee has a legal staff of eight, it is stated.
"Lynn Gas & Electric Cs,.-Removed from List.
Removed
P. 3496.
ing privThe New York Curb Exchange as removedfrom unlisted t
-Earnings.
-Cincinnati Gas & Electric Co.
ileges the capital stock and trust
ificates, both pas $25.-V.137,P.3326.
For income statement for three months ended Sept. 30 see "Earnings
Market Street Railway Co.
-Earnings.
Department" on a preceding page.
-V. 137, p. 2460.
For income statement for 12 months ended Sept. 30'see "Earnings
""'Cincinnati Street Ry. Removed from List.
Department" on a preceding page.
-V. 137, p. 2635.
trading privThe New York Curb Exchange as removed from units
North American Co. (8c Subs.).
-Consolidated Balance
ileges the capital stock, par $50.
. 137. p.2976.
-Earnings.
Columbia Gas & Electric Corp.
For income statement for 3 and 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2634.
-Exchange Plan Postponed.
Commonwealth Edison Co.
Due to difficulties encountered by the severity of the requirements under
the Federal Securities Act, the plan to offer common capital stock of this
company in exchange for common stock of the Public-Service Co. of Northern Illinois has for the time being been postponed, according to a Chicago
dispatch. This does not mean abandonment of the plan or any important
change In its general terms, it was stated.
-V. 137. p. 3326.
-Electric Production
Commonwealth & Southern Corp.
,
Higher in October-Gas Output Off
.The electric output of the Commonwealth & Southern Corp. system
for the month of October was 450,807.764 kwh., as compared with 440,015,220 kwh. for October 1932, an increase of 2.45%. For the 10 months
ended Oct. 31 1933 the output was 4,424,108,611 kwh. as compared with
4.210,907,368 kwh. during the corresponding period of 1932', an increase
of 5.06%. Total output for the year ended Oct. 31 1933 was 5,283,603,110
kwh.,as compared with 5,131,052,960 kwh.for the 12 months ended Oct. 31
1932, an increase of 2.97%.
Gas output of the Commonwealth & Southern Corp. system for October
was 630,727,300 cubic feet, as compared with 650,308.000 cubic feet in
October last year, a decrease of 3.01%. For the 10 months ended Oct. 31
1933 the output was 6,144,136,300 cubic feet, as compared with 6,579,906,100 cubic feet for the corresponding period last year, a decrease of
6.62%. Total output for the year ended Oct. 31 1933 was 7,571.817,500
cubic feet, as compared with 8,114,170,800 cubic feet for the 12 months
ended Oct. 31 1932, a decrease of 6.68%.-V. 137, p. 3147.
...Connecticut Power Co.lemoved from List.
The New York Curb Exchange as removed from un
privileges the common atom par $ .-V. 137, p. 2102.
ted trading
Sheet Sept. 30.1933.
Assets$
Prop'y & plant_682,847,027
Cash St secs, on
dep. with trus 2,742,144
Invest'ts (at cost
a140,460,900
or less)
17,566,707
Cash
U.S. Govt.sees. 7,865,218
Short-term WV_ 4,812.491
602,047
Notes elt bills rec
Accts. receivable 13,269,477
Mat'l Bt supplies 10,769,956
Bals. of op.subs.
In banks closed
or under restr_ 1,541,198
Discount & exp.
on securities_ _ 14,769,771
Prepd. accts. &
0th. def. doges 1,586,582
1932.
1933.
1932.
LiabilitiesIS
•
676,887,383 Preferred stock_ 30,333,900 30,333,900
Common stock_ b79,907,540 c73,171,770
1,998,124 Com. stk. scrip_
379,320
309,260
Divs. payable in
142,552,364
common stock 1,598,043 1,829,124
18,059,507 Pt.stks. of subs_137,249,093 138,197,817
6,068,359 Min. Int. in eaP.
&Bur. ofsubs_ 15,177,353 15,529,096
558,591 Funded debt of
12,171,249
Nor. Am. Co_ 25,000,000 25,000,000
9,315,710 Fd. debt of subs.300,622,650 294.686,640
Accts. payable_ 2,880.681 2,981,488
Sund. curr. liab_ 4,708,499 4,975,656
Taxes accrued._ 13,700,091 13,996,368
Interest accrued 4,340,734 3,774,162
14,503,367 Divs. accrued._ 1,303,577 1,385,402
Surd. accr. nab_
81,850
82,063
2,052,858 Depreo'n lee._104,778,948 95,865,693
Res.for conting_ 43,148,156 12,000,000
Other reserves_ 17,569,133 16,588,863
d Capital surplus
32,902,103
d Undiv. profits.116,053,038 120,558,107
898,833,517 884,167,514
Total
Total
898,833,517 884,167,513
a Includes 22,574 shares of common stock of the North American Co.
(represented in part by shares of the Oct. 1 1933 dividend stock) acquired
on balance by a subsidiary which purchases and sells dividend stock and
scrips for stockholders. 13 Rerpresented by 8,028,686 shares. c Repro
sented by 7,348.103 shares. d After transfers to reserve for contingencies
at Dec.31 1931 and 1932 of provision for shrinkage in value of investments.
The estimated shrinkage as of Sept. 30 1933 exceeds by approximately
$20,000,000 the balance in the reserve for contingencies at that date.
Volume
Financial Chronicle
137
Note.
-The company has a contingent obligation with respect to underwriting offerings to common, stockholders of North American Light &
Power Co. of common stock of that company to an amount not exceeding
$6,000,000 in three annual instalments of $2,000.000 each from April 1
1934 to April 1 1936 inclusive. The accounts of North American Light &
Power Co. are not included in this consolidation.
-V. 137, p. 3149.
3677
United Light & Railways Co.
-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 490.
INDUSTRIAL AND MISCELLANEOUS.
Northern States Power Co. (Del.).
-Earnings.
-
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2463.
Northern States Power Co. (Minn.).
-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 867.
Oklahoma Power & Water Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V.128, p. 2091.
Old Colony Gas Co.
-Seeks Purchase of Bonds.
The company has petitioned the Massachusetts Department of Public
Utilities for authority to purchase from time to time Massachusetts Gas
Cos. 54s and 5% bonds not to exceed $200,000 at any one time.
-V.135,
1: 4385.
1•
Matters Covered in the "Chronicle" of Nov. 11.-(a) White Motor Truck
Co. and Federal Motor Truck Co. announce new models p. 3389;(b) Corn
Products Refining Co.closes plant at Argo, Ill., due to new corn processing
tax-2,000 workers made jobless, p. 3390; (c) Quiet week in major non-Zinc declines
-Tin and silver advance. p. 3396; (d) Steel
ferrous metals
production in November will be lowest for any month since April, says the
"Iron Age"
-Finished steel and steel scrap prices decline further, p. 3396;
(e) Report of unfilled steel orders discontinued by United_ States Steel
Corp., p. 3397; (f) Shipments of finished steel products of subsidiaries of
United States Steel Corp., p. 3397.
Addressograph-Multigraph Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1414.
Aetna (Fire) Insurance Co., Hartford.
-New Vice-Pres.
Omaha & Council Bluffs Street Ry. Co.-Tenders.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. city, will
until 10 a. m., Dec. 4, receive bids for the sale to it of 1st consol. mtge.
gold bonds, dated Dec. 1 1902, to an amount sufficient to exhaust $200,102
at a flat price not exceeding the prevailing market price.
-V. 137, p. 685.
J. Ross Stewart and Jesse M. Walker have been elected Vice-Presidents
-V.137, p. 2809.
of this company and its subsidiaries.
-New Director.
Affiliated Products, Inc.
John N. Willys, Chairman of the board of the Willys-Overland Co., Inc.,
-V. 137, p. 3328.
has been elected a director.
Pacific Gas & Electric Co.
-Seeks Authority to Apply
'=•••--Air Investors Inc.-Ad itted to List.
Proceeds of Stock Subscriptions to Reduce Certain Items.
The company has applied to the California RR.Commission for authority
to apply proceeds from stock subscriptions receivable and from future
sales of unsold preferred stocks amounting to $2,633,289 against a total of
$45,319,294. representing unreimbursed capital expenditures, unpaid
advances and loans to affiliated companies and estimated new construction
for the remainder of 1933.
Unreimbursed capital expenditures, after application of available funds,
would amount to $42,686,005. It is stated by the company that no financing to take care of this balance is contemplated. Foregoing figures are
as of May 31 1933.
Earnings.
-
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 2274.
Pecos Valley Power & Light Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V. 129, p. 3636.
Philadelphia Co.
-Earnings.
-
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2977.
Piedmont Hydro-Elecic Co.-Removed from List.
The New York Curb Exchange as removed from unlisted trading
lieges the City Bank Farmers' T st Co. American depositary receip
capital bearer shares, par 125 lire.
-F. 137, P. 3149.
vfor
Shawinigan Water & Power Co.
-New President, &c.
-
Julian C.Smith, Vice-President and Managing Director, has been elected
President, succeeding .1. E. Aldred, who has been elected Chairman of the
board -V. 137, p. 2977.
Southern Colorado Power Co.
-Earnings.
-
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2464.
Union Electric Light & Power Co. (Mo.).-Balance
Sheet Sept. 30.1933.
1932.
1933.
1932.
Assets
$
Prop. & p1ant221,913,630 222,627,785 Preferred stock_ 13,000,000 13,000,000
Sundry Invest__
493,394
485,306 Common stock 52,500,000 52,500,000
.
Storks & bonds
Funded debt_ _ _ 63,695,000 55,998,000
of other cos_
26,900 Real estate mortCash
1,396,842 2,219,899
gage notes_
256,590
Notes & bills rec.
89,279
228,200 Pret.stk.ot subs.. 16,793,475 16,956,075
Accts.receivable 2,948,523 2,813,699 Min. int. in cap.
Mat'l & supplies 2,231,572 2,273,430 & sur. of subs.
130,340
133,162
Prepaid acc'ts
464,258
485,950 Funded debt of
Cash & sec. on
subsidiaries __ 29,574,400 30,142,300
deposit
340,131
Due to Mill. cos. 3,9/6,960 10,706,425
Depos. for pay.
Sundry cur. Bab. 1,632,560 1,641,020
of mat. int__ _
628,290
Accr. liabilities_ 5,329,071
5,143,236
Bats. in closed
Reserves
30,762,813 26,634,833
banks
88,117
Surplus
17,605,762 21,595,093
Due from MM.
companies
6,309
Cash on deposit
with trustee_
33,848
Bond & note dis. 4,406,346 3,505,408
235,000,382 234,706,735
Total
Total
235,000,382 234,706,735
x Represented by 2,295.000 no par shares.
-F. 137. P. 3498.
United Gas Corp.
-Earnings.
-
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Balance Sheet Sept. 30.
1933.
1932.
1933.
1932,
$
$
AssetsLfabUftfe-s$
$
Investments __d207,636,861 337,986,596 $7 pref. stock...a44,982,200 44,981,100
932,895
199,185 $72d pref. stockb88,468,000
Cash
1,199,160 1,199,991 Common stock_ c7,818,959 88,468,000
Accts sec.,subs.
7,820,055
3,810
3,448 Notes payable,
Accts. rec., oth.
Unamort. debt
banks
21,250,000 21,250,000
discount & exNotes and loans
171,180
pense
Day. to Elec.
3,600
Bd. & Sh. Co. 25,925,000 25,925,000
Deferred charges
Demand In due
El. Pr. dr Lt.
Corp
750,000
Accts. payable_
29,842
27,219
Accrued acc'ts
263,943
514,890
Reserve
4,473,840 4,619,224
Capital surplus_ 13,417,6841 36,501,703
Earned surplus_ 3,146,856J
The New York Curb Exchange as admitted f the list 203.534 outar), with autldetity to add to the list,
standing shares common stock (n
upon official notice of issuance, 338,362 additional shares common stock.
-V.137,
The transfer agent is the Commercial National Bank & Trust Co.
P. 3328.
-Committee's
(The) Alden (225 Corp.), N. Y. City.
Report:
The real estate bondholders protective committee (George E. Roosevelt,
Chairman) in a circular letter dated Nov. 10 to the holders of let rtItge.
6% serial gold bond certificates states:
The committee has received as of the close of business on Nov. 4 1933,
deposits of approximately 67.8% of the outstanding bonds. The committee has been actively engaged in an extensive investigation into the
facts affecting the interests of holders of such bonds, as well as in the
general supervision of the management of the property securing the bonds,
and is pleased to report that the following steps have been taken for the
protection of the bondholders of this issue:
-On March 20 1933, the committee entered
Sequestration Agreement.
into a sequestration agreement to which Priscilla Realty Corp. (the owner
of the property). Bing S: Bing, Inc. (the managing agent thereof and the
sole stockholder of the owner) and Bank of the Manhattan Co.,the successor
trustee under the mortgage, were parties, for the purpose of securing to the
bondholders exclusively the net proceeds of the operations of the property.
By this agreement, the owner undertook to maintain a special bank acc"unt
In which receipts from operations should be deposited daily and from which
withdrawals should be made only for the purpose of paying expenses of
current operations. The agreement provides that the balance of said
account in excess of a reserve fund of $5,000 is to be turned over each week
to Bank of the Manhattan Co., as successor trustee and(or) depositary,
for the benefit of the bondholders. The committee is advised that there
has been deposited, in accordance with said agreement, up to the close of
business on Oct. 27 1933, the sum of $96,538 and that prior to March 20
1933, there was on deposit with the trustee the sum of $59.555, likewise
representing proceeds of operations. This total fund of $156,094 has,
according to the records of the trustee, been held and expended as follows:
$156.094
Total funds so deposited
Expenditures:
44,150
Real estate taxes for the 28 half of 1932,including penalties
1 ,793
Fees and disbursements of the trustee and its counsel_ ___
75,000
Purchase of furnishings (explained in detail below)
$35.151
Balance on hand Oct. 27 1933
Real estate taxes are in arrears for the full year of 1933 in the amount
of $71,661, exclusive of penalties.
Purchase of Furnishings.
-The committee found that the furnishings, &c.
used in connection with the operations of the Alden were not, with the
exception of a few pieces in the public portions of the building, subject to
the mortgage and consequently could be removed by the owner at any
time. Reported figures for the rentals charged for these furnishings for
the 16 months immediately preceding the purchase showed that such
rentals totaled $46,420, which indicated an average yearly cost to the
bondholders in this connection of about $34.915. Estimates were obtained
from reliable dealers in the types of furnishings required for replacement;
these estimates indicated that the cost of replacing the existing furnishings
would be approximately $104,250. Negotiations instituted by the committee with the owner finally resulted in an offer by the latter to sell all
the existing furnishings for $75,000 cash. After due consideration of the
fact that this offer represented a saving of nearly $30.000 over the cost of
replacement, and of the further fact that by a purchase of the existing
furnishings, the expense, discomfort and possible loss of occupancy caused
by removal of the existing furnishings and the replacement thereof by new
furniture would be avoided, this offer was accepted. The purchase was
consummated on July 10.
An analysis of the operations of the Alden,as of October 25 1933, based on
the owner's figures, shows that the occupancy of the rooms of the hotel as
a whole amounted to approximately 68.4%.
The purchase of the Alden furnishings is an important step toward a
permanent reorganization of this property, but before such reorganization
can be carried through, the deposit with the committee of further bonds
Is necessary.
The committee is advised that a substantial number of those bondholders
of this issue who originally deposited their bonds with S. W. Straus & Co.,
Inc., in the summer of 1932, under the plan of adjustment (now abandoned) proposed by S. W. Straus & Co.. Incorp., have taken no further
action with respect to such bonds, apparently under the mistaken impression
that they are now represented by this committee. The committee wishes
to make•it entirely plain that such bondholders are not in any way represented by it, or, so far as it knows, by any other similar agency. In order
to secure the benefit of concerted action in behalf of the entire issue, such
bondholders should, if their bonds are on deposit with S. W. Straus & Co.,
under the plan of adjustment (now abandoned) proposed by S. W. Straus
& Co., Inc., in July 1932, fill out and execute the letter of instruction and
transmittaloand forward same to the depositary, together with the receipt
which was Issued by S. W. Straus & Co., Inc.
The depositary is Manufacturers Trust Co., 55 Broad St., N. Y. City.
V. 122, p. 350.
--"••• Algoma Steel Corp., Ltd.
-Receiver Appointed.
-
Total
209,776,325 339,560,401
Total
209,776,325339,560,401
a Represented by 449,822 no par shares. b Represented by 884,680
no par shares. c Represented by shares of $1 par value. d $42.500.000
United Gas Public Service Co.6% debentures due July 1 1953 (included in
Investments) are pledged to secure $21,250,000 notes payable to banks.
Notes.
-At Sept. 30 1933 there were outstanding option warrants entitling the holders, withopt limitation as t time, to purchase 4,864.967
shares of common stock at $33.33 1-3 a share; in lieu of cash, each share of
second preferred stuck surrendered with option warrants for three shares
will be accepted at $100 in payment for three shares of common stock.
*There were outstanding also common stock purchase warrants entitling
the holders to purchase on or before Feb. 1 1938 3,015 shares common
stock at $20 per share.
-V. 137, p. 3150.
-Electric Production Up.
United Gas Improvement Co.
Week Ended Nov. 11Electric output of U. G. I. system (kwh.)
-V. 137. p. 3498, 3328.
1933.
1932.
70,503,155 66,194,582
United Light 8c Power Co.
-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 3498. .
John A. MacPhall, K.C., of Sault Ste. Marie. has been appointed receiver to take the place of Alex Taylor. who resigned some months ago.
Sir William Stavert, Montreal, and W. C. Franz are the other receivers.
-V. 135, p. 129.
Allis-Chalmers Mfg. Co.
-Large Order Received.
-
The company has an order, subject to release. for $1,000,000 of electrical
equipment for the Pennsylvania RR.
-V. 137. p. 3150.
Aluminum Co. of America.
-Cable Contract.
-
The Tennessee Valley Authority has awarded to the above Company a
contract for 675 miles of aluminum conductor cable, steel reinforced, for
the first of two transmission lines from Muscle Shoals, to Norris Dam,
25 miles north of Knoxville, Tenn. The contract was for $400,149, as
against the next lowest bid of $678,000 for copper cable.
The company has a large plant 13 miles south of Knoxville, but it is understood this wire will be fabricated at the Pittsburgh plant.
-V. 137, p. 2810.
Amalgamated Oil Co., Ltd., B. C.
-Blue Sky Ruling.- ,
The Securities Division of the Mass. Department of Public Utilities has
barred from sale in Massachusetts securiites of this company for failure to
file certain information.
Financial Chronicle
3678
Algoma Consolidated
Year Ended March 31Interest on investments
Profitfrom sale ofinvestments
--Earnings.
Corp.
1933.
$13,925
1932.
311,679
1,218
Deficit
$13,925
29.713
530
$12,897
27.265
$16,319
Total income
General expenses
Loss on sale of investments
Expenses of incorporation and reorganization
$36,361
21,993
Balance Sheet March 31.
1932.
1933.
1933.
1932.
Assets
Liablittfesx Stocks and bonds
5% cum. inc. deb.
of subsidy and
stock and (or)
3,092,550 3,092,550
bonds
associated cos. 15,932,188 15,909,513
Inv. in Govt. and
Preferred stock__ _ 1,909,595 1,904,795
municipal bonds 255,605
272.178 Common stock_ _ _11,663,377 11,645,503
2,882
7,737
Accounts payable_
Bal. due by subsidiary cos
416,687
416,667
5,559
Accr. int. thereon_
5,225
5,450
Cash
10,895
36,361
Deficit
52,679
16,673,259 16,645,731
Total
Total
16,673,259 16,645,731
x Comprised as follows: $4,133,400 Algoma Central & Hudson Bay By.
5% 1st mtge,income debenture stock and (or) bonds at $3,092,550;$318,800
6% 2d mtge. income bonds at $1; voting trust cas. for 214,585 shares
common stock of $10 each at $1; Algoma Steel Corp., Ltd., stock (49,996
shs,com., par $100,and 33,333 abs.7% pref.stock, par $100) at $3,819,653;
8.889 abs. of Northern Ontario Lands Corp., Ltd., capital stock at $1:
381.919 shs. (no par) of Lake Superior Corp. capital stock at $9,019,981.
-V.135, p. 1826.
-2
American Business Shares, Inc. -Cent Dividend.
Holders of record Nov. 15 1933 will receive a distribution on Dec. 1 1933
of 2 cents per share, it is announced. This represents the first distribution
since the 40% stock dividend paid Nov. 1 1933, and is equivalent to 2.8
cents per share prior to the stock dividend.
On Sept. 1 a distribution of 2.5 cents per share was made, compared with
2 cents per share on June 1 1933 and 3 cents per share on March 1 1933.
137, p. 3329.
i-Removedfrom List.
American Chain Co.,Il
The New York Stock Exchange as removed from the list
6% sinking fund debentures, due pril I 1933.-V. 137, p. 281
-year
10
-Earnings.American Commercial Alcohol Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V.137. p. 3150.
Department" on a preceding page.
-Larger DistriAmerican Securities Investing Corp.
bution-to Redeem 80% of Debentures.
The directors on Nov. 16 voted a declaration of 3% interest on the
debentures, payable Dec. 1. This declaration, with the payment of 2,5i%
made last June, makes 5%% for this year and an aggregate of 7% since
the corporation was established. An initial distribution was made in
1932, amounting to 13i %. Taking into consideration the 5% premium
at which debentures are retired,aggregate profit on the Investment,assuming
no further interest distributions are made, would be around 12% for the
17 months during which the corporation has been in operation.
Thomas W. Lamont of J. P. Morgan St Co. announced on Nov. 15
that the corporation, which is known as the "bond pool" established in
June 1932 by 20 of the largest banks and banking houses, had called for
redemption Dec. 1 four-fifths of its outstanding debentures. Mr. Lamont
Is President of the corporation and George Whitney, another Morgan
partner,is Chairman of its executive committee. The investment activities
have been under the management of J. P. Morgan & Co.
The following statement was issued:. "American Securities Investing
Corp. has announced that it has called for redemption on Dec. I 1933 at
105 and int. $28,020,000 principal amount of its outstanding five-year
.
debentures, constituting 80% of the 435,025,000 principal amount of the
debentures outstanding.'-V. 136, p. 3348.
-To Redeem $2,000,000
'-'American Sugar Refining Co.
Bonds.
Chairman Earl D. Babst on Nov. 15 announced that the directors have
authorized the redemption on Jan. 2 1934 of $2,000,000 principal amount
of6% gold bonds due in 1937 at 10234.
Thekotal original issue was $30,000,000, of which all excepting $3,515,000
havelbeen retired. This call will leave still outstanding only $1,515,000
of the issue after Jan. 2 1934.
The directors also declared the regular quarterly dividends of $1.75 Per
share on the pref. stock and 50 cents per share on the common stock,
both payable Jan. 2 to holders of record Dec.5.-V. 136, p. 1711.
American Vitrified
-Removed from List.
lucts Co.
Paras
The New York Curb Exchangeh removed from unlisted trading pri
lieges the common stock (no p .-V. 137, p. 2810.
-R moved from List.
----Andre Citroen Corp.
listed trading
The New York Curb Exchang has removed from
privileges the Guaranty Trust C of New York American depositary rebearer shares, par 500 francs.
ceipts for B
-Earns.
Anglo American Corp. of South Africa Ltd.
The following are the results of operations for the month of October 1933:
-(South African Currency)Total
Tons
CompanyPrdfit.
Costs.
Revenue.
Milled.
£117,998
E119,460
£237,458
117,000
Brakpan Mines. Ltd_ ___
60,196
78,699
138,895
60,300
DaggafonteinMines,Ltd.
145,593
• 87,563
233,156
84,500
Mines, Ltd
Springs
32,022
70,389
102,411
87,500
West Springs, Ltd
-Revenue has been calculated on the basis of £6 9s, per ounce fine.
Note.
-V. 137. p. 2978. 3329.
-Sales Up.
Angostura Wuppermann Corp.
The corporation reports that average daily sales for the first 10 days of
November were 25% ahead of Novmeber 1932. 25% ahead of October 1933
and 50% ahead of September 1933. The Trinidad Products Corp., a
wholly owned subsidiary, has started the manufacture of gin and rum. it
was announced.
-V. 137. P• 3151.
Atlas Brewing Co. Chicago.-Improvements nanned.-
The company shortly will begin work on improvements and additions to
its plant involving $500,000, Anton Laadt, 'Vice-President and General
Manager, announced on Nov. 9.
-story cellar, installation of a second
The plan embraces erection of a 5
large brewing kettle and rehabilitation and installation of modern office
quarters in its storage building No. 6, he said.
Present plans call for completion of the program by March 1 l'34.
-story addition with a storage capacity of nearly 40,111 barrels
A modern 5
will be erected on the company's property, Blue Island Ave. and 21st St.,
Chicago, Ill. This additional storage space together with the increase in
brewing capacity will increase the company's annual output by approximately 250,000 barrels.
"No outside financing will be necessary," Mr. Laadt said. "The comos itn
ver, i
t
n F to
oo
eance the frort ilis However, :
araeoaggle
pany's
eezrwill be
ed on the
n
the opinion of the directors that casli should be conserved in view of the
building program."
Dividends totaling $2 per share on the 300,000 shares of common outstanding have been declared so far this year. The last payment was 25
cents on Oct. 16. (See V. 137. p. 2105.)
At present the company is operating at its seasonal capacity distributing
-V. 137, P. 2466.
approximately 80% of its output in barrels.
-Removed from List.
g
...N. Atlas Imperial Diesel Ehr ye Co.
The New York Curb Exchange
privileges the class A stock (no par)
as removed from unlisted tradi
V. 136, p. 1379.
Nov. 18 1933
-Removes Time Limit on Scrip
Auburn Automobile Co.
Certificates.
It was announced on Nov. 8 that the New York Stock Exchange has
received notice from the above company that outstanding scrip certificates.
representing one or more fiftieths of a share of the capital stock bear the
following legend: "From and after two years from the date hereof, this
scrip certificate shall be void for all purposes."
The company has now decided to remove this limitation, and has instructed their transfer agents to recognized for conversion privileges any
script certificates presented, notwithstanding the fact that they are more
than two years old.
-V. 137. 13• 2978.
-Traffic on American Airways
AviationCorp. (Del.).
Increased in October.
American Airways, a subsidiary, during the month of October carried a
total of 11,593 revenue passengers over its nation-wide system, L. B.
Manning, Chairman of the company, announced on Nov. 15. This figure
represents an increase of 46.34% over the comparable month a year ago,
when 7,922 passengers were transported. Indication of the consistent
growth of air transportation in the United States, Mr. Manning said, is
the fact that October was the sixth consecutive month of 1933 when American Airways' passenger totals exceeded the 10,000 mark. In 1932 this
figure was attained only in July and August. Revenue passengers over
American Airways for the first ten months of 1933 totaled 101,900. he said,
which is an increase of 37.5% over the 74,088 passengers carried during the
first ten months of 1932.
A new record for volume of air express in a single month was established
by American Airways during the month of October when poundage for the
system reached 34.8132, Mr. L. B. Manning also announced. This figure
compares with 34.073 pounds carried in June 1933, previous record month
he said and represents an increase of 22.58% over the 28,390 pounds carried
in September, and 132.72% over the 14,954 pounds carried in October
1932. Air express poundage for each of the first ten months of 1933 has
doubled over the comparable month a year ago, Mr. Manning said.
*IbILUG411.GU
arium Steel
he organization of this company under the laws of Ohio, has just been
ed
an unced. oany,it is stated will produce stainless steel in open hearth
scrap by the use of the compound from which the new steel
furnaces fr
company derives its name. The new process permits the manufacture of
stainless steel at a decidedly lower heat cost per ton, according to Lawrence
K. Diffenderfer, President, who made public the facts concerning the
company:
"Experiments conducted over an adequate period have conclusively
demonstrated that stainless steel scrap can be successfully remelted in open
hearth furnaces," said Mr. Diffenderfer. "This represents a major achievement in lowering costs because under the patents and processes owned by
the Barium Steel Corp., stainless steel scrap should replace a large portion
of the expensive chromium and nickel constituents. Further savings should
accrue in the rolling and finishing process by the use of Barium salts as a
refining medium, because it results in a higher yield and unusual metallurgical qualities.
"Figures submitted by one of the largest producers of these steels in this
country show that the electric furnace now in use requires from eight to
nine hours to generate the high temperatures necessary for the production
of such steel and that the approximate cost of producing these high temperatures is $30 per ton. Barium Steel Corp. can produce these steels
cleaner, more uniform and with a greater drawing power in four hours and
45 minutes and at a decidedly lower heat cost per ton.
"Rentschler Steel Chemicals, Inc., wholly owned by the Barium Steel
Corp. has been organized for the purpose of purchasing Barium compounds, at fixed prices, from the sole producer of these products of quality,
-year
free of carbides and silicates, under certain patents. Under a 10
exclusive sales contract the corporation will sell these chemicals to the
steel industry.
"Another wholly owned subsidiary, Barium Open Hearth Furnace. Inc.,
has been organized to obtain the exclusive right for selling, sub-licensing or
building high temperature open hearth furnaces in the United States and
Canada, for the steel industry."
The plant of the Barium Steel Corp. is located at 15th Street and Allen
Avenue, Canton, 0. The plant has been purchased for $210,000 from the
Luntz Iron & Steel Co., Canton, 0., and the Canton Steel Products, Inc..
joint owners. Mr. Diffenderfer has entered into an agreement with the
corporation assuring it of his exclusive services for a period of 10 years.
Officers and directors of the new company are: Lawrence K. Diffenderfer,
Canton. 0. President, director; Charles E. Middleton, Canton, 0., VicePres., director; Clarence F. Noraworthy, New York, Secretary, director:
Lawrence C. Miller, Madison, N. J., Treasurer and Asst. Sec.; Charles J.
Sisto, New York, director, Asst. Treas.; Elmer E. Short, New York,
director; Wm.H. Mitchell, New York, director; Charles E. Boyd, Massillon,
0. director; Lawrence K. Diffenderfer, Chief Executive and Lawrence C.
Miller, Chief Finance and Accounting Officer.
Consulting Engineers include Otto Tischer, of Germany, and Dr. Mahlon
J. Rentschler, of Willoughby. 0.
Authorized capitalization of the new company is as follows: 6.000 shares,
no par value, class A capital stock (stated value $40 per share); 20,000
shares, no par value, class B capital stock (stated value $1 per share). Of
the latter, 6,000 shares have been reserved for conversion of the class A
stock. In compliance with the Securities Act the company's stock has been
registered.
-Roved from List.
Birtman Electric Co.
The New York Curb Exchange has removed from
privileges the common stock, par $.-V. 137, p. 2811.
'dialed trading
-Earnings.
Black Hawk Consolidated Mines Co.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Boston Woven Hose & Rubber 2o.-1Earnings.1930.
1932.
1931.
1933.
Years End. Aug. 31$3.781,865 $4,110.855 $6,066,484 $9,007.925
Gross sales
Cost of sales, incl. taxes
8,455,704
5,829,098
4.300,583
3.752.745
and depreciation
Operating profit
Other income
Profit for year
Previous surplus
$29.120 1054189,728
34.536
25,871
$237,386
40,270
$552.221
46.998
$54,991 loss$155,192
2,000,082
1,702,256
$277,656
2,334,850
$599,219
2,399,194
$1,757,247 $1,844,889 $2,612.506 $2,998,413
Total surplus
51,424
11,633
102,563
Inventory and other adj_
45,000
45,000
45,000
45,000
Preferred dividends__ _ _
516,000
86,000
516,000
Common dividends
Profit & loss surplus_ _ $1.712,247 $1,702,256 $2.000,082 $2,334,850
Earns, per sh. on 86.000
shs. of no par common
Nil
$2.70
$0.12
stock outstanding_ _
$6.41
Balance Sheet Sept. 1.
1933.
LtertlUtes1932.
1932.
Assets1931.
Fret.ttock
$750.000 $750,000
x Land, bldgs., machinery, &a- _ _ _$3,482,956 $3,624,507 a Common stock._ 4,300,000 4300,000
303,133 Arcts.,&c.,payable 212,673
294.906
Cash
93,922
U. S. Treas. ate._ 1,100,060 1,200,469 Reserve for taxes. 114,600
82,585
1,712,247 1,702,256
Surplus
Tax antielp n note
429,273
y Accts. receivable 888,769
119,870
z Notes receivable 123,458
Pref. stock (B. W.
3,475
H.& R. Go.)...
Common stock (B.
28,396
28,396
W.H.& R.Co.)
1,247,535 1,038,691
Inventory
134,909
Prepaid Items. _ 120,025
1
1
Patente
--Total
s7,089.520 16,928,763
$7,089,520 $6,928,763
Total
a Represented by 86,000 shares of no par value. x After deducting
reserve for depreciation, $2.421,808 in 1933 and $2,251,119 in 1932. 3r After
deducting for reserve. $29.952 in 1933 and $14,953 in 1932. x After deduct-V. 137, p. 1768.
ing $45,000 for reserve.
Financial Chronicle
Volume 137
(Richard) Borden Mfg. Co.
-Comparative Bal. Sheet.AssetsLiabilitiesSept. 3033. Sept. 2432.
Sept. 30'33. Sept. 24'32.
Real estate, bldgs..
$1,000,000 $1,000,000
Capital stock
mach'y & equip- $762,149 $772,105 Notes payable
81,200
93,700
Cotton, cloth, cot48,831
105,351
Accounts payabe_
ton in process &
48,708
Res'ves (for taxes)
54,481
235,553
3,500
supplies
129,118 Reserve (bad debts)
3,500
Cash & accts. rec.
31,772
20,507
Notes receivable._
3,500
3,500
9,851
Prepaid ins. prem_
7,903
Prepaid interest
765
633
Profit and loss_ __ _ 207,802
254,114
$1,251,259 $1,188,012
Total
-V. 135, p. 3360.
$1,251,259 $1,188,012
To 1
-Comparative Bal. Sheet.
Bourne Mills, Fall River, Mass.
Sept.30'33. 0.1.1 '32.
AssetsCash
$72,074
$169,510
Accts. receivable
39,335
18,679
181,811
254,977
Inventory
Investments
4,300
Mtge. note rec.
3,900
Plant $: real estate 145,776
154,301
Deferred charges._
19,927
20,297
Sept.30'33. Oct. 1 '32.
LiabilitiesAccounts payable_ $63,877
$4,076
19,009
Accrued items__
13,279
25,151
Reserves
433,735
x Capital & surplus 525,760
Total
Total
$633,796 $451,092
' $633,796 $451,092
x Represented by 10,000 shares of common stock without par value.
-V•
137, p. 870.
Bowman-Biltmore Hotels Corp.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 1055.
Brantford Cordage Co., Ltd.
-Earnings.
Years Ended Aug. 31Net profit after provision for deprec., doubtful
accounts, income and other taxes
Previous surplus
Discount on shares retired through sinking fund_ --
$79,588
956.645
15,317
$1,038.722
124,658
7,000
S1.051.550
134.836
7.000
$907,065
Total surplus
1st preferred dividends paid
Sundry disbursements
Balance,surplus
1932.
1933.
$101,320
909,714
27,688
$909.714
-I
Total
$4,374,242 $4,421,791
Total
$4,374,242 $4,421,791
x Represented by 80,000 no par shares.
-V. 135. p. 3860.
4.1.'Bridgeport Hydraulic Co -Removed from List.
The New York Curb Exchangeihas removed from unlizt
privileges the capital stock.
trading
Bright Star Electric Co.(& Subs.).
-Earnings.
Years Ended June 301933.
Net sales
$807,238
Net loss after expenses, provision for bad debts,
amortization of moving expenses, &c
41,115
Balance Sheet June 30 1933.
Assets
Liabilities
Cash
$8,505 Notes payable
Notes receivable
266 Accounts payable
Accounts receivable
90,179 Accrued payroll
Loans receivable
1,118 Sundry accruals
Merchandise stock
150,384 y Capital stock
x Machinery & equipment
103,662
Good-will
I
Deterred charges
24,767
1932.
$894,065
97.650
$49,809
42,738
2,081
5,476
284,780
Total
$384,883
Total
$384,883
x After reserve for depreciation of $160.776. y Represented by 37,500
par value participating preference class A stock $2 cumulative
shares no
dividends annually-value in liquidation $25 per share-repurc.hasable by
company when offered on open market at $30 per share or less and 150,000
Iktres no par value class 13 stock.
a
-V. 137, p. 1768.
cThe
Cache La Poudre Co. (Del.).
-Organized as Securities
Unit-Co's Stock to Be Distributed to Great Western Sugar Co.
-See latter company below.
Shareholders.
-$1 Preferred Dividend.
(J. I.) Case Co.
The directors on Nov. 15 declared a dividend of $1 per share on the 7%
cum. pref. stock, par $100, payable Jan. 1 1934 to holders of record Dec.
12 1933. A similar payment was made on this issue on April 1. July 1 and
Oct. 1 last, prior to which regular quarterly dividends of $1.75 per share
were paid.
-V. 137, p. 1416.
-Earnings.
Checker Cab Manufacturing Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1417.
Chesebrough Manufacturing Co., Consolidated.
Extra Dividend of $1.
The directors on Nov. 16 declared an extra dividend of $1 per share in
addition to the regular quarterly dividend of $1 per share on the outstanding
$3,000,000 common stock, par $25. payable Dec. 30 to holders of record
Dec. 8. A similar extra distribution was made on this issue in December of
each year since and incl. 1929, while in March. June and September 1929,
and each year to and incl. 1933. the company paid an extra dividend of 50
cents per share.
-V. 137, p. 2106.
Chevrolet Motor Co.
-October Sales Higher.
Retail sales reported by Chevrolet dealers for the first 10 months of the
year exceeded all estimates made by company executives, according to
W. E. Holler, General Sales Manager. Sales for October reached 50,988
new cars and trucks, by far the best October since 1929.
The October figure compares with 58.000 units in September and 18,547
units in October last year. The increase over October last year was 175%.
Sales for the first 10 months were 550,816. compared with 354,517 in the
corresponding period last year, a gain of 55.4%.
"Our 1933 quota of 450,000 units was met in mid-summer, and on Aug. 1
we moved it to 508,000 cars and trucks," said Mr. Holler. "This figure was
so far exceeded by the end of October that we stand an excellent chance of
selling close to 600,000 units before the end of 1933.-V. 137. p. 3499.
'
1441
"Chicago Ry. Equipment o.
-Removed from List.
Balance Sheet Aug. 31.
Assets1932.
1933.
LtablIfitea
1933.
1932.
Land,bldg., mach.
8% cum. 1st pref.
and equipment _$1,189,630 $1,187,515
stock
$1,502,375 51,636,650
Cash
1,290,333 1,304,679 7% cum. 2nd pref.
Accr. int, on bank
stock
850,000
850,000
deposits
11,893 x Common stock_, 400,000
400.000
Dom. of Canada,
Accts. Day, incl.
bonds
47,481
251,824
all freer. charges
Inventories
558,692
242,025
& prov. for DoBills & accounts reminion Governceivable
46,967
289,464
426,457
52,688
ment taxes
Fire ins. prem.,
Res, for deprec..._ 662,113
578,460
prepaid
4,844
3,602 Surplus
909,714
907,065
Trade marks, pat.
rts. & good-will_ 993,797
993,797
ritish South Africa
3679
-Removed front List.
New York Curb Exchange as removed from unlisted t
ng privileges the Guaranty Trust Co. o New York American depositary receipts
for registered shares, par 15 'millings.
'
"Buckeye Steel Casting 7-Removed from List
$ .
i
The New York Curb Exchange aa removedfrom units
privileges the common stock, par
5.-V. 136. p. 663.
ratting
Bucyrus-Erie Co.
-50-Cent Preferred Dividend.
-
A dividend of 50 cents per share has been declared on the 7% cum.
Pref. stock. par $100, payable Jan. 2 1934 to holders of record Dec. 15
1933. A like amount was paid on this issue on April 1, July 1 and Oct. 1
last. $1 per share on Jan. 3 1933 and $1.75 per share in previous quarters.
-V. 137, p. 2106.
(E. G.) Budd Mfg. Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2979, 2277.
Budd Wheel Co.
-Earnings.
-
The New York Curb ExchangeIhas removed from wills
privileges the 7% preferred stock,
525.-V. 137. p. 2467.
rading
Chrysler Corp.
-Record Plymouth Sales.
Deliveries at retail by Plymouth dealers in the week ended Nov. 4 broke
records for a November week's sales of the Plymouth Motor Corp. During
the period 7,055 new cars were delivered, an increase of 24.9% over the
previous week and 14 Onus greater than the corresponding week last year.
The 250,000th Plymouth to be built this year came off the assembly
line on Nov. 14. This is an increase of 158.712 cars over same period
last year.
Combined deliveries of new De Soto and Plymouth cars by De Soto
dealers for the week ended Nov. 4 totaled 2,455 units, an increase of 1534%
over the previous week according to L. G. Peed. General Sales Manager.
This was 10 times greater than the corresponding week of last year.
Used car deliveries by De Soto dealers for the week came within nine
cars of breaking all records of the company. During this period a total of
3,081 used cars were delivered by De Soto dealers, a 10% increase over
the previous week and three times greater than in the corresponding week
last year.
Sales to distributors and dealers of Chrysler Motors during October
were more than 10 times sales during October, last year, total of passenger
and commercial vehicles amounting to 34.170 compared with 3.2681111
October 1932. These figures include Plymouth, Dodge, De Soto and
Chrysler passenger cars. Dodge trucks and taxicabs, and Fargo motor
coaches.
Sales of Chrysler motors to distributors and dealers during the first 10
months of this year, were 2 1-3 times the first 10 months last year, the
total being 420,766 units, compared with 177,671 in the corresponding
1932 period.
Enters Into Manufacturing Agreement.
The Chrysler Corp., Fairbanks, Morse & Co. and the Goodyear Tire
& Rubber Co. have entered into an agreement whereby Fairbanks, Morse
will manufacture and sell the "railmobile," a gasoline-propelled rail-car.
This car will sell under one-third of the price of similar gasoline-powered
equipment and will utilize standard plant transmission and differential
on standard truck and auto chassis manufactured by Chrysler and an axle
and wheel assembly developed by Fairbanks, Morse. The Goodyear
company co-operated with the other two companies in developing the tires
to be used.
-V. 137, p. 3499.
Colt's Patent Fire Arms Mfg. Co.
-Extra Dividend.
The directors on Nov. 16 declared an extra dividend of 25 cents per share
In addition to the usual quarterly dividend of 25 cents per share, both
payable Dec. 30 to holders of record Dec. 2. From March 31 1932 to and
incl. Sept. 30 1933, the company paid quarterly dividends of 25 cents per
share on the stock, as against 50 cents per share previously.
-V.137• p.693.
Columbia Building & Loan Association, New Orleans,
La.
-Omits Dividend.
The directors have decided to omit the semi-annual dividend ordinarily
payable about Dec. 1 on the capital stock. A semi-annual payment of
81 per share was made on June 1 last, as compared with $1.51) per share
on Dec. 1 1932, $2 per share on June 1 1932. $2.50 per share on Dec. 1
1931 and $3 per share on June 11931.-V. 136, p. 3913.
Columbian Carbon Co.
-Earnings.
For income statement for 3 and 9 months ended Se_pt. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1417.
-Regular Divs.Commercial Investment Trust Corp.
The directors have declared the regular quarterly dividends of 50 cents
per share on the common stock and the usual quarterly dividend on the
cony, preference stock, optional series of 1929, at the rate of 1-52d of
one share of common stock, or at the option of the holder, in cash at the
rate of $1.50 for each cony, preference share. Both dividends are payable
Jan. 1 1934 to holders of record Dec. 5 1933. Like amounts were paid
on Oct. 1 last.
The corporation at least five days before such record date will mail to
cony, preference stockholders notice of the dividend on their shares, together with a form of written order which must be executed and filed with
the corporation on or before Dec. 15, by any cony, preference stockholder
desiring that his dividend be paid in cash rather than in common stock. 1
The transfer books will not close. Checks, stock certificates and scrip
will be mailed.
-V. 137, p. 3332.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, P. 2979.
Congoleum-Nairn Inc.
-Special Distribution of 50 Cents.
-The directors on Nov. 13 declared a special dividend of
50 cents per share in addition to the regular quarterly divFor income statement for 3 and 6 months ended Sept. 30 see "Earnings
dend of 25 cents per share on the common stock, no par
Department" on a preceding page.
-V. 137, p. 1583.
value, both payable Dec. 15 to holders of record Dec. 1.
Bush-Burns Co., St. Louis.
-Receivership Ended.
Three months ago, the quarterly payment on the common
The receivership of the company was terminated Nov. 4 by court order
stock was increased to 25 cents from 15 cents per share.
and the company will continue in business, it was announced by Robdrt A.
Burns. Since last January the firm had been in the hands of receivers.
-V. 137, p. 1769.
Burns and Judge William II. Killoren. Under an agreement the company
will hand over assets, mostly real estate, valued at $250,000, to a committee "*""- Consolidation Coal Co. Removed from List.
that will liquidate
Bulova Watch Co.
-Earnings.
-
them for the benefit of creditors.
Bush Terminal Buildings Co.
-Tenders.
The
Irving Trust Co., trustee, 60 Broadway, N. Y. City, will until noon
on Dec. 11 receive ids for the sale to it of 50
-year s. f. gold bonds due
April 1 1960 to an amount sufficient to exhaust $198,283 at prices not
exceeding 110 and interest.
-V. 137. p. 3330.
"••••Byrndun Corp.
-Removedfrom List.
The New York Curb Exchange as remov
from unlisted trading
privileges the class A common st
.-V. 135, P. 1167.
The New York Curb ExchangIas removed from u
ted trading
privileges the common and 7% pr
ed stocgs, both par $ 00.-V. 136.
P. 2430.
Consumers Co.-Removerom List.
The New York Curb Exchang has remov2from unlisted trading
privileges the common stock, par .-V. 136, p. 4275.
Coty, Inc.
-Earnings.
For income statement for 3 and 9 months ended-Sept. 30 see "Earnin
Department" on a preceding Page.
-V.5137, P.12278.
Financial Chronicle
3680
Creameries of
Inc.-Earnings.- •
For income statement for 3 and 9 months ended Sept. 30 1933 see "EarnAmerica,
ings Department" on a preceding page.
-V.136, p. 2430.
Creditors Liquidation Corp.
-Liquidating.--Holders of participation certificates, series "A," are required to present
their certificates for payment at the offices of the corporation, 60 Wall St.,
N.Y.City,on or before May 151934. Certificate holders or their assignees
who fall to present their certificates within that period will be barred from
receiving payment or distribution thereon, and said holders or their assignees
shall be barred from asserting any claims against the corporation if they
fail to present their claims within said time.
These certificates were issued under an agreement dated Dec. 31 1930.
Charles A. Frueauff Is President of the corporation.
Cushman's Sons, Inc.
-Earnings.
-
For income statement for 12 and 40 weeks ended Oct. 7 see "Earnings
Department" on a preceding page.
-V. 137, p. 1246.
De Laval Separator Co.
-Tenders.
-
The New York Trust Co., trustee, 100 Broadway, N. Y. City, will until
2 p. m. on Dec. 4 receive bids for the sale to it of 10
-year 6% sinking fund
gold notes due July 15 1935 to an amount sufficient to exhaust $50,000
at a price not exceeding 100 and interest.
-V. 136, p. 3914.
Dominion Stores, Ltd.
-Sales Off.
-1932.
Period End. Nov. 4- 1933-4 Weeks
-1932. -1933-44 Weeks
Sales
81,500,287 $1,681,058 $16,593,018 $19,190,315
The company operated 46 fewer stores in the 1933 period than in the like
period of the preceding year.
-V. 137, P. 2981.
-New.Director, &c.
Dominion Textile Co., Ltd.
G. Blair Gordon has been named Managing Director, succeeding the
late Frank G. Daniels. Mr. Gordon, a director of the company, was
formerly assistant to Mr. Daniels, who was both President and Managing
Director. J. G. Dodd, Sales Manager of the company, has been elected to
the vacancy on the board.
A new President has not yet been named.
-V.137, p. 2981.
Sir Charles Gordon continues as Chairman of the board.
-Committee's
(The) Dorset (Dorwood Realty Corp.).
Report.
-
Nov. 18 1933
class A culn. junior pref. stock (par $100), 26,400 shares of 6% class B
non-cum. junior pref. stock (par $100) and 600,000 shares of common
stock (no par value) to 500,000 shares of common stock of no par value.
Each present share of cony. 63
,
6% cum. 1st pref. stock is to be exchangeable for 23 shares of new common stock.
Each present share of 7% class A cum, junior pref. stock is to be exchangeable for 1Y, shares of new common stock.
Each present share of 6% class B non-c•um. junior pref. stock is to be
exchangeable for Uths of one share of new common stock.
Each share of present common stock is to be exchangeable for 3-20ths of
one share of new common stock.
-V. 137, p. 1585.
Emerson Electric Mfg. Co., St. Louis, Mo.-Dividend
on Account of Accumulations.
A dividend of $3.50 per share has been declared on account of accumulations on the 7% cum. pref. stock, par $100. payable Dec. 1 to holders
of record Nov. 17. The last regular quarterly payment of $1.75 per share
was made on this issue on Jan. 1 1932.
Accruals on the pref. stock, after payment of the dividend just declared,
will amount to $8.75 per share.
-V. 134, p. 2347.
Empire Sheet & Tin Plate Co.
-Directors Chosen.
The reorganization committee of the Empire Steel Corp. announces the
formation of a successor company, the Empire Sheet & Tin Plate Co.,
which has purchased the assets and good-will of the old concern with exception of the Cleveland plant. Substantially all bondholders and creditors
have accepted the reorganization plan (V. 137. P. 3153) and under court
order the remaining bondholders and creditors will have the privilege of
accepting the plan up to Dec. 1 1933. C. H. Henkel, receiver for the old
concern, will be President of the new company.
In addition to Mr. Henkel, the following directors have been chosen:
Harry R. Jones, formerly President of United Alloy Steel Corp.; T. 0,
Kennedy, Vice-President and General Manager of Ohio Public Service Co.;
Henry Roemer, President of Sharon Steel Hoop Co.; Henry (3. Brunner,
President of Ohio Home Owners Loan Corp.; John B. Putnam. Pickands
Mather & Co.; D. L. Ward, General Manager of Interlake Iron Corp.,
and John A. Haddon of Andrews, Hadden Sr Burton.
-V.137, P. 3153.
-Acquires Control of Eastern Shares
Equity Corp. (Del.).
Corp.
-Interstate Offer Terminated.
Acquisition by the Equity Corp., of a majority of the common stock Of
the Eastern Shares Corp., an investment trust with net assets of $1,434.308
The real estate bondholders protective committee (George E. Roosevelt,
on Oct.31 1933. was announced on Nov. 14 simulatenously with the mailing
of invitations to all stockholders of Eastern Shares to tender their stock in
Chairman) in a letter to holders of the 1st mtge. fee 6% serial gold bonds
states:
exchange for stock of the Equity Corp.
For each share of common stock of Eastern Shares Corp. accepted for
Since letter, dated Jan. 23 1933. from this this committee to the holders
exchange three shares of the Equity Corp.common will be delivered and for
of the above bonds, the committee has received deposits of approximately
each share of $3 cony..pref. stock of Eastern Shares, or for each half share
49.5% of the total outstanding bonds
The committee has made a thorough investigation into the facts affecting
of $6 div. series pref. stock accepted 85-100ths of a share of Equity pref.
the interests of holders of the bonds and has generally supervised the manand one share of gutty common will be delivered.
agement of the property securing the bonds. Bing & Bing, Inc., which The Eastern Shares Corp. common stock was acquired by the Equity
owns the property through a subsidiary, Dorwood Realty Corp., has conCorp. on the basis of financial statements of the company on Oct. 14 1933,
tinued to manage the same and to turn over the net proceeds of operations
which showed that the asset value per share of its pref.stock then amounted
to Continental Bank & Trust Co., New York. successor trustee. As a
to $42.63. The terms of the exchange invitation for Eastern Shares coalresult of the committee's recommendations, Bing & Bing, Inc., has readily' mon stock are the same as the terms on the basis of which the block of
acceded to certain changes in operations and accounting methods. which
common stock was recently acquired by the Equity Corp.
have resulted in savings for the bondholders, and negotiations are proThe Equity Corp. has also announced the termination as of Nov. 20 1933,
gressing toward the consummation of more important changes requested
ofits offer of July 26 to exchange its stock for the stock of Interstate Equities
by the committee which should effect further substantial savings. In
Corp. This offer was made on the basis of 7-10ths of a share of pref. stock
order, however, that certain desirable and important changes in operations
and four shares of common stock of the Equity Corp. for each share of
may be effected, it is necessary that the committee control a majority of
Interstate pref. stock and Yiths of a share of Equity common stock for each
the outstanding bonds, since otherwise the committee is powerless to direct
share of Interstate Equities common stock.
-V. 137, p. 2981.
.tne trustee and the owner of the property as to the measures to be taken.
Accordingly, all bondholders who have not already done so are urged .. 'Fairmont Creamery Co. ,,Del.).
""
-Removed from List.
to deposit their bonds with the committee at the earliest possible moment.
The New York Curb Exchanga) has removed from unlisted tring
Two of the most important steps to be taken are the obtaining a binding
privileges the common stock (no par).
-V. 134, p. 2731.
sequestration agreement with respect to the proceeds of operations and the
settlement of the existing furniture problem.
Fidelity Title & Mtge. Guaranty- Co., Ridgewood,
Since June 1 1932, current net proceeds of operations have been voluntarily paid by the owner corporation to Continental Bank & Trust Co.
N. J.
-Plan of Reorganization Considered.
However, in view of the fact that'the present owner corporation did not
The application of the stockholders' committee for approval of the
assume the obligations of the mortgage, subject to which it now holds title
New Jersey Chancery Court to a co-operative plan of reorganization for
important for the more complete protection of the bondto the property,it is
the company was continued to Dec. 11, after a hearing Nov. 13 by John
holders in this connection that the owner should enter into an agreement
J. Fallon, Vibe-Chancellor, in Jersey City.
which will place upon it a binding obligation to continue so to pay over
Mahlon Pitney, of Pitney, Hardin & Skinner of Newark, who stated
the net proceeds of operations. This important measure, however, is one
that he represented the owners of 8254% of the outstanding certificates
which cannot be effected until a majority of the bonds has been deposited
and bonds, said the plan had been approved by the committees. Several
committee.
with the
certificate holders declared they preferred to continue the Chancery Court's
Tne committee is informed that a very large number (aggregating on
trustee receivership and liquidation.
-V. 137, p. 3500.
Nov. 2 1933 approximately $400,800 of bonds) of those bondholders of
this issue who originally deposited their bonds with S. W.Straus & Co.. Inc.
Film Securities Corp.
-Sale of Collateral Postponed.
in the summer of 1932 under the plan of adjustment (now abandoned)
See Loew's, Inc., below.
-V. 137, p. 3333, 3154.
proposed by S. W. Straus & Co., Inc., have taken no further action with
respect to such bonds, apparently under the mistaken impression that they
First National Stores Inc.
-Sales Increase.are now represented by this committee. The committee wishes to make it
Period End. Oct. 28- 1933-4 lVeeks-1932
-1932.
entirely plain that such bondholders are not in any way represented by it,
1933-30 Weeks
Sales
or, so far as it knows, by any other similar agency. In order to effect the
$8.150.826 $7,791,354 $60,713,294 $59,350,427
-V. 137, p. 2982, 2107.
deposit of their bonds and secure the benefit of concerted action in behalf of
the entire issue, such bondholders should deposit with this committee.
• The committee has been advised by the owner corporation that operations
Ford Motor Co., Detroit.
-Restarts Four Furnaces.
of the property for the present year have resulted in monthly net proceeds
As a protection against advancing steel prices, the company is starting
as follows, all of which have been paid over to the Continental Bank & Trust
four of its open hearth furnaces and a blast furnace, which have been idle
Co..
for more than a year. They will go on full time. The four open hearth
I 1933.
1933.
furnaces constitute about 25% of the company's steel plant capacity. The
$7,744
$14,773 July
January
company has nine furnaces rated at 100 tons and one at 400 tons. The latter
August
7,418
14,299
February
Is the most recent addition to Ford's steel making capacity, and has been
9,304
14,119 September
March
used chiefly for pre-melting steel for the other furnaces.
•
11,375
April
The Ford steel works when operating at capacity have never supplied
Total
$102,169
12,242
the company's entire requirements.
-V(,137, p. 3154.
10.892
June
The committee is advised that the foregoing figures represent net proceeds
Francisco Sugar Co.
-Receivership-Interest Default.
of operations before real estate taxes, mortgage charges and depreciation.
