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The
financial
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1
OMmrrcUtI iirantde
Volume 137
New York, Saturday, October 21 1933.
Number 3565
The Financial Situation
HE overwhelming success attending the offering on Monday by the United States Treasury
of $500,000,000 of 10- to 12-year Treasury bonds for
cash subscription constitutes one of the bright features of the week and one which should be viewed
with general and genuine satisfaction. Books for
the subscriptions were closed at the close of business on Tuesday, and it was then announced that
the entire cash offering of $500,000,000 had been
heavily oversubscribed and later accounts have indicated that the aggregate subscription had been four
times the amount of the offering, or in excess of
$2,000,000,000.
As pointed out in this column a week ago, these
new Treasury bonds are dated Oct. 15 and bear interest from that date at the rate of 414% per annum
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during the first year, and thereafter at the rate of
314% per annum. The new bonds will mature on
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Oct. 15 1945, but may be called for redemption in
whole or in part at par and accrued interest on and
after Oct. 15 1943, on four months' notice. All the
more significance attaches to the great success of
this cash offering because of the fact that subscribers had to pay a premium of 112% in cash for the
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bonds, though as partial offset they receive interest
for the period from Oct. 15 (the date of the new
bonds) and Nov. 1, the latter the date when payment
for the bonds must be paid, which makes the cost
of the bonds about 101 10/32. Books for subscriptions,in payment of which 4 % Liberty Loan bonds
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1
4
may be tendered, still remain open, and while no
statement as to the amount of these exchange subscriptions has been given out, it is understood that
such subscriptions (which are open to holders of all
4%s, whether called for payment or not called) have
likewise been coming in in a very satisfactory
manner.
Washington advices say that President Roosevelt
feels very much elated over the extent of the cash
subscriptions, and well he may, as also over the ease
with which long-term bonds can be floated. The
United States Government is obliged to have recourse to the money and investment markets so frequently and in such large amounts that it was in
the highest degree important that the Administration should find such hearty response to its move
in this instance. The whole recovery project would
be menaced if the slightest obstacle were encountered in the financing of the Government's extensive
needs. This large cash offering, along with the
scheme for the conversion of the Fourth Liberty
T
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4145, constituted a sort of test as to the continued
strength of Government credit, and the test has disclosed in no uncertain way that Government credit
not only remains unimpaired but stands pre-eminently high. The Administration therefore need
give itself no concern on that point,. Secretary
Woodin, it will be recalled, in offering the latest
scheme of financing, remarked that the new bond
issue would provide the Treasury with about $500,000,000 of cash funds to meet current needs, but
that the primary importance of the operation lay in
the fact that it constitutes the commencement of the
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refunding of more than 614 billions of bonds, which,
unless previously called, would mature in 1938, when
$900,000,000 of Treasury notes also mature. He
concluded with the further observation that "This
financing is an important and constructive step in
the Government's program, and an essential contribution to the sound process of recovery"—hence
its great significance.
There was really no valid basis for thinking that
the result of the cash subscriptions would be any
different from what it has turned out to be. A
long-term obligation of the United States carrying
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14% interest ought to be very attractive to investors and financial institutions alike, especially
in these days when the money market is congested
with funds for which no employment at satisfactory
rates of interest can be found, and the only reason
for entertaining any doubt at all was that this longterm issue is only partially tax exempt, being subject to the high surtaxes, and that the Treasury is
all the time putting out Treasury certificates of indebtedness and Treasury notes, some of these latter
running for five years, which are totally tax exempt
(being free from the surtaxes and all other taxes,
save only estate or inheritance taxes), and the preference would naturally be for the latter. The result
in this instance proves that even the absence of surtax exemption does not interfere with the placing of
huge amounts of long-term obligations, which is a
consideration of the highest importance in the carrying out of Government financing plans.
It also bears out what we said in the days when
Secretary Mellon and Secretary Mills were in
charge of Government financing, that the Treasury
Department could conduct its financing without
making its obligations exempt from the surtaxes.
In those days the surtaxes were not as high as they
are now, and yet the Treasury Department felt that
surtax exemption was absolutely essential to the
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Financial Chronicle
successful negotiation of Government issues, and
with that idea in mind confined itself almost exclusively to putting out Treasury certificates of indebtedness,Treasury notes and Treasury bills sold on
a discount basis, all of which carry full tax exemption. Obviously if now, with the surtaxes so much
higher than they were in those days, these taxes are
not an obstacle to floating of United States obligations, they would not have been an interference during the period of the Mellon and Mills administration.
HE Federal Reserve Bank of New York has
again reduced its rediscount rate, this time
from 2 to 2%. The step was taken after the close
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of business on Thursday, and the lower rate became
effective yesterday, Friday, Oct. 20. Yesterday the
Chicago Federal Reserve Bank and the Cleveland
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2
Reserve Bank followed suit by reducing from 3 %
to 3%. The object in view is perfectly manifest. It
is to make credit even easier and cheaper than it
has already become. The Federal Reserve authorities, it is plain enough, acted out of a desire to assist
the Administration in carrying out its recovery plan
and the financial needs connected therewith, though
there is already an overabundance of credit and
Government financing is being conducted with the
utmost ease, as illustrated by the oversubscription
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to the $500,000,000 10- to 12-year issue of 314% bonds
and the selling on Monday of another $75,000,000
of 91-day Treasury bills at a price to yield the purchasers of the bills only 0.13% per annum. As far
as stimulating trade and promoting the plans of
trade recovery are concerned, something more is
needed than an abundance of credit at low rates.
In the whole of the period since the economic collapse in October and November 1929 the single object
in view has been to put more credit afloat and to
make it easily accessible and at temptingly low
rates. But all this proved of no avail. The result
has simply been to cause a congestion of funds at
the monetary centers on a scale never before
witnessed.
This latest step along the same lines is sure to
prove equally futile. What is needed is a return of
confidence in the economic and trade world. The
revival of confidence seemed near last March when
the Administration succeeded in reopening so many
of the banks after the general banking suspension.
For a time everything went along swimmingly, but
now progress has once more been arrested. We have
remarked above that the success of the United States
Treasury with its cash offer of $500,000,000 bonds
was one of the bright spots of the situation. Nevertheless, it has not served to brighten the situation
generally. Trade recovery, as just stated, is now
proceeding in halting fashion; throughout the whole
industrial world a general slowing down of activity
has taken place. Not only that, but the present week
the security markets and the commodity markets
alike have fallen into a state of collapse—in the
latter case in face of the fact that in almost innumerable instances the Administration authorities are
engaged in providing new credit facilities and new
credit agencies on an unparalleled scale. These
afford testimony to the energy with which Government authorities are proceeding to revive flagging
trade, but they somehow furnish no assurance that
the effort is going to succeed. Indeed, they beget
doubts as to whether the scheme of recovery can be
depended upon at all in achieving the ends sought.
T
Oct. 21 1933
According to the "Iron Age" of this city, steel
production the present week dropped to 39% of
capacity as against 44% last week. Not only that,
but the "Age" says that a much lighter demand is
reported in leading consuming areas, and that the
industry "faces the remainder of the year with increasing pessimism." It is added that "Manufacturing costs are still rising, and steel makers are
yet to benefit materially from increased selling
prices under the code. The profits from such tonnage as it now comes in will almost certainly be
pared down by decreased volume, and it is difficult
to derive much encouragement from any angle of
the current situation."
What is particularly disconcerting is that the commodities which the Government has taken especially
under its wing are behaving worst of all. Some of
them have this week dropped badly, notwithstanding special aid from the Government. Wheat, as is
known, has been propped up by the Government with
a special processing tax of 30c. a bushel, the effect
of which has been to raise the price Of bread all over
the United States from lc. to 2c. a loaf, and yet
December wheat at Chicago on Tuesday dropped to
67 c. a bushel as against 90%c. on Oct. 2 and $1.24
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in July, though there has been a substantial recovery. The authorities at Washington, however,
are not in the least discouraged. They are ever
ready with new devices when the old devices fail to
yield the desired result. On the present occasion,
when the price was weakest, the Government
stepped in as a buyer of wheat for use of its relief
agencies, thereby not only preventing further decline, but completely reversing the course of the
market and sending prices upward. The operation
has been described as follows in Associated Press
a dvices from Washington, dated Tuesday, Oct. 17:
"Governor Henry Morgenthau Jr., of the Farm
Credit Administration, to-day began purchases of
wheat for human relief. Orders were placed at six
markets, he said, adding that the purchases were
in no way related to reports that the Government
might undertake some stabilization efforts in view
of recent sharp drops in wheat prices. Instead, the
purchases were made for the Relief Administration,
which will distribute the wheat and products manufactured from it to the needy, supplementing its
program for acquiring surplus farm commodities in
co-operation with the Agricultural Adjustment Administration."
It was added: "To-day's purchases consisted of
both cash wheat and contracts for delivery in December. Purchases were made through the Farmers' National Grain Corporation at Chicago, Kansas
City, Minneapolis, Omaha, Buffalo and Baltimore.
Additional purchases will be made, it was stated,
as the requirements of the Relief Administration develop. Mr. Morgenthau refused to say the quantity
of wheat which had been purchased or the quantity
which the program of purchases during the autumn
will involve. An aide, however, said, 'It is safe to
say that to-day's purchases were not limited to
1,000,000 bushels.' It was explained at Mr. Morgenthau's office that the purchase program was
arranged on a temporary basis under which a temporary loan was made by the Farm Credit Administration to the Farmers' National Grain Corporation,
which has headquarters in Chicago. As these purchases are made Mr. 'Morgenthau, it was stated,
would notify Relief Administrator Hopkins of the
Volume 137
Financial Chronicle
location of the grain and the latter would arrange
for its movement either to processors or directly to
points for distribution to the needy."
As a result of this intervention by the Government
December wheat sold up from 67 c. Oct. 17 to
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8414c. yesterday, closing at 81l/
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2c. The rise was
entirely the result of Government operations, and
that is one of the main reasons for the lack of confidence in the situation, namely, that it is so largely
artificial in character.and not the result of ordinary
normal movements.
This week, also, operations were perfected for
loaning 10c. a pound on cotton. Yet in the meantime spot cotton here in New York was quoted as
low as 8.95c. on Monday as against 9.40c. on Saturday and 9.35c. on Friday of last week. On news
that the loaning process would get immediately
under way the spot price Tuesday, Oct. 17, jumped
to 9.45c., and on Wednesday and Thursday was
quoted at 9.35c. and on Friday, Oct. 20, at 9.40c.
Here another artificial contrivance came into play,
and naturally being artificial did nothing to promote confidence in the situation. The announcement from Washington, under date of Oct. 17, said
that organization of the Commodity Credit Corporation, set up at the direction of the President, had
been completed on that day. Officers and directors
had been elected and were preparing to make available loans of 10c. per pound to cotton producers on
the unsold portion of their crop. The Corporation,
chartered in Delaware, it was explained, was organized by the Secretary of Agriculture and the Governor of the Farm Credit Administration, and was
empowered to make loans or purchase agricultural
or other commodities that might be designated by
the President. At the first meeting, on Oct. 17,Lynn
P. Talley, Assistant to the Directors of the Reconstruction Finance Corporation, was elected President; Oscar Johnston, Director of Finance of the
Agricultural Adjustment Administration, VicePresident, and J. E. Wells Jr., Assistant Co-operative Bank Commissioner of the Farm Credit Administration, Secretary-Treasurer. The entire capital
stock of $3,000,000 was subscribed by the Secretary
of Agriculture and the Governor of the Farm Credit
Administration with funds allocated by the President from the Bankhead Amendmentto the National
Recovery Act. An initial loan of $250,000,000 has
been procured from the Reconstruction Finance
Corporation for the purpose of making loans to'cotton producers; additional funds will be available if
needed.
One million note forms and loan -agre.ements,
together with regulations governing the loans, it was
announced, were now being printed and would be
distributed this week to county Agricultural Extension agents and lending agencies of the Reconstruction Finance Corporation, located at Federal Reserve points in the South, including cities with Federal Reserve branch banks. Cotton producers to
become eligible for loans must agree to participate
in the 1934 acreage reduction campaign that soon
will be launched, it is stated, by the Agricultural
Adjustment Administration. Producers who obtain
the loans will be charged 4% interest. The note
provides that it is without recourse upon the maker
or any subsequent endorser, thus confirming previous announcement that the producer would be involved in no liability on account of the loan. The
note will mature July 31 1934, but the Commodity
2847
Credit Corporation reserves the right to call the
note at any time when the price of middling 78-inch
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spot cotton on the New Orleans market, as determined by the Bureau of Agricultural Economics, is
at or above 15c. per pound. Cotton eligible for collateral is that portion of the 1933 crop owned by the
producer. The sum of 10c. per pound will be advanced on cotton 78-inch or better as to staple and
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low middling or better as to grade. A loan of 8c.
per pound will be made on cotton less than 78-inch
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and low middling or better as to grade. No loans
will be made on cotton classing below low middling.
Here again the Government is engaged entirely in
propping up prices. One of the remarkable things
in connection with all these Government propping
up operations is that the Government, as already
said, is entirely undeterred even if the arrangement
does not succeed. The same operation will be
undertaken in other cases, even if the outcome
has proven unfavorable. A capital illustration of
this is seen in the fact that the Agricultural Adjustment Administration has the present week announced a corn-hog program, notwithstanding the
conspicuous collapse of the processing program for
maintaining the price of wheat. Notice has come
that a corn-hog adjustment plan, involving a maximum of $350,000,000 in benefit payments to American farmers for reducing corn acreage by at least
20% and hog farrowing by at least 25% in 1934 has
been determined upon by Secretary Henry A. Wallace and Administrator George N. Peek with the
approval of President Roosevelt.
The program is to be financed by processing taxes
on both corn and hogs. The initial processing tax
on hogs will be 50c. per hundredweight of live animals and will become effective on Nov. 5. This tax
will be increased at intervals until it is $2 per hundredweight by Feb. 1 1934. This tax of $2 will
continue through the 1933-1934 and 1934-1935 hog
marketing years. A tax, not definitely determined
as yet, but expected to be about 30c. a bushel, is
to be levied on corn processed commercially beginning in November.
The importance and comprehensive nature of this
scheme will appear when we say that a statement
issued on Thursday pointed out that tax collections
on live hogs during the period covered are expected
to total $348,000,000, of which about $40,000,000 will
be used to reimburse the Federal Treasury for sums
it advanced to finance the recent emergency hog
marketing program. A maximum of $200,000,000
will be available as benefit payments to farmers
who reduce hog production 25% under the new
program.
The adjustment plan constitutes the second stage
of the Administration program to make the Agricultural Adjustment Act effective for corn and hogs.
It was formulated after conferences with the National Corn-Hog Committee of Twenty-five, composed of producer representatives from 10 Middle
Western States. Mr. Peek asserts that in terms of
the value of the comtnodities involved, the scope of
territory affected and the amount of benefit payments to be made this program is the greatest undertaken by the Administration.
Two main lines of approach to the corn-hog problem are provided in the Agricultural Adjustment
Administration's plan. They are, first (a) reduction in 1934 of the average corn acreage on individual farms by at least 20%, and (b) a reduction
2848
Financial Chronicle
of the average number of litters farrowed and bogs
sold from individual farms during the preceding
two-year base period by 25%,and secondly, co-operation by the Agricultural Adjustment Administration with the Federal Emergency Relief Administration if and when necessary to remove from regular channels of trade live hogs or cured hog products
in such quantities and at such times as are deemed
advisable by the Administration officials to effectuate the purposes of the Act with respect to raising
the prices of hogs. The second method, we are told,
will be employed in combination with the first
method if circumstances should warrant. In such
circumstances the Federal Surplus Relief Corporation would be authorized to purchase for distribution through the Emergency Relief Administration
a percentage of the surplus supplies of hogs produced in 1933 and marketed in 1933-1934.
Each farmer who agrees to make the minimum
adjustments in his corn and hog production for
1934, as provided under this plan, will receive benefit payments on the following basis:
(A) Rental, at the rate of 30c. per bushel of the
average production of corn during the three-year
base period, of each acre removed from corn production. Upon arrangement with his local production control association, an individual may contract
to take out of corn production more than the mimimum of 20% of his average acreage during the past
three years but in no case less than the required 20%.
(B) Adjustment payments of $5 per head ($2 on
acceptance of contract, $1 on about Sept. 1 1934,
and $2 on about Feb. 1 1935) on the number of
hogs equivalent to 75% of the average number of
hogs farrowed on the farm, operated by the contracting grower, during the two-year base period. To
qualify for these payments, the contracting grower
also must agree not to increase the average number
of hogs bought and fed for market during the twoyear base period for hogs.
A maximum of approximately $180,000,000, it is
stated, will be available for distribution as initial
adjustment payments to participating farmers as
soon as possible after acceptance of the contract by
the Secretary.
Here again we have a most comprehensive scheme
of relief but wholly a Government contrivance, with
no assurance that it will work successfully, and in
the meantime furnishing much occasion for uneasiness, since it is predicated entirely on the action of
the Government and is of a kind that has signally
failed in other instances.
N TOP of all this, rumors and discussions regarding inflation and the program with regard to the same to be pursued by the Administration have proved highly disturbing. The conversion
of the Fourth Liberty 41 0 seemed a plain indica/
tion that there was no intention on the part of the
Administration to resort to the issuance of United
States notes, or greenbacks, in meeting maturing
obligations of the United States, and inasmuch as
this scheme of financing has proved so highly successful, as related further above, it ought to have
been a strengthening influence in the general situation, and along with the elaborate schemes of aiding
the farming world, also detailed above, ought to
have made a decidedly favorable impression all
around, provided it be assumed that artificial meas-
O
Oct. 21
1933
ures of that kind carry inherent elements of
strength, whereas precisely the reverse has been the
case. One reason for this has been that the position
of the Administration regarding greenback inflation
notwithstanding the conversion of the Fourth Liberty 41 4s has again been put in question. This has
/
followed as a result of the appearance of a copyrighted Associated Press statement in the daily
papers last Sunday morning. This statement did
rot purport to come from the Administration, but
was attributed to a "high authority." The statement contained many Delphic utterances, so expressed as to make it possible for anyone to make
deductions favorable or opposed to inflation, but
contained at least one utterance capable of the deduction that the President was by no means dead
set against the issuance of United States notes, or
greenbacks, if the occasion, in his estimation, seemed
to call for it. The statement embodied a number
of important declarations, one being that stabilization now of the American dollar would be absurd,
inasmuch as prices were still too low, and another
one, which is incontrovertibly true, that the President has been pressing credit expansion almost from
the day of his inauguration, and that credit expansion is at this time a definite part of his program;
furthermore, that credit expansion is regarded as in
part inflationary, since it increases the supply of
money and the rate at which it is spent. In credit
expansion, it is pointed out, there is included first
the use of the Government's credit for public works,
farm relief loans, home loans, loans by the Reconstruction Finance Corporation, and so on. In the
second place, it has been sought to increase the
power of the banks to lend privately, and to stimulate business so that private use of this credit will
follow. In the third place, the President's plans are
directed at strengthening all banks and opening
closed banks.
What has proved highly disturbing has been the
further declaration that in the view of the Administration "a definite question mark" is put as to the
use by certain banking elements of the phrase "currency inflation," as if it meant "greenbacks." This
point is elaborated by saying: "The issuing of $5,
$10 or $100 bonds, definitely retirable out of the
budget, year by year over a period of years, for the
purpose of retiring interest-bearing bonds, is felt by
high authorities here to be merely the substitution
of one Government debt for another Government
debt." "Greenbacks," or "starting the printing
presses" is described as an entirely different thing,
this meaning issuing paper with no retirement provisions for the payment of ordinary Government
running expenses."
The distinction here attempted to be made is a
distinction without a difference. It is precisely
what is contemplated by the greenback inflationary
iider of the Farm Relief Act, and absolutely nothing
can be said in defense of a proposition of that kind.
The issuance of United States notes, as here proposed, "for the purpose of retiring interest-bearing
bonds," whether of small denomination or of large
denomination, would be greenbackism pure and simple. It would mean the substitution of an interest.
bearing obligation for one carrying no interest, and
would mean adoption of the idea of all greenback
advocates that non-interest-bearing obligations furnish the best way of meeting maturities and that they
should be paid out in the ordinary course, and that
Volume 137
Financial Chronicle
paying interest is entirely unnecessary, since the
notes, or greenbacks, are backed by the credit and
resources of the entire country. If anything of the
kind is now contemplated, then it cannot be contended that the Administration is opposed to the
idea of inflation, but rather is looking unabashed
in that direction. The mere suggestion of anything
of the kind is in the highest degree disturbing. And
this being so, it will be readily understood why confidence in the entire recovery program has become
very seriously impaired, notwithstanding the numerous new relief measures which have been concurrently put into operation. Not unlikely, too,
these relief measures themselves, because of their
problematical character, have served to intensify
the impairment.
HATEVER may be the case with other forms
of credit inflation, the inflation of Federal
Reserve credit continues actively under way, and
this is on a scale that ought to satisfy all the sane
advocates of inflation. The Federal Reserve condition statements this week afford the usual testimony to what is going on in that respect. During
the past week the Federal Reserve banks have added
$31,170,000 more to their holdings of United States
Government securities, raising the total of such holdings from $2,344,109,000 to $2,375,279,000. With
the proceeds derived from the sale of this additional
block of Government securities, the member banks
were enabled further to reduce their borrowing at
the Federal Reserve Bank and, accordingly, the discount holdings of the 12 Reserve banks have been
further reduced from $119,307,000 to $112,754,000.
And to that extent the increase in the amount of
Reserve credit outstanding occasioned by the additional purchases of United States securities has been
offset. Nevertheless, there has been an expansion
in the amount of Reserve credit outstanding, as
measured by the total of the bill and security holdings, in the respectable sum of over $24,000,000,
these holdings having risen during the week from
$2,472,059,000 to $2,496,161,000.
In one respect these Federal Reserve statements
the present week are different from what they were
last week and the week before. Instead of an increase in the volume of Federal Reserve notes in
circulation, as was previously the case, there is this
time some contraction in the amount of the Reserve
notes in circulation, the total having fallen from
$3,008,430,000 Oct. 11 to $2,993,917,060 Oct. 18. In
part, offset, however, as against this reduction there
has been a small further increase in the amount of
Federal Reserve bank notes in circulation these
teing outstanding this week to the amount of $172,143,000 as against $170,501,000 last week. Gold
holdings are again larger at $3,592,084,000 as
against $3,590,215,000 last week. This increase in
the gold holdings, however, along with the decrease
in the amount of Federal Reserve notes in circulation, has not been sufficient to offset the increase
in cash reserves required against the larger volume
of deposits. The aggregate of these deposits has
moved up during the week from $2,785,059,000 to
$2,839,331,000, the whole of this increase being in
the reserve deposits of the member banks, which
have moved up during the week from $2,567,360,000
to $2,655,343,000, owing in no small measure to the
increase in the reserves of the member banks because
of the further acquisition of United States securi-
W
2849
ties. As a consequence, there has been a further
small reduction in the ratio of total gold reserves
and other cash to deposit and Federal Reserve note
liabilities combined, this ratio the present week
standing at 65.5% against 65.7% last week. The
amount of Federal Reserve notes held as part collateral for Federal Reserve note issues has diminished during the week from $603,200,000 to
$575,200,000.
has
New York stock-market this
THEadeclinesofinalmost utter collapse week largebeen
with
and
in state
prices. This must be ascribed to
general
further evidence of a slackening in trade, the steel
mills of the country being engaged to only 39% of
capacity against 44% last week, with a falling off in
some other lines of trade, too, particularly in the case
of cotton textiles, thereby raising again the question
as to the probable success of the Government's
recovery program. In addition, there has been
recrudescence of war talk in Europe caused by the
withdrawal of Germany from the Disarmament Conference and from the League of Nations, accompanied
by the action of President Hindenburg in dissolving
the German Reichstag and the ordering of a new
election for Nov. 12, for the purpose of getting
popular approval of the Hitlerite policy in that respect. Perhaps most important of all as an element
of depression has been the simultaneous collapse of
some of the leading commodity markets, and especially the grain markets, led by wheat. The drop in the
foreign exchanges on New York and the rise in the
gold value of the American dollar, doubtless also
played its part in accentuating the collapse on the
Stock Exchange, inasmuch as that is taken to mean
(though apparently without reason) the dropping of
the program of inflation which has for its object the
raising of values of all kinds and on which, in turn,
the speculation for higher prices has been based. On
Monday, Stock Exchange prices tumbled badly, in
part because of the troubled European situation, but
mainly because of the collapse of the grain market,
the price of wheat dropping the full five cents allowed
for a downward or an upward movement of prices
for a single day. There was likewise a sharp downward plunge in the foreign exchange market, cable
transfers on London declining over five cents to the
pound after big declines on Friday and Saturday of
last week, the drop for the three days aggregating
more than 13c. to the pound, while the French franc
also took a sharp plunge downward, cable transfers
833.(c.
selling down to 5.50c. on Monday as against 5.
on Friday of last week and 6.10c. the early part of
October. The price of cotton also suffered a bad
break, the spot price here at New York touching
8.95c. on Monday as against 9.40c. on Saturday, and
many other commodities also suffering a sharp downward reaction.
Stock prices as a consequence broke badly all
around, the losses in the case of the active specialties
running as high as $6 a share and still higher in the
case of the stocks on the inactive list. On Tuesday,
it became known that the Government was lending
support to the grain market by large purchases of
wheat for relief purposes, with the result that grain
prices enjoyed a brisk recovery, wheat rising the full
5 cents permitted for a single day's transactions and
cotton advancing to 9.45c. on Tuesday from the low
figure of 8.95c. recorded on Monday. The foreign
exchanges now also moved upward with correspond-
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Financial Chronicle
ing depreciation of the gold value of the American
dollar. In response, the stock market took a sharp
upward turn. On Wednesday, however, it took
another violent plunge downward, notwithstanding
that the grain market continued its recovery owing
to further purchases of wheat on behalf of the United
States Government. On Thursday morning, stock
prices touched even lower levels owing to continued
selling, notwithstanding that the commodity markets
continued to give a good account of themselves, but
in the afternoon stocks had a brisk rally which,
however, was not fully maintained on Friday. Train
loaclirgs of revenue freight on the railroads of the
United States continue to run ahead of those for the
correspondirg period a year ago, though at a diminishing rate of increase, which is also true of the electric
light and power industry, the production of electricity
for the week ending Saturday, Oct. 14 being reported
at 1,618,948,000 kwh. against 1,507,503,000 kwh.
in the corresponding week of4932, being an increase
of 7.4% as against 9.3% increase the previous week,
and 10.2% increase the week before.
Dividend changes by corporate entities have been
somewhat mixed this week. The Exchange Buffet
Corp. omitted the quarterly dividend on common
and the Central Power & Light Co. declared a dividend of only 433 c. a share on the 7% cum. pref.
4
stock and 373/0. a share on the 6% cum. pref. stock,
2
this being one-half the rate paid on these issues the
previous Aug. 1 and May 1. On the other hand, the
Bigelow-Sanford Carpet Co. declared a dividend of
$4.50 a share to clear up all accumulations and a
regular quarterly dividend of $1.50 a share on the
6% cum. pref. stock. The last regular quarterly
payment on this issue was made on Nov. 1 1932.
Life Savers Corp. declared an initial quarterly dividend of 40c. a share on its capital stock. The Chrysler
Corp. on Oct. 19 declared a dividend of 50c. a share
on the common stock. Together with the special
distribution of 50c. a share made Sept. 15 on this
issue, a total of $1 a share will have been paid for
the year 1933, the same as in 1931 and 1932. During
the latter two years the corporation paid quarterly
dividends of 25c. a share on the common stock. The
Minneapolis-Honeywell Regulator Co. declared a
regular quarterly dividend of 25c. a share on the
common stock, and also an extra dividend of 50c. a
share on the same issue which is the equivalent of the
two quarterly dividends omitted during the current
year. The Bohn Aluminum & Brass Corp. declared
a dividend of 50c. a share on common payable Dec.
27. Quarterly distributions of 25c. a share were made
on this issue Oct. 2 and July 1.
The December option for wheat in Chicago closed
yesterday (after the recovery later in the week) at
81%c. as against 787 c. the close on Friday of last
4
week. December corn closed yesterday at 423/2c.
against 39%c.the close the previous Friday. December rye at Chicago closed yesterday at 533/sc. as
against 583/c. the close on Friday of last week, while
December barley at Chicago closed yesterday at 44c.
against 475 c. the close on the previous Friday. The
4
spot price for cotton in New York yesterday was
9.40c. as compared with 9.35c. on Friday of last
week. The spot price for rubber yesterday was
7.06c. as against 7.63c. the previous Friday. Domestic copper was weak and lower all through the week
and closed yesterday at 73/2c. as against 8c. the previous Friday. Silver moved lower and the London
quotation yesterday was 18d. per ounce against
Oct.
21 1933
18 5-16d. on Friday of last week. The New York
quotation yesterday was 37.00c. as against 37.65c.
on Friday of last week. The foreign exchanges after
their bad break at the beginning of the week recovered later. Cable transfers on London yesterday
closed at $4.513/ as against $4.54 the close the previous Friday, while cable transfers on Paris yesterday
closed at 5.45c. compared with 5 703/2c. the close on
.
Friday of last week. On the New York Stock Exchange 24 stocks dropped to new low figures for 1933
during the current week and 6 stocks established new
high records for the year. For the New York Curb
Exchange the record is 38 new lows and 9 new
highs. Call loans on the Stock Exchange continued
3
to rule at % of 1% per annum.
Trading has been on a somewhat larger scale. On
the New York Stock Exchange the sales on Saturday
were 802,460 shares; on Monday they were 2,666,652
shares; on Tuesday 2,482,850 shares; on Wednesday
1,734,020 shares; on Thursday 2,895,835 shares; and
on Friday 2,682,120 shares. On the New York Curb
Exchange the sales last Saturday were 125,065 shares;
on Monday 362,283 shares;on Tuesday 323,860 shares;
on Wednesday 219,400 shares; on Thursday 406,555
shares, and on Friday 374,870 shares.
As compared with Friday of last week, prices show
severe declines. General Electric closed yesterday
at 173/ against 20 on Friday of last week; North
s
American at 173 against 193/; Standard Gas & Elec.
%
at 93 against 113 ; Consolidated Gas of N. Y. at
407 against 42; Pacific Gas & Elec. at 193j against
4
20%; Columbia Gas & Elec. at 11% against 143/2;
5
Electric Power & Light at 5/i against 63 ; Public
%
Service of N. J. at 38 against 383/2; J. I. Case Threshing Machine at 585 against 65; International
A
Harvester at 33 against 37; Sears, Roebuck & Co. at
333/ against 39; Montgomery Ward & Co. at 163/2
against 19%; Woolworth at 36 against 39; Western
Union Telegraph at 44 against 533; Safeway Stores
at 383/ against 423/g; American Tel. & Tel. at 114%
against 117; American Can at 863 against 90;
%
Commercial Solvents at 32 against 357 ; Shattuck &
4
3
Co. at 6% against 7%, and Corn Products at 763/2
against 87.
Allied Chemical & Dye closed yesterday at 1283/2
against 1373/ on Friday of list week; Associated Dry
2
Goods at 103 against 143zi;E. I. du Pont de Nemours
at 71% against 75%; National Cash Register "A"
at 133/ against 163/ International Nickel at 163
8
;
%
against 183%; Timkin Roller Bearing at 23 against
263/2; Johns-Manville at 473/ against 54; Gillette
Safety Razor at 103/i against 123; National Dairy
Products at 133/i against 158 8; Texas Gulf Sulphur
/
at 3332 against 36; American & Fpreign Power at 7
against 9%; Freeport-Texas at 4031 against 4332;
United Gas Improvement at 163 against 173'; Na%
tional Biscuit at 443/i against 48; Continental Can at
59% against 653%; Eastman Kodak at 693% against
.
76; Gold Dust Corp. at 17 against 193/; Standard
2
Brands at 213/i against 23 8; Paramount-Publix
Corp. ctfs. at 13. against 1%;Coca-Cola at 92 against
93; Westinghouse Elec. & Mfg. at 313/b against 36;
Columbian Carbon at 49 against 53; Reynolds To5
bacco class B at 453 against 49%; Lorillard at 183/g
against 203/ Liggett & Myers class B at 893 against
s;
5
963., and Yellow Truck & Coach at 3 8 against 1%.
Stocks allied to or connected with the alcohol or
brewing group dropped along with the rest. National
Distillers closed yesterday at 903' against 953 on
Friday of last week; Owens Glass at 703 ageinst
Volume 137
Financial Chronicle
803 ; United Statse Industrial Alcohol at 603..(
4
against 663/2; Canada Dry at 243 against 303/s;
4
Crown Cork & Seal at 293 against 373/ bid; Liquid
4
Carbonic at 233 against 28, and Mengel & Co. at
4
73/ against 97 .
4
The steel shares were special features of weakness.
United States Steel closed yesterday at 36% against
443 on Friday of last week; United States Steel pref.
at 753 against 813.; Bethlehem Steel at 253/i
4
/
against 325 8; Vanadium at 16 against 21. In the
auto group, Auburn Auto closed yesterday at 373
against463 on Friday of last week; General Motors
at 253 against 28%; Chrysler at 393 against 413/;
8
Nash Motors at 173/ against 193/; Packard Motors
2
at 33/i against 33 ; Hupp Motors at 33/ against 4,
4
and Hudson Motor Car at 93 against 11. In the
4
rubber group, Goodyear Tire & Rubber closed yesterday at 26% against 333 on Friday of last week;
B. F. Goodrich at 10% against 133, and United
States Rubber at 113 against 153'.
4
The railroad shares were under severe pressure
all week. Pennsylvania RR. closed yesterday at
243 against 283 on Friday of last week; Atchison
4
Topeka & Santa Fe at 473/2 against 5432; Atlantic
Coast Line at 31 against 353.j; Chicago Rock Island
& Pacific at 3 against 43; New York Central at
28% against 363; Baltimore & Ohio at 207 against
4
253 ;New Haven at 14% against 18%; Union Pacific
4
at 1013, against 1093/2; Missouri Pacific at 33' against
43/2; Southern Pacific at 18 against 213 ; Missouri4
Kansas-Texas at 73' against 91 ; Southern Ry. at
A
19% against 25; Chesapeake & Ohio at 383 against
413 ; Northern Pacific at 173' against 223', and
4
Great Northern at 163 against 193/2.
The oil stocks have not been exempt from the
general decline. Standard Oil of N. J. closed yesterday at 39% against 41% on Friday of 'last week;
Standard Oil of Calif. at 36% against 407 ; Atlantic
4
Refining at 26% against 263. In the copper group,
Anaconda Copper closed yesterday at 11% against
143 on Friday of last week; Kennecott Copper at
173 against 183 ; American Smelting & Refining at
4
333j against 38%; Phelps Dodge at 12% against
14%; Cerro de Pasco Copper at 263's against 31, and
Calumet & Hecla at 37 against 4%.
4
NCERTAIN price movements were the rule this
week on stock exchanges in the foremost European financial centers. The unsettlement was quite
pronounced early in the week, when all centers were
affected by the hasty German withdrawal from the
League of Nations and the General Disarmament
Conference. Traders soon regained their confidence,
however, and a modest upswing in quotations has
been in progress during most of the later sessions
on exchanges in London, Paris and Berlin. Further
cheerful reports about business conditions in leading European countries furnished substantial aid
to the advance in prices of securities. The output
of the steel and other heavy industries in England
was increased materially in September. The capital
issues market in London is becoming steadily more
receptive, and it is believed the long series of British, Australian, South African and other government conversion transactions soon will be followed
by more extensive industrial financing. Trade improvement in Germany is encouraging, the latest
official report indicating that the number of unemployed has been reduced to 3,850,000 from 5,103,000
a year ago. German foreign trade statistics also
U
2851
were better for September. Reports of the per istent
downward trend of stock and bond prices at New
York did not affect the European markets adversely,
as it was assumed the movement here merely reflected the dwindling of sentiment for inflation.
Pronounced weakness developed on the London
Stock Exchange at the start of trading Monday,
owing to the prevalent confusion of international
relations on the Continent. Prices were marked
down as a precautionary measure, but it soon appeared that selling orders were not exceptionally
large, and a rally followed. The upswing did not
quite suffice to wipe out the initial losses, but the
recessions at the end were mostly small. Slight
irregularity was noted in Tuesday's trading at London. British funds lost a little more ground, and
.
industrial stocks also were soft. A better feeling
about the Continental situation occasioned an advance in German bonds and some other international
issues. Wednesday's dealings were marked by distinct and general cheerfulness. British funds improved on favorable revenue returns, while industrial stocks advanced broadly because of better trade
reports. Most issues in the international list also
showed improvement. The tendency Thursday was
generally upward, notwithstanding a little uncertainty in some British industrial issues. British
funds advanced steadily on investment buying. International securities were irregular. After an unsettled opening yesterday, prices again improved
slightly, and net changes at the close were quite
unimportant.
The Paris Bourse was sharply unsettled Monday
by the week-end rift in relations with Germany.
Domestic political uncertainty also prevailed, is
the French Parliament was scheduled to resume on
the following day with the difficult task of balancing the budget before it. Prices of all issues slumped
heavily as a result, with rentes especially weak.
After a further weak opening, Tuesday, prices advanced in some degree on the Bourse. The gains
were sufficient to wipe out most of the early losses
of the day, but the levels remained about even with
the previous close. Rentes recovered more than
other securities. The tendency Wednesday was
irregular, with the underlying tone firm. Political
uncertainties remained prominent in the calculations of traders and investors, and prices veered
about jerkily. At the close there was a fairly even
division of losses and gains in prominent securities.
After an uncertain opening, Thursday, price improvement on a wide scale developed in the Paris
market. Bank stocks and industrial shares
especially were in demand, but rentes lagged on
fears that the Daladier Government will be unsudcessful in its efforts to balance the budget. The improvement in the general market was maintained
yesterday, but rentes again sagged.
The Berlin Boerse, like other European markets,
was very weak Monday under the adverse influence
of political developments. Industrial stocks lost
as much as 4 to 5 points, while fixed-interest issues
receded 1 to 2 %. There were no exceptions tO
/
1
2
the sweeping downward movement. Nervousness
was less pronounced on the Boerse, Tuesday, but
still in evidence. The price movements were erratic,
but fluctuations were confined to a narrow range
in most stocks. At the close gains and losses were
about equally prominent. General improvement followed in Wednesday's trading. Industrial and
2852
Financial Chronicle
utility stocks were in greatest demand, owing to a
report of wide improvement in the use of electrical
current. Bank and shipping shares participated
in the advance on a smaller scale, while domestic
bonds improved only a little. Renewed political
uncertainty on Thursday caused modest recessions
on the Boerse in most securities. There were a few
advances in bank stocks and various bonds, but the
majority of issues declined. The trend yesterday
was irregular, with most securities again showing
small losses.
--•-D1ERICAN recognition of Soviet Russia has
been brought appreciably nearer by an exchange of communications between President Roosevelt and President Mikhail Kalinin, titular head of
the Soviet State. President Roosevelt took the
initiative in this exchange, which will lead to a
discussion in Washington of all questions of mutual
interest. The letters, published in Washington late
yesterday, disclose that Foreign Commissar Maxim
Litvinoff will be sent to the United States for the
conversations, which will be held at a time to be
agreed upon soon. The present move is the most farreaching so far made by any government here in
its implications for recognition of Soviet Russia,
and it was assumed everywhere yesterday that formal recognition now is a matter of only a few months
at most. Administration officials in Washington
insisted that the exchange did not constitute recognition, but it was admitted that it may prove to be
the first step to that end. The hope was expressed
in Washington that M.Litvinoff will journey to this
country at an early date. President Roosevelt will
conduct negotiations directly with the Russian Foreign Minister, it was indicated. Washington dispatches late yesterday indicated that assurances
have been given the United States that no Communist propaganda activities will be carried on by
any Russian agency in the event of recognition. It
was suggested that arrangements for formal recognition might be made contingent on some adjustment of the Imperial Russian war debt to the United
States Government.
In a letter to President Kalinin, dated Oct. 10,
President Roosevelt stated that he has contemplated
since the beginning of his Administration an effort to
end the present abnormal relations between the two
countries. "It is most regrettable," he said, "that
these great peoples, between whom a happy tradition
of friendship existed for more than a century to their
mutual advantage, should now be without a practical method of communicating with each other.
The difficulties that have created this anomalous
situation are serious, but not in my opinion insoluble, and difficulties between great nations can be
removed only by frank and friendly conversations.
