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The
Malarial
Volume 137
firtanda1
brnnirk
New York, Saturday, November 25 1933.
Number 3570
The Financial Situation
URELY the President of the United States was
violating the proprieties and at the same time
displaying a spirit of intolerance when in his speech•
at Savannah on Saturday last he dubbed those opposed to his gold policies as modern Tories, doubting
Thomases and mules who can always be depended
upon to obstruct the path of progress in any great
reform movement designed to benefit mankind. We
say the gold policies of the President, since opposition has latterly been crystalizing mainly against
Washington's experimentation with gold. "It has
been remarked of late," said Mr. Roosevelt, "by certain modern Tories, that those who are to-day in
charge of your national Government are guilty of
great experimentation. If I read my history right,
the same suggestion was used when Englishmen,
protesting in vain against intolerable conditions at
home,founded new colonies in the American wilderness, and when Washington and the Adamses and
Bullocks conducted another great experiment
in 1776."
The reference to the Revolutionary period in
America was prompted by the fact that Georgia is
celebrating the bi-centennial of the founding of the
Colony of Georgia, and the President was taking
part in one of the celebrations of the occasion, and
in his address we find other allusions to the early
history of this country, some of which are even more
caustic in their characterization of those who cannot
see their way to express accord with the Roosevelt
program. "While we are celebrating the planting
of the Colony of Georgia," observes the President,
"we remember that if the early settlers had been
content to remain on the coast, there would have
been no Georgia to-day. It was the spirit of moving
forward that led to the exploration of the great
domain of Piedmont and'mountains that drove the
western border of the Colony to the very banks of
the Mississippi River itself. In all those years of
the pioneer, there were the doubting Thomases,there
was the persistent opposition of those who feared
change, of those who played the part of the mule
who had to be goaded to get him out of the stable."
For the close student of events it is difficult to
perceive any analogy between the revolt of the American colonies because they were denied representative government and the social and economic upheaval which Mr. Roosevelt is seeking to bring
about, but certainly right-minded men may be excused when they cannot see merit in the tinkering of
the Administration with gold-and with the monetary
standard. This last is now being attended with such
ill results that no unprejudiced person can fail to
see that it is a mistaken policy from beginning to
S
end, and that it cannot but eventuate in failure,
while meanwhile the financial and commercial community is called upon to endure untold hardships by
reason of the wide and violent fluctuations occasioned thereby in the unit of value from day to day.
And,this being 60, the opponents of the policy would
appear entitled to decent treatment as men of
sincere conviction instead of being characterized as
Tories in the old objectionable sense and as foes to
all progress.
In this matter of the gold program,there are everlasting questions of right and wrong involved—questions which concern ethical standards and moral
principles, with respect to which it is not possible
for the man of sincere convictions to compromise
without a complete loss of moral sense. One of the
features of the Administration's gold policy is the
deliberate repudiation of gold contracts specifically
payable in gold, even including United States Government obligations. Then, also, it is the aim to
depreciate the unit of values until at the end it shall
have a gold value of only 50c. This is a violation of
all the principles of right dealing which cannot and
will not be tolerated by people of moral sense. As
for the debasement of the dollar itself by a diminution in its gold content, what can be said in defense
of such action from a moral standpoint, and how
can such action be harmonized with ethical standards? If the failure to yield acquiescence to demands which strike at the very root of recognized
moral principles is to warrant being called "mule,"
then may the tribe multiply without limit.
NE effect of Mr. Roosevelt's contemptuous
treatment of those who cannot see merit in
his gold proposal has been the crystalizing of opposition to the gold program, but that opposition is
not, we grieve to have to say, being based upon
moral considerations which should be all-controlling. It is the practical side that is receiving
almost exclusive attention. As a result of the operations of our Government, the dollar is fluctuating
so extremely and so widely that, as already stated,
no one can fail to see the deleterious character of
the whole movement. This induces many to speak
out who had previously maintained silence out of
respect for the President and his high office. But
now that the dollar and the foreign exchanges are
engaging in such spectacular performances that it
is not possible for anyone to tell what the dollar
may be worth to-morrow, or next week, and all trade
operations are seriously disturbed thereby, some of
them being rendered actually impossible, trade organizations are once more functioning as true busi-
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Financial Chronicle
ness leaders and declaring to the President and to
the whole world that the Treasury program is not
working in the way it was intended to work. Many
of them go still further and make bold to say that
the scheme never can be made to work—that it is
impossible to manipulate the currency so as to produce a prescribed and predetermined schedule of
commodity values. The present week also,some leaders in the economic and financial world who, by
training and study, have won the title of experts,
have broken away from the Administration ranks
and have added their testimony to the experience of
the world at large that the outcome of the inflationary processes can only be disaster and that
through manipulation of the currency, as is now
being done, needless misery and suffering is being
inflicted.
Those who have joined the ranks of the opposition
in open revolt the present week include men of such
eminence as Dr. 0. M. W. Sprague, economic adviser
to the United States Treasury, and James P. Warburg, the New York banker and son of the late Paul
M. Warburg. We shall deal with their utterances
further along in this article, and wish to note here
the action taken by the United States Chamber of
Commerce in opposing the President's monetary
policy and asking for a return to the gold standard
and a stable measure of value. Since the Chamber
of Commerce of New York took a pronounced stand
against the Treasury policy one mercantile body
after another has been falling in line and been beseeching the President not to continue along his
present course.
The United States Chamber of Commerce is the
latest and the most influential of the mercantile
organizations that have felt obliged to announce
their position on this great and grave problem. On
Saturday last the Board of Directors of that Chamber passed a series of resolutions, the purport of
which is not open to question. The resolutions say
that consideration of various aspects of the economic
and financial situation leads the Board to the conclusion that the question of a sound national monetary policy is paramount. The Chamber, it is declared, is opposed to any policy of deliberately engineering price changes through measures which are
solely monetary in character, recognizing that such
measures are not conclusive to stability. In efforts
to stimulate and foster improvement in the prices
of primary commodities, of manufactured goods and
of auxiliary services, it is opposed to any action that
creates distrust in the currency as being incapable
of producing a lasting improvement.
In advocating a sound and adequate currency as
essential for a greater volume and mobility of credit
it maintains that it is necessary to provide such
basis for faith and credit and in currency as will
permit their healthy employment in the normal
processes of business enterprise. The resolutions
then go on to say: "We believe it should be emphasized that the present fiscal policies have developed
widespread confusion and disquiet. We strongly
recommend that the President of the United States
make an unmistakable declaration that Government
securities will not be driven to lower levels by reason of monetary action. We also urge that there be
an immediate announcement of intention of an early
return to a gold basis, with complete avoidance of
monetary experimentation, greenbackism and fiat
money, and with complete recession from theoretical
Nov. 25 1933
or arbitrary ideas of 'price index' fixation of the
value of gold."
Unless this is done, it is well observed,"there will
be instability of employment, because of inability
of anyone to make forward commitments on a basis
of reasonable business risk instead of speculative
hazard. There will be continuance of the demoralization of the exchanges, with its harmful repercussions on all domestic and foreign trade." It is added
that "There will be insecurity for all classes of our
people and a severe setback to the development of
healthy recuperative processes which in the main are
based upon the decisions of individuals and not of
Government."
These are notable utterances, but they are of a
kind that are now coming from every quarter. Even
the smaller communities are feeling impelled to declare their opposition. As one instance, a dispatch
from Fort Plain, N. Y., dated Nov. 22 and published
in the New York "Herald Tribune," states that a
large group of the leading men and women of that
community had organized that night the Sound
Money Club of Fort Plain, and urged all citizens
to join them in the defense of the American dollar.
As President Roosevelt, in his Savannah speech,
made reference to the revolutionary times, this dispatch tells us that many of the signers of the declaration of principles are descendants of the Mohawk
Valley pioneers who organized there in 1774 the
famous Committee of Safety for the defense of the
rights and liberties of the colonists.
They now go on record as deploring the "shameful
flight of American capital across the seas" and the
"undermining of confidence in the good faith of the
Government," resulting from the "present organized
attack on the dollar." Recalling the historic stand
for sound money made by President Cleveland in
1893, they point out that the basic principles of
honest currency expounded by him in that crisis
have been unmistakably reiterated by every American President since then. "We do not presume to
propose new remedies for our economic ills," the
signers say,"but we believe that the road to industrial recovery, the re-employment of 'idle workers
and the easing of the burden of debt is even more
plainly marked to-day than it was in the'crisis of
the '70's and the '90's, when our people were faced
with exactly similar problems." They wind up with
the following declaration: "We are unalterably
opposed to the issue of new money by our Government which is not redeemable on demand, dollar for
dollar, in gold. We urge a speedy return to the gold
standard and the co-operation of the United States
with foreign nations in the defense of this standard
and the stabilization of the international exchanges."
HE resignation of Dr. Oliver M. W. Sprague as
adviser to the President is obviously an event
of high significance, and the reasons he gives for
his resignation are of even greater significance,
affording an insight into the processes by which
the Washington authorities are proceeding and also
indicating how completely objections on the part
of those not in agreement with the President are
suppressed. "Some six months ago, at your urgent
request," says Dr. Sprague in his letter of resignation addressed to the President, "I left London and
accepted the post of Financial and Executive Assistant to the Secretary of the Treasury. I accepted this
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position because I believed at that time that I was
sufficiently in agreement with you on monetary
matters to be able to render some service in the
working out of policies designed to bring about a
trade recovery." In this he soon found himself sadly
disappointed. "Unhappily, now I find that I am in
such fundamental disagreement with the monetary
policies which have recently been adopted that I
have decided to resign my post in the Treasury. It
is possible that there might still be a meeting of
minds had I been afforded any opportunity to discuss policies with you. But no opportunities whatever have been afforded me since my return from
London in July, after your rejection of the arrangements to steady the foreign exchanges during the
period of the conference."
He then states his objections to the gold policy
now being pursued. "I am opposed to the present
policy of depreciating the dollar through gold purchases in foreign markets for two reasons. I am
convinced that this policy will prove'ineffective in
securing a speedy rise in prices. This is not because
of any inability to depreciate the dollar. When a
government announces its determination to depreciate its own currency it can certainly accomplish
that result, and without the necessity of acquiring
any considerable mounts of gold in other countries,
since no sensible person will desire in such circumstances to acquire more of the currency. But mere
depreciation of the currency in relation to the currencies of other countries will not, bring about a
general rise in prices. An advance in prices that has
any promise of being maintained requires the development of conditions that will permit a sustained
demand for more labor and more materials, with
resultant increase in the production of goods and
services, and a higher standard of living. There is
nothing in the depreciation of the dollar to induce
this increased demand for materials and labor. A
few prices will rise, particularly those of commodities, such as cotton, that are exported in large
amounts. Similarly, prices of such imports as rubber and coffee will rise. A few other commodities
that are not exported but are subject to speculative
transactions in organized markets may advance in
price somewhat, but the advance will rest on an
unstable foundation, since there is nothing in the
depreciation of the dollar to increase domestic consumption. Doubtless, given time, a depreciated dollar, or a devalued dollar, will yield a higher price
level, but this will only come when the desired trade
recovery has been realized. Our immediate concern
is to extricate ourselves from the depression rather
than with the course of prices after that happy
event"
In addition, and of overshadowing importance,
Dr. Sprague expresses the view that the present
policy threatens a complete breakdown of the credit
of the Government. Bonds, including Government
bonds, are, he well says, an unsatisfactory investment at a time when a government is determined
to depreciate its currency. Already many issues of
Government securities have dropped below par, including the issue that was brought out in October.
"I believe you are faced with the alternative either
of giving up the present policy or of the meeting
of Government expenditures with additional paper
money. . . . The memory of post-war depreciation of currencies in Europe is still fresh. We have
recently experienced distrust of banks spreading
3711
like wildfire throughout the country. A similar
wave of currency distrust threatens."
• Dr. Sprague then points out that he retained his
position for many weeks, "hoping against hope that
wiser counsels might prevail," but has now reached
the conclusion that there is no defense from a drift
into unrestrained inflation other than an aroused
and organized public opinion. It is for the purpose
of contributing to such a movement that he has now
severed his connections with the Treasury Department. Professor Sprague will be a wonderful accession to the ranks of the opposition, and we say this
notwithstanding the action of Secretary Woodin in
attempting to belittle the importance of the step.
Mr. Woodin was very caustic and severe in commenting on the action of Dr. Sprague. "I must seriously
criticize Dr. Sprague," he stated, in an interview
with Dow, Jones & Co., the publishers of the "Wall
Street Journal," "for the assertion he practically
makes that the United States Treasury is placed in
a position where it must borrow $2,000,000,000 from
the people on bad security," Mr. Woodin stated. "In
any way to suggest that the United States Government bonds are, or can be, or will be, in any sense
bad security is not only a reflection on the wealth
and integrity of this country and its people, but
impeaches Dr. Sprague's own common sense and
competency as a student of finance." However, in
all his comment Dr. Sprague was simply stating
what the great majority of competent students believe to be the literal truth, and the Washington Administration should not fail to heed his advice.
TAMES P. WARBURG was equally frank in exj pressing his disbelief in the money policies of
the Administration, and was really more outspoken
in his strictures criticizing the same. Mr. Warburg
is the son of the late Paul M. Warburg, who played
such a prominent part in the early history of the
Federal Reserve System, and he has certainly inherited the capacity for clear thinking of his distinguished father. He was financial adviser to the
American delegation at the London Economic Conference. He spoke on Wednesday before the American Academy of Political and Social Science, and
he recalled a remark of the President in his message
to the London Conference in which Mr. Roosevelt
characterized the gold standard as an "outworn
fetish," and announced it was his desire to bring
about "a dollar of constant purchasing and debtpaying power." It is well that Mr. Warburg recalled
this striking statement of last July, since it shows
that Mr. Roosevelt has been consistent and persistent in his adherence to his present program, and by
parity of reasoning, that it is not going to be an
easy task to wean him from further adherence to
these views. Mr. Warburg condemns "controlled
inflation," inasmuch as he does not believe there is
any such thing, and said he would be opposed to it
even if, contrary to history, it did not become uncontrolled.
Referring to the President's expressed desire to
have a dollar of constant purchasing power, Mr.
Warburg does not hesitate to declare his disbelief
"that as a practical matter there can be any such
thing as a dollar of constant purchasing power."
"Given the elements of the human equation, and
given the political influences to which a democratic
form of government will always be subject, I do not
believe that as a practical matter there can be any
3712
•
Financial Chronicle
such thing as a dollar of constant purchasing power.
If human intelligence and human integrity were
unable in the past to manage the comparatively simple mechanism of the gold standard, I can see no
reason to suppose that the same human intelligence
and same human integrity will be able to cope with
the vastly more complicated mechanism of the managed commodity dollar. This is equally true in the
last analysis of the automatic dollar, but more obviously true of the managed form."
Mr. Warburg also pays his compliments to the college professors who figure so conspicuously as the
President's advisers and the numerous other college
professors who never tire of submitting plans for the
reform of the country's monetary mechanism. On
this point he says: "In every nation there is at
least one prominent professor who has invented a
monetary system of his own,and even assuming that
the governments of these nations would each endorse
their star inventor, I cannot picture a conference of
these star inventors agreeing on any one plan. Each
of them is reasonably sure that he is on the track
of the one perfect money, and yet some of their ideas
are so different as to be completely irreconcilable."
Mr. Warburg also discloses what has hitherto been
a well-kept secret; he resigned his position as
financial adviser last July but refrained from giving publicity to his action out of a desire to avoid
embarrassment to the President. After the President's characterization of the gold standard as "an
outworn fetish," he wrote the Secretary of State as
head of the delegation resigning his position. "I
was particularly careful," Mr. Warburg says, "not
to let my resignation become known,for the obvious
reason of loyalty and because I was then still hopeful of being able to convince the President that it
would be a mistake to continue his policy of monetary uncertainty and experimentation. By the end
of September, after any number of reports and conferences, I reluctantly came to much the same conclusion as that stated in the last paragraph of Dr.
Sprague's letter of resignation. The tide could not
be turned by a tolerated opposition from within.
Public opinion would have to become aroused and
articulate. Having no official position from which
to resign, I stated this conviction to the advisory
group with which I had been working, and stated
also my intention of setting about the task of arousing what I conceived to be a latent, inarticulate majority. That was in late September. So far I have
refrained from public utterance because I felt that
so long as there were those in official positions who
felt as I felt, and were holding on in the hope of
bringing about a change from within, the least I
could do was to avoid any action that might embarrass them. That has changed. And that is why
I am here to-night."
lir. Warburg's action in this particular is highly
creditable to him, and his address is a valuable contribution to the discussions of the problem. He
will be a welcome addition to the ranks of the opposition, which, in Mr. Warburg's own language, is
steadily becoming more "articulate."
ERHAPS the most important development of all
with respect to the country's monetary policy
has been the action of the Advisory Council to the
Federal Reserve Board uttering warnings against"a
currency of fluctuating value" and against the
present monetary uncertainty which the Council has
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Nov. 25 1933
affected and will conno hesitation in saying "has .
adversely the entire economic
tinue to affect
structure."
The views of the Council were expressed in resolutions adopted in an executive session on Wednesday,and in some way found their way into the public
prints, notwithstanding the injunction against discussions of a general character with regard to questions of the day which is understood to have been
recently imposed upon Federal Reserve officials.
The resolutions state the harmful effects of the present Treasury policy with respect to the management
of the currency with such clearness and force that
we cannot do better than to insert them in full at
this point, as we do in the following:
"While the Council is in sympathy with the general purpose of the Administration, it believes these
are not to be accomplished by a currency of fluctuating value.
The members of the Federal Advisory Council
believe:
"1. That a: higher price level is beneficial only if
accompanied by higher natural income, and that can
only be brought about by increased volume of busi
ness and increased employment.
"2. That a depreciating and fluctuating currency
value will not adjust existing discrepancies in the
price level.
"3. That as long as there is uncertainty in regard
to the future value of the monetary unit, there can
be no lasting or fundamental improvement in
business.
"4. That this uncertainty tends and has tended to
depress the market price of Government securities
and corporate and municipal bonds, which in turn
has affected and will continue to affect adversely
the entire economic structure and thus stand in the
way of recovery.
"5. That unless there is monetary stabilization it
will become increasingly difficult for the Government to finance its large commitments for reconstruction purposes and to refinance its maturing obligations. The resulting uncertainty will
especially affect and cause great uneasiness among
the millions of wage earners, savings depositors, and
holders of insurance policies. It will further diminish the flow of capital into the investment field, and
it is this money which is used largely for the purpose
of financing the production of capital and durable
goods. It is in these fields that unemployment has
been most difficult to overcome. The existing uncertainty has already caused capital funds to leave
the country to be invested in foreign securities and
deposited in foreign banks.
"6. That no monetary standards can be finally
and permanently satisfactory until other important
nations have taken similar action and that such international action is extremely improbable on any
other than a gold basis.
"7. That history shows that the further currency
inflation goes the more difficult it becomes to control, and that it invariably results in untold losses
'
to great masses of the people and the ruin of national
credit.
"In view of the opinion above reported, the Federal Advisory Council believes that in the re-establishment of our currency bases on gold it may well
be coupled with safeguards to be agreed upon by
international action."
We commend particularly to the attention of the
reader the first three declarations, namely,(1) that
a higher price level is beneficial only if accompanied
by higher natural income, and that that can only
be brought about by increased volume of business
and increased employment; (2) that a depreciating
and fluctuating currency value will not adjust exist-
Volume 137
Financial Chronicle
ing discrepancies in the price level, and (3) that as
long as there is uncertainty in regard to the future
value of the monetary unit there can be no lasting or
fundamental improvement in business—all of which
to the ordinary mind appears like gospel truth.
The fact is we would not be inclined to take exception to any of the declarations except No. 6, which
says that no monetary standards can be finally and
permanently satisfactory until other important nations have taken similar action. For ourselves we
are certain that if the Administration to-day abandoned its present policy of manipulation and unreservedly declared that there would be no further attempt whatever to establish an artificial value, the
dollar would at once go back to par, and then with
a balanced budget and the return home of capital
which has been seeking safety abroad there would
be no need for co-operative arrangements with other
countries.
That accomplished, all concern as to the action
of other countries could well be dispensed with. For
54 years, or since the resumption of specie payments
on Jan. 1 1879, that has been the policy of the country, and there has been no occasion for worrying as
to what other countries might do. Suggesting international co-operation savors very strongly of fixing
standards of values on some international basis,
possibly depreciated standards, and that is to be
avoided above everything else. What is needed is for
this country to get back on the old gold basis, and if
other countries want something else that is for them
to arrange, and we ought to avoid getting involved
in any of their difficulties. We know, of course,
that some countries insist upon maintaining a depreciated monetary unit, and that this often means
disadvantage to our own foreign trade, but where
that occurs we can govern ourselves accordingly, not
by indulging in depreciating our own standard of
value, which must remain unimpaired at all hazards,
but by arrangement of tariff schedules. Trade conferences with other countries for that purpose will
always be in order, but adjusting our currency unit
in accordance with some international basis and on
some prearranged international basis is to be
avoided.
Let it be proclaimed that we are back on the gold
basis and that the dollar is once more a gold dollar,
the same as it was before the experimentation of
1933, and we will at once win the respect as well as
the confidence of the entire world.
--•-HE Federal Reserve condition statments the
present week show that the Federal Reserve
banks have discontinued altogether their purchases
of United States Government securities. Whether
this means that the Federal Reserve authorities
have regained full control of their affairs in that
respect instead of remaining under the dictation and
control of the United States Treasury, or whether
it means that the Administration itself no longer
insists upon the large weekly purchases of United
States Government securities, the change is in any
event highly significant. These purchases of United
States securities were recently at the rate of $35,000,000 a week. This week there has been no change
of consequence in the grand total of the holdings,
though some of the individual items making up the
total have changed somewhat. The holdings of
United States securities this week are reported at
$2,431,004,000 as against $2,431,602,000 last week.
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3713
The volume of Reserve credit outstanding, however,
as measured by the grand total of the bills and securities held, has increased in amount of $5,000,000, due
to the fact that the Federal Reserve banks have increased their acceptances purchased in the open market from $15,180,000 to $20,294,000, while member
banks have also increased their borrowings somewhat, the discount holdings of the 12 Reserve banks
standing this week at $112,152,000 as against $111,437,000 a week ago.
Gold holdings continue to diminish in a moderate
kind of way, and for Nov. 22 are reported at $3,575,780,000 as against $3,577,153,000 Nov. 15. The
amount of Federal Reserve notes in circulation is
somewhat. smaller at $2,970,210,000 as against
$2,973,040,000, but the amount of Federal Reserve
bank notes in circulation has further increased from
$194,950,000 to $200,697,000. The deposit liabilities
stand somewhat smaller at $2,867,686,000 against
$2,872,531,000; the falling off, however, is entirely
due to a drop in the Government deposits from $64,220,000 to $31,216,000. Member bank reserve deposits, which are the main item in these deposits
and which indicate the reserve position of the member banks, have increased during the week from
$2,645,232,000 to $2,687,291,000. The result of these
various changes is that the relation of cash reserves
to deposit and note liabilities has remained unchanged. The ratio of total gold reserves and other
cash to deposit and Federal Reserve note liabilities
combined is precisely the same as it was last week,
being 65.1%. The holdings of United States Government securities as part collateral for Federal Reserve notes have increased during the week from
$562,600,000 to $573,600,000.
TNCREASED dividend distributions by corpora1 tions continue the order of the day. The E.I. du
Pont de Nemours & Co. declared an extra dividend
of 75c. a share on common,in addition to the regular
quarterly dividend of 50c. a share. The Chesapeake
Corp. has increased the quarterly dividend on common from 50c. a share to 63c. a share. The Cincinnati New Orleans & Texas Pacific Railway declared
a dividend of $8 a share on common,payable Dec.26;
this will be the first payment since June 24 1932,
when a semi-annual dividend of $4 a share was paid.
General Printing Ink Corp. declared a special interim dividend of 15c. a share on common; the last
previous distribution on this issue was a quarterly
payment of 25c. a share made on April 1 1932.
Plymouth Oil Co. declared a quarterly dividend of
25c. a share on its capital stock, payable Dec. 31;
the last previous payment of like amount was paid
on Dec. 30 1932. Devoe & Raynolds, Inc., declared
an extra dividend of 25c. a share, in addition to a
quarterly dividend of 25c. a share on both the class A
common and class B common stocks, payable Jan. 2
1934. From July 1 1931 to and including April 1
1932 the company paid quarterly dividends of 15c. a
share. Kelvinator Corp. declared a dividend of
12y a share on common, payable Jan. 15 1934, the
2c.
Federal tax of 5% to be absorbed by the company.
This is the first distribution on this stock since
Feb. 21 1927.
HE .New York stock market this week has been
a tame affair, without any special feature of
consequence, and with fluctuations in prices narrow,
as a rule, though with an upward spurt yesterday.
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Financial Chronicle
The trend of prices the rest of the week was downward most of the time. The developments regarding
currency control at Washington cannot be said to
have had any controlling influence upon stock
prices, or, for that matter, upon commodity values,
though the resignation as a Treasury adviser of
Dr. 0. M. W. Sprague on Tuesday, and the action
of the Federal Reserve Advisory Council and the
general attitude of opposition to the Treasury policy
regarding the manipulation of the monetary standard seems to have operated to improve the gold value
of the dollar the latter part of the week. Neither
stocks nor commodities now respond to the fluctuations in the gold value of the dollar the way that
was their custom a couple ,of months ago. Occasianally a further drop in the dollar is followed by a
stiffening in stocks and commodities, though not
invariably, while an improvement in the price of
the dollar leads to a sliding down of stock and commodities, though this also is not always true. A
depressing influence all around this week, as in previous weeks, has been the decline in bond prices,
including United States obligations, though with a
recovery on Friday. Some of the highest grade bond
issues have suffered with the rest. Trade accounts
have been slightly more favorable than in recent previous weeks. The American Iron and Steel Institute
announced on Monday that the steel mills of the
country were operating to 26.9% of capacity as
against a rate of 27.1% at the beginning of the previous week, though current reports of operations
assembled by the "Iron Age" reflected a gain rather
than a loss. As against an estimated rate of 26%
the previous week, this week's average was put at
27.5%. Loading of revenue freight on the railroads
of the United States for the week ending Nov. 11
comprised 577,676 cars as against 536,687 cars in
the same week of 1932, while the production of electricity by the electric light and power industry of
the United States for the week ended Nov. 18 was
reported at 1,617,249,000 kilowatt hours against
1,531,584,000 kilowatt hours in the corresponding
week of last year, being an increase of 5.6% against
6.3% the previous week and 3.8% the week before.
As indicating the course of the commodity markets, the December option for wheat in Chicago
/
4
closed yesterday at 851 8c. as against 891 3c. the close
on Friday of last week. December corn closed
/
yesterday at 451 8c. against 47%c. the close the
Friday. December oats closed yesterday
previous
/
at 33%c. against 3478c. the close on Friday of last
week. December rye at Chicago closed yesterday
/
/
at 581 8c. against 6034c. the close on Friday of last
week, while December barley at Chicago closed
/
/
yesterday at 4114c. against 4514c. the close on the
previous Friday. The spot price for cotton here in
New York yesterday was 10.10c. as compared with
10.20c. on Friday of last week. The spot price
for rubber yesterday was 9.12c. against 8.75c. the
previous Friday. Domestic copper was quoted
yesterday at 81/ c. against 814c. the previous Friday.
4
/
Silver fluctuations were confined within narrow
limits. In London the price yesterday was 18 7/16
pence per ounce against 18% pence on Friday of last
week. The New York quotation yesterday was
43.50c. as against 42.70c. the previous Friday. The
fluctuations in the foreign exchanges were not quite
so violent as a week ago, but after moving briskly
upward (with a corresponding depreciation in the
gold value of the American dollar) there was a
Nov. 25 1933
turn in the other direction again on Thursday and
Friday. Cable transfers on London yesterday closed
at $5.18% as against $5.21 the close the previous
Friday, while cable transfers on Paris closed yesterday at 6.17c. compared with 6.30c. the close on Friday of last week. On the New York Stock Exchange
26 stocks advanced to new high figures for 1933
during the current week, and 20 touched new low
figures for the year. For the New York Curb Exchange the week's record is 16 new highs and 61 new
lows. Call loans on the Stock Exchange again re4
3
mained unaltered at / of 1% per annum.
Trading has been light. OntheNew York Stock
Exchange the sales at the half-day session on Saturday last were 577,800 shares; on Monday 1,894,630
shares; on Tuesday 1,800,980 shares; on Wednesday
1,574,035 shares; on Thursday 1,370,675 shares, and
on Friday 1,420,188 shares. On the New York Curb
Exchange the sales last Saturday were 89,805 shares;
on Monday 238,890 shares; on Tuesday 246,645
shares; on Wednesday 197,570 shares; on Thursday
186,230 shares, and on Friday 218,977 shares.
As compared with Friday of last week moderate
gains in prices appear. General Electric closed yester%
4
day at 201 against 203 on Friday of last week;
/
North American at 153 against 143 s; Standard Gas
%
4
& Electric at 8% against 73 ; Consolidated Gas of
N. Y. at 393' against 37; Brooklyn Union Gas at
/
643/i against 611 2; Pacific Gas & Electric at 173
12
/ Columbia Gas & Electric at 115
against 16 ;
%
against 10%; Electric Power & Light at 53/ against
5
%
1
5%;Public Service of N. J. at 35 against 34; J. I.
%
Case Threshing Machine at 713 against 725 ;
4
4
International Harvester at 413 against 41%; Sears,
%
Roebuck & Co. at 42% against 423 ; Montgomery
%
Ward & Co. at 227 against 223'; Woolworth at
4;
%
403 against 401 Western Union Telegraph at 561
/
against 541 2; Safeway Stores at 44 against 42; American Tel. & Tel. at 120 against 119%; American Can
at 99 against 9334; Commercial Solvents at 3034
3
i
4
against 323 ; Shattuck &TCo. at 7V against 7%,
1
5
Products at 69% against 71%.
and Corn
Allied Chemical & Dye closed yesterday at 1407
4
against 139 on Friday of last week; Associated Dry
Goods at 1334 against 13%;E.I. du Pont de Nemours
at 88 against 84; National Cash Register A at 153.1
against 1534; International Nickel at 22 against 2134;
Timken Roller Bearing at 2934 against 283/2; Johns
Manville at 5734 against 54; Gillette Safety Razor at
%
113.1 against 115 ; National Dairy Products at 1434
%
against 153 ; Texas Gulfc`Sulphur at 427 against
%
4
43%; Freeport-Texas at 483.1 against 463 ; United
Gas Improvement at 16 against 15; National Biscuit
4
at 4834 against 46%; Continental Can at 713 against
%
693 ; Eastman Kodak at 80 against 73; Gold Dust
Corp. at 18M against 1834; Standard Brands at 2334
4
against 243.4; Paramount-Publix Corp. ctfs. at 13
against 1%; Coca-Cola atl 973.1 kid against 98;
Westinghouse Elec. & Mfg. at 393.1 against 38%;
Columbian Carbon at 61 against 60; Reynolds To4
bacco, class B at 463fagainst 463.1; Lorillard at 1734
17%; Liggett & Myers, class B at 86 against
against
87, and Yellow Truck & Coach at 4% against
4
43 .
Stocks allied to or connected with the alcohol or
brewing group have been weak as a rule. Owens
Glass closed yesterday at 7934 against 81 on Friday
of last week; United States Industrial Alcohol at
6134 against 6634; Canada Dry at 263.4 against 273.1;
Crown Cork & Seal at 349/i against 36; Liquid.Car-
Volume 137
Financial Chronicle
bonic at 253/2 against 253, and Mengel & Co. at
73 bid against 93.•
4
The steel shares have on the whole been well maintained. United States Steel closed yesterday at
443/i against 43 on Friday of last week; United States
Steel pref. at 823/b against 793'; Bethlehem Steel at
343/i against 31%, and Vanadium at 21% against
20%. In the auto group, Auburn Auto closed yesterday at 45 against 43 on Friday of last week;
4
General Motors at 323 against 313/8; Chrysler at
4
489/i against 463'; Nash Motors at 21 against 193 ;
Packard Motors at 4 against 4; Hupp Motors at 4
against 3%, and Hudson Motor Car at 113' against
109. In the rubber group, Goodyear Tire & Rubber
4
closed yesterday at 373/i against 373 on Friday of
last week; B. F. Goodrich at 143/ against 14%, and
2
United States Rubber at 17% against 183.
The railroad shares have quite generally held up
well. Pennsylvania RR. closed yesterday at 273/i
against 273 on Friday of last week; Atchison Topeka
& Sante Fe at 483/i against 47; Atlantic Coast Line
at 333. against 30%; Chicago Rock Island & Pacific
at 3% against 4; New York Central at 363/i against
35%; Baltimore & Ohio at 24 against 233/8; New
Haven at 173/ against 17; Union Pacific at 111
against 111; Missouri Pacific at 33/i against 4; Southern Pacific at 20 against 193 ;Missouri
-Kansas-Texas
4
at 89/i against 83/2; Southern Ry. at 23 against 22;
Chesapeake & Ohio at 403 against 4038; Northern
Pacific. at 21 against 21, and Great Northern at
18% against 18.
The oil stocks have moved lower. Standard Oil
of N. J. closed yesterday at 44% against 47 on Friday
of last week; Standard Oil of Calif. at 423/ against
43%; Atlantic Refining at 303/ against 313/8. In
the copper group, Anaconda Copper closed yesterday
at 153/i against 155 on Friday of last week; Kenne%
cott Copper at 213 against 223.; American Smelting
%
& Refining at 443 against 463/8; Phelps Dodge at
163/8 against 17; Cerro de Pasco Copper at 343
against 373/2, and Calumet & Hecla at 47 against 5.
%
UOTATIONS of securities on all the leading
European markets moved irregularly lower
in the first half of this week, owing in large part
to the world-wide uncertainty regarding the American currency experiment and the many predictions
that it will end in disaster unless brakes are applied
soon. When the dollar began to strengthen, Thursday, improvement took place in the foreign securities markets, indicating again the close relationship
that exists currently between prices of stocks and
bonds and the monetary developments. The currency depreciation in the United States was discussed in the British House of Commons, Thursday.
Chancellor of the Exchequer Neville Chamberlain
declared that the drop in the dollar has not so far
seriously affected British trade. He intimated, however, that if depreciation of the American currency
continues the British Government might have to
take steps in protection. "I am carefully watching
the situation," Mr. Chamberlain remarked, "and
consideration will be given from time to time
whether action is necessary in the interests of this
country." Reports from London indicate that funds
continue to pile up there, with capital flowing to
the British center not only from the United States,
but from France as well. The drain from France is
causing large gold losses by that country, and the
fear continues that France soon may find it advis-
Q
3715
able to suspend gold payments. Such considerations
added not a little to the confusion in all capital centers. Contrasting sharply with the universal monetary uncertainty are reports of continued improvement in British trade and industry. The situation
in France and Germany is not quite so favorable,
but remains encouraging.
Business on the London Stock Exchange was on a
very small scale in the initial session of the week,
as investors preferred to await developments in the
United States. A nervous undertone was apparent
throughout the session. British funds were fairly
steady, but industrial issues moved irregularly. The
international list also was uncertain. Tuesday's
dealings again were dominated by monetary fears,
which extended to the French position as well as to
America. British funds drifted slowly downward,
and almost all industrial securities also lost ground.
Anglo-American favorites were better at first on
good overnight advices from New York, but the
gains were lost in later dealings. The market tone
improved a little on Wednesday, but the movements
were again irregular. British funds steadied on
satisfactory revenue returns, while industrial issues
showed gains and losses in about equal proportions.
The international list was featured by a sharp rise
in Newfoundland bonds, but most others tended to
drop. When currency fears diminished in the London market, Thursday, prices moved upward quite
generally. British funds were in excellent demand,
and many good features appeared in the industrial
section. International securities remained erratic.
After an uncertain start, yesterday, prices again
moved upward.
The Paris Bourse was depressed, Monday, not
only by the international monetary uncertainties,
but also by the realization that a Ministerial crisis
on the budget impended. Rentes were marked down
sharply, while French bank, industrial and utility
stocks all followed a similar course. International
issues on the Bourse were better maintained than
French securities. The trend Tuesday was irregular, with trading at a minimum. Rentes again reflected liquidation, but other issues kept close to
former levels. Sentiment improved slightly on the
Bourse, Wednesday, as the impression prevailed that
the Ministerial crisis might be postponed for a time.
Rentes again were soft, however, while most French
bank and industrial securities also lost ground. The
international list did better, with German bonds
sharply improved owing to signs of better relations
between the two countries. Thursday's trading was
marked by a general advance on the Bourse. Rentes
participated despite renewed expectations of an
early fall of the Sarraut Cabinet. French bank and
industrial securities made substantial gains, and
some international issues also improved. Trading
yesterday was hesitant, owing to the Cabinet crisis.
Rentes dropped sharply, but other securities were
little changed.
The Berlin Boerse opened cheerfully, Monday, on
reports of extensive business improvement in the
Reich, but the initial gains were modified by a late
recession which was attributed to profit-taking by
professional operators. Bonds as well as stocks
showed net gains, however, with the improvement
quite substantial in a few instances. In Tuesday's
dealings the same tendencies were in evidence, with
an initial rise superseded by a late decline. The
recessions were more pronounced ozi this occasion,
3716
Financial Chronicle
however, and at the end net losses were quite as
prominent as net gains. The Boerse was closed,
Wednesday, in observance of Repentance Day.
When trading was resumed, Thursday, bank stocks
were in keen demand, owing to a report by experts
which was adverse to the Nazi plan for complete
nationalization of all banks in Germany. Industrial
stocks were irregular, but bonds were firm. Profittaking in bank stocks unsettled the market yesterday, but progress was made in some sections.
IPLOMATIU relations between Russia and the
United States having been resumed after 16
years, representatives of the two countries plunged
with fresh vigor this week into their examination of
all problems of mutual interest. Foreign Commissar Maxim Litvinoff remained in Washington most
of this week, for conferences with State and Treasury Department officials on Consular representation, trade agreements,debts and claims, credits and
similar matters. To the announcement by President Roosevelt last week that William C. Bullitt
will be the first American Ambassador to the Soviet
Union was added another by M. Litvinoff, Sunday,
to the effect that Russia will be represented in this
country by Alexander A. Troyanovsky, former Russian Ambassador to Japan and now Vice-Chairman
of the State Planning Commission. It was indicated
at the same time that Boris E. Skvirsky, who has
headed the Russian Information Bureau in Washington for more than a decade, will serve as Charge
d'Affaires until the arrival of the new Ambassador,
and thereafter will be Counselor to the Russian Embassy. M. Litvinoff left Washington for New York,
yesterday, and will sail to-day on his return journey
to Moscow.
Letters exchanged between President Roosevelt
and Foreign Commissar Litvinoff as a prelude to
recognition were made available last Saturday.
They indicate that matters on which disputes might
arise, such as Communist propaganda in the United
States, were carefully surveyed and made the subjects of precise understandings. Thus, the Soviet
Government promised "to respect scrupulously the
indisputable right of the United States to order its
own life within its own jurisdiction in its own way."
Moscow also agreed not to disseminate Communist
propaganda in this country, nor to attempt in any
way to overthrow American institutions. Complete
freedom of worship is to be permitted American residents of Russia, who.may conduct rites in the English or any other language, and lease, erect or maintain buildings for the purpose. A consular convention, to be negotiated, will afford United States citizens in Russia rights of legal protection "not less
favorable" than those enjoyed by "nationals of the
nation most favored in this respect." Pending a
final settlement of all claims and counter-claims, the
Soviet Government will not prosecute any claims
against Americans as the successor of prior governments in Russia. The Soviet Government agreed to
waive all claims to damages arising from the American military expedition to Siberia in 1918.
The successful conclusion of his talks on recognition with President Roosevelt was discussed with
obvious satisfaction by M. Litvinoff, late Nov. 17, in
an address before the National Press Club in Washington. He explained carefully that the Communist
'party of Russia is not concerned with the Communist party of the United States. The Russian
D
Nov. 25 1933
Government, he said, would seek to make the new
relations with the United States not merely a conventional or technical diplomatic intercourse, but
an understanding that will produce a common
ground for co-operation in economics, culture and
international peace. President Mikhail Kalinin, of
the Soviet Union, made an international radio address, Monday,in which he expressed the conviction
that the resumption of diplomatic relations will
greatly benefit both countries and will advance all
the world, economically and culturally. In the
United States, as in Russia, the event was hailed
with general satisfaction. There were a few objectors, but the chorus of approval was overwhelmingly
greater. In other countries, also, the announcement
of recognition was viewed with official favor, and in
most instances this was echoed in the press. There
was a little uneasiness in Japan, however, due to
the belief in that country that the United States and
Russia might now engage in concerted action in the
Far East detrimental to the expansionist policy of
Tokio.
NES are currently being redrawn in the international debate on disarmament now in progress in Europe, with British representatives clearly
tending to view more favorably than heretofore the
German arguments for prompt action. There are
indications that not only the views on disarmament,
but possibly the Covenant of the League of Nations
itself, may be revised in response to the German
withdrawal of Oct. 14 from both the General Disarmament Conference and the League. Beginning
last Saturday, talks were resumed at Geneva by the
Ministers and delegates of the leading world Powers, in an attempt to bridge the difficulties and find
a means for solving the disarmament puzzle. After
the conversations had proceeded for five days, the
Bureau, or Steering Committee, of the Disarmament
Conference met and hastily approved a suggestion
by Arthur Henderson, President of the gathering,
that the plenary session scheduled for Dec. 4 be
postponed "until a date during or immediately
after" the January meeting of the League Council.
Thus it appears that the General Disarmament Conference, which has already broken all records for
length and for the number of postponements, will
hold its next meeting about the time it reaches its
second birthday. The gathering started hopefully
early in February 1931.
Foreign Secretary Sir John Simon of Great
Britain, and Foreign Minister Joseph Paul-Boncour
of France reached Geneva on the same train last
Saturday, and immediately plunged into a discussion with Mr.Henderson regarding the future course
of the disarmament negotiations. The Marchese di
Soragna arrived late the same day to represent Italy.
Hugh R. Wilson, American Minister to Switzerland,
conferred with some of the representatives of the
three European Powers. Germany was absent and
the Italian representative was said to have displayed
comparatively little interest in the proceedings.
Although the conversations were closely guarded,
it was reported in all Geneva dispatches that the
"united front" of Great Britain and France against
Germany no longer existed. Sir John Simon was
said to favor resumption of discussions on the basis
of the MacDonald draft convention, without the
French amendments for a four-year period of international control and supervision, and a subsequent
LA
Volume 137
1
i
Financial Chronicle
four-year period during which France might disarm
somewhat and Germany be permitted to re-arm. M.
Paul-Boncour announced to representatives of the
press late last Saturday that France intended to
stand by the declarations of Oct. 14, which prompted
the sensational withdrawal by Germany. Suggestions are reported to have been made, obviously by
the Italian delegate, for a meeting of British,
French, German and Italian representatives, at some
other place than Geneva. Mr. Wilson is said to
have argued for an entire reconsideration of the
disarmament situation.
That the current discussions are indeed sweeping
was suggested last Sunday and Monday in reports
from Geneva. Officials of the League are understood to have considered in detail a plan for reorganizing the League of Nations by altering articles
of the Covenant repugnant to nations now out of
the Geneva body, such as Germany, the United
States and Soviet Russia, a dispatch to the New
York "Herald Tribune" said. It was persistently
rumored that Italy soon may quit the League, and
the changes are intended also to prevent any such
action, it was indicated. Joseph Avenol,the French
Secretary-General of the League, hurriedly left for
Rome last Monday, and his departure gave color to
the reports. Diplomatic pressure for resuming the
disarmament discussions under the Four-Power pact
received a check the same day, when it was indicated
that the British and French governments had informed Rome of the uselessness of submitting the
Four-Power pact to their Parliaments for ratification until Germany has returned to the League.
After further intensive discussions it was announced publicly by Mr. Henderson,in a meeting of
the Disarmament'Conference Bureau on Wednesday,
that private diplomatic conversations are to continue for some time in an effort to settle differences.
The fact that Mr. Henderson did not resign, as he
threatened to do last week, was accepted in Geneva
as an indication that prospects of agreement are
better than they were early this month. Mr. Henderson explained to the Bureau that the British,
French, Italian and American representatives had
unanimously agreed upon a "supreme effort" to concludea convention. It had been suggested, he added,
that "the Work of the Disarmament Conference
would at this stage best be assisted by parallel and
supplementary efforts between the various States
and the full use of diplomatic machinery." All the
governments agreed to keep him informed of the
progress of the negotiations, Mr. Henderson stated.
On the strength of such assurances, the Bureau
quickly voted the postponement of the Dec.4 session
requested by the President of the Conference.
Significant in the present situation was an interview which Chancellor Hitler, of Germany, granted
to a French journalist Tuesday. As on former occasions, Herr Hitler appeared to hold out the olive
branch to France. "War will settle nothing," he
declared. "It will only make worse the condition
of the world. If France seeks to found her security
on the material impossibility of Germany's defending herself, then there is nothing to be done. I have
repeated many times that the fate of Alsace and Lorraine is settled. Germany will not return to Geneva,
as the League of Nations is an international parliament in which groups of Powers oppose each other
and agitate. I am always ready, and I have given
proof of it, to undertake negotiations with those who
3717
wish to talk with me." These suggestions were earnestly considered in France, and in some quarters
there was a disposition to view them as a possible
beginning of improved relations between the two
countries. Government spokesmen in Paris carefully pointed out that the door to peace is wide open,
if Chancellor Hitler cares to enter, but in the Government press there were the usual expressions of
skepticism regarding German sincerity. A meeting
between Chancellor Hitler and the French. Premier
was not believed advisable in France, but it was indicated that diplomatic exchanges might be started
with a view to direct settlement of French and German differences on armaments.
A recent decision in England to alter the naval
building program by substituting large cruisers for
the small ones originally contemplated was made
the subject of an interpellation in the House of
Commons, Thursday, with a view to determining the
precise reason for the change. Prime Minister Ramsay MacDonald gave assurances, in reply, that the
British naval program "is not directed against any
particular country." He was asked, an Associated
Press dispatch said, if the changes did not mean
that in the future the United States would be regarded as the potential enemy of Great Britain, with
the likelihood that any naval building undertaken
in the United States would be met by building in
Great Britain. "Any future building undertaken,"
said the Prime Minister, "will be decided upon by
the Government in relation to all circumstances of
the situation." The building program, not only in
the United States, but in England, was being carried
on by mutual agreement under the London naval
pact, Mr. MacDonald declared.
OON after proroguing the old Parliament in London, King George opened the new session with
all the colorful pageantry that marks this annual
event. These activities, of course, constituted little
more than a formality, carried out in British conformance to tradition, as the Parliament, which
assembled Tuesday to hear the speech from the
throne, differed no whit from that prorogued late
last week. As always on such occasions, there was
a good deal of conjecture regarding the political
situation in the United Kingdom. The present National Cabinet in London, a dispatch to the New
York "Times" remarks, gave an implied promise two
years ago that it would resign and restore the country to party government by means of a general election, whenever the financial and economic situation
warrants such action. Great improvement unquestionably has taken place since the present regime
took control in August 1931, and the problem is
now whether the Government will admit that its
task is finished and resign, or whether it will try
to maintain that the chaos which made necessary a
National Government in 1931 still continues. "The
Government, which is really Conservative, is going
to have hard work hereafter convincing the country
that it is anything else," the report to the New York
"Times" adds. "The facade of Prime Minister MacDonald's socialism has become so thin, so unreal and
so ineffective that it no longer deceives but greatly
irritates all parties. The fiction that the Foreign
Minister, Sir John Simon, is a Liberal is even more
discredited, along with his foreign policies."
When Parliament was prorogued on Nov. 17, King
George made a brief speech in which he expressed
S
3718
Financial Chronicle
Nov. 25 1933
regret at the inconclusive end of the World Monetary when the monarchy was overthrown. The test reand Economic Conference. It was noted that the vealed a swing toward conservatism of so emphatic
possibility still exists for a resumption of this meet- a nature that it amazed all politicians in Spain.
ing, so far as its organization arrangements are con- Conservative preponderance in the new Cortes is
cerned. The work of international disarmament by assured, but owing to requirements that candidates
agreement among the nations must be pursued with must receive at least 40% of the vote, about 190
vigor, the King stated. When the new session was seats out of the total of 473 are to be re-contested
opened, Tuesday, colorful and costly robes were in a second election to be held Dec. 3. The political
worn by the King and the Lords. The display irri- situation at the moment is confused, partly because
tated John McGovern, M. P., who made taunting the Conservative leaders were unprepared for the
comments about unemployment. He was finally sweeping victory, and partly because interpretation
ejected after calling the Lords and their ladies, of the result is exceedingly difficult. The Conservacollectively, a "gang of lazy, idle parasites." In his tives formed a coalition in preparation for the elecspeech on this occasion King George referred to the tion, and dispatches indicate that their success at
improvement in the British economic situation that the polls is due in good part to that fact. Middle
has taken place in the last year, and promised fur- parties were virtually wiped out, while the strength
ther steps for the easing of present burdens. One of the radicals was distributed among more than a
of the most important bills that the Parliament will dozen parties. The Conservatives and Radicals thus
consider in the present session is one intended to face each other across a void in which mediation will
make the British unemployment insurance scheme be difficult, and there is a good deal of apprehension
actuarially solvent for years to come. It is based in Spain regarding the possibility of a violent conon the assumption that the number of insured but flict between the extreme Right and Left groups.
unemployed workers will average about 2,500,000 The Radical groups attempted this week to unite on
a common program, in order to make possible a
a year.
better showing at the secondary elections on Dec. 3.
UDGETARY difficulties caused another MinisIntense political rivalry marked the campaign for
terial crisis in France, early yesterday, when the 473 seats in the Cortes. Some 2,077 candidates
the Chamber of Deputies voted adversely on one of were officially registered for the posts, while conthe many measures presented by Premier Albert testants who had no official status increased the
Sarraut in the endeavor to balance the national total number to more than 5,000. The• number of
income and expenditures for 1934. The issue on parties exceeded 100, and the uncertainty was inwhich M. Sarraut fell was that of reducing civil creased by the fact that women were granted the
service appropriations. Although the Chamber ap- franchise in an election of this nature for the first
proved a long series of measures designed to over- time in any Latin country. The Center groups were
come the prospective deficit of 6,000,000,000 francs represented chiefly by former Premier Alejandro
during a debate that lasted from Thursday morning Lerroux's "radical" party, which really leans toward
into the small hours yesterday, restlessness was conservatism despite its name. As the returns were
caused by the political wavering of the Premier him- tabulated it appeared immediately that the Right
self. Instead of hewing rigidly to the line, the wing coalition had achieved an unexpected success.
Radical-Socialist Premier made a small concession "But the reactionary leaders were as frightened
to the Socialists, and some of the Center groups at the result as were the Republicans and Socialthereupon lost confidence and deserted his cause. ists," a Madrid dispatch to the New York "Times"
The voting on the civil service bill, which followed, said. "They are not organized for a Fascist moveshowed 321 Deputies arrayed against M. Sarraut, ment and are well aware of the enmity of the labor
while only 247 supported him. The Premier and his movement, which the Monarchists in particular have
Ministers promptly left the Chamber to present their cause to fear." Seats officially accredited to the
resignations to President Albert Lebrun. M. Lebrun Right wing coalition numbered 126. The Nationalbegan, yesterday, the consultations with political ists elected 12 Deputies, the so-called Radical party
leaders which always precede the choice of a new of Senor Lerroux 43, and the Socialists 29. Other
Premier. M. Sarraut came into office on Oct. 27, seats definitely determined included four for the
and it was predicted from the start that his regime Accion Republicana, eight for Radical Socialist Inwould not last very long. It is now believed that dependents, 20 for the Catalan Esquerra, 26 for the
another interim Cabinet will be formed, with the Lliga Catalana, five for the Maurist party, two for
likelihood that Edouard Herriot, the real leader of the Marchists, three for Independents, and one each
the powerful Radical-Socialist party, again will for Regionalists, Albanists, Patrones, Progressives,
assume the helm after Dec. 15. M. Herriot was Galician Orga and Federals. Of the 12,500,000
defeated as Premier on Dec. 15, last year, when he Spanish men and women eligible to vote, it was estifailed in his effort to have the Chamber approve the mated that at least 80% cast ballots. The women
payment of the debt instalment due the United are thought to have contributed greatly to the conStates on that day. It is held unlikely that he will servative victory.
care to be in office when another refusal to effect
CHANGE in the diplomatic representation of
payment and honor France's word must be made
the United States in Cuba was announced by
publicly, and for this reason, it is thought, an interim regime under the leadership of Camille Chau- President Roosevelt late Thursday, but it was indicated at the same time that formal recognition of a
temps probably will be formed.
Government in the Island will not be extended until
N A NATIONAL election last Sunday, voters of there exists a regime -which shows evidence of
1 the new Spanish republic had their first oppor- genuine stability. Ambassador Sumner Welles, who
tunity to register their opinions of the extremely was sent to Havana last April, just before the Maradical regime which came into power in April 1931, chado Government fell, was relieved of his post by
B
A
Volume 137
Financial Chronicle
the President, and he will resume his former duties
as Assistant Secretary of State. Jefferson Caffery,
now serving as Assistant Secretary of State, will
replace Mr. Welles in the Cuban capital. The return
of Mr. Welles conforms to the known wishes of the
provisional Government of President Ramon Grau
San Martin in Cuba, which made it rather plain late
last week that it did not care for his continued presence in Havana. This attitude resulted, according
to Havana and Washington reports, from Mr.
Welles's suggestions to the State Department that
recognition be withheld until Cuban political affairs become more stable. At his own suggestion,
Ambassador Welles visited President Roosevelt last
Sunday and conferred with him regarding the Cuban
situation, and it was indicated after the discussion
that he would return to Havana. The announcement late Thursday therefore caused some surprise.
In a statement announcing the change, President
Roosevelt remarked that the United States Government has been following the course of events in Cuba
with a most friendly concern and a most consistent
desire to be of help to the Cuban people. Recognition of any Cuban Government, he pointed out,
affords more than an ordinary measure of material
and moral support, and for this reason recognition
will be extended only to a regime that "clearly possesses the support and approval of the people of that
republic." Revision of commercial and economic
agreements between the United States and Cuba
was hinted at in the statement, but negotiations
cannot be undertaken until a well-supported, popular Government exists.
PROPOSALS
3719
chants of St. John's. Measures were suggested for
improving the fisheries of the Island, for conserving
and developing its forests, and for creating new industries. Although no doubt was left regarding the
serious financial plight of Newfoundland, it was
added that there is no reason why prosperity should
not be regained before many years have passed, if
the proposed measures are put into effect.
The debt burden of Newfoundland was given extensive consideration in the report, according to a
report to the New York "Herald Tribune," and suggestions were made for dealing also with this problem. The debt burden of about $90,000,000 is more
than the people of Newfoundland can bear unaided,
for the time being, the report stated. The British
Parliament, accordingly, is to be asked to authorize
a British Government guaranty of a new issue of 3%
Newfoundland Government securities, maturing in
30 years and callable in 10 years, to be offered in
equal amounts to present holders of Newfoundland
/
bonds, which carry interest rates of 5% to 61 2%.
From this "voluntary" conversion offer would be
exempt the pre-war dollar lops aggregating
$854,750,the $2,500,000 5% loan of 1932, and a small
amount of 4% sterling bonds due next year. Holders of Newfoundland securities in the British "trustee" classification would be permitted to retain their
holdings and would continue to receive interest payments, but the holders of other issues who decline
to accept the offer would receive no payment of
either principal or interest so long as there remained
outstanding any obligation of Newfoundland to the
London Government arising from the new arrangement. It is clear that the latter part of the proposal would fall with especial severity on holders of
about $29,000,000 Newfoundland dollar •bonds
floated in the United States, since Newfoundland
sterling loans are "trustee" issues. In London
financial circles this suggestion by the Royal Commission aroused indignation and strong protests
were voiced against the proposed discrimination in
favor of British bondholders.
are to be introduced in the British
Parliament for profound changes in the Government and finances of Newfoundland, according
to a White Paper which was placed before the House
of Commons in London, Tuesday. The proposals
will follow closely the recommendations of a Royal
Commission of Inquiry, headed by Lord Amulree,
which recently found political and financial conditions in the British colony "desperate" and the
islanders facing utter ruin. Prime Minister FredHERE have been no changes this week in the
erick C. Alderdice made it plain at St. John's, the
discount rates of any of the foreign central
capital of Newfoundland,that the control and finanbanks. Present rates at the leading centers are
cial support of the London Government will be wel- shown in the table which follows:
comed by officials there. The colony, having the
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
status of a Dominion, cannot be forced to surrender
Rate in
PrePreRate in
Date
viola
Country. Effect
eons
Date
Country. Effect
its self-government, and the approval of the AlderNov.24 Established. Rate.
Nov.24 Established. Rate.
dice regime therefore is indispensable if the project Austria__ 5 Mar.23 1933 6 Hungary__ 434 Oct. 17 1932 5
33t Feb. 16 1933 4
Belgium__
334 Jan. 13 1932 234 India
is to be carried through.
June 30 1932 334
3
Bulgaria__ 831 May 17 1932 £134 Ireland
334 Sept. 4 1933 4
Chile
434 Aug. 23 1932 534 Italy
The report of the Royal Commission recommends Colombia_ _ 4 July 18 1933 5 Japan
3.65 July 3 1933 4.38
434 Aug. 16 1933 5
suspension of the Newfoundland Parliament for an Czechosio- 334 Jan. 25 1933 434 Java
7
May 5 1932 734
Lithuania
vakia--_
334 May 23 1933 4
Danzig__ 4
July 12 1932 6
Norway
indefinite period, during which an English Governor Denmark_ _ 3 June 1 1933 334 Poland _
5
Oct. 25 1933 6
30
234
6
Mar. 14 1933
34
England__
would rule with full legislative and executive pow- Estonia__ 2 June 29 1932 634 Portugal
534 Jan.
1932
Rumania
6
Apr. 7 1933 6
FhiJand____
534 SouthAirica 4
Feb. 21 1933 7
The Governor would act on the advice of a France_ __ 5 Sept. 5 1933 2 Spain
ers.
234 Oct. 9 1931
6
Oct. 22 1932 534
Sept. 31 1932 5
.
1
special commission of six members, three to be ap- Germany.._ 4 Oct. 13 1933 734 Sweden ___ 3 June 22 1933 334
Greece
7
Switzerland 2
Jan.
1931
h
Holland.-- 234 Sept.18 1933 3
pointed by the United Kingdom and three by NewIn London open market discounts for short bills
foundland. This regime would continue until the
Island once again became financially sound and in- on Friday were 1@1 1-16%, as against 1 ®1 1-16%
dependent. The report of the Commission was said, on Friday of last week and 1 1-16®1Y% for three
8
%
in a dispatch to the New York "Times," to consti- months' bills, as against 1 1-16@13/ on Friday
tute a scathing indictment of financial mismanage- of last week. Money on call in London yesterday
A
ment and political corruption in Newfoundland ever was 1 %. At Paris the open market rate remains
.
1
War. It declares that Newfound- ' at 2W % and in Switzerland at 13%.
since the World
land has been living hopelessly beyond her means,
and that her scattered fishing communities have
HE Bank of England statement for the week
been demoralized by a vicious credit system under
ended Nov. 22 shows a loss of £13,707 of bullion
which they have become virtual serfs of the mer- but as this was attended by a contraction of L1,578,-
T
T
3720
Financial Chronicle
000 in circulation, reserves rose £1,564,000. The
Bank's gold holdings now total £191,768,538 in
comparison with £140,425,699 a year ago. Public
deposits rose 08,000 and other deposits fell off
£1,495,000. Of the latter amount £998,129 was from
bankers' accounts and £497,862 from other accounts.
The reserve ratio rose to 53.20% from 51.73% a
week ago; a year ago the ratio was 41.61%. Loans
on Government securities fell off 0,347,000 while
those on other securities increased 060,401. The
latter consists of discounts and advances which decreased £8,896, and securities which rose £369,297.
The rate of discount is unchanged at 2%. Below
we show the different items with comparisons of
previous years:
BANK OF ENGLAND'S'COMPARATIVE STATEMENT.
Nov. 22
1933.
Nov. 23
1932.
Nov. 25
1931.
Nov. 26
1930.
Nov. 27
1929.
£
£
E
. £
£
Circulation_ a
367,528,000 357,847,472 354,400.879 351.124,928 354,557.000
Public deposits
18,766,000 26,531,015 27,033,736 18,868,951 17.433,000
Other deposits
139,569,528 111,823,788 97,984,604 92,713,944 96,419,773
Bankers'accounts_ 102,990,827 78,081.780 59,844,438 55.901,187 58,219,448
Other accounts
36,578,701 33,742,008 38,140,161 36,812,757 38.200,325
67,816,095 68,581.740 56,580,906 34,596,247 57,703.855
Government secure
24,069,403 29,979,384 43,931,116 28,316,592 33,144,227
Other securities
Disct and advances 8,547,835 11,958,451 12,698,193 6.080,597 15,263.821
Securities
15,521.568 18,020,933 31.232.923 22.235,995 17.880.406
Reserve notes & coin 84,241,000 57,578,227 42,283,383 66,448.259 40,823,000
Coin and bullion_ _
191,768,538 140,425,690 121,684,262 157,573,187 135,381,905
Proportion of reserve
41.61%
33.82%
59.54%
to liabilities
53.20%
35.85%
IA near rato
90Z
9%
R.'
9O
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
outstanding.
HE Bank of France in its weekly statement
dated Nov. 17 shows a further loss in gold
holdings, this time of 735,568,805 francs. Owing to
this decline, the Bank's gold is now at 79,282,907,160
francs, which compares with 83,308,286,859 francs a
year ago and 67,675,698,284 francs two years ago.
A decrease also appears in credit balances abroad of,
420,000,000 francs, in French commercial bills discounted of 18,000,000 francs, in bills bought abroad
of 27,000,000 francs, in advances against securities
of 27,000,00 francs and in creditor current accounts
of 538,000,000 francs respectively. The proportion
of gold on hand to sight liabilities stands now at
79.95%, as compared with 77.84% a year ago.
Notes in circulation reveal a contraction of 820,000,000 francs reducing the total of notes outstanding to
80,707,516,370 francs. Circulation a year ago was
81,604,937,435 francs and the year before it was
81,644,657,275 francs. Below we furnish a comparison of the various items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Gold holdings
Credit bals. abroad.
a French commercial
bills discounted
b Bills bought abr'd
Adv. against secure_
Note ciroulation
Credit cum accts._
Propor. of gold on
on hand to sight
liabilities
Nov. 17 1933. Nov. 18 1932. Nov.20 1931.
Francs.
Francs.
Franc&
Francs.
—735.568,805 79,282,907,160 83,308,286,859 67,675,698,284
38,000,000 2,968,146,195 15,660,708,515
—420,000,000
—18,000,000 3,371,297,925 2,743,950,296 6,816,011,239
—27,000,000 1,241,742,771 1,917,659,204 8,749,684,689
—27,000,000 2,809,495,609 2,510,094,368 2,726,676,136
—820,000,000 80,707,516,370 81,604,937,435 81,644,657,275
—538,000,000 18.460,691,461 25,418,814,272 31,179,291,573
77.84%
79.95%
59.98%
+0.35%
a Includes bills purchased in France. b Includes bills discounted abroad.
HE New York money market remained easy this
week, with slight alterations in rates hardly
indicative of any real change in the position. Cessation of open market purchases of United States Government securities by the Federal Reserve System
was not an influence, as the recent prodigious operations have placed a huge volume of credit at the
disposal of the market. Dealers in bankers' acceptances effected increases of 4% in the rates on bills
due in 60 and 90 days, Tuesday, but other maturities
were unchanged. The increases on the two maturities
were due to relatively good yields on Treasury
T
Nov. 25 1933
obligations of approximately similar datings. The
Federal Reserve bill buying rate remained at /%
1
for maturities up to 90 days.
Call loans on the New York Stock Exchange were
V for all transactions, whether renewals or new
I%
loans. In the unofficial street market call loans were
reported done at 4% Monday and Tuesday, M%
Wednesday and Thursday, and 4% yesterday.
Time loan rates tended to harden very slightly early
in the week. An issue of $60,000,000 Treasury discount bills due in 91 days was awarded Monday at
an average discount of 0.46%, this rate comparing
with 0.40% on a $75,000,000 issue sold a week earlier.
Brokers' loans against stock and bond collateral
declined $9,000,000 in the week to Wednesday night,
according to the usual report of the Federal Reserve
Bank of New York.
EALING in detail with call loan rates on the
Stock Exchange from day to day, 4% has
3
again been the ruling quotation all through the week
for both new loans and renewals. The market for
time money shows little change this week as practically no business has been reported. Rates are
nominal at %@1% for 30, 60, 90 and 120 days and
1@131% for four, five and six months. The market
for commercial paper has been quiet this week,
though more paper is available. Rates are 1% for
extra choice names running from four to six months
and 33'% for names less known.
—•--HE market for prime bankers' acceptances was
quiet during the early part of the week but
firmed up on Wednesday, due to demand coming
from out of town banks. Rates were advanced on
Tuesday of 1%,in both the bid and asked columns
for 60 and 90-day maturities. Quotations of the
American Acceptance Council for bills running 30
days are M% bid and 4% asked; for two and three
months, 4% bid and 3.'% asked; for four months,
V bid and 4% asked;for five and six months, 1%
I%
bid and 4% asked. The bill buying rate of the New
York Reserve Bank is M% for bills running from 1 to
90 days, and proportionately higher for longer maturities. The Federal Reserve banks' holdings of
acceptances increased during the week from $15,180,000 to $20,294,000. Their holdings of acceptances
for foreign correspondents, however, decreased during
the week from $3,896,000 to $3,218,000. Open
market rates for acceptances are as follows:
D
T
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime elligible bills
1
3i
1
34
—90 Days— —60 Days— —30 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
%3d
Si
Si
3d
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
1% bid
Eligible non-member banks
1% bld
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
Rate in
Effect on
Nov. 24.
Date
Established.
Previous
Rale,
2%
2
234
2%
3%
3%
2%
3
3.%
334
834
234
Nov. 2 1933
Oct. 20 1933
Nov. 16 1933
Oct. 21 1933
Jan. 25 1932
Nov. 14 1931
Oct. 21 1933
June 8 1933
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
Nov. 3 1933
3
2%
3
3
4
3
3
334
3
4
3
Volume 137
Financial Chronicle
the
or more
STERLING exchange,rate,swirledaccurately,week
sterling-dollar cross
about amazingly again
part of the
this week. In the early
sterling displayed a decidedly firm tendency in terms
of the dollar, and on Wednesday at the opening the
pound was quoted 5.44 for cable transfers on London.
Toward the close of the day, owing in part to the
fact that the Reconstruction Finance Corporation
made no change in its purchasing price for gold from
that set on Tuesday of $33.76 per fine ounce, the rate
tended to favor the dollar. The same rate for
domestic gold was also maintained on Thursday and
Friday. The fact that the sound money forces on
this side were becoming strongly articulate as represented by the published utterances of such men as
Dr. Sprague, Mr. Baruch, and Mr. James P. Warburg, to say nothing of the recommendations of the
Federal Reserve Advisory Board, also had much to
do with the drop in sterling and the halt in the
decline of the dollar. As the gold price here was
advanced the open market price in London in shillings
and pence declined from 128s. 2d. on Saturday last
to 125s. 8d. on Thursday. Another circumstance
favoring the advance in the dollar in the latter part
of the week was the heavy selling by Canadian
interests of investments in England and the repatriation of the funds by way of New York. The range
this week has been between $5.133@$5.433/ for
bankers'sight bills, compared with a range of between
$5.031 and $5.52Y last week. The range for cable
A
4
.
transfers has been between $5.13M and $5.44. compared with a range of between $5.043 and $5.52%
a week ago. The close yesterday for sight bills was
$5.18 2 and for cable transfers $5.18%.
Sterling continues to be exceptionally strong in
terms of French francs, or gold. Only a few weeks
ago it seemed to be the policy of the Exchange Equalization Fund to keep the sterling-franc cross rate
around 80 francs to the pound. Last week the rate
ranged from a low around 81.50 to a high of 82.50,
while this week the rate has consistently been above
83 and once or twice on Wednesday it went to 84francs
to the pound. The following tables give the London
check rate on Paris from day to day, the mean gold
quotation for the United States dollar in Paris, the
London open market gold price, and the price paid
for gold by the United States (Reconstruction Finance
Corporation).
MEAN LONDON CHECK RATE ON PARIS.
Saturday Nov. 18
82.75 I Wednesday Nov. 22
83.03
Monday Nov. 20
Thursday Nov. 23
83.156 Friday
Tuesday Nov. 21
Nov. 21
83.59
83.64
83.812
MEAN GOLD QUOTATION U. S. DOLLAR IN PARIS.
Saturday Nov. 18
61.7
Wednesday Nov. 22
60.6
Monday Nov. 20
61.0 Thursday Nov. 23
61.4
Nov. 21
60.7 Friday
Tuesday
Nov. 24
63.0
LONDON OPEN MARKET GOLD PRICE.
Saturday Nov. 18
128s. 2d. Wednesday Nov. 22
Monday Nov. 20
127s. 7d. Thursday Nov. 23
Tuesday Nov. 21
1273.
Friday
Nov. 24
126s. 6d.
1258. 8d.
1268. Id.
PRICE PAID FOR GOLD BY U. S.(RECONSTRUCTION FINANCE
CORPORATION).
Saturday Nov. 18
Wednesday Nov. 22
33.76
33.56
Monday Nov. 20
33.76
33.66 Thursday Nov. 23
Nov. 24
Tuesday Nov. 21
33.76
33.78 Friday
In judging the firmness of sterling it is well not to
pay so much attention to the sterling-dollar cross
rate as to the action of sterling in terms of francs.
On numerous occasions this week the British exchange
control was obliged to intervene to prevent sterling
from rising in terms of francs, or gold. The operations of the control during the past three or four weeks
have been largely responsible for the gold losses
reported by the Bank of France. As the London
3721
authorities have bought francs to hold down the
London-Paris cross rate, they have been obliged to
turn their franc purchases into gold at the expense
of the Bank of France. Out of a total gold loss since
mid-October of 2,700,000,000 francs it would seem
that all but a few hundred million are attributed to
purchases by the British exchange fund and to private
arbitrage which has been active in shipping metal to
London. American, Dutch, Swiss, Belgian, and
German withdrawals from the Bank of France have
been relatively insignificant. The operations of the
British control, the constant endeavor of which is to
prevent depreciation of sterling, tend to weaken the
Bank of France reserves, and also to check distrust
of the franc by giving public evidence of the confidence felt by the British authorities in the essential
soundness of the franc. The alternative open to the
control of retaining the francs bought against sterling
instead of converting them into gold would, of course,
spare the French gold reserves, but would prevent
the control from acquiring fresh sterling resources by
selling gold to the Bank of England. Several times
during the week sterling futures commanded a premium of 90 centimes for three months. The strength
of future sterling has been exceptionally noticeable
in the case of dollars. The Wall Street Journal's
London bureau sent a striking dispatch to that paper
on Tuesday illustrating this point. The dispatch
stated:
"The flight of capital from the United States and
the abnormal conditions which prevail in the exchange
market have resulted in a situation where British
importers are actually being paid by finance houses
to open up dollar credits with which to buy American
cotton for shipment to England. Rates are such
that the finance company can buy sterling and immediately sell sterling futures in the exchange market
and obtain a profit ranging up to 9M% a year on the
exchange transaction because of the abnormal discount on forward dollars.
"An example of this is reported in Manchester where
an important British finance house is offering Liverpool merchants free dollar credits, plus a commissin
of 2%, if they will buy American cotton for import
into Britain. It is reported in Manchester, that one
cotton trader was offered a credit to the value of
£50,000, plus a 2M% commission.
"The bank is able to do this by buying sterling for
immediate delivery and selling sterling for future
delivery, making 932% interest on the swap because
of the premium on sterling 'futures.'
"On inquiry in London, it was learned that these
transactions have been proceeding for some time.
and that several of these credits have recently been
renewed. Reports from Manchester state that similar facilities are being extended to certain continental
firms."
With the decline in the dollar-sterling cross rate
which developed late Wednesday afternoon the pre4
mium on forward sterling fell from 93 cents prevailing earlier in the week to nearer 7 cents.
According to many foreign exchange traders, should
any indications appear that the dollar was to be
stabilized in the near future, the wide premium on
forward sterling would disppear. The markets give
every indication that the British authorities will pay
less attention to the course of the dollar and that they
are strongly inclined to throw the weight of their
influence toward the gold bloc countries. The
Council of the British Empire Producers Association
communicated to the Government on Wednesday an
expression of grave concern over the continued
depreciation of the dollar and the subsequent effect
3722
Financial Chronicle
•
Nov. 25 1933
on the price of primary products produced within the 5.133'®5.303 for cable transfers. On Friday sterEmpire. The Council recommended that the Gov- ling was spectacularly Weak with closing quotations
ernment and the countries of the British Empire 5.183/ for demand and 5.189 for cable transfers.
take such action as may be considered most appro- Commercial sight bills finished at 5.183/2; 60
-day bills
priate to safeguard the interests of Empire producers at 5.18; 90
-day bills at 5.18; documents for payment
and maintain the full benefits of Empire preferences. (60 days) at 5.18, and seven-day grain bills at 5.181
4.
The Chairman, Sir Edward Davison, said that if Cotton and grain for payment closed at 5.183/
2
.
the dollar, continues to depreciate, as many feared
XCHANGE on the Continental countries is of
it would do, and brings no commensurate rise in the
course firm in terms of dollars. The underlying
price of commodities, the result could only be a fall
in world prices and a serious dislocation of the mar- conditions of these units show no change. Some
aspects of the French franc in relation to the pound
kets with the Empire.
Money is flowing to London, impelled by motives have already been treated in the discussion of sterling
of safety, from all parts of the world, and a very exchange. There it was pointed out that the major
considerable amount of American funds have found part of the gold losses of the Bank of France since
lodgment there in the past several weeks. Despite mid-October, amounting to 2,700,000,000 francs,
the plethora of funds bill rates in Lombard Street have gone to London. The Bank of France statecontinue steady at the slight advances which were ment for the week ended Nov. 17 shows gold below
posted a few weeks ago by the concerted efforts of 80,000,000,000 francs for the first time since May
the London banking authorities in order to maintain 1932. The total now stands at 79,282,907,160 francs,
the stability and effectiveness of the discount market, a loss during the week of 735,568,805 francs. A year
as the great abundance of funds threaten to force ago the gold holdings stood at 83,308,286,859 francs.
rates so low that the existence of the discount houses These figures compare with 28,935,000,000 francs in
was at stake. Call money age inst bills is in demand June 1928, when the unit was stabilized. Despite
at
two-months' bills at 15-16 to 1%, three- the heavy losses in gold in recent weeks, the current
months' bills, 1 to 1 1-16%; four-months' bills at statement of the Bank shows that gold cover for
1 1-16 to 13/s%, six-months' Ells at 13/ to 1 3-16%. liabilities has reached a record high of 79.95%. A
Most of the London open market gold continues to year ago the ratio stood at 77.84%. Legal requirego to Continental account. On Saturday last, ment is 35%. The increase in the ratio, despite the
£151,000 went for Continental account at a premium loss of gold, was due to other changes in the stateof 9d. On Monday, £197,000 was believed to have ment. The threatened upset in the Government
been taken for the Continent at a premium of 9d. in France and the delay in balancing the budget
On Tuesday, £540,000 was taken for Continental have also served to weaken francs in terms of sterling.
account at a premium of 53d. On Wednesday, The franc is generally firmer with respect to the
£790,000 was taken for the Continent at a premium other Continental exchanges, as they are buying
of 63/d. On Thursday, £600,000 was taken by francs heavily owing to the movement of funds
2
Continental sources at a premium of 532d. On from many countries to London by way of Paris.
Friday, £307,000 was taken for Continental account Of course these francs are transferred into sterling,
at a premium of 9d. On Wednesday the Bank of a circumstance which would tend to weaken the
England bought £97,700 in bar gold. The Bank of franc were these operations not offset by heavy
England statement for the week ended Nov. 22, purchases by the British Exchange Equalization
shows a loss in gold holdings of £13,707, the total Fund.
German marks are exceptionally firm with respect
standing at £191,768,538, which compares with
£140,425,699 a year ago and with the minimum of to the dollar. Dollar parity of the mark is 23.82.
£150,000,000 recommended by the Cunliffe com- This week the mark had a range of between 37.75
and 39.73. The idea of nationalizing the German
mittee.
The Federal Reserve weekly report of the gold banking system was rejected on Nov. 21 by the
movement at New York showed no movement of special committee investigating that system at its
second public meeting. The committee consists of
metal this week.
4
Canadian exchange continues firm in terms of the 22 tinanci- experts, brokers, economists, and prodollar. On Saturday last Montreal funds were at fessors with Dr. Hjalmar Schacht, president of the
a premium of 29/8%, on Monday at 338%, on Tues- Reichsbank, as presiding officer. Dr. Schacht de4%,on Wednesday at 3 7-16%, on Thurs- clared before the meeting: "We shall have to hold
day at 31
on to what exists to-day." And warning against
day at 231%, and on Friday at 1 5-16%.
sterling exchange on confusing money with capital, he added: "It is an
Referring to day-to-day rates,
Saturday last was firm. Bankers' sight was 5.23® error to imagine that one can increase capital with
5.253 i; cable transfers 5.24®5.25. On Monday money. Capital can be produced only by labor and
/
sterling moved up sharply. The range was 5.279.® savings. I am not saying too much when I affirm
1
5.333' for bankers' sight and 5.27%®5.33% for that the morality of debtors in late years has somecable transfers. On Tuesday sterling was again times been as assailable as the morality of creditors.
sharply up. Bankers' sight was 5.34®5.43; cable We must endeavor to restore the legal and public
transfers 5.343i®5.44. On Wednesday the pound principles of morality on both sides." It is underwas irregularly firm but toward the close receded stood that German debtors have taken advantage
slightly in terms of the dollar. The range was of the depreciation in the dollar to repay a good part
5.389@5.433 for bankers' sight and 5.44 down to of their indebtedness to American creditors under
5.39 for cable transfers. On Thursday sterling con- the standstill agreement. Several of the German
tinued in demand, but weakened in terms of the banks whose credits under this agreements have been
dollar. The range was 5.263.
1®5.37 for bankers' of small proportion believe that their portfolios in
sight and 5.27®5.373(for cable transfers. On Friday this respect will have been entirely cleared by the end
the range was 5.133®5.30 for bankers' sight and of the year.
E
•
Volume 137
The London check rate on Paris closed on Friday
at 83.70, against 82.43 on Friday of last week.
In New York, sight bills on the French center
finished at 6.163/2, against 6.293/ on Friday of last
week; cable transfers at 6.17, against 6.30, and
%
commercial sight bills at 6.163 , against 6.29.
Antwerp belgas finished at 22.02 for bankers' sight
bills and at 22.03 for cable transfers, against 22.49
and 22.50. Final quotations for Berlin marks were
37.74 for bankers' sight bills and 37.75 for cable
transfers, in comparison with 38.49 and 38.50.
Italian lire closed at 8.31 for bankers' sight bills
and at 8.31 for cable transfers, against 8.543/ and
8.55. Austrian schillings closed at 17.85, against
18.15; exchange on Czechoslovakia at 4.70
against 4.82; on Bucharest at 0.96, against 0.98; on
Poland at 17.71, against 18.15, and on Finland at
2.28, against 2.35. Greek exchange closed at 0.883/2
for bankers' sight bills and at 0.89 for cable transfers,
against 0.923/ and 0.93.
XCHANGE on the countries neutral during the
war presents much the same features as have
been in evidence since mid-October. These currencies
are all firm in terms of the United States dollar,
although they have receded from the extreme high
position of last week. The course of all these exchanges is greatly demoralized owing to the gyrations in the sterling-dollar cross rate and in the
sterling-franc rate. The quotations are really very
largely nominal as under the present circumstances
only the most necessary exchange transactions can
be completed. Reports from Switzerland state
that because of the stagnation of international and
domestic business the large Swiss banks have been
reducing their capital by buying up their own shares
in the market and cancelling them. The Union de
Banques Suisses has announced that it is making a
reduction of 20,000,000 Swiss francs in its capital,
bringing that item to 80,000,000 francs. This step
followed similar action by the Bank Commerciale
de Basle. Other Swiss banks plan similar measures.
Holland guilders are especially firm in terms of the
dollar. The last statement of the Bank of The
Netherlands shows an increase of 40,000,000 guilders
in gold reserves, which gives a note cover of 102%.
Most of this gold came from Paris, from the earmarked stock there of the Bank of The Netherlands.
Bankers' sight on Amsterdan finished on Friday
at 63.39, against 65.29 on Friday of last week; cable
transfers at 63.40, against 65.30, and commercial
sight bills at 63.25, against 65.15. Swiss francs
closed at 30.69 for checks and at 30.70 for cable
transfers, against 31.34 and 31.35. Copenhagen
checks finished at 23.14 and cable transfers at 23.15,
against 23.29 and 23.30. Checks on Sweden closed
at 26.67 and cable transfers at 26.68, against 26.89
and 26.90; while checks on Norway finished at 25.99
and cable transfers at 26.00, against 26.20 and 26.21.
Spanish pesetas closed at 12.86 and cable transfers
at 12.87, against 13.12 and 13.13.
E
El)(CHANGE on the South American countries
presents no new features from recent weeks.
These currencies are only nominally quoted as practically all exporters of goods to these countries find
their South American balances blocked by the
exchange control boards in the several countries.
Early this week the Argentine Government announced the issue of a 4% loan, with 5% amortiza-
3723
Financial Chronicle
tion, in Swiss, French and Belgian francs, guilders
and lire, which is open to all countries and individuals
having blocked accounts in any amount. The
interest is payable optionally in any of the five
currencies at legal parities. Subscriptions are accepted on the basis of the official rate of 14.69
French francs per gold peso. This loan follows a
similar issue in favor of British creditors.
Argentine paper pesos closed on Friday nominally
at 40.70 for bankers' sight bills against 42.10 on
4
Friday of last week; cable transfers at 403 , against
1
are nominally quoted 8Y
423. Brazilian milreis
bills and 83/i for cable transfers,
for bankers' sight
4
against
and 83 . Chilean exchange is nominally
quoted 9, against 10.00. Peru is nominal at
23.00, against 233/s.
XCHANGE on the Far Eastern countries is
quoted firm in terms of dollars as has been the
case for many weeks past. These high quotations
merely reflect the drop in the dollar from legal gold
parity. On Friday the Japanese Government increased the price to be paid for newly mined gold
from 888 to 994 sen per momme, which equals 265
sen per gram. With the yen dollar rate at 31.65
cents, the new price is equal to $26.08 per ounce.
This is the first change which the Government has
made since March. In future the Japanese price
for gold will be based on the price in the London open
market and the yen-sterling exchange rate. The
Japanese quotation will be altered every two weeks.
It is said that hoarding and smuggling of gold and the
refusal of miners to sell their newly mined gold at the
Government quotation forced the Government to
raise its prices.
Closing quotations for yen checks yesterday were
30.50, against 30.75 on Friday of last week. Hong
Kong closed at a7%@38 5-16, against 37%@38 7-16;
Shanghai at 33%®34 1-16, against 33%; Manila at
4
/
501 2, against 503'; Singapore at 61, against 611 ;
E
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
NOV. 18 1933 TO NOV. 24 1933, INCLUSIVE.
Country and Monetary
_ __
Noon Buying Rate for Cable Transfers in New Tort,
Value in United States Money.
Nov. 18. Nov. 20. Nov. 21. Nov. 22. Nov. 23. Nov. 24.
$
$
8
$
8
$
EUROPE.183950 .183600 .185500 .186400 .184937 .183250
Austria,schilling
.226300 .228163 .229730 .230030 .227150 .221511
Belgium, belga
013000 .012833 .013166* .013750* .013375* .013375*
Bulgaria. lev
.047491
Czechoslovakia, krone .048292 .048608 .048985 .049066 .048485 .232000
.234600 .237162 .239827 .241783 .238388
krone
Denmark,
England, pound
5 245865 5.317142 5.372333 5.413333 5.328214 5.196250
sterling
023480 .023360 .023720 .023708 .023260 .023100
Finland, markka
.063550 .064067 .064572 .064589 .063850 .062140
France franc
reichsmark .388212 .390890 .393808 .394283 .389240 .280100
Germany,
.009225 .009339 .009332 .099254 .009137
Greece, drachma
.655054 .660616 .665518 .665380 .657363 .639636
Holland, guilder
,
287250 .286750 .290333 .292500 .287500 .286666
Hungary, pengo
.085033 .086275 .087046 .087150 .086134 .084000
Italy, lira
.264127 .287250 .269825 .272100 .267950 .260757
krone
Norway.
183500 .184100 .186000 .186583 .186000 .184000
Poland,zloty
.049137 .049570 .050462 .050633 .050050 .048750
Portugal. escudo
.009830 .009810 .010287 .010425 .010100 .009975
Rumania.len
132027 .133092 .134085 .134346 .133033 .130200
Spain, peseta
270962 .274060 .278841 .279272 .275142 .268600
Sweden,krona
Switzerland, franc_ .314554 .317276 .319990 .320107 .316200 .307636
Yugoslavia, dinar-- .022425 .022200 .022866 .022500 .022375 .022275
ASIAChinaChefoo (yman) don. .332083 .329791 .338750 .340833 .339583 .333958
Hankow (iman)don' .332083 .329791 .338750 .340833 .339583 .333958
Shangbal(yuan)clorr .332187 .330781 .339375 .341250 .340000 .334531
'Tientsin (yuan)dol'r .332083 .329791 .338750 .340833 .339583 .333958
Hong Kong dollar__ .370416 .370312 .380000 .382812 .380312 .373125
.391400 .394700 .399375 .401100 .395937 .385000
India, rupee
.304218 .309925 .314166 .217100 .313500 .306375
Japan, yen
Singapore(8.8.) dollar .613750 .616250 .626875 .631250 .625000 .611250
AUSTRALASIA
4.176666 4.232500 4.274166 4.307500 4.243333 4.127500
Australia, pound
New Zealand, pound 4.189166 4.245000 4.286686 4.320000 4.255833 4.140000
AFRICA
South Africa, 0000d._ 5.188750 5.259375 5.314375 5.358750 5.274375 5.128750
NORTH AMER.1 021041 1.033333 1.031302 1.034583 1.027239 1.014739
Canada, dollar
999800 .999800 .999800 .999800 .999500 .999550
Cuba. peso
Dego (silver). .276840 .276940 .276900 .276940 .276940 .276950
Mexico,
Newfoundland, dollar 1.018250 1.030750 1.028625 1.033000 1.023750 1.012500
SOUTH AMER.Argentina, peso (gold) .941325* .944316* .953581* .956218* .943368* .920935'
085980* .087656* .087500* .087600* .085875* .087929"
Brazil. milreis
.101650* .101750* .102500* .102650* .102150* .099408"
Chile. peso
.777500* .778333* .785333* .788666* .778333* .760000'
Uruguay. peso._ _.
667200• .667200* .667200* .667200* .667200* .667200'
Colombia. peso
• Nominal rate; firm rates not available.
3724
Financial Chronicle
Bombay at 383/2, against 393, and Calcutta at
383/, against 393..
2
Nov. 25 1933
ples, between whom a happy tradition of friendship
existed for more than a century to their mutual advantage, should now be without a practical method
HE following table indicates the amount of gold of communicating directly with each other.
The
bullion in the principal European banks as of difficulties which have created this anomalous situaNov. 23 1933, together with comparisons as of the tion are serious, but not, in my opinion, insoluble,
corresponding dates in the previous four years:
and difficulties between great nations can be removed only by frank, friendly conversations. If
Batas of—
1933.
1932.
1930.
1931.
1929.
you are of similar mind, I should be glad to receive
£
£
£
E
£
Eng1and...._ 191,768.538 140,425,699 121,684,262 157,573,187 135,381,905
any representatives you may designate to explore
Prancea_ 634,263,257 666,466,294 543,005,586 413,678,994 324,945,971
Germany_b
17,432,550
37,867,900
47,069,100 101,506,950 104,321,750
with me personally all questions outstanding beSpain
90,433,0011
90,323,000
89,871,000
99,155.000 102,595.000
Italy
76,277,000
59,329,000
62.716,000
57,243,000
56,017,000
tween our countries." The response of President
Netherlands
74,685,000
86,250,000
72,687,000
35,514,000
36,885,000
Nat.13eliem
77,580,000
74,651,000
73,102,000
37,005,000
30.494,000
Kalinin was as cordial as the invitation, and the
Switzerland
61,691,C00
55,250,000
89,165,000
25,624,000
21,763,000
Sweden
14,254,000
11,443,000
13,425,000
11.854,000
13,388,000
Denmark
outcome of the negotiations which have been carried
7,397,000
7,400,000
9,121,000
9,561,000
9,582,000
Norway_
6,578,000
6,560,000
8.014,000
8,135,000
8,151.000
on between the Administration and M. Litvinov,
Total week_ 1,252,359,345 1,274,721,893 1,089,532,948 958,421.131 843,524,626
Prev.week_ 1.267.816.602 1.274.428.320 1.084.600.715 955.263.541 839.820.442
People's Commissar for Foreign Affairs, is the rea These are the gold ho dings of the Bank of Rance as reported in the new form
sumption of diplomatic relations which was anof statemen . b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the omen: year is £2,446,700.
nounced on Nov. 16, and preparations for the eventual settlement of the financial and other matters
American Reocgnition of Russia.
which have been at issue between the two countries.
The diplomatic recognition which President
The published correspondence which has been exRoosevelt extended to Russia on Nov. 16 marks the changed between President Roosevelt and M. Litend of a period of some sixteen years during which vinov shows that at a number of points, several
of
no regular diplomatic relations existed between which are specially important from the point
of
Russia and the United States. It is true that for view of American public opinion, Mr. Roosevelt
took
a number of years, after the overthrow of the short- care to guard scrupulously American interests.
In
lived Kerensky Government, the Department of a note to M. Litvinov he stated clearly his expectaState continued to give a qualified recognition to tion that American nationals in Russia would
be
the former Russian ambassador, but that anomalous accorded complete religious freedom. Such
freesituation presently ceased, and thereafter, until Mr. dom would doubtless have been accorded regularly
Roosevelt took the initiative, diplomatic relations in any case, as M. Litvinov was able to show
from
were at an impasse. The point of view which had the laws and decrees which he cited, but the
widebeen taken by the Wilson Administration was ex- spread impression in this country that religion,
worpressed with some acerbity by Bainbridge Colby, ship and religious instruction had been put
under
then Secretary of State, in 1920, in a letter to the the ban in Russia, and that persons professing
Italian Ambassador at Washington, in which it Christian or other faiths were subjected to
serious
was stated that "there cannot be any common disabilities and even persecution, made
it desirable
ground" for relations with a Power "whose concep- to stress the point. M. Litvinov's reply made
it
tions of international relations are so entirely alien clear that in religious matters American
nationals
to our own," that there can be "no mutual confidence would meet with no interference in the Soviet
Reor trust, or respect even, if pledges are to be given public.
and agreements made with a cynical repudiation of
A second important question had to do with
their obligations already in the minds of one of the propaganda. Mr. Roosevelt's wishes at this point
parties," and that "we cannot recognize, hold offi- appear to have been made known verbally, but in
cial relations with, or give friendly reception to the a note to Mr. Roosevelt, M. Litvinov stated cateagents of a Government which is determined and gorically that it would be the "fixed policy" of his
bound to conspire against our institutions." In Government "to respect scrupulously the indisput1923 Secretary of State Hughes informed M. Tchit- able right of the United States to order its own life
cherin, then Foreign Commissar of the Soviet Re- within its own jurisdiction in its own way, and to
public, that if the Soviet authorities were ready to refrain from interfering in any manner in the inrestore the property of American citizens that had ternal affairs of the United States, its territories or
been confiscated and make compensation therefor, possessions;" "to refrain, and to restrain all perand also recognize the Russian financial obligations sons in government service, and all organizations of
to the United States, they might do so, but that the government or under its direct or indirect conthere still remained the obstacle of propaganda, and trol, including organizations in receipt of any finanuntil that was removed negotiations for recognition cial assistance from it," from any acts likely to incould not be begun.
jure the order or prosperity of the United States,
The unfriendly language which was used in 1920, and particularly from acts "tending to incite or enand the more restrained but still hostile expressions courage armed intervention" or agitation or propaemployed in 1923, are in striking contrast to the ganda aimed at a violation of the territorial integrity
tone and method of Mr. Roosevelt's approach. Dis- of the United States or a forcible change in
the
regarding the diplomatic formalities which would American political or social order. The prohibitio
n
have required a communication through some friend- was to extend also to the formation on Russian
terrily third party, Mr. Roosevelt wrote directly to tory, or the residence there, of any organizati
on
President Kalinin to say that since the beginning of with the subversive aims which the Russian
Governhis Administration he had "contemplated the de- ment was prepared to repudiate.
sirability of an effort to end the present abnormal
The other issues dealt with in the correspondence
relations between the 125,000,000 people of the concerned the protection of American
nationals in
United States and the 160,000,000 people of Russia." Russia, economic espionage and claims. In
the
is
"It. regrettable," he said, "that these great peo- matter of protection M. Litvinov agreed that Amen-
T
Volume 137
Financial Chronicle
cans should receive the rights granted to the most
favored nation. Regarding economic espionage, M.
Litvinov stated that the right to obtain economic
information in Russia was limited, aside from the
use of improper or illegal methods,"only in the case
of business and production secrets," this category
naturally including official plans not yet made
public. The agreement in regard to claims was preliminary, the most important assurance being the
abandonment by Russia of the claims of the Russian
Volunteer Fleet now pending in the Court of Claims,
and of "any and all claims of whatsoever character"
arising from the operations of American military
forces in Siberia subsequent to Jan. 1 1918. The
latter waiver is of special importance because of the
large damage claims which it had •been assumed
Russia would be likely to make as the result of the
continuance of American and Allied operations in
Siberia after Russia had withdrawn from the World
War. The renunciation does not, however, extend
to such claims as may be advanced on account of
the American Expeditionary Force that operated in
Murmansk province and Archangel.
What Mr. Roosevelt and M.Litvinov have done, in
short, in addition to reopening diplomatic intercourse, is to lay the foundations for treaties of
friendship and commerce, with their accompaniments of the reciprocal appointment of consuls and
the resumption of commercial intercourse. The
preliminary steps in diplomatic recognition have
been taken in the designation of ambassadors, and
recognition will be complete when the ambassadors
have been received and their credentials accepted.
The important question of the claims of the American Government against Russia is left for further
negotiation, it having been found impracticable, during M. Litvinov's stay in Washington, to agree upon
conditions of settlement or go over the mass of documents relating to the claims. The direct claims of
the United States, as summarized in a Washington
dispatch of Nov. 17 to the New York "Times" on the
basis of a recent Treasury statement, aggregate for
cash advances, war supplies and relief during the
war, together with accrued interest, $332,519,891.37.
To this is perhaps to be added an uncertain volume
of claims of American industries and banks, roughly
estimated at as much as $400,000,000, which the
claimants may ask the Government to assume.
Against both of these items there are Russian
counter-claims. The settlement of the American
Government claims is complicated by the formal repudiation by the Russian Soviet Government of all
Tsarist foreign debts in February 1918, but the fact
that European governments have refused to pay
their war debts to the United States, together with
the arguments which they have advanced why the
debts should be canceled or reduced, makes it prob.
able that Russia will ask for terms at least as favorable as those which the United States may extend to
other creditors. For the American investments or
property which were taken over by the Soviet Government after the revolution of November 1917, payment has already been made.
The outlook for American trade with Russia as a
consequence of a resumption of diplomatic relations
has probably been too highly colored, but the possibilities are nevertheless considerable. Figures made
public on Nov. 11 by the National Association of
Manufacturers show that American exports to Russia, which reached their maximum in 1930 at $111,-
3725
361,847, fell in 1932 to $12,466,249, and for January
to April, inclusive, of 1933 amounted to only
$1,885,307. A considerable part of of this decline
was due to the diversion of trade to countries which
had accorded recognition or in which governmental
opposition to long-term credits did not exist. American imports from Russia have held up better, the
maximum of $21,962,623 in 1930 falling only to
$9,128,895 in 1932 and rising, apparently, to
$3,248,233 for the first four months of the present
year. With the removal 'under recognition of
obstacles to long-term credits with banking support,
and the possible extension of a large amount of Government credit through the Agricultural Adjustment Administration, American exports to Russia,
especially farm machinery, tools, railway material,
motor vehicles and factory machinery, should naturally increase, especially during the next few years
while the plans for the industrialization of the country remain in an elementary stage. The fact that
Russian commercial credit is high, as shown by the
prompt payment of interest and instalments on
long-term credits, is a favorable factor in the
situation.
The renewal of Russo-American relations will
have widespread political and social effects. It will
go far to remove the popular fear of a Russian "menace," and hasten the establishment of diplomatic
relations with other countries in which recognition
is still withheld. The American Communist party,
cut off from even implied recognition by Russia,
will be seen for what it is—a small group of extreme
radicals and revolutionaries important only for the
local disturbances which it stirs up, but with no
influence whatever upon American thought or practice. American recognition can hardly fail to exercise a moderating influence in the Far East, where
the relations between Russia and Japan have lately
been strained, and it should add weight to the Russian demand at Geneva for practical and thoroughgoing reduction and limitation of armaments. To
the Roosevelt Administration it brings a welcome
element of prestige at a moment when, in domestic
affairs, the volume of outspoken criticism is rising.
On the whole, recognition should make for peace,
and an assurance of peace is an indispensable condition of world economic recovery.
What Price—Municipal Ownership-andOperation of Utility Plants.
Prospects of the Federal Government extending
financial aid to cities desiring to own local utility
plants have raised anew the question of the expediency of municipalities entering upon investments in public utilities and operation of such public plants. The issue had been quite thoroughly
settled prior to the time when the Government, for
the sake of helping to restore prosperity by stimulating construction, offered to extend liberal credit
at low interest to cities. Citizens in a number of
scattered cities have voted to borrow funds from
the Government and enter upon construction of
municipal plants.
The line generally concerned is the production of
electricity and in this municipalities have a direct
interest for the reason that electric current is almost universally now used for street lighting and
the illumination of all public buildings and under
some conditions may serve a practical purpose by
supplying power for the movement of elevators in
3726
Financial Chronicle
Nov. 25 1933
buildings and for hoisting materials at public inAlthough a public utility holding company has a
stitutions.
complete monopoly upon the Quaker City's gas and
Experience of some cities demonstrates that while electric supply, there has been no complaint, even
municipal ownership of utility plants is practical during the depression when every person was in a
their public operation is inexpedient by reason of discontented mood. There are three reasons for this
the high cost. Always a publicly operated utility feeling of content, namely satisfaction with the
plant will be subject to vacillating political in- quality of the product and service rendered, reducfluence, changing whenever the voters put in power tions in cost to consumers and a revenue paid by
a new set of politicians, no matter whether the the company to the city treasury. After allowing
change affects a party or a faction within a party. for one million dollars paid by the city for street
Such disturbances operate against economy and illumination the net amount paid by the company
efficiency and tend to destroy the morale of em- to the city yearly is in excess of $3,000,000.
ployees.
The maximum rate now paid by small gas conThe experience of Philadelphia respecting muni- sumers is 90 cents per thousand cubic feet against
cipal ownership and operation of gas works might $1.50 many years ago under municipal operation.
be profitably studied by taxpayers in any com- Large consumers using gas for heat or for power
munity which contemplates municipal operation. are allowed discounts depending upon the amount
Many years ago when illuminating gas was gen- of gas consumed. Recent reductions also have been
erated chiefly from coal and a yellow flame was ac- made by the electric service to private consumers.
cepted as vastly better than light afforded by a All of the facts are matters of public record easily
tallow dip, the Quaker City constructed a gas plant accessible by officials of any municipality desiring
and laid service pipes, extending the facilities as information on the subject of public versus private
the city grew. The quality of the product was poor; operation of utilities.
employees holding their positions through political
Philadelphia still has one utility which is municfavor were indifferent; the cost of manufacture was ipally operated. This is the water works, drawing
excessive and finally a revolt of the citizens turned its supply from the Delaware and Schuylkill Rivers
over the operation of the entire municipal plant to which are badly contaminated and the city operates
a public utility corporation, the United Gas Im- filtration plants as a protection against disease.
provement Company, which was formed in Phila- Were it not for the heavy cost involved the city
delphia, had its main office there but leased, owned would seek new sources of supply, a condition which
and operated gas plants in many States.
may some day be mastered by a utility company
Business enterprise of the leasing company caused when the National Recovery Administration gives
it to manufacture the Welsbach mantles which the country a prosperity more sound and lasting
vastly improved the lighting qualities of gas and by than that which was experienced in 1929.
pushing this innovation the company popularized itself. Then came the day of the gas range, destined
Thanksgiving.
to emancipate the housewife from cooking drudgery.
"It becometh well the just to be thankful." In
"If you love her, buy her a gas range" was the slogan these difficult times, when millions
in many lands
and pushing that idea the company further 'in- are deprived of liberty, robbed of
their property,
gratiated itself with the public. Instead of a burden regimented under harsh dictatorships,
we may wonthe gas plant became a source of revenue for the der if the 103 who gave thanks in 1620
for having
City of Philadelphia, the rentals rising on a graded survived the perils which beset their
voyage to the
scale and as a consequence when the term of the new world, and the men who 169 years later made
lease expired it was readily renewed.
the day a national observance would not be appalled
In the meantime electric current has displaced at the current scene. True, they would marvel at
gas for illumination in buildings and also largely the wide distribution of material comfoits and the
upon the highways. Then the gas company gave its cultural accomplishments of our day, but their ausattention to absorbing its competitor, the Philadel- tere gaze would not fail to note the signs of the
phia Electric Light Company, which was accom- ascendance of the beast, their ears to catch the clatplished after some delay. Now United Gas Improve- ter of hoofs as ignorance, greed, hatred, and ingratiment has a monopoly of supplying both gas and elec- tude sweep across their beloved country. But like
tric current to Philadelphia and to numerous subur- the soldier topographer who maps the vicinity from
ban points.
the top of the highest hill, or the lookout on the
The growth of the Philadelphia Electric Company masthead unhampered by the ocean's swell, those
would not have been achieved had progress depended rugged Pilgrims looking aloft in gratitude for their
upon municipal ownership. This company fathered blessings, heeding not the voice of despair, discovthe Conowingo generating plant on the Susquehanna ered for themselves the everlasting truth that there
River, expending millions of dollars for construc- is no reality, nor any abiding riches but those of
tion of a huge dam, payment of damages for land the spirit. They knew that there is a Supreme
required for a big basin and for modern electric Power ceaselessly at work to restrain evil, prepargenerators and a vast transmission system.
ing the way by which right may prevail and light
Private enterprise is essential to put a project overcome darkness.
upon a sound basis, the incentive being either profits
The enlightened man sees with horror, even while
through a sale of the plant or a revenue by reason he forgives, the burning of crops, the destruction
of
of distribution of the product to consumers. Costs food, and the smashing of tools, acts whereby men
of construction and operation will be more closely forge their own chains. For nearly 300 years, until
watched by a corporation desiring cash dividends the most recent decades, the descendants of the
men
than by some public commission having but a tem- of Plymouth and of the men of Philadelphia of 1789
porary interest in the improvement.
gave thanks yearly for Nature's bounty and besought
Volume 137
Financial Chronicle
the mercy of the Supreme for the continuance of
plenty. What these men harvested they were wont
to husband. What they could not use they gave
away to those who had less. They could not conceive of so high a crime as the wanton spoiling of
food. They were careful of their implements of production. They would have been horrified by the
wilful destruction of a tool. And how dearly they
purchased and bravely maintained the right of the
individual to his freedom of thought, word, and
action. Are we wiser in our generation? We here
would destroy the last vestiges of that Constitution
given us by our enlightened men of thanksgiving—
the Constitution, the torch which lighted the way
for the prodigious and astonishing accomplishments
and progress of this great land, first land of opportunity. "Destroy not the ancient landmark which
thy fathers have set."
Gratitude is the blossom of justice and the fruition
of virtue. Character is displayed in the capacity for
gratitude. Thanksgiving is illuminating and creative. There is none so poor or so distressed in circumstance who could not by his own unaided self
improve his lot and enrich and enlarge his life,
could he but with will sincerely and silently offer
up a Benedicite, if only for the morning sun. Before the night came down he would find his hunger
appeased. It is not the power that is lacking, but
the will. So long as we desire, we succeed. We
ask too much when we ask at all. The direction of
our minds is alone of importance. Thanksgiving for
the little lays the foundation for the more complete
satisfaction of all our needs. As Robert Louis Stevenson said, "It is not what we have in the pot at
night for dinner that matters, but what we have
been thinking of all the day long." "Is not the life
more than meat, and the body than raiment?"
In the long run liberty knows nothing but victories. Some have feared that the new partnership
between Government and business will result in the
loss of individual liberty, the muzzling of criticism,
and will serve to fasten upon the country a monstrous growth that will choke initiative and dry up
the springs of achievement. These fears are largely
groundless. We have the correctives in our own
hands. The epidemic of strikes caused by initial
maladjustments and failure to grasp the liberating
character of the recovery program has in some measure subsided. The rehabilitation of industry, though
at present halting, is nevertheless gathering momentum, as deficits are being reduced and in many
cases replaced by the first reports of profits in four
years. Four millions of our people have been taken
off the relief rolls and put back to work. But that
is not enough. There are still millions to be cared
for. As the number of those restored to regular
employment mounts, the purchasing power thus released will serve to open up the richest of all markets for domestic production, the people of our own
country, and make possible, if recovery is not to be a
mockery, the reabsorption into self-sustaining activity of those remaining millions.
The restoration now in progress, if it effects its
purpose, will not be a merely temporary phase in
the inevitable business cycle. The revolution now
under way, we can trust the genius of our people,
will be a triumph of co-operation over self-interest.
Despite setbacks such as the recent wave of strikes
and the vehement farmer protests expressed in the
destruction of crops and food, the soil of our country
3727
is being slowly enriched by good-will and growing
comprehension of the purposes and methods of the
recovery program.
The struggle against depression is being pushed
vigorously on all fronts. Time will be needed to
determine whether it is to succeed, and to what extent. In the end much will depend upon how the
contest is administered. But if an equal pace cannot
be maintained at all times in every sector, if, as has
happened, the industrial has outdistanced the agricultural arm, or if a policy may prove mistaken, our
prayer in this period of thanksgiving must be that
the integrity and fair-minded devotion of those entrusted with the conduct of the campaign will prove
equal to the occasion. We are emerging from a long
and trying period. For the united sentiment which
has made us a great nation instead of a thousand
futile, warring principalities, for the courage and
wisdom that has guided us safely through critical
dangers, for the new day of hope that even now is
dawning in our land, we have cause to give thanks.
Former Governor Alfred E. Smith of New York
"For Gold Dollars Against Boloney Dollars."
Declaring that he is "for gold dollars as against boloney
dollars," Alfred E. Smith, former Governor of New York,
states that "in the absence of anything definitely known to
be better, I am for a return to the gold standard." In a
letter to the Chamber of Commerce of the State of New
York has the following to say:
am too old to be regular just for the sake of regularity. What we need
In this country is absolute dependability in our money standards. It is the
only thing which will restore confidence. The latest fiscal moves of the
Administration have undermined public confidence. They have created
uncertainty. Uncertainty paralyzes business, discourages private initiative.
drives money into hiding, and places the entire burden of sustaining the
population on the central government. We are told that there is a new
theory of government abroad. It is the theory that the executives are
quarterbacks on a football team who do not know a minute in advance
what signal they will call next. They determine the playing and plays on
the basis of hunches. Of course, that is just another name for opportunism.
There is nothing new in it. It never pulled a great modern industrial nation
out of a depression.
What the people need to-day is what the Bible centuries ago described
as "the shadow of a great rock in a weary land." That was what Grover
Cleveland represented to the people in his day, a symbol of strength and
firmness, of coolness, of rocklike integrity in the midst of shifting sands,
heat and desolation.
In the absence of anything definitely known to be better, I am for a
return to the gold standard. I am for gold dollars as against boloney dollars.
I am for experience as against experiment If I must choose between private
management of business and management of a government bureaucracy,
I am for private management. I am ready to go through a certain amount
of deflation if the choice is between this and outright money inflation.
If I must choose between the leaders of the past with all the errors they
have made, and with all the selfishness they have been guilty of, and the
inexperienced young college professors who hold no responsible office, but
are ready to turn 130,000,000 Americans into guinea pigs for experimentation, I am going to be for the people who have made the country what it is,
and I say this with full knowledge of the fact that there are many things in
the old order of society which I should like to have changed, and which I
do not applaud or even condone.
Mr. Smith expressed personardisbelief that "the Democratic Party is
.
fated always to be the party of greenbackers, paper money printers, free
silverites, currency managers, rubber dollar manufacturers and crack pots.
"I know that in writing this letter I am inviting the charge that I have
'gone Wall Street.' Well, this is not the first time that I have taken the
unpopular side of a great national question. Put me down, therefore, as a
sound money man and as being with you (Chamber of Commerce of New
York State) in your campaign.
"The issue is more than a partisan one, because we are dealing to-day
with the party which actually holds responsible government office, which
Is not merely advocating cure-alls Ida campaign, but which has in its hands
the present welfare of 130,000,000 people and the future of our most cherished American institutions.
— From the New York "Sun" of last night (Nov. 24) we
quote:
This letter Is to be published in the December'issue of New Outlook;the
magazine of which Mr. Smith is editor-in-chief. It was written after the
Chamber had asked Mr.Smith for an expression ofopinion on the Chamber's
current campaign for sound money.
The editors of the magazine decided to make the letter public because
they were impressed by the value of Mr. Smith's opinion at a time when the
demand for sound money was being raised and when there were many
requests from people who wanted to know what Mr. Smith thought about
the matter.
PN
Frank A. Tichenor, Publisher of the magazine, who recently returned
from a journey in the South with Mayor-Elect LaGuardia, consulted with
the editors by telephone from Washington to-day.
111
Mr. Tichennr then authorized the publication of the letter in advance
and dictated the following statement over the telephone: "The December
Issue of the New Outlook, which in addition to Governor Smith's open letter
on Sound Money,contains Mr.Smith's regular editorial, is now on the press,
but will not be available for distribution until Dec. 1. Since going to press.
the situation which Governor Smith discusses/ has become so critical that
we do not believe that the natural limitations of periodical publication
should be permitted to stand in the way of what we consider:the public's
right to quick access to vital thinking on this important subject."
3728
Financial Chronicle
Nov. 25 1933
The Lowly Dollar.
a standard of living is fallacious, as was designating by law
a code of morality in the noble experiment (prohibition).
Nothing is novel about our economic experiment in quasi
Time was when Americans would have been irritated, or
even angry, at seeing the dollar kicked around in foreign communism. Experiments, since the days of Babylon (2850
countries like a Missouri houn' dog. Here is the Canadian B. C.) to the present, have been tried and tested. There
Government directing all the postmasters in the Dominion were attempts at price and wage fixing, trade associations,
not to accept United States currency. Nobody knows what restricted production, trade prohibition, mortgaging future
it will be worth from day to day. Americans traveling in incomes, no sanctity of contracts, inflation of currency; with
Europe are overwhelmed with confusion—and a little patri- the same aftermath of disaster and wasted wealth which
otic shame—when banks refuse entirely to accept American to-day we are invited to welcome. We are exhuming from
dollars in exchange for the currency of the country. What the buried past that which history and experience tried and
effect the degradation of the dollar to the status of a mere discarded as being unsound. None survived as alternatives
scrap of paper has upon Americans engaged in international for natural economic laws of supply and demand.
The American policy, experimental and hazardous,
commerce may readily be imagined. What are business contracts good for if the thing contracted to be paid is more weakens the recuperative powers of industry. Government
evasive than two unknown quantities in an equation? Yet manipulation is marshalled against natural forces. Limiting
Americans are supposed to like this constant derangement the production of wealth conflicts with human instincts.
and shuffling of the value of their monetary unit. Many of "We cannot hope to enjoy a golden age of economic life in a
stone-age of economic thought." b
them appear to do so, and actually crave more of it.
We are being indulged in flights of political and economic
This must be partly due to the appeals of the Washington
Administration. If the dollar is humble, the people are fancy. The public appears hypnotized by the unproven
expected to outdo Uriah Heep in that quality. They are told program. Increased wage rates, accompanied by increased
that a great and necessary currency experiment is under living costs, enslaves us within a vicious circle. Higher
way. There is to be a final test of the theories of Professor wages, which precede increased production, may easily
Warren and Professor Rogers about money and prices. That result in greater unemployment. We are offered deliverance
they should be proved right is more important than stability under the cloak and banner of such sophisticated delusions
of the dollar. Until now they have been able to make their as the following:
[Editorial in the New York "Times," Nov. 13 1933.]
demonstrations only on paper. It is time that they had a
chance to try them out on the flesh and blood of industry
and business. So far the doctors boast that the operation
has been beautifully scientific, though the nurses standing
by think they see plain signs that the patient is dying.
However, the nation is bidden to be of good cheer. Men
and women who have something in the savings banks as a
reserve against sickness and old age are naturally troubled
when told that the dollars which they have thriftily saved
will have their purchasing power cut in two. But they are
reminded that they are simply bearing their part in a more
just distribution of wealth. That ought to comfort them.
In like manner, a widow, beneficiary of her husband's life
Insurance policy, may be tempted to complain that the deliberate depreciation of the dollar has robbed her of at least
one-third of the resources he and she had counted upon. But
the official word from Washington to her is that while her
personal misfortune is a pity, she ought to be uplifted by
the thought that she is contributing to a wonderful social
experiment. Such individual results may be painful, may
Increase misery, may give the Government more helpless poor
to care for, but what does all that amount to compared with
the splendid opportunity given to Professor Warren and to
Professor Rogers to make use of the American dollar as a
corpus vile for their thrilling vivisection?
The right to invest money at will, instead of!spending it, cannot remain
free to all;
Investing capital to build, or duplicate competing plants which would
Increase the supply of goods. is immoral;
Excess incomes above living needs should be spent, not invested;
Neither business nor the State dare tolerate reckless saving by those
who have no need to save;
As soon as we stop wasting our substance In riotous investment, we can
start spending it for those things that make a great civilization;
There must be profitless prosperity.
These theories possess mob-appeal. The mass-mind's view
is—more money, more prosperity.
Destroying capital, confiscating wealth, making miracle
manoeuvers, and politically interfering with all business in
spite of natural laws, is an economic crime. The American
people never intended that its Administration should
sanction socialism or imitate Russian remedies in an attempt
to restore prosperity.
We are reminded of an old play, where one character said
to another,"Come let us fall into each other's arms and vow
eternal misery together."
Economics is a merger of politics and psychology. With
the existing political system, a nation cannot maintain financial integrity. Politicians are like the sun dial which shows
the hour only as long as the sky is clear. In cloudy weather
the instrument is useless. The world is ruled by very little
legislative wisdom. Must we countenance the narcotic
remedies while other nations are emerging from the slough
of economic despond on the cyclical strength provided by
An Appeal for Sound Currency to Safeguard natural forces? Are we so bereft of strength that we must
the National Credit, Protect Government grope despairingly and swallow quack-cures?
Security Holders and Revive Confidence.
The ability to purchase products—to spend money—is the
[From the November Investment Bulletin of C. F. Childs & Co.]
result of previous production, and not the aftermath of
Who prescribed prohibition? Congress and social re- destruction. To provide purchasing power, "the way to
formers, not the people. Who prescribed dictatorial, revo- raise wages is to work, not to not work."a Experiments
lutionary experiments with the American principles of distract industry from its present, most serious preoccupation;
government and society? Congress and academic advisers, namely, finding markets for its production. No adminisnot the people. No plebiscite called for the sacrifice of tration can oblige people
to employ labor unprofitably for
creditors in favor of debtors, the imposition of socialistic more than a short time. No nation can raise the standard
dogma upon democratic institutions, the repudiation of of living by raising prices
through monetary manipulation or
contracts, or the deliberate wrecking of our currency. The restriction of output and production. The main concern of
withering confidence of the American people in the Adminis- constructive statesmanship should
be to promote freedom
tration's policies merits consideration.
of trade and commerce and to reduce taxation. "Man must
Unfortunately evolution is being succeeded by revolution. not rest content until he has created an economic order
We are putting trust more in experiment than in experience. equipped to
distribute all the goods that his command over
The construction of Utopias is a mental exercise lacking nature enables him
to produce. . . The fault is not in man's
intelligence. Utopia is derived from Greek words, meaning productive skill or in the plenty of goods (but in the ornowhere. Toward that mythical place we are making detours. ganization of the
social system.)" c
"Mr. Roosevelt opened Pandora's box in April, and he is
New Economic Policy("NEP" Russian Title).
The credulous herds, following the apostles of the dis- now face to face with the effects. Like Pandora his task is
credited New Era (1928-29), whose creed was "to make now to close the lid before Hope can escape."
Delay of recovery is due to uncertainty of future dollar
prosperity permanent," were led to a mirage. The leaders
of the New Deal (1933), relying upon artificial'stimulants, value. Business and commerce cannot safely make forward
as well as methods plagiarized from the Soviets, are leading contracts. Devaluation of the gold content of the dollar is
the same credulous herds toward another mirage. The New not in itself disastrous, but inflation of currency with printing
Deal succeeded the New Era. Both will be recorded in history press money with which to redeem maturing debts, including
as phantoms. Unanimity and popular enthusiasm lent sup- Government securities, will undoubtedly handicap, if not
port to both movements, disguised as newly-discovered
a Extracts from essays of Yale's Professor Sumner (1884).
b Sir Joshua Stamp.
panaceas and sovereign cures for economic ills. Legislating
c British economist. Cole.
Volume 137
Financial Chronicle
prevent, future financing of the Government's needs.
Resorting to fiat-money (labeled lawful) seriously damages
the national credit. It would need to be undone before confidence and capital would or could play again its inevitable
part in the restoration of commerce and industry. Inflation
is a subsidy to exporters at the expense of the public, who
virtually bestows as a gift to foreigners part of the output.
The introduction of fiat-money would inflict itself mainly
upon wages, salaried employees, pensions, savings bank
depositors, insurance policyholders, mortgage and bondholders, as well as endowed institutions. The cost of living
to the industrial worker would be grotesquely raised. With
fiat-Continental-money he paid $400 for a pair of shoes.
"In the Colonies, during inflation, you might see creditors
fleeing madly from debtors who were chasing them to pay
them with bushel-basketfulls of dirty paper." a Similarly,
the farmer would pay higher relative prices for all commodities he needs. For products he sells the prices would be
disproportionately low. The export market largely determines the home price of his whole crop. Currency inflation
makes the farmer the greatest loser. He cannot insure himself against the inevitable loss since the dollar in which he
calculates the expenses of his crops will not be the dollar he
later realizes for them. The story of impoverishment of
European farmers following experiments with currency
inflation calls for no American supplement. No country in
history ever benefited its people by adopting the suicidal
policy of inflation. Silent acquiscence may be patriotic, but
why countenance the slaughter of the innocents without
registering a protest? "If pestilence is in the air, it is no
use to remain calm simply because so far it has not appeared
in our home." The adoption of currency inflation would
invite a crash and ultimately general ruination. Every farmer,
laborer, salaried man, and thrifty, conservative investor
will suffer and be directly cheated, deceived, robbed, and
penalized. Uncertainty and confusion is preventing the
natural rise in commodity prices which the soundly financed
foreign countries now enjoy. Capital in America is scared and
further flight from the dollar to foreign currencies threatens
all domestic enterprises. There is no inducement to invest
capital in a constructive American enterprise while the
Government contemplates tinkering with currency. Dollar
depreciation smacks of impoverishment. It is a deliberate
confiscation of capital distributing not wealth, but poverty.
a Extracts from essays of Yale's Professor Sumner (1884).
Banning Comment by Federal Reserve—Official
Interpretation Only.
[Editorial in New York "Journal of Commerce" Nov. 20.1
The Federal Reserve Bulletin has been transformed into a
publication devoted to reprints of official documents and
statistics. The interpretation and analysis of financial and
economic conditions formerly contained in its monthly
"Review of the Month" has ceased with the current issue of
the "Bulletin," after the author of this feature had dared to
intimate that the application of the Administration's
recovery program had caused hesitation in certain lines of
trade.
The Administration would doubtless be within its rights
in asking that its employees refrain from broadcasting
criticisms of its acts in their capacity as Government servants.
But the Federal Reserve Bulletin was never meant to be a
publication of the Federal Government, even though it does
happen to be printed by the Government Printing Office.
Rather, it was designed originally to be the organ of the
Federal Reserve Board, which was as far as feasible to be a
non-political body endowed with administrative functions
over the Federal Reserve System. The views of the Reserve
Board thus represented banking rather than governmental
opinion, and as such it could be, and on occasion in the past
has constituted, an important factor in the shaping of public
opinion.
The prestige of the "Bulletin" naturally suffered as a
result of the comparatively supine and passive attitude it
displayed during the speculative credit inflation era of the
bull market which ended in 1929, as well as its relative
indifference to the pressing problems of banking reform
raised by the subsequent bank failure epidemic. The
"Bulletin" has also refrained more recently from outspoken
comment upon the Administration's currency policy.
The obvious intention of the Administration has been to
make the Federal Reserve Board more political than ever
before, with the possible exception of the war period. It is
3729
only in the light of this policy of making of the Federal
Reserve Board a mere offshoot of the Treasury, instead of a
body truly representative of the banking system of the
country, that the decision to muzzle the "Bulletin" so as to
prevent analytical or critical comment by it is understandable.
Restricting News to the Press—The New Policy
of the Government.
[Paul Mallon in the Brooklyn "Daily Eagle" Nov. 20.1
Signs.
You will have to learn the deaf and dumb language to
get anything out of Government statisticians nowadays.
They do not care much for English since Frank Walker
issued that rider harmonizing Government statistics. Walker
gave the harmony batons to himself, Labor Secretary Perkins and Relief Director Hopkins. They are supposed to
look over statistics before the public gets them.
The first result has been to cause a lot of expert Government statisticians to start looking around quietly for jobs
outside the Government service.
Reasons.
The inside story of why Walker acted shows that he did
not write the order just to amuse himself.
A certain official, higher up than he is, has been greatly
annoyed lately by varying Government statistics. Those
given out at the White House always lend a rosy tint to the
business situation, as do those issued by Labor Secretary
Perkins. The figures from the Federal Reserve Board and
Commerce Department appear to be less rosy.
Now the White House crowd contends that most of the
statistics, except their own, are lop-sided. They say they
want to present a balanced picture.
That is all right in purpose, perhaps, but when you give
politically minded men the right to read copy on Government figures you are very apt to get your politics and your
figures mixed.
Censorship?
Walker well knew there would be a censorship hue and
cry raised about his order. That is why he attached to it a
phrase requiring that all statistics be "fully and truthfully
told so as to present the entire story."
The trouble with that is that Walker, Miss Perkins and
Hopkins are the ones who decide what is full, truthful and
the entire story.
They are sincere in their denial that they intend to censor
any figures. They are going to let newsmen see the statisticians as usual and for all outward appearances the censorship idea is what General Johnson calls a hobgoblin.
But underneath an effect already has been wrought on
the men who write the statistics. They have wives and
families to support. They Shave a feeling that the boss
wants rosy statistics, and whether he does or not, those
are the kind he will probably get from now on.
Figures.
The man who said figures don't lie was not acquainted
with modern statistical methods.
An expert can give you any kind of figures you want.
Suspicion has always been directed against the various
Wall Street agencies which specialized in statistics. They
can make you believe the outlook is good, bad or indifferent,
by a slight twist of the wrist.
If left alone, the Government statisticians will always be
above suspicion. There are no higher types of men in
Government service than the technical experts such as the
statisticians, geologists, engineers, &c. They go on without
respect to politics from administration to administration.
During the Hoover era there was a wild howl when heads
of certain bureaus started emphasizing bullish figures. The
dispute over accuracy of unemployment figures lasted two
years and was an issue in the Presidential campaign.
Since the start of the new Administration the lid has been
off. There has been no suspicion that figures were being
doctored.
Substitution.
The "Federal Reserve Monthly" did not contain its usual
analysis of the business situation this month. In that
space was one of Mr. Roosevelt's speeches.
Insiders say the "Monthly" went to press before the
Walker order and even before General Johnson took the
Reserve Board statisticians to task for saying industrial
production was lower in code industries.
3730
Financial Chronicle
Markets for Wheat.
[Editorial in New York "Times" Nov. 21.1
Nov. 25 1933
formed 74.8%. whlle in the larger debt of June 30 1933 their proportion
was 63.1%. Outstanding bonds increased only slightly after 1930, but
other forms of debt increased to June 30 1933 by $4,241 million, bringing
their aggregate to slightly over twice that of three years ago.
The inability of the Government in the depression years to float bond
Issues on favorable terms has produced an extraordinary activity in the
Treasury's fiscal transactions. Issues of the various forms of debt have
been frequent, primarily to meet the maturities of previous issues, and
also to furnish cash for current expenses. In this continuing process of
Issue and redemption the tendency has been toward an increase in Treasury
notes. These are short-term obligations with maturities in from 2 to 6
years, the more recent issues favoring the longer period. Interest rates
on notes outstanding June 30 1933 varied from 23g to 4%.
The short-term debt, in the form of certificates of indebtedness and
Treasury bills, cannot be met from current receipts, it is commonly funded
by conversion into bonds. In the present state of the market, however.
the Treasury has been obliged to rely on Treasury notes with duration
intermediate between that of bonds and that of current issues of certificates
of indebtedness and Treasury bills. The certificates are issued for terms
of one year or less. Those outstanding June 30 1933 bore interest at rates
varying from
to 414:%. Treasury bills, which bear no interest, are
issued for 90 days and are sold in the market on a discount basis. The
average sales price of the various issues outstanding June 30 1933 indicated
approximate yields on a bank discount basis that varied from 0.243 to
1.351%.
By a roundabout process the American consumer is now
subsidizing the export of wheat at lower prices than it
brings at home. Washington dispatches yesterday reported
the sale of 3,000,000 bushels in Latin America and the
Orient by the North Pacific Emergency Export Association.
This is an agency recently set up under Government auspices.
It purchases wheat in this country at the domestic price
and sells it abroad, through regular trade channels, at the
world figure. Since the latter is lower than the former, the
process involves a loss. But this is made good by the
Government, which reimburses the Export Association out
of the fund raised by taxes imposed on the domestic milling
of wheat and paid eventually by domestic consumers of
bread.
In the terminology of our own tariff laws, the sale in
the United States of a foreign commodity at a lower price
than it brings at home is known as "dumping." Punitive
duties are levied on such products. But the countries which
The Course of the Bond Market.
are now buying American wheat apparently do not insist
that we observe abroad trade practices which we enact into
Government and other high grade bonds continued to lose
law at home. They are willing to take our wheat at the ground this week, but rallied on Thursday and Friday.
lower figure, and certainly this method of getting it off the Government long term issues were off an average of 13%
domestic market is preferable to the outright purchases made points since last Friday, while Aaa corporate issues lost
several years ago by the now defunct Farm Board. Wheat nearly a point. During the two-day rally, Government
sold in Japan or Chile actually moves into consumption. bonds regained a whole point and Aaa's were up five-eighths
Direct Government purchase and storage merely preserve a of a point.
surplus which tends to depress prices.
The improvement in gilt edge issues accompanied a rise
American exports of wheat in 1933 have been the smallest in the dollar in foreign exchange, as the Administration failed
in years. They have been averaging about one-fourth of
to increase its gold price. At the same time, the Governlast year's figure and one-seventh of that for 1929. In its ment indicated that the Treasury would buy Government
own way, the present arrangement for sales abroad at prices •bonds with funds at its command, and the Federal Reserve
now out of line with those in the United States is a re- Bank of New York began an inquiry on short selling of Govaffirmation of the fact that, despite discussion of an "intra- ernment issues.
nationalist" economy, American agriculture is heavily
Federal Reserve bank holdings of Government bonds were
dependent on world markets.
•
actually lower this week, by $500,000, than last, indicating
a cessation in the credit expansion efforts of the Reserve
Sharp Gain Noted in Nine Months'Earnings for which may be continued as long as excess reserves remain at
453 Corporations - Eleven Industries in present high levels. Short term interest rates have been a
"Fair to Good" Position, Against Four Last little firmer.
Year.
Wide price fluctuations occurred in the railroad division.
A compilation of net earnings of 453 corporations for the During the first part of the week high grade issues declined
first nine months shows a sharp gain over the corresponding sharply, but toward the end of the week a large part, if not
period of 1932, a total of $373,802,000 being reported this all, of such losses had been regained. Some net changes for
year against only $87,603,000 last year, according to the the week were as follows: Atchison Topeka & Santa Fe
monthly "Positions of Industries" published by Moody's gen. 4s, 1995, from 8834 to 87, Union Pacific 4s, 1947, from
%
Investors Service. Under date of Nov. 16 Moody's further 973% to 963 ,and Norfolk & Western 4s, 1996,from 93 to 95.
Fairly substantial gains have been recorded among the lowersaid:
priced issues. Pennsylvania 43%s, 1970, gained 4 M points
Industrial corporations, numbering 285, made relatively the best showing, reporting earnings of $180,165,000 against a deficit of $8,812,000 in
from 663% to 71, Baltimore & Ohio 6s, 199r, 534 points from
the first nine months of last year; 150 railroads reported a deficit after
61% to 67, Great Northern 7s, 1936, 23% points from 7334
charges of $38,137,000 against one of $164.974,000; 16 light, power and gas
to 76 and Erie 5s, 1975, 1 point from 483% to 493/i.
companies reported earnings of $126,365,000 against $151,359,000; while
two telephone and telegraph companies made $105.409,000 against $110.While there have been further declines in utility bondsfof
030.000 in the nine months' period of 1932.
all classes this week, there have been unmistakable signs of
The improvement over last year is likewise evidenced by the wester
resistance to the wave of liquidation in evidence for so long.
number of industries placed in the highest, or "Fair to Good" group, as
classified by Moody's. At the present time 11 industries are placed in this
Upward movements have been overshadowed by declines
group, 14 in the second, or "Fair" group, and 16 in the third, or "Poor to
but many fractional movements have borne witness to the reFair" group, against 4, 9 and 29, respectively, at this time last year.
sistance. Net changes for the week in typical issues include a
Gross Public Debt of United States Increased gain of % of a point to 933% for Commonwealth Edison
$6,300,000,000 in Last Three Years to 53%s, 1962, loss of 134 points to 81 in the case of Public Serv•
3
$22,500,000,000-Cancels Reduction of Over ice of Northern Illinois 63%s, 1937 and a gain of % to 6634
Gas &
6 Billion Dollars Effected in Preceding for American bonds, Electric 5s, 2028.
Industrial
though not uniformly strong, showed
7 Years-Analysis of National Industrial decidedly firmer tendencies during the week and recoveries
Conference Board.
from recent lows were scored by some issues. Goodyear
The gross public debt of the United States Government Tire & Rubber 5s, 1957, held and advanced fractionally to
increased $6.3 billion in the last three fiscal years to a total 87%,Standard Oil of N. Y.43/25, 1951, are M a point higher
of $22.5 billion, more than canceling a reduction of $6.1 to 98 and Loew's, Inc., 6s, 1941, recovered % of a point_to
billion effected in the preceding 7 years, according to an 803%. In the steels, Trumbull 6s, 1940 have been strong,
analysis of "The Federal Public Debt, United States, 1923- up 13% to 71, Youngstown Sheet & Tube 5s, 1978, also ad1933," issued Nov. 16 by the National Industrial Conference vancing 43% points to 693 . Tobacco issues have still been
%
Board. The Board says:
irregular, Lorillard 5s, 1951, losing 2 points to sell at par,
In the period 1923 to 1930 Government receipts, after payment of ordiwhile Liggett & Myers 5s, 1951, are off 2 to 104M. Armour
nary expenditures, including the statutory requirements of the sinking
of Ill. 4Ms, 1939, rallied 334 points to 8134, while Armour
fund, yielded large surpluses, which were used for the redemption of United
States bonds. In those years the total debt was reduced from $22.3 billion
of Del. 53 28, 1943, are up 33% to 80.
/
to $16.2 billion. In addition, extensive refunding operations effected a
Strength in all classes of German bonds featured this
large reduction in annual interest charges.
week's foreign bond market. Argentine, Bolivian and NorWhile the fiscal year of 1930 ended with a small surplus, increased expenses in the following year, combined with a drop in revenues, produced
wegian issues, on the other hand, have been weaker, while
a deficit. Since then deficits in current accounts caused by declining tax
Danish, Finnish, Japanese and Australian bonds have more
receipts and increasing emergency expenditures, due to the business depresor less held their ground. Dutch East Indies bonds advanced
sion, have been a continuing feature of Federal finances, resulting in an
increase in the public debt to a total of $22.5 billion at the close of the
sharply. Uruguayan issues also recovered appreciably.
last fiscal year. June 30 1933.
Moody's computed bond prices and bond yield averages
A marked change in the component items of the Government debt has
are given in tne tables below:
taken place in the last three years. In the total debt of June 30 1930 bonds
Financial Chronicle
MOODY'S BOND PRICES.'
(Based on Average Yields.)
75.61
74.46
74.77
77.88
79.11
87.96
V
M
86.38
96.39
m
79.34 102.14
74.15
V
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.66
92.39
74.15
82.62
57.57
P. U. Indus.
61.34 77.66
60.16 76.57
60.38 76.46
60.82 76.89
61.04 77.00
61.34 77.33
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
age Clo sod
65.79 82.87
66.04 83.23
66.04 83.35
66.04 83.72
65.96 83.85
71.29
70.05
70.33
71.00
71.48
71.96
71.67
71.38
72.45
73.25
73.95
74.67
74.98
75.82
76.25
95.03
94.58
94.58
95.18
95.03
94.88
94.58
95.33
96.39
96.85
97.16
97.47
97.31
97.62
97.62
76.67
77.00
77.11
77.33
77.33
97.78
97.62
97.78
97.94
97.78
67.33 85.45
67.42 87.30
68.31 88.10
68.73 86.64
66.47 86.38
66.73 86.38
71.09 90.27
70.90 89.59
72.26 91.11
73.05 91.81
74.15 91.96
74.36 92.25
75.19 92.25
75.71 92.25
74.67 91.96
76.67 92.39
75.40 90.97
73.35 88.90
72.06 87.17
70.43 85.61
70.15 86.12
68.94 85.61
68.04 84.47
66.98 83.35
65.62 81.66
62.56 78.55
58.32 74.36
55.73 71.38
nge Clo sod
54.80 71.09
53.28 70.62
53.88 71.38
57.24 73.65
58.52 74.57
age Clo sad
54.18 69.59
57.98 73.15
60.60 75.50
62.48 77.77
61.34 76.25
62.95 76.25
63.11 75.09
64.31 75.71
61.56 71.96
77.68 93.26
53.16 69.59
67.88 78.99
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 71
98.71
98.71
98.41
97.99
97.10
97.31
95.91
94.71
94.19
92.6)
92.21
91.11
90.2/
89.31
87.61
84.8:
83.3:
81.3(
74.67
73.25
73.35
78.10
80.49
81.9(
79.91
80.19
82.19
82.79
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
78.49
83.11
84.91
86.21
85.4/
86.3!
86.6
,
87.51
86.31
99.04
78.4
,
85.6'
62.01
60.60
70.90
84.10
84.21
54.00
66.13
84.97
73.21
Nov.24._
23._
22__
21__
20.18....
Nov.17....
16._
15._
14__
13__
11._
10.9__
8...
Aaa.
Ac.
A.
Baa.
4.63
4.66
4.67
4.64
4.60
4.60
4.62
4.62
4.56
4.54
4.52
4.50
4.51
4.46
4.43
5.47
5.54
5.54
5.49
5.49
5.48
5.48
6.53
5.45
5.37
5.33
5.31
5.30
5.23
5.19
4.41
4.40
4.40
4.38
4.38
5.15
5.13
5.11
5.09
5.06
6.40
6.49
6.48
6.41
6.41
6.38
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
4.35
4.31
4.31
4.35
4.38
4.42
4.30
4.32
4.33
4.30
4.29
4.29
4.30
4.33
4.34
4.34
4.38
4.41
4.42
4.44
4.50
4.52
4.51
4.55
4.61
4.79
4.77
4.89
5.03
4.93
4.90
4.98
5.01
5.05
4.86
4.91
4.86
4.81
4.75
4.73
4.75
4.78
4.79
4.81
4.90
4.97
5.05
5.15
5.11
5.14
5.19
5.26
5.38
5.62
5.77
5.93
4.75
4.76
4.78
4.65
4.61
5.73
5.79
5.76
5.58
5.48
4.81
4.57
4.48
4.40
4 43
4.42
4.45
4.42
4.46
4.28
4.91
4.51
5.75
5.76
5.47
5.36
5.23
5 24
5.25
5.29
5.26
5.37
4.73
5.96
5.44
7.03
5.77
5.69
5.67
5.82
5.83
5.80
5.59
5.65
5.58
5.52
5.51
5.51
5.48
5.48
5.55
5.55
5.65
5.77
5.83
5.91
5.92
5.97
6.06
6.15
6.27
6.51
6.72
8.95
Stook
6.77
6.90
6.88
6.59
6.45
Stock
6.96
6.55
6.26
6.08
6 17
6.11
6.12
6.05
6.27
5.47
6.98
6.34
9.23
wwww w
wi
o ovvvvwww.w6M M• aM
OO
V4MMoni
opOion6VWovaMOM66oi
;;
6...466v
mmv.coom wwwwmowwwaowvwmv womoolowwwvmvww.-owo.v.
-omomvwm
vvgm
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
1.07._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
106.25 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
105.54 92.39
105.03 91.81
105.54 92.25
104.85 90.69
108.03 100.33
97.47 82.99
103.99 89.72
85.61 71.38
WWWWWmWOOMMOOVVVVVyVVVV
WWWWW,OON..00ciDOWVM,VVMV
86.77
87.56
88.10
86.64
86.25
86.25
89.59
89.04
89.86
90 69
91.25
91.39
91.67
91.67
90 97
91.67
90.41
88.90
87.96
86.77
86.64
85.87
85.10
84.10
82.74
79.68
77.11
74.67
CpVVWVMWMMMVVVmVVVVVmVVVVMWWWWWWWWWWWWWWWWWWWWWWW
.00..0,0......0..00p.VOWNWmb...0,0po.WWW^OMMWC.00OMMVOV4,4,4.MOGn
105.72
105.89
105.89
106.25
106.25
w
4.640. WOO:4ok;o68o4aMMiobaMWVVM;obt6MOMMMMO,66:46C3 WM;NioMoV;-44MMOMMV:-VVpoW
w wwv.voovwc wo wwwwwwmowvavocovoomow.-wwvvvvww.covomo.ww wwwowMavom&m.,onovovv ow
85.10
85.35
85.48
85.61
85.74
89.31
811.36
88.36
89.04
89.04
89.17
89.17
88.50
89.59
90.69
01.25
91.53
91.67
92.68
93.26
Stock
93.85
94.14
94.43
94.73
95.18
RR.
ONOV..4001 4.00.*
,
C.:01....WWW0000Cit..OlsP.
101.97
101.47
101.31
101.81
102.47
102.47
102.14
102.14
103.15
103.48
103.82
104.16
103.99
104.85
105.37
Baa.
Ot..OPVN
80.37
79.34
79.45
80.03
80.26
80.49
80.26
80.37
81.42
82.26
82.74
83.35
83.48
84.35
84.72
A.
4.62
5.57
6.57
4.98
5.69
7.03
4.
1._
Weekly
Oct. 27__
20__
13._
Sept.29__
22__
15__
Aug.25__
18__
11-July 28__
21._
14__
June 30__
23__
16__
May 26_.
19-12._
Apr. 28__
21._
14_
13._
Mar.24__
17-10__
Feb. 24__
17._
10__
Jan. 27._
20__
13._
Low 1933
High 1933
Low 1932
High 1932
Yr. Ago
Nov 25'32
2 Yrs.AgO
Nov 24'31
120 Domestics
by Groups.
120 Domestics by Ratings.
MOMMM coM6MoMMMtomMMM m
Ac.
All
1933
120
Daily
DomesAverages. tic.
00MAMcIO0utOM2,..0t-.MOI MVC•0
,
00Wt.m00,
ORORt0Cht.0.1.VMMMM0702MM
NOC/hAWO!NV!C.
416viwi.iiiiteibafiui.1.0.646406
4,0,0,0,0.6,
Aaa.
120 Domestics
by Groups.
Ca
wl
t
owww
120 Domestics by Rat ngs.
00t,-COMMNOOMN.ON
.CIN*0000,0WOC!
COC;66606606.4
Nov. 24
23
22
21
20
18
Nov. 17
16
15
14
13
11
10
9
8
7
6
4
3
2
1
Weekly
Oct. 27
20
13
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
Mar. 24
17
10
3
Feb. 24
17
10
3_
Jan. 27
20
13
6
High 1933
Low 1933
High 1932
Low 1932
Year Ago
Nov. 25 1932....
Two Years Ago
Nov. 24 1931_.
All
120
Domes
tic.
MOODY'S BOND YIELD AVERAGES.1
(Based on Individual Closing Prices.)
6440
,
1933
Daily
Averages.
3731
co
Volume 137
RR.
40
ForP. U. Indus. eigns.
6.42
7.04
6.52
7.17
6.53
7.14
6.49
7.07
6.48
7.02
6.45
6.97
6.46
7.00
6.49
7.03
6.36
8.92
6.28
6.84
6.23
6.77
6.19
6.70
6.18
6.67
6.06
6.59
6.01
6.55
rage Clo Bed
5.97
8.51
5.94
6.48
5.93
6.47
5.90
8.45
5.89
6.45
5.76
6.34
5.62
6.33
5.56
6.27
5.67
6.47
5.69
6.48
5.69
6.51
5.40
6.15
5.45
6.18
5.34
6.10
5.29
6.00
5.28
5.88
5.26
5.86
5.26
5.78
6.28
5.76
5.28
5 82
5.25
5.73
5.35
5.82
5.50
4.89
5.63
5.94
5.75
6.00
5.71
5.06
5.75
6.11
5.84
6.14
5.93
6.20
6.07
6.29
6.34
6.58
6.73
6.76
7.03
6.96
nge Clo sed
7.06
6.70
7.11
6.84
7.03
6.83
6.80
6.38
6.71
6.17
nge Clo sad
7.22
6.54
6.85
6.16
6.62
5.89
6.41
572
6 55
5.72
6.55
5.60
6.66
5.55
6.60
5.48
6.97
5.55
5.19
5.47
7.22
7.03
6.30
5.59
10.49
7.66
5.07
5.10
5.10
5.06
5.07
5.08
5.10
5.05
4.98
4.95
4.93
4.91
4.92
4.90
4.90
9.02
9.05
9.09
9.12
9.14
9.18
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
9.38
9.34
9.27
9.09
9.10
909
9.03
8.91
8.84
8.89
9.32
9.65
9.51
9.68
9.78
9.62
9.68
10 OE
10.07
9.89
10.20
10.51
6.05
6.22
6.20
13.03
5.98
10.81
11.01
10.81
10.70
10.71
6.35
5.95
5.80
570
5.76
5.69
5.67
5.60
5.69
4.81
6.35
5.75
8.11
11.1)
11.01
10.44
10.01
10.20
9.8)
9.81
9.61
9.91
8.61
11.11
9.81
15.81
7.08
5.87
5.86
10.54
7.61
5.80
6_84
12.01
Notes.-'These prices are computed from average yield on the basis o one "ideal" bond (4(% 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. f 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 prises by months back to 1928, see the "Chronicle" of Feb. 6. 1932. page 907.
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, Nov. 24 1933.
Despite the uncertainty and growing opposition to the
Administration's monetary policy, the business outlook
appears better. There was a further expansion of retail
distribution and many sections of the country reported the
best fall season in four years. Buying of Christmas merchandise has increased. Radios, jewelry, silverware, pianos,
automobiles, electric refrigerators and the better grades of
merchandise have been purchased on a larger scale. There
has been less resistance to higher prices, though it is still
present. Millions of persons who at this time last year were
unemployed and on relief rolls, are now receiving pay
envelopes regularly each week and the wages of many
millions have been raised as a result of the Recovery Act.
Wholesale business continues to improve slowly, but the early
buying of Christmas merchandise exceeds expectations.
The leading industries of the country make a favorable
Showing as compared with a week ago. The only exception
is electric output, which was smaller than a week earlier,
but continues above the comparative figure of 1932. Steel
output shows no change. The automobile industry has
been somewhat more active. Commodity markets for the
most part fluctuated violently during the week and the net
changes are generally on the down-side. Cotton has been
under the influence of Washington political and financial
news and the apparent determination of the Administration
to depreciate the dollar has made for cautiousness among
traders. The Government is loaning 10 cents a pound on
cotton in the South and is making every effort to prevent
overproduction. Prices, however, show a decline of 5 to 10
points for the week. The grain markets have drifted aimlessly during the week with trading checked by the uncertainty regarding the monetary situation.
A decrease of 4,000,000 bushels in the United States and
Canadian visible wheat supplies caused buying and an
advance in prices at one time but liquidation and other
selling based on Dr. Sprague's statement that depreciation
of the dollar would not raise commodity prices to any great
extent and the embargo on foreign wheat by Italy caused
lower prices. Wheat shows a decline for the week of 3 to
4c., corn 2Yi to 2%0., and rye % to 2Vic. Coffee was
3
relatively strong owing to firmer Brazilian exchange. Sugar
was weaker owing to heavy liquidation in December prior to
first notice day. Cocoa was rather more active although
prices show a decline for the week of 50 points on December.
Livestock were weaker with supplies exceeding the demand.
Woolen mills reported a better outlook with colder weather
stimulating a better demand for winter goods. Wool was
in better demand and higher. Buyers were showing more
interest in woolen and worsted yarns and the market was
firm. In Michigan October employment ran 35.2% over a
year ago, according to the Department of Labor. Industrial payrolls increased 59.8%, individual incomes were
3732
Financial Chronicle
15.4% higher and total jobs increased 142,526. Hartford
reported that the volume of sales of new ordinary life insurance in the United States during October was 94% of that
of October 1932, according to the Life Insurance Sales Research Bureau. Washington advices said that the purchasing power of farmers showed an increase.
The weather during the week has been mostly moderate
and fair, except for some heavy rains locally. Temperatures
have been considerably higher than those of last week
when the country experienced an unusual early cold wave.
To-day, it was 32 to 42 degrees here and fair. The forecast
was for cloudy and slightly warmer weather. Overnight at
Boston it was 24 to 44 degrees; Baltimore, 38 to 52; Pittsburgh, 32 to 40; Portland, Me., 20 to 36; Chicago, 34 to 38;
Cincinnati, 34 to 38; Cleveland, 32 to 36; Detroit, 32 to 34;
Charleston, 46 to 68; Milwaukee, 32 to 44; Dallas, 42 to 76;
Savannah, 44 to 70; Kansas City, Mo., 34 to 40; Springfield, Mo., 34 to 44; St. Louis, 36 to 44; Oklahoma City,
34 to 64; Denver, 34 to 56; Salt Lake City, 38 to 58; Los
Angeles, 66 to 90; San Francisco, 52 to 74; Seattle, 50 to 56;
Montreal, 14 to 20, and Winnipeg, 10 to 26.
Weekly Wholesale Price Index of U. S. Department of
Labor Advanced Slightly During Week of Nov. 11.
Wholesale prices of most commodities moved upward
during the week ended Nov. 11 according to an announcement made Nov. 16 by Isador Lubin, Commissioner of
Labor Statistics, of the U. S. Department of Labor. Prices
as a whole advanced by almost M of 1%. The increase in
prices placed the wholesale index number at 71.2for the week.
Continuing, the announcement said:
"Present wholesale prices," Mr. Lubin stated, "are within ti of 1% of
the extreme high which was reached during the week of Sept. 23, when the
index number was 71.5. The present index is 1934% above the low point
which was reached during the week of March 4, when the index number
stood at 59.6. Compared with the corresponding week of a year ago when
the index number was 64.0, the present index shows an increase of more
than 11% during the 12 months."
The upturn was widely scattered throughout all groups of commodities.
Eight of the 10 major groups, comprising the index, showed price advances.
The decreases that occurred in the remaining two groups were only
fractional.
The manufactured food group showed the greatest increase, the rise
being more than 1%. Steep advances of nearly 5% in the wholesale price
of meats were largely accountable for this rise.
Wholesale market prices of farm products as a whole revealed only a
small increase. Slightly declining prices for grains and livestock were
more than counteracted by continued advances in the price of cotton,
eirgs, and other farm products.
Fuel and lighting materials showed another minor advance in average
prices. Increased prices for iron and steel products and certain of the nonferrous metals caused the metals and metal products group to rise by about
1%. Building materials, on the average, gained nearly 1%, due to the
upturn in the prices of lumber, paint and paint materials, and certain
clay products.
Wholesale prices of furniture which rose sharply caused the house.
furnishing goods group to reach the high level of the year. Chemicals
and drugs showed a decided strengthening of prices. In the miscellaneous
group rubber experienced a sharp rise of nearly 5%.
The hides and leather products group and the textile products group both
moved down fractionally because of slightly weakening prices for hides and
raw silk.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series weighted according to their relative importance in the
country's markets and is based on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of the major groups
of commodities for a year ago, for the low and high Point of 1933, and for
the past two weeks:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF NOV. 12
1932, MARCH 4, SEPT. 23, NOV. 4 AND 11 1933.
(1926=100.0)
compared with 254,182 cars in the previous week and 253,404
cars in the week ended Nov. 19 1932. Comparative statistics
follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars)
All commodities
Nor. 18 Not. 11 Nov. 19 Nov. 18 Nov. 11 Nov. 19
1933. 1933. 1922. 1933. 1933. 1932.
Atchison, Topeka & Santa Fe Ry _ 21,575
21,108
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR. 17,089
Chic. Milw.St. Paul & Pacific Ry 17,722
Chicago & North Western Ry__- 14,085
Gulf Coast Lines & subsidiaries- 2,2C6
International Great Northern RR _2.164
5,315
Missouri-Kansas-Texas Lines__
Missouri Pacific RR
13,830
New York Central Lines
40,050
New York Chicago & St. Louis Ry 3,707
16,494
Norfolk & Western Ry
53,883
Pennsylvania RR
4,003
PereMarquette Ry
23.353
Southern Pacific System
5,307
Wabash Ry
21,442
20,172
17,027
16,876
13,588
2,074
2,318
5,017
14,170
38,060
3,523
15,591
52,755
4,033
22,561
4,975
21,212 4,853 5.049
22,353 8,209 7,318
15,067 6,554 6,809
17,382 5,781 5,428
12,383 8,345 8.095
1,214
2,782
1,421
2,001
5.413 2,618 2,740
6,821
14.393
38,866 53,310 49,423
3,318 7,326 6,829
17,713 3,038 3,245
51,456 32,244 31,032
4,142
3,544
5,174
20,094
4,849 6,328 5,971
Nov. 18 1933.
Nov. 111933,
Nov. 19 1932.
Chicago Rock Isl. & Pac.System_
IllinoisCentral System
-San Francisco Ry_._
St. Louis
20.739
27,228
13,059
19,667
26,560
12,989
19,786
27.700
12,918
.
Total
81,024
59,196
60,404
Weeks Ended.
Loading of revenue freight for the week ended Nov. 11
totaled 577,676 cars, the Car Service Division of the American Railway Association announced Nov. 17. This was a
decrease of 30,109 cars under the preceding week this yea,t,
but an increase of 40,989 cars above the corresponding week
in 1932, which included National Election Day holiday.
It was, however, a decrease of 112,284 cars below the corresponding week in 1931. Details follow:
Miscellaneous freight loading for the week of Nov. 11 totaled 204,217
cars, a decrease of 20,956 cars below the preceding week, but 16,980 cars
above the corresponding week in 1932. It was, however, a decrease of
47.115 cars under the corresponding week in 1931.
Loading of merchandise less than carload lot freight totaled 165,636
cars, a decrease of 5,867 cars below the preceding week. 3,943 cars below the
corresponding week last year, and 41,828 cars below the same week two
years ago.
Grain and grain products loading for the week totaled 28,030 cars, a
decrease of 3,006 cars below the preceding week, but an increase of 2,926
cars above the corresponding week last year. It was, however,a decrease of
9,953 cars below the same week in 1931. In the western districts alone,
grain and grain products loading for the week ended Nov. 11 totaled
18,257 cars, an increase of 2,635 cars above the same week last year.
Forest products loading totaled 23.661 cars, an increase of 685 cars
above the preceding week. 7,693 cars above the same week in 1932, and 790
cars above the same week in 1931.
Ore loading amounted to 7.451 cars, a decrease of 5.724 cars below the
pieceding week, but 4,656 cars above the corresponding week in 1932 and
837 cars above the same week in 1931.
Coal loading amounted to 121,071 cars,an increase of 3,186 cars above the
preceding week, and .7,463 cars above the corresponding week in 1932
but a decrease of 9,402 cars below the same week in 1931.
Coke loading amounted to 5.733 cars, a decrease of 300 cars under the
preceding week but 1,640 cars above the same week last year, and 97 cars
above the same week two years ago.
Live stock loading amounted to 21,877 cars, an increase of 1,873 cars
above the preceding week,and 3,574 cars above the same week last year. It
was, however, a decrease of 5.710 cars below the same week two years ago.
In the western districts alone, loading of live stock for the week ended
Nov. 11 totaled 17,063 cars, an increase of 3.042 cars compared with the
same week last year.
All districts showed increases compared with the preceding year, but all
reported decreases compared with the corresponding week in 1931.
Loading of revenue freight in 1933 compared with the two previous years
follows:
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
59.3
65.9
92.0
76.4
72.8
81.8
82.3
72.1
78.8
65.1
55.5
64.2
87.6
76.1
74.6
82.5
83.8
72.8
81.3
65.3
55.6
65.0
87.5
76.0
74.7
83.4
84.4
73.2
82.2
65.4
64.0
59.6
71.5
70.9
Four weeks In January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in June
Five weeks in July
Four weeks in August
Five weeks in September
Four weeks in October
Week ended Nov. 4
Week Ended Nov. 11
1932.
1,910,496
1,957,981
1,841,202
2,504,745
2,127,841
2,285,379
3,108,813
2,502,714
3.204,551
2,605,642
607,785
577.676
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
538,687
25214825
46.6
60.2
71.3
54.0
72.2
79.8
70.6
72.2
72.5
63.6
4,053
8,208
5,541
5,619
7,071
866
1,898
2,335
6,736
51.831
6,638
3,321
31,050
3,737
5,110
8,500
150,113 150,514
261,891 254,182 253,404
Total
x Not available.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars)
1933.
24.838720
1931,
2,873,211
2,834,110
2,938,928
3,757,863
2,958,784
2,991,950
3,692,362
2,990,507
3,685,983
3,035,450
717,048
689,960
71.2
.111111.
Loadings of Revenue Freight in Latest Week
Show Increased Traffic.
Loadings of revenue freight for the week ended Nov. 18
1933 totaled 599,289 cars, an increase of 21,613 cars, or
3.7%, over the preceding week and 26,666 cars, or 4.6%,
over the corresponding period in 1932. It was, however, a
decrease of 54,214 cars, or 8.2%, below the corresponding
week in 1931. Total loadings for the week ended Nov. 11
1933 were 7.6% in excess of those for the week ended Nov.
12 1932.
The first 16 major railroads to report loaded 261,891 cars
on their own lines during the week ended Nov. 18 1933, as
Reed from Connections.
Loaded in Lines.
Weeks Ended.
Week Ending
Nov. 12 Mar. 4 Sept. 23 Nov. 4 .Voo. 11
1933.
1933.
1933.
1933.
1932.
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
Nov. 25 1933
52184 lAk
In the following table we undertake to show also the loadings for the separate roads and systems, for the week ended
Nov. 11. During this period a total of 88 roads showed
increases over the corresponding week last year, the most
important of which were the Pennsylvania System, the Baltimore & Ohio, the Atchison Topeka & Santa Fe System, the
Chesapeake & Ohio Ry., the New York Central RR., the
Union Pacific System, the Chicago Milwaukee St. Paul &
Pacific Ry., the Louisville & Nashville RR., the Chicago
Burlington & Quincy RR., the Southern Pacific Co. (Pacific
Lines), the Chicago dr North Western Ry., the Missouri
Pacific RR., the Chicago Rock Island & Pacific Ry., the
Reading Co., the Erie RR., the Great Northern Ry. and
the New York New Haven & Hartford RR.
Financial Chronicle
Volume 137
3733
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED NOV. 11.
Railroads.
Total Revenue
Freight Loaded.
1933.
Eastern District.
Group A
Bangor Sr Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H.& Hartford....
Rutland
1932.
Total Loads Received
from Connections.
1931.
1933. •
Railroads.
1932.
1,553
2,500
7,067
940
2,684
10,229
635
1,067
2,289
6,860
590
2,135
9,443
744
1,546
3,099
8.471
697
2,731
12,459
891
250
4,424
9,514
2,515
2,239
10,691
895
212
3,949
8,594
2,100
1,713
9,845
836
25,608
23,108
29,694
30,528
27,248
5,500
7,782
10,457
136
1.370
7,206
2,425
18,480
1,683
357
361
5,019
7,760
9,554
153
1,203
7.045
1,975
17,284
1,865
485
283
6,606
10,831
13,426
251
1.655
9.120
2,142
22,459
1,735
553
448
6,250
5,255
11,479
1,620
970
5,817
61
25,611
1,822
27
184
5,641
4,642
11,275
1,624
721
5.699
54
23,148
1,648
29
220
55,737
52,628
69,226
59,096
54.701
667
1,560
7,270
18
288
196
1,280
2,101
5,281
3,574
3,523
4.033
4.377
1.145
4,975
2,869
585
1,396
7,548
13
297
193
1,214
1.784
5,047
3.313
3,598
3,909
3,446
1,359
4,553
2,696
639
1,768
8,694
61
357
245
1,307
2,865
6,054
4.613
4,712
5,230
4,609
1,201
5,847
2,859
781
1,481
8,969
50
92
1.807
641
4,790
8,375
152
8,829
3,544
3,915
714
5,971
1.918
790
1,544
8.711
34
91
1,784
588
5,015
6,671
171
5,921
3,444
4,465
451
5,903
1403
43,157
40,951
51,061
47,807
47,086
Grand total Eastern District... 124,502
116,685
149,981
137,431
129,035
28.450
1,574
279
4.152
1
278
196
911
52,755
12,725
4,649
63
2,997
1,223
23.499
1,255
251
4.692
0
182
224
931
49,149
10,271
3,572
60
2,687
1,147
30.448
1,392
167
8,111
559
367
197
1,531
68,144
14,623
6,007
53
3,333
c
11,348
954
7
9.660
38
19
15
2.253
31.032
12,685
2,922
10,795
664
4
8,682
36
21
14
2.310
30.589
12.889
782
4,I43
-,1,497
2
i14
1.361
108,253
97,920
134,932
76.873
Toial Revenue
Freight Loaded.
Total Loads Received
from Connections.
1933.
Group B
Alabama Tenn. & Northern......
AtlantaBirmingham & Coast..
Ad.& W.P.
-West.RR.of Ala
Central of Georgia
Columbus dr Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile dr Northern
Illinois Central System
Louisville dr Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis
d New Orleans-Great Northern..
Tennessee Central
1932.
1931.
176
590
570
3,242
318
724
862
315
1,383
19,195
16,115
156
*132
2,011
2,712
156
544
614
2,738
211
800
871
244
1,230
19,763
15,579
140
149
1,885
2,812
279
658
720
3,630
424
770
975
418
1,769
23.839
18,460
138
172
2.538
3,359
1933.
1932.
70,861
Total
Group B
Delaware & Hudson
Delaware Lackawanna & West
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario Sr Western..
Pittsburgh& Shawmut
Pittsburgh Shawmut& Northern
Total
Group C
Ann Arbor
Chicago Ind. & Louisville
Cleve, Ctn. Chic. de Bt. Louis....
CentralIndiana
Detroit & Mackinac
Detroit & Toledo Shore Line....
DetroitToledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh dr West Virginia__ _
Wabash
Wheeling & Lake Erie
Total
Allegheny District.
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek dr 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 & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Lin
Virginian
Total
Southern District.
Group 4
Atlantic Coast Line
Clinchfield
Charleston & Western Carolln
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom
Seaboard Air Line
Southern System
Winston-Salem Southbound„
20,172
15,591
609
3,032
18,749
15,791
543
2,776
22,603
17,473
752
3,026
7,318
3.245
1,202
451
39,404
37,859
43,854
12,216
7.646
1,001
331
159
56
1,604
391
283
6.809
17.473
166
6,528
750
343
114
69
1,300
421
262
5,895
17,768
170
9,254
1.334
408
188
51
1,977
560
444
7,819
22,242
213
4,172
1,228
816
424
70
1,232
699
2,476
3,192
10,143
559
117
498
983
2,115
405
483
1.072
302
593
7.885
3,314
292
222
1,375
1,793
121
496
946
1,930
189
332
928
203
601
6,782
2,900
243
194
1,203
1.638
"ZH
260
502
66
-633
48,752
47,776
58,851
22,139
19.339
Grand total Southern District....
84,871
81,396
103,141
47,150
41,506
Northwestern District.
Belt Ky. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn.& Omaha.
Duluth Miasabe & Northern....
DuluthSouth Shore & AtlantaElgin Joliet dr Eastern
Ft. Dodge Des M.& Southern.
Great Northern
Green Bay de Western
Minneapolis dr St. Louis
Minn. St. Paul & S. S. Marie-Northern Pacific
Spokane Portland & Seattle__ --
601
14,242
2,194
16,876
3,390
399
856
3,512
244
10,368
467
1,708
4,337
9.984
1,187
902
11,577
1,999
15,266
2,908
354
394
2.729
218
7,858
512
1,446
4,439
9,446
1,091
1,349
16,231
2,921
20,597
3,581
522
804
3,672
291
10,060
628
2,006
5.300
10.754
895
1,597
8,095
2,136
5,428
2.224
120
397
3.883
102
1,756
298
1,302
1,495
2,147
1,038
1.450
7.015
1.954
5,238
1,997
77
334
2,901
120
1.262
254
1.259
1,503
1.622
838
70,365
61,139
79.811
32,018
27,824
21.442
2.881
154
17.027
11,076
2,828
1,853
4,477
388
1,783
729
111
16,348
234
*377
15,813
563
1,497
20,911
2,577
137
14,242
10,872
2,527
1,501
3,559
388
2,004
479
133
13,118
167
277
13,926
583
1,123
27,148
3,369
229
18.916
15,702
2,671
2,052
3,710
496
3,139
509
151
15,511
256
280
18,035
772
1,447
5,049
1,619
39
6.809
5,530
1,730
1,260
2,413
8
1,198
229
59
3,316
266
1,079
8457
5
2,236
4.271
1.425
28
5,390
5,379
1,615
761
1,744
7
1.135
198
99,381
88,524
112,393
41,402
33,476
164
179
201
2,074
135
174
222
2,598
149
164
301
a2,680
3.144
478
149
1,214
2,453
803
212
1.054
2,318
199
.1,440
1,054
315
616
160
5,017
14,180
37
186
8,370
2,226
2.052
213
1,603
1,234
240
716
87
5,398
13,912
47
323
8,561
2,553
1,848
303
2,080
1,872
266
829
122
6,144
18,831
43
204
10,585
3,474
1:421
620
1,629
767
508
201
230
2,740
6,821
10
144
3,181
1,280
1,616
765
1,198
529
380
162
287
2,255
6,381
26
149
2,753
1,013
6.213
4,828
1.305
18
6.618
5,455
1.000
25
8:166
6,498
1,462
27
1,858
2,659
1,930
32
2.055
2,772
1,699
41
Total
Total
Central Western District.
Atch. Top.& Santa Fe System..
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denver ev Salt Lake
Fort Worth & Denver City.... _ _
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph dr Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District.
Alton dr Southern
Burlington-Rock Island
Fort Smith dr Western
7,457 Gulf Coast Lines
3,013 b Houston & Brazos Valley_
953 International-Great Northern...
445 Kansas Oklahoma & Gulf
Kansas City Southern
11,868 Louisiana & Arkansas
Litchfield dr Madison
Midland Valley
Missouri & North Arkansass3,565 Missouri-Kanses-Texas Lines
1,013 Missouri Pacific
591 Natchez ec Southern
250 Quanah Acme dr Pacific
81 St. Louis-San Francisco
911 St. Louis Southwestern
673 b San Antonio Uvalde dr Gulf..
2,043 Southern Pacific in Texas & La.
2,761 Texas & Pacific
9,627 Terminal RR. Assn.01St. Louis
652 Weatherford Min.Wells & N.W.
2,6
2.794
271
647
6.358
3
1.424
I 35,919
Total
33,620
44,490 I 25.011
22,167
Total
31.016
66,048
28.883
53.164
51.100
a Estimated. b Included In Gulf cemi, Line, c pennsylvania-Reeding Seashore Lines include the new consolidated lines of the Wed t Jersey & Seashore RR.,
of Pennsylvania RR. and Atlantic City RR., formerly part of Reading Co.;
formerly part
1931 figures Included in Pennsylvania System and Reading Co. d Included
In Gulf Mobile & Northern RR. •Previous week's figures.
Federal Reserve Board's Summary of Business Conditions in the United States Continued Decline in
Industrial Output-Little Change During October
in Factory Employment and Wages.
The Federal Reserve Board, in its summary of business
and financial conditions in the United States (issued Nov.
24), reports that the "volume of industrial output continued
to decline in October." "Factory employment and payrolls," says the Board, "after increasing continuously for
six months up to the middle of September, showed little
change from then to the middle of October." "There was
an increase in the volume of construction undertaken, reflecting the expansion of public works," the Board says, its
summary continuing:
Production and Employment.
Volume of output in basic industries decreased in October as compared
with September, contrary to seasonal tendency, and the Board's seasonally
adjusted index declined from 84% of the 1923-1925 average to 77%. This
compared with an index of 67 in October of last year and of 60 at the low
point in March of this year. At steel mills activity declined sharply between
the middle of October and the first week in November, but in the following
three weeks showed little change. In the automobile industry, output has
been curtailed in recent weeks in preparation for new models. For the first
ten months of the year the number of cars produced was 50% larger than
In the corresponding months of 1932. Output at shoe factories showed a
seasonal decline in October as compared with September, and there was
some decrease in activity at cotton and wool textile mills, contrary to
seasonal tendency. At meat packing establishments activity declined
sharply from the unusually high rate prevailing in September. which was
due to the fact that in that month a large number of pigs purchased by the
Federal Government were handled.
Total number of employees at factories, excluding canning establishments,showed little change from the middle of September to the middle of
October. At canning establishments there was a decline of a seasonal
character, and the Board's index, which includes this industry, showed a
slight decrease.
Value of construction contracts awarded during October and the first
half of November, as reported by the F. W. Dodge Corp., showed a considerable advance over the preceding six-week period, reflecting a growing
volume of public works.
Distribution.
Shipments of commodities by rail showed a somewhat larger decline
between the middle of October and the middle of November than is usual
at this season. Department store sales increased in October as compared
with September by slightly less than the usual seasonal amount.
Prices.
Wholesale prices, as measured by the weekly index of the Bureau of Labor
Statistics, declined from 71.3% of the 1926 average in the first week of
October to 70.4% in the third week, and then advanced to 71.7% in the
third week of November, a level 20% above the low point of last March.
Following declines early in October, prices of cotton, grains, lard, rubber.
tin, and silver increased considerably, while cattle prices continued to decline and prices of hogs showed little change.
Financial Chronicle
3734
Foreign Exchange.
The value of the dollar in the foreign exchange market fluctuated around
67% of its gold parity during the latter part of October, declined during the
first part of November to 59% on Nov. 16, and on Nov. 22 was 61%.
Bank Credit.
Between Oct. 18 and Nov. 15 there was little change in the reserves of
member banks, which continued to be more than $800,000,000 in excess
of legal requirements. Purchases of United States Government securities
by the Reserve banks declined gradually from $25,000,000 during the week
ending Oct. 25 to $2,000,000 during the week ending Nov. 15. For the
four-week period as a whole the banks holdings of United States Govern-'
ment securities showed an increase of $57,000,000 while holdings of acceptances and discounts for member banks showed little change.
Total loans and investments of member banks increased by $90,000,000
during the period, reflecting a growth of $150.000,000 in holdings of United
States Government securities, of $25,000,000 in holdings of other securities,
and of $30,000.000 in all other loans, while loans on securities declined.
Net demand deposits declined by $70,000,000 during the period, while
Government deposits increased by $180,000,000.
Rates on acceptances and yields on short term United States Treasury
bills and certificates rose slightly from mid-October to Nov. 20, and yields
on Government and high grade corporate bonds advanced somewhat.
Discount rates of the Federal Reserve banks of Boston, San Francisco and
Philadelphia were reduced from 3% to 234% on Nov. 2, 3, and 16, respectively.
Wholesale Commodity Prices Advance Slightly During
-Index of National Fertilizer
Week Ended Nov. 18
Association Shows One Point Increase.
Wholesale commodity prices moved up slightly during the
latest week according to the index of the National Fertilizer
Association. This index,for the week ended Nov. 18, gained
one point, advancing from 69.4 to 69.5. (The three year
average 1926-1928 equals 100.) This is a hew high point
for the index since May 30 1931. During the preceding
week the index advanced nine points. The latest index
number is 13 points higher than it was a month ago, and is
91 points higher than it was at this time last year. The
Association further announced as follows under date of
Nov. 20:
During the latest week 12 of the 14 groups advanced and 2 declined.
The declining groups, fuel and grains, feeds and livestock, are among
the most heavily weighted in the index and the losses in these two groups
served to cut down the gains in the advancing groups. The largest gains
were shown in the following groups: foods, building materials and housefurnishing goods.
Forty commodities showed higher prices during the latest week while
22 commodities showed lower prices. During the preceding week there
were 37 price advances and 13 price losses. Among the important commodities that advanced during the latest week were cotton, burlap, silk,
butter, eggs, milk, lambs, copper, silver, cement, brick, lumber, coffee
and rubber. Among the declining commodities were sugar, wheat, cattle,
hogs, gasoline, fancy flour, apples, oranges and lard. There was a sharp
break in the price of gasoline.
Index numbers and comparative weights for each of the 14 groups in
the index are listed in the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.8
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Latest
Week
Nov. 18
1933.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
All ermine combined
Pre
ceding
Week.
Month
Ago.
Year
Ago.
72.7
87.8
50.3
67.2
67.4
84.9
78.7
79.2
85.4
48.9
88.2
65.3
70.9
90.8
71.7
70.3
51.0
66.4
67.2
84.4
77.3
78.6
83.4
48.6
87.9
85.2
70.8
90.3
89.5
70.3
48.2
65.2
67.0
84.4
76.8
77.9
83.4
45.4
87,0
84.8
70.8
90.3
81.7
63.6
38.0
45.2
61.4
86.6
70.6
68.3
77.4
46.9
87.3
62.5
87.9
91.9
69.5
Group.
69.4
66.2
60.4
"Annalist" Weekly Wholesale Commodity Price Index
Dropped Further During Week of Nov. 21 in Face
of Further Dollar Decline-All Foreign Indices
Except Germany Showed Declines During October.
Declining 2.1 points during the week, the "Annalist"
weekly index of wholesale commodity prices fell to 102.8
on Nov. 21 from 104.9 Nov. 14, and, said the "Annalist,"
now stands at the lowest point since August. The "Annalist"
added:
Lower prices for wheat, eggs, hogs and beef, and gasoline accounted
for most of the loss. The decline of the index was in the face of a further
drop of the dollar following its recovery last week, the average on Nov. 21
being 60.1 cents gold for the dollar in terms of foreign gold currencies,
against 60.9 a week ago. The index on a gold basis, therefore, declined
even more sharply than on a U.S. dollar basis, dropping to 61.8 from 63.7.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation (1913=100).
Nos.21 1933. Nov. 14 1933. Nov.22 1932.
88.3
88.7
86.2
Farm products
96.3
104.5
103.4
Food products
70.9
a117.9
+117.5
Textile products
130.1
151.5
143.1
Fuels
105.1
95.3
105.1
Metals
108.5
111.5
111.7
Building materials
95.3
97.8
97.8
Chemicals
73.3
83.5
82.4
Miscellaneous
88.1
104.9
102.8
All commodities
63.7
61.8
commodities on gold basis_b
All
•preliminary. a Revised. b Based on exchange quotations for France,
Switzerland, Holland. and Belgium.
Nov. 25 1933
DAILY SPOT PRICES.
Moody's Index.
Cotton.
Wheat.
Corn.
Hogs.
U. S.
Basis,
Gold
Basis.
4.40
129.6
78.7
0.63%
Nov. 14
10.25
1.0834
4.44
129.0
76.8
0.61%
Nov. 15
10.2.5
1.0634
*4.41
130.1
79.1
Nov. 16
10.40
1.08%
0.6334
79.4
128.9
*4.30
Nov. 17
1.08%
0.6234
10.20
___
0.6134
127.8
78.5
Nov. 18
1.04
10.15
4.11
128.4
78.5
0.63%
Nov. 20
10.25
1.0634
78.9
128.0
3.98
0.62%
Nov. 21
1.0814
10.25
new, c.i.f., domestic,
-No.2 red,
Cotton-Middling upland, New York. Wheat
-Day's average, Chicago.
New York. Corn-No. 2 yellow, New York. Hogs
Moody's index-Daily index of 15 staple commodities. Dec. 31 1931 equals 100:
March 1 1933 equals 80. • Nominal.
The insensitiveness of commodity prices to the fall abroad of the dollar
was even more pronounced during the past week than in the week previous.
Moody's price index, composed of the more speculative commodities,
most of which are important in world trade and therefore should be particularly responsive to the stimulus of a declining dollar and of a flight of
funds into commodities, declined 1.6 points on a U. S. dollar basis, while
on a gold basis it fell even more sharply to 76.9 from 78.7.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES.
Measured in Currency of Country, DO Adjustment for Depreciation: 1913=100.0.
Percentage Change
October
1933.
September August
1933.
1933.
October
1932.
Month.
Year.
-0.4
+14.7
102.7
91.0
101.5
-1.4
+4.5
108.4
-0.4
101.1
+1.5
102.5
-0.5
392
-2.0
394
+1.5
+0.8
94.3
94.2
304.3
282.4
-1.3
-9.0
.1-6.7
-1.0
127.8
136.0
* Preliminary. a Revised. b July 1914=100.0, end of month. Indices used:
U. S. A., "Annalist"; Canada. Dominion Bureau of Statistics; United Kingdom.
Board ot Trade; France, Statistique Generale; Germany, Statistische Reichsamt;
Italy, Milan Chamber of Commerce; Japan, Bank of Japan.
U. S. A
Canada
United Kingdom
France_ b
Germany-4
Italy
Janan
104.4
106.1
102.6
384
*95.7
277.0
*136.4
104.8
107.6
103.0
388
94.9
a280.7
137.6
World prices tended downward during October, the indices for all the
seven leading countries showing losses from September except Germany.
In that country Government price-fixing of agricultural products has
supported the price level in the face of declining industrial and raw material
prices, but even there the weekly index for Nov. 8 turned downward
after rising with scarcely a pause for seven months. The weekly indices
for France. Italy, and the United Kingdom for November show further
declines. Undoubtedly the weakening of world prices reflects the decline
of United States prices in terms of gold which is now tending to drag down
the price level not only in gold-currency countries, but even in those that
are on a paper basis and have hitherto been Immune.
Further Increase of M of 1% Noted in Wholesale
Commodity Prices During October by United
States Department of Labor-Eighth Consecutive
Monthly Advance.
Wholesale commodity prices continued their rise during
October, according to an announcement made Nov. 17 by
Isador Lubin, Commissioner of Labor Statistics of the
U. S. Department of Labor. The index number of the
general level of wholesale prices showed an advance of M of
1%, maintaining the upward movement which was begun
in March of the present year. This index, which includes
784 commodities or price series weighted according to their
relative importance in the markets and based on the average
prices for the year 1926 as 100.0, rose from 70.8 for September to 71.2 for October. The announcement quoted
Mr. Lubin as stating:
The index for October averaged the same as for September 1931, when
the index number was also 71.2. As compared with October 1932, when
the index number stood at 64.4, the present level shows an increase of more
than 10%. The Index for October is over 19% higher than that for
February, when prices had reached their low point with an index of 59.8.
The all commiditles index, which indicates the trend in the general level
of wholesale prices, shows that prices for October were 25% below the
level of June 1929, when the index stood at 95.2. Prices for the current
month averaged higher than in the corresponding month of the year before
for the fifth consecutive time in the past three years.
in
Between September and October increases in prices were reported
199 instances, decreases in 185 instances, while in 400 instances no changes
were shown:
The announcement further said:
The group of fuel and lighting materials again showed the largest Price
43.4% over the
advance with the group as a whole rising by more than
previous month. Increased prices took place in the averages for bituminous
prices of anthracite
coal, coke and petroleum products. The wholesale
coal, however, showed a slight decrease.
the second largest advance
The housefurnishing goods group registered
during the month.
In average prices. This group increased by nearly 234%
in the upward movement.
Furniture and furnishings shared
tile, cement, lumber,
Continued strenghtening of prices of brick and
groups of all buildstructural steel and other building materials caused the
paint and paint materials
ing materials to advance nearly 134%. Prepared
registered slightly declining prices.
up grade due to
Metals and metal products as a whole continued on the
implements, iron and
further advancing average prices of agricultural
hand non-ferrous metals
steel products, and motor vehicles. On the other
and heating fixtures
showed a general weakening of prices, while plumbing
The index for the group as a whole
remained at the September levels.
rose by more than 1%.
products, which has been
The sfiarp upturn in market prices of textile
February, was considerably
in evidence since the low point was reached in
group as a whole showed only a fracslowed down during October. The
woolen and worsted goods
tional increase. The sub-groups of clothing and
and rayon and other textile
advanced, while cotton goods, knit goods, silk
products declined.
showed a very slight recovery.
The miscellaneous group of commodities
and other miscellaneous
Advancing prices for crude rubber, paper and pulp,
Items outweighed declining prices for cattle feed, with automobile tiros and
tubes showing no change in average prices between the two months.
Groups and Subgroups.
October
1932.
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and leather products
Boots and shoes
Hides and skins
Leather
Other leather products
Textile products
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Metals and metal products
Agricultural implements
Iron and steel
Motor vehicles
Non-ferrous metals
Plumbing and heating
Building materials
Brick and title
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Mixed fertilizers
Housefurnishing goods
Furnishings
Furniture
Miscellaneous
Automobile tires and tubes
Cattle feed
Paper and pulp
Rubber. crude
Other miscellaneous
Raw materials
Semi-manufactured articles
Finished products
Non-agricultural commodities
All commodities less farm products and foods
64.4
46.9
34.4
45.0
52.1
60.5
60.5
64.1
52.2
56.4
65.4
72.8
84.6
49.0
64.1
81.9
55.0
62.5
56.2
50.9
30.8
56.5
67.7
71.1
88.7
81.1
76.7
104.6
104.4
47.4
80.3
84.7
80.4
92.7
50.7
67,5
70.7
75.3
79.0
56.6
68.3
67.5
81.7
80.0
72.7
79.8
55.9
03.4
66.5
73.7
74.7
72.8
64.1
44.6
42.7
73.4
7.3
82.1
54.6
60.7
69.6
68.1
70.2
September
1933,
70.8
57.0
63.9
46.7
61.2
64.9
65.8
84.7
66.8
51.5
64.5
92.3
98.9
84,1
85,4
84.6
76.9
81.1
91.3
74.8
34.5
82.7
76.5
70.4
82.0
84.7
79.7
90.4
101.5
49.6
82.1
83.2
80.3
90.4
68.5
74.7
82.7
82.6
90.8
82.0
77.3
74.7
82.4
85.9
72.7
78.8
56.8
68.6
67.8
79,3
80.5
78.4
65.1
43.2
64.2
82.2
14.9
78.1
61.7
72.9
74.8
73.7
76.1
October
1933.
71.2
55.7
58.2
45.4
61.2
64.2
66.0
85.0
62.5
51.0
64.4
89.0
98.9
71.2
83.2
85.1
77.1
84.8
88.8
74.7
32.0
84.5
75.3
73.6
81.8
89.8
82.6
•
•
52.7
83.0
83.7
82.4
90.9
67.0
74.7
83.9
84.6
91.2
84.2
76.1
74.7
86.8
87.1
72.7
78.6
56.8
67.6
68.3
81.2
82.8
79.8
65.3
43.2
60.4
82.4
15.6
78.6
61.8
72.8
75.4
74.4
77.2
* Data not yet available.
Moody's Daily Index of Staple Commodity Prices
Declines Steadily During the Week.
Prices of primary commodities have been weak during
most of the week under review, Moody's Daily Index of
Staple Commodity Prices declining from 128.9 to 125.6.
Although 10 of the 15 staples included in the Index register
losses for the week, most of these were of moderate proportions with the exception of hogs and wheat, which between
them are responsible for over two-thirds of the decline in
the Index number. Corn, steel scrap, silk, cotton, cocoa,
sugar, coffee and silver are the others which closed lower,
while rubber, hides and wool advanced, and copper and lead
are unchanged.
3735
Financial Chronicle
Volume 137
Declining prices of hides and skins, leather, and boots and shoes exerted
greater influence on the hides and leather products group than did advancing prices for other leather products and forced the group as a whole to
show the greates decrease of any of the 10 major groups of commodities
with a drop of more than 33 % from the previous month.
Wholesale prices of farm products, which had shown sharp advances up
to two months ago, showed a further reaction in October and dropped by
over 2% as compared with September. The group as a whole, however,
still remains 36% above February, the low point reached during the year,
and about 19% higher than the corresponding month of last year. Radical
reductions in the market price of grains and lesser declines in calves, cows,
steers, dressed poultry, cotton, oranges, hops and fresh vegetables were
mainly responsible for the decrease. Hogs, eggs, lemons, leaf tobacco,
and wool showed price increases between the two months.
Manufactured food products as a whole showed a downward movement
by falling slightly more than I% as compared with September. The index
for the month was nearly 20% above the low of February of this year and
6% higher than October a year ago.
Among food items which showed price increases were butter, bread. rice,
dried fruits, canned vegetables, fresh beef and fresh pork. Items showing
weakening prices were flour. macaroni, corn meal, cured beef, cured pork,
lamb, mutton, raw and granulated sugar and vegetable oils.
The chemicals and drugs group showed no change in the general level of
Prices. Declining prices for chemicals and drugs and pharmaceuticals
were offset by advancing prices of fertilizer materials and mixed fertilizers.
The group of raw materials, including basic farm products, pig tin, pig
lead, crude rubber and similar articles, showed a fractional increase. Semi
manufactured articles declined slightly to a level of 20% above a year ago.
slightly
Finished products prices moved upward by nearly 1% and were
more than 8% over October of last year.
The non-agricultural commodities group which includes all commodities,
except farm products, advanced by about 1% within the month. The
combined index for all products exclusive of farm products and processed
foods shows an increase of about 23. % between September and October
and a rise of more than 10% over October a year ago.
Raw materials were 27A % higher in October than in February. when the
low point was reached. Semi-manufactured articles were over 29% higher
than in February. In the same period finished products advanced by 14%.
non-agricultural commodities by 16%, and all commodities, eliminating
farm products and foods, by 17%•
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926=100.0)•
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.
Nov. 17
Sat.
Nov. 18
Mon. Nov. 20
Tues. Nov. 21
Wed. Nov.22
Thurs. Nov. 23
Fri.
Nov. 24
128.9
127.8
128.4
128.0
126.6
125.0
125.6
2 Weeks ago, Nov. 10
Month ago. Oct. 24
Year ago.
Nov. 25
1932iHigh. Sept. 6
Low,
Dec. 31
1933 High, July 18
Low,
Feb. 4
128.0
122.9
84.5
103.9
79.3
148.9
78.7
A Smaller Percentage Increase Over Corresponding
Period in 1932 in Production of Electricity Was
-Gain
Reported for the Week Ended Nov. 18 1933
Falls to 5.6%, as Compared With 6.3% for the
Preceding Week.
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. 18 1933 was 1,617,249,000 kwh., an increase of 5.6% over the same period
last year, when output totaled 1,531,584,000 kwh. An
increase of 6.3% was registered during the preceding week.
The current figure also compares with 1,616,875,000 kwh.
in the week ended Nov. 11 1933, 1,583,412,000 kwh. in
the week ended Nov. 4 and 1,621,702,000 kwh. in the week
ended Oct. 28 1933.
Of the seven geographical areas, all except the Southern
States region showed gains for the week ended Nov. 18 1933,
as compared with the week ended Nov. 19 1932. Only
the New England, West Central and Pacific Coast regions
showed increases over the percentage gains for the preceding
week. The Institute reports as follows:
PER CENT CHANGES.
Major Geographic
Divisions.
Week Ended
Week Ended
Week Ended
Nov. 18 1933. Nov. 11 1933. Nov. 4 1933.
Week Ended
Oct. 28 1933.
New England
Middle Atlantic
Central Industrial_ _ _ _
Southern States
Metric Coast
West Central
Rocky Mountain
+8.4
+4.6
+8.7
-3.9
+3.0
+1.9
+26.6
+6.6
+5.1
+9.9
-1.0
+2.6
+1.6
+30.6
+5.2
+1.0
+5.5
+0.8
-0.6
+29.2
+4.8
+4.2
+8.2
+2.5
+0.7
+0.5
+22.8
Total United States_
+5.6
+6.3
+3.8
+5.8
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 ofMay 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
1933.
Week of-
1,435,707,000 May 7
1,468,035,000 May 14
1,483,090,000 May 21
1,493.923,000 May 28
1,461,488,000 June 4
1,541,713,000 June 11
1,578,101,000 June 18
1,598,136,000 June 25
1,655,843,000 July 2
1.538,500,000 July 9
1,648,339,000 July 16
1,654,424.000 July 23
1,661,504,000 July 30
1,650,013,000 Aug. 6
1,627,339,000 Aug. 13
1,650,205,000 Aug. 20
1,630,394,000 Aug. 27
1,637,317,000 Sept. 3
1,582,742.000 Sept. 10
1.663,212,000 Sept. 17
1,638,757,000 Sept.24
1,652,811,000 Oct. 1
1,646,136,000 Oct. 8
1,618,948,000 Oct. 15
1.618,795,000 Oct. 22
1,621,702,000 Oct. 29
1,583,412,000 Nov. 5
1,616.875.000 Nov. 12
1.617.249,000 Nov. 19
Nov. 26
Deo. 3
x Corrected figure.
DATA
1931.
Week of-
1932.
1,429,032,000 May 9
1,436,928,000 May 16
1,435,731,000 May 23
1,425,151,000 May 30
1,381,452,000 June 6
1,435,471,000 June 13
1,441.532,000 June 20
1,440,541,000 June 27
1,456,961,000 July 4
1,341.730.000 July 11
1,415,704,000 July 18
1,433,990,000 July 25
1,440,386,000 Aug. 1
1,426,986,000 Aug. 8
1,415,122,000 Aug. 15
1,431,910,000 Aug. 22
1,436,440,000 Aug. 29
1,464,700,000 Sept. 5
x1,423.977,000 Sept. 12
1,476,442,000 Sept. 19
1,490,863,000 Sept.26
1,499.459,000 Oct. 3
1,506,219,000 Oct. 10
1,507,503,000 Oct. 17
1,528,145.000 Oct. 24
1,533,028,000 Oct. 31
1,525,410,000 Nov. 7
1,520.730,000 Nov.14
1,531,584,000 Nov. 21
1,475,268,000 Nov. 28
1,510.337,000 Dec. 5
FOR RECENT
1,637.296,000
1,654,303,000
1,644,783,000
1,601,833,000
1,593,662.000
1,621,451.000
1,609,931.000
1,634.935.000
1,607.238.000
1,603.713,000
1,644.638,000
1,650,545,000
1.644,089.000
1.642,858,000
1,629,011,000
1,643,229,000
1,637,533,000
1,635,623,000
1.582,267.000
1,662,660.000
1,660,204.000
1,645,587,000
1,653.369.000
1,656,051,000
1,646.531.000
1,651,792,000
1,628,147,000
1,623.151.000
1,655.051,000
1.599,900,000
1,671,466,000
1933
Over
1932.
0.5%
2.2%
3.3%
4.8%
5.8%
7.4%
9.5%
10.9%
13.7%
14.7%
16.4%
15.4%
15.4%
15.6%
15.0%
15.2%
13.5%
11.8%
11.1%
12.7%
9.9%
10.2%
9.3%
7.4%
5.9%
5.8%
3.8%
8.3%
5.6%
MONTHS.
Month of-
1933.
1932.
1931.
January _ _
February ___
March
April
May
June
July
August
September
October
November _
December_
6,480.897,000
5,835,263,000
6,182,281,000
6,024,855,000
6,532,686,000
6.809,440,000
7,058,600,000
7,218,678,000
6,931,652,000
7,011,736,000
6,494,091,000
6,771,684,000
6,294,302,000
6.219,554,000
6.130,077.000
6,112,175,000
6,310,667.000
6,317,733,000
6,633,865,000
6,507,804,000
6,638,424,000
7.435,782,000
6,678,915,000
7,370,687,000
7,184,514,000
7,180,210,000
7,070,729.000
7,286.576,000
7,166,086,000
7,099,421,000
7,331,380,000
6,971,644.000
7,288,025.000
1930.
Under
1932.
8,021,749.000 7.6%
7,068,788,000 10.1%
7,580,335.000 8.7%
7,416,191,000 4.3%
7.494.807,000 a5.0%
7,239,697,000 al1.1%
7,363,730,000 a15.5%
7.391,196,000 a14.4%
7,337.106,000 a9.7%
7,718,787,000
-..
7,270,112,000
7,566,601.000
Total
77.442.112.000 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%.
Smallest Increase in Retail Prices Since Upturn
Began Reported in October, According to Fairchild Index.
Retail prices in October recorded the smallest monthly
gain in the present upturn, according to the Fairchild retail
price index. Quotations on Nov. 1 show only a rise of 1.2%
as compared with Oct. 1, the index showed. An announcement issued Nov. 17 by the Fairchild Publications added:
3736
Financial Chronicle
This follows an increase of 4.2% in September as compared with August;
8.4% in August as compared with July: 5.2% in July as compared with
June: 2.6% in June as compared with May, and an increase of 1.4% in
May as compared with April. Nov. 1 index shows an increase of 18.8%
as compared with Nov. 1 1932. The latest index also shows a gain of
25.5% from the 1933 low.
Men's apparel prices recorded the greatest increase during the month
with 3.2%, while women's apparel showed a gain of only 1.3%. Home
furnishings gained 1.5%, with piece goods advancing 1.2%. Infant's wear
showed practically no change during the month. Women's apparel prices
showed the greatest increase as compared with the corresponding period
In 1932. Piece goods prices showed the greatest advance from the 1933 low.
An analysis of the individual items comprising the index shows that
men's hosiery, hats and caps and musical instruments recorded the greatest
gains during October. Cotton items which have moved sharply upward
In previous months showed a slowing up in the gains. For the first time
in months one of the items in the index, infant's underwear, actually showed
a slight decrease.
October Chain Sales Expansion Slower-Sharp
Recovery Expected in November.
Business of the chain stores in October generally showed a
flattening out after enjoying a more or less uninterrupted
climb since March of this year. Although the volume expanded further to the year's highest figure, there was a noticeable slackening in the rate of growth as compared with
preceding years with the result that the extent of the gain
for the month was less than seasonal proportions," according
to the current review of "Chain Store Age," which further
points out:
In reflection of this showing the State of trade in the chain store field as
measured by the "Chain Store Age" index which makes allowance for the
number of business days,receded from the September level. The index for
the month of October stood at 84.2 of the 1929-1931 average as 100, as
compared With 85.4 in the preceding month. In Oct. 1932,the index figure
was 82.2.
Total average daily sales in October of 19 leading chain store companies
used by "Chain Store Age" in compiling the monthly index, were approximately $7,277,000. as compared with a volume of $7,007,000 in September.
The index of sales of the grocery group comprising six principal chains
stood at 79.0 in October as compared with 80.6 in September. In the
five-and-ten department store field, the sales index for a group of six chains
was approximately 91.9 in October, as compared with 93.4 in September
and 86.3 in October 1932.
The index figure for two chains comprising the drug group declined in
October to 95.6 from 101.0 in September. In October 1932, the index was
87.2. The index for two shoe chains was 93.5 as compared with 103.7 in
the preceding month and 78.4 in October 1932. The preliminary index for
a group of three apparel chains stood at 84.6 as against 83.6 in September
and 79.5 in October 1932.
Prospects for an improved showing in November are regarded as bright.
Reports from the field covering results for the early part of the month indicated a sharp revival in consumer buying, particularly in the west where an
early period of cold weather has given business a surprisingly strong boost.
Retail prices, too, are again firming up in a manner which suggests an improving relationship between supply and demand. Coming at a time when
retail trade is preparing for its most active and most profitable season, this
condition is affording chain store managements no little measure of encouragement.
Gas Sales Gain in September-Revenues Continued
Below Same Period in 1932.
Sales of manufactured and natural gas aggregated 86,416,800,000 cubic feet in September, an increase of nearly 7%
over.the corresponding month of the preceding year, it was
announced on Nov. 23 by the American Gas Association.
In spite of augmented sales, however, revenues continued
to lag, income for September amounting to $48,800,000 as
compared with $49,874,100 in September a year ago, a
decline of 2.2%, continues the Association, which further
reports as follows:
Most of the sales expansion of the industry was the result of pronounced
increases in gas sales for industrial-commercial purposes, which averaged
14% above the figures for September a year ago. Revenues from this class
of business also gained, although not in proportion to increased volume.
amounting to 814,532,900 in September as compared with $13,706,200 for
the same month of the preceding year, an increase of 6%•
heating,
While sales of manufactured gas for domestic cooking, water
refrigeration, &c., continued to run about 6% below a year ago, sales for
house heating purposes registered a sharp gain, amounting to more than
22% over the preceding year. Manufactured gas sales for industrialcommercial uses were also above those of a year ago by nearly 12%.
Natural gas sales for domestic uses during September about equalled
those of a year ago, while sales to ordinary industrial customers were up 12%.
Sales to large scale industrial users of natural gas showed a gain of nearly
25% over the same month of the preceding year.
General Trend in Sales of New Ordinary Life Insurance
in United States During October Upward.
According to the Life Insurance Sales Research Bureau
at Hartford, Conn., "the volume of sales of new ordinary
life insurance in the United States during October was 94%
of that of October 1932." The Bureau said that "the
general trend in sales during the month was upward."
Under date of Nov. 18 the Bureau further reported:
This is evidenced by the fact that in every section of the country the
monthly experience was better than the average for the year to date. In
the South Central section of the country sales were larger than a year ago.
and the New England and South Altlantic States also had a better month
than the country as a whole
The following ratios by sections show the trend in life insurance sales
during October and for the 10 months of this year. The comparisons are
Nov. 25 1933
made to the same periods in 1932. These figures are prepared by this
Bureau and represent the experience of 79 companies having in force 93%
of the total ordinary legal reserve life insurance outstanding in the United
States.
October 1933 10 Months 1933
Compared to
Compared to
October 1932. 10 Months 1932.
96%
94%
91%
94%
97%
101%
102%
87%
85%
United States total
91%
83%
85%
87%
84%
94%
88%
80%
81%
94%
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
85%
Building Operations in Principal Cities of United
States During October Reviewed by U. S. Department of Labor-Cost of New Non-Residential
Buildings Increased While Cost of New Residential
Buildings Declined.
There was an increase of 0.8 of 1% in building construction
projects in October as compared with September, according
to reports received by the Bureau of Labor Statistics of the
United States Department of Labor from 758 identical
cities having a population of 10,000 or over. To these reports
which cover permits issued by local building officials for
private building, is added the cost of all State and Federal
buildings located in these cities. Indicated expenditures for
total building operations decreased 7.4%. In announcing
this, the Bureau further said:
The number of new residential buildings decreased 4.8% while indicated
expenditures for this type of structure decreased 39.9%.
New non-residential buildings increased 4.1% in number and 2.2% in
estimated cost.
The number of additions, alterations and repairs to existing buildings
Increased 0.3 of 1%. while expenditures for these alterations increased 18.1%
Contracts awarded for Federal building operations during October totaled
$14,489,933. Federal awards for construction projects of all kinds totaled
over $134,000.000. Expenditures for all types of structures (except naval
vessels and reclamation projects) financed from public funds, that is, public
roads, river, harbor, and flood-control projects, street paving, forestry, and
water and sewerage work,increased in October as compared with September.
As compared with the year previous, October showed a decrease of 30.1%
In the number and a decrease of 20.9% in indicated expenditures for new
residential buildings.
New non-residential buildings decreased 17.8% in number and 20.2%
In estimated cost comparing October with the same month of last year.
The number of additions, alterations, and repairs increased 9.5%,
while expenditures for this type of construction Increased 28.8% comparing
the two months under discussion.
The number of family-dwelling units provided in new dwellings in these
341 cities decreased 29.3%.
Permits were issued during October for the following important building
projects: In West Hartford, Conn., for a school building to cost $235.000:
In Newark, N. J., for a public utilities building to cost $1,500,000; and in
Los Angeles, Calif., for factory buildings to cost $1,600,000. A contract
was awarded by the Bureau of Yards and Docks, Navy Department, for a
machinery and electrical shop in the Navy Yard, Bremerton, Wash., to
cost $575,000.
-ESTIMATED COST OF NEW BUILDINGS IN 758 IDENTICAL
TABLE I.
CITIES, AS SHOWN BY PERMITS ISSUED IN SEPTEMBER AND
OCTOBER 1933, BY GEOGRAPHIC DIVISIONS,
blew Residential Buildings.
Geographic Division. Cities
Estimated Cost.
Sept. 1933.
Oct. 1933,
Families Provided for
in New Dwellings.
Sept. 1933.
Oct. 1933.
104
New England
173
Middle Atlantic
East North Central_ _. 172
West North Central_ _ 69
76
South Atlantic
78
South Central
Mountain and Pacific_ 86
$1,523,426
7,496,898
1,123,648
631,105
817,492
473.609
1,540,127
$1,649,745
2,309,990
922,447
598,965
814,210
430,679
1,453,414
317
2.220
253
206
205
160
453
306
512
197
180
250
235
418
Total
Percent of change_ _
13,606,305
8,179,450
--39.9
3,814
2,098
-45.0
758
Geographic Division. Claes
New Non-residential
Buildings, Estimated
Cost.
Sept. 1933.
104
New England
173
Middle Atlantic
172
East North Central_
West North Central._ 69
76
South Atlantic
78
South Central
Mountain and Pacific_ 86
Total
Percent of change_
758
$2,223,238
7,298,145
2,825,671
695,643
997,034
743.665
1.451,773
Oct. 1933.
$1,805,046
4,119,751
2.388,452
1,089,760
2,065,520
1,602,773
3.517,407
Total Construction (including alterations and
repairs). Estimated Cost.
Sept. 1033.
$4,881,744
18,790,636
5.938,702
1,977,317
2,942,950
1,952,009
4,564,424
Oct. 1933,
$5,112,449
11,094,127
4,704,299
2,295,888
4,663,767
2,945,378
7,184,568
$16,235,169 $16,588,709 $41,047,782 $38,000.478
+2.2
-7.4
Canadian Sales of Ordinary Life Insurance Gained
During October as Compared with October 1932.
"Sales of ordinary life insurance in the Dominion of Canada
showed a gain in October when compared to the same month
of 1932," reports the Life Insurance Sales Research Bureau
at Hartford, Conn. "This is the second month in succession
that sales in Canada have shown an increase," the Bureau
added. "Four provinces and the colony of Newfoundland
showed increased sales in October.
Volume 137
Financial Chronicle
"For the first 10 months of 1933 sales in the Dominion
as a whole were 87% of those of the same period of last
year."
3737
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(12
-Month Average 1926=100).
Employment.
Canadian Business Activity Showed Tendency to Increase During First Half of November According
to Bank of Montreal-Production of Newsprint
Set Record in October.
Measured by production records, Canadian business
activity in evidence since early summer has been well
maintained, with a tendency to increase during the first
half of November, according to the Nov. 23 business summary of the Bank of Montreal. Prominent in a survey of
trade conditions, the bank reports, are a substantial improvement in the lumber industry, an increasing volume of
external commerce,expanding bank debits and lower business
mortality. Coincident with increased activity in the
lumber camps, continued improvement in the paper industry is reported. The bank added:
At no time since May has newsprint production fallen below last year;
In October, with a record of 191,000 tons, it showed an increase over
September and exceeded that of October 1932 by 21%; for the first 10
months of 1933 the total is up by more than 35,000 tons. Other classes
of paper have also Increased; roofing paper in particular has made gains,
reflecting the somewhat improved outlook in construction as a measure
of which it may be mentioned that the value during October of contracts
awarded amounted to 815,014,000. compared with 88,387,000 in September, due mainly to extensions to plants.
Slight Increases Reported by U.S. Department of Labor
-Employment and Payrolls in Manufacturing
Industries of United States-Majority of NonManufacturing Industries Showed Increased Employment Over Previous Month.
Index numbers showing the trend of employment and payrolls in manufacturing industries are computed monthly by
the Bureau of Labor Statistics of the U. S. Department of
Labor from reports supplied by representative establishments in 89 of the principal manufacturing industries of
the United States and covering the pay period ending nearest
the 15th of the month. These indexes of employment and
payrolls are figures showing the percentage represented by
the number of employees or weekly payrolls in any month
compared with employment and payrolls in a selected base
period. The year 1926 is the Bureau's index base year for
manufacturing industries, and the average of the 12 monthly
indexes of employment and payrolls in that year is represented by 100%. Under date of Nov. 16 the Bureau
announced:
Employment in manufacturing industries increased 0.1 of 1% between
September and October 1933 and payrolls increased 0.6 of 1% over the
month interval. The October index of employment was 74.0 as compared
with 73.9 in September and the index of payrolls in October was 53.6
compared with 53.3 in the preceding month.
A comparison of employment in October 1933 with October 1932 shows
that employment in October of the current year is 23.5% above the level
of the October 1932 employment index (59.9). A similar comparison of
the October 1933 payroll index with the October 1932 index (39.9) shows
a gain of 34.3% in payrolls over the year interval.
The increases in employment and payrolls between September and
October 1933, while small, indicate a continuation of the gains in employment and payrolls which occurred during the preceding six-month interval.
The fact that 56 industries, or nearly two-thirds of the 89 manlifacturing
Industries surveyed, reported increased employment in October would give
reason to expect a greater expansion over the month interval than was shown.
These increases, however, were practically offset by the decreases reported
in the remaining 33 industries. Among the decreases which largely affected
the final result were losses of over 10% in employment in automobiles and
a similar decline in silk goods where labor difficulties prevailed throughout
the period covered. Smaller declines were recorded in iron and steel.
boots and shoes, woolen, steam fittings, hardware, plumbers' supplies and
men's clothing, and seasonal shrinkage in the brick, cement, beverage
and ice cream industries.
These changes in employment and payrolls in October 1933 are based
on reports supplied by 18,602 establishments in 89 of the principal manufacturing industries of the 'United States. These establishments reported
3,358.960 employees on their payrolls during the pay period ending nearest
Oct. 15, whose combined weekly earnings were $63.195,865. The employment reports received from these co-operating establishments cover approximately 50% of the total wage earners in all manufacturing industries of
the country.
The average percentage of change in employment between September
and October over the preceding 10-year period has been a decrease of less
than 0.1 of 1% and payrolls have shown an average gain of 2% over this
Interval. The small percentage gain in employment in October of the
Present year therefore indicates a change slightly better than average.
while the payroll increase of 0.6% in October of the current year Is appreciably less than the average increase shown in October over the preceding
10-year interval.
The most pronounced Increases In employment between September and
October were seasonal gains in the beet sugar and radio industries. The
beet sugar industry, marking the beginning of its active season, reported
a gain of 171.1% in employment and the radio industry reported an Increase
of 21.6%. The locomotive industry showed a gain of over 20% in number
of workers and the cottonseed oil-cake-meal and fertilizer industries reported seasonal gains of 15.6% and 10.6%,respectively. Fifteen industries
reported gains ranging from 5% to 9.8% among which were the agricultural
implement, confectionery, machine tools, jewelry, stove, shirt and collar,
and cigar and cigarette industries. Other industries of major importance
reporting increased employment over the month interval were petroelum
refining, electrical machinery, shipbuilding, chemicals, foundries, sawmills,
furniture, women's clothing, knit goods, and cotton goods.
Payroll Total:.
Manufacturing Industries.
Oct.
1932.
General index
Food and kindred products
Baking
Beverages
Butter
Confectionery
Flour
Ice cream
Slaughtering and meat packingSugar, beet
Sugar refining, cane
Textiles and their products
Fabrics
Carpets and rugs
Cotton goods
Cotton small wares
Dyeing and finishing textiles_
Hats, fur-felt
Knit goods
Silk and rayon goods
Woolen and worsted goods....
Wearing apparel
Clothing, men's
Clothing, women's
Corsets and allied garments_
Men's furnishings
Millinery
Shirts and collars
Iron and steel and their products
not including machinery....
Bolts, nuts, washers, and rivets
Cast-iron pipe
Cutlery (not including silver
and plated cutlery) and edge
tools
Forgings, iron and steel
Hardware
Iron and steel
Plumbers' supplies
Steam and hot water heating
apparatus and steam fittings_
Stoves
Structural & ornamental metal
work
Tin cans and other tinware
Tools (not including edge tools,
machine tools, files & saws).
Wirework
Machinery, not including transportation equipment
Agricultural implements
Cash registers, adding machines
and calculating machines_ -Electrical machinery,apparatus
and supplies
Engines, turbines, tractors and
water wheels
Foundry & machine shop prodls
Machine tools
Radios and phonographs
Textile machinery and parts
Typewriters and supplies
Non-ferrous metals & their prod'ts
Aluminum manufactures
Brass, bronze & copper prodla
Clocks and watches and timerecording devices
Jewelry
Lighting equipment
Silverware and plated ware_Smelting and refining; copper,
lead and zinc
Stamped and enameled ware_ _ _
Transportation equipment
Aircraft
Automobiles
Cars, electric & steam railroad_
Locomotives
Shipbuilding
Railroad repair shops
Electric railroad
Steam railroad
Lumber and allied products
Furniture
Lumber. millwork
Lumber, sawmills
Turpentine and rosin
Stone, clay and glass products
Brick, tile and terra cotta
Cement
Glass
Marble, granite, slate & other
products
Pottery
Leather and its manufactures.Boots and shoes
Leather
Paper and printing
Boxes, paper
Paper and pulp
Printing and publishing
Book and Job
Newspapers and periodicals Chemicals
Chemicals
Cotton.seed, oil, cake and meal_
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Petroleum refining
Rayon and allied products,,,..,
Soap
Rubber products
Rubber boots and shoes
Rubber goods,other than boots,
shoes, tires and inner tubes
Rubber tiles and inner tubes
Tobacco manufacture(
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
Sept.
1933.
Oct.
1933.
Oct.
1932.
Sept.
1933.
Oct.
1933.
59.9
73.9
74.0
39.9
53.3
53.6
87.1
80.9
72.6
96.8
97.3
84.7
68.5
87.7
213.9
77.8
74,7
76.1
54.2
75.9
81.0
77.9
74.1
86.8
64.9
76.9
71.5
70.9
70.6
101.0
88.8
76.7
63.8
100.1
87.9
161.4
107.3
94.8
94.0
83.9
111.4
91.8
86.6
88.5
94.3
78.4
101.4
101.8
77.4
84.8
95.1
72.5
102.8
74.6
78.7
70.6
105.7
62.7
72.2
69.6
103.7
89.0
150.9
106.0
102.4
96.2
76.8
110.5
248.8
93.2
87.9
93.6
82.8
102.6
99.6
75.7
78.8
96.6
65.2
99.6
74.3
77.1
71.7
95.5
67.1
69.6
73.4
69.7
68.5
55.2
78.5
73.6
72.3
55.0
70.8
125.7
64.7
52.1
54.7
34.6
53.6
61.5
57.6
51.7
66.7
44.9
56.7
47.0
43.9
48.1
85.6
45.4
49.9
42.0
80.1
72.3
141.6
79.5
75.7
70.8
61.1
87.5
66.9
65.1
68.9
74.6
61.2
85.6
78.4
52.7
63.7
75.4
54.4
82.1
57.5
56.4
58.9
88.1
42.1
57.5
54.6
81.7
72.5
127.7
80.7
80.1
75.3
57.5
87.0
163.0
68.0
67.7
74.4
65.7
88.4
77.4
54.0
57.6
79.5
50.5
78.1
54.5
55.3
54.5
80.6
48.9
43.9
62.8
53.1
62.3
29.6
74.8
90.7
34.1
73.2
88.8
35.1
26.6
33.6
14.9
47.1
58.7
18.2
47.3
58.8
19.0
64.4
55.2
49.2
53.0
51.2
75.4
83.2
59.0
78.1
87.6
79.0
76.7
55.3
76.4
81.6
43.8
25.9
24.3
23.2
28.7
51.1
48.7
33.2
49.3
53.3
54.3
49.6
30.6
49.5
46.5
37.3
55.4
48.3
78.3
44.6
82.7
23.6
37.2
30.3
50.2
27.8
56.4
41.2
76.8
50.6
93.4
51.2
85.9
23.6
47.4
31.1
55.8
33.0
51.5
60.2
91.5
80.2
128.8
83.1
128.2
35.1
64.4
51.5
102.2
54.0
103.9
45.6
19.4
61.7
34.7
64.0
37.7
27.1
14.0
40.8
27.2
43.6
31.1
63.8
83.7
85.7
46.8
64.4
67.4
49.3
60.7
62.9
32.8
44.7
46.9
39.8
44.0
29.6
79.8
53.6
55.9
54.0
47,7
51.1
55.2
59.2
44.5
133.6
90.6
76.1
71.8
65.1
73.0
55.4
60.4
48.0
162.4
90.0
81.2
73.0
64.2
72.4
24.9
23.3
17.1
62.9
34.0
30.4
37.0
29.5
31.5
34.1
36.1
30.1
91.2
69.1
55.0
49.0
41.7
50.9
36.4
37.8
33.1
125.2
69.3
81.3
51.4
43.6
49.5
41.6
44.0
66.6
83.7
49.9
45.2
82.1
70.6
52.6
47.8
84.1
77.5
31.4
32.6
46.8
45.5
38.6
31.2
58.6
46.0
43.7
34.7
59.4
55.2
86.3
84.4
82.3
83.1
61.8
56.9
238.7 247.3
58.2
64.9
21.9
21.4
16.8 20.3
76.9
79.1
51.1
51.0
63.2
62.5
50.1
50.2
51.1
51.8
63.0
64.1
41.5
40.3
48.2
49.0
60.6
64.6
52.9
51.7
34.4
31.5
38.0
44.0
79.8
80.6
39.3
40.1
24.7
174.1
22.7
12.4
9.4
52.4
36.2
51.8
35.0
22.2
28.7
20.1
19.1
37.8
27.5
13.0
25.2
39.4
53.8
52.7
46.0
207.5
48.7
12.0
10.2
55.8
41.4
48.8
40.8
32.7
40.0
25.3
30.9
49.9
32.5
16.2
23.9
58.4
55.9
55.9
41.2
222.6
42.2
12.6
13.2
57.8
44.7
50.0
44.3
33.2
41.7
24.6
31.0
55.8
32.8
14.7
22.9
59.6
58.8
60.4
39.5
166.8
38.2
21.1
13.8
67.7
48.6
65.5
47.3
39.0
48.4
34.2
38.1
45.2
44.6
28.8
42.9
57.0
51.8
60.2
78.1
80.1
69.9
80.2
73.6
75.2
44.6
72.0
85.7
84.3
91.6
88.7
90.9
93.9
45.4
74.7
84.1
82.5
90.5
90.5
92.6
94.8
35.3
37.5
53.1
52.5
55.4
66.7
63.8
52.0
26.2
46.6
66.4
64.4
73.6
69.3
76.3
66.4
27.3
50.2
62.0
58.5
74.1
70.6
76.0
66.3
72.6
97.4
75.5
84.7
54.1
71.7
75.7
45.1
68.2
61.8
139.6
96.9
63.9
52.0
72.4
100.8
95.9
118.6
54.4
76.9
103.8
65.2
80.4
70.0
196.7
116.0
89.4
67.4
73.5
104.1
98.7
120.9
62.9
80.8
105.9
72.1
80.4
72.7
197.3
116.7
89.1
68.6
59.5
85.4
60.9
61.7
44.9
70.4
51.2
30.1
54.6
52.2
118.3
84.4
41.1
39.7
56.6
82.5
74.2
81.8
49.8
75.4
71.7
42.5
59.2
57.6
16848
91.9
61.6
59.3
57.8
85.3
77.8
87.0
60.3
80.3
77.4
48.0
61.0
59.8
172.4
92.6
62.8
61.7
84.3
59.0
73.9
118.6
84.0
69.1
120.9
82.2
72.3
61.2
34.5
55.8
76.8
56.9
55.6
82.6
56.2
59.0
89.8
71.9
89.5
66.5
91.7
69.8
73.3
53.7
77.0
53.0
77.0
58.8
Non-Manufacturing Industries.
Increased employment in October 1933, compared with September
1933,
was shown in 11 of the 16 non-manufacturing industries
suryeved monthly
by the Bureau of Labor Statistics and increased payrolls were shown in
13 industries.
The crude petroleum producing industry reported the largest percentage
gains in both items, 6.7% in employment and 12.8% in payrolls. The
metalliferous mining industry reported an increase of 4.6% in employment
over the month interval and retail trade establishments reported a gain
Financial Chronicle
3738
of 4.2%. The power and light industry reported an increase of 2.4% in
number of workers between September and October. wholesale trade
establishments reported a gain of 1.7%, electric railroad and motor bus
operation showed an increase of 1.4% and the quarrying and non-metallic
mining industry reported a gain of 1.1%. The increases in employment
in the employment in the remaining four industries in which increased
employment was reported were as follows: telephone and telegraph, 0.5%;
-brokerage-insurance-real estate, 0.4%; anthracite mining, 0.2%;
banks
and building construction, 0.5%. The change in employment in the
building construction industry represents the change in employment based
on reports supplied by 11.172 contractors engaged on public and private
projects not aided by Public Works funds.
In the five industries in which decreased employment was reported over
the month interval, the most pronounced decline was a seasonal decrease
of 28.1% in the canning and preserving industry, which reached its peak
of employment in September and regularly shows a sharp decline in October.
Employment in the bituminous coal mining industry was affected by strikes
In various localities, the industry reporting a decline of 5.3%. Increased
earnings however in a large number of mines not affected by the labor
disturbances resulted in a net decline of only 0.1 of 1% in weekly payrolls
over the month interval. The hotel industry reported a falling-off of 2.1%
in employment in October due entirely to the closing of seasonal resort
hotels, which were open during the first half of September and were closed
in October. The laundry industry reported 1.6% fewer employees in
October then in September, and the dyeing and cleaning industry reported
a decrease of 0.3%.
The 16 non-manufacturing industries surveyed, together with the perof
centages of change over the month interval and the index numbers
employment and pay rolls, where available, are shown in the table below.
The monthly average for the year 1929 was used as the index base or 100
in computing the index numbers of these non-manufacturing industries,
as information for earlier years is not available from the Bureau's records.
INDEXES OF EMPLOYMENT AND PAY-ROLL TOTALS IN SEPTEMBER
AND OCTOBER 1933, TOGETHER WITH PERCENTAGES OF CHANGE
BETWEEN SEPTEMBER AND OCTOBER 1933, IN NON-MANUFACTURING INDUSTRIES.
Indexes of
Payroll Totals.
(Av. 1929=100)
Indexes of
Employment.
(As. 1929=100)
Group.
Sept.
1933.
58.8
Anthracite mining
71.8
Bituminous coal mining
38.9
mining
Metalliferous
Quarrying & non-metallic mining_ 52.6
66.2
Crude petroleum producing
68.3
Telephone and telegraph
80.3
Power and light
Electric railroad and motor bus
69.7
operation and maintenance
82.1
Wholesale trade
86.0
Retail trade
78.7
Hotels
175.6
Canning and preserving
79.3
Laundries
88.6
Dyeing and cleaning
Banks, brokerage, insurance and
99.0
real estate
•
Building construction
•Indexes not available.
Per
Cent
Sept.
of
Oct.
1933. Change. 1933.
Per
Cent
of
Oct.
1933. Change.
+0.2
-5.3
+4.6
+1.1
+6.7
+0.5
+2.4
60.7
44.1
23.9
29.3
44.4
64.6
71.8
61.6 +1.5
44.1 -0.1
25.9 +8.5
31.2 +6.4
50.1 +12.8
67.0 +3.8
76.2 +6.1
70.6 +1.4
83.5 +1.7
89.6 +4.2
77.0 -2.1
126.3 -28.1
78.0
88.4 -0.3
57.8
62.3
69.2
55.6
127.0
60.6
60.3
59.8 +3.6
66.0 +6.0
72.3 +4.4
56.2 +1.0
87.1 -31.4
69.7 -1.5
60.6 +0.5
56.9
68.0
40.7
53.2
70.6
68.7
82.2
99.4
+0.4
+0.5
84.5
•
84.7
•
+0.2
+1.9
Review of Business Conditions by Conference of
Statisticians in Industry--Find Improvement in
Distribution and Retail Trade Not as Great as
Seasonally Expected-Production Lower During
October and First Half of November.
Business activity again failed to respond to seasonal influences and to monetary measures employed to stimulate
production and trade, according to the latest report of the
Conference of Statisticians in Industry of the National Industrial Conference Board issued Nov. 19. Although primary distribution and retail trade showed improvement,
the gains were not up to seasonal expectations. Consumer
resistance to price advances at retail was intensified in recent weeks. The report continued:
Production continued to fall off In October and the first half of November.
generally
with only Increased public construction serving feebly to resist a
construction
downward course in basic industries The proportion of public
highest on record. Autoof all construction activity in October was the
in the last six weeks.
mobile production declined more than seasonally
for the second half of the year.
Steel and iron production reached a low
October, when a
Bituminous coal output showed only a slight gain during
fell off slightly
measurable increase is seasonal. Electric power production
time of
in the last six weeks, although increased output is usual at this
the year.
than seasonal.
Increases in distributive activity in October were less
by rail
Total shipments of raw materials and of processed commodities
showed gains over their September record of less than the usual proportions
showed a less than
for the month of October. Department store sales also
were again
seasonal advance in the dollar value of turnover, while prices
stepped up. Department store sales for the entire country showed a gain
in dollar values of barely 3.5% in October over September, to a level only
equal tothat of October 1932. Without a rise in prices In October a seasonal
gain in dollar value of turnover of more than 4.5% would have been normal.
Prices advanced 2%, however, between the two months, to a level 18%
above the average in October of last year.
The October index of the dollar value of retail sales shows a decline of
10% from the peak of the year reached in August, after allowance is made
for usual seasonal changes. Retailers are viewing with much concern
the decrease in transactions and are beginning to sense a certain amount of
consumer reaction to higher prices not accompanied by an equal increase
in purchsing power. This concern is due to the fact that the entire extra
cost incident to manufacturing under code conditions has not yet been
passed on to the consumer. Retailers still have stocks on hand or have
made prior commitments at prices considerably below present replacement
costs.
Prices of commodities at wholesale advanced only slightly in October, as
compared with September. The gain was due largely to the overbalancing
of finished items,
of declines In agricultural commodities by gain in prices
Prices of
In general, and in prices of consumers' goods, in particular.
farm products, foods, hides and leathers, chemicals, and textiles declined
as well as those of
measurably. Prices of metals and metal products,
Nov. 25 1933
building materials, housefurnishing goods, fuels and miscellaneous commodities advanced in varying degrees.
change
Prices received by farmers in October showed on the average no
over their level in September; prices paid by farmers for items consumed
likewise remained stationary. The index of prices received was 70, while
that of prices paid was 116. in terms of the average level August 1909, to
July 1914, taken as 100. As a result, the purchasing power of farm products remained at the September level, which was 22% above the low of February of this year. October purchasing power was 13% higher than it
was In October 1932.
The cost of living of industrial workers showed only a slight gain in
of this
October. Living costs, however, were 9% above the low in April
under costs in
year, 2 % above the level of a year ago, but almost 23%
October 1929.
Commercial failures increased less than seasonally in number in October,
as compared with September, while liabilities involved showed a sharp
preceding month. The
gain, which compensated for a low level during the
total number of failures in October, 1,206, represented an increase of 8.1%
over September to a level 47% under a year ago. Liabilities involved,
totaling $30,582,000, were 40% above September and 42% under a year
ago. The sharp gain in liabilities in October was due partially to the
unusual decline in September as compared with August.
in October.
Employment in manufacturing industry showed a slight gain
month, a decline
Although hourly earnings continued to increase during the
actual weekly earnings of those
in hours brought about a slight decline in
National Industrial
employed, according to preliminary estimates of the
Conference Board.
of
Altogether, there is as yet no direct evidence in the fundamentals
the level of activity
production and trade indicating that the relapse from
is the
reached in July has been checked. Increased public construction
into circulation.
only lever now used actually to force basic materials
through conRopes that stimulation of manufacturing activity will come
Monetary
sumer purchaiing have been disappointed in the last two months.
have had thus far no positive effect.
measures used by the Government
New Business at Lumber Mills Continues Heavy.
Due largely to purchases in anticipation of the minimum
prices now going into effect, lumber orders received at the
mills during the week ended Nov. 18 1933, as well as those
of the preceding week were the heaviest booked since 1930,
this week's record surpassing any week since October 1930
and the preceding week, since May 30. Production during
the week ended November 18,'was only slightly heavier than
during the three preceding weeks and fell considerably sihort
of any third-quarter week of 1933, according to telegraphic
reports to the National Lumber Manufacturers Association
from regional associations covering the operations of leading hardwood and softwood mills. The reports were made
by 1,372 American mills whose production was 182,522,000
feet; shipments, 164,610,000 feet; orders, 273,549,000 feet.
The previous week's orders were 315,884,000 feet, with production of 178,783,000 feet. Production of 22 British Columbia mills also reported by the West Coast Lumbermen's Association was 14,205,000 feet; shipments, 9,013,000 feet;
orders, 20,792,000 feet. The National Lumber Manufacturers
Association further announced as follows:
reported
All regions except the Southern Pine and Northern hardwoods
production.
orders above output, total softwood orders being 36% above
drop
Hardwood orders were more than twice output. The Southern Pine
in anin new business was apparently a reaction from the recent buying
effective
ticipation of the establishment of minimum prices which became
hardwoods
earlier than those of other regions. Southern Pine and Northern
were also the only regions where orders were less than during corresponding
week of 1932. Total softwood orders were 92% above those of a year ago;
Southern hardwood orders were nearly four times the 1932 record.
Unfilled orders at the mills on Nov. 18 were the equivalent of 21 days'
average production of reporting mills, compared with 15 days' two weeks
ago and 14 days' a year ago.
Forest products carloadings during the week ended Nov. 11 of 23,661
cars were 685 cars above those of the preceding week, 7,693 cars above
those of similar week of 1932 and 790 cars above the same week in 1931.
Lumber orders reported for the week ended Nov. 18 1933, by 743 softwood mills totaled 206,370,000 feet, or 36% above the production of the
same mills. Shipments as reported for the same week were 138,144,000
feet, or 9% below production. Production was 151,602,000 feet.
Reports from 648 hardwood mills give new business as 67,179,000 feet,
or 117% above production. Shipments as reported for the same week were
26,466,000 feet, or 14% below production. Production was 30,920,000 feet.
Unfilled Orders and Stocks.
Reports from 1,106 mills on Nov. 18 1933, give unfilled orders of 800,321,000 feet and 1,092 mill; reported gratis stocks of 4,141,964,000 feet.
The 591 identical mills report unfilled orders as 633,309,000 feet on
Nov. 18 1933, or the equivalent of 21 days' average production, as compared with 443,186,000 feet, or the equivalent of 14 days' average produc•
tion on similar date a year ago.
Identical Mill Reports.
Last week's production of 416 identical softwood mills was 139,914,000
feet, and a year ago it was 97,827,000 feet shipments were respectively
124,250,000 feet and 110,799,000; and orders received 189,646,000 feet
and 98,821,000 feet. In the case of hardwoods, 232 identical mills reported production last week and a year ago 17,452,000 feet and 7,977,000;
shipments 15,711,000 feet and 13,207,000; and orders 42,944,000 feet and
11,617,000 feet.
SOFTWOOD REPORTS.
!Fest Coast Mcryement.
The Wed Coast Lumbermen's Association reported from Seattle that
for 442 mills in Washington and Oregon and 22 in British Columbia shipments were 17% below production, and orders 88% above production and
67% above shipments. New business taken during the week amounted to
132,258,000 feet (previous week 197,212,000 at 454 mills); shipments 79,192,000 feet (previous week 83,277,000); and production 95,900,000 feet
(previous week 92,527,000). Orders on hand at the end of the week at
Volume 137
442 mills were 402,345,000 feet. The 172 identical mills reported an increase in production of 55%, and in new business an increase of 102%,
as compared with the same week a year ago.
Lumber Output Up 30% in Year-Estimated Production in 1933 Approximately 13 Billion Feet, Compared with 10,151,000,000 Feet in 1932.
Revised figures of lumber production in 1932 by the
U. S. Census Bureau show total output of 10,151,232,000
feet which compares with 16,522,643,000 feet in 1931 and
36,886,032,000 feet in 1929, reports the National Lumber
Manufacturers Association. Washington, Oregon and California are leading States in 1932, California, as the ranking
third State, displacing Louisiana and Mississippi, one of
whom had held that position for ten years. The Associations' statement adds:
Southern pine and Douglas fir continue as leading species, the former
In 1932 exceeding the latter by 6% and in 1930 by 15%; in 1931 fir production was reported as 5% above Southern pine.
On the basis of mill reports to the National Lumber Manufacturers
Association for the first 44 weeks of 1933, lumber production In 1933
will be approximately 13 billion feet. hardwood probably totalling somewhat
over two billion feet and softwoods about 10,750,000,000 feet. In 1932
hardwood production was reported by the Census as 1,405,596,000 feet
and softwoods 8,745,636.000 feet. All regions in 1933 will show substantial
Increase over 1932, the increase in the Western regions probably being a
little greater than In the South.
The report of the Lumber Survey Committee to the Timber Conservation
Board, issued early this month, estimated lumber consumption In 1933
(Including anticipated consumption during the fourth quarter of the year)
as 13,700,000,000 feet or a billion feet above production, which is the
Probable not reduction in stocks in the country. The report indicates
that manufacturers decreased their stocks by 1.200.000,000 feet; other
advices indicate that yard stocks of retailers and other distributors made
net addition to their stocks which had been In badly depleted condition.
Automobile Production in October.
October factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
in the United States and reported as complete units or
vehicles), based on data reported to the Bureau of the Census,
consisted of 138,475 vehicles, of which 108,010 were passenger
cars, 30,402 trucks and 63 taxicabs, as compared with
196,082 vehicles in September, 48,702 vehicles in October
1932 and 80,142 vehicles in October 1931.
The table below is based on figures received from 120
manufacturers in the United States, 33 making passenger
NUMBER OF VEHICLES.
United States.
Year and Month
Total.
1931
January
February
March
April
May
June
July
August
September_ __ _
October
171,848
219,940
276,405
336,939
317,163
250,640
218,490
187,197
140,566
80,142
Canada.
TartPassenger
Trucks. cabs.1
Cars.
Passer:
Total. tier Cars Trucks.
33,531
39,521
45,161
50.022
45,688
40,244
34,317
31,772
31,338
21,727
512
529
410
665
340
360
180
104
141
651
6,496
9,871
12,993
17,159
12,738
6,835
4,220
4,544
2.646
1,440
4,552
7,529
10,483
14,043
10,621
5,583
3,161
3,426
2,108
761
Total(10 mos) 2,199,330 1,822,117 373,321
3,892
78,942
62,257 16.685
19,683
23,644
999
1,144
1,247
2,432
Total (year). 2,389,738 1,967,055 416,648
6,035
82,621
3,112
4,494
6,604
5,660
7.269
6,308
6,773
3,166
1,741
2,361
619
983
1.714
1.150
952
804
699
901
601
562
November
December
1932
January
February
March
April
May
June
July
August
September _ _ ._
October
68,867
121,541
137,805
179,890
230,834
286,252
271,135
210,036
183,993
155,321
109,087
57,764
48,185
96,753
Total (year)
P)33
January
February
March
April
May
June
July
August
September
October
435
408
65,093 17.528
589
56.473
47,488
8,985
12,025
21,204
239
291
2,204
2.139
1.669
1,561
535
578
1,370,678 1,134,372 235,187
1.119
60,816
5
152
660
411
54
35
4
68
9
63
3,358
3,298
6,632
8.255
9,396
7.323
6.540
6.079
5.808
3,682
98,706
94,085
99,325
120,906
157,683
160,103
94,678
75,898
64.735
35,102
20,541
23,308
19,560
27,389
26,539
22,768
14,438
14,418
19,402
13,895
Total(10 mos) 1,203,768 1,001,221 201,958
November
December
812
2,024
1,944
2,342
2,510
3.116
2,117
1.252
1,069
1.118
538
679
3,731
5,477
8,318
6,810
8,221
7,112
7,472
4,067
2,342
2,923
119,344
117,418
118.959
148,326
184,295
183,106
109,143
90,325
84,150
48,702
59.557
107.353
130,044
106,825
117,949
180,667
218,303
253,322
233,088
236,487
196.082
138,475
47,293
85,858
108,321
91,340
99.225
152,939
184,644
211,448
195,019
195,076
160.891
108,010
21,718
15,333
18,064
27,317
33.605
41,839
38,065
41,343
35,182
30,402
CV
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of Oshkosh, Wis., reported softwood production from 19 mills as 421,000 feet,
shipments 1,670,000 and orders 888,000 feet. Orders were 9% of capacity
compared with 23% the previous week. The 12 identical mills reported an
increase of 60% in new business, compared with the same week a year ago.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported production from 629 mills as 30,261,000 feet, shipments 25,778,000 and new
business 66,689,000. Production was 36% and orders 80% of
capacity,
compared with 31% and 37% the previous week. The 220 identical mills
reported production 116% greater and new business 293% greater
than
for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of Oshkosh, Wis., reported hardwood production from 19 mills as 659,000
feet,
shipments 688,000 and orders 490,000 feet. Orders were 7% of
capacity,
compared with 31% the previous week. The 12 identical mills
reported an
increase of 354% in production and a decrease of 51% in
orders, compared
with the same week last year.
cars and 87 making trucks (9 of the 33 passenger car manufacturers also making trucks). Figures for taxicabs include
only those built specifically for that purpose; figures for
trucks include ambulances, funeral cars, fire apparatus,
street sweepers and buses. Canadian figures are supplied
by the Dominion Bureau of Statistics.
CO .01-acoc
Southern Pine.
The Southern Pine Association reported from New Orleans that for 111
mills reporting, shipments were 14% below production, and orders 45%
below production and 63% below shipments. New business taken during
the week amounted to 13,740,000 feet (previous week 36,984,000 at 102
mills); shipments 21,651,000 feet (previous week 24,341,000); and production 25,094,000 feet (previous week 23,607,000). Production was 40%
and orders 22% of capacity, compared with 40% and 63% for the previous
week. Orders on hand at the end of the week at 105 mills were 64,637,000
feet. The 105 identical mills reported an increase in production of 4%,
and in new business a decrease of 31%, as compared with the same week a
year ago.
TVestern Pine.
The Western Pine Association reported from Portland. Ore., that for 135
mills reporting, shipments were 7% below production, and orders 76%
above production and 89% above shipments. New business taken during
the week amounted to 69,200,000 feet (previous week 52,148,000 at 167
mills); shipments 36,600,000 feet (previous week 38,265,000) ; and production 39,392,000 feet (previous week 42,592,000). Production was 26% and
orders 46% of capacity, compared with 26% and 32% for the previous
week. Orders on hand at the end of the week at 110 mills were 112,419,000
feet. The 109 identical mills reported an increase in production of 57%,
and in new business an increase of 173%, as compared with the same week
a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported production from 15 American mills as 27,000 feet, shipments 1,638,000 feet and
new business 1,869,000 feet. Seven identical mills (including four Canadian) reported new business 9% more than for the same week last year.
California Redwood.
The California Redwood Association of San Francisco reported production
from 21 mills as 4,883,000 feet, shipments 6,400,000 feet and new business
9,207,000 feet. Production of 18 mills was 40% of normal production.
Eleven identical mills reported production 25% greater and new business
151% greater than for the same week last year.
3739
Financial Chronicle
50,718 10.098
2,921
3,025
5,927
6,957
8,024
6,005
5,322
4,919
4,358
2,723
437
273
705
1.298
1,372
1.318
1.218
1,160
1,450
959
Total(10 mos.) 1,811.242 1,506,913 302,868 1,461 60.371 50,181 10,190
x Includes only factory-built taxicabs, and not private passenger cars converted
Into vehicles for hire.
Consumption of Crude Rubber in October Up 43.2%,
as Compared With the Same Month in 1932
Imports 21.3% Higher.
Consumption of crude rubber by manufacturers in the
United States for the month of October amounted to 31,906
long tons, which compares with 35,686 long tons for September this year, and represents a decrease of 10.6% under
September, but was 43.2% over October a year ago, according to statistics released by the Rubber Manufacturers
Association. Consumption for October 1932 was reported
to be 22,286 long tons. Consumption for the first 10 months
of 1933 amounted to 347,439 long tons, as compared with
290,754 long tons for the same period of 1932. The Association further reported as follows:
Imports of crude rubber for October were 43,016 long tons, a decrease of
9.2% under September 1933. but was 21.3% above October 1932.
Total domestic stocks of crude rubber on hand Oct. 31 are estimated at
343,579 long tons, which compares with Sept. 30 stocks of 334.637 long
tons. October stocks show an increase of 2.7%, as compared with September of this year, but were 4.1% below stocks of Oct. 311932.
The participants in the statistical compilation report 58,568 long tons
of crude rubber afloat for the United States ports on Oct. 31. compared
with 57,255 (revised) long tons afloat on Sept. 30. this year, and 40.176
long tons afloat on Oct. 311932.
October reclaimed rubber consumption is estimated to be 7,212 long tons,
production 9,466 long tons, stocks on hand Oct. 31, 17,748 long tons.
Production and Shipments of Pneumatic Casings and
Tubes in September Continued Higher Than in
Corresponding Period Last Year But Fell Below
Figures for the Preceding Month-Inventories Rise.
According to figures estimated to represent 80% of the
industry, as released by the Rubber Manufacturers Association, Inc., production of pneumatic casings and tubes in
September 1933 continued to exceed shipments. During
this period there were produced 3,199,391 pneumatic casings
-balloons and high pressure-as compared with 3,994,887
in August last and 2,030,976 in September 1933. Shipments
during the month were estimated at 2,802,692 pneumatic
casings, as against 2,465,828 in the same period in 1932 and
3,765,668 in August 1933. Pneumatic casings on hand
Sept. 30 1933 amounted to 6,075,605, compared with 5,655,659 a month earlier and 4,876,878 a year before. During
September there were also produced a total number of 14,522
solid and cushion tires and 13,767 shipped.
Financial Chronicle
3740
Estimates from 80% of the industry also show that during
the month of September 1933 production of balloon and high
pressure tubes amounted to 3,069,600, as against 3,933,134
in August last and 2,081,146 in September 1932. Shipments
totaled 2,777,935 inner tubes as compared with 3,749,898
in the previous month and 2,478,234 in the corresponding
period last year. Inventories increased from 5,302,736 tubes
at Aug. 31 1933 to 5,606,752 tubes at Sept. 30 1933. The
latter figure also compares with 4,602,160 tubes on hand at
Sept. 30 1932.
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS.
[From Figures Estimated to Represent 100% of the Industry.]
Shipments.
Production.
3,503,365
4,707.085
3,082,285
September 1933
August 1933
September 1932
3,999,239
4,993,609
2.538,720
Inventory.
7,594,506
7,069,574
6,096,098
The Association, in its bulletin dated Nov. 16 1933, gave
the following data:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS).
[From figures estimated to represent 80% of the industry.]
Inner Tubes.
Pneumatic Casings.
Inverttory,
Total
1932January
February
March
April
May
June
July
August
September
October
November__ _
December
6.
Total
P
011 1931
-
Shiprnents.
Inventory.
OutPut.
Shipmeats.
5,789,476
5,901,557
5,831,981
5,418,979
5,408,132
5,291,952
5,475,205
5,655,659
6,075,605
1933
January
February
March
April
May
June
July
August
September
Output.
1.806,277
1,871.498
1,630,319
2,498,795
4,151,433
4,879,939
4,570,901
3,994,887
3,199,391
2,077,268
1,833,970
1,673,502
2,923,154
4,144,138
5,044,363
4,397.753
3,765,668
2,802,692
4,957,298
5.085.321
5,095,340
4,951,399
5,105,389
4,877,686
5,152,187
5,302,736
5,606,752
1.674,557
1.778,818
1,506,141
2,282,298
3,760,121
4,358,325
4,482.077
3,933.134
3,069,600
2,028,100
1,681,853
1,521,736
2,440,555
3,570,700
4,622,473
4,168,919
3,749,898
2,777,935
28,603,440 28,662,608
6,329,417
7,337,796
7,902,258
7,876,658
7,502,953
x3,999,260
4.962.285
5.327,179
4.876,878
5,500,784
5,963,554
6,115,487
26,845,068 26,562,169
.
2,769,988 2,602,469 6,175,055
3.098.976 2,042,789 7,007,567
2.936,872 2,363,323 7,558,177
2,813,489 2,958,014 7,552,674
3,056,050 3,406,493 7,130,625
4,514,663 x8,051,932 x4,139,358
2,893,463 1,923,276 4,779,814
2,471,361 2,123,890 4,901,884
2,030,976 2,465,828 4,602.160
2,054,913 1,439,309 4,970,898
1,842,836 1,369,038 5,329,819
1,586,145 1,454,960 5,399,551
32,067,732 32,200,820
January
February
March
April
May
June
July
August
September__ _
October
November__ _ _
December
7,165,846
7,628,520
8.011,592
8,025,135
8,249,856
8,357,768
7,935,565
7,117,037
6,526,762
6,640,062
6,335,227
6,219,776
2,939,702
3,188,274
3,730,061
3,955,491
4,543.003
4,537,970
3,941,187
3,124,746
2,537,575
2,379,004
2,000,630
2,114,577
2,995,479
2,721,347
3,297,225
3,945,525
4,332,137
4,457,509
4,369,526
3,967,987
3,145,488
2.281,322
2,309,971
2,225,036
2,718,508 2,803,369
3,056,988 2,182,405
2,801,602 2,148,899
2,579,768 2,708,186
2,727,462 3,093,593
4,222,816 x7,215,371
2,349,761 1,727,750
2,198,560 2,002,347
2,081.146 2,478,234
1,749,188 1,326.824
1,604,071 1,262,634
1,423,376 1,378,924
29,513,246 30,328,536
7,551,503
9,936,773
8,379,974
8,330,155
8,438,799
8,403,401
7,671,801
7,019,217
6,476,191
6,658,913
6.495,708
6,337.570
2,898,405
3,132.770
3,559,644
3.693,222
4,329,731
4,286,467
3,964,174
3,548,335
2,759,431
2,461,578
1,954,915
2,077,704
3,249,734
2,720,135
3,031,279
3,708,949
4,224,594
4,317,543
4,664,964
4,240303
3,320,103
2,250,494
2,075,716
2,213,261
0Total
38.992.220 40,048,552
38.668,37640.017,175
x Revised.
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLID AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
Consumption.
Cotton
Fabrics
(80%)
Crude
Rubber
(80%)
Production. x
Gasoline
(100%)
Passenger
Cars
Trucks
(100%) (100%)
(Gallons.)
Calendar years:
(Pounds.)
(Pounds.)
208,824,653 598,994,708 14,748,552,000 4,811,107 810,549
t. 1929
1930
158,812,462 476,755,707 16.200,894,000 2,939,791 569,271
1931
151,143,715 456,615,428 16,941,750,000 2,036,567 435,784
1932
128,981,222 416,577,533 15,698,340,000 1,196,357 245,285
First nine months:
1929
176,172,420 499,306,291 11,719,784,000 4,192,137 665,595
130,256,201 388,869,124 12,379,340,000 2,599,533 461,558
1930
125,589,362 377,317,358 12,900,510,000 1,829,090 367,600
1931
106,816,120 341,950,101 11,853,324,000 1,011,830 196,786
1932
117,440,201 402,357,964 12,015,318,000 1,447,759 281,697
1933
111,318 22,154
7,899.233 27,368,276 1,110,564,000
Month of Jan. 1933
94,517 15,595
979,608,000
7,263.337 25,123,700
Month of Feb. 1933
106,472 18.752
6,364,276 21,508,416 1,186,122.000
Month of Mar. 1933
160,678 28,606
Month of April 1933 10,460.327 35,169,724 1,20,392,000
192,656 34,911
Month of May 1933 16,778,354 58,202,264 1,427,958,000
Month of June 1933 19,552,783 67,866,087 1,583,820,000
217,488 43,157
Month of July 1933 18,709,458 64,936,169 1,447,236,000
200,345 39,283
Month of Aug. 1933 16,820,552 57,022,618 1,571,892,1)00
200,063 42,496
Month of Sept. 1933 13.591,881 45,160.710 1.440.726,000
165,258 36,632
x These figures include Canadian production and cars assembled abroad the
parts of which were manufactured in the United States.
WHOLESALE PRICES OF COMMODITIES.
Average Prices.
Index Numbers.
1926=100.
Commodity.
Sept.
1933.
All commodities
Crude rubber (cents per pound)
Smoked sheets (cents per pound)
Latex crepe (cents per pound)
Tires (dollars per unit)
Balloon (dollars per unit)
Cord (dollars per unit)
I Truck and bus (dollars per unit)_
Tubes, inner (dollars per unit)
Western
Aug.
1933.
Sept. Sept. Aug. Sept.
1932. 1933. 1933. 1932.
.073
.080
.073
.081
.039
.045
8.89
4.07
25.90
2.49
8.89
4.07
25.90
2.49
9.14
4.84
26.85
2.20
70.8
14.9
15.0
16.2
43.2
41.5
42.8
42.3
44.9
69.5
14.9
15.0
16.4
43.2
41.5
42.8
42.3
44.9
65.3
8.2
8.1
9.0
42.7
41.5
50.9
43.9
39.1
New York Wheat Growers Reported
Lukewarm to Crop Cut.
Special correspondence from Buffalo, Nov. 16 to the
New York "Times" said:
Nov. 25 1933
The response of Western New York farmers to the Government's plans
for reducing the wheat crop has not been very encouraging. In the five
counties forming the westernmost end of the State, only 299 have enrolled
In the campaign. There have been only 615 enrollments for the entire
State out of 21,677 wheat
-growing farmers.
Some $25,000 will be distributed in the five western counties to repay
those who have complied with the requests of the Department of Agriculture.
Another side of the operation of the Agricultural Adjustment Law is
suggested in the decline of output by the Buffalo flour mills to 817.508
barrels in the four weeks of October, compared with 925,629 barrels in the
corresponding period of 1932.
Checks Totaling $729,955 Thus Far Sent to Farmers for
Participation in Wheat Adjustment Program.
Wheat adjustment payments totaling $729,955 have thus
far been forwarded to 15,072 farmers in 92 counties in 15
States, the Agricultural Adjustment Administration announced Nov. 22. A total of 95,226 contracts have been
received from 362 counties. The announcement further
stated:
The County Acceptance Unit which makes the first examination of contracts from counties, has already approved 249 counties for payment.
Ford County. Kans., was approved Tuesday night (Nov. 21), and was the
third large Western Kansas wheat county to be approved. Gray and
Finney Counties were approved Tuesday. After general approval by the
County Acceptance Unit, the contracts are examined in detail and checks
are paid after this detailed approval.
In some counties, where all but a few contracts were completed, checks
have been written for all farmers except those few whose contracts were
Incomplete.
Loans to Spring Wheat Growers
-Farmers Required
to Agree to Seed Not More Than 85% of Average
Annual Acreage When Seeking Loan.
Farmers seeking loans to finance the production of spring
wheat in 1934, in order to be eligible for such loans are
required to agree to seed not more than 85% of their average
annual acreage for a base period fixed by the Agricultural
Adjustment Administration, in the case of loans obtained
from Regional Agricultural Credit Corporations, Production Credit Associations, or other institutions borrowing
from the intermediate Credit Banks, the Farm Credit Administration announced Nov. 20, adding:
This is the same policy that was followed with respect to loans made for
planting winter wheat this fall. This co-ordinates the lending policy of
these organizations with the wheat acreage adjustment program of the
AAA.
Farmers with an average annual acreage of 95 or more acres are affected
by this requirement as a condition to obtaining loans, While those with
80 acres or less are not se affected. If the average annual acreage was more
than 80 acres but less than 95 acres, loans will not be made unless the
farmer agrees to plant not more than 80 acres.
If the land of an applicant for a loan was planted to spring wheat in the
crop years 1930. 1931, 1932, and 1933, then the base period used in determining the maximum acreage that may be seeded is that of the four-year
period. If the land was planted to spring wheat in only three of these years,
then these three years comprise the base period. Likewise, if in only two or
in only one of these years the land was so used, then the two years or the
one year, as the case may be, is used as the base period.
Pacific Wheat Exports in Past Month Nearly Half
Last Year's Total-First Purchases Under Portland (Ore.) Wheat Marketing Agreement Made
Oct. 19.
Export sales of more than 3,000,000 bushels of wheat in
terms of wheat and flour by the North Pacific Emergency
Export Association from North Pacific ports in the last
month were equal to nearly half the entire wheat and flour
exports from the same ports in the entire marketing year of
1932-33, Frank A. Theis, chief of the wheat section of the
Processing and Marketing Division of the Agricultural
Adjustment Administration, said on Nov. 18. The announcement as made public by the AAA, also said:
The Association, formed under the terms of a marketing agreement
designed to aid the export of approximately 35,000,000 bushels of surplus
Northwestern wheat, has purchased approximately 4,000,000 bushels of
wheat since Oct. 19.
The Association has made sales of both wheat and flour to such markets
as the Philippines, Ireland, Japan and Central and South American countries.
The relationship between North Pacific prices and interior prices has
Improved substantially, Mr. Theis said. On July 15. No. 1 white wheat
at Portland was 26 cents under the December option at Chicago. On
Nov. 15, there was only 13 cents difference.
First purchases under the marketing agreement were made Oct. 19, at
67 cents a bushel, basis delivered Portland. Wheat was purchased yesterday [Nov. 17] at 78 cents a bushel.
The Portland (Ore.) wheat marketing agreement was
referred to in these columns Oct. 14, page 2708.
Dakota Wheat Embargo Reported to Have Increased
Canadian Demand.
Advices as follows from Winnipeg, Nov. 17, are taken
from the New York "Journal of Commerce":
Much interest in the grain trade centers in the demand at Minneapolis
for Amber-Durum wheat from this center. The trade is chiefly for cash
and there have been such large orders that a premium of lc. and 2c. over
the market is being paid at Minneapolis in addition to the duty.
The condition is something new here and dealers assert it is due to the
embargo placed on shipments out of North Dakota. It is not in the con-
Volume 137
tract grade here. No cash is going into Chicago, but there is some buying
of the future on that market, it is reported here.
Italy Will Bar Foreign Wheat—Domestic Production
Regarded Adequate.
Associated Press accounts from Rome, Italy, Nov. 21,
report that a complete prohibition of the domestic use of
imported wheat was announced that day by Premier Mussolini, who proclaimed a victory in his eight-year battle to
bring home production in line with the country's needs.
The account continued:
Mills which heretofore have been permitted to use a small percentage
of imported wheat in their flour now are restricted completely to homegrown grain.
Announcing that the goal in "the battle of wheat" had been reached,
Premier Mussolini said this year's production totaled 22,064,400 bushels,
with the highest production per acre in Italy's history.
The average production for the six-year period preceding the "battle,"
he said, was 13,892.400 bushels, while the average for the eight years of
the "battle" was nearly 17,978,400 bushels. Last year 817,200 bushels
had to be imported.
Premier Mussolini announced a campaign to bring similar results in
the production of fruit, cattle, and other farm products.
110,000,000-Bushel Cut in Wheat Stock Forecast by
International Institute of Agriculture.
On Nov. 10, Associated Press advices from Rome, Italy,
stated:
Grain importing countries will need 525.000,000 bushels of wheat in the
coming season, while the exportable new supplies of export countries are
only 416,000,000 bushels, the International Institute of Agriculture announced to-day. Therefore, it said, old crops and stocks must be drawn
upon for about 110,000,000 bushels.
Exportable stocks, which at the beginning of the season reached 690,000,000 the greatest accumulation recorded in late years—will thus be
under an appreciable reduction, so that on Aug. 1 1934, they will amount
to 580,000,000 bushels, the institute added.
"There is," it also said, "a prospect of a not insignificant amelioration
of the stocks situation, which has been aggravated each year since 1927.'
Plan to Limit Philippine Sugar Production—Leaders
Unable to Agree Whether Crop Restriction Shall
Apply This Year.
Associated Press advices from Manila, P. I., Nov. 21
stated:
The insular Legislature's plan to limit voluntarily Philippine sugar production for two years apparently came to naught to-day when leaders
failed to agree whether the measure applied to the current crop year.
Governor General Frank Murphy indicated he would veto the bill because of charges it was tampered with since the Legislature adjourned on
Nov. 9.
The measure limiting the acreage was designed to hold production to
approximately 1,400,000 long tons of raw and 80,000 tons of refined sugar.
It was passed at the Insistence of Manuel Quezon, Senate President, now
heading an independence mission to Washington, who felt it would be
evidence of the Filipinos' desire to co-operate in the American sugar restriction program.
Third Latvian Sugar Mill Opened in Government's
Program to Make Country Independent of Foreign
Supplies.
The Government program designed to eventually make
Latvia independent of foreign supplies of sugar has resulted
in the recent opening of a sugar mill at Libau, according to
advices from Consul A. E. Carleton, Riga, made public by
the U. S. Commerce Department on Oct. 19. This makes
three sugar mills now operating in that country. In its
announcement of Oct. 19 the Commerce Department added:
It is understood that the three operating mills will not be able to procace
sufficient sugar annually to supply the country's requirements, and that a
fourth will be erected in another district, the actual site for which has not
been determined.
According to figures issued by the Latvian Administration of the Sugar
Monopoly, the two sugar mills which have been operating produced approximately 25,000 metric tons of sugar during the year ending Aug. 31
1933. It is estimated that total production of the three mills in the year
ending Aug. 31 1934, will be in excess of 30,000 metric tons. Consumption
of sugar in Latvia is slightly over 40,000 metric tons annually.
Stock Curtailment Program to Aid Dutch Cattle
Industry.
. In an effort to improve the present unfavorable position
of the cattle and dairy industries of the Netherlands, the
Government has decided to decrease the number of cattle in
the country, it is revealed in a report to the Commerce Department from Commercial Attache J. F. Van Wickel, The
Hague. In making this known, on Nov. 18, the Department
added:
The demand for beef and dairy products of populous neighboring countries, the report shows, resulted in Dutch farmers developing a large and
profitable export business in such items. Since 1929 the declining purchasing power of these markets, together with numerous trade restrictions, has
affected this trade to a marked degree. The extent of the decline in Dutch
exports of cattle, beef and, dairy proiucts is shown by the fact that the
total of such shipments fell from 238,000,000 florins in 1929 to 90,000,000
florins in 1932.
While a number of measures were taken by the Dutch Government to
assist the cattle producer, results were not satisfactory. When the cattle
census taken last July showed that stock had increased 20% since 1930,
the Government decided to drastically reduce the number of head.
3741
Financial Chronicle
To this end, a Government body called the Crisis Cattle Central Organization, was set up which after studying the situation decided to take 200,000
cattle out of the market. These are to be bought at specified prices, according to grade and condition of stock. An effort will be made to export as
many as possible on the hoof or as frozen beef. The remainder will be
slaughtered and the meat canned, this to be made available at cost price
to the Government-supported unemployed.
As the Government program began to operate only on Oct. 15 last, the
report points out that it is too early to form any definite opinion as to the
final results of the scheme. (Mint par value of florin equals 40.20c.)
Consumption of Sugar by 12 European Countries
Higher—Production During First Month of 1933-34
Crop Below Last Year.
According to a report issued under date of Nov. 20 by
B. W. Dyer & Co., sugar economists and brokers, statistics
of 12 European countries for the first month of the 1933-34
crop show the following results: (1) Consumption is higher by
51,764 long tons, or 9.5% compared with the same period
the previous year. (2) Production is behind last year by
27,159 tons a decrease of 14.5%. (3) Stocks on Oct. 1
1933 were 530,788 tons less than stocks on Oct. 1 1932 or a
decrease of 26.3%.
Department Store Sales in Metropolitan Area of New
York During First Half of November.
In an announcement issued Nov. 21, the Federal Reserve
Bank of New York reports that department store sales in the
metropolitan area of New York increased 2.2% during the
period from Nov. 1 to Nov. 15, as compared with the same
period last year. Each period consisted of 13 shopping days.
During the first half of October sales decreased 2.2%.
An increase of 2.6% was reported by New York and
Brooklyn department stores during the first half of November, while stores in Northern New Jersey showed an advance
of 0.3%.
Vera Cruz Coffee Credit Expansion.
In Mexico City advices Nov.22 to the New York "Journal
of Commerce" it was stated that credits for coffee planters
of the Jalapa zone, Vera Cruz State, have been expanded
with the establishment of deposit storage warehouses in that
region by the National Agricultural Credit Bank. It was
added that the planters are able to obtain financing by depositing portions of their crops with the bank's warehouses.
Brazil's Coffee
Stock Totaled 17,842,000
on Sept. 30.
Bags
Certified accountants have completed their job of counting
Brazil's coffee stocks and state that the Sept. 30 total is
17,842,000 bags, according to cable advices to the New York
Coffee and Sugar Exchange. This is the first time that such
a certification has been made, and is in accord with Brazil's
previously announced policy, the Exchange announced.
Closely approximating the total of 17,702,000 compiled by
the Statistical Departirient of this Exchange as of Aug. 31,
this cable should serve to clear up any existing uncertainties
as to the accuracy of previously published figures. The
Exchange announced further:
They also certified that the National Coffee Department owns 14,034,000
bags of the total, of which 12,934,000 bags are held as a guarantee for the
balance of the twenty million pound sterling loan made in 1930. Although
remittances to cover amortization of this loan have not been forwarded
for some time, due to existing conditions and restrictions in foreign exchange, the "count" finds that the coffee held covers the balance of the
loan outstanding. According to the terms of the loan, Brazil was to pledge
16,500.000 bags to be liquidated at the rate of 1,650.000 bags per year,
or 137,500 per month. Since July 1930, remittances covering 3,566,000
bags have been made and a corresponding amount of coffee released.
Organization of Mexico's Coffee Industry Under Way—
Growers Plan to Organize Bank to Meet Demands.
The movement to effect a State-wide co-operative organization of Mexico's coffee growers appears to be meeting with
success, according to a report to the U.S. Commerce Department from Commercial Attache T. H.Lockett, Mexico City.
The greatest handicap which the coffee producer in Mexico
has had to face, the report points out, has been the lack of
funds to properly cultivate his crop and hold it until a favorable price could be secured. One of the chief objects of
collective action on the part of growers is to establish a bank
that will meet their demands. We further quote as follows
from an announcement issued by the Commerce Department
on Nov. 11:
Realizing the importance of the coffee crops to Mexico, both the State
governments and the central Government have come forward to render
every possible assistance to the coffee industry. The latter has recently
successfully completed the organization of the country's banana industry
and is now desirous to achieve the same results in the coffee industry.
In the State of Vera Cruz, the largest coffee-producer in the Republic.
attempts are being made to organize the coffee growers. The program consists of first forming co-operatives, then uniting them into e State co-
3742
Financial Chronicle
operative and finally each State co-operative will become a member of the
National confederation. The National confederation would control the
sale of coffee of all its members, as well as establish the central bank.
One plan now under discussion, the report shows, is that 10 centavos Per
quintal would be collected by the co-operative and a large percentage of that
fund would be used for the establishment of a bank.
Total coffee production of Mexico in 1932 amounted to 23,400,000 kilos
and it is estimated that this year's crop will be about 5,000,000 kilos under
that figure. In case all producers in the country would pay 10 centavos Per
quintal into the association on the basis of this year's production, the
amount so collected would total around 40,000 pesos. The Federal Government would without doubt supply an equal amount, it is pointed out. ItO
that the bank would be founded with an initial capital of 80,000 Peses•
(Mint par value of silver peso equals 49.85 cents, U. S. Currency.)
(Kilo equals 2.204 pounds.)
24,701,000 Bags or 3,260,532,000 Pounds of Coffee
Destroyed by Brazil Since June 1931-472,000 Bags
Destroyed from Nov. 1 to 15.
Since June 1931, the start of the program for the elimination of the surplus, Brazil has destroyed, principally by
burning, a total of 24,701,000 bags of coffee, (each bag consisting of 132 pounds), according to a cable received by the
New York Coffee & Sugar Exchange. All this coffee was
purchased with moneys collected through a coffee export
tax. This amount exceeds by 1,851,000 bags the total world
consumption for the last complete crop year, July 1932 to
June 1933, and represents coffee valued, in consuming
countries, at somewhere in the neighborhood of $200,000,000.
An announcement issued by the Exchange continued:
Since July 1 of this year. the program has been speeded up, 6,376,000
bags having been eliminated in the five and one-half months or at the rate of
1,417.000 every 30 days. This rate compares with a monthly average of
827,000 bags during the 1932-33 crop year which ended June 30 and of
698.000 bags during the first year of the plan, June 1931 to June 1932.
During 1931-32, 8,376,000 were destroyed as compared with 9,949.000
bags in 1932-33. According to the cable, the Nov. Ito 15 total was 472,000
bags which compares with 636,000 for the last half of October and 486,000
for the first half of that month.
Appeal Made by St. Louis Live Stock Exchange to Producers to Hold Back Cattle—Expects Absolute
Demoralization in Cattle Markets Unless Curtailment is Made.
A statement was issued on Nov. 17 to producers of live
stock by the St. Louis Live Stock Exchange requesting them
to lend their support by withholding cattle from what was
described as a demoralized market until at least after Thanksgiving, states the St. Louis "Globe-Democrat" of Nov. 18.
It is believed by that time the present over-abundant supply
of dressed beef will have been partly cleaned up. The statement, as given in the paper quoted, follows:
Receipts of cattle at principal Western markets this week total 192,000
head, an increase of about 38,000 head, or 25% over the corresponding period
last year.
Receipts for several weeks past have been running over a year ago in
about this same proportion.
Owing to the larger percentage of long-fed cattle coming to market this
autumn the increased beef supply is even larger than the receipts figures
would indicate.
One large local killer reports his slaughter of beef cattle the current week
running nearly double that of a year ago.
All packers claim the beef markets are glutted with supplies and say that
It is absolutely necessary that there be lighter cattle runs for the markets
the next week or two in order for the killers to move the beef that is already
In the coolers.
The situation is materially aggravated due to the fact that there is
being offered for public consumption at this time vast quantities of game
and the turkey season is now at hand with prevailing prices lower than for
many years.
Another depressing factor is the lack of the usual country demand for
weighty or fleshy feeding cattle which of cattle into consumptive channels.
It is imperative that the country curtail shipments of cattle until at least
after Thanksgiving, thereby giving the beef market an opportunity to
recuperate. It is certain that unless some substantial curtailment is made
In cattle shipments immediately, there will be an absolute demoralization
In the cattle markets.
Activity in the Cotton Spinning Industry for Oct. 1933.
The Bureau of the Census announced on Nov. 22 that,
according to preliminary figures, 30,869,848 cotton spinning
spindles were in place in the United States on Oct. 311933,
of which 25,875,142 were operated at some time during the
month,compared with 26,002,148 for September, 25,884,704
for August, 26,085,300 for July, 25,549,974 for June, 24,609,908 for May, and 24,583,408 for October 1932. The
Cotton Code limits the hours of employment and of productive machinery. However, in order that the statistics
may be comparable with those for earlier months and years,
the same method of computing the percentage of activity has
been used. Computed on this basis the cotton spindles in the
United States were operated during October 1933, at 101.9%
capacity. This percentage compares with 99.6 for September,
106.7 for August, 117.5 for July, 128.9 for June, 112.4 for
May, and 96.9 for October 1932. The average number of
active spindle hours per spindle in place for the month
was 235. The total number of cotton spinning spnidles in
place, the number active, the number of active spindle
Nov. 25 1933
hours and the average hours per spindle in place, by States,
are shown in the following statement.
Spinning Spindles.
Active Spindle Hours
for October.
State.
In Place
Oct. 31.
Active During October.
Total.
Average per
Spindle in Place.
United States....... 30,869,848
25,875,142
7,260,822,134
235 s.
Cotton growing states 19,126,798
New England States_ 10,714,390
All other States
1,028,660
17,614,074
7,528,842
732,226
5,342,706,122
1,742,789,869
175.326,043
279
163
170
1,680,996
754,060
3,058,732
869,030
3,903,876
164,292
829,576
300,440
5,576,208
1,094,170
5,609,278
520,266
217,120
612,842
684,256
514,487,580
162,677,701
901.204.860
205,144,363
908,872,015
51,684,924
167,479,862
70,907,339
1,602,668,312
274,956,508
1,835,168,605
160,097,436
62,822,418
165,643,955
177,006,256
273
168
273
208
157
239
150
129
261
158
320
254
231
255
198
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,883,924
969,208
3.301,038
986,652
5,777,092
215,988
1,119,962
548,892
6,146,194
1,744,212
5,727,712
631,300
271,944
650,478
895.252
Tattersall Finds Cotton Outlook Confused by
Fluctuations in Monetary Exchange.