Manuel E. Rionda of Alpine and Shelton Pitney of Morristown were
These earnings compare with reported net earnings for the corresponding
appointed receivers for the company,in an order by Federal Judge Guy L.
period of 1932 of approximately $ 70,000, the falling off being due in large
Fake on file at Trenton, on Nov. 1Q.• Creditors and stockholders of the
measure to the refusal of many tenants who had previously occupied leased
company are ordered to show cause why the receivers should not be conapartments to renew their leases. Such tenants in many cases continued
tinued at a hearing in Newark, December 4.
to occupy their rooms on a transient basis during the winter but moved out
The interest due Nov. 15 1933 on the 1st mtge. 20
-year 714% sinking
during the summer months, the result being a very severe decline in net
fund gold bonds, due 1942, was not paid. The Committee on Securities
Income during those months. The committee is advised that the present
of the New York Stock Exchange rules that beginning Nov. 15 1933 and
as reported by the owner, is apoccupancy of The Dorset on a space basis,
until further notice the bonds shall be dealt in "flat" and to be a delivery
proximately 73.5%.
must carry the Nov. 15 1933 and subsequent coupons.
The Continental Bank & Trust Co., has caused the arrears of real estate
The committee further rules that in settlement of all contracts in said
taxes for the first half of 1932 to be completely discharged out of proceeds
bonds on which interest ordinarily would be computed through Nov. 15
of operations, so that the present tax arrearages, exclusive of penalties, are
1933 interest shall be computed up to but not including Nov. 15 1933.
as follows:
- 135, p. 3004.
Ir.
$39,530
2d half of 1932
32,805
•
1st half of 1933
-Remo/from List.
'"""-' Fuller Brush Co.
32,805
2d half of 1933
The New York Curb Exchang has removed om unlisted trading
V. 137. p. 876.
The committee is advised by the trustee that the funds held by it as of
privileges the class A stock, par $
Nov. 11933. are as follows:
Proceeds of operations account(believed to be wholly Unrestricted) _$108.922
General Fire Extinguisher Co.-Ohituary
Trustee of funds account, representing monthly instalments paid
Frank Hamilton Maynard, Chairman of the board, died in New York
by the owner on account of maturing coupons and bonds
City on Nov. 13.-V. 133, p. 4165.
(thisfund may be wholly or partially restricted to the payment of
73,707
coupons and of principal maturities)
-Earning.
General Foods Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
$182,628
Total
-V. 137, p. 3333.
Department" on a preceding page.
Bondholders who have not deposited their bonds with this committee.
are asked to do so. The depositary is Continental Bank & Trust Co.,
General Motors Corp.-Fleet,Sales Higher.
30 Broad St., N. Y. City.
c. E. Dawson, President of General Motors Fleet Sales Corp. (the GenMotors cars
eral Motors division that handles sales of General sales in unitsand trucks
'
Eastern Mfg. Co.(Maine -Removed from List
a
were 26%
to large national fleet users) reports that October
trading
The New York Curb Exchange as removed from unli
)has
ahead of the best month on record, which was May 1930. The increase of
privileges the common stock (no p .-V. 136, p. 4467.
October this year over October of last year was 127%.
For the first nine
Eastern Shares Corp.
-Control Acquired by Equity Increase was 18.5%.months of 1933 over the same period of last year the
-See latter below.
Corp.
-Plans Recapitalization.
-- Eitingon Schild Co., Inc.
The New York Stock Exchange has received a notice from this corporatidn
the
of a proposed change inpref.authorized capital stock from 50,000 shares of
stock (par value $100). 6,000 shares of 7%
% cum. 1st
cony.
Buick Motor Sales Show Improvement.
Retail sales of Buick cars dining October were slightly ahead of the like
-day period of the month also was ahead
month last year and the third 10
of 1932, according to W. F. Hufstader, General Sales Manager.
Retail sales in the first 10 months this year totaled 41,279 cars.
Financial Chronicle
Volume 137
New Pontiac Motor President.
-
R. J. Klingler, General Manager of the Pontiac Motor Co., has been
appointed President. A. W. Gilpin, General Sales Manager, has been
made Vice-President and General Sales Manager.
-V.37, p. 3501.
General Silk Corp.
-R moved from List.
The New York Curb Exchange has removed from
lieges the common. class A, 6% articipating preferr
ferred stocks.
-V. 130, p. 808.
isted trading privpre-
"'"---Giant Portland Cement o.
-Removed from List.
The New York Curb Exchange)has removed from unlisted
privileges the common stock, par 0.-V. 137, •. 1586.
ading
Gilchrist Co.
-Removed fr m List. •
The New York Curb Exchange has rem
from unlisted trading
privileges the common stock (no par).
-V. 137, p. 1586.
Glens Falls (N. Y.) Insurance Co.
-Dividend to Be
Held Up Until Repeal of Tax.
-
3681
,
The complaint alleges that the directors permitted the assets and proper P
of the company to be wasted; that improper and illegal loans were made
that company funds were not invested honestly; that true reports were not
made; that some of the directors benefited personally from some of the
loans made by the company that various premiums collected by the com.
pany were misappropriated and not accounted for; that payrolls were padded
.
by charging payments to persons for services which were never rendered,
that bad credits were extended by the company; that some of the directors
received secret bonuses and profits in fictitious salary payments, and the
affairs of the company generally were not honestly administered.
The following officers and directors are named as defendants: Edward
Berzon, Samuel Cohen, Harry A. Cummings, Samuel Cummings, Jerome
Fischl, Louis Freedman, Samuel Freedman, Frederick J. Groehl, David
Lazar, Albert I. Mackler, Harry Mackler, Samuel Rabinowitz. David
Schrader, Harry Weinstein. Maurice Weinstein, Irving K. Wolfson and
Benjamin Wurtzel.-V. 136, p. 2434.
-New Director.
Hamilton Woolen Co.
Ross G. Walker, Treasurer of the company has been elected a director.
-V.137, p. 2470.
. "Flarpen Mining Corp.- moved from List.
"
The directors have decided to defer action on the Jan. 1 dividend until" The New York Curb Exchangn
the repeal of the Eighteenth Amendment voids the levy of the 5% National
Jhas removed from nlisted trading
privileges the National City Bank oY New York American shares representRecovery Administration tax. The last quarterly payment made on the
ing deposited shares of common stock, par 100 rm.-V. 137. p. 321.
stock was 40 cents per share on Oct.
137, P. 1772.
Consolidatl Mines Co.
-Admitted to List.
The New York Curb Exchange as admitted to unlisted trading privil
the new capital stock (par $1), I substitution for old capital stock par $ .
The new stock was issued, share for share, in exchange for old capital stock
par 810.
The Committee on Securities rules that until and including Nov. 27
1933, deliveries against transactions in this company's new capital stock
(Par $1) may be in the form of either old certificates par $10 or new certificates par $1; that after said date new certificates par $1 shall be the only
delivery.
-V. 112, p. 1287.
Grand Union Co.
-Sales.
Period End. Nor.4- 1933-5 Weeks
-1932. 1933-44 Weeks-1932.
Sales
$2,861,473 $2,707,288 $23354,119 $25341.658
-V. 137. p. 3334, 2815.
Granite City Steel Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1944.
Great Western Sugar Co.
-Forms Securities Unit to
Acquire and Deal in Sugar Stocks-Dividend in Stock of New
Subsidiary to Be Distributed.
The directors on Nov. 15 announced the organization of the Cache La
Poudre Co., with an authorized capital of 360,000 shares of $20 par value
stock. The new company will acquire from the Great Western Sugar Co.
$9,000,000, representing part of the latter's earned surplus, in consideration
of which delivery will be made of its 360,000 shares. The Great Western
Sugar Co. common stockholders of record Nov. 25 on or before Dec. 15
will receive one share of Cache La Poudre stock for each five Great Western
shares held.
Upon completion of the plan the new company will have a capital of
$7,200,000 and a surplus of $1,800,000, less a small reserve to cover organization expenses.
The Cache La Poudre Co. was organized in Delaware for the purpose of
acquiring and dealing in stocks and securities of corporations engaged in
the manufacture or distribution of sugar or its by-products and in stocks
and securities of other corporations.
The Great Western Sugar Co. after making the above mentioned cash
distribution will remain in a strong financial position fully adequate to its
needs, it is announced.
Officers and directors of the new company are the same as those of the
Great Western Sugar Co.
-V. 137, p. 1944.
Great West Saddlery Co., Ltd.
-Earnings.
Years Ended June 30Profit before deprec. and bond int__ Depreciation
Bond interest
1933.
$42,673
36,920
37,579
1932.
1931.
$27,0801
Not
37,355
43,092 reported
Net loss
Previous deficit
Interest on bonds redeemed, transferred from sinking fund
$31,826
355,923
$53,367
309,906
Cr8,963
Cr7,350
$278,834
31.072
Deficit, June 30
$378,786
$355,923
$309,906
Balance Sheet June 30.
Assets1933.
1932.
Liabilities
1933.
1932.
Cash
$3,005
62,381 Bank loan, secured $25,000
$82,000
Acets receivable
569,657
617.353 Bank overdraft _ _ _
27,097
34,974
Inventories
524,817
613,215 Acc'ts payable and
Bal. of sink. fund_
848
accr. charges_ _ _
54,738
59,539
Investments
28,247
9,352 Bond int, payable
1,142.377 1,138.593 and accrued__ -x Fixed assets_
13,370
14,490
Deferred charges7.183
6,961 First mtge. 20-yr.
1
Good-will
1
6% bonds
608.500
670,500
378,785
Deficit
355,923 Reserve for deprec. 202,325
166,400
Sundry reserves..
9,950
Sinking fund
63,473
Capital surplus_ _ _
196,557
First pref. stock.. 784,900
900,000
Second pref. stock 199,900
199,900
y Common stock
542,532
542,532
82,654,920 $2,743,759
Total
Total
$2,654,925 $2,743,759
x After reserve for depreciation. y Represented by 40.003 shares (no
-V. 135. P. 4041.
par.).
Greyhound Corp.
-Earnings-Admitted to List.
-
For income statement for 6 months ended June 30 1933 see "Earnings
Department' on a preceding page.
The New York Curb Exchange has admitted to unlisted trading privileges the now common stock (no par) in substitution for old common stock
(no par) which was removed on Sept. 15 1933. New common stock (no par)
was issued in exchange for old participating preference and common stocks.
-V. 137, p. 3501.
Gulf Oil Corp.-Tenders.
The Union Trust Co. of Pittsourgh, trustee. Pittsburgh, Pa., will until
-year 5% debenture gold
noon, Nov. 29, receive bids for the sale to It of 15
bond, dated Dec. 1 1922, to an amount sufficient to exhaust $2,000,000
-V. 136. p. 1894.
at prices not to exceed par and interest.
-Removedfrom List.
Hale Bros. Stores, lx.
New York Curb Exchange as removed from unlisted t
the capital stock (no par).- . 136. p. 2434.
ng privileges
"Hamburg American Lg.-Removed from List.
The New York Curb Exchange as removed from unlisted t
ew York American deposit
leges the Guaranty Trust Co.
for common bearer shares, par 300 rm.-V. 137, p. 1419.
privireceipts
Hamilton Mfg. Co., Two Rivers, Wis.-Listed.The directors of the Chicago Board of Trade on Nov. 7 admitted to the
list 200,000 shares of this company's class A preferential participating
stock.
-V.137. p. 2983, 2644; V. 136, P. 3172.
-Action Against
Hamilton Mutual Auto Casualty Corp.
Directors and Officers.
As a result of an investigation conducted into the affairs of the corporation
by Superintendent of Insurance George S. Van Schaick, of the State of
New York, who was appointed by order of the Supreme Court as liquidator
of the company, an action has been commenced to compel 17 officers and
directors to account for various acts of malfeasance, misfeasance and non
feaaance charged against them. The estimated damages are $350,000.
-Bankruptcy.
Harriman Realty Corp.
A voluntary petition in bankruptcy filed in Federal court Nov. 13 by the
corporation lists liabilities of $2,767,118 and assets including $29,484
plus $40,446 due from the Harriman National Bank &'Trust Co. and 40
shares of Harriman Bank stock, value not given. Liabilities consist chiefly
of three mortgages held by the Dry Dock Savings Institution, aggregating
$2.675,000, on property located on the southeast corner of 44th Street and
Fifth Avenue.
(Charles E.) Hires Co.
-Earnings.
-1930.
1931.
1932.
Year End. Sept. 301933.
Net sales
$2.059.188 82.976399 $4.445.705 $4.487,615
Cost of sales St oper.exp. 1,697,766
3,572.995 3.104.587
2,398.984
260.206
Depreciation
280,000
266.668
247,188
$1,122,822
109,020
Net operating profit
Other deductions (net)
Prov. for U. S. & Can.
taxes (estimated)
8114.234
14,764
7,000
48,300
73.850
124,100
Net profit for period__
Surplus at begin, of year
Income tax refunds_
Elim. of excess prof. for
Federal tax conting
892.469
1,845,869
$224.573
1,926,986
$460,160
1,812,880
8889,702
1.313.037
8.167
$310,747
37.874
8592,711
58,701
Cr16,727
Total surplus
81.938.338 32,168.286 82.273.040 82.210,906
202,223
Class A dividends
146.173
133,704
99,306
Class B dividends
180.000
180,000
180.000
Divs. on manag't stock
7.744
7.744
7.744
Employ, group annuity
plan
20.484
Revel. of perm, assets of
subsidiary company
9,322
Prov. for decline in Canadian rate of exchange
12.000
Sundry adjustments_ _ _ _
8.058
136
970
495
Surplus. Sept.30
$1,808:.32 $1,845,869 $1.926,986 $1,812,880
Shs.of cl. A stk. outat'g_
66.417
78.737
70.937
65.7,17
Earnings per share
$11.30
$1.40
$6.49
$3.38
Consolidated Condensed Balance Sheet Sept. 30.
Assets1932.
1933.
Liabilities1933.
1932.
zLand,bldgs.,may Capital stock__ _82,877.731 $2,890,838
chin'y & eq., &c.$3.062.911 83,294.014 Acc'ts payable_ __ _
23,103
13,579
Cash
684,162
476,600 Accrued salaries,
Due from cusVers.,
33.209
27,709
commifins,&c__
trade adv.. &c
367,554
407,082 Res. for decline in
Mdse. Inventory
251.456
Canadian rate of
349,667
Cash val. of life ins 238,290
12,000
9,000
222,060 exchange
Marketable seems.
Def'd income on
and accr. int__
120,623
176,929
153,276 Instalment sales 126,105
Other assets
107.524
107,634 Res.for U.S., &c.,
Patents and copy48.300
7,000
taxes
65.715
rights
62,781
1
1Other liabilities__
33,209
Deferred charges
65,832
65,486 Divs. payable__
12,500
12.500
Res, for conting
1,808,732 1,845,869
Surplus
64,954,661 $5,075,859
Total
Total
14.954,661 $5,075,859
x After deducting allowance for depreciation of $1,591.783 in 1933 and
$1,462,898 in 1932. y Represented by 65.737 shares of class A stock,
90.000 shares of class B stock and 3.872 shares of management stock in
1933 and 66,417 shares of class A stock, 90,000 shares of class B stock and
3,872 shares of management stock in 1932.-V. 135, p.3531.
Holeproof Hosiery Co.
-$10 on Account of Accruals.
The company on Nov. 1 last paid a dividend of $10 per share on account
of accumulations on the old 7% cum. pref. stock, par 8100. Accruals, after
the above payment, amounts to 87.50 per share. (See also plan of recapitalization outlined in V. 137, P. 2815.)-V. 137, p. 2984.
-Liquidating Dividend of $1.Holland Land Co.
A liquidating dividend of $1 per share was recently declared on the common stock, par $25, payable Nov. 18 to holders of record Nov. 15.
In December 1932 the company made a distribution of 50 cents per share
out of special surplus created out of the reduction in capital. A further
liquidating dividend of 81 per share was paid on Oct. 21 1932 and one of
$2 per share on March 15 1932.-V. 137. p. 1946.
Hotel St. George (Clark Henry Corp.), Brooklyn,
-Independent Bondholders' Committee Formed.
N. Y.
Announcement is made of the formation of an independent bondholders'
committee for the 1st mtge. bonds, of which $7,990,000 are outstanding.
This committee consists of Lee S. Buckingham (V.-Pres. Clinton Trust
Co.), Alfred J. Stern (senior partner of accounting firm of Stern, Porter,
Kingston & Coleman) and Wayne G. Fahnestock, a retired manufacturer
residing in Lititz, Pa. and the owner of a substantial amount of bonds.
The depositary for the committee is Trust Co. of North America, 115
'
Broadway. New York City. The Secretary of the committee is Samuel
Brooks, with offices at 29 Broadway, New York City. Rabenold & Scribner
are counsel for the committee.
The committee announces that for the year 1932 the net income of Hotel
St. George (before depreciation) available for the payment of interest on
bonds was $505.633. Despite the depression, operations for the year
1932 resulted in income sufficient to cover the interest on the bonds. For
the 9 months from Jan. to Sept. 1933 operations were as follows;
Net income
$357.561
Interest on mortgage bonds (accrued but not paid)
344,568
Balance after interest on bonds (exclusive of depreciation)____ $12,993
It therefore appears that even in a year of depression, and during a
period including the summer months, when earnings are sub-normal, the
net income from the hotel was more than sufficient to cover real estate
taxes and bond interest.
From Nov. 1 1932 to May 1 1933 the owner of Hotel St. George repaid
to two affiliated corporations the sum of $324,394. As a result of these
payments, the owner defaulted in the payment of the May 1933 real estate
taxes and failed to pay the interest on the bonds and the amortization due
May 1 1933, despite the fact that the net income from the property was
more than sufficient to pay both the real estate taxes and the bond interest.
This committee has no affiliation or connection, directly or indirectly,
with any of the investment houses through which the bonds were sold to
the public, nor with the owner or operator of Hotel St. George. Its sole
affiliation is with the bondholders themselves. It will be the endeavor
of this committee to compel restoration of the diverted income and to effect
a speedy and economical reorganization -V. 137, p. 3156.
3682
Nov. 18 1933
Financial Chronicle
-Resumes
Insurance Co. of the State of Pennsylvania.
Dividend.
A semi-annual dividend of $2 per share was recently declared on the
capital stock, par $100, payable Oct. 30 to holders of record Oct. 23.
Semi-annual distributions of $3 per share were made on July 13 1932 and
-V. 137, p.2111.
Jan. 13 1933; none since.
-Meeting Postponed.International Carriers Ltd.
Judson Mills, Greenville, S.
-Pays $3 on Account of
C.
Accruals.
of
The directors have declared a dividend of $3 per share on account
accumulations on the 7% cum. pref. stock, par $100, payable Dec. 1. After
-V.125.
payment, accruals on this issue will amount to $18 per share.
this
P. 658.
Ka
-Removed from
mazoo Vegetable Parchment Co.
List.
The stockholders' meeting wadi was scheduled to be held on Nov. 8
as removed from unlisted trading
for the purpose of increasing the authorized capital stack from 1,000,000
ThefJew York Curb Exchang
shares, par $1, to 3,500,00 shares, to consist of 1,000,000 shares of no
privile es the capital stock, par $10.-V. 133, p. 2771.
par pref. stock and 2,500,000 shares of common stock, par gl, has been
adjourned until Nov. 28. It was erroneously reported in last week's .---+Kaynee Co.
List.
-Removed
"Chronicle,' page 3501, that the proposed change had been ratified.
ved from unlisted trading
has re
The New York Curb Excha
-V. 137, p. 2644.
.-V. 15, p. 4392.'
privileges the common stock, par
fira.
-Earnings.
International Milling Co.(of Del.) & Subs.
1930.
1931.
1932.
1933.
Years End. Aug.31$1,169,095 $1,125,576 $1,307,313 81,463.693
x Trading profits
Prem,on preferred stock
370
retired,&c
233,691
250,677
242,552
231,518
7% pref. dividends
58,387
56,417
54,258
51,625
6% pref. dividends_ _ _
536,250
500,000
500,000
400,000
Common dividends_ _ _ _
7,500
Comm. on sale of stock.
100.000
Approp. for pension res
$627,495
$500,219
$328,766
$385,951
Balance, surplus......
5,598.146
6,824,059 6,917,478 6,398.294
Previous surplus
Prof. from sale of corn.
154.550
stock held in treasury
18.104
14,784
Over. prof. for taxes_ _
4,178
23,981
Prom.on sale of pf.stk
118,681
Misc, adjust, prior years
24.834
Disc, on pg. stk. retired
327.485
215,263
Adjust. for exchange __
$7,450,108 $6,824,059 $6,917,478 $6,398,295
Total surplus
Shares com, stock out100.000
100,000
100.000
100.000
_ __
standing (no par)_
$11.77
$10.00
$8.29
$8.86
Earnings per share_ _ _
for Federal and Canadian taxes.
x After making full provision
Consolidated Balance Sheet August 31.
1933.
1932.
1933
$
Liabilities-$
AssetsProperty & plant_ 7,946,963 7,835,189 7% pref.stock__- 3,430,100
1,084,351 6% prof.stock__.... 890,600
902,257
Cash
578,200 y Common stock_ 2,500,000
Dom.of Can. bds _
x Accts. receivable 1,890,423 1,531,492 Notes payable___ 3,980,427
1,875,078 2,100,308 Accts. payable_ _ _ 1,239,645
Investments
69.707
15,219 Pref. cilv. accrued_
14,769
Salesmen advances
105,812 Processing taxes_ 326,431
187,989
Adv. on grain
36,085 Taxes, bit., comm.
25,224
Due from employ_
&c., accrued_ _ - 481,036
30,116
45,551
Membership
10,183,210 6,209,271 Res.for Can.exch.
Inventories
185,163 on net curr.ass'ts
Prepaid accounts_ 192,223
157.248 of Can.subs_ _ _ _ 186,869
Treas. pref. stock_ 180,034
Reserve for maint.
& depreciation._ 2,380,170
Canting. reserve__ 301,812
Other reserves____ 206,816
7,450,108
Surplus
1932.
3,515,800
917,800
2,500,000
1,813,927
971,617
71,969
353,383
--Earnings.
Keith-Albee-Orpheum Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 2280.
Department" on a preceding page.
(B. F.) Keith Corp.-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 3502.
Department" on a preceding page.
-Earnings.
Kelsey-Hayes Wheel Co.
For'income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137. p. 2985.
Department" on a preceding page.
Keystone Hosiery Mills, Inc.-Sale.
The McLauren Hosiery Mills, Inc., has taken over the assets of the old
a receiver's
Keystone Hosiery Mills, Inc., at Asheboro, N. C., followingaccording to
date,
sale and will resume operation of the plant at an earlymaking men's and
knitting machines
reports. The plant operates 200
people
women's seamless hosiery. and furnished employment to nearly 150 of
the
when it was operated, prior to receivership. The Incorporators
McLauren Hosiery Mills are C.C.Cranford, B. D.McCrary and McLauren
Cranford, all prominent executives of Asheboro Mills.
-Resumes Dividend.
Kobacker Stores, Inc.
The directors have declared a quarterly dividend of 13.4% on the 7%
cum. pref. stock, par $100, payable Dec. 1 1933 to holders of record Nov.15.
A similar distribution was made on the pref. stock on Dec. 1 1932, which
was the first dividend since Dec. 1 1931.
After payment of the above dividend on Dec. 1 1933. accumulations
137. p. 501.
will amount to
-Sales Increased.Kroger Grocery & Baking Co.
-4 Weeks Ended- -44 Weeks EndedNov. 4 '33. Nov. 6 '32. Nov. 4 '33. Nov. 6 '32.
Period$16,119,227 $15,672,015 8172493.851 S181261,255
Sales
of stores in operation for the 4 weeks ended Nov". 4
The average number
1933 was 4.463 as against 4,765 for the corresponding period of 1932, or a
decline of 6%.-V. 137, p. 2817. 2281.
-Earnings.
(G.) Krueger Brewing Co.
402.132
2,008,961
391,087
97.720
6,824,059
23,443,724 19,868,456
Total
23,443,724 19,868,456
Total
x Accounts receivable, less reserves. y Represented by 100.000 no par
shares.
-V. 135. P• 3699.
-Earnings.
International Nickel Co.of Canada,Ltd.
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
Consolidated Balance Sheet Sept. 30.
1932.
1933.
1932.
1933.
Assets
142,021,871 144,565,477 Preferred stock. 27,627,825 27,627,825
Property
7,415,508 7,331,034 x Common stock 60,766,771 60,766,771
Investments
18,059,060 22,064,871 Debenture stock
Inventories
of Brit.subs__ 7,757,468 7,901,111
Accounts & bills
4,944,886 2,195,773 10-year serial 5%
receivable
purch, money
733,455
Govt.securities_ 1.300,000
600,000
notes
Cash and money
12,313,906 3,983,237 Accts. payable_ 2,370,982 2,222.134
loaned
800,072
Tax reserves...._ 1,342,269
483,474
483,474
Prof. div. pay
Insur., canting.
and other res_ 6,683,632 5,316,384
Capital surplus_ 59,924,194 60,141.048
Earned surplus_ 19,098,616 15,015,027
For income statement for 5 months ended Sept. 30 1933 see "Earnings
Department" on a preceding page.
Balance Sheet Sept. 30 1933.
Liabilities
Assets
5414,751 &eels payable & accr'd exps__ $130,709
Cash
11,979 Deposits on containers, returnon hand
Revenue stamps
able to customers
51,547
76.564
Customers'accounts
64,517
Beer inv'y, mat'l & supplies__ 137,314 Res've for Fed.Income taxesCapital stock, authorized, IsContainers (barrels, boxes and
200,000
378,266 sued and outstanding
bottles)
1,830,444
1,608,887 Capital surplus
Plant and equipment
375,386
24,843 Earned surplus
Prepaid insurance, taxes, &c._
Total
$2.652.604
$2,652,604
Total
William C. Krueger, President, says in part:
of an ale plant at an approximate cost
We have contracted for the erection
of $175,000, which will permit the brewing of ale, stout, and porter, and
also will add materially to out beer aging capacity. Ale, stout and porter
are popular beverages sold during the cold weather, when there is a decrease
In beer sales. It is expected that the addition of these products will substantially add to the volume of sales normally expected during the winter
months. Because of the expenditure for this construction, the management has recommended to directors that payment of dividends be deferred
for the present.
For the past two years company has been experimenting in conjunction
with the American Can Co. for the sale of beer in cans. We have recently
concluded an exhaustive consumer survey and trial sampling test, the results of which indicate to the management that beer in this new container
presents a wide field for development. Within the next week company
will also market beer in quart size bottles. This new size bottle should
stimulate the sale of bottled beer during the winter months.
The demand for the company's beer continues to be satisfactory and no
effort is being spared by the management to produce and market the finest
.-V. 137, p. 3502.
quality of brews
186,055,235 180,873,846
Total
186,055,235 180,873,846
Total
x Represented by 14.584.025 no par shares.
President,
-Extra Distribution.
In an accompanying letter to shareholders. Robert C. Stanley,containing
Lake Shore Mines, Ltd.
discusses the importance to the nickel industry of alloy steels alloys met
An extra dividend of 50 cents per share has been declared in addition to
nickel. Pointing out that these
relatively low percentages of
the regular quarterly dividend of like amount, both payable Dec. 15 to
Spanish-Ameritheir first real test in armor plate and munitions during the
holders of record Dec. 1. A similar extra distribution was made on June 15
can War and became the backbone of naval and military equipment in the
last and on June 15 and Dec. 15 1932.-V.,137, P. 2985; V. 136, 11.• 3549their first
World War, he says that in the transition to peace they foundup through
Langendorf United Bakeries, Inc.-Earnings.
great field in transportation and are now seeing newer fields open
the universal demand for better performance.
For income statement for 5 and 15 weeks ended Oct. 14 1933 see "Earnfaster
-V. 137. p. 1947.
"So long as the trend is maintained towards faster railroad trains, ocean
ings Department" on a preceding page.
and larger airplanes, greater depths in oil drilling, increased speed in will
special steels
travel and longer and stronger bridges, he writes. "these -V.137, p.333
"'", Lanston Monotype Machine Cb.-Removed from List.
be produced with the aid of nickel as the alloying element."
The New York Curb Exchange as removed from unlisted trading pri
lieges the capital stock.
-V. 136'p. 4281.
--Suit.
-Insurance Corp.
International Re
Insurance,
-Asset Value.
(The) Lehman Corp.
William H. Kelly. New Jersey Commissioner of Banking and of Public
has filed suit in Chancery Court, Wilmington, Del.. on behalf
The net asset value of the capital stock of this corporation was $78.50
agreehave
Indemnity Co. against the corporation and its receivers to assetsan Intera share on Nov. 13, against $84.01 a share on June 30.-11. 137, P. 2645.
to
ment providing for the transfer of Public Indemnity Co.'s
Lessings,
national declared void. The complainant alleges that the financial statement produced by International prior to signing of the contract was false
For income statement for nine months ended Sept. 30 see "Earnings
and fraudulent and misrepresented the company's solvency and financial
Department" on a preceding page.
-V. 136, p. 4281.
ability to carry out terms of the agreement.
Condensed Balance Sheet Sept. 30.
1933.
1032.
LiabilUies1932.
1933.
Assets
----- International Shoe Co.lemoved from List.
$8,772
$4,171 Accounts pyable_ 813,035
S3,538
ted trading
Cash
as removed from
The New York Curb Exchang
5,000
12,500
Notes payable____
Accts. & accrued
. 137, p. 3157.
privileges the 6% preferred stock.
1,145 Federal Income and
1,484
interest reedy
State franchise
10,773
13,407
Inventories
tradi
List.
------international Textbook Co.-Removed from
2,675
tax reserves
2,138
7,383
1,442
Prepaid Incur., &c.
priviThe New York Curb Exchange as removed from unlisted
94,596
160,120
58,050 y Capital stock._ _
49,200
Marketable secur'
-'V. 137, p. 2111.
leges the capital stock (no par).
59,868
169.379 Surplus
113,602
68,552
x Fixed assets...
4,169
.- Deferred charges_
----Exchange Offer Terminated
Interstate Equities Corp.
1
1
Good-will &leases..
-V. 137, p. 2984.
See Equity Corp. above.
8182,675 8249,827
Total
$182,675 $249,827
Total
-Sale.
Irene Mills, Gaffney, S. C.
x After reserve for depreciation of 3141.045 in 1933 and $158.269 in 1932.
A private sale of Irene Mills. of Gaffney, S. C. to Arthur C. Kyle of
y Represented by $3 par value shares in 1933 and $5 par value shares in
Monticello, N. Y., attorney representing Eastern interests, subject to con1932.-V. 137, p. 1422.
firmation by the court, is reported. Major Henry C. Moore, receiver, who
-Cent Dividend.
-30
-The
Libbey-Owens-Ford Glass Co.
was authorized in court to negotiate for sale of the property, stated he
to make until the court passes on the proposed
would have no statement
directors on Nov. 14 declared a dividend of 30 cents per share
bids
sale. An effort to sell the property at auction Oct. 17 failed when no with
on the common stock, no par value, payable Dec. 15 to
were received. The receiver was authorized to make private sale,
consent of creditors, provided the amount was equalto, or more than the)
holders of record Nov. 29. A similar distribution was made
rter"
minimum fixed in the court order. ("American Wool & Cotton R
-Jeffrey Manufacturing
.-Removed from List.
The New York Curb Exchan e has removed from unllste,,trading
privileges the 6% preferred stock, ar 8100.-V. 84, p. 870.
on this issue on Oct. 2 last, which was the first payment
since Sept. 1 1930 on which latter date a quarterly dividend
-V. 137, p. 3158.
of 25 cents per share was paid.
Financial Chronicle
Volume 137
Link Belt Co.
-Patent Suit.
-
Suits to protect their rights on four Patents concerning sewage systems
have been filed in the U. S. District Court at Philadelphia by the Dorr Co.,
New York, against the Link Belt Co. Four separate suits were filed and in
each the Dorr Co. petitioned for an injunction to restrain Link Belt Co.
from continuing alleged infringement of the four patents and for the recovery of all profits made by it on previous alleged violations, and also for
damages. No specific amounts are claimed.
-V. 137, p. 3158.
Loew's, Inc.
-Meeting Adjourned.
-
Assets
y Land, buildings,
equipment, &c.
Cash
Notes receivable_ _
Accts. receivable_
Inventories
Prepaid expenses.
Treasury stock _ _
Investments
3683
Comparative Balance Sheet Aug. 31.
1933.
1932.
Liabilities-1933.
1932.
x Capital stock ___$1,000,000 51.000,000
$742,635 $777,463 Res. for local &
161,179
158,465
State taxes
1,499
188
2,301 Accounts payable_
10,541
966
15,192
10,346 Accr. liabilities._ _
3,101
25,157
19,549 Deficit
57,374
33,348
1,481
992
10,438
1
The annual meeting of the stockholders which had been scheduled for
Nov. 16 has been adjourned until Jan. 16, at the request of a representative
of the Chemical Bank & Trust Co. as trustee for the 660,900 shares of
Total
5956,268 5969,116
Total
$956,268 $969,116
Loew stock held by the Film Securities Corp. The latter took over the
x Represented by 125,000 shares no par value. y After deducting reserve
Loew's stock originally held by Fox Film Corp.
for depreciation of $432,131 in 1933,and $391,179 in 1932.-V.135, p.3366.
The bank asked the adjournment because the,Loew stock held by thOMEN..
trustee is to be sold under foreclosure pursuant to the indenture of the
Martz Transit Co., Inc., Cleveland.
-Receivers ApFilm Securities notes. The sale of this stock, originally set for Nov. 27,
pointed.has been postponed until Dec. 12, and the trustee's representative stated
that it was desired to postpone the Loew's meeting so that the new owners
J. W. McCaskey, Pittsburgh, and Harry Kaplan, Cleveland, were apof the stock may vote it.
-V. 137, p. 3323.
pointed ancillary receivers for the company on Nov. 6 by Judge Nelson
McVicar in U.S. District Court at Pittsburgh. The court acted in response
London (Ont.) International Distributors, Ltd.
- to a petition filed by Kaplan, who several days ago was appointed receiver
by the Federal Court in the Northern District of Ohio.
Dividend of 8 Cents.
The directors recently declared a dividend of 8 cents per share on the
London International Trustee Shares, series A. payable Nov. 1 to holders
ofrecord Oct. 15. This was the fifth payment on these shares.
Long Island Title Guarantee Co. of Jamaica,
c-Van Schaick Sues President.
Oscar Jacobs, President of the company, has been sued in Supreme Court
of King's County by Superintendent of Insurance George S. Van Schaick
as rehabilitator of the company in an action for 580,650. This sum is
alleged to be the value of certain mortgages belonging to the title company
Which, it is claimed, were converted by Mr. Jacobs to his own use. The
Long Island Title Guarantee Co. has been in the hands of the Superintendent of Insurance since Aug. 14 1933 for the purpose of rehabilitation.
Announcement of the suit was made by the Insurance Departmentfollowinglithe statement by Superintendent Van Schaick that he had found
"shocking" practices by officials of the guaranteed mortgage companies.
V. 137, p. 1590.
Luther Mfg. Co.
-Comparative Balance Sheet.AssetsLtaMlittesSept.3033. Oct. 1 '32.
Sept. 3033. Oct. 1'32.
Construction
$350,000 $350,000
5491,949 $481,236 Capital stock
Cash and accounts
Federal tax reserve
6,976
326,113
348,688
receivable
18,596
11,671 Profit and loss_ __
Merchandise and
,
stock in process_
68,159
59,737
Investments
103,040
144,070
Prepaid insurance_
1,345
1,974
Total
$683,089
-V. 135, p. 4042.
$698,688 . Total
$683,089
$698,688
Lynchburg (Ohio) Distillery Co.-Stock Issue Submitted.
The company, officials of which are Cincinatians, has applied to the
Federal Trade Commission to issue and sell 86.576 shares of common
capital stock at a total price of $649,320. The issue has been underwritten
by Andrew Scott & Co., New York.
eik Property of the old Freiberg and Workum distilleries at Lynchburg, 0.,
has been acquired. Manufacture of bourbon whisky will begin after the
plant has been rehabilitated, it is said.
Officers of the new company are: B. M. Markstein, Pres.; Leonard H.
Freiberg, Sec., and Robert L. Kittredge, Treas.
McLauren Hosiery
Acquisition.
-
Mills, Inc., Asheboro, N. C.
-
See Keystone Hosiery Mills, Inc. above.
Maple Leaf Milling Co., Ltd.
-New Director.
With the appointment of his firm as company auditors, Major A. E.
Nash retired as a director of the Maple Leaf company and D. C. MacLachlan, General Manager, has been elected to fill the vacancy. C. W. Band.
President, intimated that the directors were considering reconstruction of
the company's balance sheet, althotigh details have not yet been worked
-V. 136, p. 3917.
out.
.""4arblehead Land Co.-Repisits-firctef Pcrin.-.
-
proval of holds of approximately $2,000,000 1st mtge. 6% sinking
er
fun gold bonds to the plan of readjustment rtA, a
.j
announc4,brnitLdbondholdars.:.-protective committee.has been
by Russell McD.
Taylor, Chairman of the committee.
"Over 500 individual deposits of bonds have been made, including a
number of banks, trust companies and large institutional holders, which
have made a careful study of all aspects of the proposed readjustment,"
Mr. Taylor stated. "Various practical and legal problems in connection
with the readjustment having now been cleared up, the committee has
begun a vigorous campaign to complete the deposit of bonds necessary to
put the plan into effect, and we believe this can be accomplished within
the near future."
Features of the plan include the granting of an interest moratorium until
March 1 1935 with the omitted interest to be paid in 15 eaual semi-annual
Instalments commencing upon the conclusion of the moratorium. Proposed modifications of the trust indenture deal primarily with the release
of property under the mortgage lien in order to facilitate sales.
In return for these concessions, the company has agreed to convey to
the trustee three additional parcels of Rancho Malibuland, totaling 1,459
acres, to be held as additional security for the deferred interest payments.
See also V. 137, P. 1251.
Mark Hopkins Hotel (California-Mason
San Francisco.-Bid Made for Property.
-
Realty Co.),
The San Francisco "Chronicle" Oct. 25 stated:
Negotiations between'Louis R. Lurie and holders of Mark Hopkins
Hotel bonds looking toward the purchase of the property by Mr. Lurie are
reaching a stage where a definite announcement may be expected shortly.
Early last month, it was disclosed. Lurie made a tentative offer of 50
cents on the dollar for bonds deposited with the bondholders'protective
committee, members of which held out for 80 cents. Since then, it is said,
Lurie has raised his offer to 60 cents and, it is understood, representatives
of the bondholders have come down to 75 cents.
One indication of the reason that Lurie raised his original offer is to be
found in a statement just issued by the Realty Bond Reorganization Co.
showing that a "summary of the first preliminary reports submitted by the
receiver covering the period from Aug. 3 to Aug. 31 indicates an operating
Profit for August of $20,386, before allowance for tax accruals, replacement,
reserves, bad debts and other miscellaneous expenditures."
The statement shows that for the six months ended June 30 income
applicable to bond charges and depreciation amounted to $39,968, or
at the annual rate of more than 3 % on the outstanding first mtge. bonds.
Room occupancy for the period averaged 59%.
Of the outstanding $2,320,000 bonds 57 7 are said to have been deposited
with the committee to Oct. 12.-V. 132, p. 359.
-Earnings.
Martin-Parry Corp.
Years End. Aug.31Net sales
Cost of goods sold, sell..
admin. & gen. expense
1933.
$223,069
23'9,927
212,778
622,410
2,988,403
Net operating loss- --Other income
$16,858
1,601
$183,637
1,854
$258,191
2,975
$394,638
9,676
Total loss
$15,257
827
$181,783
2,957
$255,216
77,166
$384,962
37,841
Operating loss
$16,084
$184,740
5332.382
5422.803
Int. & miscell. charges_ _
1932.
$29.141
1931.
1930.
$364,220 $2,593,765
Mergenthaler Linotype Co.
-Earnings.
Years End.Sept. 30-1932.
1933.
1931.
1930.
Net prof. aft. dep.& tax loss$959,253 loss$993,526 ' $936.161 $1,809,411
Dividends
204.800
768,000
1,536,000
1,664,000
Rate
$3.00
$0.80
$6.00
$6.50
1
.III
Deficit
$599,839 sur$145.411
$1,164,053 $1,761,526
Shares of capital stock
outstanding (no par)_ _
256.000
256.000
256,000
256,000
Earns, per sh. on cap.stk
Nil
Nil
$3.66
$7.07
Balance Sheet Sept. 30.
1933.
1932.
1932.
1933.
Liabilities$
$
Assets
$
$
519,8201e3,530,883 a Capital stock_ ..12,800,000 12.800,000
Land
20,008
20,903
Buildings
Accounts payable_
b2 889 5421
Customers Credit
Plant, machinery
18,107
balances
and equipment_c2,526,333 e2,791,608
26,097
Agts. credit bal'ces
Equip.& construct
1,212
Miscell. curr. nab_
work in process_
66,801
61,353
Rights, priv.,franAccrued taxes_ _ _ _
26,317
Unclaimed wages_
chises, patents &
3,653,093
inventions
3,653,092 Res.for intangibles
Marketable secs_ _d1,181,1681e2,885,248 Reserve for doubtful accounts and
For'n & domest.cos 2,386,7541
contingencies__ 1,049,130 1,049,130
Cash
598,446
660,132
9,491,027 10,768,381
Bills receivable__ 3,825,714 4,426,387 Surplus
Accts. receivable 3,176,285 4,839,075
Inventory
5,524,905 5,505,080
Mixed Claims Commission account
against Germany
48,765
Adv. to employees
and misc. accts_
19,114
Cash in torn banks
-restricted....597,472
Deferred charges
132,132
23,493,253 28,291,508
Total
23,493,253 28,291,508
Total
a Represented by 256,000 shares of no par value. b After depreciation
of 55.273,232. d Marreserve of $1,297,526. c After depreciation reserve
-V. 136, p. 3549.
ket value, $1,003,028. e After reserves.
-Resumes Dividend.
Meteor Motor Car Co.
A quarterly dividend of 25 cents per share has been declared on the capital
stock, no par value, payable Dec. 1 to holders ..of record Nov. 20. On
March 1 last, the company paid two quarterly dividends of 12M cents
per share to cover the first half of 1933. while on June 15 1933 an extra of
50 cents per share was disbursed; none since. During 1932, quarterly
-V. 137. p. 1422.
distributions of 10 cents per share were made.
-Meeting Postponed
Metropolitan Corp. of Canada, Ltd.
The adjourned meeting of the holders of the first mortgage sinking fund
gold bonds called for Nov. 8 has again been adjourned until Nov. 28.V. 137, p.3158.
•
-Div. on Account of Accruals.
Midland Royalty Corp.
A dividend of 25 cents per share has been declared on the $2 cum. cony.
preference stock, no par value, on account of accumulations, payable Dec.
15 to holders of rcord Dec. 5. The company on Nov. 15 paid a dividend
of 50 cents per share on account of accruals. The last regular quarterly
Payment at the latter rate was made on June 15 1931.
Following the Dec. 15 1933 distribution, dividends accrued but unpaid
-V. 137. p. 3336.
will amount to $4.25 per share.
-Sale of Okla. Assets.
Missouri State Life Insurance Co.
Judge H. H. Montgomery in the District Court at Tulsa. Okla., has sustained a motion dismissing the State of Oklahoma's petition of intervention
State
in receivership litigation involving the Missouri assets of the Missouri filing
Life Insurance Co. W.A. Ledbetter,special counsel for the State,in the
investigation that
the motion, said Gov. W. H. Murray found upon approval of the sale of
best interests of policyholders would be served by
the Missouri State Life to the General American Life Insurance Co. and
that virtually all Oklahoma policyholders are satisfied with the sale.
V. 137, p. 2282.
-Offers Property for Sale.
Mohawk Mining Co.
All the remaining lands and interests in lands of this company, consistlands,
ing generally of approximately 15,000 acres, including its mineral and in
the Michigan Mine at Rockland. Mich., having one shaft equipped City.
short notice; the Mass Mine at Mass
condition to resume mining at
Mich.; the Wolvarine Mine at Kearsarge. Mich.; the Mohawk Mine at
of
Mohawk. Mich.; three stamp milisites, approximately 10,000,000 feetfor
merchantable timber and approximately 5,600 acres of land suitable
farming purposes, and a quantity of mining and office supplies and emPloy_ees' dwellings,are offered for sale, Secretary F.G.Heumann announced
on November 15.
More detailed information of the property to be sold may be had by application to the office of the company at 15 William Street, N. Y. City, or at
its office at Mohawk, Keweenaw County, Mich.
Terms of sale are 10% of purchase price on the signing of a contract of
sale and purchase and balance on delivery of deeds 30 days later. Offers
-V.137. p. 2645.
will be received at either office of the company.
-Initial public financing for
-Stock Offered.
Monex Corp.
the corporation, which has been formed to manufacture and
sell money-changing machines, was announced Nov. 16
by Lord, Abbett & Co. and consists of 100,000 shares of
common stock which are being offered as a speculation priced
at $1.87 per share. The present offering is a part of 150,000
shares for which a registration statement has been filed with
the Federal Trade Commission.
Proceeds of this financing will be used to provide working capital, to pay
current obligations, to retire preferred stock and for other purposes.
The authorized capitalization of the company consists of 180 shares of
preferred stock of $100 par value and 250,000 shares of common stock of $1
par value, all of which are to be presently outstanding.
For more than two years corporation has been engaged in engineering and
market research, patent investigation, production of trial machines, &c..
and since June 1933, distributors in 13 cities have been appointed as a part
of a planned program for securing 200 distributors. The company has entered into a contract with L. C. Smith & Corona Typewriters, Inc., which
provides for the manufacture of the machines by the latter company and
for co-operation between the two companies in certain other ways. The
machine which is said to incorporate several unusual features is the only
3684
Financial Chronicle
change-making machine which can be placed in the drawer of a cash register
and will be sold at the lowest price of any change-maker on the market.
Joseph B. Auerbach, formerly Controller and Treasurer of Franklin
Simon & Co. New York, is President, Treasurer and General Manager of
the company and Felix Renick,former President of National Institute, Inc.,
'
is Vice-President and Sales Manager. In addition, the board of directors
include Robert B. Steele, Great Neck, N. Y., Clinton Wilding, Nyack,
N.Y.,and John F. White, Richmond, Ky.
Monroe Loan Society.
-Extra Dividend.
An extra dividend of 15 cents per share has been declared on the no par
pref. A stock, in addition to the regular quarterly dividend of $1.75 Per
share, both payable Dec. 1 1933 to holders of record Nov. 20. A similar
extra payment was also made on this issue on Dec. 1 1932.-V. 135, P.
3533.
"
“Montecatini" Societa Generale pe
Mineraria ed Agrieda.-Re;oved from List.
l'Industria
The New York Curb Exchang has removed fro
unlisted trading
privileges the National City Bank f New York, American depositary receipts for capital bearer shares, par 100 Lire.
-V.136, p. 3357.
(Philip) Morris & Co., Ltd., Inc.-Earnings.
For income statement for 6 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 136, p. 3917.
Murray 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. 1252.
-Earnings.
(Conde) Nast Publications, Inc.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1064.
)
"•-• National Bearing Metals orp.-Removed from List.
g
The New York Curb Exchange as removed from unlisted tra
privileges the common stock (no pa and the 7% preferred stock, par $100.
-V.137, p. 2283.
-Stock Offered.
National Beer & Wine Importers, Inc.
Initial financing was announced, Nov. 16, in the form of
units consisting of two shares of class A stkck, one share of
class B stock and a warrant exchangeable for a bonded
warehouse receipt for one case of 12-year old Kilty Scotch
Whiskey containing 12 bottles of one-fifth of a gallon each.
Hammons & Co., Inc. are offering 100,000 of these units,
priced at $25 per unit, as a speculation. Registration papers
have been filed with the Federal Trade Commission.
Depositary for warrants and transfer agent. Continental Bank & Trust
Co., New York. Registrar, Manufacturers Trust Co., New York).
(Capitalization (Upon Completion of Present Financing.)
Authorized. Outstanding.
500,000 shs. 200,000 shs.
Class A stock (par $1 per share)
400,000 shs. 250,000 shs.
Class B stock (par $1 per share)
Both the class A and the class B stocks will be fully paid, non-assessable
and no personal liability will attach to the stockholders. Class A stock is
entitled to cumulative dividends at the rate of 30 cents per annum and after
payment of dividends each share of class A and each share of class B stock
will participate equally in any additional dividends that may be paid.
Class A stock is callable upon 30 days' notice any time at $6 per share
and divs. Certificate of incorporation provides that on or before larch 31
in each year company shall set aside 50% of its surplus profits for the calendar year immediately preceding and apply same within 60 days thereafter
for the redemption of the class A stock. In the event of dissolution or
liquidation of the company, the owners of class A stock shall be entitled
to receive payment of $5 per share with cumulative dive, before any payment shall be made on account of the class B stock.
The holders of the class A stock shall not be entitled to vote at any corporate proceeding except as required by law. All voting rights, therefore,
are vested in the B shares. Otto B. Shulhof, the President of the company,
and the holder of all the presently issued class B stock, in connection with
this financing has agreed to place 112,500 of the shares of B stock which
he now holds in a voting trust agreement. The voting trustees under said
agreement will be: Otto B. Shulhof, President; Eugene L. Norton, Chairman of the Board of Freeport Texas Co. and William Buchsbaum, VicePresident, Barstow, Tyng & Co., Inc.
The prospectus filed with Federal Trade Commission
affords the following:
Business.
-Company incorporated in New York, and authorized to do
business therein, Jan. 27 1933, with its principal office at 551 Fifth Ave.
N. Y.City,is the exclusive agent in the United States frr the sale of"Royal
Kilty," "Kilty," "Great Scott,' "Perfecticn," and will also handle other
aged and standard Stotch whiskies, and many brands of wines and champagnes of France, Italy, Spain, Germany and Madeira. Company also has
the exclusive agency in this country for the sale of the PiIsner and Munchener
beer, produced by the Patzenhofer Brewery of Germany, one of the largest
breweries in the world. The firms with which company has its agencycontracts are all old established fires and their products highly reputed.
These agency-contracts in the majority of cases run for five years.
-It is the intention of the company to acquire, either
Plant and Property.
by purchase or lease, a plant suitable for the operation of this business and
to install machinery and equipment in such plant at a cost of approximately
$100,000. With this contemplated improvement, it is estimated by A. R.
Burnett°, Industrial Engineer, that the capacity of the plant will be as
-600,000 gallons or
fol"ws: For the rectificatirn and blending of whiskies
200,000 cases per annum; for the manufacture of gin-1.000,000 gallons or
400,000 cases per annum; for the manufacture of Creme de Menthe, Creme
de Cacao, Maraschino, Chartreuse. Kummel, Prunelle, Curacao, Allasch
Bitters, Anisette, Gold Cordial and various other cordials and liqueurs
150.000 vallons or 60,000 cases per annum; for the manufacture of Rum
Punch, Rock & Rye and Apricot. Peach, Cherry, Blackberry, Rasberry
and other brandies
-90,000 gallons or 36,000 cases per annum.
The contract between the company and J. G. Turney & Son, Ltd., of
Glasgow, Scotland, gives the company the right to purchase, prior to
Dec. 31 1933, large quantities of Scotch whiskey at very favorable prices
which are believed to be substantially lower than the market prices for such
whiskey at this time in Scotland. The same contract gives the company
the option to purchase 50,000 additional cases during Jan. 1934, at the
same favorable prices providing at least that amount is purchased by
Dec. 311933.
Management.
-Otto B. Shulhof (voting trustee, director and President),
J. R. Harbeck (director and Vice-President), William Buchsbaum (voting
trustee and director). Eugene L. Norton (voting trustee and director).
John W. White (Secretary and Chief Accounting Officer), Jacques R.
Haas (director and Treasurer). New York.
Earnings.
-Company expects to be able to supply the demand for its
cordials to the ordinary trade and in addition believes it can develop a large
demand for these products from manufacturing confectioners.
The company was organized on Jan. 27 1933. No dividends have been
paid to date either in cash or stock,and no dividends have accrued to date.
Purpose and Proceeds of Units.
-Estimated net proceeds to be raised by
sale of these units, $2,000,000. The specific purpose and the approximate amount for which the funds set up above are to be used is as follows:
To be deposited with the depositary for the purchase of warrants and expenses in connection therewith, such as fluctuations in sterling exchange,
insurance, freight, transportation, storage and compensation and expenses
of the depositary,$1,250,000;for the equipment of the plant of the company,
$100,000; for the expenses in connection with this financing, $50,000; for
working capital and surplus. $600.000.
It is estimated that out of the sum deposited with the depositary for the
purchase of the warrants and the expenses in connection therewith, there
will be left to the company a surplus of $250,000, which will be added to
working capital and surplus.
-Otte B. Shulhof, President. holds 150.000 shares of class B
ownership.
stock out of 250,000 shares to be presently issued and outstanding. Mr.
Shulhof is the promoter of this corporation. Based upon the number of
units purchased in connection with this financing, the underwriters will
receive from Mr. Shulhof out of the above-mentioned shares now held
Nov. 18 1933
by him,shares of class B stock in an aggregate amount not to exceed 37,500
shares. Mr. Shulhof has agreed to deposit, prior to any offering of these
units, 112.500 shares of class B stock now owned by him under a voting
trust agreement (as stated abave).
-The underwriters are: Hammons &
Commissions, bonuses and Options.
Co.. Inc., N. Y. City and James E. Cairns Co., N. Y. City.
Company has entered into an agreement with the underwriters, giving
them a joint option to purchase up to 200,000 shares ofclass A,100,000 shares
of class B,and warrants for warehouse receipts for 100.000 cases of "Kitty"
Scotch Whisky, deliverable in units consisting of 2 shares of class A ,1 share
of class B and 1 warrant, exchangeable for I. case of"Kilty" Scotch Whisky,
at $20 per unit to the company. Said option is good until March 15 1934,
provided that the underwriters will take up and pay for the several instalments set forth in the contract between the company and the underwriters.
The offering price to the public is $25 per unit, made up as follows:
$5.624 for each one of the 2 shares of class A stock: $1.25 for 1 shares of
class B stock; $12.50 for l•warrants, representing 1 case of "Kilty" Scotch
Whisky. The underwriters shall retain $5 per unit as payment in full
for the following items, namely: $2.50 for expenses of selling, advertising,
dealers' and salesmen's commissions; $2.50 for compensation to the underwriters in respect of the sale of such unit. The underwriters will receive
Shulhof upon completion of
up to to 37,500 shares of B stock from
financing as above stated.
Pro Forma Balance Sheet Oct. 7 1933.
Liabilities
Assets
$200,000
Furniture and fixtures
52Q9 Class A (par $1)
250,000
Financing expenses(estimated)
50,000 Class B (par $1)
150,679 Accounts payable and accrued
Intangibles
4,704
2,860 accounts
Preliminary operating exps
1,000,000
875 x Liability to purchasers
Cash on demand
700,000
1,250,000 Paid in surplus
Proceeds from financing
Cash required for equipment of
100,000
plant (estimated)
Cash-balance ot proceeds of
600,000
financing
$2,154,704
Total
$2,154,704
Total
x For warehouse receipts for 100,000 cases of "Kilty" Scotch Whisky at
contract price in sterling, at par exchange, plus estimated freight,insurance,
storage, fees and other expenses in connection therewith.
-Obituary.
National Dairy Products Corp.
Harold M. Lehman, a director, died in New York City on Nov. 1 .
He was also a member of the board of the following concerns: Anchor
Cap Corp., Phoenix Hosiery Co., Lehman Corp., U. S. Leather Co.,
Hahn Department Stores, Inc., Jewel Tea Co., Ind., Phoenix Securities
-V. 137, p. 3503.
Corp. and Employers Reinsurance Corp.
National Life Ins. Co. of the U.S. A., Chicago.
Michigan Receiver Named.
Under an order filed in Ingham County (Mich.) Circuit Court on Nov.11,
Ralph M. Wade, Second Deputy Insurance Commissioner, was named as
Michigan receiver for the company. Judge Leland W. Carr made the
appointment after voicing objection to Commissioner Charles E. Gauss's
petition for an ancillary receivership, and naming Mr. Wade as a receiver
with independent powers. The Court pointed out that the presence of
property belonging to the company in Michigan and the large number of
policyholders made it inadvisable to make the receivership subsidiary to
that in Illinois. In event of liquidation Michigan creditors will be in a
-V.137, P. 2987.
preferred position, he said.
National Radiator Corp.-Plan Before Supreme Court.
The plan of reorganization was attacked Nov. 9 in the U. S. Supreme
Court by the First National Bank, Cincinnati, the International Heater
Co., Amy Arts and others. They challenged the upset price of $2,500,000
set by the Federal District Court for Western Pennsylvania and approved
by the Third Circuit Court of Appeals as inadequate, and asserted that
at the time the affairs of the company were reorganized it was in good
financial condition, with assets several times greater than liabilities.