If you are of similar mind, I should be glad to
receive any representatives you may designate to
explore with me personally all questions outstanding between our countries." The letter closed with
a reservation that participation in any such discussion would not commit either nation to a course
of action. President Kalinin promptly cabled his
acceptance of Mr. Roosevelt's proposal. "There is
no doubt," the Russian Chief Executive stated,"that
difficulties present or arising between two countries
can be solved only when direct relations exist between them, and that on the other hand they have
no chance for solution in the absence of such rela-
A
Oct. 21 1933
tions. I shall take the liberty further to express
the opinion that the abnormal situation to which
you correctly refer in your message has an unfavorable effect not only on the interests of the two
States concerned, but also on the general international situation, increasing the element of disquiet,
complicating the process of consolidating world
peace and encouraging forces tending to disturb
that peace." M. Kalinin indicated in his cable that
Foreign Commissor Litvinoff will represent Russia •
in the negotiations now agreed upon.
NE of the periodic outbursts that reflect the
strains and cross-purposes of international
relations in Europe occurred last Saturday, when
the German Government made a sensational announcement of withdrawal from the League of Nations and from the disarmament negotiations then
in progress. The announcement proved highly disconcerting to governments and peoples throughout
the world, as it provided a new and shining example
of the temper of the powerful Fascist regime headed
by Chancellor Adolf Hitler. It was especially harrowing to the politicians who were engaged in the
arduous task of formulating a convention ostensibly
designed for disarmament, but which in reality
would have postponed genuine disarmament for
years and in the meanwhile would have made posbible a graceful end for the diplomatically irksome
disarmament conference that has now been in progress more than 20 months. Acrimonious bickerings
have been current all this week as a result of the
German action, and these revealed again the wide
gulfs that separate the nations in the European
system.
The incidents foreshadow the dangers that
would attend any American participation in European affairs, even to the extent of the limited consultation proposed by President Roosevelt last May
as a stepping stone to a disarmament agreement.
Such dangers appear to be well realized in Washington, as a polite but firm announcement was made
in Geneva, Monday, by Norman II. Davis, Chairman
of the American disarmament delegation, that the
United States is interested solely in disarmament
and not in any of the political aspects of the European situation.
It will be some weeks or months before the dust
settles in Europe and the atmosphere clarifies sufficiently to make possible a well-grounded estimate
of the significance of the German action. There can
be no doubt, however, that it is of supreme importance for all the world. Quite possibly it means
the end, politically speaking, of the League of Nations, and the relegation of that body to a modest
agency of consultation and information. The
League, always too much under the dominance of a
few nations in Europe, was seriously weakened by
The withdrawal of Japan early this year, and not a
Yew suggestions have been heard this week that the
German withdrawal is its deathblow. Of the seven
world Powers, only three now remain as members
of the Geneva organization. Whether the German
action implies any immediate threat of armed strife
.
among the leading nations of Europe may be
doubted, but it is equally clear that it does not
advance the cause of peace. The seed of disarmament, so carefully nurtured by the few governments
that are genuinely interested in disarmament, can
hardly grow unless a more fertile soil is prepared,
O
Volume 137
Financial Chronicle
and the efforts that may be made in the future will
be interesting and instructive.
The startling German announcement was made
generally in Berlin last Saturday, as well as in a
formal communication to Arthur Henderson, President of the General Disarmament Conference at
Geneva. The decision to withdraw from all League
activities was taken by Chancellor Hitler and his
associates after a protracted Cabinet session, in
which intense consideration was given the disarmament developments of the previous week. The plan
in Geneva, reported in a dispatch to the New York
"Times," was for Sir John Simon, the British Foreign Secretary, to present a statement as rapporteur
for the great Powers urging adoption of the British
draft disarmament convention with amendments
providing for two "disarmament" stages. Sir John
Simon proceeded with this plan last Saturday, as
he made a protracted address before the Bureau, or
Steering Committee, of the Conference, while a subsequent statement supporting the ideas put forward
by the British leader was made by Norman H. Davis
for the United States.
The incomplete text of the address by Sir John
Simon, made available by the State Department in
Washington, contained suggestions for important
modifications of the British draft convention submitted originally by Premier MacDonald in another
of the numerous attempts to "save" the disarmament conference. Without binding himself to the
length of the disarmament stages, Sir John Simon
reported that "some Powers" desired a period of
eight years for fulfilment of the plan. At the end
of this period the aim was to achieve two essential
conditions: (a) A substantial measure of disarmament actually realized and completed on the part
of the heavily armed Powers, and (b) the achievement of the principle of equality in a regime of
security which ever since December of last year has
been the declared objective not only of the Powers
who signed the declaration of Dec. 11, but of the
Disarmament Conference itself. It was held
especially essential by Sir John Simon that nations
with restricted armaments under the peace treaties
"should not begin to increase their armaments forthwith, but Lahould express their willingness to conform to a time table." Mr. Davis, in his supplementary statement, supported in general terms the
position taken by the British Foreign Secretary.
Berlin reports indicate that the German Government reached its definite decision to withdraw from
the League and the Conference only after the Simon
speech was delivered. The address blasted German
hopes, it is contended, of an agreement that would
give the Berlin Government the right to its ardently
desired "samples" of aircraft, tanks and other war
gear.
The measures taken by the German Government
last Saturday were typically precipitous and sweeping. It was announced officially that the Reich
would give the required notice for withdrawal from
all League activities at the end of the stipulated
period of two years, and would promptly discontinue attendance at the General Disarmament Conference. A Presidential proclamation, issued at the
same time, dissolved the moribund Reichstag and
decreed new elections for Nov. 12. Since all other
political parties have been carefully exterminated
by the Nazis, this part of the German program has
little significance, as the election can only result
2853
in the return of Nazi Deputies from every part of
the Reich. The proclamation issued by President
Paul von Hindenburg, however, will also provide
Germans with an opportunity for "expressing their
fealty to the German Government." In effect, a
Berlin dispatch to the New York "Times" notes, the
plebiscite will merely range the people behind any
course the German Government may care to take in
foreign affairs.
Three declarations by the German Government
marked its decision to withdraw from the League
and from participation in the General Disarmament
Conference. The first of these was a brief communication to Arthur Henderson, President of the
Conference, setting forth the reasons for withdrawal
from the disarmament negotiations. In the second
the Government outlined its foreign policy and
asked the people to give it their approval at the
election on Nov. 12. The third consisted of a radio
address by Chancellor Hitler to the German people,
in which an attempt was made at once to justify
the attitude of the Government and to indicate its
future course.
The German Foreign Minister, Bonstantin von
Neurath, informed Mr. Henderson of the German
view that the Disarmament Conference will not
attain its presumed object of general disarmament.
"It is clear," Baron von Neurath added, "that this
failure of the Conference is due solely to the unwillingness on the part of the highly armed States
to carry out their contractual obligations to disarm.
This renders impossible the satisfactory fulfilment
of Germany's recognized claim to equality of rights,
and the condition on which the German Government
agreed at the beginning of this year to take part
in the work of the Conference thus no longer exists.
The German Government accordingly will be compelled to leave the Disarmament Conference."
In its general proclamation the Reich regime declared that the Berlin Government and its people
are one in the will to conduct a policy of peace,
reconciliation and international understanding as
the basis for all their decisions and actions. Force
was renounced as an unsuitable means for solving
the existing difficulties of Europe, and assurance
was given that Germany is ready to destroy "even
the last machine gun and dismiss the last man from
the army provided the other nations decide likewise." Negotiations on all problems would be welcomed, the statement added,in the endeavor to overcome the war psychosis and restore sincere relationships among European countries. Willingness
was expressed to conclude Continental non-aggression treaties for the longest possible periods in order
to safeguard European peace and serve the economic
welfare of the Continent. All arrangements, however, are contingent upon the granting of equality
to Germany, and until such equality is granted the
Germans are determined to remain aloof from the
League and the Disarmament Conference, the declaration stated. After denouncing the Versailles
treaty as leading to eternal distress and misery,
and the collapse of the civilized community of
States, the German Government again proclaimed
its desire for disarmament and peace, and asked
the people to support its foreign policy.
• Chancellor Hitler, in his radio address late last
Saturday, elaborated on the two earlier statements
and also gave additional indications of the course
of German foreign policy. He reviewed some of the
2854
Financial Chronicle
events since the World War from a German viewpoint, denounced the Vet.;allies treaty, and expressly
repudiated its affirmation that Germany alone is
responsible for the great conflict of nations. Germany faced a Communist revolt early this year,
and National Socialism "tore Germany back from
the brink of this catastrophe," thereby rendering a
historical service to the rest of Europe, the Chancellor stated. Toward France Chancellor Hitler expressed the most conciliatory sentiments. In the
name of the entire German people he put forward
the whh to wipe out an enmity that has occasioned
sacrifices out of all proportfon to any possible gain.
"It would be a tremendous event for all humanity
if the two peoples could once for all ban force from
their common life," Herr Hitler declared. The only
enemy recognized by National Socialism is Communism, he added. Turning to the question of disarmament, Chancellor Hitler insisted that the German people do not demand weapons but equality.
Germany would join a convention for the destruction of all weapons, he said, but "if the world concedes certain weapons to every nation we are not
ready to permit ourselves, in principle, to be excluded therefrom as a nation of minor rank." Even
in the present situation, the Chancellor said, Germany demands no weapons of attack, but only the
defensive arms which in the future are not to be
forbidden but permitted to all nations. "German
security constitutes no inferior right to the security
of other nations," he declared. "Having gathered
from the declarations of the official representatives
of the great Powers that they are not thinking of
genuine equality for Germany at the moment, it is
thus not possible for Germany, so placed in a dishonorable position, to intrude itself upon other
nations."
HESE developments of the last week-end occasioned the most serious concern in all countries of the world, as it was realized that the German action signalized a crisis in the affairs of
Europe and the need for a new political orientation.
Some resentment and excitement were caused in
Great Britain by the German withdrawal, but
coupled with these feelings was a sense of relief that
the atmosphere had at length begun to clarify.
There was a feeling at first that the German measures ,would draw the former Allies closer together.
In France also the initial excitement was succeeded
by a period of calm and a determination to weigh
the entire matter carefully in order to determine
the best course. Rome regarded the occurrence as
an international calamity, but the hope was expressed that the four-Power pact could be invoked
to bridge the difficulties. In Washington it was
carefully explained by Secretary of State Cordell
Hull that the United States deeply regretted the
German decision, as it would halt the paramount
movement for peace. Geneva received the news from
Berlin with undisguised dismay, as it was realized
that the decision might mean the slow dissolution
of the League as a political force. Official comment
everywhere was extremely guarded and reserved,
last Saturday, owing to the obvious need for careful
study of the changed situation and extensive consultations among many governments.
Long meetings were held at Geneva, last Sunday,
,by delegates of Great Britain, France, Italy and the
United States, in , the endeavor to find means for
T
Oct. 21
1933
continuing the General Disarmament Conference.
It was decided that Arthur Henderson,as President,
would reply to Baron von Neurath. Agreement also
was reached to postpone the plenary session of the
Conference, scheduled for Oct. 16, for a period of a
week or two. This would provide time for conversations among the major Powers, it was argued,
while the disarmament delegations would be enabled
to study all phases of the Simon program. In some
reports it was suggested that the postponement of
the Disarmament Conference probably would prove
to be only the first of a series of similar delays.
Not a little pressure was in evidence for adjournment of the Conference, sine die, according to the
Geneva correspondent of the New York "Herald
Tribune." Italy suggested abandonment of the Conference and further negotiations under the fourPower treaty, it was said, while Sir John Simon,
rankling under charges that his close co-operation
with French delegates occasioned the German withdrawal, was inclined to favor the Italian view. Norman H. Davis for the United States and Foreign
Minister Joseph Paul-Boncour for France are said
to have urged continuance of the Conference, and
their views prevailed.
The General Commission of the Disarmament Conference met Monday and accepted a suggestion by
Mr. Henderson for adjournment until Oct. 26. The
British President of the gathering explained briefly
that delay was necessary in order to enable all delegations to confer with their home governments.
"The decision we shall now have to take will be
fraught with far-reaching political consequences,"
he added. The Commission also approved the reply
which Mr. Henderson proposed to make to Germany.
In this communication, dispatched later the same
day, Mr. Henderson remarked that the German Government announced its decision at the moment when
consideration of a definite disarmament program
was about to begin. "This program, to be completed
within a limited period, provided for the realization
progressively, in accordance with the resolutions of
the Conference in which Germany herself concurred,
of the reductions in armaments comparable with
those contemplated in the draft convention submitted to the General Commission," the note said.
"This program was provided also with corresponding measures of security for the realization of the
rights which the German Government have always
placed in the forefront of their demands. I regret,
therefore, that this grave decision should have been
taken by your Government for reasons which I am
unable to accept as valid."
The admirable declaration by Norman H. Davis,
in which he indicated the United States is interested
only in disarmament and not in any purely European political situation, was made late Monday,
after Mr. Davis learned that he had been represented
as involving the United States in European affairs.
"We are in Geneva solely for disarmament purposes," said Mr. Davis in a statement issued to the
press. "While there is a possibility of successfully
carrying on disarmament negotiations we will gladly
continue to do our part. We are not, however, interested in the political elements or any purely European aspect of the picture. We again make clear
.that we are in no way politically aligned with any
European Power. Such unity of purpose as has
existed has been entirely on world disarmament matters. Whether or not conditions are favorable to
Volume 137
Financial Chronicle
continuing the present disarmament efforts is now
a question for Europe, not the United States, to
decide. During this week there will be consultations between the capitals of Europe. We do not
wish to take an active part in these, as the implications are purely political. The principles set forth
last May by the President in his message to the
heads of State remain the policy of the United
States." In Washington, also, it was emphasized
that the United States has done all it could toward
disarmament, and that it is now up to European
nations to decide whether further attempts to accomplish measurable disarmament are to be made.
The purely European developments in the situation this week have not been especially encouraging.
It was made clear at Berlin, Sunday, that Chancellor Hitler's speech contained a definite invitation
to the French Government for a Franco-German understanding, and possibly a bilateral pact of nonaggression. The French response was eagerly
awaited in the German capital. Premier Edouard
Daladier discussed the problem, Tuesday, in an address before the Chamber of Deputies, but his reply
to Germany was cool. "If an entente is sincerely
desired, why begin with a rupture?" he asked. "If
it is intended to respect engagements, why oppose
their verification? If one is ready to destroy his
last rifle and his last machine-gun, why not accept
a plan the progressive execution of which will constitute real, effective disarmament?" The French
policy will remain one of collaboration, the Premier
continued. He asked the Chamber to postpone debate on the problem and protested against "rumors
of panic and interested campaigns." France is not
alone, M. Daladier declared. Since the end of the
war she has never had more friends, he added cryptically. "She is resolved to give an example of
calmness and coolness which is all the more decisive
because she knows she is in a position to defend her
territory and her liberties," the Premier stated in
conclusion.
The British Government began to examine the situation last Sunday in the hope that some way might
be found to induce Germany to rejoin the Geneva
deliberations. This aim was not aided, however, by
a public controversy which developed between the
German and British Foreign Ministers. Baron Konstantin von Neurath made a blunt speech before
several hundred press representatives in Berlin,
Monday, in which he held the British attitude
largely responsible for the German decision to withdraw from the League and the Conference. He reiterated that peace cannot be a perpetuation of war,
that victors and vanquished must some day take the
path of mutual understanding and confidence, and
added that the constant degradation of Germany
and the discrimination exercised against her had
finally become unbearable. He sketched the course
of the disarmament negotiations and branded as
mendacious any charges that German claims far
ekceeded any made previously or that they prevented an agreement. "Yet Sir John Simon contended," he said, "that instructions received at
Geneva went far beyond our previous demands."
Baron von Neurath continued by making the grave
charge that German views given to the London Government "were forwarded to Washington in so distorted a form that the impression was created there
that we had raised new demands jeopardizing the
Disarmament Conference." This resulted, he said,
2855
in a semi-official declaration by the United States
Government that Washington, through the Berlin
treaty, was a co-signatory of the disarmament
clauses of the Versailles treaty, and therefore felt
justified in making representations agaimt the German demands. "The real facts readily cleared up
this enigma, with the result that the United States
Government was soon able to assure itself of the
falsity of these reports," Baron von Neurath declared. Referring to the "enormous difference"
between the armaments of Germany and those of
other great Powers, Baron von Neurath remarked
that it is now up to the heavily armed countries to
take steps or to make their position clear.
Foreign Secretary Sir John Simon struck back
at the German Minister in an icy speech over the
radio, delivered Tuesday. He declared he was "perfectly and absolutely right" in any comments he had
made concerning the change in the German attitude
on disarmament, and remarked that he was ready
to publish all documents to prove it. "Recent events
in Europe have unquestionably increased the feeling of nervousness, the sense of positive alarm which
is the real reason why heavily armed States hesitate to weaken their armed forces," he said. "There
is more anxiety in England about the international
situation than in many years past. And on the
Continent this feeling is still more acute. Everybody knows why. There is not the slightest doubt in
the minds of any of us who have been as closely in
touch with these discussions on behalf of this country as I have that the German attitude taken at
the last moment represented a further widening of
the breach and that all the hard work which had
been put into the recent conversations by all of us
with mutual good-will was jeopardized, if not
wrecked, by this new attitude." The British Government as a whole, he added, is determined that
nothing shall be left undone to seek an honest, honorable compact on disarmament.
This exchange between the British and German
Ministers caused a virtual abandonment of hopes
that the matter could be adjusted and Germany prevented from withdrawing altogether from the
League of Nations. There were still some expectations that Premier Mussolini of Italy might exercise his good offices, but since Italy has never been
more than lukewarm toward the League it seemed
clear that Italian steps would be taken privately,
if at all. Rome dispatches stated that the Italian
Fascist leader viewed the four-Power treaty as the
best means for carrying on disarmament discussions. In French official circles the opinion was
expressed, on the other hand, that the four-Power
pact was of little utility, since it had not prevented
the German action of last Saturday. The Foreign
Affairs Commission of the Chamber of Deputies
considered this matter Wednesday, and reached the
virtually unanimous opinion that the four-Power
treaty could no longer function, a Paris dispatch
to the New York "Times" said. Rome was not impressed by this argument, an Associated Press report said, and started informal conversations regarding the practicability of invoking the fourPower accord to solve the disarmament question.
All lingering doubts that Germany would withdraw completely from the League were dismissed
late Wednesday, when Chancellor Hitler addressed
a meeting of his followers in Berlin and declared
that the Reich would participate henceforth in no
2856
Financial Chronicle ,
Oct. 21 1933
conferences and would enter no international agreements "as long as she is not treated as an equal."
The German nation desires only peace, but honor is
something without which the Reich cannot live, the
Chancellor again declared. "I am optimistic about
my people and pessimistic about Geneva and the
League of Nations," he added. The German Government sent to Geneva on Thursday its notification of
withdrawal from the League, to become effective at
the end of the two-year period provided in the League
regulations. The note was not published, but is
said to have consisted merely of a very brief notification of withdrawal. It was considered significant that the Berlin regime issued a decree on the
same day providing for extensive tax remissions to
German firms that expend moneys for protection
against airplane attacks.
M. Daladier was strengthened momentarily by the
crisis in international affairs when he went before
the Chamber with his budget program, and when he
appealed for immediate consideration of the budget
plan he received the supporting vote of 470 to 120.
The Premier revealed in his address that in February and again in April financial difficulties were
faced by the Government which made it uncertain
whether salaries could be paid and end-of-month
bills met. "We lived through those difficult times,
but we do not want to experience them again," he
remarked. The Premier fixed a week for passage of
his budget bills, but strenuous opposition to all
phases of the program quickly developed and the
Finance Commission of the Chamber formally notified M. Daladier Thursday that it would be impossible to enact the measures in that time.
APID abandonment of the international tariff
truce arranged with such difficulty at London
last summer is indicated by a French announcement
that the required notice of withdrawal after a period
of one month has been given the League of Nations.
France is the first of the major nations to denounce
the pact, but the action was expected as the Paris
Government has steadily pursued the aim of freeing itself from all tariff arrangements of general
application. A Franco-Swiss trade agreement expires in December, and thereafter the French Government will be completely free of all "most-favorednation" trade agreements. Denunciation of the
tariff truce was effected on Oct. 12, according to a
Paris report to the New York "Times," and the
abrogation will thus be complete on Nov. 11. Holland was the first country to abrogate the truce,
and Sweden followed with similar action. The truce
was ineffective in any event, as numerous reservations were made by all governments. A general reservation provided that it was not to prevent tariff
increases already under contemplation at the time
of signature, and under this blanket cover many tariffs have been advanced in recent months. Denunciation by France, however, is a further indication
of the world-wide trend toward ever-higher trade
barriers.
F
ASCIST leaders of the German Government took
some unusual steps last Saturday to complete
the regimentation of the German people that has
long been the avowed aim of Fascism, and there is
every indication that they will achieve a large measure of apparent success. Not content with the
startling moves in international relations detailed
above, Chancellor Hitler issued a decree calling for
general elections on Nov. 12. In that election all
candidates will be of the National Socialist persuasion, as the official existence of any other regime
has for some time been impossible in the Reich. The
voters will be asked at the same time to indicate
their approval or non-approval of the foreign policy
of Chancellor Hitler. More important than these
measures for the internal affairs of Germany was
a further decree, also published last Saturday, which
received little attention because of the sensational
incidents of the day. This decree dissolved all the
State Diets but did not provide for new elections
to such legislative bodies. In effect, therefore, the
semi-independent State regimes of Bavaria, Saxony,
Wuerttemberg, et al, will pass out of existence and
the Federal Government will hold indisputable
power.
From the national plebiscite the Nazis are certain to emerge triumphant, and there is already
talk in Berlin of the resignation of the several nonREMIER EDOUARD aiLADIER placed before Nazzi members of the Cabinet and their replacement
the newly assembled French Parliament, Tues- by ardent followers of Hitler. Opposition to the
day, his long awaited plan for balancing the budget Hitlerites is hardly thinkable in Germany, but the
of France by reducing expenditures and increasing Nazis nevertheless have started a strenuous election
revenues. The struggle upon which the French Pre- campaign, designed to obtain as many votes as posmier entered is a dificult one, and it may well sible in support of their men and methods.
The problem of Nazi attacks on foreigners who
endanger his regime before it is ended. It was
admitted Thursday in Paris that there was already were innocently guilty of neglecting to salute Storm
some danger of an overthrow, after only a few days Troopers in the approved fashion was relegated to
of debate, a report to the Associated Press said. The the background by the crowding events of recent
problem faced by M. Daladier is that of eliminating days, but it was not forgotten. United States Aman estimated deficit of 7,718,000,000 francs ($312,- bassador William E. Dodd discussed this matter late
000,000 at par) in the budget for the 1934 fiscal last week with Foreign Minister Konstantin von
year. Measures introduced at the opening of the Neurath, and again on Tuesday with Chancellor Hitsession provide for economies of approximately ler. He received assurances that attacks on Amer3,600,000,000 francs, to be achieved largely by means ican nationals in Germany will cease forthwith.
of a 6% salary reduction for State employees, re- That the German Government finally realizes the
ductions in pensions, administrative reforms and seriousness of the numerous incidents of this nature
lowered costs of social insurance. They call also was demonstrated last Saturday, when two Storm
for increased revenues of 3,982,000,000 francs from Troopers who attacked an American business man
such sources as increased taxes on petroleum, the in Duesseldorf two weeks ago were placed on trial.
manufacture of munitions and flints for pocket The assailants were convicted Tuesday, and senlighters. It is also intended to decrease tax evasions tenced to six months in jail. It was indicated also
that a strongly worded decree against molestation
and thus make up the balance needed.
R
P
Financial Chronicle
Volume 137
of foreigners in general and of Americans in par.
denier would be issued by the Nazis.
HERE have been no changes this week in the
discount rates of any of the foreign central
banks. Present rates at the leading centres are
shown in the table which follows:
T
2857
of gold and foreign currency to note circulation is
now 79.64%, as compared with 77.45% last year
and 55.07% the previous year. The items of credit
balances abroad and bills bought abroad remain unchanged. Below we furnish a comparison of the
various items for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Rate in
Effect
Date
Oct. 20 Established,
Angela.--Belgium._.
Bulgaria__
Chile
Colombia..
Czechosiovakla._ _ Danzig—.
Denmark _
.
England__
Estonia....
Finland__
France....
Germany..
Greece
Holland._.
Preclout
Rate.
5
334
834
434
4
Mar. 23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
July 18 1933
6
234
934
534
5
334
4
3
2
• 534
5
234
4
7
234
Jan. 25 1933
July 12 1932
June 1 1933
June 30 1932
Jan. 29 1932
Sept. 5 1933
Oct. 9 1931
Sept. 31 1932
Oct. 13 1933
Sept. 18 1933
434
5
314
234
634
534
2
5
73.4
3
Country.
Rate in
Effect
Date
Oct. 20 Established.
Previsas
Rate.
Hungary... 44 Oct. 17 1932 5
India
334 Feb. 16 1933 4
Ireland_ _
3
June 30 1932 334
34 Sept. 4 1933 4
Italy
Japan
3.65 July 3 1933 4.38
Java
434 Aug. 16 1933 5
Lithuania__ 7
!slay 5 1932 734
Norway
334 May 23 1933 4
Poland
6
Oct. 20 1932 734
Mar. 14 1933 635
Portugal-- 6
Rumania __ 6
Apr. 7 1933
South Africa 4
Feb. 21 1933 7
Oct. 22 1932 534
6
Spain
Sweden
3
June 1 1933 634
Switzerland 2
Jan. 22 1931 334
In London open markets discounts for short bills
on Friday were %%, as against 9-16@/% on Friday of last week and'H for three months' bills, as
i%
against 11-16@3 % on Friday of last week. Money
4
on call in London yesterday was %%. At Paris the
open market rate remains at 234% and in Switzerland at 13/2%.
HE Bank of England statement for the week
ended Oct. 18 shows a loss of £36,419 in gold
holdings but as circulation contracted £1,828,000,
reserves rose £1,792,000. Gold holdings now aggregate £191,731,964 in comparison with £140,416,047
a year ago. Public deposits increased £3,773,000
and other deposits decreased £1,020,769. The latter
consists of bankers' accounts which fell off £3,773,000
and other accounts which rose £1,347,437. The
reserve ratio is up to 48.01% from 47.73% a week
ago; last year it was 41.19%. Loans on Government
securities increased £366,000 and those on other
securities £602,545. Other securities include discounts and advances which were reduced £2,435,087
and securities which showed an increase of £3,037,632.
The rate of discount is unchanged at 2%. Below we
furnish a comparison of the different items for
five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Oct. 18
1933.
Oct. 19
1932.
Oct. 21
1931.
Oct. 22
1930.
Oct. 23
1929.
—
£
f
£
I
f
Circulation a
370,596,000 359,217,903 355,230,909 354,527.879 357.386.753
Public deposits
14.458,000 30,751,192 19.093,860 27.932.990 15,788,487
Other deposits
154,527,976 105,674.988 113.292.220 89,604.033 96,247.990
Bankers accounts 108.959.037 71,933,830 60.515.285 55.504.890 59,111,334
Other accounts_ ... 45.568.939 33.741,158 52,776,935 34.099.143 37.136,656
81.468.088 66,238.094 53.800.906 41.636.247 69,461,855
Govt.securities
24,056,060 31,654,679 39,469,086 27,947,706 24,640.597
Other securities
Disct & advances. 8,500,529 11.606,495 10,421,878 4.978.750 4,199.821
Securities
15,555,531 20.048,184 29,047,208 22,968,956 20,440.776
Reserve notes & coin 81,137,000 56,198.144 56,804,323 65,597,781 35.634.291
Coin and bullion._ 191,731,964 140,416,047 137,035,232 160,125,660 133,021,044
proportion of reserve
48.01%
41.19%
to liabilities
42.90%
55.80%
31.80%
'Ronk nits
.
2%
RI,07
2%
2%
AK
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
outstandlog•
THE Bank of France statement for the week ended
Oct. 13 shows a decrease in gold holdings of 36,959,611 francs. Owing to this loss, the Bank's gold
stands now at 82,000,483,264 francs in comparison
with 82,651,268,261 francs a year ago and 62,154,598,359 francs two years ago. French commercial
bills discounted and creditor current accounts register
increases of 141,000,000 francs and 983,000,000 francs
while advances against securities show a gain of
50,000,000 francs. Notes in circulation reveals a
loss of 879,000,000 francs reducing the total of notes
outstanding to 81,669,352,460 francs. A year ago
circulation aggregated 81,100,667,470 francs and the
year before 81,937,178,765 francs. The proportion
Changes
for Week.
Gold holdings
Credit bats. abroad_
aFrench commercial
bills di counted. _
,
bBilis bought abroad
Adv. against securs_
Note circulation.._ _
Credit current wets
Proportion of gold
on hand to sight
liabilities
oa. 13 1933.
Oct. 14 1932.
Oct. 16 1931.
Francs.
Francs.
Francs.
Francs.
—36,959,611 82.000,483.264 82,651,268,261 62,154,598.359
No change.
1,286.728,712 2.909.677,193 17.078,596,619
+141,000.000 2.917,192,035 2,934,559.232 7.391,845,885
No change.
1,345,723,144 2.082,254,058 12,433,769,462
—50,000.000 2.812.405.441 2.753.970,015 2.811.753,295
—879,000,000 81.669,352.460 81.100,667.470 81.937,178,765
+983,000,000 21,294,351,694 25,620,490,824 30.917,664.410
79.64%
—0.12%
77.45%
55.07%
a Includes bills purchased in France. b Includes bills discounted abroad.
THE Reichsbank's statement for the second quarter
of October reveals an increase in gold and bullion
of 5,717,000 marks. The Bank's gold now aggregates
383,768,000 marks which compares with 796,804,000
marks last year and 1,155,963,000 marks the previous
year. A decrease appears in reserve in foreign
currency of 2,680,000 marks, in bills of exchange
and checks of 112,597,000 marks, in advances of
6,719,000 marks, in other daily maturing obligations
of 7,564,000 marks and other liabilities of 23,824,000
marks. Notes in circulation show a reduction of
46,816,000 marks, reducing the total of the item to
3,426,040,000 marks. Circulation a year ago stood
at 3,518,998,000 marks and two years ago at 4,526,676,000 marks. Silver and other coin, notes on other
German banks, investments and other assets record
increases of 30,662,000 marks, 2,633,000 marks,
408,000 marks and 4,372,000 marks, respectively.
The proportion of gold and foreign currency to note
circulation stands now at 12.0% in comparison with
26.5% last year and 28.6% the previous year: A
comparison of the various items for three years
appears below:
REICHSBANIVB COMPARATIVE STATEMENT.
Changes
for TVeek.
Oct. 15 1933 Oct. 15 1932 Oct. 15 1931.
Assets—
Reichstnarks. Reichsmarks. Retchsniarks. Reichsnutrks.
Gold and bullion
+5.717.000 383,768,000 796.804.000 1,155.963.000
Of which depos.abroad. No change.
58,546.000
63,351,000
90.025.000
Res've in foreign cure
—2,680,000
28,204.000 135.163,000 138,136,000
Bills of exch.& checks
—112.597,000 3,124,980.000 2,777,774,000 3,829.651.000
Sliver and other min._ _
+30,662,000 211,410,000 211,454,000
95.481,000
Notes on 0th. Ger. bks.
10,638,000
+2,633,000
9,235,000
8,808.000
Advances
—6,719.000
54,993,000
92,109.000 202,900.000
Investments
+408,000 320,660.000 362.227.000 102,884.000
Other assets
+4,372,000 538,453,000 812,687,000 841,752.000
Liabilities—
Notes In circulation....
—46.816,000 3,426,040,000 3.518.998,000 4,526,676,000
0th. daily matur.°bag
—7,584,000 391.431.000 386,929,000 551,443,000
Other liabilities..,. ___. —23,824,000 232,486,000 744,100.000 810,12.5.000
Propor. of gold & for'n
curr, to note clrcula'n
-1-0.2%
12.0%
26.5K
251 5 71
,
HIEF among the money market developments of
the current week was the reduction by the New
York Federal Reserve Bank of its rediscount rate
from 2M to 2%, announced Thursday and effective
yesterday. This move was followed yesterday by
reductions in the official buying rates for bankers'
acceptances, the rate for maturities up to 90 days
being lowered from 1% to
while corresponding
reductions were made in rates for longer datings.
The reduction in the bill buying rate brings that rate
again into line with the market, and it was assumed
by some money dealers that these moves reflected a
decision by the Reserve Bank authorities to pursue
their credit expansion aims hereafter somewhat more
through acquisition of bankers' bills than United
States Government securities. The open market
purchases of Governments in the week to Wednesday night dropped to $31,000,000 from the figure of
C
2858
Financial Chronicle
about $35,000,000 current for many weeks, and this
also reflected an apparent decision of this nature.
The Federal Reserve banks of Chicago and Cleveland followed yesterday with reductions of their rediscount rates from 3 to 23/2%, but other institutions
have not yet made changes. There was no reflection in the open market here of the measures taken
by the Reserve banks.
The money market in New York showed no changes
other than those mentioned. Call loans on the New
York Stock Exchange were V for all transactions,
I%
whether renewals or new loans. There were no
offerings at concessions in the unofficial street
market Monday, but funds again were offered at
%% beginning Tuesday, and this level was reported
done on all subsequent days. Time money rates
were unchanged. Rates in all departments of the
commercial money market also were continued.
Announcement was made by President Roosevelt,
Wednesday, that subscriptions of about $2,000,000,000 had been received on the Treasury offering of
$500,000,000 431-33'
1% bonds for cash. An issue
of $75,000,000 in 91-day Treasury discount bills
was awarded, Monday, at an average discount of
0.13%. Brokers' loans increased $34,000,000 in the
week to Wednesday night, the Federal Reserve Bank
reported.
EALING in detail with call loan rates on the
Stock Exchange from day to day, 4% has
3
been the ruling quotation all through the week for
both new loans and renewals. The market for time
money has been extremely quiet this week, as
practically no business has been reported. Rates are
nominal at M% for 30 days, @3470 for 60, 90
and 120 days, 34@1% for five months, and 1@134%
for six months. The demand for commercial paper
has continued fairly strong this week, and the supply
of paper has shown a moderate increase. Rates are
1
13..% for extra choice names running from four to
six months and 13/2% for names less known.
D
HE market for prime bankers' acceptances has
been more active this week. Rates are unchanged. Quotations of the American Acceptance
Council for bills up to and including 90 days are
%% bid, and Y asked; for four months, %% bid
i%
and M% asked; for five and six months, " 8 bid
%
and 4% asked. The bill buying rate of the New
3
York Reserve Bank was reduced on Friday (Oct. 20)
from 1% to M% for bills running from I to 90 days,
and rates for longer maturities have been fixed proportionately. The Federal Reserve banks' holdings
of acceptances decreased during the week from
$6,906,000 to $6,569,000. Their holdings of acceptances for foreign correspondents also decreased
during the week, dropping from $38,469,000 to
$36,030,000. Open market rates for acceptances
are as follows:
Prime eligible bilks
BYOT DELIVERY.
—180 Daus— —150 Days— —120 Dabs—
Bid.
Asked.
Bid.
Asked.
Asked.
Bid.
g
g
14
Si
—90Doge-- —60Dabs— —30Days—
Bid.
Asked.
Asked.
Bid.
Bid.
Asked.
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
g% bid
J % bid
HREE of the Federal Reserve banks have this
week lowered their rediscount rates. On Oct. 19
the Federal Reserve Bank of New York reduced its
rate from 23/2% to 2%,effective Oct. 20. Yesterday
(Oct. 20) the Federal Reserve Board announced that
T
Oct. 21 1933
the Cleveland and Chicago Federal Reserve banks
had lowered their rates from 3% to 21 %.
4
There have been no other 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:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis.
Minneapolis
Kansas City
Dallas
San Francisco_
S
Rate in
Ellen on
Oct. 20.
Date
Established.
Previous
Rate
3
2
3
23
3'
3L4
21i
3
34
,
3'
34
3
June 111133
Oct. 20 1933
June a 1933
Oct. 2111133
Jan. 25 1932
Nov. 14 1931
OA. 21 1933
June 8 1933
Sept. 12 1030
Oct. 23 1931
Jan. 28 1032
June 2 1933
34
2
34
3
4
3
3
34
4
3
4
34
TERLING exchange has been decidedly weak
against the dollar ever since the sharp drop
which characterized the market on Friday, Oct. 13,
when the rate for cable transfers dropped 11 cents.
Meanwhile, however, sterling has been firmer in
terms of the gold cu-Tencies, which means simply
that sterling and all the Continental currencies are
weaker as the dollar gains in strength. The two
outstanding factors relating to sterling exchange are
the geeat success which attended the United States
Treasury's conversion of the Fourth Liberty Loan
bonds, the total subscription reaching $2,000,000,000, representing an oversubscription of four times
the amount of the offer. European interests interpreted the tremendous oversubscription as indicative of the ascendency of the sound money forces
on this side, and there was wild buying of dollars
and sterling in Europe on Wednesday. On Thursday the Federal Reserve Bank of New York reduced its rediscount rate to 2%, the lowest figure
since 1931, when Great Britain abandoned the gold
standard. In September of that year, after maintaining a 13/2% record low discount rate for many
months the Reserve Bank lifted its rate to 23/2%
and then to 332% in order to check a threatened
exodus of gold. The 23/2% rate had been in effect
since May 26 1933, when it was reduced from 3%.
The present rate was foreshadowed by the condition
of the money market in New York. The call money
rate has recently been around %%, as low as at
any time in its history. At the same time outside
rates for call money have been quoted at the lowest
levels recorded during the last century. Time
money rates also are at record lows and acceptance
rates are down to the lowest yield since January.
Commercial paper rates have also been down to
January-February levels. The bank holiday in
March forced the rediscount rate up to 332%. On
April 7 the rate was cut from 3% to 3%.
The range for sterling this week has been between
2
4.483/ and 4.613/ for bankers' sight bills, compared
with a range of from 4.70 to 4.533/ last week. The
range for cable transfers has been between 4.49%
and 4.62, compared with a range of from 4.703 to
4.54 a week ago. It will be recalled that last week
the sterling check rate on Paris frequently dropped
below 80.00 and the dollar was quoted in Paris on
several occasions below 66.0. The relative firmness
of both sterling and the dollar in terms of gold this
week may be seen from the following tables giving
the London check rate on Paris and the mean gold
quotation for the United States dollar in Paris.
Volume 137
Financial Chronicle
LONDON CHECK RATE ON PARIS.
Saturday Oct. 14
We Ines lay Oct. 18
80.68
Monday Oct. 16
80.59 'Mira lay Oct. 19
Tuesday Oct. 17
Oct. 20
Friday
89.00
81.15
81.08
_ 81.81
MEAN GOLD QUOTATION U. S. DOLLAR IN PARIS.
Saturday Oct. 14
68.4
We Ines lay Oct. 18
69.8
Monday Oct. 16
70.4
69.6
ruirs lay Oct. 19
Tuesday Oct. 17
71.0
Oct. 29
Frilay
68.8
The Treasury's announcement late on Wednesday
afternoon of last week of it conversion offer induced
a rush of short covering of dollar positions by bear
interests in Europe and this broliet about a sharp
break in all the European exchanges on Friday.
The great oversubscription to the Treasury cash
offer of Treasury bonds announced on Wednesday
of this week caused another upward surge in the
dollar and a drop in all the Europeans. At the close
of the market sterling was off 91 cents, at $4.50.
A
French francs tumbled 23 points to 5.53; guilders
210 points to 57.10; Swiss francs 105 points to 27.40;
and there were similar sharp declines in all the minor
European units. The foreign exchange market took
the oversubscription as an indication of abounding
confidence on the part of Americans in the ultimate
stability of the dollar. Despite the gyrations in rates
foreign exchange markets everywhere were narrow
and were perhaps more nervous than at any time
since September 1931.* The nervousness and weakness in the foreign exchanges this week must also be
attributed in some measure to the attitude taken by
Germany regarding the League of Nations and the
arms conference. French francs suffered the most
severe shock during the week. In considering the
ease in sterling with respect to the dollar the fact
must not be lost sight of that sterling has moved up
in terms of gold, or French francs. Great confidence
. continues to be displayed in the markets toward
sterling, and money continues to flow to London
for safety from all quarters of the world. Money
rates would be lower than they are in Lombard
Street but for the conservative position taken recently by the great London banks to keep bill rates
from sagging to unwarrantably low levels. Call
money against bills is in supply at M%;two-months'
bills at 11-16% to 4%; three-months' bills at 4%
3
3
to 13-16%; four-months' bills, at 13-16% to 7 %
A
and six-months' bills at 78 to 15-16%.
%
The gold flowing to the London open market from
all parts of the world continues to be taken largely
by the Continent for purposes of hoarding. At the
same time, while the gold is sold for Continental
account, it remains stored for the most part in the
vaults of the London banks, where hoarders feel it to
be more secure. On Saturday last £335,000 bar gold
was taken by the Continent at a premium of 43/d.