Under date of Nov. 16 a cablegram from London to the
New York "Times" said:
Tattersall's index as of Nov. 10 gives the general average as 93. Other
averages are: American cotton, 80; American yarn, 95; American cloth.
84; Egyptian yarns, 100. Seventeen cotton mills report dividends for the
last six months at 1.01%. as against 1.12% in the corresponding periodiof
last year.
Tattersall says: "The outlook continues confused by the international
situation and foreign exchange fluctuations. Merchants are inclined to
exercise a good deal of caution before committing themselves to important
contracts.
"General advices from India are rather brighter, but business is not
likely to be active until something definite is decided regarding import
duties. As for China, there is little hope of any real expansion ,but, according to some authorities, prospects are slightly better than they were
some time ago.
"During the past month or two spinners obtained a certain amountrof
relief and now there is distinctly less selling pressure. A testing time is
now being experienced. Demand is rather quieter and the future depends
a good deal upon spinners obtaining delivery instructions against old
contracts. Certainly, spinners now have the opportunity for maintaining
their bettr position if they are loyal in carrying out the agreements entered into."
Dollar Depreciation Hits Exports of Indian Cotton.
The following from London, Nov. 20, is from the New
York "Journal of Commerce":
The Bombay correspondent of the London "Times" cables that depreciation of the dollar in terms of sterling is causing great anxiety in cotton
circles, which see in it a menace to Indian cotton cultivation and cotton
exports. Vigorous representations have been made to the president of the
East Indian Cotton Association, stating that depreciation of the dollar
represented a serious handicap on Indian cotton exports in consuming
markets abroad.
AAA to Advance 4 Cents Pound on Cotton Options—
Will Involve Distribution of $48,000,000 Among
Farmers Participating in Production Control Program.
A 4-cent per pound advance to approximately 600,000
cotton producers who are to receive options on 2,400,000
bales of Government-held cotton will be available as quickly
as necessary forms can be sent to the field, it was announced
Nov. 20 by Oscar Johnston, Director of Finance of the
Agricultural Adjustment Administration. This will result
in immediate distribution of $48,000,000 among those who
participated in this year's production control program, said
the announcement which continued:
The Reconstruction Finance Corporation to-day notified Mr. Johnston
that a commitment of 4 cents per pound on the cotton covered by the
options had been made to the Commodity Credit Corporation. The Commodity Credit Corporation will make these funds available to a cotton option
pool to be established by the Secretary of Agriculture.
Cotton producers who specified in the acreage reduction campaign of
this past summer that they desired options on government cotton at
cents per pound as a part of the consideration for the reduction, will be
required to sign an agreement to participate in the 1934 program in order
to receive the advance.
Forms are being prepared to send to the producers together with the
options. Upon executing the agreement to participate in the 1934 acreage
adjustment campaign and transferring the option to the option pool, the
producer will receive $20 for each bale upon which he is entitled to an
option.
The option pool which is to be established will issue participation certificates to the option holders who have hypothecated their interest in the
cotton for the 4
-cent advance.
Option holders will retain their beneficial interest and upon sale of the
cotton will receive their ratable share of any proceeds above 10 cents a
pound after expenses have been deducted.
Cotton Ginners Marketing Agreement Tentatively Approved by Secretary of Agricultural Wallace-Charges for Ginning Service to Farmers.
A cotton ginners marketing agreement was given tentative
approval on Nov. 20 by Secretary of Agricultural Wallace.
It is stated that it provides for schedules of maximum service
charges, creates system of State and National control,insures
Volume 137
Financial Chronicle
better quality of ginning through equipment and handling
requirements, eliminates unfair trade practices, and provides
machinery through which commercial ginners may regulate
ginning facilities to the requirements of particular ginning
communities.
The agreement will be submitted to the ginners for their
signatures and then returned for final approval and to become effective on a date to be fixed by the Secretary. Any
license which might be issued will apply to all commercial
ginners equally. Approximately 14,000 commercial gins are
affected by the agreement.
Charges for the ginning service to farmers, according to
the agreement, would be established by the State Administive Committees for each ginning community in which a gin
plant is located. The agreement provides that for the 193334 ginning season, the maximum rates shall be as follows:
For picked upland cotton, the maximum rates to range from 25c. Per
hundredweight of seed cotton to 30c. The maximum rate for this type of
cotton, as stated in the agreement, is 25c. in Alabama, Florida, Georgia,
North Carolina, South Carolina and Virginia; 25c. in the hill regions; and
30c. In the delta regions of Arkansas, Illinois. Kentucky, Louisana. Mississippi, Missouri and Tennessee.
For upland cotton in the State of Oklahoma and the non-irrigated areas
of Texas, the maximum rate in the agreement is 28c. Per hundred. In
Arizona, California, New Mexico, the irrigated cotton areas of Texas, and
all other regions not included above, the rate stated shall not exceed 30c.
per hundred.
The maximum rate prescribed for Pima cotton is .50c. per hundredweight
of seed cotton.
It is also provided that "in ginning upland cotton of a staple length
of 1% inches or longer the ginner shall perform such services as may be
necessary for the proper ginning of such cotton and may charge for such
services not in excess of 5c. over and above the rates established for that
ginning community." The delta regions of the Mississippi River and its
tributaries are excepted from the sur-charge provision.
Other charges to cotton growers for services rendered preparatory to
ginning are fixed in the agreement.
In initialling the agreement, Secretary Wallace appended a
statement in which he called attention to the fact that under
its terms farmers are not directly represented on State
committees except insofar as they are members of co-operatives and that while the ginning rates to be established in
each community are subject to disapproval by the Secretary,
"should it not be stated that rates would not go into effect
until after approval here?" The Secretary stated that he
did not believe that the present provision for establishing
rates should be continued after the 1933-34 season. He also
pointed out that the agreement made no provision for supervision, either by public agencies or by farmers' representa• tives over the drawing of cottonseed samples. "Should
there not be definite provision by the industry for public
inspectors under the Department, paid for by the industry,
under Department supervision?" Secretary Wallace suggested.
Secretary Wallace suggested that if enough farmers agreed
with his conclusions on the points noted, a public hearing
should be held before the next ginning season in 9rder to
amend the agreement.
C. A. Cobb, Chief of the Cotton Production Section of the
Agricultural Adjustment Administration, who directed the
negotiations on the marketing agreement, stated that
"while the current ginning season has almost ended, this
agreement gives to the commercial ginning industry a basis
upon which to effect these changes for the next season.'
The announcement issued Nov. 20 by the AAA further said
The agreement Provides that the industry shall organize State Administrative Committees whose Chairman shall constitute a National Administrative Committee. The Committee decisions are subject to the
approval of the Secretary of Agriculture.
The agreement provides that the Secretary of Agriculture, acting with
the advice of the National Committee, shall determine the schedule of rates
for each season before the opening of the season, and reserves the right
to change the schedule any time, after investigation and hearing.
Under the agreement. commercial gins after July I 1934 are required to
be equipped with the minimum apparatus required to assure cleaning, extracting and ginning services capable of producing samples of ginned lint
having elements of quality (color excepted) equal or superior to the classifications based upon the official cotton standards of the United States. The
required apparatus is specified in the agreement.
Machinery for voluntary elimination of excessive ginning capacity as
well as restriction on the erection of additional gins is provided for in the
agreement.
"Two or more ginners in any ginning community, with the approval of
the State Administrative Committee and the Secretary," it is provided,
"may by unanimous consent pool their interests and close certain gins on
set days or for the season." The operators of the plants closed, under the
agreements "shall be reimbursed on an equitable basis by the other parties
to the agreement."
The agreement stipulates certain unfair trade practices which the parties
agree to eliminate. Prohibited practices include: extending unsecured credit
for services; paying allowances or rebates, refunds, bonuses of any kind:
extending to customers special services or privileges with the effect of
injuring a competitor and where the effect may be to evade the charges
established under agreement.
Under the terms of the agreement it is unfair to offer stock ownership
or any interest in a gin to a grower with the intent and effect of injuring
a competitor or substantially lessening competition. This provision does
3743
not prevent bona fide co-operative associations or societies from owning
and operating cotton gins in accordance with the law.
k The agreement provides for posting the grades of cotton seed in the
various ginning communities.
Storage of cotton seed by the ginner for the account of the farmer is
prohibited "providing that nothing in this section shall prevent the ginner
from reselling seed to the farmer for his personal use only at the price paid
by the ginner at the time of the purchase."
Other provisions in the agreement include the establishment of a uniform
system of cost accounting principles; the right of the Secretary to examine
books and records of individual ginners; the use of standard material for
bale covering when established by the Secretary; the use of a standard type
of bale identification marker; and the sampling of individual bales, as
required by the Secretary, with such identification marks and information
as may be required.
New York Cotton Exchange Says Russia Is Large
Potential Market for American Cotton—Annual
Consumption of All Growths of Cotton by Soviet
Union Approximately 2,000,000 Bales.
SovietiRussia constitutes a large potential market for
American cotton, provided the Soviets succeed in their plan
of raising the standard of living of the Russsian people
to compare with that in other western countries, according
to data compiled by the New York Cotton Exchange.
Issued by the Exchange under date of Nov. 22 the data further pointed out:
Before the World War per capita cotton consumption in Russia was
about 4.0 pounds, as against 12.0 in Switzerland. the highest per capita
European consumption. and 19.0 pounds in the United States. During
the past five years, the Russian per capita cotton consumption was about
5.6 pounds as against approximately 25.0 pounds in the United States.
The population of the Soviet Union is approximately 160,000,000 as
against about 125,000,000 in the United States. If the per capita consumption of the Russians were equal to that of the Americans, Russia
would consume annually about 8,000,000 bales of all kinds of cotton as
against a consumption of about 6,500,000 by the United States.
At the present time. Russian annual consumption of all growths of
cotton is about 2,000.000 bales and is slowly increasing. Russia is now
using very little American cotton whereas, before the World War, her
mills consumed 400.000 to 500,000 bales annually. Owing to the difficulty
of arranging purchases of cotton abroad, Russia has been forced to expand
her own cotton acreage into areas where cotton growing is uneconomic.
This past year has seen Russian cotton acreage reduced for the first time
in several years, and, while efforts are being made to increase the yield Per
acre on the smaller acreage, it is open to 'question whether cotton production this year, or for some years to come, will exceed last year's growth
of 1,950,000 bales.
If Russian per capita cotton consumption should increase 100% during
the next few years to 11.2 pounds, that is, to approximately half the Per
capita consumption in the United States, Russian annual cotton consumption would be about 3.600,000 bales as against an average of 1,800,000
In the past five years. Since experts on Russia are of the opinion that
Russian cotton production possibilities are limited to approximately 2,000.000 bales for the next few years at least, it would be necessary under such
conditions for the Soviets to import about 1,500,000 bales of cotton for the
remainder of their consumption requirements. American cotton would in
all likelihood constitute the bulk of such imports, with the result that
Russia would import and consume annually about as much American cotton
as Great Britain is now using each year. While it will undoubtedly be a
number of years before Russia is equipped to spin substantial imports of
cotton over and above her own production of the staple, it is very probable
that Russia will use more American cotton this year than for several years
past, when her takings were almost neglgible.
Problems Confronting Cotton Manufacturing
Industry in Italy.
Whether to attempt to meet growing competition in
foreign markets by some form of artificial stimulation, or to
restrict itself to present possibilities is a question which is
being seriously considered by Italy's cotton-manufacturing
industry, according to a report to the U. S. Commerce
Department from its Rome office, the Department announced on Nov. 11, adding:
The matter has come to the fore recently, the report shows, because of
the inroads into Italian trade being made by foreign producers at home
and in export markets.
One school of thought, the report points out, believes that every means
should be taken to increase exports, even to the extent of subsidizing such
shipments. To accomplish this it is projosed to double the sales tax on
cotton goods sold on the domestic market.
The second school of thought is definitely opposed to artificial stiumlation
of exports at the expense of the Italian consumer. This school points out
that the Italian cotton-manufacturing industry has been greatly overexpanded as a result of war developments. It maintains that the only
justifiable plan under present conditions is to scrap obsolete machinery,
close inefficient milh3, reduce output, and discontinue all effort to continue
an artificially supported export trade.
Output and Sales of British Rayon Yarn Reported
at New High Records.
The British rayon industry established new records
during September in both production and sales of rayon
yarn, according to the U. S. Commerce Department's
Textile Division. Under date of Nov. 16 the Division further said:
Output of rayon yarn and waste in that month reached 8.100.000 Pounds.
compared with the previous high record of 7,630,000 pounds in July of the
current year. Sales of yarn and waste totaled 8.230.000 pounds, also a
new high record.
British output of yarn and waste for the first nine months of the current
year totaled 59,900,000 pounds. Reported sales amounted to 60,644.000,
the difference probably being attributable to a reduction in stocks. The
comparative figures for production and sales in the corresponding period
of 1932 were, respectively, 54,080,000 and 53.204.000 puonds.
3744
Financial Chronicle
Petroleum and Its Products—Price Fixing Program of
Administration Postponed—Possibility of Abandonment of Plan Discussed in Trade—Ickes to
Enforce Provisions of Petroleum Code Through
New Agency—Federal Oil Group to Investigate
Pipe Lines—December Allowable Set.
Abandonment of the proposed Federal price control
program is viewed in trade circles as a distinct possibility
following the postponement of hearings upon the proposal
and deferment until Jan. 1 of the scheduled effective date of
the controlled prices. Hearings Monday on the projected
price schedules in Washington were deferred until Dec. 5 by
Secretary Ickes, Oil Administrator, who also announced an
additional 90 days' postponement might then be ordered if
price control opponents are successful in drafting a plan
which will give the industry itself effective control over
production, refining and unfair competition.
While no official statement was made concerning the
possibility of definite abandonment of the price-fixing
plan, it was pointed out by Mr. Ickes that the planning and
co-ordination committee, which recommended the price
fixing had agreed to the time extensions allowed "with a view
to considering whether or not the matters referred to might
lead to a further postponement or a change in its recommendations to me."
In his statement announcing that the effective date for the
price control plan had been put off until Jan. 1, Secretary
Ickes added that this also was "subject to further extensions
or suspension." In view of the prevailing conditions, trade
circles held that this comment indicates that officials anticipate that there may be a reversal of policy.
The hearing, scheduled for 10 o'clock Monday morning,
met with an early delay and an adjournment until 2 o'clock
in the afternoon because of "an unforseen development,"
was announced. Explaining that he entertained an open
mind on the question of Federal price control, N.R. Margold,
Chairman of the Petroleum Administrative Board, in releasing Mr. Ickes's statement, stressed that the move originated
upon the recommendation of the Planning and Co-ordination
Committee.
"Just prior to the time set for the initiation of the hearings," Secretary Ickes's statement said, "it was represented
to me that certain interests within the industry opposed
to price control had suggested to the Planning and Coordination Committee a postponement of the hearings in
order that a fair test might be given to the effect of production control and the administration of other features of the
code.
"I am advised by the Planning and Co-ordination Committee that it acquiesces in a postponement of the hearings for
15 days so that within this period the Planning and Coordination Committee may consider certain plans and suggestions of a group opposed to price control and make a
further recommendation to me. If a definite plan based
upon these suggestions can be worked out it will result in a
postponement of the hearings for 90 additional days."
Briefly, Mr. Ickes pointed out, the Planning and Coordination Committee, original sponsor of the proposed price
schedule, agreed to the delay in the hope that conditions
may be changed by the industry itself with the result of
further postponement of the price control plan or "a change
in its recommendation to me."
The assumption by the trade of the likelihood of the abandonment of the proposed price fixing plan was strengthened
by the announcement that the Administration plans strict
enforcement of the petroleum code between now and Jan. 1,
the postponed date upon which the proposed price schedule
will become effective. Creation of a special group to deal
with violations of the code was announced by Mr. Ickes.
It was held that the results of the program between now
and the first of next year will plan a major part in the final
decision upon Federal price control.
The major objective of the P. A. B. in its administration
of the petroleum code is strict enforcement of the production and marketing provisions, Mr.Ickes said. Court prosecution will be resorted to wherever and whenever necessary,
he said. Full co-operation from the industry was asked.
Special attention will be devoted to violations of the
marketing sections of the code, including practices such as
ca
-throat coriapetitive underselling. Violators of the "hotoil" regulations also will be vigorously prosecuted. Many
complaints emanating from Texas will be dealt with by
the newly organized group of lawyers chosen by Secretary
.
Ickes to form the field and headquarters enforcement agency.
Plans for an investigation of oil pipe lines were also an-
Nov. 25 1933
nounced by Mr. Ickes, who said that the temporary "breathing spell" provided by the postponement of the price-fixing
measure would be utilized for this purpose.
Bitter attacks by many independent oil producers on the
ownership of pipe lines by major companies on the basis
that it enabled them to sell oil and•gasoline below cost as a
result of their profit on pipe line operations were made during
the hearings on the petroleum code.
Crude oil production was set at 2,100,000 barrels daily for
December and January in a ruling made by Secretary Ickes.
This compares with actual production of approximately
2,330,000 barrels daily in the week ended Nov. 18 and
2,317,000 barrels in the previous week, according to the
Oil and Gas Journal. The previous allowable announced
on Oct. 1 was 2,338,500 barrels a day, so that the new figure
represents a cut of 128,500 barrels .
Texas and Oklahoma bore the brunt of the reduction,
an analysis of the State allowable disclosed. Texas output
was cut to 888,000 barrels from 965,000 barrels on Oct. 1,
although this figure has been pared by Secretary Ickes
since then, while Oklahoma was cut to an allowable of 457,000 barrels from 495,000 on Oct. 1.
Some criticism of the announced total was heard in the
trade in support of which it was pointed out that in December last year runs of domestic crude to stills amounted to
2,040,000 barrels daily. The current weakness in retail
gasoline price structures, centered mainly on the Pacific
Coast, points the need for further reductions in crude output, it was held.
There were no price changes posted during the week.
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Gasoline Service Station, Tax Included.
$.185 Detroit
$.156 Minneapolis
$ 159
19Si Houston
5 New Orleans
.193
.203 Jacksonville
.20
Philadelphia
14
.14
185 Kansas City
San Francisco:
19
193 Louisville
Third grade
15A
165 Los Angeles:
Above 65 octane_ .18
.21
125
Third grade
Premium
20
.21
Standard
145 St. Louis
146
195
Premium
165
REFINED PRODUCTS—ICKES ANNOUNCES GASOLINE STORAGE CURB—ROCHESTER PRICES UNSETTLED—NEW ORLEANS RETAIL GAS PRICES UP THREE CENTS—MID-WEST
BULK MARKETS NERVOUS—LOCAL BULK GAS MARKET
EASIER.
Holding that the refined petroleum products' markets are
suffering from excessive stocks of gasoline with the resulting
weakness in the price structure throughout the country,
reflected by severe price-wars on the Pacific Coast and other
sections in the nation, Secretary Ickes, under authority
delegated to him by the Petroleum Code, has issued an order
limiting gasoline storage inventories as of December 31 1933,
to 51,000,000 barrels, an increase of 600,000 over the existing levels.
This step will curb the usual seasonal rise in gasoline stocks
during December when the sharp decline in consumption
normally boosts stocks sharply. The 600,000 barrel differential between current stocks and the allowable on December
31, will allow for part of this seasonal rise but refining operations will be sharply curtailed by the new order, it is felt.
• In announcing the new plan, Secretary Ickes announced
that the country has been divided into eight regional districts.
An interesting angle on the price-control question was disclosed in his answer to a query as to whether the expected
resulting stability in gasoline markets would obviate price
control, Mr. Ickes conceding that "it might" do so. While
many unofficial indications are available that the oil control
authorities are definitely considering the abandonment of
the proposed price control plan, this was the first indication
from Mr. Ickes himself that the plan might be dropped.
The order disclosed that stocks allowed to be held in the
respective districts and sub-districts are figured by applying
the percentages prescribed to total sales for each district in
the 12 months ended with Sept. 30 1933. Sales for each district will be calculated from statistical data on gasoline production and stocks reported monthly by the United States
Bureau of Mines.
Gasoline inventories covered by the order include stocks
held at refineries, bulk terminals, in pipe lines and elsewhere
at the close of the current year. Natural gasoline stocks are
excluded.
The respective districts and their inventory percentages
are as follows:
1. East Coast—To include refineries located in all States bordering the
Atlantic Ocean except refineries located in western New York and western
Pennsylvania. Percentage allowable is 20.3%
2. Appalachian—To include refineries in western New York, western
Pennsylvania, West Virginia and eastern Ohio. The percentage for this
area Is 13.9%.
Volume 137
3. Indiana, Illinois, Kentucky, etc.
-To include refineries located in
Michigan, western Ohio, Indiana, Illinois, Kentucky and Tennessee.
The percentage for this district was set at 11.5%.
4. Oklahoma-Kansas.
-To include refineries in Oklahoma, Kansas,
Missouri and Iowa. Percentage 11%.
5. Texas.
-To include refineries located in Texas, divided into two subdistricts: (a) Inland Texas with a percentage of 6.5% and (b) Texas gulf
coast with a percentage of 7%•
6. Louisiana-Arkansas.
-Refineries in southern Louisiana, Louisiana,
Arkansas, Alabama and Mississippi, divided into two sub-districts: (a)
Louisiana gulf coast including Alabama with a percentage of 9:2%, and (b)
Northern Louisiana and Arkansas, including Mississippi with a percentage
of 5.5%.
7. Rocky Mountain.
-To include refineries in Montana, Wyoming, Utah,
Colorado, Arizona, New Mexico, western South Dakota and western Nebraska, with percentage of 13%.
8. California.
-Refineries in California with percentage at 18.2%.
The application of these percentages will result, it was
said, in the following gasoline inventories as of Dec. 31 1933:
District No. 1, 14,065,000 barrels; No. 2, 2,360,000 barrels;
No. 3, 7,220,000 barrels; No. 4, 5,780,000 barrels; No. 5
(A) 1,930,000; (B) 4,940,000; No. 6 (A) 1,320,000; (B)
450,000; No. 7, 1,125,000; No. 8, 11,810,000; total, 51,000,000 barrels.
Advances of three cents a gallon in retail gasoline prices
by all major factors in Rochester last Saturday were viewed
as the end of the gallonage war which brought these prices
down 2 cents on Nov. 1 and an additional cent a gallon on
Nov. 4, but action taken to-day (Friday) by the Standard
Oil Co. of New York, Inc., in posting a cut of 1 cent and
announcing that this step was necessary to meet local competition brought forth the fear that the war would promptly
start again. Although up to a late hour to-night (Friday)
no other major factors had met the Socony cut, it was felt
that all major factors would swing into line immediately.
The California war continues with no changes in prices
posted during the week. The action taken by the Oil
Administrator, however, to curb gasoline production may aid
conditions on the Pacific Coast. Another factor which may
aid in stabilizing conditions in California is the postponement of the price control plan. Under the proposed program,
California companies would meet with considerable losFes in
any effort to dispose of surplus stocks on the Atlantic Coast,
since the price in the West Coast was set higher.
One bright spot in the gasoline market was the advance
of 3 cents a gallon in retail prices announced in New Orleans
Wednesday. Improved conditions there under the petroleum
code justified the advance, reports that from area disclosed.
Opinion in the Mid-West bulk gasoline markets on the
near future trend of prices was confused following the announcement of the postponement of the price control program. Temporary pressure on the market which has
developed from time to time in recent weeks has been
relieved by the action of major companies which have been
absorbing the distress stocks.
Whether the news on the price control plan will bring out
substantial totals of gasoline held in anticipation of higher
prices or whether these stocks are limited and could readily
be absorbed in the same manner as other distress offerings
in recent weeks remains unsettled. However, production
of cheap gasoline has been curtailed through the tightening
up of crude oil output and the reduction in refinery opera
tions is bring down output to within approximate market
demand levels.
Retail markets in the area surrounding Chicago are not
strong, however, and price-cutting is particularly prevalent
in the metropolitan area. Price cutting has been confined
to the smaller companies, however, and the major units
are maintaining prices on a fairly stable basis.
Retail prices for gasoline held fairly firm in the local
market as local price-cutting was curbed under NRA code
provisions. However, consumption is showing its usual
seasonal decline.
Tank car quotations on gasoline along the Atlantic
Seaboard were slightly easier, although no cuts were reported in the local market. Prices eased off slightly at
Boston and Providence, quotations being 6.45 cents a gallon
and 6.40 cents, respectively. Baltimore prices also eased
towards the close of the week and offerings were made at
63.4 cents for above 65 octane, while below 65 octane was
available at 6 cents a gallon, in tank car lots.
Kerosene moved better in the local market as demand
rose under seasonal stimulus. Prices, however, are maintained unchanged,41-43 water white being held at 53. to 5
cents a gallon, tank car, refinery. Diesel and bunker fuel
oils were in routine demand with prices holding steady.
Price changes were as follows:
Nov. 18.
-All leading factors in Rochester followed the lead of the
-cent a gallon boost
Standard Oil Co. of New York, Inc., in posting a 3
3745
Financial Chronicle
in retail and tank wagon gasoline prices. The new postings are 14 cents
and 13 cents a gallon, respectively.
Nov. 23.
-Retail gasoline prices were boosted 3 cents a gallon by all
major marketers in New Orleans.
Nov. 24.
-The Standard Oil Co. of New York, Inc., to-day lowered
retail and tank wagon gasoline prices in Rochester 1-cent a gallon to 13 cents
and 12 cents a gallon, respectively.
Kerosene, 41-43 Water White, Tank Carm F.O.B. Refinery.
New York:
Chicago
$.02-.03I4 New Orleans. ex_--9.0334
044-.03%
(Bayonne)_ $.05(-.054 Los Aug.,ex .0414-.06 Tulsa
North Texas
03
Fuel 011, F.O.B. Refinery or Terminal.
N. Y. (Bayonne):
Gulf Coast C
.95
California 27 plus D
5.75-1.001Chicago 18-22 D_ .425-50
Bunker C
$1.10
80 Philadelphia C
.85
Diesel 28-30 D_ 1.95 New Orleans C
Gas Oil, F.O.B. Refinery or Terminal.
ITulsa
N. Y. (Bayonne):
!Chicago:
28 plus G 0-.3.03%-.041 32-36 GO
5.01%1
$ 01%
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
Chicago
N. Y.(Bayonne):
S.05-.0534
N. Y. (Bayonne):
Shell Eastern Pet_S.0675 New Orleans,ex- .04-.0414
Standard Oil N. J.:
Arkansas
04-.04%
Motor,U.8......$.07 New York:
.05-.07
-Beacon..- .0650 California
62-63 octane... .0625 Colonial
.0675 Los Angeles, ex_ .04%-.07
vStand. Oil N. Y. .07
zTexas
06H-.07%
.0625 Gulf ports
Tide Water Oil Co. .07
Gulf
05-.053(
:Richfield °Inca.) .07
Republic 011
.0650 Tulsa
.05%
Warner-Quin. Co.. 07
Sinclair Refining_ .06% Pennsylvania._
x Richfield "Golden."
"Fire Chief," 5.07. v Long Island City.
Crude Oil Output Increased During Week Ended
Nov. 18 1933, But Continued Below Quota Allow-Invenable by Secretary of the Interior Ickes
tories Lower.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Nov. 18 1933 was 2,307,100 barrels, 31,400 barrels below
the allowable figure effective Oct. 1 1933 which had been
set by Secretary of the Interior Ickes. The current figure
compares with 2,273,300 barrels per day produced during
the week ended Nov. 11 1933, a daily average of 2,309,850
barrels during the four weeks ended Nov. 18 and an average
daily output of 2,111,100 barrels during the week ended
Nov. 19 1932.
Inventories of gas and motor fuel stocks declined 513,000
barrels during the week, or from 128,041,000 barrels at
Nov. 11 to 127,528,000 barrels at Nov. 18 1933. In the
previous week inventories were reduced by 1,273,000 barrels.
Further details, as reported by the American Petroleum
Institute, follows:
Imports of crude and refined oil at principal United States ports totaled
774,000 barrels for the week ended Nov. 18, a daily average of 110,571
barrels, compared with a daily average of 108,471, compared for the last
four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 576,000
barrels for the week ended Nov. 18, a daily average of 82,286 barrels,
compared with a daily average of 86,107 barrels over the last four weeks.
Reports received for the week ended Nov. 18 1933 from refining companies
controlling 92.4% of the 3,616,900 barrel estimated daily potential refining capacity of the United States, indicate that 2,196,000 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, 28,710,000 barrels
of gasoline and 127,528,000 barrels of gas and fuel oil. Gasoline at bulk
terminals, in transit and in pipe lines amounted to 19,842.000 barrels.
Cracked gasoline production by companies owning 95.1% of the potential
charging capacity of all cracking units, averaged 441,000 barrels daily
during the week.
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures In Barrels)
Average
Actual Production
xPederal
4 Weeks
Agency
Allowable Week End Week End. Ended
Nov. 18
Nov. 18
Nov. 11
Effective
1933.
1933.
1933.
Oct. 1.
Oklahoma
Kansas
Week
Ended
Nov. 19
1932.
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not inel.
Conroe)
522,450
123,350
498,250
107,350
480,250
111,700
387,400
96,650
39,150
57,400
24,100
121,550
43,100
403,950
56,100
44,450
495,000
116,000
39,000
57,350
23,850
119,800
43,150
399,700
56,000
39,750
42,150
56,300
23,800
120,950
43,850
434.000
62,950
44,100
45,600
47,900
24,850
164,850
49.200
355,700
18,000
53,750
99,450
99,900
104,300
107,350
889,250
878,500
932,400
867,200
25,700
48,250
25,350
50,550
25,900
49,100
29,500
38,400
70,000
73,950
75,900
75,000
65,900
Arkansas
33,000
Eastern (not inel. Michigan)
94,200
Michigan
30,000
Wyoming
30,050
Montana
6,450
Colorado
2,400
New Mexico
41,400
California
455,000
32,850
91,100
30,800
29,600
7.100
2,600
41,850
462,200
32,700
92,750
29,300
29,600
6,950
2,500
41,900
477,600
32,750
95,450
29,950
29,800
6,950
2,500
41,900
471,200
33,750
98,400
19,450
34,850
5,900
2,600
31,600
467,400
Total Texas
965.000
North Louisiana
Coastal Louisiana
Total Louisiana
Total
2.338.500 2.307.100 2.273300 2 zoo ARO 2 111 inn
x These aliowables became effective Oct. 1,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 oil which
Might have been surreptitiously produced.
3746
Financial Chronicle
CRUDE RUNS TO STILLS. MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED NOV. 18 1933.
(Figures in Barrels of 42 Gallons Each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
Reporting.
Potential
Rate.
Total.
Daily OyerAverage. Wed.
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
East Coast
582,000 582,000 100.0 446,000 76.6 14,298,000 8,440.000
Appalachian_ _
150.800 139,700 92.6
97,000 69.4 2,106,000 1,015,000
Ind., Ill., Ky
436,600 425,000 97.3 333.000 78.4 7,044,000 6,208.000
Okia.,Kan., Mo.. 462,100 379,500 82.1 238,000 62.7 5,589,000 4,214,000
Inland Texas
1,775,000
274,400 165,100 60.2 86,000 52.1 1,273,000
Texas Gulf
537,500 527,500 98.1 415,000 78.7 5,396,000 7,206,000
Louisiana Gulf
162,000 162,000 100.0
85.000 52.5 1,207,000 2,123,000
No. La.
-Ark __
229,000
588.000
82,600
52,000 68.0
76,500 92.6
Rocky Mountain
859,000
725,000
80,700
40,000 62.9
63,600 78.8
California
848,200 821.800 96.9 404.000 49.2 14,101,000 95,234,000
Totals week:
Nov. 18 1933_ 3,616,900 3,342,700 92.4 2,196,000 65.7 b52102,000 127,528,000
Nov. 11 1933_ 3,616,900 3,342,700 92.4 2,084,000 62.3 52,242,000 128,041,000
a Below are set out estimates of total motor fuel stocks in U. S. on Bureau of
Mines basis for week of Nov. 18, compared with certain November 1932 Bureau
figures:
53,900,000 barrels
A.P. I. estimate on B. of M. basis, week Nov. 18 1933
54,040,000 barrels
A.P. I. estimate on B. of M. basis, week Nov. 11 1933
50,919,000 barrels
U.S. B. of M. motor fuel stocks, Nov. 1 1932
51,054,000 barrels
U. S. B. of M. motor fuel stocks, Nov. 30 1932
b Includes 28,417,710 barrels at refineries, 19,842,000 at bulk terminals, in
transit, and pipe lines, and 3.550.000 barrels of other fuel stocks.
NRA Aiding Oil Farmer, States T. S. Hose Oil Review
Aiding
Finds Farmers Have Received Additional $25,000,000
During 19 Weeks of Recovery Program Due to
Increased Prices.
Certain interests who have been active in pointing out
that the NRA has failed the farmers should examine the
beneficial results that have accrued to the oil farmer as
a result of the code. This point of view is set forth in the
current T. S. Hose review of the oil industry, which shows
that since the National Administration, through Secretary
Ickes, took control of the industry the farmer in the oil
industry has received $25,000,000 more than he would
have received had prices of crude oil remained the same as
they were during May and June of this year. An announcement issued in the matter quoted the review as saying:
It was not expected that wonders would be wrought overnight nor were
there any such claims made, yet the farmer, from whose land oil is being
produced and who receives as rental one barrel out of every eight that
are produced without cost to himself, has received in the 19 weeks since
the Administration took control $25.768,449 additional.
During May and June the price of crude was 20 cents a barrel. It
has gradually increased to $1 a barrel at the well. Should the price of
crude continue at $1, and it is likely to go higher in the near future, the
oil farmers will have received in increased rentals by July 1 1934 more
than $100,000.000 than they would have received had oil remained at
the June 1933 price. This income is free from overhead. It is all clear
spending power. This increase is equivalent to the wheat farmer making
a net profit of 16 2-3 cents a bushel on wheat. It has been felt in the
oil-producing areas, both in increased retail and wholesale sales and increased demand for farm implements, motor trucks and automobiles.
Oil, because of its very nature, is the easiest of all our commodities to
control. It has been the first to come back, and this increased spending
power is a tremendous stride toward our return to prosperity. Without
the intervention of the Administration in the oil industry, crude would
probably have been 10 cents a barrel, and instead of an increase in 19 weeks
of in excess of $25,000,000, the farmers' rental would have been decreased
$4,243,000.
If during these discouraging times all the readers of this report would
compare the situation in their general locality to what it was on July 1
of this year, I am quite confident that they would find instances as astounding and as gratifying as had been the experience of the farmer who depends for his living upon royalty oil.
It is an understood fact that certain interests are endeavoring to discredit the results obtained in the oil industry under the NRA. As the
oil "racketeer" circulated untrue propaganda so that he might profit at
the expense of our greatest commodity, so are certain other interests,
impelled by greed, endeavoring to hold down the prices of all commodities.
If true facts are brought to light these interests will be as unsuccessful
as was the oil "racketeer."
It is only fitting that our most essential commodity, oil, should lead
the parade of prosperity which this nation is to enjoy during the years
that are to come.
Nov. 25 1933
for gasoline in mid-continent territory, 734 cents for octane
gasoline at terminals or on barge, and 73/ cents on tank
cars at New York, Philadelphia and Baltimore.
When Mr. Ickes made his announcement on Nov. 20,
more than 100 witnesses had assembled in the auditorium of
the Department of the Interior, ready to testify. Most of
these persons were said to be opposed to the price schedules
submitted by the Planning and Co-ordination Committee of
the industry. In postponing the hearings, Mr. Ickes, said:
As is well known, there has been within the petroleum industry differences of opinion on the question of price control and as to schedules proposed
In the event there should be price control. In other respects, there is very
general agreement within the industry as to the administration of the
petroleum code.
Hearings were to begin this morning on the schedules proposed by the
Planning and Co-ordination Committee. Just prior to the time set for the
Initiation of the hearings it was represented to me that certain interests
within the industry opposed to price control had suggested to the Planning
and Co-ordination Committee a postponement of the hearings in order that
a fair test might be given to the effect of production control and the administration of other features of the code.
I am advised by the Planning and Co-ordination Committee that it
acquiesces in a postponement of the hearings for 15 days so that within this
period the Committee may consider certain plans and suggestions of a group
opposed to price control and make a further recommendation to me. If a
definite plan based upon these suggestions can be worked out it will result
in postponement of the hearings for 90 additional days.
In the meantime effective control of production under the orders of the
Administrator will be continued. In addition it is hoped that all elements
in the industry will begin at once serious efforts to reduce excess stocks of
gasoline, to adjust evils in the marketing situation, to bring about harmonious operation under the code throughout the country, and at the same time
give due consideration to refinery runs.
In other words, as the matter now stands, the Planning and Co-ordination Committee, which recommended the schedule of minimum prices now
before me, acquiesces in this postponement with the view of considering
whether or not the matters referred to might lead to a further postponement
or a change in its recommendations to me.
In view of this situation, I have directed that the hearings now be postponed for 15 days. This involves the postponement also of the effective
date of my order of Oct. 16 1933, fixing Dec. 1 as the tentative date on
which the price schedules proposed by the Planning and Co-ordination
Committee would be effective. Formal order to that effect will be made
by the Administrator.
As the hearings will not begin in any event until Dec. 5, I deem it advisable that the tentative date for putting into effect any price schedules be
postponed at this time until Jan. 1 1934, subject to further extensions or
suspension.
All requests for statistical data which have gone forth and which have not
yet been complied with should be complied with as though no postponement in the hearings had been made, except that such data may be filed
on or before Dec. 10 1933. instead of Nov. 25 1933.
Mr. Ickes also announced on Nov. 20 a revision of the
crude petroleum production allocations in oil States. The
schedule promulgated on Sept. 28 limited total output to
2,338,500 barrels daily, while under the new allocation the
limit was reduced to 2,210,000 barrels. This was prorated
among the States as follows:
Arkansas
California
Kansas
Louisiana
Texas
33,000 Oklahoma
457,000
450,000 New Mexico
41.200
112,000 Rocky Mountain States _ _ _ _ 36,300
69,300 Appalachian and East. States 94,200
888,000 Michigan
29,000
The original allocation fixed Texas production at 965,000
barrels; California, 455,000; Kansas, 116,000; Louisiana,
70,000; Oklahoma, 495,000; New Mexico, 41,400; the Rocky
Mountain States, 38,900; Michigan, 29,000 and the Appalachian and Eastern States, 94,200.
Crude Petroleum Production Off 7,053,000 Barrels in
September, the Decline Being Due Primarily to
the Establishment of the First Allowables Under
• the Oil Code on Sept. 8
-Inventories Continued
to Increase.
According to reports received by the Bureau of Mines,
Department of Commerce,the production of crude petroleum
in the United States during September 1933 totaled 78,186,000 barrels. This represents a daily average of 2,606,000
Secretary Ickes Postpones Operation of Oil Price- barrels, which is 144,000 barrels below the daily average
Fixing Schedules to Jan. 1-Opposition to Pro- of the previous month. This substantial decline resulted
gram Prompts 15
-Day Delay in Protest Hearings
Daily Crude Production Allocation Cut 127,500 primarily from the establishment of the first allowables
under the oil code on Sept. 8. With the exception of Kansas,
Barrels.
Secretary Ickes, Administrator of the oil code, on Nob. 20 all the leading producing States showed a decline in output
postponed the hearing on price-fixing which had been in September, but the majority of the other States showed
scheduled for that date, and extended the effective date for increases. In spite of a material increase in drilling, the
operation of the price-fixing provisions of the code to Jan. 1 daily average output in Texas declined from 1,210,000
instead of Dec. 1 as originally set. This action was inter- barrels in August to 1,114,000 barrels in September. Alpreted by leaders in the industry as indicating that because though nearly half of the decline occurred in the East Texas
of the opposition that had been manifest, the oil price- field, most of the other major fields of the State shared in
fixing program might be abandoned entirely. If hearings the decrease. This condition held true in Oklahoma, where
are held they will not begin until Dec. 5, according to Mr. a large part of the State's decline occurred in the leading
Ickes' announcement, which added that he reserved the field, Oklahoma City, but production in the other important
right to postpone the date further or to suspend the operation fields was also reduced. Production in California was
of the schedules indefinitely. These schedules were first reduced 12,000 barrels daily, most of the decline being
made public on Oct. 16, and were based on a price of $1.11 reached at Long Beach. Production in Michigan rose to
a barrel for 36 degree gravity crude oil of the mid-continent a new record, while Arkansas had its highest daily average
field. The base fixed a wholesale price of 53' cents a gallon since September 1931. The Bureau further stated:
Financial Chronicle
Volume 137
Stocks of refinable crude petroleum on Sept. 30 totaled 360.975,000
barrels, a gain of 64.000 barrels over August.
Daily average crude runs to stills continued to decline, amounting
to 2.511.000 barrels, compared with 2,553.000 barrels in August 1933 and
with 2.130,000 barrels in September 1932.
Although crude runs were decreased, a gain of nearly 2% in the yield
of gasoline resulted in an appreciable gain in motor fuel output. The
indicated domestic demand for motor fuel in September totaled 34.303,000
barrels. This represents a daily average of 1,143,000 barrels, which Is
15,000 barrels, or 1.4% above the average of a year ago. Stocks of motor
fuel, which had declined steadily since March, increased approximately
600,000 barrels in September and totaled 53,062,000 barrels on Sept. 30.
Outstanding changes in the statistics of the minor products were a
gain in tho domestic demand for kerosene and fuel oil and a further decline
in stocks of wax.
According to the Bureau of Labor Statistics, the price index for petroleum
products during September 1933 was 49.6, compared with 40.9 in August
1933 and with 46.7 in September 1932.
The refinery data of this report were compiled from refineries with
an aggregate daily recorded crude oil capacity of 3,537.823 barrels. These
refineries operated during September at 71% of their capacity, given
above, compared with a ratio of 73% in August.
SUPPLY AND DEMAND OF ALL OILS.
(Thousands of barrels of 42 gallons.)
Jan-Sept. Jan-Sept.
1932.
1933.
Sept.
1933.
Increase in stocks, all oils_
85,239
2,750
2,824
171
88,234
2,846
65,518
2,184
2,836
73
68,427
2,281
681,042
2,495
24,693
1,080
706.815
2,589
597,636
2,181
27,486
778
625,900
2,284
b2,146
774
84,052
2,802
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand:
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (production)
Miscellaneous
Josses and crude used as fuel_
Sept.
1932.
78.186
2,606
2,791
155
81,132
2,704
New Supply
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol_ a
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
Aug.
1933.
3,673
1,678
93,585
3,019
1,893
1,243
71,563
2.385
25,492
10,749
743,056
2.722
7,076
c8,016
25,167
c17,775
Natural gasoline
Refined products
Total, all oils
86,509
2.791
79,579
2,353
717,889
2,630
707,237
2,581
3,182
5,007
3,141
5,049
2,113
5,784
26,801
51,037
21,380
60,100
34,303
3,375
25,411
1,426
112
854
1,161
933
3,989
105
3,543
37,426
2,799
25,326
1,635
134
969
1.309
1,042
4,250
148
3,381
33,828
2,581
23.984
932
70
918
1,322
1,067
3.386
87
3,507
286,121
27,163
232,935
12,354
907
7.015
8,639
4,877
34,199
1,100
24,739
284,215
23,336
226,561
13,404
698
6,691
9,744
5,681
30,796
1,645
22.986
78,319
2,526
71.682
2,389
640,051
2,345
625,757
2,284
360,975 1356,434 1354,104
1d360,911 f
3,545
3.779
3,507
254,301 1252,412 1256,512
1d253480 f
Stocks
Crude petroleum
83,401
2,780
360.975
354,104
3,545
254,301
3,507
256,512
618,821
614,123
235
238
618.821 1612.625 1614,123
1d618,170 f
2,231
220
261
Days'supply
a Based upon production of coke reported to coal division by those by-product
coke plants that recover benzol products. b Receipts of foreign crude as reported
on Form A-943. c Decrease. d New basis.
PRODUCTION OF CRUDE PETROLEUM DT STATES AND
PRINCIPAL FIELDS.
(Thousands of barrels of 42 gallons.)
September 1933.
Total.
Arkansas
California:
Kettleman II1Ils
Long Beach
Santa Fe Springs
Rest of State
Total California_
Colorado
Illinois
Indiana:
Southwestern
Northeastern
Total Indiana
Kansas
Kentucky
Louisiana:
Gulf Coast
Rest of State
Total Louisiana..- .._
Michigan
Montana
New Mexico
New York
Ohio:
Central and eastern_
Northwestern
Total Ohio
Oklahoma:
Oklahoma City
Seminole
Rest of State
Total Oklahoma._
Pennsylvania
Tennessee
Texas:
Gulf Coast
West Texas
East Texas
Rest of State
Total Texas
West Virginia
Wyoming:
Salt Creek
Rest of State
Total Wyoming.-- -
August 1933.
Daily Av
. Total. DailyAv.
Jan.Sept.
1933.
Jan.
Sept.
1932.a
1,083
36
910
29
8.671
0.110
1,899
2,009
1,490
9,276
14,674
73
412
63
67
50
309
489
2
14
1,937
2,289
1,658
9,653
15,537
77
411
63
74
53
311
501
3
13
16,632
19.339
14,397
79,392
129,760
714
3,055
16,441
21,041
17,129
80,152
134.763
886
3,800
70
2
67
2
---------------2
70
67
2
128
3,924
3,838
127
412
14
384
12
506
--7
3
31.528
3,410
629
23
652
26,365
4.842
1.355
757
2,112
893
178
1,252
286
45
25
70
30
6
42
10
1,432
846
2,278
846
170
1,269
280
46
28
74
27
5
41
9
10,884
7,295
18,179
5,038
1,520
10,235
2,305
8,486
7,623
16,109
5,025
1,929
9.704
2.720
275
95
370
9
3
12
298
94
392
10
3
13
2,417
772
3,189
2,729
829
3,558
6,899
3,767
6,045
16,711
1,108
----
230
126
201
557
37
----
8,163
4.113
6.480
18,756
1,112
263
133
209
605
36
50,366
31,381
53,986
135,733
9,284
4
26,933
33,027
57,516
117,476
9,487
5
5,551
4,318
16,696
6,857
33,422
339
185
144
557
228
1,114
11
6,423
5,095
18,699
7.290
37,507
357
208
164
603
235
1,210
12
45,534
43,577
155.715
61,814
306,640
2,778
30,325
48,240
93,934
65,345
237,844
2.970
580
373
053
19
13
32
590
371
961
19
12
31
5,345
3,141
8,486
6,121
4,256
10,377
2.606
78,186
U. S. total
a Includes Alaska, Missouri and Utah.
85.239
2,750
681,042
597,636
Aug.
1933.
Sept.
1932.
955
96
264
011
Gas
Dry
643
88
294
915
71
368
Jan.
-Sept.
1933.
Jan.
-Sept.
1932.
5,103
640
2,444
7.969
753
2,595
Total
1 315
1.025
1.354
8.187
11.317
a From "Oil & Gas Journal" and California office of the American Petroleum
Institute.
Venezuelan Crude Oil Output Continued to Exceed
Shipments During October-Both Production and
Shipments Again Higher Than in Corresponding
Month in 1932.
According to "O'Shaughnessy's Oil Bulletin," it is estimated that production of crude oil in Venezuela totaled
10,728,228 barrels of 42 gallons each during the month of
October 1933, as compared with 10,181,844 barrels in the
preceding month and 9,171,320 barrels in the same month
a year ago. Shipments amounted to 10,096,000 barrels as
against 7,794,100 barrels in October 1932 and 9,959,200
barrels in September 1932.
Venezuelan crude oil production during the 10 months
ended Oct. 31 1933 totaled 97,202,792 barrels, as compared
with 97,243,821 barrels during the first 10 months of 1932.
Shipments amounted to 95,341,000 barrels, as against
92,559,000 barrels in the corresponding period last year. A
comparative table follows:
PRODUCTION AND SHIPMENTS OF VENEZUELAN OIL.
[In Barrels of 42 Gallons Each.]
Shipments.
Production.
Month.
1933.
75,212
2,507
Total domestic demand
Daily average
Sept.
1933.
37,518
26,044
689,462
2,516
651
3747
NUMBER OF WELLS COMPLETED IN THE UNITED STATES.a
Jan_ _ _ _
Feb_ ___
March__
April._
May_ _ _
June_ _ _
July____
Aug____
Sept.__
Oct__ _ _
Nov....._
Dec......_
Total yr.
1932.
1931.
1933.
1932.
1931,
9,698,964 9,589,088 10,384,451 9,581,700 9,087,000 10,787,289
8,833.778 8,994,242 9.486,327 8.660.600 8,546,100 9,515,725
9.944,518 9,998,250 10,282,727 10,076,000 9,949,300 10,362,346
9.058,356 10,480,750 9,262,503 9,340,400 11,004,200 8,585,690
9,133,045 10,648,460 9,514,909 9,624,000 11,260,000 9,048,694
9,262,374 10,578,631 9,181,369 8,221,600 10,313.300 8,561,200
10,052.418 9,550,761 9,913,192 9,635,500 8,394,200 9,401,400
10,309,267 9,429,632 9,795,887 10,146,200 8,123,600 9.274,100
10,181,844 8,802,687 9.412,329 9,959,200 8,087,300 9,420,000
10,728.228 9.171,320 9,440.165 10,096,000 7,794,100 9,639.300
8,377,280 8,984,320
8,766.670 9,535,068
9,309,368 9.921,889
9,103,700 0,100,800
110,040,080 112,680,864
115,319,859 116,130,816
Daily Average Natural Gasoline Production Increased
During the Month of September 1933-Inventories
Declined Sharply, Off 7,817,000 Barrels.
According to the United States Bureau of Mines, Department of Commerce, the important natural gasolineproducing States, California, Oklahoma and Texas, all
registered small increases in daily average output in September, with the result that the National daily average rose
from 3,830,000 gallons in August to 3,910,000 gallons in
September. The September average was slightly above that
of a year ago, but the cumulative production for the past
nine months of 1933 was 10% below that of the corresponding
period of 1932. Stocks of natural gasoline held by plant
operators reflected a strong demand by refiners and declined from 35,577,000 gallons on Sept. 1 to 27,760,000
gallons on hand Sept. 30. The Bureau reports as follows:
PRODUCTION OF NATURAL GASOLINE.
(Thousands of gallons)
Production.
Stocks End ofMo.
Jan.
Sept.
1932.
Sept.
1933.
Aug
1933.
3,500 42,500 43,700
6,700
5,800
600
31,800 264.300 288.400
1,600 16.600 18,500
29,800 260,200 279,100
3,000 28,600 36,200
1,300 11,500 14,600
4,500 41,300 46.600
42,500 366.300 420,600
1,723
227
13,382
930
6,945
726
210
1,022
2,595
3.957
427
17,212
1,850
7,393
685
169
1,360
2,524
Total
117,200 118,600 1037100 1154400
Daily average
3,910
3,800
4,210
3,830
Total (thousands of barrels) 2.791
2,824 24,693 27,486
Daily average
91
90
93
100
27,760
35.577
-ai
-3 7
.47
Sept.
1933.
Appalachian
4,100
Illinois, Kentucky, Indiana
500
Oklahoma
31,300
Kansas
1,700
Texas
29.000
Louisiana
2,900
Arkansas
1,200
Rocky Mountain
4.700
California
41,800
Aug.
1933.
Jan.
Sept.
1933.
"Metal and Mineral Markets" for Nov. 23 Reports That
Trade in Copper, Lead and Zinc Slow-Fair Call
for Tin-Silver Price Holds.
Activity in major non-ferrous metals was not stimulated
last week by continued pressure on the dollar in terms of gold;
in fact, the sales volume in copper, lead and zinc contracted
in comparison with business placed in the preceding 7
-day
period. Demand for most metal products has been below
expectations in the last two months, and consumers apparently are not ready to add to their holdings under the
circumstances. With the exception of tin, an imported
item, prices closed the week about unchanged. Tin moved
upward on the fall of the dollar as well as a fair amount of
forward buying by tin-plate mills. Speculative activity in.
Financial Chronicle
3748
silver continues, and the market settled at 443i cents.
In minor metals, some good buying developed in quicksilver,
though prices were unsettled. Platinum was firm at the
recent rise to $38; palladium was advanced $2 per troy ounce
yesterday. The platinum metals have been following the
upward movement in gold quite persistently. The same
publication adds:
Domestic Copper Quiet.
Sales of copper were comparatively light in the domestic market last week.
with more than half the total tonnage booked being sold early in the 7
-day
Period at slight concessions from the 8.25 cents delivered Connecticut basis.
On Thursday a lot of fair size changed hands at 8 cents, and the following
day another lot sold at 8.15 cents. The remainder of the business of the
week was transacted on the basis of 8.25 cents. Much of the metal was for
Prompt or near-by delivery. Shipment of a fair share of the business extended through the first quarter of next year. but in no instance were shipment specifications extending beyond April reported. Fabricators stated
that specifications were holding at about the level that has prevailed in
recent weeks.
Code deliberations continue, with the trade apparently divided on the
outlook for an early settlement of controversial points. In some directions
much progress within the next few days is expected, whereas others hold
that no satisfactory adjustment of differences is probable before Christmas
or even later, so long as sales allocation and price fixing are included in the
proposed copper code.
A good demand for copper prevailed in foreign markets. The sustained
and generally satisfactory volume of trading abroad is held to be largely
the result of actual consumptive demand, inasmuch as much of the business
is for early shipment. Speculative buying against exchange fluctuations
and future requirements is also said to be a factor in the situation. Prices
during the week ranged from 7.90 cents to 8.10 cents, c. 1. f.
Lead Market Inactive.
Buying of lead was limited to a few lots here and there, and both producers and consumers seemed content to do as little as possible pending
some clarification of the Administration's money policy. The refinedlead statistics for October made a poor showing, indicating clearly that
consumption continues below production.
The price held at 4.30 cents,New York,the contract basis ofthe American
Smelting & Refining Co., and at 4.15 cents, St. Louis. No selling pressure
developed among producers, largely because of the constant threat of inflation ofa more drastic character and the hope that the tendency for stocks
of lead to increase can soon be arrested. Stocks of refined lead increased
by 8,520 tons during October. November shipments to consumers may not
exceed 30,000 tons, and, with production at about the same rate as in
October, another gain in stocks of refined metal for the current month
would not surprise those in close tough with the industry.
Though work is still being done on some of the divisions of the lead code,
the instrument is about ready for a hearing. Action on the code is expected
early in December.
Zinc Sales Fall Off.
Sales of zinc last week were slightly less in total volume than during the
preceding 7
-day period. The price structure of the metal continued unchanged and was apparently steady,although an inquiry was reported in the
market yesterday for several hundred tons below the prevailing price level.
No sale at a concession from the 4.50c.St. Louis basis was reported, however.
Strength was given to the market by the announcement that mining companies operating in the Tri-State district will hold the weekly production
of concentrate to about 1,500 tons during the remainder of the current
month. Sales of zinc during the calendar week, according to statistics
circulating in the industry, totaled about 3.000 tons.
Anaconda has closed the two units of its electrolytic zinc refinery at
Anaconda, Mont., and one of its eight units in ts Great Falls plant, owing
to a temporary shortage of zinc concentrate available for treatment in that
area. Demand for high-grade zinc has decreased recently, reflecting lessened activity in the automobile plants.
Tin Fairly Active.
Though the daily fluctuations in exchange accounted for most of the
price changes that occurred in tin, the fact remains that a good business
was booked in the metal for prompt and early 1934shipment,and the market
moved upward in London. Tin-plate producers announced their firstquarter 1934 base price, the revised quotation being $5.25 per box, against
the old figure of $4.65. Higher tin prices and increased production costs
are given as the reason for the advance.
The November tin statistics are expected to be favorable, showing a
reduction in the visible supply of at least 2,000 tons.
Chinese tin, 99%, prompt shipment, was quoted nominally as follows:
Nov. 16, 53.50 cents; 17, 52.00 cents; 18, 52.75 cents; 20, 53.625 cents;
21,54.125 cents; 22, 54.25 cents.
Production of Portland Cement Again Declined During
October-Shipments Higher Than in Preceding
Month, But Continue Below Corresponding Period
-Inventories Lower.
in 1932
According to the U. S. Bureau of Mines, Department of
Commerce, the Portland cement industry in October 1933
produced 5,037,000 bbls., shipped 6,750,000 bbls. from the
mills and had in stock at the end of the month 19,503,000
bbls. Production of Portland cement in October 1933
showed a decrease of 36.6% and shipments a decrease of
22.8%, as compared with October 1932. Portland cement
stocks at mills were 14.2% higher than a year ago._ The mill
value of the shipments-49,135,000 bbls.-in the first nine
months of 1933 is estimated as $62,649,000.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 163 plants at the close of
October 1933,and of 165 plants(tt the close of October 1932.
RATIO OF PRODUCTION TO CAPACITY.
oa. 1932.
The month
The 12 months ended---
34.6%
29.6%
Oct. 1933. Sept. 1933. Aug. 1933. July 1933.
22.1%
24.5%
25.5%
25.5%
35.9%
26.5%
37.8%
26.3%
Nov. 25 1933
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT. BY DISTRICTS, IN OCTOBER 1932 AND 1933.
(IN THOUSANDS OF BARRELS).
Production.
District.
1932.
Eastern Pa., N. J. & Md
New York and Maine
Ohio, Western Pa.,& W. Va
Michigan
Wis., Ill., Ind. & Kentucky
Va., Tenn.. Ala., Ga., Fla. & La_
East. Mo., Ia., Minn. & S. Dak_
W.Mo., Neb.,Kans.,Okla.& Ark_
Texas
Cob., Mont., Utah, Wyo.& Ida_
California
Oregon and Washington
1933.
Stocks at End
of Month.
Shipments.
1932.
1933.
1932.
1933.
674
427
371
342
836
175
695
373
113
182
757
92
1,566
668
829
665
1,375
580
1,306
631
381
144
473
125
1,129
463
641
366
943
423
1,043
511
205
164
725
137
7.939
Total
1,457
486
1,053
640
1,242
488
927
634
218
185
443
166
5.037
8.743
6.750 17.084 19.503
3,782
1,314
2,352
1.249
1.388
1,278
1,513
1,534
546
548
1,063
517
3,990
1,735
2,893
1,617
1,662
1.530
1,993
1,673
715
346
1,016
333
PRODUCTION, SHIPMENTS. AND STOCKS OF FINISHED PORTLAND
CEMENT,BY MONTHS,IN 1932 AND 1933(IN:mous.OF BARRELS.)
Production.
Shipments.
Month.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
5,026
3,971
4,847
5,478
6,913
7.921
7,659
7,835
8,210
7,939
6,462
4,248
1933.
1932.
1933.
2,958
2,777
• 3.684
4,183
6,262
7,804
8,609
8,223
5.638
5,037
3,393
3,118
3,973
6,536
8,020
9,264
9,218
10,968
9.729
8,743
4,782
2,835
2.502
2.278
3.510
4,949
6,709
7,979
8,697
5,994
6,517
6,750
Stocks at sad of
Month.
1932.
1933.
25,778
26,657
27.545
26,496
25,394
24,043
22,512
19,398
17.878
17.084
18,788
20,205
20.624
21.125
21.298
20,542
20.117
19,936
19,848
22.078
021,216
19,503
Total
76.509
80.579
a Revised.
Note.
-The statistics above presented are compiled from reports for October
received by the Bureau of Mines from all manufacturing plants except two, for
which estimates have been Included In lieu of actual return.
Steel Production Shows Gain-Now at 27%% of
Capacity-Scrap Prices Again Decline.
While current steel bookings show only a slight change
for the better, the general market outlook has improved
appreciably, according to the "Iron Age" of Nov. 23.
Public works contracts are cutting a larger figure from
a tonnage standpoint, rail buying is actually getting under
way, and estimates of automobile production in December
have been revised upward. While it is still uncertain how
much these factors will affect iron and steel output between
now and Dec. 31, there is a growing belief that the production rate has been scraping bottom and that a rebound
is due, possibly early in the new year, adds the "Age,"
which further reports as follows:
The outlook in the motor car industry is especially promising, while
in the background Is the prospect of a large new outlet for steel in the
Government
-sponsored railroad equipment program. A less definite.
possibility is the business that may develop as a sequel of American recognition of Russia.
November assemblies of automobiles are not likely to exceed 55.000
units, but estimates of December production have been revised upward
from 75,000 to 100.000 cam. While current assemblies are at a low ebb,
there is an increasing amount of activity in the manufacture of parts,
which is commencing to be felt by the iron and steel Industry. A sharp
upturn in motor car output is looked for in January. and manufacturers
are confident that assemblies for the first quarter of 1934 will total at
east a half million units. Retail stocks of automobiles have been virtually
wiped out, insuring a considerable backlog of orders for replacements
alone.
A surprising development in connection with rail purchases is the decision of a considerable number of railroads to buy their requirements
with their own funds. These roads are reported to include the Pennsylvania. the Santa Fe, the Burlington, the Southern Pacific, the Texas &
Pacific, the Missouri Kansas & Texas, and the Norfolk & Western. In
all, close to 300,000 tons may be bought in this manner. Applications
for Government loans for rail purchases thus far received cover about
500.000 tons. All orders are to be placed by direct negotiation between
roads and mills, and a considerable tonnage may be placed before the
week is over. In fact. the Atlantic Coast Line has already boutht 5,000 cons.
Fabricated structural steel awards for the week total only 7,900 tons,
compared with 35,825 tons a week ago. New projects of 11.600 tons
compare with 15.100 tons last week and 26.900 tons two weeks ago.
The steel ingot production schedule announced on Monday was 26.9%
a slight decline from the rate of 27.1% reported at the beginning of the
previous week. Current reports of operations assembled by the "Iron
Age" reflect a gain rather than a loss. As against an estimated rate of
26% a week ago, the present average is 27.5% and, according to present
indications, may reach 28% before the close of the week. At Detroit,
where Ford has lit four open-hearth furnaces, the ingot rate has risen
to 38%. In the Wheeling district, output Is up seven points to 45%,
in the Valleys it is up two points to 32%, at Buffalo up eight points to
32%. and at Cleveland up two points to 42%. Operations in the Chicago,
Pittsburgh, and eastern Pennsylvania districts are unchanged at 27,
21 and 17%. respectively. The Southern rate is also unaltered at 25%.
Price advances for first quarter have been announced both In pig iron
and finished steel. Basic, foundry, malleable and Bessemer pig iron
have been advanced 50 cents a ton at Everett. Mass., and $I In the eastern
Pennsylvania district. effective Dec. 1. This makes all prices Identical at
Atlantic Seaboard basing points. An incidental change is the elimination
of Sparrows Point as a basing point for Bessemer and malleable. Low
phosphorus pig iron has been advanced 81 a ton to 823 at Steelton and
Birdsboro. Fa.. and Standish, N. Y. Otherwise pig iron prices apparently
have been reaffirmed.
Tin plate has been advanced 60 cents a base box. The new prices. for
1934 delivery are 85.25 a base box Pittsburgh. 85.35 Gary. and 85.90
Pacific Coast ports. A new provision Is that no re-export allowances will
be granted unless buyers show their export bills of lading, Base die.
Volume 137
counts on steel boiler tubes have been reduced five points. Contemplated
advances on wire products include increases of $1 a ton on rods, $2 a ton
A number of mills have reaffirmed
on wire, and $5 a ton on wire nails.
present prices on plates, shapes and bars. Whether sheet and strip prices
will be advanced is still uncertain.
Scrap prices are showing signs of accumulating resistance, although a
reduction at Chicago has driven down the "Iron Age" composite for heavy
melting steel from $10 to $9.83 a gross ton. The finished steel and pig
Iron composites are unchanged at 2.015 cents a pound, and $16.61 a ton.
tespectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
'Based on steel bars, beams, tank plates
Nov. 21 1933, 2.0150. a Lb.
wire rails black pipe and sheets
2 0150
One week ago
2.0360. These products make 85% of the
One month ago
1 9480. United States output.
One year ago
Low.
High.
1.8670. Apr. 18
2 0360. Oct. 3
1933
1.926c. Feb. 2
1 9770. Oct. 4
1932
1.9450. Dec. 29
2 0370. Jan. 13
1931
2.018c, Dec. 9
2 2730. Jan. 7
1930
2.273c. Oct. 29
2 3170. Apr. 2
1929
2.217c. July 17
2 2860. Dec. 11
1928
2.2120. Nov. 1
2.402c, Jan, 4
1927
Pig Iron.
Nov. 21 1933, $16.61 a Gross Ton. Based on average of basic iron at Valley
furnace foundry irons at Chicago.
$16.61
One week ago
Philadelphia, Buffalo, Valley, and Biz
16.61
One month ago
minglutm.
13.59
One year ago
Low.
High.
813.56 Jan. 3
$16.71 Aug. 29
1933
13.56 Dec. 6
14.81 Jan. 5
1932
14.79 Dec. 15
15.90 Jan. 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov. 27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap.
Based on No. 1 heavy melting steel
Nov. 21 1933, 89.83 a Gross Ton.
quotations at Pittsburgh, Philadelphia,
One week ago
$10.00
10.25 and Chicago.
One month ago
7.37
One year ago
Low.
High.
$6.75 Jan. 3
$12.25 Aug. 8
1933
6.42 July 5
8.50 Jan. 12
1932
8.50 Dec. 29
1931
11.33 Jan. 6
11.25 Dec. 6
1930
15.00 Feb. 18
14.08 Dec. 3
1929
17.58 Jan. 29
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov. 22
1927
15.25 Jan. 11
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Nov. 20, stated:
Despite handicaps of the seasonal trend in iron and steel, which normally
Is downward during late November and December sentiment in the industry is lifted and supported by broadening interest in structural material,
further progress with the railroad program, prospects for automotive
buying, and reappedrance of larger miscellaneous requirements.
Steel makers believe that before the first of the year there will be a substantial revival in buying, if not in actual production of steel. Opinion
Is more general that if inflation does not stimulate conversion of money into
commodities, including steel, stabilization of the dollar should restore
confidence by eliminating many uncertain factors. Also, it is logical to
expect the lower value of the dollar in the world markets to Increase attractiveness of American manufactured products abroad.
In the automobile industry, steel consumption is over the low point of
the year. Inventories at Detroit militate against volume purchasing,
though steel works operations for the past week expanded 4 points to 28%,
mainly by releases for a number of lines whose full requirements could not
be anticipated.
The Government's decision not to allocate 844,000 tons of rails on which
It procured bids, but to permit railroads to buy direct, is of prime importance
to the mills, as it gives the railroads the opportunity to place their own
orders. whereas Government purchasing would have been at mills nearest
to basing points. Freedom also is granted the carriers to buy 245,000
tons of track fastenings where they choose, the Government deciding not
to take bids.
Clarification of these points, which tended to retard action by the railroads, is now expected to expedite releases. The Chicago & North Western
is placing 65.000 tons. Louisville & Nashville 17,500 tons, Atlantic Coast
-Texas 4.700 tons; while Chicago,
Line 5,000 tons. Missouri-Kansas
Rock Island & Pacific is seeking court sanction to purchase 35.000 tons.
In structural work, the cumulative effect of public projects is more
noticeable. Structural shape awards for the. week increased to 28,000
tons. For three projects in New York, 33,000 tons are about to be placed,
including 13,000 tons for the Manhattan postoffice, 12,000 tons for the
Triboro Bridge. and 8,000 tons for the West Side Elevated Highway.
The Government also has decided to try the experiment of bridging the
Atlantic with seadromes. Its $1,500.000 appropriation for a quarter section
of one unit insures early release of 6.000 tons of steel; and if successful,
125.000 tons ultimately to complete the project.
The Navy is buying 16,000 tons of plates for two cruisers and two gunboats. San Francisco has approved public work immediately requiring
47,000 tons of iron and steel pipe. An inquiry for 20.000 tons of pipe for
Russia is considered as one of the first tempting baits for resumption of
trade negotiations.
Bids are being taken on the first oil pipe line to appear in many months,
a Socony-Vacuum Corp. to affiliate to lay 50 miles in Kansas, taking
2.600 tons.
Extension of the steel code to May 31 is sought on expiration of the 90
day trial period. On Monday new prices must be filed if they are to
become effective Dec. 1 for first quarter sales.
Steel producers, however, apparently are less concerned over higher
Prices than in getting volume to make present levels remunerative. In
the heavy finished products. Including plates, shapes and bars, no changes
are anticipated. Wire rods, tin plate, nails, boiler tubes, and possibly
billets are among the few products likely to be advanced. Some Eastern
Dig iron producers are contemplating an increase.
Pig iron shipments are increasing, as consumers are specifying to get in
all the material due them, much of it at lower prices than now prevailing.
At the same Limo, melters are trying to hold down year-end inventories
of scrap. While there Is little buying, scrap dealers are taking a stronger
position.
Steelworks operations last week advanced 11 points to 32% at Buffalo,
10 to 31 at Youngstown. 8 to 45 at Detroit, and 8 to 46 at Wheeling. They
were unchanged at 46 at Cleveland, 29 at Chicago, and 20 at Birmingham,
and reduced 2 points to 21 at Pittsburgh. 5 to 70 in New England, and
1 to 1734 in eastern Pennsylvania.
"Steel's" iron and steel composite remains $31.59; finished steel. $49.20:
while the scrap composite is off 4 cents to $9.58.
3749
Financial Chronicle
Steel ingot production for the week ended Nov. 20, is
placed at about 27% of capacity, according to the "Wall
Street Journal" of Nov. 21. This compares with a little
over 25% in the two preceding weeks. The "Journal"
further reported as follows:
U. S. Steel is estimated at 23%, unchanged from the week before, and
compared with 24% two weeks ago. Independents are credited with a rate
of 2934%. against 2734% in the previous week and a little under 2634%
two weeks ago.
The following table gives the percentage of ingot production, together
with the approximate change from the week immediately preceding:
1933
1932
1931
1930
1929
1928
1927
Industry.
27 +134
18 -1
29 -2
40 -3
71 -2
81 -135
683.4+134
U.S.Steel.
23
17 -1
28 -3
45 -23i
73 -2
7934- 34
• 7134+34
Independents.
234+2
1934-1
2934-134
37 -4
70 -2
82 -2
66 +2
Treasury Department Order Lifts Ban on Foreign
Steel Imports.
The following from Washington Nov. 16 is from the
New York "Times":
Anti-dumping orders against the importation of certain fabricated
steel products from Germany. France and the Saar Basin were denied by
Acting Secretary of the Treasury Dean Acheson to-day.
After an exhaustive investigation the Treasury failed to find any evidences of dumping of these products. Customs collectors were notified
that they are authorized to appraise steel products without regard to
any question of dumping.
About a year ago hearings were conducted, the domestic industry charging that importations of fabricated steel were ruinous to their business
and that steel was being sold at unfair prices in the United States.
Shortly thereafter "suspicion of dumping" orders were entered and the
products involved were imported under bond without appraisement.
Products involved were as follows: From France. hoops, angles, beams,
bars, bands, channels, joists and plates; from the Saar Basin. channels,
angles, bars and bands, and from Germany, bars, channels, angles and
mild steelbossed flanges.
President Roosevelt Extends Steel Code for Six Months
to May 31 1934 at Request of Industry-Report to
NRA Shows Wages Rose $9,000,000 and Employment Increased by 92,000 Despite Decline in Steel
-Industry Has Voluntarily Scrapped 10
Output
Hour Day-President and General Johnson Grati-Day Trial Period.
fied at Code Results During 90
The code of fair competition for the iron and steel industry has been extended for a six-month period to May 31
1934, according to an announcement on Nov. 17 by General
Hugh S. Johnson, Recovery Administrator, following a petition to the NRA in Which this action was asked by the American Iron and Steel Institute, Which had expressed "its general satisfaction with the operation of the code in its effect
on the industry." When the steel code was originally signed
by President Roosevelt, on Aug. 29, it was with the provision that it undergo a trial period of 90 days, which would
have expired on Nov. 29. Both the President and General
Johnson were said to feel deeply gratified that the steel interests had asked for an extension of the pact. On Nov. 18
the American Iron and Steel Institute made public a telegram received from General Johnson, signifying the willingness of the President to extend the code as requested and
expressing his "gratification with the operation of the code
and with the resulting large increase in the number of employees and in wage payments, despite reduction in the operations in this industry." The text of the telegram from General Johnson follows:
The report of the representatives of the National Recovery Administration
upon the operation of the code of fair competition of the iron and steel
industry and the accompanying report of the board of directors of the
American Iron & Steel Institute were submitted to the President this afternoon. The President expressed his gratification with the operation of the
code and with the resulting large increase in the number of employees and
in wage payments, despite reductions in the operations in this industry;
and his willingness to extend the operation of the cede as requested. Let
me also express to you my appreciation of the generous co-operation of the
members of the code of iron and steel industry with the NRA and of the
substantial public benefits which have resulted from that co-operation. The
Administration of this code has again clearly demonstrated that private
and public interest in our great industries can be and will be jointly advanced by the careful formulation and wise administration of codes of
fair competition.
HUGH S. JOHNSON, Administrator.
The petition of the Iron and Steel Institute for the extension of the code was contained in two resolutions which read
as follows:
Resolved, That the report of the board of directors of American Iron and
Steel Institute on the operation of the code of fair competition of the iron
and steel industry during the 90-day trial period specified in the code to
the Administrator, NRA, Washington, D. C., which the Executive Secretary
has read to this meeting be, and it hereby is, approved, and that the Executive Secretary be, and hereby is, directed to sign and promptly forward such
report to the Administrator of the NRA, and it is
Further resolved, That in approving such report this board expresses and
records its general satisfaction with the operations of the code in its effects
on the industry and requests that the so-called trial period be extended to
May 31 1934, to the end that sufficient time may be given more fully to
demonstrate that the provisions of the code will effectuate the purposes
of Title I of the NIRA.
3750
Financial Chronicle
Accompanying the petition for the extension of the code
was a report of the American Iron and Steel Institute, functioning as the Code Authority, which revealed that the steel
industry has increased its payroll more than $9,000,000 and
added more than 92,000 workers under the code. This report
was transmitted to President Roosevelt by General Johnson,
together with the Institute's request for an extension of the
90
-day test period. The Recovery Administrator also transmitted a report of K. M. Simpson, Divisional Administrator,
and Donald Richberg, NRA Councel, who acted as General
Johnson's representatives at meetings of the Institute. The
NRA statement showed that the increase in wages and in
employment was made despite a sharp decline in total business. The Institute's report, based on figures submitted by
213 of the 237 companies in the industry, showed an increase
of 32.1% in wages and 28.3% in employment on Oct. 14 as
compared with June 17. Operating schedules during the
same period had dropped from 47% of capacity to 44%. General Johnson termed these gains in employment and wages
while operations had failed a "remarkable" achievement.
The NRA report covered 208 companies, or five less than
the report of the Iron and Steel Institute. For these 208 companies the average operating rate for the week beginning
Aug. 14 was 53%, while for the week beginning Nov. 13 the
operating rate was 27.1% of ingot capacity. The same companies employed a total of 417,020 employees on a full-time
basis in September, with total wages of $37,322,250. Employees receiving hourly, piece-work or tonnage wages numbered 380,271, with aggregate wage payments of $29,608,107.
Average man-hours per week decreased 16.8% from June to
September, while the average earnings per hour over the
same period advanced 19.9% from 52.8c. to 63.6c. The average work week decreased from 39.2 hours to 32.6.
The report of the American Iron and Steel Institute revealed that the industry has already put the eight-hour day
into practically complete effect, although in the code it was
stipulated that the eight-hour day was not mandatory unless
the industry was operating at 60% of capacity after Nov. 1.
The price section of the NRA report showed an advance in
finished steel from 1.979c. a pound on Aug. 15 to 2.015c. on
Nov. 14, a gain of 1.8%. Pig iron rose from $15.49 to $16.61
a gross ton, an increase of 4.2%.
The Institute's report detailed the operation of the code,
and contained an account of the procedure of the board of
directors, who, with representatives of the NRA, constitute
the Code Authority. This Authority has created five committees to administer the code. The report stated that all
complaints of alleged violations of labor provisions of the
code had been investigated,"and in no ease has ony of them
been found to be justified on the facts." •Such complaints,
the report added, have in the main "been made for the purpose of embarrassing the company concerned." With regard
to the operation of commercial provisions of the code, the
report said that in general these provisions "have accomplished a great deal toward setting up the condition of fair
competition which is the purpose of the code, and that, as the
members become familiar with its provisions and have had
sufficient time to adjust their operations under the code, it
will accomplish such purpose."
GENERAL JOHNSON'S REPORT TO PRESIDENT ROOSEVELT.
The text of General Johnson's report to the President concerning the operations of the steel industry during the 90
-day
trial period originally set in the steel code was as follows:
Nov. 16 1933.
To the President, the White House, Washington, D. C.
Sir: This is a report of the representatives of the NRA concerning the
operation and administration of the code of fair competition of the iron and
steel industry, approved Aug. 19 1933.
In accordance with the provisions of Article VI, Section 7, of the code,
the Administrator and his appointees, K. M. Simpson and Donald R. Richberg, have served as representatives of the Administration in attending
meetings of the board of directors of the American Iron and Steel Institute
and in obtaining full information concerning the operation and administration of the code, in order to advise the President regarding the same and to
make such reports and recommendations to the President as might be
appropriate.
At the first meeting of the board of directors after the approval of the
code, arrangements were made for co-operation between statisticians representing the Administration and the board of directors, to provide for methods
of reporting statistical information in a manner agreed upon to the satisfaction of both parties.
The requirements of the code as to hours and wages, where not previously
met, were put into effect immediately following the opproval of the code.
The provisions of the code concerning commercial practices became effective
more gradually owing to the need of committee meetings and consideration
of the various problems involved, resulting in recommendations and subsequent action by the board of directors in many instances.
Prices of various products were filed from time to time in conformity'
with the provisions of Article VII, Schedule E, of the code, but any changes
Nov. 25 1933
In prices had only a minor effect prior to Sept. 30, because of existing
commitments.
The general effect of changes in published prices will be indicated by the
following quotations of composite prices of steel and pig iron as published
in the "Iron Age":
Aug. 15'33. Nov. 14 '33. Increase.
Finished steel (cents per pound)
2.015e.
1.9790.
1.8%
Pig iron (dollars Per gross too)
$16.61
$15.94
4.2%
However, the above does not fully show the increase in actual net prices
on new commitments since the effective date of the code, because it fails to
reflect the elimination by the code of concessions under the published prices.
This feature was pointed out in our letter of Aug. 19 1933, transmitting
the code.
Figures on Hour* and Wages.
The results of the code requirements concerning hours and wages of
employees have been reported and compiled up to date through the months
of September, the October figures not yet being available to us in form for
adequate analysis, but are summarized in the attached report from the
American Iron and Steel Institute.
In order to summarize the results of figures available to us, a compilation
has been made on the basis of the reports of 208 companies for the month
of September and the comparison made by adjusting the available reports
of 147 companies for the month of June, so as to provide estimated figures
for the same 208 companies for June. During this period (June to September) there was a decrease of 10% in volume of business, as shown by
decline in operations from 46 to 41% of ingot capacity.
The increase in number of employees and total wages in the face of this
decline of business is remarkable. The number of employees increased
approximately 73,000, or 22%. The total wages paid increased approximately $6,500,000 per month, or 21%. This would mean an increase equivalent to approximately *78,000,000 per year.
If these figures were adjusted to assume a 50% operation, the increase
would be 89,000 employees and an annual increase of wages amounting to
$95,000,000, in round figures.
For these 208 companies in September, total employees were 417,020, and
total wages *37,322,250.
The foregoing include salaried workers, and corresponding figures for
employees receiving hourly, piece-work or tonnage wages are 380,271 employees and $29,608,107 wages.
Again comparing June with September, the average hours per employee
per week for all employees decreased from 39.2 hours to 32.8 hours, or a
decrease in hours of 16%, and excluding salaried workers decreased 18%
from 38.9 to 32.0 hours. The average earnings per hour for all employees
increased from 52.8c. to 63.6c., or an increase of 20%, and excluding salaried
workers decreased 20% from 47.2c. to 56.7c. The average earnings per
employee per month showed substantially no change. The total hours worked
by all employees per month showed a slight increase.
Again it must be emphasized that the foregoing figures are to be read in
the light of a decrease of 10% in operated ingot capacity, and therefore
show not merely a maintenance but a decided improvement in conditions
from the standpoint of labor despite the reduction in business.
Complaints Incident to Operation of Code.
A limited number of complaints concerning the operation of the code as
to commercial practioes have been received, prinoipally concerning the
transportation of products and charges therefor. These complaints can be
adjusted within the provisions of the code, that is, without amendment of
the code, and discussions of methods of meeting these complaints have been
carried on, but have not yet reached a conclusion.
The small number of complaints received as to basing-paint prices have
been directed principally toward the establishment of additional basing
points for certain products and not toward a change in this pricing system.
Two requests were received prior to the adoption of the code for abolition
of the basing-point pricing system, but further representations of this character have not been actively pressed. No petitions for exceptions from the
code operation were prosecuted after the adoption of the code.
During the 90 days' experimental period provided in the code, it has
been noteworthy and unfortunate that the operations of the members of the
code have declined to an extent not paralleled by other industries, the rate
of operation during the week beginning Aug. 14 1933 being 53% (according
to the "Iron Age"), and for the last period available, the week beginning
Nov. 13 1933, being 27.1% of ingot capacity.
Under these circumstances the maintenance of improved conditions of
employment, of shorter hours and higher wages, as previously summarized,
shows that up to the present time the major benefits derived from the code
operation have been those received by labor in this industry, with the evident prospect of an increase in these benefits with an improvement in the
volume of operation.
It is evident from the fact of reduced operations and from the absence
of any volume of consumer complaints that an extension of the approval
heretofore given to this code should insure a continuance of the public benefits already derived from the operation of the code without any appreciable
risk of public detriments. Present conditions clearly do not permit of any
exploitation of the public by an industry which is operating far below the
capacity at which it aperated only a few months ago.
Financial Results of Operations of Industry.
The financial results of the operations of this industry during the third
quarter of this year were far better than in 1932. The studies of
our
statisticians naturally show that this ratio of improvement has not
been
continued in the fourth quarter under reduced operations. But the
remainder
of this quarter may well show a rise instead of any further decline in
the
volume of operations.
Request for Extension of Code.
In the opinion of the representatives of the NRA, the results of
operations under the code, which are above briefly summarized, have demonstrated the advisability of definite extension of the approval of the
code
for a further period of at least 90 days. This should provide for a
more
adequate appraisal of results on the basis of statistics covering a
longer
period and it is to be hoped on the basis of a determination of the
effects
of operation under the code during a period of increasing use,
instead of
decreasing use, of the facilities of the industry.
We are attaching to this report the summarized statistical material
which we have based our recommendations, and also the report upon
of the
American Iron and Steel Institute.
In advising an extension of the present approval of the code for a
definite
period, we do so with two understandings:
First, that the members of the code, through appropriate action
of the
board of directors of the American Iron and Steel Institute, have
indicated
their desire to have the code continued definitely in operation.
Volume 137
Second, that if in this further period it shall develop that amendments to
the code are desirable from the standpoint of protecting the public interest,
or improving the administration of the code, the consideration or adoption
of such amendments need not wait the expiration of this further experimental
period.
REPORT OF CODE AUTHORITY.
The text of the report of the American Iron and Steel
Institute, acting as code authority for the steel industry,
is given below:
Report of the board of directors of the American Iron and Steel Institute
on the operation of the code of fair competition of the iron and steel industry
during the 90-day trial period specified in the code of the Administration,
NRA, Washington, D. C.:
The preparation of the fair competition of the iron and steel industry
was undertaken even before the NIRA was approved by the President. It
was submitted to the President for his approval on July 15 1933.
It was prepared in extended conferences of a large number of the leaders
in the industry and after consideration by the executives of substantially
all of the members of the industry having anything like important producing
capacities. in due course, after it was filed, a public hearing was held on
the code, and thereafter numerous and extended conferences were had with
the NRA. As a result of such conferences changes were made in the code
as filed, and on Aug. 19 1933 the code as thus changed was approved by the
President.
Under the provisions of the code it could not go into full operation until
the expiration of 10 days after its approval. In order to put it into full
operation, action on many matters was required by the board of directors.
Accordingly, a meeting of the board was held on Aug. 29 1933, at which
the action on the part of the board that was necessary in order to put the
code into operation was taken. At such meeting, pursuant to the provision
of Section 7 of Article VI of the code, representatives of the Administration
were present and representatives of the Administration have been present
at all meetings of the board held since that date, so that the Administration
has ben fully advised as to action taken by the board in administering
the code.
Section 2 of Article XII of the code provides for what has been generally
referred to as a trial period of 90 days after its effective date. Such period
will end Nov. 29 1933.
The board of directors recommends that such trial period be extended to
May 31 1934, and the purpose of this report is to cover the important items
regarding the administration of the code and its operation since its effective
date, in order that due consideration may be given to the recommendation
of the board in this regard.
Administration of the Steel Code.
Under the provisions of the steel code, the board of directors of the
American Iron and Steel Institute is the administrative body.
The Secretary of the Institute is Secretary under the code and the Treasurer of the Institute is Treasurer under the code.
The membership of the board of directors represents the various interests
of the industry, and, as now constituted, its membership is as shown in
Exhibit A hereto which states the company affiliation of each member of
the board.
Since the effective date of the code, only three changes have been made
In the membership of the board. They are the appointment of Aug. 29 1933
of II. A. Roemer to fill the vacancy caused by the resignation of Severn P.
Her; the appointment on Sept. 20 1933 of W. F. Detwiler to fill the vacancy
caused by the resignation of II. E. Sheldon, and the appointment on Oct. 27
1933 of Harold L. Hughes to fill the vacancy caused by the resignation
of E. W. Pargny.
Code Committees Named.
Meetings of the board have been held on Sept. 1 and 20, Oct. 12 and 27
to facilitate administration of the code, and under the authority given
1933
to the board of directors to delegate powers and duties to committees, the
following committees have been constituted in connection with the administration of the code, and the members of such committees appointed by the
board:
1. General Administrative Committee.
2. Committee on Labor.
3. Committee on Statistics.
4. Committee on Commercial Matters.
5. Committee of Traffic Managers.
The personnel of these committees as now constituted is as shown in
Exhibit B hereto, which states the company affiliation of the respective
members.
The functions of the different committees are indicated in general by the
names of the committees, but in this connection it may be desirable to
comment briefly on their activities.
The General Administrative Committee functions as a sort of Executive
Committee on administrative matters between meetings of the board of
directors. Its main function is to review the recommendations of the other
committees and itself make recommendations for consideration by the board
of directors. in this way it is able to relieve the board of directors of many
matters of detail which otherwise would consume too much time at meetings
of the board.
The Committee on Labor has general supervision of policing the labor
provisions of the code, reviewing the statistical reports which relate to sum
Provisions, and undertaking to see that the members of the code observe the
requirements thereof.
The Committee on Statistics is charged principally with the task of
determining the forms in which statistical reports under the code should be
made by meinbers of the code and advising in regard to all problems relating
to statistics. Members of this Committee also have been very active in
helping to reorganize the statistical division of the institute to handle the
work imposed by the large volume of reports required from members of
the code.
The Committee on Commercial matters has to deal with all questions
relating to the commercial provisions of the code. Its task has been very
heavy owing to the many different problems which have required consideration. It has been in session almost every week since the effective date of
the code. The large amount of time given by the membrs of this committee
to its work is perhaps the best single indication of the earnest desire of
the
members of the code to make it effective.
The Committee of Traffic Managers, working closely in co-operation with
the Committee on Commercial Matters, has done a great deal to help
the
latter Committee, especially in respect to the provisions of Schedule
E of
the code as they relate to questions of transportation. The members
of the
code have most generously contributed the time of their important
traffic
managers to help in this work.
3751
Financial Chronicle
The thief tangible results of the activities of the board of directors and
its various committees are to be found in the regulations and commercial
resolutions which have been prescribed and adopted since the effective date
of the code.
Regulations No. 1 and No. 2 prescribed by the board at its first meeting
after the approval of the code, on Aug. 29 1933, carried out the requirements of the code in regard to prescribing rules and regulations concerning
certain classes of deductions which members of the code may allow from
published base prices under the provisions of Section 4 of Schedule E.
Various commercial resolutions adopted on Aug. 29 1933, or at meetings
since that date, cover special problems of an administrative sort which
experience has indicated were necessary to meet practical conditions.
On account of the great amount of routine administrative work required of
the American Iron and Steel Institute, expansion of the staff has been
necessary from the 20 persons in the employ of the Institute at the effective
date of the code to 35 persons in its employ on Nov. 10.
In addition to the increase in the clerical forces, there has been established a labor division dealing solely with questions of labor which arise
under the provisions of the code; four product divisions which deal with
special classes of products and the problems relating thereto under the
commercial provisions of the code; and it is proposed to add a traffic
division which will deal with the problems of transportation.
Operation of the Code.
At the meeting of the members of the industry above referred to on
July 13 1933, companies representing more than 90% of the ingot capacity
of the industry indicated their approval of the provisions of the code. At
the general meeting of the members of the code, on Aug. 29, the total membership of the code numbered 184 companies.
Attached as Exhibit C hereto is a list of the members of the code as of
Nov. 101933. It includes 237 members of the industry, and, with one or
two exceptions, includes all the prominent producers of products covered by
the code.
Exhibit D hereto lists the members of the iron and steel industry which
are believed to be eligible for membership in the code but which have not,
up to Nov. 10 1933, signified their willingness to assent to the provisions
of the code.
This list notes, in so far as it has been possible to determine, the reasons
why the various non-signers of the code have not so far become members. To
a considerable extent, these non-signers of the code are small producers of a
few of the less important products covered by the code, but there is a
number of them which members of the code feel that it is important to have
under the code. This special list of non-signers is attached as Exhibit E
hereto.
The membership in the code now covers approximately 98% of the steel
ingot capacity of the industry and most of the ingot capacity not covered
by the code is credited to one company, which has so far been unwilling to
withdraw the reservations by which it wished to qualify its assent to
membership.
There are two main headings under which the actual operation of the
code may be considered: First, with respect to the labor provisions; and
second, with respect to the commercial provisions.
Operation of Labor Provisions.
The effects of the labor provisions of the code may be summarized briefly
as follows:
They have decreased the average number of hours worked per week for
each employee. They have increased the total number of employees, and
they have increased the average weekly wage of the persons employed, as
shown by a comparison between the months of June and October, based on
reports from 146 identical companies, representing about 90% of the employees in the industry.
Between these months the increase in total number of employees was
approximately 21%. The decrease in average hours per week per employee
was nearly 20%. The increase in total wages paid, more than 22%.
It has been estimated on the basis of 60% rate of operations that this
increase in wages represents a total additional cost to the iron and steel
industry of approximately $100,000,000 per year.
At the effective date of the code the estimated rate of operations for the
industry was 53%, based on production of ingots in relation to total ingot
capacity. In the week Nov. 6 to 11, the actual rate of operations as based
on reports from 98% of the productive capacity of the industry was 25%.
This important and constantly decreasing rate of operations since
the
effective date of the code needs to be kept in mind in comparing the increase
in numbers of employees, decrease in hours of work and increase in wages.
During this trial period of the code there have been few complaints,
either from members of the code or from outside sources, alleging violations
of the labor provisions of the code. All complaints have been investigated,
and in no case has any of them been found to be justified on the facts.
The investigations show that in the main such complaints have been made
for the purpose of embarrassing the company concerned.
Violations of the provisions of the code with respect to hours of work
have been reported by members of the code in any important number
in only
three classes of cases: First, those requiring overtime to train new men
for work; second, those involving repairs and emergency conditions
arising
from breakdowns ; and third, those resulting from errors in scheduling
work.
It is the belief of the Labor Division of the Institute
and of the Committee on Labor that such violations of the provisions of the
code will not
be so frequent as members of the code become more fully
adjusted to operating under the provisions of the code.
A more detailed report covering the labor
provisions of the code is
attached as Exhibit F hereto.
Operation of Commercial Provisions of Code.
The chief of the commercial provisions of the
code relate to the filing of
lists of base prices by members of the code
and the quoting and billing of
delivered prices. Since the effective date of the
code, lists of base prices
have been filed by all members of the code. The
lists filed cover more than
5,000 base prices.
A great deal of work under the supervision
of the institute has been
required, to the end that all members of the code
shall comply with its
provisions as regards the filing of base prices.
This work has been nearly
completed, except in some cases of special products
covered by the code,
which prior to the effective date of the code
were not quoted on the baseprice system.
As required by the code, a list of uniform
extras to be added to and of
deductions to be subtracted from base prices
has been prepared under the
direction of the Committee on Commercial
Matters, recommended to the
board of directors for approval and approved
by the board on Sept. 20 1933.
It is now effective for all members of the
code.
Open hearth basic pig iron-basing points Swedeland, Pa., Bethlehem
,
Pa. Birdsboro, Pa., and Sparrows Point Md., prices advanced $1 to $18
per gross ton.
'
Foundry pig Iron-basing points, Swedeland, Pa., Bethlehem, Pa.,
Birdsboro, Pa., and Sparrows Point, Md., price advanced $1. to $18.50 a
ton.
Bessemer pig iron-basing points, Swedeland,Pa., Bethlehem,Pa.,Birdsboro, Pa., and Hamburg. Pa., prices advanced $1 to $19.50 a ton.
Malleable pig iron-basing points, Swedeland, Pa., Bethlehem, Pa., and
Birdsboro. Pa., prices advanced $1 to $19 a ton.
Basing point. Sharpsville, Pa., minimum prices re-affirm for first quarter
with no change for all four grades of iron. These prices being $17 a ton for
open hearth. $17.50 for foundry, $18 for Bessemer pig iron and $17.50 for
malleable.
Low phosphorus pig iron-basing point, Steelton, Pa., Birdsboro, Pa.,
and Standish, N. Y., prices advances $1 to $23 a ton.
From the "Wall Street Journal" of Nov. 21 we quote:
Advances of $1 a ton on pig iron, with Everette, Mass., as the base, have
been filed with the American Iron and Steel Institute. The new quotations,
which are effective Dec. I, are $18 a ton for base: $18.50 for foundry, $19
for malleable and $19.50 for Bessemer. Orders can be taken at the new
prices for delivery up to the end of the first quarter, 1934.
and Anthracite Output Higher
During Week Ended Nov. 18 1933.
According to the United States Bureau of Mines, Department of Commerce, estimates show that the total production
Coal
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE(NET TONS).
Calendar Year to Date.
Week Ended.
Nor'. 11
1933.a
Nov. 4
1933.
1933.
Nov. 12
1932.
1932.
1929.
-b
Bitum. coal
Weekly total 7,210.000 7.015,000 6,636,000 279,107,000 254,479.000 457,579,000
958.000 1,716,000
Daily aver__ d1243000 1,169,000 1,276.000 1,049,000
Pa. anthra.-c
726,000 833,000 41,549,000 41,137,000 62,680,000
Weekly total 849,000
167.700
158,300
237,900
Daily aver_ _ e169,800 145,200 166,600
Beehive coke
621,800 5.833,100
679,200
17,200
19.500
19,400
Weekly total
2,312
2,525
21,684
2,867
3,250
3,233
Daily aver__
a Subject to revision. b Includes lignite, coal made into coke, local sales, and
washery coal and dredge coa , local sales,
colliery fuel. c Includes Sullivan County,
and colliery fuel. d Average based on a 5.8-day week. e Average based on a
-day week in anthracite fields.
5
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS)a
Week Ended.
State.
Nov. 4
1933.
Nov. 5
1932.
Oct. 28
1933.
Nov. 7
1931.
§1§88888888888§§§88§§8§§
00
8 00000000000
0
Pig Iron Prices Increased $1 a Ton Effective Dec. 1.
Complete schedule of pig iron price changes filed with the
American Iron dr Steel Institute, effective Dec. 1 for the first
quarter (1934) business, as given in the "Wall Street Journal"
of Nov. 23, follows:
of bituminous coal during the week ended Nov. 11 1933 was
7,210,000 net tons, an increase of 195,000 tons, or 2.8%,
over the preceding week. The current figure also compares
with 6,636,000 tons produced during the week ended Nov. 12
1933.
Anthracite production in Pennsylvania during the week
ended Nov. 11 1933 is estimated at 849,000 net tons, an
increase of 123,000 tons, or 16.9%, over the output in the
preceding week. Production during the corresponding week
in 1932 amounted to 833,000 tons.
.
..
.m. t,o.— w
...D.O. . Co&
w=-4.o.00m..c.w4.3o. o•cooA...amconoo.—
In connection with these extras and deductions two special committees
have been constituted under the Committee on Commercial matters, to review
all commercial questions relating to the uniform extras, and the other to
study the theory of extras and the relationship of extras to base prices.
The provisions of Schedule E of the code require filing of certain classes
of contracts, lists of jobbers with which jobber agreements may have been
signed by members of the code, and lists of purchasers to which special
deductions may have been allowed under the provisions of Regulation No. 2.
In general, members of the code appear to have conformed with these
requirements.
As was to be expected, complaints have been made by various parties
regarding the commercial provisions of the code and the operations of it
in the industry. The members of the code believe that in considering such
complaints regard should be given to the size of the industry, the diversification of the business covered by the code, and the important problems which
it involves.
There can be no doubt that some of such complaints merit serious consideration, and, in so far as the short time during which the code has been in
operation has permitted, serious attention has been given to such complaints with a view to working out satisfactory solutions. Such work will
continue, and it is believed that the causes of all meritorious complaints can
and will be eliminated.
In general, it may be said that the commercial provisions of the code
have accomplished a great deal toward setting up the condition of fair
competition which is the purpose of the code and that, as the members
become familiar with its provisions and have had sufficient time to adjust
their operations under the code, it will accomplish such purpose.
For this reason, the trial period should be extended.
By order of the Board of Directors.
WALTER S. TOWER, Executive Secretary.
Bituminous
Nov.• 25 1933
Financial Chronicle
3752
Nov. 1933
Average.d
Alabama
Arkansas and Oklahoma
Colorado
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North Dakota
Ohio
Pennsylvania (bitumlnous)
Tennessee
Texas
Utah
Virginia
Washington
West Virginla--Southern_b
Northern.c
Wyoming
Other States
168,000 167,000 171.000
81,000 101.000
77,000
133,000 137,000 126.000
784,000 880,000 788,000
300.000 334,000 270,000
60,000
63,000
53.000
127,000 134,000 133,000
609,000 670,000 677,000
148,000 168.000 186.000
30.000
27.000
33.000
12,000
8,000
12,000
70.000
66,000
64,000
32,000
26,000
23,000
44.000
69.000
61,000
408,000 404.000 376,000
1,600,000 1,595.000 1,792,000
56,000
72.000
58,000
15,000
14,000
14.000
72.000
59,000
66,000
165,000 173.000 184,000
25,000
41,000
24,000
1,486,000 1,580.000 1,528.000
518,000 532,000 414,000
76,000 108,000 106.000
2,000
5,000
5,000
Total bituminous coal
Pennsylvania anthracite
7,015,000 7,380,000 7,300,000 7.771.000 10,878,000
726,000 1,073,000 894,000 1,149,000 1,896,000
409.000
100,000
236.000
1,571,000
536,000
128,000
175.000
724.000
218.000
35,000
26.000
38,000
62,000
35.000
764.000
2,993,000
117,000
29,000
112,000
217,000
72.000
1,271,000
776.000
184,000
5,000
7,741,000 8,453,000 8,194,000 8,920,000,12.774,000
Total coal
a Figures for 1931 and 1923 only are final b Includes operations on the N. dc W.
C.& 0.; Virginian; K.& M.,and B.C.& G. c Rest of State, including Panhandle.
d Average weekly rate for the entire month.
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. 22, as reported
by the Federal Reserve banks, was $2,574,000,000, a
decrease of $3,000,000 compared with the preceding week
and an increase of $365,000,000 compared with the corresponding week in 1932. After noting these facts, the
Federal Reserve Board proceeds as follows:
On Nov. 22 total Reserve bank credit amounted to $2.562,000.000. a
decrease of $2.000,000 for the week. This decrease corresponds with an
increase of $30.000.000 in Treasury currency adjusted and a decrease of
$14.000.000 in unexpended capital funds, non-member deposits, &c.,
offset In part by an increase of $42.000.000 in member bank reserve balances.
The System's holdings of discounted bills, and of United States bonds
show practically no change for the week, holdings of bills bought in open
market increased $5.000.000 and of United States Treasury notes $9.000,000,
while holdings of Treasury certificates and bills decreased $10,000,000.
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. 22, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages,
namely Pages 3805 and 3806.
Beginning with the statement of March 15 1933, new
items were included as follows:
1. "Federal Reserve bank notes in actual circulation." representing the
amount of such notes issued under the provisions of paragraph 8 of Section
18 of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund-Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption
of such notes.
3. "Special deposits-member banks" and "Special deposits-nonmember banks," representing the amount of segregated deposits received
from member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks,
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve bank notes.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Nov. 22 1933 were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (+) or Decrease (-)
Since
Nov. 15 1933. Nov. 23 1932.
$
$
+1,000.000 -196.000.000
+5,000,000
-15.000.000
-1,000,000 +580.000.000
-7,000,000
-9,000,000
Nov. 22 1933,
$
112,000,000
20,000,000
2,431,000.000
-1,000.000
TOTAL RES'VE BANK CREDIT-2,562.000,000 -2.000,000
4,323,000,000 +1,000.000
Monetary gold stock
1,960,000,000 +30,000,000
Treasury currency adjusted
+361.000.000
+3,000.000
+35.000.000
5,654,000,000
Money in circulation
2 687,000,000 +42,000,000
Member bank reserve balances
Unexpended capital funds, non-mem504.000,000 -14,000,000
ber deposit, &c
+19.000,000
+287.000,000
+94,000,000
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
Financial Chronicle
Volume 137
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 $9,000,000, the total of these
loans on Nov. 22 1933 standing at $698,000,000, 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 $595,000,000 to $584,000,000, but loans "for account of out-oftown banks" remained unchanged at $109,000,000, while
loans "for account of others" increased from $3,000,000 to
$5,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Nov. 22 1933. Nov. 15 1933. Nov. 23 1932.
s
6,719,000.000 6,754,000.000 7.057,000,000
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
3,346,000,000 3,393,000,000 3,443,000,000
1,618,000,000 1.624,000.000 1,567,000.000
1,728,000.000 1,769.000,000 1,876,000,000
2,230,000,000 2,231.000,000 2,538,000.000
1,143,000.000 1,130,000,000 1.076.000,000
835,000,000
39,000,000
829,000,000 1,039,000.000
39,000,000
42,000,000
5,214,000,000 5,180.000,000 5,595,000,000
772,000,000 774,000.000 904,000,000
406,000.000 428.000.000 193,000,000
Due from banks
Due to banks
78,000.000
79.000.000
74,000.000
1,144,000,000 1,179,000,000 1339,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers:
For own account
584,000,000
For account of out-of-town banks
109,000,000
For account of others
5,000.000
Total
698.000,000
595,000,000
109,000,000
3,000.000
332,000,000
12,000.000
6,000,000
707,000,000
677,000,000
676,000,000 656,000.000
339,000,000
338.000.000
338,000,000
338.000,000
369,000.000
287.000,000
496,000,000
521,000.000
458,000,000
280,000,000
216,000.000
311,000,000
210.000.000
267,000.000
191,000.000
403,000.000
38,000,000
378.000 000
.
275,000.000
17.000.000
1.060.000.000 1,051,000.000
333.000.000 339.000,000
44,000,000
40,000.000
872,000,000
314.000.000
25,000.000
On securities
AU other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Due from banks
Due to banks
180.000,000
269,000,000
memo®
181.000.000
273,000,000
239,000.000
308,000.000
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. 15, with comparisons for
Nov. 8 1933 and Nov. 16 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. 15.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on Nov. 15 shows decreases of $38.000.000
in loans and investments, $23,000,000 in time deposits and $39,000,000 in
Government deposits and increases of $98.000.000 in net demand deposits
and $47.000.000 in reserve balances with Federal Reserve banks.
Loans on securities declined $32,000,000 at reporting member banks in the
New York district and $33,000.000 at all reporting member banks. "All
other" loans declined $3,000,000 at all reporting banks.
Holdings of United States Government securities declined $10.000.000
in the Chicago district, $9.000,000 in the Cleveland district and $9,000.000
at all reporting banks. Holdings of other securities increased $11,000.000
in the New York district and $7,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $21,000,000 on Nov. 15, the principal change for the
—221.000,000
8,557,000,000
3,557,000.000
5,000,000,000
—36,000,000
—33,000,000
—3,000,000
—348,000,000
—165,000,000
—183,000,000
Investments—total
8,124,000,000
—2,000,000
+127,000,000
U. S. Government securities__ 5,138,000,000
2,986,000,000
Other securities
—9.000,000
+7,000,000
+132,000.000
—5,000,000
1,925,000,000
215,000,000
+47,000.000
—11.000,000
+71,000.000
+39,000,000
10,629,000,000
4,472,000,000
960.000,000
+98,000,000
—23,000,000
—39,000,000
—242,000,000
—186,000.000
+537,000,000
1,209.000,000
2,737,000,000
+55,000,000
+61,000,000
—361,000,000
—413,000,000
Reserve with F. It. banks
Cash In valut
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
21,000,000
—47,000.000
Pension Fund of League of Nations Shows 26%
Decline—$200,000 of Drop Result of Dollar's
Leaving Gold.
Geneva advices as follows Nov. 15 are taken from the
New York "Times":
The pension fund for the staff of the League of Nations has lost about
$200.000 gold through the dollar's leaving gold.
This nearly $2.000,000 fund, which is heavily invested in dollar bonds.
had depreciated only 14% to the end of 1932, but now the depreciation
has grown to 26%. with a total loss of $500,000 gold.
Only part of this is a result of the refusal of the United States to pay
bondholders in gold. The rest is caused by other countries, which issued
their own bonds In gold dollars and later repudiated the gold clause, though
some of them are still on the gold standard themselves.
350,000.000
457.000,000 460.000,000 196,000.000
241.000,000 247,000,000 154,000,000
Chicago.
1,173,000,000 1,197,000,000 1,114,000,000
Loans—total
Net demand deposits
Time deposits
Government deposits
—38,000,000
Loans—total
On securities
All other
Borrowings from F. R. banks
Net demand deposits
Time deposits
Government deposits
Loans and Investments—total
Loans and investments—total____16,681,000,000
3,373,000,000 3,361,000,000 3,614,000.000
Reserve with Federal Reserve Bank
Cash in vault
On demand
On time
3753
week being a decrease of $2,000,000 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 $900,000,000 and net demand, time and Government deposits of $939,000.000 on Nov. 15, compared with $916,000,000 and $929.000,000 respectively, on Nov 8.
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. 15 1933. follows:
Increase (+) or Decrease (—)
Since
Nov. 15 1933. Nov.8 1933. Nov. 16 1932.
Disarmament Conference Postponed Until Mid-January
—Steering Committee Acts on Proposal of Arthur
Henderson—Diplomatic Negotiations to Continue
in Interval.
The Bureau or Steering Committee of the World Disarmament Conference, meeting in Geneva on Nov. 22,approved a
proposal by Arthur Henderson, British Chairman of the
Conference, to postpone the reconvening of the General
Commission (which had been scheduled for Dec. 4) "until
a date during or immediately after the January meeting
of the League of Nations Council." The meeting of the
League Council is to be held on Jan. 15. The Steering
Committee directed Mr. Henderson to "advise how far the
work of the conference committees shall be carried on in
the meantime." Mr. Henderson, in explaining his proposal
for postponement, said that it was made after consultation
with the French, Italian, British and American delegates,
who unanimously agreed that "a supreme effort should be
made to conclude a convention." They had also suggested,
he added, that "the work of the Disarmament Conference
would at this stage best be assisted by parallel and supplementary efforts between the various States and the full
use of diplomatic machinery." It was believed by observers
that peace overtures to France recently made by Germany
had contributed to the hope that a continued recess of the
Conference at this time might enable a foundation to be
constructed upon which actual achievements in the way of
arms reduction could be built at a later date. Advices from
Geneva to the New York "Times" on Nov. 22 gave further
details of Mr. Henderson's address as follows:
"Hope has been expressed that these efforts," Mr. Henderson said,
"shall at once be undertaken with energy, with the view of advancing In
every way possible the work which lies before the general commission.
It has also been suggested that the Governments should keep the President
Informed of their efforts and they should report to him on the final results
of those efforts."
Mr. Henderson further made clear that to succeed the diplomatic method
must produce by mid-January a draft convention which the general commission could discuss with "hope of a successful issue."
Otherwise, too, the substance of to-day's decision is as was expected
yesterday. These citations and the rest of Mr. Henderson's shrewdly
worded statements are, however, deemed important here as showing that
he has manoeuvred himself into an ever stronger position than was then
believed. Since no one here questions that Mr. Henderson is 100% for
disarmament, security and equality, his present success Is unquestionably
a disarmament success.
The decision to-day represents the price which the French. the Italian
and especially the British Governments have paid to prevent Mr. Henderson from executing immediately his threat to give his resignation to
the League Council. which appointed him He has got them now to agree
to report to him precisely when that Council is In session whether they
have reached agreement by the method they themselves chose against his
own advice.
If they succeed, Mr. Henderson will get credit for having saved the
Conference, for unquestionably his threat to resign roused the three powers
3754
Financial Chronicle
from their inertia. If they fail, as he deems more likely, Mr. Henderson
can put the responsibility on the MacDonald Government, which proposed
the diplomatic method.
Some here hold that this is the main key to the situation that will unroll
during the next two months. They believe that the German and the
Italian elements have become subsidiary to the struggle for control of
Great Britain, which might result in establishing for the first time in a
generation liberal governments simultaneously in three great democracies.
The oreak between Ramsay MacDonald and Mr. Henderson in 1931
keeps the struggle charged with the deepest human elements of drama.
Few here doubt that Prime Minister MacDonald will do his utmost now
to succeed by the diplomatic method.
The belief that it will fail is based partly on the belief that the MacDonald Government will not make the necessary concessions, and partly
on the French situation. It was put thus by a high League official:
"The Nazi and Fascist poles of the League are stable, but among our
friends the British have a stable government with unstable policies, and the
French have an unstable government with a staple policy of inertia."
Canada Imposes Dumping Duty on Imports from United
States—Proclaims American Dollar Is Valued at
100 Cents for Customs Purposes—Step Taken
Because of Recent Depreciation of U. S. Currency.
The Canadian Government imposed what constituted
virtually a dumping duty on imports from the United States,
when the value of the American dollar was proclaimed this
week for customs purposes to be 100 cents in Canadian currency. The Canadian Government adopted a similar
procedure toward imports from Great Britain when the pound
was at a discount in Canadian currency. Explaining the
order, a copyright dispatch from Ottawa to the New York
"Sun" on Nov. 24 said:
Premier Richard B. Bennett's Government took this step because of the
fact that for several days the American dollar had been depreciating,
going as low as 94 cents here, and Canadian officials quickly saw huge
quantities of American goods pouring into the Dominion and being valued
at the current rate of the American dollar, some days at 95 cents, 96 cents,
and so on.
Canadian industrial and British exporting houses at once complained.
declaring that protection should be accorded their goods against the depredated American dollar. The high-tariff Bennett government with its
decided leaning to intra-empire trade, finally acted.
The Bennett government is decidedly anxious to protect its trade with
empire countries, even at the expense of business with the United States.
The reason for this is that during the 11 full months since the British Empire
trade agreements went into effect last year, Canada's exports to empire
countries totaled in value $217,488,892, compared with $194,628,972 in
the corresponding period of the previous year, an increase of $22,859.920.
or 11.7%. Exports to Great Britain totaled $178,505,662, compared with
8158,210,045, an increase of 820,295,617, or 12.8%•
Labor Member of Parliament Shouts at King George as
Monarch Ends Speech from Throne—Radical Says
Peers Are "Parasites"—Incident Officially Ignored.
King George V,opening the British Parliament on Nov.21,
was heckled in the House of Lords just after he had finished
his formal speech, when John McGovern, former plumber
and Independent Labor member from Glasgow, shouted
provocative questions at the King about unemployment,
and then cried that those present were "a gang of lazy,
idle parasites," living on the suffering of the poor. The
King took no notice of the interruption to the State proceedings, and Mr. McGovern left the Chamber. A London dispatch of Nov. 21 to the New York "Herald Tribune"
described the incident, in part, as follows:
The traditional decorum at a state opening of the British Parliament
was rudely shattered this morning when, in the House of Lords Chamber,
just as King George V had finished the opening speech and was descending
from the throne, John McGovern, Labor M.P. for the Shettleston Division
of Glasgow, called out in a stentorian voice, "What about the 'means test'?
What about the cuts in unemployment allowances?"
As such an interruption had never before occurred at a ceremony of this
kind, no one knew what to do or say. The King, who was holding out his
hand to assist Queen Mary down the steps of the throne, paid no attention
and did not even turn his head, though the Laborite's protest was voiced
so loudly that the King must have heard it.
Others Turn to Look.
The rest of the brilliantly garbed assembly, including the peers and
peeresses in full state robes, Government officials and members of the
diplomatic corps in dress uniforms, turned to look at the spot where
McGovern stood, a little apart from his fellow M. P.'s at the barrier delimiting the Chamber.
While Prime Minister Ramsay MacDonald, the Speaker of the House
of Commons and the Parliamentary attendants remained motionless,
and while the King and Queen walked toward the exit from the Chamber,
the Scottish M. P. again cried out loudly, saying: "It's a shame, all this
while people are starving: You're a lot of lazy idle parasites, living on
the wealth created by the people! You ought to be ashamed of yourselves!
This while people are starving."
None interferred with Mr. McGovern—the House of Lords attendants
having realized possibly that there was no legal warrant for their apprehending a member of the other House within the precincts of the Palace of
Westminster—and, muttering to himself, Mr. McGovern then left the
Chamber.
Says "I Had to Do It."
Later in the afternoon, he said: "I could not stand any more. I had
to do it. I express no regrets, as I was filled with indignation at the whole
thing."
The King's "speech from the Throne" was a somewhat colorless document. It was most remarkable for one passage in which the King—as some
of his hearers interpreted it—was made to foreshadow impending reductions
in taxation if relative prosperity should continue. Others, however, declared the passage was so vague in its language that it committed the
Government to nothing.
Nov. 25 1933
For the rest, the King outlined legislation on unemployment insurance, India, slum clearance and minor matters which will come before this
session of Parliament, and promised extension of bilateral trade agrreements to assist coal, textile and other exporters.
World Piles Gold in London Hoards—Foreigners Reported Have Stored Away £73,160,570 There Since
First of the Year—Prof. Jones Calls for a United
Front Against United States by Gold Bloc and
Sterling Group.
In a London account Nov. 20 to the New York "Times"
it was stated that since the beginning of the year, foreigners
have hoarded £73,160,570 of gold in London, according to
an estimate based on official figures. The bulk of it is be..
lieved to be stored in vaults here for safekeeping said the
message which continued:
The financial editor of "The Observer," commenting on this disclosure,
writes:
"It is quite conceivable that this large hoarding of gold, combined with
a substantial accumulation of foreign credit here, may some day prove
dangerous to our monetary stability."
The British always have been distrustful of sheltering too much "nervous
money," which could be withdrawn hurriedly at the first breath of trouble.
Imports of gold into Britain this year already have reached the large
total of £201,960,241, while the exports amount to only £57,584,359.
The Bank of England has taken £71.215,312 of excess imports, while
the remainder, presumably, represents gold stored here by foreigners.
Further Depreciation Expected.
The action of the Reconstruction Finance Corporation in increasing the
price of newly mined United States gold to-day was taken by the financial
editor of "The London Times" as implying that the Washington authorities
wished to resume their policy of actively depreciating the dollar. He
points out that the futures dollar market, which is a better indication of
the tendency even than the spot rate, was appreciably weaker to-day, the
discount of the dollar for delivery in three months increasing to nine cents,
which is double the figure of about a week ago.
"Nobody," he writes, "will deny that the policy of depreciating the
dollar may be seriously disturbing in its effects abroad, in addition to
those at home, but the suggestion that America, by depreciating the dollar.
will enrich herself but improverish others need not be taken seriously,
"The world has had too much experience since the Great War of the
effects of currency depreciation, whether voluntary or involuntary, not to
deplore them. But it is no reason to exaggerate them. While the trade
of other countries may be interfered with, the policy of currency depreciation, thus far, has never failed to impoverish the country which practices it."
United Gold Front Is Urged.
The suggestion of an international united front for defense against the
effects of President Roosevelt's monetary policy was made to-day by J.
H. Jones, Professor of Economics at the University of Leeds.
Professor Jones, who is President of the Economic Science Section of
the British Association for the Advancement of Science, outlined before
the American Chamber of Commerce a plan for common action by the
gold bloc, with subsequent co-operation with the sterling group.
The dangers of the present American policy for the rest of the world.
Professor Jones declared, are now being understated rather than overstated.
"Its effects in the coming winter," he continued, "would produce real
nervousness, France and other gold countries facing a problem of policy
of the first order. I believe that the gold bloc ought to come together to
work out a common policy as a reply to l'resident Roosevelt's currency
policy.
"Jointly, they might be able to withstand the American onslaught.
but separately, I doubt very much whether they could. They ought to
decide now whether to remain on gold, and if not, they should jointly
declare the suspension of the gold standard until a new international currency agreement has been effected, and then approach Britain. acting for
the sterling countries, to secure an assertion that the pound will remain
independent of other currencies.
"America", Professor Jones said, "could maintain depreciation of the
dollar only, so long as the Government induces a flight from the dollar,
but the moment it is stabilized, there will be repatriation, and with the
return of the dollar homeward, it is likely to shoot up again. Like a cork,
he remarked, the dollar can be kept below its natural level only by sheer
force.
"President Roosevelt's troubles are only beginning." he remarked, noting that the current issue of the Economist estimates that the dollar soon
will be undervalued in relation to the pound sterling by more than 20%.
Professor Jones expressed the hope that "America will be big enough
to come down on the side of the international standard, and not believe
that she can isolate herself from the rest of the world."
On the same date (Nov. 20) Associated Press advices
from London said:
Professor J. H. Jones, University of Leeds economist, told the American
Chamber of Commerce to-day that he personally had a real fear that
France and other gold-standard countries would be driven off gold by
American gold buying. This buying, be said, was dangerous, not because
of the loss of gold, but on account of the flight of European currencies to
sterling.
The flight to sterling, he asserted, would bring an overvaluation of the
pound which would completely destroy Great Britain's trade revival and
plunge her into the deepest depression. He questioned the effect of this
depreciation on the internal price level in the United States, saying:
"It seems that Roosevelt is being driven rapidly to a policy of undisguised currency inflation by the issue of greenbacks."
President Roosevelt's Agricultural and Industrial
Policy Held to Have Broken Down—Prof. Gregory
at Manchester(Eng.) Holds Fundamental Weakness
in United States Lay in Banking Situation Finds
Nothing Done to Overcome It.
"It is clear that both on the agricutural side and the industrial side, President Roosevelt's policy has broken down,"
said Professor T. E. Gregory, in a lecture at the Manchester
(England) University, on Nov. 6, according to the London
Volume 137
Financial Chronicle
"Financial News" of Nov. 7, from which we quote further
as follows:
The rapid expansion of production and the rise in the price level which
characterized the early months of the great experiment were due to buying
in anticipation of rising prices, continued 'Professor Gregory. The probability, was that retailers had become overstocked and the failure of the
National Recovery Administration to solve the unemployment problem
meant that rising prices were not being accompanied by expanding income,
soIthat the impossibility of selling at current prices was undermining the
whole position in the consumption industries.
Hopelessfrom Start.
The agricultural position was hopeless from the very beginning, because
so long as vast stocks of primary commodities continue to overhang the
market the anticipatory rise in prices would not go very far, and had, in
fact, long since stopped.
The comparative failure of the public works policy proved once again
that immense sums of money cannot be spent on improvised capital works.
The truth was that the fundamental weakness of the American situation
lay in the banking field. Nothing fundamental to overcome the weakness
of American banking had yet been undertaken, but it was in this field and
in the revival of the capital market that the only real hope of recovery lay.
The failure of the American experiment ought to act as a warning to those
who were anxious to apply the same policy on this side of the Atlantic.
The President had had everything in his favor, public opinion, immense
Powers of spending money, and a perfectly acquiescent Congress. If he
was unable to implement a policy of this kind it showed pretty clearly that
the policy suffered from economic defects.
Stanley Baldwin Advises Great Britain to Shun United
States Experiment—Doubts "Any Man Is Good
Enough to Dictate to Free People."
The following (Associated Press) from Edinburgh, Scotland, Nov. 17, is from the New York "Herald Tribune":
Stanley Baldwin, Lord President of the Council and Lord Privy Seal,
said to-night that "the strangest of all experiments being tried in the world"
WAS the granting by the United States to President Roosevelt of "powers as
great as any dictator, whether he be seated in Berlin, Rome or Moscow."
lar"I do not know, many Americans do not know, what they are aiming at,"
heasserted, "but there is a hope of dictatorial action altering the course
of human events and bringing prosperity for which people have no patience
to wait.
"I do not believe there is any man who is good enough and knows enough
.
to exercise dictatorial powers over a free people.
"We have seen the experiment tried in Russia, and all we know is that
.
there has been as much hunger in Russia as in the worst of the old days,
if not more, and agriculture in Russia needs a decade to restore it to the
condition of Czarist days."
London "Economist" Critizes President Roosevelt's
Policies—Insists United States Dollar Is Now
Undervalued 20%.
From the New York "Herald Tribune" we take the following (United Press) from London Nov. 17:
President Roosevelt's economic policies were scathingly attacked to-day
by "The Weekly Economist." The financial publication of Sir Walter
Layton, one of Great Britain's best known financial theorists.
"The Weekly Economist" declared that on the basis of the respective
price levels of the United States and Great Britain, the American dollar
is at present "undervalued by about 20%," and that the pound sterling
Is worth intrinsically about $4.30.
The depreciation of the dollar, it argues, is therefore sustained at present
only by the flight of capital from the United States.
"Should that flight cease or be reversed," it says, "the undervaluation
could be maintained only through purchases of gold or foreign exchange on
an enormous scale.
"The fatuity of a policy which may depend for its success upon further
large additions to America's already excessive hoard of gold is too obvious
to need comment."
The "Economist" concludes that President Roosevelt's manipulation of
exchange "ultimately will do more harm to America herself than to the other
countries."
It advises Great Britain not to retaliate.
"We deplore President Rooveselt's actions," it says, "but the fact that
he is still suffering from the great illusion that a currency warfare profits
any of the combatants is no excuse for similar foolishness on our part."
Sir Arthur Samuel in British Parliament Critizes
"Brainstorm Trust"—Says President Roosevelt
Is Creating "Unholy Morass."
Sir Arthur Samuel, Member of Parliament and former
Financial Secretary of the,Treasury, criticized t'he American
financial policy in a speech at Woking on Nov. 18, according
to London advices to the New York "Times", which further
said:
Admitting "nervousness" over the American situation, he declared the
Roosevelt plan no plan at all.
"The President is trying to do one thing, then another, not minding the
mischief he might do," said Sir Arthur. "His best advisers are leaving
him, letting him be guided by the brainstorm trust.
"The way the advisers are letting President Roosevelt act is fraught with
great danger and has simply turned the United States into an unholy
morass of muddle."
He attributed half of Britain's unemployment, as well as half the financial trouble of Europe, to mismanagement of the economic and financial
Position of the United States.
"Americans are selfishly trying to wreck the world value of gold," he
declared. "I do not think they will succeed, but there will be grave disaster
if they do."
Josiah Stamp Defines Inflation Control—British Economist Says It Can Be Done Through High Taxes
and Balanced Budget.
From its London correspondent Nov. 24 the New York
"Evening Post" reported the following:
3755
The conditions under which controlled inflation is possible were defined
by Sir Josiah Stamp, eminent economist, to-day in a speech before the
Foreign Press Association.
"It can be done." he said, "if the Government is ready to tax the people
heavily enough to balance the budget. That is the first consideration.
Then the Government must have available a large supply of money to
defend the currency abroad and keep it from depreciating. It must be
able to punish the bears."
Believes Franc Safe,
Sir Josiah also spoke reassuringly concerning the French franc, saying
there was no intrinsic reason why France should have to abandon the
gold standard.
"The balance of trade is not against France sufficiently to be any great
factor," he asserted. "The withdrawal of foreign balances from France
is not large enough to threaten France's vast gold reserves. The only
real danger would be if the French people themselves became frightened
about the French policy and withdrew gold from the bank. But usually
three French Governments have to fall before the French budget gets
balanced."
Paris Gold Exodus Chiefly to London—British Investments Being Called Home—Funds of Other
Nations Going to England—United States Purchase Negligible—But Flight of United States
Capital Is Factor in Withdrawals from France.
The Paris correspondent of the New York "Times" had
the following to say under date of Nov.18:
The gold exodus from Paris this week, indicated by the 730.000,000
francs loss by the Bank of France, was chiefly to London. Gold Purchases for United States account were really insignificant. They have
not aggregated more than a few tens of millions of francs, and amounted to
only a few millions last week.
Gold goes to London for several reasons. First, there have been withdrawals of British capital employed in Paris. Then, money which other
countries, including the United States, are withdrawing from Paris has
gone to London. Furthermore, Americans also are sending to London
the capital they are exporting on a large scale. Thus, in reality, the
export of United States capital to London is to a large extent the determining factor in the withdrawals of gold from France.
is The Paris market finds this easy to understand.
The British Government is opposed to sterling following the dollar's
depreciation, but it does not want the pound to increase in value against
gold—meaning against the franc. The British could have bought all
the dollars offered by Americans desiring to export their capital, thus
preventing the pound from rising, but such an operation could only leave
certain loss, since President Roosevelt seemed determined to force the
dollar down further. That is why the British Equalization Fund intervened on the market, buying francs and converting them into gold at
the Bank of France.
Financial circles here are paying close attention to the turn events
are taking in the United States. The Treasury changes are interpreted
as fresh proof of the persistence of President Roosevelt in his monetary
Policy. There has been surprise caused among French financiers by
what they consider the lack of insight and the clumsiness shown by acts
of men whose duty it was to carry out the policy. To Paris it seems that
it was not difficult to foresee that, by plainly announcing his determination
to cause continuous depreciation of the dollar. President Roosevelt would
provoke mass exports of capital and that investors would be turned away
from investing in State funds.
It appeared still more evident that, once the dollar had started on the
downward path, the movement would gather speed—if only at the instigation of speculators, who logically were bound to ancitipate subsequent
developments. Cabled reports that obstacles would be placed in the
path of capital exports brought the violent upward reaction, and it may
be necessary to take measures in the other direction to prevent a more
accentuated rise in the dollar. It may not be so easy as Washington
supposed to operate the gradual decline desired or to prevent sudden fluctuations in the dollar which will bewilder all markets.
Flight of Dollar Set at One Billion by London Experts—
Americans' Investments in Britain in Past Three
Months Put at $375,000,000—Washington Opinion
on Volume Divided.
Stating that a tangible estimate in a reliable quarter of
American capital which has "flown" to Great Britain in
the last three months is only £75,000,000, roughly $375,000,000,the London correspondent of the New York "Times"
on Nov. 17 further observed:
That figure was obtained to-day from a source whose periodical estimates of foreign investments in this country and British investments
abroad are accepted as authentic by the British Board of Trade. Its
figures are often used in compiling Board of Trade documents and statements to Parliament.
The financial expert and his advisers who reach the conclusion that
£75.000,000 will amply cover the American flight of capital to England
also venture the suggestion that such flight from the United States to
all countries in the last three months would not exceed £200,000,000, or
roughly. $1,000.000,000. But they feel much surer of their estimate
for this country than of the aggregate figure, although they regard the
latter as reasonable for all countries to which the dollar has been going.
"Loose Talk" of Billion Loss.
There has been much loose talk in London about the flight of $1,000,000,000 to Great Britain alone. That is regarded as absurd, but there is a
simple explanation for such an exaggeration. It Is that $1,000,000,000 is
a rough estimate of the total American capital invested in this country,
chiefly in industrial and mercantile concerns which have their parent
houses in the United States and branch or subsidiary concerns in England.
like Ford, General Motors, Woolworth. &c. These investments, of
course, are permanent and long antedated the Roosevelt Administration.
When the flight of American capital did begin and attempts were made
to measure it by the amount of American capital in this country, it was
sensational but easy to garble the figure on permanent investments as
a part of the money which had left the United States.
The wonder in financial circles in London is not that the flight is not
larger because of President Roosevelt's policy, but that it has been even
£75.000.000, despite the reluctance to buy dollars. There is not much
eagerness to purchase American currency to-day if there is a virtual assurance that it is going to be cheaper to-morrow, and there is no assurance
whatever when President Roosevelt is going to end the depreciation.
3756
Financial Chronicle
So, under existing circumstances, the British market for the dollar
is confined to those who need American currency to pay bills or buy goods
in the United States. Even they are inclined to postpone purchases of
dollars on the chance that they are going to go even lower.
American currency bought here for discharging obligations or buying
goods in the United States is, of course, flowing back to that country.
As soon as Mr. Roosevelt reveals where the decline is going to end or where
the dollar is going to be stabilized most of the American currency sold
here will also go back, no matter for what reason it fled from the United
States.
As far as trade is concerned, this thing, of course, works both ways.
Some of the money received on this side of the Atlantic in payment for
imports from the United States is being retained by both the French
and English and changed into the currency of their countries. Such
amounts may be fairly counted, not as American capital that has flown,
but as capital which should go home but does not.
Prior to three months ago, there was no movement of American capital
to England which could be called a flight. Such changes as then took
place were made chiefly by foreigners who preferred the pound to the
dollar.
Since the flight proper began three months ago, it has had three phases.
At the outset, American dollars seeking investment in England were
put into British securities, but this movement was both slow and moderate in extent. British securities as a rule are unattractive to the American
investor because of their low yield and the rate of exchange. Therefore
purchasers were confined to a limited number of British equities which
they presumed would retain or even increase their value in the event of
a depreciation of the dollar or pound or both. Such shares were, for
example, those of distilleries, tobacco companies, some oils and to a less
extent gold mine shares.
Government Bonds Next Phase
The next phase began after the depreciation of the dollar accelerated,
when American buying extended to British Government securities—
the war loans for example—and more particularly to the 4% funding
loan. The funding loan was attractive because it was quoted in Wall
Street and was easily usable as an exchange hedge. Although not backed
by gold but by sterling security, the funding loan for the American investor serves the same purpose as gold.
The flight of the dollar during these two periods into British equities
and later into British Government securities was moderate. Both together did not equal the amount being transferred In the third period,
which is now progressing. The movement of American capital in this
present phase of its flight is through sterling into gold. Gold is being
bought for private American accounts in the open market from stocks
of newly-mined metal received in London weekly from South Africa,
Australia, Canada and the Malay States and from unhoarded gold still
coming from India.
These American gold purchases, according to the authority for this
information, are much greater than the American purchases of either
stock or Government securities, into which dollars went in the earlier
stages of their flight.
Purchases Not Roosevelt's.
Of course these gold purchases have nothing to do with those authorized
from day to day by President Roosevelt. Most of his buying is in Paris,
not in London, and British financial experts are convinced that the amount
of physical gold he is purchasing would be surprisingly small, if known.
He does not have actually to buy much gold because he can achieve his
purpose of depreciating the dollar merely by naming a price at which he
113 willing to buy gold.
The actual details of this transfer of American capital into sterlingr
are a close secret of the big British banks, which under no circumstancesreveal the affairs of their American clients, either as individuals or as
groups dealing in lump sums. Transactions on a large scale have to
be through British institutions, because London branches of American
banks are prevented from undertaking them by President Roosevelt'
Executive Order of March 10, forbidding the export of capital. A
American attempting to buy more than $100 worth of sterling at t e
London branch of any American bank must convince the bank it is for
purposes of business and not for speculation or for a mere shift of capital
from one currency to the other. Therefore, Americans must now resort
to the same device of using foreign banks that Englishmen adopted when
Great Britain went off gold.
Dollar Speculators Caught.
Speculators' fingers were badly burned to-day as the dollar rebounded
to 5.29, a gain of more than 20 cents, as compared with yesterday's closing
figure. The spurt was so violent that the bears had little chance to cover
themselves. Many were believed to have lost heavily.
The dollar, after opening at 6.30, dipped to 5.39, but lurched upward
again and closed at 5.29. Meanwhile exchange authorities 'managed
to hold the franc almost stationary.
On the whole it was a day of steadier nerves In all British financial
markets. The clouds which hung over the Stock Exchange earlier in
the week vanished and the atmosphere brightened in every department.
Wheat and cotton were strong, although commodity markets seemed
to have shaken off the dollar's influence which caused them to slump so
heavily a few days ago.
No amount of reassuring news from Washington, however, could shake
London's belief that President Roosevelt was determined ultimately
to drive the dollar to 50 cents. It is just a question, according to exchange
bankers here, of how long he is going to "prolong the agony."
Significant as revealing London's fears for the future was the news
that Lloyd's had accepted insurance at 15X% against the dollar falling
to seven to the pound within three months.
British Reported as Being Paid for Accepting Dollar
Loans to Buy Cotton as Capital Seeks Way
Abroad.
The "Wall Street Journal" of Nov. 11 reported the
following from its London bureau:
The flight of capital from the United States and the abnormal conditions which prevail in the exchange market have resulted in a situation
where British importers are actually being paid by finance houses to open
up dollar credits with which to buy American cotton for shipment to
England. Rates are such that the finance company can buy sterling and
immediately sell sterling futures in the exchange market and obtain a
profit ranging up to 9%% a year on the exchange transaction because
of the abnormal discount on forward dollars.
An example of this is reported in Manchester, where an important
British finance house is offering Liverpool merchants free dollar credits,
plus a commission of 2%. if they will buy American cotton for import
into Britain. It is reported in Manchester that one cotton trader was
offered a credit to the value of E50,000, plus a 23's % commission.
Nov. 25 1933
The bank is able to do this by buying sterling for immediate delivery
and selling sterling for future delivery, making 9;4% interest on the swap
because of the premium on sterling "futures."
On inquiry in London, it was learned that these transactions have been
proceeding for some time, and that several of these credits have recently
been renewed. Reports from Manchester state that similar facilities are
being extended to certain Continental firms.
French Finance Minister Bonnet Minimizes United
States Gold Purchasing—Not Large Enough to
Materially Affect Bank of France Gold Reserves.
The following account from Paris Nov. 17 is from the New
York "Times":
United States purchases of gold in France have virtually ceased and have
not been large enough materially to affect the Bank of France gold reserves,
Finance Minister Georges Bonnet told the Chamber of Deputies Finance
Committee to-day. He attributed the recent exodus of gold rather to certain weaknesses in the internal financial situation and a growing lack of
confidence caused by delay In voting a balanced budget.
The Finance Committee after having shown considerable reluctance
to pass upon a partial budget proposal as submitted by Budget Minister
Abel Gardey and demanded an extensive explanation first from M. Bonnet
and then from Premier Albert Sarraut, finally voted to examine the preliminary project as submitted.
M. Sarraut explained the Government did not expect integral acceptance
of the economy program, but presented its supplementary measure for
increased receipts so as to compensate for any reduction in resources that
Parliament's alterations might affect. The Government, he said, Is determined to obtain a balanced budget.
In his statement M. Bonnet said the financial position had weakened
since the Daladier Government made its first appeal for urgency, and that
psychological factors would tend to accelerate the weakening influences if
Parliament's delay were prolonged. He noted there would be exceptional
expenditures by Parliament next year totaling 17.000,000,000 francs,
Including redemption of 7,000.000,000 francs worth of ten-year Treasury
bonds, a railway deficit of 4,000,000.000 and a public works program of
1,000,000,000. [The franc was quoted yesterday at 6.33 cents.]
Failure Predicted for United States Gold Buying—
Alfred Lansburgh Says It Will Have Little Effect
in Regulating Dollar.
A wireless message Nov. 18 from Berlin reported Lans-
burgh, editor of "Die Bank," as saying: "America treats
like a football her National currency." He predicts that the
system of regulation of the dollar's value by fixing the price
of gold will have "as little prospect of success as the preceding
experiments." The account added:
Mr. Lansburgh argues that while the exchanges rise via the gold price,
that Is, while the dollar's market value sinks, American home prices must
sink relatively and the real value of the dollar rise correspondingly. This
agrees with Germany's experience with inflation when internal prices, as
determined by the mark's diminishing exchange value, were abnormally low.
It is predicted by Mr. Laiasburgh that if Washington does not abandon
i\s currency experiments, it will be obliged to reduce the present relatively
1slernal value of the dollar by deliberate inflation.
• .
,
Will United States Buy Rand Gold?—Reported
Have Inquired Regarding South African Position.
The London "Financial News" of Nov. 6 carried the
following from Johannesburg, Nov. 5:
Will America, as part of her present currency policy, start buying gold _
direct from the Rand?
This possibility of large supplies of fresh gold being turned off at the
source is raised by the knowledge that some time ago America made full
enquiries regarding the local position, and now possesses all the facts.
Reserve Bank's Part.
Under the present arrangement, the South African Reserve Bank buys
all the gold from the Rand Refinery, acting as broker for its sale overseas:
;Strictly speaking, the bank could deal with anyone tendering the ruling
price, and an offer of 4s per ounce over the London price might sorely tempt
local producers.
But whether the Union would accept paper dollars for its gold Is uncertain,
while such dealings would place the South African Reserve Bank in an
awkward position unless the negotiations had the approval of the Bank of
England.
Strict Secrecy.
It is reported that advices of some definite move on the part of America
have been expected almost hourly during the past critical week,but any
such negotiations would be carried out in the strictest secrecy.
Chancellor Hitler Sees Only Saar Issue Standing
Between France and Germany—Denouces War,
But Declares Reich Will Not Return to Geneva-Asks Defensive Armaments.
A denunciation of war and a declaration that Germany
seeks peace with France featured the first interview with a
French journalist ever granted by Chancellor Adolf Hitler.
The interview, with Fernand de Brinon, was published by
"Le Matin" of Paris on Nov. 22. "War will settle nothing
and will only make the condition of the world worse than it
is," Chancellor Hitler was quoted as remarking. He asserted that the Reich would never return to Geneva. Only
the problem of the Saar Territory, he said, stands between
Germany and France at the present time. Portions of the
interview were further outlined as follows in a Paris cable
of Nov. 22 to the New York "Herald Tribune":
Other striking statements of the German leader in the interview, which
was given last Thursday, were: "War would mark the end of our races,
which are the elite, and in later ages Asia would be installed on our Continent and Bolshevism would triumph. "The question of Alsace-Lorraine
is settled; the people have pronounced thereon. I am convinced that
Volume 137
Financial Chronicle
once the question of the Saar is settled, there will be absolutely nothing
which can oppose Germany to France." "We shall not go back to Geneva."
After describing how he obtained the interview with Chancellor Hitler,
Comte de Brinon quotes the Chancellor and comments on his remarks
in a four-column article headed "Sensational Declarations" The article
is in line with the recent policy of "Le Matin" favoring bilateral conversations, as opposed to the official French attitude that an understanding
with Germany should be arrived at through the international organization
at Geneva.
Chancellor Hitler Offers Security Hope.
Speaking of Franco-German relations, Chancellor Hitler said: "Tell rue
what I can do to insure French security and I will do it willingly, if it does
not bring dishonor or menace to my country. But if France intends to
insure security by making it materially impossible for Germany to defend
herself, there is nothing doing."
If Germany is disciplining her youth with military training, he declared,
that is merely the symbol of a new order. His program, Chancellor Hitler
said, in brief was:"Not one German for a new war; but, for the defense of
the Fatherland, the whole people." He added: "How many times shall
we have to say that we neither want to absorb what is not ours, nor make
ourselves loved by those who do not want to love us?"
Concerning the action of Germany in quitting the League of Nations and
the Disarmament Conference, Chancellor Hitler said: "In leaving Geneva
I accomplished a necessary action, and I think that I have rendered a service
to the cause of clarity. We shall not go back to Geneva. The League
Is an international parliament, wherein a group of powers are opposed.
The misunderstandings have become aggravated in stead of being ironed
out. I am always ready—and I have just given an example in the case
of Poland—to open negotiations with those kind enough to talk to me."
Comte de Brinon concludes his article with a fervent expression of his
conviction that "Chancellor Hitler is sincere."
Japan Raising Its Gold Price—Unchanged Since March,
Official Quotation Will Now Be Altered Every
Two Weeks.
The following from Tokio, is from the "Wall Street
Journal" of Nov. 23:
On Friday, the Japanese Government will increase the price to be paid
for newly mined gold from 888 to 994 sen per momme, which equals 265
Ben per gram. With the yen-dollar rate at $0.3165, the new price is equal
to $26.08 per ounce.
This is the first change which the Government has made since March,
but it will still be under the RFC quotation in the United States and the
open market price in Japan. On Nov. 21, the RFC price was the equivalent to 1932 Ben per momma and the Japanese open market price was 1,160
Ben per momme.
In the future, the Japanese price for gold will be based on the price
in the London open market and the yen-sterling exchange rate. The
Japanese quotation will be altered every two weeks.
Hoarding and smuggling of gold and the refusal of miners to sell their
newly mined gold at the Government quotation, forced the Government
to raise its price.
Hamburg-American Line 63% Marine Equipment
Gold Bonds—Efforts to Secure Payments Due
Dec. 1.
The following notice was issued yesterday (Nov. 24) by
Speyer & Co:
Referring to the announcement dated Nov. 22 1933, by the Hamburg
American Line regarding its First Mortgage 634% Marine Equipment
Co. and J. Henry Schroder Banking Corp.,
Serial Gold Bonds, Speyer &
Fiscal Agents for the Loan, are advising holders of these Bonds that they
are continuing their efforts to secure payment of the amounts due on Dec.
1 1933, and shall take such action as counsel may consider necessary for the
protection of the rights of the bondholders. The Bankers are requesting
bondholders to advise them promptly of their names, addresses, the amounts
and maturity dates of their holdings, so that they may inform them of
important developments. Holders of bonds maturing Dec. 1 1933, who
desire to dispose of them should communicate with the Bankers without
delay.
Of the $6.500,000 of these bonds sold in 1925 by Speyer & Co. and J.
Henry Schroder Banking Corp., $4,000,000 bonds remain outstanding.
Committee Named by German Government to Investigate Banking System Rejects Nazi Plan of
Control—Unanimous Against Full Nationalizing—
Big Banks Stressed—Viewpoint of Private Bankers
Prevails as President Schacht Lends Support
to Them.
When the Committee appointed by the German Government to investigate the country's banking system rose from
its first session, on Nov. 21, its Chairman, Dr. Hjalmar
Schacht, President of the Reichsbank, announced that it had
unanimously declared against complete nationalization of
the banks, especially the big banks. We quote from a Berlin
cablegram to the New York "Times," which went on to say:
Representatives of the latter had urged the full restitution of free initiative and private bankers had seconded their demand.
Dr. Schacht scouted the public impression of the losses sustained by.the
big banks during the years of the crisis as grossly exaggerated and declared
that banking policy must not be made dependent on other governmental
policies.
Mast of the German banks are already owned or controlled by governmental agencies. Their complete nationalizatiort had been advocated by
the convinced Nazis on the Committee, led by Dr. Gottfried Feder, Under.
Secretory of the Ministry of Economics, as being in line with the Nazi
program.
Opposed by Practical Bankers.
It was opposed by the practical bankers on the Committee, prominent
among whom is Franz Urbig, Director of the Deutsche Bank und WiscontoGesellschaft, the 'biggest private hank in Germany, and he countered the
nationalization plan to-day with the statement that the present system of
Germany's foreign trade and other financial activities abroad would be
virtually impossible without the aid of private banks.
Between these two factions stood Dr. Schacht, who seemed to steer a
cautious middle course, but obviously leaned toward the private banks. He
3757
delivered a speech and propounded several questions intended to show the
Nazis the practical difficulties of nationalization.
He said banking reform must be based on what exists and defended "loan
capital," that is, mobile capital handled by the banks, as being necessary
for the economic process, although the Nazis have always denounced it as
"exploiting Jewish or international capital."
He granted the Nazis that capital cyanid not exist for its own sake and
that "human welfare stands above the welfare of capital," but he also told
them that the necessary lending of capital depended on confidence.
"All legislation will have to realize that a reconstruction program implies
confidence and that it must not through false laws interfere with human
relations in such a manner as to undermine confidence," he said.
Denies Money Is Capital.
Dr. Schacht also made some remarks about general principles of money
and banking.
"Money is not capital, but a means of exchange," he declared. "It is a
mistake to suppose that capital can be increased by increasing the amount
of money. Capital is the result of work and savings, and all we can do is
to handle mobile capital and see to it that it is being used savingly, purposefully and securely.
"I believe I am not uttering too much when I say that during recent years
the morality of debtors was just as vulnerable as the morality of creditors.
We must avoid raising an injustice to the status of a principle; we must
seek to restore the legal and public foundation of the morality of creditors
and debtors."
Dr. Schacht asked whether a nationalized banking system would not be
exposed to the danger that the State or its agencies would use banking
deposits for their own purposes. Hermann Bente, representing the views
of scientific experts, replied that this danger existed to-day as well.
Nazi Secret Police Seize All German Property of Dr.
Albert Einstein, Classifying Him as Enemy of the
Reich—Physicist, Now at Princeton, Does Not
Comment.
All property in Germany belonging to the scientist, Dr.
Albert Einstein, and to his wife, was confiscated on Nov. 20
by Nazi secret police, acting under laws concerning "the
seizure of Communist property and property of enemies of
the State." On April 1 political police had placed Dr.
Einstein's bank account under sequestration and later had
seized his motor boat and country home in Germany. Dr.
Einstein, who is now acting as Professor of Physics at the
new Institute for Advanced Study at Princeton, did not
comment publicly on the news from Berlin. Associated
Press advices from Berlin noted the seizure as follows:
The °Mal gazette, "Reichanzeiger," in printing the legal notice of
the seizure, listed "all mobile and immobile goods, particularly bank accounts and other deposits," to be confiscated in favor of the Prussian
State. The announcement read:
"In pursuance of the laws of May 26, May 23 and July 14,concerning the
seizure of Communist property and the property of enemies of the State
and of the people, all possessions of Albert Einstein and his wife, Else,
whose last Berlin address was No.5 Haberland Strasse, especially the bank
balances and other deposits, are hereby confiscated in pursuance of a decree
of the secret police department of July 7, for the benefit of the Prussian
State. The foregoing is made public in accordance with the law. Date of
decision, Nov. 16."
The announcement was signed by the secret State police.
German Reichsbank Cool to Plea for More Interest
on External German Bonds.
A wireless message, as follows, from Berlin, Nov. 18, is
from the New York "Times":
The Reichsbank has resolved not to admit holders of external German
bonds as entitled to base any claim for an increase in debt service transfers
on the relatively satisfactory German trade balance. This attitude is
shown by simultaneous publication in newspapers, together with the October
trade report, of an inspired statement that current receipts of exchange are
insufficient to transfer even the present reduced liabilities.
This argument ignores the fact that the cost of transferring the interest
to the Uhited States, Germany's biggest creditor, has been reduced by 40%
since April by the dollar's depreciation. It seems certain that the bondholders' representatives who now are about to negotiate a prolongation of
the July agreement cannot expect an increase in the transfers, since it is
more likely the Reichsbank will seek to bargain for further concessions.
German Scrip Deals Protested by Great Britain—
Bondholders Charge Swiss and Dutch Creditors
Receive More Favorable Terms.
A London wireless message, Nov. 13, to the New York
"Times" stated that the Britigh Government has made
"representations" to Germany against alleged discriminatory
treatment of British holders of German bonds, it was announced in the House of Commons that day. The message
added:
Bondholders here have been indignant for many weeks over what they
consider the more favorable terms granted to Germany's Swiss and Dutch
private creditors. Last month the bondholders' committee appealed to the
Government for help in obtaining equality of treatment.
In commenting on the above, the "Times" said:
• Germany's discrimination in favor of Dutch and Swiss creditors lies in
the acceptance at par of scrip issued in payment of debt services.
Under the last arrangement made with foreign creditors the Reich allows
them 50% in cash of amounts due in foreign exchange. The other 50% is
paid in scrip, which can be sold only to the German Gold Discount Bank,
which pays only 50% of the face value. Thus the creditors get only 75%
of amounts due.
The Berlin Government, however, has offered to cash this scrip at par
if it is used to buy German goods for export. Swiss and Dutch creditors
have taken advantage of this offer, but others have refused and have
protested the terms.
3758
Financial Chronicle
Rise in
German Price Index Slackens—Wheat
Continues Fixed at the 1914 Level.
Stating that the wholesale German price index on Nov. 8
was 95.9, against 96.1 on Nov. 1, a wireless message, Nov. 18,
to the New York "Times" went on to say:
The index has risen every month since April, but the pace of the rise lately
has slackened.
[Industrial and raw material price indexes continue the decline which
began some weeks back, but the agricultural index is at the highest at 93.5,
against 80.9 in January. This is due partly to the Government price-fixing.
Since the beginning of October, wheat in Berlin has been officially fixed
at 190 marks per metric ton, against the lowest in July of 173. and the
highest on March 16 of 200. The Government maintains wheat approximately at the pre-war price of the 1914 average of 191 marks.
Economists here view the dollar depreciation as tending to retard recovery
of the world markets in terms of gold prices. It is assumed here that the
dollar will continue to fall until it reaches the present legal maximum of
50%. Then, it is predicted here, President Roosevelt will be faced with a
typical "stabilization crisis" in industry and probably with a clamor for
still further depreciation in order to give trade a new convulsive stimulus.
While German bankers who as debtors stand to gain from depreciation,
they refrain openly from criticizing Washington's economic policy. The
press, however, continues to condemn it.
Labor Conscription Less Likely in Germany—Head
of the Voluntary Service Bureau Warns Funds
Are Lacking to Give Work.
From Berlin, Nov. 16, advices to the New York "Times"
said:
Labor conscription, which has been considered an integral part of the Nazi
platform and was to begin before the end of this year, according to an official
announcement made some time ago, seems relegated to an undefined future
under an order issued to-day by the Reich chief of the voluntary labor
service. He says it is at present impossible—"for financial reasons"—to
even put to work all the volunteers.
It is improper, therefore, he continues, "to try to force dole recipients
under 25 years old into the labor service by the threat of cutting off their
doles." "The labor service," he says, "simply cannot employ them. Moreover, the exercise of such pressure mitigates against the basic idea of the
labor service, which should be free and voluntary."
The order also protests against a tendency on the part of local authorities to send professional beggars and tramps to labor camps. The labor
service was devised by the Reich as an institution for the youth of Germany,
in order to offer opportunities for voluntary service for the common good,
the order asserts.
Swedish
Match
Co. Acquires
Bank.
Control of
Deutsche
Under date of Nov. 16, advices from Washington to the
New York "Journal of Commerce" stated:
Svenska Tandsticks Aktb. (the Swedish Match Co., Inc.), Stockholm,
recently acquired control of Deutsche Union Bank in Berlin, a part of the
program of liquidating the interests of the Company in this institution and
not a step in the direction of expansion, according to the manager of the
Company.
This concern has taken over the interest of the Krueger & Toll estate in
Deutsche Union Bank and arrived at an agreement with the other creditors
of the bank. Svenska Tandsticks Aktb. paid a total of 4,130,000 marks,
of which 2,760,000 marks is in mortgages in real estate in Berlin and the
balance of 1,370,000 marks in cash.
In addition, Svenska Tandsticks Aktb. turned over to the Krenger
Toll estate certain claims held by the Kreuger bankruptcy estate on the
Finance Company in Vaduz. However, it seems that these claims are of
little,if any,real value.
Recent Austrian Loan Brought Subscriptions in Excess
of Expectations.
Under date of Oct. 27 advices from Vienna to the New
York "Times" said:
It is officially announced that the result of the Austrian internal loan was
successful beyond all expectations. The total subscription, according to
a speech by Finance Minister Buresch, amounts to 236,000,000 schillings
($.39,430,000).
A sensation was caused by an announcement in the Weltblatt, Clerical
party organ, that Chancellor Dollfuss in his speech to a Christian Social
party committee had announced that an Austro-German rapprochement
was pending. Party leaders said no such announcement had been made
by the Chancellor.
The increased hostility of anti-Austrian broadcasts from Munich makes
an immediate rapprochement unlikely.
An earlier item regarding the loan appeared in our issue
of Oct. 14, page 2721.
Switzerland Announces Details of Offer to Exchange
Franc Bonds for Dollar Issue.
The Swiss Government formally announced on Nov. 24
its offer to exchange 4% Swiss franc bonds, dated Dec. 15
1933, and due on Dec. 15 1953, for its 532% dollar bonds
due on April 1 1946. From the New York "Times" of
Nov. 24, we quote further as follows:
The dollar bonds, outstanding in the amount of $30,000,000, are quoted
at 162. They will become callable on April 1 next on 60 days' notice and
redeemable at par and interest.
Marc Peter, Swiss Minister to the United States, in a statement yesterday
Indicated that the exchange would be made at the parity of the franc of
5.12 francs to the dollar, instead of at the present rate of 3.17 francs to
the dollar. The exchange price for the new bonds is to be 99.75 plus a
stamp tax of 0.6%. Each holder desiring to make the exchange will be
credited for each $1,000 of dollar bonds with $1,000 principal. $11.30
Interest from Oct. 1 to Dec. 15 1933, and 14.40 adjustment of interest from
Dec. 15 1933. to April 1 1934, or a total of $1,015,70, equivalent, at 5.12
francs to the dollar, to 5,200.40 Swiss francs, and will be charged for the
Swiss franc bonds 1,003.50 for each 1,000-franc bond.
Nov. 25 1933
J. P. Morgan & Co. and the National City Bank will act as agents for
the Swiss Government in the exchange. Applications for the exchange must
be made to the.bankers by Dec. 1. Applications are to be made to list
the franc bonds on the various Swiss stock exchanges.
Swiss Banks Buy Own Shares.
From the "Wall Street Journal" of Nov. 20, we take:the
following from Paris:
Stagnation of international and domestic business is promoting the large
Swiss banks to reduce their capital.by buying up their own shares in the
market and then cancelling them. The Union de Banques Suisses has
announced that it is making a reduction of 20,000,000 Swiss francs in its
capital, bringing that item to 80,000,000 francs. This step followed
similar action on the part of the Banque Commerciale de Basle, and it is
reported that the Banque Federale and Lou and Co.'s Bank, Ltd., plan
similar steps.
Informal Talk on Finnish Debt Held by President
Roosevelt with Minister of Finland.
A brief informal talk on Finland's debt to the United
States was held at the White House on Nov. 13 between
President Roosevelt and L. Astrom, Minister of Finland.
The conference was attended by Under Secretary of State
Phillips and Under Secretary of the Treasury Acheson.
According to a Washington dispatch to the New York
"Times" it was stated no formal negotiations were begun.
From the same account we quote:
Finland, which owes the comparatively small sum of $8,546,000 was
said to have created a unique position for herself among the debtor nations
by paying the full instalment due the United States last June 15. The
others made "token" payments or followed the example of France and
defaulted.
This action put Finland in the position of being most likely, according
to American officials, to benefit under future rearrangements of the debt
structure.
Finland's original debt to the United States was placed at $8,281,926.17.
In the refunding agreement the interest was placed at $718.073.88, bringing
the total debt to $9,000,000.
The instalment due Dec. 15 is $229,623, of which $76,649.37 is the
stated payment on the principal and $152.973.63 represents interest.
Mikhail Kalinin, President of Soviet Russia, Greets
People of United States in Radio Address—Expresses Hope, Establishment of Normal Relations
Between Two Countries Will Aid International
Peace.
Mikhail Kalinin, President of the Union of Soviet Socialist
Republics, spoke to the people of the United States by radio
from Moscow on Nov. 21 and broadcast a "hearty greeting"
from the people of Russia. This marked the first broadcast
ever made by a high Soviet official from Russia to a foreign
country. Because of atmospheric conditions its reception
was poor in the United States. After M. Kalinin had spoken,
his address was repeated in English by an interpreter. The
Soviet President expressed the hope that the establishment
of normal relations between his country and the United
States will benefit mankind and will stimulate the movement
toward universal peace. The translation of M. Kalinin's
address follows:
At this moment, when normal relations between our two States are being
established, I am glad to send, in the name of the peoples of the Union of
Soviet Socialist Republics, a hearty greeting to the people of the United
States of America.
For the last 16 years the toilers in the cities and the villages of the Soviet
Union have shown to the whole world examples of their tremendous creative
work. By intense effort they have transformed our country in a short time
from a backward agrarian land into an advanced industrial nation, and it is
precisely because of this that our workers and peasants look with the greatest
interest and attention to that country of advanced technical progress, the
United States of America.
The most important condition of securing technical progress and wellbeing for our people Is the preserving and strengthening of peace among
the nations.
I am convinced that now,with all artificial obstacles to a full and manifold
contact between the peoples of our two great countries removed, the result
will be to benefit greatly not only their mutual interests but also the economic
and cultural progress of mankind, and to strengthen universal peace.
I firmly believe that there now begins an era of fruitful and manifold
co-operation between our two nations.
I am convinced that the Joy which we feel on this occasion is shared
throughout the world by all to whom the progress of humanity and peace
among nations are dear.
W. C. Bullitt Accpetable to Soviet Russia as United
States Ambassador to Moscow—A. A. Troyanovsky
Named Russian Envoy to Washington—Was Formerly Ambassador to Japan—State Department
Instructs American Missions Abroad to Honor
Soviet Passports and Establish "Cordial Relations" With New Colleagues.
The Russian Soviet Union on Nov. 18 announced its
acceptance of William C. Bullitt as the first American
Ambassador to the present Russian Government. The
appointment of Mr. Bullitt to the post at Moscow by
President Roosevelt was noted in our issue of Nov. 18, page
3577. On Nov. 19 it was announced in Washington that
the first Ambassador of the Soviet Union to the United
States would be Alexander Antonovitch Troyanovsky,former
Volume 137
Financial Chronicle
Soviet Ambassador to Japan and now Vice-Chairman of the
State Planning Commission. The State Department on the
same day accepted M. Troyanovsky as persona grata to the
American Government. Boris E. Skvirsky, chief of the
Soviet Information Bureau at Washington, will serve as
Charge d'Affaires until the arrival of the new Ambassador,
and therafter will act as Counsellor of Embassy. Ambassador Troyanovsky's biography as made public at Russian
headquarters in Washington on Nov. 19, follows:
Born in 1882 in Tula, famous industrial town (metallurgical center) of
Central Russia. Attended military academy. Later studied under the
Physical-mathematical faculty of the University of Kiev.
In 1902 as a young graduate he joined the revolutionary movement
against Czarism and in 1904 he became a member of the Social Democratic
Party. In 1909 he was sentenced to exile in Siberia and the following year
he escaped abroad. Until 1917 he lived in France, engaged mainly in
literary work. In 1917 he returned and saw active service in the revolutionary army.
In 1918 he was made Assistant Chief of the Archive Department. He
later became an official in the Commissariat of Workers and Peasants
Inspection, where he remained for three years.
From 1923 to the end of 1927 he served as President of the Board of
Directors of the State Trading Corporation (Gostorg) and at the same time
served as a member of the Collegium of the Peoples Commissariat for
Foreign Trade. These two posts made his position one of great economic
importance.
At the close of 1927 he was appointed diplomatic representative to Japan.
He remained in that post until January 1933, when he returned to assume
the post of Vice-Chairman of the State Planning Commission. He has
held that office up to the present time.
We quote, in part,from a Washington dispatch of Nov. 17
to the New York "Times" regarding Mr. Bullitt's past
earner:
William Christian SWIM, first American Ambassador to the Soviet
Union, has been an advocate of Russian recognition since March 1919, when
he was sent on a secret mission with Lincoln Steffens and Walter Weyl of
the New Republic to deal with Nikolai Lenin.
The young Philadelphian, then only 26 years old, returned to the Versailles Peace Conference with what were said to be pledges that M. Lenin
would refrain from propaganda outside Russia and would enter relations
with other nations if Allied troops were withdrawn from Russian soil.
But his negotiations came to naught, and in May he resigned from the
American peace delation on the ground, he explained, that the peace treaty
was full of causes for future wars.
He said he had advised Woodrow Wilson that the War President would
have succeeded better with the treaty if he had worked in the open and taken
people into his confidence instead of sitting secretly with the others of the
Big Four--Clemenceau, Lloyd George and Orlando.
Mr. Bullitt, who had been Washington correspondent of the Philadelphia
"Public Ledger," became a State Department attache, in 1917, and was a
member of the peace delegation in 1918-19. He was sent to Russia, it was
stated, at the direction of Mr. Wilson and Robert Lansing, then Secretary
of State.
He remained in Europe for some months after his resignation, but returned to this country and appeared before the Senate Foreign Relations
Committee then starting its historic fight against the peace treaty.
Here he created a sensation when he said that a conversation with Mr.
Lansing in the previous May revealed the Secretary's utter dissatisfaction
with the treaty, especially clauses relating to the League of Nations and the
Shantung settlement.
On April 21 1933 he was named as special assistant to the Secretary of
State, in which post he has maintained a consistent taciturnity-He has
figured prominently in the discussions incident to Mr. Litvinoff's visit.
Mr. Bullitt was born in Philadelphia on Jan. 25 1891, the son of William
Christian and Louisa Horwitz Bullitt and the grandson of John Christian
Bullltt, who wrote the charter under which Philadelphia was governed from
1885 to 1920.
He was graduated from Yale College in 1912 and attended Harvard Law
School for a year.
The State Department on Nov. 18 notified all American
embassies and missions abroad to honor Soviet passports
and to establish "cordial official and social relations" with
their Soviet colleagues. The circular, sent to all dimplomatic
missions of the United States, ended as follows:
In view of the recognition thus accorded by the Government of the
United States to the Union of Soviet Socialist Republics, you should enter
Into cordial official and social relations with your Soviet colleague in accordance with the established practice of the post at which you are stationed.
Soviet Passports should be treated, henceforth, as passports of other
recognized governments.
Inform consuls.
Maxim Litvinoff Declares Soviet Russia Recognition
Represents Vital Contribution to Cause of Peace
—Foreign Commissar in Address at National Press
Club Expects Co-operation with United States
with Economic and Cultural Bonds—Says President Roosevelt First Obtained Assurance of
Nationals.
Maxim Litvinoff, Soviet Commissar for Foreign Affairs,
outlined the negotiations leading up to Soviet recognition
by the United States, in an address delivered before the
National Press Club in Washington on Nov. 17, the evening
of the day on which President Roosevelt announced that
recognition had been granted. M. Litvinoff revealed that
the first commitment sought by the President as a requisite
was an assurance of Soviet policy toward the nationals of
other countries. He said that he had gladly supplied President Roosevelt with all such information he desired. M.
Litvinoff, after outlining the history of recognition, declared
that his Government would seek to make the new relations
3759
with the United States not alone a conventional or technical
diplomatic intercourse, but rather an understanding that
would produce a common ground for co-operation in economics, culture and international peace. In answer to a
question from the floor, M. Litvinoff uttered a disavowal
of the Communist party of the United States so far as it
claims to represent the governing power of Russia. "The
Communist party of America," he said, "is not concerned
with,the Communist party of Russia and the Communist
party of Russia is not concerned with the Communist party
of America."
The text of M. Litvinoff's address, as given in a Washington dispatch to the New York "Times," follows:
I am happy to-day because the hopes which I have cherished for 16
years have been realized. Ever since the beginning of my diplomatic activities I have been striving to obtain a good understanding between the
Soviet Union and the United States.
Toward that end I proposed to my Government in 1918, during the war,
that it send me to Washington. I was sent, but I did not reach my destination. Many things might have happened, and many historical events
might have taken different shape, if we could then have entered into
relations with this country.
At the end of 1918 I made another attempt in the same direction by
sending a long telegram and making certain proposals to President Wilson
on his arrival in Europe. I failed again, but I continued my efforts to get
Into touch with your country.
Then a lengthy period intervened during which any efforts on our part
seemed to be doomed to failure and there was nothing for us to do but to
wait patiently. We gladly echoed the call of your President when he realized
the necessity of removing the most striking political and economic anomalies
of the post-war time.
Looking to Collaboration.
I can assure you that the establishment of normal relations between
our countries will be received by the people of the Soviet Union with the
most sincere satisfaction and with the same friendly feelings toward the
American people as I was happy to observe here toward my country from
the moment of my arrival.
Yesterday's exchange of notes between the President and myself creates
not only the necessary conditions for a speedy and successful settlement
of the unsolved problems relating to the past but, what is more important,
opens a new page in the development of relations of real friendship and of
peaceful collaboration between the two largest republics in the world.
I feel sure that the many possibilities for economic co-operation between
our two countries will be made use of in full. I also feel sure that the action
we took last night will have the most beneficial effect for the cause of peace,
for the preservation of which both our Governments will spare no effort.
I feel sure that all honest and peace-loving people, all those who are
against any breeding of ill-feeling, mistrust, hostilities or other anomalies
between nations will rejoice in this action.
More Than "Technical" Link.
Normal relations do indeed exist now among all the nations of the
world, but not in a few cases mistrust and ill-feeling, culminating sometimes in the most abnormal actions, are being nourished under the cover
of normal relations.
It is in no such conventional or technical sense that we want normal
relations with this country.
We want and we are going to work for really normal relations, really
friendly relations, which are bound to arise out of the fact that we have
had no real conflicts in the past and need not expect them in the future,
that there are already points of contact and that these will multiply, and
that the common ground for co-operation in the field of economics, culture
and the struggle for peace will widen.
I have frequently been reminded since I have been here that I have
far exceeded the half hour which I mentioned in Berlin as the time necessary
for me to accomplish my mission in this country.
I can assure you that the actual exchange of notes for the establishment
of relations required even less time than that, and that is what I had in
view, as on my part I did not propose anything else. There was, however,
on the initiative of the other side, some preliminary discussion, the scope
of which I could not gauge in advance.
Clearing of "False Ideas."
I may have overlooked that the absence of relations for 16 Years has
been instrumental in the accumulation in this country of incorrect and
false ideas and notions regarding the state of affairs and conditions of life
In my country. The absence of any official representatives in Moscow
has deprived your Executive of the possibility of getting first-hand and
authentic information.
A good many people have amused themselves by spreading in this
country the wildest stories about the Soviet Union. We were absent here,
and, according to the French saying, "Les absents out touJours tort"—
the absent are always wrong.
I was not, therefore, greatly surprised when your President wished,
first of all. to get from me the most complete information as to the policy
of my Government toward nationals of other countries, and to find out
what will be the conditions in every domain of life for AMeriCSIIS who may
come to my country in increased numbers with the establishment of formal
relations.
Certainly. I had no objection whatsoever to supplying this information
as best I could, to put it in the most convincing way, to word it carefully,
so that it should give rise to no misunderstanding and no misinterpretation.
We had no difficulty in doing so.
• Your President and myself understood each other perfectly well, understood each other's position, but it naturally required some time to put
into shape what we had discussed. There were no hitches, no obstacles
and no necessity for additional instructions or powers.
Speeding Adjustment of Claims.
There was one question more complicated than the rest—that of the
mutual material claims—which naturally could not be settled in a short
time. An exchange of views on this question showed us that there is
good-will and the desire on both sides to have it out of the way as soon
as possible, and that the views of both sides regarding the methods of
settling it are not very far apart.
Your President proved once more to be right when he stated in his
message to Kalinin that there are no insurmountable obstacles to the
settlement of our outstanding questions. The only really insurmountable
obstacle up to now has been the absence of any relations, of any contact,
of any possibility of talking to each other.
3760
Financial Chronicle
In order to show our good-will we decided, without waiting for a final
settlement of mutual claims, to waive one of our own claims against the
United States: that is, on account of the American Siberian expedition,
and this we did in appreciation of certain acts of the United States at
that time, with which I acquainted myself during my visits to the State
Department.
Is'The negotiations themselves have been of the most pleasant nature
and afforded me many opportunities for admiring the charm, goodnaturedness, kindness and at the same time the perspicacity of your
President. as well as the efficiency of the State Department. I appreciated very much the good-will of Mr. Bullitt, who took a most active
and helpful part in the negotiations.
1-• I wish to thank you and the American press for your valuable contribution to the work President Roosevelt and myself have done. The impatience
sometimes manifested by you during the conversations showed the
great importance you attached to the results of these conversations. I
am sure the further development of good relations between our countries
will always find substantial support in the American press.
Maxim Litvinoff Prefers "ff"—President Roosevelt
Writes It "v".
United Press advicesfrom Washington, Nov. 17, published
in the New York "Herald Tribune" said:
One point remained unsettled to-night between President Roosevelt and
the Soviet Foreign Commissar—the matter of how to spell the latter's name.
InYtheir official exchange of memoranda on recognition, Mr. Roosevelt,
addressing the Soviet representative, invariably spelled it "Litvinov." In
his replies, the Soviet Commissar signed himself "Litvinoff." The State
Department prefers the "H" while the Soviet Information Bureau holds
"v" more desirable. The conflict arises because there is no exact English
equivalent for the Russian letter which concludes the Commissar's name,
and either form is acceptable.
United States Terminates Status of All Representatives
of Czarist and Kerensky Regimes in This Country
—State Department Sends Formal Communication
to Serge Ughet, Financial Attache, and to Consuls
in Boston, Chicago and Seattle.
The United States Government on Nov. 16 formally
terminated all diplomatic relations with representatives of
the Russian Czaristie and Kerensky regimes residing in
this country. The State Department, in a note to Serge
Ughet of New York City, informed Mr. Ughet that it was
unnecessary for him to continue further as Russian financial
attache, to which post he was appointed on April 28 1922.
Mr. Ughet had expected American recognition of the Soviet
Union in a note to the State Department on Oct. 21 in which
he said that the exchange of communications between Presidents Roosevelt and Kalinin led him to believe that "conditions may arise in the near future where no further useful
purpose can be served by my continuing." The State Department on Nov. 16 also announced that it had revoked
the commissions of three Russian consuls: Joseph A. Conry
of Boston, Antonine Volkoff of Chicago,and Nikolai Bogoyamavlensky of Seattle, who have been serving in that
capacity since 1912, 1914 and 1915 respectively. The
correspondence with Mr. Ughet made public by the State
Department was as follows:
Department of State, Nov. 16 1933.
My Dear Mr. Ughet:
I desire to refer to your letter of Oct. 21 1933. in which you expressed
the belief that conditions would arise in the near future when no further
useful purpose would be served by your continuing to exercise the duties
with which you were charged under the exchange of notes between the
Russian Ambassador and the Secretary of State of April 28-29 1922, and
requested that your present status be discontinued at the earliest convenience of the Department of State.
In view of the recognition of the Union of Soviet Socialistic Republics
by the Government of the United States, I have to inform you that upon
this date the Government of the United States ceases to recognize you as
Russian financial attache.
The Department is deeply appreciative of the able manner in which you
have discharged the duties which devolved upon you under the exchange
of notes referred to above and of the friendly spirit with which you have
for so many years co-operated with this Government.
I should like to take the occasion to extend to you personally my cordial
good wishes for your future happiness and success.
Very sincerely yours,
WILLIAM PHILLIPS.
Acting Secretary of State.
MR. SERGE UGHET,
17 East 45th St, New York City.
Mr. Ughet's letter follows:
S. UGHET
Russian Financial Attache
17 East 45th Street.
New York, Oct. 21 1933.
Dear Mr. Kelley:
The correspondence between the President of the United States and
Mr. Kalinin, President of the All Union Central Executive Committee,
leads me to believe that conditions may arise in the near future where
no further useful purpose can be served by my continuing to exercise
the duties with which I was vested under the exchange of notes between
the Russian Ambassador and the Secretary of State of April 28 and 29 1922.
In consequence of this belief may I not request that my present status
be discontinued at the earliest convenience of the Department of State.
.As to certain matters of a continuing character requiring further attention.
I would respectfully suggest that after the date of the discontinuance of
my status they be considered as being temporarily taken under the care
of the United States Government.
In terminating my official activities I deem it a paramount duty to
express my deep appreciation for the unfailing consideration with which
Nov. 25 1933
I have been treated at the Department of State. Permit me also to say
that if a moral satisfaction has been derived by me during the trying years
of my service, it has been due mainly to the cognizance that I have enjoyed
the confidence of the Government of the United States.
Very sincerely yours,
S. UGHET,
Russian Financial Attache.
HON. ROBERT F. KELLEY,
Chief, Division of Eastern European Affairs,
Department of State, Washington, D. C.
Russian Soviet Union Makes Many Pledges in Communications Which Preceded Formal Recognition
by President Roosevelt—Detailed Promise on Propaganda—Americans in Russia Granted Right of
Free Worship and Choice of Own Counsel if
Brought to Trial—Russo-American Claims to Be
Adjusted Through Diplomatic Channels—Text of
Documents.
The action of President Roosevelt in extending formal
recognition to the Union of Soviet Socialist Republics was
noted in our issue of Nov. 18, page 3577. The President
first exchanged a series of notes with Maxim Litvinoff,
Soviet Commissar for Foreign Affairs whereby the undertakings of the two Governments were detailed at some
length. These documents comprised 11 letters and a memorandum, covering agreements and concessions which were
completed during the 10 days of negotiation between the
President and M. Litvinoff. The Soviet Government
guaranteed the religious freedom and civil protection of
Americans in Russia, and pledged itself to abstain from
propaganda. This pledge includes "organizations in receipt
of any financial assistance" from the Soviet Government,
as well as persons or organizations under its jurisdiction or
control. It was said to be the most extensive article relating
to propaganda to be included in any recognition agreement
between the Soviet Union and another government. Americans, by another document, are assured complete freedom of
worship while residing in Russia,and are also assured against
discrimination because of "ecclesiastical status." Americans
are accorded "the right to be represented by counsel of their
own choice" if brought to trial in the U.S.S.R. The interchange of documents between the President and M. Litvinoff leaves the question of debts and claims to be solved at
a later date for "a final settlement of the claims and counterclaims" between the two Governments "and the claims of
their nationals." In appreciation of American influence
exerted against the foreign exploitation of Siberia in 1918,
however, the Soviet Union waived its claims arising out of
the American military occupation of Siberia after 1917.
The text of the communications between the President and
M. Litvinoff which preceded the announcement of Soviet
recognition by the United States follows:
Letter of Recognition.
THE WHITE HOUSE.
Washington, Nov. 16 1933.
My Dear Mr. Litvinov:
I am very happy to inform you that as a result of our conversations the
Government of the United States has decided to establish normal diplomatic
relations with the Government of the Union of Soviet Socialist Republics
and to exchange Ambassadors.
I trust that the relations now established between our peoples may
forever remain normal and friendly, and that our nations henceforth may
co-operate for their mutual benefit and for the preservation of the peace
of the world.
I am, my dear Mr. Litvinov.
Very sincerely yours.
FRANKLIN D. ROOSEVELT.
Mr. Maxim M. Litvinov, People's Commissar for
Foreign Affairs, Union of Soviet Socialist Republics.
Lefter of Acceptance in Behalf of Russia.
Washington, Nov. 16 1933.
My dear Mr. President:
I am very happy to inform you that the Government of the Union of
Soviet Socialist Republics is glad to establish normal diplomatic relations
with the Government of the United States and to exchange Ambassadors.
too, share the hope that the relations now established between our
peoples may forever remain normal and friendly, and that our nations
henceforth may co-operate for their mutual benefit and for the preservation
of the peace of the world.
I am, my dear Mr. President,
Very sincerely yours,
MAXIM LITVINOFF,
People's Commissar for Foreign
Affairs, Union of Soviet Socialist
Republics.
Mr. Franklin D. Roosevelt, President of the
United States of America, the White House.
Declarations on Propaganda.
Washington, Nov. 16, 1933.
My dear Mr. President:
I have the honor to inform you that coincident with the establishment of
diplomatic relations between our two Governments it will be the fixed
policy of the Government of the Union of Soviet Socialist Republics:
1. To respect scrupulously the indisputable right of the United States
to order its own life within its own jurisdiction in its own way and to refrain
Volume 137
Financial Chronicle
from interfering in any manner in the internal affairs of the United States,
its territories or possessions.
2. To refrain, and to restrain all persons in Government service and all
organizations of the Government or under its direct or indirect control,
including organizations in receipt of any financial assistance from it from
any act overt or covert liable in any way whatsoever to injure the tranquility, prosperity, order, or security of the whole or any part of the United
States, its territories or possessions, and,in particular, from any act tending
to incite or encourage armed intervention, or any agitation or propaganda
having as an aim the violation of the territorial integrity of the United
States, its territories or possessions, or the bringing about by force of a
change in the political or social order of the whole or any part of the United
States, its territories or possessions.
3. Not to permit the formation or residence on its territory of any organization or group—or of representatives or officials of any organization or
group—which makes claim to be the government of, or makes attempt
upon the territorial integrity of. the United States, its territories or possessions; not to form, subsidize, support or permit on its territory military
Organizations or groups having the aim of armed struggle against the
United States, its territories or possessions and to prevent any recruiting
on behalf of such organizations and groups.
k4. Not to permit the formation or residence on its territory of any organization or group—and to prevent the activity on its territory of any organization or group, or of representatives or officials of any organizations or
group—which has as an aim the overthrow or the preparation for the
overthrow of, or bringing about by force of a change in, the political or
social order of the whole or any part of the United States, its territories or
Possessions.
I am, my dear Mr. President.
Very sincerely yours.
MAXIM LITVINOFF,
People's Commissar for Foreign Affairs,
Union of Soviet Soc Mist Republics.
Mr. Franklin I). Roosevelt, President
of the United States of America, the White House.
Adherence by U. S. to Reciprocity.
THE WHITE HOUSE.
Washington, Nov. 16 1933.
Mr Dear Mr. Litvinov:
I am glad to have received the assurance expressed in your note to me
of this date that It will be the fixed policy of the Government of the Union
of Soviet Socialist Republics:
!The four points in the Litvinoff letter of Nov. 16 are enumerated.)
It will be the fixed policy of the Executive of the United States within
the limits of the powers conferred by the Constitution and the laws of the
United States to adhere reciprocally to the engagements above expressed.
I am, my dear Mr. Litvinov,
Very sincerely *ours,
FRANKLIN D. ROOSEVELT.
Mr. Maxim M. Litvinov, People's Commissar for
' Foreign Affairs, Union of Soviet Socialist Republics.
Religious Freedom for Americans.
THE WHITE HOUSE.
Washington, Nov. 16 1933.
My dear Mr. Litvinov:
As I have told you in our recent conversations, it is my expectation that
after the establishment of normal relations between our two countries
many Americans will wish to reside temporarily or permanently within the
territory of the Union of Soviet Socialist Republics, and I am deeply
concerned that they should enjoy in all respects the same freedom of conscience and religious liberty which they enjoy at home.
As you well know, the Government of the United States, since the
foundation of the Republic, has always striven to protect its nationals, at
home and abroad, in the free exercise of liberty of conscience and religious
worship, and from all disability or persecution on account of their religious
faith or worship. And I need scarcely point out that the rights enumerated
below are those enjoyed in the United States by all citizens and foreign
nationals and by American nationals in all the major countries of the world.
The Government of the United States, therefore, will expect that nationals
of the United States of America within the territory of the Union of Soviet
Socialist Republics will be allowed to conduct without annoyance or molestation of any kind religious services and rites of a ceremonial nature,
including baptismal, confirmation, communion, marriage and burial
rites, in the English language, or in any other language which is customarily
used in the practice of the religious faith to which they belong, in churches.
houses or other buildings appropriate for such service, which they will
be given the right and opportunity to lease, erect, or maintain in convenient
situations.
We will expect that nationals of the United States will have the right to
collect from their co-religionists and to receive from abroad voluntary
offerings for religious purposes; that they will be entitled without restriction
to impart religious instruction to their children, either singly or in groups,
or to have such instruction imparted by persons whom they may employ
for such purpose; that they will be given and protected in the right to bury
their dead according to their religious customs in suitable and convenient
Places established for that purpose, and given the right and opportunity to
lease, lay out, occupy and maintain such burial grounds subject to reasonable sanitary laws and regulations.
We wilt expect that religious groups or congregations composed of
nationals of the United States of America in the territory of the Union of
Soviet Socialist Republics will be given the right to have their spiritual
needs ministered to by clergymen, priests, rabbis or other ecclesiastical
functionaries who are nationals of the United States of America, and that
such clergymen, priests, rabbis or other ecclesiastical functionaries will be
protected from all disability or persecution and will not be denied entry into
the territory of the Soviet Union because of their ecclesiastical status.
I am, my dear Mr. Litvinov,
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Mr. Maxim M. Litvinov, People's Commissar for
Foreign Affairs, Union of Soviet Socialist Republics.
Russian Assurances on Religion.
Washington, Nov. 16 1933.
My dear Mr. President;
In reply to your letter of Nov. 16 1933 I have the honor to inform you
that the Government of the Union of Soviet Socialist Republics as a fixed
policy accords the nationals of the United States within the territory of
the Union of Soviet Socialist Republics the following rights referred to by
you:
1. The right to "free exercise of liberty of conscience and religious
worship" and protection "from all disability or persecution on account of
their religious faith or worship."
3761
This right is supported by the following laws and regulations existing
In the various republics of the Union:
Every person may profess any religion or none. All restrictions of
rights connected with the profession of any belief whatsoever, or with the
non-profession of any belief, are annulled. (Decree of Jan.23 1918, Art.3.)
Within the confines of the Soviet Union it is prohibited to issue any
local laws or regulations restricting or limiting freedom of conscience, or
establishing privileges or preferential rights of any kind based upon the
religious profession of any person. (Decree of Jan. 23 1918, Art. 2.)
2. The right to "conduct without annoyance or molestation of any
kind religious services and rites of a ceremonial nature."
This right is supported by the following laws:
A free performance of religious rites is guaranteed as long as it does not
interfere with public order and is not accompanied by interference with the
rights of citizens of the Soviet Union. Local authorities possess the right
in such cases to adopt all necessary measures to preserve public order and
safety. (Decree of Jan. 23 1918, Art. 5.)
Interference with the performance of religious rites, in so far as they
do not endanger public order and are not accompanied by infringements
on the rights of others, is punishable by compulsory labor for a period up
to six months. (Criminal(lode, Art. 127.)
3. "The right and opportunity to lease, erect or maintain in convenient
situations" churches, houses or other buildings appropriate for religious
purposes.
This right is supported by the following laws and regulations:
Believers belonging to a religious society with the object of making
provision for their requirements in the matter of religion may lease under
contract, free of charge, from the subdistrict or district executive committee or from the Town Soviet,special buildings for the purpose of worship
and objects intended exclusively for the purposes of their cult. (Decree of
April 8 1929, Art. 10.)
Furthermore, believers who have formed a religious society or a group
of believers may use for religious meetings other buildings which have
been placed at their disposal by private persons or by local Soviets and
executive committees. All rules established for houses of worship are
applicable to these buildings. Contracts for the use of such buildings
shall be concluded by individual believers who will be held responsible for
their execution. In addition, these buildings must comply with the
sanitary and technical building regulations. (Decree of April 8 1929,
Art. 10.)
The place of worship and religious property shall be handed over for
the use of believers forming a religious society under a contract concluded
In the name of the competent district executive committee or Town Soviet
by the competent administrative department or branch, or directly by
the subdistrict executive committee. (Decree of April 8 1929, Art. 15.)
The construction of new places of worship may take place at the desire
of religious societies, provided that the usual technical building regulations
and the special regulations laid down by the People's Commissariat for
Internal Affairs are observed. (Decree of April 8 1929. Art. 45.)
4. "The right to collect from their co-religionists . . . voluntary
offerings for religious purposes."
This right is supported by the following law:
Members of groups of believers and religious societies may raise subscriptions among themselves and collect voluntary offerings, both in the
place of worship itself and outside it, but only among the members of the
religious association concerned and only for the purposes connected with
upkeep of the place of worship and the religious property,for the engagement
of ministers of religion and for the expenses of their executive body. Any
form of forced contribution in aid of religious associations is punishable
under the Criminal Code. (Decree of April 18 1922, Art. 54.)
5. "Right to impart religious instruction to their children either singly
or in groups or to have such instruction imparted by persons whom they
may employ for such purpose."
This right is supported by the following law:
The school is separated from the church. Instruction in religious
doctrines is not permitted in any governmental and common schools,
nor in private teaching institutions where general subjects are taught.
Persons may give or receive religious instruction in a private manner.
(Decree of Jan. 23 1918, Art. 9.)
Furthermore, the Soviet Government is prepared to include in a consular convention to be negotiated immediately following the establishment
of relations between our two countries provisions in which nationals of
the United States shall be granted rights with reference to freedom of
conscience and the free exercise of religion, which shall not be less favorable
than those enjoyed in the Union of Soviet Socialist Republics by nationals
of the Nation most favored in this respect. In this connection I have
the honor to call to your attention Article 9 of the treaty between Germany
and the Union of Soviet Socialist Republics, signed at Moscow Oct. 12
1925, which reads as follows:.
"Nationals of each of the contracting parties . . . shall be entitled
to hold religious services in churches, houses or other buildings rented.
according to the laws of the country, in their national language or in any
other language which is customary in their religion. They shall be entitled
to bury their dead in accordance with their religious practice, in burial
grounds established and maintained by them with the approval of the
competent authorities, so long as they comply with the police regulations
of the other party in respect of buildings and public health."
Furthermore, I desire to state that the rights specified in the above
paragraphs will be granted American nationals immediately upon the
establishment of relations between our two countries.
Finally, I have the honor to inform you that the Government of the
Union of Soviet Socialist Republics, while reserving to Itself the right
of refusing visits to Americans desiring to enter the Union of Soviet Socialist
Republics on personal grounds, does not intend to base such refusals on
the fact of such persons having an ecclesiastical status.
I am, my dear President,
Very sincerely yours,
MAX LITVINOFF.
People's Commiss.r for Foreign
Affairs, Union of Soviet Soo.
cialist Republics.
Mr. Franklin D. Roosevelt. President of the
United States of America,the White House.
Legal Protection for American Nationals.
Washington, Nov. 16 1933.
My dear Mr.President:
Following our conversations I have the honor to inform you that the
Soviet Government is prepared to include in a consular convention to be
negotiated immediately following the establishment of relations between
our two countries provisions in which nationals of the United States shall
be granted rights with reference to legal protection which shall not be less
favorable than those enjoyed in the Union of Soviet Socialist Republics by
nationals of the nation most favored in this respect. Furthermore, I desire
3762
Financial Chronicle
to state that such rights will be granted to American nationals immediately
upon the establishment of relations between our two countries.
In this connection I have the honor to call to your attention Article II
and the protocol to Article II of the agreement concerning conditions of
residence and business and legal protection in general concluded between
Germany and the Union of Soviet Socialist Republics on Oct. 12 1925.
ARTICLE H.
Each of the contracting parties undertakes to adopt the necessary
measures to inform the consul of the other party as soon as possible whenever
a national of the country which he represents is arrested in his district.
The same procedure shall apply if a prisoner is transferred from one place
of detention to another.
FINAL PROTOCOL.
Add Article II.
1. The Consul shall be notified either by a communication from the
person arrested or by the authorities themselves direct. Such communications shall be made within a period not exceeding seven times 24 hours,
and in large towns, including capitals of districts, within a period not
exceeding three times 24 hours.
2. In places of detention of all kinds, requests made by consular representatives to visit nationals of their country under arrest, or to have them
visited by their representatives, shall be granted without delay. The
consnlar representative shall not be entitled to require officials of the
courts or prisons to withdraw during his interview with the person under
arrest.
I am, my dear Mr. President,
Very sincerely yours,
MAXIM LITVINOFF,
People's Commissar for Foreign
Affairs. Union of Soviet Socialist
Republics.
Mr. Franklin D. Roosevelt, President of the
United States of America. the White House.
President Roosevelt's Reply.
THE WHITE IIOUSE.
Weshinglon, Nos. 16 1933.
My dear Mr. Litvinov:
I thank you for your letter of Nov. 16 1933, informing me that the
Soviet Government is prepared to grant to nationals of the United States
rights with reference to legal protection not less favorable than those
enjoyed in the Union of Soviet Socialist Republics by nationals of the
Nation most favored in this respect. I have noted the provisions of the
treaty and protocol concluded between Germany and the Union of Soviet
Socialist Republics on Oct. 12 1925.
I am glad the nationals of the United States will enjoy the protection
afforded by these instruments immediately upon the establishment of
relations between our countries and I am fully prepared to negotiate a
consular convention covering these subjects as soon as practicable. Let
me add that American diplomatic and consular officers in the Soviet Union
will be zealous in guarding the rights of American nationals, particularly
the right to a fair and public speedy trial and the right to be represented
by counsel of their choice. We shall expect that the nearest American
diplomatic or consular officer shall be notified irambdiately of any arrest
or detention of an American national,and that he shall promptly be afforded
the opportunity to communicate and converse with such national.
I am, my dear Mr. Litvinov,
FRANKLIN D. ROOSEVELT.
Mr. Maxim M. Litvinov, People's Commissar for
Foreign Affairs, Union of Soviet Socialist Republics
Russo-American Claims.
Washington, D. C., Nov. 13 1933.
My dear Mr. President:
I have the honor to inform you that the
Following our conversation.
Government of the Union of Soviet Socialist Republics agrees that, preparatory to a final settlement of the claims and counter-claims between
the Governments of the Union of Soviet Socialist Republics and the United
States of America, and the claims of their nationals, the Government
of the Union of Soviet Socialist Republics will not take any steps to enforce
any decisions of courts or initiate any new litigations of the amounts
admitted to be due or that may be found due it, as the successor of prior
Governments of Russia, or otherwise from American nationals, including
corporations, companies, partnerships or associations, and also the claim
against the United States of the Russian Volunteer Fleet, now in litigation
in the United States Court of Claims, and will not object to such amounts
being assigned and does hereby release and assign all such amounts to
the Government of the United States, the Government of the Union of
Soviet Socialist Republics to be duly notified in each case of any amount
realized by the Government of the United States from such release and
assignments.
The Government of the Union of Soviet Socialist Republics further
agrees, preparatory to the settlement referred to above, not to make any
claim with respect to:
(A) Judgments rendered or that may be rendered by American courts
in so far as they relate to property, or rights, or interests therein, in which
the Union of :soviet Socialist Republics or its nationals may have had or
may claim to have an interest.
(B) Acts done or settlement made by or with the Government of the
United States or public officials in the United States, or its nationals, relating to property, credits or obligations of any Government of Russia
or nationals thereof.
lam, my dear Mr. President,
Very sincerely yours,
MAXIM LITVINOFF,
People's Commissar for Foreign
Affairs, Union of Soviet Socialist
Republica.
Mr. Franklin D. Roosevelt, President of the
United States of America,the White House.
U. S. Reply on Claims.
THE WHITE HOUSE.
Washington, D. C.. Nov. 161933.
My dear Mr. Litvinov:
I am happy to acknowledge the receipt of your letter of Nov. 16 1933. In
which you state that:
[Here the text of the letter of Nov. 16 is quoted in full.j
I am glad to have these undertakings by your Government and I shall be
pleased to notify your Government in each case of any amount realized by
the Government of the United States from the release and assignment to it
of the amounts admitted to be due, or that may be found to be due, the
Nov. 25 1933
government of the Union of Soviet Socialist Republics, and of the amount
that may be found to be due on the claim of the Russian Volunteer Fleet.
I am, my dear Mr. Litvinov,
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Mr. Maxim M. Litvinoff, People's Commissar for
Foreign Affairs, Union of Soviet Socialist Republics,
Siberian Claims Waived by Russia.
Washington, Nov. 16 1933.
My dear Mr. President:
I have the honor to inform you that, following our conversations and
following my examination of certain documents of the years 1918 and 1921
relating to the attitude of the American Government toward the expedition
into Siberia, the operations there of foreign military forces and the inviolability of the territory of the Union of Soviet Socialist Republics, the Government of the Union of Soviet Socialist Republics agrees that it will waive
any and all claims of whatsoever character arising out of activities of
military forces of the United States in Siberia, or assistance to military
forces in Siberia subsequent to Jan. 1 1918, and that such claims shall be
regarded as finally settled and disposed of by this agreement.
I am, my dear Mr. President,
Very sincerely yours,
MAXIM LITVINOFF,
People's Commissar for Foreign
Affairs, Union of Soviet Socialist
Republics.
Mr. Franklin D. Roosevelt, President of the
United States of America, the White House.
Economic Espionage.
•
In reply to a question of the President in regard to prosecutions for
economic espionage, Mr. Litvinoff gave the following explanation:
The widespread opinion that the dissemination of economic information
from the Union of Soviet Socialist Republics is allowed only in so far as
this information has been published in newspapers or magazines is erroneous.
The right to obtain economic information is limited in the Union of Soviet
Socialist Republics, as in other countries, only in the case of business and
production secrets and in the case of the employment of forbidden methods
(bribery, theft, fraud, &c.) to obtain such information. The category of
business and production secrets naturally includes the official economic
plans, in so far as they have not been made public, but not individual reports concerning the production conditions and the general conditions of
individual enterprises.
The Union of Soviet Socialist Republics has also no reason to complicate or hinder the critical examination of its economic organization. It
naturally follows from this that every one has the right to talk about
economic matters or to receive information about such matters in the
Union in so far as the information for which he has asked or which has
been imparted to him is not such as may not, on the basis of special regulations issued by responsible officials or by the appropriate State enterprises, be made known to outsiders. (This principle applies primarily to
information concerning economic trends and tendencies.)
Discussions Continue.
THE WHITE HOUSE.
Washington, Nov. 16 1933.
Joint Statement by The President and Mr. Litvinoff.
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 permits 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.
Silver Agreement Ratified by India—Assembly Accepts
Pittman Plan as Stabilizing World Market at
Higher Levels—Advocated by George Schuster—
Hopes for Co-operation with United States to
Advance Trade.
The Indian Legislative Assembly ratified on Nov. 21, the
international agreement for the rehabilitation of silver,
which was advanced at the World Economic Conference at
London by Senator Pittman of the American delegation.
According to a cablegram from New Delhi (India), Nov. 21
to the New York "Times" the vote followed a speech by
Sir George Schuster, Finance Member of the Indian Government, who said that the agreement would stabilize the market
and tend to produce a higher level of prices. The "Times"
account is quoted further as follows:
"It is a tangible sign of India's desire for international co-operatIon and
I hope it will promote understanding with the United States and change
the rather bitter feeling cherished by those interested in silver there," he
said.
Expressing his appreciation for the effort of Senator Pittman at London,
Sir George declared that the agreement would not create an unnatural
stimulus of prices but, instead, a healthy position in which the market
would be relieved of the uncertainty connected with Indian stocks of silver.
He said there was no hope of a lasting recovery in silver prices until India
started buying again, which she was unable to do until her exports of merchandise returned to a normal figure. He voiced the hope that America
would realize this and not put difficulties in the way of India's selling commodities like jute.
There was no opposition to the agreement in any quarter of the Assembly.
The Associated Press advices from New Delhi, Nov. 21,
had the following to say:
In his speech to the Assembly to-day, urging ratification of the Pittman
silver rehabilitation program, Sir George Schuster said:
"We particularly hope this may help promote a good understanding with
the United States.
"Americans interested in silver previously have been inclined to cherish
rather bitter feelings against us on account of our policy of selling silver.
"They regarded this as a wrecking policy. All this was changed, I hope,
by the London conversations, and I wish to testify as to my great appreciation for the attitude taken by Senator Pittman.
"If we are ready to co-operate we merely would be responding to the
first move made on the other side.
Volume 137
Financial Chronicle
"Senator Pittman supplied the initiative and devised a practical means
of co-operation. I regard his success as the greatest achievement, for
which he deserves the thanks not only of his own country but also of India."
The Finance Member argued that a silver pact would be in the interests
of India because it would give greater stability to the silver market in the
next four years. He pointed out that India's currency had not been based
on silver since 1893, so that the mere rise in prices would not increase the
purchasing power.
-Year 5% External
Readjustment Plan for Panama 35
Secured Sinking Fund Gold Bonds, Due May 15
1963—Statement by E. A. Jiminex, Secretary of
Treasury.
Enrique A. Jiminez, Secretary of the Treasury of the
Republic of Panama, made public Nov. 22 a statement on
behalf of the Republic of Panama service readjustment plan
for 35-year 5% external secured sinking fund gold bonds,
series A, dated May 15 1928, due May 15 1963. In the
statement to holders of the bonds, Mr. Jiminez says:
The plan of readjustment provides that the interest represented by the
coupons maturing in the years 1933. 1934 and 1935 will be paid in the first
Instance to the extent of the excess funds of the annual treaty payment
from the U. S. Government and the annual revenue from the Constitutional
Fund of the Republic available in such years. The balance of the interest
not met by these payments will be paid later with funds which the Republic
will provide in amounts equal to the stipulated sinking fund instalments
of the issue, beginning in 1936. The operation of the sinking fund will be
suspended in the years 1933, 1934 and 1935, and as long afterward as the
Republic makes the above provisions for the payment of the unpaid interest balance.
The excess moneys of the treaty payment and the Constitutional Ftind
are now available for this year and will provide a payment of 33.56% of
one year's interest which will be paid out promptly. In 1934 and 1935
the money should become available by Oct. 1 and will be paid out by
Oct. 15. The amount of the treaty payment is fixed but the revenue from
the Constitutional Fund is dependent upon the yield of real estate mortgages in New York City in which the Fund is invested.
Bondholders who assent to the plan are assured a minimum one-third
interest payment in the years 1934 and 1935. If the moneys from the
treaty payment and the Constitutional Fund are insufficient to meet the
payment, the Republic will provide the necessary additional funds from
other sources. Assenting bondholders will also receive arrears certificates
for the balance of the interest not paid to them in 1933. 1934 and 1935.
with interest to accrue thereon from Oct. 15 1935, at the rate of 5%•
These certificates will be retired with funds provided by the Republic for
payment of the unpaid interest balance. The Republic may at any time
apply other funds to the retirement of arrears certificates.
Bondholders not assenting to the plan will not be assured a one-third
-bearing
interest payment in 1934 and 1935. nor will they receive interest
arrears certificates. The balance of interest not paid them in 1933, 1934
and 1935 will not be made up until after arrears certificates of assenting
bondholders have been retired.
The announcement issued in the matter said that assenting
bondholders should present their bonds to the National City
Bank, 55 Wall St., New York, to be stamped as assenting
to the plan, and to receive their 1933 payments together
with arrears certificates. Non-assenting bondholders will
receive their payments for this year upon presentation of
their bonds on or after May 15 1933, at the same Bank.
Ruling by New York Stock Exchange on 35
-Year 5%
External Secured Sinking Fund Gold Bonds of
Panama.
The New York Stock Exchange, through its Secretary,
Ashbel Green, issued the following announcement yesterday
(Nov. 24):
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Nov. 24 1933.
Notice having been received that payment of $16.78 per $1,000 bond is
account of the interest due May 15 1933, on Republic of
being made on
-Year 5% External Secured Sinking Fund Gold Bonds, Series A.
Panama 35
due 1963:
The Committee on Securities rules that the bonds be quoted ex-interest
$16.78 per $1,000 bond on Nov. 27 1933; that the bonds shall continue to be
dealt in "Flat" and to be a delivery in settlement of contracts made beginning Nov. 27. 1933, must carry the May 15, 1933, coupon stamped as to
payment of $16.78 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.
Brazil Fixes Gold Milreis Rate.
From Rio de Janeiro, Nov. 22, a cablegram to the New
York "Times" said:
President Vargas issued a decree to-day fixing permanently the gold
milreis rate at eight paper milreis. This will provide a substantial increase
In customs duties and port charges as heretofore the gold milreis has followed the dollar, the depreciation of which curtailed government revenue.
The gold mllreis was quoted last week at 6$226.
Liquidation Plan For Chicago Joint Stock Land Bank
Approved by Reorganization Committee—Action
by Land Bank Commissioner.
A plan for the liquidation of the Chicago Joint Stock Land
Bank for the benefit of the bondholders has been prepared
and approved by the Reorganization Committee of which
Robert Stevenson is Chairman. The plan it is said has
likewise been approved in principle by the Land Bank Commissioner. Orderly liquidation of all the Joint Stock Land
banks was provided for by recent legislation which created the
Farm Credit Administration. Regarding the plan it is stated:
3763
The plan calls for the organization of a new corporation under State
laws to take over and liquidate the assets of the Chicago Joint Stock Land
Bank. It is proposed that the new corporation issue its 4% bonds up to
80% of the live, sound assets of the bank as of the date of acquisition of
the same by the new corporation. The Committee estimates that the 4%
bonds thus issued would amount to approximately $300 principal amount
for each $1,000 of the bank's bonds outstanding, less any liquidating dividend previously distributed by the receiver.
It is further proposed that the new corporation issue income debentures
in an amount equal to the difference between the principal amount of new
bonds issued and the fair value of the bank's assets as appraised by appraisers satisfactory to the Land Bank Commissioner. Such income debentures, upon which interest of3% would be paid only if and when earned,
it is estimated would amount to about $400 principal amount for each
$1,000 of the Bank's bonds outstanding.
All of the stock of the new corporation would be delivered under the
plan to a voting trust to be set up for the purpose of assuring permanent
management for the benefit of the bondholders, and voting trust certificates would be distributed pro rata among the bondholders.
The Committee estimates that on the assumption that the holders of
all Farm Loan bonds assent to the plan, securities in about the following
amounts will be issued by the new corporation: $12,817.230 of 4% interest
bearing bonds; $17,098,640 of 3% income debentures; and 42.724 shares
of stock, or approximately one share of stock for each $1,000 Farm Loan
bond. Thus the bondholder is offered $700 par value in money obligations
of the new corporation for each $1,000 Farm Loan bond, less any liquidating dividend previously distributed by the receiver. Any money recovered
in excess of that amount will accrue to the voting trust certificates which
will be entirely owned by the bondholders.
It is proposed that the plan shall become operative only if, within a
reasonable time, the holders of at least 90% of the outstanding Farm Loan
bonds shall deposit their bonds under the plan, but the Committee in its
discretion, with the approval of the Land Bank Commissioner, may reduce
this percentage.
"We are convinced," the Committee states, in its letter
to bondholders, "that the assets of the bank will liquidate
for a suit less than the total amount owed on the Farm Loan
bonds outstanding and have therefore concluded that every
proper means should be employed to enforce the statutory
liability of stockholders of the bank. Accordingly, the Committee has intervened in the equity proceedings pending in
the District Court of the U. S. for Northern Illinois with
the intention that the assenting bondholders shall receive
their pro rata share of all recoveries had in that proceeding
without further action on their part."
Discount Rate of Berkeley (Calif.) Intermediate
Credit Bank Lowered from VA to 3%.
Effective Nov. 15 the discount rate of the Berkeley (Calif.)
Intermediate Credit Bank was reduced from 3% to 3%, we
learn from Associated Press advices from Berkeley. The
33/2% rate had been in effect since July 15 1932.
Senate Inquiry into Stock Market Trading—"Writeup" in Theatre Equipment Corp. Stocks Controlled
by Harley Clarke.
According to Washington advices Nov. 16 to the New York
"Journal of Commerce," "write-ups" in General Theatres
Equipment Corp. stocks controlled by Harley Clarke,
Chicago financier, aggregating $38,285,000 during the
acquisition by the General Theatres Equipment Co., Inc.,
were revealed that day by the Senate Banking and Currency
Committee during its investigation of banking practices.
From the paper indicated we quote:
The "watering" occurred in the stock of the International Projector
Corp., the National Theatre Supply Corp. and four lamp companies,
which were taken over by General Theatres at a cost of $43,040,000,
although they had a book value of only $4,756.000.
Foz May Be Called.
MeanwhileFerdinand Pecora, committee counsel, announced that it
may be necessary to subpoena William Fox before the committee to
explain his participation in the Fox-Grandeur Corp. organized to take
over the assets of the Mitchel Camera Co., held by Mr. Clarke, which in
turn was sold to General Theatres.
In Mr. Pecora said that it probably would be necessary to summon the
former theatre magnate because of the wide difference of opinion over
the true operation of the transaction.
According to evidence presented, Mr. Clarke owned the Mitchel Camera
Co., having purchased its stock of 31.475.000 as an intermediary for
General Theatres. The Grandeur was organized by him to take over
the assets of Mitchel, total assets of which amounted to $331,960. Mr.
Clarke told the Committee he sold the assets of Mitchel for what they had
cost him. However, the records showed that he was paid $3,100,000
by General Theatres for the stock.
In Why he received payment for the stock from General Theatres when
the Grandeur.was organized to take over the Mitchel assets, or the basis
of his contention that he,received only an amount equal to what he had
paid for the assets of thesompany, remained unanswered when the hearing
was closed for the day.
le At the outset of the investigation to-day Mr. Clarke was questioned
concerning the acquisition of the Nicholas Power Co. by International
Projector Corp. Mr. Clarke admitted that he was the only stockholder
In the Nicholas, although last week he told the Committee he had no
Interest in the concern. His admission brought about a sharp warning
from Senator Couzens(Rep., Mich.) that he would be subject to contempt of the Senate if he told a falsehood. Clarke explained that be
misunderstood the question when presented to him last week.
Reference also was made by Mr. Pecora to an arrangement testified to
shares of General Theatres stock
last week by Mr. Clarke in which 1
was exchanged for one share of International Projector Corp. Mr. Clarke
had declared that the offer had been made available to the public for
60 or 90 days, after which it was withdrawn.
3764
Financial Chronicle
About 800,000 shares were so exchanged of which 600,000 were held by
Clarke, but upon the production of the minute books of General Theatres
by Mr. Pecora, no reference could be found of the offer being made to the
public of an exchange on the 1M, to 1 basis. Mr. Clarke could find only
a letter written by the corporation to the stockholders offering the exchange
on a 1 to 1 basis.
Offer to Stockholders.
"Isn't it a fact." Pecora asked after reading the letter, "that that was
the only offer made to the stockholders?"
"That is the only one in the book," Clarke replied, "but I still believe
the other offer was made, but I don't know why or how."
Turning to the acquisition of National Theatres Supply Co. by General
Theatres, Mr. Pecora brought out that 412,791 shares of its stock was
exchanged on the basis of one share for one and 141,316 shares on the
basis of three-quarters share for one.
Mr. Clarke admitted that he was one of those who received the National
Theatres Supply stock on the basis of one to one, but testified that all the
stockholders had the same opportunity. Mr. Pecora contended, however,
that the evidence showed the stockholders were allowed to participate in
the exchange only on the basis of three-quarters to one.
The witness could not give the book value of National Theatres stock
when taken over by General Theatres on July 15 1929.
Book Value Given.
According to records produced by Committee counsel, however, book
value of the stock was only about $2,000,000 and was sold to General
Theatres for $12,787,000,revealing a write-up of approximately $10,500,000.
Mr. Pecora read a lengthy contract into the Committee's records, under
which General Theatres acquired its subsidiaries. Provision was made
in the agreement for formation of different corporations to take over the
assets of four lamp companies. Some of the lamp companies were corporate reorganizations, and asked why he formed new corporations to take
them over, Mr. Clarke replied that it was to comply with the "bulk sales
laws."
He was also questioned concerning a revision of the contract in which
the word "retirement" was scratched out and the word "purchase" inserted. Mr. Clarke denied that he had made the change and contended
that it made but little difference in the contract. One effect of the change,
the Committee counsel noted, however, was that had the word "retirement" remained the stock could not have been used for collateral or for
resale.
On Nov. 17 the Committee continued its inquiry into
the creation in 1929 of General Theatres Equipment, Inc.,
as a holding concern for the numerous motion picture corporations which it acquired, the "Times" account from
Washington reporting the hearing that day as follows:
Harley L. Clarke, Chicago financier, the moving spirit in its formation,
and Murray W. Dodge, then Vice-President of the Chase Securities Corp.,
who participated in the General Theatres financing, were examined.
They were asked In closer detail about affairs of the International
Projector Corp. and Grandeur, Inc., subsidiaries of General Theatres, and
particularly about a mystifying payment of $2,000,000 by Mr. Clarke to
William Fox in part settlement for rights acquired from him by General
Theatres in 1929.
$2,000,000 for All Fox Claims.
p Mr. Clarke testified that he received $3,100,000 in
August 1929 from
Grandeur, Inc., for the Mitchel Camera Co. and "all of the claims" of
Mr. Fox.
"Everything that was in dispute with Mr. Fox," he said, "was given
over to the Grandeur company. Mr. Fox claimed he owned all of the
Granduer company at one time, including everything that had to do
with Grandeur patents. Mr. Fox made many, many claims. All these
were settled by paying him $2,000,000."
In addition 25,000 shares of G. T. E. stock, worth $750.000, went to
Mr. Fox.
"Why," asked Mr. Pecora, "should you, out of your personal shares,
turn over to Mr. Fox $750,000 for benefits that were not flowing to you
exclusively but which would flow to all stockholders of G. T. E.?"
"I have done many things in my life that would benefit all the stockholders of a company," Mr. Clarke replied. "I did this in the same
spirit."
"Another Santa Claus" Found.
"Well, we now have another Santa Claus in the record," exclaimed
Mr. Pecora, amid laughter.,
Mr. Clarke was questioned very closely about a commission of $100,000
which was to have been paid to H. E. Van Duyne of Los Angeles, former
owner of the Pacific Amusement Co., who negotiated for acquisition of the
Mitchel Camera and the Ashcraft Automatic Arc companies when General
Theatres was organized.
Mr. Clarke said that this $100,000 had not been paid but was put "in
escrow" because still in dispute. Later he asserted that this money was
In his own personal deposit account in the Continental National Bank St
Trust Co. in Chicago. Mr. Pecora said he would ask the bank for facts
on this account.
Mr. Dodge also testified in detail about formation of Grandeur, Inc.
He asserted that the $2,000.000 was paid to Mr. Fox in settlement of
certain claims "which Mr. Fox had, or said he had, in the Mitchel Camera
Co.. the only company which could manufacture the cameras to take the
wide films to be manufactured by Grandeur, Inc."
Some "other patents for sound," he added, were included in the contract between the Fox Theatres Co. and Grandeur, Inc. Mr. Pecora
asked why Mr. Fox was permitted by the sponsors of G. T. E. to acquire
a half interest in the Grandeur Co., which, in turn, had received from the
International Projector Corp. an exclusive right to sell special motion
picture projectors.
"Mr. Fox heard about this projecting machine," said the witness.
"He immediately set about to get his feet in the door as far as the camera
was concerned. I think Mr. Clarke found competition in Mr. Fox."
Senate investigators expect to develop at their next session, Tuesday,
how much in all was lent by the Chase National Bank and its affiliates
to the organizers of the General Theatres Equipment Corp. from the
time of its formation in 1929 until it went into receivership.
Mr. Dodge was asked to-day by Mr. Pecora to state the total: he
promised to obtain the figures.
The amount has been variously estimated. Mr. Pecora. in an "off
the record" remark, placed it at about $76,000,000.
President Aldrich of the Chase National said this estimate was too
high: that many of the loans had been repaid and that others had been
written off and collateral claimed.
Nov. 25 1933
Senate Inquiry into Stock Market Trading—Banks
Asked to Supply Data on Questionnaire Bearing
on Loans in Pool and Syndicate Operations.
On Nov.17 Ferdinand Pecora,Counsel to the Senate Banking and Currency Committee investigating stock market operations, made public (according to a dispatch from Washington to the New York "Times") the names of 34 of the
largest banks of the country, 10 of them in New York City,
whose Presidents have been subpoenaed to answer the questionnaire calling on them to disclose the extent to which they
have supplied funds to syndicates, pool accounts or otherwise for stock market speculation in the last five years. The
questionnaire was given In these columns Nov. 18, page 3580.
From the "Times" account we quote:
New York City Banks Called.
The ten New York City banks from which this information has been
sought are:
Chase National Bank.
National City Bank.
Guaranty Trust Company,
Bankers Trust Company.
Central Hanover Bank and Trust Company.
Bank of Manhattan Company.
New York Trust Company.
Chemical Bank and Trust Company.
First National Bank of New York.
Irving Trust Company.
List of Other Banks Called.
The 24 banks, outside of New York, whose Presidents have been subpoenaed to answer by questionnaire on loans for Stock Exchange transactions were announced by Mr. Pecora as follows:
Pittsburgh—Mellon National Bank, Union Trust Company and the First
National Bank.
Chicago—Continental Illinois National Bank and Trust Company, First
National Bank, and the Northern Trust Company.
Detroit—National Bank of Detroit.
Milwaukee—First Wisconsin National Bank,
San Francisco—Bank of America National Trust and Savings Association, American Trust Company, and the San Francisco Bank.
Los Angeles—Securities First National Bank.
Boston—First National Bank, National Shawmut Bank, and the Merchants National Bank.
Providence—Industrial Trust Company, and the Rhode Island Hospital
Trust Company.
Philadelphia—Philadelphia National Bank, Pennsylvania Company, Girard Trust Company, Fidelity-Philadelphia Trust Company, and the First
National Bank.
Cleveland—Cleveland Trust Company, and the Central United National
Bank.
Mr. Pecora explained to-day that the Presidents of the banks upon whom
subpoenas had been served would not be required to appear before the Committee on Nov. 24 in instances when the bank answered the questionnaire.
Senate Inquiry Into Stock Market Trading—Loss to
Chase National Bank and Its Affiliate Through
Film Financing Placed at $69,572,180 — That
Amount "Written Off" Out of Total of $89,330,047—
Issue of Fox Film Stock Brought Promoters $16,000,000 Profit—Testimony by W. W. Aldrich—
Profits Through Film Financing.
The Chase National Bank of New York and its investment
affiliate, the Chase Securities Corp., have written off as
lost $69,572,180.44 out of a total of $89,330,047.10 of investments in and loans to the General Theatres Equipment, Inc.,
and the Fox Film Corp., the Senate Committee inquiring
into stock market operations was informed on Nov. 22 by
Winthrop W. Aldrich, President of the bank, according to
details of the inquiry on that date from Washington to the
New York "Times." In part, these advices continued:
These investments were made during the regime of Albert Henry Wiggin.
former Chairman of the bank's board, and were revealed when Mr. Aldrich
laid before the Senate Banking and Currency Committee a report showing
the status of the Chase interest as of Oct. 1 1933.
This showed that the bank had written off $55,510,588.67 and the Chase
Securities Corp., now the Chase Corp., $14,061,591.77. The total investments of $89,330,047.10 by both the bank and its affiliate are carried by
them now as being worth only $19,757,866.66.
Earlier the Committee developed from testimony of Murray W. Dodge.
Vice-President of the Chase Securities Corp., that in the financing operation
in which the General Theatres Equipment. Inc., acquired control of the
Fox Film Corp. and the Fox Theatres from Willian Fox, the Chase National
Bank. with the support of Mr. Wiggin, stood behind these operations to
the limit.
General Theatres paid Mr. Fox $15.000,000 cash, plus other considerations which eventually amounted to $6,000,000, or a total of $21,000,000,
for his control of Fox Film and Fox Theatres, which, according to Mr.
Dodge, were confronted with some $90,000,000 of obligations falling due.
These were also assumed.
Decried Splitting Up "Gravy."
In financing this venture of the banking interests in support of Harley L.
Clarke, the Chicago utilities financier who conceived the project and had
the active backing of Mr. Wiggin, G. T. E.,in April, 1930, obtained $117,..
718.750 through sales of various blocks of stock or debentures to syndicat.e9
and trading groups.
The proceeds were used in acquiring control both of Fox Film and Fox
Theatres and in shifting the control of Loew's, Inc., from Fox Theatres
to Fox Film.
Mr. Dodge told of the issuance of 1,600,000 shares of Fox Film stock to
Fox Theatres at a price 10 points below the market in a manner which gave
the promoters a paper profit of $16,000,000.
He told also of a new profit of $3,941.303 by a trading syndicate which
operated in 240,000 shares of this same stock and of a net profit of $1,806.-
Volume 137
Financial Chronicle
3765
075.10 made by another syndicate which participated in a $30,000,000
G.T.E.debenture issue. In this latter transaction a separate selling group
reaped a profit of $919,590.
The struggle between rival banking groups over the financing which
followed the G. T. E. acquisition of the Fox companies and Loews, Inc.,
was emphasized in the examination of Mr. Dodge when confidential memoranda from the latter to Mr. Wiggin were sprung as a surprise by Ferdinand
Pecora, Committee Counsel.
Some of these indicated that Harold L. Stuart of Halsey, Stuart & Co.,
who had been the bankers for Mr. Fox. felt that they were beirg crowded
out of the picture in the Chase National's financing of Generai Theatres
and the related Fox and Loew companies it had acquired. In one of his
notes to Mr. Wiggin Mr. Dodge said:
"With Halsey Stuart out 14 is possible for me to discuss the whole financing with Huhn, Loeb & Co. again, a thing that I am loath to do unless
necessary, as the split-up of the gravy would hurt my feelings."
This syndicate passed the debentuies on to the public at 99.50, a spread of
9% points.
Mr. Dodge said that G. T. E. borrowed $27.000,000 on April 18 1930.
from the Chase National in anticipation of the issuance of the $30,000,000
of debentUres.
Out of this loan G. T. E.repaid the Chase Bank the $15,000,000 loan!it
had obtained only a few days before to enable it to pay the purchase price
of $15,000,000 to William Fox.
gg
The bonds were sold to the public within five days,the witness continued.
$1,806,075.10 to the purchasing group, of which Chase
at a gross profit of
Securities and Pynchon & Co. each received $433,458.02, Halsey, Stuart
& Co.$361,215.02 and West & Co.and W.S. Hammons & Co.$288,072.02
each.
The separate selling group which bought these $30,000,000 debentures
from the purchasing group at 96% and delivered them to members at 99%
had a gross profit of $919,590 on the transaction. .
Nature of the Ftnaneing.
The Committee developed to-day that, to gain control over Fox Film
and Fox Theatres, and shift the control of Loew's, Inc., from Fox Theatres
to Fox Film, the General Theatres Equipment, Inc., engaged in $117,718,750 of financing, which included the issuance of $30,000,000 G. T. E.
debentures for $27,000,000; 50,000 shares of G. T. E. common to the
Pynchon & Co. syndicate for $13,125,000; 133,500 shares of G. T. E.
common and 200,000 shares of Fox Film A to the Halsey, Stuart & Co.
group for $11,006,250; 103,500 shares of G. T. E. common to the Halsey.
Stuart & Co. group for $5,625,000; 240,000 shares of Fox Film A to the
Pynchon & Co. group for $7.200,000, and $55,000,000 for one-year Fox
Film gold notes at 97% for $53,762,500.
At the end of yesterday's hearing Mr. Dodge had testified that the
purchase price paid by G. T. E. to William Fox for control of Fox Film
and Fox Theatres was $15.000,000 ard "other considerations," These
other considerations eventually amounted to $6,000,000, according to the
testimony. The $15,000,000 was paid through loans made to G. T. E.
by the Chase Bank.
As collateral for this Chase Bank loan the 50,101 shares of Fox Film
B stock and 100,000 shares of Fox Theatres Class B stock which G. T. E.
had acquired from Mr. Fox were given. Mr. Dodge said that the day
after the purchase from Mr. Fox was consummated Harold L. Stuart of
Halsey, Stuart & Co.. who had read of the deal in the newspapers,"wanted
to know what the plans were and where his firm was going to fit into the
picture."
"I told him," Mr. Dodge continued, "that as far as Chase Securities
was concerned, and I was sure I spoke for the other bankers in the G. T. K.
financing, we had no intention to do anything but recognize the preferential
rights which his firm had with the Fox Film Co.,and therefore any financing
done directly for the Fox Film Co. would be done by Helsel. Stuart &
Financed Pool "to the Limit."
Mr. Dodge testified that the syndicate group which bought the 240,000
shares of Fox Films Class A stock, out of the block of 1,600,000 shares, at
$30 a share, on April 18 1930, was headed by Pynchon & Co. and that the
syndicate managers financed this entire purchase price by borrowing the
entire purchase price of $7,200,000 from the Chase Bank.
"In other words," said Mr. Pecora, "the Chase Bank financed the
operations of this pool or trading account, up to the limit?"
"Yes," Mr. Dodge answered. "Secured by the stock and by the agreements by the members to buy."
The range of the market on the day the Pynchon syndicate bought
these 240,000 shares at $30 was low $40 and high $48 a share.
The net profits of this trading syndicate, made within two weeks and
amounting to $3,941,383.03, Mr. Dodge said, were distributed to participants in the pool as follows:
Pynchon & Co., $1,117,382.09; Chase Securities Corp., $798,130.07;
West & Co.. $638,504.05; W. S. Hammons & Co., $638,504.05; Eric &
Drevers, $394,130.30; Murray W. Dodge, $266,043.35, and W. F. Ingold,
$88,681.12, representing one-fourth of a 9% interest.
Mr. Dodge said that Shermar, Mr. Wiggins family corporation, had a
50% participation in the Chase Securities profit. Mr. Pecora produced
a record, from the Chase Corporation's files, of the Composition Liquidating Corp., which was liquidating Pynchon & Co., which purported to show
that, in addition, $325,000 was also paid out of the profits of this pool to
Joseph Higgins, a New York market operator.
After G.T.E. had reached its agreement with Mr. Fox,said Mr.Dodge,
It took steps to do some future financing of the Fox interests, including a
proposal to issue $55,000,000 par amount of one-year 6% Fox Film gold
bonds.
"During the preceding three months," Mr. Dodge explained, "two
plans had been put forward for financing the Fox situation. One was by
Bancamerica-Blair Corp., Dillon, Read & Co. and the Lehman Brothers
group. The other was by Halsey, Stuart & Co., acting for the two trustees.
Harry Stuart and Otterson.
Wished to Keep Bankers Friendly.
"There also had been many lawsuits in regard to these two plans. It
had not made for good feeling between the groups of bankers. Chase
Securities Corp., Mr. Clarke and I were very anxious that any trouble
between these two sets of bankers should be settled amicably, and that in
any financing which the Fox Film Corp. had with the two groups of bankers,
that they should join together in it.
"Mr. Stuart, I suppose was not yet ready to admit that he was ready to
have the two banking firms join in. In other words,if he did that,it would
mean that Halsey, Stuart & Co., instead of having 100% of the financing
to dispose of, would have less than that amount."
Eventually. Mr. Dodge said, the new financing was accomplished, including the issuance of $55,000,000 par value of one-year gold notes. The
banking interests taking part in that were Halsey, Stuart & Co., Bancamerica-Blair Corp., Lehman Brothers, Chase Securities Corp. and Dillon,.
Read & Co.
At that time Fox Theatres owned 660,900 shares of the capital stock of
Lames, Inc., a controlling interest, and the $55,000,000 transaction was
In connection with shifting control of Loew's. Inc., from Fox Theatres to
Fox Film.
In connection with this financing, Mr. Dodge said, the Fox Film Corp.
increased its Class A stock 1,600.000 shares, which was issued to the Fox
Theatres in part consideration of the purchase of Loew stock which Fox
Theatres owned at that time. The Fox Theatres Corp. immediately sold
these 1,600,000 shares to General Theatres Equipment at $30 a share, for
$48,000,000.
Arranged to Sell Part of Stock.
"During the first part of the negotiations," said Mr. Dodge, "it was
hoped the General Theatres would be able to retain all the 1,600,000 shares,
which cost $48,000,000. However, they also had invested in Fox Film
Co.B stock and in the Fox Theatres B stock $15,000,000,so the total amount
of financing which G. T. E. had to do was $63,000,000.
"The G. T. E. bankers felt that that was too large a sum to finance for
the 0. T. E. at that time. Therefore it was necessary that some of the
Fox Film A stock, of 1,600,000 shares, should be sold to others, in conjunction with the financing which G. T. E. was doing with its bankers."
Consequently, General Theatres arranged to sell 160,000, or 10%, of
the 1,160,000 shares of Fox Film to William Fox; 200,000 shares to Halsey,
Stuart & Co., and 240.000 shares to a syndicate headed by Pynchon & Co..
all at $30 a share. At the same time G. T. E. sold to the Pynchon group
350.000 shares of G. T. E. stock at $37.50 a share. The transaction left
G. T. E. retaining 1,000,000 shares of the 1,600,000 Fox Film shares.
The General Theatres financed this $48,000,000 purchase of 1,600,000
Fox Film shares by issuing $30,000,000 of convertible debentures at 90 for
$27,000,000; also 617,000 shares of common at $37.50, which netted $23,137,500, and 440,000 shares of the Class A Fox Film at $30 for $13.200,000.
"That," said Mr. Dodge, "was a total of $63,337,500, against a total
liability of$63,000,000. That was$48,000,000for the purchase of 1,600,000
shares from the Fox Theatres and the $15,000,000 paid for the B stocks of
Fox Theatres and Fox Film.
"In other words," remarked Mr. Pecora, "these 1,600,000 shares were
issued at a price about 10 points below the market, which netted the
company about $16,000,000 less than the market price."
Mr. Dodge said that the $30,000,000 of debentures issued by G. T.E.
in April 1930, were sold at 90 to the same banking group which had bought
the $6,000,000 of debentures in 1929, the Chase Securities Corp., Pynchon
& Co.. West & Co., W. S. Hammons & Co. and Halsey, Stuart & Co.
Feared "Torpedoing" by Stuart.
In a memorandum to Mr. Wiggin on Feb. 7 1931, at the time the $55.000,000 Fox Film refinancing was being considered, Mr. Dodge wrote:
"We are doing everything to prevent a fight, as the Lord knows this
financing is difficult enough without being torpedoed by Harry Stuart.
He is evidently bent on getting control of the management of the company
through John Otterson and will use the same methods that the two of
them used against Fox to obtain their ends.
"It would be a very profitable and advantageous thing for Stuart and
Otterson, now that they know they will not have our backing in throwing Clarke out of Fox, to make this financing himself and so obtain control
of the Loew stock and of the company for $55,000.000."
Mr. Dodge later testified that Halsey, Stuart & Co. "finally decided
to withdraw from the business entirely and the financing was then definitely
in the laps of the Chase Securities Corp." He added that "we then had to
work very fast to see if there was not some possible way of meeting this
$55,000.000."
Profits of nearly $4,500,000 to a banking group which
financed the organization of General Theatres Equipment
Corp. were realized through syndicate operations in the stock,
it was disclosed on Nov. 21 by the Senate Banking and
Currency Committee, according to Washington advices that
day to the New York "Journal of Commerce," which went
on to say
Testifying in connection with the examination of the affairs of Chase
National Bank, Murray W. Dodge, former Vice-President of Chase Securities Corp., declared that recipients of the profits were W. S. Hammons
& Co., West & Co., Pynchon & Co., Halsey. Stuart & Co. and Shermar
Corp.
Events which led up to the downfall of William Fox as the leading figure
in the motion picture industry also were outlined to the Committee by the
witness. Mr. Fox is to appear before the Committee in his own behalf
Thursday.
Four Syndicates Formed.
Four syndicates were formed in the stock of General Theatres Equipment
Corp., the first on July 9 1929, and the last on Sept. 20 of the same year.
Under the agreement of the July 9 syndicate, 350,000 shares of General
Theatres stock was sold to the banking group at a price of $20 a share,
turned over a few days later to a larger group at $25 a share and sold to
the public at $32 a share.
Prior to the stock market crash of October 1929,the price ofstock reached
$65 a share, according to Ferdinand Pecora, Committee Counsel. The
corporation went into receivership in the early part of 1932 and the securities
now are "practically worthless," Mr. Dodge admitted.
Failure of the advertising circulars accompanying the issue to contain a
balance sheet of the corporation, or state the price at which the stock had
been sold the bankers, prompted Mr. Pecora to charge "concealment" of
those facts because the securities had been written up in an amount of
$38,000,000.
"Did you think it was fair to the investing public to conceal those details," Mr. Pecora asked. "I did at the time," the witness replied.
Publicity is Approved.
"The reason I asked is because investment bankers are objecting to certain
provisions of the Securities Act," the Committee Counsel added, but Mr.
Dodge declared that investment bankers are in full accord with the publicity
requirements of the new law. He said he also approved those provisions.
Testimony during the hearing developed that Harley Clarke, President
of General Theatres, owned 1,500,000 shares of the corporation stock out of
the total 5.000,000 authorized, which he agreed with the bankers to hold
over the market until they had sold the 350,000 shares to the public.
Was not this agreement drawn up, Mr. Pecora asked, because the banking group wanted to "control the public market?"
"It is not possible to control the public market," Mr. Dodge replied.
"This was an original issue to be sold by dealers all over the country
and the agreement was for their protection." He explained further that
no banker would be willing to finance an issue of stock, knowing that one
person controlling 1,000,000 shares was in position to sell his holdings at
any time. It was done as a "business precaution," he asserted.
3766
Financial Chronicle
Dodge Outlines Deal.
The Fox difficulties were related to the Committee by Mr. Dodge at the
request of Mr. Pecora. He told of large purchases in Loew's Theatres
stock by both the Fox Film Corp. and Mr. Fox personally and the decline
of these holdings in the crash of 1929, when Mr. Fox found himself with
390.000,000 in short term notes coming due.
Fearing the effect on the entire moving picture industry should the Fox
Interests be thrown into receivership, Mr. Clarke went to Chase Securities
Corp. to discuss Mr. Fox's difficulties, Mr. Dodge continued, and later
sought financial aid in the reorganization of Fox affairs from Lehman
Brothers, Read & Co. and the Bank of America. Mr. Clarke was particularly interested in the Fox situation because General Theatres had
several contracts with Fox Film and other Fox companies.
Court suits to oust Mr. Fox from control of his enterprises began in 1930
at which time Mr. Clarke conceived the idea of securing control of Fox Film.
This plan was concurred in by Chase Securities Corp., Mr. Dodge said,
and on July 5 1930, an extensive agreement was entered into between
Mr. Fox and General Theatres under which Mr. Fox would sell his controlling interest in Fox Film and Fox Theatres to General Theatres for
$15,000.000.
Numerous considerations were included in the agreement, one of which
was that Mr. Fox was to receive a salary of 3500,000 annually RP five
years, payable even if he died. Another clause of the agreement provided
that General Theatres was to cause Fox Film and Fox Theatres to indemnify
Mr. Fox from all liability and expenses under a suit brought by the Government against Fox Film and Fox Theatres and Mr. Fox for alleged violation
of the Clayton Act.
Two Stockholders Bring Action Against Chase National
Bank and Chase Securities Corp.—Seek to Recover
Losses Alleged to Mismanagement—A. H. Wiggin
Also Defendant—Chase Bank Also Named.
From the "Wall Street Journal" of 14ov. 16 we take the
following:
Two actions have been brought against the Chase National Bank and the
Chase Securities Corp., one including Albert H. Wiggin, the former Chairman of the governing board of the bank, as a defendant, and the other
Including other officers and/or directors of the institution.
The suit naming Mr. Wiggin alleges mismanagement of the affairs of the
bank and of Its affiliate for his personal profit. It was filed in Federal
Court Wednesday [Nov. 151 by two stockholders who seek to recover from
Mr. Wiggin losses allegedly suffered by the two institutions and allegedly
caused by Mr. Wiggins acts.
The complaining stockholders are Harry B. Epstein, Newark, N. J.,
owner of 200 shares in the bank and a like number in the corporation, and
Minnie Sperling, of Washington, D. C., owner of 120 shares in each. Their
attorney is Henry I. Fillman, 401 Broadway.
The suit charges that until early in 1933 Mr. Wiggin had a reputation in
the financial world for honesty and fair dealing and that by reason of his
reputation and his official position he dominated and controlled the affairs
of both the bank and the securities corporation; that between April 1928
and the time of his retirement in 1933 he caused the bank and the securities
corporation to pay him salary and bonuses in excess of $2,000,000.
The complaint says that the plaintiffs on two occasions have called on
the directors of both institutions to bring an action against Mr. Wiggin to
recover these excess payments, but that nothing has been done.
As a second cause of action the complaint alleges that Mr. Wiggin fraudulently suffered and caused the money, property and effects of the two
corporations to be wasted and squandered; that he diverted largo sums of
money earned by the bank and the corporation to his own use or to the use
of corporations, syndicates and pools in which he was financially interested.
It is further charged that Mr. Wiggin and members of his family, through
corporations owned and controlled by them, reaped profits in excess of
$10,000,000 by trading in Chase Bank stock. The complaint asks that
Mr. Wiggin account to the defendant corporations for his acts as an officer
and director; that damages sustained by the defendant corporations be
ascertained and that Mr. Wiggin as an officer and director be directed to
pay this amount to the defendant corporations.
An affidavit of service of a summons and complaint has been filed in the
clerk's office of the Supreme Court of New York County by Pollock &
Nemerov, attorneys representing several stockholders in the Chase National
Bank, against the bank, its affiliate the Chase Corp., formerly the Chase
Securities Corp., and directors and/or officers of both institutions. About
125 directors and/or officers are listed in the summons, which is answerable
within 20 days after service.
The plaintiffs listed in the latter action are Nathan T. Wolfe, Louis F.
Wolfe, Louis Goldstein, Mary Wolfe, Simon L. Fass, Rose Teicholz, Samuel
Fischman and Michael M. Sharf.
Plan of Henry Goldman Jr. for Creation of Federal
Board to Regulate Stock Exchange Practices
Reported Disapproved in Stock Exchange Circles.
From the New York "Journal of Commerce" of Nov. 18
we take the following:
A storm of criticism and disapproval was raised in stock exchange circles
yesterday afternoon upon publication of letters from Henry Goldman Jr.,
member of the Exchange, to Senator Duncan U. Fletcher, Chairman of the
Senate Banking Committee on Banking and Currency and Richard Whitney, President of the New York Stock Exchange, suggesting a basis for the
revision of stock exchange practices and the restriction of speculative activities in the market.
A program along these lines is now being worked out by the Exchange and
a committee of members, but both the scope of Mr. Goldman's suggestions
and the fact that he sent them directly to Congress aroused intense indignation in high quarters.
Mr. Goldman's proposal is referred to elsewhere in these
columns.
Senate Inquiry Into Stock Market Trading—Summary
of Interests of Chase National and Chase Securities
Corp. in Films.
From the advices Nov. 22 from Washington to the New
York "Times" we take the following:
I A summary of the status of the interests of the Chase National Bank and
the Chase Securities Corp.(now Chase Corp., including Chase Harris Forbes
Corp.) in Fox Film Corp. and General Theatres Equipment, Inc., and
related companies as of Oct. 1 1933, was submitted to the Senate market
inquiry to-day by Winthrop W. Aldrich, President of the Chase Bank.
Nov. 25 1933
The summary, showing that Chase interests had put $89,330,047.10 into
the motion picture venture, and, after allowing $69,572,180.44 for reserves
or write-offs, now carried this holding at $19,757,866.66, was as follows:
CHASE NATIONAL BANK.
A. Investments
Cost or
Reserves or
Now Carried
and Loans—
Par.
Amount.
Writeoffs.
At.
Fox Film Corp.:
$
$
$
3
Contingent obligation.. 693,000.00
693,000.00
693,000.00
Class A corn. stock (no
par)
.1,749,507.00 29,118,639.82 19,082,076.70 10,036,563.12
29,811,639.82
10,729,563.12
* Shares received for $31,683,600 face amount of debentures and bank loans.
Westco Corp.:
Two-year notes
15,000,000.00 14,400,000.00
Direct bank loans
32,300.00
32,300.00 14,432,300.00
Subsidiary bank loans__ _ 4,390,000.00 4,390,000.00
4,390,000.00
19,422,300.00 18,822,300.00
Gen. Theatres Eq., Inc.:
Bank loans
19,700,000.00 19,700,000.00 19,700,000.00
Receivers' certificates_
251,903.33
251,903.33
10-yr. cony. debentures 1,678,000.00 1,423,881.25 1,400,000.00
Film Securities Corp.:
Two-year notes
251,903.33
23,881.25
21,629,903.33 21,375,784.58
*4,570,240.50
4,352,994.46
4,352,994.46
Totals
46,315.443.83 74,362,718.86 54,614,376.70 19,748,342.16
•Original face amount $5,003,000.
P. G. T. E. Stock Syndicate loans:
Loan to G.T. E. preferred stock syndicate Nov. 11 1930*
1,468,661.01
1,468,661.01
Loan to G. T. E. orign. group pref.
stock syndicate Nov. 28 1930*
623,484.83
623,484.83
Loan to G. T. E. orign. group trading
account May 3 1930
896,211.97
896,211.97
Totals
2,988,357.81
896,211.97
2,092,145.84
Grand totals
77,351,076.67 55,510,588.67 21,840.488.00
* l'ayment is guaranteed by Chase Securities, which has set up full reserves.
CHASE SECURITIES CORPORATION, NOW CIIASE CORPORATION.
IVriteolls
Now carried
A. Investments—
Par.
Cost.
or Reserves.
At.
Fox Film Corp.:
$
$
Cl. A corn. stk.(no par) 824 shares
849.10
10,373.60
9,524.50
Wesco Corp
*Film Securities Corp
.
Gen. Theatres Eq., Inc.:
10-yr. cony. debentures 866,500.00
748,884.01
748,884.01
x10-yr. cony. debs. In
trading accounts _ _ 1,057,000.00
936,784.70
936,784.70
Totals
1,923,500.00 1,696,042.31 1,686,517.81
9,524.50
•57,125 has been paid for share of common stock.
x 51,939,000 debentures are in this account at a cost of 51,718,472.59. After
deducting Halsey, Stuart & Co.'s liability tor $882,000 of debentures at a cost of
5781,687.89, the interest of Chase Securities is as above stated.
B. O. T. E. Stock Syndicate Loans and Liabilities.
Writeoffs
Now Carried
Amount,
or Reserves.
At.
5
*Direct participation in syndicates
3,021,302.98 3,021,302.98
Payments on pref. stk. syndicate loans
6,531,529.64 6,531,529.64
Reserves for preferred stock syndicate_ _x2,092,145.84 2,092,145.84
Advances to Pynchon & Co.. West & Co.
and Hammons& Co. in conversion acct 730,095.50
730,095.50
Total
12,375.073.96 12,375,073.96
Grand totals
14,071,116.27 14,061,591.77
9,524.50
• Now represented by voting trust certificates for 48,537 2-3 shares of preferred
stock and 1,136 shares of common stock of General Theatres Equipment, Inc.
x This item for which a full reserve has been set up is the balance still due to Chase
National Bank on account of G. T. E. stock syndicate loans, the payment of which
is guaranteed in full by the Chase Corp. to the bank and which items are consequently
carried at full value by the bank. In a consolidation of the total loans are investments of both the bank and the corporation: this item of 52,092,145,84 should
appear only once.
RECAPITULATION OF INTERESTS OF CHASE NATIONAL BANK AND
CHASE SECURITIES CORP.(NOW CHASE CORP.) IN FOX FILM AND
GENERAL THEATRES EQUIPMENT, INC., AND RELATED COMPANIES.
Total Cost Total Reserves
Total Now
or Amount. or IVriteoffs. Carried At.
Corporation—
Chase National Bank
77,351,076.67 55,510,588.67 21,840,488.00
Less sum due from Chase Securities
Corp. (now Chase Corp.) on account
of its guarantee of G. T. E. stock
syndicate loans and which has been
fully reserved for by Chase Corp. as
shown on Chase Corp. schedule under
2,092,145.84
reserves for preferred stock syndicate_ 2,092,145.84
Chase Securities
Corp.5,258,930.83 55,510,588.67 19,748,342.16
orp. (now Chase
9,524.50
Corp.)
14,071,116.27 14,061,591.77
Consolidated total
89,330,047.10 69,572,180.44 19,757,866.66
Creation of Federal Board to Regulate Stock Exchange
Practices Urged by Henry Goldman Jr. in Letter
to Senate Investigating Committee.
The creation of a Federal board to regulate Stock Exchange
practices was recommended in a letter addressed by Henry
Goldman Jr., a member of the Exchange, to the Senate
Committee investigating stock market operations.
Associated Press advices from Washington Nov. 17 had
the following to say regarding Mr. Goldman's recommendations:
Mr. Goldman submitted his recommendation in a letter to Chairman
Fletcher, enclosing a letter he had written to the Exchange asserting "the
banks and the bankers" have lost the confidence of the public.
The writer said his father for many years up to 1917 was senior member
of Goldman, Sachs & Co.
He recommended that the Government appoint a board of six mon.
composed of two members of the Senate Banking Committee, two members of the Exchange and two business men to "establish rules and regulations on the various stock exchanges for trading in securities which are
not only legal, but fair and equitable to all concerned."
The board should have power, he said, to "supervise, regulate and
scrutinize the activities of stock exchanges, stock exchange firms and
stock exchange members."
Mr. Goldman's recommendations, believed here the most drastic over
proposed by a member of the Exchange, were placed before the COMMittOe
Volume
137
Financial Chronicle
3767
Plan for Establishment of Central Comparison Department by New York Stock Exchange Approved—
Details of Plan Announced by Stock Clearing
Corporation.
The Governing Committee of the New York Stock
Exchange, at a special meeting held Nov. 10, approved a
plan for the establishment of a Central Comparison Department by the Exchange, through the Stock Clearing Corporation, at a location close to the floor of the Exchange, where
facilities will be provided for representatives of clearing members to prepare and compare exchange tickets in cleared
securities, it was announced in the Nov. 11 "Bulletin" of
the Exchange. The Committee referred the matter to
Stock Clearing Corporation to take the steps necessary to
Mr. Goldman is also quoted as saying:"I believe that reand to carry out its operation.
about without going through many weeks put the plan into effect
form can be brought
Details of the plan were announced as follows on Nov. 17,
and months of brokers' testimony, answering of questionissued by J. H. Case Jr., Assistant Secretary
naires, unpleasant articles appearing in the newspapers, in a circular
to further undermining of the Stock Clearing Corporation: in floor procedure will be
and all the things which contribute
To carry out this operation, certain changes
of confidence."
ordered by the Committee of Arrangements, and certain changes in the
advices to the New York "Times" method of preparing our tickets will be required by Stock Clearing CorporaFrom the Washington
tion. This circular is sent you at this time so that you may familiarize
we take the following:
yourself with the general procedure contemplated. although there will
to-day by Mr. Fletcher at the opening of the hearing into organization of
General Theatres Equipment, Inc.
The Committee Chairman characterized them as very important, but
made no comment on the wisdom of the proposal.
Mr. Goldman said he was proposing a means by which the Exchange
could operate "without the constant storm of criticism from the Government and the vast public."
"In my opinion," Mr. Goldman said, "the banks, bankers and stock
exchanges of the country have lost the confidence of the public, and I
believe that this confidence must be restored as a part of the general program of recovery.
"The Securities Act of 1933 is the direct outcome, in my opinion, of
the acts of banks and bankers. That reform was necessary I agree 100%.
and likewise I agree that a reform of Stock Exchange practices is also
necessary.
"Men that I have contact with in my business life consider you and
Your Committee the enemies of Wall Street. I. for one, do not."
Personnel of the Board.
The method proposed by Mr. Goldman is as follows:
"1. That the Federal Government appoint a board of six men, call
this board;what you will, and give it the power to establish on the various
stock _exchanges rules and regulations for trading in securities which are
not.only legal but fair and equitable to all concerned.
"2. That this board shall be composed of the following: Two members
of the CommitteeionlBanking and Currency of the United States Senate,
twojnembers:of leading stock exchanges, two business or financial men who
are known to understand the technique of stock exchange business.
"3. That the duties of this board further shall be to supervise, regulate
and scrutinize the activities of stock exchanges, stock exchange firms and
stock exchange members.
"4. That the members of this board be appointed for periods of two
years. without regard to their political affiliations."
Mr. Goldman enclosed another letter which he had written to Richard
Whitney, President of the New York Stock Exchange. proposing radical
changes in the practices of that Exchange. His recommendations to Mr.
Whitney. if put into effect, would greatly affect the present set-up of many
stock exchange firms and members of the Exchange, including specialists.
"Changes must be made in stock exchange practices," he wrote to Mr.
Whitney, "or the Federal Government will step in and force these changes
upon us."
Unless members of the Exchange courageously took the "bull by the
horns" and made the changes "necessary to satisfy the Government"
as well as the public, Mr. Goldman continued, there was "no telling how
far" the Government would go.
F.- Mr. Goldman made 14 specific recommendations to Mr. Whitney.
He urged that the Governing Committee of the Stock Exchange be enlarged to include two Senators, "two governors of the Federal Reserve
Board," the Presidents of a leading life insurance company and of a leading
fire insurance company.
Proposals Made to Mr. Whitney.
His other 13 recommendations to Mr. Whitney were:
1. That the membership of the New York Stock Exchange be divided
into two classes—brokers and dealers—and that each member be registered
with the Exchange as broker or dealer.
2. That no member of the Exchange be permitted to change from broker
to dealer, or vice versa in less than six months.
3. That when any member of the Exchange is a Member of a firm, the
firm shall be regarded in the classification of its Stock Exchange member.
4. That dealers shall be allowed to buy and sell securities for their own
account only.
, 5. That brokers be allowed to buy and sell securities for the account
of others only—this to be regarded as commission business, and apply
to;all classes of orders whether for non-members or for members.
6. That the odd lot firms be registered as dealers and the associate
brokers of odd lot firms be registered as brokers.
7. That no firm registered as broker or any member of such firm be
permitted to trade directly or indirectly in securities for its or his own
account.
8. That no member of the Exchange be permitted to have an interest
In a joint account, pool, syndicate or any such term as such an account
might be given.
9. That no member of the Exchange be permitted to have an option,
a put, or a call, on any listed security.
10. That margin requirements on all accounts be maintained at the
rate of 50%.
be set up on the books of all firms
11. That long and short accounts
separately and each such account separately and individually margined.
12. That in the execution of orders on the Exchange, brokers only and
stock,
not dealers shall have the privilege of stopping
and sell, shall be eliminated from
13. That stop loss orders, both buy
Stock Exchange practices.
Members of New York Stock Exchange Planning to
Distribute Christmas Bonus Must Report Same to
Exchange.
Members of the New York Stock Exchange were notified
on Nov. 17 by Ashbel Green, Secretary of the Exchange,
that all firms planning to distribute Christmas bonus to
their employees must report their plans in writing to the
Committee on Quotations and Commissions of the Exchange
for its approval. Mr. Green said that "I am directed by
the Committee on Quotations and Commissions to again
call your attention to Section 1 of Article XX of the Constitution, the last paragraph of which reads as follows":
No employee shall be paid other than a fixed salary not varying with the
business unless the priorovritten approval therefor shall have been given
by the Committee on Quotations;andACommissions.
doubtless be additional clrculars with more detailed instructions sent you
between now and the time when this new department will be ready for
business.
Central Comparison Department.
It is expected that there will be available within the next four months,
space located close to the Stock Exchange trading floor where desk facilities,
sorting racks and direct telephone connections with offices will be provided for representatives of clearing members. In this new department
the preparation and comparison of exchange tickets in cleared stocks will
take place. Sheets and blotters will be written as at present in the offices
of member firms.
Floor Procedure.
Give
-ups may be made on the trading floor only when mutually agreed to;
otherwise they must be effected through the Central Comparison Department as soon as possible after the transaction has taken place and been
verified.
In all active stocks, specialists' clerks may keep the book or order file.
the specialist therefore supplying his clerk with information covering only
the number of shares bought or sold, the name of the stock, the price and
the party or parties traded with. When given this information the clerk
shall fill in the name of the customer or customers for whom the transaction
was made. In making out floor reports for the specialist's customer, the
clerk may omit the name of the other contracting party or parties, giving,
Instead,simply the specialist's name. A space will be provided on the floor
report for a check to indicate a split-up in case the specialist's clerk does
not include the names of the contracting parties. Split-ups will, in this
case, be given through the Central Comparison Room.
Comparison Room Procedure.
Under the new proposal, each specialist not a clearing member and
each member who uses the order pad of a non-clearing individual or of a
non-clearing member firm shall designate a clearing member as a permanent
representative to handle his execution reports and exchange tickets in the
Central Comparison Room. Non-clearing members may assign a clerk to
assist the firm representing them in the Central Comparison Room.
All execution and floor reports will be sent to the Central Comparison
Department, and will be used as the basis for making up the exchange
tickets. The seller only will make up in each case a deliver exchange ticket
In three parts, retaining part 3 for tax stamp and rack ticket and sending
parts 1 and 2 to the buyer's desk in the comparison room. The buyer will
retain part 2 and return part 1 stamped and with his line number thereon
to the seller. In case of split-ups when names have not been given on the
floor, the Central Comparison Department representative of the party
giving up shall furnish correct names to the party who lacks them within a
reasonable time.
The plan for verifying execution and floor reports provides that the
report shall be verified with the member firm's office by telephone, either
from the floor or from the Central Comparison Room. The buyer will
have the option of making a stub from each execution report for the purpose
of facilitating the comparison.
Both buyer and seller will have the option of keeping their execution reports in the Central Comparison Department until the completion of the
comparison and sending the reports and the compared exchange tickets
to their offices together, or of sending the execution reports to their offices
as soon as deliver tickets or stubs (for the receive side) have been made out.
Stock Clearing Corporation will provide a staff of men who will distribute
tickets between sellers and buyers. In an emergency this staff can be used
to assist any clearing member whose desk becomes over-burdened. Extra
desks will also be available without additional cost in emergencies only
so that clearing members may put additional employees into the Central
Comparison Room to care for any sudden increase in business.
Information Requested.
Attached to this circular you will find a questionnaire [this we omit, Ed.]
asking you to advise us what space you will require for your clerks in this
Central Comparison Room. Even though you may have already informed
us in response to our questionnaire of September as to the location in which
you desired the direct telephone in your office, please advise us again.
The expense of the private wire is chargeable to members at cost, while
the charge contemplated by Stock Clearing Corporation for space within
the Central Comparison Room is $175.00 per desk per year, one desk for
each employee.
Questions.
Clearing members having questions to ask should call in person at the
office of J. 0. Warwick. Assistant Vice-President, Night Clearing Branch.
52 Broadway, while other members of the Exchange wishing additional
information will call at the Executive Office of Stock Clearing Corporation,
18 Broad St.
Nominees Named for Chicago Association of Stock
Exchange Firms—T, R. Benson, of F. M. Zeiler &
Co., Renominated Chairman of Board of Governors.
The Nominating Committee of the Chicago Association
of Stock Exchange Firms on Nov. 14 named the noniinees
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Financial Chronicle
to be voted on at the annual meeting to be held Dec. 1 1933.
The nominees are:
For members of the Board of Governors, to serve three years: Allan S.
Noyes, David A. Noyes & Co.; T. Clifford Rodman, Shields & Co.; Winthrop H. Smith, E. A. Pierce & Co.; Roy S. Bard, Sutro Brothers.
For members of the Board of Governors to serve two years: James A.
Cathcart of Harris, Upham & Co.
For member of the Nominating Committee: William C. Karlson, Lamson Brothers; George E. Barnes, Wayne Hummer ,St Co.; Arthur M. Betts,
Alfred L. Baker & Co.: George E. Brannen, Faro11 Brothers; Patrick F.
Buckley, Eastman, Dillon & Co.
The Committee also named as follows the nominees to be
voted on at the annual meeting of the Board of Governors
to be held on Dec. 1 1933:
Thaddeus R. Benson, F. M. Zeiler & Co., renominated for Chairman;
Fred D. Sadler, Sadler & Co., nominated for Vice-Chairman; Joseph A.
Rushton, Babcock, Rushton & Co., renominated for Treasurer.
U. S. Supreme Court Reverses Lower Court's Ruling
Approving Action of Closed Bank in Offsetting
Accounts with Another Closed Institution—
Findings Given in Case Affecting Florida Banks.
On Nov. 20 the United States Supreme Court handed
down a decision invalidating the right of the Peoples Bank
of Clearwater, Fla., to offset its claims against the First
National Bank of St. Petersburg with the deposits of the
St. Petersburg bank held in the Clearwater bank. Indicating that the case is considered important in view of the
closed bank situation existing since March 4, when the
banking holiday was declared, Washington advices to the
"Wall Street Journal" of Nov. 21 added:
The Supreme Court said the statute of Florida permits set-off of demands mutually existing and that the question was whether these debts
were mutual.
The petitioner, St. Petersburg bank receiver, held the right of set-off
under the lower court ruling ignores the substantive requirement that the
demands must be mutual in quality; and says that the debt of the St.
Petersburg bank was not to the Clearwater bank, which was a mere collecting agent for depositors.
The Supreme Court said: "If the cross-demand is asserted in an agency
capacity the debts are not held in the same right by the two banks, lack
mutuality, and the one cannot be set-off against the other; if it is asserted
by the Clearwater bank as owner of the drafts the demand cannot be maintained, for the reason that no showing is made that the agency relationship
was altered to that of debtor and creditor."
Slats at Moment of Insolvency Examined.
The Clearwater bank accepted the drafts forwarded by the St. Petersburg
bank, its attorneys stated, as payment, thus assumed ownership of them,
acknowledged the change in the relationship to its depositors from that
of a collecting agency to that of debtor, and so properly pleads the set-off.
"We think," the court said, "this position cannot be maintained."
The right to set-off is governed by the state of things, existing at the
moment of insolvency, and not by conditions thereafter arising, or by any
subsequent action taken by any party to the transaction, the court stated.
"While the drafts were in course of collection the St. Petersburg bank
failed. At the moment of suspension it remained liable as sub-agent to
the depositors of the Clearwater bank. Could it also be,
subjected to an
independent liability of the Clearwater bank?" the court asked. "Was
it not entitled to treat the agency relation originally existing as still in force,
In the absence of notice from the owners of the collecting items, that the
status had been altered?
No Credit Extended to Forwarding Bank.
"Those depositors had an election either to sue the St. Petersburg bank
or to bring action against the Clearwater bank for want of due diligence,
or to treat the drafts as payment and hold the Clearwater bank as their
debtor, but there is no intimation in the record that they made any election
prior to the sub-agency's insolvency, nor indeed that they knew whether
collection had been effected or remittance received by the Clearwater bank.
"There was no credit extended by the St. Petersburg bank to the Clearwater bank on the faith of the checks forwarded for collection and no
mutual deposit accounts, but a mere agency evidenced by a collection
letter requiring collection and remittance. The fact that no credit was
extended to the forwarding bank by the collecting bank leaves it open to
the depositor to assert his claim against the latter, even though it had no
notice that the relation between the depositor and the forwarding bank
was one merely of agency.
"The respondent (Clearwater bank) was not entitled to set off an asserted
cause of action in its own right based on the drafts drawn by the petitioner
(St. Petersburg bank receiver). The suggestion that the petitioner's demand was for the amount of checks the Clearwater bank had collected
and failed to remit is beside the point. If the petitioner was for that or
any other reason not entitled to sue in its own right, the fact would only be
a further reason for denying the set-off," the majority ruling held.
"Legal Fiction, Not Reality."
Dissenting, Justice Stone said: "In the circumstances, to speak of the
Clearwater bank as suing upon its counterclaim as an agent and as not
bearing the burden of ownership, is to speak in terms of legal fiction, not
of reality.
"Notwithstanding our judgment denying the Clearwater bank the right
to counter claim upon the drafts because the ownership of them is not in
it, but in its depositors, the depositors, if they have not already done so,
are free to prove their claim against the Clearwater bank as a debtor, because they have never become the owners of the drafts. The Clearwater
bank, then, has no choice but to bear the burdens of ownership of the drafts
which it has received and retained as owner. It should equally be entitled
to the benefits. These include the right to set up the drafts as a counterclaim to its indebtedness to the St. Petersburg bank."
Stock Sales of First Bank Stock Corporation and Northwest Bancorporation Suspended By Minnesota
Commission—Pending Hearing on Charges of Manipulation—Solvency of Member Banks Not Questioned.
Officials of the Northwest Bancorporation and the First
Bank Stock Corporation, Minneapolis holding companies,
Nov. 25 1933
will appear before the Minnesota State Commerce Commission on Dec. 4 to show cause why an order temporarily
suspending the sale in Minnesota of the stock of the two
companies should not be made permanent. The order was
announced on Nov. 22 by S. Paul Skahen, State Securities
Commissioner, who authorized the Commerce Commission
to conduct hearings and report back their findings. Officials
of the Commission emphasized the charges "should in no
way discredit nor in any way be construed as to cause any
question of the solvency of the member banks of the two
corporations." C. T. Jaffray, President of the First Bank
Stock Corporation,issued the following statement on Nov.22:
"Answering your request for a statement as to the action of the State
Securities Commission, I can only say that the officers and directors of
the First Bank Stock Corp. have never in any way agreed to, or allowed
any transaction which in their opinion was not for the best interests of the
corporation and its stockholders, and I am sure that we will all welcome a
free and impartial investigation of what the corporation has done."
E. W. Decker, Chairman of the Board of the Northwest
Bancorporation, said in a statement:
"No papers have been served on us, but according to press reports,
certain investigations have been ordered by the State Department of Commerce. We heartily welcome such investigation in order that the whole
matter may be cleared up in the public's mind."
The Commerce Commission charged that the Northwestern
Bancorporation has used large sums "wrongfully and for the
purpose of misleading and deceiving the purchasers or
dealers" in shares of the common stock and "for the purpose
of manipulating the market."
Operations on Newly Formed New York Tobacco &
Commodities Exchange to Begin Shortly After
Jan. 1.
With the applications for memberships thus far received
from a broad cross section of the tobacco trade as well as
commission houses, the newly incorporated New York Tobacco & Commodities Exchange will be able to start operations shortly after the first of the year, according to a statement made recently by Harry B. Brockhurst, of the organizing group. An announcement issued in the matter
added:
Memberships will go in at $1,000 each and it is the present plan to limit
the membership to 650. An entirely new exchange, it will not only be
primarily devoted to trading in tobacco futures, but preparations are under
way to also include other farm commotidies which are not at present traded
in on any other exchange. The membership limitation of 650 is therefore
based in part upon the addition of these other commodities.
The announcement quoted Mr. Brockhurst as saying:
It is not generally realized that the tobacco crop of this country represents
an annual value of about $300,000,000 and that it is the third largest
agricultural industry in America. It is the second largest crop in the
South, where cotton, of course, is first. Indications based upon inquiries,
as well as memberships already applied for give assurance that there is a
very definite need and demand for the facilities of an exchange which will
for the first time function on behalf of the tobacco trade. The world's
price of tobacco futures will be fixed on this exchange. The United States
Government in no way interferes with or prescribes the contract or grade
deliverable under future contracts; that is fixed entirely by the contract
rules and regulations used on this exchange.
Continuing, the announcement said:
The tobacco trading unit will be 10 hogsheads of 10,000 pounds each
and the based grade will make the gross value about $2,000 per unit at
current prices. Minimum fluctuation will be 5-100ths of a cent and quotations will be in cents and 5-100ths of a cent per pound. The minimum
fluctuation will be known as a point and on a 10 hogsheads contract will
amount to $5. Fluctuations of one cent or 100 points amounts to $100
per 10 hogsheads contract.
The new Exchange has taken permanent offices at 2 Broadway, (as noted in our issue of Nov. 11, page 3442), where
arrangements have also been finally concluded for a trading
floor.
Special Committee of Association of Stock Exchange
Firms Invited to Meet Regularly With Law Committee of New York Stock Exchange.
It became known on Nov. 16 that a Special Committee
of the Association of Stock Exchange Firms has been invited
by Richard Whitney, President of the New York Stock Exchange to meet regularly with the latter's Law Committee.
With regard thereto the New York "Times" of Nov. 17 said:
Matters affecting the general interest of the Exchange are taken up by
the Law Committee, which acts in an advisory capacity to the President
of the Exchange. The representatives of the Association will have no
vote at the meetings, but will be in Asition to advise the Committee,
which is one of the most important of the Exchange.
Relationship Always Close.
In the past the relationship between the Association and the Exchange
has been very close. The Association, which includes many senior partners
who have transferred their memberships in the Exchange to younger men,
has frequently advised the Exchange and effected changes in policy.
Through the new Committee the Association will be informed more quickly
on any program of the Exchange. It is felt that the older partners who
no longer are members of the Exchange, and thus have no direct voice
in its affairs, will be able to give valuable advice to the law committee.
The representatives of the association appointed by its Board of Governors are Frank It. Hope, President of the association and a partner in
Paine, Webber & Co.; John W. Prentiss of Hornblower Sr Weeks, E. A.
Volume 137
Financial Chronicle
Pierce of E. A. Pierce & Co., Henry R. Winthrop of Winthrop, Mitchell,
& Co. and Gayer G. Dominick of Dominick & Dominick.
The Law Committee of the Exchange consists of H. G. S. Noble, Chairman, a former President of the Exchange; E. H. H. Simmons, who preceded Mr. Whitney as President; Allen L. Lindley, Vice-President; Warren
E. Nash, Treasurer, and Arthur Turnbull. These men are members also
of the Governing Committee.
To Anticipate Legislation.
Although the Association's Committee will advise the Exchange on all
matters of general policy, its work in the next few months is lixely to be
concentrated on reforms that the Exchange is developing before Congress
convenes, according to brokers. In the belief that Congress may propose
legislation regulating speculation, brokers believe it would be wise now to
make whatever changes may be advisable with regard to margin trading,
short selling and other practices that have been under fire in Washington.
The Association of Stock Exchange Firms has received more than 300
letters from Stock Exchange houses announcing that they assented to the
brokers' code of fair competition, which became effective on Monday.
All Stock Exchange firms are expected to sign the code, which is applicable
to all brokers whether assent is given or not.
NRA Code Committee Named By Association of
Stock Exchange Firms.
At a meeting on Nov. 20 of the Association of Stock Exchange Firms elected 11 members of the Board of Administrators of the Code of Fair Competition. The Code for
Stock Exchange Firms, as approved by President Roosevelt
was given in our issue of Nov. 18, page 3581. As to the
Code Committee chosen it was stated in the New York
"Times" of Nov. 21:
Five representatives were elected by the Association of Stock Exchange
Firms of New York, five by other leading associations of brokers and one
by brokers who do not hold memberships in any association.