Counsel for the petitioners insisted that since the company was solvent
the Federal courts had no authority to order the reorganization. They
asserted that while 96% of the debenture holders had approved it, their
-V. 135, p.
consent in many instances had been improperly obtained.
2842, 4044.
5?.
"National Silk Dyeing. -Removed from List.
The New York Curb Exchange as removed from unlisted t2ng privileges the common stock (no par)'
-Increases Distribution.
-The diNational Transit Co.
rectors on Nov. 11 declared a semi-annual dividend of 40
cents per share on the capital stock, par $12.50, payable
Dec. 15 to holders of record Nov. 20. A semi-annual distribution of 35 cents per share was made on this issue on
June 15 last.
Quarterly payments of 20 cents per share were made on
Sept. 15 and Dec. 15 1932, as against 25 cents per share
previously each quarter.-V. 137, p. 3158.
National Union Mortgage Co.
-Deposit of Bonds Urged.
The protective committee for the holders of the company's bonds announces that a majority of the outstanding bonds have been deposited with
the protective committee, which can only act for those who empower it to
do so by deposit of bonds. The committee detires to act for all bondholders and urges bondholders to deposit their bonds immediately.
.
C. Stanley Rich, Redwood and South Sta., Baltimore, Md., is Secretary
of the committee. See also V. 137, p. 2646.
New York Title 8c Mortgage Co.
-Complaint Filed.
District Attorney Elvin N. Edwards, of Nassau County, on Nov. 13.
made known that the company in Nassau County,complaints against whicn
he was requested to investigate in a letter received frOm Abraham J. Halpin,
Attorney for George S. Van Schaick, State Superintendent of Insurance,
was the New York Title & Mortgage Co.; The company has its main office
in New York. but operates a branch in Mineola.
The District Attorney referred the matter to Assistant District Attorney
Phillip Huntington for investigation The complainant concern, according
to Mr. Huntington, alleges that it was misled and deceived into purchasing
two mortgages from the Nassau County branch of the company. The
Assistant District Attorney said his investigation is to determine whether
there was any misrepresentation in connection with the sale of the mortgages.
-V. 137. p. 2116.
Niagara Share Corp. of Md.-Comparative Bal. Sheet.
Sept. 30'33. Dec. 31 '32.
$
$
Assets1 977,748 13,175,942
Cash
1 827,500
U. S. Treas. notes'
Accounts & notes
870,790
704,367
receivable
Interest dr divi191,344
dends receivable 199,485
Stocks and bonds_28,813,163a37,C75,574
99,161
Mtges. dr real est_ 104,03
Office bldg.&equip.
490,282
(less deprec.)___ 479,660
Office furniture
and equipment..
1
Unamortized bond
575,515
dLact. & expense 527,939
Miscell. assets____
2,402
15,801
Sept. 30'33. Dec. 31 '32.
$
Account; payable_ 125,120
188,797
e Notes payable_
1,500,000
Divs. & int. pay__ 377,186
271,923
5l5% cony. debs_12,457,000 12,992,000
Reserves:
For Fed ASt.tax
4,147
For contingenc's 1,500,000 1.500,000
Miscell. liabilities_
213
375
$6 preferred stock_
63,019,000
d Class A preferred
stock
2,992,800
c Class B com.stk. 7,532,697 7,537,822
Capital surplus_ _ _ 5,987,979 15,685,224
Earned surplus._ 835,804
622.623
31,808,798 43,321,911
Total
31,808,798 43,321,911
Total
a Market value after reserve for fluctuation In market value of $85,30,190 shares 6% class A pref.stock, par $100. c Represented
639,373. b
-V. 137, p. 3503.
by $5 par shares. d 29,928 shares.
Volume 137
Financial Chronicle
Newmarket Mfg. Co.-Increases Dividend.
-
The directors have declared a dividend of $1.25 per share on the outstanding 32,400 shares of no par capital stock, payable Nov. 15 to holders
of record Nov. 8. Three months ago the company paid a dividend of 75
cents per share, while in each of the two preceding quarters a distribution
of 50 cents per share was made.
-V. 137, p. 327; V. 135, p. 4227.
Old Colony Trust Associates.
-Earnings.
For income statement for three months ended Sept. 30 see "Earnings
Department" on a preceding page.
The balance sheet as of Sept. 30 1933, shows totaLassets of $20,835,980,
of which investment in capital stocks of banks at cost amounted to $19,312,341. This compares with total assets of $20,833,301 on June 30 1933,
of which investment in bank stocks amounted to $19,306,606.
During the Sept. quarter 134 shares of Newton Trust Co. were acquired.
V. 137. p. 1777.
'Old Jordan-Old '76 Distillery Co., Covington, Ky.To-List-Stoek7ahe listing of 150,000 shares of commotock of this company on the
C cago Curb Exchange has been approv
y the Board of Governors.
This is the first distillery offering sanction
by them.
The company represents the merging of two of the oldest producers of
whiskey in Kentucky. Old Jordan has been known to the public since 1832
and has been sold as medicinal whiskey during prohibition. The other
distillery formerly operated at Newport, Ky., and was established in 1874.
The company has filed its registration statement with the Federal Trade
Commission. Company is 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. Underwriters are: Bolger & Co.. Chicago. Among officers are:
R. L. Crigler, Pres.; F. D. Cringler, Vice-Pres., and Henry W. Jenisch,
Sec.-Treas. of Covington, Ky.
"Old Vincennes Brewery, Inc.-Removed from List-'
Offering- Withdrawn.
The Chicago Curb Exchange has removed from the list the cum. convertible participating preferenc6stock at the request of the company.
Notice has been received by the Curb Exchange that the stock has been
withdrawn from sale to the public and such shares as are now outstanding
will in the near future be taken up by the corporation. About 5,000 shares
-V. 137,
were sold to the public. The offering was withdrawn in August.
P .703.
Olympia Theatres, Inc., Boston.-Settlement.
A note for $160,000 held by the Middlesex Bank of Lowell, a subsidiary
of the Federal National Bank of Boston, against the Salem Realty Co. and
the Olympia Theatres, Inc., has been settled for $50,000 by Receiver
Roeiker of the Lowell bank. The U. S. District Court records disclose
V. 137, p. 2818.
1400 Lake Shore Drive Bldg. Corp.
-Incorporated.
See Touraine Hotel below.
Ontario Bakeries Ltd.
-Sale Ordered.The Supreme Court of Ontario has ordered the sale of seven baking
?
plants of the company under terms of a bond mortgage for $936,200.1r. 136, p. 1388.
Pacific Coast Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 1253.
Department" on a preceding page.
Pacific Eastern Corp.
-Special Master Named.
Certain of the issues involved in the suit of Mrs. Tillie Karasik of New
York against Pacific Eastern Corp. and several past and present co-partners of Goldman, Sachs & Co. will be heard here before a special master.
Counsel for both sides agreed on Nov. 14 on the tippointment of Christopher L. Ward Sr., attorney of Wilmington, Del., as special master to
hear testimony in the suit. Findings ofthe special master are to be reported
on a date to be fixed later to Chancery Court for examination by the Court.
Mrs. Karasik seeks to have the Court set aside a compromise agreement
between Pacific Eastern and the Goldman, Sachs partners in which the
latter proposed to settle all claims the corporation might have against them
for $85.000 in cash and 100,000 shares of Pacific Eastern stock.
-V. 137,
p. 2472.
Pacific Indemnity Co.
-Admitted to List.
The Los Angeles Stock Exchange
admitted to t
1st the capital
stock of this company, which was f merly listed on the New York Curb.
-V. 137. P. 1065.
Packard Motor Car Co.
-Sales Increase.
Sake for September, October and the first 10 slays of November were
2.639 units as compared with 1,721 units for the correspond*ng period last
year, an increase of 35%, according to M. M. Gilman, Vice-President of
distribution. For the first 10 days of November, however, the increase
was 46%.
"Sales of our cars at export have increased proportionately to an even
greater extent that domestic sales," said Mr. Gilman.
"In September this year we shipped 63 cars for export, as compared with
28 for September, last year. In October this grew te 93, as compared with
32 for October, last year, and in November we have already shipped 13
cars with 90 unfilled orders on our books."
-V.137, p. 3338.
Pan-American Petroleum & Transport Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V. 137. p. 1777.
Pathe Exchange, Inc.
-Earnings.
statement for 13
For incomepreceding page. weeks ended Sept.30 see "Earnings Depart-
ment" on a
Comparative Consolidated Balance Sheet.
Sept.30.33. Dec.31'32.
LiabilitiesSept.3033.Dec. 31'32,
Assets
1743.031 5429.287 Preferred stock__ $804,300 $804,300
Cash
19,500
b Class A stock _ _ _
242,823 .242,823
Notes receivable
43,067 c Common stock- 948,581
20,162
948,581
Accts.receivable_ _
Owing
Market sec. mat.
124,487
producers
5,332
22,173
1933
Accts. payable and
33,800
Corp.debs. In tress
11,594
4,103
accrued exps
55,930
51,628
Inventories
Res. for conting_
145,956
162,608
Notes rec. from
1,741
5,055
Rad.-K-Orph _ _ 1,696,550 1,696,550 Customers' deo__ _
132,553 Accrued bond int_
59,156
26,244
a Plant equip.. &c 106.990
Inv. In assoc. Co.. 4,000.000 4,000,000 10-year 7% bonds_ 2,076,500 2,249,500
Capital surplus_ _ _ 7,573,745 7,576,563
Storyrights and
75,000 Earned deficit
65,000
4,929,970 5,299,259
scenarios
151,000
Marketable secure. 200,041
126,679
94,916
Deferred charges
3685
Balance Sheet Sept. 30.
Assets1933.
1932.
1933.
x Fixed as.ets__ _ _ $1,885,843 $2,126,392 Preferred stock _ _.$1,683,200
Cash
34,467
58,255 Y Common stock__ 1,054,872
Investments
69,765
77,965 Accounts payable- 248,010
Accounts & notes
Notes payable_ ___ 238,709
receivable
140,295
167,325 Unredeemed merOil
146,855
88,736
chandise coupons
2,321
Material and supAccrued liabilities_
130,871
plies
210,346
265,689 Other reserves_ _ _ _
42,345
Work in progress_
3,287
6,167 Purchase oblig'ns_
93,131
Deferred charges
23,105
30,073 z Approp.surplus_ 1,548,544
Deficit
2,528,041
1932.
$1,715,700
1,054,872
211,731
271,301
88,637
31,042
58,850
1,441,188
2,052,712
Total
$2,513,964 $2,820,611
Total
$2,513,964 $2,820,611
x After depreciation, depletion and amortization of $4,225,086 in 1933
and $4,122,900 in 1932. y 198,770 no par shares. z Surplus appropriated
for redemption premium on outstanding pref. stock and for accrued preferred dividends.
-V. 137, p. 3504.
Penick & Ford, Ltd., Inc.
-Extra Dividend.
-The directors on Nov. 15 declared an extra dividend of $1 per share
in addition to the regular quarterly dividend of 50 cents per
share on the common stock, no par value, both payable
Dec. 15 to holders of record Dec. 1. This compares with a
special dividend of 50 cents per share and a quarterly of 50
cents per share paid on this issue on Sept. 15 last. The
special distribution was to make the new quarterly rate
apply from Jan. 1 1933.
From Dec. 16 1929 to and incl. June 15 1933 the company
paid quarterly dividends of 25 cents per share on the common stock, and, in addition, extras were paid as follows:
50 cents per share on Dee. 15 1930 and on Dec. 14 1931 and
$1 per share on Dec. 15 1932.-V. 137, p. 3338.
Peoples Drug Stores, Inc.-Comparative Balance Sheet.AssetsSept. 30'33. Dec. 31132.
Sept. 3033. Dec. 31'32.
LiabilitiesLand,bldgs., maCum.634% pf.stk.$2,200,000 $2,275,000
chinery, &o....$2,235.599 12,377,154 d Common stock__
146,600
146,600
Good-will & tradeMeta payable and
marks
658,191
696,356
983,766
658,191
acct uals
Cash
22,480
86,796
954,192 1,239,019 Income taxes pay_
Acets receivable
30,684
77,308
97,401 Dividends payable
29,708
Cash sur. value of
Mtges. payable.. _ _
80,900
51.600
insurance pots
24,507
20,528 Acc'ts of inactive
Inventories
subsidiaries ____
3,500
3,500
2,533,789 2,382,566
Cash in banks un37,097
31,302
Res. for group ins_
der reorganIza'n
15,321
22,132 Res. for Fed, tax,
Cash In unlicensed
bonuses, ea..... 196,057
banks
61,077
Capital surplus__ 1,472,075 1,472,075
Contract deposits_
12,469
11,969 Earned surplus_ __ 2,071.690 1,998,622
Invest, and loans_
51,061
32,958
Stock of inactive
subsidiaries ____
3,500
3,500
Skg. fd. pref. stk_ c75,331
74,708
Com.stk. In treas. b48,100
Deferred charges.,. 205,518
159.819
Total
56,955.963 $7,079,945
$6,955,963 $7,079,945
Total
a After depreciation. b Consists of 3,900 shares. c Consists of 1,058
shares. d Represented by 122.737 no par shares.
-V. 137. P. 35O4.
Peoria (Ill.) Life Insurance Co.
-Receivers.
Charles V. O'Hern, Peoria, and George Shurtleff were appointed receivers on Nov. 15. Insurance in force amounted to $127,000,000.
Charges of "gross mismanagement" and "apparent irregularities" in the
affairs of the company were made by Ernest Palmer, Illinois State Superintendent of Insurance.
Pierce-Arrow Motor Car Co.
-Earnings.
For income statement for 3 and 9 months ended Sept, 30 see "Earnings
Department" on a preceding page.
"Until recently, prospects for the fourth quarter, have beenifavorable,
but the die and tool makers' strikes in the Detroit area have seriously
interfered with our plans for November and December, and it now appears
that our fourth quarter results may prove disappointing," A. J. Chanter,
President, said.
Following approval by stockholders of the plan of recapitalization, the
board of directors has been reconstructed and now consists of the following: A. J. Chanter (Pres.); R. H. Faulkner (Vice-Pres.); John C. Jay
(J. & W.Seligman & Co). New York; Charles M.Kennedy (Chas. Kennedy
& Co.),* E. H. Letchworth; George F. Rand; J. F. Schoellkopf Jr. (Schoellkept, Hutton & Pomeroy), Buffalo; F. J. Lewis, Chicago.; Roland L.
O'Brian (O'Brian, Potter & Co.), buffalo; B. F. Pope (Marine Midland
Trust Co.). New York; Lester Watson (Hayden, Stone & Co.). Boston;
H. H.Wende, Buffalo.
-V. 137, p. 3504.
-Earnings.
Pittsburgh Brewing Co.
Income Account Years Ended Oct. 31 (Incl. Tech. Food Prod. Co.)
1932.
1931.
1930.
1933.
Sales & earns., all sources $4,664,574 $1.126,042 81,768,086 $2,312,384
1,539,835
1,861.335
Operating, &c., expenses 3,342.983
1.104,148
Net earnings
Interest
State & Federal taxes
Depreciation,&c
Miscellaneous
Net income
1228.250
151.440
8,900
160,813
73,811
1450.048
156,519
11,378
163,408
83.254
$764,287loss$353,330 lossS166.716
136.489
$1.321,591
154,789
148.169
190,345
64,001
$21,894
158,285
10,996
142,442
65,500
Balance Sheet Oct. 31 (Incl. Tech. Food Products Co.)
1932.
1933.
1932.
1933.
AssetsLiabilities
$
$
Plant & franchises,
Preferred stock.- 6,100,100 6,100.100
less depreciation10,809,533 10,565,624 Common stock_-- 5,962,250 5,962,250
Cash
259,738
135,493 First mtge. bonds_ 2,495,000 2,521.000
Cash in closed bks..
40,923
Sundry accts. pay. 114,699
34,078
Notes & accts. rec. 388,061 x456,816 Accrued interest__
49,900
50,420
Inventories
449,538
146,061 Accr. State taxes
Accrued interest4,011
3,223
8,701
(estimated)Investments
1,051,137
904,245 Res. for Federal &
Deficit
1,851,624 2,465,086
State taxes
132,617
Total
14,854,565 14,676,549
Total
14,854,565 14,676,549
x Includes loan secured by goods in storage warehouses.
Total
-V.135, p.3535.
86,984,094 $6,790,218
86,984,094 86,790,218
Total
a After reserves for depreciation and amortization. b Represented by-------Prentice-Hall, Inc.
.
-Common Dividend Resumed.
242,823 no par class A preferred shares. c Represented by 948,581 no par
The directors have declared a quarterly dividend of 50 cents per share
shares.
-V. 137. P. 17 .
77
on the common stock, no par value, payable Dec. 1 to holders of record
June 1 1929 to and incl. March
1931 the company
-55% of Nov. 22. Fromdistributions of 70 cents per share1 on this issue; none
-Panhandle Producing & Refining Co.
made quarterly
since.
-V. 136, p. 860.
Preferred Stock Deposited Under Plan.
In a notice to holders of pref. stock, Edward F. Hayes, Chairman of the
Pressed Steel Car Co.
-Stockholders.
Protective committee, stated on Nov. 14 that owners of approximately
Announcement was made Nov. 16 of the formation of two separate
55% of the outstanding pref. stock have already assented to the plan
committees organized for the purpose of representing and protecting the
company, dated
and agreement of readjustment and recapitalization of the
interests of the common and preferred stockholders in negotiations for
March 10 1933 (see V. 136, p. 3735). The committee has found, according
any plans for reorganization of the company, for which receivers were
to the notice, that there are a very considerable number of pref. stockappointed in May. Neither of the committees request the deposit of
holders who have not had the stock transferred to their own names and
securities at the present time, but a request is made that all holders comhence cannot be reached. Such owners are requested to communicate
municate with the committee in order that they may be notified of all
Secretary of the committee
with Earle M.Ekick, 63 Wall St., N. Y. City,
developments.
for details of the plan as well as information concerning the affairs of the
The committee representing the preferred stockholders consists of
members of the committee are M. A. Chambers,
company. The other
Hunter S. Marston, Chairman, John Hanes, Edmund W. Mudge and
Arthur S. lileeman. Charles F. Reeser and H. H.Rogers. Cotton, FrankSiegfried Roebling. George deB. Greene, 44 Wall St., New York, is
lin. Wright & Gordon are counsel.
3686
Financial Chronicle
Secretary for the committee and Chadbourne, Hunt, Jaeckel & Brown
are counsel.
The committee representing the common stockholders comprises Edward
F. Hayes, Chairman, Arthur W. Loasby and C. A. Painter. S. Weldon
'
O Brien, 15 Broad St.• New York, is Secretary for the common stock'
holders' committee and Hornblower, Miller, Miller & Boston are counsel.
The committee point out that it is Important for all stockholders to
take concerted action, in order to obtain proper recognition in any future
negotiations. A committee was organized recently to represent the holders
-V.137. p. 2118.
of the outstanding convertible gold bonds.
Provident Loan & Savings Society of Detroit.Regular Dividend.The directors have declared the regular quarterly dividend of 1 70
on the 7% cum. pref. stock, par-$100, payable Dec. 1 to holders of record
-V.137. p. 1778.
Nov. 20. All dividends have been paid to date.
-Additions Made to
Quarterly Income Shares, Inc.
Investment List.-
The transfer of General Motors Corp. and Socony-Vacuum Corp. from
the reserve list of eligible companies to the investment list was announced
by the board of directors on Nov. 11.
The charter of this corporation provides that 5% of the gross assets of
the fund may be invested in the securities of any company on the investment list.
-V. 137, P. 3504.
-Earnings.Raybestos-Manhattan Inc.
For income statement for 3 and 9 months eded Sept. 30 see "Earnings
Department" on a preceding page.
obligation senior
The company has no banking or funded debt, or capital
t
to the common stock. Ne current assets at Sept. 30 1933 were $6,710,380,
represented cash and marketable securities. These
of which $2,907,388
shares of its
net current assets amounted to 810.44 per share on the 642,900 -V. 137.
common stock issued and outstanding in the hands of the public.
p. 3338.
Radio-Keith-Orpheum Corp.-Court Permits Stock Trade
•
with Two Other Companies.-
Nov. 18 1933
Safeway Stores, Inc.-Sales.
-4 Weeks Ended- -44 Weeks EndedNov. 4 '33. Nov. 5 '32. Nov. 4 '33. Nov. 5 '32.
PeriodSales
$17,455,840 116,361,301 $184,672,178 $194,083,568
Stores in operation now total 3,285 compared with 3,386 last year.V. 137, p. 2989.
-Earnings.St. Lawrence Flour Mills Co., Ltd.
Sept. 2.
1932.
1933.
$115,824 $1,017,839
24,863
37,726
4,689
4,349
9,297
Net income
Previous surplus
Total surplus
Preferred dividends_ _
Common dividends
Federal income taxes_ _
..-
Balance
Assets
Real estate at cost
Bldgs. & mach__
Spec. accts., pron.,
good-will, &c_ _ _
Open accts. & bills
receivable
Grain, flour, feed,
bags & bbls
Sundry debits_ _
Stables, plant,
motors, &c
Investments
Cash on hand and
In bank
Aug. 31
1931.
$90,266
13,000
4,823
6,656
1930.
$105,017
13,000
4,860
9,633
173,748
398,586
Years EndedProfits
Depreciation
Bond interest
Taxes
168.990
369,846
$65.787
344,310
$77,524
307,035
$472,334
40.250
18.000
9.655
1438.836
40,250
1410,097
40,250
1384,559
40,250
$369,847
$344,309
$398,586
$404,430
Balance Sheet Aug. 31.
1933.
1932.
Liabilities1932.
1933.
$123,359 $123,359 Preferred shares__ $575,000 $575,000
848,112 Common shares__ 1,200,000 1,200,000
x640,402
72,000
75,245
Bonds
24,097
15,755
930,224 Accounts payable_
930,224
Loan Can. Bk. of
220,000
222,617
Commerce
265,824
218,237
2,174
2,014
Unclaimed diva
11,775
293,010
231,233 Bank overdraft...
720
107,723 Accrued bond Int_
1,658
Reserve for conting 25,000
505
41,613
20,500 Sundry credits_
29,110
235,405
208,000 Suspense account_
169,983
Property deprec'n_
398,586
3,697
1,425 Profit & loss acct._ 404,430
Federal Judge Bondy approved on Nov. 11 a petition of the corporation
common and pren
for permission to issue its common stock iexchange for
Orpheum Cir$2,536,196 $2,688,815
Total
$2,535,196 $2,688,815
Total
ferred stock of the Keith-Albee-Orpheum Corp. and of the
which is in bankruptcy.
x After depreciation of 8207,710.-V. 137. p. 2989.
cuit, Inc.,
in line with a reorganization plan,
The proposed exchange, which is
Irving
-$1 Dividend.
St. Louis Cotton Compress Co.
was approved by Colonel William J. Donovan, representing the
0
A dividend of 27 (31 per share) was recently declared on the capital
Trust Co. as receiver in equity for R-13-0.
Donovan
stock, par $50, payable Nov. 1 to holders of record Oct. 26. At the special
In a memorandum which he submitted to the Court, Colonel
common stock
stockholders' meeting held on July 6 1933. the capital of the company was
noted that the exchange under the plan would increase the
-K.-0. by only 4%. Under the approved plan, three
reduced from 81,500,000 to $750,000 by changing the par value of the
capitalization of R.
-A.-0.
-K.-0. common would be issued for each share of K. each
15.000 shares outstanding from $100 to $50 per share. As the old certifishares of R.
-K.-0, common would be issued for
cates are turned in for transfer, the new certificates issued will show a
preferred and two shares of R.
reduced par value of $50 per share.
share of Orpheum Circuit preferred.
for each
On Ma 4 last a distribution of$2 per share was made on the stock, while
The corporation also would issue one share of its common stock V. 137,
on April I) 1932 the company paid $4 per share -V. 136; p. 3920, 3177.
share of common stock in each of the other corporations. See also
P. 3504.
ocky Mountain & Pacific Co.
-Removed
-‘ - St. Lou'
Reliance Manufacturing Co. of Illinois.-Earnings.
"Earnings from List.
For income statement for 3 and 9 months ended Sept. 30 see
Curb Exchange s removed from unlisted trading priviThe New Y
Department" on a preceding page.
over $500,000 in
leges the common stock (par $f0) and the voting trust certificates for
During the first nine months of 1933 company investedcurrent liabilities
-V. 137, p. 3339.
common stock.
plant and machinery. Ratio of current assets to
new
Mayer.
was maintained at about 8 to 1. according to President H. G.
-Earns.
Sherwin-Williams Co.(& Subs.), Cleveland. 1
-V. 137. p. 1427.
1931.
1932.
1933.
Years End. Aug.31-November Sales Iligher.Not stated $52,019,364 $63,308,000 $75,010,471
Total sales
Remington Rand, Inc.
1,767,520 4,670,989
14,970,788
5,179,717
Trading profit
Domestic sales for the first half of November are 21% greater than for the
notice275,364
165,533
84,146
244,771
Int., diva. rec., &c
first half of October, it is announced. The improvement in sales is
section.
able all over the United States and not characteristic of any one
-V. 137,
85.054,935 81,933.053 84,946.353 35.424,488
Total income
Normally, November sales are 4% less than those for October.
1,328,620
1,174,267
1,443,194
Plant,deprec, dr maint-- 1,234,167
p. 3507.
395.000
56.000
642,089
430.000
Federal taxes
-Earnings.
Revere Copper & Brass, Inc.
"Earnings
8702,786 $3,222,733 $3,551,294
Net profit
83,178,679
For income statement for nine months ended Sept. 30 see
-V. 137. P. 1067.
11,081,155 13,416.485 13,897,345 14.631,187
Surplus Aug.31
Department" on a preceding page.
Disct. on pref.stock pur.
-Earnings.
4,769
27,420
for redemption
Reynolds Spring Co.
100,000
Prem,on pref. sold_
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a perceding page.
•
814,287,253 $14,124,040 317,221,078 818.182,481
Total surplus
Sept. 30 1933 amounted to $101.The net profit for the 9 months ended
• 982,599
Charles
927,917
Divs, paid on pref. stock
918,618
920,850
720 118 against a net loss for the same period last year of $136,523. to an
Divs, paid on corn,stock
2.060,286
554,690
2,858,405
2.859,603
G.Munn. President, stated that the improvement can be attributed
year.
Prem.in pref.stk. retire.
increase in sales of $458,790, or $1,724,408 from $1,265,618 last opera& cost of refund. pref.
During the period the company effected considerable economies in The
Jan. 1.
8,113
stock
23,140
tion and improved its net working capital $149,539 since
Res, for contingencies 500,000
company's balance sheet as of Sept. 30 shows total assets of $2,284,666,
current assets.
of which $411,083 is in
manufac$12,804,646 811,081,155 $13,416,485 $13,897,345
Surplus, Aug.31
Mr. Munn said that he expected several of the automobile
November, and if
Shs. of com, stock outturers to be in production on their 1934 models duringare maintained the
635.583
635,583
standing (par $25)635,583
635,583
for next year
anticipated schedules they have outlined
operating
is
$4.14
Earns, per sh.on com__ _
Nil
$3.55
$3.62
company should double sales of this year. The company
re-employment agreement and has made all adjustunder the President's
Consolidated Balance Sheet Aug. 31.
is supplying
ments necessary to meet code requirements. The companypresent time,
1932.
1932.
1933.
1933.
at the
Practically every automobile manufacturer with parts business done in this
3
$
Assets$
Liabilitiesas well as doing about 40% of the total cushion spring
Plant & equIpin't_16,171,035 16,682,640 Preferred stock...15,299,900 15,552,100
volume done by
country, which compares with about 15% of the total
351
338 Common stock_ _ _15,889,575 15,889,575
Pats., trade-mks_
the company in 1929.
897,875
Cash
5,942,355 6,900,528 Accts. payable.... 1,273,045
233,282
U.S.Govt.secure. 1,497,842
848,092 Dividends payable 229,934
Consolidated Balance Sheet Sept. 30 (Including Subsidiaries).
1932.
1933.
Notes rec. & trade
Deposits, officers&
Liabilities1932.
1933.
Assets524,649 1,112,385
182,976
317,061
acceptances_ _
employees
$24,227 x Common stock_ _$1,229,290 $1.229,290
$49,107
Cash
397,856
211,336
Accts. receivable 5,331,612 4,961,054 Accrued accounts_ 1,049,524
15,000 Notes payable__ _
Ctfs. of deposit__
109,075
Inventory
11,612,350 8,870,427 Res. for plant and
35,982 Accounts payable_ 170,352
Notes receivable_ _1 149,662 f
819,497
by.In assoc.cos 6,021,929 6,025,111
Ins. conting'y_ 763,402
1168,620 Accr. Int., wages.
Accts.receivable
12,804,646 11,081,158
Other assets
504,896
428,337 Surplus
226,394 salaries, taxes,
212,314
Inventories
27,163
26,895
Deferred
569,330
650,136
insurance, &c__
198
Accr. hit. receiv_
15,784
42,173
123,496 Taxes payable... _
73,130
Investments
47,834,676 45,683,725
Total
Total
47,834,676 45,683,725
Res. for conting. di
Land. bldgs. ma43,583
-V.136, p. 3160.
chinery &equip. 1.660,039 2,509,350 experlin'l exp.__
Res, for doubtful
Patents, good-will
notes,accts.rec..
625 Skinker Blvd. Apts., St. Louis.-Reorg. Plan.
1
1
& developments
183,192
comes & disc't.
119,691
A plan of reorganization for 625 Skinker Boulevard Apartments was
78,347
Other ascets
Res, for deprec. of
recently disclosed in letters sent out by the bondholders' protective commit67,964
62,065
Deferred charges
783,686
-year income bonds.
properties
tee. The plan contemplates the issuance of 5% 10
450,600
447,600
Funded debt
par for par, to holders of he outstanding 8670.000 1st mtge. real estate
281,396
324,771
committee. It is proSurplus
bonds who have deposited their securities with the
posed to have a decree of foreclosure entered and bid in for the property
$2,284,666 $3,290,923
Total
which is now in receivership. Default on the bonds occurred May 11932.
$2,284,666 $3,290,923
Total
The plan provides that interest on the income bonds will be payable
-V. 137, P. 1778.
x Represented by 148,000 shares (no par).
semi-annually out of 80% of the net earnings, the remaining 20% to be used
- for a sinking fund for retiring bonds as an offset against depreciation of the
Royal Union Life Insurance Co., Des Moines, Iowa.
property, thereby gradually reducing also the outstanding indebtedness.
The capital stock of the new corporation to be formed will be held by three
May Reorganize.voting trustees, two to be designated by the committee and one by R. H.
of this company has been recommended in a reorganizatian
Mutuanzation
McRoberts, present owner. Voting trust certificates would be issued,
by a general agents'
plan submitted for approval to Federal Judge Dewey
representing the stock of the new company thus held, and one-half of this
protective committee, a group of veteran agents of the company. The
would be distributed pro rata to depositing bondholders and one-half to
Court has set Nov. 20 as the date for the hearing. ("Wall Street Journal.")
McRoberts, who also would manage the property. The voting trust agree-V. 137, p. 2118.
ment would continue so long as any income bonds are outstanding. Edward
Hill Jr., investment banker, have been
L. Bakewell,
--Rubber Plantation Investment Trust, Ltd.-Removed designated byrealtor, and Walker two trustees. The committee consists
-the committee as the
from List
of C. L. Holman. Lynton T. Block, Warren Browne and A. D.Plamondon.
k Curb Exchanzlhas removed from unlisted trading priviThe New
-Earnings.
Southland Royalty Co.
New York American depositary receipts
leges the Guaranty Trust Co.
For income statement for 3 and 9-months ended Sept. 30 see "Earnings
for ordinary registered stock, par £1.
137, p. 1256.
page.
-V.
Department" on a preceding
-Earnings.
Ruud Manufacturing Co.
DeFor income statement for 9 months ended Sept. 30 see "Earnings
partment" on a preceding page.
Company's balance sheet as of Sept. 30 1933 shows current assets of
marketable secur$2,570.487 and total liabilities only $59,090. Cash andthe common stock
value of
ities (at cost) amounted to 81,839,676. Book In excess of $24 per share.
there are 123,721 shares outstanding, was
of which
with securities taken at cost, were in excess of $20 Per
Net current assets, 4475.
-V. 136, p.
share.
-Earnings.
Spicer Manufacturing Co.
For income statement for.9 months ended Sept. 30 see "Earnings Depart-V. 137, p. 1780.
ment" on a preceding page.
-Delay in Sale.
Spreckels Sugar Corp.
Federal Judge John C. Knox alljourned on Not. 15 until Dec. 8 hearings
on a motion of the Irving Trust Co. and Winfred B. Holton Jr., equity
receivers, for permission to sell properties of the corporation to the highest
-Comparative Balance Sheet.
SPang Chalfant & Co.
Sept.30'33.
$
Assetsa Land, buildings
19,278,070
equip &c
783,004
Investments
Mtges. receivable_ 141,636
6,711,255
Inventories
Notes receivable 1.887,501
Accts.receivable-. 1,217,889
Employ.& miscell.
notes & accts.rec 191,884
c Mktabie sec's._ 2,459,128
1,458,5441
Cash
65,055
Deferred charges._
Dec.31'32.
$
19,897,624
833,006
141,801
6,298,981
1,718,882
869,238
179,204
2,459,128
2,775,606
13,723
Sept.3032. Dec.31'32
Liabilities
8% pref.stock_ ___12,994,000 12,994,000
b Common stock_ 3,750,000 3,750,000
20
-year 5% gel
7,552,000 8,132,000
bonds
94,400
203,300
Bond Interest_
Accts. pay. Sc 1113651,178
creed llabilitles_ 1,003,894
114,109
Res. for rebuilding 109,590
8,888,078 9,340.587
Surplus
34,191,962 35,185,173
34,191,982 35,185,173
Total
Total
a After reserves for depreciation of $5,237,621 in Sept. and $4,478,549
In Dec. b Represented by 750,000 shares of no par value but of the declared value of $5 per share. c Market value Sept. $707,872 and $426,662
in Dec.
-V. 137. p. 3508.
Standard Oil Co. of Kansas (Del.).-Initialbividend.The directors on Nov. 15 declared an initial quarterly dividend of 50 cents per share on the common stock, par $10,
payable Jan. 31 1934 to holders of record Jan. 2 1934. This
company was incorporated in Delaware on April 16 1932
and in that year acquired certain of the assets of the old
Kansas company, the stockholders of the latter receiving
stock in the Delaware company on a share for share basis.
The last distribution received by the shareholders of the
old Kansas company was a quarterly of 25 cents per share
on March 16 1931. Previously, this company paid quarterly
-V. 137,
dividends of 50 cents per share each quarter.
p. 3161.
-New Vice-President.
Standard Oil Co. of Ohio.
Harry F. Spears, a director of the company,has been elected a Vice-Proddent.
-V. 137, p. 706.
-Files in 'Massachusetts.
State Street Investment Corp.
In connection with qualifying for sale in Massachusetts of 200,200 additional shares of stock, bringing the total authorized capital to 500,000
no par shares, corporation has filed with the Securities Division of the
Department of Public Utilities details of holdings of officers and directors
as of Sept. 29 1933 as follows: H. C. Paine, Pres.. 23,741 shares: Richard
Saltonstall, V.-Pres., 21,724: H. de F. Lockwood, Sec., 50: Paul C. Cabot,
Treas., 2,259. Directors
-Henry L. Shattuck, 5,046: R. M. Sedgwick.
1,600: Charles Higginson, 112; Edwin S. Webster Jr., 2,012, and Charles
F. Adams, 375. Officers and directors hold 20.2% of the stock.
-V. 137.
P. 2989.
Stone & Webster, Inc.-Reduces Loans.
The statement of this corporation, including subsidiaries, showed cash
of $9,709,500 as of Sept. 30 1933, an increase of $1,80$,500 over the $7,901,000 as of Sept. 30 1932. On Dec. 31 1932. the System had cash of
$8,080,000.
The company states loans have been reduced 54.703,500 from a year
ago, and $2,473,500 during the nine months of this year, standing at
$4.327,500 as of Sept. 30, as compared with $9,031,000 on Sept. 30 1932
and $6,801,000 Dec. 31 1932.
An underlying bond issue of Puget Sound Power & Light Co., amounting
to $1,924,000, due June 1, also was paid off. About 60% of the reduction
in notes payable was accomplished through the sale around the year-end
of bonds of the Louisiana Steam Generating Corp.. a subsidiary of the
Engineers Public Service Co. Of the notes payable on Sept. 30 this Year
$2,857,000 represented borrowings of the Puget Sound Power & Light Co.
In the first nine months of 1933 preferred dividends of certain subsidiary
companies amounting to $2,196,295 on an accrued basis have been deferred,
bringing preferred dividends unpaid to a total of $2,861,771, of which
$2,265,967 Is In the Puget Sound company. Stone & Webster, Inc., has
no funded debt, no preferred stock and no bank loans. Subsidiary maturities through 1935 are as follows: July 11934. $10.272,000 Virginia Ry. &
Power Co. 5s; Jan. 1 1935, $1,193,000 Whatcom County Ry. & Light 58
and Jan. 1 1935, 5169,000 Twin City Light & Power Co. 6s. The 1934
maturity is an obligation of the Virginia Electric St Power Co., which is
not borrowing any money and is currently earning interest on its entire
funded debt 2.75 times after depreciation.
Stone & Webster, Inc., itself had cash of $1,144,500 as of Sept. 30 this
year, compared with $976,000 Sept. 30 1932 and $1,010,000 Dec. 31 1932.
-V. 137. p. 3340.
("Wall Street Journal.")
kes Metal Products
ceivership.-
Co., Logansport,
Ind.-Re-
The company has been placed in the hands of Fred McKinsey as receiver
at the request of a creditor.
Teck-Hughes Gold Mines, Ltd.
-Earnings.
-1933.
1932.
1931.
$6.139,175 $5.953,687 55,973:120
Years Ended Aug.31Bullion production
Interest and exchange_ _
Exch. compensation on
bullion settlements_
107,411
72,065
1930.
$5,415.970
76.710
96,063
798,487
Total Income
$6.246,586 56,824,239 56,049,830 $5,512,034
486,805
465,557
Devel. SG explor. exps--491,714
593,952
857,106
959,867
1,113,275
1,054,386
Mining expense
423,024
450,967
Milling expense
472,490
459.409
203,400
237.157
237,311
General expense
270,541
Depreciation on bldgs. &
215,384
286,323
303,659
fixed plant
293,632
Provision for Federal and
274.424
338,368
437,881
Provincial taxes
374,012
1,270
14,994
Examination of new prop
Net surplus for year_ _ 53,229.009 $3,723,291 $3,311,591 53.051.886
2.291.191
2,080,091
2,722.111
3,361,554
Previous surplus
30,000
30,000
30,000
54,092
Profit on securities sold_
Prem,on cap.stk. Issued
56,590,563 56,529,494 55,632,782 55,161,977
Total surplus
3,122,644
2,876,786 2,870.786
2,884,286
Dividends paid
Additional provision for
33,885
28,739
21,000
Federal income tax,...,.
Workmen's compensation
36,856
assessment
Ontario Corp. tax on
16,558
1931 income
Bal. at credit Aug.31- $3,648,421 $3,361.554 32,722,111 52,291.191
Shares of capital stock
4,807,144
4,797,144 4,797,144
outstanding $1 par....- 4,807,144
Earns, per sh. on 4,797,$0.69
$0.78
$0.67
$0.63
144 shs.cap.stk.
(par $I)
3687
Financial Chronicle
Volume 137
bidder. The receivership carrying charges, John B. Marsh. attorney for
the trust company explained, amounted to about $4,000 a month, and only
about $14,000 cash on hand remained.
To the City of Yonkers, he said, was owed about $350.000 in taxes.
while the receivers, their counsel, the special master and appraisers had
not been paid. Mr. Marsh said the receivers believed the property should
be sold unless purchasers were found for 330,000 in receivers' certificates.
V. 137. p. 3340.
Balance Sheet Aug. 31.
1932.
Assets-1933.
1932.
Liatrtlities1933.
Capital stock
$4,807,144 54,807,144
Equiprn't, tools &
furniture
$44,017
$50,591 Accounts & wages
187,864
Bldg.& fixed plant
payable
177,959
528,622 Provision for Fed(less deprecia'n) 253,007
Mining properties_ 4,534,937 4,534,937 eral and Provin512,130
541,203
240,076
223,295 cial taxes
Cash
3,648,421 3,361,554
Government bonds 3,230,975 2,941,637 Surplus
Gold bullion on
431,617
hand & trans_ 427,418
Inventory of gen114,322
119,229
eral stores
52,620
57,204
Acc'ts receivable
Inv.In allied cos_ _ 215.000
13,826
18,538
Prepd. Ins. & taxes
1,391
Deferred charges
10.160
Total
$9,145.654 58,897,765
Total
$9,145,654 $8,897,765
At the annual meeting held on Nov. 15, considerable questioning arose
over the subsidiaries, La Moque Gold Mines and Vicour Gold. Rettarliing
the latter, President D. L. H. Forbes stated that the mine has not been
abandoned, although work was stopped some time ago. About $28,500
had been spent on this property. Mr. Forbes denied, as one shareholder
claimed, that the property had been "unloaded" on Teck-Hughes. Upon
the La Moque property $380,000 has been spent so far, he stated. The
La Moque company is capitalized at 3,000,000 shares, par 31 each, of which
Teck-Hughes owns 1,520.000. The option agreement will be completed
when Teck-Hughes takes up 1,800,000 shares. Officials stated that another
51.000,000 would be needed for development for the La Moque property.
Mr. Forbes announced that a small mill may be erected at La Moque.
Mr. Johnston said officials hoped a mill, having an initial capacity of at
least 500 tons a day, would be built at the La Maquemine.-V.137.p. 1069.
-The directors
Sun Oil Co., Phila.-9% Stock Dividend.
on Nov. 15 declared a 9% stock dividend on the common
stock, no par value, payable Dec.'15 to holders of record
Nov. 25. A regular quarterly cash dividend of 25 cents per
share, previously declared, is also payable on the same date.
Th6 company has paid on the no par common stock
quarterly cash dividends of 25 cents per share from Sept. 15
1925 to and incl. Sept. 15 1933, and, in addition, made
the following distributions in December of the stated years:
1925, 3%; 1926, 6%; 1927, 3%; 1928, 6%; 1929, 9%; 1930,
9%; 1931, none; 1932, 3%.-V. 137, p. 1429.
-Increases Dividend Rate on
Texas Gulf Sulphur Co.
Common Stock.
-The directors on Nov. 16 declared a dividend of 50 cents per share on the common stock, no par
value, payable Dec. 15 to holders of record Dec. 1. The
company states that this payment is "the fourth distribution
for the year 1933." Quarterly dividends of 25 cents per share
were made on the common stock on March 15, June 15 and
-V.
Sept. 15 last, as against 50 cents per share previously.
137, p. 3161.
Thermoid Co.
-Sales Correction.
Sales of this company and wholly owned subsidiaries for the month of
October 1933, showed an increase of 67.9% over October 1932, instead of
147%, which was previously reported due to a miscalculation, the company
announced. See V. 137, p. 3510.
-Earnings.
Toronto Elevators, Ltd. (and Subs.)
10 Mos.End.-Years Ended Aug. 31
Period1931.
1930.
July 31 '33.
1932.
$279.058
Operating profit__ _ _
$380,633
$350,532
$298,606
33,760
Interest
39,366
37,340
29,422
80,000
Prov. for depreciation_ _
85,026
85,853
23,764
11,704
Prov.for Fed.inc. taxes
20,651
26,748
95.398
Net profit
Divs. on pref stock__ _
Divs. on common stock
5150.021
78,750
25,000
5230.691
105,000
$205.490
105.000
5153.594
105,000
548,594
$100,490
Surplus
5125,691
546,272
Earns, per sh. on 25,000
shs. corn, stock (no
$1.92
$4.02
$5.03
$2.85
Par)
Consolidated Balance Sheet Sept. 30.
1932.
1933.
Mobilities-Assets1933.
1932.
Cash
$474,394 $103,871 Owing to grain per. $135,671 $193,320
y Accts. receivable 301,058 • 306,458 Accts. pay.& accr.
31,440
69,538
charges
Opt. accts. at cur5,457 Can. Bk. of Corn.
rent mark. price
588
3,510,000 1,565,000
(sec.)
Grain purch. on
11,933
660,728 Res. for exchange_
joint account__
Int.& prin. pay on
Accrued storage &
71,473
53,879
City of Sarnia31,071
34,610
elevation
26,250
Grain inventories_ 3,505,495 1,253,325 Preferred stk. div.
Prov. for Fed. WSupp. adv. & pre35,500
30,200
17,265
come taxes
24,419
eald expenses
695,020
Deferred liabilities 665,577
Seat on Winnipeg
7,600 7% cum. cony.
Grain Exchange
7,600
preferred stock_ 1,500,000 1.500,000
z Land, leases, ele120,000
120,000
x Common stock
vator structures,
423,244
376,972
equip., dks., &c. 2,159,945 2,241,130 Surplus
88.508,109 $4,626,908
Total
Total
$6,508,109 $4,828,908
Represented by 25,000 shares of no par value. y After reserve for
$13,000 in 1932. a After reserve
doubtful accounts of $12,228 in 1933 and
for depreciation of $413,196 in 1933 and 5317,888 in 1932.-V. 136. p. 340.
'ouraine (Apartment) Hotel (Schiller Lake Shore
-Reorganization Plan.
Bldg. Corp.), Chicago.
Reorganization of the Touraine Hotel has been substantially completed.
and new income bonds will soon be sent out to the old bondholders who
deposited their securities, according to a letter which has just been mailed to
oondholders by the protective committee. The property at 1400 Lake
Shore Drive. was originally financed by George M. Forman & Co., and
there remains outstanding $3,727,000 bonds.
The reorganization provides for a new issue of 6% first mortgage bonds,
of which there will be outstanding 5194,000, and the 20
-year 1st & ref. mtge.
bonds to the amount of $3,489,600 to be exchanged for the deposited bonds.
Proceeds from the new first mortgage bond issue are to be used to pay nondepositing bondholders their share of the foreclosure sale price, approximately 183i cents on the dollar, and to pay committee expenses, committee
fees and attorneys' fees and other costs.
A new company 1400 Lake Shore Drive Corp. has been incorporated to
acquire title to the property.
The new income bonds, which are to be registered, are dated July 1 1933.
will mature in 20 years. The trust deed will contain a provision making
possible, if necessary, the extension of the maturity date from year to year
for an additional 10 years. Of the earnings from the property, 50% will be
paid out to the bondholders annually as interest and the remaining 50%
will be set aside as a sinking fund out of which to purchase outstanding
bonds from time to time at the lowest price of tender.
"It appears that the net income of the building available for the payment
of interest and sinking fund on these income bonds is running at this time
approximately 550,000," the letter to bondholders states. "In this first year
of operation we will have some unusual and nonrecurring charges which
will diminish the yield to bondholders. These unusual charges consist of a
balance of back taxes. Since the appointment of the receiver, approximately
$225,300 has been paid on account of back taxes which had accumulated.
Financial Chronicle
3688
Nov. 18 1933
Despite this payment, there remains about $52,000 of past due taxes which
must be paid as soon as possible.
It is our opinion that the net earnings of the building applicable to
these income bonds, upon any appreciable improvement in real estate
conditions, can be increased to $90,000 or $100,000. This is based upon
the fact that the building at this time is only about 70% occupied. We feel
that it is not unreasonable to expect an increase in occupancy to 95%."
The property, which is being operated by Chaster R. Davis as receiver,
was bid in at foreclosure sale some time ago by a nominee of the committee
at a figure which will yield non-depositing bondholders 18 cents on the dollar.
-story structure containing 446 suites of 1 to 10 rooms
The building is a 22
each. Some of these apartments were purchased by the tenants on a co-owners who desire to co-operate in the plan
operative basis. Those tenant
will retain a stock interest in the new corporation. In addition they will
probably be given a reducion in he rentals they must pay, with adjustment
of these rentals at specified intervals.
Incorporators of the 1400 Lake Shore Drive Building Corp. include
Nathan William McChesney and Joel N. Bowlby, members of the bondholders' protective committee, Charles E. McGuire. Secretary of the
.
committee,and David S. Davis,representing one of the large bondholdersV .132, p. 4209.
Consolidated Balance Sheet Sept. 30.
1933.
1932.
1933.
Liabilities$
$
Assets$
7% pref. stock _ __ _ 1,734,775
Lit., bldgs., equip.
17,555,152 16,998,618 Common stock....y10,991,333
wells, &e
392,879
Accts. payable_
Trade marks, con92,531
1
1 Unpaid dividends_
tracts, 3a
Cash
457,180 Notes payable_
520,585
82,564
Accrued taxes, &e.
Notes & accepts.
388,803
588,668 x208,714 Deferred Income_
receivable
986,492 Res. for depree, dr
Accts. receivable. 1,476,724
_ 7,895,349
depletion
937,861 1,667,720
Inventories
Res. for possible
Cash on dep. in
300,000
losses, &c
closed banks_ _ _
149,604
158,355
Mtge. notes reel°
102,884 Employees' stock
plan credits_
Sund.notes & sects
514,761 Min. int. In sub_
& securities_ _ 461,950
1,068,290
Surplus
Miss. River Fuel
927,346
Corp. stock, &e. 927,346
Deferred charges_
328,733
170,098
Townsend Furnace & Machine Shop Co., Albany,
N. Y.-Receivers.-
22,946,624 22,192,179
Total
22,946,624 22,192,179
Total
x Notes receivable only. y Represented by 370,127 no par shares, ex-V. 137,
cluding treasury shares, and shares reserved for employees.
p.3510.
Hall Taylor and James G. Begley were appointed receivers for the
company on Oct. 27 after a voluntary petition in bankruptcy was filed for
the firm at Utica. Neile F. Towner is attorney for the creditors. Edward
S. Rooney is attorney for the company, of which Edward S. Van Loon is
President and John R. Rehfuss is secretary-Treasurer.
-Earnings.
Traymore, Ltd.
Calendar YearsNet earnings
Depreciation
Building improvements written-off-General reserve
Preferred dividends
Res,for red, of preferred stock
Sundry appropriations
Net profit
Previous surplus
Adjustments
Balance, Dec. 31
1932.
$1,487
40,000
5,723
1931.
$78,614
40.000
,
27,414
6,149
15,743
1930.
$138,771
40,000
33,874
37,516
def$44,236 def$10,690
89,899
79,209
$27,381
73.026
10,508
$79,209
$89.899
$34.973
Balance Sheet Dec. 31.
Liabilities
1931.
1932.
Assets$38,$03 Bank loans, see'd_
$7,545
Cash
49,308 Payables
40,110
Inventories
410 Accrued charges_
536
Employ. balances2,585 Reserves
2,536
Receivables
11,671 Direc. balances8,496
Prepaid charges
6,022 Unearned income_
Insurance, C.S. V.
Real estate mtge_ _
Deferred charges,
7% bonds
13,599
re.mortgage
x1,573,915 1,611,713 Preferred stock.__
Fixed assets
Common stock
Profit and loss
1932.
$20,000
57,091
-4,847
33,684
47
197,500
143,454
520,700
634,441
34,973
1931.
$60.418
9,090
33,684
1,482
57
230,875
150,536
520,700
634,441
99,209
Total
$1,646,737 $1,720,493
$1,646,737 51,720,493
Total
x After reserve for depreciation of $252,327.
and E. A. Cousins have been elected
E. W. Brupbacher, E. 0. Slingsby
directors.
-V. 135.
0. A. Doherty and Wm. F. Croucher retired from the board.
p.2186.
.
"
`-----LInion Atlantic Co.-Rioved from List.
trading privThe New York Curb Exchange as removed from
due Nov. 15 1937.
he bonds were
-year 4;4% gold bo
ileges the 10
called for redemption on Nov. 15 1933 at 101% and accrued interest.
-Preferred Stock
United Aircraft & Transport Corp.
Called for Redemption.
All of the outstanding 6% cum. pref. stock, series A. par $50, have been
called for payment on Jan. 1 1934 at $55 per share and dive, at the City
Bank Farmers Trust Co., 22 William St., N. Y. City. Certificates surrendered for redemption should be accompanied by the registered stock
purchase warrant (if any) originally attached thereto, unless the same shall
have been exercised; and upon surrender of any such certificates with the
warrants attached, a new warrant or warrants will be delivered to the
-V. 137. p. 3341.
holders thereof.
-Earnings.
United American Bosch Corp.
For income statement for 3and 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
•
Se/A.30'33'. Dec.31'32.
Assetsx Capital stock_ _..$2,580,006 $2,530,000
plant.
Real est.,
310,421
304,048
$2,099,019 Accts. payable
equipart, dm_y$1,557,960
250,000
1 Canting. res., &c. 159,748
1
Pat. & trait.. &c
183,929 Notes & trade at173,085
Cash
146,296
cept. payable__ _ 254,740
Notes & accts. re67,589
112,571
301.226 Accr'd accounts__
558,870
ceivable,&c
94,896 Capital surplus___ 1,349,524 1,308,444
Misc. receivables_ 299,504
1,857.209 1,700,867
Inventories
478,515
Inve.st.in subs_
Cash surrender val.
7,094
7,094
Maur. policies
238,124
Govt. claims Szt_
31,220
34.766
Deferred charges
1932.
$
1,809,125
10,973,422
116,794
582,000
87,974
7,323,180
30,634
285
1,268,765
United States Foil Co.
-Dividend Action Deferred.
The directors on Nov. 16 decided to defer until a later date action on the
quarterly dividends ordinarily payable about Jan. 1 1934 on the class A
common and class B common stocks. A distribution of 10 cents per share
was made on both issues on Oct. 2 last as against 5 cents per share in each
of the two preceding quarters.
From April 1 1932 to and incl. Jan. 3 1933, quarterly payments of 73.
cents per share were made, as compared with 12M cents per share pre
viously.-V. 137, p. 1431.
List.hc.-Removed from List.
Van Camp Packing Co.,y
ding
ur
The New York Curb Exchange as removed from unlisted
privileges the 1st mtge.6% gold bo s, due Oct. 1 1948.-V.137, p. 511.
-Deposit Asked by Group.
..."'"Van Camp Products Co.
The Philadelphia protective committee of the company, headed by
Henry S. Morris, announced Nov. 9 that it is calling for deposits of the
company's 7% first preferred stock, of which there is $989.450 outstanding,
and for the 8% second preferred stock, of which $400,000 is outstanding,
and also for certificates of deposit issued by the Indiana Trust Co., representing first and second preferred.
The committee is the second to solicit deposits for the issues concerned,
the other being a preferred stockholders' committee headed by Wendell
Shark, Chairman, which the Philadelphia cpnunittee opposes.
Deposits are asked by the Philadelphia body "in order to protect stockholders from compulsory acceptance of worthless stock offered under a
reorganization plan dated Aug. 12 1932. No reorganization can take place
as the company is being liquidated by the referee in bankruptcy," the statement adds.
-V. 136, p. 4478.
Versailles Apartments (Versailles Building
St. Louis.-Bondholders Get Initial Dividend.
Co.),
Payment of a dividend of 10 cents a share and reduction by 69% of a
temporary refinancing loan on the Versailles Apartments in St. Louis
has been announced by Dayton Keith of the bondholders protective committee for American Bond & Mortgage Co..issues. The dividend, payable
to holders of record Oct. 311933. is equivalent to $1 on each former $100
bond. The stockholders are the former holders of $600,600 in bonds of a
defaulted $650,000 issue reorganized in the spring of 1931.
These depositing bondholders now own the property, acquired at foreclosure sale and held subject only to the balance of the refinancing loan,
title being vested in a new company. Voting trust certificates representing
10 shares of stock in this company for each $100 bond deposited were
distributed under the reorganization plan in Sept. 1931.
Payment of the dividend, it is stated, was made possible because of
the small amount of the refinancing loan, originally only $80,000. Last
year $40,000 was paid off and to date this year $15.000 has been paid.
Under this set-up, low interest requirements leave a substantial balance to
be applied on the mortgage, which reduces still more the amount of earnings
that must be allocated to interest.
For the first nine months of 1933 the revenue from the Versailles was
$45,176, which after operating and occupancy expenses left a net income
of $12,980 before depreciation. On the basis of these figures, 1933 net
earnings are estimated at about 28 cents a share.
"While this first dividend payment is comparatively small, these figures
indicate that it is probable that the mortgage may bepaid in full within a
reasonably short time and, as the notice to stockholders states, all net
earnings not needed for working capital can then be made available for
dividends." Mr. Keith stated. "The outlook for the property is said to be
quite favorable, since the average occupancy for 1932 was 78.6% and has
risen to 82.6% for January to September 1933, with the September occupancy at 89.3%.