2
above the sterling-franc rate. On Monday £700,000
was taken by the Continent at a premium of 13/d.
2
On Tuesday £330,000 was taken for the Continent
at a premium of 6d. On Wednesday £315,000 was
taken for Continental account at a premium of 53/d.
2
On Thursday £180,000 went to Continental account
at a premium of 63/d. On Friday £390,000 was
2
taken for the Continent at a premium of 53/2d. The
following table gives the London open market price
for gold from day to day and the. price paid for gold
by the United States Treasury.
LONDON OPEN MARKET GOLD PRICE.
Saturday Oct. 14
1318. 3d.
Wednesday Oct. 18
Monday Oct. 16
128s. 6d. Thursday Oct. 19
Tuesday Oct. 17
1308. 11Md. Friday
Oct. 20
1328. Md.
129s. lid.
129s. Md.
PRICE PAID FOR GOLD BY U. S. TREASURY.
Saturday Oct. 14
29.83 I Wednesday Oct. 18
Monday Oct. 16
29.00 Thursday Oct. 19
Tuesday Oct. 17
Friday
29.86
Oct. 20
30.33
29.18
29.13
2859
On Thursday the Bank of England bought £68,700
in gold bars. The Bank of England statement for
the week ended Oct. 18 shows a loss in gold holdings
of £36,419, the total standing at £191,731,964,
which compares with £140,416,047 on Oct. 19 1932,
and with the minimum of £150,000,000 recommended
by the Cunliffe commission.
At the Port of New York the gold movement for
the week ended Oct. 18, as reported by the Federal
Reserve Bank of New York, consisted of exports of
$506,000, of which $453,000 was shipped to Switzerland and $53,000 to France. The Reserve Bank
reported no change in gold earmarked for foreign
account. There were no gold imports. The Reserve Bank reported the export of 56,519 fine ounces
of gold recovered from natural deposits. In tabular
form the gold movement at the Port of New York
for the week ended Oct. 18, as reported by the
Federal Reserve Bank of New York, was as follows:
GOLD
MOVEMENT AT NEW YORK, OCT. 12-OCT. 18, INCL.
Imports.
Exports.
$453,000 to Switzerland
53,000 to France
None.
$506,000
total
Net Change in Gold Earmarked for Foreign Account.
None.
Exports of Gold Recovered from Natural Deposits.
56,519 fine ounces.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports,
but $6,665,500 of gold was shipped to France. Gold
held earmarked for foreign account decreased $6,665,500 On Friday there were no imports or exports of
the metal or change in gold earmarked for foreign
account. There was also exported 22,958 fine
ounces of gold recovered from natural deposits on
Thursday and 14,906 fine ounces on Friday. There
have bee.i no reports during the week of gold having
been received at any of the Pacific ports.
Canadian exchange continues at a discount. On
Saturday last Montreal funds were at a discount of
278%, on Monday at 338%, on Tuesday at 23 %,
4
on Wednesday at 3/%, on Thursday at 3%%,and
on Friday at 3/
8%.
Referring to day-to-day rate3, sterling exchange on
Saturday last was firm following the sharp break of
last Friday. Bankers' sight was 4.55@4.572 cable
/
1
;
transfers 4.553/8@4.58. On Monday steeling moved
down. The range was 4.483/2@4.5534 for bankers'
sight and 4.49/@4.5532 for cable transfers. On
Tuesday the pound was strong. Bankers' sight was
4.53%@4.59%; cable transfers 4.551 @4.59M. On
4
Wednesday all the European currencies went off
widely. The range was 4.50@4.613/ for bankers'
2
sight and 4.62 down to 4.503/ for cable transfers.
On Thursday sterling was slightly firmer. The range
was 4.50@4.5534 for bankers' sight and 4
.503/2@
%
4.555 for cable transfers. On Friday the range was
4.503/@4.54 for bankers' sight and 4.50%@4.543/
2
8
for cable transfers. Closing quotations on Friday
were 4.5134 for demand and 4.513/i for cable transfers. Commercial sight bills finished at 4.51; 60
-day
bills at 4.503 , 90-day bills at 4.501 ;documents for
4
A
payment (60 days) at 4.503/2, and seven-day grain
bills at 4.50%. Cotton and grain for payment
closed at 4.51.
has
EXCHANGE on the Continental countriesdollar
been decidedly easier in terms of the
since Friday
of last week. French francs have suffered the greatest part of the decline resulting from
2860
Financial Chronicle
the demoralized market of the week. There was wild
buying of sterling and dollars in Paris in nearly
every session. The franc fell definitely below the
gold export point from Paris to the neighboring
gold countries and it seems entirely possible that the
Bank of France will face additional losses of gold,
especially to Holland and Switzerland. This week
the Bank of France statement as of Oct. 13 shows an
additional loss in gold holdings of 36,959,611 francs,
the total standing on Oct. 13 at 82,000,483,264
francs. This compares with 82,651,268,261 francs
on Oct. 14 1932, and with 28,935,000,000 francs in
June 1928 when the unit was stabilized. The European markets were full of rumors that France would
be compelled to abandon the gold standard, but a
Government spokesman at the French foreign office
said on Thursday: "Premier Daladier stated definitely in his speech at the party convention in Vichy
that he would not go off the gold basis. In view of
his declaration all rumors of the kind are absurd."
The fact that the revised French budget has been
before Parliament for debate since Tuesday is a
factor lending uncertainty to all foreign exchange
markets. An outline of the French budget will be
found on another page. Despite the steady loss of
gold to the neighboring countries during the past few
months, the Bank of France is in so strong a position
that it can face the prospect of a prolonged gold drain
with equanimity. On Oct. 13 the Bank had gold
cover for its note issue of 100.40%, while it showed a
ratio of 79.64% between its reserves and sight
liabilities. This compares with legal requirement
of 35%. The French foreign trade situation is not
favorable to firm franc quotations. French imports
for the nine months ended in September amounted to
21,608,000,000 francs, compared with 22,110,000,000
francs in the corresponding period of 1932. Exports
were valued at 13,472,000,000 francs, against
14,566,000,000 francs. The import surplus increased
to 8,136,000,000 francs from 7,544,000,000 francs
for the corresponding period a year ago. The franc
has received very little assistance from tourist traffic
during 1933 and such traffic is now at an end for the
year.
German marks are quoted nominally, as all German foreign exchange transactions are under strict
Reichsbank control. Dr. Scha cht, president of the
Reichsbank, is reported to be in complete sympathy
with the crusade of the Hitlerites against international
capital. He has good reason for maintaining for the
present the July agreement to transfer 50% of the
bond interest. Owing to the depreciation of the chief
creditor currencies and to heavy depreciation of the
scrip, which is offered in place ox the embargoed remaining 50% of bond interest, the present system
is highly advantageous to Germany. It enormously
reduced her effective interest burdens and facilitates
her reduction ot capital debt by the repurchasing of
bonds cheaply. Dr. Schacht realizes that were the
100% transfer of interest resumed, as could easily be
done, quotations on bonds abroad would rise excessively and their repurchase by Germany would become less profitable. The Reichsbank is steadily
strengthening its gold position. The statement for
the week ended Oct. 15 shows an increase of 5,717,000
marks, the total standing at 383,768,000 marks.
Italian lire are of course easier, in sympathy with
the general trend of the Continental exchanges.
The Italian authorities point to a moderate but steady
improvement in the general business situation in
Oct. 21 1933
Italy. The reduction in the Bank of Italy's rediscount rate from 4% to 33/2% on Sept. 4, which was
followed by a reduction from 5% to 4% in interest
charges on advances from the Bank of Italy, show
easier conditions in the money market in Rome.
Greek exchange is one of relatively minor units in
the New York market, but it is important to point
out that on Friday of last week the Greek bank
reduced its rate of rediscount from 73/270 to 7%.
The London check rate on Paris closed on Friday
80.00, against 80.00 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 5.4432, against 5.70 on Friday of last
2
week; cable transfers at 5.45, against 5.703/, and
bills at 5.44, against 5.693i.
commercial sight
Antwerp belgas finished at 19.54 for bankers' sight
bills and at 19.55 for cable transfers, against 20.34
and 20.35. Final quotations for Berlin marks were
33.29 for bankers' sight bills and 33.30 for cable
transfers, in comparison with 34.74 and 34.75.
Italian lire closed at 7.383/ for bankers' sight bills
and at 7.39 for cable transfers, against 7.683/b and
7.69. Austrian schillings closed at 16.00, against
16.60; exchange on Czechoslovakia at 4.15, against
4.33; on Bucharest at 0.85, against 0.89; on Poland
at 15.65, against 16.51, and on Finland at 1.95,
,,
against 2.06. Greek exchange closed at 0.791 for
bankers' sight bills and at 0.80 for cable transfers,
against 0.83 and 0.833'.
the countries neutral during
the
EXCHANGEallonfelt with considerable sharpness the
war have
advance in the United States dollar and the greater
confidence reposed in both the dollar and sterling
exchange. Holland guilders, the strongest of the
neutral currencies, are still especially firm in terms
of French francs, and Ansterdam during the past
few weeks has drawn down gold from Paris. Nevertheless it would seem that there is a revival of uneasiness in regard to the position of the guilder with
respect to gold. The recurrence of rumors of essential
weakness in the guilder position only reflects the
general nervousness characteristic of all foreign
exchange markets. For some weeks the Dutch banks
were made the recipients of uneasy foreign funds,
but these funds are now apparently showing a disposition to favor London. The Netherlands Bank still
has gold cover of 92.6%. Swiss francs, while weaker
in terms of dollars, continue firm with respect to the
French franc and small sums of gold have been leaving
France for the Swiss center. The Scandinavian
currencies are of course strongly inclined to follow
sterling exchange, with which they are closely allied.
The Spanish peseta is easier than in recent weeks,
in sympathy with French francs, to which the
Spanish authorities endeavor to keep the peseta
aligned.
Bankers' sight on Amsterdam finished on Friday
at 56.19, against 58.61 on Friday of last week; cable
transfers at 56.20, against 58.62, and commercial sight
bills at 56.10, against 58.55. Swiss francs closed at
27.04 for checks and at 27.05 for cable transfers,
Copenhagen checks
against 28.11 and 28.12.
finished at 20.17 and cable transfers at 20.18, against
20.34 and 20.35. Checks on Sweden closed at 23.31,
and cable transfers at 23.32, against 23.47 and 23.48;
while checks on Norway finished at 22.71 and cable
transfers at 22.72, against 22.89 and 22.90. Spanish
pesetas closed at 11.65 for bankers' sight bills and at
11.66 for cable transfers, against 12.17 and 12.18.
Volume 137
XCHANGE on the South American countries
continues to be only nominally quoted, with
all these currencies regulated by exchange control
laws. The Argentine Finance Minister, Dr. Federico
Pinedo, issued an order on Wednesday which prohibits remittance to any country of funds blocked
prior to May 1, on the ground that such action
would violate the Anglo-Argentine trade treaty.
Funds cannot be remitted except under loan agreements similar to the British, whereby foreigners
would be willing to lend Argentina amounts equivalent to the frozen credits for 20 years at 4%. It is
estimated that 100.000,000 pesos, or approximately
$37,000,000, belonging to American firms cannot
leave the country unless Americans are willing to lend
Argentina an equivalent amount for 20 years.
Article II, Par. 5, of the Anglo-Argentine treaty
states: "The Argentine Government pledges itself
that in no case will application for exchange permits
for remittances to the United Kingdom either of peso
balances or for current transactions be treated less
favorably than similar applications for exchange to
cover remittances to any other country whatever."
Dr. Pinedo's ruling, unless modified, leaves American
firms .no choice between lending their bllances to
the Argen.ine Government or leaving them indefinitely tied up or smuggling them out of the
country at exorbitant rates of exchange. The
Chilean newspaper El Mercurio states in a recent
editorial that the central bank of Chile in view o its
depleted gold reserves has been placed in a dangerous
position by continual demands for financial aid for
the Chilean nitrate industry, and ,the Mercurio calls
on Congress for the immediate enactment of a
reconstruction bill for the industry.
Argentine paper pesos closed on Friday nominally
at 35% for bankers'sight bills, against 373/ on Friday
of last week; cable transfers at 363j, against 38.783/2.
Brazilian milreis are nominally quoted at 83 for
bankers'sight bills and 8% for cable transfers, against
83 and 8%. Chilean exchange is nominally quoted
at 83/2, against 9.00. Peru is nominal at 19.75,
against 20.50.
E
2861
Financial Chronicle
30%; Manila at 49%, against 49.95; Singapore at 53,
against 533/2; Bombay at 3438, against 343.j, and
Calcutta at 343/g, against 343..
-4-URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
P
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
OCT. 14 1933 TO OCT. 20 1933, INCLUSIVE.
Country and Monetary
Noon Buying Rate for Cable Transfers in New York,
Value in United Stales Money.
Oct. 14. Oct. 16.
Oct. 17.
Oct. 18.
Oct. 19.
Oct. 20.
a
$
$
3
$
S
EUROPE-162833 .166400 .162875 .166000 .162166 .159625
A wd rla,schIllIng
200250 .199133 .202161 .204137 .199250 .197010
Pelg.um, belga
.011250* .011000* .011000* .011500* .011250* .011250*
Bulgaria. ley
Cze dio9loyakla. krone .042657 .042400 .043107 .043642 .042400 .012000
203581 .201677 .203040 .205212 .202227 .202066
krone
1)enmark,
England, pound
4 556916 4.517980 4.551916 4.589519 4.535892 4.528645
sterling
10
.020150 .020200 .020183 .020460 .020125 .0200Finland, markka
056164 .056038 .056853 .057305 .055911 .052232
France,franc
Germany. relchsmark .342250 .339462 .344364 .349312 .341083 .337100
.009075 .008050 .008208 .003375 .008075 .007990
Greece. drachma
.595584 .591111 .576170 .569015
.578536 .
Holland. guilder
.262500 .252500* .255000 .260866 .257500 .251666
Hungary, pengo
.075659 .075390 .076468 .077240 .075034 .074370
Italy. 1Ira
.228990 .228790.2286.97.230381 .228072 .227153
Norway. krone
.164166 .160400 .162500 .166333 .160813 .160000
Poland, zloty
.044700 .042200 .043500 .045250 .043950 .013125
Portugal. escudo
Rumania.leu
.003866 .003733 .008875 .009162 .0(93800 .003675
120116 .119400 .121461 .122369 .119570 .11•107
Spain. peseta
.215008 .233133 .234670 .236350 .234200 .233218
Sweden. krona
Switzerland, franc- - - .277823 .277260 .281292 .283422 .276650 .273135
Yugoslavia. dinar-- .019866 .019400 .019900 .020466 .019866 .019666
ASIAChinaChefoo (yuan) dol'e' .289791 .288988 .285625 .290416 .285625 .289166
Bankow (yuan)dal .289791 .2298958 .285625 .290416 .285625 .289166
Shanghal(yuan)dor .290468 .289531 .286093 .291250 .286093 .289687
Tientsin (min)doll- .239791 .288958 .285625 .290416 .285825 .289166
Hong Kong dollar__ .324687 .324375 .319687 .326250 .320781 .323437
.341875 .339062 .341687 .345275 .340175 .338500
India. rupee
Japan. yen
269950 .266500 .269687 .271000 .270625 .270125
Singapore (6.8.) dollar .533750 .525000 .531250 .537500 .531250 .528750
AUSTRA LAMAAustrails. pound
3 639166 3.592500 3.620000 3.649166 3.605833 3.601666
New Zealand. pound__ 3.648333 3.601666 3.629186 3.658541 3.614166 3.610533
AFRICASouth Africa. pound._ 4.500312 4.485C00 4.492500 4.534375 4.481250 4.472187
NORTH A M ER.
.970511 .966979 .970000 .971354 .966458 .967187
Canada, dollar
.999225 .999225 .999225 .999225 .999225 .999487
Cuba. peso
Mexico. pens (silver). .281420 .281260 .281020 .281280 .281200 .291200
Newfoundland. dollar .968437 .964500 .987500 .969375 .964000 .965250
SOUTH AMER.Argentina. peso (gold) .834482* .82E927* .841957* .849412* .826086* .819635*
Brazil, millets
.033460* .084637* .084637• .084637* .084637* .034637*
0
Chile. peso
.035625* .086250* .034375* .086250* .086875* .086475.
Uruguay, pew
.687083* .674300* .680416* .697500* .676668* .672500*
,
Colomb'a. peso
617300* .628900* .641000* .641000* .641000* .653600
•Nominal rates: firm rates not available.
•
HE following table indicates the amount of gold
bullion in the principal European banks as of
Oct. 19 1933, together with comparisons as of the
XCHANGE on the Far Eastern countries pre.. corresponding dates in the previous four years:
sents no new features of importance. These
1929.
1930.
1931.
1933.
1932.
exchanges are of course quite demoralized as a result Banks of
E
of the uncertain conditions surrounding the leading England.. 191,731.964 140.416.047 137,035.232 160.125.660 133.021.044
-Occidental exchanges, particularly sterling and the France a_b_ 656.003.866 661,210.146 497,236.786 404.538.833 318.168.636
52.773.850 101.533.750 103,458.250
Germany
36.672.650
16.261.100
99.029.000 120.599.000
Spain
90.289.000 91,071.000
90.406.000
58.486.000
United States dollar. The Indian rupee fluctuates of Italy
57.221.000
55.932.000
62.393.000
76.096.000
32.962,000
36,911.000
66,521.000
86.226.000
Netherlands
72.774.000
course with the pound, to which it is attached at a Nat. Belot_ _ 77.388.000 74.157.000 72,431.000 36.992.000 29.312.000
42,684.000
25.588.000
21,306,000
Switzerland.
89.164.000
61.597.000
fixed rate. The Chinese units appear to be relatively Sweden _ - 14.105.000 11.442.000 11.032.000 13.449.000 13.431.000
9.584.000
9,118,000
Den mark .
9,565.000
7.400.000
7.397.000
8340.000
8.153.000
6,558.000
7.911,000
6.570,000
firm when the price of silver is measured in terms of Norway _
Tot. week 1.270.329,930 1,267.280,843 1.044,946.868 949.074.243 831.875.930
American cents or British pence, but as frequently P1ey. week. 1,266.977,576 1.266,2301,788 1,032,983.181 937.681.267 831.284.373
pointed out here, silver prices are extremely low when
a These are the gold holdings of the Bank of France as reported In the new form
Gold holdings of the Bank of Germany are exclusive of gold
measured by gold. The Japanese yen, likewise is of state (mt. bamount of which the present year Is £2,927,300.
held abroad, the
firm only in a relative sense. Yen exchange is under
the strictest of governmental control regulations.
Germany Takes Its Stand-The Plight of
Disarmament.
Recent London dispatches pointed out that Japan
The announcement on Oct. 14 that Germany had
led the world in trade expansion for the first six
months of 1933. Its exports increased at the startling withdrawn from the Disarmament Conference came
rate of 53.3%. During the past few weeks there has suddenly, but it should not have been wholly unbeen an exceptional depression in Japanese securities expected. On more than one occasion recently the
in the London market due, it is said, to increasing German Government has expressed, through its
military and naval control over the Government and delegates at Geneva, its dissatisfaction with the
disarmament proposals which were being discussed,
to bitter controversy with Soviet Russia.
Closing quotations for yen checks yesterday were and has made it clear that unless the demand for
27.15, against 27 on Friday of last week. Hong equality in armaments were conceded in principle,
Kong closed at 32 11-16@32%, against 333'@ it could not subscribe to any form of agreement
33 15-16; Shanghai at 29%@293/2, against 293/2@ that might be drawn up. The representatives of the
E
T
2862
Financial Chronicle
other European Powers, however, particularly those
of Great Britain and France, appear to have assumed that Germany was bluffing, persisted in interpreting the German'demand as a demand for a
measure of immediate rearmament which would
precipitate an armament race, and continued to debate proposals which, when impartially examined,
contemplated no important reduction of their own
armaments until after an extended period, variously
suggested as from four to eight years, during which
Germany was to receive only relatively small concessions.
On Oct. 14, accordingly, Baron von Neurath, German Foreign Minister, in a telegram to Arthur
Henderson, President of the Conference, stated the
German position. "In the light of the course which
recent discussions of the Powers concerned have
taken in the matter of disarmament," he said, "it
is now clear that the Disarmament Conference will
pot fill what is its sole object, namely, general disarmament. It is also clear that this failure of the
Conference is due solely to unwillingness on the part
of the highly armed States to carry out their contractual obligations to disarm. This renders impossible the satisfactory fulfillment of Germany's
recognized claim to equality of rights, and the condition on which the German Government agreed at
the beginning of this year to take part in the work
of the Conference thus no longer exists. The German Government, accordingly, will be compelled to
leave the Disarmament Conference." On the same
day Chancellor Hitler, in a formal statement, announced that the German Government "will also
give notice of its resignation from the League." A
Presidential proclamation was promptly issued dissolving the Reichstag, decreeing a new election for
Nov. 12, and announcing that there would be submitted at the election, for a referendum vote, the
question: "Do the German people approve the
policy represented by the Reich Government, and
are the people prepared to accept it as an expression of their determination and will, and do they
solemnly so profess?"
In replying on Monday to Baron von Neurath's
telegram, Mr. Henderson protested that the step of
the German Government was taken "at the moment
when the bureau (steering committee) had just decided -to submit to the General Commission a definite
program," that "the program, to be completed within a limited period, provided for the realization
progressively, in accordance with the resolutions of
the Conference in which Germany herself concurred,
of the reductions of armaments comparable to those
contemplated in the draft convention submitted to
the General Commission," and that "this program
was provided also with corresponding measures of
security for the realization of the rights which the
German Government have always placed in the forefront of their demands." He was accordingly "unable to accept as valid" the reasons given for withdrawal.
An examination of the circumstances under which
the program to which Mr. Henderson referred was
drawn up, and of the program itself as outlined by
Sir John Simon, British Foreign Secretary, at a
meeting of the bureau on Saturday before Baron
von Neurath's telegram was received, hardly bears
out fully Mr. Henderson's contentions. The program, it appears, was considered in a private meeting of the British, French and American delegates
Oct.
21 1933
only. It provided, as outlined by Sir John Simon,
for important modifications of the British draft
convention, the only document formally before the
bureau or the General Commission and the one
which the German Government, in agreeing to continue the discussions, had specifically accepted as
the basis of a program. The draft convention had
provided for an interim or trial period of five years,
a period to which Germany had strongly objected on
the ground that it continued the treaty di,criminalion against Germany during that time, insured no
important reduction of the armaments of the other
Powers during the period, and implied a reconsideration of the whole armament question at the
end of the trial interim. The new proposals of the
three Powers contemplated an extension of the trial
period to eight years, during which time a "continuous program" should be pursued "designed to
secure at the end of the period" a substantial reduction of armaments by the heavily armed Powers
and "the achievement of the principle of equality in
a regime of security." How much of the eight-year
period would be needed for the "initial steps" was,
Sir John declared, "a matter for close consideration." The suggestions of other delegates looking
to a reduction of the trial• period to four years or
less had, apparently, not commended themselves to
the three conferees.
Another feature of the plan, Sir John Simon continued, was that "the results of the abolition of
various kinds of armaments and prohibition against
their further use will be to constitute A common list
of permitted arms which would become the same for
all countries, and thus the differential position of
the Powers whose armaments were limited by the
peace treaties would finally cease." He felt compelled to state frankly to the bureau, however, that
"the scheme involves the principle that the Powers
now under restriction of the peace treaties should
not begin to increase their armaments forthwith,
but should express their willingness to conform to
a time table" such as he had indicated. The reasonableness of a proportional increase in the armaments
of the Reichswehr upon its transformation into "a
more numerous short-service army" he did not question.
The Berlin correspondent of the New York
"Times" is authority for the statement that the German Cabinet had deferred action on the night of the
13th in the hope that Sir John Simon's speech
"would be of a nature that might reconcile Germany
to return to attendance at the Conference." The
speech, as it came over the official news ticker,
blasted that hope, and withdrawal from both the
Conference and the League was at once decided.
The circumstances under which the new plan
was drawn up and its general character made public, together with the sharp interchange which
presently took place between Baron von Neurath
and Sir John Simon regarding what each had previously said or had understood the other to say or
imply, are outstanding illustrations of the unfortunate way in which the disarmament discussions
have been carried on. Private meetings of the delegates of two or three Powers, private conversations
among the various members of the group, and the
drafting of proposals whose contents are made
known only in general terms to the delegates of
other Powers or the public, are methods ill-adapted
to smooth the path to agreement in a situation which
'Volume 137
Financial Chronicle
Germany approaches with a profound feeling of resentment at what it regards as injustice, and which
the opposing Powers, while expressing interest and
formal sympathy, obviously intend to meet only by
the smallest concessions possible. Whether Germany, if granted equality in principle in addition to
the proposed doubling of the strength of its present
army, would immediately launch out upon an elaborate program of armament increase is not evident
from any German official statements. In the heated
atmosphere of Geneva, however, with nerves on edge
and suspicion and recrimination filling the air, an
armament race of appalling possibilities has been
pictured as imminent, and since a disarmament conference that produced only an armament increase
would be a farce, and increased armaments of any
kind a calamity, the burden of disrupting the Conference is put upon Germany notwithstanding that
it should be shared by the other Powers.
The statement of American policy which was made
through Ambassador Davis on Monday, and which
from every point of view merits unqualified approval, was intended to correct the unfortunate impression made by the unofficial report from Washington, on Oct. 7, that the Administration was deeply concerned at the prospect of German rearmament, and that the United States might, in view of
its own peace treaty with Germany, support the
League in a resort to sanctions. The statement was
immediately interpreted in France as an assurance
of a united Anglo-American French front. Mr.
Davis's statement, made at the session at which the
Conference decided to adjourn until Oct. 26, cleared
the air of that misapprehension. "We are in Geneva," he said, "solely for disarmament purposes.
While there is a possibility of successfully carrying
on disarmament negotiations we will gladly continue
to do our part. We are not, however, interested in
the political elements or any purely European aspect of the picture. We again make clear that we
are in no way politically aligned with any European
Power. . . . During this week there will be
consultations between the capitals of Europe. We
do not wish to take an active part in these, as the
implications are clearly political."
It would be idle to pretend that the situation is
not highly inflammable, or that some unexpected
and perhaps trivial incident might cause the tinder
to burst into flame. Chancellor Hitler's emphatic
repudiation in advance of any agreement that does
rot concede arms equality places him in a position
from which he may find it difficult to retreat, and
his assertions of Germany's sincere desire for peace
are not easily accepted by those whose resentment
or fear has been aroused by the rigors of his domestic
policy. Even his declaration, in his interview with
a British correspondent on Thursday, that "we are
training our youth primarily for a fight against the
danger of communism" will not greatly impress
those who feel that the Communist menace in Europe
is declining, or who realize that forces mobilized to
deal with Communists might also be used for quite
different operations.
Dangerous as the situation is, however, it seems
somewhat leas dangerous now than it did at first.
British and French opinion, as was to be expected,
is divided, but London dispatches indicate a distinct
revulsion of feeling against an uncompromising Government attitude, and a growing support for a policy
which will offer to Germany something that will
2863
meet the spirit of its demands. The speech which
Premier Daladier delivered on Tuesday in the Chamber of Deputies can hardly'be viewed as conciliatory,
but the budget situation is endangering the Government, and ,some Paris newspapers have spoken out
in favor of a direct approach to Germany with a
clear statement of what France wants and what it
is prepared to do. A noticeable relaxation of antiGerman feeling in Austria has followed the German
announcement, the sympathy of Hungary is known
to be with the Reich,and there was some plain speaking at the closing session of the Geneva bureau
about acting on programs on which Russia and other
Powers had not been consulted. The role of mediator seems likely to be assumed by Italy, although the
withdrawal of Germany from the League, formal
notice of which was given Thursday night, will raise
the question of the validity of the four-Power pact.
Meantime a further postponement of the sessions on
disarmament has been suggested,since nothing final,
apparently, is to be expected from Berlin until after
the election of Nov. 12. The dying down of the war
talk that flared out widely for a day or two is another encouraging straw. With the United States
holding aloof from political commitments and forcibly reminding the Conference that political manoeuvres in Europe are none of its concern, one may at
least hope that the crisis will pass without an irreparable rupture, and that the world will be spared
both rearmament and war.
Benefits and Problems Likely to Follow Repeal
of Eighteenth Amendment.
Repeal of the Eighteenth Amendment now appears to be so well assured that attention may well
be given to some of the effects which are likely to
follow in the wake of annulment of the anti-liquor
laws. Assurance of an abandonment on the part of
the Nation of a strict policy of prohibition is regarded as so probable that large interests are proceeding to prepare to resume the business of distilling liquors.
Distilleries long idle are being overhauled and
put in good condition to resume operations as soon
as the barrier of prohibitive laws is removed. A
large amount of capital is being expended for this
purpose in order to be in a position to promptly
fill all orders which may be obtained as early as
transactions may be legally conducted.
Removal of the restriction of the alcoholic content
of beer or a raising of the minimum proportion
under more liberal laws and regulations would undoubtedly tend to increase sales of that beverage.
Congress will convene in January and if the
States so direct it is expected that legislation in
accordance with the views of a majority of voters
will be enacted without delay.
The proposition of National prohibition may be
said to have been given a fair test and the general
conclusion arrived at by the voters evidently is that
the proposition is not practical. Had the issue been
submitted to the voters in time of peace when each
citizen could have had an opportunity to express
his opinion by casting a ballot the country would
probably have been spared the trying ordeal of testing the experiment. In some States the voters were
given no opportunity to express their views by the
ballot. Legislatures whose members were not elected
on the prohibition issue became frightened and enacted State prohibition laws and assented to the
2864
Financial Chronicle
Amendment without knowing or caring to know the
will of their constituants.
With the prospect of such a vital issue coming
before legislatures, the question should have been
submitted to the voters, and candidates for members
of the legislatures should have expressed their own
views so that the majority of votes cast would fully
have represented the sentiment of the people concerning the proposed amendment and the enactment
of laws to carry out its provisions if it were
adopted.
The greatest mistake was in not giving the voters
of each State an opportunity to express themselves
upon a question of such personal significance. That
is one of the very important lessons which National
prohibition has taught the people of the United
States. In a Republic it is well understood that the
N oice of the people is the voice of God (Vox populi,
vox Del). Let the voters decide.
This principle has finally been adopted through
the submission to the voters of each State of the
question of repeal of the Constitutional Amendment and at this writing it appears that the required approval of the essential three-fourths of
the States will shortly be obtained.
It has been estimated that the loss of Federal
revenue since January 1920 by reason of prohibition
is about $12,000,000,000 and the cost of criminal
prosecutions for violation of the liquor laws has
been about $400,000,000.
When the liquor traffic is made legitimate a very
large sum in annual taxes will accrue to the Federal Government from that source in addition to the
sums collected for licenses and taxes exacted by the
48 States.
Manufacture, distribution and sales of liquors,
wines and beer will be so great when restrictions
are removed that every community will be financially benefited. There will be large new construction, new machinery to be supplied as well as fixtures and containers and there will be a demand for
properties which have long been idle or have been
rented merely to help reduce carrying charges.
Revival of the industry and business will call for
extensive financiering which will be beneficial to
capital and the banks. At this time when strong
efforts are being made to bring back prosperity the
financial benefits will carry more weight than ordinarily "would be the case.
There is expectation that with a revenue legitimately accruing to the Government the illegitimate
trade of the bootleggers will be broken up and an
evil which has had a widespread bad influence will
be destroyed.
If, however, "speakeasies" undertake to supersede the old fashioned saloon there will still be work
for the Federal and State Governments to suppress
the illegal traffic which may become more secretive
and deceitful than heretofore.
Working Machinery of Checking Accounts—
What Follows After Checks Pass the Tellers
or Are Received Through the Mails.
With the banks forbidden to pay interest upon
demand deposits by order of the Federal Government, and therefore the only return obtained by depositors upon their balances being the convenience
afforded by having checks paid when issued to make
remittances or cashed over the counter when presented by depositors, managers of banks have been
Oct. 21 1933
placed in a peculiar position, especially when a disgruntled depositor asks for an explanation.
In an effort to enlighten the public and demonstrate just what service banks and trust companies
are rendering to depositors without special compensation, the Girard Trust Co. of Philadelphia, in its
monthly publication called the "Girard Letter," has
presented to its customers the actual service performed by a bank in the collection of checks. The
details of collection are so various, minute and exacting that extracts from the article in the "Girard Letter" are herewith reproduced in order that there may
be a better comprehension on the part of the public
of the service rendered and the cost imposed upon
the banks through this accommodation.
Practically the only advantage to a bank growing
out of an individual checking account is the use of an
undisturbed balance, and for this reason some banking institutions have made a requirement that the
balance of an account each month shall not fall
below a definite sum. The justice of this rule may
be better comprehended by a depositor after studying
extracts from the "Girard Letter" which follow.
It may be noted here, also, that since the Government imposed a tax of two cents upon every check
payable to a second party the use of checks payable
to the drawer and cashed over the counter has increased, as such withdrawals of deposits are not
subject to the.tax, but these personal checks also
carry with them bookkeeping costs for the depository.
Among other things, the trust company says:
The importance of what Is possibly thought of as the most ordinary
of banking functions in the life of the nation—namely, settlement by
checks—was brought forcibly to the attention of the public by its suspension during the so-called bank holiday last March. Some readers of
The Girard Letter have asked about the details of this checking service,
and the following explanation may be of interest:
A checking account performs certain functions better, more quickly,
safely, and cheaply than any other system ever devised. Without the
use of this service, the momentum of commerce in our daily life would be
Inconceivably slowed down.
It serves all depositors with equal facility, from the largest corporation
account with daily business transactions amounting to many thousand
dollars to the individual with a small household account. So commonplace in our daily life is the settlement by check of daily transactions of
the tremendous volume thus made possible, that it seldom occurs to us
to look behind the scenes of our checking account and see in action the
machinery which serves us.
The well-known John Doe, having established a checking account
deposits checks for credit to his account received from various sources
and drawn on different banks, some of which are located in other cities.
The receiving teller, after verifying the cash or coupons which accompany the checks and deposit ticket, enters the memorandum of credit
In Mr. Doe's pass book, and the deposit slip and checks are delivered
to the transit department where they are verified by the transit tellers.
The endorsements on the checks are examined, after which they are
sorted and the deposit ticket delivered to the bookkeeping department
for posting.
By one operation the checks are then simultaneously photographed
and stamped with the bank's guarantee of John Doe's endorsement.
Having gone through this process they are now forwarded for collection
to one of the following agencies:
(1) Clearing house.
(2) Federal Reserve bank of which the depository is a member.
(3) Other Federal Reserve banks throughout the country.
(4) Local depository banks.
(5) Out-of-town correspondents.
(6) Depositors' accounts department of the company.
The company's account is given credit by these institutions in a way
similar to that in which John Doe's account received credit for the deposit. Each of these organizations has an experienced staff who follow
the same procedure of examining, endorsing, sorting, listing, posting
and routing the checks to other banks and correspondents until each
finally reaches the bank on which it is drawn, wherever it may be.
Confirmation of credit then comes back through the chain and the
funds become available to Mr. Doe. The deposit should not he withdrawn or checked upon by the depositor until the collection is completed: otherwise the bank would be lending its funds the length of time
required to collect the check without security and without knowledge
either by the depositor or itself of whether the check so deposited is good
for the sum it calls for.
While every effort, of course, is made to save time in routing checks
and to eliminate the number of handlings, often It is necessary for a
check drawn on an out-of-town institution to pass through three or four
different banks before it finally is collected.
Under the Federal Reserve System, uniform par collection of checks
was established,saving exchange charges, diminishing losses and reducing
time in collection. Checks were formerly sometimes delayed in reaching
their places of payment, and the return of the proceeds was equally
delayed. This tying up of funds in transit was of course undesirable.
Now, however, perhaps the greater portion of out-of-town checks are
forwarded to the Reserve banks, which send them by the most direct
routes to the places of payment. Settlement for these checks is made
Volume
137
Financial Chronicle
2865
with member banks through the Reserve banks, the time required being
pay his bills in cash. It is probably true that the use of checks is more
only that necessary for checks to reach their places of payment. Telegeneral in the United States than in any other country.
graph and telephone advices between Reserve banks are often used in
Although there are no conclusive figures showing the volume of credit
making such settlements.
transferred by means of check, estimates published by the U. S. DepartUnder the par collection system out-of-town checks are collectable
ment of Commerce indicate that Clearing Houses in 141 principal cities
at 100 cents on the dollar, and consequently are more acceptable at
transferred a volume of credit by check amounting to more than
distant points, thus facilitating business payments. The expense and
$300,000,000,000 in 1932. Obviously a great volume of credit is transpossibility of error are lessened through a reduction in the number of
ferred through the Federal Reserve System by checks on banks in other
handlings, and the credit risk is minimized by the rapidity of collections.
towns and cities, as well as a large volume of over-the-counter checks.
The nation-wide use of checks in the United States and the par collecMoney was transported in early days at great risk. Distance was a
tion system also increases facilities in the payment of bills and the transfer
barrier difficult to surmount. The stagecoach was the country's fastest
of funds. When depositors make payments by check these checks come
courier, the tallow dip its means of light. It took the Mayflower over
to the bank through various banks and correspondents throughout the
60 days to cross the Atlantic; the crossing is now regularly and frequently
world, and the institution from which the check was received is given
made in less than 5. John Hancock, to sign the Declaration of Indeproper credit.
pendence, traveled 350 miles from Boston in an arduous six days;
After rigid examination of the maker's signature and the payee's
Wiley Post winged his way around the world, covering a distance of
endorsement, the tellers place their stamp on the face of the checks,
15,596 miles in 7 days and 19 hours; and regular air service is maintained
which are then sorted and posted to the ledger account. Dual-bookdaily across our continent in less than 24 hours.
keeping machines are used for this purpose. These machines with 10
Similarly the business of the country has advanced to meet the needs
small keys, post ledger and journal sheets at the same time with great
of its people, and there probably is no single agency more responsible
rapidity, and virtually eliminate possibility of error. The checks are
for its convenience and development than the seemingly commonplace
then canceled by a stamp, "Paid," with the date stated, and are ready
checking accounts in banks.
to be returned to the depositor with the statement at the end of the
month.
Canceled checks are now universally used as a receipt or evidence of
The Course of the Bond Market.
payment, but in the event that the depositor should lose or mislay a
canceled check just when it is needed to prove a disputed payment he
Although in individual instances there were losses of several
may obtain from the bank-at least from the Girard Trust Co., as the
use of photography is not universal in all banks
points in price, the general bond averages this week were off
-a photograph of the
check which has been taken before it was returned to him. This photoonly fractionally. High grades were firm, in fact the average
graph call be produced in court as evidence of the payment of the bill.
yield on Aaa issues remained at 4.31% for seven days, comIt is a permanent picture record which is always available to the bank's
depositors and thus serves to protect the depositor as well as the bank. pated with the previous record low of 4.34% on June 17 1931.
The above narration shows how maintenance of a checking account
The medium grade issues, as typified by the Baa group, sold
saves time in business transactions, safeguards money and gives absolute
off during the week, with only a slight change in average
legal proof of payment.
In order to provide this service, the bank employs a large staff of
yield, however,from 7.36% to 7.48%. The low grade specutellers, clerks, and bookkeepers. It has bought pass books, checks,
with the stock marledgers, statement sheets, envelopes and other stationery and supplies. lative issues declined considerably along
In order to do business, it has paid many different taxes: income tax, ket.
profit tax, capital stock tax, corporate loans tax, city tax, school tax,
The Federal Reserve Bank of New York reduced its respecial tax on Its vaults, &c.
discount rate on Thursday to 2% from 2%%,which had been
If chartered to do business under the laws of the State of Pennsylvania,
the bank pays the Banking Department of the Commonwealth the cost
in effect since May 26. For a long time it has been recogof all regular examinations which that Department makes, and it carries
nized, however, that Federal Reserve rediscount rates have
various forms of insurance to protect It against theft, forgery, &c.
been grossly out of line with prevailing short term money
As a source of income to offset these expenses, the bank uses a part of
Mr. Doe's deposit to lend or invest at interest. First it is required, rates. For instance, acceptances are now quoted around
however, to deposit 10% of it as a reserve with the Federal Reserve bank. 0.58% and prime commercial paper at 1.25-1.50%. A disNext It must retain in Its vaults whatever percentage in the form of
count rate of even 2% is, therefore, still too far out of line
actual currency experience has shown sufficient to supply cash upon
demand in normal times.
with open market rates to be of much significance to the highIt will be seen that the funds in Mr. Doe's account, however, are not
grade bond market. Open market purchases by Federal
available to the bank until such checks as he has deposited have actually
Reserve banks amounted to $31,000,000 this week, a slight
been collected; and then after setting aside the above amounts the remaining balance is employed in the following types of assets:
decrease from the $35,000,000 per week rate which had
(1) United States Government bonds which may also be considered
previously been maintained over a period of eight weeks.
primary reserves and can be readily sold or borrowed against at the
Federal Reserve bank at a moment's notice. These bonds usually
As it is generally recognized that these purchases have had
yield a small return.
little effect on bond prices, the slackening in the rate of pur(2) Municipal bonds, equipment obligations, and short-term bonds
chase has not been taken as a development possessing much
and notes.
immediate significance.