Representatives chosen by the Association of Stock Exchange Firms,
which consists of concerns holding memberships in the New York Stock
Exchange, elected Frank R. Hope of Paine, Webber & Co. as Chairman
of the Board of Administrators. The other representatives of the Association are E. A. Pierce of E. A. Pierce ft Co., Vice-Chairman; John W.
Prentiss of Hornblower & Weeks; William W. Spaid and Arthur Turnbull
of Post & Flagg.
The representatives of the other exchanges are William D. Elwell of
Boston; T. R. Benson, Chicago; C. C. Wickey, Detroit; Frank C. Shaughnessy. San Francisco, and Howard C. Sykes, President of the New York
Curb Exchange. Herbert L. Mills was chosen to represent firms without
memberships in any association.
Cary N. Weisiger, Deputy Administrator of the NRA, will represent
the Government on the Board of Administrators. Raoul E. Desvernine
will be counsel for the Board and Frederic* F. Lyden, Secretary.
The code for stock exchange firms became effective on Nov. 13. It is
binding on all concerns and individuals engaged in trading in securities on
any organized Stock Exchange, whether or not they voluntarily assent to it.
According to the "Wall Street Journal" of Nov. 21 Herbert
'Mills of the New York Stock Exchange firm of Auchindoss,'Mills & Bergen was chosen as the 12th member of the
Board, who, under the code, must be a member of a stock
exchange but not of an association.
3769
short selling. The information has been gathered by the local bank in
case there is any need for it.
For the present the Federal Reserve Bank will continue to get daily
reports from local member banks on their position in Government issues.
Local banks made daily reports to the Federal Reserve on the principal
items in their condition statements.
Published reports that the Federal Reserve Bank was requesting the same
information of Government bond dealers were said to be in error.
From Washington the New York "Times" reported the
following under date of Nov. 23:
Inquiry Up to Reserve Bank.
Mr. Morgenthau refrained from comment on the reports from New
York that the Federal Reserve Bank there was conducting an investigation to determine whether there had been short selling of Government
bonds. It was indicated that this was not at the instigation of the Treasnry. but was a question of policy for the Reserve Bank to handle.
United States Enters Market to Support Government
Bonds—Draws on Funds of Deposit Insurance,
Postal, Farm Credit Systems.
On Nov.22 Acting Secretary of the Treasury Morgenthau
announced that support had been extended by the Treasury
Department for the Government's bond market through
the purchase of United States securities during the few
days preceding. The advices further reported:
While the amount of Government bond purchases was not made public,
It was said that a considerable volume of cash is available for this purpose
from the Federal Deposit Insurance Corp., Public Debt Sinking Fund,
Postal Savings System and the Farm Credit Administration.
Withholds Extent of Buying.
"I do not desire to make public the amount of money available for these
purposes, as it is not wished to disclose the Treasury's hand to the speculators," Mr. Morgenthau said, adding however, he would make weekly
reports.
He would make no comment on the report that Federal Reserve Banks
virtually have ceased open market purchases of Government securities.
The New York bank, however, will act as fiscal agent for the Treasury in
the purchase of Government securities for the sinking fund and other
agencies.
Last week Reserve banks cut their buying of Governments fo 52,000,000
after having purchased from $10,000,000 to $35,000,000 weekly for several
months.
United States Enters Market.
Commenting on the status of the Government credit Mr. Morgenthau
declared:
"Government credit is as solid as the rock of Gibraltar." Morgenthau
said that reports relative to the purchase of silver by the Treasury in a
new monetary policy were unfounded.
From a Washington account (Nov. 23) to the New York
"Journal of tommerce," we quote:
Estimates of the extent to which the Government might be able to
go into the purchase of Government securities, if it sought to bolster
the bond market, ran as hb,h as 5750.000.000, but they were unofficial,
and included purchases which might be made out of the balance in the
general fund for the account of the sinking fund for debt retirement.
Inquiry by New York Federal Reserve Bank to De1
eath of Arthur W. Gilbart, Deputy Governor of /
,
termine Extent of Short Selling of United States Federal Reserve Bank of New York.
Government Bonds—Volume Regarded Normal. '
Arthur William Gilbart, Deputy Governor of the "•deral
The Government securities market in New York Ci , Reserve Bank of New York, died Nov. 18 at . home in
including the banks and the dealers, have not been respon- Garden City, L. I. Mr. Gilbert would have •een 47 years
sible for the decline in Treasury issues in the last month old on Dec. 19. His death was caused by • idgkins disease,
through indulgence in any considerable volume of short after an illness of about two months. F lowing his graduselling, according to the New York "Herald Tribune" of ation from school Mr. Gilbart joined t, staff of the Nassau
Nov. 24, which said:
1907, (later absorbed
National Bank, New York, in Ju
This is the finding, it is understood, of the Federal Reserve Bank of New
g in various positions
by the Irving National Bank), s
York after examination of the information supplied to it by large New
from Junior Clerk to Cashier. He entered the employ of
York banks on special request.
Last Saturday (Nov. 18) the Federal Reserve Bank asked local member
the Federal Reserve Bank in Dec. 1914, a few months after
banks to fill out a questionnaire showing their daily position in Governits organization. He was appointed Assistant Cashier on
ment bonds since Oct. 23, when the decline in price of these securities
June 1 1917 and on Sept. 1 1919 was made Manager-at-large.
began. The banks were requested to state what amount of Government
Issues they had owned on every business day during that period and what
Mr. Gilbart became Comptroller of Administration of the
had lent every day.
amount they
Bank on Nov. 26 1919 following which he was appointed
Short Selling Called Normal.'
Comptroller of Cash and Collections on Feb. 24 1922. He
It is said that the inquiry disclosed the fact that there had been some
was appointed to the position of Deputy Governor on Jan. 1
short selling of Government issues while the market was quite weak, but
it was said definitely that the short selling practices in that period were
1928.
normal, or approximately so. Certainly, it was explained, there was not
enough short selling, as revealed in the amount of securities lent by the
various banks, to account for the protracted decline in Government seentities.
That New York banks themselves were not attempting to "bear" the
Government securities market in the last month was held to be indicated
by the fact that their holdings increased $34,000,000 from Oct. 25 to
Nov. 22.
Short selling goes on in the Government securities market all the time.
when dealers purchase registered bonds and wish to change them into
coupon bonds they borrow securities of the same description from banks
while the transfer, which often needs from 10 days to two weeks, is taking
place. Dealers are especially anxious not to hold the bonds in their own
portfolios when the market is weak.
Dealers also may sell Government issues short pending the arrival of
bonds from some out-of-town center. If a San Francisco bank directs a
local dealer to sell a certain amount of Government securities the sale may
take place at once, but until the bonds arrive the dealer may borrow securities from a local bank to make delivery.
Charge Made by Inflationists.
It was charged several days ago by a group of ardent inflationists, disconcerted, perhaps, by the fall in Government bonds while the dollar depreciation campaign was being waged, that New York banks were lending Government bonds to facilitate short selling of Government securities. The charge
did not admit that the technical operation of the market requires some
Report on Guaranty of Bank Deposits—Commission of
Association of Reserve City Bankers Recommends
Co-Operation in Temporary Emergency Plan—
Sees Danger if Guaranty is Continued as Permanent Measure.
Bankers of the United States are urged to co-operate with
the Administration in Washington in two of its important
recovery measures and to strive for a sound fundamental
revision of the whole banking structure, in a report issued
at Chicago on Nov. 19 by the Association of Reserve City
Bankers.
John H. Hogan, Chairman of the Commission which has
devoted six months to a study of the banking situation,
points out that in this emergency bankers should give active
support to the Government's recovery program, including
immediate application for participation in the temporary
Deposit Insurance Plan and full co-operation with the RA3contruction Finance Corporation in its plan to strengthen the
3770
Financial Chronicle
banking structure through the injection of new capital.
Mr. Hogan, says:
If such things as these will assist in building up the banking structure to
a sounder condition and remove uncertanity, it is the first job in which
bankers should interest themselves.
We believe strongly, however, that these are but temporary measures
and that the real objective is a sounder banking system. We join heartily
with the public in its demand for safety of bank deposits. We believe that
Congress did the best it could under extreme pressure to give the public
the safety to which it was entitled, but after mature deliberation we conclude that the way to assure bank depositors of true safety lies in so improving the banking system that losses to depositors cannot occur, rather than
adopting some plan of spreading the losses after they have occurred.
The report in indicating that a distinction is made therein
between "guaranty" and "insurance" of deposits, says:
The present law refers to the plan as "insurance." But it is not insurance
In the generally accepted sense of the word. Insurance implies the protection of a beneficiary through the building up of a fund to which the beneficiary contributes. And the payments or "premiums" are graded in relation to the quality of the risk. These elements are not present in the plan
established by the Banking Act of 1933. Consequently, for the sake of
clarity, the term "guaranty" has been generally used in this discussion.
It is pointed out that it is perhaps not commonly known
that there are two deposit insurance plans included in the
Glass-Stegall Bill passed by the last session of Congress.
A summary of the Commission's views continues:
The temporary insurance plan, which goes into effect on Jan. 1, insures
all bank deposits up to $2,500. which means that 97% of all bank depositors
In the country can be fully protected under this plan. It is not Government insurance. The Government merely supervises the administration of
the provisions of the law. This law provides for one limited assessment on
the participating banks, and, as an emergency measure to restore public
confidence, we believe that every bank should apply immediately for
ad mission.
The Permanent Plan, which goes into effect on July 1 1934, is far different. Without going into all the details included in the report, the
principal objections to the plan are five:
1. It provides for unlimited assessments for an indefinite period, which is
equivalent to asking for a "blank check" drawn on every bank depositor
and stockholder in the United States.
2. The permanent law might weaken the banking system to such an
extent that all depositors would suffer in a period of distress. If we thought
this was the only method of obtaining protection for depositors, our findings
might be more favorable, but we believe safety can be obtained in other
ways, without peril to the rights of the public. Unless some system is
devised to prevent bank failures, repeated assessments against even strong
banks might imperil not only earnings, reserves and capital belonging to
stockholders, but also money belonging to depositors. The law ignores the
causes of bank failures and deals only with consequences.
3. Similar plans have failed in the seven States where they have been
tried, and in each case the law has been repealed. These States are Kansas,
Mississippi, Nebraska. North Dakota, Oklahoma, South Dakota and
Texas.
4. The plan, instead of placing a premium on good bank management,
puts a penalty upon it to cover the losses incurred by bad bank management. This is un-American, unfair and unsound.
5. While the law is known as deposit insurance, it violates many of the
principles of insurance. Assessments are not levied in proportion to the
risks and there is no provision for the steady accumulation of reserves during
good times to take care of losses during bad times.
From the report we quote in more detail as follows the
Commission's views on the temporary insurance plan.
While the Commission does not believe in the principle of deposit guaranty nevertheless it recognizes that (a) an effort is being made to use the
temporary guaranty plan as a means toward building up the banking
structure to a sounder position;(b)the temporary guaranty plan is limited as
to the assessments which can be made upon the banks. its operation is
limited to six months, and no bank joining the temporary plan is obligated
to join the permanent plan: (c) the wisest way to make progress toward the
elimination of the evils of deposit guaranty is to co-operate with the earnest
Certainly
emergency effort being made to strengthen thousands of banks.
situation
no permanent banking reform can be hoped for while the banking
eliminated,
Is in a position of uncertainty. If this uncertainty is substantially
the whole problem can be viewed
a breathing space may be created in which
more constructively. On the basis of these considerations the Commission
to
recommends that the banks which are subject to examination prior
Jan. 1 1934 make immediate application for membership in the temporary
fund.
It should be noted that this temporary plan covering all deposits up to
depositors in
$2,500 insures in full approximately 963i% in number of all
those
banks admitted to the fund. This provision completely protects
this Commission that if
depositors who most need protection. It appears to
modified
guaranty is retained after July 1 1934, this temporary plan,in some
form, would meet every emergency need, and eliminate many of the dangers
in the permanent plan.
Even in recommending support of the temporary plan, the Commission
lurks a
would point out that in the very success of any guaranty plan there
fundamental danger. If we find ourselves left with the guaranty plan but not
a sound banking system, it will be a disaster. Banks may be temporarily
if they
stimulated to the point where they can qualify for the guaranty, but
are not basically sound and competently managed, if they cannot earn
satisfactory profits, they will fail in the end, and impose heavy burdens
on the other banks and on the entire business structure. What we are recommending, therefore. Is co-operation in an emergency measure of the
sort that has been deemed necessary in almost all branches of our economic
life. but we are not, directly or indirectly, endorsing the principle of deposit
guaranty.
According to the report "tho most unfortunate aspect of
the permanent guarantee legislation is that it completely
ignores the causes of bank failures at a time when the
emergency offers a golden opportunity to eliminate those
causes once for all". Continuing the report says:
It the guaranty is continued as a permanent measure it will postpone
true banking reform indermitely. It would be one of the greatest tragedies
in our financial history if the lessons ,we have learned in the present deprission should lead(only to tinkering and to patchwork, and not to a
sound and permanent rebuilding of the oanking structure. We stand alone
Nov. 25 1933
among the great nations of the world in not having established a banking
system that will safeguard the savings of our people. The banking systems
of other nations have achieved safety without deposit guaranty.
In our opinion, the public, and particularly the stockholders and depositors of banks, do not understand this permanent guaranty proposal, and
when they do understand it they will disapprove it.
Regarding tabulations in the report relative to estimated
losses which would have been borne by the guaranty fund
in the period from 1930-1932, advices from Chicago, Nov.
19 to the New York "Times," said:
Cost for Three Years.
If the deposit guarantee had been in operation in the three-year period
from 1930 through 1932, the committee estimates that the guarantee fund
would have stood a loss of $327,000,000. This would be equivalent to .74%
of the total deposits of the active banks and 4.4% of their capital funds.
These figures are based on the total of $1,063,000,000 of deposits in banks
suspended in the period. The estimated loss to depositors on these suspensions was placed at 8364,000,000, of which an estimated 90% would accrue
to the guarantee fund.
These figures, however, do not tell the whole story, the Commission
declares. If deposits of banks placed in liquidation or reorganized since the
first of the year were included, it would swell the grand total of deposits to
$7,000,000,000.
"If all these banks had closed under the guarantee plan such as the
one provided for in the Banking Act of 1933, the losses falling on the fund
would probably have aggregated over $2,500.000,000," the report says.
"This amount is equal to about 8% of deposits of all banks now operating
on an unrestricted basis, and about 48% of their reported capital funds.
In many individual cases where the ratio of capital funds to deposits is
small, the burden would have been equal to 75 or 100% of the capital funds."
The summarized account of the report says:
At this time the Association offers no legislative program, since it is but
one of the banking groups interested in the subject. In this report it has gone
only so far as to suggest the desirability of the apointment of some form of
commission comparable to the Aldrich Committee of 1907, which was
responsible for much of the good banking legislation of 1913. However. the
Commission does not intend to await the appointment of such a group, but
expects to make its own recommendations in the near future, looking toward the strengthening of the American Banking System.
The Association of Reserve City Bankers, organized in 1912, comprises
Individual bankers associated with banks whose deposits in the aggregate
are said to be over 50% of the total deposits in all commercial banks and
trust companies.
The members of the Commission on Banking Law and
Practice which is studying the problem of improving the
banking system include:
John H. Hogan, Chairman ex-officio, Chicago.
Guy Emerson, Chairman, Executive Committee, New York,
Carl W. Allendoerfer of Kansas City.
William F. Augustine of Boston.
Fred W. Ellsworth of New Orleans.
Ralph S. Euler of Pittsburgh.
Robert V. Fleming of Washington.
J. Frank Flournoy Jr., of New Orleans.
R. Ellison Harding of Fort Worth.
Richard R. Hunter of New York
Walter Lichtenstein of Chicago.
Hal Y. Lemon of Detroit.
Thomas B. McAdams of Richmond.
Morton M. Prentis of Baltimore.
Laurence B. Robbins of Chicago.
Tom K. Smith, of St. Louis.
Charles E. Spencer Jr., of Boston.
J. S. Sullivan Jr., of San Francisco.
Lyman F. Wakefield of Minneapolis.
G. M. Wallace of Los Angeles.
James L. Walsh of Detroit.
H. Lane Young of Atlanta and 0. Howard Wolfe of Philadelphia.
The technical staff of the Commission includes: J. H.
Riddle,formerly Director of Research of the Federal Reserve
Committee on Branch, Group and Chain Banking, Director
of Research; W. P. Sayre, Secretary and J. S. Zinsser,
Assistant Secretary.
E. W. Kemmerer, Research Professor of International
Finance at Princeton University, is associated with the Commission as economic adviser.
Federal Reserve Board in Monthly Bulletin Omits
Reference to Business and Financial Trends-Action Follows Controversy Previous Month With
Recovery Administrator Johnson and Secretary
Wallace.
Omission from the November Bulletin of the Federal
Reserve Board (released Nov. 18) of reference to business
trend's is said to reflect a new administration policy of restricting interpretations of recovery statistics to one central
agency under the direct control of the President's own Executive Council. As a result of the Board's Survey of conditions in its October Bulletin, in which reference was made
to the decline in activity in industries in which processing
taxes on codes have become effective. Controversies arose
between the Reserve Board, Recovery Administrator Johnson and Secretary of Agriculture Wallace. Commenting on
the absence on the usual review of conditions in the November Bulletin a Washington despatch Nov. 17 to the New
York "Times" stated:
To-day this publication contained no comment on the business and
financial situation, whereas heretofore this had been one of ita chief features. The November Bulletin simply carried quotations from an address
of President Roosevelt In the place where for months had been indications
of the business and financial trend of the country.
Volume 137
Financial Chronicle
Routine Statistics Given.
All other interpretative statistical information also was omitted, leaving
nothing but the excerpts from the President's address and routine statistics
that already had been made public.
The new policy of centralizing responsibility for and maintaining supervision over interpretations of recovery statistics was decided upon by the
President's Executive Council soon after the dispute between the Federal
Reserve Board and the chief recovery units.
It was decided that the new Central Statistical Board, established by
executive order of the President on July 27, should be the responsible
agency. A few days ago an official notice was circulated instructing the
various bureaus not to issue any more interpretations of their own without
direct and explicit approval of the Central Statistical Board.
Central Board in Charge.
The Central Board from now on will be immediately responsible for the
Administration's interpretations of facts and figures concerning the recovery program. It is headed by Winfield W. Riefler, economic Adviser
to the President's Executive Council, Mr. Riefler's office has been set
UP in a private building in Washington within a few hundred feet of the
offices of Dr. E. A. Goldenweiser, Chief Statistical Analyst for the Federal
Reserve Board.
The conflict over the figures in the October Federal Reserve Board
Bulletin gave rise to a report at that time that the Board was not in sympathy with the NRA and AAA drives and hence had had no hesitancy in
making public the adverse interpretation. This was promptly denied,
however, as experts of the Reserve Board declared they simply had presented a picture of the business and financial situation as had been reflected
in reports from member banks. Recovery officlas had no fault to find wih
the November Bulletin issued to-day.
3771
They (the bills) will be issued In bearer form only, and in amounts or
denominations of $1,000. $10,000, $100.000, 8500,000 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.27 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 Treasurylexpressly 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 hauls in cash or other immediately available funds on
Nov.29 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 POESe&siOnS.
President Roosevelt's Thanksgiving Day Proclamation
—Nov. 30 Set Apart as Day for Expression of
Thanks for Blessings of Past Year.
On Nov. 21 President Roosevelt issued his proclamation,
setting apart Thursday, Nov.30, as "a day of thanksgiving
for all our people." "May we on that day in our churches
and our homes" he said "give humble thanks for the blessings bestowed upon us during the year past by Ahnighty
Max B. Nahm, Vice-President of Citizens National Bank, Bowling
God." In addition to asking "guidance in more surely
Green, By., was re-elected by member banks in Group 2 as a Class A
Director, and J. W. Harris, President, Harris-Polk Hat Co., St. Louis,
learning the ancient truth that greed and selfishness and
was re-elected by member banks in Group 1 as a Class B Director. Each
striving for undue riches can never bring lasting happiness
was chosen to serve for three years from Jan. 1 1934.
or good to the individual or to his neighbors," the President
Mr. Wood's announcement further said:
urged that "we be grateful for the passing of dark days."
The Board of Directors of the Federal Reserve Bank consists of nine
With the fixing of Nov. 30 as Thanksgiving Day it may be
members, divided into groups of three each, designated as Classes A, B,
and C. Class A directors represent the banking interests of the District,
noted that the President some weeks ago declined to accede
or the lenders of money, and are usually officers of banks. Class B dito pleas by retail merchants and other trade organizations
rectors represent the industrial, commercial and agricultural interests, or
the borrowers of money, and cannot be officers, directors or employees of
to advance the observance of the day one week, in order to
banks. Class C directors represent the Government or general public, and
facilitate and lengthen the Christmas shopping period.
cannot be officers, directors, employees or stockholders of banks.
Regarding the President's decision (Oct. 13) United Press
accounts from Washington at that time said:
$60,063,000 Accepted to Offering of $60,000,000 or TherePresident Roosevelt, it was said, feels that even if he were disposedlto
abouts of 91
-Day Treasury Bills Dated Nov. 22—
the time for the celebration has been fixed in many States
Tenders of $207,445,000 Received—Average Rate change the date,
by legislative action and to proclaim Thanksgiving earlier would mean
0.43%.
confusion.
At the same time friends of the President represented him as believing
Announcing the result of the offering of 91-day Treasury
should remain unbills to the amount of $60,000,000 or thereabouts (dated that tradition of Thanksgiving on the last Thursday
broken.
Nov. 22), to which tenders were received at the Federal
It was explained that for days the White House has been deluged with
Reserve banks and the branches thereof, up to 2 p.m., correspondence from merchants and civic bodies, urging and some of them
the date for Thanksgiving Day.
Eastern Standard Time, Nov. 20, Henry Morgenthau, Jr., opposing, a change inthe change made pointed ougthat Christmas shopping,
Those who wanted
Acting Secretary of the Treasury, reported on Nov. 20 that which begins after the Thanksgiving holiday,would belengthened by a week,
bids of $207,445,000 were received. Of this amount, he thereby contributing to the program for national economic recovery.
The President's proclamation issued Nov. 21 follows:
said,$60,063,000 was accepted. The bills sold at an average
By the President of the United States of America.
per annum on a bank discount basis which comrate of 0.43%
A PROCLAMATION.
pares with previous rates of 0.40% (bills dated Nov. 15);
Roosevelt, President of the United States of America,
(bills dated Nov. 8); 0.22% (bills dated Nov. 1), doI, Franklin D.
0.24%
set aside and appoint Thursday,the 30th day of November 1933,to boa
and 0.17% (bills dated Oct. 25). The average price of the Day of Thanksgiving for all our people.
May we on that day in our churches and in our homes give humble
bills to be issued is 99.892.
thanks for the blessings bestowed upon us during the year past by Almighty
The accepted bids, except for one bid of $200,000 at God.
May we recall the courage of those who settled tewilderness, the vision
99.950, ranged in price from 99.907, equivalent to a rate of
those who in every
of those who founded
per annum, to 99.884. equivalent to a rate of succeeding generation the Nation, the steadfastnesgrofideal of equality of
about 0.37%
have fought to keep pure the
about 0.43% per annum, on a bank discount basis. Only opportunity and hold clear the goal of mutual help in time of prosperity
as in time of adversity.
part bid for at the latter price was accepted.
May we ask guidance in more surely learning the ancient truth that greed
The bills, which mature on Feb. 21 1934 when the face and selfishness and striving for undue riches can never bring lasting happiamount will be payable without interest, were referred to in ness or good to the individual or to his neighbors.
May we be grateful for the passing of dark days; forrtho'new spirit of
our issue of Nov. 18, page 3591.
dependence one on another: for the closer unity of all partdof our wide land;
Two Directors of Federal Reserve Bank of St. Louis
Re-elected—M, B. Nahm and J. W. Harris to Serve
Additional Three Years.
According to announcement of John S. Wood, Chairman
of the Board of the Federal Reserve Bank of St. Louis, the
results of the election of directors of the Bank, which ended
on Nov. 21, are as follows:
-Day Treasury Bills to Amount of
New Offering of 91
$100,000,000 or Thereabouts—To be Dated Nov. 29
1933.
Announcement of a new offering of $100,000,000 or thereabouts of 91-day Treasury bills, to be used to meet an issue
of $100,296,000 maturing on Nov. 29, was announced on
Nov. 22 by Henry Morgenthau, Jr., Acting Secretary of
the Treasury. The bills will be dated Nov.29 1933, and will
mature on Feb. 28 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. Tenders to the
offering, Mr. Morgenthau's announcement said, will be
received at the Federal Reserve banks, or the branches
thereof, up to 2 p.m., Eastern Standard Time, Monday,
Nov. 27. No tenders will be received at the Treasury Department, Washington. In part, Mr. Morgenthau's announcement continued:
for the greater friendship between employers and those who toil;for'a clearer
knowledge by all nations that we seek no conquests andrasleonly honorable
engagements by all peoples to respect the lands andfrights`of their neighbors; for the brighter day to which we can win throughlby seekinithe help
of God in a more unselfish striving for the common betterineof mankind.
In witness wherefore, I have hereunto set my&hand anc4,caused.thekseal
of the United States to be affixed.
Done at the City of Washington this 21st day of November in the year
of our Lord 1933, and of the Independence of the United States of America
the 158th.
FRANKLIN D. ROOSEVELT.
[Sean
By the President:
William Phillips,
Acting Secretary of State.
President Roosevelt Creates Executive Committee to
Supervise Government Action Affecting Foreign
Trade.
It was made known on Nov. 21 that President Roosevelt
had created an Executive Committee to supervise all Government action affecting foreign trade. Announcement of
3772
Financial Chronicle
the move, it is stated, came from William Phillips, Under
Secretary of the State Department, Chairman pro tempore
of the group which will be known as the Executive Commercial Policy Committee.
The Committee membership, it is stated, includes the
following:
Walter J. Cummings, for the Treasury.
Assistant Secretary John Dickinson and Dr. Willard Thorp for the
Commerce Department.
Assistant Secretary Rexford G. Tugwell, for the Agriculture Department.
General William I. Westervelt, for the Farm Adjustment Administration.
Oscar B. Ryder, for the National Recovery Administration.
Commissioners Robert L. O'Brien and Thomas Walker Page. for the
Tariff Commission.
Regarding the creation of the new Committee Associated
Press advices from Washington Nov. 21 said:
In the future, every department taking any step affecting imports and
exports must consult the new interdepartmental committee. This includes
the negotiation of any commercial treaties.
Before final action, the reciprocity discussions now in progress between
the United States and Sweden, Portugal, Brazil, Argentina and Colombia
would be referred to the new committee.
It was indicated also the final word on the import liquor policy probably
would rest with this committee.
Although Mr. Phillips is only a temporary chairman, the permanent
chairmanship will remain in the State Department. There was some
speculation that Francis B. Sayre, newly appointed Assistant Secretary,
who arrives in Washington next Monday, might assume this post
Francis B. Sayre, Son-in-Law of Late President Wilson,
Named Assistant Secretary of State.
Francis B. Sayre, son-in-law of the late President Woodrow Wilson, was named Assistant Secretary of State on
Nov. 18. From Associated Press advices from Washington
on that date we quote:
Professor Sayre is a Professor of Law at Harvard University and was
said by Under Secretary William Phillips to be in Cambridge at the present
time. Mr. Phillips said Professor Sayre would come to the Department as
soon as he completed necessary arrangements with the University. He
succeeds Harry F. Payer of Cleveland, who has gone to the Reconstruction
Finance Corporarion as special adviser on foreign trade.
President Roosevelt Attacks "Modern Tories" and
"Doubting Thomases" Who Criticize Experimentation in Government—At Savannah Says Record
of American History Justifies Doctrine of Change
—Describes Russian Recognition as Aiding Peaceful Purposes of the World.
"Doubting Thomases" and "certain modern Tories" who
criticize the present Administration for experimenting with
Government were criticized by President Roosevelt on
Nov. 18 in an address delivered before 30,000 persons in
Savannah, Ga., as a feature of the Georgia bicentennial
celebration, in which Mr. Roosevelt participated as honorary
Chairman. Newspaper reports said that the President's
speech was frequently interrupted by cheers, but that the
greatest outburst of applause greeted his mention of Russian
recognition and his expression of the belief that it greatly
strengthened the prospects of peace throughout the world.
He quoted Thomas Jefferson to demonstrate the community of interest between the two nations.
The President said that his authority for the doctrine of
experiment rested in the same ideals which had led to the
founding of Georgia. Admitting that there was no quick
remedy for "the chronic illness that beset us for a dozen
years," he declared: "But, my friends, we are on the
way." The President said that "certain modern Tories"
had remarked "that those who are to-day in charge of your
National Government are guilty of great experimentation.
If I read my history right, the same suggestion was used
when Englishmen, protesting in vain against intolerable
conditions at home, founded new colonies in the American
wilderness as an experiment, and when the Washingtons and
Adamses and Bullocks conducted another great experiment
in 1776." Mr. Roosevelt asserted that the saving grace of
America "lies in the fact that the overwhelming majority of
Americans are possessed of two great qualities—a sense of
humor and a sense of proportion. With the one they smile
at those who would divide up all the money in the nation
on a per capita basis every Saturday night, and at those
who lament that they would rather possess pounds and
francs than dollars. With our sense of proportion we
understand and accept the fact that, in the short space of
one year, we cannot cure the chronic illness that beset us
for a dozen years, nor restore the social and economic order
with equal and simultaneous success in every part of the
nation and in every walk of life."
The President's address was .delivered the day after he
left Washington for Warm Springs, Ga., where he planned
to spend the Thanksgiving holidays. He was introduced
to the Savannah audience by Governor Talmadge, who
Nov. 25 1933
exclaimed: "Folks, cotton is ten cents a pound and it is
going to 15 cents." President Roosevelt's address on
Nov. 18 follows in full:
Because my other State gave me the privilege of serving as the Honorary
Chairman of the celebration of the bicentennial year of the founding of
Georgia I have come to Savannah in an official capacity.
But I come here also because of all that Georgia means to me personally,
through my long association with this State and also through the kinship
which my wife and my children bear to the early settlers who participated
with Oglethorpe in the founding of civilization on this portion of the Atlantic
seaboard.
Apart from the ties of Colonial ancestry. I have additional kinship with
the founders of the 13 American Colonies. It has been remarked of late by
certain modern Tories that those who are to-day in charge of your National
Government are guilty of great experimentation. If I read my history
right, the same suggestion was used when Englishmen, protesting in vain
against intolerable conditions at home,founded new colonies in the American
wilderness, and when Washingtons and Adamses and Bullocks conducted
another great experiment in 1776.
Three-quarters of a year have passed since I left Georgia; during that
time you have conducted a dignified and history-teaching state-wide
celebration. During that same time the lives of the people of this Commonwealth, like the lives of the inhabitants of the other States, have undergone
a great change.
I am happy in the thought that it has been a change for the better;
that I come back to sae smiles replacing gloom, to see hope replacing
despair, to see faith restored to its rightful place.
While we are celebrating the planting of the colony of Georgia, we remember that if the early settlers had been content to remain on the coast
there would have been no Georgia to day. It was the spirit of moving
forward that led to the exploration of the great domain of Piedmont and
mountains that drove the western border of the colony to the very banks
of the Mississippi River itself. In all those years of the pioneer there were
the doubting Thomases, there was the persistent opposition of those who
feared change, of those who played the part of the mule who had to be
goaded to get him out of the stable.
In coming for a two weeks' visit among you, my neighbors, I shall
have opportunity to improve myself by reading of the makers of our history
with the thought before me that, although problems and terms change,
the principles and objectives of American self-government remain the
same. I have heard so much of so-called economics in recent weeks that
It was refreshing the other day to have my friend, the Governor of New
Hampshire, call my attention to a paragraph written a century ago by
that father of economists, John Stuart Mill. He said:
"History shows that great economic and social forces flow like a tide over
communities only half conscious of that which is befalling them. Wise
statesmen forsee what time is thus bringing and try to shape institutions and
mold men's thoughts and purposes in accordance with the change that is
silently coming on.
"The unwise are those who bring nothing constructive to the process,
and who greatly imperil the future of mankind by leaving great questions to
be fought out between ignorant change, on one hand, and ignorant opposition to change, on the other."
The saving grace of America lies in the fact that the overwhelming majority of Americans are possessed of two great qualities—a sense of humor
and a sense of proportion. With the one they smile at those who would
divide up all the money in the Nation on a per capita basis every Saturday
night and at those who lament that they would rather possess pounds and
francs than dollars.
With our sense of proportion we understand and accept the fact that
in the short space of one year we cannot cure the chronic illness that beset
us for a dozen years, nor restore the social and economic order with equal
and simultaneous succeess in every part of the Nation and in every walk
of life.
It is the pioneering spirit and understanding perspective of the people
of the United States which already is making itself felt among other nations
of the world. The simple translation of the peaceful and neighborly purposes of the United States has already given to our sister American republics
a greater faith in our professions of friendship than they have held since the
time, over a century ago, when James Monroe encouraged them in their
struggles for freedom.
Russian Recognition.
So, too, I have had an example of the effect of honest statement and
simple explanation of the fundamental American policy during the past week
In Washington. For 16 long years a nation, larger even than ours in population and extent of territory, has been unable to speak officially with the
United States or to maintain normal relations. I believe sincerely that the
most impelling motive that has lain behind the conversations which were
successfully concluded yesterday between Russia and the United States was
the desire of both countries for peace and for the strengthening of the
peaceful purpose of the civilized world.
It will interest you to know that in the year 1809 the President of the
United States, Thomas Jefferson, wrote as follows to his Russian friend,
Monsieur Dashkoff:
"Russia and the United States being in character and practice essentially
pacific, a common interest in the rights of peaceable nations gives us a
common cause in their maintenance."
In this spirit of Thomas Jefferson, Mr. Litvinoff and I believe that
through the resumption of normal relations the prospects of peace over
all the world are greatly strengthened.
Furthermore, I am confident that in a State like Georgia, which had
its roots in religious teachings and was the first State in which a Sunday
school was established, there must be satisfaction to know that from now on
any American sojourning among the great Russian people will be free to
worship God in his own way.
It is perhaps especially significant that I should speak of the resumption of relations with Russia in the city from which a century ago the
first transatlantic steamship set out on its voyage to the Old World.
I am glad to be back on Georgia soil. I am hurrying to Warm Springs
with special interest. for I shall see a splendid new building, given to the
cause of helping crippled children by the citizens of the State of Georgia.
And I am hurrying back to my cottage there for the almost equally important objective of seeing to it that a prize Georgia turkey is put into
the primest possible condition for the Thanksgiving Day feast.
On this Thanksgiving. I like to think that many more fathers and
mothers and children will partake of turkey than for many years past.
What a splendid thing it would be if in every community throughout
the land, in celebration of this Thanksgiving—and here in Georgia in
celebration of the bicentennial of the founding of the colony—every community would set as its Thanksgiving Day objective the providing of
a Thanksgiving dinner for those who have not yet been blessed by the
returning prosperity sufficiently to provide their own.
Let me read to you, in closing, a message delivered a generation agc
by a great son of a great Georgia mother. Theodore Roosevelt:
Volume
137
Financial Chronicle
"Materially we must strive to secure a broader economic opportunity
for all men so that each shall have a better chance to show the stuff of
which he is made. Spiritually and ethically we must strive to bring
about clean living and right thinking. We appreciate that the things
of the body are important; but we appreciate also that the things of the
soul are immeasurably more important. The foundation stone of National
life is and ever must be the high individual character of the individual
citizens."
President Roosevelt Attacks Foes of "Things We Fight
For" in Radio Address—Speech Celebrates Tercentenary of Founding of Maryland—Compares
Lord Baltimore's Fight for Religious Freedom with
Struggle of To-day.
President Roosevelt again attacked opponents of the Administration's policies in a four-minute radio address from
Warm Springs, Ga., on Nov. 21, as part of an international
program marking the tercentenary of the founding of Maryland by Lord Baltimore. In his short speech the President
called upon the Nation to combat those who are "obstinate,
powerful and intolerant of the things we fight for to-day,"
with the same spirit of "hearty, determined co-operation for
others in order that we may do the best for ourselves." Governor Ritchie of Maryland and Robert W. Bingham, United
States Ambassador to Great Britain, also took part in the
program. President Roosevelt's speech follows:
Governor Ritchie, my friends of Maryland: This is rightly the day
dedicated to Lord Baltimore and to the men and women who sailed under
his banners just three centuries ago. They sought at the outset a priceless
possession, and they sought it not for themselves alone but for all others,
even for those who disagreed with them.
I think it is hard in all history to find a better example of hearty, determined co-operation, of the will to do for others in order that we may do
the best for ourselves. It is a spirit which we praise because it existed 300
years ago, but it is the spirit that we ought to match in 1933.
When in 1633 the expedition set out of Cowes, England, from that very
waterfront where the American Ambassador stood just now as he and Lord
Fairfax made their remarks, that expedition, while a later one than others,
was very much in advance of them in one respect. Lord Baltimore and his
colonists sought in their charter liberty not alone for the members of the
expedition but for all later comers as well.
It is a good thing to demand liberty for ourselves and for those who agree
with us, but it is a better thing and a rarer thing to give liberty to others
who do not agree with us. We would do less than our duty to Lord Baltimore if on such an anniversary we paid no tribute to this, his greatest contribution to America, a free America.
May we, in our own fights for things we know to be right, fight as ably
and as successfully as he did 300 years ago. For we have our own fights
to wage, not against the same foe which he beat down, but against other
foes just as obstinate and just as powerful and just as intolerant of things
we fight for to-day.
And so, my friends, I hope that this 300-year anniversary of the founding
of Maryland, which will go on from now through the year 1934, will be a
success, not only for those who partake in it but also will be a reminder
to People throughout the United States of the great fight that Lord Baltimore made three centuries ago for religious freedom in America.
Earle Bailie Named to Treasury Post—Henry Morgenthau, Jr., Acting Secretary of Treasury Also
Names Other Assistants—Swearing Into Office of
Mr. Morgenthau.
Henry W. Morgenthau, Jr., who, as we indicated a week
ago (page 3591) was designated by President Roosevelt as
Acting Secretary of the Treasury, named several Treasury
assistants on Nov. 21. Earle Bailie of New York City, a
partner in the firm of J. & W. Seligman & Co., was appointed special assistant to the Secretary in charge of fiscal
affairs. In noting this a dispatch (Nov. 21) from Washington to the New York "Times," said:
William H. McReynolds, former Assistant Chief of the Efficiency
Bureau and in the Government service for 27 years, was selected administrative assistant to the Secretary.
P These two officials will take over the duties normally performed by
the Under-Secretary. While Mr. Morgenthau officially is Under-Secretary, he is Acting Secretary in the indefinite absence of William H.
Woodin.
P Rear Admiral Christian Joy Peoples will be appointed temporary director of the Procurement Division of the Treasury in addition to his
general duties as Paymaster General of the Navy and Chief of the Bureau
of Supplies and Accounts. Mr. Morgenthau also announced.
P Herman Oliphant of Maryland, General Counsel for the Farm Credit
Administration, was named General Counsel of the Treasury, a new
position. He will have charge of the entire legal staff.
Ikt Mr. Bailie is a native of Milwaukee and was graduated from the University of Minnesota in 1912 and from the Harvard Law School in 1915.
He practiced law in New York in the firm of Cravath and Henderson
tn 1916 and 1917. In the latter year he entered the United States Army.
He served in the 308th Field Artillery and left the service at the close
of the war as Captain in the Field Artillery Officers Reserve Corps. He
has been a partner in the Seligman firm since 1923.
As we reported in our item on page 3591, Dean G.Acheson
resigned his post a week ago as Under Secretary of the
Treasury. Mr. Morgenthau, who became Acting Secretary
of the Treasury following the indefinite leave of absence
granted to William H. Woodin, was sworn into office on
Nov. 17. From the Washington account to the New York
"Herald Tribune," we quote:
President Roosevelt, members of the Morgenthau family and Treasury
officials, in addition to Professors Warren and Rogers, were present in the
White House Oval Room as Mr. Morgenthau was sworn in as UnderSecretary of the Treasury, from which 'post he will direct the nation's fiscal
policy during Mr. Woodin's leave of absence.
3773
In brief speeches Mr. Woodin emphasized the loyalty of the Treasury
organization and President Roosevelt stressed his expectation that Mr.
Woodin would be back again as active head of the department before many
months.
Mr. Morgenthau's oath was administered by F. A. Birgfeld, Chief Clerk
of the Treasury. The President handed him his commission as UnderSecretary. Secretary Woodin cordially welcomed Mr. Morgenthau's entrance into the Treasury. There he would find one of the most efficient
and loyal organizations in the Government service behind him,the Secretary said. He spoke of Mr. Morgenthau's work in the FCA, praising it
very highly.
The President then spoke, indorsing what Mr. Woodin had said about
the loyalty and efficiency of the Treasury personnel. He said that Mr.
Woodin would have to be away for several months on account of his throat
infection. He added that Mr. Woodin came into office on March 4 facing
the greatest financial crisis in the history of the country and that the new
Secretary stepped in courageously and wisely to work out a solution. Great
credit was due him, the President said, that the Treasury met the crisis,
maintained the credit of the United States and kept the confidence of the
people.
The country would recognize all the work which Mr. Woodin has done
and will continue to do, Mr. Roosevelt said. The credit of the United
States, he continued, was as good or better than at any time in its history.
The President said Mr. Morgenthau would find the same loyalty as Mr.
Woodin received. While the Secretary was away taking treatment for his
throat Mr. Morgenthau would carry on as active Secretary, the President
declared. He was confident Secretary Woodin would return to the Treasury
Department and that he and Henry Morgenthau would make an excellent
team.
Mr. Birgfeld also administered the oath of office to William I. Myers,
the new Governor of the FCA, who succeeded Mr. Morgenthau in that
capacity.
In Associated Press accounts from Washington (Nov. 17)
it was stated that the President's remarks incident to the
assumption of office by Mr. Morgenthau were relayed to
newspapermen by Stephen Early, his press contact secretary. There being no stenographer present, no transcript
was available. Reporters were not present for the occasion
it was stated.
Acting Secretary of Treasury Morgenthau Places
Department Under Censorship—Orders News Given
Out Only by Himself or by H. E. Gaston, Press
Contact Man—Treasury Correspondents Protest
to President Roosevelt—Rules Later Modified.
One of the first official orders issued by Henry Morgenthau
Jr. after he became Acting Secretary of the Treasury was a
rule promulgated on Nov. 20 that Treasury officials are not
permitted to give statistical or other information to representatives of newspapers, and that all news pertaining to
the Treasury must be given out either by him (Mr. Morgenthau) or by Herbert E. Gaston, whom he designated as
press contact man for the Treasury Department. Mr.
Gaston, a former member of the staff of the New York
"World," has been associated with Mr. Morgenthau as
Deputy Governor of the Farm Credit Administration. This
order governing the issuance of news from the Treasury
Department was immediately interpreted in most newspaper circles as an attempt to set up a "censorship" and
although Mr. Morgenthau denied that any censorship had
been imposed or was intended, the Treasury Correspondents
Association, composed of newspaper men assigned to that
Department, wired a formal protest on Nov. 21 to President
Roosevelt at Warm Springs, Ga., against the prohibition.
On the same day Mr. Morgenthau made public his "Treasury
Department Order No. 1" which contained the substance
of his verbal instructions to bureau chiefs and departmental
experts. This order read as follows:
TREASURY DEPARTMENT.
Washington. Nov. 20 1933.
Office of the Secretary,
Treasury Department Order No.1.
It is ordered that the following changes in organization and procedure
in the Treasury Department shall be effective immediately:
(1) All statements to the press or to the public through interviews,
speeches or public addresses by any officer or employee of the Treasury
Department shall be submitted before released for approval by Mr. Herbert
E. Gaston, Assistant to the Secretary.
(2) All legal matters affecting the Treasury Department shall be under
the general control and direction of Mr. Herman Oliphant. General Counsel
to the Secretary.
(3) All administrative matters, including personnel and budget, shall be
handled by Mr. William H. McReynolds, administrative assistant to the
Secretary.
H. MORGENTHAU JR.
The Treasury Department press correspondents, in their
telegram to President Roosevelt, said that the good relations
built up over many years between the Treasury and the press
had been impaired by Mr. Morgenthau's action. The
telegram read:
We, the newspaper correspondents regularly assigned to cover the
Treasury Department and representing the Treasury Correspondents
Association, formally protest against the rigid restrictions imposed by Mr.
Morgenthau which prohibit any Treasury official, with the exception of the
Acting Secretary and his public relations representative, from giving any
information of any character to newspaper men.
The Secretary's order includes factual or statistical information,ordinarily
available to the press through other officials. All information must be
obtained through the press representative, naturally causing considerable
3774
Financial Chronicle
delay. It is our belief that the good-will between the Treasury and the
Press, built up in the last 15 years, has been seriously impaired by Mr.
Morgenthau's action.
Furthermore, we feel that the Assistant Secretaries and experts available
for information in the past have the interest of the Administration and the
Treasury at heart and certainly can be relied upon to disclose no Information of harmful character.
The telegram was signed by Robert S. Thornburgh of
International News Service, President of the Treasury Correspondents Association; Richard L. Gridley, United Press;
Richard L. Turner, Associated Press; Harry Gnaw*, Universal Service; Rodney Bean, New York "Times"; Samuel W.
Bell, New York "Herald Tribune"; Eugene Duffield, Chicago
"Tribune"; Fred Reed, Chicago "Daily News"; William L.
Bruckart, Philadelphia "Public Ledger," and Fred Essary,
Baltimore "Sun."
On Nov. 22 Mr. Morgenthau announced important modifications of the censorship rules which he had imposed on
Treasury Department officials. These relaxations were noted
as follows in a Washington dispatch to the New York
"Times":
Division chiefs, or officers designated by them, will be permitted to
give out factual or statistical information, but discussion of Treasury
policy will be limited to the Acting Secretary or Herbert E. Gaston, the
press relations chief.
Newspaper correspondents may resume their contacts with the division
chiefs. The latter will be held strictly accountable for information issued and
in case of doubt will be required to confer with Mr. Gaston.
Mr. Morgenthau emphasized that no effort would be made to keep
from the press Information to which the public was entitled. All routine
statements hitherto issued by the Customs Bureau, Public Health Service,
Industrial Alcohol Bureau and the Internal Revenue Bureau will be forthcoming as in the past.
Describing the interpretation of Mr. Morgenthau's order
at the Treasury Department, a Washington dispatch of
Nov. 21 to the New York "Herald Tribune" said, in part:
All the regular divisions of the Treasury admitted that they were following
Mr. Morgenthau's command to the letter. These included the Internal
Revenue Bureau, the Comptroller of the Currency, the Public Health
Service, the Coast Guard, the Bureau of Industrial Alcohol, the Customs
Bureau and the Supervising Architect's office.
A correspondent of the Buffalo "Evening News," who went,according to
custom, to inquire at the Comptroller's office about a local banking situation involving a bank merger, was referred to Mr. Gaston.
A United Press correspondent tested the Morgenthau order by asking
Daniel W. Bell, Commissioner of Accounts, for the figures on interest
charges on the public debt for the first quarter of the fiscal year 1876.
He was told to see Mr. Gaston. The Public Health Service was asked for
the mortality statistics for croup among children In 1925. "See Mr.Gaston,"
was the reply.
It was disclosed to-day that Mr. Morgenthau had taken an active
interest looking into published news articles which disturbed him. On two
known occasions he has used the telephone either to rebuke or to attempt
to find out the source of the information.
It was said on Mr. Morgenthau's behalf that his intention was not to
clamp down a tight Treasury censorship but that he had four purposes in
view. One was to get control of the Treasury where he was a stranger and
where the personnel Is still a combination of holdovers from predecessors,
Republican and Democratic. A second was to facilitate the obtaining of
correct information by the press concerning matters of Treasury policy.
It was pointed out that practically every other department in the Government has a public relations man whose function it is to make information
available to the press and be always on call to answer or obtain the answers
to questions presented during and after office hours. The Treasury Department, as such, it was explained, has not had such an official, although
several of the subdivisions, including bureau heads, have had their own
direct contacts with the press.
A third purpose was to locate and stop leaks to Wall Street which affect
the securities and commodities markets. The fourth purpose was to find
out for himself what kind of information was going out of the Treasury. It
was said on Mr. Morgenthau's behalf that the Order No. I would not prevent direct contact between the press and various division chiefs and experts
In the Department, although for the present arrangements for interviews
with such officials would have to be made through Mr. Gaston and hence
with the knowledge of Mr. Morgenthau. It is also indicated that an interpretation of Order No. 1 would soon be forthcoming and that it would
specify certain types of information which responsible officials in the various
bureaus could give out on their own initiative without prior review by the
front office. It was emphasized that the main point in this connection was
to shut down on "irresponsible" discussion of matters of monetary policy.
Treasury Guards Told to Salute Superiors—New Rules
Issued as Result of Henry Morgenthau's Complaint.
Associated Press adviees from Washington (Nov. 22)
were published asfollows in the New York "Herald-Tribune":
On the order of Acting Secretary Henry Morgenthau, Jr., guards at the
Treasury were notified to-day that they must "show respect for official
superiors by standing at attention when approached or being addressed."
Despite previous orders that no worker at the Treasury should talk
with reporters, it was learned there this afternoon that Mr. Morgenthau
to-day called in F. A. Birgfeld, Chief Clerk, and complained about the
Treasury guards' behavior. Although Birgfeld sought to keep the Secretary's action from becoming public information, the text of his subsequent order later became available.
It follows:
"All members of the Treasury guard force are cautioned to obey the
following orders at all times when on duty:
"(I) Refrain from reading newspapers or books while on assignment.
"(2) Keep clothes clean, pressed and coat buttoned.
"(3) Keep cap clean and on straight.
"(4) Keep shoes shined.
"(5) Refrain from smoking and unnecessary conversation while on
assignment.
"(6) Show respect for official superiors by standing at attention when
pproached or being addressed.
Nov. 25 1933
"(7) Not to sit down while on assignment, except where the assignment demands desk work or for temporary relaxation.
"(8) Appear at inspections. Time and place to be announced.
"Failure to comply with any of the foregoing orders will be sufficient
warrant for disciplinary action.
"P. A. BIRGFELD, Chief Clerk."
RFC Continues Purchases of Newly Mined Gold—Dollar
Fluctuates Violently During Week but Later Recovers—RFC Official Gold Price Yesterday was
$33.76 vs. $33.56 Week Ago.
A series of violent fluctuations were witnessed on the
foreign exchange markets this week, with the dollar exhibiting persistent weakness during the early part of the period,
and then advancing to wipe out all of this loss in the past
few days. The opinion was expressed in some quarters that
the Administration at Washington had decided to modify
the pace of its gold-purchase policy, at least temporarily, in
deference to the rising sentiment for sound currency. This
contention appeared to be borne out in part by the fact that
the Reconstruction Finance Corporation advanced its quotation for the purchase of newly mined domestic gold on only
two of the last six days. In each case the rise was 10 cents,
and the official price of $33.76 posted yesterday (Nov. 24)
compared with $33.56 a week ago.
The resignation of Dr. 0. M. W.Sprague as special adviser
to the Treasury Department and his letter to the President
explaining his attitude on currency manipulation encouraged
the adherents of sound money, although it proved temporarily disconcerting to the Government bond market and to the
exchange value of the dollar. Several other statements
made by financial authorities stimulated the hopes of opponents of inflation. Foremost among these was the resolution of the Federal Advisory Council to the Federal Reserve
System condemning a "managed currency." In yesterday's
late foreign exchange trading, the pound sterling was quoted
at $5.13, compared with $5.21 at the close a week ago, while
the French franc was 6.14 late yesterday, against 6.33 at the
close on Nov. 17.
On Nov.18 the RFC again posted a price of $33.56 an ounce
for newly mined gold. This was the fifth successive day
that the official gold price was maintained at that figure,
and it was again below the dollar equivalent of the London
bullion market which, at the opening rate of $5.27 for the
pound in New York, was equivalent to $33.77, or 21 cents
above the RFC price. The foreign exchange market was
generally quiet during the day, although the dollar reacted
slightly from its recovery of the two preceding days. The
action of the foreign exchange market on Nov. 18 was described, in part, as follows in the New York "Herald Tribune"
on the following day:
Fluctuations of the unanchored dollar were on a somewhat more reasonable scale yesterday, the movement being confined within a range of about
six cents in relation to sterling. The currency lost a little ground, however, despite the small measure of confidence occasioned by the fifth day
of unchanged gold purchase figures in Washington. Foreign exchange tra&
ers did not regard the changes as of great importance, since trading in the
short Saturday session usually lacks the significance of dealings on other
business days.
Sterling exchange advanced three cents net for the day and closed at
$5.24, but this is still far under the high point of $5.52 reached Thursday.
French francs were 2 points higher at the end, the currency finishing at
6.35 cents. Belgas improved to 22.66 cents, while Swiss francs moved up to
31.5 cents and guilders to 65.45 cents. Scandinavian rates, which almost
invariably tag along after sterling, showed small gains, while German marks,
Italian lire and Spanish pesetas also gained.
%
1
/
Canadian dollars widened their premium slightly, moving to 22 above
the United States dollar, as against 2%% previously. Japanese yen were
unchanged, but the silver units of the Far East showed modest advances.
Latin American rates were colorless.
On Monday, Nov. 20, the RFC raised the price at which it
will buy newly mined domestic gold to $33.66 a fine ounce,
or 10 cents above the daily quotation which had been maintained uninterruptedly since Nov. 14. Treasury officials, including the new Acting Secretary, Henry Morgenthau Jr.,
refused to make any public comment upon the gold policy of
the Administration. Mr. Morgenthau, however, remarked
that Government bonds showed some recovery after an
earlier decline, and said that they constituted a very sound
Investment. Jesse H. Jones, Chairman of the RFC, said that
to date there had been purchased 265,000 ounces of domestically mined gold at an expenditure of about $8,500,000. He
would not discuss purchases abroad, but they were believed
to have been small and to have been about equally divided
between London and Paris. The New York "Times" of
Nov. 21 outlined the course of the foreign exchange market
on the preceding day as follows:
The advance yesterday in the price of gold maintained by the IWO for
six market days was accompanied by renewed gains in foreign currencies.
The gold value of the dollar, measured in terms of the French franc, declined 0.44 cent to 61.26 cents.
Volume 137
Financial Chronicle
Sterling advanced briskly to $5.33% after opening at the day's low of
$5.28, but reacted in the later dealings to close at $5.30%, up 634 cents
from Saturday's final quotation.
2
/
Francs opened at 6.371 cents, declined to 6.35 cents, when the gold value
of the dollar was equivalent to 61.70 cents, and advanced to 6.42 cents, giv2
/
ing the dollar a gold value of 61.02 cents. The franc closed at 6.391 cents,
up 4% points on the day.
converted into dollars
The price of gold in London yesterday morning,
2
/
at $5.291 to the pound, was equivalent to $33.78 a fine ounce, compared
with $33.80 at the same time on Saturday. On this basis the estimated
gold value of the paper dollar was 61.19 cents, against 61.15 cents on Saturday.
The Canadian dollar rose % cent on the day to close at 103.25.
3775
held unThe firmness in the dollar was laid to the fact that the RFC
mined in
changed at $33.76 a fine ounce its buying price for gold newly
to offset
this country. It was supposed that the price was left unchanged
afterthe adverse effect on the dollar arising from the resignation Tuesday
noon of Professor Oliver M. W. Sprague from his Treasury post.
The late rise in the dollar brought the London open market gold price to
a level only 32 cents above the RFC price. The London price in sterling
terms was lowered to 126s 6d from 127s on the previous day because of the
further weakening of the French franc in terms of sterling.
•
A rally, both in the exchange value of the dollar and in
prices for Government bonds, featured trading on Nov. 23.
A factor was the pronouncement of the Advisory Council of
the Federal Reserve System, recommending a policy of
We quote from a Paris dispatch of Nov.20 to the New York "sound" money. A further factor the failure of the RFC to
"Herald Tribune" regarding reported American purchases
change the official gold quotation, with the price remaining
•of gold in France:
at $33.76 for the third consecutive day. Some inherent weakAmerican gold purchases were resumed on the Paris market to-day after
ness was displayed by some gold currencies, particularly the
a five-day interval, it was learned here to-night. Furthermore, in contrast
French franc, as the weekly statement of the Bank of France
to earlier buying, which was for comparatively small sums, to-day's purchases are understood to have been over the $1,000,000 mark.
revealed a huge drop in balances held abroad. Among the
and in Paris,
As a result, the spread between the dollar in New York
reports circulated in Wall Street was a rumor that there was
which was 11 centimes on Saturday (Nov. 18), was reduced to 2 centimes
heavy Canadian selling of securities in London, with rein the official market at 15.74 (6.35 cents to
to-day when the dollar closed
the franc), while the equivalent at to-day's gold price was 15.72. This was
patriation of the funds through this market. The Canadian
held to indicate that Washington now has perfect control of exchange.
dollar, however, dropped 1% cents under the previous close
After the official market closed, speculation drove the dollar down to 15.58
during the day. The pound sterling declined almost 12 cents
(6.41 cents to the franc) in anticipation of a further fall to-morrow, but the
speculators are more careful now, admitting that Washington can do what
to $5.27, while the French franc eased off 13% points to 6.33
It wants with American exchange.
cents. United States Government bonds advanced along a
The drop of the exchange rate here-it is now almost 40%-has brought
wide front, with gains for the day ranging almost to one
to the foreground the probability of a 15% exchange depreciation surtax
being placed on imports from the United States. It can be applied whenpoint.
ever foreign currency falls below 25%. But the immediate reason for the
Yesterday (Nov. 24) witnessed a sharp spurt in American
reappearance of the proposal lies in reports that the United States intends
wines to encourage the market for
currency in terms of foreign units, with the dollar establishing
to restrict the importation of French
South American wines. These reports, received in Paris to-day, were
a gold value of 63.81 cents in relation to the French franc
credited to Administration circles.
as compared with the close of 61.72 cents on Nov. 23. For
The principal influence to act on the foreign exchange the fourth successive day the RFC posted a price of $33.76
market on Nov. 21 was the resignation of Dr. 0. M. W. an ounce for newly mined domestic gold. The dollar exSprague as special adviser to the Treasury and the publica- hibited strength throughout the day, and attained its best
tion of his letter to President Roosevelt in which he criticized levels in the afternoon when foreign exchange experts rethe present monetary policy of the Administration. When ported heavy buying of dollars, partially under the inspiraDr. Sprague's letter was made public, late in the afternoon tion of the statement in favor of "sound" currency which
of Nov. 21, the pound sterling showed a gain of from 5 to 6 was issued by former Governor Alfred E. Smith of New
cents for the day. Within a short time after the appearance York. The French franc, which touched 6.35 cents early
of this news, however, that gain had been extended to 13 in the day, broke to 6.14 cents, off 183 points from the
cents. Another influence acting to depress the dollar in previous close, while the pound sterling dropped from $5.32
-cent increase in to $5.13,off 123/ cents from the Nov.23 close. The renewed
terms of foreign exchange was a further 10
the price of gold by the RFC, which posted a quotation of strength in the dollar proved a stimulant to the bond market,
$33.76 an ounce compared with $31.36 on Oct. 25, when the and all classes of domestic obligations advanced in the
Initial RFC gold price was issued.
broadest forward movement in weeks. All United States
With regard to the action of foreign exchange on Nov. 21, Government bonds also staged a brisk rally, and at the end
the New York "Times" of the following day said:
of the day,gains ranged from 3-32nds to 1 10-32nds of a point.
Sterling.advanced 13 cents to $5.4334 and reached $5.44 before the close,
2c.,
/
and French francs rose 10 points to close at 6.491 one-half point below
the day's high mark. From a fourth to a third of the day's advances in
currencies occurred after Professor Sprague's resignation became
foreign
known.
The dollar sank to 60.27 cents in terms of the franc, and stood at the
close at 60.32 cents.
The dollar was weaker in both Paris and London on
Nov. 21. The French franc also showed a continued drop in
the London market, opening at 83.03 to the pound and falling
to 83.87 at the close. On that day dispatches from Warm
Springs, Ga., where President Roosevelt is spending a short
vacation, predicted that there would be no immediate change
In the Administration's monetary policy. We quote from
Warm Springs advices of Nov. 21 to the New York "Journal
of Commerce":
President Roosevelt was non-committal to-day on the resignation of
Prof. 0. M. W. Sprague as special financial adviser of the Treasury, but it
was indicated to-night that no change was contemplated in the Government's
monetary program.
It is felt here that the resignation of Professor Sprague was the only way
of solving a problem which has existed for some months. It is pointed out
that he has had no connection with the formulation of present monetary
Policies and has not been active since the World Economic Conference when
the President refused to agree to participation by the United States in a
currency stabilization program.
The RFC on Nov. 22 again reverted to the practice begun
last week of failing to increase the gold quotation, and posted
a price of $33.76 a fine ounce, unchanged from the preceding
day. We quote from the New York "Herald Tribune" of
Nov. 23 regarding the course of the bond and foreign exchange markets on Nov. 22:
The dollar's strength contrasted sharply with the trend ot Government
bonds. In spite of a rally in the latter part of the session Treasury issues
had one of their worst days of the recent series, with losses running from
8-32 to 28-32. But for the reversal of the trend in the late dealing longterm Government bonds would have shown losses of a point or more. The
Mellon 3s, for instance, declined to a new low for the year at 93 12-32,
where they were off 1 3-32 on the day.
Sterling's net loss was 4% cents, with the closing level $5.38%. French
francs were down 3 points, and belgas were off 10 points, lire 3, marks 15,
Swiss francs 15 and guilders 60. Closing levels for these European rates
were generally at or about the low for the day. Canadian dollars closed
at a 3 7-16% premium.
Resignation of Oliver M. W. Sprague as Executive
Assistant to Secretary of Treasury-Opposed to
President Roosevelt's Plan of Depreciating Dollar
Through Gold Purchases - Declares Policy
Threatens Breakdown of Government Credit.
Opposition to President Roosevelt's "present policy of depreciating the dollar through gold purchases in foreign markets" has prompted Oliver M. W. Sprague to tender to the
President his resignation as Executive Assistant to the Secretary of the Treasury. Dr. Sprague's action was not unexpected. It was regarded as imminent when Secretary of the
Treasury Woodin submitted his resignation to the President
-the President in that ease, however, withholding his acceptance of Mr. Woodin's resignation and granting the latter
instead an indefinite leave of absence. Details of this were
given in our issue of Nov. 18, page 3591, at which time also
we noted the resignation of Dean G. Acheson as Under-Secretary of the Treasury, and the designation by President
Roosevelt of Henry Morgenthau Jr. as Acting Secretary of
the Treasury.
In the view of Dr. Sprague the present monetary policy
of the Government "threatens a complete breakdown of the
credit of the Government." "The Recovery program," he
states, "involves expenditures far in excess of current revenues," and he adds: "Certainly as much as two billions of
dollars must be borrowed during the remainder of the fiscal
year." The effect on Government bonds of the Administration's policy is pointed out by Dr. Sprague, who notes that
"already many issues of Government securities have dropped
below par, including the issue that was brought out in October." The belief is expressed by Dr. Sprague that the President is faced "with the alternative either of giving up the
present policy or of the meeting of Government expenditures
with additional paper money." In concluding his letter of
resignation Dr. Sprague says:
I have retained toy present position for many weeks hoping against hope
that wiser counsels might prevail. I have now reached the conclusion that
Financial Chronicle
3776
there is no defense from a drift into unrestrained inflation other than an
aroused and organized public opinion. It is for the purpose of contributing
as I may to such a movement that with feelings of profound disappointment
I sever my connection with your Administration.
In its Washington advices, Nov. 21, the New York "Times"
said, in part:
Dr. Sprague made the letter public. In an interview, he said he had left
the letter with the President last week for "information," hopeful that
there would be some change in policy, but had decided to-day to make his
resignation "official." It became effective immediately, he said. . . .
Dr. Sprague made his resignation "official" after the Administration
again had raised by 10c. the price at which the Reconstruction Finance
Corporation will buy newly-mined gold, making the quotation $33.76 per
ounce. He was asked if this had influenced his step. He replied that any
one was free to draw his own conclusions, adding that he had included in
his letter everything that he had felt it was wise to say.
While it has been known for weeks that Wr. Sprague was completely at
odds with the Administration policy of seeking to raise price levels by gold
purchases and cheapening the dollar, the publication of his letter to the
President created an obvious stir at the Treasury.
Plans to Write Articles.
Dr. Sprague, asked about his future activities, said he planned to write
a series of articles on monetary and economic subjects. He was not certain
whether he would remain here or go to New York or Boston. He said he
was negotiating with a syndicate for publication of his articles. . . .
The resignation followed closely the adoption by the Chamber of Commerce
of the United States, on Saturday, of resolutions condemning the Administration's monetary policy and asking for stabilization.
To-day's events came with unexpected suddenness. On Thursday [Nov. 16]
Dr. Sprague had gone to the White House, the first visit there in many
months. Upon his departure he indicated that despite his opposition to the
President's monetary program his resignation might be deferred for some
time. His only statement then was that he would let all the newspaper men
know if he should resign.
The notification came this afternoon [Nov. 211, when word was sent to
the correspondents that Dr. Sprague would have an announcement to make
at 3:30 o'clock. He was in an affable humor and discussed informally the
decision he has made.
"I think you have heard me say," he said, "that there are things that are
more fundamental to recovery that are not monetary. I think I shall write
syndicated articles, not all of them on monetary subjects. I am now negotiating about that."
He was asked if he intended to discuss developments at the World Economic Conference, which he attended as a representative of this Government in an advisory capacity. That, he replied, was "water over the dam,"
and, in any case, he did not know whether he would comment about it.
The happenings at the Conference, he felt, had little significance, except
in tracing the developments which had led up to the present situation.
"Last Thursday," he said, "I decided to resign unless there was a change
In the policy. Therefore, 1 have resigned."
Doubts Return to England.
Dr. Sprague smilingly expressed doubt when asked if he might go back to
England.
His career as economic adviser to the Treasury has been a somewhat hectic
one since he was persuaded by the Administration to accept the post just
before the World Economic Conference at London in June. He had been
economic adviser to the Bank of England since 1930, and held that post
when summoned back to this country. It has been said that his pay here
was about one-third of what he received in Lor.don.
At first he was high in the Administration councils, but the break began
to develop rapidly, it is understood, after President Roosevelt sent his
message to the London Conference on July 3, rejecting proposals for currency stabilization.
Returning to this country from the Conference, Dr. Sprague was in frequent consultation with Treasury officials. He has had an office in the
Department Building. But in the whirl of events, his advice apparently
was not sought by the White House.
It has been no secret that Dr. Sprague became thoroughly out of accord
with the Administration's monetary moves when the President a few weeks
ago announced the new policy of seeking to raise commodity prices by gold
purchases at home and abroad.
Intimations that the adoption of a commodity dollar as advocated by Professor George F. Warren of Cornell, was the final objective of the program
served further to displease Dr. Sprague. He kept his own counsel, nevertheless, so far as any public utterance was concerned, until the publication
of his letter to-day.
When for five days last week the price at which the RFO will buy newlymined domestic gold was held at $33.56 an ounc, there was evident relief
among some of the opponents of the gold-purchase policy, among them Dr.
Sprague, their hope evidently being that the program would be modified if
not discontinued.
Yesterday and to-day, however, additional advances of 10c. in the domestic
price to $33.76 an ounce were made by the price-fixing committee, now
composed of Acting Secretary aforgenthau and Jesse H. Jones, Chairman
of the RFC. Also there have been reports, which, however, have not been
confirmed officially, that additional purchases of gold have been made abroad.
Dr. Sprague's letter of resignation to President Roosevelt
follows:
Nov. 16 1933.
My dear Mr. President: Some six months ago, at your urgent request,
I left London and accepted the post of Financial and Executive Assistant to
the Secretary of the Treasury. I accepted this position because I believed
at that time that I was sufficiently in agreement with you on monetary
matters to be able to render some service in the working out of policies
designed to bring about a trade recovery.
Unhappily, I now find that I am in such fundamental disagreement with
the monetary policies which have recently been adopted that I have decided
to resign my post in the Treasury. It is possible that there might still be a
meeting of minds had I been afforded any opportunity to discuss policies
with you, but no opportunities whatever have been afforded me since my
return from London in July after your rejection of the arrangements to
steady the foreign exchanges during the period of the Conference.
Opposed to Depreciation of Dollar Through Gold Purchases.
I am opposed to the present policy of depreciating the dollar through gold
purchases in foreign markets for two reasons. I am convinced that this
Nov. 25 1933
policy will prove ineffective in securing a speedy rise in prices. This is
not because of any inability to depreciate the dollar. When a Government
announces its determination to depreciate its own currency, it can certainly
accomplish that result and without the necessity of acquiring any considerable amounts of gold in other countries since no sensible person will
desire in such circumstances to acquire more of the currency.
But mere depreciation of the currency in relation to the currencies of
other countries will not bring about a general rise in prices in the absence
of widespread distrust of the currency, at a time when there is large excess
plant capacity and millions of unemployed wage earners. An advance in
prices that has any promise of being maintained requires the development
of conditions that will permit a sustained demand for more labor and more
materials, with resultant increase in the production of goods and services
and a higher standard of living.
There is nothing in the depreciation of the dollar to induce this increased
demand for materials and labor. A few prices will rise, particularly those
of commodities such as cotton that are exported in large amounts. A few
other commodities that are rot exported but are subject to speculative transactions in organized markets may advance in price somewhat, but the advance will rest on an unstable foundation since there is nothing in the depreciation of the dollar to increase domestic consumption.
Doubtless, given time, a depreciated dollar or a devalued dollar will
yield a higher price level. But this will only come when the desired trade
recovery has been realized. Our immediate cor.cern is to extricate ourselves
from the depression rather than with the course of prices after that happy
event.
Breakdown of Credit of Country Threatened.
Finally, and of overshadowing importance, the present policy threatens
a complete breakdown of the credit of the Government. The recovery program involves expenditures far in excess of current revenues.
Certainly as much as two billions of dollars must be borrowed during
the remainder of the fiscal year. Bonds, including Government bonds, are
an unsatisfactory investment at a time when a Government is determined to
depreciate its currency. Already many issues of Government securities have
dropped below par, including the issue that was brought out in October.
Additional Paper Money Feared.
I believe you are faced with the alternative either of giving up the
present policy or of the meeting of Government expenditures with additional
paper money. You will then no doubt secure a rise in prices, for you will
be faced with the distrust of the currency, already manifest in a growing
flight from the dollar, but extending into a fractic desire to hold anything
other than currency or securities yielding a fixed interest return.
We are a mercurial people. The memory of post-war depreciation of
currencies in Europe is still fresh. We have recently experienced distrust
of banks spreading like wildfire throughout the country. A similar wave of
currency distrust threatens.
I have retained my present position for many weeks, hoping against hope
that wiser counsels might prevail. I have now reached the conclusion that
there is no defense from a drift into unrestrained inflation other than an
aroused and organized public opinion. It is for the purpose of contributing
as I may to such a movement that with feelings of profound disappointment
I sever my connection with your Administration.
0. M. W. SPRAGUE.
Dr. Sprague's appointment as Executive Assistant to the
Secretary of the Treasury was noted in our issue of May 27
1933, page 3636.
Administration's Gold Policy to Continue—President
Roosevelt Unmoved by Resignation of Dr. Sprague
—Gives It Approval.
President Roosevelt is going ahead with his gold-control
monetary program, it was made known at Warm Springs,
Ga., Nov. 21, according to Associated Press advices to the
New York "Times," which went on to say:
That was the only reaction to the protesting resignation of 0. H. W.
Sprague as special adviser to the Treasury.
Apparently not surprised nor outwardly concerned, Mr. Roosevelt approved
the Sprague resignation without comment. In response to inquiries, Stephen
T. Early, his Secretary, stated the resignation would have no effect on the
Administration's monetary policy.
The complaint of the Chamber of Commerce of the United States and the
violent protest of Dr. Sprague appear to have intensified the Presidential
effort to work out a revaluation or devaluation of the dollar through his
gold-control drive.
There is no evidence of a public answer to the critics who Dr. Sprague
proposed should organize for an opposition movement. The President will
speak here Friday night att he dedication of the new Georgia Hall, on the
Warm Springs Foundation, and will have the opportunity then to answer,
hut he has not indicated a reply will be made.
Dr. Sprague and London Conference.
From a dispatch, Nov. 21, from Warm Springs, Ga., to the
New York "Times," we quote:
While remaining silent on the resignation of Professor 0. N. W. Sprague
as special adviser to the Secretary of the Treasury, President Roosevelt is
known to feel that this was the only possible solution of an unpleasant situation which has existed since the London Economic Conference. . .
Professor Sprague's resignation, according to the feeling here, has no connection with present Administration policies, as his position has been a
titular one only since the early days of last July, when President Roosevelt
definitely rejected overtures from foreign governments that the United
States commit itself to a currency stabilization program.
At that time, according to well-informed persons, Professor Sprague, then
an adviser to Secretary Hull and the delegation representing the United
States at the London Conference, strongly advocated participation of the
United States in a stabilization program.
This program was strongly advocated by Great Britain, and there was
considerable private comment recalling the fact that Professor Sprague had
been invited to fill the specially created United States Treasury post while
occupying a similar position with the Bank of England.
Since the break between the Administration and Professor Sprague there
have been numerous changes in the set-up of the Administration advisory
group, including the rise of Mr. 3forgenthau to his new post as a direct
superior of Professor Sprague.
Volume 137
Financial Chronicle
Resignation of Dr. Sprague as Executive Assistant to
Secretary of Treasury Approved by Committee
for Nation.
In a statement issued on Nov. 21, the Committee for the
Nation declares that Professor Sprague's opposition to this
[the President's] policy of extablishing an all-American dollar makes it fortunate that he is out of the Treasury. We
give the statement herewith:
Professor Sprague's disloyal statement confirms misgivings long held by
American industrialists and leaders of agriculture regarding him. They
found it impossible to reconcile with the best interests of the United States
his policies of stabilization and deflation. The stabilization urged by him
after his service in the Bank of England would have tied our dollar to the
English pound. The power vested by the Constitution in the Congress to
regulate the' value of our money would thus have been transferred to the
Bank of England. and the gold market of London.
When England went off gold in 1931 the pound dropped froin $4.86 to
$3.25. Now for the first time in two years the pound has touched its old
parity of $4.86 and for a few weeks has stood higher. It would be necessary
for the pound to rise to $6.25 and stay there for two years to give to the
United States the equality with the advantages that England has enjoyed
for the past two years.
Neither United States industry nor agriculture seeks an unfair advantage.
They ask only that we control our own money and our own price level according to our domestic needs, and also that the terrible destruction resulting
from the changing value of our dollar in the deflation of the last few years
be prevented for the future.
The way has been opened to this freedom of action by President Roosevelt's
monetary program.
Professor Sprague's opposition to this policy of establishing an all-Amerloon dollar makes it fortunate that he is out of the Treasury. It is humiliating that a servant of the Government whose personal opinion would carry
comparatively little weight should disregard the obligations of his position
and use its prestige as Professor Sprague has done during the past month.
While in the service of his Government, behind closed doors talking to
bankers in New England, he criticized the President and attacked his policies.
Government credit will be stronger, Government and all other bonds will
be safer when they are backed by restored values. Such statements as
Professor Sprague's may serve momentarily as a signal for a manufactured
deflationist drive on markets. They cannot arrest the favorable effects of
the President's program.
Defense of Money Policies of President Roosevelt by
Secretary of Treasury Woodin—Latter Criticizes
Dr. Sprague—Professor Rogers of Yale University
and Professor Irving Fisher also Take Issue with
Dr. Sprague.
Secretary of the Treasury William H. Woodin, in New
York on leave of absence, issued on Nov. 22, through Dow,
Jones & Co., a statement criticizing Dr. Sprague's attack
on the Roosevelt fiscal policies. We quote from the New
York "World Telegram" of Nov. 22, which continued:
I must seriously criticize Dr. Sprague for the assertion he practically
makes that the United States Treasury is placed in a position where it
must borrow $2,000,000,000 from the people on bad security.
In any way to suggest that the United States Government bonds are
or can be or will be in any sense bad security is not only a reflection on
the wealth and integrity of this country and its people, but impeaches
Dr. Sprague's own common sense and competency as a student of finance.
Judgment Beclouded,
Further, Dr. Sprague is permitting what he concedes to be personal
embarrassment to becloud his judgment and to trifle and to ruffle his
ordinarily good temperament.
Professor Fischer's Comments.
Professor Irving Fischer, economist of Yale University, attacked Dr.
Sprague's statement that he did not believe the President s gold policy
would succeed in its objective of raising the general price level.
Two Answers, He Says.
"There are two answers to this," said Professor Fisher. "One is that
the price level has already risen. The other is that the experience of
other countries has been similar."
Committee for Nation.
The Committee of the Nation, headed by J. H. Rand, Jr., industrialist,
issued a statement declaring that the stabilization urged by Dr. Sprague
would have tied the dollar to the English pound. The statement continues:
"Professor Sprague's disloyal statement confirms misgivings long held
by American industrialists and leaders of agriculture regarding him."
According to the New York "Journal of Commerce" the
following statement was authorized by Prof. James Harvey
Rogers of Yale University anent Dr. Sprague's assertions
on the administration's monetary policy:
Amidst the hysteria which seems to have seized a large portion of the
American public in which calm and composed Judgment is most to be demanded. Dr. Sprague's letter leads one to raise the question: Why the great
commotion? What is this gold policy, hailed as a panacea in certain circles
and as certain disaster in others?
In the final analysis the policy is very similar to that recently pursued
In several of the most enlightened nations of the world.
In the latter half of 1926 and throughout 1927, the French franc—
just as the dollar at the present time—showed a persistent tendency to rise
to levels incompatible with the domestic situation. The French Government opposed such rises for fear that severe depression would be precipitated. Accordingly, for a year and a half the franc was rigidly controlled
against such rises.
Likewise, in England, since the departure of that country from the gold
standard in 1931, the pound sterling has been held at a level favorable to
internal conditions in that country.
Dollar "Too Strong."
The gold policy, recently adopted in this country, has a similar objective
and is being prosecuted with almost identical devices. In a word, for our
own internal situation, the dollar tends to be too strong in the foreign
exchange markets of the world. Hence, just as recently in Prance and in
3777
England, it is being arbitrarily held down and in addition it is being purposely forced down by the purchase of foreign currencies.
At this point, however, a notable difference in policy appears. Instead
of holding the foreign currencies thus acquired, our Government is simultaneously converting those currencies into gold. The reason for this difference
is perfectly clear. In fact, to do otherwise would be plain folly. When
England went off the gold standard, the Bank of France lost heavily on its
in
great holdings of sterling; and when the United States left gold. England
turn lost heavily in her holdings of dollars. Why should we, after seeing
similar losses?
these experiences, lay ourselves open to exactly
Sprague is right that the effectiveness of the policy will be largely negatived until an increased volume of business and employment appears.
However, it is appearing, and partly as a direct result of our monetary
policy. When a farmer sells his cotton, his wheat or his corn at a substantial increase in price—as he now does—because of the rise in terms of
dollars of the world prices of these important products, he spends and
usually spends quickly the increased proceeds. These expenditures, to
the extent of the funds involved, stimulate production, consumption,
transportation, business and employment. The increased purchasing
power of other producers of basic raw materials has the same beneficial
effects.
Bond TVeakness.
Monetary depredation is not enough to bring recovery. Few intelligent
people so regard it. To date, however, it has been found an aid and so
long as this is true, it would be rash to discard it.
anticiThe weakness in Government bonds is entirely natural and was
that
pated. While the dollar is being depressed, most people who guess
keep all of their
further devaluation will follow, naturally do not wish to
It must be remembered, howfunds in securities yielding a fixed return.
ever—if monetary history may be trusted—that the end of depreciation
the
is stabilization. When this end has been reached in other countries,
Governalmost uniform effect has been a rapid and pronounced recovery in
the dollar is again dement as well as other securities. Once the value of
investtermined for the future, all the incentive to flee from fixed-income
ments will disappear.
will
In addition, the funds now so eagerly fleeing from this country
(if allowed) return and furnish a huge investment fund to be thrown into
other modern countries.' It
our markets. This is the experience of
may be anticipated in the United States. Meanwhile, the Govirnment
which
should finance itself through short term issues sold to the banks,
Reserve
should in turn be provided with ample funds through Federal
securities.
open market purchases of these same Government
policy,
The real threat to inflation comes not from the present money
enbut from the possibility of its failure. Among the inflationary devices
they do
trusted by Congress to the President, the milder are being used. If
mandatory more
not prove effective, the danger is that Congress will make
upon
drastic and even uncontrollable measures. In this event it will be
those who sabotage the present policy that the onus of such a frightful
disaster must rest.
Monetary control has been general throughout the civilized world during
most of the time since the Great War. Intelligent control in the United
States is for the present necessary and must be exerted.
James Brown,at Annual Banquet of New York Chamber
of Commerce, Reiterates Views on Urgency of
Return to Gold Standard—Expresses Faith in
President Roosevelt to Sense Public Attitude and
Modify Plans Accordingly—Says, However, Public
Opinion to Be Effective Must Be Nationwide.
At the 165th annual banquet of the Chamber of Commerce of the State of New York, held at the Waldorf-Astoria
Hotel in New York City on Nov. 16, James Brown,President
of the Chamber referred to the various measures of the
Government agencies(Reconstruction Finance Corporation,
National Recovery Administration, and Public Works
Administration) which are being financed by tremendous
issues of Government securities, and to the recent purchase of
gold here and abroad, which may complicate our international relations. "Is it any wonder," said President
Brown, "that the merchants, the manufacturers, the importers and the exporters are at a loss to know which way to
turn?" Mr. Brown alluded to the action taken by the
Chamber early this month in support of the gold standard,
and urged those in attendance at the banquet to take "a
definite position on these lines." He expressed his faith in
the influence of public opinion on the Government, and
indicated it as his belief that "our President is quick to sense
public opinion and will modify his views and his plans
accordingly." To be effective, said Mr. Brown, public
public opinion must be proclaimed "from every part of this
vast country," and he urged that every individual in his
audience "must have the courage to speak out and state his
views publicly, and communicate in no uncertain terms with
his Senators and Representatives." "In no other way," he
said, "can the voice of the nation be registered and secure
results." Mr. Brown's address follows in full:
It is a pleasure for me to welcome so many of you to-night In these hard
times. I take it as a tribute to this ancient organization in the 165th year
of its activities.
I am not going to bore you with a long and detailed account of the activities of this Chamber during the past year. Due to the session of the last
of your lame duck Congresses and a special session, and because of the
regular and several special sessions of our New York Legislature our committees were obliged to be constantly on the alert and report much more
frequently than necessary in ordinary times.
Since we met in this room a year ago many things of interest and importance to the business world have taken place. Until the month of
March there appeared few encouraging facts. Quite the contrary. As a
culmination of discouragement for business and individuals all banks in the
United States were closed early in that month. Hope was almost extinguished.
With the inauguration of President Franklin D. Roosevelt a new light
appeared. His memorable address introduced new thoughts, new ideas.
3778
Financial Chronicle
Although little understood at the time, these brought a glow to our cheeks
and hope to our hearts. The Nation stood behind the President as one man,
ready to follow wherever he might lead.
On April 16 an embargo on gold was declared. What has happened
since? At the special session of Congress the Anti-Trust laws were set
aside for the time being, the Glass-Steagall banking and the Security Control bills were passed. Thejmost extraordinary and far-reaching powers were
delegated to the President to be used in his discretion. Perhaps the most
drastic power delegated was the right to devalue our dollar to 50% of its
then gold value. Almost at once our dollar began to depreciate in terms of
foreign currencies.
Then appeared RFC, NRA and PWA in rapid succession, the latter
authorizing a public works construction program on an enormous scale.
Through;these various agencies, among other things, acreage to be planted
.
fornext year's crop is to be:curtailed, a bonus paid to the grower that it is
hoped will be collected by a tax on the processors which eventually must
come out of the pocket of the consumer; more recently the purchase of gold
both here and abroad may complicate our international relations—all
these measures are being financed by tremendous issues of government
securities.
Is it any wonder that the merchants, the manufacturers, the Importers
and the exporters are at a loss to know which way to turn, or even to know
where they stand? Their experiences of years are useless under the new
Conditions.
The picture I have painted is far from attractive. Nevertheless there have
been bright spots. Commodity prices did rise, especially farm prices,
although they have receded somewhat lately. Business did revive in many
lines, and a few are still operating at full capacity. The railroads, one of our
major industries, improved their gross and net earnings to an extent that
was not thought possible six months ago.
Recently business has receded, partly a seasonal trend, but I think mainly
because of the uncertainties of the new measures I have referred to.
I am sure you do not expect me to dip into the future and tell you what is
going to take place. There are those who will tell you what is going to
happen—but whether they be optimists or pessimists, I advise you to beware of their prophecies.
Those of you who were present at the special meeting of the Chamber on
Nov. 3, called for a discussion on "Gold Standard and Recovery," know
thatjthelresolutions and report offered by the Committee on Finance and
Currency were adopted by approximately 400 votes to 3. Those of you who
were not in attendance, and our guests, have undoubtedly learned from
the newspapers the action taken at that meeting.
Letters and telegrams are pouring in every day from Innumerable trade
organizations as far west as the Pacific Coast, and from individuals all over
thisjcountry, approving the report and resolutions.
My object in giving you these facts is to encourage you, even if only in a
small way, to take a definite position on these lines.
I will say this to you in all seriousness. I have an abiding faith in the
common sense of the people of the United States. I have faith in the
Influence of public opinion on Government. I believe our President is quick
to sense public opinion, and will modify his views and his plans accordingly.
Minor modifications are even now being made almost every day.
But, gentlemen, tojbe effective, public opinion must be voiced—it must
be clamorous; it must be proclaimed from the housetop, and from every
part of this vast country; every man (and woman) in this audience, individually or through his business, his commercial organizations, even his
club, must have the courage to speak out and state his views publicly, and
communicate in no uncertain terms with his Senators and Representatives;
in no other way can the voice of the nation be registered and secure results.
In order that you may carry my thought with you I will state briefly
the principles in which this Chamber believes:
First—Early return to a permanent gold standard.
Second—Prompt announcement by the Administration that it will not
adopt an automatic commodity dollar, a managed commodity dollar, or
Similar experiments.
Third—That a rise in commodity Prices should be accompanied by a
rise in national income.
Fourth—That a reasonable reward for labor and enterprise must be
assured before confidence can be restored.
Fifth—That without confidence in our monetary unit there can be no
permanent recovery.
Mr. Brown, who is a member of the Executive Committee
of the Citizens Family Welfare Committee, concluded his
address with a plea to those at the Chamber dinner to do
their bit to support the work of the committee.
Previous utterances of Mr. Brown, and the declarations
of the Chamber on the gold standard were referred to in
these columns, Nov. 4, page 3228; Nov. 11, page 3418, and
Nov. 18, page 3593.
Return to Gold Standard Urged in Resolution of
United States Chamber of Commerce—Recommends That President Issue Declaration That
Government Securities Will Not Be Driven Lower
Through Monetary Actions—Public Competition
With Private Enterprise Decried.
In taking a definite stand against the Administration's
monetary policies, the Chamber of Commerce of the United
States has adopted a resolution in which it is urged "that
there be an immediate announcement of intention of an early
return to a gold basis, with complete avoidance of monetary
experimentation, currency manipulation, greenbackism and
fiat money and with complete recession from theoretical or
orbitrary ideas of 'price-index' fixation of the value of gold."
The resolution also recommends "that the President of
the United States make an unmistakable declaration that
Government securities will not be driven to lower levels
by reason of monetary actions."
Noting that the directors of the Chamber, voting unanimously in the largest meeting since spring, declared that
national recovery would be retarded in the absence of such
reassurances, the Washington correspondent of the New
York "Herald Tribune" on Nov. 19, added:
The directors of the Chamber also assailed the Administration's venture
into the housing and public utility iields as putting money into competition
with private enterprise representing investors of all classes. It concluded
Nov. 25 1933
with% plea that business be given a stronger voice In the development of
Itself under the National Recovery Administration.
It marked a departure in the attitude of organized business, as represented
byttheShamber;of Commerce, toward the President's emergency program.
While some of the emergency measures put through Congress last spring
and summer were,contrary to Chamber of Commerce policy, the organization,made little or no protest, in line with the general spirit to stand behind
the President. IIenry I. Harriman,President of the Chamber of Commerce,
was,a!principal advocate of the NRA and domestic allotment legislation.
He was in the vote to-day.
Fred W. Sargent, President of the Chicago & North Western Ry. ,stood
with Silas:Strawn, Chicago lawyer and Hoover Republican, in pressing
the sound-money resolution to a unanimous vote. Mr. Sargent. though
nominally a Republican, was an enthusiastic supporter of the President
until recently.
The Chamber of Commerce of the United States represents 1,600 business
organizations, including, it is estimated, 900,000 business men and corporations.
The two resolutions as given in the "Herald Tribune"
follow:
Resolution on Currency.
The resolution follows:
Our (consideration of various aspects of the economic and financial
situation leads us to the conclusion that the question of a sound national
monetaryjpolicy is paramount.
It is a transcendant importance because the monetary policy not only
affects all other financial issues but the whole economic welfare of the Nation.
The ChambPrissommitted by action of Is membership to support the
maintenance.of the integrity of our currency, the restoration and continuance of the_gold:standard, with a fixed gold value of the dollar properly
determined, the balancing of public budgets and the removal of restrictions
upon foreign exchange.
It is opposed to any policy of deliberately engendering price changes
through measures which are solely monetary in character, recognizing that
such measures are not conducive to stability.
rs In efforts to stimulate and foster improvement in the prices of primary
commodities, of manufactured goods and of auxiliary services, it is opposed
to any action that creates distrust in the currency, as being incapable of
producing a lasting improvement.
In advocating a sound and _adequate currency as essential for a greater
volume and mobility of credit, it maintains that it is necessary to provide
such basis for faith in credit andlin currency as will permit their healthy
employment In the normal processes ot business enterprise.
We believe it should be emphasized that the present fiscal policies have
developed widespread confusion and disquiet.
We strongluecommend that the President of the United States make an
unmistakable declaration that Government securities will not be driven to
lower levels by reason of monetary actions.
Ask Early Return to Gold.
We also urge that there be an-immediate announcement of intention of
an early return to a gold basis, with complete avoidance of monetary
experimentation, greenbackism and fiat money and with complete recession
from theoretical or arbitrary ideas of "price-Index" fixation of the value
of gold.
Otherwise there will be instability of employment, because of inability
of any one to make forward commitments on a basis of reasonable business
risk instead of speculative hazard.
There will be continuance of the demoralization of the exchanges, with
its harmful repercussions on all domestic and foreign trade.
There will be insecurity for all classes7of our people and a severe set back
to the development of healthy recuperative processes which in the main are
based upon the decisions of individuals and not of government.
Protection of the credit of the Government Is inseparable from public
confidence in its obligations and faith in our circulating media, including
currency, but mainly deposit credit.
Upon the stability of the Government's securities now largely rests the
maintenance of our banking, insurance and other fiduciary institutions
and the flow of credit.
Upon the integrity of the currency depends the well being of the laborer,
farmer, public servant and their dependents, the continuation of thrift
and savings, and a healthy development of investments.
Resolution on Public Funds.
The board's resolutions dealing with the use of public funds in competition
with private business follow:
The use of funds by the Federal Emergency Administration of Public
Works to finance business unitedesigned to compete with or duplicate
units now rendering adequate service at reasonable cost is contrary to sound
Public policy, destructive of savings investments therein, made in good
faith by all parts of our people, including wage earners and farmers, and
causes an inequitable shift in the basis of taxation through removal of
extensive property values andIthe Income thereof from local, State and
Federal taxation.
We ask the PWA to announce a policy against such use of Federal funds.
Such an announcementjwill greatly contribute to the restoration of confidence in a large aggregate of existing investments and encourage existing
business enterprise to proceeerwithjneeded plans for extensions and betterment of service, thus furthering employment.
Explicit recognition legiven to representative trade associations by the
National Industrial Recovery Act. Upon behalf of their industries they
are authorized:to submit voluntary codes. When such codes have received
the President's approval, the trade associations must arrange for effective
and uniform application of code provisions.
That this Is the purpose of the law has been emphasized by the President,
who has said that the organized national trade association becomes the
directing authority for the industries it represents, and that in large measure
ultimate success rests upon those who guide and direct these organizations.
It necessarily follows that the development of trade associations should
be promoted in order that they may:better perform the duties contemplated
by the NIRA,and set up in each instance an effective agency of the industry
to administer its code. This should at_all,timekbe the official attitude of
everyone acting'for the Government.
In the application ancradministration of a code the agency of the industry
itself should accordingly have every opportunity to consider promptly each
difficulty which appears, _whether through a • complaint inside or outside
the industry, or otherwise. The industry's agency should, without official
Intervention of any kind, be able to deal at once with every situation which
arises affecting the industry, whether there be maladjustment or a failure
on the part of some member of the industry to comply with code provisions.
All representations as to the industry in relation to the code should be made
directly to the agency of the industry. Charged with disposing of all
matters that can be adjusted :within the industry, the agency acts with
complete knowledge of the observer appointed by the Government itself.
Volume 137
Financial Chronicle
In the orderly administration of a code it is only the legal penalties and
processes provided in the law and abuses obviously harmful to the public
or inherently wrong that should have the attention of Government authorities.
Hannibal (Mo.) Chamber of Commerce Opposed to
Views of United States Chamber of Commerce on
Gold.
Under date of Nov. 20 Associated Press advices from
Hannibal, Mo. said:
The Hannibal Chamber of Commerce to-day telegraphed the Chamber
of Commerce of the United States that the latter's criticism of the Roosevelt
monetary program "does not represent the expressed policies of our organization."
Silas Strawn Explains Attitude Toward NRA of United
States Chamber of Commerce.
From Chicago, Nov. 20, the New York "Times" reported
the following:
s Business regulating itself in the spirit of the National Recovery Admin,
istration codes and in the American spirit is the goal set by the Chamber of
Commerce, Silas Strewn, a former President, explained to-day.
It was not a question of business leaders of the Nation against the NRA
assuch,he declared, but a question of how the codes were to be implemented,
whether through fear and compulsion or in good-will and co-operation.
Reply of New York Chamber of Commerce to Criticism
by Committee of Nation to Action of Chamber on
Gold Standard—Trade Conditions in Sweden and
Great Britain Analyzed.
James Brown, President of the Chamber of Commerce
of the State of New York made public on Nov. 22 a reply
to a letter from the Committee for the Nation criticizing the
action on the gold standard taken by the Chamber at a
special meeting held Nov.3. The Committee for the Nation
letter, which was signed by J. H. Rand Jr., as Chairman,
declared among other things that the meeting of the Chamber
represented only a minority of the membership and suggested
that before the Chamber opposed the monetary policy of the
Government it should hold public hearings.
The reply made public by Mr. Brown was written by Leland Rex Robinson, a member of the Chamber who is
President of International Securities Corp. of America
and two other investment trusts, and who also lectures at
Columbia University on investment banking. Mr. Robinson's reply follows:
I am very much interested in your letter to me of Nov. 11 containing certain statements that are very surprising and which I would appreciate your
having checked up.
Your letter says:
"The effect of this world-wide change in the relationship between gold
and commodities has been offset by England. During the past two years
she has set in her free gold market a progressively higher price of gold,
from 84 shillings to as high as 134 shillings. She has made four English
pounds exchangeable into five units of the currency of her colonies proaiming agricultural and raw materials. She thereby gave them a monetary
price advantage of 25%. Their price of gold, in terms of their own currencies, has been doubled, and they are now comparatively prosperous.'
In view of the above, may I ask the following questions?
Is it correct to say that Great Britain "has set . . . a progressively
higher price of gold" in view of the clear evidence that she was forced off
the gold standard and has been redoubling her efforts ever since to limit
the fluctuations of the pound sterling in other currencies?
Is it correct to say that England "has made four English pounds exchangeable into five units of the currency of her colonies producing agricultural
and raw materials" when London rates of exchange on Montreal on Oct. 27
1933 were $4.80-85 (parity $4.86); on South Africa were 400-17-6 per E100
Sterling at about the same time: and were approximately 18d. on Calcutta.
as over against a parity of exchange of 18d.?
Is it possible that in referring to the "colonies" you have reference only
to Australia and New Zealand, or to certain of the Crown colonies? In
what sense is the term "colonies" used? The evidence is very clearly to
the effect that Great Britain has not done what your letter states—at least
so far as her most important dominions and producers of raw materials are
concerned.
In view of the fact that pounds sterling have been quoted at 81 frs, per
pound, as over against a par of exchange of 124.21; and in view also of the
fact, pointed out above, that Indian, Canadian and South African exchange
are approximately at their parity on London, is it correct to say that "their
price of gold, in terms of their own currencies, has been doubled?"
Has anybody on the staff of the Committee for the Nation taken the
Pains to break down the index numbers of, let us say, countries like Sweden
and Great Britain which are cited as successful examples of internal price
control? If so, have your statisticians observed that the prices of commodities produced internally in these countries have tended to fall rather
than rise, and that the "stabilization" as shown in the index numbers has
been due substantially to the rise in the price of imported commodities?
Would you say that a country is greatly enriched by a process which requires
its People to pay more for imported goods, while its merchants receive less
origin?
in Proportion for goods of domestic
In the assumption made that by arbitrarily grinding down our currency
prosperity will be restored, have your statisticians ever
in terms of gold.
taken the trouble to examine in detail the effects in other countries of
what deem to be a similar policy? For instance, what is to be said with
regard to the breakdown of the London Economist index number which
shows, in the period from Sept. 18 1931 to Nov. 1 1933, that the price of
cereals and meat has remained practically stable and that the prices ofother
foods have fallen; while the prices of textiles, minerals and "miscellaneous"
have risen
Does this indicate any conclusive proof that existing disparities
would be automatically righted by the mere expedient of "currency tinkering?"
- Your letter states: "If we continue to price gold as formerlyandasrecommended by your Chamber, everything will be worth only half as much as
were based upon the
In 1926." In view of the fact that prices in 1926
gold standard which the Chamber of Commerce wishes to have restored.
'3779
is there any basis for assuming that such restoration would make impossible the return of 1926 prices and price relationships? Does not a
restoration of general confidence have something to do with all this?
It is questions of this kind which the great majority of economists and
business men of the nation would like to have your Committee answer
with some degree of authority. Our attitude of skepticism and our feeling
that business and the "New Deal" are being hopelessly handicapped by
"currency tinkering" might be altered if such questions as the above could
be satisfactorily answered.
If they cannot be answered, and if there is no explanation of the obvious
discrepancies other than that your staff has been careless in the gathering
or stating of the facts, is it not time for your Committee to advocate some
other measures? Is it not time to cease disseminating half-truths which
only serve to delay our understanding of the real problem, and retard
our "carrying on" with the measures which experience shows alone will be
effective in bringing us out of the depression?
Sound Money Advocates Organize at Fort Plain, N. Y.
—Demand a Dollar Redeemable on Demand in
Gold.
A dispatch as follows from Fort Plain, N. Y.,is taken from
the New York "Herald Tribune":
Urging-h speedy return to the gold standard and recording vigorous
opposition to the issue of fiat money, a large group of the leading men
and women of this community organized to-night the-Sound Money Club
of Fort Plain and urged all citizens to join them in the defense of the
American dollar.
Many of the signers of the declaration of principles are descendants of
the Mohawk Valley pioneers who organized here in 1774 the famous
Committee of Safety for the defense of the rights and liberties of the
colonists. They deplore the "shameful flight of American capital across
the seas" and the "undermining of confidence in the good faith of the
Government" resulting from the "present organized attack on the dollar."
Recalling the historic stand for sound money made by President Cleveland in 1893, they point out that the basic principles of honest currency
expounded by him in that crisis have been unmistakably reiterated by
every American President since then. "We do not presume to propose
new remedies for our economic ills," the signers say in conclusion, "but
we believe that the road to industrial recovery, the re-employment of idle
workers and the easing of the burden of debt is even more plainly marked
to-day than it was in the crisis of the '70s and the '905. when our people
were faced with exactly similar problems.
"We are unalterably opposed to the issue of new money by our Government which is not redeemable on demand, dollar for dollar, in gold. We
urge a speedy return to the gold standard and the co-operation of the
United States with foreign Nations in the defense of this standard and
the stabilization of the international exchanges."
Re-Establishment of Currency Bases on Gold Urged
By Federal Advisory Council of Federal Reserve
Board—Resolution Declared "Depressing and Fluctuating Currency Value" Will Not Adjust Price
Level Discrepancies.
Meeting in Washington this week the Federal Advisory
Council of the Federal Reserve Board adopted on Nov. 21
a resolution bearing on the Administration's monetary policy.
The resolution declares that "as long as there is uncertainty
in regard to the future value of the monetary unit there can
be no lasting or fundamental improvement in business." It
is further recorded by the Council that "a depressing and
fluctuating currency value will not adjust existing discrepancies in the price level." "History shows", says the resolution "that the further currency inflation goes, the more
difficult it becomes to control and that it invariably results
in untold losses to great masses of the people and the ruin
of National credit. In giving the text of the resolution the
Washington correspondent of the New York "Herald Tribune" said in part:
The Council urges re-establishment of the currency on a gold basis after
"safeguards to be agreed upon by international action."
This warning was incorporated in a resolution adopted by the Advisory
Council in an executive session yesterday and left for the information of
the Federal Reserve Board and, presumably through it, for the President.
The Council made no announcement after its meeting and the Reserve
Board maintained discreet silence, but the resolution, which is accessible
to Reserve member banks, became available in authoritative quarters.
Dr. Sprague's Principles Indorsed.
Completely indorsing the economic principles laid down by Dr. Oliver
M. W. Sprague yesterday in his protest against the Administration's gold
.
program, the Reserve Council told the President that without monetary
stabilization it would be "increasingly difficult for the Government to
finance its large commitments for reconstruction purposes and to refinance
its maturing obligations."
The make-up of the council follows:
District
District,
1. I
Boston), Thomas M. Steele.
.
8. (St. Louis), Walter W. Smith,
2. New York), Walter E. Frew,
President.
3. Philadelphia), Howard A. Loeb. 9. (Minneapolis), Theodore Wold.
4. Cleveland), H C.McEldowney. 10. (Kansas City), W. Ir. Kemper.
5. Richmond), Howard Bruce.
11. (Dallas), Joseph H. Frost.
6. Atlanta), John K. Ottley.
12. (San Francisco), Henry M.ROD7. Chicago), Melvin A. Traylor,
Inson. Walter Lichtenstein, Sec
ice-President.
retary.
Mr. Frew is Chairman of the Corn Exchange Bank Trust co.
The resolution is taken as follows from the paper quoted:
While the CODDCll is in sympathy with the general purposes of the
Administration, it believes these are not to be accomplished by a currency
of fluctuating value.
The members of the Federal Advisory Council believe:
I. That a higher price level Is beneficial only if accompanied by higher
natural income, and that can only be brought about by increased volume
of business and increased employment.
2. That a depressing and fluctuating currency value will not adjust
existing discrepancies in the price level.
3780
Financial Chronicle
3. That as long as there is uncertainty in regard to the future value of
the monetary unit there can be no lasting or fundamental improvement
inbusiness.
Or 4. That this uncertainty tends'and has tended to depress the market
price of government securities and corporate and municipal bonds, which
in turn has affected and will continue to affect adversely the entire economic structure.and thus stand in the way of recovery.
become increasla b. That unless „there.„is monetary stabilization it willcommitments for
ingly'difficult for the Government/to finance its large
obligations. The
reconstruction purposes and ,,to Lrefinance its maturing
among
resulting uncertainty wili especially affect and cause great uneasiness
insurance
the minions of wage earners, savings depositors, and holders of
policies. It will further diminish the flow of capital into the investment
financing
field, and it is this money which is used largely for the purpose of
that unthe production of capital and durable goods. It is these fields
employment has been most difficult to overcome. The existing uncertainty has already caused capital funds to leave the country to be invested
In foreign securities and deposited in foreign banks.
6. That no monetary standards can be finally and permanently satisand that
factory until other important nations have taken similar action than a
such international action is extremely improbable on any other
gold basis.
goes, the more
7. That history shows that the further currency inflation
results in untold
difficult it becomes to control and that it invariably
credit.
losses to great masses of the people and the ruin of national
Council
In view of the opinion above reported, the Federal Advisory
on gold it may
believes that in the re-establishment of our currency bases
upon by international action.
well be coupled,with safeguards to be agreed
Nov. 25 1933
Nevertheless, he went on, he refrained from any criticism as long as
"there were those in official positions who felt as I felt and were holding
on to the hope of bringing about a change from within."
The resignation yesterday of Dr. Oliver M. W. Sprague as adviser to the
Treasury Department, he indicated, meant that there were none left in those
positions, and that it was now time for "public opinion to become aroused
and articulate." . . .
Dr. James, in advocating restoration of the gold standard, had recommended "pegging the dollar at approximately its present value," believing
it "undesirable to return to the old value of an ounce of gold or to go on to a
$42 or $43 ounce."
Mr. Warburg's address follows in full:
This is not a properly prepared address. In the main I shall base what
little I have to say on the remarks of the previous speakers. When Professor
Patterson was good enough some time ago to ask me to speak at this meeting, I told him that much to my regret I could not do so, because, while
there was no secret about my opposition to present policies, I did not feel
that the time had come when I could address a meeting at which representatives of the press would be present. Last night I called him up and
offered to come, if I were still wanted, even though I would not be able
to prepare the sort of address I should iike to make. The reasons are these:
After taking part in three months of preliminary work in Washington, I
was sent abroad in June as financial adviser to the American delegation at
the Monetary and Economic Conference. Our instructions were clear and
unequivocal. We were to work for the earliest possible re-establishment of
an improved international gold standard. By late June, in spite of the
breakdown of the stabilization efforts, we had made considerable progress
along these lines. The so-called Gold Committee of the Conference was
Monetary Policy of Experimentation Hinders Recovery
well on the road towards developing international agreement for setting
Stimulus to
According to James P. Warburg—As
up a gold standard containing certain economies in the use of gold, and
Depreciation
Revival Advocates Renunciation of
certain safeguards against a recurrence of the unpleasant experiences of
and Revaluation in Terms of Gold of All Currencies
the past.
"Controlled
Then came the President's messages of early July, in which he characNow Off the Standard—Opposed to
terized the gold standard as an outworn fetish and announced his desire for
Inflation."
"a dollar of constant purchasing and debt-paying power." It was my job to
"There can be no increase in business activity so long as help interpret the exact meaning of these messages to the representatives of
of the monetary
there is any uncertainty as to the future
other nations, and, after careful study and consideration, I decided that It
was a job that I was unable to carry out. Accordingly, I wrote the Secretary
unit, or as to the future of Government credit." The foreon
of State, as head of the delegation, resigning my position, and stated to
going statement is contained in an address delivered
him, first, that the instructions with which I had come over were completely
American
Nov.22 by James P. Warburg,at the meeting of the
at variance with the recent messages; second, that the recent messages were
Academy of Political and Social Science, at Philadelphia. not sufficiently clear to me, and indicated a new line of thought which did
for presentation to the Conference; third, that if I
not seem
Mr. Warburg made the further statement that "I believe that understoodto nre ripe
the new instructions at all, they meant embarking on a course
intention to arrest depreciation and to bring
the announced
with which I was thoroughly out of sympathy; fourth, that I did not believe
It was possible to invent a new monetary system in the course of a few
about a revaluation in terms of gold of all currencies now
revival days or weeks, better than any the world had yet known, and that, if such
off gold will prove more of a stimulus to business
was our purpose, we should ask for a three mor.ths' adjournment of the
than any amo,unt of planned regulation and control." He Conference; and, finally, that, as I could be of no further use in London, I
the soundest should like to go home and see if I could be of any help there in clarifying
expressed it as his further conviction "that
our point of view. I received a typically charming letter from Mr. Hull,
monetary policy can be rendered void by a fiscal policy which
agreeing to my suggestion.
leads by excessive expenditure to the printing press." Mr.
I was particularly careful not to let my resignation became known, for
Warburg likewise declared:
the obvious reasons of loyalty and because I was then still hopeful of being
able to convince the President that it would be a mistake to continue his
Even if I assume that Professor Warren or someone else is capable of
policy of monetary uncertainty and experimentation. By the end of Septeminventing, in theory, a money better than that developed by centuries of
ber, after any number of reports and conferences, I reluctantly came to
experience, I do not believe that as a practical matter anything other than a
much the same conclusion as that stated in the last paragraph of Dr.
gold standard will work satisfactorily. I believe in a reform of the gold
Sprague's letter of resignation. The tide could not be turned by a tolerated
standard, a reform based upon a careful study of the past by those best
opposition from within. Public opinion would have to become aroused and
qualified to make such a study.
articulate. Having no official position from which to resign, I stated this
Furthermore, no currency system will work satisfactorily except in conconviction to the advisory group with which I had been working, and stated
junction with a smoothly functioning banking and investment system.
also my intention of setting about the task of arousing what I conceived to
"Apart from the fact that I am opposed to 'controlled infla- be a latent inarticulate majority. That was in late September. So far I
thing," have refrained from public utterance, because I felt that, so long as there
tion' because I do not believe that there is any such
were those in official position who felt as I felt, and were holding on in
said Mr. Warburg,"I am also opposed to it even if, contrary
a change from within, the least I could do
To raise the the hope of bringing about might embarrass them. That has changed.
to history, it does not become uncontrolled.
was to avoid any action that
And that is why I am here to-night.
price level alone is to my mind not a proper aim of a recovery
into office,
Let
program. Unless a rise in prices is accompanied by a rise in I have me make one other thing as clear as I can. Since he came and I have
been privileged to know the President rather intimately,
Incomes, I cannot see that it does anyone any good." He for him both admiration and real affection—admiration for his courage and
his fundamental desire to create a better State, and real affection for his
added:
prices
kindliness, his humor and his faith. What I must reluctantly oppose are
There is only one way that I know of to bring about a rise in
some of the methods by which he seeks to attain his goal, some of the mistogether with a rise in national income and that is by increasing the amount
be
conceptions that seem to me to becloud his purpose, and the disregard of
of business done in the expectation of a reasonable profit. There can
as to the
the accumulated experience of centuries manifested by all too many of his
no increase in business activity so long as there is any uncertainty
Government credit.
advisers.
future of the monetary unit or as to the future of
You have heard to-night Professor Irving Fisher's defense of the AdminDescribing Mr. 1Varburg's speech as an unscheduled ad- istration's monetary policy. You have heard Senator Thomas plead the cause
dress before the Academy and the first he had made on the for controlled inflation, and you have heard Professor James's able rebuttal.
two natural
me
money question since his retirement in July as financial ad- It seems to (1)that the subject of discussion to-night falls intoby monetary
The broad question of whether raising prices
divisions:
viser to the American delegation at the London Economic' means, that is, by controlled inflation, is a proper and desirable policy, and
Conference, an account from Washington, Nov. 22, to the (2) whether we can profitably adopt in the future a new kind of money,
that is, the dollar of constant purchasing and debt-paying power, instead of
New York "Times" said, in part:
the gold standard dollar that we have known in the past.
It represented his opening public appeal in a campaign to arouse a
Put another way, one is the problem of what constitutes our ultimate
"latent majority" against a monetary theory which he declared "could not
monetary goal; the ether is the immediate problem of what to do to get
work in practice" even if the theory were correct.
ourselves out of the depression.
"It is up to the latent majority, who have been silent so far, to let the
Let me take first the problem of the ultimate monetary goal. You have
President know that the American people is ready to face whatever sufferheard Professor Fisher expound his well-known theory. It might be well to
ing there may be in a slow, orderly process of recovery," he said, "and that
mention that what is being considered by Washington to-day, as far as I
it does not side with the vociferous minority which is clamoring, as all such
understand it, is not an automatic index dollar in which the changes in
minorities have always clamored, for an easy way out of present difficulgold content are made automatically as the commodity index rises or falls,
ties, regardless of cost in the future."
but rather a Warren version, in which the gold content is changed from
More than 1,500 persons applauded Mr. Warburg, the last speaker in a
time to time by governmental action to offset exaggerated tendencies of
symposium in which Professor Irving Fisher of Yale defended President
the price level to rise or fall—in other words, a managed commodity dollar.
Roosevelt's monetary policy as "substantially right." Senator Thomas of
I am not an economist, and for that reason I should hesitate in any ease
Oklahoma asserted that the dollar must be cheapened, and Dr. F. Cyril
to embark upon a learned discussion of whether or not the underlying theory
James, Assistant Professor of Finance at the University of Pennsylvania,
upon which Professor Fisher and Professor Warren base their recommemic:called for an immediate return to the gold standard as a starting point
tions is correct or not, although I am not afraid to say that I doubt it very
toward restoring "a complete public confidence in the dollar."
much. As a practical banker, and one of the much condemned international
bankers at that, II merely venture to register my opinion that the theory
Withdrawal Is Explained.
cannot be dogmatically accepted as correct. For the purpose of this disMr. Warburg explained that he withdrew as an Administration financial
cussion, however. I shall limit myself as befits a practical banker to an
adviser after the President had decided to desert the gold standard and
attempt to show very briefly that even if the theory is correct, it cannot
switch to a managed dollar, and when he found that he could not convince
work in practice. I say that primarily for two separate and distinct
Mr. Roosevelt it would be "a mistake to continue his policy of monetary
reasons:
uncertainty and experimentation."
Volume 137
Financial Chronicle
First, given the elements of the human equation, and given the political
Influences to which a democratic form of government will always be subject,
I do not believe that as a practical matter there can be any such thing as a
dollar of constant purchasing power. If human intelligence and human
integrity were unable in the past to manage the comparatively simple
mechanism of the gold standard, I can see no reason to suppose that that
same human intelligence and same human integrity will be able to cope
with the vastly more complicated mechanism of the managed commodity
dollar. This is equally true in the last analysis of the automatic dollar but
more obviously true of the managed form.
Second, I do not 'believe that any national currency system can work
satisfactorily if it is not adopted by a majority of other important nations.
I can see absolutely no reason for supposing that other nations would be
willing to accept any of the various forms of new-fangled money that have
been proposed. If for no other reason, I say this, because in every nation
there is at least one prominent professor who has invented a monetary
system of his own, and even assuming that the governments of these nations
would each endorse their star inventor, I car.not picture a conference of
these star inventors agreeing on any one plan. Each one of them is reasonably sure that he is on the track to the one perfect money, and yet some
of their ideas are so different as to be completely irreconcilable.
On the other hand, we have had ample evidence at the London Monetary
and Economic Conference that a majority of the nations of the world are
willing and anxious to re-establish an improved and modernized international
gold standard. The Gold Committee of the Conference had made considerable progress in working out economies in the use of gold and safeguarding
a future gold standard against the threat of hoarding and violent movements
of capital between countries. These are the two chief defects in the gold
standard against which criticism has been directed. There is no doubt in
my mind that they can be overcome without resorting to any experimentation with untried theories.
For these reasons, even if I assume that Professor Warren or someone else
Is capable of inventing in theory a money better than that developed by
centuries of experience, I do not believe that as a practical matter anything other than a gold standard will work satisfactorily. I believe in a
reform of the gold standard, a reform based upon a careful study of the
past by those best qualified to make such it study.
Furthermore, no currency system will work satisfactorily except in conjunction with a smoothly functioning banking and investment system. I
cannot picture the savings of the people flowing through normal channels,
through the banks into credit for the short-term requirements of business,
or through the investment market into long-term investment to supply the
capital needs of business on the basis of a currency which it will take generations to understand, and you cannot trust what you cannot understand.
It is frequently said that the gold standard got us into our recent trouble.
It is rarely, if ever, said that we have had all the periods of prosperity that
we have had under the gold standard, and it would be more proper to say
that a failure to modernize the gold standard by intelligent reform contributed to the recent breakdown of our entire credit machinery.
Now, as to "controlled inflation." No one, so far as I know, is in favor
of "uncontrolled inflation," nor has there been anyone in favor of "uncontrolled inflation" in any of the various countries where "uncontrolled inflation" has taken place, but there are a lot of people who are in favor of
what they call "controlled inflation." There have always been such people
in all countries in periods of widespread distress. Senator Thomas has no
doubt that inflation can be controlled and will be controlled in this country.
He is indeed the "Undoubting Thomas." Frankly, I am a very "Doubting
Thomas." Professor Fisher makes the categorical assertion that this doubt
is but one of 10 "demonstrably false notions being circulated by the opposition." Very well, I subscribe to the notion and to its circulation. The
experience of France in 1715 under John Law, in 1789 in the assignat period,
and in Germany after the war are enough to convince me that it is at least
highly dangerous for us to risk letting our Government try its hand at
controlling inflation, particularly when in our own country we have not
once, 'but twice, seen money go to zero—once in the Revolution, and the
second time in the South during the Civil War.
Senator Thomas has just told you that "inflation could not have been
avoided by the colonies, and instead of destroying the people, the policy
brought forth the American Republic." He has told you also that "inflation could not have been avoided by the North, and instead of destroying the
nation, such policy saved the Union." If it was inflation that brought
forth the Republic out of the Revolution and saved the Union out of the
Civil War, why, then, Senator Thomas, did not inflation make the South
victorious? If the relai've strength of North and South had been measured
In terms of inflation, Lee would never have surrendered at Appomatox.
Also, you note that the Senator says in both cases "could not have been
avoided." That is just the point. Inflation could not have been avoided
because the respective governments spend more money than could be raised
by taxation and could pay their bills in no other way than 'by printing
money.
Professor Fisher condemns all such arguments as these as emanating from
bankers who have had their chance and failed. He opposes them by a series
of categorical assertions. I cannot refrain from meeting this form of argument on its own ground. In Mardi 1929 my own father, Paul M. Warburg,
issued a public warning against the speculation that was taking place in
the security markets. That was months before the crash came. Presumably
my father would qualify as one of the bankers who Professor Fisher would
say have failed to understand the "mystery of money." Certainly I can
vouch for the fact that he believed in the fetish of a gold standard and
did not believe inflation could be controlled. On the other hand, I wired
my office to-day to see if I could get the exact quotation of a few other
categorical statements that Professor Fisher made in the past. May I read
you the following telegram, and I apologize to Professor Fisher if he is in
any way misquoted?
"Following obtained from bound copies New York 'Times' covering 1929:
On Sept. 5. following Babson announcement that stock market crash was coming.
Professor Irving Fisher issued following statement: 'Stock prices are not too high
and Wall Street will not experience anything In the nature of a crash.'"
On Oct. 15 Professor Fisher declared at a public address that stock prices
had reached "what looks like a permanently high plateau." On Oct. 21 he
said that even in the then high market the prices of stocks had not yet
caught up with their real values. He explained that the market was not
Inflated but only had been readjusted to the decreasing value of the dollar
and the increasing pace of production and trade. He said: "In my opinion
current predictions of heavy reactions affecting the general level of securities find little, if any, foundation in fact." On Oct. 23 he said: "Fears
that the price level of stocks might go down to where it was in 1923, or
earlier, engendered by recent breaks in the market value of securities are
3781
he
not justified by present economic conditions." Four times during 1929
made the New York "Times" with the declaration that prohibition was a
success and that our then prosperity was due in large measure to it.
I apologize to Professor Fisher if digging up the past seems like hitting
below the belt, but I think it is about time that someone showed that the
bankers are not always wrong and the professors not always right.
Apart from the fact that I am opposed to "controlled inflation," because
I do not believe that there is any such thing, I am also opposed to it even
if, contrary to history, it does not become uncontrolled. To raise the
price level alone is to my mind not a proper aim of a recovery program.
Unless a rise in prices is accompanied by a rise in incomes, I cannot see
that it does anyone any good. There is only one way that I know of to
bring about a rise in prices together with a rise in national income, and
that is by increasing the amount of business done in the expectation of a
reasonable profit. There can be no increase in business activity so long
as there is any uncertainty as to the future of the monetary unit or as to
the future of Government credit.
The advocates of "controlled inflation" base their argument largely on
the debtor-creditor relationship, particularly in regard to the agricultural
debtor. To my mind this is no different than a man who has a damaging
letter in his house and, because he wants to destroy it, sets fire to the
whole house.
Depreciation of the currency, and I any speaking now about "controlled
depreciation," hurts everyone who is more creditor than debtor, and aids only
those who are preponderantly debtors. If inflation breaks away from control, it ruins all alike.
Who are the debtors that would be aided, and who are the creditors who
would be hurt? And please remember, there is a creditor for every debtor.
All wage-earners would be hurt because the purchasing power of their wages
is reduced faster than their wages are increased. Every savings bank depositor or holder of a life insurance policy is hurt. These two categories
alone probably comprise the great majority of the American people.
Now, take the farmer. I am told on good authority that 50% of the
farmers in this country have no mortgage debt at all; that another 25%
have a mortgage debt of less than 25% of the value of their property; and
it is by no means true that every farmer who has a heavy mortgage is
preponderantly a debtor. To the extent that he has cash, receivables, savings accounts or insurance policies, he is a creditor.
What troubles the farmer is not the general fall in prices, but the fact
that farm prices have fallen 'farther than the general price level. To the
extent that prices fall evenly, only the farmer who is more debtor than
creditor has suffered, but all farmers have suffered from the excessive fall
in farm prices.
Depreciating the currency means raising all prices by making things
sell for more dollars. To do that cannot possibly eliminate the discrepancy
between farm prices and other prices. That is why I say that the policy
of raising prices by depreciating the currency is an action of doubtful
value to a very small minority of the population, and an action which does
definite harm to a large majority of the population. That is why I say
that it is like burning down the house to burn the letter.
When we abandoned the gold standard we did so with no intention of
abandoning it forever and, to my mind, the doubt should never have been
allowed to arise as to whether we were going to return. Unfortunately,
inflationist theory was given a stimulus by the speculative rise of prices
which took place in the first few months of the experiment. This led to the
conclusion that if a little depreciation would do so much good, more depreciation must do more good. To my mind, what happened was this: A lot of
people were sitting in a room that was freezing cold. They could do no
work because they had their hands in their pockets, or were sitting on them.
Along came a man and put his thumb on the bulb of the thermometer. The
mercury rose, and he said, "Oh, look, it is getting warmer!" The other
people in the room crowded around to see what had happened, and, in
doing so, took their hands out of their pockets and to a certain extent
warmed themselves by their own motion, but very soon they realized that
the room was just as cold as it had been before, and now many of them
have got their hands back in their pockets again.
I am afraid I am taking too much time, and I shall close by stating a
very simple credo. I believe that the American people want to preserve
their present constitutional form of government and their present fundamental system of economy; that is, an economy based upon the reasonable
expectation of profit from work or enterprise. I believe that the American
people want reform within the limits of the basic principles of this economy
and the elimination of abuse wherever possible. I do not believe that the
American people want a planned economy such as we see evolving in some
European countries in which the State assumes the initiative and human
beings become regimented taxpayers.
There can be no compromise between these two basic conceptions of
economy. If I am right in my assumption as to what the American people
want, then there is no one single factor which to-day stands more in the
way of recovery than a monetary policy of experimentation with the kind
of money we are going to have, and uncertainty as to the ultimate limit of
depreciation.
It has been said here to-night and many times before that those who feel
as I do offer nothing constructive. When you are running rapidly in the
wrong direction, you have to stop before you can run with equal speed in
the right direction. .That is why it is necessary to concentrate on pointing
out the error of our present ways, but I for one do not stop there. I believe
that the announced intention to arrest depreciation and to bring about a
revaluation in terms of gold of all the currencies now off gold will prove
more of a stimulus to business revival than any amount of planned regulation
and control, but I am also convinced that the soundest monetary policy
can be rendered void by a fiscal policy which leads by excessive expenditure
to the printing press. And I am not reassured when I hear the author of
the "Thomas Amendment" state that there is no danger of greenbacks and
in the same breath advocate a continuation of the present program of expenditure. I do not oppose the use of Government funds to relieve distress or
to stimulate intelligently the natural sources of employment, but when the
Government sets out to spend more money than it can repay by bearable
taxation, it sets out to render void whatever constructive action it may otherwise have taken. I do not share the view of those who think that we have
crossed this bridge already, but I do think that we are perilously near the
point where retreat will become impossible. It is up to the latent majority,
who have been silent so far, to let the President know that the American
people is ready to face whatever suffering there may be in a slow, orderly
process of recovery, and that it does not side with the vociferous minority,
a minority which is clamoring, as all such minorities have always clamored,
for an easy way out of present difficulties regardless of cost in the future.
3782
Financial Chronicle
Bernard M. Baruch Attacks Inflation as "Enemy of
Mankind"—Financier Asserts in Magazine Article
that Nation Can Emerge from Depression Unless
It Starts to "Print Dollars"—Sees Road to Normalcy the Only Safe Way.
Inflation was attacked as "an enemy of mankind" by
Bernard M. Baruch, writing in the issue of "The Saturday
Evening Post," dated Nov. 25. Mr. Baruch warned his
fellow-countrymen to "understand that a plan is advanced
In their name which is certain to. destroy their interests."
The Government is "again at a crisis," he declared, but added
his belief that "we can find our way out of this depression"
unless we begin "to print dollars or magic them out of a
hat." Mr. Baruch on Nov. 20, commenting on the article, said
that it was a digest of his testimony before the Senate Banking Committee last February. He also said that the article
was prepared before the Administration announced the details of its present monetary program. The New York
financier, in his article, said, in part:
"r believe that inflation is an enemy of mankind. 1 believe that its
employment is an act of desperation, working untold hardship into our
economic and social system, and causing bitterness and malice to spread
through the human relationships, as does any act of exploitation, oppression and of unreasoned and unintelligent use of political powers. . . .
"We are told that it will instantly increase all prices, expand export
trade, improve the condition of agriculture and start buying everywhere.
There is an attempt to lead the country to believe that it will help all
'debtor classes.' Some important Wall Street influences want it. Leaders
in some of the powerful Federal Reserve banks have been known to propose,
in a subtle form, about the same idea as the most radical members of Congress--Goldsborough bill.
"The turn to inflation is not just a slight change of policy which can be
promptly called back if it turns out wrong.
"It is like a surgical operation on the human heart. The chance of success
Is thin and desperate. The surgeon has a leeway of only one mistake and, if
he makes it, the only other help needed will be the undertaker.
"Speaking generally of inflation in the sense of issuing a flood of irredeemable currency, let us suppose that it would increase all prices—double
them—and suppose, too, that it would also double all wages, salaries, rates
and other incomes.
"Would anybody in this country be better off in his day-to-day relations
with the world? Certainly not.
"Every man would take in twice as much. But he would have to pay out
twice as much. We would be just where we are to-day and nobody would
be helped.
"But that is not the way inflation works. That is not the way it is intended to work. The plan is deliberately designed to double some prices,
but not others. Of course that means that some class is going to benefit at
the expense of some other class, and before we rush blindly into this, we
should find out who is going to get hurt and whether all this is truly for
the 'greatest good of the greatest number.'
"At a time like this, when millions are on starvation wages and millions
more on no wages at all, a sudden doubling of prices without an immediate
increase in wages would be the worst blow of the depression.
"Of 48,000,000 breadwinning workers counted in the 1930 census, not
more than 8,000,000 could, by any stretch of the imagination, be classed as
producers and also sellers of things—farmers, for example.
"Even if we were to suppose, therefore, that inflation would fulfill the
utmost hopes of all the 8,000,000 producers of things, it would by just so
much impair the fortunes of the 40,000,000 who are not producers of things.
"In other words, for every one citizen that it helped, it would harm five
citizens by exactly as much as it helped the one. Surely, no fair-minded
man could even consider such a course. For example, this plan may, for a
time, be good for a few million farmers who raise export products—it would
not help all farmers—a few gold and silver miners, and a few owners of
great commodity stocks. But what about the many more millions now dependent on starvation wages and salaries?"
Answering his own question, "What are we to do?" Mr. Baruch said:
"What we want is a resumption of normal American business, with wages,
prices and business activity all going up together. The single missing element is complete confidence.
"This Government is again at a crisis. It was half-saved because the
President went so rapidly to work to build up the wreck. If there is a new
wreck, it will be our wreck."
Uncertainty as to Purchasing Power of Dollar Serious
Obstacle to Business Recovery Says Cleveland
Chamber of Commerce Declaration on Sound
Money.
Among the various bodies which have declared their
stand on a sound money policy is the Cleveland Chamber
of Commerce which declares its stand as follows:
"The Cleveland Chamber of Commerce recognizes that the present
uncertainty about the future purchasing power of the American dollar is a
serious obstacle to business recovery. It Is of the opinion that the Federal
Government should announce and pursue policies which will convince the
American people that a sound money will be adopted and preserved.
"The Chamber does not presume to recommend specific procedures
because it realizes that there are alternative courses of action which are
compatible with the restoration of a sound money policy. The Chamber
does, however, affirm its conviction that a sound money system Is one in
which the quantity of money and the quantity of credit based upon It are
kept closely adjusted to the needs of agriculture, industry and trade in such
a manner as to avoid extreme fluctuations in the purchasing Power of the
money.
"It is the considered opinion of this Chamber that legislation should be
prepared and policies adopted which will automatically and in mandatory
fashion check the decline In the purchasing power of the dollar at a specified
level. It holds that these measures should be so clearly stated and authoritatively supported as to assure the people In a completely convincing
way that the American dollar will in the future possess enduring soundness
without passing through an intervening period of excessive depreciation."
Nov. 25 1933
Regarding the action of the Chamber the Cleveland
"Plain Dealer" on Nov. 17 had the following to say editorially:
Cleveland Chamber Joins.
The Cleveland Chamber of Commerce in a resolution sent to the President
Wednesday expresses this opinion:
The Federal Government should announce and pursue policies which
will convince the American people that a sound money will be adopted
and preserved.
It thus joins a large body of business organizations in favoring abandonment of the currency policy of dollar depreciation and of establishing a
monetary unit of stable value. It recognizes, as do all persons engaged in
the conduct of business, that uncertainty with respect to the future of the
dollar is one of the serious obstacles to continuing recovery.
The Cleveland Chamber, unlike the Chamber of Commerce of New
York, does not demand immediate restoration of the gold standard. It
apparently entertains the view that a sound money policy could be initiated
by other means as well, and is insistent only that the uncertainty due to
violent fluctuations in dollar value be eliminated.
For the moment there is some indication that the administration is no
longer pursuing the depreciation policy which went into effect three weeks
ago. Having depressed the dollar in foreign exchange markets to a point
where its gold value is but slightly more than 60 cents the Reconstruction
Finance Corporation has been content for two days in succession to hold
the domestic price of gold unchanged. What it is doing in the foreign
market is a matter about which the public is wholly uninformed, but it is
fairly apparent that the dangers of too rapid dollar depreciation are recognized.
But such recognition will not be enough. As Col. Leonard P. Ayres
expresses it in his book, the "Economics of Recovery," "what is essential
is that our people should be convinced that the administration and the
nation have unalterably pledged themselves to the establishment of a
sound money system."
This in effect is what all critics of the administration's currency policy
are demanding. Some are of the opinion the best approach to that objective
Is by means of an immediate restoration of the gold standard, while others
would be content with a de facto stabilization until the present emergency
is past.
Return to Gold Standard Urged by Newark (N. J.)
Chamber of Commerce.
Immediate return to the gold standard and stabilization
of the currency on that basis was recommended in a resolution forwarded on Nov. 15 by the Newark, N. J. Chamber
of Commerce to President Roosevelt. The Newark "News"
in noting this added:
Action of the Chamber was taken yesterday after it voted to support a
report of its Committee on inflation. The resolution was sent by Stanley S.
Holmes, President of the Chamber, who wrote to President Roosevelt that
the conclusions "embodied in the resolutions are the result of earnest
thought and study and for them I bespeak your consideration."
Charles R. Hardin is Chairman of the Committee. Other members are
Alfred Hunan, Carl L. Jacobsen, Percy S. Young and Horace K. Corbin.
The resolution declares that stability of the currency used to transact all
business must necessarily be anlimportant factor in economic recovery.
"It is the considered belief of the Newarg,Chamber of Commerce," the
resolution states in part,"that there should be an immediate return to gold
.
as the basis of the nation's monetary system that the greatest obstacle to
business recovery is the uncertainty concerning' the present and future
that further experimentation in respect thereto
value of the currency, and
not only will continue to depress industry but also will react unfavorably on
the credit of the government and be especially disastrous to the wage earner
and the farmer."
In making the recommendation the Chamber declares the President
stated his currency measures were necessarily experimental and indicated
that changes of policy might be necessary. The Chamber declares it believes "it is opportune to suggest that changes now be made."
President Roosevelt's Gold Buying Policy Reported to
Have Been Discussed at Recent Meeting of Directors of Bank of International Settlements.
It is stated that the Board of Directors of the Bank for
International Settlements at its monthly meeting at Basle,
Switzerland, Nov. 13, was chiefly concerned with a discussion of the Bank's possible activities in the future, including the suggestion of accepting deposits in other than
gold currencies. Advices from Basle to the "Wall Street
Journal" Nov. 14 in reporting this, added:
Sentiment was divided but inclined against such an'experiment. The
Bank, therefore, will probably be content to await the ultimate outcome
of President Roosevelt's monetary experiment, with the hope of playing a
leading role when the world prepares to return to the gold standard.
Upon the understanding that President Roosevelt is willing to allow
Governor Harrison of the New York Federal Reserve Bank to join the
B. I. S. board, some discussion of the matter arose, revealing a general
disposition to invite the New York bank governor to attend the board's
meeting informally and occasionally, pending America's return to the gold
standard when his formal appointment might be possible.
Although funds at the disposal of the Bank continues to shrink, the
Bank's management stated its ability to pay off all liabilities should liquidation become necessary Politically.
The personnel of the Bank is being reduced by 33% and the salaries of
remainder are being cut 10%.
Rumors that the Reichsbank intends to withdraw from membership
apparently have no foundation.
-— — ov. 12, to the New
— United Press accounts from Basle, fr
York "Herald Tribune" said:
A one-third reduction in the staff of the Bank for International Settlements and a cut of 10% in salaries effective April 11934. was voted by the
Bank's council to-day. Members of the council indicated that the B. I. S.
may play an important role in the stabilization of currencies on a gold
basis, "when the existing monetary experiments in the United States
activities are ended," but it was doubted the Bank would seek new activities at present.
A z eference to the proposed reduction in salaries appeared
in our issue of Oct. 14, page 2717.
Volume 137
Financial Chronicle
3783
George Blumenthal, Banker, Urges Sound Money.
George Blumenthal, director of the Commercial National
Bank & Trust Co., trustee of the Metropolitan Museum of
Art and President of Mount Sinai Hospital, announced on
Nov. 20, according to the New York "Herald Tribune" that
he had asked Henry Morgenthau, Jr., Acting Secretary of
the Treasury, to submit the following message to President
Roosevelt:
quiries had shown that 65 to 75% of the conservative bankers of the country
were "in favor of this principle of currency expansion."
Senator Smith voiced the opinion that "the demands of business for
cash and not credit make it imperative that the real money circulation
shall be increased."
The resolution condemned "false and willful misrepresentations" emanating from sources characterized as largely responsible for the existing depression, and asked the President to call upon the appropriate agency of
the Government to investigate any infractions of law.
The conference also appointed a committee of three to study a plan for
remonetization of silver, based on a backing of 75 cents silver and 25
cents gold for every dollar certificate Issued.
The freedom of the press is the freedom of the American people. Circumstances have imposed upon the publishers of America the important
duty and responsibility of preserving that freedom and handing it down
to posterity. I believe that they will prove worthy of it.
Robert R. McCormick at Annual Banquet of New York
Chamber of Commerce Discusses Issue Between
Press and NRA Administrator—Freedom of Press
Involved—Martin W. Littleton Predicts Eventual
"President Franklin D. Roosevelt:
Failure of Present Policies.
know you do not wish to put your country into bankruptcy, but if that
"I
Criticism of the National Recovery Administration and
was your purpose you certainly could not adopt more efficient measures
actions of certain of its officers was made by speakers at the
than those resorted to for several months. By calling immediate halt in
present policies and announcing intention reverting to sound money and
165th annual dinner of the Chamber of Commerce of the
accepting the working of the law of demand and supply, chaos and ruin can
State of New York, held in New York City on Nov. 16,
probably still be avoided. Correction of errors is a courageous action and.
Col. Robert R. McCormick, publisher of the Chicago
if undertaken by you, will win for you the admiration of the public. Persistence in faulty measures will bring untold misfortune to this country,
"Tribune," described the perils of NRA "tyranny" and outRespectfully submitted:
lined a method of press suppression "more successful than
GEORGE BLUMENTHAL.
any except licensing"—the method of economic pressure.
President Roosevelt Urged by Monetary Reform Groups Martin W. Littleton termed the entire NRA program
to Continue Gold and Monetary Policy—Senators "soviet," and predicted that it would fail, if and when the
Thomas, Harrison, Smith and Prof. Irving Fisher Supreme Court appraised it by the standard of the ConstiAmong Those Endorsing Resolution—Also Favors tution.
Gold-Revaluing Plan to Pay Bank Depositors.
After reviewing the history of attempts to interfere with
A resolution calling upon President Roosevelt to con- the freedom of the press in England and America, Col.
tinue his "gold program and entire monetary policy" . .. McCormick referred to the NRA codes of practice for news"until the 1926 level of commodities, salaries, wages, con- papers. He said:
ditions of employment and the solvency of the people of
It must be very plain that a method that will permit costs to be put
the United States are restored" was adopted in Washington upon newspapers which they cannot bear will be more universally suclicensing.
on Nov. 17 at a conference of the Committee of the Nation, cessful in surpressing them than any method—other than of code conNow whatever opinion may be entertained as to the value of
the Monetary Reform League, some members of Congress trol imposed upon industries, it is obvious that if the newspapers of the
and farm organization leaders. According to a dispatch country are regimented together and placed as a class under a Government
from Washington to the New York "Times" the resolution authority, they will not enjoy the unlimited freedom that has been their
Sedition Laws.
was signed by Senators Thomas, Harrison and Smith, lot since the expiration of the
Col. McCormick said that the question at issue now beHarriss,
sponsors of the silver remonetization plan; Robert M.
a New York cotton broker; John F. Hylan, former Mayor tween the press and the NRA Administrator was the declaraof New York City, representing the Monetary Reform tion preserving freedom of the press incorporated in it by
League; James H. Rand Jr., Chairman of the Committee the publishers. He continued:
In our own generation liberty of utterance has been attacked, and in
for the Nation; George LeBlanc, Professor Irving Fisher its defense editors have been put in jeopardy of ruin and of imprisonment.
The framers of the newspapers code, who insist that the freedom of the
of Yale and J. G. Scrugham, a member of the House Bankpress be not reserved in the code. have thrice violated the freedom of
ing and Currency Committee.
the press while claiming to respect it and have denounced the newspapers
From the same account we quote:
In language closely resembling the persecutor Chase.
Text of Resolution.
The resolution on monetary policy read as follows:
1. Be it resolved, That the gold program and entire monetary Policy of
the President for restoring the general price level be approved, and that
he be requested to continue such policy until the 1926 level of commodities.
salaries, wages, conditions of employment and the solvency of the people of
the United States are restored.
2. Be it resolved further. That when the general business conditions and
price level of 1926 shall have been restored, we favor the stabilization of
the purchasing power of the dollar at such level.
3. Be it resolved further, That we condemn the false and willful misrepresentations emanating from certain well-known groups at home and abroad
against the President's monetary policy. These groups were largely responsible for the existing depression. Their misrepresentations are calculated to create unwarranted fear and tend to undermine the Government's
credit. We request the President to call upon the appropriate agency of
the Government to investigate immediately and ascertain the infractions
of law involved.
4. Be it resolved further, That these resolutions be properly engrossed,
signed and delivered to the Chief Executive.
Plan to Pap Depositors.
Another resolution adopted by the conference contained a plan, suggested by Mr. Rand. to pay before Dec. 25 about $2,500,000.000 to depositors whose funds are now tied up in closed banks throughout the
country. The principal points of the plan, as presented to President
Roosevelt, were as follows:
1.—Conservators and receivers of closed banks would issue certificates
of deposits to all depositors for the full amount of deposits in the unliquidated institution.
2.—The Reconstruction Finance Corporation would authorize open
banks to honor the certificates for 50% of the amount, either for cash or
deposit for opening new accounts.
3.—Weekly reports would be made to the RFC by the accepting banks,
and the RFC would also issue four-month promissory notes bearing I%
interest to the bank.
4.—The Treasury Department would meanwhile "revalue" all gold
stocks at such a higher figure than the "bookkeeping" value of $20.67
Per ounce as to leave a large profit, and the RFC promissory notes then
would be redeemed.
Effect of Revaluing Gold.
Explaining the plan, Mr. Rand said:
"There are $4,200.000.000 in gold stocks in this country valued at the
old price of $20.67. Other nations have revalued their gold since the
depression, one 400% higher than the old price.
"Revaluation of our old stocks would leave a huge profit, and we estimate than not more than $500,000,000 would be 'lost' In aiding the delaositors who would be paid one-half of their frozen deposits.
"It would place buying power in the hands of people who would buy
and the increase in general prices would probably allow 75% payment
on deposits now frozen."
Following the conference Senator Thomas said that the Remonetization
Committee would be ready to report within 10 days and added that in-
Mr. Littleton, former Congressman, declared that "the
Administration in Washington must not forget that during
the last campaign for the Presidency. nothing was outlined
or even suggested as to a vast program of collectivism or as to
a policy of anti-individualism, and that no opportunity
to debate or consider such a program or policy was furnished,
nor was the program itself submitted to the voters of the
country." In part he went on to say:
It must also remember that the Congress. which by various acts attempted to vest in the President unheard-of power and authority, did not
particularize as to this authority or power, nor was it disclosed in what
manner and by- what machinery this power and authority was to be made
effective. It must not forget that only 60 hours of debate was had in
the Congress on all this vast program and that a search of those debates
falls to indicate any clear limitation, if any there was, to such power and
authority. The first time that the country is met with these far-reaching,
uprooting proposals is when some one of a legion of bureaucrats announces it.
Under these circumstances, it is not wise for Mr. Farley, a member
of the Cabinet, to denounce as "snipers" those who question or challenge
these departures; it is not wise for General Johnson to denounce as "witch
doctors" those who wish to inquire Into them; it Is not wise for Mr. Ickes
to relegate to the museum individualists who do not agree with these
revolutionary and dictatorial policies; it is not wise for Mr. Richberg to
denounce economists, statisticians and financial writers as "subsidized"
and as high power publicists engaged in "creating public opinion contrary
to the public Interest." . .
.
Those who would alter our civilization, based upon the individual and
his leadership, and substitute for it collective control of money, business
and industry must find some way in which to evade or avoid or overthrow
the Constitution of the United States. The pretense that it is el- stic
enough to cover the changes which they have in view Is purely fantastic
and the effort to drive through that great organic instrument, with its
carefully enumerated powers and its precise limitations a great Soviet
program must and will fail, if and when the Supreme Court of the United
States measures that program by the standard of the Constitution and
rejects it as a violation of the fundamental law of the land. Many of
those engaged In promoting this program know this and are intent. In
one way or another, of either reconstructing or intimidating the Supreme
Court in such a way as to leave the country subject to a pure democratic
despotism. It is difficult to delineate the protean features of this movement, which is articulate in so many quarters. It has some of the fierce
aspects of Fascism, some of the solemn and stupid features of Sovietism,
some of the seductive insidiousness of Socialism; but taken as a whole the
objective is the same, that is, the uprooting of American civilization.
the dismantling of American institutions and the disintegrating of the
American Constitution. .. .
The will of the people, as thus carefully expressed in the Constitution,
outlines in unmistakeable language a Government of limited powers and
In the 10 amendments it securely establishes the rights of life, liberty
and property. These three are just as fundamental and just as much a
part of the Constitution and just as far beyond the reach of the control
of a majority, or an Administration chosen by a majority, as are those
other rights embodied in the First Amendment to the Constitution; that
3784
Financial Chronicle
Is, the rights to establish a religion and to be free in the exercise thereof,
freedom of speech and the freedom of the press. What would the country
think if the Administration should begin tinkering with the freedom of
religious worship or the freedom of the press? How long would the blundering, blustering bureaucrats last if they began to blunder and bluster
about these rights, and yet the rights of life, liberty and property—in
other words, individualism, yes, rugged individualism—are protected
In exactly the same constitutional way. The Supreme Court will be called
upon to uphold the will of the people—the Constitution—and to say whether
the program of collectivism, executive dictatorship and bureaucratic
government—not disclosed in the campaign, nor particularized in the
egislation which attempted to authorize it, not even referred to the majority for decision—whether these things and the legislative and executive
acts carrying out these things are contrary to the will of the people, that is,
the_Constitution.
Policy of Expediting Farm Mortgage Loans to Be Continued, Says W. I. Myers, Newly Appointed Governor of FCA—Finds Loans by Federal Land Banks
Being Made at Rate of $50,000,000 a Month, Compared with $27,567,800 During Entire Year 1932.
With loans by the Federal Land Banks the first 15 days
of November totaling almost as much as the total for all of
the year 1932, William I. Myers, newly-appointed Governor
of the Farm Credit Administration, succeeding Henry Morgenthau Jr., who assumed the position of Tinder-Secretary
and Acting Secretary of the Treasury, declared that the
policy of expediting farm mortgage loans would be continued
and that he expected the number of loans closed to increase
rapidly. "The 12 Federal Land Banks are now making loans
at the rate of $50,000,000 a month," said Mr. Myers,"whereas
during all of 1932 the total loans closed was $27,567,800."
According to an announcement issued by the FCA on Nov. 17,
Mr. Myers added:
We will continue to train appraisers and add to the appraisal force in order
to pass upon all applications as quickly as possible. The Banks now have
about 190,000 applications on which they have appraisal reports, and the
total number of applications in hand is approximately 300,000. For several
weeks now appraisals have considerably outnumbered new applications. The
total applications for loans since May 12 is nearly 380,000 for approximately $1,500,000,000.
From a skeleton force of 210 appraisers at the time the FCA was organized, the number has been increased by careful training and selective appointments until on Nov. 11 there were 4,039 appraisers in the field, 230 about
to be appointed, 268 in training, and 448 being used in supervising or
coaching appraisers. During the week ended Nov. 11, 28,787 appraisals
were made and 18,359 applications were received. Not only has the
number of appraisers on the job been increased, but the number of farms
that each appraiser is able to appraise during a week also is larger.
Regional offices of the FCA have been established in eight districts, and
they will be organized shortly in the four remaining districts. The completion of the regional organizations included, in addition to the existing
Land Rank and Intermediate Credit Bank of the district, the organization
of a Production Credit Corporation and a Regional Bank for Co-operatives.
These have been organized in St. Louis, Berkeley (Cal.), St. Paul, Columbia
(S. 0.), Houston, New Orleans, Baltimore and Spokane. They will be
organized before the end of Dec
-ember in Omaha, Wichita, Louisville and
Springfield (Mass).
Considerable progress already has been made in the organization of local
production credit associations in several States, and this work will be pushed
in the near future with the expectation of making available production credit
to farmers by next spring or earlier. These associations are being organized
by farmers with the help of the Production Credit Corporations. The latter
will purchase a large part of the stock in the local associations and the
farmers will buy stock to the extent of 5% of their loans. It is expected
that these associations will become permanent sources of production credit
generally throughout the United States.
A Central Bank for 0o-operatives was organized in Washington some
weeks ago, and has been making loans to national co-operatives to finance or
refinance physical facilities and for merchandizing purposes. Regional banks
have been set up at eight points as units of the regional FCA, and they
will make the same type of loans to farmers' co-operative purchasing or
selling organizations within their respective districts.
The Federal Intermediate Credit Banks will continue to make commodity
loans to farmers' co-operative marketing associations so they may carry on
orderly marketing activities, but not for speculation or for stabilization purposes. They will also continue to discount or lend on farmers' paper tendered
to them by approved production credit associations, corporations, livestock
loan companies and other financing institutions when the loans have been
made for agricultural production purposes.
The last statement issued by the FCA indicated that on
Oct. 31 loans and discounts -by the various units comprising
the Administration or supervised by it totaled $1,870,444,217.
The statement was referred to in our issue of Nov. 11,
page 3434.
Loans of $13,583,539 Advanced by Central Bank for
.Co-operatives from Sept. 13 to Nov. 15.
The Farm Credit Administration announced Nov. 24
that from Sept. 13 to Nov. 15 the Central Bank for Cooperatives loaned $13,583,539. These loans were made to
farmers' co-operatives handling cotton, dairy products,
fertilizer, fruits and vegetables, grain, hay, livestock, nuts,
sugar and tobacco, the announcement said. Of the total
amount loaned all but $26,300 was borrowed for merchandising purposes. The smaller sum was loaned to help co-operatives purchase physical marketing facilities for handling,
warehousing or processing agricultural products. Continuing, the announcement further said:
Nov. 25 1933
The Central Bank for Co-operatives was chartered by the Governor of
the FCA,Sept. 13, and it has a capital stock of $50,000,000 wholly owned
by the United States. Farmers' co-operatives borrowing from it purchase
stock in amounts equal to $100 for each $2,000 borrowed.
Among the various activities or operations of associations financed from
the funds loaned from Sept. 13 to Nov. 15 are the following: handling and
preparation of products for market, purchase of packing supplies, assisting
in the movement of lambs and cattle to be put on feed, and purchase of
materials for manufacturing fertilizer for members' use.
With the setting up of the Regional Banks for Co-operatives loans for
less than $300,000 will be handled by them instead of the central bank.
Regional banks have been chartered in eight FCA districts and have headquarters at St. Louis, Berkeley, Calif.; St. Paul, Minn.; Columbia, S. C.;
Baltimore, Houston, Tex.; Spokane and New Orleans. Within the next
month they will be set up in the other four districts with headquarters in
Wichita, Omaha. Louisville, Ky., and Springfield, Mass.
President Asks Banks to Cash Civil Works Checks
Promptly-1,000,000 to Be Paid To-day—Text of
Communication, Distributed by Federal Reserve
Banks.
The Federal Reserve Bank of New York on Nov. 23
addressed to all banks in the Second Federal Reserve District
a copy of a communication from President Roosevelt urging
banking institutions to co-operate with the Civil Works Administration by cashing promptly at par checks which it was
planned to pay to-day (Nov. 25) to more than 1,000,000
employees of that organization. Similar action was taken
in all other Reserve Districts. The communication from the
President read as follows:
EXECUTIVE OFFICE
Warm Springs, Ga.
November 22 1933.
ALL BANKS:
program which the Government launched
The nation-wide civil works
In order to give men and women employment in place of relief is now under
way. More than one million employees of the Civil Work's Administration
will receive their first week's pay at the end of this week, on Saturday.
November 25.
They will be paid by checks drawn upon the Treasurer of the United
States. To prevent delays in the payment of this initial week's wage, it
is essential that our banks throughout the country co-operate to the fullest
extent, cashing these checks at par upon proper identification. This identification will, in most cases, be an identification card given to payee by
the local Civil Works Administrator.
I urge bankers to communicate with the local Civil Works Administration to make certain that checks will be cashed promptly and in full.
FRANKLIN D. ROOSEVELT.
Applications to Join Federal Deposit Insurance Fund
Received from 6,135 Banks Not Members of Reserve
System.
Up to the close of business last(Nov.21)6,135 State banks
which are not members of the Federal Reserve System had
applied for membership in the temporary insurance fund,
Walter J. Cummings, Chairman of the Federal Deposit Insurance Corporation, announced on Nov.23. The announcement also stated:
Applications to join the fund had been mailed to 10,348 State non-Reserve-member banks. Of these 8,073 are institutions which are operating
on a non-restricted basis in their respective States. The remaining 2,275
State banks to which applications have been sent, classified as "others,"
include both mutual savings banks and banks operating on a restricted
basis. State banks operating on a restricted basis will be eligible for membership in the insurance fund, if they can qualify, in respect only to that
part of their deposits which is not restricted.
Of the 6,135 State banks which have applied, 3.605 have already been
completely examined as to their qualifications for membership by examiners
of the Federal Deposit Insurance Corporation,
These State banks are seeking membership in the temporary fund, which
goes into effect Jan. 1 1934, and which insures in full individual bank deposits up to $2.500. All banks which are members of the Federal Reserve
System automatically become members of the temporary insurance fund.
Chairman Cummings did not reveal the identity of any individual State
banks which have met the requirements for memberships in the insurance
fund, since directors of the Federal Deposit Insurance Corporation decided
some time ago that the names of all banks which qualify will be announced
simultaneously here just before the fund goes into operation at the beginning
of 1934.
At the close of business Tuesday, Minnesota led in the number of State
banks applying for membership in the insurance fund, with 419. Next
In line came Illinois, with 416 State banks making applications; Missouri,
357; Indiana, 348; Ohio, 299; New York, 296; Wisconsin, 290, and Pennsylvania, 266.
On a percentage basis, the District of Columbia was in the van, with
all 10 State banks here applying. In Louisiana, 134 out of 135 State banks
applied, while other States to show large percentages included Alabama,
Arkansas, California, Michigan, Minnesota, New Mexico. Oregon. South
Dakota, Utah and Wyoming.
A force of 1,465 examiners and assistant examiners of the Federal Deposit
Insurance Corporation is handling the work of examining the applicant..
banks in the various States.
Final decision as to which State banks will be admitted to the insurance
fund will be made by the three directors of the Federal DepositInsurance
Corporation; Walter J. Cummings, J. F. T. O'Connor (Comptroller of the
Currency) and E. G. Bennett.
Definitive Bonds of HOLC Available for Exchange
for Outstanding Interim Receipts.
Definitive bonds of the 18-year 4% issue of the Home
Owners' Loan Corporation are now ready for exchange for
interim receipts outstanding, it was announced in a statement released at Washington by the Corporation on Nov.18.
From the announcement we also quote:
Volume 137
Financial Chronicle
All holders of interim receipts may obtain bonds by forwarding their
receipts to the Treasury Department, Division of Loans and Currency.
Washington, D. C.
Further issuance of the receipts, which have been given in exchange for
mortgages on properties refunded under the Home Owners'Loan Act of 1933.
have been discontinued and henceforth the refunding operations will be
concluded by the transfer of bonds forwarded to the mortgagee from the
Treasury Department on orders of the Washington headquarters of the
Corporation.
Field reports from the Corporation's 257 State and branch offices for the
week ending Nov. 10 show that as of that date a total of 6,733 individual
bond loans had been closed with dollar volume of $20,124,038, and paid
out through the use of the interim receipts now to be replaced by the
definitive bonds.
Instructions issued to-day on the method to be employed in exchanging
the certificates now held by individuals and institutions state that the
Interim receipts are to be endorsed in person by the party or parties to
whom issued, in the presence of a witness. The endorsement must be
guaranteed by an established bank or trust company or a member of a
New York Exchange firm before sending the certificates to the Treasury
Department, Division of Loans and Currency, for exchange. Bonds may
be registered in denominations of $1,000 and $5,000, and those desiring
registered bonds in exchange for receipts held may obtain them by requesting them at the time of forwarding the receipts.
Elaborate precautions have been taken to protect the interests of all
concerned in the transit of the bonds, which are stored in the vaults of
the United States Treasury until issued direct to recipients on order of the
Corporation.
Under the Home Owners' Loan Act of 1933. the Corporation is authorized
to issue up to $2,000,000,000 in bonds, bearing interest of 4%, which is
guaranteed to maturity by the Government. Coupon bonds of the issue
are in denominations of $25, $50. $100, $500. $1,000 and $5,000.
The circular descriptive of the bonds was given in these
columns Sept. 16, page 2047.
Bank Receiver Upheld in Refusing Home Bond—
Connecticut Court Cites Low Price of Loan Unit's
Issue.
From Bridgeport, Conn., Nov. 10 advices to the New
York "Herald Tribune" said:
The receiver of a closed bank cannot be forced to accept Home Owners'
Loan Corporation bonds in lieu of a mortgage, Judge Ernest A. Inglis
ruled in Superior Court to-day.
111'. Judge Inglis denied a petition brought by Mrs. Ethel Turk, of this
city, seeking to compel George N. Foster, receiver for the closed Commercial Bank & Trust Co. here, to accept the Federal bonds to block foreclosures of her property in liquidation of the bank's assets. The mortgage
was originally held by the bank, but was assigned to the Reconstruction
Finance Corporation as collateral.
Since the RFC will not accept the HOLO bonds, it is the duty of the
Court to protect the bank in receivership, Judge Inglis said. He pointed
out that the HOLO bonds at market value are worth only approximately
85% of their par value. Any effort of the receiver to dispose of such
bonds would result in a loss to the closed bank and a subsequent loss to its
depositors, he said.
Additional $5,927,316 Advanced by HOLC During Week
of Nov. 10.
Refinancing operations on urban homes are being completed by the Home Owners' Loan Corporation at a rate of
almost 350 a day, it was announced Nov. 18 by the Corporation in reporting the figures of its national operation for the
week ended Nov. 10. The report showed:
A total of 2,078 loans on individual properties valued at $5,927,316
was paid out during the week, the average loan being $2,921. Simultaneously 13.938 additional loans were tentatively approved after first
appraisal and agreement by the mortgagee to accept the bonds of the
Corporation in exchange for the existing mortgage. Loans thus tentatively
approved totaled $39,843,072, representing a rate of more than $6,600,000
in such approvals daily.
The figures announced bring the total number of bond loans paid out
to 6,942, with dollar volume of $20,275,125, and the number of applications
tentatively approved to 125,631, with dollar volume of $357,074,376.
These tentatively approved loans are rapidly progressing toward the paidout status through the normal channels of the operations, including the
additional appraisals, title search and actual distribution of the bonds.
In issuing the report, John H. Fahey, Chairman of the
Federal Home Loan Bank Board and the HOLC, said:
While complete and careful appraisals and search of legal title are necessary in each instance to the end that the bonds Issued by the Corporation
be underlaid by properties of unquestionable value, orders have been
issued to increase staffs of field appraisers and thus expedite the completion of loans already tentatively approved and the increasing number
of new loans being tentatively approved daily.
Bonds of the Corporation are now ready for distribution where new
loans aro closed, and for exchange for the interim certificates now outstanding. The rate both of applications tentatively approved and loans
paid out has increased, while the rate of new applications being received
has declined. The State offices are doing unusually constructive work in
an area which, while not spectacular, is of the greatest value, namely
aiding in private agreements between mortgagee and mortgagor under which
mortgages are extended or refinanced privately on homes which were
faced with foreclosure. A more sympathetic and co-operative attitude is
being indicated by banks, life insurance companies and private lenders
as knowledge of the exact aims and purposes of the Corporation and the
nature of its bonds increases.
One problem facing the Corporation is definitely that of persons filing
applications without real cause. Many of these people are under misapprehension as to the nature of the Corporation and the types of properties
eligible. But it is evident that great numbers of persons filing applications
are perfectly able to carry their present mortgages, but seek to obtain
the 5% long-term financing of the Corporation and create defaults to this
end. The Board of Directors has taken emphatic position that it will give
no consideration to such cases. The purpose of the Corporation is to do
all it can to take care of worthy home owners who, facing foreclosure, require an extension of time to preserve their homes. Through long-term
financing and a lower interest rate it places such properties on a sound
business-like basis. But its funds and services are not designed to enable
3785
people who are financially able to carry their present obligations to evade
their mortgage indebtedness. The unfortunate aspect of the matter is that
such applications and specious defaults waste time of the Corporation's
field staff In needless investigations. It is equally unfortunate from the
viewpoint of the person presenting such an application, for he eventually
finds himself in financial embarrassment, being in default to his creditor
and unable to obtain a loan here.
The report of the Corporation simultaneously emphasized
that of the loans paid out during the week, 2,024 were completed through bond transactions, and that but 54, with total
dollar volume of $43,769, were paid out in cash. It continued:
Cash loans are made to pay taxes on homes unencumbered by mortgages,
or to meet up to a 40% appraisal of the property where the mortgagee will
not exchange his mortgage for the Corporation's bonds and where the
mortgage does not exceed such evaluation. Twelve such loans were made
during the week.
The Corporation's report for the week ended Nov. 3 was
given in our issue of Nov. 18, page 3599.
Public Works Administration Allots $100,000,000 for
Slum Clearance and Low-Cost Housing Projects—
Secretary Ickes Warns "Unreasonable" Prices Will
Not Be Paid for Land—About 20 Cities Expected
to Ask Aid.
Secretary of the Interior Ickes announced on Nov. 21 that
the Public Works Administration had allotted $100,000,000
to the Federal Emergency Housing Corporation, to be used
for slum clearance and low-cost housing projects throughout
the country. Mr. Ickes, who spoke in his dual capacity as
Public Works Administrator and President of the Housing
Corporation, warned cities and groups of individuals that the
PWA cannot be "held up" by setting "unreasonable" values
on land to be acquired for housing purposes. He said:
If a city will not set a fair price on land in one section, we will go to
another section. If values are too high throughout the city, we will go to
another city. There are plenty of cities willing to do the decent thing in
regard to land values.
Mr. Ickes said that he expected that the Corporation
would be asked to aid in slum clearance projects in about
20 cities, including New York. Further details of the
announcement follow, as given in a Washington dispatch of
Nov. 21 to the New York "Times":
The allocation of the money was made by the Special Board for Public
Works, which met to-day. The first project, it was announced, will be a
$3,000.000 to $4,000,000 project in Detroit which would provide rooms at
$6.30 a room a month.
Indicating that a special revolving fund might be set up for housing
projects, Secretary Ickes declared that, wherever possible, projects built
with Federal funds would be turned over to municipalities and States to
manage, thus releasing the Federal capital.
Lays Down Power Plant Rule.
The Secretary also announced rejection of the request for a grant of
public works funds for a municipal power project in Fort Worth, Texas.
Rejection was on the ground that proposed rates would be the same as now
exist.
The general ruling was laid down that such projects must establish rates
"socially and economically sound" before works money is made available.
Rejection of Southern California sewage and flood control projects
pending further study was also announced. Allotment of $250,000 to the
National Planning Board and the establishment of a corps of government
technical advisers for State, regional, local and city plans was also announced. These advisers will CO-operate with and advise local planning
agencies and coordinate local agencies with the National Planning Board.
Organization Completed of Emergency Housing Corporation—Secretary Ickes Designated President.
Completion of the organization of the Federal Emergency
Housing Corporation and adoption of by-laws for the
organization were announced on Nov. 18 by Secretary Ickes
as Public Works Administrator. The objects of the corporation are to engage directly in slum clearance and the erection
of low-cost housing projects, and to assist public bodies and
other organizations in such work. The officers of the
corporation are:
President, Secretary Ickes.
Vice-President, Secretary Perkins.
Treasurer, Rexford G. Tugwell, Assistant Secretary of Agriculture.
Secretary. Lloyd H.Landau. Solicitor of the Public Works Administration
Comptroller, George H. Parker, Chief Accountant of the PWA.
The following directors were elected by the incorporators:
Secretary Ickes, Secretary Perkins, Assistant Secretary Tugwell, Robert
D. Kohn, PWA Director of Housing, and Colonel H. M. Waite, Deputy
Administrator of Public Works.
Sellers' Strike Deadlocks Hog Market for 9 Days—
Federal Buying Represents Only Activity During
Period as Packers Refuse to Give $4.60—Commission Houses Finally Yield and Sell at Lower
Figures.
A "sellers' strike" in the Chicago hog market resulted in
a virtual deadlock that halted all public participation during
the period from Nov.8 to 17. Commission men were asking
$4.60 for better-grade medium weights, and as packers refused to meet this figure business was almost at a standstill
3786
Financial Chronicle
for more than a week, except for purchases by the Federal
Surplus Relief Corporation, which totaled approximately
28,000 head. The sellers' strike was finally broken on the
afternoon of Nov. 17, with the sellers yielding to the demands
of the packers for prices ranging from $4.35 a hundred
pounds downward. About 45,000 hogs were on hand when
selling started. Trading has been normal during the present
week, but prices continued to decline until Nov. 23, when a
moderate rally was followed by further improvement yesterday (Nov. 24).
The Chicago "Tribune" on Nov. 18 described the end of
the sellers' strike in the hog market as follows:
The "sellers' strike" that has held the hog market in a deadlock for nine
days ended yesterday with the capitulation of the commission men, who
have been holding out for higher prices, and the withdrawal of Government
support for the market.
At the closing of trading yesterday the packers had bought 25,000 hogs
out of the surplus that has been glutting the yards, and they were buying
them at their own prices, $4.25 to $4.35 per 100 pounds. Sellers had been
asking $4.50 to $4.60 for nine days and there were 45,000 unsold hogs in
the pens when the break came.
During the day it was learned that the Federal Government had decided
to let the market follow its natural trend and had abandoned its attempt
to peg the price of hogs in the Chicago market.
Delay Market Closing.
Trading continued long after the regular closing time at 3 o'clock. Commission men and packers at a meeting earlier in the day had decided to
continue the trading until the packers had acquired the 25,000 hogs that
they had agreed to buy.
The prices paid by the packers were actually $4.75 to $4.85, including
the 50 cents per 100 pounds Federal processing tax.
It was rumored in the trade that the pervious two plunges that Government buyers took into the hog market to break the deadlock, one last Saturday
and another on Tuesday of this week, was done in the absence of Secretary
of Agriculture Wallace who has been on a trip through the West to quiet
the unrest among the farmers.
It was said yesterday that the FSRC is out of the jurisdiction of the
Secretary of Agriculture. All hogs bought for the account of the Government have been weighed to this Corporation.
AAA Accept Bids on 30,000,000 Pounds of
Pork For Needy.
The Federal Surplus Relief Corporation to-day accepted
bids of 32 meat packing concerns, totaling approximately
30,000,000 pounds of cured pork products for delivery during
January and involving a net cash expenditure of a maximum
of approximately $4,500,000 by the Agricultural Adjustment
Administration and the Federal Emergency Relief Administration. The Administration on Nov. 18 said:
In order to fill their contracts under these bids, the successful bidders
will purchase during November and December approximately 300,000
light hogs, weighing between 100 and 215 pounds. One hundred pounds
of pork, smoked and cured under the bid specifications, will require about
185 pounds of live hog.
The bids accepted averaged between $15 and $16 per cwt. of product,
including the equivalent of the processing tax on hogs. Based on the
average processing cost, the average of these bids is equivalent to about
$5.50 per cwt. of live hog, not including the processing tax.
The cured pork resulting from this program will be distributed through
State and local emergency relief agencies under the direction of Harry L.
Hopkins, Federal Relief Administrator.
Bids to furnish a maximum of approximately 45,000,000
pounds of cured hog products for relief distribution,submitted
by 37 meat packing concerns, were opened on Nov. 17 by
the Federal Surplus Relief Corporation at its headquarters
in Washington, D. C. The announcement on that day by
the AAA said:
The majority of the bids ranged between $16 and $17 per cwt. of product,
Including the equivalent of the processing tax of $1 per cwt. of live hog
which will be in effect after Nov. 30 1933. Based on average processing
costs and the product yield of light hogs, these bids are the equivalent
of from $5 to $6.3734 per cwt. for live hogs. The bids ranged from $9.49
to $19.50 per cwt. of finished product.
It is expected that the acceptance of the satisfactory bids can be arranged and made public by the Federal Surplus Relief Corporation within
a few days. Purchases of light hogs, weighing between 100 and 215 pounds.
to fill the processing contracts will then be made by the successful bidders.
One hundred pounds of pork smoked and cured for this purpose requires
purchase of about 185 pounds of live hog.
A second set of bids to furnish a maximum of 50,000,000 pounds of
smoked hog products for delivery in February will be opened by the Federal
Surplus Relief Corporation on Dec. 1.
This cured pork will be distributed through State and local emergency
relief agencies, it is stated by Harry L. Hopkins. President of the Federal
Surplus Relief Corporation and Federal Emergency Relief Administrator.
This is part of a program to purchase and distribute agricultural surpluses among needy families to make relief allowances more nearly adequate.
AAA Considering Change in Method of Federal Pork
Purchases—Secretary Wallace Charges Packing Industry of Making More Than Usual Profit on
Dressed Hogs.
The Agricultural Adjustment Administration is considering
a change in the method of Federal pork purchases so that
packers will be paid only for processing hogs purchased by
the Government, according to a statement by Secretary of
Agriculture Wallace on Nov. 23. Mr. Wallace charged that
packers had made more than the customary margin of profit
on recent Government purchases of pork. A Washington
Nov. 25 1933
dispatch ofallov. 23 to the New York "Journal of Commerce"
quoted Mr. Wallace as follows:
A profit of 2c. a pound above their usual earnings was attributed to the
Packers on the 29,000,000 pounds of pork sold to the Government. Secretary Wallace declared that the packers' bids to the Government were
based upon a price to farmers of $6 per hundredweight for live hogs, while
they paid and are still paying only around $4 for the live hogs to fill the
contracts.
According to the Secretary's estimate the spread between the price paid
for live hogs by the packers and the price at which the Government Is
purchasing dressed pork would amount to a profit of nearly $1.200,000
for the processors.
Under the plan now being studied by the Government, the next purchase
contracts for relief pork would be awarded only for the processing charges
on hogs which the Government would buy. The packers would be paid
for treating, dressing and curing hogs that the Government will purchase
on the open market.
AAA Accept Bids on 21,000,000 Pounds of Inedible
Grease From Pig Marketing Program.
Bids on approximately 21,000,000 pounds of inedible
grease, obtained through the emergency pig marketing program of the Agricultural Adjustment Administration, were
accepted on Nov.22 by the Administration,it was announced
by Guy C. Shepard, Chief of the corn hog section in the
processing and marketing division, who was in charge of the
bids. The Administration added:
Most of the grease was sold for 24 cents a pound. Chicago basis. Several
bids at 2% to 2% cents a pound, New York basis, were accepted. Odd
lots of various quality, in Isolated locations, ranged slightly downward.
The largest consignment. approximately 19.000.000 pounds, was awarded
to Procter & Gamble, Cincinnati, Ohio. Bids for approximately 700,000
pounds were accepted from Tobias Pergamant Co., New York. The
Colorado Animal By-Products Co. of Denver. Colo., purchased approximately 300,000 pounds. now in storage at various western processing points.
Bids on additional quantities were accepted from Louis Stern & Sons.
Inc., Kearney, N. J.; Oscar Mayer & Co., Madison, Wis.; George Pfaus
& Sons Co., Jeffersonville, Ind.; Armour & Co., Chicago, Ill.; Armour
Soap Works, Chicago; and Jacob Stern & Sons. Philadelphia, Pa.
"The prices received for the grease are very satisfactory In consideration
of the quantity offered for sale," Mr. Shepard stated. The average of
approximately 2% cents per pound, Chicago basis, compares favorably
with the current market.
The bid letting disposes of practically the entire amount of the grease
resulting from the emergency pig marketing program. This grease Is being
held in storage at various processing points for the account of the Secretary
of Agriculture.
Bids on quantities of fertilizer tankage, also being held for the account
of the Secretary, have not yet been awarded.
Hearing Nov. 27 on Revised Code Submitted by Grain
Exchanges—Provides for Wide Federal Supervision—Proposes Continuance of Present Limitations of Daily Fluctuations for Wheat, Corn and
Oats.
A public hearing on the code of fair competition submitted
by the grain exchanges of the country to the Agricultural
Adjustment Administration has been called by the Secretary
of Agriculture for Nov. 27, at Washington, D. C.
The code, it is stated, is the third submitted by the
exchanges since their representatives were called to Washington for a conference late in July by George N. Peek,
Farm Administrator.
The code proposes continuation, unless market conditions
later warrant and Mr. Wallace's permission is given, of the
present limitations of daily fluctuations in places of 5 cents a
bushel for wheat, barley and rye;4 cents for corn,and 3 cents
for oats.
It also provides for minimum margin on open future contracts except hedging and spreading trades, of 10% of the
market price on the first 250,000 bushels or less; 15% on
the next 1,750,000 bushels, and 20% on all above 2,000,000
bushels.
A Washington dispatch Nov. 16 to the New York "Times"
stated that important provisions written into the document
at the insistence of George N. Peek, Farm Administrator
since its original submission include a requirement that
active speculators may not serve on Business Conduct
Committees charged with enforcement of code provisions.
In the same account it was also stated:
Another is that memberships of the boards of directors of the various
exchanges must be apportioned so as to give fair representation to each
branch of the trade.
Aims to Avoid Domination.
The latter provision reads:
"In order that the board of directors of each exchange shall be truly
representative of the membership and be a cross-section of the trade,
each exchange shall provide proper means of electing to membership of the
board of directors a fair apportionment of the various branches of the
trade interests in the exchange and provide that this purpose be carried
Out, whether the nominations be made by a committee or by a petition from
the membership."
In this way it is hoped by adjustment officials that Business Conduct
Committees will be prevented from coming under the domination of special
interests. . . .
In contrast to his uncompromising opposition to earlier drafts of proposed code for exchanges, Mr. Peek appeared to-day to be quite satisfied
with the latest edition. Nevertheless, it was observed by other adjust..
monk officials that several Important speculative curbs, which the exchange
representative had agreed earlier to undertake, were omitted from the final
draft.
Financial Chronicle
Volume 137
Outstanding among these omissions was the absence of any provision for
restricting trading in indemnities, either on a weekly or daily basis. Representatives of the Chicago Board of Trade in conference with Adjustment
officials following the market collapse in June agreed that all indemnity
trading was to be discontinued.
-Day Indemnity Stands.
Day-to
This agreement was reversed, however, by the Board of Governors of
the Chicago Board of Trade and only weekly indemnities were suspended,
although it is estimated that about 90% of all indemnity trading is done
from day to day.
The indemnity practice was blamed by the Exchange representatives for
the over-long positions of a few traders in grain which precipitated the
market collapse in June. It is now stated by representatives of the trade
that these long positions were acquired through weekly indemnities, and
that if confined to day-to-day transactions the practice is a stabilizing
Influence.
The explanation appears to have been accepted by the AAA for the
present, since the proposed code was not permitted to be filed until certain
provisions insisted upon by the Administration were incorporated.
In trade circules it was stated that the daily indemnity practice was
being retained by the Exchanges as a possible concession to Adjustment
officials in the event any were called for.
One interpretation placed by Adjustment officials on the absence of any
provision on indemnity trading was that such a provision could not be
entertained on account of the existence of a question as to its legality.
No Limit on "Lines'" Length.
Neither does the proposed code undertake to limit the length of "lines"
permitted to be held by individual traders. Secretary Wallace has expressed
the opinion that the number of bushels of any grain in control of an individual should be definitely limited as a means of preventing development of
ktop-heavy condition in the market.
The final draft also omits any mention of an earlier proposal by the
Exchange representatives whereby the Business Conduct Committee of
grain exchanges and the New York Stock Exchange would interchange
information concerning market commitments of individual traders. This
was proposed with a view of preventing speculators from "getting In over
their heads."
From the announcement made available Nov. 16 by the
AAA we quote:
The code, as filed for hearing, grants supervisory powers to the Secretary
and provides for administration by the exchanges themselves.
The supervisory and administrative provisions are in addition to previously announced stops for curbing speculative excesses and providing a
more stable market. They include fixing of limits on minimum daily
fluctuations in price, and sliding margin requirements on a percentage
basis. Labor and employment sections are included in the code.
"The administrative provisions of the code place upon the exchanges
themselves the primary responsibility for making the changes necessary to
bring about needed improvements in the grain marketing system," George
N.Peek, Administrator of the Agricultural Adjustment Act,said. "Coupled
with this responsibility of the exchanges themselves, are the supervisory
powers of the Federal Government."
Under the supervisory provisions of the proposed code the exchanges
agree to furnish the Secretary of Agriculture such information as he may
require, to give the Secretary full access to all books and records of the
respective exchanges, as well as to those of their subsidiaries and affiliates,
and to those of all members thereon, and to keep such books and records
as "will clearly reflect all financial transactions of their respective businesses
and the financial conditions thereof, and shall see to it that their respective
subsidiaries and affiliates keep such records"
The proposed code provides for uniform selection of a Business Conduct
Committee for each exchange, with the Secretary of Agriculture or his
representatives authorized to attend all meetings of the committee. Each
Committee is required to employ a supervisor, whose duties shall be that of
an executive representative of the Committee, who will employ necessary
expert accountants and others, not members of the exchanges, to make
necessary examinations and reports.
The exchanges shall provide proper means of electing to membership on
the board of directors a fair apportionment of the various branches of the
trade interests in each exchange.
The code was proposed by these 12 exchanges:
Buffalo Corn Exchange
Chicago Board of Trade
Duluth Board of Trade
Kansas City Board of Trade
Milwaukee Grain and Stock Exchange
Minneapolis Chamber of Commerce
New York Produce Exchange
Omaha Grain Exchange
Merchants' Exchange of St. Louis
Commercial Exchange of Phila.
Portland Grain Exchange
Grain Trade Association of the
San Francisco Chamber of
Commerce.
The code as submitted provides minimum margins on open futures
contracts (except hedging and spreading trades) of 10% of the market
price on the first 250,000 bushels or less, 15% on the next 1,750,000
bushels and 20% on all above 2,000,000 bushels.
The present limitations of daily fluctuations in price, 5 cents a bushel
for wheat, barley, and rye, 4 cents a bushel for corn and 3 cents a bushel
for oats, are to remain in force until modified as market conditions permit,
and then only with the approval of the Secretary of Agriculture, according to the proposed code.
Each exchange may revise upward, but not downward, the minimum
margin requirements set forth in the code. They also may establish or
modify limitations of the amount of members' or non-members' open
contracts for the purchase or sale of futures.
General administration of the code by the industry, under a code supervisory committee chosen by the Grain Committee on National Affairs is
Proposed. This supervisory body would have seven members, not more
than two from any one exchange.
Business Conduct Committees of each exchange would be given full
access to all books and records of members. Members of the Business
Conduct Committees would be exchange members not directly or indirectly
financially interested, for their own personal account in future contracts,
excepting those for hedging and spreading trades. The personnel of each
Business Conduct Committee would be truly representative of the various
interests of each exchange, with no more than two members of the Committee representing the same class of trade interests in the exchange.
The reports and investigations provided for by the code are in addition
to those made under the Grain Futures Administration, which are not
affected by the code.
The code as submitted in its final form was drafted by a national committee of which E. J. Grimes of Minneapolis was chairman, in co-operation
with the wheat section of the Processing and Marketing Division of the
Administration, of which Frank A. Theis is chief.
3787
Anjearlier reference to the code appeared in our issue of
Aug. 12, page 1165.
Dismissal of Complaints Under Grain Futures Act
Against Three Members of the Chicago Board of
Trade—Commission Not Convinced That Actions
Constituted Price Manipulations Within Meaning
of Act.
Dismissal of complaints, under the Grain Futures Act,
Against three members of the Chicago Board of Trade, was
announced Nov. 9 by the Grain Futures Commission. In
dismissing the case, the Commission said:
While practices of the character here involved may be detrimental to
customers and may even amount to fraud, we nevertheless find difficulty
in adopting the view that these constituted manipulations of the market
price of grain within the meaning of the Grain Futures Act.
The ease, designated as Secretary of Agriculture vs.
William B. Massey, John S. Reddy and Philip J. Reddy,
was argued before the Commission, consisting of the Secretary of Agriculture, the Attorney General, and the Secretary
of Commerce, on Sept. 15 1933. The announcement regarding the findings of the Commission says:
Complaints were filed in 1929 against three brokers, members of the
Chicago Board of Trade. Involving charges of (1) manipulation, (2) dissemination of false and misleading market reports and (3) failure to keep
records.
The practices referred to, and as set forth in the opinion, were that two
of respondents, while acting as pit brokers on the Chicago Board of Trade,
were entrusted with orders for the purchase and sale of wheat for future
delivery on the Chicago Board of Trade for the account of customers of the
commission firms employing them as brokers; that instead of executing
these orders by bona fide purchase and sale transactions with other members
of the Chicago Board of Trade, as they were required to do under the
rules, they took these orders into their own personal accounts on the books
of the third respondent at prices determined and fixed by themselves, but
within the range of prices in effect sometime while the orders were out for
execution. The Government claimed that the differences thus taken out
of customers' orders constituted deviations from the true prevailing market
price and that such practices constituted manipulation within the meaning
of the Grain Futures Act.
The Commission in rendering its opinion said:
"While practices of the character here involved may be detrimental to
customers and may even amount to fraud, we nevertheless find difficulty
in adopting the view that these constituted manipulations of the market
price of grain within the meaning of the Grain Futures Act. We believe
the terms 'manipulate' and 'manipulation' as used in the Act relate to
efforts to stimulate or depress the market price of grain. We do not believe
that they apply to practices between brokers and their principals where the
failure of customers to receive the benefit of full market price grows primarily out of acts which in reality amount to breach of duty imposed by a
fiduciary relation. These practices may constitute serious evils affecting
the economical marketing of grain in a way to burden inter-State commerce.
They may be matters which ought to be remedied by legislation. Nevertheless, they constitute essentially violations of fiduciary obligations, and
it is not demonstrated to our satisfaction that they affect directly general
price movements."
The Commission took the position that the purpose of the Grain Futures
Act in reference to manipulation was "to restrain influences which tend,
through subversive speculative action, to affect artificially general price
levels for a particular kind of grain in some particular market or markets."
The opinion states:
"It does not appear that respondents changed or attempted to change the
general level of prices. Only their principals, or more properly speaking.
only the customers of their principals in the particular transactions, suffered
unless, perhaps, the trades involved hedges of cash grain and an indirect
effect was had on prices paid producers by reason thereof."
The part played by the third respondent, according to the opinion, was
"to clear the transactions through the Board of Trade Clearing Corporation
as if and though they were bona fide executions of trades in the wheat
pit of the Chicago Board of Trade." The Commission held that since the
charges failed against two of the respondents, they would necessarily fail
also against this third respondent.
In commenting on the decision, Dr. J. W. T. Duvet, Chief of the Grain
Futures Administration, stated that since the Government is powerless
under the present Grain Futures Act to deal with practices of the kind
disclosed, he had hopes that the Chicago Board of Trade would take an
aggressive stand in trying to eliminate these practices. He said:
"Before the Board of Trade can eliminate them they must first be discovered and brought to light. This can be done only by careful and systematic examination of the books and records of various commission houses
and firms. The vicious character of such practices lies in the fact that so
long as prices reported to customers are kept within the range of prices
registered sometime while the orders are out for execution, the customer
has no means of knowing that his orders are not executed fairly. The
customer may be surprised and disappointed at the frequency with which
his buying orders are executed at top prices and his selling orders at bottom
prices, but he does not know why."
Dr. Duvel stated further that after the cases were initiated in 1929,
accountants and auditors of the Grain Futures Administration noted a
marked decrease in the practice, and said:
"I sincerely hope that the decision of the Commission in the present
cases will not be a signal for increased activity of this kind. Whether of
manipulative character or not, the practices are vicious. They strike at
the very fundamentals of a free, open, and competitive market. If permitted to continue, they will undermine and destroy the entire structure of
future trading because tending to drive away speculative as well as hedging
trade. Traders cannot be expected to carry burdens of this kind in addition
issidie
to regular commissions."
Food Industries Advisory Board Dissolved—Designed
to Aid AAA in Drafting Super Code for Food
Industries.
The Food Industries Advisory Board, organized in June
to assist in the activities of the Agricultural Adjustment
Administration, has been dissolved, it was announced by
the AAA on Nov. 11. The Board was originally created at
the suggestion of Charles J. Brand, who recently resigned
as co-Administrator of the AAA and is at present executive
secretary of the National Fertilizer Association. The purpose of the Board was to aid in drafting a super-code for
food industries, a project which was later abandoned. It
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Financial Chronicle
was not expected that the dissolution of the Board would
affect the status of the master grocery code which will
shortly be submitted in revised form to the AAA. A Washington dispatch of Nov. 11 to the New York "Times"
commented as follows on the Board's dissolution:
Notice of its dissolution had been withheld by the Farm Administration,
and the first reports were that the Board had resigned in a body as a protest
against delays in approving codes for the various branches of the industry.
A spokesman for the administration said members of the Board suggested
its dissolution after deciding that there could be no joint action by the
whole industry upon matters affecting its specialized segments.
Still another explanation was advanced by an official high in the AAA.
He said it had been realized by every one within a few weeks after the
Board's establishment that it could not work at one and the same time
for both the food industry and AAA.
It was finally decided by the 30 members that contacts with the administration had necessarily to be directed by the management of each branch
of the industry concerned and that their codes should be presented by such
management rather than be superimposed by a board representing all
branches.
This decision was communicated to George N. Peek, the Farm Administrator, about a week ago by a Committee of the Board composed of
R. R.Deupree,President of the Proctor & Gamble Co.; Arthur C. Dorrance
of the Campbell Soup Co., Roy E. Tomlinson of the National Biscuit Co.
and C. M. Chester, President of the General Foods Corp.
The Committee expressed its willingness to serve in the future in their
individual capacities and as representatives of their respective companies.
They suggested that the Board be dissolved, inasmuch as its official staff
had been disbanded a month earlier.
Mr. Peek wrote the Committee on Nov. 9, approving dissolution and
requesting continued co-operation from the individual members.
Nov. 25 1933
Washington advices of Nov. 21 to the New York "Times"
gave the following additional details of his statement:
Many independent oil producers have attacked the ownership of pipe
lines by large companies, arguing that it enabled them to sell oil and gasoline
below cost as a result of their profit on pipe line operations. The subject
was bitterly contested at hearings on the petroleum code.
Secretary Ickes indicated that price-fixing might be abandoned by the
oil administration if the dispute on the question within the industry can be
ironed out.
"They are disposed to give further trial to the effect of strict regulation
of supply," he said. He added that the price-fixing powers of the Administration would be invoked if gasoline prices went so high as to cause legitimate complaint from consumers.
The Oil Administration already has large powers of control over production, including control of withdrawals from storage and consequent control
of refinery production.
"We are already keeping production pretty well down," the Secretary
said. "I think you will see a marked improvement in the gasoline situation
in the next few weeks."
The Oil Administration stands ready to receive advice and co-operation
from the American Petroleum Institute, Secretary Ickes said, but added
that he was not going to delegate any of his powers to the institute.
"I am not going to abridge any of the powers delegated to me by the
President under the oil code," Secretary Ickes declared.
Change in NIRA Held Likely—A. D. Whiteside Says
Future Course of Nation However, Must Follow
'
Many Major Provisions of Act—Terms Law Second
Only to Constitution in Importance.
Arthur D. Whiteside, Division Administrator of the
National Recovery Administration, said on Nov. 21 that
Rigid Federal Control by Alcohol Board Provided in in his opinion the National Industrial Recovery Act will be
Plan Submitted to Distillers by President's Com- amended and modified, although he added that if the
mittee—Suggested as Substitute for Distillers' United States is to attain its highest development as a
Code to Be Considered by AAA—Principal Pro- Nation its future "must be tied in with many of the major
visions Outlined.
the Act." Addressing the forum of the New
The Federal Government would establish and maintain provisions of
adopts a York Credit Men's Association, Mr. Whiteside said that the
control over the distilling industry until Congress
NIRA may ultimately rank second only to the Constitution
definite policy following the repeal of the 18th Amendment,
country's future social and economic
program outlined in a report by the in its effect on this
according to a tentative
structure. The New York "Journal of Commerce," from
President's special alcohol committee on Nov. 22. The propart:
draft of a code which it was which we quote, continued in
posals were contained in the
planned to submit yesterday (Nov. 24) as a substitute for
the distiller's code at the hearing on that agreement scheduled by the Agricultural Adjustment Administration. Together with the substitute code the Committee submitted a
proposed marketing agreement between the Secretary of
Agriculture and the distillers, under which the latter would
bind themselves to use all possible domestic ingredients in
the manufacture of spirits at so-called "parity" prices. A
Washington dispatch of Nov. 22 to the New York "Times"
summarized the principal features of the Administration's
code for the distilled spirits industry as follows:
Creation of a Federal Alcohol Control Administration, consisting of five
members, one, as chairman, to be director to supervise the code's operations.
No one will be permitted to engage in the industry except under a permit,
which is conditioned on observance of the code and regulations issued under
it.
Permittees may not use plant equipment additional to that in use at the
time of repeal, or on the effective date of this code, if earlier, or new equipment, except under certification by the Administration, as needed by increased demand.
If the economic condition of the industry should require it, the Administration may limit the production and distribution of distilled spirits and allocate and/or provide for it.
Distilled spirits shall be sold in bottles only except to rectifiers, vendors
and pubicly operated dispensaries or agencies.
Standards of fill, identity and quality are to be regulated by the Administration, and misbranding, -false advertising and mislabeling are to be
prohibited by regulations.
The holding of interests in retail outlets or aiding retailers in any manner is prohibited.
Members of the industry, from time to time, shall severally, upon request, make such reports as may be deemed necessary to make the code
effective, and shall severally permit examination of their books and records
and those of affiliates or subsidiaries.
Promulgation of the code or issuance of license gives no vested right to
continue in the industry or as to any standard of profits.
A 42-hour 6-day maximum week and an 8-hour day is fixed, with the
usual exceptions.
Basic minimum pay is set at $14416, or 40 cents an hour, and time and
a third pay for overtime.
Secretary Ickes Orders Investigation of Allegations
of Discrimination Against Independents by Oil
Pipe Line Owners—Predicts Possible Abandonment of Price-Fixing.
Plans for an investigation of oil pipe lines were announced
on Nov. 21 by Secretary Ickes, Administrator of the National
Recovery Administration petroleum code. The investigation will sift allegations that the ownership of pipe lines by
oil-producing companies and refiners results in discrimination against independent producers and refiners. The
Petroleum Administrative Board and the Planning and
Co-ordinating Committee set up under the code will conduct
the investigation. Mr. Ickes also said that there was a
"fair chance" that the dispute over price-fixing in the
industry might be adjusted without a public hearing.
From a close experience during six months in Washington in contact with
groups of men from all parts of the country in every walk of life, all concentrating upon constructing codes of fair competition, he said that he
could say "without qualification" that nine out of every ten men had unhesitatingly told him that they would not, unless forced to do so, revert to
the conditions which existed previous to the approval of their code.
"The public at large cannot as yet judge the significance of the change
which has occurred, and the majority of business men," he continued,
"I am speaking now of the majority of men controlling the destinies of
more than 5,000,000 business units in the United States, have had little
or no opportunity to judge fairly what is going on because of the 115 codes
which have been approved by the President, affecting all told, 10,000,000
employers and employees, the average has been in effect only four weeks
and it usually requires at least two months to enable an industry to regulate
itself under the adminsitrative features of a code.
"I should bring out again the fact that we take very literally the title
of each code, that it is a code of fair competition.
"We further never lose sight of the fact that individualism, to the greatest
degree possible, should be in balance with the collectivism which is essential
for success in our economic life in the future.
"We endeavor in every conceivable way to prevent a trend toward dictatorship on the part of any of the major factors involved either on the part
of individuals directing or by any group within or of any industry, trade or
services.
"We positively refuse to include provisions about which the implications
are vague or dangerous to the welfare of the majority.
"We cannot knowingly allow any particular group of men to legislate an
interference with the rights or the welfare of any group entitled to a code
of fair competition."
Hearing Set for Nov. 27 on Code for Brewing Industry—
Labor Provisions Would Be Supervised by NRA—
While Other Sections Would Be Subject to AAA
Control.
Hearings on a code of fair competition for the brewing
industry will begin on Nov. 27, according to an announcement by the Agricultural Adjustment Administration on
Nov. 21. The tentative code, which was submitted to the
AAA on Oct. 21, contains labor provisions which would be
under the jurisdiction of the National Recovery Administration, as well as prohibitions of unfair trade practices,
provisions for a code administration board of nine members
and requirements for reports to the Secretary of Agriculture
by members of the brewing industry. Other provisions of
the code were listed as follows in a Washington dispatch of
Nov. 21 to the New York "Herald Tribune":
The code administration board would consist of three members appointed
by the President of the United States Brewers' Association, two by the
President of the American Brewers' Association, three by members of the
industry not members of either association, and one appointed by the Secretary of Agriculture.
The agreement proposed gives this board power to adopt, with the approval of the Secretary of Agriculture, uniform rules and regulations for the
administration of the code, to co-operate with regional boards to be organized by the industry, to recommend uniform accounting principles for the
industry and to perform other functions.
There has been submitted to the AAA, besides the proposed code for the
brewing industry, a code of fair competition for the brewery distributors'
industry. This code, as submitted, also contains labor provisions which
would be under the jurisdiction of the NBA; prohibitions of unfair competitive practices, including destructive price cutting; requirements as to
Volume 137
Financial Chronicle
reports to be made to the Secretary of Agriculture by the industry, and
provisions for administration of the terms of the code by a committee of
nine to be known as the Code Administration Board, established by the
industry.
NRA Will Revise Shipping Code After Hearing Protests
on Proposed Pact from Many Groups—RateFixing Attacked—Foreign Maritime Interests Object to Inclusion in Code—Almost 100 Witnesses
Testify at Public Hearings.
Officials of the National Recovery Administration have
been considering the task of rewriting a code of fair competition for the shipping industry, following hearings in
Washington on Nov. 9 and 10 at which American exporters,
representatives of labor and of foreign maritime interests
had protested against certain provisions of the proposed
pact. In adjourning the hearings Deputy Administrator
William H. Davis said that his office would analyze the
testimony offered by almost 100 witnesses, and a revision
of the code would be undertaken in consultation with committees representing industry, labor and consumer groups.
Late in the week it appeared probable that American and
foreign steamship companies, which had been engaged in
sharp controversy on a proposed code for their industry,
might co-operate in solving the various problems and formulate a general shipping code to embrace all steamship companies operating out of United States ports. This action
was aided by a conference held in New York on Nov. 22,
in which Mr. Davis discussed various controversial points
with more than 100 representatives of 75 American and
foreign companies. Committees will be named to represent
the foreign trade lines and the American Steamship Owners'
Association, and these committees, after seeking to iron out
differences, will report back to Mr. Davis. Associated
Press advices from Washington on Nov. 9 outlined the
opening hearing on that day as follows:
American exporters massed opposition to-day to rate-fixing provisions
of a proposed code of competition for the shipping industry, while within
the industry several groups offered resistance to the plan for a general code
embracing all forms of water transportation.
At the same time,signs became apparent of a struggle between American
and foreign owned steamship companies for control of the rate-fixing
power proposed for the Code Authority.
Aligned with the exporters in their protest against rate-fixing were the
Independent operators who protested that the "tramp" steamers now carrying a large volume of American shipping would be driven from American
ports under such a program.
John C. White,representing the Anderson-Clayton Co.,cotton exporters,
expressed the hope that no rates would be established for any basic agricultural commodity,such as cotton, that might tend to eliminate the tramp
steamer services.
Similar objection to rate-fixing was offered by David Elmore, for the
American Manufacturers Export Association, and by A. B. Whitmore of
the Phosphate Export Association.
The proposal to regulate rates for ocean cargoes was assailed as "monopolistic and discriminatory" by John T. Carpenter of the United States
Navigation Co. of New York, which operates foreign-flag vessels under
charter. He told Deputy Administrator W. H. Davis that he appeared
also for Vogeman Goodman of New Orleans and the Gulf States Steamship
Co. of Houston, Tex.
Newton D. Baker urged that the bulk carriers of the Great Lakes be
excluded from the general shipping code.
He said the wages paid on the bulk carriers of the Great Lakes were about
twice as high as those paid in the deep-sea shipping industry and substantially greater than those paid on Canadian-owned vessels on the Great
Lakes which were in competition with American carriers.
In describing the final hearing on Nov. 10, a Washington
dispatch of that date to the New York "Journal of Commerce" said, in part:
Discussion of labor problems, considered at last night's session, continued
at the second day's hearing. Scores of witnesses representing licensed
officers, engineers, mates, pilots, tugmen, cooks and stewards, radio operators, longshoremen and other workers detailed suggestions for labor provisions of the code.
The proceeding's of the day were marked by Deputy Administrator
Davis ruling out section 18 of the labor provisions of the code, presented
yesterday by the American Steamship Owners' Association on the ground
its language tended to modify Section (A) of the National Industrial Recovery Act dealing with collective bargaining. Mr. Davis so notified Ira
A. Campbell,counsel for the Association, after the provision was questioned
by Paul Scharrenberg, speaking for the International Seamen's Union.
After the Deputy Administrator joined the union labor spokesman in the
contention that the clause would run counter to President Roosevelt's
edict that the so-called "merit clause" could not be written into codes.
Mr. Campbell.succeeded, however,in being given an opportunity to revise
the language to accomplish the purpose which the provision seeks to cover.
Mr. Campbell Cites Views.
Mr. Campbell said the section did not seek to interfere with collective
bargaining.
Another high light was a challenge by Roscoe H. Hupper, counsel for the
Intercoastal Conference and trade associations embracing foreign-flag lines,
to a statement of W. L. Chandler, Consumers' Advisory Board representative, that shipping services are regarded the same as public utilities and
should be regulated as such.
Mr. Hupper's contention that shipping services were not held to be public
Utilities was permitted by the Deputy Administrator to go into the record
in the same light as was the insistence of Mr. Campbell that the labor provision was not designed to prevent collective bargaining.
As the code and proposed amendments were taken over for analysis by
the NRA,representatives of the American Steamship Owners' Association
were confident a master code with divisions for special groups would be
established for the industry while spokesmen for foreign-flag lines and
3789
certain domestic services, such as those plying the Great Lakes and inland
waterways, were hopeful separate codes would be permitted.
Favors Master Code.
Meanwhile, Deputy Administrator Davis, who yesterday referred to the
codification of the industry as an "interesting social experiment," held to
the idea of bringing all shipping under one general code with division codes
for special groups as his ideal.
Omission of consideration of intercoastal carriers brought particular
comment from observers. It is understood that in view of the Copeland
law giving the Shipping Board authority to regulate this trade it was not
deemed necessary to deal with these carriers. The proposed code, however,
contains an intercoastal division.
NRA to Give Industry Duty of Enforcing Codes—
Each Industry Will Have Authority, Under New
Regulations, But NRA Will Exercise Veto Control
—General Johnson Warns Those Industries Which
Are Unable to Secure Compliance.
Industry will shortly be vested with the responsibility for
enforcing NRA code terms, according to an announcement
on Nov.21 by General Hugh S. Johnson, Recovery Administrator. In a statement outlining the machinery for code
administration, the Recovery Administration stressed the
fundamental theory underlying the NIRA of industrial
self-discipline with governmental partnership. Such a
partnership, together with representatives of industry on
governmental advisory committees, constitutes an effective
guarantee against bureaucracy, General Johnson said. The
statement also indicated that the NRA plans to remain in
the background, with the power to exercise a veto over
industry's action. "The governmental veto power is the
substitute for the anti-trust laws in this new set-up," General
Johnson remarked. Other portions of the announcement
were noted as follows in a Washington dispatch of Nov. 22
to the New York "Herald Tribune":
The Recovery Administrator indicated that until the code authorities
of industries were able to deal with their own compliance problems the
regional structure of the NRA would continue to handle complaints, and
that it probably would be enlarged from its present structure, which has
26 regional compliance directors.
"It is anticipated," said General Johnson, "that as the volume of complaints increase, this regional set-up will have to be extended along State
lines and if it becomes necessary, as it doubtless will, in many cases local
agencies will be provided for."
The tone of the statement indicated an intent to "crack down" on
industrialists who do not live up to codes. Increasing trend to govern
industry from Washington is seen in some quarters, although NRA officials
denied this. From numerous sources come stories of "chiseling" and
non-compliance and it appears these practices are being more or less overlooked by code authorities and local compliance bodies.
Special Authority Created.
General Johnson appointed a special code authority organization committee within the NRA organization. Colonel Robert W. Lea is compliance director and deputy administrators are required to inform him
what industries have organizations or agencies which are capable of carrying
out a self-government program.
General Johnson indicated that when a code authority is ready to
function it will be relied on to receive and adjust complaints regarding
unfair trade practices. On the other hand, he made it clear that the
earlier plan will be continued of having no labor question referred to an
industrial agency unless labor is adequately represented in industrial
quarters, satisfaction was expressed to-day with the proposition that
code authorities would, when organized, deal with trade practices, but
the arrangement as to labor complaints did not meet similar approval.
The Johnson statement follows closely on the announcement last night
of the set-up for the administration of the bituminous coal code.
Discusses Labor Complaints.
In the course of his statement, General Johnson had this to say of the
Government veto, handling of trade practice complaints and of labor
complaints:
"As soon as a code authority is set up and ready to function, it will
usually be well enough organized to adjust most complaints of violations
of the trade practice provisions of the code. Such complaints involve the
rights of one employer against another employer within the industry.
Trade associations and other existing agencies of industrial self-government
are well suited to the handling of this type of complaint, although,of course,
the public interest must be safeguarded by general governmental exercise
of a veto. This governmental veto power is the substitute for the antitrust laws in this new set-up. In most cases, the Government representative on a code authority sits without vote, but with a veto.
"The function of securing compliance with the labor provisions of codes
presents a much more difficult problem of organization and administration.
Very few industries are organized at this time along lines suitable to adjustment and fact finding in this type of case. Complaints of violations of
labor provisions should not be referred to code authorities (or any agencies
of industrial self-government to which the code authority may delegate
Its compliance functions) unless such agencies have adequate labor representation thereon. Most codes do not provide for such representation.
Wherever, as in the bituminous coal industry, it proves feasible and appropriate to provide regional or divisional labor boards to entertain and adjust
complaints of labor violations, such a system will be approved. In other
cases complaints may be referred to the National Industrial Labor Board.
Forecasa Expansion of Control.
"The problem of code compliance, by its very nature, requires a regional
system of fact finding and adjustment agencies appropriate to the handling
of labor complaints. In order to protect the interests and rights of an employee under a code, the employee must be furnished with an agency convenient in location and impartial in nature. The Government has provided
26 regional compliance agencies to which complaints of code violations
may be referred where there is no approved machinery within the industry
to handle such complaints. It is anticipated that as the volume of complaints increases this regional set-up will have to be extended along State
lines, and if it becomes necessary, as it doubtless will, in many cases local
agencies will be provided for. These local agencies will report up through
the State agencies. This governmental regional organization is a part of
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Financial Chronicle
the compliance division in NRA under the direction of the National Compliance Director."
NationalLabor Board Has Handled 137 Cases Involving
300,000 Workers—Only 22 Cases Pending-75
Strikes and Lock-Outs Have Been Ended—Senator
Wagner Sees New Trend to Industrial Peace.
The National Labor Board has handled 137 cases since
its organization, and the number of disputes disposed of
has involved more than 300,000 workers, according to a
statement on Nov. 19 by Senator Robert F. Wagner of
New York, Chairman of the Board. Only 22 cases are still
pending and a number of them are in the course of settlement
he said. Senator Wagner stressed what he termed "the
high proportion of settlement, especially settlements by
agreements," which the board had concluded. In 85 cases
involving strikes or lock-outs, 70 were settled, while in
addition 5 disputes were settled by the parties in controversy after the cases had been investigated by the Board.
The Board has held 31 hearings and has supervised or will
supervise 28 elections of workers' representatives for collective bargaining. Senator Wagner is quoted as saying:
Our 17 Regional Labor Boards are adding greatly to this total of 300.000
workers whose affairs have come before this new method of settlement.
A very interesting evidence of the effectiveness and possibilities of the
whole system of labor boards comes before me each day in the shape of
requests from many parts of the country for the establishment of new
regional boards in their areas.
The chief hope that I had when accepting the President's appointment
to the Chairmanship of the National Labor Board was that its influence
might work a psychological change in our people's ideas about industrial
disputes.
To get rid of the whole idea of war to the limit and to substitute for it
the idea of agreements through mediation was necessary if the recovery
program was not to be hamstrung.
The requests for additional Regional Labor Boards show that this change
inipsychology is taking place. The fact that most of the requests emanate
from labor is testimony to a change in the traditional point of view, which
has been hostile to governmental boards of settlement.
Furthermore, we are averting strikes and that to us is the most important phase, though it does not make headlines as do actual strikes.
The fact that men are willing to refrain from striking at our request is
additional evidence of a spreading faith in this new system of adjusting
ndustrial relations.
Nov. 25 1933
"(6) Such code authority or party complained of will be given full opportunity to present any evidence it may desire bearing on the price change
by filing notice of intention to present such evidence on or before Saturday.
Dec. 9 1933.
"(7) This hearing is to consider only price changes with respect to industries or trades under the jurisdiction of the NRA. It does not include
price changes in food and foodstuffs, agricultural commodities or other
products under the jurisdiction of the Agricultural Adjustment Administration.
"(8) Oral arguments upon questions of fact or law will not be considered
at the hearing but may be filed in writing with the Administrator."
$75,000,000 Additional Earnings Estimated for New
York Banks as Result of Banking Act and Code—
Views of G. C. Morgan of Leach Brothers—Largest
Item of Saving Through Ban Against Interest
Payment.
New York City Clearing House banks should profit to the
extent of at least $75,000,000 as a result of the Banking Act
of 1933 and the National Recovery Administration banking
code, it is estimated by G. C. Morgan of Leach Brothers.
The largest item of profit is the saving under the Banking Act
of from 1% to 2% interest heretofore paid on demand deposits which Mr. Morgan estimates would amount to
$58,250,000 and the remainder of the $75,000,000 would
accrue as the result of the charges placed upon various banking services under the code. The Banking Act became
effective June 15 1933 and the code operative on Oct. 16 1933.
Mr. Morgan says:
There is a phase of banking that is new and not generally understood
by the public. A provision in the Banking Act of 1933 prohibits the
payment of interest on demand deposits. This Act became effective June 15
1933. Soon after that date, July 22 1933, New York City Clearing House
banks carried $5,825,000,000 in demand deposits. Thei refers in the main
to deposits of out-of-town banks. Heretofore, for 12 years or more the
Interest rates paid on such deposits by the Clearing House banks had been
from 1% to 2%. Figuring the low rate of 1% the saving in interest to these
banks on the aforementioned sum would amount to $58,250,000 per annum.
It was predicted that this provision of the Act would result in heavy withdrawals of demand deposits, but on the contrary from March to Aug. 31
the Clearing House banks' deposits increased by $1,310,000,000. Withdrawals wore approximately $300,000.000. The net increase therefore in
deposits totaled over $1,000,000,000.
The public, generally speaking, is not aware that under the NRA a banking code of fair competition was prepared by a representative group of
bankers and approved by the American Bankers Association. On Oct. 3
1933 the President of the United States likewise approved the code and it
became operative Oct. 16 1933.
It is believed that the fair practices sought to be put into effect under this
code will be of great advantage to the whole banking system and to the
country at large. At the same time it enables banks to make certain service
charges. For example, a maintenance charge for checking accounts, a
minimum balance charge, float charges on out-of-town items, cashing of
out-of-town checks for non-customers,a charge for N.S. F.checks returned,
stop Payment charges, certification charges, temporary account charges
and even supply charges. It is evident that these service charges alone,
If adhered to will prove a very profitable source of revenue, especially to
the larger New York City Clearing House banks.
Also, under the banking code, schedules of fees for trust services are
required to be set up. These fees are such as will insure that each activity
on the part of the trust company will at least produce sufficient profit to
compensate for performing the service. It provides that a minimum rate
for the most simple service must be charged.
Because of the enormous trust business of the New York City Clearing
House banks, these service fees will establish for their trust departments an
additional and greater income than heretofore. It is apparent therefore
that the Banking Act and banking code will contribute very materially to
the earnings and future prosperity of these banks. The deposit insurance
feature under the Bank Act provides that after Jan. 1 1934 deposits under
$2,500 will be guaranteed 100% and beginning July 1 1934 a Federal deposit
insurance corporation will be established to furnish 100% insurance on deposits up to 310.000: 75% between that sum and $50,000, and 50% on
sums over $50,000.
Should this provision be carried out, it seems it should serve the purpose
of increasing confidence in banks and cause hoarders to deposit their funds
therein, thus augmenting the banks' resources and earning power at the
same time.
NRA to Conduct Hearings on Alleged Profiteering
Under Codes and Agreements—Inquiry to Start
Dec. 12—General Johnson, Back in Washington
-Day Trip, Finds Program Menaced by
After 10
Non-Compliance—Reports to President.
Complaints of profiteering under NRA codes and Presidential re-employment agreements will be investigated at
public hearings in Washington, starting Dec. 12, according
to an announcement on Nov. 15 by General Hugh S. Johnson, Recovery Administrator. The hearings will be under
the direction of Division Administrator Arthur D.Whiteside,
and will be designed to disclose the truth or falsity of charges
by consumers against retailers, and in some cases by retailers
against manufacturers, that unjustifiable price increases are
being described as necessary in order to comply with the
pacts. The official announcement said that the purpose of
the inquiry is to ascertain whether the price advances may
be ascribed to compliance or "may be unwarranted or the
result of monopolistic practices."
General Johnson's announcement was made shortly after
a conference with President Roosevelt at the White House,
-following the Recovery Administrator's return to Washington
from a 10
-day speaking tour through agricultural sections of
the country. General Johnson was reported to have told the
President that his journey was extremely successful, despite
45
many complaints in the West. He remarked to newspaper
men that conditions were much better than he had expected National Banking Resources in New York City Placed
and that he was "frankly surprised." He emphasized, howat $3,931,834,788 in Analysis by Clinton Gilbert
ever, the necessity of much stricter compliance with the codes
& Co.
statement of Nov. 15 described
and agreements. The NRA
Resources of 29 National banks located within the five
the procedure at the hearings on alleged profiteering as boroughs of Greater New York aggregated $3,931,834,788
follows:
on Oct. 25, according to an analysis prepared and published
"The hearing will be conducted in conformity with the following proby the statistical department of the firm of Clinton Gilbert
cedure:
& Co. The study shows principal items of resources of these
who have made purchases at prices believed to be un"(1) All persons
banks in aggregate figures as follows:
warranted, or in violation of the President's re-employment agreement or
any approved code, will be given full opportunity to appear at the hearing
either in person or by representative and state the facts with respect
thereto.
"(2) A written or telegraphic notice of intention to appear must be filed
with the Administrator on or before Saturday, Dec. 2 1933, in Room
4038-A, Department of Commerce, Washington.
"(3) Such notice of intention to appear must set forth in detail the
nature of the evidence to be presented, the name, business and address
of the party complained against, the bill. invoice or statement rendered
in connection with the transaction involved, an exact description of the
item or items in question (goods or services), and the price before the
Increase complained of went into effect.
"(4) Those not wishing to appear in person may file the above facts
in as complete detail as possible either with the Consumers' Advisory
Board of the NBA, or as stated in paragraph (2). on or before Saturday,
Dec. 2 1933.
"(5) Where complaint of an unwarranted price increase has been flied
agairst any Industry or trade or against any person or firm, the code
auth, rity of such Industry or trade and the person or firm complained of
will be notified of the complaint and the facts with respect thereto.
Cash and due from banks
United States Government securities owned
Other bonds, stocks, securities
Loans and discounts
Real estate, furniture and fixtures
$773,485.059
681.973.758
631,890,410
1,532,304,221
113,454,610
Principal liability items in aggregate on that date were:
Gross deposits
Circulating notes outstanding
Capital
Surplus and undivided profits
Reserves for contingencies
$3,081,759,857
46,893,100
310,978,600
197,986,449
89,435,143
In commenting on its survey, the firm states that the
combined capital of $310,978,600 represents a total of
14,431,144 shares of stock and points out that Chase National Bank and National City Bank together account for
approximately 80% of aggregate resources, 80% of gross
deposits, 87% of amount of capital and 94% of shares outstanding.
Commercial Loans by New York City Banks During
Four-Month Period Ended Nov. 5 Increased $162,000,000, According to Hoit, Rose & Troster—Loans
on Securities Dropped $223,000,000.
New York City member banks have increased commercial
loans by $162,000,000 during the four-month period ended
Nov. 5, while loans on securities were reduced $223,000,000
during the same period. "This evidence," Yloit, Rose &
Troster points out, "should answer those critics who maintain that New York City banks are not co-operating in the
recovery program. Banks are only too willing to expand
sound commercial loans, as it increases earnings," says the
firm, adding:
However, it never has been and never will be the function of commercial
banks to provide long-term loans. Such capital loans properly lie within
the province of the investment banker. Instead of carelessly criticizing
banks for the dearth of long-term capital, critics should realize that the
real drawback to a revival of the capital market is the unfairly severe civil
liability section of the Securities Act.
The capital market should provide the funds for building of plants,
factories and other capital goods. The commercial banks are doing their
part, which is the financing of the movement of goods from the producer
to the consumer.
The way to revive the capital market is to modify the Securities Act.
Start the ball rolling, Congress. The commercial banks are doing their
part.
New York Group of Investment Bankers' Association
Announces New Committees to Serve in Ensuing
Year.
Pierpont V. Davis, Chairman of the Executive Committee
of the New York Group, Investment Bankers' Association
of America, announced on Nov. 20 the appointment of the
following committees to serve for the ensuing year:
Legislation Comtnittee.—Reginald G. Coombe of Edward B. Smith &
Co., Chairman; Joseph E. Chambers, M. & T. Trust Co.; Irving D. Fish,
Guaranty Co. of New York; R. H. Fullerton, Bankers Trust Co.; George
C. Hannahs, Hannahs, Bailin & Lee; George S. Stevenson, Stevenson.
Gregory & Co., and Sidney J. Weinberg of Goldman, Sachs & Co.
Municipal Securities Committee.—George 0. Hannahs, Hannahs. Bailin
& Lee, Chairman; F. Seymour Barr of Barr Brothers & Co., Inc.; Joseph
E. Chambers of M.& T. Trust Co., and Myron G. Darby of Darby & Co.
Business Conduct Committee.—William J. Minsch, Minsch, Moue11 & Co.,
Inc., Chairman; Laurence M.Marks, Laurence M.Marks & Co.; Stuart R.
Reed of Jackson & Curtis; Albert L. Smith of Edward B. Smith & Co.,
and Francis F. Randolph of .1. & W. Seligman & Co.
Membership Committee.—Hearn W. Street, Bancamerica-Blair Corp.,
Chairman; Herbert F. Boynton of F. S. Moseley & Co., and Frank M.
Stanton of Chase Harris Forbes Corp.
Education Committee.—Frank F. Walker of Blyth & Co., Inc., Chairman;
F. Malbone Blodget, Spencer Trask & Co., and P. Erskine Wood of G.
-P. Murphy & Co.
M.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of Nov. 18 (page 3608),
with regard to the banking situation in the various States,
the following further action is recorded:
COLORADO.
The Reconstruction Finance Corporation has invested
$300,000 in preferred stock of the American National Bank
of Denver, Colo., according to an announcement made
recently. The Denver "Rocky Mountain News," authority
for the above, went on to say:
Officials of the bank said purchase of the stock puts the institution in an
impregnable position and qualifies the bank for the Federal Deposit
Guaranty plan which goes into operation Jan. 1.
The investment by the Reconstruction Finance Corporation is in line
with the Government policy that all banks increase their capital issues so
as to enable them to more completely contribute toward the success of the
National Recovery Act.
Since the banking moratorium last March deposits of the American
National have steadily increased and now are $4,250,000. After the
Preferred stock sale has been approved by the stockholders the capital
structure of the bank will be:
Capital-preferred stock
Common stock
Surplus
Undivided profits
1300.000
250,000
50,000
50,000
Total-------------------------------------------------$650,000
The Denver "Rooky Mountain News" of Nov. 11 stated
that a new bank capitalized at $100,000 with surplus of
$20,000 was expected to open in South Denver, Denver,
Colo., shortly, according to an announcement made the
previous day by Emmett Thurmon, attorney for the depositors' committee of the South Broadway National Bank of
Denver. The paper mentioned continued:
The plan for organization of the new bank has been completed and presented to National bank officials, with approval anticipated.
Thurmon explained that the new bank is not a reorganization of the South
Broadway National Bank, but an entirely new institution. The new
bank, Thurman said, will take over the cash and certain assets of the
old bank.
The depositors of the bank have subscribed to $50,000 in stock and the
reconstruction finance corporation is expected to take $50,000 in preferred
stock, making up the total capital of the new bank.
Depositors of the old bank will receive 50% in cash 20% in trustee certificates and 30% in stock.
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Financial Chronicle
Volume 137
INDIANA.
According to Wabash, Ind., advices on Nov. 16 to the
Indianapolis "News," election of officers for the new First
National Bank of Wabash, which is to be opened shortly,
resulted as follows: Mark C. Honeywell, President; Charles
S. Baer, Chairman of the Directors; B. T. Allen, Executive
Vice-President and Cashier; Charles Huff, Vice-President,
and Willard Rohrer; Assistant Cashier.
KENTUCKY,
The Providence Citizens' Bank & Trust Co. of Providence,
Ky., on Nov. 16 posted a notice on its doors stating that the
directors had restricted withdrawal of all deposits in the
bank at the close of business Nov. 15,according to a dispatch
from Madisonville, Ky., on Nov. 17 to the Louisville
"Courier-Journal," from which this is learnt, went on to say:
The notice said that "Under the present emergency the Board deemed
this action necessary to protect all depositors.
"All deposits made after Nov. 15 will be segregated and subject to
check or withdrawal in full."
Percy D.Berry,President ofthe Providence Coal Mining Co.,is President
of the bank.
MARYLAND.
That the Union Trust Co. of Baltimore, Md., is expected
to become a member of the Federal Reserve System shortly
is indicated in the following taken from the Baltimore "Sun"
of Nov. 21:
Approved plans for the admission of the Union Trust Co. to the Federa
Reserve System were sent from Washington to Richmond yesterday, and
before the end of the week, it was predicted by Benjamin H. Brewster, the
local institution would be able to operate as a member of that system.
All that remains to be done after word has been received from the Federal
Reserve Bank at Richmond is for the Union Trust to raise $500,000 on
capital notes, it was explained by bank officials.
The plans first were drawn up by the bank officials and approved by the
State Bank Commissioner. After application had been made to the Federal
Reserve Bank at Richmond. examiners went over the plans and, having
approved them, sent them to Washington.
For the last two months Federal Reserve System officials at Washington
have been going over the plans, and on approving them, sent them to
Richmond.
The next step, according to Mr. Brewster, is for the Richmond bank to
notify the local institution of the Washington approval and of the conditions
which the bank will have to meet before being admitted into the system.
Every one of the conditions, except the raising of the $500,000 on capital
notes, can be met within a day, it was asserted. It was hoped the sum
would be raised within several days.
MICHIGAN.
We learn from the Michigan "Investor" of Nov. 18 that
plans are under way for the reorganization of the American
Home Security Bank of Grand Rapids, Mich., without
capital assistance from the Reconstruction Finance Corporation. However, a loan of $1,747,000 is available from the
Government. A stock subscription plan to raise $400,000 is
in progress, it was stated.
The Reconstruction Finance Corporation has authorized
the purchase of $50,000 preferred stock in the First National
Bank in Marshall, Marshall, Mich., a new bank which is to
replace National Bank of Marshall of that place.
A 10% dividend, totaling approximately $2,600,000, will
be paid on Dec. 1 to depositors of the Detroit Trust Co.
of Detroit, Mich., following the retirement of the conservator, Harry J. Fox, and the setting up of a new directorate
for the company. Approval of the payoff was granted at
Lansing on Nov. 21 by the Emergency Banking Committee
after Mr. Fox had filed his final report on the conservatorship, through his attorney, former Judge Arthur J. Lacy.
At the same time, Mr. Lacy asserted that the trust company
has a cash surplus which will make possible a second dividend of 10% soon. The Detroit "Free Press' of Nov. 22,
from which the foregoing is taken, continuing said:
With the consent of the State for the reorganization plan, a new Board
of Directors will be chosen Nov. 29 at a stockholders' meeting, and new
articles of association presented for approval.
Under the plan depositors will be given preferred stock for 25% of their
claims. Trust certificates are being issued for the balance and a trust
fund is being established for their retirement. Mr. Lacy told the committee that the debt will be paid in full.
"The company is as solid to-day as any trust company in the country,"
he said. "It is in excellent condition, having a cash surplus that will
permit a second 10% payoff in the near future.
"The fact that the firm earned more than $500,000 while under a conservator is evidence that the State can step out and return the company
to private control."
The Mt. Clemens Savings Bank of Mt. Clemens, Mich.,
resumed business on Nov. 15, after having been closed for
11 months, according to the Michigan "Investor" of Nov.
18, which added:
An encouraging volume of new business marked the opening day. Payoff of deposits will be delayed. but assurance is given that the distribution
will take place before Christmas. Henry 0. Chapoton is President and
Charles H. Schutz, Cashier. Mr. Schutz acted as conservator.
MINNESOTA.
On Nov. 17 the directors of the Reconstruction Finance
Corporation authorized the purchase of $30,000 preferred
stock in the First National Bank in St. Charles, St. Charles,
Financial Chronicle
3792
Minn., a new bank which will succeed the First National
Bank of St. Charles, St. Charles.
NEBRASKA.
Associated Press advices from Elm Creek, Neb., under
date of Nov. 17, stated that depositors in the Farmers' &
Merchants' Bank of that place had been paid in full and the
bank closed. The dispatch added:
The bank was closed in 1930, but after depositors had been paid 50%,
new stock was subscribed and the bank reorganized and reopened. It was
closed again by the bank holiday and operated on a restricted basis since
then untll liquidation was completed this week.
NEW JERSEY.
We learn from the "Jersey Observer" of Nov. 14, that
unless the plan for the re-organization of the Cliffside Park
National Bank, Cliffside Park, N. J., under a merger with
the First National Bank of Fairfiew, N. J., and the Palisade
National Bank of Fort Lee, N. J., is accepted by Dec. 1, the
institution will be liquidated. A statement to this effect
issued by the joint committee of the three banks said:
The plan for the opening of a new bank to pay out cash for acceptable
assets of the three banks, the Cliffside Park National, the First National
of Fairview, and the Palisade National of Fort Lee must be accepted by
Dec. 1, or the Comptroller of the Currency will abolish the plan and will
force complete liquidation through a receiver.
No other plan of re-organization, either separate or as a merger, is being
or will be, offered. Complete liquidation will add the expense of receivership, and cannot earn more money over the long pull than the present
plan. It might earn less.
The first cash payment under the present plan will be more than the first
payment made under receivership. No contemplated Reconstruction
Finance Corporation loan will be of aid, as the RFC money is to aid closed
banks in receivership, not banks that are being reopened.
The present plan will give this community an open, solvent bank for
service. Liquidation will not.
The First National Bank of Fairview is complete. The Palisade National
Bank is nearly so. The Cliffside Park bank is lagging.
Unless you want a receivership, with long years of slow, small payments
on account, you must sign your waiver agreements before Dec. 1. There
can be no appeal from the rulings of the Comptroller of the Currency, and
he has said that the present plan must be accepted, or he will order
liquidation.
The paper mentioned added:
The notice from the Comptroller as to the time limit on the completion
of the plan was received yesterday. It was stated last night (Nov. 13) by
the committee that no more mass meetings will be held, but that meetings
of small groups are contemplated, although no dates have been agreed
upon as yet.
The three mass meetings that have been held have helped the singing of
waivers considerably, it was said. More waivers are coming in from day
to day, but the point to be emphasized is that the time limit on complete
acceptance of the waiver agreement is drawing near, and the importance
of the signing of the waivers by those who have so far failed to do so is
urged upon them by the committee, if the opening of the new bank is to
be accomplished.
The First National Bank of East Orange, N. J., closed
since last March, will not re-open, according to an announcement on Nov. 18 by George R. Randel, conservator in
charge of the institution. Advices from East Orange to the
New York "Herald Tribune," reporting this, furthermore
said:
Liquidation of the bank's assets will begin as soon as permission is received
from the Treasury Department in Washington, Mr. Randel disclosed, with
the possible payment of a 40 to 50% first dividend to the 6,000 depositors.
Prior to such payment a loan will be negotiated with the Reconstruction
Finance Corporation based on an appraisal of the bank's assets. It has
been estimated that the deposits total about $1,000,000.
NORTH CAROLINA.
That a new bank will probably be opened shortly in
Greensboro, N. C., which will replace the United Bank &
Trust Co. of that city, is indicated in the following Greensboro dispatch on Nov. 17, printed in the Raleigh "News &
Observer":
Back from conference with Reconstruction Finance Corporation authorities, Robert F. Moseley and Fielding L. Fry said to-day (Nov. 17)
approval of plans was given which may mean opening of a new National
bank to replace the United Bank & Trust Co. by Dec. 15—certainly by
Jan. 1. The committee to liquidate the old bank is being formed and will
begin work around Dec. 1.
The new bank, one without branches, will have $250,000 capital. The
RFC will subscribe $100,000 in preferred stock. A dividend payment of
10% to depositors is planned immediately after opening.
OHIO.
From the "Ohio State Journal" of Nov. 19, it is learnt that
Ira J. Fulton, State Superintendent of Banks for Ohio, on
that day signed a consent to the reorganization and re-opening of the First-Central Trust Co. of Akron. We quote
further from the paper mentioned, as follows:
The consent will be filed in Summit County Common Pleas Court at
the same time the hearing is held Tuesday (Nov. 21) on the reorganization plan. The consent of the Superintendent is a formality required
by law.
Reopening of the bank has been approved by the State Banking Advisory
Committee.
The board of directors of the Reconstruction Finance
Corporation on Nov. 17 authorized the purchase of $15,000,000 capital debentures in the Cleveland Trust Co.,
Cleveland, Ohio.
In this connection, Cleveland advices on that date, printed
in the New York "Times," said:
Nov. 25 1933
W The largest bank in the Fourth Federal Reserve District swung into line
to-day with President Roosevelt's request that all banks in the country
expand their capital structures, in the National Recovery program, when
the Cleveland Trust Co. directors authorized an increase in the bank's
capital funds by the sale of $15.000,000 20-year 5% capital notes.
License to resume business on Nov. 20 was issued last
week to the Union Commercial & Savings Bank of East
Palestine, Ohio, by Ira J. Fulton, State Superintendent of
Banks, according to a dispatch from Columbus. The institution had been under a conservator, it was stated.
Emmet J. Munger of Lebanon, Ohio, has been named
receiver of the Harveysburg National Bank at Flarveysburg, Ohio, which has been operated under a conservator
since the National bank holiday, according to Lebanon
advices on Nov. 13 by the Associated Press, which added:
Established 15 years ago, the bank was capitalized at $25,000 and in its
December 1932, statement showed deposits of $64,970. 0. D. Cook was
President.
OREGON.
Advices from Oregon City, Ore., on Nov. 10 to the
"Oregonian," stated that a plan of reorganization, to prevent
liquidation, had been approved by the depositors of the
Estacada State Bank at Estacada, Ore. It has been proposed that depositors waive 30% of their savings accounts
and 70% of their commercial accounts and permit the bank,
which has been running on a restricted basis since March, to
reopen with a Government guarantee of deposits in the
future. The dispatch continued:
In return, $26,000 in book value of real estate, mortgages and notes
would be placed in trust for depositors, to be sold by three trustees and
the proceeds distributed pro rata among the depositors.
PENNSYLVANIA.
•
The Board of Directors of the Reconstruction Finance
Corporation has authorized the purchase of $25,000 preferred
stock in the First National Bank of Albion, Albion,Pa.,a new
bank organized to succeed the First National Bank of Albion.
In regard to the affairs of the Farmers' & Mechanics'
Bank of Sharpsburg, Pa., the following appeared in the
Pittsburgh "Post-Gazette" of Nov. 16:
Consent of about 60% of depositors has been obtained for reorganization
of the Farmers' & Mechanics' Bank of Sharpsburg, according to R. A.
Burkhart, Cashier. The plan calls for chartering a new bank to be known
as the Farmers & Merchants' Bank of Sharpaburg, with a total capitalization of $155,000. Slightly more than 55% of all deposits would be released
immediately upon opening of the new bank, and the other 45% would be
secured by assets of the old bank. Deposits less than $25 would be released
in full.
The First National Bank & Trust Co. of Tarentum, Pa.,
which had been operating on a restricted basis since the
general banking holiday, on Nov. 16 notified its depositors
that the Government had approved its plan for immediate
and complete reopening, according to the Pittsburgh"PostGazette" of Nov. 17, which went on to say:
Depositors will be given 65% of their money in liquid accounts at once
if they sign waivers for the remaining 35%, to be placed in a trust fund
representing frozen assets which are guaranteed to be liquidated when
conditions permit, the bank announced.
That plans are being formulated looking towards the
organization of a new bank in Upper Darby, Pa. (a Philadelphia suburb), which would acquire the assets of the
Media-69th Street Trust Co. of Media, Pa., is indicated in
the following taken from the Philadelphia "Ledger" of
Nov. 11:
The possibility of a new banking institution being organized for the 69th
Street section in Upper Darby was presented to 350 depositors of the
closed Media-69th Street Trust Co. at a meeting in Media last night
(Nov. 10). The new institution would require $200,000 of capital and
$100.000 ofsurplus, or a subscription of $15 by each of the 20,000 depositors
in the closed institution, with an additional 50% payment for organization purposes.
V. Gilpin Robinson, a Media attorney, who was chosen Chairman of the
meeting, advanced the plan. He also spoke in favor of establishing a trust
company id Media.
.
Mr. Robinson stated that Dr. William D. Gordon, Secretary of Banking
of Pennsylvania, had assured him that he would do everything possible to
aid the depositors of the closed bank to obtain the largest possible return on
their accounts, that Dr. Gordon was in favor of starting a new bank in the
69th Street section, but felt:that Media now has sufficient banking facilities.
The plan, at present in a formative stage, would have the new bank
acquire the assets of the old institution, it being felt that they should not
be sacrificed at present low market prices. It also provides the opening of
negotiations by a joint committee representing depositors and stockholders of the closed bank with representatives of the Reconstruction
Finance Corporation and an association of Philadelphia banks with a view
to obtaining some of the collateral held on account of loans made to the
closed bank, the RFC and the Philadelphia banks to take preferred stock
in the new bank in exchange for the collateral.
A statement of the closed Media-69th Street Trust Co.,read at the meeting, disclosed that as of Sept. 14 1933, the institution owed the RFC and
the Philadelphia banks a total of $1,459,767 and on which it had pledged
collateral of $4,090,950. In addition it had pledged $1,120,470 in collateral
to secure deposits of $813,050, principally deposits of townships, school
district, &c. The total of unsecured deposits is $2,790,469.
Mr. Robinson said that if the RFC and the Philadelphia banks would
amen in the work of organizing a new bank that a considerable sum could
be saved for the depositors of the closed institution, and expressed the
belief that both parties would be receptive to the plan as outlined. It was
Financial Chronicle
Volume 137
also suggested that an appeal be made to President Roosevelt to enlist the
aid of the RF13 in the work.
The meeting gave Mr. Robinson power to appoint a committee of three
depositors to co-operate with a committee of five stockholders to carry on
the work, after he had explained that present-day liquidation of the assets
of the closed banks would return probably not more than 10 cents on the
dollar to depositors.
The First National Bank of Wilkinsburg, Wilkinsburg,
Pa., an institution which replaces the First National Bank
of that place, opened for business on Nov. 15, making more
than $2,000,000 in deposits available to approximately
12,000 depositors. In reporting the opening, the Pittsburgh
"Post-Gazette" of Nov. 16, furthermore said:
"The opening celebration was very gratifying in every respect and very
little cash was withdrawn, while many were re-depositing," L. E. Huseman, Vice-President and Cashier, said last night. . . .
George P. Craig, attorney for the bank, explained that each of the
depositors would be notified by mail when to appear to receive a 50%
Payment.
VERMONT.
A dispatch from Poultney, Vt., on Nov. 22, printed in
the "Knickerbocker Press" stated that under a plan for
the reorganization of the Citizens' National Bank of Poultney, the required waiver of 75% of the deposits had been
substantially over-subscribed. The dispatch went on to
say in part:
Under the reorganization planthe RFC is to purchase $25,000 of prefared stock at $25 a share, and the depositors and other interested parties
are to subscribe and purchase 1,000 shares of common stock at $35 a
share. Approximately 835 shares of common stock have been subscribed.
Every effort has been made to obtain the waivers prior to the actual
selling of the stock, and it is anticipated that the balance of the stock
will be subscribed and the new bank will be organized by the first of the
year. The bank has been operating under Norman G. Knapp as conservator, since April 1, and it was not until Sept. 8 that the reorganization
committee was able to submit a plan acceptable to the Comptroller of
Currency by which the bank could be organized.
VIRGINIA.
Advices from Petersburg, Va., on Nov. 17 to the Richmond "Times-Dispatch" stated that announcement was
made on that date that William A. Bond had been appointed
receiver for the old First National Bank & Trust Co. of
Petersburg. The appointment was made by the Comptroller
of the Currency and Mr. Bond entered upon his duties on
the date named. The dispatch continued:
Mr. Bond, as receiver, takes over the management of the affairs of the
bank from W. Hal Payne, who has been serving as conservator under the
appointment of the Comptroller of Currency since Sept. 25, and who
succeeded Charles E. Plummer.
It was said to-day that the change from a conservatorship to a receivership will have practically no effect on the status of assets of the old institution and that there will be only minor technical differences in the operation
of the liquidation of the old bank.
Mr. Bond said to-day that for the present Mr. Payne would serve in the
trust department of the closed bank, a position he has held for a number of
years. The receiver will have headquarters in the old Viringia National
Bank Building.
Additional List of Banks Licensed to Resume Operations in Second (New York) Federal Reserve
District.
Supplementing its statement of Nov.8 (noted in our issue
of Nov. 11, page 3447), the Federal Reserve Bank of New
York has issued the following additional list showing banking institutions in the Second (New York) District which
have been licensed to resume full banking operations:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1311, Nov. 22 1933)
MEMBER BANKS—NEW YORK STATE.
Atlanta—Atlanta National Bank. (Effective 9 a. m. Nov. 25 1933.)
Salamanca—*The First National Bank of Salamanca.
NEW JERSEY.
Orange—The Orange First National Bank. (Newly chartered to succeed
Bank.)
The Orange National
* Bank in Buffalo Branch Territory.
GEORGE L. HARRISON, Governor.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Cotton Exchange membership of the estate
of Arthur S. Jackson was sold Nov. 24 to Harold L. Bache
for another for $18,000, an increase of $500 over the last sale.
The following seats were sold on the New York Commodity
Exchange: Nov. 1, Edward J. Wade, extra membership, to
E.J. Schwabach for another, at $3,100; Nov.8,Joseph Louis
to Jerome Lewine, for another, at $3,300; Nov. 13, E. J.
Schwabach, extra, to Frederic C. Zones, for another, at
$3,800; Nov. 14, Paul Abbott to Jerome Lewine,for another,
at $3,900.
—4-A membership on the Chicago Board of Trade was transferred Nov. 24 for $7,000, an advance of $200 over the last
previous sale.
The board of directors of l3ancamdrica-Blair Corp. has
declared a dividend of $1.50 per share on the stock of the
3793
corporation, payable Dec. 15 1933 to holders of record at
the close of business Dec. 4 1933.
The Manufacturers Trust Co., New York, announced on
Nov. 23 that it has established a Women's Department at
its office at 707 Fifth Ave. The department is under the
direction of Sarah A. Burke.
An application made by Joseph A. Broderick, Superintendent of Banks of New York State, for a further dividend
payment of 5% to the depositors of the American Union
Bank, of New York City, which was closed on Aug. 5 1931
by Superintendent Broderick, wasapproved on Nov.16 by Justice Alfred Frankenthaler of the Supreme Court. Two dividends, amounting to 65%, have thus far been paid. The
first was made at the time the assets of the closed bank were
sold to the Manufacturers Trust Co. and amounted to 50%.
The second disbursement, amounting to 15%, was made on
Aug. 12 1932. Checks for the present dividend, which
amounts to $249,334, were prepared on Nov. 16. The closing of the bank was referred to in our issue of Aug.8 1931,
page 896, and the dividend payments were noted in these
columns Oct. 31 1931, page 2866 and Aug. 20 1932, page
1280. From the New York "Times" of Nov. 17 we take the
following:
Justice Frankenthaler reserved decision on an application to approve
the expense accounts of the Manufacturers Trust Company for the period
from Jan. 1 last to Sept. 30. aggregating $29,438. which with the sums
previously allowed brings the total to $139,429. The report shows a dispute between the Banking Department and the trust company as to the
payment of interest on the bank's assets. The trust company offered to
accept $30,000 of the interest for the first year of liquidation. $15,000 for
the second, and $10,000 for each succeeding year.
The New York State Banking Department on Nov. 6
approved an increase in the capital of the Orange County
Trust Co. of Middletown, N. Y.,from $100,000 to $200,000
and in the number of shares from 1,000 to 2,000.
Arthur Land, a Vice-President of the People's Savings
Bank of Yonkers, N. Y., and former Secretary of the Alexander Smith & Sons Carpet Co. of that city, died of pneumonia at his home in Yonkers on Nov. 21. Upon his retirement two years ago Mr. Land had been associated with the
carpet concern for 43 years and is credited with having been
an important factor in the growth of the company. At the
time of his death, in addition to his connection with the
People's Savings Bank, Mr. Land was Treasurer of the
Yonkers Building & Loan Association and a director of the
Westchester Trust Co. of Yonkers. He was born in Earlsheaton, England, 64 years ago.
A consolidation of the Union Trust Co. of Boston, Mass.,
and the Harris Forbes Trust Co. of that city, to become effective on Dec. 1 next, was announced in Boston on Nov. 22.
Business will be conducted under the title of the Union Trust
Co. of Boston, which will move from 11 Devonshire Street
to 24 Federal Street, where the banking rooms and safe
deposit vaults of the Harris Forbes Trust Co. are located.
Charles Francis Adams, who was Secretary of the Navy
under President Hoover, and was former Treasurer of
Harvard College, will be President of the enlarged institution. Mr. Adams was appointed President of the Union
Trust Co. last March and he is also a trustee or director of
many of the nation's important corporations. Boston
advices on Nov. 22 to the New York "Times",in noting the
above also said:
Both of the merged concerns have enjoyed a steady growth in deposits,
in trusts and in safe deposit business and their successful conduct of a
similar trust and banking business within close proximity indicated logical
advantages to both if united as one institution, the announcement said.
In addition to the staff of Union Trust, a large proportion of the officers
and personnel of the Harris Forbes Trust Co. will continue with the combined organization.
The Union Trust Co. devotes special attention to settling estates and
handling trust and agency accounts; to acting as agent in the collection of
income and to the preparation of tax returns.
The First National Bank in Reading, Reading, Mass.,
First
capitalized at $100,000, went into voluntary liquidation on
Nov. 1 last. The institution was succeeded by the First
National Bank of Reading.
A charter was granted by the Comptroller of the Currency on Nov. 15 to the Millbury National Bank, Millbury,
Mass. The new bank succeeds the Millbury National
Bank, and is capitalized at $100,000, of which $50,000 is
preferred and $50,000 common stock. R. W. Brigham and
Charles C. Riley are President and Cashier, respectively,
of the new institution.
3794
Financial Chronicle
Stockholders of the Hartford Connecticut Co., Hartford,
Conn. (affiliated of the Hartford-Connecticut Trust Co.)
at a special meeting to be held Nov. 29 will act on a proposal
to transfer the assets of the company to the Hartford-Connecticut Trust Co. If the proposal is approved, the
Hartford-Connecticut Trust Co. will take over four National
and one State banks, all in Connecticut, and operate them
as branch offices. The banks are the First National Bank
of Meriden; the Rockville National Bank of Rockville;
the First National Bank of Middletown; the First National
Bank of Stafford Springs, and the Wethersfield Bank &
Trust Co. of Wethersfield. The Hartford "Courant" of
Nov. 18, from which the above information is obtained,
continuing, said in part:
To accomplish the acquisition of the Hartford-Connecticut Co. the
Hartford-Connecticut Trust Co. will have a capital increase, probably
amounting to $1,000,000 which will make the capital outstanding $4,000,000.
Assets ofthe Hartford-Connecticut Co.amount to approximately $2,000,000.
Action by the bank will follow the decision taken by company stockholders.
The transaction will be accomplished by exchange of stock computed
on asset values.
Deposits of the banks comprising the chain amount to upwards of
$4,000,000 and their total resources are approximately $5,500,000. Combined capitalizations amount to $600,000; surpluses, $540,000, and undivided profits, $340,000.
The resources of the Hartford-Connecticut Trust Co. after the acquisition
of the company will be more than 140,000,000 and the deposits will exceed
130,000.000.
The action recommended is a consequence of the Banking Act of 1933
which places restrictions on affiliates of banks which as members of the
Federal Reserve System and holding company affiliates which own or
control stock of banks belonging to the System. The National banks,
stock of which is owned by the company, are members of the Federal
Reserve System.
When the Hartford Connecticut Co. was organized the ultimate purpose
of operating branch banks was in mind. Then branch banking was not
allowed under Connecticut statutes, but is now permissible.
The Hartford Connecticut Co. owns securities other than bank stocks
and as of Nov. 14 the market value of these and cash on hand amounted
to $869,590.10. These will be transferred to the bank in the transaction.
The ratio for the exchange of stock of the company for stock of the
bank will be computed on the basis of asset values of the two companies.
The special meeting of stockholders of the Hartford Connecticut Co.
will be held Nov. 29 at 10 a. m., and the business to be transacted will
be to consider the plan, and if favored to appoint a committee to represent
stockholders; and to consider retirement of 12,000 shares of voting trust
shares and the retirement of treasury stock.
Concerning the affairs of the Mechanics' Bank of New
Haven, Conn., which closed June 9 1932, the New Haven
"Register" of Nov. 17 carried the following:
Permission to pay a dividend of 10% in the savings department and 5%
to commercial depositors was granted to Receiver James E. Wheeler of
the closed Mechanics' Bank this morning (Nov. 17) in the Superior Court
upon a motion presented by the receiver's cotinsel, Samuel A. PerskY.
Payment of the dividend will be started as soon as possible as preparations
are well under way for the handling of the disbursement, which is expected
just before Thanksgiving Day in order that depositors may have some of
their tied-up funds to use for the holiday.
Mr. Wheeler and his corps of assistants are working also for the payment
of an additional dividend of 5% to the commercial depositors as soon as
possible after the present disbursement is made, possibly within six weeks.
The latter payment will depend largely on the speed in liquidation of securities as it is not the desire of the receiver to dump a large amount on the
market at one time.
The dividend this month will be the second paid to depositors of the institution, making a total of 20% to tho savings department and 15% in the
commercial accounts. The proposed additional payment to the commercial
depositors will bring their payments up to 20% also.
The First National Bank of Paterson, N. J., announces
the death of its President, Whitfield W. Smith, on Nov. 3
1933.
•
Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania, announced on Nov. 17 the following payments
to depositors in three closed Pennsylvania banks, namely,
Banca M. Berardini of Philadelphia; Agricultural Trust &
Savings Co.of Lancaster, and the Valley Deposit & Trust Co.
of Belle Vernon, as reported in the Philadelphia "Legder" of
Nov. 18:
The 882 depositors of the estate of Michael Berardini (Banco M. Berardini) of Philadelphia, will be paid 40% of the money due them next week.
The payment, amounting to $44,051, will be made on Nov. 20.
The 9,126 depositors of the Agricultural Trust & Savings Co. of Lancaster, will receive a payment of 5% on Dec. 5. It will total $70,618, and
will mark the third payment made to depositors of this institution, the two
previous payments having been 10% each. The bank has a total deposit
liability of $1,412,713.
The Valley Deposit & Trust Co. of Belle Vernon, Pa., will make a 10%
payment, or $90,612 to 5,599 depositors on Dec. 5. This will be the first
distribution to depositors of this institution.
James E. Gowen, President of the Western Savings Fund
Society of Philadelphia, Pa., on Nov. 16 was appointed to
the Board of Managers of the Girard Trust Co. of Philadelphia to fill the vacancy caused b ythe death of B. Dawson
Coleman, according to the Philadelphia "Ledger" of Nov. 17.
Nov. 25 1933
A payment of 10% to depositors of the Highland National
Bank of Pittsburgh, Pa., amounting to $316,000, was
announced on Nov. 16 by P. 0. Shennum, the receiver,
-Gazette" of Nov. 17,
according to the Pittsburgh "Post
which furthermore said:
This Is the fourth distribution since the bank closed and makes 65%
repaid. Depositors who present their receiver's certificates as proof of
claim will be paid the 10% Immediately, Mr. Shennum said.
Robert Angell, Chairman of the board of directors of the
Colonial-American National Bank of Roanoke, Va., and
prominent in political and business circles in that State,
died unexpectedly at his home in Roanoke on Nov. 12.
Mr. Angell, who was 65 years of age, was born in Franklin
County, Va., but moved to Roanoke in 1886. The deceased
banker was President of the Colonial National Bank of
Roanoke prior to its consolidation with the American National Bank. Upon the union he became Chairman of the
board of the enlarged institution, the office he held at his
death. He was also President of the Liberty Trust Co.
of Roanoke. Although politically a Republican, he held
offices under Democratic administration. He served for a
number of years on the Virginia Board of Agriculture, was
a member of the Governor's State Advisory Board on
Efficiency and Economy and served as Fuel Administrator
during the World War.
The Comptroller of the Currency on Nov. 13 chartered
the National Bank of Keyser, Keyser, W. Va., with capital
of $100,000. Joseph E. Patchett is President and Cashier
of the new organization.
We learn from the Toledo "Blade" of Nov. 17 that application was filed in the Common Pleas Court on that day by
liquidators of the American Bank of Toledo, Ohio, to pay
a 10% dividend to depositors. The dividend, if approved by
Judge James Martin, will mean the distribution of $70,000
to depositors. The American has paid two dividends
previously of 10 and 5%. The paper mentioned went on
to say:
Fifteen days must elapse between the time of the dividend approval by
the court and its actual payment. In the meantime, the necessary checks
will be prepared.
The National Bank of Portsmouth, Portsmouth, Ohio,
with capital of $200,000, was chartered by the Comptroller
of the Cureeney on Nov. 13. The new bank is capitalized
at $200,000 and succeeds the First National Bank of Portsmouth.
The Comptroller of the Currency on Nov. 16 issued a
charter for the First National Bank of Kinsman, Kinsman,
Ohio. The new institution is capitalized at $50,000, consisting of $35,000 preferred stock and $15,000 common
stock. A. M. Voorhees heads the new bank, which succeeds
the Kinsman National Bank, while C. A. Hobart is Cashier.
Effective Nov. 6 last, the Marion National Bank of
Marion, Ind., went into voluntary liquidation. The institUtion, which had a capital of $250,000, was succeeded
by the Marion National Bank of the some place.
On Oct. 21 1933 the First National Bank of Columbia,
Ill., capitalized at $50,000, went into voluntary liquidation.
It was replaced by the First National Bank in Columbia,
Columbia.
Henry Leverentz, former Cashier of the Roosevelt Trust
& Savings Bank at Forest Park (Cook County), Ill., has
become Cashier of the River Forest State Bank at River
Forest (P. 0. Oak Park, Cook) County, Ill., according to
the Chicago "News" of Nov. 17, which went on to say:
A 100% payoff to all depositors when the Roosevelt Trust went out of
business during the winter of 1932 is held to have been largely brought
about by the banking ability of the officers of the institution.
The River Forest bank was reopened several months ago with 100%
of its deposits open to its customers.
Personal Loan & Savings Bank, Chicago, Ill., has been
admitted to membership in the Federal Reserve System,
*Iccording to an announcement of Willoughby G. Walling,
President. The bank was made eligible by an Act of
Congress qualifying Morris Plan banks and other institutions
doing a similar kind of business. According to Mr. Walling,
the Personal Loan & Savings Bank is the first institution of
its type in the United States which has availed itself of the
privileges extended.
111.11Mmeom....
Volume 137
Financial Chronicle
3795
An equity suit, charging mismanagement and asking an "Rocky Mountain News" of Nov. 11. Grant McFerson,
accounting, has been filed in the Cook County (Ill.) Superior the State Bank Commissioner for Colorado, mailed checks
Court against officers and directors of the Continental- totaling $4,755.98 to 299 depositors. This was the fourth
Illinois National Bank & Trust Co. of Chicago by Wil- dividend, it was said, paid by the Bank Commissioner and
helmina Grubey, holder of 30 shares of the bank's stock in makes a total of 67% returned to the depositors.
her own name, and of 270 shares as administratrix for her
Effective at the close of business Nov. 10 the Security
husband. Chicago advices on -Nov. 15 to the "Wall Street
continuing said: Bank and the First National Bank, both of El Segundo,
Journal",from which the foregoing is learnt,
Calif., were consolidated to form the El Segundo branch of
The suit on information and belief charges that the bank suffered large
losses from 1928 to date as a result of alleged exorbitant salaries, bonuses
the Security-First National Bank of Los Angeles, Los Angeles.
and commissions to divers officers and directors; alleges excessive loans to
In reporting the matter, the Los Angeles "Times" of Nov. 10
officers and directors and enterprises in which they were interested, includalso said:
ing alleged loans to George M. Reynolds, former Chairman of the board,
and enterprises in which he was interested, on which complaint says loss
of over $20.000,000 was sustained; and alleges improper supervision of employees with resultant alleged loss of over $2,000,000 from embezzlements
of Waiter E. Wolf.
Complaint also alleges loss and wastage of large sums in management of
Continental Illinois Co. It charges finally that over $50,000,000 of assets
have been lost and that in consequence it is necessary to write down capital
stock from $75,000,000 to $25.000,000 and replace loss through sale of
550,000,000 preferred stock to the Reconstruction Finance Corporation.
Albert W. Harris, Chairman of the board of directors of
the Harris Trust & Savings Bank of Chicago, 111., announced
on Nov. 16 that the bank proposed to add $900,000 to its
capital and to distribute a 10% cash dividend, aggregating
$600,000, to the stockholders about Jan. 2. A dispatch
to the New York "Times"from Chicago,in noting the above,
went on to say:
This will be effected by reducing the capital of the bank's affiliate, the
N. W. Harris Co., by 51.500.000 and transferring that amount to the
bank's surplus and stockholders. The bank will require the approval of
90% of its stock before making the change.
Under the Federal Banking Act the Harris Trust must divest itself of
the Harris company, whose business has been the distribution of bonds.
The bank has until next July to wind up the affairs of the company, which
will have remaining capital of $1,500,000 when the present Plan goes
into effect.
As of Sept. 29 last, the Harris Trust & Savings Bank had
capital of $6,000,000, with surplus of like amount and undivided profits of $2,017,127, or total capital resources of
$14,017,127, while deposits on that date totaled $120,531,384.
Payment of a 5% dividend of $138,932 to depositors of
the West Town State Bank of Chicago, Ill., was authorized
on Nov. 14 by State Auditor E. J. Barrett of Illinois, according to the Chicago "Journal of Commerce," which added:
This is the second dividend since the bank closed June 11 1931, and
brings the total dividends to 30% of deposits.
The Farmers' & Merchants' National Bank in Benton
Harbor, Benton Harbor, Mich., was granted a charter by
the Comptroller of the Currency on Nov. 14. The new
institution, which replaces the Farmers' & Merchants'
National Bank & Trust Co. of Benton Harbor, is capitalized
at $150,000, made up of $75,000 preferred stock and $75,000
common stock. E. P. Rosback Jr. and Vere Beckwith are
President and Cashier, respectively, of the new bank.
A dispatch by the Associated Press from Lincoln, Neb., on
Nov. 18 stated that two defunct Nebraska banks paid dividends on that date, namely the Farmers' & Merchants'
Bank at Lindsay, which paid a 5% dividend of $4,056 in
addition to $21,520 previously paid, and the Farmers State
Bank at Cedar Rapids which paid a 10% first dividend of
$6,005.
-__•_-_
The Jewell County National Bank of Burr Oak, Kansas,
was placed in voluntary liquidation on Nov. 14 1933. The
institution, which was capitalized at $50,000, was absorbed
by the Burr Oak State Bank, Burr Oak.
•
____•.--_
Savannah, Ga.,advices by the Associated Press on Nov.16
stated that Marshall K. Hunter, heretofore President of the
First National Bank of Macon, Ga., had been appointed
President of the Liberty National Bank & Trust Co. of
Savannah at a meeting of the board of directors on that day.
Mr. Hunter succeeds James P. Houlihan, who resigned the
Presidency. Other changes in the bank's personnel in connection with Mr. Houlihan's retirement, as noted in the
dispatch, are as follows:
The new branch will continue to occupy the quarters at Main and Grand
Ave. in the beach community. S. F. Shumaker, who has headed the two
merging banks since 1928, will be Manager of the branchbank. Prior to
coming to California he was a bank officer in Billings and Butte, Mont.,
and in Phoenix, Ariz.
According to advices from Tujunga, Calif., on Nov. 10,
printed in the Los Angeles "Times," the Tujunga Valley
Bank, in liquidation since January 1932, paid another
dividend to its depositors on that date, 10% in the savings
department and 5% in the commercial department, making
the total payment to date in the savings department 80%
and 45% in the commercial department. The dispatch
continued:
It is stated that there are sufficient assets on hand to pay all the saving.
account depositors, with some to carry over to the commercial department,
A moderate dividend may be declared by the Transamerica
Corporation (head office San Francisco, Calif.) this year
if conditions continue to warrant, A P Giannini, Chairman
of the board, announced upon returning to San Francisco
from New York. "If action is not taken in December," he
said, "I shall recommend to the board that a dividend be
declared early next year." In noting the matter, the New
York "Times" of Nov. 22 continued:
Mr. Gianni/II said recent increases of pay given the employees in the
lower-salary brackets had restored 77% of the personnel to a "normal"
Day basis, so that the time was propitious for considering a disbursements
to stockholders. He added that when a dividend was paid it would mean
that dividends would continue to be paid. The Bank of America National
Trust & Savings Association alone was paying into Transamerica's treasury
sufficient funds to cover a small dividend and was earning its own $3.100,000
annual dividends more than three times. The Bancamerica-Blair Corporation, a subsidiary of Transamerica, also was to declare a dividend soon,
he said.
San Francisco advices on Nov. 21, appearing in the New
York "Evening Post," contained additional information as
follows:
Directors of Transamerica Corporation at their meeting next month will
consider returning the common shares, of which 23,681,721 are outstanding,
to a dividend basis, A. P. Giannini said to-day.
Dividends, when resumed, probably will be on a semi-annual basis,
Mr. Giannini said. When dividends were discontinued in 1931 payments
were at the rate of 10 cents a share.
Dividend prospects for Bancamerica-Blair were also discussed by Mr.
Giannini, who pointed out that Bank of America is now earning at a rate
three times its dividend requirements. Sixty-seven per cent of the stock
of Bancamerica-Blair is held by Transamerica Corporation, and the rest
by Transamerica stockholders.
Checks totaling $44,058 were mailed on Nov. 14 to
depositors of the defunct Mount Scott State Bank of Portland, Ore., by H. L. Toney, Deputy State Bank Superintendent for Oregon, the liquidator of the institution, according to the "Oregonian" of Nov. 15, which continuing said:
This was the fourth dividend paid since Mr. Toney took charge of the
institution something more than a year ago, and was for 10%. Total dividends paid to date amount to 55% in both the commercial and savings
departments. The bank went into liquidation on April 17 of last year.
Mr. Toney stated that he has disposed of the bonds and most of the assets
held in reserve by the bank and sale of these materially assisted in liquidating
process. Completion of liquidation, he said, involved the bringing in of
notes and mortgages held almost entirely by residents of the district in
which the bank was located.
The 59th annual report of the Imperial Bank of Canada
(head office Toronto) covering the fiscal year ended Oct. 31
1933 was made public at the close of last week and shows
substantial growth in total deposits and in total assets
during the year. Improvement in the bank's liquid position as compared with a year ago is also disclosed, in that
the percentage of quick assets to total liabilities to the
public is greater than at the end of the previous fiscal year,
the ratio having been 51% the present year, as compared
with a fraction less than 50% in 1932. The Imperial Bank's
statement is always awaited with interest because it is the
of Atlanta. serving as temporary Vice-PresIdent. is sucE. A. Stubbs,
first (Canadian) bank to make a report for the year, and the
ceeded by Charles S. Sanford, Manager of the Savannah branch of the
investment department of the Trust Co. of Georgia. Mr. Sanford becomes
figures usually denote the general trend in bank earnings.
Vice-President and Cashier.
Net profits for the year (after deducting charges of manElton E Wright, resigned as Cashier, is succeeded by Ravenel Gignilliat,
agement, auditor's fees and interest due depositors, and after
whose title will be Assistant Cashier.
making full provision for bad and doubtful debts and for
Depositors of the defunct First State Bank of Wiggins, rebate on bills under discount) were $1,204,039 (or within
Colo., recently were paid a 7% dividend, according to the $1,300 of the amount in the previous year) and when added
3796
Financial Chronicle
to $544,744, the balance to credit of profit and loss brought
forward from the preceding fiscal year, made $1,748,782
available for distribution. This amount, the report tells
us, was allocated as follows: $700,000 to pay dividends at
the rate of 10% per annum; $47,500 representing contributions to officers' guarantee and pension funds; $250,000
reserved for contingencies, and $170,000 to take care of
Dominion Government and other taxes, leaving a balance of
$581,282 to be carried forward to the current year's profit
and loss account. Total assets are shown in the statement
as $134,491,101 (against $127,792,666 last year), of which
$68,997,661 are liquid assets, while total deposits are given
at $104,449,050, as compared with $99,712,532 a year ago.
The paid-up capital of the institution is $7,000,000 and its
reserve fund $8,000,000. Frank A. Rolph is President and
A. E. Phipps, General Manager.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Light trading and irregular price changes were the outstanding characteristics of the transactions on the New
York Stock Exchange during most of the present week.
There was a fairly heavy market on Monday, particularly
during the early trading and a brisk upturn on Friday but,
for the most part, price changes have been mixed with a
strong tendency toward lower levels. Railroad shares and
miscellaneous industrials have had spasmodic periods of
activity, but the gains recorded among these shares were
generally cancelled by profit taking which flared up from
time to time. Metal issues also have had occasional spurts
but the advances were not maintained. Liquor shares have,
as a rule, tumbled downward, due partly to the nearness of
prohibition repeal and a number of these stocks prominent
in recent market activities dropped to new lows for the
3
movement. Call money renewed on Monday at 4 of 1%
and continued unchanged at that rate throughout the week.
Moderate dealings, with fractional price changes, were the
rule during the two hour session on Saturday. The gains
were slightly in the lead, but neither the advances nor the
recessions were particularly noteworthy. Railroad issues
were inclined to lag behind, following the unsatisfactory
earnings report of the Kansas City Southern, the first of the
earnings statements for October to appear. The changes on
the side of the advance included among others, American
Commercial Alcohol, 13% points to 503 ;Du Pont,2% points
4
to 863/8; Loose Wiles, 2 points to 43; Tide Water Oil, 33%
points to 243%;'United States Smelting & Refining, 73% points
to 993% and Hercules Powder, 13% points to 393/s•
The market continued to drift around within a narrow
range during the first hour on Monday, but showed some
improvement as the day progressed and a number of industrial stocks listed good gains as the session came to an end.
The volume of trading, however, was small as the dealings
were largely for professional account. The liquor stocks
did not participate in the advance, but extended their
declines all through the group. National Distillers was the
hardest hit and sold at new lows following the announcement
of the proposed Pennsylvania liquor taxes. Around the
noon hour, metal stocks came back and a number of the more
active issues showed modest gains. Du Pont was one of
the strong shares on the rally and broke through to a new
top for 1933. Other issues attracting renewed speculative
attention were Nash Motors, Eastman Kodak, Celanese,
United Carbon and Collins & Aikman. Stocks showing
gains at the close included among others, Air Reduction,
2 points to 108; Allied Chemical & Dye, 33/i points to 1433%;
American Beet Sugar pref., 4 points to M; American Can,
4 points to 883%; American Tel. & Tel., 24 points to 1213%;
Armour Ill. pref., 23% points to 433%; Atchison, 23% points
to 483'2; J. I. Case Co., 23% points to 733/s; Celanese,3 points
to 47; Chrysler, 23% points to 493 ; Continental Can, 33%
4
points to 733%; Delaware & Hudson, 3% points to 53%;
Eastman Kodak, 23% points to 76; Johns-Manville, 33%
points to 573/8; Norfolk & Western, 23/i points to 155;
Union Carbide, 3 points to 493%, and Western Union,
33% points to 583%.
Irregularity was the outstanding characteristic of the
market on Tuesday. Liquor shares, metal issues and public
utilities were under pressure during the first half of the
session, though they rallied from their low levels as the
market drew to a close. American Can attracted considerable attention and crossed 100 to a new top for the year.
Railroad stocks were fairly strong, New York Central,
Atchison and a number of other issues showing modest
gains. Wet stocks continued weak and considerable selling
Nov. 25 1933
was apparent among the oil shares and metal issues. The
changes for the day were generally on the side of the decline
and included among others, Air Reduction, 2 points to 106;
American Smelting,23% points to 453%; Colorado & Southern,
23% points to 28; Endicott Johnson,2 points to 112; Schenley
Distillers, 3 points to 303%; United States Smelting & Re4
fining, 53 points to 963%; Vulcan Detinning, 23 points to
4
to 543%, and Colgate Palmolive, 53% points to 70.
Stocks drifted around without definite trend during most
of the session on Wednesday. There were occasional attempts to work up a rally but these, in the main, were
unsuccessful as the market continued to point downward.
In the first half of the day, leading stocks were off from 1
to 2 points as the selling began to appear, but the latter
gradually simmered down as the day progressed. The liquor
stocks were weak, both National Distillers and Sehenley
dipping to lower levels. Du Pont attracted some buying
and broke through 90 to a new 1933 top. Among the
changes on the downside were Allied Chemical & Dye, 3
points to 117; American Water Works, 33% points to 563%,
Bethlehem Steel pref., 2 points to 50; Delaware & Hudson,
2 points to 533%; Du Pont, 5 points to 105; Goodyear 1st
%
pref. (2), 33 points to 57; Homestake Mining, 17 points
to 308; Mathieson Alkali pref. (7), 43% points to 1053%;
United States Industrial Alcohol, 2 points to 643%, and
Studebaker pref., 23% points to 21.