"Bondholders participating in this reorganization did not receive any
distribution of cash because of the small loan. In compensation, this
factor of lesser mortgage requirements has protected their equity during the
difficult renting conditions which have prevailed in St. Louis, and now gives
-V.126, p. 430.
them expectation of regular income from the property."
Virginia-Carolina Chemical Co.
-Court Holds Election
of Majority of Board by Prior Preferred Stockholders Void.
Judge William A. Moncure in the Chancery Court at Richmond, Va.,
ed prior'preferon Nov. 15 made the injunction against eight recently-elect
Judge
ence directors of this corporation -perpetual without bond."
Moncure ruled that the election of these directors on Oct. 11 was
unla ful because of the lack of a quorum of all classes of stock.
An appeal was noted in behalf of the faction of the board headed by
George S. Kemp of this city, and for the first time the Virginia Supreme
Court of Appeals will pass on the question whether a corporation's own
$4,767,005 54,656.379
Total
$4,767,005 $4,656,379
Total
stock held in its treasury is "outstanding."
Judge Moncure held that the term "outstanding stock" applied only to
x Represented by 278,399 no par shares. y After depreciation of $975,stock with voting power in the hands of the public, as distinguished from
388.-V. 137, p. 3161.
stock held in the treasury, which cannot be voted and cannot receive divi-Output.
dends under the law of Virginia. Consequently, with less than $6,000,000
United Verde Extension Mining Co.
1929.
1930. .
of prior-preference stock in the hands of the public as of Oct. 10, the refer1931.
1932.
Copper Output(lbs.) 1933.
ence group lost the right to name a majority by one of the board of directors
3.014,232 3,043.930 2,824,696 4,447.540 4,675,640
January
of 15 members, inasmuch as this fight was predicated upon $10,000,000 of
2 710,020 3,031,459 8,221,198 3.737,914 4.047,610
February
3.362,598 5,207,946
such stock being outstanding and having voting power.
3,013,188 3,049,976 3,236.882
March
The Court's conclusions were stated in part as follows:
2,977,420 3,019,072 3,074,758 4,094,740 5,364,570
April
"My conclusion is that the eight persons allegedly elected directors by the
3,006,300 3.020,100 3,369,080 4.013,796 5,465,350
May
vote of the prior-preference stockholders on Oct. 11 1933, were not properly
2,673,788 3,007,702 3,284,984 3.580,772 5,020,000
June
3,898,170 4,470,336
a
elected because there was no lawful meeting of all stockholders, for the lack
2,745.556 3,008,902
July
4,028,442 4,593,462
a
of a quorum, and for the further and greater reason that because of the fact
2,610,580 3,038,998
August
3,771.274 5,140,000
a
that, of the 144,871 shares of prior-preference stock. some 88,000 plus
2,682.440 2,969,622
September
3,404,000 6,038,000
shares are in the treasury of the company and are not outstanding, leaving
_ft
2,909,008
2,536,902
October
some 56,000 shares outstanding, which number of shares is $5,600.000 Par,
2,913,886 2,784,000 3,800,000 4,776,000
November
amount, therefore less than $10,000,000 par amount by the terms of
2.908,322 2.917,000 2.473,000 4,742,000
December
Section 5, Article 4 of the charter.
-V. 137, p. 3341, 2823.
a Operations suspended.
"The directors must now be elected by the vote of all classes of stock,
each share having one vote."
-Deliveries Higher.- .
United Carbon Co.
James W.Gordon of counsel for the Kemp group indicated that he would
During the first nine months of 1933, states President Oscar Nelson,
maintain, in a petition for a writ of error, his belief that the directors had
gas deliveries, at more than 71,000,000 cubic feet a day, were 23% greater • no right, by purchases of stock of the company for investment, to
than in the corresponding period of 1932, when deliveries were 20% ahead
change the right guaranteed to holders of prior-preference stock to name
of the like 1931 period. Dollar sales of natural gas in the nine months
the majority of the directors.
highincreased 31% over the 1932 period. At present ,deliveries are at thedaily,
This argument was based partly on the fact that Judge Moncure agreed
est rate in the company's history, exceeding 90,000,000 cubic feet
with the Kemp group's contention that the charter was a contract between
it was announced.
the corporation and Its stockholders and could not be changed by a court.
Carbon black sales also were said to be in record volume, with shipments
Mr. Levinger, petitioner for the injunction, offered the resolution that
1932. As one of
for the nine months in excess of those for the full year Inc., the United
brought about the purchase of a block of prior-preferred stock for investconstituent companies of the Carbon Black Export,
the
ment.
Mr. Nelson says it
Carbon Co. has the largest quota of any producer. stabilizing the export
Counsel pointed out to the court that stock which it held to be not outtoward
standing was listed by the New York Stock Exchange as being outstanding
is believed this export association will go farshould be beneficial.
the effect on the domestic market
market and
and that a franchise tax also was paid on it each year to the Virginia State
Corporation Commission.
Earnings.'
The stockholders at the meeting called for Nov. 10 failed to muster a
Sept. 30 see "Earnings
For income statement for 3 and 9 months ended
quorum and the annual meeting was adjourned until Dec. 9. Previously
preceding page,
Department" on a
Financial Chronicle
Volume 137
the meeting had been adjourned from Oct. 10. The prior-preference group
had a quorum as usual.
-V. 137. P. 3162.
Waco Aircraft Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1782.
(Hiram) Walker-Gooderham & Worts, Ltd.
-Earnings.
Years End. Aug. 31a Earnings
Dividends
1931.
1932.
1930.
$255,256 $1,060,882 $2,757+,165
814,108
2,310,000
2.640,000
$110.709
4,662,260
Deficit
Previous surplus
1933.
$370.741
481,450
$558,852 $1,249,118 sur$117,165
6,868,479
5,340,282
7,084,174
Total surplus
$4,551,551 $-.,781,430 $5,619,361 $7,201,339
Fed'I tax previous year_
24,938
279,080
119,171
332.859
Difference between prem.
paid & cash rec, on life
insur. policy surrend_
15,252
Balance, surplus
$4,511.361 $4,662,260 $5,340,281 $6,868,480
x After provision for depreciation (1933, $227,375), bad and doubtful
accounts and contingency, but before Federal taxes.
Consolidated Balance Sheet Aug. 31.
1933,
1932.
1933.
1932.
Assets$
$
Cash & call loans_ 4,255,869
72,136 Bills & accts. PayInvestments
4,414,774 able, incl. GovAccounts receivernment tax__ _ 286,784
128,608
able
1,112,374
815,525 Dividend payable_ 115,518
128,586
Inventories
9,381,627 9,191,627 Reserve for demeLife insurance
elation on plant
premiums
224,464 and equip, and
213,383
Prepaid deferred
contingencies__ _ 4,954,272 4,723,744
charges
103,521 y Preferred stock. 9,241,420 10,286,900
209,221
Plant and equipz Common stock _ _14,700,000 14,700,000
ment
8,640,197 8,619,464 Capital surplus_ __ 365,976
365,976
Invest, in other
Surplus account_ 4,395,843 4,533,673
companies
921,396
282,180
Invest. in wholly
owned cos
9,964,960 10,504,580
Total
34,059,812 34,867,488
Total
34,059,812 34,867,488
9 Represented by 462,071 shares of no par value in 1933 and 514,345
shares of no par value in 1932. z Represented by 660.000 shares of no par
value -V. 137, p. 2652.
Wardman Real Estate Properties, Inc.
-Suit Brought to
Reclaim Stock.
Justice Edward J. McGoldrick of the New York Supreme Court reserved
decision on Oct. 28 in an action brought by Gustave Nassauer, realty operator, against 'Halsey. Stuart & Co., Inc., investment brokers, to recover
capital stock of Wardman Real Estate Properties. Inc., which was the
owner of valuable properties in Washington, including the Wardman Park
Hotel and the Department of Justice Building, In 1928. Halsey, Stuart
& Co. were syndicate managers for mortgage bond issues aggregating
$11,000.000 on the Wardman properties.
Mr. Nassauer sued under an alleged agreement with men associated
In the ownership and management of the Wardman properties, under which
he undertook to bring about a consolidation of their properties and the
salvaging of their equities by getting bankers to underwrite an issue of first
mortgage bonds against the properties. It was contended by Mr. Nassauer
that the Wardman interests were to receive certain equities for their properties out of the proceeds of the bond issue ad that he was to receive the
entire capital stock of the holding corporation to be formed.
Mr. Nassauer,through his attorney, Emil K. Ellis. contended that he had
carried out his part of the agreement and accomplished what he had set out
to do, but the defendants insisted that the deal was substantially different
from the one proposed by Mr. Nassauer and that it embodied different
properties. They also said that the second deal came to them from independent sources and that they had no knowledge of the plaintiff's claim
ownership of the stock. Mr. Ellis submitted evidence that Rogers, Caldwell & Co., investment brokers, with whom Mr. Nassauer negotiated the
first transaction, took part in the second one, with Halsey, Stuart & CO..
Inc.. and other investment houses. ("Herald Tribune.")
-V.135, p.3013.
Waukesha Motor Co.
-Earnings.
--
Years End. July 31
Profit from operation_ _ _
General expenses
Provision for deprec_ _
Provision for slow moving inventory
Prov. for customers noncurrent accts. & notes
Fed. & State income tax
M1BCell. charges (net)..,,,
1933.
$482,356
332.692
292,163
1934.
$444,407
422,711
300,356
1930.
1931.
$887,016 $1,265,352
680,737
442,322
85,923
117,500
68,485
61,378
72.659
loss$123,102 loss$485,142
140,0011
250,000
$376,209
300.000
$450,579
400,000
Balance, surplus
def$263,102 def$735,142
Surplus July 1
2,471,445
3,206,586
Adjustments prior years
Cr1,531
$76,209
3,122,461
7.917
$50,579
3,059,585
12,297
Net profit
Dividends
Cr19,396
3,059
Surplus, July 31
$2,209,873 $2,471,445 $3,206,587 $3.122,461
Earns. per sh.on 100.000
shares no par capital
outstanding.. _ _ _
stock
Nil
Nil
$3.76
$4.50
Consolidated Balance Sheet July 31.
1933.
1932.
Assets
Liabilities1933.
1932.
z Capital Stock.,, $2,000,000 $2,000,000
x Prop., plant and
$1,914,434 $2,145,913 NOW & accounts
equipment
payable
Cash in bank and
93,233
15,695
618,582
505,511 Accrued expenses,
on hand
&c
r Customers' accts.
60.681
54,353
438,111
548,742 Surplus
& notes receiv
2,209,873 2,471,445
Res. for Wisconsin
Customers accts.&
State inc.tax
notes rec. non18,184
136,091
106,757
current
U.S. Liberty Loan
205,780
bonds
998,654 1,179,594
Inventories
Prepaid ins.& other
21,973
28,059
Prepaid expenses
6,250
License fee refund_
21,852
47,161
Sundry investmls
1
1
Patents & patterns
84,363,788 $4,559,677
Total
$4,363,788 $4,559,677
Total
x After deducting reserve for depreciation $1,999,431 in 1933 and $1,711,435 in 1932. y After deducting reserve for bad debts $52,500 in 1933
and $68,500 in 1932. z Represented by 100,000 shares of no par value,
V. 135, p.4050.
Weibel Brewing Co., New Haven, Conn.-Initial'Div.The directors have declared an initial quarterly dividend of 6( cents
Per share on the capital stock, par $1, payable Dec. 30 to holders of record
Dec. 15.-V. 137, p. 1597, 2652.
-Earnings.
-Western Canada Flour Mills, Ltd.
1933.
$236,164
121,857
x93,504
1932.
$136,885
127,169
156.845
sur$20.803
Balance,deficit
135,000
Total profit & loss surp_
135,000
Shs. corn. outst.(no par)
Nil
Earns.per sh.on com.stk.
x Preference dividends only.
$147.129
808,357
135,000
Nil
Years Ended Aug.31Net earnings
Deprec. & bad debts...Pref. & corn, dive
1931.
1930.
$296.476 . $221.416
121,045
252,249
321.893
$76,818
828.317
135.000
$0.13
$100,477
905,135
115,895
$0.53
3689
Comparative Balance Sheet Aug. 31.
.issets-1933.
1932.
Liabilities-1932.
1933.
Real estate, build% pref.stock_ _$2,413,000 $2,413,000
ings, &c
$5,006,507 $5,435,091 xCommon stock _ 2,205,700 2,205,700
Other investments 1,319,251 1,344,030 Bank loan
722,000
266,000
Patents, tr.-marks
Dividends payable
18,097
39,211
1
& good-will
1 Accts. & bills pay_ 718,752
757,738
Accts.& bills rec.,, 669,220
607,988 Prop. reserves_
946,641 1,277,582
Inventory
1,624,671 1,246,164 General reserves
711,316
593,135
Cash
71,933 Pension reserve...
70,763
50,000
50,000
Deferred charges
46,223 Res, for conting.,
46,474
doubtful accts.,
taxes, &c
240,402
222,533
P.& L.account..,, 829,161
808,357
Total
Total
.$8,736,888 $8,751,429
$8,736,888 $8,751,429
x 135,000 shares common stock of no par value.
-V.137. p. 1953.
Western Grain Co., Ltd.(& Subs.).
-Earnings.
Year Ended July 31Net earns,aft.oper. exp.
Bond interest
Depreciation
y1933,
$202,161
18i,428
174,928
y1932.
$265,137
201,236
loss$161,195
$63,901
$162,411 def$102,545
97,500
130,000
Surplus for year
loss$161,195
Previous surplus
263.372
Income tax
Balance of prof. for year
appllc. to deprec. on
country & term. prop_
$63,901
263,372
$64.911 def$232,545
z199,538
466.210
Dr1,077
Dr44,716
Net profit
Preferred dividend
y1931.
$340,241
177,830
1930.
$77,455
180,000
63,901
Balance forward
$263,372
$263,372
$102.177
$188.949
x Subject to income tax. y Consolidated statement. z Includes surplus
of subsidiary companies.
Consolidated Balance Sheet July 31.
[Including Mutual Grain Co.. Ltd.]
Assets1932.
1933.
1933.
1932.
ash
$2,925 Bank loans (sec.)_$4,115,000 $1,360,000
$.55,350
alb in hands of
Ipket bor rs
cay lo e_
paying agents
63,940
58,060
27,400
11,792 &c
Notes & accts. rec.
14,492
35,540 CashAccts.
Adv.,freight,accr.
crued liabilities
storage & other
& cust, margin
charges on grain
187,909
224,843
accounts
in store
2,789,500 2,859,500
58,876
144,243 Bonds
Invent, of grain
Bond redemption
& coal
40,910
4,639,065 1,879,119
reserve
Prepaid expenses_
5,194 Preferred stock__ _ 1,900,000 1,900,000
15,857
Bal, of sink. fund
775,229
Y Common stock. 775,229
In the hands of
Surp. arising from
trusteesfor bondpurch. of bonds
holders
63,506
400 for sink.fund_
Sundry loans,
263,372
Profit & loss acct._ 102.177
mtges. & agreements of sale._
4,675
13,581
Memberships & investments
274,996
250,299
Fixed assets
4.943,482 5,101,886
Total
10,034,196 7,444,981
$10,034,196 $7,444,981
Total
x Less depreciation of $395,741 in 1933 and $221,345 in 1932. y Represented by 200,000 no par shares.
-V. 135, p. 2508.
Willys-Overland Co.-Willys Feels "Hopeful" Over
Firm's Future-Difference Between Bondholders and Creditors
Held Cause of Difficulty.
The "Herald Tribune" Nov. 9, had the following:
John N. Willys, Chairman of the Board and one of the receivers of the
company on Nov. 8, expressed himself as "hopeful" concerning the fuure
of the company. His statement was made in the face ofan action filed Nov.6
with the Toledo Federal Court, which asks that Mr. Willys and L. A. Miller,
President and co-receiver of the company, be discharged. It is said that the
action taken by the National City Bank, New York,representing the bondholders, will open the way to foreclosure of the Willys-Overland property.
T
"The present difficulty, Mr.Willys said,"revolves around a difference of
opinion between the bondholders' committee and the creditors' committee
as to whether the mortgage which was placed 10 years ago, covers additional machinery bought since that time. The Federal Judge, supervising
the receivership has appointed a Master to study the case and his report is
expected in about 30 days. After this, the Judge will make his decision.
'With this report pending, we can not, of course, make definite plans for
the future. However, afterwards I hope we shall be able to discuss plans
for a reorganization. I am hopeful regarding the future.
"There will be about 20,000 cars of the new model sold this year and our
reports show that they are giving universal satisfaction."
According to Toledo dispatches, the National City Bank suit is an answer
to the equity case brought by the Monroe Auto Equipment Co. on behalf
of the creditors of the company. The bank, as trustee, had previously
filed a foreclosure on behalf of the bondholders and was a party to the
creditors' action. If the Court discharges the receivers and dismisses the
equity suit, the injunction preventing foreclosure will be dissolved.
Orders for trucks from the International Harvester Co., which is a main
source of business for Willys-Overland, are said to be continuing. It is
reported that the Toledo plant has sufficient business to keep the 2,300
employees busy through December to the first of next year.
Because of the legal entanglements, Willys-Overland, for the first time in
its history, will not have new models at the coming automobile show. If
the property is not liquidated, it is said that changes in the Willys car will
be made immediately.
On the application of the Monroe Auto Equipment Co., Willys-Overland
was placed in receivership by Judge George P. Hahn last February. W. B.
Stratton, New York, an associate of Mr. Will3rs, presented a reorganization
plan on June 26 by which operating properties and assets would be transferred to a new operating company. The operating company was to Issue
mortgage bonds, preferred and common stock. A liquidating company was
to have been created. The plan called for the securing of new working
capital by the sale of the common stock of the operating company. According to Toledo reports, creditors, who were owned 58,500,000. approved
the plan.
On Oct. 9, Mr. Stratton informed Judge Hahn that no agreement could
be reached between the bondholders and creditors and the judge asked the
receivers to withdraw their application for furds to make model changes.
Charles G. Cushing, who recently succeeded G. Munro Hubbard, as
chairman of the bondholders' committee, would make no comment on the
future of the company.
L. A. Miller Denies Report That Plants Will Close on Dec. 1.
L.A. Miller, President of the company and one of its receivers, on Nov.6
denied a report from New York that the Willys-Overland plant will close
Dec. 1,due to failure of Federal Judge George P. Hahn to allow the receivers
additional cash for developing new models.
Mr. Miller said there are now 2,300 men at work on truck orders for the
International Harvester Co. He said the company also is building and
selling some of its Model 77 passenger cars and that it hopes to continue the
work.
Mr. Miller added that the truck business alone will continue the plant at
about the present basis until the middle of December, and that he hopes
to continue with the manufacture of passenger cars after that time.
-V.137.
P. 3511.
Winn & Lovett Grocery Co.
-Sales.
-
Period End, Oct. 28-- 1933-4 Weeks
-1932
1933-10 Mos.-1932.
Sales
$411.768
$375,870 $4,003,232 $4,188,326
-V. 137.
2824. 2122.
Wright & Taylor Distilling Corp.
-Registrar.
-
The Guaranty Trust Co. of New York has been appointed registrar for
1,000,000 shares of capital stock. $2 Dar value. See also V. 137.
P.3511.
Financial Chronicle
3690
Nov. 18 1933
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
-SUGAR-COFFEE
COTTON
-ETC.
-WOOL
-METALS
-DRY GOODS
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. 17 1933.
COFFEE futures on the 11th inst. declined 9 to 16 points
on profit taking. On the 13th inst., Santos contracts closed
7 to 12 points higher with sales of 8,250 bags and Rio contracts ended 3 to 10 points higher with sales of 2,250
bags. Brazilian exchange showed an improvement of 200
reis from 1116500 to 11$300 and the cost and freight and spot
markets were steadier. Trade interests and commission
houses were buying. Selling represented profit taking mostly
and liquidation. On the 14th inst., weakness in the dollar
and consequent strength in Brazilian exchange inspired
buying and futures closed at an advance of 8 to 15 points.
Sales were 23,000 bags. On the 15th inst., futures after an
early decline of 1 to 7 points rallied only to sell off again but
recovered in the late trading and ended at net gains of 2 to
4 points on the Santos contract and unchanged to 2 points
higher on the Rio with sales of 29,250 bags. On the 16th
inst., futures ended 6 to 9 points higher on Rio contracts
with sales 63 lots and 2 to 7 points higher on Santos contracts
with sales of 101 lots. An advance of 450 reis to 10$660
for Brazilian exchange at the opening stimulated buying.
Commission houses were buyers in the early trading and those
who bought on the previous day were selling to take profits.
The firmness in the cost and freight market in which Santos
4s were held at 15 to 20 points above the previous levels and
a better spot demand at higher prices also contributed to the
rise in futures. To-day futures closed 20 to 23 points lower
on selling induced by lower Brazilian and sterling exchange.
Stocks in New York to-day were 636,238 bags against 650,916 yesterday. Final prices for the week are 1 point lower
to 3 points higher on Rio contracts.
Rio coffee prices closed as follows:
Spot (unofficial)
December
March
_ (May
734
July
5.9240
6.090 6.10 September
Santos coffee prices closed as follows:
Spot (unofficial)
December
March
,
936
May
8.3()Onom. July
8.52@nom. September
6.130 6.14
6.20@nom.
6.260nom.
8.62§nom.
8.67 nom.
8.86 --
COCOA futures on the 11th inst. closed 10 to 12 points
higher with sales of 965 tons. December ended at 4.420,
March at 4.64c., May at 4.78c. and July at 4.94c. On the
13th inst. futures closed 13 to 15 points higher with sales of
3,685 tons. London was unchanged to 3d. lower and Liverpool was unchanged. Commission houses were good buyers.
Manufacturers also bought. December ended at 4.56c.,
January at 4.63c., March at 4.780., May at 4.93c., July at
5.07c., September at 5.22c. and October at 5.30e. On the
14th inst. heavy profit taking sent futures down 10 to 15
points in the early trading but later came a rally on new investment buying and the ending was 2 to 6 points lower with
sales of 5,668 tons. December ended at 4.51c., January at
4.59c., March at 4.75c., May at 4.91c., July at 5.04c., September at 5.16e. and October at 5.24c. On the 15th inst.
after an early decline of 4 to 9 points futures rallied and ended
8 to 14 points higher with sales of 3,471 tons. Shipments
from the Gold Coast continued to be delayed and warehouse
stocks dropped 3,992 bags. On the 16th inst. futures closed
3 to 6 points higher with sales of 3,739 tons. There was again
some new buying interest which was sufficient to take care
of considerable profit-taking pressure. Stocks of cocoa
beans in local warehouses continued to decrease, falling to
919,625 bags. This was a drop of 2,634 from the previous
day. Arrivals of cocoa beans for November increased to 65,245 bags against 32,453 on the same day last year. Estimated receipts of cocoa beans at Bahia and Ilhoes during
September were 173,000 bags against exports of 156,500.
November closed at 4.65c., December at 4.64 to 4.670.,
January at 4.75e., March at 4.90c., May at 5.05c., July at
5.21c., September at 5.35e. and October at 5.43e. To-day
futures closed declined 20 to 26 points reflecting the weakness in sterling exchange. Sales were 347 lots. December
ended at 4.44c., March at 4.650., May at 4.80c., July at
4.96c. and September at 5.09e. Final prices are 2 to 8
points higher than a week ago.
SUGAR futures on the 11th inst. declined 1 to 2 points
with sales of 13,650 tons. On the 13th inst. futures declined 5 to 8 points under pressure of liquidation, hedge
selling and short selling. Factors precipitating the break
were the lower London market, the reduction here in the
price of refined and the unfavorable outlook for the marketing of Cuban sugag in the United States for the first
half of 1934 as indicated by a private estimate. Sentiment
was bearish and liquidation of December was in order.
Producing interests were selling. Wall Street and Cuban
interests were buying. Raw sugar declined 10 points to
a spot basis of 1.20c. c. & f. Retroactive to the opening of
business on Nov. 9 all Eastern refiners reduced their basis
on granulated 10 points to 4.50c. to meet the price established
by Western and Southern refiners. The new price will be
allowed on new business only. On the 14th inst. futures
closed unchanged to 3 points lower with sales of 37,100 tons.
Commission house selling and December liquidation cause
the weakness. Cuban interests supported the market at
times. On the 15th inst. futures closed at a further decline
of 2 to 3 points in active trading. Continued liquidation
of December forced prices down. Sales were 44,650 tons.
On the 16th inst. futures closed 8 to 10 points higher. There
was a good demand from Wall Street and some new outside
speculative buying inspired by the advance in sterling
and other markets. Sales were 30,550 tons. Cuban
interests who were selling early in the day became buyers
later on when it was found that December liquidation had
dried. To-day futures closed 6 to 8 points lower on general
selling and December liquidation stimulated by the weakness
in London. Final prices are 12 to 18 points lower for the
week. Prices closed as follows:
Spot (unofficial)
December
January
March
May
1.20
_ July
1.12
- September
1.15
i.20@1.21
1.271
1.33
1.37 1.38
LARD futures on the 13th inst. advanced 3 to 5 points
owing to higher hog and grain markets. Trade interests
bought. Hogs were generally 10 to 150. higher with the
top, $4.55. Exports of lard were 166,310 lbs. to Liverpool,
Southampton and Naples. On the 14th inst. in response
to higher grain markets and the strength of hogs, futures
closed 5 to 10 points higher. Cash demand was better.
Exports were light, being only 146,720 lbs. to Hamburg
and Malta. Hogs were steady with the top price $4.60.
Sellers were holding at $4.60 to $4.85 for good hogs. Cash
lard, steady; in tierces, 6.20c.; refined to Continent, 64 to
63c.; South America, 63/i to 7c. On the 15th inst. futures
declined 5 to 12 points on general liquidation, influenced
by the easiness in grain markets. Lard stocks totaled
77,903,000 lbs. It showed a decrease of only 6,200,000 lbs.,
whereas a reduction of 20,000,000 lbs. had been expected.
Better grades of hogs held at $4.60. Cash lard was quiet;
/
in tierces, 6.15c.; refined to Continent, 63/i to 658c.; South
America, 6% to 63/gc. Exports were 266,550 lbs. to Rotterdam. On the 16th inst. futures closed steady at prac.
tically unchanged prices, being influenced by the strength
in grain. Cash interests were buying. The hog carryover
for the past two days is expected to be taken up by the
Government at prevailing prices. Exports were 147,000
lbs. to Bristol and Southampton. Cash in tierces, 6.15c.,
refined to Continent, 63/i to 65 c.; South America, 69. to
%
63'3c. To-day prices closed 25 to 37 points lower in sympathy with the break in wheat. Final prices show a decline
for the week of 25 to 37 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs. Fri.
Sat.
5.20
5.60
5.65
5.57
5.60
5.90
6.15
6.20
6.27
6.15
6.20
6.72
6.55
6.60
6.55
Season's High and When Made.
Season's Low and When Made.
Oct. 16 1933
July 19 1933 December_ _ _ _4.27
December----8.87
Oct. 16 1933
9.95
January
4.82
January
Nov. 1 1933
Nov. 14 1933 May
6.10
6.72
May
December
January
May
PORK steady; Mess, $16.50; family, $20.50; fat backs
$13 to $15.50. Beef steady; Mess, nominal; packet, nominal;
family, $11.87 to $12.75 nominal; extra India mess, nominal.
2
Cut meats firm; pickled hams 4 to 6 lbs., 73/c.; 6 to 8 lbs.,
74e.; 8 to 10 lbs., 704 14 to 16 lbs., 11%0.; 18 to 20 lbs.,
10c.; 22 to 24 lbs., 93c.; pickled bellies, clear, f. o. b. N. Y.
6 to 12 lbs., 109/sc.; bellies, clear, dry salted, boxed, N. Y.
%
14 to 16 lbs, 79/sc.; 18 to 20 lbs., 73 c. Butter, creamery,
firsts to higher score than extras, 173/3 to 243/3c. Cheese,
flats, 12 to 213/3c. Eggs, mixed colors, checks to special
packs, 17 to 42c.
-Linseed was quiet and rather easier of late. There
OILS.
was a fairly good export demand. Meal was dull of late.
Tank cars were quoted at 9.1c.• carlots, 9.7c. Cocoanut,
Manila, tanks, spot, 2%c.; tanks, New York, spot, 33/gc.
Corn, crude, tanks f. o. b. Western mills, 4o. China wood,
N. Y. drums, delivered 83.1 to 83/3c.; tanks, spot, 7.8 to
7.9c.; Pacific Coast, tanks, spot, 7.6e. Olive, Denatured,
spot, Greek, 74 to 75c.; Spanish, 77 to 79c.; shipment carlots, Greek, 74 to 75e.; Spanish, 77 to 79c. Soya Bean,
tank cars f. o. b. Western mills, 6.0c.; cars, N. Y., 7.1c.;
L. C. L., 7.5e. Edible, Olive $1.80 to $2.00. Lard, prime,
93/3c.; extra strained winter, 8c. Cod, Newfoundland, 36
to 370. Turpentine, 49 to 53e. Rosin, $5.023/3 to $5.80.
COTTONSEED OIL sales to-day including switches 38
contracts. Crude S. E., 3%c., nominal. Prices closed as
follows:
Spot
November
December
January
February
March
4.50 4.75 April
4.60®4.65 May
4.72 4.82 June
4.75 4.92
4.95 trad
4.95 5.10
5.08 5.14
5.10@5.25
Volume 137
Financial Chronicle
PETROLEUM.-The summary and tables of prices formerly appearing here will be found on an earlier page in our
department of "Business Indications," in the article entitled
"Petroleum and Its Products."
RUBBER futures on the 11th inst. closed 13 points lower
to 1 point higher with sales of 1,740 tons. December ended
at 8.58c.; January at 8.73c.; March at 9.04c.; May at 9.30
to 9.32c., and July at 9.55 to 9.58c. On the 13th inst.,
futures advanced 9 to 19 points with sales of 750 tons;
December, 8.71c.; January, 8.88c.; March, 9.18 to 9.20c.;
May, 9.45c.; July, 9.70c., and September, 9.85c. On the
14th inst. futures closed 15 to 29 points higher under a good
demand. Sales totaled 9,870 tons. Spot prices were higher.
December ended at 8.90c.; January at 9.10c.; March at
9.40 to 9.42e.; May at 9.70 to 9.72c.; July at 9.94e., and
September at 10.14c. On the 15th inst., after early weakness,
futures rallied and ended 4 to 8 points higher with sales of
9,110 tons. Spot prices were higher. December ended at
8.97 to 8.98c.; January at 9.14c.; March at 9.48 to 9.54c.;
May at 9.78 to 9.80c.; July at 10.00c., and September at
10.20e. On the 16th inst., futures closed 15 to 22 points
higher with sales of 7,900 tons. November ended at 9.09c.;
December at 9.19 to 9.20c.; January at 9.36c.; March at
9.68 to 9.69c.; May at 9.93 to 9.95c.; July at 10.18c.; September at 10.38c., and October at 10.48c. Aetnals remained
quiet but advanced with futures. To-day futures declined
33 to 47 points despite lower sterling and favorable restrictions news. General weakness in other markets had more
effect, and the strength of the dollar induced selling. December closed at 8.72c.; January at 8.89c.; March at 9.22 to
9.24c.; May at 9.55 to 9.58c.; July at 9.82c.; September at
10.05c., and October at 10.15c. Final prices are 6 to 18
points lower for the week.
HIDES futures on the 11th inst., after early weakness,
rallied and ended 5 points lower to 15 points higher with
sales of 240,000 lbs. March ended at 10.70 to 10.80c.
On the 13th inst. futures, after an early decline, rallied
briskly and ended 16 to 35 points higher under new long
buying coupled with short covering influenced by the
strength in other markets. There was more interest shown
in spot hides but actual business was small. Futures closed
with Dec. at 9.90c., March at 10.86 to 10.95c., June at
11.45c. and Sept. at 11.85c. On the 14th inst. futures closed
at net losses of 1 to 10 points after being 10 to 25 points
higher early in the day. Sales were 2,280,000 lbs. March
ended at 10.87 to 11.00c., June at 11.46 to 11.50c. and
Sept. 11.75 to 11.80e. On the 15th inst. futures closed
5 to 25 points lower in a quiet market. Weakness in securities was held largely responsible for the decline. Spot
hides were more active. Some 40,000 packer hides sold
on a basis of 10c. for light native cows, while in the Argentine
2,000 Nov. frigorifico steers sold at 11c. New York City
calfskins were quiet. Futures closed with Dec. at 9.65c.,
March at 10.70 to 10.75c., June at 11.35c. and Sept. at
2c.;
11.70 to 11.80e. Outside quotations: Butt brands, 10Y
packer native steers, 103/sc.; Colorados and Chicago light
native cows, 10c.; New York City calfskins, 9-12s, 2.50;
7-9s, 1.80; 5-7s, 1.20. On the 16th inst. futures, after an
early decline, rallied and ended 50 to 55 points up. Buying
power grew stronger as the session progressed. Spot hides
were more active and firm in sympathy with futures. Some
48,700 packer hides sold on a basis of 10c. for light native
cows, and 4,000 frigorifico sold at 16e. Futures closed
with Dec. at 10.20c., March at 11.20 to 11.30e., June at
11.85 to 11.90c. and Sept. at 12.20e. To-day prices ended
30 to 40 points lower with sales of 40 lots. March closed
at 10.90c., June at 11.50 to 11.55c. and Sept. at 11.80c.
The lower trend in other markets told.
OCEAN FREIGHTS were quiet. Shippers were awaiting
developments. Later in the week there was more activity,
especially in sugar and grain.
CHARTERS included: Grain booked.
-10 loads New York-Antwerp,
4c.;5 loads to Hamburg, 6c.; 5 to Bremen,6c., and some Continent booked
to Montreal, from 63.6c. up; a few loads New York-Antwerp, 5c.; 15 loads
Hamburg,6c.; a few to Marsailles, 7c.; more from New York to Continent
-Cuba, Nov., United Kingdomat 6c., and Mediterranean, at 7c. Sugar.
Continent, 14s. 6d.; prompt Cuba to United Kingdom-Continent, 14s.
-Norfolk prompt, redelivery Gibraltar-Hamburg range, trip across,
Time.
-Dirty, Dec., Curacao-Aruba-United Kingdom, Is. 13id.
$1. Tankers.
Scrap iron.-Atiantic range Italy, Dec., two loadings and discharges at
$3.35.
COAL was in good demand and steady. Buying for relief
purposes by the Government is expected now at any time.
Southern smokeless code authority voted a 10% cut on relief
coal delivered to the Government. Last week's carloaded
bituminous production was put at 7,100,000 tons by the
National Coal Association for three weeks at 21,495,000 tons
and the weekly average 7,165,000 tons compared with 7,300,000, 22,625,000 and 7,541,000 tons, respectively, a year ago.
futures on the 11th inst. in lively trading ended
SILVER'
50 to 60 points higher after being 12 to 50 points lower early.
Sales were 6,925,000 ounces. December closed at 43.25 to
43.35c., January at 43.55c., March at 44. to 44.15c., May at
44.60e. and July at 45.10e. On the 13th inst. continued
talk of remonetization together with the strength in foreign
markets rbsulted in renewed buying and prices reached new
high levels for the season, ending 65 to 75 points higher;
sales 11,100,000 ounces. December closed at 44e.; March at
44.750., May at 45.30e., and July at 45.80c. On the 14th
inst. futures closed at a net rise of 35 to 80 points. Bar
silver advanced 1 Ye. to 45c. the highest since Jan. 17 1930.
3691
Trading was heavy with sales amounting to 17,975,000 ounces
which is the second largest total on record. On the 15th inst.
futures closed 15 points lower to 20 points higher with sales
ie.
of 17,025,000 ounces. The bar price declined Y to 44c.
Early prices were as much as 60 points higher but a wave of
selling orders sent prices down 80 to 110 points after which
there was a recovery. November closed at 44.60c., December at 44.700., January at 44.97c., February at 45.24c.,
March at 45.45 to 45.50c., May at 45.85c., June at 46.10c.,
July at 46.35c. and September at 46.85c. On the 16th inst.
futures closed 75 to 85 points higher with bar silver Xc.
higher at 450. and speculative and investment demand
broader. The London bar price eased 3-16d. to 1816-16d.
Sales of futures here were 13,175,000 ounces. Much of the
buying was believed to have been in anticipation of Government action contemplating increased use of the metal for
currency purposes. November closed at 45.200., December
at 45.25c. January at 45.35c., March at 45.95c., April at
46.20c., day at 46.40 to 46.45c.and July ay 46.90c. To-day
futures closed sharply lower, i.e. 235 to 280 points. The
A
bar price declined %c. to 445 c. London advanced 1-16d.
reflecting the decline in sterling. Trading here was large
with sales of 16,850,000 ounces. November closed at 42.70e.
December at 42.70 to 42.85c., January at 43.00c., February
at 43.17c., March at 43.35 to 43.40e. May at 43.75 to 43.900
and July at 44.25o.
COPPER was in good demand for export and domestic
orders increased recently. One agency reported a satisfactory tonnage for domestic consumers at 83c. for delivery
during the first quarter of 1934, but it was intimated that
the metal could be had at below that level. Export quotations ranged from 8.15 to 8.25c. London reports that the
British copper duty of 2d. per pound reached at the Ottawa
conference is about to be imposed attracted much interest.
Copper futures on the 16th inst. were active with sales of
116 contracts or 2,900 tons. December sold from 7.30 to
7.42c. and the close was 15 to 20 points higher. In London
on the 16th inst. spot standard fell 17s. 6d. to £28 15s. and
futures declined 18s. 9d. to £28 17s. 6d.; sales, 200 tons
spot and 1,400 tons of futures; electrolytic off £1 to £32;
at the second session in London, spot advanced to £29 6s.
3d. and futures to £29 8s. 9d.; sales, 300 tons of spot and
2,400 tons of futures.
TIN advanced to a new high of 570. when the sterling rate
rose to $5.52, but later was marked down to 55%c. when
British exchange dropped to $5.33. Trading was small.
London on the 16th inst. declined £1 10s. on spot standard
to £226 15s. while futures fell £1 7s. 6d. to £226 7s. 6d.;
straits unchanged at £231 5s.• Eastern e. i. f. advanced 10s.
to £232 15s.; sales, 10 tons of spot and 290 tons of futures;
at the second session spot advanced to £226 17s. 6d. and
futures to £226 10s.; sales 20 tons of spot and 420 tons of
futures. Futures here on the 16th inst. ended 15 points
higher with sales of 2 lots or 10 tons, and with December at
55.75c. nominal; January,55.95c. nominal; February,56.15e.
nominal; March, 56.35c. nominal; April, 56.550. nominal,
and all succeeding months were 20 points higher, all nominal.
LEAD was in fair demand and steady at 4.30e. New York
and 4.15c. East St. Louis. It was estimated that less than
25% of the consuming industries' requirements for December
have been sold. In London on the 16th inst. spot was
unchanged at £11 2s. 6d., while futures fell is. 3d. to £11
6s. 3d.; sales 800 tons of futures; at the second session spot
was up to £11 7s. 6d. and futures to £11 us. 3d., with
sales of 1,350 tons of futures.
ZINC was in rather small demand but steady at 4.50e.
East St. Louis and. 4.85c. New York. In London on the
16th inst. prices fell 2s. 6d. to £14 12s. 6d. and futures to
£15; sales 100 tons of futures; at the second London session
spot was up to £14 17s. 6d., while futures rose to £15 5s.;
sales 125 tons of futures.
STEEL was in better demand at a number of producing
centers. The Chicago rate was holding unchanged but mills
there expect to receive between 200,000 and 300,000 tons of
rail business at a time when structural inquiries tend to
expand. The Chicago & North Western placed orders
there for 5,000 tons of rails. In Cleveland some 6,500 tons
of iron and steel pipe were awarded for water mains. The
industry, however, is more concerned with auto makers'
needs. The demand for sheets and plates from railroads
showed some improvement and the ingot output remained
at 40%. In Cincinnati the same rate was in effect and there
was a better demand for sheets. Locally the outlook was
not promising. Buyers are well stocked through purchases
made prior to the code advances. An advance in tin plate
of possibly $5 is expected before the end of the year. Export
demand for tin plate was stimulated by the declining dollar.
PIG IRON was in limited demand with only a few carloads
under inquiry from foundries. Releases against old contracts
were smaller in Eastern Pennsylvania where business was
very light excepting for a few small inquiries from the Navy
Department. Prices for the first quarter of 1934 will probably be made available to the trade at the beginning of next
week and some are expecting an advance of $1 per ton
which will make the base price at Eastern Pennsylvania
furnace $18 and at Buffalo $18.50 for No. 2 foundry iron.
A similar advance is held probable for Central Western markets.
Financial Chronicle
3692
WOOL was quiet but steady. Prospects are reported to
be much better than the current slow market might seem
to indicate. Boston wired a Government report late in the
week saying: "Trading in the Boston wool market is more
active than for several weeks. Buying is rather scattered
but some purchases have included sizable quantities of the
finer territory wools. Good French combing 64s and finer
territory wools in original bags have brought 80 to 81c.,
scoured basis. Graded strictly combing 58s, 60s, half-blood
territory wools have been sold at 79 to 81c., scoured basis,
mostly inclined to the high side of this range." Boston
wired another -Government report on Nov. 16, which said:
"Improvement in demand for wool, noted earlier in the week,
is being fully maintained. Greasy combing 58s, 60s, and
finer domestic wools have been sold in fair quantities by a
number of houses. Fine delaine wools have been sold at
32 to 34c. in the grease, depending upon shrinkage. Strictly
combing 58s, 60s half-blood, Ohio and similar fleeces have
realized 34 to 35c. in the grease for average lines and 36c.
for good wools. Graded French combing 64s and finer
territory wools have brought 79 to 81c., scoured basis, in
a number of instances."
SILK futures on the 13th inst. followed other commodities
and ended at net advances of 1 to 2 points with sales of only
700 bales. Japanese cables were steady. Professionals were
buying on a small scale. November ended at $1.48 to $1.49;
January, February, and March, $1.49 to $1.50, and April,
May and June, $1.49 to $1.493/2. On the 14th inst., a
further rise took place and futures ended at gains of 3 to
470. with sales of 1,980 bales. November ended at $1.497
December, $1.51 to $1.52; January, $1.53 to
to $1.50
$1.54;February,$1.53;March,$1.53 to $1.54;April,$1.533';
May, $1.533/ to $1.5434; June, $1.53. On the 15th inst.
futures after being weak early in the day rallied and ended
%c. lower to lc. higher with sales of 900 bales. November
ended at $1.49 to $1.51; December at $1.513/ to $1.523';
January, $1.523/ to $1.533'2; March at $1.53, and April,
May and June at $1.52 to $1.53. On the 16th inst., in a
quiet session prices ended 1 to 3c. higher with sales of only
1,170 bales. November closed at $1.52; December at $1.52
to $1.53; January and February, $1.54 to $1.55; March
and April, $1.543 to $1.55, and May and June, $1.543.
To-day futures closed 3 to 5 points lower, reflecting the
trend in other markets. Sales were 173 lots. November
closed at $1.47 to $1.48; December at $1.48 to $1.483';
January at $1.51 to $1.52; February at $1.503/ to $1.52;
March and April at $1.51 to $1.52; May at $1.51 and June
at $1.51 to $1.52.
COTTON
Friday Night Nov. 17 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
257,126 bales, against 275,658 bales last week and 313,111
bales the previous week, making the total receipts since
Aug. 1 1933, 4,118,528 bales, against 4,155,091 bales for the
same period of 1932, showing a decrease since Aug. 1 1933 of
36,563 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
11,375 9,192 29,809 13,512 6,145 7.705 77.738
7.738 7.738
Texas City
- 41 8,375 25,171 88.974
.8
9,2
-ii71 17,15N 18,568 9 .
.
Houston
288
514
484 3,061
217
759
799
Corpus Christi_ _
New Orleans
30,572 5.826 7,534 5.081 7.669 4,223 60,905
274 6,587
407
401 1.430
290 3,785
Mobile
____
---597
---597
Pensacola
266
Jacksonville ------------------------266
498 5.002
374
349
Savannah
463 2,788
530
732 1,769
130
249
185
Charleston
152
321
____
-_----- 2,061 2,061
____
____
Lake Charles_ _ _ _
92
648
84
113
80
126
Wilmington
153
127 1,179
155
310
192
Norfolk
198
197
____
601
601
____
Baltimore
Totals this ws.1,
c9 R27 26 974 60 04.5 22.245 24.753 49.972 257.126
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year:
Receipts to
Nov. 16.
1933.
1932.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
Stock.
1933.
1932.
Galveston
77,738 1,070,070 118,512 1,004,473 806.325 917.146
Texas City
7.739 109,499 17,084 102,524
64,974
61,094
Houston
88,974 1,444,584 146,051 1,416,698 1,564.725 1,633,872
Corpus Christi- 3,061 294,404 6,858 254,213 108.170
96.136
Beaumont
20.500
13,351
23,511
6,327 7.503
New Orleans
60,905 655,139 86,978 714,120 821,350 1,032,387
Gulfport
Mobile
6,587
81,844 12,877 133.452 121.925 157.988
Pensacola
39,000
38.241
597
93,691
82,603 13,885
Jacksonville
20,097
7,913
266
5,736
136
9,835
Savannah
96.287 139,787 182,168
5,002 129,289 2,355
Brunswick
26.901
__ _
13.080
Charleston
94.711
64,444
1,769
92.922 3,053 102.547
57,851
97,143
Lake Charles__ -- 2,061
80,955 5,650 120.202
Wilmington
20,420
25,113
648
12,766 2,298
25,503
Norfolk
25,118
56,109
1,179
28,047
23,337 1,848
Newport News_
107,527 202,058
New York
9.362
12.083
Boston_
2.050
2,050
Baltimore
601
7,186
11,874
134
5,389
Philadelphia
MAntala
257 126 4.112 A2R 425 2924 155 001 3.972.374 4.656.203
Nov. 18 1933
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston_ _ __
Houston
New OrleansMobile
Savannah _
Brunswick _
Charleston.
Wilmington_ _
Norfolk
Newport News
All others_ ___
Total this wk_
1933.
1932.
1931.
1,769
648
1,119
1930.
1929.
1928.
74,568
121,295
158,811 122.644
53,145
58,581
18,268
31,198
7,970
16,971
77,738 118,512
88,9 4 146,051
60,905
86.978
6.58'
12,877
5,002
2,355
59,730
88,324
66.485
9.521
8,755
117,153
103.332
58.080
14,621
13,328
10,040
3,182
7,890
5,600
4.936
9,819
8.056
5,821
17,436
4,895
1,802
3,155
3,053
2,298
1,848
14,324
51,250
33,045
13.297
9.339
13,678
257,126
425,222
402,386
338,371
262.509
351,505
Since Aug. 1__ 4,118,528 4,155,091 4,631.010 5,537.781 5.220.947 5,272.666
The exports for the week endinz this evenino reach a total
of 199,182 bales, of which 28,901 were to Great Britain,
26,964 to France, 27,583 to Germany, 23,830 to Italy, nil to
Russia, 66,541 to Japan and China, and 25,363 to other
destinations. In the corresponding week last year total
exports were 193,889 bales. For the season to date aggregate
exports have been 2,930,494 bales, against 2,666,603 bales
in the same period of the previous season. Below are the
exports for the week:
Exported to
Week Ended
Nov. 17 1933.
Great
GerExports from
- Britain. France. many.
Japan&
Italy. Russia. China. Other.
Galveston
9,094 18,001 11,401
572
Houston
4,747 6.108 10.704 16,791
2,591
Corpus Christi_ _
900
Texas City
165
New Orleans__
3,876
14,254
Lake Charles_ _
1.790
"403
Mobile
310
Savannah
Charleston
4,765
Norfolk
806
New York
San Francisco
:
Total.
13,825 10.706 63,599
15,193 11,043 64,586
618 6,904
2,795
769
934
250 32,584
14,243:1
5,284
848 8,325
6,400
6,710
-TOO 400
229 4,994
806
-566
8,540
-ioo
300
9,040
Total
28,901 26,964 27,583 23,830
66,541 25,363 199,182
Total 1932
Total 1931
33,591 31,212 26,101 15,207
56,827 23,624 49.139 26.161
68,197 19,581 193,889
70,283 38,052 264,086
From
Exportea to
Avg.1 1933fo
Ger- I
Japan &
Nov. 17 1933. Great
Exports Jr,
Britain. Francs, many. I Italy. Russia China. I Other.
Total.
Galveston_ _. 81,742117,998 96,852 51,749 ____ 217,600107,224 673,165
Houston _ _ ... 112,612139,507 188,224123,256 -_ -_ 286,626 133,202 983,427
Corp. Christi 82,722 48,371
21,935 17,397 ____ 104,524 29,190 304,139
Texas City - 4,940 14,212 17,090
519
6,195 42,956
Beaumont_ _
.
1,442 3,900
750
804
6,896
New Orleanx. 85,754 46,210 85,636 75,03521,274 96,663 47.695 458,267
Lake Charles
3,325 12,339
12.425 2,200 8,950
17,128 9,685 66,052
Mobile
15,997 4,285
37,588 6,635
___
11,87. 4,408 80,788
Jacksonville
.
792
____
4,828
300
5,920
Pensacola.. _. 13,201
____
18,724 10,716 ____
4,350
628 47,619
Panama City
17,608
183 11,341
____ ____
2,500
300 31,932
Savannah _ _ _
302 ____
11,848 4,469 91,907
33,927
____
41,361
Brunswick _
.
7,684
25
____
5,371
13,080
Charleston_ _
25,845
379 34,119
1,180 61,523
Wilmington _
4,825
500
5.325
Norfolk
4,500
24
2,264
____ ____
306
7,394
300
New York_ _ _
8,193
___
2 ____
1,448 2,955
14,894
2,296
Boston
1,018
50
968
Los Angeles_
1,555
81
1,47
____ ____
14,97
823 18,910
San Francisco
13,575 1,484
15,202
5f/ -___ ____
Seattle
80
80
Total
501,932387,539 587,153287,811 30,224 783,414352,421 2,930,494
Total 1932.. 450,245 378,303 707,754 246,022
___
Total 1931_ _ 337,326109,872 527,235195,6211____
549,549 334,7292,666,603
966,999 293,0492,430,102
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. 17 at
Galveston
New Orleans_ _
Savannah
Charleston_
Mobile
Norfolk
Other ports*_ _
Great
GerOther CoastBritain. France many. Foreign wise.
5,500
691
1,475
1.500
4,000 8.500 36,000
9,325 13 281 11,386
1.000
300
169
969
2,846 6:666 65;Loo
Total 1933. 9.166 15.994 28,781 114,155
Total 1932_ 25,096 9,970 19,859 90,178
Total 1931
32,382 7,277 14,749 124,966
* Estimated.
Leaving
Stock.
Total.
4,000 58,000 748,325
2,869 37,552 783,798
1,300 138,487
64,444
2,613 119,312
___1 25,118
600 76.00 1,917,425
7.369 175,465 3,796,909
4,205 149,708 4,486,495
5.285 184,659 4,545,599
SPECULATION in cotton for future delivery was very
quiet. On the 11th inst., and after an early recession that
carried prices off $1 a bale, came a 12
-point recovery which
left the price 1 point lower to 1 point higher at the close.
A holiday in Houston, as well as on the Chicago Board of
Trade, restricted business. Late strength in securities
brought the best figures of the day toward the close. Early
gyrations in sterling exchange influenced professional sentiment. The world's stock of all growths on Oct. 1, according to the Cotton Exchange Service, was approximately
36,728,000 bales against 37,271,000 bales a year ago. The
world's production of all kinds this season is tentatively
estimated at about the same as least season, so that any
reduction in the carryover on July 31 1934 will depend upon
an increase in world consumption over last season's figures
of 24,772,000 bales. Officials of the Department of Agriculture estimate that production of American•cotton next
year might be reduced as low as 8,800,000 bales if the land
planted with cotton is reduced around 25,000,000 acres.
Should consumption this season equal or exceed last season,
it is figured the carryover would be reduced to 10,500,000
bales or less, giving a total supply of less than 20,000,000
Volume 137
Financial Chronicle
3693
24)g
agOg
II
al a .1 .1
II
II
II
II
8,4045-4.au4u115.gu.4uiciguiA5.,4E3
ET igkgel rg,,g-ginLhigIglig-g gs rg
bales for the coming season against 24,500,000 bales this
a little more inquiry for gray goods but business continued
year and 26,000,000 bales last year.
quiet at unchanged prices. Final prices show a rise for
On the 13th inst. developments over the week-end, inthe week of 8 to 16 points. Spot cotton closed at 10.20c.
cluding conferences in Washington on the monetary situa- a rise for the week of 15 points.
tion and on Russian recognition, were construed as bullish,
The official quotation for middling upland cotton in the
and consequently the market in the first hour was active New York market each day for the past week has
been:
and prices rose 15 to 19 points. Around 10c. for December,
Nov. 11 to Nov. 17Sat. Mon. Tues. Wed. Thurs. Fri.
however, resistance developed, and trading quieted down, Middling upland
10.05 10.10 10.26 10.25 10.40 10.20
and the close was barely steady at the low of the day, but
FUTURES.
-The highest, lowest and closing prices at
with net advances of 4 to 9 points. Wall Street was a good New York for the past week have been as follows:
buyer early in the day, and there was active buying by
Liverpool and the Continent. The trade was a good buyer
Saturday, Monday.
Tuesday, Wednesday, Thursday,
Friday,
Nov. 11.
Nov. 13.
Nov. 14.
Nov. 15.
Nov. 16.
Nov. 17.
at times. Southern selling was comparatively light. Southern reports said that a little more cotton had come out on
the recent advance, although farmers generally were hold9.72n
9.79n
9.92n
9.95n
10.09n
9.89n
ing and the basis was very firm. The hesitation on the
9.75- 9.87 9.89-10.00 9.98-10.12 9.98-10.11 10.00-10.20 9.88-10.19
advance and an absence of follow-through buying dis9.82- 9.86 9.89- 9.90 10.02-1013 10.0540.06 10.19-10.20 9.99-10.00
couraged general purchasing and toward the close some
9.83- 9.95 9.98-10.09 10.07-10.18 10.07-10.18 10.09-10.30 9.95-10.25
early buyers turned sellers and this with some increased
9.92- 9.96n
10.1216.1410.29-10.30 10.05hedge selling resulted in the reaction from the early highs.
Washington reports received early in the day said that
9.98n
10.05n
10.19n
10.20n
10.35n
10.13n
farm officials had decided to make loans on cotton on
9.97-10.C9 10.14 10.24 10.21-10.35 10.20-10.33 10.23-10.43 10.12-10.42
which options were given to farmers as part payment for
10.05-10.09 10.14-10.1 10.2610.2710.42-10.43 10.22-10.24
plowing up more than 10,000,000 acres, the intention apparently being to make possible loans of 4c. a pound, but
10.27-10.42
10.12n
10.34n
10.49n
10.20n
10.22n
10.27later reports stated that the final announcement of the
loan was being withheld until legal questions involved had
10.10-10.22 10.27-10.37 16.34-10.48 10.33-10.48 10.37-10.58 10.23-10.52
10.19-10.2110.27- 10.41-10.42 10.56-10.58 10.3516.39
been cleared up.
On the 14th inst. trading was the heaviest in several
10.26n
10.32n
10.46n
10.48n
10.61n
10.40n
weeks and prices advanced more than $1 a bale to the
highest seen since the advance in September. All months
10.22-10.36 10.38-10.49 10.46-1C.60 10.45-10.60 10.49-10.69 10.38-10.62
sold and closed above 10c., or a gain of 12 to 16 points
10.34-10.36 10.3810.66-10.68 10.46-10.41
10.5310.55for the day. Wall Street commission houses were active
buyers and there were buying orders from Europe, India
and portions of the Far East. A further sharp decline
In the dollar stimulated the demand. The trade was a
good buyer. Much of the early buying was believed to
10.41-10.54 10.57-10.68 10.66-10.79 10.68-10.78 10.67-10.90 10.60-10.81
have been speculative. There was some liquidation of
10.53n
10.5710.88-10.90 10.66 10.71 -10.73December and New Orleans sold on the differences. The
n Nominal.
Census Bureau made the consumption, exclusive of linters,
Range of future prices at New York for week ending
503,873 bales in October against 499,486 in September and Nov. 17 1933 and since trading began
on each option:
501,893 in October last year. This makes the total for
three months of the present season 1,591,929 bales com- Option for
Range for Week.