(3) High grade industrial, public utility and railroad bonds.
High grade railroad bonds were not greatly affected by
(4) Loans to clients upon marketable collateral.
(5) Commercial paper.
the general weakness of the securities markets. They deIt requires careful Investment and a nice balance between these various
clined slightly from the previous week's levels, but the losses
items to provide a surplus return over and above the taxes, salaries, and
were for the most part limited to fractions. Norfolk &
overhead charges of the bank. Experience is necessary in the
other
banking business, as has been attested during the past few years by
Western 4s, 1944, declined from 1013% to 1003 and Union
%
failures and financial distress. Daily contacts over a period of years
Pacific 4s, 2008,from 923 to 923/3. In the medium and low4
with the many problems continuously arising result in an accumulation
priced classification, however, the losses were fairly large.
of experience essential to properly conduct any financial inititution.
State and Federal Governments have surrounded banks with many laws
New York Central 43%s, 2013, lost 53 points from 64 to
4
and regulations for the conduct of their business. Good bank manage583, Great Northern 7s, 1936, 5 points from 843% to 793%,
ment cannot, however, be obtained by legislation alone. Good banking
ethics and sound business practices are of more value than any law. and Chicago Milwaukee St. Paul and Pacific 5s, 1975,
The banker must know through experience how much of the despoits
33 Points from 43 to 393. Among defaulted issues the
4
may be safely employed to assist in financing business transactions
declines were in some instances even larger, Missouri Pacific
through loans or the making of investments, and just what type of loans
and investments offer suitable and secure employment for deposit funds. 5s, 1981, 53% points from 29 to 23% and Wabash 43/25, 1978,
Investments must be sufficiently diversified between long and short43/i points from 183% to 14.
term maturities and in such manner as to avoid an unnecessary abundance
A decidely weak stock market in the last four or five days
of cash at one period and overinvestment at another; while loans must be
made with sufficient care to insure their self-liquidating power by selectaffected utility bonds to some extent. High grades were
ing only those borrowers possessing good character.
pretty well untouched, prices maintaining more or less of a
Because of the character of its business and its responsibility to the
horizontal trend. Second grades and speculative issues were
public whose funds it holds, It is of the utmost Importance that the bank
-nor would any thoughtful depositor
should be operated at a profit
inclined to be soft and spotty, although the downward movewish otherwise. Unless profits are sufficient to pay proper dividends
ment did not have the appearance of a complete rout.
accumulate a surplus in good years, the losses of bad years,
and also to
Price changes for the week, from Friday to Friday, were as
which history shows are inevitable, cannot be taken care of without
Impairment of capital.
follows among different grades of bonds: Philadelphia
Therefore, bankers periodically analyze the accounts of their clients
Electric 4s, 1971, lost % point to 953 , Louisville Gas &
4
balances of their depositors with them are
to ascertain whether these
Electric 5s, 1952, declined 13% points to 983/2, Gulf States
being carried at a profit or a loss. In making this analysis, the bank
figures the cost of handling the checks deposited for collection and the
Utilities 5s, 1956, were down 334 points to 663/2, and Electric
checks drawn together with overhead items and offsets against these
Power & Light 5s, 2030, lost 3 points to 34.
charges the amount of revenue which the bank earns on the net average
Stock market weakness and discouraging trade news combalance. Thus, in some instances even though the average balance
may be sizeable an unusually active account may prove unprofitable to
bined with the subsiding of inflation rumors, adversely
bank. If such activity is maintained for a period of time the bank,
the
affected industrial bond prices. Steel reflected a sharp
In self preservation, must call the depositor's attention to the status of
down turn in the rate of operations in that business. Bethlehis account, and make a charge sufficient to enable it to carry the account
without loss unless it is convenient for the depositor to increase his balhem Steel 5s, 1942, lost 23 points to 100 and National Steel
%
reduce the amount of service which it requires.
ance or
5s, 1956, dropped % point to 90. Tire and rubber issues
the other hand, even though the account may be comparatively
On
were soft, U. S. Rubber 5s, 1947, declining 43 points to 59,
inactive, an average monthly balance of less than $200 will not produce
4
%
revenue sufficient to pay for its proportionate share of the bank's out- and Goodrich 6s, 1945, were off 33 to 633%. Continued
expenses and overhead. In this case the bank usually requires
of-pocket
resistance featured the oils, where losses were smaller. Dedefray the cost of maintaining the
the payment of a small service fee to
spite encouraging trade reports, speculative motion picture
account on its books.
or small, does its part In
Mr. Doe's checking account, whether large
bonds were weak, Warner Bros. Pictures 6s, 1939, falling
structure which is the very life of business
supporting the intricate credit
to 393% from 463%. Paramount issues were also down,
were not used and every one had to
and which would be lost if checks
Paramount Famous Lasky 6s, 1947, losing 2 points to 31%.
Special privilege bonds suffered severely, Baldwin Locomotive 6s, 1938, w.w. dropping 93 points to 100, while
American Rolling Mills convertible 5s, 1938, were off 93i
points to 853'.
The outstanding movement in foreign dollar bonds this
week was a continuation of last week's decline in the French,
Swiss and other "gold currency" issues coincident with a
rise in the dollar. French 732s, 1941, were off 83. points
Oct. 20
19
18
17
16
14
13
12
11
10
9
7
6
5
4
3
2
Weekly
Sept. 29
22
15
8
1
Aug. 25
18
11
4
July 28
21
14
7
June 30
23
16
92
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
All
120
120 Domestics by Ratings.
DomesBoa.
Aa.
A.
Aaa.
tic.
97.16
97.00
97.16
97.47
97.47
97.62
97.62
Stock
97.31
96.54
96.54
96.39
96.39
96.23
96.08
95.93
95.93
87.56
87.43
87.83
87.69
87.69
87.96
88.10
107.49
107.49
107.49
107.49
107.49
107.49
107.49
87.56
87.17
86.77
86.64
86.64
86.38
86.12
85.99
86.12
107.31
106.96
106.78
106.78
106.78
106.60
106.42
106.07
106.25
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
106.25 95.93
105.54 95.33
107.67 98.25
107.31 97.47
.107.A 98.25
107.67 99 04
107.85 100.00
107.85 100.33
107.67 100.00
107.14 99.52
106.96 99.36
106.96 99.04
100.25 97.62
105.72 96.54
105.54 95.33
105.20 93.85
104.16 94.43
103.82 93.99
103.99 93.26
103.32 92.25
102.30 90.55
99.36 87.30
99.68 85.35
97.78 83.35
Stock
100.00 85.87
99.84 85.10
99.52 84.48
101.64 87.83
102.30 89.17
Stock
99.04 85.48
102.98 89.31
104.51 90.83
105.89 92.68
105.37 92.53
105.54 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
75.61
74.46
74.77
77.88
79.11
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.66
92.39
74.15
82.62
57.57
High 1933
Low 1933
High 1932
Low 1932
Year Ago
81.30 101.97
Oct. 20, 1932_
Two Years Ago
76.03 95.63
Oct. 21, 193L
1933
to 1423/i for the week. This issue has declined 173/i points
from its high two weeks ago, while the dollar rose from 65
cents to 70 cents in that time. Recessions occurred in Argentine, Brazilian and Chilean bonds. Danish issues were
slightly higher but Norwegian bonds were off somewhat.
German bonds gave evidence of some strength. Polish
issues were off.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1933
Daily
Averages.
Oct. 21
Financial Chronicle
2866
120 Domestics
by Groups.
RR.
P. U. Indus.
78.66
78.66
78.99
78.88
78.88
79.34
79.34
98.25
98.09
98.41
98.41
98.09
98.57
98.41
78.32
77.77
77.44
77.11
77.11
78.78
76.67
76.46
76.67
98.41
98.25
98.09
97.94
97.94
97.78
97.47
97.31
97.47
84.60 66.47 86.38
84.97 66.73 86.38
87.69 71.09 90.27
86.91 70.90 89.59
87.83 72.26 91.11
88.63 73.05 91.81
88.77 74.15 91.98
88.77 74.36 92.25
89.17 75.19 92.25
89.17 75.71 92.25
88.23 74.67 91.96
88.23 76.67 92.39
86.91 75.40 90.97
85.35 73.35 88.90
84.60 72.06 87.17
83.60 70.43 85.61
83.48 70.15 86.12
82.87 68.94 85.61
81.78 68.04 84.47
80.72 66.98 83.35
79.34 65.62 81.66
76.67 62.58 78.55
74.48 58.32 74.36
72.18 55.73 71.38
Excha nee Clo sed
73.95 54.80 71.09
72.65 53.28 70.62
72.85 53.88 71.38
75.82 57.24 73.65
77.33 58.52 74.57
Excha nge Clo sed
72.06 54.18 69.59
76.25 57.98 73.15
79.45 60.60 75.50
81.54 62.48 77.77
80.49 61.34 76.25
81.18 62.95 76.25
81.07 63.11 75.09
81.90 64.31 75.71
79.34 61.56 71.96
89.31 77.66 93.26
71.87 53.16 69.59
78.55 67.86 78.99
54.43 37.94 47.58
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
97.31
97.31
99.04
98.41
98.57
98 73
98.73
98.73
98.41
97.94
97.16
97.31
95.93
94.73
94.14
92.68
92.25
91.11
90.27
89.31
87.69
84.85
83.35
81.30
74.67
73.25
73.35
78.10
80.49
81.90
79.91
80.14
82.14
82.74
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
71.96
87.69
65.71
78.44
83.11
84.97
86.25
85.48
86.38
86.64
87.56
86.38
99.04
78.44
85.61
62.09
86.38 67.42 87.30
86.38 67.25 87.17
86.51 67.86 87.56
86.25 67.77 87.56
86,25 67.69 87.69
86.51 68.22 87.83
86.64 68.31 88.10
Excha nge Clo sed
85.99 67.77 87.83
85.61 67.42 87.17
85.10 66.90 86.77
84.85 66.81 86.77
84.72 66.73 86.64
84.47 66.55 86.51
84.22 86.30 88.25
84.10 66.04 85.99
84.47 66.13 85.99
88.77
77.66
64.15
74.36
86.25
84.10
87.83
73.25
57.04
71.29
84.60
73.25
All
1933
120
Daily
Domes
Averages.
Oct. 20__
19_ _
18_ _
17__
16__
it..
13_ _
12__
11_
10__
WeeklySept.29.._
22.._
15_ _
Aug.25.._
18__
11_
July 28_ 21_
14_
June 30._
23_ _
16._
May 26__
19__
12_.
a__
Apr. 28_
21_
14._
13._
Mar.24__
17__
10__
3._
Feb. 24._
17__
10._
Jan. 27._
20__
13__
Low 1933
High 1933
Low 1932
High 1932
Yr AooOct.20'32
2 Yrs.Ago
Oct.21'31
120 Domestics by Rat no.
Baa.
120 Domestics
by Groups.
RR.
40
ForP. U. Indus. signs.
Awl.
Aa.
A
.
5.60
5.61
5.58
5.59
5.59
5.57
5.56
4.31
4.31
4.31
4.31
4.31
4.31
4.31
4.93
4.94
4.93
4.91
4.91
4.90
4.90
5.60
5.63
5.66
5.67
5.67
5.69
5.71
5.72
5.71
4.32
4.34
4.35
4.35
4.35
4.36
4.37
4.39
4.38
4.92
4.97
4.97
4.98
4.98
4.99
5.00
5.01
5.01
5.69
5.69
5.68
5.70
5.70
5.68
5.67
Stock
5.72
5.75
5.79
5.81
5.82
5.84
5.86
5.87
5.84
5.70
5.70
5.45
5.49
5.43
5.37
5.33
5.32
5.30
5.30
5.35
5.30
5.39
5.50
5.57
5.66
5.67
5.73
5.79
5.87
5.98
8.24
6.47
6.70
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
5.01
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
6.81
6.72
6.89
6.40
6.29
4.75
4.76
4.78
4.85
4.61
5.73
5.79
5.76
5.58
5.48
6.70
6.32
6.10
5.94
6 81
5.95
5.96
5.89
6.07
5.25
6.75
5.99
8.74
4.81
4.57
4.48
4.40
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
6.10
4.63
5.51
6.42
7.85
6.73
5.70
5.87
10.06
6.57
5.03
5.58
6.84
8.82
7.04
5.83
6.84
12.24
5.62
7.46
6.33
5.63
7.48
6.33
7.41
5.60
6.30
7.42
6.31
5.60
6.31
5.59
7.43
5.58
7.37
6.27
5.56
7.36
6.27
Excha nee Clo sed
7.42
5.58
6.36
7.46
6.41
5.63
6.44
5.66
7.52
5.66
7.53
6.47
7.54
5.67
6.47
7.56
5.68
6.50
7.59
5.70
6.51
7.62
5.72
6.53
7.61
5.72
8.51
7.57
5.69
5.83
6.48
7.54
5.69
5.80
6.51
7.06
5.40
5.59
6.15
5.45
7.08
5.65
6.18
6.94
5.34
5.58
6.10
6.86
5.52
5.29
6.00
6.75
5.51
5.28
5.88
6.73
5.51
5.26
5.86
6.65
5.48
5.26
5.78
5.26
6.60
5 48
5.76
6.70
5.28
5.55
5 82
6.51
5.25
5.55
8.73
6.63
5.35
5.65
5.82
5.50
6.83
5.77
4.89
5.63
6.96
5.83
5.94
5.75
7.13
5.91
6.00
5.71
7.16
5.92
5.06
7.29
5.97
5.75
6.11
7.39
6.06
5.84
6.14
7.51
5.93
6.15
6.20
7.67
6.27
6.07
6.29
8.05
6.34
6.51
6.58
8.63
6.73
6.72
6.78
7.03
9.02
6.95
6.98
Stock Excha nge Clo sed
6.77
7.06
9.17
6.70
9.42
6.90
7.11
6.84
9.32
7.03
6.88
8.83
8.79
6.80
6.59
6.38
8.60
6.71
6.45
6.17
Stock Excha nge Clo sed
9.27
7.22
6.96
6.54
6.55
6.85
8.68
6.16
8.31
6.26
6.62
5.89
6.41
8.06
6.08
5 72
821
6 55
6 17
5.72
8.00
6.11
6.55
5.60
7.98
6.12
6.66
5.55
7.83
6.05
6.60
5.48
8.18
6.97
6.27
5.55
6.42
5.47
5.19
5.47
9.44
6.98
7.22
6.97
7.41
6.34
8.30
5.59
9.23 12.96 10.49
7.66
4.86
4.87
4.85
4.85
4.87
4.84
4.85
9.40
9.33
9.30
9.30
9.31
9.18
9.13
4.85
4.86
4.87
4.88
4.88
4.89
4.91
4.92
4.91
9.13
9.13
9.17
9.20
9.22
9.21
9.27
9.32
9.30
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
9.39
9.62
9.36
9.34
9.27
9.09
9.10
909
9.03
8.91
8.84
8.89
9.32
9.85
9.51
9.68
9.78
9.62
9.66
10 08
10.07
9.89
10.28
10.58
6.05
6.22
6.20
6.03
5.98
10.83
11.02
10.80
10.76
10.73
6.35
5.95
5.80
5 70
5.76
5.69
5.67
5.60
5.69
4.81
6.35
5.75
8.11
11.19
11.05
10.40
10.05
10.20
9.88
9.85
9.62
9.98
8.83
11.19
9.86
15.83
Notes. 5 These prices are computed from average yield on the basis of one "Ideal" bond (41j% COUDOn, maturing in 31 rears) and do not purport to show either
the average level or the average movement of actual price quotations. They merely serve to illustrate In a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market. t The latest complete list of bonds used in computing these indexes was published in
the "Chronicle" of Sept.9 1933, page 1820. For Moody's index of bond prices by months back to 1928, see the "Chronicle" of Feb. 6. 1932, page 907.
Indications of Business Activity
-COMMERCIAL EPITOME.
THE STATE OF TRADE
Friday Night, Oct. 20 1933.
General business showed some slackening during the week.
The best showing was made in the retail line, where demand
was more evenly distributed among textiles, draperies,
housewares, women's apparel and men's clothing. Department store sales almost equaled the 1932 level in dollars,
but unit sales were smaller as higher prices prevailed than
in 1932. On the other hand, chain store sales maintained
their gains of approximately 6 to 8% over last year. Retail
inventories were larger in many cases than at any time during
recent years but the sales of higher priced goods are said to
have increased materially. There were moderate gains in
sales, especially in the agricultural districts where farmers are
receiving good returns on hogs and better prices for other
products. The cool weather in some sections stimulated
the demand for men's suits and top coats. The sales of
shirts, gloves, hats and neckwear were somewhat better
than seasonal.
The improvement in commodity price trends recently
under the influence of Government buying after sharp
declines early in the week bolstered confidence. Prospects
of early repeal of prohibition and the determination of the
Administration to liberate funds long tied up in closed
banks have also helped sentiment. Business at wholesale
makes a rather poor showing, but deliveries are well above
last year's as a result of the heavy advance orders booked
in August and September. Operations of the big industries
again show a falling off. Electric power output, although
above the 1932 level, the percentage of gain is the smallest
since June. Steel operations were reduced to 39%, being
at the lowest point since the end of May. Automobile
production also fell off. Carloadings, however, made the
best showing, reaching a new high for the year, and bituminous coal production rose sharply with labor troubles
now out of the way. The general rate of industrial activity, however, was affected by persistent strikes which
continued in some districts. Plate and window glass were
in less demand and the buying of safety glass from automobile sources was smaller. The hosiery industry was less
active. Manufacturers of men's shirts reported a poor
business owing partly to unfavorable weather and partly
because of higher prices.
Cotton declined sharply early in the week under general
liquidation owing to the severe breaks in stocks and grains
but Government buying later in the week caused a quick
Financial Chronicle
Volume 137
advance. Gray goods were dull with a larger supply of
second-hand offering available at Nc. to %c. a yard under
first-hand prices. Sheetings mills were pretty well sold up,
some of them through December, but makers of denims,
,chambrays, &c., reported a slow business. The political
situation abroad was a disturbing factor. The grain markets
declined sharply early in the week, but recovered somewhat
later on, owing to heavy buying by Government agencies
for relief purposes. The cash wheat situation was strong,
owing to the small primary run to market and buying by
mills and the Government. Flour was rather quiet with
prices generally under the infuence of wheat. Livestock
also yielded. Hides declined as a result of the reduction in
leather prices. Copper, lead, tin and silver were lower.
Rubber declined under general liquidation. Consumption
of rubber in September amounted to 35,686 tons according
to the Rubber Manufacturers Association. Imports totaled
47,352 tons, an increase of 2,500 tons over the previous
month.
The weather during the week over the greater part of the
country has been unseasonably mild and fair. What rains
have fallen have been mostly light though locally there have
been showers with heavier precipitation. To-day it was 52
to 68 degrees here and fair. The forecast was for cloudy
and warmer weather. Overnight at Boston, it was 46 to 58
degrees; Baltimore, 50 to 58; Pittsburgh, 54 to 60; Portland,
Ore., 44 to 62; Chicago, 46 to 56; Cincinnati, 54 to 66;
Cleveland, 46 to 60; Detroit, 42 to 54; Charleston, 64 to 73;
Milwaukee, 38 to 62; Dallas, 66 to 84; Savannah, 62 to 76;
Kansas City, Mo., 46 to 68; Springfield, Mo., 58 to 74;
St. Louis, 46 to 60; Oklahoma City, 56 to 82; Denver, 44
to 58; Salt Lake City, 60 to 74; Los Angeles, 54 to 86; San
Francisco, 52 to 80; Seattle, 42 to 48; Montreal, 42 to 50,
and Winnipeg, 20 to 50.
Moody's Daily Index of Staple Commodity Prices Shows
Stability After Decline.
Prices in the principal staple commodity markets, at least
in the more speculative commodities,showed signs of stability
in the last four days of the week in review, after five weeks
of almost continuous decline. Moody's Daily Index of Staple
Commodity Prices on Monday reached 118.8, the lowest
figure since May 27, representing a loss of 43% of the rise
from the low point of February to the peak of July 18.
A sharp recovery in the grain and cotton markets more
than offset further declines in some of the slow-moving
commodities and caused the Index to recover to 121.1 on
Friday, reducing the loss for the week to 2.6 points.
Eleven of the fifteen commodities comprising the Index
registered losses for the week, the most important being in
hogs, with sugar, rubber, hides, lead, copper, silk, scrap
steel, silver, wool tops and cocoa following in the order
named. Coffee was unchanged and the only advances were
in wheat, corn and cotton, especially the first two.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.
Oct. 13
Sat.
Oct. 14
Mon. Oct. 16
Tues. Oct. 17
Wed. Oct. 18
Thurs. Oct. 19
Fri.
Oct. 20
123.7
122.5
118.8
119.9
121.0
119.8
121.1
2 Weeks Ago, Oct. 6
Month Ago, Sept. 20
Oct. 20
Year Ago.
1932 High, Sept. 6
Low,
Dec. 31
1933 High, July 18
Feb. 4
Low,
128.7
135..6
89 7
103.9
79.3
148.9
78
Department Store Sales in Metropolitan Area of New
York During First Half of October.
The Federal Reserve Bank of New' York has issued an
announcement showing that department store sales in the
metropolitan area of New York decreased 2.2% during the
period from Oct. 2 to Oct. 14, as compared with the period
from Oct. 1 to Oct. 14 1932. During the first half of September sales declined 6.5% from the year previous.
New York and Brooklyn department stores reported a
decline of 1.7% during the first half of October,and Northern
New Jersey stores a drop of 5.0%.
Retail Sales Through 5 and 10 Cent to $1 Variety
Stores Increased About 5% During September,
According to Preliminary Estimate by U. S.
Department of Commerce-Is First of Series of
Indexes to Be Issued by Department.
Preliminary estimates of retail sales through 5 and 10
cent to $1 variety stores show an increase of approximately
5% for the month of September, as compared with September 1932, according to Dr. Willard L. Thorp, Director
of the Bureau of Foreign and Domestic Commerce. These
September sales indicate an increase of about 73..% as
compared with August of this year, which August sales, in
2867
turn, registered an unusual advance from 3.4% above July.
According to an announcement issued Oct. 16 by the U. S.
Department of Commerce, Dr. Thorp further reported:
These estimates of variety store sales are based upon figures furnished
by a co-operating group of chain organizations, and represent stores continuously in operation since 1929. Consequently they show changes in
the volume of consumer purchases, rather than expansion or decline in the
scope of the chains included. The sales of the reporting organizations
represent more than three-fourths of the business done in this field.
An estimate of the total volume of sales by all variety stores places the
figure for the month of September 1933 at $58800000, against $55,300,000
for August of this year, as compared with $53600000 for September 1932.
Comparisons of September with August. and with the previous September
during the past five years are given below:
Percentage Change from
August,
Same Year.
Corresponding
Month, Year Apo.
+6.4
+8.7
+11.4
+12.0
+7.6
-8.4
-4.7
--11.4
+4.7
September 1929
"
1930
1931
"
"
1932
"
1933
All of the above percentage changes are made comparable by computing
them upon the basis of average daily sales in order to compensate differences
In the number of working days of the several months.
This estimate of variety store sales is the first of a group of monthly
retail sales-volume indexes by means of which the Department of Commerce seeks to aid in tracing the movement of goods into the hands of
consumers. Other indexes now being set up by the Domestic Commerce
Division of the Bureau of Foreign and Domestic Commerce cover retail
trade in automobiles, groceries and rural and small-town general merchandise. After these indexes are established, an effort will be made to extend
them to other retail trade fields in co-operation with trade associations
until an approximately complete monthly statistical picture of the nation's
retail merchandising activities is available.
These new indexes are expected to provide a quick and definite guide to
changing trends in the movement of consumer goods. Such information
Is held to be essential to any steps toward the stabilization of the relation
of the nation's production to distribution and consumption.
Revenue Freight Car Loadings in Latest Week Up
2.2% as Compared with Corresponding Period Last
Year.,
Loadings of revenue freight during the week ended Oct.
14 1933 totaled 664,058 cars, an increase of 9,630 cars, or
1.4%, over those of the preceding week, a gain of 14,368
cars, or 2.2% as compared with the corresponding period
in 1932 and a falling off of 97,538 cars, or 12.8%,from the
like week in 1931, according to the American Railway
Association.
The first 15 major railroads to report loaded 259,440 cars
on their own lines during the week of Oct. 14 1933, as compared with 254,018 cars in the preceding week and 259,085
cars in the week ended Oct. 15 1932. Comparative statistics
of these 15 carriers follow:
REVENUE FREIGHT LOADED ANT) RECEIVED FROM CONNECTIONS.
Loaded on Lines.
Reed from Connections.
Weeks Ended.
Oct. 14 Oct. 7 Oct. 15 Oct. 14 Oct. 7 Oct. 15
1933. 1933. 1932. 1933. 1933. 1932.
Atchison Topeka & Santa Fe Ry_
Chesapeake & Ohio Ry
Chicago Burlington dr Quincy RR
Chic. Milw. St. Paul it PC. Hy_
Chicago & North Western Ry_
Gulf Coast Lines and subsidiaries
International Great Northern RR
-Texas Lines_ _
Missouri-Kansas
Missouri Pacific RR
y New York Central Lines
New York Chicago de St. L.Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Wabash Ry
22,633
22,934
19,415
19,084
15,718
1,561
2,478
5,590
16,224
43,431
4,380
19,697
56,553
4,398
5,364
20,438
21,254
18,437
19,386
16,565
1,667
2,554
5,740
15,867
43,294
4,904
17,536
56,842
4,235
5,301
23,129 5,298 5,327 6,238
24,136 8,280 8,544 8.341
19,261 8,407 8,050 7,508
19,177 6,639 6,995 7.162
15,152 9,311 9,691 9,431
1,174 1,079
2,122 1,218
1,541
2,058 1,879 1,651
6,009 2.913 2,795 2,650
16,519 7,494 7.536 7,782
42,665 52,919 55,206 54,200
4,376 7.429 7,944 7,157
18,867 4,165 3,911 3,809
55,411 34,380 34,689 37,055
4.680
x
5,523 6,562 7,138 6,808
259,440 254,018 259,085 156,694 180,651 160,757
Total
x Not available. y The figures given in last week's "Chronicle," page 2898 under
"Loaded on Lines" should have appeared under "Rece ved from Connections"
and those under the latter heading should have been given under the first named
heading.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Weeks Ended.
Chicago Rock Island & Pacific Ry
Illinois Central System
St. Louis
-San Francisco Ry
Total
Oct. 14
1933.
Oct. 7
1933.
Oct. 15
1932.
22,705
29,820
15,051
23,214
29,703
14,898
24,555
32,361
15.380
67,576
67.815
72,296
Loading of revenue freight for the week ended Oct. 7 1933
totaled 645,428 cars, the American Railway Association
announced on Oct. 13. This was a decrease of 7,399 cars
below the preceding week this year, but an increase of 29,339
cars above the corresponding week in 1932. It was, however, a decrease of 109,390 cars below the corresponding
week in 1931.. Details follow:
Miscellaneous freight loading for the week of Oct. 7 totaled 248,146
cars, an increase of 12.607 cars above the preceding week, and 23,928 cars
above the corresponding week In 1932. It was, however, a decrease of
40,503 cars under the corresponding week in 1931.
Loading of merchandise less than carload lot freight totaled 174,311 cars,
a decrease of 1,093 cars below the preceding week. 4,986 cars below the
corresponding week last year, and 43.240 cars below the same week two
years ago.
Financial Chronicle
2868
Grain and grain products loading for the week totaled 31.804 cars, an
Increase of 370 cars above the preceding week but 4.219 cars below the
corresponding week last year and 4,886 cars below the same week in 1931.
In the Western Districts alone, grain and grain products loading for the
week ended Oct. 7 totaled 21.871 cars, a decrease of 2,035 cars below the
same week last year.
Forest products loading totaled 24.956 cars, 494 cars below the preceding week but 6.545 cars above the same week in 1932 and 323 cars above
the same week in 1931.
Ore loading amounted to 33.761 cars, an increase of 574 cars above
the preceding week, 27,116 cars above the corresponding week in 1932
and 10,484 cars above the same week in 1931.
Coal loading amounted to 111.985 cars, a decrease of 19.219 cars below
the preceding week. 20.966 cars below the corresponding week in 1932
and 27.770 cars below the same week in 1931.
Coke loading amounted to 7,010 cars, a decrease of 413 cars under the
preceding week but 2.031 cars above the same week last year, and 1,863
cars above the same week two years ago.
Live stock loading amounted to 22.455 cars, an Increase of 269 cars
above the preceding week, but 110 cars below the same week last year
and 5.661 cars below the same week two years ago. In the Western
districts alone, loading of live stock for the week ended Oct. 7 totaled
18.501 cars, an increase of 263 cars compared with the same week last
year.
All districts. except Southern, Central Western and Pocahontas which
showed small reductions, reported increases in the total loading of all
commodities compared with the same week in 1932. but all districts reported
decreases compared with the corresponding week in 1931.
Loading of revenue freight in 1933 compared with the two previous
years follows:
Oct. 21 1933
1933s
1932.
1,910.496
1,957.981
1,841.202
2,504,745
2,127,841
2,265,379
3,108,813
2,502.714
3,204,551
654,428
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
625,089
2,873.211
2,834.119
2,936,928
3,757,863
2,958,784
2,991,950
3,692,362
2,990,507
3,685,983
763,818
22.078.150
21.597.781
29485528
Four weeks In January
Four weeks In February
Four weeks in March
Five weeks In April
Four weeks in May
Four weeks In June
Five weeks in July
Four weeks in August
Five weeks in September
Week ended Oct. 7
Total
- 1931.
The foregoing, as noted covers total loadings by the railroads of the United States for the week ended Oct. 7. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
Sept. 30. During the latter period a total of 64 roads showed
decreases as compared with the corresponding week last
year. Among the more important carriers showing increases
over a year ago were the Pennsylvania System, the Baltimore
& Ohio RR., the Chesapeake & Ohio Ry., the New York
Central RR., the Norfolk & Western Ry., the Louisville &
Nashville RR., the Southern Railway System, the Chicago
& North Western Ry., the Southern Pacific Co. (Pacific
Lines), and the Great Northern Ry.
-WEEK ENDED SEPT. 30.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Railroads.
Total Revenue
Freight Loaded.
Total Loads Received
from Connections.
1933.
1932.
1931.
1933.
784
3,043
7,882
682
2,450
i0.95
757
1,667
3,909
10,278
842
3.438
13,800
703
252
4,951
10,507
2,833
2.337
11,630
991
196
4,300
9.564
1,861
1,828
11,140
1,025
29,110
26,393
34,637
33,501
29,914
5,729
10,039
13,750
171
1,889
8,666
23,530
1,741
152
507
6.418
10,910
12,134
127
1,978
9,420
1,807
20.773
2,421
550
312
7,670
10,575
16,097
180
2,101
10,858
2,801
26,691
2,276
495
472
7,144
5.596
13,211
1.735
1.074
6,881
37
26,727
2,137
26
187
6,530
5,613
13,053
1,742
1.016
6,243
68
25,297
2,254
100
204
66.180
66,850
80,216
64,755
62,120
557
1,363
8,078
25
212
268
1,732
3,046
6,806
3,152
4,710
4,118
3,319
190
5,243
3,821
562
1,499
8,606
31
471
185
1,336
2,661
6,025
3.556
4,234
4.593
3,692
1,167
5,575
3.387
694
1,981
9,709
55
485
226
1,464
3,023
7.054
3,695
5.984
5.190
4,709
1,443
6,820
4.192
963
1,721
12,131
73
88
2,454
877
5.590
8,218
179
8,091
4,486
3,972
872
6.573
2.132
971
1,816
10,657
62
121
1.787
638
4,405
6,956
160
7.339
3,775
4,374
534
6,762
1.612
46.640
47.580
,
56. 24
58.420
51,969
Grand total Eastern District.... 141,930
140,823
171,477
156,676
144.003
26.261
1,582
141
7,114
2
212
120
974
54,030
12,767
3,220
48
2,914
1,150
34,057
3,314
154
7,626
657
321
146
1,737
74,864
16,845
5,807
53
3,427
e
14,899
1,525
6
10,213
59
13
32
2.455
36,511
14,480
3,325
12,496
826
4
9,672
41
37
11
2,730
34,672
13,260
914
4,492
1.443
3:184
1,081
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N.H.az Hartford...
Rutland
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts. Shawmut & Northern
Total
Group C:
Ann Arbor
Chicago md. & Louisville
Cleve. Cin. Chic & St. Louis._
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line.,,...
DetroitToledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis,
Pere Marquette
Pittsburgh az Lake Erie
Pittsburgh & West Virginia-.
Wabash
Wheeling & Lake Erie
Total
Allegheny District
Baltimore & Ohio
Bessenier & Lake Erie
Buffalo Creek & Canley
Central RR.of New Jersey
Cornwall
Cuntberiand & 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
Norfotk & Western
Norfolk & Portsmouth Belt Line
Virginian
25,325
21,658
852
4,257
110,535
22,390
17,029
871
3.493
149,008
25,265
20.339
985
3,964
89,433
9,516
3,564
1,174
602
78.928
8.156
3,575
1,299
545
52,092
43.783
50,553
14,856
13,575
7,995
1,090
365
155
61
1,577
459
323
6.649
19,779
159
6,865
866
413
182
71
1,737
578
337
6,515
19,571
190
8.478
1,278
446
174
74.
2,137
557
408
7,779
23,559
215
4,172
1,536
641
723
87
1,333
890
1,982
3,149
11,941
786
-ad
Southern District
Croup A:
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina.
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound
125,185
McMMNMMONt.M
MmMat•Ca.MerCV
01..ON
M.
.
Total
29,050
3,269
254
6,212
2
404
20
1,027
57.277
13,392
9,385
112
3,371
1,410
Total Revenue
Freight Loaded.
Total Loads Received
from Connections.
1933.
1932.
1,378
2,822
8,420
1,088
3,214
11,419
772
Railroads.
Croup B:
Alabama Tenn. & Northern-Atlanta Birmingham & Coast__
-West. RR.of Ala
Atl & W. P.
Central of Georgia
Columbus dr Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin az Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt & St. Louis.d New Orleans Great Northern_
Tennessee Central
1932.
1931.
159
634
607
2,569
341
365
767
407
1,598
20,901
21,191
156
172
2,030
2,853
264
676
717
3,427
241
361
944
328
1,382
22,902
17,881
118
188
1,941
2,724
312
698
709
3,776
307
494
1,150
456
e1,937
27,170
20,690
134
244
2,400
3,078
1933.
233
456
926
2,235
263
268
1,242
311
733
8.539
3,655
254
' 222
1,478
1,972
1932.
130
531
1,054
1,994
205
358
1,150
289
658
8,168
3,284
259
312
1.304
1,896
-666
226
-666
-088
504
56,108
54,320
64,054
23.453
22,076
Grand total Southern District..
94,720
91,645
109,159
50,693
46.641
Northwestern District
Belt By. of Chicago
Chicago & North Western
Chicago Great Western
Chic. MIlw. St Paul & Pacific.
Chic St. Paul Minn.& Omaha.
Duluth M Fumble & Northern
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie__
Northern Pacific
Spokane Portland & Seattle
628
17.091
2,543
19,009
3.826
11.613
987
4,378
*349
15,946
607
2,112
5,999
10,744
1,040
1,286
16.043
2,624
19.757
4,108
2,027
461
2,917
391
10,857
626
2,345
5.337
9.853
1,417
1,584
22.034
3,374
23,815
4,126
10,511
865
3,714
388
14,875
768
2,413
6,683
11,841
1,101
1,840
8,860
2,435
8,571
2,969
89
316
3,756
146
2,094
351
1,436
2.021
2,192
1,244
1,932
8,993
2,642
7,104
2,908
132
504
3,099
95
2,080
340
1,518
1,888
2,197
1,219
96,870
80,049
108,092
06,326
36,651
20.218
2,663
121
16,326
12,120
2,577
1.274
3,686
872
1,312
602
200
18,161
239
292
13,754
624
1,462
20,822
3,141
133
16,659
14.158
2,919
1,116
3,177
710
1,307
1,011
244
17.823
209
424
13,246
610
1,673
27.021
3,938
188
20,584
16.346
3,233
1,906
3.727
662
2,018
1,168
183
21.365
307
392
16,730
782
1,586
5,038
1,775
26
6,949
6.297
1,936
1,188
2,835
18
1,073
253
26
3,297
329
939
8,848
14
2,311
5,256
1.808
24
6,255
6,529
1.763
889
2.817
21
1,146
280
30
2,952
312
892
8,704
9
2,439
96,503
99,282
122.136
43.152
42.126
217
247
272
1,724
140
240
329
1,790
219
256
287
a2,362
3,510
538
148
1,162
2,795
468
151
1,053
2,808
1:65i
216
1,605
1,269
101
817
194
5,585
16,392
47
94
9,860
3,119
2.277
239
1,916
2,134
379
1,150
129
6,895
19,143
38
143
11,649
3,476
1:iii
1:iii
1.644 ,
1,132
319
845
*170
5,852
15,176
45
127
9.398
2,556
824
1,425
930
709
155
3)3
2,512
7,047
24
85
3,339
1,260
843
1,641
707
480
225
244
2.427
7.374
41
134
3,424
1,234
5,755
84,055
2.144
823
5,391
4,085
2,248
24
2.040
2,761
2,076
55
2,206
2,870
2,232
41
Total
Total
Central Western DistrictAtch. Top & Santa Fe System,
Alton
Bingham & Garfield
Chicago Burlington & Quincy__
Chicago Rock island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City......
NorthwesternPacific
Peoria & Pekin Union........
Southern Pacific (Pacific)
St Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington Rock Nand
Fort smith & Western
Gulf Coast Lines
b Houston & Brazos Valley__
International-Great Northern__
Kansas Oklasonta & Gulf
Kansas City Southern
Louisiana & Arkansas
1 Itchfield & Madison
Midland Valley
Missouri & Northern Arkansas_
Missouri- Kansas
-Texas Lines
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St Louis Southwestern
b San Antonio Uvalde & Gulf
SouthernPacific in Texas & La
Texan & Pacific
Terminal RR. Assn. of St. Louts
Weatherford M In.Wells & N.W.
218
7:iii
4,746
2,199
38
38.612
37,325
45,105 I 27.240
Total
24,568
54,527
55,541
67.287
32,781
32,138
a Estimated. b Included In Gulf Coast Lines c Pennsylvania-Reading seashore Lines include the new consolidated linos of the West Jersey & Seashore RR., forPennsylvania RR.and Attain e City RR ,former.y part of Reading Co.; 1931 and 1932 figures included in Pennsylvania System and Reading Co. d Included
merly part of
In Gulf Mobile & Northern RR. e Included In Pennsylvania RR.and Read ng Co.figures. f Partially estimated. *Figures of previous week.
Total
Financial Chronicle
Volume 137
The following, which covers total loadings by the railroads
of the United States for the week ended Oct. 7, has also
come to hand. During this period a total of 64 roads showed
decreases as compared with the corresponding week last
year. Among the more important carriers showing increases
over the like 1932 week were the Pennsylvania System, the
2869
Baltimore & Ohio Railroad, the New York Central Railroad, the Norfolk & Western Railway, the Chicago &
North Western Rail vay, the Chicago Burlington &
Quincy Railroad, the Southern Pacific Co. (Pacific Lines),
the Union Pacific System and the Great Northern
RaillA ay.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED OCT. 7.
Total Revenue
Freight Loaded.
Railroads.
1933.
Total Loads Received
from Connections.
1932.
1931.
1933.