Following the sharp decline in wheat, the downward slide
of the stock market was again in evidence on Thursday.
Prices rallied somewhat toward the end of the session but the
advance was short-lived and make little impression on the
closing quotations. The initial prices were fairly steady,
but fresh weakness in the liquor stocks again turned the
trend downward. National Distillers (new) broke to a new
low for the present movement, and as selling dribbled into
the market, prices all along the line gently sagged downward.
Trading was on a small Scale, however, though the demand
showed a slight improvement during the last quarter hour
which lifted a few of the more important issues above the
lowest levels of the day. The closing prices were generally
on the side of the decline, the stocks showing recessions including among others, Allied Chemicals & Dye 23% points to
140, American Hide & Leather pref. 23% points to 33, American Smelting 23% points to 44, J. I. Case Co. 33 points to
4
703%, Federal Mining & Smelting 8 points to 90, Norfolk
& Western 4 points to 155, Union Carbide & Carbon 2 points
to 46, United States Industrial Alcohol 33% points to 613%
and United States Smelting & Refining 33% points to 94.
The trend of the market was completely reversed on
Friday, and while there was nothing sensational about the
gains, many prominent market leaders closed the day with
substantial advances over the preceding close. Public
utilities and railroad stocks were the most active in the
recovery, though the improvement extended to practically
every part of the list. The opening hour was characterized
by narrow and irregular price movements, but the market
soon broadened out and prices began to climb. Consolidated Gas, North American and Public Service of N. J.
enjoyed considerable speculative attention and there was
some buying apparent in the railroad group. The rally
also included such prominent industrial shares as United
States Steel, American Can and Amer. Tel. & Tel., the
latter making a 1 point gain to 120. Prominent among the
advances registered at the close of the market were Americap
Can, 23% points to 99; Eastman Kodak, 33% point to 80;
Jones.& Laughlin, 7 points to 57; Union Pacific, 23% points
to 111; Republic Steel, 2 points to 323%, and Homestake
Mining,2 points to 304. The market was quiet at the close.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY.
Week Ended
Nov. 24 1933.
Railroad
State.
Stocks,
Number of and MisceU. Municipal &
Bonds.
Forn Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday _ _
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
577.800
1,894,630
1,800,080
1,574.035
1,370,675
1,420,188
$3,525,000
6,540,000
6,735.000
6,197,000
5,678,000
7,323,000
Total
Bond
Sales.
81,703,000
2,824,000
3,253,100
6,626,500
2,869,400
2,731,000
36,949,000
11,904,000
12,715,100
16,045,500
10,899,400
13,539,000
8,638,308 835,998,000 $16,047,000 820,007.000 872,052,000
Week Ended Nov. 24.
1933.
8,638,308
Stocks—No. of shares.
Bonds.
$20.007,000
Government bonds_
16,047,000
State St foreign bonds_
Railroad dt misc. bonds 35,998,000
Total
81,721,000
2,540,000
2,727,000
3,222.000
2.352,000
3,485,000
United
States
Bonds.
1932.
Jan. 1 to Nov. 24.
1933.
1932.
3,736,557
616,145,299
399,404,533
83,199,000
10,190,000
18,285,000
$449,967,300
695,600,000
1,905,298,000
$530,916,350
879,370,600
1,481,980,000
$72.052,000 $31,674,000 $3,050,866,200 $2,692,286,950.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Nov. 24 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. wk. revised_
3797
Financial Chronicle
Volume 137
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
14,755
28,632
27,019
27,949
30,107
5,791
$2,C00
8,000
3,200
10,600
20,100
2.000
8.415
15,201
13,472
11,497
8,593
6,189
$6,000
1,000
10,000
4,000
602
3,511
2,838
2,019
2,531
1,085
$5,000
5,000
4,000
3,200
12,000
134,253
$45,900
63,367
$21,000
12.586
$29,200
160.565
88.150
75.309
E19.100
7.523
$31.500
THE CURB EXCHANGE.
Except for the modest upturn on Monday and a slight
firming up of prices on Wednesday and again on Friday the
curb market has drifted around with mixed price movements
during the present week. There has been some buying in
the oils, metals and miscellaneous industrials, but most of it
was in small lots and the price changes were usually fractional. Canadian gold mining shares have been weak and
there has been little demand for liquor stocks.
On Saturday trading was quiet and price changes were
mixed, the fluctuations in most of the market leaders being
comparatively small either way. During the opening hour,
prices were slightly higher but quickly turned irregular owing
to the lack of buying orders rather than to selling pressure.
Canadian gold mining stocks were somewhat mixed, Lake
Shore being under pressure, while Newmont and Hudson
Bay Mining were fairly steady. Public utilities were soft,
Columbia Gas & Electric cony. pref. adding 2 points to its
decline of the preceding day and American Gas & Electric
moving under its previous close. Liquor stocks attracted
very little speculative attention, though fractional gains
were recorded by Distillers Limited and Distillers Seagram.
Singer Manufacturing Co. was slightly higher and Pittsburgh Plate Glass was firm. Toward the end of the final
hour, oil shares were in large demand and modest gains were
recorded by some of the more active issues, particularly
Humble Oil which jumped about 2 points.
Prices were somewhat firmer on Monday though the trading continued light, and except for an occasional spurt in
some special issue, the changes were largely fractional.
Metal stocks and mining shares attracted the most of the
speculative attention, though there was some demand for
high-class industrials like Aluminum Co. of America which
jumped 33% points to 82. Oil issues were in fair demand, the
strong stocks including such shares as Gulf Oil of Pennsylvania, Humble Oil and Standard of Indiana. Public utilities
were moderately firm though there was some pressure against
Electric Bond & Share during the early trading which relaxed as the day progressed.
Curb stocks declined rather sharply on Tuesday as alcohol prices moved downward. Hiram Walker, Distillers
Seagram and Canadian Industrial Alcohol were the weak
spots of the group and slipped back from fractions to a point
or more. Metal stocks and mining shares were off on the
day and industrial issues like Aliminum Co. of America were
down around 2 points. Public utilities were mixed. Consolidated Gas of Baltimore showing a decline while National
Power Sz Light pref. made a gain of 1% points at 41%. Oil
shares showed no important change, most of the active issues
recording fractional losses.
Irregularity was the dominating feature of the trading on
Wednesday, though there were a few of the market leaders
that were able to pull through to higher levels before the
session closed. Consolidated Gas of Baltimore was one of
this group and scored a gain of 1% points as it closed at 483/2•
Ford of Canada A and B each recorded a gain of 1% points
and Long Island Light pref. (7) was up 5 points as it crossed
43. In the industrial group Aluminum Co. of America
rallied to 80 after dipping to 76 and Singer Mfg. Co. gained
13% points in the early trading but lost it later in the day.
Electric Bond & Share and a number of other prominent
utility issues were in supply.
Curb stocks sagged all along the line on Thursday as profit
taking appeared in large volume. Oil shares receded fractionally, with the possible exception of Buckeye Pipe Line
which dipped about 3 points. Mining stocks moved down
under the leadership of Newmont and Lake Shore, and there
was a sharp decline in the utilities, particularly Electric
Bond & Share and American Gas & Electric, while stocks
like Niagara Hudson and United Light & Power were off
fractionally. Aluminum Co. of America was another weak
issue and, at one time, was down over 3 points. Alcohol
shares were weak, Canadian Industrial Alcohol (B. slipping
back about 3 points, and Hiram Walker and Distillers Seagram were off on the day.
Under the guidance of the public utilities, the curb market
moved briskly forward on Friday and substantial gains were
registered all along the line. Alabama Power was the strong
stock of the group and gained around 2 points at its top for
the day. Commonwealth Edison made a net gain of 23%
points and Electric Bond & Share registered an advance of
2 points. The industrials were also in demand, Great
Atlantic & Pacific recording a gain of about 3 points followed
by Aluminum Co. of America with a similar advance. Oil
stocks continued irregular and alcohol issues were weak all
along the line. This was true also of the mining shares.
The range for the week was generally upward, the advances
including among others such prominent stocks as Aluminum
3
Co. of America, 733% to Si; American Gas & Electric, 18%
%
to 203'; American Laundry Machine, 11 to 115 ; Atlas
%
%
Corp., 12 to 123; Brazil Traction & Light, 115 to 113 ;
Cities Service, 2 to 23/8; Commonwealth Edison, 32 to 37;
Duke Power, 38 to 403%; Electric Bond & Share, 123 to
133/2; Ford of Canada A, 113/i to 13 ; Humble Oil, 923. to
95; New Jersey Zinc, 633 to 643%; Niagara Hudson Power,
%
53% to 6;Penn. Water & Power,463/i to 47; Singer Mfg. Co.,
1453% to 1453; A. 0. Smith, 26 to 263/2; Standard Oil of
Indiana, 323/i to 323/s; Swift & Co., 14 to 143%; United Gas
Corp., 23% to 23 ,and United Light & Power A,2% to 23'.
%
A complete record of Curb Exchange transactions for the
week will be found on page 3797.
DAILY TRANSACTIONS AT THE NEW YORK OMB EXCHANGE.
Week Ended
Nov. 24 1933.
Stocks
(Number
of
Shares).
$132,000
189,000
48,000
93,000
164,000
205,000
$132,000 $1,833,000
167,000 2,826.000
151.000 2,605,000
97,000 2,933,000
168,000 2,777.000
177,000 3,737,000
1,178,117 $14,988,000
$831,000
$892,000 $16,711,000
Sales at
New York Curb
Exchange.
Jan. 1 to Nov. 24.
Week Ended Nov. 24.
1933.
1932.
Stocks
-No.ot shares..
520,865
1,178,117
Bonds.
Domestic
$14,988.000 $11,469,000
Foreign government_ _
431,000
831.000
Foreign corporate_
603,000
892,000
Total
Total.
89,805 $1,569,000
238,890 2,470,000
246,645 2.406,000
197,570 2,743,000
186,230 2,445,000
218,977 3,355,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Pas Value).
Foreign
Foreign
Domestic. Government. Corporate.
$16,711,000 $12,503,000
1933.
1932.
93,592,207
51,986,733
$792,513,000
38,410,000
37,261,000
$774,177,100
28,992,000
54.565.000
$868,184,000
$857,734,100
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. 25) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 40.0% above those for the corresponding
week last year. Our preliminary total stands at $4,936,658,737, against $3,526,599,959 for the same week in 1932.
At this center there is a gain for the five days ended Friday
of 51.3%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph,
Week Ended Nov. 25.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco .
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1933.
1932.
Per
Cent.
$2,541,153,804 $1,680,035,187
113,251.502
161,311,616
177,000,000
199,000,000
135,000,000
162,000,000
44,701,063
50,532,306
37,900,000
52,C00,000
62,614,000
83,431,000
No longer will re port clearings.
47.750,798
61,631,457
35.462,075
47,350,510
43,563,837
44,228,513
31,569,052
33,933,113
21,109,347
22.721,000
+51.3
+42.4
+12.4
+20.0
+13.0
+37.2
+33.2
+29.1
+33.5
+1.5
+7.5
+7.6
Twelve cities, live days
Other cities, live days
$3,459,293,319
487,922,295
$2,429,956,861
345,507,350
+42.4
+41.2
Total all cities, tlye days
All cities, one day
$3,947,215,614
989,443,123
$2,575,464,211
951,135,748
+53.3
+4.0
Total all cities tor week
$4,936,658,737
$3,526,599,959
+40.0
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended Nov. 18. For
that week there is an increase of 11.0%, the aggregate of
clearings for the whole country being $5,066,187,679,
against $4,563,847,282 in the same week in 1932.
Outside of this city there is an increase of 4.6%, the bank
clearings at this center having recorded a gain of 15.6%.
We group the cities according to the Federal Reserve dis-
Financial Chronicle
3798
triets in which
they are located and from this it appears
that in the New York Reserve District, including this city,
the totals record an increase of 15.3% and in the Boston
Reserve District of 3.4%, but in the Philadelphia Reserve
District there is a decrease of 9.4%. The Cleveland Reserve District suffers a loss of 3.5% and the Richmond
Reserve District of 5.4%, but the Atlanta Reserve District
enjoys a gain of 20.7%. In the Chicago Reserve District
the totals are larger by 10.9%, in the St. Louis Reserve
District by 24.1% and in the Minneapolis Reserve District
by 15.0%. The Kansas City Reserve District has to its
credit an improvement of 5.7%, the Dallas Reserve District
of 16.1%, and the San Francisco Reserve District of 8.2%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1932.
1933.
Week End. Nov. 18 1933.
Inc.or
Dec.
1930.
$
331.692,271
3,813,991,132
334,311.814
245.496,312
130,227,455
121,412,225
455,583,709
127,343,161
95,469,947
141,360,617
58,919,533
227,210,868
$
443.322,097
5,316,427,953
491,916,571
406,119,054
183.953,335
141. , 2
747 0 6
745,267,499
164,020,771
112.630,449
184,140,127
63,709,633
315,124,710
4,563,847,282 +11.0 6,083,019,044
1.904,511,300 +4.6 2,383,878,820
8,584,379,225
3,414,240.279
348.037.035
398.486.197
Federal Reserve Dists.
ht Boston_ _ _ _12 cities
2nd Newyork_ _12 "
3rd Philadelpla 9 ''
4th Cleveland__ 5 "
5th Richmond _ 6 "
6th Atlanta_ __ _10 '
7th Chicago _ - _19 "
8th St.Louis_ __ 4 "
Dth Minneapolis 7 "
10th Kansas City 9 "
5 "
Ilth Dallas
12th San Fran 13 "
%
8
4
244,757,008 +3.4
253,065.222
3,173,752,713 2,752,715,121 +15.3
-9.4
326,920,752
296,079,893
215,651,810 -3.5
208,000,782
111,787.313 -5.4
105,786,469
94,152,967 +20.7
113,598,795
307,735.739 +10.9
341,428,458
98,655,454 +24.1
122,414,951
78,027.659 +15.0
89,760,258
97,867,492 +5.7
103,469.726
50,561,030 +16.1
68,697,720
185,014,937 +8.2
200,102,692
111 cities
Total
Outside N. Y. City
5,066,187,679
1,991,203,122
29 Mtfew
2n4 00 748
n.,......4..
1931.
0358975? -1-38.8
Week Ended Nov. 18.
Clearings at
1933.
Week Ended Nov. 18.
Clearings 00
1933.
1932.
First Federal Reserve Dist net-Boston
352,107
603,681
Maine-Bangor.._
1,897,799
1,577,221
Portland
-Boston_ _ 222,596.291 214,384.037
Mass.
782,282
670.781
Fall River...350,077
328,707
Lowell
714.707
858.766
New Bedford_ 3,059,028
2.963,779
Springfield_ _
2.179,988
1.345,200
Worcester
7,994,518
8,619,661
-Hartford.
Conn.
3,697.717
3,498,115
New Haven_ _ _
8,959,400
9,613,100
R.I.-Providence
384,448
389,920
N.11.-Manches'r
Total(12 cities)
253.065,222
244,757,008
Inc. or
Dec.
1931.
1930.
+71.4
-16.9
+3.8
-14.3
-6.1
+20.2
-3.1
-38.3
+7.8
-5.4
+7.3
+1.4
443,271
2,576,111
292,833,711
881.152
585,135
870.421
3,804,815
2,362,895
9.984.040
5.913.695
10,958,200
478,819
586,085
3,137,642
395.908.724
1,544.893
568.291
936,813
4,398,150
2.740.732
12.537,601
7,380,144
12,953,000
610.022
+3.4
331,602,271
443,322,097
-New
Second Feder al Reserve D IstrIct
9,187.014
4,395,303
-Albany
N. Y.
841.068
734,998
Binghamton.
25,259,773
25,471.098
Buffalo
546,509
482,592
Elmira
525,025
446,450
Jamestown__ _ _
New York_ _ _ _ 3.074.984.557 2,659,335,982
6.888,870
5.443.796
Rochester
3,084,625
3,711,190
Syracuse
2,077.186
3,932,959
-Stamford
Conn.
596.561
473,304
-Montclair
N. J.
20.217,920
18.898.741
Newark
28,946,299
29,986.014
Northern N. J.
York6,640,054
5,393,588
+109.0
1.145.387
-12.6
957,761
46,234.594
31,786,906
+0.8
785.252
-11.7
785,567
1,006,165
-15.0
657.463
+15.6 3.699,140,224 5,170,138,946
9,691.770
-21.0
7.351.146
5.563,385
+20.3
3,013,068
3,679.083
3,407.557
+89.3
621.781
-20.7
593.905
36.090.999
--6.5
26.750.946
34,640,537
33,253,001
+3.6
Total(12 cities) 3,173,752,713 2,752,715,121
+15.3 3,813,991,132 5,316.427,953
Third Federal Reserve Dist rict-Philad elphla348.426 -16.2
292.053
-Altoona
Pa.
Bethlehem_ _
329,398 -3.1
319,267
Chester
1,065,436 -19.3
860.275
Lancaster
Philadelphia.-- 283.000,000 313,000.000 -9.6
2,309,092 -44.1
1,290.703
Reading
3,002.465 -16.6
2,504,766
Scranton
1,779,078 -12.2
1,582,689
Wilkes-Barre..
988,857 +29.1
1,276,140
York
4,098.000 +21.4
4,974,000
-Trenton
N.J.
584,204
1,194,223
752.745
2,017.817
317,000,000
2,667,959
3.764,745
2,500.480
1.388,854
3,625,000
918,091
1,734.605
470.000.000
2,964,072
4,711,211
3,579,272
2,157,097
4,658.000
-9.4
334,311,814
296.079,893
326.920,752
Fourth Feder al Reserve D Istrict-Clev eland C
Ohio-Akron...Canton
45,579,792 -2.0
44,668,695
Cincinnati
74,315,772 -13.9
64,000,893
Cleveland
7,392,800 +22.3
9.039.300
Columbus
850,560 +14.6
974,376
Mansfield
Youngstown
+2.1
87.512.886
-Pittsburgh_
89,347,518
Pa.
100,869,922
211,339,720
-3.5
245,496,312
406,119.054
Fifth Federal Reserve Dist rIct-Richm ond407,159 -60.3
161,769
W.Va.-Hunting'n
2.716,000 -25.8
2,016,000
Va.- Norfolk....
33,145,941 +11.7
37,023.852
Richmond....
897.398 +28.5
1,153,455
S.C.-Charleston
57,615,908 -11.2
Md.-Baltimore.
51,179,265
17,004,907 -16.2
14,252,128
D.C.-Washingt'n
549,157
3,329,771
35,688.957
1,746,317
65.797,227
23,116,026
1,139,469
3,912.158
50.084,000
2.448,285
103,196,409
23,173.014
-5.4
130.227,455
183,953,335
4 ,321,013
11,961,536
36,500.000
1,323.957
651,689
10,478,369
14,178.812
1,331,183
1,700.000
20,711.280
45,111,326
1,657.017
1. 204,043
2.864.184
19.443,578
1,822,445
121,795
40.543,871
151.746
47,081.407
121,412,225
Inc. or
Dec.
1931.
1930.
1,549,809
512,219,295
979,112
3,993,964
2,862,080
2,386,762
197,045
629,731
139,251,766
5,179,969
2,801,114
3,525,793
20,079,000
2,772,195
4,788,247
25,628,140
2,914,148
7,932,365
5,576,964
307.735.739 +10.9
455,583,709
745,267,499
Eighth Federa I Reserve Dis trict-St.Lo uisInd.
-Evansville.
63.100.000 +16.3
73.400,000
Mo.-St. Louis.._
20,056.793 +22.6
24,583,213
Ky.-Louisville
14,995,784 +60.7
24,102,738
Tenn.
-Memphis
is
111.-Jacksonville
502,877 -34.6
329,000
Quincy
85,200,000
22,455,366
19,070.711
117,900,000
23,895,520
21.600,616
617,084
624,635
98,655,454 +24.1
127,343,161
164,020,771
Ninth Federal Reserve Dis trict.-Minn ea polls
2,803,747 -14.5
2,398,558
53,366,002 +13.5
Minneapolis...
60,576,549
17,191,009 +28.3
22,052,679
St. Paul
1,762,492 +8.0
1,902,967
N. Dak.-Fargo508.629 -3.7
489,653
S.D.
-Aberdeen.
376.816 +26.7
477,445
_
2,018,964 -7.8
1,862,407
Helena
4,457,634
64,154,615
21,027,021
2,052,078
692,966
634,911
2,450,722
6,666,969
73,545.505
30,424,270
2,154,549
1,111,335
845,821
3,882.000
78,027.659 +15.0
95,469,947
112,630,449
Tenth Federal Reserve Dis trIct.-Kans as City
132,088 -55.6
58,611
Neb.-Fremont.
Hastings
1.643,155 +20.6
1,981,346
Lincoln
21,400,010 +19.3
25,525,754
Omaha
1,317,057 -14.8
1,122,297
-Topeka
Kan.
3.604.244 -35.1
2.340.641
Wichita
66.083.180 +4.1
68,822,670
Mo.-Kans. City
+5.9
2,483,576
2,630,211
St. Joseph_ _ _
597,403 -12.4
523,311
-Colo.Spgs
Colo.
606,779 -23.4
464,885
Pueblo
181,448
239,682
2,498,384
32.445,802
2,421,055
4,395.989
93,938.190
3,649,656
879,763
950,330
2,943.486
44,718,406
3,362,725
5.969,545
129,192,985
5,297,017
1,043,445
1,372,836
+5.7
141,360,617
194,140327
-Da llas.Eleventh Fede rat Reserve District
770,161 +10.4
850,065
-Austin
Texas
37,374,845 +22.8
45,896,850
Dallas
6,747,374 -16.2
5,656,209
Fort Worth...
3.251.000 +16.9
3,801,000
Galveston
2,417,650 +3.1
2,493,596
-Shreveport.
La.
1,137,788
40,572.278
11,069,272
'3,212,000
2,928,195
1,147,827
43.633,200
11,094,207
3,978.000
3,858,399
50,561,030 +16.1
58,919,533
63,709,633
Total(19 cities)
Total(4 cities).
Total(9 cities).
Total(5 cities).
341,428,458
122,414,951
89,760,258
103,469,726
58,697,720
97,867,492
Twelfth Feder at Reserve D lstrict-San Franci sco26,876.642
24.098.315 -1.7
23,677,601
-Seattle
Wash.
5,667,000 +18.5
8,975,000
6,715,000
Spokane
503,916
+0.6
506,928
817,387
Yakima
22.405,520 +16.9
26,200,511
29,706,055
-Portland..
Ore.
10,957.703 +8.1
11,842.204
14,537,460
Utah-Salt L. City
3,217.258 +1.0
3,250,490
4,638,106
-Long Bch.
Calif.
Los Angeles... No longer will report clearin gs
3,297.434 -3.4
3,185,699
4.032.781
Pasadena
5,621,539 -46.7
2.996.710
7,930,924
Sacramento
San Diego__ -- No longer will report clearin gs
San Francisco_ 116,128.539 103,312,201 +12.4 122,309,741
1,818,403 +20.9
2,199.308
2.739,870
San Jose
1,902,063 -32.5
1.283,957
1,447,915
Santa Barbara_
921,095 +7.2
987,554
1,440.186
Santa Monica_
1,128,191
1,292.490 -12.7
1,758,801
Stockton
491,916,571
Total(9 cities).
1932.
$
Seventh Feder al Reserve D strict-Chi cago
150,872
72,772 -34.4
-Adrian
47.755
Mich.
512,178
454,609 -20.6
360,771
Ann Arbor_ _ _ _
93,114.660
+4.7
58,431.036
61,154,640
Detroit
3,508,216
2,288,027 -37.5
1.430,742
Grand Rapids.
1,931,627
444,200 +47.5
Lansing
655,095
1,530,908
1,127.051 -38.1
697,683
Xnd.-Ft. Wayne
14,176,000
14,684,000 -6.6
13.713.000
Indianapolis__ _
1.623.344
1,471,867 -32.7
991,252
South Bend...
3.759.052
3,542,473 +4.5
Terre Haute
3,703,068
19.007.896
14.109,100 -3.4
13.635,983
Wis.-Milwaukee
044.747
683,319 -59.1
279,494
Iowa-Cad. Rap_
7,055,674
5,897,728 -6.2
Des Moines_ _ _
5,530,378
3,528,956
2,170,778 +9.8
2,384,042
Sioux City_
Waterloo
1,431,362
862,676 -50.8
424,777
Ill.-Bloomingt'n
231,296,241 197,073.005 +17.4 296,787,992
Chicago
675.858
414.259 +41.5
586,226
Decatur
2,728,507
2,222,554 +30.3
2,895,722
Peoria
1,425.583
505,973 +50.8
763,048
Rockford
1,690,277
1,280,312 -31.4
878,541
Springfield....
Total(7 cities).
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Nov. 25 1933
37.960,332
11,417,000
1.358,592
38.542,073
23,275,896
7,053,530
5,230,567
6,347,035
174,430,471
3,241,386
2,169.533
1,956,796
2,140,9W
Total(13 cities) 200,102,692 185,014,937 +8.2 127,210,868 315,124.710
Grand Total (111
5.066,187,679 4.563,847,282 +11.0 6,083,010,044 8,584,379,225
cities)
Outside N.Y.-. 1,991,203,122 1,904,511,300
+4.8 2,383,878,820 3,414,240.279
Week Ended Nov. 18.
-Clearings at
1933.
$
96,292.596
Montreal
105.170.682
Toronto
52,536,664
Winnipeg
11,619.046
Vancouver
3,697,724
Ottawa
3,735.995
Quebec
1,743.671
Halifax
3,188,328
Hamilton
4,398,923
Calgary
1,480,417
St. John
1,215,560
Victoria
1,973.572
London
3,038,189
Edmonton
3,394,329
Regina
291,481
Brandon
378,202
Lethbridge
1,220.981
Saskatoon
487,349
Moose Jaw
619,269
Brantford
439,771
Fort William_ _ _ _
359,190
New Westminster
172,620
Medicine Hat_ _ _
592,835
- Peterborough
533,048
Sherbrooke
899,376
Kitchener
2,212,772
Windsor
277,093
Prince Albert....
529,025
Moncton
457,662
Kingston
458.278
Chatham
341,064
Sarnia
645.036
Sudbury
1932.
Inc. or
Dec.
1931.
1930.
+36.8
+52.0
+51.0
+16.5
+10.7
+7.2
+4.5
+1.3
-18.4
+20.3
+12.2
-5.4
-1.1
+3.3
-5.5
+3.9
-13.6
+6.1
-18.9
-13.4
+2.8
-26.1
-1.8
+0.5
+25.0
+28.0
+16.7
-1.6
-8.2
+2.3
+6.4
+48.1
$
97,799,566
92,311,528
77,498,439
15,497,838
7,205.060
6,332,942
2,813,397
5,330.118
8,441,279
2,192,589
1,631.560
2,734,711
5,171,763
4,390.754
465,339
424,610
2,389,464
852,178
893,490
837,991
539.827
285,622
841,270
732,290
969.048
2,588,546
480.881
777.258
713,502
713.194
492,046
688,915
127,643,747
113,421,671
61,900,889
19,161,800
8,818.049
7,048,096
3
.900,028
5,920,114
9,401,347
2,300,017
2,108,851
3,181,511
6,383,102
6,981,532
609,805
607,009
2
,900,493
1,135,414
1,233,955
910,550
769,470
381,192
1,120,737
922,424
1,353,182
3,669,872
494,965
858,592
789,074
903,942
660,532
994,235
222,589,757 +30.8
345,037,035
398,486,197
141,747,026
Total(5 cities).
Total(6 cities).
208,030,782
105,786,469
215,651,810
111,787,313
Sixth Federal Reserve Dist rIct-Atlant a
2,532,951 +30.9
-Knoxville
Tenn.
3,314,695
Nashville
10,849,763 +19.3
12,944,589
Ga.- Atlanta...
31,200,000 +41.3
44,100,000
Augusta
800,248 +71.6
1,372,887
Macon
501.904 +61.6
811,152
+0.6
8,616,221
Fla.-Jacksonville
8,669,000
-Birmingham
10,220.812 +60.5
Ala.
16,399,415
Mobile
824,497 +28.1
1,056,262
-Jackson..
Miss.
Vicksburg
160,505
115,250 +39.3
La.-NewOrleans
28,491,321 -13.1
24,770,310
Total(10 cities)
113,598,795
94,152,967 +20.7
54,023,047
87,337.443
2,265.900
1,000,000
65,022,315
115,005.193
12,894,500
1,857.326
Total(32 cltke)
304,400,748
70,382,123
69,204.929
34.783326
9,975,018
3,339,008
3,485,172
1.668,933
3,148,042
5,389,019
1,230,943
1.083.837
2,085,502
3.071359
3,284,789
308,420
364,078
1,412,922
459,194
763,205
207,574
349,574
233,633
603,586
530,139
710,391
1,728,755
237.497
537.755
498,660
447,905
320.443
435,426
is No clearings available. c Clearing House not functioning at present.
Financial Chronicle
Volume 137
3799
THE ENGLISH GOLD AND SILVER MARKETS.
PRICES ON PARIS BOURSE.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov.8 1933:
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
GOLD.
The Bank of England gold reserve against notes amounted to £190,447,031 on the 1st instant, as compared with £190,447,029 on the previous
Wednesday.
Purchases of bar gold to the total of £91,304 were announced by the
Bank during the week.
Substantial amounts of gold have been available in the open market.
There has been a keen demand, and offerings have been readily taken for
the Contient and destinations not disclosed.
According to an announcement made on the 6th instant by the Chairman
of the Reconstruction Finance Corporation, the amount of domestic gold
purchased by the United States since such purchases were authorized, was
$2.800,000 worth. With regard to the foreign gold bought, it was stated
that the price paid was not far from the domestic price and a later statement indicated the total of such gold so far acquired to be between 2Yi and
3 million dollars' worth.
Quotations during the week
Per Ounce.
Equivalent Value of
Fine.
£ Sterling.
1338. 3d.
12s. 9.01d.
Nov. 2
1335. 2d.
128. 9.11d.
Nov. 3
132s. 43d.
12s. 10.02d.
Nov. 4
131s. 10d.
12s. 10.66d.
Nov. 6
129s. 11;id.
13s. 0.89d.
Nov. 7
1318. 10d.
12s. 10.66d.
Nov. 8
132s. 0.83d.
12s. 10.39d.
Average
The following were the United Kingdom Imports and exports of gold
registered from mid-day on Oct. 30 to mid-day on Nov. 6:
Expcn Is.
Imports.
£51,540 Netherlands
£446,666
Netherlands
1,338.429 France
6.477
France
176,423 Belgium
2.230
Belgium__
United States of America 860,023 Italy
170.300
42,232 Other countries
Cuba
4,686
637.283
Canada
British South Africa
1,592.890
British West Africa
83.723
British India
343.094
British Malaya
42,455
Japan
400.000
Australia
158,815
Turkey, European
16.427
Salvage from S.S."Egypt"
5.689
Other countries
27,471
£630,359
£5,776,494
Gold shipments from Bombay last week amounted to about £446.000:
the SS. "Britannia" carries £270,000 and the S.S. "Kaisar-i-Rind"
£176.000, all of which is destined for London.
SILVER.
The week under review opened with a rise of sid. in the cash and 3-16d.
in the two months' quotations, prices being fixed at 18 9-16d. and 184cl.
for the respective deliveries. Subsequent movements were small but the
tendency remained firmish and, yesterday, prices reached 1854d. and
18 Yid. New York has continued to buy and the firmness was mainly due
to steady demand from this quarter, as the Indian Bazaars and China have
both bought and sold during the week. Continental sales have been on
a moderate scale.
To-day, following some moderate sales by the Indian Bazaars, there
was a reaction of Yid, in both quotations; however, the tone remains
steady, but depends largely on a continuation of American support, falling
which, a slightly easier tone might be anticipated.
The following were the United Kingdom imports and exports of silver
registered from mid-day on Oct. 30 to mid-day on Nov. 6:
Imports.
Exports.
Soviet Union (Russia)
£64850
£13.500 Belgium
Germany
3.936
23,667 Germany
Japan
2.340
30.017 Denmark
Australia
4.445
18,562 France
Canada
44.225
14,078 British India
Salvage from S.S."Egypt"1,733 Persia
5.650
Other countries
8,503 Other countries
13.758
£110,060
£139.204
Quotations during the week
IN LONDON.
IN NEW YORK.
Bar Silver per Oz. Std.
(Cents per Ounce .999 Fine.)
Cash Deliv.2 Mos.' Deli,.
18i4d.
Nov. 1
Nov. 2____I8 9-16d.
40%
18 9-16d.
Nov. 2
41
Nov. 3.--..18)d.
1850.
Nov. 3
Nov. 4-18 9-16d.
40 11-16
18 id.
Nov. 4
41%
Nov. 6---18)0.
18 Yid.
Nov. 6
Nov. 7____184d.
423-16
18d.
Nov. 7Nov. 8_-_-183id.
Closed
18.635d.
--18.542d.
Average.
highest rate of exchange on New York recorded during the period
The
from the 2nd instant to the 8th Instant was $4.95Y4 and the lowest $4.80.
INDIAN CURRENCY RETURNS.
Oct. 31. Oct. 22. Oct. 15.
In Lacs of Rupees.
18004
17950
Notes in .circulation
17966
10424
10413
Silver coin and bullion In India
10429
2989
2981
Gold coin and bullion in India
2961
4611
4576
4578
Securities (Indian Government)
Shanghai on the 4th instant consisted of about 157.300.000
The stocks In
ounces In sycee, 310,000.000 dollars and 7,120 silver bars, as compared with
about 156,900,000 ounces in sycee, 310.000,000 dollars and 7,120 silver
bars on the 28th ultimo.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mon.,
Sat.,
Nov. 18. Nov. 20.
Sliver. per oz__ 185 16d. ItOid.
Gold, p. line oz.128s. 2d. 127s. 7d.
73H
COnsols,2Si %. 73%
British
%
War Loan___10055
10055
British 4%
1960 90
11054
11055
French Rentes
(in Paris)
3% _ ___tr- 65.50
• 85.00
French War L'n
(in Paris) 5%
1920 amort..108.11
105.70
Tues.,
Wed.,
Thurs.,
Frt.,
Nov. 21. Nov. 22. Nov. 23. Nov. 24.
1844d.
18 5-16d. 1$)4d.
187 lbd.
127s. 7d. 125s. 6d. 1259. 85. 128a. Id,
74
7352
74
7354
100
100
10055
10055
110
11054
11054
nog
65.00
64.70
65.50
65.70
105.50
105.40
106.70
106.10
The price of silver in New York on the same days has been:
Silver In N, Y.
per oz. (ds.) 4354
443.5
4454
4454
43%
427
%
Nov.18. Nov.20. Nov.21. Nov.22. Nov.23. Nov.24.
1933. 1933. 1933.
1933. 1933. 1933.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
11,360 11,300 11,700 11,400 11,600 11,500
Banque de Paris et Pays Bas
1,402 1,400 1,410 1,410 1,460
1,450
Banque d'Union Parialenne
229
227
240
244
258
Canadian Pacific
201
198
202
199
206
-56i
Canal de Suez
20,115 20,180 20,250 20.500 20,455
Cie Hiatt d'ElectrIcitle
2,425 2,450 2,430 2,430 2,460
CIO Generale d'ElectricItle
2,090 1,980 2.010 2,040 2,040 1,650
Cie Generale Transetiantique
44
44
43
40
40
491
Citroen B
490
492
494
503
Comptoir Nationale d'Escompte 1,035 1,020 1,010
1,010 1,020 11,0113
Coty Ino
200
200
200
200
200
200
Courrieree
315
313
314
325
327
-Credit Commercial de France._
733
719
722
725
745
Credit Foncier de France
4,520 4,470 4,480
4,520 4,540 4.680
Credit Lyonnais
2,070 2,050 2,060 2,050
2,110
2,120
2,430 2.430 2.430 2.460
Distribution d'Electricitle In Par 2,420
2.450
Eaux Lyonnais
2,680 2,680 2,680 2,680 2,750 2,730
Energle Electrique du Nord _
724
724
724
722
732
Energie Electrique du Littoral
930
930
926
936
946
44
French Line
44
43
40
40
40
Gaieties Lafayette
89
88
88
88
88
89
Gas le Bon
1,010 1,010
990
990 1,010 1.010
Kuhlmann
617
610
610
610
630
620
L'Air Liquid°
733
730
730
730
750
760
Lyon (P L M)
892
895
890
890
Mines de Courrieres
310
310
310
320
-556 -WI
Mines des Lens
410
410
410
420
420
420
Nord Ry
1,285 1,290
1,290
1,290 1,250
1,270
Orleans Ry
838826
826
827
Paris, France
-946
950
950
930
920
-656
Pathe capital
71
74
71
72
72
Pechiney
1.085 1.080 1,080 1,110 1,140 1:120
Rentes 3%
65.50
65.00 65.00 64.60 65.50 65.70
Rentes 5% 1920
106.10 105.70 105.50 105.40 106.70 106.10
Rentes 4% 1917
74.90 74.90 75.00 74.50 75.20 75.80
Rentes 455% 1932 A
82.30 81.90
81.50 81.40
81.90 82.30
Royal Dutch
1,790 1,790 1.800 1,810
1.840
1,830
Saint Gobeln C &0
1,315 1,317 1,327 1,350
1,360
Schneider & Cie
1,542 1,545 1,530 1,555 1,565
Societe Andre Citroen
490
490
490
510
490
-iza
Societe Francais° Ford
69
58
57
56
58
55
Societe Generale Fonciere
108
108
108
110
108
108
Societe Lyonnais°
2.685 2,685 2.690 2,700 2.750
Societe Marsellialse
540
538
540
539
540
Suez
20,100 20.100 20,200 20,400 20,600 20,555
Tubize Artificial Silk prof
141
140
137
138
134
Union d'Electricitle
785
790
780
780
780
-filo
Union des Mines
200
-_
190
190
170
170
Wagon-Lits
95
95
95
95
95
----
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.
23.
18. 20.
21. 22.
Per Cent of Par
Reichsbank (12%)
159 163 165__
Berliner Handeis Gesellschaft (5%)
84
84
83
34
Commerz-und Privet Bank A G
41
43
40
40
Deutsche Bank end Disconto-Gesellschaft 42
44
49
46
Dresdner Bank
5()
51
51
53
Deutsche Reichsbahn (Ger Rye) Wet(7%)- 104 104 105
105
Allgemelne Diettrizitsets-Deseii (A E G)_ 19
20
20
20
Berliner Kraft u Licht(10%)
117 117
118
117
Dessauer use (7%)
Roil- 113
110 111 111
Gesfuerel(5%)
80
83
83
day 86
Hamburg Elektr Werke (8%)
105 106 106
107
Siemens & Halskr(7%)
137
134 136 135
1(1 Farbenindustrle(7%)
123
118 119 122
Salzdetfurth (7 Ls %)
155
151
156 156
Rheinische uniunkonis (12%)
193
189 190 192
lieutschea Erdoel(4%)
100
98
99 100
Mannesmann Roehren
59
57
58
57
Flapag
12
11
12
11
Norddeutscher Lloyd
13
12
13
12
Not.
24.
172
86
47
54
56
106
20
121
113
85
108
139
124
150
194
101
60
12
13
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of
Nov. 24 1933:
Ask
Bid
Aultalt is to 1946
13012 3312
Argentine 5%, 1945. $100
plume
178
Autioquia 8%. 1946
27
/25
Austrian Defaulted Coupons (100
Bank of Colombia, 7%.'47 (15
20
Bank of Colombia, 7%,'48 (IS
20
Bavaria 6
to 1945
r3812 40
Bavarian Palatinate Cons
('it 7% to 1945
(2712 2912
Bogota (Colombia)64.'47 J2312 2612
Bolivia 6%, 1940.
8
15
Buenos Alm scrip
25
/15
Brandenburg Elec. 68. 1953 .14612 4912
Brazil funding 5%. '31-'51 34
36
British Hungarian Bank
7(4s. 1962
53
149
Brown Coal Ind. Corp
6%s, 1953
16012 63t2
Call (:Womble) 7%, 1947 (14
16
Callao (Peru) 7(4%, 1944
8
3
Ceara (Brazil) 8%. 1947 '3
8
Columbia scrip
10
'3
Costa Rica funding 5%, 51 3712
Costa Rica scrip
13712
City Savings Bank, Budapeat, 75, 1953
0(112 4312
Deutsche Ilk 6% '32 unst'd (75
Dortmund Mun Util 6.s.'48 /3512
Dulmberg 7% to 1945
/2512 2712
Duesseldorf 78 to 1945_
12812 2812
East Prussian Pr 6s, 1953. 37
40
European Mortgage & Investment 7
1966_ _ _ _ /47
52
French Govt. 555s, 1937.. 145
150
French Nat. Mall SS. 68,'52 125
130
Frankfurt 75 to 1945
31
German All Cable 7s, 1945 44
47
German Building & Landbank 6 1 % 1948
4
3312 3712
German defaulted coupons_ 171
74
Haiti 6% 1953
65
75
Hamb-Am Line 61 Ze to '40 75
80
.
Hanover Harz Water Wks.
6%. 1957
13212 3512
Housing & Real Imp is.'46 4212 4412
Hungarian Cent Mut 7'3.'37 (34
87
r29
Flat price.
Bid
Ask
Hungarian Discount & Exchange Bank is, 1963.., /2912 81
HungarLan defaulted coupe 185
Hungarian Ital Bk 74s,
'32 /73
78
Koholyt 651s, 1943
142
45
Land M Bk, Warsaw 8s.'41 55
80
Leipzig Oland Pr 1354s,'46 65
70
Leipzig Trade Fair 78, 1953 127
30
Luneberg Power. Light &
65
rea
Water 7%, 1948
Mannheim & Palat 78, 1941 4912 5212
39
137
Munich is to 1945
Muni° Bk, Hessen, 7s to'45 13012 3212
Municipal Gas dr Elec Corp
37
Recklinghausen, is. 1947 135
Nassau Landbank 6148,'38 134
56
Natl Bank Panama 612%
41
43
1946-9
Nat Central Savings Bk of
Hungary 755s, 1962_ _ (49
52
National Hungarian & Ind.
145
48
Mtge. 7%, 1948
Oberpfala Elec.7%,1946
31
34
Oldenburg-Free State 7%
f3012
321:
to 1945
Porto Alegre 7%, 1968.,,.,., 118
19
ProtestantChurch (Ger140
43
many). is, 1946
Prov Bk Westphalia 68.'33 154
58
Prov Bk Westphalia Os,'36 /52
57
Rhine Westph Elec 7%,'36 /45
48
Rio de Janeiro 6%, 1933._ (24
26
Rom Cath Church 6)4s,'46 162
68
It C Church Welfare is,'46 38
40
Searbruecken M Bk 65,'47 Si
74
Salvador 7%, 1957
114
16
Santa Catharine (Brazil).
8%, 1947
11912 21
Santander (coiorn) 7s, 1948 f 9 2 1012
,
Sao Paulo (Brazil) 8s, 1947 f2012 22
Saxon Pub. Works 5%,'32 /35
Saxon State Mtge. 65. 1947 /58
Stem & Halske deb 65. 2930 1225 250
Stettin Pub Utll is, 1946
48
(45
Tucuman City is. 1951_ 121
23
Tucuman Prov 78, 1950._ 41
43
Vesten Elec Ry 7s, 1947._ (29
3012
41
Wurtembere 7e to 1045.... 139
3800
Financial Chronicle
g°warterdaland WasceilantonsDaus
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
$100,000
Nov. 13
-The National Bank of Keyser, Keyser, W.Va
President-Jos. E. Patchett, Cashier: Jos, E. Patchett.
Primary organization.
200,000
-The National Bank of Portsmouth. Portsmouth, Ohio
Nov. 13
President: C.A. Brown. Will succeed The First National
Bank of Portsmouth.
Nov. I4
-Farmers & Merchants National Bank in Benton Harbor,
150,000
Benton Harbor, Mich
Capital stock consists of $75,000 preferred stock and
575,000 common stock. President: F. P. Hogback Jr.
Cashier: Vere Beckwith. Will succeed Farmers &
Merchants National Bank & Trust Co. of Benton
Harbor.
300,000
Nov. 14
-The Orange First National Bank, Orange, N.J
President: Frank J. Murray. Cashier: Allyn L. Wright.
Will succeed The Orange National Bank.
100.000
-Millbury National Bank, Millbury, Mass
Nov. 15
Capital stock consists of $50,000 preferred stock and
$50,000 common stock. President: R. W. Brigham.
'
Cashier: Charles C. Riley. Will succeed The Millbury
National Bank.
50,000
-The First National Bank of Kinsman, Kinsman,Ohlo
Nov. 16
Capital stock consists of $35,000 common stbck and $15.000 preferred stock. President: A. M. Voorhees.
Cashier: C. A. Hobart. Will succeed The Kinsman
National Bank.
VOLUNTARY LIQUIDATIONS.
50,000
-The First National Bank of Columbia, 111
Nov. 13
Effective Oct. 21 1933. Liq. Agent: H. N. Kunz, Columbia, Ill. Succeeded by The First National Bank in
Columbia. Ill.
250,000
-The Marion National Bank, Marion,
Nov. 13
Effective Nov.6 1933. Liq. Committee: George A. Bell.
Fred 0.Eward,Rby F. Kelley, Henry L. Eriewine and
Milton Matter, care of the liquidating bank. Succeeded by Marion National Bank of Marion, Ind.
-The First National Bank in Reading. Reading Mass.... 100,000
Nov. 16
Effective Nov. 1 1933. Liq. Agent: James B. Brown,
68 Deveonshire Street, Boston, Mass. Succeeded by
"First National Bank of Reading" Mass.
-The Jewell County National Bank of Burr Oak, Burr
Nov. 17
50,000
Oak, Kans
Effective Nov. 14 1933. Liq. Agent: Dallas W. Davis,
Burr Oak, Kans. Absorbed by The Burr Oak State
Bank. Burr Oak. Kans.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, oersey City, Boston, Philadelphia and Buffalo
on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ per Sh.
Shares. Stocks.
150
8 The Columbus Trust Co., Newburgh, N. Y., par $100
$200 lot
70 Eastern Connecticut Realty Co. (N. Y.). preferred. par $50
$3 lot
3 Gultanti's. Inc. (N. J.). Par $100
512 lot
36 Guffantrs(N. Y.), par $100
$4 lot
3 t
50 Farodi Factory (N. J.). no Par
$ lot
111 Bober Co. (Mass.), class A. par $50, 9 class C, no par
$3 lot
115 Bober Co. (Mass.), class A, par 550; 9 CISS8 C. no Par
Sundry demand notes of Graceland Corp. owned and held by George M.
, Dexter, on which there is an unpaid balance due of $237,312.06: 10 Grace$8 lot
land Corp., par $100
$4,000 lot
273 Bank of Yorktown (N. Y.), par $100
$100 lot
73 1-3 Gillis & Geoghegan, Inc. (N. Y.), par $100
$400 lot
150 Bansicilia Corp. (N. Y.), class A. no par; 50 class B, no par
50 Credit Fonder international. Inc. (Del.), 8% Cum. 2d pref., Dar $80:
75 common, no par
54 lot
Seven demand notes. totaling 565,500, made by B. Souto Co.; accepted by
White River Chair Co.. dated between Sept. 24 1930 and May 3 1932.....-55 lot
$408 lot
153 Banslcilia Corp. (N. Y.), Cl9.9.9 A. no par; 51 class B, no par
$21 lot
5 Bansicilla Corp.(N. Y.), Class A, no par
$1,100 lot
110 Bank of Sicily Trust Co.(N. Y.). par $20_
Certificate of participation for $49,019.58 Mid-City Building Syndicate.
$10 lot
dated June 11931
Open account claim against the Safeturn Signal Corp. (N. Y.), $42,712.65
, more or leas; 130 Safeturn Signal Corp. (N. Y.), common, no par: 20
preferred, par 8100.
•
8
:
An order on Reichs Kredit Gesellschaft. Berlin, Germany. for the following 5° lot
6.300 Rm. Commerz und Privat-Bank Aktiengesellschaft Aktien; 24,000
Rm. Aligemeine ElektrIcitaets-Gesellschaft Aktien; 33,000 Rm. HamburgAmerikanLsche Packetfahrt-Aktien-Gesellschatt Aktlen; 109.800 Rm.
Luebeck-B echener Eisenbahn-GeselLschaft Aktien; 27,000 Rm. Norddeutscher Lloyd Aktien; 2,400 Rm. Kokswerke ds Chemische Fabriken
Aktiengesellschaft Aktien; 12,000 Rm. A. Prang, Dampf-und Wassermiiehlenwerke Aktiengesellschaft Aktien; 14,000 Rm. Stettlner PortlandCement-Fabrik Aktien; 25,000 Rm. Leonhard Tietz Aktien-Gesellschaft
Aktien; 138.700 Rm. Warstelner ud Herzoglich Schleswig-HolsteinLsche
lot
Eisenwerke Ak.lengesellschaft
Aktien$ e
167 Hudson View Gardens, Inc. (ctf. No. 283). together with proprietary lease
a accomp .nying said certificate of stock for Apt. 64 in apartment building
known as House "II" in the premises situate in the Borough of Manhattan,
$1,000 lot
City of New York know.) as Hudson View Gardens
52 lot
2.000 International March Corp. (Del.). partic. pref., par $35
52 lot
2.000 International Match Corp. (Del.), partio. pref., par $35
52 lot
1.050 International Match Corp. (Del.). panic. pref., par $35
52 lot
500 1 ternational Match Corp. (Del.), panic. pref., par $35
526 lot
134 Tropical island Corp. (ha.), par $100
$200 lot
20 Van Camp Milk Co. (Ind.). prof., par $100
All the right, title and interest in and to an undivided one-third Interest
, in Sociedad Civil Particular Melville K. Weill sk Cie., a Mexican corporation,
i upon which is a Hen In the sum of $32,955.53 w.th .,te t from Ally 2
9
1.125
$33,000 lot
11844 418 Central Park West Corp.. together with lease of Apt. 45 at said
, addrass, subject to .he terms and conditions of said lease
$150 lot
Bonds.
Per Cent.
SLOW New Industries Assn. of Davenport, Iowa, 2d mtge. 6% gold bonds,
dua Oct. 1 IJ33
5% flat
$300 Seattle & Ranier Valley Ry. (Dal.) gun. mtge. 5s, du i July 1 1934
1100 income 6s, die July 11935.450 gsn. mtge.scrip: $50 income mtge.scrip;
1 50-100 shares 5% pref stock, par 410058 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares. Stocks,
250 General I nplement Co-npany (Del.), no par
1,000 Canon National Syndicate (Del.), no par
130 kllerton Corp. (Del.) Class "B" 7% prefd., r $100
120 klierton Corp. (Del.) co noon, no par
60 kllerton Corp. (Del.) Class "B" co nmon, no par
7,300 McCrory Stores Corporation (Del.) common. no par
12,127 McCrory stores Corporation (Del.) common, no par
6,500 McCrory Stores Corporation (Del )common, no par
15,500 McCrory Stores Corporation (Del.) common, no par
50 Milk Dealers Crate (Del.) pref., par $100
50 Milk De ders Crate Corporation (Del.) common, no par
64 The Kellogg Service Inc.(N. Y.) Liq. Trust Ctf
32 The K-S Corporation (Del.) common, no par
1 Meredith Telephone Company (N. Y.), par $40
20 Distributers Realty Company (N. Y.). par 120
Per Share.
$2 lot
110
11
$8
$ pa
$1101
Shot
$1.50
1. 0
:55
5
t
$4 lot
14 iot
$7101
$5 lot
$2 lot
$1 lot
Nov. 25 1933
Per Share,
Shares. Stocks.
6 Bunn Bros. Protective Corporation (N. Y.), no par
El lot
1 Hancock's Inc., 1931 (N..2.), par $100
$3101
280 Nedick s Corporation (Del.) common V. T. C., par $1
$15 lot
56 Nedick's Corporation (Del.) Class "A" prefd.„ no par
$15 lot
1 The Wilson Bohannon Company, Marion, Ohio (Ohio) prefd., par $100____58 lot
2 The Wilson Bohannon Company, Marion, Ohio (Ohio) common Par $100-$8 lot
10 The United Grocers Home Company, Columbus, Ohio (Ohio), par $50„....52 lot
10 The Test Restaurant Company (Ohio) common, no par
El lot
5 The Royal-Recreation Bowling ds Billiard Company of Dayton Ohio, no par $1 lot
2'rho New Hotel Company, Marion, Ohio (Ohio). par $100
$5101
11 Hickory Grove Cheese Co.(Wis.), par $50
$6101
Bonds.
$1,000 The Consolidated Fuel Company, 1st mtge.6% gold bonds, dated May
21920, Ctf. of Dep
510 lot
By R. L. Day & Co., Boston:
Shares, Stocks.
S per Sh.
70 Atlantic National Bank, Boston, par $10
28o
5 Dwight Mfg. Co., par $15
8
50 Plymouth & Brockton St. Ry. Co., par $100: $5,000 10
-year Inc. 6s,
receipts; $5,000 10
-year let mtge. 613, receipts
$145 lot
475 Venezuelan-Mexican 011 Corp., par $10
145
380 6 Arlington St. Trust under declaration of trust dated April 8 1929 and
recorded in Suffolk Deeds Book
$25 lot
1,300 Job. H. Heald Co.,2d pref., par $100
$1,300 lot
50 United Elastic Corp
1145
23 Tyer Rubber Co
645
50 International Match Corp., pref., par $35
5145 lot
10 Stedman Rubber Flooring Co., prof., Par $100
12
30 International Match Corp.. pref., par $35
$2 10%
50 National Electric Power Co., 6% wet.. par $100
$2 lot
221 Corporation Securities of Chicago
$25E lot
5 Draper Corp
415E
35 Beacon Participations, Inc., pref. A
445
By Barnes & Lofland, Philadelphia;
$ per Sh.
45
20
10
21%
2145
73
9
4
6
11
$118 lot
El lot
$250 lot
Per Cent.
$3.400 Bond & let mtge, on premises No. 527 Eleanor St., Philadelphia-8225 lot
$1.000 Public Service Corp. of N.J.6% Perpetual annuity:May & November.-104,‘
Shares, Stocks.
7 Philadelphia National Bank, par $20
200 Central-Penn National Bank, par $10
10 Ninth Bank & Trust Co.. par $10
45 Pennsylvania Co. for Ins. on LIves & Granting Annuities, par $10
30 Frankford Trust Co., par $10
30 Glrard Trust Co.. par $10
100 John B. Stetson Co., common. no Par
5 Gladstone Building & Loan Association, series 5, Book No. 529
10 Gladstone Building & Loan Association, series 8, Book No. 841
15 Gladstone Building & Loan Association, series 9, Book No. 936
1,150 Everett-Saxton Co., par $100
12 WIldwood Title & Trust Co
30 Charles Warner Co.. prof.; 30 Common
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
10 Angel International Corp
i per Sh.
10o. lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company
Railroads (Steam).
Bangor & Aroostook. common
Preferred
Chesapeake dz Ohio, corn. (guar.)
Cln New Orleans & Texas Pacific, com__
Preferred (qu ir.)
Columbus & Xenia
Extra
Dayton & Michigan,8% prof. (guar.)
North Pennsy I Valli./
Reading Co., 2d pref. (quar.)
When
Per
Share. Payable.
Books Closed
Days Inclusive.
50o Jan. 1 Holder" of reo. Doe. 2
145% Jan. 1 Hold, N of tee. Dec. 2
70o Jan. 1 Holders of No. Deo, 8
$s Dec. 28 Holders of rec. Dec. 5
1145 Dec. Holders of roe. Nov 25
$i Dee. II Holders of ran. Nov 25
50 Dec. 11 Hold, r, of roc Nov' 25
Jan. 2 Holders of ree. Dec 15
$1
$I Nov. 23 Hem r. of r .c. Nov. 20
500. Jan. 11 Holders of rec. Dec. 21
Public Utilities.
Amer. Water Works de Elec. Co. of Del.
$114 Jan. 2 Holders of roe. Dec. 8
$6 series 1st preferred (quar.)
Jan. 2 Holders of roe Deo 17
Atlantic & °eels') Tel. (quar.)
$145 Jan. 1 Holders of rec. Dec. It
Bangor Hydro-Elec. 7% pref. (guar.)._
$1.1-4 Jan. I Holders of rec. Dec. II
6% preferred (quar.)
$154 Jan. 15 HolilLra of rec. Dec 22
Bell Telephone of Canada (quar.)
Binghamton Gas Works,645% Prel.(qu•) 51.5654 Dee. 1
Brooklyn dr Queens Transit Corp.
$145 Jan. 2 Holders of reo. Dec. 15
Preferred (guar.)
Buffalo Niagara dr Eastern Pow.Corp.
$145 Feb. 1 Holders of rec. Jan. 15
$5 1st preferred (guar.)
40c Jan. 2 Holders of rec. Deo. 15
Preferred (guar.)
Canadian West Natural Gas, Light
$155 Dec. 1 Holders of reo Nov. 15
Heat & Power. 6% pref. (guar.).
,
Central Illinois Light Co.. 7% prel.(qu.) 135% Jan, 2 Holder of reo. Deo 15
Ili% Jan. 2 Holder, of rec. Dee. 15
6% preferred (quar.)
25c Ian. 1 fielders of rec. Deo. 15
Connecticut Elec. Service, coin. (guar )
Connecticut River Power.6% pret.(qu) $15E Dec. 1 Holders of rec. Nov. 15
Consolidated Gas, Elec. Lt. & Pow.Co.
900 Ian, 2 Holders of roe. Dec. 15
CoImoa (quar.)
8145 Jan. 2 Holders of roe. Dee, 15
Series A. 5% preferred (guar.)
$145 Jan. 2 Holders of rec. Dec. 15
Series D.6% preferred (quar.)
114 Jan. 2 Holders of rec. Dec. 15
Series E, 545.% preferred (quar.)
Holders 01 100. Deo. 15
$1% Jan.
Empire Power Corp., $6 pref. (guar.)._
Holders of rec. Nov 21
$4 Dec.
AG Hudson Gas Co (s.-a.)
Essex
Holders of rec. Nov. 15
750. Dec.
Green Mountain Power, f() pref. (qu.)._
Hackensack Water. pref., cl. A.(guar.) 43,40. Dee. 3 Holders of rec. Dec. 16
15c Deo. 3 flowers of rec. Dec 16
Honolulu Gas (monthly)
$4 Sec. 'folders of roc. Nov. 21
Hudson County G39 (3.-11.)
Dee, 30 Holders of roe. Doe, 20
$2
Bell Telep. Co.(quar.)
Illinois
Kansas City Power & Light
Jan. I Holders of roe. Dec. 14
Series B preferred (quar.)
Jan. 2 Holders of rec. Dee. 18
Kings County Lighting Co., corn. (qu.)
Jan. 2 Holders of rec. Dec. 18
7% preferred (guar.)
Jan. 2 Holders of rec. Dec. 18
5% preferred (quar.)
Jan. 2 Holders of rec. Dec. 18
6% preferred ((Plan)
Dec. 15 Holders of rec. Dec. I
Laclede Om Light Co., corn.(guar.).
Dec. 15 Holders of roe. Dec. 1
Preferred (s.
-a.)
Jan. 1 Holders of rec. Dec. 11
Liggett & Myers Tobacco, pref.(quar.)
Dec. 30 Holders of rec. Dec. 12
Lone Star Gas Corp.. com.(guar.)
Dee. 30 Holders of rec. Dee. 12
6% preferred (guar.)
Long Island Lighting Co.
Holders of rec. Dec. 15
151% an.
Series A 7% preferred (guar.)
Hoidens of rec. Dee. 15
154% Jan.
Series B 67 preferred (guar.)
Holders of rec. Dec. 20
Gas. $7 pref. (guar.)- $14i Jan.
Memphis Natural
Holders of rec. Nov. 20
$145 Dee.
Minneapolis Gas Light, 7% Pref. (qu.)
Holders of rec. Nov. 20
1134 Dec.
preferred (quar.)
6%
Mississippi Valley Public Service Co
Holders of rec. Dec. 22
$134 Jan.
6% preferred service B (guar.)
Holders of rec. Nov. 21
Missouri Utilities, 7% prof. (quar.)---- $1,4 Dec.
Nassau ac Suffolk Lighting Co.
Holders of rec. Dec. 15
15•E% Jan.
7% preferred (guar.)
Dec. 9 Holders of rec. Nov. 30
$1
Newark Telephone Co. (guar.)
New England Gas & Elec. Assoc.
$1% Jan. 2 Holders of rec. Nov. 29
$545 preferred (guar.)
$1% Dec. 80 Holders of roe. Dec. 9
New England Tel. & Tel
New York Telep. Co.. 634% prof. (qu.) $145 Jan. 15 Holders of rec. Dec. 20
Naos of commas,.
Per
When
Moon. Payable.
Books Closed
Days IseIntim
Public Utilities—(Concluded).
$134 Jan. 2 Holders of rec. Dec. 15
New York Steam Corp.. $6 pref.(qu.)
$134 Jan. 2 Holders of rec. Dec. 15
$7 preferred (guar.)
Dec. 14 Holders of rec. Dec. 1
N. Y. dr Queens Elec. Lt.& Pr.(quar.)
$2
$5 preferred (guar.)
$14 Dec. 1 Holders of rec. Nov. 24
Pawtucket Gas of N. J., 5% pref. (5.-a.) $234 Dec. 1 Holders of rec. Nov.23
Paterson & Passaic Gas & Elec., (s.
-a.)- $234 Dec. 1 Holders of rec. Nov. 21
Public Service Corp., 7% pref.(guar.)-- 3134 Dec. 20 Holders of rec. Nov. 29
$13$ Dec. 20 Holders of rec. Nov. 29
6)4% preferred (guar.)
$14 Dec. 20 Holders of rec. Nov. 29
6% preferred (quar.)
Public Service Elec. & Gas Co.
$1% Dee. 31 Holders of rec. Dec. 1
7% Preferred (guar.)
$134 Dec. 31 Holders of rec. Dec. 1
$5 preferred (guar.)
70c Dec. 31 Holders et rec. Dec. 1
Public Service of N. J., corn. (qtr.)
$2
Dec. 31 Holders of rec. Dec. 1
8% preferred (guar.)
$134 Dec. 31 Holders of rec. Dec. 1
7% preferred (guar.)
$134 Dec. 31 Holders of rec. Dec. 1
$5 preferred (guar.)
50c Dec. 31 Holders of rec. Dec. I
6% preferred (monthly)
Queensborough Gas & Elec., $O pf. (qu.) $135 Jan. 1 Holders of tee. Dec. 15
4334c Dee. 1 Holders of rec. Nov. 15
Savannah Gas, 7% pref. (guar.)
South Carolina Pow. Co., $6 pref. (qu.) $14 Jan. 1 Holders of rec. Dec. 15
Dec. 1 Holders of rec. Nov. 21
$4
South Jersey Gas, Elec. & Trac. (s.-a.)_
Twin State Gas & Elec., pref. (quar.)-. $134 Jan. 2 Holders of rec. Dec. 15
75c Jan. 2 Holders of rec. Dec. 1
United Corp., $3 pref. (guar.)
United Gas & Elec. Corp., pref.(quar.)_ 134% Jan. 1 Holders of rec. Dec. 15
Virginia Pub. Serv. Co., 7% pref.(qu.)_ 3134 Jan. 1 Holders of rec. Dec. 11
$134 Jan. 1 Holders of rec. Dec. 11
6% Preferred 'guar.)
West Penn Elec. Co., class A (guar.)-- $13.4 Dec. 30 Holders of rec. Dec. 18
$134 Dec. 15 Holders of rec. Nov. 29
Wisconsin Mich. Pow.,6% pref. (qu.)
Wisconsin Public Service, 7% pf. (qu.)- $14 Dec. 20 Holders of rec. Nov.29
$1.4 Dec. 20 Holders of rec. Nov. 29
631% preferred (guar.)
$14 Dec. 20 Holders of rec. Nov. 29
6% preferred (guar.)
Miscellaneous.
50c Jan. 3 Holders of rec. Dec. 16
Abbott Laboratories (guar.)
$13( Dec. 30 Holders of rec. Dec. 15
Adams Express Co., pref. (guar.)
50 Jan. 1 Holders of rec. Dee. 15
Affiliated Products, Inc. (mo.)
1
Alpha Portland Cement,7% pref. (qu.).. $1% Dec. 15 Holders of rec. Dec. I
$134 Jan. 2 Holders of tee. Dec. 15
American Bakeries, 7% pref. (guar.)._
75c Jan. 2 Holders of rec. Dec. 11
American Bank Note Co.(guar.)
10e Dec. 9 Holders of rec. Nov. 10
American Factors, Ltd. (monthly)
40c Dec. 9 Holders of rec. Nov. 10
Extra
25c Dec. 30 Holders of rec. Dec. 9
American Hawaiian Steamship Co..(qu.)
20c Jan. 2 Holders of rec. Dec. 140
American Home Products (mo.)
$1% Jan. 1 Holders of rec. Dec. 10
Armour & Co.of Del., pref.(guar.)
25c Jan. 2 Holders of rec. Dec. 20
Babcock & W licox Co.(guar.)
$134 Deo. 15 Holders of rec. Dee. 4
Bancamerica-Blair Corp
Sc Dec. I Holders of rec. Nov.20
Beneficial Loan Society (guar.)
Boston Woven Hose & Rubber—No corn. dividen d action taken.
Dec. 15 Holders of rec. Dec. 1
$3
Preferred (s.
-a.)
25c Jan. 3 Holders of rec. Dec. 20
Briggs & Stratton Corp.(guar.)
Bristol Brass
$I
$1%
Preferred (guar.)
Canada Malting Co.(guar.)
3735c Dec. 15 Holders of rec. Nov. 30
.Canada Permanent Mortgage ((Mari-$2 Jan. 2 Holders of rec. Dec. 15
Canadian Silk Prod., series A (quar.)_ -- 374c Dec. 1 Holders of rec. Nov. 15
Chesapeake Corp.(guar.)
63c Jan. 1 Holders of rec. Dec. 8
Christiania Securities Co.. 7% pf. (qu.) $134 Jan. 2 Holders of rec. Dec. 20
Church House Corp
50c Jan. 2 Holders of rec. Dec. 15
Colt's Patent Fire Arms(guar.)
25c Dec. 31 Holders of rec. Dec. 2
Extra
25e Dec. 31 Holders of rec. Dec. 2
Commercial Solvents Corp., corn. (s.
230e D c. 35 Holders of rec. Dec. 1
-a.)
Commonwealth
Loan (Indianapolis,
El% Dec. 1 Holders of rec. Nov. 20
Ind.), 7% pref. (guar.)
Creameries of Amer.. pref.(guar.)
8735c Dec. 1 Holders of rec. Nov. 10
Daily League Co-operative Corp., 7%
pref. (s.
$13( Dec. 20 Holders of rec. Dec. 1
-a.)
Daniels & Fisher Stores, pref.(guar.).-- $135 Dec. 1 Holders of rec. Nov. 20
Dominguez Oil Fields Co.(guar.)
15c Dec. 1 Holders of rec. Nov. 24
Dominion Textile Co., Ltd., com.(qu.)-r$1 dJan. 2 Holders of rec. Dec. 15
Dr. Pepper Co.(guar.)
150 Dec. 1 Holders of rec. Nov. 17
Devoe & Reynolds Co., Inc.:
Common A and B (guar.)
25c Jan. 2 Holders of rec. Dec. 20
Common A and B extra
25c Jan. 2 Holders of rec. Dec. 20
1st and 2d preferred (guar.)
13( Jan. 2 Holders of rec. Dec. 20
Durham Duplex Razor, pref
20e Dec. 1 Holders of rec. Nov. 29
Early & Daniel Co.(guar.)
25c Dec. 30 Holders of rec. Dec. 20
Preferred (quar.)
$134 Dec. 30 Holders of rec. Dec. 20
Eastern Gas & Fuel Assn., pref. (quar.)_ $1.125 Jan. 1 Holders of rec. Dec. 15
6% preferred (guar.)
$135 Jan. 1 Holders of rec. Dec. 15
Electric Storage Battery, corn.(guar.)._
50c Jan. 2 Holders of rec. Dec. 11
Preferred (guar.)
50c Jan. 2 Holders of rec. Dec. 11
E. I. du Pont de Nemours dr Co.—
Common (guar.)
50c Dec. 15 Holders of rec. Nov.29
Extra
75c Dec. 15 Holders of rec. Nov.29
Debenture (guar.)
$134 Jan. 25 Holders of rec. Jan. 10
Fidelity Fund
e234% Dec. 4 Holders of tee. Nov. 25
Florence Stove Co
25c Dec. 1 Holders of rec. Nov. 20
Preferred (guar.)
$14 Dec. 1 Holders of rec. Nov.20
Gamewell Co., pre.(guar.)
314 Dec. 15 Holders of rec. Dec. 5
General Electric Co., common (guar.)._
10c Jan. 25 Holders of rec. Dec. 29
Special stock (guar.)
150 Jan. 25 Holders of rec. Dee. 29
General Printing Ink Co., corn.(interim)
15c Dec. 22 Holders of rec. Dec. 8
Preferred (guar.)
$134 Jan. 2 Holders of rec. Dec. 15
General Sty. Signal Co., corn. (quar.)....
25c Jan. 2 Holders of rec. Dec. 11
Preferred (quar.)
$135 Jan. 2 Holders of rec. Dec. 11
126 30-95c Dec. 29 Holders of tee. Dec. 4
Gillette Safety Razor (guar.)
3134 Feb. 1 Holders of rec. Jan. 2
$5 preferred (guar.)
Goldblatt Bros., Inc., corn. (guar.)._ _ 3734c Jan. 2 Holders of rec. Dec. 10
Gold Dust Corp., pref. (guar.)
$134 Dec. 30 Holders of rec. Dec. 16
Gold Fields of South Africa, ord. reg--- 28 3d Dec. 21
7e Nov. 30
Grouped Income Shares, A
Harnmermill l'aper Co.. pref. (guar.)._ $14 Jan. 2 Holders of rec. Dec. 15
Hartford Steam Boiler Inspection &
20e Dec. 1 Holders of rec. Nov. 22
Insurance
32 Dec. I Holders of rec. Nov. 15
Hathaway Mfg. Mar )
'
60c Nov. 20 Holders of rec. Nov. 15
Hawaiian Agricultural Co.(monthly)_ _ _
20c Dec. 15 holders of rec. Dec. 10
Hawaiian Sugar (monthly)
25e Dec. 1 Holders of rec. Nov. 27
Hoyden Chemical Corp., corn. (guar.)._
$134 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
Hiram %alker. Gooderham & Worts,
25e Dec. 15 Holders of rec. Nov. 25
Ltd., preference stock (guar.)
25c Dec. 10 Holders of rec. Nov.30
Honolulu Plantation (monthly)
50c Jan. 1 Holders of rec. Dec. 2
Humble 011 & Refining Co. (quar.).._....
$134 Jan. 2 Holders of tee. Dec. 15
Huron & Erie Mortgage, (quar.)
Imperial Tobacco Co. of Canada—
rl%% Dec. 30 Holders of rec. Nov. 29
Ordinary shares (guar.)
$3 Jan. 2 Holders of rec. Dec. 6
Ingersoll-Rand Co., pref. (5.-a.)
International Petroleum Co., Ltd.—
r28 Dec. 15 Holders of rec. Nov.30
Bearer share warrants, 1929 Issue-International Proprietaries, Ltd.—
65e Dec. 15 Holders of rec. Nov. 25
Class A (guar.)
50c Dec. 30 Holders of rec. Dec. 20
Investors Royalty Co., pref. (guar.)Johnson-Stephens & Shinkle Shoe—Corn mon div Wend o milted
50c Dec. 15 Holders of rec. Nov. 29
Katz Drug Co., corn.(guar.)
$1.4 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
105 Jan. 2 Holders of rec. Dec. 25
Kekoha Sugar (monthly)
11234c Jan. 15 Holders of rec. Dec. 22
Kelvinator Corp
$1. Dec. 1
Hilburn Mill (Initial)
20c Jan. 2 Holders of rec. Dec. 11
Kresge (S. S.) Co., common
SI% Jan. 2 Holders of rec. Dec. 11
Preferred (guar.)
324 Jan. 2 Holders Of rec. Dec. 16
Lord & Taylor, corn. (guar.)
Dee. 15 Holders of rec. Dec. 1
$5
Special
25c Jan. 2 Holders of rec. Dec. 20
Loudon Packing Co. (guar.)
25c Jan. 2 Holders of rec. Dec. 20
Extra
M-A C Plan (Providence, It. I.)
25e Dec. 1 Holders of rec. Nov.22
Preferred (guar.)
Mathieson Alkali Works, Inc.—
3740 Jan. 2 Holders of rec. Dec. 8
Common (guar.)
$134 Jan. 2 Holders of rec. Dec. 8
Preferred (guar.)
Dec. 1 Holders of rec. Nov. 24
May Hosiery Co., Inc., $4 pref. (quar.).. $1
3801
Financial Chronicle
Volume 137
Name of Company.
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous P oncluded).
$134 Dec. 1 Holders of rec. Nov. 24
Mayer (0.) & Co.. lot pref. (quar.)__
Dec. 1 Holders of rec. Nov.24
$2
2nd preferred (guar.)
McCahan (N. J.) Sugar Ref. & Molasses
1,34% Dec. 1 Holders of rec. Nov. 220
7% preferred (guar.)
McCiotchy Newspapers, 7% pref. (qu.) 43%c Dec. 1 Holders of rec. Nov.30
25c Dec. 1 Holders of rec. Nov.20
McWilliams Dredge Co
25c Dec. 30 Holders of rec. Dec 23
Merchants Refrigerating (guar.)
50c Dec. 1 Holders of rec. Nov.24
Merrimac Hat Corp.(guar.)
$1 Dec. 1 Holders of rec. Nov.24
Preferred (guar.)
25c Jan. 1 Holders of rec. Dec. 16
Mesta Machine Co., common (guar.).
$135 Jan. 1 Holders of rec. Dec. 16
Preferred (ouar.)
Jan. 2 Holders of rec. Dec. 15
$1
Metal Package (guar.)
Meyer(H.H.)Packing,6)4% pref.(MO $14 Dec. 1 Holders of rec. Nov. 15
75e Dec. 15 Holders of rec. Nov.30
Montreal Loan & Mtge.(guar.)
150c Dec. 15 Holders of rec. Nov.28
Morrell (John)& Co., Inc., coin.(guar.)
$134 Dec. 20 Holders of rec. Dec. 20
Morris(F.) Co.,series A (guar.)
274c Dee. 30 Holders of rec. Dec. 20
Series B (guar.)
$13( Dec. 30 Holders of rec. Dec. 20
7% Preferred (guar.)
Mosser (J. K.) Leather Corp.—
50c Jan. 2 Holders of rec. Dec. 11
Common (initial)
Mutual Chemical Co.of Amer., pt.(qu.) $14 Dec. 28 Holders of rec. Dec. 21
40c Jan. 2 Holders of rec. Dec. 15
National Breweries, Ltd., corn. (guar.).
43c Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
National Life Or Accident Insurance CO. 31.58c Dec. I Holders of rec. Nov. 20
$1 34 Dec. 30 Holders of rec. Dec. 15
National Lead Co., tom. (guar.)
.
$14 Feb. 1 Holders of rec. Jan. 19
Class B preferred (guar.)
12% Jan. 2 Holders of rec. Dec. 5
North American Co.,corn.(guar.)
75c Jan. 2 Holders of rec. Dec. 5
Preferred (guar.)
North Central Texas Oil, pre.(quar.)-- $14 Jan. 2 Holders of rec. Dec. 11
25e Dec. 24 Holders of rec. Dec. 5
Pet Milk Co., common (guar.)
$13.1 Jan. 1 Holders of rec. Dec. 11
Preferred (guar.)
rife Jan. 2 Holders of rec. Dec. 8
Pioneer Gold Mining, corn. (guar.).—
30c Dec. 1 Holders of rec. Nov. 21
Pioneer Mill, Ltd., extra
$135 Dec. 1 Helders of rec. Nov. 24
Plimpton Mfg.Co.(guar.)
$1 Dec. 1 Holders of rec. Nov.24
Extra
4c Dec. 1 Holders of rec. Nov. 15
Plymouth Fund. A
25c Dec. 31 Holders of rec. Dec. 7
Plymouth Oil Co. (guar.)
Pollock Paper Box,7% pref.(guar.) - 3134 Dec. 15 Holders of rec. Dec. 1
Dec. 1 Holders of rec. Nov. 21
$3
Pratt Food Co., common (guar.)
Reeves (Daniel), Inc., corn. (quar.)_ 3734c Dec. 15 Holders of rec. Nov. 29
$14 Dec. 15 Holders of rec. Nov. 29
Preferred (guar.)
Reliance, Grain 634% Pref. (guar.) ---- $14 Dec. 15 Holders of rec. Nov.30
25c Dee. 15 Holders ot rec. Dec. 5
Ruud Mfg. Co. (guar.)
Scottish Type Investors, Inc—
l55
-19c Dec. 30 Holders of rec. Nov.30
Class A & B stock (guar.)
Second International Securities
50c Jan, 2 Holders of rec. Dec. 15
6% 1st preferred (guar.)
Siscol Gold Mines, (guar.)
3c Dec. 30 Holders oi rec. Dec 16
2c Dec. 30 Holders of rec. Dec. 15
Extra
Spiegel. May Stern. 656% pref
85154 Dec. 1 Holders of rec. Nov. 15
25e Jan. 2 Holders of rec. Dec. 4
Standard Brands, Inc., corn.(guar.).- -57 preferred,series A (guar.)
5134 Jan. 2 Holders of rec. Dee. 4
Standard Oil of Kentucky (guar.)
25c Dec. 15 Holders of rec. Nov. 29
95c Dec. I Holders of rec. Nov. 150
Sterling Products. Inc.(guar.)
h55c Dec. 1 Holders of rec. Nov.23
Superior Portland Cement
25c Dec. 30 Holders of ice .De.c 10
Tacony-Palmyra Bridge Co., corn. (qu.)
25e Dec. 30 Holders of rec. Dec. 10
Class A (guar.)
25c Jan. 1 Holders of rec. Dec. I
Texas Co.(guar.)
14% Dec. 14 Holders of rec. Nov. 27
Tobacco Securities Trust Co.,ord.reg_ _
Amer. dep. rec. for ord.reg
14% Dec. 21 Hollers of rec. Nov. 27
25c Jan. 1 Holders of rec. Dec. I
Union Carbide & Carbon Corp. (quar.)_
26.316c Dec. 23 Holders of rec. Dec. 6
United Elastic Corp. (guar.)
United States Banking Corp.(mo.)
7c Dec. 1 Holders of rec. Nov. 17
Wagner Elec. Co.. pref. (guar.)
$134 Jan. 1 Holders of rec. Dec. 20
$1.20 Nov.30 Holders of rec. Nov.20
Waialua (A.) Co
Welch Grape Juice Co., pref.(guar.)_ _ _ _
$134 Dec. 1 Holders of tee. Nov. 15
Westmoreland,Inc.(guar.)
30c Jan. 2 Holders of rec. Dec. 15
5134 Dec. 15 Holders of rec. Dec. 5
Weyenberg S. Mfg., pref.(guar.)
Whitman (Wm.) Co., Inc., pref
85134 Dec. 15 Holders of rec. Dec. 1
Wilcox & Rich Corp., el.A (guar.)
623.5c Dec. 31 Holders of rec. Dec. 20
Woolworth (F. W.)& Co.—
American dep. rec. 6% pref. (s.
-a.)__ rtv3% Dec. 8 Holders of rec. Nov.23
Yale & Towne Mfg. Co. (guar.)
15e Jan. 2 Holders of rec. Dec. 11
Below we give the dividends announced in previous week;
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Vaasa of company.
Railroads (Stearn)
Albany & Susquehanna(s-a)
Atlanta, Birmingham dr Coast, pr. (8.-a.)
Boston & Albany
Chesapeake & Ohio, pref.(s.
-a.)
Chestnut Hill (quar.)
Cleveland & Pittsburgh, guar. (guar.)._
Special guaranteed (guar.)
Delaware (s. )
-a
Elmira & Williamsport, pref. (5.-a.)- --Erie & Pittsburgh 7% guaranteed (guar.)
Guaranteed Betterment (guar.)
Georgia RR.& Banking (guar.)
Grand Rapids & Indiana (8.-a.)
Green (send annual)
Greene(semi-annual)
Illinois Central, leased lines (e.
-a.)
Kansas, Okla. & Gulf,6% set. A & B pf.
Lackawanna RR.of N.J., 4% gtd.(qr.)
Mobile & Birmingham,4% pref. (8.
-a.)Morris & Essex
Nashville & Decatur.74% gtd.(s.-a.)-N.Y ., Lackawanna & West.,5% gtd.(q.)
Norfolk & Western, corn.(guar.)
North. RR of New ..1er. 4% gtd. (guar.)
Ontario & Quebec(s-a)
Semi-annual
Philadelphia Baltimore & Washington...
Pitts. Bess.& Lake Erie,6% pref.(qu.)_
Pittsburgh Fort tk ayue & chums°(QUA
707 preferred (unar.)
Pittsburgh Youngstown & Ashtabula
7% preferred (guar.)
Reading,lstpreferred (guar.)
Sussex (semi-annual)
Union Pacific, common (guar.)
United New Jersey HR.& Canal (guar.).
Valley RR. of N. Y.(semi-annual)
West Jersey & Seashore, corn. (s.
-a.)6% special guaranteed (8.-a.)
When
Per
Shore. Payable.
$434
$24
$24
3334
75c
87 Sic
50c
$1
$1.61
874c
30c
5234
$2
$3
$3
$2
3%
SI
2
2.135
2
934c
5134
$2
31
%
$3
$1 35
3%
14%
14%
%
50c
50e.
$14
$24
8234
$14
1 Si%
Public Utilities.
American Tel. & Tel. (guar.)
$23(
Atlantic & Ohio Tel (guar.)
$1%
Baton Rouge Elect., pref. (guar.)
$14
Birmingham Water Wks..6% Pf (gu.)— $134
Birtman Electric Co.. common
20o
Blackstone Valley Gas & Electrie6% preferred (8.-a.)
33
$134
Boston Elevated Ry ,corn.(quar.)
Brooklyn Union Gas Co.(guar.)
$14
Butler Water, 7% pref. (guar.)
$134
Canadian HydrorElectric Corp., Ltd.
1st preferred (guar.)
r$1 34
6% preferred (guar.)
$135
Carolina Tel. & Tel (guar.)
$235
Central Ark.Pub.Serv.7% of.(guar.)
814
Books Closed
Days Inclustre,
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 12
Dec. 30 Holders of roe. Nov. 29
Jan. 1 Holders of rec. Dec. 8
Dec. 4 Holders of rec. Nov. 20
Dec. 1 Holders of rec. Nov 10
Dee. 1 Holders of rec. Nov 10
Jan. 1 Holders of rec. Dec. 15
2 Holders of rec. Dec. 20
JIM.
Dec. 9 Holders of tee. Nov. 29
Dec. 1 Holders of tee. Nov. 30
Jan. 15 Holders of rec. Dec. 30
Dec. 20 Holders of rec. Dee. 9
Dec. 10 HOitIFT. of roe Dec 14
Dee. 19 Holders of rec. Dec. Its
Jan. 2 Holders of rec. Dec. 11
Dec. 1 Holders of rec. Nov.23
Jan. 2 Holders el rec. Dec. 8
Jan. 2 Holders of rec. Dee. 1
Jan. 2 Holders of rec. Dee 26
Jan. 1 Holders of tee. Dee. 20
Jan. 2 Holders of lee. Dec. 15
Dec. 19 Holders of rec. Nov.29
Dec. I Holders of fee Nov 20
Dec. 1 Holders of rec. Nov. 1
Dec. 1 Holders of tee. Nov. 1
Dec. 31 Holders of rec. Dec. 16
Dec. I Holders of rec. Nov. 15
Jan. 2 Holders of tee Dee. 9
Jan. 4 Holders of ice. Dee. 9
Dec. 1 Holders of rec. Nov 20
Dec. 14 Holders of rec. Nov.23
Jan, 2 Holders of rec. Dec. 16
Jan. 2 Holders of rec. Dee. I
Jan. 10 Holders of tea Dec. 20
Jan, 2 Holders of rec. Dec. 16
Jan. 1 Holders of roe. Dee. 15
Dee. 1 Holders ot roe. Nov. 18
Jan. 15 Holders of
Jan. 2 Holders of
Dec. 1 Holders of
Dec. 15 Holders of
Dec. I Holders of
rec. Dec. 15
rec. Dec. 17
rec. Nov. 15
rec. Dee. 1
rec. Oct. 16
Dee. 1 Holders of rec. Nov.14
.lan. 2 Holders of tee. Dec. 9
Jan. 2 Holders f rec. Dee. 1
Dee. 15 Ho ders of tee. Dee 1
Dee. I Holders of rec. Nov. 1
Dee. 1 Holders of roe. Nov. 1
Dec. 30 Holders of rec. Dee. 22
Dec. I Holders of roe. Nov. 15
3802
Name of Company.
Financial Chronicle
Per
When
Share. Payable.
Books Closed
Days inclusive.
Public Utilities (Continued).
Central Kan Pow .7% pref (guar.).
- $154 Jan. 15 Holders of rec Dec. 31
6% preferred (gust)
$154 Jan. 16 Holders of reo Dec. 31
Central Miss. Valley Elect. Prop —
Preferred (guar.)
$lx Dec. 1 Holders of roe Nov. 15
Chicago District Electric Generating,
Preferred (guar.)
$14 Deo. 1 Holders of rec. Nov. 15
Citizens Gas Co. of Indianapolis, 5%
preferred (guar.)
$15' Dec. 1 Holders of rec. Nov. 20
Cleveland Klee. ilium.6% pref (guar.)- $1)4 Deo. 1 Holders of rec. Nov 15
Coast Counties Gas& Elect.,6% pi.(q.) $1% Dec. 15 Holders of rec. Nov. 25
Connecticut Lt.& P.,6%% pt.(guar.)._ $14 Dec. 1 Holders of rec. Nov. 15
554% preferred (guar.)
$1% Dec. 1 Holders of rec. Nov. 15
Connecticut Power (guar.)
62)40 Dec. 1 Holders of rec. Nov 15
Connecticut River Pow..6% prof.(qu.)- $14 Dec. 1 Holders of rec. Nov 15
Consolidated Gas of N.Y.cam
750 Dec. 15 Holders of rec. Nov. 10
Consumers Power Co.. $3 pref. (guar.). $154 Jan 2 Holders of rec. Deo 15
8% preferred (guar.)
$14 Jan. 2 Holders of rec Dec. 15
6.6% preferred (guar.)
$1.85 Jan. 2 Holders of rec. Dec. 15
7% Preferred (guar.)
$1,4 Jan. 2 Holders of tee. Deo. 15
6% preferred (monthly)
50o Deo. 1 Holders of rec. Nov. 15
8% preferred (monthly)
500 Jan 2 Holders of rec. Dec. 15
6.6% preferred (monthly)
55e Deo. 1 Holders of roe. Nov 15
6 8% preferred (monthly)
550 Jan 2 Holders of roe Dec 19
Dayton Power.k Light,6% pref.(mo.)
500 Dec. 1 Holders of rec Nov Re
Detroit City Can, 6% ere!• (guar.).
$1.4 Dec. 1 Holders of rec. Nov. 25
H.St. L.& Interurb. Wat.7% pf.(qu.). $154 Deo. 1 Holders of rec. Nov 20
6% preferred (guar.)
$1)4 Deo. 1 Holders er rec. Nov. 20
East Tenn.Tel.(s-a)
$1.44 Jan. 2 Holders of rec. Dec. 17
Eastern Shores Pub.Serv..*654 Pf (gu.) $14 Deo. 1 Holders of rec. Nov. 1(.1
$6 Preferred (guar.)
$1.14 Deo. 1 Holders of roe. Nov. 10
Eastern Township Telephone
18e Apr. 15 Holders of rec. Dec. 31
Elizabetbtown COno01. Gas (extra)
$1 Dec. 1 Holders of rec. Nov 27
Quarterly
$1 Jan. 2 Holders of reo Dec 26
Empire & Bay State Telep.4% gtd.(qu)
$1 Dec. 1 Holders of rec. Nov.20
Empire Gas & Electric Co.
6% preferred A & B (guar.)
$1)4 Deo. 1 Holders of ree. Oct. 31
Dec. 1 Holders of rec. Oct. 31
7% preferred. C (guar.)
Escanaba Pow & Tree.6% pref.(qu.).. 154% Feb. 1 Holders of rec. Jan. 27
Federal Light & Traction Co.. pref.(qu.) $14 Deo. 1 Holders of rec. Nov. I5a
Florida Power Corp.. 7% pref. A (guar.) $IM Dec. 1 Holders of roe. Nov. 15
7% preferred (guar.)
87.40 Dec. 1 Holders of rec. Nov. 15
Gold Stock Tel.(guar.)
$1% Jan. 2 Holders 01 rec. Dec. 31
Gulf State Utilities, $6 pref. (guar.). — $14 Dec. 15 Hciders of ree. Deo. 1
$554 preferred (guar.)
$14 Dec. 15 Holders of rec. Dec. 1
Hackensack Water (3.-a.)
750 Dec. 1 Holders of roe. Nov. 17
Honolulu Gas (monthly)
15e Nov.30 Holders of rec. Nov. 18
Huntington Water,8% prof.(guar.)--$134 Dec. 1 Holders of rec. Nov.20
Preferred (guar.)
$1% Dee. 1 Holders of rec. Nov. 20
Illinois Wat. Sere.,6% prof.(guar.). - $1% Dec. 1 Holders ot rec. Nov. 21
Indianapoll Water Co.5% prof. ((111.).., $1% Jan. 1 Holders of rec. Dec. 12
Industrial & Power Securities Co.(guar.) 1150 Dec. 1 Holders of rec. Nov. 1
Extra
150 Dec. 1 Holders of roe Nov. 1
International Ocean Teleg.(guar.)
$1)4 Jan. 2 Holders of rec. Dec. 31
Ironwood & Bess.Ry.&Lt.,7% p(.(gu.). $1% Dec. 1 Holders of rec. Nov. 15
Lake Superior District Pow.,6% DI. al.) el% Dec. 1 Holders of rec. Nov. 15
7% preferred (guar.)
$IM Dec. 1 Holders of rec. Nov. 15
Lexington Utilities Co.,634% pf.(gr.)
$1% Dec. 15 Holders 01 ne. Nov. 30
Lone Star Gas,6% pref. (quar.)
el% Jan. I Holders 01 rec. Nov. 23
Louisville Gas & Elec.. A & B.(guar.).— 43%e Dec. 24 Holders of rec. Nov.29
Lynchburg & Abingdon Tel.(s-a)
$3 Jan. 2 Holders of rec. Deo. 15
Metropolitan Edisen,$7 peel.(guar.) -- $154 Jan. 1 Holders of rec. Nov.29
$6 preferred (guar.)
el% Jan. 1 Hciders of rec. Nov.29
$5 preferred (guar.)
$1% Jan. 1 Holders of rec. Nov.29
Middlesex Water (guar.)
75c. Dec. 1
7% prefrred(s-a)
$334 Jan. 2 Holders of reo. Dec. 22
Milwaukee Elec.Ry.& Lt.6% pt. (gr.)- $1% Dec. 1 Holders of rec. Nov. 15
Milwaukee HOS Light, 7% pref.(guar.). $1% Deo. 1 Holders of rec. Oct. 25
Minn. Gas Light 7% pref.(qual.)
$1% Dec. 1 Holders of roe. Nov.25
6% preferred (guar.)
$154 Dec. 1 Holders of roe. Nov.25
Mississippi Valley Public Service.
7% preterred A (guar.)
$1** Dec. 1 Holders of rec. Nov.21
Munice Water Wks.,8% Pf.((Man).—
$2 Dec. 15 Holders of roe. Dec. 1
National Pow.& Light (guar.)
25e Dec. 1 Holders of roe. Nov. 6
Nebraska Power Co. 7% pref.(guar.).- $1% Dec. 1 Holders of rec. Nov. 15
New Castle Water.6% pref.(quar.)
$114 Deo, 1 Holders of rec. Nov. 20
New Jersey P.& L.,$6 pref.(guar.)...
$1% Jan. 1 Holders ot rec. Nov.29
$5 preferred (quail.)
$1% Jan. 1 Holders of rec. Nov.29
New Rochelle Water Co.,7% prof.(qu.) $15( Deo. 1 Holders of rec. Nov.20
New York Mutual Tel.(s-a)
75c Jan. 2 Holders of rec. Deo. 31
New York Steam Corp., corn.(qual.)...
650 Dec. 1 Holders of rec. Nov. 15
New York Transportation Co.(guar.)._
50c. Deo. 28 Holders of rec. Dec. 15
North Amer. Edison pref.(guar.)
$14 Dec. 1 Holders of roe. Nov. 15
Northwestern Tel.(s-a)
$1% Jan. 2 Holders of rec. Deo. 16
Nova Scotia Light dc Pow.,8% pt. (qu.) $1)4 Dec. 1 Holders of roe. Nov. 15
Ohio Power,6% pref.(guar.)
$14 Dee. 1 Holden of rec. Nov. 9
Ohio Public Service Co.,7% pt.(mo.)
58 1-3o Dec. 1 Holders of rec. Nov. 15
8% preferred (monthly)
500 Dee. 1 Holders of rec. Nov. 15
5% preferred (monthly)
41 2-30 Deo. 1 Holders of roe. Nov. 15
Oklahoma Gas & Elec. Co.6% Pf•(go.). $1)4 Deo. 15 Holders of roe. Nov.29
7% preferred (quar.)
el% Dec. 15 Holders of roe. Nov.29
Pacific & Atlantic lei.(s-a)
El% Jan. 2 Holders ot rec. Dec. 15
PenIns lar Telep. Co., 707 pref. (guar.) 154% Feb. 15 Holders of reo Feb 5
Penn State Water Corp., 37 pref. (qu.). $1,‘ Deo. 1 Holders of roe. Nov.20
Pennsylvania Power Co.,$6 pref.(qual.) $1% Dec. 1 Holders of rec. Nov 20
6.60% preferred (monthly)
550 Deo. 1 Holders of roe. Nov 20
Pennsylvania Water & Pow.,corn.(qu.)75e Jan. 2 Holders oi rec. Deo. 15
Preferred (guar.)
$154 Jan. 2 Holders of ree. Deo. 15
Peoples Tel.(Butler.Pa.).7% prof.(qu.) $1% Dec. 1 Holders of roe. Nov.30
Philadelphia Co., $6 pref.(quar.)
$1)4 Jan. 2 Holden 01 rot. Dec. 1
$5 preferred (guar.)
$1)4 Jan. 2 Holders of rec. Dec.
Phila., Germantown & Norristown (qr.). 21)5 Dec. 4 Holders of rec. Nov. 2
Philadelphia Suburban Water. pt. (go.) $1% Dec. 1 Holders of roe. Nov 1
Ponce Elect., 7% peel. (guar.)
$1% Jan. 2 Holders of rec. Dec. 1
Potomac Elec Pow.,6% pref.(quar.)._.. $1% Dec. 1 Holders of roe. Nov. 1
$1% Dec. 1 Holders of rec. Nov. 1
654% preferred (guar.)
Public Elect. Llght,6% prof.
$154 Dec. 1 Holders of roe. Nov. 2
Pub.Serv.Co.of Colo.7% pref.(mo.) 58 1-3o Deo. 1 Holders of rec. Nov. 1
8% preferred (monthly)
50o Dec. 1 Holders of rec. Nov. 1
6% preferred (monthly)
41 2-3o Dec.1 Holders of rec. Nov. 1
Public Service or N. H.,$6 pref. (quar.) $1)4 Dec. 15 Holders of roe. Nov.3
$5 preferred (quar.)
$IM Deo. 15 Holders of rec. Nov.3
Public Service Corp. of N.J.6% preferred (monthly)
500 Nov.30 Holders of rec. Nov.
Rochester Gas & Elec., 7% pref. B (qu)
Deo. 1 Holders of roe. Oct. 2
8% preferred C & D (guar.)
$1% Deo. 1 Holders of reo. Oct. 2
St. Louis Bridge, 1st prct.(s
-e)
$3 Jan. 2 Holders of rec. Dee. 1
2d preferred (s-a)
$134 Jan. 2 Holders ol rec. Dec. 1
Savannah Elea. & Pow., pref. A (quar.).
$2 Jan. 2 Holders of roe. Deo.
Preferred eeriee B (guar.)
$134 Jan. 2 Holders of rec. Deo.
Preferred series C (guar.)
el% Jan. 2 Holders of ree. Dec.
Preferred series D (guar.)
$1% Jan. 2 Holders of reo. Deo.
Shenango Valley Water Co 6% pt.(qu.) 1)4% Dec. 1 Holders of roe. Nov.20
Southern Calif. Edison Co.—
Preferred serial A (guar.)
% Dec. 15 Holders of ree. Nov. 20
6% preferred series B (guar.)
Ix% Deo. 15 Holders of roe. Nov. 20
Sou Calif :as. $6 preferred (qual.).. :1% Nov.29 Holders of rec. Oct. 31
Somerset Union & Middlesex Ltg.(s.
Dec. 1 Holders of rec. Nov. 14
-a.) $2
Susquehanna Utilities, 6% pre. (guar.) $1% Deo. 1 Holders of rec. Nov. 20
Tampa Gas,8% peel.(guar.)
$2 Dec. 1 Holders ot rec. Nov.20
7% preferred
$14 Dec. 1 Holders of rec. Nov. 20
Telephone Investors Corp.(monthly)_....
200 Dee. 1 Holders of roe. Nov.20
Monthly
20c Jan. 1 Holders of rec. Dec. 20
Tennessee Elec. Pow.Co..5% pref.(qu.) $134 Jan. 2 Holders of ree. Dec. 15
8% preferred (quar.)
$134 Jan. 2 Holders of rec. Deo. 15
7% preferred (guar.)
$1,4 Jan. 2 Holders of rec. Deo. 15
7.2% preferred (guar.)
$1.80 Jan. 2 Holders of rec. Dec. 15
8% preferred (monthly)
60e Deo, 1 Holders of rec. Nov. 15
8% preferred (monthly)
500 Jan. 2 Holders of rem Dec. 15
7.2% preferred (monthly)
600 Dec. 1 Holders of rec. Nov. 15
7.2% preferred (monthly)
800 Jan. 2 Holders of roe. Deo. 15
Terre Haute Water Works.7% 14.
$134 Dec. 1 Holders of roe. Nov.20
Name of Company.
Nov. 25 1933
When
Pet
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Texas Utilities, 7% pref.(guar.)
$1,4 Dee,
Holders of tee. Nov.21
111de Water Pow.,$6 pref.(quar.)
Holders of ree Nov. 10
$1% Dec.
Toledo Edison Co., 7% pref.(monthly) 681-30. Dee.
Holders of roe. Nov. 16
6% preferred (monthly)
50e Dec.
Holders of rec. Nov. 15
5% preferred (monthly)
41 2-30. Dec.
Holders of rec. Nov. 15
Tri-State Tel. & Tel., 6% pref. (guar.).
15o Dec.
Holders of rec. Nov.15
United Gas Improvement, corn. (guar.)
300 Dec. 30 Holders of rec. Nov.29
Preferred (guar.)
$1% Dec. 30 Holders of rec. Nov.29
United Lt & Rye (Del.),7% pt.(mo.)._ 581-30 Deo. 1 Holder, of me Nov 15
6.38% preferred (monthly)
53e Deo. 1 Holders of roe. Nov. 15
6% preferred (monthly)
50c Dec. 1 Holders of reo Nov 15
7% preferred (monthly)
68 1-3c Jan. 2 Holders of roe. Deo. 15
6.36% preferred (monthly)
53e Jan, 2 Holders of rec. Dec. 15
6% preferred (montlhy)
50c Jan. 2 Holders of rim Dec 15
Utility Equities Corp.. $534 prior stock- $134 Deo. I Holders of rec. Nov. 15
Virginia Elect.* Pow. Co.,16 pref.(911.) $1.% Dec. 20 Holders of rec. Nov.29
Washington Ry.& Elec.(guar.)
$154 Dec. 1 Holders of re° Nov. 16
5% preferred (guar.)
$134 Dee. 1 Holders of rec. Nov. 16
Washington Water Pow.,$6 pro!. (qu.)_ $14 Dec. 15 Holders of roe. Nov.24
Wheeling Elect.. 6% pref.(quar.)
$154 Deo. I Holders of rec. Nov. 19
Williamsport Water Co.. $6 Pf. (gu.)
$1% Dec. 1 Holders of rec. Nov.12
Wisconsin Telephone,common (guar.).- $1%
Preferred (guar.)
$1%
Fire Insurance Companies.
North River insurance (guar.)
Title ins. Co.01St.Louis, corn.(gu.)_ _
15e IMO. 11 Holders of •ctuOeo. I
12)4c Nov.30 Holders of rec. Nov.20
Miscellaneous.
Abbotts Dairies, Mo.,corn.(guar.)
250 Dec. 1 Hollers of rec. Nov.16
let & 2nd preferred (guar.)
$1% Dec. 1 Holders of roe. Nov.15
Affiliated Products, corn,(mo.)
5e Dec. 1 Holders of rec. Nov. 17
Allegheny Steel Co., prof. (guar.)
$134 Dee. 1 Holders of rec. Nov. 15
Aluminum Mfg., Inc.. oom.(quer.)
50o Deo. 81 Holders of rec. Deo. 16
Preferred (guar.)
$134 Dec. 31 Holders of rec. Dec 15
American Arch (guar.)
25c Deo. 1 Holders of rec. Nov. 20
American Business Shares
2c Dec. 1 Holdets of roe. Nov. 15
American CapItal Corp.. $534 pref.(gu.) $141 Deo. 1 Holders ot rec. Nov. 15
American Chicle Co.(quar.)
50o Jan. 2 Holders of roe. Dec. 12
Extra
250 Jan. 2 Holders of roe. Dec. 12
American Cigar Co.,corn.(guar.)
Dec. 15 Holders of rec. Deo. 1
$2
Preferred (quar.)
$134 Jan. 1 Holders of rec. Dec. 15
American Dock.8% pref.(guar.)
e2 Dec. 1 Holders of rec. Nov.20
American Envelope Co.7% pf (quar.)
134% Dec. 1 Holders of rec. Nov. 25
American Factors, Ltd. (monthly)
10c Deo. 10 Holders of rec. Nov. 10
Amer. & General Securities, corn. (go.). 7340 Dec. 1 Holders of roe. Nov. 17
Preferred (guar.)
750 Dec. 1 Holders of rec. Nov. 17
American Hardware (quar)
250 Jan. 1 Holders of roe Deo. 16
American Home Prod.(monthly)
200 Dec. I Holders of roe. Nov. 140
American Investment of Ill.. B (qua:.)
7)4o Dee. 1 Holden( of rec. Nov.20
Amer. Laundry Mach. Co., corn. (qu.)
100 Deo. 1 Holders 01 rec. Nov.20
American Mutual Liability Ins. Co
20%
American Optical Co., 7% prof (au.)_
$134 Jan. 1 Holders of tee. Dec. 16
American Radiator & Standard Sanitary
Preferred (guar.)
$134 Dec. 1 Holders of ree. Nov.20
American Smelting & Refining 7% 1111 PI /1$1,4 Deo. I Holders of reo. Nov. 3
American Steel Foundries, met
50c Dec. 30 Holders of rec. Dec. 15
American Stores Co.(extra)
50o Deo. 1 Holders of roe. Nov. 15
Quarterly
50o Jan. 1 Holders of roe. Deo. 15
American Sugar Refining, corn. (guar.)
50c Jan. 2 Holders of rec. Dec. 5
Preferred (guar.)
$134 Jan. 2 Holders of rec. Deo. 5
American Thread Co., pref. (8.-a.)
5% Jan. 1 Holders of rec. Nov.300
Am. Tobacco Co.. corn. & corn. B (qu ) $14 Dec. 1 Holders of rec. Nov. 10
Archer-Daniels-Midland,corn.(qu.)
250 Dec. I Holders of rec. Nov.20
Artloom Corp., pref
Deo. I Holders of roe. Nov. 15
Associates Investments Co.(guar.).—
$I Dee. ao Holders of lee. Dec. 20
Atlantic Relining Co., corn.(guar.)
25e Dec. 15 Holders of reo. Nov. 21
Atlas Corp.. $3 preference ser. A (guar.)
750 Deo. 1 Holders of roe. Nov.20
Austin Motors, Ltd., ordinary
25%
Bonus
75%
Preferred
20%
Automotive Gear Works, pref.(guar.).- 41340 Dec. 1 fielders of roe. Nov.20
Bamb'g (L.)& Co..6%% prof.(qual.)... $1% Dec. 1 Holders of rec. Nov.15
Bankers National Investing. A & B (qu.)
240 Nov. 25 Holders of roe. Nov. 15.
Quarterly
6c Nov. 25 Holders of roe. Nov. 15
Preferred (guar.)
15o Nov. 25 Holders of roe. Nov. 15
Barber(W.H.)& Co.,7% pref.(quar.)- $1
Jan. 2 Holders of rec. Dec. 20
Beech-Nut Packing Co., corn. (guar.)._
75e Jan. 2 Holders of rec. Dec. 12
77 preferred A (guar.)
$134 Dec. 1
Belding Corte:ell' Ltd., pref.(guar.)
$134 Dec. 15 Holders of roe. Nov.30
Berghoff Brewing Corp..common (guar.)
30e Dee. 1 Holders of rec. Nov. 15
Black Clawson Co., pref (guar
$1)4 Dec. 1 Holder' of roe. Nov.25
Bloch Bros.. Tobacco, pref.(guar.)$1% Dec. 31 Holders of roe. Dec. 25
Blue( Ridge Corp., pref. (guar.)
n75o Dec. I Holders of rec. Nov. 6
Bohn Aluminum & Brass Co.,corn.(qu.)
500 Dec. 27 Holders of roc. Dec. 12
Borden's Co., corn. (guar.)
4(lo Dee. 1 Holders of rec. Nov. 150
Bornot. Inc.. class A
250 Jan. 12 Holders of rec. Jan. 12
Boston Wharf Co.(5.-a.)
$134 Dec. 30 Holders of rec. Dec. 1
Brach (E. J.) & Sons (quar.)
100 Dec. 1 Holders of roe. Nov. 11
Brewer & Co.(monthly)
75e Nov.25 Holders of rec. Nov. 20
Monthly
75e Dec. 25 Holders of reg. Deo. 20
Bristol-Myers Co., initial (guar.)
50o Deo. 1 Holders of rec. Nov. 15
Extra
100 Deo. I Holders of rec. Nov. 15
British American Oil Co.. Ltd.(guar.)._
r20 Jan. 2 Holders of rec. Dec. 16
Brown Shoe Co., common (guar.)
75c Deo, 1 Holders of rec. Nov.20
Buckeye Pipe Line Co. (guar.)
75e Deo. 15 Holders of rec. Nov.24
Bucyrus Erie Co.. 7% pref. (guar.)._
50e Fen .. 15 Holders or rec. Dec. 15
Ja b 2
Buttalo Ankerlte Gold Mines (s.-a.)---Sc
Buiolo Gold Dredging, Ltd., coin., int'm
r60e Dec. 4 Holders of rec. Nov. 9
Burroughs Adding Mach. Co. (guar.)._
10e Dec. 5 Holders of rec. Oct. 31
Mamba Sugar Estates, corn.(guar.)_ _ _
400 Jan. 2 Holders of rec. Dec. 15
7% preferred (guar.)
35c Jan. 2 Holders of roe. Deo. 15
Canada Vinegars(guar.)
400 Deo. 1 Holders of rec. Nov. 15
Canadian 011 Cos., Ltd., pref. (guar.)._
$2 Jan. 1 Holders of roe. Deo. 20
Canfield OH Co.. common (guar.)
$1 Nov.25 Holders of roe. Nov.20
Carnation Co.,7% pref.(guar.)
$1,4 Jan. I
Cartier, Inc.. 7% pref
87)4e. Jan. 31 Holders of rec. Jan. 14
Case (J. I.) Co., 7% pref. (guar.)
$1 Jan. I Holders of tee. Dec. 12
Caterpillar Tractor Co.(special)
12% Dee. 1 Holders of rec. Nov. 21
Century Ribbon Mills. Inc pref. (qu.)_ $1% Dec. 1 Holders of rec. Nov. 18
Champion Coated Paper, 7% peel. (qu.) $1 54 Jan. 1 Holders of tee. Dec. 20
7% special preferred (guar.)
$1)2 Jan. I Holders oi rec. Dec. 20
Champion Fiber, 7% preferred (quar.)
$1 )4 Jan. 1 Holders of rec. Deo. 20
Chartered Investors.$5 pref.(Qum.)
$IM Dec. 1 Holders of roe. Nov. 1
Chesebrough Mfg.(guar.)
n.
$1 Dec. 30 Holders of rec. Dec. 8
Extra
Holders of roe. Dee. 8
$1 Dec.
Chicago Corp., pre! (guar.)
25e Dec. 1 Holders of rec. Nov.15
Chicago Jct. Hy.& Union Stk. Yds.(qu.) $ag Jan. 2 Holders of rec. Dec. 15
6% preferred (guar.)
$1 54 Jan. 2 Holders of rec. Dec. 15
Chicago Yellow Cab (guar.)
25o Dec. I Holders of roe. Nov. 20
Churchill House Corp., A
500 Jan. 1 Holders Or roe. Dec. 15
Chyrsler Corp.(guar.)
50o Dec. 80 Holder; of rec. Dec. 1
Cincinnati Wholesale Grocery, pt.(qu.)
$154 Jan. 2 Holders of roe. Dee. 15
City Ice & Fuel Co.(guar.)
50c Dec. 30 Holders of roe. Deo. 15
Preferred (guar.)
$14 Dec. 1 Holders of roe. Nov.20
Clorox Chemical Co..el. A (qual.)
50e Jan. 1 Holders of roe. Deo. 20
Coca-Cola Co.,corn.(guar.)
$134 Jan. 2 Holders of rec. Dec. 12
Class A (semi-annual)
$1)4 Jan. 2 Holders ot ree. Dec. 12
Coca-Cola Internat. Corp., corn.(s.
$a Jan. 2 Holders of rec. Dec. 12
-a.)
Class A (semi annual)
$3 Jan. 2 Holders of ree. Dec. 12
Colgate-Palmolive-Peet Co.. pt.(go.)
$1)4 Jan. 1 Holders of rec. Deo. 11
Collins & Alkman Corp., pref. (guar.).% Deo. I Holders of rec. Nov. 17
Colt s Patent Fire Arms Mfg.(guar.)_
25e Dee. 30 Holders or rec. Deo. 2
Extra
250 Deo. 80 Holders of rec. Deo. 2
Columbia Pictures, pref.(guar.)
75e Dec. 1 Holders of rec Nov 16a
Columbian Carbon Co.(guar.)
500 Dee. 1 Holders of roe. Nov. 15
Columbus Auto Parts, pref. (guar.).—
500 Dec. 1 Holders of rec. Nov.20
Commercial Invest. Trust Corp., pf.(gu) ol-520f Jan. 1 Holders of roe. Dee. 5
Common (guar.)
50e Deo. IS Holders of roe. Nov.25
Compo Shoe Mach.. corn. (guar.)
12tic Deo. I Holders of rec. Nov. 15
Compressed Industrial Gas(guar.)
35e Deo. 15 Holders of me Nov.80
Financial Chronicle
Volume 137
Name of Company.
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
$1 Dec. 31 Holders of rec. Dec. 25
Confederation Life Assoc. (guar.)
25e Dec. 15 Holders 01 rec. Deo. 1
Congoleum-Mairn. Inc., corn. (quar.)__
25c Dec. 15 Holders of me. Dec. 1
Special
$134 Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
$134 Dec. 1 Holders of rec. Nov. 15a
Consol. Cigar Corp., pref.(guar.)
Consol. Diversified Stand. Securities
25c Dec. 15 Holders of rec. Nov.25
Preferred (8.
-a.)
Consol. Gold Fields(S. Africa),ord.final 2s. 3d.
15e Dec. 1 Holders of rec. Nov.20
Consolidated Paper Co
25c Dec. 1 Holders of rec. Nov.20
Cons) Mills Co. (gum.)
Cottrell(C B.)& Sons Co., 6% pf.(qu.) 134% Jan. 1
68c Dec. 15 Holders of reo. Nov. 30a
Crown Cork & Seal Co., Inc. pf.(qu.)__ Crown Zellerbach, cum. pf. A & B (qu.)_ 37350 Dec. 1 Holders of rec. Nov. 13
10c Nov. 29 Holders of rec. Nov. 18
Crum & Forster Ins., A & B (quar.)__-10o Dec. 14 Holders of rec. Oct. 5
Common (guar.)
$134 Nov. 29 Holders of rec. Nov. 18
7% preferred (guar.)
$2 Doe. 30 Holders of rec. Dee. 20
8% preferred (guar.)
$134 Dec. 15 Holders of rec. Dec. 1
Cuneo Press. Inc., 6 % pref.(guar.) —
50c Dec. 1 Holders of rec. Nov. 20
Cushman's Sons, Inc., corn. (quar.)____
$131, Dec. 1 Holders of rec. Nov. 20
7% preferred (guar.)
Dec. I Holders of rec. Nov. 20
$2
58 preferred (guar.)
50 Dec. 1 Holders of rec. Nov. 15
Deere & Co.. prof.(guar.)
Denver Union Stockyards. pref.(guar.). $14 Dec. 1 Holders of rec. Nov.20
Deposited Bond Ctfs., ser. 1938 (11q.)--9 .51010c
Deposited Bank Shares, N. Y., series A
235% Jan. 2 Holders of rec. Nov. 15
(semi-annual)
20e Dec. 1 Holders of rec. Nov. 15
Dexter Co
250 Dec. I Holders of rec. Nov. 15
Diamond Match Corp., corn.(quar.)
$2 Dec. 1 Holders of rec. Nov. 17
Dictaphone Corp., pref.(guar.)
r$1 dJan. 2 Holders of roe. Dee. 15
Dominion Textile Co., common (guar.)
Jan. 15 Holders of rec. Dec. 30
$1
Preferred (guar.)
500 Dee. 1 Holders of rec. Oct. 31
Eastern Theatres, Ltd., Com• (quar.)
750 Jan. 2 Holders of rec. Dec. 5
Eastman Kodak Co., common (guar.)._
$135 Jan
2 Holders of rec. Dec. 5
Preferred (guar.)
250 Dec. 1 Holders of rm. Nov. 15
Egry Register Co.class A
$134 Jan. 2 Holders of rec. Dec. 15
Electric Auto Lite Co., 7% pref.(qu.)__
h$334 Dec. 1 Holders of rec. Nov. 17
Emerson Elec. Mfg., 7% pref
2% Nov.29 Holders of rec. Nov.20a
Empire Capital Corp., class A (guar.)._
$3 Dec. I Holders of rec. Nov. 15
Essex Co. (semi-annual)
Farmers & Traders Life Ins. Co. (Syra$235 Jan. 1 Holders of rec. Dee. 11
cuse, N. Y.)
$235 Apr. 1 Holders of rec. Mar. 11
Quarterly
500 Nov. 31 Holderc of rec. Sept. 30
Federal Service Finance (guar.)
10c Dos. 20 Holders of roe. Dec. 10
Ferro Enamel Corp.. corn
16c Dec. 29 Holders of rec. Dec. 15
Fifth Ave. Bus Securities, (guar.)
1735c Dec. 1 Holders of rec. Nov. 15
Finance Service Co.. pref.(guar.)
Firestone Tire & Rub. Co..6% rd.(gu.)- $134 1)eo. 1 Holders of roe. Nov. 15
FitzSitnons & Connell Dr. & Dock (qu.) 12350 Dec. I Holders of reo. Nov.20
Florsheim Shoe Co., 6% pref. (guar.)._ $135 Jan. 2 Holders of roe. Dec. 16
500 Dec. 1 Holders of rec. Nov. 15
Freeport Texas Co. (guar.)
$135 Feb. 1 Holders of rec. Jan. 15
Preferred (guar.)
1235e Dec. 15 Holders of rec. Nov.30
Garner Royalties Co.. A (s -a.)
$134 Dec. I Holders of rec. Nov. 18
Gates Rubber,7% pref.(quar.)
$134 Jan. I Holders of rec. Dec. 12
Geist (C. H.), 5% pref. A (guar.)
$14 Dec. 1
6% preferred (guar.)
$14 Dec. 1 Holders of roe. Nov.24
General Cigar Co. pref.(guar.)
25c Dec. 12 Holders of rec. Nov. 16
General Motors Corp., common
25e Dec. 12 Holders of rec. Nov. 16
Extra
Preferred (guar.)
$134 Feb. 1 Holders of rec. Jan. 8
20c Nov. 25 Holders of me. Nov. 12
Gilmore Gasoline Plant No. 1 (monthly)
250 Dee. 30 Holders of roe. Dec. 14
Glidden Co., common
$1X Jan
2 Holders of roe. Dec. 14
Prior preferred (guar.)
Globe Democrat Publishing, pref. (qu.) $134 Dm. 1 Holders of rec. Nov. 17
400 Dec. 11 Holders of rec. Nov. 29
Golden Cycle Corp. (guar.)
50c Jan. 2 Holders of roe. Dec. 1
Goodyear Tire & Rubber Co., 1st pf.(qu)
250 Dec. 15
Gordon Oil, B (guar.)
Gottfried Baking Co.. Inc., pref.(guar.) 14% Jan, 2 Holders of rec. Dec. 20
3% Dec. 29 Holders of tee. Dec. 27
Grace(W. R.)& Co.6% pref. (s.
-a.).-750 Dec. I Holders of rec. Nov. 10
Grand Union, pref. (guar.)
Great Atl.& Pee.Tea Co.,corn.(qu.).._ $135 Dec. 1 Holders of reo. Nov. 3
Extra
250 Dec. 1 Holders of rec. Nov. 3
$14 Dec. 1 Holders of rec. Nov. 3
Preferred (guar.)
250 Dec. I Holders of rec. Nov. 18
Great Northern Paper (guar.)
$1 Dec. 1 Holders of sec Nov.20
Great Western Electro-Chemical
1st preferred (guar.)
$135 Jan. 1 Holders of rec. Dec. 21
6% preferred (quur.)
$135 Jan. 2 Holders of rec. Dec. 20
Great Western Sugar Co., corn. (guar.).
600 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
$13.1 Jan. 2 Holders of rec. Doe. 15
Hale Bros. Stores. Inc.(guar.)
150 Dec. 1 Holders of rec. Nov. 15
Hancock Oil Co. of Calif.. cons. clam A
and s (guar.)
10e Dec. 1 Holders of rec. Nov. 15
Hanna(M. A.) Co.. pref. (guar.)
$134 Dec. 20 Holders of rec. Dec. 5
Harbauer Co.. 7% prof (guar.)
134% Jan. I Holders of roe. Dee. 21
Hardesty (R.), 7% pref. (guar.)
134% Dec. 1 Holders of rec. Nov 15
Hawaiian Commercial & Sugar Co.(mo.)
210 Dec. 5 Holders of rec. Nov. 25
Heels Mining Co
10c Dec. 15 Holders of rec. Nov. 15
Heileman (G.) Brewing (Wis.) (guar.)._
20c Dec. 1 Holders of rec. Nov. 10
Hibbard. Spencer, Bartlett & Co.(mo.)_
10c Dec. 29 Holders of rec. Dee. 22
HIM (Chas. E.) Co., corn., cl. A (qu.)_ _
50c Dec. 1 Holders of roe. Nov. 15
Hobart Mfg Co. (guar.)
25c Dec. 1 Holders of rec. Nov. 18
Hollinger Consol. Gold Mines. Ltd. tmo)
5c Dec. 2 Holders of rec. Nov. 17
Homestake Mining Co. (monthly)
$1 Nov. 25 Holders of rec. Nov.20
Extra
$1 Nov. 25 Holders of rec. Nov.20
Honolulu Plantation Co. (monthly)._
25c Dec. 10 Holders of rec. Nov.30
Hoover As Allison, 7% preferred (guar.). $134 Dec. 1 Holders of rec. Nov. 15
$14 Dec. 1 IIolders of rec. Nov. 10
Horn & Harden Co.of N. Y., pt.(qtr.)
Imperial Chemical Industrles, interim _x to2t5% Dec. 8 Holders of rec. Oct 13
r12Xc Dec. 1 Holders of rec. Nov. 15
Imperial 011, ltd. (guar.)
37350 Dec. 1 Holders of roe. Nov. 6
Ingersoll-Rand Co., com. (guar.)
150 Jan. 15 Holders of rec. Dec. 20
International Harvester, corn. (gllar.)_
$14 Dec. 1 Holders of roe. Nov. 4
Preferred (guar.)
International Milling Co.. 1st pref.(qu.) $134 Dec. I Holders of rec. Nov. 18
$135 Dec. 1 Holders of rec. Nov. 18
lot preferred. series A (guar.)
60c Dec. I Holders of rec. Nov. 21
International Safety Razor A (guar.).
3735c Jan. 2 Holders or rec. Dec. 15
International Salt Co. (guar.)
50a Dec. 1 Holders of rec. Nov. 15
International Shoe, prof. (guar.)
Jantzen Knitting Mills, pref. (guar.)... $131 Dee. I Holders of rec. Nov. 25
h$3 Dec. I
Judson Mills,7% prof
3131 Jan. 2 Holders of rec. Dec. 11
Kaufmann Dept. Stores, pref. (quar.)_
10c Dec. I Holders of rec. Nov. 25
Kekaha Sugar Co.(monthly)
3135 Dec. I Holders of rec. Nov. 10a
Kendall Co., cum. pref. sec. A (guar.)._
participating preferred sec. A (guar.). 3135 Dec. I Holders of rec. Nov. 10a
Kimberly Clark Corp., pref.(quar.)_... $14 Jan. I Holders of rec. Dee. 12
250 Jan. 1 Holders of rec. Dec. 20
Klein (D. Emil) Co., common (quar.).._
$13' Feb. 1 Holders of roe. Jan. 20
Preferred (guar.)
Kohaeker .tores, Inc., prof. (quar.)_.__ $134 Dec. I Holders of rec. Nov. 15
25e Dec. 1 Holders of roe. Nov. 10
Kroger Grocery & Bak.com.(quar.) _
$ni Jan. 2 Holders of rec. Dee. 20
1st preferred ((1uar.)
81% Feb. I Holders of roe. Jan. 19
2d preferred (quar.)
r50e Dec. 15 Holders of rec. Dec. 1
-a.)
Lake Shore Mines, Ltd.(8.
r50o Dec. 15 Holders of rec. Dec. 1
Extra
37350 Dec. 31
Landers Frany & Clark (guar.)
$14 Dee. 15 Holders of roe. Dec. 5
Landis Machine, 7% pref.(guar.)
$1 Nov.29 Holders of rec. Nov. 17
Lanston Monotype Machine Co.(gnarl_
75e Dec. 1 Holders of rec. Nov. 15
Laura Secord Candy shops Man/---20e Nov.29 Holders of roe. Oct. 31
-a.)
Lehigh Coal & Navigation (s.
50e Dec. I Holders of rec. Nov. 15
Lehn dr Fink Prod. Co.(guar.)
30c Dee. 15 Holders of rec. Nov. 29
Libbey-Owens-Ford Glass Co.,com.(qu.)
400 Dec. I Holders of rec. Nov. 1
L fe Ravers Corp., initial (guar.)
Liggett & Myers Tobacco Co., corn. and
$1 Dee. I Holders of roe. Nov. 15
Common B (guar.)
3735c Dec. 15 Holders of rec. Dec. 1
Ltly-Tulip Cup Corp., com.(guar.).
250 Dec. 1 Holders of rec. Nov. 24
Lincoln Stores, Inc., com.(guar.)
$IX Dec. I Holders of rec. Nov. 24
Preferred (guar.)
10o Dee. 1 Holders of rec. Nov. 15
Link Belt Co.common (guar.)
$135 Jan. 2 Holders of rec. Deo. 15
Preferred (quay.)
r200 Dec. 1 Holders of rec. Nov. 11
Loblaw Groceterias Co., A & B (guar.)._
330 Nov. 30 Holders of n)o. Nov. 30
Lock Joint Pipe Co. (monthly)
340 Dec. 31 Holders of rec. Deo. 31
Monthly
Loose
-Wiles Biscuit Co pref.(quar.)____ $1 54 Jan. 1 Holders of roe. Dec. 18a
$14 Doe. 1 Holders of rec. Nov. 17
Lord & Taylor, let pref.(guar.)
Name of Company.
3803
Per
When
Share. Payable
Miscellaneous (Continued).
Ludlow Mfg. Assoc. (guar.)
$134
$134
Manischewitz (B.),7% pref.(quar.)
750
Mapes Consolidated Mtg.(guar.)
750
Quarterly
Quarterly
75e
Sc,
Maul Agriculture (monthly)
250
May Dept. Stores, corn.(guar.)
50c
Mayflower Associates (guar.)
r15o
McColl Frontenac 011,corn.(guar.)
MeCiatchy Newspaper. 7% Prof.(guar.) 433'o
25c
McIntyre Porcupine Mines, Ltd. WO - 25e
Extra
$I
McKeesport Tin Plate Co., corn.(guar.)
25c
McWilliams Dredging Co.,com.(quar.).
Merck Corp., pref (guar.)
$2
40
Mercury Oils, Ltd., corn
Metal Textile Corp., preferred (guar.)._ 8134c
25e
Meteor Motor Car Co.(quar.)
Metro-Goldwyn Pictures, pref.(quar.)_ _ 473fc
5250
Midland Royalty Corp.,$2 pref
15c
Monroe Loan Society
$114
Preferred (guar.)
15c
Extra
$135
Moore (Wm.) Dry Goods (guar.)
Morris Sc.& 100.to $1 Sts., 7% Pt (flu.) 134%
$1
Morris Plan Ins. Soc. (guar.)
Montreal Cottons, Ltd., pref.(guar.).-- $154
200
Motor Finance Corp.(guar.)
35o
Mt. Diablo Oil, Min. & Develop.(qu.).
25c
Mountain & Gulf 011
40c
Murphy (G. C.) Co., common (guar.).Muskogee Co.,6% pref.(guar.)
$135
50c
Nashua Gummed & Coated Paper
7% preferred (quar.)
$154
$IM
National Biscuit Co.. prof. (guar-)
25c
National Bond & Share Corp
50e
National Container Corp.. pref. (guar.)
30c
National Dairy Products Co.. corn. (qtr.)
Class A & B preferred (guar.)
$134
15c
Nat. Finance Corp.of Am.
6% pt.(qu.).
Common (guar.)
15c
15c
Extra
National Lead Co.,class A pref.(tsar.). El%
National Sugar Refining Co. (guar.).--I 52.63e
National Transit Co.(semi-annual)
40c
Natomas Co (guar.)
$134
New Bedford Cordage, pref.(guar.)._ $154
Newberry (J. J.) Co.(quar.)
155
Preferred (guar.)
$134
Niagara Share Corp. of Md.—
Class A $8 preferred (guar.)
$135
Northam Warren Corp., pref (guar.)—
75e
Northern Pipe Line Co.(semi
25o
-annual).Norwalk Tire dr Rubber Co., pref. (qu.) 8735c
Novadel Agene Corp.(guar.)
$134
OMIvie Flour Mills Co., pref.(quay.).... $131
Ohio 011 Co., preferred (quar.)
$135
Omnibus Corp., prof. (guar.)
$2
Oshkosh Overall Co., preferred (guar.).
50c
Patterson-Sargent Co., corn. (guar.)._ - 1235c
Ponder (David) Grocery Co.—
Cony. class A (guar.)
87350
Penick & Ford, Ltd.(guar.)
50c
Extra
$1
Peoples Drug Stores,com.(quay.)
25c
Preferred (quar.)
$135
Pfaudler Co.,6% pref.(quar.)
$135
Phoenix Hosiery Co., 1st pref.(quar.)
8735e
Pillsbury Flour Mills, Inc., corn.(quay.).
250
Pioneer Mills (monthly)
5e
Pittsburgh Plate Glass Co. (guar.)
25e
Pollock Paper Box Co., pref.(guar.)-- $IX
Pontheon Oil (guar.)
235c
Powdrell& Alexander, Inc., pref.(qu.)
$154
Prentice-Hall, Inc
50c
Preferred (guar.)
75c
Procter & Gamble 5% pref.(quay.)
$134
Prospect Mfg.(liquidating)
$3
Provident Loan & Says.Soc. Pf.(qu.) -- $131
Purity Bakeries (guar.)
25c
Quaker Oats Co., com.(quay.)
$1
6% preferred (guar.)
$134
Raybestos- Manhattan, Inc. (quar.)_ _—
15o
Reliance International Corp.,83 pi.(qr.) 50e.
Reynolds Metals Co.(quay
25e
Rich s. Inc..635% preferred (quar.)_ _ _ _
$135
Rike-Kumler Co., coin
50c.
Rolland Paper Co., 6% pref. (guar.)
514
50c.
itoyallte Oil Co., Ltd., com
25c
Rubenstein (Helena) (guar.)
Schiff Co.,corn.(guar.)
25e
Preferred (quay.)
$134
15e.
Seaboard Oil Co. of Delaware (guar.)._
Extra
10c.
75c
Second Investors Corp..6% pref.(guar.)
75c.
Second Investors(R. 0.3,6% pref. (qr.) _
200
Second Twin Bell Syndicate (monthly)
%
Selfridge, Provincial Stores. ord
234%
American deposit receipts
Selfridge ProvLslon Stores. Ltd
24%
Sherwin-Williams Co., pref. (quar.)---- $135
Simon (Franklin). 7% pref. (quar.)...._ $154
250
Socony-Vacuum Corp. (gurus)
10c
South American Gold & Platinum Co..
p
South Porto Rico Sugar, corn., special__
60c
Quarterly
$2
Preferred (guar.)
10c
Southerland Paper Co
Spencer Kellogg & Sons,Inc.,com.(qu.)_
25c
1235e
Standard Coosa-Thatcher (guar.)
$14
7% preferred (guar.)
25e
Standard Oil Co. of Calif. (guar.)
25c.
Standard 011 Co. of Indiana (quar.)_
Standard 011of Kansas (guar.)
50c
25e.
Standard Oil of Nebraska (guar.)
Standard Oil Co.of N..1, $25 par (11:11.)
50c
$100 par value (s.
-a.)
$2
Sterling Products. Inc.of Del.,initial(qr.)
95e.
Strawbridge & Clothier, pref. A (qua?.). 81H
Stromberg-Carl. Tel. Mtg.,635% Pf.(qu) $135
Sun 011 Co., com.extra
JP%
Common (quay.)
250
Preferred (quan)
14%
Sutherland Paper Co., corn
be
Sylvania Industrial (guar.)
25e
Texas Gulf Producing
e235%
Texas Gulf Sulphur Co.(guar.)
50e
Tex-O-Kan Flour Mills, 7% pref. (qr.)_
$154
Thomson Electric Welding (guar.)
250
Timken Detroit Axle Co.. pref (ci uar.)
$1134
Timken Roller Bearing Co. (quar.)____
15e.
Toronto Elevators
SI
$134
7% Preferred (guar-)
Twin Bell 011 Syndicate (monthly)
32
Underwood-Elliott-Fisher Co. com.(qr.)
25c.
Preferred (guar.)
$154
Unilever, N. V.(Interim)
201
Unilever, Ltd.(Interim)
3%
Union Tank Car Co.(quay.)
30c.
United Biscuit Co.of Amer.,corn.(qu.).
40c
United Dyewood, pref. (guar.)
$134
Books Closed.
Days Inclusive.
Dec. 1 Holders of roe. Nov. 4
Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 15
Apr. 2 Holders of roe. Mar. 15
July 2 Holders of roe. June 15
Dec. 1 Holders of rec. Nov. 25
Dec. 1 Holders of rec. Nov. 15
Dec. 15 Holders of rec. Dec. I
Dec. 15 Holders of rec. Nov. 15
Dee. I Holders of rec. Dec. 1
Dec. 1 Holders of rec. Nov. 1
Dec. 1 Holders of rec. Nov. 1
Jan. 2 Holders of rec. Dec. 15
Dec. 1 Holders of rec. Nov.20
Jan. 2 Holders of roe. Dec 16
Jan. 2 Holders of rec. Nov.30
Dec. 1 Holders of rec. Nov 20
Dec. 1 Holders of rec. Nov.20
Dec. 15 Holders of rec. Nov.24
Dec. 15 Holders of me. Dec. 5
Dec. 1 Holders of rec. Nov. 20
Dec. 1 Holders of rec. Nov.20
Dec. 1 Holders of rec. Nov.20
Jan. 1 Holders of rec. Dec.. 26
Jan. 2
Doe. 1 Holders of rec. Nov. 24
Dec. 15 Holders or rec. Nov. 30
Nov. 29 Holders of rec. Nov. 22
Dec. I Holders of rec. Nov.24
Dec. 10 Holders of rec. Nov. 20
Dec. 1 Holders of rec. Nov.21
Dec. 1 Holders of rec. Nov.20
Dec. 15 Holders of rec. No". 8
Jan. 2 Holders of rec. Dci 21
Nov.29 Holders of rec. Nov. 150
Dec. 15 Holders of rec. Nov. 29
Dec. 1 Holders of rec Nov 15
Jan. 2 Holders of rec. Dec. 4
Jan. 2 Holders of roe. Dec. 4
Jan. 1 Holders of rec. Dec. 11
Jan. 1 Holders of rec. Dec. 11
Jan. 1 Holders of rec. Dee. 11
Dec. 15 Holders of rec. Dec. 1
Jan. 2 Holders of rec. Dec. 1
Dec. 15 Holders of rec. Nov.29
Jan. 2 Holders of roe Dec 20
Dec. 1 Holders of rec. Nov. 15
Jan. 1 Holders of rec. Dec. 15
Dec. 1 Holders of rm. Nov. 18
Jan. 2 Holders of reo Dee. 15
Dee. 1 Holders of rec. Nov. 15
Jan. 2 Holders of rec. Dec. 8
Jan. 1 Holders of rec. Dec 21
Jan. 2 Holders of rec. Dec 15
Dec. 1 Holders of rec. Nov. 21
Dec. 15 Holders of rec. Dec. 2
Jan. 2 Holders of rec. Dec. 15
Dec. 1 Holders of rec. Nov. 24
Dec. 1 Holders of rec. Nov.22
Dec. I Holders of reo. Nov.20
Dec. 15 Holders of rec. Dee. 1
Dee. 15 Holders of roe. Dec. 1
Jan. 2 Holders of rec. Dec. 8
Dec. 15 Holders of rec. Dec. 1
Dec. I FIcIders of tee. Nov.20
Dec. 1 Holders of rec. Nov 18
Dec. 1 Holders of rec. Nov. 15
Dec. 1 Holders of rec. Nov. 21
Jan. 2 Holders of rec. Dec. 9
Dec. 15 Holders of rec. Dec. 1
Nov. 28 Holders of rec. Nov. 17
Jan. 2 Holders of rec. Dec. 20
Dee. 1 Holders of rec. Nov.22
Dee. 1 Holders ot rec. Nov 20
Dec. 15 Holders of rec. Nov. 24
Dec. I Holders of rec. Nov. 8
Dec. 1 Holders of rec. Nov.20
Dec. 1 Holders of rec. Nov 20
Jan. 15 Holders of rec. Dec. 30
Feb. 28 Holders of rec. Feb. 1
Dec. 15 Holders of rec. Nov. 29
Dec. I Holders of rec. Nov. 21
Dec. 1 Holders of rec. Nov. 15
Dec. 30 Holders of rec. Dec. 15
Dec. 11 Holders of me. Nov. 25
Dec. 1 Holders of rec. Nov. 15
Dec. 20 Holders of rec. Dec 5
Dec. 1 Holders of rec. Nov. 10
Dec. 15 Holders of rec. Nov. 29
Dec. 15 Holders of rec. Nov. 29
Dec. 15 Holders of rec. Dec. I
Dec. 15 Holders of rec. Dec. 1
Dec. 1 Holders of rec. Nov 15
Dee, 1 Holders or rec. Nov 20
Dec. 5 Holders of rec. Nov.30
Nov. 30 Holders of roe. Nov. 14
Dec. 7 Holders of rec. Nov. 14
Nov.30
Dec. 1 Holders of rec. Nov. 15
Dee. 1 Holders of rec. Nov. 17
Dec. 15 Holders of rec. Nov. 170
Dec. 12 Holders of roe. Dec. 2
Nov. 25 Holders of rec. Nov. 10
Jan. 2 Holders of rec. Dec. 9
Jan. 2 Holders of roe. Dec. 9
Dec. 15 Holders cf me. Dec. 5
Dec. 30 Holden of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 20
Jan. 1 Holders of rec. Dec. 20
Dec. 15 Holders of rec. Nov. 15
Dec. 15 Holders of rec. Nov. 15
Jan. 31 Fielders of rec. Jan. 2
Dec. 20 Holders of rec. Nov. 27
Dec. 15 Holders of reo. Nov. 15
Dec. 15 Holders of rec. Nov. 15
Dee. 1 Holders of rec. Nov. 15a
Dec. 1 Holders of rec. Nov. 15
Dec. 1 Holders of rec Nov 15
Dec. 15 Holders of rec. Nov.25
Dec. 15 Holders of rec. Nov 25
Dec. 1 Holders of roe. Nov. 10
Dec. 15 Holders of rec. Dec. 5
Dec. 15 Holders of roe. Dec. 1
Dec. 23 Holders of rec. Nov. 24
Dee. 15 Holders of rec. Dec. 1
Dec. 1 Holders of rec. Nov. 15
Dec. 1 Holders of roe. Nov.24
Dec. I Holders of rec Nov 20
Dec. 15 Holders of rec. Nov. 20
Dec. I Holders of roe. Nov. 15
Tan. 15 Holders of rec. Jan. 2
Dee, 5 Holders of rec. Nov.30
Dec. 30 Holders of rec. Dec. 12
Dec. 30 Holders of me. Dec. 12
Dee. 1
Dec. I
Dee, 1 Holders of rec. Nov. 17
Dec. 1 Holders of rm. Nov. 10
Jan. 2 Holders of rec. Dec. 20
3804
Financial Chronicle
Per
When
Share. Payable.
Name Of Company.
Miscellaneous (Concluded).
United Grain Growers
$1
United Milk Crate Corp., cl A.(quar.)..
500
United Oil Trust Shares, series II bearer_
16e
Series II registered
160
United States Freight (guar.)
25c.
United States Gypsum Co., core. (qr.)._
25e.
Preferred (guar.)
$1 %"
United States Petroleum (quar.)
lc.
U. EL Pipe & Foundry Co.,com.(quar.)_ 12)4c.
1st preferred (Qum.)
30e.
United States Playing Card (guar.)
25e
United States Steel, pref
500
United Stores Corp., pref. (quar.)
h81
Van Raalte Co . 1st pref.(guar.)
$1,4.4
Venezuelan 011 Consol., Ltd.—
Common (Interim)
5%
Vick Chemical, Inc.. Initial (gust.)
500
Extra
100
Victor Monaghan (quar.)
$1
7% preferred (quar.)
31n
Viking Pump, prof.(quar.)
600
Virginia Coal & Iron Co.(guar.)
25e
Ward Baking Corp., 7% pref
50c
Weibel Brewing Co.(Quar.)
(Mc
Wesson Oil & Snowdrift Co.. pref. (Clu.)$1
Western Auto Supp. Co.,corn. A&B((pi.)
50e
Western R Est. Trustees (Boston).(s-a)
$1
Westvaco Chlorine Products Corp.—
Common (guar.)
100
Wiser 011 Kr
.)
25e
Wolverine Tube,7% pref.(guar.)
SIM
Woolworth (F. IV.) common (quar.)_..
60c
Wrigley (Wm.) Jr. Co.—
Capital stock (monthly)
I 201,0
Books Closed
Days Inclusive.
Dec. 1 Holders of rec. Nov. 15
Dec. 1
Dec. 1 Holders of rec. Oct. 31
Dec. 1 Holders of rec. Nov. 18
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Dec. 11 Holders of rec. Dec. 5
Jan. 20 Holders of roe. Dec. 30
Jan. 20 Holders of roe. Dec. 30
Jan. 1 Holders of rec. Dec. 21
Nov.29 Elders of reo. Nov. 2
Dec. 15 Holders of rec. Nov. 24
Dec. 1 Holders of rec. Nov. 18
Dec. 1 Holders of rec. Nov. 15
Dec. 1 Holders of rec. Nov. 15
Dec. I
Jan. 2
Dec. 15 Holders of rec. Dec. 1
Dec. 1 Holders of reo. Nov. 15
Jan. 2 Holders of rec. Dec. 15
Dec. 30 Holders of rec. Dec. 15
Dec. 1 Holders of re0. Nov. 15
Dec. 1 Holders of rec. Nov. 24
Dec. 1 Holders of rec. Nov. 20
Dec.
Jan.
Deo.
Dec.
1 Holders of rec. Nov. 15
2 Holders of roe. Dec. 12
1 Holders of reo. Nov. 15
1 Holders of rec. Nov. 10
Dec. 1 Holders of roe. Nov.20
t The New York Stock Exchange has ruled that stock will not be quoted exdividend on this date and not until further notice.
The New Yorx Curb Exchange Association has ruled that stock will not be
quoted ex dividend on this date and not until further notice.
a Transfer books not closed tor this dividend.
d Correction. e Payable in stock.
f Payable In common stock. g Payable In scrip. h On account of accumulated
dividends. J Payable in preferred stock.
Subject to the 5% NIRA tax.
m Commercial Invest. Tr. pays die. on convertible preference stock, optional
series of 1929, at the rate of 1-52 of 1 share of common stock, or, at the option
Of the holder. In cash at the rate of $1.50.
n The Blue Ridge Corp. has declared a Quarterly dividend at the rate of 1-32
Of 1 share of the common stock of the corporation for each share of such preference
stock, or at the option of such holders (providing written notice thereof 13 received
by the corporation on or before Nov. 16 1933) at the rate of 75c. per share In cash.
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,
oral the option of the holder, In cash at the rate of $1.50 for each share of cony. pref.
stock held
p South Porto Rico Sugar special dividend from earned surplus of one share of
Marancha Corp. for each share held.
r Payable in Canadian funds, and in the case Of non-residents of Canada, a
deduction of a tax of 5% of the amount of such dividend will be made.
American Cities Power & Light pay a die. of 1-32 share of class B stock on
the cony. class A optional series, or 75c. in cash.
u Payable In U. S. funds.
o A unit.
to Less depositary expenses.
z Less tax.
I, A deduction has been made for expenses.
Nov. 25 1933
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, NOV. 18 1933.
Clearing House
Members.
Bank of N. Y.& Tr. Co.
Bank of Manhattan Co
National City Bank_ _ _ _
Chemical Bk.& Tr. Co__
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Han. Bk.& Tr.Co.
Corn Exch. Bk. Tr. Co
First National Bank _
Irving Trust Co
Time
Deposits,
Average.
$
80,086.000
262.093.000
a858.802.000
246,356.000
b834,255.000
204,018.000
471,658,000
177,999,000
311,729,000
290,411,000
$
9,196,000
33,192,000
159,585,000
30.039,000
64,600,000
98.585.000
52,943,000
21.648.000
29,915,000
47,700,000
Continental Bk.& Tr. Co
Chew National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Tr. Co__
Marine Midland Tr. Co_
New York Trust Co..
Com'l Nat. Bk.& T.Co
Pub. Nat. Bk.& Tr. Co.
29,747,000
4,587,000
60.000.200 c1.048.828.000
43,054,000
3.198,700
63,285,500 d462.431.000
24,009.000
10,560.800
42.063.000
5,269,900
183.957.000
22.204,200
7.904,300
43,953,000
40,707.000
4,686.800
1,432.000
97,997.000
2,731,000
65,381.000
292.000
4.575.000
14.559.000
2,498,000
30,667.000
$
9,595.000
31,931.700
44,272,400
47,147,400
177.963.600
20,297.500
61,203,500
17,567,700
75,366.000
62,320,200
$
6,000.000
20,000,000
124,000,000
20,000.000
90,000,000
32,935,000
21.000,000
15,000,000
10,000.000
50,000,000
4,000,000
148.000,000
500,000
25,000.000
10.000,000
10.0(10.000
12,500,000
7,000,000
8,250,000
elA lo, non
1_11,,i0d.VQ1./
''^.^1.-
Net Demand
Deposits,
Average.
'Surplus and
Undivided
Profits.
•Capital.
non qeeAlln
xnKn
1,Q
Ann
',AI QA,
nnn
'As per official reports: National, Oct. 25 1933; State, Sept. 30 1933; trust companies. Sept. 30 1933.
Includes deposits in foreign branches:(a) 8220,831,000;(b) $66,327,000;(e) $73,922,000; (d) $24,177,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended Nov. 17:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, NOV. 17 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Manhattan—
Grace National
Trade Bank
$
20,407,700
2,738,732
Res. Dep.,
N. Y. and
Elsewhere.
Cash.
$
138,100
104.315
8
1,340,500
974,884
Dep. Other
Banks and
Trust Cos.
Gross
Deposits.
—
$
$
2,242,300 19,583,300
312,445 3.472,512
Brooklyn—
p,.,,,t,'
a VntInnol
r, 943 mut
RR
non
725
non
128
non
A ARA Ann
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.
Res. Dep.
N. Y. and
Elsewhere.
Cash.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
$
$
$
49,804,900 .2,323.400 13,311,000
6,264,241
369,044
76,549
*435,272
8,933,226
384,858
16,932.900 .2,928,000
946,900
27,402,700 *5,732.000 1,605,700
67,316,857 7,210,383 17,034,414
Brooklyn—
Brooklyn
'Kim, enmity
89.473,000
24 410 613
2,399,000 18,112,000
1 t177 527 A fiRl 1208
Dep. Other
Ranks and
Trust Cos.
Gross
Deposits.
$
$
2,489.700 57,488,000
817,805 6,015,200
549,522 8,854,935
543,800 16,558,400
32,743,800
63,427,396
232,000 94,762,000
90 145 Q17
• Includes amount with Federal Reserve as follows: Empire,$1,357,000; Fiduciary.
$219,809; Fulton, 52,802,700. Lawyers County. $5,012,300.
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.22 1933, in
comparison with the previous week and the corresponding date last year:
Resources-Gold with Federal Reserve Agent
Gold redemp, fund with 11.5. Treasury..
Nov. 22 1933. Nov. 15 1933. Nov. 23 1932.
$
S
566,706,000 576.706.000 606,731,000
8.029,000
7,861.000
4,302,000
Gold held exclusively asst. F. R. notes
574,567.000
584,735,000
611,033,000
Gold settlement fund with F. R. Board...
Goldand gold certificates held by bank_
187,167.600
147,747,000
212,855,000
147,441,000
102,208,000
308,270,000
909,481,600
Resources (Concluded)—
Due from foreign banks (see note)
F. R. notes of other banks
Uncollected Items
Bank premises
All other assets
Nor. 22 1933. Nov. 15 1933. Nov. 23 1932.
S
s
$ •
934,000
1,251.000
1,215,000
3,663.000
4,394,000
3.756,600
91,179.000
100,587,000 127,581.000
14,517.000
12,818.000
12,818,000
20,707,000
27.426,600
28,072,000
945,031,000 1,021,511,000
Total gold reserves
Other cash.
55,353.000
53,932,000
75,276,000
Total gold reserves and other cash_..--
964.834,000
Redemption fund—F. R. bank notes...__
Bills discounted:
Secured by U. S. Govt. obligations_
Other bills discounted
3,185,000
2,821.000
14,477,000
27,514,000
13,346,000
27,846,000
33,859,000
29,605,000
41,991,000
41,192,000
63,•I61,000
7,963,000
5,488,000
10.335,000
170,645,000
353,952,000
307.684,600
170,045,000
350,919,000
310,717,000
187,716,000
147,942,000
400,134,000
831,681,00
831,681,000
735,792,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S. Government securities_
Other securities (see note)
Total bills and securities (see note)___
998.963,000 1,096,787,000
993,000
993.000
4,051,000
882.628,000
879,354.000
813,642,000
Total assets
1,997,095,000 2,054,608.000 2,011.729.000
Liabilities—
F. R. notes in actual circulation
633,824,000 639,338,000 578,591,000
F. R. bank notes in actual circulation
51,444,000
52,772,000
Deposits: Member bank—reserve account 1,005,251,000 1,000.437.000 1.194,677.000
28,058.000
Government
2,311,000
8,376,000
2,952,000
Foreign bank (see note)
4,245,000
12,862,000
5,663.000
5.024,000
Special deposits—Member bank
1,432,000
1,326,000
Non-member bank
42,166,000
35,121.1100
Other deposits
9,559,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total liabilities
Ratio of total gold reserve & other cash+
to deposit and F. R. note liabilities
combined
Contingent liability on bills purchased
for foreign correspondents
1,053.278.000 1,080,708,000 1,225,474,000
98,629,000 124,669.000
87,650,000
58,464.000
18,471,000
58.985,00
85,058,000
85,058.000
75,077,000
14,927,000
15,063,000
15,952,000
,
1,997,095.060 2,054.608,000 2 041,729,000
57.2%
58.1%
60.8'
619,060
1,298,000
9,650,000
"Other cash" does not Include F. R. notes or a bank's own F. Ft. bank notes.
•
r NOTE.-13eginning 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
to foreign correspondents. In addition, the caption "Al. other earnings assets," previously made up of Federal Intermediate Credit Bank debentures, was changed to
a more accurate description of the total of the
"Other securities," and the caption, -Total earnings assets" to "Total bills and securities." The latter term was adopted
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which it was stated are the only items included therein.
3805
Financial Chronicle
Volume 137
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov.23,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. 22 1933.
Nov. 22 1933. Nov. 15 1933. Nov. 8 1933. Nov. 1 1933. Oct. 25 1933. Oct. 18 1933. Oct. 11 1933. Oct. 4 1933. Nov. 231932.
lb
S
$
3
3
s
3
$
$
2.627,779,000 2,630.254.000 2,637.126,000 2.638,561,000 2.675,331,000 2,677,599.000 2,661,809,000 2.679,077,000 2,230,351.000
37,419,000
36.273.000
40,018.000
38,518,000
36,569,000
38.185,000
39.266.000
37.313,000
37,313.000
RESOURCES.
Sold with Federal Reserve agents
Sold redemption fund with U. S. Trees
Gold held exclusively agst. F. R. notes 2,666.297,000 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 2,270.369,000
668,409,000 668,019,000 661.187,000 666.190,000 629.632,000 631,283,000 641,427,000 626,415.000 339,487,000
Sold settlement fund with F. R. Board
Sold and gold certificates held by banks_ 241,074,000 240,695,000 240.710.000 24o,841.000 248.512,000 246,633,000 249.560.000 250,020.000 443.296,000
3,575,780,000 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 3.053.152,000
a
a
a
a
a
a
a
a
227,086,000 225,820.000 214.007.000 226,491.000 238.012.000 229.208.000 215,220,000 219,232,000 262.872.000
Total gold reserves
leserves other than gold
)ther cash.
3.802,866,000 3,802,973,000 3,792,296.000 3,814.396.000 3.828.800,000 3,821,292,000 3,805,435,000 3,811,017,000 3,316,024,000
Total gold reserves and other cash
a
a
a
a
a
a
con-reserve cash
a
a
9,839.000
10,515,000
11,858,000
11,693.000
ledemption fund-1r. R. bank notes
11.457.000
11,248,000
11,315,00
11.365,000
311Is discounted:
23,241,000 105.304.000
28,464,600
24.067,000
26,457.000
Secured by U. S. Govt. obligations..26.298.000
24.994.000
22.798,000
25,825,000
99,743,000 202.216.000
95,240,000
83,688.000
84,980,000
85.963,000
89,956.000
Other bills discounted
91.513,000
88.768.000
307.520,000
34.646.000
420,713.000
368,677.000
114.593,000
6.523.000
441.262.000
994,098,000
112.754,000
6.569,000
441.395.000
976,161.000
119,307.000
6.906.000
441.225,000
976,162,000
122.984.000
7,195.000
441,271.000
971,411,000
964,796.008
957,723.000
926.722.000
896.534,000 1.061.359,000
Total bills discounted
Sills bought in open market
3.8. Government securities
-Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills
112.152,000 111,437.000 112,261.000 116,507,000
20,294.000
15.180.000
6.737.000
6.644.000
442,212,000 442.691.000 441.210.000 442.891:000
1,030,413,000 1,021,001.000 1.020,979.000 1,007.587.000
Total U. S. Government securities
Dther securities
Foreign loans on gold
2,431,094.000 2,431.602.000 2,130,101.000 2,419.775.0002.400,156.000 2.375.279.001 2,344,109.000 2,309,216.000 1,850,749,000
5,350,000
1.837,000
1,580,000
1.559.000
1.559,000
1,737,000
1,569,000
1,559,000
1,559,000
958.409.000
967.912.000
967.910.000
969,297,000
2,565,120,000 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 2,198.265.000
Total bills and securities
Gold held abroad
2.781,000
4.238.000
Due from foreign banks
3.579,000
3.615.000
3.700.000
3.732.000
3.662.000
3.610.000
4.913.000
14.110.000
15.948.000
16.242.000
16.658.000
16,084.000
17.833.000
Federal Reserve notes of other banks_ - 16,296,000
19.575.000
17.998.000
396,168.000 526,891,000 341.876,000 426.364.000 385.196,000 482.884.000 385,872,000 429.705.000 333,500,000
Uncollected Items
58.169,000
54,614.000
Bank premises
54,732,000
54.643.000
54.732,000
54.730.000
54,614.000
54,639.000
54.614.000
39.259.000
56.850.000
All other resources
49,689,000
49.198,000
48.822.000
50,676.000
58,372,000
48,872.000
47.875,000
6,900,670,000 7,024,974,000 6,819,781,000 6,923.377.000 6,874.888.000 6,937,052,000 8.806.825,0006.823.443.000 5.962,108,000
Total resources
LIABILITIES.
F. R. notes In actual circulation
2,970,210,000 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 2,694,428,000
F. R. bank notes In actual circulation_ - 200,697.000 194,950.000 193,678.000 188.840.000 180.363.000 172.143.000 170.501.000 160.769.000
Deposits-Member banks-reserve acci. 2,687,291,000 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 2,400,351,000
25,942,000
98,045.000
31.216.000
90.926,000 115.597.000
27.754,000
Government
64,220,000
63.117,000
17.634,000
16,098,000
Foreign banks
10.682.000
15.381,000
8.824.000
7.532.000
13,401,000
17.797.000
15,132,000
74,232,000
57,269,000
65.210.000
67.495.000
Special deposits
-Member bank
65.529.000
68.884.000
69,951.000
70.700.000
29.869.000
14.193,000
15.238.000
13.958,000
14,954.000
Non-member bank
14.593,000
14,237.000
15,858.000
14.704,000
22.739.000
80.962.000
53,128,000
Other deposits
69.128,000
69.800,000
75.425,000
66.088.000
65,718.000
55,372,000
2.867,686,000 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 2.478,901.000
402,536.000 525.942,000 354,543.000 424.910.000 385,779.000 471,035,000 384,494,000 425.678,000 333,630.000
145,152,000 145.100.000 145,301.000 145.456.000 145.527.000 145.549.000 145.617,000 145.605.000 151.969,000
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
35,790.000
34.091,000
43,759,000
35.499.000
33.233.000
34,812,000
35.987.000
36.578,000
34.121,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
6,900,670.000 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 5,962.108,000
Ratio of gold reserve to deposits and
61.2%
F. R. note liabilities combined
61.1%
61.3%
61.5%
59.0%
61.3%
62.1%
61.5%
61.9%
Ratio of•total reserve to deposits and
F. It. note liabilities combined
62.7%
Ratio of total gold reserve & oth. cash. to
deposit & F.R. note liabilities combined
65.1%
64.1%
65.1%
65.2%
65.2%
65.5%
65.9%
65.5%
65.7%
Contingent liability on bills purchased
3,218,000
33,458,000
for foreign correspondence
10,700,000
30,750,000
40,549.000
3,896.000
33,798,000
38,469,000
36,030,000
Maturity Distribution of Bids and
Shori-term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
$
3
3
3
$
$
$
$
$
83,502,000
12,031.000
8.881,000
6,527.000
1,211,000
80,979,000
9.986,000
12,449.000
6,444,000
1.509,000
80.877.000
7,951,000
15,445.000
6,534,000
1,454,000
87,037,000
9,217.000
13,796.000
5,133.000
1,324,000
84,056,000
8.268.000
15.061,000
6,028,000
1,180.000
81.832.000
9,456.000
11,988.000
8.660.000
1,018,000
87,541.000
9,057,000
9,730.000
12,023,000
956,000
90.204.000
8.699.000
10,699.000
12,503.000
879.000
223,026,000
23,870.000
30,746.000
19,429,000
10,449,000
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market..
31-60 days bills bought in open market
61-90 days bills bought in open market_ Over 90 days bills bought in open market
112,152,000
3,511.000
5.170,000
5,287.000
6,176.000
. 150,000
111,437.000
499,060
5,156,000
4,491.000
4,887,000
147.000
112,261.000
293.000
616,000
1,045.000
4,783,000
116.507.000
639.000
325.000
863.000
4,817,000
114,593,000
285,000
737,000
899,000
4,602,000
112,754.000
3,408.000
475.000
2,118.000
568.000
119,307.000
3,645.000
559.000
1,086,000
716,000
122.944.000
996.000
1,903,000
386,000
3,910.000
307,520.000
9,047.000
9,283,000
8.300.000
8,016,000
Total bills bought In (Men market-1-15 days U. S. certificates and bills.-16-30 days U. S. certificates and WIN__ _
31-60 days U. S. certificates and bills.-61-90 days U. S. certificates and bills_ -Over 90 days U.S. certificates and bills--
20.294,000
121.149.000
233,924,000
170.443.000
82,043.000
350,806.000
15,140,000
100,070,000
246.179,000
174,245.000
94,711.000
342,705.000
6,737.000
75,620,000
121,090,000
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
6,52:1,000
64.047.000
59.820,000
329.681,000
164.443,000
346.805.000
6,569,000
42,225,000
63,747,000
337.202.000
152.245.000
362.304.000
6,906,000
38,425.000
62,047.000
158,771.000
309.024,000
358,455,000
7,195.000
46,300.000
42,225,000
148,118.000
297.975.000
461.916.000
34.646.000
69,000,000
177.564.000
127,375,000
687,420.000
958.400,000 967,910,000 967,912.000 969,297,000 964.796.000 957,723.000 926.722.000 896,534.000 1.061,359,000
Total U. S. certificates and bills
1,486.000
1,449.000
5,058,000
1,439,000
1,717.000
1,439.000
1.449,000
1.449.000
1,617.000
1-15 days municipal warrants
14,000
37,000
10,000
47,000
47.000
10.000
10.000
16-30 days municipal warrants
69,000
50,000
31.000
31.000
282,000
37.000
51,000
37,000
37,000
81-60 days municipal warrants
11,000
33,000
42,000
42,000
31,000
59.000
73.000
31,000
61-90 days municipal warrants
42,000
•
42,000
Over 90 days municipal warrants.
1,580.000
1,569,000
1,559,000
1.559,000
5,350.000
1.837.000
1,559,000
1.737.000
Total municipal warrants
1,559,000
3,235.008,000
Federal Reserve Notes3,240,601.000 3.239,532,000 3.230.352.000 3,239.636,000 3.262,380,000 3,281.247.000 3,259,873,030 2,919,768,000
Issued to F. It. Bank by F. R. Agent
264,798,000 267,561,000 256.535.000 263.050.000 278,888,000 268.463.000 272.817,000 260.484,000 225,340,000
Held by Federal Reserve Bank
2 970,210,000 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 2,694.428.000
/n actual circulation
Collateral Held by Agent as Security
for Notes Issued to Bulkily gold and gold certificates
Gold fund-Federal Reserve Board
By eligible paper
U. S. Government securities
1,513,604.000 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 1,075,806,000
1,114,175.000 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 1,154.545,000
84,610,000
78,405,000
71,089,000
74,491.000
71,637.000
69.032,000
75,435,000
75.332.000 291.742.000
573,600,000 562,600.000 580,000.000 572,000.000 556,200,000 575,200,000 603,200,000 570,200.000 429.900.000
3 285.989.000 '1.271.209.000 3.248.215.000 3.285.052.000 3 303 108 000 3 321 831 000 2 240 444 nrin 'I 294 nno nnn,
on, Got nnn
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes. a Now Included in "other cash." Zs Revised
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 22 1933
7'wo Ciphers (00) anttied.
Federal Reserve Bank Of-
Total.
Boston. New York.
Phila.
a
Cleveland. Richmond Atlanta.
Chicago.
St. Louts. Mtnneap. Kan.Cily. Dallas. San Fran.
$
RESOURCES.
2 627,779,0 221,872,0
Gold with Fed. Res. Agents
38,518,0 1,715,0
U. S. Treas.
Gold red. fund with
5
5
.
5
3
$
$
a
$
566,706.0 165,000,0 206,770,0 128.475,0 95.200,0 733.972,0 121,578,0 65,354,0 97,015,0 44,074,0 181.763.0
7,861.0 4,318,01 4,539.0 1.856.0 2.445,0
4,300.0 1,424.0
1,659.0 1,274,0
922.0 6.175,0
Gold held excl. agst. F.R notes 2.666,297.0 223.587,0
Gold settlem't fund with F.R.Bd 668.409,0 32,344,0
Gold & gold ars. held by banks_ 241,074,0 21,586,0
q n'n 7an n 9,7 cl7n
574,567,0 169.348,0 211,309,0 130,331,0 97,645,0
187.167,0 11.223,0 48.701,0 19,875.0 9.639,0
147.747,0 12,441.0 4,667.0 1,037.0 2,996,0
s
s
ono
A521
n log nv, n
s
9A.1 A77
n
1A1
oegnilnoonn
738.272,0 123,002,0 67,013,0 98,289,0 44,996,0 187,938.0
203,958.0 29,930.0 16.206.0 31,698.0 34,832,0 42.836,0
2,614,0
268,0
431.0 12,543,0 3,73t,0 31,002.0
OA& QS& n IRR ,nn n
WI ASIA 01,10 [10 0 00 C00 A 001 000 0
Financial Chronicle
3806
Nov. 25 1933
Weekly Return of the Federal Reserve Board Concluded).
Two Ciphers (00) Omitted.
Boston.
Total.
New York.
Cleveland. Richmond Atlaraa.
Phila.
$
$
227,086,0 18,799,0
Total gold res. dc other cash.... 3,802,866,0 296,316.0
Redem.fund—F.It, bank notes_
11,858,0 1,250,0
Bills discounted:
Sec. by U.S. Govt.obligation.s
28,464,0 2,556,0
Other bills discounted
83,688,0 3,161,0
St. Louis. Min/seep. Kan.City. Dallas. San Pros.
Chicago.
$
$
$
$
$
55.353,0 29.105,0 20,082,0 11,899,0 12,767,0
964.834,0 222,117,0 284,759,0 163.142.0 123,047.0
935,0 1,466,0
250.0
3,185,0
281,0
RESOURCES (Concluded)—
Dther cash*
$
$
31,520,0 10,745.0
$
8,113.0
$
9,657,0
$
$
6.319,0 12.727,0
976,364,0 163,945,0 91,763.0 152,197,0 89.879,0 274,503,0
260,0
500,0
361,0
2,000,0
764,0
606,0
14,477,0 4,946.0
27,514,0 20,549,0
640,0
6,100,0
285.0
5,954.0
1,809.0
4.471,0
502,0
783.0
144,0
2,837,0
308.0
2,371,0
231.0
650,0
309.0
2.358,0
41,991,0 25,495,0
7,963,0 1,652,0
Total bllls discounted
'112,152,0 5,717.0
Bills bought in open market---20,294,0 1.177,0
IL S. Government securities:
Bonds
442,212.0 24,389.0
1,030,473,0 69,360,0
Treasury notes
Special Treasury certincates
Certificates and bills
958,409,0 63,922,0
2,257,0
6,940,0
9,197,0
1,596,0
6,740,0
644,0
6,239.0
580,0
6,280,0
2,092,0
1,285,0
529,0
2,981,0
381,0
2,679,0
473,0
881,0
491.0
2,667,0
2,716,0
170,046.0 28,069,0 32,160,0 11,861,0 10.792,0
353,952,0 72,378.0 94,122,0 34,712,0 31.463.0
76,951,0 14,494,0 16,307,0 13.508,0 18,525.0 25.110,0
173.353,0 40,958,0 25,650,0 36.080,0 24,953,0 73,492,0
307.683,0 66,673,0 86,742,0 31,990.0 28,993.0
187,039,0 37,748,0 23,640,0 33,253,0 22,997,0 67,729,0
Total U.S. Govt.securities_ 2,431,094,0 157,671,0
Dther securiticw
1,580,0
Bills discounted for, or with
(—), other F. R. banks
831,681,0 167,120,0 213,024,0 78.563,0 71,248,0
993,0
510,0
437,343,0 93,200,0 65,597,0 82.841,0 66,475,0 166.331,0
77,0
Total bills and securities
2,565,120,0 164,565,0
Due from foreign banks
3.579,0
285.0
Fed. Res. notes of other banks._
360,0
16.658,0
396.168,0 44,465,0
Lincollected items
lank premises
54.732,0 3,280,0
ill other resources
449,0
49,689,0
882,628.0 194,777,0 223,817,0 85,947.0 78,067.0
1.215,0410,0
146,0
131,0
370,0
429,0 1.088.0 1,629,0 1,233,0
3.756,0
100.587.0 33.000.0 37.240.0 33,368,0 12,296.0
12,818,0 3,791.0 6,932,0 3,238,0 2.422.0
28,072,0 4,584,0 2,121,0 3,330,0 3,874,0
445,715.0 95,014,0 69,036.0 85,993,0 67.847,0,171,714.0
15.0
108.0
22.0
108,0t
508,0
261.0
157,0 1,909.0
487.0
882,0
3,317,0 1,411,0
48,485,0 17.215,0 10,577,0 24,022.0 16,103,0 18,810,0
7,609,0 3,285,0 1,747,0 3.559,0 1,797.0 4,254,0
1.697,0 1,175,0 1,081,0
568,0 1,058,0
1,680.0
6,900,670,0 510,970,0 1.997,095.0 460,043.0 557.793,0 291,050,0 221.351,0 1.485,678,0 281,821,0 174,943.0 268,958,0 177,830.0 473,138,0
Total resources
LIABILITIES.
?. R.notes In actual circulation_ 2,970.210,0 219,445,0 633,824,0 229.545,0 277.995,0 150,389,0 121,772.0
52,772,0 15,362,0 26,399,0 4,600.0 5,853,0
7 R. bank notes in actil circulin 200,697,0 20,663,0
.
3eposits:
Member bank reserve account 2,687,291,0 189.329,0 1,005,251,0 124,897,0 161,821.0 76.274.0 56,368.0
2,311,0 1,008,0 2,483,0
970.0
31,216,0 1,343,0
695.0
Government
4,245,0
241.0
681,0
502,0
268,0
722,0
8,824,0
Foreign bank
57,269,0
5,024,0 7,934,0 6,219.0 2,154,0 2.280.0
675,0
Special—Member bank
1,326,0 1.841,0
197.0
719.0
259.0
13,958,0
Non-member bank
35,121.0
750,0 1,526,0 4,784,0 4,118.0
69,128,0 2,103,0
Other deposits
556.839.0 84.388.0 55.040,0 112.398,0 89,342,0 175.344.0
005,0 1.379,0 6,012.0
12,168,0 1,211,0
731.0
199,0
199,0
158.0
231,0
894,0
481,0
391.0 2,753.0
22.397,0 3,706.0 1,183,0 2,463.0
3.974,0 4,674,0
33.0
295.0
640,0
1,325,0 4,197.0 1.235,0 1.159,0 1.352.0 11.458,0
2,867,686,0 193,952.0 1,053.278.0 137,152.0 172,927,0 85,169,0 63,961.0
402,536,0 44,832,0
98,629,0 31,568,0 36,859,0 33.355,0 12,210.0
145,152,0 10,861,0
58,471,0 15,737,0 12,357,0 4,925.0 4,421.0
278,599,0 20,460,0
85.058,0 29,242,0 28,294,0 11.616,0 10.544,0
996.0 2,860,0
35,790,0
15,063,0 1,437,0 2,962,0
757,0
597,597.0 98.500.0 58.642,0 117.157,0 92.663,0 198.688,0
51,214,0 19,826,0 10.595.0 24,816,0 17.807.0 20.825.0
12,940,0 3,998.0 2.866.0 4,242,0 3,725.0 10.609.0
39,497,0 10,186.0 7,019.0 8,263.0 8,710,0 19,701,0
807,0 1,421.0 1.870,0
5,320,0 1,082.0 1.215,0
Total deposits
3eferred availability items
1apital paid in
lurplus
LI1 other liabilities
748,840,0 142,394.0 89,957,0 104.377,0 39,987.0 211.685,0
30.270,0 5.835,0 4,649,0 9,296,0 13,508,0 11,760,0
6 900,670.0510.970,0 1,997,095,0 460,043,0 557,793,0 291.050.0 221,351,0 1,485,678,0 281,821,0 174,943,0 268.958,0 177,830,0 473,138.0
Total liabilities
Memoranda.
tatio of total gold reserves and
other cash• to deposit di F. R.
note liabilities combined
1ontingent liability on bills PurChased for forn correspondents
65.1
71.7
57.2
60.6
63.2
69.3
66.2
72.5
68.1
61.8
68.7
67.8
67.2
3,218,0
285,0
619,0
410,0
386,0
152,0
137.0
507,0
133,0
90.0
113.0
113,0
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 al—
Boston. New York
Total.
Two Ciphers (00) Omitted.
$
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt 3,235.008.0239.987,0
Held by Fedi Reserve Bank_ 264,798,0 20,522,0
In actual circulation
2.970,210,0 219,445,0
Collateral held by Agent as security for notes issued to bks:
Gold and gold certificates
1,513,604,0 74,555.0
Gold fund—F. It. Board
1,114,175,0 147,317,0
Eligible paper
84,610,0 4,652,0
U.S. Government securities._ 573,600,0 14,000,0
... • ,
u
'nor non n ntn ppn
GOA
,pp
s
Phila.
Cleveland. Richmond Atlanta.
$
$
$
$
Chicago. St. Louts. Minneap Kan.City. Dallas. San Fran.
—
$
$
$
$
3
$
713,113,0 246,593,0 292,490,0 158,811.0 141.941,0
79,289.0 17.048,0 14.495,0 8,422,0 20.169,0
785,983,0 150,971,0 95.219,0 112.704,0 43,954,0 253,262,0
37,143,0 8,577,0 5.262,0 8,327,0 3,967,0 41,577,0
633,824,0 229,545,0 277,995,0 150,389,0 121,772,0
748,840,0 142,394,0 89,957.0 104.377,0 39,987,0 211,685,0
523.606,0 100,880,0 107,270,0 52,100,0 21,200,0
43.100.0 64.120,0 99.500.0 76,375,0 74,000,0
34.017,0 12,789,0 8,702,0 5,324,0 3,941.0
145,000,0 70.000.0 80.000.0 26,000.0 44,000,0
445,972,0 28,378,0 29,854,0 18,215,0 20,574,0 91,000.0
288.000,0 93,200.0 35,500,0 78.800,0 23,500.0 90,763,0
4,212,0 1,355.0 1,836,0 2,138,0 1.136.
4,508.0
50.000,0 30.000,0 28.600.0 16,000.0
70.000,0
,o, n Of,ppn onn ppn Inn l000 lAqPOn
,can
A74
lel
pp
7145 IRA n159(122n 057000115 IMO 45 sin n 955 971 n
qAX
p,
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at—
Total.
Two Ciphers (00) Omitted.
Federal Reserve bank notes:
Issued to F. R. Bk.(outstclg.):
Held by Fedil Reserve Bank_
i
Boston. New York.
$
Phila.
Cleveland. Richmond Atlanta.
Chicago.
3
$
$
3
$
3
St. Louis. Minneap. Kan.City. Dallas. San Fran.
3
$
8
8
$
mural Anti
64,119.0 18,659,0 27.406,0
11,347.0 3.297,0 1.007,0
4,600.0
6,251,0
668,0
31.620,0
1.350,0
5,941,0
108.0
5,105,0
456,0
9,924,0 14,684.0 11,936.0
176,0
628.0 1.176,0
200,697,0 20,663,0
52,772,0 15,362,0 26,399,0
4,600,0
5,583,0
30,270,0
5,835,0
4,649,0
9,296,0 13,508.0 11.760,0
1,883.0
244,274,0 30,000,0
1.512,0
64,274,0 19,000,0 30,000.0
5,000,0
182.0
9.000,0
36,000,0
169.0
7,000.0
6,000,0 10.000,0 16,000,0 12.000,0
945 127 n an (5100
In actual circulation
Collat. pledged agst. outst. notes:
Discounted at purchased bills_
U.S. Government securities._
223,739,0 23,494,0
23,042,0 2,831.0
64274.O 19.000.0 31.512,0
5,000.0
9.182,0
36,000,0
7.169,0
6.000,0 10,000.0 16,000,0 12,000,0
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 of New York and Chicago reporting member banks for a week later.
-Acceptances or other banks and
bills of exchange or drafts sold with endorsement" and Include
Beginning with the statement of Jan. 9 1929. the loan figures exclude
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 COM merclal
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 au umary
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. 15 1933 (In Millions of Dollars).
_
Federal Reserve District—
Loans and Investments—total
Loans—total
On securities
An other
Investments—total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Dovernment deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
Total.
Boston. New York
Phila.
$
1,052
$
1,199
$
7,704
8.557
695
3,936
508
3,557
5.000
248
447
1,857
2,079
240
268
$
16,681
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap Kan.Cfty. Dallas. San Fran.
$
1,118
8
$
340
341
457
178
189
226
231
60
118
58
131
8
1,516
$
$
$
$
483
333
512
855
239
182
211
218
399
456
87
152
48
134
55
156
00
158
$
1,688
395
889
—
219
670
8,124
504
3,768
544
661
162
152
661
244
151
301
177
799
5,138
2,986
323
181
2,402
1,366
300
244
459
202
115
47
101
51
407
254
142
102
93
58
193
108
124
53
479
320
1,925
215
10,629
4,472
960
1,209
2,737
21
129
29
710
377
97
115
154
871
50
5,566
1,200
460
119
1,234
13
74
12
567
311
86
88
155
2
79
16
521
435
54
58
126
4
30
10
192
129
9
62
71
22
6
147
132
35
53
59
2
54
9
290
159
26
68
102
30
4
206
119
4
62
78
73
11
364
170
13
121
179
51
8
248
122
33
93
115
104
15
585
861
82
136
132
•
408
45
1,233.
457
61
234
332
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Nov. 24.
.finanrial
Eire ,A
.
Tomintrric" 911b eirottirle
Maturity.
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
6 Mos.
12 Mos.
Including Postage—
$6.00
$10.00
United States, U. S. Possessions and Territories
6.75
In Dominion of Canada
11.50
7.75
South and Central America, Spain, Mexico and Cuba_ -- 13.50
Great Britain, Continental Europe (except Spain), Asia.
15.00
8.50
Australia and Africa
The following publications are also issued:
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NOTICE.—On account of the fluctuations in the rates of exchange,
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208 South La Salle Street, Telephone State 061i.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
WILLIAM B. DANA COMPANY, Publishers
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert: Business Manazer, William D. Riggs;
Treas., William Dana Seibert; See., Herbert D.Selbeit. Addresses of all. Office of Co.
Wall Street, Friday Night, Nov. 24 1933.
Railroad and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 3796.
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 Nov. 24.
Sales
for
Week.
Range for Week.
Lowest.
'Range Since Jan. 1.
Highest.
Lowest.
I
Highest.
Railroads—
• Par Shares. $ per share.
per share. $ per share.1$ per share.
Cleve & Pittsburgh.50
Oct
Feb 65
38 61 Nov 24 61 Nov 24 60
Duluth S S& Atl_ _ _100 1,900
g Feb 234 July
% Nov 24
34 Nov 23
g Feb 334 July
Preferred
% Nov 23
100
g Nov 23
100
lot Rys of Cent Am..*
July
10 334 Nov 20 3% Nov 20 134 Mar 7
Preferred
Aug
10 834 Nov 23 8% Nov 23 4)( Apr 20
100
Joliet & Chicago _ .100
Nov 115
Nov
10 115 Nov 22 115 Nov 22 115
Morris & Essex
50
July
50 58 Nov 24 58 Nov 24 4934 Apr 64
Norfolk & West ptd_100
260 81 Nov 21 8134 Nov 18 74 May 8734 Sept
Pac Coast 2d pref _100
Feb 7
July
.
200 2 Nov 21 2 Nov 21 1
July
Pbila Rap Trans prof 50
100 5 Nov 21 5 Nov 21 5 June 10
Common
50
130 234 Nov 23 254: Nov 23 2 June 534 July
Apr 43
July
Texas & Pacific_ ___100
100 17 Nov 24 17 Nov 24 15
Indus. & Miscell.—
Abrahm&Strauspfd.100
Amer Express
100
Am Mach & Meta:etts.*
Art Metal Construct.10
Beneficial Ind Loan__*
Bloomingdale7% ptd 100
Blumenthal&Co pfd 100
Bristol-Myers Co
5
Burns Bros pref.---100
3807
Financial Chronicle
Volume 137
201 9034 Nov 23 91 Nov 22 80
50112 Nov 24 112 Nov 24 105
100 334 Nov 21 3)4 Nov 21
110 434 Nov 22 4)( Nov 22 3%
4,500 1334 Nov 24 1414 Nov 21 1334
200 75 Nov 24 75 Nov 24 53
100 45 Nov 20 45 Nov 20 24
3,000 31 Nov 20 32 Nov 24 29
701 434 Nov 20 5 Nov 23 151
4701 234 Nov 22
City Stores class A_ __ _*
Certificates
8,500, g Nov 18
50 16 Nov 21
Col Fuel & r pref..-100
10, 233g Nov 21
Comm Cr prof (7)„.25
Consol Cigar—
1
10, 4734 Nov 21
Prior pref z-warrs 100
10 44 Nov 21
Crown W'mette 1st pfd*
10 78 Nov 24
pre(
(8%).
•
Cushm Sons
• 38,100 3134 Nov 23
Deere & Co
Fairbanks Co—
901 4 Nov 20
Preferred Ms— __100
601 934 Nov 20
Fifth Av Bus See__ •
20, 23 Nov 24
(Wm)Sons Co*
Filene's
101 8814 Nov 22
6g% preferred-100
100 104
Gen Baking Co pref.-*
80. 23
Greene Can'ea Cop_100
20 12
Guantanamo Sug p1100
25 7,400 89
Hazel Atlas Co
10 105
Ingersoll Rand 91.100
50 101
Kane City L & P pf B.*
10015
Keith-Albee-OrPh p1100
2 1
03
-2
Kresge Dept Stores '
Max 97
July
Aug
Aug 112
Feb
533:June
Feb 9% July
Sep 14)4 Nov
Jan 75
Nov
Apr 50
July
Sep 3834 Sept
Jan 13 June
3% Nov 22 135 Jan 8)4
34 Max 2%
134 Nov 22
Nov 54
1634 Nov 21 13
2334 Nov 21 18% Mar 25
July
July
June
Sept
4734 Nov 21
44 Nov 21
78 Nov 24
3434 Nov 20
6234
54
82
49
July
Aug
June
Ally
531 Nov 24 231
9% Nov 22 5
23 Nov 24 9
88% Nov 22 81
Api 634
Mar 934
Apr 30
Apr 95
Nov
Nov
July
Sept
Nov 2210434 Nov 20 9934
Nov 21 23 Nov 21 834
Nov 21 1234 Nov 22 5
Nov 18 9234 Nov 21 65
Nov 20105 Nov 20 105
Nov 22 101 Nov 22 100
Nov 22 15 Nov 22 8
Nov 24 3 Nov 24 I
Mar1083-(
Feb 3034
Feb 3734
July 9234
Aug 106
June 110
Jan 25
Mar 734
Sept
June
July
Nov
July
Jan
May
June
38)4
17
60%
24%
Apr
May
Jan
July
KJ, 44 Nov 21 44 Nov 21 30
100
Laclede Gas
100 45 Nov 21 45 Nov 21 37%
100
Preferred
5 2.201 17 Nov 22 1734 Nov 24 1534
Lite Savers
Mathieson Alkali Wks
60 10534 Nov 22 110 Nov 20 100%
100
Preferred
Nat Distil Prod new...* 364,300 2334 Nov 23 30 Nov 18 2334
pref.100 3,200 9434 Nov 23 95 Nov 20 84
Omnibus Corp
Nov 80 June
Apr 61
Jan
Oct 22)4 Sept
Pacific Western Oil...* 12,800 834 Nov 18 9)4 Nov 21 6%
20 11% Nov 22 12 Nov 22 5,4(
Panhandle P & R p1100
200 2134 Nov 24 21% Nov 24 103(
Peoples Drug stores--•
100 3 Nov 22 3 Nov 22
Penn Coal & Coke___50
100 2234 Nov 23 2234 Nov 23 14
Rhine 1h estph El & P..
Roan Antelope Copperl 2.100 25 Nov 21 25% Nov 18 24%
Schenley Distil Prod.5 58;000 24 Nov 23 3434 Nov 20 24
Sterling Products. .10 6,400 5534 Nov 20 59% Nov 23 49)4
Oct
Jan
Jan
Feb
May
Oct
Nov
Oct
30 100 Nov 23 100 Nov 23 76
Und-Ell-Fisher pref_ 100
TJnited Drug
5 5,700 7 Nov 24 734 Nov 20 634
g
Vick Chemical
5 4,100 2734 Nov 20 284 Nov 21
40 634 Nov 18 634 Nov 18 234
Virginia 1r CI & C.100
60 81 Nov 20 82 Nov 20 75
Walgreen Co pref. _100,
White Rock Min SPgs 1
*, 1.300 2434 Nov 23 2534 Nov 21 23
New
Jan 11231 Oct
Nov 33% Nov
Jan 95
Nov
934
20
32
954
2234
2624
453.4
6054
Sept
June
July
July
Nov
Nov
Aug
Sept
Apr105
Oct 12
Oct31
Feb 16
Apr 9034
Sept
Sept
Sept
May
Sept
Oct 29
Oct
* No par value.
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 3797.
A complete record of Curb Exchange transactions for the
week will be found on page 3825.
June 15 1934.-Dec. 15 1933...
Mar. 15 1934.-Aug. 1 1935_
Aug. 1 1934_
Feb. 1 1938.-Dec. 15 1936.-Apr. 15 1936._
Int.
Rate.
Bid.
34% 99"n
34% 100
34% 1002n
154% 9923,
234% 100"3:
234% 97"n
2g% 99031
234% 992433
Asked.
Maturity.
Int.
Rate.
Bid.
Asked.
100
100233
1000,3
992431
1012,
9230s3
9922s2
100813
June 15 1938-May 2 1934.__
June 15.1938.._
Apr. 15 1937_
Aug. 1 1936_
Sept.15 1937_
Dec. 15 1933_
254%
3%
3%
3%
3Si%
33j%
434%
93
101
101031
99032
100'n
993su
non
9820n
1012n
10131,1
99.411
100"n
mos.
log%
U. S. Treasury Bills—Friday, Nov. 24.
Rates quoted are for discount at purchase.
Bid.
Nov. 29 1933
Dec. 6 1933
Dec. 20 1933
Dec. 27 1933
Jan. 31934
Jan. 10 1934
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Bid.
Asked.
0.30%
0.30%
0.35%
0.35%
0.35%
0.40%
Jan. 17 1934
Jan. 24 1934
Jan. 31 1934
Feb. 7 1934
Feb. 14 1934
Feb. 21 1934
Asked.
0.40% 0.15%
0.40% 0.20%
0.45% '0.20%
0.45% 0.20%
0.45% 0.30%
0.50% 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.
Daily Record of U. S. Bond Prices. Nov. 18 Nov. 20 Nov. 21 Nov. 22 Nov. 23 Nov. 24
— -9924 3 100
1002n
First Liberty Loan
High 100"st 1000,3 10021,1
99nu 99l0H 0034. 100
334% bonds of 1932-47_ _ Low.. 100231 100231
1002n
992233 100
Close 10010n 1002n 100
(First 334s)
34
112
228
583
304
254
Total sales in $1,000 units__
Converted 4% bonds ot Illgli
----------------IClose
Total sales in $1,000 units__
-Converted 4)(% bonds1High 10liss
011932-37 (First 4gs) Low. 1002233
Close 1002031
20
Total sales in $1,000 units__
Second converted 434% High
---bonds 01 1932-47 (First( Low.
__
Second 434s)
Total sales in 51.000 units.Fourth Liberty Loan
{High 101.;in
7
434% bonds of 1933-38.. Low_ 10110:3
(Fourth 43.4s)
Close 101"ss
Total sates in $1,000 units._
246
Fourth Liberty loan
{Higli 1011923
431% bonds (ealled)
Low_ 10120,3
Close 101"st
Total sales in $1,000 units__
61
Treasury
filigi 106"st
4%6 1947-52
Low_ 106
Close 10623:
Total sales in $1,000 units__
8
111103 9920n
4)(s-334s, 1943-45
Low_ 9910n
Close 99,0s2
Total sales in $1,000 units_..
523
(High 1032n
4s. 1944-54
I 1.0w_ 103
I Close 103431
Total sales in $1,000 units_.85
(High101
334s, 1946-56
Low_ 1002231
Close 1002833
Total sales in $1,000 units__
50
1E11
0 gni%
3345, 1943-47
Low_ 9912,3
taw 992812
Total sales in $1,000 102113__
6
(High
95
12n
3s, 1951-55
Low_ 952n
close 952s,
Total sales in $1,000 units.53
HIgi 9922,2
334s, 1940-43
Low_ 001483
Close 992233
Total sales in $1,000 units__
39
(High gg nu
3349, 1941-43
{Low_ 991232
(Close 9922n
Total sales in $1,000 units__
55
{
High 9622,3
334s, 1946-49
Low. 9622n
Close 962233
Total sales in $1,000 units__
27
(High 99un
3348, 1941
Low_ 992n
Close 99033
AnG
"-
--10027,, 101)=2., 10451., 10012,, 10008,,
100"n 100231
9910n 1002n 100"ss
10020n 100,23: 1002,3 10022n 100"n
60
114
118
594
296
---------------------------- an
101.list 101101",, 101":3
::
10122 101123:
150
319
1011122 1011123
,3
101"st 1010
10122s: 1012433
182
101
106233 105"st
105"11 1058ss
105"n 1050n
100
34
991132 9911u
992s:
992,1
9920n 991n
765
1072
103233 1022433
102"3: 1021231
1022283 102"33
186
108
101
1001233
1002032 1008n
1002031 1002032
197
129
gsnou ggs„
99033
99
998n
998,2
12
80
942039
95213
942231 941033
943032 9412n
115
192 9922s: 992232
991232 99031
99,032 99431
43
60
ggliu NH.
99
99032
991432 99232
29
132
96
96031
9512n 9522n
96*n
952In
111
206
992:: 99
982133 982231
981233
99
.
,
..
070
mno
101
1in 101-2in lOilin
100 % 101%
3
1019,3
1012s: 1012n 101"n
186
389
129
1011133 1011132 10123.
101
101231 101un
10123: 1012231 101,233
135
164
203
105",,
104"at 105
10418as 10488
, 105
104"st 104"s 105"m
458
225
95
981123 9820s
9912n
9823: 98, 99
22
982232 98 , 99"si
88
1349
288
387
102033 10222., 102nu
101"31 102
1022n
1028st 1028as 102"o
123
356
223
100233 100203: 101
99"st 1008n 10010n
9920s3 1001033 10022n
149
73
98
gEns„ No. 99su
98122
988st
98"o
98"n 98.
8n 9888o
131
136
227
940
942s3
9524n
93"st 93,2n 942011
9322n 94003: 952"ti
102
364
125
9820
,1 99031
9912s1
98"31 9820st 998n
98"33 99231
992n
68
92
38
gluou 99
998n
980s:
98"31 9822n
98,0,1 982"3: 99211
125
50
68
95"33 9524
, 96"sl
9524.,
94203s 95
94223: 95203
96,031
158
422
-59
: 998n
98"as 9888
ggnu
972132 98203
98":
98233
99'n
%AOC
,Oft
ACIA
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
40
17
47
60
1
1
1
2
First 33-4s
First 436,
Fourth 436s (uncalled)
Fourth 4)(s (called)
Treasury 434,
Treasury 3s
Treasury 334s, 1943-47
Treasury 33-4s
99"n to 99"13
9920 00 100"32
0
1012s3 to 101"st
100211n to 101"n
104"st to 10420n
93,283 to 93"n
98"ft to 981133
952083 to 961,13
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 5.1331(4)5.30
for checks and 5.1334 ®5.30%; for cables. Commercial on banks; Sight,
5.1834; 60 days, 5.19; 90 days, 5.18; and documents for payment, 60
days, 5.1934. Cotton for payment. 5.18.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.1334@
6.3434 for short. Amsterdam bankers' guilders were 63.24(4)65.24.
Exchange for Paris on London, 83.70; week's range, 83.72 francs high
and 82.62 francs low.
Sterling Actual—
Checks.
Cables.
High for the week
5.44
5.4334
Low for the week
5.1331
5.1334
Paris Bankers' Francs—
High for the week
6.50
6.5034
Low for the week
6.14
6.1334
Germany Bankers' Marks—
High for the week
39.70
39.73
Low for the week
37.50
37.75
Amsterdam Bankers' Guilders—
High for the week
66.96
67.00
Low for the week
63.24
63.25
3808
Nov. 25 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages--Page One
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. 18.
Monday
Nov. 20.
Tuesday
Nov. 21.
Wednesday
Nov. 22.
Thursday
Nov. 23.
Friday
Nov. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share $ per share $ per share $ per share $ per share 3 per share Shares.
Railroads
Par
4538 465
8 453 49
4934 35.900 Atch Topeka & Santa Fe__100
4
4814 5014 47
4812 48
4914 47
5314 5314 533 55
5614 5512 5612 55
5512 55
8
56
56
2.300
Preferred
100
30
3014 297 323
8
8 3112 343
8 3212 333
33
33
4 31
337 10.300 Atlantic Coast Line RR
8
100
223 2318 23
4
25
243 257
4
8
8 233 254 2314 243
4 233 247 54.700 Baltimore & Ohio
4
8
100
23
23
235 25
24
8
2334 25
25
25
24
257
8 25
4,100
Preferred
100
.3312 35
*3412 3512 3512 3512 3512 3512 3512 3512 *3412 3712
500 Bangor & Aroostook
50
*9612 08
.95
97
9618 9612 .96
97
96
•96
96
98
80
Preferred
100
•1114 1212 .1014 14
*1014 14
*1114 1212 *11
15
*1014 14
Boston & Maine
100
.412 618 .412 6's
*412 618 •412 618 *412 618
Brooklyn & Queens Tr_No par
*412 6
4412 4412 443 •42
*35
*42
44
4412 .42
45
*42
4
45
200
Preferred
No par
2914 30
293 30 8 293 3014 29
8
3
8
293
4 2818 291s 29
293 16,200 Bklyn Manh Transit_ No par
4
77
*7212 77
•7212 74
*73
77
*73
77
7212 7212 *70
100
36 preferred series A_No par
_
_
__ ____
_ ____
_ ____ ____ ____
__ __ _ _ ._ Brunswick Ter & Ry SecNo par
8 1214 117 1 2
8 - -18 aii 123
8 11
4 123 1212 43,800 Canadian Pacific
123 1
8 2-34 1214 125
25
75 .____ 75 .____ 75
75 *__
79 •
•____ 79 •
Caro Clinch Qe Ohio stpd100
*55
7212 *50
70
72
7212 70
*50
*50
7212 *50
72
100 Central RR of New Jersey _100
40
40
403
8 397 41
413
8 401s 403
8
4 3912 4014 3912 403 30,200 Chesapeake & Ohio
8
25
•114
212 .1 18 212 *118 212 *114 212 *118 212 *Ds 2 2
Chic & East III Ry Co
,
100
*214
212 *214 212
214 214
214 214 *214 212 •214
212
300
6% preferred
100
•27s 3
3 8 318 *318 314 *318 314
,
218 3
800 Chicago Great Western
314 314
1CO
7
*614 7 4 *612 73
.7
7
75
8
7
900
7
3
63
4 738
4
Preferred
100
5
5
5
518
518 512
518 518
5
5
5
514 2,200 Chic Mllw St P & Pac__No par
8
814
818 83
83
8 9
818 83
17,300
8
4
4
812 9
812 9,
Preferred
100
4
8
8
83
8
818 83
8
75
8 818
7 8 818
7
818 812 9,300 Chicago & North Western_ IGO
15
*13
*13
15
•I3
15
*1314 15
*13
1.5
*13
15
Preferred
100
'3 8 4
3
38 4
3
4
4
33
2 33
8 33
8
4 1,200 Chicago Rock Isl & Pacific_ 100
338 354 *35
*513 612 *512 612 *512 614 *514 6
5
5
43
4 5
700
7% preferred
100
45
•412 5
8
43
4 434 *412 43.1
418 412
414
4
4
1,400
6% preferred
100
*27
26
28
2834 2912
297
28
8 27
3012 .28
27
30
120 Colorado & Southern
100
2112 2212 22
21
213 •1714 22
8
22
*1714 27
*18
27
170
4% 1st preferred
100
*1818 30
*15
30
*1810 30
*15
30
*15
30
*15
4% 231 preferred
100
30
*234 312 *27
27
8 27
8 *23
3
3
4 312 *23
8 3
.400 Consol RR of Cuba pref_ 100
4 3
7
*4
.4
7
7
*4
7
*4
*4
7
7
*4
Cuba RR 6% pref
100
5512 53
50
8 54
5514 52
5112 50
533
4 54
537
100
543
4 8,400 Delaware & Hudson
2514 247 2614 245 2512 24
28.400 Delaware Lack & Western.50
8
8 2414 26
8
2338 2414 24
247
*512 53
4
54 54
3
512 512 *4
3
3
554 5 4 *512 554
512 1,100 Deny &Rlo Or West pref..100
155 155
8
16
165
8 1512 1614 15
8 153 16
8
15
15
100
157
8 7.400 Erie
1618 163 1712 1614 165
•16
8 153 16
17
4
4
16
*16
1714
1,900
First preferred
100
*10
1212 *10
11
11
13
11
11
1212 1212 .10
1158
900
Second preferred
100
8 1818 1914
173 183
4
4 1814 1938 1918 197
175 185
8
100
8 1818 193 24.000 Great Northern pref
8
.412 53
8 *43
43
8 43
8
8 58
4
3
8 5 8 *43
43
8
3
5
5
500 Gulf Mobile & Northern 100
15
*131s 1512 *1112 15
*12
13
15 .12
15
*1112 15
Preferred
200
100
83
4
1
1
1
100 Havana Electric Ry Co No par
*54
4
13
4
*3
4
*3
134
4
13
*3
4
13
4
100
912 10
912 912 *912. 1014
900 Hudson dr Manhattan
8
912 912
912 912
95* 93
2618 2612 2614 273
8
4 2714 2912 273 29
2714 2814 2814 2912 47.000 Illinois Central
100
*3318 38
*35
38
35 8 363 *34
3
4
37
*34
37
*35
37
400
6% pref series A
100
*477 56
8
*4814 .56
.48
60
48
4812 48
48
60
*4812 56
Leased lines
100
*153 16
4
16
*1614 1712 1614 1614 153 16
16
4
16
17
530
RR Sec etfs series A__1000
5
1012 10
10
9 2 10
,
93 101 2
10
4
1012 6,100 1nterboro Rapid Tran v t 0.100
912 9 4 10
•10
103
4 107 107
8
8 1012 1118 *1018 11
100
2.300 Kansas City Southern
4
93 11
97 1012
8
.143 16
8
*14
1618 15
15
1512 1512 15
*14
1733
15
400
Preferred
100
14
141
1414 147
8 143 157
4
8 15
1514
1414 143
4 15
50
1538 8,800 Lehigh Valley
41
41
40
42
4134 443 *44
4
447
8 4218 43
423 43'z 4,500 Louisville & NashvIlle____100
4
*20
22
•I7
22
20. 20
*17
22
*18
20 .18
20 Manhattan Ry 7% guar_ _100
20
1814 19
1812 187
8 1814 187
8 1714 1814 17
8,100 Manh Ity Co mod 5% guar.100
1714
17
18
Market St Ry prior pref.._ _100
*312 514 *312 514 *312 514 *312 514 *312 514 *312 514
*3
300 Minneapolis & St Louls.....100
4
7
s
*54
7
8
7
8
7
7
8
3
4
*3
4
*3
4
7
8
3
4
*1 Is 2
*118 2
*118 2
Minn St Paul & SS Marie_ 100
*118 3
*118 214 *118 2
*212 4
*212 4
*212 4
100
*212 4
7% preferred
*212 4
*212 4
100
4% leased line ctfs
5
*3
*23
5
8 47
*3
*3
8 *23
5
4 5
*3
5
712 71
84 812
3.500 Mo-Kan-Texas RRNo par
83
8
83
8 91s
8
8
818 812
Preferred series A
100
1612 1612 1612 3,400
163 163
8
8 17
17
17
1812 1612 1718 16
100
800 Missouri Pacific
4
38
.33
7
37
4 4
414 *4
8 4
4
4
37
g
418
100
Conv preferred
3,300
5
47
8 5
514
5
5 18
45
8 514
5
58
3
538 512
90 Nashville Chatt & St L01119 100
*2512 32
32
*2512 32
*2512 33
3014 3014 31
30
30
200 Nat Rys of Mex 1st 4% pf.100
118
*3
*12
8 118
.
3
8 118
5
8
118
*3
8
3
118
8
*3
8
1
*as
12
*3
2d preferred
8
100
12
400
12
*3
8
12
3
8
3
8
3
8
3
8
100
35
36
8
3518 3712 367 3814 3614 3712 353 367
8
8 357 37 132,500 New York Central
8
1,000 N Y Chic & St Louis Co
16
100
•14
16
1338 133
8 15
153 •1312 1413 15
8
153
4 15
Preferred series A
100
1,800
1714
1612 17
153 153
4
4 1512 155
16
17
17
8 1612 18
160 N Y & Harlem
50
112 112 *110 112 .110 112
4
105 10914 100 1073 "10512 108
100
165 1678 1812 173
8
4
4
8 1718 1818 163 1712 163 177e 23,800 N Y N H & Hartford
8 173 183
8
Cony preferred
3.100
100
26
*2412 25
25
26
2414 28
26
27'2 2514 2614 25
818 87s 1,900 N Y Ontario & Western
10
4
*814 83
.814 83
4
834 87
812 9
8
87
8 918
100 N Y Railways pref
No par
4 *112 184
•112 13
4 •112 13
4 *112 13
4
13
4 13
4 *112 13
133
300 Norfolk Southern
112 *138
100
138 •138
112
114
13y
lss •13
•114
8
138
700 Norfolk & Western
100
155 155 *152 15512
•151 155
15.5 155 *158 1593 159 159
4
2014 '2114 20.000 Northern Pacific
100
8
1912 2014 20
8 203 21
2038 213
8 2012 213
21
313
'20 Pacific Coast
*2
100
314
3
3
*2
314 *2
3
3
314
*2
50
4 2712 2814 39.400 Pennsylvania
4
27
2714 263 28
283
4 2712 2818 263 273
28
4
500 Peoria & Eastern
4 4
"23
100
4 4
*23
*23
4 4
3
3
3
3
*212 4
200 Pere Marquette
100
15
*13
15
*13
•I458 18
15
15
17
17
*145 18
8
Prior preferred
100
100
23
22 .16
*17
•I5
23
23
•17
23
2012 2012 *17
Preferred
100
19
*1412 1512 .14
•1212 1712 *15
19
19 .16
1812 *15
Pittsburgh cts West Virginia 100
21
.15
21
*15
•15
21
21
*15
*15
21
21
*15
50
400 Reading
4318 44
43 . 43
•43
45
47 .43
47
*43
463 *43
s
1st preferred
50
100
•30
35 .30
*2912 3312 *2912 3312 *2912 34
34
30
30
100
2d preferred
29
50
*28
29
29 .27
•28
29 .28
29
28 .27
28
Rutland RR 7% pref
100
712 958
*712 953 •
*712 10
*712 93
*712 10
8 *712 10
100
212 212
214
238 3,000 St Louis-San Franetsco
,
212 212
212 212
23
8 22
212 212
1st preferred
100
23
8 '238 1,000
234 234
4
212 212
234 23
212 212
8
25
8 23
14'2
St Louis Southwestern
100
1412 *9
1412 *9
1412 *9
59
1412 *9
1412 *9
Preferred
100
*13
35
35
*13
35
35 .13
*13
*13
3.5
*13
35
No par
11s 2,600 Seaboard Air Line
Ds
*114
118
112
1
114
118 114
*118
118
1
Preferred
100
700
i34 *112 13
4
13
4
15
8
154
15
8
112
112 *112
13
4 *112
100
197
8 1914 2012 47,300 Southern Pacific Co
19
8 19
4
193
4
193 205
21
183 2012 20
8
8 2218 233 37,700 Southern Railway
100
4
22
2212 2214 235
8 2314 243
2414 2218 235
8 23
Preferred
4,900
2412 25
100
*22
24
24
2414 2512 2312 241 1
25
25
26
Mobile & Ohio stk tr etfs 100
393 "20
4
*2312 393 *2312 393 *20
393
4
4
4
393 .22
4
393 .20
4
400 Third Avenue
100
4 714
8 *63
7 2 712
,
3
712 738 *7
8 7 8 *612 73
738
73
15
8
13
8 .114
*13
8
500 Twin City Rapid Trans No pr
114
114
112
112 *13
8
13
4 8114 2
Preferred
4 6
100
53
7
100
*6
*53
4 6
*53
4 6
7
53
4 5 4 .6
3
34
3
11012 11012 110 112
100
4
4
1103 11212 1083 11114 1083 109 4 109 11114 5,400 Union Pacific
4
8 6514 6514 1,100
Preferred
4
67 67
67
6718 6718 653 667
6718 67
67
.... 100
700 Wabash
23
4 23
100
4
212 212
23
4 23
4
238 238 *212 25
212 212
8
1,400
Preferred A
314 314
100
314 3 4
,
3
3 12
312 312 .318 312 *314 312
912 9,600 Western Maryland
9
9
83
4 83
100
4
9
9
9
912
9
1014
9
1212 1212
200
•11
2d preferred
13
100
•1112 14
13
13
14
•12
133 •12
4
300 Western Pacific
.234 312
100
4 354
2 4 23
334 *23
33
4 *3
3
4
3 2 312 *3
,
500
.414 412 .414 43
4
414 414
100
412 43
4 •412 454
434 43
Preferred
4
*2514 37
*2612 37 .25
*2514 37
37
*2518 37
*3012 37
8
838
8
,2
8
8
4
818 854
812 85
818 814
81.2 83
*693
4
*70
7014 *6912 7014 7014 71
*69 4
,
*6912
Industrial & Miscellaneous
Abraham & Straus
No par
7,200 Adams Express
No par
60
Preferred
100
• Bid and asked prices, no sales on this day. a Optional sa e. 5 Sold 15 days
st.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
x Ex-dividend. y Ex-rtghts.
3 per share
343 Feb 25
8
50 Apr 3
1612 Feb 25
814 Feb 27
912 Apr 5
20 Jan 5
6853 Jan 4
6 Apr 19
312 Mar 29
35 4 Apr 19
3
2134 Feb 25
64 Mar 2
12 Jan 11
712 Apr 3
5014 Apr 4
38 Apr 4
245 Feb 28
8
12 Apr 18
12 Apr 5
13 Apr 6
8
212 Apr 5
1 Apr 6
112 Feb 28
114 Apr 5
2 Apr 5
2 Apr 5
312 Apr 10
27 Apr II
8
1514 Feb 24
1212 Apr 10
10 Mar 2
1, Feb 24
4
212 Jan 6
375 Feb 25
8
1714 Feb 25
2 Feb 28
3
3 4 Apr 4
412 Apr 4
212 Apr 4
48 Apr 5
4
13 Mar 31
212 Mar 31
Wane 3
812 July 21
812 Apr 5
16 Mar 31
31 Mar 3
412 Apr 18
418 Feb 27
612 Feb 27
x12 Mar 31
83 Feb 24
8
21 14 Jan 3
12 Mar 16
6 Jan 3
8
17 Mar 3
18 Jan 23
12 Mar 20
3 Apr II
4
33 Oct 25
4
53 Jan 3
4
1112 Jan 3
1 18 Apr 1
13 Apr 1
8
13 Jan 5
18 Mar 16
18 Jan 3
14 Feb 25
218 Jan 25
25 Apr 11
8
100 Mar 31
11 18 Feb 27
18 Apr 4
73 Jan 4
8
15 Mar 15
12 Apr 4
111 12 Mar 2
93 Apr 5
8
1 Jan 25
133 Jan 3
4
7 Feb 17
8
37 Mar 3
8
6 Jan 3
412 Feb 28
612 Apr 19
2312 Apr 5
25 Apr 25
2312 Mar 31
6 Jan 6
7 Jan 30
8
1 Apr 17
514 Mar 15
12 June 7
14 Jan 3
3 Mar 25
11 18 Feb 25
418 Mar 2
57 Jan 3
8
8 Jan 5
418 Feb 25
114 Nov 14
34
5 Nov 14
61 14 Apr 5
56 Apr 6
112 Jan 4
118 Apr 6
4 Feb 27
53 Jan 12
8
1 Apr 22
17 Mar 2
8
1318 Feb 23
3 Feb 28
39 Apr 11
Highest.
PER SHARE
Range for Previous
Year 11132.
Lowest.
Highest.
$ per share $ per share 3 Per share
80s July7
1778 June 94
Jan
4June 3
793
35 July 86
Jan
59 July 19
93 May 44 Sept
4
8July 7
33 June 213 Jan
4
377
8
3914 July7
6 June 4112 Jan
41 14 Aug 29
912 June 353 Aug
4
110 Aug 30
50 June 91 Sept
4 July
193 Sept
30 July 1
4
27 July
8
93
8July 8
1014 Mar
2314 June 58 Mar
60's July 18
41'4 July12
11's June 5014 Mar
3112 June 783 Mar
8312June 13
8
414 July10
12 Apr
218 Aug
714 May 205 Mar
207 July7
8
8
7913 July 19
39 July
70 Feb
122 July 6
25 June 101 Sept
93 July 31 12 Jan
4
4914 Aug 29
12 July
8 July 10
33 Aug
4
12 May
8'2 July 10
5 Aug
11 1 June
7* July8
53 Aug
8
212 May
147 July6
*
1512 Jan
4July 19
3 June
4
113
412'Aug
1 18 May
1814July 20
8 Aug
2 May
1412 Aug
16 July 7
4 Dec 31
4July 6
343
Jan
1018 July 7
112 May
163 Jan
8
314 Dec 2712 Jan
1912July 7
2 May 2412 Jan
15 July 7
412 June 2912 Sept
51 July 13
4254 July 19
8 Mar 30 Sept
5 Mar 18 Sept
30 July 21
4une 12
1
Dec 1112 Jar
105
218 1)ec 20 AUR
16 June 7
32 July 921 2 Sept
9334July 7
46 July 6
812 June 457 Sept
8
112 May
194 July19
9 Jar
2 May
2534July 20
113 sem
4
2912 July 5
2 8 May
,
157 Aug
8
2 May
2314July 19
1012 Aug
3354 July7
512 May
25
Jar
2 May
1112 July 7
10 Sept
212 Dec
2312July 19
1512 Sept
4June 8
14 Oct
23
15 Oct
8
19 June 13
8 May 303 Jar
4
4July 20
503
4 4 June 2478 Sepi
,
918 July 38 sew
6018July 20
1518 June 45 Aug
60 July 19
4 May
34 July 19
1412 J811
8
115 Oct 16
214 June 145 Ma
8
247 July 18
a
214 June 1514 Ben
5 June 2514 Sep
34'1 July19
273
4July 5
5 June 2914 Sep
67I2July IS
712 May 38,4 Sell
28 Oct 11
9 Sept 463 Ma
8
20 Oct 11
4 June 203 Ma
4
8 June 9
218 Dec
9
Ja
214 July7
58 Au
18 Jan
5* July8
12 Dec
43 Se
8
812July 8
3 May
4
6 Set
141 2July 8
5 Dec 2012 Set
1718July 7
114 May
13 Sep
37l July7
314 June 24 sec
1014July 8
II
Jar
112 May
151* July7
212 May 26
Jar
57 July 7
712 May 307 Set'
8
,
312June 27
7 8epl
8
14 May
13
8June 8
18 Feb
7 Sept
8
5812July 7
8
83 June 365 Jar
4
275 Aug 28
8
03 Sepl
4
112 May
3414July 20
2 June 1558 Jar
8214 May 12712 Aug
1583
4June 13
347 July19
6 May 3158 JAI
56 July 6
783 Jar
4
117 July
8
15 July 7
35 July
8
1554 SeP1
Fel
1
18 Dec
312July 7
47 July10
4
33 Sept
14 Dec
57 June 135 Sept
177 July 7
8July 7
8
512 May 253 Sept
347
7 July 11
312 Sem
1 Mar
4214 July 7
612 June 2338 Jar
7 May
8
9 July II
514 Sept
13 June
4
37 July 13
18 Aug
4412July 7
312 June 26 Aug
3833 July 7
212 June 24 Aug
6 Dec 2112 Aug
35-38 July7
912June 5214 Sept
62'3 July 6
15 July
38 July 12
33
Jan
15 May
37 July 6
38 Sept
3 May
1412 Sept
1812 July 3
58 May
918 July 7
63 Jan
3
914 July 8
1 May
03 Jan
4
3 May
22 July 14
137 Sept
8
85 Dec 2012 Jan
8
8J1mly 18
263
1 seDt
3 July 7
18 Jan
47 July7
13 sew
8
14 Jan
612 June 375 Jac
383 July7
8
212 May
1812 Sept
36 July 19
3 July 233 Sept
49 July 17
4
312 June 25 Feb
4014 July 10
37 May
8
14 Mar
1218June 3
1 18 Dee
4June 8
43
412 Jun(
7 June 2412 Jan
15 June 8
8
275 July 9412 Feb
132 July 7
40 May
7512July 12
7158 Aug
7 June
8
712 July10
414 Aug
1 June
8July 7
97
6
Jar
112 May
16 July 13
113 soot
8
2 May
1114 Sept
1012 July 7
12 June
0'2 July 3
454 Aug
3 May
4
16 July 8
87 Aug
8
401 2July 20
1314 July 7
71 June 20
10 June
153 May
22 June
245 Aug
8
912 Sept
73 Sept
•
New York Stock Record-Continued-Page 2
3809
tair FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Nov. 18.
Monday
Nov. 20.
Tuesday
Nov. 21.
Wednesday
Nov. 22.
Thursday
Nov. 23.
Friday
Nov. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowey.
5 per share 5 per share $ per share $ per share $ per share 5 per share Shares.
1914
•1814 19
1812 19
3.700
19
183 19
4
4 19
20
1912 193
9
9
83
4 9
9 14 914
813 9
8
83
8 812 2.000
833 83
6
614 614
6
614 612
6
8
614 614
6
614 65
2.600
718
714
47
712
7
712 712
712
714 714
73
8 .7
700
10312 10634 10412 10512 5,500
1053 106
4
4
106 1073 10512 108
108 109
2
2
23
8
*13
23
4 2
2
8 .2
214 214
2
2
700
8 2138 2233 2184 223 43,600
223 23
8
8
225 233
8
4 2214 233
4 215 233
4
.512 6
4 *512 6
614 614 *512 6
.6
53
4 53
614
300
35
334 418
8
378 4
37
8 43
4
37
16,100
8
373 4
333 33
8
7
8
1,600
814 814
7
812 8,4
83
4
72
4 812
77
65
8 6 8 *72
,
7
713
8
712 712
900
614 614
*6
712
5512 6,
400
.
512 714 *612 712
* 8 7
65
2 *512 612
612 7
16
*1413 18
16
16
.15
18
16
183 .16
*1412 17
4
30
1393 142
13812 14212 14014 14112 12,900
4
141 14414 142 14414 14113 144
118 11934 11778 117% *11712 120
4
*120 122 .12018 122 *1183 122
1,100
197 2012 193 203
8
4
4
8 1914 2018 1812 1912 183 1912 27,000
4 1912 207
1413 1412
800
*1414 157
8 15
15
1512 1512 1512 1512 1514 1514
5
8
412 412 *4
412 47
.4
*4
478
5
300
*4
5
.2313 2912 *2312 2812 *2512 29 .26
31
2614 2614 *26
28
100
463
4558 4612 4614 463
4 457 463
4 46
46
8
45
4 45
453
4 7,600
2312 24
24
2412 25
24
2413 25
23
23
2314 22
1.700
,
1234 1234 1234 1313 1318 13 8 13% 1333 1218 1212 125 13
8
2,000
3812 3812 40
*40
40
40
413
40
8 40
40
40
40
70
1034 11
4
103 1118 103 1112 1012 1012 1012 1033 1012 11
4
3.500
55
.54
54
54
*50
54
54
56
*54
59
54
54
190
.28
29 .28
2812 283 29
4
4 2814 2814 28
2812 1,000
2812 283
9112 93 .901 9512 90, 91
91
245
91
.91
8
91
92
91
9414 9514 95
987
963 993
8 9712 100
9314 97
4
4 96
9933 62,500
•12213 128 .123 128 •124 128
1233 124 .120 122 .120 122
4
300
2312 233
4 2414 2533 241 2514 2334 2418 2233 2312 2314 2418 4.700
•3314 38 .3312 3614 3512 3512 363 363
4
4
300
4 3534 353 .353 3512
4
.43
8 7
*47
8 7
7
•414 7
*414
*412 7
z 7
4
17
4
100
4
4
4
,
.161 2 17 4 .163 173 *163 173 .163 1733 •1634 17% 17
47
.45 8 4712 46
,
47
47
47
600
47 3 4734 473 473
46
4
4
4
100
.23
4 4
4 *3
3
4 .27
3
4 .27
8 43
43
4
8 43
.27
8 43
46
45
483
4 4418 47
50
503
4 4912 517
8 483 51
4733 17,500
4
.2
233 •17
500
2
8 21 *214
212
2
21
214 214
2
*412 51. *412 5,2 •418 51 2
4 518
412 41 2 .43
300
5
5
8
914 101 22.900
1012 107
8 1014 107
9A 10
8 10% 11
93 1013
4
23 23
2112 2,100
211 231 21
22,2 20, 21
.20
22
22
2
12
700
1278 1278
*13
12
1378
13
13
13
13
13
13
16
16
.1414 1612 .1414 16141
1,300
4
1612 153 1612 16
1614
16
1812 1812 1918
177 18 8 177 181
8
. 18
,
19
8
193 11.203
4
1833 191s
•83
4 9
9
9
812 812 1,103
9 14
9
9
9 14
812 81
3011
*3314 391 .3412 391 .3314 36
3533 3533 33
3533 .3112 33 8
3014 3033 3012 3113 30
31
313
3 2.200
3033 3012 301 3 30% 31
7
7
1.700
7
63
7
7
4 7
.63
7
4 7
.634 7
*40
44
441 *40
100
.40
4412 4018 40% .40
44
4413 .40
83
8 833
8 8 873
,
85
8 87
8
812 8,
2
833 812 4,800
818 814
I
1.600
*7
8
1
1
1
I
1
1
1
7
8
7
8
18
5413 5 4 •413 53
3
*412 53
4 .412 55
4 *412 5
*413 5
29
29
29
29
29
1.500
29 3
4
4 2814 2814 2612 2612 263 2714
•4418 46
46
644
1.000
45
42
45
42
•42
45
•4212 45
143 1478
4
147 153
8
4
15
153
3,200
14'a 14's
4
145 143
4
1412 143
.4
412
4
4
4
4
412
*4
304
4,
, •4
41, •4
21 14 213
4 2112 2214 21 14 217g 21
213.
4 20% 200 1912 2012 12.200
575
75
75
100
*75
77
77
*75
.75
77
575
77
77
.213 22% 2214 2212 2214 23
4
300
25
2212 23
2212 2212 .22
63
63
612 67
63
618 6's
4 67
8
8
7
733 12.900
633 6%
15'8 16
15
1518 1518 16
1713 2.200
1512 16
16
15
16
1314 14
14
13,3 14
4 1318 1312 1314 1514 2.600
1412
1334 133
1314 1313
137 141 131 14,4
1314 1414
1313 14 105.000
1318 14
17
1818 1712 183 25.000
177 1812 1712 18
8
1733 1733 1712 18%
4
.38
500
3814
385, •37 4 38
38
37
34
3734 37o •37
37
3
27
8 273
27
8 27
8
2% 2%
27
32
,
314
3% 3 4 3.500
3
1 14
1 14
1 14
11
8 *Vs
1 18
1 18
1,100
1 14
1 14
114
13
114
8
•I713 18
•1712 18
150
1878 1878
1733 17% •I73 IS
1713 18-8
4614 4714 463 4814 4512 4818 45 4 47 1
8 4318 4614 4333 4433 101,400
3
89
90
89
90
*8814 90
91
1.225
8934 90
9012 9013 91
67
.65
*65
67
65
6.513 6513 .65
67
300
.613 68
65
49
49
•48
•48
49
.48
4!)
49
4933 4918 49,4 4914
800
.•108 . .•I04
_
•I07
•I0614 . - *10414 - -- .10514
_
175 18% 183 193
-.
IS% I9'8
•I812 .. 34
1
1433 16
9.200
-- 14
1812 19
55
.48
.48
50 .48
10
54
.50
55
54
5414 5414
*50
3814 381 4
39
600
391 4 39
•3713 39
39
3712 371 2 *3713 39
8 54
.564 577
5931 57
571 2 541 1 57
581 2 57
55% 553
4 4.800
105 106 .1017 10.513 1047 105
8
106 106
8
900
10412 10434 *105 107
1412 14% 14% 14%
14% 14 8 .141 1 14%
,
800
141$ 1418
14
14
119 3 12'214 120 1217s 11812 1201 4 11814 1194 11812 12012 24.68:.
,
119 8 120
,
737
73,4 75
•72
7414 7433 73
3.500
7412 721s 73,4 7314 75
75% 7712 76
743 75
4
7712 7412 76,2 74
7612 14.100
7533 75
•105 10914 .10512 10914 *10512 108
11)512 1052 .10512 10918 .100 109
100
53
.614 61 2
633 .5 8 634
6,4
,
400
4
57
8
57
8 •53
53
6
11
10
•10
10
*914 11 1 2 .
20
914 11 12 . 14 11%
9
9'4
9'4
1614 16% 157 173
3
8 17
1712 1612 17,4
3
1612 16% 163 1878 19.700
.tio stfi
11
ao -thi *Li
113
8
Ills
537
8 53
•52
•1
1 12 *1
7
58 53
,
,
712
714 714
.40
4513 •40
1533
1513 1613
•
712 10'8 *714
.203 2214 21%
4
8514
•85's 87
*512 8
*6
2613
.2614 2714
•107 114 .107
.73
73
73
33
1
33
4 334
214
2% 21
4014 41 1 2 4234
313
3
*3% 37 .
.4
.4
5
18
,
IS, .112
13
.13
134
463 471 4 .42
4
4434 46
.41
.3012 34
.31 14
•17
20 .17
•22
27
2214
313 3218 .33218
4
3012 31
31
•78
79 .79
31% 31 14 3012
43 43
44
734
*73
4 8
8
8
818
1 1 7 121
. 12%
.31 12 36 - .33
89 89
90
37
373
*33
4
•111% 1812 *1612
95, 93
9%
4
•26
29
.25,2
.80
85
•80
1233 127
1212
8
.6612 80 .671
56
5614 5512
93
4
912 10
.99
*96 102
12
11%
537
54
11
.111
7
612
7S
714
421 2 .40
1614
16
10, .712
21 8 2013
8514 8514
8
.613
27
27
114 .107
76
74
3%
331
2•,
28
,
4412 4233
33
4
333
5
.4
134 .1 12
13
1212
48
4714
50
*41
3313 .3012
21
•17
221 4 •22
321 31
337
341s
80
80
8
31, 3012
4673 45'8
73, •7%
8
833
123
4 1213
•29
35
.823
4
90
37
•3'5
1812 18
9%
93
4
2612 2513
*SO
85
121 1214
70,, •67
5513 55,2
II)
91
101 12 .9933
Indus. & Miscell. (Con.) Par
Adams Millis
No par
Address Multlgr Corp...No par
Advance RumelY
No par
Affiliated Products lnc_No par
Air Reduction Inc
No par
Air Way Elec Appliance No par
Alaska Juneau Gold min___10
No par
A P W Paper Co
Alleghany Corp
No par
Pref A with $30 warr___100
Pref A with $40 warr___100
Pref A without warr_ _AGO
Allegheny Steel Co
No par
Allied Chemical Sr Dye_No Par
Preferred
100
Allis-Chalmers Mfg__ __No par
Alpha Portland Cement No par
Amalgam Leather Co__No par
7% preferred
100
Amerada Corp
No par
Amer Agric Chem (Del) No par
American Bank Note
10
Preferred
50
American Beet Sugar__No par
7% preferred
100
Am Brake Shoe & Fdy _No pa
100
Preferred
American Can
25
Preferred
100
American Car & Fdy___No pa
Preferred
100
American Chain
No pa
7% preferred
100
American Chicle
No par
Amer Colortype Co
In
Am Comm. Afrob01 Corp_20
'
Amer Encau-tic Tiling _No par
Amer European See's...No par
Amer 3r Fora Power__No pr
Preferred
No par
2nd preferred •
No pa
56 preferred
No pa
Amer Hawaiian S S Co,___10
Amer Hide le Leather.No pa
Preferred
100
Amer Home Products__No par
American Ice
No par
6% non-cum pret
100
Amer Intermit Corp. __No par
Am L France & FaarnIta No par
Preferred
100
American LocornotIve__No pa,
Preferred
100
Amer Mach dr Fdry Co.No par
Amer Mach & Metals__No par
Amer Metal Co Ltd___No par
6% cony preferred
100
Amer New. Co inc____No pa,
Amer Power & Light_ _No par
$6 preferred
No par
55 preferred
No par
Am Rad & Stand San'y No par
American Rolling Mill
25
American Safety Razor No par
American Seating v t c.No par
Amer Ship & Comm__ _No par
Amer Shipbuilding Co_No par
Amer Smelting & Relis.No par
Preferred
100
2nd preferred 6% cum
100
American Snuff
25
Preferred
100
Amer Steel Foundrtes__No par
Preferred
100
American Stores
No par
Amer Sugar Refining
11.10
Preferred
100
Am Sumatra Tobacco__No par
Amer Telep & Teleg
100
American Tobacco
25
Common class B
25
Prefeired
100
Am Type Founders__No par
Preferred
100
Am Water Wks & Elec.No par
Cotnmon vol tr ctts_No par
ig.i, iniz -ii 56 - (i •WL "ii
soo lot preferred
No par
,
No par
12,2 1154 12 4
, 1112 12
1113 1214 15.600 American Woolen
5
5614 54
56% 53 8 537
100
Preferred
7.600
,
8 55 8 55
,
1 13 .11
8
134 .1 18
100 Am Writing Paper ctfs_No par
112
1 18
112
612 *6
Preferred certificates No par
110
7
*6
7
.5 3 6
,
712 .71 7,2
2.200 Amer zInc Lead & Smelt.....1
634 7
63
4 71
53
•4I
51
100
53912 42
41
Preferred
41
25
1612 1533 16%
1484 1533 94.900 Anaconda Copper Mining..50
1433 16
10 8 •712 10 8 •8
Anaconda Wire & CableNo par
1018 *8
10,
8
21
21
4
No par
21
700 Anchor Cap
2014 20.4 .2013 203
.83
851 1 •83
87
87
50
87 .83
56.50 cony preferred_No par
.614 8
8
.614 8
*614
8
Andes Copper Mining„No par
2612 263
27
2612 263
4
1,700 Archer Daniels Micli'd_No par
4 2653 27
114 .107 114 .107 114 .107 114
7% preferred
100
76
76
74
400 Armour & Co (Del) pref 100
74
74
•72
75
315
5
34
312 3
3.000 Armour of Illinois class A..25
312
3
31.3 3%
21
21 2 4 5.300
212
2,
Class 13
s 21 4
,
214
25
41 12 41
41
4214 8.200
433
4 41 12 43
Preferred
100
37
8 378
1.301) Arnold Constable Corp_No par
33
4 4
37
8 378
37
8
.4
Artloorn Corp
*4
5
5
5
5
*4
No par
1 12 .13
8
112
13
300 Associated Apparel Ind No par
1 12
1 12
14
13
1214 1214
1318 1.900 Associated Dry Goods
13
13
1
1333
50
501 4 52
1.000
4712 4712 4712 50
6% 1st preferred
100
46
.42% 50
46
47
47
4913
700
7% 2d preferred
100
70 Associated 011
3333 3012 31)12 3012 3012 3012 31
25
21
17
18
*15
21
17
.17
100 At G & WI SS Lines__No par
.22
27
26 .22
.22
26
27
Preferred
100
100
321 303 313
4
4 30, 31 14 3012 311 35.300 Atlantic Refining
s
25
343
4 323 3333 33
4
3514 33
34
5.700 Atlas Powder
No par
3 .79
80
79
80 .79
79 4
80
80
Preferred
100
3113 3012 31
3012 3012 3018 31
4.400 Atlaa Tack Corp
No par
477
8 45
4612 423 4512 44
4618 17.600 Auburn Automobile
4
No par
8
712 7,2 .7 2 73
,
4 .7
712
300 Austin Nichols
No par
8%
73
4 8'8
712 78 18.500 Aviation Corp of Del (The)_5
712 75
123
4
113 1218 11 12 12
4
1133 1218 32.100 Baldwin Loco Works No pa
30
32
29
30
29
.25
30
200
Preferred
100
90
90 .86
90
90
.86
90
160 13amberger (I.) dr Co pref 100
.3 8 4
,
4
3% 3 8 •33
,
5 4
80 Barker Brothers
No par
18
.1618 18
•16,8 18
*1613 18
50
6 Si % cony preferred___.10
913 10
10's
918 912 58.800 Barnsdall Corp
918 934
a
2612 .2512 261 3 27
27
30
343
4
1,200 Bayuk Cigars Inc
No par
85 .84
85
8312 8312 *80
85
10
1st preferred
100
1212 1212 1233 12
1212 1213 1.500 Beatrice Creamery
12
50
67 .6612 7018 •6612 7018
70's 67
100
100
Preferred
55
56
55,2 5434 5512 5533 55
1.100 Beech-Nut Packing Co
20
97
912
912 98
918 933
9.
8 2,400 Belding Ileminway Co_No par
101 .10018 101
.97 101
*85 1005,
Belgian Nat rtys part pref.__
• Bid and asked prices, no sales on this day. a Optional sale. r Ex-dividend.
PER SHARE
Range Since Jan. 1
On basts of 100
-share lots.
y Ex-rights.
e Cash sale.
$ per share
8 Apr 7
518 Apr 15
134 Feb 21
5-33 July 21
4712 Feb 25
12 Feb 28
1118 Jan 14
1 Jan 5
7 Apr 4
11
1 Apr 5
118 Apr 17
114 Star 30
5 Star 30
4
703 Feb 27
115 Apr 21
6 Feb 27
53 Jan 10
4
% Feb 21
5 Feb 23
1812 Mar 2
714 Mar 1
8 Mar 2
34 Apr 7
1 Jan 30
4
23 Jan 5
918 Mar 3
60 Mar 28
4912 Feb 25
112 Feb 27
618 Jan 23
15 Feb 28
133 Mar 31
312 Mar I
34 Mar 2
2 Feb 24
13 Feb 27
1 Jan 5
37 Apr 1
3
37 Feb 27
8
714 Apr 4
4 8 Apr 4
,
614 Apr 4
418 Jan 5
213 Mar 2
1312 Feb 14
29 Oct 20
3 4 Feb 24
3
25 Feb 15
414 Feb 27
14 Apr 21
114 Jan 3
57 Jan 3
8
173 Jan 3
4
83 Feb 27
4
1 Jan 27
31 Feb 24
1512 Jan 4
17 Jan 20
4 Feb 27
97 Apr 5
9 Apr 1
4 8 Feb 27
,
53 Mar 2
4
2018 Apr 6
7 Mar 20
8
18 Apr 8
1113 Mar 3
104 Feb25
31 Jan 10
2012 Jan 2
3212 Jan 10
10218 Jan 9
433 Feb 28
3733 Mar 28
30 Feb 27
2112 Jan 19
80 Jan 19
6 Jan 13
8612 Apr 18
49 Feb 23
50 4 Feb 25
3
1023 Mar 1
4
33 Oct 5
4
7 Oct 5
107 Apr 7
8
912 Apr 4
35 Star 24
312 Mar 2
2233 Feb 16
ss Feb 8
3 Feb 17
4
214 Feb 28
20 Feb 24
5 Feb 28
4% Jan 6
8 Jan 20
6212 Jan 11
233 Feb 7
9 4 Mar 3
3
95 Feb 23
41 Jan 3
118 Feb 28
44 Feb 20
7 Feb 27
118 Jan 19
2 Star 27
3 Apr 17
4
312 Feb 20
18 Feb 23
15 Jan 19
6% Star 24
412 Mar 22
412 Apr 11
123 Feb 28
8
9 Feb 14
60 Apr 5
112 Feb 27
31 Oct 21
7 Feb 2
3
512 Feb 27
312 Apr 12
912 Apr 4
6814 Feb 28
3 Jan 4
8
518 Apr 19
3 Mar 2
314 Jan 6
27 Jan 18
7 Mar 2
45 Feb 24
45 Jan 5
312 Feb 20
6214 Apr 7
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
flights .
$ per share $ per share $ per share
215
8Ju1y 12
12 June 303 Mar
8
1212June 19
812 Dec
14 Sept
9 8July 7
3
114 June
4% Aug
113
4May I
414 May
1612 Mar
112 Sept 25
307 July 6313 sent
8
4 May 23
312 Sept
12 June
33 Aug 29
73 June 16% Jan
4
95
8July 13
7 Dec
8
4 Mar
3 May
8'4 July7
8
333 Sept
217
8July 7
3 May
4
814 Sept
21 July 7
8 Sept
33 June
3u June
20 July 7
8 Sept
26 July 19
5 May
15 Sept
14512Sept 18
4212 June 88, Sept
4
125 Oct 26
9612 Apr 120 Dec
263
8July 8
4 June
1533 Sept
24 July 17
412 July
10
Jan
14 Apr
914July 19
218 Sept
40 July 19
4 Dec 10 Mar
4753 Nov 17
Jan
223 Sept
12
4
35 July 18
1512 Sept
312 June
2813 July 13
5 May 2212 Sept
8June 2
28 June 47 Feb
497
162 July IS
4
27 Aug
8
14 Apr
1
Apr
93 Aug
64 Sept 22
4
612 June 177 Sept
4212July 7
8
108 Aug 1
40 July 90 Feb
100 Nov 21
29 3 June 737 Mar
8
9313 June 129 Mar
134 July 19
393 July17
3,8 June
17 Sept
5934 July 3
15 Dec 50
Aug
173 Apr
14 July II
714 Sept
7 June 26
3112July 18
Jan
18 June 38 Nov
51'4 July7
2
July
814 Sept
618June 7
11 May
8July 18
27 Sept
897
3 Dec
4
5
Jan
6 June 20
23 Apr
13 July 3
4
153 Sept
4
2 Slay
1933June 12
15 Sept
5 May
8June 13
3413 Jan
447
23 May
4
2114 Aug
2714June 12
3 4 June 33
Jan
3518June 13
3
3 May
2112 July17
613 Aug
67 Sept
8
I May
16 June 6
3
47 May 27 Sept
5712June 13
25 June 51% Mar
4212Stay 31
318 Dec 21 8 Mar
,
1712June 20
35 Dec 68 Mar
8June 29
577
212 June 12 Sept
1518July 3
14 Jan
14 Aug
312June 28
414 Aug
12 June 28
1 July
1514 Aug
333 July
39'* July3
17,8 Dec 49 Sept
63 July 7
22-33 July3
713 June 2214 Jan
1 June
33 Mar
4
6 June 2
1 12 Jun
914 Aug
2333July IS
61 3 June 32 Aug
757 Nov 15
8
33
14 July
Jan
3012July 8
3 June
1714 Sept
1973July 13
1514 June 54
Jan
41's July 17
10 July
493 Jan
4
35 July 13
1214 Sept
31s Jun
19 July 7
3 May
8Ju1y 11
1412 Sept
317
4July 13
473
1333 June z2914 Mar
4
33 Sept
54 June
7's July13
% Sept
13 Apr
412June 20
10 June 25,8 Jun
4June 19
363
5312Sept 19
518 May 2714 Sept
22 June 85
Jan
93 Oct 6
15 July 55 Feb
73 July 6
215 June 3613 Aug
5114 Sept 9
90
112 July 25
Jan 106 Sept
1518 Sept
3 May
27 July 7
34 July 80 Feb
85 July 10
477g July 7
363 Mar
4
20 May
13 June 3914 Jan
74 July 13
45 May 90 Aug
11214July 15
4
1014 Aug
23 Apr
26 July 18
4July 13
893 July 13733 Feb
1343
4
997 July 1
4
402 June 863 Mar
945 July 7
44 June 894 Mar
9514 June 11812 Oct
120 July 14
Jan
4 June 25
25 July 5
1012 July
70
Jan
37's July18
3412 Mar
11 May
4314July 13
31 Mar
11 May
8June 12
357
26 June 75
Jan
80 June 13
1 May
10 Sept
17 July 5
1512 Jan 397 Sept
July17
617
14 May
214 Aug
418June 27
2 July
8 Aug
145 July 8
114 May
67 Sept
8
10's July 10
10 June 35 Aug
66 July 17
19 8 Sept
,
3 June
8July 19
227
15 Sept
3 Apr
1512June 8
39t July18
1712 Mar
514 May
40 May 75 Sept
90 June 18
9 Sept
13 May
14.2June 3
3
7 Apr 1512 Sept
4July 20
29,
85 Apr 10014 Oct
115 July 18
24 May 61
Aug
90 July 15
4June 6
23 Sept
4
33 June
73
3 June
8
2 Sept
5 July 14
313 May
1573 Aug
93 July 14
1 May
333 Aug
7 July 17
55 Sept
1 8 Dec
,
912June 24
5 June
8
3 Aug
514June 6
3 May
11 Sept
20 July 17
18% Dec42 Sept
612 July18
1212 Dec35 Mar
5l4 July 17
612 July
1612 Aug
3512July 14
43 Dec
8
1214 Aug
26 July 19
337 July17
1512 Jau
53 Dec
4
833 Feb 217 Sept
3212 Nov 17
7 Dec 2512 Feb
39's July5
4513 June 7913 Jan
8318Sept 12
1 July
31 12 Nov 10
37 Aug
8
84'4 July13
283 May 1515 Jan
12 Feb
954 July 18
17 Sept
8
112 June
38's July 17
87 Dec
8
2
May
12 Aug
1733 July 7
8 May 3718 Aug
60 July 18
997 Aug 7
62 Jul) 99 Feb
% Apr
714June 20
312 Aug
24%July 18
7 Dec 30
Jan
11 July 7
334 June
7 Sept
5212July 13
2 Dec
13 Feb
100 July 10
30 Dec 59
Jan
27 June 29
1012 Nov 4312 Jan
85 May 25
62 Dec 95
Jan
7012June 27
2914 May 458 Dec
1212July 6
233 Jan
83 Sept
4
10114 Nov 15
573 June 6233 Dec
8
.p
New York Stock Record-continued-Page 3
3810
gar
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Nov. 18.
8 per share
143 15
4
*263 28
4
32
323
s
*48
513
4
21
2114
113 113
4
4
*1018 163
4
*4812 48
*68
72
22 223
8
16
1614
*7
8
114
9 2 912
,
•14
16
613 62
8
*48
50
*812 9
63
4 61
93 10
4
*47
50
512 512
*21
23
,
314 3 4
*3
33
4
812 83
4
1512 15 4
3
*214 23
8
•318 612
*8
912
*112 13
4
212
212
.258 314
*24
243
4
6912
*52
2114 2114
*1
1 18
5
5
*7
77
8
2712 2712
*28
297
8
*512 55
8
*2818 30
Monday
Nov. 20.
Tuesday
Nov. 21.
8 per share $ per share
147 1584 15
8
155
8
28
283
4 28
283
8
3218 3414 331 34
52 52
5112 52
2112 2112 2112 22
117 117
8
8 111 12
*1018 163 .101s 16
4
4812
473* 4838 47
*68
72
*6812 72
2112 227
8 215 2214
8
8
1612 1718 1612 167
4
*3
4 1,
1'4
*1
914 97
8
9 4 98
,
7
.14
16
16
16
6112 6212 6212 6212
5018
50
.50
50
812 8 8
5
*812 914
612 7
65
8 67
s
9 8 1012 1012 101
7
*46
514
2114
314
*3
83
4
153
4
5
28
.318
912
.112
•23
*27
8
2414
*52
22
*1
5
*7
2714
.2914
55
8
2818
Wednesday
Nov. 22.
$ per share
145 15 8
8
3
8
*2714 283
3218 3312
50 50
1912 2134
1134 111
*1018 16
47 8 473
3
4
72
*70
203 22
8
163 163
8
4
*1
114
918 912
*14
16
6212 8212
51
51
81 8,
8
*63
8 612
10
10
*46
47
*47
50
50
4 8 518
7
3
54 5 8
52
*22
23
22
2114 22
14 314
3
314
31 314
312 *27
8 31
*3
31
1014
912 9e
9
912
8
8 157 163
8
183* 1618 163
2 4 234
3
5
25
8 .2 8 234
318 31
612 .318 4
15
*818 12
912 *8
*112 11
112 11
8
15
214 23
8
23
4 *214 213
31
3
3
31
314
25
2652
3
2618 2514 25
*48
56
8
55 - 507 55
2218 23
2314 23 231
1
1
1,
8
1
1
5
5
53*
0
5 12
77
8 .718 712
712 712
263 263
8
4
8
281 265 28
28
295
8 283 293
4
8 28
8
54 5 4
3
54
3
3
5 4 63
3
29
*21
2912
2818 *21
757
8 73 8 7514
5
7614 74
67
67
67
6612 87
3
8
4
245
8 233 2412 23 4 245
44 4 475
3
8
4714 4518 47
3
*112 21
2 4 *112 2
3
1
*112 1
.112 2
2
4 8 43
3
8
8 41
412 *43
31
2912 301
30
31
*73
84
4 83
,
4
90
*75
92 •76
92
393
8 3714 385
8 367 383
s
4
4
414
3 8 42
7
31
*12
24
*12
24
24
171s 163 1714
17
17
4
67
87
85
67 .65
*10
19
*12
19
19
351
3412 3512
8 34
343
81
81 81
81 8,
2
19
19
*18
19
183
4
8 1218 1218
125 123
8
13
191 191 •1914 20
21
8
45
8 45
8
43
3 45
412
*12
1318
143 *1114 14
4
Thursday
Nov. 23.
Friday
Nov. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares.
14,800
1.200
68,200
5,600
420
2,400
10
3,800
100
29,100
4,500
•Bld and sake I prices, no sales on this day. a Optional sale. r Ex-dlyldend. e Cash sale.
PER SHARE
Range Since Jan. 1
-share tots.
On basis of 100
Lowest.
Indus. & MIsceil. (Con.) Par
Bendlx Aviation
5
Best & Co
No par
Bethlehem Steel Corp-No par
7% preferred
100
Bigelow-Sant Carpet Inc No par
Blaw-Knox Co
Aro par
Bloomingdale Brothers.No pa,
Bohn Aluminum A Br _No par
Bon Ami class A
No pa'
Borden Co (The)
25
Borg-Warner Corp
10
Botany C.,ons Mills class A 50
8,100 Briggs Manufacturing.No par
900 Briggs & Stratton
No par
No par
1.300 Brooklyn Union Gas
1,000 Brown Shoe Co
No par
500 Bruns-Balke-Collender_No par
2,000 Bucyrus Erie Co
10
2,200
Preferred
5
40
7% preferred
100
5,100 Budd (KG) Mfg
No par
7% preferred
80
100
1,600 Budd Wheel
No par
100 Bulova Watch
No par
9.500 Bullard Co
No par
26.800 Burroughs Add Mach No par
600 Bush Term
No par
200
Debenture
100
20 Bush Term Bldgs gu prof 100
400 Butte & Superior Mining...10
5
1,200 Butte Copper & Zinc
300 Buttertek Co
No par
7.600 Byers Co (A Ml
No par
40
Preferred
100
4,200 California
__No par
Packing_1.000 Callahan Zinc-Lead
10
3,300 Calumet & Hecia Cons Cop.25
700 Campbell W & C Fdy._No par
3,800 Canada Dry Ginger Ale......5
500 Cannon Mills
No par
700 Capital Adminis cl A
No par
10
Preferred A
50
33.600 Case (J 1) Co
100
7018 7318 7114 72
340
Preferred certificates
100
66
*66
6612 66
8
225 231 225 2312 19.200 Caterpillar Tractor_ „No par
8
4518 4714 45/ 47.4 120.200 Celanese Corp of Am__No par
No par
200 Celoten Corp
13
4
4
13
4
*13
4 23
No par
*112 2
Certificates
*112 2
100
Preferred
418 412
90
414 4,
4
2.200 Central Aguirre Asso__No par
30
3014 3012 31
300 Century Ribbon Mills_No pa,
81
*8
8
8
082
Preferred
100
•82
90
90
4
353 53.000 Cerro de Pasco Copper_No par
3414 361 34
4
4
3.500 Certain-Teed Products_No per/
31 414
7% preferred
100
24
*12
24
.12
No par
1678 167
2.100 City Ice & Fuel
17
8
17
100
180
65
Preferred
6518
*65
66
Checker Cab Mfg Corp
*1012 19
*1012 19
5
No par
3412 7.000 Chesapeake Corp
3412 3412 34
73
4 818 2,700 Chicago Pneumat Tool_No par
'13
4 8
400
Cony preferred
No par
4
18 4 183 *173 19
3
4
*1018 1218 .1018 121
200 Chicago Yellow Cab. No pa'
10
*187 19a
8
200 Chickasha C611011 011
1918 1918
414 412 *4
No par
418 1,200 Childs Co
12
1214 *11 14 14
30 Chile Copper Co
25
5
463 481 473 4932 337.200 Chrysler Corp
4
8
No par
118
1
1,
4 4,600 City stores
1
No par
100 Clark Equipment
*71 812 *712 812
27
*26
2812 .25
Cluett Peabody & Co__No par
Preferred
100
.93
95/ *93
951
700 Coca-Cola Co (The).....No par
.9714 98 .9714 98
.4912 52
No pan
*4912 52
Class A
1234 1312 128 1318 20.100 Colgatt -Palmolive-Peet No pa,
100
72',
201) 6% preferred
70
70
*68
No par
20
213
4 21
213 21.500 Collins & Alkinan
4
Colonial Beacon on Co_No par
•6
8
*6
8
8 1.700 Colorado Fuel & Iron..No par
41 43
43
4 5
59
8.800 Columbian Carbon etc No Par
6014 5912 82
10.500 Columb Pict Corps t c_No par
2,13 28
4
2412 28
4 10* 1218 57.100 Columbia Gas & Elec No pa,
10* 103
100
Preferred series A
5414
1,800
5212 5212 53
2.900 Commereial Credit.
-No WV
13-1 131 1312 14
50
Class A
*351 3613 *351 3712
Preferred B
25
2312
•23
2312 *23
390
60
*90
6li% first preferred____100
92
92
*90
3318 34
10,400 Comm Invest Trust _No par
33 4 34
,
No par
Cony preferred
86
800
*85
8412 86
8
2912 3113 297 3112 78,800 Commercial Solvents__No par
13
4
70,000 Commonw'Ith & Sou___No par
17
8
13
4 2
23
23
2512 2.800
23
$6 preferred series. __No par
400 Conde Nast Publiens_No par
51 618 *5 2 814
,
2414 24;8 2414 241 11.200 Congoleum-Nairn ine__No par
No par
*8 4 10
3
.83 10
4
200 Congress Cigar
81 5,600 Consolidated Clgar.___No par
8
7,8 818
100
.4712 49
*471 503*
Prior preferred
70
*3
318 •3
318
200 Consol Film Indus
I
91
Preferred
914 9'2 3.500
918
No Oar
3934 57.800 Consolidated Gas Co_„No par
37
37,8 38
821 8212 833* 833
4 2.300
No par
Preferred
2
218 21
2
700 Consol Laundries Corp_No par
4
1112 113 76.700 Consol 011 Corp
1114 113
4
No Par
104 104 .100 109
400
8% preferred
100
114 4,900 Consolidated Tentile_No par
1 18
1 18
118
8
100 Container Cot p class A
8 *612 67
*63
4 0,
20
Class B
2 4 214 3.100
,
214 214
No par
83
4 9
9
1,100 Continental Bak class A No par
914
13
8
18
,
112
15
8 2.000
C18.89 B
No par
8012 6012 601 6018 1,000
Preferred
Rill
29,700 Continental Can Inc
7012 7312 7012 72
20
700 Conti Diamond Fibre
914
8'* *8
5
83*
4,800 Continental Insurance„...2.50
s
2414 2514 243 25
$ per share $ per share
1412 14,8
4
141 143
2712 2712 2712 2712
3312 3514
3218 34
533
4
52
52
50
*193 2112
4
193 21
4
Ills 113
103 1118
4
4
8
16
*107 1178
16
4714 471 4712
47
71
71
••7012 72
8 2018 2114
203 207
8
167
8 163 163
4
16
4
*3
4 1 14
*3
4
1
.14
3
91 9 4
9
914
*1112 1414 1414 1414
621 6218 6418 65
*50
501
*48
51
814 814
*73
8 8
7
4
7
83
4 63
918 91
912 912
*46
47
47
47
43
4 5
5
5 18
*21
23
22
22
14 314
318
3
3
3
*27
8 3
3
9
912
83
4 9
1538 161s 155 1618
8
238 21
212 212
3
3
*3
612
*718 1514 *71 15,
4
134
112
*112 13
4
2
2 14
214 214
314
314 314 *3
245 253
8
4 2512 263
4
*48
56
*48
56
2112 2212 201 22
1
1
*I
118
43
4 5
45
8 41
8
71 73
*7
712
2612
251 2578 26
*27
283 *2612 28
4
4 6,
4
3
*5 4 614 . *53
29
*21
29
*21
747
8 7314
66
6612
2412 224
443
4 44
2 4 *112
3
.112
2
*43
8
5
31
.2912
83
8
814
*76
92
383
8 381
4
34
3
33
24
*12
17
17
68
67
*12
20
34
33 4
3
83
4
81
19
*173
4
13
*10
2012 *20
4
43
8
143 *11 14
4
493
4 483 50
473 4918
8
4812 4714 47
4
7
8
1
1
1
1
1,
8
1
1
18
g
*73
4 8
*73
4 812
8
712 71
*26
2812 •26
2812 *2612 2812 *26
2812
•93
957 •93
8
957 *93
8
957 .93
8
957
8
*97
973
4
4 973 973
4
4 973 981 *9714 98
*493 52
8
04912 511,2 *4912 52
04912 52
123 13
8
1212 13.8
13
1314 123 12
4
1
.6012 70
70
70
*62
*6518 70
70
1858 1914 1812 211
1838 1834
1814 1814
9
*6
91
.8
9
9
.6
*6
5
5
5
5
5
514
5
514
60
61
62
6112 63
61 1 61 12 63
,
2312 2334 243 267
4
8 26
2612 25 8 27
7
8 1014 10 4
3
103* 1012 10.8 1012 1012 107
55
55
533* 53,2 5212 5212 5212 5212
14
1412 1431
4
1414
14
15
1412 143
*3512 39
.3.512 36
*3512 36
*351 3612
2313 2312 2318
23
23
23 23
.23
913 91;,, 91 12 91 12 9112 9112 9112 9112
2
33 8 3418
3
,2 311 33* 3212 34
331 33
.81
90 .85
90
85 851 *831 85
3214 33
3218 337
8 3112 33-38 3112 321
13
4
17
8
13
4 2
13
4
17
8
13
4
17
8
2114 24
227 23
8
23 233
4 227 2312
8
.5 8 61 *51 61
5
7
6
6
57
8 58
4
245 2434 243 2514 247 2514 2412 25
8
8
9,2 912 •9
*9
*918 91 2
10
10
87
8 914
812 81
9
73* 734 8
.4712 48
4712 4712 4712 471 *4712 5012
*3
38
38
318
318 318 03
38
9 8 /1934
5
10
1018
93 10
4
A 9
54
,
363 3712 a36 8 381 371 3813 3714 381
4
83 83
827 84
8
83 83
82
82
21 *2
214
.214
214
2
238 .2
8 113 123*
4
125 13
8 1214 125
8
1214 127
104 104
•100 108 •100 109 .100 108
1,
1
1, 114
1
114
18
1 18
1 14
l's
63
4 63
*6'8 7
*612 7
4
0638 7
214
214
214 214
214 214
*21 21
8
912 912
8
9 8 93
5
93
4 97
.912 1012
112
112
15
8 •112
112
13
8
112
138
*60
61
61
*60
81
603 601 .60
8
70
703
8 70 4 73 8 73
7414 7212 731
3
7
812 9
9
9
9
9
*83
4 9
2514 251
25
4 2414 25
28
24, 24,
4
114
114
114
138 5.400 Continental Motors___No par
114
13
8
13
8
13
8
Ps
114
13
8
114
1812 1914
181 19
8 1752 18', 35.700 Contluental 011 of Del.No par
8
187 I914 183 1918 171 18,
8
713 7214 70, 72 2 71 12 72
4
6812 7018 691 7112 14.300 Corn Products Refining....25
,
70 4 72
3
•13512 13/812 13512 13512 133 13512 .137 13812 13612 137
13612 13812
150
Preferred
100
41
1,600 Cot) Inc
4
41
,
4
412
4
418 41
No par
414
438
43* 412
29
2914 2834 293
8 2812 291 283 2914 283 29* 2812 2912 4,000 Cream of Wheat cUs
No par
4
4
.912 10
912 912
912 912
800 Crolley Radio Corp
.912 1018 •97 10
No par
8
912 912
35
341 3418 3,700 Crown Cork & geal.- No par
3512 35
35
3612 3514 3612 35
3512 34
36
500
36
82 70 preferred
No par
3
*351 35 4 351 36
3512 353* 3512 *3512 36
*35
4
4
4
4
1,900 Crown isullerback v t e_No par
4
418 418
414
414 414
43
8 43
8
1812 19
19
1912 1912 21
1938 2012 5.500 Crucible Steel of AmerIca..100
1912 19
193*
19
700
Preferred
3912
*34
36
100
3412 3412 3414 3412 03312 40
3312 3312 .35
13
8
13
118 2.100 Cuba Co (The)
3
11
114
No par
1 18
13
8
1,
8
114
13
8
13
8 11
414 41
1.400 Cuban-American Sugar. _10
414 414
4
4 14
31 4
414 414
418 418
23
Preferred
2631 •23
100
27
25
100
25
27
27
•231 267 .231 25
8
4 2,000 Cudahy Packing
40
38
40
383
50
40
39
38
40
39
39
40
39
4 1818 1653 4,000 Curtis Pub Co (The)___No par
16
16
4
151 1672 16
1714 1718 171 163 163
900
No par
Preferred
4
4112 411 413
4 3812 40
*3714 393
4218 •40
4112 41 12 *40
I
27
s 3
24 3
3
21 318
23
4 278 21,200 Curtims- Wright
23
4 21
23
4 21
Class A
1
51 2 6
512 5 4
514 513 8.300
51 6,
3
8
4
51 53
012 51
1212 13 .12
*1112 13
12
12
500 Cutler Hammer Inc___No par
1212 12
13 .12
12
5
300 Davega Stores Corp
0738 8
8
8
.718 8
8
71 77
•71 8
*7 s 8
7
73
66
23 4
3
43 4
3
•112
*11
*43
8
*2818
*712
*76
• 375
8
33
4
*12
17
.67
*13
*33 4
8
812
19
*1012
*20
4
*1114
Nov. 25 1933
FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
y Ex-rights.
Highest.
PER SHARE
Range for Previous
Year 1932
Lowest.
Highest.
8 per share $ per share i per share $ per share
412 May
818 Feb 27 2114 July 17
183 Jun
4
53 June 247 Feb
4
9 Mar 2 3318 Aug 25
8
714 June 295* Sept
1018 Mar 2 4914 July 7
14 Feb 28 82 July 3
1614 July 74 Jun
25
612 Dec 1512 Aug
tils Apr 5 2912June 30
31 June
312 Feb 28 191July 19
10 Aug
014 June 14
61 Feb 28 21 July 18
Feb
912 Mar 2 54I2July 6
47 June 2214 Jan
8
31 June 55 Nov
23 74 June 13
52 Feb
20 July 433* Mar
18 Feb 27 3712July 3
8July 5
33 May
s
1414 Sept
512 Feb 28 213
412 July 5
5 Apr 27
8
'0 Apr
13* Sept
8July 18
258 Feb 24 143
27 June
8
113 Mar
4
4July 19
714 Feb 28 183
4 May
1012 Jun
81 Nov I 8812June 12
46 June 8912 Mar
8July 18
23 July 38 Feb
2812 Mar 3 537
13 Mar 3 1812June 26
4
11 July
412 Sept
8June 20
112 June
2 Feb 27 127
7, Sept
4
8June 20
212 May
4
1018 Sept
23 Feb 23 193
2012 Mar 31 72 June 26
8July 3
97
34 Apr 15
3 Mar 16 35 July 3
534 July 5
1 Feb 8
5 June 29
%Mar 2
212 Feb 17 1314July 3
8July 3
Ws Feb 14 207
8 June 8
1 Apr 1
912June I
1 Apr 3
614 Oct 4 2312 Jan 5
8June 2
27
1 Feb 10
12 Mar 31
4,tJune 2
712June 13
114 Apr 10
812 Feb 25 4314 July18
3018 Mar 2 80 July Di
4
73 Mar 2 343 July 17
4
21 4.1iine 5
14 Jan 19
8June 2
93
2 Feb 7
16') July 15
2 Feb 2,1
712 Feb 25 4112.1uly 19
14 Feb 2 3512July 18
414 Oct 17 1212 July 13
251 Jan IR 3512July 13
3012 Feb 27 10312July 17
41 Feb 27 86 July 19
4
512 Mar 2 283 July7
418 Feb 27 58n July 5
3
57 July3
12 Mar 15
4 8July 5
,
ss Feb 4
112 Jan 5 1214 July
14 Jan 3 41 July 17
2 Apr 19 111July 19
52 Feb 27 90 June 20
4Seoll 19
51 Jan 4 443
1 Jan 9
71 July 3
4 Mar 27 3014July 18
718 Mar 3 25 June 29
45 Apr 7 72 July 17
712 Mar 23 2312 oet 5
147 Jan 3 5212 July7
8
218 Mar 31
121/4 July 20
512 Feb 28 2.514June 20
sMay 31
4318 Jan 4 223
5 Mar 2 34 July 18
2 Feb 28 10,8July 5
6 Apr 4 21 12July IR
8
7 4 Mar 3 527 Sept 14
3
14 Feb 28
31 July 7
5 Mar 24
141 1Junie 22
10 Jan 27 41 12July 17
90 Jan 4 100 June 2
7312 Jan 3 105 July 17
44 Apr 19 50 Nov IS
7 Mar 30 2238 July 19
49 Apr 3 89 Aug 18
3 Apr 4 26 Sept 11
5I4May 10 12 Jan 4
312 Apr 4
1738 Judy 7
2318 Fel, 27 7112 July 3
853 Mar 27 28 Nov 23
28'8 Judy 19
9 Mar 31
5212 Nair 21 83 June 12
4 Feb 27 19 Sept 18
18 Feb 27 39,2 Aug 31
181 Muir 21 251 Sept 14
70 Muir 24 957 Sept 1
8
18 Mar 3 4312July 3
84 Jan 4 977 Jan 31
8
9 Feb 25 573*July III
13 Apr I
8
618June 12
21 Apr 4 60I2June 7
3 Apr 4
II June 13
73 Jan 31 273
8
8July 18
612 Feb 24
18 June 7
312 Apr 6 1914June 7
31 Apr 5 65 June R
4May 29
53
11 Jan 4
4May 29
143
57a Mar 21
a363 Nov 20 6418june 13
8
a80 Apr 24 99 Jan 3
2 Oet 19
512 J in li
4
5 Mar 3 153 Judy 6
9512 Mar 1 108 Oct 9
31* July5
14 Mar 1
l's Jan 10 10,4 Judy 18
412.1une 12
14 Feb 15
183*July II
3 Muir 1
3I2July II
12 Jan 5
38 Jan 3 64 July 10
3514 Feb 23 7414 Nov 21
312 Feb 25 1718July 7
1012 Mar 28 3612July 7
4 June 8
I Mar 27
47 Mar 3 191 Sept IS
8
458 Feb 25 901 Aug 25
1
4
11712 Mar 15 1453 Jan 21
7I2June 13
a2 Mar 24
23 Feb 25 3912 July 10
4June 8
214 Mar 28 143
143* Feb 27 65 July 13
2412 Feb 27 3812July 14
1 Apr 10
81221113 17
,
9 Mar 2 3712July III
8July 19
16 Feb 27 601
438June 7
12 Feb 21
I 1 i2May 29
11 Jan 16
10 Jan 9 88 June 5
203 Feb 21 5912June R
4
612 Mar 3 3214June 12
30 Feb 23 66 June 12
8July 12
43
1 12 Feb 23
8 July 13
2 Mar 30
414 Jan 6 21 July 14
8* July 14
15 Feb 23
8
35 June
12 Apr
312 July
58 May
1 18 Apr
218 May
614 June
3 Dec
7 Dec
1214 July
12 July
12 Apr
13 June
8
7 May
3514 May
414 June
Is June
112 May
212 June
6 June
10,8 June
2,8 Apr
19 June
161 June
30 May
438 Ione
1 54,4 JiDrtce
12 ) e
u ee
78 Aug
80 Sept
318 Sept
14
Jun
412 Jan
312 Jan
8 Sept
1314 Aug
213 Mar
4
65 Mar
85 Jan
17 Sept
8
2 Sept
57 Sept
8
24 8 Sept
,
69 Sept
19 sent
1 18 Sept
77 Sept
8
914 Aug
10 Sept
233 Sept
4
912 :Sept
32 Aug
653 Sept
4
75 Jan
15 Jan
1 2:42 Sept
27 N
33 Jan
8
Feb',
73 June
s
23 June
8
55 1)ec
312 June
88 Dec
41 Dec
II
Oct
431 Nov
1612 Aug
47 June
8
I May
212 June
6 Dec
5 June
1 12 June
5 Dee
5 June
'4 July
314 July
10
Apr
90 June
6812 Dec
41.8 July
1014 Dec
65 June
234 May
9
Jan
27 Judy
8
1312 May
414 May
414 June
,
C) Apr
31 June
113 July
4
1012 June
40 June
101 June
5512 June
312 May
11 June
273 June
8
5 May
812June
4 May
31 Dec
17 Juno
1 June
23 JUne
4
31,2 June
7212 June
4 Dec
4 June
Feb
79
14 Mar
1 June
14 May
27 May
8
12 Apr
8
247 June
171 June
3 Apr
61 May
1 May
33 June
8
243 July
4
9912June
1 12 May
1312 June
214 May
8
277 May
17 1 June
8
12 June
8 May
14 Dec
12 June
1 May
3i2 May
20 May
7 June
373 Dee
4
1 May
DJ Mar
312 May
214 Oct
2012 sept
614 Jan
85 Jan
1512 Sept
33 Feb
8
183 Aug
8
2812 Feb
65
Jan
301 Sept
3203 Sept
4
63 Jan
4
l214 Sept
14 Mar
1212 Sept
8 Sept
16 Sept
4
213 Sept
218 Jan
83 Jan
4
22 Mar
96 Feb
120 Mar
50 Mar
3112 Mar
95 Mar
107 Mar
8
11212 Oct
8
147 Sept
417 Mar
8
147 Aug
8
21 Sept
797 Aug
s
II Mar
28 Sept
21 Set *
,
75 Nov
271 Mar
82 Nov
131 Sept
5 3 Aug
,
6812 Mat
12 Seid
1214 Sept
II seo
2412 Jan
60 Mar
51 Jan
4
113 Mar
681 Mar
99,8 Dec
107s Jan
9 Aug
101 Sept
11 Aug
212 Feb
1, Jan
8
8 Sept
11 Aug
473 Mar
4
41 Mar
822 Sept
251 Aug
31 Sept
9 Sept
1
551 Sept
140 Oct
71 Sept
2612 Oct
7,4 Sept
231 Dec
3012 Nov
3 Aug
2314 Jun
497 Jan
s
3,2 Sept
31 Aug
26 Aug
3512 Mar
31
Jan
86 jan
3 4 Sept
,
41 Sept
12 sept
7/ Sept
_
3811
New York Stock Record-Continued-Page 4
FOURTH PAGE PRECEDING.
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Nov. 18.
Monday
Nov. 20.
Tuesday
Nov. 21.
Wednesday
Nov. 22.
Thursday
Nov. 23.
Friday
Nov. 24.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sinus Jan.
-share lots.