Range Since Beginning of Option.
pared with 1,399,132 in the same period last year. Cotton
Nov. 1933__
10.50
held in consuming establishments on October 31 amounted Dec. 1933-_ 9.75 Nov. 11 10.20 Nov. 6.50 Feb. 21 1933 12.20 July 21 1933
16 6.30 Feb. 6 1933
July 18 1933
to 1,561,190 bales against 1,160,457 on September 30 and Jan. I934__ 9.83 Nov. 11 10.30 Nov. 16 6.35 Feb. 6 1933 12.25 July 18 1933
Feb. 1934_
6.62 Feb. 24-1933 9.92 Aug. 28 1933
1,267,181 on October 31 last year. Liverpool closed 4 to 5 Mar. 1934__ 9.97 Nov.
11 10.43
16
Mar. 28 1933 12.39
18 1933
points net lower. On the 15th inst. a sharp decline in the Apr. 1934__ 10.27 Nov. 17 10.43 Nov. 17 6.84 May 22 1933 10.43 July 17 1933
Nov.
Nov.
8.91
dollar caused an upturn in prices but on the advance May 1934_ 10.10 Nov. 11 10.58 Nov. 16 9.13 Oct. 16 1933 12.52 July 18 1933
June 1934
liquidation and other selling appeared causing a reaction July 1934__ 10.22 Nov. 11 10.69 Nov. 16 9.27 Oct. 16 1933 11.78 July 27 1933
which left the list 1 to 3 points higher. It was a nervous Aug. 1934..
1934__
market with prices fluctuating over a range of about 10 Sept. 1934_ 10.41 Nov. 1110.90 Nov. 16 10.05 Nov. 6 1933 10.90 Nov. 16 1933
Oct.
to 15 points. The weakness in Government bonds and
THE VISIBLE SUPPLY OF COTTON to-night, as made
wheat caused selling near the close. Trading fell off somewhat from the previous session. The Government quoted up by cable and telegraph, is as follows: Foreign stocks as
the price of gold unchanged and this offset steadier Liver- well as afloat are this week's returns, and consequently
pool cables. Wide attention was given to the announcement all foreign figures are brought down to Thursday evening.
of a change in the personnel of the Treasury Department. But to make the total the complete figures for to-night
December liquidation was again in progress, but it was well (Friday) we add the item of exports from the United States,
absorbed by trade and spot interests. Many old longs including in it the exports of Friday only.
Nath 171933.
1932.
1931.
1930.
sold to await more settled conditions. There was con- Stock at Liverpool
bales.. 764,000 641,000 596,000 663,000
siderable profit taking which was only natural after an Stock at London
Stock at Manchester
76,000 100,000 132.000 128,000
Improvement of nearly $4 a bale in the last week.
On the 16th inst. the market was feverish and prices
Total Great Britain
840,000 741.000 728.000 791,000
Stock at Hamburg
moved irregularly responding only partially to fluctuations Stock
at Bremen
521,000 443,000 228.000 455.000
In the dollar. Liquidation was quite active early in the Stock at Havre
222,000 193,000 193,000 232,000
22,000
8,000
9,000
28,000
session, especially in December and during most of the Stock at Rotterdam
Stock at Barcelona
76,000
65.000
67,000
83.000
day the trading was made up largely of switching from
Stock at Genoa
84,000
44,000
146,000
34.000
December to later deliveries. Rumors that an exchange Stock at V en,ce & Mestre
15,000
6,000
had been made between leading interests and the Govern- Stock at Tr.este
Total Continental stocks
ment by which the Government agencies would give up
1,014,000 807,000 540.000 813.000
contracts covering a large amount of cotton in exchange
Total Continental stocks
1.854,000 1,548,000 1,268,000 1,604,000
for spot staples attracted considerable attention late in India cotton afloat for Europe--- 52,000 75,000 46.000 59.000
American cotton afloat for
the day. These rumors lacked confirmation, but the gen- Egypt,Brazil,&c.,art,for Europe 568,000 581.000 585.000 682,000
Europe 98.000
72.000 141.000
95.000
eral belief was that such an operation would be logical, and Stock in Alexandria, Egypt
416,000 552,000 727,000 639,000
Stock in Bombay. India
558,000 529,000 405,000.
If completed would enable the Government to extend
Lock in U. S. ports
a
3,972,374 4,656,203 4,730.258 4,009,633
loan of 4c. a pound to holders of options given by the Stock in U. S.interior towns
2.151,371 2,248,953 2,176.891 1,712,633
Government in compensation for part of the cotton crop U. S. exports to-day
40,710
50,903
23.423
plowed up early in the season. Both the domestic and
Total visible supply
9,720,648 10285.579 10119,859 9,191.266
foreign trade bought and late in the day the market beOf the above, totals of American and other descriptions are as follows:
American
came more active and prices advanced about $1 a bale
Liverpool stock
412,000 320,000 227,000 288.000
from the early lows on renewed outside buying inspired Manchester stock
39.000
54,000
38.000
56,000
by stronger stock and grain markets. Southern reports Continental stock
930,000 752,000 468.000 639.000
American afloat for Europe
568,000 581,000 585,000 682,000
stated that advancing prices had resulted in more offer- U. S. port stocks
3,972,374 4,656,203 4,730,258 4,009,633
ings at interior points, especially of the longer lengths, U. S. interior stocks
2,151.371 2,248.953 2,176,891 1,712,633
50,903
23,423
40.710
and that farmers were less inclined to take up the 10c. U. S. exports to-day
Total American
loan with the market now above the 10c. level. The spot
8,123,648 8,635,579 8.265,859 7.387.266
Bast Indian,
basis was very firm. Liverpool was active, but 10 to 20 Liverpool stockBrazil, ltc.352,000 321.000 369.000 375,000
points lower.
London stock
To-day prices ended 20 to 24 points lower owing to Manchester stock
37,000
46,000
94,000
72,000
Continental stock
84,000
55,000
72,000 174.000
weakness in outside markets, foreign currencies and un- Indian afloat for Europe
52,000
75.000
46.000
59,000
Egypt, Brazil, &c.. afloat
confirmed reports of probable stabilization of the dollar. SIOCIC
98,000
72,000 141,000
95.000
in Alexandria, Egypt
416,000 552,000 727,000 639,
At one time prices were down about $1.50 a bale, but later Stock in Bombay, India
558,000 529,000 405,000 390,
part of these losses was recovered. Support was lacking
Total East India, &c
1,597,000 1,650.000 1,854,000 1.804,000
owing to disappointing Liverpool cables and a lack of conTotal American
8,123,648 8,635,579 8,265,859 7,387,266
firmation of the numerous reports in circulation regarding
Total visible supply
the monetary situation. While selling was not heavy, it Middling uplands, Liverpool- 9,720,648 10285.579 10119,859 9,191,266
5.13d.
5.61d.
4.89d.
5.98d.
was more than the market could stand. Wall Street and Middling uplands, New York
10.20c.
6.35c.
6.20c. 10.85c.
Egypt, good Sakel, Liverpool -6.93d.
local operators were buying while the South, New Orleans, Peruvian, rough
8.88d.
8.60d. 10.656.
good. LiverpoolLiverpool and spot interests sold. Worth Street reported Broach. fine. Liverpool
4.23d.
5.31d.
4.51d.
4.656.
Tinnevelly, good,
Liverpool
4.81d.
5.446.
4.84d.
5.656.
Continental imports for past week have been 175,000 bales.
The above figures for 1933 show an increase over last
week of 118,607 bales, a loss of 564,931 from 1932, a
decrease of 399,211 bales from 1931, and a gain of 529,382
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. 18 1932.
Movement to Nov. 17 1933.
Receipts.
. Ship- Stocks
meats. Nov.
Week. Season. Week. 17.
Towns.
Receipts.
Week. Season.
Ship- Stocks
meats. Nor.
Week. 18.
Ala.,Birming'm 2,584 17,561 1,6391 14,603 1,527 15,012 2.078 9,476
234 6,983
5,48
415
249
Eufaula
5,564 1,056, 5,902
451 52,043
78. 20,734
456 23.090 2,925' 41,878
Montgomery
93 66,113
46,690
797 33,205 1,249: 48,964 3,16
Selma
Ark.,Blytheville 7,760 87,847 5,989 68,227 13,979 138,307 6,599106.311
680 14,995 1,208 15,019 1,033 23,456
Forest City
1,297 12,321
Helena
2.572 33,380 1,437 33,953 3,447 54,91, 2,2061 51.467
368 34,454
Hope
1,860 39,734 2,762 22,756 1,077 40,020
532 6,849
9,103
Jonesboro__ _ 3,494 17,599 1,134 13,379 1,10
Little Rock_ 6,523 67,944 4,362 56,905 5,082 76,616 4,505 70,022
948 21,295 1,616 33,511 2,4241 32,074
1,274 22,090
Newport _
74,576 2,9371 72,533
6,473 75,338 . 2,624 50,935 6,41
Pine Bluff
Walnut Ridge 4,789 35,914 2,387 28,865 3,471 49,412 3,1851 29,966
100 3,218
1,21.
46 7,6358
9.805
101
Ga., Albany
725 48,694
755 20,665 1,025 55,145 1,76, 14,654
Athens
33,202
5211142,343
4,610 29,341 1,633 182,271 5,67
Atlanta
69,503 1,2401118,302
3,926 100,314 2,379 145,783 2,691
Augusta
430 14,871 1,518 10,957 1,041 25,609
7,350
750
Columbus
336 14,236
896 34,332
3941 41.198
325 11,016
Macon
5001 11,247
6,621
951
500 7,950
7,263
965
Rome
59,936 1,539 85,902
La., Shreveport 2,726 44,253 1,145 48,310 2,0 I
Mtss.,Clarksdale 5,444 95,066 4,039 69,461 5,189 87,548 5,462 85,619
204 11.725
8,628
196 13.136 1,198
Columbus.... 1,240 12,155
Greenwood. _ 5,676 120,529 5,546105,340 6,456 95,611 4,355116,559
600 21,718 1,327 26,869 1,419 33,378
22,354
1,000
Jackson
1001 7,924
5,967
3001
3 4,244
2,679
580
Natchez
94 23,834
860 12,206 1,546 24,040
Vicksburg _ .._ 1,1211 14,243
27,859 1,266 31,697
748 26,086 1,588 20,831 1,821
Yazoo City
112
549 5,446 54,076 5,466
Mo., St. Louis_ 7,522 63,465 7,361
5,659 1,216 13,187
1 17,448 1,3
2,438
249
N.C..Greensb'ro
Oklahoma
15 towns.- 52,968 512,044 29,387214,977 48,69 471,131 40,275211,364
S.C., Greenville 6,328 55.260 3,257 91,312 4,226 36,317 1,479 71,667
Tenn.,Memphis 79,481 781,236 63,907562,089 70,239 790,498 67,756498,434
37,698 8.025 2,808
Texas, Abilene. 2,599 44,925 2,195 5,266 8,76
799 3,951
587 17,545
843 4,977
825 16,586
Austin
287 9,901
401
13,669
230 8,794
295 24,651
Brenham___ _
58,033 2,304 22,376
67,296 2,643 20,261 3,92
4,490,
Dallas
36,469 1,252 16,993
2,600' 43,039 2,220 16,798 1,71
Paris
853
246
6,210
6
143 1,403
5,019
35
Robstown
9435I
792
184
119
557
100
9,048
100
San Antonio_
212 28,102
Texarkana_ _ 1,694 20,538 1,530 17,939 1,5771 32,577j
3,672 73,065 2,334 23,111 2.6881 55,432 2,093 19,417
Waco
Total. 56 towns 232.953 2.713.316 166,229 2151371 225.763 2.690.984 178.0392248953
Includes the combined totals of 15 towns in Oklahoma.
.
The above totals show that the interior stocks have
increased during the week 70,132 bales and are to-night
97,582 bales less than at the same period last year. The
receipts at all the towns have been 7,190 bales more than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Nov. 17 for each of the past 32 years have been as follows:
1933
1932
1931
1930
1929
1928
1927
1926
Nov. 18 1933
Financial Chronicle
3694
10.20c. 1925
6.40c. 1924
6.40c. 1923
11.10c. 1922
17.75c. 1921
19.70c. 1920
19.75c. 1919
13.10c. 1918
29.60c.
20.20c.
11.70c.
7.50c.
13.80c.
12.20c.
9.50c.
14.50e.
21.10c.1917
24.30c. 1916
34.70c. 1915
25.80c. 1914
17.20c. 1913
18.75c. 1912
39.65c. 1911
28.75c. 1910
14.90c.
9.45c.
10.80c.
11.00c.
11.05c.
10.05c.
11.30c.
8.35c.
1909
1908
1907
1906
1905
1904
1903
1902
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.
Saturday__ _
Monday --Tuesday - - WednesdayThursday _ _
Friday
SALES.
Futures
Market
Closed.
Spot. Contr'ct Total.
Steady, unchanged_ Steady
Steady, 5 pts. adv.. _ Barely steady_ Steady, 15 pts. adv_ Steady
Quiet, unchanged. _ Steady
Steady, 15 pts. adv. Very steady _Barely sty.20 pts.dec Barely steady
382
400
382
400
782
782
28,838 61.500 90.338
Total week_
Since Aug. 1
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
Nov. 17Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
, Via other routes, &c_
Total gross overland
Deduct Shipments
Overland to N. Y.. Boston, &c
Between interior towns
Inland, Stc.,from South
Total to be deducted
Leaving total net overland *
933
Since
Week. Aug. 1.
63,156
7,361
49.722
5,936
393
93
4,261
443
57,484
3,712
30,164 108,256
47.709
283,272
32,681
211,196
601
279
5,382
11,869
4,081
66,571
134
197
3,250
7.176
3,007
47.694
6,262
82,521
3.581
57.877
41,447
200,751
29,100
153,319
* Including movement by rail to Canada.
-----1932-----Since
Week. Aug. 1.
64,753
5,466
1,306
465
100
100
4,396
765
52,497
3.700
98,144
22,185
The foregoing shows the week's net overland movement
this year has been 41,447 bales, against 29,100 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 47,432 bales.
1932
1933
Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
4,118,528 425,222 4355,091
Receipts at ports to Nov. 17 - __..257,126
29,100
153,319
200,751
41,447
Net overland to Nov. 17
Southern consumption to Nov. 17 106,000 1,691,000 105,000 1,579,000
404,573 6,010,279 559,322 5,887310
Total marketed
47,352
900,248
959,507
70,132
Interior stocks in excess
Excess of Southern mill takings
50,540
28,881
---over consumption to Nov. 1
Came into sight during week
Total in sight Nov. 17
......474.705
606,674
6,838,198
6,998,667
North.spinn's' takings to Nov. 17 42,771
394,528
42.357
320.975
* Decrease.
Movement into sight in previous years:
Bales.
7,805,219
8,779,903
8,884,597
Since Aug. 1Bales.
634,354 1931_
480,908 1930.
451,530 1929-
Week1931-Nov. 15
--Nov. 13
1930
-Nov. 12
1929
QUOTA.TIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton on
Week Ended
Nov. 17.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Montgomery- - Augusta
Memphis
Houston
Little Rock_ _ _
Dallas
Fort Worth.. _ _ _
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
9.75
9.78
9.63
9.85
9.90
9.45
9.84
9.55
HOL.
9.47
9.45
9.45
9.75
9.82
9.70
9.90
9.95
9.55
9.90
9.60
9.75
9.54
9.50
9.50
9.85
9.91
9.82
10.03
10.13
9.70
10.03
9.70
9.90
9.67
9.65
9.65
9.90
9.94
9.90
10.05
10.13
9.75
10.05
9.75
9.90
9.70
9.70
9.70
10.05
10.08
10.05
10.19
10.29
9.90
10.19
9.90
10.05
9.84
9.85
9.85
9.85
9.94
9.85
9.99
10.10
9.75
9.99
9.70
9.85
9.64
9.65
9.65
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Nov. 11.
Monday.
Nov. 13.
Tuesday, Wednesday, Thursday,
Nov. 16.
Nov. 14. Nov. 15.
Friday
Nov. 11
Nov (1933)
10.13-10.14 9.94- 9
December_ 9.83- 9.87- 9.96- 9.97 9.9910.06 Bid. 10.08 Bid. 10.22 Bid 10.04 Jan.(1934) 9.92 Bid. 9.95February _
10.23-10.24 10.38-10.20 March__ 10.07-10.08 10.12-10.13 10.22April
10.5040.51 10.32 10.3810.19-10.20 10.25-10.27 10.36May
June
10.50-10.51 10.63-10.45 bh
1038b1040a 10.4810.34July
- .
August
September
10.69 Bid. 10.83 Bid 10.64 bt
October - 10.49 Bid. 10.57 Bid. 10.65ToneSteady.
&each
Steady.
Steady.
Steady.
Steady.
ipot
Steady.
&each
Steady.
Steady.
Steady.
Options._ _ Steady.
CENSUS REPORT ON COTTONSEED OIL PRODUC-Persons interested in this
TION DURING OCTOBER.
report will find it in the department headed "Indications
of Business Activity," on earlier pages.
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on.
ON HAND, dm, IN OCTOBER.
Nov. 14 by the Census Bureau, will be found in an earlier
part of our paper in the department headed "Indications of
Business Activity."
NEW YORK COTTON EXCHANGE ELECTS MEM-Everett R. Cook of Memphis, Tenn., was elected
BER.
on Nov. 13 to membership in the New York Cotton Exchange. Mr. Cook is a partner in the firm of Cook & Co.,
cotton merchants. He is also a member of the New Orleans
Cotton Exchange and the Memphis Cotton Exchange.
-Reports
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph this evening indicate that the temperatures
during the week in the Cotton Belt have been unseasonably
low. Rainfall has been mostly light and scattered. though
in a few localities precipitation has been heavy. The
cotton crop is mostly gathered.
-It has been dry all week and picking is about
Memphis.
completed.
Thermometer
Galveston, Tex
Amarillo, Tex
Austin, Tex
Abilene, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
Houston, Tex
Palestine. Tex
San Antonio, Tex
Oklahoma City, Okla
Fort Smith, Ark
Little Rock, Ark
New Orleans, La
Shreveport, La
Meridian, Miss
Vicksburg, Miss
kobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa, Fla
Savannah, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S. C
Asheville, N. C
Rain. Rainfall.
1 day 3.35 in.
dry
dry
dry
3 days 0.10 in.
dry
dry
dry
2 days 1.38 in.
1 day 0.01 in.
dry
dry
dry
dry
dry
1 day 0.05 in.
dry
dry
dry
dry
dry
1 day 0.40 in.
dry
dry
dry
14 in.
1
dry
day'
0.12 in.
1 day
dry
1 day 0.40 in.
1 day 0.01 in.
high 75
high 72
high 82
high 82
high 82
high 80
high 80
high 82
high 78
high 80
high 84
high 76
high 76
high 74
high 76
high 78
high 74
high 74
high 73
high 70
high 70
high 72
high 80
high 72
high 76
high 73
high 68
high 72
high 72
high 71
high 64
low 52
low 32
low 42
low 42
low 56
low 50
low 44
low 46
low 50
low 44
low 52
low 36
low 36
low 34
low 48
low 40
low 32
low 42
low 39
low 36
low 36
low 38
low 56
low 44
low 46
low 36
low 30
low 26
low 24
low 35
low 16
mean 61
mean 52
mean 83
mean 62
mean 69
mean 65
mean 62
mean 64
mean 69
mean 62
mean 68
mean 56
mean 56
mean 54
mean 60
mean 59
mean 53
mean 58
mean 56
mean 53
mean 53
mean 55
mean 68
mean 58
mean 61
mean 54
mean 49
mean 49
mean 48
mean 53
mean 40
Financial Chronicle
Rain. Rainfall.
1 day 0.10 in.
1 day 0.48 in.
1 day 0.28 in.
dry
dry
dry
Charlotte, N. C
Raleigh, N. C
Wilmington, N. C
Memphis, Tenn
Chattanooga, Tenn
Nashville. Tenn
Thermometer
high 69 low 28 mean 45
high 70 low 24 mean 47
high 70 low 28 mean 49
high 69 low 31 mcnn 48
high 68 low 26 mean 47
high 66 low 24 mean 45
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:
Nov. 17 1933. Nov. 18 1932.
Feet.
Feet.
Above zero of gauge.
1.0
2.4
Above zero of gauge
2.9
7.9
Above zero of gauge_
9.1
9.7
Above zero of gauge_
5.3
2.6
Above zero of gauge_
5.9
8.8
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
-
Receipts at Ports.
1933.
I
Stocks at Interior Towns. IReceiptsfrom Plantations
1932. 1931. 1 1933.
1932.
1931. 1933.
1932. 1 1931.
Aug.
18__ 103,437 85,716 49,406 213,9731,293,783 743,005 82,275 66,032! 36,901
25-- 142.921 111,142 80.8091,109,002 1,269,523 734,805 121,850 86,882, 72,600
Sept.
I
I__ 206,619 54,553126,962 1,111,525 1,261,495 725,430 209,142146,525 117,587
8-- 188,48 183,676167,441 1,118,779 1,271,735 728,548 195,738193,916 170,559
15-- 276,295235,434241,800 1,152,2141344,300 749,914309,710307,999 263,246
22-- 328,745225,127322,698 1,231,5021,452,801 811,978 408,033 356,228 384,682
29_ _ 406,645322,464445,906 1,366,5891,571,911 945,683541,732441,5741579,611
Oct.
6__ 401,83 311,264 517,721 1,502,7651,695,492 1,141,662 538,013123,5811713,700
13__ 376.794347,025519,398 1,657,587 1,802,899 1,349,792 531,616454,432727,528
20__ 376,859395,485380,9801,755,2781,889,862 1,559,483504,550 482,448590,671
27__ 348.464387,507453,232 1,881,9102,030,251 1,750,430 445,0961527,8961644,179
Nov. 1
3__ 313,111 404,069403,664 1,986,737 2,133,2831,905,108 417,9381507,1011559,202
10._ 275,657377,879417,1182,081,239 2,201,601 2,052,0M 370,160 446,197,564,084
17_ -257,126425,222402.386 2,151,379 2,248,9532,176,891 327,258 472,574527,239
3695
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
Nov. 15.
1933.
1932.
1931.
410,000
2.863,209
Receipts (cantars)This week
Since Aug. 1
290,000
1,821.234
390,000
3,040.665
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (Bales)-
To Liverpool
65.655 7,000 30,255
To Manchester,&c
9,000 50,666 5,000 28,085
To Continent and India.. _ 18,000 148,122 8,000 127.260
To America
2,000 17,564 2,000 8.835
8,000 62,047
7,000 44.465
11,000 162,899
1,000 5,300
Total exports
29,000 282,007 22,000 194,435 27,000 274,711
Note.
-A cantor is 99 lbs Egyptian bales weigh about 750 lbs
This statement shows that the receipts for the week ended Nov. 15 were
410,000 cantars and the foreign shipments 29,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and in cloths is steady. Demand for India is
improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
1932.
1933.
834 Lbs. Shill- Cotton
329 Cop ings, Common MiddIg
Twist.
to Finest.
UpIds
d.
Aug.-
9 @1034
8,10 934
8%010
8% Q10
8%010
Sept.
-
84
84
84
83
83
84
84
831 Lbs. Shirt Cotton
32s Cop ings, Common Mtddl's
Twist.
Uprds.
to Finest.
d. s. d.
s. d.
s. d.
d. s. d.
sq@io
8%@10
ggs GOOD es000 SO
Volume 137
d.
d.
6
6
5.66
5.53
834(410 83 @86
9%@11.% 87 @90
6
5
5
6
6
5.60
5.38
5.47
5.42
5.60
87
85
83
83
83
@92
@90
@86
@86
@86
d.
5.76
6.45
6.57
6.38
5.88
6.07
5.73
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 5,073,040 bales; Oct.
811 ig110
83 @ 8 6
5.79
6
5.44 9341511
84
in 1932 were 5,000,061 bales and in 1931 were 5,955,280
5.64
6
5.44 9 @1031 83 @86
8,10 9% 8 4
bales. (2) That, although the receipts at the outports the
5.46
5.51 831151034 83 @ 8 6
8,1@ 9% 8 4
6
5.62
6
5.54 831(4.1031 83 (41 8 6
8%(91 9% 8 4
past week were 257,126 bales, the actual movement from Nov.
plantations was 327,258 bales, stock at interior towns
5.43 81101411 83 (4) 8 6
5.39
8.11@ 9% 84
5.31 81i0101, 83 @ 8 6
8%010 84
5.60
6
having increased 70,132 bales during the week. Last ye tr
5.13 9 @10,1 83 ig 8 6
5.61
6
8,10 9,1 84
receipts from the plantations for the week were 472,574
bales and for 1931 they were 527,239 bales.
SHIPPING NEWS.
-As shown on a previous page, the
WORLD'S SUPPLY AND TAKINGS OF COTTON.
- exports of cotton from the United States the past week have
The following brief but comprehensive statement indicates reached 199,182 bales. The shipments in detail, as made
at a glance the world's supply of cotton for the week and up from mail and telegraphic reports, are as follows:
since Aug. 1 for the last two seasons from all sources from HOUSTON-To Japan-Nov. 10-Bradglen, 5,879_ _Nov. 14- Bales.
Asuka Maru,5,996_ _ _Nov.16
-Rio de Janeiro Marti,3,318 15,193
which statistics are obtainable; also the takings or amounts
To Genoa-Nov. 13-Silksworth, 12,700_ _ _Nov. 15
-Liberty
gone out of sight for the like period:
Bell, 550
13.250
Cotton Takings,
Week and Season.
1933.
Week.
1932.
Season.
Week.
Season.
Visible supply Nov. 10
9,602,041
10,012,758
Visible supply Aug 1
7,632,242
7.791,048
American in sight to Nov. 17606,674 6,838,198
474,705 6,998,667
Bombay receipts to Nov. 16-158,000
11,000
16,000
303.000
Other India ship'ts to Nov. 16
125,000
6,000
169,000
20.000
Alexandria receipts to Nov.15
58,000
344,000
82,000
573,400
Other supply to Nov.15 *b..-13.000
180,000
17,000
174.000
Total supply
Deduct
Visible supply Nov. 17
10,197,746 15,695,309 10,721,432 15,581,246
9,720,648 9,720,648 10,285,579 10,285,579
Total takings to Nov.17-a
435,853 5,295,667
477,098 5,974,661
Of which American
372,098 4,717,261
347,853 4,100,667
Of which other
105.000 1.257,400
88.000 1,195.000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,691,000 bales in 1933 and 1,579,000 bales in 1932
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 4,283,661 bales in 1933 and 3,716,667 bales in 1932, of
which 3,026,261 bales and 2,E21,667 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1 as cabled, for three years, have been as follows:
1933.
Bombay
1932.
1931.
Since
Week. Aug. 1.
Nov. 16.
Receipts at
-
Since
Week. Aug. 1.
Since
Week. Aug. 1.
16,000
158,000 11,000 303,000 19,000
Exports
from
-
208,000
Since Aug. 1.
For the Week.
Great
Great Conti- Japan&
Britain. neat. China. Total. Britain.
Conti- Japan &
China. Total.
nent.
Bombay
1933
1932
1931
Oth.India
1933
1932
1931
5,000 20,000 25,000
1,000 6,000 7,000 14,000
3,000 33,000 36,000
10,000 101,000 70,000 181,000
7,000 75,090 172,000 254,000
6,C00 65,000 349,000 420,000
2,000 4,000
1,000 19,000
2,000 6,000
44,000 115,000
28,000 97,000
34,000 79,000
Total all
1933
1932
1931
2,000 9,000 20,000 31,000
2,000 25,000 7,000 34,C00
2,000 9,000 33,000 44.000
6,000
20,000
8,000
159,000
125,000
113,000
54,000 216,0001 70,000 340,000
35,000 172,000 172,000 379,000
40,000 144,000 349,000 533,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
5,000 bales. Exports from all India ports record a decrease
of 3,000 bales during the week, and since Aug. 1 show a
decrease of 39,000 bales.
To Malaga-Nov.15
-Mar Blanco,600
600
To Barcelona-Nov. 15
-Mar Blanco, 3,045
3,045
To Venice-Nov.15
-Liberty Bell,300
300
To Trieste-Nov.15
-Liberty Bell-1,148
1,148
To Bremen-Nov. 14-Bockenheim,4,217; Endicott.6,434_ 10,651
To Gdynia-Nov.14-Bockenheim,2,093_ _ _Nov.13
-Topeka,
7,003
To Hai;nburg-19civ. 14-Bockenheim,53
To Guayaquille-Nov. 15
-Velma Lykes,200
200
To Liverpool-Nov.13
-Minnie de Larrinaga,3,366
3,366
To Manchester-Nov.13
-Minnie de Larrinaga, 1,381
1,381
To Oporto
-Nov. 14
-Endicott,300
300
To Havre
-Nov. 13
-San Mateo, 1,919
1.919
-San Mateo, 2,545; Topeka,1,644
To Dunkirk
-Nov.13
4,189
To Ghent
-San Mateo. 99
-Nov. 13
99
To Gothenburg
-Nov. 13
-Topeka, 200_ _ -Nov. 14-Mexicano, 958
1,158
To Oslo-Nov.14-Mexicano,200
200
To Copenhagen-Nov.14-Mexicano,531
531
-To Genoa-Nov.10
-Liberty Bell, 1,678...... 1,678
CORPUS CHRISTI
-Liberty Bell,313
To Venice-Nov.10
313
To Trieste-Nov. 10-Liberty Bell,600
600
To Dunkirk-Nov.11-Topeka,900
900
To Gydnia-Nov. 11-Topeka,418
418
To Drammen-Nov, 11-Topeka. 100
100
100
To Bergen
-Nov. 11-Topeka. 100
2,795
To Japan-Nov.10
-Hartlepool,2,795
GALVESTON-To Bremen-Nov. 10-Wildenfels, 6,431_ _ _
11,401
Nov.15
-Endicott,4,970
-Nov. 15
-Minnie de Larrinaga, 6,002
6.002
To Liverpool
-Delaware,961_ _ _Nov.11-Cardonia.
To Rotterdam-Nov.9
2,288
1.327
-Minnie de Larrinaga,3,092
3.092
To Manchester-Nov.15
-Delaware,473_ _ _Nov. 11-Taurus,
To Copenhagen-Nov.9
-Topeka,100
1,974
892-- _Nov. 13-Mexicano,509_ __Nov.15
To Dunkirk-Nov.15
-Topeka,706; San Mateo,1,402
2.108
To Gdynia-Nov.9
-Delaware,1,074_ __Nov.15-Topeka,854 1.928
To Japan-Nov. 10-Asuka Maru, 2,954; Nankai Maru, 450
_Nov. 14-Bradglen, 4.321
7.725
To China-Nov.10
-Nankai Maru, 6,100
6,100
To Havre
-Nov. 11-Homeside, 11,813; Cardonia 2,120-....
Nov.15
-San Mateo 1,960
15,893
To Ghent
-Nov. 11-Cardonia, 450_ _Nov. 15
-San Mateo.
330
780
To Antwerp-Nov.11-Cardonia,300_ _ _Nov.15
-San Mateo,
100
400
To Genoa-Nov.14-Liberty Bell,322
322
To Venice-Nov.14-Liberty Bell,100
100
To Trieste-Nov. 15
-Liberty Bell, 150
150
To Gothenburg
-Nov. 11-Taurus, 1,509_ --Nov. 13-Mexi_=
.
P a, ,
3,336
.
CHARLESTON-To Antwerp-Nov.10-Nailsea Court,229
229
To Bremen-Nov,11-Lackenby,4,550
4,550
To Hamburg-Nov.11-Lackenby,215
215
NEW YORK-To China-Nov. 10
-Javanese Prince, 300
300
NEW ORLEANS
-To Genoa-Nov.9-Montello 1,525
1,525
To Japan-Nov. 10
-Hanover, 1,500_ - _Nov. 11-Rio de
Janeiro Maru, 2,951_ _ _Nov. 13
-King City, 1,937Nov. 14-Bromcville, 6,341
12.729
To China-Nov.10
-Hanover,500_ __Nov. 13
-King City,975 1,475
To Liverpool
-Nov.10-Edgehill 9,749
To Manchester
-Nov.10-Edgehill,4,505
4 505
,
To Venice-Nov. 13-Ida, 500
500
To Trieste-Nov. 13
-Ida, 1,851
1,851
To San Salvador-Nov.8
-Carrillo,50
50
To Porto Colombia-Nov.11-Zacana,200
200
NORFOLK-To Liverpool
-(7)
-Manchester Exporter, 125;
Clairton, 106
231
To Manchester-(?)-Manchester Exporter,250; Clairton, 325
575
3696
Financial Chronicle
SAVANNAH-To Antwerp-Nov. 15-Nailsea Court, 300
To Ghent
-Nov. 16-Nailsea Court. 100
MOBILE
-To Bremen-Nov. 6-Pa1atia, 310
To Japan-Nov. 10
-King City, 6,400
TEXAS CITY
-To Havre
-Nov.11-Cardonia, 165
To Ghent
-Nov. 11-Cardonia, 73
To Rotterdam-Nov. 11-Cardonia,696
LAKE CHARLES
-To Bremen-Nov. 11-Endicott,403
To Gdynia-Nov.11-Endicott,485
To Havre
-Nov. 14-Nemaha. 1,640
To Dunkirk-Nov. 14-Nemaha, 150
To Antwerp-Nov.14-Nemaha,200
To Ghent
-Nov.14-Nemaha, 163
To Japan-Nov. 15
-Hanover, 2,384
To China-Nov. 15
-Hanover, 2,900
SAN FRANCISCO-To Japan(7).8.540
(7)
To Australia(7), 100
(7);
To Manila(7). 100
(7):
To India(?),300
(7):
Bales.
300
100
310
6,400
165
73
696
403
485
1,640
150
200
163
2,384
2,900
8,540
100
100
300
199,182
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Oct. 27.
53,000
758,000
413,000
58,000
46,000
166,000
98,000
Forwarded
Total stocks
Of which American
Total imports
Of winch American
Amount afloat
Of which American
Nov. 3. Nov. 10. Nov. 17.
54,000
56,000
51,000
733,000 743,000 764,000
392,000 399,000 412,000
66,000
68,000
34,000
41,000
38,000
20,000
233,000 234.000 221,000
147,000 147,000 137,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday,
Tuesday.
Monday,
Market,A fair
business
Quiet.
12:15 1
More
doing,
P. M.
demand,
MId.I.Tpl'els
5.326.
5.276.
5.30d.
Wednesday. Thursday.
A fair
business
doing.
5.24d.
A good
business
doing.
5.11d.
Friday.
Moderate
demand.
5.13d.
Steady
Steady,
Steady,
Steady, steady,un- Steady,
Market { 2 to 4 pts. ch'ged to 1 3 to 5 pts. 3 to 5 pts. 4 to 6 pts. 20to 23 pts.
advance.
decline.
decline,
decline,
pt. dec.
opened l decline.
F14747es.r
Quiet, 14 to
Easy,
Quiet,
Market, I Steady, un- Steady,un- Steady,
4
ch'ged to 2 ch'ged to 1 4 to 5 pts. 10 to 11 pts 16 to 20 Ms 15 points
advance.
decline.
decline,
decline,
pt. adv.
P. M. I pts. dec.
Prices of futures at Liverpool for each day are given below:
Sat.
Nov. 11
to
Now 17.
Mon.
Tues.
Wed.
Thurs.
Fri.
12:1512:30 12:15 4:00 12:151 4:00 12:15 4:00 12:15 4:00 12:15 4:00
p. m.p. m.p. m p. m.p. m.lp. m.p. m.p. m p. m. p. m p. m.p. m.
.4.6,6
0010
.
.....000000000000
d.
d.
New Contract. d.
Dec.(1933)-------5.12 5.10
January (1934) __ __ 5.12 5.11
5.14 5.13
March
5.16 5.15
May
5.18 5.17
July
5.2l._ __
October
December
January (1935) __ __ 5.25.._ __
5.29._ __
March
May
July
d.
d.
d.
5.07 5.07 5.04
5.08 5.08 5.05
5.10 5.11 5.07
5.12 5.13 5.09
5.14 5.15 5.11
__ __5.17.,.. __
__ __ 5.20._ __
d.
d.
4.97 4.90
4.98 4.91
5.00 4.93
5.02 4.96
5.05 4.98
5.07.... __
5.l0_ __
d.
4.77
4.78
4.81
4.83
4.86
4.89
4.92
d.
4.92
4.93
4.96
4.98
5.01
____
____
d.
4.92
4.93
4.95
4.98
5.01
5.04
5.07
BREADSTUFFS
Friday Night, Nov. 17 1933.
-The situation showed little change. There was
FLOUR.
a somewhat better demand, but sales were still small.
Prices advanced in response to stronger grain prices.
-On the 13th inst. prices fluctuated nervously
WHEAT.
over a narrow range, and closed 1% to 1%c. higher, In relatively light trading. Routine news was generally bullish,
but monetary developments continued to be the dominating
influence. Commission houses bought early, owing to higher
sterling and another advance in the price of newly-mined
gold. Profit-taking developed on the bulges, and spreaders
were active sellers against purchases at Minneapolis. Eastern interests were good buyers on the declines. The visible
supply showed another fairly large decrease and the weather
was unfavofable over the winter wheat belt. Winnipeg
was % to %c. higher. Liverpool declined % to Yid. On
the 14th inst., after an early rise of more than 2c., prices
/
reacted towards the close and ended unchanged to 24c.
higher. Early buying was stimulated by a sharp advance
In sterling, but on the rise profit-taking and some outside
mill hedge selling set in, and prices receded and closed
near the low of the day. Volume of business continued
light, and small orders on either side of the market easily
affected the market. There was litle outside interest. Trading was largely a commission house affair. The monetary
situation was the dominating influence. Routine news was
Ignored. Winnipeg advanced % to lc., with exporters and
Eastern interests good buyers. There was a good export
demand for Canadian wheat, owing to unfavorable crop
reports from the Southern Hemisphere. Liverpool ended
Md. higher, owing to a better demand for spot wheat.
On the 15th inst. prices closed 2 to 2 c. lower, under
/
3
4
scattered selling by longs discouraged over the failure of
the outside public to respond to the 'bullish monetary situation. The Government quoted newly-mined gold unchanged,
and this checked buying to some extent. Trading was
light. Support was lacking. Liverpool was %d. lower.
Winnipeg ended % to 3 c. lower. Removal of hedges
4
/
against export sales of about 1,000,000 bushels caused the
relative strength at Winnipeg. On the 16th inst. prices
advanced sharply late in the session, and ended 1% to 2c.
higher, or at the best levels of the day, under aggressive
Eastern and local buying, stimulated by better cables than
due, a further decline in the dollar, and reports of heavy
sales of Canadian wheat for export. There was a better
Nov. 18 1933
outside interest. Heavy profit-taking developed on the
advance, but offerings were readily absorbed. The weather
continued dry over a wide area of the Southwest, and reports on the outlook for the new winter wheat crop were
unfavorable. Domestic milling demand was better, and
primary receipts continued light. Cash wheat was steady.
Winnipeg advanced 1% to 1%c., owing to a better export
demand, sales of 1,000,000 bushels being reported overnight,
mostly to the United Kingdom. Liverpool was % to %c.
higher. The Argentine exportable surplus was estimated at
140.000,000 to 150,000,000 bushels. Russian exports were
944,000 bushels, Danubian 419,000 bushels, and Argentine
808,000 bushels.
To-day prices declined 1%c., in moderately active trading.
The weakness in foreign exchange and other commodity
markets caused the heaviness, and there was also some
selling based on expectations of an increased movement from
th Northwest, with a modification of the North Dakota embargo. North Dakota, it is estimated, has about 60,000,000
bushels of spring and durum wheat. Crop news from the
Southern Hemisphere was again unfavorable, and dry
weather continued in the Southwest. Export sales of Manitoba wheats were estimated at about 500,000 bushels. Final
prices are Ihc. lower to %c. higher for the week.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
1074 108% 106% 1084 1063i
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
914 914 893i 913i 894
May
944 95
924 94% 924
July
92% 924 90% 92% 91
Season's High and When Made.
Season's Low and When Made.
July 18 1933 December- 674
December--.124
Oct. 17 1933
714
May
1281.i
July 18 1933 May
Oct 17 1933
94%
Nov. 14 1933 July
704
July
Oct. 17 1933
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
634 63% 64% 644 654 64
67% 674 684 67% 684 67%
May
July
684 684 69% 684 703i 69H
INDIAN CORN advanced % to lc. on the 13th inst., under
general commission house buying, influenced by the strength
in wheat and bullish Illinois crop reports. Cash interests
sold on the advance against purchases to arrive. The Illinois crop report said the yield to the acre, with the exception of 1930, is the lowest since 1901, and the acreage harvested the smallest since 1874, while production is the
smallest in 46 years. Total production in 45% less than
last year and 28% below average. The total United States
crop is 20% less than that of a year ago and about 9% below
average, the report said. On the 14th inst. prices closed
% to %c. higher, in sympathy with the advance in wheat.
Country offerings were extremely light, and cash interests
were buying futures. Many were holding aloof awaiting
further developments in regard to the Administration's
process scheme.
On the 15th inst. prices declined 1% to 1%c., in sympathy
with wheat. Demand was limited. According to a leading commission house, corn is much closer to an export
basis than any other grain. Country offerings to arrive
were small, and shipping demand was light. On the 16th
inst. prices ended 1% to 1%c. higher, on general buying
Inspired by reports that 21,000 bushels of United States corn
had been worked for export. Country offerings to arrive
Increased on the rise. To-day prices were influenced by
the trend in wheat, and the ending was lc. lower. Brokers
who usually act for Government agencies were buying.
Final prices show an advance for the week of % to %c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
634 63% 614 63
62%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Thurs. Fri.
December
484 48% 47% 45% 474
May
554 554 534 55% 54%
July
574 57% 55% 57% 56%
Season's High and When Made.
Season's LOW and When Made.
July 17 1933 December.- 374
December.... 77
Oct. 14 1933
May
82
July 17 1933 May
434
Oct. 14 1933
584
Nov. 14 1933 July
July
46
Oct. 14 1933
OATS on the 13th inst. gained % to %c., under buying
by commission houses said to be for investment accounts,
inspired by the strength of wheat. Cash interests were
fair buyers. Pressure was light. On the 14th inst. prices
ended unchanged to lhc. higher, in response to the advance
in wheat and buying by cash interests. There was some
profit-taking on the upturns. On the 15th inst. prices were
1% to Vhc. lower, owing to scattered selling influenced by
the weakness in other grain. Cash interests were buying
near deliveries on the setbacks. On the 16th inst. prices
ended % to 1%c. higher, or at about the best prices of the
season. The strength of other grain stimulated buying
Trading was slow, and most of the business was for professional account. To-day prices followed those of wheat
and closed % to %c. lower. Final prices are Mc. lower
to %c. higher for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
45
45
434 441 43%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
364 364 34R 35% 31
394 3914 38
May
39
38
July
384 3814 37
384 37
Season's High and When Made.
Season's Low and When Made.
December- 52
July 17 1933 December... 25
Oct. 17 1933
May
July 17 1933 May
56
284
Oct. 171938
July
Oct. 3 1933 July
4014
2734
Oct. 17 1933
Financial Chronicle
Volume 137
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
December
31% 31% 31%
May
33% 33% 34
IN WINNIPEG.
Wed. Thurs. Fri.
31% 31% 30%
34% 34% 33%
RYE advanced 1 to 1%c., under good buying by commission houses and local operators. There was some recession
from the peak on profit-taking, but the market displayed
a firm tone. On the 14th inst. futures closed unchanged to
14c. higher. Distillers were buying cash wheat. Commis/
sion houses gave support on the setbacks. On the 15th inst.
prices declined 1% to 1%c., in response to the weakness in
other grain. Trading was quiet. On the 16th inst. prices
4c., in sympathy with other grain. Comadvanced 13 to 13
mission houses were good buyers, and there was a fair
demand from Eastern interests. Pressure was light. Today prices declined % to 1%c., in response to weaker markets for other grain. Final prices show a rise for the week
of % to %c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
61% 61% 603
61% 60
$
May
68% 68% 67
68% 67
July
6734 6754 6634 6834 67
Season's High and When Made.
Season's Low and When made.
December__ _111%
July 19 1933 December--- 44
Oct. 17 1933
May
July 19 1933 May
116%
41
Oct. 17 1933
July
Oct. 25 1933 July
694
Oct. 17 1933
1s234
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
44
4434 4534 4434 4534 44
May
4734 4734 4834 4834 49
48
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
49
4934 4734 47
4531
May
5431 5434 5234 5231 51
July
5531 5534 5334 5331 52
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
3531 3534 3534 36
3634 3434
May
3834 3851s 3834 3834 3434 3331
Closing quotations were as follows:
GRAIN
Wheat New YorkOats, New York
No.2 red, c.i.f.. domestic--10634
No. 2 white
43%
Manitoba No.I.f.o.b. N.Y.. 7574
No. 3 white
42%
Rye.No.2,f.o.b.bond N.Y_
53
Corn. New YorkChicago. No.2
nom'l
No.2 yellow, all rail
6294 Barley:No.3 yellow.all rail
N.Y..47% lbs. malting_
6234
5734
Chicago. cash
45-72
FLOUR.
spring pate., high protein $69047.20 Rye flour patents
$5 00-$5.25
spring patents
6.80- 7.10 Seminole, bbl., Nos. 1-3 8.25- 8.75
Clears, first spring
6.35- 6.65 Oats goods
2.50
winter straights
Soft
5 90- 6.40 Corn flour
1.90
Hard winter straights
6.70- 6.60 Barley goods
Hard winter patents
6.90- 7.10
Coarse
4.00
Hard winter clears
6.05- 6.20
Rana Dearl.Noa.2.48t7 5.50- 5.70
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour. I
Wheat.
Corn.
I
Oats.
Rye.
I Barley.
bls.19615s.bush.60 lbs. bush. 56 lbs:bush. 32 lbs. bush.481bs.lbush.561bs.
Chicago
147,000
96,000 1,285,000
147,000 268,000 105,000
MInneaPolbsI461,000
121,000
117,000
80,000 336,000
Duluth
252,000
18,000
131,000
7,000
48,000
Milwaukee
11,0001
243,000
27,000
3,000
164,000
Toledo
111,000
24,000
138,000
23,000
Detroit
18,000
9,000
2,000
17,000
I
85,000
IndlanaPolls408,000
100,000
120,000
177,000
St. LOUIE - 146,010
60,000
2,000
2,000
32,000
76,000
294,000
Peoria
21,000
1,000
56,000
Kansa6 city
10,000
319,000
185,000
30,000
186.000
Omaha
240,000
16.000
15,000
118.000
St. Joseph23,000
71,000
Wichita
34.010
3,000
11,000
36,000
Sioux City..
2.000
3,000
2,138,000
760,000
Buffalo
55,000
-Tot. wk.'33.x
same wk. '32
Same wk. '31
320,000
371,000
485,000
4.021,000
6.608,000
7.037,000
3,930,000
3,351,000
3,405,000
834,000
617,000
982,000
418,000
62,000
165.090
731,000
700.000
568,000
Since Aug.14,930,0001 98,960,000 72,015,000 36,318,010 5,530,00021,449.000
1933
5,885,000 166,384,000 75,219,000 45,061,100 4,935,000 16,961,000
1932
7,431,000 168,621.000 44.265,000 32,165.000 3,116.00017,279,100
1931
a Figures for this week do not Include those of Saturday, Armistice Day. They
will be carried In next week's figures.
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Nov. 11, follow:
Receipts at
-1 Flour.
Wheat.
Corn.
I
Oats.
I
Rue.
I Barley.
bbis.1961bs bush.60 lbs. bush.56 lbs.bush. 32 lbs. bush.481bs. bush.5615s.
23,000
365,000
New York.- 81,000,
101,000
2,000
)
1,000
1,060
8,000
20,000
Philadelphia_
1,000
2,000
11.000
2
,000
6,000
34,000
Baltimore__ -83,000
Newport News
60,000
New Orleans *
21,010
24,000
8,000
Galveston_ _ 37,000
Montreal.
63,000 1,639,000
33,000
2,000
Boston
4,000
16,000
1,720,000
Quebec
Halifax
2,000
Tot. wk.'33.0 232,000 3,818,000
Since Jan.1'33 12,977,000 91.384,000
97,000
5,478,000
151,000
4,294,000
37,000
408.000
35,000
725,1100
453,000
324,000
26,000
108,000
6.027.000 11,133,000 8.076.000 11.225,000
Figures for this week do not Include those of Saturday, Armistice Day. They
will be carried In next week's Mutes.
• Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
Week 1932_
286,000 4,692,000
Since Jan.1'32 14,010,000142,234.000
The exports from the several seaboard ports for the week
ending Saturday, Nov. 11 1933, are shown in the annexed
statement:
3697
Exports from
New York
New Orleans
Galveston
Montreal
Quebec
Halifax
Corn.
Wheat.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels.
305,000
14,808
1,000
1,000
4,00C
8,000
9,000
1,639,000
63.000
37,000
1,720,000
2,000
Total week 1933__ 3,665,000
Same week 1932_ __ _ 4.301,000
1,000
464,000
45,000
293,000
92,868
67,569
17.000
Bushels.
33,000
33,000
108.000
The destination of these exports for the week and since
July 1 1933 is as below:
,
Flour.
Exports for Week
and Since
Week
Since
July 1 toNor. 11 July 1
1933.
1933.
Wheat.
Week
Nov. 11
1933.
Since
July 1
1933.
Corn.
Week
Nov. 11
1933.
-.
1
Since
July 1
1933.
Bushels. Bushels. Bushels.
Barrels. Barrels. Bushels.
United 3(ingdom_ 42,412 1.237.167 1,708,000 21.222,000
Continent
354,105 1,945,000 29,199,000
21,456
So.& Cent. Amer_
1,010
79,000
22,000
West Indies
26,000
13,000
1,000
318,000
1,090
23,000
Brit. No. Am.Col. 2,000
5,000
Other countries_ _ _
____
11,000
104,655
437,000
6,000
Total 1933
Total 1932_ _
92.868 2,040,927 3.665.000 50.950,000
1 413 054 4.301.000 77.580.000
67 569
29,000
1,000
464.000 2.372.000
The visible supply of grain, comprising the stocks in
granary at principal points cf accumulation at lake and
seaboard ports Saturday, Noz. 11, were as follows:
GRAIN STOCKS.
Corn,
Oats,
Wheat,
Rye,
Barley,
United Statesbush,
bush,
bush,
bush.
bush.
Boston
3,000
1,000
New York
243,000
295,000
88,000
2,000
" afloat
75,000
23,000
18,000
Philadelphia
455,000
17,000
63,000
54,000
7,000
Baltimore
36,000
18,000
1,606,000
69,000
4,000
Newport News
567,000
New Orleans
243,000
4,000
87.000
300,000
Galveston
568,000
Fort Worth
684,000
126,000
5.698,000
2,000
68,000
Wichita
44,000
2,231,000
18,000
Hutchinson
5,098,000
St. Joseph
4.781.0002,656,000
494,000
20,000
Kansas City
638,000
71,000
83,000
35,838,000 3.215,000
Omaha
77,000
8.898,000 6,808,000 2,881,000
182,000
Slow( City
7.000
493,000
636,000
725,000
20,000
St. Louts
539,000
5,186,000 2,129,00C
16,000
15,000
Indianapolis
903,000 1,932,000
896,000
Peoria
21,000
350,000
394,000
23,000
Chicago
5,040,000 18,703.000 4,802,000 3,718,000 1,509,000
" afloat
'1,154,000
1,242,000
On Lakes
491,000
249,000
Milwaukee
719,000
577,000 2,695,000 3,574,000
45.000
Minneapolis
28,380,000 3,472,000 17,964,000 3,499,000 8,839,000
Duluth
18,255,000 3,783,000 11,165,000 2,737,000 2,932,000
Detroit
345,000
26,000
28,000
16,000
32.000
Buffalo
5,899,000 9,334,000 1,548,000 1,865.000
913,000
" afloat92,000 396,000
1,561,000.
. .
On Canal
651,000
24,000
53,000
19,000
Total Nov. 11 1933__.139,985,000 60,336,000 46,791,000 13.538,000 15,645,000
Total Nov. 4 1933___141,881,000 60.276,000 47,067,000 13,407,100 15,536,000
Total Nov. 12 1932_ _ 181.496,000 27,191,000 26,686,000 8,409.000 7,412.000
.
Note.
-Bonded grain not included above: Wheat, New York, 1,580.000 bushels:
N.Y.afloat, 166,000; Boston, 156,000; Buffalo, 3,668,000; Buffalo afloat, 3.657,000:
Duluth, 48.000; Erie, 2,289,000; Newport News, 293,000: Canal, 465,000; total.
12,322,000 bushels, against 17.366.000 bushels In 1932.
Wheat,
Barley,
Rye,
Oats,
Corn,
Canadianbush,
bush,
bush,
bush.
bush.
Montreal & oth.wat.pts_ 40,564,000
5,054,000 1.011,060 1,398,000
Ft. Wm.& Pt. Arthur__ 63,347,000
3,846,000 2,088,006 4,558,000
Other Canadian
612,000
19,640,000
81,000
888.000
Total Nov. 11 1933__A23.551,060
9,788,010 3,180,000 6,568,000
Total Nov. 4 1933.... _125,582,000
9,507,000 3,289.000 6,479,000
Total Nov. 12 1932_ _ A07,973.000
3,233,000 3,011.000 1,682,000
Summary
American
199 985.000 60,336,000 46,791,000 13,538,000 15,645,000
Canadian
123,551,000
9,788 000 3,180,000 6,568,000
Total Nov. 11 1933_263,536,000 60,336,000 56,579,000 16.718,000 22,213,000
Total Nov. 4 1933_267,463,000 60,276,000 56,574,000 16.696,000 22,015.000
Total Nov. 12 1932_289,469,000 27,191,000 29,919,000 11,420,000 9,094,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Nov. 10, and since July 1, 1933 and July 2
1932, are shown in the following:
Corn.
Wheat.
Exports.
Week
Nov. 10
1933.
Since
July 1
1933.
Since
July 2
1932.
Week
Nov. 10
1933.
Since
July 1
1933.
I
Since
July 2
1932.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
North Amer _ 5,277,000 82,959,000 126.601,000
94,000, 2,610,000
5,000
Black Sea__. 1,296,000 17,152,000 12,272,000 273,000 16,155,000 12,458,000
Argentina. __
915.000 45,440,000 14,686,000 4.644,000 78,502.000,102,396,000
Australia .-- 1,226,000 31,859,000 31,265,000
Oth.counts'
880,100 10,912,000 15,365,000 298,000 2,672,00011 14,104,000
Total
9,594,111 i88,322,000200,189.000 5,220.000 97,423,000 131,568,000
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREALS, &c.
-The full report of the Department of
Agriculture, showing the condition of the cereal crops on
Nov. 1, as issued on the 10th inst., will be found in an
earlier part of this issue, in the department entitled "Indications of Business Activity."
GRAIN CROP PROSPECTS IN FOREIGN COUNTRIES.
-The U. S. Department of Agriculture at Washington, in giving its report on Nov. 10 of the grain crops in
the United States, also made public a report on the prospects
of grain crops in foreign countries, which will be found
complete in an earlier part of this issue, in the department
entitled "Indications of Business Activity."
WEATHER REPORT FOR THE WEEK ENDED
NOV. 15.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Nov. 15, follows:
A succession of depressions moving rapidly from the Central
-Northern
States eastward over the Lake region brought generally cloudy weather and
frequent precIplation, mostly light to moderate snows,over the northeastern
portion of the country and extending westward to the northern Great Plains
Financial Chronicle
3698
Elsewhere fair weather was the rule throughout nearly the entire week,
though the latter part was showery in the west Gulf area. Temperature
changes were frequent in the Central and Eastern States, with a decided
tendency to subnormal, but in the West relatively warm weather prevailed.
Chart I shows that the week averaged much cooler than normal over
the eastern half of the country, with large deficiencies general east of the
Mississippi River. The greatest departures from normal occurred from the
Ohio Valley northward where the week was from 6 degrees to more than
10 degrees colder than usual for the season. From the Great Plains westward above-normal warmth prevailed, with marked abnormalities in temperatures in central Rocky Mountain sections and south Pacific districts.
The extremes during the week were marked in different sections of the
country. Zero was the lowest reported from first-order stations within the
United States. occuring at Moorhead, Minn.,on the 9th, but 10 degrees and
10 de:grees below zero occurred at Winnipeg, and The Pas, l anitoba.
Canada,respectively. Canton, N. Y., had 2 degrees above zero on the 12th
and Cincinnati, Ohio.20 degrees above on the 10th, both the lowest ofrecord
for so early in the season. On the other hand, Havre. Mont., had a maximum of 68 degrees, and Los Angeles, Calif., 96 degrees, both the highest
temperatures known for so late in the season. The dotted line on Chart I
shows the southern limits of freezing weather as reported by first-order
Weather Bureau stations.