876
2,957
7,988
707
2,362
10.723
786
1,874
3,781
10,254
762
3.625
13,516
820
227
4.683
10,135
2,497
2.415
11,670
934
213
4,523
9,789
2,620
1,876
11,797
939
28,307
26,399
34.632
32,561
31.807
5.713
10,052
12,834
139
1,568
8,548
146
22,827
1,612
81
157
5,729
9.148
12,139
184
1.995
8,706
1.835
20,574
2,194
467
345
7,888
10,948
15.681
169
1.942
10.619
2.431
25,419
2,114
587
496
6.699
5.714
13,202
1,674
999
6,572
25
26,010
2,074
33
182
6,218
5,300
13.401
1,865
1.019
6,273
37
26,617
1,910
113
303
63.677
63,216
78,384
63,184
63,109
617
1,353
7.791
16
419
234
1.735
2,746
6.351
3.253
4.904
4,235
3,367
273
5.301
3.571
525
1.544
8,342
30
425
244
1,352
2.521
5.623
3,521
4,073
4,603
3,587
1.404
5,343
3.568
668
1.785
9,235
72
532
170
1.529
2.738
6.784
4,794
5,993
5.223
4.581
1.114
6.559
3.760
935
1,68
0
11,627
83
114
2,392
884
5,918
8,604
207
7,944
4.712
3,930
705
7,138
1.944
937
1,8714
10,951
81
139
1,791
693
5,093
7,487
216
7,259
4,185
4,629
516
6,904
1.677
46.166
46,717
54,938
58.901
54.491
Grand total Eastern District-- 139,150
136,332
167.952
154.646
149.407
27,639
3,320
202
6,131
448
317
10
982
56.842
13.039
8.725
65
3,137
1,307
26.149
1,440
186
6,232
1
259
147
1,086
54.995
12,290
2,993
62
3,086
1.280
33,451
2.776
125
7.474
616
436
145
1.660
72.538
17.297
5.046
31
3.461
e
14,364
1,380
6
10,293
51
17
52
2.637
34,639
14,246
3.049
13,349
749
2
10,124
33
29
14
3.345
35,693
13,916
931
4.642
1,537
3.210
1,362
122.214
110,193
145,093
86,993
Total Revenue
Freight Loaded.
Railroads.
Total Loads Received
frorra Connections.
82.790
Total
Allegheny District—
Baltimore & Ohio
Bessemer et Lake Erie
Buffalo Creek & Gaulcy
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 F)Istrict—
Chesapeake & 01110
Norfolk & Western
Norfolk & Portsmouth Belt Line
.
Virginian
Total
Southern District—
Group A:
Athrntic Coast Line
Clinehrield
Charleston & Western Carolina..
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom.
Seaboard Air Line
Southern System
Winston-Salem Southbound_ _ _
Total
1931.
1933.
190
692
606
3,469
296
362
747
376
1.582
20,875
17,107
211
149.
2,195
2,877
220
711
753
3,327
295
404
1,018
302
1.304
24,277
18,241
120
215
2.049
2,664
232
681
726
3,756
321
550
1,199
453
a1,666
25.461
19,656
175
224
2,270
3.165
227
510
1,025
2,266
279
249
1,291
329
686
9.478
3,920
249
258
1.443
2.130
1932.
128
530
1,029
2,128
201
304
1,190
270
675
8.263
3.390
244
312
1.160
1,907
302
258
553
648
696
52.038
56.158
61.088
24.988
22.431
Grand total Southern District—
90.714
93.274
105.698
52.510
47.728
Northwestern District—
Belt Ry of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St Paul At Pacific_
Chic. St. Paul Minn. & Omaha_
Duluth Missabe & Northern...
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern
Ft. Dodge Des M.At Southern__
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie__
Northern Parific
Spokane Portland &Seattle
676
18.992
2,435
19,386
3.705
11,476
841
4,486
371
16.874
593
2.426
6,306
11.453
901
1,077
15.735
2,573
19.500
3,938
2.186
454
2,924
319
11,680
610
2,283
5.654
10,723
1.448
1.568
20.357
3.281
22.837
3,804
8.491
1,082
3,824
335
14.520
730
2.243
6.490
12.514
956
2.027
9.591
2.629
7.186
2,868
117
432
3,240
139
1,809
347
1.849
1.654
2.336
1.146
100.921
81.104
103.022
38.402
37.588
20.433
2.986
11311
18.437
12.93
0
2.647
1,124
3.227
679
1,543
731
219
18,335
212
295
17.279
496
1.538
22.184
3.141
142
17.807
13.436
2.927
1.265
3,600
758
1.332
1,133
191
16,989
241
391
16,299
507
1,512
27,747
3,825
177
20.355
16,355
2.931
2,032
4.174
654
2.404
1,038
203
20,860
280
294
18,710
705
1,874
5.327
1,841
36
8,050
6.892
2.020
1.199
2,863
6
1,186
224
92
3.393
321
1.033
9,089
7
2.205
5,257
1,822
18
6.923
6.990
1,926
1,095
3.312
14
1.216
304
54
3,051
319
950
8.787
11
2.635
103.339
103,835
124,653
45,789
44,694
195
277
313
1,667
136
228
326
1,733
128
230
356
a2,302
3,299
550
151
1.174
2.654
417
167
994
2,554
247
1,597
1,155
366
808
158
5,740
15,867
43
146
10,141
2.855
2,079
224
1.773
1,258
102
754
101
5.576
16.651
51
129
10.102
3,014
1,901
364
2.247
1,996
333
1,038
1.51
6.707
19,622
46
154
11.712
3.292
1,651
881
1,413
822
696
230
306
2,795
7.536
37
78
3.319
1,223
1,393
784
1,426
692
406
192
211
2.388
7,453
36
90
3,159
1,216
5,948
4,124
1,984
24
5,676
3.776
1.795
41
7,376
4.791
1.943
41
2,303
2,831
2.281
58
1.908
2.694
2,388
42
56.209
55.525
66.750
33.664
30.698
Total
Total
Central Western District—
Ateh. Top. & Santa Fe SystemAlton
Bingham & Garfield
Chicago Burlington & Wiley_
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City-Northwestern Pacific
Peoria & Pekin Union.
Southern Pacific (Pacific)
St. Joseph & Grand Island....
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
21,254
17.536
936
3,1.5
23,470
17,453
811
3.038
24.637
21,076
923
4,023
8,544
3,911
1,233
523
42,881
44,823
50,667
14,263
6,703
795
372
155
71
1.672
489
316
6,670
19.710
163
8,267
1,245
420
191
66
2,064
555
422
7.574
23,548
219
4.454
1,303
811
585
99
1,320
881
2.212
3.341
11.623
893
Southwestern District—
Alton & Southern
Burlington Rock Island
Fort Smith & Western
7,342 Gulf Coast Lines
3,576 0 Houston & Brazos Valley
1.124 International-Great Northern
579 Kansas Oklahoma & Gulf
Kansas City Southern
12,621
Louisiana & Arkansan
1 itehfleld & Madison
Midland Valley
Missouri & North Arkanaas____
3,956 Missouri-Kansas-Texas Lines__
1,153 Missouri Pacific
752 Natchez & Southern
273 Quanah Acme & Pacific
85 St. Louis-San Francisco
1.169 St. Louis Southwestern
723 biltn Antonio Uvalde & Gull__
2,133 Southern Pacific In Texas & La_
3.119 Texas & Pacific
11.134 Terminal RR. Assn.01St.Loeb;
798 Weatherford Mln. Welts & N.W
33.679
37.116
44,610
27.522
25.297
.00
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve Gin. ChM. & St. Louls—
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chleago & St. Louis_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia____
Wabash
Wheeling & Lake Erle
.bOwA..ca
Total
Group B:
Alabama Tenn & Northern__
Atlanta Birmingham & Coast__
AU.& W. P.—West. RR of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Maven DtiblIn A Savannah__
al lashed poi Central
Mobile & Ohio
Nashville Chat & St. Louis__
dNew Orleans Great Northern_
Tennessee Central
1932.
TMC0NO
M.0.,..0.00.N ,
00=0.NOW.00N
C.C/N
0
.
.0404.7
CM
CO
04
Groups:
Delaware & Hudson
Delaware Lackawanna & Went_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western..
Pittsburgh & Shawaiut
Pitts. Shawmut & Northern
1933.
1932.
0..0W.000NX
NO,A10.50..40W..4W
Total
07)0.
07:
0.0.0oo
Eastern District—
Group A:
Bangor & Aroostook
BOdt011 ii. Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford__
Rutland
Total
a Estimated. b Included In au,f Coast Lines, c Pennsylvania-Reading Seashore Lines include the new conaolidated lines o' the West Jersey & Seashore RR., formerly part of Pennsylvania RR. and Atlantic City RR.,formerly part of Reading Co.; 1931 and 1932 figures includ.d In Pennsylvania System and Reading Co. d Included
in Gulf Mobile & Northern RR. e Included In Pennsylvania RR. and Reading Co. figures.
Colonel Leonard P. Ayres of Cleveland Trust Co.
Finds Adjustments to New Conditions Under
NRA Difficult—More Workers Employed, Payrolls
Probably Larger than at any Previous Time this
Year, But Industrial Production Falls Off—
Strikes Incident to Codes Increase in Building
Construction and Revival in Demand for New
Corporate Bonds Regarded as Essentials in Business Recovery.
Describing this as "the testing time for the NRA and for
our recovery efforts," Colonel Leonard P. Ayres, Vice-President of the Cleveland Trust Co., of Cleveland, Ohio, in the
company's "Business Bulletin," made public Oct. 16, finds
that "adjustments to the new conditions are proving difficult." Colonel Ayres says:
During recent months groups representing all kinds of businesses have
been working with Government representatives to formulate rod..e., and
with their own organizations to put them into effect. These efforts still
continue, but it is pretty generally true by now that all American business
is operating under the new codes. It is too soon as yet to judge what the
results will be, for the developments so far are of diverse sorts.
Probably more workers are employed in October, and the aggregate of
payroll disbursements is larger than at any previous time this year. Nevertheless, the volume of industrial production is lower than it has been during
any of the four previous months, and as a result the unit costs of output have
advanced. Both wholesale and retail prices for manufactured goods are advancing, while agricultural prices are weak. As a result, workers are protesting against the advances in the costs of living, while farmers are complaining that the prices of goods they must buy are moving up more rapidly
than those of the products they sell.
Adjustments to the new conditions are proving difficult. Many business
men are tinding it hard to make profits, since the costs of operation have
advanced, and as a consequence they are having trouble in their attempts
to secure credit with which to keep going. Moreover, many workers are
discovering that the benefits received under the codes are less than they
expected, and because of this large number of strikes have broken out in a
great variety of industries, and in many parts of the country.
In the security markets the volume of trading is small, and price movements are restricted and hesitant. Sentiment in opposition to inflation is
increasing, and pronouncements against it have come from such influential
conventions as those of the American Federation of Labor and the American
Legion. Newspaper opposition to inflation seems clearly to be growing.
Washington is still the center of business, but elsewhere the volume of independent thinking is increasing. As a nation we are approaching the fifth
depression winter with decreased faith in the efficacy of economic panaceas,
but with increased confidence in our capacity for co-operative action.
Business Activity.
From March to July business activity as reflected by industrial production
was increasing with unusual rapidity, but since July it has been decreasing.
Some of the more sensitive indexes of business have fallen so much in recent
weeks as to have canceled half of the entire advance from last spring. The
index of the New York "Times" rose from 60 almost to 100 in 17 weeks,
and then lost half of that advance in the 10 weeks following. However, the
more inclusive indexes show less precipitate reductions. Apparently production turned down after July, and has continued to shrink through August,
September, and into October. Meanwhile payrolls and employment have
continued to increase.
In the diagram [this we omit.—Ed.] the solid line shows the monthly
changes in the physical volume of factory production from the beginning of
1929 through September of this year. The average for 1929 is taken as
being equal to 100, and the variations are shown as percentages of that base.
The dashed line shows the changes in employment on the same basis in
establishments operating in these same industries, and the lowest line of
connected dots represents the changes in the totals of payroll disbursements.
All the data are taken from the compilations of the Federal Reserve Board.
The data used for September are estimates and subject to revision.
The output figure for July was 85, and by September it had fallen to 72,
which canceled over one-third of the advance from the low of last March.
However, employment, which had been 69 in July, had increased to 74 in
September, while payrolls advanced in the same period from 46.4 to 55.7.
We have here clear indications that business activity in terms of factory production has been slowing down, while employment and payrolls have been
advancing. Moreover, the recent increased in payrolls have been greater
than those in employment, which indicates that the average pay per worker
has advanced.
These changes necessarily mean that during recent weeks the costs of production have been moving up. The available data are not wholly comparable or adequate to enable us to make any close calculation of the changes,
tut we can make some rough estimates. While production was falling from
85 to 72 employment was rising from 69 to 74. This would indicate that
the output per worker decreased by 21%. Meanwhile, wage payments had
advanced from 46.4 to 55.7, and that would indicate that the wage cost per
unit of output had advanced by 42%. The results are too general and inclusive to be accorded great respect, but they do indicate that we have to
do with a new sort of price advance resulting from regulation rather than
from increased demand, and accompanied by a decrease in production and
sales.
Industrial Production.
Adjusted figures for the percentage below normal of the volume of industrial production, which may be used to bring forward the long diagrams
issued by this bank, are as follows: Revised for July, —9.0; preliminary
for August, —16.3; estimated for September, —21.7.
Unemployment.
Unemployment of factory workers continues to be much more serious
among those normally engaged in the production of durable goods than it is
among the workers making consumption goods. Things in general use that
are quickly consumed or worn out and replaced are termed consumption
goods. They include such things as food, clothes, tobacco, gasoline, and a
long list of articles made of leather, paper, rubber, and textiles. The
demand for many sorts of goods in this claw is relatively inelastic, for as a
nation we consume almost as much food and clothing and tobacco, wear out
as many tires, and use up about as much gasoline, when times are hard as
we do when we are enjoying prosperity.
Durable goods include bridges and locomotives, freight cars and automobiles, machinery and furniture, buildings, ships, and a long list of things
made of such materials as iron, steel ,cement, glass, and lumber. The demand
for these goods is elastic because there is almost no limit to the amounts of
them that we can use advantageously if we can get them, and because the
purchase of such things can almost always be postponed. When depressions
come these purchases always are largely postponed, and this is so true that
we should say that depressions are periods during which there are long and
serious decreases in the production of durable goods, and that most of the
depression unemployment among industrial workers is that of people normally engaged in making durable goods.
In the diagram the solid line shows for the 15 years beginning with 1919
the quarterly changes in the volume of employment in six groups of factory
workers making durable goods. In a similar way the dashed line shows for
the same period the changes in employment among six groups of factory
workers making consumption goods. In each case the average for the period
is taken as equal to 100, and the fluctuations are shown in percentages above
and below those averages. The data are from the employment indexes of
the Federal Reserve Board.
The fluctuations among the durable goods workers are much greater than
those among the employees engaged in making consumption goods. The
decline in the durable goods group in the depression of 1921 was nearly 40%,
while that among the makers of consumption goods was very brief, and at
the worst amounted to only 22%. In this depression the extreme decline
in employment among the durable goods workers amounted to nearly 60%,
while that suffered by the employees in the consumption goods industries
was only 30%.
In 1929 the Census of Manufacturers enumerated the average numbers of
workers in these six groups of factory employees making durable goods as
being about 4.5 millions, and those in the six groups in the consumption
goods industries as 3.6 millions. By August of this year the reduction among
the employees making durable goods amounted to 1.9 millions, while that
among the makers of consumption goods was only 360 thousand, or less than
one-fifth as many. The significance of this lies in the fact that almost the
whole effort of the NRA to increase consumer purchasing power is one that
promises help for the consumption goods industries where there is little
unemployment and offers little for the durable goods industries where there
is great unemployment.
Oct. 21
Financial Chronicle
2870
1933
Building Construction.
A sustained increase in the volume of building construction would domare to help business recovery than would almost any other development.
Probably it is true that we cannot have prosperous times in this country
when the building industry and the automotive industry are depressed, and
we cannot have depression when they are active. Those two industries appear
to exercise a more powerful influence on general industrial activity than do
any two others, and in the main their outputs tend to fluctuate rather closely
together.
In the diagram the upright columns represent the fluctuations in the value
of all building construction annually in this country since 1900. The
diagram [this we omit.—Ed.1 is not based on exact data, for unfortunately
we do not have in this country inclusive official figures showing total expenditures for building. The data used are from a compilation published in.
1930 by the Standard Statistics Co. That series did not cover all construction or the entire country, and the figures used here are those data so increased so as to represent the probable approximate value of all new building.
The data for the years since 1930 are based on the reports of the F. W. Dodge
Corp., and those for 1933 are partly estimated.
Building expenditures were increasing rapidly before the World War.
They amounted to above three-quarters of a billion a year in the earliest
years of the century, and had increased to about one and one-half billions
annually in the years just prior to the war. With the coming of the post-war
period of prosperity they expanded above nine billions in 1929. Some estimates of the Department of Commerce indicate that building expenditures
for new construction, and for repairs and alterations as well, must have
amounted in the prosperity period to as much as 10 billions a year.
The decline in the depression has been rapid and extreme. Probably expenditures in 1933 will not amount to much more than one and one-third billions
despite the great amounts spent for Government work. In good times the
workers employed in new construction are as many as four millions, and
some estimates give higher figures. The new emergency legislation enacted
last spring authorizes the expenditure of three billion, three hundred million
dollars for public works. No large part of this vast sum will be expended
this year, and the total appropriation will be spent so as to spread it over
several years. Clearly public funds cannot take the place of private disbursements in furnishing adequate employment in the building industry.
Bond Issues.
Recovery from depression has always been accompanied in this country by
increased investment in capital goods, such as railroads and rolling stock,
the expansion or improvement of manufacturing plants and industrial equipment, and the extension of the facilities of public service corporations. The
funds that pay for these goods are normally secured through the sale of long.
term bonds which must be originated by institutions strong enough to create
confidence in them, and distributed among investors able and willing to buy
them. The general rule is that long lived goods that are costly must be
bought through the use of long lived credits. Probably we have never had
in this country a recovery from a serious depression that was not accompanied by important expansions of activity in the construction industries
and those making capital goods.
The sales of long-term corporation bonds in this country for the purpose
of raising new capital averaged between three and four billion dollars a
year from 1921 through 1929, and reached a high point of over five billion
dollars in 1927. They have declined during the depression to little more
than two billions in 1931, to less than one billion in 1932, and they will
probably amount to less than half a billion in 1933. The sales of bonds for
raising new capital not only reflect changing business conditions, but in
some degree they forecast them, and especially the important turning points
from prosperity to depression, and from depression to recovery.
In the diagram at the foot of this page [this we omit.—Ed.] the solid
line shows the changes in the volume of industrial production from month
to month in the United States from 1920 through 1933, according to the
index of the Federal Reserve Board. The dashed line is a trailing 12 months'
total of new capital long-term bond flotations from data compiled by the
"Commercial and Financial Chronicle," but this dashed line has been moved
forward one year. Both lines are expressed as percentages of their own
averages for the period. There is a striking close general agreement between
the movements of the two lines, and so the impressive feature of the diagram
is that year by year the industrial activity line was moving about as the
bond flotation line had been moving one year earlier.
Money paid for new construction, and for the expansion and improvement
of industrial equipment, and the extension of public service facilities is a
most effective aid to recovery, not only because of the large
numbers of workers involved, but also because such funds paid out as
wages constitute
present purchasing power borrowed from the future.
Thus those workers do
not have to buy back currently the goods they are
producing currently in
order to have their employment continue. Ordinarily
that is not true of the
production of consumption goods, for where they are
concerned the workers
that produce them, as well as other classes of
workers, must continuously
consume them in large volume in order that they can
continue to be produced
in large volume.
A revival in the demand for new corporate bonds
would be a most important contribution toward recovery. It awaits a
renewed confidence in
the future of our money, and a relaxation in the
provisions of our new
Securities Act of 1933.
Chain Store Sales Advanced 5.7% in September.
Sales of the first 20 chain store systems reporting for
September, or that approximate period, were 5.7% ahead of
September 1932, according to a compilation of Lehman
Brothers of this city. This percentage of gain incidentally
is identical with the gain shown in August over August 1932.
The report follows:
The shoe chains were responsible for the largest group gain with an
advance of 24%, which VMS followed closely by the specialty and department store chains whose sales were 22% greater than a year ago.
Sales of the 5 & 10c.--$1 chains advanced 13% against a gain of 10% for
the mail order systems, while the grocery chains lost ground with a sales total
approximately 3% behind the September 1932 figure.
The largest individual improvement was made by G. 0. Murphy with a
sales gain of 34.7%. This company, in the 5 & 10c.--31 group has been
In the van for the last three months. The company operates largely in the
eastern Seaboard States from Connecticut to the District of Columbia, but
also has stores in Illinois, Indiana, Michigan, Kentucky and West Virginia.
Total sales volume is comparatively small, being presently around $2.000,000 a month. The second largest indivklual position was earned by the
Melville Shoe Co. whose sales for the month were 29.3% in advance of the
Financial Chronicle
Volume 137
total for the same month a year ago. Third place went to M. H. Fishman
with a 27.2% gain. This organization Is another with a small sales volume,
its stores being largely concentrated in New England, but with units
operating as far south as Delaware and Virginia.
In the specialty and department store group. J. C. Penny led with a sales
advance of 24.7%, which entitled that company to fourth place in the
individual sales gain list.
In the grocery chain group. H. C. Bohack experienced a 5.6% decline in
sales and A. & P. a 4.6% decline. Kroger's sales were slightly better, as
was the case with American Stores.
The following tabulation shows individual sales for the month and for
the year to date:
Month of Sept.
1933.
Grocery Chains
American Stores
H. C. Bohack
Atlantic & Pacific
Kroger
5 & 10c.-81 Chains
M.H. Fishman
W.T. Grant
8.8. Kresge
S. H.Kress
G. C. Murphy
Nelsner Bros
J. J. Newberry
F. W. Woolworth
Specialty & Dept. Stores
Inter-State Dept
Lane Bryant
J. C. Penney
Drug ChainsWalgreen
Shoe Chains
Melville Shoe
Schiff Co
Matt Order Chains
Montgomery Ward
Sears, Roebuck
1932.
Year to Date.
1933.
1932.
$
80,736.062 87,346,084
19,816,835 21,855,938
477,176,198 526,999,249
156,352,330 165,589,240
8
8,299,376
2,225,022
60,661,478
16,026,851
8,204,433
2,357.087
63,634,883
15,977,973
278,115
6,423,347
10,634,773
5.405,554
1,912,000
1,248,774
3,036,060
21.641,558
218,615
1,794,490
1,744,631
5,657,650 51,175,528 48,644,528
9,430.252 84.688.595 86,023,029
4,914,392 42,221,337 43,444.479
1,418,572 14,284,105 12,459,453
1,124,748 10,053,552 10,194.656
2,694,796 23.145,036 22,096,172
19,462,786 170,487,343 174,100,859
1,480,514
948,856
16,288,27
1,375,147 10,858,414 11,698,806
930,614
8,269.154
8,778,252
13,054,785 115,087,516 104,533.857
4,262,05
3,646,919
34,063,078
34,597,448
2,028,99
944,09
1,588,194
818,804
15.075,005
6,573,950
15,681,774
6,472,553
16,599,90
26,311,73
14.638,277 114,039,541 110.628,987
24.353,522 177.066,524 187,336,594
Wholesale Commodity Prices Declined Further During
Week of Oct. 14 According to National Fertilizer
Association.
Wholesale commodity prices declined sharply during the
week ended Oct. 14 according to the index of the National
Fertilizer Association. When computed for the week this
index declined six points, declining from 69.2 to 68.6. (The
three-year average 1926-1928 equals 100.) During the preceding week the index declined two points and two weeks
ago the index showed no change. The latest index number is
two points lower than it WA a month ago while it is 79 points
higher than it was at this time last year. Under date of
Oct. 16 the Association further reported:
During the latest week seven groups declined, seven groups showed no
change and not a single group advanced. Foods,grains,feeds and livestock,
textiles, miscellaneous commodities, metals, fats and oils, and fertilizer
materials declined. All of the declining groups showed substantial losses
except fertilizer materials, which declined only one point.
Forty-three commodity prices were lower while only five were higher
during the latest week. This is the smallest number of advances in many
months. During the preceding week there were 38 declines and 20 advances
Two weeks ago there were 29 declines and 19 advances. The important
commodities that declined were cotton, cotton yarns, lard, butter at New
York, most vegetable oils, cheese, eggs, raw sugar, flour, apples, corn,
oats, wheat, barley, rye, cottonseed meal, lightweight hogs, copper, tin,
silver, hides, and coffee. The advancing commodities were pork, potatoes,
dried apples, heavyweight hogs, and tankage.
The index numbers and comparative weights for each of the 14 groups
listed in the index are shown in the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 478 COMMODITY
PRICES (1926-192100).
..C.34.0500,000b201C4
i•31P;Piztlobi..2.0:46;-•Cobk
Per Cent
Each Group
Bears to the
Total butes.
100.0
Group.
Latest
lVeek
Oct. 14
1933.
Pre
ceding
Week.
Month
Ago.
Year
Ago.
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_ _ _
.
69.2
70.3
50.7
65.6
68.3
84.4
76.0
79.1
81.6
46.5
87.0
64.3
70.2
90.3
69.9
70.3
52.2
66.4
69.1
84.4
76.0
80.3
81 6
.
47.9
87.0
64.4
70.2
90.3
69.8
67.9
53.4
65.8
69.8
84.4
74.5
78.4
81:
6
48.7
87.0
63.3
70.2
90.3
62.0
62.3
40.5
46.3
62.0
86.6'
70.5
69.9
"
A
42.1
87.4
61.9
68.8
92.1
RR R
R2 2
RR 5
All 7
All arnilna enrnhtnad
Index of Retail Prices of Food in United States of
United States Department of Labor Advanced
Further During Period from Sept. 12 to Sept. 26.
Increases in the average price of 21 of 42 food items covered by the Bureau of Labor Statistics of the United States
Department of Labor caused the index to resume its upward
trend during the two weeks ended Sept. 26, according to an
announcement made Oct. 14 by the Bureau of Labor Statistics. From Sept. 12 to Sept. 26 the general level of retail
prices rose by 0.4 of 1% for the country as a whole. This
advance followed a slight drop for the two weeks ended on
Sept. 12. For two months prior to that date retail food
prices advanced sharply, the announcement said, adding:
The weighted index numbers of the Bureau, which uses the average
prices for the year 1913 as 100.0, were 107.4 for Sept. 26. 107.0 for Sept. 12,
2871
107.1 for Aug. 29. 106.7 for Aug. 15, as compared with 90.4 for April 15.
which was the low point reached during the present year.
As compared with Sept. 15 1932, with an index of 100.3, retail food
prices have risen by more than 7% within the 12 months. The increase
since the low point of the year (April) was slightly less than 19% and the
general level is higher than the 1913 average by nearly 7%%. The index
for this period was higher than for any period during the past two years.
These prices are based upon reports to the Bureau of Labor Statistics from
retail dealers in 51 cities.
Changes in Retail Prices of Food by Cities.
Increases in food prices between Sept. 12 and Sept. 26 took place in
32 of the 51 cities covered by the Bureau. Omaha, Neb., with a rise of
more than 3%,showed the greatest increase. Increases of more than 2%
were reported for Newark, New York, Minneapolis and Norfolk. Buffalo
showed the smallest increase in the period with an advance of only 0.1 of
1%, while increases for other cities ranged upward to 1.7% during the
period. No change in the general level offood prices wasshown for Chicago,
Dallas and Peoria during the two weeks.
The greatest decrease occurred in Indianapolis where prices dropped by
nearly 23 %. A fall of prices in 15 other cities covered by the bureau
ranged from 0.1 of 1% for Birmingham. Ala., to nearly 1%% in Louisville,
Ky. Retail food prices in Washington, D. C., moved upward by nearly
1% in the two weeks' period. The following table shows the per cent of
change in each of the cities covered by the Bureau from Sept. 12 to Sept. 26:
Atlanta
Baltimore
Birmingham
Boston
Bridgeport
Buffalo
Butte
Charleston, S. CChicago
Cincinnati
Cleveland
Columbus
Dallas
Denver
Detroit
Fall River
Houston
-0.8 Indianapolis
+0.4 Jacksonville
-0.1 Kansas City__
Little Rock
+0.9 Los Angeles
+0.1 Loulzville
+0.2 Manchester, N. H_
+0.5 Memphis
Milwaukee
+0.7 Minneapolis
+0.3 Mobile
+0.2 Newark
•
New Haven
-1.2 New Orleans
+0.6 New York
+1.3 Norfolk
-0.7 Omaha
-2.4
+1.7
-0.7
+1.0
+0.2
+0.3
+1.3
-0.9
+2.3
-0.7
+2.5
+0.7
-0.4
+2.5
+2.1
+3.3
Peoria
Philadelphia
Pittsburgh
Portland, Me
Portland, Ore
Providence
Richmond
Rochester
St. Louis
St. Paul
Salt Lake City
Ban Francisco
Savannah
Scranton
Seattle
Springfield, Ill
Washington, D.C_
+0.7
+1.2
-0.8
+1.2
+0.4
+0.5
-0.9
+1.5
+1.0
-1.0
+0.4
+0.8
-1.2
+0.4
+0.9
*No change.
As compared with prices for a year ago (Sept. 15 1932) all of the 51 cities
covered showed an increase in retail food prices. For the first time in
several months Norfolk, Va., showed a higher average than for the corresponding period of a year ago. Prices there averaged nearly 1% above the
level of last year. Detroit, where food prices rose by more than 16%,again
showed the largest increase for the last 12 months. Prices in Louisville
were 12.6% higher and Columbus, Ohio, 12% higher than on Sept. 15
1932. Butte, Mont.. showed the smallest increase in the 12 months. In
Washington, D. C., the increase was 6%. Changes in the cities covered
by the Bureau are as follows:
Atlanta
+6.0 Indianapolis
+7.3 Peoria
+7.2
Baltimore
+4.9 Jacksonville
+8.2 Philadelphia
+8.0
Birmingham
+4.6 Kansas City
+6.4 Pittsburgh
+6.6
Boston
+6.2 Little Rock
+6.8 Portland, Me
+3.5
Bridgeport
+6.6 Los Angeles
+1.1
+10.7 Portland, Ore
Buffalo
+8.1 Louisville
+12.6 Providence
+8.0
Butte
Manchester, N. H +6.0 Richmond
+8.0
Charleston, S. C___ +4.3 Memphit
+7.2 Rochester
+9.5
Chicago
+1.1 Milwaukee
+9.2
+6.5 St. Louis
Cincinnati
+9.2 Minneapolis
+9.4
+8.8 St. Paul
Cleveland
+11.0 Mobile
+6.6 Salt Lake City
+8.6
Columbus
+12.0 Newark
+3.4
+3.8 San Francisco
Dallas
+9.9 New Haven
+7.8
+5.8 Savannah
Denver
+5.3 New Orleans
+8.0
+6.1 Scranton
Detroit
+16.2 New York
+5.4
+5.5 Seattle
Fall River
+7.2 Norfolk
+8.3
+0.9 Springfield,DI
Houston
+6.7 Omaha
+9.0 Washington, D. C. +6.0
Changes in Food Prices by Commodities.
The average retail price of 23 of the 45 commodities covered by the
Bureau showed an increase between Sept. 12 and Sept. 26. Of the remaining articles, 11 showed decreases and 11 no change in average prices. The
largest increase occurred in prices of pork chops, which advanced by almost
10% in the two weeks. Other items showing a 2% or more increase were
eggs, oranges, bread, canned tomatoes, hens and prunes. Important
items showing no change in the two weeks were sliced bacon, fresh milk,
flour, corn meal, sugar and raisins. The seasonal decline in the price of
potatoes was almost 10%. Other items which showed a decrease of more
than 1% in the period were evaporated milk, cabbage and onions.
Among 42 articles of food which are covered by the Bureau, 24 have
shown price increases during the 12 months, and 17 have recorded a drop.
Pork chops is the only item with an average price on Sept. 26 the same as
in September a year ago. Potatoes, the average price of which showed
the greatest decline during the past two weeks,showed the greatest increase
for the year by rising by more than 86%; flour, which showed no change
in the two weeks' period, was more than 58% higher than a year ago; bread,
which rose in price by 2%% in the two week and 4% in the month period,
was nearly 18% higher than last September; and sugar, which has shown
no change in average prices for a month, was almost 12% higher than a
year ago. In the year period, meats have shown decreases of more than
10%.
Business Activity Retarded Further During September
and First Half of October According to Statisticians
in Industry of National Industrial Conference
Board.
Further retardation in business activity, which began late
in July, was shown in the last six weeks, according to the
current report of the Conference of Statisticians in Industry
of the National Industrial Conference Board. A decline in
general production and less than seasonal advances in primary
distribution and in consumer buying were evident in the
month of September, said the report, issued under date of
Oct. 20. We further quote from the report as follows:
Production in the heavy industries in September and the first half of
October continued the downward movement observed in August. Automobile output was curtailed in the last six weeks. Production of steel and
iron In September was under the level of August. but resisted further
contraction in the first half of October. Bituminous coal production slackened after advancing in a seasonal manner in July and August: anthracite
shipments in September continued the improvement observed in August.
Electric power production declined, moving counter to the normal seasonal
tendency in September and continuing in like manner during the first
2872
half of October. Building and engineering construction, on the other hand.
was stepped up sharply, largely because of public awards: private construction increased unseasonably in response to advancing costs.
In creases In distribution In September have been less than seasonal.
Total shipments by rail of raw materials and finished goods moved up by
an amount less than usual in September. Merchandise and miscellaneous
carloadings were also not up to expectations. Retail sales by department
stores Increased In dollar values less than seasonally, while prices continued
to advance sharply.
Department store sales increased less than seasonally In dollar value
of turnover in September as compared with August. The gain of 28%
compares with an average Increase of 34% between the two months in
recent pre-depression years. The dollar value of sales in September was
2% greater than a year ago.
Prices of department store items were increased 5.7% In September over
August and were 14.6% above September 1932. After advancing 21%
from the low level in April department store prices In September reached
the level of September 1931. The physical volume of sales by department
stores in September was more than 10% under the level one year ago.
Prices of commodities at wholesale in general continued their upward
movement during September. and held their average level In the first
half of October. Although there was a net rise during the month, losses
were sustained in major groups of items. Foods weakened, as did hides
and leather products; chemicals and drugs were off during the month, as
were housefurnishing goods. Farm products declined in the first week
of September and then moved upward. Continued declines In farm products
prices at wholesale were evident in the first two weeks of October. Textiles.
fuels, metals and metal products, and building materials all showed advances
In September. but lees certain upward movements In the first half of October.
Prices received by farmers for their products declined 2.8% between
Aug. 15 and Sept. 15. but showed a slight gain to the first week of October.
commodities
The total decline since the middle of July was 6.5%. Prices of
purchased by farmers moved up during the same period to a level 9.4% above
products in terms of Items that farmers
that of July 15. The value of farm
bought fell off 6 2% between the middle of August and the middle of
September but showed slight improvement to the first week in October.
when the net decline since July 15 was almost 20%.
The cost of living advanced 1.3% in September over August to a level
almost 9% above the low level In April. Clothing prices, which have gained
showed
almost 25% since the spring, moved up 8.0% In September. Rents
under way.
their first increase. 0.6%, since advances In living costs got
September; foods, 0.3%; and sundry
Fuel and lighting moved up 1.9% in
Items. 0.5%.
Common stock prices moved downward In September and showed a
further decline from the last week of the month until the middle of October.
Bond prices eased off in recent weeks. The money market was unchanged,
with interest rates at a low ebb. Federal Reserve credit was slowly expanded
in the last six weeks, mainly through open-market purchases of Government
bonds.
Commercial failures fell off sharply in September In both number and
liabilities incurred, after unseasonal increases In August.
Employment in manufacturing industry showed a more than seasonal
advance In September as compared with August. Weekly earnings per
worker moved up slightly, as did hourly earnings. Hours worked per week
declined slightly.
I The slackening In business activity In September,following that in August,
was a result of contraction In heavy manufacturing and reflected a relapse
July. In the
from the rapid and semi-speculative expansion In June and
last six months advances and declines in production and primary distribution have shown little similarity to movements generally seasonal during
this interval In pre-depression years. In addition. consumer retail purchasthan normal at this
ing for the fall and winter showed less improvement
time of the year, and progressive advances in retail prices occurred.
Continued Advance During September Reported in
Wholesale Prices by U. S. Department of Labor.
Seventh Consecutive Monthly Gain.
The rise in the general level of wholesale commodity prices
which began in March of this year continued unbroken
during the month of September according to an announcement made Oct. 18 by the Bureau of Labor Statistics of the
U. S. Department of Labor. The index number for the
month showed an advance of nearly 2%. 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 69.5 for
August to 70.8 for September. Continuing, the Bureau
further announced:
TN Index for September averaged above70for the first time since NovemOctober 1931. when
ber. 1931. and Is higher than for any month since
an index
the index was 70.3. As compared with September 1932, with
over
number of 65 3, the present index shows an increase of nearly 83. %
point reached in February
that of one year ago. As compared with the low
prices were more
of the present year, when the index was 59.8. September
than 18% higher. The corresponding index for March was 60.2.
For the fourth consecutive time in the past three years prices for the
of
current month have averaged higher than In the corresponding month
the trend in
the year before. The all commodities index which indicates
were
the general level of wholesale prices, shows that prices In September
253.% below the level of June 1929, when the index stood at 95.2.
Between August and September increases were reported in 291 instances,
was
decreases In 152 Instances, while in 338 instances no change in price
shown.
The largest price advance was shown by the fuel and lighting group which
took place
Increased by almost 7 % over the previous month. Increases
In the average prices of coal coke, and petroleum products. Wholesale
decreased slightly.
prices of electricity and gas, however,
The second largest advance occurred In the textile products group which
showed a rise of 3% from August to September. This increase was due
and woolen and
largely to advances in the prices of ciothing knit goods,
textile products
worsted goods Cotton goods, silk and rayon, and other
declines in prices during the month of September.
registered slight
Wholesale prices or farm products which advanced steeply for six months
as compared with
showed a reaction in September and dropped by 1%
point reached during
August. although still 39% above February, the low
over the corresponding month of last year.
the present year. and 16%
oranges, hops, and potatoes were
Corn, wheat, cows, steers, lambs, cotton,
rye, calves, hogs, eggs,
mainly responsible for the decline Barley, oats,
la prices between the two
lemons, hay, tobacco, and wool showed increases
months.
Oct. 21 1933
Financial Chronicle
Among manufactured food products which showed price increases during
the month were butter, macaroni, rice, canned fruits and vegetables, fresh
pork, veal, dressed poultry, fish, lard, salt, and raw sugar. On the other
hand. cheese,flour, cured beef, Iamb, mutton. cured pork, granulated sugar.
and most vegetable oils averaged lower than in the month before. The
group as a whole showed a fractional increase in September as compared
with August, and remained nearly 21% above the low of February of this
year, and 5% higher than September a year ago.
Boots and shoes, leather, and other leather products showed advances in
average prices causing the group of hides and leather products to Increase by
0.7 of 1% over the previous month. Hides and skins declined from August
to September.
Metals and metal products as a whole continued upward during September due to advancing prices of agricultural implements, iron and steel, nonferrous metals, and plumbing and heating fixtures. Motor vehicles showed
no change between August and September. The index for this group was
over I% higher than for the month before.
In the group of building materials the average prices of brick and tile,
cement, lumber, structural steel, and other building materials moved
upward during the month, while paint and paint materials decreased
slightly. The group as a whole recorded an increase of 1 %.
Chemicals and drugs registered a decrease of .te of 1% during September.
Declining prices for chemicals, drugs and pharmaceuticals, and fertilizer
materials outweighed advancing prices of mixed fertilizers The house.
furnishing goods group as a whole increased over 2% from the previous
month. Both furniture and furnishings showed a further strengthening of
prices.
The miscellaneous group of commodities declined ti of 1% between
August and September due to sharp declines in cattle feed. l'aper and
pulp, and other miscellaneous commodities Increased slightly. while automobile tires and tubes and crude rubber showed little or no change in average
prices between the two months.
Among the remaining groups raw material prices increased by 1.8%.
Semi-manufactured articles advanced by 1.7% to a love. of 20% above a
year ago. Finished products moved upward by nearly 2%,and were 61(%
over September of last year.
The non-agricultural commodities group, which includes all commodities
except farm products, advanced by about 2 1-3% during the month. When
manufactured foods and farm products are excluded, the combined index
number for all remaining groups showed an increase of 2 7% during the
month and a rise of more than 7% over September a year ago.
From the low point reached in February. raw materials were higher in
September by more than 27% and semi-manufactured articles by more
than 29%. In the same period finished products have advanced by nearly
14%. non-agricultural commodities by nearly 16%. and an commodities
eliminating farm products and foods by more than 15%.
INDEX NUMBERS OF WHOLESALE PRICES BY CROUPS AND SUBGROUPS OF COMMODITIES (1928=100.0).
Groups and Subroups.
September
1932.
August
1933.
September j
1933.