On Oasts of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per Share $ per share Shares. Indus. & Miami'. (Con.) Par $ per share $ per share 8 Per share $ Per shor*
5 June 12
1 June
112May 20
2 8 Dec
3
*112 5
200 Debenham Securities
412 *2% 43
4 *112 5
4 *21
4 43
3
4 2 4 •23
8June 22
614 June 1514 Jan
20
614 Feb 24 183
1214 12
12
1,500 Deere & Co pref
1212 *12
12
1214
1214 1214 12
1112 12
54 July 122
Jan
100 48 Apr 3 9112July 10
58
5812 1,700 Detroit Edison
5714 5714 5712 58
5512 563
55
55 12 5612
4 55
7
7 May 165 Oct
1,000 Devoe & Raynolds A__No par 10 Mar 1 33 8 Aug 9
8
30
297 30% 3012 31
*2912 3012 3018 3018 304 3018 *29
12 Apr 19% Sept
No par 1712 Feb 28 2912July 7
283
4 28
283
8 3,400 Diamond Match
28
2712 28
2634 272
263 2712 278 28
4
2012 May 263 Dec
4
Participating preferred_ __25 2618 Feb 27 31 July 19
700
4
2834 2834 283 283
4
4 2812 2812 2814 2814 273 2814 2812 2812
712 Jan 127 Dee
No par 12 Feb 28 3912 Sept 19
23,900 Dome Mines Ltd
8
4
3412 3512 354 3614 333 3512 341 35% 317 3414 3212 33
8July 18
1114 June 1812 Sept
8 228 23
6,200 Dominion Stores Ltd No par 1012 Feb 27 263
2338 2312 2314 2339 231 2339 2318 233
2314 2414
.5 June 1839 Sept
1414 1418 1418 3,500 Douglas Aircraft Co Inc No par 1014 Feb 14 1814 July 17
4 1414 1412 1418 1414 14
147 14% 143 143
8
5 July 23 Feb
63 Feb 27 18 June 12
4
912 1012
500 Dresser(SR)Mfg cony A No par
95
8 953 •
113
8 •94 11
*10
10
10
10
10
4June 2
139 Dec 1212 Feb
218 Mar I 103
Convertible class B__No par
600
5%
*43
4
5
5
3
6
6
5
•5
6
*5
6
23 May 57 Feb
10 29 Mar 31 6312June 29
Drug Inc
5 Dec
8
4July 19
312 Sept
7 Apr 10 143
8
Dunhill International_No par
6
*iis *6T2 112 *728 -6
•6f4 1
12
,
3
.
W4 12 ;1-r4 1
8June 30
512 June 15 Sept
912 Apr 22 283
No par
16
*16
18
100 Duplan Silk
173 *164 173
4
4 16
•14
4
173 *1514 173 *16
4
87 May 1015 Nov
8
*8514 92
Duquesne Light 1st pref_ 100 90 May 4 10218June 13
*8514 92
92
*8514 92
9219 *85
*90
9.5
*83
612 Sept
1 June
1ls Mar 30 10 July 3
700 Eastern Rolling Mills _No par
412 5
514 514
3
5 8 512 *514 539
539
539 533
*47
3514 July 8734 Jan
3
78
803
4 763 793
4
4 7614 804 16,400 Eastman Kodak (N J).No par 46 Apr 4 89 4July 14
78
76
3
4
7312 73 4 733 76
99 Jan 125 Oct
100 110 May 2 130 Mar 20
124 124
6% cum preferred
30
*123 125
125 125 *12014 125 *11912 125 *11912 125
97 Sept
3 June
34 Mar 2 16 July 17
No par
11
1118 103 1114 1,800 Eaton Mfg Co
4
4 1114 1114
113 1139 111 1112 1139 113
8
/
4
22 July 593 Feb
4
Nemours___20 3218 Mar 2 9018 Nov 22
4
8 874 8912 130,600 E I du Pont de
8 8714 9018 863 895
8
897
8 873 895
8412 8614 86
80 4 June 1054 Aug
3
100 9712 Apr 20 117 July di'
6% non-voting deb
500
10414 10414
105 105 •104 107
8
•108 111 *108 111 *1025 110
24 Sept
514July 14
Is June
3 Feb 4
8
No par
139
15
8 3,700 Eitingon Schild
13
4
139
153 153
13
4 17
8
17
2
13
4 1%
214 May 1212 Jan
4 Mar 29 2314 Nov 14
100
900
23
23
23
23
23
6ii% cony 1st Prof
23
2212 23
24
*20
2312 *21
4
812 June 323 Mar
5 10 Apr 4 2712July 13
4 1612 1714 20.000 Elec Auto-Lite (The)
1712 1639 1714 1618 163
163
8 1612 173
4 17
16
61 June 10014 Feb
100 75 Oct 26 8812July 18
Preferred
*7212 78
*7212 78
*72
79
*72
79
79
*72
79
*72
%June
212 Jan
814July 3
1 Jan 3
3
418 418 5,400 Electric Boat
414 412
48 41
4
414 439
439 439
439 43
4 Jan
7 June
s
414 July 15
1 Feb 14
35
8 339 9,600 Elec & Mus Ind Am shares___
35* 31
8
3 4 37
3
38
37
3% 4
334 37
23 July 16 Sept
4
318 Feb 27 154June 13
412 414
412 534 21,900 Electric Power Os Light No par
45
45
8 4%
4% 5
5
43
4 5
103 July 64 Jan
4
712 Apr 4 3612June 12
No par
Preferred
8 10
10
10 12 1112 2,300
1012 105
11
11
113
4 11
11
11
87 July 551 Jan
4June 13
614 Apr 5 323
No par
$6 preferred
84 83
4 *812 9
912 1012 1,900
*918 93
8
9
9
912 912
125 June 3314 Mar
8
2,000 Elec Storage Battery_ No par 21 Feb 16 54 July 10
4 43 43
4412 4414 4414 43 433
44
4312 44
44
44
3 Aug
4
4 June 19
Is Jan
No pa?
18 Jan 4
1
1
1,300 Elk Horn Coal Corp
*3
4 118
118
118 118
1
14
1
1
18 *1
18 Jan
1 Sept
6 June 7
50
5 Apr 29
8
*139 2
6% part preferred
*112 13
4 *15
13
4
*158 2
*112 2
.15* 2
16 July 3714 Sept
50
703 Endicott-Johnson Corp_ _50 26 Feb 27 627 July 18
5014 5012 5012 50 5014 *48
*47
50
50
50
50
98 May 115 Nov
100 107 Feb 17 123 Oct 4
110
Preferred
112 112
112 112 *112 120
112 112
*112 120 *112 120
4 June 25 Feb
414
4
3
4 Feb 23 14 4June 12
703 Engineers Public Serv__No par
4
4 43
44 418
418 44
*4
414
4
4
16 July 51 Feb
1414 Nov 15 47 June 13
$5 cony preferred___No par
153
4
400
141 1414 15
/
4
1414 1414 •1414 15
*1414 1812 *1414 1518
18 July 57 Mar
8June 12
preferred
No par 15 Apr 4 497
$554
15
1512 1612 1,000
4 15
8 1512 153
*153 1718 153 153
4
4 151 155
4
4
25 June 613 Mar
1718 Nov 6 55 June 13
No par
$6 preferred
23
173 1814
4
500
*1718 23
*174 1814 1718 1718 1718 1718 *17
1012 Dec 19 Jan
612 Mar 27 1339July 7
*912 10
3,100 Equitable Office Bldg No par
912 10
10
10
94 97
8 *94 97
4
94 93
2 June
714 Mar
3 Apr 4 18'* July7
900 Eureka Vacuum Clean_No par
83
4 84
83
4 84
4 9
9
914 *83
4 8% *83
87
8 9
12 May
212 Sept
814 Nov 21
7 Mar 1
8
5
714 8
/ 29,800 Evans Products Co
1
4
7
733
714 7%
6
712
712 814
53
4
5
9 4 Jan 1134 Jan
3
4 Nov 17 1112July 19
4
270 Exchange Buffet Corp_No par
4
4
4
4
/
1
4
4
*4
/
1
4
*4
5
*4
44
4
1 Sept
13 Sept
239June 8
%May 17
Fairbanks Co
25
*58
15
15
8
*3
8
*3
8 I%
*38
15
8
153
•38 139
*14
1 June
4 Aug
814June 13
100
1 Feb 23
10
Preferred
4
7 4 73
3
4
4 *412 73
*4
512 *414 51
*412 64 *412 73
214 Dec
618 Aug
212 Mar 23 1114June 2
600 Fairbanks Morse & Co_No par
8
77
712
*512 712
*612 8
"612 8
8
77
8 *7
4
10 Dec 473 Mar
Preferred
100 10 Feb 25 4212 Nov 13
90
4 4012 4012
41
403 403
4
41
41
40
41
408 40% 41
83 June
1% Sept
3 June 8
No par
3 Jan 26
8
Fashion Park Asso
77 Jan
112 July
100
3 Feb 23 11 June 2
7% preferred
814 Dec 22 Jan
15
43 Apr 6 14121une 12
4
Federal Light & Trac
;64 ..iii ;fii, TO ..613 YO *Oil 16 •*64 Ili
*iirz 16
30 June 64 Mar
No par 38 Apr 20 5912July 20
Preferred
45
45
*30
*30
*30
45
•- - - - 45 *____ 45 •____ 45
13 June 35 Sept
100 Federal Mln & Smelt Co_100 15 Mar 31 103 Sept 19
95
90
*85
90
97
"90 100
*90
97
96
"90
*90
112 May
339 Feb
4July 10
113
5 Mar 16
4
53
4 612 1,000 Federal Motor Truck No par
3
5
/ 514 *412 5 4 *412 514
1
4
3
*54 53
4 *514 5 4
2 8 Aug
3
% May
48 July 7
As Feb 27
100 Federal Screw Works_No par
218
218 "2
218 •2
214 "2
214 214 *2
5218 214
214 Dec 105* Mar
6 4June 12
3
18 Feb 25
600 Federal Water Sem A No par
218 214
3
218 "27
2% 2 8 *218
218 *2
214
2
4
612 June 153 Sept
712 Feb 27 30 July 18
300 Federated Dept Stores_No par
22
22
*1812 22
22
22
22
22 22
*1912 2212 *20
6 May 273 Jan
4
24
1,000 Fidel Phen Fire Ins N Y__2.50 1014 Mar 27 36 July 6
24
24
*24
25 14 2514 24
243
4 2414 245* 25 25
1012 June 187 Aug
918 Apr 4 3112July 18
4
2112 2214 213 2218 12.100 Firestone Tire & Rubber__1
4
23
2134 224 213 23
4 22
22 223
45 July 68 Aug
100 42 Mar 3 75 June 7
Preferred series A
71
"69
71
*69
71
*69
*6914 7112 *69
*69
70
72
35 July 5412 Dec
4July 7
5,400 First National Stores_No par 43 Mar 3 703
55
543 86
4
5612 5714 5612 5714 56
564 5518 584 54
4 Apr 10 Feb
/
1
4
7l2 Feb 7 18 July 5
Florsheim Shoe class A_No par
1412 "12
1412 *12
1422
*12
"12
1412 *12
1412 *12
1412
63 July 99 Nov
100 80 Apr 19 101 Sept 5
6% preferred
*104
*104 115 *105__ *105 115 *105 115 *105 115
814 Sept
2 June
No par
2% Feb 28 19 June 7
4 1,000 Follansbee Bros
93 103
4
912 912
*83 1018 10
4
10
1018 1018 *912 10
33 May 1014 Feb
4
612 Apr 19 16 July 13
200 Food Machinery Corp_No pa
13
*1214 13
134 1318 •1212 1312 *1212 1312 *1212 1312 *12
41 Feb 28 23 July 7
3 May 158 Sept
No par
4 1514 155* 6,900 Foster-Wheeler
8 15
153
4
16
17
1612 173
8 1612 1718 163 167
714 Aug
1 July
No par
2 Feb 27 2338July 17
8
*123 1312 133 1412
4
8
1312 14% 13% 1412 *125 1314 1339 135* 2,100 Foundation Co
8
1014 June 223 Sept
1 135 Mar 1 2614June 13
8
21
1,600 Fourth Nat Invest w w
21
21
1912 20
20
20
*185 193
8
19
20
20
.
....
8 1,100 Fox Film class A new__No par 12 Oct 21 19 Sept 14
1339 135
14
133 14
4
14
*14
15
1414 1414 14
14
15
Oct 7212 Jan
10 Fkin Simon 04 Co Inc 7% pf100 12 Jan 24 50 Aug 15
45
*4014 4912 *4014 4912 *4014 4912
*4014 4912 *4014 4912 45
8
10 May x283 Nov
10 1618 Feb 28 493 Nov 22
8
4
4
4839 48
4718 47% 4733 477
48
4933 473 4914 473 4814 14,300 Freeport Texas Co
100 97 Apr 19 16018 Nov 21
200 6% cony preferred
_
*155 165 *155 161
16018 16018 *150 170 *150 170 *150
2% May 26 Oct
9 Jan 9 31 June 13
40 Fuller (G A) prior pref _No par
1318 *1312 14
13
8
13
1212 1212 *13
13
197 .ln 197
8
3 June 32 Feb
No par
4 Jan 19 23 June 13
40 $6 2d prof
618 618 *618 11
*618 11
*6
11
6
6
*53 11
4
312 Sept
14 June
54 Aug 18
1 Feb 27
1,200 Gabriel Co (The) Cl A No par
*23
4 3
3
*23
4 3
3
3
3
3
3
3
3
512 Dec 17 Jan
No par
s
1,260 Gamewell Co (The)
612 Jan 20 207 Aug 25
14
134 14
16
14
s
12
*1112 134 *1112 127 *1112 12
512 Sept
% June
239 Feb 28 12 June 20
712 73
4 2,200 Gen Amer Investors_ No par
8
8
812 822
8
8
*712 8
8
739 75
28 June 71 Sept
No par 42 Feb 23 85 July 7
Preferred
*65
75
*643 75
4
*65
75
75
75
*65
75
*65
"65
912 June 358 Mar
5 133 Feb 28 4314July 19
4
8
2914 3018 293 30'2 7,200 Gen Amer Trans Corp
293 307
4
8 3014 31
30
3014 31
30
43 June 1512 Jan
4
No par
4,000 General Asphalt
439 Mar 3 27 July18
16
1614 16
8 1612 1714 17
1618 163
1739 1612 165* 16
8July 10
1012 June 19% Mar
5 1112July 21 207
1314 13's 2.900 General Baking
4
13
1312 123 13
4
1339 135* 1339 138 133 133
5 Aug
Is June
5
218 Feb 6 1012July 7
6
6
6'8 2,400 General Bronze
6
614
612 612
612 617
6
6
6
5 Sept
14 May
37
37
37
No par
14 Mar 31 1112June 9
4
400 General Cable
4
*33
4 3%
4
*33
9 4
*33
4 4
112 May 1112 Sept
23 June 9
No par
300 Class A
24 Feb 27
*73
4 8
*73
4 8
74 73
4 *512 7'2
*74 8
8
8
3
3 4 June 25 4 Sept
3
100
612 Mar 30 46 June 9
100 7% cum preferred
163 163 *16
4
*16
17
4
21
.16
171 *16
17
4
*163 21
20 June 3839 Mar
8June 23
No par 2812 Oct 20 485
8
29
2914 2834 2884 2878 2878 1,000 General Cigar Inc
8
*283 297 .2912 297 a2938 291
4
75 June 106 Dec
100 90 July 28 112 Jan 25
7% preferred
*9814 102
•10012 106 *100 108 *102 108 *100 104 .9814 102
812 May 2618 Jan
1012 Feb 24 3014July 8
No par
22
2112 2218 207 213
8
8
s 2018 203
4 203 21 163,400 General Electric
2118 2112 21
11% Sept
1039 July
10 107 Apr 26 1214July 24
8
8 Ills 11% 1118 1114 1114 11% 1112 1112 11,600 Special
11% 1139 1139 113
18
1939 May 401 Mar
8
No par 21 Feb 24 397 Sept
36
3622 35 4 363
3
4 35% 357
347 35 8 20,100 General Foods
5
8 35
357
8 347 357
2 4 Feb
3
'S July
8June 6
27
is Apr 1
No par
kt
7
8
7
8
7
a
3
4
4
4
7
8 2,400 Gen'l Gas & Elea A
7
2
3
4
3
4
3
4
3 June 245 Jan
318 Apr 3 1612June 6
3
400
Cony pref series A No par
1012 1012 1012 1012 1012 *912 11
*9 4 11
,
26i2 1012 10
514 July 30 Aug
7 Apr 20 1812June 20
15
*1112 15
$7 pref class A
No par
*10
15
*10
15
*10
15
60
10
1012 *11
514 July 40 Feb
5 Apr 6 20 June 10
No par
14
*1212 14
*1012 14
1012 1012 *1012 18
70
$8 pref class A
1112 1112 *12
1818 Apr 25 Mar
55 4 Nov 16
3
244 Jan
200 Gen Ital Edison Flee Corp_
8
-- *543 554 •- - -- 5518
55 '5433-_- *55
4 55
5314 53
28 May 4812 Sept
No par 3512 Mar 3 71 June 28
4 6818 69
69
2,300 General Mills
-6912 6014 694 *68
69
8839 683
683 69
4
76 July 9612 Dec
100 9212 Mar 2 10612 Sept 19
Preferred
*10112 103 *10218 104 "102 104 *102 104 *10212 104 *10212 103
73 June 2453 Jan
8
3
10 10 Feb 27 35 4 Sept 14
8
4 3214 3314 3153 33
4 327 333
317 3314 346,600 General Motors Corp
317 3214 3218 333
5614 July 8714 Mar
8712 8714 874 874 874 873 88
87
No pa? 6512 Mar 3 95 July 15
4
1,800
$5 preferred
88
863
4
89
*87
9 Feb
4 June
June 13
5% Jan 9 24
8
No par
"95 1212 *95 10% •9514 105 _- ____ Gen Outdoor Adv A
8
8
8
8
*95 1212 *95 1212 *93 121
8
4 Jan
239 Nov
212 Mar I 104June 12
414 *4
No par
*4
414
4
500
Common
5
44
45* *4
*4
5
*4
2% July 14 Jan
*1212 1278 1212 1212 *11
314 Jan 4 17 June 10
*1212 13
13
General Printing ink_ No par
90
1212 13
*1012 13
2712 June 60 Feb
79
77
77 77
*75
79
*75
30
No par 31 Mar 18 82 Aug 3
$6 preferred
75 "75
75
77
*74
1 May
74 Aug
814June 12
2 Apr 6
No par
314 314
3
3
314 1,400 Gen Public Service
3
3
318 333 *314 3 8
3
3
8
618 July 285 Jan
33
*30
313 "30
4
32
34 .30
600 Gen Railway Signal
No par 134 Jan 3 4912July 6
3318 3339 33
333
*30
14 May
214 Sept
8June 24
45
218 218
2
3 Feb 16
8
218
2
24 2,600 Gen Realty & Utilities
1
2% 218 ' 218 218
2% 218
4
5 June 163 Sept
4June 26
17
17
*13
1612 *14
*16
17
preferred
No par
512 Jan 19 223
$6
*1412
17
•15
*1512 17
13 June 15% Sept
4
212 Feb 27 19'* July 5
3
300 General Refractories_ No par
939 9 4 *912 10
933 939 *912 1014
*9
1012 *912 1012
8 Mar 27 Aug
23
25
*15
25 .15
23
110 Gen Steel Castings pref No par
25
939 Feb 17 39's July 14
*23
25
*2212
26
*15
8 1012 11
1078 1112 17.200 Gillette Safety Razor No par
103 Jan 2414 Mar
8
8 1038 103
93 Apr 20 2014 Jan 11
4
4 10% 115
1114 113
1112 117
45 June 7212 Aug
524 53
400
*52 8 55
,
Cony preferred
No par 473 Apr 19 75 Jan 9
4
4
523 523 *5212 55
4
5312 5312 *523 55
% June
34 Aug
3,500 Gimble Brothers
No par
7 8June 27
5
514
5
5
3 Feb 9
4
514
43
5
512 54
8
53
4 57
7
*53
8 58
Jan
63 Dec 31
8
2012 2012 *1812 22
200
Preferred
100
514 Mar 1 33 July 7
2212 2212 2212 *2112 22
2318 *21
*22
3
153 16
8
318 June 10 8 Sept
1514 1539 •1553 15'2 7,100 Glidden Co (The)
No par
3 Mar 2 20 July18
3
153 16
4
1434 15% 1512 16
35 Apr 76 Sept
,
8314 83
30
Prior preferred
100 48 Apr 22 9112 Aug 1
*8314 84
8314 *8314 84
/
4
*84
86% *831 86% 8314
77
25 May
8 Aug
712 77
7,600 Gebel (Adolf)
No par
3 Feb 16 16 July13
712 8
818
We
8
734 84
8
8
13,100 Gold Dust Corp v t c._No par 12 Feb 27 27 July18
814 May 2021s Sept
20
1812 187
1818 19
3
4
2018 193 2039 19
1834 19
19
*9212 9712 *9212 97'z
100
97
$6 cony preferred-No par 97 Oct 17 105 July21
70 July 10112 Dec
97
*9214 97
97
97
*92
•92
123 Sept
1412 1418 15
214 May
23,00C Goodrich Co(B F)
No par
3 Mar 2 2112 July 18
145 1514 15
1512 144 1533 1412 154 14
39
39
37
Preferred
7 May 3314 Sept
37'2 1,600
9 Feb 28 63 July13
3912 40
100
90
3812 4018 40
38
38
385 25.300 Goodyear Tire & Rubb-No Par
8 3652 3812 37
8
512 May 293 Aug
4
38% 395
914 Feb 27 4712 July17
3812 40
373 3884 387 40
4
8
58
57
57
1,100
57
1st preferred
No par
273 Mar 2 8014 July 6
193 June 6912 Aug
4
61
3
8 60 4 614 57
*57
62
613 813
8
8
1,100 Gotham Silk Hose
714 Jan 304 Sept
73
4 818
8
No par
612 Oct 20 1712June12
4 83
83
818 818
4
834 83
8
8
•_ - _ - 63
Preferred
100 41 Apr 3 73 July 3
5014 Jan 7012 Oct
-*---- 63 *__ 63 *____ 63 *-__ 63 •--238 63
453 Jan
212
1 May
23
8 253 5.700 Graham-Paige Motors
1
1 Apr 3
212 212
533 July12
212 212
212 212
212 2 4
3
238 June
7
3 s Mar 2 15%Junel3
115* Sept
939 912 2,200 Granby Cons M Sm & Pr__100
9 2 912
,
97 10
8
1012
10
10
1014 10
10
4
1,500 Grand Union Co tr ctfs_No par
35 Mar 2 105
8
93 Mar
8 *434 5
8June26
314 June
47
8 47
5
5
518
47
5
43
4 5
5
200
24
*2418 26
Cony pref series
No par 20 Sept 30 363
8July 3
22 June 354 Mar
24
*2314 26
26
•24
*2314 24
24
24
1118 Mar 24 305s Julyll
17 Sept
Granite City Steel
63 June
4
4
4
No par
4
4
8
4
4
*215 25
8
*2034 244 *203 2439 "203 247 *203 243 *203 243
303 317s 2,200 Grant (W T)
4
No par 154 Feb 28 363
8July 7
1412 May 304 Mar
303 31
4
8 3114 32
317
*2934 31
3012 3114 31
/ Jan
1
4
1014 4,400 Gt Nor Iron Ore Prop No par
518 Feb 27 163 Julyll
4
1014 10
5 June 13
10
10
10
1018 1014 1012 1014 1012 10
37
38
314 Apr 12 Aug
38
18,000 Great Western Sugar-No pal
87 Jan 19 41% Sept22
s
8
8 377 3833 37
384 39
3834 3914 3814 387
270
100 7212 Jan 3 110 Sept 6
48 June 83 Aug
Preferred
*105 10512 10512 10512 *105 10512
105 4 106
3
*106 107 *106 107
23 Sept
43* July13
Bs Mar 3
12 Apr
5
8
118 74.900 Grigsby-Grunow
No par
13
1%
1i4
14
114
8
13
8
13
114
114
112
•331,1 and asked prices. no silos on this day. a Optional sale. z Ex-dividend. y Ea-rights.
New York Stock Record-Continued-Page 5
3812
Nov. 25 1933
IV' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 18.
Monday
Nov. 20.
Tuesday
Nor. 21.
Wednesday
Nov. 22.
Thursday
Nov. 23.
Friday
Nov. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share Shares. Indus. &MIscell. (Con.) Par
114
13
8 1,200 Guantanamo Sugar_ _ __No par
22
*21
Gulf States Steel
No par
•40
50
20
Preferred
100
200 Hackensack Water
22
*20
25
10
*2712 2814
7% preferred class A
25
55-8 7,700 Hahn Dept Stores____No par
512
900
2414
24
Preferred
100
500 Hall Printing
378 4
10
6
*2
Hamilton Watch Co___No par
*1514 25
Preferred
100
81
81
70 Hanna(M A) Co $7 pf _No par
*1412 1512 6,400 Harbison-Walk Refrae.No par
____
Hartman Corp class 13.No par
__ __ __ __
_ ___
Class A
No par
.212 234
212 212
150 Hat Corp of America cl A__1
23
4
23
8 23
253 *2
8 *2
23
4 *2
*11
17
*16
80
16
17
6Si% preferred
*1412 16
*16
16
16
16
16
100
13
8
138
138
114
8
13
13
8
3 13
13
13
13
8
8
112
4 2,700 Hayes Body Corp
•11.s
No par
•100 10212 *100 10212 *100 10212 *10012 10212 *10112 1021 2 *101 10212
Helme (G NV)
25
*812 93
100 Hercules Motors
9
9
4 *812 93
93
4
*9
*9
9
54
4
93
4 *9
No par
5812 597
60
8012 59
6018 62
6,200 Hercules Powder
58
8 593 627
8 6112 62
4
No par
107 107
108 1083 *107 10814
8
50
87 cum preferred
107 107 *107 10814 .107 108
100
5014 5014 1,000 Hershey Chocolate__No par
.51
5012 51
51
51
51
.51
51
54
*51
*86
Cony preferred
600
883
871 *86
4
8
8714 *87
87
87
86
87
87
86
No par
.418 412 *414 43
418 414
8 3,900 Holland Furnace
418 53
414 414
8
414 412
No par
6
6
*6 4 738
3
500 Hollander & Sons (A) No par
512 53
4 *57
8 63
53
4
8 • 4 6
57
4 57
*322 330
1.800 Hoinestake Mining
304 305
308 310
325 327 *320 325
302 305
100
•1012 11
1012 10
300 Houdaille-Hershey el A No par
10
*1012 11
*1012 11
1012 1012 *10
Class 13
312 312 1,500
314 314
,
3 4 34
,
314 312
,
312 3 2
No par
'1
3
'1 3
*4378 4434 *4378 443
100 Household Finance part pf _50
4412
4412 *43
44
4412 *43
*43
4 44
24
24
25 4 25 4 26
25
2,600 Houston 011 of Tex tern ctfs100
3
3
24
31 2614 2514 26
263
4 25
412 458 1,400
45
8 45
8 *43
4 *412 434
Voting trust etts new_ _ __25
4 5
43
4 43
412 5
8 32
3312 13.900 Howe Sound v t c
8
3212 333
8 327 347
4 33
345
8 3312 3414 3312 347
25
103 1078
8
113 12,600 Hudson Motor Car_ ___No par
4
8
11
113
8
8 107 113
8
8 103 1114 103 1114 11
37
8 4
378 4
37
37
8 4
8 418 5,800 Hupp Motor Car Corp
4 4
33
8
33
4 37
10
____
Indian Motocycle
No par
3
3
318
318 .234 33
3
3
3
3
3
700 Indian Refining
4 38
8 *23
10
7518 751s 753 78
13,000 Industrial Rayon
7718 79
8 7812 80'2 7612 781
7812 797
4
No par
623
61
5,400 Ingersoll Rand
61
627
6112 6112 637
8 6212 6312 6078 63
8 62
No par
3312 34*2
*3112 32
*3312 343
*3112 33
33
800 Inland Steel
3312 331
33
No par
514
517
,512 512
518 518
900 Inspiration Cons Copper
514
512 512 *514
514 51
2O
218 218
258 212 *214 2 8 *214 258 *212 258
800 Insuran.sbares Ctfs Inc.No par
212 2*2
5
*134
• *13
17
17
8
4 2
2
17
*134
2
8
17
8
300 Insuranshares Corp of Del._.1
17
t8
8
•218 258 *214
25
8 *214 25
8 *218 23
212 .214
25
8
s *214
Intercont'l Rubber__ _No par
512 5
5
512 512
3
53
8
518 514 2,100 Interlake Iron
*514 512
514 51 i
No pa
*218 258 *2
214 214
212
214
300 Internal Agricul
*2
214 214 *13
4 21
No pa
•10
1412 *10
400
1412 *1018 1412 1218 1218 1214 1238 1312 1312
Prior preferred
100
146 145
'145 14812 146 147
1,900 lot Business Machines-No pa
1463 1483 145 146
4
14512 148
4
5
5Is 518
5
518 514
53
8 53
53
,
s
8 2,500 Internat Carriers Ltd
3
5 4 58 , 5
1
3112 31
3112 31
31
3112 4,300 International Cement_No par
8
31
31
3112 327
2
912 31
4218 4314 423 4414 43
8
44 8 423 4312 4014 427
8 4112 4238 42,100 Internal Ilarvestee____No par
3
8
116 116 *116 11718 116 116
11612 11612 11612 11612 *11618 118
600
Preferred
100
518
5
8 518
53
43
8
4 514
45
47
8 514
57
8 6,300 Int Hydro-El Sys el A__No par
5
*312 4
312 35
34 4
8 *33i 4
3
*3
800 Int Mercantile Marine_No par
4
3 2 *318 33
,
22
223
8 2218 227
5
8 2218 23
8 213,100 lot Nickel of Canatia_No par
223 2314 215 23
8
213 223
4
•10712 110 *10712 110 *10712 110
110 110 *10712 115 *109
_
Preferred
200
10
.85 15
8
*83 15
8
*83 15
8
8
*87 15
*83 15
8
*85 _Internal Paper 7% pref
8 15
10
33
4 3
*33
4 38
3
3
34 33
7
.3 4 45*
3
37
8 4
4
1.500 Inter Pap & Pow cl A__No par
4
*13
4 2
4 13
*13
13
4 218 *13
13
4
4 2
13
200
*13
4 218
Class B
No par
13
8
112 1,
15
8
2
112
1'2
1 12 151) 1,400
15
Class C
8 15
8
No pa
112 Ps
10
10
10
1014
93 10
4
912 10
95 10
8
1,700
914 912
Preferred
100
1014 10 8 *1018 10*2 1012 101 *1014 11
5
*1014 11
300 lot Printing Ink Corp_No pa
*1014 11
6518 6712 .6712
_
*6712
_ *671
*6712 ___
. *6712 70
100
Preferred
10
*2314 247
8
8 233 233
2-- ;
8 2412 243 .24 - 2412 24
2414 24 1,600 International Salt
24
No par
4412 4412 45
46
46
45
45 45
4412 4412 4412 46
2,800 International Shoe
No par
41
41
*41
4112 39
4112 41
*36
40
40
600 International Silver
40
*35
100
*62
62
63
62
63
62
83
63 *5912 62I
60
120
608
7% preferred
100
1414 147
8 1418 1478 1418 143
137 1453 1314 14
8
1338 1414 58,200 Inter Telep & Teleg_ __No par
*4
47
8 *4
43
4 *4
47
*4
*4
5
47
8 *4
434
Interstate Dept Stores_No par
•1518 227 *1518 22
8
*16
22
*1614 22
*163 22
8
*163 22
8
Preferred
100
5
5
*47
8 6
*514 6
*514 8
*514 6
514
400 Intertype Corp
514
No par
26
26
26
27
26
26
27
26
26
28
*26
500 Island Creek Coal
27
1
32
3012 3012 32
32
32 2 32*1 31
,
3212 32*2 33
34
1.100 Jewel Tea Inc
No par
54
545
5614 58
8 5412 58
56
585
5614 5814 57,100 Johns-Manville
8 5512 57
No par
*93
98
96
•93
95
*93
*93
*93
*93
95
94
94
Preferred
100
49
49
50
50
50 50
55
*5014 55
*5014 60
210 Jones & Laugh Steel pre _100
57
*614 7
*612 7
*614 67
8 *614 7
Kaufmann Dept Stores $12.50
*614 7
*614 7
1314 1314 133 133
4 133 1412 133 133
4
4
1,700 Kayser (J) 4* CO
4
1312 133
14
14
25
318
3
3
212 23
4 3
3
23
4 2
*25
*23
8 23
4 1,100 Kelly-SprIngfield Tire
3
5
'12
•12
15
*12
141 *12
*12
15
*12
15
15
6% preferred
*12
15
No par
418 *3
.3
41
418 *3
*3
418 *3
Kelsey Hayes Wheel conv.e1A1
418 *3
413
*112
•112 212 *112 212 *112 212 *112 21
*112 212 .112 21 2
Class B
1
11
11
10 8 1118 1114 1214
5
8
115 1218 35,700 Kelvinator Corp
8 115 12
113 123
8
4
No par
150 Kendall Co pt pf ser A.No par
.5512 58
58
58
*5512 58
.56
*5612 58
58
*581 2 58
2212 227
2212 2034 2134 62,800 Kennecott Copper
8
8 223 235
8 223 233
21
4
4
No par
8 213 23
•125 15
8
15
Kimberley-Clark
*12
15
1412 *12
*12
*12
15
*12
1412
No par
23
4 23
600 Kinney Co
278 27
4 *23
278 27
8
4
8
8 27
212 212
8 *214
23
Vo par
•1018 15 .____ 15
*1212 15
Preferred
*1212 15
*1212 15
*1212 15
No par
8
13
4
1314
13
1312 133 133
8 1318 1312 125 1318 123 1318 9,700 Kresge (S 5) Co
3
10
10
*10012 10212 *10012 10212 10012 10012 *10012 103 .10012 103 *10012 103
7% preferred
100
100 Kress (S II) & Co
.2912 34
31
*3012 3212 *3012 34
31
*3012 34
*3114 34
No par
2158 2214 213 225
235
8
8 2214 2414 2318 2414 23
4
4 2418 15,900 Kroger Groc 4* Bak_No par
8 2,900 Lambert Co (The)
303
3018 3014 3018 3012 3014 3014 3014 3014 3014 3014 30
No par
Lane Bryant
*418 5
*418 5
.418 5
.413 5
*418 5
*418 5
No par
.712 812
800 Lee Rubber & Tire
*814 83
814 *712 818 *712 8
8
8
8
83
8 85
5
*1234 14
14
*12
500 Lehigh Portland Cement_50
.123 15
4
4
123 13
13
13 .123 13
4
50
7418 7418
7% preferred
*7418 . __ *74, 77
7418 7418 .7418 77
*7418 77
8
100
1,500 Lehigh Valley Coal____No par
8 .212 3
212 23
25
8 258
8
25
8 23
25
8 27
8 *25
8 3
612 612
7
400
Preferred
8 *614 67
85
614 614 *6
8 *614 714
8 63
50
6078 6034 70
3,700 Lehman Corp (The).__No par
69
677 68
8
6814 6912 70
6914 70
68
1812 1818 1812 2,900 Lehn & Fink Prod Co
18
18
•1812 1878 18
18
185 *1744 18
8
5
8 315 3212 65,500 Libby Owens Ford 0121.4.9 No par
8
8
3213 315 323
8 3118 3314 305 327
30 4 3114 31
8
3
8512 8314 8314
*83
800 Liggett & Myers Tobacco. 25
86
*8412 8512 85 4 883
86
87
3
4 87
86
6,800
Series B
8714 8512 8612 85
86
86
87
86
883
4 8612 89
25
4
4
*1243 131 *12458131 *125 131 •1243 131 *1243 131 .1243 131 ..
4
Preferred
4
100
8
*147 16 .147 16
100 Lily Tulip Cup Corp_No par
8
15
•147 1612 •147 16
15
8
*1412 16
8
26
300 Lima Locomot Works _No par
25
25
8 26
2714 2714 *26
275
•26
27
28 .26
4
4 123 123
4
600 Link Belt Co
.123 1312 13
4
4 1212 1212 *1214 123
123 123
13
4
No par
26
2512 2518 1,900 Liquid Carbonic
243 25
4
4 25
3
2514 263
4 25 4 253
3
4 25 4 263
No par
8
3012 295 3038 8,500 Loew's Incorporated_ _ _No par
297 30
8
8 29
305 3178 305 317
8
8
8 3018 313
70
68
68
*68
300
70
*68
70
*68
Preferred
68
68
70
70
No par
25
8 23
4
4 3,700 Lott Incorporated
212 212
212 212
23* 23
212 212
3
212 2 4
No par
112 2
•17
1,000 Long Bell Lumber A__No par
17
8 2
8
17
8
17
8
8
17
8
17
17
8 *13
17
8
4238 401 2 4012 4114 42
42
2,900 Loose
43
42 421
-Wiles Biscuit
4212 4212 41
25
*11614 120 .11614 120 *11814 120
10
11614 11614 *11614 118 *11814 118
7% 1st preferred
100
1714 18
173 1818 1718 1712 1718 1712 19,200 Lorillard (1*) Co
1718 173
8
1712 18
No par
.102
20
•102 106 *102 _ __ •102 . __ .102 . _ .105 ____
7% preferred
10
3
23
8
*2
/8 *2
300 Louisiana 011
238 21
- 8
23
-3
2 8 *2
212 212 *2
No par
12
12
*918 13
12
*12
10
12 .10
133 *12
133
4 12
Preferred
100
15
15
151 *1512 15/
8 1518 153
8
8 145 1518 1518 1718 4.500 Louisville Gas & El A.No par
1558
8 115 123
8
4 1,400 Ludlum Steel
.1018 117
8 113 12
4
8
115 113 •1012 115
12
8
12
1
66
*60
70
*60
700
65
68
64
64
65
*65
65
65
Cony preferred
No par
*28
8
2612 2614 2614 26 4 2812 263 263
4 2.000 MacAndrews 4* Forbes
4 2712 2712 275 273
4
3
10
3512 3714 39,300 Mack Trucks Inc
2914 30
30
3112 303 3114 3012 3312 3318 36
8
No Par
4914 4914 493 5218 51
8
8
5212 507 5112 4812 4812 4912 5012 5,800 Macy (It II) Co Inc
No par
*212 3
25
8 27
*212 3
27
8 3
8
*212 3
600 Madison So Gard v t c_No par
3
3
*153 16
4
4
153 16
16
4
18
1,000 Magma Copper
153 16
16
153 153
4
4 16
No par
17
8 *15
8 17
8
8
134 *15
•13
13
4 2
100 MallInson (II R.) & Co No par
*13
4
4 218 *13
4 2
*614 1412 *614 1412
*712 1412 *73 143
8
8 *614 1214 *614 12
7% preferred
100
114
8 2
*13
114
8 *112 2
8 23
8 *13
8 23
•13
8 23g •13
100 Mental Sugar
100
618 *3
618 *3
*3
618 *3
Preferred
6113 *3
6
*3
100
6
•384 5
8 45
8
33
45
4 34
8
8 45
45
3
8 6
8 .45
45
8 43
60 Mandel Bros
No par
4 1112 1112
4
12
113 113
*12
121 1
12
12
4
700 Manhattan Shirt
•113 1234 12
25
23
25
4 *2
8
2
2
4 .2
100 Maracaibo 011 Explor_No par
234 *2
23
8 *2
•214 27
57s 6
6
6
5.500 Ntarine Midland Corp
6
6
57
8 618
6
6
53i
10
$ per share
13
8
13
8
*20
2138
44
44
*215 23
8
*2712 2814
512 57
8
*2312 28
•312 412
*178 6
*1514 25
*81
82
15
15
.... ....
$ per Share
13
8
111
*2012 22
*45
48
2212 2212
*2712 2811
5 4 618
3
*25
28
4
4
*17
8 6
*1514 25
82 82
1514
.._. _153
_ 8
$ Per Share
138
114
.20
22
•45
50
*21
2314
*2712 2814
512 618
2412 2412
.33
4 412
*2
6
*1514 25
81
81
8
1512 183
._
$ Per Share
.114
13
8
22
.20
50
*40
.21
2314
.2712 2814
514
534
25
26
418 418
6
*2
*1514 25
84
.81
15
15
$ per share
114
1114
22
*20
40
40
22
22
2712 2712
512 558
24
24
4
4
6
*2
*1514 25
84
*81
1412 15
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
8 Per share
14 Jan 23
63 Feb 27
4
1614 Jan 16
15 Mar 18
25 Apr 8
118 Feb 28
9 Apr 1
318 Feb 27
212 Apr 5
15 Feb 11
4512 Jan 4
818 Feb 25
18 Apr 3
14 Mar 18
7 Mar 16
8
518 Apr 5
3 Feb 27
4
6912 Jan 16
3 Mar 20
15 Feb 27
85 Apr 5
3518 Mar 29
643 Apr 5
4
312 Jan 4
214 Mar 2
145 Jan 16
418 Apr 7
1 Mar 2
4312 Oct 13
814 Mar 13
17 Feb 28
8
512 Jan 3
3 Feb 28
15 Mar 3
8
14 Mar 16
118 Apr 11
24 Apr 4
1914 Feb 27
12 Feb 27
2 Feb 25
114 Mar 29
13 Apr 5
4
3 Mar 21
8
218 Mar 1
7 Feb 17
8
6 Jan 3
753 Feb 28
4
27 Jan 16
8
618 Mar 2
133 Feb 28
8
80 Jan 5
212 Apr 4
114 Jan 4
63 Feb 27
4
72 Jan 11
212 Jan 4
12 Apr 21
l4 Apr 1
14 Jan 6
2 Apr 5
312 Feb 28
35 Apr 18
1334 Mar 28
243 Jan 3
8
93 Feb 25
4
2412 Mar 2
518 Feb 28
112 Mar 2
12 Apr 7
17 Jan 24
8
11 Feb 27
23 Feb 27
1214 Mar 2
42 Apr 5
35 Feb 1
23 Mar 15
8
87 Feb 27
8
7 Mar 2
8
6 Feb 28
2 Feb 27
2 Mar 27
318 Feb 28
30 Jan 10
73 Feb 28
8
57 Apr 8
8
1 Apr 3
45 Feb 14
8
512 Mar 2
88 Apr 4
27 Jan 17
1412 Feb 28
2218 Mar 2
3 Feb 8
314 Mar 2
5 8 Jan 5
7
34 Feb 9
1 Jan 13
212 Apr 10
3712 Feb 28
14 Feb 27
43 Mar 1
4
49 Feb 16
4914 Feb 16
121 Mar 22
13 Apr 8
10 Jan 17
63 Apr 17
4
101 1, Feb 25
812 Mar 22
35 Apr 4
13 Feb 24
4
12 Feb 28
1914 Feb 27
11312May 9
103 Feb 16
8
8712 Feb 23
5 Jan 5
8
312 Feb 24
137 Apr 8
8
4 Feb 28
143 Mar 28
8
912 Feb 16
1313 Feb 27
2414 Feb 25
15 Mar 30
8
5311 Mar 2
7 Feb 15
8
3 Feb 10
14 Jan 4
3 Jan 6
8
Vs Jan 3
512 Apr 1
12 Jan 18
514 Mar 31
•Bid and asked prices, no sales on this day. a Optional sale. c Cash sale. s Sold 15 days. z Ex-dividend. II Ex-rights.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share
18 Mar
412May 18
1 Sept
38 July 13
212 June 2118 Sept
64 June 12
12 July 40 Oct
15 May 23 Jan
2512July 17
287 Jan 12
8
19 May 28 Apr
95 July 6
5 July
8
414 Aug
35 July 17
718 July 28 Aug
1012July 7
Ills Jan
312 July
9 July 14
2 June 12 Feb
20
35 July 17
Oct 30 Mar
85 Aug 28
33 May 70 Jan
2512July 11
7 May
18 Sept
13
18 Dec
4June 6
2 Sept
214June 6
4 Mar
3 June
8
12 Dec
712June 21
3 Aug
5 Aug 20 Sept
30 June 21
312July 17
14 June
312 Sept
10212 Sept 1
50 June 815 Sept
8
17 July 6
4
43 June
812 Jan
63 July 1
137 Aug 2912 Sept
8
110 July 19
7012 June 95 Jan
72 July 18
4312 July 83 Mar
90 July 18
67 June 83 Mar
1012June 20
314 Dec 1212 Aug
1012June 7
23 Dec 103 Mar
4
8
373 Oct 5 110 Feb 163 Dec
15 June 8
6 Dec
712 Nov
4June 9
1 May
63
412 Sept
4214 June 57, Jan
5114 Jan 12
8
38 July 17
83 May 2814 Sept
4
1 18 May
8July 7
73
53 Sept
8
3478 Nov 22
47 Dec 1612 Jan
8
8July 17
27 May
8
163
113 Jan
4
75 July13
112 May
544 Jan
23
8June 6
3* June
218 Sept
412June 21
1
Apr
23 Nov
4
8212 July 17
7, June 40 Sept
8
143 Apr 447 Sept
78 July 18
4
8
457 July 7
10 June 277 Sept
8
912June 2
5 May
4
754 Sept
8June 8
1 June
37
37 Jan
8
412 Jan 10
358 July
8's Sept
412July 18
14 An
731184
12 July 13
15 July
8
Sept
3July 18
14 Apr
53
312 Aug
2712July 19
33 Apr 16 Aug
4
5212 July 117 mar
15314July 18
114 May
107 July 7
8
3
•-•12 Jan
40 July 17
338 June 183 Jan
4
46 July 17
103 July 3418 Aug
8
11918 Aug 15
683 June 108 Jan
4
13o July19
25 June 115 Mar
8
8
67
21.1une 20
7 June
8
44 Aug
2314 Nov 22
312 May
1212 Sept
110 Nov 22
50 June 86 Mar
213
4July 11
13 June 12 Sept
8
10 July 10
12 Jun
43 Aug
8
5 4July 10
3
14 May
2 Au*
4 July 11
14 Apr
112 Sept
2212July 11
13 Dee 123 Sept
4
8
14 Oct 10
3 Dec8 4 Mar
3
71 Aug 23 2243 Jan 45 Nov
4
273 July 5
June 2312 Feb
93
4
8July 17
563
2014 July 443 Jan
8
5912July 17
712 July 26 Sep
717
8July 17 28 May 65 Feb
213 July 14
4
25 May
8
153 Sept
4
87
8July 7
112 May
11
Jan
403 July12 18 Jun
5212 Jan
1111July 7
212 Dec
7 Apr
32 July 15 1014 Apr 2012 Aug
45 July 7 1518 May 35 Feb
603 July17 10 May 333 Sept
*
8
10614July 1
45 July 993 Jan
4
91 July 18 30 July 84 Jan
9 8June 9
3
3 May
914 Mar
1912July 5
43 July
143 Sept
4
8
8's July 13
_--3118June 2-8 May 12
_63
4June 28
_153 Sept 14
8
23 May
4
103 Feb
8
73 July 8 17 July 38 Feb
28 Sept 19
47 June 1914 Sept
8
253
8July 7
612 Dec 1912 Jan
614June 7
5 Sept
12 Apr
30 July 7
3 June 19 Aug
19 Jan
167 July 8
s
63 July
s
105 June 14
88 May 110 Mar
4414July 3
18 June 37 Jan
8
355
8July 11
10 May 187 Mar
4
4118July 17
25 May 563 Jan
731 Aug
/
2 May
1012June 28
818 Sept
154 Apr
123
8July 19
8
27 June 20
33 Apr 11 Aug
Jan
40 Dec 7.5
78 Sept 5
454 Aug
1 May
8July 14
63
1112 Aug
114 July
12 June 19
s
3012 June 517 Sept
793
8July 7
6 May 2414 Mar
2314Juno 6
33, may
373 July18
93 Sept
8
32 June 8512 Oct
98 Sept 18
3418 May 6714 Sept
993 Sept 15
8
Oct
14018Sept 18 100 May 132
14 June 21 Mar
2112May 16
812 Apr 195s Aug
3t* July 3
612 June 14 Mar
4July 5
193
9 May 22 Mar
50 July 18
1314 May 3754 Sept
3812 Sept 18
39 July 80 Sept
78's July 19
17 June
8
5 Sept
414June 8
14 May
27 Aug
44
512June 19
1618 July 363 Feb
43 Nov 18
8
96 July 118
120 Jan 14
Oct
185* Sept
9 May
2514 July6
7318 Jan 10818 Sept
10518 July 8
12 Jan
214 July
4 July 12
3 Dec18 Jan
29 July 21
8lzJune 233 Mar
8
4June 13
253
112 Jan
113 Sept
20's July11
8
612 Jan 26 Sept
65 Nev 3
912 Aug1514 Feb
2918 Sept 23
10 June 283 Sept
8July 7
463
4
17 June 6012 Jan
65* July7
2Is Jan
7 Juno 26
4ls Sept
412 Apr 135 Sept
193e July 19
4
12 Jan
4 Sept
514June 29
4 Aug018 Sept
4July 6
263
18 Mar
534July 10
214 Sept
97 July 19
14 Apr
314 Sept
1
Doe
8June 10
97
43 Sept
4
3,2 June
23 July 18
9 Aug
18 J,ine
4 June 12
III Aug
812 June
1438 Aug
1112 Jan 9
tarroR
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Nov. 18.
3813
New York Stock Record-Continued-Page 6
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
Monday
Nov. 29.
Tuesday
Nov. 21.
Wednesday
Nov. 22.
Thursday
Nov. 23.
Friday
Nov. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-sham lots.
on basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Shares. Indus. & MinceII. (Con.) Par $ per share $ per share $ per share $ per share
133 Sept
4
5 4 May
3
6 Feb 27 2014June 3
No par
3,250 Marlin-Rockwell
12 Apr
312 Sept
218June 6
14May 5
No par
Marmon Motor Car
1312 Jan
3 July
414 Jan 30 183aJune 3
4
.
1
4
-1558 IA -533 -111- -ii.- -141- 1318 1312 13 1338 1318 1312 6,200 Marshall Field & Co No par 14 Feb 27 4631 Nov 22 9 June 207 Mar
8
4
443 17,800 Mathieson Alkali WorksNo par
4514 43
4658 43
4612 45
45
4438 4438 445 46
Jan
912 June 20
93 Feb 24 33 Sept 18
4
8 3,900 May Department Stores___25
4
2713 283
4 273 2813 2712 275
28
2812 2812 29
277 277
8
6 Aug
1 July
8 4
812July 10
118 Apr 10
No par
4
300 Maytag Co
*4
4
22 313 *37
43
8 43
414
*312 4
3
1012 Sept
3 Apr
3% Apr 4 1514 Aug 28
No par
Preferred
100
107
8
10% *10
107 *10
8
108 *10
*10
10
*933 93
4 10
22% Dec 3514 Jan
No par 15 Apr 5 58 Oct 14
Prior preferred
20
46
46
*4412 51
*4413 .51
*47
50
*4412 51
*4412 .51
Jan
10 May 21
4
No par 13 Mar 3 303 Sept 15
24
800 McCall Corp
24
2412 24
24
2514 *24
25
25
*24
27
*24
Apr
612 Dec 16
47
8June 8
as Apr 15
114
15
18 1,900 McCrory Stores class A No par
114
13
8
13
8 *114
18
114
11
/
4
8
*114
13
Jan
5 Dec 19
6 Jan 5
11 Jan 13
/
4
No par
Class B
112 133
112
112
700
P2 112 *112 138
112
13
8
*113 15
8
20 Dec 62 Feb
212 Mar 17 21 Jan 9
100
Cony preferred
713 73
4 1.500
63
4 712
618 618
8
5 2 57
,
8
*5
533 5518 53
212 May
713 Jan
818June 12
3 Apr 4
100 McGraw-Hill Pub Co_No par
*45
8 5
*45
8 5
*413 5
412 412 *413 5
*412 47
8
8
13 May 215 Dec
4038 50,800 McIntyre Porcupine Mines__5 18 Mar 16 4833 Oct 25
42% 3958 4114 39
4214 40
393
8
4
40 4 4114 41, 427
3
28 June 6214 Feb
3
87
873
4 3,900 McKeesport Tin Plate.No par 4418 Jan 4 95 4 Aug 28
8
4 865 88
8633 87
4 8712 883
8614 883
87
87
612 Sept
118 June
4
13 Mar 2 1312July 3
5
5,200 McKesson & Robbins
*53
4 6
6
6
6
6 14
618 633
6% 614
618 614
31 May 23 Feb
3 8 Mar 3 25 July 1
5
50
Cony pref series A
1,700
15
1512 1512 1514 1513 1518 1512 1412 1518 1518 1518 15
4 Mar
3 July
8
g
33 July 11
14 Feb 24
No par
2,100 McLellan Stores
1
1
1
I
1
1%
1
1
1
1
1
1
7 Dec 36 Mar
8July 11
2% Jan 16 227
100
8% cony pref set A
100
9
9
9
*6
8% *6
9
812 812 *6
012 512
Jan
4
78 Dec 18
84 Feb 27 283 Oct 10
Melville Shoe
No par
*2512 2612 2614 2612 1.100
267 267
8
8 2614 2614 *2513 2633 2613 27
5 Aug
I July
2 Mar 1 20 July 19
1
600 Mengel Co (The)
4 83
4
73
4 73
4 *73
8
833
914
*9
914 *9
833 9
Jan
20 May 38
100 22 Jan 28 57 July 18
7.7 preferred
90
3212
3113 3112 3312 3313 *3112 3312 3112 3113 *30
3112 3112
1913 Jan
514 May
7 Feb 24 21 Sept 12
5
900 Mesta Machine Co
*1614 17
16
4 16
1618 1612 *1618 163
16
*15
165
8 15
14 June 2214 Jan
100 Metro-Goldwyn Pict pref__27 1312 Mar 1 22 Sept I
*1914 2012
20
2013 2120
201 *20
*194 2012 *20
*194 20
614 Sept
113 June
4June 2
93
I% Mar 3
5
800 Miami Copper
4
43
4 43
*43
4 5
4 5
5
514 *43
514 514
*5
54
/
1
88 Sept
33 Apr
4
33 Mar 2 16 July 7
4
1412 1312 137
8
8 1333 137 20,400 Mid-Continent Petrol__No par
4 14
8 1412 143
4
1333 1313 133 145
8
2 June 123 Sept
4July 7
3 Mar 2 173
1218 .11 '12
2,000 Midland Steel Prod__ __No par
1178 127
12
12
12
1218 12
*11
12
25 June 65 Sept
8% cum 1st pref
100 26 Mar 3 72 Sept 6
*61
70
*61
70
*61
70
*61
70
*62
70
*61
70
11 June 2312 Jan
13 Apr 4 2818July 19
200 Minn-Honeywell Regu_No par
*23
27
*23
27
*23
27
26
27
*26
27
.23
27
%June
333 Aug
5 4July 18
3
7 Feb 3
8
8 5,300 Minn Moline Pow Impl No par
25
8 27
3
3
3% 318
318 31
318 33
8
3
34
/
1
4 Dec 14% Aug
6 Feb 7 30 July 18
Preferred
No par
100
20
1613 1612 *17
20
191 *15
*17
*15
1912 *15
20
512 June 14 Sept
7 Jan 23 22 July 17
500 Mohawk Carpet Mills_No par
13
*12
137 •1213 1334 13
8
14
14
*13
14
*13
14
3
13% May 30 4 Mar
7314 741
8 3,500 Monsanto Chem Wks No par 25 Mar 3 7538 Nov 21
74
743 755* 7412 7 '2 74
4
4
74
74
74
74
1612 Sept
312 May
*
8 8 Feb 25 287 July7
5
2218 235
8
8 223 2312 148,400 Mont Ward lit CO Inc-NO par
2214 2318 225 2414 2314 2414 2318 24
8
20 May 3514 Mar
No par 25 Jan 6 56 July 3
1,000 Morrel (J) & Co
4
*393 41
40
40
3818 384 40
38
373
4
*3218 367 *35
8
18 May
3 Aug
4
218June 22
18 Jan 9
700 Mother Lode Coalition_No par
7
8
7
8
7
8
7
8
7
8
7
8
3
4
%
*3
4
7
8
%
3
4
114 Sept
14 Apr
37
4
63 Sept 14
14 Jan 5
418 514 16.500 Moto Meter Gauge & EQ No por
414
37
37
4% 414
37
418 45*
4
8
73 June 293 Sept
8
3
7 4 Mar 1 36%Sept 14
2,600 Motor Products Corp No par
4 '26
4 253
26
2712 26
26
27
*25% 26
2633 2514 253
6% Sept
2 June
112 Mar 1
No par
1133 July 10
77
8 824 3,200 Motor Wheel
818 8%
833
85*
8
8
74 74
3
3
77
818
8
2 June 133 Jan
3
113 Mar 21 10 4July 18
No par
1,000 Mullins Mfg Co
*43
4 5
5
5
*5
518
5
5
5
5 14
*43
8 5
5 June 2712 Sept
5 Mar 21 25 June 9
Cony preterred
No par
290
*11
13
11
11
1012 11
13
11
11
•11
1212 11
7 Aug 1518 Sept
8June 27
5 Mar 30 183
500 Munsingwear Inc
No par
1212 1222
13
1212 1212 1212 121 *11
*10
*1212 13
13
97 Mar
218 July
I% Feb 25 1112July 17
10
53
8 618 6,400 Murray Corp of Amer
534 57
6
6
618
6
53
4 6
555 555
718 June 19 Feb
Myers F dr E Bros
No par
8 Jan 25 2012July 10
1513 *13
151 *13
1512
.1311s 1512 *13
*1313 16
•1313 16
194 Sept
8 May
No par 1118 Apr 12 27 July 10
8
4 22% 23% 227 2418 95,300 Nash Motors Co
/
4
20
218s 2012 2133 201 233
205* 20
5 4 Sept
3
114May
7 4July 7
3
10
118 Feb 28
1,600 National Acme
5
5
*43
4 5
5
5
518 514
5
512
5
5
97 July 18
6 Sept
18 May
100 National Belles Hess pref.._100114 Jan 27
*418 5
413
413 *4% 5
*418 412 *418 412 *418 412
2014 July 46% Mar
10 3112 Feb 25 60%June 28
473 4812 477 4812 19,800 National Biscuit
8
4634 4734 47
8 4633 48
483
4 4714 487
100 HQ Mar 3 145 Aug 18 101 May 14214 Oct
7% corn pref
200
132 132
13018 13018 .12812 132
*120 13312 *124 134 .127 132
4
2614 Dec 183 Sept
8July 19
518 Mar 2 235
4 9,600 Nat Cash Register A_ _ _No pa
15
1514 1518 153
153 163
4
8 1512 16
153 16
4
1512 16
8
4
1433 June 313 Mar
No par 1013 Feb 27 258 July19
4
1414 143
4 1418 143 28,900 Nat Dairy Prod
8
153
8 143 15
1512 15
15
1512 15
218 Aug
14 June
*12
*12
7
2
*12
7
2
212June 26
78
48
8
2
350 Nat Department Stores No par
*38
*12
7
8
Is Mar 15
33
114 Dec 10 Aug
Preferred
114 Feb 23 10 June 6
10
10
.2
5
*2
5
*2
5
*414 5
5
413 412 *4
13 June 2714 Aug
8July 17
8
4 0 National Distil Prod__ _No par 167 Feb 15 1247
0
---------------------------------------8913 90
2018 May 3212 Feb
24 Feb 8 115 June 28
$2.50 preferred
4
.
__
-___ ____
818 Sept
3% July
45ept 18
5 Feb 2 183
300 Nat Enam & Stamping_No par
4
4 1312 1312 *1212 1433
*123 1438 *123 1312 *123 1312 123 123
4
4 4
Jan
45 July 92
100 4314 Feb 23 140 Nov 20
500 National Lead
13814 13812
4
139 139 *130 1383 *13214 138
140 140
*130 140
87 July 125 Mar
Preferred A
100
100 101 Mar 1 12814 Nov 1
123 123 *121 12518 *123 12518
•120 12618 *110 130 *110 126
Jan
61 July 101
Preferred B
200
100 75 Feb 23 10918July 19
100 100
10312 10312
*105 11812 *10313 11812 .105 11018 *10312 110
8
633 June 203 Sept
67 Apr 1 2012July 13
8
03 1033 18,300 National Pow & Lt____No par
8
8 8 98
7
912
9
918 912
912
87
9% 93
4
1312 July 337e Sept
42
44
15.100 NatIOnal Steel Corn--No par 15 Feb 27 55'8 July7
3913 42
40
41
4112 4033 42
40
3
9
3912
5,800 National Supply of Del____50
313 June 13 Sept
8June 12
4 Apr 6 285
4 1533 16
1614 1714 1513 153
14
1533 1612 1712 1614 17
1312 May 39% Aug
320
100 17 Feb 23 6014June 3
397
8
Preferred
*33
39 .33
39
39
*37
40
39
377 39
38
197 Aug
8
413 July
812 Jan 6
114May 3
10
3
33
4 2,200 National Surety
27
8
27
*213 27
3
*234 3
*213
*212 3
312 May
10% Aug
No par
4
1712 173 1812 5,600 National Tea Co
612 Jan 4 27 July 18
8 17
8
*163 177
4
8 1712 1712 177 1833 1714 177
*6
744 *6 2 784
„
,
7
7
86
712 *612 712 *612 518
512 Jan
112 Apr
100 Neisner Bros
I% Jan 16 1218June 26
No par
1014 Sept
2% May
8June 2
Nevada Consol Copper_No par
4 Feb 28 113
3 4 Sept
3
112 June
500 Newport Industries
4July 5
13 Mar 29 113
8
1
62
12 *614 63 6
8
012 1
12
612
65i, .614 Wii 614 414 June 1412 Sept
400 N Y Air Brake
*13
14
13
13
61,3 Apr 4 2312July 7
No par
14
1512 14
•13
141 1412 1413 *13
/
4
318 Dec 10 Sept
1178June 23
*4
412
4
100
210 New York Dock
4
312 Oct 21
3 4 412
3
412
4
*4
5
*4
5
20 Apr 30 Aug
Preferred
100
110
8 Oct 19 22 June 23
918 1018 .812 1014
,
1014 .812 10 4
814 814 *9
*814 812
3 4 Aug
3
12 June
4June 12
13 Apr 3
No par
3
4 3,100 NY Investors Inc
23
5
8
5
8
5
8
38
3
4
*513
%
4
5
8
3
5
8
N
6 Feb
/
1
4
15 Dec
8
1(14 1012 1018 1014 1014 105
13 Jan 4 2212 Aug 9
4
8 2,900 NY Shipbldg Corp part atk__1
8
3
8 107 11
4 10 4 113
1012 103
20 June 57 Mar
*65
74
7% preferred
100 31 Jan 9 90 June 19
*65
74
75
*65
75
*65
75 .65
75
*65
Oct
70 May 100
110 NY Steam $6 pref
74
74
No par 70 Nov 24 1017 Aug 8
71
7512 7512 70
*7512 80
*7512 80
s
*75% 80
90 June 10918 Mar
100
No par 83 Nov 24 110 Jan II
85
8512 83
*8812 92
92
$7 1st preferred
8812 8812 84
92
*8812 92
213 Sept
8
4
103 May
8
4 34% 3514 11,400 Noranda Mines Ltd__ _No par 17% Jan 14 387 Sept 20
8 3418 353
/
1
8 3518 3555 354 365* 3518 363
3455 347
133 June 4314 Sept
4
3
8
8 137 1414 1414 157 47,700 North American Co_ __No par 13 4 Nov 18 3612.yuly 13
4 1418 145
4
8 133 1412 a1414 143
1334 143
2512 July x48 Sept
33
2,400
32
32
Preferred
50 32 Feb 28 46 Jan 12
323 *31
8
3212 323
4 32
33
34
3412 35
7
114 May
57
655 Dec
9 July 17
4 Feb 27
5
4 7,700 North Amer Aviation
512 53
4
555 57
512 53
8
534 5
4
512 53
534
49 July 88 Sept
*4018 44
41
41
*41
44
40
1.300 No Amer Edison pref __No par 39 Nov 20 79 July 13
4312 47
39
41
40
Jan
33 Oct 16 10 June 7
8
25 June
8
512
512 *514 53
*5
512
500 North German Lloyd
4
512 512 *4% 6
514 514
15 June 33 Aug
50 Northwestern Telegraph___50 263 Apr 27 43 June 5
35
35
36
36
3618 *34
35
35
*35
36
4
36
.35
213 Aug
4
3 Feb
5 8July 18
7
1% Feb 23
700 Norwalk Tire & Rubber No par
*24 3
*23
4 3
3
3
34
,
314 *3
*3
314 *3
11 Aug
Jan
5
8July 6
8
8 153 165* 1414 1512 1433 147 38,000 Ohio Oil Co
8 157 165
43 Feb 27 175
4
No par
4
8
157 l6'2 154 165
8
4 Aug
12 Apr
518 513
53
8 53
4
518
538
83
4July 7
118 Feb 27
No par
16,100 Oliver Farm EQuip
5
53
4
48 5
*43
4 5
1014 Aug
212 May
4June 9
16
1612 1612 16
*1613 18
18
Preferred A
1512 16
314 Feb 28 303
No par
2,000
17
173
4 18
4
43 Mar
5 4 53
3
57
8 6
112 Jan
4July 18
4 .512 53
83
13 Mar 2
4
700 Omnibus Corp(The)vto No par
4 *512 6
512 .512
*518 512
97 Jan
95
3 June
212 Feb 28 15 June 2
8% 9
9
9%
94 9%
/
1
855 914 6,200 Oppenheim Coll & Co No par
9
55
8 9
314 June 15 Sept
7 June 9
13 Jan 30
8
Orpheum Circuit Inc pref.
.100
_
2212 Jail
1414 1518 1313 141 1312 1414
9 May
/
4
1334 14
4
1018 Feb 27 2514July 18
No par
8,300 Otis Elevator
4 143 1514
2
-1:11. 143*45
95
*45
95
95
90 May 106 Nov
*45
*45
95
95
*45
Preferred
100 9312 Apr 5 106 July 19
94
*45
414 414
914 Sept
4
/ 438 1,800 Otis Steel
1
4
4
4
14
11 May
/
4
414 43
914June 13
lts Mar 1
No par
41 424
/
4
41 4
/
4
97
97
97 1014
4
.788 93
8 57
*8
912 *8
203 Sept
8
318 May
5713 97
4June 13
200
214 Feb 28 213
Prior preferred
100
8134 79
82
8438 79
84
12 June 4214 Nov
8014 12.700 Owens-Illinois Glass Co----25 3112 Mar 3 96g July 13
8312 82
814
4 82
81
167 June 37 Feb
8
168 177
6,400 Pacific Gas & Electric
4
25 1638 Nov 18 32 July 12
165 171 163 1714 1612 1714 1612 1714
8
/
4
163 17
8
2212 2312 2212 23
23
4
24
203 June 4712 Aug
4
No par 2214 Nov 20 435* Jan 11
6.300 Pacific Ltg Corp
2314 2418 2214 231r 223 24
23
22
22
23
23
14 Aug
2218 2218 1,000 Pacific Mills
23
314 May
22
100
6 Feb 21 29 July 5
22
23
.22
*7712 70
*7712 79
78
40 Pacific Telep & Teleg
*77
79
78
58 June 1044 Mar
77
4July 14
100 65 Mar 3 943
77
81
*75
37
8 4
378 4
514 Jan
378 4
112 July
27,900 Packard Motor Car_ -_No par
38 4
378 4
67 July 14
8
4
13 Mar 24
37
8 4
.914 12
*9
12
12
*9
12
*9
8 June 2 14 July 10 --- - ----- --Pan-Amer Pete & Trans news
12
*9
12
*9
*2112 243
24
25
25
2612 25
2 -Apr 10 Sept
4 1,000 Park-Tilford Inc
6 Jan 20 363 Oct 9
No par
8
*264 2812 26
/
1
28
28
118 *118
114
I%
2 Jan
200 Parmelee Transporta'n _No par
114
14 Jun
3 July 1
3 Mar 21
8
. *118
11
13
8 *I's
135 *1%
*1 18
4 13
4 0112
178
13
4
14 Jan
14 Dec
13
4 13
400 Panhandle Prod de Ret_No par
41June 21
/
4
3 Apr 18
8
4 2*13
4
17
8 •13
*13
4 2
138
112
13
13 10,800 Paramount Publix ctfs
4
113 I%
184
15*
13
4
10
s
212June 6
18 Apr 5
1%
133
155
3
3 18 6,200 Park Utah CM
27
8 3
3 8 314
,
2 Sept
328 314
318 314
3% 314
E8 -Apr
1
414July 18
3 Jan 9
4
17
158
13
4 2
I% 2
14 May
4 2
11 Aug
/
4
18,400 Patbe Exchange
13
No par
212July 10
14 Jan 4
17
8
1%
1%
158
1012 1114
1078 11% 19,500
107
Preferred class A _ _ No par
10
53 Feb
4
98 11
114 June
/
4
114 Jan 25 111 Nov 23
914 11
9
93
8
53 Jan 16
23
8
4 213 22
19.100 Patine Mines & Enterpr No par
2355 2114 223
913 Sept
318 July
/
4
25 Nov 16
8
2318 23% 235 241 2314 24
314 4,700 Peerless Motor Car
3
312
3
43 Apr
4
3
%
918July 17
3 Feb 16
4
3
3
3 June
4
31 312
/
4
312 35
355 33
4
59
59 .58
3,400 Penick & Ford
5955 58
4 59
No par x2512 Feb 27 593 Aug 29
4
/
4
16 June 323 Mar
4
581 593
5712 5712 5712 58
51
5314 51
527
No par 1914 Mar 2 5358 Nov 21
8 52
3412 Mar
13 May
525* 16,300 Penney (J C)
517
e 5112 535
5012 5114 50
200
/
1
Preferred
100 90 Jan 4 108 Aug 1
60 June 91 Mar
*105 10512 *105 10512 *105 10512 *105 1054 105 105 *10412 10514
414 43
414 43
418 4%
900 Penn-Dixie Cement_ __No par
8
438 43
213 Aug
13 Apr
912June 19
3 Jan 25
4
414 414 *414 4%
700
13
1314 1314 *1212 1655 13
418 Mar 2 32 July 5
Preferred series A
100
8 Sept
8
3 Nov
1212 *133 1614
12
*1212 14
8
27
8 265 27
29 4 3,700 People's G Ir & C (Chic)-100 a'26'sNov22 78 Jan 9
3
4 2618 265
Jan
39 July 121
261 263
/
4
2714 271 263 27
4
/
4
*1013 113
11
11% 11
500 Pet Milk
8
No par
612 Feb 2 1514June 8
1114 *11
5 Dec 1213 Jan
11
1114
.11
1114 *11
4 4,000 petroleum Corp of Am.No par
1118 1114 11% 11'
45 Jan 3 15 July 3
12% 1114 12
8
23 May
4
73 Sept
8
4 12
123 123
8
4 1214 123
37 June 115 Sept
1614 1678 27,900 Phelps
412 Jan 4 187
-Dodge Corp
25
8
8 167 175* 1618 17
sSept 19
175
8
17
1714 16% 1712 17
600 Philadelphia Co 6% pref
2212 24
2112 2112 *2112 24
50 2ilzNov22 36 July 7
*2112 24
18 June 41 Mar
24
*2114 24 .22
$6 preferred
200
40 40
*38
40
*37
40
No par 40 Oct 2 62 July 8
42
48 June 76 Sept
42 .40
42
*41
42
418 455
418 41
212 Feb 27
418 418 3,400 Phila & Read C & I
No par
2 June
912July 14
418 412
8
77 Sept
413 434
*43
8 412
812
12
8 Feb 23 147
200 Phillip Morris & Co Ltd___10
1214
125* 12
1213 *12
13 Aug
8June 7
7 June
1212 .12
•12
1212 *12
*812 13
3 Feb 8 163
Phillips Jones Corp__ _ _No par
*812 13
312 Apr
4July 18
123 Sept
4
1212 *812 13
*9
13
*9
13
*9
8
8
8 1614 1684 163 167 39,300 Philips Petroleum
No par
2 June
45ept 18
433 Jan 4 183
177
8 1612 173
8% Sept
17
1714 1712 173 18
8
158Mar15 133 Nov 24
123 133
4
1234 13
5
4 5,470 Phoenix Hosiery
131
4
918 Aug
2 Nov
/
4
8 11% 131 12
9
9
83 115
4
5I3
712 Nov 2
5 Nov 21
5
512 3.700 Pierce-Arrow Mot Car Co new 5
5
5
52 *5
5
514 514
5514 57
1
2,900 Pierce Oil Corp
1
1
1
15
14 Jan 3
25
8July 12
1
133
114
3 Sept
4
118
14 -Jan
1
lbs
1 18
1 18
37 Feb 27 1314July 12
400
*712 9
10.1
8
8
Preferred
9 Aug
312 Jan
*8
933
*512 912 s512 9
9
9
23
3 Jan 23
8
112 15
8 2,500 Pierce Petroleum
112 11
No par
I% Sept
4June 21
112 I%
1%
112
12 May
112
155
13
4 I%
98 Feb 24 267
2,600 Pillsbury Flour MIMI- No par
203 207 *2012 21
8
aune 7
912 Dec 2212 Jan
2018 2012 2012 21
191 1914 1914 197
/
4
100 Pirelli Co of Italy Amer shares 338 Apr 4 75 Nov 16
5 *731 74
4
21 June 313 Mar
/
4
*70% 74 *- -,- 72%
7212 7212 *7212 73
*7113 72
8
4 Feb 25 23 July 18
115 Sept
Pittsburgh Coal of Pa
100
3 May
*1012 131 *1012 1314 .1012 12
1314 *1013 12
•1218 1314 *11
Jan
100 17 Jan 25 48 July 14
*35
39
36
Preferred
200
36
37
17 Dec 40
4 37
393
393 *37
4
393 *37
4
*37
• Bid and asked prices, no sales on this day. a Optional sale. s Sold 15 days. z Ex-dividend. c Cash sale. y Ex-rights.
$ per share $ per share $ per share $ per share $ per share $ per share
15
143 *14
4
143 .14
4
14
15
*1414 1413 1412 1413 15
*a
New York Stock Record-Continued-Page 7
3814
Nov. 25 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. 18.
Monday
Nov. 20.
Tuesday
Nov. 21.
Wednesday
Nov. 22.
Thursday
Nov. 23.
Friday
Nov. 24.
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 $ per share 3 per share $ per share $ per share 3 per share Shares. Indus. & WacoII. (Con.) Par $ per share $ per share
*57
8 61..
612 612 *612 7
612 C's *53
4 612 *53
4 612
200 Pittsburgh Screw & Bolt No par
4July 6
17 Feb 15 113
*16
2412 *1712 2412 *20
2412 *2118 2412 *2118 2412 *2118 2412
Pitts Steel 7% cum pref __ _100 1014 Jan 6 383
41May 26
112 112 0112 212 *13
134
154 2
134
4 214 *13
400 Pitts Term Coal Corp_ _No par
4
17
8
12 Feb 8
68 July 18
*8
1212 *8
1112 *8
0812 11
1112 *812 11
.812 11
6% preferred
100
4 Jan 18 2312July 20
.214 4
0212 4
*214 4
*214 4
*214 4
*214 4
Pittsburgh Clotted
812 July 18
25
3 Feb 6
4
*35
39
3712 40
40
40
*35
*35
035
41
45
42
160
Preferred
100 153 Feb 27 64 July 19
4
*218 312 *218 312 *218 312 *218 314 *218 314 *218 314
Pittston Co (The)
No par
cs Apr 1
7 June 19
15
1518 1518 1612 153 1612 1518 163
4
8 15
157
8 1514 155 37,900 Plymouth 011 Co
8
63 Feb 24 175
4
5
8July 7
*85* 914
9
9
*814 10
914 914
914
914
600 Poor & Co class B
9
9
No par
13 Apr 3 134 July7
4
3
5
*23
4 3
3 4 3 4 *3
,
,
33
4 *315 33
100 Porto Site-Am Tab cl A.No par
4 *318 3 4 *3
34
8 June 6
15 /Mar 23
8
14 15
*1
8 .112 15
8
15
8 17
218 218 *112 218
900
Class B
112 2
No par
5 Feb 27
8
4 May 17
223 2234 2214 235
4
8 225 235
2112 2114 217
8
8 6,200 Postal Tel & Cable 7% pref 100
8 213 2212 20
4
4 Feb 27 403
4June 7
•18
25
1712 1812 *1712 25
•17
*1612 23
*16
25
200 Prairie Pipe Line
23
25
7 Mar 22 22 July 6
*218 212 *21
212
2
2
214
2 18
13
4 23
218 25
8 6,900 Pressed Steel Car
No par
ca Jan 21
512June 8
55
72
6
6
6
618 618 05 4 614
1,100
7
812
3
6
Preferred
100
3 Jan 27 18 June 7
4134 4214 413 4214 4112 4212 41
4214 42
4
418 42
4212 13,400 Procter & Gamble
No par
195$ Feb 28 .50 Apr 20
108 108
108 10814 10814 109 *10814 11012 *10814 109
120
10814 109
5% prof (ser of Feb 1 '29)100 97 Apr 18 109 Nov 17
7
8
1
7
8
1
1
1
7
8 6,400 Producers & Refiners Corp__50
7
8
7
8
7
8
7
8
7
8
8June 21
27
14 Jan 3
514
*612 7
714 71 1
63
4 64
614 6 4
,
514
Preferred
500
5% 518
13 June 21
50
2 Nov 1
3414 3314 338 34
36
8
335$ 3414 3314 3414 325 3418 33
15,100 Pub Ser Corp of N J_ _ _No par 325* Nov 15 5718June 13
*615* 63
62 62
6212 6212 6212 6212 617 617
8
8 613 6212 1,100
55 preferred
No par 597 Nov 15 8812 Jan 31
8
.76
79
*76
78
7712 79
76
79
77
78% 78
79
700
6% preferred
100 76 Nov 21 1013 Jan 24
8
86
86
*85% 88
*85
88
8412 85
878 085
878 *85
300
7% preferred
100 8412 Nov 24 11212 Jan 2
*1003 105 *100 105
8
1005* 10018 99 10018 *9914 106 *10018 107
400
8% preferred
100 99 Nov 22 125 Jan 9
.86
92 0... _ _ 91 *. _ 90% 86
4 853 853
86 .____ 853
4
4
200 Pub Ser El & Gas pf $5_No par 8345 Nov 24 10312 Jan 11
45
46
45 8 44
45
3
44
467
8 4412 46
45 4 45
3
457
8,100 Pullman Inc
No par
812 Jan 4 58's July 7
123 13
125* 1314 123 133
4
12
125
8 12
4
8 1218 127
1214 19,200 Pure Oil (The)
No par
212 Mar 2 15% Sept 20
*6012 63
61
63
61
3
63
*6018 63 4 6012 6012 6018 6012
180
8% cony preferred
100 30 Mar 3 697 Sept 19
8
1512 1512 1512 157
15% 15
8 15
1512 155
8 153 157
8
15
8
2,500 Purity Bakeries
No par
8July 11
Vs Feb 24 253
71
7
714
7 14
7
712
67
4
7
714 73
7% 73,100 Radio Corp of Amer_ _ _No par
67
3 Feb 23 1214 July 8
*2312 2412 *24
*24
247 248 *24
25
25
25
*24
25
100
Preferred
50 1314 Feb 28 40 May 31
153 165$ 15% 155
*16
8
1612 1512 161 2 1618 17
8 1514 153
4 9,600
Preferred B
No par
612 Feb 28 27 July 8
214 214
214
8
214 214
8
25* 23
23
214
8 23
218 2% 1,300 Radio-Keith-Orph
4June 8
No par
1 Mar 31
53
•16
1614 1614 1534 16
164 1614 163
5
8 16.8 1612 *15 8 16
1,000 Raybestos Manhattan_No par
3
8
5 Feb 23 205 Sept 14
*914 103
2
8 *912 103
912
9
8 *9, 1014 *9
9
200 Real Silk Hosiery
95* 9 2
,
8June 12
10
512 Feb 27 207
40t2
*35
4912 *35
4912 *35
4912 035
4912 *35
4912 *35
Preferred
100 25 Jan 4 60 May 16
21. 212
2 g 23
3
23* 25
218 218
8
8
2
2
800 ReLs (Robt) & Co____No par
218
2%
4' July 18
14 Jan 3
97
97
4
8 *93 12
2
.
*912 1034
8 10% 10% 091- 107
*912 107
20
1st preferred
100
118 Jan 3 1812June 22
714
714 712
714 712
75*
67
8 78
,
,
718 6.300 Remington-Rand
7% 7 4
7
1
212 Feb 23 1114July 17
.25
27
27
*26
26
27
4 26
263 263
27
4
*25
28
400
1st preferred
100
712 Feb 27 3712July 19
*2818 31
26
2918 31
28
29
29
2712 28
*2818 31
80
2d preferred
100
8 Feb 27 3514July 13
3
3
3
3
3 18
3
318
314
318 35*
34
,
35* 5,200 Reo Motor Car
63
5
8June 7
1% Fob 28
14
1414 1414 1518 1418 143
4
4 135* 1412 133 1412 143s 153 28,400 Republic Steel Corp.
8
._No par
4 Feb 27 23 July 13
29
29
32
283 32
31
4
3012 29% 3012 307 333
30
8
4 9,500
6% cony preferred
100
9 Feb 28 5412July 13
05 4 7 4 *53
3
4 73
3
4
6
*5 4 7 4 *53
3
6
3
4 6
6
8,700 Revere Copper & Bross_No par
6
114 Jan 10 12 June 2
*85* 18
.818 18
*818 18
.818 18
*818 18
.85 18
8
50
Class A
No par
2% Mar 2 25 June 2
*153 16
4
1512 1612 153 15 4 16
4
*153 16
3
163
4
8 153 1614 3,800 Reynolds Metal Co
4
No par
6 Feb 27 2112June 27
Reynolds Spring
612 712 *612 7 2
,2 *65* 712 "612 712 •
*63
4 75* *612 7
,
No par
112 Feb 28 1S4 July 12
4614 4658 4612 4778 47
475
8 4612 47% 4618 473
8 463 473 17,400 Reynolds (Si .1) Tab class 13_10 2612 Jan 3 x5414 Sept 15
4
.60
*60
*60
60% 608 61
61
61
60 60
30
60 60
Class A
10 60 Jan 5 624 Jan 24
Richfield 011 of Calif _._No par
14 Feb 21
3 June 8
*9
*9
*9
11
*9
11
11
9
97
8 *9
912
9
100 Ritter Dental Mfg
4June 29
No par
6% Feb 25 163
*4% 5
*4 4 5
3
*414 47
.418 47
412
*4
418 4%
100 Rossia Insurance Co
8June 8
5
2 Apr 8 107
3818 383
8 3818 3818 383 387
4
8 387 395
383 387
4
*
38
.8 38
2.800 Royal Dutch Co (N Y shares) 175 Mar 2 393 Nov 16
8
4
2814 287
8 287 2918 29
292
8
285 29% 2712 2812 2714 28
8
8,800 St Joseph Lead
10
4
618 Feb 27 313 Sept 19
4134 42
4212 4312 4312 443
3
4
4 43 4 4512 423 45
4334 4412 8,400 Safeway Stores
No par 28 Mar 3 623
8July 17
85
*8218 85
*82
8218 8218 83 83
*83
*83
85
85
80
6% preferred
100 72 Apr 5 9412July 13
7
93
93
91
93
9018
90% 9212 .91
91
9112 92
91
520
7% preferred
100 80 4 Feb 15 105 Sept 12
,
57
*512 6
512
.5
4 *5
5 4 53
3
.5
6
300 Savage Arms Corp____No par
6
6
214 Apr 3 12 July 1
35
*43
4 47
8
43
4 43
4 0414 43
4
37
414 4 2
8 2,400 Schulte Retail Stores.
4 414
,
33
.No par
5 Mar 3 104 July 11
8
96, 1812 16% 1612 *16
8
8
1812 153 16
15
12
1212 14
290
Preferred
100
34July 12
318 Apr 25 35
*407 41
8
41
41
*4014 42
40% 404 413 413
4
413
4 41
4
100 Scott Paper Co
8July 19
No par 28 Jan 24 447
7
3612 3714 3612 38% 365 385* 3612 3714 3518 37
8
353 35
9,600 Seaboard 011 Coot Del_No par
8
8
15 Feb 13 433 Sept 26
*27
8 3
*27
8 3
8 3
.27
3
3
•2% 3
•27
8 3
100 Seagrave Corp
4July 13
No par
43
1% Feb 25
423 427
8
8 43
45% 44
4514 4318 44/8 413 44
4212 44
4
99,700 Sears, Roebuck & Co No par
1212 Feb 25 47 July 17
8 *214 2 4 *212 23
*214 27
3
4 .212 23
4 .212 23
4 *213 23
4
Second Nat Investors
1
114 Feb 28
5 June 7
*31
34
*31
34
*3018 34
31
*3018 375* *3018 373
34
200
Preferred
1 24 Feb 24 48 July 6
112 112
114
114
112
114
114
114
112
114
13
1%
600 Seneca Copper
No par
18 Mar 28
35
8June 2
*412 45
42
8
412 4 8
5
8
4 8 47
5
45
8 45
8
412 45
8
43
4 4,400 Servel Inc
1
112 Feb 4
712July 18
75$ 73
73* 8
4
4 3,700 Shattuck (I G)
7% 73
712 77*
4
4
75* 73
7 2 73
0
,
No par
53 Apr 8 13's July 8
4
*412 6
.45
8 6
*5
53
4
200 Sharon Steel Hoop
518 5 8 *412 554
,
5 8 518
,
No par
112 Feb 23 12 July 14
*55* 55*
58 5%
3
53
55*
512 512
83
8 55$
5% 51 2 1,000 Sharpe & Dohme
8June 28
No par
212 Feb 27
85
*38
37 .37
4
383
4 383 384 37
39
300
3812
Cony preferred ser A_No par 21% Mar 2 4l7 July13
8
385* 383 .37
87
8 914
9
93
8
83
4 9%
918 22,800 Shell Union Oil
8 94
83
,
87
812 912
No par
312 Feb 17 115
8July 7
055
05514 58
*56
*553 58
56
4
*56
58
56
58
58
100
Cony preferred
100 2812 Mar 28 61 July 7
173 184 18
18
4
1812 18
167 1712 163 18
18% 17
8
13,700 SlmtnOns Co
No par
45$ Feb 28 31 July 19
97 10
•1018 1014 1018 104 10% 1012 10
47 Feb 28 12%June 2
10 • 10
1038
1,600 Simms Petroleum
10
9
9
1,800 Skelly Oil Co
9
914
9
9
918 914
918 914
8
9 8 9,
,
25
3 Feb 20
97
8June 2
12 5.510 *5312 5518 054
55
54
55 .5312 54
10C
54
*54
Preferred
053
100 22 Feb 28 5712July 20
15
*12
12
•1218 1412 12
20
100 Sloss-Shell Steel & Iron 100
*1212 15
20
*13
"13
7 Jan 3 35 July 14
*1414 17
.1612 20
10
*1612 20
*1612 20
17
*1612 17
7% preferred
17
100
814 Feb 7 42 July 15
6% 4,800 Solder Packing Corp__No par
6
512 6
6
614
65* •512 6
6
618 612
'sMar3l
93
4July 13
161.1 165
8 165$ 17
4
16% 17
15 4 1612 1.513 1638 153 1614 221,500 Socony Vacuum Corp
25
3
6 Mar 23 17 Nov 17
82% 8212 81% 83
2,400 Solvay Am Invt Tr prof __100 58 Feb 25 92 July 3
*8112 82
815 82
82
8212 83
82
7,200 So Porto Rico Sugar_ __No par
.3818 39
38
357
383
4 3611 383
3614 35
3614 3714 35
157 Jan 12 48-5* July 17
20
*112 118 *112 118 *112 115 *112 115
Preferred
112 112 .112 118
100 112 Jan 4 132 July 14
13,600 Southern Calif Edison
141 143
1518 1518 16
15
143 15
8
4
1412 1518 147 15
25 1418 Nov 18 28 Jan 11
47
47
47
Southern Dairies cl B_ _No par
*3
.3
478 03
48 .3
48 "3
114 Feb 28
73
4June 10
8
Spalding (AG)& Broa_No par
07
8
8
*7
*7
.63
8
4 8
.7
8
*7
4 Jan 18 11,
8July 14
40
535
1st preferred
40 .35
40
*35
40 .35
*35
40 .35
40
100 2518 Mar 28 61 June 27
Spang Chalfant & Co Inc No par
•__-_ 11 *____ 11 •____ 11 *____ 11 o____ 11 o____ 11
412 Feb 18 1512July 19
020% 25
20
20
Preferred
20
25
*20
*20% 25
20
20
*16
20
100 1712 Feb 9 50 June 13
45
5,800 Sparks W1tbington____No par
414
43
4
412 45*
5
43*
418 412
412 48
4
3 Feb 28
4
8 Juno 12
Spear & Co
23
*13
.2
4 2 4 *13
23
4 *2
3
23
4 *2
4 23
254
4 *2
No par
12 Jan 10
512June 20
1812 1734 1734 163 1712 1,000 Spencer Kellogg & Sons No par
4
*163 17
1714 1712 18
4
1812 18
712 Apr 10 22 July 19
8
614 63 63.500 Sperry Corp (The) v t c
614
6
55
8 534
55
8 55
5 8 618
5
558 53
1
218May 3
712July 18
"13% 9
*65
Spicer Mlg Co
8 9
8 9
065
*13% 9
*612 9
*612 9
No par
5 Jan 3 16 June 12
21
21
21
50
*18
Cony preferred A_ _ _No par
*17
21
*18
21
21
*17
*18
21
11$4 Mar 21 3212June 12
1812 1,800 Spiegel-May-Stern Co _No par
8 1818 185$ 18
•1612 1712 1712 1712 1712 18
183
18
1 Feb 28 1812 Nov 24
227 23% 2318 2378 49,200 Standard Brands
8
2414 25
243 243
7
8 23% 23
237 247
No par 133 Mar 2 375* July 18
•12012 1233 .12012 124 .12012 1233 012012 1233 *121 123% *121 1234
Preferred
4
4
4
No par 120 July 11 124 May 4
412 5
1,400 Stand Comm Tobacco_No par
43
8 434
*43
4 5
42 45*
5
5
5
514
1 Jan 3
93 Aug 28
8
7 5 912 5,900 Standard Gas & El Co_No par
4
712 73
7
7%
73
4 8
8
718 73
73
4
5'sSfar3I 2212June 13
8 3,900
814 103
814 814
9
Preferred
9
818 812
918 9%
9
8
No par
8 Nov 20 257
8June 13
22
1,200
$6 cum prior pref _ _ _ _No par
20
20
20
20
19, 193
20
4
4 20
19 4 20
3
20
17 Apr 4 61 June 13
1,000
221 t 2214 244 26
23
22
$7 cum prior pref
2334 233
2238 22
23
235
No par 20 Apr 4 66 June 13
112
500 Stand Investing Corp No par
112
112
8
1% .13
*13
8
17
13
8
15
8
13
8
13
8 *112
8June 2
'1Mar31
27
400 Standard 011 Export pref__100 9212 Mar 3 1023 Sept 15
953 96
4
96
96
97
*95
__ 98
96
4
963 963 "96
4
4
5
4218 4312 4134 42 8 36,200 Standard 011 of Calif _No par
44
8 4314 44
4 4312 443
445* 4314 443
1912 Mar 3 45 Nov 17
3518 3518
500 Standard 011 of Kansas......_10
4
36
3512 343 35
36
3512 *35
*35
*35
35%
123 Apr 4 36 Nov 17
4
7
4
4438 453 65,200 Standard Oil of New Jersey _25 2234 Mar 3 4712 Nov 17
4455 45
a463 47
8
46% 47
465 47 8 4514 47
8
,
6i4 *6
613 6l
*57
»61, 7
8 7
614
57
5 614 *6
100 Starrett Co (The) L S._No par
4 Feb 16 1112June 14
13
4
13
4
700 Sterling Securities Cl A_No par
13
4
8
17
8 *15
13
4
158
*15
8 134
*15
13
8 13
8June 13
ca Jan 11
37
8 412
100
*4
414 *4
414 414 *358 412 *35
414 .418 414
Preferred
No par
4June 13
15* Feb 10
73
200
35 .2914 35
*30
*2812 31
.2812 31
Convertible preferred_ _ __50 20 Mar 2 36% July 3
35
30
.30
30
8 3.700 Stewart-Warner Corp
63
6
6
6
6
6
6
6
6
6
6%
63
8
10
212 Feb 24 1112July 19
73
8 78,
4
712 73
Vs 8
712
7
714 814 12,300 Stone & Webster
71 1
75*
55 Feb 27 19's July 13
No par
47
8
47
c
47
5
14,600 Studebaker Corp (The) No par
45
47
8 5
47
5
43
4 5
8June 0
83
112 Mar 20
22
440
201g Mg 2012 2112 22
24
2312 2012 2012 21
21
Preferred
100
9 Apr 3 3818June 5
*48
53
2.500 Sun Oil
52
x50
54
54
55 55
56
5818 5712 59
No par 35 Feb 25 59 Nov 22
10
09912 100
*9912 100
Preferred
100 100
*99, 10112 *9912 10012 *9912 100
2
100 89 Mar 16 103 July 26
16
16
19
100 Superheater Co (The)__,Vo par
*16
*16
19
01512 19
*1512 19
"1512 18
712 Feb 17 27 July 19
2% 214
2% 218 3,200 Superior 011
23
8 28
218 214
3
218 2%
218 214
No par
et Jan 4
412July 13
1118 113
1012 11
4 3,100 Superior Steel_
107 107
8
11
8 105* 115
8 1112 1112 11
8July 13
2 Feb 28 223
100
414 41 1
*4
400 qweets Co of Amer (The)_50
412
414 414
412
412 412
8 *4
4 8 43
3
1 Mar 22 10 July 19
118 *1
1%
118
1%
300 Symington Co
1 18
118 *118
114
118
*118
114
3 June 7
No par
18 Apr 8
35
8 1.200
312 *3
3.
18 3 8
37
8 4
314 312 *3
7
Class A
35* 35*
514July 3
No par
14 Apr 11
011 12 12
115* 115* 1112 1112 113 115$ 111g 1118 1114 1114
600 Telautograph Corp
8
No par
8July 7
818 Feb 17 163
43
8 5
518 51.
43
4
47
538 *5
47
8 5% 2,400 Tennessee Corp
58
,
518
15* Feb 28
No par
714 Aug 10
8 253 265 33,500 Texas Corp (The)
4
267
8
4
263 2718 263 273
8 263 275
4
4
; 263 2712 26
30, sent 18
25 10% Feb 2,
8
4214 4338 35,400 Texas Gulf Sul phur_ __.No par 1514 Feb 20 4514 Nov 20
447
42
43 4 44.8 43 8 451 1 4418 45
3
3
1
435 443
8
33
37
37
37
37
4
33*
33
4 33
3.400 Texas Pacific Coal & 011_10
35
38 4
13 Mar 3
8
612May 29
77
8 3,500 Texas Pacific Land Trust_ __1
818 818
712 75
712 754
818
8
8,
8 85*
81 1
1118June 12
312 Mar 31
U 1 1 44
•Bld and asked prices. no sales on this day. a Optional sale. x Ex-dividend. y Ex-rights. c Cash Bale.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share
2 Apr
47 Aug
8
912 June 243 Sept
4
212 Aug
12 July
.5 Dec 1212 Mar
as Dec
33 Sept
4
14 May 44 Sept
12 Dec
3 Sept
83 Nov 1212 Sept
8
112 May
6% Sept
114 May
65 Sept
8
5 May
8
23 Aug
4
13 July
1712 Sept
4
512 June 1214 Sept
3 June
4
4 Aug
25 June 17 Sept
8
197 June 423 Jan
8
4
81 July 10312 Dec
% May
158 Mar
1 May
93 Mar
4
28 July 60 Mar
62 June 90% Sept
7112 June 10218 Aug
9212 May 114 Mar
100 July 13014 Mar
83 June 10312 Dec
1012 June 28 Sept
27 June
6, Aug
2
50
Jan 80 Aug
43 May
8
g
157 Mar
212 May
1312 Sept
10 June 327 Jan
8
33 May 235 Sept
8
I% June
73 Sept
4
43 July X123 Aug
8
4
218 July
812 Sept
7 June 30 Sept
18 Apr
112 Sept
Cl Dec
75* Sept
1 May
712 Aug
4 June 29 Aug
5 June 3112 Aug
37 Sent
112 Apr
17 June 137 Sept
8
8
5 June 287 Sept
1 July
614 Sept
2 Dec 1213 Aug
55 July
8
117 Sept
8
3 Feb 127 Sept
2612 June 4014 Jan
64 May 71 18 June
15* July
Is June
4 July
12
Oct
112 May
912 Aug
1218 Apr 2334 Sept
45 July
8
173 Sept
4
3018 July 5914 Mar
60 May 90 Oct
69 June 99
Oct
1, July
4
73 Feb
8
12 Dec
4
Jan
5
Oct 30
Jan
18 May 42 Feb
65* Apr 203 Dec
8
1
Apr
234 Jan
97 June 37% Jan
12 July
3 Aug
21% June 3618 Aug
18 May
1 Aug
112 June
53 Jan
8
5 May
123 Mar
4
112 July
734 Sept
17 June
8
7 Sept
1112 July 3014 Jan
212 Apr
83 Sept
4
18 May 6514 SeP5
234 June 133 Sept
8
314 Apr
712 Aug
53 Sept
212 Feb
Jan 3312 Sept
12
4
33 June 193 Sept
4
6 July 2912 Sept
712 Sept
17 Dec
1214 Sept
514 May
35 Juno 67 Sept
412 Apr 18% Sept
8612 May 11212 Dec
4
153 Juno 323 Feb
4
3 Feb
114 May
Jan
12
412 July
25 Dec 95 Jan
95 Mar
83 Mar
4
15 Nov 4812 Jan
5 Sept
1 May
5
13 Apr
12 July
11 Sept
8 May
-- ---8% Sept
3 Dec
912 June 18 Sept
5 may
8
5 Aug
8
8
83 June 177 Aug
110 June 123 Dec
2 Jan
7 July
8
8
75 June 3414 Mar
914 June 4114 Jan
2
21 July 62, Aug
28 June 75 Jan
2, Aug
4
14 June
x81 June 100,2 Dec
8
15, June 317s Sept
7 Apr
1612 Aug
197 Apr 31's Sent
83 Sept
4
3 July
18 May
214 Sept
4 Sept
8
5 July
1312 June 26 Aug
17 May
8'2 Sept
8
45 July
75* Sept
.
212 May
133 Sept
4
s
30 Nov 1047 Mar
97 Oct
243 Ain 3
68 July 92 Dec
7 June 1418 Sept
14 Jan
2 Sept
214 May
914 Sept
15 July
8
11
Jan
Is Mar
1 Sept
12 May
23 Aug
4
6 July
133 Mar
4
1 May
43 Sept
8
914 June 1814 Sept
12 July 263 Feb
4
112 Apr
4 Aug
212 June
812 Sept
_
--
New York Stock Record-Concluded-Page 8
3815
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
I'
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Nov. 18.
4
Monday
Nov. 20.
Tuesday
Nov. 21.
Wednesday
Nov. 22.
Thursday
Nov. 23.
Friday
Nov. 24.
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 $ per share Shares. Indus. & Miceli.(Cond.)Par $ per share $ per share $ per share $ per share
1i3 l2ls 113 1212 1212 1212 1112 12
2 Apr 10 Nov
5 Feb 15 2218July 19
No par
*1112 1 4
1,300 Thatcher Mfg
4
.1112 12
2218 Apr 32 Dec
8
No par 275 Feb 6 44 July 18
393
4
393 *39
4
393 *39
4
83.60 cony pref
393 *39 393
4
*383 393
4
4 39
4 39
2 8 Mar 31 121/May 31
3
No par
814 Sept
The Fair
212 Dec
4 6% *512 61s *512 618 *512 618 *512 61s
*514 614 *53
100 33 Feb 28 70 July 5
*45
50
*45
50
*45
48
45
38 July 85 Jan
7% preferred
10
*45
50
45
*45
48
1 Feb 28 1012July 17
No par
4 Sept
7 June
8
6
614 61
/
4
6% 612
8
53
4 618 2,300 Thermold Co
612
6% 63
5 4 618
3
10 May 1712 Dec
1 10 Mar 1 2114 July 18
157 *15
8
8
Third Nat Investors
157 •1314 157 *15
8
*14
158 *13
157 *15
8
1372
712 Nov 163 Mar
4
612 Oct 20 1512June 2
25
400 Thompson (J R)
812
*7 8 818 *7
5
77
8 772
8 8
/
1
4
7 4 7 4 *77
3
5
812 812
53 Jan 6 2014 Sept 14
123 13
1312 1418 1278 13
2 4 June 10 Feb
3
4
14
3,300 Thompson Products Inc No par
2
13
1318 133 1414 14
33
12 Mar 3
912June 19
214 Aug
3 June
s
314 2,800 Thompson-Starrett Co_No par
31 33
/
4
8 *3
3 8 312
3
312 312
312
3 8 33
3
*2118 22
*2118 22
12 June 1712 Sept
*2118 22
No par 12 Jan 10 30 June 19
*2118 22
•21% 22
*21% 22
$3.50 cum pref
2 Apr
/
1
4Sept 26
8 104 1034 1018 1012 1014 105 19,100 Tidewater Assoc 011
5 8 Sept
5
318 Jan 13 113
No par
8
/
1
1012 107
8
8 104 105
8 105 107
63
6312 63
6112 63
20 Feb 60 Sept
100 2312 Apr 6 6312 Nov 23
6312 3,100
6112 62
Preferred
6012 61
*60
61
5 June 10 Aug
914 Apr 20 2418 Nov 18
No par
*2014 30
*2014 30
*2014 30
100 Tide Water 011
24% 2418 *2014 30 .2014 30
30 Feb 62 Sept
100 46 Feb 2 77 Nov 1
76
76
77
76
767 *75
75
75
77
Preferred
600
*75
*75
77
2 July
4
414
4
/
1
4
63 Sept
4
814June 20
112 Mar 22
10
44 4%
/
1
4
41s 418 1,600 Timken Detroit Axle
414 41
/
4
4
4%
73 July 23 Jan
4
4
28
308
29
303
31
288 30
28% 283
14.100 Timken Roller Bearing_No par 133 Feb 23 3512July 7
4 2812 3014 30
218 Jan
912 July 13
7% Sept
2 8 Mar 2
5
63
8 63 69,500 Transamerica Corp__ __No par
4
614 653
6% 68
614
6
553 6
55
8 53
4
24 July
/
1
812 Sept
27 Mar 21 1712July 19
10
2,000 Transue & Williams St'l No par
912 10
1018
958 10
912 912 *914 912
10
10
47
112 May
512 Sept
43
4 5
47
8 47
44 4 8
3
7
5
s
5%
h
s
8i July 7
3,000 Tel-Continental Corp__No par
23 Feb 27
4
42 Jan 72 Sept
5518 5514 *55
No par 41 Apr 8 x75 May 16
400
55
55
61
6% preferred
*5518 61
*551 61
*551 61
1953 May 3112 Mar
8July 17
Feb 25 387
30
31
3012 3012 3114 3114 3114
3114 313* 31
1,300 Telco Products Corp_ No par 201s
31
31
318 Jan
/ May
1
4
112
14 Apr 4
No par
11
8 214 *112 253 *112 2
514July 15
100 Truax Traer Coal
*112 238 *158 214 *15
7
2 Apr
714 Aug
4June 12
55
2 Mar 3 I23
10
7,600 Truseon Steel
55
8 6
53
4 53
4
6
5
61/4
57
558 6
53
4
12 May
258 27
234
318 Aug
23
4 23
8
258
614June 19
4 *25
3 Jan 16
4
No par
700 men & Co
8 23
4
212 212
*238 3
73 July 243 Sept
8
3314 6,600 Under Elliott Fisher Co No par
3312 325 3314 33
914 Feb 24 3912 July 7
4 3212 3314 33
313
*30
304 31
8
512 June 115 Aug
512 Jan 13 60 July 18
42
/
1
40% 40% 4012 4012 1,700 Union Bag & Pap Corp_No par
4 424 4214 41
4212 4212 42 423
1512 May 3638 Mar
8 4514 4814 4634 48
457 4658 465 4912 47 4 49% 4712 487
40,600 Union Carbide & Carb-No Par 10% Feb 24 517 July 18
3
8
3
8 July 15 8 Sept
8July 7
195 203
8 195 2018 10.900 Union 011 California
812 Mar 2 233
25
s
2014 203
8 2012 2118 2014 21
4 201s 207
113 June 1914 Jan
4
4June 2
8
8
*153* 161 *1538 165s *153 165
101 Feb 21 223
Union Tank Car
No par
*153 17
8
*15 8 17
5
•1518 17
3
32% 3312 327 3334 106,700 United Aircraft & Tran_No par 1612 Mar 2 46% July 17
612 May 34 Sept
327 343
351
4
333* 3414 333 3518 34
/
1
4
30 May 58 Dec
62
1,400
62
6% pref series A
/
4
8 62 62
7
50 5112 Mar 1 68 June 18
623* 6253 62 8 621 625
*6214 627
8 6253
11 July 2812 Mar
2314 237
5,500 United Biscuit
8 2212 23
/
4
100 1312 Feb 24 2758July 10
8
2212 2312 227 2414 2314 241 2314 24
75 July 103 Mar
90
107 108
Preferred
100 92 May 2 z110 July 14
106 106 *108 120 *108 120
8
*105 107 *1055 106
6 8 June 18 Sept
5
19,600 United Carbon
35
4
No par 1014 Feb 25 35 Nov 24
3353 33
8 3212 3412 323 3412 32
32 3212 3212 345
312 June 14 Sept
47
8 518
518
5
53 61,300 United Corp
4
5
No par
4 4 Nov 18 1412June 13
3
5
478 5
5'8
43
4 5
20 June 393* Sept
8June 13
13,600
26
4 2312 2414 24
8 2314 233
Preferred
No par 2218 Nov 17 407
5
2212 23 8 2212 235
2212 23
318 Sept
7 Apr
8
sJune 21
410 United Dyewood Corp__ _100
67
3 Feb 17
4
314 314
3% 31s
314
*3
312 *318 312
314 314 *3
258 July
6% Aug
8July 14
414 414
500 United Electric Coal_No pat
4% 4%
414 41
/
4
87
1 Mar 31
412 412
*458 5
*412 6
104 June 3258 Aug
/
1
64
65
627 64
8
10,700 United Fruit
6412 66
No par 2314 Jan 3 68 Aug 31
6518 6514 657
634 63 4 64
3
914 June 22 Sept
8
8
153
8 147 1518 147 1518 147 1618 32,600 United Gas Improve
No par 14 Mar 31 25 July 13
1512 15
15
1518 15
70 June 99 Dee
86
86
Preferred
400
84
85
*85
86
88
No par 84 Nov 23 100 Jan 9
*85
*86
87
*86
87
% Dec
3 Aug
4
512July 13
12 Jan 23
100
IN 2% *112 218 *112 218 *112 2% *112 218 *112 218 2,200 United Paperboard
3 2 June 1178 Sept
3
8July 19
400 United Piece Dye Wke_No par
83
4 83
4 "SN 10
9
912
312 Mar 3 217
4
*93 1012 *97 1012 .93 1014
4
6412 June 9312 Jan
100
55
55
*55
70
100 50 Apr 19 85 July 13
*55
70
*55
70
64% preferred
*55
70
70
"55
3 Jan
3 May
4
714July 6
1,200 United Stores class A__No par
8
4 27
23
4 27
e *23
25
8 24
3
3
3
3 Feb 28
4
24 2 4
234 27
8
*258 27
27 Jan 4814 Mar
Preferred class A____No par 45 Mar 21 66 July 20
*5014 60
*5014 60
*51
60
*51
60
*51
60
*51
60
11 May 31 Sept
454 4612 4612 4612 1,300 Universal Leaf Tobacco No par 2113 Apr 1 511 July 17
/
1
45
46
47
*4412 46
45
*44
47
10 4 Dec 50 Jan
3
Universal Pictures 1st pfd_ 100 10 Apr 24 35 June 13
*19 4 29
3
*193 29
4
*193 29
4
*20
29
4
*193 29
4
*193 20
218 Aug
% Apr
353July 13
14 Apr 4
1,700 Universal Pipe & Rad__No par
21s 214
2 14
214 214 02
214 214
218 218
2% 214
7 June 1818 Sept
/
1
4
1 2218July 5
185 1914 30,500 U S Pipe & Foundry
8
618 Mar
20
173 ID's 1814 1918
4
17
17
17
177
8 1712 18
1112 June 1653 Aug
1st preferred
2,100
No par 123 Apr 10 19 May 26
*165 17
8
8
8 167 17
1512 I53
1618 1618 1612 1612 1653 165
5% Dec
2 June
US Dlstrib Corp
8 212
8 212 *15
6 June 13
1 Oct 24
No par
*15
8 21
*153 253 •158 25
8 212 *15
8 •15
114 Sept
14 Jan
U S Express
218June 8
% Jan 30
100
*3
4
7
8
4
7
8
*3
"4
5
7
7
s
*3
4
*3
4
7
s
*3
4
7
44
312 May 15 4 Sept
3
8July 7
21
21
21
7 Feb 16 295
No par
800 U S Freight
211 *19
21% 21
*1812 2912 *1914 2012 21
614 Sept
I% June
1,900 US & Foreign Secur _No par
Feb 23 1734July 8
*83
4 9
9
9
318
*9
912
9
9 14
87
2 91
/
4
83
4 9
26 June 64 Sept
63
Preferred
No par 3612 Mar 28 84 July 19
*60
63
63 *60
*60
*593 63
4
*60
63
*593 63
4
101 June 27 Sent
4,400 US Gypsum
20 18 Feb 25 53l July 8
4
4512 4512 45 4 463
3
4 464 4818 4712 481z 463 4712 47 47
847 June 105 Oct
8
70
7% preferred
100 1011 Jan 9 121 Sept 20
/
4
110 11014 *110 113 *110 113
*11014 115 *11014 115 *1101 115
/
4
6 Sept
47
3 Apr
4
8June 8
4 1,500 U S Hoff Mach Corp__No par
13 Apr 3 117
8
414 43
478 47
47
8 47
8
47
8 43*
5
5
5
1314 June 3614 Sept
6212 21.200 US industrial Alcohol_No par 1312 Feb 28 94 July 17
/
4
7
653* 67 8 6414 661 6118 6312 60
*6614 6712 6612 68
714 Sept
114 May
No par
17'4 July18
912 912 2,400 U S Leather v t c
918 912
103*
1014 1018
23* Mar 1
912 103
8 1018 1014 10
314 June 16 Sept
4July 18
Class A v t c
No par
4
414 Feb 25 273
173 173
4
4 1714 183
8 1812 18% 1814 1914 173 1812 177 1814 6,200
4414 June 7018 Sept
Prior preferred v t c
700
70
70
*6812 70
100 30 Feb 23 7814 Sept 20
06812 70
70
69
69
70
687 69
8
4
2 June 113 Sept
212 Feb 28 14'z July 7
4,106 U 8 Realty & Impt___No par
73
4 8
8
8
8
812
8
83
4
8
85
8
85
8 85
8
/
1
114 June 104 Aug
8
27 Feb 27 25 July 18
2
No par
1714 1814 175 1853 37,800 U S Rubber
8
8 1814 1953 183 1914 1818 19
1853 187
7 July 18
3
318 June 20 4 Aug
1st preferred
6,000
2712 283
8 2814 29
2812 2812 2914 305
100
512 Feb 23 43
304 2912 3012
8 29
92
9514 38,800 U S Smelting Ref & Mln___50 1312 Jan 3 105 8 Sept 19
10 June 2234 Aug
4
983 9912 9912 1013
8
5
4 9612 10212 963 100'2 9214 97
31 July 457 Aug
*55
56
8
Preferred
300
*55
5514
50 3912 Jan 4 58 Sept 20
8
5418 5418 .5418 5453 5418 543 *5412 56
4434 4318 447
2114 June 525 Feb
8 4418 46 151,400 US Steel Corn
427 43 4 43
100 233* Mar 2 6712July 18
4514 4312
4512 44
3
4
8 6,700
813 813
4
4 813 827
82
5112 June 113 Feb
Preferred
100 53 Mar 2 10512July 17
8214 833* 81
4
79
793
4 793 83
55 June 66 Apr
400 U S Tobacco
No par 59 Jan 9 102 Oct 16
100 100 *100 10212 *100 102
100 190
*95 100
*96 100
17 Apr 18
284 23
3
112 May 10 8 Jan
27
s 314 7,000 Utilities Pow & Lt A_ No par
4
23
3
3
8 8June 13
7
3
3
27
8 3%
4 3
118 Sept
118
114 1,500 Vadsco Sales
118
118
14 Mar
11
114
13
No par
1%
13
8
318July 19
3 Jan 6
8
s 1%
13s *114
12 June 20 Jan
24% *23
8
248
247 *23
8
•23
247 *23
8
Preferred
247 *23
247 *23
100 1518 Jan 11 247 Sept 28
5
514 May 23 Sept
8
3
8 2058 217 13,400 Vanadium Corp of Am_No par
19 4 2012 201 2112 203 2153 2012 2114 19 4 207
3
7 8 Mar 2 3614July 19
5
/
4
4
7 Feb
2 Dec
10 Van Raalte Co Inc
4 *412 53
*43
43
4 43
No par
*412 53
4 6
158May 5 10 July 6
.43
4 5 4 *412 51
3
4
*4012 45
7% 1st pref stamped___100 147
*4012 45 *4012 45
*4012 45
*4012 4712 *4012 46
8May 11 43 Nov 14
% Mar
253 Aug
1,100 Virginia-Carolina Chem No par
38 38
3
3
318 314
7 8July 19
3
3 Feb 23
8
3
314
33
358 *3
358 33* *3
3% Feb 1114 Aug
13
13
14
6% preferred
500
13
1318 *1212 14
13
1312 *1318 14
*13
3 8 Mar 2 2612July 18
3
100
5
20 Apr 69 4 Nov
*5714 65
7% preferred
100 35 8 Mar 31 6312July 18
100
*58
60
63
*58
611 *58
59 59
*574 65
/
1
3
60 June 90 Sept
40 Virginia El & Pow $6 pf No par 6514 Apr 17 855 Jan 25
6912 6912
*6912 70
69
69
71
s
8
*69
727
8 707 707 *69
563 54% 5518 5414 56
714 July 347 Aug
8June 8
5512 58
820 Vulcan Detinning
54
5412 57
4
100 123 Feb 25 677
5612 57
71 May 19
Jan
6
634 6
1,200 Waldorf System
*5 4 6
3
6
6
6
6
6
6
514 Nov 16 12 July 5
NO par
658
4 8 Aug
3
8June 27
358 37
38 4
7
4
N June
83
4
74 Apr 5
No par
1,500 Walworth Co
37
8 37
353 33
4
3 8 353
5
214 May 1014 Jan
*8
10
10
100 Ward Baking class A No par
*7
8
8
8
*8
9
*8
*8
10
2% Mar 15 20 July 11
2 8 Jan
5
54 May
2 8 23
5
4
4
212 21
8 23
5 8July 10
5
38 Apr 13
Class B
4
2 8 25
5
8 *25
No par
600
23*
23* *23* 23
12 May 4012 Mar
700
Preferred
*2713 3112 30 30 30 3058 *2712 30 *2712 30 *28 30
100 1112 Apr 17 447 July 11
412 Sept
612 63
4
63
2 652
12 June
614 62
612 63
4
6% 63 18,900 Warner Bros Pictures
612 612
918 Sept 15
8
1 Feb 25
5
4 June 20 Feb
No par
1
4
414 Feb 7 2412 Oct 6
$3.85 cony pref
100
2014
0
•1812 2018 *1812 2 / *1812 2014 *1812 20'4 1812 1812 *14
12 May
214 Aug
23* •2
8June 10
214
47
2
2
58 Mar 21
No par
100 Warner Quinlan
*214 212 *212 212 *214 212 *2
8 8 Sept
3
114 May
84 918
8June 19
83
8 87
8% 83
814 83*
4
212 Feb 25 223
No par
814 812 3.700 Warren Bros
8
54 914
16
•144 14 4 1414 1414 1414 1414
/
1
2 June 1712 Jan
3
120
5
14 35 8June 17
1418 *1418 1512 *14
Convertible peer-- No Par
14%
712 Feb
/
1
7 May 144 Sept
/
1
4
1818 1914 1912 20
4
17% 1714 1712 18% 1853 1812 181
5 Feb 20 223 Sept 26
No par
2,700 Warren Fdy & Pipe
•17
4
4 3 412
2 Jan
41
5 May
8
*418 412
8 July 8
412 412
412 412
1 Jan 16
No par
900 Webster Eisenlohr
*42 5
13 Sept
14 July
118
118
"118
13
4
13
na *1144
I%
312June 9
18 Apr 11
1
20 Wells Fargo & Co
IN
114 *I
•1
4
4 225 225
8
8 213 2214 22
818 July 20 Sept
4
22
2,300 Wesson Oil & Snowdrift No par
7 Mar 3 3712July 18
2214 2212 2212 2314 223 233
56
561 *54
423 July 5812 Sept
4
*54
57
57
5512 5512 *5614 57
Mar 3 63 July 18
500
Cony preferred
No par 40
57
*55
8 55% Si's 55
1218 June 50 Feb
5612 5518 5712 38,800 Western Union Telegraph-100 1714 Feb 25 7714July 18
5812 567 587
55
5434 56
/
1
2712 2814 274 28
253 27
4
28
914 Apr 1818 Sept
8July 7
2612 2712 3.000 Westingh'se Air Brake-No Par 114 Jan 3 355
*2712 2818 28
4014 39
413* 3912 4114 38
4012 52,000 Westinghouse El & Mfg___50 193 Feb 25 583
3912 4112 40
4July 14
1558 June 4312 Sept
8
3958 405*
8212 824 8214 *8111 90
/
1
8212 8212 81
5212 June 82 Sept
82
82
1st preferred
390
50 6012 Feb 2 96 July 18
81
81
*714
73
914 Feb
*714 7 4 "714
212 Apr
3
712
312 Feb 27 13'4 July8
500 Weston Elec Instrum't_No par
*712 8
re 8
V
, 8
*15
20 .15
*15
20
*16
20
1314 Apr 19 Jan
20
20
*18
Class A
No par 10 Mar 31 2214July 20
20
*16
*4212 45
*3712 50
25 May 80 Sept
20 West Penn Eleo class A_No par 30 Apr 22 73 June 14
*3712 50
4412 4412 *4312 45
42
42
497 50
50
50 "49
*49
50
Jan
4812 *49
22 June 76
4June 14
330
47
Preferred
100 37 Apr 4 773
49
*47
*41
41
43
44
43 *41
43
20 June 70 Jan
120
6% preferred
100 33% Apr 6 6912July 14
a4018 4112 4053 40% 41
99
8
98
98
Oct
98
98
80 June 111
100 West Penn Power pref
8
100 92 Apr 13 1103 Jan 19
*99 10018 *99 1003 *98
10058 100%
*75
82
877 *75
877 *80
8
82
*80
30
6% preferred
88
6612 June 1014 Mar
100 81 Apr 3 101 Jan 11
*80
88
80
3
3% *314 312
312 3 2
3
*312 3 4
3
800 West Dairy Prod el A__No par
312 Nov 161 Mar
4June 12
212 Apr 5 I13
*312 4
*3 4 4
3
13 112
43 Mar
13
5
8
112 2,000
13
13, 112
114
114
8
1 June
Class B v t a
No par
114
414June 12
7 Mar 31
8
4114 0
1412 1412
15
15 .14
600 Westvaco Chlorine Prod No par
8
3 June 125 Mar
5 Mar 3 20's July 13
153
4 1512 1512 15
16 •15
16
1712 17% 17%
1512 1512 16
*1512 1812 *1512 171 *16
16
7 2 Jan 4 35 July 3
400 Wheeling Steel Corp_ No par
5 June 15 Sent
10 White Motor
67 June 2714 Sept
2
50 14 Jan 25 2612July 13
*16% 194 *1618 1034 1614 1614 *1614 1918
4
.1618 193 *1618 193
4
25
*2418 2412
25
*25
26
300 White Rock Min Spr elf No par
*2412 26
11 July 2812 Mar
113 Apr 1 3853 July 19
2
24% 25
*25
26
12 Jan 20
4 2
15
13
4 *13
1,200 White Sewing Machine_No par
2
2
2
21
/
4
214 Aug
4
214
/ Apr
1
4
43 July 6
2
•17
8 2
*5
63
4 1,600
8 5
5 8 *43
5
4
Cony preferred
8
No par
23 Sept
4
118 Jan 14 1012July 6
512 512
6
6
553 55
3 Apr
4
314 312 5,900 Wilcox 011 es Gas
31s 314
814 Aug
3
2 May
2 Mar 2
5
3 8 31
3
358 312
33
512June 2
3% 312
353
100 Wilcox-Rich el A conv_No par 15 Mar 1 2714 Sept 13
/ *2412 251 *241- 2514 *2412 251
1
4
1312 June 2012 Mar
*2412 25
25
25
*2412 25
*434 52 1,900 W112012 & Co Inc
5
553 5's
8
154 Mar
5 June
8
7 Jan 3 11 June 7
8
5 8 57
,
No Par
8
5 8 558 *512 55
3
1414 14
47 Sept
.1314 14
14
1,400
15 May
8
4 Jan 3 22 June 6
Class A
No par
4 1414 1412 14
1414 1414 1412 143
3
4
4518 4518 45 4 453
46
900
4812 46
11 June 31 Mar
Preferred
100 19 Mar 2 7212July 15
46
45
*43
45
47
41
29,200 Woolworth (F W) Co
40
41
10 2518 Apr 8 507 July 8
5
22 June 45 8 Mar
8
8
4 405 4112 4012 4l's 40
3934 404 397 413
23
24
3,000 Worthington P & W
*223 23
8
8 Mar 2 3978 July 7
100
5 May 24 Sept
25% 2414 25
24
24
2312 244 25
4214
100
4212 *30
4214 *30
Jan
100 14 Mar 15 51 June 7
1412 June 41
Preferred A
4214 *30
*30
3812 *30
35
35
3114
3114 *27
100
*27
100 14 Feb 28 47 June 6
31
12 May 31 Sept
Preferred B
3114 2812 2812 *27
*27
3114 *27
37 Apr 1812 Sept
20 Wright Aeronautical_ __No par
6 Apr 5 24 May 27
1612 1612 1612 1612
*1612 17
*1612 17
17
•1358 17
*15
5512 56
2,800 Wrigley (Wm) Jr (Del)No par 3412 Feb 28 556 Nov 17
5558 56
Jan
/
1
554 56
2514 June 57
56
56
5512 56
5512 553
1,200 Yale & Towne Mfg Co_ __25
147
7 Jan 20 23 June 17
113 1314 *14
4
15 Sept
612 July
s
8 113 1112 11% 12
8
113 1l4 113 113
4
45
21 Mar 2
7,700 Yellow Truck & Coach el11.10
43
4 5
47
73 July 7
4
7 4 Sept
3
158 June
4 5
45, 5 . 43
43
2 5
43
4 43
100 18 Mar 2 42 July 10
110
,
273
8 273 30
12 May 4018 Sept
Preferred
2712 2712 27% *25
*25
271 *25
271 *25
312 Mar 3
11% Sept
1918July 19
800 Young Spring & Wire_No par
3 Jun
8
4 1212 1212 *1112 13
4 123 123
1212 127
s 1214 123
*113 1258
4
712 Feb 28 375
4 May 2712 Sept
8July 18
4
s 1918 2012 2014 2214 20,200 Youngstown Sheet & T_No par
8 193 213
2114 2018 207
1914 1932 19
2
Jan
11 Feb 27
SOO Zenith Radio Corp_ _ __No par
17
17s
2
12 May
312July 18
2
s
218
*2
2
2
2
2
17
s
l's
7
3% Feb 28
1
812July 8
4
4 Dec9 Mar
73* 73 20.900 Zonite Products Corn
714 72
714 712
758 818
7% 71
718 712
•Bid and asked prices, no sales on this day. a Optional sale. s Sold seven days. x Ex-dividend. y Ex-rights.
3816
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 bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 24.
iI
Price
Friday
Nov. 24.
'
Week'sSince
Since
Range or
11
Jan. 1.
Last Sale.
co
.. k
,
High NO.
U. S. Government.
Bid
Ask Low
First Liberty Loan-33S of '32-47 J D 100% Sale 9910
,,1000 1525
a
Cony 4% of 1932-47
J D ___ ___ 1012%Oct'33 --.Cony 43E% of 1932-47
3
%
J D 1001 Sale 99..4101% 1230
2d cony 4% of 1932-47
J D --------102 Aug'33 --.,
Fourth Lib Loan 43:% of '33-38 A 0 1011 2 Sale 1003
..21012% 14113
1011
% 840
43(% (called)
1011% Sale 101
Treasury 43 s
,
j
1947-1952 A a 105"., Sale 1041...1061382 779
Treasury 430 to Oct 15 1934,
%
thereafter 33 %
j
,
1943-45 A 0 991 Sale 98%, 991034 4493
0103% 1078
Treasury 4s
1944-1954 J D 10213.2 Sale 10113
%
1946-1956 m s 1003 Sale 993%101
695
Treasury 31Es
.4
... 593
1943-1947 j D 983 Sale 983 993
%
Treasury 33:s
% 951% 990
Treasury 32___Sept 15 1951-1955 M S 951% Sale 931
99.
2.: 339
Treasury 330 June 15 1940-1943 .1 D 99% Sale 981%
.. 991% 358
Treasury 330 Mar 15 1941-1943 M 8 993., Sale 983
.. 675
Treasury 33:8 June 15 1946-1949 J D 963 Sale 941% 9620
%
Aug 1 1941 E a 991a: Sale 97"., 99 ,4360
".
Treasury 33Es
LOW
High
99 1033.
101 1023
...
99 ., 1033.1
0
1011%102
10011n1033
.n
101
102%
10314u111%
988.4 10118.
993%107,3n
9813
.00517.1
974
..10232n
931 991111
%
98 102.
1.1
96"..1023
%
941%1003,
0
973131101"n
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 24.
..
i':g.
Price
Week's
Range
Range or
'''
11
Friday
Since
t
Last Sale.
co
Jan. 1.
.-, k Nov. 24.
High NO. Low
Bid
Ask Low
Deutsche Bk Am part elf 62_1932
High
Stamped extd to Sept. 1 1935_ _
_
60
26
73
73 Sale 7218
85
Dominican Rep Cust Ad 530'42 M-5 46
493 a48
4
424 62
5012 13
1st ser 5342 of 1926
41
433 41
4
5
1940 A 0 40
354 59
2d series sink fund 530._ _1940 A 43 40
403
4
60
6 a3414 56
41
417
Dresden (City) external 78_1945 MN 4118 45
6
30
27
6512
1563 126
93 149
Dutch East Indies extl 68_1947 .1 .1 14618 Sale 145
s
13 14512 151
July 1934 coupon on
--------14513 151
14312 Sale 138
40
-year external (is
1527 147
8
1962 M 5
9314 1527
8
19
146
30
9212 146
-year extl 530--Nov 1953 M N 143 Sale 138
14612 55
30
-year ext 530.___Mar 1953 M S 141 Sale 138
913 14812
4
El Salvador (Republic) 8s A_1948 .4 j ____ 4812 37
26
64
Oct'33 ---j j ____ 427 43 Sept'33 ---8
Certificates of deposit
324 55
5212
Estonia (Republic of) 78_-__1967 J J 5212 Sale 52
4212 55
5
Finland (Republic) ext 65_1945 M 5 78 Sale a77
7812 28
584 795g
External sinking fund 78_1950 M 5 844 8512 85
8514
594 85%
6
External sink fund 630_1956 M 5 7718 Sale 77
7812 32
57
80 2
,
External sink fund 530_1958 p A 74 Sale 7118
54
32
74
77
Finnish Mun Loan 630 A_1954 A 0 70% 73
73
8
73
557 7612
71
73
External 6!45 serial 13_ _1954 A 0 704 73
3
55
78
3114 27
Frankfort(City of) s f 630_1953 M N 3114 Sale 28
204 51
166
French Republic ext1 730_1941 J D 15714 Sale 157
258 118 170
External 78 of 1924
4 16914 107 a11212 173
1949 .1 D 1584 Sale 1583
German Government Interne5512 1153
tional 35-yr 530 of 1930_1965 J D 5414 Sale 4812
3514 6414
80
274
German Republic extl 7s
531 863
1949 A 0 7312 Sale 774
4
German Prey de Communal Bks
(Cons Agile Loan)630 A.19581 D 31 Sala 304
2612 5512
324 55
56
Graz (Municipality) 68
5
45
1954 M N ____ ____ 5512
64
122
Gt Brit & Ire(U K of) 5342._1937 F A 117 Sale 117
220 1013 1247
4
10 10514 1215
120
Registered
F A --------120
8
44% fund loan E opt 1960_1990 M N 11414 Sale a114 a120
849 a72 123%
4
2912 293 Nov'33 -_- ale
Greek Government s 1 ser 78_1964 MN 20
297
19 Sale 1612
Sinking fund sec 68
1912 29
14% 237
1968 F A
8
18 Nov'33 - 15
1018 20
August 1933 coupon
20
State & City-See note below.
Foreign Govt. & Municipals.
2012 Nov'33 __-26
1718 3714
Agile Mtge Bank at (18
1947 F A 20
2
213
4
2014 25
213 214
4
20
Feb 1 1934 subseq coupon__ _
25
1
3314 25
1718 363
Sinking fund 68 A_ _Apr 151948
23 Nov'33 -- -204 28
With Apr 15 1934 coupon__
_ ____ 25
67
17
63
Akershu.s (Dept) ext 58
7812
__1963 11(1N a6612 Sale a6612
11
10
914
7
205
Antioquia (Dept) collie A_,1945 J J
8
,
9 4 Sale
618 204
8 Nov'33 ---Externals t 7a ser B
87 10
s
1945 J J
914
912
9
65 204
8
9% Sale
External s I 72 ser C
1945 .1 J
2
912
914
6
207
8
84 10
External at 75 ser 13
1945.7 1
6
1712
1
914
9'4
75
9
External a f 78 1st ser ..J957 A 0
72
5
18
912 8 Nov'33 --.External sec 51 75 2d ser 1957 A 0
Nov'33 -458 187
8
External see at 78 3d ser_1957 A 0
74 912 912
7614 25
71
9118
Antwerp (City) external 58_1958 J D 7614 Sale 745
4812 51
41
7512
Argentine Govt Pub Wks 6s_1960 A 0 a4512 Sale 04512
48
168
41
75%
Argentine 68 of June 1925..1959 J 13 4612 Sale 454
474 26
Haiti (Republic) s f 68 ser A_1952 A 0 70 Sale 6912
4012 75
EMI 8 f 62 ot Oct. 1925_1959 A 0 4612 Sale 45%
7014 20
67
783
48% 86 a404 7512 Hamburg (State) as
37
External s f &series A_
16
1957 M 5 4612 Sale 451
25
19413 A 0 37 Sale 3412
59
48% 70 a403 75 4 Heidelberg(German)eat'730'50 .1 J 31 Sale 2918
External 68 series B__Eiee 19585 D 464 sale 4534
31
4
3
17
23
60
48
76
Extl 51 68 of may 1928.....1960 MN 47% sale 4618
40% 75% Heisingfors (City) ext 630_ _1960 A 0 7212 Sale 6914
7212 16
47
75
473
4 89 a4018 75
s
External s t lia (State Ry..1960 M 5 47 Sale 455
2512
Hungarian Munle Loan 7348 19455 J
9
2512 Sale 2512
15% 31
4812 55
4914 755
Extl tis Sanitary Works_1961 F A 464 Sale 46
23 June'33 ---n
Unmatured coups attached__ .1 J -_-- 25
2018 23
28
48
4614
51
41
754
EMI tis pub wits May 1927 1961 MN 46
8
2912
External St 78 (coup). -1946 J .1 281s Sale 275
7
19
295
8
39
6912
443
4 73
Public Works extl 530- _1962 F A 42% Sale 42
1612 May'33 -- - Unmatured coups attached, .1 J ---1612 1612
5
80
83 80
497 92
8
Argentine Treasury 58 £,_,,,l945 M 5 76
337
8
Hungarian Land M Inst 730'61 M N 27 ---- 3312 Nov'33 -24
41
8
84.8 287
Australia 30-yr 15s..._July15 1955 .1 J 83% Sale a813
7114 90
32% 33 Nov'33 _Sinking fund 730 ser B-1961 M N 27
234 41
845 151
72% 90
Hungary (King of) s f 730_1944 F A
External 5s of 1927 Sept 1957 M 5 84 Sale 82
364 377 3812 Nov'33 __,_
8
3114 45
79, 228
8
4
External g 430 of 1928_ _1956 MN 793 Sale 78
12012 36
684 834 Irish Free State extl s f 5s_ _1960 MN 11514 Sale 11514
7618 120
864 57 08418 100
99
Austrian (Govt) s t 7s
120 08514 1043
Italy (Kingdom of) exti 78_1951 J D 99 Sale 97
1943 .1 D a8418 Sale 08418
23 a42
49
644 Italian Cred Consortium 78 A '37 M 9 93
95
95
95
2
893 101
Internal sinking fund 7E1_1957 .1 .1 48 Sale 43
4
14 16,
39
Bavaria (Free State) 630
30
69
92
92
95
External sees t 72 ser B.._1947 M 5 90
1945 F A 39 Sale a3712
3
82
97
Belgium 25-yr extl 6348
8812 10212 Italian Public Utility exti 75_1952 J J a8412 Sale 8312
53
.
92
1949 M 5 92 Sale 9018
85% 26 07212 9512
91
5
3
8612 98
90 Sale 88
External s f 68
883 204
4
88 Sale 875
19555 .1
Japanese Govt 30Yr 81630_1954 F A
45% 90%
14
96
9512 95
External 30
923 1084
4
-years f 7s
753 119
4
Extlsinking fund 530_ .... _1965 MN a7412 Sale 734
1955 J D 94
3512 81
933
4 30
9114
91 10712 Jugoslavia (State Mtge Saw
Stabilization loan 78
1956 M N 9218 93
837
8
8
65
88%
Bergen (Norway)58-Oct 15 1949 A 0 78 SaleI 78
Secured s 1 g 72
35
26
1957 A 0 35 Sale 3212
12
35
9
68
71
71
33
45
90% Leipzig (Germany)at 78._ 1947 F A
37
35
63
4
External sinking fund 58..1960 M 5 68
25¼ 84
13
35
Berlin (Germany)s f 630_ _1950,A 0 35 Sale 3212
2512 60
51
Lower Austria (Prov) 7342_ _1950 J D 51 Sale 51
3
4914 604
293
4 35
2418 57
External 81 Os__ _June 15 1958,J D 29 Sale a2712
Lyons (City of) 15-year 62_1934 MN 14912 Sale 14912 15512 52 al01. 1614
25
25
Bogota(City)extl s f 8s
15
30
1945 A 0 2318 Sale 2318
Marseilles(City of) 15-yr 68_1934 MN 14912 Sale 14912 156
96 a1014 161
4 14
83
74
4
15
718 Sale
Bolivia (Republic of) exti 88_1947 MN
83
103
8 33
Medellin (Colombia) 610_1954 J D
918 Sale
7% 23
6% 22
53
4
5% Sale
312 1312 Mexican Irrlg Asstng 430._1943 MN
External secured 75 (flat).1958
2
514 414 Nov'33 _-_212 812
12
6
4
53
4
External s 1 7s (flat)
--------4 Sept'33 __-53 Sale
,
1969 M 9
34 13 4 Mexico (US) extl 55 of 1899 .6 '45 Q S
4
4
Bordeaux (City of) 15-yr 88_1934 MN 14912 Sale 14912 15512 98 10114 16114
63 Nov'33 ____
4
612 8
Assenting 52 of 1899
1945 ____
3 2 10,4
,
29
20
8
Brazil(U S ot) external 82_1941 J D 287 Sale 2714
165 43
8
418 53
54 51.
4
4 63 Nov'33 ____
Assenting 5s large
193 39
4
95
25
Externals f 634s of l926._1957 A 0 2412 Sale 2214
44 Nov'33 _- -Assenting 42 of 1904
21, 8
244 66
External s t 630 of 1927._I957 A 0 24% Sale 22
143 39
4
418 - 4 44 Nov'33 ..--53
Assenting 48 011910
44 5
2414 24
71 (Central Ry)
1212 36 2
1952 J D 244 Sale 22
414
,
414 Sale
414
Assenting 42 01 1919 large
5
____
2% 8
4512
Bremen (State of) eat'78_._1935 M 5 4512 Sale 4412
5
3411 7212
Assenting 48 01 1910 small
4%
33
4 5
4
%
_ -5
2% 8
21
71
1957 m s 7012 Sale 70
Brisbane (City) a 1 58
*
*
8412 75
Trees 62 of'13 assent(large)'33 J- J
•
634 79
8
16
7014
Sinking fund gold 54.
1958 F A 70 Sale 69%
Small
•
•
*
*
33
81
82
20
-year s t (is
1950 1 D 8112 82
8314 92
Milan (City. Italy) exti 63481952 A 0 80 Sale 80
701s 84
74
90
3112 24
Budapest(City) extl at 62_1962 .1 D 3112 Sale 31
2418 354 Minas Germs (State) Brasil
4278 12
Buenos Aires(City)634s 2 B 19555 .1 4118 Sale 41
37
64
36
20
12
12
External a 1 13342
1958 M S 1912 Sale 1912
2
40
External s f 138 ser C-2__ _1960 A 0 40 Sale 40
1912
20
Ext sec 630 series A
36
57 2
,
2014
1959 M 5 19
114 36
3
8
40
External a t 6s ser C-3
4612 40
4012 51
3412 64
1960 A 0 37
Montevideo (City of) 72--1952 J D 404 Sale 38
12% 42
4
32
314
Buenos Aires (Prov) exti 69_1961 M 5 3112 35
30
16
4212
16
External 8 1 6s series A_.1959 MN 30 Sale 28
11
3312
297
8 51
Stpd (Sep 1 '33 coup on)1961 M S 297 Sale 2818
2012 41% New So Wales(State) extl 581957 F A
7914 Sale 77
8
8018 54
7112 8832
32
6
External a t 6%8
17% 39 4
3
1961 F A 3112 3612 32
71
88%
80% 47
External a 1 52
Apr 1958 A 0 80 Sale 78
29
29
8
21
Stpd (Aug 1 '33 COUP on)1961 F A 29 Sale 2718
814 994
413 Norway 20
4
4
9312 13
1943 F A 023 Sale 9212
-year ext 62
16
16
Bulgaria (Kingdom)s 175_1967 J .1
14
20
234
-year external 138
1944 F A 9212 Sale 92
1512 Sale 15
9312 77
8118 9814
21% 45
184 2712
Stabil'n s t 730_ _Nov 15 1968 MN
30-year external 62
1952 A 0 8512 Sale 8512
184 Sala 184
87
57 0804 96%
1218 24
Caidas Dept of(Colombia)734s' 6 5 J 1118 Sale 1118
11
24
40
-year at 530
83% 57 a7412 9414
1905.7 D 82 sale 8014
4
9212 278
79
924
Canada (Dom'n 00 30-yr 43_1960 A 0 91 Sale a9014
Externals f 52_-.Mar 15 1963 M El 07812 Sale 784
82
103 07212 92%
9018 10518
10312 288
58
Municipal Bank extl s t 58.19675 D . _ _ 86
_
7812 Nov'33 ____
1952 MN 101% Sale 100
7414 89 4
,
430
2
934 102,
Municipal Bank exti 8 f 58_1970 J D ____ 86
88
8714 Nov'33 ____ o75
1936 F A 10014 Sale 9912 10012 166
6412 86
7
68
Carlsbad (City)s t 8s
Nuremburg (City):nal 6s
524
32% Sale 3214
24
13
33
1952 F A
1954 1 J 66 Sale 66
812 21% Oriental Devel guar 68
11
12
Cauca Val (Dept) Colom 730'46 A 0 11 Sale 11
35
72
65
1953 M 9 67 Sale 6612
67
3914 75
117
60
Cent Agile Bank (Get) 7s_ _1950 M S 60 Sale 5712
Dal deb 530
3112 71
4
1958 M N 643 Sale 643
4
6512 32
44
47
3212 67
Farm Loan s f 68__July 15 1960 J J 47 Sale 4412
.
3212 667 Oslo (City) 30
4612 136
e
Farm Loan s f OS,
-year s t 6s
1955 M N 77 Sale 77
754 91
6
77
.,Oct 15 1960 A 0 4612 Sale 434
Farm Loan Os ser A Apr 15 1938 A 0 60 Sale 5714
3512 7512 Panama (Rep) ext1 530_ _ 1953 J D 86
124
60
89
9012 12
90
85 102%
4 18
5% 21
93
914
Chile (Rep)-Ext1 s f 7a
Extl s f 5s ser A_ __ May 15 1963 M N 2912 3112 28
94 Sale
1814 46
MN
50
30
1942
5
174 Pernambuco (State of) extl 78'47 M S
61
9
812
6
912
978
8 8 Sale
5
External sinking fund 62._1960 A 0
63 21
912 Sale
Ext sinking fund 68__Feb 1961_ F A
47 1714 Peru (Rep of) external 78_1959 M 5
a
164
814
814 Sale
9
60
05
3
9
8 8 Sale
813
5
47 1714
37
9
812
812 Sale
Ry ref ext s f 68
Nat Loan exti s f 68 1st ser 1960.7 D
312 14%
512
63
4 32
512 Sale
Jan 1961 J J
5
12
9
1714
812
3 14 4
Nat loan extl s t 6s 2d ser_1961 A 0
Ext sinking fund 68_ _Sept 1961 M S
812 Sale
3
512
612 35
,
512 Sale
10
5
9
1712 Poland (Rep of) gold 6s
External sinking fund 62_1962 M 9
855
5212 6212
5
61
855 Sale
1940 A 0 60 Sale 60
6
70
9
17
External sinking fund 6.4.. _1963 M N
5114 87
4
Stabilization loan 81 72._ _1947 A 0 8212 Sale 824
83 Sale a814
853 289
4
714 18
1014 27
08
3
Chile Mtge Bk 630 June 30 1957 .1 D
External sink fund g 8s
7414
58 a 59
70
955 Sale
1950 J .3 70 Sale 69
94 2012 Porto Alegre (City of) 82
1212 12
St 6 Xis of 1926....Tune 30 1961 .1 D 1114 Sale 1118
9430
4
2012 37
4
1961 J D
193 Sale 193
64 17%
34
10
912
Exti guar sink fund 730_1966 J J
Guar s 1 68
84 3012
6
20
17
203 1812
4
Apr 30 1961 A 0 10 Sale
36
10
612 1655 Prague(Greater City)7342_1952 M N 80 Sale 79
912
93 Sale
4
Guar s t 13s
80
9
1962 M N
7714 993
418 15% Prussia (Free State) MI 630 '51 M 5 41 Sale 37
7% 21
7
82
41
7 Sale
Chilean Cons Munk 72
28
63%
1960 M 5
12 r3114
1
25
Chinese(Hukuang Ry)5s
120
External 8 1 6s
25
40
1952 A 0 40 Sale 3612
1951 l 13 25 Sale 25
6112
2012 2012 Queensland (State) extl e 1 78 1941 A 0 96 10212 96
98
88 103
11
_ 2012 Nov'33 ____
Coupon No 35 due Dec 15_1928 --__ ____
25-year external 68
90
75
78
10
88
Christiania (Oslo) 20-yr a f 68'54 M S 751a --- 75
95
1947 F A 87 Sale 87
8
7514
76
2214 57% Rhine-Main-Danube is A _ _ _1950 M 5 48 Salo 46
3214 10
6
48
Cologne (City)Germany 6301950 M 9 32 Sale 31
354 7112
Rio Grande do Sul extl s f 88_1946 A 0 23 Sale 2112
15
23
Colombia (ReT)13sot'28_ _Oct'61
12
34
164 49
3012 29
23
External sinking fund 8s._1968 J 13 2214 Sale 21
Oct 1 1933 and sub coupons on. A 0 30 Sale 30
30
818 31
2912 42
2412 3612
External 8178 of 1926_ _ _1966 MN
Apr 1 1934 and sub coup's on ____
21
2214
16
2218 23
9
31
2718 Sale 2718
1614 4912
3012 41
227
8 33
External a t 72 inunic loan_1967 J 13 227 Sale 2155
3218 30
Eater 138 (July 1 '33 coup on)131 J .1 30
8
814 3014
25
4014 Rhode Janeiro 25-years f 88_1946 A 0 18 Sala 18
18
2912 84
14
3412 a28
With Jan 1 1934 coupon on__
9
30
2612
_
1818 36
18
External s f 630
31
18 Sale 17
1953 F A
Colombia Mtge Bank 63 s of 1947.65 26
8
8
175 217 Nov'33 __ _
8
A0 15
,
j
3712 Rome (City) extl 6345
784 924
15
5
8355 84
16
Sinking fund is of 1926_1946 MN
1952 A 0 83 Sale 82
8
1512 165 16
1512 3714 Rotterdam (City) extl 6s._1964 M N 98 105 100
10018
9 08812 1163
Sinking fund is of 1927-1947 F A
1512 Nov'33 ____
4
1512 20
33% 10
7312 Roumania (Monopolies) 78_1959 F A
32 Sale 32
59
8 35
2812 45
6012 a615
Copenhagen (City) 58
8
1952 .1 13 605 63
64
64
3
25
1953 J J 6314 65
40 05518 69 4 Saarbruecken (City) 62
4
59
-year g 430
50
7212
1953 MN a5812 Sale 5714
102 233 Sao Paulo(City)s f 88_ _Mar 1952 MN 2414 Sale 23
4
4
27
2414 23
14
Cordoba (City) estl 81 is..._1957 F A
8
135
1018 25
133 14
4
Externals f 630 of 1927..1957 M N 23 Sale 22
24
28
24% 40
8
4
3314
External a 1 78_ _Nov 15 1937 MN 3314 Sale 313
74 24
San Paulo (State) extl s f 78_1936 J .1 19
20
21% 20
Cordoba(Prov) Argentina 781942 J J 353 Sale 3518
5
243 56
4
5
353
144 3214
4
8
16 Sale 147
External sec s f 82
1950.7 J
Costa Rica(Republic)1614
14
1212 273
173 1512
1512
External s f 72 Water L'n_1956 M 5 15
72 Nov I 1932 coupon on_1951 MN 2912 Sale 283
8 a113 267
2312 30
4
2912
4
4
8
91 2818
23
External s f (is
78 May 11930 coupon on_1951 ---16
15 Sale 148
1968.7 J
28
14
1812 Nov'33 ____
1812 20
Secured 51 78
Cuba (Republic)58f 1904,_1944 M 5 68% 70
4
64
6818 9812
1940 A 0 6312 Sale 623
121
7112 26
7012
50% 74,
4
20
25
External 58 of 1914 ser A..1949 F A 88
10 a79% 9314 Santa Fe (Prov Arg Rep) 72_1942 M 5 19 Sale 19
00
1234 3014
9112 90
Saxon Pub Wks(Germany) 78'45 F A 55 Sale 534
3912 774
5512 42
31 a6158 90
63
External loan 430
1949 F A a6158 Sale 6155
8312
Gen ref guar 630
1951 MN 45 Sale 4255
61
Sinking fund 530 Jan 15 1953 J .1 68
45
49
51
64
69
3055 694
70
1945 J D 60
Public wks 530 June 30 1945.7 ID 32 Sale 29
60 14
614 60
2818 69% Saxon State Mtge Inst 72
68
4
32
52
744
Sinking fund g 630__Dee 19465 D 57 Sale 57
Cundinamarca 630
58
1018 223
4
1212
4
12 Sale 12
1959 MN
52
68
Czechoslovakia(Rep of) 13s 1951 A 0 80 Sale 7952
4
23
773 991 Serbs Croats & Slovenes 8s.._1962 M N 20 Sale 20
23
82
9
1355 26%
18 Sinking fund 8s set B
External see 78 ser B
20
18- Sale 18
77 100
1962 M N
40
24
83
1952 A 0 83 Sale 70
1212 2412
All unmatured coupon-4 On- - - ____ 16
93
Denmark 20
-year extl 6...... _1942 J J 84% Sale 8212
2212 Nov'33 ____
75
84% 160
1912 2212
D 483 Sale 4814
Silesia (Prov of) extl 78
1958 1-483
4
4
69
88
External gold 5342
7612 75
1955 F A 76 Sale 75
8
40 05014
External g 430__Apr 15 1962 A 0 6614 Sale 13514
34
27
5814 7755 Silesian Landowners Assn 6s 1917 F A 3014 3612 3112
6655 175
2514 5012
r Cash Bale. a Deferred delivery. 4 Accrued interest payab e at exchange rate of 54.8665. •Look under list of Matured Bonds on page 3621.
NOTE.
-State and City Sectultles.-Sales of State and City securities occur very rarely on the New York Stock Exchange and usually 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."
A-15 2014
A
New York Bond Record-Continued-Page 2
Nov. 25 1933
iI
Range
1
3
Since
ol,l•
Jan. 1.
High
Ask Low
Bid
Foreign Govt. & Municipals.
High No. Low
15114 12 100 15412
Solasons (City of) eat! 613_1936 M N 130 15412 149
45 574
2
Styria (Prov) external 76-1946 F A 5014 52 50
50
4214 424
Unmatured coups attached__. F A ____ ____ 424 May'33 __
88 110
Sweden external loan 5%8_1954 M N 1074 Sale 10654 10814 85
Switzerland Govt esti 530-1946 A 0 15812 Sale 15712 166
184 a10212 170
1955 F A 79 Sale 7814
86 8214
38
80
Sydney (City) a t 530
334 a70
4
Taiwan Eleo Pow,f 5%8_1971 5 J 671 Sale 6714
6914 37
74
26
74
129
Tokyo City 56 loan of 1912_1952 NI S 7112 Sale 7112
334 73
40
1961 A 0 67 Sale 65
67
External a!530 guar
g
3
1101
18
Tolima (Dept of) cad 76-11347 MN 1012 Sale 1014
61
8412
1
6812
Trondidem (City) lat 5%6_1957 MN 684 Sale 6812
4514 6212
4
5812
59
61
Upper Austria (Prov) 7s__.1945 J D 55
4112 r56
6
46
External a f 630.5une 15 1957 5 D 444 484 4512
2112 5014
3
38
Uruguay (Republic) ext1 88_1946 F A 38 Sale 3712
4
35 297
_ 33
297 34
4
25
36
Feb 1 1934 & subs coup att_35
_1960 M N 35 Sale 3312
1512 404
External a f 6s
15
3312
26
32 Sale 297
May 1934 coupon on_1960
s
3312 40
35
1614 4014
25
N 32 Sale 3112
External at 6s____May 1 1964 M 3112
3112 29
May 1934 coupon on1964 ---- ----34 a2914
26
94 109
4
Venetian Prey Mtge Bank 7.'52 A0 10814 110 10812 109
5612 34 5254 684
Vienna (City of) extl a f 68_1952 M N 5614 Sale 5312
4312 5314
Unmatured coupons attached_ M N --------48 Nov'33 _ _
35 5214
25
50
Warsaw (City) external 78_1958 F A 49 Sale 4812
35 4 74
7
714 15
Yokohama (City) eat! 66-1961 .1 D 7012 Sale 7012
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 24.
1
,...o.,
Prize
Friday
No. 24.
Week's
Range or
Last Sale.
I
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov.24.
il.16
.
...a.,
3817
Pries
Priddy
Nov. 24.
Week's
Range or
Last Sale.
14
ari0
Range
Since
Jan. 1.
Bid
Mph No. Low
Ask Low
High
-_1934 A 0 50
__ 58
Chicago & East Ill
3
58
Oct'33 _-_9
94 To
C 4: E Ill Rs (new co) gen 58.1951 MN
1st68-,
3 4 20
1
9
54 11
12
84
Chicago &Erie 1st gold 5s_--1982 MN 8374 Sale 8212
8212 99
Chicago Great West let 4s__1959 M 9 3254 Sale 32
3354 112
20 504
Chic Ind & Louisv ref 6s____1947 J J 4214 45 45 Nov'33 ---28 6014
49 424 Nov'33 _-_1947 J 5
424 53
Refunding gold 55
1947 J J ____ 40 55 Aug'33 ---Refunding 4s aeries C
33 67
18
23
1st dr gen 5s series A
1966 M N 2212 Sale 21
9 48
1st & gen 6s series B_May 1966 J 5 20
24
27 2212
2
12 54
Chic Ind & Sou 50-year 4s
1956 5 J 504 72 70
Oct'33 ---6112 7812
9414 10314
4
Chic L S & East let 430
1989 J D _-_- 99 991 Nov'33 --_
55
Chi M & SIP gen 4s ser A-1989 J J 54 Sale 5214
40
38
73
35 64
Gen g 330 ser B-May 1989 J J 52 ____ 55 Nov'33 -59
18
Gen 430ser C
May 19895 J 5714 Sale 56
40 77
12
587
4 75
Gen 430ser E
May 1989 5 J 5612 Sale 56
40 77
Gen 43 ser F
-is
May 1989 J J ___ 6474 65 Nov'33 --_88 79
34 478
Chie Milw St P dr Pac 58 A._1975 F A 35 Sale 3112
11
5912
1314 1269
Cony adj 55
314 311
Jan 1 2000 A 0 1214 Sale 12
4
4874 25
Chic & No West gen g 3%8_1987 M N 48 Sale 474
34 62
5314 18
30 7012
1987 MN 5312 Sale 5314
General 4s
56
3 36 69
*nod 46 non-p Fed Inc tax '87 M N - - - 56Gen 45i4(sstpd Fed Ins tax_1987 MN _-_- 74 68 00.'33 ---47 73
40 8212
34
61
1987 MN 59 Sale 59
Gen 5s stpd Fed(no tnx
56 56
430 stamped
1987 MN ___ 85 56 Sept'33 --5
2.• 43 4 9254
71
15-year secured g 634o._1936 M 8 7012 Sale 6812
41
24
1st ref g 53
15 56
May 2037 J D 41 Sale 391e
Railroad.
40 3754
3812 37
15 474
75 9412
Ala Gt Sou 1st cons A 5s....1943 I D 80 874 82 Nov'33 ___
1st & ref 430 strid-May 2037 J D 38
3854 24
15 48
ist & ref 430ser C-May 2037 J D 38 Sale 3712
75 77 Oct'33 ____
60 83
19431 la 40
lat cons 48 ser B
412 4412
254
31
Cony 43js series A
1949 MN 30 Sale 29
Alb & Snag 1st guar 338_1946 A 0 _-_- 87 84 Nov'33 __
78 9014
65
Alleg & West 1st gu 4s
1991 A 0 ____ ____ a62
6 a62 774
42
7012
4612 89
1988 1 J 4512 Sale 42
9874 Chic RI & PRY gen 443
89
36
94
1942 M 5 94 Sale 93
Alleg Val gen guar g 44
16
134
39
19
,
1934 A 0 16 4 Sale 18
44 31 Nov'33 ___
2212 45
Refunding gold 4s
Ann Arbor 1st g 4s_ __ _July 1995 Q J 31
16
25
Certificates of deposit..____ -,-, ---- ____ 16 Nov'33 ---8234 974
8812 503
Atoll Top & S Fe
-Gen 648_1995 A 0 87 Sale 8414
2014 45
16
38
Secured 430 series A
1952 MS 1912 Sale 19
8412 Nov'33 ..
8412 94
A 0
Registered
15 19
- 1714 Nov'33 -- Certificates of deposlt
Adjustment gold 4s_July 1995 Nov 754 Sale 5744 a7512 13 a7412 89
i665 III 14
6 28
1
6 1g;le
85
4
9 4 jai
Cony g 430
80 7514
7754 17 a7514 90
July 1995 MN 77
Stamped
75
9 72 90
837 85 Ch St L & NO 55-June 15 1951 5 D 75 Sale 75
4
M N --------85 Nov'33 ____
Registered
_ 6312 Sept'33 ---Gold 330
77
Cony gold Is of 1909____1955 J D 75 /Sale 75
June 15 1931 J D
73 84
10
83 63
12
621
Memphis Div 1st g 48----1951 J 11 6014- _- 6512 Oct'33 ---75
48
72
88
5
Cony 46 of 1905
1955 J D 75 Sale 75
7214
7314
7 36
47
47 45
Chic T H & So East let 58._1960 J D 45
73
81
Cony g 45 issue of 1910.__1960J 13 80 _-_ 80 Nov'33 ____
1
38
144 6444
4
41 38
Inc gu 58
Dec 1 1960 M 13 32
91
Cony deb 430
1948 J D 90 Bale 8912
49 a79 102
78 87 Chic Us Sta'n 1st gu 430 A.1963 J J 9614 Sale 9354
lo
961
4 46 91 102
82
82 82
Rocky Mtn Div 1st 48._ _1965 J J 81
95 1064
1024 34
let 5s series B
9912
89
9012 24
-_- 90 89
Trans
1963 5 J 10214 Sale 100
-Con Short L 1st 48_1958 J
92 4 1034
17
96
19445 D 96 Sale 95
1
Cal-Adz let & ref 430 A.1962 M S 8714 Sale 871
Guaranteed g 55
14
13 87 99
1124 26 1034 114
lat guar 630 series C-- -.1963 J 5 108 1121 108
At! Knox & Nor let g 5s_1946 J D ---- 105z 10312 Feb•31 ____ ____ -......
6912 26
597 8012
4
1952 J J 654 Sale 6374
76 914 Chic & West Ind con 48
Atl & Chard AL 1st 430 A 1944 5 5____ 91 9114 Nov'33 ____
84's 10 6612 95
1st ref 530 series A
1
1962 M 9 ____ 81 82
12
7612 88 8812 Nov'33 --87 96
77 7412 Oct'33 ____
431
4 43 63
52 43
65 7514 Choc Okla & Gulf cons 58-1952 M N 40
_
Atlantic City 1st cons 48_ _1951 5
Atl Coast Line Mt cons 48fulY'52 MS 7512 Sale 73
85 901
1937 5 J 9012 ____ 904 Aug'33 ---9134 Cin H & D 2d gold 430
4
68
7534 33
92 9914
1964 5 D 6214 Sale 6112
51
8212 CI St L & C let g 48__Aug 2 1936 Q F 98 ____ 9712 Nov'3 ---6214 49
General unified 430 A
9454 9454
___ 944 Aug'3 _-_Registered
August 2 1936 Q F ____
7454
L & N soli gold 48__Oet 1952 MN 57 Sale 67
45
59
12
Oct'33 _-_Leb & Nor let con gu 44_1942 M N 7514 82 86
8612 86
Atl & Dan 1st g 48
1314 52 Cin
2
36
1948 J 5 37 38 36
99
3 93 102
2d 46
32 3118 Nov'33 ---8 50 MI Union Term 1st 430_2020 .1 J ____ 9774 98
19481 J 29
9612 10754
Atl AC Yad lot guar 48
2020 J J 10014 Sale 9814 10018 39
1st mtge 55 Series B
20 53
1
37
4112 37
1949 A 0 39
9614 107
1st mtge g 5s series C
69
102
1957 M N 101 Sale 100
75
8412
Austin & N W let gu g ba__1941 5 J ____ 77 75 Nov'33 ___
72
7812
Bait & Ohio let g 413-July 1948 A 0 86 Sale 82
9214 Clearfield & Mall 1st gu 55.._1943 5 J 76 ____ 7812 061'3 _-__
14
74
86
128
85
85
25
67
8534 Nov'33 ____
72 86 Cleve Cin Cht & St L gen 411_1993 5 D 67 Sale 65
Registered
July 1948 Q J - 81
1993 1 D ____ 93 93 Oct'33 ---General 56 series B
85 96
3314 7812
60 120
Refund & gen ba series A_1995 .1 D 60 Sale 56
49
82
Ref & impt (is ser C
75 74 Nov'33 ---1st gold ba
1941 5 J 70
9354 90 a7914 101
4
July 1948 A 0 935 Sale 8912
47 824
Ref & inapt 58 ser D
6614 68 Nov'33 --__
Ref & gen 8s series C
1963 1 J 56
67 304
374 83
1995 5 D 67 Sale 60
22
58
P L E & W Va Sys ref 46._1941 MN 7814 Sale 77
37 77
Ref & impt 430 ser E
1977 J J 5512 62 56
6112 8774
12
23
79
Cairo Div 1st gold 4s
4 85 95
1939 5 .1 88's 89 8814
884
55 89
7614 62
,
Southwest Div let
_1950 5 J 76 4 Sale 7414
58
12
694 58
Tol & CM Div 1st ref 48.4_1959 1 J 61 Sale 61
58
77
Cin W & M Div 1st g 4s 1991 5 5 52
454 74
10
61
M.1
6614
St L Div 1st coll tr g 4s__ _1990 M N 60
66 80
66 6614
5712 103
Ref & gen 58 series 1X...2000 M El 57 Sale 5434
3454 75
8974 9014 Nov'33 _--Spr dr Col Div let g 48_ _ _1940 M 9 80
2512 67
904 93
342
51
Cony 430
1960 F A 51 Sale 4834
58
W W Val Div 1st g 48_ _1940 J J ____ 7374 7312 Sept'33 ---Ref & gen M 9f8er F
72
76
54
6914
107
.
1996 M 73 58 Sale 54
9612 10174
2
C C C I gen cons g es. _1934 5 i 9958 100'i100'i9958 10014
&
88 101
2
Bangor & Aroostook lot 58._19433 J 101 Sale 1004 101
87
77
1
Con ref Is
1951 5 J 75
804 90
85 84 Cleveland & Mahon Valg58 1938 J J 87 Sale 87
4
75
Battle Crk & Stur 1st gu 55.19895 G ____ 61 60 Nov'33 --97 99
60 62 Clay & Mar 1st feu g 430-1935 M N 9514 --- 99 Nov'33 --994 98 June'33 ---Beech Creek 1st gu g 4s_..1938 J J --- 97 90 Nov'33 ---9614 98
80 93 Cleo & P gen gu 430ser B1942 A 0 ____ 8912 Sept'33
Series B 330
1942 A 0 8814 -- 86 Jan'33 _-__
2d guar g ba
1938 J .1
86 86
8912 9212
1942 5 J --------10114 Sept'33 ---Series A 4340
96 10112
71
Beech Creek ext 1st g 330_1951 A 0 6614 _-_- 70 Sept'33 --66
1948 MN 80 ____ 91 Aug'33 ---Series C 330
____ __ ___
Belvidere Del cons gu 3346_1943 5 .1 91 _-_- --- _
84
91
"
90 4 Nov'33 _
1944 5 D 904
Series D 330
1950 A F 80 ____ 83 Oct'32 _-__ ___
874 9712
Big Sandy let 45 guar
1977 F A --------91 Sept'33 ---Gen 430 ser A
93 83
91 _6112 81
Boston dr Maine 181 58 A C_1967 M S 5914 Sale 5914
91
75
5412 834 Cleve Sho Line let gu 430_1981 A 0 7112 82 75
4
61
1
Mt M be series II
1955 MN 61 Sale 61
70 87
784 13 6012 90
7874 Cleve Union Term Ist 5%6-1972 A 0 74 Sale 74
5812 59
1st g 4 US ser JJ
1961 A 0 56 Sale 56
48
1973 A 0 71 Sale 71
54 864
4
73
1st s f 58 series B
544 6812
1
55
Boston & NY Air Line let 41955 F A 5012 55 55
let at guar 430 series C 1977 A 0 -__ 68 68
8434 9412
69
Bruns & West 1st gu g 44_1938 5 j ____ 88s 93 Oct'33 ---6
404 77 4
4
864 9313
5 85 Iowa Coal River Its' let gu 48-1945 J D 8912 ____ 9212 Oct'33 -.-98's
Buff Roch & Pitts gangs 53_1937 M s 9512 98's 984
14
ow
735
4 57 874 94 4
4
Consol 430
1957 MN 5312 Bale 50
3334 674 Colo & South ref & ext 4346_1935 MN 731 Sale 7214
4
47 77
564 34
General mtge 430 ser A 1980 M N 56 Sale 5512
264 7012
17
35
34 28
Burl C R & Nor let & coil 91_1934 A 0 32
Certificates of deposit
1948 A 0 --_- ____ 9512 Nov'33 --29
35 Col & H V 1st ext g 48
2514
8514 97
1
91
1955 F A 91 Sale 91
8214 37
Canada Sou cons gu ba A_ __1962 A 0 7974 82's 79
90 95
1
7874 97 Col & Tol 1st ext 48
77 77
--- 77 June'33 ---7914 10014 Conn & Passum Riv 1st 416_1943 A 0
Canadian Nat guar 434e..___1954 M S 9912 Sale 9£14 10014 38
5010014 195
-year gold guar 4%a_ _1957 J J 99 Sale 99
38 6014
79 4 10112 Consol Ry non-cony deb 4s_ _1954 5 J ____ 42 43 Nov'33 --1
30
__ 53 Aug'33 ---1955 5 J
40 62
Guaranteed gold 430_ _1988 J D 10112 Sale 1014 10274 266
Non-cony deb Is
79 4 105
1
1955 A 0 ___ 50 4612 Sept'32
Non-cony deb Is
Guaranteed g 5s
4
July 1969 J J 106 Sale 1044 10612 200 a8412 1035
1956 5 J __- 48 5014 Oct'33 --.:.,
41/ 4 - 12
Non-cony deb Is
Guaranteed g ba
7 53
1
Oct 1969 A 0 1064 Sale 1044 1064 263 84 108 4
17
ou
10
1942 5 D 164 Sale 16
4
Guaranteed g bs
1970 F A 1057 Sale 105
41
1
1
10614 119 a84 4 103 4 Cuba Nor Ry Mt 530
11 a1314 414
15
4
-year ba g 1952 J J 141 Sale 01314
8054 1054 Cuba RR 1st 50
10414 125
Guar gold Ole-June 15 1955 J D 10314 Sale 10274
15
41
19361 D 1214 1514 154 Nov'33 ---1956 F A 10254 Sale 10114 1024 522 80 106
1st ref 730 series A
Guar g 00
15
19381 D 15 Sale 15
11
1
34
1st lien & ref 6a ser B
Sept 1951 M 5 1024 Sale 1014 10314 353
79 4 10512
5
Guar g 430
Canadian North deb a f 7s_1940 1 D 10414 Sale 104
984 107
1047
4 67
1948 1 J 1084 Sale 10,534 10914 42 944 112 Del& Hudson 1st & ref 4s 1943 M N 73 Sale 7014
-year s f deb'.630
35 67 894
73
25
Oct'33 ---1935 A 0 93 9412 96
91
as
10314 184
90 10314
10-yr gold 430_ __Feb 15 1935 .1 J 10212 Sale 101
9912
5512 241
91
79 974
1
Gold 530
1937 M N 914 95 91
49 r70
Canadian Pac Ry 4% deb stock-- -__ 5512 Sale 53
194684 9 75 Sale 73
96 96
78 a55 6312 D RR & Bridge 1st gu g 4s_ _1936 F A 92 _-_- 96 SePt 3 ---75
Coil tr 430
341 146 a2612 66
19441 J 99 Sale 984 100
8012 100 Den AR 01st cons g 4s_ _ 193 J J 34 Sale 3214
84
So equip tr ctfs
44
Dec 1 1954 J D 81 Sale 74
27
37 35
27 674
Googol gold 430
19365 3 34
5312 904
95
81
Coll tr g bs
4
71
65
534 8o12 Den AR GI West gen M Aug 1955 F A 184 Sale 1812
814 52
Collateral trust 430_ _1960 I j 693 Sam 6812
207s 64
1949 J J 17 ____ 19 June'33 ---26
37
11
60
Ref & impt Meer B_ _ Apr 1978 A 0 2414 Sale 23
15
19
Cent let cons g 4s
Car
5 80 10054 Des MA Ft D let gu 49_ _ _1935
9714
Caro Clinch &0 let 30-77 58.1938 J D 974 Sale 96
214 Nov 33 ---254 3
J J
6094
1st A cons g ea ser A_Dec 15'52 J D 9074 9212 9078
Certificates of deposit
68 99
1
1
34
5
1981 J D ---- 75 68 Oct'33 ---Oct 33 ---45 6934
66 68
58 684 Des Plaines Val 1st gen 430_1947 M S 56
Cart & Ad let gu g 48
37 Sept'33 ---1955.3 D ____ 41
40
3 24 60 Det & Mac lot lien g 48
33 404
Cent Branch 17 P lat g 48._1948 J D 40 Sale 40
50 51
25 30
Second gold Is
1995 5 D ____ 294 30 July'33 ---Oct'33 ---32 64
Central of Ga 1st g.bs-Nov 1945 F A 40
1945 MN
3
8812
9
75
91
87 8712
20 2
0 Nov'33 ---94 4118 Detroit River Tunnel 430_1981 MN 75
1
Consol gold bs
9
1012 94
joss
5
3 28
Dul MIssabe &Nor gen 58_1941 J J 10374-_- 10314 Oct'33 ---- 10112 104
Ref & gen 530 series B 1959 A 0
99 10574
24 27 4 Dud & Iron Range let 5s___ _1937 A 0 102 10414 103 Nov'33 ---1
1
84
9 4 33
8 Sale
4
Ref. & gen 5s series C----1959 A 0
174
18
1
23
1712
12
15
33 Dul Sou Shore dr Atl g 53.-__1937 J J _-_- 2674 23
1
39
Chad Div pur money g 48_1951 J D 15
35
35
Mac & Nor Div 1st g 58_1946 J J --------35 July'33 ---23 28 July'33 ---1
90
84 93
28
28 East Ry Minn Nor Div 1st 48'48_ A 0 90 Sale 90
Mid Ga & Atl Div pur m ba '47 J J 12
19485 J --- 28 28
65 98
8014 10
Oct'33 ---8014
24
35 East T Va & Ga Div 1st 5s_1956 M N 774 81
Mobile Div 1st g bs
8912
3
7814 9814
55
7412 Elgin Joliet & East 1st g 5s_ _1941 M N 8912 Sale 894
Cent New Eagl let gu _ _1981 .1 J -- -- 66 60 Nov'33 ---2
53
25
6634 El Paso & SW let 5s
coll54
1965 A 0 63 ____ 61 Feb'33 --61
72
Cent RR & Bkg of Ga 48- 1937 MN 5114 53 52
97 9014
1987 J J 91
82 10214 Erie & Pitts g gu 330ser B _1940 J .1 8734 ____ 91
9112 17
Oct'33 ---90 91
Central of NJ gen g Ss
5 _ _ 7312 8512 Oct'33 ---, 75 4 9112
19875
Series C 330
19405 J 874 ____ 90 Aug'33 ---1
88 4 90
3
General 4s
7012 47 674 85
1949 F A a68 Sale 854 dig
185
634 884 Erie RR 1st cons g 4s prior_ 1996 J J 704 Sale 6912
Cent Pap let ref gu g 4s
4
66
2 a84 87
7814 Aug'33 -_ -Registered
1996 J J ____ 80
7814 7814
Through Short List gu 48_1954 A 0 62 677 66
60
66
1960 F A 60 Sale 55
45 80
56
lot conaol gen lien g M
404 74
75
1996 J J 5512 Sale 52
Guaranteed g 5s
___
Registered
41
1996 J J --------57 June'33 ---57
Charleston & Say'h 1st 76..1936 J J 93 ___- Ill June'31 --__ _
al0414 Sale 01044 105
12 41964 107
99
Penn eoll trust gold 49_1951 F A 99---- 99
2
12
Chat & 01110 1st con g 58_1939 M N
99 100
50
1989 MN -- - - 105 103
4
-year cony 48 series A_ _ _1953 A 0 ____ 373 54 Nov'33 ---4 Oct'33 ---- 10112 105
3012 68
Registered
9754 34
1992 M 8 95 Sale 9114
51
Series 13
87 4 1044
5
1953 A 0 51 Sale 51
3014 67
1
General gold 430
9012 984
M 8 --- - -- -- 9812 Oct'33 ---Gen cony Is series D
1953 A 0 --------40 Mar'3 ---, 40 401s
Registered
12
86
go
9554
Ref &'mot 55 of 1927
4
1993 A 0 86 Sale 84
5012 220
1967 M N 491 Sale 4712
204 874
430
Ref & Rapt
Sale 8414
4
79 98
8514 39
Ref & impt 5s of 1930
5012 206
1975 A 0 4912 Sale 474
2012 6712
Ref & impt 430 ser B.1995 J J 855
4
go 100
Erie & Jersey lat s f 68_
4
94
941 9312
4
1955 1 J
Craig Valley lstM_May 1940 J J ___ 995 96 Oct'33 -_
81 10214
13
85
81
89
- 85
Genessee River 1st s f 6_195 J J 924 951 9512 Nov'33 ---Potts creek Branch let 4s_1946 J J 80
75 102 •
91
84 4 100
5
1
R & A Div let con g 4a 1989 J J 70 If 91
83 9012 Fla Cent & Pen 1st cons g 58 19435 J 2514 297 27
15
40
2
27
1989.3 J --_- 88 88 Oct'33 ---2d consol gold 4s
93 May'33 ---3412 63
8
54 48
93 93 Florida East Coast 1st 434s.19593 D 48
4814
Warm Spring V lat g 55...1941 M 8 _- 102
3
49
8
let & ref 58 Berke A
30 584
814 29
8 Sale
1974 M 8
3 211
Chic & Alton RR ref g 3a 1949 A 0 ___. 487 4874
4
74 g
612
24
861
714 21
80 91
9
21
Certificates of deposit
Chlo Burl & Q--Ill Div 3%8_1994 J J 85 Sale 84
95
56
874 9914 Fonda Johns & Gloy 1st 4145 1952
1949 J J 94 Sale 93
Illinois Division 48
881
46
4
64
5
912 612
Proof of claim tiled by owner MN
78 95 4
7
454 915
General 4s
1958 M 8 884 Sale 8614
804
5 68 9214
(Amended) let cons 2-4.s.,1982
1st & ref 430 ser B
1977 F A 784 794 79
414 5
414 5
5 Nov'33 ---Proof of claim flied by owner MN
35 764 1004
89
1st & ref baser A
1971 F A 87 Sale 8412
r Cash sale. a Deferred dellvery. •Look under list of Matured Bonds on page 8821.
--
--
New York Bond Record—Continued—Page 3
3818
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 24.
a,
Price
Fridag
Nos. 24.
Week's
Last Sale.
1%2
43,
4
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 24.
Ii
Nov. 25 1933
Price
Friday
Nov. 24.
Weeks
Range or
Last Sale.
Bid
Fort St U D Co 1st g 138_1941 J J
Ft W &Den C Ist g 534s-1961 Jo
Ga & Ala Ry 1st cons 58 Oct 1945 J J
Ga Caro & Nor let gu g 58 1929—
Extended at 6% to July 1 1934 J J
Georgia Midland 18t 38_ ___1946 AO
Gouv & Oswegatchle 1st 5s__I942 JD
Gr & I ext 1st gu g 4%s___1941 J J
Grand Trunk of Can deb 78_1940 AD
15
-year s f (is
1936 P.1
Grays Point Term 1st 5s__ ...1947 Jo
Great Northern gen 7s ser A.1936
1
1st & ref 43(s series A_ __ _1961
General 5(Is series B
1952 J J
J
General 68 series C
1973
General 43.(s series D
1976 J
General 4 Hs series E
1977 J J
Green Bay & West deb ctfs A_ --- Feb
Feb
Debentures Ws 13
Greenbrier Ry 1st gu 4s
1940 MN
Gulf Mob & Nor 1st 5%s B_1950 AO
1st mtge 58 series C
1950 AO
Gulf & S I 1st ref & ter 5sFeb 1952 J J
Stamped (July 1 '33 coupon on) J J
Hocking Val 1st cons g 43I8_1999 J
Housatonic Ry cons g 5s__1937 MN
H &T C Istg 5sintguar
1937 J J
Houston Belt & Term 1st 58_1937 J J
Bud & Manhat 1st 5s ser A_ _1957 FA
Adjustment Income 5s Feb 1957 AO
,t
Illinois Central 1st gold 48 1951
1st gold 3348
1951 J J
Extended 1st gold 33I8_1951 AO
S
1st gold 38 sterling
1951
Collateral trust old 4s___ _1952 AO
N
Refunding 48
1955
Purchased lines 3%s
1952 J J
Collateral trust gold 4s_ _ _1953 St N
Refunding 5s
1955 M N
J
I5-year secured 6%8 g
1936
40-year 4s
Aug 1 1960 FA
Cairo Bridge gold 4s
1950 Jo
Litchfield Div 1st gold 3s 1951 J J
J
Loulsy Div & Term g 31is 1953
Omaha Dly 1st gold 3s
1951 F A
St Louis Div & Term g 35_1951 J J
Gold 3 As
1951 J J
J
Springfield Div 1st g 3%8_1951
Western Lines 1st g 48_ _ _1951 FA
III Cent and Chic St L & NO—
Joint 1st ref 58 series A
1963 Jo
let & ref 43Is series C
1963 JD
Ind Bloom & Wen 1st ext 48 1940 AO
Ind Ill & Iowa 1st g 48
1950 ,f
Ind & Louisville 1st gu 4s
1956 JJ
Ind Union Ily gen 53 ser A 1965 J
Gen & ref 55 series 13
1965 .1 .1
Int & Grt Nor Ist 68 ser A_ 1952
J
Adjustment 68 ser A_July 1952 A 0
1st 5s series 13
1956 J J
let g 58 series C
1956 J
lot Rye Cent Amer 1st 55 B 1972_
N
1st coll trust 6% g notes_1941 MN
1st lien & ref 610
1947 FA
Iowa Central 1st gold 58
1938
Certificates of deposit
lat & ref g 4s
1951
James Frank & Clear 1st 4s_ 1959
KalA&GR Istgug 5s
1938
Kan &
lst gu g 4s
1990 A
K C Ft S & M Ry ref g 48_1936 A
Certificates of deposit_
--- - A
Kan City Sou 1st gold 381950 A
Ref & impt 55
Apr 1950
Kansas City Term 1st 4s_ ___1960
Kentucky Central gold 45_ _ _1987
Kentucky & Ind Term 4%5_1961
Stamped
1961
Plain
1961
Lake Erie & West lst g 5.5
1937 2 3
2d gold 5s
19413 J
Lake Sh & Mich So g 3%s__ _1997 J D
Registered
1997 J D
Lehigh & 151 Y 1st gu g 4s _ _ _1945.
Leh Val Harbor Term gu 5s_1954 F A
Leh Val N Y Istgu g 4%8_1940 J J
Lehigh Val(Pa) cons g 4s__ _2003 M N
M N
Registered
General cons 4%8
2003 M N
General cons 5s
2003 M N
Leh V Term Ry 1st gu g 5s 1941 A 0
Lax & East 1st 50-yr 5s gu 1965 A 0
Little Miami gen 48 series A _1962 51 N
Long Dock consol g es
1935 A 0
Long Island—
General gold 48
1938 J D
Unified gold 48
1949 M S
Debenture gold 58
1934 J D
20
-year p m deb 5s
1937 M N
Guar ref gold 48
1949 M 9
Loulslana & Ark 1st Is ser A _1909 J J
Louis &Jeff Bdge Co gd g 48 1945 M S
Louisville & Nashville 5s1937 MN
Unified gold 45
1
1940
Registered
J
1st refund 510 series A ___2003 A 0
1st & ref 58 seriea B
2003 A 0
let & ref 410 series C_2003 A 0
Gold 58
1941 A 0
Paducah & Mem Div 481946 F A
St Louis Div 26 gold 3&,.,1980 M 9
Slob & Montg 1st g 410_ _1945 M S
South Ry joint Nionon 4,3_1952 J 1
Atl Knoxv & Cin Div 48_1955 M N
Ask Low
High No, Low
High
Bid
Ask Low
High
87 Nov'32
Milw & State Line 1st 3%5_1941 J J 51
Oct'33
60
60
9512 9712 Oct'33
66- Minn & St Louis 1st cons 55_1934
-66- CBs of deposit
418 6
1934 MN
6
1412 10
518 27
4
10
12
318
23
4 312 318
1st & refunding gold 4s
1949 MS
Ref & ext 50-yr 55 ser A
Al 4
314 Aug'33
1962 Q F
18
27
2618 July'33
Q F
18
2618
Certificates of deposit
,
Al 3 4 3 2 Aug'33
,
35
46
39 Nov'33
2312 50
51St PASS 51 con g 48 lot gu '38 J J 347 Sale a3312
8
35
Jan'31
100
1st cone 5s
32
27
2914
1938 J 1 25
___
93
5
87
93
84
964
let cons 5s gu as to int
4118
1938 31 40 Sale 38
81
10418 Sale 04
105
963 10612
4
1st & ref 68 series A
23
20 Nov'33
1946 .1
8
1007 Sale 0014
10218 57
25-year 53I8
93 4 10412
3
17
163
4
10
1949 MS 12
96 Nov'30
1st ref 53.48 ser B
573
8
1978 .1 .1 56 Sale 56
102 -4514 901 4
76 Sale 723
8
76
1lot Chicago Terms f 48_1941 MN
90 July'33
69 Sale 6812
7118 62
663 87
4
75 Nov'33
MississiPPI Central 1st 58__ _1949 Si
88
68 Sale 64
68
39
83,
2
25
60 Sale 59
60
4012 77% Mo-Ill RR 1st 55 ser A
14
12
12
1959 ii 12
5518 Sale 537
5614 43
s
Mo Kan & Tex 1st gold 48_1990 JD 7012 Sale 6812
74
71
37
5614 Sale 5412
5612 99
74
Mo-K-T KR pr lien 58 ser A_1962 1 J 63 Sale 5914
63
34
Oct'33
30
29
32
40
-year 48 series 13
55
J
51
1962
518 10
6 Nov'33
Prior lien 4 %,3 ser D
314 10
1978 J J -___ 60 63 Nov'33
90 Sept'33
3914
Cum adjust 55 ser A_Jan 1907 AO 3914 Sale 3612
8814 90
49
9
50
57
513
4
2212 68
Mo Pac 1st & ref Is ser A__ _1965 FA
2312
2318 Sale 223
4
5
507 Sale 4912
8
507
8
23
11
General 4s
103 10
4
66 2
,
1975 MS 10
45 June'33
4211 45
23
1st & ref Is series F
1977 MS 23 Sale 2214
56 Nov'33
4014 56
23 Nov'33
Certificates of deposit
1st & ref 58 ser G
23
1978 SIN -23" 6;1;- 22
95 Sale 95
3
96
84 10012
85
8
814 Sale 8
Cony gold 510
1949 MN
7014 83
85 Nov'33
23
75
90
8
1st ref g 55 series II
1980 A0 23 Sale 225
963 Oct'33
8
9612 100
23
8512 965
let & ref 58 set I
8
1981 FA 23 Sale 2214
91 Nov'33
95
Mo Pac 3d 78 ext at 4% July 1938 MN 66
78 100
73
7418 Oct'33
72
68 Sale 643
4
68
91
633 887 Mob & Bir prior lien g 5s
4
46 June'33
s
1945 Si 65
101
333 Sale 3112
4
35
27
44 Aug'33
Si 60
Small
90
593
4
2
473 46, Oct'33
4
let M gold 45
1945 32
94
89
89
89
1
Oct'33
7812 9112
65
Small
J J
80 Nov'33
90
7612 80
Mobile & Ohio gen gold 4s_ _1938 M
9812 98 Nov'33
78 Nov'33
1518
1518 Bale 15
72
80
Montgomery Div 1st g 58.1947 FA
73 Mar'30 -_ -73
8
Ref & impt 4 34s
8
712 8
1977 51
61 Sale 57
61
74
1212
11
50
13
78
12
Sec 5% notes
1938 NI
5812 Sale 5618
59
54
7412 75 Sept'33
45
55
Mob & Mal 1st an gold 4s
80
1991 M
55 June'33
55
91
87 Nov'33
5618 Mont C 1st gu Os
1937 J J 80
5312 Sale 523
4
54
21
40
82 a82 Nov'33
6918
1st guar gold 55
1937 JJ 75
7114 Sale 7014
7518 18
72
8
5218 88
Morris & Essex 1st gu 3%s....2000 3D 707 Sale 7014
82
84
85
867
8
2
837 Nov'33
8
Constr M 53 ser A
6018 9414
1955 MN
5314 Sale 515
8
5414 130
N
653 70
8
30
73
7214 Nov'33
Constr M 4%,3 ser B
1955
78 Nov'33
5012 85
_ 73 8 733 Aug'33
3
8
7612 85
58
78 Nov'33
733 Nash Chatt & St L 4s ser A 1978 F A
8
6312
6312
1
N Fla & S 1st gu g 5s
58
923 Nov'33
4
73
1937 F A 86 100
63
63
1
58
18 July'28
68Is Nat Ry of Mex pr lien 4%8_1957 J
6212 61
62
2
— lig -jig 2 Nov'33
53
Assent cash war rct No 4 on
7012
64 Nov'33
312 123 July'31
6
4
Guar 4s Apr '14 coupon_ _1977 A-62
74
75 Aug'33
112 318
112 Sept'33
Assent cash war rct No 5 on - 75
75
- - 833 80 Sept'33 _ 4
66
85 4 Nat RR Mex pr lien 4348 Oct'26
3
2
27
8 218 Oct'33
Assent cash war rct No 4 on 59 Sale 523
8
59
24
1951 A0
—
22 Apr'28
1st consol 45
387 7412
8
5412 Sale 5212
5412 15
13
4 23 a2
8
69
Assent cash war rct No 4 on _, a2
37
7112 Nov'32
Naugatuck RR let g 48
1954 m N
8912 Oct'33 -- -8912 927 New England RR cons 58_ 19451 2
16_ 7712 Nov'33
8
72 Sale 72
72
5
Consol guar 413
72
85
685 Nov'33
8
19453 i -6235
40
42
Oct'33
92 Nov'30
27
547 N J Junction RR guar let 45 1986 F A
s
9612 100 00
Oct'33'
NO & NE 1st ref&impt 4%a A '52 J J
85 101
55
58 Sept'33
100
Oct'33
New Orleans Term 1st 4s
5618 67
60 Nov'33
85 100
1953 5 J
28 Sale 28
3014 17
1814 5412 N 0 Tex & Mex n-c Inc 581935 A 0 _
15
18
Oct'33
8 Sale
83
4 29
73
4
3
15
1st 58 series 13
25
16
15
1954 A 0
257 Sale 25
8
26
6
1956 F A
1st 58 series C
1314 21
16
50
21
Oct'33
2.53 2712 2512
4
253
4
9
16
1956 F A
1st 434s series D
1314 15
4912
15
15
5018 55
50
5012 11
11164 A 0 15 Sale 1412
1st 510 series A
3314 6512
18
515 52
8
52
52
5
37
6118 N & C Ildge gen guar 4%8 1945
9312 Aug'33
4412 47 a44 Nov'33
25
55
NYB&M 13 1st con g 5s1935 A 0 10114 27_ 013 Oct'33
4
i5r,
414 43
4
13 Sale
4
62
32
5312
59
87
75
65
65
Sale
313
8
Sale
Sale
Sale
86
79
80
6514 78
51
78
8112 Sale
52
78
36 2
,
44
55
823
4
757
8
Sale
513 Sale
4
5514 57
943
4
9312
71
92
97
518
212
82 Nov'33
61 Nov'33
78
8234
82 Nov'33
5212
55
79 Nov'33
81
Oct'33
4312
45
45 June'33
47
513
4
5418 Nov'33
9818 Oct'33
95 Nov'33
8112 Sept'33
99 Nov'33
Sale a97
983
s
917 917 Nov'33
8
8
10018 10112 0012 10012
937 94,
8
8
9,5
87
4
87 Sale 853
433
4
433 Sale 4112
8
79
77
7518 79
103
103 10414 03
91
91 Sale 893
4
82 Apr'33
85 Sale 847
8
8512
81 Sale 81
81
77
75
77
77
1015 Sale 015
8
8
1013
4
50
8212 05 June'33
58
57
9212 Nov'33
57 Sale 57
5812
873 80
8
80
80 14
_
59
59
Sale
60
218
6
9
70 Nov'33
103 Mar'31
73 Nov'33
31
33 4 28
,
383 Nov'33
3
5114
5312 105
56
61
51
8518
87
91
80
83
23
84 Aug'31
75 June'33
89 Apr'30
a97
Mahon Coal RR 1st 58
1934 J J 100
Manila RR (South Lines) 48_1939 M N 5018
1st ext 48
1959 M N 58
Manitoba 9 W Coloniza'n 5s 1934 J D a9812
Man G 13 & N W 1st 331s. _ _1941 2 J 46
,
Mex Internet let 45 asstd
1977 NI 5
Michigan Central Detroit & Bay
City Air Line 48
19402 J
Jack Lens & Sag 31fts__1951 M S
1st gold 3%s
1952 M N 85
Ref & Mot 4%8 ser C__ _ _1979 J J 6914
Slid of NJ 1st ext 58
1940 A 0 00
Sill & Nor 1st ext 4%5(1880)1934 J D
Cons ext 410 (1884)
19342 D
_
Mil Spar & N W let gu 48.__1947 M 8 52
r Cash sales. a Deferred delivery
70
43
4
13
4
100
100
493 Nov'33
4
52 Nov'33
a977
8 09812
Oct'33
50
2 Sept'32
983 9514 Oct'33
8
79 May'213
90
88 Nov'33
74
70 Nov'33
62
6112 62
70 Nov'33
677 65 Nov'33
8
5618
5712 52
22
3
58
12
5
5
2
29
65
3
1
44
7
8
5
7
3
7
14
4
6
2
1
60
60
31
32
a48
47
83
7414
57
10
75
76
6112
5712
6712
80
96
93
75
58
93
55
7812
713 8714
4
7212 83
46
703
4
79
90
597 87
8
25
62
28
45
3214 6412
6812
33
89 1001s
79 10012
8112 8112
9012 101
9512 9934
82 79912
97 10112
90 100
76
95
20
57
70
85
963 104
4
8112 98
85
77
6512 99
6312 9212
8
597 90
8
87 1023
70
56
43
623
4
82
9312
40
73
75
9214
9514
0491
8
50
70
47
10114
5514
52
100
50
9314 9514
10
z Optional sale Sept. 22 at 83
79
81
40
50
6.5
3412
-- 96
75
75 4
3
70
70
66
16
No. Low
40
2
5212
473
4
80
00
44
Sale
Sale
90
687
8
Sale
5212
55
46
473
4
8118
8118
70 Nov'33
43
44
44
44
3212 35
3134
313
4
7112 98
75
Oct'33
41
4112 41
44
12
39
104
129
51
117
69
93
11
9
4
24
818
612
11
45
8
48
3912
5412
34
317
8
71
90
85
12
673
8
5814
51
55
a3212
1812
7
18
23
1812
3
1812
1814
5012
46
367
8
46
44
28
7
414
414
62
87
82
70
677
8
60
32
8812
8714
73
7712
6512
44
2412
44
2812
4412
24
44
4414
74,
8
40
60
46 2
,
65
98
37
213
8
25
75 4
3
94
9318
803
8
8618
82
8618
97
1
1
55
65
15
4
12
118
112
24
16
2812
912
0812
37
90
65
r43
4
1
2
5
5
23
68
83
685s 79
- 566
2
24
23
23
9
(3
1
_
38
4
Nord Ry ext sink fund 6343_1950 A 0 1263 Bale 1263
4
13112 23
Norfolk South 1st & ref A 53_1961 F A
•
Certificates of deposit
4
4 Sale
4
19 Sale 19
Norfolk & South lst gold 5s_1911 MN
19
8
Norf & West RR imp & ext 681934 F A 10112 1027 10112 Nov'33
95
164
N & W Ry lst cons g 4s1996 A 0 95 Sale 9114
J
A
__ 963 9418 Jan'33
4
Registered96
Div'l 1st lien & gen g 4s_119146
99
48
983 Sale 9818
8
98
Pocah C & C joint 4s
9012
96
96
4
98
North Cent gen & ref 58 A..1 9 4 j D
Oct'33
_ 1971 M S
92
92
Gen & ref 410 series A___1974 M
41 Nov'33
North Ohio 1st guar g 58____1945 A 0 30
41
North Pacific prior lien 45__1997 Q J
79
94
7814 Sale 76
4
Registered
833 Aug'33
@
Gen Ilen ry & Id g 3s Jan 2047 Q F 5212 Sale 5012
5314 65
Registered
517 5512 Jan'33
8
Jan 2017 Q
Ref & impt 410 series A.2047 J J 57
60
7
60
60
Ref &'mot 65 series B._2017 J
73
134
73 Sale 69
Ref & impt 5s series C___2047 J J 6412 Sale 64
6412
9
Ref &(mot 5s series D____2047 J J 61
62
737 61
8
14
Nor Ry of Calif guar g 5s._ _1938 A 0
a99 Nov'33
• Look under list of Matured Bonds on page 3821.
High
6012
60
85
35
3
13
NY Cent RR cony deb 6s 1935 MN 72 Sale 72
733
4 26
673
4 89
Consol 48 series A
1998 FA 6712 Sale 6512
Ref & impt 434s series A 2013 A0 5512 Sale 53
5554 63
Ref & impt 55 series C
6014 174
20I3 A0 5912 Sale 58
7612 Sale 745
NY Cent & Hud Rly M 3145 1997 J J
8
7712 71
Registered
77 Sept'33 -1997 J
Debenture gold 4s
78 Sale 77
1934 MN
7912 122
30-year debenture 4s
1942 J J 6612 Sale 6612
67Ift 33
Ref & lmpt 43 ser A.__ _2013
5512 Sale 53
-is
553 170
4
Lake Shore coil gold 334s_1998 FA 65 Sale 65
67
7
Registered
717 6912 Sept'33 - -8
1998 FA
Mich Cent coil gold 310._1998 FA
673 68
4
68 I
6
Registered
1998 FA ____ 7212 69 July'33
__
N Y Chic & St L 1st 4s--- -1937 A0 7812 Sale 77
7812 10
Refunding 534s series A 1974 A0 4514 Sale 4312
46 i 69
Ref 4148 series C
41 Sale 3812
1978 M
41 ' 102
3-yr 6% gold notes
1935 A0 4312 Sale 4218
4312 37
NY Connect 1st gu 410 A.1953 FA
93
94
7
1st guar Is series B
1953 FA 9314 10318 10212 Sept'33
N Y Erie 1st ext gold 48
1947 MN 8712 94
95 Nov'33 _ - Y Greenwood L gag 5s1946 MN 5314 6312 63
Oct'33 - N Y & Harlem gold 3As__2000
N 81
843 85 Nov'33 _
4
NY Lack & W ref 434s 13
1973 MN
90
Oct'33
-NY & Long Branch gen 48 1941 NI 5
76 June'33 _
NY&NE Bost Term 481939 AG
9512 July'29 ___
NY NH& H n-c deb 4s_1947 MS
65
Oct'33
-Non-cony debenture 3343_1947 MS
50
50
50
2
Non-cony debenture 3%8_1954 A0
50
51
513
4
5
Non-cony debenture 48
1955 J J 50 Sale 50
52
10
Non-cony debenture 48
1950 MN
48
51 Nov'33 _
Cony debenture 310
J
1950
5
48
477
8
48
Cony debenture Gs
1948 J J 71 Sale 675
71
138
8
J
Registered
90 Aug'33 -- - Collateral trust 68
1940 AO -68F2 Sale 68
34
69
Debenture 4s
1957 MN 4112 Sale 4112
42,2
5
1st & ref 4 1is ser of 1927 1967 Jo 5212 55
,55
27
51
Harlem It & Pt Ches 1st 48_1954 MN 80
83
83
85
2
NYO& W ref g 4s__ _June 1992 M
General 48
1955 JD
N Y Providence & Boston 4s 1912 AO
N Y & Putnam 1st con gu 48_1993 A0
N Y Susq & West 1st ref Is.
.1937 J J
2d gold 43is
1937 FA
1940 I' A
General gold 58
Terminal let gold 55
1913 MN
NY Weatch & 11 1st ser I 4 As'46 J
Range
Since
Jan, 1.
49
15
14
163
4
15
1412
90
98
70
75
35
3512
36
36
3612
9312
102
92
46
5712 8418
3412 74
39
80
683 837
4
8
70
77 2
,
60
93
54
64
8612
3412 74
77
60
71
68
78
65
69
57
4
66
913
14
6712
12
563
4
514 67
87 100
89 103111
95
86
513 65
4
88
84
96
85
76
76
-, 8 161
44
44
45
45
43
57
80
59
347
8
45
823
4
65
a65
71
71
60
9912
90
95
65
7518
9011
5018
43
M1'8
64
2312
33
1612
64
31
07
6118
8118
78
65
44
52
75
60
983 13418
4
4
13
6
2838
101 10412
87 10012
9418 9418
9312 1013
4
8912 100
98 10012
88
93
17
4518
73
8912
7413 85
48
62
55, 5512
2
50 87812
60
9212
5918 84
5614 83
a99 100
New York Bond Record-Continued--Page 4
BONDS
N. Y. STOCK EXCHANGE
i
Price
Friday
Nov. 24,
Week's
Range or
Last Sale.
3819
Range
BONDS
43_
Price
Week's
Range
ta Friday
.N
.., 4
Since
N. Y. STOCK EXCHANGE
- ,..
Range or
1:5:
Since
oo
Week Ended Nov. 24.
.., a.
r4,
4
Jan. 1.
Week Ended Nov. 24.
Last Sale.
-. a. Nov. 24.
cool
Jan. 1.
Bid
Ask Low
High No. Low
High
Bid
Ask Low
High NO. LOW
High
Og & L Cham 1st gu g 4(3_1948 J .1 45
55
984
76% 75
7614 sale 7412
48
51
1
48
3812 5814 Southern Ry 1st cons g 5s_.1994 J J
Ohio Connecting Ry let 4s_1943 M S 89-_-- 97
_
Mar'32 ---- __ _
Registered
J J
84
85 July'33 ---5812 85
1936 J D 85 100
Ohio River RR 1st g 55
90 Aug'33 ---8E1 -9CI
Devel & gen 45 series A.._1958 A 0 4818 Sale 45
4812 136
17
643
4
1937 A 0 80
General gold 55
87 Nov'33 ---,
Bevel & gen fis
70
91
4
1956 A 0 593 Sale 59
3
/
1
4
62
20
85
Oregon RR & Nay corn g 4s_1946 J D 8514 Sale 8314
9
86
8314 98
Bevel & gen 64s
6914 85
1956 A 0 6712 Sale 6612
207 90
8
Ore Short Live 1st cons g 55_1946 J J 96 100 1005
8 10214 12
99 10712
Mem Div let g Se
1996 J J 6212 65
1
65
65
40
8114
40
Guar stpd cons 58
1946 J 3 101 Sale 991 103
/
4
991 10712
/
4
36
76
53
'
-512 -14
c
1951 J J 50
St Louis Div let g 4s
5314 11
Ore-Wash RR & Nay 4s_ _ _ _1961 J J 80 Sale 7712
80
_ _ 7712 Nov'33 ---,
7
8
75
East Tenn reorg lien g 5s_1938 M S 72
90
60
91
Mobile & Ohlo coil tr 4s__ _1938 M S 42 16
4212
464 35
/
1
20
664
/
1
Pae RR. of Mo 1st ext g 4s 1938 F A 80
80
80
87
5
7312 9378 Spokane Internet 1st g 5s_ _ _1955 J J
/
1
4
1014 10
93 1014 9
4
91g 30
19383 3 8714 Sale 8714
2d extended gold 5s
8714
5
Staten Island Ry let 4 Ms_1943 J D --------60 May'32 ---75
90
944 Aug 33 --,Ms_1955 J 1 __ _ 94
Paducah & Ills 1st s f g 4
93
Oct'33 ---9412 Sunbury & Lewiston 1st 98._1936 J J ____ 100 100
983 1- 6
4 6
Paris-Orleans RR ext 550_1968 M 9 11514 Sale 11514 012012 35 a9612 12412
54 Nov'33 --PaulLsta Ry let refer 7s_ _ _1942 M 9 4318 52
36
50
59
25
58
3
50
50
Tenn Cent 1st fis A or B_ _ _ _1947 A 0 45
Pa Ohio dr Det 1st & ref 4 Ms A'77 A 0 76
8112 7912
7912
99 12
6
96 10212
71
9312 Term Assn of St L 1st g 4 Ms_1939 A 0 ____ 9934 99
i
Pennsylvania RR cons g 4s_ _1943 MN 10012 ---- 9912 Nov'33 ---1944 F A 9612 100
9534 1011
/
4
9814
100
II
let cons gold 5s
9112 103
9612 39
1948 M N 9514 Sale 9412
Consol gold 4s
73
91 10112
38
Gen refund s f g 4s
1953 1 J 71 Sale 71
68
9112
9712 20
9e sterl stpd dollar May 1 1948 M N 901? 97'2 97
8618
6612 23
90 10112 Texarkana dr Ft S 1st 5345 A 1950 F A 6612 Sale 65
59
52
101
Consol sinking fund 4 Ms_ _1960 F A 10018 Sale 9918
Oct'33 ---,
Tex & NO con gold Is
19433 J --------65
9412 105
60
65
8412 158
19653 D 8412 Sale 8214
General 4 Ms merles A
8214 11
7318 947 Texas & Pac let gold Is
8
20003 D 82 Sale 82
82 10012
91
/
1
4
19683 D 90 Sale 894
Gereral 58 series B
71
2d Inc 5s(Mar'28cp on)Dec3000 Mar --------95 Mar'29 -78 10034
1936 F A 102 Sale 101
15-year secured 6345
12 103
551 4-4
/
4
135
95 1054
Gen & ref 55 series B
1977 A 0 55 Sale 55
/
1
42
ii
40-year secured gold 5s_ _1969 MN 85 Sale
27
55
4
Gen & ref Is series C
73
98
4314 783
1979 A 0 54 Sale 533
8
667
Bob g 430
1970 A 0 71 Sale 828
8
75
1
5512 14
111
.
43
Gen & ref 55 series D
56
1980 J D 54 Sale 54
8614
75
4
1981 A 0 773 Sale 7614
General 434s series D
Oct'33 ____
71
60
68
9012 Tex Pac-Mo Pac Ter 534s A.1964 M S ____ 72
78 4 88
73
563 563
8
8
Peoria & Eastern 1st cons 48_1940 A 0 50
563
s
Oct'33 ---4
. 973 95
Tol de Ohio Cent let gu 5s_ _ _1935 J .1 _ _ _
72
86
30
1
973
4
22
7
6
738 612
Income 4s
April 1990 Apr
95
1
95
13 1612
4
.
80
Western Div let g 55
1935 A 0 _ -- 98
9812
88
88
93
Peoria & Pekin Un 1st 530_ _1974 F A 8312 88
73
4
69
/ 903
1
4
4
General gold 5s
1935 J D __ 843 92 Aug'33 - - __
52
55
Pere Marquette 1st ser A 55 1956 J J 48
I
60
60
65
44
Tol St L & W 50
283 76
4
0
531
71
-year g 4s_ _ _1950 A 0 60
58 Nov'33 ____
50
45
28
1956 J
1st 45 series B
63
Tol W V &0gu 48 ser C_ _ _1942 M 5 --------9518 Apr'31 ____
let g 430 series C
1980 M S -, - 52
1
, Sale 5112 511 20 28 6812 Toronto Ham &Buff 1st g_4s 1946 J D 5514 89 80 Feb'33 --,, §o - - 4
8637
9914 100
4
Phila Bait &Wash 1st g 48..1943 MN 0993
9712 251
963 Sale 94
4
937 1011
8
94 10114 Union Pac RR 1st & Id gr 4s 1947 J J
/
4
1974 F A ____ 98
/ 99
1
4
B 2 ____ 95.6 9914 Nov'33 ---, 09112 9938
General Is series B
99
3
93 10212
Registered
General g 434s series C._ _1977 J J -.- 9312 9412 Oct'33
9312
76 a78
84
1st Lien & ref 4s
96
81
81
June 2008 M 9 84 Sale 8212
3588
19
30
25
Philippine Ry 1st 30-yr s f 481937 J J 29 Sale 22
Gold 434s
51 075
83
95
1967 J J 8214 Sale 81
45
95 10714
1st lien Be ref 55
June 2008 NI 9 101 Sale 9912 101
PC C & St L gu 4345 A
1940 A 0 9912
/
4
78
/ 52 069 08912
1
4
- 101.
/
1
4
102
40-year gold 48
4
31 093 1033
/
1
4
/
1
4
1968 1 D 77 Sale 761
Series B 4 .45 guar
1
1942 A 0 100 103 100
1004 37
/
1
21
100
94 1027 U N J RR dr Can gen 4s
96 1015
8
8
1944 M 5 10012 Sale 100
Apr'33 ---Series C 4345 guar
1942 MN 99 ---- 101 Nov'33 --____ 85
993 102
4
/ Vendetta cons g 4s series A 1955 F A 80
1
4
85
85
85
85
194511 N 9814 __-- 98 Nov'33 ---- a9418 985
Series D 4s guar
85 June'33 --_Cons s f 48 series B
8
195711 N 9312
Series E 4 Ms guar gold__ _1949 F A 915 ---- 8912 Aug'33 ---8
11 / 312 218 Sept'33 ---4
13
8912 8912 Vera Cruz & P asst 4348._ _ _1933 J J
8 5
91
____ 9718 Aug'33 ---Series F 4s guar gold
1953 J D 98
2
91
/ Virginia Midland gen 58_ __ _1936 M N 0018 96
1
4
80 100
9618 97
Series G 4s guar
_-_- 98 Nov'33 - - 1957 M N 98
/ 76 Sept'33 --- 1
4
Ve Be Southwest lot gu Is..., _2003 J j ---- 75
94
, 92
60
85
Series II cons guar 4s
19130 F A 98
98
55
98
55
1st cons Is
9618 9814
1
3612 70
5
1954 A 0 -- - - 56
Series I cons guar 4 Ms_ _ _ _1963 F A 9918 _ _ _ _ 09
9118 103
1
9318 57
89
99
Virginia Ity 1st 55 series A 1962 MN 9012 92
84 10112
101 Nov'33 ____
8412
Series J cons guar 4 Sis- _ _1964 M N 99
9412 10212
2
1st mtge 430 series B_ _ _ _1962 M N 8412 Sale 8412
78
9414
General NI Is series A_ _ _ _1970 J D ____ - 12 875
88
8
8812 17
76 10018
Gen mtge guar 5s ser B
/
1
4
1975 A 0 87 Sale 8514
87
/ 22
1
4
7612 9934 Wabash RR 1st gold 58
1939 M N 5912 Sale 59
43
101
60
85
Gen 43,13s series C
19773 .1
76 Sale 76
77
25
2d gold Is
69
93
33
70
5812 Nov'33 ---1939 F A ___- 55
Pitts Melt & Y 2d gu ea.__ _1934 J J --------101 Sept'33 ---Deb 6s series B registered _1939 J J --------9838 May'29 ---- ____
_
995 1014
8
Pitts Sh dr L E 1st g 55
_ _ 97 Nov'33 --37i2 iii2
1940 A 0 77
1st lien 50-year g term 4s_1954 J J ____ 55
97 102
3712 A pr'33 ---let consol gold 5s
19433 J
78 10114 100 Mar'33 ---- 100 10012
- Det & Chic Ext 1st 5s_ _ _ _1941 J J 85
1
70
62
78
9818 70
MN 91--- 94
Pitts Va dr Char 1st 45
1943
Oct'33 ---35
Oct'33 _--Des Moines Div let g 48:.1939 J .1 ___- 50
94
94
55
55
Pitts & W Valet 4;0 tier A_1958 J D _ _ _ _ 58
60 Nov'33 --30
6978
Omaha Div let g 3Ms_ _ _1941 A 0 39
I
3934
393
4
2712 47
46
1st M 4 34s series 13
/ 61
1
4
Oct'33 -- 1958 A 0 _ _ _ _ 57
Toledo dr Chic Div g 48_ _1941 M 9 --------56 Aug'33 - -,, 41
, 30
685
8
56
1st M 430series C
1960 A 0 53 Sale 53
58
10
53 32
4
144 27
/
1
30
7012 Waba.sh Ry ref & gen 530 A_1975 M S 13
1412 1314
Pitts Y dr Ash 1st 4s ser A...1948 J D
923 95
4
Ref & gen 5s(Feb'32 coup) 13'76 F A
4
- - 923 Nov'33 --__
1412 41
512 32
1314 Sale 13
let gen 5s serial B
9214- - 105 Sept'33 ---- 105 105
99
1962 F A 95
1414 31
Ref & gen 430 series C
4
1978 A 0 1212 1414 1212
3312
Providence Secur deb 4s__ _ _1957 M N 35---- 713 July'31 ---- _ io_
4
__
1414 23
Ref & gen Is series D
43 32
8
1980 A 0 1314 Sale 13
8112 80 June'33 ---Providence Term 1st 48
79
1956 M
- _80 Warren 1st ref gu g 3Ms _2000 F A _ _ _
60
_ _ _ 50 Feb'33 ---50
Washington Cent 1st Cold 48 1948 Q M _--_ 79
52 Feb'33 ---- 0513 62
4
_Reading Co Jersey Cent coil 48'51 A 0 71
73
76
9018 Wash Term 1st go 33.0
9214 Oct'33 ---66
11
73
87
1945 F A ____ 86
9214
Gen Be ref 434s series A.
.1 J 82 Sale 80
.1997
let 40-year guar 4s
753 95
4
8212 124
9212 97
1995 F A 8718 ____ 95 Nov'33 ---:
Gen & ref 434e series B_ _ _1997 .1
Western Maryland 1st 4s
78
95
24
82
82 Sale 80
53
74
63
/ 18
1
4
1953 A 0 63 Sale 611
__
Rensselaer & Saratoga 6s_ _ _1941 10 N
1st & ref 53.6e series A _ _1977 J J 6812 Sale 67
113
Oct'30 ____ ____
52
3
6812 3
89 2
,
Rich & Nlerch 1st g 4s
1948 MN
10012 32
West NY & Pa let g Is
40 July'33
38 -40
9914 1031
1937 J .1 10012 Sale 100
/
4
RIchm Term Ry 1st gu 5s_ _ _1952 3
3
____ 100 100
079
General gold 0
100
3 079
93
7912 a79
A 0 75
9712 101
Rio Grande June 1st gu 58_ 19393 0 78 ---- 85 Nov'33 ---Western Pac 1st 58 ser A_ _1946 M S 30 Sale 29
3012 96
85
2012 58
83
Rio Grande Sou let gold 4s_ _1949 J 3
212 ____
114
114 West Shore 1st 45 guar
.
114 Oct'33 _ _ _
6912 55
66
70
63
2361 J J 65
8512
Guards(Jan 1922 coupon)1940 J 331 July'33 -__
4
1
314
Registered
6514
643 6312
4
6312 80
9
2361 J J 57
Rio Grande West 1st gold 4s_1939 J 1 63 - g 667
65
85
667
55
87
8
8
6712
Wheel & L E ref 434s ser A _1966 M 5 75
740V1--" -- - 837 83 -.
8
let con Be coil trust 48 A_ _1949 A 0 40
84
47
3
54
Oct'33 ---Refunding Is series B
2512 8418
8212 84
1966 M 5 --------82
RI Ark Be Louis 1st 4 Ms_ _ _ _1934 M 9 113 1212 1114
4
8714 Oct'33 ---RR 1st consol 4s
11
344
/
1
12
/ 29
1
4
70
91
1949 M 5 ____ 84
Rut-Canada let gu g 4s_ _ _1949 J .1 4418 50
35
6
47 Nov'33 _-_183 45
33
4
/
1
35
/ 5712 Wilk Be East 1st gu g 5s
1
4
1942 J D 324 37
Rutland let con 434s
1941 J J 50 sale 50
Will & SF 1st gold Is
64
7
50
85
39
87
1938 .1 D --------86 Sept'33 ---8412
3
763 92
83
4
Winston-Salem 9 B 1st 4s_1960 J .1 - -- 86
St Jos Be Grand Isld let 4s.__1947 3 3 70
Wis Cent 50-yr let gen 0_1949 .1 J
70
93
89 Nov'33 _-__
88
12
/
1
4
83 2714
5
1214 Sale 12
4
St Lawr & Adr 1st g 58
19963 J --------6414 Oct'33 ____
2,
83
4
6
64 641
/
4
Sup & Dul div dr term 1st0'36 MN
/ 812
1
4
2112
814 8
2d gold 6s
_1 ___ _ _ _ _
70 June'33 ____
1996 A 0 _ _. _ 80
88
70
Wor Be Conn East let 4 Ms 19131.2 .1 ___ ___ 8514 Sept'31 St Louis Iron Mt Be SouRiv dt G Div 1st g 4s
•
1933 MN
*
•
8
I
INDUSTRIALS.
I
St L Poor Be NW 1st gu 5s_ _1948 J 1 _
_ 5812 5812
•
•
Abitibi Power Be Paper 1st Is 1953 J D
2812 65
1
5812
•
•
-San Fran pr lien 4s A_ _1950 J J
St 1,
Fi Sale 14
1614 75
8
3012 Abraham Be Straus deb 5348_1943
Certificates of deposit ___ __-812 30
1314 Sale 1112
1412 103
80
99
88
/ 16
1
4
With warrants
IA 0 883 Sale 8712
4
Prior lien 58 series B
19103 J
1412 16
14
16
15
10
33
5312 73
I
8
Adams Express coil tr g 0_1948 M 9 64
8
643
/ 6512 643
1
4
Certificates of deposit
-,-- - 1412 Sale 14
93 30
4
23
15
92 11412
37
/ Adriatic Elec Co esti 75
1
4
1952 A 0 9912 Sale 9912 100
Con M 430 series A
1978 M 9 133 Sale 13
4
1412 78
2412 5612
4
55
a63 2912 Albany Perfor Wrap Pap 6s..1948,A 0 55 Sale 55
8
Ctrs or depos stamped ___1214 Sale 12
133 171
4
2512 69
5212 150
614 2612 Allegany Corp coil tr Is
19441F A 5212 Sale 48
M14 53 Sale 5212
St LS W let g 4s bond ctfs 1989 --53
54 01912 60
26
45
49
7212
Coll Be cony Is
D 45 Sale 43
194913
2e g 9s Inc bond etre_ _Nov 1989 J .1 414112
333 5314
2
7
411
/
4
5
49
9
275
8 7
Coll Be cony 5s
1950,A 0 27 Sale 26
9412
let terminal Be unifying 58_1952 J J 431s 44
65
-371 441
/
4
4512
168739
19
6714 Allis-Chalmers Mfg deb Is,...1937 M N 87 Sale 86
1990 J J ____ 40
Gen & ref g Is ser A
461 Nov'33 --__
/
4
12
56
50
62
4
55
Alpine-Alontan Steel 1st 7s_ _1955 M S 55 Sale 5412
St Paul Sr K C Sh L 1st 4348_1941 F A
23 Sale 20
2614 85
18
74
6212 Amer Beet Sug cony deb 63_1935 F A
20
2318 14
74 Sale 72
__ 00
St P Be Duluth let con g 45. _1968 .1
59
59
2
75 June'33 ____
6014
9
70
8012 American Chain 5-yr 6s_
1938 A 0 --------5
- ____ 50
1
St Paul E Gr Trk 1st 4;0_1947 1 D-58
45
87 Nov'33 --- 91
45
Amer Cyanamid deb Is
2
45
7012 943
4
1942 A 0 86
St Paul Minn & Manitoba190
41
23
/ 5812
1
4
Am Be Foreign Pow deb .58__ _2030 M S 4014 Sale 39
Cons IVI 55 ext to July 1 1943_ _ ____
943 Sale 9314
9512 70
8
20
52
72
66
9218 100
American Ice e f deb 58
1953 .1 D 66 Sale 65
J D 91
1937
Mont ext let gold 4s
9412 9118 Nov'33
113
64
81
89
75
96
Amer I G Chem cony 530 1949 M N 081 Sale 7612
.1910 J J 851877-_ 90 Nov'33 __
Pacific ext gu 4s(sterling)
___
70
30
72
9018 Am Internet Corp cony 530 1949 .1 J 72 Sale 6912
6612 864
/
1
St Paul Un Dep 1st Be ref 58.1972 3 J ___ _ OP's 9814
1 10214 10618
104
89 104
Amer Mach Be Fdy s f 6s_ _ _ 1939 A 0 103 104 104
2
9814
60
973
4 72
/
1
4
Amer Metal 534% notes_ _ _ _1939 A 0 97 Sale 9712
99
/
1
4
-2Sale 57
S A Be Ar Pass 1st go g 4s___ _1993 J J..,
9514 135
33
/
1
4
58
,
54
87
967
8
/
1
8012 Am Rolling Mill cony 5s__ _1938 M N 944 Sale 93
_ 97 100
Santa Fe Pros Be Phen 1st 58_1942 NI S
82 100
Am Sm Be It let 30-yr Is ser- '47_ A 0 96 Sale 94
78 10014
967
8 75
Oct'33 ____
A
1934 A 0 loo
Say Fla Be West let g 6s
100 Nov'33 _
10312 Sale 10212 10312 13 102 10612
95 10012 Amer Sug Ref 5-year 65
/
1
4
1937 J J
1934 A 0 99 ---- 99 Nov'33 ____
55
let gold
/
1
4
/
1
4
10114 23 a9612 105
94 100
Am Telep & Teleg cony 4s_ _ _1936 M S 101 Sale 101
,
mot° Nr Be N K 1st fa' 4s__ _1989 M N 90
___- 02
133 100 10712
92
90
5
98
30-year coil tr Is
1946 J D 104 Sale 10112 104
•
Seaboard Air Line let g 48-1950 A 0
•
"
/
4
8
93 10712
35-years t deb Is
1960 J .1 1023 Sale 1011 10314 517
*
•
1950 A 0
Gold 48 stamped
10512 511
*
•
20
-years f 530
9912 10912
1943 MN 105 Sale 10414
111 1014
/
4
Certifs of deposit stamped-- A 0 10
3
1014
8 30
5
99 119
Conv deb 430
2314
19393 .1 10912 Sale 10912 1103
412 Sale
Oct 1949 F A
Adjustment 5s
412
5 8 19
5
12 113
4
9212 10714
Debenture 58
1965 F A 10212 Sale 10138 10318 679
1959 A 0
•
Refunding 48
•
•
6
25
Am Type Found deb 68
21
67
1940 A 0 25 Sale 2318
612 5 Nov'33 __
Certificates of deposit __ _ _ ____ __
2
1412 Am Wat Wits Be El coil tr 55_1934 A 0 8912 Sale 88
9912 41
7418 9414
1945 M 5
iT Sale
4
612
712 ;;
let Be cons (38 series A
49
894
23 1712
4
...,
16
62
Deb g 6s series A
1975 M N 60 Sale 58
6
6 Sale
612 24
Certificates of deposit ,,__ ---13 18
4
•
Atl & 131rm 30-Yr let g 48-.1933 1,1 S
•
•
Am Writing Paper 1st g 6s_.1947 1 J 2012 39
39 Nov'33 ____ 02114 5618
Seaboard All Fla let gu 6s A_1935
Anglo-Chllean Nitrate 78_1945 M N
21 1418
/
4
512 13
4
/
1
4
45 Sale
8
33
4 21
1
314
312 314
934 Ark Be Men Bridge Be Ter 58_1964 M S --------79 Sept'33 ____
Certificates of deposit-- A 0
7818 85
1935
Series 13
Armour Be& Co (III) let 434s._1939 J D 8114 Sale 78
9234
75
4 83
/
1
4
813
218 312 25
8
318
1
2
712 Armour Be CO of Del 534s,,..1943 J J 80 Sale 76
Certificates of deposit_ _ _ _ __ F A
7118 90
63
/
1
4
80
____ 102
Oct'33 _ _ _
So Be No Ala cons gu g 5s_ _ _ _1936 F A 84
9912 102
Armstrong Cork cony deb Is 1990 1 D 8918 91
65
9412
8
9212
92
____ 94
75
Oct'33 _ _
96
Gen cons guar 50
-year 5s 1963 A 0 75
Associated 0116% g n0143_1935 M S 10212 1041 10212 10212
1 10112 104'2
4
493
4 47
40
So Pao coll 4e(Cent Pao coll) 19493 D 493 Sale 46
71
Atlanta Gas List 55
1947 J D 0612 Sale 9612
9612 983
4
I
9612
5812 79
let 430(Oregon Lines) A.1977 M 9 5812 Sale 55
53
80
Atl Gulf Be WI SS coil tr 5s....1959 J J 5212 Sale 5212
33
68
3
5412
86 Nov'33 ___
90
1934 .1 D 86
6714 9312 Atlantic Refining deb Is....1937 J .1 10314 Sale 10138 103
20-year cony 55
97 104
/ 96
1
4
/
1
4
/
1
4
1968 M 9 47 Sale 46
473
4 31
3814 74
Gold 430
4634 92
/
1
3714 7412 Baldwin Loco Works let 5s...1910 M N 9812 ____ 9812
Gold 4 Wi with warrants_1969 M N 464 Sale 44
7918 104
1
9812
4612 152
3614 7212 Batavian Petr guar deb 4;0_1942 .2 J 100 Sale 9814
/
1
1981 MN 48 Sale 444
Gold 4 34*
100
9014 10212
28
84
45 a703 95
4
San Fran Term 1st 48_ _ _1950 A 0 84 Sale 8112
Belding-Heminway 68
1938 J J 100 1003 100 Nov'33 ____
83 100
8
9718 10212 Bell Tele') of Pals series B 1948 J .1 10414 Sale 103
58_1937 NI N __ _ l0it2 10112 Nov'33 ____
So Pac of Cal 1st con gu g 109
/ 40 101 111
1
4
/
1
4
4
3
95
/
1
4
95
So Pac Coast 1st gu g 913_ _ _1937 J J 0,i3 9814 95
953
8
1st Be ref Is series C
1980 A 0 1047 Sale 1033
8
4 1047
8 82 10012 11138
62
243
60
1955 .1 J 62 Sale 8018
84
So Pac RR let ref 48
Beneficial Indus Loan deb (Is 1996 M 9 88 Sale 88
8914 13
75
9312
Stamped (Federal tax)._ _1955 J J __ __ ____ 9212 May'30 ____ ____ ____ Berlin City Elec Co deb 630 1951 J D 433 Sale 433
4
4
33
454 66
/
1
7012
Deb sinking fund 6 Ms_ _ _ _1959 F A
4612 Sale 43
32
8912
4612 83
Debentures Os
1955 A 0 43 Sale 3918
2818 6412
74
43
Berlin Elec El Be Underg 630 1956 A 0 43 Sale 393
21 a28
4
43
63
/
1
4
Beth Steel lot Be ref 5s-guar A '42 M N 9712 Sale 963
71 1043
4
29
4
98
30
-year p m dr impt s f 513_1936 J 3 943 Sale 944
4
79 10012
/
1
9612 34
r Cash sale. a Deferred delivery. •Look under list of Matured Bonds on page 3821.
New York Bond Record-Continued-Page 5
3820
Nov. 25 1933
IX
Price
Week's
Range
Range
.3....
BONDS
N.Y STOCK EXCHANGE 1i . Friday
.
&nal
Range or
11
Singe
gi.."
No, Nov. 24.
Last Sate.
Jan. 1.
al0
1
Jan. 1.
Week Ended Nov. 24.
High NO. Low
Ask Low
Bid
High NO. Low
Bid
Ask Low
High
High
454 30
29 61
8 30 Hansa SS Lines 68 with warn 1939 A 0 454 Sale 43
32 30 Nov'33 ---Bing Jr Bing deb 634s
1950 M S 30
41
39
60
8
5 274 Harpen Mining 68 with warr.1949 J J 59
2
12
721:
606 584
8
Botany Cons Mills 634&.....1934 A 0 114 137 12
264a 11
18
404
44 2012 Havana Elec consol g 5s---1952 F A 2714 33 a25
612 12 12 Oct'33 --Certificates of deposit
A 0
8
' 612 Oct'33Deb 554s series of 1926_1951 M 5
34 16
Bowman-Bllt Hotels 1st 7s1934
*
*
* 121
4
44 Hoe(R)dr Co lat 6 As ser A _1934 A 0
Stmp as to pay ot $435 pt red M 13 --- -__ 412 May'33 ....
•
a
5
45
1772 45
45 4312
Holland-Amer Line 6s (flat).1947 MN 40
B'way & 7th Ave 1st cons 5&1943.3 D
7112 50
7412
38
8 654 76 Houston Oil sink fund 530-1940 MN 714 Sale 7012
73
76 74
Brooklyn City RR 1st Eis-- 1941.3 J 72
274 64
4112 30
8 57 10034 108 Hudson Coal let if Ss pier A_1962 J D 4112 Sale 4012
Bklyn Edison Inc gen Es A...1949 J j 1031: Sale 10318 1043
4 10138 1084
Gen mtge Es series E
1952 .1 .1 1034 Sale 10234 10334 47 100 108 Hudson Co Gas lit g 53-1949 M 14 10212 Sale 1014 • 10212
3
8414 96 Humble 011A RennIng Ss__ _1937 A 0 10312 Sale 10214 1034 52 1003 10412
290
4
89
Bklyn-Manh R T sec 6s_1968 J .1 88 Sale 863
57 60
Bklyn Qu Co & Sub con gtd 5s'41 MN ....._ 59 59 Aug'33 ---68 1004 10778
___ Illinois Bell Telephone 58_1956 1 K 10412 Sale 10414 105
1st 68 stamped
1941 J .1 --------50 Nov'32 ---_- ___
29
95 10538
104
4
87 Illinois Steel deb 4s
o
7512
Bklyn Union El 1st g _ _1950 F A 75 Sale 75
1940 A 0 1023 Sale 102
7212 26 4 5812
3
8
4214 53
10512 19 10164 112 Ilseder Steel Corp mtge 6s._1948 F A 413 Sale a396
5sBklyn Un Gas 1st cons g 5;1_1945 M N 105 Sale 105
6 10434 1174 Ind Nat Gas dr 011 ref 58..-1936 m N ----- ---- 947 June'33 --,,, 947 9712
8
4
s
let lien & ref 68 series A 1947 M N 10514 1103 10514 107
29
84
160 158 Feb'33 ---- 158 158 Inland Steel 1st 4345
66 90
1978 A 0 84 Sale 82
Cony deb g 544s
1936.8 J
17
84
934 21
93 105
65 90
181 M s f 434s set B
1981 F A 8218 Sale 82
Debenture gold bs
1950 J D 9334 98 93
47 70
6238 277
977
let lien & ref series B
871073 Interboro Rap Tran 181 5s-1966 J J 6134 Sale 60
4
1957 M N 1014 Bale 10012 10112 29
•
a
9812 41
1032 A 0
9612 10512
10
-year es
Buff Gen El 434s series B 1981 F A 97 Sale 9612
45 Nov'33 -... 39 6712
14
3012
3
26
28 24
-t-- 20
Bush Terminal 1st 4s
Certificates of deposit
1952 A 0 434
5
•
8
14
4
10
-year cony 7% notes--.1932 M S
b
3314
Consol ba
1955 J J 133 Sale 1334
16
52
05
433a 4
0
4412 4238
7314
19
6411
Certificates of deposit_,, 63 Sale 63
Bush Term Bldgs bs gu tax ex'30 A 0 43
15
57
7
53
55 51
32 70
P1 50
37 747 Interlake Iron let be B
1951 Iiia
By-Prod Coke let 5345 21_1945 MN 56 Sale 56
Int Agric Corp let dr coil D 5e
3E02 55
2
6112
Stamped extended to 1942_ _ _ M N 56 62 6112
Cal G & E Corp unf & ref 513_1937 MN 103 Sale 10238 10312 16 100 10634
4
82
8712
47 alSO
84
6234 9212 Int Cement cony deb 5s
Cal Pack cony deb bs
1948 M N 79 Sale 79
1940.3 .1 8712 Sale 86
42 128
7 a81 a9712 Internet Hydro El deb 613_1944 A 0 42 Sale 3912
9668
2414 59
4
Cal Petroleum cony deb s f 55'39 F A 9638 963 964
9918 23 an 1004 Inter Mere Marines f 6s
44
10 a2912 581:
1941 A 0 44 Sale 434
Cony deb a f g 5348
1938 MN 994 Sale 9918
5412 17
39 68
Internat Paper bs ser A & 11.1947 J J 5412 Sale 52
Camaguey Sugar etre of deposit
10 49
394 38
1
34
Ref at Os series A
34
1955 M 8 39 Sale 364
34 4
for let 78
1942 14 1314
1734
4218 66
173
4
174 55
1
1034 27 Int Telep & Teleg deb g 4%a 1952 1 J 4118 Sale 404
Canada SS L let & gen 6s-1941 A 0 1714 19
52 265
6 102 108
204 67
Cony deb 4%s
Cent Diet Tel 1st 313-yr 5a-1943 J D 104 Sale 1034 105
1939 J J 52 Sale 504
444 88
102
18 5934
6 100 107
Debenture 55
1955 F 5 434 Sale 4318
Cent Hudson G & E 5a_Jan 1957 M 8 1014 10338 102
4612 15
6
8012
75 924
43 75 Investors Equity deb Es A-1947 1 K 8018 83 8018
Cent III Elec dr Gas let 5s
1951 F A 4612 Sale 43
4
34 85 Oct'33 ---80 92
Deb ba ser B with ware_ _1948 A 0
7012 105
Central Steel 1st g s t 88
1941 MN 102 10212 10114 102
4712 44
75 92 2
_
5712
Without warrants
26
1948 A 0 - 90 87 Oct'33 --Certain-teed Prod 534s A_ _1948 M 8 4712 Sale 46
1
9778 168
6312 110
Chesap Corp cony 55 May 15 '47 MN 97 Sale 95
983
4 ..8
100
31
9612 105
97 1057 K C Pow dr Lt 1st 4Hs ser B 1957 J 3 96 98 97
a
Ch CL & Coke 1st gu g 53_1937 J J 98 Sale 98
99
.60
96 10534
let mtge 4;41,
1961 F A 9812 Sale 974
Chicago Railways lst 5astpd
*
7412 21
•
703 95
4
4
Kansas Gas & Electric 494a_1980 1 K 72 Sale 703
•
Aug 1 1933 25% part pd
F A
3238
1614 18
1314 4114
9
25 554 Karstadt (Rudolph) let 6s_1943 M N 1614 Sale al512
Childs Co deb Ss
1943 A 0 3112 3312 32
164 39
544 40
13
1834
2-- 1614 Sale 16
,
Certificates of deposit
27
713
4
Chile Copper Co deb 5a--1947 .1 J 54 Sale 5214
62
91
38
46
294 61
8778 100 Keith (B F) Corp 1st 6&___1946 m 8 46 Sale 45
_
Cln0& E let M 4s A
1968 A 0 884 Sale 8778
2 32 6412
4612
Kelly-Springfield Tire 68_1942 A V 4512 46 46
38 38
8 APr'33 --Clearfield Bit Coal let 4&_1940 J J ---- ---- 3
12
71
55 79
Small series B
1940.3 J ---------------- ---- _ __. _ . Kendall Co 5448 with warr_1948 M 5 7014 Sale 70
70
64 s 75
_ _ 7178 Oct'33 --- 10 032 7
Colon 011 cony deb 68
71 Keystone Telep Co 1st 54-1935 J J nia
1938.3 J 6812 70 6812
1
33
37
1 101 108
..6818 Kings County El L & P 531_1937 A 0 10312 104 10312 10312
Colo Fuel dr It Co gen s f 53_1943 F A 364 3812 37
30
22
10 1153 135
4
124
4
Purchase money 6s
1997 A 0 11814 125 118
17
58
Col Indus lst dr coil bri gu__ _1934 F A 173 Sale 1734
6312 117
7712
294 nag Kings County Elev let g 4s_1949 F A 63
66
71 66 Nov'33 ---Columbia G & E deb 55 May 1952 M N 6312 Sale 5912
23 604 89 Kings Co Lighting let 5s...._1954 J J 85 104 104 Nov'33 ---64
99 106
Debenture be
Apr 15 1952 A 0 64 Sale 6014
6212 212 58 874
First and ref 634s
1954 J J 101 108 a102 Nov'33 ---- 2110 11412
Debenture bs
Jan 15 1961 J j 62 Sale 5912
b
7912
80
90
79120100 Kinney(0R)&Co 744% notea'36 J. 0 774 85 80 Nov'33 ....,- a42 96
Columbus Ry P & L 1st 444a 1957 J J 77
17 93 106 Kresge Found'n coil tr 68._1936 i D 72 Sale 68
94
3114 334
39
72
Secured cony g 534s
1942 A 0 94 Sale 93
Kreuger ec Toll class A Ws of dep _
1218 71
10
1834
for sec s f g ba
1959 m 8 1218 Sale 12
96 10214
,..3.,
Commercial Credit et 5.3.4s _ _1935 J J 10114 102 10114 102
Comm'l Invest Tr deb 530_1949 F A 97 Bale 9511
954 1047s
976
8 zo
5 104 1084 Lackawanna Steel let 58A-1950 m S 9818 Sale 98
984 26
75 10114
Computing-Tab-Roe a f 68 1941 j j 10514 1064 10538 10518
17
85
8
827 827
8
794 9714
Conn Ry & L 1st & ref g 4 Hs 1951 J J ---- 102 9853
881s 10112 Laclede(3-L ref & ext fs_ -1934 A 0 80
1
9813
16
51
9812
48 70
7
Coll & ref by4a series C-1953 F A 50 Sale 50
95 102
Stamped guar 4948
1951 J j ____ 100 98
5012
1
48 69
Coll & ref 530 series D-1960 F A 5012 Sale 5012
Consolidated Hydro-Elec Works
42
16
534
304 66
63
8 60
614 Sale
Of Upper Wuertemberg 7e1956 J J 42 Sale 3918
24 1418
Lautaro Nitrate Co Ltd 68.-1954J J.
13412
774 9138
4
Cons Coal of Md 1st& ref bs.1950 J D 11 Sale 11
844 84
1
618 3012 Lehigh C & Nav s t 4 Hs A 1954 J . 81
6
12
184
78 91
8334 86 Nov'33 ---.
Consol Gas(N Y)deb 5348 1945 F A 101 Sale 9968 101
Cons sink fund 434aser C.1954 1 J 81
9812 10714
39
1
8
190
71
45
4
76
8712 10178 Lehigh Val Coal lat & rots t bs.44 F A 713 7412 71
Debenture 4446
1951.3 D 888 Sale 88
9534 84
, j 9514 Sale 93
1957
6
40
20 55
Debenture 58
1st dr ref a t 55
1954 F A 39 Sale 39
93 10512
2
39
Consumers Gas of Chic gu 58 1936 J D 9812 10134 10012 Nov'33 ---, 97 10534
1612 55
1964 F A 3512 40 39
1st & ref a I 5s
1
22 50
39
a
39 4 39
3
1974 F A 36
97 107
1
Consumers Power let 58 C 1952 M N -..,,- 101 10238 1023
1st & ref a t 55
82
1
70
57 82
Secured 6% gold notes_1938 J 7 82 Sale 82
12
Container Corp let 13s
2
1946.3 D 6181 Sale 683a
35
7614
5312 21
15-year deb ba with warr_1943 .1 D 52 Sale 61
1634 6312 Liggett & MYerl Tobacco 78-1944 A 0 119 Sale 11712 12018 18 117 1264
731e 11 a65 804
68
Copenhagen Telep be Feb 161954 F A 72 Sale 72
1951 F A 10412 Sale 10412 10612 23 102 111
2 mu 10412 Loew's Inc deb a f 13a
19
81
:
48 89
Corn Prod Refg let 25-y1.8151'34 MN 10118 102 10118 10114
1941 A 0 8012 Sale 8012
7412 9034
18
90
Crown Cork br Seal a f 6s_ _ _1947 j D ....... 9738 9712 100
8
1952 J 0 8814 92 89
79 10012 Lombard Else 7s aer A
77
7
8
1944 A 0 10912 1181 120 Nov'33 -- - - a10212 120
56 88
Crown Willamette Paper 68.1951 1 j 77 Sale 7612
Lorillard (P) Co deb 75
6712 17
35
10112 100
7514
90 1054
10134 14
58
1951 F A
Crown Zellerbach deb Sew w 1940 M s a67 Sale 67
s
*
*
8714 33 8614 10612
Louisville Gas & El(Ky)Ss_1952 M 14 87 Sale 8614
Cuban Cane Prod deb 6a__1950 1 J
•
2 42 63
4
4834
4
Cumb T & T let & gen 5s
1937 .1 J 10214 10338 10212 10312 36 100 107 Lower Austria Hydro El 64481944 F A 483 Sale 473
d
BONDS
N. Y. STOCK EXCHANGE. 11
Week Ended Nov. 24.
.,a.
Price
Fridag
Nov. 24.
Week's
Range or
Last gale.
8
Del Power dr Light 1st 4391-1971 J J 93 977 9912 Nov'33 ---1st & ref 434s
1969.3 j---- 934 9512 Nov'33 ---95 93 Nov'33 ---let mortgage 494e
1969 .1 j 93
Den Gas dr El L 1st & ref a f 58'51 M N 8512 8678 8912 Nov'33 -90 9214 Nov'33 -Stamped as to Fenna tax 1951 M N 87
27
97
Detroit Edison 55 set A
1949 A 0 954 Sale 95
Gen & ref 5s aeries B
1955.3 D 92 Sale 92
18
93
4
9512
Gen &ref Es series C
1982 F A 9414 Sale 9414
8612 35
Gen dr ref 494a series D_1961 F A 864 Sale 8518
79
8
96
Gen dr ref Eis series E
1952 A a 92 Sale 917
Dodge Bros cony deb 6s
174
97
1940 M N 97 Sale 9514
Dold (Jacob) Pack 1st 68_1942 M N 79 Sale 784
4
79
1
93
Donner Steel 1st ref 78
19423 1 914 100 93
Duke-Price Pow let Os ser A_1966 M N 71 Sale 6912
7112 52
Duquesne Light 1st 434s A...1967 A 0 10014 Sale 100
90
101
let Mg 434s series B
1957 m s 1014 Sale 10014 10114 10
a
a
East Cuba Sug 15-yr a f g730'37 M 5
Ed El III Bklyn let cons 4s_ _1939 J .1 9878 10011 99
99
Ed Elec(N Y) 1st cons g 68.1995.3 1 108 120 109
109
47
El Pow Corp (Germany) 0493'50 M S 47 Sale 4312
let sinking fund 634s
47
1953 A 0 47 Sale 44
Ernesto Breda Co 1st M 7s...1954
With stock purchase warrant& F A 8012 Sale 8014
8114
Federal Light & Tr 1st ba
1942 M S 5
9
1st lien s t 5a stamped. 1942 M El 59
let lien 6e stamped
1942 M s 60
30-year deb 65 series B._.1954 J D 4714
Federated Metals a t 7s
1939.3 D 100
Flat deb a f g 78
19463 J 10038
Framerican Ind Dev 20-yr 730'42 .1 J 96
Francisco Sug 1st a f 744s...._1942 MN 10
64
68
63
54
102
Sale
Bale
19
1
1
72
48
14
5
63
63
634 Oct'33 ___
6
62
623
4
2
4712
474
1
10012
10012
8
10038 1003 024
16
97
96
15 Nov'33 ____
94 1021:
8934 99
93 10218
88 100
88 r9634
8518 104
so, 103
844 10311
75 100
84 103
7034 99
3
65 80 4
67 93
43 8112
974 10538
96 107
•
95 10412
106 120
3118 6834
68
80
72
8312
75
62
6312 7238
774
62
4712 6912
81 101
93 1004
94 102
101, 63
Gannett Co. deb 13a set A-1943 F A 7512 7612 7614
66 80
7612 12
Gas&Et of Berg Co cons g 531949 J D --------10338 Oct'33 --- 103 105
_
3511 75
Ge,seakirchen Mining 63.. _1934 M S 55 Sale 503
42
r55
s
76 87
Gen Amer Investors deb 55 A1952 F A 724 757 76 Nov'33 ___
8
Gen Baking deb s t 5WI._._1940 A Ei 102 Bale 10038 102
4
97 1033
i
Gen Cable 1st a f 544s A
36
754
5612 26
8
1947 J J 563 Sale 5518
Gen Electric deb g 3448
3 96 10214
97
1942 F A 974 10112 97
Gen Elec(Germany)78 Ian IS'45 J J 43
2914 6212
5
4312
45 43
fi f deb 634s
2812 57:
4434 19
19403 D 4434 Sale 41
20
557.1
-year at deb 6s
25
38
42
1948 M N 42 Sale 40
Gen Petrol let sink I'd 58_1940 F A 10312 Sale 10314 10312 19 101 105
Gen Pub Serv deb 534s
s
713 89
1939.3 J 76
7912 Nov'33 --__
80
Gen Steel Cast 594s with wart'493 J 56
85
47
12
60
65 55
Gen Theatres Equip deb 65._1940 A 0
a
•
Certificates of deposit
312
34 312 312
1
1
74
8
Good Hope Steel & ir see 76.1945 A 0 5834 Sale 5818
37 6538
587
s 34
Goodrich(B F)Co let640_1947 J .1 90 Sale 90
62 97
9112 34
Cony deb 135
1945 1 D 6814 Sale 67
6812 56 0334 7634
Goodyear Tire & Rubb lat5s 1957 M N 8734 Sale 87
4
68 913
85
88
Gotham Silk Hoslery deb 6s19353 D 87 88 87
7412 894
2
8712
Gould Coupler 1st,1 6a_ _1940 F A
a
a
•
Gt Cons El Pow (Japan)7e 1944 F A 71 Sale 69
3738 75
14
71
1st dr gen s f 63.1s
19503 .1 66
70
31
693
4 63
69 67
Gulf States Steel deb b Sis.._1942 .1 D 6018 Sale 604
42 82
6012 15
Hackensack Water 1st 4a_ -.1952 .1 J 9512 9814 9512
924 9934
5
954
McCrory Stores Corp deb 5)0'41
, 6112 6312 6112
464 63
29
63
Proof of claim filed by owner-. ..::
5818 90
4
McKesson & Robbins deb 5448'50 m 2312 654
.
14 573 Sale 57
*
*
Manatl Sugar Islet 734-1942 A 0
15 Aug'33 __ .
---- 1014 19
812 35
Certificates of deposit
a
•
;
a
Stamped Oct 1931 coupon 1942 A 0
3 274
Certificates of deposit
314 1112 2712 July'33 __
-_--,..29
4412
26
431
Manhat RY(NY)consg 4s 1990 A V 4134 Sale 4134
---- 3512 3834 374
Certificates of deposit
224 40
7
38
12
2d 48
2013 J 13 31
32 Nov'33 ___1738 34
35
Manila Elea RR & Lt a 1 56.1953 M 13 ____ 86
3
1
87 Oct'33 -- 87 4 94 4
Mfrs Tr Co Ws of partio In
5 40 76
A I Namm & Son 1st 63_1943 1 K 57 Sale 57
57
2514 59
Marion Steam Shovel 51 68_1947 A 0 4214 Sale 41
4
43
Market St Ry 7s ser A_April 1940 @ J 64 Bale 63
57 75 1
8
7
64
30 267
7
Mead Corp let Os with wart. 1945 MN 4814 53 47
4811
Meridlonale Elec let 75 A-1957 A 0 95
6 87 1204
99
99 9434
82 99
Metr Ed let dr ref bs ser C 1953 J J _
8412 88 00'33 ____
67 90
1st g 4;48 series D
9
72
1968 M 5 67 Sale 67
6518 81
Metrop Wat Sew & Dr 540_1950 A 0 774 82
22
7812
79
11
19
Met West Side El (Chic) 4&1938 F A 1112 1712 1114 Nov'33 ---30 671s
Ming Mill Mach lat a f 713_1956 J K 39
6
42
42
60
80
9978
27
Midvale St dc 0coll tr a t 5&1936 M S 9212 Sale 914
94
/411w El Ry & Lt 1st bs B
63 874
6668 40
1961 i 13 65 Sale 6334
62 85
1st mtge Es
23
661
1971 J 3 64 Sale 6278
60 93
Montana Power 181 be A__1943 J J 773 Sale 7734
8218 16
4
45
78
Deb 58 series A
8
1962 J D ____ 567 574 Nov'33 ___
Monter:stint Min & Agee
87 a9918
36
1937 J J 9612 Sale a95
97
Deb g 7s
7888 9938
36
Montreal Tram lit & ref 5&1941 J J 9112 98 97
98
5914 744
Gen & ref a f 5a aeries A_1955 A 0 704 Sale 7038
7111 27
Gen dc ref 8158 series B..1955 A 0 ____ 75
7234 Oct'33 _ _- 6888 747
a
Gen & ret s f 44411 aeries C..1955 A 0 -------- 08 Nov'33 ____
573 68's
4
663 747
4
8
Gen & ref e f 158 series D_ _1955 A 0 ...._ 85
73 Nov'33 ____
9114
78
5
83
Morris & Co Islet 4.34s_ _1939 J J 83 Sale 82
_.
Mortgage-Bond Cods set 2_1966 A 0 2014 40 4038 Dee'32 ____ --,..
59 -94
8
8514
Murray Body let 630
1934.3 D 80
90 8412
Mutual Fuel Gas let gu 2 bs.1947 M N
9488 10738
95 97 Oct'33 _-__
76 9314
8
Mut Un Tel gtd &s eat at b% 1941 M N 82 98 893 Oct'33 ...._
Namm (Al)& Son_See Mfrs Tr
Nassau Elec gu gds stpd-1951 J J
1942 J D
Nat Acme 1st 5105
Nat Dairy Prod deb 534s _1948 F A
1956 A 0
Nat Steel let coil 55
Newark Consol Gas cons 58_1948 J D
Newberry (JJ) Co 544% notes '40 A 0
New Eng Tel di Tel ba .4_1952 1 D
1961 M N
in 4 4144 serial 8
N -I Pow & Light 1st 43.48_1960 A 0
New OM Pub Sera let fas A _ _1952 A 0
First & ref 5s series B._ _1955 .1 D
1951 F A
N Y Dock let gold 4s
1938 A 0
Serial 5% notes
NY Edison 1s1 & ref 6945 A.1941 A 0
1/ 1 lien & ref 58 series B_.1944 A 0
3
let lien & ref bs series C 1951 A 0
NY Cu El Lt H & Pow g 5s 1948 J D
Purchase money gold 46..1949 F A
NY L E & W Coal & RR 544e 42 M N
NY L E & W Dock & Imp Si'433 J
r Cash sale. a Deferred delivery. a Option sale Nov. 15 at 102. •Look under list of Matured Bonds on page 3421.
8
541
54
55 54
53 ._..
70 Aug'33 -,
811 119
81 Sale 80
873 173
8734 Sale 8512
5
10112 _ 1014 10311
11
84
8318 lade 83
10584 26
10018 101.2 105
10068 Sale 10014 10034 29
6
70
66
70 70
451
39
4412 Sale 41
65
45
42 Sale 39
28
45
4214 Sale 42
3l1s
6
31 Sale 301s
81
10812 Sale 10818 1091
52
104 Sale 1024 104
10411 37
10312 Sale 103
1053 Sale 1044 106'i 59
4
973 122
9734 Sale 95
75 May'3 . -...... 88
75 82 100 June'3 ___
51
610
4
53 70
774 96
69 95:
2
10112 10714
Ob
8834
100 11118 ,
9612 10712
70 95
41
6412
39 65
411: 63
26 474
10614 115
10114 108 11
3
101 1084
1014 1123
3
a9314 103
75 76
..... _...
_
New York Bond Record-Concluded-Page 6
BONDS
N. Y.STOCK EXCHANGE
Week Ended Nov. 24.
Price
Friday
Nov. 24,
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 24.
3821
Price
Friday
Nov. 24.
Week's
Range or
Last Sale.
*ea
Since
Since
Jan. 1.
Ind
Ask Low
Bid
HighIN 0 Low
Aak Low
High
High NO. Low
.
High
84 18
•
Sla 93
4 84
N Y Rys Corp Inc 6s.__Jan 1965 Apr
as 1014 Studebaker Corp 6% g notes 1942 J O
7
69
Prior lien 69 series A
1966,1 .1 64
35
7
65
66
3312 37 33
Certificates of deposit
32
60
31
45
,
96
98
96
N Y & Richm Gas 1st 68 A 195I MN 96
1
96 10514 Syracuse Ltg Co. 1st g 55._1951 YE 10318 10714 a10314Nov'33 103 11014
2 Sale
7
2
2
4
N Y State Rys 4 Hs A cas_1962
4 14
1
412 Tenn Coal Iron & RR gen 58_1951 II 61033 Sale 10312 1033
97 105
23
8 3
S 60
66 Nov'33 --11 412 Tenn Coop &Chem deb (is B 1944
/
4
2
/ Oct'33 ---1
4
70
645 series B certificates_ _1962
50
76
57
20
Tenn Elec Pow 1st 69
N Y Steam 66 series A
1947 MN 100 Sale 98
98 109
1947 ID 57 Sale 55
1003
s 26
55 10014
1951 M N 91 Sale 90
97
197
1st mortgage 5s
32
90 10412 Texas Corp cony deb bet.._ _1944 A0 97 Sale 9618
92
7714 9912
1956 M N 90
4112 56
1st mortgage be
Third Ave Ry 1st ref 45
1960• J 40 Sale 3918
90 104
93
9112
36
9314 34
5512
/
1
8
23 8 72
7
N Y Telep 1st & gen sf410 1939 M N 10312 Sale 10214 1031z 112
Ad)Inc 65 tax-ex N Y _Jan 1960 * 0 217 Sale 214
98 106
/
1
4
20 8 37
5
87
14
N Y Trap Rock 1st tis
19461 D 46
1937 J J 8612 Sale 8612
10
38
/ 6714 Third Ave RR 1st g 55
1
4
56
83
48
54
9412
N ag Lock &0Pow 1st bs A 1955 A 0 91
Tobacco Prods(N J) 6448_2022 MN 10012 Sale 10018 10112 167
91 105
93
91
9314 26
89 10212
803
8112 8012
4
6
Toho Elec Power 1st 79_ A955 MS 76
5112 74
Niagara Share deb 5%s1950 M N 5218 5318 52
/
1
4
41
534 13
81
4
Tokyo Eiec Light Co Ltd
Norddeutsche Lloyd 20-yr f65'47 M N 475 Sale 47
284 60
/
1
4818 121
667 126
8
20
1st 68 dollar series
7
26
Nor Amer Com deb 6 Hs A1940 M
1953 ID 64 Sale 64
104 32
/
1
23
2512
30
68
5 102 10614
102
102
•S
1961 F A 6512 Sale 611
Trenton
North Amer Co deb bs
& El 1st g 55._ _ _1949
60
89
/
4
6512 79
35 Nov'33
No Am Edison deb 52 ser A_1957 M S 5618 Sale a55
Truax-Traer Coal cony 6448_1943 MN 36 4 41
7 a55
87
56
15
/ 48
1
4
/
1
4
10
75
Deb 5Hs ser B--Aug 15 1963 F A 58 Sale 56
65
89
/ Trumbull Steel 1st s f as_ _1940 MN 7075 7012
1
4
5914 60
39
/ 8334
1
4
_
__ -- 28 Aug'33
Nov 15 1969 M N 55 4 Sale 54
3
Deb bs tier C
54
84
/ Twenty-third St Ry ref 5s 1962• J 25
1
4
55 4 48
15
3
28
12
47
7912 82 Nov'33 ---Nor Ohio Trac de Light 66_1947 M
80 10714 Tyrol Hydro-Elec Pow 7%8_1955 MN 46 Sale 46
46
63
/
1
4
6
47
46
4712
8
Nor States Pow 25-yr ba AI941 A 0 561. Sale 90
Guar sec s f 7s
89 1043
1952 FA
914 25
/
1
46
6214
4
94
/ 22
1
4
93 10812
1st&ref5-yr6sserB
1941 A 0 94 Bale 9312
21
73
Ullgawa Elec Powers? 7s.... _1945 MS 714 76
North W T 1st g 4445 gtd_1934 .1 .1 99 100 100 Nov'33 ---7112
3712 78
/
1
86 0100
634 8112 Union Elec Lt & Pr (M0)Norweg Hydro-El Nit 5%6_1957 M N 72 Sale 6914
724 74
1057 A 0 9612 Sale 9412
Gen mtge gold 55
94 104 8
7
9712 53
Public Service 7%5 A1946 A 0 90
Ohio
Un E L& P (III) 1st g 5Hs A 1954 J J 10018 Sale 9912 10018 28
99 4 105
,
90 105
2
91
90
90
1947 F A 83 Sale 83
lst & ref 76 series B
Union Elev Ry (Chic)55__1945 A 0 15
14 8 20
3
83 104
9
_ 9914 Nov'33
88
Old Ben Coal 181 68
1944 F A
Union 011 30-yr 65 A_ -May 1942 F A 105 101 105
99 4 109
3
14
35
27
106
17
12
18 Nov'33
Ontario Power N F let 55-1943 F A ioiT8 sale 102
1st lien s f 58 ser C..- _Feb 1935 A 0 10012 Sale 100
9812 102
93 1044
/
1
4
10053 12
30
103
Ontario Transmission 1st 55_1945 M N 10018 103 10012 Nov'33
Deb Is with warr__ __Apr 1945 J D 94 Sale 9318
75
99
42
95
89 10212
/
1
4
Oslo Gas & El Wits extl 5s1963 M
United Biscuit of Am deb 6s 1942 M N 95
954 103
84
3
64
24
65
697 70
8
99
71
United Drug Co(Del)5s
Otis Steel 181 mtge 66 ser A_1941 M
43
7112
/
1
4
2512 Sale 24
554 76
5514 Bale 53
1953 M
9
/ 46
1
4
254 20
14
2214
4
United Rya St L 1st g 4s_ _1934 J J 18
18
18
20
Pacific Coast Co 1st g 5s__ _1946 J D 3212 33
US Rubber 1st & ref 59 ger A 19473 J 63 Sale 60
63
23
38
97
291 75
/
4
1
33
33
pacific Gas& El gen & ref bs A '42 J J 10114 Sale
75
United SS Co 15-year fis
19371111 N 91
9914 107
9514
10
95
95
97
70
10014 102
604 8t115 Un Steel Works Corp 6Hs A.1951 J D 3814 Sale 343
Pacific Pub Serv 5% notes.._1936 M
264 6014
215
4
40
6618 72
6618 Nov'33
Pacific Tel dr Tel 1st be_ _ _1937 J
Sec s f13449 series C
254 60
41
40
19513 D 40 Sale 3512
4
1035 Sale 10314 10418 86 101 1073
5
Ref mtge 55 series A
1952 M N 10414 Sale 10414 10518 26 10012 10834
Sink fund deb 6415 set A_.1947 .1
223 594
4
4014 191
/
1
4
393 Sale 35
4
•
Pan-Am Pet Co(of Cal)cony 65'40 J D
Un Steel Works(Burbach)79 1951 AO 106
93 1083
/
1
4
8
- 106 Nov'33
•
Certificates of deposit
_
10
32
27 Aug'33
25
387 Universal Pipe &Rad deb 69 1936 J O
8
31
32
31
29
/
1
4
26
Paramount-Wway 1st 5%a_1951 J .1 29 Sale 29
Unterelbe Power & Light 63_1953 AO Lo Sale 47
30
664
5012 24
25 r42
29
3
Certificates of deposit
Utah Lt az Trac 1st & ref 58_1944 A0 55 Sale 5318
29
55
5012 73
2712 38
2712 Sale 271z•
1
2712
Paramount Rim's Lasky 65_1947
Utah Power & Light 1st 5s1944 FA 58 Sale 55
47
/
1
4
58
55 4 79
3
•
Proof of claim tiled by owners_
•
Utica Elext L & P let s f g 5s 1950 ii
100 105
10514 100 May'33
Certificates of depagit
J D 2312 Sale 2312 • 2312
/
1
4
1012 3412 Utica Gas& Elec ref & ext 551957II 100 102 105 Nov'33
9912 10852
Paramount Public Corp 644s 1950 F A
lJtil Power & Light 5 Hs_ _ _1947 ID 2312 Sale 2212
89
251
1312 41
•
Proof of claim filed by owner______
24
Deb 55 with warrants_ _ _ _1959 FA
112
12
37
2012 Sale 19
•
•
Certificates of deposit.......... 2314 Sale 23
Deb 56 without warr _1959 FA
24 Nov'33
143 25 8
8
1718 34
3
24
74 35
20
Park-Lea 844s cas
1953
8
18
84 Nov'33
8
/ 9
1
4
v'33
Parmelee Trans deb 138
Vanadium Corp of Am cony 55'41 AO 59 Sale 59
1944 A 0 2014 2812 24
3
6O'e
6
/ 35
1
4
34 4 81
3
4
45
4
Pat & Passaic G & E cons 58 1949 M 8 101 107 103
454
4
112 1814
314 51
2 101 10614 Vertientes Sugar 76 ctfs____1942
103
7
Pathe Each deb 75 with warr 1937 M N 80
11
Victor Fuel 1st a f 65
11
10
1012 21
1953Ii 1112 13
85
85
85
5
Pa Co gu 344a coil It A reg_ _1937 M S ---- 954 9514 Oct'33
971
6
95 1053
8
94 8 954 Va Elec & Pow cony 5%5_1942 MS 9712 Sale 95
3
/
1
854 Va Iron Coal & Coke 1st g 5a 1949 MS 47la 65
Guar 3Hs coil trust ser BASHI F A 8414 8512 8512
50
Oct'33 -- _ _
4748 65
76
854
1
85ts Va Ry de Pow 1st & ref 5s_ __1934• J 99 Sale 9914 100
Guar 3415 trust tag C._ 1942 J D 8512 Sale 83
48
/
1
4
73
9712 103
/
1
4
8512
2
Walworth deb 6548 with warr '35 A0 12
Guar 341s trust Ms D___ _1944 J D 814 _- 82
/ 19
1
4
, 18 Sept'33
85
10
35
78
/
1
OOct'33
'33
Guar 45 ser E trust ctfs
21 July'3
Without warrants
37
A0
1952 M N 8314
1618 25
80
98
8512 Nov'33
8
/ 43
1
4
Secured gold 454s
24
8
1st sinking fund 6s ser A_1946 A0 2212 Sale 22
1963 MN 8412 Sale 82
743 95
4
8412
7
Penn-Dixie Cement 1st 65 A 1041 M $ 5812 Bale 58
/
1
41
172
4
12
48
3412 753 Warner Bros Pict deb 65____1939 MS 41 Sale 384
58 12 16
304
Pennsylvania P & List 4 Ha 1981 A 0 78 sale 7612
14 Nov'33 14
10
75 4 9612 Warner Co 1st Its with warr.1944 AO 10
3
793 145
4
Peop Gas L & C 1st coca 66.1943 A 0 10012 102 100
Without warrants
16
Oct'33
* 0 10
16
12
/ 40
1
4
100 114
104
20
33
6
Refunding gold 58
311
/
4
33
1947 M 11 8112 Sale 80
13
/ 3814
1
4
80 1074 Warner-QuInian.Co deb 85..1939 MS 31
8514 19
1051
Warner Sugar Refin 1st 76_1941 J O 1054 Sale 105
17 102 106
/
1
/
1
4
Warren Bros Co deb 6s
Phila Co sec 5s series A
3912
41
18
1967J D 6312 Sale 62
/ 40
1
4
6114 91
30
75 4
1
124
1941 MS 39
64
Phila Elec Co let & ref 434a 1967 MN 101 Sale 1005
2 100 106
97 10512 Wash Water Power s f 68 ___1939 J I it:A_ 101 10111 1011
8 1013
4 32
let di ref 4s
105
4 102 11012
Westchester Ltg 5s stpd gtd 1950 ID
1971F A 90 Sale 8938
105 105
/
1
4
89 100
9112 128
Palle at Reading C & I ref 68 1973 J J 49 Sale 48
4 31 1001 108
4
747 West Penn Power set A 55_1946 MS 1023 Sale 10112 1023
8
48
/
1
4
8
5118 46
Cony deb 66
1st 55 series E
/
1
35 10014 1091
_1949 M S 3712 Sale 361
/ 6912
1
4
32
39
8
1963 MS 103 Sale 1014 103
89
Phillips Petrol deb 5%s..._.1939 J D 885 Sale 8812
44
lat sec 55 series G
6749O 4
8
9912 107
8912 91
1956 ID 103 Sale 10112 103
Pillsbury Flour Mills 20-yr 65'43 A 0 1033 Sale 1033
Western Electric deb 5s____1914 *0 95 Sale 9412
96
45
4
95 107
4 104
81 102
5
Pirelli Co (Italy) cony 78...1952 M N 10014 Sale 100
90
8
7 a99 10212 Western Union coll trust 55_1938 II 88 Sale 8718
/
1
4
1004
/
1
52
93
14
Pocah Con Collieries let it f 5,9'57J J 6214 705 61
Fundirg & real eat g 4Hs.1950 MN 7212 Sale a693
8
74
39
7014
Oct'33 ____
60
s
3712 84
5
50
Port Arthur Can az Dk 68 A.1953 F A ---- 6612 64
73
48
15
95
-year 6548
67
55 100
1936 FA 95 Sale 9312
let mtge 65 series B
8
76
57
25
-year gold 55
1953 F A
75 Sale 715
73
66
66
6712 66
2
1951 J O
3612 8814
Port Gen Elec 181 4 Hs ser C 1960 M S 41 Bale 3712
763
4 59
7412 Sale 7214
41
133
3712 70 4
3
3 -year 52
9
36 4 87
3
12
1960 M
Portland Gen Elec 1st 58_1935 .1 J 691* 80
44
194
44 Sale 3812
84 1014 Westphalia Un El Power 65_1953 J
84 Nov'33 ____
23
12 5712
Rican Am Tob cony 661942 J J 29 Sale 28
Porto
Wheeling Steel Corp 1st 5Hs 1948 II 73 4 Sale 72
73 4 21
3
3
62
18
/
1
4
30
52, 86
18
postal Teleg & Cable toll 58.1953 .1 J 40 Sale 39
63 4 28
3
1st & ref 454s series B._,,1953 * 0 6314 Sale 6212
1618 57
4012 119
4138 75
Pressed Steel Car cony g 68.19331 J
- a27
White Sew Mach 65 woth warr '36 J J 47
/ _- a424 Oct'33
1
4
•
•
45
48
48
2
Pub Serv El az CI 1st az rot 4446'67 J D 993 Sale 9814
65
Without warrants
4
97 105
/
1
4
993
4 79
2212 50
ii 4518 1st & ref 44s
47 Nov'33
224
52
Partic s f deb 69
8
1970 F A 993 Sale 99
97 105 8
5
99 3
4 12
1940 MN 45
1st & ref 45
1971 A 0 90 Sale 893
8814 10012 Wickwire Spencer St'l 18t 75_1935
8
903
4 70
14 16
Pure 0115 f 544% notes__ _1937 F A 8914 Sale 88
Ca dep Chase Nat Bank
/
1
4
8914 16
683 93
4
5 Nov'33
312 6
f 544% notes
1940M S 8512 Sale 8312
8512 38
Te(Nov 1927 coupon) Jan 1935
6312 90
78 1414
Purity Bakeries f deb 56_1948 1 J 7912 80
Ctf dep Chase Nat Bank_ _ __ MN
Oct'33
8512
794
/
1
7912 10
312 4
/ 5
1
4
55
•
•
Willys-Overland s f 65 A____1941 MS
Radio Kelth-Orpheum84
9915
Wilson az Co. 1st 8 f 69 A ___ _1941 A0 9712 Sale 97
983
8 35
Debenture gold as
•
1911 .1 D
•
Youngstown Sheet dr Tube bs '78 II 69 Sale 6314
•
52
85
/
1
4
69
/ 82
1
4
/
1
4
5
Remington Arms 1st 6 f 6s...1937 M N 94 Sale 93
58 1004
1st mtge s f 55 ser B
94
52
69
47
Sale 634
/
1
/ 55
1
4
1970 AO 67
Rem Rand deb 5415 with warr '47 M N 71 Sale 6712
7114 78 a4114 7812
Repub I & S 10-30-yr 58 6 f_1940 A 0 8114 Sale 8114
2
55
92
8114
Ref & gen 548 series A...1953 J J 65 Sale 60
65
21
30
76
76 Sale 76
Revere Cop & Brass Os ser A 1948 M
7912
7
4954 90
4
Rheinelbe Union f 75
1946 J J 423 Sale 4118
44
78
2812 66,
8
(Negotiability Impaired by Maturity)
Rhine-Ruhr Water series 8__1953 J J 37 Sale 63218
37
58
2215 5711
Rhine-Westphalia El Pr 7e_ .1950 M N 603 Sale 65
4
67
21 a42
77
1952 M N 4812 Sale 45
Direct mtge 68
t
.