Chart II indicates that precipitation, in general, was scanty. Except
from the Lake region eastward, in districts along the Atlantic coast southward to northern Florida. and locally in west Gulf sections. there was
practically none. In the East light snows extended as far south as West
Virginia and northern Virginia, with 0.5 inch reported at Washington.
D. C., and 1.0 inch at Frostburg. Md., on the morning of the 14th. There
were some heavy snows farther north.
The cold weather of the week pushed the freezing line considerably
farther south than has heretofore been experienced this fall, with more or
less damage to fall gardens and tender truck. In the more eastern States
late vegetation was killed in Georgia, and tender truck in Florida as far
south as some Lake Okechobee districts. Farther west the first general
frost of the season overspread Arkansas and Oklahoma, but damage was
confined to late vegetables and gardens.
An outstanding feature of the week's weather was the severe dust storm
experienced over a large northwestern area, extending from the Canadian
border southward to the western Ohio and lower Missouri Valleys. This
resulted in much blowing of the soil and considerable damage to winter
grain crops in some sections. with the wind reaching gale force in places
blowing over extremely dry soil. In more northern States the snow cover
was badly drifced and was greatly reduced in the Northwest at the close
of the week by wind and warmer weather. In Montana the ground is now
mostly bare, except at high elevations.
Except in the Northeast,from the Lake region eastward, and locally elsewhere, outside seasonal work on farms made good progress, though it was
rather generally too dry for plowing where Such work is usually in operation
at this season. A decided tendency to dryness persists over large areas,
with generous precipitation needed in most parts of the country.
SMALL GRAINS—Progress and condition of winter wheat were fair to
very good in the Ohio Valley, while in sections to the northward there is a
light snow cover. In Iowa, Missouri and the central and northern Great
Plains high winds were very detrimental, with widespread dust storms
blowing out or covering wheat and, in the more northern parts, greatly reducing the snow cover. In Kansas winter wheat is very good in the eastern
third, where it generally covers the ground, and is improving in the southwest, but moisture is badly needed in north-central and northwestern districts. In the Pacific States considerable grain is being planted in the
southern area, while in the north condition is still good to excellent, except
some of the later seedings in wet soil. In the East winter grains are looking
good in most places, although they were unfavorably affected in Virginia
where some have not yet been seeded, due to dry soil.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Viruinia.—Richmond: Temperatures subnormal; first snow of season
in sections on 8th and 14th. Killing frost in tidewater section on 9th.
Precipitation generally very light. Farm work advanced fairly well, with
crops practically all harvested. Cold, dry weather unfavorable for winter
crops, particularly small grains; some grains not sown in scattered sections
due to dry ground. Water supply failing in extreme west.
North Carolina.—Raleigh: Mostly fair and cold, followed by rather
light rainfall at close of week. Favorable for farm work. Some improvement in small grains. Fall truck poor to only fair. Killing frost to portions
of coast on 9th, but no material damage.
South Carolina.—Columbia: Abnormally low night temperatures, with
freezing on 9th and 11th in central and north, but crops beyond danger
and hardy truck not materially injured. Continued dry and rain needed
for fall truck, plowing, and for germination of winter cereals which are
being sown.
Georota.—Atlanta: Cool week, yrlth frosts general and tender vegetation
killed; practically no rain. Corn practically all gathered. Cane grinding
progressing and harvesting sweet potatoes continues. Sowing winter
cereals progressing; mostly up to good stands in north and central. Drouth
continues severe in southwest where planting legumes and other fall crops
delayed.
Florida.—Jacksonville: Frosts Thursday, Friday, and Saturday killed
beans as far south as Moorehaven and injured truck on lowlands in north
and central. Beans, peppers, eggplants, cucumbers, and tomatoes doing
fairly well. Sugar cane good. Strawberries fair, but late. Dry weather
unfavorable for all crops. Citrus leaves curling, but cold weather ripening
and sweetening fruit.
Alabama.—Montgomery: Cool, with light rains. Oats and cover crops
dug;
good stands and growth; sowing continues. Fair crop of potatoes light
other summer crops harvested. Heavy frost in northern counties, but
up, but general rain needed.
elsewhere. Fall truck fair to good where
Mississippi.—Vicksburg: Warm Saturday and Sunday, otherwise abnormally cool, with heavy to killing frosts in central and north; little
damage. Precipitation generally very light. Progress of farm activities
excellent. Progress of gardens and pastures generally poor.
Louisiana.—New Orleans: Rather cool and generally dry. Light frosts
and sugar
in interior did no damage. Cane harvestfair progress,making excellent
but need rain.
progress. Small grains, gardens, and truck
Texas.—Houston: Generally dry in western two thirds of State. but
light showers over most of east, with heavy falls along coast. Generally
Valley
too dry for proper germination of seed, except in lower Rio Grande
where frequent showers delayed truck planting. Progress and condition
planted winter wheat mostly fair to good, but general
of feed crops and early
rains would be beneficial. Progress of truck slow. Pastuers mostly fair:
cattle fair to good.
Oklahoma—Oklahoma City: Slightly cool, with first general killing frost
on morning of 8th. Crops were largely matured so damage slight. Dry,
with abundant sunshine, made favorable week for farm work and picking
cotton and this work nearly completed. Progress of winter wheat very
good and condition fair, except poor In Panhandle.
Arkansas.—Little Rock: No rainfall, abundant sunshine, and low
humidity very favorable for farm work,except too cold for gathering cotton.
Great deal of late truck and a small amount of late corn killed by freezing
temperatures 7
-10th. Favorable for growth of wheat, oats, and winter
truck; all in good condition, except in a few southern counties were
too dry.
Tennessee.—Nashville: Freezing weather on two mornings stopped all
growth of late crops. Open weather favorable for harvesting corn and
cotton; picking cotton almost finished. Tobacco stripping continued.
Winter grains looking well; considerable plowing done. Livestock feeding
on stalk pastures.
Kentucky.—Louisville: Cold and dry, with hard freeze; growth checked.
Condition of all grains good. Favorable for corn gathering which is well
advanced; crop good condition in shock. Tobacco stripping slow as too
dry. Pastures practically exhausted.
THE DRY GOODS TRADE
Xea; York, Friday Night, Nor. 17 1933.
As was to be expected, the colder weather prevailing in
many sections of the country has given retail trade a real
spurt, particularly, of course, in all heavy apparel lines.
In department stores current sales are running about 10%
over last year, while chain stores and mail order houses
Nov. 18 1933
report increases up to 20%, the latter being specially favored;
by the fact that their catalogue prices fixed earlier in the,
summer are considerably below to-day's market levels:
Many other retail establishments found it necessary to
.
resort to price cutting in order to overcome the resistance
of the consumer to the higher quotations. While these
price reductions were still made possible by earlier purchases at lower prices or by present picking up in the
wholesale market of distress lots of merchandise, little
doubt exists that many of the current retail offerings are
priced substantially below to-day's wfholesale price levels,
with the result that the real problem of selling at replacement prices has now been postponed until the spring. The
present anxiety of many retailers to increase their volume
of sales is in no small part a result of heavy inventories
built up earlier in the season, when the expectation of higher
prices contributed so much to the scramble for goods.
No marked improvement is reported from the wholesale
markets. A few orders for fill-in purposes were received
but, as a whole, retailers are not ready to re-enter the
market until such time as their shelves will require replenishment. Most of the business reaching the wholesalers
at present concerns •holiday items such as lingerie, gift
articles, and the like. The price structure in the primary
market appears still open to concessions, and it is regarded
as a foregone conclusion that new struggles for lower prices
will begin as and when the retailers will again be in the
market trying to replace goods that are now being sold at
prices which cannot be duplicated at wholesale. Trading
In silk goods was still affected by continued labor tie-ups
in part of this industry. Best demand was for crepe de
chine, while business in satins and velvets was fairly active,
mostly for holiday sales requirements. Although the demand for rayon yariv has lost considerable of its previous
clamor, little fear is felt that January production will not
be satisfactorily disposed of before the end of the current
month. Knitters continue to be hesitant in their purchases
but bookings from weavers are reported to be quite heavy.
It is now taken for granted that a compensatory tax will
be levied on rayon, but confidence prevails that the tax will
not seriously impede the continued use of the fiber.
DOMESTIC COTTON GOODS.—While print cloth sales
during the past week at no time reached more than fairsized proportions, the undertone of the market was undeniably steadier, largely influenced by considerations having
to do with the monetary inflation assumed to be approaching. What hampered the market was primarily the slow
movement of finished goods, and reports according to which
distress lots of finished goods were offered at very low
prices. Some additional inquiries for first quarter shipment, largely by converters, appeared in the market, evidently inspired by fears of drastic inflationary measures
later on, and actual sales for 1934 delivery are now reported
to be far in excess of those normally booked at this time of
year. Narrow sheetings were in slightly better demand,
but the volume of business still left much to be desired,
although price concessions were no longer obtainable. A
dearth of business in osnaburgs led to considerable pricecutting. Fine yarn goods continued very quiet, but prices
for the most part were holding steady. The bulk of business was in goods in the low price ranges. Closing quotations in print cloths were as follows: 39-inch 80's, 8% to
9c.; 39-inch 72x76's, 8% to 8%c.; 39-inch 68x72's, 7% to
7%c.;38%-inch 64x60's,6% to 6%c.; 38Y,
-inch 60x48's, 5%c.
WOOLEN GOODS.—With clothing manufacturers observing a waiting attitude, trading in men's wear goods continued quiet. An early improvement is, however, looked
for, in view of the better resports from retail clothing centers. Wintry temperatures in many parts of the country
have stimulated overcoat sales and business in suits and
topcoats, particularly in farming areas, has also been better
than for some time. Manufacturers are gradually reducing
stocks on their racks, and they are reported to carry few
or no piece goods in stock. Should the present spurt in
retail sales continue clothing manufacturers may be found
in a more favorable frame of mind to enter the markets,
inasmuch as the fear of inflation is bound to furnish an
additional impetus. Women's wear markets were quiet and
featureless, and no real improvement is expected until
jobbers have disposed of their surplus stocks accumulated
last spring. A number of women's wear mills have begun
showings of spring goods. Retail sales of women's wear
apparel improved last week, 'with the result that garment
manufacturers 'were able to reduce their stock and prices
took on a somewhat firmer aspect.
FOREIGN DRY GOODS.—The demand for linen goods
has expanded somewhat, with more interest shown in household numbers. Sales of linen suitings also experienced a
moderate improvement. While the gyrations of foreign
exchange rates have played havoc with the direct importation of goods, foreign manufacturers have adopted the practice of shipping large assortments of goods to branch warehouses to enable buyers to cover their requirements without
undue exchange difficulties. Trading in burlaps continued
light, with importers restricting their purchases due to the
still threatened levy of a compensatory tax. Prices were
sharply higher under the continued influence of the rapidly
advancing sterling rate. Domestically lightweights were
quoted at 4.85c., heavies at 6.25c.
Financial Chronicle
Volume 137
3699
State and City Department
NEWS ITEMS
Arkansas.—U. S. Supreme Court Puts Road Bond Case
on Docket.—On Nov. 13 the United States Supreme Court
put on the docket the suit brought against the above State
by the State of Pennsylvania for alleged breach of highway
bond contracts—V. 137, p. 3522—according to a Washington dispatch to the New York "Herald Tribune" of Nov. 14.
Letter Mailed to Bondholders Explaining State's Situation.—
The following is the text of a letter sent to us on Nov. 10
by Supervisor J. Frank Beasley, which is the regular letter
being sent out by the State Bond Refunding Board, explaining to bondholders the situation of the State in regard to
its highway obligations, that have been the subject of much
publicity since the passage of the Ellis Road Bond Refunding
Bill early this year:
William B. Dana Co., New York, N. Y.
Gentlemen —In reply to your letter. I am enclosing a copy of Act 167,
which is known as the Ellis Refunding Bill, covering all outstanding highway obligations of the State of Arkansas.
When the Legislature convened in January, and a complete analysis of
all outstanding highway obligations compared with the much decreased
revenues, it was found that there had to be an adjustment made to prevent
all highway obligations from defaulting. Therefore, this bill provides
that any one holding road improvement district bonds, revenue bonds,
highway bonds, toll bridge bonds, certificates of indebtedness or shortterm notes may send them in to this office for exchange for the new 3%
State bonds. These bonds will be dated as of May 1 1933, due in 25 years,
with interest payable semi-annually. All accrued interest due up to
May 1 will be paid with short-term notes due in five years with 3% interest.
Ample appropriation has been made to take care of all future interest
under the provisions of this Act, and the first interest coupon is dated due
Nov. 1 1933. However, no appropriation was made to take care of any
interest due on bonds unless refunded, which means that bonds will have
to be exchanged before any interest can be paid. Under this refunding
program the holders of the 3% State bonds will receive interest and principal when same is due.
This Act was attacked and appealed to the Arkansas Supreme Court,
and a decision rendered on July 10 held same was constitutional.
This is not a repudiation on the State's part. Arkansas will never
repudiate any of its legal obligations. This is an offer to the holders of all
highway obligations, as there had to be an extension of time for the payment of principal and a lower rate of interest in order that all future obligations may be met when due.
I assure you if you have your bonds exchanged under the provisions of
this Act and there should be a %refunding Act passed in the future which
would be more favorable to the bondholders, you will positively receive
the full benefit of same.
You may send your bonds direct to this department for exchange with
instructions and they will receive our immediate attention.
Yours very truly,
J. FRANK BEASLEY, Supervisor.
Illinois.—Governor Horner Signs $30,000,000 Relief Bond
Bills.—The six bills which make up the $30,000,000 relief
bond program passed at the special legislative session—
V. 137, p.3522—were signed by Governor Homer on Nov. 10.
The bills carry emergency clauses and become effective at
once. The next step is the issuance of anticipation notes for
relief purposes, which will be supported by the bond issue
to be voted upon by the people at the election in November
1934. The following report on the Governor's action is
taken from a Springfield dispatch to the Chicago "News"
of Nov. 10:
Governor Homer to-day signed the 830,000,000 State bond bills for relief
of the unemployed. Fully 1,000,000 women, children and men in all parts
of Illinois now can feel assured they will be saved during the long months
of the winter already upon us from freezing and starving.
The Federal Government has promised to contribute enough millions
more in addition to what Illinois now can supply to guarantee safety to the
families of the unemployed.
Harry Hopkins, National Relief Administrator, has promised further
that the Government will see the relief stations in Chicago and elsewhere
throughout the State do not have to close for lack of funds Nov. 15,
as heretofore had been threatened. The National Government is to keep
the stations running until the first instalments of the State relief funds
can be secured.
Governor Horner's action in signing the $30,000,000 relief bills here to-day
marks the final step in the long and hard-fought battle which has been waged
in the Legislature since the special session which Governor Homer called
for the special purpose of passing those measures convened Oct. 3.
Michigan.—Two Special Sessions of Legislature to Be Held.
—Lansing advices on Nov. 7 reported that on that day
Governor Comstock ordered the Legislature to convene in
a special session on Nov. 22 to give Michigan a liquor-control
law for use after the 18th Amendment is repealed and to
speed up the State public works program. In addition to
these matters, the Legislature will be asked to consider
changes in the banking laws, appropriations for one or two
commissions overlooked in the regular session, and possibly
amendments to the controversial old-age pension law.
A second special session is contemplated for January or
February. At that time the Governor will submit proposals
for pre-primary election laws and other measures being
studied by the legislative council. The Governor believes
the first special session will end around Dec. 15.
Municipal Bond Approvals at General Election
Aggregate Over $300,000,000.—According to returns from
all parts of the country regarding the voting on proposed
bond issues at the general election on Nov. 7, the voters
approved the issuance of more than $300,000,000 in obligations to be devoted to various purposes, chiefly for relief
purposes, general public projects and for the acquisition of
public utility plants. The Chicago "Journal of Commerce"
on Nov. 10 reported that of the more than $300,000,000
bonds to receive favorable action at the polls it is expected
that over $160,000,000 may be offered to the public and the
remainder will be offered to the Public Works Administration. Among the issues approved was the $60,000,000 New
York State relief bonds. It was indicated by Morris S.
Tremaine, State Comptroller, that he does not intend to
market any of the issue until after Jan. 1—V. 137, p. 3523.
Other major issues approved by the voters were: $85,000,000
State of Pennsylvania bonds, consisting of $50,000,000
soldier's bonus, $25,000,000 relief and $10,000,000 toll
bridge; $87,854,000 Detroit subway bonds; $10,403,000 City
of Columbus, Ohio, various improvement bonds;$21,480,000
San Francisco issues, consisting of $12,095,000 water distribution, $3,500,000 }Teta Hetchy water project, $3,625,000 sewer, $2,000,000 high pressure water .system and
$260,000 improvement; $10,000,000 city of Camden, N. J.
electric light; $7,450,000 Akron, Ohio, public works; $3,500,000 Hartford County, Conn. sewer bonds; $2,500,000
Reading, Pa. water and $2,000,600 school,and $1,400,000
Sandusky, Ohio, power plant bonds. (These authorizations
are being reported under their respective captions in our
columns as we receive official reports on them.)
Six of the nine municipalities voting on Nov. 7 rejected
the proposals for the construction of electric power plants
and the issuance of bonds in amounts sufficient to defray
the necessary expenses of construction. San Francisco,
Salt Lake City, Bordentown, N. J., Cincinnati, Youngstown and Portsmouth, Ohio are reported to comprise the
group of cities voting against municipal ownership and operation of public utility plants. Sandusky and Akron, Ohio,
and Camden, N. j. are stated to have favored municipal
ownership and the voters approved the necessary bond issues,
as outlined above. Probably the outstanding test in this
class was the Salt Lake City power proposal which involved
the necessary issuance of $18,000,000 in bonds if the action
was favored. Although the San Francisco voters approved
the above mentioned bond issues they rejected by a small
ma/gin a proposal to issue over $6,000,000 in bonds for
power distribution.
Municipal Debt Refunding Law Backed by National
Government Conference.—Well conceived debt refunding
plans may save some municipalities from default, according
to E. F. Dunstan, of the Bankers Trust Co., who addressed
the National Conference on Municipal Government in a
meeting held at Atlantic City on Nov. 10, on the subject
of Federal legislation to help defaulted municipalities. In
order to bring speedy aid to those already in default, Mr.
Dunstan urged early enactment of a Federal law to permit
readjustments of the debt structure with the consent of a
substantial portion of the creditors, rather than the 100%
consent now required. After Mr. Dunstan's address the
Conference voted indorsement of the Summers-Fletcher bill,
which contains such provisions. (This bill was endorsed by
the Investment Bankers Association at their recent convention.—V. 137, p. 3353.)
Ohio.—Two Special Sessions of Legislature to Be Held.—
It was announced by Governor George White on Nov. 8
that he will call a special session of the State Legislature to
convene during the second week in December to enact
regulatory measures on liquor, and he will call another special
session for January to revise the State's taxation system,
according to the Toledo "Blade" of Nov. 8.
Voters Approve Tax Limit Reduction Amendment and OldAge Pensions.—At the general election on Nov. 7 the voters
of this State approved a constitutional amendment to limit
taxation on real estate and tangible property to 10 mills
instead of 15 mills. By this decision about $49,000,000 in
real estate and tangible property taxes will be lifted from the
voters. It is expected this will be offset by State income
taxes or sales levies in order to make up the loss. The limit
does not apply to outstanding debts. At the same time
approvement was given to an old-age pension law, making
Ohio the 26th State to make such provision for its aged
citizens. Another measure that received approval was the
county home rule amendment permitting changes in forms
of county government. As previously reported in these
columns (V. 137, p. 3523) the voters approved the repeal of
prohibition. The results of the balloting were given as
follows in the Columbus "State Journal" of Nov. 9:
Final returns from Tuesday's election in which more than 2,000,000
votes were cast showed by what overwhelming majorities the lectorate was
willing to set out on virtually uncharted seas.
Ohio gave a majority of 853,210 in favor of repeal of Federal prohibition,
thereby throwing the question ofliquor control back into the several States.
Stale Law Goes, Too.
Without knowing what form of liquor control may be adopted in Ohio,
the voters indicated their willingness to try anything but prohibition by
recalling its 15
-year-old State prohibition amendment by a majority of
671.445.
Then, by a majority of 315,995 it reduced its constitutional tax limit
on real estate and tangible personal property from 15 mills on the dollar
to 10 mills, thereby decreeing that real estate no longer is to be the almost
sole support of local government.
The vote on the tax amendment will be taken as an indication of the
willingness of the people to turn to sales and income taxes and similar
revenue-raising methods for the support of its counties, cities, townships
and schools.
Old System Changed.
By a majority of 109,114 the voters went on record as favoring a change
from its century-old system of uniform county governments and in favor
of alternative forms of government for counties of various types, charter
counties, and consolidations of county and municipal governments by
vote of the people.
3700
Financial Chronicle
But the largest majority of all was given the old age pension law. It
had a favorable majority of 860,238. The Legislature will be required
to find a source of revenue to support the anticipated $9,000,000 a year
cost of the pension system.
The final summary of the vote, as reported by telephone to the Secretary
of State's office, and including all 8,585 precincts in Ohio. show the gollowing totals:
Repeal of the Eighteenth Amendment:
For ratification, 1.433.157.
Against ratification, 579,947.
Repeal of State Prohibition Amendment:
Yes, 1,245,186.
No. 573,741.
Ten-mill Tax Limitation Amendment:
Yes, 974,794.
No,658,899.
County Home Rule Amendment:
Yes, 847,000,
No, 737.886.
Old Age Pension Law:
Yes, 1,385.994.
No, 525,756.
BOND PROPOSALS AND NEGOTIATIONS
AKRON, Summit County, Ohio.
-BOND OFFERING.
-E. C. Galloher, Director of Finance, will receive sealed bids until 12 m. (Eastern
Standard Time) on Dec. 4 for the purchase of $2,307,923.32 5% refunding
bonds, divided as follows:
$1.059,653.32 bonds. due Oct. 1 as follows: $105,653.32 in 1937 and
$106,000 from 1938 to 1946 incl.
532,000.00 bonds, due Oct. 1 as follows: $106.000 from 1938 to 1940
incl., and $107,000 in 1941 and 1942.
453,950.00 bonds, due Oct. 1 as follows: $90,950 in 1938: $91,000
from 1939 to 1941 incl., and $90,000 in 1942.
262,320.00 bonds, due Oct. 1 as follows: $52,320 in 1937: $53,000 in
1918 and 1939 and $52,000 in 1940 and 1941.
Each issue is dated Oct. 1 1933. The bonds, insofar as possible, will
be in denoms. of $1,000, or in such other denom. as may be requested
by the successful bidder. Principal and interest (A. & (5.) are payable
In lawful money of the United States at the Chase National Bank, New
York City. Bids for the bonds to bear interest at a rate other than 5%,
expressed in a multiple of Yi of 1%, will also be considered. A certified
check for 2% of the bonds bid for. payable to the order of the Director of
Finance, must accompany each proposal. Bids to be made subject to
approval of bonds by the bidder's attorney: said opinion to be paid for by
the successful bidder. Bids must be made for "all or none." No formal
bidding blank is required and the bonds will be furnished by the city.
Under date of Sept. 15 1933 the city announced that partial payment
would be made of bonds maturing in October, November and December of
this year, and stated that a plan of refunding was being prepared
-V.137,
p.2303.
-A plan providing
REFUNDING PLAN OFFERED TO BONDHOLDERS.
for the payment, in cash, of part of the $3,170,267 bonds maturing from
March to December 1933. and the exchange of refunding bonds for the balance of the maturities, is contained in a booklet being mailed by. E. C. Galleher, Director of Finance, to each holder of bonds of the City of Akron and
the Village of Kenmore, according to the "Wall Street Journal" of Nov. 17.
Principal maturities since last March to date are in default, it is said, while
the default in interest charges was fully adjusted by Aug. 12. September
and October interest coupons were met at maturity. The Director of Finance has expressed the belief that there will be no further interest defaults.
Under the plan now offered to bondholders, payment in cash would be made
of 40% of the water works maturities: 30% of direct obligation maturities
and 20% upon special assessment bonds. The refunding bonds forming
part of the exchange agreement are the four issues comprising the abovedescribed offering. The "Wall Street Journal" commented further on this
latest move of the City to adjust its indebtedness, as follows:
"Bondholders are requested to mail approvals, authority to exchange and
bonds to the Firestone Park Trust & Savings Bank at Akron, 0., where the
exchange transaction will be made. It is stated that the proposal is not
contingent for its operation upon acceptance by all, or any particular holders: as soon as substantial aggregates are received, allotment of maturities
will be made.
Similar Agreement in 1932.
"Mr. Galleher notes that conditions in 1932 compelled refunding of the
October, November and December maturities, and that the adjustment
then made was identical in form and similar in terms to the present proposal.
He says that conditions bringing about that situation obtained through 1933
also, with the additional factor involving banks of Akron.
"The retrenchment policy in operating expenses of the city has been continued. The debt service rate is 7.41 mills, and the operating rate 3.33.
There has been no transfer of funds for debt service to operating purposes.
"For 1933 there were levied $2,970,585 of taxes while delinquencies of previous years totaled $1,713,251; there were collected $1,845,582 which
meant 62% of the current levy, and about 40% of all collectiable.
Also the 1933 special assessments were only partly paid-of the $1,945,580
levied, and of the $2,324,408 delinquent, there were collected $738,245
which means 38% of current levies and 17.4% of total collectable. Operating appropriations for the city were $1,375,489 in 1933 (excluding rellef)
as against $2,195,087 in 1930."
ALAMEDA SCHOOL DISTRICT(P.O. Oakland), Alameda County
-BOND ELECTION.
-It is stated that at the special State election
Calif.
to be held on Dec. 19, the voters will be asked to pass on the proposed
$447,864 in school building bonds, the issuance of which are
issuance of
dependent upon approval by the Public Works AdmIn.stration.
-At the general election
-BONDS VOTED.
ALBION, Erie County,Pa.
on Nov. 7 the voters approved of the issuance of $46,186 sewage disposal
plant bonds by a count of 304 to 89.
-TEMPORARY LOAN.ARLINGTON, Middlesex County, Mass.
The Menotomy Trust Co. of Arlington purchased on Nov. 13 a $200,000
anticipation loan at 1.84% discount basis. Dated Nov. 17 1933
revenue
and due $50,000 respectively on 5„ay 11, June 15. July 20 and Aug. 24
1934. Bids for the loan were as follows:
Discount Basis.
Bidder1.84%
Menotomy Trust Co.(purchaser)
2.24%
Second National Bank
2.27
Jackson & Curtis
2.68%
Day Trust Co
2.75%
United States Trust Co
3.43%
Faxon, Cade & Co
-AMOUNT OF
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
--W. W. Howes, Clerk of the Board of County
BOND ISSUE REDUCED.
Commissioners, under date of Nov. 14 advises that the amount of poor
relief bonds to be offered for sale on Nov. 20 has been reduced from the
original figure of $114.500 to $45,000 (V. 137. p. 3355), and requests that
bids be made on the basis of the smaller amounts. Mr. Howes letter of
explanation follows:
The Commercial cfe Financial Chronicle,
New York, N. Y.
"Gentlemen.
-Recently we mailed you a copy of advertisement, tax
statement. &c., concerning the issue of $114,500 Poor Relief Bonds, which
had been approved by the State Relief Commission and the Tax Commission
of Ohio. However,under date of Nov.7 1933,the State Relief Commission
of Ohio has requested that at this time, we issue only $45,000 of the total
authorized, which they estimate will provide for poor relief for the period
from Nov. 15 to Dec. 31 1933.
"We have had the matter of reducing this issue up with Mr. Dennison
of the Squire, Sanders & Dempsey Co., Cleveland, and he is of the opinion
that by notifying the prospective bidders on this issue not to bid for more
than $45,000, that no legal difficultues would be encountered in making
the reduction under the present advertising and would therefore save much
time in making delivery of the bonds.
"We are requesting, therefore, that you bid for only 845.000 worth of
bonds Nov. 20 1933, which is the amount now proposed to be issued at
this time.
"Yours very truly,
W. W.BOWES,
"Clerk of the Board of County Commissioners."
-BOND
ASHAROKEN (P. 0. Northport), Suffolk County N. Y.
'
SALE-The issue of $12,000 6% coupon or registered bulkhead bonds
Nov. 18 1933
offered on Nov. 4-V. 137, p. 3004
-was purchased at par by locall nvestors. Dated Nov. 1 1933 and due $1,200 annually on Nov. 1 from 1934
to 1943 incl.
ATLANTA, Fulton County, Ga.-PROPOSED FEDERAL LOAN
DEFEATED.
-It is reported that on Nov.3 the State Public Works Board
rejected the application of the city for over $20.000,000 in Federal funds for
a program of public construction including a metropolitan sewer system, a
new city and county Jail and police station, and a new municipal auditorium.
Mayor Key was informed by the State Engineer that the city had failed to
provide adequate security for the loans.
-Willis
-BOND OFFERING.
AUBURN, Androscoggin County, Me.
P. Atwood, City Treasurer, will receive sealed bids until 7.30 p.m. on
Nov.20 for the purchase of $187,000 3Yi% coupon bonds,divided as f Mows:
$150,000 junior high and grammar school bonds. Due $5,000 annually on
Nov. 15 from 1934 to 1963, inclusive.
22,000 park bonds. Due $1,000 annually on Nov. 15 from 1934 to 1955.
Inclusive.
15,000 fire equipment bonds. Due Nov. 15 as follows: $1,000 in 1934
and $2,000 from 1935 to 1941, inclusive.
Each issue is dated Nov. 15 1933. Principal and interest (M. & N. 15)
are payable at the Merchants National Bank, Boston. The bonds will be
engraved under the supervision of and certified as to genuineness by the
aforementioned bank. The approving opinion of Ropes, Gray. Boyden
& Perkins of Boston will be furnished the successful bidder.
AUGUSTA, Richmond County, Ga.-BOND SALE CONTEMPLATED.
-It is said that the Sinking Fund Commission will purchase at
par an issue of 8105,0004% semi-ann. refunding bonds. Due in 30 years.
-The City obtained a loan
BALTIMORE, Md.-BORROWS $1,000,0110.
of $1,000,000 from local banks on Nov.6 at interest of 3%•
-At the
-BONDS VOTED.
BALTIMORE, Fairfield County, Ohio.
general election on Nov. 7 the voters approved of the proposal to issue
$50.000 water works system impt. bonds and to provide for their repay-mill limitation
ment through the levy of taxes outside of the 15
-V. 137.
p.2303. The measure carried by a vote of 364 to 81.
BANNOCK COUNTY COMMON SCHOOL DISTRICT NO. 30
-We are informed by
-BONDS SOLD.
(P. 0. Lava Hot Springs), Idaho.
the District Clerk that the $30,000 issue of coupon school building bonds
-was taken by the Federal
offered for sale on Nov. 3 -V. 137. p. 3174
Government, as 4s at par. No other bids were received.
-BONDS VOTED.
-A $38,000 water
BASIL, Fairfield County, Ohio.
works bond issue was approved by a vote of 237 to 61 at the general election
on Nov. 7-V. 137, p. 2666.
-BOND OFFERING -Henry E.
BEACON, Dutchess County, N. Y.
Emery, Commissioner of Finance, will receive sealed bids until 8 p. m.
on Nov.28 for the purchase of $60,000 not to exceed 6% interest coupon or
registered general city bonds. Dated Dec. 1 1933. Denom.$1.000. Due
Dec. 1 as follows: $5,000 from 1935 to 1940 incl. and $10,000 from
'
1941 to 1943 incl. Bidder to state a single interest rate for all of the
bonds, expressed in a multiple of 34; or 1-10 of 1%. Principal and interest
(J. & D.) are payable at the Matteawan National Bank, Beacon. A certified check for $1,000, payable to the order of the city, must accompany
each proposal. The approving opinion of Clay, Dillon & Vandewater of
New York will be furnished the successful bidder.
-BONDS
BEAVERDAM SCHOOL DISTRICT, Allen County, Ohio.
VOTED.
-The issuance of $45.000 school building construction bonds was
authorized by the voters at the general election on Nov. 7-V. 137, p.2488.
-BONDS DEFEATED.
-The
BEDFORD, Cuyahoga County, Ohio.
proposal to issue $109,200 sewage disposal plant construction bonds was
defeated by a count of 800 to 798 at the general election on Nov.7(V. 137,
P. 2836), according to Arthur H. Wedge, City Manager. A recount of
the vote may change the above result, adds Mr. Wedge.
BELLE PLAIN TOWNSHIP(P.O. Norton), Norton County, Kan.
-Sealed bids will be received until 10 a.m. on Nov. 21.
BOND OFFERING.
by J. H. Harper, Township Trustee, for the purchase of a $4,200 issue of
5% refunding bonds. Denom. $300. Dated July 1 1933. Due $300
from Aug. 1 1935 to 1948, incl. Interest payable F. & A. The legal
opinion of local attorneys will be furnished. A certified check for 2% of
the bid is required.
-BONDS NOT
BELMONT COUNTY (P. 0. St. Clairsville), Ohio.
SOLD.
-The issue of $74.900 4% poor relief bonds offered on Nov. 6-failed of sale, as no bids were obtained. Dated Sept. 1
V. 137, p. 3004
1933 and due on March and Sept. 1 from 1935 to 1942 incl.
-W. H.
-BONDS VOTED.
BEREA, Cuyahoga County, Ohio.
Parshall, City Auditor, states that the proposal to issue $135,000 sewage
bonds, included on the ballot at the general election on
daposal plant
Nov. 7, carried by.a vote of 1,253 to 662.
-BOND OFFERING.
BINGHAMTON, Broome County, N. Y.
Everett E. Allen, City Comptroller, will receive sealed bids until 12 m•
on Dec. 1 for the purchase of $1,000.000 coupon or registered bonds. Dated
Jan. 1 1934. Denom. $1.000. Due $100.030 annually from 1935 to 1944
incl. Bidder to name the rate of interest in his proposal. Principal and
interest are payable at the City Treasurer's office. A certified check for
2% of the bid must accompany each proposal. Legality to be approved
by Hawkins, Delafield & Longfellow of New York City.
BIRMINGHAM, Jefferson Cow ty, Ala.
,
-FEDERAL FUND ALLOTMENT.
-It was announced recently by the Public Works Administration
that it had made an allotment of $2,000,000 to this city for changes in
sewer and water supply lines. In line with its customary procedure on
projects of this kind, the PWA made a grant of 30% of the cost of labor
and materials. The remainder Is a loan secured by 4% general obligation
bonds.
BISMARCK SCHOOL DISTRICT(P.O.Bismarck) Burleigh County,
N. Dak.-BONDS VOTED.
-At the election held on Sept. 14 the voters
approved the issuance of $203,000 in 6% school building bonds by a very
wide margin. Dated Oct. 5 1933. Due in 1945.
(This report corrects the preliminary notice given in V. 137, p. 2303.)
BLACK WELL SCHOOL DISTRICT (P. 0. Blackwell), Kay County,
Okla.
-BOND ELECTION.
-It is reported that an election will be held
on Nov. 21 in order to vote on the issuance of $160,000 in school bonds.
BLOOM TOWNSHIP SANITARY DIST. (P. 0. Chicago Heights),
-The District proCook County, Ill.
-PROPOSED PWA ALLOTMENT.
poses to finance the construction of a new sewage disposal plant through
the medium of a loan and grant from the Public Works Administration.
The sale of $300,000 bonds to the PWA would constitute the District's share
of the cost of the project, it is said.
-ATTEMPTS COLLECTION OF
BOSTON, Suffolk County, Mass.
-In an effort to
MORE THAN $10,000,000 DELINQUENT TAXES.
effect collection of more than $10,000,000 overdue taxes, the city, on
Nov. 11, began advertising for sale a total of 8,000 parcels of real estate
upon which 1932 levies have not been paid. Success of the tax sale will
obviate the necessity of further borrowing for general purposes during the
remaining seven weeks of the current city administration, it is said.
-At the gen-BONDS VOTED.
BOULDER, Boulder County, Colo.
-the voters approved the issuance
eral election on Nov. 7-V. 137. p. 3174
of the $70.000 not to exceed 4;i% sewerage system bonds, by a count of
1,276 "for" to 555 "against." Dated Jan. 1 1934. Due in equal'annual
instalments over a period of 20 years.
At the same time the voters rejected the proposal to issue $80,000 in
city hall bonds.
BOURBON COUNTY (P. 0. Paris), Ky.-BONDS DEFEATED.
-the voters failed
At the general election held on Nov. 7-V. 137, p. 2304
to give the required two-thirds majority to the proposal to issue $75,060 in
Jail construction bonds, the count being 1,568 "for" to 1,544 "against."
BOWMAN COUNTY SCHOOL DISTRICT NO. 32 (P. 0. Buffalo
-Sealed bids will be
Springs), N. Dak.-CERTIFICATE OFFERING.
received until 2 p. m. on Nov. 25, according to report, by Peter Henry,
District Clerk, for the purchase of an issue of $1,200 certificates of indebtedness. Interest rate is not to exceed 7%, payable semi-annually.
Due on Nov.25 1934. A certified check for 5% of the bid is required.
BOWMAN COUNTY SCHOOL DISTRICT NO. 13(P.O. Scranton),
-It is
N. Dak.-CERTIFICATE OFFERING NOT CONTEMPLATED,
stated by the District Clerk that at the present time there seems to be no
Volume 137
Financial Chronicle
likelihood of selling the $4,000 issue of not exceeding 7% semi-ann. certificates of indebtedness that was offered for sale without success on Aug. 7V. 137, P. 1444. The matter has been shelved temporarily. Dated
Aug. 7 1933. Due on Aug. 7 1935.
BRADFORD SCHOOL DISTRICT (P. 0. Bradford), Steuben
County, N. Y.-90ND ISSUE APPROVED.
-The voters are reported
to have voted, 2,620 to 400, in favor of the proposal to issue $400,000
school construction bonds. This amount is to be augmented by a grant
of $180,000 from the Public Works Administration for the project.
BRECKENRIDGE INDEPENDENT SCHOOL DISTRICT NO. 1
-RE-ELECTION TO BE
(P. 0. Breckenridge), Wilkin County, Minn.
HELD.
-It is reported that an election will be held on Nov. 18 to vote on
the issuance of $150.000 school bonds. The School Board is said to have
called the election by petition with a proposition on the ballot rescinding
the action taken at the election on Oct. 24, when the purchase of a site was
authorized and the issuance of $100.000 in bonds was approved-V. 137,
P• 3355. The Federal Government approved a gift of $53,000 toward the
expense.
-The issue of
-BOND SALE.
BUCIIRUS, Crawford County, Ohio.
-was
$10,000 note retirement bonds offered on Oct. 24-V. 137, p. 2837
awarded as 5,1s, at a price of par, to the Farmers State Bank of New
annually on Oct. 1 from
Washington. Dated Oct. 1 1933 and due $2,000
1935 to 1939, inclusive.
--TOWN ENTERS VOLUNBURKBURNETT, Wichita County, Tex.
TARY RECEIVERSHIP -The following report on the receivership of the
above city is taken from a news dispatch of recent date to the "Wall Street
Journal"•.
"The city of Birkburnett has gone into voluntary receivership on a petition
in bankruptcy. City Manager Ross Reagan was appointed receiver by
Judge Irvin J. Vogel, after a hearing in the 78th District Court.
"The petition set out that bond principal, interest and outstanding warrants of the city aggregated about $330,000. Each year $11,000 is required
for operating expenses, and $30,000 to meet debt service. The city's total
property valuation for tax purposes is less than $1.000,000. and the maximum tax allowed by law. $1.50 per $100 valuation, would bring in less
than $15.000 annually if 100% collected."
-BOND OFFERING.
CALIFORNIA, State of (P. 0. Sacramento).
-It is stated by Harold E. Smith, Deputy Director of Finance, that the
State Treasurer will call for bids Dec. 14, on $293,000 in 43(% park bonds.
Due on Jan. 2 as follows: $171.000 in 1955 and $122,000 in 1956.
(This supplements the preliminary report given in V. 137. p.3355.)
-Faxon,
-BOND SALE.
CAMBRIDGE, Middlesex County, Mass.
(lade & Co. of Boston were awarded on Nov. 10 an issue of $65.000 street
bonds as 38%s at a price of 100.05, a basis of about 3.74%. Dated Nov. 2
1933 and due serially from 1934 to 1938, incl. Bids for the issue were
as follows:
Rate Bid.
BidderInt. Rate.
100.05
Faxon, Gade & Co. (Purchaser)
%
100.136
Blyth & CO
4%
Whiting, Weeks & Knowles and Lee, Higginson
100.01
Corp., jointly
4
100.04
City Company of Massachusetts
4
100.25
Newton, Abbe & Co
43%
100.077
Tyler, Buttrick & Co
4
Par
Arthur Perry & Co
Par
Hornblower & Weeks
o
AUTHORIZING MUNICICAMDEN,Camden County, N. J.
-VOTE
PAL UTILITY PLANT CONTESTED.
-Court action to test the legality
of the referendum approved on Nov. 7, providing for the construction of
a municipal electric light plant
-V.137,p.3524-will ha started on Nov.20
by a group of taxpayers, which may include the Public Service Electric
& Gas Co., according to F. Morse Archer Jr., attorney. The suit, it is
said, may be based on the contention that the borrowing of $10,000,000
to finance the project "would cause Camden to exceed its legal borrowing
capacity and debt limit, and that the City Commission, knowing this.
had no legal right to place the referendum on the ballot."
-PLACED UNDER SUPERCAMPBELL, Mahoning County, Ohio.
VISION.
-As a result of the petition said to have been filed by the Youngstown Sheet & Tube Co., which pays 65% of the municipality's taxes,
Robert Lippincott, bond agent of Youngstown. Ohio, has been appointed
"a virtual receiver" to work out plans to clear the city of default and place
it on a sound financial basis. A dispatch from Youngstown to the "Wall
Street Journal" of Nov. 13, after noting the foregoing, continued as follows:
"Under the appointment, Mr. Lippincott is empowered as a representative of the Court to set up a financial plan for the city and to be a virtual
'dictator' over expenditures by the Campbell Council and officials. All
current funds of the city are impounded by the Court until such a time as
Mr. Lippincott determines to whom they are payable. He estimates that
the city's indebtedness is 51,060.000 in addition to other claims. City
employees-police, firemen and other city workers-are now behind 22
months in pay.
"The petition filed with the Court sets up the following provisions,
which were ordered carried out by the receiver: Issuance of street improvement bonds to trade for approximately $155,800 notes, for which bonds
were previously issued and not sold; passage of legislation issuing bonds to
take up $38,950 notes for the city's share of street improvement: issuance
of bonds to take up $38.997 special assessment notes; arrangements to
pay interest to Oct. 1 1933 on $23:3,747 bills; issuance of new refunding
bonds to exchange for refunding bonds now held by the Mahoning National
Bank for defaulted bonds from Oct. 1 1931 to Dec. 1 1932, in the sum of
$199,126."
-At the
CANDO, Towner County, N. Dak.-BONDS DEFEATED.
election on Nov. 7-V. 137, P. 3355-the voters refeated the proposed
Issuance of $38,500 in bonds divided as follows: $35,000 hospital construction, and $3,500 swimming pool bonds. A two-thirds majority was required and the count on the two issues was as follows: Hospital, 148 "for"
to 141 "against"; swimming pool, 166 "for" to 126 "against.
-BOND SALE.
-An
CANYON COUNTY (P. 0. Caldwell), Ida.
$87,000 issue of funding bonds is reported to have been purchased at par
by the First Security Trust Co. of Salt Lake City.
-FEDERAL FUND ALLOTCARLISLE, Lonoke County, Ark.
-The Public Works Administration announced recently an allotMENT.
ment of $60,000 to this town for water system completion. The customary
grant of 30% of the cost of labor and materials, set at approximately
$48,000, was made by the PWA. The remainder is a loan secured by
4% revenue bonds.
CARUTHERSVILLE, Pemiscot County, Mo.-BOND ELECTION.
It is stated that an election will be held on Dec. 12 in order to have the
voters pass on the proposed issuance of $210,000 in light plant bonds, a
Proposal which failed to carry at the election held Sept. 12-V. 137. p. 2303.
CARY RURAL SEPARATE SCHOOL DISTRICT (P. O. Cary,)
-FEDERAL FUND ALLOTMENT.
-An allotSharkey County, Miss.
ment of 86,746 to this district for school building improvements is said
to have been announced recently by the Public Worlcs Administration.
The usual grant of 30% of the cost of labor and materials on these projects
was made by the PWA. The remainder is a loan secured by 4% general
obligation bonds.
CASPER, Natrona County, Wyo.-BOND COUPONS CALLED.
It is stated by Canton O'Donnell, Secretary of the Bondholders' Protective
Committee, that some funds are on hand for the payment of coupons on
the following obligations; Paving District No. 25, coupons due June 22
1933: Paving District No. 29, coupons due Feb. 1 1933; Paving District
No. 34, coupons due Nov. 1 1931; Paving District No. 36, coupons due
Nov. 1 1931; Paving District No. 39, coupons due Nov. 1 1931; Paving
District No. 43, coupons due Nov. 1 1931; Paving District No.45; coupons
due Nov. 11931: Paving District No. 46, coupons due Nov. 1 1931, and
May 11932, and on Paving District No.49, coupons due May 1 1931.
--BOND ISSUE NOT CONCASSIS COUNTY (P. 0. Burley), Ida.
TEMPLATED.
-It is stated by the County Clerk that the County Comthe proposition of issuing about $104,000
missioners.have abandoned
in bonds to retire county warrants, as mentioned in V. 137, P. 1795.
-We are inCHADRON, Dawes County, Neb.-BOND ELECTION.
formed by the City Clerk that an election will be held on Dec. 12 to vote
on the proposed issuance of $60,000 in water plant bonds, which were tentatively mentioned in V. 137. P. 3005.
3701
-BOND OFFERING.
CHAGRIN FALLS, Cuyahoga County, Ohio.
-Sealed bids addressed to George L. Burton, Clerk of the Board of Education, will be received until 12 m.(Eastern Standard Time)on Dec.4 for the
purchase of $3,500 5% refunding bonds. Dated Oct. 1 1933. Due as
follows: $400 April and Oct. 1 1935 and 1936: $400 April and 8500 Oct. 1
1937 and $500 April and Oct. 1 1938. Principal and interest (A. & 0.) are
payable at the office of the Board of Education. Bids for the bonds to bear
interest at a rate other than 5%. expressed in'a multiple of ).1 of 1%, will
also be considered. A certified check for 5% of the bonds bid for, payable
to the order of the District Clerk, must accompany each proposal.
-SEEKS PWA ALLOTMENT.
CHARLESTON, Coles County, Ill.
Following approval of the plan by the City Council, a special election is
expected to be called for the purpose of obtaining the electorate's sanction
of the submission of an application for a loan and grant from the Public
Works Administration, to provide for improvements to the water works
system. The City's share of the expenditure would be provided for through
the sale of $100,000 25-year water revenue bonds to the PWA. It is expected that an additional $30,000 would be available as a grant from the
Federal agency.
-BONDS DEFEATED
CHARLEVOIX, Charlevoix County, Mich.
-The proposal to issue $87.000 sewage disposal plant construction bonds
was defeated by a count of 178 to 135 at the general election on Nov. 7V. 137, p.3005.
CHICAGO SANITARY DISTRICT, Cook County, 111.-$120.000.000
-In announcing rejection of the district's
FEDERAL LOAN DENIED.
application for a loan of $120,000,000 to cover a six-year construction program. Lloyd H. Landau, General Solicitor for the Public Works Administration, stated that only loans for projects that would reqiure no longer than
two years to construct would be entertained by the PWA. In conformity
with this decision, the district is expected to submit a series of applications
for loans for drainage projects which heretofore have been considered as
sections of the entire program.
-BOND ELECTION.
-It is
CLARK FORK, Bonner County, Ida.
stated that an election will be held on Dec. 5 in order to have the voters
pass on the issuance of $30,000 in general obligation water system bonds.
Interest rate not to exceed 6%. Due in 20 years.
-BOND SALE DETAILS.
CLAY COUNTY (P. 0. Spencer), Iowa.
The $14.000 issue of funding bonds that was purchased by the Farmers
Trust & Savings Bank of Spencer, as 4145, at a price of 100.53-V. 137. 13•
3356
-matures on Dec. 1 as follows: $3.000 in 1935; $7,000 in 1936 and
$4,000 in 1937, giving a basis of about 4.33%•
-NEW MAYOR ELECTED
CLEVELAND Cuyahoga County, Ohio.
-Harry L. Davis, three-time Mayor and a former Governor of the State
Mayor by the voters at the general
of Ohio, was elected to the office of
election on Nov. 7.
-It is
-BOND ELECTION.
CLEVELAND, Pawnee County, Okla.
reported that an election will be held on Nov. 28 in order to submit to the
voters the proposed issuance of $150,000 in water supply bonds. Interest
rate not to exceed 6%. Due in 25 years.
COLOME, Tripp County, S. Dak.-FEDERAL LOAN ALLOTMENT
DISAPPROVED.
-We are now informed that the 825.500 allotment to this
city by the Public Works Administration for the construction of a water
system-V. 137, p. 2304
-was disapproved.
-The
-BONDS CALLED.
COLORADO, State of (P. 0. Denver).
State Treasurer is reported to be calling for payment the following bonds
on or before Dec. 1:
Nos. 1,523 to 1,647 for $1,000 each, of the State highway bonds, Act of
1921.
Nos. 93 to 97, for $5,000 each, and No. 401, for $1,000, of the State funding bonds, Act of 1910.
The following bonds have previously been called for payment:
Nos. 839, 840 and 841 of the State highway bonds. Act of 1921; interest
ceased June 1 1931. Bond No. 1,331, interest ceased Dec. 1 1932.
Nos. 4.727 to 4,729, for $1,000 each, of the State highway bonds, Act of
1923, Series J. Interest ceased on June 1 1933.
COLORADO SPRINGS SCHOOL DISTRICT (P. 0. Colorado
-A special elec-BOND ELECTION.
Springs) El Paso County, Colo.
tion has been called for Dec. 15 in order to have the voters pass on the proposed issuance of $900,000 in bonds. An Associated Press dispatch from
Colorado Springs on Nov. 14 reported on the election as follows:
Colorado Springs taxpayers will vote on bonds for a new high school and
refunding of $900,000 outstanding junior high school bonds at a special
election on Dec. 15.
"The board of education called the election to-day after receiving formal
notification of a $259,233 grant and $700,000 loan from the Federal government for the high school project. The bonds will be security for the loan.
The refunding proposal is designed to delay $100,000 yearly payments on
the junior high school bonds and thus avoid an increase in the tax levy.
COLUMBIA, Boone County, Mo.-BOND ISSUANCE APPROVED.-the voters are said to have
At the election held on Nov.7-V. 137, p.3175
approved the issuance of the $175,000 in school bonds. In addition to the
bond issue the city is expected to seek a $66,000 grant from the Public
Works Administration.
-FEDERAL FUND ALLOTCOLUMBIA, Richland County, S. C.
MENT.
-It has been announced recently by the Public Works Administration that it made an allotment of $893,000 to the city for sewer system
extension purposes. Of the total allotment. 30% of the cost of labor and
material represents a free grant by the PWA. The remainder is a loan
secured by 4% revenue bonds.
COLUMBIA HEIGHTS, Anoka County Minn.-BOND ELECTION.
'
-It is reported that an election will be held on Nov. 27 in order to submit
to the voters the proposed issuance of $12,500 in building purchase bonds.
CONESVILLE SCHOOL DISTRICT (P. 0. Conesville), Muscatine
-At the election on Nov. 7 the voters
County, Iowa.
-BONDS VOTED.
are reported to have approved the issuance of $10,000 in school building
bonds.
-VOTERS APPROVE TWO CONSTITUTIONAL
CONNECTICUT.
AMENDMENTS.
-At the general election held on Nov. 7 the voters gave
approval to two proposed amendments to the State Constitution.
their
one of which will give more time to the Governor to sign bills, the second
will give the Governor the power to nominate judges of the Common
Pleas courts.
CORAOPOLIS SCHOOL DISTRICT, Allegheny County, Pa.
BOND SALE.
-The issue of $90,000 school bonds offered on Nov. 14-V.
137, p.3356
-was awarded as 5s to Leach Bros. of Philadelphia,at a price of
100.03, a basis of about 4.99 7 . Dated Dec. 1 1933 and due on Dec. 1 as
follows: $10,000 in 1939 and $20,000 from 1940 to 1943 ine.l.
CORTLAND CENTRAL SCHOOL DISTRICT NO. 3 (P. 0. Montrose), Westchester County, N. Y.
-BOND OFFERING.
-Sealed bids
addressed to George Welsch, District Clerk, will be received until 8 P.In•
on Dec. 7 for the purchase of $25,000 not to exceed 6% interest coupon
school bonds. Dated Nov. 1 1933. Denom. $1,000. Due $5,000 on
Nov. 1 from 1934 to 1938, incl. Prin. and int.(M.& N.) are payable at
the Westchester County National Bank, Peekskill. A certified check for
$500 must accompany each proposal. Legality approved by Clay, Dillon
& Vandewater of N. Y. City. This issue was approved by a vote of 60 to
10 at an election held on Oct. 25-V.137, p.3356.
COVINGTON, Kenton County, Ky.-BONDS DEFEATED.
-We are
Informed that at the Nov. 7 election-V. 137. P. 2305
-the voters failed to
give the required two-thirds majority vote to the proposal to issue $350,000
in school bonds.
CULPEPER, Culpeper County, Va.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently that it
had made an allotment of $170,000 to this city to be used for the construction .of a generating plant. A 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.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BONDS NOT
SOLD.
-REFUNDING PLAN OPERATIVE.
-No bids were obtained for
the $3,760.000 6% coupon or registered refunding bonds re-offered on Nov.
13-V. 137, p. 3175
-after having failed of sale previously on Oct. 3. The
proposed financing was for the purpose of providing for the payment of
one-half of the special assessment and general obligation issues which came
due on Oct. 1 1933. As a result of this latest failure to sell the issues at
3702
Financial Chronicle
public sale. it is announced that the county will put into operation the plan
providing for the exchange of the refunding bonds for the obligations mhich
have matured. The refundings will be dated Nov. 1 1933 and mature
on April and Oct. 1 from 1939 to 194,,incl. They will be subject to call
on Oct. 1 1938 or on any interest paying date thereafter. The county,
it is said, has paid in full all of the Sept. 1, Sept. It and Oct. 1 1933 interest
coupons that have been presented for payment.
CUYAHOGA FALLS, Summit County, Ohio.
-BONDS NOT SOLD.
-No bids were obtained at the offering on Nov. 10 of $295,045.98
%
and 6% refunding bonds, comprising five separate issues
-V. 137, P. 3006.
Dated Dec. 1 1933. Due on June and Dec. 1 from 1938 to 1947, incl.:
optional June 1 1938 or on any interest paying date thereafter.
DALLAS, Dallas County, Tex.
-FEDERAL LOAN APPLICATION
CONTEMPLATED-The City Council decided recently to make application to the Public Works Administration for a loan of 3207,970, to provide
improvements in the municipal water system. City officials are said to be
In hopes that $54.000 of this amount will be given the city as an outright
grant to help speed employment. In addition, the Council voted to ask
the PWA to set aside $249,960 more to loan the city after Oct. 1 1934. after
a new budget has been drawn up so that the local government can have
more cash available. Included in this second proposal is $64,000 which
is expected to be an outright grant also.
DAY_TONA BEACH, Volusia County, Fla.
-REPORT ON DEBT
REDUCTION.
-The following report on the reduction in the bonded debt
of this city during the past fiscal year is taken from the Jacksonville
"Times
-Union" of Nov. 12:
"During the 12
-month period ending on Oct. 31 the city of Daytona
Beach had achieved a net reduction of Its bonded debt amounting to
$153,500 through retirement of maturities, Francis Mills, City Clerk,
announced to-day.
"Mr. Mills said this was the largest net reduction of bonded debt accomplished here since the consolidation of three municipalities into the
present city was effected in 1926. In addition to the total maturities paid,
the city has paid all bond interest due to and including April 1933.
"Principal and interest payments on bonds were paid through rigid
economies in operating expenses, which this year have been cut lower
than at any time in the last 10 years, according to the City Clerk. The
city is keeping within an operating budget of $252,000 for the fiscal year
ending Dec. 31."
-Sealed
-BOND OFFERING.