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 wonted 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
Rousefurnishing goods
Furnishings
Furniture
Miscellaneous
, Automobile tires and tubes
Cattle feed
, Paper and pulp
Rubber, crude
Other miscellaneous
Raw materials
3emi-manufactured articles
Finished products
Von agricultural commodities
Ill commodities less farm products and foods
65.3
49.1
37.4
61.2
52.1
61.8
60.6
65.8
52.5
60.9
64.6
72.2
84.4
48.2
63.2
81.5
55.6
61.8
57.9
50.4
32.6
58.7
68.6
70.8
87.7
81.1
78.7
103.4
107.6
46.7
80.1
84.9
79.7
92.7
51.6
66.8
70.5
75.4
79.0
58.3
68.2
86.8
81.7
79.9
72.9
79.8
56.6
63.6
66.9
73.7
74.7
72.7
64.7
42.7
45.9
75.5
8.2
83.2
56.2
60.7
70.4
68.7
70.4
89.5
57.6
64.6
95.9
62.5
64.8
65.7
84.8
71.1
51.0
62.6
91.7
96.1
91.5
82.5
81.2
74.6
74.4
93.5
69.4
34.6
78.9
77.8
65.5
79.2
83.6
77.4
88.8
99.5
40.9
81.2
83.2
78.6
00.4
68.2
70.3
81 3
81.5
00.3
79.4
77.5
70.3
81.7
85.0
73.1
79.6
57.6
69.0
64.4
77.6
78.6
78.8
65.4
42.2
78.0
81.0
14.9
77.8
60.6
71.7
73.4
72 0
74.1
711.8
57.0
63.0
48.7
81.2
64.9
65.8
84.7
66.8
51.5
64.5
92.3
08.9
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
*
•
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
66.8
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
* Data not yet available.
Additional Sharp Decline Reported in "Annalist"
Monthly Index of Business Activity.
The "Annalist" index of business activity shows another
sharp decline, the preliminary figure for September being
76.9, as against 83.4 for August and 89.4 for July. The
net rise from March to July was 30.9 points, and the net
decrease from July to September was 12.5 points, so that
the current business recession has now canceled about 40%
Volume 137
Financial Chronicle
of the March-July recovery. The "Annalist" further reported as follows under date of Oct. 20:
The decline from the July peak has been nearly, but not quite,
as rapid
as the rise from March to July; the decline has thus
far proceeded at the
rate of 6.2 points per month, as against a rise of 7.7 points per month.
The principal factor in the August
-September decline was a further
sharp decrease in the adjusted index of cotton consumption, which
dropped
from 121.3 to 97.6. Second in importance was a
heavy decrease in the
adjusted index of steel ingot production. There were also substantial
losses recorded by the adjusted indices of pig-iron production,
lumber
Production, automobile production, silk consumption, freight car
loadings.
cement production and electric power production. Only one component
of the combined index zinc production, showed an increase; the
zinc index
rose to 71.0, the highest since October 1930.
Table I gives the combined index and its components, each
of which is
adjusted for seasonal variation and where necessary for long-time trend,
for the last three months. Table II gives the combined
index by months
back to the beginning of 1928.
TABLE I.
-THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS.
September.
Freight car loadings
Steel ingot production
Pig iron production
Electric power production
Cotton consumption
Wool consumption
Silk consumption
Boot and shoe production
Automobile production
Lumber production
Cement production
Zinc production
Combined index
August.
July.
60.6
62.9
54.7
a93.5
97.6
62.3
75.9
64.9
94.1
121.3
120.3
71.3
115.7
64.6
72.5
47.5
70.2
83.4
66.2
92.7
64.4
96.7
138.3
144.0
85.2
133.0
67.8
71.1
56.2
66.4
89.4
Ili
b55.8
56.7
34.4
71.0
*78.9
TABLE II
-THE COMBINED INDEX SINCE JANUARY 1928.
1933.
1932.
1931.
1930.
1929.
1928.
January
63.1
102.1
70.1
81.4
112.9
105.6
February
61.7
83.1
102.5
68.1
112.4
106.1
March
58.5
66.7
85.1
100.5
111.9
105.4
April
64.1
86.4
63.2
101.8
115.0
105.5
May
72.5
60.9
98.5
85.1
115.7
105.6
June
83.4
60.4
97.1
82.6
116.6
104.8
July
89.4
59.7
93.1
83.1
116.7
106.3
August
83.4
61.3
78.9
90.8
115.6
108.1
September
*76.9
76.3
65.2
89.6
115.0
109.7
October
65.4
72.6
86.8
113.4
111.8
November
.
64.7
72.2
84.4
106.0
112.0
December
64.8
72.1
83.9
101.2
112.5
• Subject to revision. a Based
an estimated
as against a Geological Survey totalon 7,646,000,000 output of 7 409,000,000 kwh.,
or
kwh.in August and 6.752,000,000 kwh. In September 1932. b Based on an estimated output 01 190.000 cars and
trucks, as against Department of Commerce total of 242,559
cars and trucks in
August and 86,492 cars and trucks in September 1932.
"Annalist" Weekly Wholesale Price Index Declined
2.2 Points in Week of Oct. 17
-Drop Due to Government Refunding Program-Foreign Prices in September Showed Mixed Trend.
With a loss of 2.2 points for the week, the "Annalist"
weekly index of wholesale commodity prices dropped to
103.2 on Oct. 17 from 105.4 on Oct. 10. The "Annalist"
said that the decline was due to the announcement on Oct. 11
of the Government refunding program, which was taken
by the speculative public as indicating that their hopes of
greenback inflation were not being favored by the Administration. Continuing, the "Annalist" said:
Most of the commodities declined, with losses greatest
in the grains,
livestock, cotton, hides and copper. At the same time
the dollar rallied
strongly, advancing 3.2% during the week to 68.0 cents
from 65.9 on
Oct. 10, the gain more than offsetting the decline in the
index, so that the
Index on a gold basis advanced to 70.2 from 69.5.
THE "ANNALIST" WEEKLY INDEX OF
WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation (191100).
Oct. 17 1933. Oct. 10 1933. Oct. 18 1932.
Farm products
83.8
87.9
71.7
Food products
102.6
104.6
97.2
Textile products
*121.2
al22.5
75.8
Fuels
151.5
151.5
126.8
Metals
104.9
106.0
97.2
Building materials
111.2
110.5
106.2
Chemicals
96.9
a96.9
95.3
Miscellaneous
82.5
85.2
78.9
All commodities
103.2
105.4
90.6
All commodities on gold basIs_b
70.2
69.5
•Preliminary. a Revised. b Based on exchange quotations
for France,
Switzerland, Holland and Belgium.
The drop in prices of commodities and stocks has shown
again, as have
their previous movements during the entire past half
year, how completely they are dominated by governmental monetary policy.
Whether
it would be either desirable or possible to restore the dollar
to its old parity,
in view of the disturbance to the entire price structure that
would follow,
may be open to question. On the other hand, the present
situation, in
which prices as a whole are at the mercy of every rumor out of
Washington,
fosters the very worst sort of speculative activity, in which
attention is
directed not to legitimate business problems and developments,
but to
the attempt to guess what a few men at Washington will do.
Whether or not a devaluated dollar is unavoidable, confidence
-the
confidence that permits of planning for the future-is fundamental
to all
genuine recovery, and confidence of this sort will continue to
be lacking
just so long as the Administration is unwilling to take a stand for a
stable
monetary system and so give some assurance that contracts,
agreements
and commitments will not involve something entirely different
for their
fulfillment than was anticipated when they were undertaken.
The "old"
system of a currency based on gold may not have prevented
large and
costly price movements, but the movements of prices during
the past
six months have been without precedent in times of peace.
Prices received by the farmers for their products tended upward
during
the last half of September, the index of the Department of Agriculture
2873
advancing to 71 on Oct. 4 from 70 on Sept. 15. Since the index of prices
Paid by the farmer also advanced one point in the same time to 117, the
farm price purchasing power index (representing the exchange value of the
products of the farm for commodities the farmer buys) was unchanged at 61.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES.
(Measured in Currency of Country, no Adjustment for Depreciation, 1913=100.0.)
Per Cent Change.
Sept.
1933.
August
1933.
July
1933.
Sept.
1932.
U.S. A
104.8
Canada
107.6
United Kingdom__ _.. 103.0
Prance_ b
386.0
Germany
*94.9
Italy
*281.3
Japan
*137.8
102.7
108.4
102.5
394.0
a94.2
282.4
136.0
103.4
110.1
102.3
397.0
93.9
283.3
137.6
95.2
102.9
102.1
397.0
95.1
306.7
• 126.5
Month.
Year.
+2.0
+10.1
-0.7
+4.6
+0.4
+0.9
+2.0
+2.8
+0.7
-0.2
-0.4
-8.3
+1.3
+8.9
•
* Preliminary. a Revised. b July 1914=100.0.
Indices used: U. S. A., "Annalist"; Canada, Dominion Bureau of
Statistics;
United Kingdom, Board of Trade; France, StatistIque Generale: Germany, Statlstische Reichsamt; Italy, Milan Chamber of Commerce; Japan, Bank of Japan.
World prices showed a somewhat mixed trend in September. Canada,
Prance and Italy, of the more important Nations, showed losses, while
the United Kingdom. Germany and Japan, in addition to the United
States, made varying gains. Weekly figures for early October Indicate a
further advance for Germany to the highest levels of the,year, and a further
decline for Italy. The British index, however, turned downward in the
last weeks of September and the first two of October. thus reversing the
trend of the past half year.
Employment and Payrolls in Manufacturing Industries
of United States Increased Further During September,According to U. S. Department of LaborGenera Expansion Reported in Employment in
Non-Manufacturing Industries.
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%. The Bureau's indexes, issued Oct. 17,
follow:
Employment in manufacturing industries increased 3.2% in September
1933 as compared with August 1933 and payrolls increased 2.7% over the
month interval. The index of employment in September 1933 stood
at
73.9 compared with 71.6 in August, and the September index of payrolls
was 53.3 compared with 51.9 in the preceding month.
Comparing the changes in employment and payrolls over the year interval, it is seen that the level of employment in September 1933 is 26.3%
above the level of the September 1932 employment index (58.5) and payrolls in September 1933 showed a gain of 39.9% over the September 1932
payroll index (38.1).
These continued gains in September mark the sixth successive month in
which increased employment and payrolls have been reported in manufacturing industries. While the percentage gains in employment and payrolls in September were not as pronounced as the gains shown in the four
months immediately preceding, the increases continued on a broad scale,
73 of the 89 manufacturing industries reporting gains in employment over
the month interval and 61 industries reporting increases in payrolls.
These changes in employment and payrolls in September 1933 are based
on reports supplied by 18,330 establishments in 89 of the principal manufacturing industries of the United States. These establishments reported
3,362,727 employees on their payrolls during the pay period ending nearest
Sept. 15 whose combined weekly earnings were $62,766,612. The employment reports received from these co-operating establishments cover approximately so% of the total wage earners in all manufacturing industries
of the country.
The average percentages of increase between August and September over
the preceding 10
-year period were 1.2% in employment and 0.5% in payrolls. The increases, therefore, in September of the current year are somewhat larger than the average increases over the preceding 10
-year period
and may be attributed to a combination of seasonal gains plus an increase
In number of workers added to the reporting companies' payrolls by the
adoption of NRA codes.
The most pronounced gain in employment over the month interval was a
seasonal increase in the cottonseed oil-cake-meal industry of 45.6%. The
fertilizer industry also reflected the usual seasonal activity due to the fall
shipping season with an increase of 28.2% in number of employees. Sixteen
of the remaining 71 industries which reported increased employment showed
gains ranging from 10.2% to 24.1%, among which were the confectionery
,
agricultural implement, shipbuilding, furniture, stove, machine
tool.
women's clothing and radio industries. The slaughtering industry reported
a gain of 8.6% in employment between August and September, and
the
baking, petroleum refining, sawmill, electrical machinery and knit
goods
Industries reported gains ranging from 6 to 6.9%. The automobile
industry reported a gain of 4.2% in employment over the month interval,
coupled,
however, with a decline of 4.6% in payroll totals, and the iron
and steel
industry reported an increase of 2.9% in number of employees,
coupled
with a decrease of 10% in payrolls. Among the 16 industries
in which
decreased employment was reported in September, as compared
with
August, the cotton goods industry reported a decline of 2%; silk and rayon
goods, 1.9%; woolen and worsted goods, 5.4%,and the dyeing and
finishing
textiles industry. 16.8%. In the last named industry labor disturbances
in certain localities accentuated the decline.
The Labor Day holiday somewhat lessened the extent
of the general
Increase in payrolls in September, as a number of establishment
s which
pay on a bi-weekly or one-half monthly basis reported a close-down for
the
holiday which decreased the average weekly earnings of employees during
the period reported.
Financial Chronicle
2874
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(12
-Month Average 1926=100).
Payroll Totals:
Employment.
Manufacturing Industries.
Sept.
1932.
Aug.
1933.
Sept.
1933.
Sept.
1932.
1933.
A Up.
Sept.
1933.
58.5
General index
Food and kindred products
Baking
Beverages
Butter
Confectionery
Flour
Ice cream
Slaughtering and meat packing_
Sugar, beet
Sugar Wining, 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, flies & 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 de machine shop prod'ts
Machine tools
Radios and phonographs
Textile machinery and parts.__
Typewriters and supplies
Non-ferrous metals & their prod'ts
Aluminum manufactures
Brass, bronze & copper prod'ts
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 and allied products_
Chemicals
Cottonseed, oil, cake and meal_
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Petroleum refining
Rayon and allied products__ _ _
Soar(
Rubber products
Rubber boots and shoes
Rubber goods, other than boots,
shoes, tires and inner tubes_ _
Rubber tires and inner tubes
Tobacco manufactures
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
71.6
73.9
38.1
51.9
53.3
83.6
80.4
77.0
101.8
88.9
84.6
76.5
87.1
62.6
77.4
71.1
72.5
47.2
71.9
73.0
77.8
74.4
80.9
61.2
76.1
67.9
68.3
66.8
96.2
60.2
75.7
57.4
94.0
82.9
163.0
105.9
85.6
85.3
82.5
102.6
81.5
84.3
88.8
96.2
74.6
103.5
105.4
93.1
82.6
89.0
73.9
108.6
71.3
77.8
59.8
101.3
68.3
72.5
69.3
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
68.7
68.7
62.0
83.4
69.1
68.9
61.5
70.8
49.4
68.5
49.5
51.4
25.3
50.3
53.1
60.0
57.0
58.3
41.3
56.4
45.7
42.9
45.5
70.7
37.7
59.4
34.7
74.7
66.5
148.9
77.6
63.2
62.1
61.5
80.7
59.2
67.9
66.3
76.5
.57.2
87.8
82.2
65.8
57.3
68.6
58.2
86.6
46.3
51.9
34.1
83.9
47.7
49.5
54.3
80.0
72.3
141.6
79.5
75.7
70.8
61.1
87.4
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
51.8
61.0
28.1
71.7
88.8
32.7
74.8
90.7
34.1
24.2
29.5
15.8
49.7
57.6
19.0
47.1
58.7
18.2
63.6
49.9
48.2
51.3
50.2
69.1
76.1
59.9
75.9
80.9
75.4
83.2
59.0
78.1
87.6
39.1
21.9
'22.7
20.4
27.5
47.0
50.1
34.5
54.8
48.7
51.1
48.7
33.2
49.3
53.3
35.5
51.7
46.6
69.1
48.3
78.3
20.4
31.6
30.6
43.9
30.3
50.2
42.7
81.2
46.1
90.8
50.6
93.4
23.9
52.4
27.4
55.0
31.1
55.8
59.0
92.7
77.5
122.0
80.2
128.8
32.4
63.2
50.0
112.2
51.5
102.2
45.3
21.0
57.5
31.3
61.7
34.7
26.2
14.6
38.3
24.3
40.9
27.2
62.9
85.6
87.8
45.4
65.9
68.3
50.6
57.1
60.7
32.9
42.4
44.7
39.3
43.4
30.2
68.1
52.3
55.8
52.4
47.5
50.3
45.2
56.4
39.1
108.2
87.9
69.6
66.9
62.0
71.1
55.2
59.2
44.5
133.6
90.8
76.1
71.8
65.1
73.0
22.6
22.2
17.7
56.1
33.0
29.1
33.6
25.8
29.3
27.7
34.8
25.6
73.9
65.7
49.6
45.6
41.4
49.9
34.1
36.1
30.1
91.2
69.1
55.0
49.0
41.7
50.9
40.1
40.7
63.2
60.5
46.0
40.1
75.8
56.9
49.9
45.2
82.1
70.6
26.9
27.9
45.1
37.9
33.1
26.0
53.5
35.8
38.6
31.2
58.6
46.0
54.9
61.7
45.0
161.5
45.3
19.3
14.5
69.0
46.5
66.5
44.9
37.7
45.3
34.5
35.2
42.1
43.5
29.6
41.9
54.3
74.4
79.5
59.1
241.8
62.3
22.6
15.8
69.0
50.3
62.1
49.4
47.6
56.0
41.3
45.4
.55.5
52.9
35.2
48.8
77.3
84.4
82.3
61.8
238.7
64.9
21.9
16.8
76.9
51.1
62.5
50.2
51.1
63.0
41.5
48.2
60.6
52.9
34.4
44.0
79.8
35.7
40.0
23.6
167.2
21.6
11.1
9.4
51.6
33.5
53.7
31.9
20.8
25.7
20.0
18.1
35.1
26.0
13.7
24.5
36.4
51.2
52.3
47.5
226.0
51.1
12.6
9.3
48.7
42.0
49.1
41.4
28.5
33.3
25.0
26.9
41.9
33.0
17.0
29.5
56.1
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
52.9
54.6
77,0
79.5
67.0
78.8
69.8
74.1
43.6
69.9
87.8
87.0
91.2
84.8
86.1
88.8
44.6
72.0
85.7
84.3
91.6
88.7
90.9
93.9
35.6
29.8
52.7
53.0
51.5
65.1
59.0
49.4
26.3
45.7
67.0
65.0
73.9
65.8
71.5
65.1
26.2
46.6
66.4
64.4
73.6
69.3
76.3
66.4
71.7
96.3
73.4
82.3
46.3
69.7
71.6
42.5
66.9
63.4
130.9
94.5
62.3
49.5
70.2
96.5
89.5
113.6
37.3
71.7
91.3
50.9
80.0
66.0
188.3
110.9
87.5
57.()
72.4
160.8
95.9
118.6
54.4
76.9
103.8
65.2
80.4
70.0
196.7
116.0
89.4
67.4
58.6
84.7
59.5
58.5
40.3
68.1
44.8
29.6
51.6
54.6
110.8
83.3
37.6
37.3
53.4
77.2
71.0
82.2
36.0
71.5
67.8
32.6
60.2
55.0
156.3
86.0
62.5
52.9
56.6
82.5
74.2
81.8
49.8
75.4
71.7
42.5
59.2
57.6
168.3
91.9
61.6
59.3
78.8
59.3
72.0
113.9
85.8
69.6
118.6
84.0
69.1
.53.3
32.2
54.2
75.3
60.3
51.3
76.8
56.9
55.6
87.5
70.0
88.5
67.2
89.5
66.5
74.2
51.8
76.0
48.3
77.0
53.0
Non-Manufacturing Industries.
A general expansion in employment in September Is noted in the group
of non-manufacturing industries surveyed by the Bureau of Labor Statistics, each of the 16 non-manufacturing industries reporting increases in
number of employees over the month interval, and all but three Industries
reporting increased payroll totals. While the increases shown in several
of these industries were seasonal in character, the gains In practically all
i nstances were more pronounced than usual, reflecting increased business
Oct. 21 1933
activity combined with accessions in number of employees under the
various codes.
The increases in employment in September ranged from a pronounced
seasonal increase of 55.8% in the canning and preserving industry, which
reaches its peak of employment in September, to a gain of 0.2% in the
electric-railroad and motor-bus operation industry. The anthracite mining
industry reported a gain of 19% in number of workers coupled with an
increase of 30.2% in payrolls, reflecting seasonal demands. Retail trade
establishments reported an increase of slightly more than 10% in employment coupled with a corresponding increase in payroll totals. The increases in employment in the remaining 12 industries in the order of their
percentage gains were as follows: Crude petroleum producing, 8.9%; dyeing and cleaning, 6.7%; metalliferous mining, 5.8%; bituminous coal
mining, 4.7%; building construction, 4.5%; wholesale trade, 3.0%; power
-brokerage-insuranceand light, 2.8%; hotels, 2.1%; laundries, 1.8%; banks
real estate, 0.7%, and telephone and telegraph, 0.4%.
With the exception of the three industries comprising the public utility
group, each of the non-manufacturing industries reported more employees
on their payrolls in September 1933 than in September 1932.
The 16 non-manufacturing industries surveyed, together with the percentages of change over the month interval and the index numbers of
employment and payrolls, 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 PAYROLL TOTALS IN AUGUST AND
SEPT. 1933, TOGETHER WITH PERCENTAGES OF CHANGE BETWEEN AUGUST AND SEPT. 1933, IN NON-MANUFACTURING
INDUSTRIES.
Industries.
Indexes of
Indexes of
Employment. Per Cent Payroll Totals. Per Cent
of
of
- -100)
-100)
(A vg.1929 (Avg.1929.
Change
Change
Sept.
Aug.
Sept.
Aug.
1933. 1933.
1933. 1933.
47.7
Anthracite mining
68.6
Bituminous coal mining
36.8
Metalliferous mining
Quarrying & non-metallic min'g 51.6
60.8
Crude petroleum producing.
68.1
Telephone and telegraph
78.1
Power and light
Electric-railroad & motor bus
69.5
operation and maintenance_ _
79.7
Wholesale trade
78.1
Retail trade
77.1
Hotels
112.7
Canning and preserving
77.9
Laundries
83.1
Dyeing and cleaning
Banks, brokerage, Insurance.
98.3
real estate
Building construction
56.8
71.8
38.9
52.6
66.2
68.3
80.3
+19.0
+4.7
+5.8
+1.9
+8.9
+0.4
+2.8
46.6
43.3
21.9
29.9
42.5
66.1
70.9
60.7
44.1
23.9
29.3
44.4
64.6
71.8
+30.2
+1.9
+8.8
-2.0
+4.3
-2.3
+1.3
69.7
82.1
86.0
78.7
175.6
79.3
88.6
+0.2
+3.0
+10.1
+2.1
+55.8
+1.8
+6.7
58.2
60.8
62.7
54.0
68.3
57.6
52.8
57.8
62.3
69.2
55.6
127.0
60.6
60.3
-0.8
+2.4
+10.4
+3.1
+85.9
+5.2
+14.3
99.0
+0.7
+4.5
84.4
84.5
+0.1
+5.3
x Indexes not available.
Decrease of 0.3 of 1% Noted in Weekly Wholesale
Price Index of United States Department of Labor.
The index number of wholesale commodity prices of the
Bureau of Labor Statistics of the U. S. Department of
Labor showed a slight weakening of prices during the week
ended Oct. 14 and receded to the level of the week ended
Sept. 30. The Bureau announced Oct. 19 that its index
number of the general level of wholesale commodity prices
for the past week stood at 71.1 as compared with 71.3 for
the week previous, showing a drop of 0.3 of 1%. The
slight recession in prices is the second break occurring in the
past four weeks of the continuous upward trend of wholesale prices since the first week in March. The index for the
past week is about 20% above the low point reached early
in the year. The Bureau added:
Continued advances in the prices of bituminous coal and petroleum
6
,
products caused the fuel and lighting materials group to increase by ; of
1% over the week previous. Smaller advances were also registered by the
furnishing goods groups.
building materials and house
Continued sharp declines in the wholesale prices of grains and cotton
more than offset increases in livestock prices and caused the farm products
group to drop by more than 1% during the week. Radical reductions in
the prices of hides and skins and leather were responsible for the decrease
in the hides and leather products group by more than 3% between the
two weeks. Manufactured foods and textile products also showed further
weakening prices in the week.
Of the 10 major groups of related commodities comprising this index
and composed of 784 separate price series weighted according to their
relative importance and based on average prices for the year 1926 as 100.
five groups showed decreases, two no change, and three increases as
compared with the previous week.
The accompanying statement showed the index numbers of groups of
commodities for each of the five weeks ended Oct. 14 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF SEPT. 16,
23, 30, AND OCT. 7 AND 14, 1933.
(1926=100.0.)
Week Ended
Sept. 16. Sept. 23. Sept. 30. Oct. 7. Oct. 14.
All commodities
70.5
71.5
71.1
71.3
71.1
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
ilousefurnishing goods
Miscellaneous
55.9
65.1
92.0
75.5
72.5
81.7
82.0
72.1
78.7
64.8
59.3
65.9
92.0
76.4
72.8
81.8
82.3
72.1
78.8
65.1
58.0
64.9
91.9
76.3
72.6
82.0
83.2
72.1
79.4
65.1
57.5
65.0
91.8
76.3
73.4
82.4
83.7
72.7
81.1
65.0
56.7
64.8
88.8
76.2
73.8
82.3
83.9
72.7
81.2
65.0
Further Reduction in Electric Production Shown
-Gain Over Same
During Week Ended Oct. 14 1933
Period in 1932 Declines to 7.4%.
According to the Edison Elsctric Institute, the production
of electricity by the electric light and power industry of the
Financial Chronicle
Volume 137
United States for the week ended Oct. 14 1933 was 1,618,948,000 kwh., an increase of 7.4% over the corresponding
period in 1932 when output totaled 1,507,503,000 kwh. An
increase of 9.3% was registered during the preceding week.
The current figure also compares with 1,646,136,000 kwh.
during the week ended Oct. 7 1933, 1,652,811,000 kwh. in
the week ended Sept. 30, 1,638,757,000 kwh. in the week
ended Sept. 23 and 1,663,212,000 kwh. in the week ended
Sept. 16 1933.
In all except one section of the country comparisors with
last year were less favorable than in the previous week. A
gain of 5% was reported in the New England region as compared with 8.4% for the week ended Oct. 7, an increase of
4.6% was shown in the Middle Atlantic region as against
4.5%, the Central Industrial region was up 9.9% as compared with 10.5%, the Southern States region was 8.2%
higher as against 14.8%, the Rocky Mountain region showed
an increase of 22.1% as compared with 22.8%, the Pacific
Coast region a gain of 0.4% as against 2.7%, while the West
Central region showed no change over the week ended
Oct. 15 1932 as compared with a gain of 1.3% reported in
the week ended Oct. 7 1933 over the same period last year.
The Institute's statement follows:
PER CENT CHANGES.
Major Geographic
DIVCIRMS.
Week Ended
Oct. 14 1933.
New England
Middle Atlantic
Central Industria!
Southern States
Pacific Coast
West Central
Rocky Mountain
Week Ended Week Ended
Week Ended
.30 1933. Sept.231933.
Oct. 7 1933. Sept
+5.0
+4.6
+9.9
+8.2
+0.4
-0.0
+22.1
+8.0
+5.7
+12.7
+15.8
+1.9
+3.0
+29.4
+8.6
+4.7
+13.5
+11.7
+1.3
+3.5
+28.0
+7.4
Total United States_
+8.4
+4.5
+10.5
+14.8
+2.7
+1.3
+22.8
+9.3
+10.2
+9.9
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930, is as follows:
Week of-
1933.
Week of-
1932.
Week of-
May 6 1.435,707,000 May 7 1,429.032,000 May 9
May 13 1.468,035,000 May 14 1.436,928,000 May 16
May 20 1,483,090,000 May 21 1.435,731.000 May 23
May 27 1,493.923.000 May 28 1,425,151.000 May 30
June 3 1,461,438,000 June 4 1,381,452,000 June 6
June 10 1.541,713,000 June 11 1,435,471.000 June 13
June 17 1,578,101,000 June 18 1,441,532,000 June 20
June 24 1,598,136,000 June 25 1,440,541.000 June 27
July 1 1,055,843.000 July 2 1,456,961,000 July 4
July 8 1,538.500.000 July 9 1,341,730,000 July 11
July 15 1,648.339.000 July 16 1,415,704,000 July 18
July 22 1,654,424,000 July 23 1,433,990,000 July 25
July 29 1,661,504,000 July 30 1,440.386,000 Aug. 1
Aug. 5 1,650.013,000 Aug. 6 1,426.986,000 Aug. 8
Aug. 12 1,627.339.000 Aug. 13 1,415,122,000 Aug. 15
Aug. 19 1,650,205,000 Aug. 20 1.431,910,000 Aug. 22
Aug. 26 1,630.394.000 Aug. 27 1,436,440,000 Aug. 29
Sept. 2 1.637,317,000 Sept. 3 1,464.700.000 Sept. 5
Sept. 9 1,582,742,000 Sept.10 x1,423,977,000 Sept.12
Sept. 16 1.663.212,000 Sept. 17 1,476,442.000 Sept.19
Sept.23 1,638.757.000 Sept.24 1,490,863,000 Sept.26
Sept.30 1,652.811.000 Oct. 1 1,499,459,000 Oct. 3
Oct. 7 1,646,136,000 Oct. 8 1,506,219,000 Oct. 10
Oct. 14 1,618,948,000 Oct. 15 1,507,503,000 Oct. 17
Oct. 21
Oct. 22 1,528,145,000 Oct. 24
Oct. 28
Oct. 29 1,533,028,000 Oct. 31
Nov. 4
Nov. 5 1.525.410.000 Nov. 7
x Corrected figure.
1931.
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
1.023.147 non
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%
---
DATA FOR RECENT MONTHS.
Month of-
1933.
'
1932.
January..-- 6,480,897,000 7.011,736.000
February. _ - 5,835.263.000 6.494.091.000
March_
6,182.281,000 6,771,684.000
6.024,855.000 6,294,302,000
April
6,532,686.000 6.219,554,000
MaY
6,809.440.000 6,130.077.000
June
7.058.600,000 6,112.175,000
July
7,218,678,000 6,310.667.000
August
geptember.
6,317,733,000
.
October
6,633,865,000
November _
6,507,804,000
December_ --6.638,424,000
1931.
1930.
1933
Under
1932.
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
8,021,749,000 7.6%
7,066,788,000 10.1%
7,580,335,000 8.7%
7,416,191,000 4.3%
7,494,807,000 25.0%
7,239,697.000 211.1%
7,363,730,000 •15.5%
7,391,196,000 •14.4%
7,337,106,000
7,718,787,000
---7,270,112,000
---7,566.601.000
--77.442.112.000 RR Ofia Ofio non so 4117 non non
Total
•Increase over 1932.
-The monthly figures shown above are based on reports covering
Note.
approximately 92% of the electric light and power Industry and the weekly figures are based
on about 70%.
Sales of Ordinary Life Insurance in United States.
The volume of sales of new ordinary life insurance in the
United States in September was 92% of the sales made
during September 1932, according to the Sales Research
Bureau of Hartford, which under date of Oct. 19 added:
During 1933 the general trend in life insurance sales has been upward.
At the close of the first quarter the volume of new business was 74% of
the volume of the same period last year, at the end of the six months this
percen tage had increased to 79%.
At the close of the third quarter the
volume is now equal to 84% of that of the nine months period last year.
In every section of the country the monthly figures for September showed
a' better experience than the nine months average which indicates that
the trend is still upward. The figures below show a comparison of September sales to September a year ago and the same figures for the nine months
period. These two sets of figures indicate the pronounced upward trend
was experienced in every section:
in September which
2875
Sept. 1933 9 Mos. 1933
Compared to Compared to
Sept. 1932. 9 Mos.1932.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
United States total
94%
85
96
91
100
100
95
99
91
91%
81
84
86
83
93
86
80
81
92%
84%
These figures are prepared by the Life Insurance Sales
Research Bureau at Hartford, Conn., and represent the
experience of 79 companies having in force 93% of the total
ordinary legal reserve life insurance outstanding in the
United States.
Farm Prices Advanced Slightly from Mid-September
to Early October-Bureau of Agricultural Economics to Issue Weekly Estimates of Farm Prices.
The average prices of farm products increased slightly
from the middle of September to the first week of October,
prices farmers pay also advanced, and the ratio of prices
received to prices paid advanced slightly, according to estimates by the Bureau of Agricultural Economics, it was
stated in an announcement issued by the U. S. Department
of Agriculture on Oct. 14. The index of prices farmers
received as of Oct. 4 is estimated at 71, whereas the index of
prices farmers pay for what they buy was 117 based on
1910-14 prices, the announcement said. This indicates that
the exchange value of the products of the farm for commodities the farmer buys is now about 61% of pre-war.
Continuing, the announcement added:
The prices of farm products advanced very rapidly from February to
the middle of July, and then declined to the middle of September. The
prices farmers pay for what they buy reached a low point in March, being
then about the same as pre-war, advanced slightly from March to June,
and continued to advance from July to September while the prices of
farm products were declining.
In this new service the Bureau of Agricultural Economics estimates
weekly the prices farmers receive for the important farm products and prices
paid for what they buy. The data indicating the changes in prices of things
that farmers buy are obtained through the co-operation of merchants and
dealers selling to farmers throughout the country. The average of prices
received by farmers for what they sell is being estimated weekly on the
basis of market prices and past relations between market and farm prices.
The service will be continued as an aid in developing and carrying out the
Administration program for agriculture.
Review of Building Operations in Principal Cities of
United States During September by United States
Department of Labor-Increases Noted in Estimated Expenditures for New Residential and New
Non-Residential Buildings.
Indicated expenditures for total building construction increased 9.7% in September 1933 as compared with August
1933, according to reports received by the Bureau of Labor
Statistics of the United States Department of Labor from
764 identical cities having a population of 10,000 or over.
The total number of building operations decreased 3.7%.
The Bureau, under date of Oct. 20, reported that new residential buildings decreased 24.7% in number but indicated
expenditures for such buildings increased 20.8%. The number of new non-residential buildings increased less than 1%,
while indicated expenditures for this type of structure increased 23.2%. The Bureau added:
There was a decrease of 2.6% in the number and a decrease of 13.3%
in indicated expenditures for additions, alterations and repairs in these
764 Cities.
Contracts awarded for Federal building operations during September
1933 totaled $5,207,895 as compared with $265,232 during August 1933.
Federal awards for construction projects of all kinds during September
totaled over 3260.000,000. This includes, in addition to building construction, the awards for public roads, river and harbor work, naval vessels,
reclamation projects, &c.
Comparing permits issued in 347 identical cities in the United States
having a population of 25,000 or over in Septemebr 1933 and September
1932 total building operations decreased 5.9% in number but increased
15.0% in expenditures.
As compared with a year previous, September 1933 showed a decrease
of 34.7% in the number but an increase of 27.7% in indicated expenditures
for new residential buildings.
New non-residential buildings decreased 20.9% in number but increased
3.8% in estimated cost over the 12
-month period.
The number of additions, alterations and repairs increased 2.9% while
expenditures increased 16.4% in September 1933 as compared with September 1932.
The number of family-dwelling units provided in new dwellings in these
347 cities increased 30.0%•
Permits were issued during September 1933 for the following important
building projects: In New Haven, Conn., for a college dormitory to cost
$1.300,000; in Indianapolis. Ind., for three store buildings to cost over
$400,000; in Newark, N. J., for a factory building to cost $300,000; in
Pittsburgh, Pa., for a church to cost $600.000; in Miami, Fla., for a public
utilities building to cost $225,000; in the Borough of Manhattan for three
apartment houses to cost $5,100,000. Contracts were awarded by the
Supervising Architect of the United States Treasury Department for a
naval hospital in Philadelphia, Pa., to cost over $2,000,000. and for a.
marine hospital on Staten Island, N. Y. to cost over $1.900,000.
•
Oct. 21 1933
Financial Chronicle
ESTIMATED COST OF NEW BUILDINGS IN 764 MENTICAL CITIES,
AS SHOWN BY PERMITS ISSUED IN AUGUST AND SEPTEMBER
1933, BY GEOGRAPHIC DIVISIONS.
New Residential Buildings.
Geographic Division.
Cities
New England
Middle Atlantic
East North Central_ _
West North Central_ _
South Atlantic
South Central
Mountain and Pacific_
105
172
177
74
76
79
81
Total
Percent of change_ _
Estimated Cost.
Sept. 1933.
Aug. 1933.
Families Provided for
in New Dwellings.
Aug. 1933.
Sept. 1933.
$1,521,926
7,510,398
1,130,848
641,205
824,999
494,609
1,584,643
442
581
315
264
283
324
675
309
2,230
239
210
210
167
764
$11,352,516 $13,708,628
2,884
3,826
+32.7
Cities
New Non-residential
Buildings, Estimated
Cost.
$2,112,230
2,6 ;6,568
1.519,796
925,900
921,548
744,059
2,432,415
+20.8
461
cars, 35,182 trucks, and 9 taxicabs, as compared with 236,487
vehicles in August, 84,150 vehicles in September 1932, and
140,566 vehicles in September 1931.
The table below is based on figures received from 120
manufacturers in the United States, 33 making passenger
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.
AUTOMOBILE PRODUCTION (NUMBER OF VEHICLES).
Canada.
United States.
105
New England
172
Middle Atlantic
177
East North Central_
74
West North Central
76
South Atlantic
79
South Central
81
Mountain and Pacific_
Total
Percent of change_ _
764
. 51,078,618
2.879,864
2,299,796
3,736,088
886,902
874,583
1.461,440
Sept. 1933.
$2,228,678
7,152,880
2,844,265
698,273
1,004,487
741,597
1,611,607
Aug. 1933.
$4,637,342
10,887,144
5,310.931
5,490,228
2,862,546
2,541,399
6,023,793
Sept. 1933.
$4,881,811
18,652,939
6,212.307
1,991,122
2,947,194
1,973,641
4.758,317
$13,217,291 $16,281,787 537,753,383 541,417.331
+9.7
+23.2
Business and Agricultural Conditions in Minneapolis
Federal Reserve District During September-Further Decline Reported by Minneapolis Federal
:
_ Reserve Bank in Dollar Volume of Business.
"The dollar total of business transactions in the Ninth
(Minneapolis) Federal Reserve District during September
receded further from the summer peak, which," according
to the Federal Reserve Bank of Minneapolis, "had been
raised to abnormal levels by the marketing of held-over
grain, the release of buying power after the bank holiday
and many other developments." The Bank, in its preliminary summary of agricultural and business conditions in
the Ninth District, issued Oct. 16, added that "the shrinkage in the volume of transactions has occurred chiefly in the
larger cities, where the usual September increase in business
did not occur." The Bank continued:
As a result the bank debits index for the district, adjusted to remove
seasonal fluctuations, declined from 62 in August to 54 in September. On
the other hand, the bank debits in the agricultural communities, which make
monthly reports to this office, increased 10% from August to September. as
compared with an increase of 11% between these months last year and an
Increase of 4% in 1931. Country check clearings also bear out the statement that the rural volume of business did not decline as sharply during
September as the city volume. The country check clearings index declined
only 4 points during September, from 89 to 85. The physical movement
of merchandise was maintained in about the same volume in September as
In August, aside from seasonal fluctuations. The index of northwestern
in
miscellaneous freight carloadings increased from 53 in August to 57
September, and the index of 1.c.l. carloadings declined from 61 in August
to 59 in September.
than in
The volume of business in the District was larger in September
check
the same month last year. Bank debits were 12% larger, country
clearings 23% larger and freight carloadings, excluding 1.c.l. freight, 41%
electric power consumption, building
larger. Other increases occurred in
over
contracts and livestock receipts. The most pronounced increases
last year's volume were in the movement of iron ore and forest products.
by the
That the increase over last year's volume was general is evidenced
or greater
fact that 49 cities in the District reported bank debits equal to
occurred in
than debits a year ago. Decreases from last year's volume
grain marbuilding permits, flour shipments, linseed products shipments,
ketings and department store sales.
district from seven important
The estimated cash income to farmers of the
Items was $34,784,000 during September,an increase of 10% over the Income
products and
in September last year. The increases were largest In dairy
and rye.
hogs, but smaller in..reases occurred in the income from potatoes
hogs was the continued
An important factor in raising the income from
Agencies of small pigs and sows.
buying by United States Government
milk and potatoes
Prices of all grains and of hogs, lambs, ewes, butter,
calves, hens
were higher in September than a year ago. Prices of cattle,
from the grains was
and eggs were lower than a year ago. The income
year, in spite of higher
smaller in September than in the same month last
recent weeks.
prices, on account of the rapid falling off in grain marketings in
MARKETED
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS
IN THE NINTH FEDERAL RESERVE DISTRICT.
Sept. 1933.
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Dairy products
Hogs
Total of? items
Sept. 1932.
Per Cent
Sept. 1933
of SeN.1932.
$11,837,000
1,885,000
437,000
2,988,000
1,247,000
10,045,000
6,345,000
$12,071,000
2,368,000
304,000
3,248,000
765,000
8,118,600
4,637,000
98
80
144
92
163
124
137
$34784000
$31,511,000
110
Automobile Production in September.
September 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,
.vehicles, of which 160,891 were passenger
consisted of 196,082
Total.