48'c 141
31
7012
MATURED BONDS.
Price
Week's
Range
4734 118
Cone mtge 619 of 1928...A953 F A a4712 Sale 431:1
30 4 70 4 N. Y. STOCK EXCHANGE
3
Friday
Range or
1n,
Since
,
...
Z
.
. , 167
Cons M 68 of 1930 with warr'55 A 0 48 Sale 433448
32
70
Week Ended Nov. 24.
..,o, Nov. 24.
Last Sale.
cal,
4
Jan. 1.
Calif 65
1944 M N
•
Richfield Oil of
•
•
MN
25 Sale 24
Certificates of deposit
/
1
4
26
9
1912 32
Foreign Govt. & Municipals.
Bid
Ask Low
High NO. Low
High
/
4
1955 F A 551 Sale 55 2
,
2
Rims Steel istef 7s
55's
3712 56
Mexico Treas Os assent large '33 J 1
10 Sept'33 ---612 8
3 4 1114
3
99 Sale 96
96
Roth G&E gen M 5445 ser C '48 M
I i ____ ____ 618 Oct'33 ---196 107
Small
3
/ 1012
1
4
901 Nov.3 ____
/
4
89
/ 993
1
4
4
Oen mtge 4 548 series D 1977 M
891 Sale 8912
/
4
1962 M
92
19
Gen mtge Se series E.
8912 105 4
Railroad.
,
a5712 May3 _-_ - a574 a571 Norfolk South lst & ref 5.5 A _1961 F A
Roth & Pitta C& 10 m 55_1946 M N
614
7 Sale
7
15
2
12 16
:
98
55
Royal Dutch 48 with warr_ A945 A 0 a98 Sale 97
83 1023 St Louis Iron Mt de Southern4
1948A 0
a464 a465
/
1
8
1 5333 62
Ruhr Chemical f 65
4
48
7
Rlv & G Div 1st g 42
/ 48
1
4
48
35 8 6112
4
1933 M N 46
11312 132
81 116
St Joseph Lead deb 540-1941 M N 11318 Sale 112
Seaboard Air Line 1st g 48-1959 A 0 12
1314 31 Sept'33 ---17 31
8
73
76 Nov'33
76
93
St Jos Ity Lt lit & Pr 1st 59.1937 M N 70
16 Nov'33 --- Gold 45 stamped
518 264
1950 A 0 1018 15
. 4212 40 Nov'33
30
/ 50
1
4
L Rocky Mt & P 5a stpd_1955 J
Refunding 48
6
6
6
5
6
13 163
8
8
1959 A 0
48 Nov'33 - 42
51
St Paul City Cable cons 53..1937
All & Birm 30-yr 1st g 45_1933 M 5 1014 18
10 Nov'33 -- - 8
31
1937 J
52 Sept'33
Guaranteed be
50
61
75
/
1
4
7512
75 81
1952 .1 J 75
744 92
San Antonio Pub Serv 181 65
Industrials.
1946 J J 2612 41
40 July'33
Schulco Co guar 648
25
50
Abitibi Pow de Paper 1st 55_1953 I D 20 Sale 184
10 4 3318
3
55
/
1
21
261x 40
30 Nov'33
Stamped (July 1933 coup on)
204 50, B-WAY & 7th Ave 1st cons 55_1943 J D
2
11
95
8
5
95 __- - 912
8
29 Sale 29
29
28
50
Guar a 644s series B._ _1946 ;4
Chic Rys 55 et's' 25% part paid__ F A
49
70
47
51 Nov.33 --__
52
35
58
35
0c5'33
_
Stamped
35
5832 Cuban Cane Prod deb 6s. 1950 I J
34 13
3 8 37
,
23 Sale
8
238
4012 Sale 39
4012 15
:
te
18
Sharon Steel HOOP f 5H13-1948 F563 East Cuba Sug 15-yr a f g 7188'37 M 5
4
6 Sale
/
1
4
9
2 8 331i
3
634
67
8
88
41
69
93
911011 Pipe Line If deb 641-1952 MN 87 Sale 86
Gen Theatres Equip deb 64_1940 A 0
312 Sale
1
15
312
4
9
/
1
4
8812 61
65
Shell Union Oil s f deb 56.....1947 M N 8612 Sale 8512
9214 Gould Coupler 1st s f 6s...._1040 F A
4
/ 20
1
4
9
/ 1412 143 Nov'33 ____
1
4
4
a86 Sale 86
88
54
6312 924 Hoe(R)& Co 1st 6 Hs set A_1934 A 0 2414 26
Deb Si with warrants......1949 A 0
/
1
127 32
8
25
1
25
6512 15
28
65
/ Interboro Rap Tran (is
1
4
Shinyetau El Pow 1st 6445-1952 J D 65 Sale 65
1932 A 0 21
12
3311
27
28
35
25
7412
75
4
70
/ 95
1
4
Siemens az Betake 5 f 78- _1935 J J 7412 75
10-year 7% notes
1932 M S 667 Sale 6412
8
44
514 75
67
5412 5512 5412
5412
3
1951 M
48
8212
Debentures? 642
90
3
Power 58_1949 F A 90 Sale 89
89 102
Sierra az San Fran
Manatl Sugar 1 s 1 7545_1942 A 0 10
5
34
/ 16
1
4
10
/ Oct'33 ____
1
4
/
4
38
19
26
5912
Slleels Elec Corp if 6445._1946 F A 361 Sale 36
Stmpd Oct 1931 coupon I942 A 0
314 15
2
154 Oct'33 ___
/
1
297
1
3812 26
32
4612 Pan-Am Pet Co (Cal) cony 65 '40,1 D 31
Sileslan-Am Corp coil It 76.1911 F A 36 Sale 3314
32
32
32
3
2518 397
4
10236 71
75-1937 M S 10218 Sale 102
9014 10312 Paramount Fats Lasky 68_1947
Sinclair Cons 01115-yr
D 101 Sale 101
1014 30
/
1
1938
8812 102
let lien 6448 series B
Proof of claim filed by owner._ J D 25 Sale 224
/
1
25
131
225 34
8
8
84
46
1939 M S 835 Sale 834
597 8614 Paramount Public Corp 5%81950
6
Skelly Oil deb Hs
981
17
9911 I Proof of claim filed by owner__ F A
87
Solvay Am Invest Is ser A__1942 M 8 9812 Sale 9714
25 Sale 2218
25
44
221s 35
101
99 107
South Bell Tel az Tel 1st s 68 '41 1 J 105 Sale 10312 105
Pressed Steel Car COEIV g 5s_ _1933 .1 J 4912 53
50
5
35
/ 85
1
4
52
8
1043 148 100 10712 Radio-Keith Orpheum 6s
Sweet Bell Tel 1st & ref 58 1964 F A 1045 Sale 104
1941 J D 15
24
23 Aug'33 ____
812 30
62 Sale 62
625
s
9
59
81
Southern Colo Power 69 A-1947 J
Richfield 011 of Calif 65
1944 MN 24
26
324
25
6
21
26
1031 276 100 10512 Stevens Hotels series A
Stand 011 of N J deb 58 Dec 15'46 F A 10312 Sale 10214
12 Sale 12
1945 J .1
10
281
11
14
981 193
Stand 011 of NY deb 4 Hs__1951 .1 .1 98 Sale 96
8814 102
Studebaker Corp 6% nates_1942 J D 36 Sale 34
2014 461
64
36
•
Stevens Hotel 1st 613 series A 1045
Willys-Overland a t 644s-1933 M 5 2512 30
30
795
3312 Nov'33 ____
Matured Bonds
r Gash Bale. a Deterred delivery. a Optional sale July 6, $1 000 at 304.
•Look
under list of Matured Bonds on this page.
Financial Chronicle
3822
Nov. 25 1933
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Nov. 18 to Nov. 24, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
RailroadBoston & Albany
112% 114
100 114
Boston Elevated
100 56% 56
56%
Beaton & Maine
Prior pref stpd
26
100
24
10
Cla.ss A lst pref stpd 100
10%
Class B 1st pref stpd_100
18
18
East Mass St Sty com__100
1
1
lot preferred
6%
100
6
Preferred B
1
2
100
NY N Haven&Hartford 100
16% 18%
Pennsylvania RR
60 27% 26% 2854
Miscellaneous
4% 5
American Continental_.
5
4% 7
7
Amer Pneu Service pret-50
22
21
5 22
1st preferred
2%
2.5
Common
1% 2%
Amer Tel lk Tel
100 119% 118% 122
6% 7%
6%
Amoskeag Stfg Co
7c
1
6c
Andes Petroleum
21
22
Bigelow Sanford Carpet__. ___ _ _
9% 9%
934
Boston Fern Prop Trust_ _*
4% .5
Brown Co6% cum pref_100
2% 2%
Brown, Durrel Co corn_ •
1,4
14
East Boston Land
10
1t
East Gas & Fuel Assn
6
6
Common
40% 42
100
6% cum pref
4S4% prior preferred 100 55% 55
50
7% 8
Eastern Steamship corn_ •
42
42
Preferred
100
Economy Grocery Stores.. 16% 16% 16%
Edison Elec Blum
130 141
100 130
7
7%
Employers Group
19%
19
General Capital Corp__ •
10% 11%
Gillette Safety Razor
•
5
5
5
Gilchrist Corp
22
22%
Hygrade-Sylvania Lamp_•
5
534
International Hydro-Elec •
6% 6%
Loew's Theatres
25
Maas Utilities Assoc v t e.•
Mergenthaler Linotype_ •
NE Public Service corn_ •
New Eng Tel & Tel__ -100
Pacific Mills
100
Reece Button Hole Mch_10
Shawmut Assn tr etfa__-•
Stone & Webster
•
25
Swift dr Co
•
Torrington Co
•
United Founders oom
U Shoe Mach Corp
25
Preferred
25
Venezuela Holding Corp_•
Venezuela Mex 011 Corp_10
Waldorf System Inc
Waltham Watch pref. •
Prior preferred
100
Warren Bros Co
•
Mining
Calumet & Ilecla
25
Copper Range
25
Isle Royal Copper
25
Mohawk Mining
25
North Butte
2.50
Pond Creek Pocahontas •
Quincy Mining
25
Utah Apex
5
Utah Metal & Tunnel
1
BondsAmoskeag Man Co 68-1948
Chicago Jet Sty & Union
Stock Yards
.1940
EMass St Sty ser A4 3-4s'48
5s._Series B 5s
1948
Series C 65
1948
Range Since Jan. 1.
Low.
213
271
Jan
80
53% May
35
45
12
5
25
350
703
831
17
6
10
200
2
%
11%
13%
475
357
90
1,860
2,492
170
1,700
90
250
110
145
100
3
1
7%
25c.
86%
1%
Sc
6
6%
1%
1%
50c
50
3%
378 35%
167 53
5
330
20 26%
30 12
592 130
5
212
250 13%
600
9%
10
2%
50 12
2%
130
20
5
Feb
Feb
Apr
Jan
Feb
Jan
Feb
Jan
Apr
3%
Feb 343.4
Nov
4
June 102
Mar 29%
Jan
9%
Jan 10%
Feb 19%
Feb 24%
Apr 43
Apr
3
Jan 56%
Jan 33
June
3%
Mar
83-4
Feb
13%
Apr 25
Apr 50
Feb 22%
June
June
Jan
July
July
June
July
July
July
Aug
July
July
Oct
Sept
Sept
June
Oct
June
June
90c
1%
4% 47-4
3% 3%
13-4
13-4
334
3
350 45e
11
11
1%
134
900 90c
1%
1
356
44
400
1,010
1,350
300
220
100
1,555
1% Jan
1% Apr
Si Jan
3
Nov
20c
Jan
934 Jan
30c
Feb
31c
Jan
25e
Jan
64
64
65
82,000
31
90
3534
35
35
93% 13,000
353-4 24,000
63,000
37
100
35
93
24
25
31
7
13%
40%
13-)
52%
1%
83-4
4%
334
35c
37
July
July
July
July
July
July
July
July
June
July
Dec
July
Oct
July
Jan
June
July
Jan
June
July
July
Jan
1%
15%
1
67
514
4%
6%
6%
7
22
Si
33
30%
14
25c
53-4
10
29
254
90
57
29%
33
3
10
8
3414
42%
July
Feb
Apr
12
Apr 69
Oct69
17
Jan
Apr 46
Jan 24%
Nov 183
Jan
log
Mar 28
Apr 20%
Apr
7
Feb 29
Apr 13%
May
8
1,314
465
120
608
528
10
652
294
798
295
763
2,610
191
170
160
25
32
8
425
2
23
1
87%
22
834
7
137-4
13%
40
1
52
22%
1%
2
57-4
15
45
831
121
70
Mar
6% July
Nov
7
Apr
Feb 25 June
2% July
Ma
Apr 134% July
Feb
July
11
Apr 330 June
Feb 30 June
Apr
July
14
July
14
Jan
Feb
4
June
Apr
1% June
2%
25
13-4
913-4
23
8%
8
7%
14%
40%
1%
54
32%
2
2
6%
15
45
934
2%
High.
Feb
954
7
3
13
141
17%
43-4
1%
1%
July
Jan
July
June
June
June
June
June
Sept
68% July
May 101% Aug
Dec 45
Aug
Jan
July
46
Apr
Sept
37
• No par value. z Ex-dividend.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Nov. 18to Nov. 24, both inclusive, compiled from official sales lists:
Stocks-
zaws
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High Shares.
Abbott Laboratories corn..'
Advanced Alum Caatings_6
All-Amer Mohawk cl A__5
Allied Products Corp cl A..•
Altorfer Bros cony pref__•
Asbestos Mfg Co corn_
1
Assoc Tel & Tel 7% pref100
Automatic Products com.5
liaetian-Bleesing Co corn.*
Beatrice Creamery com_25
Bendlx Aviation com.-__•
Bergholf Brewing Co____1
13Inks Mfg Co class A conv•
Borg-Warner Corp com_10
Brach & Sons(E J) cons_.•
Bruce Co al L) corn
•
Butler Brothers
10
Central II! PS pref
•
Central III Secur Corp
Common
1
Convertible preferred_ •
Cent Pub Serv class A..._1
Central Pub UM A
•
Cent S W CIO-•
Common
Preferred
•
Prior lien pref
•
Chain Belt Co common_ •
Chic City & Con Sty cons.•
Chicago Corp Common._•
Preferred
•
Chic Flexible Shaft eom 5
Chicago Mall Order com_5
Chic N Sh & Mil pr lien 100
Chl & N WRY eons_ _ - _100
- .____ml..1/.......,oh Tn r• a
GAIL".
54
834
11%
3%
4
8
12%
14%
9
2
16%
8%
41
3
44
8%
11%
3%
13
43-4
8%
12%
15%
9
2%
17
8%
11% 12
43-4 4%
38
27-4
h
83-4
11%
3%
13
3%
8
12%
14%
8%
1%
15%
7
200
300
200
50
10
3,400
20
550
1,450
150
2,650
3,100
200
4,700
250
150
2,250
Range Since Jan. 1.
Low.
21%
2%
41
4
8
2
I
3%
3
10%
6%
8%
1
554
3%
4%
1%
Jan
Nov
Nov
May
May
Apr
Apr
Nov
Feb
Oct
Feb
Oct
Apr
Feb
Apr
Jan
Feb
1454 May
Iligh•
41
5%
134
24%
15
7%
13
5
15%
14
21%
18%
8
21%
10
24%
6%
Nov
July
June
June
June
June
Nov
Nov
June
Oct
July
June
June
July
June
July
June
18%
%
1
35.4
51-4
23-4
21%
8%
15%
8%
19%
80
ii
6
%
14
%
6
%
%
100
200
150
250
SI
5
h
h
Mar
Feb
Mar
Feb
2
8
1
1
June
Slay
June
June
I
3%
5
15
h
2
21%
8%
15%
1
8
11.,4
1%
33
534
15
%
234
22%
83.4
17%
1
83.4
12
1.000
70
410
20
100
4,500
2,750
50
950
20
1,750
100
1
334
5
9
Si
1
12%
341
10
Si
13.4
6
Feb
Nov
Nov
Mar
Jan
Feb
Apr
May
Oct
Jan
Apr
Apr
5
24
30%
17%
54
5
343.4
12%
22
1
16
22
May
June
July
July
May
June
July
July
July
Aug
July
June
33%
Jan
Sales
Friday
Last Week-s Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
Cities Service Co com--•
Club Alum Uten Co
•
Coleman L'p & Stove corn'
Commonwealth Edison 100
Congress Hotel Co com_100
Consumers Co corn
5
Cord Corp
6
Crane Co
Common
25
Preferred
100
Curtis Mfg Co core
5
Dayton-Rubber Mfg pf 100
Deep Rock Oil cony pref. •
Dexter Co (The) com
5
Diamond Match 6% pre.125
El Household CBI Corp.
.5
FitzSinsons & Connell Dock
&Dredge Co com
•
Gardner-Denver Co com_•
Gen Parts Corp cony pref.*
Gen Household Util COCIL•
Goldblatt Bros Inc corn. •
Great Lakes Aircraft A._•
Great Lakes D & D___ _•
Greyhound Corp new corn •
Grigsby Grunow Co (torn.'
Hall Printing common _10
Harnischfeger Corp corn_ •
Hart-Carter Co cony pref..
Hart Schaff&Marx corn 100
Hormel & Co (Geo) corn A*
Houdaille-liershey el B_ •
Class A
•
Indep Pneum Tool v t c_
Interstate I'ow $6 pref__ •
Iron Fireman Mfg v t c •
Jefferson Elee Co corn
•
Kalamazoo Stove com_ •
Katz Drug Co corn
1
Kellogg Switchbd com__10
Ken Util Jr cum pref_ _50
Kingsbury Brew Co cap._1
Leath & Co cum pref
•
Libby McNeill & Libby_10
Lion 011 Ref Co corn
•
Loudon Packing corn.
•
Lynch Corp corn
5
McGraw Electric corn_
•
McQuay-Norris Mfg corn.•
Manhattan-Dearborn corn*
Mapes Cons Mfg cap_
•
Marshall Field common..
•
Meadows Mfg Co corn
•
Midland United Co corn...•
Convertible preferred_ •
Middle West Utll new...'
$6 cony pref A
•
Midland Util6% prior lien
100
6% preferred A
100
7% pr.or lien
100
7% preferred A
10u
Miller &Hart Inc cony pt.."
Monroe Chemical pref.._ _•
Slosser Loather Corp corn •
Muskegon Mot Spec el A _•
Nachman Springfield corn •
National Battery Co pith•
National Leather corn._.10
Natl Elec Pow A corn_
•
National Un Radio com__1
Noblitt-Sparks Ind com_ •
North Amer Car corn....20
North Amer L & P com__•
Northwest Baneens emu__•
Northwest Eng Co com ..•
Northwest Util 7% pref 100
174
34
3734
73-4
6%
25
8%
13%
12%
34
18%
7%
34
18%
10
6
1%
9
13%
34
20%
10
134
25
1%
4%
141
14
5%
32%
36
Si
4%
Nov
Feb
Oct
Nov
Nov
Apr
Jan
614
1.%
8
82
45
114
15%
May
May
July
Jan
Sept
May
July
6% 7%
36% 36%
6% 6%
24% 25
6
6
4% 4%
28% 2834
8% 9
550
40
50
20
10
70
10C
350
3
15
4
12%
3
2
28%
3
Feb
Feb
Mar
May
June
Jan
Nov
Feb
11;4
59
1034
25
6
8%
30
13%
July
July
July
Nov
Nov
July
Oct
June
13%
18
h
12h
19
,
5i
18%
7
54
300
14
10
18
so
46
700
13%
150
1034
4,950
I
800
19
1,950
7%
1% 18,200
4%
731
Si
10
1034
14
6%
514
Si
Feb
May
Feb
July
Mar
Feb
Feb
Nov
Apr
14%
21
%
23%
2734
2
20
7%
4%
Oct
Aug
Sept
July
June
June
May
Nov
July
4
7
5
14
18%
3%
10
10
6%
6
11
18%
203.4
1%
10
7%
4
3%
5%
15%
31
4%
7
5
14
18%
3%
1034
10%
800
100
400
20
50
600
300
360
20
300
200
1.100
150
200
70
3,000
20
250
50
130
80
314
2%
%
3
5
12
1
334
6%
6%
3
3%
4
17h
Si
631
7%
4
1%
134
10
8
Mar
Mar
Jan
May
Feb
Feb
Mar
Apr
Nov
Feb
Mar
Feb
Mar
Apr
May
Nov
Oct
Feb
Feb
Mar
Feb
9%
10
8%
28
25
6%
14%
16
6%
8%
15
37%
27%
7
25
16%
4
7%
8%
18
44
July
July
June
July
July
June
June
June
Nov
July
Aug
June
June
May
May
July
Oct
June
July
June
Sept
3% 4
41% 41%
2
2
33% 33%
14%
13
%
%
4i
41
44
Si
11
'Pi
300
1
20
27
3,05
15
60
30
6.96
10
1%
23%
1%
30
4%
Si
%
Si
14
%
Apr
Feb
Mar
May
Feb
Jan
May
Nov
Jan
Feb
6
44%
5
36
18
114
2%
5%
it
3%
Juno
July
June
Sept
June
June
June
June
May
May
1% 1%
Si
54
1%
1
h
4i
541 5%
2041 28
9
9
10
10
og 634
22
23
%
134
Si
34
Si
%
2614
25
3% 3%
1% I%
4% 5%
6
6
1
1%
3
70
10
9
10
4
1
210
100
110
600
400
550
1,150
50
200
2,300
100
120
1
34
1
%
6
2014
1%
1%
354
14
41
31
%
9%
214
134
4
2%
1
Nov
Nov
Nov
Oct
Jan
Nov
Jan
Apr
Ma
Apr
Ma
Feb
May
Mar
Apr
Apr
Oct
Jan
Oct
4%
2%
8
4
21%
30
10
10
10
25
3
1
3
2914
8
731
14
10
6
June
July
June
May
June
Feb
June
Nov
June
Sept
May
June
June
July
May
June
June
June
June
Cl
334
23
1%
12%
2%
60
100
200
700
2,150
200
59%
Si
16
1
8
1
No
Apr
Jan
Fe
No
Apr
5314
6%
27%
5
34%
6%
Oct
Aug
June
July
July
May
Pi
N
Okla Gas dr El 7% pref_100 5934 59%
3%
Oshkosh Overall common.
Perfect Circle (The) Co. •
22%
Pines Winterfront com___5
134
Prima Co common
10%
• 12
l'rocess Corp corn
2
•
Public Service of Nor Ill
Common
15
• 17
6% preferred
100 3834 38%
7% preferred
40%
100 45
Quaker Oats Co
Common
123
• 126
Preferred
114%
100
Raytheon Mfg Co
6% pref yr()
114
6
1%
Reliance Mfg Co
Common
13
10
Sears. Roebuck & Co cons•
42%
Signode Steel Strap pref_30
8%
So'west Gas & El 7% pt 100
41
Standard Dredge cons_
1%
•
•
Cony preferred
2%
234
Swift International
27%
16 28
Swift & Co
14
25 14%
9
Telep 13c1 & Sh 1st pfd_100
Thompson (J R)com_ _25
7%
1
12th St Store pref A
I
•
United Gas Corp corn....
U S Gypsum eom
20
Utah Radio Prod com___•
Utll & Ind Corp-- ______•
Convertible preferred..'
Viking Pump Co
•
Common _
Vortex Cup Co
Common
•
•
Class A
Wahl Co common
•
Walgreen Co common__ •
Ward (Monte) & Co el A.•
Waukesha Motor Co corn_•
Wieboldt Stores Inc cons_•
Wis Bankshares corn
•
Yates
-Amer Mach pt pfd.•
Zenith Radio Corp com__•
47
1%
74
2
6%
6%
11
21
20h
1%
1141
9%
4
3%
514
15.14
32%
17
41
45
128
116
1%
350
150
420
350
550
14%
1,250
4534
10
8%
40
42
50
1%
200
2%
30% 7,200
10,750
15
5
10%
45
7%
5
1
2% 2%
45)6 48
154
1%
%
%
2
2%
60
1,15
40
30
35
18.14
70
234
2
Bonds
Chicago City Sty 5s ctfs '27
Chicago Railways 58
Certificates of deposit... ......
208 So La Salle St Bldg
lot mtge 5%s
1958
United Pub Util 63_ _1942
• No par value. x Fr-dividend.
254
so
6%
24%
h
17%
68%
28
10
2%
SS
1%
6%
2534
1
19
70%
28
10%
2%
Si
2%
5
35
10
2,60
320
10
100
950
600
2,050
48
85
95
Jan
Jan
Jan
Feb 145
Apr 120
July
Oct
No
14
37% Apr
Apr
40
220 63
100 106
2%
6%
2534
Low.
1% 2% 5,000
200
34
%
70
6% 8
3,700
32% 37%
10
36
36
850
N
34
13,400
7.% 8
34
%
Range Since Jan. 1.
% 'Oct
6% June
6
13%
4
40
%
Si
12%
7
3%
6%
54
Feb
Feb
Feb
Oct
Mar
Mar
Feb
Feb
Apr
Mar
Apr
1541
47
934
60
4
5%
32%
2414
14%
15%
234
June
July
Aug
June
May
May
June
July
Aug
June
June
2
18
%
if
1%
Jan
Ma
Jae
Feb
Mar
osi
52%
3%
314
7
July
July
Sept
June
June
2
Sept
454 Feb
Ma
17
Si Jan
11% Feb
474
12
4
2%
%
34
Feb
Feb
Apr
No
Jan
Ma
631 June
10%
27%
3
21%
8341
46
14%
10
%
3
3%
Stay
July
July
July
July
June
June
Jan
July
July
July
41
45
$12,000
40
Nov
61
48
5034
14,000
48
No
67% July
26
26
16% 16%
3,000
2,000
18% Feb
1614 Nov
3914 July
16% Nov
Volume 137
Financial Chronicle
Toronto Stock Exchange.—Record of transactions at
the Toronto Stock Exchange, Nov. 18 to Nov. 24, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Low.
igh
175
175
185
220
285
183
215
July
July
July
July
July
July
July
May
Nov
Nov
Sept
Mar
167
102
18
105
100
July
Jan
Jan
May
Sept
• No par value.
Toronto Curb.—Record of transactions at the Toronto
Curb, Nov. 18 to Nov. 24, both inclusive, compiled from
official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
of Prices.
Sale
lVeek.
Par Price. Low. High. Shares.
•
Brewing Corp corn
•
l'referred
Can Bud Breweries corn.'"
Canada Malting corn— •
Canada Vinegars cm...*
•
Canadian Wineries
Can Wire Bound Boxes A"
Cosgrave Export 13rew_10
Distillers Seagrams
Dominion Bridge
Dom Motors of Canada_10
Dorn Tar & Chem corn..•
English Elec of Can A__•
Goodyear Tire & Rub corn•
Hamilton Bridge com_..—•
100
Preferred
Humberstone Shoe com...•
Imperial Tobacco ord__5
Montreal L II & I' Cons..•
National Grocers pret_100
Ontario Silknit corn
•
Power Corp of Can corn •
http://fraser.stlouisfed.org/
z
Federal Reserve Bank of St. Louis
455
1355
9
28
21%
634
17%
25
155
12
24%
10%
33%
5
455
4
12% 13%
9
9%
29
28
21% 213.4
534
934 9%
4% 4%
16% 2055
26
25
IX
1%
2% 255
740
674
1,270
685
20
1,160
5
25
2,505
135
220
235
12
93
551
20
25
1131
34
91
5
8%
5
216
65
120
20
615
399
12
91
514
20
24%
1055
33%
91
5
854
5
60
Range Since Jan. 1.
Low,
% Niar
34 Jan
High.
9%
19
18
40
26
9%
10
8
5155
33
July
July
July
July
July
July
Nov
July
July
July
5% July
654 July
5%
13%
13%
1%
3%
1%
4
1455
1
1
Apr
Mar
Jan
Jan
Mar
Jan
Feb
Feb
Apr
Apr
5
40
236
20
14%
7
26%
85
4
6
Feb 19
July
Mar 11435 July
Apr 1155 July
Nov 40
July
Jan 25
Nov
Feb 11% Sept
Apr 42
July
Aug 100
July
Jun
9
July
Jan 15% July
Jan
Apr
Apr
Mar
Mar
Apr
Apr
Apr
July
July
July
Nov
July
June
July
July
16
(3%
16
22%
15
80
5
4%
* No Dar value.
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, Nov. 18 to Nov. 24, both
inclusive, compiled from official sales lists:
bWts
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Prize. Low. High. Shares.
Stocks—
Range Since Jan. 1.
Bankers Securities prof..50
531 5%
Bell Tel Coot Pa pref _100 11075 11255 113
Budd Wheel Co
3% 3%
•
Cambria Iron
50
36
35
Camden Fire Insurance_ _5 1234
1234 1234
Central Airport
1%
1%
•
Con Tract of NJ
18
18
100
Elec Storage Battery_100
44
44
Fire Association
10
33
32
Horn & Hardart (N V)—
Preferred
100 92
92
92
Insurance Coot N A....10
3934 41
Lehigh Coal& Navigation•
655
6%
6
Lehigh Valley
50
1434 15%
Mitten Bk Sec Corp pfd_25
1%
13-4
15-4
Pennroad Corp v t o
•
Pennsylvania RR
50
Phlla Elec of Pa $5 pref___*
Phila Dec Pow pref
25
Pirtle Rapid Transit__ _50
7% preferred
50
Phila & Rd Coal & Iron_ •
Philadelphia Traction _ _ _50
Scott Paper ser B 6% of 100
Tacony-Palmyra Bridge_ *
Tonopah-I3elmont Devel_l
Tonopah Stilling
1
Union Traction
50
United Gas Improv com__•
Preferred
•
Westmoreland Inc
•
Westmoreland Coal
*
West Jer & Seashore R11.50
5
17
54
16
8655
52
Bonds—
Elec & Peoples tr ctfs 4s.'46
av.....17.1... i v ,
-
2 46 C
Ir.,'
-
10
600
700
312
100
7,400
3,300
70
400
400
300
40
50
10
50
X X
800
%
X
400
554
5
1.400
143-4 16
24,300
85
8655
370
734
755
100
6
6
100
52
9
52
23-4
2634
92
31
234
4%
4
17
9855
21
234
2855
93
313-4
3
534
474
17
9855
22
17
2%
92
31
59
350
100
150
300
100
14
300
225
Low.
High.
18
I nn', Inn,.
$16,000
ennn
834
116
554
40
1434
2%
22
5355
38
Feb
Sept
July
Oct
July
July
June
July
July
94%
4555
1334
2734
255
July
July
July
July
July
63.1
42
103%
33
6
955
9%
2334
9855
3035
x
1%
12%
24%
99%
13
9%
59
July
July
Jar
Jar
July
July
July
Juni
Oc•
Jai
Oc
Sep
Jai
Jul:
Jai
Jul
Jul
Jul
m
15 120
3 75
5 12
25 08
4 90
Apr
Apr
Apr
Apr
Apr
Apr
Apr
734
155
7%
1055
73.4
5434
%
1%
watio,o15,14gttu,1
120
124
123
151
228
123%
152
1455
2,801
3
5
15% 14,321
22% 11,348
11%
677
7255
30
155
35
2%
35
2334 Jun
IVIIA Fe,
t,ptttItalU
140
78
12
101
97
131
73
61
106
27
190
167
14
3
14%
21
11%
70
155
234
OC
Loan and Trust—
Canada l'ermanent__ .100
Huron & Eric M ortgage 100
•
20% paid
Ontario Loan & Deb_ _50
100
Toronto Mortgage
134
134
144
188
271
135
180
July
July
July
July
July
July
June
Sept
June
mv.04,po
.W
270
131
160
130
132
131
186
270
131
160
140
78
12
100%
97
134
133
144
4
Mar
Apr 11
Apr 48
Feb 2155
Apr
6
Nov 21
Aug 100
Nov 96
May
17%
..mmoo.mo.neum
.WN
100
100
100
100
100
100
100
15
86%
8755
5
51
2%
16
9%
%,
15
79
87
4%
=.
s
g
Bank—
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
July
July
July
Nov
June
Sept
June
June
July
Aug
July
July
July
Nov
July
July
July
June
July
July
July
July
Aug
Aug
July
July
July
July
Nov
July
July
July
July
Nov
Sept
Nov
July
July
July
July
July
Sent
Oct
14
14%
21%
1155
High.
60
175
25
17
15
115
12
60
3
355
6
30
17
WN
Dominion Stores corn. ___* 22% 22% 23
420 1254 Feb
2734
Easters Steel l'rod corn. •
5
5
25
Nov 14
5
Ford Cool Canada A_ _ ..* 13%
11
13; 12,848
Apr 21
6
Frost Steel & Wire corn...."
3
3
5
3
3
Nov
3
General Steel Wares corn.
2% 255
% Mar
10
6%
•
Goodyear T & R pref__100
Apr 10735
103 105
19 80
Great West Saddlery corn_•
1
1
50
% Jan
3
Gypsum, Lime & Alabast_•
3%
154 Feb
304
354 3%
7%
Ilinde & Dauche Paper._ *
5% 555
234 Mar
65
8
Hunts Ltd B
•
12
12
5
May 10
Internist Milling 1st p1..100
100 100
12 98
Oct 105
International Nickel corn.* 21.75 21.35 22.30 30,065 8.15 Mar 23.25
Int Utilities B
100
% Nov
4
%
34
Laura Secord Candy corn.*
48
49
101 36
Jan 49
Loblaw Groceterias A_ _ —* 14% 14% 15
1,206 10% Apr 21%
1455 15
40 10% Mar 21
•
Maple Leaf Milling corn..•
2%
254
2
2
160
17
Nov
l'reterred
5%
555 6
Apr 23
5
10
100
Massey-Harris corn
434 5
455
605
2% Mar 11%
Moore Corp corn
11%
5
327
11
11
Mar 17%
A
100 96
97
104 65
96
Apr 107
106 107
30 70
Apr 125
100 106
National Sewer Pipe A. •
15% 16
100 14
Apr 22
Oat Equitable 10% paid100
5
30
8
May 12
8%
Orange Crush 2d pref...-•
% Apr
85
X
Si
334
Page-Hersey Tubes corn..• 59
60
59
210 40
Apr 70
l'hoto Engravers & Elec. •
14% 14%
10
Apr 16%
8
Pressed Metals corn
1735 18
255
Apr 26
•
8
Riverside Silk Mills A_ _ .• 19
19
19
55
Mar 19
7
Simpson's, Ltd pre( _100 34
34
38
6
55
Mar 52
Stand Steel Cons cons... •
9% 11
9%
I
915
Jan 19%
Steel of Canada corn
• 28% 28% 29
130 14% Feb 33
Preferred
31
25
25
31
10
Mar 34
Tip Top Tailors pref._ _100
71% 72
15
May 72
35
Tmymore, Ltd corn
•
19
% Nov
24
54
34
Preferred
20
3
3
1
355
30
Sept
5
Union Gas Co corn
•
434
3% 4%
235 May
977
7%
Walker, Hiram, corn
33
31
4
Mar 66
3755 18,617
l'referred
14% 1535
• 15
1,575
9% Mar 18
Western Can Flour corn...*
7% 7%
7%
4
35
18
Feb
Preferred
53
100
53
10 45
Nov 70
Weston, Ltd (Gee) corn..• 46
45% 51
650 1634 Mar 5934
Preferred
100
88
89
16 67
May 9036
Oil—
British American 011____*
Crown Dominion 011_
•
Imperial Oil Ltd
•
International Petroleum_•
McColl Frontenac 011 com•
Preferred
100
North Star Oil corn
5
Preferred
5
6
30
Low.
3
6
30
17
1%
15
86
87
5
2 m
4
Mar
July
10
Jan
July
Nov 40
July
Apr 72
Sept
Nov
7
July
Apr 118
July
Feb 23
Nov
Jan 22% Nov
Mar 19
July
Jan 3.85
July
7
Apr
July
Apr 28
July
Feb
6% June
Apr 21
July
Feb 38% July
Mar
93.4 July
Nov 7635 July
Feb 10% July
Apr 453.4 July
Mar
951 May
May
5 June
Apr 14
July
Apr 80
Nov
Apr 11% July
Mar 2234 July
Sept 90
Nov
Mar 60% Nov
Mar 40
July
Mar 3855 July
Apr 203.4 July
Apr 21% July
Feb 1555 June
Jan 16% July
Apr
July
5
Mar 140
Sept
Jan 190
July
Apr 10
July
Apr 80
Nov
Rogers Majestic
•
Service Stations corn A *
Preferred
100
Shawinigan Wat &
Stand l'av & Matls coin. •
Preferred
100
Tamblyns Ltd (G) P1-10
0
Toronto Elevator pref_100
United Fuel Invest pf..100
Range Since Jan. 1.
•00mc,
785
55
1,695
1
12 15
20 53
146
355
370 80
10 10
10 18
4,097
755
3,960 550
25
1
25 14%
5
3%
30 10%
160 20
50
1%
10 30
415
2%
56 13
2%
5
5
155
665
3
67 46
365
3
125 10
20 85
81 51
5,720
154
100
%
125
636
3,927
9
65
3%
259
2
62
55
562 54
226 170
45
2
30 39
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
I
Abitibi Pr & Paper corn_.• 1.35
1.35
1.50
6% preferred
100
655 6%
Alberta l'ac Grain pret.100
15
15
Beatty Bros preferred_ _100 68
68
68
Beauharnois l'ower corn_•
4
455
4
Bell Telephone
10955 11055
100 110
Blue Ribbon 635% Pret-50
22% 22%
Brantford Cordage 1st p125
22% 2255
Brazilian T, L & Pr com__* 1155
1034 1155
Brewers & Distillers corn. 2.25
2.05
2.30
•
B C Packers corn
2% 255
255
B C Power, A
2255 2255
•
•
3% 3%
Building Products A
16
16
Burt (1' N) Co corn
25 30
3055
30
Canada Bread corn
3% 3%
•
1st preferred
40
100
40
Canada Cement corn
5% 6
6
Preferred
28
29
Can Steamship pref ._100
2% 2%
Canadian Bakeries A_
255 2%
•
Can Canners cony pref._ *
9
9%
1st preferred
75% 78
100
Canadian Car & Fdy
4% 5
4%
Can Dredge & Dock corn.*
1755 18%
Preferred
100
90
90
Can General Elec pref _50 6055 59
60%
Canadian Ind Alcohol A_ _* 13% 1234 16%
1255
11
• 1236
Canadian 011 corn
1255
12
Canadian Pacific Ry_ _25 12%
1154 1255
Cockshutt Plow corn
7% 735
7%
•
Consolidated Bakeries...*
735
734 8%
Consolidated Industries...*
1
1
Cons Min & Smelting_ _25 131% 130 136
Consumers Gas
180 183
100 181
Cosmos Imperial Mills_ _
7%
7% 7%
Preferred
80
80
100
Range Since Jan. 1.
3823
• No par value.
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Nov. 18 to Nov. 24, 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
•
90
10c
Arundel Corp
2151
2155 22%
Atl Coast Line (Conn).50 2755
2734 2755
Black & Decker Corn
*
6
654
Ches & Pot Tel of Blt pf 100 11455 11455 114%
Commercial Cr Corp corn. 13% 13% 13%
Preferred 13
25
23
23
7% preferred
25 2334
2335 23%
Corisol Gas E L & Pow_ _• 49% 47% 50
6% preferred ser D _100
106 106
555% peel wiser E_IOC
100% 100%
5% preferred
100 94
94
96%
Emerson Broom Seltz A.* 21
21
20
Fidel & Guar Fire Corp_ 10
0% 9%
Fidelity & Deposit
50 22
23
22
Finance Serv corn Cl A._IC
2% 3
Houston Oil pref
100
Maryland Cas Co
2
Mr-Vern Woodb Mills—
5
1%
53,4
2
Common
155
100
1%
Nati Central Bk of Balt100
130
New Amsterdam Cas_10
954
Northern Central
50 72
72
Penne Water & Power_ *
46
United Rye & Elec
50
86
Sc
U S Fidelity & Guar_..10
3%
354
West Md Daily Corp pf ------ 65
1%
130
10
72
4635
13c
3%
65
Bonds—
Atl Coast L (Conn) 5% ctt s
Augusta Sty & El Co
1st 55
1940
Finance Co of Amer 6%3'34
Norfolk & Sou 5% (tiat),61
United Sty & El—
Income 4s (flat). .1949
1st 48 (flat)
1949
• No par value.
70
70
102 102
100 100
3455 3435
7;1
Range Since Jan. 1.
Low.
300
6c
9%
750
15 1354
783
1
56 112
4%
60
15 18%
40 1834
648 43
1 10334
30 97
171 91%
2
1555
5
100
15
7
13
2%
72
2,88
Feb
Apr
Apr
Feb
Apr
Apr
Mar
Mar
Apr
May
Apr
Apr
Apr
Apr
Mar
June
2% Ma
1% Ma
1
8
54 130
490
7
50 63
160 40
1,500
8c
3,352
1%
30 60
High.
50c
33
47%
855
116%
24%
24%
24%
70
110%
107
102
29
15
3935
4%
June
July
July
July
Feb
Oct
Oct
Oct
June
Feb
Jan
Jan
July
June
July
Apr
7% July
5 June
May
5
Nov 130
Apr 1754
May 77
Apr 60
16c
Jun
7
Mar
75
May
July
Nov
Jan
Sept
Jan
Oct
June
June
70
Nov
6,000 100
July 102
5,000 98
May 100
1,000 3355 Nov 55
Nov
Nov
Jan
6200
7% 11,,SS
70
Nov
55 Apr
Nov
7
1% Jan
1434 June
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, Nov. 18 to Nov.24, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Armstrong Cork Co
•
Illaw-Knox Co
•
Carnegie Metals Co_ _10
Clark (D L) Candy Co_ •
Columbia Gas & Elec. •
Preferred
100
Devonian Oil
10
Duquesne Brewing A....5
11%
136
16% 17%
11% 1255
5
5
10
11
55
55
8% 9
4% 4%
545
715
7,217
100
1,009
100
165
250
Range Since Jan. 1.
Low.
4%
Feb
4
Feb
1% Nov
3 Slay
9% Mar
Nov
55
7
Apr
4;4 Nov
High.
23
19
1%
11
28
55
10
8%
July
July
Nov
July
July
Nov
Oct
July
Financial Chronicle
3824
Sales
Friday
Last Week's Range for
Sate
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Electric Products
Fort Pittsburgh Brew_ _ _ 1
Koppers Gas&Coke pre1100
Lone Star Gas
Mesta Machine
5
25c
Phoenix Oil
Pittsburgh Brewing
50
Preferred
50
Pittsburgh Forging
Pittsburgh Plate Glass_ _25
Pittsburgh Steel Fdy_ _100
5
Plymouth 011 Co
1
Renner Co
Ruud Manufacturing_
*
1
San Toy Mining
Shamrock Oil & Gas
*
United Engine & Fdy
*
Vanadium Alloy Steel
Westinghouse Air Brake_ _*
Westinghse Elec & M1g_50
Western Pub Serv v t c_ _•
Unlisted—
25
Gulf Oil Corp
Lone Star Gas651%0(1100
6% preferred
2%
2
Sc
36
4
1%
4c
16
2
57
2
57
5% 6%
16
1651
5c
7c
3% 3%
25
26
4
4
36
36
4
4
15% 1631
1%
10%
46
2
15%
16%
26%
39%
1%
10%
50
58
75
65
58
75
65
4%
65
16
16%
27%
4151
4%
Range Since Jan. 1.
Low.
High.
30
4,190
15
7,951
260
2,900
385
420
75
870
10
220
1%
1%
45
5
7
Sc
3%
16%
1%
13
4
651
May
Jan
Mar
Mar
Feb
May
Oct
Jan
Jan
Mar
Nov
Feb
551
2%
67
12%
2051
250
10
44
5%
3931
10
1734
June
Mar
June
June
Sept
June
Mar
Aug
Jan
June
July
May
1,500
10
1,150
1,100
334
45
9
39
560
1
6
10
10
10
14
1251
19%
435
Oct
Mar
Feb
Feb
Feb
June
Jan
Feb
Oct
251
12
60
3
24
20
3551
5851
10
June
May
June
July
June
June
July
July
June
300
15
18
26% Jan
74% Oct
Apr
65
July
61
July
90
9151 June
*No par value.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Nov. 18 to Nov. 24, both inclusive, compiled from official sales lists:
Stocks—
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Allen industries corn
Apex Electrical Mfg
*
City Ice& Fuel
•
Cleve Builders Realty _
Cleve Electric Ill 6% pt 100
Cleve Railway com_ _100
Certificates ol dep__ _100
Cleve Worsted Mills con).*
Corr McKin SU vtg com_ _1
•
Dow Chemical corn
Faultless Rubber corn.__•
Federal Knitt Mills com__*
•
Foote-Burt com
Gen T & R 6% pf ser A_100
GoodyearT & Rub 1st pf_*
*
Greif Bros Coop0A
*
Harbauer corn
100
Higbee lst pre
Interlake Steamship com_*
*
Lamson Sessions
*
Medusa Cement
Metro Pay Brick com_ __*
*
Mohawk Rubber com_
10
National Acme com
National Relining com__25
*
Nestle-Le Mur el A
•
Ohio Brass B
•
Patterson Sargent
*
Richman Bros corn
Selberling Rubber com_ *
*
Selby Shoe corn
Sherwin-Williams corn. _25
AA preferred
100
*
Swartwout
Youngstown S& T pref _100
17
1
38
10
32
6%
20
6
1251
32
Range Since Jan. 1.
Low.
High.
3
43-4
1734
1
10554
39
38
9%
1131
70
22
32
6%
6331
6136
2054
50
100
165
30
71
20
182
20
30
250
10
95
50
68
10
10
1
4
93-4
1
9531
32
29
4
3%
30
1734
26
531
29
34
8
6
Jan
Feb
731
Apr 26
151
Nov
Mar 110
Apr 49
Apr 4951
15
Jan
Jan 24
Jan 78
Jan 25
Mar 3431
9
Aug
Feb 80
Mar 75
Mar 25
June
July
July
Aug
Jan
July
July
June
July
July
July
June
Jan
July
June
Aug
634 6%
751 7%
20
21
334 351
934 10
2
251
231 2%
5
5
6
6
151 ig
110
10
48
250
60
33
50
25
277
100
2%
1%
19
1%
6
2
1
2
3
51
Jan
May
Feb
Feb
Feb
Apr
Mar
Apr
Apr
Apr
8
7%
29
6%
20
634
7%
7%
9
3
Oct
Aug
July
July
July
June
July
July
July
June
456
11
30
1231
169
41
10
2% .
171
19
265
4434
99
25
200
51
15
32
551
951
2251
1
10
133-4
70
35
17%
Jan
Jan
Apr
Mar
Jan
Feb
Mar
Apr
Feb
20
20
53
7
2034
43
99
31
63
July
May
July
June
June
July
Nov
Apr
June
3
431
17
1
10551
38
38
9%
11
6951
22
32
6%
63
6134
2051
1051
1234
39
23-4
19
4334
99
31
32
* No par value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, Nov. 18 to Nov. 24, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Weer* Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
WI
18%
3
45%
60
81
2
81
70
4%
63
951
5%
10
859
347
20
3
16
5
100
6
284
467
194
70
175
38
6%
6%
1%
25
41
70
1
75
62
4
5751
251
234
5
Mar
Feb
Apr
Apr
Ma
Apr
Apr
June
Sept
Nov
May
Mar
Feb
Jan
9
3054
4
60
70
83
3%
85
93
9
75%
15
854
21%
July
July
Mar
Aug
Sept
July
Apr
Sept
Jan
May
July
June
July
June
9
8
9
Gibson Art corn
*
18% 18%
•
Hobart Mfg
734 731
Julian & Kokenge
•
1
1
Globe Wernicke prat
Criers preferred5( 751
* 2331 241 24
Kroger corn
9631 9631
100
Lazarus pref
4231
Procter & Gamble new.__* 42% 41
108 108
100
P&05% pref
16
15
U (3 Playing Card
10
2
2
US Print & Lith corn.
...°
5
5
50
Preferred
• No par value.
484
125
50
75
50
254
2
460
3
196
750
12
7
10
4
1
731
15
85
19%
9734
9
1
3
Apr 14
Feb 27
Sept 10
151
May
Sept
7%
Feb 35
Apr 9755
Mar 46%
May 108
Mar 27%
Apr
631
Apr 11
June
June
May
Aug
Nov
July
Oct
July
Nov
July
-July
Aug
Amer Laundry Mach_ _20
Amer Rolling Mill com _ _25
Amer Thermos Bottle A_ _C
Carey (Philip) corn...
.100
Preferred
100
Champ Coated lot pref 100
Chi Ball Crank pref
CNO&TPpref
100
C N& C Lt & Trac 0_100
Cincinnati Street Ry- -50
Cin & Sub Bell Tel
50
Crosley Radio A
Eagle-Picher Lead
20
Formica Insulation
•
1151
1834
3
60
66%
431
6251
931
10
1151
17%
3
45%
60
81
2
81
6551
4
62%
9%
551
10
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, Nov. 18 to Nov. 24, both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sate
Par Price. Low. High. Shares.
• 50
50
Brown Shoe corn
10%
Coca-Cola Bottling com_ 1
1231
•
Como Mills corn
351
Columbia Brewing corn.__5
6
Dr Pepper corn
7
1
Falstaff Cora
105
Globe-Democrat pref—100 105
3
Ham-Brown Shoe com__25
International Shoe corn._ _* 44% 4454
5
5
Key Boiler Equip com__*
754
Mo Ptld Cement com _25
1651
• 1651
Candy corn
National
51
1034
12%
4%
6
7%
105
351
46
5
8
17
Range Since Jan. 1.
Low.
High.
Apr 53% July
70 29
6% May
12% June
50
8% Mar 13
50
July
351 Nov
75
5% Sept
6
Nov
8
Nov
10
7
Nov
Oct
125
9
10 103% May 10731 Feb
251 Feb
5
July
300
Mar 55
132 26
July
234 June
20
755 July
4% Feb 13% June
55
5% Mar 22
July
58
Nov. 25 1933
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
Rice-Rix D Gds corn
*
7
634 7
S'western Bell Tel pref_100 11651 11651 117
Wagner Electric com____15 11%
93-4 12
95
95
Preferred
_100 95
Range Since Jan. 1.
Low.
High.
484
3
Feb 10
52 1093-4 Apr 118
451 Apr 1251
2,334
5 75
Mar 95
June
Sept
July
Nov
* No par value.
San Francisco Stock Exchange.—Record of transac
tions at San Francisco Stock Exchange, Nov. 18 to Nov.24
both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
21% 2234
Alaska Juneau Gold Mln _ _ ______
951 951
Anglo Calif Natl Bk of 8 F
131
1%
Assoc Ins Fund Inc
3% 334
Atlas Imp Diesel Eng A__ _ ______
125 126%
Bank of California NA..
4% 434
Bond & Share Co Ltd_ _ _
4%
3% 4
Byron Jackson Co
Calamba Sugar corn
22
2231
19% 1934
7% preferred
%
3.6
California Copper
______
6
7
Calif Cotton Mills corn
1851 1831
A corn
Calif Ink Co
30
30
Calif Oregon Pow 7% pref
2351
Calif Packing Corp
2131 21
Calif West Sts Life Ins cap
1734 1755
Caterpillar Tractor
22% 2251 2431
Clorox Chemical Co
1934 19%
65
Coast Cos G & E 6% 1st pt
65
Cons Chem Indus A
2434 2451
4
4%
434
Crown Zellerbach v t c
Preferred A
2831 2836 2934
2851 29
Preferred B
Range Since Jan. 1,
Low.
High.
650 11% Jan 3234
851 May 20
655
200
% Apr
334
2
Feb
751
100
Feb 160
65 101
1% Feb
5%
650
Mar
6%
533
1
8
Mar 2431
340
Mar 2051
50 11
700
51 Jan
1
270
51 Jan 16
Mar 2234
275 12
Nov 85
5 30
831 Mar 3434
3,115
Apr 3131
10 13
7,394
5% Feb 2931
May 2154
241 13
12 57 May 79
Mar 28
462 11
1,859
1
Feb
8%
751 Mar 43%
80
Mar 43
7
192
Aug
Jan
July
July
July
July
July
Oct
Oct
July
July
July
Jan
July
Jan
July
June
Jan
July
July
July
July
851
61
1651
4
1031
351
13
4931
1055
7%
14%
51
27
9834
13%
6
1
10
254
77
7851
2154
974
July
July
July
July
July
June
July
Sept
May
June
July
Oct
July
Jan
Sept
Sept
June
July
June
Nov
Oct
July
Oct
5%
Emporium Capwell Corp.. ......574
4551
Firemans Fund Ins
12%
Food Machine Corp corn_ ___ __
Foster dr Kleiser corn
231
234
Golden State Co Ltd
531
%
Haiku Pine Co Ltd corn _
%
10
Hale Bros Stores Inc
Hawaiian C & S Ltd
4551 45
334
Hunt Bros A corn
Jantzen Knitting Mills_
554
1331
Langendorf United Bak A
Leighton Ind A
%
24
Leslie Calif Salt Co
Los Ang Gas dr El Corp pf 80
78
Lyons Magnus Inc. A____
9
B
374
%
Magnavox Co Ltd
Magnin (I) & Co cora_ _ _
6%
.___ __
1%
Merchant Cal Mach corn_
134
Mere Amer Realty 6% pref 7631 7631
Natomas Co
6951 58
No Amer Inv 6% pref
18
North Amer 011 Cons
831
5%
4651
13
234
531
1
10
46
33-4
534
1331
31
24
80
9
4
51
7
4 3-1
77
643-4
18
851
130
75
460
100
297
650
300
550
220
.500
548
50
120
12
100
200
250
210
600
34
2,254
20
385
2% Feb
Mar
534 Jan
Jan
1
331 Apr
% Mar
4% Apr
2731 Jan
2
Feb
2
Apr
431 Feb
X Aug
1134 Feb
Nov
78
531 June
1
June
34 Mar
351 Feb
.51 Feb
60
Jan
15
Feb
11
Mar
334 Apr
Occidental Ins Co
13
Oliver United Filters A__
___ _ .
6%
B
1%
1%
Pacific Gas & Eleo com
1651
1731
6% let preferred
1934
20
551% preferred
1751
Pacific Lighting Corp coin_
23% 2251
6% preferred
75
7031
Pao Pub Sery non-vot com_
51
Non-voting preferred___
251
2%
Pacific Tel & Tel com
7751 75
6% preferred
10134 100
Paraffine Cos corn
2651
17
Phillips Petroleum
Ry Equip & Realty 1st pre:
554
551
231
Series 1
Series 2
251
2%
1
Con preferred
19
Rainier Pulp & Paper Co
1351
651
251
1751
20
17%
2351
75
51
2%
79
10134
27
17
6
251
3
1
19
77
200
1,115
6,296
5,440
1,527
2,118
520
505
1,650
245
103
1,205
100
49
20
67
100
658
851
351
51
16%
1934
17%
2234
7034
%
2
67
9934
851
951
331
251
1%
31
6
May 20
Jan 11%
Feb
5%
Nov 32
Nov 2536
Nov 2334
Nov 43
Nov 9334
251
Mar
6
Apr
Apr 9451
Apr 111
Feb 29
May 1834
Apr
651
June
4
4
Nov
1
Aug
Jan 2034
July
July
July
July
Jan
Jan
Jan
Jan
June
June
July
July
July
Sept
July
June
July
Feb
Oct
S J Lt & Pr 7% pr pref_ —_ ___ _
10 75
7831 7831
831 9% 2,114
4
ShellUnion 011com
9
50
Sierra Pacific E'er)6% pref..
50
5 50
350
631
Simony Vacuum Corp
1636 1654
Southern Pacific Co
20
6,431 1151
1934 21
So Pacific Golden Gt A-- _ ______
157
431
5.31 651
B
4
3
4
262
42
Standard 0110 Calif
41% 44% 8,561 20
Tide Water Ass'd 011 cam_
1034 1051
1031
515
334
6% preferred
5934 5934
10 24
Transamerica Corp
5% 651 62,500
431
6%
Union Oil Coot Calitornia. 19%
934
1931 203-4 3,819
Union Sugar Co com
4
4
No iii
United Air
3351
2,967 17
3234 35
Wells Fargo Bk dr II T_ — _ __ — __ 189 190
45 165
Western Pipe& Steel Co.._ _
12
534
1171 12
810
May 97
Feb
1134
Nov 66
Feb 11
Feb 38%
Jan
851
Nov
634
Feb 4451
Feb
1134
Apr 6034
Mar
954
Feb 2334
751
Mar
Feb 46
Apr 220
17
Feb
Jan
July
July
Nov
July
July
June
Nov
Sept
Nov
July
July
July
July
July
July
al%
Los Angeles Stock Exchange.—Record of transactions
at the Los Angeles Stock Exchange, Nov. 18 to Nov. 24,
both inclusive, compiled from official sales lists:
Stocks—
Friday
Sates
Last Week's Range for
of Prices.
TVeek.
Sale
Par Price. Low. High. Shares.
5
Barnsdall Corp corn
13olsa Chian Oil A
10
Bway Dept Stores pref_100
*
Byron Jackson
Calif Packing Corp
*
Chrysler Corp
5
Consolidated Oil Corp...*
Douglas Aircraft Co Inc..*
Goodyear T & R (Akron)
Common
•
Los Ang Gas & El pref_100
Los Ang Investment Co_10
Monolith Pti Cement corn*
Pacific Clay Products Co'
Pacific Finance Corp com10
Pacific Gas & Elm com_25
6% lot preferred___25
Pacific Indemnity Co__10
Pacific Lighting com____*
6% preferred
*
Pao Mutual Life Ins_10
Pac Western Oil Corp...*
Republic Petrol Co Ltd_10
San Joaq L&P 7% pr 0100
Seaboard Natl Bank_25
Secur lat Natl Bk of L A_25
Shell Union Oil Corp cam*
Rummy Vacuum Corn_25
11%
934
33-5
5356
451
2334
4734
1134
834
1715
203-4
24
72
22
831
5
1034
2534
16
14
Low.
300
100
50
200
300
700
1,500
3%
131
3231
1
1351
9%
534
High.
Mar
Jan
Apr
Feb
Apr
Mar
Jan
11
551
5851
6%
28%
5151
1536
Sent
Ray
Oct
July
July
Sept
Jury
100
II%
Jan
18
July
3771
76
1%
1%
651
834
1715
20%
851
23
72
22
831
39
81
151
154
651
9
1711
2034
851
24
72
22
934
300
210
1,500
100
200
500
100
100
100
500
15
550
4,600
2551
76
1
1
251
4
1631
1931
8
23
72
19
2%
Oct
Nov
Jan
Jan
Feb
Mar
Nov
Nov
Nov
Nov
Nov
Mar
Mar
4254
98
531
1%
7
11 55
3054
2534
9
43
9251
303-4
a%
July
Jan
June
Nov
July
July
July
Jan
Nov
Jan
Feb
July
Sept
431
78
1031
25
9
1534
531
78
1034
2634
9%
1634
4,500
10
a12
2,100
600
2.400
1%
78
15
25
4%
1234
Feb
Apr
July
Nov
Mar
Nov
6
98
27
4534
1136
1614
Oct
Jan
Jan
Jan
July
Nov
• OIL
14
3731
80
10
334
5331
451
2351
4934
13
Range Since Jabs 1.
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded)
-Par Price. Low. High. Shares.
So Calif Edison Ltd com25
Original preferred_ _25
7% preferred A
25
6% preferred B
25
53% % preferred C_.25
So Counties Gas 6% pt100
Southern Pacific Co___100
Standard Oil of Calit.....•
Taylor Milling Corp
•
Transamerica Corp
•
Union Oil of Calif
25
153%
21
1711
203%
423%
655
193%
• No par value. a Odd lot.
1455
31
2034
1615
isq
80
1935
4255
8
53%
193%
16
2,700
31
308
2131
800
1,200
173%
1,400
153%
80
51
21
1,000
443%
3,600
100
8
63% 17,100
2051 3,100
Range Since Jan. 1.
Low.
1455
29
203.1
163
%
153%
80
113%
20
4
43%
93%
Nov
Nov
Nov
Nov
Nov
Nov
Feb
Feb
Jan
Apr
Feb
High.
2715
4011
2731
243%
223%
90
3855
443%
14
93%
23
Jan
Jan
Feb
Jan
Jan
Feb
July
Nov
Sept
July
July
New York Produce Exchange Securities Market.Following is the record of transactions at the New York
Produce Exchange Securities Market, Nov. 18 to Nov. 24,
both inclusive, compiled from official sales lists:
Stocks-
3825
Financial Chronicle
Volume 137
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
•
Abitibi Power
1
Admiralty Alaska
1
Aetna Brew
1
Allied Brew
American Republics
*
1
Andes l'etroleum
Angostura Wuppermann_l
1
Arizona Comstock
1
liancamerical3lair
B G Sandwich
•
Black Hawk
1
Brewers & Distill v t c....•
Bulolo Gold (Dld Del). _5
1
Carnegie Metals
Central Amer Mines
1
Chemical Research
•
1
Como Mines
1
Croft Brew
•
134
90
155
351
1.10
6
38c
540
234
1.50
240
135
155
9c
135
33
255
70
34
1.00
455
38c
39e
2
24
1.25
251;
255
220
1
14
115
9(i
135
431
23%
70
331
335
615
380
54c
23%
24
1.60
23%
235
240
151
1.4
1,400
500
1,000
1,150
400
2,000
300
4,700
4,400
100
5,500
6,700
200
1,000
700
100
3,500
4,300
400
Range Since Jan. 1.
Low.
51 Oct
50 Mar
1
Oct
33% Nov
155 June
Sc
Jan
23% Oct
1.00 Nov
155 July
380 Nov
390
Oct
151 July
15
Aug
1.00 Oct
50c July
55 Feb
Sc May
1
July
the \fay
High.
3
July
190 Feb
3 June
113% July
355 June
320 June
33% Nov
355 Nov
611 Nov
151 Feb
57c Aug
355 July
25
Nov
1.74 Nov
355 Nov
251 Nov
24o Nov
25/ July
2V. June
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
5
Distilled Liquors
Dividend Shares
25c
1
Elizabeth Brew
1
Fads Radio
Flock Brew
2
Fuhrmann & Schmidt _ _1
1
General Electronics
Golden Cycle
10
Hamilton Mfg A
10
1
Harvard Brew
Helena Rubinstein pref.__*
Hendrick Ranch
•
Huron Holding c d
1
*
Ironrite Ironer
1
Kildun Mining
Kingsbury Brew
1
Kuebler Brew
1
Lock Nut
1
5
Marancha Corp w i
Mouquin Inc
1
•
Newton Steel
Paramount Publix
10
Paterson Brew
I
Petroleum Conversion_ ..1
Polymet Mfg
1
1
Railways Corp N
Rayon Industries A
1
Richfield Oil
•
Rossville Union Disti11.5.50
Rustless Iron
•
Shortwave & Television...1
Simon Brew
1
Siscoe Gold
1
Squibb Pattison Br pref...1
Sylvanite Gold
1
Texas Gulf Producing....•
United Cigar N w I
5
Victor Brew
1
Willys-Overland
5
Bonds
Internatl Match 5s c d 1941
1.15
I
13%
20
8
%
9
534
4
1%
135
1
33%
63%
35c
16
2
335
555
160
113%
1.15
1
13%
1
1
23%
20
93%
2
655
Mc
250
55
3
755
251
155
43%
555
351
I%
1
%
55
355
655
35c
153%
134
200
134
1.45
334
1.60
534
7%
%
12c
1,000
1331
300
1.15
1,200
13%
13%
2,200
1
100
1
400
255
300
200
203%
955
100
3,700
231
400
8
700
38c
30c
500
55
700
2,200
33%
9
600
255
800
135
400
7,400
53%
200
515
400
455
7,300
134
500
151
900
1
900
131
4,800
334
635 25,200
1,200
450
150
16
2
1,200
100
200
155
1,300
1.55
200
4
200
200
1.50
655 2,600
600
8
55
100
600
17c
53%
53% 86,000
Range Since Jan. I.
Law.
113%
84e
1
111
1
1
23%
83%
655
2
23%
25e
130
400
1
73%
23%
1
435
534
2
120
1
38e
55
15
435
280
1
134
15e
134
1.01
334
950
35%
7
35
6c
Nov
Feb
Nov
Oct
Nov
Nov
Nov
Mar
Nov
Nov
Mar
June
Apr
June
Mar
Nov
Nov
Oct
Nov
Nov
May
Mar
Nov
Apr
Nov
Apr
July
Oct
Jan
Nov
Apr
Sept
Mar
Nov
July
Jan
Sept
Nov
Mar
53% Nov
High.
1855 Oct
1.25 June
43% June
33% May
551 June
331 July
4
May
203% Nov
13
July
23% Nov
8
Nov
155 Nov
"is June
55 Oct
July
5
1731 July
33.5 Aug
134 June
6
Nov
655 Oct
103% July
255 July
5 June
135 Feb
July
5
5
Oct
655 Sept
1
June
32
July
335 July
35 June
13.5 Oct
1.80 July
63% Oct
1.50 Nov
655 Nov
835 July
2
June
55 June
16
Jar
• No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Nov.18 1933) and ending the present Friday,(Nov.24,1933). 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:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Week Ended Nov. 24.
Stocks-
Indus. & Miscellaneous.
Acetol Products Inc A__ •
25
Acme Wire v t c
pref__100
Adams-Millis
•
Aero Supply class 13
•
Air Investors new
Warrants
•
Allied Mills !no
Aluminum Co common_ •
too
6% preference
Aluminum Goods Mfg_ •
•
Aluminum Ltd corn
Awer Beverage Corp._ 6
American Book Co_.100
Amer Capital
Common class IS
•
•
$3 preferred
$5.50 prior preferred_ ...•
Amer Cyanamid Class B. •
10
Class A common
1
Amer Equities COM
Amer Founders Corp__ 1
50
6% lst pref ser D
1
Amer Investors war
Amer Laundry Mach
Amer Pneumatic Service_•
50
6% 26 preferred
•
Amer Potash & Chem_
5
Amer Thread pref
9
79%
6751
155
41
34
11
47%
12
155
35
835
255
3%
8
72%
1
23‘
%
8%
7355
6655
8
34
155
41
334
8
72%
215
h
9
82%
69
9
34
1%
41
300
100
50
1,100
300
500
600
8,700
450
200
100
800
10
100
%
11
800
100
47%
13% 13,600
12%
100
1%
200
1,500
55
150
8%
55
100
11
11%
250
2% 2%
700
5%
551
100
al6 016
54
3.15 3%
300
%
10
4755
1155
1235
1%
55
815
•
145 251
600
115
Anchor Post Fence
•
3% 3%
100
Apex Electric Mfg
1
Tube_
500
34
Arcturus Radio
16% 17
•
600
Armstrong Cork own_
1%
1%
100
Art Metal Works com _ _5
Associated Elea Industries455
4% 455
Cl
300
Amer dep rcts
2% 2%
•
500
Associated Rayon
355
355
600
Atlantic Coast Fisheries. •
1155 13% 22,700
• 12
Corp corn.
Atlas
3.5
37
• 35
500
$3 preference A
455 551 3,60
4%
Warrants_
4
4
100
•
Corp
Atlas Plywood
155 1%
300
•
Auto-Voting Mach
Locomotive Wks
Baldwin
855
34
60
\Warrants
3% 43-5
1,800
sellanca Aircraft v t
551
515
50
53.5
Bickfords Inc
2235 2355
150
2255
$2.50 cony pref
•
3
11
3
Bliss (E W Co
Blue Ridge Corp
1,100
1%
1% 1%
Common
400
303% 2951 30%
6% opt conv prof
100
33i 3%
Bouriols Inc
100
31
h
Machine
Bridgeport
1
1
300
Brill Corp class 13
100
5% 5%
Brill° Mfg
British Amer Tobacco Ltd
Amer den rcts for bearer. 28% 2835 29% 3,30
10
29% 2915
Amer dep rcts for roe Cl
British Celanese Ltd800
315
3%
Am dep rcts roe she
100
1855 18%
Bulova Watch $3.50 pref..*
14
200
1
•
Bore° Inc coin
Burma Corporation
800
335 33.5
Am dep rots for rag ,b1 ......
600
45i 4%
10
ButlerBrothers
100
3534
34
Tube v t c -•
Cable Radio
1355 16% 5,400
1335
Can Indust Alcohol
13
600
Class B non-voting_ _ --• 1234 11
100
1155 1455
•
Carnation Co
300
555 6
•
Carrier Corp
Celanese Corp of America
75
10235 105
7% 1st partic Pref
100
200
86
80
100 86
7% prior prof
1855
600
18
15 18
Celluloid Corp corn
400
8551
84
•
1st preferred
225
45
46
2
$7 illy preferred
Range Since Jan. 1.
Low.
High.
Nov
Mar
Apr
Feb
Nov
Jan
Apr
Feb
Mar
Apr
Mar
Nov
Mar
5
1515
80
4%
2%
1
15%
9555
7755
16
5334
5%
55
Jan
4% Jan
3031 Mar
Feb
3
455 Jan
155 Nov
Apr
834 Nov
Mar
6h Feb
1
June
5% Nov
8
Apr
Apr
1%
1655
52
15%
16
45.5
2%
20
I%
1855
3
Feb
Nov
Feb
Mat
Mar
3
13
215
24
415
Sept
June
July
July
May
2% Apr
34 Apr
Jan
5% Apr
as Mar
Feb
13-5 Apr
155 June
54
5%
4
18%
4335
10
655
355
July
June
July
Julie
May
June
June
Juno
655 Oct
July
4
May
15% Apr
1
Feb
11
7
755
2355
555
Aug
Sept
June
Nov
July
155 Nov
214 Mar
234 Apr
3.1 Ma
31 Jan
535 Oct
4%
3755
515
1%
435
11%
June
June
July
June
July
Apr
16 ' Nov
1655 Jan
3055 Nov
3055 ...Toy
Apr
12% May
No
1
1.-* June
2055 Oct
255 May
255
255
60
55
24
55
3
37%
37
7%
13%
155
34
Si
351
Si
4%
1%
155
55
2%
751
551
4
27
51
2
20
20
Fe
Fe
Jan
May
Jul
Mar
Fe
June
July
June
June
Nov
June
Aug
June
July
June
June
mar
July
June
July
Aug
June
July
June
June
June
June
June
July
sq Nov
16% July
4
July
355
64
15
3855
34
18
17
July
June
June
July
July
May
July
AP 110
July
Apr 90
Oct
Apr 26% Oct
Jan 90
Oct
May 584 Oct
Friday
Sales
Last Week's Range for
{Peek.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Range Since Jan
Low.
1
High.
Centrifugal Mile Corp. •
1,400
33-5
2% Jan
4% July
355 3%
Childs Co pref
100
July
655 Mar 30
20
11
11
cities Service oommon__.
•
655 May
Feb
2%
2
2% 36,300 s2
Preferred
• 12%
May
12
12%
700 1034 Mar 30
Preferred B
•
315 June
1
Apr
300
1% 155
Preferred BB
May
•
80
10
5
Apr 25
1055
Claude Neon Lights
1
2 June
34 Apr
400
51
h
Cleveland 1 rector
July
1% Apr
6
200
334 4%
Colts Patent Fire Arms_ 25
18% 19
300
8
Jan
1934 July
Columbia l'ictures
• 27% 2555 2751
8% Feb 2755 Nov
300
Cornpo Shoe Mach ctfs
12
1
1355 Oct
600 10% Oct
12
1255
Consolidated Aircraft
•
Mar 12
600
I
July
831 83.5
Consol Auto Nferch v t c_*
200
. Jan
11
55 June
Consol Cigar warrants.
55 Nov
34 Nov
800
3.5
h
Consol Retail Stores
•
245 June
100
2is Jan
34
%
Consol Theatres v t c_
235 June
•
55 July
600
14
h
Cooper-Bessemer
$3 pref A w w
•
July
6
Mar 20
100
1534 15%
Cord Corp__
1555 July
4% Feb
9.100
755 8
7%
4
July
Corroon Je Reynolds
400
1
1
1%
Apr
Courtlauds Ltd11% Nov
A mer dep rctil ord. -CI
44 Mar
10% 1131 5,400
Crane Co Corn
25
so 4% Mar 11% July
545 5%
11
Crooke/ Wheeler Elea_
•
600
July
555 515
2% Feb
Crown Cork Internal A._•
2% Jan
1,100
034 July
655 7
6%
Jan
Cuban Tobacco v
•
15
500
63-5 Nov
654 635
Detroit Aircraft Corp_ _•
400
lie June
55 Jan
3-5
31
2215 Nov
Distillers Co Ltd
.C1
2055 20% 2134 17,200 17% July
Distillers Corp Seagrarne-• 17% 17% 21% 10,900 15
July 49% July
Doehier Die-Casting com.•
5 June
400
1% Feb
331
335
3
78
Mar
Dow Chemical
1,900 30
July
7055
70% 69
Dublier Condenser com_l
200
%
sit Feb 267% July
35
Aug
Duval Texas Sulphur___•
1,800
8
414
3.5 Feb
Easy Wash Mach 13
Jan
1
•
9
Sept
6
634
600
631
75
Edison Bros Stores
Oct
• r735
r73.5 Nov
6
r755
r7
•
Eisler Electric Corp
400
94 Apr 2 July
134 1%
Etat!Power A seec eom
1254 June
600
455 415
2% Apr
1
455
Class A _
Apr
4% 4% 1,200
1
11% June
454
Electric Shareholding
Apr 5955 June
56 cony pref w w
•
200 35
35% 3555
Equity Coop coin _ __10c
2% Aug
155 2% 3,200
1% No
2
Ex-Cell-0 Air & Tool__ •
1% Fe
6% July
100
451 455
hairchild Aviation
635 July
455 5% 2,500
255 Jun
555
Fajardo Sugar
Mar 80
July
59
59
100
100 22
Falstaff Brewing
5% No
8% Oct
6
53% 734 2,800
•
Fansteel Prod Inc
4% July
300
255 3
1% Apr
•
Ferro Enamel Corp
8% No
1,800
15% July
8% 9%
9%
Fiat Am dep rcts
22% Nov
400
9
Ma
1934 193%
Fidello Brewery
1
155
111 3,400
155
4% Aug
1% Nov
Fisk Rubber Corp
1
% Apr
934 July
7
7% 4,300
735
$6 preferred
100
100 18
55
55
Sept
Jan 61
Flintokote Co cl A
•
4
1% Feb
4
1,000
751 June
Ford Motor Co Ltd
Amer dep rots ord ragi
555
515 555 3,800
2% Feb
635 July
Ford Motor of Can el A_.• 13% 11% 14
41
5 Feb
19% 31113
7,900
,
Class B
•
16
25
9% Feb 26
16
June
Foundation Corn panyForeign shares
•
8
2% Mar
855 3,800
814 Nov
General Alloys Co
•
151
134
% Mar
1,000
455 July
General Aviation Corp. _1
5% 555
300
2% Jan
1035 July
Gen Elec Ltd Am der rcts • 1035 1011 11%
1,200
655 Jar
1155 Nov
Gen Investments Corp
Common
5
1,400
34
34
% Nov
234 July
Warrants
11, 1,320
'is Nov
July
Gen Theatres Equipment
$3 cony preferred
•
300
34
51
51
June
Si Feb
General Tire dt Rubber 25 70
70
72
125 23
Apr 140
July
Glen Alden Coal
13
• 13
1455
3,600
6% Apr 2455 July
Globe Underwriters Each.'
6% 6%
100
4
Feb
July
7
Godchaux Sugars cl B.._.•
5
555
555
700
235 Apr 15
July
Gold Seal Electrical
90
7is
1
15
14 June
34 Jan
Gorham Mfg com v t c • 20
1951 22
2,500
Jan 29% Aug
19% 19%
Agreement extended_
19%
200 19% Nov
Nov
20
Grand Rapids Varnish
555 7
•
655
1,20
455 Jun
055 Sept
Gray Tel l'ay Station__ •
1555 1655 3,500
July
855 Apr 29
GS Al! & Pao TeaNon-vol eon stock.--• 130
128 132
24 124% Oct 181% May
7% 1st preferred __I00 123
121
130%
Oct
20 118
Mar 127
Financial Chronicle
3826
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par Price. Low. High. Shares.
25
Great North'n Paper
Greyhound Corp new_ __
Grocery Store Prod25c
Common v t c
•
Hazeltine Corp
Hires (Chas E) Vo cl A_ •
Horn (A C)Co com
Horn & Harden com
•
100
7% preferred
Hydro Klee Securities
_•
Hygrade Food Prof
5
Imperial Chem Industries
Am dep rcts ord reg
Imperial Tobacco of Can_5
Imperial Tob of Gt Britain
dr Ire Am dep rets_ _ _£1
Insurance Co of No Anx_ 10
Interstate Eq u Ities
$3 cony pref ser A_ _50
Interstate Hosiery Mins_ _*
Irving Air Chute
1
Isotta FraschiniAmer deposit rights
Jonas & Naumburg
Jones & Laughlin Steel_100
Knott Corp com
1
Kolster-13randes Ltd
£1
American shares
Kress(S H)
special
1
in
Kreuger Brewg Prei 1
Lackawanna of N L___100
•
Lakey Fdry & Mach
Langendorf Un Bakeries_ •
1
Lefcourt Realty corn
Preferred
•
Lehigh Coal & Navigation•
Lerner Stores com
Libby McNeil & Libby_ _10
Louisiana Law A Explor •
Mapes Consol Mfg
*
Marion Steam Shovel.
.2
Maryland Casualty Co_
Massey Harris Co com_ •
Mavis Bottling class A-_1
Mayflower Associates- •
May Hosiery Mills
83 pref w w
Mead Johnson dt Co corn •
Mergenthaler Linotyrie-*
•
Michigan qugaz
10
Preferred
•
Midland United
•
Midland Steel Prod
*
Midvale Co
Mock Judson Voehringer..*
molYbdenum Corp ye
Montgomery Bard & Co
•
Dian A
Mortgage Bk of Columbia
Amer deposits rights---Murphy (G C) common_ •
Nachman-Springfilled
•
Nat Amerleat, Co
•
National Aviation
Natl Belles flees oom_ -1
Natl Bond & Share Corp •
National Investors com_..1.
Warrants
National leather corn__ •
Nat Rubber Mach com - •
1
Nat Service common
Nat Steel warrants
•
Nat Sugar & Reftn
National Union Radio__ -1
N Y Auction Co corn_
New York Shipbuilding
1
Founders shares
Niagara Share class B____5
*
Niles-Bement Pond
Nitrate Corp of bile
CH's for ord 13 shares.
Northwest Engineering- *
Novacel-Agene Corp_ - --•
High.
Low.
204 20%
8
7
100
2.000
Apr
11
5% Nov
27
8
Sept
Nov
%
%
314 3.36
,
18% 18%
2
2
17
17%
94
94
534 534
3% 434
100
100
100
260
75
20
100
1,900
36 May
136 Mar
Apr
17
1% Oct
Oct
sag Sept
3% Mar
2% Mar
3
634
24
5%
25%
95
936
9
June
July
June
Aug
June
July
July
July
11%
836 8%
1131 1134
900
600
414 May
6% Feb
836 Nov
1136 Nov
2936
3934
29% 30M
394 4034
3,100
1,500
Feb
Mar
30% Nov
4631 /July
1531
r20 720
15% 15%
334 3%
50
300
300
Apr
9
7% Jan
334 Sept
24% July
June
17
836 May
100
3-4
%
II,
200
%
250
30
29
6
614 11,300
34 Nov
31 Feb
Jan
19
May
1
34
2%
80
6%
200
100
700
34 Jan
Sept
10
9% Oct
1% Nov
Mar
11
23% JUDO
30
300
400
100
100
1,100
100
500
1,800
400
300
800
400
5
33,900
1
434,
100
5934 Nov
34 Jan
Oct
10
34 May
Apr
54 Apr
Jan
4
Feb
Apr
Feb
21
36 Feb
1% Nov
Oct
3
3-4 Jan
Ma
27
5934
136
14
336
1034
14
16%
836
214
34,4
811
5
10%
234
48
Nov
May
Nov
July
July
June
Sept
June
May
Sept
June
June
July
July
Sept
534
24%
8%
4
200
500
50
2,400
300
100
300
100
150
1,500
Jun
20
38% Fel
Apr
20
1% Oct
Oct
% No
1% Apr
Mar
11
44 Jun
234 Oct
32%
69
34%
3%
7%
2%
12
29%
8%
6
Nov
May
June
Jul
July
June
June
July
Nov
July
68% 7136
240
4634 Fe
82
July
8
94
2934
614
131
10M
734
63-4
3%
1%
134
134
23
136
3
2436
8%
2
34
10
2%
34
1
34
731
131
131 1%
10
10
1035 11%
5914
3-4
13%
1%
715
5.%
1334
336
1%
33
23
,
1
1%
436
1%
43%
59%
N
14
136
7%
6%
g
3%
2
33%
3
30
4936
23
136
3
34
5%
2434
8%
334
3234
51
23
1%
336
,
2
32
5%
34
934
2%
33
134
3-4
1
3%
%
4%
39
%
1%
2
34%
534
%
10
2%
34
1%
%
1
4%
35
731
39
1
1%
15
25
300
134 Feb
300 2634 Jun
100
5% Nov
100
14 Jan
1,300
414 Apr
5,800
34 Jan
400 z20
Feb
Fe
300
1
14 Apr
300
500
34 Yet
Mgr
2,300
1,000
h Mar
.
1,900
% Feb
100 22% Feb
36 Jan
1,600
14 Nov
200
Nov
June
July
Nov
5%
34%
8
1%
13%
44
39
4
2%
334
5%
21
4
1431
4534
234
334
Aug
Nov
June
.ita,e
Sept
July
July
June
June
May
July
May
June
July
June
July
334
1034
9% 934
336 3%
10
1036
300
1,200
300
116 Jan
Apr
3
4% Apr
20% Aug
9 June
17% June
5016
31
sis 12,500
300
6
6%
500
50% 52%
lir Jan
2
Jan
34% Feb
h JUDO
June
10
56% Aug
8%
2%
5
Oilstocks Ltd
Overseas Securities Co_ •
Pacific Eastern t, orp__ _1
5011
Pan-American Airways_10
• 22% 2234
Parke, Davis & Co
54%
Parker Rust-Proof
•
2436
Fender (D) Grocery A- •
I
Pentiroad Corp v t o
234
100 7831 75%
Pepperell Mfg
3
10
3
Philip Morris Inc
Phoenix Securities
134
1
131
Common
22
$3 cony pref series A____ 22
Pitney- Bowes Postage
3%
......
•
4
Meter
436
Pittsburgh Forgings Co_ *
Fittsi testi I late Wass. 25 3634 34
234
5
Potrero Sugar
234
20
Prentice Hall pt conv__ •
234
Propper McCallum Mills_•
234
534
Prudes.tlal Investors
•
536
127
• 127
Quaker Oats ..,om
•
Railroad Shares
Reliance Internet A
•
j5%
10
Reybarn Co Inc
1
Reynolds Investing
34
1%
Roosevelt Field Inc
5
•
Rossi& International
•
Royal Typewriter
Feb
Apr
Oct
Feb
Mar
Mar
Mar
Mar
Feb
Feb
8%
5
434
58%
27%
6914
30
6%
8236
,
4%
Nov
June
June
Aug
June
Sept
June
July
Oct
July
50%
23
55
24%
2%
79
331
100
100
200
200
2,200
75
100
12,800
340
1,000
1%
22
1,800
200
4
4%
3634
2%
20
2%
6
127
3,200
100
2,075
4,900
25
300
1,000
20
500
100
200
1,900
1,900
500
600
2
4%
13
34
10
34
3
64
34
1%
31
)4
36
%
5%
Feb
5%
4%
Nov
I-ct- 39%
2%
Mar
Apr 20
4
May
et
1014
Mar 140
1%
Ma
Feb
4%
3%
Jan
144
Ma
3%
Jan
1%
Ma
12%
Ma
June
Sept
July
Nov
Nov
July
July
July
June
June
July
July
July
June
June
175
4,900
70
600
100
300
300
200
1614
114
1234
g
9%
%
1%
93(
Feb
Ma
Ma
No
Feb
Jai
Apr
Apr
80
8%
56
131
24
1%
734
20%
July
July
June
June
May
June
July
June
1,000
300
2,400
% Feb
26% Mar
1% Apr
200
800
3,400
430
1%
12%
12%
90
400
400
1,200
100
1% Jan
11% Feb
Oct
3
31 Jan
836
2%
4431
42
SafetyCarlleating& Ltg100
3
2% 3
St Regis Paper OWL__ _ Ill
20% 25%
7% preferred
100
g
11
Seaboard Utilities Shares_ I
23
23
Scoville Mfg Co
25
sees! Lock A Hardware_ •
34
3%
Sieberling Rubber com'
334
3%
19
Selby Shoe corn
19
•
Selected Industries InoCommon.
1%
4436
Allotment certificates43
Beton Leather Co
8
6
•
7%
eltenandoali Corp
Common
1
134 135
25 1731 17% 18
$3 cony pref
Sherwin Williams com-25 4334 43
44%
14531 149
Singer Mfg
100
Binger Mfg Ltd £1
331 3%
Am dep rots ord reg__
25
Smith (A 0) Corp com_
26%
3% 3.%
_33.4
Sonotone Corp
•
134
Southern Corp corn
Spanish & General Corp
iIS
31
Am dep v t cord bearezEl
Spiegel May Stern
100
4936 x50
634% preferred
Range Since Jan. 1.
3
14
136
20
12%
2036
15
134
26%
1%
hi Mar
9% Feb
15
434 June
July
70
14% July
5
Feb
May
2631
Mar 45
Mar 17534
June
July
July
July
3%
52%
34
234
June
June
Nov
May
Nov
100
200
3% June
Aug
25
Ap
134 July
55
Sept
Nov. 25 1933
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par Price. Low. High. Shares,
Stahl-Meyer com
qtandard Brewing
Stand Investing $536 pre/•
Starrett Corporation__ _ 1
6% preferred
10
Stein (A) & Co pref.__ _100 80
Stein Cosmetics com
13-4
Stutz Motor Cat
Sun Invest Co corn
$3 cony pref
Swift & Co
25 14
Swift Internacional
15 283-4
Taggart Corp corn
*
136
Tastyeast Inc class A....
•
134
Technicolor Inc corn
• 10%
Todd Shipyards Corp_
*
TtEU180011t Air Trans
•
Trans Lux Pict Screen
1
1%
Common
Tr] Continental warrants________
Triplex Safety Glass
Amer dep rcts reg. _£1
1
Tubire Cbatillon Corp
1334
•
Tung-Sol Lamp WM_
7
131
12
X
1%
80
1%
7%
2%
34%
13%
27%
1%
%
1034
19
235
36
34
•
Union Tobacco corn
United Aircraft & Tramp
6% pref A ex-warrants 50
Warrants
United Carr Fastener..'
'(Jn Chemicals $3 pref----•
•
United Dry Docks
1
United Founders.
United Milk Prod $3 pf_ •
United Molasses Co
Am dep rcts ord ref.
United N J RR & Canal 100
*
United Profit-Sharing_
.
United Shoe Mach corn 2ti
25
Preferred
United Stores v t 0
1
US FoU cl B
U S & Internatl SecurCommon
•
•
lat pre? wan warr
•
U S Lines pref
10
S Playing Card
•
S Stores v t
Utility Equities Corp- •
Priority stock
Util & Indus Corp corn...'
•
Preferred
•
Waco Aircraft Co
Wagner Electric corn. _15
Waitt & Bond class A. •
•
Class B stock
Hiram Walker-Gooderham
•
& Worts Ltd corn
Cumulative Prof
Watson (John Warren)...'
Western Auto Supply A_ •
Western Maryland Ry_100
7% 1st preferred
West Tablet & Stationery
•
Common v t c
Woolworth (F W) Ltd
Am dep rcts ord shs
53
50
1334
33%
3.4
334 June
4% July
19% 2034
12
14%
431 531
200
5,600
700
Feb
Apr
2
114 Jan
20% Nov
2834 June
9% June
34
200
150
55%
14%
500
300
534
200
14
134 1,100
136 11,400
50
22%
100
Common
100
6% preferred
East States Pow corn B...•
•
East Util Assoc cam
Convertible stock
& share oom 5
Else Bond
•
$5 oumul preferred_
•
$6 preferred
Elec P & L 2d pref A____•
Option warrants
-Empire Gas dr Fuel
100
6% preferred
100
634% preferred
100
7% preferred
100
8% preferred
Empire Pow Part Stock...*
European Electric Corp
10
Claw A
Option warrants
Florida P & L $7 prof...'
Gen G & E cony pre Li_ •
Gen Pub Serv $6 pref. •
Georgia Power $6 pref •
Gulf States Util $6 prof..'
fis May
4431
9
1%
7
X
tg
1834
July
June
Feb
Jan
Mar
Apr
Apr
34 June
55%
16
8
2034
334
3
25
Nov
Nov
Sept
June
June
July
Sept
114 Feb
334 3% 22,500
5%
Nov 202
10 194
194 194
loo
34Mar
231
52% 53% 1,100 3034 Mat 5651
70 3034 Mar 33%
32% 33%
200
34 Jan
,
2
34
34
2% Apr 11%
5% 634 1,200
July
Aug
June
Sept
Nov
June
June
1%
45
he
15
%
1%
36
14
234
13
12
4%
1
1%
50
16
15
34
1%
37%
14
234
14
12
4%
1
1,200
1,800
1,700
225
100
200
475
200
300
2,600
100
200
200
3135 3814 30,200
800
(
1531 153
700
34
36
18
100
18
Jan
Mar
Nov
Mar
Nov
Apr
Apr
Nov
Apr
Aug
May
July
Mar
3%
65
134
28
2
4)6
50%
334
7%
1434
12
615
4
July
July
June
July
June
June
June
June
June
Nov
Juen
Sept
July
334 Feb
7% Feb
34 Oct
9% Jan
64%
17%
1
21
July
July
Sept
Aug
July
114
174
r4
(
8
%
1%
25
34
1%
8
734
2%
14
10
35
Oct
60
9%
400
6
Apr
10% July
24% 25%
1,800
1134
Jan
2634 Nov
29
29
Nov
Nov
65)6
5614
Jan
Jan
24%
1%
84%
2%
17%
58%
1034
18
231
15
Nov 3616
Nov
6%
May 104
Apr
13)4
Mar 50
Nov 9111
Nov 2634
Apr 22
Nov
94
Apr 50
June
June
Aug
JUDO
June
Jan
June
July
June
June
36
14
1%
le
13%
34
36
Nov
Nov
Nov
Apr
Nov
Oct
Oct
70
6
16%
7234
Feb 112% Nov
1734 July
Feb
June 2274 Jan
Nov 9234 Jan
834
36
25
Bell Telep Co of Can-100 11234 11231 11231
1131 11% 1,100
Brazilian Tr L& P ord--.• 1134
1,000
1631
Buff Niag & FAolt Pow_ _25 1634 16
10
72% 7234
•
$5 1st preferred
Cables & Wireless Ltd1,300
1% 131
Am dep rcts A ord shs £1
700
3% 331
Am dep rcts pre shs_.£1
3%
1,20
%
34
A s tie', reto 14 ord
20
1034 1034
Cent Mid G & E corn vtc_•
Centra l& S'west Ccii5
434 414
•
$7 Prior lien pref
1% 131 4,40
Cent States Eleo new corn I
13.4
5
6
6
Cony pref opt ser '29_100
1,20
21% 23
Cleveland Elm ilium corn. 23
90
106 106
6% preferred
100
Columbia Gas & Eleo
80
7136 76
100 75
Cony 5% pref
32
1,90
39
Commonwealth Edison_ 100 37
Common & Southern Corp.
31
19,60
Warrants
10
431 431
Community P St L $6 Pre•
2,80
P Balt com • 4834 45% 49
Consol(I
1
93
93
100 93
5% preferred A
East Gas & Fuel Aaeoo-
June
Sept
July
June
June
Mar
July
July
June
Sept
July
June
June
July
Oct
June
May
14 Mar
14 Apr
Public Utilities
180
3236
Alabama Power $7 pref..-* 32% 29
20
29
29
* 29
$6 preferred
Am Cittee Pow & Lt
1,300
25 2534 2436 26
Common class A
3,300
1% 2
2
1
New clam 33. _
40
Am Dist Tel N J 7% pfd100 10036 10034 10036
600
6% 735
636
Amer & Foreign Pow wan20% 21,700
034 18
Amer Gas & F,leo corn...• 2
1,000
58% 60
• 60
Preferred
25 1131 10% 11% 3,400
Amer I. & Tr oom
200
1836 1835
,
25
6% preferred
234 2% 63,600
2%
Am Superpower Corp oom•
200
• 16% 1536 16%
Preferred
AMIGO Oa & Eleo1,100
36
34
1
common
New
1
34 4,100
34
)4
Class A new
1% 2%
820
$A preferred
ill
4,200
1r•
Warrants
1337 13
100
`'
Assoc Tel $1.50 prof....'
1,100
7-1
31
3-1
Assoc Tele!) t
100
h
h
C 0 D's corn
Duke Power Co_
High.
14
3
28
2%
6
80
3%
20
5
37
24%
32%
534
234
14
2834
6%
500
600
36
24%
Low.
216 Apr
% Nov
Feb
6
34 Apr
11a Apr
Jan
70
Feb
Oct
136 Feb
21
Feb
Feb
7
124 Feb
3/4 Apr
3-4 Apr
2% Feb
10% Feb
235 Oct
1%
2
131
1%
5534
a133.1
531
531
13
14
ni
134
1
1
2234
334
100
7
400
1%
100
12
500
N
1%
500
50
80
1% 2,300
900
834
200
• 3
100
3431
11,600
15
3031 4,300
300
1%
134 4,100
1,100
11
100
19
3
700
Range Since Jan. 1.
250
Iils
2%
11*
10
Apr
Feb
Feb
Oct
3% June
236 July
,
1036 JUDO
34 June
1836 Jan
134 June
31 Nov
July
July
31, July
15 June
434
June
June
July
July
Jan
4%
1
6
20%
9935
Nov 2734
4%
Nov
Nov 21
Apr 37
May 110
68
31
Apr 138
July
Nov 82% Jan
31
4%
43%
93
Nov
Nov
Apr
Nov
131
13
704
99%
June
June
Rine
Sept
4031
38
4031
37
Sep
76
July
6
43
1
5%
40%
1
1434
234
12
30%
33
7%
2%
200
6
125
43
600
1%
300
15%
500
2%
76,400
14
600
3131
35% 1,700
400
9
2% 2,400
4
39
1
13%
134
10
22%
25
4%
1%
Mar
May
Nov
Apr
Apr
Feb
Apr
AD
Feb
Feb
12%
68
4%
26%
634
41%
5941
66
29
9
%
June
July
June
July
July
June
June
June
June
July
1331
14
15
18
6
1331
14
1531
18
6
25
25
100
50
100
6
631
73-4
10
5
Apr
Mar
Apr
Mar
Nov
21
19
25
25
%
15
May
June
June
June
JUIN)
10%
1%
10%
10
26%
35
40%
11
134
1035
10%
26%
3536
41
200
3,700
50
250
20
125
150
234
%
10%
3
18%
35
40
Mar
Apr
Nov
Apr
Ma
Nov
Oct
113.4
114
33%
15
62%
70%
55
Nov
July
Jan
July
June
Jan
AIX
13%
3436
9
2%
10%
131
4035
Public Utilities
(Concluded)
3827
Financial Chronicle
Volume 137
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Hamilton Gas corn v t c__1
•
Illinois P & L 66 pref
100
6% preferred
Internet llydro-Elec50 1756
Fret 33.50 series
Internatl utility1
1
Class B
•
56
Warrants
Interstate Power 67 pref .
Italian Superpower A__-_•
Warrants
Long Island Ltg•
456
Common
50
7% preferred
100
6% B pref
256
Marconi Wirel T of Can _I
Marconi Wire'& Tel Ltd136
Am dep rtcs ord bear_ lOs
254
Mass CBI Assoc v t c-_-•
6
Memphis Nat Gas
•
Met Edison $6 pref
tie
Middle West Ut11 corn_ •
Monongahela West Penn
Pub Serv 7% pref_ __25
Montreal Lt Ht & Pow_ •
National P & L $6 pref_ •
Nev-Callf Flee corn_ _100
New England Pow Assn•
$6 preferred_
N Y P & L 7% pref_ __ _100
•
N Y Steam Corp
NY Telep 656% pret__10o
Niagara Hod Pow15
Common
Class A opt warrant __
Nor Amer Lt & I'ow coin 50
Nor N Y URI 7% pref__100
Nor States Pow corn 4_100
Pacific CI & E 6% let pf 26
536% 1st preferred_ _25
Pennsylvania Water &Pr_•
Puget Sound P & 1.•
$5 preferred
•
36 preferred
•
Ry & Light Secur com_
Shawinigan Wat & Pow...'
Sou Calif Fdlson25
7% pref series A
25
6% pref series B
556% preferred C___ 25
•
Standard P & L pref
Swiss Amer El pref
•
•
Tampa Elec Co corn
Low.
56 Jan
114 Nov
104 Nov
16 June
3454 Jan
2856 June
500
1716
16
Nov
27
July
34
4
234
3
1
June
June
June
June
16
824 Feb
74
Jan
35/1 Sept
56
73-1
1%
2,600
800
50
500
16
A
554
4
r.
100
%
Feb
Feb
Mar
Feb
May
334 454
38
44
35
3654
256 256
3,200
60
75
2,900
334
38
35
54
Nov
Nov
Nov
Apr
1
13-4
236 236
3
34
54
50
3.4
A
200
700
1,600
120
3,500
1
15%
234
50
A
Nov
156
May
336
Feb634
Nov 73
Nov
56
4
4
7
156
rii
1
39
424
104 10.4
4236
4056
67
30
113
67
30
June
June
Nov
June
May
Jan
May
50
50
13
34
13
34
Mining Stocks-
High.
100
100
50
56
56
II% 1234
104 log
17
Range Since Jan. 1.
414
67
30
11434
13
Nov
2154 Apr
1656 July
36
July
450
50
34
AM'
856 Sept
7234 June
June
15
150 2636 Apr 624 July
Jan
25 67
Nov 99
Nov 45
Jan
300 30
July
125 10936 Apr 119
55
2
60
21
20
174
47
9,500
600
250
25
500
1,200
600
400
Syi
Tit
2
60
19
19
17
39
Apr
Apr
Nov
Nov
Nov
Nov
Apr
1856
2
8
70
5356
2534
2334
60
Jan
June
June
Apr
July
Jan
Jan
Jan
104 12
636 7
556 556
1756 1756
170
50
50
200
1016
64
556
8
Nov
Nov
Nov
Feb
28
234
1456
2034
2056
17
1556
20
3836
23
21
1736
16
2156
40
23
700
800
1.100
100
250
100
2056
17
1556
16
184
194
Nov
Nov
Nov
Apr
Mar
Apr
Jan
27
2434 Jan
224 Jan
July
50
Oct
45
June
32
4
6
154
256
20
56
2%
356
9
35
21
78
g
24
84
500
44
100
6
800
116
256 15,600
1.000
22
*it 3,500
256 12,900
356
100
1056 3,500
900
iir
21
75
10
78
4,150
1
236
100
200
856
156
6
14
156
13
4
2
256
84
56
20
78
A
2
516
Apr
June
Mar
Feb
Feb
Feb
Mar
Feb
Apr
Sept
Mar
Nov
Nov
Nov
Apr
75.6 July
June
6
Former Standard 011
Subsidiaries550
x32 x32
Buckeye Pipe Line
50
954 3,300
25 0556 92
Humble 011 & Ref
Imperial 011 (Can) corny..• 14% 144 154 33,600
• 15
15
1556 • 300
Registered
856 856
400
Natlon al Transit ___ _12 50 x856
500
Northern Pipe Line
54 6
10
17
18% 1,000
South cenn 011
25 17
50
43
43
So'west Pa Pipe Line_ _ 50
.
Standard 011 (Indlana)__25 32% 314 334 31,300
Standard 011 (Kr)
10 x15% 154 163/4
4,100
200
25
Standard 011(Neb)
14% 15
950
Standard 011 (Ohio) corn 25 254 253/1 2834
5% preferred
100
79
79
60
3
100
Swan-Finch MCorp_ _25
3
25
40
63.4
64
54
43-4
11
244
17
854
11
154
60
1
Union Gas of Canada__ •
Union Traction com_ __50
United Corp warrants
United Gas Corp com____1
•
Pref non-voting
Option warrants
United IA & Pow corn A•
•
Common class B
•
$6 cony 181 pref
US Elec Pow with warr__1
Utah I' l& Lt $7 pref
•
Utica G & E 7% pref___100
Uti Pow & It new corn_ .1
V t c class B
1
7% preferred
100
Other 011 Stocks1
Amer Maraealb0 Co
Arkansas Nat Gas corn_ •
•
Common class A
100
Preferred
British Amer Oil coupon •
25c
Carib Syndicate
•
Colon (111 Corp COM
Columbia 011 & Gas vto •
Goeden 0111 Co1
New common
100
l'referred
5
Creole Petroleum
Crown Cent Petroleum_ _I
Darby Petroleum new_ _5
10
Devonian 011 Co
•
Derby Oil& Ref corn
(MCorp of Penne_ _25
Gulf
International Petroleum_•
•
Registered
•
Kirby Petroleum
1.eonani III, 1)evelop___25
*
Refining Co
Lion 011
•
Lone Star Gas carp
•
Michigan Gas &011
Mbidic States Petrol•
v tc
Class A
•
Class Byte
Mountain dr Gulf 011Co_ -1
Mountain Producers____10
•
National Fuel um
New Bradford 011 Co___25
5
Nor Cent Texas 011
•
Nor European Oil
Pantepee Oil of Venez....•
Petroleum Corp of AmerStock purchase warr____
1
Producers ItoyaltY
Pure 011 Co 6% pref___100
•
Reiter Foster 011
25
Richfield 011 pref
Root Refining1
Common
10
Cony prior pref
Consol Oil_ _1
Salt Creek
Salt Creek Prod Atien___10
-5
Southland Royalty Co.. 5
Sunray 011
Tenon Oil& Land Co....•
6
Venezuela Petrol
1
Woodley Petroleum
1r
20
20
47
11
63/1
21
17.4
16
214
116
256
21
*1
256
356
104
34
21
4
1
556
'it
2
60
19
19
17
46
6
6
456
56
454
156
166
're
1
4
I
6
6
,s,
63/s
July
June
June
May
Nov
July
July
June
Oct356
Nov
656
May
12
Feb
14
Nov
Nov
Nov
July
Oct
Nov
June
July
Nov
Nov
June
June
July
June
434
ag
56
24
se%
1216
56
4
I%
434
Aug
Nov
Mar
Mar
Feb
May
Jan
Apr
Apr
Apr
1
Feb
4
156
256
,
54
4
456
154
734
4
256
300
5.34 6
84 84
100
200
1% 14
5556 5956 3,900
2156 235.6 35,200
23
23
100
1
156
700
55
56
200
536 54
100
556 6
3,400
13.4
56
21X
June
Nov
Nov
Nov
May
June
July
July
Sept
July
July
July
June
June
2
64
454
54
1%
1056
Jan 3934
Mar 96
Mar 1574
Mar 154
Apr10
Apr
656
,
Fen
2256
Mar 43
Mar 34
Mar
194
Apr 20%
Mar
41
Apr 88
Jan
3
23.4
356
800
656 656
100
1056 12
25,100
500
51
54
356
1
July
July
June
June
June
June
June
June
Aug
Ayr
July
Su
134
z1
2
64
56
36
54
156
14
256
144
34
4
434
1,400
156
116
200
56
56
700
500
56
54
455
456
500
134 1334 1,300
156 1%
1,200
234 235
200
300
A
A
4 156 11,800
tit
X
.1
5
rH
47
474
4 136
56
54
1
5
56
6
5
A
63/4
1
6
56
6%
54
%
13,
734
24
256
644 June
64
45
156
956
124
414
134
42
90
254
456
2756
3,300
800
3,00
800
40
400
,
1,500
1,200
1
155
156
14
156
13-4
24
1451
4
154
1
Nov
Mar
Feb
Mar
Feb
Feb
Eel
Feb
Apr
8
854
256
62
2356
23
2
136
956
1134
634 Sept
Jan
Jan
Jan
Jan
10
Feb
54 Jan
A Apr
1,• Jan
4 Mar
4
14
I
656
20
2
5
8,30
2,600
60
1,400
1.100
1,
6
4,
21
56
4
4
13/1
57
116
234
June
June
Sept
July
June
300
900
100
1,000
300
1,500
600
16
34
A
3
34
X
834
56
14
June
14
May
8
Nov
56
Feb94
Feb4
156
Jan
Apr 1356
Jan
136
Mar
34
June
July
Nov
June
June
June
May
June
July
200
200
56
A
56
256
June
Jan
ma)
Apr
Apr
Jan
June
June
July
June
may
Sept
June
34 June
334 July
Bonds
Alabama Power Co1st Az ref be
1946 67
1st & ref 58
1951
lot A, ref as
1968 52
let & ref 45613
1987 4536
Aluminum Co e (deb be 62 9234
Aluminum Ltd deb be 1948
Amer & Com'wealths Pow
Cony deb 6e
1940
Amer & Continental 581943 80
Am El Pow Corp deb 6s '57 153.4
Amer (I & El deb be _2026 6634
Am Gas & Pow deb 68_1939 20
Secured deb 68 ___ _1953 17
Am Pow & Lt deb 6s..2015 4254
Am Radial deb 4 4s. 1947
Am Roll MIll deb bs. _1948 6714
464% notes_ __Nov 1939 10134
Amer Seating cony 68_1936
Appalachian El Pr 511.1954. 69
4 ppeleehlan Power 58_194 ,
99
Arkansas Pr & Lt 5e.. 1956 59
Associated Elea 44e _ _ 1953 2456
Associated Gas & El Co
Cony deb 55-65
1938 1334
4563
1946 1136
Cony deb 456s
1949 11
Cony deb be
1950 124
Deb be
198
, 13
Cony deb 53-0
1977 14
Assoc Rayon 58
1951, 444
Assoc T & T deb 54s A '65 434
Artsoc Telep 1•1Al 536e 194-4 1156
1156
Certificates of deposit_
6% notes
10i?
Atlas Plywood 5 As _ _1943 51
Baldwin Lurk, Works
68 with warr
1938 104
6s without warr
1938 71
Bell Telep of Canadalet M be series A _ _ _ 1955 1033-4
1st ki be series B___1957 10234
1980 103
1st M baser C
Bethlehem Steel 68.. _1998 103
51
Birmingham Flee 4 4 tows
1
Boston Consol Gas 58_1947
Broad River Pow 5s_ _1954 31
Buffalo Gen Elee 53..1939 10234
Gen & ref 5s
1956 1024
Range Since Jan. 1.
High.
Low.
51 1
4
Oct
650
144
Jan
1,000
140
2,300
4,800
2,700
5,600
800
3,400
7,000
2,200
5,300
1,200
200
11,300
100
2,200
0,000
500
2,100
3,600
6,400
2,00
14,900
200
33,000
1,800
13,900
400
300
100
1,700
29,000
900
A
55
74
1
sit
354
'ii
166
4
2
11,
34
56
156
A
lit
356
tit
Apr
236 June
Sept
Jan 140
16 June
Jan
14 June
Jan
sit June
Apr
Jan
Pit July
81-6 June
Feb
1156 Nov
Jan
Jan
124 July
Nov
Aug 13
Aug
556 Sept
Jan
136 June
Jan
4 Feb
Mar 5136 Nov
Apr
234 July
Mar 65% Sept
Mar 5756 Sept
Nov
Feb 33
4
July
Jan
Jan
55 June
Jan
1534 July
156 June
Am
56 June
Jan
Feb
454 June
Oct54 Nov
Feb
4 Apr
Feb
74 July
156 Sept
Mar
Mar
June
6
Jan
154 June
Jan
'ii June
854 Sept
Jan
June
1
Feb
$
34,000
22,000
40,000
67,000
84,000
25,000
66
55
474
4456
80
4754
Nov 10056 Jan
Jan
Nov 97
Nov 894 Jan
Nov 8134 Jan
Jan
Apr 99
Mar 80 June
3,000
al
al
2,000
80
80
1436 1556 28,000
67 174,000
64
13,000
20
22
17
2074 67,000
4056 4336 70,000
40,000
9954 100
6534 6736 47,000
10156 102 134,000
6,000
41
41
724 75,000
64
99 10056 12,000
39.000
58
61
82,000
2234 25
56
64
1236
64
13
11
324
83
33
45
22
64
94
58
2034
556
Apr
Apr 85
Apr
40
Nov 92
Apr
42
Apr 374
Apr
734
Apr 102
Apr
81
Apr 105
51
Apr
Nov 974
Apr 1054
Nov
9056
4756
Nov
1534 54,000
13,000
13
134 233,000
14 220,000
14 246.000
15
43,000
4434 52.000
4534 55,000
1156 86.000
1156 4,000
153/1 8,000
51
4,000
1256
1134
10%
124
124
134
33
15
b
1036
11
27
Nov
Nov
Nov
Nov
Nov
Nov
Apr
Feb
Mar
Oct
Apr
Mar
96
67
Oct 11716 Aug
824 Aug
Nov
42
484
Bunker Hill & Sullivan_ _10 42
56
56
1
4
Chief Consol Mining
13-4
A
56
Consol Copper Mums__ .5
134 140
Consol kiln & Smelt Ltd 25
1
111,
A
1 it
Cresson Consol G 81
1
1
136
Cusi Mexican Mining __50c
tie
1
56
56
Falcon Lead Mines
44
tie
.ir
Goldfield Consol Mines..10
516 6
25
54
Hecla Mining Co
1054 1156
Hollinger Consol 0 M__5
956
956 10%
Bud Bay Min & Smelt_ __•
1156 1234
Internet Mining Corp_ _1
4
44
4
Warrants
A
A
4
A
Kerr Lake Mines
16
,
56
1
Kirkland Lake G M Ltd.'
4556 50
Lake Shore Mine. Ltd_ __ I 47
134
13/4
Mining Corp of Can
•
New Jersey Rine_ ... __25 6436 634 6434
Newmont Mining Corp 10 5356 513/4 564
.30
32
NY & Honduras Rosarlo10
Niplasing Mines
256
256 2%
5
14,
A
OhIo Copper Co
A
1
84 94
9
Pioneer Gold Mines Ltd1
1
13.4
Premier Gold Mining.
1
I
56
St Anthony Gold Mines_ .1
56
16
256 256
5
24
Shattuck Denn Mining
44
So Amer Gold dr Platt newl
43-4 4%
A
A
standard S115 er I ead _ 1
51
Teck-Ffughes Mlnee
556 6
556
1
X
91,
Tonopah Mining Co
I
14
334 356
United 3 erde 1..xtenslon 50r
A
A
5
Utah Apex Mining
56
1,
Wendel) Copper NI ming- -1
Wright-Hargreaves Lid..•
7
634 756
5
A
Yukon Gold Co
4,
June
June
June
July
54
A
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
66
55
4736
4456
9256
66
Canadian Nat Ry 7....1935 10056
Canada Northern Pr 58 '63 81
Canadian Par Ry fie ..942 10454
Capital Administration
Is with wanants___195
52
Carolina Pr & Lt be
1951
Caterpillar Tractor 58_1935
Cedar Rapids M & P58 53 10454
Cent Arizona Lt & Pr 5s'60 7651
Central Illinois Lt 5s__1943 100
Central III Pub Servloebe series E
1956 524
let dr ref 4568 ser F.1967 4756
1988 5254
batteries0
1981 48%
4534 series H
Cent Maine Pow 58 D 195(
Cent Ohlo Lt & Pow 58 '50 613/1
Cent Power be see D_ _1957 41
Cent Pow & Lt let be.1954 3916
.
Cent States Elec bs_ _1948 a2634
Deb 55413 Sept 15 1954
284
With warrants
Without warrants__ _ _
Cent State. P & i 6)65 '53 3336
cnie Dist E ec Gen 448 70
Deb 556e_ __Oct I 1935
Chic Rya Is Ws
1927 47
Cincinnati Street Ry55-6s series A
1952
(38 series 13
11155
Cities Service 5,1
1966
Cony deb 511
1950 32%
Cities Service Gas 556e '42 48
Cities Serv Gas Pipe L '43 5856
Cities Serv P & L 5481952 304
5%ii
1940 3056
Cleve Flee Ill let 68_1939 1034
5s series A
1954 103
58 series B
1961 10256
Commers und PrIvat
Bank 556e
1937 5256
Commonwealth Edison
let M 55 series A...1963 874
1st kl be series B__ _1954 8636
let 436s series C___1956
let M 4 568 series D.1967
456s series E
1980 8051
let M 4e series F___1981 7256
656e series 0
1962 9334
Cone•wealtb Subsid 556s'48 58
Community Pr & Lt be 1957 35
Connecticut Light & Power
5568 series B
1954
58 series D
1462
674
5854
52
49%
9456
6934
1356
1134
11
1236
1234
1356
384
42
1154
11
15
50
101
67
100
105
71
g Mar
.i.
4
1ii
11,
24
556
254
716
234
g
7-6
2534
14
284
1144
68,000
64,000
10214 103% 130.000 87
1014 103 138,000 8554
10156 10334 41,000 87
99
8.00
103 105
4936 5456 37,000 4954
1024 1034 17.000 9934
3.000 2736
32
31
1027-4 10256 10.000 101
3,000 993-4
102 10254
100% 101% 70,000
48,000
804 82
104 10656 117.000
g June
July
May
July
Jan
Ally
July
July
Oct
July
July
July
Jan
Nov
Jan
Jan
2856 July
Jan
27
2834 Jan
28
Jan
Jan
27
3556 Jan
Jan
52
Nov
48
243.6 Jan
Nov
16
5336 Jan
53 June
Nov
Nov
Nov
June
Jan
Jan
Apr4856 Jan
Feb 1074 Jan
Mar 10654 Jan
Feb
Apr
Ma
,
May
Nov
Apr
1054
1054
106
112
80
105
Apr 1024 Oct
98
Mar 834 Nov
59
7054 Mar 1134 July
a7456
5036
100%
1043/1
76%
99
a744
5256
10036
106
78
100
1,000
40,000
44,000
36.000
22,000
5,000
67
49
88
8656
75
984
July
Mar 83
Nov
7934 July
klar 10034 Nov
Mar 1084 Nov
Oct 9356 Apr
Jan
June 105
52
47
514
4834
86
59
4056
3856
263/1
53
4956
54
50
8656
614
41 g
42
28
3,000
85,000
41,000
26,000
6,000
7,00
18.000
88,000
36,000
50
47
49
46
85
534
3756
3756
2634
Nov 80
July
No) 7456 July
Nov
78
Jan
Jan
Nov 73
Jan
May 101
Jan
Apr 76
Nov
Jan
75
Jan
Nov 87
Nov 58
July
274
2856
33)4
65
8256
47
284
29
344
67
83
49
12.000
6.000
11.000
27,000
6,000
13,000
2556
2756
234
684
74
47
Nov 564
Nov
5356
Apr 54
Apr8456
Apr e94
Mar 664
July
July
July
Jan
Jan
July
50
51
4,000 404 Sept65
52
52
2,000 47
Oct65
30% 314 11.000 2454 Mar 46
3156 3254 285,000 2434 Mar 4556
Feb 67
47
48
20,000 42
Jan 7836
10,000 54
5556 59
Apr 4334
2934 3056 125,000 25
314 40,000 254 Apr 434
30
10356 104
6,000 10156 Mar e107%
10156 103
35.000 10156 Nov 1084
Apr 110
102 10256 16,000 102
June
June
may
May
July
June
June
June
4956 524 86,000
4836 June
8635
8856
81
793/1
80
6954
93
5456
35
864
8656
804
794
80
693/1
93
5456
35
874
88
8256
82
83
73
9436
58
38
19,000
18,000
17,000
21,00
26.000
174,00
122,000
105,000
.57,000
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
May
Jan
Jan
664
Jan
106.4
10656
1025-4
10154
101
9336
10834
8754
59
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
10454 1044 2,000 10254 Mar 11036 Jan
102% 105
11,000 974 May 10756 Feb
3828
Bonds (Continued)-
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
Range Since Jan. 1.
Low.
High.
Conn River Pow 55 A 1952 90
27,000 8734 Nov 10034 Sept
874 90
Consol 0, E L & P 445 '35 102
1014 103
Sept
23,000 994 Mar 105
Consol Gas(Balt CRP58
103 104
1939 103
5,000 10234 May 10834 Jan
Gen mtge 448
1954 1004 994 1004 12,000 9734 Apr 107% Jan
Consol Gas El Lt & P (Bait)
451s series G
10251 102% 2,000 98
1969
Jan
Apr 106
448 series H
96% 98
1970
17,000 954 May 1074 Jan
1st ref s I te
1981
Aug
9134 80
9156 97,000 8834 Nov 100
Como! Gas Mil Colet & coil 65 ser A..1943 374 374 3754 20,000 21
Jan
484 July
654s with warrants.1943
July
4
Apr 16
a8% a84 2,000
Consul Publishers CoMar 534 Nov
734% stamped____1936 5151 5151 514 1,000 30
Consumers Pow 4115..1958 51
894 914 44,000 88
Nov 10434 Jan
Jan
1st & ref 5s
1936 10034 1004 10134 106,000 100
Mar 106
Cont'l Gas & El 55_1968 36
33
364 173,000 33
Nov 654 June
Nov
Continental 00 548_.193: 1014 101% 102
Mar 102
25,000 92
Crane Co 56_..Aug 1 1940 7754
June
_
Apr 92
4,000 85
7734 79
Mar 10034 July
16,000 87
Cudahy Pack deb 5481937 97
96
97
Sinking fund 58_ _ .._ 1948 1024 102 1034 14,000 994 Mar 105
June
Nov 9154 Feb
65
704 13,000 65
Cumb Co P & L 445_1958 70
Apr 1084 Jan
16,000 100
101 103
Dalla5 Pow es L168 A_ 1949 103
3,000 95
1952
97
Nov 1034 Aug
55 series C
95
Apr 1064 Jan
Dayton Pow & Lt 55_ .1841 1004 9934 1004 147,000 99
3,000 60
65
Apr 854 June
Delaware El Pow 54s__'59
65
Nov 1024 Jan
9551 3.000 95
Denver Gas & Elea 56_1949
95
July
May 83
Derby Gas & Elea 56__ 1946 6334 634 634 2.000 60
Mar 984 Jan
7951 13.000 75
Del City Gas 68 ser A 1947 77% 76
Jan
2,000 6751 Nov 91
72
71
56 let series 8.... 1950
Detroit Intenntl Bridge44 June
14 Mar
.
34 44 3,000
Aug 1 1952
64s- July
8
14 14 17,000
154 Nov
1%
Certificates of deposit_
1952
3 June
4 Jan
1.000
/
1
7s ctfs of dep
Dixie Gulf Gas 645 19376,000 70
Apr 9434 July
814 804 82
With warrants
1,000 88
90
June
Jan 102
90
Duke Power 434s
1967
May 98' '. ; Jan
924 924 2,000 90
Eastern ULU Assoc. 5e_1935
Eastern Utilities Investing13.000
34 Feb 23
Jan
1234 14
1954 14
55 ser A w w
Edison Eleo III (Boston)1934 100% 1004 1014 56,000 994 Apr 1034 Jan
2-year 5s
1935 100% 1004 10151 132,000 954 Apr 1034 Jan
5% notes
284 105,000 21
25
July
Apr 59
Eieo power & Light 55.2030 27
0,000 55
56
56
Jan
Nov 88
Elmira Wat L & RR 5s '56
Apr 864 Jan
2.000 65
69
69
El Paso Elea Os A____1950 69
4714 9634 48
27,000 37
July
Apr 67
Empire Dist El 68__._196
63,000 2R34 Apr 5834 July
Empire 011dr Ref 514s 1942 444 434 45
84
1,000 84
Jan
Nov 104
84
1967
Erie LIghting 55
European Elise 6548-- -1968
37,000 60
mar 80 Sept
604 75
75
Without warrants...
2514 29,000 23
24
Apr 394 Aug
European Mtge IDS' 71 C'67 24
69
1,000 46
Apr 724 July
62
Fairbanks Morse 5s___1942
40
40
Mar 4534 Aug
1,000 24
Farmers Nat Mtge 78_1963
32,000 18
July
Apr 43
Federal Water Serv 545'54 23% 2051 23
Finland Residential Mtge
10,000 38
Jan 7311 Oct
1961
7151 72
Banks 68
Mar 894 July
Firestone Cot Mills 58.'48 8734 8654 8734 24.000 88
Apr 924 Aug
Firestone Tire & Rub 58'42 914 904 9111 12,000 71
494 534 23,000 44
July
Apr 74
Fla Power Corp 545_1979 51
494 96,000 444 Nov 7051 July
Florida Power & Lt 58 1964 484 46
3434
Jan
Nov 72
4,000 33
33
Gary El & Gas 5e set A 1934 33
Gatineau Power let 58 1956 7834 76% 7834 174.000 5934 Apr 834 July
68
69
Mar 734 Nov
13.000 39
Deb gold 65 June 15 1941 69
mar 73
July
15,000 39
Deb 65 series B.....-1941 6754 654 68
3,000 5434 Apr 74
60
64
Aug
General (sconce fis____1940 64
67
67
Jan
Oct 75
7,000 54
Public Service 58_1953
Gen
5,000 12
June
Mar 38
(Jen Pub UM 645 A 1926 264 264 27
37% 16,000 1734 Mar 46
1933 37% 37
June
2-yr cony 64e
1948
384 394 4,000 20
Mar 60
June
Gen Rayon 68
9634 7,000 90
Oct 1084 Aug
Gen Refractories 6s__..1938 94% 94
54 34 1,000
6
2
Aug
Aug
Vending 6.9 etre __1937
Gen
39% 41
17,000 384 Mar 60
May
Lien W at Wks & El 56 1943
Georgia Power ref 56..1967 574 5451 58 157,000 5451 Nov 9014 Jan
42
45
11.000 40
Apr 704 July
Georgia Pow & Lt 5s.1978 43
48
1953
4931 17,000 314 June 6911 Jan
Gestural deb 68
95
18,000 89
Feb
Apr 102
Gliette Safety Razor be 40 933-4 93
544 57
59,000 45
Apr 7134 July
Glen Alden Coal 48_1965 57
944 954 26.000 75
1935
Apr 9554 Nov
Gildden Co 54s
Globe' (Adolf) 6348 __1935
82% 82% 84
Apr 9334 July
15,000 55
With warrants
4,000 77
97
97
July
Feb 100
Godchaux Sugar 7145_1941 97
754 10
22,000
7
Jan
Apr 12
Grand (F IV) Prop 6E1_1948 10
8
611 Oct 1031 Feb
8
8
1,000
Certificates of deposit
100 100% 15,000 94
July
Apr 102
Grand Trunk Ry 84s 1936 100
65
63
3,000 56
Apr 7514 Sept
Grand Trunk West 46_1950 63
13,000 93
95
May 1064 Jan
9454 95
Great Western Power 58' 46 .
18
184 4.000 124 Jan
July
36
Guantanamo & West (is '58
API' 10234 July
1937 10051 9934 1004 30,000 92
Gulf 01101 Pa 5s
Mar 10234 Aug
45.000 92
1947 9851 9834 100
Apr 82
26,000 50
Jan
66
62
6 62
Gulf States LIM 58-195
Apr 784 Aug
1,000 53
1961 564 564 564
41is series B
Mar 1044 Sept
23,000 90
99
984
Hackensack Water 56_1938 99
mar 724 July
6254 6354 9.000 49
Sall Printing 534s.-1947
7551 21,000 624 Apr 8654 Jan
72
Hamburg Electric 76...1935 70
Sept 724 Jan
42,000 40
60
72
Hamburg El & Und 545'38 72
July
7,000 314 Mar 68
6034 62
Hood Rubber 5548-1936
July
Feb 78
0,000 44
73
71
1936 72
7s
July
2.000 314 Mar 61
45
45
Houston Gulf Gas 6s _ _1943
20.000 794 Apr 9611 Jan
82
80
L & P let 448 E 1981
Hotta
2,000 784 API' 964 Jan
80
79
let & ref 4348 ser D_1978 80
Jan
Man 104
92
1953
9354 5,000 88
544 merles A
55
July
1,000 354 Feb
40
40
40
Hung.-Itallan Bk 75491063
wog 1004 2,000 9911 Apr 1074 Jan
Hydraulic Power 5s...1950
2,000 404 Nov 65 June
43
43
Hygrade Food Prod 68 1949
0 834 May 102% Jan
864 7.00
86
1947 86
Idaho l'ower Is
Apr 854 July
684 21,000 33
Illinois Central RR 4341'34 6831 67
May 1(8)34 Feb
89% 8,000 65
89
III Northern litil 56. _ _1957 80
Nov 774 July
76,000 48
48
53
III Pow & L let 68 sow A '53 53
July
Nov 74
484 32.000 46
let & ref 5348 sec B_1964 47
46
Jan
lat & ref 55 ser C
424 474 78,000 424 Nov 71
195ft 46
Nov anti Jan
26,000 34
34
36
B f deb 5 Sis_ _ MaY 1957 31
1014 17,000 8454 Mar 101% Sept
Independent0& G 69_1939
1014
Indiana Electric CorpFeb
Apr 91
1,000 57
As series A.
1947
60
60
Jan
91
3,000 614 Nov
1953
611s series B
6134 71
44 Apr 5784 Jan
15.000 4,
Is series C
55
54
1951
Jan
Mar 105
Indiana Gen Serv Is.. _1948
4,000 98
08
98
Jan
76
May
5,000 49
534 53
Indiana Hydro-Elee 58 '5i,
Apr 44
July
23,000 14
Indiana Service 56_ _ __IOW 25
2351 26
1st & ref 58
1963 2354 22
8,000 1214 Apr 4014 July
24
Apr 8354 Jan
1,000 65
Indianapolis Gas 55 A 1052 70
70
70
Ind'polis P & L 55 Pier A 57 7431 74
76% 68,000 734 Apr 954 Jan
Intercontinents l'ower
June
10
134 Jan
Os with warrants_ 1948
3.000
24
24 23.4
International Power Itle0July 924 Nov
61,000 74
Secured 6 Sis ear C-1955 88
01
88
May 96% Oct
1957 02% 92% 034 25,000 70
78 series E
Apr 85% Oct
84
1952 84
8434 17.000 45
is series F
12,000 744 Mar 9034 Oct
International Salt 58-.1951 85
85
84
Mar 6154 July
International Sec 5.l047 454 43
47% 15,000 40
Apr 674 June
19,000 21
61
Interstate Ir & Steel 51:s'46
57
Feb 105% Mar
Interstate Nat Gas 59.1936
2,000 103
103 103
Nov 64
July
49,000 37
39
43
Interstate Power 66.....1967 42
1952 30
10,000 204 Apr 534 July
Debenture es
29
30
Interstate Public Service1956 49% 48
25.000 464 Apr 784 Jan
51
56 series D
Apr
72
Jan
4751 43,000 45
4 45 series F__. -_1958 4454 43
Invest Co of Amer 59_ _1947
08
Mar 8434 Jan
2,000 83
55
68
Without warrants
Bonds (Continued)-
Nov. 25 1933
f•
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Low. High.
$
Range Since fan 1.
Low.
High.
lowa-Neb L & P 58-.1957 56
56
61
25,000 56
Nov 8454 Jan
5e series B
10,000 564 Nov 844 Jan
1961 57
564 62
Iowa Pow & Lt 434s_1958
2,000 74
75
79
May 9254 Aug
Iowa Pub Sere bei_ _ _1967 61
61
6134 5,000 6011 Apr 834 July
lure° Hydro Eleo 75.1952 7811 77
21,000 71
80
Apr 864 Feb
Isotta Franshini 78 _1942
83
864 36,000 63
Jan 884 Nov
Italian Superpower of Del
Dabs 69 without war '63 67
684 66.000 374 Apr 72
67
Aug
Jersey CI'& L 58 B.-1947 7914 77
8134 54,000 77
Nov 10151 Jan
434s series C
1961
73
7051 75
61.000 704 Nov 9634 Jan
Jones & Laughlin 5s__1939
10254 104
11,000 101
Apr 104
Oct
Kansas Gas & El 68 A_2022
64
6731 6.000 64
Nov 8554 Jan
Kansas Power & Light
5. series B
1557
1,000 71
73
73
Mae 904 Aug
68 series A
3,000 83
84
1555
85
Apr 954 June
Kentucky [Anima Lo___
let M 58
50
1981
52
16,000 50
Nov 774 June
645 series D
56
61
10,000 55
1948 61
Nov 93
Feb
54e serial F
51
5454 9,000 51
1955
Nov 82
June
55 series I
10,000 49
49
1969 49
51
Nov 80
July
Kimberly-Clark 55_ _ _1943
8754 884 2,000 72
Apr 92
Oct
Koppers (1 & C deb 58 1947 76
724 77
46,000 70
Apr 84
Aug
Sink fund deb 548_1950 84
79
84 118,000 72
Mar 874 July
Kresge(88) Co 5s___1945 92
92
2,000 77
92
Apr 96
Jan
(iertlfleates of deposit_ ._ ______ 89
90
9,000 664 Mar 93
July
Laclede Use 51is
1935
55
57
Mar 804 July
10,000 47
Larutan Gas 634s....1935
92
92
1,000 58
Jan 96
Aug
Lenten Pow Seoul' 68_2026 634 62% 65% 94,000 68
Apr 884 Jan
Leonard Tlets 7 4s__1946
32
32
3,000 25 June 6834 Jan
Lexington Util 5s
1952 55
57
8,000 55
55
Nov 74
July
Libby MoN & Libby 55 '42 59
5751 604 46,000 464 Mar 77
June
Long Island Lta 65_1945 7155 70
72
10,000 70
Nov 100
Jan
Los Angeles Gas es Eleo58
874 914 49,000 874 Nov um% Jan
1961 90
58
101
1939 101
101
2,000 10014 Mar 1064 Jan
5548 series E
974 974
1,000 96
1947
Nov 10414 Feb
545 series I
96
1949
98% 16,000 96
Nev 10634 Jan
Louisiana Pow & Lt 55 1957 64
63
67
Nov 944 Jan
85,000 63
Louisville G & El 445.1961
5.000 80
80
80
Nov 102
Feb
6s
93
93
1937
Nov 10211 Jan
4.000 93
Manitoba Power 6 340_1951 34
314 344 46,000 20
AIR 53
July
Mansfield Mtn & Smelt
Without warrants
624 604 6251
7,000 474 Apr 62% Nov
75 with warrants _._1941 6251 60
6251 6,000 47
Apr 61
Nov
Maas Gas Co
Sink fund deb 56-1955
70
7314 47,000 70
Nov 9414 Jan
1948 82
80
8254 30,000 75
Apr 95
54s
Jan
Melbourne El Sup 7545 '46
100 101
6,000 92
Jan 1024 Nov
Metropolitan Edison
45 series E
65
65
1,000 65
1971
Nov 86
Jan
58 aeries F _ ___ _1962
75
77
5,000 75
Nov 974 Feb
Middle StatesPetro184s'45
5051 524 3,000 274 Mar 60
July
Middle west Utilities
55 ctts of deli
44 5
1932
2,000
311 Mar 18
July
Is atts of deposit_
411 5% 25.000
1933
34 Mar 18
July
5
54 5,000
58 Ws of deposit___1934
34 Mar 18
July
59 ctfs of deposit_ __1935
44
4% 554 4,000
4% Mar 18
July
Milwaukee Gas Lt 44s '67
95
95
1,000 91
Apr 102% Aug
70
714 25,000 70
Minimal) Gan Lt 445_1956 70
Nov 90
Jan
Minn Gen Elea 5s____1934 10054 10014 1014 17,000 100
Mar 10334 Feb
Minn P dr L 58
604 6034
1955
1,000 604 Nov 87
Jan
1st & ref 44s
56
56
1978
1,000 56
Nov 81
Jan
Mississippi Pow 55___195b
4211 364 424 12,000 354 Nov 734 Jan
Mies Pow dr Lt 5..,.l957 45
46
40
19,000 40
Nay 83
Jan
Miss River Pow 1, 58 1951 101
,t
100 1014 24.000 98
May 105% Jan
Missouri Public Sera 55 '47 3754 354 374 12,000 33
Nov 65
Jan
Monongahela West Penn
Pub Serv 54s ser 11_1953
59
594 14,000 48
Apr 76
Jan
Mon-Dakota Pow 6.345 '34 40
40
434 3,000 27
Apr 50 June
Montreal L H & P Con
It & ref 68 ser A....1961 104
104 106 267,000 84
Feb 110
Nov
re series B
1970 10451 10351 105
31,000 82
Feb 109
Nov
Munson SS Line 645_1937
With warrants
12
114 13
60,000
8
Feb
31
.1101'
Narragansett Elea 6a A '67 9334 9134 9454 59,000 914 Nov 104
Aug
5s series B
1957 94
9311 9411 16,000 9314 Nov e10334 Aug
Nat Pow & Lt 65 A....2026 594 58
604 35,000 50
Jan
Mar 85
Deb lis series B
2030 494 494 51
48.000 41
Jan
Mar 74
Nat Public Service be 1978
Certificates of deposit__
84
84 9
32,000
74 Oct 2314 Jan
National Tea 55
97
1935
9711 9,000 834 Jan 9834 July
Nebraska Power 445_1961 83
83
87
18,000 83
Nov 1024 July
Gs
784 784 1,000 784 Nov 984 Jan
2022
Neisner Bros Realty 68_'48
3934 394 2,000 17
July
Apr 50
Nevada-Calif Elea 55_1956 564 54
59
54,000 474 Apr 7651 July
NE Gas ik El Assn 58.1947 35
3454 36
98,000 34
Nov 594 June
Cons deb 58
3451 364 24,000 334 Nov 60
1948 35
Jan
1950 354 344 38
Cone deb be
55,000 33% Nov 694 Jan
New Eng Pow Assn 55.1948 53
50
53
41,000 3541 Mar 684 June
Debenture 546__ ..1954 55
52
55
56,000 40
Mar 724 June
New Ori Pub Sera 4%s '36 37
36
404 32,000 36
Jan
Nov 65
fts sealer; A
1949 28
28
2951 6,000 254 Apr 494 Jan
N Y dr Foreign Investing
546 with wan'
55
1948 55
55
18,000 55
Nov 784 Mar
N Y Penns & Ohio 434s'35 914 90
914 41.000 88
Apr 994 Sept
NY P&L Corp 1st 445'87 7554 744 7751 169,000 74
Jan
Nov 99
NY State 0 & E 445_1980 6034 604 63
66,000 6051 Nov 9154 Jan
80
1962
534s
85
5,000 80
Jan
Apr 105
NY & Y. egitcb'r Luz 46 2004 8214 8214 85
41,000 81
Nov 974 Jan
Niagara Falls Pow 66_1950 10534 105 1054 10,000 (0134 Mar 10854 Jan
Os series A
100 100
1959 100
5,000 9634 May 106
Jan
Nippon Elea l'ow 6 45 1953 654 654 7011 39,000 354 Feb 704 Nov
No American Lt & Pow
5% note5
1934
1,000 864 Apr 100% Sept
10034 10051
5% notes
95
1935 55
9534 33,000 74
Apr 96
Aug
.5% serial votes...-1936 8454 8434 8534 12,000 68
May 9251 Sept
4346 series A
1955 294 28
304 83,000 2)34 Apr4751 July
Nor Cone Util 554s
20
1948
20
1.000 20
Nov 43
July
Noth'n Ind G & E 6s 1952
72
80
7,000 72
Nov 10251 Feb
Northern Indiana P S1966 56
5411 56
5s series C
18,000 544 Nov 90% Feb
1969 55
ros serial D
535i 56
24,000 534 Nov 91
Feb
50
52
1970 51
26,000 50
51is series E
Nov854 Jan
7434 7454
No Ohio 1' & L 534s_ _1951 7454
1,000 744 Nov 1033.4 Jan
75
Nor Ohio Trips & Lt Se '56
75
1,000 75
Null 1004 Jan
No States Pr 54% notes'40 734 7311 74
12,000 70
Mar 96
July
Refunding 434s. .... 1961
76
7551 79
62,000 734 Nov 9711 Jan
N'western Elect 68.. _1935 6634 654 663.4 26,000 63
Nov 93
Jan
12
12
N'western l'ow 6s A __1960
5,000
834 OCt 18 June
Certificates of deposit_ _ _ _____
10
10
5,000
834 Sept16% July
N'western Pub Serv est 1057 49
4754 514 12,000 4714 Nov7634 July
80
81
81
Ogden Gas 58
1945
10,000 80
Nov1014 Feb
Ohio Edison list 56_ _ -1960 6834 65
604 59,000 65
Nov 98
Jan
Ohio Power 1st 56 B 1952 894 88
92% 22,000 88
Nov10431 Jan
let & ref 434s ser D 1966 854 844 8614 43,000 81
Apr9934 Jan
Ohio Public Service Ca
73
1953
73
1,000 73
6s series C
Nov951-4 Jan
1st & ref 65 sec D...1954 694 6934 704 10,000 64
Mar 894 Jan
1961
69
72
11,000 69
55i8 series E
Nov90
Jan
Okla Gas & Eleo 58___1950 69
6854 744 46,000 6814 Nov 914 Jan
16,000 63
fis aeries A
6754 69
1940 69
Ma
634 July
Okla I'ower & Water 56 '48 41
41
454 7,000 35
Mar 03
July
Oswego Falls fie
51
1941
52
9,000 36
Ayr 54134 Jto,,
67
Pacific Coast Pow 58_1940 67
12,000 65
65
Nov 93
Feb
Pacific 0115 & El Cu
lst flatteries B
1941 1034 102 104
Mar 1124 Jan
68,000 101
1st & ref 56 ser C
1952 98% 9654 9854 46,000 953-4 Nov 10654 Jan
55 series D
1955 9531 94
9531 31,000 93
Nov wag Jan
1st & ref 445 E
1957 87
84
87
38,000 824 Nov1014 Jan
1st & ref 4148 F..1960 861i 5)334 87
47.000 82% Nov 101% Jan
Bonds (Continued)-
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
$
Price. Low. High.
69
71
1948 71
Pac Investing 58
103 103
Pacific Ltg & Pow 58_1942 103
1958 3731 3554 39
Pao Pow & Light be
Pacific Western 011614s'43
7431 7531
75
With warrants
Palmer Corn or La 68_1938 8834 883,4 8831
Park & TlIford es__._1936
Penn Cent L & P 4345 1977 6334 6034 6334
M.% 54
.
Penn Electric 48 F_ _ _1971 54
Penn Ohio Edison49
4934
1950
Deb es x-warr
43
Deb 5313 series ..1069 4211 41
7534 77
514e
Penn-Ohio P & L B- 1954
1986 9331 9331 96
Penn POwer 6s
70
70
Penn Pub Serv es 0...1041
65
65
1954
5s series D
8931
POLO a al&POW 4 yiell.1988 8931 89
10334 105
1940 105
58
Peoples OM Lt & Cote65
6631
1981 65
48 series B
'067 7431 72
75
fili .eries (1..
131 2
131
Peoples Lt & Pow 55.J979
Phi's Electric Co 54..1968
Phila Elec Pow 5145 1972
Phila Rapid Trans 6E4_1962
Phila Suburban Counties
Gas & Elec 4 Hs_ - __1957
Piedmont Hydro El(0tat & ref 6345 CIA-.1980
Piedmont .6 Nor 58...1054
Pittsburgh Coal es___ _1949
Pittsburgh Steel 6s..-1948
Pomeranta Elec 68._ _1053
1939
Poor & Co 65
Portland Gas & Coke 59'40
Potomac Edison 5s_E 1956
Potomac Flee Pow 6e_1938
l'ower CouSCan)4141311 '59
Power Corp of N Y1942
6118 aerie. A
Power Securities 68_-_1949
American series
Procter A Gamble 434e '47
1954
Prussian Elec 68
Pub Serv of N J pet ctfe.Pub Berv of Nor Illinois1956
let & ref 56
1st & ref 44e am E.1980
lat & ref 4315 ser F_1981
1937
6348 series 0
1952
65is series H
Pub Sery of 0klahoma1961
5.• series C
Pub Serv Sub 531e A_1949
Puget Sound P & L 5%6'49
let & ref 58 ear C.- _1950
let & ref 4348 sex 13.1950
Range Since Jan. 1.
Bonds (Concluded)-
High.
Low.
July
Apr 81
14,000 64
Nov 410831 Feb
5,000 102
July
72,000 3531 Nov 73
81
July
9434 Aug
74
Nov
8034 Feb
7431 Jan
58,000
4,000
1,000
42,000
33,000
5734
,
7934
42
5834
5134
Apr
Apr
Apr
Nov
Apr
8,000
29,000
11,000
13,000
2.000
1,000
23,000
31,000
4854
4034
7534
9334
70
65
89
9931
Nov 82
Nov 75%
Nov 10331
Nov104
Nov 100
Nov 9534
Nov101
Apr 10831
24,000
94,000
10,000
Nov9331 Jan
64
Nov 10634 Jan
71
834 May
431 Apr
Jan
Jan
Feb
Feb
Jan
Sept
Jan
Aug
10634 101331 10634 6,000 10234 Mar 11054 Jan
Feb
Nov 108
101
100 10234 97,000 100
4,000 4331 May 6034 Jan
4934 51
99
75
7134
70
89
80
40
3734
80
85
7731 7334
10134 101
59
61
70
99
7554
70
89
80
40
80
8854
80
102
63
7034
1,000
9534 May 10
431
49,000 65
1,000 6031
7,000 82
1,000 6334
12,000 28
3.000 41
12
4,000 3
20,000 7331
18,000 101
45,000 28
3,000
655-4
59
81
40
3834
3754
6531
5/31
34
78
7034
r67
51
3854
3631
3334
70
62
61
8254
77
Jan 8034
Apr 83%
Apr 9534
Feb 82
May 5934
Apr 92
May 100
Nov 9154
Nov 10634
Apr 64
Nov
70
1,000 4154
4154 4131 4134
10531 10531 10534 48,000 9834
42
46
20,000 3634
46
23,000 102
10211 102 103
1,000
r67
5134 3,000
4054 123,000
3834 22,000
3731 71,000
Jan
9934 Feb
July
Oct
Jan
Jan
Nov 10034 Jan
Nov 9134 Jan
Jan
Nov 93
Nov 10734 Jan
Feb
Nov 100
5231
42
3734
8631
3354
Apr
Apr
Nov
Nov
Nov
78
Aug
8034 Jan
6714 Jan
Jan
66
Jan
138
71
Apr
98
July
Feb 68
Apr 2454
Apr 2434
Nov 48
Mar 10834
Sept67
May 604
APr 102
Oct1634
May 107
June
June
June
Jan
Feb
Jan
Jan
Jan
Jan
Jan
z65
May 8454
9831 Nov 106
9754 Mar 105
Apr 1731
7
5534 Apr 74
25% Nov54
Apr 8054
49
Apr 8031
50
mar 87
57
4834 Mar 81
AM 92
65
Feb 48
23
July
Jan
Jan
July
Oct
July
July
July
July
July
Sept
July
55
14
13
2231
100
32
2214
90
b
923-1
4134 4234 9,000 4154
Sou Carolina Pow 58..1957
Southeast P & L es...202c
4634 43
Without warrants_..
47% 123,000 43
92
78,000 92
95
Sou Calif Edition Se...1951 95
Refunding 5s. _.. 1952 9454 93
9534 27,000 93
Refunding 5s June 1 1954 95
44,000 9034
9054 95
1939
10156 10256 30,000 100
Oen & ref 5s
33,000 7831
8036 82
Sou Calif Gas Co 4368.1961 82
1957 89
8734 9154 13,000 80
1st ref be
85
87% 12,000 72
Sou Celli Gas Corp ba. um: 85
8031 8011 10,000 75
Sou Counties Gas 4348-'68 81
95
96
-1935
4,000 9154
Southern Gas
9631 101
6340-40,000 9631
Indiana 0& El 656.57 100
Sou
50
50
2,000 34
Sou Indiana Ry 48____1951
Southern Natural Gaa 8644
58
58
1,000 3934
Stamped
5454 56
56
25,000 39
Unstamped
40
41
4,000 35
S'weetern Assoc Tel 58 1961 41
Soutbweet(I & E 54 A_ 1957 6531 6534 6734 5,000 co
1957
65
66
4,000 62
bs series B
8,000 4
4934 50
954
Sou'west Lt & Pow 68-1967
15,000 28
3534 38
Sou'weet Nat Gas es-.1945 36
40
44,000 32
So•West Pow & Lt 68-2022 3831 37
55
5854 3,000 55
1945 65
So'Weet Pub Serv es A
89
8,000 6931
89
Staley (A E) Mfg es....1942
49
51
61,000 35
Stand Gas & Elec 613-1936 52
5634 41,000 85
1935 5234 49
Cony es
3134 3534 58,000 2834
1951 35
Debenture 86
3035 3435 42,000 2834
Debenture es.Dee I 1966 34
investingStandard
7,000 63
6631 70
1939 70
5),:s
3134 73,000 264
Stand Pow & Lt(ie. - _1957 3134 29
5,000 10
1634 17
Stand Telephone 5548_1943
Stinnes (Hugo) Corp.44
16,000 3054
7e without wait Oct 1'86 43% 42
7. without ware--.1946 4154 3931 4131 43,000 29
1939 10131 10031 10131 16,000 994
Sun On deb 6315
10031 100 1 11,000 99
1934
5% notes
101 10134 9,000 9634
19451 101
Sun Pine Line 5s
Super Power of Ill 4448-'
68 6334 6334 6534 20,000 59
18,000 60
62
60
1970 60
let 4118
2,000 70
70
71
1961 70
let Os
10134 10236 33,000 poi
Swift.4 Co 1st m 8158_1944 102
1940 9554 9431 9556 14,000 57
5% notes
1,000 101
10354 1033.4
Syracuse Ltg 53-4s
1954
24,000 48
52
48
Tennessee Elect Pow 581956 52
6134 6154 3,000 6134
Tennessee Pub Serv 58 1970
20.000 69
76
73
Terni Hydro Elec 6%s 1953 74
63
66 104,000 83
Texas Lem Service 138_1960 64
Texas Use UM es__ -_1946 1734 1731 1834 11,000 1144
47,000 65
68
Texas Power & Lt 6e--19613 6634 65
9154 12,000 87
87
1937 87
be
21,000 55
55
62
2022
es A
3,000 2634
49
51
Thermoid Cow w 68_1934
6,000 444
51
53
Tide Water Power 58..1979
Nov
7334 July
8234
10631
10556
10531
108
95
993-4
93
93
10054
10654
64
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sept
Sept
Aug
Jan
July
Apr 7234
Apr 75
Mar 59
Apr4234
Apr 82
Nov7831
Mar 43
Apr 6854
Oct 7154
July
July
July
Jan
Jan
Aug
May
July
July
Mar
Mar
Apr
Apr
AM
95
77
77
82
6044
Sept
July
July
June
July
Apr
Apr
Apr
79
Aug
June
69
3231 Jan
Nov
Nov
Nov
Nov
Nov
Nov
May
may
May
Jan
Nov
Apr
July 65
July 5974
Apr 10434
Feb 102
June 1023,4
May 84
Apr 334
Nov 9354
Apr 10554
Mar 10034
Apr 410831
Nov 9531
Nov 94
Jan 86
Nov 90
Feb 33
Nov 92
Nov 104
Nov 82%
Apr 6731
Apr 09
Sales
Frktay
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
$.
Jan
Jan
Sent
Aug
Oct
Jan
Jan
Jan
July
July
Feb
Jan
Jan
Oct
Jan
Aug
Jan
Jan
Jan
July
J ai
,
8134 63,000
79
20
2231 74,000
3331 34
10,000
Range Since Jan. 1.
Low.
High.
9934 Jars
3434 May
43
Jul;
79
19
16
Nov
Sept
Jan
13,000
3,000
3,000
50,000
41,000
17,000
34,000
49,000
75,000
45,000
119,000
20,000
11,000
5734
97
9231
96
96
87
35
8614
2634
2634
31
55
25
Apr
Apr
Apr
AP.
Mar
July
May
May
Nov
Nov
Nov
Nov
Nov
994
106
106
103
103
84
68
68
60
65
61
8334
55
Sept
Feb
Jan
Feb
Jen
Nov
Jan
Jan
June
July
July
July
June
9831
77
70
65
r6534
63
55
45
9554
19,000
99
8334 58,000
7,000
70
65
1,000
r6531 2,000
63
1,000
12,000
56
7,000
4634
5,000
9536
5031
2934
27
25
27
27
53
45
92
Apr 99
Feb 90
Feb 81
Apr 8034
Feb 8056
Feb 83
May 70
Apr 6734
Feb10234
Aug
July
July
July
July
July
June
July
Jan
89
Va Elea & Power 5e......1956
52
Va Public dery 6,4. A 1948 53
lat ref Meer B
1950 4834 45
es
1946 4731 4734
Waldorf-Astoria Corn1234
78 with warrants_1954
Ctfs of deposit
754
854
96
Ward B..king 6s
1937
Wash Gas Light be...1930 7754 76
84
Wash Ry & Elec 48_1951
7531
Waab Water Power be_ 1960 77
4634
West Penn Else 55____2030 49
9034
West Penn Pow 4s_ __1961
West Texas Utll be A-1967 4454 42
Western Newspaper Union
es
25
1944 25
Western United Use & Elea
let 514a ear A. _ .1956 70
6834
Westvaco Chlor Pro
-5348'37 102.31 10231
89
6,000
5634 26,000
4931 27,000
4835 6,000
59
49
45
43
Jan
May 101
Jan
Nov77
Nov7134 Jan
Apr 71
July
231
231
9
034
76
8234
75
443
4
9054
3634
Feb 13
Oct
May
Feb 10
Ain 9734 Aug
Nov 9434 Feb
May 91
Jan
Nov %rig Jan
June
May 71
Jan
Nov 101
July
Apr 87
Toledo Edison 5e
1982 8131
Twin City Etao Tr 614e '62 2034
1944
Ulen Co den fle
Union Else Lt & Power
1967 92
. .
He
1954
58 series A
1967
be series 43
U0 Uull Corp fie_July 1'50 9831
United Elec(NJ)45-1949 9631
United Elm eery 74_1966 78
United industrial 6118 1941 5731
1945 5731
iii 6s.United Lt & Pow es.--1976 2831
1974 29
deb g 634e
tin Lt & Ry 6314
1952 3231
1952 56
es series A
es series A
1973 25
0 ti Rubber635% serial notes_1934
654% serial notes-1935 8354
654% serial notes_ _ _ 1936 70
634% serlal notes 1937 65
6 '.1, 'A ...nal notes 19.38 r6534
631% serial notes
1939
Utah Pow & Lc 4518_1944
Deb 6s series A____2022 45
Utica Gas & Elec 5s E 1952
Nov
July
July
July
Jan
July
Jan
Aug
Feb
July
Nov67
MAY 106
Sept70
Nov119
25,000 6534
22,000 5731
60,0005634
132,000 78
9,000 7031
Quebec Power be. - ..19431i 9131 9134 9234 33,000
Reliance Management4,000
5531 be
5s with warrants_ _1954 56
1,000
18
1945
18
Republic Gas 6s
9.000
17
18
Certificates of deposit-, 17
2734 44,000
Rochester Cent Pow be '53 2656 24
Rochester By & Lt 58_1954 10034 100 10031 10,000
5034 111,000
Ruhr Gas Corp 1331e.. 1963 5034 48
Ruhr Housing 634s.- -1958 3234 2634 3231 160,000
91
'
9334 35,000
Sate Harbor Wat Pr 444 19 91
St Louis Gas & Coke 6.47
554
534 554 17.000
1,00
1952 93
93
93
San Joaquin es
San Antonio Public Service
6534 11,000
65
1958
bs series])
6,000
9831 99
San D Consol G&E 53060
7,000
101 103
1955
Sauda Falls &•
831 831 2,000
Schulte Real Estate es 1935
7034 16,000
Scripp(E W)Co 5%8.1943 7031 70
25% 2635 19,000
..1949 26
Beattie Lighting 5e.
Shawinigan W & P 4%8'67 76
75
7754 139,000
7
19418
38,000
43113 series B
75% 78
1970 853-4 8331 8654 48.000
let 58 series0
1970 76
75% 7735 137.000
let 4345 series D
Sheffield Steel 5544._ 1948 7734 7731 7934 5,000
Sheridan Wyo Coal 6. 1947
393( 4031 9,000
3829
Financial ChIonicle
Volume 137
92
93
99 100
93
95
9831 9934
9631 10054
77
7831
5431 59
5334 5731
2634 29
2631 30
3134 3331
54
5534
25
3034
1334
834
96
7734
84
77
49
92
4435
2731
6,000
15,000
6,000
44,000
1,000
16,000
16,000
4,000
58,000
8,000 422
11,000 e4
70
10235 4,000 101
Wheeling Elec 58
1941 10034 100 1003,4 11,000
Wise Elea Pow ba
12,000
-1964
97
97
Ms Minn Lt & Pr 5s_1944
66
6931 9,000
A_6,000
Wlso Pow & IA be F___1958 51
51
56
Wise Public &my 6s..1952
5,000
80
80
Yadkin River Pow 58_1941
7 34 7335 4,000
3
1,000
77
77
York Railways Se_ _._1937
Foreign Government
And Municipalities
Agri° Mtge Bk (Colombia)
-year 78
20
1946
Baden exti 75
1951
Buenos Aires (Proy)External 730
1947
7348 etamped____1947
External 78
1952,
7 stamped
1962
Cauca Valley?.
1948
Cent 13k of German State &
Prov Banks 0. B_-_1961
65 series A
1952
Dfuilsh bs
1953
5318
1955
Danzig Port & Waterways25
-year 6318
1952
German Cons Munn,74-'47
Secured lie
1947
Hanover (City) 75-1939
Hanover(Prole)6314-11949
Indus Mtge Bk (Flniand)let Mtge 0011e f 7.--1944
Lima (City) Peru 634.1958
Certifieates of deposit--
99
97
66
61
8
0
7231
77
Feb
36
June
Apr 894
Mar 10334
Feb
Jan
May 1043.4
Mar 103
Nov91
Nov89%
Oct 97
Oct 9054
Nov 92
Jan
Jan
Feb
Jan
Jan
Aug
Jan
1734 Apr
Sept
21
41
July
5734 Jan
23
22
30
8,000
23
3034 19,000
33
30
30
32
3231
30
2931
831
32
33
30
30
834
52
34
52
55
3334 36
25,000
38 000
.
8634 May
66
22
Sept
65
65
7034 73
1,000
11,000
67
57
Jan
55
j"
7434 Sept
7831 Nov
46
3754
34
531
4531
35
30
363.4
3831
1,000 2534 Jan
Nov
7,000 30
Mar
1,000 19
8,000 42931 May
7
Mal
2,000
Jan
6,000 3634. Oct
46
38 103,000 2854 June
34% 136,000 29
6411.
)
,
3834 3 000 23431 &civ
May
4031 14,000 28
85
8554 10.000
000
,5
534 2,
534 6
3,000
Medellin Municipal 7s 1951
1131 13
Mendoza 711s
1951 28
28
3134
29
29
756s stamped
1951
Parana 78
854 9
1958
Rio de Janeiro 6318......1969 1231 1134 13
RU8S11113 ClOrt
3
1919
434
63413
3
231 334
231
056s oertificates.-1919
631a
2% 434
1921
254
5%a certificates--- 1921
231 334
3
Saar Basin 78
1935 10531 10511 10531
Saarbruecken 7s
10334 10354
1935
Santa Fe 78
1945 1331 1331 1331
Santiago 78
5% 554
1949
7s
534 554
1961
13,000
8,000
1,000
0,000
15,000
59
4
3
Mat
Feb
May
1034 Mar
Nov
17
oct
25
Jan
5
7 '
"
I
44
4334
41
4534
1934
July
July
July
July
July
Jan
54 .Jan
0256 da•
0134 442
Mat
61
6434 Jan
924 Jull
11
July
r10
July
23
393.4
3534
1654
2234
July
July
Oct
July
July
Apr
831 July
2
34,000
73j July
13 Ma
170,000
634 July
Mar
2
90,000
7% July
4 Aix
11
99,000
9,000 9431 Nov 10554 Nov
1,000 103.11 Jan 10331 Nov
May
Apr 26
1,000 13
Mar 1334 June
4
6,000
1254 June
434 Jan
1,000
* No par value. a Deferred del very. c o d Certificates of deposit. cons Consolidated. own Cumulative. cony Convertible. e See note below. m Mengage •Sold under the rule. n-v Non-voting stock
r Sold tor 00101
'ft 0 Voting
x ha-ctiviciend.
trust certificates.
w w With warrant..
WI When Issued.
2 W WitImm
"
flan"'
z Bee alphabetical list below for "Deferred delivery" sales affecting the range
for the year:
American Manufacturing. Pref., Feb. 7,30 at 4334
Arkt Eau Natural Use. nom. class A. March If,. 441n at 14
.Assotsated Gas dr Elec 4318 1948 tees. May 22, $1,000 at 12; May 27. $2,000 at 16.
Buenos Aires 75 stamped 1952 Oct. 20, $1,000 at 29.
Cities service. own.. April 13 1001 134
Gen. Bronze Corp. Rs. 1940' low. Alm. 10, $7.000 at 43.
Hanover (City) 78 1939, Oct. 30, 37,000 at 3154.
lndlana Electric Si. series C. 1951, Feb. 1. 37.000 at 80.
international Petroleum. Feb. 2. 200 at 834.
Jersey Central Pow & Light 534% pref.,May 29, 25 at 8.
Letcourt Realty Corp., pref Apri 4. 100 at 25-4
Niagara-Eludson Power class n option warrants March 21, 100 at 131.
Pacific Ltg & Pow 58 1942, Oct. 30, $2,000 at 110.
Peoples Light & Power 58, 1979, April 18, 32,000 at H.
San Antonio Public Service Is. 1958. May 3. 31.000 at (14
Syracuse Lighting 531e, 1954. Feb. 1, SLOW at 109%.
union American investment 58w W. 1948. April 12. $1,000 at 72.
valvollne (MI 7s. 1937. July 10. 61.000 at 6031.
Western Newspaper Union es, 1944. March 16. $1,000 at 21
'
e See alphabetical Ilst below for "Under the rule" sales affecting the range for
.
%be year
Agriculture Mtge Bk 78 1947 with coupon, Nov. 9, $1,000 at 2731.
Associated Telepnone .1.60 preferred, Feb. 9. 100 at is%
American Community Power 634e, 1953. June 16. $1,000 at 10.
Chicago District Electric 531e. 1935, Feb. 2, 17.000 at 9614.
Cleveland Electric Illuminating be 1939, June 1, 31.000 at 10754.
BYgrade Food Products 6s, series B, 1949, July 25, $1.000 at 6231.
Narragansett Electric 5s. series 13. 1957, Jan. 17. $1,000 as 104
New York & Westcheeter Ltg 58 1954. Mar. 27, $5,000 at 11-1035
Singer Mfg. Co. Am. dep. rots.. July 6. 12 at 311.
Tennessee Puolic service M. 1970. Jan. 13 11.000 at 954.
United States Rubber 68. 1933. May 19, 88.000 at 10014.
3830
Financial Chronicle
Nov. 25 1933
Quotations for Unlisted Securities-Friday Nov. 24
Port of New York Authority Bonds.
Bed
Public Utility Bonds.
Alt
Bid
Ask
Arthur Kill Bridges 4348
series A 1934-46
M&S
Bayonne Bridge 45 series C
J&J 3
1938-53
70
80
Inland Terminal 434s ser 13
Geo. Washington Bridge
M&S
1938-60
48 series B 1936-50J&D 95.75 5.25 Holland Tunnel 4)48 series E
4348 ser B 1939-53__M&N 65.75 5.25
M&S
1934-60
82
70
65
75
87
92
U S. Insular Ronda.
Philippine Government
4a 1934
45 1946
434s Oct 1959
431s July 1952
Is April 1955
58 Feb 1952
348 Aug 1941
Hawaii 4348 Oct 1958
B14 1 Ask
97 100
90 94
93
97
97
93
95 100
95 100
101 104
99 102
Honolulu 58
138 Panama as June 1 1961_
28 Aug 1 1938
2s Nov 1 1938
Govt of Puerto Rico
434s July 1958
5s July 1948
Bid Ask
98 103
10212 10312
9912 10018
9912 10018
102
103
98
99
Federal Land Bank Bonds.
4s 1957 optional 1937.M&N
48 1958 optional 1938_M&N
43.5a 1958 opt 1938____J&J
43.01 1957 opt 1937____J&J
435s 1958 opt 1938___M&N
Is 1941 optional 1931_M&N
434a 1933 opt 1932.....J&D
Bid Ask
77
78,2
7812
77
7912
78
78
7912
78
7912
8912 91
997g 10018
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 1933____J&J
1954 opt 1934__J&J
Bid
8212
8212
7912
7912
7912
8212
8212
Ask
84
84
81
81
81
84
84
Bid
4346
434s
434a
4348
4345
431a
4348
Ask
New York State Bonds.
Bid Ask
Canal & Highway
Is Jan & Mar 1933 to 1935 03.25
Is Jan & Mar 1936 to 1945 03.50
55 Jan & Mar 1946 to 1971 64.00
Highway Imp 4345 Sept '83 109
Canal Imp 432s Jan 1964. _ 109
Can & Imp High 431s 1966_ 106
World War Bonus
43.(s April 1933 to 1939_ _
4355 April 1940 to 1949__
Institution Building
11 Sept 1933 to 1940
4s Sept 1941 to 1976
Highway Improvement
43 Mar & Sept 1958 to '67
/
Canal Imp 45J & 360 to'67
Barge C T 4s Jan 1942 to'46
03.30
03.95
03.35
03.85
102
102
101
New York City Bonds.
Bid
Bid
Ask
a3s May 1935
79
9012 92 a43.is June 1974
4133419 May 1954
75 a43ka Feb 15 1978
79
72
a3348 Nov 1954
75 ii43is Jan 1977
79
72
a4s Nov 1955 & 1956
76 a43(a Nov 15 1978
74
79
a4a M & N 1957 to 1959.... 7612 78 a448 March 1981
79
a4a May 1977
81
7512 77 a434s M & N 1957
a4a Oct 1980
81
7512 77 a4348 July 1967
c4318 Feb 161933 to 1940
7.00 (LW a434s Dec 15 1974
81
a4)48 March 1960
7912 81 a4 Ha Dec 1 1979
81
a435a Sept 1980
7912 81
a431s March 1982 & 1964_
9512
7012 81 388 Jan 25 1935
a41.2s April 1966
79
80 /Os Jan 25 1936
9512
79
043.48 April 15 1972
80 a& Jan 25 1937
9512
a Interchangeable. 0 Basis. e Registered coupon (serial). dCoupon.
Ask
80
80
80
80
80
82
82
82
82
9612
9612
9612
New York Bank Stocks.
Ask
Par Bid
Bank of Manhattan Co__1
22 4 21 4
, ,
Bank of Yorktown
100 20
30
Bensonburst Nati
100 27
35
Chase
20 1912 21
Citizens Bank of Bklyn..100
95
20 - -14 2314
City (National)
2.1 Comm'l Nat Bank & Tr_100 106 116
Lafayette National
Nat Bronx Bank
National Exchange
Nat Safety Bank & Tr_
Par Bid Ask
25
512
50 23
2812
25 3212 36
25
8
4
Penn Exchange
Peoples National
Public Nat Bk & Tr
25
100
25
Fifth Avenue
100 935 985
Firkt National of NY.. _10 1020 1070 Sterling Nat Bank & Tr__25
Flatbush National
Textile Bank
100 35
Fort Greene
100 10
20 Trade Bank
100
Grace National Bank
Washington Nat Bank 100
100
Kingsboro Nat 13ank.._ _100
Yorkville(Nat Bank of) i00
8
5
80
2112 2312
13
16
20
25
30
40
Trust Companies.
Ask
Par Bid
Bence Comm Italians__ 100 142
Bank of New York & Tr_100 294 304 20 10
Bank of Sicily Trust
12
10 48 4 50 4
Bankers_
, ,
20
Bronx County
7
10
Brooklyn
100 80 85
20 109 113
Central Hanover
Chemical Bank & Tru8t 10 2914 3114
50 40
Clinton Trust
50
Colonial Trust
13
100 10
Continental Bk & Tr
8
,
10 107 12 8
Corn Exch Bk & Trust_20 45 4 47 1
,
,
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
Par Bid
Ask
20 16
1712
100 220 250
100 233 238
8
10 147 163
8
100 1850 1950
25 3114 3314
Manufacturers
20
New York
25
Title Guarantee & Truat_20
Underwriters Trust
United States
14 4 1614
,
82
79
107 12%
8
100 50
100 1520
60
1570
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par in Dollars.
100
Alabama & Vicksburg (Ill Cent)
Albany & Susquehanna (Delaware & Hudson) 100
100
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
50
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
100
Caro ClInchtleld & Ohio(L & N A CL)4%....._100
Common 5% stamped
100
Chi° Cleve eine & St Louis pref(NY cent)-MO
Cleveland & Pittsburgh (Pennsylvania)
60
Betterman stock
50
Delaware (Pennsylvania)
25
Georgia RR & Banking(L & N, A C L)
100
Lackawanna RR of NJ (Del Leek & Western)..100
Michigan Central (New York Cestral)
100
Morris & Essex (Del Lack & Western)
50
New York Lackawanna & Western(D L& W).100
Northern Central (Pennsylvania)
Old Colony (N Y N II & Hartford)
100
Oswego & Syracuse (Del Lack & Western)
60
Pittsburgh Bess & Lake Erie (U 8 Steel)
50
Preferred
50
Pittabirgh Fort Wayne &Chicago(Penn)
100
Preferred
100
Rensselaer & Saratoga (Delaware & Hudson)_100
St Louis Bridge 1st pref (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal(Penne)
100
Utica Chenango & Susquehanna (1) L & W)_ _100
Valley (Delaware Lackawanna & Western)
100
Vic.kaburg Shreveport & Pacific (III Cent)
100
Preferred_
100
Warren RR of N J (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
50
4 Last reported ozerket
• No par value.
6.00
11.00
6.00
2.00
8.75
8.50
3.00
4.00
5.00
6.00
3.50
2.00
2.00
10.00
4.00
50.00
3.876
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
6.00
5.00
5.00
5.00
3.50
3.00
Defaulted.
Bid.
70
163
75
26
112
135
44
60
66
70
60
35
32
135
59
600
56
73
71
84
55
27
55
115
135
97
105
52
105
195
72
75
58
58
38
62
Bid Ask
Amer 8 PS 514e 1948_M&N
363 40 4
4
,
Atlanta G L be 1947 __J&D 9712 --Central Gas & Elec1st lien eoll tr 5348'48J&D
30.4 35 4
,
let lien coll tr 85'48_M&S 3212 3712
Fed P 8 1st 65
25
e20
Federated Util 514s '67 M&S 2512 3012
Ill Wat tier 1st be 1952_J&J 7112 76
Iowa Bo Ufa 545 1950_J&J 4312 47
Keystone Telephone 534s '55 59 4 62
,
Louis Light let 50 1953_A&O 10012 105
Newp N & Ham Is '44.J&J 77
80
N Y Wat Ser Is 1951.ki&N 68
70
Ask.
74
168
82
30
115
---48
64
70
75
64
38
38
142
83
--6
77
74
88
60
31
60
125
140
102
110
55
110
200
77
-_63
63
43
56
f Ex coupon.
Norf & Portsmouth Tr 58'36
Oklahoma Gas 6s 1940_
__
Old Dom Pow 5e.May 1561
Parr Shoals P 54 1952_
&O
Pennsylvania Elec 58 1962...
Peoples L & P53481941 J&J
Public Serv of Colo 6s 1961..
Roanoke W W Is 1950_J&J
Sierra & San Fran 2d B 5849
United Wat Gas & E 68 1941
Virginia Power 58 1942
Western P S 5348 1960_ F&A
Bid det
9714 9912
6612 6912
44
47
57
6112
58 4 61
,
3212 35
70
72
60
64
69
75
79
98 16647
5012
Public Utility Stocks.
Par Bid Ask
Par
Arizona Power pref_.._..100
_ 10 Jersey Cent P & L $7 pt_ 100
Assoc Gas & El one pref_.•
-12 114 Kansas City Pub Serv coin_•
$6.60 preferred
Preferred
214
•
1
•
$7 preferred
•
214 Kansas Gas & El 7% 1/1 100
1
Atlantic City Elec $6 pref-• 84
Kings Co Ltg 7% pref ___I00
87
Bangor Hydro-El 7% pf_100 9912 102
Memphis Pr & Lt 7% pref_•
Birmingham Elec $7 pref_..
Metro Edison $7 pref B.__•
19
17
Broad River Pow pf____100 20
25
•
8% preferred sec C
Cent Ark Pub Serv pref_100 31-- Mississippi P & L $6 pref_ _•
Cent Maine Pow 6% 01_100 58
621- Miss River Power pref100
2
$7 preferred
100 6812 72 Mo Public (dery pref....100
14
Cent Pub Serv Corp pre.L•
1
Mountain States Pr tom_ _.•
Columbus Ry, Pr & Lt
$7 preferred
109
1st 56 preferred
70Nasaau & Suffolk Ltg 01 11)0
.
100 64
$6.50 preferred B
Nebraska Power $7 pret_100
100 55
Consol Traction (N J) 100 1712 19
- - Newark Como] Gas____100
Consumers Pow 5% pref
49
52 New Jersey Pow & Lt $6 pf•
8% preferred
59 N Y & Queens E L & P pf100
100 57
8.60% preferred
100 63 8612 Northern States Pr $7 p1100
Dallas Pow & Lt 7% pre! 100 9412 96 Pacific Northwest P 81__•
Dayton Pr & Lt $6 pref_ 100 78
6% preferred
80
100
Derby Gas & Elec $7 Pre44
Prior preferred
100
.
Essex-Hudson Gas
Philadelphia Co $5 pref__50
100
Foreign Lt & Pow units__
___ Somerset Un Md Lt.._.. AGO
47
Gas & Elec of Bergen__ _100 93
___ South Jersey Gas& Elec_100
___ Tenn Elec Pow 6% pref _100
Hudson County Gas._ 100 144
Idaho Power 8% pref
United G & E(N J) pref 100
• 52
Wash Ry & Elec com___100
7% preferred__ ______ 100 61
15
Inland Pow & Lt pref.. 100
3
5% preferred
100
Western Power 7% pref_ 100
Jamaica Water Supply p1.50 1512 48
Bid Ask
(3012 6312
8
12
5
5 112
63
66
80 85
46
49
5812 70
47
51
17
18 4
,
66
70
512 912
312
-- _ _
5
312
41
46
80
82
9514 99
5612 6212
9912 105
49
52
112
712
1
5
312
2
32
37
70
78
140 145
29
32
30
34
265
85 88
72
75
Investment Trusts.
Par
Administered Fund
1 15
B41 1A
.31 5.613
Amer Business Shares
1.02 1.12
Amer Composite Tr Shares_
3:11 414
Amer dr Continental Corp._
412 512
Am Founders Corp 8% p150
12
8
9
13
7% preferred
50
Amer & General Sec el A__•
4
8
•
18 1
Class 13 com
• 35
$3 preferred
45
Amer Inauranstocks Corp..'
154 212
Assoc Standard 011 Shares_
518 555
638 634
Bancamertca-Blair Corp_
Bancshares, Ltd
Participating shares 50c 1.05 1.30
Basic Industry Shares
• 3.24
British Type Invest A_1
.45 .70
Bullock Fund Ltd
1118 121e
Canadian Inv Fund Ltd_ _
3.20 3.35
Central Nat Corp class A
2012 22
2
Class B
12
Century Trust Shared
4
• 143 16
Corporate Trust Shares..
2.21
Berke AA
2.11 ___
2.11 ___
Accumulative series
Series AA mod
2.29 2.36
Series ACC mod
2.29 2.36
Crum dr Foster Ins Shares
18
Common B
10 13
100 75....
7% Preferred
17
Crum dr Foster Ins corn_....• 14
86
8% preferred
.__
Cumulative Trust Shares.._• 4.02 .__
Par
Low Priced Shares
Major Shares Corp
Mass Investors Trust
•
Mutual Invest Trust
NaUonal Wide Securities Co
Voting trust certificates__
N Y Bank & Trust Shares__
No Amer Bond trust etre__
No Amer Trust Shares_1953
Series 1255
Series 1956
Northern Securities
100
Pacific Southern Invest pt..'
•
Class A
Clasen
Quarterly Inc Share,'
Representative Trust Shares
Royalties Management.... _
Bid
54
,
218
17.66
1.11
3.07
1.32
24
,
72
1.84
2.33
2,33
.45
1812
212
12
1.37
8.51
14
Ask
_
19.18
1.21
3.17
1.42
_
71:54
_
.55
22
5
1,
4
1.47
9.26
'
14
12
Second Internet Sec cl A__.•
112
is
1
Class B common
6% preferred
20
24
60
Selected Amer Shares Inc__
1.22 1.30
Selected American Shares__ 2.54
Selected Cumulative She__
Selected Income Shares...... 6..47 4.0
(i
3 65 675
Selected Man Trustees Egli.
514 5 4
,
Spencer Trust Fund
153 165s
4
Standard Amer Trust Shares 2.80 3.20
Standard Utilities Inc
.84 .69
• 62 94 8728
State Street Inv Corp
23
.
.
Super Corp of Am Tr Sits A
AA
2.09 --Deposited Bank She ser A.... 1.84 2.00
B
3.09 --2.70 3.00
Deposited Insur She A
BB
2.10 - -5.62
Diversified Tristee Sha B___
74
,
3.00 3.56
5.63
43
4 5 4 Supervised Shares
1.20 1.4i
,
Dividend Shares
1.18 1.20
34 34
,
3
Trust Fund Shares
21
26
2
5s 3 s
,
Equity Corp. cv. pf
Trust Shares of America......
2.70 3.05 Trustee Stand Investment C 2.10 2.45
Equity Trust Shares A
•z46.82 50.44
D
2. , 2.40
5 5 . ..
04 .
Fidelity Fund Inc
Five-year Fixed Tr Shares.... 4.02 ___ Trustee Standard 011 She A
• 8.53
1. 7 .
4 28 52.2.
6
Fixed Trust Shares A
• 7.14-.._ Trustee Amer Bank Ellis A-.74 .85
Fundamental Tr Shares A _ _
418 4
5s
Series B
Shares B
4Trusteed N Y Bank Shares_ 1.05 1.20
•
Fundamental Investors Inc. 2.03 27i5 20th Century orlg series__ 1.70
2.55 2:oF,
Series B
16
418 412 Two-year Trust Shares
1712
General Investors Trust __•
9
11
Guardian Invest pref w war
.15 .25 United Bank Trust
3,
8 418
Huron Holding Corp
United Fixed Shares ser Y
214 3
l 8 218
,
Incorporated Investors........' 17.35 18.81 United Insurance Trust__..
Independence Tr Shares __• 1.95 2.23 IT 5 & British International
Preferred
5
9
4
•
Indus & Power Secutity___• 1118 123
US Elec Lt & Pow Shares A
1014 10 4
Internet Security Corp(Am)
,
13
B
634% preferred
8
1.84 1.94
100
Voting trust otts
.68 .78
8
13
100
8% preferred
Investment Fund of N J.._•
12 1 12 Un NY Bank Trust C
318 37
8
413 51s Un Ins Tr She set F
Investment Trust of N Y..•
13
4
Telephone and Telegraph Stocks.
Par Bid
Amer Dist Teleg(NJ)com • 61
Cincin & Sub Bell Telep__50 6112
Cuban Telep 7% pref...... 100 18
Empire & Bay State Teu_100 37
Franklin Teleg $2.60...._100 30
Int Ocean Teleg 8%____100 63
• 90
Lincoln Tel & Tel 7%
Mount States Tel & Tel..100 103
,2
New York Mutual Tel __100 15
Ask
Par Bid
Ask
6512 New England Tel & Tel..100 90
92
6112 Northw Bell Tel pf 6)4%100 10514 107
25 Pas dr All Tales US 1%....25 1312 1612
Roth Telep $6.50 1st pt..101) 9114
So & All Tales $1.25....25
1412 17
(4 Tri States Tel & Tel 88___• 100
12
Preferred
10
74
,
106 Wisconsin Telep 7% pref100 10612 108
- .20
Sugar Stocks.
Fajardo Sugar
Haitian Corp Amer
s Ex-stock dividends
Ask
Par Bid
Savannah Sugar Ref
100 58
7% preferred
17
8
112
•
United Porto Rim
Preferred
s Ex-dividend.
Par Bid Ask
• 8612 9112
100 93 4 9814
,
•
14
•
84 1
3831
Financial Chronicle
Volume 137
Quotations for Unlisted Securities-Friday Nov. 24-Concluded
Aeronautical Stocks.
Chain Store Stocks.
Par Bid
• 1412
Bohack (H C) corn
100 7412
7% preferred
1
100
Butler(James)corn
314
100
Preferred
100 51
Diamond Shoe pref
Edison Bros Stores pref.100 60
Fan Farmer Candy 13h pf__• 2112
614
Fishman(MN)Stor__•
100 58
Preferred
100 16
pref
Kobacker Stores
10 10
Kress(S H)6% pref
100 50
Lerner Stores pref
,
100 100 4
Lord & Taylor
100 781
let preferred 6%
100 781
Sec preferred 8%
Ask
,
17 4
,
82 2
212
,
74
Ask
Par Bid
100 9012
Melville Shoe prof
14
Miller (I) & Sons pref_ _100
MockJuds&Voehringerpt 100 61
95
3
0
Murphy( C)8% pref _100 90
24
8
70
21
11
60
120
212
25
84
•
Nat Shirt Shops (Del)
100
Preferred
Newberry (J J) 7% prof..100
NY Merchandise let Pi-100
1
15
78
80
•
Piggly-Wiggly Corp
Reeves(Daniel) Pret----100
100
Schiff Co prof
Silver (Isaac) & Bros pf _100
100
U S Stores pref
Par Bid
Alexander Indus 8% p1.100
1
Aviation Sec Corp (N E)__•
•
Central Airport
Kinner Airplane A Mot_ _ I
412
95
7212
111
812. 1212
Industrial Stocks.
Par
Alpha Portl Cement pf100
•
American Arch $1
100
American Book $4
Amer Dry Ice Corp-- --II
Blies(E W)1st pref
10
2d prat B
Bohn Refrigerator 0_100
•
Bon Aml Co B com
Brunsw-Balke-Col pref__100
100
Burden Iron pref
Canadian Celanese corn_ •
100
Preferred
•
Carnation Co corn
100
Preferred $7
•
Chestnut &
Preferred Smithc°m- 10
Color Pictures Ins
Columbia Baking com____•
•
lit preferred
2d preferred
Congoleum-Nairn $7 pf 100
•
Crowell Pub Co
$7 preferred 41cora-if10
De Forest Phonofilra Corp•
Doehier Die Cast prof
$50 par
Preferred
Eiseman Magneto com__--•
100
Preferred
Flour Mills of America -•
Gen Fireproofing $7 pf _100
•
(Ireton az Knight corn
100
Preferred
Herring-Hall-Mary Safe 100
Howe Scale
100
100
Preferred
Industrial Accept com__•
100
Preferred
Locomotive Firebox Co___•
Mactadden Public'ne com_5
Ask
4
1114 133
60- 4012 44,2
4
53
3
4
123
212
8
163 25
35
30
4512 4612
2212
2112 23
,2
4
1013 106
17
14
94
2
_
41- 2 10
5
4
12
314
112 3
8
1047
1812 2112
84 89
12 114
2
24,
20
1012 13
4
61-- 2 1112
8
,
2 8 27
45
35
218 414
24
19
18
14
2
1
512 812
4
32
30
312 512
8 314
23
Bid
Par
Macfadden Publiens pi__ _•
100
Merck Corp $8 pre
National Licorice com_ _ _100
National Paper & Type 100
New Haven Clock preff. _100
New Jersey Worsted pf lee
•
Ohio Leather
100
Okonite Co $7 pref
•
Publication Corp corn
100
$7 lit preferred
•
Riverside Silk Mills
•
Rockwood & Co
100
Preferred
Rolls-Royce of America_ •
Preferred
100
Roxy Theatres units
Common
•
Preferred A
100
Ruberoid Co
•
Splitdorf Beth Elec
100
Standard Screw
Standard Textile Pro .100
100
Class A
100
Clam B
•
Stetson (J B) corn
25
Preferred
•
Taylor Milling Corp
Taylor Wharton Ir&St corn •
100
Preferred
Tenn Products Corp prof _50
100
TubiseChatillon Cu pf
10
Unexcelled Mfg. Co
White Rock Min Spring
100
$7 lit preferred
100
$10 2d pref
100
Woodward Iron
100
Worcester Salt
100
Young (J S) Co com
100
7% preferred
Bid
1734
10112
20
11
40
20
20
9
80
19
10
41
Ask
20
10512
25
9
20
2412
3212
90
191z
46
1
4
8
13
ski
1, 1
29
26
40
45
478
,
32
4
83 1114
912 13
3
9, 1212
,
114 2 4
,
54
4 412
13
56
1
9312 100
135
4
473 5212
5712
83
Industrial and Railroad Bonds.
Bid
Adams Express 4s '47_1&D 60
65
American Meter 65
Amer Tobacco 4s 1951 FAA 9812
20
Am Type Fdrs Os 1937 MAN
20
Debenture Os 1939__MAN
Am Wire Fab 7s'4211&S 71
Bear Mountain-Hudson
River Bridge is 1953 AA() 71
Chicago Stock Yds 50_1961 651
Consol Mach Tool 7s_ A942 $814
971
Consol Tobacco 4s 1951_ _
15
Consolidation Coal 4.S4s '34_
4914
Equit Office Bldg 58 1952_ _ _
•133
llaytian Corp 81 1938
50
Hoboken Ferry 58 1946
International Salt 58. 1951 88
Journal or Comm 6 As_1937 5712
Kane City Pub Serv 62, 1951 2112
Loew's New Brd Prop
J&D 6912
65 1945
Ask I
Merchants Refrig ea 1937.._ _
64
.
75 1 N 0 Or No RR to '55..F&A
N Y A Hob Farr Ss'46 JAD
i6 N Y Shipbdg 54 1940.M&N
30
7812 Piedmont & Nor Ry 5s_1954
Pierce Butler & P6341 1942
75 Prudence Co Guar Coll
bAs. 1961
1-114
_ Realty Assoc Sec es'37_J&J
20 - 61 Broadway 530'50_A&0
Stand Text Pr 634s '42 M&S
3
50 4 Struthers Wells Titusville
163
6SO 1943
4
58
.
91 Tol Term RR 43421 57.MAN
Ward Baking let es. _ _1937
12i 2 Witherbee Sherman 611 1944
New
7412 Woodward Irons. 1952-Ida
Ask
Bid
8412 _
2
4
5283 32155
60
89
70
64
Slit 412
42
45
e2S
30
5612
13
-7
17
36
4312
,
79 2 8212
9512 98
6
828
8
33
Chicago Bank Stocks.
Ask
Par Bid
Par Bid
Ask
First National
80
100 62
64
Amer Nat Bank & Trust _100 70
2
2
2, Harris Trust & Savings _100 180 190
100
Republic
Central
Northern Trust Co
100 260 265
Continental III I3k & Tr-100 2114 22
1
12
A sk
10
3
3
Ask
Par Bid
2
Southern Air Transport__•
5
•
2
Swallow Airplane
United Aircraft Transport
57
54
Preferred x warr
Warner Aircraft Engine__ _•
12 1
Insurance Companies.
Par
Aetna Casualty & Sursty_10
Aetna Fire
10
Aetna Life
10
25
Agricultural
American Alliance
10
American Colony
6
American Equitable
a
American Home
10
American of Newark_ ___23.4
American Re-insurance--10
American Reserve
10
American Surety
25
Automobile_
10
Baltimore Amer
234
Bankers & Shippers
25
Boston_
100
Carolina
10
City of New York
100
Connecticut General Life_ 10
Consolidated Indemnity_ _5
Continental Casualty
5
Cosmopolitan Fire
10
212
Eagle Fire
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 Fire
5
Globe & Republic
6
Globe & Rutgers Fire
_25
Great American
5
Great Amer Indemnity-- _1
Halifax Flre.....--.- _ 10
Hamilton Fire
25
Hanover Fire
10
Harmoula
10
Hartford Fire
. _10
Bid Ask
,
4214 44 4
3115 331s
4
3
13 4 153
8
48% 535
8
s
123 143
5
s 73
53
1318 1618
8 68
47
,
8 88
7,
4
4
353 383
,
,
8 4 10 4
,
,
13 4 15 4
4
4
173 193
212 312
8
5
34 8 445
405 430
8
1338 153
110 120
4
4
223 243
112 312
918 1118
s
8
137 157
12
21
19
8
7
,
521 56 2
,
211 23 4
43
4
53
8
143 15%
9
7
121 1612
271 2914
9, 121s
311 4112
141 155s
638 83
s
16
14
35
25
241 26 4
,
141 16 4
,
401 421s
Par
Hartford Steam Boller_ _10
5
Home
10
Home Fire Security
10
Homestead Fire
10
Hudson Insurance
Importers & Exp. of N Y_25
5
Knickerbocker
5
Lincoln Fire
2
Maryland Casualty
25
Mass Bonding & Ins
Merchants Fire Assur com212
Merch & Mfrs Fire Newark 5
10
Missouri States Life
10
National Casualty
10
National Fire
2
National Liberty
20
National Union Fire
5
New Amsterdam Cu
10
New Brunswick Fire
10
New England Fire
10
New Hampshire Fire
20
New Jersey
5
New York Fire
12.50
Northern
2.50
North River
Northwestern NatIonal__25
25
Pacific Fire
10
Phoenix
5
Preferred Accident
Providence-Washington _ _10
10
Rochester American
25
St Paul Fire & Marine
10
Security New Haven
10
Southern Fire
Springfield Fire /c Marine_25
10
Stuyvesant
100
Sun Life Assurance
100
Travelers
S Fidelity & Guar Co___2
4
U S Fire
2.50
Westchester Fire
Bid
4
433
8
157
112
812
s
67
1012
3
54
1
118
8
107
3
25 4
,
44
Ask
4
463
5
173
212
10
4
73
2
315
7
13 s
4
293
4
63
238
8
43
8
8
407 427
8
8 47
37
5412 5912
8
8
93 118
1414 1614
8
8
67 117
8
8
343 373
4
173 2112
12
9
3
4
443 493
18
16
8412 89 2
,
4
3434 448
49
51
1014 1214
8
8
217 237
8
7
9 8 147
114 119
2114 2314
13
11
,
77 4 8214
6
4
400 450
311 327
314 4 4
,
5
287s 307
s
17, 1915
Realty, Surety and Mortgage Companie;.
Par Bid Ask
Bond & Mortgage Guar- _20
.1 214
3
Empire Title A Guar...100 22
50
Guaranty Title A Mortgage_
50 80
Home Title Iruluranoe__ _25
412
International Germanic Ltd
Par Bid
34
20
Lawyers Mortgage
534
Lawyers Title & Guar__100
1
National Title Guaranty 100
8
3
10
N Y Title & Mtge
Ask
,
24
8
2
8
13
New York Real Estate Securities Exchange
Bonds and Stocks.
Active Issues.
Bid
Home Loan Bonds
Home Owners' Loan Corp
4s w 1
1951
BondsAllerton 55th St Corp 5125'45
Butler Hall 6s
1939
Central Zone Bldg etre
Chrysler Bldg es
1948
Dorset (The) Os ctfs_ .
502 Park Ave Bldg ctfs____
40 Wall St Bldg 68
1958
62d St & Lexington Ave
Bldg 631s
1945
Fox Theatre & Office Bldg
Certificates of deposit..
Harriman Bldg Corp 6s _1951
Hearst Brisbane Prop 6s '42
Hotel LexingOn es ctfs
Hotel St George 5Sis_ _1943
Lincoln Bldg Certificates___
London Terrace Ants Os '40_
Merchants National Prop
Os ww
1958
Mortgage Bond(NY)534s_
New Weston Hotel Annex
Os
1940
Ask
Active Issues.
Bonds (Concluded)
N Y Athletic Club 66_1946
8314 83 8 1 l'ark Ave Bldg 6s___1939
3
165 B'way Bldg 5545-1951
20
Park Central Hotel ctfs____
Pennsylvania Bldg ars_ _
29
28
Penny (IC)Corp 5145_1950
1943
4412 50 Posturn Bldg 6133
1961
26 Prudence Co 5123
21
1212 15
40 Savoy Plaza Corp 65 ctf5'45
36
Sherry Netherlands Hotel
1948
1
4
5. s
26
21
10 666 West End Ave Apts6s'41
6
1939
10 60 Broad St Bldg 6s
6
47
52 Trinity Bldgs Corp 5128_1939
52
,
56 2 2124-34 Bway Bldg ctfs___
1941
2 Park Ave Bldg es
15
West End Ave dr 104th St
31
27
1939
Bldg 65
37
16
Stocks
Beaux Arts Apt Inc units___
17
34 39 Broadway Bldg Units__
29
City & Suburban Homes__
French (F Fl Investing_ _
19
fgr,
Bid
1812
49
5312
9
1712
97
77
45
Ask
20
12
2212
-7
47 2
16
1412
42
39
94
914
32
,
33 2
15
19
812
5
12
8
21
512
114 212
Other Over-the-Counter Securities-Friday Nov. 24
Short Term Securities.
Ask
88
OS
93
AIlls-Chal Mfg ba May 1937
Amer Metal 5545 1934_ A&O
Amer Wat Wks 58 1934 A&O
Bid
86
9712
90
Alton Water 55 1956__A&O
Ark Wat lit As A 1955_A&O
Ashtabula W W As'ISS_A&O
k8
Atlantic Co Wat 5s '68 IYI,
Bid
90
84
80
80
Ask
92
86
82
82
94
88
88
80
89
93
93
96
82
91
91
91
85
75
79
73
93
93
88
80
82
75
Railroad Equipments.
Bid
Ask
4
Mag Pet 434s Feb 15 '34-35 100,
Union 011 ba 1935____F&A 100 H;6
1
;
Water Bonds.
Iiirm WW lat 5 Ms Aqi4A AO
1st m be 1953 set' 13__J&D
1st Si 1957 series C__F&A
Butler Water Ea 1957__A&O
City of Newcastle Wet 541'41
City W (Chat) 158 B '54 JAD
lit 5. 1957 series C _MAN
Commonwealth Water
FAA
1st 5s 1956 1.3
lit m fis 1957 ser C..FAA
Davenport W Si 1961 J&J
J&J
ES LA Int W 541'42
lit in ea 1942 ser 13_ _J&J
1st be 1900 ser 13_ _FAA
Hunt'ton W 1st es'54_ MAS
1st rn 58 1954 ser B__MAS
55 1962
Joplin W W 55'57 sor AM&S
Kokomo W W 56 1958_1&D
Mourn Con W 1st 55'56 MD
Nionon Val W 534s '50...J&J
Mehra W W 1st Si'57_MAN
St Joseph Wat 58 1941_A&O
South Pitts Water Co
FAA
1st As 1955
151 & ref bs '80 ser A_J&J
let & ref 5860 ser B.JAJ
Terre Irte WW ea'49A ..1&13
let m As 1956 ser B._JAD
Texarkana W 1st 58'58 FAA
Wichita Wat let Os '49 M&S
FAA
1st m Is '50 ser B
let m Si 1960 ser C _MAN
Bid
97
87
82
80
30
7612
88
84
94
99
93
93
96
82
70
98
87
83
Ask
100
89
85
82
82
78
90
89
99
95
95
98
84
75
100
Ask
Bid
Atlantic Coast Line fis
4.90 4.50 Kanawha A Michigan Bs__
Equipment 634s
4.60 4.00 Kansas City Southern 5 he_
Baltimore dz Ohio 6s
5.00 4.00 Louisville & Nashville 65....
Equipment 634s
Equipment 434s dc bs__ - 5.00 4.00
Butt Roch & Pitts equip 6s_ 5.00 4.20 Minn St PASS M 434s & 5s
Canadian Pacific 494s & ea 5.50 4.50
Equipment 6545 & 7s.._....
Central RR of N J 65
4.20 3.75 Missouri Pacific 634i
Chesapeake A Ohio Os
Equipment Os
4.30 4.00
4.50 4.00 Mobile & Ohio Is
Equipment 614a
Equipment Si
4.50 4.00 New York Central 4345 Ass
Chicago A North West 8e_ _
8.00 6.50
Equipment 68
Equipment 63418
8.03 6.50
Equipment 75
Chic RI & Pao 410 eit
11.00 8.00 Norfolk A Western 494s...
Equipment Os
11.00 8.00 NorthernPacific 7s
Colorado A Southern 6s..
5.50 5.00 Pacific Fruit Express 7s-Delaware& Hudson 65
4.75 4.00 Pennsylvania RR equip Ss...
Erie 4345 Si
6.50 5.50 PittsburghLake Erie 6342;
6.50 5.50 Reading Co 434s & 5s
Equipment es
Great Northern Os
5.25 5.00 St Louis & San Fran 55
5.25 5.00 Southern Pacific Co 430
Equipment be
Hocking Valley 5s
4.60 4.25
Equipment 73
4.60 4.25 Southern Ry 434s AS.
Equipment es
Illinois Central 434s A 58... 5.50 500
Equipment 6s
5.50 5 00 Toledo A Ohio Central Os...
EquipmentOs
5.50 5 00 UnionPacific 7s
Equipment 78 A 6 As
• No par value. d Last reported market.
Bid
5.50
6.00
4.75
4.75
12.00
12.00
12.00
12.00
12.00
5.50
5.50
5.50
4.00
4.75
4.00
4.23
6.00
4 40
12.00
5.25
5.25
5.75
5.75
6.00
4.00
Ask
4.50
5.00
4.25
4.25
8.00
8.00
8.00
8.00
8.50
5.00
5.00
5.00
3.00
4.00
3.00
4 00
5.00
4.00
8.00
5 00
5 00
5.00
5.00
5.00
3.00
e Defaulted. a Ex-dividend.
3832
Financial Chronicle
Nov. 25 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:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Mhineaprlis 44 St Louis
Southern
St Louis Southwestern
Western Maryland
Curren:
Year.
Period
Covered.
wk of Nov
wk of Nov
wk of Nov
wk of Nov
wk of Nov
wk of Nov
wk of Nov
3d
2d
2d
2d
2d
2d
26
Previous Inc.(+) or
Year.
Dec.(-).
3,002,091
2,281,000
18,825
149,705
1,787,863
249,300
221,228
3,026,489
2,380,000
11,825
158,622
1,720,718
229,524
238,830
-24.398
-99,000
-5,000
-8,917
+67,145
+19.776
-17,602
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.
&total,.
Length of Road.
1933.
228,889,421
185.897.862
219.857.806
227.300,543
257.963.038
281,353.909
297,185.484
300,520.299
295,508,009
January
February
March
April
May
June
July
August
September
1932.
!no.(+)or
Dec.(-).
274,890,197
231.978.821
288.880.547
267,480,682
254.378,672
245,869,628
237,493,700
251,782,311
272,059,765
-48.000,776
--46,080.759
-69,022,941
-40,180,139
+3.584,384
+35,484.283
+59.691.784
+48,737,988
+23,446,244
Net Earnings.
January
February
March-.
......
April
May
June
July
August
September
$
45,603,287
41,480,593
43.100,029
52,585,017
74,844,410
94,448,669
100.482,838
96.108.921
94,222,438
241,881
241,189
240,911
241.880
241.484
241,455
241,348
241,166
240,992
1932.
241,991
241,467
241,489
242,160
242,143
242,333
241,908
242,858
239.904
Inc.(+) or Dec.(-).
Month.
1933.
1933.
1932.
$
45,964,987
56,187,604
88.358,042
66,261,840
47,416,270
47,018,729
46,148,017
62.553,029
83,092,822
Amount.
Per Cent.
$
---381,700
--14,727,011
--25,256.013
--3,676,793
+27,428,140
+47,429.940
+54,334,821
A-33,555,892
+11,129,616
---0.79
28.21
-56.94
--6.55
+57,85
+100.87
+117.74
+53.64
+13.39
New Earnings Monthly to Latest Dates.
Alton & SouthernOctober
Gross from railway_ _
Net from railway_ _ _ _
Net after rents
From Jan 1
Gross from railway_ _ _
Net from railway_ _
Net after rents
Ann ArborOctober
Gross from railway__ _
Net from railway_ _ _ _
Net after rents
From Jan. 1
Gross from railway_ _
Net from railway_ _ _ _
Net after rents
1933.
$96.803
42.743
-2,806
1932.
$82,551
40,122
47,826
1931.
$90,707
34,152
19,225
1930.
$100,161
33,444
29,468
862,310
363.673
231,037
753,398
267,467
199,002
919,120
319,748
208,534
920,269
295,217
248,921
1933.
$286,537
62,628
32,460
1932.
$305.374
90,387
57.829
1931.
$325.221
32,081
-9.824
1930.
$466,276
115.576
59,135
2,496,571
511.945
189,539
2,655,434
381,449
26,986
3,410,560
475,287
30,159
4,266,617
989.352
458,568
Central RR of New JerseyOctober1933.
Gross from railway--- $2,437,009
Net
I Net from railway_ _ _ 791,846
,
after rents
80,718
,
From Jan. 1
Gross from railway__ _ 22,802,918
i, Net from railway_ _ _ _ 6.561,153
2,046,326
t Net after rents
Central Vermont1933.
OctoberIGross from railway.... $433,534
60,005
Net from railway
Net after rents
30,366
From Jan 1
Gross from railway__ _ 4,196,843
521,400
, Net from railway_ _ _ _
278.947
Net after rents
Chesapeake & Ohio Lines1933.
OctoberGross from railway__ _ $9,971.333
4,907,239
Net from railway_
3.790,103
Net after rents
From Jan 1
Gross from railway... 89,500.061
40.455,766
Net from railway
Net after rents
30.863,796
Chicago St Paul Minn & OmahaOctober1933.
Gross from railway-- *1,332.913
Net from railway_ ___
Net aster rents
194,369
From Jan 1
Gross from railway_ _ _ 12,316.280
Net from railway_
Net after rents
1,393.086
Conemaugh & Black LickOctober1933.
$77,157
Gross from railway..
Net from railway.....
19.223
Net after rents
20,971
From Jan. 1
Gross from railway.-592,350
155,073
Net from railway
Net after rents
165,722
Galveston WharfOctober
1933.
Gross from railway__ $126,614
63,197
Net from railway___
45,064
Net after rents
From Jan 1
923,474
Grossfrom railway
274,287
Net from railway
82,326
Net after rents
1931.
1932.
1930.
$2,773,019 $3,509,790 $4,794,436
1,566,832
1,113,197
987.420
436,710
316,957
939,660
25,593,028 33.731,753 44,331,350
6,789.737 8,351,911 11,788,162
2,105,904 3,514.862 6.400,983
1932.
$439,810
47,889
16,428
1931.
$514,215
77,215
67,407
1930.
$635,096
135.120
130.841
4,482.096
435,054
158,890
5,644,398
696,663
610,612
6,469.899
1,116.460
1,122,691
1930.
1932.
1931.
$10,785,254 $11,076,153 $12,540.173
5,448,394 4,616,733 5,290,398
4,610,282 3,869,274 4,456,712
81,862.307 102,962,732 116,136.542
35,497,648 39,651,438 42,371,573
26,855,132 31,296.704 34,471,113
1931.
1930.
1932.
*1,384.641 $1,556,350 *2,111.322
296,210
207.9d3
237,855
20,770
98,585
81.939
12.591,533 15,982,276 21,070,117
1.349,457 2,009,000 3,857,682
273,736
1,902.205
-188,623
1932.
$23,836
-3,874
-1,954
1931.
$53,836
9,987
13,309
1930.
$103,889
10,009
10,598
269,963
-60,394
-52,562
628,680
--29,497
--5.613
1,256.752
166,791
182,576
1932.
$127,725
46.722
23,627
1931.
$207,828
105,097
85.001
1930.
$191.267
88.337
65,205
1,382,307
461.565
230,868
1,555,493
575.244
349,792
1,532,666
545,632
313.958
Gulf & Ship Island-October1932.
1933.
1931.
1930.
Gross from railway-$95,985
$94,743
$126.433
$218,648
Net from railway_
16,363
8.977
3.919
59,813
Net after rents
-17,311
-11.652
-39,041
11.580
From Jan. 1
Gross from railway
878.498 1,429,941
898,823
2,285,760
Net from railway
43,051
140,704
-16,833
423,093
Net after rents
-139.672 -226,868 -425,458
-42,143
Illinois Central SystemOctober1932.
1933.
1931.
1930.
Gross from railway-- $8,627,442 $8,984,598 *10,227.497 $13.160,789
Net from railway__
3,119.214 2,620,130 4.590,124
Net after rents
1,905,514 2,230,198
1,867,744 3,495,709
From Jan. 1
Gross from railway.- 72,956,865 75,103,738 99,687.899 126,791,585
Net from railway__
19,008,102 18,010,375 29,383,812
Net after rents
13,227,110 10,278.802 8,562,178 19.083,115
Illinois Central SystemOctober1933.
1932.
1931.
1930.
Gross from railway--- 38.627,442 *8,984,598 $10,227,497 *13,160.789
Net from railway___- 2.720,734 3,119,214 2,620,130 4.590,124
Net after rents
1,905,514 2,230,198 1,567,744 3,495.709
From Jan. 1
Gross from railway.-- 72,956,865 75,103.738 99,687.899 126.791.585
Net from railway_ _
21,288,682 19,008.102 18,010,375 29.383,812
Net after rents
13,227,110 10,278,802 8,562,178 19,083.116
Illinois Central RROctober1932.
1931.
1933.
1930.
Gross from railway.-- $7,302,105 $7.851.684 $8,383,866 $10,993.718
Net from railway_ _ _ 2.189,470 2,768,209 1,990.394 3.719,092
Net after rents
1.602,251
2,111.737 1,497,080 2.903.930
From Jan. 1
Gross from railway
63,253,966 65,324,383 85,006,948 106.882,985
Net from railway.--- 18,128.817 16,652,753 15.595,616 24,464.382
Net after rents
12,287,208 10,172,215 8,946,944 16,906,317
Yazoo & Mississippi Valley-October1932.
1931.
1933.
.
1930.
Gross from railway
$1,325,337 $1.132,914 *1,843.631 *2,167.071
Net from railway_ _ _ _
531.264
351.005
629,736
871,032
Net after rents
303,263
118,461
370,664
591,779
From Jan. 1
Gross from railway.-- 9.702,899 9,779.355 14,680,951 19,842.256
Net from railway_ __ - 3.159,865 2.355,349
2,414,759 4,910,643
Net after rents
939,902
106.587 -384,766 2,173.354
Kansas City Southern System1932.
1933.
1931.
October1930.
Gross from railway-- $833.903
$930,980 *1,135,776 $1,571,896
Net from railway....
227,347
338,462
363.695
519,229
Net after rents
112,854
221,265
From Jan 1
Gross from railway
7,947.175 8,390,592 12,220,757 16,670,904
Net from railway.... 2,243,116 2,198,117 4.180.584 5,501,641
832,453
1.029,390
Net after rents
Lehigh Valley1932.
1931.
1933.
1930.
OctoberGross from railway__ $3,596,836 $3,742,721 $4,643,965 *6,678,000
1,469,486
1,241.913
1.660,433
881,665
Net from railway....
934,762 1.170,785
593,742
1,206,123
Net after rents
From Jan 1
Gross from railway... 31,808,809 32,326,626 43,049,511 51,602,661
6,837,452 5,723,984 8,354,113 11.095.325
Net from railway...
Net after rents
3,532,586 2,339,363 4,510,694 7,092,815
Minn St Paul & Sault Ste Marie1932.
1931.
1930.
Octobtr1933.
Gross from railway--- $2,121,143 32,199,357 32,335,881 $3,791,931
575,793
378.290 1,204.301
Net from railway_
779.778
207,423
6.113
Net after rents
258,820
From Jan 1
Gross from railway--- 18,758,812 18,761,176 24.699,731 34.569,174
7.829,235
1.796,692 4,094,001
Net from railway_
Net after rents
951,686 -1,347,905
571.150 3,969,099
New York Chicago & St Louis1930.
October1933.
1932.
1931.
Gross from railway-- $2,763,565 $2,644,187 $3,066,876 $4,002.980
1,067.354
Net from railway_
872,012
684,381
463,883
Net after rents
418,988
178,520
459,589
From Jan. 1
Gross from railway
25.665,138 24,632,712 31.446.083 39,932.048
7.356,843 10,003,671
Net from railway_
5.774,121
Net after rents
4,435,689 1,599,499 2,416,929 5,317.739
New York Ontario & Western1930.
1931.
October1932.
1933.
$775,733
$911.712
Gross from railway-- $722.426
$884.428
126.133
222,684
Net from railway- -249,853
140,078
27.552
116,895
Net after rents
146,817
46.366
From Jan. 1
Gross from railway
8,902,063 9,746,106 9,096.681
8,043.351
Net from railway..... 2,263,396 2,608.984 2.699.038 1,770.035
872,801
1,58.3,408
Net after rents
1.562,737
1,447,755
Pere Marquette1930.
1931.
1932.
October1933.
Gross from railway-- 41,934,092 2,014,322 2,405,460 $3,174.601
852.808
510.587
490,259
Net from railway....
405.705
563,325
258,710
218,665
Net after rents
168,569
From Jan. 1
Gross from railway
18,417,156 17,837.141 23,286,632 32,387.488
Net from railway.... 3,416,375 2,545,646 3,611,620 7.565.043
1,135,265 4,463,713
147.325
1,379,790
Net after rents
Reading CoOctoberGross from railway...
Net from railway_ _ _ _
Net after rents
From Jan. 1
Gross from railway_ _ _
Net from railway.....
Net after rents
1930.
1931.
1932.
1933.
$4,603,105 $4,976,844 $6,465,478 $7,753,664
1,624.164
1,997,042 2,070,312
1,600,522
1,856,673
1.539,641
1,711,486
I,498.906
41,209,976 43,405.122 60.218.727 73,278.233
13,884,182 10,545.729 8.733,418 12,405.809
11,404.427 9,003.059 6,248.229 9,888,945
St Louis Southwestern Lines1931.
1930.
1932.
October1933.
Gross from railway- - 1,226,985 1,212.963 1.473,803 1,832.101
518,343
540,348
285.689
430,010
Net from railway
337,275
119,908
313.776
282,833
Net after rents
From Jan 1
10.626.686 15.192.744 18,950.886
Gross from railway... 10,859.580
1.772,746 4,398,806 4,444,403
3,356,494
Net from railway
1.499,752 -179.444 2,046.842 2,091,144
Net after rents
Southern Pacific Lines1932.
1933.
OctoberGross from railway--$12,785.548 $13,238.057
Net from railway.... 3.768.930 3.538,131
2.488.464 1,864.026
Net after rents
From Jan 1
21,896,470
Gross from railway- _ _107,861,615 124,140,620
Net from railway.... 22,933,678 5,049,933
6.566.005
Net after rents
1931.
1930.
*16,892,480 324,741,939
5,323.976 9,755,296
2,898,584 6,732,170
171,952,835 221.989,001
41.990,232 61,847,166
20.735,946 37.781,476
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission:
Kansas City Southern Ry. Co.
(Texarkana & Fort Smith Ry. Co.)
1930.
1931.
1932.
1933. '
Month of October$930,980 $1.135,775 $1,571,896
Railway oper. revenues_ 1833,903
1.052,667
772,081
592.518
606.556
Railway oper. expenses_
Net from operations-Railway tax accruals_ - _
Uncollectible ry. revs--
$227,347
83,717
95
1338.462
76.954
55
•
$363,695
104.032
322
$519.229
80.761
297
$438,169
1259.340
$261.453
Railway o per.income. $143.535
10 Mos.End. Oct.31Railway oper. revenues_ $7,947.175 18,390.592 $12.220,757 116.670,904
Railway open expenses- 5,704.060 6.192.475 8.040.173 11,169,262
Net from operating. __ 12,243.116 $2,198,117 $4.180,584 35.501,641
949.542 1,050.823 1,119,487
837.170
Railway tax accruals- _
2,889
2,281
2,384
2,040
Uncollectible ry. revs__..
Railway oper.Income_ $1.403.906 $1,246,192 $3,127,479 14.379,264
lat'Last complete annual report in Financial Chronicle May 6'88, p.8149
Mahoning Coal RR. Co.
1933-9 Mos.-1932.
1933-3 Mos.-1932.
Per. End.Sept.30$536,726
$693,574
$210,133
Inc. from lease of road... $397,082
119,892
209.593
36,365
69,032
Other income
Total income
Taxes
Int, on funded debt._-Int, on unfunded debt_
Other deductions
$466,114
51,457
18,750
2.199
1246,498
8
18,750
39,240
1.971
$903,167
88.810
58,250
6,645
1656,618
6
56,250
78.480
6,499
1515384
$753.462
$186.530
$393.709
Net income
121PLast complete annual report in Financial Chronicle May 13 '33, p. 3338
New York Ontario &
Month of OctoberOperating revenues
Operating expenses-...-
1933.
$722,426
582.348
Western Ry.
1931.
1932.
$911,712
$884,428
689,028
634,575
1930.
$775,733
849.600
Net rev.from ry. opRailway tax accruals_ _ _
Uncollectible ry. revs.... _
$140,078
38,000
47
1249,853
55.000
10
$222,684
29.000
6
$126,132
35,000
10
Total ry. oper. income
Equip. & joint facility
rents (net Dr.)
$102,031
$194,843
$193.678
$91,122
55,665
48,026
76.783
63,570
127,551
$46,366
1146,817
Net operating income_
•1116,895
10 Mos.End. Oct. 31
Operating revenues_ _ 18,043,351 $8,902,063 19.746,106 $9,096,681
Operating expenses_ _ _ _ 5,779,955 6.293.079 7,047.069 7,326,646
Net rov,from ry. op.... $2,263,396 $2,608,984 32.699,038 11,770,035
411,500
490,000
401,000
417,500
Railway tax accruals......
1,103
710
732
1,485
Uncollectible ry. revs_ _ _
Total ry. oper. Income 11,861,293 $2,118,253 $2,286,052 31,351.825
Equip. & joint facility
413,538
479,024
702,644
555,515
rents (net Dr.)
$872,800
oper. income-- $1,447,755 31,562,737 31.583,408
Net
larLast complete annual report in Financial Chronicle Mar. 18 '33, p../.881
(The) Nevada-California Electric Corp.
(And Subsidiary Companies)
-Month of October- -12 Mos.End. Oct.311932.
1933.
1932.
1933.
$3335.986 $4,695,910 35,143,249
Gross operating earnings 1365,848
12,875
179,486
140.076
11,410
Maintenance
414,650
32,588
396,782
38,156
Taxes (incl. Fed.Inc.tax)
90,818 1,587.936
1,822,623
121,657
Other oper. & gen. exp._
Total oper.& gen. exp.
and taxes
Operating profits
Non-oper. earns. (net)
$171,224
194.623
3.349
3136,282 $2,124,795 32.416.759
2,571,114 2,726,489
199,703
71,484
110.188
2.353
Total Income
Interest
3197,972
130,545
$202,057 $2,842.599 52.836,677
1,561.894
1,577.388
129,718
Balance
Depreciation
367,426
46,118
'72,338
63,699
1,065,210
644,978
1,274,783
673.014
Balance
Discotmt & expense on
securities sold
Miscel. additions & deductions (net Cr.)--
$21,308
$8.638
3420,232
$601.768
8,751
8,908
107.399
107,547
x2,853
10,605
181,144
132.261
Slurp. available for redemption of bonds,
$626.482
$493,977
$10,336
$9.704
Dividends, &c
x Net debit.
Financial Chronicle Apr. 15 '33, p. 2607
rifLast complete annual report in
3833
Financial Chronicle
Volume 137
Union Pacific System1930.
1931.
1932.
October1933.
Gross from railway-412,428.400 $12,423,351 $14,924,314 $21,482,034
Net from railway-- 5,442,373 5,458,285 6,978,596 9.978,157
Net after rents
3,483,197 3.778,907 4.982.585 7,461,439
From Jan. 1
Gross from railway.-- 91,301,713 97,316.187 132.635,616 160.244.212
Net from railway
30.298,644 30.116.087 36,995,826 49,302,253
Net after rents
15,053,035 14,400,379 18,584,674 29,657,912
Wabash1930.
1931.
1932.
October
-1933.
Gross from railway__ _ $3,232,912 $3,439,556 $3,957,597 $5,310,429
315,096
985,328
1,403,243
Net from railway.._ _ _
863.469
54.463
446.461 -310,980
404,743
Net after rents
From Jan. 1
Gross from railway__ _ 30,352,683 31,695,127 42,675,331 52,883,414
Net from railway_ _ _ 6.967.803 5,446,636 6.948,419 12,049,320
139,441
704,978 6,280.513
Net after rents
1.937,440
Western Pacific1930.
1931.
1932.
1933.
OctoberGrossfrom railway--- $1,305,286 11,516.896 $1,415,674 $2.332,982
495,779 1.215.855
646.404
Netfrom railway
930,377
320,680
452,793
316,667
Net after rents
From Jan!
- 8.961,046 9.273.421 10.970,299 14,008.811
Grossfrom railway1,631.803 1.214,348 2,761,607
Netfrom railway
227.170 1,648,037
572.146
667.581
Net after rents
Pere Marquette Ry.
1932.
1933.
Month of OctoberNet railway oper.income $168,569
$218,665
Non-operating income__
18,731
16,648
1931.
$258,710
92,002
1930.
$563.324
26,338
Gross income
Interest on debt
Other deductions
$237.396
303,726
12,563
3350.712
304,099
11,758
3589.662
269,804
9.341
Net income
def$128,033 def$78,892
Inc. appl. to sink, and
3
other reserve funds..
$34,854
$310,515
27
22
3185.196
298,713
14,516
5310,492
.34.826
def$128,033 def$78.896
Balance
10 Mos.End. Oct. 31
3147.325 $1,135,265 14.463.712
$1,379,790
Net railway oper. Inc
488,778
424,582
429.432
377.703
Non-oper. income
Gross income
Interest on debt
Other deductions
11,757,493
2,989,896
155,829
3576.757 31.559,847 34,952,490
2,356,926 .
3,022,293 2,986,281
103,423
131.974
129.770
def11,388,232d132,575.306df$1,558.408 $2,492,140
Net income
Inc. appl. to sinking and
2.246
1,264
2,052
2.606
other reserve funds..__
def$1,390,838d1$2,577.358df$1.559.672 32,489,894
Balance
IV Last complete annual report in Financial Chronicle May 20'33, p. 3526
St. Louis Southwestern Railway Lines.
1930.
1931.
1932.
1933.
Month of October3313,778
$3337.274
3119.909
Net ry. oper income__ _ $282.833
11.538
9,314
9,608
5.508
Non-operating Income__
$325,314
3346,589
3129,516
$288.340
Gross income
241,838
253,396
293,432
279,983
Deduct,from grossInc._
38,357 def$163,916
Net income
10 Mos.End. Oct.31
Net ry. oper. Income...... 1.499,752 def179,444
108,516
70,850
Non-operating income
$93,193
2.046,842
113,941
383.476
2,091.144
125,909.
31.570.602 def370,928 $2.160,783 $2,217,054
Gross income
Deduct,from gross Inc.. 2,855,487 2,764.337 2.492.286 2,332.444
1115.390
1331.502
Net deficit
31.284.886 32.835.264
lairLast complete annual report in Financial Chronicle Mar.13'83, p.3386.
Southern Pacific Lines.
1930.
1931.
1932.
1933.
Month of October13,845
13,775
13,701
Aver. miles of road oper_
13,496
$
$
Revenues13.127,645 19.791,658
10,014.445 10,411,915
Freight
1,553.744 1,450,556 2.228.807 3,002.408
Passenger
420.411
402,682
345,098
311.492
Mail
563.354
363,464
363.157
288,049
Express
523,743
422,176
302,497
359,733
All other transportation
510,839
396,479
334,075
Incidental
288,860
16,768
19,640
10,947
11,424
Jointfacility-Cr
87,244
68,413
49,588
-Dr
42,197
Joint facility
Ry. oper. revenues
ExpensesMaint.of way and struc_
Maintenance of equip..
Traffic
Transportation
Miscellaneous
General
Tratriport.for inv.-Cr-
12,785,548 13,238,657 16.892,480 24.741.939
1,106,865
2,187,738
373.113
4.421,713
196,131
749,865
18,806
Ry. oper. expenses
9.016,618
Income
Net rev,from ry. oper- 3,768,930
Railway tax accruals-- 677,952
13.372
Uncoil, railway revenues
572,486
Equip.rents (net)
16,655
Joint facility rents (net)..
1,804.793
2,518,522
469,401
5,646,567
283,049
864.312
18.143
2,396,348
3,062.623
533,019
7,782.296
361,550
897.842
47,038
9,700,526 11.568,501
14,986,643
5,323,976
1,446.248
4,646
618.422
356,077
9,755.296
1.981,564
5,463
989,308
1
46,78/
1,466,442
2.131,128
395,756
4,746,745
195.417
781,421
16.383
3.538,131
1,004,906
4.434
647,761
17.004
1.864,026 2,898,584 6,732.170
Net railway oper. inc_ 2,488,464
10 Mos.End. Oct.31
13,842
13,775
13,716
13,571
Aver. miles of road oper_
Revenues$
82,385.159 91,009.736 127,513.919 166.466,657
Freight
14.753,697 18.755,256 28,423,035 36,962.839
Passenger
3,241,058 3,558,912 3,913,977 4,069,640
Mail
2.638,514 3,016,261 4.225,199 5.441,694
Express
-other transportation_ 2,904,272 3,057.537 4.203.855 4.378,654
All
4,235,350 5,472,945
2.388.784 3.068,841
Incidental
234.484
189.396
112.004
102.545
Jointfacility-Cr
831,899 1.037.915
681,876
552,412
Joint facility-Dr
Ry.oper.revenues- - _107,861,615 121.896.470 171,952,835 221,989,001
ExpensesMalnt.of way and struc_ 11,020,587 14,344.212 21,284,581 28.163.063
Maintenance of equip - 20,523,692 22,638,470 29,872.311 38.404,888
3,846,200 4.354,075 5,306.890 6,083.197
Traffic
40.292.294 46,361,006 62,413,978 75,325.187
Transportation
1.806,550 2,192.763 3,128.554 4.003,817
Miscellaneous
7,581,929 8,039.922 8,646,464 9.508.518
General
490.174 1,348,838
174.598
143.314
Transport.for Inv.-Cr_
Ry. oper. expenses...... 84,927,938 97.755.850 129,962,603 160,141,834
Income
Net rev,from ry. oper_ _ 22.933.678 24,140,620 41,990.232 61,847,166
Railway tax accruals......11.214,727 12,906,870 14,270.808 16,589.474
65,886
53,076
50.202
105.012
Uncoil. ry. revenues_ _ _ _
4,682,148 5,767,985 6.533,319 7,249.551
Equip. rents (net)
160,777
397.082
365,629
Joint facility rents (net)..
365,786
Net railway oper. inc. 6.566,005 5,049,933 20,735.946 37,781.475
120 Last complete annual report in Financial Chronicle April 29'88, p.2967
Month of OctoberOperating revenues
Operating expenses
Texas & Pacific Ry.
1930.
1931.
1932.
1933.
11.783.684 31,930,683 12,376.502 33,002.494
1,846,712 2,315,745
1,255,954
1,190,951
Netry.from oper -- $592,733
$686,749
$529,790
$674,729
Railway oper.income
815,998
489,612
607,970
588,685
688,749
415.848
Net ry.oper.income.-511,807
529,790
724,248
451,903
Gross income
543,297
95,745
Net income
379.908
185,947
193,225
10 Mos.End. Oct.3116,678,913 $17.643,247 25,600,965 31,883,435
Operating revenues
11,586,907 12,487,542 17,455,326 22,262,433
Operating expenses
Net ry.from oper __-- $5,092,006 $5,155,705 $8,145,639 $9,621,002
4,071,558 4.050,691 6,770,327 7,930.617
Railway oper.income
Net. ry. oper. income
2.939.336 2,818,402 4,955,192 6.027,401
6,421,850
3,251.680 3.198,756
Gross income
Def305.720
1,734,938 3,026,488
Net income
371,686
•Before adjustment of bond interest.
rlirLast complete annual report in Financial Chronicle Apr.29'33, p.2968
3834
Financial Chronicle
Union Pacific System.
Month of October1933.
1932.
1931.
1930.
Operating Revenues
Freight
$10,694,281 $10,908,532 $12,660.878 $18.598.595
Passenger__
Mail
Express
All other transportation_
Incidental
905,976
344,953
107,835
228,687
679,659
352,666
135,491
199,136
147,867
146,668
1,093,544
389,315
209,573
360,458
210,546
1,466,791
410,748
340,637
364,545
300,718
Ry. oper. revenues_ _ _$12,428,400 $12,423,351 $14,924,314 $21.482,034
Operating ExpensesMaint.of way & struct
882.444
1,770,224
204,466
Transportation
3,537,670
Miscellaneous operations
117,553
General
473.670
Transp. for invest
815.898
1,712,330
233,447
3.573,995
124,168
505,230
Maint. of equipment_
Traffic
Railway oper. exp
Income Items
-
734,308
1,816,595
307,721
4,249,774
196,282
641,038
1,793,582
2,822,418
348,191
5,573,322
291,310
675,802
749
5,442,373
1,043,568
764
5,458,285
599,402
397
6,978,596
915,837
2,592
9,978.157
1.106,173
830
Ry. oper. income_ _ _ _ $4,398,041 $4,858,484 $6,060.167 $8,871,154
Equip. rents (net def.)
866.458
1,033,492
1,054,997
1,377.418
32,297
48,386
46,085
22,585
Jt.facil. rents (net def.)_
Net income
$3,483,197
Aver, miles of road oper_
9,796
Ratio of exps.to revenues
56.21%
10 Mos.End. Oct. 31
-
$3.778,907 $4,982.585 $7,461,439
9,843
9.865
9,850
56.06%
53.24%
53.55%
$91,301,713 $97,316,187 $132635,616 $160244,212
Operating Expenses-
Maint. of way & struc
Maint. of equipment_ _ _
Traffic
Transportation
Miscellaneous operations
General
Transp. for invest.-Cr.
8,682,341
9,178,155 17,001,680 20,174,074
15,546,232 16.308.947 24,434.459 28,919,380
2,206,574
2,756,676
3,595,784
3,983,143
28,497,454 31,923,513 41,437.564 48.248,004
1,124.440
1,470,514
2,447,625
2,929,761
4,946,028
5,561,653
6,688,769
6,728,676
def642
1.172
5,998
Railway oper. m3-.361.003.069 $67,200,100 $95,639,790 $110941,959
Income Items
-
30,298,644 30,116,087 36,995,826 49,302,253
Net rev,from ry. oper
Railway tax accruals_ _ _ 9,827.050
9,646,596 11,734,830 12,883,510
12.859
Uncoil, railway revenues
11,107
6,986
12.923
Railway oper.income.$20,458,735 $20,458,384 $25,246.073 $36,411,757
Equip. rents (net def.)
4,958,671
5,574,696
6,228,248
6.264.132
Jt. facil. rents (net def.)_
447,029
483,309
435,151
489.713
Net income
$15,053,035 $14,400.379 $18,584,674 $29,657,912
Aver. miles of road oper_
9,806
9.843
9,873
9,862
66.81%
Ratio of exps. to revs__ _
69.05%
72.11%
69.23%
Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2962
rO
-
(As Filed with Transit Commission)
Operating
Gross
Deductions
Income.
Income. from Income.
$
Companies
$
Aug 1933 1.331.368
254,274
Brooklyn & Queens
168,716
Aug 1932 1,437,730
258,993
172,675
511,388
335,497
2 months ended Aug 1933 2,680,893
Aug 1932 2,912,387
536,186
343.803
251,259
Aug 1933
20.128
12,426
Brooklyn Bus Corp
261,765
22,864
Aug 1932
15,852
509,224
43,958
24,888
2 months ended Aug 1933
532,128
41,111
Aug 1932
32.276
58,789
3.217
-2,865
Eighth & Ninth Ayes Aug 1933
69,983
-2,887
7,285
Aug 1932
(Receiver)
-5,979
117,509
6.504
2 months ended Aug 1933
-9,273
141,193
14,559
Aug 1932
525
10,815
314.392
Aug 1933
Fifth Avenue Coach
693
70.712
386,431
Aug 1932
46,124
638,993
1,109
2 months ended Aug 1933
127,219
1.421
789,649
Aug 1932
Interboro Rapid Transit
1,101,826
1,086,992
Aug 1933 3,163,401
Subway Division
1,113,724
962,480
Aug 1932 3,397,325
2,156,904
2,173,984
2 months ended Aug 1933 6,297,515
2,227,437
1,865,462
Aug 1932 6,784,257
6,434
475,900
976.565
Aug 1933
Elevated Division
465,251
-33,422
Aug 1932 1,179,333
951,283
8,657
2 months ended Aug 1933 1,932.435
-23,848
930,190
Aug 1932 2.331,718
315,084
264,660
454,856
Hudson & Manhattan Aug 1933
313,711
347,795
495.450
Aug 1932
629,386
521.249
892,304
2 months ended Aug 1933
627,056
685,124
983,398
Aug 1932
Net Corp.
Income.
1
85,558
86,318
175,891
192,383
7,702
7,011
19,070
8,835
-6,082
-10,172
-12,482
-23.833
10,290
70,019
45,016
125,798
14,834
-151,243
-17,080
-361.975
-469,466
-498.673
-972,626
-954,038
-50,423
34,084
-108.137
58,067
--5,693
--3,687
--11,249
--7,686
--3,856
--10,323
-5,710
-37,032
Manhattan & Queens Aug 1933
Aug 1932
2 months ended Aug 1933
Aug 1932
31,804
34.091
63,370
68,243
4,416
6.439
8.999
12,566
10,110
10,125
20.250
20,251
Y & Queens County Aug 1933
Aug 1932
(Receiver)
2 months ended Aug 1933
Aug 1932
43,881
53,138
87,900
111,993
-1,456
3,560
-885
7,148
430,451
409.901
838,944
802,797
2,551,742
2,656,646
5,122,591
5,358,729
75,209
80,249
141.091
138,499
2,400
13,883
4,825
44,180
157,186
173,785
322,743
349,346
-81,977
-93,536
-181,652
-210,847
889,826
949,024
1,820,037
1,863,584
584,985
593.721
1,169,607
1.178,414
304,841
355,304
650,430
685,170
89.071
90,003
178,565
182,859
38,351
36,480
84,057
72.516
12,311
10,479
24,646
20,712
26.040
26.001
59,411
51,804
New York Railways
Aug 1933
Aug 1932
2 months ended Aug 1933
Aug 1932
N Y Rapid Transit
Aug 1933
Aug 1932
2 months ended Aug 1933
Aug 1932
South Brooklyn Ry
Aug 1933
Aug 1932
2 months ended Aug 1933
Aug 1932
Operating
Income.
$
15,829,263
16,093,256
136,640,794
145,713.017
INDUSTRIAL AND MISCELLANEOUS COS.
Aldred Investment Trust.
9 Months Ended Sept. 30Operating income
Operating expenses
Debenture interest
1933.
$246,410
14,673
247,064
1932.
$296,965
15,046
266,677
$15,327 prof$15.242
114,972
171,922
Net loss before loss on securities sold
Loss on securities sold
Net loss
$130,299
$156,680
IG"Last complete annual eport in Finanval Chi°nick Feb. 25 '33, p. 1377
(And Subsidiaries)
(Before deducting exchange adjustments.)
12 Months Ended June 301933.
1932.
Subsidiaries
$51,966,752 $58,012,859
Operating revenues
Operating expenses, including taxes
28,884.419 x30,881,610
Net revenues from operation
Other income (net)
$23,082,332 $27,131,249
642.920 x1,273,519
Gross corporate income
Interest to public and other deductions
Interest charged to construction
Retirement reserve appropriations
$23,725,252 $28,404,768
$4,138.376 $4,342,870
Cr86,242 Cr803.251
3,033,759 2,934,389
Balance
Preferred dividends to public
$16,639,359 $21,930,759
2,507.678
2,436,375
Balance
Portion applicable to minority interests
$14,131,682 $19,494,385
168,304
300,757
Net equity of American & Foreign Power Co.,
Inc., in inc. of subs. (of which only part is
available in U. S. currency)
-before deducting exchange adjustments
$13,963.377 $19,193,628
American ct Foreign Power Co., Inc.
Net equity of American & Foreign Power Co., Inc.,
In inc. ofsubs.(of which only part is available in
-beUnited States currency), as shown above
fore deducting exchange adjustments
13,963,377
Other income
134,590
Total income
Expenses, including taxes
Interest to public and other deductions
New York City Street Railways
Steinways Railway
Aug 1933
(Receiver)
Aug 1932
2 months ended Aug 1933
Aug 1932
Surface Transportation Aug 1933
Aug 1932
2 months ended Aug 1933
Aug 1932
38,720
44,159
77,513
88,382
-1,740
-1,951
-1,998
-1.169
4,391
6,277
8,878
12,584
144,606
166,091
299,999
348,359
24,994
29,399
50.408
58,395
Third Ave Ry System Aug 1933
Aug 1932
2 months ended Aug 1933
Aug 1932
820,544
917,245
1,658,333
1,874,822
16,971
21,575
41,868
57,282
160,307
197,158
338,842
427,316
---6,131
-8,228
-10,876
-13,753
-8,023
-7,824
-8,539
-1,112
212,996
220,240
425,325
440,366
-52,689
-23,082
-86.482
-13,051
Operating
No. of Co. Operating
Stations in
Revenues.
Expenses.
Service.
$
$
September 1933
14,427,335 78,615,485 55,271,126
September 1932
15,518,289 82.640,101 59,010,498
9 months ended Sept. 30 i933.,
711,654,496 506,745,113
9 months ended Sept. 30 1932._
788,116.960 571,299,726
American & Foreign Power Co., Inc.
Operating Revenues
-
Freight
$75,382,603 $79,098,578 $106528,867 $127716,775
Passenger
7,910,001
9,073,334 14,018,857 18,313.000
3,388,153
3,603,666
3,952,869
4,106,459
Mail
1,128.576
1,514,056 2.351,148 3,234,037
Express
2,549,614 3.397,532
All other transportation_ 2,147,350
4,191,039
Incidental
1,345,030
1.476,939
2,286,343
2.682,902
Ry. oper. revenues
Earnings of Large Telephone Companies.
-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
$6,986,027 $6.965,068 $7,945,718 $11,503,877
Net rev,from ry. oper
Railway tax accruals__ _
Uncoil, railway revenues
Nov. 25 1933
19,193.628
252,768
$14,097,968 $19,446,397
374.178
b84,049
8.137,038
7,315,725
Bal., before deducting exchange adjustments.. $5.586,753 $11,246,622
x Reclassified from amounts previously reported.
Note.
-The above statement, which reflects foreign currency conversion
Into United States currency in accordance with the procedure, rates and
restrictions described on the last page of this report, presents the income
results before taking into account the exchange losses or profits on working
capital in foreign currencies.
10 East complete annual report in Financial Chronicle Oct. 7 '33, p. 2628
-
American-Hawaiian Steamship Co.
1932.
1933.
$7,406,616 $6,434,871
6,478,168
6,316,855
10 Months Ended Oct. 31Gross earnings
Expenses
81,089,761 loss$43.297
Operating profit
15,642
59,037
$1,105,403
3,4:17
405,055
$15.740
5.299
411.436
43,514
Other income
Total income
Interest
Depreciation
Loss on sale of securities
Profit before Federal taxes
$696,911 loss$444.511
October profit before Federal taxes was $148,742. comparing with profit
of $99,270 in October a year ago.
W"Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2071
American Water Works & Electric Co., Inc.
(And Subsidiary Companies)
-Month of October--12 Mos. End. Oct. 311932.
1933.
1933.
1932.
Gross earnings
$3,660,532 $3,523,036 $43,0 8,212 $44,686,264
Oper.exp.,=int.& tax. 1,867,611
1,823,645 20,670,886 21,982,662
Gross income
$1,792,920 $1,699,391 $22,357,326 $22,703.602
8,794,683
Interest & amortization of discount of subsidiaries
8,719,317
5,701,044
Preferred dividends of subsidiaries
5,644,686
1,300,317
Int. & amort. of discount of A. W. W. & E.._ _ _
1,318,635
2,961,748
Reserved for renewals, retirements & depletion_
2,621,403
$3,599,533 $4,399.560
1,200,000
1,200.000
Net income
Preferred dividends
$2,399,533 $3,199,560
Available for common stock
1,749,178
Shares of common stock
1,750,888
$1.37
Earnings per share
$1.83
arLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1713
Atlanta Gas Light Co.
-Month of October- -12 Mos.End. Oct. 31--...
Gross revenues
Operating expenses
Net earnings
Interest and other Ii.
come charges (net)__ Net income
Prov. for Fed. inc. tax_
Prov. for retirements
Total deductions
Net income
1933.
$181.243
135,721
1933.
1962.
1932.
$178,825 $2,266.522 $2,250,334
1,582.283
124.258
1,603,521
345,522
$55.566
$684,239
37,895
22.994
413.132
372,148
$7.626
13
$332.571
$1.950
14,841
$271.107
19,661
92,363
$274.664
8.838
2
2(14,9075
$7.517
108
$16.791
15.780
$112,025
159.081
$271,329
3,334
$646.812
ta"Last complete annual report in Financial Chronicle April 29 1933,
p. 2972, and April 22 1933, p. 2795.
3835
Financial Chronicle
Volume 137
Central Indiana Gas Co.
Associated Telephone & Telegraph Co.
1932.
1933.
6 Months Ended June 30$5,379.462 36,082.205
Gross income
Net loss after taxes, int., amortiz., deproc., subs..
$100,323
$58,867
pref. divs., minority int., &c
larLast complete annual report in Financial Chronicle Aug. 19 '33, p. 1411
Gro...s revenues
Operating expenses
-Month ofOctober- -12 Mos.End. Oct.311932.
1933.
1932.
1933.
3107.466 $1,199.096 $1,408.777
$108,168
1.055.544
918.874
82,437
80.612
Net earnings
Interest and other income charges (net)_
$27.556
$25,029
3280.222
3353,232
Associates Investment Co.
24.413
25.055
297,499
297.332
1932.
1933.
10 Months Ended Oct. 31$527,368
$691,569
Net profit after taxes and other charges
$5.64
$7.69
Earnings per share on 80.000 shares common stock
CN Last complete annual report in Financial Chronicle Feb. 8 '33, p. 1203
Net income
Prov. for Fed. inc. tax_
Prey. for retirements_ _ _
33.143
def$26 def$17.277
$55,899
8.171
150.716
Austin Nichols & Co., Inc.
x1931.
$779,456
797.942
1930.
$907.961
834,825
Net profit on sales__ _Other income
$114,318 def$41,791 def$18,486
45
103.375
965
$73.137
26,687
Prof. bet depr. & int_
Depreciation
Interest (net)
Prov. for Fed. taxes_ _
$115.283 def$41,745
11.000
15.800
4,314
7,644
15,000
384.889
21,000
6,115
x1932.
$824,575
866,366
365.500
$57,774
$76.839 def$57.060
Profit for six months
x Four months actual and two months estimated.
July 1'33, p. 140
fat Last complete annual report in Financial Chronicle
Bellanca Aircraft Corp.
1932.
1933.
ly 9 Mos. End. Sept. 30-$254,365
$543,868
Net sales
40.363
139,104
Gross profit
77,828 loss78,790
Net profit after deprec. & all other deduct
tarLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2614
Brazilian Traction, Light & Power Co., Ltd.
-Month of October- -10 Mos. End. Oct. 311932.
1933.
1932.
1933.
Gross earns, from oper.. $2,487,848 $2,246,226 $23,850,015 $24,937,353
987,875 10,710.755 10,554,592
1,117,199
Operating expenses
Net earnings
$1.370,649 $1.258,351 $13,139,260 $14,382,761
The operating results as shown in dollars are taken at average rates of
have been approximated as closely as possible, but will be
exchange. The
subject to final adjustment when the annual accounts are made up.
The above figures are also subject to provision for depreciation and
amortization.
Owing to exchange and remittance difficulties the rate of exchange adopted
for the month is necessarily arbitrary although less than the official rate
which is nominal only.
larLast complete annual report in Financial Chronicle July 1 '33, p. 133.
Brooklyn-Manhattan Transit System.
(And Brooklyn & Queens Transit System)
-Month of October- -4 Mos. End. Oct. 3119.32.
1933.
1932.
1933.
Total oper. revenues._ _ _ $4,459,633 $4,600.898 $17,073,040 $17,970,175
2,685,330 10,597,623 11,132,371
Total oper. expenses_ _ _ _ 2,693,467
Net rev. from oper__ _ $1,766,166 $1,915,568 $6,475.417 $6,846.804
1,433,186
1,325.699
391,681
349.248
Taxes on oper. propert's
Operating income__ $1,416,918 $1,523.887
66,030
62,957
Net non-oper. income_ _
35,149,718 $5,413,618
268.362
252.479
Gross income
$1,479.875 $1,589,917 $5,402,197 $5,681,980
3,233,421
3.084,906
815,983
765,657
Total income deduct'ns_
*Current income car$773,934 $2,317,291 $2,448,559
ried to surplus
$714,518
*Accruing to minor. int.
324,105
282,150
102,963
80,019
on B. & Q. Tr. Corpla'Last complete annual report in Financial Chronicle Sept. 17'33, p. 1988
Brooklyn & Queens Transit System.
-Month of October- -4 Mos. End. oct. 311932.
1933.
1932.
1933.
Total oper. revenues_ _ _ _ $1,773,896 $1,871,982 $6,774,057 $7.238,259
5,386.725
5,161,350
1.314.267
Total oper. expenses_ ___ 1,333,469
Net rev. from oper.. _
Taxes on open propert's
$440.427
127,706
2557,715 $1,612,707 31,851,534
570,152
497.731
163,587
Operating income__ _ _
Net non-oper. income__
$312.721
15,487
$394,128 31,114.976
70,532
17,257
31,281,382
70,629
3411,385 31,185.508 31,352,011
3328.208
Gross income
574.353
548,761
143.291
137,174
Total income deduct'ns_
Current income carS777.658
$636,747
$191,034
$268,094
ried to surplus
jarLast complete annual report in Financial Chronicle Sept. 17 '33, p. 1990
Bulova Watch Co., Inc.
1933-6 Ths.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
'3207.582
3266.268
3664.351
3354,434
Gross profit
167.750
2.)1.314
578.664
306.112
Expenses
$14,954
$39.8.33
$85,687
$48,322
Operating profit
18,207
81,670
32,291
124,282
Other income
$121,505
333.161
$172,604
$117,978
Total income
Interest, franchise tax,
407,609
185.094
x198.209
x529,338
write-offs, &c
38,235
31.794
69,470
58.999
Deproc.& Federal taxes_
$203,283
$304,475
3470.309
395.386
Not loss
charges for bad debts and write-downs of assets,
x Includes
arLast complete annual report in Financial Chronicle June 10'33, p. 4092
Caterpillar Tractor Co.
1933-10 Mos.-1992.
-Month-1932.
1933
Period End. Oct.31$863,359 311,348,985 311,598.502
31.439.096
Net sales
deprec.,
Net profit after
83,271 1088203,828 loss221,093 1088944,321
int. and taxes
-Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1020
147
Central Illinois Electric & Gas Co.
Gross revenue
Operating expenses
-Month of October- -12 Mos.End.Oct.311932.
1933.
1932.
1933.
3324,340 33.920,449 34.231.091
3328.046
2,248.244
194,638
2.177,895
0
197,77
Net earnings
Interest and other income charges (net)
3130,276
3129.701
31.742,559
31,982,847
76,952
79,761
925,194
918,039
Net income
Prov. for Fed, inc. tax_
Prov. for retirements
$53,324
953
44,749
349.940
def286
53,748
$ 817,360 $1,064,807
30,949
33,066
671.178
515.648
$702,128
$548,714
$53,461
$45,702
Total deductions
362.679
268,645
def3,521
7.622
Net income (loss)
complete annual report in Financial Chronicle Apr. 8 1933, p.2419
12irLast
6.149
60.886
$158.887
$60.886
$6,149
35.219
Total deductions
78,164
102,987
6,175
2,076
Net deficit
10FEast complete annual report in Financial Chronicle July 19 '33, p. 862
$99,823
21,000
13,324
1933.
6 Mos.End. Oct. 31
Gross profit on sales_ - $1.003,924
889,606
Sell.& gen. expenses_ _
5,219
Chapman Ice Cream Co.
1933.
10 Months Ended Oct. 30-
1932.
320.890
39,687
Net loss after charges
annual report in Financial Chronicle Feb. 11 '33, p. 1021
-Last complete
ItO
City Stores Co.
Period End. Oct. 31
Net profit after res. for
deprec., conting. & deduct. of min. int., but
before Federal taxes__
Oper. profit of subsids_
Holding co.loss for oblig.
on funded debt
(And Subsidiaries)
1933-3 Mos.-1932.
1933-9 Mos.-1932.
395.922 def$271,561 def$624,621def$1051,721
15.843 def368,395
320,782 loss18,431
224,860
253,130
640,464
683,325
395.922 def$271,561 def$624,621def$1051,721
Net profit
lf0 Last complete annual report in Financial Chronicle May 13 '33, p. 3350
Columbia Pictures Corp.
(And Its Subsidiary Companies)
Sept. 30'33. aSept.24 '32.
13 IWeeks Endedb Net profit before amortization of film interest
$1,445,114 $1.318.099
charges and income tax
1.072,473
1,190,178
c Amortization of film
7,311
1,019
Interest charges
Balance
Other income
3253.917
28.865
$238,315
17.508
Net profit before Federal income tax
Provision for Federal income tax
$282.782
41,003
3255.823
35,795
Net profit
Previous balance
$241,779
1,984,938
$220.028
1.296,808
Total surplus
Deduct dividends on preference stock
$2,226.717 $1.516.835
13.333
12,945
32,213,771 31.503.503
Balance
$1.23
$1.36
Earnings per share on common stock
a Does not include results of operations of Chile and Sweden for the
b After deducting $7,042 ($7,452 in 1932) depreciation in furniture
period.
and fixtures in main office and branches charged to profit and loss. c Including 338,711 ($43.375 in 1932) depreciation of studios and studio equipment capitalized to production cost.
110 Last complete annual report in Financial Chronicle Sept. SO '33, p.2467
Connecticut Electric Service Co.
1932.
1933.
12 Months Ended Oct. 31316.324.096 316,757,004
Gross operating revenue
4,814,605
4,618.111
Net income available for dividends
3.957.130
3,795,706
Balance available for common stock
1,147,991
Average number of no par common shares outstand 1,147.779
$3.45
$3.31
Earnings per average share
annual report in Financial Chronicle May 13 '33, p. 2341
7
i0 1..ast complete
Continental-Diamond Fibre Co.
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
$592,133 32.610.774 32.020.384
$1.105,827
Net sales
1,688.911
490,338 2,000.258
841.751
Cost of sales
506,478
459,944
174.268
157.663
Selling & admin. exps_ - _
3150.571 def$175.005
Operating income_ _ _ _
$106,413 def$72,473
15,441
31.718
5,724
18.887
Other income (net)
3182.289 def$159,564
$125,300 def$66.750
Total income
3.851
1.973
Prov. for income taxes
343,941
323.504
114.894
107,950
Prov. for depreciation
$15,375 loss$181.644 def$145,065 def$503.506
Net profit
at exchange rates pre-Results from foreign subs, are included
Note.
vailing during the period.
larLast complete annual report in Financial Chronicle May 1 '33, p. 3351
De Met's, Inc.
(And Subsidiaries)
Earnings for 9 Months Ended Sept. 30 1933.
Net Income after depreciation
Earnings per share on 18,935 shs. preferred stock
$7,'789
30.41
Dunhill International, Inc.
(And Sudsidiary Companies)
Consolidated Profit and Loss Account for 6 Months Ended June 30 1933.
$174,351
Sales
239.492
Cost of sales, operating, general and administrative expenses.. _
3,000
Depreciation
$68,141
Total loss
6.319
Foreign exchange
2.460
Miscellaneous credits
$59,361
Loss for period
Consolidated Surplus Analysis for 6 Months Ended June 30 1933 (adjusted
-Balance. Dec. 31 1932,
to give effect to the change in capitalization).
$464,000; reduction in stated capital from 32.278,273 to $145.866 (145.866
shares, par value $1 each), 32.132,407; total, 32.596.407; reduction in
book value of investments, $560,000; balance. June 30 1933. $2,036,407.
Earned deficit Dec. 31 1932. $143,074; deficit for 6 mos. of 1933, 859,361:
total, $202.435, leaving net surplus of $1,333,972 as of June 30 1933.
larLast complete annual report in Financial Chronicle May 20 '33, p. 3543
Eastern Gas 8c Fuel Associates.
1932.
1933.
12 Months Ended Oct. 31$11,092,311 $11,023,953
Total income
2,547,155
2.914.251
Depreciation & depletion
,4
Interest, debt discount & expense, Federal taxes,
3.980,489
4,261,306
minority interest
$3,916,754 IP.,496,309
Net income
1.103,652
1.104,961
Dividends paid on 434% prior pref. stock
Divs. paid on 6% pref. stock, exclusive of dividends on stock owned by Eastern Gas & Fuel
1,970,267
1,970,514
Associates
$841.279 $1,422.390
Surplus
$0 71
$0.42
Earns, per share on 1.987,762 shares common stock
'Lost complete annual report in Financial Chronicle Apr. 15 '33, p. 2604
3836
Financial Chronicle
Nov. 25 1933
Detroit Street Railways.
Fall River Gas Works Co.
-Month of October- -12 Mos. End. Oct. 31
Operating Revenues1933.
1932.
1933.
1932.
Railway oper. revenues. $884.105
$804,801 $10,203,861 $11,606,755
Coach oper. revenues.-230,870
237,797
2,685,753
3,279,730
-Month of October-- -12 Mos.End. Oct. 311933.
1932.
1933.
1932.
Gross earnings
$75,581
$77,854
$901,069
$958,300
Net oper. revenue
277,505
25,009
19,489
291,991
Balance before depreciation
253,179
266.949
Total oper. revenues. $1,114,975 $1,042,598 $12,889,614 $14,886,486
Operating Expenses
Railway oper. expenses_
622,723
7.023,927
8,731,538
605,662
Coach oper. expenses__
210,433
2,362,617
2,819,100
224,795
Total oper. expenses. $833,157
$830.457 $9,386,545 $11,550,639
Net operating revenues281,818
212,141
3,503,069 3,335,847
Taxes assign, to oper___
74,319
98,104
1,133,611
1,019,664
Operating income_ --_
Non-operating income-.
$207,499
3,516
$114,037 $2,369,457 $2,316,182
16,179
60,743
202,851
Gross income
Deductions
Interest on funded debt:
Construction bonds
Purchase bonds
Additions and betterments bonds
Equipment and extension bonds
Replacement and improvement bonds
Purchase contract
Bond anticipat'n notes
$211,015
$130.216 $2,430,201
Total interest
Other deductions
$157,139
7.055
$157,560 $1,850,386 $1,861,815
7,894
89,144
97,562
Total deductions
$164,194
$165,455 $1,939,531
62,923
9,637
62,923
9,637
740,875
113,475
14,637
15,058
172.946
18,870
222,190
226,413
26,084
26,084
307,125
24,985
24,985
293,774
311,030
34,147
244,141
Net income
$46,820 def$35,238
of Net Income
Sinking funds:
Construction bonds..
37,065
37,065
Purchase bonds
11,295
11,295
Additions and betterments bonds
13,589
13.589
Equipment and extension bonds
15,797
15.797
Replacement and improvement bonds
14,863
14,863
Purchase contract_ _
Bond anticipat'n notes
11,678
11,678
Total sinking funds._ _
104,289
104,289
Residue-deficit_ _
57,468
139,527
$46.820 def$35.238
$1,959,377
$490,669
$559,656
436,418
133,000
160,000
-Month of October- -12 Mos. End. Oct. 311932.
1933,
1933.
1932.
$19,280
$21,400
$227,806
$285.898
13,806
159,148
13,625
181,344
2,852
2,654
31.547
36,262
Gross earnings
Operation'
Maintenance
Total oper. expenses_
Balance
Taxes
$16,460
4,939
1,338
$190.695
37,111
18,578
$217,606
68,291
21,511
Galveston-Houston Electric Ry.
-Month of October- -12 Mos. End, Oct. 311932.
1933.
1933.
1932.
$17.790
3206.275
317.387
3255.858
9,582
10,224
114.305
149.723
40,702
3,270
3,670
51,599
Gross earnings
Operation
Maintenance
186,000
186.000
175,000
175,000
82,191
114,520
1,326,981
767,324
Total oper. expenses.Balance
Taxes
$12,852
4,535
1,335
$13,894
3,896
1.393
$155,007
51,268
19.547
$201,323
54,533
24,828
$559.656
Net oper. revenue____
Interest-(public)
$3,199
5.108
$2,502
5.108
$31.720
61,300
$29.704
61,106
137,500
1,227,918
737,249
$490.669
Deficit x
$1.908
$2.606
329.579
$31,401
x Interest on income bonds and notes has not been earned or paid and
$343,821 for 26 months since Sept. 1 1931 is not included in this statement;
also, interest receivable on secured income notes since Oct. 20 1932 in the
amount of $262.08 is not included.
$168,151 $1,695,220 $1.649,737
15,326
224,040
237,118
Balance
3149.340
$152,825 $1,471,179 $1,412,619
Other income
13,994
15.346
127,095
106,535
Gross corp. income--- $163,334
$168.171 $1,598,274 31.519.156
Interest on funded debt,
rents. &c
69,757
74,208
733,519
754,091
Available for deprec'n,
dividends, &c
$93,576
$93,962
$864,754
$765,064
Deprec'n & equalization.
99,162
98,0E6
1.057.646
1,064,592
Net inc. carried to loss
$5,585
$4,093
$192,891
$299.527
tarLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1718
Eastern Utilities Associates.
(And Constituent Companies)
-Month of October- -12 Mos.End. Oct. 311933.
1932.
1933.
1932.
Gross earnings
$713,185
$701,308 $8,214,173 $8,252.827
E. U. A. income from
6, Invest. & other sources
12.909
13,575
232,387
233,520
Pr
$726,094
$714,883 $8,446,560 $8,486,347
Net operating revenue__
336.116
309,656
3.585,938
3,579,334
Net income*
1,792,765
1,794,188
* After taxes, interest, depreciation, subsidiary preferred dividends and
minority interests.
ra'Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2067
Emerson's Bromo Seltzer, Inc.
6 Months Ended June 301933.
1392.
1931.
Net income after taxes, interest, &c._
3640,973
3777,178
$775,067
Earnings per share on 675,543 shares combined
class A and II stocks (no par)
$0.80
$1.00
$1.00
125'Last complete annual report in Financial Chronicle April 8 '33, p. 2432
Emporium Capwell Corp.
(And Subsidiaries)
12 Months Ended Oct. 311933.
1932.
Net profit after deprec., int., Fed. taxes, &c__-- $285,948 loss39,821
Earns, per sh. on 412,853 shs. cap. stk.(no par)__
$0.65
Nil
x This does not include $218,925 profit realized on purchase and retirement of bonds, or a write-down in value of buildings and non-operating
real estate of $458,284.
WLast complete annual report in Financial Chronicle April 13'93, p. 2617
Federal Water Service Corp.
(And Subsidiaries)
12 Months Ended Sept. 301933.
1932.
Operating revenues
$15,999,570 $16,634,473
Operating expense
4,473,529
4,740,665
General expense charged to construction
Cr21,624 Cr118.793
Reserved for uncollectible accounts
211.666
116,289
Amortization of rate case expense
224,848
137,459
Special legal & other expenses of Federal Water
Service Corp
118.805
130,076
Maintenance
616,219
702,003
Reserved for retirements & replacements _____
1,079,531
919,581
General taxes
1,223,156
1,302,593
Reserved for contingencies
170,000
170,000
Net earnings from operation
Other income
Gross corporate income
Charges of Subsidiary Companies
Interest on funded debt
Amortiz. of debt disc't, miscel. interest, &c
Provision for Federal income tax
Dividends on preferred stock paid or accrued
Dividends on preferred stock, not declared
Charges of Federal Water Service Corp.
Interest on debentures
Miscellaneous interest & other charges
General Railway Signal Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after deprec.,
tam,&c
8132.551 prof$243,461 prof$97.725 p11459,336
Earns. per sh.on 320,700
shs. corn. stk.(no par)
Nil
$0.65
Nil
$1.11
IGEFLast complete annual report in Financial Chronicle Feb. 4 '33, p. 850.
Hagerstown Light & Heat Co. of Washington County.
-Month of October- -12 Mos.End. Oct. 131932.
1933.
1933.
1932.
$15,830
$163.784
$185,384
$14,746
9,187
9,776
110,280
115,659
Gross revenues
Operating expenses
Net earnings
Interest and other income
charges (net)
$5,558
$6,053
$53.503
1,304
1,403
16,520
15.416
Net income
Prov. for Fed. inc. tax
Prov. for retirements
$4,254
335
1,200
$4,650
367
1,309
$36,982
2,436
14,830
$54,307
3,584
15,458
Total deductions
Net income
$1,535
2.718
$1,677
2.973
$17,267
19.715
$19,043
35.264
5,077,556
333,341
311,220
540.544
800,953
386,072
252,413
386,073
260,964
$532.458 $1.124,502
Net Income
FO Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1714
-
1933-9 Mos.-1932.
$630,796
$765,772
522,182
525,841
25,590
33,126
53,753
49,823
Net profit
$29,270
379,918
$156,980
315,161
Earns, per sh. on 1,000,000 shs. (par 25c.)
capital stock
$0.03
$0.08
$0.16
$0.02
During the third quarter of 1933, 44,447 tons were mined; 8,298.003
pounds of lead produced, the average price being $4.43: 144,881 pounds of
zinc produced, the average zinc price was $4.81; 207,087 ounces of silver
produced; the average silver price was $0.38. •
farLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1895
Houston Electric Co.
-Month ofOctober- -12 Mos.End.Oct.311932.
1933.
1933.
1932.
3182.371
3176,063 81,952,205 $2,197,383
990,492
1.110.250
86.120
83,927
348,342
266,240
23,084
23,768
215,050
19,630
240.318
14.582
Gross earnings
Operation
Maintenance
Taxes
Net oper. revenue_ _
Int. & amort. (public).-
353.536
22.265
$53,786
24,600
$480,422
279,963
$498.451
300,523
Balance x
$200,458
829,185
831,271
$197,928
x Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Interest not declared or paid to Oct. 31 1933 amounts
to $20,400 and is not included in this statement.
During the last 32 years the company has expended for maintenance
a total of 13.35% of the entire gross earnings over this period, and in
addition during this period has set aside for reserves or retained as surplus
a total of 9.69% of these gross earnings.
$8,072,435 $8.835,153
4,963,081
317,602
278,871
378,603
963,334
$69,724
Hecla Mining Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
Gross income
$303,429
$205,625
Operating expenses
188,503
164.016
Taxes accrued
17,407
9,782
Depreciation
17,600
16,655
87,903,439 $8,534,599
168,995
300,554
$18,478
2,802
1,394
Net oper. revenue x__
$1,407
$18,532
$3,601
$46,780
x Interest on 8% secured Income bonds is deducted from surplus when
declared and paid. Last payment was July 31 1933 and interest for three
months since then not declared or paid is $4,200 and is not included in this
statement.
160,000
-Month of October- -10 Mos. End. Oct. 311933.
1932.
1933.
1932.
Railway oper. revenues_ $487,132
$491,471 $4,859.237 $5,299,094
Railway oper. expenses317,349
323,319
3,164,017
3.649,356
$169,782
20,442
Galveston Electric Co.
476,269
133,000
Eastern Massachusetts Street Ry.
Net rev, from operTaxes
Net profit
$981,362 $1,107,327 $2,312,830 $2,245,831
Shs. common stock outstanding (no par). _ _ 811,786
814,566
814.566
811 788
Earnings per share
$1.26
$2.62
$1.10
$2.56
PZ9'Last complete annual report in Financial Chronicle June 10'33, p.4080
179,203
18,870
-3Mos. Ended- -6 Mos. Ended5ept.30'33. Oct. 1 '32. Sept.30'33. Oct. 1 '32.
$1.418,716 $1,539,477 $3,240,176 $2,099,890
274,764
255,227
541,301
499,125
162,590
176,923
386,045
354,934
Operating profit
Depreciation
Federal tax
750,121
116,758
r Disposition
Total
$2,519,034
First National Stores, Inc.
Period-
Hudson & Manhattan RR.
Gross oper. revenue_ __ _
Oper. exps.& taxes
-Month of October- -10 Mos. End. Oct. 311933.
1933.
1932.
1932.
$788,330 36,675.160 $7,783,708
$673.702
3,859.688 4,206,176
392,795
391,358
Operating income_ _ -Non-oper. income
$282,343
26,403
$363,534 $2,815,471 $3,577,529
248,813
25,983
282,660
Gross income
Income charges
$308,747
315,202
$389,518 $3,084,284 $3,860,189
313,941
3,146,409
3,151,972
Net income
$75,577 def$82,124
def$6,455
$708,217
129
-Last complete annual report in Financial Chronicle Apr. 8 '33, p. 2419
Financial Chronicle
Volume 137
3837
Haverhill Gas Light Co.
National Tea Co.
-Month of October- -12 Mos.End. Oct. 311932.
1932.
1933.
1933.
Gross earnings
$651,010
$49,268
$53,496
$592,366
Net operating revenue
13,421
14,923
144,093
166,633
Balance before depreciation
140,460
162,023
Indian Motocycle Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-4932.
Net sales
$521,480
$186,660
$141,900
$761,566
Net loss after all charges
9,644
50,049
58,974
94,030
arLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1026
International Hydro Electric System.
Period End. Sept. 30- 1933-3 Mos.-1932
1933-12 Mos.-1932
Total rev., incl. other inc$15,512,978 $15,013,787 $61,850,343 $64,701,273
Net rev, before int.,
depreciation, &c
8,618,004
8.425,130 35,285,233 36,370,779
Interest-subsidiaries
3,339,578
3,403,690 13.681.306 13,424,368
Int.-Internat'l HydroElectric System
472,265
483,956
1,903,301
1,886,110
Amort. of disc., subsidiaries' dive. & amts.
applic. to min. stocks
of subsidiaries, &c_ _ 3,172,715
3.072,186 12,396,105 12,869.052
Depreciation
1,196,576
4,997,627
4,738,331
1,200,560
Balance for dive. on
System stocks
Divs.on System stocksPref.stock,convertible
$3.50 series
xClass A stock
$436,870
122,837
$264,738 $2,306,894 $3,452,918
124,952
485,416
499,807
858,197
Bal, after dividends__
$314,033
$139,786 $1,821,478 $2,094,914
x Unpaid cumulative dividends on class A stock from April 1 1932 to
Sept. 30 1933, amount to $2,574,591.