DELAWARE, Delaware County, Ohio.
bids addressed to F. D. King, City Auditor, will be received until 12 m.on
Dec. 1, for the purchase of $37,000 not to exceed 6% interest refunding
bonds. Dated Dec. 1 1933. Denom. $1,000. Due Oct. 1 as follows:
$7,000 from 1938 to 1940, incl. and $8,000 in 1941 and 1942. Principal
and interest (A. & 0.) are payable at the depositary of the City Sinking
Fund Commission. The bonds are being issued to provide for the retirement of a similar amount which matured on Sept. 1 1933 and have been
unpaid, due to a lack of funds.
-An
-BOND ELECTION.
DENVER (City and County), Colo.
official call has been issued for a special election to be held on Jan. 16 1934,
to vote on a $3,845,000 bond issue to finance a public works program which
includes a $2.000,000 sewage disposal plant; $750,000 flood control; $773,000 Platte River rip-rapping, and two bridges at $112,000.
DENVER PARK HILL STORM SEWER DISTRICT (P. 0. Denver),
Colo.
-BOND SALE
.-We are informed that a $245,000 issue of5% special
improvement district bonds was purchased recently by J. II. Goode of
Denver at par. Denom. $1,000. Dated May 11932. Due on or before
May 11947. Callable at any time on 30 days' notice. (These bonds are
the balance of a $1,324,000 issue.)
DEPTFORD TOWNSHIP (P. 0. Westville, R. F. D.), Gloucester
County, N. J.
-BOND SALE.
-Thomas Quinn. Township Clerk, reports
that an issue of $40,000 refunding bonds has been sold to the State.
DES MOINES, Polk County, Iowa.
-BONDS NOT SOLD.
-The
$10,000 issue of fire department equipment bonds offered on Nov. 13V. 137, p. 3524
-was not sold as no bidders were present, according to the
City Treasurer. He states that these bonds will be offered at private sale.
Dated Nov. 15 1933. Due $2,000 from Dec. 1 1937 to 1941 incl.
DETROIT, Wayne County, Mich.
-MUST ASSUME PORTION OF
-Harold L. Ickes, Public Works
$87.854,000 SUBWAY EXPENDITURE.
Administrator, announced on Nov. 14 that the PWA will not consider the
financing of the proposed $87,854,000 subway system project, approved by
the city's voters at the general election on Nov.7-V. 137, p. 3524, without
some participation in the cost by the city. Mr. Ickes declared unfair the
proposal that the PWA assume the entire burden of financing the project
and stated that the only plan to be considered will be one providing for a
loan and grant, in accordance with the regular procedure followed in the
case of so-called slef-liquidating projects. In submitting the proposal to
the voters, the city specifically stated that no tax would be levied to provide
for the payment of any part of the project.
DEVILS LAKE, Ramsey County, N. Dak.-BOND ELECTION.
-It
Is said that an election will be held on Nov. 27 in order to vote on the issuance of $400,000 in light plant construction bonds.
DONORA, Washington County, Pa.
-BONDS DEFEATED.
-The
question of whether to issue $275,000 improvement bonds, submitted for
consideration of the voters at the general election on Nov. 7-V. 137, p.
3006, was answered in the negative. Of the votes cast, 775 approved of the
measure while 2,010 opposed it.
EAGLE LAKE, Colorado County, Tex.
-BONDS VOTED.
-A
$60,000 issue of paving bonds is reported to have been voted recently.
EAST VANDERGRIFT SCHOOL DISTRICT, Westmoreland
County, Pa.
-BONDS VOTED
-A vote of 376 to 173 was cast on Nov. 7
In favor of the proposal to issue $28,000 school construction bonds.
EDGEWATER, Volusia County, Fla.
-NOTES DEFEATED-At the
-the voters rejected the
general election on Nov. 7-V. 137, p. 2838
proposal to issue $5,500 in town notes.
-OBTAINS PWA ALLOTMENT.
-The
ELGIN, Kane County, 111.
Public Works Administration has allotted $82,000 to the city for the
construction of a water reservoir. This includes a direct grant of a sum
equal to 30% of the approximately 865,000 to be spent on the project for
labor and materials. The balance consists of a loan, secured by 4%
revenue bonds of the city.
-BOND SALE.
-The
ELKHART COUNTY (P. 0. Goshen), Ind.
-was
issue of $72,000 6% bonds offered on Nov. 15-V. 137, p. 3176
awarded to C. W. McNear & Co. of Chicago, at a price of 101.18, a basis of
about 5.76%. Dated Nov. 15 1933. Due $8,000 on Nov. 15 from 1935 to
1943 incl. Bids submitted for the issue were as follows:
Premium.
BidderC. W. McNear & Co. (purchasers)
1850.50
Welsh & Green, Chicago
751.00
Walter, Woody & Heimerdinger, Cincinnati
729.00
Salem Bank & Trust Co., Goshen
722.00
Lewis, Pickett & Co., Chicago
175.00
Grace & Co., Chicago
72.00
* Equivalent to 101.18 per $100 bond.
FAIRFAX COUNTY (P. 0. Fairfax), Va.-BONDS DEFEATED.
At the Nov. 7 election-V. 137, p. 3176
-the voters failed to approve the
proposed $50,000 of jail bonds.
FALLON, Churchill County, Nev.-FEDERAL FUND ALLOT
MENT.-It was announced recently by the Public Works Administration
that it had made an allotment of $100,000 to this city for the construction
of a reservoir. The customary grant of 30% of the cost of labor and
material on such projects was made by the PWA. The remainder is a loan
secured by 4% revenue bonds of the municipal water and electric systems.
FAYETTEVILLE, Cumberland County, N. C.
-BOND ELECTION.
It is reported that an election will be held on Dec. 19 in order to vote on
the proposed issuance of $100,000 in municipal auditorium and city hall
bonds.
FERGUS FALLS, Otter Tail County, Minn.
-PROPOSED FEDERAL
-An application for a loan of$250,000 is said to have been forwarded
LOAN.
to Washington, in order to build a sewage system and plant, when the
State Advisory Board approved the proposal on Nov. 6.
FLATHEAD COUNTY (P. 0. Kalispell), Mont.
-WARRANTS
-It is stated by C. A. Robinson, County Treasurer, that the
CALLED.
Nov. 18 1933
following warrants were called for payment at his office on Nov. 10, on
which date interest ceased:
All general fund, registered on or before Aug. 14 1933.
All bridge fund, registered on or before Sept. 21 1933.
All road fund, registered on or before Oct. 11 1933.
All poor fund, registered on or before Aug. 15 1933.
All county extension fund, registered on or before Oct. 4 1932.
Ashley Irrigation maintenance fund, registered on or before Nov.8 1933.
FLORENCE, Florence County, S. C.
-FEDERAL LOAN APPLICATION FILED.
-It is stated that a loan of $155,658 for a general marketing warehouse, was requested by this city in an application for Federal
funds filed with the State Advisory Public Works Board.
FOOTVILLE, Rock County, Wis.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration has announced recently an
allotment of $30,000 to this village for a water distributing system. The
PWA made the customary grant of 30% of the cost of labor and material
on this project. The remainder is a loan secured by 4% general obligation
bonds.
FORT COLLINS, Larimer County, Colo.
-FEDERAL FUND
ALLOTMENT.
-It was announced recently by the Public Works Administration that it had made an allotment of $738,000 to this city for the
construction of an electric generating station and distributing system, or the
purchase of the exising system from the Colorado Public Service Co. In
line with its customary policy on such projects the PWA made a grant
of 30% of the cost of labor and material if a new distribution system is
constructed or approximately $303,000 If the existing system is purchased. The remainder is a loan secured by 4% revenue bonds.
FORT WAYNE, Allen County, Ind.
-BOND OFFERING.
-Julian
F. Franke, City Comptroller, v.ill receive sealed bids until 2 p. m.(Standard
time) on Dec. 5 for the purchase of $140,000
% series U railroad refunding bonds. Dated Oct. 10 1933. Denom. $1,000. Due $7,000
annually on Oct. 10 from 1935 to 1954 incl. Prin. and semi-ann. int.
are payable at the Lincoln National Bank & Trust Co., Fort Wayne.
The bonds to be refunded are known as series D and matured on Oct. 10
1933. A certified check for 2 % of the bonds bid for, payable to the
order of the City Treasurer, must accompany each proposal. Only unconditional bids will be accepted. Legal opinion of Smith, Remster,
Hornbrook & Smith of Indianapolis will be furnished the successful bidder.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-ASSESSED
VALUATIONSREDUCED BY $128,220,820.
-The State Tax Commission
on Nov. 8 approved the County real property tax duplicate for 1933 carrying a reduction of $128,220,820 below the valuations for the previous year,
according to the "Ohio State Journal" of the following day, which continued as follows:
"The 1932 valuation of $469,665,170 was cut to $341,464,350. a slash of
27%. Columbus, which paid on a total of $379,371,960 in 1932, will be
taxed on $276.013.880.
"Subdivisions of the county, their 1933 valuations and last year's valuations follow:
Westerville ____ $2,008,040 $2,745,200 Gahanna
$112,870
$155,120
G'view Heights_ 6,471,840 8,946,680 Billiards
170,170
236,390
Marble Cliff _
661,360
931,150 Up. Arlington
7,556,760 10,327,630
Locsbourne_ ___
67,960
99,050 New Albany.
77 90
8 1:2480
94,040
Obetz
237,160 Harrisburg
180,810
Grove City_ _ _
751,160
974,030 Worthington__ _ 1,100.790 1,484, 9g
7
9843
529,420 Reynoldsburg Groveport
382,520
270,770
375,460
ee .Winehester
B. ley
639,220
801,010 Dublin
85,450
Hanford
67,580
93,150 Total
313,409,070 430,80390
90;53g
15,857,420 22,000,550 Townships
28,055,280 38,881,270
East Columbus_
903,700 1,232,140
FREMONT SCHOOL DISTRICT (P. 0. Fremont), Dodge County,
Neb.-BONDS DEFEATED-At an election held on Nov. 2 the voters
rejected a proposal to issue $200,000 in school bonds. (The preliminary
report on this election was given in V. 137, p. 2306.)
FRESNO COUNTY (P. 0. Fresno)_, Calif.
-BOND ELECTION,
-It
is stated that an election will be held on Dec. 19 in order to have the voters
pass on the issuance of $280,000 in Hall of Records bonds. A grant of
1120,00000 this project will be requested of the Federal Government. The
bonds will bear a maximum rate of interest of 4M % and will mature over
-year period.
a 30
GAMBIER SCHOOL DISTRICT,Knox County,Ohio.
-BOND ISSUE
VOTED-A vote of 183 to 126 was cast in favor of the proposal to issue
$37,000 public school bldg. improvement bonds at the general election on
Nov. 7. An additional sum of $14,000 is expected to be contributed as a
grant by the Public Works Administration, which will make a total of
$51,000 available for the project.
GLEN ULL1N, Morton County, N. Dak.-BONDS DEFEATED.
At the election on Nov. 9-V. 137. p. 3176
-the voters rejected the proposal to issue $14,000 in community hall bonds by failing to give it the
required majority.
GLOUCESTER, Essex County, Mass.
-The
-TEMPORARY LOAN.
Gloucester National Bank has been awarded an issue of $100,000 revenue
anticipation notes at 1.445% discount basis. Due May 16 1934. Bids
for the loan were as follows:
Bidder
Discount Basis.
Gloucester National Bank (purchaser)
1 445
Cape Ann National Bank
1.94
Gloucester Safe Deposit & Trust Co
2.10
Faxon, Gade & Co
2.15k
GOSHEN, Orange County, N. Y.
-RECEIVES FEDERAL FUND
ALLOTMENT.
-An allotment of $155,000 to the village for use in water
works improvements has been announced by the Public Works Administration. Included in the total is a sum equal to 30% of the approximately
$102,000 to be spent for labor and materials, which amount represents the
Federal Government's contribution to the project. The balance is a loan,
secured by 4% general obligation bonds.
GRADY COUNTY (P. 0. Chickasha), Okla.
-BOND ELECTION.
An electon will be held on Dec. 12, according to report, to vote on the proposed issuance of $140,000 In court house bonds. It is said that the bonds
will be sold to the Public Woks Administration.
GRAFTON SCHOOL DISTRICT NO. 3 (P. 0. Grafton) Walsh
County, N. Dak.--CORRECTION.-It is stated by the Clerk of the BOird
of Education that the amount of school bonds to be voted on at the election
on Nov. 24, is $96,000 not $250,000, as reported in V. 137. p. 3525.
GRAND COUNTY (P. 0. Moab), Utah.
-BONDS VOTED.
-It is
stated that at a recent election the voters approved the issuance of 3130,000
In school building bonds by a count of 181 to 22. The Public Works Administration announced an allotment to Grand County in this amount on Oct. 18
-V. 137, p. 3176. (In V. 137, p. 3359, we reported the voting of these
bonds under the caption of Moab.)
GRANITE FALLS, Caldwell County, N. C.
-FEDERAL FUND
ALLOTMENT.
-An allotment of $55,000 to this town for water distribution system improvements was announced recently* by the Public Works
Administration. 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.
-BOND SALE.
GREENE COUNTY (P. 0. Xenia), Ohio.
-The
$22,500 poor relief bonds offered on Nov. 10-V. 137. P. 3176
-were
awarded as 43is to Braun, Bosworth & Co.of Toledo, at par plus a premium
of $21, equal to 100.09, a basis of about 4.47%. Dated Nov. 1 1933 and
due on March 1 as follows: $4,700, 1934; $4,100, 1935; $4,300, 1936;
$4,600 in 1937 and $4,800 in 1938.
GREENSBORO, Guilford County, N. C.
-REFUNDING PLAN
NOW 83% COMPLETE.
-A dispatch from this city to the "Wall Street
Journal" of Nov. 14 states that Andrew Joyner Jr.. City Manager,reported
that about 83% of the holders of Greensboro securities in the revised refunding plan have now given their assent to the plan. In all there are $8,137,000
bonds and notes involved in the refunding plan.
GREENWOOD, Greenwood County, S. C.
-FEDERAL FUND
ALLOTMENT.
-An allotment of $200,000 to this city for water supply
construction purposes was announced recently by the Public Works Administration. Of the total, 30% of the cost of labor and material, which is
put at approximately $155,000, is a grant by the PWA. The remainder is a
loan secured by 4% revenue bonds.
Volume
137
Financial Chronicle
-A group
-BOND SALE.
GROTON, New London County, Conn.
composed of the Bancamerica-Blair Corp., Christianson, MacKinnon &
Co. of Hartford and the R. F. Griggs Co. of Waterbury was awarded on
Nov. 2 an issue of $165,000 4;4% funding bonds at a price of 101.43, a
basis of about 4.22%. Dated Nov. 1 1933. Denom. $1.000. Due $15.000
on Nov. 1 from 1934 to 1944 incl. Interest is payable in M.& N. Legality
approved by Day, Berry & Howard of Hartford. A bid of 101.19 was submitted by R. L. Day & Co. of Boston, while Putnam & Co. named a
price of 100.67.
-BOND SALE.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
-were awarded to
The $88,571.38 bonds offered on Nov.9-V.137, p. 3176
a group composed of Assel, Goetz & Moerlein, Inc. VanLahr, Doll &
Isphording, and Grau & Co. all of Cincinnati, as follow;:
$63,524.42 sanitary sewer construction bonds sold as 4s, at par plus
a premium of $650.58, equal to 101.02. a basis of about 4.38%.
Due Nov. 1 as follows: $3,524.42 in 1935: $4,000 from 1936 to
1938 incl. and $3,000 from 1939 to 1954 Incl.
25,046.96 water supply bonds sold as 434s, at par plus a premium of $260,
equal to 101.03, a basis of about 4.37%. Due Nov. 1 as follows:
$2.046.96 in 1935; $2,000 from 1936 to 1939 incl. and $1,000
from 1940 to 1954 incl.
Each issue is dated Nov. 1 1933.
The following is a list of the bids submitted at the sale:
Rate of
Bid.
Amount.
Interest.
Bidder(Both Issues)
Awe], Goetz & Moerlein. Inc., Van Lahr,
Doll & Isphording, Inc., and Grau &
Co.,jointly (purchasers)
4;4% $64,175.00 $25,306.96
Seasongood & Mayer and Provident Sav25,080.00
63,609.00
431%
ings Bank & Trust Co.,jointly
25,174.46
63,845.72
4;i%
Hill & Co., Cincinnati
Fox, Einhorn & Co., Inc., and Widmann,
25,172.00
63,840.00
5%
Holzman & Katz, jointly
The N. W.Harris Co.and Breed & Harri25,176.96
63,844.42
5%
son, Inc., jointly
3703
Financial Statement (Oct. 1 1933)•
$79,063,150.00
Assessed valuation of Johnstown, Pa., 1933
120,000,000.00
Real valuation (estimated)
4,200,000.00
debt (including this issue)
Total bonded
None
.189.396o.4n2e
Floating debt
Cash in sinking funds
4.010.603.58
Net debt of School District
* This amount includes $34.457.05 in tax collections which has been
deposited in a special sinking fund account according to the Act authorizing the bond issue, the balance of the sinking fund being restricted in banks
secured collaterally by mortgages.
-OBTAINS PWA
KENNETH SOUARE, Chester County, Pa.
-The Public Works Administration has announced the
ALLOTMENT.
the Borough for a sewage disposal plant. The
allotment of $120,000 to
project is to cost $200,000. with the balance of $80,000 to be furnished by
Pierre S. DuPont. The PWA has agreed to make the usual grant of 30%
of the amount to be spent for labor and materials. This expenditure is
expected to total about $152,000. The balance of the advance consists of a
loan, secured by 4% general obligation bonds.
KENOSHA, Kenosha County, Wis.-FEDERAL FUND ALLOT-It was announced recently by the Public Works Administration
MENT.
that it had made an allotment of $189,000 to this city for water purposes.
The customary PWA grant of 30% of the cost oflabor and material on such
projects, was made in this case. The remainder is a loan secured by 4%
revenue bonds.
KING COUNTY SCHOOLIHSTRICT NO.90(P.O. Seattle), Wash.
-It is stated that sealed bids will be received until
-BOND OFFERING.
10:30 a.m. on Nov. 25 by G. G. Wittenmyer, County Treasurer, for the
purchase of an issue of $1,750 school bonds Interest rate is not to exceed
6%, payable semi-annually. Prin. and int. payable at the office of the
County Treasurer. A certified check for 5% must accompany the bid.
KING COUNTY SCHOOL DISTRICT NO. 158 (P. 0. Seattle),
-Sealed bids will be received by G.G. Witten-BOND OFFERING.
Wash.
myer, County Treasurer, until 11 a. m. on Nov. 25, for the purchase of an
issue of $1,750 school bonds. Interest rate is not to exceed 6%, payable
semi-annually. Said bonds shall run for a period of 20 years, said period of
-BONDSALE DETAILS.
HANCOCK COUNTY (P.O.Garner)Iowa.
time being (as near as practicable) equivalent to the life of the improvement
-The $11,000 issue of funding bonds that was purchased by the First
to be acquired by the use of the proceeds of the sale of said bonds: provided,
-was sold as 55, and
-V. 137. P. 3357
National Bank of Mason City
that the said school district reserves the right to pay or redeem said bonds
mature on Nov. 1 as follows: $3.000 in 1935 and $4,000 in 1936 and 1937.
or any of them at any time after 3 years from the date thereof. Prin. and
interest payable at the office of the County Treasurer. A certified check
-A. S.
-BOND ISSUE VOTED.
HANOVER, York County, Pa.
for 5% must accompany the bid.
Ruth, Borough Secretary, advises that on Nov. 7, the date of the general
election, the voters approved of the $55,000 sewage disposal plant bond
KIONA IRRIGATION DISTRICT (P. 0. Kiona) Benton County,
measure by a count of 2,968 to 643-V. 137, P. 3007. The issue will bear 'Wash.
-It is reported that an election will be held
-BOND ELECTION.
4% interest and mature in 30 years.
on Nov. 25 in order to have the voters pass on the issuance of $22,500 in
refunding bonds.
-At the
-BONDS DEFEATED.
HIBBING, St. Louis County, Minn.
-At the general
-BONDS VOTED.
KUTZTOWN, Berke County, Pa.
-it is stated that the voters defeated
election on Nov. 7-V. 137, p. 2306
election on Nov. 7 the voters authorized the issuance of $16,000 park
the proposal to issue a total of $350,000 in sewage disposal plant and street
improvement bonds by a count of 680 to 287.
and highway inept. bonds.
-An
-BOND ELECTION.
LAKE CITY, Wabasha County, Minn.
HILLSBORO SCHOOL DISTRICT, Highland County, Ohio.
election was held on Nov. 14, according to report, in order to vote on the
BOND ISSUE APPROVED.
-At the general election on Nov.7-V.137. P.
issuance of $50,000 in sewage disposal plant, dock and harbor bonds.
con;3177
-the voters authorized the issuance of $130,000 school building
-At the election
struction bonds.
-BONDS VOTED.
LAKE VIEW, Sac County, Iowa.
-the voters approved the issuance of the
held on Nov. 8-V. 137. p. 3358
HINSDALE, Du Page County', 111.-P WA MAKES ALLOTMENT.
$15,000 in 4% municipal building bonds by a count of 410 to 56.
In allotting $44,500 to the Village for park Improvements, the Public Works
-At the
-BONDS VOTED.
LAKEVILLE, Dakota County, Minn.
Administration included in the total the usual outright grant of 30% of the
-the voters approved the
general election on Nov. 7-V. 137, p. 3177
amount to be spent on labor and materials, which in this instance will be
issuance of the $15.000 in bonds, divided as follows: $7,500 sewage disposal
$32,300. The balance consists of a loan, secured by 4% general obligation
bonds.
plant, and $7,500 sewer system bonds.
-BOND
LANSFORD SCHOOL DISTRICT, Carbon County, Pa.
-BONDED DEBT REDUCED.
HOUSTON, Harris County, Tex.
-Local banks have purchased tne issue of $8,000 athletic field and
SALE.
The following report onthe proposed retirement of $1,433,000 in city bonds
playground bonds which was approved on Sept. 27 by the Pennsylvania
is taken from a Houston dispatch to the "Wall Street Journal" of Nov. 15:
Department of Internal Affairs.
"City Comptroller Harry Giles said that at the end of the current year
-The above bonds were sold at a
ADDITIONAL INFORMATION.
the city's gross bonded indebtedness will be reduced by $1,433,000 by
price of par, bear 4;4% interest and mature in from 2 to 8 years. They were
retirement. Every year, he said, the city retires bonds amounting to
as follows: $3,000 each to the First National Bank and the Dime Bank
That amount would be sufficient to wipe out
sold
approximately $1,500,000.
of Lansford, and $2,000 to the Citizens National Bank of Lansford.
the present total by 1955."
•
LARIMORE SPECIAL SCHOOL DISTRICT (P. 0. Larimore)
-BOND CONVER(P. 0. Jersey City), N. J.
HUDSON COUNTY
Grand Forks County, N. Dak.-FEDERAL FUND ALLOTMENT.'
-The Board of Freeholders on Nov. 9 authorized
SION AUTHORIZED.
The Public Works Administration recently announced an allotment of
conversion into coupon bonds of $10,000 Fourteenth St. Viaduct
the
$60.000 to this district for school construction purposes. The usual grant of
registered obligations, issued in Oct. 1908. The change, which will be
30% of the cost of labor and materials on such projects, was made by the
made at the holder's expense, was requested by H. L. Allen & Co. of New
PWA. The remainder is a loan secured by 4% general obligation bonds.
for the bondholder.
York, agent
-.
-BOND
LEBANON SCHOOL DISTRICT, Lebanon County, Pa.
-BOND
INTERNATIONAL FALLS, Koochiching County, Minn.
-At the general election on Nov. 7 the voters refused
ISSUE REJECTED.
-It is stated that an election will be held on Nov. 20 in order
ELECTION.
-V.
to sanction the issuance of $500,000 school bldg. construction bonds
to vote on the issuance of $230,000 in water works bonds. (This proposal
137, p. 2840. Of the votes cast, 1,782 were in the affirmative and 2,860
was defeated by the voters at the Oct. 17 election-V.137, p. 3177.)
in the negative.
-It is reLEEDS, Benson County, N. Dak.-BOND ELECTION.
-It IS reported
-BONDS VOTED.
IONA, Bonneville County, Ida.
ported that an election was held on Nov. 13, at which the voters were asked
that the voters recently approved the issuance of $9,000 in school building
to pass on the proposed issuance of $50,000 in light and power plant bonds.
bonds by a count of 93 to 11.
-At the
LEXINGTON, Fayette County, Ky.-BONDS VOTED.
-At the general
-BONDS VOTED.
IONE,Pend Oreille County, Wash.
-the voters approved the
regular election in November-V. 137, P. 2438
election on Nov. 7 the voters approved the issuance of the $10,000 in saniIssuance of $1,662.000 in bonds, divided as follows: $1,155.000 sewer;
-V. 137. p. 3007. Interest rate will not exceed
sewer system bonds
tary
/350.000 school system; $59,000 city jail: /35,000 public health center:
6%.
$31.500 colored community center, and $31,500 white community center
JACKSONVILLE, Duval County, Fla.
-PROPOSED TEMPORARY
bonds.
-.It is reported that on Nov. 13 the City Commission reBORROWING.
-LOAN OFFERING.
LEXINGTON, Middlesex County, Mass.
quested the City Council to adopt legislation giving the necessary authority
Sealed bids will be received until 7:45 p. m. on Nov. 21 for the purchase at
for the city to borrow $175,000 from local ioanks. This amount will be
discount basis of a $100,000 revenue anticipation loan, dated Nov. 22 1933
complete operations of the Government for the remainder of
needed to
and due Feb. 23 1934.
the year.
-It is stated by the
LIBERAL, Barton County, Mo.-BONDS SOLD.
-At
JAMESTOWN, Stutsman County, N. Dak.-BONDS VOTED.
City Clerk that the $22,000 electric distribution system construction bonds
the election held on Nov. 10 the voters approved the issuance of electric
State Supreme Court on Aug. 12-V. 137, p.
upheld as to validity by the
light and power plant bonds. mentioned in V. 137. p. 3357.
1446-were purchased by Alwander McArthur & Co. of Kansas City.
-FEDERAL FUND ALLOTMENT.
u
LIMON, Lincoln County, Colo.
JAMESTOWN SCHOOL DISTRICT, Chautauq a County, N. Y.AID SOUGHT
.-The District Clerk informs
It was announcced recently by the Public Works Administration that it had
BOND ISSUE VOTED-PWA
made an allotment of $41,000 to this town for water main replacements.
us that at the election held on Nov. 14 a vote of 4,657 to 722 was cast in
Of the total, 30% of the cost of labor and material, which is set at approxifavor of the proposal to issue $1.150,000 bonds for various school building
mately $31,500, is a grant. The remainder Is a loan secured by 4% general
construction projects. The application for a Public Works Administration
obligation bonds.
grant to finance the improvements has been approved, according
loan and
mature as follows: $35,000 from 1935 to
to the Clerk. Bonds are to
LOCKLAND SCHOOL DISTRICT, Hamilton County, Ohio.
1938 incl.' $36,000. 1939; $55,000. 1940; $58.000. 1941: $60,000, 1942:
BOND ISSUE APPROVED.
-The proposal to issue $35.000 school building
$63 000, 1943; $64,000, 1944 and 1945; $65,000. 1946 and 1947; $68,000,
by a vote of 1,310 to 679 at the general election on
construction bonds carried
194ii to 1953 incl., and $72,000 in 1954.
Nov.7-V. 137, p. 2138.
-FIRST CITY TO UTILI7E PROVISIONS
JERSEY CITY, N. J.
LONG BEACH SCHOOL DISTRICTS (P. 0. Los Angeles) Los
-This city is the first municiOF STOUT TAX RECEIVERSHIP ACT.
-The three issues of 5%
Angeles County, Calif.
-BONDS NOT SOLD.
pality to avail itself of the full powers of the Stout Act, which sanctions
semi-ann. bonds, aggregating $4.100,000. offered on Nov. 13-V. 137. p.
taxes, passed oy the Legislature on
receiverships for non-payment of
-were not sold as there were no bids received, according to the
3526
Oct. 10-V. 137. p. 2835. The city took over control of an apartment
County Clerk. The issues are divided as follows:
• building on Nov. 16 for default of $11,000 in taxes, according to the New
$2,500,000 city school district bonds. Due $125.000 from Nov. 1 1934
York "Sun" of Nov. 17. The City Collector was appointed receiver by
to 1953. inclusive.
the Vice-Chancellor on an application by the Assistant Corporation Counsel.
1.500,000 city high school district bonds. Due from Nov. 1 1934 to
It was stated by the City Collector at the same time that tax receipts
1953, imlusive.
have doubled within recent days since Jersey City began its proceedings
100,000 city junior college district bonds. Due $10,000 from Nov. 1
of
against tax delinquents. An objection flied by the holderwasa first mort1934 to 1943. inclusive.
withdrawn.
gage on the ground the Stout Act Is unconstitutional
-PROPOSED FEDERAL
LONG BRANCH, Monmouth County, N. J.
SCHOOL DISTRICT, Cambria County, Pa._
LOAN.
-The City Council on Oct. 31 passed on first reading an ordinance
JOHNSTOWN
FINANCIAL STATEMENT-In connection with the proposed sale on providing for the sale of $250.000 6% temporary bonds or notes to the
Public Works Administration for the purpose of providing for the financing
Nov. 18 of $500,000 5% emergency delinquent tax bonds, reference to
of sewer extensions.
which was made in V. 137, P. 3357, we learn that the proceeds of the sale
will be used for the payment of operating expenses of the district. A fund
LOS ANGELES COUNTY SCHOOL DISTRICTS (P. 0. Los Anof $316,374.59, representing 80% of uncollected taxes, which have been
-Sealed bids will be received until
geles), Calif.
-BOND OFFERING.
returned to the County Commissioners for collection, will be applied to the
2 p. m. on Nov. 27 by L. E. Lampton, County Clerk, for the purchase of
redemption of the issue. A total of $34,457.05 of such taxes has already
two issues of school bonds aggregating $6,808,000, divided as follows:
special sinking fund account in accordance
been collected and deposited in a
/3,565,000 city high school district bonds. Due $155,000 from June 1
with the Act authorizing the bond issue. In connection with the scheduled
19:34 to 1956 inclusive.
offering, the district has issued a report covering the fiscal year July 4 1932
3,243,000 city school district bonds. Due $141,000 from June 1 1934
with respect to bonds outto July 1 1933, and containing complete data
to 1956 inclusive.
standing, delinquent taxes and a summary of the bond principal and interInterest rate is not to exceed 4;4 %, payable J. & D. Denom. 61.000.
est in default, due, it is stated. to the restriction of bank deposits. ObligaDated June 11931. Prin. and int. payable in lawful money at the County
tions in default consist of $127,000 bonds and $71,205 interest coupons.
Treasurer or at the fiscal agency of the county in New York City. The
debt position of the district is summarized as follows:
The
3704
Financial Chronicle
bonds will be sold for cash only and at not less than par and accrued interest.
Bids will be received for all or any part of said bonds. In the event that
the bidder submits a proposal to purchase a portion of said bonds, the bid
shall designate specifically the bonds bid for. All bonds sold to a bidder
bidding for a portion of said bonds shall bear the same rate of interest,
and bids for varying rates of interest for the same block or portion of said
bonds will be rejected. A certified check for 3% of the amount of the bonds,
payable to the Chairman of the Board of Supervisors, must accompany
the bid. (These bonds were offered for sale without success on Sept. 18V. 137. p. 2307.) The following information is furnished with the official
offering notices:
Los Angeles 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 $1,479,384,835, and the amount of bonds previously
issued and now outstanding is $26,877,000.
Los Angeles City High School District includes an area of approximately
1,094.853 square miles, and the estimated population of said high school
district is 1,641,600.
Los Angeles 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 $1,413,347,030, and the amount of bonds previously issued
and now outstanding is $34,208,470.
Los Angeles City School District includes an area of approximately
696.433 square miles, and the estimated population of said school district
is 1,608,000.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-ADDITIONAL INFORMATION.
-In connection with the proposed sale on Nov. 27 of $526,240
refunding bonds, including $214.300 5 Hs, $187,940 6s and $124,000 531s
-V. 137. p. 3526
-we learn that the bonds will be dated Nov. 1 1933
and mature Nov.1 1948. Subject to call in whole or in part on Nov. 1 1938
or on any interest
-bearing date thereafter. In the event that less than the
entire amount of each issue is called at any time, or from time to time,
such bonds shall be called in inverse order of their numbers. Principal
and interest (M. & N.) are payable at the County Treasurer's office. A
certified check for 1% of the bonds offered must accompany each proposal.
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.
LUCAS, Richland County, Ohio.
-BOND ISSUE APPROVED.
At the general election on Nov.7thevotersauthorized the issuance of$15,500
water works system construction bonds by a count of 164 to 28-V. 137,
p.3178.
LUCEDALE SPECIAL CONSOLIDATED SCHOOL DISTRICT
(P. 0. Lucedale), George County, Miss.
-BONDS VOTED.
-The district is reported to have voted recently to issue $40,000 in high school bonds.
LYNCHBURG, Campbell County, Va.-BOND AWARD AGAIN
POSTPONED.
-We are now informed that the award of the $450.000 issue
of 4% semi-ann. water supply conduit bonds originally scheduled for
Oct. 28, postponed to Nov. 4 and then to Nov. 11-V. 137, p. 3526. was
not awarded at that time. The Council is said to have taken no action and
decided to meet either Nov. 17 or 18th to dispose of the matter. Dated
Nov. 15 1933. Due from Nov. 1 1936 to 1962.
LYNCHBURG SCHOOL DISTRICT, Highland County, Ohio.
BOND ISSUE DEFEATED.
-The proposal to issue 553,000 'high school
building construction bonds failed of approval at the general election on
Nov. 7.
McLEAN COUNTY SCHOOL DISTRICT NO.8(P.O. Underwood),
N. Dak.-CERTIFICATES OFFERED.
-It is reported that sealed bids
were received until 4 p. m. on Nov. 14 by C. W. Gannon, District Clerk.
for the purchase of a 810.000 issue of certificates of indebtedness. Denom.
$500. Dated Nov. 30 1933. Due on June 30 1935.
MACON COUNTY (P. 0. Lafayette), Tenn.
-BOND ISSUE.
-A
$30,000 issue of 6% semi-ann. funding bonds is reported to have been purchased on Sept. 1 by a snydicate composed of the Nashville Securities Co.,
Robinson, Webster & Gibson, Thomas H. Temple & Co., and W. N. Estes
& Co., all of Nashville. Dated July 1 1933. Due from July 1 1936 to 1945.
MADISON, Dane County, Wis.-FEDERAL FUND ALLOTMENT.The Public 'Works Administration recently announced the allotment of
$183,200 to the Board of Water Commissioners. In line with its customary
policy 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.
MADISON, Lake County, S. Dak.-BONDS NOT SOLD.
-We are
informed by the City Auditor that the three issues of bonds aggregating
534.500 offered for sale on Nov. 13-V. 137, p. 3526
-were not sold, as
there were no bids received. The issues are as follows:
$17,500 water tower bonds. Due in 20 Years.
10,000 swimming pool bonds. Due in 15 Years.
7,000 city garage bonds. Due in 10 years.
Interest rate is not to exceed 5%. payable semi-annually.
MADISON HEIGHTS SANITARY SEWER DISTRICT (P. 0. Amhorst), Amherst County, Va.-BONDS VOTED.
-At the election held
on Oct. 28-V. 137. p. 2491-the voters approved the issuance of $62,500
in water system bonds by a big margin.
MADISON METROPOLITAN SEWERAGE DISTRICT (P. 0.
Madison) Dane County, Wis.-EONDS AUTHORIZED.
-The Board
of District Commissioners is said to have passed a resolution on Nov. 7
providing for the issuance of $750.000 In 4% sewerage works bonds. Denom.
$1,000. Dated Nov. 11933. Due on Nov. 1 as follows: $38,000, 1934 to
1943. and $37,000, 1944 to 1953, all incl. Prin. and in (M. & N.) payable at the City Treasurer's office.
MAINE (State of).
-$40,000.000 PWA ALLOTMENT URGED.
U. S. Senator Frederick Hale has recommAzded to President Roosevelt
that the Public Works Administration allot $40,000,000 to the State in order
to provide for a tidewater power development at Eastport. according to
report. Mr. Hale is reported to have stated that work on the project can
oe started immediately upon receipt of the necessary funds.
MALTA-McCONNELLSVILLE EXEMPTED VILLAGE SCHOOL
DISTRICT, Morgan County, Ohio.
-BOND ISSUE APPROVED.
-The
Proposal to issue $42,500 school building construction bonds, submitted for
consideration of the voters at the general election on Nov. 7-v.137,
-was approved by a vote of 813 to 692.
P. 3008
MANCHESTER, Hillsboro County, N. H.
-LOAN OFFERING.Sealed bids for the purchase at discount basis of a $500.000 note issue will
be received until 2 p. m. on Nov. 21. The notes will be dated Nov. 21 1933
and mature on April 12 1934.
Bids for the issue should be addressed to F. D. McLaughlin, City Treasurer. The notes will be engraved under the supervision of the Amoskeag
Trust Co., Manchester. Legality approved by Ropes, Gray, Boyden &
Perkins of Boston.
MAPLEWOOD TOWNSHIP (P. 0. Maplewood), Essex County,
N. J.
-ADDITIONAL $9,000 BONDS PURCHASED.
-Adams & Mueller
of Newark have purchased an additional $9.000 bonds of the original total
of $250,000, thereby increasing the amount of its subscriptions to $131,000.
No bids were obtained for the bonds at an offering on Oct. 17. and a 30
-day
option on the loan was granted to the investment house. A block of
$122.000 bonds was accepted by them last week. In authorizing the sale
of the present $9.000 worth, the Township Committee extended the option
held by the brokers on the unsold amount for 30 days, dating from Nov. 17.
MARINETTE SCHOOL DISTRICT (P. 0. Marinette), Marinette
County, Wia.-BONDS DEFEATED.
-At an election held on Nov. 8
the voters are stated to have rejected proposals calling for the issuance of
$160,000 in bonds, divided as follows: $120.000 grade school and $40.000
vocational school bonds:I
MARION JUNCTION, Turner County, S. Dak.-BONDS NOT
SOLD.
-The 517.500 issue of not to exceed 4% semi-ann. sewage disposal
system bonds offered on Nov. 9-V. 137. p. 3178
-was not sold as no bids
were received, according to the City Auditor. Dated Aug. 29 1933. Due
$500 in 1936 and $1,000 from 1937 ot 1953.
Nov. 18 1933
MARYLAND (State of).
-LONG-TERM CERTIFICATE ISSUE
A W.I BDED.-The $375.000 4% coupon (registerable as to principal)
Ocean City Inlet certificates of indebtedness offered on Nov. 15-V. 137,
p. 3526
-were awarded to a syndicate composed of the Mercantile Trust
Baker. Watts & Co., Stein Bros. & Boyce and Colston, Marburg &
Price, all of Baltimore, at a price of 101.83, a basis of about 3.74%. Dated
Aug. 15 1932. Denom. 51.000. Due Aug. 15 as follows: $22,000, 1935;
$23,000. 1936; 824,000. 1937; 525,000. 1938; $26,000, 1939; $27,000. 1940;
$28,000, 1941: $30.000, 1942; 531.000, 1943; $33,000, 1944; $34.000, 1945;
$35,000 in 1946 and $37,000 in 1947. Interest is payable on F. & A. 15.
The following is an official list of the bids submitted at the sale:
BiddersRate Bid.
Mercantile Trust Co.and associates
101.83
Mackubin, Legg & Co., Phelps, Fenn & Co.. and F. Er. Moseley &
Co.. jo nt y
101.22
Halsey, Stuart 'St Co
101.15
Alex. Brown & Son
100.532
J. & W.Seligman & Co. and Graham. Parsons & Co., jointly
100.279
Blyth & Co. and Roosevelt & Son, jointly
98.70
MARYSVILLE, Snohomish County, Wash.
-BOND ELECTION.
It is said that an election was held on Nov. 14 to vote on the issuance of
$330,000 or $41,300 water system bonds.
MASSACHUSETTS (State of).-PWA ALLOTMENTS.
-The Public
Works Administration has announced the allotment of an aggregate of
$905,000 Federal funds to the State for the following purposes:
$136.000 For the construction of a fireproof storehouse at the Gardner
State Colony.
43,000 For improving hingway between North Andover and Lawrence.
6,000 For the construction of a concrete tunnel to connect buildings at
the Westborough State Hospital.
238,000 For the construction of a fireproof library building for the State
College at Amherst.
122,000 For the construction of three barracks for State Police.
257.000 For the construction of a fireproof nurses' home at the Westborough State Hospital.
19,000 For the construction of a storage barn at the State Prison Colony
at Norfolk.
67.000 For power house improvements at the State Prison Colony at
Norfolk.
17.000 For building construction at Westborough State Hospital.
Of the above totals 30% of the cost of labor and materials, approximately
$715.100,are grants. The balance are loans secured by 4% general obligation
bonds.
ADDITIONAL ALLOTMENT MADE.
-The Public Works Administration subsequently announced the allotment of an additional $1.340,400 to
the State for various improvements. A sum equal to 30% of the approximately $1,068,500 to be spent for labor and materials represents the Federal
Government's contribution to the State. The balance of the advance consists of a loan, secured by 4 7 general obligation bonds. The projects to
,
0
be financed as a result of this further allotment are as follows:
$22,000 for sewage improvements at the Lakeville, Westfield and Autland Sanitariums.
1,060,000 for the construction of a 4
-lane highway from Lincoln to Concord.
35,000 for the installation of automatic sprinklers in the prison at West
Concord.
55,000 for the construction of a fireproof laboratory at the Boston
State Hospital.
168.400 for the construction of a fireproof dormitory at the State College
at Amherst.
MECKLENBURG COUNTY (P. 0. Charlotte) N. C.
-PROPOSED
FEDERAL LOAN.
-At a meeting held on Nov.6 the Board of Education is
said to have voted to apply to the Federal Government for a $450.000 loan
to finance the construction of a school.
MEMPHIS, Shelby County, Tenn.
-BOND ELECTION.
-The following report on a bond election scheduled for Jan. 18, is taken from a
Memphis dispatch to the New York "Journal of Commerce" of Nov. 14:
"To allow time for the necessary preparations, Mayor Watkins Overton
has set January 18 for the referendum to issue $500,000 in bonds to finance
a $1,000,000 municipal building program to include the $800,000 building
for the General Hospital,$75,000 for a Juvenile Court building,and 560,000
for a city abattoir. Issues already approved will finance the $100,000
Riverside Drive, the $75,000 widening program for Union Avenue, $30,000
as the city's payment in the Wolf River channel work, and $7.500 for the
Fire Department training tower."
MICHIGAN CITY, La Porte County, Ind.
-BOND ISSUE REJECTED.
-At the general election on Nov. 7 the voters defeated the
measure providing for $450.000 sewage disposal plant bonds. Of the votes
cast, 1,452 were in favor of the project and 2,016 in oppost on
MIDDLEBURY, Addison County, Vt.-BOND SALE.
-The $40,000
4% coupon or registered refunding bonds offered on Nov. 15-V. 137.
-were awarded at par and accrued interest to the National Bank
p. 3527
of Middlebury. Dated Nov. 1 1933 and duo $2,000 on Nov. 1 from 1934
to 1953 incl. Bids obtained at the sale were as follows:
Rate Bid.
National Bank of Middlebury (Purchaser)
E. H. Rollins & Sons
98.133
1
Ross & Co., Rutland
98.00
First of Boston Corp
97.82
MIDDLETOWN TOWNSHIP SCHOOL DISTRICT (P. 0. New
Monmouth), Monmouth County, N. J.
-BOND ELECTION DEFERRED.
-W. M. Petingale, District Clerk, states that the vote on a
proposed issue of 5140,000 school bonds, which was scheduled to have
taken place on Nov. 14-V. 137, p. 3359
-has been postponed to a later
date.
MILWAUKEE, Milwaukee County, Wis.-FEDERAL FUND ALLOT-It was recently announced by the Public Works Administration
MENT.
that it had made an allotment of $4,600.000 to this city for a water purification plant. The customary grant of30%, of the cost of labor and material
on such projects was made by the PWA. The remainder is a loan secured by
4% revenue bonds.
MINNEAPOLIS, Hennepin County, Minn.
-SUPREME 'COURT
OPINION INCREASES CITIt'S BONDING PO WER.-The State Supreme
Court has declared legal an amendment to the city charter whereby it
might increase its bonding power by 52,000.000, according to the Chicago
"Journal of Commerce" of Nov. 11. The amendment is said to enable
the Board of Estimate and Taxation to borrow money in anticipation of
taxes for current expenses without the former bond selling formalities.
MISSISSIPPI COUNTY DRAINAGE DISTRICT NO. 17
0.
Blytheville), Ark.
-FEDERAL LOAN APPLICATION APPROVED
We are informed that the Reconstruction Finance Corporation recently
approved the application of this district for a loan of $1.312,000, to be
used for the refinancing of the outstanding indebtedness of the district.
V. 137. p. 2139.
MONROE COUNTY (P. 0. Roch
), N. Y.-$458,000 BONDS
AND NOTES SOLD.
-The 5458,000 bonds and notes offered on Nov. is_.
V. 137.p. 3527
-were awarded as follows:
$189,000 series C coupon or registered tax revenue bonds were _purchased
as 5s, at a price of par. by Sage. Wolcott & Steele of Rochester,
and associates. Dated Nov. 10 1933 and due on Nov. 10 as
follows: $38,000 from 1934 to 1937 incl. and $37,000 in 1938.
197.000 series U tax anticipation notes were purchased as 64, at par.
by the Central Trust Co. of Rochester.
72,000 series V tax anticipation notes were purchased as 55, at par, bY
the Genesee Valley Trust Co. of Rochester.
The note issues bear date of Nov. 10 1933 and mature on may 10 1934.
MONTANA, State of (P. 0. Helena).
-FEDERAL FUND ALLOTMENT.
-An allotment of $1.648.758 for highway improvement in this
State, was anounced recently by the Public Works Administration, In
line with its policy regarding public works, the PWA made its usual grant
of 30% of the cost of labor and material. The balance of the allotment is a
loan secured by State Highway Treasury anticipation debentures.
FEDERAL FUND ALLOTMENT.
-The Public Works Administration
announced recently that it had made an allotment of $300.000 to this
State through the Board of Education for the construction of a student
union building at the State University in Missoula. In line with its customary policy in these cases, the PWA made a grant of 30% of the cost of
(p.
Volume 137
Financial Chronicle
labor and material on the project. The remainder is a loan secured by
4% revenue bonds.
MONTANA, State of (P. 0. Helena).
-BOND OFFERING -Sealed
bids will be received until 10 am. on Dec. 15. by James J. Brett, State
Treasurer, for the purchase of an issue of $1,250,000 State Highway Treasury anticipation bonds. Due on Dec. 31 as follows: $182,000 in 1937:
$858,000 in 1938 and $210,000 in 1939. Said debentures will be issued in
serial form in denominations to suit the purchaser; they shall bear interest
at not to exceed 5% per annum; they shall bear date of and be issued
on Dec. 16 1933; they shall be registered in the office of the State Treasurer;
and they shall be bearer coupon debentures with semi-annual interest
coupons payable to bearer at the office of the State Treasurer, Helena, Mont,
on the first day of Jan. and the first day of July of each year after issuance.
except for the year of maturity, when the interest paying and coupon dates
will be Jan. 1, July 1 and Dec. 31. Payment of principal shall be made at
the office of the State Treasurer, Helena, Mont., on or after the date of
maturity, in order of presentation for payment, but otherwise without
priority or preference. The State will furnish the complete lithographed
and printed bonds. No bid will be considered for less than par, nor for a
rate exceeding 5 per cent (5%) interest per annum, and accrued interest.
In accordance with the governing statute, each bid must specify the same
rate of interest not exceeding five per cent (5%) per annum for all debentures bearing the same maturity date, and no split-rate bids will be considered. The right is reserved to reject any or all bids and to waive technicalities as may be deemed necessary in the interest of the State. As security
for the compliance with the terms thereof, each bid shall be accompanied by
a certified check equal to two per cent.(2%)of the amount of the bid, drawn
on some solvent bank or trust Company and payable to the order of the
State Treasurer of Montana. Delivery of the debentures sold will be made
by the State Treasurer upon full payment of the purchase price and accrued
Interest. These debentures are being offered for sale to provide additional
working funds for the State Highway Commission of the State of Montana
in reference to the construction, betterment and maintenance of State highways, and are authorized by Referendum Measure No. 35 "The State
Highway Treasury Anticipation Debenture Act of 1931," adopted by the
People of Montana at the general election of May 5 1931, and proclaimed by
the Governor of Montana on May 19 1931. They are secured by the
proceeds of five cent (5) gasoline tax of Montana. The Supreme Court of
Montana on June 11 1931. handed down its opinion upholding the legality
and constitutionality of the Act and of the gasoline tax.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND EXCHANGE PLANNED.
-Joseph A. Lutz, County A uditor, states that the
exchange of refunding bonds for obligations that have matured in 1933 and
remain unpaid will be made about Nov. 25 1933. The same procedure will
be followed as in previous instances, it is said.
BONDS NOT SOLO -No bids were obtained at the competitive offering
on Nov. 14 of $848,000 6% coupon refunding bonds, dated Oct. 1 1933
and due semi-annually from 1937 to 1946, incl.-V. 137, p. 3527.
MONTICELLO SPECIAL CONSOLIDATED SCHOOL DISTRICT
P. 0. Monticello), Lawrence County, Miss.
-BOND ELECTION.
An election will be held on Dec. 1 according to report, in order to vote on
the issuance of $22,000 in school bonds.
MONTROSE, McCook County, S. Dak.-BONDS DEFEATED.
At the general election on Nov. 7-V. 137, p. 2841-the voters defeated
the proposals to issue $8,000 in bends, divided as follows: $6.000 reservoir,
and $2,000 water impt. bonds.
MOORE COUNTY (P. 0. Carthage), N. C.
-NOTE SALE CANCELED.
-We are informed by W. J. Harrington, Register of Deeds,
that the sale of the $2,000 revenue anticipation notes to the Bank of Pinehurst-V. 137, p. 3359
-was canceled because tax collections were heavier
than had been expected.
MOORHEAD SCHOOL DISTRICT (P. 0. Moorhead), Sunflower
County, Miss.
-BONDS VOTED.
-At an election held on Nov. 11 the
voters are reported to have approved the issuance of $40,000 in school
building bonds. It is said that the bonds will be purchased by the Public
Works Administration.
MORRILTON, Conway County, Ark.
-BONDS VOTED.
-At the
election held on Nov.8-V.137, P. 2841-the voters approved the issuance
of the $60,000 in 4% hospital construction bonds by a wide margin.
MORRIS, Grundy County, III.
-BONDS VOTED.
-At a special
election held on Nov.4 the voters approved ofa $60,000 gederalimprovement
bond issue.
MOSS POINT, Jackson County, Miss.
-BONDS VOTED.
-It is
reported that an issue of $100.000 school and paving bonds was approved
by the voters recently.
MURPHYSBORO, Jackson County, Ill.
-UTILITY BOND PROPOSAL DEFEATED.
-At an election held on Nov. 16 the proposal to
finance the construction of a municipal electric light plant through the
issuance of about $390,000 bonds was defeated by a vote of 1,998 to 1,838.
The City is now served by the Western United Gas & Electric Co., subsidiary of the Western United Corporation.
MOUNT UNION, Huntington County, Pa.
-BOND SALE.
-C. R.
Gracey, Borough Secretary, advises that the State Teachers' Retirement
Board has purchased an issue of $43.500 funding and refunding bonds.
This issue was approved by the Pennsylvania Department of Internal
Affairs in June 1933-V. 137. p. 354.
The above bonds were sold as 5s, at a price of par, and mature in from
1943 to 1953 incl.
NARBERTH,Montgomery County, Pa.
-BOND SALE.
-The $20.000
coupon or registered bonds offered on Nov. 13-V. 137, p. 3359
-were
awarded as 3
to Halsey, Stuart & Co.of Philadelphia at a price of 100.554
a basis of about 3.69%. Dated Dec. 11933. Due $5,000 on Dec. 1 in
1938, 1943, 1948 and 1953.
NEODESHA, Wilson County, Kan.
-BONDS VOTED.
-It is reported
that the voters recently approved the issuance of $35,000 in gas line bonds.
NEW BREMEN,Auglaize County, Ohio.
-BOND ISSUE APPROVED
-An approving vote of 388 to 101 was cast at the general election on
Nov. 7 on the proposal to issue $25,000 sewage disposal works construction
bonds.
-V. 137. p. 2841.
NEWBURYPORT, Essex County, Mass.
-BOND SALE.
-The issue
of $60,000 reservoir construction bonds mentioned in V. 137, p. 2491,
has been sold to the Institution for Savings of Newburyport. The bonds.
bearing 3ti% interest, are dated Oct. 1 1933 and mature $3,000 annually
on Oct. 1 from 1934 to 1953 incl. Principal and semi-annual interest
(A. & 0.) are payable at the First National Bank of Boston.
NEW CONCORD, Muskingum County, Ohio.
-BOND ISSUE
AUTHORIZED.-The Village Council has adopted an ordinance authorizing
the sale of $3,250 6% general and special assessment refunding bonds, to
be dated Dec. 1 1933. One bond for $ 50, others for $500. Due Oct. 1
as follows: $250 in 1935 and $500 from 1936 to 1941, incl. Principal and
interest (J. & D.) are payable at the Village Treasurer's office.
NEW CUMBERLAND, Hancock County W. Va.-FEDERAL FUND
-The Public Works Administration announced recently
ALLOTMENT.
that It had made an allotment of $63,000 to this city for water distributing
system extension purposes. Of the total cost of labor and material, put
at approximately $49,000, the PWA made a grant of30%. The remainder
is a loan secured by 4% revenue bonds.
NEW HAVEN, New Haven County, Conn.
-OBTAINS LOAN OF
$500,000.
-City officials on Nov. 10 completed negotiations for a loan of
$500,000 from the Chase National Bank of New York at 1.75% interest.
This rate compares with that of 5 and 6% paid on loans earlier in 1933 and
with that of 3 % carried on the $150,000 note issue sold in July. The
loan was obtained in anticipation of taxes and was based on the $554,000 of
municipal deposits impounded in the defunct Mechanics Bank, it is said.
The money was obtained on notes due Feb. 9 1934.
NEW JERSEY (State of).
-LOSSES OF $401,164 CHARGED TO
-The State has suffered a loss of
SINKING FUND TRANSACTIONS.
$401304 during the past two years as a result of injudicious bond transactions by its Sinking Fund Commission, according to testimony obtained
on Nov. 9 by the Legislative Committee on Economy and Reorganization,
which Is investigating the activities of the Commission. This information,
according to the 'Herald Tribune" of the following day, was given by
Gouverneur M. Carnochan, bond expert of the firm of Butler, Herrick SC
Marshall, who stated that a net loss of $278,894 was sustained by the State
3705
as a result of the recent transaction involving the purchase of $1,027,000
Jersey City, N. J., tax revenue bonds. The present inquiry is the result of
criticism of the procedure followed in that particular instance. (See Jersey
City
-V. 137, p. 3177.)
-State
STATE TREASURER DEFENDS BOND TRANSACTIONS.
Treasurer Middleton, a member of the Sinking Fund Commission, issued a
statement on Nov. 11 in defense of the policy pursued by that body in its
bond transactions, pointing out that the criticism at the Legislative hearing
related only to a few specific investments. Mr. Middleton denied that the
Commission ever had made purchases of bonds at prices unfavorable to the
State and declared that all of its investment had been made with the unanimous consent of the entire membership and with the legal approval of the
Attorney-General of the State. He also stated that the Commission, in
Its dealings, had been cognizant of the difficulties confronting municipalities
and would continue its sympathetic treatment of them.
-ATTACKED BILL HELD
NEW MEXICO,State of(P.O.Santa Fe).
-According to press reports the
VALID UNTIL SUSPENDED BY VOTE.
State Supreme Court on Nov. 4 held that a bill attacked by referendum is
to be considered as law until it is definitely suspended by a vote of the
people. This decision has special reference to the $2,000,000 highway
-V.136. p. 4128.
authorization bonds, reported held up by petition.
-BOND RETIREMENTS.
NEW ORLEANS, Orleans Parish, La.
The following report on the proposed retirement of bonds of this city is
-Picayune" of Nov. 10:
taken from the New Orleans "Times
"Horace P. Phillips. Secretary of the Board of Liquidation for the city
debt, announced Thursday that $2,057,392.50 of bonds of the city of New
Orleans, payable through the Board and maturing in December of this year,
or called Jan. 1 1934, including interest due in the two months, will be
paid on their respective maturity dates.
"The formal statement by the Board reads:
"All bonds of the city of New Orleans. payable through the Board of
Liquidation, city debt, maturing December 1933, and maturing and(or)
called Jan. 1 1934 as well as interest due December 1933 and January 1934
will, as usual, be promptly paid at their respective maturities.