1931
January
February
March
April
May
June
July
August
September_ _ _ .
171,848
219,940
276,405
336,939
317,163
250,640
218,490
187,197
140,566
137,805
179,890
230,834
286,252
271,135
210,036
183,993
155,321
109,087
Passes
Total. ger Cars. Trucks.
TaxiTrucks. cabs.1
33,531
39,521
45,161
50,022
45,688
40,244
34,317
31,772
31.338
N=0.4000...
Aug. 1933.
Year and Month
Passenger
Cars.
torP.0.0.-4WCZO,
.
04.1000;&
0
- -
Geographic Division.
Total Construction (including alterations and
repairs). Estimated Cost.
C.10.0WWCOW1-.0
2876
4,552
7,529
10,483
14,043
10,621
5,583
3,151
3,426
2,108
1,944
2,342
2,510
3,116
2,117
1,252
1,069
1,118
538
61,496 16,006
Total(9 mos.) 2,119,188 1,764,353 351,594
3,241
77,502
21,727
19,683
23,644
651
999
1,144
1,440
1,247
2,432
Total (year)_ 2,389,738 1,967,055 416,648
6,035
82,621
20,541
23.308
19,560
27,389
26,539
22,768
14,438
14,418
19,402
97
25
74
31
73
235
27
9
13
3,731
5,477
8,318
6,810
8,221
7,112
7,472
4,067
2,342
3,112
4,494
6,604
5,660
7,269
6,308
6,773
3,166
1,741
619
983
1,714
1,150
952
804
699
901
601
966,119 188,363
584
53,550
45,127
8,423
13.595
12,025
21,204
5
239
291
2,923
2,204
2,139
2,361
1,669
1,561
562
535
576
Total (year). 1,370,678 1,134,372 235,187
1,119
60,816
108,321 21,718
91,340 15,333
99,225 18,064
152,939 27,317
184,644 33,605
211,448 41,839
105.019 38,065
195,076 .41,343
160,891 35,182
5
152
660
411
U
35
4
68
9
3,358
3,298
6,632
8,255
9,396
7,323
6,540
6,079
5,808
2,921
3,025
5,927
6,957
8,024
6,C05
5,322
4,919
4,358
437
273
705
1,298
1,372
1,318
1,218
1,160
1,450
Total(9 mos) 1,672,767 1,398,903 272,466
1,398
56,689
47,458
9,231
October
November
December
1932
January
February
March
April
May
June
July
August
September
80,142
68,867
121,541
119,344
117,418
118,959
148,326
184,295
183,106
109,143
90,325
84,150
Total(9 mos.) 1,155,066
October
November
December
1933
January
February
March
April
May
June
July
August
September
48,702
59,557
107,353
130,044
106,825
117,949
180,667
218.303
253,322
233,088
.236,487
196,082
57,764
48,185
96,753
98,706
94,085
99,325
120,906
157,683
160,10
94,678
75,898
64,735
35,102
47,293
85,858
679
435
408
761
812
2,024
65,093 17,528
50,718 10,098
• Revised.
x Includes only factory-built taxicabs, and not private passenger cam converted
Into vehicles for hire.
Production and Shipments of Pneumatic Casings and
Tubes in August, Although Below Those for the
Preceding Month, Continued to Exceed the Same
Period Last Year-Inventories Again 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
again exceeded shipments during the month of August 1933.
In this period there were produced 3,994,887 pneumatic
casings-balloons and high pressure-as compared with
4,570,901 in the previous month and 2,471,361 in the corresponding period last year. Shipments during the month
were estimated at 3,765,668 pneumatic casings, as against
4,397,753 in July last and 2,123,890 in August 1932. Pneumatic casings on hand at Aug.31 1933 amounted to 5,655,659
compared with 5,475,205 a month earlier and 5,327,179 a
year ago. During August there were also a total number of
16,375 solid and cushion tires produced and 13,450 shipped.
Estimates from 80% of the industry further show that
there were produced during the month of August a total of
3,933,134 balloon and high pressure tubes, compared with
4,482,077 in July last and 2,198,560 in August 1932. Shipments amounted to 3,749,898 inner tubes in August of the
current year, as against 4,168,919 in the preceding month
and 2,002,347 in the corresponding period last year. Inventories increased from 5,152,187 inner tubes at July 31 1933
to 5,302,736 at Aug. 311933. The latter figure also compares with 4,901,884 inner tubes on hand at Aug. 31 1932.
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS.
(From Figures Estimated to Represent 100% of the IndustrY•1
Shipments.
August 1933
July 1933
August 1932
Production.
4,707,085
5,497,191
2,654,863
4,993,609
5,713,626
3,049,201
Inventory.
7,069,574
6,844,006
6,658,974
The Association, in its bulletin dated Oct. 16 1933, gave
the following data:
Financial Chronicle
Volume 137
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS).
[From figures estimated to represent 80% of the Industry-/
Inner Tubes.
Pneumatic. Casings.
beenWry,
1933
January
February
March
April
May
June
July
August
Output.
Ship+(tents.
InvertWry.
OutIng.
5,789,476
5,901,557
5,831,981
5.418,979
5,408.132
5,291.952
5,475.205
5,655,659
1,806,277
1,871,498
1,630.319
2.498,795
4,151,433
4,879,939
4,570.901
3,994,887
2,077.268
1,833,970
1,673,502
2,923,154
4,144,138
5,044,363
4.397,753
3,765,668
4,957,298
5,085,321
5,095,340
4,951,399
5305,389
4,877,686
5,152,187
5,302,736
1,674,557
1,778,818
1,506,141
2,282,298
3.760,121
4,358.325
4,482,077
3,933,134
Total
TotaL
1931
January
February
March
April
May
June
July
August
September
October
November
December
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 x8,051,932:4,139.358
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
Total
X Revised.
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
2,000,830
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
3345,488
2,281,322
2,309,971
2,225,036
2,028.100
1,681,853
1.521,736
2.440.555
3,570,700
4,622.473
4,168,919
3,749,898
2,718,508 2,803,369
3,056,988 2,182,405
2.801,602 2,148,899
2.579.768 2,708,186
2,727,482 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
32,067,732 32,200,820
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
Shipmenu
23,775,471 23,784,234
25,404,049 25,859,816
1932
January
6,329,417
February
7,337.796
March
7,902,258
April
7,876,656
May
7.502,953
June
x3,999,260
July
4,962,285
August
5.327,179
September.... 4.876.878
October
5,500,784
November_ _ _ _ 5,963,554
December
6,115,487
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
4,240,403
3,320,103
2,250,494
2.075,716
2.213,261
38,666,376 40,017.175
38,992,220 40.048,552
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLID AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
Production. Z
Consumption.
Cotton
Fabrics
(80%)
Calendar years:
1929
1930
1931
1932
First eight months:
1929
1930
1931
1932
1933
Month of Jan. 1933
Month of Feb. 1933
Month of Mar. 1933
Month of April 1933
Month of May 1933
Month of June 1033
Month of July 1933
Month of Aug.1933
(Pounds.)
208,824,653
158,812,462
151,143,715
128,981,222
Crude
Rubber
(80%)
Gasoline
(100%)
(Gallons.)
(Pounds.)
598,994,708 14,748,552,000
476,755,707 16,200,894,000
456,615,428 16,941,750,000
416.577,533 15,698,340,000
Passenger
Trucks
Cars
(100%) (100%)
4,811,107
2,939.791
2,036,567
1,196.357
810,549
569.271
435,784
245,285
162,703,370 459,324,997 10,283,784,000 3,818,461 612,305
119,339,677 355,487,093 10,866,540,000 2,413,363 417,246
116,004,763 347,463,175 11,357,010,000 1,717,754 335,724
945,341 176,783
98,398,703 314,372,275 10,439,604,000
103,848,320 357,197,254 10,574,592,000 1,282,501 245,058
111,318 22,154
7,899,233 27,368,276 1,110.564,000
979,608,000
94,517 15,595
7.263,337 25,123.700
106,472 18,752
6.364,278 21,508,416 1,186,122,000
160.678 28,606
10.460,327 35,169.724 1.267.392,000
192,656 34,911
16,778,354 58,202.264 1427.958.000
217,488 43.157
19,552,783 67,866,087 1,583,820.000
18,709,458 64,936,169 1,447,236,000
200,345 39,283
16,820.552 57 022.618 1,571.892,000
200,063 42,496
These figures Include Canadian production and Oars assembled abroad the
Parts of which were manufactured in the United States.
WHOLESALE PRICES OF COMMODITIES.
CommodUy.
Average Prices.
Aug.
1933.
All commodities
Crude rubber (cents per pound)
Smoked sheets (cents per pound)- _ :oia
Latex crepe (cents per pound)
.081
Tires (dollars per unit)
Balloon (dollars per unit)
8.89
Cord (dollars per unit)
4.67
Truck and bus (dollars per unit)_ -- 25.90
Tubes, inner (dollars per unit)---- 2.49
• No Quotation.
July
1933.
:FAO
Index Numbers.
192100.
Aug. Aug. July Aug.
1932. 1933. 1933. 1932.
.085
.038
.045
8.44
4.06
24.66
2.40
8.74
4.57
25.46
1.98
69.5
14.9
15.0
16.4
43.2
41.5
42.8
42.3
44.9
68.9
16.3
16.4
17.2
41.4
39.4
42.7
40.3
43.2
65.2
7.9
7.8
9.0
40.1
39.7
48.1
41.6
34.7
Consumption of Crude Rubber in September Exceeded
Same Period Last Year by 49.6%
-Imports 60.5%
Higher.
Consumption of crude rubber by manufacturers in the
United States for the month of September amounted to
35,686 long tons, which compares with 44,939 long tons for
August this year, and represents a decrease of 20.6% under
the latter month, but was 49.6% over September a year ago,
according to statistics released by the Rubber Manufacturers
Association. Consumption for September 1932, was reported
to be 23,847long tons. Consumption for the first nine months
1933 amounted to 315,533 long tons as compared with 268,468
long tons for same period 1932. The Association further
reports as follows:
Imports of crude rubber for September were 47,352 long tons. an Increase
of 5.7% over August and 60.5% above September 1932.
Total domestic stocks of crude rubber on hand Sept. 30 are estimated at
334.637 long tons, which compares with Aug. 31 stocks of 325.418 long
tons. September stocks show an increase of 2.8% as compared with August
of this year, but were 3.3% below stocks of Sept. 30 1932.
The participants in the statistical compilation report 54.525 long tons of
crude rubber afloat for the United States ports on Sept. 30 compared with
2877
53,084 long tons afloat on Aug. 31 this year. and 46,188 long tons afloat on
Sept. 30 1932.
September reclaimed rubber consumption is estimated to be 7.727 long
tons, production 10.435 long tons,stocks on hand Sept. 30, 15,869 long tons.
Lumber'Movement Gains Slightly Over Preceding
Week.
Lumber production and orders received during the week
ended Oct. 14 1933 were slightly above those reported for
the previous week and shipments were about the same,
according to telegraphic reports to the National Lumber
Manufacturers Association from regional associations covering the operation of leading hardwood and softwood mills.
The reports were made by 1,213 American mills, including
for the first time California redwood mills, of which 27
reported. In addition the West Coast Lumbermen's Association gave figures for 22 British Columbia mills. Total
production of reporting American mills was 183,397,000 feet;
shipments were 161,718,000 feet; orders, 166,190,000 feet.
The Canadian mills reported production, 12,709,000 feet;
shipments, 9,685,000 feet; orders, 11,535,000 feet. The
Association further reports as follows:
All regions but northerm hemlock and northern hardwood showed
orders less than output, total softwoods being 11% below production;
bards, 4% below. All regions but the north reported shipments less
than production. Total production during the week was 32% above that
of corresponding week of 1932 and total orders were 2% above those of
the same week last year, softwood orders being 1% above; hardwood
orders, 14% above. The gain as compared with last year was shared by
the Douglas fir mills, northern hemlock,redwood, and Southern hardwoods.
Unfilled orders at 1,030 mills on Oct. 14 were 544,483,000 feet, gross
stocks at 1,011 mills were 3.875.432,000 feet. The 566 identical mills
reported unfilled orders the equivalent of 15 days' average production,
compared with 17 days a year ago.
Forest carloadings during the week ended Oct. 7 of 24,956 cars were
494 cars below the preceding week, but 6.545 cars above the same week
of 1932.
Lumber orders reported for the week ended Oct. 14 1933, by 683 softwood mills totaled 134.585,000 feet, or 11% below the production of the
same mills. Shipments as reported for the same week were 134,090.000
feet. or 11% below production. Production was 150.564,000 feet.
Reports from 553 hardwood mills give new business as 31.605,000 feet,
or 4% below production. Shipments as reported for the same week were
27.628,000 feet. or 16% below production. Production was 32,833,000 feet.
Unfilled Orders and Stocks.
Reports from 1,030 mills on Oct. 14 1933 give unfilled orders of 544,483.000 feet and 1,011 mills reported gross stocks of 3.875,432,000 feet.
The 566 identical mills report unfilled orders as 453,288,000 feet on Oct. 14
1933. or the equivalent of 15 days' average production, as compared with
515.448,000 feet, or the equivalent of 17 days' average production on
similar date a year ago.
Identical Mill Reports.
Last week's production of 406 identical softwood mills 143,377,000 feet,
and a year ago it was 115,076,000 feet; shipments were respectively 124,541,000 feet and 137,303,000; and orders received 124,593,000 feet and
123,423,000 feet. In the case of hardwoods, 215 identical mills reported
production last week and a year ago 19,177,000 feet and 8,085,000; shipments 15,922,000 feet and 14,127,000; and orders 17,380,000 feet and
15,289,000 feet.
SOFTWOOD REPORTS.
West Coast Movement.
The West Coast Lumbermen's Association reported from Seattle that
for 375 mills in Washington and Oregon and 22 in British Columbia shipments were 14% below production, and orders 4% below production and
13% above shipments. New business taken during the week at these
mills amounted to 85,283,000 feet (previous week 75,500.000 at 314 mills);
shipments 75,700,000 (previous week 68,701.000); and production 88,437,000 feet (previous week 81,864,000). Orders on hand at the end of
the week at 362 mills were 237,759,000 feet. The 172 identical mills
reported an increase in production of 23% and in new business a gain of
18%, as compared with the same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
102 mills reporting. shipments were 14% below production, and orders
3% below production and 13% above shipments. New business taken
during the week amounted to 23,040,000 feet (previous week 22.562.000
at 105 mills); shipments 20,354,000 feet (previous week 19.802,000); and
production 23,711.000 feet (previous week 26.435.000). Production was
40% and orders 39% of normal production, compared with 44% and 37%
for the previous week. Orders on hand at the end of the week at 100
mills were 62,659.000 feet. The 100 identical mills reported an increase
in production of 2%, and in new business a loss of 17%, as compared with
the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
139 mills reporting, shipments were 14% below production, and orders
28% below production and 17% below shipments. New business taken
during the week amounted to 31,825,000 feet (previous week 42.538,000
at 144 mills); shipments 38,260,000 feet (previous week 43,575,000); and
production 44,307,000 feet (previous week 50,344,000). Production was
29% and orders 21% of operating capacity, compared with 33% and
28% for the previous week. Orders on hand at the end of the week at
109 mills were 84,364,000 feet. The 107 identical mills reported an increase
In production of 34%, and in new business a loss of 16%. as compared
with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis. Minn., reported
production from 27 American mills as 1,595,000 feet, shipments 3,196,000
feet and new business 1,438,000 feet. Seven identical mills (including
four Canadian) reported production 413% greater and new business 12%
less than for the same week last year.
Northern Hemlock.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported softwood production from 23 mills as 222,000
feet, shipments 2,267,000 and orders 1,476,000 feet. Orders were 12%
2878
Financial Chronicle
of capacity compared with 20% the previous week. The 14 identical mills
reported a loss of 75% in production and a gain of 201% in new business.
compared with the same week a year ago.
CALIFORNIA REDWOOD.
The California Redwood Association of San Francisco reported
duction from 17 mills as 5,001,000 feet, shipments 3,998,000 feet and
business 3,058,000 feet. Production of 11 mills was 63% of normal
duction. Six identical mills reported production 98% greater and
business 16% greater than for the same week last year.
pronew
pronew
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 530 mills as 31,801,000 feet, shipments 26,511,000 and
new business 30,297,000. Production was 40% and orders 38% of capacity.
compared with 40% and 36% the previous week. The 201 identical mills
reported production 131% greater and new business 16% greater than for
the same week last year.
The Northern Hemlock ik Hardwood Manufacturers Association of
Oshkosh, Wis., reported hardwood production from 23 mills as 1,032,000
feet, shipments 1,117,000 and orders 1,308,000 feet. Orders were 16%
of capacity, compared with 11% the previous week. The 14 identical
mills reported a loss of 12% in orders, compared with the same week last
year.
Crop Conditions in Canada as Reported by Bank of
Montreal.
The general crop situation in Canada, as reported by the
Bank of Montreal in its "Crop Report" dated Oct. 19, is
as follows:
Canada this year has had much smaller crops than usual of cereals and
hay, due to hot, dry weather during much of the summer throughout the
Prairie Provinces. Ontario and Quebec. Root crops generally, however,
have been fair to good and there has been a fine crop of apples, with yields
of other fruits mostly below average. The wheat crop in the Prairie Provinces has been estimated by the Dominion Bureau of Statistics at 264.000,000 bushels from 25,177,000 acres, or an average of 10.48 bushels per acre.
The crop is the smallest since 1924, and the average yield the lowest since
1919. The wheat crop for all Canada is estimated at 282,771,000, as compared with 435.655,000 bushels last year. Coarse grains are a light crop
also. oats in the Prairie Provinces being estimated at 186,500,000 bushels,
against 245,726.000 bushels last year, and barley at 48,500,000 bushels
compared with 63,114,000 bushels. The wheat generally is of good quality;
over 85% of the wheat marketed to date in the Prairie Provinces has
graded No. 2 Northern or better. In Quebec crops on the whole have been
satisfactory, despite lower yields of cereals and hay. In Ontario most
crops have been below normal. In the Maritime Provinces most crops were
fairly good and the apple crop was excellent. In British Columbia crops
on the whole were smaller than usual.
Resume of International Wheat Agreement by Royal
Bank of Canada.
The Royal Bank of Canada, at Montreal, regards the International, or World Wheat Agreement, conclUded in London in August, as "the first definite plan covering the production and distribution of an agricultural commodity to
receive the approval of exporting and importing countries
representing substantially all the world trade in the commodity." On page 1657 of our Sept. 2 issue, we gave the text
of the agreement reached at the International Wheat Conference in London, and on pages 1654-1657 other items bearing
on the agreement were given. A resume of the agreement
appears in the October "Monthly Letter" of the Royal Bank,
in which it refers to the agreement as "a notable attempt to
achieve planned economy." The bank regards it "as marking
a new stage in the development of international economic cooperation," and adds:
Twenty-two nations, including the most important importing markets of
Europe, as well as the principal exporting countries, Canada, the United
States, Argentina, Australia, Russia and the exporters of the Danubian Basin,
are signatories to the pact. Russia signed the pact with reservations and
now expresses dissatisfaction with the quota available. The present attitude
of Russia has produced some skepticism as to the ultimate success of the
agreement. The agreement has already gone into effect and will remain in
force for two years.
As a background for the interpretation of the pact it may be well to recall
that actual shipments of wheat during the past year amounted to 615,000,000
bushels, but that because of increased acreage and large crops in importing
countries the requirements for the coming year are estimated by Broomhall
to amount to 552,000,000 bushels. These totals may be compared with an
international trade in wheat amounting to about 800,000,000 bushels a year
between 1925 and 1928.
The wheat agreement, then, fixes 560,000,000 as the base figure for international crop movement during the present crop year. Of this total 200,G00,000 bushels are allotted to Canada, 47,000,000 bushels to the United
States, 110,000,000 bushels to Argentina, 105,000,000 bushels to Australia,
and 50,000,000 to 54,000,000 bushels to the Danubian Basin. The balance,
48,000,000 bushels, must cover the export quotas of Russia, which exported
18,000,000 bushels last year, India and other lesser sources, the total exports
of which amounted to only 19,600,000 bushels during the past year.
Since Canada and the United States are carrying the heavy burden of the
surplus stocks from previous crops, it is these two countries which will be
allowed to supply any demand which may arise in excess of the stipulated
560,000,000 bushels.
The exporting countries have further agreed to limit their exports for the
second year of the agreement (1934-1935) to an amount 15% less (in each
country) than the average production of the average acreage sown between
1931 and 1933 after normal domestic requirements have been deducted. No
specific provisions are contained in the agreement as to the reduction of
acreage in any country.
The importing countries which signed the agreement include all the leading wheat importing countries of Europe, with the exception of Hollaand.
Europe usually accounts for about three-fourths of the world wheat and flour
import trade. These importing countries bind themselves to four important
provisions under Article 6 of the agreement:
Oct. 21 1933
(1) Not to encourage further increase in their wheat acreages;
(2) To attempt to secure increased consumption of wheat and to remove gradually
the measures tending to lower the quality of bread;
(3) To begin reducing wheat tariffs when the international price of wheat reaches
and maintains for a period of four months a price fixed at 63 gold cents per bushel,
agreeing that although "the rate of duty necessary to assure remunerative prices
may vary for different countries It will not be sufficiently high to encourage their
farmers to expand wheat acreage";
(4) To accept in principle the desirability of reducing Import restrictions and
agree that they are prepared to make effective reductions in 1934-35, provided
that wand prices have taken a definite upward turn from the average price of the
first six months of the calendar year 1933.
The countries participating in the agreement further agree to establish a
Joint committee to watch the working out of the various provisions agreed
upon at the conference. This international committee will meet from time
to time and will be responsible for such additional measures as may seem
necessary.
As indicated above, the allowable exports for 1934.1935 are based both
upon average acreage and upon average long-term yield per acre, less 15%, and deducting from that total average domestic requirements. The average
area sown to wheat in Canada during the past three years has amounted to
nearly 26,500,000 million acres, and the average yield is slightly more than
17 bushels per acre. Upon this basis, and after making the deductions mentioned, Canada's export quota will amount to about 265,000,000 bushels.
If production could be regulated to provide the exact total crop under the
agreement, there would be no change in the Canadian carryover during 19341935. Obviously, however, the crop will be larger or smaller according to
the acreage planted and according to the weather. No announcement has
been made as to plans to reduce acreage nor any other method to control
the size of the crop. On the other hand, should world buying power begin
to recover during this period and should be "effective demand" for new
wheat exceed the quotas of the exporting countries, Canada and the United
States will share the benefit of the resulting supplementary export quota in
proportion to their respective surplus stocks carried over from the previous
year.
North Dakota Governor Puts Embargo on Wheat Shipments Because of Low Prices—Declares Farmer
"The Forgotten Man of the NRA"—Railroads to
Ignore Order, Contending It Is Illegal—Other
Governors Refuse to Take Similar Action—Nebraska Leaders Warn of Unrest Among Farmers.
Governor William Langer of North Dakota on Oct. 16
signed a proclamation prohibiting the shipment of wheat
from the State, effective as of 12.01 a. m. Oct. 19. The
Governor acted under a law passed by the Legislature this
year, giving him power to prohibit shipments of any or all
of the State's agricultural products should prices fall below
costs of production. Governor Langer said he had invoked
the embargo in order to call the attention of the nation to
the plight of the Northwest farmer, whom he termed "the
forgotten man of the NRA." He sent an invitation to the
chief executives of thre:1 other States to unite in the plan.
The Governors of Minnesota, South Dakota and Nebraska
replied that they would not join in the program. The legal
advisers of the Governors of Minnesota and Nebraska
expressed doubt as to the authority of their chief executives
to proclaim embargoes, while no reply was received from
the Governor of Kansas.
On Oct. 18 four Northwestern railroads which serve North
Dakota challenged the legality of Governor Langer's wheat
embargo, and indicated that they would "abide by the laws
of Congress" and accept wheat for shipment. Governor
Langer, however, ordered the 1,300 members of the North
Dakota National Guard held in readiness to enforce the
embargo, which he said would be continued "until we get
results." Meanwhile, on Oct. 19, Governor Charles W.
Bryan of Nebraska issued a warning of unrest among the
farmers and said their throats were being "cut from both
ears" by abandonment of anti-trust laws and by declining
farm prices. He urged inflation, instead of "pouring money
in at the top." Senator Norris of Nebraska on the same day
made public a telegram to President Roosevelt urging the
issuance of new money to retire Liberty bonds and bring
direct relief to the farmer. He referred to previous messages
from farm leaders of similar character and said, in part:
These associations have not exaggerated the situation. The farmer
rapidly losing confidence because he sees the price of everything he bw
going up, while the price of everything he sells is daily going the other
direction.
I want to supplement their telegrams by suggesting that in the redemption
of the $1,500.000,000 of Fourth Liberty bonds which you have called,
instead of taken them up by issuing of new interest-bearing securities, you
announce to the country that these bonds will be paid for in new money.
This will save the taxpayers more than $60,000,000 a year in interest. It
will start the price offarm products on an upward grade, and will immediately bring about the restoration of the purchasing power of the farmer.
We quote from Associated Press advices from Bismarck,
N. D., on Oct. 16, regarding the proclamation of the wheat
embargo:
•
The chief executive of the nation's leading wheat producing State of
1933 acted in an effort to "restore to our farmers a buying power with which
to maintain a livelihood, and to stimulate commerce and trade among our
people."
Prices now paid farmers for their wheat "are unconscionable with the
coat of production and result in an unwarranted drain of the natural resources of our State," said the proclamation, which the Governor signed
at 5.30 p. m.
Action was taken under authority granted by the 1932 Legislature. The
use of National Guardsmen would be permitted to enforce the embargo
if the Governor deems it necessary.
Volume 137
Financial Chronicle
The proclamation, which will be filed with the Secretary of State tomorrow, said the producers of North Dakota hold a large amount of wheat
"which in quality and weight is the finest wheat this State has ever produced," and "is a prime wheat that is in great demand throughout the
United States for the making of superior flour."
The "new deal" has not reached the farmer, said the Governor. He
ordered the embargo in the hope that higher prices would result, but added
"it is hardly possible that the embargo alone can raise the world grain
markets."
He asserted, however, that his action in invoking a new State law for the
first time "is a legal and legitimate manner" in which to call to the attention
of the nation the plight of the Northwest farmer.
The Executive said his decision came "after a full study of the situation
and after appeals to the National Administration for relief."
"Wheat sold in Grand Forks Saturday for 53 cents [a bushel], which
means ruin to many of our people if the prices in other lines continue to
advance," he remarked.
"Labor, industry and the professions have their opportunity to prosper
under the National Recovery Act. The farmer, with only this year's crop
to sell until another year has passed, appears as the 'forgotten man" of
the NRA.
"I hope to place graphically before the American people the plight of
the grain farmer. If it nationally advertises the need and right of agriculture to the same consideration that has been given other lines, it will
serve its purposes.
"If it causes the National administration, the NRA and the American
people to realize that the 'new deal' has not reached the farmer, it will
accomplish something.
"I do not look for miracles, but I have an abiding faith in the fairness of
the American people, and I believe that placing before them a vivid picture
of the agricultural difficulties under the recovery plan will do much toward
interesting them in higher farm prices."
Federal estimates as of Oct. 1 were that North Dakota wheat production
this year would be 62,695,000 bushels, including 15,295,000 of durum and
47,400,000 of Spring types other than durum. Most of the latter is hard
Spring wheat.
Benjamin Kienholz, Federal Statistician at Fargo, estimated that on
Oct. 1 North Dakota farmers still held 43,886,000 bushels, or 70%, of the
State's 1933 production.
Mr. Kienholz said North Dakota wheat production this year outranked
that of any other State, due to unfavorable conditions which reduced
Southwestern yields, and particularly those in Kansas.
An Associated Press dispatch of Oct. 18 from St. Paul
describing the attitude taken by Ncrthwestern railroads
toward the embargo said:
"It has been the law of the land from the time of the founding of our
Nation that a State has no power to place an embargo on the export of
articles produced within the State," said a statement issued by F. G.
Dorety, Vice-President and General Counsel of the Great Northern RR.,
on behalf of the four roads.
The decision was concurred in by counsel for the Northern Pacific, Soo
Line and Milwaukee railroads after an all-day conference.
"Inter-State railroad companies are compelled by the express terms of the
Inter-State Commerce Act to provide and furnish transportation in InterState commerce," the statement continued.
"If, notwithstanding the Governor's proclamation, wheat is tendered
to the railroad with instructions for inter-State shipment, the railroads
will be faced with the necessity of deciding whether to obey the Governor's
proclamation or the laws of the United States."
Explaining that they had been unable to evolve a plan meeting requi
ments of both the Governor's order and the Federal laws after an "earnest
effort," the statement continued:
"The attorneys for the railroads operating in North Dakota have united
in advising their companies that if wheat is tendered to them in North
Dakota for shipment to points outside the State the railroads will have
no alternative but to abide by the laws of Congress."
North Dakota agents of the four roads have been instructed to accept
wheat for shipment subject to any delays resulting from the Chief Executive's order.
Farmers' Strike Called by National Farm Holiday
Association—Seeks to Force NRA Code for Agriculture—President Roosevelt Reported Studying
Plan for Loans on Wheat and Corn.
A strike of farmers at noon to-day (Oct. 21) was called
on Oct. 19 by directors of the National Farm Holiday
Association who, according to Associated Press accounts
from St. Paul (Oct. 19), "hoped to increase prices by drying
up the channels through which produce flows to market."
These Associated Press accounts went on to say:
One of the primary objectives of the strike will be to compel the Washington Administration to formulate and put into effect an NRA code for
agriculture, directors who attended a secret meeting of the Association said.
The conference was attended by Milo Reno, Des Moines, national
President of the Association, and about 20 other directors, representing
Minnesota, North and South Dakota, Wisconsin and Iowa. A statement
said that the strike would be effective in the 24 States in which the Holiday
Association had members.
More than 2,000,000 farmers are members of the National Association,
Walter Groth, Secretary of the Minnesota Association, said.
The directors drafted a proclamation, designed for release Friday afternoon, which laid down the following ultimatum to the nation:
"We will pay no taxes or interest until we have first cared for our families.
"We will pay no interest-bearing debts until we receive the cost of production.
"We will ouy only that which complete necessity demands.
"We will stay in the homes which we now occupy.
"We will not sell our product unless we receive the cost of production
for
but will exchange our products with labor and the unemployedfor the
both
things we need on the farm, on the basis of cost of production
parties."
The directors decreed that the strike "will remain in operation until our
farm products bring the cost of production and until we are refinanced
under the terms of the Frazier bill."
The Association directors declare the "monied interests" of the country,
Government," their confidence in
In their judgment, "still dominate the
acts."
which was lost, "not by any single act but by a long series of
Administration in any program that
We still stand ready to support the
for and receive the cost
will recognize the farmers' fundamental right to ask
consumed in the United
of production for that portion of farm products
States." the proclamation set forth.
2879
President Roosevelt and his Cabinet were reported yesterday (Oct. 20) as seriously considering a plan for offering
Government loans to farmers to permit them to hold their
crops during the price sagging period. Associated Press
advices from Washington, from which we quote, also said
in part:
Mr. Roosevelt observed carefully the reports of restlessness in the
agriculture areas.
It was stated at the White House that there would be no change in the
Government's policy to seek the raising of prices for farm commodities.
Leaving the Cabinet meeting Secretary Wallace said:
"We will do everything we possibly can. I think we may have something to announce shortly."
The President conferred to
-day with Representative Truax, Democrat,
of Ohio on the farm question.
The House member, who had taken to the White House a proposal for
price fixing on agricultural commodities, told reporters on leaving that
Mr. Roosevelt was confident that the "farm revolt" would be adjusted.
Mr. Truax proposed prices of $1 a bushel for wheat, 7 cents a pound
for hogs and 10 cents for cattle.
"The President is confident of the situation working out." he said. "and
I think he has some very definite ideas in his mind in the way of prompt
action."
He said he did not know just what was in the presidental mind.
The Ohio Democrat severely condemned the administration of the AAA
and asserted that Secretary "Wallace and his professors are doing no good."
* * *
Taking special notice of the Central Northwest Movement, George N.
Peek, Farm Administrator, expressed sympathy with farmers, but asserted
that the fundamental adjustments in agriculture are essential before extensive relief to farmers well oe possible.
Meanwhile other ufficials authorized a statement that special credit
extension plans for wheat and corn are being studied by the newly created
Commodity Credit Corporation.
Reported in United States Beet Sugar
Distribution During September as Compared
with September Last Year.
United States beet sugar distribution for the month of
September 1933 amounted to 103,840 long tons, raw sugar
value, according to a report received by B. W. Dyer & Co.,
sugar economists and brokers, from the Domestic Sugar
Bureau. This is an increase of 9,756 tons compared with
September 1932, the firm said, adding that the distribution
for the first nine months of 1933 amounted to 958,876 tons, a
decrease of 65 tons compared with the corresponding period
of last year.,
Increase
\ss
Co
etion of Organization of CCC Formed at Dire
tion of President Roosevelt to Make Available
Loans to Cotton Producers at 10 Cents a Pound,
Agreeing to Reduce Acreage—Lynn P. Talley,
. President—Initial Loan of $250,000,000 From RFC.
The organization of the Commodity Credit Corporation,
set up at the direction of President Roosevelt, was completed
on Oct. 17, according to an announcement on that day by
the Agricultural Adjustment Administration. The announcement stated that officers and directors were elected
and are preparing to make available, during the current week,
loans of 10 cents per pound to cotton producers on the
unsold portion of their crop. The plans of the Government
to advance loans to cotton producers at 10 cents per pound
on their present crop were referred to in these columns Oct.
14, page 2740, previous items having appeared in our issues
of Sept. 23, page 2179 and Sept. 30, page 2365.
The CCC, chartered in Delaware, was organized by the
Secretary of Agriculture and the Governor cf the Farm
Credit Administration, and is empowered to make loans or
purchase agricultural or other commodities that may be
designated by the President. At the first me3ting on Oct.
17 Lynn P. Talley, Assistant to the Directors of the Reconstruction Finance Corporation, was elected President; Oscar
Johnston, Director of the Finance of the AAA,Vice-President
and J. E. Wells, Jr., Assistant Co-operative Bank Commissioner of the FCA, Secretary-Treasurer.
Directors include the President and Vice-President of the
CCC, Henry A. Wallace, Secretary of Agriculture; George
N.Peek, Administrator of the Agricultural Adjustment Act;
Henry A. Morgenthau, Jr., Governor of the FCA; Stanley
P. Reed, General Counsel of the RFC; Herman Oliphant,
General Counsel of the FCA, and E. B. Schwulst, Special
Assistant of the RFC.
The entire capital stock of $3,000,000 was subscribed by
the Secretary of Agriculture and the Governor of the FCA
with funds allocated by the President from the Bankhead
amendment to the NIRA.
An initial loan of $250,000,000 has been procured from
the RFC for the purpose of making loans to cotton producers,
additional funds will be available if needed, said the AAA's
announcement of Oct. 17, which further said:
One million note forms and loan agreements, together with regulations
governing the loans, are now being printed and will be distributed this week
to county agricultural extension agents and lending agencies of the RFC
2880
Financial Chronicle
located in Federal Reserve points in the South, including cities with Federal
Reserve branch banks.
Cotton producers to become eligible for loans, must agree to participate
In the 1934 acreage reduction campaign that soon will be launched by the
AAA.
The CCC will utilize existing agencies throughout the Cotton Belt in
making the loans, which may be negotiated directly with lending agencies
of the RFC or through factors, brokers, merchants, warehousemen. cooperative associations, banks and other lending agencies.
It was announced that the CCC will not appoint or designate any special
representatives or agencies to negotiate the loans nor will it employ cotton
classers to pass upon the character of cotton that is pledged as collateral.
Producers who obtain the loans will be charged 4% interest. The note
provides that it is without recourse upon the maker or any subsequent
endorser. The note will mature July 31 1934, but the CCC expressly
reserves the right to call the note at any time when the price of middling
h-inch spot cotton on the New Orleans market, as determined by the
Bureau of Agricultural Economics, is at or above 15 cents per pound.
Cotton eligible for collateral is that portion of the 1933 crop owned by
the producer. The sum of 10 cents per pound will be advanced on cotton
%-inch or better as to staple and low middling or better as to grade. A
loan of 8 cents per pound will be made on cotton less than Winch and low
middling or better as to grade. No loans will be made on cotton classing
below low middling.
The board of the CCC has determined that the loans will be made only
on cotton delivered by the producer at the warehouse. No difference in
value will be allowed on account of the location of the cotton. Producers
will be permitted to select any acceptable warehouse, but no freight allowance will be made to the producer for shipping his cotton or otherwise
delivering it to the warehouse. Producers who have already stored their
cotton but hold their warehouse receipts may procure loans.
Warehouses licensed under the laws of any State or the United States,
or other warehouses approved by the loan agency of the RFC of the district in which such warehouse is located, are qualified under the regulations of the Commodity Credit Corporation. Warehousemen are advised
to communicate with the loan agency of the RFC as to unlicensed warehouses and approval will be given either by letter or by publication of
the list of approved warehouses.
The loan agencies of the RFC where note forms and other necessary
data may be secured and where unlicensed warehouses may qualify are
located at the following points: Atlanta, Ga.; Birthingham, Ala.; Charlotte,
N. C.; Dallas, Tex.; El Paso, Tex.; Houston, Tex.; Jacksonville, Fla.;
Little Rock, Ark.; Los Angeles, Calif.; Memphis, Tenn.; Nashville, Tenn.;
New Orleans, La.; Oklahoma City, Okla.; Richmond, Va., and San Antonio, Tex. These agencies will act as loan agents for the CCC.
Banks, factors, brokers, merchants, warehousemen, co-operative marketing associations, local lending agencies or other agencies dealing in
cotton throughout the country are invited to make loans on the forms
prescribed by and in accordance with the regulations of the Corporation.
Such paper will be purchased by the Corporation at any time up to June
30 1934. The Corporation will pay par, with accried interest to the date
of the sale, plus an additional allowance of five cents per bale per month
for each month from Oct. 1 1933 to the date of the purchase, authorized
to cover insurance charges which may have been incurred by the lending
agency.
A fee of 15 cents per bale will be allowed any lending agency negotiating
the loan for the producer and may be deducted from the loan. No other
deduction of any sort will be permitted as it is the declared policy that
producers shall receive the full amount of the loan with the exception
of the nominal 15 cent bale fee.
The regulations specify that no cotton will be eligible for this loan except
cotton from the 1933 crop which has not been sold by the producer. Loans
will be made only to producers, this term including persons who have
acquired cotton either as land owners, landlords or tenants, and from
land owned, leased, rented, controlled or farmed by them. Producers
who have sold any part of the 1933 crop will not be permitted to repurchase this cotton or other cotton to substitute for that which they sold.
Storage on the cotton and all other charges, such as grading, classing,
&c., must be paid up to Oct. 1 1933, after which date storage will be a
charge against the cotton and must be collected from the proceeds and
paid when the cotton is marketed.
Producers borrowing in accordance with the regulations will not be
liable on account of the execution of the notes except in case of fraud or
misrepresentation on the part of the producer in obtaining the loan or
a breech upon the part of the producer of his agreement to participate
in the 1934 acreage reduction campaign.
The agreement to participate in the 1934 cotton reduction campaign is
Included in the face of the note. Under this section the producer agrees
"to enter into such agreements, to do and perform such acts, and to reduce
his acreage or production of cotton in such amounts and in such manner
as may be required, to conform to and participate In any general plan or
program presented by the Secretary of Agriculture for the reduction in
acreage or production of cotton for market in 1934: provided such required
reduction shall not exceed 40% of the average cotton planted by the undersigned during the five years ending Dec. 31 1932; and provided further that
such reduction agreement makes provisions for the payment of such rentals
and—or benefits as are provided for in the 1934 acreage reduction program."
It is further stipulated that this condition, section 10 of the note, is
not discharged by payment or execution of the note and survives the note
as if it were a separate and independent covenant.
The AAA, it has been announced, is meanwhile preparing to take to
the field the 1934 cotton adjustment program. The obligation included
In the CCC note is binding upon the producer until a sufficient sign-up
has been obtained to assure an adequate acreage reduction for 1934. The
program for next season contemplates a 40% reduction in the normally
planted acreage, which would reduce the 1934 acreage to 25 million acres.
The participating producer will be compensated by the payment of rentals
or benefits. The rental payments range from $3 to $11 per acre and will
be based upon the productivity of the land as determined by the average
yield for a five-year period. The producer also will be given a benefit
payment on his domestic allotment if the average price is below pre-war
parity for next year, such benefit payment to be adjusted with the amount
of acreage rental previously paid so that the producer will realize fair
exchange prices for the domestic portion of his crop.