Note.
-In the above statement all figures have been stated at parity of
exchange without adjustments of differences between Canadian and
United States funds. It is the practice of the company to take into current
operations any profit or loss on exchange at the time funds are actually
transferred.
rOMast complete annual report in Financial Chronicle April 22'33, p.2791
International Paper & Power Co.
(And Subsidiaries)
Period End. Sept.30-- 1933-3 Mos.-1932.
Gross sales
$37,329.985 $30,249,610
Net rev., I ncl. other inc 11,844,557
8,249.605
Int., inc. taxes,& subsid.
dive, paid or accr'd
7,854,165
7,934,254
Depreciation, depletion,
amort. of discount_ _ _ 2,634,445
2,633,101
Accumulated unpaid sub.
dive. & min.interests _
924,688
683.817
1933-9 Mos.-1932.
$99.014.558 $97,376,379
31,112,439 29,164,555
23.718,540 24.464,065
7,959,972
7,979,190
2.777,158
1.978,671
Net loss
prof$431,259 $3,001,567 $3,343.231 $5,257,371
(In the above statement all figures have been stated at parity of exchange
without adjustment of differences between foreign and United States
funds. It is the practice of the company to take into current operations
any profit or loss on exchange at the time funds are actually transferred.)
lag
-Last complete annual report in Financial Chronicle April 22 '33, p. 2805
Lockheed Aircraft Corp. of Calif.
Period End. Sept. 30 19333 Months. 9 Months.
Net earnings after all charges
$20,283
628.117
Earnings per share on 177,665 shares capital stock
(par $1)
$0.11
30.15
$2,166.630
1,969,040
104,643
33.019
Net profitfrom operations
Other income
$59,929
25,017
Total income
Other charges
$84,946
6,117
Net profit
Deficit Dec. 31 1932
Adjustments for taxes, royalties & other expenses
$78,828
99.247
1,297
Deficit
Adjustment of inventories
$19,121
5,644
Deficit Sept. 30 1933
$24,765
Consolidated Statement of Capital Surplus Sept. 30 1933.
Capital surplus-Dec. 31 1932
61,917,414
Adjustment for taxes, royalties, receivables & other expenses
affecting period prior to recapitalization on Nov. 1 1932_
4,844
Addition through purchase of pref. stock at less than issue price
900 shares in treasury
52,008
refunds & duty drawbacks applicable to period prior to
Tax
recapitalization on Nov. 1 1932
14,799
Total
$1,989,065
Adjustment of deprec. reserve applicable to period prior to
recapitalization on Nov. 1 1932
14.971
Capital surplus Sept. 30 1933
$1,974,094
raTLast complete annual report in Financial Chronicle Mar 11 33, p. 1728
Market Street Ry.
Gross earnings
Net earnings (incl. other income, before provision for retirements)
Income charges
Month of
Sept. 1933.
$616,591
12 Mos. End.
Sept. 30 '33.
$7,396,087
104,514
46,739
991,931
574,653
$57,774
$417,277
Balance
la"Last complete annual report in Financial Chronicle Apr, 15 '33. p, 2606
Murray Corp. of America.
(And Subsidiaries)
1932.
1931.
1933.
1930.
9 Mos. End. Sept. 30-$212,667 $1,204,486 $2,411.298
$830,817
Gross profit
136,116
248.746
132,646
407.119
Other income
$348,783 $1,453,232 82,818,417
$963,463
Total income
771.267
846.298
722,176
898.611
Expenses, &c
$606,934 $1,919,806
$241,287 loss$422,484
Balance
855,246
951,812
461,380
903,982
Depreciation
141,793
123.894
160,275
172,617
Interest
92.949
Federal taxes
$505.153 prof$750.258
$343,986 $1,419,523
Net loss
11,834
12,614
12.844
J. W. M.Mfg. pref. dive
6517.767 sur$737,414
$343,986 $1.431.357
Deficit
A profit of $133,359 is shown for the third quarter of 1933 as compared
with a loss of $293.106 in the third quarter of 1932.
WEast complete annual report in Financial Chronicle April 22 1933,
p. 2808, and April 29 1933, p. 2986.
New England Gas & Electric Association.
1932.
1933.
$12,968,866 $13,723,654
9.857,450 10,262,116
12 Months Ended Sept.Total operating revenues
Total operating expenses, &c
$3,111,416 $3,461,538
294,910
263,692
Operating income
Other income
$3,406,326 $3,725,230
Gross income
188,202
239.161
Interest on funded and unfunded debt
Income applicable to stock of subsidiary company
89,691
89,954
held by public
Cr41,447
Cr6.749
Interest during construction
$3,134,919 $3,437,825
Balance
New England Gas & Electric Association:
Interest on funded debt
Interest on unfunded debt
Balance available for dividends & surplus
Dividends on $5.50 preferred shares
2,215,516
11,363
908,040
549,970
2,150,948
2,896
1,283,982
549,939
$734,042
$358,070
Balance
rgrLast complete annual report in Financial Chronicle June 24'33, p.4460
New York State Electric & Gas Corp.
12 Months Ended Sept. 30Electric revenues
Gasrevenues
Steam heating revenues
1932.
1933.
$11,789.857 $11,880,397
1,134,394
996,201
141,661
126,031
$12,912,089 $13,156,452
Total operating revenues
6,427.462
6,472.854
Operating expenses
874,174
1,049,823
Maintenance
523,102
262,670
Provision for retirement, renewals & replacements
997,718
1,060.729
Taxes
Operating income
Other income
$4,066,013 $4.333.996
76.357
155,608
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest during construction
$4,221,622 $4,410.353
1.647.888
1,584,835
148,860
97,242
118,424
119.744
Cr.76,684
Cr.45,738
$2,465,539 $2,571,864
Net income
'Last complete annual report in Financial Chronicle May 20 '33, p. 3534
North American Edison Co.
(And Subsidiaries)
1930.
1931.
12 Mos.End.Sept.30-- 1933.
1932.
Gross earnings
$80,775,666 $87,505,602 $96,529,9716100,399,332
Oper. exp.. maint. & tax 41,467,028 43,993,320 49,725.872 51,360,062
Int. charges (incl.amort.
of bond disc. & exp.)_ 15,010,522 15,558,425 13,583.095 12,912.153
4.896.338
Pref. dive. of subs
5,060,823
4,996,104
4,971,616
1,765,863
Minority interests
1,360,855
1.160,378
872,423
Approp. for deprec. res_ 11,336,805 11.731.640 11.522,831 10.878,969
Bal, for dive. & surp- 67,117,272 $10.065,737 $15,276,495 $18,585,947
11W-Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1719
Ludlum Steel Co.
Earnings for 9 Months Ended Sept. 30 1933.
Net sales
Cost of sales & operating expenses
Depreciation
Taxes
-16 Weeks Ended- ---40 Weeks Ended
PeriodOct. 7 '33. Oct. 8'32. Oct. 7 '33. Oct. 8'32.
Net profit after deprec.,
Federal taxes, &c_ _ _ _
$458.386
$106,917
$217,133
$999,027
Shs. corn. stk. outstand.
628,166
628.166
648.153
(no par)
648,153
$0.62
Earnings per share
$1.44
$0.12
$0.16
W7,ast complete annual report in Financial Chronicle Mar. 4 '33, p. 1565
North American Light & Power Co.
(And Subsidiaries)
1930.
1931.
12 Mos.End. Sept.30-- 1933.
1932.
Gross earnings
639,990.421 $41,930,408 $47,057,219 $47,020,851
Net after exp. & taxes_ _ 17,717,232 19,386.823 21,806,245 21,066,235
Total income
17,883,719 19,860,161 23,400,610 22,148,567
Net profit after sub.chgs.
& dive., taxes, interest
5,393,630
5,066,606
& depreciation
1,075.763
loss490,849
'Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1719
North Central Texas Oil Co., Inc.
1933-9 Mos.-1932.
Period End. Sept. 30-- 1933-3 Mos.-1932.
Net profit after charges,
depletion, &c., but be-$41,148
$8,076
fore Federal taxes..___
$16.595
$8,545
laPLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2439
Ohio Oil Co.
(And Subsidiaries)
9 Months Ended Sept. 30
Sales
Cost of sales
1932.
1933.
$29,472,601 $38,228,065
24,886.460 26,182,760
Operating profit
Other income
$4,586.141 $12,046,305
148,094 Dr129,075
Total income
Taxes
Depreciation and depletion
$4,734,235 $11,917.230
1,304.830
1,647,571
4.336,854
5,020,495
Net loss
Preferred dividends
Common dividends
$1,933,831 pf$6,275,546
2.555,155
2,543,019
2,636,738
Deficit
.
$4,476,850 sr$1,083.653
Earns, per sh. on 6,563,107 shs. corn. stk.(no par)_
Nil
$0.56
For the quarter ended Sept. 30 net profit was $1,206,849 after taxes
and charges, equal after preferred dividend requirements to five cents a
share on 6,563,107 no par shares of common stock, excluding shares in
treasury. This compares with a net profit of $2,177,348, or 20 cents
a common share, in the September quarter of 1932.
arLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1732
Philadelphia Rapid Transit Co.
Period End. Sept.30-- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Operating revenue
$7,803,345 $8,098,214 $25,042,763 $28,295,923
Operation and taxes_ _ _ _ 5,714,867
6,289.189 17,771,879 21,102,424
Operating income_
$2,088,477 $1,809,025
Non-operating income__
76,417
171.489
$7,270,885 $7,193,499
444,343
256,810
Total
62,164,894 $1,980,515
Payments to city: Sink'g
fund, Frankford Elev.
& Broad St. subway
rental
490.852
450,607
Fixed charges
2.150,209
2,418,222
67,527,696 67,637.842
1,453,464
6,509,583
1,321,822
7,276,062
$960,043
Deficit
$476,166
$435,350
6888,314
r4PLast complete annual report in Financial Chronicle Mar.4 1933, p. 1547
3838
Financial Chronicle
Nov. 25 1933
Pet Milk Co.
Sonotone Corporation.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after all chges. $216,976
$40,603
5590.772
$160,451
Shs. corn. stk. outstand_
442,139
441,354
441.354
442,139
Earnings per share
Nil
$1.17
$0.44
$0.30
tzrLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2084
Earnings for 6 Months Ended June 30 1933.
Pittston Co.
9 Months Ended Sept. 30Net sales
Costs and expenses
1932.
1933.
$21,965,659 $24,935,750
21.409,223 24,819,547
Operating profit
Other income (net)
$556,436
233.400
$116,203
542,189
Total income
Interest (net)
Depreciation, depletion and amortization
Provided for Federal tax
Loss on sale and dem,of property
Minority interest
$789,836
509.994
799.003
2,572
27,601
182.734
$658,392
585.785
848,734
22,450
162,572
216,742
Net loss
$732,068 $1,177,891
For the quarter ended Sept. 30 1933 net profit was $44,228 after taxes
and charges, equal to four cents a share on 1,075,100 (no par) shares capital
stock, and compares with net loss of $297,664 in the September quarter
of 1932.
IZ'Last complete annual report in Financial Chronicle April 22 1933
p. 2809, and April 29 1933, p. 2988.
Remington Arms Co., Inc.
5 Months Ended May 311933.
1932.
Net loss after taxes and charges
$571,514
$247,296
larLas( comple4 annual report in Financial Chronicle Apr. 15 '33, p. 2627
Renner Co.
Earnings for 3 Months Ended Sept. 30 1933.
Net income after depreciation & other charges
Earnings per share on 450,000 shares capital stock
Total sales
Allowances & discounts
Cost of sales
Selling & administrative expenses
General & administrative expenses
Deductions from income
$330,088
44,334
83,114
79,138
58.794
15,009
Operating profit
Other income
$49,699
11.143
Total income
Provision for taxes. &c
$60.842
12,220
Net profit
$48,622
Southern Bell Telephone & Telegraph Co.
Operating revenues
Uncollectible oper. rev
-Month of October--10 Mos. End. Oct. 311933.
1933.
1932.
1932.
$2,935,313 $4,091,510 $39,014,264 $42.897,362
25,144
65.000
517,933
635,000
Operating revenues_ _ _ $3,960,457 $4,156,510 $39,532,197 $43,532,362
Operating expenses
2,749,163
2,699.692 26,553,813 29,559,160
Net oper. revenues._. $1,211,294 $1,456,818 $12,978,384 $13,973,202
Operating taxes
494,185
482,757
4,870,453
4.945,545
Net oper. income_ _ _ _
$728,537
$962,633 $8,107,931 $9,027.657
10 Last complete annual report in Financial Chronicle Mar. 4 1933, p. 1549
-
Standard Fruit & Steamship Corp.
(And Subsidiaries)
Earnings for 9 Months Ended Sept. 30 1933.
Consolidated net profit after all charges
Depreciation
$2,761,948
706,503
$53,275
$0.12
Net profit
$2,055,445
KErLast complete annual report in Financial Chronicle May 13 33, p. 3362
Period End. Sept. 30- 1933-3 Mos.-1932. 1933-9 Mos.-1932.
Net profit after taxes,
int., deprec.. &c
$65,594 loss$66.603 1055540,023
$259,223
Note.
-Above figures are subject to foreign exchange adjustment.
tarLast complete annual report in Financial Chronicle June 24'33, p. 4475
-Month of October- -12 Mos.End. Oct. 311932.
1933.
1933.
1932.
Gross earnings
$299,341 $3,675,327 $3,849,787
$316,999
Net oper. rev. after depr.
99,140
94,812
1,298.857
1.369.194
Balance for dividends and surplus
1,277,262
1.331,276
rarLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1016
Roanoke Gas Light Co.
Thompson Products, Inc.
Tampa Electric Co.
Ritter Dental Mfg. Co., Inc.
-Month of Oaober- -12 Mos.End. Oct.311932.
1932.
1933.
1933.
$37,770
$425,508
$465,596
$36,170
22,251
17,669
224,297
222,770
Gross revenues
Operating expenses
Net earnings
Interest & other income
charges (net)
$242,825
$13,919
$20,100
$201.210
8,600
8,842
106,434
102,564
Net income
Prov. for Fed. inc. tax
Prov. for retirements_
$5,318
287
2,703
$11,258
919
2,897
$94,775
6.925
31,820
$140,261
9,738
35,564
Total deductions
Net income
$2,990
2,328
$3,816
7,441
$38,745
56,030
$45,302
94,958
(And Subsidiaries)
Period Ended Oct. 31- 1933
-Month-1932, 1933-10 Mos.-1932.
Net loss after deprec. &
other charges
$9,357
$17,676prof$271,009
$92,637
rt'Last complete annual report in Financial Chronicle May 6 33, p. 3178
San Diego Consolidated Gas & Electric Co.
-Month o'
September- -12 Mos.End.Sept.301933.
1932.
1933.
1932.
$553,916
3570.603 $7.055,525 $7,701,063
236.287
270.058 3,048,362
3,919.166
def70
2.063
3.201
6,878
Gross earnings
Net earnings
Other income
Net earnings, including other income.._ $236.217
$272,122 $3,051.563 $3,926,044
Balance after interest
2,196,002
3.131,361
ra''Last complete annual report in Financial Chronicle May 13 '33, p 3344
Water Service Companies, Inc.
12 Months Ended Sept. 30Total income
Administrative expenses and taxes
Interest on funled debt
Interest on unfunded debt
Amortization of debt discount and expense
Miscellaneous deductions
1933.
$72.615
4.981
47,377
9,370
5,645
1,185
1932.
$128.839
5,126
49,938
33,222
5,937
1,460
Net income (before net loss on sale of securities)_
$33,156
$4,057
-Last complete annual report in Financial Chronicle June 3 '33, p. 390
Weston Electrical Instrument Corp.
Schulco Co., Inc.
Earnings for Nine Months Ended Sept. 30 1933.
Rents
Interest on first mortgage
Depreciation on buildings
Other expenses
Walworth Co.
(And Subsidiaries)
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-9 MOs.
-1932.
Net loss after deprec..
int., taxes, &c
$347,926
$45,036
$797,708
829,354
12P Last compsete annual report in Financial Chronicle Feb. 25 '33, p. 1394
-
$451,161
216,506
109,620
9,921
Net income from operations
Other income
$115,114
59,107
Total income
Int. on guar. 6;i% mtge. sinking fund gold bonds
$174,220
218,879
9 Mos.End. Sept.30-Profit after expenses___
Other deduct. (net)_--Depreciation
Federal taxes
Net profit
Class A dividends
Common dividends_
1933.
$36,586
3,415
103,236
1932.
loss$8,787
18,053
102,399
1931.
$112,468
14.856
1930.
$677,612
32,472
10,228
76,103
det$70,065 def$129,239
52,200
$87,384
52,200
78,500
55%) 23
:3
:c
109,950
Sierra Pacific Electric Co.
Deficit
$70,065
$181,439
$43,316 sur$385,259
For the quarter ended Sept. 30 1933, net profit was $9.121 after taxes
and charges, equivalent to 24 cents a share on 37.400 no par shares of class
A stock. This compares with net loss of $29,785 in the September quarter
of 1932.
I09 Last complete annual report in Financial Chronicle March 26 1933, p.
2087 and May 13 1933, p. 3$64.
(And Subsidiary Companies)
-Month of October- -12 Mos.End. Oct. 311932.
1933.
1933.
1932.
Gross earnings
$123.167
$119,971 $1,387,382 $1,495,004
534,334
644,976
Net operating revenue
36,003
45,575
408,926
Balance before depreciation
549.728
IreLast complete annual report in Financial Chronicle Feb. 4 '33, p. 843
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after charges,
taxes and dividends of
class A stock
$249,392
$18,668
$117,742 def$34,099
120 Last complete annual report in Financial Chronicle Mar. 18 33, P. 1907
-
Net loss
$44,658
larLast complete annual report in Financial Chronicle May 13 '33, p. 3361
Wilcox-Rich Corp.
General, Corporate and Investment News
STEAM RAILROADS.
Surplus Freight Cars -Class I railroads on Oct. 31 had 385.137 surplus
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was an increase of 8.319 cars compared with Oct. 14, at which time there
were 376,818 surplus freight cars.
Surplus coal cars on Oct. 31 totaled 110.730 cars, a decrease of 96 cars
below the previous period, while surplus box cars totaled 227,761, an increase of 9,041 cars compared with Oct. 14.
Reports also showed 18,663 surplus stock cars, an increase of 1,039 cars
compared with Oct. 14. while surplus refrigerator cars totaled 9,796, an
Increase of 23 cars for the same period.
Matters Covered in the "Chronicle" of Nov. 18. (a) Gross and net earnings
of United States railroads for the month of September, p. 3548:(b) 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, p. 3606: (c) Pierre S. du Pont urges
co-ordination for railroads-Calls for end of wasteful competition-New
rail recovery group organized, P. 3606.
Algoma Central Terminals, Ltd.
-Bondholders to Meet.
Announcement is made that a meeting of holders of 5% 1st mtge. debenture stock and bonds has been called for Nov. 30 in London, Eng., for the
purpose of considering extraordinary resolutions: That the interest on
the 5% 1st mtge. debenture stock and bonds to become due on Dec. 31 1933
(Incl. Interest at the rate of 5% per annum on the interest on the debenture
stock and bonds, the payment of which was postponed until Dec. 31 1933,
pursuant to the provisions of the supplemental trust deed), and to become
due thereafter up to and incl. Dec. 31 1936. shall be postponed and shall
only become payable on such date or dates (not in any event being later
than June 30 1937) as may from time to time be fixed by the committee
constituted by the supplemental trust deed. Provided always that the
said interest the payment of which is so postponed (other than interest at
the rate of 5% per annum on the interest on the debenture stock and bonds
the payment of which was postponed until Dec. 31 1933, pursuant to the
provisions of the supplemental trust deed) shall Itself carry interest at the
rate of 5% per annum calculated from the original due date down to the
date or dates upon which the same shall become due under the terms of
this resolution.
-V. 134. p. 1573.
(The) Chesapeake Corp.
-Increases Quarterly Dividend.
-The directors on Nov. 21 declared a quarterly dividend of
63 cents per share on the capital stock, no par value, payable
Jan. 1 1934 to holders of record Dec.8 1933. This places the
stock on a $2.50 annual dividend basis and.compares with 50
Financial Chronicle
Volume 137
cents per share paid each quarter from July 1 1932 to and incl.
Oct. 2 1933 and 75 cents per share quarterly from Oct.1
1927 to and incl. April 1 1932. A stock distribution of
33 1-3% was also made on July 1 1929.
Bonds Reduced.Asof Oct.31 1933 $5,179,000 Chesapeake Corp. bonds had been converted
Into Chesapeake & Ohio Ry. common stock. Bonds have been reduced
from $48,000,000 originally issued to $37,104,000. This reduction was
accomplished as follows: 55,179.000 bonds have been converted into
Chesapeake & Ohio Ry. stock and $5,717,000 have been retired through
sinking fund. The outstanding bonds are secured by 2,331,528 shares of
-V. 137, P. 3674.
Chesapeake & Ohio By. stock.
Chicago & Eastern Illinois Ry.-Salary of Trustee.
The salary of Charles M. Thomson, trustee, has been fixed at $25,000
-S. C. Commission.
-V.137.
a year, commencing Sept. 15 1933, by the I.
P. 2803.
Chicago & North Western Ry.-Listing of Gen. Mtge. 5s.
The New York Stock Exchange has authorized the listing of $3.862,000
additional gen. mtge. 5% bonds, due Nov. 1 1987, (stamped as to nonpayment of Federal income tax) on official notice of Issuance and distribution, making the total amount applied for $40,853,000.
The $3,862,000 general mortgage bonds are to be issued in exchange for
50% of the par value of $7,724,000 Fremont, Elkhorn & Missouri Valley
RR.consol. mtge. bonds, due Oct. 1 1933, in accordance with the terms of
the refinancing plan dated June 15 1933.
liThe holders of the Fremont, Elkhorn & Missouri Valley RR. consol.
mtge. bonds were offered 50% in cash and 50% in the general mortgage
5% bonds. The cash was advanced by the Reconstruction Finance Corporation and the plan has been declared in operation by the company.
Income Account 7 Months Ended July 31 1933.
$40.331,369
Operating revenues
33.233,036
Operating expenses
Net revenue from railway operations
Taxes
lJncollectible railway revenues
$7,098,332
4,120,000
13,211
Railway operating income
New rental deductions
$2,965,121
1,604,377
Net operating income
Non-operating income
$1,360.743
1,849,597
Gross income
Deductions from gross income
$3,210,341
10,179.411
$6.969,069
Net loss
General Balance Sheet.
July 31'33.
July 3133. Dec. 3132.
Liabilities-Assets-Capital stoek_183,217,224
Inv. in toad and
equipment_ _563,473,743 563,590,839 Funded debt held
17,405
by public_ _349.951.000
Dep with trustee
17,405
995,924 Funded debt held
Misc. phy. prop. 1.013,332
by co.& due
Inv. in still. cos. 75,921,953 74,465,148
from trustee:
Other Investm'W 4,329,697 4.346,843
Unpledged___ 17,348,000
Cash
7,006,536 3,781,474
70,359,000
8,500 Pledged
Special deposits_
62,700
Loans& bills pay 24,459,019
Loans and bills
115,468 Traffic & car ser116.991
receivable_ _ _
vice bal. pay_ 2,904,523
Net balances rec.
Audited accts. &
from agents &
wages payable 4,876,188
conductors._ _ 2,060,980 1,425,632
83.583
Misc. accts. rec. 6,840,128 8,696,054 Mlso.accts. pay.
8,221,552 Int. matured unMaterials & sup. 7,714,705
630,743
paid
Int. & dive. rec. 4,637,756 3,936,637
183,588 Divs, matured
184,541
Other cur. assets
62,055
unpaid
Capital stock and
p scrip In trees_ 2,347,721 2,347.721 Unmet.Int.accr. 3,901,139
321,599
Other curr.!lab.
Co.bonds held In
5.685,789
Tax liability_
treas, and due
Prem,on funded
from trustee:
497,838
Unpledged ___ 17,348.000 14,428,000 debt
70,359.000 69.646.000 Accrued deprec.
Pledge
Otb. unad . deb. 2,458.494 1,623,695 -Equipment_ 59,441,538
Oth.unad. cred. 1,735,509
Add.to property
through surp _ 3,194,116
Profit and loss__ 37,224,816
765,893,689 757,830,487
Total
. 137, p. 3674.
Total
Dec. 31'32.
$
183,217,224
344,061,700
14,428,000
69.646,000
24,439,889
2.874,260
3,702,903
67,046
607,309
62,055
2,996,139
104,732
5,641,600
527,543
56,865,708
1,038,691
3,193,165
44,358,517
765,893,688 757,830,486
Chicago Rock Island & Pacific Ry.-Trustees Appointed
by Federal Court.
Federal Judge James H. Wilkerson on Nov. 22 appointed three trustees
o
t take charge of the company pending a hearing on the bankruptcy petition Dec. 28.
The appointment was made in accordance with the demands of five
bondholders' committees and the Reconstruction Finance Corporation,
which lent the system $13,500.000 of Federal funds.
The trustees are James E. Gorman, President; Frank 0. Lowden,former
Governor of Illinois, and Joseph B. Fleming of Chicago.
Judge Wilkerson, after naming the trustees, issued an order restraining
the RFC or several New York and Chicago banks from selling securities
of the road held by them as collateral for unpaid loans.
Must Pay Interest on Gen. Mtge. 4s.
Payment of Interest on all gen. mtge. 4% bonds, Including those pledged
as security for the 1st & ref. 4s, when and as funds are available, was
also ordered by Judge Wilkerson.
Holders of the refunding issue had sought to prevent payment of interest
on only the gen. 4s outstanding in the hands of the public: amounting to
$61.581,000. The company claimed that funds were not available for
interest also on the $38,000,000 bonds pledged. The present order upholds
the contention of the 1st & ref. mortgage holders.
Unless interest is paid on the general mortgage by Jan. 1 the holders
will have the right to foreclose. Interest was payable July 1.
Rejects Commission's Approval of Merger Hinged on Acquisition of Wichita Line.
-S. C. Commission's "conditional"
The company has rejected the I.
approval, announced in August, of the plan for unification of its properties.
Approval of the unification was asked of the Conunission as a step toward
reorganization of the capital structure. It was approved by the Commission subject to the condition that the Rock Island "agreed and undertake
to abide by such findings as we may hereafter make with respect to the
.
acquisition of the line of the Wichita Northwestern Ity. at the commercial
value thereof, or the operation thereof, or both, that may be made in an
ancillary proceeding or proceedings. in which the question of public convenience and necessity also shall have consideration."
The Wichita Northwestern has been in receivership since 1922. To take
it over, the Rock Island would be obligated to assume debts to the U. S.
Government, State taxes and so forth, aggregating about $746,000, in
addition to the purchase price at the "commercial value," whatever that
might be. This was considered to constitute what might be termed an
indefinite liability. Rejection of the Commission's terms followed a hearing on a petition to have the paragraph relating to the Wichita Northwestern
stricken from the Commission's approval; this the Commission refused.
Representatives of the several Rock Island bondholders' committees approved rejection of the plan and official action to that effect was then taken
iuy the directors.
The unification plan proposed by the Rock Island did not involve the
acquisition of any lines of road not completely owned by the Rock Island
through stock ownership and forming part of the company's system, so
that neither the public interest nor the private interest of any other line
of railroad was affected.
3839
The petition to the Commission to strike out the paragraph relating to
the acquisition of the Wichita Northwestern took the following grounds:
That the company had no legal power to make the agreement required of it
as a condition precedent to the granting of the application; that under the
facts set forth in the application and of record in the proceeding there was
no occasion or justification for the requirement of such agreement as a
condition to granting the application for unification.
Because of bankruptcy proceedings, all of the Rock Island's property is
under the jurisdiction of the Court. Under those circumstances, it is
without power to acquire the outside line or to make any commitment
with respect to its acquisition. If the Wichita line were acquired, provision
would have to be made in the plan of reorganization for payment therefor
in cash or securities.
-V.137, p. 3674
Cincinnati New Orleans & Texas Pacific Ry.-Resumes
-The directors on Nov. 21 declared a dividend
Dividend.
per share on the common stock, par $100, payable
of
Dec. 26 to holders of record Dec. 5. Regular semi-annual
distributions of $4 per share had been made on this issue
to and incl. June 24 1932. In December 1926, 1927, 1928,
1929 and 1931 an extra dividend of 3% was also made on
the common stock. A special cash distribution of 50%
was made on Dec. 26 1930, while on April 29 1920, the company paid a 200% stock dividend.
The regular quarterly dividend of $1.25 per share on the
pref. stock also was declared, payable Dec. 1 to holders of
record Nov. 25.
President Fairfax Harrison stated that earnings for the
calendar year 1933 applicable to the common stock will
approximate 20%.
Ernest E. Norris has been elected Vice-President in charge
of operation to fill the vacancy caused by the death of Henry
W. Miller.
Of the $8,970,000 common stock, $6,147,900 or 68.5%,
is held by the Southwestern Construction Co. The Baltimore & Ohio RR.owns 36% of the stock of the Construction
company,and the Southern Ry.,together with its subsidiary,
the Alabama Great Southern RR., owns 64%.-V. 136,
p. 2966.
-Extra Dividend.
Columbus & Xenia RR.
An extra dividend of 5 cents per share has been declared on the capital
stock, par 350, in addition to the usual quarterly dividend of $1 per share,
both payable Dec. 11 1933 to holders of record Nov. 25. This makes a
total of 83% paid during 1933. the same as in 1931 and 1932.-V. 135.
P. 3854.
-812,000,000 Note
Delaware & Hudson RR. Corp.
Issue.
The company has applied to the I.
-S. C. Commission for authority to
issue up to $12,000,000 in notes which would mature not later than Nov. 1
1935. Of this sum $9,599,151 would be used to refund outstanding notes
due not later than April 1 1935.-V. 137. P. 2973.
Detroit & Mackinac Ry.-To Default Interest.
The interest due Dec. 1 1933, on the mortgage 4% bonds, due 1995
and on the 4% 1st lien bonds due 1995 will not be paid on that date.
The Committee on Securities of the New York Stock Exchange rules
that beginning Nov. 20 1933, and until further notice,the bonds shall be
dealt in "flat" and to be a delivery must carry the Dec. 1 1933, and subsequent caoupons.
The committee further rules that in settlement of all contracts in the
bonds on which interest ordinarily would be computed through Nov. 20
1933, interest shall be computed up to but not including Nov.20 1933.V. 136. p. 2794.
Mahoning Coal RR. Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1577.
Maine Central RR.
-Removed from List.
The New York Curb Exchange has removed from unlisted trading privileges the common stock, par $100.-V. 137. p. 3495.
-Bonds Extended.Middletown & Unionville RR.
-year 6% gold bonds.
Tne company Is notifying holders of its 1st mtge.20
-S. C. Commission has authorized the extension
due Nov. 1 1933, that the I.
of these bonds to Nov. 1 1943 and fixed the rate of interest at 5% per annum. Tne bonds and the signed extension agreement should be forwarded
to Empire Trust Co.. 120 Broadway, N. Y. City, on or before Jan. 1 1934.
-V.137. p. 3324.
-Equipment Loan Requested.
Midland Continental RR.
The company has requested the I.
-S. C. Commission's approval of a
loan of $60,000 from the Public Works AdministraVon to purchase an oil
electric locomotive. The road would issue equipment trust certificates as
security for the loan and also assign its railway mail pay, amounting to
$7,804 annually.
-V. 124, p. 369.
-Receiver's Certificates.
Minneapolis & St. Louis RR.
-S. C. Commission on Nov. 14 approved the issuance of 81.185,000
The I.
of receiver's certificates to renew or extend certificates of like principal
amount which will mature Nov. 25 1933.
On Oct. 7 1933 the U. S. District Court for the District of Minnesota.
Fourth Division, authorized the company to extend or renew for a period
of six months or longer, at a rate of interest to be agreed upon, obligations
to banks and trust companies evidenced by receiver's certificates amounting to $1,185,000. or to issue new certificates in lieu of those outstanding.
-V.137, p. 3146.
-Sells Lehigh Shares-Proceeds
New York Central RR.
-Road Likely to Dispose of Its
Pay $1,000,000 Bank Loans
Reading Stock.
The company has reduced its bank loans by $1,000,000 through sale in
the open market of the 50,000 shares of Lehigh Valley RR.common stock
which was owned by its affiliate. the Securities Corp. of the New York
Central RR., according to the "Wall Street Journal," which further states:
"The Central no longer needs the Lehigh Valley for another line from
New York City to Buffalo. In the last consolidation plan agreed to by the
four principal trunk lines and the I.
-S. C. Commission, the Lehigh Valley
was allocated to the Chesapeake & Ohio-Nickel Plate system and the Delaware Lackawanna & Western was assigned to the Central to serve as a
new line to Buffalo.
"To have received sufficient proceeds from the sale to have paid off
$1,000,000 in loans. Central had to receive $20 a share or more for its Lehigh.
"The 50.000 shares sold by the Central originally cost $3.829,636, or
$76 for each $50 par Lehigh share.
"In 1927, when L. F. Loree, in behalf of the Delaware & Hudson Co..
of which he is President, was buying up Lehigh Valley shares, the New York
Central sold part of its Lehigh holdings at such a good profit that the cost
of the 50.000 shares just sold was, in effect, reduced to about $4 a share.
On this basis the New York Central made about $800,000 on the 50,000
share sale.
"At the close of last year the Central owned 262.900 shares of Reading
Co. common stock, 136.800 shares of 1st ef. stock and 300,300 2d pref.
stock, which altogether represent about 26% of Reading stock outstanding.
The Baltimore & Ohio, to which the Reading was assigned in the last con-S. C. Commission,
solidation plan agreed to by the trunk lines and the I.
owns around 50% of Reading stock. In all probabill'y the Central will
sell its Reading holdings when the Baltimore & Ohio is in a position to Pay
for them and after the Central feels sure that it can get control of the Delaware Lackawanna & Western. Central has disposed of none of its Reading
so far.
3840
Financial Chronicle
"It is not believed that the Van Sweringen interests have as yet acquired
any Lehigh Valley stock in furtherance of their Chesapeake & Ohio-Nickel
Plate system."
Asks to Issue Notes.
The company has asked the I.
-S. C. Commission for authority to issue
$75,000,000 promissory notes bear ng not more than 6% interest and
payable on time or on demand. The issue will include 869.743,145 in renewal of outstanding notes and he balance goes to provide funds for general corporate purposes.
The application also requests permission to pledge and repledge $175,000,000 ref. & impt. mtge. 5% series C bonds as collateral for the notes.
A total of $93,800.000 of these bonds are now pledged under outstanding
notes.
The note issue authorization does not cover notes issued for loans from
the Reconstruction Finance Corporation, of which $25,078,037 are secured
by the pledge of $57,075,000 of the series C bonds.
-V. 137. p. 3324.
New York Susquehanna & Western RR.
-Trustee.
-
The Manufacturers Trust Co. has been appointed as successor trustee to
the Harriman National Bank & Trust Co. for the New York Susquehanna
& Western RR.
% equipment gold notes, series D.
-V. 136. p. 2065
National Railways of Mexico.
-Earnings.
Earnings for Year Ended Dec. 31 1932.
(In Mexican Currency.)
Railway operating revenues
Railway operating expenses
Uncollectible railway revenues
Operating revenue
tre of equipment
-credit:
'Ire of freight cars
-credit balance
Rent from locomotives
Rent from passenger train cars
Rent from work equipment
Total revenue
Hire of equipment
-debit:
Hire of freight cars
-debit balance
Rent for locomotives
Rent for passenger train cars
Rent for work equipment
Joint facility rent income
Joint facility rents
73,460,461
69,328,921
9,480
4,122,060
472,204
243.476
259,381
3,033
5,100,154
4,320,768
8,713
1,359,196
3,814
Cr.103.010
8,575
Loss
Non-operating revenue:
Income from leased roads
Income from miscellaneous rents
Exchange account
Miscellaneous interest
Net loss
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
Income applied on sinking funds, &c
,
72,860
153,065
256,418
Dr.387.816
403,375
320,821
83
4,714
18,404,416
4,134,491
348.908
2,289,434
497,902
Loss carried to profit and loss statement
Previous deficit
Losses sustained acc't road & equip, withdrawn from service
Charges account revenues of previous periods
Other charges
25,906,242
385,538.884
348,142
504.582
379,739
Total deficit
Profits derived from sale of road and equipment
Credits account revenues of previous periods
Over charges unclaimed
Donations
Other credits
Cancellation of reserves
412,677,589
16.854
1,102,022
707
124,620
7,056,987
17.404,201
Debit balance carried forward to general balance sheet
-V. 137. p. 1577.
386,972,199
St. Louis
-San Francisco Ry.-Trustees Ask Permission
to Abandon Branches.
Authority to apply to the I.
-S. C. Commission for abandonment and
dismantlement of various branch lines of the company was granted Nov. 16
to James M. Kurn and John G. Lonsdale, trustees for the road, by U. S.
District Judge Faris at St. Louis. Application was filed with the Commission on Nov. 23.
Judge Faris authorized the trustees to retire numerous old tracks and
buildings of the railroad which are said to be no longer necessary or useful
in operation. It was estimated this obsolete property cost $535,000 to
construct and will have an animated salvage value of $134.000.
The branch lines to be abandoned are:
Part of Aurora Branch, 23.6 miles, extending from Mt. Vernon, Mo.,
to Greenfield, Mo.
Weir Branch, extending 2.7 miles from Weir Junction, Kan. to Weir
City, Kan.
Coal Branch, 2.8 miles from Weir City, Kan. to Mackie, Kan.
Bloomfield Branch, extending 17.3 miles from Van Duser. Mo.to Bloomfield, Mo.
Zalma Branch, extending 8.6 miles,from Brownwood. Mo.to Zalma. Mo.
Chadwick Branch, extending 26.1 miles from Galloway, Mo. to Chadwick. Mo.
Marquette Branch, extending 23.9 miles from Marquette. Mo. to Brooks
Junction, Mo.
Those parts of Kansas City, Clinton & Springfield Ry., extending from
Belton, Mo., to South Clinton., Mo. and from Tracy Junction, Mo. to
Phenix, Mo., total distance 110.3 miles.
Parts of Carterville Branch, from Galena, Kan., to Wells City, Mo.,
13.86 miles.
The trustees were given authority to enter a contract with the City of
Kansas City, Kan. and the Missouri
-Texas RR.for construction of
-Kansas
a viaduct at the intersection of Seventh Street traffic way and the Frisco
and M-K-T tracks in Kansas City. Cost is to be apportioned among the
three parties.
Trustees' Salaries Fixed.
The I.
-S. C. Commission has fixed the dalaries of J. NI. Kurn and John G.
Lonsdale. trustees, at $25,000 and $18,000, respectively. The salary of
E. T. Miller, counsel for trustees, has been fixed at $18,000.-V. 137, p.
3675.
Seaboard Air Line Ry.-Reduces Fares.
S. B. Murdock, General Passenger Agent, has announced that the road
will reduce passenger fares by 44% beginning Dec. 1. or as soon thereafter
as possible. Mr. Murdock stated that a one-way rate of 1 Si cents, good
In coaches only, would be established over the entire Seaboard system.
"The new rates also will include schedules of three cents a mile, one way,
good in Pullmans," Mr. Murdock continued. "Other changes include
30
-day round trip tickets, good in Pullmans, for 2ji cents a mile and
15
-day round trip tickets, good in Pullmans, at two cents a mile. These
rates will be offered to all connecting lines for establishment of through
rates will be in effect until May 1 1934."
The road announced about a week ago that it planned to reduce coach
rates to two cents a mile for a one-way coach.trip. Apparently a deeper
cut WAS decided upon.
-V. 137, P. 3676.
Southern Pacific Co.
-Abandonment of Branch.
-S. C. Commission on Nov. 9 issued a certificate permitting the
The I.
company to abandon that part of its Monmouth branch extending from a
point at or near Dallas t o the end of the branch at Monmouth, about 6.75
miles, all in Polk County, Ore.
-V. 137, p. 3325.
Yazoo & Mississippi Valley RR.
-Bonds Authorized.
-S. C. Commission on Nov. 18 authorized the company to extend
The I.
from Jan. 1 1934 to Jan. 1 1939 the maturity of 817,037,000 of gold improvement bonds.
Nov. 25 1933
Authority was also granted to the Illinois Central RR. to continue to
pledge of $1,605,000 of Yazoo & Mississippi Valley RR. gold improvement
bonds with the Railroad Credit Corporation as collateral security for loans.
That part of the application which requested authority for the Illinois
Central RR. to continue the pledge of $14,949,000 of Yaz000 & Mississippi
Valley RR. gold improvement bonds with the Reconstruction Finance
Corporation as collateral security for loans, was dismissed as no authority
from the Conunission is required under Section 204 of the Inter-State
Commerce Act to pledge bonds as collateral for loans from the Finance
Corporation. The'bonds, as extended, will be subject to Public Resolution
No. 10, of the 73d Congress, approved June 51933.-V. 137. p. 3146.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Nov. 18
during week ended Nov. 11 1933, p. 3559.
Electric output increased
Allegheny Gas Corp.
-Payment on Bonds.
Holders of first mortgage and collateral 61i% gold bonds due Nov. 1
1943 are being notified by Chase National Bank, New York, trustee, that
payment will be made of the distributive shares, payable out of the proceeds
of the foreclosure sale of this property and out of the proceeds of sale of the
unmortgaged property of this corporation in respect tof the bonds at the
,
rate of $45.04 per $1,000 bond with May 1 1932 and.all subsequent coupons
attached.
Under the decree confirming the sale, made by the circuit Court of
Kanawha County, W. Va., on Nov. 4 1933, the holders of such bonds
are entitled, in lieu of receiving the above-mentioned payment, to participate in the reorganization of Allegheny Gas Corp. proposed by the plan
of reorganization dated Jan. 16 1933 by depositing their bonds under the
plan at any time on or before the expiration of 180 days from the date of
said decree. See also V. 136, p. 840.
Altoona & Logan Valley El. Ry.-Plan Operative.
J. C. Neff, Chairman of the bondholders' protective committee, in a
notice to holders of the company's consolidated mortgage 434% gold bonds,
due Aug. 15 1933, announces that upwards of 96% of the total'principal
amount of outstanding bonds has been deposited with the committee under
the plan of reorganization dated June 15 1933 (V. 137, p. 1762), and that
the plan has been declared operative by the committee. The time for
further deposit of bonds under the plan has been extended to Dec. 15 1933,
according to the announcement.
Depositaries of the committee are New York Trust Co., New York, and
Fidelity-Philadelphia Trust Co. and Tradesmen's National Bank & Trust
Co., both of Philadelphia. M. S. Altemose, 135 8. Broad St., Philadelphia, Is Secretary.
-V. 137, p. 2975.
American & Foreign Power Co. Inc.
-Earnings.For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
Comparative Balance Sheet.
AssetsJune 30 '33. Dec. 31 '32.
Investments in subsidiaries, &c
$493,592,203 $494,011,790
Cash
7,075,614
4,795,153
Loans receivable-subsidiaries
37,525,486 37,836,472
Accounts receivable-subsidiaries
925,209
2,361,003
Notes and loans receivable for subscriptions to
securities of subsidiaries
56,779
Accounts receivable-others
87,951
34,710
Stock and debenture subscription rights
23,910.000
23,910,000
Contracts receivable-subsidiaries
858,720
689,373
Claim receivable
64,005
64,005
Unamortized discount and expense
7,387,036
7,674,412
Bankers'acceptances
29,978
Special deposit
149,263
Contingent assets
30,165
Sundry debits
1.891
400
Total
$571,694,303 8571,377,318
Liabilities
Capital stock
x$393,938,272 $393,938,270
Capital stock subscribed
2,180
2,180
Gold debentures, 5% series due 2030
50,000,000
50,000,000
Notes and loans payable-Banks
--due Oct. 26
50,000,000
50,000,000
Electric Bond & share Co
35,000,000 35.000,000
Contracts payable
818,270
679,668
Accounts payable
41.443
308,719
Accrued accounts
2,769,316
2,688,317
Uncalled subscrip.llab. for secure,ofsubs
23.910,000 23,910,000
Sundry credits
911
18,662
Contingent liability
30.165
Surplus
15,035,527
14,979,716
Total
8571,694,302 8571,377.318
x Represented by 478,995 she. $7 pref. stock; 387,025 shs. $6 pref. stock
(inclusive of 6.65 shs, of scrip): 2,644,121 shs. $7 second pref., series A;
1,895,630 shs, of common stock and option warrants to purchase 6,829,970.8 sta. of common stock for $25 per sh. (one 8h. of second pref. stock
acceptable in lieu of cash with warrants for four shs. in full payment for
-V. 137, p. 3147.
four abs. of common stock).
American Water Works & Electric Co., Inc.
-Output.
Output of electric energy of the company's electric properties for the week
ended Nov. 18 1933, totaled 33,065,000 kwh. an increase of 16% over the
output of 28,584,000 kwh. for the corresponding period of 1932.
Comparative table of weekly output of electric energy for the last five
years follows:
Week EndedOct. 28.
Nov. 4.
Nov. 18.
Nov. 11.
32,725,000 31.484.000 33,629,000 33,065,000
19
932
33
28,826,000 29,752,000 29,026,000 28,584,000
31,699,000 30,119,000 30,522,000 30,177.000
9
35,535,000 34,745,000 34,851,000 34,384,000
1193301
38,991,000 38,428,000 38,644,000 37,490,000
1929
-V. 137, p. 3675, 3495.
Associated Gas & Electric Co.
-Releases Final Report
-Report Gives Figures for Year's Operations and
for 1932
Cites Progress of Plan of Recapitalization.
The company in its complete report for 1932 cites gross operating revenues of $84,826,456 for the year. Total operating expenses, maintenance,
taxes, &c. were $55,142,725. Taxes alone, at $6,491.966, were 4609.557
above the previous year. After deducting these items, net operating
revenue of $29,683,731 remained. Other income of $3,038,904 brought
gross income to $32,722,635. Tne report shows a balance of $4,309,430
after the fixed charge deductions from icome.
-which carries the
The figures for the 1932 operations in this report
certificate of a nationally known firm of certified public accountants
-are
practically the same as those in the condensed report released last May,
The text of the report recites the progress which has been made since
the first of the year in meeting the maturing obligations of certain of the
company's subsidiaries. Obligations of Staten Island Edison Corp. and
Pennsylvania Electric Co. were paid off out of current earnings or extended.
The unforeseen inability permanently to fund maturing issues (due to the
absence of even a moderately satisfactory market for the highest grade
bonds) has resulted in a serious strain on the cash resources of the company.
Declining earnings resulting from mounting taxes and lower rates (which
are both uncontrollable) have aggravated the situation.
In view of these difficulties the company has submitted a voluntary
plan for rearrangement of its debt structure to its debenture holders.
This plan, carefully worked out in the best interests ofsuch security holders,
proposes in general to reduce the fixed interest charges of the company,
As of October 30.31,000 debenture holders had deposited their securities
under the plan.
A considerable portion of the complete report is concerned with figures
and charts describing records of operations in recent years, increases in
security holders, new bubiness department activities, employee insurance
and other interesting data of this character.
Weekly Output Up 6.5%.
Net electric output of 53,875,458 units (kwh.) for the week ended Nov.
18 brought the Associated system output 6.5% above the corresponding
week of last year.
Gas output, at 369,534,200 cubic feet, was up sharply increasing 6.9%.
due to house heating during the recent cold weather.
Comparative Consolidated Statement of Earnings 12 Months Ended Sept. 30.
-DecreaseAmount.
1933.
1932.
Electric revenues-residential__ _$24,320,295 $24,850,609 $530,313 21
Power
860,223 4.7
17,366,398 18,226,622
Commercial
994,888 7.3
12,627,227 13,622,116
Municipal
193,712 3.4
5,350,266
5,543,979
Electric corporations
3,661,283 x108,844 x2.9
3,770,127
Railways
929,254
1,109,089
Total sales-electric
Miscellaneous revenue
Total electric revenue
Gas revenues-residential
Commercial
Industrial
$10,935.377 $11,658,509
41,677
28,798
$10,964,175 $11,70(t,187
$736,011
-Reorganization Plan.
---'fiederal Public Service Corp.
$723,132 6.2
12,879 30.9
Total gas revenue
-Earnings.
-Eastern Gas & Fuel Associates.
For income statement for 12 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V.137. p. 3147.
$64,550,682 $67,193,289 $2.642,607 3.9
$8,651.577 $9,428,806 $777,228 8.2
120,110 7.6
1,447,064
1,567,175
662.528 x174,206x26.2
836,735
Total sales-gas
Miscellaneous revenue
Certificates of deposit may be surrendered to Drexel & Co., Philadelphia, depositary, or to J. P. Morgan & Co., New York, or Fidelity Union
Trust Co., Newark. N. J., agents for the depositary.
-V.137, p. 1240.
$64,363,570 $67,013,700 $2,650,129 3.9
x7,522 x4.1
187,111
179,589
Water, transportation, heat and
miscellaneous revenues_ $6,209,451
Total operating revenues
Operating expenses
Taxes
6.2
$7.417,482 $1,208,030 16.2
$81,724,310 $86,310,959 $4,586,649 5.3
$40,239,359 $41,747,294 $1,507,934 3.6
6,857,991
6,896,493
38,502 0.5
Net operating revenue
$34,626,958 $37,667,171 $3.040,213 8.0
Prov, for retirements (renewals,
replace.) of fixed capital, &c
6,801,255
8,354,169 1.552,913 18.5
Operating income
$27,825,703 $29,313,002 $1,487,299
5.0
Surplus Account 12 Months Ended Sept. 30 1933.
$1,151,029
Income on non-utility subsidiaries
Other interest, dividends, &c
1,142,798
Total other income
Other expenses
$2,293,828
955,214
Net other income
$1,338,613
Gross income
$29,164,317
Fixed Charges & Other Deductions
Operating companies:
Interest on funded debt
$9,456,894
Interest on unfunded debt
428,707
1,916,813
Preferred stock dividends
Accrued dividends on pref. stocks not intercorporately owned y180,33;
Group companies, &c.:
Interest on funded debt
3,000,379
Interest on unfunded debt
292,500
Preferred stock dividends
25,741
Accrued dividends on pref. stocks not intercorporately owned
z44,473
Associated Gas & Electric Corp.:
Interest on funded debt
889,823
Interest on unfunded debt
1,462
Sub-total
Credit for interest during construction
t.
Total underlying deductions
Balance
Interest of Associated Gas & Electric Co., &c.
On fixed interest debentures
On income debentures_
Other funded debt interest
On interest-bearing scrip
On unfunded debt
$16,237,135
150,456
$16,086,678
&13,077,638
$12,109,468
11,038
205,407
46,263
18,993
Bal.for int. on Junior obligations cony.into stk. at co.'s option
(incl. other chgs. ranking therewith, which are subordinate
to fixed int, of the co. upon funded & unfunded debt), &c__
$686,467
x Increase. y Including $4,646 earnings applicable to, common stocks
of sub. cos. held by public. z Exclusive of that portion of charges ranking
after interest of Associated Gas & Electric Co.
Balance Sheet Sept. 30 1933.
AssetsLiabilities
Inv. in & advs. to subs.$657,507,145 Capital & surplus
$189,256,481
203,323 Oblige. cony.into stocks
Cash & special deposits.
Int. divs., &c. receiv-3,904,558
at company's option_ 94,851,371
Suspense
321,491 Funded debt
272,768,170
Debenture bonds held
Accounts payable
2,724
In escrow
48,006,470 Matured int. unclaimed
287,165
Accrued interest
3,617,592
Res. for contingencies
130,000,000
Miscellaneous reserves_ 19,159,484
Total
$709,942,989
Total
137, P. 3676, 3496, 3325, 3147. 2975.
Associated Telephone & Telegraph Co.
-Earnings.
-Barcelona Traction Light 8c Power Co., Ltd.
-Interest,
,
5
Holders of the 53 % 1st mtge. bonds have the option of receiving the
interest due on these bonds either in pesetas or Canadian currency at the
prevailing rate of exchange. Both principal and interest on these bonds
-V. 137. P. 484.
are payable in pesetas.
-Director.
Buffalo Niagara & Eastern Power Corp.'
Alex B. Robb, Vice-President and General Manager, has been elected
--y. 137, P. 2460.
a director.
ti & Suburban Bell Telephone Co.
-Removed
ork Curb Exchange has removed from unlisted trading
The New
Privileges th capital stock, par $5 .-V. 136, p. 1013.
-Earnings.
Connecticut Electric Service Co.
For Income statement for 12 months ended Oct. 31 see "Earnings De-V. 137, p. 2976.
partment" on a preceding page.
Consolidated Traction Co.(N. J.).-5% Bond Extension
Plan Declared Operative-Over 95% of Issue Deposited.
-year gold bonds due June 1
With over 95% of the $15,000,000 5% 40
1933 having been deposited under the plan and deposit agreement dated
April 24 1933, Public Service Corp. of N. J. has declared the plan operative
as of Nov. 20 1933. Holders of the bonds tvho had not already deposited
were entitled to become parties to the plan by depositing their 13onds prior
to the close of business Nov. 29 1933. Under the plan bondholders were
given the option of a five-year extension of their bonds or a cash payment
of $650.
Holders of certificates of deposit issued under Option A of the plan are
being notified to surrender their certificates on or after Dec. 1 1933, and,
In accordance with the terms of the plan, receive in exchange for each 31,000
principal amount thereof $1,000 principal amount of Consolidated Traction
Co. gold bonds extended at 5% until June 1 1938. Interest coupons,
Including that for the six months' interest duo Dec. 1 1933, will be attached
to the extended bonds.
Holders of certificates of deposit issued under Option B are being notified
to surrender their certificates on or after Nov. 20 1933, and, in accordance
with the terms of the plan, for each $1.000 principal amount thereof receive
$650 cash, plus interest in the amount of $23.47, being at the rate of 5%
per annum on $1,000 from June 1 1933 to Nov. 20 1933.
Announcement has been made by the reorganization committee of a
plan which has the unanimous approval of the various protective committees
and of the U. S. District Court for the Northern District of Illinois. Under
the plan new securities will be issued on the following basis:
The holders of the old first lien gold bonds, 6% series of 1927, will be
entitled to receive for each $1,000 principal amount of deposited bonds.
$500 in principal amount of new 6% bonds, 10 shares of new $25 par value
6% preferred stock, and 42 shares of new common stock represented by
voting trust certificates.
The holders of the old convertible 6% gold notes will be entitled to
receive 80 shares of new common stock represented by voting trust certificates for each %),000 principal amount of deposited notes.
The holders of the old 65i% cumulative preferred stock will be entitled
to receive 3 shares of new common stock represented by voting trust
certificates for each share of preferred stock deposited.
The holders of the old common stock are given no recognition In the
Plan. Further details another week.
Removedfrom List.
The New York Curb Exchange has removed from unlisted trading privileges the 63% preferred stock, par 3100.-V. 134, p. 4658.
-Earnings.
Federal Water Service Corp.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Balance Sheet Sept. 30.
1931.
1932.
1933.
AssetsPlant, property, equipment, &c--$173,420,664 $172,390,282 $172,823,729
9,939,004
6,678,191
6,552,832
Investment in affil. & other co.'s348,187
80,187
75,233
Miscellaneous special deposits_ _
Special deposit for redemption of
Scranton-Spring Brook Water
815,490
1,358,266
1,536.874
Service notes
2,068,854
1.490,144
1,599,650
Cash and working funds
74,816
86,164
(See f)
Notes receivable
511,423
488,028
Unbilled revenue
106,368
82,119
Prepaid taxes, insurance, &c
4,246,705
2,141,505
f 2,175,911
a Accounts receivable
1,025,867
903,270
862,709
Materials and supplies
287.618
37,983
• 52.054
Miscellaneous assets
3,004,549
2,988.171
2,983,221
Commission on capital stock
Debt discount and expense in pro2,466,897
2,293,474
2,417,797
cess of amortization
445,943
446,114
446,114
Organization exp. of parent co_ - _
1.850,082
1,647,007
1.084.850
Other def'd chges. & prep'd accts..
$193,778,059 $193,158,547 $199,397.742
Total
Liabilities
$7.019,500
$7,019,500
$7,019,500
F. W. S. Corp.5% gold debs
Funded debt of subsidiaries held
99,586,500
96.837,500
96,453,700
by public
3,500.000
3,396,500
2,119,250
Short-term notes
1,629,469
Deferred liabilities
5,450,925
5,384.340
5,883,010
Notes payable
346.617
245,585
236.189
Accounts payable
1,267.865
1,262.360
1,234,842
Interest earned
432,845
44,787
38,320
Dividends accrued
1,394.426
1,602,656
1,770.483
Taxes accrued
260,620
82.339
122,905
Miscellaneous accruals
214,486
Purchase money obligations
433,657
432,732
438,352
Minority interests
621.312
2,178,387
2.171,829
Deferred income-Unearned rev._
12,315.444
12,964,653
13,662.192
Reserves
620,080
651.380
685,260
Contributions for extensions
22,308.827
22,307,504
Subsidiary co. cumul. pref'd stock 22,251,936
15,160,647
15,246,385
b15,179,360
Cumulative preferred stock
e13,685,705 e13,676,022 c16,194,883
Common stock class A
2,500,000
2,500,000
d Common stock, class B
7,"566.184
--- 3,415,858
3,277,102
Capital & paid-in surplus
3,073.451
3,910.062
5,048,122
Earned surplus
$193,778,059 $193,158,547 $199,397,742
Total
a After reserve for uncollectibles of $311,640 in 1933 and $223,181 in
1932. b Represented by 159,156 shares of no par value. c Represented
by 567,968 class A shares, 1,933 class A scrip and 542,450 class B shares.
all of no par value. d Represented by 542.450 shares of no par value.
Represented by 569,533 (569.069 in 1932) shares of no par value. f Includes notes receivable.
-V. 137. p. 2272.
-Earnings.
Holyoke Water Power Co.
Years End.Sept.30-Net oper. Income
Other income
1933.
$323.014
48.831
1932.
3342.213
55,407
1931.
5355.493
64,341
1930.
$421.735
76.495
Gross income
Gen.exp.& other chgs--
$371,845
92,270
$397,620
95.799
$419,834
109.546
$498,230
94.129
$279,575
Net profit
Prey.surpl.(adjusted).- 4,295,077
7,036
Adjust.. &C.,credits...
Dr1,109
Spec.chgs. to surplus__ _
1,840
Inc. in mkt. val. of WC.-
$301,821
4,422.934
$310,288
4.504.345
$404,101
4.542,755
Dr66,697
Dr48,480
Dr22,250
Dr8.621
$709,942,989
For income statement for 6 months ended June 30 see "Earnings De-V. 137, p. 1411.
partment" on a preceding page.
Cincin
frm List.
3841
Financial Chronicle
Volume 137
Total surplus
Dividends
Taxes
$44,582,420 $4,609.578 $4,792,383 34,938,235
384.000
336.000
288,000
288,000
42,000
33.500
26.500
38,700
$4,255,720 34,295,077 34,422,883 54.512.235
Surplus,Sept.30
Shs, capital stock out24,000
24.000
24.000
24.000
standing (par $100)..
315.08
$12.92
$12.58
$11.65
Earnings per share
Condensed Balance Sheet Sept. 30.
1932.
1933.
Lialyllittes-1932.
Assets1933.
82.400,000 82,400,000
Y35921,464 $5,953,741 Capital stock
x Property
116,418 Res. for Fed. Inc.
117,258
Investments
35,982
26.500
taxes(est.)
1st mtge. notes tee.
328,870 Unreal, profit on
(due after 1 yr.)_ 314,090
53,954
54,657
real estate sales_
279,834
401,819
Cash
19,128
22,905
Accounts payable_
Other notes rec.
Salaries and wages
(due on demand
1,518
1,661
accrued
or aftet 1 yr.)..
67,393
57,586
72,000
72,000
Ctfs. of deposit... 363,748
340,000 Dividend payable_
274
199
U.S.Treas. notes
110,951 Dividend unclaim.
City it, town notes_
10,000
110,000 Local taxes payable
140,217
186,818
Other notes receiv.
Oct. 15
(due within 1 yr.)
I
78 State taxes pay'le
4,434
6,077
Accts.rec.(less res) 118,652
162,697
Oct. 20
65,000
65,000
1st mtge. notes rec.
Other reserves__ _ _
55
550
(due on demand
Unearned interest_
or within 1 yr.).
4,550
11.747 Res.for maint.and
500,000
Div.& int. teo. acImprovement.._ 500,000
4,255,720 4,295.077
crued
6,293 Surplus
5,040
Fuel and supplies_
40,723
53,419
81,739
108,024
Advanced expenses
Accts. rec. (not
93,589
current)
$7,552.760 87,696,964
Total
37,552,760 87,626.964
Total
x Unimproved real estate owned prior to 1913 is valued on the basis of
assessed values April 1 1913. other property at cost. y After deducting
$1.390,939 reserve for depreciation in 1933 and $1,342.046 in 1932.V.137, p. 2102.
3842
- Fit
List.
Financial Chronicle
burg Gas & Electric Light Co.
-Removed from
The qew York Curb Exchanr)has removed from unlisted trading prive
ileges t e stock trust certificat , par $25.-V. 136, p. 2605.
---General Public Utilities Co.
-Removed from List.
The New York Curb Exchange)has removed from unlisted
privileges the $7 preferred stock (n par).
-V.137. p. 147.
List....,
---- Hartford Gas Co.
-Removed from
,l
g
The New York Curb Exchange has removed from unlisted trading
privileges the common stock, par $25.-V. 136. P. 4459.
-Earnings.
International Hydro-Electric System.
For income statement for 3 and 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1413.
----. International Ry., Buffalo.
certifiesu
-Removed from List.
ding
The New York Curb Exchange has removed from unlisted
privileges the voting trust
for common stock, par $100.-V. 137.
p. 3497.
Lone Star Gas Corp.
-Common Div. Payable in Stock.
The directors on Nov. 18 declared a quarterly dividend of 16 cents per
share on the common stock, payable in 6% cum. cony. pref. stock, par
$100, payable Dec. 30 to holders of record Dec. 12. A similar payment
has been made quarterly since and including June 30 1932.
On March 31 1932 the company made a cash distribution of 15 cents
per share on the common stock, as compared with 22 cents per share previously paid each quarter.
-V.137. p. 2807. 2462. 2273.
Mass. Northeastern Street Ry.-Properties to Be Sold.
Robert B. Stearns of Boston, receiver, announced Nov. 23 the sale at
auction of all property of the company, except cash, as a whole or by
parcels, at Merrimac. Mass. on Jan. 5 1934. No sale will be complete
-V.137,p. 1050.
Federal court in Boston.
untilconfirmed by an order of
Middle West Utilities
Issues Statement.
-
-Noteholders' Committee
Co.
Nov. 25 1933
The committee has definitely taken the position that it will oppose putting
the company into bankruptcy and will co-operate with other parties in
interest to keep the system together under the management of equity receivers until such time as a reorganization may be effected.
Other Settlements Made and in Prospect.
During the negotiations for the bank settlement, the committee suggested
a disposition of the conflicting claims between Middle West Utilities Co.
and Midland United Co. So far as the claims went, the committee made
no contention that Middle West had any defense against the claim of'
Midland United. A settlement of these claims has been effected and approved by the Court. The result of this settlement was, in effect, as follows: The claim of Middle West against Midland, totaling $1,155,000,
was set off against the net claim of Midland against Middle West, totaling
$1,464,362, and in addition thereto Midland delivered to Middle. West
66,000 shares of Midland United Co. common stock. Thus, there was a
further net reduction in claims against Middle West of over $300,000,
and the free assets were further increased by said shares of stock.
Looking toward the future, the committee has taken the position that,
so far as possible, settlements should be made with creditors holding collateral or asserting set-offs or counter claims. The committee has suggested
about 18 of such possible settlements which it wishes to have made and in
which, quite naturally, it will endeavor to see that the final result is advantageous to Middle West. Inasmuch as few, if any, of these settlements
involve questions oflaw or of fact, and must be handled purely on a business
-V.137, p. 2807.
basis, the committee cannot give you details at this time.
-Earnings.
New England Gas & Electric Association.
For income statement for 12 months ended Sept. 30 see "Earnings De-V. 137, p. 141.3.
partment" on a preceding page.
-Removed from ListgHaven Water Co.
The New York Curb ExchanOzas removed from unlisted trading privileges the capital stock, Par $50.-V. 136. p. 2798.
-Removed from List.
---New York & Richmond Gas Co.
The New York Curb Exchang
leges the 6% preferred stock, p
as removedfrom unlisted trading prif
100.-V. 137, P. 2462.
-Earnings.New York State Electric & Gas Corp.
For income statement for 12 months ended Sept. 30 see "Earnings
-V.137, p. 2977.
Department" on a preceding page.
The noteholders' committee, in a report dated Nov. 6 to holders of certificates of deposit for serial convertible gold notes, states in part:
-New Directors.
-Stock Div.
North American Co.
The committee wishes to state plainly that this letter is merely a report
The directors on Nov.24 declared a quarterly dividend of 2% in common
to certificate holders so that they may be informed of what is going on.
Jan. 2 to holders of record Dec. 6.
stock on the common stock, payable
The Bank Settlement Agreement.
A like amount was paid on April 1, July 1 and on Oct. 2 last.
In April 1933 the committee, on behalf of noteholders, negotiated and
The company previously had been paying 2%% each quarter In common
settlement with four secured creditors, namely,
successfully concluded a
stock.
First National Bank of Chicago, Continental Illinois National Bank &
Louis H. Egan of St. Louis and Sylvester B. Way of Milwaukee have
Trust Co., Central Republic Trust. Co. and Halsey. Stuart & Co. As a
been elected directors to fill vacancies in the board. Both are directors of the
result of this settlement certain securities were returned to the receivers
North American Edison Co.and are the operating heads of North American
and are now held among the free assets, subject to the claims of unsecured
subsidiaries, Mr. Egan as President of Union Electric Light & Power (Jo.
creditors and, in addition thereto, certain obligations owed by Middle
and subsidiaries and Mr. Way as President of The Milwaukee Electric
West Utilities Co. were either eliminated entirely or limited as to amount.
By. & Light Co. and associated companies in Wisconsin.
The principal items of the settlement are as follows:
Following the meeting President Frank L. Dame announced the appointment of Clinton W. Hough as Vice-President of the North American Co.
-The following securities were returned to the
(a) Securities Returned.
v. 137. P. 3876.
the four secured creditors:
receivers by
Par Value, Prior Lien dk Pref. Stocks-(Cont.) Sin.
Bonds-Earnings.
North American Light & Power Co.
Southwestern Light & Power Co.
Arkansas-Missouri Power:
For income statement for 12 months ended Sept. 30 see "Earnings
522
$76,000
$6 preferred
65 of 1953
-V. 137, p. 1413.
Department" on a preceding page.
67,000
of 1935
61O
Total
5,129
Indiana Elec. Corp. is of 1951_ 17,000
-Earnings.
North American Edison Co.
Inland Power et Light Corp.:
For income statement for 12 months ended Sept. 30 see "Earnings DeCommon StocksShares.
62,000
6s of 1936
partment" on a preceding page.
1,400 Central Illinois Public Service__
1,100
6s of 1941
135,500 Central Power Co
13,607
Os of 1957
Consolidated Balance Sheet Sept. 30.
95,100 Central & S. W.Utilities Co_... 180,804
7s of 1935
1933.
1932.
1933.
1932.
56,900 Commonwealth Edison Co
654
Nat. Elec.Pow.Co.5s of 1978
MabIltdesAssets- •
$
17,496
Nat. Pub.Ser. Corp. 56 of 1978_ 11,500 Kansas Electric Power
a Preferred stock 36,766,010 36,766,000
Property and
Kentucky Utilities Co
974
Northwestern Public Service Co.
562,301,037 560,315,530 is Common stock 49,000,000 49,000,000
plant
19,000 Michigan Gas & Electric:
58011957
1,901,412 Prer.etke.of subs. 80,936,281 81,533,405
Cash with true. 2,601,421
6,483
$100 par
Min.int.in stocks
Stocks and bonds
$541,400
No par
1,250
Total
dr fur. of subs. 13,429,985 13.554,188
555,158
& sundinvest. 1,377,579
Mississippi Valley Utilities Co 207.000
11,006,265 12,401,903 Fund,debt of co. 52.833,000 52,953,000
Cash
Shares. Nat. Electric Pow. Co."A"
50,000
Prior Lien & Pref. StocksFunded debt _ _224,754.900 218,395,890
U. S. Govern574 "B"
50,000
Ark.-Mo. Power Co. 7% inefment eecurs„ 3,057,655 3,054,453 Due to affil. cos. 4,339.244 8,094,663
191 North West Utilities Co
Central & S. W.Mil. Co.S7 pfd.
86,840
Accts. payable. 1.966,243 1,920.181
Notes and bills
192 Peoples Gas Light & Coke Co
578
Inland Pr.& Lt. Corp.7% pref.
366,642 Sund. curr. Ilab. 3,344,762 3,277,727
447,033
receivable
1,626 Public Service of Nor. III
26
Mich. Gas& El. Co.$6 pr.lien__
Taxes accrued__ 12,312.179 12,550,690
1,068.770
Short-term Inv
201
Nat. El. Pow. Co.6% peel
Interest accrued 3,840,973 3 305,742
Balancesincloe'd 1,362,192
1,167
North West ITtil. Co. $6 pref._
Divs. accrued__
682,839 1,098,228
banks
656
616,813
Total
7% preferred
81,860
Accts.receivable 9,923,908 8,453,619 Sundry accrued_
82,063
-The four secured creditors agreed to reduce interest
(b) Interest Credits.
Mat'l & supplies 9,018,180 7,689,641 Dente°. reserve_ 80.856,312 71,505,492
payments and gave the receivers credit for a total of $219,922, to be credited
Prepaid accts._ _ 1,095,788 1,316,984 Other reserves- 9,179,219 8,879,533
on interest to be paid in the future. This was in effect the equivalent of
Capital surplus.
Discount & exp.
171,146
171,146
a cash refund by the creditors.
onsecuritles_ 13,238,949 12,846,978 Undlv. profits__ 41,961,834 45,814,372
-Middle West was relieved entirely of obliga(c) Obligations Eliminated.
tions or claims against it, partly secured and partly unsecured, as follows:
616,496,778 608,902,320 Total
Total
616,496,778 608,902,320
$2,907,682
Hill, Joiner loans
Represented by 367,660 shares no par). b Represented by 490,000
Utility Securities Co. notes, open account and claims against
-V. 137. P. 1580.
shares (no par).
4,225,066
a subsidiary
700.000 "" --- ,Oklahoma Natural Gas Co.
Claim on Western Power transaction-about
-Organized.
Company was incorp. in Delaware,,
Nov. 10, with an authorized capital
$7,832,748
Total
of $13,750,000. The incorporation is evidently a step in the carrying out
-Three of the four secured
of the reorganization plan of the Oklahoma Natural Gas Corp. (V. 137.
(d) Secured Claims Reduced in Amount.
p. 2807), which was sold Nov.3 1933. See V. 137, P. 3497,
creditors held serial gold notes, and, under the provisions of the bank loan
notes, they were entitled to hold the collateral to secure the gold notes also.
United Rys. & Electric Co., Baltimore.
-Trustee Asks
As a result of the settlement, the right to hold this collateral was waived
Bond Foreclosure.
as to such gold notes,totaling $845.000 par value, and these notes have been
deposited with the committee on an equal basis with your notes.
Foreclosure of all property of the company was demanded Nov. 15
After giving effect to the settlement, the four creditors were left with
in a suit before Judge William 0. Coleman in the Federal District Court.
secured loans totaling $14,235,764, the validity of which has never been in
Baltimore. The action was brought by the Continental Trust Co. as
dispute. These claims were secured by the balance of the collateral and
trustee for the holders of 1st mtge. bonds.
secured creditors were entitled to prove, as unsecured claims, the difThe amount of these bonds outstanding is $34,000,000. This, according
ference between the value of the collateral and the amount of the claims.
to Edward Duffy, attorney for the trustee, is more than the entire value
No attempt was made to value this collateral, but those negotiating the
of both tangible and intangible assets of the company.
the collateral was worth approximately half the
settlement "guessed" that
Pending settlement of the suit, Mr. Duffy claimed that the 1st mtge.
amount of the claims, which, if true, would have left these creditors with
bondholders have a prior lien on the entire net earnings of the company.
deficiency claims, of the same status as serial gold notes, totaling a little
He explained, however, that negotiations with other security holders of
claims should
over $7,000,000. These creditors agreed that their deficiency
the company are now in process. Besides the 1st mtge. bonds, $%,000,000
be limited to one-third of their total claims, and if, at the time of proving
in junior lien bonds are also outstanding.
claims, this situation should exist, the deficiency claims of these creditors
Lucius M. Storrs and William H. Meese, receivers under bankruptcy
would be cut down from about $7,000,000 to about 34,700,000, or a further
proceedings, were appointed by Judge Coleman to act as receivers for the
elimination of obligations owed by Middle West to the extent of about
bondholders.
are
$2,300.000. These figures, of course, are merely approximate, and
The trustee's petition recommended that the company be sold Italia
Intended to illustrate the theory upon which the settlement proceeded.
unit rather than in separate portions, to satisfy the claims of specific
In return for the benefits of the settlement, the noteholders' committee
mortgages. Judge Coleman, however, allowed the receivers six months
and the receivers acknowledged the right of these creditors to hold as colin which to decide whether to abandon any leases or other portions of the
lateral to loans to others those securities which affiliated companies, prin-V. 136, p. 4461.
company's property.
cipally Insull Utility Investments,
nd Corporation Securities Co.
-Earnings:
Water Service Companies, Inc.
of Chicago, had borrowed from Middle Test. Except for 1,200 shares of
Inc.,*
stock of Peoples Gas Light & Coke Co., commented on in the committee's
statement for 12 months ended Sept. 30 see "Earnings DeFor income
first report, the committee had been unable to find any basis for proceeding
partment" on a preceding page.
against any of these creditors with respect to such other securities, and,
Balance Sheet Sept. 30.
consequently, the committee, in effect, merely gave up its right to institute
1932.
Liabilities1933,
1933.
legal proceedings to recover this Peoples Gas stock. The committee and
Assets1932.
the receivers also acknowledged the validity of the Leach transaction,
Invest.in aftil.cos.$1,449,536 $1,511,896 Long-term debt.... $923,500 $967,500
which, however, in the opinion of the committee, involved securities which
Special deposit...9,000 Notes payable Mull.
411
companies
then had a very small liquidating value.
98,000
Due from subset. to
130,000
It was, however, expressly provided in the agreement that the settlement
85,178 Liability to substock of attlicos.
with these four creditors should become null and void in the event that Midscribers to deliver
Cash and working
dle West was adjudicated a bankrupt and subsequently proceedings were
46,868 stks,of still. cos.
23,374
7,489
funds
125,070
instituted against these creditors under the circumstances set forth in the
9,22.5
Accounts payable_
Due from MM.cos.
488
agreement.
9,959 Due affiliated cos_
31,096
Int. and dirs. rec.
59.671
The Bankruptcy Proceeding.
Accrued int.,taxes,
Deferred charges &
5,418
3,489
65,300 &c
prepaid accounts
Last March counsel for the committee became associate counsel for the
5,162
Common stock
x305,0001
Debt disc.& exp.in
petitioning creditors who had filed a petition to have Middle West adjudi48,910
Paid in ,le donated
) x440,310
process of amort.
cated a bankrupt and the committee intervened in that proceeding in sup18,6801
1,230
surplus
Organien expense_
port of such petition. After the bank settlement had been approved by
Earned surplus... 114,810J
the Court, the committee came to the obvious conclusion that the bankruptcy proceeding had entirely lost its point. Counsel for the committee,
$1,519,879 $1,728,202 Total
Total
$1,319.879 $1,728,202
therefore, withdrew as associate counsel for the petitioning creditors and
-V. 137, p. 1766.
x Represented by 5,100 shares no par value.
the committee withdrew its intervening petition.
Volume 137
Financial Chronicle
Philadelphia Rapid Transit Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 3497.
INDUSTRIAL AND MISCELLANEOUS.
WMatters Covered in the "Chronicle" of Nov. 18 (a) Steel production
sustained by moderate pick-up in orders says "Iron Age"
-Current
operations at about 26% of capacity-Prices unchanged, p. 3569; (b)
Ruling by New York Stock Exchange ends technical corner of month's
duration in class A stock of Pierce-Arrow Motor Car Co. p. 3579: (c)
American Securities Investing Corporation in process of disiolution-80%
of outstanding debentures called for redemption-So-called "Bond Pool"
formed under Presidency of Thomas W. Lamont, p. 3590.
Aldred Investment Trust.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department"on a preceding page.
The balance sheet as of Sept. 30 1933 shows total assets of $10,829,003.
Securities costing $10,332,448 had a market value of $4,942,761. This
compares with market value of securities on June 30 1933 of $5,446,013,
against cost of $10,441,021, and market value of securities Sept. 30 1932 of
$4,186.348 compared with cost of $8,851,243.
During the September quarter the following purchases were made (in
shares): 200 Consolidated Gas of Baltimore, 225 Eastern Gas & Fuel 6%
pref., 300 Gillette Safety Razor pref., 200 Pennsylvania Water & Power,
$3,000 International Power Securities "C" 654s and $1,000 of the "E" 7s.
During the quarter 600 Gorham Mfg. and 4,000 General Italian Edison
were sold.
-V. 137, p. 1242.
Allied-Distributors, Inc.-Invetsment
Little Changed.
-
Trust
Average
Investment trust securities were irregular during the week ended Nov. 17,
it was announced. The average for the common stocks of the five leading
management trusts, influenced by the leverage factor, as compiled by this
corporation,stood at 13.27 as of Nov. 17, compared with 13.55 on Nov. 10.
The low for the current year to date was 8.22 on March 31.
The average of the non-leverage stocks stood at 13.94 as of the close
Nov. 17, compared vrth 13.98 at the close on Nov. 10. The average of the
mutual funds closed at 10.49, compared with 10.33.-V. 137, p. 3498.
-Licenses Granted.
Allis-Chalmers Mfg. Co.
The company's district office at 50 Church St., N. Y. City, has received
notice of an announcement that licenses under U. S. Letters Patent No.
1,662,511 relating to power transmitting mechanism, commonly known as
multiple V-Belt drive, have been granted to the following belt and sheave
Pulley Co., Philadelphia, Pa. the Dayton
manufacturers The
Rubber Manufacturing Co., Dayton Ohio It. & J. Dick Co., Inc. Passaic,
N. J. Dodge Manufacturing Corp., Mishawaka, Ind. L. 11. Gilmer Co.,
Tacony, Philadelphia, Pa. Goldens Foundry & Machine Co., Columbus,
Ga. the B. F. Goodrich Rubber Co., Akron, Ohio the Goodyear Tire &
Rubber Co., Inc., Akron, Ohio W. A. Jones Foundry & Machine Co.,
Chicago, Ill. the Manhattan Rubber Mfg., Division of Raybestos-Manhattan, Inc., Passaic, N. J. the Medart Co., St. Louis, Mo. Ohio Valley
Pulley Works, Maysville, Ky. Pyott Foundry & Machine Co. Chicago, Ill.
Rockwood Manufacturing Co., Indianapolis, Ind. T. B. Wocid's Sons Co.,
Chambersburg,Pa, and Worthington Pump & Machinery Corp., Harrison.
Pa.
N. J.
-V. 137, p.
1411v Alpha Shares, Inc.
*
-Organized.
Formation of this company to purchase, sell and hold securities for investment was announced Nov. 18 by Alpha Distributors, Inc., 1 Exchange
Place, Jersey City, N. J., which will act as exclusive sales agent for the
participating stock of Alpha Shares, Inc.
Alpha Shares, Inc. was incorp. in Maryland and its registration statement is on file with the Federal Trade Commission. Authorized capitalization consists of 25,000,000 shares of participating stock (par $1) and 1,000
shares of class B (voting) stock (par $1).
The list of approved corporations in which Alpha Shares may invest its
70
funds consists0( companies, with their affiliates and subsidiaries. These
companies comprise 20 utilities, 7 foods, 3 chemicals, 16 industrials, 3 rails,
3 tobaccos, 4 merchandising organizations and 14 oils. The general policy.
as announced by Raymond C. Russum, President, for the board of directors, will be to invest in oils and utilities as the management, has had wide
experience with such corporations.
Characterizing Alpha Shares as a medium for a managed investment
program for the individual investor, Mr. Russum adds:
"The economic history of the United States shows, in our opinion, that
the present time is a most opportune one for making a diversified investment
in the stocks and bonds of leading and basic corporations of the country.
The market value of many of these securities has, we believe, been depressed
below their intrinsic value. We endeavor to offer the investor, in a single
security, a means to take advantage of present opportunities."
No more than 25% of the assets of Alpha Shares may be invested in the
securities of any one corporation, including its subsidiaries and affiliates,
and no more than 10% of any one issue may be purchased. No limit
is placed on additional investments wnich may be made in U. S. Government securities or in call loans upon collateral security listed or traded in on
the New York Stock Exchange, New York Curb Exchange, Chicago Board
of Trade or Chicago Stock Exchange. Changes in the investment policy
cannot be made until after 10 days' notice in advance has been given to all
stockholders of record.
"It will be the policy of the management," said Mr. Russum, "to purchase securities which have a return in income which is satisfactory, and
which show promise of enhancement in value. When it is felt that the
market value of any such securities has fully realized reasonaole expectations as to enhancement, we will sell them and invest the proceeds in other
corporate securities or in U. S. Government securities. Or we will maintain proceeds in cash, with a view to keeping the capital assets of the corporation fully protected against depreciation, and at the same time obtaining the largest yield commensurate with such safety."
-Regular dividends payable from net earnings or earned surplus will be
distributed semi-annually to stockholders of record April 30 and Oct. 31.
Management of the investment portfolio of Alpha Shares will be in the
hands of Alpha Management Corp., a wholly owned subsidiary of Alpha
Distributors, Inc. The management corporation will pay certain expenses
of Alpha Shares, such as officers' salaries and rent, and will receive for its
services % of 1% per quarter year of the average daily net asset value of
the assets of Alpha Shares. These payments will be made from undistributed net earnings or net profits. If funds for full payment are not
available for any quarter, rights of the management company for the unpaid balance shall cease.
The management corporation has purchased all class B stock of Alpha
Shares for $5 a share in cash and Alpha Distributors, Inc., has purchased
9.000 shares of participating stock for $5 a share.
Alpha Distributors, Inc., as sales agents for Alpha Shares, will distribute
stock through its own sales offices in 26 citiesfrom coast to coast and through
retail &aim. The offering price is the current net asset value plus an
allowance of8% of the offering price to cover selling expenses, Commisthe major portion of the running
sions and profits. All organization and
expenses of Alpha Shares, except taxes, will be paid by either Alpha Distributors or Alpha Management Corp.
The certificate of incorporation provides that Alpha Shares purchase
its participating stock from holders, whenever surrendered,at netliquidating
value, the money for such purchases being taken from available surplus.
The certificate guards the assets of the corporation by prohibiting Alpha
Shares from buying on margin, selling short, mortgaging or pledging its
assets. borrowing money, lending assets except on call loans, creating a
funded debt or making loans to officers, directors, employees or class B
stockholders. The corporation cannot pay more than the customary
brokerage in the purchase or sale of any securities.
Principal officers of Alpha Shares include Raymond C. Russum. Pres.;
SingerIrelan, 1st V.-Pres.: and Edward W. Korsmeyer, V.-Pres. &
Treas. In addition to these officers, Carl M. Owen, a senior partner of
Hornblower, Miller, Miller & Boston, attorneys at law, and Robert C.
Hardy of the same firm are members of the board of directors.
-Extra Dividend.
American Factors, Ltd.
An extra dividend of 40 cents per share, less the 34 of 1% Hawaiian unemPloyment relief tax and the 5% NRA tax, has been declared on the
cents
capital stock, par $25, in addition to the usual monthly dividend of 10 extra
per share, both payable Dec. 9 to holders of record Nov. 30. An
3843
distribution of 20 cents per share was made on Aug. 10 last and on Dec. 10
1932.-V. 137, p. 1053.
American Hawaiian Steamship Co.
-Earnings.
For income statement for month and 10 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V. 137. p. 3150.
American Sumatra Tobacco Corp.'-Bal. Sheet Oct. 31
1932.
ASSdS1933.
Plants and other
prop. inel livestock &equip__d14,857,222 $4,956,552
Cash in banks and
533,500
on hand
731,045
232,184
Notts Sr accts. rec. c270,267
1,245,667 1,413,382
Inventories _
Unexp. insur, and
76,073
59,522
prepaid taxes
Capital stock of
Cap. stk, of corp.
4,340
held in treas ._
Employ. subsc. to
5,031
1,483
cap.stk. of corp.
1932.
Liabilitiesb Common stoek_$2,884.000 $2,884,000
1,179
708
Accounts payable_
Accr. pay., State
23,887
15,788
taxes,&c
Res. for self-insur37,858
29,899
ance
Initial surplus____ 1,749,341 a1,750,069
Capital surplus__ 2,417,823 2,454,687
57,063
Earned surplus_ __
79,967
$7,186,097 $7,200,173
Total
Total
$7,186,097 $7,200,173
a After deducting cost of retiring 23,195 shares of capital stock amounting to $2.2,496. b Represented by 193,105 shares of no par value. c After
reserve for doubtful accounts of $3,463. d After depreciation of $25,379.
V.
- 137. P. 2466.
-Approves Sale.Aragon-Baldwin Cotton Mills Inc.
The stockholders on Nov. 17 approved the offer of the Springs Cotton
Mills to buy the Aragon-Baldwin company's plant at Chester, S. C., The
proceeds may be used to liquidate current indebtedness.
The directors later made definite arrangements for the transfer of the
Chester property to the new owners around Dec. 1. the exact date to be
decided upon by President R. E. Henry of the Aragon-Baldwin company.
The Chester plant plant is now operating full eight-hour shifts day and
night, it was stated.
-V. 137, p. 3329.
Associates Investment Co., South Bend, Ind.-Dividends--Earnings.The directors have declared the regular quarterly dividend of $1 per share'
on the no par common stock and $1.75 per share on the pref. stock, both
payable Dec. 30 to holders of record Dec. 20 1933. The dividends declared
are subject to the 5% Federal tax.
President E. M. Morris, Nov. 15, in a letter to the stockholders, said:
"During the first 10 months of the year, the company purchased notes
receivable totaling $32.133,867. The net earnings during the same period,
after ample provision for all reserves, including State and Federal taxes and
ample loss reserve provision, totaled $691,569, which is an increase of $164,201 over the earnings for the first 10 months of 1932.
"The net credit losses sustained during the first nine months of the
year were .27 of 1% of the notes receivable purchased, as compared with
.80 of 1% for the same period of 1932. Collections have been highly satisfactory, and as of Sept. 30 the delinquent instalments 20 days or more past
due amounted to $12,816, of which all but $1,584 were less than 45 days
past due. The total amount outstanding on extended and refinanced
transactions is equal to 2.2% of the retail notes receivable, indicating that
97.8% of our customers have paid as agreed in their original contract.
The net worth of the company as of Oct. 31 1933 totaled $6,488,446.
which is made up of 13,000 shares of 7% cum. pref. stock totaling
000 and 80,000 shares of common stock, including surplus, totaling $5,188.446. The total net worth has increased $369,439 during the last 12 months.
-V.137.
after the payment of dividends on both pref. and common stock.
p.3329.
Austin Nichols & Co., Inc.
-Earnings.
-
For income statement for six months ended Oct. 31 see "Earnings Department" on a preceding page.
-V. 137, p. 140.
Bancamerica-Blair Corp.
-Initial Dividend.
The directors have declared an initial dividend of $1.50 per share on the
capital stock, par $1, payable Dec. 15 to holders of record Dec. 4.V. 135, p. 2498.
Barium Steel Corp.
-J. A. Sisto & Co.
-Stock Offering.
on Nov. 21 offered 5,000 shares of class A cony. common
stock at $45 per share.
The complete offering prospectus, comprising some 12 printed pages of
about 9,000 words, sets forth in detail the capitalization, balance sheet,
various contracts and other data pertinent to the financing.
Corporation is a new entrant into the steel business of this country and at
low cost will produce stainless steel in open hearth furnaces from scrap by
the use of the Barium compound. The corporation which has been organized under Ohio laws has a capitalization of 6,000 shares of no par value
class A capital stock, authorized and presently to be outstanding. and 20.000
shares of class B capital stock of which 14,000 shares will presently be outstanding and 6,000 shares reserved for conversion of the class A. stock.
Both classes of stock have equal voting rights.
In connection with the offering it is announced that the new corporation
owns the exclusive American and Canadian rights for selling and (or)
building high-temperature open hearth furnaces owned by the German
Consortium of which the Deutsche Bank und Discontogessellschaft is
one of the principals.
This offering of capital stock is made for the purpose of securing $15.000
to be used as an initial payment for the purchase of the plant and equipment; to secure $50,000 for the purchase of patents; to provide $30.000 for
the installation of a mill and necessary soaking pits or heating furnaces:
$23,000 for cranes and sundry equipment: $2,000 for organization expenses,
and $60.000 working capital, part of which may be used for additional equipment for the corporation's plant
The estimated net proceeds to be derived by the corporation from the
securities being offered for sale are $200,000, although the corporation reserves the right to sell a lesser number of shares than those offered and in
such event the pro-forma balance sheet shown in the prospectus in connection with this offering will be changed accordingly.
Lawrence K. Diffenderfer, President, has entered into an agreement as
of Aug. 4 1933. with the corporation. assuring it of his exclusive services
for a period of 10 years at compensation to be fixed by the directors from
time to time. He was Treasurer and director of the Vanadium Corp. of
America for seven years and prior to that was an executive of the Lackawanna Steel Co., the American Iron & Steel Co., Empire Steel and the
Wharton Steel Co. See also V. 137, p. 3678.
Bellanca Aircraft Corp.
-Earnings.
-
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 2466.
Bristol (Conn.) Brass Corp.
-Resumes Ditiidend.A dividend of $1 per share has been declared on the outstanding 60,000
shares of common stock, par $25, payable Dec. 15. It is stated that the
future dividend policy of the company will be determined in January.'.
This is the first payment since 1920, during which year quarterly dividends of 623 cents per share were paid.
-V. 137, p. 2277.
Berkshire Fine Spinning Associates, Inc.
(& Subs.).
Earnings for Year Ended Sept. 30 1933.
Sales
Other income
$12,608,879
314,737
Total gross income
$12,923,616
Cost of sales, operating,selling & other administrative charges
12,408.198
Depreciation
255.778
Interest paid
162,048
Net profit for the period
Deficit at Oct. 1 1932
Amortization of organization charges
Net charges for non-operating & prior period adjustments
Deficit at Sept. 30 1933
$97,591
3.075,733
34.743
72,389
$3.085.275
3844
Financial Chronicle
Consolidated Balance Sheet Sept. 30.
1933.
1932.
1933.
Assets
Liaf4litiesCash
719,412
515,608 Notes pay.-banks 1,789,355
Notes a: accts. ree. 1.783,980 1,399,223 Cotton accept. pay 527,939
Marketable sem_
91,683
198,587 Accounts payable_ 412,819
Inventor lee
4,091,435 3,935,873 Local taxes pay_ __ 366,208
Other assets
878,057
854,131 Reserve for taxes.
Plant assets
8,940,459 9,353,622 claims, Jec
5,000
Floor and process
taxes payable__.249,521
Mth. int. in sub.
capital az surplus
5,253
Preferred stock
8,399.300
y Common stock 7,812,885
Capital surplus_ _ _ 222,441
3.085,275
Deficit
1932.
$
2.320,000
388,217
277.431
5,000
4,835
8,688,600
7,668,692
3,075.733
Total
16,505,025 16,257,043 Total
18,505,025 18,257,043
x Market value $36,436 in 1933 and $93,263 in 1932. y Represented by
289,906 shares of no par value in 1933 and 292,173 in 1932.-V. 135,P.3528.
Booth Fisheries Corp. (Del.).
-Consolidated Balance
Sheet July 17 1933.
[At inception of
Assets
Cash in banks and on hand__ _ 5447,880
Cash in transit for deposit under loan agreement
5C,768
Customers' notes rec.. secured 233,080
Other notes ,ez accts. receiv__ 419,888
Inventcries
252,081
Supplies Az prepaid expenses
410,873
Investments
80,000
Land
574,986
Buildings and docks
1,891,750
Machinery and equipment__ _ _ 878,898
Automobiles
6,875
Floating and fishing equipm't_ 1,054.824
Trapsites
642,150
Deferred charges
31,475
corporation.]
Liabilities
Notes payable:
Banks-secured by pledge of
receivables
$285,887
Banks-secured by warehouse receipt*
28,034
Banks-secured by agreem't
relating to inter-co. accts.
25,000
Due to creditors and others
under plan of reorganiza'n 100,237
Accounts payable, trade
124,188
Accruals
140,588
Current maturities of funded
debt
184,000
St. Louis Cold Stor. let 8%
bonds due 1935-1940
195,000
Trawlers "Illinoie" & "Maine"
110,310
mortgage
M. S. "Hibou" mortgage due
1935-1940
40,900
Reserves for contingencies__
200,488
Reserve for repairs, Om
28,113
y Capital stock
5,500,000
Total
$8,922,885
Total
$8,922,885
x After reserve for bad debts of $20,831. y Represented by 5.848 38-100
first preferred shares, 22.016 65-100 second preferred shares, 65.741 60-100
class A common snares and 55.983 32-100 class B common shares -V.137.
P. 1583.
Border City Mfg. Co.
-Balance Sheet Sept. 30.-:
Assets1933.
Real estate
$334,288
Inventories
111,271
Cash & accts. rec_
48,328
1932.
Liabilities1933.
$323,948 Capital stock
$385,923
98.838 Notes payable_ _ .. _
12,000
81,544 Accounts payable_
88,938
Accr. taxes dr int__
25,024
1932.
$351,993
74,250
29,749
28,134
Total
$491,885
-V. 132, p. 660.
6484,126
8484,128
Total
$491,885
(E. L.) Bruce Co. (& Subs.).
-Earnings.
Earnings for the Year Ended June 30 1933.
Sales to customers-net
Cost of sales
Operating expenses
Miscellaneous charges
$2105,633
2,054,763
480,414
41.912
"
Gross loss
Miscellaneous income
$71,456
23,192
Net loss
Combined deficit at June 30 1932
Adjustment of depreciation for prior years by Treasury Dept..
Income tax paid at source
$48,264
611,234
1.071
25
Total deficit
Refund of Federal income tax for 1930
Adjustment of account
-Bruce Terminix of Atlanta
Deficit at June 30 1933
$660,593
9,126
• 549
$650,919
Combined Balance Sheet June 30 1933.
Assets
Liabilities
Cash in banks & on hand
3148,807 Banknotes payable
$570,500
Customers' notes & accept.rec.
29,318 Other notes payable
8,887
Customers' accts. receivable
580,102 Accounts payable
121,134
MEM!. accounts receivable_ _
2,431 Bal. due to officers & employ_
2,368
Due from officers 4: employees
5,808 Accrued liabilities
38,322
Adv.on log 4: tie purchases
1,523 Prov.for Fed, capital stk. tax.
4,474
Consignments in hands of agte.
56,222 Notes payable-deferred maInventories
985,090
turities (steel rail)
7,334
Prepaid expenses
88,288 Security deposits for Terminix
Notes dr accts. receivable -not
contractors-deferred
18,277
current
190.384 Deferred income on building
Invest. Sr adv. to subs. cos.__ 1,281,826
contracts
18,382
Other investments
197,780 7% preterred stock
1,418,200
I Property, plant & equipm' 1,727,750 y Common stock
t_
3,703,757
Patents (less amortiz. 41.015)
3.429 Deficit
850.919
Total
$5,258,518
Total
$5,258,518
x After depreciation reserves of $2,528,907. y Represented by 130,000
no par shares.
-V. 137, p. 2106.
Bulova Watch Co.
-Earnings.
For income statement for 3 and 6 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. D• 3079.
Cache La Poudre Co.-Aj
mitted to List.
The New York Produce Exchange has admitted to t list the 20 par
capital stock, "when, as and if issu ."-V. 137, p. 3679.
Carnegie Metals Co.
-Stock Listed, &c.
The Pittsburgh Shock Exchange nas approved for listing 1,070,460 shares
(par $1) common stock of which 770,502 shares have been placed on the
,
list and the balance, 299,958 shares, will be placed on the list upon notification that payment has been received therefor.
Refinancing Plan.
The stockholders at a meeting held July 131933,authorized the company
(1) to reduce the par value of the stock from $5 to $1 per share. (2) to
reduce the authorized capitalization from $5,000,000 to 32,000,000. (3) to
reduce the highest amount of Indebtedness to which the company might
subject itself from $3,333,333 to $1,333,333 and (4) to offer 832,580 additional shares of stock to the stockholders for subscription at 31.50 per share
on the basis of 3M shares for each share held and to dispose of the unsubscribed stock under certain conditions.
Of the stock so offered to stockholders, 1.197 shares were subscribed,
bringing the total amount outstanding to 239,077 shares. The balance.
831.383 shares, has therefore been disposed of as follows:
To return stock borrowed from individuals
10,305 shs.
To pay notes together with interest in the amount of $443,616
due individuals, leaving $2,900 on open account
282.317 shs.
To repay money which was borrowed from certain banks including interest in the amount of $481.814, leaving $37,750 due
the Bank of Montreal and $1,662 due the Guaranty Trust 00.200.000 she.
To be optioned to private banking interests for additional working capital
338,761 shs.
Nov. 25 1933
A new creditors' agreement, supplemental to the former agreements,
dated Aug. 15 1931 and Jan. 25 1932. has been executed for the purpose
of (1) providing for the release of the company from its liability on notes
held by 13 banks (2) releasing J. H. Sanford and E. M. Love from their
liability to the banks as endorsers of the notes and (3) the disposition of the
proceeds of the sale of stock to be received by the banks. These matters
are accomplished by the agreement as follows:
(a) Company sells to the former creditors'committee, i.e., banks,200.000
shares of its capital stock in consideration of which the banks release and
discharge the company from all liability of the notes but the liability of
Sanford and Love as endorsers of these notes is not effected until the stock
held by the banks has been satisfactorily liquidated.
(b) Upon payment of $50,000 to company stocks of company's subsidiaries, i.e. Pittsburgh Bote Mining Co., S. A., Pittsburgh Veta Grande
Mining Co., S. A., which are held by the banks as security for their loans.
'
will become free from all claims of the creditors' committee and be placed
in the treasury of the company.
(c) J. H. Sanford and G. W. Kepler have agreed to purchase 12,039
shares and 20,099 shares respectively (total 32.137 shares) at $1.50 Per
share to provide together with proceeds from previous stock subscriptions
amounting to $1,796 the $50,000 cash for the company.
(d) The following payments are to be made from the $50,000: (1)
$20,000 as first payment on purchase of Bote mining property. (2) 310.000
in payment on lien on company's properties at Zacatecas held by Bank of
Montreal in amount of $37,751 and (3) $20,000 for payment of general
expenses and operation of company's properties.
The company only plans to operate the Bote properties at the present
time, which witn the estimated expenditure of $250,000 to repair the existing machinery and install additional machinery would put tne property on
a _production basis of 500 tons of ore per day. Of the 831,383 shares that
are unsubscribed by stockholders, 492,622 shares will be used to retire
indebtedness and 338,761 shares sold to furnish working capital. An option
has been given to a group of private bankers to purchase 306,324 (338,761
less 32,137) shares at a price to net the company $1.50 per share. The
200,000 shares held by the 13 banks has been escrowed for a period of 18
months from Aug. 9 1933.
Officers.
-S. A. Taylor, Pres.; W. S. Linderman, Treas. and D. R.
Fraser, Sec.
Directors.
-S. A. Taylor, W. S. Linderman, D. R. Fraser, D. R.
Demaree, E. M.Love and J. H. Sanford, all of Pittsburgh.
Pro Forma Consolidated Balance Sheet July 311933.
[Resulting from proposed new financing and proposed purchase of Bote
Mining properties.]
Liabilities
Assets
assets (less deprec.)-- --$1.122,808 Capital stock
$1,070,480
Fixed
Long term debt
Ore reserves under lease or
b380,000
2,034,599 Accounts payable (trade)._ purchased
54,988
Leaseholds
1,000,000 Notes payable and aces. int.
39,413
Securities of sub. co. (pledged)
1 (banks)
Cash
50.000 Accounts payable to officers
2,900
Accounte receivable, past due_
559 Notes payable and aces. int.
13,285
Inventory
23,170 (other)
due others
31,988 Accounts
84,713
Deferred charges
40,803
Other meets.
a459,938 Accrued interest on bonds pay.
Accrued royalties payable_ _
20,250
Liability arising from proposed
purchase of Bete Min. prop.- 20,000
Paid in surplus
2,787,181
Unrealized appreciation
c3,034,599
Deficit from operations___Dr2,785,509
Total
$4,723,045
Total
$4,723,045
a Account receivable, arising from option granted to sell 306.624 shares
capital stock of Carnegie Metals Co. Is Bonds, $240,000; liability arising
from proposed purchase of Bote Mining properties (first payment due Sept.
1 1933, $20,000) $120,000. c Arising from revaluation of capital assets.
Note.
-The above balance sheet does not include the assets and liabilities.
If any, of the Calumet & Sonora of Cananea Mining Co., an inactive subsidiary of Carnegie Metals Co.
-(1)
Statement of Transactions Given Effect to in Above Balance Sheet.
Issuance of 10.305 shares of capital stock to replace a similar amount of
shares borrowed from individuals, and previously sold by Carnegie Metals
Co.; (2) Issuance of 282,317 shares of capital stock to former officers of
Carnegie Metals Co. in payment of notes payable and accrued int. aggregating $443,616; (3) Issuance of 200,000 shares of capital stock to bank creditors in payment of notes payable and accrued int. aggregating $481,814:
(4) Immediate sale of 32,137 shares of capital stock for cash at $1.50 per
share; (5) Account receivable arising from option granted to sell 306,624
shares of capital stock at $1.50 per share, $459,937; (6) Estimated liabilities
to be incurred in proposed new financing. $15,000; (7) Liability to be
incurred in the proposed purchase of Bote Mining properties, $140,000. of
which $20,000 is payable Sept. 1 1933 and the balance payable in deferred
instalments.
-V. 137, p. 1940.
Canada Permanent Mortgage Co.
-Reduces Dividend.
A quarterly dividend of $2 per share has been declared on the capital
stock, par $100, payable Jan. 2 to holders of record Dec. 15. In each of
the three preceding quarters a distribution of $2.50 per share was made
as compared with $3 per share quarterly from 1921 to and incl. Jan.3 1933.
-V. 136, p. 1554.
•
Caterpillar Tractor Co.
-Earnings.
For income statement for month and 10 months ended Oct. 31
"Earnings Department" on a preceding page.
Current assets as of Oct. 311933. including 36,999.418 cash, U. S. and
other marketable securities at approximate quoted valuations, amounted
to $23,279,236 and current liabilities were $733,793. This compares with
cash and marketable securities of $8.141,515, current assets of $24,907,462
and current liabilities of $530,306 on Oct. 31 1932.-V. 137, p. 3499.
Chapman Ice Cream Co.
-Earnings.-
.
For income statement for 10 months ended Oct. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 2277.
City Stores Co.
-Earnings.
-
For income statement for 3 and 9 months ended Oct. 21 see "Earnings
Department" on a preceding page,
-V. 137, p. 1941.
Columbia Pictures Corp.
-Earnings:
-
Income statement for 13 weeks ended Sept. 30 see "Earnings Department" on a preceding page.
Comparative Balance Sheet. ,
Sept. 3033. Sept. 24'32.
AssetsSept. 30'33. Sept. 24'32, LiabtlUtesCash
$980,224 $832,598 Notes payable__- $109,848 $192,323
Accts. receivable_ 782,509 1,189,748 Accts. payable and
Inventories
accrued expenses 514,452
3,138,580 2,889,955
730,998
Prepaid expenses_ 173,414
123,898 Adv. payable from
60,400
domestic eust_- 103,647
Deposits
77,491
4,803
Invest, in whollyOwing to 0th. pro118,530
ducers
owned foreign
124,308
subsidiaries_ _ _. 186,313
73,758 Purch. contr. Pay.
9,068
within 1 year
Cash surr. value of
of life insurance_
32,200 Res. for Fed. Inc.
52,337
141,518
11- ,8;
tax
Miscell. investm'ts
2,197
7
3.955
Depos. rec. from
a Land, buildings,
for'gn customers 127,340
dzo
1,294,137 1,4013,524
128.518
Mortgage payable. 218.138
259,0138
Purch. cont. DaYj
after one year_.J
27,204
Due to officers_
17,789
Res. for conting_ 400,412
503,260
b Com pref. stk. 521,208
525,225
c Common stock__ 2,089,198 2,089,198
81,917
Capital surplus-...
88,283
Earned surplus__ 2,213,771 1,503,503
Total
$8.888,943 $8,315,880
Total
$8,888,943 $8,315,880
a After reserve of $795,881 in 1933 and $621,544 in 1932. Is Represented by 17.261 no par shares in 1933 and 17,391 in 1932. c Represented
-V. 137, p. 3499.
by 167,885 no par shares.
Financial Chronicle
Volume 137
3845
the regular usual dividend of 50 cents per share on the
common stock, par $20, both payable Dec. 15 to holders of.
record Nov. 29. From Sept. 15 1932 to and incl. Sept. 15
Consolidated Gold Fields of South Africa, Ltd.
- 1933, the company paid regular quarterly dividends of 50
Dividend on Ordinary Shares.
cents per share on this issue as against 75 cents per share
At the forthcoming annual general meeting to be held on Dec. 5 1933,
on June 15 1932 and $1 per share in preceding quarters.
the directors will recommend the payment of a final dividend of 2s. 3d. per
The directors also declared the usual quarterly dividend
share less tax at the rate of 45. 7.56d. in the 5, making, with the interim
dividend of 9d, per share paid on March 16 1933, 3s. per share (15%) for
of 1H% on the debenture stock, par $100, payable Jan. 25
the year.
1934 to holders of record Jan. 10.
The transfer books of the company will be closed from Dec. 1 to Dec. 4
1933, both days inclusive, and the dividend, subject to confirmation at the
After the meeting of the board of directors, President
annual general meeting, will be paid on Dec. 21 1933. See also V. 137,
Lammot du Pont, further announced:
P. 3500.
The distribution of earnings to the common stockholders brings the
Continental Diamond Fibre Co.
-Earnings.
total dividends for the year to $2.75 per share, which happens to be the
Clorox Chemical Co.lemoved from List.
The New York Curb Exchang as removed from unlisted trading privileges the capital stock (no par). V. 137, p. 1769.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
John P. Wright, President. says:
During the latter part of August a flood damaged the Bridgeport plant,
resulting in a loss to inventory, &c., of approximately $200,000, which
amount is being charged to surplus. The overhead costs during the period
of such shut
-down have been included in profit and loss.
The financial position of company continues excellent, net current
assets on Sept. 30 1933 amounting to approximately 52,899,000, of which
$1,090,000 represents cash and government bonds.
-V. 137, p. 1417.
Deep Rock Oil Corp.(& Subs.).
-Earnings.-
.
Calendar Years1932.
1931.
1930.
1929.
Gross earnings
$13,288,268 $13,541,490 $18,728,391 $18,604,300
Oper. exp., maintAtaxes 12,100,539 12,533,734 16,633,164 14,556,746
Interest charges
1.262,734
1.153,874
1.018,284
852,773
Balance, surplus
Preferred dividends -
def$75,004 def$146,119 $1,076.943 $3,194.781
350.000
350,000
Balance, surplus
def$75,004 def$146,119
for retirement
deprec.) & depl. r.
res.
amortiz. of debt discount and expense--17,380
Apf
$726,943 $2,844,781
Eagle (C. K.) & Co., Inc. -'Removed from List.
The New York Curb Exchange has removed from mil ed trading
privileges the 7% preferred stock, pr $100.-V. 130, p. 4249.
726.943
1,829.344
Balance
def$92,384 def$146,119
sur$1,015,437
Consolidated Balance Sheet Dec. 31
1931.
1931.
1932.
1932.
Assets
$
Real estate, &c.,
6% convert, gold
oil wells and
notes, due 1933_10,000,000 ICA 00,000
equipment, &c_43,313,085 44,184,698 Subsidiary co.'s
Unamortized debt
bonds, notes &
disct. dc expense 2,899,810 2,587,303 cap, stock held
Advances to allied
by public
372,734
349,141
interests
520,915
536,008 Standard Gas &
Investments
426,637
9,345,315 8,276,920
398,168
Electric Co_
Sinking fund and
Notes payable
558,748
24,500
other deposits
88,554
4,309 Accounts payable_ 878,111
758,766
Prepaid accts. &
Accrued for interest 200,583
200,744
insur. unexpired
88,434
140,024 Accrued for taxes_ 268,927
509,101
Deferred charges
6,209 Misc. unad. cred_
6,309
225,016
05,118
Cash
688.141 Depreciation and
745,248
Spec'l cash deposits
depletion reserve 3,315,300 4,568,648
59,000
40,000
Accts. and notes
168,290
174,720
Other reserves
recelvable-net. 1,406,498 1,955,621 y Capital stocks_ _25,110,534 25,110,534
Inventories
2,160,788 2,192,234 Surplus
1,935,561 2,030,745
Total
51,667,810 52,780,245
Total
51,667,810 52.780,245
x Includes oil and gas leases, oil wells and equipment, pipe lines, tank
Cars. refineries, distributing stations and facilities. dicC. y Represented by
50,000 shares cony. pref. stock,$7 cum. and 599.475 shs. corn. stk.(no par).
Note.
-Balance sheet does not include Deep Rock Oil & Refining Co.,
the entire property of which is leased to Deep Rock Oil Corp. The rentals
received from such lease accrue to Standard Gas & Electric Co. through
its ownership of the entire capital stock of Deep Rock Oil 3: Refining Co.
-V. 136. p. 3169.
De Met's, Inc.
-Earnings.
For income statement for 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V. 137, p. 3332.
Devoe & Raynolds, Inc.
-Resumes Common Dividends.
Also to Pay Extras of 25 Cents per Share.
-The directors on
Nov. 23 declared a quarterly dividend of 25 cents per share
and an extra dividend of like amount on both the class A
common stock and class B common stock, no par value, all
payable Jan. 2 1934 to holders of record Dec. 20 1933.
Record of dividends paid on these issues follows:
Jan. 2 '26-April 1 '30. July 17 '30
-April 1 '31. July 1 '31-Awl! 1 '32.
60 cents quarterly
I
30 cents quarterly
15 cents quarterly
-In addition, the company paid the following extra dividends
Note.
on both classes of common stock 40 cents per share on April 1 1928:
July 2 and Oct. 11928, 20 cents per share; Jan. 2 and Oct. 1 1929, 15 cents
per sharo.-y. 137, P. 2980.
Dunhill International, Inc.
-Listing of Common Stock,
par $1.
The New York Stock Exchange has authorized the listing of 145.866
shares of common stock (par $1) in substitution, share for share, for a like
number of shares of the common stock without par value now outstanding
and listed.
x Consolidated Balance Sheet June 30 1933.
Liabilities
Assets
8203.996 Accounts payable
Cash
$25,901
45,405 Accounts payable subsequent
Accounts receivable
279,931
to June 30 1934
Merchandise inventory
17,100
Capital stock
Accounts reedy. (receiv. subz145,866
30.783 'Capital surplus
sequent to June 30 1934)
2,036,407
Deficit (earned)
Investments:
202,435
80,000 Alfred Dunhill, Ltd.
ordinary shares(40% int.) 480,000
U. S. Treasury notes (Par
102,844
310(100) at cost
Stocks of affiliated com-at coat (maraet
panies
81.498
value 8131 194
. )
Miseell.-at cost (market
3,680
$15,625)
value
9,749
Y Fixtures and equipment_.
4,602
Deferred charges
Dunhill Inter national, Inc.
stock purchased-at cost
780,350
(18,545 41-160 shares)
1
Good-will
$2,022,839 Total
Total
$2,022,839
x Adjusted to give effect to the change in capitalization. y After depreciation of $97,439. z Par value $1.-V. 137, p.2278.
-20-Cent Preferred Dividend.
Durham-Duplex Razor Co.
A dividend of 20 cents per share has been declared on the $4 cum. prior
preference stock, no par value, payable Dec. 1 to holders of record Nov. 29.
A like amount was paid on this issue on March 1, June 1 and Sept. 1 last,
as compared with 25 cents per share in each of the three preceding quarters
-V. 137, p. 1585.
and 50 cents per share previously.
(E. I.) du Pont de Nemours & Co.
-Extra Dividend of
-The directors on Nov. 20 de75 Cents on Common Stock.
clared an extra dividend of 75 cents per share in addition to
same as the dividends paid for the year 1932. and will amount to a distribution of approximately 90% of the estimated earnings of the company
for the year from all sources on its common shares. It is of further interest
to note that the dividends declared for the four-year period 1930 to 1933,
inclusive, have been substantially equal to the earnings of the company
over the same period.
The financial position of the company has been and remains highly
satisfactory. Cash and current assets are ample for_present needs and
for any prospective requirement or development. The small item of
current payables constitutes the sole company liability. The reserves,
currently accumulating, have furnished more than sufficient funds to provide for the somewhat lower capital needs of the company during the
past few years of lower industrial activity, and promise to supply a substantial part of such needs for the immediate future. Under the circumstances the board of directors have felt that this somewhat greater dividend
distribution than might be customary was well warranted in the interest
of stimulating business activity by contributing this added aid to the
purchasing power of its some 50,000 common stockholders.
-V. 137.
P. 3153.
.s
`kEagle Lock Co.-Remove:byrom List.
The New York Cb Exchange has removed
listed
Curb
m unlisted trading
privileges the capital stock, par $ .-V.,135, p. 2344.
Eagle & Phenix Mills.--Earnings.Earnings for Year Ended Aug. 31 1933.
Net profit for year before deductions
Depreciation
Capital stock tax and income taxes
Net income
Previous deficit
$43,021
223.364
Total deficit
Assets
Cash
Accounts receivable
Inventories
Other a.ssets
Plant and equipment
Prepald expenses
Total
-V. 122, p. 219.
$179,485
125,238
11,225
$180,34a
Balance Sheet Aug. 311933.
Liabilities
$70,128 Preferred stork
98,940 Common stock
977,751 Notes payable-banks
9,067 Accounts payable
4,129,064 Accrued accounts
44,962 Reserves for taxes
Reserved for depreciation
Deficit
$5,329,911
Total
$500,000
2,000.000
1,017,119
26,085
31.182
95,009
1,840,859
180,343
$5,329,911
Eitingon Schild Co. Inc.
-Plan of Recapitalization and
Readjustment.-President Motty Eitingon, Nov. 11, in a letter
to the stockholders said in part:
At the last special meeting of stockholders of the company in November
1932 I called your attention to the financial condition of the company and
its requirements if it was to continue in business. At that time approximately $8,000,000 of current obligations to various bank creditors, both
here and abroad, was due, and in addition $1,000,000 of new financing
provided for by current credit facilities of the company was requirednot
in
connection with the continuance of Russian contracts. Financial conditions then generally prevailing and the weak financial condition of the
company presented a most unfavorable prospect. Unless the bank creditors and Fur Companies Syndicate, Inc., had come to its assistance at that
time, it would doubtless have been impossible to effect arrangements to
extricate the company from its precarious situation. Arrangements were
effected which resulted in the conversion of the major portion (approximately $5,000,000) of the current indebtedness into 5
-year debentures and
the liquidation of the balance thereof through the use of assets in Germany:
and the $1,000,000 immediately required for the continued financing of
future Russian contracts was made available to the company through the
execution of a contract with the syndicate. Under that contract the syndicate participates in the profits of all of your company's fur dealing business,
and will continue to do so until the contract expires in April 1937. Certain
revolving credits were also arranged at that time, under which merchandise
and other assets have been pledged as collateral.
Financing of this nature, obtained under most adverse conditions and
at a time when your company's financial condition did not justify any
ordinary credits, must necessarily have been at very high cost, as well as
undesirable in many other aspects, if long continued. Interest and financing charges on the revolving credits are very high; profits which have
accrued to the syndicate for the first 9 months of 1933 amount to approximately $913,000, and the requirements of the debenture issue are stringent.
All in all, the drain is extremely heavy and far too burdensome upon the
comita. y, even though it may operate successfully and make substantial
profpsn
• Furthermore, the company has recently learned that the Russian business
will be available to it without such cash advances as the company was required to make in past years, and which are now financed through the
syndicate. This will effectually reduce the syndicate's risk under its
contract. Nevertheless, the syndicate will continue to participate in profits
until the final expiration of that contract in 1937. unless by agreement it
can be sooner terminated. Of similar importance to the stockholders is
the fact that so long as any of the debentures (due Jan. 1 1938) remain
outstanding your company is prohibited from paying dividends to any of
its stockholders, either preferred or common.
Faced with this situation, your management has been much concerned
to find some way of terminating the syndicate contract, reducing the
amount of debentures outstanding and reducing the cost of its current
financing. The co-operation of its various bank creditors and the syndicate has materially aided these efforts. As a result, a comprehensive plan
has now been formulated which is designed to relieve the company of many
of these burdens and place it in a position so that stockholders may benefit
from current operations. (A summary of the plan, which will be presented
at a special meeting of stockholders to be held on Dec. 7, is given below.)
The most important features of the plan (a) immediate reduction of its
funded indebtedness, (b) termination of the profit-sharing contract with
the syndicate as set forth in the summary, and (c) new credits which should
save heavy current financing expense, are alone sufficient to effect a saving
for stockholders which, in my judgment, should amount to between
$4.000.000 and $5.000,000 during the next four years.
Continuation under the present burdens cannot be a desirable prospect
from the point of view of any stockholder. It would mean that the syndicate will continue until April 1937 to receive a large part of any profits
earned, approximately $5,500,000 of debentures will remain outstanding
and interest thereon will have to be paid, costly current financing will have
to be used by the company, and finally it will be impossible to pay dividends
to any stockholder so long as any debentures remain outstanding.
The holders of substantial amounts of all classes of stock have already
approved the plan.
[The New York Produce Exchange has admitted to the list the new no
par common stock on a when, as and if issued basis
-Ed.]
3846
Financial Chronicle
Summary of Proposed Plan of Recapitalization and the Readjustment
of the Financial and Other Affairs of Eitingon Schild Co., Inc.
(1) The retirement and cancellation of one-half ($2,585,850 series A
-year
and £34,722110 series B of principal amount) of all the outstanding 5
debentures of the company (subject to payment of interest thereon for the
current year) by the issuance in exchange therefor of approximately 178,676
shares of the new common stock authorized by the recapitalization below
mentioned. For purposes of this exchange each share of common stock
will be taken at $14 and the debentures at a value which corresponds to the
debt on Dec. 31 1932, for which such debentures were issued (approximately 90% of their face value).
(2) The recapitalization of the company, by the amendment of its certificate of incorporation so that the total number of shares of stock which
the company shall thenceforth have shall be 500,000, all of which shall be
of one class and shall be common stock without par value, by the reduction
of the capital of the company and the elimination of the deficit as of Dec. 31
1932 by the application thereto of the capital surplus thus or otherwise
created, and by the conversion of the shares now authorized and outstanding into such new common stock, on the following basis:
New Common Stock. Ratio of Exchange.
Old Stock Outstanding.
shs. 2 new for! old 46,918 shs. cony.6 % cum.lst pf.
129,024%
10,500
shs.
1 ,f new for! old
6,000 shs. 7% el. A cum.jun. pf.
19.78731
shs.
11 new for 1 old z26,383 shs. 6% el. B non-c.jun.pf.
60,508 43-1408hs. 3-20 new for 1 old x403,388 5-7 shs. common
219,820 2-35 shs.
x 17 shs.6% class B non-cum.junior pref. and 57,795 shs. common stock
held in the treasury of the company have been excluded.
[At present there are authorized. 50,000 shs. of 1st pref., 6,000 shs. of
class A junior pref., 26,400 shs. of class B junior pref., par $100,and 600.000
shs. of no par common stock.]
(3) The redemption and retirement on or before Dec. 31 1933 (at 90%
of the face amount thereof and interest) of an additional $1,034,340 series A.
-year debentures.
and E13,889 series B. aggregate principal amount of the 5
The company will also be required to redeem and retire the remainder of
all outstanding debentures of the aggregate principal amount of $1,551,510
series A (which may be reduced by approximately $135,000 through surrender of debentures for cancellation against accounts now carried by the
company at approximately $20,000), and £20,833110 series B, to the extent of not less than one-fourth thereof at the end of each year commencing
Dec. 31 1934. These retirements will be made at 90% of the face amount
during the first year, at 92% during the second year, at 96% during the
third year and at 100% (or their face amount) during the fourth year.
Retirements in excess of the amounts above set forth will be required of
the company to the extent of any annual saving to the company by reason
of the termination of the syndicate agreement hereinafter referred to.
(4) The change, by agreement, of certain of the terms of the indenture
-year debentures were issued, such
dated Jan. 1 1933, under which the 5
changes to be effective only while there is no default in the performance
of the various agreements to be executed under the plan. The changes
include: (a) provision for the retirement of debentures as set forth in paragraph (3):(b) provision permitting the payment of dividends after payment
or provision for the payment of interest and after the retirement or provision
for the retirement of debentures, therefore required to be paid or retired;
and the elimination of the present provisions which now prohibit the payment of dividends at any time so long as any debentures remain outstanding;
(c) provision for the elimination of certain severe provisions now contained
in the indenture.
(5) The termination of the so-called syndiate agreement between Fur
Companies Syndicate, Inc., and the company and its fur-dealing subsidiaries and affiliates. The contract of termination will include provisions
• as follows: (a) profits which have accrued to Fur Companies Syndicate,
Inc., to be determined:(b) profits or losses on the inventory of fur merchandise on hand, to accrue to Fur Companies Syndicate, Inc., as and when
such merchandise is sold; (c) profits or losses on all fur merchandise still to
be delivered under existing fur contracts (where the purchase prices of such
merchandise are fixed), to accrue to Fur Companies Syndicate, Inc., as and
when such merchandise is received and thereafter sold: (d) adjustment on
all fur merchandise still to be delivered under existing fur contracts (where
purchase prices of such merchandise are not fixed), on a basis of 3 j of
%
the gross purchase price to accrue to Fur Companies Syndicate, Inc., as
and when such merchandise is received.
(6) The establishment of revolving credit facilities available for use in
the company's current operations, of an aggregate principal amount of
approximately $3,000,000.
(7) The organization of a wholly owned subsidiary company authorized
to act as the buying and(or) selling agent in the United States for any
person,corporation or foreign government so that Eitingon Schild Co., Inc.,
may be in a position to derive whatever benefits may accrue through the
expected increase of trade between the United States and Russia.
Pro Forma Consolidated Balance Sheet as at Sept. 30 1933.
After giving effect to the retirement and cancellation of debentures
(sterling debentures being converted into dollars at 4.8665), the recapitalization of the company and the exchange of all outstanding classes of stock
for new common stock, all in accordance with the proposed plan.
Assets
Cash on hand and in banks_ _ $400,928 Banks under revolv's credits_ab$500,000
Notes, trade acceptances and
Fur Companies Synd., Inc__ a1,413,895
Accounts payable (trade)___
accounts receivable, less
349,644
2,496,762 Accrued taxes & other exp.reserves
152,566
Cash surrender value of life
Other accounts payable and
insur. policies, leas loans
suspense items
269,788
thereon
14,097 Mtges. payable within 1 year
38,120
Marketable securities
15,735 Contractual oblig. on mach'y
Inventories' at or below cost
106,529
payable within 1 year.
(not above market)
1,885,503 Reserve for exch.fluctuations
265,764
Advances to associated co's_
22,529 5% debs., due 1934-1937
c1,518,204
Slow notes & accounts reMtge. not pay. within 1 year
44,880
ceivable, less reserves
384,838 Instal. on mach. not payOfficers and employees
2,321
able within 1 year
12,553
Investments and advances
Sundry accounts payable_ _ _
84,968
280,300 Reserve fund deposited by
associated companies
887,367
Fouke Fur Co. officers_ _ _
Eitingon Trading Corp
51,286
41,026 Adv. from associates in Paris
Other slow assets
65,750
Res, for debenture expenses..
Deferred charges and sus25,e00
53,485 Res,for exchange fluctuations
pense items
25,000
67,994
Land, buildings & equipment 3,224,122 RC,. for contingencies
Minority int. in subsidiaries_
Good-will, formulae & trade
3,276
2 Capital stock and surplus
d1,992,480
marks
Unamortized bond discount
Capital surplus
e2,521,860
156.496 Net prorit for 9 months ended
and expense
Sept. 30 1933
355,955
Total
$9,865,512 Total
$9,865,512
a The revolving credits and the amount due Fur Companies Syndicate.
Inc., will be secured by collateral as provided in the respective agreements.
b The above pro forma balance sheet gives effect to a borrowing of
$500,000 under the proposed new credits.
c Effect has also been given to the retirement of debentures on Dec. 31
1933. as required by the plan.
d Capital stock at a stated value of $5 per share represents 219,820 2-35
abs. exchanged for old capital stock and 178,676 shs. (approximately) exchanged for debentures, reflecting conversion of sterling debens. at 4.8665.
e A brief analysis of the above balance of capital surplus is given below:
Capital surplus as at Dec. 31 1932
$9,440,115
Stated value of old capital stock, $9,377,254; less stated value
of new capital stock, $1,992,480: difference credited to capital
surplus
7,384,774
Face amount of debentures exchanged for capital stock
2,754,827
Excess of debentures over book value of receivables liquidated
thereby
114,774
Reduction in reserve for debenture expenses
64,573
Deduct
-Reduction in unamortized discount, &c
Operating deficit at Dec. 31 1932
$19,759,063
315,351
16,921,852
Capital surplus
$2,521,860
f Situated in the United States $733,294 and situated abroad $2,490,828.
At cost less depreciation of 31,279,786.-V. 137, p. 3680.
Emerson's Bromo Seltzer, Inc.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings
on a preceding page.
-V. 136. p. 2432.
partment"
De-
Nov. 25 1933
Emporium Capweli Corp.
-Earnings.
For income statement for 12 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V.137. p. 1771.
Equitable Office Building Corp.
-Capital Reduced.
The following statement is published as a matter of record:
The stockholders on June 15 1933, authorized the conversion of the 67
shares of 7% cony. cumul. pref. stock into 536 shares of common stock,
the reduction of the number of authorized shares of stock of the corporation
from 897,152 to 862,098, and the reduction of the amount of capital of the
corporation from $9,340,000 to $8.986,645. These changes became effective on Sept. 15 upon the filing of the appropriate certificate amending the
certificate of incorporation of the corporation in the office of the Secretary
of State of the State of New York.
The capital stock of the corporation now consists of 862,098 shares all of
the same class without par value.
The Empire Trust Co., 120 Broadway, N. Y. City, is transfer agent.
-V. 137, p. 2643.
(The) Equity Corp.
-Further Expansion.
See Oil Shares Inc. below.
-V. 137, p. 3680.
Faultless Rubber Co.-Earn.for Year End. June 30, 1933.
Gross earnings
Depreciation on plant and equipment
Provision for Federal income taxes
$191,309
50,344
19,000
Net income
$121,964
Shares common stock outstanding (no Par)
72.722
Earnings per share
$1.68
Book value per share-approximately
$22.50
Balance Sheet June 30 1933.
Assets
Liabilities
Cash
5263,876 Accounts payable
$16,00
Accounts receivable
121,867 Payrolls-accrued-due July
633 5 1933
Bills receivable
15,927
Investments
302,927 Dividends payable
72.722
Cash surrender val.-officers'
Common stock
1,317,243
life insurance
20,764 Surplus. & undivided profits
316,838
173,806 Reserves
Inventories
370,159
59,950
Land
x Buildings
685,500
a Machinery & equipment___ _ 463,367
x Furniture dr fixtures
16,267
Total
Total
$2,108,957
x After depreciation reserves of $784,987.
shares -V. 137, p. 2982.
$2,108,957
y Represented by 72,722
Fidel Association of New York, Inc.
-Annuities Up
50%.
This company, which issues a guaranteed collateral trust bond for the
purpose of building incomes, has shown steadily increasing sales. new
Eusiness for the four months ended corresponding 1933 totaling $1,769,000,
with October
compared with $1,173,000 in the
period of last
year, an
increase of $596.000, or more than 50%. As of Sept. 30 1933 the company
had $140 in cash and securities at market value to meet every $100 owed
-V. 137, p. 2643.
to contract holders.
First National Stores, Inc.
-Earnings.
For income statement for 3 and 6 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, P. 3680.
First Russian Insurance Co.
-Liquidation Completed.
George S. Van Schaick, State Superintendent of Insurance of New York,
has completed the liquidation of the company, established in Russia in
1827 and in New York City in 1907, according to a report filed in the
New York County Clerk's office Nov. 11. The report states that assets
as of Nov. 4 1933 had a hook value of $1,507,536, consisting of cash and
securities, while total claims amounted to $612,220, exclusive of interest.
Florence Stove Co.
-Smaller Dividend.
A dividend of 25 cents per share has been declared on the common stock,
no par value, payable Dec. 1 to holders of record Nov. 20. A distribution
of 50 cents per share was made on Sept. 1 as compared with 25 cents Per
share on June 1 last.
From June 1 1930 to and incl. March 1 1931, the company paid quarterly dividends 0(50 cents per share.
-V.137. p. 1943.
Foote Bros. Gear & Mac4ne Co.
-Removed from List.
has removed from unlisted tradin
.-V. 135, p. 2180.
Frankfort Distilleries, Inc.
-New Name.
-
The New York Curb Exchan
privileges the common stock, par
The stockholders of the Frankfort Distillery, Inc., have approved a
change of title to Frankfort Distilleries, Inc., through a merger with a
new corporation of the latter name, President Veeneman announced on
Nov. 21.
Gelsenkirchen Mining Corp. (Gelsenkirchener Bergwerks-Aktien-Gesellschaft), Germany.
-47% of Notes
Deposited.
Holders of approximately 47% principal amount of 6% notes due 1934
have accepted an offer to exchange for cash and new bonds, the company
announces, but the offer cannot be carried out unless substantial additional
deposits are made promptly.
Under the plan announced last June, the company offered to exchange
for each $1,000 note held outside of Germany $100-in cash and $900 principal amount of 10
-year 67 1st & gen. mtge. bonds of Essen Coal Mining
Corp., a new company to be organized. The offer was conditioned upon
the acceptance of at least 80% of the outstanding notes or such lesser percentage as toe company might determine. (See V. 137. 1059.)
The expiration date for deposits was fixed at Dec. 31 1933 and the comp.
pany announces that the offer must be declared operative or abandoned
on or before that time.
-V. 137, P. 1771.
General
Feature.
-
Motors
Corp.
-Adopts New
Front
Wheel
President Alfred P. Wan,Jr. on Nov. 20 announced that General Motors
Silver Anniversary cars produced by its manufacturing divisions for 1934
will embody an entirely new and revolutionary principle of design marking
a new epoch in the history of the automobile. "Engineers call it 'independent front wheel suspension,'"he said, "but the simplest way to explain
It is to say that we have put knees on our automobiles.
"Millions of dollars have been invested in this improvement which has
Involved a redesigning of the entire line."
Mr. Sloan added that the 1934 General Motors cars will be roomier than
those of 1933. He said: "We are givirg the bodies of our cars more room
all around."
-V. 137, p. 3680.
-Resumes Common, Divi'N".General Printing Ink Corp.
dend.
-The directors on Nov. 21 declared a special interim
dividend of 15 cents per share on the common stock, no par
value, payable Dec. 22 to holders of record Dec. 8. This is
the first distribution on this issue since April 1 1932 on which
date a dividend of 25 cents per share was paid. A payment
of 50 cents per share was made on Jan. 1 1932, as compared with 62 cents per share each quarter from July 1
1929 to and incl. Oct. 1 1931.
Changes in Personnel Announced.
George W. Ullman resigned as President of the company and was elected
Vice-Chairman of the board of directors. Albin K. School), formerly
Chairman of the board, was elected President. Thomas A. Lend, formerly Treasurer of the company, was elected Chairman of the board and
Secretary. Perry D. Richards, formerly Secretary, was elected Executive
-V. 137. p. 3155.
Vice-President and Treasurer.
Volume 137
3847
Financial Chronicle
General Railway Signal Co.
-Earnings:
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. P. 877.
Gillette Safety Razor Co.
-Regular Dividends.
The directors have declared a quarterly dividend of 26 30-95 cents per
Share on the common stock, no par value, payable Dec. 29 to holders of
record Dec. 4, and the usual quarterly dividend of $1.25 per share on the
$5 cony. preference stock, no par value. payable Feb. 1 1934 to holders
ofrecord Jan. 2 1934. The company on Sept. 30 last paid a similar amount
on the common stock. The unusual fraction on the common dividend is
to compensate the holders of this issue for the 5% Federal tax.
Previously the company paid regular quarterly dividends of 25 cents
per share on the common stock.
-V. 137, p. 3334.
-Quarterly Common Dividend.
Goldblatt Brothers Inc.
The directors have declared the regular quarterly cash dividend of 37}4
cents per share on the common stock, no par value, payable Jan. 2 1934
to holders of record Dec. 10 1933. The stockholders have the option of
accepting additional common stock at the rate of 10% per annum (2;i%
quarterly) in lieu of cash. A similar distribution has been made on this
issue since and incl. Jan. 2 1932.-V. 137, p. 2983, 1587.
Hamburg-American Line (Hamburg-Amerikanische
Packetfahrt-Actien-Gesellschaft) Hamburg, Germany.
-Not to Pay Dec. 1 Interest.
-To Readjust Indebtedness
The company on Nov. 22, in a notice to the holders of 1st mtge. Oi%
marine equipment serial gold bonds due 1933-1940, stated:
In view of the continuing depression which the shipping industry has
experienced, the Hamburg-American Line has considered it necessary to
work out a readjustment of its outstanding long and short term debts.
This conclusion has been reached only after a rigorous campaign of economy
within the company itself which has resulted in a drastic reduction in its
operating expenses, but which does not, and in the opinion of the company
cannot, solve the financial problems confronting the company.
Accordingly, the company has approached its bankers with regard to
securing their co-operation in a study of the entire situation with a view to
developing an adequate and satisfactory plan of readjustment in the best
interests of its creditors, both long and short term. It is hoped that oppreciable savings will be effected in the fixed charges of the company.
In view of the necessity of formulating some plan of readjustment, the
company feels it is not in a position to make any payment on Dec. 1 1933
on account of the interest due as of that date on the above bonds.
The company is developing a plan of readjustment which it hopes shortly
to yoresent to holders of the bonds and which it believes will adequately
and fairly protect the interests of such holders while at the same time meeting the present situation and strengthening the position of the company.
It is hoped also that at the time of announcement of its plan the company
will be in a position to make some provision with respect to the interest
Payments due on Dec. 1 1933.
Referring to the above announcement, Speyer & Co. and
and J. Henry Schroder Banking Corp., fiscal agents for the
loan, are advising holders of these bonds as follows:
Hygrade Sylvania Corp.
-Employment Increased.-
• Composite figures compiled by this corporation regarding its activities
under the National Recover Administration blue eagle, in answer to the
request of President Roosevelt for business recovery information, show
some interesting comparisons.
On June 17 last the Hygrade Sylvania organization had a total of 2,511
employees in the four plants devoted to lamp bulb production, radio tube
production, and radio transmitter and transmitting tube production.
On Oct. 14 this number had been increased to 4,750, an increase of 2,249,
or 89V .
°
On June 17 the payroll for one week was approximately $57,000. On
Oct. 14 the payroll had increased to approximately $88,000, or roughly
54%.-V. 137, p. 321.
-Removed from List.
legesIn ependent Pneumalc Tool Co.
The New York Curb Exchang has removed from unlisted trading privi.136, p. 4280.
the capital stock (no par).
-Earnings.
Indian Motocycle Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1588.
-New President, &c.
International Cement Corp.
Richard F. Hoyt has been elected Chairman of the board and Chairman
of the executive committee to succeed the late F. R. Bissell.
Charles L. Hogan, formerly Senior Vice-President, has been elected
President to succeed Holgar Struckmann, who died suddenly Nov. 17
in Copenhagen.
Mr. Hogan has also been elected a member of the board of directors and
of the executive committee.
-V. 137. ,
11 3157.
-Earnings.
International Paper & Power Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 1946.
Department" on a preceding page.
-Cent Dividend.
-28
International Petroleum Co., Ltd.
A dividend of 28 cents Canadian currency per share has been declared,
payable on or after Dec. 15 1933, in respect to the shares specified in any
bearer share warrants of the company of the 1929 issue upon presentation
and delivery of coupons No. 39 at the Royal Bank of Canada. King 41z
Church Sts. Branch, Toronto, Canada.
The payment to shareholders of record at the close of business on Nov.30
1933, and whose shares are represented by registered certificates of the 1929
issue, will be made by check, mailed from the offices of the company on
Dec. 14 1933.
The transfer books will be closed from Dec. 1 to Dec. 15 1933, incl., and
no bearer share warrants will be "split" during that period.
A similar payment in Canadian currency was made on June 15 and
Sept. 15 last, prior to which regular quarterly dividends of 25 cents per
share were paid in United States funds.
-V.137, p. 1421.
International Utiliti
-Admitted to List.
Corp.
The New York Curb Exchange as admitted to unlisted trading pr leges
the $7.50 warrants, series 194
titling holding to purchase class ii stock
on or before Dec. 1 1940 at $7.50 per share. The new warrants were issued
in exchange for old warrants in accordance with plan as set forth in notices
addressed to holders of "old warrants," dated June 28 1933 and Oct. 26
1933.-V. 137, p. 2644.
We are continuing our efforts to secure payment of the amounts due on
Dec. 1 1933, and shall take sucn action as counsel may consider necessary
for the protection of the rights of the bondholders. Bondholders are
requested to advise us promptly of their names, addresses, the amounts
-Resignation.
Investment Trust of New York, Inc.
and maturity dates of their holding,s 60 that we can inform them of imporOscar Grosslicht resigned as Vice-President and director of Investment
tant detelopments. Holders of bonds maturing Dec. 1 1933, who desire
-V.136, p. 4471.
Trust of New York and New York Shares Corp.
to dispose of them should communicate with us without delay.
Of the $6,500,000 or these bonds sold in 1925 by Speyer & Co. and'Johnson, Stephens & Shinkle Shoe Co., St. Louis,
S. Henry Schroder Banking Corp.. $4,000,000 bonds remain outstanding.
Mo.-Common Dividend Omitted.
-V. 137, p. 3681.
The directors have decided to omit the quarterly dividend ordinarily
Hartford Steam Boiler Inspection & Insurance Co.- payable about Dec. 1 on the common stock, no par value. From Sept. 1
1932 to and incl. Sept. 1 1933 the company made quarterly distributions of
Extra Dividend.12 cents per share on this issue, as against 25 cents per share previously.
.
0
_ 137. P. 2111.
The directors have declared an extra dividend of 20 cents per share on
the capital stock, par $20, payable Dec. 1 to holders of record Nov. 22.
A similar extra distribution was made on Dec. 1 1932.
-Readjustment Plan Approved.
'" -fRudolph) Karstadt Inc.
Including the above payment dividends for the year 1933 will amount
The holders of "American shares" on Sept. 28 last approved a plan for
to $1.80 per share. The last regular quarterly disbursement of 40 cents
the readjustment of debt and capitalization, dated April 18 1933. This
per share was made on Oct. 2 1933.-V. 136, p. 3916.
will involve a change in the status of the $13,735,000 outstanding 1st mtge.
originally sold in this
a reduction in the com- coll. 6% bondsstock. (For outline ofcountry and 136, p. 2806.)-V. 137.
-Larger Quarterly Div.
Hathaway Manufacturing Co.
pany's capital
plan see V.
p. 2280.
A quarterly dividend of $2 per share has been declared on the capital
stock, par $100, payable Dec. 1 to holders of record Nov.15. The company
Kaynee Co.
-Earnings.
made a payment of $1.50 per share on this issue in August last and one
1931.
1932.
Years Ended June 30of 50 cents per share in May 1930, making a total of $4 per share for the
1933.
$152.798 pf.$119,789
year.
-V. 135, p. 3698.
Net loss for year
$90,923
606,836
566.718
Previous surplus
323,842
Recovery from ins, on life of former
'•-•...,gawaiian Sugar Co.-moved from List
officer
67,653
e New York Curb Exchange as removed from
ted trading privileges the capital stock, par $20.-'V. 136, P. 3356.
$726,625
$413,920
$300,572
Total surplus
29,586
27,853
Preferred dividends
27,132
Hecla Mining Co.
-Earnings.
124,834
62,224
Common dividends
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
5,488
Additional Federal taxes prior years_
preceding page.
Department" on a
-V. 137, p. 3501.
$566,718
$323,843
$273,440
Balance, surplus
(Geo. A.) Hormel & Co.
-Earnings.
Earns, per sh. on 50,000 shs. com.
Nil
$1.80
Nil
stock
[Including Domestic Subsidiaries.)
Fiscal Year Ended- Oct. 28 '33. Oct. 29 '32. Oct. 31 '31. Oct. 25 '30.
Condensed Balance Sheet June 30.
1932.
1933.
LiabilitiesNet sales
$25,202,417 $24,179,635 $30.643,317 $41,141,183
1933.
1922.
Assets
Cost of prod. sold, sell'g
$107,035 $112,663 Accts. payable for
Cash
purchases, ex& administration exp.
U. S. treas. notes
561,630
5113.083
penres, &c
Sr other charges
50,973
23,888,327 23,381,090 30,934,348 39,3i1,929
& seer. Int
Depreciation
223,772 Accrued taxes &
329,957
256,761
301,290
280,775
Accts.,rec.,cust're 184,514
16,813
21,215
pay roll
58,007
Interest paid
294,899
36,975
Md9e. Inventory. _ 346,253
6.872
6,781
Dividends payable
Prop.Sr other oper.taxes
105,805
Personal dr misc.
387,700
387,500
Preferred stock
Prov.for Fed,flour tax_
125,000
accts. rec., salts500,000
116,482 Common stock._. 500,000
Prov.for Fed. inc. tax_
175,000
men's adv., drc_ 110,935
190,744
87,183
87,183
Miscellaneous chargts
65,255 Unearned surplus_
33,184
38,278
Value of life Incur,
6,900 Profit and loss
5,900
Treasury stock...
323,843
273,440
surplus
liNet income
17,262
$464,069 loss$608,779 $1,246,290
$635,780
Acct.*.in closed bits
48,523
93,958
Divs,on preferred stock_
93,364
35,446
91,772
91,970
Em pie.stk.subscr.
10,074
Mutual Ins. dcp_
5.500
Net earns. applic. to
5,500
Sundry securities.
32,298
$372,099 loss$702,143 $1,152,332
up common stock
$544,008
27,254
Net. div. guar. id.
3;347,922
51.779
1,886,728 3,557,379
Previous surplus
1,523,911
51,779
Land
41,294
• 65
0th. profit & loss credits
Rldgs., machry. dr
393,588
402,879
equip.. drc
Gross surplus
$2,067,984 12,258,827 42,855,236 $4,541,548
Good-will, patents,
984,168
477,031
472,789
965,508
Diva, on common stock_
&c
262,127
Adjustment
Inventory of supplies & prepaid
$1,590,954 $1,523,911 $1,886,728 $3,557,379
Surplus
11.480
14.015
expenses
Stis. of corn. stk. out493,944
493,944
$1,389,202 51,384,041
477,020
476,783
standing (no tar)__ _ _
Total
$1,289,202 $1,384,041
Total
Earnings per s are on
-V. 137, p.3682.
Nil
$2.33
$1.14
$0.79
corn.stock(no par)_ _
-Removed from
Kelle Island Lime & Transport Co.
Condensed Consolidated Balance Sheet.
List.
Oct.28'33. Oa.29'32.
Oct.28'33. Oct. 29'32.
Liabilities
The
York Curb Exchange Jhas removed from unlisted trading
5
Assets
privileges the common stock (no p .-V. 137. p. 699.
709,495 2,167,008 Accts. pay. & cusCash
187,021
909,042 tomers'cr ed.bals 521,890
Accounts receirle_ 1,163,408
-The
-`
Kelvinator Corp.-Resumes Common Dividend.
3,320,040 1,878,784 Fed. & State Inc.
Inventories
178,800
taxes
101,219
162,282
Land
directors on Nov. 23 declared a dividend of 12M cents per
Accr. int., exp.,
x131dge., machinery
share on the common stock, no par value, payable Jan. 15
101,224
bonuses & taxes_ 102,479
& equipment_ _ _ 4,445,089 3,892,657
146,305
478,910 Dividends Payable 146,533
369,188
Sundry assets
1934 to holders of record Dec. 22 1933. The special 5%
307,468
150,424
96,746 Reserves
Prepaid expenses_ 110,839
Federal tax on dividends will be absorbed by the company,
Class A & II pt.stk 1,525,200 1,511,400
yCommon stock,_ 5,907,016 5,904,081
it was stated.
1,596,954 1,523,911
Surplus
k
10,280,341 9,524,366
Total
10,280,341 9,524,366
Total
x After depreciation of $1,524,163 in 1933 and $1,439,285 in 1932.
y Represented by 477,020 no par shares in 1933 and 476,783 in 1932.
-V. 135, p. 3531.
Quarterly distributions of 50 cents per share were made
on the common stock from May 1 1926 to and incl. Feb. 21
1927; none since. Dividends of 1% in stock were also
paid each quarter from May 1 1926 to and incl. Nov.20 1926.
3848
Financial Chronicle
Earnings Show Improvement.
Net earnings of the corporation and its subsidiaries, including the
Leonard Refrigerator Co., were 8723,560, equivalent to 64 cents per share:
for the fiscal year ended Sept. 30 1933. This compares with 8102,701.
or nine cents per share, for the previous year period. This figure is after
all charges including Federal taxes and including a charge against earnings
of $135,000 for possible loss on deposits in closed banks. Depreciation
on buildings and equipment of $497,506 were charged to operations, as
compared with 8490,408 for the previous year, the rates remaining unchanged. Also as in previous years, all tool and die expenses have been
absorbed against current operations.
The cash position is substantially improved. After paying or providing for full payment of $928,000 of funded debt in the form of Electric
Refrigeration Building Corp. bonds, which was the only remaining funded
debt, cash and short-term Government securities on hand amounted to
84,367,220. as compared with 83.421,112 one year ago. This amount
compares with total current liabilities of $1,291,000. Remaining balances
in closed banks are not included in above figures.
Commenting on this report, George W. Mason, President and Chairman
of the board, said: "In spite of reductions in sales prices and poor business
conditions during the first six months of the fiscal year, sales showed increases both in unit volume of household refrigerators and in dollar volume
thereof. Overall dollar sales also showed an increase. It is also pleasing
to report that our distributors and dealers report the most satisfactory
year in their history."
-V. 137, p. 2112.
Nov. 25 1933
Lord & Taylor, New York.
-Usual Christmas Dividend
of 5%.
-The directors on Nov.21 declared the usual December dividend of 5% on the outstanding $2,998,000 common
stock, par $100, payable Dec. 15 to holders of record Dec. 1
and the regular quarterly dividend of 21 % on the same
A
class of stock, payable Jan. 2, to holders of record Dec. 16.
An extra distribution of 5% was made annually on Dec. 10
from 1925 to and incl. 1931, while on Dec. 15 1932 an extra
of 5% was also paid.
-V. 135, p. 3702.
Loudon Packing Co.
-New Director.
-Extra Dividend.
An extra dividend of 25 cents per share has been declared in addition to
the regular quarterly dividend of like amount, both payable Jan. 2 1934
to holders of record Dec. 20 1933. Quarterly distributions of 25 cents
per share were made on the stock on Jan. 2, July 1 and Oct. 1 last, the
April 1 payment having been omitted.
William A. Knapp, Sales Manager, has been elected a director to succeed
the late Walter Rahel.-V. 137. p. 1590.
Ludlum Steel Co.
-Approves Plan to Cancel Pref. Divs.-
At a special meeting of the stockholders held on Nov. 20 1933, resolutions
were unanimously adopted canceling the accumulated dividends accrued
on the pref. stock from Oct. 1 1930 to Oct. 11933, in return for which the
The directors have declared an initial dividend of $1 per share on the
pref. stockholders will receive a payment of 81 per share and a new convercapital stock, par $75, payable Dec.
-V.135. p. 4567.
sion privilege permitting them at their option to convert each share of
pref. into 5 shares of common stock.
Lake of the Woods Milling Co.,Ltd.
-Removedfrom Lis
Proxies
The New York Curb Exchange has removed from unlisted trading." Interest of representing holders of substantially more than two-thirds in
both the pref. and common stock voted in favor of this proposal,
privileges the common stock (no
).-V. 137, p. 3335.
and no votes were cast in opposition. The management of the company
stated that on account of the importance of the plan which had been
---Lautaro Nitrate Co., Ltc5 -Removed from List.
7
unanimously recommended by the directors, extraordinary effort was made
The New York Produce Exchange as removed from dealing he $100
to secure a complete expression of opinion from all stockholders and that
par 7% cumulative preferred stock. V. 136. p. 336.
holders of less than 2% of the pref, stock and less than 1% of the common
stock indicated their disapproval, or suggested changes in the plan.
Lincoln Fire Insurance Co. of N. Y.
-Stock Reduced.
The New York Stock Exchange has authorized the listing of 46,550
The stockholders on Nov. 15 voted to decrease the capital stock from
shares of $6.50 cum,cony. pref.stock without par value, having a conversion
$1,000.000 to $200,000, the difference of $800,000 to be transferred to
ratio of 5 for 1, in substitution for like amount of stock having a conversurplus. This reduction will be accomplished by reducing the number of
sion ratio of 1 for 1, now outstanding and listed, and 182,750 shares of
shares outstanding from 200,000 to 40,000, one new share to be issued in
common stock par of $1 on official notice of issuance on conversion of the
exchange for each five shares held.
-V. 137, p. 2985.
$6.50 cum. cony. pref. stock, making the total amount applied for $436,750
shares.
Liquid Carbonic Corp.
-Earnings.
For income statement for 9 months ended Sept. 30 1933 see "Earnings
Years End.Sept. 30-1933.
1932.
1931.
Department" on a preceding page.
1930.
Net sales
37,566,880 $6,814,369 $9,858,263 $13,626,530
Comparative Balance Sheet,
Gross profit on sales
1,182,331
448,039 2,109,600 3,153,265
Depreciation charges
Assets538,854
Sept. 30'33. Dec.31 '32.
640,790
Liabilities- Sept. 30'33. Dec. 3112.
612,221
575,743
Cash
$51,369
-trade $136,831
5568,472 8637,324 Accts. pay.
Net earnings
$643,477 loss$192,751 31.497,379 12.577,521
Notes dr accts. rec. 491.644
40,236
281,081 Accrued expenses_
64,234
Other inc. int. on rec.,
Inventories
433
1.785,293 1,721,879 MISCRII. reserves _
disc,on purchases, &c.
260,433
Adv.to salesmen &
296,108
b Preferred ttocic_ 4,505,000 4,595,000
336,707
327,531
Others
22,443
16,163 c Common stock__ 198,405
198.405
Total income
8903,909
Indebt. of officers
8103,357 $1,834.085 $2,905,052
Capital surplus_ __ 1,974,094 1,917,414
Admin.& gen.expenses_
499,261
491,648
59,109 Deficit
57,462
24,765
& employees, &C
535,550
99,247
575,570
Interest, &c
4,295
Investments
18,190
149,582
180,807
50,446
67,572
Res.for Federal taxes.. 59,605
a Land, plant and
19,362
122.520
250,°23
Res,for foreign exchange
buildings,mach'y
fluctuations
Cr30,912
& equipment... 3,593,051 3,668,261
5,937
31,298
Prop, of profits applic.
Pats., formulae dt
to min. interests
4,747
processes
133,189
8.749
138,307
8,715
Investm't fund for
Net profit avail, for
Eel:insurance_ _ _
15,225
dive. & prof. shar'g_ _ _
$366,914 1os4440,529 $1,085,557 $2.011,087
Prep'd exps.& del.
Div. paid or declared_ _ _
427.583
charges
13,872
24,243
1.027.218
1,336,349
Net prof.bal.after ded.
Total
$6,830,234 86,727,175
$6,830,234 86,727,175
Total
curr.devs.but before
a After reserve for depreciation of $2,932,107 in Sept. and $2,830.352
charg. prof. sharing $366,914 loss$868,112
$58,339
$67 .73
4 8
in December. b Represented by 45 150 no par shares in September and
Management prof.shar'g
125,000
46,050 in December. c Represented by shares of $1 par value.
-V. 137.
P. 3158.
Profit bal. transf. to
t
surplus
$366.914 loss$868,112
$58,339
$549,738
Maple Leaf Milling Co., Ltd.(& Subs.).
-Earnings.
Tax refund, prior years_
67.238
Year Ended
16 Mos.End.
Total surplus
$366,914 loss$868,112
PeriodJuly 31'33. July 31 '32. July 31'31. July 3130.
358.339
$616,976
Res, against receiv. &
Profits from operation.. $312.930 c$265,863 14741,570 a$2,868,550
collection expenses _
mew
Bond interest
316,009
275,698
266,837
261,380
Res. for empl. pensions_
Bad debt reserves
67,238
1.189.450
Depreciation reserve.-343,297
262,444
162.542
163.109
Balance, surplus
$366,914 1oss$868,112
Prem. oi U.S.funds pur.
$58,339
$449,738
Shares com, stock out
for paym't of bond int.
36,504
16,618
standing (no par)
350,000
Bond issue exp. writ. off_
127,074
342,406
342,406
342,406
10,000
10,000
10,000
Earnings per share before
Deferred chgs, writ. off_
148,775
profits sharing
$1.05
Nil
Amount written off mill
$3.17
$5.87
Earnings per share after
--stores and supplies.-10,700
10,000
25,000
profit sharing
Propor, of business ext.
$5.22
x After branch selling expenses, but before charging depreciation.
expense written off...
10,000
10,000
25,000
Res, against controlled
companies account_ _ _
Balance Sheet Sept. 30.
64,640
Preferred dividends(7%)
243,202
1933.
1932.
1933.
1932.
70.446
Class B pref. dividends
Assets8
s
Liabilities$
$
y Land, buildings,
x Capital stock_ _10,500,000 10,272,180
.
Deficit for year
$222,952
$230.587 sur$143,428 35.306,803
equipment, &e_ 7,840,674 7,978,225 Capital surplus.... 3,085,287 3,217,644
a Losses from operations (after deducting $162,771 income from investInvestments
150,388
200,138 Earned surplus_ _ 1,928,708 1,561,795
.
ments), including losses from unauthorized speculations. b Includes
Cash
1,064,329
416,945 Notes payable_
150,000
income from investments of$117,084. c Includes profit on bonds purcha•ed
Notes receivable_z1/5,057,195 f5,050,588 Accts. payable_ __ 672,032
759,273
for sinking fund.
MeV;receivable J
11,167,880 Accruals
90,917
30,736
Consolidated Balance Sheet July 31.
Canadian Govt.
Cust'r credit bal.. 116,521
90,807
securities
286,943
1932.
152,126 Res.for Inc. taxes.
1933.
17,631
58,599
1933.
1932.
Inventories
2,455,007 1,858,766 Min.Int. In capital
Assets$
$
Liabtlities$
$
Deferred charges
b Plant,equip.. &a 7,015,090 6,996,320 a Capital stock__ 3,833,540 4,096,420
120,793
120.891 stks.&surpl. of
Good-w. pats., &e.
Good-will & trade. 9
1
331.618
subsidiaries
137,736
1
105,851
Bankers' advances 6,315,1/05 5,848 67
mark
Miscell. reserve__
859,401
739,644
. 385,530
859,401 Accounts payable_ 319,557
Cash
c98.341
4,674372:7302S 4,742,300
85,074 Funded debt
Total
16,975.332 16,945,560 Total
Accts. receivable.. 1,785,202 1,904,481 Deprec. reserve_775,187
16,975,332 16,945,560
Appr. val. of leases
400,000
x Represented by 350,000 no par shares in 1933 and 342,406 in 1932.
Res. for tenting.. 400,C00
and contracts.. 1,694,699 1,694,699 R.Ited t. accuredd
43,685
After deducting $5,515,150 reserve for depreciation in 1933 and $5,035,415
. 44,790
bad an
Inventories
In 1932. z After reserves of 1486,579.-V. 137, p. 1422.
2,918,784 2,511,573
for
Investments
154.172
2,265,606 2,232.653
aco'ts_ 281,868
doubtful
Deferred charges
409,090
Lockheed Aircraft Corp. of Calif.
468,032
-Earnings.
516,970 Profit and loss_ _ _ 229,468
.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Total
17.105,158 16,801.151
17,105,158 16,801,151
.......Department" on a preceding page.
Total
-V. 135, p. 141.
a Preferred 7% cum.. 29.300 shs. EMS par), 12.930.000; class II pref.,
Long Bell Lumber Corp.
25,000
-Group Opposing Receivership less parBM.(no par), $500.000: common, 100,000 shs.(no par), $1.000,000;
value ofsnares held by subsidiaries, $596,460 in 1933 and $333.580
Urges Reorganization.
in 1932. b After depreciation. c Includes cash in hands of trustees for
Progress in clearing the way for reorganization is reported in a letter
the bondholders amounting to $72,520.-V. 136. p. 3917.
just issued to bondholders by the bondholders' committee for the first
mortgage bonds.
Marancha Corp.
---Distribution Not Taxable.
Acting in behalf of about 75% of the bondholders, who have deposited
See South Porto Rico Sugar Co. below.
their bonds, and with the co-operation of the bank creditors, the committee
-V. 137, p. 3502.
reports some unusual accomplishments toward a voluntary reorganization
Marmon Motor Car Co.lemovedfrom List.
of the $80.000,000 corporation. By careful and alert management, it has
The New York Produce Exchange as removed from the 1 the (no par)
,ar)
been possible up to this time to maintain the company as a going concern.
r
common stock.
-V. 137, 13- 153.
In the meantime, negotiations have been carried on for the cancellation
or modification of certain contracts including timber purchase contracts
which the declining markets have made burdensome to the Long Bell
May Hosiery Mills, Inc.
-S1 Preferred Dividend.
Lumber Co. For example, one contract with the Weyerhaeuser Timber Co.
A dividend of $1 per share has been declared on the $4 CUM. pref, stock,
which imposed heavy obligations on the Long-Bell Lumber Co. has been
no par value, payable Dec. 1 to holders of record Nov. 24. A similar paycancelled by mutual agreement, and it is expected that similar adjustments
ment was made on this issue on Sept. 1 last, as compared with 25 cents per
will be made elsewhere.
share in each of the four preceding quarters, 60 cents per share in March
These and other steps have been taken toward a voluntary reorganization.
and June 1932 and in Dec. 1931 and regular quarterly dividends of 81 per
It is also worthy of note that the progress reported has been made without
share from Dec. 1 1927 to and Incl. Sept. 1 1931.-V. 137, p. 1252.
a receivership. The bondholders' committee has up to this time consistently
-Removed from List
opposed a receivership, maintaining that nothing could be accomplished ''Metropolitan Paving Bri f Co.
Exchangei
through a receivership that could not be handled with much less delay
The New York Curb
has removed from unlisted Ling
privileges the common stock (no p .-V. 137. p. 2282.
and expense. if a voluntary reorganization could be agreed upon.
The committee states further in its report that funds are available, a
-Initial Distribution.
portion of which may be used to purchase bonds and certificates of deposit
(J. K.) Mosser Leather Corp.
upon tender. An appeal is made for deposit of the remaining 25% of bonds,
An initial dividend of 50 cents per share has been declared on the capital
In order that the committee's position may be strenghtened.-V. 137.
stock, no par value, payable Jan. 2 to holders of record Dec. 11.-V. 135.
p. 3158.
p. 2003.
Kilburn Mills.
-Initial Dividend.
-
Financial Chronicle
Volume 137
(I.) Miller & Sons Co., Inc.
-Earnings.
-
Year Ended Year Ended 14 Mos.End. Year Ended
Period
Feb. 28 '33. Feb. 29 '32. Feb. 28 '31. Dec. 31 '29.
Sales
$5,792,696 $9,918,286 $15,237,802 $13,552,238
Cost ofsales
4,335,449
7,492.637 10,340,132
8,828.712
Sell. & ado). exps., &c__ 1,951.827 3,276.451
4,685,376 3,543.615
Operating income----def$494,580 def$850.803
Other income
110,471
8,638
3212,294 $1.179,911
9.571
8,035
Total income
def$384,108 def$842.165
Divs. on pf.stk. ofsubs_
Depreciation
321,928
Loss on bldg. oper., int.,
&c., deductions
226,376
Losses of partly owned
selling companies
Treas. stk. writ. down_
Reserve for contingencies
Losses on liquidation of
subs.&closing of stores
117.469
Special deduc. & adjust..
76,799
Miscellaneous charges
99,763
Int. on bank loans, &c-48,360
Federal income tax
$221.865 $1,187,946
7,126
9,398
226.586
338,876
Net loss
Divs, on common stock_
Divs, on pref. stock-
5390,996prof$829.533
346,523
347.433
203.125
162,500
$687,283 $1,429,685
81,250
112,637
45,138
50,000
59,084
18,429
104,000
Deficit
$940,644 sur$319,600
$687,283 $1,510,935
Shs. of corn. stk. outst
168,054
173,827
174,791
174,791
Earned per share
Nil
Nil
_ $2.82
- Nil
Writ Consolidated Balance Sheet IFFP IF
IP r
0 " .• NI 111-451
AssetsFeb. 28'33:Feb. 29'32. - Liabilities- Feb. 28 '33. Feb. 2932.
Cash
$355,582 $331,480 Notes payable____ 3350,583 $778,971
Accts.& notes rec. 392,668
690,578 Accounts payable_ 356,205
461,485
Officers'& employEmployees'deposit
6,370
20,844
ees' accounts...
4,019
43,861 Res.for reorg.exp_
41,148
Inventories
660,036 1,234,737 Due on consignAccts.rec.not curr_
109,549
41,750
ment sales
2 759
,
Consign. accts.rec.
3,335 Equity of minority
Invest, in attn. co47,700
47,700 stockholders in
Deposited in closed
121,
089
subsidiai tes _ _ __
140,800
banks
3,319 Def'd pay. under
Treas. corn. stock_
10,498 lease modifiesOther assets
1,226
tions & adjust_
38,290
Land
77,666
77,665 Res. for eonting_
15,000
X Ridge., mach'ty,
Preferred stock... 2,500,000 2,500,000
eq., leases, &c 1,510,226 2,536,535 y Common stock__ 1,879,695 1,946,058
Lasts and patterns
Capital surplus___
36,692
45,531
at nom. value
1
1 Deficit
2,192,012
730,306
Deferred charges_ _
47,186
91,892
Good-will
1
1
Total
$3,138,061 $5,181,142
Total
$3,138,061 $5,181,142
x Ater deductng reserve for depreciation of $31,266 for buildings and
$321,776 for equipment in 1933 and $95,531 for buildings and $1.407,009
for equipment in 1932. y Represented by 168,054 shares of no par value
in 1933 and 173,827 shares in 1932.-V. 137. p.2471.
Murray Corp. of America.
-Earnings.
-
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 3644.
Nachman-Sprin gfilled Corp.
-Earnings.
Period
Net sales
Cost of goods sold
Selling warehouse and delivery expenses
Administrative and general expenses
June 18 '32. June 13 '31.
to
to
June 30'33. June 18 '32.
$2,388,030 $2,855,371
1,955,069
2,279,161
270,534
334,010
238,244
230,477
Operating income
Interest earned and sundry income
loss$75,817
7,797
$11,722
2,780
Total income
Interest paid
Provision for depreciation
Other deductions
loss$68,020
$14,502
5.816
48,663
68,192
46,707
43,677
Loss for period
$158,404
$108.168
Balance Sheet.
Assetsx.lune 3033.June 1832. Liabilities- xJune 3033. June 1832.
Cash on hand & In
Accept. under letbank
$221,760 $171,850
ters of credit
b Note$, accept. &
against mdse.reaccounts receiv. 336,019
431,412 ceived under tr.
Notes receivable._
26,229
14,527
$26,064
b13,316
receipt
Inventories
250,496
351,565 Accounts payable,
Other wets
83,810
58,587
trade,&c
76.261
54,554
Prepaid insurance,
Accrued pay rolls,
taxes, rents, &a.
9.110
20,247
commis.taxes,&c
31.206
38,567
a Co.'s own cap.
Reserve for cont._
15,000
stock reacquired
1 Capitalstock
d507,500 d1,370,250
C Real est., mach.
Paid-in surplus
632,937
596,491 Surplus
di equipment__ _ 361,543
167,995
Good-will, trade
marks, patents,
1
1
dic
$1,288,968 $1,644,683
I2tal
Total
...
$1,288,968 $1,644,683
-__ _ - ...... _
a Represented by 11,087 shares in 1933=r0Tnhares in 1932. b After
reserve for bad accounts and discounts of $36,413 in 1933 and $58,129 in
1932. c After reserve for depreciation of $331.903 in 1933 and $442,996
in 1932. d Represented by V4,413 shares of no par value in 1933 and
101,500 shares of no par value in 1932. x After giving effect to proposed
reduction in the stated value of the capital stock approved by stockholders
Oct. 11 1933. See V. 137, P. 3337.
National Cash Register Co.
--Comparative Bal. Sheet.
Sept. 3033. Dec. 3132.
Sept. 3033. Dec. 3132.
$
$
LiabilitiesAssets$
$
b Capital stock 24,420,000 24,420,000
a Land, Mils, and
8,550,881 c8,759,986 Earned surplus_ _ _ 2,602,025 3,443,932
equipment
Capital surplus_ _ _ 5,306,240
Patents and goodI Reserves
1
640,260
will, dtc
636,015
Accts. pay., &c.__ 853,888
Short-term market983,049
675,000 Agents' bal., &c
able securities__ 165,001
656,016
660,478
7,743,146 8,037,466 Tax reserves
328,554
Investments
281,679
3,328,741 4,138,634 Customers' depos_
96,264
Cash
129,387
Accts. reeelv., &c. 8,550,728 7,012,791
7,407.260 6,158,850
Inventories
902,270
Agts: bal. at misc. 991,542
175,781
165,947
Prepayments
Total
34,903,248 35.860,780
34,903,247 35,860,780
Total
a After reserves for depreciation of $6.593,683 in September and $6.169.728 in December. b Represented by 1,428,000 no par common A
shares and 400,000 no par common 13 shares, 200,000 no par common C
-V. 137, p. 3337.
shares are exchangeable for the common B stock.
-Export Business Better.
National Belles Hess, Inc.
Export business of this corporation, which does business in 22 foreign
Countries, is materially benefiting from present conditions surrounding
the dollar in foreign exchange markets, according to a statement made
this week by President Carl D. Berry.
"Our sales volume in the British Indies and South American countries.
where the pound sterling is the basis of exchange, especially has shown
a sharp increase since the value of the dollar began to fall in the exchange
markets," Mr. Berry said. "Our average foreign order is now almost
3849
three times as large as our average domestic order. On Nov. 15 the
company had the largest foreign sales of any day in the last year."
The recent cold spell which prevailed throughout the Middle West
gave an impetus to the company's domestic business. Sales for the week
ended Nov. 18 were 60% larger than for the comparable week in 1932,
even though the company was enjoying improved business at that time
as a result of a special circular which is not being used this year.
-V. 137
P. 3337.
National Grocers Co., Ltd.
-Bonds Sold.
It is announced that the new issue of $1,250,000 6% 1st mtge. (closed)
sinking fund bonds, (due 1948) has been subscribed and the books closed.
This issue was offered to the public last by a syndicate comprising Nesbitt,
Thomson & Co., Ltd., R. A. Daly & Co., Ltd., and McLeod, Young, Weir
& Co., Ltd.(See also V.137, p. 3503.)
Pro Forma Balance Sheet June 30 1933.
(After giving effect to the issue of $1,250,000 bonds.)
Assets
Liabilities
Cash
$30,844 Div. pay. July Ion pt.shares. $51,681
Accts. rec., less reserve
2,136,680 Accounts & notes payable____ 1,013,481
Adv. & merchandise purch
63,299 Accrued taxes, &c
62,717
Inventories
1,806,986 1st mortgage bonds
1,250,000
Investments Jr mtge. at cost__ 204,318 Reserve for contingencies
135,000
Deferred charges
377,230 7% preference shares
2,953,200
Fixed assets
1,980,582 Com.Stk.(295,852 shs. no par) 295,852
Surplus
838.007
Total
-V.137. p. 3503.
$6,599,939
Total
56.599,939
National Surety Co.-HOLC to Exchange Bonds for
Approximately $15,000,000 Obligations-Deposit of Bonds
Urged.
-The protective committee headed by C. Prevost
Boyce, representing the holders of mortgage bonds, participation certificates and real estate securities guaranteed by
the National Surety Co. has been advised by the Home Owners' Loan Corporation that the Corporation is agreeable to
exchanging its bonds in the approximate amount of $15,000,000 for such underlying mortgages, subject to appraisal
and being passed upon by counsel for the Corporation. The
committee in a letter to security holders says:
Since we wrote you under date of Aug. 8, the committee has been working continuously to perfect a plan of reorganization.
We consider it prerequisite that the plan of reorganization include the
following features:
1. The underlying collateral must be liquidated carefully, efficiently
and slowly to the end that the maximum amount possible shall be realized.
for the benefit of bondholders, at the same time taking into effect the necessity of preventing wholesale foreclosure and the subsequent harm which
would be done to the property owners as well as the bondholders. Any
liquidation of the collateral must be for the benefit of the particular issue
which it secures.
2. Full recognition must be given to the bondholders of their position as
general creditors of the National Surety Co.and the collection for the benefit
of the bondholders of the full amount due them under the guarantees.
3. There should be full co-operation with the various Governmental
agencies, including the HOLC, and Reconstruction Finance Corporation,
to the end that bondholders receive immediate cash relief. With this in
view, we wish to call your attention to the following letter received from
the HOLC:
The letter of the HOLC, addressed to C. Prevost Boyce,
Chairman of the protective committe by James Bruce,
Financial Adviser to the HOLC Board, follows:
The board of directors of the HOLC are very sympathetic toward the
work which your protective committee is doing in connection with the
mortgages held in the various trusts through a number of mortgage companies scattered over the United States, the same hasing been guaranteed
as to principal and interest by the National Surety Co.
In accordance with what you tell us, and with the figures you have submitted to us, it would seem to us that you probably have in the portfolios
of these companies approximately $15,000,000 of mortgages which would
be immediately eligible for exchange for the bonds of this Corporation.
You will realize that it is not possible for us to work out the appraisals and
legal details of each individual mortgage until the same are freed by court
action or by mutual consent.
However, so that you may be in a better position to facilitate the work
that you are doing, in carrying out your constructive program, we wish to
say that it is entirely agreeable to us to exchange our bonds in the approximate amount of $15,000,000 for these mortgages whenever you bring them
to us in the shape to make such exchange, and we have properly appraised
the same and our counsel have passed on the legal details.
Furthermore, we wish to state that when you are ready to ham) us take
up these exchanges, we will use all the facilities of this organization to do
the same with the utmost dispatch.
C. Prevost Boyce, Chairman,further states:
The bonds of the HOLC among other features bear interest at 4%,which
is guaranteed fully and unconditionally to maturity by the Government of
the United States of America. The HOLC has announced that: "The
bonds are accepted at par by the United States Treasury as security for
Government
. . The RFC accepts the bonds as security
deposits..
for loans made by that Corporation at 80% of parity."
The total faco amount of securities on deposit with your committee is in
excess of $15.000,000. In other words, over one-third of the bonds outstanding in the hands of the public have already united to accomplish the
above ends by depositing with the committee, but in order that toe committee's program may be rapidly carried to a successful conclusion it is of
the utmost importance that substantially all of the bondholders co-operate
with the committee. As the letter of the HOLC points out, in order that
there may be full co-operation with that agency it is necessary that the individual mortgages be properly taken out of the various trusts, wnich can
be accomplished as soon as a large majority of bondholders have united.
It is the committee's firm conviction that unless concerted action is taken
in the near future, tne bondholders' interests may be seriously jeopardized.
As we have previously announced, we shall be glad to co-operate with the
Superintendent of Insurance of the State of New York or any other insurance commissioners or other interests in the National Surety situation for
the purpose of carrying out a practical plan of reorganization, fair in all
respects to the bondholders. While we are hopeful that such co-operation
may be achieved, this committee represents the bondholders and the bondholders alone, and it will not hesitate to take any independent action which.
In its Judgment. may be required for the proper protection of the bondholders interests.
Time is essential. If you have not already deposited your bonds, we
urge you to do so immediately. Copies of the deposit agreement will
gladly be furnished you upon request.
-V.137. p. 2283.
National Tea Co.
-Earnings.
For income statement for 16 and 40 weeks ended Oct. 7 see "Earnings
Department" on a preceding page.
-V. 137, P. 3503.
National Union Mortgage Co.
-Bonds Deposited.
-
The jorotective committee announces that nearlyt$9,0)0,000 bonds or
over 68% of the $13,191,000 of outstanding bonds have been deposited
with the protective committee by bondholders. T'he committee further
announces that Nov. 30 is the date before which deposit must be made if
bondholders are to be assured ofprotection under the plan.-V.137, p.3684.
North Central Texas Oil Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Current assets as of Sept. 30 1933, amounted to $197,069 and current
liabilities were $5,075, comparing with $260,661 and $10,713 respectively
on Sept. 30 1932.-V. 137, p. 1591.
3850
Financial Chronicle
Nov. 25 1933
Listed.-Stock listed on the Chicago Curb Exchange.
North German Lloyd, of Bremen (Isiorddeutscher
for the
Lloyd [BremenJ).-Listing of "American Shares" (New) ofCompany and Business.-Incorp. in Del., Sept. 13 1933,for sale,purpose
rectifyengaging in the business and manufacture of, preparing
ing, blending, distilling and selling, either at wholesale or retail, whiskey
Representing Common Stock.
or other distilled spirits or fermented beverages and liquors as permitted
The New York Stock Exchange has authorized the listing of 15,099
bylaw. Company will have its principal place of business in Covington, Ky.
American Shares (new), representing common stock, in substitution for
Company has acquired from R. L. Crigler and F. D. Crigler bonded
the American Shares now listed, issued and outstanding.
whiskey warehouse receipts representing ownership of 1,161 cases of aged
Certificates for 182,025 American Shares were issued pursuant to the
whiskey, all more than 15 years old. These stocks of whiskey were condeposit agreement dated Nov. 15 1928 between Kuhn, Loeb & Co. and
servatively appraised at $50.000 by independent appraisers, and 50,000
Lee, Higginson & Co., as depositors, Guaranty Trust Co. of New York, as
of common stock have been issued for these goods. Company expects to
depositary. Of these 45,296 American Shares are now outstanding.
substantially increase its inventory of whiskey upon receipt of the proceeds
By resolutions adopted at the 69th ordinary general meeting of shareof this financing. In this connection, additional stocks of aged whiskies
holders of the company held on June 28 1932, there was authorized a reducowned by the Crigler interests will be made available to the company at
tion in stock capital from 165,000,000 marks (consisting of pref. stock in
the market. It is expected these will be largely used for blending purposes.
the amount of 5,000,000 marks and common stock in the amount of 160,Brands and Trade Names.
-Company has acquired from R. L. Crigler
000,000 marks) to 54,500,000 marks, by the retirement of 11,500,000 marks
and F. D. Crigler, all right, title and interest in "Old Jordan" and other
of common stock of various denominations owned by the company, the
brands owned by them, in consideration of 25,000 shares of the common
exchange of the remaining outstanding shares of common stock for common
stock of the company. Old '76 Distillery Co., which is controlled by
stock in the reduced capital in the ratio of three to one,and the conversion
R. L. Crigler and F. D Crigler, has agreed to transfer to the Old Jordan
of 3,340,000 marks of pref. stock (of the total of 5.000,000 marks of pref.
Old '76 Distillery Co., in consideration of an additional 25,000 shares, the
stock previously outstanding) into common stock on a share for share basis.
Old '76 Distillery name,together with all right, title and interest in "MedalHolders of shares of outstanding common stock are required to surrender
lion' and other valuable trade names.
their shares for such exchange on or before Dec. 18 1933. Such reduction
Upon completion of this transaction, Old Jordan-Old '76 Distillery Co.
of capital was made for the purpose of offsetting the decrease in value of the
will own the following brands and trade names, and the good-will apcompany's assets and more particularly to provide for existing losses and
purtenant thereto:
depreciation and to establish additional reserves.
Old Jordan. Braddock Rye, Woodruff, Medallion, Campbell Club,
Pursuant to the provisions of the deposit agreement Guaranty Trust Co.
C. M.Finch, Woodland, Forsythe. Finchtown, Lord Lytton Gin, Meadowof New York, as depositary, will on Dec. 18 1933, direct the surrender of
thorpe Dry Gin. Lord Kitchener Dry Gin, 01 '76 Brand Apricot.
the deposited shares of common stock of the company held by it under the
Purpose of Issue.
-Company has granted to Bolger & Co.. an option to
deposit agreement in exchange for shares of common stock in the reduced
purchase 150,000 shares of common stock at $1 per share, the proceeds of
capital, in the ratio of three to one, and will as soon as practicable, therewhich will be used by the company for the equipment of a rectifying and
after. issue its certificates for American Shares (new) against surrender of
blending plant, with bottling facilities, and for the purchase of additional
the outstanding certificates for American Shares, in the ratio of one Ameriwhiskey and other supplies needed in the operation of the plant. It is
can Share (new) for each three American shares surrendered.
estimated that the cost of the equipment of such a plant will be approxiEarnings for Year Ended Dec. 31 1932.
mately $20,000, so that most of the proceeds of this issue will be used for
[All conversions from German Reichsmarks to United States currency
additional whiskey inventory and working capital, including the payment
have been made at the rate of 4.20 Reichsmarks to the dollar.)
of taxes and charges. A portion of the proceeds not exceeding $12,500
Revenue derived from the shipping business after deducting the
will be applied in payment of organization expense of the company.
direct expenditure for the upkeep, repairs and working of the
The net proceeds to the company of the sale of this 150.000 shares, to
ships and after adjustments under the pooling agreement_ _ _ _ $5,296,809
wit $150,000, are to be deposited in escrow with Trust Company of Chicago
15,348
Revenue from participation
as the said shares are purchased by Bolger & Co. under its option. The
55,217
Other capital revenue
agreement provides that upon the accumulation in escrow of $150,000 said
1,405,905
Extraordinary revenue
funds are to be released to the company in two equal instalments. Prior
to accumulation of the entire net proceeds, Trust Company of Chicago is
$6,773,280
Total revenue
permitted by said agreement to release to the company at any time from
2,234,820
Salaries and wages for shore employees
time to time all or any portion of the funds then in escrow but only upon
62,452
Social welfare charges for shore employees
receipt in each case of written direction so to do from the Secretary of State
52,525
Depreciation on plant
of the State of Illinois or Chicago Curb Exchange Association, if the com906,001
Other allowances for depreciation
pany's stock has been listed on said Exchange. In the event the entire
2,666,164
Interest
$150,000 (unless earlier releases of portions of the escrowed funds are
290.470
Property taxes
permitted) if not accumulated in the escrow Bind prior to April 1 1934,
3,661,309
Other expenditure
the funds then impounded may be returned to the purchasers of stock on
the basis of $1 per share.
$3,100,462
Net loss
Plans for Construction of Distillery.-Company has granted to Bolger &
Comparative Balance Sheet as of Dec. 31.
Co. an option to purchase, upon completion of the sale of this issue of
1931.
1931.
1932.
1932.
150,000 shares, an additional 250,000 shares of $1 per share, the proceeds
AssetsLiabilities$
$
$
$
of which, If and when received by the company, will be used for the conProf. stk. (75%)
Common stock_ 12,580,952 12.580,952
struction of a distillery. According to an estimate by Carl .1. Kiefer
395,238
of
$260,428
Preferred stock_
395,238
Consulting Engineer, Cincinnati, 0., this sum would be sufficient to build
((not paid)___
195,321 6%
195,321
American
a modern distillery with a capacity of 1,200 bushels of grain per day of
x Ocean-going
gold loan of
20 hours.
fleet
51,343,357 52,516,076
1927
17,607,000 18,272,000
Options to Bankers.
-Upon completion of sale by the bankers of the
1,297,619
Land, bldg. (incl.
Legal reserve_ _ _ 1,297,619
400,000 shares of common stock of the company for the purposes above
325,980
leases of pier
Revalorized bds.
144,354
outlined, options may be exercised by the bankers at any time or time,
& drydocks).
Sundry creditors 1,466,962 6,607,096
on all or any part of the remaining 250,000 shares of unissued stock, at the
turn., fixtures
Pension reserve_
595,238
following net prices to the company:
and plant_ __ _ 1,253.444
1,214,397 Special reserve
2,613,823 5,714,286
Option Expires.
Cash on hand &
ContIng. reserve 5,315,175 4,921,559
April
1 1935
100,000 shares of common stock at $1 per share
bank balances 1,420,967
1,313,370 Mortgage loans_ 2,796,566 2,581,215
50,000 shares of common stock at $2 per share
Shares Jr inter1,384,289
Payable on acct. 1,638,675
}October 1 1936
50,000 shares of common stock at $3 per share
ests in other
Accts. payable
1,193,234
80,690
50,000 shares of common stock at $4 per share
companies ___ 5,258,090 5,954,044 Accts. pay. to
No other person has been granted an option with respect to said common
Ship stores
1,370,974 2,688,955
controlled affilstock, nor has any other person indicated an intention to subscribe for any
Machry., mech.
fated & subsid.
of the common stock. The bankers may grant to licensed securities dealers
Plant, tech. &
companies ___
906,838
3,147,627
in States where this issue is qualified, a concession of not more than 20%
business inv'y
420,529
368,519 Accept. Bab. Jr
of the current sales price. The company has agreed to pay all expenses
Real est. mtges_
157,998
152.680
bills of exncident to the qualification of its stock under the so-called Blue Sky Laws
Cash sureties_
3,530
563,018
change
99,738
of various States and of the United States.
Accts. receivable 1,025,392 5,831,533 Bank loans
21,517,664 15,167,758
Officers and Direcfors.-Officers, directors and promoters of the company
Accts. rec. from
833,436
Transitory items 1,358.283
and the number of shares owned by them are as follows: R. L. Crigler,
controlled MM.
president and director, and principal executive officer, 37,500 shares;
& sub. cos__ __ 1,978,294
1,185,699
P. D. Crigler, vice-president and director, 37.500 shares; Henry W.Jenisch.
Other supplies__
965,736
secretary treasurer and director and principal financial and accounting
Other securities_
741,159
officer (will own 2,000 shares).
Guarantees __
11,293
Messrs. Crigler, in addition to their direct holdings, also control Old
Paym'ts on acct.
6,000
'76 Distillery Co. which has subscribed for 25,000 shares of the company's
Bills of exchange
75,232
stock.
Transitory items 2,063,698 2,373,406
The company has not, nor will it, pay any sums of money to promoters as
Debtors
3,315,097
such. The only money to be paid in that connection will be paid by Bolger
& Co. which has agreed to pay J. D. Dinkel, 208 South LaSalle Street.
Total
71,527,356 73,872,766
71,527,356 73,872,766
Total
Chicago. promoter,Scents on each share, of the first 400,000 shares. taken
z Includes coastwise and river steamers, &c.
-V. 137, p. 37
down by Bolger & Co., pursuant to its options with the company and 25%
of its net profits with respect to the remaining 250,000 shares under
North & Judd Mfg. Co. emovedfrom List.
option.
The New York Curb Exchangjhas removed from
ted trading
Adjusted Balance Sheet at Sept. 29 1933.
privileges the capital stock, par $2&-V. 137, p. 2818.
AssetsLiabilities
Fixed assets
$21:000 Cap. stock: Issued &outstand.$225,000
2 ,0000
125 50
Ohio Oil Co.
-Earnings.
Trade-marks, brands &
For income statement for 9 months ended Sept. 30 see "Earnings DepartOrganization expense
ment" on a preceding page.
Cash for addit. inventories and 116,500
working capital
Consolidated Balance Sheet Sept. 30.
Inventories-whiskey evidenced
1933.
1932.
by warehouse receipts
50,000
LiabilUiesAssets$
Property
125,562,846 128,740,783 d Pref. stock___ 58,094,300 58,014.900
$225.000
Total
$225,000
Total
Commonstock100,000,000 100,000,000
Investments
16,936,264 17,165,136
-V. 137, p. 3685.
1,511,206 Accts. payable_ 2,179,423 2,042,956
Cash
1,281,916
1,330,947
1,320,647
Accts,knotes rec 4,584,975 4,855,246 Res. for taxes__
Def. liabilities__ 1,899.525 2.138,945
Crude & refined
Oppenheim, Collins & Co., Inc.-Sales.
135,461
64,984
19,895,868 22,342,945 Min. interest.. __
oll
Three Months Ended Oct. 314
1931.
1933,
1932.
Mats &supplies 2,068,605 2,305,482 Earned surplus_ 13,251,630 18,106,829
Oppenheim, Collins & Co-- $1,752,125 $1,568,530 $2.321.161
Net sales,
Treasury stock_ c4,106,615 3,799,688
112,350 Pm 161,575
Sales of leased departm'ts & alterations
112,076
Deferred charger 2,373,420 1,109,552
Total sales
$1,864,201 $1,680,880 $2,482,736
176,810,509 181,830,038
Total
Total
176,810,509 181,830,038
-V.137, p. 2987.
a After depreciation and depletion b Represented by 6,648,052 no par
shares of preferred ----- Paducah Cooperage Co.
shares including shares in treasury. c Consists of 18,121
'
-Admitted to List
and 84,945 shares of common at cost. d Includes shares in treasury.
The New York Produce Exchang has admitted to the Stthe_$1;par
V. 137, P. 2472.
common stock, "when as and if Mau ."-V. 137. p. 3504.
Oil Shares, Inc.
-Interest Acquired by Equity Corp.
Acquisition, by interests identified with the Equity Corp., of a substantial
block of the capital stock of Oil Shares, Inc., an investrntnt trust with net
assets of $1,274,961 on Nov. 15 1933 was announced this week by Arthur
S. Kleeman, President of Oil Shares, Inc.
Samuel W. Anderson, W. Franklyn Best, R. Sherrard Elliot Jr. and
Albert Fink Milton, have been elected to the board of directors of Oil
Shares, Inc.
It is understood that an offer is contemplated to all stockholders of Oil
Shares. Inc. to tender their stock in exchange for stock of the Equity Corp.
-V.137, p. 3503.
Old Jordan-Old'76 Distillery Co.,(Covington, Ky.).Stock Offering.
-Bolger & Co., Chicago,are accepting subscriptions to 150,000 shares of common stock. Price at the
market. Stock offered as a speculation. A prospectus
affords the following:
*Outst'd'g.
CapitalizationAuthorized.
Common stock $1 par value
*750,000 shs. 250,000 shs.
* Outstanding, 75.000 shares: subscribed for but unissued. 25,000 shares;
option to Bolger & Co., 150,000 shares; the remaining 500,000 shares are
under option to Bolger & Co. on the terms stated below.
•
Pet Milk Co.
-Earnings.
For income statement for 3 and 9 months ended Sept.7_30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1426.
Phoenix Securities Corp.
-Stock Sold at Auction.
The 130,158 shares of common stock offered at auction Nov. 17 at the
auction rooms of Adrian H. Muller & Son, Jersey City, were bid in at $1.50
a share. Wallace Groves purchased the stock, it was stated.
-V4137,
p. 2473.
Pioneer Mill Co., Ltd.
-Extra bividend.-
mem!
An extra dividend of 30 cents per share has been declared on the capital
stock, in addition to the regular monthly dividend of 5 cents per share on
the capital stock, payable Dec. 1 to holders of record Nov. 21. ..Like
amounts were paid on Oct. 2 and Nov. 1 last.
-V. 137, p. 2820.
Pittston Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137. P• 1592.
-Extra Distribution.
Plimpton Manufacturing Co.
An extra dividend of $1 per share has been declared in addition tethe
regular quarterly dividend of $1.50 per share, both payable Dec. 1 to holders
of record Nov. 24. An extra distribution of $1.50 per share was made on
Volume
137
Financial Chronicle
Dec. 31 1932 and one of $3 per share on Dec. 21 1931 and on Dec. 20 1930.
-V.135. P. 3868.
Plymouth Fund, Inc.
-Initial Dividend.
The directors on Nov. 21 declared an initial distribution out of surplus
funds at the rate of 4c. per class A share, payable Dec. 1 1933 to holders
of
Nov. 15. See also V. 136, P. 4286.
Plymouth Oil Co.
-Resumes Dividend.
-The directors
on Nov. 22 declared a quarterly dividend of 25 cents per
share on the capital stock, par $5, payable Dec.31 to holders
of record Dec. 7. The last previous quarterly payment of
like amount was made on Dec. 30 1932; none since.
President W. S. Hallahan said:
The resumption of dividends on a basis of 25 cents per share quarterly
is fully warranted by the present earnings and the greatly improved outlook for the industry. Plymouth earnings from the production of crude
oil have shown a substantial increase during the last few months, as indicated by the profits reported in the third quarter and continued operation on a more profitable basis is looked for.
The company will also benefit substantially through its holdings in the
Republic Refining Co. 50% of which is owned by Big Lake Oil Co., a
subsidiary of the Plymouth Oil Co. This item of refining profits, which
is not included on the Plymouth quarterly report, will accrue at the end
of the year, and will be an important addition to yearly earnings of the
Plymouth Oil Co.
-V. 137, p. 3504.
-Removed from List
Poole Engineering & MEine Co.
The New York Produce Exchange as removed from the list the (no par
class A and B stock.
-V. 123. p.3 .
-Protective Committee.
'"-Pressed Steel Car Co.
-- '
The formation of another protective committee for the 7% cum. pref.
stock was announced Nov. 22. The committee announced that it has
deposited an agreement with the Lawyers County Trust Co.,160 Broadway.
N. Y. City, which has for its ultimate purpose the complete reorganization
and rehabilitation of this company.
This committee has undertaken to make a thorough, unbiased and impartial investigation of the company's affairs in the exclusive interest of
preferred stockholders and for that reason has engaged the services of
Ferdinand Pecora as Counsel, to the end that the present receivership shall
be speedily terminated and the business of the company resumed on a
profitable basis.
No member of the committee or its counsel has in anywise been affiliated
with the past or present management of the company and therefore each is in
the best possible position to secure the desired result.
The committee believes it is of utmost importance that the preferred
stockholders take united action and therefore urges the immediate deposit
of their stock so that their interests may be safe-guarded and so as to prevent any other group from taking any action which might in any manner
Jeopardize their interests.
The members of this committee are: John F. Gilchrist, Chairman,
hairman, Consolidated Indemnity & Insurance Co.): Dr. Max Winkler,
Pres.. American Counsel of Foreign Bondholders); Thomas J. McMahon,
erwind-White Coal Mining Co.): Charles E. Weldon, (Pres., City Trans-Financial
portation System, Inc.), and Edmund Wright, Consultant
-V.137,
Advisor. Edmund Wright, Sec., 120 West 42nd St., N. Y. City.
p. 3685.
rB
-Removed from List.
Reece Buttonhole Machine Co.
g
The New York Curb Exchange has removed from unlisted tradi
ur
privileges the capital stock. par $
137. p. 2118.
Remington Arms Co., Inc.
-Earnings.
For income statement for 5 months ended May 31 see "Earnings Department" on a preceding page.
-V.137. p. 1427.
-Orders Heavy.
Remington Rand, Inc.
William H. Matthews of Buffalo, N. Y. General Manage of the company's
dvhiorlildlsrtaleanen at a convention at 0leve
stgpewri
land.oieon
typewriters
plants was running 5,000 a month behind orders. He said there were
indications that machines to the value or $2,000,000 would be ordered for
Russia when credit arrangements could be completed.
-V. 137, p. 3686.
Renner Co.
-Earnings
.For income statement for 3 months ended Sept. 30 1933 see "Earnings
Department" on a preceding page.
-V. 136. p. 3360.
Revere Copper & Brass Inc.
-New Vice-President.Robert G. Scott has been elected
a Vice-President in charge of the
Taunton-New Bedford division, with headquarters at Taunton, Mass.
Mr. Scott has been associated with Revere Copper & Brass, Inc., since
its inception in 1929.-V. 137, p. 3686.
Reynolds Metals Co.
-Expansion.
The company has purchased from E. D. Coddington Manufacturing Co.
of Milwaukee the rights, materials and machinery for the manufacture of
Ecod fabric reinforced metal laths, it was announced in a letter to stockholders.
The expansion marks the definite entry of the company into building
supplies manufacture, according to President Richard S. Reynolds.
The company plans to combine "Metallation," an insulating material
made of thin aluminum sheets, recently developed, with the Ecod lath to
form a metal lath for plaster or stucco.
The raw materials and machinery of the Coddington factory have been
divided and shipped to the Louisville, Ky., and Glendale, L. I., plants
-V. 137, p. 2989.
of the Reynolds company.
-Receiver's Report.
`".....Richfield Oil Co. of Calif.
,
[Including Wholly Owned Subsidiaries.]
Jan. 15'31. Jan. 1 '33. Jan. 15'31.
to
to
to
Dec.31'32. June 30'33. June 30'33.
Profit before depletion, deprec.. loss
on abandoned properties, and loss
$7.457,418
$755,401 $8,212,819
of subsidiary companies
Depletion & depreciation (based on
appeased values):
5.157,175
934,606 6,091,781
On producing properties
5,131,844
1,251,164
6,383,008
On other properties
500,020
33.330
533,350
Loss on properties abandoned or sold..
Period
-
$3,331,622 $1,463.699 $4,795,321
Loss
Losses of subsidiary companies (after
deducting depreciation based on
appraised values):
1,913,503
601,829
2.515,332
Richfield Oil Corp.of New York1,032,498
216,964
1,249,462
Richfield Stations, Inc
prof39,2/33
64,233
24,950
Signal Hill Gasoline Co
prof59,448
prof4,975 prof64,423
Rioco Investment Co
5,299
prof7.926
prof2,626
Richfield Distributing Co
36
36
Richfield Realty Corp
3851
Balance Sheet June 30 1933.
aAssetsLiabilities
•
$48,214,115 1st mtge. coll, trust sinking
Capital assets
Sinking & released prop.funds
27,167 fund gold bonds, series A.
Other spec.fun& & deposits_
• 14,064 6% convertible
524,981,000
Impounded funds
43,655 Pan-American Petroleum Co.
1st mtge. 15
-year cony.6%
Invest. In & adv.to controlled
companies
3,287,130 sinking fund gold bonds_ _
9,145,400
Mortgages on head office
Mscell.invests.&long-term
building, of which $65,000
receivables
863,662
Is payable within 1 year., 1,387,500
Claim for refund ol Federal
income tax
421,403 Purchase money & drilling
Obligation maturing after
c officers & employees
1
1,971,423
Insurance claims receivable
380,000 June 30 1934
Cash
4,660,139 Notes payable
10,301,567
d Notes receivable
203.128 Purch. money and drilling
e Customers accounts re•ceiv. 2,025,422 obligations maturing withOfficers &employees
7,594 in 1 year
886,767
f miscell.accts.receivable__
446,457 Accounts payable, accrued
taxes,&c
10,995,189
Inventories
5,159,185
Materials & supplies
855,893 Accrued Interest on bonds_ _ _ 5,783,389
Deferred charges
1,288.870
1,302,755 Due to controlled company
Reserve re lease litigation vs.
U.S.Government
9,444,268
Reserve for insurance claims_
380,000
Deferred credits
49.738
7% preferred stock
9,997,500
51.531,439
g Common stock
70,232,277
Deficit
$67,911.771
Total
567,911,771 Total
a After depreciation and depletion of $13,687.685. b After reserve
of $255,154. c After reserve of $672,879. d After reserve of $288,849.
c After reserves of $495,603. f After reserves of $25,866. g Represented
by 2,061,257 no par shares.
Note.
-Contingent liabilities approximating $2,296.000 are not included
in this statement.
-V. 137, p. 3339.
-Earnings.
-Ritter Dental Manufacturing Co., Inc.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1427.
Schulco Co. Inc.
-Earnings.-
For income statement for 9 months ended Sept. 30 see "Earniigs Department" on a preceding page.
-V.137. P. 1593.
-Dividend No. 2.
Scottish Type Investors, Inc.
The directors have declared dividends of 5 5
-19th cents per share on the
class A and class B stocks, par $1 each, payable Dec. 30 to holders of
record Nov. 30. An initial distribution of like amount was made on
Sept. 30 last.
After deducting the 5% Federal tax, stockholders will receive 5 cents
per share.
-V. 137, P. 1593.
Second International Securities Corp.-Pref. Div.
The directors on Nov. 22 declared a dividend of 50 cents per share on the
6% cum. pref. stock, par $50. payable Jan. 2 1934 to holders of record
Dec. 15 1933. A similar distribution was made on this issue on Oct. 2
1933. Previously the company had paid regular quarterly dividends of
75 cents per share up to and incl. April 1 1932.-V. 137, p. 2286.
South Porto Rico Sugar Co.
-Stock Distribution Not
Taxable.
Secretary F. M. Scholl, Nov. 22, in a letter to the common stockholders
which accompanied certificates for shares of common capital stock of
Marancha Corp. (payable to holders of record at the close of business on
Nov. 10 1933) said:
"We are advised by counsel that the receipt of this Marancha stock by
common stocknolders of South Porto Rico Sugar Co. will not constitute
taxable income to them under the Revenue Act of 1932. nor will it be
taxable as a dividend under the National Industrial Recovery Act of 1933:
and that when such stock is sold or liquidated, the owner may derive a
profit taxable in accordance with pertinent provisions of Sections 101, 112
and 113 of the 1932 Act (or of any amendments or new tax laws that mat'
be passed by Congress) and Article 600 of Regulations 77. Tne "cost basis'
with regard to whicn such profit (if any) is to be determined must be fixed
by the Commissioner of Internal Revenue in due course. The Commissioner
must also adjust the original cost of toe Sugar company's common stock
for the purpose of determining gain or loss upon subsequent sale thereof.
"It has not yet been decided when the Marancha Corp. will enter active
business nor in what business it will engage. The decision rests upon (a) The
general business trend during the coming montns;(b) the opportunities, if
any, offered of acquiring business properties,&c. whicn the directors believe
can be developed and operated successfully. Preferably, such business will
be allied with toe production ofsugar, but the corporation is free to engage
In any agricultural, manufacturing or commercial business, in any part of
the world..
"Definitely, it is not intended that the corporation shall be an "investment trust"•, if it is determined not to engage in business, the alternative
will be the liquidation of the corporation and the distribution of its assets
to its stockholders. The corporation's investments now consist of U. S. and
Canadian Government short-term securities, giving its stock a present
liquidating value of approximately $6 per share. Pending the decision of its
directors as to whether the corporation shall engage in business or be
llquidated, it is intended to keep its funds invested in short-term securities;
during this period of waiting, the earning power of the stock will be small.
as such securities give a low return in interest.
"It is expected that the current market price of the stock will be somewhat under $6 per share, which may afford a small profit to purchasers if
the corporation is liquidated before engaging in business-any further profit
being speculative and dependent upon the future success of such business
Stock
(if any) as may be undertaken by the corporation. The New Yorklist on
Exchange advises that the Marancha stock will be admitted to the
notice of the distribution to stockholders now being made.
official
"It is not expected that the earning power of South Porto Rico Sugar Co.
will be affected materially by the segregation and transfer to Marancha
Corp. of the securities in return for which stock of that corporation was
issued to the Sugar company; the return from these securities has been
small and in no year has constituted a substantial part of the earnings of the
Sugar company and its subsidiaries. The Sugar company retains current
and working assets sufficient for the needs of its business and for normal
development thereof from year to year.
"With respect to the subscription made by South Porto Rico Sugar Co.
to an additional 504,266 shares of Marancha Corp.stock, it is not expected
that the directors of Marancha Corp. will decide whether or not to call
upon the Sugar company to take this stock until a decision has been reached
-V. 137, p. 3340.
as to the business to be operated by Marancha Corp."
3323.
-Reduces Accrued Div.
Spiegel, May,Stern & Co., Inc.
A dividend of $1.6234 per share has been declared on the 6;4% cum. pref.
stock, par $100, on account of accumulations, payable Dec. 1 to holders
of record Nov. 15. A similar distribution was made on this issue on July 1,
Sept. 1, Oct. 1 and Nov. 1 last. Following the Dec. 1 payment, accruals
1.
-V.137. p.
on the pref. stock will amount to $6.50 per share.
$6,170,966 $2,347,085 $8,518,051
Total loss
Interest accrued from Jan. 15 1931 on
**---(1E. R.) Squibb & Sons.broved from List.
obligations of Richfield 011 Co.
t the 6%
as removed from t
The New York Produce Exchang
of Calif. and Pan-American
no par.
-V.136. P. 105.
cum. 1st pref. and common stock,
Petroleum Co.:
-Earnings.
Steamship Corp.
Standard Fruit &
Bonds:
3,133,685
863,094
3,996,759
Richfield 011 00. of Calif
For income statement for 9 months ended Sept. 30 1933 see "Earnings
307,971
1,125,553
1.433,524
Pan-American Petroleum Co-.
Department" on a preceding page.
8,030
192,989
201,019
Purchase money obligations
Felix P. Vaccaro, Chairman, says:
Income from Elk Hills leases in liti"The aggregate bank indebtedness of Standard Fruit & Steamship Corp,
815,421
gation
815,421
Eastern Seaboard Corp. and American Fruit & Steamship Corp. and all
Discount on Pan-American Petroleum
subsidiaries, has been reduced from $1,721,149 at April 30 1933 to $219,000
Dr172,786
Dr172.785
Co. bonds purchased
at Nov. 21 1933.
"It is expected that in the very near future all the legal formalities neces$11,265,808 $3,526,180 $14,791.989
Total
sary to accomplish the reorganization plans voted by the stockholders on
-V. 137, p. 2287.
Deficit as at Jan.14 1931 (adiusted)55 448,28*
'
Sept. 14 1933 will be completed."
$70,232.277
Deficit as at June 30 1933
Petroleum Co. and receiver thereof
Note.
-Operations of Pan-Americs
consolidated with those of the Richfield receiver in this statement,
are
l-Removed from List.
--Studebaker Chemicalatila
as removed from the list th (no Par)
New York Produce Each
-V. 132, p. 4782.
common stock.
3852
Financial Chronicle
Nov. 25 1933
Standard Oil Co. of Kansas (Del.).
-Capital Decreased.
The stockholders on Nov. 22 authorized the retirement of 120,000 shares
of the company's capital stock which had been held in the treasury. This
stock, it is announced, was acquired at an average cost of less than $17.85
-V. 137. p. 3161, 3687.
per share.
attached, upon tender to it of said notes and coupons in acceptance of the
above offer on or before the close of business on Dec. 20 1933. city Bank
Farmers Trust Co. declares that the offerer has made available to it sufficient funds to pay for any and all of said notes with coupons, which may be
so tendered.
-V. 136, p. 1219.
Standard Utilities Inc.
-Dividend Resumed.The directors have declared a dividend of 0.78947 cents per-share on the
common stock, no par value, payable Dec. 20 to holders of record Dec. 1.
This is equivalent to 0.75 cents per share after deduction of the 5% Federal
tax.
The last previous payment was 2 cents per share paid on March 1 1932,
compared with 4 cents per share on Dec. 3 1931.7 cents per share on Sept. 1
-V.136, P.676.
1931 and 123. cents per share previously each quarter.
-Sale Deferred.
United Cigar Stores Co. of America.
Because the properties are being operated profitably under the trusteeship of the Irving Trust Co., and because the U. S. Supreme Court on
Jan. 8 will hear a case to determine the probability of certain claims which
the referee in bankruptcy ruled were non-provable, Referee Irwin Kurtz
has adjourned until Jan, 27 a motion of the reorganization committee
to set a date for the sale of the properties.
The Irving Trust Co. submitted figures to show that in the 14 months
since the filing of the petition in bankruptcy, the United Cigar Stores
Co.and the Whelan Drug chain have realized a profit in excess of $1,100,000
from store operations, before trustee's administration expenses and depreciation. Of this total, United Cigar Stores Co. earned $501,191 and the
Whelan chain earned $659.845.
Store profits of the Whelan and United Cigar chains over the past six
months were reported by the Irving Trust Co. as follows: October,
$59,000, after $18,000 depreciation charge; September, $67,000, after $18,000 depreciation charge: August.$28,000, after $19,000 depreciation charge:
July, $27,000, after $15,000 depreciation charge: June, a loss of $20,000,
after $15,000 depreciation charge, and May, a profit of $26,000, after
$15.000 depreciation charge.
Total assets of the United Cigar Stores chain were placed at $7,540,934
on Oct. 31 1933. Under questioning by counsel for non-proved claims,
Hugh Stringham, counsel for the Irving Trust Co., acknowledged that
this was based on conservative valuations, and that Dr. Klein's report
carried securities at more than the $650,000 reported by the trustee, and
that the appraised value of real estate less mortgages, carried by the trustee
at $600,000, was around $3,000,000. The total assets of the Whelan drug
chain where placed by the trustee at $4,720,910, making total assets for
the two chains in excess of $12,000.000. Counsel for creditors charged the
actual value of the assets of the two chains was around $18,000,000, and
that the plan for reorganization contemplated the sale of these assets to
debenture holders for only $7,500,000.
Wilbur Cummings, of the law firm of Sullivan & Cromwell,said that the
United Stores Corp. was the largest loser under the bankruptcy of the two
chains. He said that after the petition in bankruptcy had been filed.
Shearman & Sterling had been engaged to make up a plan for reorganization
of the company to protect United Stores' holdings of 25% of the preferred
stock of United Cigar Stores Co. and its substantial holdings of common
stock. After two months Shearman & Sterling said it could not be done
and then, Mr. Cummings testified, United Stores Corp. began buying
the debentures of Cigar Stores Realty Holdings to recoup its loss. These
debentures are guaranteed principal and interest by United Cigar Stores Co.
The Irving Trust Co. announced that an offer had been received for the
Retail Chemists Corp., known as the Whelan Drug chain, providing for
a payment of $5,400,000, including the $1,600,000 of cash in the Whelan
company, making a net payment of $3,800,000. This, the trustee said,
would permit a further payment of 507 to the proved claims of United
Cigar Stores creditors. A dividend of 21)% has already been paid.
Proved claims of the United Cigar Co. amounted to about $11,000,000
before the payment of a 20% dividend. Non-provable claims of landlords
amount to about $20.000,000, and it is the question of the provability of
these claims which will be brought before the Supreme Court next year.
The claims arise from alleged damages in connection with leasing of property
-V. 137, p. 3341.
by United Cigar Stores.
Dividend on
Class A Stock by the Payment of 55 Cents per Share on Account
of Accruals.
-Resumes
"."-...Superior Portland Cement, Inc.
The directors have declared a dividend of 55 cents per share on the $3.30
cum. class A partic. stock, no par value, payable Dec. 1 to holders of record
Nov. 23. Monthly dividends of 22A cents per share had been paid up to
and incl. March 1 1933: none since.
After the Dec. 1 payment, accumulations on the partic. stock will amount
to $6.373 per share.
-V. 136, p. 2259.
-Dividend Reduced.
""
----- ---Tacony-Palmyra Bridge Co.
The directors on Nov. 22 declared a quarterly dividend of 25 cents
per share on the common stock and on the class A stock, no par value,
both payable Dec. 30 to holders of record Dec. 10. A like amount was
paid on June 30 last, while on March 31 and Sept. 30 of this year distributions of 50 cents per share were made. From Sept. 30 1930 to and
incl. Dec. 31 1932, the company paid quarterly dividends of 75 cents
-V. 137, P. 3161.
per share on both classes of stock.
-Earnings.
Thompson Products, Inc.
For income statement for month and 10 months ended Oct.31 see "Earn-V. 137, p. 3510. •
ings Department" on a preceding page.
-May Soon Restore Dividends.
Transamerica Corp.
Consideration will be given to the payment of dividends on Transamerica
Corp. stock in the near future, A. P. Glannini, Chairman of the board of
the Bank of America and of Transamerica, Corp., announced on Nov. 21.
"A moderate dividend may be declared by Transamerica prior to the end
of this year," Mr. Giannini said,"if conditions continue to warrant, and if
action is not taken in December, I will recommend to the board that a
dividend be declared early next year."
Mr. Giannini pointed out that his institutions have recently increased
the pay of employees in the lower salary brackets so that 77% of the
personnel is on a normal pay basis, and therefore, the time is propitious for
giving consideration to a disbursement to stockholders.
"When we pay a dividend on Transamerica. it means that we will continue to pay dividends," said Mr. Giannini. "At the present time, the
Bank of America alone is paying into the treasury of Transamericafunds
sufficient to insure coverage of a small dividend on Transamerica stock.
"Bank of America is paying annual dividends of $3,100.000, and is
earning more than three times that amount. If this ratio continues there
is a great likelihood that the dividends paid by the bank will be increased."
A dividend has been declared by Bancamerica-Blair Corp., a subsidiary
of Transamerica Corp. (see a ve)-V. 137, p. 2651.
Truscon Steel Co. Listng of Additional Common Stock
To Replace Borrowed Shares
-Dividend Rate Increased.
'United Elastic Corp.
The directors have declared a dividend of 26.316 cents per share on the
common stock, no par value, payable Dec. 23 to holders of record Dec. 6.
This is equivalent after deduction of the 5% Federal tax to 25 cents per
share. This compares with 20 cents per share paid on Sept. 23 last and
10 cents per share each quarter from June 24 1932 to and hid. June 24 1933.
-V. 137, P. 1430.
The New York Stock Exchellb has authorized the listing of 200,000
additional shares of common stoc ($10 par) on official notice of issuance
on subscription by stockholders or on disposition by directors (as to any
portion not subscribed by stockholders) making the total amount applied
for listing 904,698 shares.
The issuance of the 200,000 shares was authorized at a meeting of the
-Rights.
United Electric Coal Cos.
board of directors, held on Aug. 14 1933. At said meeting the board reThe company is notifying stockholders of record Nov. 15 of the rignt to
solved to offer the 200,000 shares pro rata at $10 per share, to common
subscribe for all or any part of 35,000 shares of no par common stock at
stockholders. The offering has not been underwritten, and shares not taken
$7 a share. This stock represents an issue the company issued to creditors
by stockholders in accordance with the terms of the offering may be otherunder date of Dec. 15 1930, with an option to repurchase the stock in the
wise disposed of by the directors at not less than $10 per share if sold for
year ended Jan. 15 1934, at $7 a share. Under the option agreement all
cash, or, if disposed of for property or services rendered or contracted for,
-V. 137.
or none of 35,000 shares must be taken at the aforesaid price.
at a value of not less than $10 per share as determined by the directors
p. 2991.
To the extent permitted by failure of stockholders to purchase these
shares, said shares may be issued in repayment of a loan of 65,000 shares
already borrowed and such further amounts as may be borrowed under s-----rinited Hotels Co. of America.
-Receivership.
loan agreements as recited under the caption "Borrowed Stock and Options."
F. A. Dudley, President: J. R. Judson, Vice-President, and W. W.
The purpose of the Issue is to provide additional working capital for use
Reilly were appointed receivers at Rochester, N.Y..on Nov. 17. Company
in the ordinary course of the company's business and for liquidation of
is a holding company owning stocks and securities of United Hotel companies
the company's indebtedness.
in the United States and Canada. Mr. Dudley said application for the
In June 1933 the company to secure additional working capital, found
receivership was due to the inability of the holding company to meet its
it advisable to borrow stock from several large stockholders, who, under
guarantees on indebtedness of unit hotels. About 80% of mortgages on
an agreement, dated June 8 1933, agreed to loan the company for a period
-V. 136. p. 4478.
its hotels are in default, it is said.
of 11 months, without charge, up to 60,000 shares. In another agreement,
dated Aug. 22 1933 certain of said stockholders agreed to a further loan
-Proposal for Exchange of
United States Sugar Corp.
of up to 60,000 shares on the same terms.
-Clarence R. Bitting, President, states in part:
Securities.
The company borrowed 55,000 shares under the first agreement, of
were sold outright, and 35,000 additional shares were
which 20.000 shares
Owing to the decline in price of raw sugar, which since the plan for
sold upon exercise of options, the company receiving $530,000 for said
reorganization of Southern Sugar Co. was published, reached the lowest
55,000 shares.
price in history, corporation is confronted with serious financial problems,
has
Of the 60,000 shares covered by the second agreement, the company
which it is propoeea to solve by means of an exchange of securities (as
sold 10,000 shares for $85,000. and granted an option for a period of 105
outlined below):
days from Aug. 22 1933 with respect to the remaining 50,000 shares at
Corporation was organized in Delaware, April 28 1931, in accordance
prices ranging from $9 to $11.50 per share.
with the provisions of plan for the reorganization of Southern Sugar Co.,
The funds received and to be received from the sale of the shares under
dated April 1 1931 and. acquired the assets of that company at judicial
stockholders have been or will be
option. and the shares being offered to
'
sale on Dec. 8 1931.
applied to the liquidation of the company's indebtedness and to supply
During the last two years, the facilities, services, officers and employees
working capital.
of Bitting, Inc., which is reorganization Manager, have been availed of in
Comparative Balance Sheet.
a supervisory capacity. No written contract or agreement existed for this
32.
July 31'33. Dec.31.
work but Bitting, Inc.. has been paid its out-of-pocket expenses incident to
July 3133. Dec.31'32.
Liabilities
such supervision and other expenditures incurred for the account of United
Assets
States.Sugar Corp. together with payroll cost for actual time devoted to
Common stock- 6,993,670 6,956,710
Y iteal est.. bides,
work for the corporation plus proportionate share of overhead of all officers
mach'y sc tins__ 8,682,742 8,759,488 Pretetred stock _ 3,418,210 3,418,210
and employees, exclusive of Clarence R. Bitting. The payments to Bitting.
550.061 Notes payable-- 988,040 1,281,635
459,282
Cash
Inc. from Dec. 8 1931 to June 30 1933. were $35.083, and in addition
Accts.& exps.pay.,
2,011,441 2,057,071
Merchandise
416.023
thereto there has been issued to Bitting, Inc. for compensation for the
payrolls, &a__ _ _ 906.692
x Accts.& bills rec. 1,778,068 1,813,606
31,864
21,774
same period 40,000 shares of common stock (voting trust certificates).
104,199 Dep.on contracts_
Accts. rec. Zr. empl
An agreement has been made between the corporation and Bitting
123,042 Acer. real estate,
196,042
Other assets
78,494
92.910
Inc. for the two year period beginning July 1 1933 whereby the corporation
taxes, &c
Investin'ts in anil.
36,636
33,636
has agreed to pay Bitting. Inc. for supervisory services, all of the lattees
payment
138,208 Mortgage
138,208
companies
40,254
expenditures made for the account or interest of the corporation: Payroll
42,798
192,691 Reserves
Patents
193,622
cost plus proportionate share of overhead for time of all officers and em212,887 Adv.bill.on strut.
Deterred accounts 191,423
19,607
15,867
ployees other than Clarence R. Bitting and $40,000 per annum payable
contract
monthly plus a sliding scale of percentage of net earnings in excess of
Capital surplus._ 1,192,515 1,193,709
348,240
5500000 before Federal or State income taxes. The agreement further
Apprec.et real ekt. 348,239
129,872
de1423,527
provides for additional payments if the corporation requires more than
Prodt & loss
2-9ths of the working time of Clarence It. Bitting.
13,630,827 13,951,254
Total
13.630,827 13,951,254
Total
Subsidiary and Affiliated Corporations.
December for accrued
x After deducting $327,473 in July and $440,766 in
freight, adjustments, &c. y After deducting reserve for property depreThe subsidiary corporations are 100% owned and their names, together
-V.137, p.3510.
with statement of their purpose in relation to this corporation, are:
ciation of $4,661,339 in July and $4,463,626 in December.
Clewiston Corp., is owner of record of lands, the titles to which are in
-Offer to Noteholders.
process of being cleared and also is owner of record of lands not now conUnited Business Publishers, Inc.
sidered suitable for culture of sugar cane.
-year 53. % sinking
John Blair Moffett in a notice to the holders of the 15
Glades Land Corp., is owner of various liens against lands owned of
fund secured gold notes, due Feb. 1 1944 skates that he has purchased of
record by Clewiston Corp. and also holds title to other real estate.
,
-year 556% sinking fund secured gold
Lee, Higginson & Co., $1,283,000 15
United States Sugar Corp. of New York, controls the Clewiston Co.
notes due Feb. 1 1944. at $200 for each $1,000 of notes, with Feb. 1 1933 and
Florida Sugar Co. holds the record title to certain cane and other lands
subsequent coupons attached, and as a condition made by the seller in
In Palm Beach County. The assets themselves, however, are carried on
connection with said purchase, Mr. Moffett agreed to offer to purchase
books of United States Sugar Corp. or Clewiston Corp.
any or all of said notes outstanding in the hands of the public at said price
The corporation controls the Clewiston Co. through United States
of $200, for each $1,000 of notes with said coupons attached.
Sugar Corp. of New York, a wholly owned subsidiary, by reason of the
Mr. Moffett, therefore, hereby offers to purchase any and all of said
following:
said coupons attached for the price above mentioned, the price
notes with
Total Out
Owned by U.S. S. C.
to be net cash without deduction except for United States Documentary
or Subsidiaries as of standing as of
Tax Stamps. (Under existing Federal law a documentary stamp tax of
June 30 1933.
June 30 1933.
This offer will
4 cents per $100 of principal amount of notes is required.!.
$343,005
$361,343
Current debt
remain open until the close of business, Dec. 20 1933.
535,222
542,222
Funded debt
City Bank Farmers Trust Co., as agent for Mr. Moffett,declares that it
18,551;4 shs.
18,866 she.
Preferred stock
will accept any and all of the 51.i % secured notes, due Feb. 1 1944. with
10,000 shs.
10,000 ohs.
Class A stock
1933 and subsequent coupons attached, and pay therefor. as above
Feb. 1
30,881% she.
31,099 she.
Common stock
with said coupons
set forth, the price of $200 for each $1,000, together
Financial Chronicle
Volume 137
The Clewiston Co. is primarily a real estate and service company and for
this reason its operations have not been consolidated with those of the
Sugar company.
It is now proposed to exchange the present outstanding securities as
follows:
Series A Bonds.
-Corporation offers to issue to the holders of series A
bonds in exchange for each $100 of such bonds accompanied by the coupon
due Jan. 1 1934 and subsequent coupons surrendered:
(a)'25 shares of the common stock (par $1), or, in the alternative, at the
option of the holders thereof;
(b) 1 share of the new non-par value preferred stock and 5 shares of the
common stock (par 31), in the alternative, at the option of the holders
thereof;
(c) 4% serial notes, the principal thereof to mature as follows: 40%
July 1 1934,40% July 1 1935, 20% July 1 1936.
Holders of fractional scrip certificates for bonds of series A, which certificates were to be void at 3 p.m. o'clock on Oct. 11933. but the life of which
was extended until Dec. 31 1933, will be accorded the opportunity to avail
themselves of option (a) above.
-Corporation offers to issue to holders of
Series B and Series C Bonds.
series B and series C bonds in exchange for each $100 of such bonds accompanied by the coupon due Jan. 1 1934 and subsequent coupons surrendered:
(a) 20 shares of the common stock (par $1), or, in the alternative, at the
Option of the holders thereof;
(b) 1 share of the new non par value preferred stock of the corporation.
Holders of fractional scrip certificates for bonds of series B and series C,
which certificates were to be void at 3:00 p.m. Oct. 1 1933, but the life of
which was extended until Dec. 31 1933, will be accorded the opportunity
to avail themselves of option (a) above.
Debentures -It is proposed if necessary to petition the Court of Chancery
in Delaware for a hearing on the fairness of this proposal for exchange of
securities. Corporation has been advised by counsel that under the law
of Delaware, after a meeting of the debenture holders has been held, if a
majority in number representing three-fourths in principal amount of the
debentures have voted in favor of the compromise offered to them by the
proposal, and if the proposal is approved by the court, all debenture holders
will be bound to accept the compromise set forth.
After this proposal for exchange of securities has been declared effective,
the Corporation offers to issue to holders of debentures in exchange for
each $100 surrendered:
t
(a) 10 shares of common stock (par $1) or, in the alternative,
option of the holders thereof.
(5) One-half share of new non-par value preferred stock. (Scrip will
be issued for fractional shares.)
Holders of fractional scrip certificates for debentures which certificates
were to be void at 3:00 p.m. o'clock on Oct. 1 1933, but the life of which
was extended until Dec. 31 1933, will be accorded the opportunity to avail
themselves of option (a) above.
Scrip for Common Stock (Voting Trust Certificates).-This scrip which was
to become void at 3:00 p.m., Oct. 1 1933 was extended to Dec. 311933.
Securities to Be Outstanding Upon Consummation of Proposed Exchange.
As several options to security holders are set set forth, it is impossible
to forecast with any degree of accuracy the securities that will be outstanding upon consummation of the plan, but so that security holders
may be able to form an opinion for themselves on this subject, there is
set forth the resultant securities that would be outstanding under two
assumptions, namely,first, giving effect to exchange of all securities on the
basis of option (a) of proposal, and second, giving effect to option (c) on
series A bonds and option (b) on series B and C bonds and debentures
excepting on holdings which have contracted to take option (a). Scrip
in all cases has been treated under option (a).
All Securities Exchanged on Basis of Option (a).
a Plan of
Exchange.
Outstanding.
25 sae. corn.
$554.669
3.189,020 20 shs. corn.
1,039.220 20 shs. corn.
10 shs. coin.
908,440
595,168 shs.
241,083
25.000
Existing SecuritiesSeries A bonds
Series B bonds
Series 0 bonds
Convertible debentures
Voting trust certificates
Purchase warrants
Purchase options
b New
Securities.
138,667
637,804
207,844
90,844
595,168
$1,670,327
Total
a Assumed to be accepted by present security holders (per $100 principal
outstanding). b To be issued plus presently outstanding that are
amount
unchanged shares of common stock (voting trust certificates).
AllSecurities Exchanged under Option (b)or (c) When Available to Holder.
-b New Securities
4% Serial Pref. and
a Plan of
OutVotes.
Corn. Shs.
Existing Securities- standing.
Exchange.
$554,100 4% serial notes $554.100
Series A bonds
142
569 25 shs. common
Series A scrip
2.583
258,300
1 sh. preferred
Series B bonds
585,520
2,927,600 20 shs. common
Series B bonds
024
3.120 20 shs. common
Series B scrip
863,300
1 sh. preferred
8,633
Series C bonds
175,000 20 shs. common
35.000
Series C bonds
920 20 shs. common
184
Series C scrip
896.200 ;.‘ sh. preferred
4,481
Cony. debentures_
1,600 10 shs. common
160
Cony debentures_ _ _
10,640 10 she. common
1,064
Scrip
595,168
Voting trust ctfs_- -595,168 ans.
Purchase warrants-- $241,083
25,000
Purchase options__ _
$554,100 c1,233,560
Total
a Assumed to be accepted by present security holders (per $100 principal
amount outstanding). b To be issued plus presently outstanding that are
unchanged shares of common stock (voting trust certificates). c Total
preferred stock. 15,697 shs.; total common stock, 1.217,862.99 shs.
Any holder of bonds and debentures desiring to accept one of the alternative proposals may deliver sum bonds or debentures to Commercial National
Bank & Tiust Co., New York. 56 Wall St., New York, witn an accompanying letter of transmittal designating the alternative proposal accepted.
The directors may declare this proposal to be effective, provided that at
the time of the adoption of such resolution the first mortgage and deed of
trust has been modified substantially and the holders or not less than 90%
of all of the outstanding bonds shall nave exchanged, or agreed to exchange,
such bonds for other securities or shares of stock or voting trust certificates.
in accordance with the proposal, and provided also that the holders of
not less tnan 75% of the 10-ytar convertible income gold debentures shall
have exchanged, or agreed to exchange, or shall have become bound to
exchange by virtue of tne order of any court of competent jurisdiction,
the debentures, for shares of stock or voting trust certificates as provided
-V. 137. p. 2823.
by this proposal.
-Earnings.Walgreen Co.(& Subs.).
-Years Ended Sept.30-- 9 Mos. End.
1932.
1933.
1931. Sept. 30'30.
Period$46,026,125 $47.612,220 $54,017,179 $39,128,245
Net sales
expenses- 44,000,746 45.735,599 51,756,828 37.401,319
Cost of sales &
$2,025,378 $1,876,621 $2,260,351 $1,726,926
Operating profit
211.274
224,893
264,303
232.813
Other income
$2,250,271 $2.087,895 $2,524,654 $1,959,739
Total income
308,519
308,482
299,223
Other charges
174,619
Improvements to leased
62.709
16,965
property during year
53,468
104,340
180.020
193.765
Federal tax
Net profit
Preferred dividends_
Common dividends
_
$1,820,483 $1,663,198 $2,045,411 $1,591,355
x268.761
x311,182
x332,334
256,271
571,276
$980,446 $1,352,016 $1,713,077 $1,335,084
Surplus
773,859
835,305
858.409
Shs. corn, stock outatdg. '759,405
$2.04
$1.75
$2.05
$1.55
Earnings per share
x Includes dividends on subsidiary companies preferred stocks in hands
0fpublic amounting to $3,105 in 1933; $40,149 in 1932 and $54,720 in 1931.
3853
Consolidated Balance Sheet Sept. 30.
1933.
1932.
1933.
Assets
Liabilitiesa Land,bldgs.,eq.,
pret. stock_ 4,111,200
leaseholds. &c__ 6,237,418 7.316,999 b Common stock_ 5,522,854
Cash
1,361,518 1,397,240 Stocks of sub. cos_
45,281
Mtge.notes&accts.
Accounts and notes
incl.empl.accts. 307,083
452,263
payable
c2,270,645
Accts., notes, &c.
Empl.Invest. ctfs_
30,350
receivable
296,810
445,310 Accr. salaries, &c_ 204,788
Negotiable wareFed, tax reserve
453,930
house receipts
Pur. money oblig.
318,000
Inventories
7,088,359 6,083,164
(non-current) _ _
6.750
Cash val. ins. pol. 139,824
120,108 Earned surplus__ _ 4,024,656
Investments
615,057
616,535
Good-will, &c__
1
1
Deferred charges_ 306,383
350,213
1932.
4.067,700
5,733,303
524,760
1,697,743
31,250
475,501
109,200
21,250
4,121,126
Total
16,670,455 16,781,833
Total ---------16.670,455 16,781,833
a After depreciation and amortization of $3,692,791 in 1933 and $3,277.777 in 1932. b Represented by 759,405 no par shares in 1933 and
$773,859 in 1932. c Accounts payable only.
-V. 137. P• 3511.
Waialua Agricultural Co.
-Larger Distribution.
A dividend of $1.20 per share has been declared on the capital stock,
par $20, payable Nov.30 1933 to holders of record Nov.20. This compares
with 60 cents per share paid on June 30 last. 50 cents per share on Nov.30
1932 and 30 cents per share on Feb. 29 1932. Previously the company
made quarterly distributions of 60 cents per share on the stock.
-V. 137.
P. 708.
Walworth Co.
-Earnings.
For income statement for 3 and 9 months ended Sept 30 see "Earnings
Department" on a preceding page.
-V.137. p. 1782.
Weston Electrical Instrument Corp.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet Sept. 30.
Liabilities1933.
1932.
1933.
1932.
Assetsb Capital stock_ _$2,500,000 52,500,000
a Land, buildings,
1st mtge. bonds_ _ _
16.000
52,500
mach.. fist., &c.$1.521,347 $1,628,793 Mete payable_ _ _ _
46,642
47,798
Patents & goodwill
25,668
2
2 Accrued accounts_
29,617
Cash
169,458
228,125 Reserve for 1931
Ctfs. of dep. and
Federal tax_
3,583
accrued interest 426,121
100,400 Res.for conting___ 124,146
123,045
Notes. trade acSurplus to purch.
cepts. and acc'ts
class A stock,
receivable
pending retire't_
88,940
88.940
193,847
253,981
Inventories
911.918
864,405 1,091,722 Earned surplus__ _ 704,670
County Sc munic.
securities
33,703
116,366
Inv. & accts. rec.,
W.E.I. Co., Ltd 142,709
116.286
Sundry dep. accla
rec., invest., Ste.
28,918
39,200
Empl. tubscrip. to
common stock_
68,000
2,600 shs. cl. A etk.
held for retirel.
88,940
88,940
Deferred charges_
36,616
31,587
Total
$3,506,067 $3,757,403
$3.506,067 $3,757,403 Total
a After depreciation. b Represented by 37,400 no par shares of class A
and 160,600 (164,000 in 1932) no par shares of common stock.
-V. 137.
p. 1782.
(William) Whitman Co. Inc.
--Accumulated Dividend.A dividend of 1 %% has been declared on the 7% cum. pref. stock, par
$100. payable Dec. 15 1933 to holders of record Dec. 1. A like amount
has been paid each quarter since and incl. Dec. 15 1932. The payment on
the latter date was the first since Oct. 1 1931, on which date a regular
quarterly of 1 H% was paid.
Following the above distribution, accruals on the pref. stock will amoun
to 5X %.-V. 137. P. 1595
Wilcox-Rich Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1072.
Willys-Overland Co.
-Trustee Asks Court to Return Control to Company-Says Bankruptcy Action Taken in "Bad
Faith" by Company.
The "Herald Tribune" Nov. 15 had the following:
"Charges that the receivership action brought last winter against the
company oy the Monroe Auto Equipment Co. was not brought in good
faith, but was actually part of an 'unconscionable and inequitable plan to
deprive the mortgage holders and other creditors of their legal rights was
made Nov. 14 in Federal Court at Toledo by the National City Bank,
New York, as trustee for the bondholders.
"The bank, in its answer to the Monroe company's complaint, also
alleged that, despite optimistic reorganization announcements by John N.
Willys, one of the receivers, by the creditors' committee and by their representatives, there never had been a time when any of those making the
announcements had any idea that the capital necessary for reorganization
would be forthcoming.
"The purpose of the receivership is described in the bank's answer as an
attempt to create a jurisdiction and so block a foreclosure suit since filed
by the bank; to withhold possession of the plant from the bank as the
bondholders' trustee; to hinder and delay appointment of its receivers
under the foreclosure action, and to hinder it otherwise in the exercise of
Its rights, including the right entry into the Willys-Overland plant.
"It points out that the Monroe company's complaint,the Willys-Overland
answer and the immediate appointment of Mr. Willys and Linwood A.
Miller, President of the Willys-Overland and co-receiver with Mr. Willys,
'all took place within a very short time on the same day without any notice
whatever to the bondholders' trustee.'
"'This was a plan devised by the Willys-Overlanct Co. and certain of
its officers, creditors and stockholders, including the plaintiff, in an effort
to defeat the rights of the trustee and other creditors of the Willys-Overland
to pursue their usuarand proper remedies at law and in equity for the collection of any and all amounts owed to them by the Willys-Overland Co.,'
the bank charges.
"
'The attorneys appearing on behalf of the Monroe Auto Equipment Co.
had never before represented them and were, in fact, selected by the WillysOverland Co. and certain of its officers, stockholders and creditors for the
sole purpose of initiating this action without obligation to the Monroe Auto
Equipment Co., all as part of an unconscionable and inequitable plan. The
bill of complaint and answer were prepared by the same attorneys at the
expense of those, or some of them, who originated the plan.' the bank
charges.
"In consenting to the appointment of receivers, according to the bank.
the Willys-Overland violated Section 17 of its mortgage agreement with the
holders of the $2,000,000 bond issue. The bank also alleged that the
Monroe company's complaint constituted no cause of action.
"The trustee then asks the court to discharge the receivers immediately,
requiring a full accounting from them; to appoint receivers for the trustee
under its foreclosure action; to dismiss the Monroe Auto Equipment Co.'s
bill of complaint, or, if the complaint is allowed to stand, to rule that no
rights have accrued by virtue of it to the Willys-Overland or any creditors
against the bondholders."
-V. 137, p. 2689.
Wright & Taylor Distilling Corp.
-Acquires Site.
-
President Thomas B. Bullitt on Nov. 18 announced that the company
has closed an option on a 16 acre tract for the location of its proposed new
distillery.
According to the prospectus, the new distillery will have an annual
capacity of 30.000 barrels and will cost complete on estimates by Ford,
Bacon & Davis. Inc., $475.000. The company's whiskey inventory alone
is valued at $275,000.-V. 137. p. 3689.
3854
Financial Chronicle
-Recapitalization and
...Yates-American Machine Co.
'
---'... ,
Readjustment Plan.-A plan of readjustment and recapitalization has been submitted to the security holders for their
approval. President E. J. Dalton in a letter addressed to
the bondholders and stockholders states in substance:
Directors and officers have extensively studied and discussed, during
the past 12 months, the possibility of obtaining the approval of the company's bondholders and stockholders to some sempible plan for extending
the maturities of the outstanding bonds, reducing interest and sinking
fund charges and revising the company's capital structure, so that the
company can meet present depressed industrial conditions, maintain its
working capital position, and preserve the investment of the bondholders
and stockholders. Unless the bondholders and stockholders are willing
to co-operate voluntarily and unselfishly and with substantial unanimity
to this end, foreclosure or receivership proceedings will probably be Unavoidable. The directors believe that the institution ofany such proceedings
might have a demoralizing effect upon the company's business and that
this would react diaaltrously upon both oondholders and stockholders.
On the other hand, it is believed that if all bondholders and stockholders
co-operate in the adoption of the proposed plan, with only a moderate
Improvement in business the company will have an excellent chance of
operating at a profit and maintaining its leadership in the industry.
Our business has suffered more severely than many others, because the
machinery which we manufacture is mainly a capital investment, which
many companies are not purchasing under present conditions. This is
true not only of woodworking machinery, but also of machinery of almost
every nature.
The company manufactures a line of over 200 woodworking machines
In various sizes, serving woodworking plants from the saw mill to the
finished product. It also serves many other industries with certain types of
machines. It has held a position of leadership in the industry and from
all reports we continue to receive our full share of available business.
At the end of our fiscal year June 30 1929, our plants and manufacturing
facilities were in excellent physical condition-our inventories were conservatively priced and through sale of plants and sinking fund operations
funded debt had been materially reduced.
From June 30 1929 to the present time conditions in the wood-working
machinery industry have been very bad. Our particular business has been
demoralized through lack of volume. There has been a drastic and continuous decline in volume of sales. Expenses were immediately reduced
as the volume decreased. Your Rochester plant was closed and operations
confined to Beloit and Hamilton. Sales continued to recede to a point
where they were hardly sufficient to meet manufacturing costs, let alone
minimum sales and administration expenses, regardless of the fact that
as sales declined expenses were further reduced. For example, sales for
the fiscal year ended June 30 1932 were less than 15% of those for 1929.
and for the fiscal year ended June 30 1933 they were only 56% of sales
for the 1932 fiscal year. During May,June and July of this year some improvement took place in sales, but since that time there has been a decline
in sales. At no time during this period have sales reached a point which
would permit the company to operate at a profit.
Intensive effort has been exerted to obtain outside work for our various
departments and many propositions have been considered to the end of using
our available facilities and also of diversifying our activities, but business
conditions in general are such that very little headway could be made in
this direction.
The principal problem facing the company is its decreasing cash capital
due to the fact that its high interest charges and sinking fund requirements,
with the low volume of sales, have made heavy inroads on its cash which
has now reached a point where it is felt that immediate steps should be
taken to bring this emphatically to the attention of the company's security
holders.
In the effort to preserve cash resources, dividends on the participating
preference stock were discontinued on April 1 1927, and through liquidation
of inventories and receivables, even in the face of heavy annual losses, the
cash position of the company has been maintained in an amount suMcient
for the low volume of sales. Fron1 now on this is going to be increasingly
difficult, if not impossible, as with reduced sales, inventories and receivables
have receded to a minimum. Sufficient cash working capital must be
maintained if the company is to function properly and be able to handle
its business when conditions improve.
-over
Of the original total issues of bonds, amounting to $3,000,000
$1,600,000 have been retired or are held in the Treasury for sinking fund
purposes, and up to date, interest has been promptly met when due.
On April 1 1933 and Oct. 1 1933 the sinking fund due on Yates-American
6;is of 1935 was not met.
It is deemed in the interests of the bondholders that the fixed interest
rate and sinking fund be reduced and that the maturity of their obligations
be extended.
Accordingly, directors have formulated a plan of recapitalization and
readjustment dated Oct. 5 1933. This plan has already been approved
informally by the holders of all of the common stock and by a substantial
amount of the participating preference stock.
Issued.
Authorized.
Present Capitalization.135,000 sits. 135,000shs.
Participating preference stock (no par)
135,000shs. 135,000shs.
Common stock (no par)
$975,000
P. B. Yates Mach. Co.(Wis.)let mtge.6;is 1939
414,000
Purchase money 1st mtge. 6%s 1935
Digest of Plan of Recapitalization and Readjustment.
The charter of the company is to be amended to authorize a single class
of capital stock, to consist of 200,000 shares (par $5) in lieu of the capital
stock of the company, as now constituted.
The present bonds are to be exchanged, par for par, for new bonds to
be dated Oct. 1 1933 maturing Oct. 1 1943. Adjustment of interest on
the P. B. Yates Machine Co. bonds will be made by payment in cash to
the holders of such bonds, who shall deposit their bonds under the plan,
of interest thereon at the rate of 65i% per annum for the month of Sept.
1933. The interest on the new bonds will be at the rate of 634% per annum,
but for the first five years ending Sept. 30 1938 will be currently payable
only if and to the extent earned. The company will be required to pay
such interest to the extent earned, after making good out of earnings net
losses sustained since June 30 1933. Such interest will be cumulative so
that any arrears will be payable whenever the company shall have available
net income applicable to such payment, and will in any event be payable
on maturity of the bonds. The new bonds will be secured either (a) by
direct first lien upon all fixed properties (not including property at Hamilton.
Ont.) and by first lien upon the first mortgage bonds of P. B. Yates Machine
Co., Ltd., now held by the trustees under the indenture securing the
P. B. Yates Machine Co. bonds of 1939, of (b) by deposit of the existing
first mortgage bonds.
The company will not be permitted to pay dividends on its capital stock
while any of the new bonds are outstanding and unpaid unless (a) for each
fiscal year ending June 30 subsequent to the fiscal year ended June 30
1933 the company shall have purchased or retired not less than $50,000
principal amount of the new bonds; and (b) unless interest at the full
rate of 0
5% per annum on all bonds outstanding shall have been paid
,
(or depositO with the trustee for payment) up to and including the semiannual interest payment next succeeding the date of payment of such dividend; and (c) unless all sinking fund requirements have been met. In the
event of payment of any dividend on the company a stock during the
five-year period ending Sept. 30 1938. the interest upon the new bonds
from and after the date of such dividend payment will become currently
due and payable at the full rate of 6M % per annum whether or not there
shall be net income of the company available for the payment of such
interest.
A sinking fund to retire bonds will be provided for equal to 25% of net
earnings after deduction of all charges including depreciation, and interest
on the new bonds.
The company will be obligated to maintain net current assets of not
less than $1,000,000 while any of the bonds are outstanding, and failure
to maintain net current assets at that figure will constitute an event of
default under the indenture securing the bonds. Bonds purchased by the
company and held uncanceled by the company or the trustee will be regarded as current assets, within the meaning of the foregoing requirement,
in an amount equal to the cost of such bonds to the company.
In addition to the new bonds, each bondholder will receive in exchange
for his present bonds three shares of the new capital stock for each $100
principal amount of bonds exchanged.
The holders of the present preference stock will receive in exchange
therefor one share of the new capital stock for each two shares of preference
stock.
The holders of the present common stock will receive in exchange therefor
stock purchase warrants entitling them to purchase, pro rata, on or before
Nov. 25 1933
Oct. 1 1943 an aggregate of 40,000 shares of the new capital stock at $5
per share.
Upon completion of the foregoing the bonded debt and capital stock
(issued and unissued) will be as follows:
Outstanding. Unissued.
New bonds, maturing Oct. 1 1943$1,389,000
545,850
254,150
Capital stock, par $5 per share
40,000 shares reserved for issue on exercise of stock
200,000
purchase warrants, at $5 per share
The plan will eliminate the large arrears of accumulated dividends on
the participating preference stock, but it recognizes the substantial investment which the holders of that stock have and will give them a share in
the hoped for future success of the business. If the company were forced
into foreclosure or receivership, the value of this stock (as well as of the
common stock) would almost unquestionably be wholly lost. It is confidently believed that the adoption of this plan will enable the company
to avoid foreclosure or receivership proceedings and the inescapable delay,
expense and sacrifice of values which such proceedings would entail; and
that the plan will enable the company to continue as a going concern and
preserve its present trade contacts, which are most important if the company
Is to continue in business.
The company will pay all expenses of carrying out the plan, which will
be held to the minimum, and there will be no charge made to any bondholder or stockholder in connection with the plan. In case not enough
bonds are deposited and stock proxies sent in to warrant declaring the
plan operative, the deposited bonds will be returned without cost to the
bondholders and the proxies will cease to be of further effect.
Bondholders are asked to give their approval of this plan by depositing
their bonds with Continental Illinois National Bank & Trust Co. 231
South La Salle St. Chicago. the depositary. Stockholders are asked to
sign and send in their proxies to the company.
Communications in connection with this plan should be addressed to
E. J. Dalton, Pres., 208 South La Salle St., Chicago.
Comparative Consolidated Income Accounts, Years Ended June 30.
1931.
1930.
1932.
1933.
$298.654 $1,122,201
$172,676
Gross profit
$78,591
184,623
124,189
217,619
Administrative expenses
70,498
932,885
593,792
336,450
Selling expenses
181,268
Net loss
Int. & sundry revenueCr
Depreciation
Interest charges
Bond discount & expense
Closed plant expense
Loss on sale of cap. assets
Bad debts & misc. chges_
Reserve for obsolescence
of material & products
$173,175
34,954
87,053
91,073
10,000
47,501
2,909
12,309
$287,963
91,636
88,548
95,565
10,000
41,839
2,525
9,064
$479,761
124,000
118,036
107,070
10,000
8,152
18,002
32,390
$28,303
93.827
224,640
136,080
10,000
7,356
5,632
122,430
$649,412
$440,616
$443,870
Net loss
$389,067
Pro Forma Condens'ed Consolidated Balance Sheet as of June 30 1933
[Adjusted to give effect to the proposed plan, assuming exchange
of all outstanding bonds and stock in accordance with the plan.]
LlafdffitesAssets
$42,964
$238,738 Accounts payable
Cash
50,866
397,800 Accrued expenses
Notes & acc*ts rec., less res..
27,852
1,102,407 Bond interest
Inventory
Short term secured notes
30,120
159.620 Prov.for local & foreign taxes_
Investments & sinking funds_ _ 149,614 New bonds
1,389,000
Plant & property,less deprec__ 2,421,701 Res.for cording. Fed.Inc. tax x149,947
678
Deferred charges
97,956 Deferred credit to income__
545,850
Capital stock ($5 par)
2,681
Minority int. In subsidiary co_
2,327,878
Paid in surplus
$4,567,837
Total
Total
$4,567,837
x The Commissioner of Internal Revenue is claiming deficiencies against
for the year ended Sept. 30
the company for Federal income taxes of $47,192
1925 (on account of American Woodworking Machinery Co.), $211,381
for the year ended June 30 1926, and $17,350 for the year ended June 30
1929 plus interest on the respective deficiencies claimed. These claims
are being contested by the company and are now pending for determination
before the United States Board of Tax Appeals. In view of the present
uncertainty as to what amount of deficiency the Treasury Department
may ultimately establish, the above reserve may or may not be adequate.
-All items of Canadian, English and Australian companies have
Note.
been taken into the foregoing consolidated statements on the basis of Par
-V.137. p. 3162.
of exchange.
CURRENT NOTICE
Announcement is made of the formation of the new firm of James W.
Johnson & Co., Inc., specialists in engineering, management, construction
and industrial surveys. The officers of the new firm, which is located at
95 Liberty St., New York City, are James W.Johnson, Edwin H. Adriance
and L. Corrin Strong. Mr.Johnson, who was former President of Johnson,
Church & Co., Inc., has had many years experience in the engineering field
In this country. South America and Canada. Mr. Adriance, who is widely
known in the industrial and banking field, was for eight years syndicate
manager of Charles D. Barney & Co. Mr. Strong, son of the late Henry
Strong of Rochester, former President of Eastman Kodak Co., has had
wide business experience and will be located in Washington, D. C.
-The business of "Trust Companies Magazine," published for many
years by C. A. Luhnow, who died July 19, will be conducted hereafter
by a corporation, now in process of formation, all the stock of which will
be owned by the Luhnow estate. Glen B. Winship has been selected as
editorial and business director, effective Dec. 1, and Christian C. Luhnow,
son of the founder, has been designated as Editor. Mr. Winship, until
recently a consultant on industrial and financial problems, has had long
experience in the public relations field and as a financial editor.
-Frank M. Simmons, Associate Editor of the Boston News Bureau
since 1921, has been made Managing Editor, Mr. Simmons has written
extensively on industrial and public utility activities, and more recently
has assisted in the general direction of news gathering by the Boston
News Bureau.
Lamborn, Hutchings & Co., Chicago, have enlarged their Statistical
Department and placed it in charge of Brian J. Ducey,formerly statistician
with Jackson Brothers, Boesel & Co. Otto 0.'Oetjen is also associated
with Lamborn, Hutchings & Co. as a solicitor.
Madison & Co., Inc., announce the opening of a Buffalo office at
551 Elliott Square Building, which will be in charge of D. D. Dietzer,
Manager, and Mrs. F. M. Grammer, Associate Manager.
--Given Co., Milwaukee, have prepared a booklet, "The Place of the
Railroad in American Transportation," copies of wnich may be had upon
request.
-De Coppet .Sr Doremus, 42 Broadway, New York, are distributing
their new booklet entitled "Buying and Selling Odd Lots."
James Talcott, Inc., has been appointed factor for Sugar River Mfg.
Co., Newport, N. H., manufacturers of curtains.
-W. L. Adams & Co. has appointed Nehemiah Friedman in charge of
their joint stock land bank department.
Hornblower & Weeks have prepared an analysis of Phillips Petroleum
Company.
3855
Financial Chronicle
Volume 137
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-METALS
-DRY GOODS
PETROLEUM-RUBBER-HIDES
Prices closed as follows:
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.
December
January
March
1.11 May
1.17 July
1.23 September
1.30
1.35
1.41
LARD futures on the 18th inst. closed 7 to 10 points
Friday Night, Nov. 24 1933.
higher on trade buying of old December, against sales for
COFFEE futures on the 18th inst. closed 5 to 8 points shipment. The recognition of Russia stimulated buying.
higher with sales of 1 lot in the Santos contract and 5 lots Shipping demand was better. Exports were 463,400 lbs.
in the Rio. Trading was extremely quiet. On the 20th inst., to London. Hogs were about unchanged with the top
futures closed 7 to 9 points lower on Santos contracts with price $4.35. On the 20th inst. futures closed 13 to 20
sales of 38 lots and unchanged to 6 points lower on Rio points lower under general liquidation and bearish hog
with sales of 21 lots. Trade and commission house interests news. The export demand continued light. Hogs were
were selling. Cost and freight offers were unchanged with 5 to 10c. lower with the top $4.25. Cash lard in tierces,
Santos 4s prompt shipment quoted at 8.40 to 8.850. Spot 5.77c.; refined to Continent, 634 to 63/ic.; South American,
/
was quiet with Santos 4s, 954c.• Rio 7s, 7% to 730., and 63/i to 63/ic. On the 21st inst. futures closed 17 to 32
21st inst., futures closed 7 points lower on action positions under heavy liquidation
Victoria 7-8s, 73c. On the'
to 14 points higher on buying by the trade and some new of December and other selling influenced by the weakness
buying for speculative account as a result of the rise in in grains and bearish hog news. Exports were 399,093 lbs.
Brazilian exchange. Trading was heavy with 41,250 bags to Antwerp, Rotterdam, Havre and Naples. On the 22d
sold. Adviees from Brazil stated that up to Nov. 15th, a inst. there was a further decline of 20 to 25 points with
:
total of 24,701 000 bags had been destroyed by the Brazilian liquidation of December a feature. Easiness in grains and
Government since June 1931. On the 22nd inst. Santos bearish hog news were again the depressing factors. Cash
'
futures closed unchanged to 3 points lower and Rio 5 points interests bought. Exports were 131,560 lbs. to Antwerp
lower to 5 points higher. The market was firmer early but and Glasgow. Hogs were 25c. lower owing to continued
scattered selling sent prices down in the later dealings. An heavy receipts, which totaled 106,100 against 76,500 on
official cable from Brazil estimated stocks there on Sept. 30 the same day last year. The to price of hogs was $3.90.
/
at 17,842,000 bags of which 12,934,000 were held as a guar- Cash lard in tierces, 5.25c.; refined to Continent, 53 0.;
antee for the balance of the 1930 loan of £20,000,000. On South American, 6c. On the 23rd inst. futures closed
the 23rd inst., trading was more active and Santos futures 18 to 25 pbints lower under general liquidation. Packers
closed 9 to 13 points lower and Rios 11 to 17 points lower; were buying. Some export business was reported at the
sales, 43,000 bags. Lower Brazilian exchange led to general lower levels. Exports were 172,480 lbs. to Dunkirk and
liquidation. To-day futures closed 1 to 8 points higher on Hamburg. Hogs on the other hand were 10c. to 15c.
Santos contracts and 2 to 4 points higher on Rio after early higher, with the top $4. Cash lard in tierces, 5.07c.;
4
weakness as a result of lower milreis cables. Thirty Santos, refined to Continent, 53/i to 5%c.; South America, 53 c.
30 Rio and 8 Colombian notices were issued for December To-day futures closed 13 to 22 points higher, with grain
markets stronger.
delivery. Rio coffee prices closed as follows:
December
March
5.80 September
6.07 I
6.41
Santos coffee Prices closed as follows:
December
March
May
8.25iJuly
8.51 September
8.63
8.71
8.94
COCOA on the 18th inst. closed 1 point lower to 1 point
higher, with Dec. 4.39c., Jan. 4.47c., March 4.64c. May
4.79c. July 4.95c., Sept. 5.10c. and Oct. 5.18e. On
9
the 20th inst. there was an early rise of 5 to 8 points, but
subsequently prices receded and the ending was 4 points
lower with sales of 3,591 tons. On the 21st inst. futures
closed unchanged to 1 point higher despite heavy December
liquidation and switching operations. Sales were 5,280 tons.
Dec. ended at 4.35c., March at 4.61e., May at 4.75c.,
July at 4.91e., Sept. at 5.06c. and Oct. at 5.140. On the
22d inst. futures declined 5 to 9 points with sales of 4,904
tons. Further liquidation of December and switching
transactions caused the recession. Dec. ended at 4.29c.,
March at 4.53c., May at 4.69c., July at 4.86c. and Sept.
at 5.00c. On the 23rd inst. futures closed 21 to 27 points
lower on heavy liquidation of December. Sales were
9,192 tons. Dec. ended at
Jan. at 4.09e. March
at
4.00e.'
at 4.28c., May at 4.44c., July at 4.62c. Sept. ' 4.78c.
2 to
and Oct. at 4.87e. To-day futures closed ' 6 points lower
under December liquidation. Some 89 December notices
were issued. Wall Street buying and some demand from
dealers caused a rally at one time. Dec. closed at 3.95c.,
March at 4.26c. May at 4.42c., July at 4.59c., Sept. 4.75c.
and Oct. at 4.8gc.
SUGAR futures on the 18th inst. closed 1 point lower to
1 point higher after showing early firmness. Sales were 8,000
tons. On the 20th inst. futures closed 1 to 4 points lower
with sales of 28,200 tons. There was considerable liquidation by trade interests and commission houses. Spot raws
were weaker. A sale of 1,E00 tons of Cubas, ex-store was
made at 3.15c. Refined was quiet but a better export demand
was reported. Withdrawals were light. All refiners quoted
4.500. less 2% for cash. On tho 21st inst. futures closed 3
to 5 points higher on covering credited to Cuban interests.
Sales were 1104 lots. Some 10,000 tons it was estimated of
Philippines for December arrival and November-December
and December-January shipment were offered at the basis of
3.15c. delivered, but refiners showed no interest. No Cubas
were offered. Bulk granulated sugar was marked down to
the basis of 4.10e. and bale grades to 4.20e. by the Great
Western in Texas and Oklahoma, retroactive to the opening
of business Monday morning. On the 22nd inst. futures
ended unchanged to 1 point lower with sales of 31,800 tons.
Raws were dull. On the 23rd inst. futures closed 2 points
lower to 2 looints higher with sales of 47,700 tons. The bulk
of the trading represented switching operations on the eve
of first notice day. Raws were quiet. To-day futures
ended 1 to 3 points higher owing to a lack of selling pressure
rather than to anything else. Some 50 December notices
were in circulation but were taken back by the issuers.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs. Fri.
Mon. Tues.
Sat.
4.57
4.47
4.65
4.85
5.17
December
5.30
5.42
5.20
5.40
5.60
January
5.77
5.97
5.77
5.62
5.75
6.00
6.20
May
6.37
Season's Low and When Made.
Season's High and When Made.
Oct. 16 1933
December_ _ -8.87
July 19 1933 December_ _ _ _4.27
Oct. 16 1933
4.82
January
January
9.95
Nov. 23 1933
5.55
May
Nov. 14 1933 May
6.72
PORK steady; mess, $17; family, $20 nominal; fat backs,
$14 to $16. Beef steady; mess nominal; packet nominal;
family, $11.50 to $12.50 nominal; extra India mess, nominal.
Cut meats firm; pickled hams, 4 to 6 lbs., Sc.; 6 to 8 lbs.,
4
73 0.; 8 to 10 lbs., 732c.; 14 to 16 lbs., 113/2e.; 18 to 20
lbs., 10c.; 22 to 24 lbs., 9Xc.; pickled bellies, clear, f.o.b.
/
New York, 6 to 8 lbs., 107sc.; 8 to 12 lbs., 103/80.; bellies,
clear, dry salted, boxed, New York, 14 to 16 lbs., 7%c.;
/
18 to 20 lbs., 73/ic.; 20 to 30 lbs., 738c. Butter, creamery,
firsts to higher score than extras, 173/i to 2440. Cheese,
flats, 12 to 21%e. Eggs, mixed colors, checks to special
peeks, 16 to 34e.
-Linseed was quiet with crushers generally doing
OILS.
8.5c. for carlots on the inside. Linseed meal was extremely
quiet but there was a good interest in cake. Cocoanut,
Manila, tanks, spot 23/80.; tanks, New York spot, nic.
Corn, crude, tanks,f.o.b. Western mills, 43/sc. China wood,
N. Y. drums, delivered, 8.0 to 8.3e.; tanks, spot, 7.6 to
7.7c. Olive, denatured, spot Greek, 78 to 79c.; Spanish,
80 to 82c.; shipment carlots, new crop-Greek, 76 to 78c.;
Spanish, 78 to 80c. Soya bean, tank ears, f.o.b. Western
mills, 6.0c.; cars, N. Y., 7.1e.; L.C.L., 7.5e. Edible, olive,
$1.80 to $2.00. Lard, prime, 93/ic.; extra strained winter,
Sc. Cod, Newfoundland, 35e. Turpentine, 49 to 53c.
Rosin, $5.00 to $5.80.
COTTONSEED OIL sales including switches 79 contracts.
Crude S. E., 3%c. bid. Prices closed as follows:
SpotMarch
4.32%id
November
December
4.47@4.4S May
4.63 trad June
January
4.65@4.85
February
4.834.89
4.90 5.05
5.07 trad
5.10(5.25
-The summary and tables of prices
PETROLEUM.
formerly appearing here regarding petroleum will be found on
an earlier page in our department of "Misiness Indications,"
in the article entitled "Petroleum and Its Products."
RUBBER futures on the 18th inst. closed 10 to 21 points
higher with Dec., 8.90c.; Jan., 9.08c.; Mar., 9.43 to 9.45c.;
May, 9.71c.; July, 9.95c. and Oct., 10.25c. On the 20th
inst. futures closed 10 to 21 points higher with sales of 6,260
tons. London closed 1-32d lower to 1-16d higher and Singapore was 1-32 to 1.16d higher. The trade was awaiting the
outcome of the conference of leading rubber producers at
Batavia on Wednesday. Actual rubber was quiet. Dec.
closed at 9.07c., Jan. at 9.26e., Mar. at 9.62 to 9.65c., May
at 9.95 to 9.98c., July at 10.19c. and Sept. at 10.39c. On
the 20th inst. after some early advance futures receded and
the ending was 10 to 24 points lower on sales of 4,890 tons.
Actuals declined. Dec., 8.90 to 8.92c.; Jan., 9.09c.; Mar.,
9.45 to 9.48e.; May, 9.78 to 9.80c.; July, 9.950.; Sept.,
3856
Financial Chronicle
10.200.; Oct.; 10.32c. On the 22nd inst. futures ended unchanged to 8 points higher with sales of 3,320 long tons.
Actuals were higher. Futures closed with Dec.,.98 to
9.01c.• Jan., 9.17c.; Mar., 9.60c.; May,9.78 to 9.80e.; July,
10.00c. and Sept., 10.22e. On the 23rd inst. futures closed
'
8 to 12 points lower with sales of 7,420 tons. Actuals were
off. Dec. ended at 8.86 to 8.90c.; Jan., 9.06c.; Mar.,9.41c.;
May,9.70 to 9.71c.; July, 9.920. and Sept., 10.12c. To-day
after opening weak prices rallied and at the close were 16
to 21 points net higher. Buying was based on unofficial
reports that to-day's meeting of Dutch rubber producers was
was progressing satisfactorily. Sales were 653 lots. Dec.
ended at 9.07c., Jan. at 9.26c., Mar. at 9.62c., May at
9.86 to 9.87c., July at 10.09c. and Sept. at 10.29c.
HIDES futures on the 18th inst. closed 10 to 24 points
higher with sales of 200,000 lbs. Dec. closed at 10.05c.,
Mar. at 11.00 to 11.20c., June at 11.79 to 11.85c., and
Sept. at 12.00 to 12.25c. On the 20th inst. futures closed
11 to 20 points higher with sales of 1,080,000 lbs. Spot
hides were stronger. Futures closed with Dec., 10.20c.;
Mar., 11.20 to 11.25e.; June, 11.90 to 11.95e. and Sept.,
12.20 to 12.35c. On the 21st inst. declined 10 to 20 points
'
early but subsequently rallied and ended unchanged to 10
points higher after sales of 440,000 lbs. Mar. ended at
11.25 to 11.30c. and June at 12.00c. On the 22nd inst.
the market was dull and ended 10 to 20 points lower; sales
only 560,000 lbs. Mar. closed at 11.15 to 11.25c., and
June at 11.80 to 11.90c. On the 23rd inst. futures closed
15 to 25 points lower with sales of only 80,000 lbs. Mar.
ended at 10.95 to 11.00c. To-day futures closed 15 to 25
points higher with sales of 42 lots; Dec., 10.00c.; Mar.,
11.11c., and June, 11.80c.
OCEAN FREIGHTS demand was smaller.
CHARTERS included: Grains booked-4 loads New York corn, Glasgow is. 100.; a few loads to Hamburg from New York at 6c.; ,tankers
December Aruba out of market on 158. voyage; Aruba Curacao December,
to Dakar 65. 6d.; dirty, December, Aruba Curacaol United Kingdom, 7s.
-West Indies round, prompt, 82Mc.; Canadian round $1.20.
1.Md ; trips
COAL was in better demand with the weather colder.
Hampton Roads reported a larger trade.
SILVER futures closed 90 to 135 points on the 18th inst.
with sales of 6,200,000 ounces. A rise in sterling was the
principal influence. December closed at 43.70c. March at
44.45c., May at 45.000. and July at 45.45c. On the 20th
'
inst. futures closed 70 to 83 points higher with sales of 8,200,000 ounces. Bar silver was up %c. to 443e. while at London the price was up 1.16d. to 18'/d. December closed at
8
44.45 to 44.46e. Jan. 44.73e., March 45.23 to 45.25c., May
45.700. to 45.7gc., July 46.20c. and Oct. 46.95c. On the
21st inst. futures closed 5 to 25 points higher with sales of
8,350,000 ounces. Early prices were much firmer. Bar
silver gained Vic. to 443/2c. November ended at 44.50c.,
December at 44.57c., January at 44.80e., March at 45.35c.
to 45.40c., April at 45.650., May at 45.93c., July at 46.45c.
and Sept. at 46.95c. On the 22nd inst. futures closed 5 to
21 points higher with sales of 8,500,000 ounces. Bars rose
A
Xo. to dd3 c. November ended at 44.700., December at
44.75c., January 45.00c.; March 45.50 to 45.550., May 45.95
to 46.00c. and July 46.50c. On the 23rd inst. futures closed
145 to 150 points lower with sales of 11,225,000 ounces.
The local bar price was reduced 13/2c. to 433/ge. The
strength of the dollar caused selling. November ended at
43.65c., December at 43.70e., January at 43.87c., March
May 45.02e. and July 45.52e. To-day futures
44.50c., to 25 points lower on selling by commission houses.
ended 12
There was a lack of buying power. Sales were 9,150,000
ounces. December ended at 43.50 to 43.70c., March at
44.25 to 44.35c.,May at 44.80c.,June at 45.05c.and September at 45.80c.