"The Board of Liquidation, city debt, has directed that $625,000 of new
Public improvement bonds be called for payment Jan. 1 1934. The bonds
to be so retired will be drawn by lot on Dec. 11933.
"A detailed list of the amount of bonds to be retired and Interest that
will be paid is as follows:
$15,375.00
Serial gold bonds,series 1932, coupons due Dec. 1 1933
100,642.50
Serial gold bonds,series 1930,coupons due Dec.15 1933
28,000.00
Serial gold bonds,series 1930, bonds maturing Dec. 15 1933-- 130,000.00
Constitutional bonds,coupons, due Jan. 1 1934
500,000.00
Constitutional bonds, bonds called Jan. 1 1934
240,000.00
Public improvement bonds,coupons due Jan. 1 1934
105,000.00
New public improvement bonds,coupons,due Jan. 1 1934_ --New public improvement bonds, bonds called Jan. 1 1934--- - 625,000.00
14,150.00
Courthouse bonds, coupons due Jan. 1 1934
13,000.00
Courthouse bonds, bonds called Jan. 1 1934
1,925.00
Audubon Park bonds,coupons due Jan. 1 1934
2,000.00
Audubon Park bonds, bonds maturing Jan. 1 1934
177,300.00
Serial gold bonds,series 1917.coupons due Jan. 1 1934
105,000.00
Serial gold bonds,series 1917, bonds maturing Jan. 1 1934_ _ -$2,057,392.50
Total
-BANKS DEMAND PAYMENT
NEWARK, Essex County, N. J.
OF $2,800,000 NOTES
-S11,000.000 CREDIT ARRANGEMENT REPORTED
.-The Guaranty Trust Co. and the Chase National Bank, both
of New York, each of which hold $1,400,000 temporary notes, have formally advised the city that they expect payment of the indebtedness on
Dec. 1 1933. The notes have been outstanding for a considerable length
of time due to the requests of the city for renewal of the maturities. In
demanding payment of the notes in December, the institutions indicated
plainly that they would not agree to any further extension of the debt.
The city has a total tax delinquency of about $25,000,000, of which
$13,000,000 is due on account of the present year's levy, according to
report.
News dispatches from the city dated Nov. 13 told of preparations for
the creation of a fund of $11,000,000 by local banks and large corporations,
to be drawn upon by the city during the next two years. The plan also
provides for a supplemental fund of $2,000,000 for salaries and current
expenses, if tax collections lag. The Public Service Corp. of New Jersey
is reported to have purchased $900,000 6% notes, due Nov. 25 1933, but
subject to renewal should this be necessary.
NEWTON, Middlesex County, Mass.
-TEMPORARY LOAN SOLD
Whiting. Weeks & Knowles of Boston purchased on Nov. 15 an issue of
$200.000 revenue-anticipation notes at 1.15% discount basis. Due on
June 13 1934.
NEW YORK, N. Y.-$70.000.000 BOND ISSUE FORMALLY OFFERED FOR SALE.
-George McAneny, City Comptroller, will receive
sealed bids until 12 m.on Nov.20 for the purchase of $70,000,000 4% home
and emergency work relief bonds, pursuant to Chapter 798, Laws of 1931.
as amended. The bonds will be dated Nov. 1 1933 and mature $7,000,000
annually on Nov. 1 from 1934 to 1943 incl. Issued in coupon form in denom.
of $1,000 and $500, and fully registered bonds without coupons in denom.
of $5,000, $1,000, $500 and $100 and any multiple of $5,000, the coupon
bonds and the registered bonds and the several denominations thereof to
be interchangeable. Interest is payable semi-annually in M. & N. Bids
will be received for all or part of the issue. Of the proceeds of the sale,
$25,000.000 will be used ot redeem that amount of certificates of indebtedness previously issued for relief purposes. Principal and interest are
payable in lawful currency of the United States of America. The bonds
are exempt from Federal income taxes and from the income tax of the
State of New York, and are eligible by law for inclusion in the investments
of executors, administrators, guardians and others holding trust funds.
Notice of the public sale of the issue is generally held to be merely a legal
formality,as under the terms of the four-year financing arrangement recently
entered into by both the city and local banks, the latter are obligated to
Provide for the purchase of the bonds
-V. 137, p. 3528. The official call
for bids includes the following:
CONDITIONS OF SALE.
As Provided by the Greater New York Charter.
1. Proposals containing conditions other than those herein set forth will
'not be received or considered.
2. No proposal will be accepted for less than the par value of the amount
bid for.
3. Every bidder, as a condition precedent to the reception or consideration of his proposal, shall deposit with the Comptroller in cash or by a
certified chock drawn to the order of said Comptroller upon a trust company or a State bank incorporated and doing business under the laws of
the State of New York, or upon a National bank, 2% of the par value of
bonds bid for in such proposal. No interest will be allowed upon any of
such legally required deposits.
No proposal will be received or considered which is not accompanied by
such deposit.
All such deposits shall be returned by the Comptroller to the persons
making the same within three days after the decision has been rendered
as to who is or are the highest bidder or bidders, except the deposit made
by the highest bidder or bidders.
4. If said highest bidder or bidders shall refuse, or neglect, within five
days after service of written notice of the award to him or them, to pay to
the City Chamberlain the amount of the bonds awarded to him or them,
at their par value, together with the premium thereon, less the amount
deposited by him or them, the amount or amounts of deposit thus made
shall be forfeited to and retained by said City as liquidated damages for
such neglect or refusal and shall thereafter be paid into the General Fund
for the Reduction of Taxation.
5. Upon the payment into the City Treasury by the persons whose bids
are accepted, of the amount due for the bonds awarded to them, including
accrued interest from Nov. 1 1933. certificates thereof shall be issued to
them, in such denomniations as hereinabove provided for as they may
desire.
6. It is required by the Charter of the city that in making proposals
"every bidder may be requiredlito accept a portion of the whole amount
therefor bid for by him at the same rate or proportional price as may be
specified in his bid; and any bid which conflicts with this condition shall
be rejected; provided, however, that any bidder offering to purchase all
or any part of the bonds offered for sale at a price at par or higher may also
offer to purchase all or none of said bonds at a different price, and if the
Comptroller deems it to be in the interest of the city so to do, he may
award the bonds to the bidder offering the highest price for all or none of
3706
Financial Chronicle
Nov. 18 1933
said bonds; provided, however, that if the Comptroller deems it to be in
the interest of the city so to do, he may reject all bids." Under this provision, the condition that the bidder will accept only the whole amount
of the bonds bid for by him, and not any part thereof, cannot be inserted
in any bids, except those for "all or none' offered by bidders, who have
also bid for "all or any part" of the bonds offered for sale.
7. The proposals, together with the security deposits, should be inclosed
in sealed envelopes, indorsed "Proposals for Serial Bonds," and said envelope inclosed in another sealed envelope, addressed to the Comptroller
of the City of New York. (No special form of proposal is required, therefore no blank is furnished.)
Announcement of the above offering appears as an advertisement on page
III of this issue.
Bidder
Int60:t
5.0.8 Rate.
6.
Premium.
Phelps, Fenn & Co. (purchaser)
ur
Par
A. C. Allyn & Co
6%
$225.00
Manufacturers & Traders Trust Co
130.28
PARMA,Cuyahoga County, 0.
-REPORT ON DEBT DEFAULTS.
John F. Goldenbogen Jr., City Auditor, reports under date of Nov. 14
that the first default on bond principal occurred on Oct. 1 1931, while
the initial failure to meet maturing interest took place on April 1 1933,
The Auditor says that although default occurred on a total of $440,240
bonds, only $2,000 of principal remained unpaid on the 14th, tho balance
having been taken care of through payments partly in cash and partly in
refunding bonds. The indebtedness involved "comprised special assessment
bonds.
NIOBRAFtA COUNTY SCHOOL DISTRICT No. 1 (P. 0. Lusk),
Wyo.-BONDS CALLED.
-It is stated by Floyd McLain, District Tress
urer, that he is calling for payment at the Lusk State Bank, Nos. 1 to 57
and 669 to 724 of the school bonds.
PEKIN,Tazewell County, Ill.
-OBTAINS FEDERAL FUND ALLOTMENT.
-An allotment of $216,000 to the City for the construction of a
sewage treatment plant has been announced by the Public Works Administration. This includes the usual grant of 30% of the amount to be
spent for labor and materials, which in the present instance will be about
$162,000. The balance consists of a loan to the City, secured by its 4%
general obligation bonds.
PENNS GROVE AND UPPER PENNS NECK TOWNSHIP SCHOOL
DISTRICT (P. 0. Penns Grove), Salem County, N. J.-PWA ALLOTMENT SOUGHT.
-The District has submitted plans for a new $315,000
school building to the State Public Works Advisory Board with the idea
of obtaining funds for the project on the basis of the usual loan and grant.
Of the total amount, about $95,000 is anticipated as a grant from the
PWA. The balance would represent a loan to the district secured by bonds
to start maturing after five years following their issuance.
PHILADELPHIA, Pa.
-Mayor
-$1.200.000 LOAN NECESSARY.
Moore has announced that the city will have to obtain a temporary loan of
$1,200,000 in order to meet Nov. 15 payrolls. This is the first time during
the present year that a loan for payroll purposes must be obtained, it is
said. The bulk of current revenues is being set aside to meet the semiannual sinking fund and interest payments totaling about $12,000.000.
-The City has obtained a loan of $1,300,000
BORROWS $1,300,000.
from the Philadelphia National Bank at interest of 3%%.
-DETAILS ON FEDERAL LOAN
PHOENIX,Maricopa County, Ariz.
-We are informed by the City Auditor that at the special
PROPOSAL.
election to be held on Dec. 9, the electors will be asked to validate a Government loan amounting to approximately $1,750,000 for park purposes.
sewer and water extension and storm sewers. not $1,520,000 as reported
in V. 137, P. 3528.
-OFFERED.
-BONDS RE
PIKE COUNTY (P. 0. Waverly), 0.
Re-offering is being made for award on Dec.4 ofthe $12,140 5% funding
bonds previously scheduled for sale on Nov. 6.-V. 137, p. 2842. The
interest rate has been increased from 4% to 5%. Sealed bids will be received until 12 M.on the 4th by C. W.Penn. Clerk of the Board of County
Commissioners. The maturity schedule of the Issue has been changed to
read as follows: $2,600, Mar. 1 1934; $2,200, 1935: $2,340, 1936; $2,450.
1937, and $2,550 in 1938. A certified check for $1,000, payable to the
order of the County Commissioners, must accompany each proposal.
PINE ISLAND SCHOOL DISTRICT (P. 0. Pine Island) Goodhue
-BOND ELECTION.
-It is said that an election was held
County, Minn.
on Nov. 14 in order to vote on the proposed issuance of $60,000 in high
school bonds.
-Sealed bids will
-BOND OFFERING.
PIQUA, Miami County, 0.
be received until 12 M. on Nov. 25 for the purchase of $657,000 6% municipal electric light and power plant construction bonds. Dated Dec. 15
1933. Due $45,000 annually on June 15 from 1936 to 1950, incl. Interest
Is payable in J. & D. A certified check for 1% of the bid, payable to the
order of the City Treasurer, must accompany each proposal. The scheduled sale on Aug. 10 1932 of $480,000 5% electric light plant bonds, for
which no bids were obtained, was attended by considerable opposition to
the project -V. 135, p. 1195.
PLATTE, Charles Mix County, S. Dak.-BONDS DEFEATED.
At the general election on Nov. 7 the voters rejected a proposal to issue
$12,000 in 5% water works improvement bonds, the count being under
the required 60% majority.
POINSETT DRAINAGE DISTRICT NO. 7 (P. 0. Harrisburg),
-We are informed
Ark.
-FEDERAL LOAN APPLICATION APPROVED.
that this district recently obtained a loan of $1,674,750 from the Reconstruction Finance Corporation for refinancing the outstanding indebtedness
of the district.
PONDERA COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Brady),
-BONDS SOLD.
Mont.
-The 83.500 issue of funding bonds that was
-has since
offered for sale without success on Aug. 5-V. 137, p. 1616
been sold, according to the District Clerk.
-BOND OFFERING.
PORT CHESTER, Westchester County, N. Y.
-Edward F'. Burnes, Village Clerk, will receive sealed bids until 8 IL m.
onNov. 21 for the purchase of $280,000 not to exceed 6% interest bonds,
divided as follows:
$140,000 street impt. bonds. Due Nov. 15 as follows: $50,000. 1935;
$25,000 from 1936 to 1938 incl., and $15,000 in 1939.
140,000 sewer impt. bonds. Due Nov. 15 as follows: $50,000, 1935;
$25,000 from 1936 to 1938 incl., and $15,000 in 1939.
Each issue is dated Nov. 15 1933. Bidder to name a single rate of'
interest for all of the bonds, expressed in a multiple of y. of 1%. Principal
and interest (M. & N. 15) are payable in lawful money of the United
States at the First National Bank & Trust Co., Port Chester, or at the
Chase National Bank, New York City, at holder's option. A certified
check for 2% of the bonds bid for, payable to the order of the village, must
accompany each proposal. The successful bidder will be furnished with the
opinion of Reed, Hoyt & Washburn of New York City that the bonds are
binding and legal obligations of the village.
-BONDS REOFFERED.
PORT JERVIS, Orange County, N. Y.
The issue of $50,000 not to exceed 6% interest, series B. coupon or registered relief bonds previously offered on Sept. 25, at which time the one bid
submitted was rejected-V. 137, p. 2492, is being re-offered for award at
8 p.m. on Nov. 23. Sealed bids will be received until that time by John F.
Cleary, City Clerk. The tender refused in the initial instance was an offer
of 100.189, made by the First National Bank of Port Jervis. The bond
issue is dated Oct. 1 1933 and will mature $10,000 annually on Oct. 1 from
1938 to 1942 incl. Denom. $1,000. Bidder to name a single interest for
the entire issue, expressed in a multiple of )I or 1-10th of 1%. Principal
and interest (A. & 0.) are payable at the City Treasurer's office. A
certified check for 2% of the bonds bid for, payable to the order of the
City, must accompany each proposal. The approving opinion of Hawkins,
Delafield & Longfellow of New York will be furnished the successful bidder.
-An election
RANDOLPH, Cedar County, Neb.-BOND ELECTION.
was held on Nov. 17, according to report, in order to vote on the issuance of'
$22,000 in auditorium bonds.
RAPID, CITY, Pennington County, S. Dak.-DETAILS ON FED-In connection with the report given in
ERAL FUND ALLOTMENT.
V. 137, p. 3361, of the Public Works Administration allotment of $180,000
to this city for sewage treatment, it is stated by the City Manager that
although he is not familiar with the details on the allotment he assumes
that the PWA will loan $134,000 on the city's bonds for the plant. The
grant will be the customary 30% of the labor and material cost on the
project. The bonds will be bought at 5% but the Government will charge
-year bonds, dated Nov. 15 1931, due in
the city only 4%. They are 20
20 years, subject to call after Nov. 15 1934. It is intended that the bonds
will be called each year as sinking funds are available.
READING, Barks County, Pa.
-RECEIVES PWA ALLOTMENT
An allotment of $2,500,000 to the city for water works improvements has
been announced by the Public Works Administration. This sum includes
the usual Federal grant of 30% of the amount to be spent for labor and
materials, which will be approximately $1.935,000. The balance consists
of a loan to the city, secured by 4% general obligation bonds.
RISING SUN, Cecil County, Md.-I30ND ISSUE DEFEATED.
The proposal to issue $30,000 sewage disposal plant bonds was defeated by a
vote of 124 to 77 at the election held on Nov. 13-V. 137, P. 3528.
ROBBINSDALE, Hennepin County, Minn.
-BOND ELECTION.
On Dec. 5 an election will be held to vote on the proposed issuance of
$210,000 in permanent impt. bonds. Interest rate is not to exceed 5%•
NORTHAMPTON, Northampton County, Pa.
-BOND ISSUE
APPROVED.
-Hale A. Gina, Borough Manager, states that a vote of 1.248
to 357 was cast in favor of the proposal to issue $110.000 street paving
bonds, at the general election on Nov. 7.-V. 137, p. 2309.
NORTH BENNINGTON, Bennington County, Vt.-OBTAINS
PWA ALLOTMENT.
-The Public Works Administration has alloted $9,000
to the Village for street paving purposes. This includes the usual grant of
30% of the money to be applied to the payment of salaries and the purchase of materials for the project. The amount so to be spent will be
about $8,000. The balance of the advance consists of a loan to the Village,
secured by 4% general obligation bonds.
NORTH CAROLINA, State of (P. 0. Raleigh).
-NO FEDERAL
LOANS IF UNIT IS IN DEFAULT.
-At the first meeting of the full
Local Government Commission, held on Nov. 9,it was decided as a definite
policy that counties, cities or towns in default will be permitted to secure
Federal loans only when it can be shown that such default is temporary.
NORTH CORNWALL TOWNSHIP SCHOOL DISTRICT (P. 0.
Cleona), Lebanon County, Pa.
-BOND ISSUE REJECTED.
-The proposal to issue $36,000 school bonds, submitted for consideration of the
voters at the general election on Nov. 7-V. 137, p. 2671
-was defeated.
Proponents of the measure numbered 80, as compared with 280 in opposition.
NORTON COUNTY SCHOOL DISTRICT NO. 100 (P. O. Norton),
Kan.
-BOND OFFERING.
-Sealed bids will be received until 11 a.m. on
Nov. 21, by H. E. Applegate, District Director, for the purchase of a $200
issue of 5% refunding bonds. Denom. $50. Dated July 1 1933. Due
$50 from Aug. 1 1935 to 1938. incl. Interest payable F. & A. The legal
opinion of local attorneys will be furnished. A certified check for 2% of
the bid is required.
OHIO (State of).
-PROPERTY TAX LIMITATION ADVERSELY
-A dispatch from Cincinnati to the "Wall
AFFECTS LOCAL BONDS.
Street Journal" of Nov. 11 carried the following article with respect to the
adverse manner in which local bonds have been affected as a result of the
reduction of the tax limitation on real estate and tangible property:
"Although offerings are few on Ohio municipal bonds, bids have been
lowered considerably as a result of the State vote adopting a 10
-mill tax
limitation on real estate and tangible property, as against the present 15
mill limitation.
"Dealers have anticipated to considerable degree the passage of the law
with the result that trades have been made recently at lower prices. To
what extent this is attributable to the general weakness in all bonds lately
which has extended even to governments is difficult to ascertain.
"Some offerings have come in from the East, but dealers have not been
able to match these with bids. There is a disposition to expect Ohio bonds
may suffer in some degree in the same way N'Test Virginia municipals did
when a similar tax limitation law was adopted there earlier this year.
When the Attorney-General ruled that the law did not change the status of
existing bonds the West Virginia municipal market stabilized itself.
"One block of Toledo bonds, the 4Iis due 1943, sold at 70. off 8 points
from several days ago. Bids on bonds for other Ohio cities have shown a
somewhat comparable decline of late.
"Cincinnati bonds, which enjoy high rating, are offered around a 4% to
4.15% basis, as against sales on a 3.80% basis several days ago and around
3.50% a month ago. Trading is dull, although there is a considerable
quantity of bonds in the market at better prices than are being offered.
"Inasmuch as the tax limitation does not become effective until 1935
there is time for the Legislature to adopt other means of raising revenues
which will safeguard service on these bonds. It is expected an income or sales
tax will be adopted. This might be advantageous to larger cities as sales or
Income taxes might provide them with more revenue than their present real
property taxes."
-COUNTIES ASKED TO ISSUE POOR RELIEF
OHIO (State of).
-The Ohio Relief Commission has requested counties in
BOND ISSUES.
the State to iasue poor relief bonds in order to meet relief needs during the
period from Nov. 15 1933 to Jan. 1 1934. The Commission's letter stated
that furtner Federal and State funds for that purpose will not be available
until the close of the present year. The bonds are to be retired from revenue
obtained from toe State sales and "nuisance" taxes. The following are
some of the counties upon whom specific issues have been urged: Stark
County. $250.000; Butler County. $160,000; Marion County, $40,000:
Crawford County, $10,000, and $35,000 for Lorain County,
OLATHE, Montrose County, Colo.
-FEDERAL FUND ALLOTMENT.
-It was announced recently by the Public Works Administration
that it had made an allotment of $25,000 to this town for water works
improvement purposes. The customary grant of 30% of the cost of labor
and material on this type of project was made by the PWA. The remainder
of the allotment is a loan secured by 4% general obligation bonds.
-FEDERAL FUND ALLOTMENT
OREGON,State of (P. 0. Salem).
FOR RELIEF.
-The following report on the allotment of $950,000 to this
State for unemployment relief is taken from the Portland "Oregonian"
of Nov. 9:
"Governor Meier to-day received a telegram from Harry L. Hopkins
Administrator of unemployment relief, that the State of Oregon had been
allotted $950,000 under the Federal Emergency Relief Act for November
and December.
"Payments under this grant will be made upon condition that definite
action to aid in bearing the costs of unemployment relief will be taken by
the Legislature at its special session.
"Commenting on the telegram, Governor Meier said:
"'This is an outright grant made in accordance with the understanding
which I had with Mr. Hopkins at the time I called the special session of
the Legislature.
"'This allotment of funds is made to help us meet our relief needs until
the Legislature can provide revenues to match Federal grants on the basis
reqred lly thLRelief Administration, namely, $2 of local money for $1
of
era f
"'The Federal Relief Administration has kept its end of the bargain and
has made it clear to us that we must keep our end or further funds will
not be forthcoming.
"'This grant, along with Federal allotments of food and other supplies,
means that we shall be able to take care of our relief needs for November
and December so that want and suffering shall be averted in Oregon,'"
OTERO COUNTY (P.O. La Junta), Colo.
-WARRANTS CALLED.
-It is reported that various school, county and drainage warrants are being
called for payment at the office of the County Treasurer. Interest ceased
on the school warrants Nov. 6, and shall cease on the county warrants
Dec. 6.
OTTUMWA, Wapello County, Iowa.
-BOND SALE.
-The $145,000
issue of coupon improvement bonds offered for sale on Nov. 6-V. 137, p.
-was purchased by the Carleton D. Beh Co. of Des Moines, as 5s,
3360
paying a premium of $5, equal to 100.003. No other bids were received,
according to the Secretary of the River Front Commission.
OYSTER BAY, Nassau County, N. Y.
-BOND SALE.
-The issue of
$45,000 coupon or registered Massapequa Water District bonds offered on
Nov. 14-V. 137, p.3360
-was awarded as 5.608 at a price of par to Phelps,
Fenn & Co. of New York, Dated Aug. 1 1933 and due on Aug. 1 as follows: $2,000 from 1936 to 1957 incl. and $1,000 in 1958. The bonds are
general obligations of the town, payable primarily from assessments on
property benefited by the improvements. Bids received at the sale were
as follows:
Volume 137
-It is
-BONDS VOTED.
SAUK CENTER, Stearns County, Minn.
stated that at an election held on Oct. 23 the voters approved the issuance
of $49,000 in sewage disposal bonds.
SCHENECTADY, Schenectady County N. Y.
-BOND SALE.
-The
3410,000 coupon or registered general municipal bonds offered on Nov. 14
-were awarded as 4Ks to Stranahan, Harris & Co. of
137, p. 3529
New York. at a price of 100.19, a basis of about 4.71%. The award comprised the following:
3200.000 series A bonds. Due $25,000 annually on Nov. 15 from 1935 to
1944, inclusive.
135,000 series C bonds. Due N3V. 15 as follows: $16,000 from 1935 to
1938, incl.; $17,000 from 1939 to 1942, incl. and $3,000 in 1943.
75,000 series B 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 1933. The bankers are making public
re-offering of the bonds at prices to yield 4% for the 1935 Maturity; 1936,
4.10%; 1937, 4.20%; 1938. 4.25%; 1939, 4.30%; 1940, 4.40%; and 4.50%,
for the maturities from 1941 to 1943, incl. They are said to be legal investment for savings banks and trust funds in New York State. Proceeds of
the sale will be devoted to emergency home and work relief and various
municipal projects. Bids obtained at the sale were as follows:
Int. Rate. Rate Bid.
Bidder100.19
4 %
Stranahan, Harris & Co. (purchaser)
5%
100.31
& Traders Trust Co
Manufacturers
Halsey, Stuart & Co., Bancamerica-Blair Corp. and
5%
100.18
Graham, l'arsons & Co
5K %
100.10
Mohawk National Bank, Schenectady
Blyth & Co., First of Michigan gorp. and Roosevelt
5.40%
100.219
& Son, jointly
•
-CERTIFICATE
SCHENECTADY, Schenectady County, N. Y.
-Leon G. Dibble, City Comptroller, will receive sealed bids
OFFERING.
until 12 m.(Eastern Standard Time)on Nov.22for the purchase of $230,000
not to exceed 607 interest certificates of indebtedness, issued in anticipation
of the receipt a taxes and revenues of the current fiscal year. under the
provisions of Section 78 of the Second Class Cities Law and an ordinance
adopted by the Common Council on Nov.8 1933. The issue will be dated
Nov. 23 1933 and mature Jan. 18 1934. Payable at the Chase National
Bank, New York, or at the City Treasurer's office, at holder's option. A
certified check for 1% of the issue bid for must accompany each proposal.
The notice of sale also contains the following:
"Such certificates of indebtedness to be legal and binding, general, direct
obligations of the City of Schenectady, payable from and out of taxes and
revenues collected, the opinion of Messrs. Reed, Hoyt & Washburn of New
York as to legality, &c., to be furnished the purchaser if desired, otherwise
•
Financial Chronicle
Due in from 3 to 20 years. (The preliminary report on this election appeared
in V. 137, p. 3361.)
-TAX RATE AND BUDGET
ROCHESTER, Monroe County, N. Y.
TOTAL APPROVED.
-The City Council has fixed the tax rate for 1934 at
822.94 per $1,000 of assessed valuation and has adopted a budget for that
year providing for appropriations aggregating $23,278,849, of wnich $13.585,844 is for general operating purposes and $8,298.005 for school expenses.
The tax rate in 1933 was $26.94, and $27.87 in 1932. The budget provides
for the raising of $14,522,549 by property taxation, $1,395,000 by utility
revenues and $7,361,300 from miscellaneous revenue sources.
ROCK BRANCH TOWNSHIP (P. 0. Norton) Norton County, Kan.
-Sealed bide will be received until 10:30 a. m. on
-BOND OFFERING.
Nov. 21, by J. F. Bryant, Township Trustee, for the purchase of an issue of
$1.488 5% refunding bonds. Denom. $300, one for $288. Dated July 1
1933. Due on Aug. 1 as follows: $288. 1935. and $300 from 1936 to 1939.
Interest payable F. & A. The approving opinion of local attorneys will be
furnished. A certified check for 2% of the bid is required.
-At an election
-BONDS VOTED.
RUSSELL, Lyon County, Minn.
held on Nov. 6 the voters approved the issuance of /30,000 in 4 or 4K %
water works bonds by a count of 143 to 16. Due in either 25 or 30 years.
The Village Clerk reports that these bonds will be offered for sale about
Jan. 11934.
SABINA VILLAGE SCHOOL DISTRICT, Clinton County. Ohio.
BOND ISSUE VOTED.
-At the general election on Nov.7-V.137, p.3179.
the voters approved of the issuance of 825.000 school building addition bonds
by a count of 357 to 345, according to Herman S. Gallatin, District Clerk.
Application has already been made for the project to be financed by the
Public Works Administration. The issue will be dated about Sept. 15 1934
and mature in 1959.
ST. ALBANS, Kanawha County, W. Va.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced that it had
made an allotment of 410.000 to this city for toll bridge construction. The
cost of labor and material on this project is set at approximately 281.200,
of which the PWA made a grant of 30%, following its usual policy. The
remainder is a loan secured by 4% revenue aonds.
ST. FRANCIS LEVEE DISTRICT (P. 0. Piggott) Clay County,
-The District Board is said to have
Ark.
-PROPOSED FEDERAL LOAN.
approved a resolution requesting that application be made to the Reconstruction Finance Corporation for a $791,000 loan to refinance outstanding
bonds. It is reported that bond principal and interest of $104.500 is due
for some time, and a total of $340,960 in delinquent taxes is also due. The
resolution proposes a longer maturity schedule than provided for in the
bond contracts.
ST.JAMES, Watonwan County, Minn.
-BOND ELECTION CALLED
OFF.
-It is stated by the City Clerk that no election will be held on Dec. 12
to vote on the issuance of the $110,000 in municipal electric plant bonds, as
reported in V. 137, p. 3529, as the ordinance calling for the election was
taloled.
-PROPOSED BONDING
ST. LOUIS COUNTY (P.0. Duluth), Minn.
PROGRAM.
-The County Court is stated to have approved a contract
to retain Wm. J. Becker, attorney of Clayton, to serve as legal adviser for
the county in submitting three bond issue proposals to total $8,000.000 for
public improvements, to be voted on in the near future. Among the projects said to be under consideration are a sewer system, courthouse and an
addition to the county hospital.
ST. STEPHENS SCHOOL DISTRICT (P. 0. Newton) Catawba
-It is reported that the
County, N. C.
-BOND ISSUANCE PROPOSED.
county will issue bonds for the purpose of erecting a school building, providing it is able to secure a loan in the amount of $35,000 from the Federal
Government. The County Commissioners are said to have fixed the amount
of bonds to be issued at $35,000.
SALEM, Marion County, Ore.
-PROPOSED FEDERAL FUND
-At a meeting of the City Council held on Nov. 6 a
APPLICATION.
resolution was approved, favoring an immediate application to the Public
Works Administration, or other Federal body, for a $950,000 loan with
which to buy the Oregon-Washington Water Co a. plant. If this proposal
cannot be approved, the city would like the Federal body to loan enough
money to build a competing plant. The loan to be applied for would be
secured by the city's general obligation bonds.
SALEM, Washington County, Ind.
-SPECIAL BOND ELECTION.
At a special election to be held on Nov.20 the voters will be asked to approve
of a bond issue in excess of 2% of the assessed valuation of property in the
Town. to pay for the erection and construction of a sewage disposal plant
and main sewage system as provided by Ordinance No. 258.
-C. F.
SANDUSKY, Erie County, Ohio.
-BOND OFFERING.
Breining, City Treasurer, will receive sealed bids until 12 m. on Nov. 27
for the purchase of $38.000 57,, emergency poor relief bonds. Dated Dec. 1
1933. Denom. $1.000. Due Dec. 1 as follows: $5,000 from 1935 to 1938,
incl. and $6,000 from 1939 to 1941, incl. Principal and interest (J. & D.)
are payable at the Third Exchange National Bank, Sandusky. Bids for
the bonds to bear interest at a rate other than 5%,expressed in a multiple of
K of 1%, will also be considered. A certified check for $1,000, payable to
the order of the city, must accompany each proposal.
-A vote of
SANDY LAKE, Mercer County, Pa.
-BONDS VOTED.
208 to 34 was cast on Nov. 7 in favor of the proposal to issue $18,000 water
works construction bonds.
SANGAMON SCHOOL DISTRICT NO. 186 (P. 0. Springfield), Ill.
-The issue of $90,000 coupon school bonds offered on
-BOND SALE.
-was awarded as 5s, at a price of par, to the
Nov. 13-V. 137, p. 3529
H. C. Speer & Sons Co. of Chicago. Dated Dec. 1 1933 and due $9,000
on Dec. 1 from 1934 to 1943, incl.
3707
the opinion of the Corporation Counsel, together with certified copies of the
ordinance authorizing the loan and the resolution approving it.
"City taxes for the year 1933 were payable in quarterly installments
without interest or penalty during the 15 days following the first business
-day period interest
day in January. April, July and October, after which 15
must be added at the rate of K of 1% per month, the tax levy for County
purposes being payable with the first installment of city taxes, making the
percentage of the total levy, $5,306,746.09. payable in the January installment 34.87%, and the remaining three installments 21.71% each; total
collections at close of business Nov. 15 1933, aggregated 82.99% of the combined levy. There are no tax anticipation obligations now outstanding."
-It is
-BONDS VOTED.
SCOTT COUNTY (P. 0. Waldron), Ark.
stated that at an election held on Oct. 31 the voters approved the issuance
of $32.000 in bonds by a large majority, to be used toward the construction
-V. 137, p.2673.
of a $48,000 court house.
-It is stated
-BONDS CALLED.
SEATTLE, King County, Wash.
that H. L. Collier, City Treasurer, called for payment at his office from
local improvement district bonds and coupons.
Nov. 2 to Nov. 15, various
SHAWANO, Shawano County, Wis.-BOND OFFERING-Sealed
bids will be received until 4 p. m. on Nov. 21. by Oscar C. Dettman, City
Clerk, for the purchase of a $50,000 issue of coupon main sewer outlet
%, payable J. & J. Denom. $500.
bonds. Int. rate is not to exceed
Dated Jan. 11934. Due $5,000 from Jan. 1 1935 to 1944 incl., optional at
in Shawano. A certified check for 1%
any time. Prin. and int. payable
must accompany the bid.
SHERBURNE CENTRAL HIGH SCHOOL DISTRICT (P. 0. Sher-At an election
-BOND ELECTION.
burne), Chenango County, N. Y.
to be held on Nov. 27 the voters will be asked to sanction the issuance of
school building construction bonds.
$115,000
-At the
-BOND ISSUES VOTED.
SIDNEY, Shelby County, Ohio.
general election on Nov.7 the voters approved of the issuance of $64,176.44
sanitary sewer construction bonds by a margin of 2 051 votes. The vote of
issue an additional $18,720 bonds for that project carried by aoprsalt
2,049 to 1,280.
-BOND OFFERING.-Ilichard
SOMERSET, Somerset County, Pa.
Pile, Borough Secretary, will receive sealed bids until 12 M. on Dec. 4 for
%.series No. 1, coupon funding bonds. Dated
the purchase of $30.000
1
Jan. 1 1934. Denom. $500. Due $2,000 annually on Jan. infrom 1935
to 1949. incl. Principal and interest (J. & J.) are payableTheSomerset.
issue has
A certified check for 2% must accompany each proposal. Affairs.
been approved by the Pennsylvania Department of Internal
.-BOND OFFERING
Pa.
SOMERSET COUNTY (P. 0. Somerset),
W. H. Kramer, Chief Clerk of the Board of County Commissioners, will
Dec. 4 for the purchase of $110.000
receive sealed bids until 2 p.m. on
coupon or registered county bonds. Dated April 1 1932. Denom. $1.000.
Due April 1 as follows: $20,000 from 1935 to 1939. incl., and $10,000 in
or
1940. Interest is payable semi-annually in A. & 0., "free of tax nowthe
hereafter levied or assessed by the Commonwealth of Pennsylvania or for,
check for 2% of the bonds bid
United States of America.' A certified
payable to the order of the County Commissioners, must accompany each
proposal. Issue was approved by the Pennsylvania Department of Internal Affairs on March 22 1933. upon its certificate No. 1,427.
-FINANCIAL STATESOUTH ORANGE, Essex County, N. X.
-In connection with the proposed award on Nov. 22 of $162,000
MENT.
bonds, notice and description
not to exceed 6% interest coupon on registered
of which appeared in V. 137, p. 3529, we have received the following:
Financial Statement.
Last assessed valuation of real estate in the village (1933)----$41,062.885.00
3,097.375.00
Last assessed valuation of personal property (1933)
3,073.228.69
Bonded debt of the village,including these issues
758,000.00
Amount of water bonds included in the bonded debt
285.000.00
bonded debt- Amount of special improvement bonds incl. in
Sink,fund on hand for bonds other than water bonds or spec.
68,952.56
as of Jan. 1 1933
improvement bonds
1.921,275.90
Net debt of the village under Chapter 240,P.L. 1917 is
SPRINGFIELD AND MIDDLEFIELD CENTRAL SCHOOL DIS-BOND
TRICT NO. 1 (P. 0. East Springfield), Otsego County, N. Y.
OFFERING.
-Glenn Gray, District Clerk, will receive sealed bids until
1 p.m. on Dec. 2 for the purchase of $30,000 not to exceed 6% interest
coupon or registered school bonds. Dated Nov. 1 1933. Denom. 81.000
and $500. Due Nov. 1 as follows: 31.000 from 1934 to 1944, incl.: $1,500
1945 to 1956, incl. and $1.000 in 1957. Bidder to name a single interest
rate for all of the bonds, expressed in a multiple of K or 1-10th of 1%•
Principal and interest (M. & N.) are payable in lawful money of the United
States at the Otsego County National Bank, Cherry Valley. A certified
check for $600, payable to the order of V. M. Webster. Treasurer, must
accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater of New York will be furnished the successful bidder.
STARK COUNTY (P. 0. Dickinson) N. Dak.--BOND OFFERING.
Sealed bids will be received until 2 p. m. on Nov. 27, by A. S. Ward,
County Auditor,for the purchase of a $20,000 issue of 53407 funding bonds.
Denom. $1.000. Dated Dec. 11933. Due on Dec. 1 as follows: $1,000 in
1934 and 1935 and $2,000 from 1936 to 1944. Interest payable J. & D. A
certified check for 2% of the bid is required.
STEPHENTOWN (P. 0. Stephentown), Rensselaer County,
-The proposal to issue $12,000
N. Y.
-BOND ISSUE DEFEATED.
Town Hall construction bonds was defeated by the voters at the general
election on Nov. 7-V. 137, p. 3011.
-A
-BOND SALE.
STEWART COUNTY (P. 0. Dover), Tenn.
$15,000 issue of 6% semi-ann. funding bonds is reported to have been
purchased on Aug. 23 by the Nashville Securities Co. of Nashville. Dated
July 15 1933. Due from July 15 1934 to 1948 incl. (These bonds were
authorized by the County Court on July 3-V. 137, P. 529.)
-OPTIONS
STRATFORD (P.O.Stratford), Fairfield County,Conn.
-William H. Shea, Director of Finance, states
ASKED ON BOND ISSUE.
that although no bids were submitted for the $438,000 not to exceed 6%
Interest coupon general purposes bonds offered on Nov. 15-V. 137, P.
-several proposals to take the bondson option were received and have
3530.
of Nov. 1
been taken under consideration. The bonds are to bear date 1941 incl.1933
and
and mature on Nov. 1 as follows: $44,000 from 1934 to
$43,000 in 1942 and 1943.
-It is
-BONDS VOTED.
,
!
STRONG CITY, Chase Counts Kan.
stated by the City Clerk that at the election held on Nov. 13-V. 137. D.
3011-the voters approved the issuance of $40,000 in light and power
plant bonds.
-PROPOSED BOND SALE.
SULTAN, Snohomish County, Wash.
It is stated by the Town Clerk that the $15,000 water system bonds approved by the voters on Oct. 17-V. 137, p. 3361-will probably be sold
only if Federal and State grants are secured. No date of sale has been set
as yet.
-An
-BONDS AUTHORIZED.
SUMTER, Sumter County, S. C.
ordinance is said to have been passed by the City Council on Oct. 26,
authorizing the issuance of $54,000 in 4% water works system and sewer
line bonds. Due from 1939 to 1954. Princ. and int. payable at the Chase
National Bank in New York City. These bonds will be offered to the
Federal Government to secure a loan on this project, accorldng to report.
-S. H.
-BOND ELECTION.
SYKESVILLE Jefferson County, Pa.
Smyers, Borough'Secretary, reports that an election will be held on Nov.28
to consider the question of issuing $37,000 water supply bonds.
-FEDERAL LOAN
TARRYTOWN, Westchester County, N. Y.
AID SOUGHT.
-The Board of Water Supply has asked the Reconstruction
Finance Corporation for a loan of $150,000 to erect a municipal power
plant. An additional $50,000 on hand, representing the profit resulting
from the sale of water during the past five years, will also be expended on
the project, if the Federal loan is obtained.
-FEDERAL UNEMPLOYMENT
TEXAS, State of (P. 0. Austin).
-The following report on the granting of Federal
RELIEF ALLOTMENT.
funds to this State for unemployment relief purposes, is taken from an
Austin dispatch to the Houston "Post" of Nov. 9:
"Texas, Wednesday, was assigned approximately $20,000,000 of Federal
public works money, to be turned over to the Federal-State relief administration for the quick starting of public works projects so as to employ labor
on the relief rolls and transfer many relief workers over to the civil works
list announced by President Roosevelt.
3708
Financial Chronicle
"Colonel Lawrence Westbrook, Relief Director, was summoned to
Washington by Harry L. Hopkins, Relief Administrator, to whom 1400,000,000 public works money for the civil works program was assigned, and
will leave Thursday morning by plane, to confer on the Texas projects.
To Select Projects.
"Texas city, county and local projects available for quick assignment o
large numbers of hand laborers were to be chosen.
"The civil works program will put into the hands of the relief administration selection of the public works projects, long since submitted through
it and the regional works committee, which can be started the quickest and
used to take the greatest number off the relief rolls and shift them to the
civil works employment rolls."
THE PLAINS RURAL SCHOOL DISTRICT, Athens County, Ohio.
-VOTERS APPROVE BOND ISSUE.
-II. A. Tipton, Clerk of the Board
of Education, advises that the $30,000 school building bond measure
submitted at the general election on Nov.7-V.137. p. 2843
-was approved
by the voters. Of the votes cast, 286 favored the measure while 96 opposed
it. The bonds will bear 4% interest and mature in 1950.
TOLEDO,Lucas County, Ohio.
-PAYROLLS MET WITH CERTIFICATE ISSUE-City employees received a further amount of $160,000
certificates of indebtedness on Nov. 10 in lieu of cash for salaries due for
the last half of August, according to report.
TROY, Miami County, Ohio.
-BOND ISSUE DEFEATED.
-The
proposal to issue 150,000 iron removal plant bonds submitted to the voters
at the general election on Nov. 7-V. 137, p. 2673-failed of approval.
Those in favor of the measure numbered 1,488, while the opposition accounted for 1,962.
UMATILLA COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Pendleton), Ore.
-BOND ELECTION.
-It is reported that an election was held
on Nov. 16, at which the voters passed on the proposed issuance of 1229,500
in school bonds.
UPPER MILFORD TOWNSHIP (P. 0. Emaus), Lehigh County,Pa.
-BOND SALE-The issue of 113,000 fudning bonds which was approved
on June 7 by the Pennsylvania Department of Internal Affairs has been
purchased by the Emaus National Bank.
UPPER SANDUSKY, Wyandot County, Ohio.
-BOND ISSUE
APPROVED.
-At the general election on Nov. 7-V. 137, p. 2494
-the
proposal to issue $165,000 water works system construction bonds was
approved by a vote of 1,348 to 359.
VAN WERT. Van Wert County, Ohio.
-ADDITIONAL INFORMATION.
-In connection with the report of the approval of a 1125.000
sewage disposal plant construction bond issue at the general election on
Nov. 7-V. 137, P. 3530, we learn that the measure carried by a vote of
2,611 to 1,168.
VELVA, McHenry County, N. Dak.-BOND AUTHORIZATION NOT
GIVEN.
-We are informed that the Federal Government has not yet given
the city permission to proceed with the issuance of the $10,000 in swimming
pool and water works bonds that were voted Aug.24-V. 137, p. 1972.
WARWICK, Kent County, R. I.
-OBTAINS FEDERAL FUND
ALLOTMENT-The Public Works Administration has announced the allotment of$450.000 to the city for the purpose offinancing the construction of a
junior and high school building. The PWA will assume as its share of the
project a sum equal to 30% of the approximately $363,000 to be used for
labor and materials. The balance of the allotment consists of a loan secured by 4% general obligation bonds of the city.
WAYCROSS, Ware County, Ga.-FEDERAL LOAN APPLICATION
FILED.
-It is reported that some time ago the city presented an application to the State Public Works Board for a loan of $306.000, to be used for
the construction of a municipal power plant. One-third of the total would
be the usual PWA grant and the remainder would be assumed as an obligation by the city. No allotment has as yet been scheduled.
WAYNE TOWNSHIP (P. 0. Richmond), Wayne County, Ind.
BOND SALE.
-The 1324.293.47 5% funding bonds offered on Nov. 15V. 137, p. 3362
-were purchased at a price of par by C. W. McNear & Co.
of Chicago, the only bidder. Dated Nov. 15 1933 and due on Jan. 1 1946.
WAYNESBORO SEPARATE SCHOOL DISTRICT (P. 0. Waynesboro) Wayne County, Miss.
-BONDS VOTED.
-At the election on
Nov. 7-V.1 37, p. 3180
-the voters rejected the proposed issuance of
$40,000 in 4% school building bonds by a count of 136 "for" to 31 "against."
No date of sale has as yet been scheduled.
WELLSVILLE, Columbiana County, Ohio.
-BONDS APPROVED.
The proposal to issue $192,000 water works system impt. bonds carried
by a vote of 1,473 to 728 at the general election on Nov.7-V.137, p. 2494.
REFUNDING ISSUE AUTHORIZED.
-Fred H. Eckfeld, City Auditor,
on Nov. 7 was authorized by the City Council to refund $64,000 maturing
bonds.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-PLAN
SALE OF $4,000,000 CERTIFICATBS.-T. Darrington Semple, County
Treasurer, and other county officials on Nov. 13 discussed with representatives of the Chase National Bank and other New York banking institutions the possibility of effecting the sale of about $4,000,000 tax
anticipation certificates. The proceeds of the sale would be applied to the
payment of county obligations maturing on or before Dec. 1 1933. The
loan, it is said, would constitute a direct lien on municipalities in the
County, principally the cities of Yonkers, Mount Vernon and New Rochelle,
which owe the State and County a total of about $4,000,000 in unpaid
1933 taxes. The latter two cities, incidentally, announced on Nov. 13
that they are seeking a market for the disposition of $1,750,000 and 11.400,000 tax anticipation certificates, respectively, in order to meet their tax
arrears and provide funds for subsequent 1933 expenses. The stringent
condition of the County's finances was disclosed in a letter filed by Treasurer
Semple with the Board of Supervisors on Nov. 3, which recommended that
the State of New York assume the entire $63,126,000 bond indebtedness of
the County Park Commission. Mr. Semple pointed out that funds were not
available to meet the $3,516,558 charges due on the indebtedness Dec. 1
1933-V. 137, P. 3530.
WESTERVILLE, Franklin County, Ohio.
-BOND OFFERING.
W. A. Kline. Village Clerk, will receive sealed bids until 12 m. on Dec. 1,
for the purchase of 115,500 6% refunding bonds. Dated Oct. 1 1933.
Due Oct. 1 as follows: $7.500 in 1938 and $8,000 in 1939. Interest is
payable in A. & 0. Bids for the bonds to bear interest at a rate other
than 6%. expressed in a multiple of
of 1%. will also be considered.
Bonds are being issued in accordance with authority of Section 2293-5.25-26 of the General Code of Ohio.
WEST VIRGINIA, State of (P. 0. Charleston).
-FEDERAL FUND
ALLOTMENT-An allotment of 15,114,500 to this State for road improvement purposes was announced recently by the Public Works Administration. According to its customary policy on public works, the PWA made a
grant of 30% of the cost of labor and material. The remainder is a loan
secured by 4% State road bonds.
WIRT AND BOLIVAR CENTRAL SCHOOL DISTRICT NO. 1
(P. 0. Richburg) Allegany County, N. Y.
-BOND OFFERING.
F. W.Owens, District Clerk, will receive sealed bids until8 p. m.on Nov. 23
for the purchase of $38,000 not to exceed 6% interest coupon or registered
school bonds. Dated Nov. 1 1933. Denom. 11,000. Due Nov. 1 as
follows: $4,000 in 1935 and 1936 and $5,000 from 1937 to 1942, incl.
Bidder to name a single interest rate for all of the bonds, expressed in a
multiple of 3 of 17. Principal and interest (M. & N.) are payable in
°
lawful money of the United States at the State Bank of Bolivar. A certified check for $700, payable to the order of Gerald Wightman, Treasurer,
must accompany each proposal. The approving opinion of Clay, Dillon
& Vandewater of New York, will be furnished the successful bidder.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 2 (P. 0.
Billings), Mont.
-FEDERAL FUND ALLOTMENT.
-It was announced
recently by the Public Works Administration that it had made an allotment of $400,000 to this district for school building construction. Of the
total amount.30% of the cost of labor and material is the customary grant
by the PWA. The remainder is a loan secured by 4% general obligation
bonds.
YORK,York County, Neb.-BOND SALE.
-An issue of 116,000 sewer
bonds is reported to have been purchased by the First Savings Bank of
York. (A 122,000 issue of storm sewer bonds was voted on Oct. 3-V.
137, p. 2844.)
YOUNGSTOWN, Mahoning County, Ohio.
-BONDS NOT SOLD.
-No bids were obtained for the $1,037.435.66 6% refunding bonds offered
Nov. 18 1933
for sale on Nov. 11, including issues of $454,435.66, $400,000 and $183,000.
-V.137, p. 3012.
YOUNGSTOWN, Mahoning County, Ohio.
-TAX RATE ESTA-BUDGET REDUCTION ASKED.
BLISHED
-The County Budget
Commission has fixed the tax rate at 122 per $1,000 of assessed valuation,
an increase of 40 cents over the present figure, and has asked the city to
reduce its budget for 1934 by $974,298, or nearly one-third of the present
total, according to report. Finance Director Hugh Hindman protested the
cut in the city's tentative budget, which includes $777,529 for debt service,
1684,869 for general expenses and $638,854 for the water district. Having
of the police and fire departments and other cuts in expenditures cannot
permit the cut asked. Mr. Hindman's office reported.
ZANESVILLE CITY SCHOOL DISTRICT_, Muskingum County,
Ohio.
-BONDS DEFEATED -C. J. Weaver, District Clerk, states that
the proposal to issue 1400,000 20
-year school building construction bonds
failed of approval at the general election on Nov. 7-V. 137, p. 3012.
Of the votes cast, 6,481 were in the affirmative and 7,445 in the negative.
CANADA, Its Provinces and Municipalities
CALGARY, Alta.
-MAY SETTLE BOND SUIT.
-The suit of the
Malden Trust Co., Malden, Mass., against the city, in an effort to compel
the payment of $5,000 bonds of the municipality, which matured on Jan. 1
1933, in United States currency, as against the Canadian exchange offered
by the city, may not come to trial, inasmuch as the City Solicitor, L. W.
Brockington, is conferring with counsel for the trust company in an effort
to reach some decision in the matter, according to a dispatch from Calgary
to the "Herald Tribune" of Nov. 16. The $5,000 bonds involved are part
of the total of 12,609,677 which came due in New York City on Jan. 1
1933 and on which the City offered payment in Canadian dollars of par
value. The Canadian dollar at that time was quoted at a considerable
discount in New York City.
-V.137, p. 1802.
CANADA (Dominion of).
-BONDS PAYABLE IN ALTERNATIVE
CURRENCIES IN DEMAND.
-The "Journal of Commerce" of Nov. 14
contained the following article with regard to the increased demand for
various Canadian bonds carrying the option of payment in either United
States or Canadian dollars or pounds sterling:
"An increased demand for Canadian obligations on the part of American
investors has been noted since the return of Canadian exchange to parity,
the issues meeting the most favor being those which have the privilege of
payment in three currencies-United States dollars, Canadian dollars and
in sterling.
"With the option of payment in three currencies it is possible for the
investor to collect his coupons in the most advantageous one. Now sterling
is attractive for issues payable at the fixed rate of exchange of $4.86 2-3.
This enables the bondholder to collect in London pounds which he can convert into American dollars and secure the larger number of the latter equal
to the difference between the current exchange quotation and parity.
Instead of exchanging the pounds for dollars the bondholder may utilize
the former currency for investment abroad. Thus he has four alternatives
with the three currencies.
Few Issues Available.
"There are only a limited number of Canadian issues which have the
privilege of payment in three currencies. They are confined largely to the
obligations of some of the provinces. several Canadian National Railway
issues which the Dominion of Canada guarantees as to interest and principal
and a few corporation obligations.
"Among the corporation issues with the three-way payment option are
the three-way payment option are Montreal Light. Heat & Power Co.
refunding bonds with a yield of a little more than 4 Si %; Montreal Tramways bonds with a yield of about 6% or more: Shawinigan Water & Power
bonds, returning from 6 to 6 %. Montreal Tramways bonds are dealt in
on the New York Stock Exchange and the other two issues are listed on the
Curb."
CAP DE LA MADELEINE, Oue.-PLACED UNDER SUPERVISION.
-As a result of default on Nov. 1 1933 bond interest, the Quebec Municipal
Commission announced that it would file a petition in the Superior Court
at Three Rivers on Nov. 15 to have the town placed under its control.
The town government voluntarily asked for such supervision, it is said.
CARDINAL, Ont.-BOND ISSUE APPROVED -At the election held
on Nov. 10-V. 137, p. 3362
-the voters approved of the $21,000 sewer
bond issue.
EDMONTON. Alta.
-BOND SALE-The Commercial Life Assurance
Co. of Canada has purchased an issue of $29.940 5% local improvement
bonds at a price of 90.81. a basis of about 6.25%. Due in ten years.
FORT ERIE, Ont.-BONDS OFFERED LOCALLY-An issue of 18.000
6% bonds is being offered for purchase by local investors at a price of 95.
LASARRE TOWNSHIP, Que.-BOND OFFERING -Sealed bids addressed to M. St. Laurent, Secretary-Treasurer, will be received until
5 p. m.on Nov. 21 for the purchase of 117.0006% bonds, dated Oct. 1 1933
and due serially in from 1 to 10 years. Payable at Quebec, kontreal and
LaSarre.
MONTREAL, Que.-FACES DEBT CRISIS.
-Pointing out that the
public debt of the city has risen $12,412,085 since 1931 to the current
total of 1279,635,787. which represents 28.42% of the taxable assessment,
a dispatch from Montreal to the "Herald Tribune" of Nov. 12 states that
the city's affairs "are approaching a financial crisis which will call for
reference to the Provincial government, with the possible result of an
amendment to the city charter somewhat radical in effect." Debt service
charges in 1932 amounted to 112,068,737. it is said, while the deficit on
ordinary account for that year was $1,426,584, apart from capital outlay.
Excerpts from the dispatch are as follows:
"The two main factors which have contributed to bring about the existing
situation were pressure of the Aldermen on the executive for new expenditures and refusal of the City Council to increase the tax rate on realty.
The present tax rate is 13;i mills on the dollar, plus the school tax of 10
mills. Alderman J. M. Gabias has given formal notice that the rate will
have to be raised to 20 mills. It is estimated the additional $4,500,000
revenue will permit the executive to manage the city's affairs without
resort to increase of the funded debt for ordinary replacements.
Ask Five-Year Commission Rule.
"At present the City Council is made up of the Mayor and 35 Aldermen.
The fear is openly expressed that the City Council to be elected in April
1934 will be dominated by the element receiving direct relief and special
employment. It is being advocated that the City of Montreal be Placed
for five years under a commission to be appointed by the Provincial government. The proposal is not new. In 1919. by reason of the fact that the
city had reached its borrowing limit, the administration was put under a
commission of three men by Sir Lomer Gouln, then Premier of Quebec.
Ernest Decarie, of Montreal, was Chairman. In 1921, after the city's
affairs had been readjusted, the City Council again took control.
Resources Considered Ample.
"The city has ample resources for recovery. The total taxable assessment for 1933 is 1983,145,389, on an assessment of approximately two-thirds
value. At present the assessed value would fairly represent the value to
a purchaser. Exemptions from taxation represent $290,000,000. Churches,
schools, colleges and philanthropic institutions abound in this city, all
free from taxation.
"In Montreal, as in New York, the banks have exercised a potent influence on municipal finance tending to economy and a minimum of loans.
The revenue from taxation, rents and privileges in 1932 amounted to
$25,781,445, plus 15.384,200 from interest and exchange. Among the listed
assets of the city that of $20,770,405 for sinking fund investments is
Important."
MONTREAL SOUTH, Que.-BOND SALE-The Banque Canadienne
Nationale and Rene T. Leclerc, Inc., jointly, recently purchased an issue
of 150.000 5 % bonds and made public re-offering of same at a price of
par and accrued interest. Bonds mature serially from 1934 to 1943 incl.
and are payable as to both principal and interest in Canadian funds. The
financial statement of the town as of Oct. 17 1933 shows an assessed value
for taxation of 11.254,796. Net funded debt amounts to $123.842. The
municipality's revenue in the last fiscal year amounted to 149,643. against
which expenses amounted to $40.915.
STE. CECILE DE WHITTON, Que.-BOND OFFERING.
-J. A.
Beaudoin, Secretary-Treasurer, will receive sealed bids until 5 p. m. on
Dec. 1 for the purchase of 111,000 531% bonds, dated Nov. 1 1933 and payable serially in from 1 to 20 years at Megantic.
@FedFRASER