COPPER was quiet for domestic account with custom
smelters quoting 8Yic. for deliveries to the end of April
1934, but a fair amount of business was done for export at
prices ranging from 7.92 to 8c. In London on the 23rd inst.
spot standard was is. 3d. higher at £29 6s. 3d., while futures
were unchanged at £29 8s. 9d.; sales, 100 tons of spot and
550 tons of futures; electrolytic, 5s. higher at £32 15s. for
spot and £33 5s. for futures; at the second London session,
prices fell to £29 5s. for spot and £27 7s. 6d. for futures with
additional sales of 175 tons of spot and 25 tons of futures.
TIN was in fair demand but weak of late at 54e. Futures
on the 23rd inst. declined 130 to 135 points. In London on
the 23rd inst., standard dropped 5s. to £227 for spot and
£227 for futures; straits dropped 7s. 6d. to £231; eastern
c. i. f. down 15s. to £230 5s.; sales, 30 tons of spot and 200
tons of futures; at the second London session, standard
declined to £225 5s:for both spot and futures with further
sales of 550 tons of futures.
LEAD was rather quiet but steady at 4.30e. New York
and 4.15c. East St. Louis. Action on the industry's code
is not expected until December. In London on the 23rd
inst., prices advanced 2s. 6d. to £11 7s. 6d. for spot and
£11 12s. 6d. for futures; sales, 100 tons of futures; at the
second session prices dropped to £11 5s. for spot and £11
10s. for futures with sales of 50 tons of futures.
ZINC was firm at 4.50c. for prime Western St. Louis
and 4.85c., New York. Better grade material was in
limited demand owing to lessened activity of automobile
plants. In London on the 23rd inst. prices dropped Is.
3d. to £14 7s. 6d. for spot and £14 15s. for futures; sales,
200 tons of futures; at the second London session prices
were unchanged with further sales of 50 tons of futures.
Nov. 25 1933
STEEL prospects are better. According to the "Iron Age'
operations show a gain. The general outlook is bettei
despite the fact that current steel bookings show only a
slight increase. Rail buying is getting under way and
estimates of auto production in December have been
revised upward. Tin plate advanced 60c. per base box.
New prices for 1934 delivery are $5.25, Pittsburgh; $5.35,
Gary and $5.90, Pacific Coast ports. Base discounts on
steel boiler tubes were reduced 5 points.
PIG IRON was advanced 50c. at Everett, Mass., and
$1.00 at Eastern Pennsylvania points, effective Dec. 1, for
the first quarter delivery. Previously the Everett quotations on all grades had been ruling 50c. more than other
points before the current advance, and the New England
basing price is now in line with other Eastern furnaces.
No. 2, plain foundry, was thus brought up to $18.50 at
Everett, Mass., Bethlehem, Pa., Birdsboro, Pa., Swedeland, Pa., and Sparrows Point, Md. Malleable iron will
be $19.00, Bessemer, $19.50 and basic iron, $18.00, at these
points. Low phosphorous iron was advanced $1.00 to
$23.00 at Steelton and Birdsboro, Pa., and Standish, N. Y.
Demand was small and no improvement is looked for until
books are opened at the start of December for first quarter.
WOOL.
-Boston wired a Government report on Nov. 22
which said: "A moderate demand is being received on 12
months' Texas wools. Graded offerings bring around 85c.
scoured basis, for strictly combing staple. Original bag
lines have been sold at 82 to 83c. scoured basis for choice
lots and at 80 to 81c. for average to good wools. Inferior
Texas wools of about a year's growth are available at 77 to
79c. scoured basis."
In London on Nov. 21 the final series of Colonial auctions
for the current year opened with offerings totaling 113,000
bales. A representative selection of 9,625 bales met with
strong general demand; withdrawals small. Merinos were
15% higher and crossbreds 15 to 20% higher as compared
with October. Details:
Sydney, 1,576 bales: greasy merinos, 153 to 193d. Queensland, 1,952
bales: scoured merinos, 24M to 29Md.; greasy, 12 to 19d. Victoria, 407
bales: scoured merinos, 24M to 29Md. West Australia, 883 bales: greasy
merinos, 12 to 17d. New Zealand, 4.550 bales: scoured merinos, 24 to
27d.; scoured crossbreds, 10 to 23d.; greasy, 5M to 15d. Cape, 217 bales:
scoured merinos. 22M to 25Md. New Zealand, slipe ranged from 6Md.
to 1930., the latter price for fine crossbred lambs.
,
In London on Nov. 22 offerings were 9,254 bales; good
demand from Yorkshire and the Continent; America bought
fair quantities. Pricesfrequently exceeded opening advance.
Details:
Sydney, 2.775 bales; greasy merinos. 14M to 19Ma. Victoria. 91 bales:
scoured merinos, 21 to 28d. South Australia, 544 bales: scoured merinos.
22 to 28d.; greasy crossbreds. 13M to 16Md. West Australia, 603 bales:
greasy merinos, 13 to 16d. New Zealand, 3.194 bales: scoured crossbreds,
9M to 25Md.; greasy, 6M, to 17Md. Cape,62 bales: greasy merinos, 12M
to 133d. New Zealand slipe ranged from 8d. to 123d., the latter price
for halfbred lambs.
In London on Nov. 23 offerings of 10,560 bales met with
a good demand from Yorkshire and the Continent. Prices
firm. First offerings of Puntas greasy crossbreds sold at
15 to 20% above October levels. Details:
Sydney, 3,127 bales: scoured merinos, 24 to 27d.; greasy. 16 to 21d.
Queensland, 782 bales; scoured merinos, 2454 to 29,Md.; greasy, 13% to
19Md. Victoria, 737 bales: scoured merinos. 223 to 29Md.; scoured
crossbreds, 113 to 263d. West Australia. 144 bales: greasy merinos. 10M
to 15 Md. New Zealand.4,035 bales: scoured crossbreds, 10 to 23d.; greasy.
6 to 15d. Cape. 171 bales: greasy merinos. 13 to 17d. Puntas, 932 bales:
greasy crossbreds, 8 to 16d. Chilean, 465 bales: scoured crossbreds, 954
to I6d. New Zealand sllpe ranged from 63 d. to 183d., the latter price
4
for halfbred lambs. Cape slipe merino combing wools realized 25d. to 27d.
The third series of Sydney sales closed on Nov. 23 with prices 20% over
opening levels.
SILK futures on the 20th inst. closed 1 to 43/ic. lower with
sales of 1,270 bales. November ended at $1.45 to $1.47;
December at $1.46 to $1.47, January $1.463/2; February
$1.48 to $1.49, March, April and May $1.49 to $1.50 and
June at $1.50. On the 21st inst. there was a further decline
of 2 to 4 cents with sales of 2,200 bales; November $1.41 to
$1.43; December $1.43 to $1.44, January $1.44 to $1.443/2;
February and March $1.46, April $1.46 to $1.463/2; May
$1.463/2 and June $1.46. On the 22nd inst. continued weak
and the closing was 33/2 to 4%c.lower with sales of 2,130 bales.
Spot prices declined. November ended at $1.37 to 1.39 Dec. at
31.393/2 to $1.403/2; January $1.403/2; February 31.413/2 to
$1.423/2; March $1.423/2 to $1.43; April and May $1.42 to
$1.43 and June $1.423/2 to $1.43. On the 23rd inst. futures
closed 5 to 10e. lower with sales of 3,890 bales. It was a
holiday in Japan. December ended at $1.31, January at
$1.32 to $1.333/2; February at $1.313/2 to $1.32; March,
April and May 31.37 and June $1.37 to $1.373/2. To-day
futures closed 33/2 to 1%c. higher. Nearby deliveries broke
below $1.30 for the first time in several months. A break of
25 points,in 80% Seriplane silk at Yokohama to 525 yen a
bale and lower futures markets there caused the weakness
here. December here closed at $1.28% to $1.29, January at
$1.30; February at $1.33 to $1.34, March at $1.34, April at
$1.333/2 to $1.35; May at $1.35; June at $1.343/2 to $1.35
and July at $1.33 to $1.35. Sales were 254 lots.
COTTON
Friday Night, Nov. 24 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
285,757 bales, against 257,126 bales last week and 275,658
bales the previous week, making the total receipts since Aug.
1 1933, 4,407,909 bales, against 4,464,525 bales for the same
period of 1932, showing a decrease since Aug. 1 1933 of
56,616 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Total.
Galveston
17.211 15,034 30.930 13,877 12,052 13,091 102.195
Texas City
11,298 11,298
Houston
11,039 16,441 20,459 12,160 9,351 27,635 97,085
Corpus Christi
949
183
816 3,846
256 1.269
373
New Orleans__ -- 4,517 4,799 13,256 5,601 21,745 4,315 54,233
Mobile
215
248 4,406
285 1451 1.493
714
Jacksonville -----------------------696
_
696
Savannah
800 3,543
355
390
513
799
686
Charleston
216
46
68 1,160 2.075
546
39
Lake Charles---- 3,808 3,808
------ ------Wilmington
127
123
671
167
47
135
72
Norfolk
164
653
157
200 1,515
168
173
Baltimore
386
386
Tnta.la thin or,Ntala•
-It has never been our practice to include inithe
NOTE.
-Exports to Canada.
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of October the exports to the Dominion the present season
have been 24,961 bales. In the corresponding month of the Preceding season the
exports were 18,528 bales. For the three months ended Oct. 30 1933 there were
57,000 bales exported as against 32,130 bales for the three months of 1932.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
on Shipboard Not Cleared for
RA IR1 RA RRA A7 Ain RA_901 44_204 Ph/I-A9A 900.707
Nov.24 at
-
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year.
1932.
1933.
Receipts to
Nov. 24.
Stock.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
1933.
1932.
Galveston
102,195 1,172,265 88,436 1.092,909 854,888 934,988
Texas City
64,694
67,825
11,298 120.797 13,209 115,733
Houston
97,085 1,541,699 130,540 1,547,238 1,593,786 1,718,396
Corpus Christi
3,846 298,250 3,451 257,664 100,100
94,008
6,327
____
23,511
13,351
20,500
Port Arthur, &c
_....._
New Orleans_ _ _ _ 54,233 709,372 44,977 759,097 826,986 1,028,506
Gulfport
606
Mobile
4,406 86,250 10,412 143,864 126,296 167.500
86,128
942
85,944
37,941
38,367
Pensacola
6,143
8,366
20,190
696
10,550
360
Jacksonville
99,102 139.760 183,321
Savannah
3,543 132.832 2,815
28,654
13,080 1,753
Brunswick
66,519
95.811
94,997 2,245 104,792
Charleston
2,075
84,781 4,667 125,182
61,659 100.736
Lake Charles__ _ - 3,808
28,134
24,191
27,719
671
13,499 2,631
Wilmington
1,515
24,852 1,748
29,795
25,609
57,554
Norfolk
8,689
Panama cities_
105,912 201,899
New York
11,782
11.384
Boston
7,468
2,050
2,050
386
12,260
282
Baltimore
5.389
Philadelphia_
Totals__ _ _
285.757 4,407,909 308.468 4.464.525 4.063,890 4.776,143
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
NewportNews
All others_ _ _ _
1933.
1932.
1931.
1930.
102.195
97.085
54,233
4,406
3,543
99,672
123.030
53,884
6,991
6.336
118.575
96.528
26,276
14,070
12,190
3,499
738
2,651
71,623
96,113
61,842
18,899
15,251
676
9,846
3,647
5,662
63.913
104.199
47,961
18,616
9,737
2,075
671
1,515
88,436
130,540
44,977
10.412
2,815
1,753
2,245
2,631
1,748
1929.
1928.
2,137
4,405
7,625
3,830
5.705
13,731
20,034
22,911
20,827
14,469
9,602
15,284
Tot, this week 285.757 308,468 317.628 298.028 268,195 365,189
Rini,. Alla 1
A 9n7 ono A ARA g9k A OAR WIR k Rqg ano g ARO 1A9 k Rq7 Rck
The exports for the week ending this evening reach a total
of 174,187 bales, of which 2,471 were to Great Britain,
21,440 to France, 27,612 to Germany, 16,075 to Italy, nil
to Russia, 78,536 to Japan and China, and 28,053 to other
destinations. In the corresponding week last year total
exports were 177,310 bales. For the season to date aggregate exports have been 3,108,867 bales, against 2,855,225
bales in the same period of the previous season. Below are
the exports for the week:
Exported to
-
Week Ended
Aug. 11933.
Great
GerExports from-- Britain. France. many.
4,608
8,860
Galveston
Houston
Corpus Christi
Texas City
New Orleans- _ _
Jacksonville_Pensacola
Savannah
Norfolk
New York
Los AngelesTotal
Total 1932
Total 1931
1,129
1,167
967
6,905
100
6,484
6,258
846
1,393
9,073
243
Japan&
Italy. Russia. China. Other.
6,872
8,633
576
2:858
459
_
26
25
"Lk)
14,840 15,8C3 48,607
32,277 6,244 62,272
9.741
200 11,916
1,222 1,114 5,863
6,200 3,919 26.667
243
566
300
-350
173 3,453
484
-5615
300
13,906
14,082
2,471
21,440 27.612 16.075
78,536 28,053 174,187
34,338
46,089
13,765 53,816 13,675
2.750 53.866 12.990
39,959 21,757 177,310
98,724 7,819 222,218
Exported toFrom
Aug. 1 1933 to
Ger- i
Japan &
Great
Nov. 24 1933.
Exports from Britain. France] many. Italy. Russia China. I Other.
81,742 122,606 103,336 58,621
Galveston - -Houston --- - 112,61 148,367 194,482 129,79
22,781 17,397
Corp. Christi 83,851
18,483
619
15,179
Texas CitY-6
.
750
1,442 3,900
Beaumont.._
85,754 53,115 94.10 75.60 21,274
New Orleans
12,44
2.20 8,950
3,325 12,339
Lake Charles
37,588 6,63
4,285
15,99
Mobile
5,089
_
792
Jacksonville 17.740 11,158
Pensacola _
13,809 1,059
11,341
183
17,60
Panama City
100 44,191 "ioi
33,927
SaVannah
5,371
7,68
Brunswick _
"
5io 34,119
Charleston
25,84
4,88
Wilmington
2,723
24
4,525
Norfolk
41
2,390
_
New York__ _
8,193
45
Boston
15
30
1,500
81
Los Angeles_
1,705
so' ____
93 - - San Francisco
Seattle
Total
Total 1932._
Total 1021_
3857
Financial Chronicle
Volume 137
Total.
232,440 123,027 721,772
318,903 141,539 1,045,699
114,265 29,390 316,055
1,222 7,309 48,824
804
6,896
102,863 51,614 984,934
17,128 9,685 66,070
11,875 4,408 80,788
301
6,182
6,750
928 51,444
2,500
300 31,932
12,198 4,642 95,360
25
13,080
1,180 61.523
500
5,387
300
306
7,878
1,448 3,505
15,577
1,087
1,197
24,883
823 32,992
13,575 1,484
15,202
80
. 80
I 505,026 410,038 614.018 302,274 30,224 864,350 382,9373,108,867
593,058 362,819 2,855,225
485,565 392,468 761,617259,698
383,395 112,622 581.101207.025 ---- 1,065,723 300,868 2,650.734
Galveston
New Orleans
Savannah
Cnarleston_ _
Mobile
Norfolk
Other ports *
Other CoastGerGreat
Britain. France. many. Foreign wise.
10,000
14,925
7,500 7.000 34.000
4.077 10,456 6,993
384
3;tiii5
4;000 2:866
57,685
5;666 7i.000
Total.
Leaving
Stock.
792,388
786,535
139,760
66,519
8,647 117,649
25,609
1:86o 8.5:6615 1,938,832
4,000 62,500
4.000 40,451
Total 1933... 32,135 14,461 22,456 118,046 9.500 196,598 3.867.292
22.102 15.027 17.065 138,021 5.121 197.336 4.578.807
Total1932-31.046 9,074 19,838 121,541 10,500 191,999 4,617,807
Total 1931* Estimated.
SPECULATION in cotton for future delivery on the 18th
inst. was very moderate and prices moved rather feverishly
over a range of 8 to 13 points, ending 2 points lower to 3
points higher. Recognition of Russia and predictions that
that country might take $50,000,000 worth of staples if
credits could be arranged had little effect on the market.
Traders were not inclined to take heavy risks either way.
Southern selling was small. The recent reaction was said
to have checked offerings from the interior, and the spot
basis was firm. It was a narrow market, easily influenced
by orders either way. On the 20th inst. prices ended 6 to 9
points higher, on buying stimulated by the strength in other
markets. The demand was not large, but it was sufficient
to offset the selling. Outside interest was small. Continued
uncertainties over the probable monetary developments
checked both buying of spot cotton and accumulation of
future contracts. The advance in the Government gold
price, a decline in the dollar, and the strength in outside
markets brought about a fair demand from commission
houses and local traders. Washington reports said that all
plans to advance farmers 4c. a pound on Government cotton
which they hold have been completed. The $120,000,000
needed to complete the transaction, it was reported, will be
obtained from the Reconstruction Finance Corporation, the
Commodity Credit Corporation and commercial banks. On
the 21st inst. higher Liverpool cables, a rise in the Government gold price, and a decline in the dollar abroad stimulated buying and an early advance of 8 to 10 points, but
heavy liquidation of December caused a decline and prices
ended 2 to 4 points net higher. Trading was light. Most
of the day's operations consisted of exchanging near for
the more distant deliveries. Some attributed the steadiness
more to an absence of Southern hedging than to an expansion in buying power. The open interest in December was
apparently large and the liquidation was heavy in preparation for first notice day on Friday. Demand for spot
cotton from the mills was reported very slow, but the
spot basis was firm, while offerings were small.
The Census Bureau put the amount of cotton ginned prior
to November 14th at 11,250,851 running bales against 10,533,684 to the same date last year. These figures were
lower than had been expected. It was announced from
WaAington that arrangements had been completed to advance 4c. a pound to the 560,000 holders of 2,400,000 bales
of option cotton at an outlay of $48,000,000. Instead of
being marketed in part before Jan. 1 as provided in the
act of Congress, the actual marketing will now be through
a pool headed by an appointee of the Secretary of Agriculture. As loans bearing 4% interest will expire on
Aug. 1 1934, the collateral is expected to be sold before
that date. It was denied that the Government was negotiating for the exchange of 700,000 bales of futures for spots.
It was further declared that the Government does not
hold any December contracts and does not intend to acquire
any.
On the 22nd inst. prices ended 8 to 10 points lower under
heavy pre-notice day liquidation of December. Developments in the Treasury Department tended to check buying.
Weakness in stocks and grain were also contributing factors
In the decline. Most of the day's trading represented
swapping December for later deliveries. Liverpool and
the Continent were selling while spot houses took most
of the December liquidation. Trade interests bought a
little. Farmers continued to hold for higher prices encouraged by the liberal loans being offered by the Government and the repeated assertions that the Administration
will leave nothing undone to raise the price of cotton with
other commodities. Meanwhile mills are not disposed to
buy actual cotton and pay processing tax before they have
contracts for their finished products.
On the 23rd inst. prices ended 16 to 17 points lower
owing to the weakness in other markets and active liquidation of December contracts preparatory to to-day's notices.
With the possible exception of December, 1926 the December
interest is reported to have been the largest on record.
Export business and arbitrage transactions were small
3858 •
Financial Chronicle
owing to the gyrations in sterling exchange. A sharp decline in London gold quotations, a rise in dollar exchange
and a firmer bond market led to selling. Speculative and
trade demand was limited due to uncertainty over the
monetary policies here and abroad.
To-day prices after early weakness advanced and ended
6 to 10 points net higher. It was first notice day and
switching from December to later months played an important part in the trading. Notices for some 25,000 bales
were issued and were promptly stopped by spot interests.
They were much lighter than expected. The early weakness was the result of liberal selling by the South, New
Orleans, the Continent and further liquidation of longs in
December. The trade, commission houses and local traders
bought. At one time prices were 16 to 19 points higher,
but the market lost a substantial portion of the improvement on Southern and local selling. Final prices show a
decline for the week of 5 to 9 points. Spot cotton ended at
10.10c. for middling a decline for the week of 10 points.
Staple Premiums
60% of average of
six markets quoting
or deliveries on
Dec. 1 1933.
15-16
Inch.
Differences between grades established
for deliveries on contract Dec. 1 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
1-Inch &
longer.
.32
.32
.32
.32
.29
.27
.24
White
.68 on
Middling Fair
Strict Good Middling_
do
55
Good Middling
do
.43
Strict Middling
do
.29
Middling
do
Basis
Strict Low Middling_
do
.34 off
Low Middling
do
.73
*Strict Good Ordinary_ do
1.21
*Good Ordinary
do
1.62
Good Middling
Extra White
.44 on
Strict Middling
do do
.30
Middling
do do
.01
Strict Low Middling_ __ _ do do
.32 oft
Low Middling
do do
.67
Good Middling
.32
Spotted
.10
.27 on
Strict Middling
do
.10
.29
Even
Middling
do
.25
.09
.34 off
*Strict Low Middling.- _ do
.73
*Low Middling
do
1.21
.
Strict Good Middling _ Yellow Tinged
.
.10
.25
.02 off
Good Middling
do do
.25
.10
.25 off
Strict Middling
do do
.10
.25
.40
*Middling
do do
.73
*Strict Low Middlingdo do
1.18
*Low Middling
do do
1.61
Good MIddang
.00
Light Yellow Stained__ .39 off
.24
*Strict Middling
do do
do __ .73
*Middling
do do
do _1.18
Good Middling
Yellow Stained
.09
.24
off
*Strict Middling
do do
1.17
*Middling
do do
1.61
.09
Good Middling
Gray
.25
.25 off
Strict Middling
do
-09
.25
.49
*Middling
do
.78
*Good Middling
Blue Stained
73 off
*Strict Middling
do do
1 18
*Middling
do do
1 81
*Not deliverable on future contract.
.11
.11
.11
.11
.10
.10
.09
Mid.
do
do
do
Mid
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 18 to Nov. 24Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
10.15 10.25 10.25 10.15 10.00 10.10
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Nov. 25 1933
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Nov. 24Stock at Liverpool
Stock at London
Stock at Manchester
1933.
bales_ 804,000
Monday,
Nov. 20.
Tuesday, Wednesday, Thursday,
Nov. 21.
Nov. 22.
Nov. 23.
Fr
Nol.24.
Nov.
-193
Range-9.98n
9.940
9.87n
---- ---- ---Closing - 9.87n
Dec.Range
- 9.92-10.05 9.93-10.05 10.03-10.13 9.97-10.10 9.80- 9.98 9.71 -10.00
10.04-10.05 10.06-10.07 9.97- 9.98 9.81- 9.82 9.91 - 9.92
Closing - 9.97Jan-1934
Range__ 10.01-10.12 10.04-10.13 10.12-10.21 10.07-10.17 9.89-10.03 9.5- 10.06
10.1510.07- 9.90- 9.91
10.13Closing. 10.04Feb.
Range._
10.21n
10.23n
10.15n
10.01
9.98n
Closing. 10.130
Mar.
Range.. 10.16-10.29 10.20-10.29 10.29-10.39 10.24-10.36 10.05-10.22 10.0: 10.24
10.32-10.33 10.24-10.25 10.07-10.08 10.1:
Closing. 10.22-10.24 10.29April
Range _ _
10.390
10.300
10.13n
10.21
10.35n
Closing. 10.280
May
Range.. 10.29-10.43 10.35-10.44 10.43-10.52 10.38-10.49 10.19-10.35 10.E -10.39
10.36-10.38 10.20-10.21 10.21
10.42-10.43 10.46Closing. 10.36June
Range-10.27n
10.31
10.520
10.43n
10.48n
Closing_ 10.42n
July
Range.. 10.41-10.57 10.47-10.56 10.56-10.64 10.50-10.62 10.31-10.4.8 10.31 10.51
10.55-10.56 10.59-10.60 10.50-10.51 10.34- 10.41
Closing 10.49Aug.
Range..
Closing.
Sept,
Range..
Closing_
Oct.
Range.. 10.65-10.73 10.67-10.73 10.76-10.82 10.67-10.81 10.51-10.67 10.41 10.69
10.7310.7610.67-10.68 10.51-10.52 10.6
Closing_ 10.66O Nominal.
Range of future prices at New York for week ending
Nov.24 1933 and since trading began on each option:
Option for
Nov. 1933
Dec. 1933__ 9.77
Jan. 1934__ 9.84
Feb. 1934_
Mar. 1934._ 10.03
April 1934_
May 1934._ 10.17
June 1934
July 1934.. 10.30
Aug. 1934_
Sept. 1934_
Oct. 1934__ 10.49
Range for Week.
Nov.24 10.13 Nov. 21
Nov.24 10.21 Nov. 21
Nov.24 10.39 Nov. 21
Nov.24 10.52 Nov.21
Range Since Beginning of Option.
6.50
6.30
6.35
6.62
6.84
8.91
9.13
Feb. 211955 10.50
Feb. 6 1933 12.20
Feb. 6 1933 12.25
Feb. 24 1933 9.92
Mar. 28 1933 12.39
May 22 1933 10.43
Oct. 16 1933 12.52
July 21 1933
July 18 1933
July 18 1933
Aug. 28 1933
July 18 1933
Nov. 17 1933
July 18 1933
Nov. 24 10.64 Nov. 21 9.27 Oct. 16 1933 11.78 July 27 1933
Nov.24 10.82 Nov. 21 10.05 Nov. 6 1933 10.90 Nov. 16 1933
1931.
632,000
1930.
707.000
99.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
110.000
139,000
132,000
903,000
763,000
771,000
839,030
537,000
252.000
30.000
79,000
131.000
15.000
7.000
426,000
226.000
20,000
59.000
83,000
295,000
201,000
12,000
79,000
48,000
476,000
266,000
11.000
79,000
21,000
'.051,000
814.000
635,000
853.000
Total Continental stocks
1,954,000 1,577,000 1,406.000 1,692,000
India cotton afloat for Europe_ -- 65,000
59,030
32,000
70,000
American cotton afloat for Europe 476,000 536.000 448,000 603,000
Egypt,Brazil,Stc.,afFtfor Europe 112.000
87.000 140.000
94.000
Stock In Alexandria, Egypt
428,000 564.000 748.000 650.000
Stock in Bombay,India
563,000 520.000 389.000 397.000
Stock in U. S. ports
4,063,890 4,776,143 4,809,806 4,160.623
Stock in U.S.interior towns
2,186.556 2,251,477 2,21,0,307 1,770.725
U. S. exports to-day
28,950
18.260
49.988
Total visible supply
9.898.43410.399.57010,191,373 9.437.348
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
442.000 344,000 258.000 343.000
Manchester stock
57,000
57.000
47,000
60.000
Continental stock
962,000 758.000 565.000 739.000
American afloat for Europe
476,000 536.000 448,000 603,000
U. S. port stocks
4,063,890 4,776,143 4,809.806 4,160.623
U. S. interior stocks
2,186,556 2,251,477 2,200,307 1,770.725
U. S. exports to-day
28,950
18,260
49,988
Total American
8,237,434 8,751,570 8,346,373 7.676,348
East Indian, Brazil, &c.
Liverpool stock
362.000 309,000 374.000 364.000
London stock
o3,000
92,000
Manchester stock
42.000
72.000
56,000
70,000 114,000
Continental stock
89.000
59,000
32,000
Indian afloat for Europe
65,000
70,000
87,000 140,000
Egypt. Brazil, &c., afloat
112,000
94,000
Stocic in Alexandria, Egypt
428,000 564,000 748,000 650,000
520,000 389,000 397.000
563,000
Stock in Bombay. India
Total East India, Src
1,661,000 1,648,000 1,845,000 1,761,000
Total American
8.237,434 8.751,570 8,346,373 7,676,348
1,898,43410,399,57010,191.373 9,437,348
Total visible supply
5.44d.
Middling uplands, Liverpool.... 5.09d.
4.906.
5.91d.
5.90c.
6.156.
Middling uplands, New York__ 10.10c.
10.55c.
8.66d.
Egypt, good Sakel, Liverpool...7.61d.
8.35d. 10.406.
Peruvian, rough good, Liverpool_
5.16d.
4.51d,
4.14d.
Broach, fine, Liverpool
460d.
5.29d.
Tinnevelly. good, Liverpool
4.77d.
4.84d.
5.52d.
Continental imports for past week have been 137,000 bales.
The above figures for 1933 show an increase over last
week of 177,786 bales, a loss of 501,136 from 1932, a
decrease of 292,939 bales from 1931, and a gain of 461,
086 bales over 1930.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1-the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year, is set out in
detail below:
Movement to Nov. 24 1933.
Saturday,
Nov. 18.
1932.
653,000
Ship- Stocks
melts. Nov.
Week. , Season. Week. 24.
Receipts.
Towns.
Ala..BirmIng'm
Eufaula
Montgomery
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro_
Little Rock
Newport_ _
Pine Bluff
Walnut Ridge
.
Ga., Albany_ _
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport
Miss..Clarksdale
Columbus...
Greenwood
Jackson
Natchez
Vicksburg...
Yazoo City
Mo., St. Louis_
N.C.,Greensb'ro
Oklahoma15 towns*
S.C., Greenville
Tenn.,Memphis
Texas, Abilene_
Austin
Brenham....
Dallas
Parts
Robetown
San Antonio_
Texarkana
Waco
rn-a-s wer a
•
1,608
523
413
1,0171
6,293
1,446
2,472
1,494
2,608
8,82E
479
5,488
3,879
128
500
4,177
2,807,
500
248
875
1,075
3,110
932
4,7811
602
8011
985
426
9,969
463
1
50,915
5,315
72,227
6,342
714
813
4,693
2,372
45
382
1,250
4,977
19,169
8,087
23,603
34,222
94,140
13,767
35,852
41,228
20,207
74,565
22,569
80,828
39,793
9,933
21,165
33,518
102,921
7,850
11,262
7,938
45,328
98,176
13,087
125,310
22,958
3,480
15,228
26,512
73,434
2,901
1,363 14,848
220 6,205
1.958 40,335
1,170 48,811
1,543 72,977
866 15,775
2,451 33,974
1,987 22,263
1,189 14,818
5,059 58,467
397 21,377
4,166 52,257
3,071 29,673
181 7,582
500 55,145
4,168182,280
1,799143,984
200 15,171
321 34,257
250 8,375
1,968 47,417
4,810 67,961
114 13,954
6,481103,640
957 21,363
134 4,911
1,403 11,788
798 20,459
9,889
629
148 17,763
Movement to Nov. 25 1932.
Receipts.
Week. Season.
Ship- Stocks
ments. Nov.
Week. 25.
2,115 17,127 1,901 9,690
180
5,665
219 6,944
358
21,092
294 52,107
1,266 47,956 2,920 64,459
7,403 145,710 8,084105.650
791
15,810
521 23,728
2,474 57,389 2,273 51,068
1,274 41,294 1,59. 34,133
902
10,005
590 7,161
4,947 81,563 5,668 69,301
1,393 34,903 3,029 30,438
4.593 79,169 3,185 73,941
2,059 51,471 4,168 27,857
12
1,227
111 8,119
48,634
560 15,214
6
6,748
39,950 2,760146.331
2,351
71,854 1,873117,003
500 25,909
800 11.757
899 40.562
263 14,499
350 11,972
1,075
7,696
2,000 61,936 1,000 86,902
4,872 91,920 4,604 85,387
738 11.815
9,454
828
2,885 98,498 3,914115,530
828 33,422
872 27,741
29 7,898
5,970
3
25,094
605 24,283
1,054
1,179 29,038 1,784 31,092
61,087 8,936
7,011
187
649 12,996
6,117
458
562,959 35,689230,223 37,862 508,993 32,853216,373
80,575 2,658 98,969 3.000 89,817 1.000 78,667
853,463 81,204573,112 46,740 887,288 49,92l!495,255
51,287 5,870 5,738 7,717 45.415 7.
9191 2,606
392 17,987
204 4,139
17,300
026 5,065
14,068
399
206 10,094
25,464 1,331 8,276
71,989 4,914 20.040 2,188 60.201 2,010 22,534
45,411 1,573 17,597 1,735 38,204 1.502 17,226
6,217
7
51
909
132 1,316
5,064
263
973
830
9,678
72
109
9,430
618 28,726
21,788
903 18,286 1,242 33,819
78,042 4,443 23,645 1,758 57,190 2,235 18,940
ntA noon non ooniop Rol 010AMKR IA K An," QUI del 1A1 lnonnet.o.
,
•
•
,
•
•
,
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 35,185 bales and are to-night
64,921 bales less than at the same period last year. The
receipts at all the towns have been 50,866 bales more than
the same week last year.
Financial Chronicle
Volume 137
NEW ICORIC QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Nov.24 for each of the 'mist 32 years have been as follows:
1933
1932
1931
1930
1929
1928
1927
1926
10.10c.
6.05c.
6.354.
10.80c.
17.60c.
20.60c.
19.80c.
12.90c.
1925
1924
1923
1922
1921
1920
1919
1918
21.50c.
24.50c.
35.81M.
25.70c.
18.30c.
17.30c.
39.05c.
29.75c.
30.30c.
20.45c.
11.854.
7.75e.
13.50c.
12.80c.
9.45c.
15.10c.
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
14.60c.
9.35c.
10.20c.
11.20c.
11.75c.
9.70c.
11.30c.
8.60c.
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 kid columns
which show at a glance how the market for spot and futures
closed on smile days.
ACTIVITY IN THE COTTON-SPINNING INDUSTRY
FOR OCTOBER.
-Persons interested in this report will
find it in our department headed "Indications of Business
Activity," on earlier pages.
COTTON GINNED FROM CROP OF 1933 PRIOR TO
NOV. 14.
-The Census report issued on Nov. 21, compiled
from the individual returns of the ginners, shows 11,250,851
running bales of cotton (counting round as half bales and
excluding linters) ginned from the crop of 1933 prior to
Nov. 14, compared with 10,533,684 bales from the crop of
1932, and 14,207,613 bales from the crop of 1931. Below
is the report in full:
5,780
300
5,780
300
102
_
-162
_
6,182
6.182
35,020 61.500 96.520
Total week_
Since Aug. 1
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
1932
1933
Since
Since
Week. Aug. 1.
Week. Aug. 1.
61,689
73,045
6,936
9,889
1,416
56,346
110
6,624
585100
192
5,245
689
4.950
-g4§
3,282
55,779
61,202
3.718
4,000 102,144
17,560 125,816
Total gross overland
38,672
Deduct Shipments
Overland. to N. Y., Boston, dm
386
Between interior towns
347
8.344
Inland, &c.,from South
321.944
15,177
226.373
12,255
4,428
74,915
282
184
1,675
7,458
3.191
49.369
9,077
91,598
2.141
60.018
29,595
Total to be deducted
Leaving total net overland*
230.346
13,036
166,355
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 29,595 bales, against 13,036 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 63,991 bales.
1932
1933
Since
Since
In Sight and Spinners'
Week.
Aug. 1.
Week.
Aug. 1.
Takings.
Receipts at ports to Nov.24
285.757 4,407,909 308,468 4,464,525
13,036
166,355
230,346
Net overland to Nov.24
29,595
South'n consumption to Nov. 24-106,000 1,797,000 105,000 1,684.000
Total marketed
421,352 6,435,255 426,504 6,314,880
902.772
Interior stocks in excess
924,322
2,524
*35,185
Excess of Soutnern mill takings
---50,540
over consumption to Nov. 1
28,881
Came into sight during week..__366,167
429,028
Total in sight Nov. 24
---- 7,388,458
---- 7,268.192
North.sninn's's taldngs to Nov.24 44,649
•Decrease.
439,177
21,254
342,229
Movement into sight in previous years:
Week-Nov.28
1931
-Nov.29
1930
-Nov.30
1929
Bales.
Since Aug.1443,797 1931
470,364 1930
431,318 1929
Bales.
8,249,116
9,250,287
9,315,915
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton, at Southern and other principal cotton
markets for each day of the week:
C osing Quotations for Middling Cotton on
Week Ended
Nov. 24.
Saturday. Monday. Tuesday. Wed'day Thursd'y. Friday.
9.85
Galveston
9.94
New Orleans_ _
9.80
Mobile
9.98
Savannah
10.07
Norfolk
Montgomery_- 9.70
9.97
Augusta
9.70
Memphis
9.85
Houston
9.61
Little Rock- __ 9.60
Dallas
9.60
Fort Worth_ _ _ -
9.95
10.01
9.90
10.04
10.14
9.80
10.04
9.75
9.95
9.69
9.70
9.70
9.95
10.01
9.90
10.06
10.17
9.85
10.06
9.75
10.00
9.71
9.70
9.70
9.90
9.96
9.82
9.98
10.08
9.75
9.98
9.65
9.95
9.62
9.60
9.60
9.75
9.77
9.65
9.82
9.92
9.55
9.82
9.65
9.75
9.46
9.45
9.45
9.85
9.90
9.75
9.92
10.02
9.65
9.88
9.75
9.85
9.56
9.60
9.60
-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,
Nor. 18.
Monday,
Nov. 20.
Tuesday. Wednesday, Thursday,
Nos. 21. Nos, 22. Nov. 23.
Friday,
Nov. 24.
Nov.
(1933)
10.0340.04 9.96- 9.76- 9.77 9.9010.01December_ 9.9510.1310.14 10.06- 9.85- 9.98 Bid.
Jan.(1934) 10.04 Bid. 10.12February 10.0340.05 10.13March__ 10.20-10.21 10.25-10.26 10.3040.31 10.23April
10.3610.1610.26 -May
10.34 -- 10.39-10.41 10.43June
10.48 --10.28-10.29 10.3910.5610.53July
10.47August - September
10.66 -10.4710.55-10.56
10.71 Bid 10.72October - 10.64Tone
Steady.
Steady.
Steady.
Steady.
Steady.
Spot
Steady.
lIntInne
Qtandu
Steady.
Steady.
Steady. Barely stdv Steady.
State.
Spot. Contect Tote.
Saturday--- Steady, 5 pts. dec_ _ Steady
Steady, 10 pts. adv_ Steady
Monday
Quiet, unchanged -- Steady
Tuesday
Wednesday_ Quiet 10 pts. dec_ Steady
Thursday - Quiet. 15 pts. dec_ _ _ Barely steady_
Quiet, 10 pts. adv_ Barely steady_
Friday
Nov. 24ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, 3sc
REPORT ON COTTON GINNING.
(Number of bales of cotton ginned from the growth of 1933 prior to Nov. 14 1933,
and comparative statistics to the corresponding date in 1932 and 1931.
SALES.
Futures
Market
Closed.
Spot Markel
Closed.
3859
RUNNING BALES.
(Counting round as half bales and excluding
linters.)
1933.
United States-
1932.
*11,250,851
*10,533,684
1931.
*14,207,613
Alabama
913,056
827,001
1,314.702
Arizona
43,998
36,860
44,994
Arkansas
896,009
1,087,656
1,354,300
California
99,514
83,102
117,173
Florida
23,245
14,661
42,034
1,043,072
761.039
1,285,631
Georgia
Louisiana
459,014
576.631
767,664
Mississippi
1,073,328
1,011,370
1,401,084
Missouri
174,229
229,203
182,610
New Mexico
56,249
62,363
41.678
North Carolina
622,974
551,823
682,754
Oklahoma
1,039,926
890,370
989,826
South Carolina
679,156
931,035
611,156
Tennessee
453,791
346,768
331,676
Texas
3,735,353
3,448,959
4,541,685
Virginia
30,102
21,489
35,366
All other States
. 9.010
8,744
6,715
* Includes 171,254 bales of the crop of 1933 ginned prior to Aug. 1 which was
counted in the supply for the season of 1932-33. compared with 71,063 and 7.307
bales of the crops of 1932 and 1931.
The statistics in this report include 475,401 round bales for 1933: 474.442
for 1932 and 484,680 for 1931. Included in the above are 3,318 bales of
American-Egyptian for 1933: 5,073 for 1932, and 6,184 for 1931.
The statistics for 1933 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
e corrected statistics of the quantity of cotton ginned this season prior to
Nov. 1, are 10,359,330 bales.
CONSUMPTION, STOCKS, IMPORTS AND EXPORTS
-UNITED
STATES.
Cotton consumed during the month of October 1933, amounted to 503,873
bales. Cotton on hand in consuming establishments on Oct. 31, was 1,361.190 bales, and in public storage and at compresses 9,474,342 bales. The
number of active consuming cotton spindles for the month was 25.875,142.
The total imports for the month of October 1933. were 12,121 bales and the
exports of domestic cotton, excluding linters, were 1,046.524 bales.
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 ending July 31 1933, was approximately 24,986,000 bales.
The total number of spinning cotton spindles, both active and idle, is
about 158,000,000.
WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph this evening denote that the mild weather
during the .week in the northwestern portion of the cotton
belt has been generally favorable for picking the remainder
of the cotton.
Galveston, Tex
Amarillo, Tex
Austin, Tex
Abilene. Tex
Brownsville, Tex
Corpus. Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso. Tex
Houston, Tex
Palestine, Tex
San Antonio, Tex
Oklanoma City, Okla
Fort Smitn, Ark
Little Rock, Ark
New Orleans, La
Shreveport, La
Meridian, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa. Fla
Savannah, Ga
Atlanta, Ga
Augusta, Oa
Macon, Ga
Charleston, S. C
Asheville, N. C
Charlotte, N. C
Raleigh. N.0
Wilmington. N.C
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
Rain. Rainfall.
1 day 0.58 in.
dry
thy
2 days 1.90 in.
1 day 0.02 in.
dry
dry
dry
dry
1 day 0.02 in.
dry
1 day 0.04 in.
dry
1 day 0.78 in.
1 day 0.90 in.
3 days 1.75 in.
dry
i day 0.76 in.
1 day 0.20 in.
2 days 0.40 in.
2 days 1.80 in.
1 day 0.14 in.
1 day 0.08 in.
1 day 0.04 in.
1 cloy 0.48 in.
1 day 0.01 in.
1 day 0.10 in.
2 days 0.64 in.
1 day 0.22 in.
1 day 0.68 in.
i day 1.04 in.
1 day 0.52 in.
1 day 0.54 in.
1 day 0.02 in.
1 day 0.01 in.
1 day 0.22 in.
1 day 0.48 in.
2 days 0.14 in.
Thermometer
high 78 low 58 mean 68
nigh 68 low 36 mean 54
high 82 low 44 mean 63
higa 80 low 42 mean 61
nigh 80 low 56 mean 68
nign 86 low 56 mean 71
high 78 low 42 mean 60
alga 78 low 44 mean 61
high 78 low 38 mean 59
nigh 82 low 54 mean 68
nigh 80 low 48 mean 64
big., 84 low 54 mean 69
high 74 low 34 mean 54
high 74 low 38 mean 56
nigh 76 low 40 mean 58
nign 76 low 52 mean 67
high 82 low 47 mean 65
high 78 low 42 mean 60
aigh 78 low 50 mean 64
high 78 low 46 mean 62
high 76 low 42 mean 59
high 78 low 42 mean 60
nigh 74 low 48 mean 61
hign 80 low 60 mean 70
high 74 low 48 mean 61
hign 78 low 50 mean 64
high 74 low 37 mean 65
high 68 low 38 mean 53
high 76 low 34 mean 55
high 76 low 34 mean 55
sigh 71 low 44 mean 58
Mgt) 70 low 30 meaa 50
high 71 low 30 mean 52
hign 68 low 38 mean 58
high 72 low 40 mean 56
high 76 low 41 mean 56
high 66 low 38 mean 52
high 72 low 38 mean 55
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of guageAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
Nov.241933. Nov. 25 1932.
Feet.
Feet.
1.5
1.5
2.4
9.6
9.2
13.4
2.8
4.5
3.2
10.9
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 winch finally reaches the market through
the outports.
3860
Receipts at Ports.
Stocks at Interior Towns.
Receiptsfrom Plantations
1933. 1932. , 1931.
1933.
1932.
1933. 1932. 1 1931.
I__
1931.
__j
Aug.
25__ 142,921 111,142 80,809 1,109,0021,289,523 734,805121,850 86,882 72,600
Sept.
1__ 206,619154,553,126,962 1,111,525 1,261,495 725,430 209,142 146,525117,587
8._ 188,484183,676 167,441 1,118,779 1,271,735 728,548 195,738193,916 170,559
l5__ 276,296235,434 241,8001,152,214 1,344,300 749,994 309,710307,999 263,246
22__ 328,745225,127322,698 1,231,8021,452,801 811,978 408,033356,228 384,682
29__ 406,645322,464 445,906 1,366,5891,571.911 945,683541,732441,5741579,611
Oct.
6._ 401,837311,264 517,721 1,502,7651,695,4921,141,662538,013 123.5811713.700
13__ 376,794347,025 519,398 1,657,587 1,802,8991,349,792 531,616454,432 727,528
20..376,859395,485 380,980 1,755,278 1,889,8621.559,483 504,550 82,448590,671
27..348,461387,507453,232 1,881,9102,030,251 1,750,430 445,096527,8961614.179
Nov.
3..313,111401.069403,664 1.986,7372,133,28311,905,108,417,938507,1011559,202
10-- 275,657377.879417,118 2,081,2392,201,601 2,052,038,370,160446,1971564,084
17- _ 257,126425,222402.386 2,151,379 2,248,953 2,176,8911327,258 72,574 527,239
_
.
'455.757 308.468317.6282,186.5562,251,4772,200,307.250,572„
992
Nov. 25 1933
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 both India
and China is poor. We give prices to-day below and leave
those for previous weeks of this and last year for comparison:
1932.
1933.
32a Cop
Twist.
d.
831 Lbs. Skirt- Cotton
ings, Common Middrg
to Finest.
Uprds.
8%010
4
9 01041
135.11g 9%
8%010
8341510
8%010
4
3
3
4
4
Sept.
-
32s Cop
Twist.
s. d.
s. d.
Aug.-
S000 0000 00000 0
1
Week I
Ended
Financial Chronicle
d.
d.
6
5.53
931181134
6
5
5
6
6
5.60
5.38'
6.47
5.42
5.60
9%011%
1034181176
93401044
914011
9%010%
831 Lbs. Skirt- Cotton
ings, armmon MitkIP
to Finest.
Uprds.
s. d.
s. d.
d.
7 @90
6.45
® 92
1890
1886
086
@86
6.57
6.38
5.88
6.07
5.73
7
5
3
3
3
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 5,323,612 bales; Oct.
4
8%010
5.44 941011
3 08 6
5.79
5.44 9 010%
3 08 6
in 1932 were 5,311,053 bales and in 1931 were 6,296,324
4
5.64
6
8%0 9%
3 ® 86
4
5.51 834010%
5.46
6
8'%@ 9%
bales. (2) That, although the receipts at the outports the
4
3 ® 86
5.62
5.54 8%01041
6
83118 9%
past week were 285,757 bales, the actual movement from Nov.
3 @86
4
5.39
5.43 81101444
8440 9%
plantations was 250,572 bales, stock at interior towns
3 ® 86
8%1010
5.60
5.31 8% 01045
4
6
having decreased 35,185 bales during the week. Last year
3 086
5.61
5.13 9 010%
4
6
81415 9%
3 0 86
4
5.44
6
5.09 876181014
83418 941
receipts from the plantations for the week were 310,992
bales and for 1931 they were 341,044 bales.
-As shown on a previous page, the
SHIPPING NEWS.
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 174,187 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
Bales.
2,737
which statistics are obtainable; also the takings or amounts HOUSTON-To Venice-Nov. 16-Ida,2,737
-Ida, 2.147
2,147
To Trieste-Nov. 16
gone out of sight for the like period:
-Cody, 2,616
2,616
To Barcelona-Nov. 18
Cotton Takings,
Week and Season.
1933.
Week.
1932.
Season.
9.720,648
Visible supply Nov. 17
7,632,242
386,167 7,388,458
182,000
24,000
171,000
12,000
653,400
80.000
188.000
14,000
Visible supply Aug. 1
American in sight to Nov. 24_
Bombay receipts to Nov. 23_ _
Other India ship'ts to Nov.23
Alexandria receipts to Nov.22
Other supply to Nov. 22*b
Week.
Season.
10,285,579
7,791,048
429,028 7,268,192
318,000
15,000
125,000
54,000
398,000
10,000
190,000
10,236,815 16,215,100 10,793,607 16,090,240
Total supply
Deduct
-
9,898,434 9,898,434 10,399,570 10,399,570
Visible supply Nov. 23
338.381 6,316,666
Total takings to Nov.23-a___
394,037 5,690,670
272,381 4,993,266
313,037 4,414,670
Of which American
66.000 1,323.400
Of which other
81,000 1,276,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,797,000 bales in 1933 and 1,684,000 bales in 1932
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 4,519,666 bales in 1933 and 4,006.670 bales in 1932, of
which 3,196,266 bales and 2,730,670 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.
Npv. 23.
Receipts at
-
Week.
24,000
Bombay
1932.
Since
Aug. 1.
Week.
182.000 15,000
Since
Aug. 1.
1931.
Week.
318.000 19.000
Since
Aug. 1.
227.000
Since Aug. 1.
For the Week.
Exports
from
-
Great
Conti- Japan &I
Great Conti- IJapatufbi
new. china.
Britain. new. I china. Total. Britain.
•
Bombay
1933
I 3,000 9,00011 1.000 13,000 13,0001• 110,000 71,000
7,000
75,000 176,000
4,000 4,000
1932
6,000 69,000 366,000
4,000 17.000 21,000
1931
Other Ind
12,000
46,000 125,000
1933
2,000 10,000
28,000 97,000
1932
34,000 79,000
1931
Total all
1933
1932
1931
1,000 25,000
4,000 4,000
4,000 17,000 21,000
5,000 19,000
Total.
194,000
258,000
441,000
171,000
125,000
113,000
59,000 235,000
71,000 365,000
35,000 172,000 176,000 383,000
40,000 148,000 366,000 554,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
9,000 bales. Exports from all India ports record an increase
of 21,000 bales during the week, and since Aug. 1 show a
decrease of 17,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
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. 22.
1933.
1932.
1931.
400,000
3.263,799
270,000
2,091,234
330,000
3,368.399
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
Week. Aug. 1.
Receipts (cantors)
-
This week
Since Aug. 1
Export (Bales)-
This
Since
To Liverpool
7,000 72,905 5,000 35,255 3,000 65,015
28,085 11,000 55,465
_
To Manchester,&c--, 50,675
To Continent and India 19.000 166,970 11.600 138,260 10,000 172,853
---- 17,664 2,000 10,835 ---- 5,660
To America
26.000 308.214 18,000 212,435 24.000 298.993
Total exports
-A cantar is 99 lbs Egyptian bales weight about 750 lbs.
Note.
statement shows that the receipts for the week ended Nov. 22 were
This
400,000 canters and the foreign shipments 26.000 bales.
-Cody,398; Montello, 2,951
To Genoa-Nov. 18
3,349
-American
-Nov. 18-Nemaha, 1,743_ _-Nov. 22
To Havre
Press, 4,663
6,406
-Phoenicia, 179
-Nov. 18-Nemaha,87_ _Nov. 20
To Ghent
266
To Antwerp-Nov. 18-Nemaha, 200___Nov. 22-Beem250
sterdijk. 50
-PhoeTo Rotterdam Nov. 18-Nemaha, 650__ _Nov. 20
nicia, 350 ..Nov. 22-Beemsterdlik, 2,088
3,088
-Nov. 18-Montello, 400
400
To Naples
24
To India-Nov. 18-Montello. 24
-Hanover,
-King City. 838--Nov. 22
To Japan-Nov. 18
2,305_ _ -Nov. 23-Fernwood, 7,646; Silvercedar, 4,100- 14,889
-Hanover,
-King City, 4,400Nov. 22
To China-Nov. 18
850_ _Nov. 23-Fernwood, 3,538; Silvercedar, 8,600
17,388
-American Press, 1,412
-Nov.22
1,412
To Dunkirk
-American Press, 1,042
1,042
To Bordeaux-Nov. 22
-Eifel,
To Bremen-Nov. 22-Tannenfels, 3,801__-Nov. 23
5.245
1.442
-Eifel,961 1.015
To Hamburg-Nov.22-Tannenfels.54Nov.23
-Nov. 15-Porta, 352..-Nov.
-To Hamburg
NEW ORLEANS
722
16-Hybert, 370
To Gdynia-Nov. 15-Porta, 175_ _Nov. 18-Vasaholm, 1,565 1,680
To Bremen-Nov.15-Porta,4,976_ _ _Nov.16-Hybert,3,375 8,351
6,200
To Japan-Nov. 15-Silvercedar, 6,200
570
To Genoa-Nov.20-Arsa, 570
-West Moreland,703
703
To Rotterdam-Nov. 16
-West Moreland, 3,872---Nov. 17
-Nov. 16
To Havre
5,938
San Pedro, 2,066
-West Moreland, 488
488
-Nov. 16
To Ghent
-West Moreland, 10-Nov. 17
To Antwerp-Nov. 16
60
San Pedro, 50
-San Pedro, 497
497
To Dunkirk-Nov. 17
150
To Gothenburg-Nov. 18-Vasaholm, 150
200
To Copenhagen-Nov. 18-Vasaholm, 200
300
To Porto Colombia-Nov. 18-Carillo, 300
38
To Cartagena-Nov. 18-Catillo,38
300
To Lapaz-Nov. 18-Carillo. 300
-Area,470
470
To Marseilles-Nov.20
-West Madaket,300
-Nov. 17
PENSACOLA-To Ghent
300
350
SAVANNAH-To Japan-Nov.17-11okuroku Maru,350
1,756
To Bremen-Nov.20-Lackenby, 1,756
-Noy. 20-Lackenby, 1,074
1,074
To Hamburg
-Topeka. 100
100
To Dunkirk-Nov.22
-Topeka, 173
173
To Gdynia-Nov.22
-To Liverpool-Nov. 11-Drechtdijk, 100
100
LOS ANGELES
To Japan-Nov. 11-President Pierce, 3,500_ _ _Nov. 138,460
Tatsuta Maru. 2,060-- _Nov. 16-Glaucus, 2,900
-To Liverpool-Nov. 18-Telesfora de LarCORPUS CHRISTI
873
rinaga,873
256
To Manchester-Nov. 18-Telesfora de Larrinaga, 256
8,729
To Japan-Nov. 19-Bronxville, 8,729
1,012
To China-Nov. 19-Bronxville, 1,012
846
-West Cobalt, 846
To Bremen-Nev. 20
200
-West Cobalt. 210
To Gdynia-Nov.20
25
NORFOLK-To Manchester-November-(?)-Dorellan.25
459
-City of Baltimore,459
To Bremen-(7)
300
-To Barcelona-Cristobal Colon, 300
NEW YORK
-Aden Maru, 8,075.. Nov.
GALVESTON-To Japan-Nov. 18
-King City,
de Janeiro Maru, 1,807-_ _Nov. 20
-Rio
17
15,467
a,827_ __Nov.21-Bronxville,2.758
-Nov. 20
-American Press, 1,571_ _.Nov. 16To Havre
2,986
Neraaha, 1.415
1,622
-American Press, 1.622
To Dunkirk-Nov. 20
-Cody,302- 4.031
20-Montello, 3,729_ - _Nov. 17
To Genoa-Nov.
-Phoenicia,
To Antwerp-Nov. 16-Nemaha, 183___Nov. 22
483
300-_Nov. 21-BeemTo Rotterdam-Nov. 16-Nemaha,
-Phoenicia,851
550_2,038
sterdijk,637___Nov.22
To Bremen-Nov. 17-Bockenheim, 3,116---Nov. 216,484
Tannenfels,3,368
To Gdynia-Nov. 17-Bockenheim, 1,123_ _Nov. 21-Tan1,173
nenfels,50
-Cody,-3,459_ _Mar Blanco. 3.752- 7,211
To Barcelona-Nov. 17
1,250
21-Ida,1,250
To Venice-Nov.
1,591
To Trieste-Nov. 21-Ida. 1,591
-King City, 1,400_Nov. 21-BronxTo China-Nov. 20
3,600
vine,2,200
671
-Phoenicia. 671
-Nov.22
To Ghent
-Minnie de Larrinaga,649
649
-To Liverpool-Nov. 15
TEXAS CITY
-Minnie de Larrinaga, 518
518
-Nov. 15
To Manchester
1,393
To Bremen-Nov. 17-Bockenhelm, 1,393
17-Bockenheim,434
434
To Gdynia-Nov.
-Mar Blanca,680
680
To Barcelona-Nov. 17
523
-American Press, 523
-Nov.20
To Havre
-American Press, 444
444
To Dunkirk-Nov.20
1,222
To Japan Nov. 14-Bradglen, 1,222
-Pioneer, 50
50
-To Manchester-Nov. 19
LOS ANGELES
26
-Havel,26
To Bremen-Nov.20
-President Garfield, 3,396--Nov. 22
To Japan-Nov. 20
5,446
Mans, 575; Golden Tide. 1,475
Nankai
243
JACKSONVILLE-To Bremen-Nov. 17-Lackenby, 243
Total
174,187
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High
High
StandDensity.
Density. ard.
Liverpool .25e.
.25e. Trieste
.500.
Manehester.25e.
.50e.
.25e. Flume
Antwerp .35e.
.500. Barcelona .35e.
Havre
.25e.
.40c. Japan
Rotterdam .35e.
.500. Shanghai
*
Genoa
.55e. Bombay a .40e.
.40e.
.35e.
Oslo
.61e. Bremen
.480.
Stockholm .42e.
.67e. Hamburg .35e.
*Rate is open. a Only small lots
Standant.
.65e.
.650.
.500.
•
•
.55e.
.50e.
Density.
Piraeus
.750.
Saionlea
.75e.
.500.
Venice
Copenh'gen.38e.
.40e.
Naples
Leghorn
.40e.
Gothenberg.42e.
Stand.
ant.
.90e.
.90o.
.65e.
.53e.
.55o.
.55e.
.57e.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Nov. 3.
51,000
733,000
392,000
34.000
20,000
233,000
147.000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Nov. 10.
Nov. 17.
54,000
743,000
399,000
68,000
38,000
234,000
147,000
56,000
764,000
412,000
66,000
41,000
221,000
137,000
Nov. 24.
54,000
804,000
442,000
119,000
79,000
148,000
58,000
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.
Monday,
Tuesday. Wednesday.I Thursday.
Market, 1
A fair
business
doing.
Good
inquiry,
A fair
business
doing.
5.13d.
5.060.
12:15
P. M.
Mid.I.Jprds
5.10d. ,
Friday.
i
Quiet
Moderate Moderate
demand. I demand.
and unchanged.
5.08d. I
5.090.
5.090.
Steady, Barely stdy Steady. un- Quiet, =Futures.1 Steady,un- Quiet but
Market
ch'ged to 2 stdy., 3 to 2 to 3 pts. 5 to 7 pts. oh'ged to 2 ch'ged to 2
pts. adv. pts. adv.
opened
decline.
pts. adv. 5 pts. adv. advance,
Steady.
Steady,
Quiet,
Market, f Quiet but Quiet but Quiet but
4
stdy., 1 pt. stdy. 4 to stdy., 2 to 9 to 10 pts. 4 to 5 p18.4 to 5 pts.
P.M.
advance. advance.
advance. 5 pts. dec. 4 pts. adv. decline,
'
Prices of futures at Liverpool for each day are given below:
Fri.
Thurs.
Wed.
Tues.
Mon'
Nov. 18
to
12:15 12:30 12:15 4:00;12:15, 4:00,12:151 4:00 12:15, 4:0012:15 4:00
N
ov.I
m. .m.' .m• • m• p.m.
Sat.
New Contract, d.
Dec.(1933)._ _ _ _
January (1934) _ __
March
May
July
October
December
January (1935).. -March
May
July
3861
Financial Chronicle
Volume 137
d,
d,
4.92 4.85
4.93 4.86
4.96 4.89
4.98 4.91
5.01 4.94
5.04.. _
5.07..5.08...5.12 __ __
5.15. 5.18- --
d,
d.
4.87 4.89
4.89 4.90
4.91 4.92
4.94 4.95
4.97 4.98
5.00 _ __
5.03.. __
5.04__ -5.08 ... __
5,11._ __
5.14.. __
d, d.
4.91 4.85
4.92 4.88
4.94 4.88
4.96 4.90
4.99 4.93
5.02 _ _
6.05._ _ _
5.06.. ....
5.10... ....
5.13... __
5,18.. __
d.
d.
4.82 4.88
4.83 4.89
4.85 4.91
4.87 4.93
4.89 4.95
4.92._ __
4.95... __
4.98_ __
5.00 __ _
5.03.. __
5.06.. __
d.
d,
4.87 4.88
4.88 4.89
4.90 4.90
4.92 4.92
4.94 4.95
4.97 _ _
5.00 -- __
5.01.. __
5.04_ _
5.07__ __
5.10 __ _
d.
4.91
4.93
4.94
4.96
4.99
5.02
5.05
5.06
5.09
5.12
5.15
BREAD STUFFS.
Friday Night, Nov. 24 1933.
FLOUR followed wfheat upward and downward. Sales
reported by mills at leading centers were on a very small
scale.
WHEAT on the 18th inst. broke sharply and ended 2% to
2%c. lower under heavy liquidation. There was nothing
in the news to account for the decline. Russian recognition
and the announcement that 3,000,000 bushels of Pacific
Coast wheat had been sold for export had little, if any,
effect. Winnipeg was relatively strong, closing % to lc.
lower, owing to a fair export demand. On the 20th inst.
prices ended 2% to 3%c, higher, with better cables than
due, the weakness in the dollar, and the strength of stocks
stimulating aggressive speculative buying. Eastern interests were buying. There was a broader outside demand.
The visible supply decreased 2,433,999 bushels. The dry
areas of the West and Southwest had no moisture. Winnipeg was 1 to 1%c. higher, owing to a fairly heavy export
demand. Liverpool advanced 3,gd. on good buying inspired
by reports of damage to the Argentine crop and firm offers
from the Southern Hemisphere. On the 21st inst. the ending
was irregular, %c. lower to %c. higher. After a decline of
more than a cent, prices recovered all of the early losses
on a good demand from commission houses and local traders, inspired by rumors that a bullish announcement was
to be made from Washington. There was a moderate reaction near the close, on general liquidation, but the market
displayed a firm undertone. The drouth continued in the
winter wheat belt, but it had little or no effect. Eastern
interests were buying, and there was a broadening of outside demand. Liverpool advanced % to %d. on buying
stimulated by reports of damage to the Argentine crop.
Reports of rust damage in Argentina and heavy rains in
Australia caused buying. Winnipeg was % to Ihc. higher
on buying by houses with seaboard connections. On the
22nd inst. prices closed 1% to 1%c. lower, under scattered
long liquidation and other selling influenced by the statement of Dr. Sprague that depreciation of the dollar would
not raise commodity prices to any great extent, and the
embargo on foreign wheat by Italy. Demand was limited
and there was less outside public interest. Yet selling was
not heavy. The relative firmness of Winnipeg and short
covering caused a slight rally near the close. Liverpool,
after early steadiness, due to firmer offers of Canadian
wheat, declined under profit-taking and closed % to 1.1 3c.
4
lower.
On the 23rd inst. prices declined 3% to 3%c. on general
liquidation, owing to the uncertainty over the monetary
situation. Selling was not large, but support was lacking,
and stop-loss orders were caught on the way down. Eastern
interests were selling. Unfavorable crop reports from the
winter wheat belt and better cables than due had little or
no effect. According to Broomhall, receipts in August,
September and October in the United States totaled 162,000,000 blishels against 253,000,000 bushels in the same
period last year. Primary receipts were small, and milling
demand quiet. Cash demand was light, and prices declined 1 to 2c. Winnipeg was relatively stronger, ending
1 to 1%c. lower. The Government gave support there, and
exporters were buying futures.
To-day prices closed 1% to 1%c. higher. There was an
early decline on liquidation, partly influenced by uncertainty over the monetary situation and a break in sterling
exchange, but on the decline a broader demand developed,
and this, together with short covering and better outside
buying, sent prices up about 3c. from the low. Unfavorable
reports from the Southwest and expectations that Al Smith's
speech would reflect the Administration's attitude on the
monetary situation led to buying. Mr. Smith, in his speech,
however, said he was for sound money and strongly against
the Administration's policy. World shipments are expected
to be light, and indications point to a good reduction in the
already small afloat stocks. Final prices show a decline
for the week of 3 to 4c.
DAILY CLOSING PRICES OF WHEAT IN NEW'YORK.
Sat. Mon. Tues, Wed. Thurs. Fri.
No.2 red
103% 106% 106% 104% 101% 1033
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat.
Mon. Tues, Wed. Thurs, Fri.
December
May
July
86% 89
88% 87% 84% 85
92% 92% 90% 87% 88
90
89% 91% 91% 90% 86% 88
Season's High and When Made. I Season's Low and When Made.
December.--124
July 18 1933'December-- 67%
Oct. 17 1933
May
Oct. 17 193:3
12834
July 18 1933 May
7134
July
Oct. 17 1933
Now-. 14 1933 July
9434
7034
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
December
May
July
Sat.
Mon. Tues. Wed. Thurs. Fri.
63
64
6434 6334 6234 6231
67
68
68% 67% 66% 67%
6834 6931 6931 6934 6834 68,t
INDIAN CORN on the 18th inst. followed wheat, and
ended 1% to 11 lower. Supporting orders were uncovered
/
2
c.
on the decline, and there was a small rally from the low
point. There was much switching from December to May.
Vessel room was chartered for 110,000 bushels to go to
Buffalo, and sales of 100,000 bushels were reported to go to
store. On the 20th inst. prices advanced 1% to 12 on a
/
1
c.
good demand from commission houses, influenced by the
strength in wheat. Country offerings increased, but cash
corn was steady. On the 21st inst. prices closed ih to %c.
lower. On the 22nd inst prices ended % to %c. lower. The
market displayed a firm undertone at the close, owing to
buying on reports of the sale of 38,200 bushels of yellow
and white corn to the United Kingdom.
On the 23rd inst. prices declined 2% to 3%c., in response
to the weakness in wheat. Reports that 16,000 bushels of
yellow corn had been sold for export caused buying, but
the demand soon dried up. Country offerings continued
light and shipping demand was fair. Sales of 100,000 bushels of corn were made to go to store. To-day prices ended
1% to 1%c. higher, on buying induced by a stronger cash
demand, and unfavorable weather. There was a good foreign demand. Final prices show a decline for the week
of 2% to 2%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK,
Sat. Mon. Tues, Wed. Thurs. Fri.
No.2 yellow
61% 63% 62% 63
6034 6231
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
December
May
July
Sat.
Mon. Tues, Wed. Thurs. Fri.
4651 47% 46% 4634 4334 4534
5334 5434 54
5334 50% 52
55% 56% 56
5534 5234 54
Season's High and When Made.
Season's Low and When Made.
December-- 77
July 17 1933 December-- a%
Oct. 14 1933
May
82
July 17 1933 May
Oct. 14 1933
4334
July
ssx
Nov. 14 1933 July
Oct. 14 1933
48
OATS were under the influence of wheat on the 18th inst.
and ended % to lc. lower. Local traders were selling. On
the decline cash interests bought in a small way. On the
20th inst. prices advanced with other grain and ended 1 to
1%c. higher. Cash interests were buying the distant months
on the reactions. Cash demand was good and receipts continued light. On the 21st inst. prices ended unchanged to
%c. higher, with trading extremely small. Scattered liquidation of December was absorbed by cash interests. On
the 22nd inst there was a decline of % to %c. Trading
continued small, and was confined mostly to changing from
December to later deliveries.
On the 23rd inst. prices ended 1% to 2%c. lower, in quiet
trading. Selling was not heavy, but support was lacking.
To-day prices advanced % to lc. in response to the rise
in wheat. Final prices are 1 to 1%c. lower than a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed, Thurs. Fri.
No. 2 white
42% 43% 4331 4351 41% 42%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Thurs. Fri.
December
34
35
35
344 3234 338
May
3734 38% 3854 374 3634 364
July
3634 38
38
37% 35% 36%
Season's High and When Made.
Season's Low and When Made.
December--_ 5234
July 17 1933 December- 25
Oct. 17 1933
May
56%
July 17 1933 May
28%
Oct. 17 1933
July
Oct. 3 1933 July
4034
27%
Oct. 17 1933
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
3034 3034 30% 3034 29% 2934
May
3334 34
3434 33% 3234 3354
3862
Financial Chronicle
RYE declined 1% to 1%c. on the 18th inst., in sympathy
with wheat. Support was lacking. Cash rye was quoted
6 to 9c. over December, but no sales were reported. On
the 20th inst. prices ended 3% to 3%c. higher, on aggressive
buying by a leading speculator. Selling pressure was light.
Liquidation caused a slight setback near the close. On the
21st inst. prices ended Y lower to Y higher. The bulk
2c.
2c.
of the business was in the way of changing December for
the deferred deliveries. On the 22nd inst. the closing was
at a net decline of % to 7
,fic., with trading extremely light.
Commission houses were on both sides of the market.
On the 23rd inst. prices closed 3 to 3%c. lower, in sympathy
with other grain. The market was under pressure all day,
owing to the opposition to the proposed increase in import
duty at the hearing before the Tariff Commission. To-day
prices ended unchanged to 3 2c. higher. The strength of
/
wheat and news from Washington that efforts were being
made to have the Government increase the import duty and
put an embargo on rye imports caused buying. Final prices
show a decline for the week of % to 2Y
4c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
December
59% 62% 61% 6134 5734 58%
May
65% 69% 69
6834 65
6531
66
6931 70
6934 6634 6634
July
Season's Low and When Made.
Season's High and When Made.
July 19 1933 December...._ 44
Oct. 17 1933
December_-slil34
41
July 19 1933 May
Oct. 17 1933
May
11634
Nov. 21 1933 July
July
Oct. 17 1933
70
5234
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
4334 44% 45
December
4434 42%, 4234
4734 4834 49
May
4834 46% 47
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
4334 45
4134
4534 4331 40
4931 5034 51
4934 46
4731
5034 5234 52
5034 4734 4834
December
May
July
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
3434 35
December
3434 3434 3334 3434
3734 3834 3834 3734 37
May
3734
Closing quotstitss were as follows:
GRAIN
'
Oats. New York
No. 2 white
No.2 red, c.i.f., domestic_ _103%
No. 3 white
Manitoba No.1.f.o.b. N. V_ 74%
Rye,No.2,f.o.b.bond N.Y_
Chicago. No.2
Corn,New York62% Barley
No.2 yellow, all rail
6134
N.Y..4734 lbs. malting_
No.3 yellow,ail rail
i Chicago. cash
4231
41%
52g
65
54%
40-70
FLOUR.
$4 75-$4.90
Spring pats., high protein 36.6046.90 Rye flour patents
6.45- 6.70 Seminola, bbl., Nos. 1-3 8.05- 8.55
Spring patents
6.15- 6.45 Oats goods
Clears, first spring
2.50
Soft winter straights_ _ _ _ 5.75- 6.15 Corn flour
2.00
Hard winter straights_ 6.40- 6.60 Barley goods
6.60- 6.80
Coarse
Hard winter patents
4.00
5.95- 6.10
Fancy pearl.Noa.2.4&7 5.50- 5.70
Hard winter clears
All the statements Wow regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-'
Flour.
Wheat.
Corn.
Oats.
I
Rye.
I Barley.
.
.
.
bbls.196I5s. bush.60 lbs. bush.56 lbs. bush. 32 lbs 1 bush.5618s bush.4818s
185,000 2,646,000
302,000 251.000
126,000
181,000
Chicago
440,000
199,000
577,000
68,000 373,000
Minneapolis_ 269,000
21,000
196,000
10,000
22,000
Duluth
141,000
253,000
31,000
3,000 229,000
13,000
Milwaukee_ _ _
36,000
180,000
52,000
Toledo
24,000
11,000
8,000
10,000
16,000
Detroit
21,000
79,9991
340,000
126,000
Indianapolis.
88,000
286,000
1,000
15,000
262,0001
158,000
St. Louis_ _ _ _
609,000
52,000
16,000
61,000
39,000
Peoria
38,000,
632,000
420,000
12,000
Kansas City-27,000
493,000
350,000
Omaha
47,000
225,000
58,0001
St. Joseph._ _
47,000
2,000
217,0001
Wichita
4,000
142,000
2,000
8,000
Sioux City,
642,000
147,000
55,000
Buffalo
3,994,000J
Total wk.'33_
Same wk.'32_
Same wk.'31_
x403,000
389,000
506,000
6,992,000
8,718,000
4,961,000
6,627,000
4,158,000
2,354,000
1,303,000
701,000
969,000
364,000
168,000
170,000
899,000
691,000
514,000
Since Aug.15,333,000105,952.000 78,642.000 37,621,000 5,894.00022,348,000
1933
6.274.000175,102,000 79,377.000 45,762,000 5,103,000 17,652,000
1932
7,937,000 173,582,000 46,619,000 33,134,000 3,276,00017,793,000
1931
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Nov. 18, follow:
Receipts at-•
New York,,,
Philadelphia _
Baltimore. -Newport News
Sorel
New Orleans *
Galveston_
Montreal__
Boston
Quebec
Ilalltax
Flour.
Wheat.
Corn.
I
Oats.
Rye,
Barley.
bbls.196Ibs bush. 60 lbs. bush.56 lbs. bush. 32 lbs. bush.561bs.trush.48lbs.
261,000
53,000
2,000
140,000
210,000
48,000
12,000
2,000
31,000
50,000
23,000
16,000
6,000
14,000
15,000
35.000
600
33,000
33,000
24,000
78,00
11,000
96,000
67,000 1,875,000
4,000
20,000
26,000
1,042,000
19,000
8.000
Total wk.'33_ x324,000 3,896,000
Since Jan.1'33 13,301,000 95,280.000
410,000
5,888,000
204,000
4,498,000
18,000
416,000
2,000
727,000
44,000 267,000
256,000
347,000 3,338,000
536,000
Week 1932 _ _ _
Since Jan.1'32 14,357,000 145,572,000 6,563,000 11,389.00011,269,000 8,343,000
Orleans for foreign ports
* Receipts do not include grain passing through New
on through bills of lading.
x Figures for this week Include those of Saturday Nov. 11-Armistice Day-not
Included in last week's figures.
Nov. 25 1933
The exports from the several seaboard ports for the week
ending Saturday, Nov. 18 1933, are shown in the annexed
statement:
Exports front-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels.
10,466
126,000
3,000
600,000
67,000
96,000
1,875,000
1,042,000
8,000
19,000
New York
New Orleans
gorel
Montreal
Quebec
Halifax
Total week 1933__ 3,662,000
Same week 1932_ _ _ _ 3.648.000
315.000
88,466
101,960
96,000
228,000
Bushels.
39,000
267.000
The destination of these exports for the week and since
July 1 1933 is as below:
•
Flour.
Exports for Weelc
and Since
Week
Since
July 1 toNov. 18 July 1
1933.
1933.
Corn.
Wheat.
Since
July 1
1933.
Week
Nov. 18
1933.
Week
Nov. 18
1933.
Since
July 1
1933.
Bushels.
Bushels.
Bushels. Bushels.
Barrel!, Barrels,
United Kingdom_ 56,000 1,293,167 1,477,000 22,699,000
Continent
10,632
364,737 1,870,000 31,069,000
23,000
234,000
313.000
So.& Cent. Amer. 1,000
West Indies
6,000
19,000
13,000
331,000
23,000
Brit. No. Am.Col. 5,000
10,000
75,000
512.000
Other countries __ 2,834
107,489
6,000
Total 1933
Total 1932
88,466 2,129,393 3.662,000 54,612.000
101.960 2.515.014 3.648.000 81.228.000
29,000
315.000 2.687.000
The visible pupply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Nov. 18, were as follows:
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
" afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
GRAIN STOCKS.
Corn,
Wheat.
bush,
bush,
Oats,
bush,
3,000
242,000
102,000
54.000
35,000
292,000
85,000
27,000
261,000
458,000
83,000
1,565,000
16,000
555,000
242,000
51,000
102,000
567,000
157,000
673,000
5,623,000
2,211,000
44,000
18,000
5,036,000
458,000
4,628,000 2,679,000
35,461,000 3,253,000
627.000
8,594,000 6,837.000 2,873,000
696,000
609,000
647,000
5,105,000 2,093,000
527,000
878,000
957,000 1,832,000
393,000
338,000
20,000
5,094,000 17,251,000 4,791,000
1,242,000
345,000
395,000
687,000 2,513,000 3,549,000
27,984,000 3,479,000 17,930,000
17.091,000 3,721,000 11,287,000
18,000
338,000
30,000
5,723,000 9,837,000 1,639,000
8,620,000 1,438,000
278,000
24,000
353,000
Rye,
bush.
1,000
2,000
Barley.
bush.
10,000
69,000
7,000
4,000
3,000
7,000
67,000
85,000
187,000
6.000
29,000
20,000
74,000
75.000
22,000
11,000
23,000
3,982,000 1,500,000
1,154,000
27,000
661,000
3,457,000 8,853,000
2,730,000 2,704,000
28,000
40,000
1,875,000
937,000
92,000
546,000
41,000
Total Nov.18 1933_ _ _137,546,000 59,075,000 46,943,000 13,785,000 15,544,000
Total Nov.111933.._139,985,000 60.336,000 46,791,000 13,538,000 15,645,000
Total Nov.19 1932_ - -179.708,000 28,691,000 26,144,000 8,306,000 7,370,000
Note.
-Bonded grain not included above: Wheat
-New York, 1,610,000 bushels;
New York afloat, 12,000; Boston, 182,000; Buffalo, 3,967,000; Buffalo afloat, 2,865,000; Duluth, 46,000; Erie, 2,289,000; Newport News, 293,000; on Lakes, 747,000:
Canal, 950,000: total, 12,961,000 bushels, against 16,046,000 bushels in 1932.
Wheat,
Corn,
Barley,
Oats,
Rye,
Canadianbush,
bush,
bush,
bush.
bush.
Montreal& oth. wat. pts. 38,124,000
5,146,000
902,000 1,644,000
Ft. William & Pt. Arthur 62,423,000
4,078,000 2,145,000 4,543,000
550,000
Other Canadian
20,543,000
73,000
878,000
Total Nov. 18 193&._l21.090,000
10,100,000
Total Nov. 11 1933...123,551,000
9,788,000
Total Nov. 191932. _105,238,000
3,327,000
Summary
American
137,546,000 59,075,000 46,943,000
Canadian
121,090,000
10,100,000
3,120,000 6,737,000
3,180,000 6,568,000
3,049,000 1,754,000
13,785,000 15,544,000
3,120,000 6,737,000
Total Nov. 18 1933-258,636,000 59,075,000 57,043,000 16,905,000 22,281,000
Total Nov.11 1933_ _ _263,536,000 60,336,000 56,579,000 16,718,000 22,213,000
Total Nov.19 1932.._284,946,500 26,691,000 29,471,000 11,355,000 9,124,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Nov. 17, and since July 1 1933 and July 2
1932, are shown in the following:
Corn.
Wheat.
Exports.
Week
Nov. 17
1933.
Since
July 1
1933.
I
Since
July 1
1932.
Week
Nov. 17
1933.
Since
July 1
1933.
Since
July 1
1932.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
99,000 2,937,000
5,000
North Amer. 5,494,000 88,453,000 133,534,000
Black Sea__ 1,363,000 18,515,000 13,520.000 179,000 16,334,000 14,490.000
Argentina..., 835,000 46,275,000 15,507,000 4,347,000 82,849.000106.648,000
Australia
1,468,000 33,327,000 32,579,000
0th. countr's
968,000 11,880,000 15,765,000 374,000 3.046,000 14,734,000
Total
10,128,000 198,450,000 210,905.000 4,905,000 102,328,000 138,809,000
WEATHER REPORT FOR THE WEEK ENDED
NOV. 22.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Nov. 22,follows:
The general weather characteristics of the week were quite similar to
those of the week preceding. A succession of depressions moved eastward
over the Northeastern States, with relatively high pressure elsewhere, resulting in rather frequent precipitation and marked temperature changes.
but with predominantly low readings over the Northeast, and generally
fair weather and moderate to abnormally high temperatures over the
western two-thirds of the country.
Volume 137
Financial Chronicle
At the beginning of the period an irregular depression occupied the
Northeastern States, with rather widespread, but mostly light, snows
extending southward to the Virginias, and attended by much lower temperatures over the Atlantic States. Coincidentally, warmer weather in
the interior was short lived and the middle part of the week had extensive
high pressure over the Eastern States, with some record-breaking low
temperatures for so early in the season. On the morning of the 17th subzero weather extended as far south as West Virginia. The latter part of
the week was much warmer rather generally, and fair weather was the
rule throughout practically the entire country.
Chart I shows that the temperature for the week, as a whole,averaged
much below normal east of the Mississippi River, with the greatest deficiencies in the Lake region and Northeast, where many stations reported
weekly means ranging from 12 to 18 degrees below normal. Between the
Mississippi River and Rocky Mountains the warmth was as unusual as the
cold weather in the East. In this area the temperatures averaged mostly
from 8 to 13 degrees above normal, while farther west the plus departures
were generally from 3 to 5 degrees.
The dotted line on this chart shows the southern limit of freezing weather
-order stations. In the East the line
reported during the week from first
extends southward to the south-central portions of Georgia and Alabama,
midwest It did not go farther south than Wichita, Kan. The
but in the
includes
dash line shows the southern limit of zero eemperatures, which districts
the Northeast, the northern Lake region, some central-northern
more locally the Appalachian Mountain sections. The
farther west, and
lowest temperature reported from a first-order station was 10 degrees below
zero at Duluth. Minn., on the 16th.
very
Chart II shows that precipitation was scanty everywhere, except in 0.5
local areas. Only a few stations reported weekly totals of as much as
of them there was none at all, or the amounts were
inch, and at a majority
to
too small to measure. A large southwestern area, extending eastward a
the Great Plains, had another rainless week, which was also the case in
Southeast.
considerable portion of the
Precipitation during the fall season has been decidedly scanty and, for
greater
some time past, there has been a need for moisture over much theweather
portion of the country. In fact, a reference to condensed State
summaries in the present bulletin will show a nearly universal expression
for the need of moisture to a greater or less degree. In the Southern States
precipitation is especially needed for seeding winter grains and for germination and growth of the early sown crops. In some localities the drouth has
become serious, notably in Florida, southwestern Georgia and southern
Alabama, while the soil is generally too dry in all sections.
Snows of the week from the upper Ohio Valley eastward and northeastward, and also in the western Lake region, were beneficial In protecting
of
winter grains from the unseasonably low temperatures, and will prove
benefit also in replenishing soil moisture.
preExcept in parts of the Pacific Northwest, there was practically no in
very dry
cipitation over the western half of the country, and the soil is by the dust
many sections. In the northern Plains damage to grain crops
Montana
last week was rather spotted. In North Dakota and has perstorms of
warm weather has removed practically all the snow cover, which
great
mitted more extensive grazing, while mild temperatures over other and
western grazing sections were favorable, though the range is poor
water scarce in many places.
central
Except for plowing, which is being retarded by dry soil in many
and southern sections, the week was favorable for outside seasonal operations on farms in central and western parts of the country, but unfavorable
mostly
in the Northeast. Corn husking made good progress and is nowhusking
done or well along in many important producing sections. In Iowa
was made difficult by the recent gales blowing off much corn, making the
use of husking machines impossible, though the crop has been largely
gathered in that State. Also, the mild, fair weather in the northwestern
the
cotton belt made conditions favorable for picking the remnants of
cotton crop in that area.
Valley growth of winter wheat was
SMALL GRAINS.—In the Ohio
somewhat checked by the cold weather the first part of the week, but condition remained fair to good and the crop was well protected in the eastern
part by a snow cover during the severe weather. Rain is quite generally
needed over the central and western portions of the wheat growing srea.
Including most Rocky Mountain districts; in Kansas winter wheat is very
good in the eastern third, but is poor to only fair elsewhere and is furnishing
less pasturage than usual. In the Southwest progress and condition of early
planted wheat and oats are fair to good, but late seeding was delayed by
dry soil. In Idaho and Washington winter grains are good to excellent,
with plowing making favorable advance in the former State. Rain is needed
to maintain growth in California, while in Oregon cold nights retarded
progress, and moisture is needed. Conditions are generally dry in the
southeast, including Virginia, although some seeding continues.
3863
THE DRY GOODS TRADE
New York, Friday Night, Nov. 24 1933.
Thanks to the continued cool weather in most sections of
the country, retail business held its own, and in some parts
made appreciable gains as compared with the same period
last year. Best reports come from the farm districts and
from sections in the South where wage levels were raised
substantially through the application of the NRA codes.
Mail order houses, whose business centers in these sections,
profited chiefly in this respect and recorded sales increases
up to 80%. Sales of department stores in the metropolitan
area of New York in the first 13 shopping days of November were 22% larger than in the same period of 1932, according to figures released by the Federal Reserve Bank of
New York. For New York and Brooklyn sales were 2.6%
ahead, while those in Northern New Jersey gained 0.3%.
Resistance of consumers to the higher price demands has
lost none of its importance, and in order to overcome this
hindrance, numerous readjustments of prices to lower levels
were resorted to by merchants, with the result that selling
prices for many articles are definitely below replacement
costs. Christmas trade is developing slowly, but it is hoped
that the week of Thanksgiving will see a real beginning
of the holiday buying season.
Trading in the wholesale dry goods market was a trifle
more active, but still left much to be desired. Business
at the smaller dry goods stores has not been good, and their
stock being heavy, owing to earlier large purchases, little
cause exists for re-ordering goods until holiday buying has
made more appreciable inroads in inventories. Although
the tendency to make price concessions is not as general
as it has been heretofore, in many instances orders are
being taken by jobbers at figures no higher than were
paid before manufacturers advanced their own quotations.
Buying for January sales is proceeding slowly, inasmuch
as many stores are already well supplied on staples. Silk
goods showed slightly increased activity. Prices for spring
fabrics are somewhat higher than expected, due to increased
finishing costs, and many cutters are overstocked with fall
silks which they are trying to resell. Takings of rayon
yarns by weavers are holding up well, but knitters continue
to cut down on their orders. The undertone of the market
remains firm, although some misgivings are caused by the
possibility of a small compensatory levy. The position of
acetate yarns has been strengthened by the decision of silk
and rayon weavers to suspend production of dress goods
for two weeks in December.
DOMESTIC COTTON GOODS.—During the earlier twat
of the week trading in print cloths was at a virtual standstill. Although the announcement of Russian recognition
was commonly regarded as holding possibilities for large
future business, the market felt that the event could not
become a definitely bullish factor until such time as actual
The Weather Bureau furnishes the following resume of
negotiations for Soviet purchases were under way. Uncerthe conditions in the different States:
Virginia.—Richmond: Temperatures subnormal, with record cold for
tainty as to the effects of the monetary policy now being
-17th. Precipitation generally
so early in season In many sections on 16
pursued by the Administration continued to retard business.
very light; drouth conditions continue in Norfolk area and dryness elseOn Wednesday a fair buying movement developed, both for
where unfavorable for small grains and pastures. Raw weather suspending
corn and
most outdoor operations, except early butchering. Husking
spot and contract, resulting in sales estimated at 10 to 20
picking peanuts in full swing.
million yards. Some mills reported that they had virtually
North Carolina.—Raleigh: Fair and cold most of week, though warmer
Considerdisposed of their entire 1933 production on standard print
at close. Freezing to coast on 16th, with some damage to truck. Favorable
able hog butchering, though too early for most of this work.
cloth and broadcloth styles. Second-hand offerings have
for cribbing corn and marketing tobacco. Streams low and many shallow
dropped to very small proportions. Sheetings were slightly
wells failing. Some damage by forest fires in west and southeast.
Carolina.—Columbia: Abnormally cold week, with freezing temSouth
more active, and it appeared that the declining price trend
peratures on 16-17th in central and north. Plowing retarded by poor soil
had been arrested. Fine yarn staples were quiet, with prices
condition. Winter cereal sowing continues, with germination slow account
some good stands of early plantings. Winter truck badly in
holding steady. Fancy cloths were in active demand. Closdrouth, but
need of rain. Some hog killing.
ing quotations in print cloths were as follows: 39
-inch 80's,
Georgia.—Atlanta: Cold week, with practically no rain. Killing frosts
8% to 9c.; 39-inch 72x76's, 814c.• 39-inch 68x72's, 7% to
/
general Thursday and Friday. Generous moisture needed over State to
for germination of crops. Drouth still severe in southwest.
7%c.• 38%-inch 64x60's, 6% to 6%c.; 38%-inch 60x48's,
soften soil and
Some winter cereals sown In north and central, but soil mostly too dry.
3c.
to 5q
Cane grinding progressing.
Florida.—Jacksonville: Week cold and rainless. Frost damage spotted;
WOOLEN GOODS.—A better feeling prevails in the wool
low as 26 degrees in north. Drouth serious and vegetation
temperatures as
goods field, chiefly under the influence of greater activity
made little growth. Truck poor tp fair, but considerable shipments of
and stronger prices in the domestic and foreign raw wool
beans, cucumbers, eggplant and peppers. Citrus good; coloring and
sweetening. Strawberries poor to fair.
markets. Pill-in sales of piece goods weq restricted, since
Alabama.—Montgomery: Cool first part, but warm last half; no frost.
declothing manufacturers appear to be amply supplied with
Light or no rain. Oats fair stands and growth, but planting seriouslyrain
south and hampered locally elsewhere. Truck mostly fair;
fall suitings and overcoatings, but some of the large clothlayed in
good condition. Potatoes fair;
badly needed in south. Corn housed in
ing chains have been buying quite steadily for the spring
sweet potatoes fair to good. Except plowing, farm activities made genissippl,—Vicksburg:
miss
season and have covered a large part of their requirements.
light precipitation.
erally excellent progress. Mostly unseasonably warm;
Retail business in men's and boys' clothing has had a real
need rain.
Gardens and pastures poor progress; beginning, but above normal therespurt during the last few weeks, and substantial re-orders
Louisiana.—New Orleans: Cool at
Light, scattered showers excellent for outdoor work, but too dry
after.
for suits and overcoats have been received. Women's wear
truck. Cane harvest continued; excellent progfor gardens,small grains and increasing sucrose content.
markets continued quiet, although a seasonal improvement
ress and dry, cool weather general; widely scattered showers in east and
Texas.—Houston: Warmth
in the demand for resort wear was noticeable. Garment
-central, but otherwise dry. Wheatsowing and field
a few heavy rains in west dry soil, but early planted wheat and oats fair to
stocks in jobbers' hands experienced another reduction.
work generally delayed by practically all harvested. Truck mostly fair.
good stands. Feed crops livestock continue generally good. General
FOREIGN DRY GOODS.—While spot sales of linen
Ranges drying rapidly, but
goods continued to make a good showing, import orders for
rain needed.
Oklahoma.—Oklahoma City: Warm. with only a few scattered showers;
all outside pursuits, including gathering
spring lines are hampered by the abnormal exchange situasunshine abundant. Favorable for Condition and progress of winter wheat
tion. On orders for delivery after the first of the year a
remnants of cotton and corn crops.
to need rain
fair, but crop beginningnorthwest. in western portion. Livestock fair
protective clause is required by the trade. In some quarto good; feed scarce in
little rainfall, moderate temperatures, low
ters fears exist that the large advance in prices may seriArkansas.—Little Rock: Very
Very favorable for picking cotton
humidity and abundance of sunshine.
ously interfere with the coming buying season in linen suit-21st very
heavy rainfall 20
and gathering all other fall crops. Moderate to in some southern counties
except
crops,
ings. Trading in burlaps was again reduced to a minimum,
favorable for growth of all winter late fall truck still plentiful in markets.
where too dry. Winter and some for drying corn and much was gathlargely owing_to the continued gyrations in foreign exchange
Tennessee,—Nashville: Favorable
not too dry. Winter grains in good
which caused an erratic price movement in the local market.
ered. Fall plowing continued wherefreezes early part of week. Moisture
killed during
condition. Some hogs
In the primary market prices worked lower, owing to the
needed for tobacco stripping.
total absence of buying interest on the part of consuming
Kentucky.—Loulsville: Cold until near end; generally dry. Rain badly
tobacco
Too
needed in southeast and would help in other sections. some dry for Winter
countries. Domestically, lightweights were quoted at 4.75c.;
farms.
stripping. Corn gathering pushed and completed on mostly rather small.
heavies at 6.25c.
grains dormant; condition fairly good, although plants
3864
Financial Chronicle
Nov. 25 1933
State and City Department
NEWS ITEMS
Arkansas.—Circuit Court of Appeals Dismisses Suit
Against State Highway Commission.—Holding that the suit
was actually one against the State, the action of the New
York Trust Co. against the State Highway Commission and
the Commissioner of Revenue for the impounding of tolls
by the Highway Commission on the De Valls Bluff bridge,
was dismissed by the Circuit Court of Appeals at St. Louis
on Nov. 18. A dispatch from Little Rock to the New York
"Journal of Commerce" reported as follows on the outcome
of the ruling:
With return of the Circuit Court of Appeals decision at St. Louis ordering
dismissal of the New York Trust Co. suit against the State Highway Commission and Commissioner of Revenue Fred Watson, State officials believe
a preliminary victory in the $147,000,000 bond refunding program has been
achieved and that the forthcoming Federal District Court rulmg in the suit
of Fred W. Hubbell, a member of the State of Arkansas Bondholders'
Protective Committee, against State Treasurer Roy V. Leonard, will also
favor the State.
Judge Archibald Gardner, who delivered the Circuit Court of Appeals
decision, said the suit was actually one against the State, and therefore could
not be maintained. In Mr. Hubbell's suit, officials said, the same issue is
involved.
Joe W.House, Little Rock attorney who represented the New York Trust
Co., said an appeal probably would be taken to the U. S. Supreme Court.
In District Court it secured an order placing the DeValls Bluff Bridge in
receivership and impounding its tolls to meet payments on the $384,000
bond issue of the White River Bridge Corp.,from which the State purchased
the structure three years ago.
Assistant Attorney-General Walter Pope said the State will not ask early
termination of the receivership, as the New York Trust Co. has given bond
for costs.
Canada.—Booklet Issued Analyzing Outstanding Municipal
Bonds.—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 booklet differs from previous
issues in that it classifies the securities as to place of payment, grouping those payable in United States dollars,
those in Canadian dollars, and also those payable in sterling.
Those payable in United States dollars (whether or not
payable elsewhere) are listed first in each instance.
Lakeport, Calif.—Supreme Court Holds Cities Liable in
Defaults of Special Units.—When a special assessment
district within a city defaults on the payment of its bonds,
all of the property in the city is liable to taxation, in order
to meet the interest and principal of such obligations.
This decision was handed down on Nov. 2 by the State
Supreme Court in a case involving the above named city.
An assessment district was created in the city to finance a
street paving project. In the years 1927, 1928 and 1929
the district defaulted in interest on the bonds issued to pay
for the paving. The holders of the bonds sued to force
the city to levy taxes to pay the defaulted interest and won
its claim by this decision. The Los Angeles "Times" of
Nov. 3 carried the following on the decision, which is regarded as of great importance:
A mandatory duty rests on a city to levy and collect sufficient taxes
to meet delinquent assessments, the Supreme Court ruled to-day in reversing the decision of the Sonoma Superior Court in a suit brought by
the American Co. against the city of Lakeport (Napa County) involving
delinquent improvement bonds.
In 1925 the city improved its main street under the Improvement Bond
Act of 1915 and issued bonds to pay for the work. Assessments were
made on property to pay the bond redemption and interest, but in 1927.
1928 and 1929 the assessments were unpaid on much property. The
property eventually was sold to the city for nonpayment. The American
Co., holders of $9,755 of the bonds, sought to compel the city to levy
taxes for their payment and interest.
The city demurred to the action, declaring the statute imposes no mandatory duty on a city to provide funds from taxation to pay the bonds,
and that if such exists it is unconstitutional. The lower court sustained
the demurrer and from this action American Co. appealed.
"We are of the opinion that the statute is valid," the Supreme Court
decision held, "and imposes the duty on the city, which is enforceable
by mandamus proceedings."
The Supreme Court pointed out that the Legislature had fixed the
liability on a city for the payment of property purchased for unpaid assessments and required the city to levy and collect taxes in an amount suitable
for such purposes. If the property is redeemed or later sold proceeds
from those actions should go into the fund.
The city of Los Angeles and others communities entered the case as
amid curse.
Liberal, Kan.—Proposed Refunding Plan.—This city
will issue $419,600 in refunding bonds in exchange for outstanding bonds maturing up to Dec.311937. The refunding
bonds will be dated Aug. 1 1933 and will mature serially
from 1938 to 1952, with interest payable F. & A. It is
declared by War 0.Brooks, Vice-President, Peoples National
Bank of Liberal, who is acting as the exchange agent for the
city, that the refunding is necessitated due to the decline
in tax collections. He states that in 1928-29 the collections
were 100%, during the first half of 193 they were 32%,
and in the last half they had fallen to 16%. Under the law
passed by the 1933 Legislature, municipalities unable to meet
maturing obligations can resort to refunding operations on
bonds maturing between March 1 1933 and March 11938,
by exchanging them for bonds which mature serially from
1938 to 1958.
Montana.—Special Legislative Session Called for Nov. 27.—
A special session of the State Legislature is reported to be
scheduled for Nov. 27 in order to act on relief expenditures,
public works construction and liquor regulatory measures.
According to the "Wall Street Journal' of Nov. 17 it is
planned to authorize the State and its subdivisions to obtain
public works funds from the Federal Government and to
broaden the powers of the Montana Relief Commission.
Also, a bill permitting counties to fund or refund their indebtedness will be introduced, it is said.
Newfoundland..—Existing Authorities to Be Replaced by
British Government Commission.—As a result of the findings
contained in the report of the Royal Commission of Inquiry,
which was created in December 1932 for the purpose of studying conditions in the Colony, measures were submitted to the
House of Commons on Nov. 21, providing for the transferance of the functions of the present Newfoundland Government to a group, to be headed by a British Governor and to
include a commission of three Britons and three Newfoundlanders. Among the many recommendations for rehabilitation of the Colony, contained in the Royal Commission's
report, is that advocating the conversion of virtually all of
the existing obligations of the Government into a 3% sterling
issue, redeemable in 10 years. The Royal Commission was
created jointly by the Governments of Great Britain and
Canada, after they had been obliged to assist in the payment
of Newfoundland debt charges. V. 136, p. 4314.
(The above subject is treated in greater detail in our
"Department of Current Events and Discussions" on a
preceding page.)
New York City.—Appellate Division Rules Use of Taxes
to Pay Interest on Subway Bonds Invalid.—Reversing a decision of the Supreme Court, the Appellate Division on Nov.
17 handed down a ruling declaring improper and in contravention of the law the payment of interest and amortization
of the bonds of the new Independent Municipal Eighth Ave-nue subway, as included in the 1934 budget and _provided for
out of tax receipts. The Court's decision was by a vote of
four to one, Judge Irwin Untermyer dissenting from the
decision. It is understood that under this vote there can
be no appeal unless a unanimous consent is given by all the
Judges. The plaintiffs, William Church Osborn and August
Heckscher, through the Anahma Corporation, claimed that
the new subway was a complete railroad under the terms of
the State law. They contended that the use of tax receipts
to pay the road's indebtedness was in violation of the law
and should be stopped. The city maintained that the new
subway was but a part of a large system and would not constitute a complete unit for some time, and until that time
the subway system did not have to finance its interest and
amortization of bonds. The amount involved in the budget
appropriations for next year is about $12,000,000. It is
thought that the five-cent fare may be imperiled by this
ruling.
We quote in part as follows from the account of the ruling
given in the New York "Times" of Nov. 18:
The Appellate Division ruled yesterday, in a 4
-to-1 decision, that the
city no longer has any right to use tax funds to pay_ interest and amortization on bonds issued to finance construction of the Eighth Avenue subway.
Reversing a ruling made in June by Supreme Court Justice John J. Walsh,
the Court granted a taxpayers' applictaion for a temporary injunction
against such payments.
If the dedsion is upheld, it will mean that approximately $12,000,000
must be stricken from the debt service appropriation in the 1934
which Is $24,000,000 out of balance. City officials, including budget.
George
McAneny, Comptroller, and John H. Delaney, Chairman of the Board of
Transportation, indicated that an immediate appeal would be taken, which
would automatically stay the temporary injunction.
Five-Cent Fare Imperiled.
In transit and financial circles the decision was regarded as of vital
importance to the future of the five-cent fare. Responsible city officials,
although declining to be quoted, indicated their belief that affirmation of
the ruling by the Court of Appeals would mean that the nickel fare could
be preserved, if at all, only by speedy unification of all rapid transit lines
under city ownership and control.
In effect, the decision fixed Sept. 10 1932, the date of the opening of
the Eighth Avenue line, as the beginning of the three-year trial period
allowed the city if it elected to operate its own subways on a five-cent fare.
At the end of that period, under the State laws, the fare must be sufficient
to pay all expenses, including fixed charges of every nature. It has always
been the city's contention that the three-year period would not begin to
run until after the entire system, including the Sixth Avenue line, for
which no contracts have yet been let, was completed and in operation.
City Faces Dilemma.
Affirmation of the decision by the Court of Appeals, it was also said
in financial circles, would leave the city in a serious dilemma so far as the
fare question was concerned. The consensus was that while it would make
speedy unification highly desirable from the city's point of view, the prevailing economic conditions, together with the strictures placed upon the
city's f scal freedom by the four-year financing compact with its bankers,
might well force a general upward revision of all traction fares, without
unification.
In any event, it was said, consummation of a unity plan which would
preserve the five-cent fare and still be workable, would be quite difficult
under existing conditions. City officials made light of this viewpoint,
declaring that the pressure of economic conditions was such that the traction companies would be glad to "get out from under" at prices which would
permit the city to engage in unified ownership and control of rapid transit
lines and still continue the five-cent fare. None of these officials, however,
would be quoted, preferring to leave the problem to the incoming Fusion
administration.
Decision to Be Appealed.—According to press reports on
Nov. 21 it was stated by Arthur J. W. Hilly, Corporation
Counsel of New York City, that in a few days he will take
the above case from the Appellate Court to the New York
State Court of Appeals.
City Sells $70,000,000 Bonds.—As reported in detail on
a subsequent page of this section, the city sold $70,000,000
of 4% relief bonds on Nov. 20 to a comprehensive syndicate
of local banks and insurance companies represented by
J. P. Morgan & Co. as agents for the city's banking committee. These bonds were purchased under the agree-
Volume 137
Financial Chronicle
3865
meat entered into by the banks and the city whereby the
temporary tax on savings banks and life and fire insurance
companies was averted—V. 137, p. 3002.
New York City.—Samuel Utermyer Asks Cuts of $35,000,000 in Budget.—In a 129-page report on the city budget
of 1934 and proposed municipal economies, sent to the
Board of Estimate on Nov. 15 by Samuel Utermyer, its
financial adviser, cuts were recommended in governmental
costs more drastic in some respects than those in the $25,000,000 economy program put forward in September by the
Municipal Economy Commission.—V. 137, p. 3002. These
economies, involving not only a substantial reduction on
the number of exempt and civil service jobs on the city
payroll, but also a thorough reorganization of many city
and county offices and departments, are imperative, according to Mr. Untermyer, if the city is to avoid bankruptcy
and to live up to its four-year financing agreement with
the bankers.
The gist of Mr. Untermyer's report was given as follows
in the New York "Herald Tribune" of Nov. 16:
as the source of his information, that there were 56 counties
and 142 other units such as school districts and towns in
default either as to principal or interest payments or both.
The cities and towns are listed as being in default to the
extent of more than $5,000,000—not including any amount
which is now outstanding in Asheville. It is reported that
the default situation in both Asheville and Buncombe
County is so serious that it might be stated that the entire
indebtedness of both these units are in default. The 56
counties of the State—not including Buncombs, are listed
as being in default to the extent of more than $5,500,000.
Ohio.—Text of Constitutional Amendments Approved by
Voters on Nov. 7.—The following is the text of the two amendments to the State Constitution that were approved by the
voters at the general election on Nov. 7, the first of which
limits taxation on real estate and tangible property to'10 mills
instead of 15 mills, and the second being the county homerule amendment, permitting changes in forms of county
government. Both of these measures were reported on
in V. 137, p. 3699:
With a postscript warning that unless the $554,000,000 budget for
1934,now some $31,000.000 off balance,is adjusted to the city's prospective
income, the four-year financing plan will be impossible of performance
and a default, possibly as early as Dec. 11, will ensue, Samuel Untermyer,
the city's special financial adviser, submitted to the Board of Estimate
yesterday a report calling for economies of $35.000.000.
The report bears the date of Nov. 1, indicating that it had been completed before the election, but the postscript is dated as of to-day. In
the subjoined section Mr. Untermyer betrays distrust that his recommendations will receive much attention, although he urges that it would
be in the outgoing Tammany administration's interest to "anticipate at
least the most obvious of these economies."
Chief among the suggestions for retrenchment are: Reduction of the
personnel in several city departments, abolition and consolidation of
departments, retirement of super-annuated employees, revision of the
pension and retirement funds, repeal of manadatory salary legislation.
and the placing of workmen's compensation insurance covering city employees with the State Insurance Fund.
In the direction of increasing the city's revenue, Mr. Untermyer urged
the taxation of at least a portion of exempt property valued at $350.000,000; the stepping up of fees charged by the Building Department and
other city services, and a more equitable distribution of taxes collected
by the State, the latter proposal requiring legislation.
Urges Non-Political Charter Reform.
On the subject of charter revision Mr. Untermyer was emphatic. His
program could not be effected in its entirety without charter revision.
he admitted, and with the "earnest support of an experienced body that
is not politically-minded',"'
"The necessity for charter revision has been so often voiced that it has
become trite," he said. "Therein lies the key to our probelm. The
revamping of the charter must involve radical consolidation of departments,
elimination of overlapping and useless county and borough government
and freedom from State mandatory legislation, involving the grant of
genuine home rule to the city, which it has never enjoyed."
Mr. Untermyer did not attempt to set up a detailed schedule showing
how his estimated $35.000,000 in economies might be accomplished. He
commented on various recommendations in the Grimm Committee's report,
agreeing with some in their entirety and with others in part. The Grimm
report has never been made public, although copies are in the possession
of the Board of Estimate.
Proposed Legislation.
As to legislation, aside from general charter revision, Mr. Untermyer
submitted the following recommendations:
1. A blanket bill to vest in the Board of Estimate and Apportionment
the exclusive power to fix the compensation of all officers and employees
(other than elective) performing duties or engaged in State, county or
city business or functions, whose compensation, wholly or in part, is paid
out of the city treasury.
2. Huns providing a more equitable redistribution to localities of State
taxes that are specifically collected from the local communities, the, tate
retaining 50% of such taxes and redistributing the remaining 50% in the
proportion in which they are taken.
3. A bill delegating to cities, generally,or to New York City, particularly,
the authority to impose and collect license taxes.
4. Bills to reorganize and merge into two systems the various retirement
systems of the city, county and court services.
5. Bills to amend or repeal, as necessary, the special unjust laws, which
exempt from taxation the property of such institutions and societies as
should not be entitled to such exemption.
6. Bills to abolish certain unnecessary offices and positions and, when
necessary, to consolidate and transfer offices, functions and departments.
TEN-MILL TAXATION PROPOSAL.
Amendment amending existing Article XII, Section 2. of the Constitution of
Ohio (adopted Nov. 5 1929), relating to the tax limitation on real estate.
Summary of the Proposed Amendment.—A proposition, by initiative
petition, to so amend Section 2 of Article XII of the Constitution of the
State of Ohio to provide that no property taxed according to value shall be
so taxed in excess of one per cent of its true value in money for all State
and local purposes.
This amendment would do nothing more than change the words one and
one-half per cent in existing Section 2 of Article XII to one per cent.
Such amendment if adopted shall go into effect Jan. 1 1934.
Be it resolved by the ymople of the State of Ohio:
That the Constitution of the State of Ohio be amended by amending
Section 2 of Article XII to read as follows:
Section 2. "No property, taxed according to value, shall be so taxed in
excess of one per cent of its true value in money for all State and local purposes, but laws may be passed authorizing additional taxes to be levied outside of such limitation, either when approved by at least a majority of the
electors of the taxing district voting on such proposition, or when provided
for by the charter of a municipal corporation. Land and improvements
thereon shall be taxed by uniform rule according to value. All bonds
outstanding on the 1st day of January, 1913, of the State of Ohio or of any
city, village, hamlet, county or townhsip in this State, or which have been
Issued in behalf of the public schools of Ohio and the means of instruction
in connection therewith, which bonds were outstanding on the 1st day of
January, 1913. and all bonds issued for the World War Compensation Fund,
shall be exempt from taxation, and without limiting the general power.
subject to the provisions of Article I of this constitution, to determine the
subjects and methods of taxation or exemptions therefrom, general laws
may be passed to exempt burying grounds, public school houses, houses
used exclusively for public worship, institutions used exclusively for charitable purposes, and public property used exclusively for any public purpose, but all such laws shall be subject to alteration or repeal; and the value
of all property so exempted shall, from time to time, be ascertained and
published as may be directed by law.
Schedule: If the votes for the proposal shall exceed those against it, the
amendment shall go into effect Jan. 1 1934, and existing Section 2 of Article
XII of the Constitution of the State of Ohio shall be repealed and annulled:
but the following enumerated levies shall not be subject to the limitation of
one per cent established by such amendment:(1) All levies for interest and
sinking fund or retirement of bonds issued or authorized prior to said date
which are not subject to the present limitation of one and one-half per cent
Imposed by Section 2 of Article XII and the schedule thereto as approved
by the electors of the State on Nov. 5 1929; (2) All tax levies provided for
by the Conservancy Act of Ohio or the Sanitary District Act of Ohio, as
said laws are in force on Jan. 1 1934. for the purpose of conservancy districts and sanitary districts organized prior to said date; (3) All tax levies
authorized prior to said date by vote of the electors of any political subdivision of the State, pursuant to laws in force at the time of such vote,
to be made for or during a period of years extending beyond Jan. 1 1934.
which levies are outside of the present limitation of one and one-half per
cent imposed by Section 2 of Article XII and the schedule thereto as approved on Nov. 5 1929: and (4) All tax levies provided for by the charter
of a municipal corporation pursuant to law and which were authorized
prior to Jan. 1 1934 and are not subject to the present limitation of one and
one-half per cent imposed by said section and schedule as approved on
Nov. 5 1929.
COUNTY HOME RULE GOVERNMENT PROPOSAL.
Amendment repealing existing Section 18 of Article IV and existing Sections
1, 2, 3,4, 5,6 and 7 of Article X of the Constitution of Ohio and adopting
new Sections 1, 2, 3 and 4 of Article X thereof, relating to County and
Township Organization and Government.
Summary of the Proposed Amendment.—The amendment proposed by
this petition repeals all of Article X, County and Township Organization,
and Section 16 of Article IV; requires the General Assembly to provide by
law for the organization and government of counties, and permits alternative forms optional with the voters of any county; authorizes municipalities
and townships to transfer powers to the county with its consent, and to
withdraw such powers, all subject to the initiative and referendum; brings
together into one new section the effective provisions of old Article X
applying to townships, with a slight increase in local powers; authorizes
counties to frame and adopt, or amend, charters establishing the form of
their government; permits the adoption of a charter giving the county
concurrent or exclusive municipal powers, or making the county a consolidated municipality, with local taxing and administrative districts, under
safeguards for the protection of local minorities; provides for the submission of the question whether a county charter commission should be
chosen, and for the election of 15 electors as such commission, by popular
vote, with not more than seven from any one municipality; provides
for the framing of a charter by such commission and for the submission of
amendments by initiative; provides that all elections except that for the
charter commission shall be on the same date as general elections; provides
for the distribution of copies of chartt rs and amendments: provides for the
effective date of charters and amendments and for conflicts between two
or more amendments adopted at the same time; provides that the constitutional amendment shall be self-executing except as to transfer of powers
of municipalities and townships to the county.
Be it resolved by the people of the State of Ohio:
That the Constitution of the State of Ohio by amended by repealing
Article IV, Section 16, and Article X,and by adopting four new sections
as Article X,so that Article X shall read as follows:
Section 1, The General Assembly shall provide by general law for the
organization and government of counties, and may provide by general law
alternative forms of county government. No alternative form shall become
operative in any county until submitted to the electors thereof and approved by a majority of those voting thereon under regulations provided
by law. Municipalities and townships shall have authority, with the consent of the county,to transfer to the county any of their powers or to revoke
the transfer of any such power, under regulations provided by general
law, but the rights of initiative and referendum shall be secured to the
People of such municipalities or townships in respect of every measure
making or revoking such transfer, and to the people of such county in
respect of every measure giving or withdrawing such consent.
Section 2. The General Assembly shall provide by general law for the
election of such township officers as may be noveg.cwxy. The trustees of
.
townships shall have such powers of local taxation as may be prescribed
by law. No money shall be drawn from any township treasury except by
authority of law.
Section 3. Any county may frame and adopt or amend a charter as provided in this Article. Every such charter shall provide the form of government of the county and shall determine which of its officers shall be
elected and the manner of their election. It shall provide for the exercise
of all powers vested in, and the performance of all duties imposed upon
New York State.—Counties' Debts Show Range of $27 to
$149 per $1,000 of Valuation.—The local debts of counties
in this State on Jan. 1 ranged from $27.50 for each $1,000
of valuation in Sullivan County to $149.40 in Westchester
County, according to an analysis completed by Meech,
Harmon, Lytle & Blackmore of Buffalo, auditors and municipal surveyors. The firm reports that many small communities overcome constitutional restrictions on the amount of
debt to be contracted by establishing special districts.
Legislation is needed, it is asserted, which will restrain
municipalities from over-expanded borrowings. The following report on the survey is taken from the Albany "Knickerbocker Press" of Nov. 18:
Albany County is among the 10 counties of New York State having
of
to
the largest indebtedness, according de an analysis of local debts of counties
Blackmore
Buffalo, auditors and
made by Meech, Harmon, Lytle
municipal and industrial surveyors.
debt of county areas, the report shows, ranges from
The gross local
$1,113,000 in Tioga County to $2,067,000,000 for the New York City
area. Albany County stands seventh on the list with a gross indebtedness
as of Jan. 1 1933 amounting to $47,757,000.
Measured in terms of property valuation, the local debt on Jan. 1 ranged
from $27.50 per $1.000 of valuation in Sullivan County to $149.40 in Westchester County. Albany County ranked fourth highest with $119.20.
The firm reported that many small communities overcome constitutional restrictions on the amount of debt to be contracted by establishing
that legislation is needed to restrain municispecial districts. and declaredborrowings.
palities from over-expanded
"Caught between the cross-fire of taxpayers demanding lower tax rates
and the extraordinary demands for welfare work," the report says, "many
municipalities are now being slowly pushed into a precarious financial situation. The constitutional limitations on municipal borrowings will not
suffice to prevent this outcome if the disposition of municipalities to evade
their obligations, unconscious though it may be, through refunding, continues,
"Where refunding and expense borrowings are being made, the interBon of the municipality to pay can only be proved by a real reduction of
its operating costs. Investors should not continue to delude themselves
on this score.
North Carolina.—Municipal Bond Default Situation Outlined.—We have received from Herbert O'Keef a copy of a
lengthy article written by him, which appeared in theNov. 5
issue of the Raleigh "News & Observer," outlining the
municipal default situation in North Carolina. In his survey
Mr. O'Keef states, using the Local Government Commission
3866
Financial Chronicle
counties and county officers by law. Any such charter may provide for
the concurrent or exclusive exercise by the county, in all or in part of its
area, of all or of any designated powers vested by the Constitution or laws
of Ohio in municipalities; it may provide for the organization of the county
as a municipal corporation; and in any such case it may provide for the
succession by the county to the rights, properties, and obligations of
municipalities and townships therein incident to the municipal power so
vested in the county, and for the division of the county into districts for
purposes of administration or of taxation or of both. No charter or amendment vesting any municipal powers in the county shall become effective
unless it shall have been approved by a majority of those voting thereon
(1) in the county, (2) in the largest municipality,(3) in the county outside
of such municipality, and (4) in each of a majority of the combined total
of municipalities and townships in the county (not including within any
township any part of its area lying within a municipality).
Section 4. The Legislative authority of any charter county or the Board of
County Commissioners of any other county may by a two-thirds vote of its
members, or upon petition of ten per cent of the electors of the county shall
forthwith, by resolution, submit to the electors of the county the question,
"Shall a county charter commission be chosen?" The question shall be
voted upon at the next general or primary election, occurring not sooner
than 60 days thereafter. The ballot containing the question shall hear no
party designation, and provision shall be made thereon for the election
from the county at large of 15 electors as such commission if a majority of
the electors voting on the question shall have voted in the affirmative.
Candidates for such commission shall be nominated by petition of one Per
cent of the electors of the county, which shall be filed with the election
authorities not less than 40 days prior to such election. Candidates shall
be declared elected in the order of the number of votes received, beginning
with the candidate receiving the largest number; but not more than seven
candidates residing in the same city or village may be elected. Within
ten months after its election such commission shall frame a charter for the
COUrIty or amendments to the existing charter, and shall submit the same to
the electors of the county, to be voted upon at the next general election
occurring not sooner than 60 days after such submission. Amendments
to a county charter may also be submitted to the electors of the county in
the manner provided in this section for the submission of the question
whether a charter commission shall be chosen, to be voted upon at the first
general election occurring not sooner than 60 days after their submission.
The authority submitting any charter or amendment shall mail or otherwise distribute a copy thereof to each of the electors of the county as far
as may be reasonably possible. Except as provided in Section 3 of this
Article, every charter or amendment shall become effective if it shall have
been approved by the majority of the electors voting thereon. It shall
take effect on the thirtieth day after such approval unless another date
be fixed therein. When more than one amendment is submitted at the
same time, they shall be so submitted as to enable the electors to vote on
each separately. In case of conflict between the provisions of two or more
amendments adopted at the same time, that provision shall prevail which
received the highest affirmative vote. The basis upon which the required
number of petitioners in any case provided for in this Article shall be determined,shall be the total number of votes cast in the county for the office
of Governor at the last preceding election therefor.
The foregoing provisions of this Article shall be self-executing except as
herein otherwise provided.
Pennsylvania.—Eleven Constitutional Amendments Approved and One Defeated at General Election.—Associated
Press dispatches from Philadelphia late on Nov. 8 reported
that returns from all over the State showed that 11 of the 12
proposed constitutional amendments were approved by the
voters at the Nov. 7 election. The one amendment which
fell behind is No. 2, which would have assessed abutting
properties for highway improvements. The highest vote
was given to Amendment No. 8, authorizing the issuance of
$25,000,000 bonds for unemployment relief and other expenditures. Next in line of popularity was No. 1, which
would allow pensions for blind persons, and third highest
was No. 4, the $50,000,000 soldiers' bonus authorization.
The following is a list of the amendments voted on, as it
was given in the Philadelphia "Ledger" of Nov. 8:
No. 1. To authorize the Legislature to appropriate funds for relief of
blind adults.
No. 2. To permit the Legislature to authorize cities and boroughs to
assess the cost of highway improvements upon abutting property where
no prior assessment has been made for a similar improvement.
No. 3. To permit the Legislature to prescribe the nature of legal investments for trust funds.
No.4. To authorize a $50.000,000 bond issue for war veterans' bonus.
No. 5. To abolish the tax-paying requirement for voting.
No. 6. To revise the borrowing capacity of the counties by eliminating
personal property from the debt base, to increase the debt limit as based
on real property alone, and to permit Philadelphia to deduct 88 a charge
against its borrowing capacity public improvements to the extent to which
they are self-supporting.
No. 7. To eliminate the "long and short haul" clause applicable to railroad rates.
No. 8. To provide for a State bond issue of $25,000,000 for unemployment relief, maintenance of State hospitals and educational institutions.
No. 9. To authorize Philadelphia to levy special assessments against
such abutting or non-abutting properties as may be specially benefited
by construction of transit facilities.
No. 10. To permit cities to take more land and property than is needed
for actual construction in the laying out of bridge or tunnel approaches and
subsequently to sell or lease this surplus.
No. 11. To permit the unification of the county, poor districts, cities,
boroughs and townships of Allegheny County into a consolidated government.
No. 12. To authorize the Legislature to borrow $10,000,000 for purchasing toll bridges.
Pennsylvania.—Gov.Pinchot Signs $2 Liquor Tax Measure.
—Immediately after the Senate had passed a bill sponsored
by him, to levy a tax of $2 a gallon on every drop of liquor
in storage on the day of repeal, in order to produce a great
amount of revenue in short order, Governor Pinchot signed
the measure, according to a Harrisburg dispatch to the
New York "Herald Tribune" of Nov.23. The liquor control
bill, also approved as a revenue measure by the Governor,
was another measure passed by the Legislature on Nov. 22.
The above news report describes the legislative action
as follows:
Brushing aside charges that "dry" Governor Pinchot is trying to make
himself"whisky king"of Pennsylvania,the Legislature late to-day approved
the "hub" of his plan to regulate the flow of liquor after repeal.
With the chamber still echoing to the assertion that the Governor is
"playing politics" with liquor and wants to "ride into the United States
Senate on a whisky barrel," his bill to control intoxicants was passed,
144 to 61. A few minutes later the Senate passed a Pinchot bill to levy a
tax of $2 a gallon on every drop of liquor in storage on the day of repeal.
The vote was 39 to 6. The Governor signed the measure immediately.
The measure is expected to produce $25,000,000 revenue within 90 days.
The control bill, chief stumbling-block in the Executive's liquor plan,
has three salient points:
1—Sets up a system of State liquor stores to operate between 9 a. m.and
9 p. m.
2—Provides for appointment by the Governor of a three-man control
board to have junsWction over all liquor manufacture in the State or
imported.
3—Permits restaurants, hotels, clubs, Stc.. to sell liquor between 7 a, m.
and 2 a. m.
Before "wet" opponents of the Governor's control plan unleashed their
attack on the bill, Pinchot announced the names of three men he will
appoint to the board. They are: A. Marshall Thompson, of Pittsburgh, a
Democrat and dean of the University of Pittsburgh Law School; Robert S.
Nov. 25 1933
Gawthrop. of West Chester, a Republican and former judge of the Superior
Court; Thomas W. Phillips, of Butler, who opposed Pinchot and Francis
Shunk Brown, of Philadelphia, in the 1930 Republican gubernatorial
primary.
Phillips. however, declined to accept the position. Several other prominent Republicans are under consideration.
Public Works Administrator Outlines Policy on
Loans to Finance Municipal Light and Power Plants.—
The following article is taken from a recent issue of the
Chicago "Journal of Commerce" regarding the position
taken by Secretary Ickes, Public Works Administrator,
in relation to the allocation of funds to municipalities for
power projects, both when they are direct liens on the
plants and when they constitute general obligations of
the municipality:
Harold L. Ickes, Public Works Administrator, yesterday outlined
the Government's policy in regard to the type of bonds it will require
under loans for municipal electric light and power plants.
Where a project is regarded as sound and self-liquidating the Public
'
Works Administration will accept revenue bonds against the municipal
power plants themselves. Where there is doubt as to these safety and
self-liquidating features, general municipal obligations will be required.
In cases where insistence on general obligations constituting a direct
lien upon local tax revenues operates to defeat a municipal power project,
Secretary Ickes stated that he hoped to make "other arrangements."
Ickes to Investigate.
It was pointed out in Washington that rejection of several large municipal power projects by electorates throughout the country was attributed
to the requirement that general obligation bonds would have been required as security for the proposed public works loan. The Secretary
announced he would investigate the situation with a view to obtaining the
actual facts.
Municipal bond dealers have watched with considerable interest the
progress of the various public works proposals as to their effect on general
municipal credit. As yet they do not know the exact form of liability
municipalities are incurring in connection with the building of light and
power plants. Although there has been a general belief that all bonds
to be issued would be strictly revenue bonds, this has been called into
question at times and there has been no local authority to decide the
question.
Discusses Detroit Proposal.
Mr. Ickes also stated that he would not consider the proposal for a grant
of $97.000,000 to the city of Detroit for construction of a subway without
some participation in the cost by the city. He regards as unfair proposals
that the Federal Government bear the full cost and will view with favor
only a financing plan which calls for a loan and grant with the city carrying
a good portion of the total cost.
Reconstruction Finance Corporation.—"Write-Down"
Loss on Drainage Bonds Put at 50%.—An Associated Press
dispatch from Washington on Nov. 20 reported as follows
on a statement made by Chairman Jones of the RFC in
regard to the losses sustained by holders of irrigation and
drainage district bonds in which the Corporation is interested:
Holders of drainage and irrigation district bonds which the RFC has
Chairman Jones to have taken an average
refinanced were said to-day by,
'
loss of 50%. The "writedown, he said, is on the basis of the face value
of the bonds, plus overdue interest.
The Corporation board has authorized loans totaling more than $10,000,000 to 19 drainage and irrigation districts in New Mexico, Arkansas,
Missouri,Nebraska, Mississippi. Tex ,California, Idaho, Montana,Florida,
Colorado. Arizona and Louisiana. It has a fund of $50,000,000 voted by
Congress under the Farm Mortgage Act,
The Corporation has before it applications for loans totaling $125,000,000,
representing debts in excess of $200,000,000.
1,1r. Jones said that in many instances the outstanding bonds did not
represent the true values of the levies and ditches involved. Many were
given to contractors who charged a high rate and then traded or sold the
bonds at discounts. The result of the refinancing, he said, is to cut taxes
for the farmers in the various districts to a point where they can pay.
Tennessee.—State's Budget Balanced Without Imposing
New Tax Levies.—In a letter dated Nov. 9 Ralph Owen,
Secretary-Treasurer of the Equitable Securities Corp. of
Nashville, directs our attention to the financial condition
of the State for the quarter ended Sept. 30 1933. The
treasury balance at the end of that period was $214,768,
with "no unpaid warrants" outstanding. It is pointed out
by Mr. Owen that no new taxes were levied to achieve the
balance of the State's budget and it is also stated that no
money was transferred to the generalfund from special funds.
BOND PROPOSALS AND NEGOTIATIONS
ADA COUNTY (P. 0. Boise), Ida.—BOND SALE DETAILS.—The
$250.000 funding bonds that were purchased by the First Securities Corp.
of Salt Lake City.—V. 137, P. 1611—are stated to bear interest at 6% and
are due in 10 years.
ADAMS COUNTY (P. 0. Council), Idaho.—BONDS NOT SOLD.—
It is stated by the County Auditor that the $50,000 road and bridge bonds
offered for sale without success on Aug. 22—V. 137, P. 1611—has not as
yet been re-offered for sale.
ALGONA SCHOOL DISTRICT NO. 188 (P. 0. Seattle), King
County, Wash.—BOND DETAILS.—The $16,000 issue of 5% school
bonds that was purchased by the State of Washington—V. 137, p. 3523—
was sold at par and matures in from 2 to 23 years.
ATLANTA, Fulton County, Ga.—FEDERAL FUND ALLOTMENT.
—The Public Works Administration recently announced an allotment of
$346.000 to this city for police station improvements. The customary
PWA grant of 30% of the total cost of labor and material was made on this
allotment. The remainder is a loan secured by $250,000 general refunding
bonds and additional security acceptable to the Administrator.
ANN ARBOR, Washtenaw County, Mich.—BOND DEBT.—The
annual audit report, recently submitted to the City Council by F. E. Ross,
public accountant, shows that between now and 1950 the City will be
obliged to liquidate a debt of $1,153,126.69, comprising $966,373.39 bond
principal and $186,742,70 interest charges.
ARKANSAS CITY, Cowley County, Kan.—BOND OFFERING,—.
James F. Clough, City Clerk, will receive sealed bids until 10 a. m.on Nov.
27 for the purchase of $28,878.03 5% refunding bonds. Dated Dec. 1 1933.
One bond for $878.03, others for $500. Due $1,500 semi-annually on Feb..
and Aug. 1 from 1935 to 1943 incl.• $1,000, Feb. and $878.03, Aug. 1 1944.
A certified check for 2% of the bid must accompany each proposal. AU
bids are subject to the purchase of the bonds by the State School Fund Commission. Bids will be received for all or any part of the Issue.
ASHLEY, Delaware County, Ohio.—BOND OFFERING.—William P,
Stephens, Village Clerk, ill receive sealed bids until 12 m. on Dec. 19
for the 'Purchase of $2.000 6% fire department apparatus purchase bonds.
Dated Jan. 1 1934. Denom. $400. Due $400 on Sept. I from 1934 to
1938 incl. Int. is payable annually. Bids for the bonds to bear int.
at a rate other than 6%,expressed in a multiple of X of 1%, will also be
considered. A certified check for $100, payable to the order of the Village
Treasurer, must accompany each proposal;
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.—BONDS NOT
SOLD.—W. W. Howes, Clerk of the Board of County Commissioners,
%
states that no bids were obtained at the offering on Nov. 20 of $45,000 6of
poor relief bonds. The amount had been reduced from the original figure
$114,500—V. 137, p. 3700. Mr. Howes adds that no re-offering of the loan
is expected to be made at the present time.
Financial Chronicle
Volume 137
-OBTAINS PWA ALLOTMENT.
AUBURN, Sangamon County, 111.
-The Public Works Administration has made an allotment of $299,000 to
the City for the construction of a water works system. Of the amount
received, about $232,000 will be used for the payment of labor and the
Purchase of materials. A sum equal to 30% of that expenditure will be
contributed as a grant, not subject to repayment,by the PWA. The balance
consists of a loan to the City, secured by 4% revenue bonds of the water
dept. and other assessments, subject to the approval of and with maturity
acceptable to the PWA.
-Willis
-BIDS REJECTED.
AUBURN, Androscoggin County Me.
P. Atwood, City Treasurer, rejected the bids submitted at the offering on
Nov. 20 of $187,000 35% coupon bonds, including issues of $150,000
junior high and grammar school, $22,000 park and $15,000 fire depart-V. 137, p. 3700.
ment equipment bonds.
BALTIMORE COUNTY (P. 0. Towson), Md.-TAX RATE ESTAB-The Board of County Commissioners on Nov. 15 set the tax
LISHED.
rate for 1934 at $1.18 per $100 of assessed valuation, a decrease of 32 cents
current figure of $1.50. Money turned over to the county, under
from the
the State's local tax relief legislation passed last spring, will account for
29.4 cents of the reduced rate, it is said.
-The $1,BALTIMORE, Md.-ADDITIONAL INFORMATION.
-V.137, p. 3700000,000 borrowed by the City on Nov.6 at 6% interest
was obtained from the following: $500,000 was supplied by both the First
National Bank and the Mercantile Trust Co., each of Baltimore.
BANKS TOWNSHIP SCHOOL DISTRICT (P. 0. Tresckow), Car-Charles L. Gallagher, President of the
-BOND SALE.
bon County, Pa.
Board of Education, reports that an issue of $12,000 5% coupon funding
bonds was sold at par on Nov,. 15 to the People's Savings & Trust Co. of
Hazleton. Dated Oct. 3 1933. Denom. $500. Due serially to 1948,
incl. Interest is payable in A.& 0.
BATTLE CREEK SCHOOL DISTRICT, Calhoun County, Mich.
-Irma Briggs, Financial Secretary, will receive sealed
BOND OFFERING.
(Eastern standard time) on Nov- 27 for the purchase
bids until 4.30 p.m.
of $107,500 not to exceed 6% interest refunding bonds. Dated Nov. 15
1933. D ue Nov. 15 as follows: $10,000 from 1939 to 1943, Ind; $3.500
In 1944; $10,000 from 1945 to 1949, incl. and $4,000 in 1950. It is provided, however, that bonds maturing Nov. 15 1945 or thereafter shall be
callable at the District's option, on any interest date, at par and accrued
interest. Semi-annual interest to be payable at such financial centre as
successful bidder shall designate. The bid shall specifically designate
whether the amount bid includes the charges of the fiscal agent where bonds
and interest are made payable, and the expense of legal opinion and engraving of bonds.
-In
-FINANCIAL DATA.
BEACON, Dutchess County, N. Y.
connection with the proposed sale on Nov. 28 of $60,000 not to exceed 6%
int. coupon or registered bonds, notice and description of which appeared
in
-we have received the following information pertaining
-V.137, p. 3700
to the finances of the City:
•
Property Valuation.
1932.
1933.
818,500,000
$18,000,000
Actual or full valuation
12,090,645
11,721,436
Assessed or taxable valuation
Assessed valuation is legally 75% of actual valuation.
Bonded Debt as of Nov. 15 1933.
$596,354.67
General
*97,200.00
Special assessments
*453,400.00
Water
62,000.00
Relief
$1,208,954.67
*550.600.00
Gross debt
$658,354.67
Net debt
* Self-supporting debt.
Principal and Interest Requirements for Next Five Years.
1938.
1937.
1936.
1935.
1934.
$55,662.67 $61,996.00 $63,696.00 $66.800.00 $121,800.00
Principal
48.751.55 45.910.00 43.002.25 38,833.25
51,357.01
Interest
Tax Collection Report.
Total Ad Valorem
or General
Uncollected
Uncollected
Uncollected
Property Tax
Fiscal
at ApproxiLatest
at End
(Omit Special
Year
mately
Available
of Tax or
Assessments &
Beginning
Same Date
Date
Fiscal Year.
Levies of
Jan. 1Nov. 15 1933. Last Year.
Other Taxing
Bodies).
$10,000.00
$2,402.64
$25.175.60
$409,627.53
1930
15,500.00
3,698.28
37,182.54
454,916.72
1931
72,202.52
24,253.92
55.698.19
468,774.59
1932
61,501.02
414,877.85
1933
Total general property or ad valorem tax for current year composed of
city, $200,877.33; school, $109,082.14: State and county. $104,918.38;
or a grand total of $414,877.85.
Floating Debt.
Maturity.
Amount.
Dec. 6 1933
$20,000
1
Mar. 2 1934
5.000
36,000
1
Mar. 29 1934
Tax anticipation notes
Mar.25 1934
11,500
Dec. 17 1933
7,500
Miscellaneous
$80,000
14,400
$94,400 •
-BONDS NOT SOLD.
BEAVERTON, Washington County, Ore.
two issues of refunding bonds aggregating $9,110.31 offered on
The
-were not sold, as no bids were received. It is
Nov. 6-V. 137, p. 3523
stated by the Town Recorder and Treasurer that these bonds are being
exchanged for maturing bonds. The issues are divided as follows: $5,500
53.1% water bonds. Due on Oct. 15 1943 and optional after one year:
$3,610.31 6% improvement bonds. Due on Nov. 1 1943. optional after
one year.
-The
BELLEVILLE, Essex County, N. J.-PWA FUNDS SOUGHT.
City Council adopted a resolution on Nov. 17 petitioning action by the
Public Works Administration on the pending request for a loan of$1,400,000
and a grant of $600,000, to provide for the construction of a water works
system.
BELOIT SCHOOL DISTRICT (P. 0. Beloit), Rock County, Wis.-At the election held on Nov. 14-V. 137, p. 3523
-the
BONDS VOTED.
voters approved the issuance of $415,000 in 4% school bonds and the
of a Federal grant of $135,000 by a count of 1,711 for to 331
acceptance
against, according to the District Court Clerk.
-BONDS VOTED.
-The city is reported
BERNICE, Union Parish, La.
to have voted recently to issue $40,000 in water bonds.
-BONDS NOT SOLD.
-The issue
BEREA, Cuyahoga County, Ohio.
of $3,784.40 6% engineering service payment bonds offered on Nov. 20-was not sold, as no bids were obtained. Dated Nov. 10
V. 137. D. 3355
1933. Due semi-annually from 1935 to 1938 incl.
BILLINGS SCHOOL DISTRICT No. 2 (P. O. Billings), Yellow-We are informed by the
-BOND ELECTION.
stone County, Mont.
District Clerk that a special election is scheduled for Dec.9 in order to vote
on the proposed issuance of $400.000 in school buildings bonds. Interest
rate is not to exceed 6%. Duo in 20 years, optional in 10 years. No
date of sale has been sat as yet.
-BOND SALE POSTPONED.
BINGHAMTON, Broome County, N. Y.
-Everette E. Allen, City Comptroller, states that the date of sale of
the proposed issue of $1,000,000 not to exceed 6% int. coupon or registered
-has been postponed
relief bonds, originally set for Dec. 1-V. 137, p. 3700
to Dec. 20. The Comptroller will receive sealed bids for the issue until
10 a. M. On that date. The bonds will be dated Jan. 1 1934. Denom.
$1,000. Due $100,000 annually on Jan. 1 from 1935 to 1944 incl. Bidder
to name a single int. rate for all of the bonds, expressed in a multiple of
3‘ or 1-10th of 1%. Prin. and int. (J. & J.) are payable at the City
Treasurer's office. Bonds are payable from an unlimited ad valorem tax,
3867
It is said. Of the proceeds of the sale, $723,000 will be used to retire welfare
notes, due in 1934, 1935 and 1936, which the holders thereof are willing to
liquidate on Jan. 15 1934. The balance of $277,000 will be used to finance
welfare requirements in 1934. Bids for the issue must be accompanied by
a certified check for 2% of the bonds bid for, payable to the order of the
City Comptroller. Legal opinion of Hawkins, Delafield & Longfellow of
New York will be furnished the successful bidder.
BISMARCK SCHOOL DISTRICT (P. 0. Bismarck), Burleigh
-We are now inCounty, N. Dak.-BOND SALE CONTEMPLA TED.
formed that the $203,000 6% school building bonds approved by the voters
-will be sold to the Federal Government.
on Sept. 14-V. 137, p. 3700
Due in 1945.
-BOND ELECTION.
BLOOMINGTON, Bear Lake County, Idaho.
It is reported that an election will be held on Dec. 5 in order to vote on the
in municipal water works plant and system
proposed issuance of $25,000
bonds.
-It
BOONE COUNTY (P. 0. Columbia), Mo.-BOND ELECTION.
is reported that an election will be held on Dec.5 in order to have the voters
pass on proposed issuance of $40,000 in jail bonds.
-BORROWS $5,000,00 FROM
BOSTON, Suffolk County, Mass.
-A Committee of Clearing House banks, which in recent
LOCAL BANKS.
months has been meeting the credit needs of the City, on Nov. 21 loaned
an additional $5,000,000 against uncollected 1933 taxes. The money was
obtained on notes, of which $3,000,000, due March 15 1934, bear 334%
int., and $2,000,000, due June 1 1934, bear int. at 4%. The bulk of the
proceeds will be used in the payment of $4.470,389 in taxes owed to the
State by the City.
-FEDERAL FUND ALLOTBOULDER, Boulder County, Colo.
-It was announced recently by the Public Works Administration
MENT,
that it made an allotment of $80,000 to this city for city hall building
construction purposes. Of the total cost of labor and material on this
project, the PWA makes a grant of 30%. The remainder is a loan secured
by 4% general obligation bonds. (The issuance of these bonds was defeated on Nov. 7-V. 137. p. 3700.)
The following is taken from an Associated Press disptach to the Denver
"Rocky Mountain News" of Nov. 18:
"This town was in the peculiar position to-night of having $80,000 of
public works funds it probably cannot use.
"The Public Works Administration announced to-day the allotment of
$80,000 in a loan and grant to Boulder for a new city hall. However, since
the city applied for the money, it's citizens voted down a bond issue with
which to carry out the public works project. The city council, which
meets Tuesday, is expected to take some action to straighten out the
situation.
"It is possible another special election will be held if the cost is not t,00
great. There was some talk of trying to get election judges and clerks to
officiate without pay if it is decided to submit the bond issue for another
vote.
-BONDS
BRADFORD SCHOOL DISTRICT, McKean County, Pa.
VOTED.
-At an election held recently the voters approved of the issuance
of $400,000 school construction bonds by a count of 2,620 to 400. This
amount is to be augmented by a grant of $180,000 from the Public Works
Administration for the project. The original report covering this issue,
given in V. 137, p. 3701, inadvertently appeared tinder the caption of
"Bradford School District, Steuben County, N. Y.'
-It
-BONDS DEFEATED.
BRAZOS COUNTY (P. 0. Bryan), Tex.
is stated by the County Judge that at an election held on Nov.4 the voters
rejected a proposal to issue $66.000 in court house repair bonds.
-PROPOSED BOND
BRIDGEPORT, Fairfield County, Conn.
Mt/E.-Following a meeting on Nov. 14 between Mayor Jasper McLevY
and City Attorney John T. Cullinan, arrangements were made for the
immediate filing of an application with the Municipal Relief Commission
requesting permission for the city to issue $500,000 in bonds or to levy
a special tax in order to provide for the payment of salaries of municipal
employees.
-PROPOSED PWA
BRONXVILLE, Westchester County, N. Y.
-The Village Trustees decided on Nov. 7 to discuss with
ALLOTMENT.
the Public Works Administration authorities the possibility of obtaining a
loan and grant of about $110.000 for four road improvement projects.
The village's share of the expenditure, of approximately $70,000, would
be provided for through a bond issue.
-At the election
BUHL, St. Louis County, Minn.
-BONDS VOTED.
-the voters approved the issuance of
held on Nov. 14-V. 137, P. 3524
the $25,000 in water and light plant bonds.
-PROPOSED FEDERAL
BURLINGTON, Alamance County, N. C.
LOAN.
-The Board of Aldermen is reported to have voted recently to
make application for a Federal loan of $40,000, to be used for street purposes.
-It is reported
-BOND ELECTION.
BUNNELL, Flagler County, Fla.
that an election will be held on Dec. 12 in order to have the voters pass on
the issuance of $15,000 in bonds, divided as follows: $7,500 iron removal
plant; $5,000 municipal building, and $2,500 fire fighting equipment bonds.
CADILLAC SCHOOL DISTRICT, Wexford County, Mich.
-In the belief that the prospects
SEEKS REFUNDING AUTHORITY.
for meeting the maturities are remote, the Board of Education on Nov. 10
voted to apply to the State Public Debt Commission for authority to
refund $52,000 school bonds, of which $18,000 mature Feb. 1 1934 and
$17,000 on Feb. 1 in 1935 and 1936. The refunding issue would mature
over a period of 10 years. The Board further authorized the issuance
of 5% notes in payment of the salaries of teachers and other employees
due prior to July 1 1933. The notes will be accepted by the Board in
payment of taxes delinquent for years previous to 1932.
-BOND OFFERING.
CALIFORNIA, State of (P. 0. Sacramento).
It is announced by Charles G. Johnson, State Treasurer, that he will receive sealed bids until 10 a. m. on Dec. 14 for the purchase of a 3293,000
Issue of 4 Y1,'7° park bonds. Denom. $1,000. Dated Jan. 2 1929. Due
on Jan. 2 as follows: $171,000 in 1955 and $122,000 in 1956. Prin. and
Int. (J. & J.) payable at the State Treasurer's office or at the fiscal agency
of the State in New York. These bonds are issued pursuant to the State
Park Bond Act of 1927. approved at the general election on Nov. 6 1928.
A certified check for one-tenth of the amount of bonds bid for, payable
to the above State Treasurer, is required. (These are the bonds mentioned
in V. 137, P. 3701.)
-BONDS NOT SOLD.CAMBRIDGE, Guernsey County, Ohio.
No bids were submitted for the $23.270.40 6% refunding bonds offered
for sale on Nov. 18-V. 137, P. 3355. Dated Oct. 18 1933 and due
serially on Oct. 1 from 1934 to 1943 incl.
-STATE SUPREME COURT TO
CAMDEN, Camden County, N. J.
-The question as to
DECIDE MUNICIPAL UTILITY QUESTION.
whether the City can legally proceed with the construction of a $10,000,000
municipal electric light plant, as authorized by the voters at the general
election on Nov. 7-V. 137, p. 3701. will be decided by the State Supreme
Court, when that body convenes in January 1934, according to the "Journal
of Commerce" of Nov. 21. "In making his decision to review the case,
Justice Lloyd pointed out that 'there are several debatable questions.'
the principal one being possible violations of the Home Rule Act of 1917,
which permits municpalities to vote on the construction of public works
but places limitations on amounts which may be borrowed. The Court
will convene in January."
CAPE GIRARDEAU SCHOOL DISTRICT (P. 0. Cape Girardeau),
Mo.-BONDS DEFEATED -We are informed by the Secretary of the
Board of Education that at the election held on Nov. 15-V. 137. P. 3175
the voters rejected the proposal to issue $130,000 in school bonds by a
decided majority.
-We are
CARTHAGE, Jasper County, Mo.-BOND ELECTION.
informed that an election has been called for Dec. 12 to vote on bond
issues totaling $88,000, and it is said that the School Board is expected to
request an additional $60,000 bond issue for repairing and enlarging schools.
CARTHAGE, Miner County, S. Dak.-BOND DISPOSAL REPORT.
It is stated by the City Auditor that the $8,000 sewer bonds offered for
.
sale on Oct. 31-V.
-are being handled through the Public
p. 3005
137'
Works Administration. It is said that the city is now awaiting final approval of the project.
CARUTHERSVILLE, Pemiscot County, Mo.-BOND ELECTION
-We are now informed that the election scheduled for Dec. 12
CANCELED.
3868
Financial Chronicle
to resubmit to the voters the $210,000 in light plant bonds that were recently
defeated-V. 137, P. 3701-has been called off.
CASCILLA SCHOOL DISTRICT (P. 0. Charleston), Tallahatchie
County, Miss.
-BONDS VOTED.
-At the election held on Oct. 27-V.
137, p. 2837
-the voters are stated to have approved the issuance of the
$12,000 in school bonds.
CENTRAL, Pickens County, S. C.
-PROPOSED FEDERAL LOAN.
Et is reported that an application has been filed with the State Public Works
Advisory Board for a loan of $60,844 for water works.
CHICAGO SANITARY DISTRICT, Cook County, 111.
-NEW
$31,000,000 PWA FUND ASSURED.
-Ross A. Woodhull, Chairman of the
Finance Committee, announced on Nov. 18 that he had recived assurances
from Harold Ickes, Public Works Administrator, that an additional $31,000,000 would be made available to the District for sanitary sewer projects.
The PWA has already made an allotment of $8,000,000.-V. 137, p. 2837.
CINCINNATI, Hamilton County, Ohio.
-BONDS AUTHORIZED.
Ordinances adopted recently by the City Council provide for the issuance
of $44,948.46 Bloody Run Intercepter Sewer, city's portion bonds, $21,527.27 Queen City Ave. assessment portion bonds, and $8,975.53 Kenner
St. special assessment bonds.
CLEVELAND, Cuyahoga County, Ohio.
-BONDS NOT SOLD.
No bids were obtained at the offering on Nov. 22 of $300,000 6% coupon
or registered Park Bath House bonds, dated Nov. 1 1933 and due on
Nov. 1 as follows: $13,000 from 1935 to 1942 incl. and $14,000 from
1943 to 1956 incl.-V. 137, p. 3356.
CLEVELAND HEIGHTS, Ohio.
-REFUND-BONDS NOT SOLD
ING PLAN ANNOUNCED.
-The city failed to receive a bid for the
$385,000 6% refunding bonds offered on Nov. 18-V. 137. P. 3356. Proceeds of the sale were to be applied to the payment of $767.000 bonds which
came due on Oct. 1 1933. Holders of such bonds are now being requested
to accept payment on the basis of 50% in cash and the balance of 50% in
refunding bonds. The refunding bonds, which include issues of $355,000
and $30,000, bear date of Dec. 1 1933 and mature serially from 1935 to
1944, incl. Accrued interest is to be paid on the old bonds from Oct. 1
1933. The average rate carried on the obligations to be refunded is 4.73%.
CLINTON SANITARY DISTRICT (P.O. Clinton), DeWitt County,
Ill.
-OBTAINS FEDERAL FUND ALLOTMENT.
-The Public Works
Adminsitration has allotted $135,000 to the District for sewer construction
work. The direct grant of the PWA will amount to 30% of the approximately' $128,000 to be spent for labor and materials. The District has
$35,000 on hand which will also be used on the project. That part of the
advance representing a loan by the PWA will be secured by 4% general
obligation District bonds.
COBDEN, Union County, 111.
-OBTAINS PWA ALLOTMENT.
An allotment of $70.000 to the Village for water works construction 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 on
the project, which will be about $54,000. The balance consists of a loan
to the Village. secured by 4% revenue bonds.
COCONINO COUNTY SCHOOL DI STRICT NO.6 (P. 0. Fredonia)
Ariz.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently the allotment of $14,000 to this district for
school building construction. Of the total allotment the PWA made the
usual grant of 30% of th. coat of labor and material. The remainder is a
loan secured by 4% general obligation bonds.
COFFEYVILLE SPECIAL CONSOLIDATED SCHOOL DISTRICT
(P. 0. Coffeyville), Yalobusha County, Miss.
-BOND ELECTION.
It is reported that an election will be held on Dec. 9 in order to vote on
the proposed issuance of $40,000 in school bonds.
COLESVILLE, FENTON, SANFORD, WINDSOR, GREENE,
AFTON AND COVENTRY CENTRAL SCHOOL DISTRICT NO. 1
P. 0. Harpursville), N. Y.
-BONDS DEFEATED.
-Will H. Weeks,
District Clerk,states that a vote of 323 to 210 was cast IP opposition to the
proposed $149,000 school bldg. construction bond issue at the general
election on Nov. 15-V. 137. p. 3524.
COLUMBUS, Franklin County, Ohio.
-$300,000 NOTE ISSUE
PAID.
-The city made payment on Nov. 20 of a $300,000 note issue held
by local banks. The effect of the payment, it is said, was to reduce the
balance of city funds in the treasury to less than $120,000 and to stop payment on all city bills dated after Nov. 15 1933. This latter step was taken
at the instance of Walter E. Otto, City Auditor. A further loan is expected
to be requested of the banks after Dec. 1 1933, in anticipation of the collection of delinquent taxes.
COLUMBUS, Franklin County, Ohio.
-APPLIES FOR PWA AID.
The Puelic Works Administration has been asked to finance construction
of an addition to the municipal electric light plant as authorized by the
voters at the general election on Nov. 7-V. 137, P. 3524. Bonds in
amount of $824.000 would be used to provide for the city's portion of the
expense, while a grant of about $200,000 is sought from the PWA.
MUST REDUCE PUBLIC WORKS PROGRAM.
-The State Tax Commission on Nov. 16 stated that thelcity must reduce its proposed $10,351,400
public works program by approximately $3,455,450. and, in addition a
reduction must be made in the total of $2,588,100 which the municipality
expects to obtain as a grant from the PWA. The "Ohio State Journal" of
Nov. 17, in noting the foregoing, also said: "The slash in the bond total
was ordered because of an act passed by the Legislature which limits bond
issues of cities, outside the 15-mill limitation, to the amount of the city's
indebtedness that must be retired within the next five years. In the case
of Columbus it is the amount reported yesterday by the Commission."
COLUMBUS, Platte County, Neb.-FEDERAL FUND ALLOTMENT.
-The following report on a recent allotment by the Public Works
Administration is taken from the Chicago "Journal of Commerce" of
Nov. 17
"The PWA has approved a grant and loans of approximately $6,000,000
for a contemplated hydro-electric project on the Loup River not far from
Columbus, Neb. Plans contemplate construction of a dam at Genoa
and diversion of the water to a power site just north of Columbus. Production is estimated at 20,000 kw. Communities within a radius of 100
miles are expected to be served with the possibility that power may lyR
sold to Council Bluffs and Sioux City, Iowa, and Lincoln and Omaha. Neb.
-BOND ELECTION.
COEUR d'ALENE, Kootenai County, Ida.
It is reported that an election will be held on Dec. 12 in order to have the
voters pass on the proposed issuance of $600,000 in bonds divided as
follows: $300,000 water works, and $300,000 power plant bonds. Interest
rate not to exceed 6%. Due in 20 years.
CORAOPOLIS SCHOOL DISTRICT, Allegheny County, Pa.
OTHER BID.
-9. K. Cunningham & Co. of Pittsburgh named a price of
100.02 for the $90,000 coupon or registered school bonds awarded on Nov.14
as 55 to Leach Bros., Inc., of Philadelphia, at 100.03, a basis of about
4.99%. Issue is dated Dec. 1 1933 and due on Dec. 1 as follows: $10,000 in
1939 and $20,000 from 1940 to 1943 incl.
CORTLANDT CENTRAL SCHOOL DISTRICT NO.3(P.O. Montrose), Westchester County, N. Y.
-ADDITIONAL INFORMATION.
Additional information with regard to the $25,000 not to exceed 6% Interest
coupon school bonds scheduled for sale on Dec. 7-V. 137, P. 3701-1s as
follows: Bidder is to name the rate of interest in a multiple of X or 1-10th
of 1% and must bid the same rate for all of the bonds. Prin. and int.
(M. & N.) are payable in lawful money of the United States at the Westchester County National Bank, Peekskill, or at the National City Bank,
New York. Bonds may be registered as to principal only or as to both
principal and interest. Issue is dated Nov. 1 1933 and due 65,000 annually
on Nov. 1 from 1934 to 1938 incl. A certified check for $500, payable to
Howard H. Conklin, District Treasurer, must accompany each proposal.
Legality approved by Clay, Dillon & Vandewater of New York City.
COTTAGE CITY, Md.-PUBLIC WORKS ALLOTMENT.
-The Public
Works Administration has alloted $72,000 to the municipality for street
resurfacing purposes. This includes an outright grant of 30% of the amount
to be spent for labor and materials, which expenditure is estimated at about
$61,000. The balance consists of a loan, secured by 4% general obligation
bonds.
CROOKSTON, Polk County, Minn.
-BOND SALE.
-The $15,000
issue of refunding bonds offered for sale on Nov. 14-V. 137, p. 3356
-was
awarded to the First National Bank of Crookston, as 5s, paying a premium
of $150. equal to 101.00, a basis of about 4.47%. Due on Dec. 1 1938,
optional in 1935.
Nov. 25 1933
CUDAHY, Milwaukee County, Wis.-FEDERAL FUND ALLOTMENT-It has been announced by the PWA that it made an allotment
of $350,000 to this city for sewer system construction purposes. Of the
total cost of labor and material on this project, the PWA made a grant
of 30%. The remainder is a loan secured by 4% general obligation bonds,
CUMBERLAND, Allegany County, Md.-BOND OFFERING.
-The
City Clerk will receive sealed bids until 9:30 a. m. on Nov. 27, for the
purchase of $100,000 4X % Front St. improvement bonds, dated Dec. 1
1933 and due on Dec. 1 1953.
DANVILLE, Boone County, W. Va.-FEDERAL FUND ALLOTMENT-The Public Works Administration announced recently an
allotment of $22,000 to this city for the construction of a water distribution system. Of the total cost of labor and material on this project, the
PWA made a grant of 30%. The remainder is a loan secured by 4%
revenue bonds.
DAYTON, Campbell County, Ky.-BONDS DEFEATED.
-At
the general election in November
-the voters rejected
-V. 137, p. 3006
the proposal to issue $25.000 in sewer bonds.
.The two
DEARBORN, Wayne County, Mich.
-BONDS NOT SOLD
issues of coupon (registerable as to principal) general obligation sewer
construction bonds, aggregating $119,460, offered to bear interest at not
Snore than 4% on Nov. 14-V. 137, p. 3356
-failed of sale, as no bids were
obtained. Bonds are to be dated about Sept. 1 1933 and mature serially
on Sept. 1 from 1934 to 1963 inclusive.
DEERLODGE COUNTY SCHOOL DI STRICT NO. 10 (P. 0. Anaconda), Mont.
-It is stated that an election will
-BOND ELECTION.
be held on Dec.2 in order to vote on the securing of a $50,000 loan from the
Public Works Administration for repairs to school buildings.
-ASSESSED VALUADELAWARE COUNTY (P. 0. Media), Pa.
TIONSHOWS $60,000.000 REDUCTION.
he
- h Board of County Assessors
on Nov. 17 announced that the assessed valuation of residential and
business property in the county for 1934 would be $220,000,000. or a
reduction of $60.000,000 below the current year's total of $280,000,000.
The cut, according to the Philadelphia "Ledger" of the following day.
came after a day of almost continuous hearings on the subject, and on
the persistent demands of taxpayers that the assessment be reduced.
-$4.200 BONDS EXDENNISON, Tuscarawas County, Ohio.
CHANGED.
-In connection with the issue of $13,300 53 % refunding
bonds for which no bids were obtained on Sept. 5-V. 137. P. 2137, we are
advised by Burnie Bower, Village Clerk, that $4.200 of the bonds have been
exchanged for maturities which they replaced. The refunding issue is dated
Sept. 1 1933 and due serially on March 1 from 1935 to 1943 incl.
DEPTFORD TOWNSHIP (P. 0. Westville, R. F. D.), Gloucester
-In connection with
County, N. J.
-ADDITIONAL INFORMATION.
the report of the sale of $40,000 refunding bonds
-V. 137, p. 3702
Thomas Quinn, Township Clerk, states that the issue, bearing 5% interest
and due $8,000 annually on March 1 from 1938 to 1942 incl., was accepted
by the State in exchange for a like amount which came due. The exchange
was made at par.
-At the elecDOWNEY, Bannock County, Idaho.
-BONDS VOTED.
tion held on Nov. 18-V. 137, p. 3524
-the voters approved the issuance
of the $17,000 in 4% water works bonds. It is stated that the village has
applied to the Public Works Administration for funds.
DUBUQUE, Dubque County, Iowa.
-BOND OFFERING.
-It is
reported that sealed bids will be received until 10 a. m. on Dec. 4, by the
City Clerk, for the purchase of a $16,000 issue of storm sewer bonds.
DUMAS SPECIAL SCHOOL DISTRICT (P. 0. Dumas) Desha
-BOND SALE.
-The $90,000 issue of coupon refunding
County, Ark.
-was purchased by the
bonds offered for sale on Nov. 17-V. 137. p. 3356
Simmons National Bank of Pine Bluff, as 5s, at par. Denom. $500 and
$1,000. Dated Sept. 1 1933. Duefrom 1934 to 1948. Interest payable M&S.
-FEDERAL FUND ALLOTDURHAM, Durham County, N. C.
MENT-An allotment of $760,000 to this city for trunk sewer extension
purposes was made recently by the Public Works Administration, according
to report. The customary grant of 30% of the cost of labor and material
was made by the PWA on this allotment. The remainder is a loan secured
by 4% general obligation bonds. (This allotment takes the place of the
$710,000 allotment made on Oct. 18 1933-V. 137, p. 3175.)
-BOND SALE.
-Charles
EAST HAVEN, New Haven County, Conn.
W.Scranton & Co.of New Haven purchased on Nov. 11 an issue of$100,000
4 X% public improvement bonds at par plus a premium of $615, equal to
100.61, a basis of about 4.37%. Dated Oct. 15 1933. Due $10,000 on
Oct. 15 from 1934 to 1943, incl. Principal and semi-annual interest are
payable at the First National Bank & Trust Co., New Haven. Legality
approved by Watrous, Hewitt, Gumbart & Corbin of New Haven and
Storey, Thorndike, Palmer & Dodge of Boston. This bond issue was
voted on Mt. 20.-V. 137. P. 3175.
-INJUNCTION
EAST LIVERPOOL, Columbiana County, Ohio.
AGAINST UTILITY BOND PROPOSAL MADE PERMANENT-The
temporary injunction obtained by the Ohio Power Co. against submission
of a $998.640 municipal electric light plant bond proposal at the general
-has been made permanent by Judge
election on Nov. 7-V. 137, p. 3356
W. F. Lones of the Columbiana County Common Pleas Court, according
to the "Electrical World" of Nov. 11. The Court, it is said, held that
the petitions requesting a vote on the measure failed to comply with the
Ohio filing law. A vote on the measure may be sought in 1934.
EAST ORANGE, Essex County, N. J.
-BORROWS $90,000 TO MEET
PAYROLLS -Local banks and Newark institutions joined this past week
In making a loan of $90,000 to the city to permit the payment of municipal
salaries due for the first two weeks in October. Officials expressed the hope
that tax receipts in December from the 1933 assessments would permit
additional payments on the payroll arrearages.
-BOND ISSUE
EAST PALESTINE, Columbiana County, Ohio.
DEFEATED.
-The City Clerk informs us that at the general election on
Nov.7-V. 137. p. 3176,the proposal to issue $50,000 water softening plant
equipment bonds was defeated by a vote of4 to 1.
EAST PROVIDENCE, Providence County, R. 1.-6517,143 EXPENDITURE AUTHORIZED.
-At the annual financial Town meeting
on Nov. 13, the taxpayers formally approved the expenditure of $517,143
for various work projects, under a loan and grant from the Public Works
Administration. The Town Treasurer was directed to issue serial bonds up
to $375,000 in payment of the municipality's share of the expense and it
was voted to appropriate $10,920 to pay principal and interest, due during
the fiscal year, on the loans pertaining to the school projects.
EDMUNDS COUNTY (P. 0. Ipswich), S. Dak.-BONDS TOM
-In connection with the $61,000
TAKEN BY FEDERAL GOVERNMENT.
court house and jail bonds that were scheduled to be offered on Nov. 20-we are informed by the County Auditor that these bonds
V. 137, p. 3525
will be taken by the Federal Government upon approval of the application
for the loan.
-PARK BOND ISSUE
ESSEX COUNTY (P. 0. Newark), N. J.
-The Board of Freeholders on Nov. 20 authorized the
AUTHORIZED.
Park Commission to issue $700.000 bonds for improvements and extensions.
The Public Works Administration will be asked to furnish the money necessary to finance the work.
wore11114
-BONDS DEFEATED.
EUCLID, Cuyahoga County, Ohio.
-At the
general election on Nov. 7-V. 137, P. 3006.-tne voters defeated the
proposal to issue $45,000 grade crossing elimination bonds by a count of
2,581 to 1,791.
-RECEIVES PWA ALLOTMENT
EVANSTON, Cook County, 111.
An allotment of $150,000 to the city for the construction of a water storage
reservoir has been announced by the Public Works Administration. The
PWA will contribute as its share of the expenditure a sum equal to 3091
of the approximately $117,000 to be used for labor and materials on the
project. The balance consists of a loan to the city, secured by 4% revenue
bonds. This allotment replaces that of $250,000 made on Sept. 21, the
city having requested that the latter be rescinded
-NOTE SALE.
FAIRMOUNT, Grant County, Ind.
-The issue of
$2,000 fire dept. equipment purchase notes offered on Nov. 6-V. 137,
p.3176
-was purchased as 6s, at par and accrued interest by A.C. Meekiee.
burg of Hartford City.
Volume 137
Financial Chronicle
FAULKNER COUNTY (P. 0. Conway) Ark.
-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 court house and jail bonds.
FORT COLLINS, Larimer County, Colo.
-FEDERAL ALLOTMENT
NOT CONSUMMATED.
-It is stated by the City Clerk that the allotment of $738,000 to the city, made by the Public Works Administration
recently for electric power purposes
-V. 137. p. 3702
-has not been officially confirmed as yet.
FORT WORTH INDEPENDENT SCHOOL DISTRICT (P. 0. Fort
Worth), Tex.
-At the election held on Nov. 14-BONDS VOTED.
V. 137, p. 3007
-the voters approved the issuance of the $3.000,000 in
school bonds to be used as collateral for a loan and grant of $4,283,000 from
the Public Works Administration. In connection with this report we quote
in part as follows from the Fort Worth "Record" of Nov. 15:
"Fort Wortn's $3,000,000 scnool bond issue, to be used as the basis for
a 14,283,000 loan and grant from the PWA,carried yesterday by a majority
of more than two to one. Success of the issue gave the city tne distinction
of being the first in Texas to vote bonds to secure a PWA loan.
"Total vote, with only two boxes out, was: For the bonds,3,682; against
the bonds, 1,762.
"In approving tne bond issue, the voters authorized the Board of Education to levy an additional tax of not more than 10 cents on the 1100 assessed
valuation to retire the bonds over a period of 40 years and-if any surplus
accrues-for maintenance of new buildings. If the PWA approves the
building and improvement program contemplated by the Board of Education, the Federal Government will take over the bonds at their face value
at 4% interest.
"An outright grant of30% of the total money spent for labor and materials
will come from the Government. It is assumed that the grant will amount
to approximately $1,283,000. It will make possible a $4,283,000 building
and improvement program affecting the entire city.
FRANKFORT, Benzie County, Mich.
-BOND ELECTION.
-At an
election to be held on Dec.2 the voters will be asked to sanction the issuance
of $22,000 general obligation bonds for street paving purposes.
FRIEND, Saline County, Neb.-BOND SALE.
-It is stated by the
City Clerk that a $37,000 issue of 44% semi-ann. refunding bonds was
purchased by the First Trust Co. of Lincoln.
FULTON, Oswego County, N. Y.
-NO BOND REFUNDING CONTEMPLATED.
-L. C. Foster, City Chamberlain, recently advised as
follows with regard to the inability of the city to take advantage of the
authority contained in Chapter 821, Laws of 1933,to issue refunding bonds:
"It is true that the Legislature recently passed an Act authorizing this
city to issue some bonds for the purpose of refunding some maturities at
tne end of this year and early in 1934. There was a small amount coming
due this year and a somewhat larger amount next year. Owing to some
carelessness or mistake at Albany, the source of which we have not been
able to ascertain, the autnorization was reversed as to the amounts, permitting the larger amount this year and the smaller item next year. As a
result, the permission was of no value to us and no attempt will be made
to issue the refunding bonds."
GEORGIA, State of (P. 0. Atlanta).
-CITIES TO ACCEPT HOLC
BONDS FOR TAXES.
-Seven cities in this State have agreed to accept
bondla of tne Home Owners' Loan Corporation in payment of taxes and
several more, including Atlanta. have indicated they may approve such
action, according to the Atlanta "Constitution" of Nov. 18. The cities
said to have approved the bonds as tax payments are: Macon, Vienna,
Eastman, Winder, Newnan, Montezuma and Unadilla. It is reported
that loans have been made on 132 homes to date for a total of $375,000.
GILMORE CITY •INDEPENDENT SCHOOL DISTRICT (P. 0.
Gilmore City) Pocahontas County, Iowa.
--It is
-BOND ELECTION.
stated that on Dec. 6 the voters will be asked to pass on the proposed
issuance of $19,000 in school building bonds.
GLEN ECHO, Montgomery County, Md.-OBTAINS FEDERAL
FUND ALLOTMENT.
-The Public Works Administration has made an
allotment of $16,000 to the Town for street improvements. The PWA will
contribute, as its share of the expenditure, a sum equal to 30% of the
amount to be applied to the payment of labor and the purchase of materials.
Tne balance of the advance consists of a loan to the Town.secured by 4%
certificates of indebtedness.
GOWR1E, Webster County,Iowa.
-ELECTRICPLANT CONSTRUCTION APPROVED.
-At an election held on Nov. 16 the voters of this
city went 306 to 86 in favor of the construction of a municipal electric light
plant to be paid for out of future earnings. The plant is not to cost over
$80,000.
GRAND HAVEN, Ottawa County, Mich.
-BONDS VOTED AND
BONDS DEFEATED.
-At the special election held on Nov. 14-V. 137.
-the voters approved of the issuance of $36,500 city hall bldg.
p. 3357
construction bonds and defeated the proposal to issue 155,000 city hospital
construction bonds. Although more votes were cast for the hospital issue
than against it, the measure failed to obtain the necessary two-thirds
majority vote.
GRAND SALINE, Van Zandt County, Tex.
-BOND ELECTION.
It is reported that an election will be held on Dec. 11 in order to vote on
the proposed issuance of $32,500 in water works system bonds.
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 19 (P. 0.
Montesano) Wash.
-BOND OFFERING.
-It is reported that sealed bids
were received until Nov. 25. at 10 a. m., by Asa B. Wilson, County Treasurer, for the purchase of a $3,500 issue of school bonds. Interest rate not to
exceed 6%, payable semi-annually. Denominations in multiples of $100.
Dated Dec. 8 1933. Prin. and int. payable at the County Treasurer's
orrice, the fiscal agency of the State in New York,or at the State!Treasurer's
office.
Hanctick County, Ind.
-FEDERAL FUND ALLOT-In announcing an allotment of 148,000 to the city for sewer
MENT.
construction the Public Works Administration declared that the Federal
Government's contribution to tne cost would he an amount equal to 30%
of the approximately $44,000 of the money which is to be spent for labor
and the purchase of materials. The balance consists of a loan, secured
by 4% revenue bonds.
GREENVILLE, Greenville County, S. C.
-PROPOSED FEDERAL
-An application for a loan of $156,000, with which to build a
LOAN.
municipal stadium. is said to have been filed by the above city on
Nov. 17 with the State Public Works Advisory Board.
-RECEIVES FEDERAL FUND
HAMILTON, Butler County, Ohio.
-An allotment a $542.900 to the city for the construction
ALLOTMENT.
of a new City Hall building has been announced by the Public Works
Administration. The PWA will contribute, as its share ot the expenditure,
a sum equal to 30% of tne prospective $334.100 to be spent for labor and
materials in connection with the project. The balance of the advance
consists of a loan to the City, secured by 4% general obligation bonds.
-The city has also obtained an
ADDITIONAL ALLOTMENT MADE.
allotment of $850.000 to finance the construction of a reservioir. The
Public Works Administration's grant in this instance will be a sum equal
to 30% of the estimate of $652,000 to be used in the payment of labor and
the purchase of materials for the project. The balance consists of a loan,
secured by 4% general obligation bonds.
-BOND SALE.
-HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
-were awarded
The $408,364.76 bonds offered on Nov.21-V.137, p.3525
to VanLahr, Doll & Isphording of Cincinnati, as follows:
$401.877.98 sanitary sewer construction bonds were purchased as 4'4s,
at par plus a premium of $2,512.14, equal to 100.62, a basis
% Due Nov. 1 as follows: $20.877.98 in 1935:
of about
4.68*
$21,000 in 1936 and $20,000 from 1937 to 1954, incl.
6,486.78 sanitary sewer construction bonds were purchased as 54s,
at par plus a premium of $454, equal to 100.069. a basis of
about 5.24%. Due Nov. 1 as follows: $486.78 in 1935; $600
in 1936 and $300 from 1937 to 1954, incl.
Each issue is dated Nov. 15 1933.
-BOND SALE.
-The issue of
HARRISON, Hamilton County, Ohio.
$4,000 coupon drainage impt. bonds offered on Oct. 20-V. 137, p. 2490
A. C. Clippinger of Harrison, the only bidder, at
was purchased as Os by
par plus a premium of $28 equal to 100.70, a basis of about 5.90%. Dated
Aug. 10 1933 and due $500 annually on Aug. 21 from 1939 to 1946 incl.
--aRTENFIrLD,
3869
HIGHLAND TOWNSHIP (P. 0. Kane, R. F. D. No. 2), McLean
County, Pa.
-BOND OFFERING.
-James C. Henning, Secretary of the
Board of Supervisors, will receive sealed bide until 12 m. on Dec. 9 for
tne purchase of $5,000 6% township bonds. Dated Nov. 1 1933. Denom.
$500. Interest is payable semi-annually. A certified check for 2% of the
bid, payable to the order of tne township, must accompany each proposal.
The issue nas been approved by the Department of Internal Affairs.
-BOND VALIDAHILLSBOROUGH COUNTY (P. 0. Tampa), Fla.
-The State Supreme Court is
TION CASE TO BE HEARD ON NOV. 28.
said to have set Sept. 28 as the date for a hearing of oral arguments on an
anneal from a Circuit Court decision involving the validity of $1,500,000 in
-V.137, P. 3177.
county refunding bonds that were authorized recently.
-BONDS DEFEATED.
-At
HOPKINS, Hennepin County, Minn.
-the voters rejected the
the election held on Nov. 16-V. 137, p. 3525
Proposed issuance of $121,000 in bonds by a count of 615 "for" to 1.423
"against." The bonds were divided as follows: $71,000 surface drainage;
$20.000 well and pump house: $20,000 sewage disposal plant; $14,000 street
impt. and $5,500 street improvement bonds.
-FEDERAL FUND ALLOTMENT.
HOUSTON, Harris County, Tex.
-The Public Works Administration announced recently an allotment of
12,502,000 to this city for water works construction purposes. The PWA
is stated to have made the customary grant of 30% of the cost of labor and
material on this project. The remainder is a loan secured by 4% revenue
bonds.
-BOND SALE POSTPONED.
HUDSON, Summit County, Ohio.
Franklin H.Jones, Village Clerk,states that the proposed sale of $17,202.31
'
6% special assessment impt. bonds, originally scheduled for Nov. 8-V.
28139
-has been postponed to a later date, due to the repeal of the initial
legislation.
-OBTAINS PWA
HUDSON COUNTY (P. 0. Jersey City), N. J.
ALLOTMENT.
-The Public Works Administration announced on Nov. 22
the allotment of $2,996,000 to the county for the construction of a tuberculosis hospital. The allotment includes a grant of 30% of tne amount
to be spent for labor and materials, which expenditure is estimated at
12,073,000. The balance of the advance consists of a loan to the county
secured by 4% general obligation bonds.
-NOTE OFFERING.-Evans
INDIANAPOLIS, Marion County, Ind.
Woolen Jr.. City,Comptroller, will receive sealed bids until 10 a. m.on Dec.5
for the purchase of $40,000 6% Sanitary District notes, to be dated Dec.5
1933.
INKOM SCHOOL DISTRICT (P. 0. Inkom), Bannock County,
Ida.
-BOND PURCHASE CONTEMPLATED.
-It is reported by the
Superintendent of Schools that the $25,000 high school bonds approved
on Oct. 7-V. 137. p. 3177
-will be purchased by the Public Works Administration.
IONIA, Ionia County, Mich.
-OBTAINS PWA ALLOTMENT.
The Public Works Administration has allotted 170,000 to the city for
the payment of extensions to the water works system. This sum includes
the usual grant of 30% of the approximately $56,000 to be spent for labor
and materials. The balance of the advance consists of a loan, secured by
4% general obligation bonds.
-BOND OFFERING DATE
JACKSONVILLE, Duval County, Fla.
CHANGE.
-It is stated by M.W. Bishop, Secretary of the City Commission, that the date of sale of the $300,000 issue of not to exceed 6% semiann. coupon refunding bonds, has been changed from Dec. 15 to Dec. 6.
Bids will be received until 2.30 p. m. The details on these bonds were
given in V. 137, p. 3008.
-BOND OFFERING.
JEFFERSON COUNTY (P.O. Oskaloosa), Kan.
-Sealed bids will be received until 10 a. m.on Nov. 27. by Floyd H. Wray,
County Clerk, for the purchase of a $10,000 issue of434% poor relief bonds.
Denom. $1,000. Dated Nov. 1 1933. Due $1010 from Feb. 1 1935 to
1944 incl. Interest payable (F. & A.). A certified check for 2% of the
bid is required.
JEFFERSON COUNTY INDEPENDENT RURAL SCHOOL DISTRICT NO. 2, Ohio.
-The issue of $3,500 5% coupon
-BOND SALE.
refunding bonds offered on Nov. 4-V. 137, p. 3008-was awarded at par
to the First National Bank of East Liverpool. Dated Sept. 15 1933 and
due $500 annually on Sept. 1 from 1935 to 1941, inclusive.
KALAMAZOO CITY SCHOOL DISTRICT, Kalamazoo County,
Mich.
-BOND OFFERING.
-H. W. Anderson, Secretary-Business Manager of the Board of Education, will receive sealed bids until 7:30 P• m.
(city time) on Dec. 4, for the purchase of 1160.000 5% series No. 24R
refunding bonds. Dated Jan. 1 1934. Denom. $1,000. Due 110.000 on
Jan. 1 from 1939 to 1954. incl. Principal and interest (J. &.J.) are payable
at the First National Bank St Trust Co., Kalamazoo. Bonds will be
furnished and printed at the expense of the Board of Education, and the
successful bidder will be obliged to pay for and accept delivery of same on
Jan. 2 1934. A certified check for 2% of the bonds bid for, payable to the
order of the Treasurer of the Board of Education, must accompany each
proposal. The District will furnish the legal approving opinion of Chapman
& Cutler of Chicago.
-The $185,000 coupon
KENMORE,Erie County, N. Y.
-BOND SALE.
bonds offered on Nov. 20-V. 137, p. 3526
-were awarded as 6s, at a price
of par, to the Manufacturers & Traders Trust Co. of Buffalo. The sale
consisted of:
$129,000 general bonds. Due Nov. 1 as follows: $24,000 in 1934 and
$35,000 from 1935 to 1937 incl.
56,000 general bonds. Due Nov. 1 as follows: $9,000 from 1938 to
1941 incl. and $10,000 in 1942 and 1943.
Each issue is dated Nov. 1 1933.
-Sealed
-BOND OFFERING.
XENNEWICK, Benton County, Wash.
bids will be received until 7 p. m. on Dec. 8. by Winifred Campbell, City
Clerk, for the purchase of an $8,250 issue of emergency relief bonds. Interest rate is not to exceed 6%, payable semi-annually. Said bonds will
be serial in form and maturity and numbered from one upward, consecutively, and shall mature annually commencing the second year and ending
the twentieth year after date of issue in such amounts, as nearly as practicable, to be specified by the City Council. as will together with the interest on all outstanding bonds of the same series, be met by an equal
annual tax levy for the payment of said bonds and interest. Prin. and int.
payable at the City Treasurer's office. A certified check for 5% must
accompany the bid.
KENOSHA, Kenosha County, Wis.-FEDERAL FUND ALLOTMENT
NOT CONSUMMATED.
-In connection with the allotment of $189,000
to this city for water purposes, recently reported to have been made by
the Public Works Administration-V. 137, p. 3703-it is stated by the
Director of Finance that they have not been officially informed that this
project has been allotted but that possibly after the newly created Civil
Works Administration is functioning the city may have an opportunity
to complete the project.
KIRKWOOD SCHOOL DISTRICT (P.O. St. Louis), Mo.-BONDS
DEFEATED.
-At the election held on Nov.14-V.137, p.3358
-the voters
rejected the proposed issuance of $250,000 in school building bonds, according to the Secretary of the Board of Education.
KITSAP COUNTY (P.O.Port Orchard), Wash.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m. on Dec. 11 by J. M.Peterson,
County Auditor, for tne purchase of a 139,000 issue of county bonds.
Interest rate is not to exceed 6%, payable semi-annually. Dated Jan. 2
1934. Bonds to run for a period of 20 years. The various annual maturities
of said bonds will commence with tne second year after date of issue of
the bonds and will (as nearly as practicable) be in such amounts as will,
together with interest on tne outstanding bonds, be met by an equal annual
tax levy for the payment of said bonds and interest. Prin. and int, payable
at the County Treasurer's office. A certified check for 5% of the bid is
required.
LAKE CITY, Wabasha County, Minn.
-BONDS VOTED.
-At the
election held on Nov. 14-V. 137, p. 3703
-the voters approved the issuance of the $50,000 in sewage disposal plant, and dock and harbor bonds.
It is said that the sewage disposal plant will cost approximately 143,000
and the harbor and dock work will entail a $30,000 outlay.
LAWRENCE, Essex County, Mass.
-RETIRES 11,260,000 TEM-William A. Kelleher, City Treasurer, recently made
PORARY DEBT.
payment of $1,260,000 short-term obligations, including $925,000 tax
anticipation notes of 1933. $300,000 of 1932 loans and a public welfare issue
3870
Financial Chronicle
Nov. 25 1933
of $35,000. sold in 1932. The payment served to liquidate all of the outstanding temporary indebtedness for 1932, it is said.
LEEDS, Benson County, N. Dak.-BONDS VOTED.
-At an election held recently toe voters are said to have approved the issuance of
$35,000 in light plant bonds.
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 1 (P. 0.
Helena) Mont.
-BOND OFFERING.
-Sealed bids will be received until
7:30 p. m.on Dec. 14, by J. F. McBride, District Clerk,for the purchase of a
$375,000 issue of school building bonds. Interest rate is not to exceed 6%.
payable J. & J. Amortization bonds will be the first choice and serial bonds
vrill be the second choice of the School Board. If amortization bonds are
sold and issued, the entire issue may be put into one single bond or divided
into several bonds, as the Board of Trustees may determine upon at the
time of sale, both principal and interest to be payable in semi-annual instalments during a period of 20 years from the date of issue. If serial bonds
are issued and sold, they will mature $25,000 from Jan. 1 1940 to 1954 incl.
A certified check for $10,000,payable to the Clerk, must accompany the bid.
LEXINGTON, Middlesex County, Mass.
-$50,000 LOAN SOLD
AMOUNT REDUCED FROM 5100,000.
-Award was made on Nov. 21
of $50.000 notes to the New England Trust Co. at 1.09% discount basis.
Bids were originally asked to an issue of $100,000. but the amount, was
reduced shortly before the time of sale. The notes are dated Nov. 22 1933
and mature on Feb. 23 1934. Bids submitted were as follows:
Bidder
Discount Basis.
New England Trust Co. (Purchaser)
1.09
Whiting, Weeks & Knowles
1.15
Washburn, Frost & Co
1.50
Preston, Moss & Co
1.89
Lexington Trust Co
1.97
Faxon, Gade & Co
2.49 o
MASSACHUSETTS (State of).
-Charles
-$1,500.000 NOTES SOLD.
F. Hurley, State Treasurer, made award on Nov. 21 of $1,500,000 notes
as follows: $1,000,000, due Nov. 1 1934, were purchased by Brown Bros.
Harriman & Co. and F. S. Moseley & Co., both of Boston, jointly, at
Interest of 1.78%. Public re-offering is being made by the bankers on a
yield basis of 1.50%. The remaining 3500.000 notes were awarded to the
Boston Safe Deposit & Trust Co. of Boston at interest of 0.47%, plus a
premium of $7. This amount matures on Jan. 15 1934. Other bids for
the notes were as follows:
$50ue 00
Iss O.O
.
Il, 00,000
Sssu .
0e
Bidder.60 +$7
Guaranty
2.07 +$13
of New York
1.50 +$27
Bros.& Hutzler
CompanySl
2.59 +327
National Shawmut Bank
2.13
First National Bank of Boston
2.13
2.47 o
Bankers Trust of New York
1.50 o
Halsey Stuart & Co.,Inc
! 7%
!9
8
31867%
2
Bank of Manhattan Co
PWA ALLOTMENT OF FUNDS.
-The Public Works Administration
has allotted $296,000 to the State for various improvement projects. The
bulk of the advance constitutes a loan secured by 4% general obligation
State bonds, while the grant by the PWA will be a sum equal to 30% of the
approximately $235,600 of the money to be spent in the payment of labor
and materials. The funds will be applied as follows:
$117.000 for the construction of an assembly hall at the Foxborough State
Hospital.
40.000 for the instalation of automatic sprinklers at the reformatory for
women at Framingham.
42,000 for the construction of a building at the Metropolitan State
Hospital at Waltham.
97,000 for the construction of sprinklers, tank, fireproof piping and connections in two buildings at the State Farm. Bridgewater.
LEXINGTON, Cleveland County, Oka.
-BOND ELECTION.
-It
Is said that an election will be held on Nov. 28 in order to vote on the issuance of $10,412.50 in water works construction bonds. If the issue carries
itlis the intention of the city council to sell these bonds to the Federal
Government and obtain the free grant.
LIMA, Allen County, Ohio.--PROPCSED BOND ISSUE.
-The City
Commissioners recently adopted a resolution requesting permission of
State officials to issue $90,000 deficiency bonds for the purpose of providing
for current expenses and to pay past due bills. These latter, it is said,
include one of $38,631 due the Ohio Power Co. for service rendered from
Oct. 1932 to Nov. 1933.
LINDEN, Cass County, Tex.-FEDBRAL FUND ALLOTMENT.
The Public Works Administration announced recently the allotment of
$50,000 to this city for water and sewer system construction purposes. Of
the total cost of labor and material on this project, the PWA made its
customary grant of 30%. The remainder is a loan secured by 4% revenue
bonds.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-ADDITIONAL BONDS
OFFERED.
-in addition to the $526,240 bonds described in
-V. 137. P.
3704
-the County is also offering for sale on Nov. 27 three other refunding
bond issues aggregating $262,940, thereby increasing to $794,240 the grand
total scheduled for award. The bonds making up the total of $262,940
consist of $187,940 bearing 6% interest, $68,000 at 4 ei% and $7,000 at
4Y%. They are dated Nov. 1 1933. Due Nov. 1 1948, optional Nov. 1
1938. The total of $794.240 bonds are part of the refunding plan mentioned In
-V. 137, P. 3358.
LUZERNE, Luzerne County, Pa.
-BOND ELECTION.
-At an election to be held on Dec. 16 the voters will consider the question of issuing
3140.000 sanitary sewer and disposal bonds.
LYNCHBURG, Campbell County, Va.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration stated recently that it had
made an allotment of $600,000 to this city for water improvement purposes.
The customary PWA grant of 30% of the cost of labor and material was
made on this project. The remainder is a loan secured by 4% general
obligation bonds.
McKINNEY, Collin County, Tex.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently the allotment of
$51,000 to this city, to be used for a water distribution system. •The customary 30% grant on the cost of labor and material was made by the PWA
on this project. The remainder is a loan secured by 4% revenue bonds.
MADISON, Lake County, S. Dak.-BOND SALE POSTPONED.
NEW BIDS.
-We are now informed by Geo. H.Simpson Jr., City Auditor,
that the sale of the three issues of bonds aggregating $34,500, unsuccessfully
offered on Nov. 13-V. 137, p. 3704
-has been postponed to Dec. 4, up to
which time bids will be received. The issues are as follows:
$17,500 water tower bonds. Due in 20 years.
10,000 swimming pool bends. Due in 15 years.
7,000 city garage bonds. Due in 10 years.
Interest rate is not to exceed 5%, payable semi-annually.
MANCHESTER, Hillsboro County, N. H.
-TEMPORARY LOAN.
The issue of $500,000 notes offered on Nov. 21-V. 137, P. 3704
-was
awarded to the Merchants National Bank of Manchester, at 4.47% discount basis. Dated Nov. 21 1933 and due on April 12 1934.
-The $17.369.10
-BOND SALE.
MASSILLON, Stark County, Ohio.
-were purchased as 6s at a
bonds offered on Nov. 20-V. 137, p. 3358
price of par, by the BancOhle Securities Co. of Columbus,the only bidder.
The sale consisted of:
$10,000.00 property portion st. impt. bonds. Due $1,000 annually on
Oct. 1 from 1935 to 1944 incl.
7,369.10 city portion sewer construction bonds. Due Oct. 1 as follows:
$1,000 from 1935 to 1940 incl., and $1,369.10 in 1941.
Each issue is dated April 1 1933.
-TEMPORARY LOAN.
-Newton,
MILTON, Norfolk County, Mass.
Abbe & Co. of Boston were awarded on Nov. 21 an issue of $100,000 notes
at 1.16% discount basis. Due $50,000 each on May 1 and July 15 1934.
Bids for the loan were as follows:
Discount
-Basis.
Bidder
1.16%
Newton,Abbe & Co.(purchaser)
1.19%
Lee Higginson Corp
1.32
Merchants National Bank
1.34
Tyler, Buttrick Co
1.344
State Street Trust Co
1.38
First National Bank, Boston
1.49
National Shawmut Bank
1.51
Faxon, Gade & Co
-PROPOSED BOND A1SMINNEAPOLIS, Hennepin County, Minn.
SUANCE.-It is reported by Geo. M. Link, Secretary of the Board'of
Estimate and Taxation, that the city is proposing to issue $1,392.048 in
bonds to finance that portion of the proposed Twin City sewage disposal
plant, to be used by the city only and to be constructed on or before Dec.
31 1934, and in addition $1.995,077.23 in bonds to finance that portion of
the project to be used jointly by St. Paul and Minneapolis, which is to
be constructed on or before Dec.31 1934. He states that these bonds are to
be sold by the City Council and not by the Board of Estimate and Taxation.
-BOND AND CERTIFIMINNEAPOLIS, Hennepin County, Minn.
CATE SALE.
-Tae bonds and certificates aggregating $522,481. offered
-were purcnased by Justus F. Lowe
for sale on Nov. 22-4. 137. p. 3527
& Co. ot Minneapolis, as 5s at par. The Issues are divided as follows:
$500.000 public service bonds. Due $50,000 from Dec. 1 1935 to 1944 incl.
22,481 certificates of indebtedness (current expense). Due on March 1
1934.
No other bids were received, according to the Secretary of the Board of
Estimate and Taxation.
-PROPOSED P WA FUND ALLOTMOLINE,Rock Island County,III.
MENT.
-Glenn Trevor. attorney, has been authorized by the city council
to prepare the necessary legislation for issuance of $125,000 revenue bonds
to Tinance the construction of a municipal swimming pool and bathhouse
in Riverside Park. The Public Works Administration will be asked to
finance the project and to provide the usual grant of 30% of the amount
spent for labor and materials on till project. The bonds, to be used as
collateral for the PWA loan, are to mature in 20 years.
-It is
MONTANA, State of (P. 0. Helena).
-BONDS CALLED.
announced by James J. Brett, State Treasurer, that he is calling for Payment at the Chase National Bank in New York City, on Jan. 1 1934, on
which date interest shall cease. Nos. 1451 to 1525 of the State Educational
bonds, series A.
MONTCLAIR,Essex County, N. J.
-REDUCES INTEREST CHARGE
-In an effort to raise the $1,667,000 needed
ON TAX DELINQUENTS.
before Dec. 15 for payment of county taxes and retiring of tax anticipation
notes, the Town Commission on Nov. 16 voted to reduce the interest rate
on delinquent taxesfrom 7% to 3%,providing payment in full is made before
Dec. 1. Taxes affected are those due for the first half of 1933 and all
prior levies, it is said.
-BOND EXMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
CHNAGE OFFER.
-A...a result of the failure to obtain a bid for the $848,000
-the
6% coupon refunding bonds offered on Nov. 14-V. 137, p. 3704
county proposes to exchange the refundings for bonds which have matured.
Joseph A. Lutz, County Auditor, under date of Nov. 16, outlined the
plan as follows:
"Due to shortages in the tax collections, we are unable to pay any principal on our bonds in cash at this time, but we have a plan to offer whereby
we will exchange the bonds which have matured for 6% refunding bonds
dated Oct. 11933. These bonds are a general obligation on the county at
large, and a copy ofthe legal opinion of Peck, Shaffer Sr Williams. attorneys,
Cincinnati, Ohio, will accompany the bonds. The bonds which have matured may be sent to this office either direct or tnrough a local bank and
adjustments of interest will be made at the time of the exchange. Our
new refunding bonds will be ready for exchange about the 25th of this
month, maturities from 1937 to 1946, first coupon for interest will be
payable April 1 1934. and we will have available maturities from 1939 to
1946. as the 1937 and 1938 maturities have been reserved for various
bondholders to date."
-BOND ISSUE APMONTOURSVILLE, Lycoming County, Pa.
PROVED.
-An issue of $15,000 funding bonds was approved on Nov. 15
by the Department of Internal Affairs of Pennsylvania.
MORRIS INDEPENDENT SCHOOL DISTRICT (P. O. Morris),
-We are Informed
Stevens County, Minn.
-BOND SALE DETAILS.
that the $55,000 school bonds purchased by the State of Minnesota
V. 137. p. 3009
-were sold as 410, at par. and mature on July 1 as follows:
$3,000. 1939 to 1943, and $4,000 from 1944 to 1953. Int. payable J. & J.
MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT LP. 0.
-Lena Z. Kenney, District
Mount Lebanon), Pa.
-BOND OFFERING.
Secretary, will receive sealed bids until 8 p. m. on Dec. 14 for the purchase
of 590,000
5 or 51.4% coupon scnool bonds. Dated Dec. 1 1933.
Denom. 31.000. Due $9,000 on Dec. 1 from 1934 to 1943 incl. Interest
order
is payable in J. Sc D. A certified check for $1,000, payable to
of the District Treasurer, must accompany each proposal. Successful
bidder to pay for the printing of the bonds. Bids to be made subject to
approval of issue by the Pennsylvania Department of Internal Affairs. I
-BONDS VOTED.
-At the
NASHVILLE, Davidson County, Tenn.
special election held on Nov. 16-V. 137, p. 2841-the voters approved
the issuance of the 33.900,000 in bonds.
The following report on the I ote cast is taken from the Nashville "Banner" of Nov. 17:
"Although during most of the day the voting was light and many predieted that the bond issue decision would be made by only a fragment of
Nashville's qualified voters, the_compieted total reached 11,100-a representative total vote.
MARION COUNTY (P. 0. Marion), Ohio.
-BOND SALE.
-The issue
of $54,000 5% poor relief bonds offered on Nov. 17-V. 137, P. 3358 was
awarded jointly at a price of par to the National City Bank & Trust Co.
and the Fahey Banking Co., both of Marion, the only bidders. Dated
Nov. 1 1933. Due as follows 56,000 March and Sept. 1 1935 and 1936
and $5,000 March and Sept. 1 from 1937 to 1939 incl.
MARION JUNCTION, Turner County, S. Dak.-ADDITIONAL
INFORMATION.
-In connection with the unSuccessful offering of the
$17,500 issue of not to exceed 4% semi-ann. sewage disposal system bonds
on Nov.9-V. 137. p. 3704
-it is stated by the City Auditor that since the
bond proceedings are based on selling the bonds to the Federal Government at 4% and thus obtaining the customary 30% grant, it will be useless
to try to find private buyers. If they should be rejected by the Government
the bonds will either be re-advertised or the whole matter will be let drop.
-BONDS AUTHORMARTINS FERRY, Belmont County, Ohio.
IZED.
-The City Council adopted an ordinance recently providing for tne
issuance of $42,000 4% Riverview Cemetery improvement bonds. Dated
Dec. 1 1933. Denom. $1,000. Due as follows: $2,000. Oct. 1 1935:
52.000, April and Oct. 1 from 1936 to 1943 incl.: 53,000, April and $2.000
Oct. 1 1944, and $3.000 April 1 1945. Principal and interest (A. & 0.)
are payable at the City Treasurer's office. The Public Works Administration is expected to accept the bonds as security for a loan and to make
a grant of an additional sum to finance the improvement.
MARYLAND (State of).
-John M. Dennis,
-BOND OFFERING.
State Treasurer, will receive sealed bids until Feb. 13 1934 for the purchase
of 53.472,000 general and unemployment relief bonds.
-The State Roads ComOBTAINS FEDERAL FUND ALLOTMENT.
mission has received an allotment of $5,411.866 from the Public Works
Administration for the construction of bridges and viaducts. This allotment, it is said, was made on assurance from the State officials that any
obstructions could be removed by rulings or through satisfactory legislation before actual transfer of the allotment. The State proposes to get
30% of the cost of labor and materials as a grant, and the balance as a loan
secured by obligations bonds of the State based on allocation of a protion
of the State automobile license fees and (or) revenue's from tolls on certain
bridges within the State. Full detail on the construction has not yet been
filed with the PWA and the allotment is conditional upon approval of this
detail, plans and specifications by the Engineering Division of the PWA.
MARYSVILLE, Snohomish County, Wash.
-BONDS VOTED.
-At
the election held on Nov. 14-V. 137, Isi• 3704
-the voters approved the
Issuance of the $41,300 in 4% water system bonds by a wide 'margin.
MASSACHUSETTS (State of).
-DISTRIBUTION OF TAX MONEYS
ON REDUCED BASIS.
-A total of $19,453,810 will be distributed by the
State to local governments from tax collections during 1933, representing a
decrease of 5:8,481.633 below the sum of $27,935,443 disbursed in 1932.
Cities and towns will pay to the State a total of $21,089.929 in taxes for
the current year, as compared with $21,651.396 in 1932. A sharp decrease
in the revenue derived from the income taxes is responsible for the lower
payment to the municipalities. Payments by the State from this source
will be $11,528,045, in contrast with $16,893,200 in 1932.
Volume 137
Financial Chronicle
"The $2.000.000 bond issue for school led the list with a total of 8.509 for
and 2,311 against, losing only one ivard in the city, the Twenty-fourth.
'The vote on the nine issues was as follows:
Against.
For.
2,613
8,124
1) $150,000 for fireballs
2,618
8,133
2 $50,000 for police station
2,648
8,128
3 $500,000 for improvements
2,526
8,270
4 $200,000 for permanent streets
2,512
b,264
5 $450,000 for sewers
2,593
8,197
6 $300,000 for water works
2,609
8,195
000 for incinerators
7 i100,
2,595
8,193
8 150.000 for viaduct
2.311
8,509
92,000,000 for schools
-WIDENING OF' TAX BASE
NEWARK, Essex County, N. J.
-The committee appointed last August by Director Parnell
ADVOCATED.
of the Department of Revenue and Finance to study the city's taxation
problem. made public its report on Nov. 18. The report stated that
"taxes are being imposed upon a class of people that cannot pay the imposition" and contained the following recommendations, according to
the Newark "News" of Nov. 18
"That a revaluation of the real estate be made.
"That a revaluation of personal property be made.
"That the matter of tax exemptions be investigated.
"That the debt limit law be such that limits in fact.
"That the poll tax be repealed or the imposition thereof be optional
for each municipality, borough or town.
"That the entire taxing system throughout the State be revised and
modified.
"That legislation now in force as to pension funds be revised.
' "That ordinances be enacted under the police powers of the city of
Newark to license all professions and businesses."
-SYNDICATE OFFERS THREENEWARK, Essex County, N. J.
-A syndicate composed of banks, insurance comYEAR CREDIT PLAN.
city, acting through the Citizens' Financial
panies and corporations in the
Advisory Committee headed by Horace K. Corbin, Vice-President of the
Fidelity Union Trust Co., Newark,on Nov. 23 submitted to the City Commission a plan for financing the obligations of the municipal government
for the three-year period ending Dec. 31 1936. The pressing need of some
arrangement whereby the city would not be wholly de:pendent on the full
collection of taxes to meet operating expenses and debt payments was
emphasized last week in the demand of the Guaranty Trust Co. and the
Chase National Bank, both of New York,jointly holding $2,800,000 notes,
that they expected payment of same at maturity on Dec. 1 1933 and would
-V. 137, p. 3705.
not consent te any further renewal of the indebtedness
Under the plan presented to the City Commission, the syndicate in consideration of certain conditions approved by the city agrees to finance uncollected taxes during the three-year period to the extent of about $24,000,000,
through the purchase of tax revenue and anticipation notes in amount of
85% of the delinquent taxes in 1934, 1935 and 1936. It also provides for
funding of the $15,669,875 temporary debt outstanding as of Oct. 31 1933.
The following is an outline of the plan as announced in a statement issued
by Mr. Corbin:
"As of Oct. 31 1933 the temporary debt of the City of Newark was
$15,669,875, consisting of $6,259,375 in improvement notes and $9,410,000
in tax revenue and tax anticipation notes. This plan proposes that a group
be formed consisting of certain commercial and savings banks, insurance
companies and other corporations to underwrite and purchase from the city
from time to time during the years 1934, 1935 and 1936 tax revenue and
anticipation notes to the amount of 85% of the unpaid taxes of any year,
the total outstanding at any one time not to exceed $17,000,000; temporary
improvement notes to be funded at the earliest opportunity. This fund
to be formed under the following conditions:
"The city shall not appropriate $1.500,000 of the surplus revenue existing at the end of 1933 for any purpose during the years 1934, 1935 and
1936.
"The city to place in the 1934 levy a surplus fund of $2,500.000 which
is not to be appropriated in the budget nor used for any purpose. A like
surplus fund of $2,500,000 to be created in both 1935 and 1936, the total
surplus of unappropriated and unspent revenue to amount to $9,000,000 on
Dec.31 1936.
"The total tax levy on real and personal property for the years 1934, 1935
and 1936 shall not exceed in any one year the sum of $31.000,000, including
the surplus fund mentioned above. A reduction in the appropriation for
operating city and school departments of at least $2,000,000 to be made.
Additional revenue to keep the levy at the above figure, $31,000,000,
should be procured from increase of license fees.
"No money shall be borrowed by the city for any purpose during the life
of this agreement without the consent of the lending group.
"A proper budget ordinance must be passed, approved by the syndicate,
and a budget director appointed,subject to their endorsement.
Ps."All city pension funds must be consolidated into one pension fund;
contributions to be evenly divided between employees and the city government, with no additional liability on the part of the city for any deficit.
"Property must be sold for unpaid taxes within one year after final tax
payment falls due.
p. Legislation to be passed providing for penalty of 1% per month on all
delinquent taxes.
"Legislation must be passed compelling the city to keep in trust in the
sinking fund all collections of any given year if tax revenue notes are outstanding for that year."
-BOND OFFERING.
NEW BREMEN, Auglaize County, Ohio.
Sealed bids addressed to J. M. Brucken, Village Clerk, will be received
until 12 m. on Dec. 16 for the purchase of $25,000 5% sewage disposal
works construction bonds. This issue was approved at the general election
on Nov. 7-V. 137. p. 3705. Dated Oct. 1 1933. Due Oct. 1 as follows:
$1,600 from 1935 to 1939 incl. and $1,700 from 1940 to 1949 incl. Int.
is payable in A. & 0. A certified check for 5% of the bonds bid for,
payable to the order of the Village Clerk, must accompany each proposal.
NEW CUMBERLAND, Hancock County, W. Va.-FEDERAL
-It is reported by the
FUND ALLOTMENT NOT CONSUMMATED.
Town Recorder that the allotment by the Public Works Administration
this town for water distributing system extension-V. 137.
of $63,000 to
-is subject to the decision of the Supreme Court. He states
p. 3705
that nothing further will be done on the loan and grant until this decision
has been handed down.
-TAX COLLECTIONS.
NEW HAVEN, New Haven County, Conn.
Bernard J. McOratn, Collector, has advised the Board of Finance that
up to Nov. 15 collection had been made of 78.92% of the current tax
levy, as compared with 82.30% to the same date a year ago. The reon81u;tgithep
are $7948370and
LTa23z4tm%clei=
__ date,
:1IifVrm
Of last year's receipts, the lower percentage for this year is due to the
increase in the tax levy, it is said.
4, , $ . ahac
-ADDITIONAL INNEW HAVEN. New Haven County, Conn.
-The $500,000 borrowed by the city on Nov. 10 from
FORMATION.
-V. 137, p. 3705
-was obtained
the Chase National Bank of New York
through the sale of 1.75% notes. dated Nov. 17 1933 and payable on
Feb.9 1934 at the First National Bank of Boston or at the First of Boston
International Corp.. New York City. Legality approved by Storey,
Thorndike. Palmer & Dodge of Boston.
-DRAINAGE DISTRICTS
NEW MEXICO,State of(P.O. Santa Fe).
-The following announcement was issued by the lio•
LOANS BY RFC.
construction Finance Corporation on Nov. 17, regarding loans made on
that date:
"The RFC has approved loans for three drainage districts in New
Mexico totaling $325,928.76, under the provisions of the Amergency Farm
Mortgage Act. which.appropriated $50,000,000 for refinancing drainage,
levee and irrigation districts.
"The three districts are: Roswell Drainage District ,Roswell, N. M.,
$92.766.13; Wester-Greenfield Drainage District, Roswell, N. M.. $159.885.38: Hagerman Drainage District, -Hagerman, N. M. $73.277.25.
"Twelve loans for refinancing have been approved to date by the Board,
representing a total of $4,187,884.76."
-OBTAINS PWA ALLOTNEWTON, Middlesex County, Mass.
MENT.-Tne city will now proceed with work on a $248,400 school building construction program,an allotment of that amount having been obtained
recently from the Public Works Administration. This sum includes a
grant of 30% of the estimate of $197,300 to be expended for labor and
materials. The balance consish, of a loan secured by 4% general obligation city bonds.
3871
-Mayor
NEW YORK, N. Y.-295.000,000 PWA FUNDS SOUGHT.
O'Brien announced on Nov. 21 that the city proposes to apply to the Public
Works Administration for funds in amount of more than $95,000,000 to
cover various work projects. Improvements totaling $35,020,000 have
already been forwarded for final consideration by the Administration
Board at Washington, according to the Mayor.
NEW YORK, N. Y.--$70.000.000 POOR RELIEF' BONDS SOLD.
The issue of $70,000,000 4% home and emergency work relief bonds offered
-was awarded at par and accrued
for sale on Nov. 20-V. 137. p. 3705
interest to a syndicate of local commercial and• savings banks and insurance companies, the principal banking participants of which include
the Bankers Trust Co., Chase National Bank. First National Bank,
Guaranty Trust Co. and the National City Bank. The accepted bid,
which was the only one submitted, was tendered on behalf of the successful group by J. P. Morgan & Co.. of New York. The sale was made
in accordance with the terms of the four-year credit agreement which
was signed jointly on Oct. 31 by members of the city administration and
representatives of the banking institutions. This document, consisting
of 34 pages, also pledges the banks to provide for the short-term credit
requirements of the city during the next four years. The text of the contract was summarized in part in the "Chronicle" of Nov. 4, 13. 3359.
Of the proceeds of the $70,000,000 bond sale, $35,000.000 will be applied
to the redemption of a like amount of certificates of indebtedness, while
the balance of $35,000,000 will be used for further poor relief expenditures.
It is provided that the savings banks and insurance companies will accept
$35,000.000 bonds as their participation in the transaction. This will
be done in consideration of Mayor O'Brien's action on Oct. 19 in vetoing
a bill which would have imposed a temporary tax on those corporations,
-V. 137. p. 3002.
to provide additional revenue for unemployment relief
The balance of $35,000,000 bonds, representing the commercial banks'
allotment of the issue, will be resold to the city's sinking and pension
funds, as previously arranged. The banks, however, in turn will purchase
from the respective funds a like amount of 4% revenue notes, due Dec.
1 1936, although callable on 30 days' notice. The notes will be dated
Dec. 1 1933. The city will obtain $35,000,000 of new money as a result
of the sale.
-The entire issue of $70,000,000 4%
DESCRIPTION OF BONDS.
bonds is dated Nov. 1 1933 and due $7,000,000 annually on Nov. 1 from
1934 to 1943 incl. None of the bonds will be offered on the investment
market, as existing city issues, bearing higher interest rates, are being
quoted at prices considerably below par. The following is a list of those
whose names appeared in the bid which was accepted by the city. The
bid was accompanied by certified checks of varying amounts from each
of the institutions, making an aggregate of $1,400,000, demanded by the
city as a good faith deposit.
Name
Name
Fulton Trust Co.
Bankers Trust Co.
Guaranty Trust Co.
Bank of Manhattan Co.
Irving Trust Co.
Bank of New York & Trust Co.
Kings County Trust Co.
Brooklyn Trust Co.
Central Hanover Bank fic Trust Co. Lawyers County Trust Co.
Manufacturers Trust Co.
Chase National Bank
Marine Midland Bank & Trust Co.
Chemical Bank & Trust Co.
Commercial National Bank & Trust. J. P. Morgan Sz Co.
National City Bank
Continental Bank & Trust Co.
' New York Trust Co.
Corn Exchange Bank & Trust Co.
Public National Bank & Trust Co.
Empire Trust Co.
Title Guarantee & Trust Co.
Fifth Avenue Bank.
United States Trust Co.
First National Bank.
NORTHWOOD SPECIAL SCHOOL DISTRICT (P. 0. Northwood), Grand Forks County, N. Dak.-BONDS VOTED-It is reported that at an election held on Nov. 14 the voters approved the issuance
of $40,000 in school building bonds by a count of 266 to 120.
-FUNDS AVAILABLE FOR MATURNUTLEY,Essex County, N.1.
-Raleigh S. Rife, Director of the Department of Revenue and
ING DEBT.
Finance, stated on Nov. 13 that the Sinking Fund Commission had on
hand sufficient funds to pay off $107,000 in obligations due on Dec. 1 1933.
Mr. Rife also said, according to report, that of the securities held in the
sinking fund, those of only two places, Atlantic City and North Arlington,
nave defaulted.
-It is
-BOND ELECTION.
OAKLAND, Alameda County, Calif.
stated that an election will be held on Dec. 19 to have the voters pass on
bonds, divided as follows: $975,000
the proposed issuance of $3,260,000 in
library construction: $900,000 sewers; $750,000 bridge approaches;$185,000
park purchase; $350,000 high pressure system, and $100.000 playgrounds
bonds.
OHIO (State of).
-LOCAL POOR RELIEF ISSUES APPROVED.
The State Tax Commission on Nov. 13 authorized Franklin County to
issue $475,000 poor relief bonds, to provide for relief needs during the
period from Nov. 15 to the close of 1933, and also approved of issues for
15 other counties as follows; Cuyahoga,$2,175,000; Hami.ton. $1.000,000:
Summit. $420,000; Trumbull, $220.000; Stark, $250,000: Athens. $55.000:
Hocking, 1530,000; Lawrence, $45.000; Meigs. $30,000; Montgomery.
$350.000: Muskingum, $65,000; Sandusky. $10.000: Lucas, $525.000;
Vinton. $15,000. and Logan. $18,000.
-BOND ISSUE APPROVED.
ORRVILLE, Wayne County, Ohio.
The Village Council recently adopted an ordinance providing for the issuance
of $6.500 534% triple combination pumper purchase bonds, to be dated
Dec. 1 1933 and mature semi-annually on April and Oct. 1 from 1935 to
1941 incl. Principal and interest (A. & 0.) are payable at the office of
the Village Treasurer.
-It is re-BOND ELECTION.
OSAKIS, Douglas County, Minn.
ported that an election will be held on Dec. 5 in order to have the voters
on the proposed issuance of $12,000 in water department bonds.
pass
OSBORN SCHOOL DISTRICT NO. 2 (P. 0. Stanley), Mountrail
-The $2.000 issue of
County, N. Dak.-CERTIFICATES NOT SOLD.
-was not
certificates of indebtedness offered on Nov. 3-V. 137, p. 3360
sold, as no bids were received, reports the District Clerk. Due in 2 years.
-FEDERAL FUND ALLOTPAWNEE, Sangamon County, III.
-An allotment of $74,000 to the village for the construction of a
MENT.
water works system has been announced by the Public Works Administration. It is estimated that $54,000 will be used for the payment of labor
and the purchase of materials. A sum equal to 30% of such expenditure
constitutes the Federal Government's share of the cost, and is not subject
to be repaid by the village. The balance of the advance, however, consists
of a loan secured by 4% revenue bonds of the water department and other
assessments, subject to toe approval of and with maturity acceptable
to the PWA.
-BONDS
PENN SCHOOL DISTRICT, Westmoreland County, Pa.
-The State Department of Internal Affairs at Harrisburg
APPROVED.
repair bond issue.
on Nov. 15 approved of a $5.000 school
-BOND
PERRY SCHOOL TOWNSHIP, Marion County, Ind.
-Omer Green Township Trustee, will receive sealed bids
OFFERING.
until 10 a. m. on Dec. 16, for the purchase of $24,000 not to exceed 5%,
interest funding bonds. Dated Dec. 16 1933. There will be 20 bonds of
$1,000 each, 5 'bonds of $500 each and 5 bonds of $380 each. Issue is due
semi-annually on Jan. and July 1. Principal and interest (J. dr J.) are
payable at the Citizens Bank,Southport. Legal opinion of Smith. Remoter.
Hornbrook & Smith of Indianapolis will be furnished the successful bidder.
-OBTAINS PWA ALLOTPERTH AMBOY, Middlesex County, N. J.
-An allotment of $859,000 to the City for the construction of a
MENT.
sewage treatment plant has been announced by the Public Works Administration. This includes a grant of 30% of the approximately $656,000 to be
used in the payment of labor and the purchase of materials. The balance
consists of a loan by the PWA.secured by 4% general obligation bonds.
PETERSBURG, Nelson County, N. Dak.-FEDERAL FUND AL-The Public Works Administration announced recently the
LOTMENT.
allotment of $18,030 to this village for the construction of a village hall.
On this allotment the PWA made the customary grant of 30% of the cost
of labor and material. The remainder is a loan secured by 4% general
obligation bonds.
-PROPOSED LOAN OF $5,000,000 REDUCED
PHILADELPHIA, Pa.
-In connection with
TO $1,300,000 AT INSTANCE OF COMPTROLLER.
the report of the borrowing last week of $1,300.000 at 3;‘% interest from
-V. 137, p. 3706
-we learn that arrangethe Philadelphia National Bank
ments for the consummation of a loan of $5,000.000 at that rate, for payroll
requirements during the remainder of 1933, were blocked by City Comp-
3872
Financial Chronicle
Nov. 25 1933
troller Wilson on the ground that the interest charge was exorbitant. The
for Nov. 6-V. 137, p. 3179
-has not been completed as yet, reports the
Philadelphia "Ledger" of Nov. 16, after noting the foregoing, continued
President of the School Board. Due in 20 years.
as follows
RAMSEY COUNTY INDEPENDENT SCHOOL DISTRICT No. 2
"After Mayor Moire had announced that the loan had been obtained.
(P. 0. St. Paul), Minn.
Mr. Wilson characterized the interest rate as outrageous. Pointing out
-BOND ELECTION.
-It is reported that an
that the municipality had 36,522,115 on deposit in the Philadelphia National
election will be held on Dec. 14 in order to pass on the proposed issuance
of $45,000 in 434% high school addition bonds.
Bank, on the first $5,000,000 of which it received only 1% interest, and
nothing on the balance, the Comptroller said
READING, Barks County, Pa.
-PROPOSED PWA ALLOTMENT.
"'It was intended to borrow $5,000,000-$1,300,000 for the payroll
Plans are being prepared for the early sale to the Public Works Administradue to-day and the balance for the next two payrolls. The Comptroller
tion of the $1,850,000 water works construction ponds which were approved
objected to paying 334% interest, but finally signed the notes for $1,300,000
at the general election on Nov,7-V. 137, p. 3528. The PWA is expected
in order that policemen, firemen, park guards and other workers might
to make a grant of $700,000 to the City, which will make a grand total
receive their pay on time.
of $2,550,000 available for the project.
Lower Rate Is Predicted.
"'I have been in touch with banking institutions in New York City
REDMOND SCHOOL DISTRICT (P. 0. Seattle), King County,
and am confident the balance can be borrowed at a much lower rate of
Wash.
-BOND SALE.
-A $16,500 issue of school bonds is reported to
Interest.
have been purchased at par by the State of Washington at 5%. Due in
"'It is an outrage for the Philadelphia National Bank, which has $6,from two to 23 years, optional in three years.
522,115 of the taxpayers' money on deposit, and on which interest of 1%
RICHMOND, Henrico County, Va.-FEDERAL LOAN APPLICAIs being paid the city for the first $5,000,000 and nothing on the balance.
TION FILED.
-The City Committee on Public Works is reported to have
to charge the city in this emergency 334% for the use of the taxpayers'
formally submitted to the State Public Works Board its application for
money.'
an allotment of $2,250,000 with which to construct a deep water channel.
"The Comptroller suggested that sufficient funds for yesterday's payroll
probably could have been borrowed without interest from the Municipal
ROCHESTER, Monroe County, N. Y.-PIVA ALLOTS FUNDS.
Sinking Fund, in whose account the $6,522.115 is on deposit in the PhilaThe City has obtained an allotment of $1.490,000 from the Public Works
delphia National. This money is being set aside to meet the semi-annual
Administration to finance the construction of a new high school building.
sinking fund and interest payments aggregating about $12,000,000, due
This includes a grant of 30% of the estimate of $1.200.000 to be used for
Dec. 31."
labor and materials. The balance consists of a loan to the City, secured by
4% general obligatoin bonds.
PHOENIX, Maricopa County, Ariz.
-BOND ELECTION DETAILS.
-In connection with the report given in V. 137, p. 3706, to the effect
ROCHESTER SCHOOL DISTRICT, Beaver County, Pa.
-BOND •
that the voters on Dec. 9 would pass on a proposal to validate a loan
OFFERING.
-Sealed bids addressed to Frank A. Lawson, Secretary of
from the Federal Government amounting to approximately $1.750,000
the Board of School Directors, will be received until 8 p. m. on Nov. 27
for park purposes, sewer and water extension, and stcrm sewers, we are
for the purchase of $30,000 414 or 5% coupon school bonds. Denom.
now informed by the City Clerk that the election has been called for that
$1,000. Due Nov. 1 as follows: $3,000 from 1935 to 1940, incl. and ts-i,000
time in order to vote on the issuance of $1.520,000 in 'serial bonds for
from 1941 to 1943, incl. Interest is payable in M.& N. A certified check
these purposes.
for $500, payable to the order of the District, must accompany each proposal.
PIERCE COUNTY SCHOOL DISTRICT NO. 107 (P. 0. Tacoma),
Wash.
-BOND OFFERING.
-1t is stated that sealed bids will be received
ROCKPORT SCHOOL DISTRICT IP. 0. Rockport), Aransas
until 10.30 a. m. en Dec. 16 by J. E. Tallant, County Treasurer, for the
County, Tex.
-BOND ELECTION.
-It is reported that an election was
purchase of a $6.200 issue of school bonds. Int. rate is not to exceed
held on Nov. 25 in order to vote on the issuance of $5.600 in school bonds.
6%, payable semi-annually. Denom. $100 or any multiple thereof. Prin.
ROGERS COUNTY (P. 0. Claremore), Okla.
and int. payable at the County Treasurer's office, at the fiscal agency
-CONTEMPLATED
BOND REFINANCING.
-It was decided on Nov. 7 by the County Comof the State in New York, or at the State Treasurer's office. A certified
missioners to refinance a payment of $162,500 on a road bond Issue of $650.check for 5% must accompany the bid.
000 that was voted in 1V/23, by the issuance of refunding bonds to replace
PIERCE COUNTY SCHOOL DISTRICT No. 123 (P. 0. Tacoma),
those duo on Nov. 1 and now in default. This amount rdpresents the
Wash.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m. second payment on the principal, which was spread over a period of 20 years.
on Dec. 16 by J. E. Tenant, County Treasurer,for the purchase of a $4,900
ROME TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Athens),
Issue of school bonds. Interest rate is not to exceed 6%. payable semiAthens County, Ohio.
-BONDS VOTED.
-C. G. Barrows, District
annually. Denom. $100 or multiple thereof. Prin. and int. payable at
Clerk, reports that at the general election on Nov. 7-V. 137, p. 2842
the County Treasurer's office or the fiscal agency of thelState in New York
the proposal to issue $26,500 14
-year school building addition construction
City or at the State Treasurer's office. A certified check for 5% must
bonds carried by a vote of 383 to 103.
accompany the bid.
ROSEBUD, Falls County, Tex.
-PROPOSED FEDERAL LOAN.
-It
PINE ISLAND SCHOOL DISTRICT (P. 0. Pine Island).Goodhue
is stated by the City Secretary that the application of this city for a Public
County, Minn.
-BONDS VOTED.
-At the election held on Nov. 14Works Administration loan of $20,000 for a water works system has not
V. 137, p. 3706
-the voters approved the issuance of the $60,000 In 4 %
as yet been authorized.
high school bonds by a wide margin. It is said that these bonds will be
taken by the State of Minnesota.
SABINE SCHOOL DISTRICT,. Clinton County, Ohio.
-RECEIVES
PWA ALLOTMENT.
-In announcing the allotment of $38000 to the DisPITTSBURG COUNTY SCHOOL DISTRICT NO.21 (P.O. McAlestrict for a new schoql building. the Public Works Administration stated
-FEDERAL FUND ALLOTMENT.
ter), Okla.
-An allotment of $515
that the sum includes the usual grant of 30% of the amount to be spent for
to this district for school repair purposes was announced recently oy the
labor and materials. These expenditures are estimated at approximately
Public Works Administration. The customary 30% of the cost of labor
$29.800. The balance consists of a loan to the District, secured by 4%
and material was granted by the PWA on this project. The remainder
general obligation bonds. At the general election on Nov. 7 voters of the
is a loan secured by 4% general obligation bonds.
District authorized a $25,000 bond issue.
-V. 137, p. 3707.
PLATTEVILLE, Grant County, Wis.-FEDERAL FUND ALLOTST. LOUIS, Mo.-BONDS VOTED.
-At the election held on Nov. 21-MENT.
-The Public Works Administration announced recently an allotV. 137, p. 3361-the voters approved the issuance of the $1,500.000 in
ment of $33,000 to this city for sewage treatment purposes. In line with
bonds to be used for building and equipping hospitals. The following
its customary procedure on public works projects, the PWA made a grant
letter was sent to us on Nov. 21 by Chas. L. Cunningham, Deputy Compof 30% of the cost of labor and material. I he remainder is a loan secured
troller, explaining the questions that were voted on at that time:
by 4% general obligation bonds.
"Your letter of Nov. 6 addressed to the City Clerk requesting certain
POINT PLEASANT, Mason County, W. Va.-FEDERAL FUND
information on the bond issue to be voted on by the people Nov. 21 has
ALLOTMENT.
-It was announced recently by the Public Works Adminisbeen handed to me.
tration that it had made an allotment of $116,000 to this city for the
"There are two propositions to be voted on:
construction of a combined sanitary and storm sewer system. The cus"(1) In the bond issue of 1923 an item of $1,500,000 was included for
tomary grant of 30% of the cost of labor and material was made by the
the construction of the northeast approach to the Municipal Bridge. This
PWA. The remainder is a loan secured by 4% revenue bonds.
approach has never been built and the previous city administration and the
present city administration have decided not to issue the bonds for the
PORT CHESTER, Westchester County, N. Y.
-BOND AWARD
approach in question. The city is asking the voters to merely cancel this
DEFERRED.
-Edward F. Burnes, Village Clerk. states that the award
Item of $1,500,000 for the construction of the northeast approach.
of the $280,000 bonds offered at not to exceed 6% int. on Nov. 21-V. 137,
"(2) In lieu of the $1,500,000 which have been voted by the people,
-has been deferred to Nov. 29. Only one bid was submitted,
1:.• 3706
the administration is asking that the voters pass the bond issue in the sum
an offer of par and accrued int. for the bonds at 6% int., tendered by
of $1,500,000 for the completion of the colored hospital and for additions
George B. Gibbons & Co., Inc., of New York. The offering consisted of
and betterments to our present hospital buildings.
$140,000 street impt. and $140,000 sewer impt. bonds, due serially from
"In other words, the total bonds to be voted on by the people at the
1935 to 1939 incl. The bonds are dated Nov. 15 1933.
election, namely, Nov. 21, will be $1,500.000 for the completion of the
PORT HOPE, Huron County, Mich.
-BOND ISSUE AUTHORIZED.
colored hospital and for additions and betterments of the eleemosynary
-State Treasurer Theodore I. Fry has Issued his certificate of approval
institutions and the cancellation of the 81.500,000 bonds authorized for the
of an issue of $17.500 bonds to provide for a water system in the village.
erection and completion of the northeast approach to the Municipal Bridge."
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
PORTLAND, Multnomah County, Ore.
-BOND PAYMENTS TO
-BONDS NOT SOLD.
The $500,000 issue of 4% semi-annual road bonds offered on Nov. 20
-The following report on the contemplated payment of $1,562,BE MADE.
-was not sold, as no bids were received, according to the
000 in Jan. 1 maturities is taken from the Portland "Oregonian" of Nov. 10: -V. 137. P. 3529
County Auditor. Dated Nov. 1 1933. Due $50,000 from Nov. 1 1935
'The payment of $1,562,000 in city debts to banks and bondholders was
to 1944 inclusive.
ordered yesterday by William Adams, City Treasurer, and home owners
have paid their street assessments so rapidly of late that an additional
ST. PAUL, Ramsey County, Minn.
-PROPOSED FEDERAL FUND
$100,000 in bonds may be paid off Jan. 1 ahead of schedule.
ALLOTMENTS DOUBTFUL.
-The following report on the possible rejec"The banks will get back $980,000 of the money the city has borrowed
tion of $11,000,000 in proposed public works loans because of the city's
from them for operation expenses pending receipt of taxes. In addition.
bonded debt limit, is taken from the St. Paul "Pioneer-Press" of Nov. 16:
Mr. Adams notified the Portland banks and bond houses and the Chase
"Most of the $11,000.000,000 of applications filed by St. Paul with the
National Bank, the city's fiscal agent in New York, that on Dec. 1 there
Public Works Administration cannot be 'completed' because the city has
either in New York or at the office of the
will be money on hand to redeem,
no legal way of financing the projects included in the list. Herman C.
City Treasurer here, $500,000 of park and boulevard bonds issued Dec. 1
Wenzel, Commissioner of Public Works, said Wednesday night.
1908, and due Dec. 1 1933: $15,000 in Sellwood Ferry bonds issued Dec. 1
(The PWA is separate from the Civil Works Administration, which
1903 and due next month, and $67,183.71 of street improvement bonds
announced a .67,000,000 program for Minnesota Wednesday night.)
issued Dec. 1 1927.
"William N. Carey, engineer for the State Public Works board, warned
to call for redemption on Jan. 1
"Mr. Adams said he expects to be able
the City Council by letter Wednesday that unless information now missing
an issue of $100,000 of street improvement bonds because of the improvefrom the applications Is supplied immediately, they will be placed in the
ment in the payment of instalments by the property owners. Payment
'dead'file. 'The missing information,' he said,'chiefly concerns the method
of these debts by the city will be possible because of the turnover in taxes
of financing the projects and the legality of such financing.'
and the recent sale of some of the sinking fund bonds to meet these Decem"'The applications were drawn,' Mr. Wenzel said. 'before we knew
additional obligations due Jan. 1 have
ber obligations. Plans to redeem
exactly what the PWA was going to require. We asked for a 30% grant
been delayed, unless other arrangements can be made by Mr. Adams, by
on the projects and thought that possibly the Government would lend the
the action of Commissioner Bennett Wednesday in killing emergency
city the remaining 70%
ordinances which would have authorized the call for bids on the additional
"'The Government will not do that unless the city has legal authority
sinking fund bonds. It Is expected that other arrangements will be made
to issue bonds, which would require a vote of the citizens here. Also, on
to meet these obligations on time and until the bonds can be sold in spite
several projects, we proposed using funds from the sale of Welfare bonds
of Mr. Bennett's opposition."
to finance the remaining 70% and using men now on relief rolls to do the
work. But that would involve doing the work by force account, which
-BOND OFFERING.
POUGHKEEPSIE, Dutchess County, N. Y.
is not permitted.'
George A. Deal. City Treasurer, will receive sealed bids until 11 a. m.
"'Therefore, because the city has no legal method of financing the 70%
on Nov. 29 for the purchase of $50,000 not to exceed 6% interest coupon
of the cost of the projects not covered by the Federal grant, there is no
or registered general 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
way we can supply the information requested by Mr. Carey:
to 1943, incl. Bidder to name a single interest rate for all of the bonds,
"Mr. Wenzel added. however, that approximately two million dollars of
expressed in a multiple of 34 of 1-10th of 1%. Principal and interset
work on St. Paul sewers connected with the Twin Cities sewage disposal
(J. & D.) are payable in lawful money of the United States at the Fallicill
system may be financed through the PWA because of special legislative
National Bank & Trust Co., Poughkeepsie. A certified check for 2% of
authority granted the cities to issue bonds for that work.
the bonds bid for, payable to the order of the City, must accompany each
"'Mayor Mahoney and George Shepard, city engineer, now are In
proposal. The approving opinion of Hawkins, Delafield & Longfellow of
Washington to see officials regarding the possible salvaging of several
New York will be furnished the successful bidder.
millions more of the St. Paul program, Mr. Wenzel said,
PRESCOTT, Yavapai County, Ariz.
-BOND ELECTION.
-It Is
-TEMPORARY BORROWING.
ST. PAUL, Ramsey County, Minn.
stated that an election will be held on Dec. 27 in order to have the voters
We quote in part as follows from the St. Paul "Pioneer-Press" of Nov. 11.
pass on the issuance of $100,000 in bonds for a diversion dam and a septic
regarding the city's temporary financing agreement with local banks to
tank.
carry the city over the remainder of 1933:
"Meeting in special session at 8 p. m. Friday, with the Council Chamber
PRINCETON, Green Lake County, Wis.-BONDS VOTED.
-At the
crowded with 250 employees. the City Council passed a resolution temporelection held on Nov.14-V. 137, P.3528
voters approved the Issuance
-the
arily solving present financial problems and agreeing to "live within' the
of the $125.000 in sewage disposal plant bonds by a wide margin. The
city's income in 1934.
Public Works Administration will be asked to take these bonds as security
"The action followed an afternoon meeting with representatives of the
for a loan on this project.
First, Empire and American National banks at which the banks agreed to
FtADCLIFFE INDEPENDENT SCHOOL DISTRICT (P. 0. Radfinance the city during the remainder of 1933. This will care for the $1,577,cliffe), Hardin County, lowa.-BONDS NOT AWARDED.
-The sale
000 tax delinquency and cash deficit for this year and will enable the
% semi-annual school bonds that was scheduled
of the $8,500 issue of
city to resume issuance of checks which was suspended last week.
Volume 137
Financial Chronicle
"The plan, which was embodied in a lengthy contract as a part of the
resolution passed by the Council, in brief provides that:
"The banks immediately purchase $1,575,000 worth of United States
Government ,
..25% bonds which will be sold to the city Jan. 2, and the
city's note accepted in payment.
"Cash in the sinking fund and permanent revolving fund be used tofinance
current expenditures of the city for the remainder of 1933.
"The bonds, when received by the city Jan.2,be placed in the sinkingfund
and permanent revolving fund, to reimburse these funds for the money
used during the next seven weeks.
"The city government operate within income during 1934 and expend in
addition to current tax collections and miscellaneous receipts not more than
$300,000 collected from delinquent taxes of previous years.
"All delinquent tax collections of previous years, in excess of $300,000,
In 1934 be applied to the amortization of the $1,575,000 loan.
"In years subsequent to 1934 all delinquent tax collections be applied to
the amortization of the loan until it finally is paid.
"The City Council adopt the necessary ordinances to reduce expenditures
In 1934 in anticipation of a tax delinquency of approximately $1,400000.
"The Council action was unanimous and came after only a brief discussion."
-TEMPORARY LOAN.
-The MerSALEM, Essex County, Mass.
chants National Bank of Boston has purchased an issue of $300,000 tax
anticipation notes at a 3.24% discount basis. Due $100,000 each on
July 25, Aug. 22 and Sept. 211934. Bids for the loan were as follows:
Discount Basis.
Bidder3.24%
Merchants National Bank of Boston (purchaser)
3.25%
Merchants National Bank of Salem
3.30%
Newton, Abbe & Co
3.37%
Faxon, Gade & Co
3.93%
F. S. Moseley & Co
-Sealed bids
SALEM, McCook County, S. Dak.-BOND OFFERING.
by C. H. McCap, City Clerk, for the
will be received until 8 p. m.on Dec.4
purchase of a $10.000 issue of 4% park improvement bonds. Denom.
3500. Dated Jan. 11934. Due on Jan. 1 as follows: $500, 1936 to 1951.
and $1,000 in 1952 and 1953. Prin. and int. (J. & J.) payable at the office
of the City Treasurer, or at any bank designated by the purchaser. Bids
to be made upon the basis of either the city or the purchaser furnishing
legal opinion. (These bonds were recently voted-V. 137, p. 3529.)
-BOND
SALTSBURG SCHOOL DISTRICT, Indiana County, Pa.
ELECTION.
-At a special election to be held on Nov. 25 a vote will be
taken on a proposed bond issue of $35,000, to provide for the District's
share of the construction of a new school building. The Public Works
Administration will be asked to contribute the balance necessary for the
project.
-The $4.000 issue
-BOND SALE.
SANDSTONE,Pine County, Minn.
of 4 % semi-ann. road bonds is stated to have been purchased by an
Undisclosed investor. Due $1,000 from 1945 to 1948 incl. These bonds
were voted on Oct. 30.
SANDUSKY, Erie County, Ohio.
-PLAN SALE OF $1,400,000
UTILITY BOND ISSUE.
-Plans are being made for the early issuance
of the $1,400,000 municipal electric light and power plant construction
bond issue voted at the general election on Nov. 7.-V. 137, p. 3529.
The city has /3 de application for the Public Works Administration to
provide funds i .a• the project, of which $420,000 is sought as the usual
subsidy of 30% of the money to be spent for labor and materials.
-BOND ELECTION.
SAN FRANCISCO (City and County), Calif.
It is now reported that an election will be held on Dec. 12 in order to vote
on the proposed issuance of $3.000.000 in school building bonds, instead of
on Dec. 19, as reported in V. 137, p. 3529.
-BONDS NOT TO BE
SAUK CENTER, St
County, Minn.
SOLD.
-We are now informed that the $49,000 sewage disposal bonds
-will not be issued as funds
favorably voted on Oct. 23-V. 137, p. 3707
will be obtained from the State of Minnesota.
-H. L. Collier,
-BONDS CALLED.
SEATTLE, King County, Wash.
City Treasurer, is reported to have called for payment at his office from
Nov. 10 to Nov. 22, various local impt. district bonds and coupons.
-BOND SALE.
-An
SEDGWICK COUNTY (P. 0. Wichita), Kan.
Issue of $106,000 4 % refunding bonds has been purchased by the DunneDavidson-Ranson Co. of Wichita. Denom. $1,000. Dated Oct. 16 1933.
Due on Oct. 16 as follows $5,000, 1938 to 1957, and $6,000 in 1958.
Prin. and semi-annual int. payable at the State Treasurer's office in Topeka.
Legality approved by Long, Depew & Stanley of Wichita.
SHAWNEE COUNTY SCHOOL DISTRICT NO. 35 (P. 0. Topeka),
-It is reported that the SuperinKan.
-PROPOSED BOND ELECTION.
tendent of the Board of Education has stated an election will be held in the
near future to vote on the proposed issuance of high school building bonds.
On a recent date the Public Works Administration announced the allotment
-V. 137, p. 3529.
of $93,500 to this District.
SHELBYVILLE, Shelby County, Ky.-BONDS VOTED.
-An issue of
$125,000 municipal light plant bonds is reported to have been approved
by the voters at the general election.
SIOUX CITY SCHOOL DISTRICT (P. 0. Sioux City) Woodbury
County, Iowa.
-BONDS VOTED.
-At the election held on Nov. 13-the voters approved the issuance of the $385,000 school
V. 137, p. 3180
bonds. The following is a copy of the letter sent us by H. C. Roberts,
Secretary and Business Agent:
"In reference to our election of Nov. 13 on the questions of additions to
and remodeling of various school buildings in the sum of $385,000, you are
advised that all of the 14 questions submitted carried by over 60%. The
question carrying by the largest percent was 3,345 for and 3,161 against,
and the one carrying by the smallest was 3,123 for and 3,086 against.
"We shall be glad to submit details as to the issuance of the bonds
when same have been completed."
SNOHOMISH COUNTY (P. 0. Everett), Wash.
-WARRANTS
-The County Treasurer is said to have called for payment at
CALLED.
his office on Nov. 9, various school district, current expense fund, road
district No. 1, Riverside Water District, Dyke District No. 2 and Drain.
District No. 1 warrants.
SOLOMON, Dickinson County, Kan.
-BONDS VOTED.
-The voters
are reported to have approved the issuance of $40,000 in sewer bonds at an
election held recently.
-TEMPORARY
SOUTH CAROLINA, State of (P. 0. Columbia)
-A loan of $300,000 is reported to have been obtained at 4% from
LOAN.
the Peoples National Bank of Rock Hill, and the Merchants & Planters
Bank of Gaffney.
-BOND SALE.
-It is
SOUTH DAKOTA, State of (P. 0. Pierre).
reported by the Rural Credit Board that the $1,500,000 4% refunding,
-was
series A of 1934 bonds offered for sale on Nov. 21-V. 137, p. 3529
sold to the State Treasurer in behalf of Soldiers' Compensation Interest
and Sinking Fund, at par. Dated Jan. 15 1934. Due on July 15 1941.
In connection with the above sale, we give the following report from
the Chicago "Journal of Commerce" of Nov. 20
"South Dakota is expected to weather through its 1933 rural credit bond
maturities successfully, even if no bankers enter bids at to-morrow's sale
At that time the State proposes to sell $1,500,000 of its rural credit refunding bonds.
"Because of present market conditions, the unfavorable publicity the rural
credit system has received, and the changes that have taken place in the
country's bond distribution machinery, it is not expected that any bids
will be submitted. Terms of the sale require par for a 4% coupon, while
similar outstanding bonds are selling substantially below those levels.
In the absence of any bids from investment bankers, it is expected that the
State may sell as many of its $1,500,000 bonds as it deems necessary to the
Sinking fund created for other bonds. The rural credit bonds would mature
prior to the maturity of the bonds for which the sinking fund was created.
Seek to Preserve Credit.
"From sources close to the financial situation of South Dakota it is reported that the present State administration is determined to do everything
Within its power to preserve the State's credit. One of the obstacles has
been litigation regarding constitutionality of its gross receipts tax law. A
decision on this question is expected within a month. Revenues to be recalved from this new tax are estimated variously from $7,000.000 or $8,000,000 upward. Should it reach even the minimum figure, it is thought
in informed quarters that the State would be in good condition to meet its
3873
future debt service. If the law is held unconstitutional in its present form,
it is expected the Legislature will take necessary steps to provide correction
of defects or enact new legislation to provide additional revenues as a substitute for those which might be lost.
Installment Taxes Helpful.
"Particularly helpful to the State, also, has been the new law providing
for payment of 1932 and other delinquent taxes in ten annual instalments.
This is conditioned upon the prompt payment of current taxes. Ad valorem
taxes are reported to be running considerably above a year ago, despite
crop failure.
"Maturities of the rural credit system over the next few years are rather
heavy. In 1934 it has maturities of $2,850,000, and in 1935 maturities of
$4,050.000 and a Reconstruction Finance Corporation loan of $3,844,000.
These are exclusive of about $2,000,000 interest per annum. Present
scheduled maturities for 1936 are $4,550,000 and for 1937 $3,294,750."
SOUTH EUCLID-LYNDHURST VILLAGE SCHOOL DISTRICT6
Cuyahoga County, Ohio.
-BONDS NOT SOLD
-EXCHANGE OFFER
MADE.
-Paul H. Prasse, Clerk of the Board of Education, states that no
bids were obtained for the $1,952.50 6% school building equipment bonds
offered on Nov. 3-V. 137, p. 3180. Mr. Prasse adds that the bonds are
being exchanged for a like amount of maturing principal. Issue is dated
Nov. 1 1933 and due Oct. 1 as follows $452.50 in 1935 and $500 from 193.
to 1938 inclusive.
•
-BONDS NOT SOLD.
-No
SOUTH ORANGE, Essex County, N. J.
bids were obtained at the offering on Nov. 22 of $162.000 not to exceed 6%
-V.137, p. 3707. The offering consisted
Interest coupon or registered bonds
of $67,000 emergency relief funding. $49,000 water, $27,000 assessment and
$19,000 improvement issues.
-The issue of $30,000 not
-BONDS NOT SOLD.
SOUTHPORT, N. Y.
to exceed 6% interest coupon or registered general bonds offered on Nov. 17
-was not sold as the bids submitted were rejected. Dated
- 137, p.3529
V.
Nov. 15 1933 and due Feb. 15 as follows: $4,000from 1935 to 1937 incl. and
$3.000from 1938 to 1943 incl..
SPEARFISH, Lawrence County, S. Dak.-BONDS NOT SOLD.
The $45,000 issue of4% semi-ann. water supply line bonds offered on Nov.16
- 137, p. 3529
V.
-was not sold as no bids were received, according to the
City Auditor.
SPENCER INDEPENDENT SCHOOL DISTRICT (P. 0. Spencer),
-Bids will be received until
Clay County, lowa.-BOND OFFERING.
7:30 p. m. on Nov. 27. according to report, by the Clerk of the Board of
Education for the purchase of a $50,000 issue of 4M % funding bonds.
Denom. $500. Due on May 1 as follows: $2,000 in 1941 and 1942 and
$1,000 in 1943. Interest payable M. & N.
SPOKANE COUNTY SCHOOL DISTRICT NO.330(P.O.Spokane),
Wash.
-BOND SALE.
-The $8,000 issue of coupon school bonds offered
for sale on Nov. 17-V. 137. p. 3180
-was purchased by the State of
Washington, as 64 at par. Dated Dec. 15 1933. Due in from 2 to 10 years
after date of issue.
-George
-BOND SALE.
SPRINGFIELD, Hampden County, Mass.
W. Rice, City Treasurer, made award on Nov. 21 of $264,000 coupon or
registered technical high school addition bonds as 4s to Halsey, Stuart &
Co. of Boston, at a price of 100.35, a basis of about 3.96%. Dated Nov. 1
1933. Denom. $1,000. Due Nov. 1 as follows: $14,000 from 1934 to
1937 incl. and $13,000 from 1938 to 1953 incl. Prin. and int.(M. & N.)
are payable at the First National Bank of Boston. Legality approved by
Storey, Thorndike, Palmer & Dodge of Boston. Public re-offering of the
bonds is being made at prices to yield from 2.25 to 3.90%, according to
maturity. These bonds are exempt from all Federal income taxes and taxation in Massachusetts, and are legal investments for banks in New York
State and the New England States. A bid of 100.019 for the issue at 4%
interest was submitted by R. L. Day & Co.and Whiting, Weeks & Knowles.
both of Boston, jointly.
Financial Statement (Nov. 1 1933).
$264,398,390.00
Assessed value of real estate (1933
Assessed value of personal property (1933)- 25,521,410.00
Estimated value of excise tax (1933)
5,974,850.00
$295,894,650.00
Assessors' valuation for 1933
48,289.964.00
Increase in valuation over 1923 (10 years' growth)
The assessed valuation is based on a fair cash valuation.
Tax rate in 1932, $31.70; in 1933, $29.70. Tax levied in 1932, $9,611.248:
in 1933, 38.610,618.
$3,808,393.00
Unpaid 1933 taxes (Nov. 15 1933)
20,520.58
Unpaid 1932 taxes as of Nov. 15 1933
(No taxes of any kind remain unpaid for any year previous
to 1932.)
$320,580.03
Tax titles previous to 1932 (Nov. 15 1933)
589.526.47
1932 tax titles (Nov. 15 1933)
(The tax titles shown above have been reduced over $100.000 since
Oct. 11933.)
Bonded Indebtedness (Nov. 1 1933).
$5,181,000
Debt exempted by special Acts
5,260,500
Debt within the limit
Debt paid from tax levy
Water debt (exempt) self-supporting
$10,441,500
7,458,000
$17,899,500
Present total bonded debt
44,377,488
Valuation of city property, Nov. 30 1932
3.528%
Percentage of net debt (510.441,500) to assessed 1933 valuation
52.588,970
Borrowing capacity within the debt limit, 1933
.
Springfield has built up this large borrowing capacity within the debt
limit, by failing to borrow against it in six of the last eight years, living
largely on a pay-as-you-go policy.
Population. Census of 1925, 142,065; Census of 1930, 149,855; estimated,
1933.152,000.
-BOND OFFERING.
STARK COUNTY (P. 0. Canton), Ohio.
Edith G. Coke, Clerk of the Board of County Commisioners, will receive
(Eastern Standard Time),on Dec. 1 for the pursealed bids until 10 a. m.
chase of $109,000 not to exceed 6% interest refunding bonds. Dated Nov. 1
1933. Denom. $1,000. Due on Nov. 1 as follows: $10,000 in 1935 and
$11,000 from 1936 to 1944 incl. Prin. and int. (M. & N.) are payable at
the City Treasurer's office. A certified check for 2% of the bonds bid for.
payable to the order of the County Commissioners, must accompany each
proposal. Legality of issue to be approved by Squire, Sanders & Dempsey
of Cleveland.
TEANECK TOWNSHIP SCHOOL DISTRICT (P. 0. Teaneck),
-The Public
Bergen County, N. J.
-OBTAINS PWA ALLOTMENT.
Works Administration has made an allotment of 5215,000 to the District
for school building construction purposes. This includes a grant of 30%
of the estimate of $169,500 to be expended for labor and materials. The
balance consists of a loan, secured by 4% general obligation bonds.
-The
-WARRANTS CALLED.
TEXAS, State of (P. 0. Austin).
following report on a warrant call is taken from an Austin dispatch to the
Dallas 'News" of Nov. 16:
"A call was issued Wednesday by State Treasurer Charley Lockhart
for payment of generalrevenue warrants up to No. 182,914, provided they
were issued prior to Sept. 1 1933, the beginning of a new fiscal year. The
call was for $522.595.
"The Treasurer also is paying warrants drawn on the pension fund up
to the July 1932 issue, regardless of whether they have been discounted.'
-It is announced
TEXAS,State of(P.O. Austin).
-BOND OFFERING.
by Geo. II. Sheppard, Secretary of the Bond Commission, that the Bond
Corer:Allston will receive sealed bids at the office of the Comptroller of
Public Accounts, until 1.30 p.m. on Dec. 1,for the purchase of a $2,750,000
issue of 4% relief, first series bonds. The bonds are part of a total authorized issue of $5,500,000, dated Oct. 15 1933 and bearing 4% interest,
payable April 15 1934, and semi-annually thereafter Oct. 15 and April 15
'
of each year, of the denomination of $1,000 each. The maturities of the
bonds offered for sale are as follows: $250,000 on Oct. 15 1935, $262,000
on Oct. 15 1936, $275,000 on Oct. 15 1937. $288,000 on Oct. 15 1938.
$300,000 on Oct. 15 1939. $312,000 on Oct. 15 1940, $325,000 on Oct. 15
1941,$350,000 on Oct. 15 1942 and $388,000 on Oct. 15 1943. Bonds maturing on and after Oct. 15 1939. may be redeemed on any interest paying
date on or after Oct. 15 1938. at par and accrued interest after thirty days'
notice shall have been given as required in the proceedings authorizing the
bonds. The bonds are issued for the purpose of providing funds to be
used for furnishing relief and work to needy and distressed people, and in
3874
Financial Chrom e
relieving the hardships resulting from the unemployment under and in
strict conformity with Article 3, Section 51-A, of the Constitution of the
State of Texas, and the Enabling Act, designated Senate Bill No. 46,
passed by the Forty-third Legislature at its First Called Session.
The bonds are secured by the pledge of the full faith and credit of the
State of Texas, with the stipulation in the Constitution and in the Enabling
Act that the Legislature shall provide for the payment of the interest and
principal of the bonds from sources other than a tax upon real property and
that the indebtedness evidenced by the bonds shall never become a charge
against or a lien upon any property, real or personal, within the State.
A specific appropriation has been made in the Enabling Act to pay interest
•and principal and interest requirements for the first biennium. Under the
Constitution and the law the bonds cannot be sold for less than par and
accrued Interest and no form of commission shall be allowed or paid in any
transaction involving their sale.
Alternate bids will be received and considered as follows:
1. Bids for all of the bonds.
2. Bids will be considered for all of the bonds or for any portion thereof,
provided no bid shall be considered for less than $45,000 par value of the
bonds, and provided the bonds designated in such bid shall mature in nine
installments proportionately to the nine maturities fixed for the entire
$2.750,000 of bonds.
3. Bids may be filed for lots of $500,000 or more of said bonds at not less
than par value, with the stipulation and understanding that if such bids
for lots of $500,000 or more are accepted then no bids for lesser sums than
$500,000 will be accepted; provided the bonds designated in such bid shall
mature in nine installments proportionately to the nine maturities fixed for
the entire $2,750,000 of bonds.
The bonds are offered subject to the final and unqualified approving
opinions as to their legality by the Attorney-General of the State of Texas.
John D. McCall, Attorney, Dallas, Tex., and Clap, Dillon and Vandewater, Attorneys, New York, City of New York. The approving opinions
are to be furnished at the expense of the State.
TOLEDO,.Lucas County, Ohio.
-$400,000 CERTIFICATE ISSUE
APPROVED.
-The City Council on Nov. 13 authorized the issuance of
$400,000 non-interest
-bearing certificates in payment of overdue municipal
payrolls. The certificates, provided for in the Marshall Act, are being
issued against delinquent taxes. They are in denoms. of from $1 to $50
and may be used in settlement of taxes owed the city.
-At the elecTRENTON, Grundy County, Mo.-BONDS VOTED.
tion held on Nov. 14-V. 137, p. 3180
-the voters approved the issuance
of the $250,000 in 4% light and power plant bonds by a count of 1.998 to
861. It is stated by the City Clerk that these bonds will not be offered to
the public but will be handled through the Federal Government.
UMATILLA COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Pendleton), Ore.
-At the election held on Nov. 16
-BONDS DEFEATED.
-V. 137, p. 3708
-the voters defeated the proposed issuance of $229,000
in school bonds by a small margin.
UNION COUNTY SCHOOL DISTRICT No. 5 (P. 0. Cove), Ore.
BOND ELECTION.
-It is reported that an election will be held on Nov. 28
in order to have the voters pass on the proposed issuance of $10,000 in elementary and high school bonds.
UNION COUNTY (P. 0. El Dorado), Ark.
-BONDS DEFEATED.
-It is reported that the voters recently turned down a proposal calling
for tbe issuance of $241,000 in refunding bonds.
VARNELL CONSOLIDATED SCHOOL DISTRICT (P. 0. Varnell),
Whitfield County, Ga.-FEDERAL FUND ALLOTMENT.
-An allotment of $14,285 to this district for building construction purposes was
announced recently by the Public Works Administration. The customary
30% grant of the cost of labor and material on such projects was made
by the PWA. The remainder is a loan secured by 4% general obligation
bonds. (The issuance of $10,000 building bonds was recently approved
by the voters
-V. 137, p. 3362.)
VAN BUREN COUNTY (P. 0. Clinton), Ark.
-BOND ELECTION.
-It is reported that an election will be held on Nov. 28 in order to vote
on the proposed issuance of $20,000 in court house bonds.
WAKEFIELD, Middlesex County, Mass.
-OBTAINS PWA ALLOTMENT.
-An allotment of $100,000 for water pipe improvements has been
obtained by the city from the Public Works Administration. Of the
amount allotted, a sum equal to 30% of the approximately $85,000 to be
expended for labor and materials represents a grant by the PWA,not sub.
ject to repayment. The balance of the advance consists of a loan to the
city secured by 4% general obligation bonds.
WAPELLO COUNTY (P. 0. Ottumwa), Iowa.
-BOND OFFERING.
We are informed by J. Edward Love, County Auditor, that he will receive
bids until 2 p. m.on Nov. 27,for the purchase of a $50,000 issue of funding
bonds. Due $6,000 in 1939 and $11,000 from 1940 to 1943.
WARD COUNTY SPECIAL SCHOOL DISTRICT NO. 91 (P. 0.
Douglas), N. Dak.-CERTIFICATE OFFERING-It is reported that
sealed bids will be received by /I. H. Ehlers, District Clerk, until 2 p. m.
on Nov. 27,for the purchase of a $2,000 issue of certificates of indebtedness.
Interest rate is not to exceed 6.54 %. payable semi-annually. Denom. $500.
Due on Nov. 27 1935.
WARREN COUNTY (P. 0. Fort Royal), Va.-SPECIAL ELECTION
CONTEMPLATED.
-A resolution was adopted by the County Supervisors at a recent meeting, requesting the County Judge to call a special
election before Jan. 1, in order to have the voters pass on a proposed
Federal loan of $50,000 to be used in improving the county court house.
WAUKESHA, Waukesha County, Wis.-BOND SALE.
-The $100,000 issue of 45i% semi-ann. public relief bonds offered for sale at public
auction on Nov. 15-V. 137, p. 3012
-was awarded to the Milwaukee Co.
of Milwaukee, at a price of 99.40. a basis of about 4.58%. Dated Oct. 15
1933. Due $5,000 from Oct. 15 1934 to 1953, inclusive.
WAVERLY, Humphreys County, Tenn.
-It is
-BONDS VOTED.
stated that the voters recently approved the issuance of $40,000 in factory
building bovds by a count of 197 to 13. It is said that the building will be
erected in the event that a satisfactory agreement can be made with any
one of several interested concerns.
WAYNE COUNTY (P. 0. Detroit), Mich.
-CREATION OF PORT
DISTRICT APPROVED.
-At the general election on Nov. 7 the voters
approved of the establishment of a Port District, "thereby making immediately operative the statute permitting Governor Comstock to appoint
a commission of five members." Salaries of members of the commission are
to be fixed by the Board of County Supervisors. The Commission will be
charged with the duty of preparing plans for port development, and, in
accordance with the aforementioned statute and upon approval of two
thirds of the county supervisiors, may issue mortgage bonds for the acquisition of property desired in development. An annual budget of up to $500.000 is provided in the statute, is is said.
WESTFIELD (P. 0. Westfield), Chautauqua County, N. Y.
BOND OFFERING.
-H. W. Thompson, Town Clerk, will receive sealed
bids until 8 p.m. on Dec. 6 for the purchase of $30,000 4% bonds. Dated
Dec. 1 1933. Due $2,000 annually on Dec. 1 from 1934 to 1948, ind.
Principal and semi-annual interest (J. & D.) are payable at the National
Bank of Westfield. This issue was approved at the general election on
Nov.7 and the proceeds of the sale will be used for poor relief needs.
WESTMINSTER SCHOOL DISTRICT (P. 0. Santa Ana) Orange
County, Calif.
-BONDS NOT SOLD.
-The $10,000 issue of 5% semi-ann.
school bonds offered on Nov. 14-V. 137, p. 3530
-was not sold as no bids
were received. It is stated by the County Clerk that the sale was continued to Nov.21, at 11 a. m. Dated Dec. 1 1933. Due $2,000 from 1937
to 1941 incl.
WEST READING SCHOOL DISTRICT, Pa.
-BOND OFFERING,
Sealed bids addressed to the Secretary of the Board of Directors will be
received until Dec. 13 for the purchase of $25,000 school bonds.
WHITE PLAINS, Westchester County, N. Y.
-NOTE SALE.
Richard Appel, Commissioner of Finance, reports that $450,000 5%
notes, due June 1 1934, were sold early in the month as follows: $200.000.
each to the County Trust Co. and the Citizens Bank, both of White Plains,
and $50,000 to the Peoples National Bank & Trust Co., White Plains.
WICHITA, Sedwick County, Kan.
-Sealed bids
-BOND OFFERING.
will be received by C. C. Ellis, City Clerk, until 11:45 a. m. on Nov. 29,
for the purchase of an issue of $144,500 4X% coupon refunding bonds.
Denom. $1,000, one for $500. Dated Dec. 1 1933. Due serially in from
Nov. 25 1933
1 to 10 yeai
Interest payable semi-annually. Bidding blanks to be
obtained fro the City Clerk. A certified check for 2% of the bid is rerec irbids are made and will be received subject to the following conditions:
tl
First: These bonds have been submitted to the State School Fund Commission, as by law required, and by them rejected on Nov.7 1933.
Second: No bidf will be given any consideration unless the same is prepared and submitted on blanks to be obtained from City Clerk.
Third: All proposals and bids are subject to the right of the Board of
Commissioners of the City of Wichita to reject any and all bids.
-BOND ISSUE SOLD
WILLIAMSBURG, Clermont County, Ohio.
TO RFC.
-G.P. Medary, Village Clerk,states that the issue of $38,000 6%
first mortgage water works bonds for which no bids were received on
Sept. 29-V. 137, p. 2674, was purchased on Oct. 30, at par, by the Reconstruction Finance Corporation, in accordance with a previous agreement.
Bonds bear date of Feb. 1 1933 and mature semi-annually from 1935 to
1954 incl.
YAKIMA COUNTY SCHOOL DISTRICT No. 7 (P. 0. Yakima),
Wash.
-BOND ELECTION.
-An election has been scheduled for Dec. 5,
according to report, in order to vote on the issuance of $75,000 in school
bonds. Interest rate not to exceed 6%. Due in 30 years.
YORK, York County, Neb.-BOND SALE DETAILS.
-The $16,000
sewer bonds that were sold to the First Savings Bank of York
-V. 137, 13•
3708
-were awarded as 4.35s, at par, and mature in 20 years.
CANADA, Its Provinces and Municipalities
CALGARY, Alta.
-MATURED BONDS SUBMITTED FOR PAYMENT.
-As a result of the drop in the exchange value of the United States
dollar and the strength of the Canadian currency, many holders of city
bonds, which matured on Jan. 1 1933, are submitting them for payment
in Canadian funds, according to a dispatch from Calgary to the Montreal
"Gazette" of Nov. 15. The bonds are part of the total of $2,609,677 which
matured on Jan. 1 1933 in New York City and on which the city offered to
make payment in Canadian funds, without providing for United States
exchange charges. Mayor Davison is reported to have stated that all but
$973,000 of the bonds have been4eemed. Last week, it was stated that
the pending suit of the Malden
t Co. Malden, Mass. against the city
for payment of $5,000 bonds in U. . currency may be settled out of court
-V.137, p. 3708.
BANK LOAN REDUCED.
-F. S. Buchan, City Treasurer, states that
the bank loan obtained against last year's tax collections has been reduced
from $750,000 at Dec. 31 1932 to about $78,000 at Oct. 31 1933. Tax
collections in October amounted to $159,395, as compared with $116,334
in the same month in 1932.
EAST YORK TOWNSHIP, Ont.-SEEKS SUPERVISORY BOARD.
At a special meeting on Nov. 14 the Council unanimously adopted a resolution requesting the Ontario Municipal Board to appoint a Board of
Supervisors to administer the township's finances. This action, according
to the Toronto "Globe" of the following day, was taken in the hove that
such a Board could arrange for the refunding of the municipality s debt
and payment of relief costs. The township,it is said, previously had sought
to forego principal bond payments up to the end of 1934. The "Globe"
further stated as follows:
"According to the official statistics for the year ending Dec. 31 1932,
East York, with a population of 35,004 and an assessed acreage of 3,694
acres, had a total assessable value of $14,978,281. This was made up of
land, $6,438,415; buildings, $8,126.795; business, $2.500,330, and income
$162,741, with statutory exemptions amounting to $2,250,000. Total
assets are given as $7,534,957. with liabilities amounting to $7,445,326.
Expenditures for the same period were $1,565,791 with total receipts of
$1 425,859.
"At the present time the amount of uncollected taxes, including arrears,
stands at between $900,000 and $1,000,000. It will be recollected that.
on Nov. 1, the municipality defaulted on a principal payment of $5,000
on debentures falling due."
ESQUIMALT DISTRICT, B. C.
-OPTION ON BONDS GRANTED.
O. M. Oliver & Co. of Vancouver have obtained a 30
-day option on an
issue of $30,090 6% 10
-year bonds at a price of 94.26.
FORT ERIE, Ont.-BOND SALE.
-A syndicate composed of Wood
Gtmdy & Co. Dominion Securities Corp. and A. E. Ames & Co. all of
Toronto, recently purchased an issue of $487,525 6% improvement bonds,
'
due in 30 years.
NIAGARA FALLS, Ont.-REFUNDING PLAN OFFERED TO BONDHOLDERS.
-The city is reported to have approached holders of maturing
bonds in an effort to obtain their approval of a refunding arrangement.
Holders of the bonds have been advised that the municipality will only be
able to pay about 25% of the obligations due in the near future, it is said.
It is pointed out, however, that "under the terms of the Ontario Municipal
Act and the authority of the Ontario Municipal Board, it is not legal for a
,
city to arrange refunding of its debentures without special Provincial
or without going under control of a board of supervisors.
-ADDINOVA SCOTIA (Province of).
-$2,000,000 BONDS SOLD.
-A syndicate composed of
TIONAL $3,000,000 TAKEN ON OPTION.
Wood, Gundy & Co., A. E. Ames & Co., Dominion Securities Corp..
Royal Bank of Canada, Canadian Bank of Commerce and the Eastern
Securities Co. purchased on Nov. 15 a block of $2,000,000 4 % coupon
(registerable as to principal) bonds at a price of 96.88, a basis of about
4.85%. and obtained an option on an additional $3,000,000 worth at the
same price. The entire $5,000,000 bonds are dated Nov. 30 1933 and mature on Nov. 30 1945. Denom. $1,000. Principal and interest (May 31
and Nov. 30) are payable in lawful money of Canada at the principal
office of the Royal Bank of Canada, the Canadian Bank of Commerce or
the Bank of Montreal, in Halifax, Montrool or Toronto. Legal opinion
of Long & Daly of Toronto. The bankers are re-offering the entire loan
for public investment at a price of 98.18 and accrued interest, to yield
4.70%. A sinking fund of 34 of 1% per annum will be established against
the issue, it is said, and the bonds constitute a direct obligation of the
Province and a charge upon all of its revenue, moneys and funds. Proceeds of the sale will be used for highways, Nova Scotia Power Commission,
Nova Scotia Land Settlement and relief purposes. The Province also
received an offer of a price of 96.41 for the bonds, submitted by a group
composed of the Bank of Montreal, The Bank of Nova Scotia, Royal
Securities Corporation, Ltd., McLeod Young Weir and Co., Ltd., Fry
Mills Spence and
ell Gouinlock and Co.. Hanson Bros. Inc.,_McTaggart Hannaford
Co.,Hirks and Gordon, Ltd., Morrison and do. and the
Nova Scotia Bond Co.
QUEBEC, Que.-LOAN AUTHORIZED.
-The Council has received
permission to borrow $250,000 for local improvements.
SUDBURY, Ont.-REPORT OF BOND DEFAULT -The "Financial
Post" of Toronto of Nov. 18 contained the following with regard to the
delay in tax collections and the reported default on Oct. 1 1933 bond
principal:
"City of Sudbury. Ont., has shown unsatisfactory tax collections in
1933, and is understood to have defaulted part of principal due on debentures Oct. I. Tax levy for 1933 was $754.343, of which $382,471, or
50.7% had been collected by Aug.31. This compares with a levy of $795,232
in 1932, of which $426,212, or 53.6%. was collected to Aug. 31.
"Arrears of taxes as at Jan. 1 1933, totaled $426,737, compared with
$219,574 in 1932. Of total arrears only 26.2% had been collected to Aug.31
1933, compared with 40.8% in the same period of 1932. Thus, there appears
to be a prospect of total arrears amounting to over $650,000 by the end of
this year, against a total tax levy for 1933 of $754,343. The last tax date is
Aug. 20 so that most of the year's income is included in the collections to
Aug. 31.
VALLEYFIELD, Oue.-BOND SALE-An issue of $88,000 5% bonds
was sold recently to Credit Anglo-Francais, Ltd., of Montreal, at a price
of 98.25. a basis of about 5.21%. Due serially in from 1 to 20 years.
WALKERVILLE, Ont.-BOND DEFAULT HELD POSSIBLE.-Becauseof the falling off in tax collections, it is likely that sufficient funds
will /not be available to meet December 1933 bond principal maturities in
full; according to report. The city is stated to have discussed with bondholders the possibility of refunding the maturing debt, notwithstanding the
Province's refusal to sanction special legislation to that end.
@FedFRASER