-Cent Cotton Demanded by Directors of American
15
Co-operative Association—Plan Drive for Parity for
All Basic Farm Products.
Directors of the American Cotton Co-operative Association at New Orleans on Oct. 18 demanded 15 cent cotton, as
fulfillment of the Administration's pledge of pre-war parity,
and called upon other organizations throughout the nation
Oct. 21 1933
to join them immediately in a drive to win the promised
parity for all basic agricultural commodities. A dispatch
from New Orleans to the New York "Journal of Commerce"
further reported:
Speaking as representatives of 250,000 growers, the directors also denaanded that the Federal Government immediately advance 4 cents a pound
to holders of "plow-up" options in order to keep 2.400,000 bales of option
cotton off the market, and allow the farmer to benefit by the advance in
price to the pre-war parity which has been promised by the Administration.
Without this loan, it was stated, the 660,000 farmers holding such options
would probably dump them on the market at an early date because of their
dire need for cash.
Aslcs Higher Loan.
Although asserting that the 10
-cent loan does not fulfill the Administration's pledge, directors of the American Cotton Co-operative Association
declared wholehearted support of the plan, as confirmed yesterday, and
threw behind it the weight of their entire organization.
Increase of the cotton loan to 15 cents a pound was asked as soon as
growers have fulfilled their 1934 acreage reduction pledge.
N. G. Williamson, President of the American Cotton Co-operative Association, said he would call upon the press, Chambers of Commerce,
bankers, business men and farmers everywhere to join in the nation-wide
movement.
"It is recognized that the Secretary of Agriculture has the legal sanction
to bring about the preware parity at will, in line with the announced program," Mr. Williamson said, "but such price may be delayed beyond the
time when it will be of any advantage to growers of the present cotton crop.
Every day's delay not only reduces the farmer's buying and debt-liquidating
power, but likewise weakens the economic processes of the entire nation.
Precedent for establishing pre-war exchange value on farm products has
already been set by the National Administration's recent action in the matter of flue-cured tobacco."
The cotton co-operatives' plan, Mr. Williamson said,is presented with the
idea of "co-operating with the President in making the national policy
effective at the earliest practicable moment." It calls for carrying through
the 10
-cent advance on the plow-up option
-cent loan program, and the 4
cotton as a means of preventing any further decline in the price of cotton,
but also to make an additional loan of 5 cents a pound on this year's spot
cotton, bringing the total to 15 cents,for those farmers who carry out their
part in the Department of Agriculture's plan for reducing next year's acreage
to 25,000,000. The Secretary of Agriculture would be empowered to sell
the cotton on which loans are made, both actual cotton and plow-up options,
when the price reaches 18 cents.
Success Seen in Plan.
Mr. Williamson said that in his opinion the present 10 cents loan plan
will be effective to the extent of holding the market around the 10 cents
level, but that the proposed 15 cents loan would undoubtedly insure success
of the acreage control program and thereby result in the restoration of
the parity price.
C. 0. Moser, Vice-President of the American Cotton Co-operative
Association and member of the Executive Committee of the National
Co-operative Council, was authorized by American Cotton Co-operative
Association directors to call a meeting of leading national co-operative
marketing associations and other farm organizations to bring other basic
commodities into the parity price drive.
"While the prices of basic agricultural commodities have been improved,
the operations of the NRA have resulted in largely overcoming the benefits
through increasing the price of things farmers buy," Mr. Moser said.
"The exchange value of cotton in terms of food and clothing necessities
Is now reported as being less than it was a year ago.
"As long as these conditions prevail unemployment and the other evils of
the depression cannot right themselves. Agriculture must be brought
into a state of improved and increased buying power if the volume of manufacturing and distribution is to increase or continue at the present rate,
or even if the cause for wholesale farm and business bankruptcies is to be
corrected. Ten cent cotton and 75 cent wheat will not answer the purpose."
American Cotton Co-operative Association Ascribes
Price Decline in Cotton to Administration's Delay
in Making Loans.
Delay in making the projected 10-cent loan on cotton is
causing a "severe loss to cotton producers," directors of the
American Cotton Co-operative Association asserted in a
statement on Oct. 16 at their monthly meeting in New
Orleans. The New Orleans "Times-Picayune" of Oct. 17,
from which we quote, added:
The co-operative body's directors in their statement urged the Federal
Government to eliminate delays and put the plan as announced Into operation at once.
"Twenty-three days ago the 10 cents loan plan on cotton was announced
publicly," the directors stated, "serving to encourage agriculture and business generally in the South. We advised the AAA of our co-operation
and support.
Decline Cited.
Some holding movement resulted, but the delay and drastic market
decline thousands of bales are being sold daily at from 1 to 2 cents under
the proposed loan value. The market experienced an additional decline
of $2.00 per bale to-day.
Through advertising, interviews and public meetings we have urged
farmers to co-operate in the plan and advised them not to sell their cotton
below 10 cents. People of the South are disappointed and discouraged
with the slowness and apparent inefficiency of Governmental machinery'
In carrying through the announced plan, resulting in a severe loss to producers. We have respectfully urged that the administration eliminate
delay and put the plan into operation at once.
Gi T. Lee of Eden, Tex.; J. R. McCrary of Calvert. Tex.. and B. L.
Redwine of Madras. Ga., were introduced to the directors of the American
association as representatives of new cotton-marketing bodice recently
formed in Texas and Georgia, which, it was stated, are expected to handle
about 100,000 bales of cotton this season. The headquarters of the new
associations are at Abilene, Tex.; Bryan, Tex., and Atlanta, Ga
Cotton Growers Who Participated in 1933 Production
Reduction Program Paid Nearly $90,000,000 Up
to Oct. 16.
Nearly $90,000,000 of the approximatgy $111,000,000 to
be distributed as acreage rentals has been placed in the hands
Financial Chronicle
Volume 137
of cotton growers who took part in the 1933 production
reduction program, it was announced on Oct. 16 by the
Agricultural Adjustment Administration. The announcement said that the AAA is completing the distribution of the
balance of these checks. Settlements also are being maie on
the small percentage of adjusted or suspended cases that have
arisen in the review of approximately 1,030,000 contracts
signed by the cotton producers during the two weeks and
three days in July and August when the adjustment campaign
was being waged, the announcement said, continuing:
Less than one-fourth of the checks to producers are yet to be distributed.
Aitotal of 847,284 checks had been distributed up to 7 a. m.Oct. 16. These
Checks represent a total of $89,717,493. A small number of contracts,
containing some defects or subject to negotiation, are being adjusted.
ID Options to approximately 660,000 producers for approximately 2,400.000
bales of cotton at 8 cents per pound are being prepared for distribution.
These options will be sent simultaneously to all producers on a date yet to
be fixed. They provide that up to Dec. 1 1934, the producer may call the
Options at any time when the price of cotton on the basis of New York
74 middling is not below 9% cents. After that date, the producers may call
the options at will regardless of price. The options expire May 1 1934.
unless renewed by the producer. In the event of renewal, the producer
will be required to pay 45 cents per bale per month carrying charge. Renewals are limited to one Year.
Census Report on Cotton Consumed and on Hand, &c.,
in September.
Under date of Oct. 14 1933 the Census Bureau issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles and imports and
exports of cotton for the month of September 1933 and 1932.
Cotton consumed amounted to 499,486 bales of lint and
76,451 bales of linters, compared with 588,570 bales of
lint and 83,271 bales of linters in August 1933 and 492,742
bales of lint and 65,487 bales of linters in August 1932.
It will be seen that there is an increase over September in 1932
n the total lint and linters combined of 17,708 bales, or
3.17%. The following is the statement:
SEPTEMBER REPORT OF COTTON CONSUMED, ON HAND,IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
[Cotton in running bales, counting round as half bales, except foreign, which is in
500
-pound bales.]
CoUon Consumed
DuringYear
United States
Cotton-growing States
New England States
All other States
r
Included Above
Egyptian Cotton
Other foreign cotton
Amer.
-Egyptian cotton_
Not Included Above
Linters
Cotton on Hand
Sept. 30-
Couon
Two
In Con- In Public Spindles
Months awning Storage
Active
Ending Establish- et W Corn- During
Sept. Sept. 30 mews. presses.
Sept.
(bales) (bales). (bales). (bales). (Number)
11933 499,486 1,088,056 1,160,457 7,374,556 26,002,148
1 1932 492,742 897,239 1,084,549 7,997,797 23,835,106
1933 401,373 865,716
1932 409,011 747,761
1933 82,852 188,304
1932 70,419 125,138
34,036
1933 15,261
1932 13,312
24,340
0,165
6,323
3,767
4,587
868
1,811
20,453
12,721
8,557
7,801
2,045
3,411
11933 76,451
11932 65,487
159,722
113.936
890,269 7,010,659 17,724.830
833,122 7,568,994 16,702,128
228,015 240,988 7,537,316
204,834 220,442 6,435,850
42,173 122,909
740,002
46,593 208,361
697,128
1933
1932
1933
1932
1933
1932
21,355
22,013
33,173
33,820
23,418
5,720
17,691
4,591
5.915
2,641
5,589 , 8,880
260,807
278,873
September.
1933.
Egypt
Peru
China
Mexico
British India
All other
27.941
53,891
Total
2 Mos.End. Sept. 30.
1932.
1933.
1932.
3,944
480
395
4,291
1,207
1,143
9,668
1,401
1,308
10,447
1,471
1,758
2,629
45
314
4,952
45
416
86
7,493
6,955
17,374
14,178
Exports of Domestic Cotton Excluding Linters
(Running Bales
-See Note for Linters).
Country to Which Exported.
September.
2 Mos.End. Sept. SO.
1933.
United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
1932.
1933.
1932.
137,845
110,105
93,852
169,285
33,212
15,033
52,858
227,175
11,925
14,004
3,950
86,819
111,477
68,340
252,979
26,439
18,439
49,084
103,407
6,620
8,441
1,620
246,567
165,718
126,068
262.024
45.051
25,680
111,935
344,656
32,475
30,462
9,235
154,172
187,480
110,884
357,847
46,189
30,646
72.138
161.871
46,033
12,439
6,140
Total
869,244
733.665 1,399,871 1,185,819
Note.
-Linters exported, not included above, were 8,992 bales during September
In 1933 and 15,796 bales in 1932; 24,171 bales for the two months ending Sept. 30
In 1933 and 26,402 bales in 1932. The distribution for September 1933 follows:
United Kingdom, 2,161; Netherlands, 363; France, 255; Germany, 3,643; Spaid,
50: Canada, 620; Japan, 905; South Africa, 318; Mozambique, 677.
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters, grown in 1932, as
compiled from various sources was 22,771,000 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 1932, was approximately 22,896.000 bales. The total number of spinning cotton spindles, both active
and idle Is about 161,000,000.
Census Report on Cottonseed Oil Production
During September.
On Oct. 13 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on
hand, and cottonseed products manufactured, shipped out,
on hand, and exported for one month ended Sept. 30 1933
and 1932:
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Mills*
Crushed
On Hand at Mills
Aug. 1 to Sept. 30. Aug. 1 to Sept. 30.
Sept. 30.
State.
1930.
Alabama
Arkansas
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
1932.
1933.
1932.
1933.
1932.
71,378
66,015
109,633
61,252
142,704
47,835
69,246
40,162
41,667
465,344
8,969
70,116
103,202
89,860
78,067
164,565
42,996
61,057
38,496
88,937
333,923
19,700
49,482
45,708
81,204
37,325
68,062
21,983
58,178
29,809
53,913
303,999
6,148
48,321
49,197
55,180
42,508
82,437
22,622
57,750
24,918
38,783
289,686
12,528
24,860
36,297
39,920
26,503
86,379
26,357
38,350
10,989
32,826
260,648
6,001
31,889
61,813
45,137
37,897
107,175
25,153
43,120
15,874
59,519
219,505
19,940
1,124,005 1,090,918 755.813 723,920 589,130 667,022
United States
*Includes seed destroyed at mills but not 220,938 tons and 300,024 tons on hand
Aug. 1, nor 5,360 tons and 4,379 tons reshipped for 1933 and 1932 respect vely.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND
ON HAND.
Item.
Season
On Hand
Aug. 1,
Produced
Aug. 1 to
Sept. 30.
Shipped Out
Aug. 1 to
Sept. 30.
On Hand
Sept. 30.
Crude 011, lbs___ 1933-34 *51,269,417 230,332,144 171,673,286 *119,580,165
1932-33
29,523,581 218,890,135 173.263,932 103,203.919
Refined oil, lbs. 1933-34 a676,331,574 5135,682,901
a622,798,885
503,352,357
1932-33 628,420,148 119,514,181
Cake and meal, 1933-34
258,257
242.100
339,483
160,874
201,923
tons
239,848
1932-33
327,115
114,656
146.444
Hulls, tons
140,064
1933-34
209,822
76,686
202,521
166,133
1932-33 • 162.773
205,881
Linters, running 1933-34
114,111
85,001
128,326
70,786
bales
227,648
116,571
108,698
235,521
1932-33
Hull fiber, 500- 1933-34
3,292
3,728
985
6,035
lb. bales
3,983
1.093
1932-33
938
4,138
Grabbots,motes,
4,512
da., 500-1b. 1933-34
3,786
5,082
3,216
14,893
bales
3.549
3,192
1932-33
15,250
Includes 4,274,646 and 13,464,606 pounds held by refining and manufacturing
establishments and 14,320,860 and 14.782,790 pounds in transit to refiners and consumers Aug. 1 1933 and Sept. 30 1933, respectively.
a Includes 5,498,953 and 5,799,546 pounds held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments
and 12,642,917 and 6,708,949 pounds in transit to manufacturers of lard substitute.
oleomargarine,soap, &c., Aug. 1 1933 and Sept. 30 1933, respectively.
b Produced from 148,395,756 pounds of crude oil.
EXPORTSIOF COTTONSEED PRODUCTS FOR ONE MONTH ENDING
AUGUST 31.
Item.
011
-Crude, pounds
Refined, pounds
Cake and meal, tons of,2,000 pounds
Linters, running bales
1933.
1932.
11,452
304,289
2,231
15,179
74,310
683.435
3,030
10.606
Silk Rules Altered by Commodity Exchange, Inc.
Places Trading on One-Half Cent Basis as Compared with One Cent Previously.
The Board of Governors of Commodity Exchange, Inc.,
have adopted an amendment to the silk rules providing that
prices for silk on future delivery contracts shall be in multi,
ples of / per pound instead of 1c., as heretofore, the new
1c.
2
rule becoming effective on Oct. 23 1933. An announcement
issued in the matter added:
Imports of Foreign Cotton (600-1b. Bales).
'
Country of Production.
2881
Silk was selling at around $5 per pound when the lc. multiple was put
into effect. With silk now selling around $2 per pound, members and
officials of the Exchange feel that the reduction to ihc. per pound is logical
and will serve to stimulate trading.
Howard T. McKee Re-elected President of New York
Cocoa Exchange for Third Term-Other Officers
Also Elected.
Howard T. McKee, of the firm of Van Dannenberg & Co.,
was re-elected to a third term as President of the New York
Cocoa Exchange, at the annual elections held Oct. 10. George
Hintz was elected Vice-President to succeed Harold L. Bache.
F. J. Ryan was re-elected Treasurer. An announcement
issues by the Cocoa Exchange added:
The following were elected to places on the Board of Managers, and with
the three officers comprise the completed Board: A. P. Alexander, 0. H.
Butdier, W. J. Kibbe, T. J. Mahoney, B. B. Peabody, A. Schierenberg, C. A.
Scholtz, E. H. L. Stonington and I. Within.
The nomination of the officers was noted in our issue of
Sept. 16, page 2024.
Consumption of Domestic Wool During August Largest
on Record for that Month.
Domestic wool consumption during August totaled
56,120,000 pounds, grease equivalent, according to the estimate of the New York Wool Top Exchange Service, as
against 59,974,000 pounds in July, 50,215,000 pounds in August last year, 53,385,000 pounds two years ago, and
35,570,000 three years ago. August consumption established
a record for that month. Under date of Oct. 6 the Exchange
Service said:
2882
Financial Chronicle
Wool consumption tor the first eight months of this year has averaged
45,369,000 pounds per month, or on an annual basis of 543,144,000 pounds.
The Government estimate of probable domestic wool production for this
year, plus an allowance for the grease equivalent of the pulled wool produced,
is 437,000,000 pounds. If wool consumption should continue for the rest of
the year at the present average rate, it would exceed production by 106,000,000 pounds.
Prices of Cigars Advanced—Average Advance of $1.50 a
Thousand Made on Many Five-Cent Brands.
The wholesale prices of many cigars retailing at Five-cents
each have been advanced an average of $1.50 per thousand
to cover increased manufacturing costs. The new prices
generally are $40 a thousand compared with previous price
of $38.50 a thousand, less the usual discounts. The changes
and the new prices, as given in the "Wall Street Journal" of
Oct. 14, follow:
General Cigar no has increased the price of its Van Dyk to $40 a thousand
less 10% and 2%.from the previous price of $38.50, and its William Penn
has been raised to $40, less 10% and 2% against $38.50 less 12% and 2%
previously. On its White Owl, which has been selling at $40 less 5% and
2%,the discount has been increased to 8% and 2%.
Consolidated Cigar Corp. has raised its prices to $40 a thousand less
12% and 2% compared with $38.50 previously.
American Cigar Co. has made no change in the price of Cremo, which
Is still quoted at $30 a thousand. less 10% and 2%.
Petroleum and Its Products—Secretary Ickes Issues
Price-Fixing Order, Effective Dec. 1—Refinery
Operations Placed Under Federal Supervision—
Texas, Oklahoma and Kansas Warned to Observe
Government Allowables.
Complete control of the petroleum industry was assumed
during the week by Harold L. Ickes, Secretary of the Interior and Oil Administrator under the industry's code, in a
series of orders establishing minimum price levels, Federal
supervision of refinery operations and threatened curtailment of Inter-State shipments of oil if continued violation of
Federal quotas were not stopped by Texas, Oklahoma and
Kansas.
The first was viewed in trade circles as by far the most
important. Under the new schedule for prices, effective
Dec. 1 next, prices in practically every branch of the industry will be advanced over their present levels.
Minimum prices for petroleum products based on $1.11
a barrel for midcontinent crude oil of 36 gravity are established in the new list with minimum prices in other fields
based on the necessary differentials with usual variations
according to the grade of crude oil. The new schedule puts
midcontinent prices 11 cents a barrel higher than those now
posted by crude oil purchasers.
The new price list will set a level of $1.17 for East Texas
crude, an advance of 17 cents a barrel over current postings.
California prices will be 10 cents higher than now quoted
with 27 gravity Signal Hill crude being fixed at $1.10 a
barrel and Kettleman Hills crude at a range of $1.03 a
barrel for 33 gravity to $1.21 for 39 gravity.
Secretary Ickes' new ruling establishes mideontinent prices
for crude applying to Oklahoma, Kansas, North and North
Central Texas and Central Texas,thus wiping out the present
differential between Oklahoma and Texas districts and boosting prices in the latter 16 cents a barrel above current
postings. West Texas and Lea County, N. M., crude oil
was fixed at 84 cents a barrel, compared with 70 to 75 cents
a barrel to-day.
The order recommended that the minimum prices for
Eastern grades of crude oil be left open for the present time
to seek a competitive price relationship with 36 gravity
midcontinent crude, pointing out that in the Eastern areas,
demand is largely equal to production.
The order established a minimum gasoline price based on
6 cents a gallon on 60-64.9 octane rating in the midcontinent area. Minimum wholesale and retail prices for petroleum are fixed, subject as are the other prices, to the same
possible revisions based on findings of the Petroleum Administrative Board. For gasoline, minimum refinery prices
for various areas are set with a nation-wide scale of differentials based on fixed refinery prices provided to govern quotations on filling station prices.
For 60-64.9 octane gasoline at the Gulf Ports, the ruling
provides a price of 65'cents a gallon, f. o. b. tanker, and 6Yr
cents f. o. b. tank car. Shipments from the Eastern seaboard are fixed at 731 cents f. o. b. terminal or barge and
73' cents f. o. b. tank car. On the Pacific Coast, prices are
73/i cents a gallon f. o. b. tanker and 7% cents f. o. b. tank
car.
For the purpose of establishing minimum differentials for
the test period on gasoline tank car prices laid down on des-.
Oct.
21 1933
tination and the new price to the consumer at retail outlets,
the ruling states that the following will apply:
On gasoline within the octane range of below 50-59.9,
inclusive, the total differential shall not be less than 53/i
cents a gallon, of which 3 cents a gallon shall be the minimum allowance to the retail dealer.
On gasoline within the octane range of 60 to 70, inclusive,
the total differential shall not be less than 63/i cents a gallon,
of which 4 cents a gallon shall be the minimum allowance
for the retail dealer.
In issuing the ruling, Secretary Ickes pointed out that
the action was due to competitive abuses which had grown to
the point where they threatened the stability of the interState markets. Objections to the minimum prices provided for in the ruling should be filed immediately with the
P. A. B., he said and they will be considered at hearings
which will start Oct. 30.
Any purchase or sale of oil and gas or their by-products at
less than these prices will constitute an unfair practice under
the terms of the'petroleum code and will be punishable under
its terms, Mr. Ickes pointed out.
Following the Ickes announcement, the New York States
Oil Producers' Association was told that the minimum price
for Bradford-Alleghany crude had been fixed at $2.50 a
barrel, effective Dec. 1, at a meeting held that night in
Olean, N. Y.
The following day (Tuesday), Secretary Ickes took
further steps to strengthen his control of the petroleum
industry, warning State commissions in Texas, Oklahoma
and Kansas that their respective production totals were
considerably in excess of the allowable granted them under
the code and if this excess production was not curbed, curtailment of inter-State shipments will, if necessary, go into
effect Nov. 1, next.
In making this announcement, Secretary Ickes said that
while "I should regret the necessity of taking this step, I
deem it essential to preserve the stability of the industry as
a whole and to guard the rights of those States and those
producers who have complied with the allocation."
Immediately after this announcement, the Texas RR.
Commission ordered a reduction of 7,445 barrels below the
total set in the Federal order, bringing daily production down
to 957,553 barrels. The same day, the Kansas Corporate
Commission ordered a 25% cut in daily productipn to 87,000
barrels for the next 12 days and requested oil purchasers
to curtail their takings to that amount in order to make up
the 300,000 barrels average the State built up in September.
The present Federal quota for Kansas is 116,000 barrels
daily.
In Oklahoma, W. J. Armstrong, proration umpire, announced that the State would stay within the alloted Government limits during October and Novemberl would find the
State fully in line with Secretary Ickes' rulings. In this
connection he pointed out that apparent averages on a
weekly statistical basis were not to be used as a measuring
post inasmuch as Oklahoma's proration operates on a monthly
basis.
Thursday brought forth from Washington a ruling by
Secretary Ickes placing refinery operations under Federal
supervision and notifying oil men that complete regulations
would be established by the Government and to which
strict adherence would be required.
Tables establishing crude oil runs to stills and gasoline
manufacture will be released by oil administrative officials
after study of the proper levels for each district, such districts to be organized under the terms of the oil code.
Sent to all refining units in the industry, the ruling provided that "pursuant to article 4 of the code of fair competition for tha petroleum industry, the country will be divided
into proper refining districts by the Federal agency, and both
the existing ratio of gasoline inventories and sales thereof for
each such district and the proper relationship between such
gasoline inventories and sales thereof for each such district
will be determined."
The order disclosed that "the planning and co-ordination
committee is hereby authorized, pursuant to article 4 of the
code, to recommend to each and every refiner in the United
States, gasoline inventories, current runs and I or gasoline
manufacture to maintain the proper gasoline inventories in
each district as hereinbefore determined."
Following this announcement the planning and co-ordination committee for the oetroleum industry released regulations governing crude oil storage and interpreting the oil
code as controlling exports of products under storage restrictions. Approved by Oil Administrator Ickes, the interpre-
Volume 137
Finai2cial Chronicle
tations and regulations included: approval of the oil administrator must be obtained before new withirawals of crude
from storage may be made; net withdrawal requests must be
filed the 20th day of the preceding month; sales for export
involving withdrawals from storage come under the code
requirements although sales of crude for export are not governed by the code;in determining net withdrawals,companies
must take into consideration "all such oil in total, regaraless
of grade or bcation." Crude cil in producers' run tanks or
gauge tankings, awaiting delivery to pipe lines "in the usual
course of current production and sale shall not be considered
oil in storage."
A slight modification of the code was announced with an
additional 30 days granted to sellers of petroleum to make
cash collections of outstanding accounts, effective at once.
This modification, however, is temporary and will expire 75
days from October 14.
There were no price changes posted this week.
REFINED PRODUCTS
-ALL MARKETS FIRM FOLLOWING ANNOUNCEMENT OF PRICE FIXING BY GOVERNMENT
CALIFORNIA GASOLINE PRICES REGAIN FORMER LEVELS
AS CUTS ARE RESTORED-CHICAGO SENTIMENT BETTER
-LOCAL FACTORS EXPECT HIGHER PRICES.
All refined petroleum products markets throughout the
nation were firm to strong at the end of the week, following
news of the intended establishment of Federal controlled
minimum prices for crude oil and its products, effective
Dec. 1. Trade circles pointed to the action of all major
operators in the Los Angeles area in California Thursday
in restoring all but M cent a gallon of the price clipped from
retail quotatiors in the latest price war in that area as a
direct result of the new rule.
Many trade factors held that the price war in the southern
area of California, which ended as described above, was a
motivating factor in bringing out the Federal minimum price
ruling, pointing out in confirmation of this belief, Secretary
Ickes' words in announcing the new order, stating that
"competitive abuses which had grown to the point where
they threatened the stability of the inter-State market"
made such action necessary.
Current prices in the Los Angeles, Calif., area are 213/i
cents a gallon for ethyl, 1934 cents for standard and
cents a gallon for third-grade, but % cent it gallon, respectively under the levels prevailing previous to the latest
outbreak of the price-cutting war in that area.
Breaking out in an outburst of price cutting on thirdgrade gasoline postings two weeks ago, the weakness in
the California sector spread over last week into the other
grades of gasoline and Monday found all factors slashing
prices of premium and standard gasoline 234 cents a gallon
with the original cuts of 134 cents a gallon in third-grade
postings raised to 2 cents.
Following this development, prices in general slid off for
gasoline in all three grades and the price situation was chaotic. It was held likely that unless the weakness was corrected swiftly, it might well adversely affect crude oil prices
in the State. Then the announcement of Secretary Ickes
was made and the situation was corrected. Under the provisions of the new price regulations, such conditions cannot
occur again, without bringing swift Federal punishment for
violation of the petroleum code.
The Chicago bulk gas market did not respond as quickly
to the news as might have been expected with trade circles
there pointing out that both jobbers and refiners have ample
working stocks. Gasoline of 60 to 64 octane rating, which
under the new ruling will be quoted at 634 cents a gallon,
held firm at a minimum of 5 cents a gallon while the low octane material was steady around 434 cents a gallon. Some
improvement in these prices developed late in the week.
Inasmuch as current gasoline production is far in excess of
market needs, this excess may well keep the Chicago market
quiet until close to ,December 1, when price-fixing goes into
effect.
With the new schedule of price-fixing the local tank car
price of gasoline above 65 octane at 8 cents a gallon, demand
picked up in the New York market, although prices continued to rule at 634 to 7 cents a gallon. Local factors were
bullish over price prospects, pointing out that under the announced schedule minimum service station prices in New
York will be 1834 cents a gallon, up % cent from current
levels.
Prices in all refined products in the local market are expected to move into higher ground under the stimulus of
the fixed minimum price list, although to date quotations
2883
have held, unchanged the improvement being mainly confined
to trade sentiment.
Kerosene moved a little better during the week with
refiners holding 41-43 water white at 534 to 534 cents a
gallon, tank car, refinery, and will move into higher price
brackets as the price-fixing schedule becomes effective,
present conditions indicate.
Grade C bunker fuel oil moved along in a routine manner
during the week, factors holding prices firm at $1.10 a barrel,
refinery, while Diesel oil held steady at $1.95 a barrel, same
basis.
The Atlantic Refining Co. announced a reduction of 1 cent
a gallon in gasoline prices in Metropolitan Philadelphia
Tuesday, effective last Sunday morning, making the new
price 1134 cents at service stations and 11 cents tank wagon,
taxes excluded.
The same day saw a reduction of 1 cent a gallon posted
in retail'prices of gasoline in Oklahoma City.
Tuesday, Oct. 17.
-The Atlantic Refining Co. to-day cut service station
and tank wagon prices of gasoline 1 cent a gallon to 114 cents and 11 cents,
respectively, effective last Sunday.
Thu sday,Oct. 19.
-All major factors in Oklahoma City, Okla.,reduced
retail prices of gasoline 1 cent a gallon.
Gasoline Service Station, Tax Included.
Philadelphia
3.185
1.195
Denver
$ 14
158
San Francisco:
.1984 Detroit
Third grade_ _ __ .166
.203
185
Houston
185
Jacksonville
Above65 octane_ .21
20
193
14
.23
Premium
Kansas City
185
Louisville
19
St. Louis
145
21
159
Minneapolis
21
New Orleans
193
Kerosene. 41-43 Water White, Tank Car, F.O.B. Refinery.
New York:
Chicago
.0334 New Orleans.ex_ _ _ _1.03 Si
$.0254(Bayonne)
Tulsa
.04)4-0384
$0584 I Los Ang.,ex_ .043,-.06
North Texas
03
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Fuel Oil, F.O.B Refinery or Terminal.
California 27 plus D
Gulf Coast C
$ .95
$1.10
3.75-1.00!Chicago 18-22 D..428-.5O
1.95 New Orleans C
.80 Philadelphia C
.85
Gas Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne):
i Chicago:
I Tulsa
$0184
28 plus G 0_3.03)1-.04 l 32-38 GO
8.0134 I
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
N. Y.(Bayonne):
N. Y.(Bayonne):
Chicago
S 05-.0584
Standard Oil N.J.:
Shell Eastern Pet_$.0675 New Orleans,ex_ .04-.0434
Motor, U. 8.....3.07
New York:
.04-.0434
Arkansas
62-63 octane__ .0625
Colonial-Beacon__ .0650 California
05-.07
vStand. Oil N. Y__ .07
aTexas
0675 Los Angeles, ex_ 0434.07
Tide Water Oil Co .07
.0825 Gulf ports-----0634-.073(
Gulf
xRichfield 011(Cal.) .07
0650 Tulsa
Republic Oil
.05-.0534
Warner-Quin. Co. .07
Sinclair Refining_ .05!4 Pennsylvania_ _ _
.0534
Richfield "Golden."
"Fire Chief,' 3.07. v Long Island City.
N. Y.(Bayonne):
Bunker C
Diesel 28-30 D
Production and Shipments of Venezuelan Crude Oil
in September Continued in Excess of Corresponding Period Last Year.
According to "O'Shaughnessy's Oil Bulletin," it is estimated that production of crude oil in Venezuela amounted
in September 1933 to 10,181,844 barrels of 42 gallons each,
compared with 10,309,267 barrels in the preceding month and
8,802,687 barrels in the same period in 1932. Shipments
totaled 9,959,200 barrels as against 10,146,200 barrels in
August 1933 and 8,087,300 barrels in September last year.
Venezuelan crude oil production during the nine months
ended Sept. 30 1933 amounted to 86,474,564 barrels, estimates show. This compares with 88,072,501 barrels during
the first nine months of 1932. Shipments were estimated at
85,245,200 barrels, as against 84,765,000 barrels ,in the
corresponding period last year. A comparative table follows:
PRODUCTION AND SHIPMENTS OF 'VENEZUELAN OIL.
(In Barrels of 42 Gallons Each.]
Production.
Shipments.
Month.
1933.
1932.
1931,
1933.
1932.
1931.
Jan_ _ _ - 9,698,964 9,589,088 10,384,451 9,581,700 9,087,000 10,787,289
Feb_ _
8,833,778 8,994,242 9,486,327 8,680,600 8,546,100 9,515,725
March _- 9,944,518 9,998,250 10,282,727 10,076,000 9,949,300 10,382,346
April _ _
9,058,356 10,480,750 9,262,503 9,340,400 11,004,200 8,585,690
May _ _ _
9,133,045 10,648,480 9,514,909 9,624,000 11,260,000 9,048,694
June __ _
9,262,374 10,578,631 9,181,369 8,221,600 10,313,300 8,561.200
July.... 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
Sept_ _ 10,181,844 8,802,687 9,412,329 9,959,200 8,087,300 9,420,000
9 mos. 88,474,584 88,072,501 87,233,894 85,245,200 84,765,000 84,958,444
Oct
9,171,320 9,440,185
7.794,100 9,639,300
Nov_
8.786,670 9,535,068
8,377,280 8,984,320
Dec....
9,309,368 9,921,889
9,103,700 9,100,800
Total yr.
115,319,859 116,130,816
110,040,040 112,680.864
Weekly Crude Oil Output Gains-Total Exceeds Quota
Allowable by Secretary of the Interior Ickes by
81,150 Barrels per Day-Inventories ot Motor Fuel
Continue to Rise.
The American Petroleum Institute estimates that the
daily average gross crude oil output for the week ended
Oct. 14 1933 was 2,419,650 barrels, or 81,150 barrels in
excess of the allowable figure effective Oct. 1 1933 set by
Secretary of the Interior Ickes. This compares with
2,398,850 barrels per day produced during the week ended
Financial Chronicle
2884
Oct. 7 1933, a daily average of 2,438,100 barrels during the
four weeks ended Oct. 14, and an average daily output of
2,130,650 barrels during the week ended Oct. 15 1932.
Stocks of motor fuel increased 926,000 barrels during the
week under review, or from 51,073,000 barrels at Oct. 7 to
51,999,000 barrels at Oct. 14. In the preceding week
inventories showed a gain of 616,000 barrels.
Further details, as reported by the American Petroleum
Institute, follows:
Imports of crude and refined oil at principal United States ports totaled
683,000 barrels for the week ended Oct. 14. a daily average of 97.571
barrels, compared with a daily average of 78,607 barrels for the last four
weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 377.000
barrels for the week ended Oct. 14. a daily average of 53,857 barrels, against
a daily average of 39,179 barrels for the last four weeks.
Reports received for the week ended Oct. 14 1933 from refining companies controlling 92.4% of the 3,586,900
-barrel estimated daily potential
refining capacity of the United States, indicate that 2,303,000 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 28,859,000
barrels of gasoline and 130,912,000 barrels of gas and fuel oil. Gasoline
at bulk terminals,in transit and in pipelines amounted to 19.490,000 barrels.
Cracked gasoline production by companies owning 95.1% of the potential
charging capacity of all cracking units averaged 432,000 barrels daily during
the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels.)
Actual Production.
Average
'Federal
Week
4 Weeks
Week
Agency
Ended
Ended
Allowable Ended
Oct. 14
Oct. 7
Effective Oct. 14
1933.
1933.
1933.
Oct. I.
Oklahoma
Kansas
495,000
116.000
Week
Ended
Oct. 15
1932.
523,050
119,250
372,800
101,900
478,800
116,000
45,100
57,750
23,450
127.650
45.650
476,900
74,300
47.800
111,35C
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not incl. Conroe)
507,250
112,250
48.550
47,350
45,450
53,150
54,250 47,950
22,050
22,300 24.550
127,600 127,900 165,600
52,350
45,700 45,950
480,050 476,050 368,000
11,450
73,450
72,650
57,350
45,750 46,250
111,300 111,550 111,200
965,600 1,009,950 1,005,600 1.003,150
Total Texas
887,000
25,850
47,200
North Louisiana
Coastal Louisiana
Total Louisiana
70,000
Arkansas
Eastern (not incl. Michigan)....
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Tn.el
33,000
94,200
30,000
30,050
6.450
2,400
41,400
455,000
25,600
47,750
25,750
47,850
29,800
33,250
73.050
73,350
73.600
63,050
32,900 33,000
32,750 33,900
98,550
98,350
97.800 100,550
22.750
30.700
32,800 30.550
30,350
31,500
30,950
33,150
6,300
6,550
6.600
7,350
2,400
2,400
2,700
2,450
42,000
42,000
42,000 31,300
473,900 478,500 476,000 474.200
•
ending September 30 1933, amounts to 50,138,000 barrels,
compared with 57,860,000 barrels in the same period of
1932, and the total shipments for the nine months ending
Sept. 30 1933, amount to 49,135,000 barrels compared with
64,219,000 barrels in the same period of 1932.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 164 plants at the close of
September 1933, and of 165 plants at the close of September
1932.
RATIO OF PRODUCTION TO CAPACITY.
Sept. 1932. Sept. 1933 Aug. 1933.1 July 1933. June 1933.
The month
The 12 months ended_
35.9%
26.5%
25.5%
25.5%
36.9%
30.6%
37.6%
26.3%
352%
26.0%
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN SEPTEMBER 1932 AND 1933, AND
STOCKS IN AUGUST 1933. (IN THOUSANDS OF BARRELS).
Production.
District.
1932.
1933.
Stocks at End
of Month.
Shipments.
1932.
1933.
1932.
Total
3,903
1,496
2,128
1,274
1.492
1,370
1,892
1,531
717
506
1,093
476
1933.
1,606
628
792
524
1,255
394
1,039
698
427
222
514
Ill
988
614
527
422
581
282
669
445
271
78
683
78
1,683
726
978
849
1,706
457
1,524
698
315
194
434
165
1,183
480
549
398
1,041
320
1,050
333
183
162
708
110
8.210
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., Mini!. & S. Dak_
W.Mo., Neb.,Kans.,OkLa.& Ark_
Texas
Colo., Mont., Utah, Wyo.& Ida.
California
Oregon and Washington
4,441
1,771
3,145
1,645
1,770
1,778
2,341
1,811
807
328
984
378
5.638
9.729
6,517 17,878 21,199
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT,BY MONTHS,IN 1932 AND 1933(IN THOUS. 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
Tntsd
76.509
1933.
2,958
2,777
3,684
4,183
6,262
7,804
8,609
8,223
5.638
1932.
3,393
3,118
3,973
6.536
8,020
9,264
9,218
10,968
9,729
8,743
4,782
2,835
1933.
2,502
2,278
3,510
4,049
6,709
7,979
8,697
5,994
6,517
Stocks at End of
Month.
1932.
1933.
25,778
26,657
27,545
26,496
25,394
24,043
22,512
19,398
17,878
17,089
18,788
20,205
20,624
21,125
21,298
20,542
20,117
19,936
19,848
a22,078
21,199
80.579
a Revised.
Note.
-The statistics above presented are compiled from reports for September
received by the Bureau of Mines from all manufacturing plants except three, for
which estimates have been included in lieu of actual return.
a TIR 500 2 410 AAA 2 2014 RA/1 2 415 Inn 2 inn 6511
s These allowables became effective Oct. 1. subject to reduction (1) by the amount
of such withdrawals from crude oil storage, the total not to exceed 95,000 barrels
per day, and definitely apportioned to various producing States, as are permitted
by the Planning and Co-ordination Committee and approved by the Petroleum
Administrator, and (2) by the amount that any given area may have over-produced
the allowables in effect during the Sept. 8-30 period.
-The figures indicated above do not include any estimate of any oil which
Note.
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS, AND GAS AND FUEL
OIL STOCKS FOR WEEK ENDED OCT. 14 1933.
(Figures in Barrels of 42 Gallons Each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
Reporting.
Potential
Rate.
East Coast
Appalachian._
Ind., In., Ky...
Okla.,Kan.,Mo.
Inland TexasTexas Gulf
Louisiana Gulf..
North La -Ark..
Rocky Mountain
California
Oct. 21 1933
582,000
150,800
436,600
462.100
274,400
507,500
162,000
82.600
80,700
848.200
Total.
%
Daily OperAverage. Wed.
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
582,000 100.0 466,000 80.1 13,945,000 9,336,000
894,000
139.700 92.6 104,000 74.4 1,928.000
425,000 97.3 338.000 79.5 7,364,000 6,009.000
379,500 82.1 242.000 63.8 5,382,900 4,302.000
90,000 54.5 1,335,000 1,832,000
165,100 60.2
497,500 98.0 444.000 89.2 5,548,000 6,869,000
97,000 59.9 1,264,000 1,996,000
162,000 100.0
630,000
252,000
48,000 62.7
76,500 92.6
710,000
852,000
37,000 58.2
63,600 78.8
821,800 96.9 437,000 53.2 14,129,000 98,334,000
Totals week:
Oct. 14 1933.... 3.586,900 3,312,700 92.4 2,303,000 69.5 651999000 130,912,000
Oct. 7 1933.... 3,586,9003,312,700 92.4 2,252,000 68.0 51,073.000 131,046,000
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mines
basis for week of Oct. 14 compared with certain October 1932 Bureau figures
53,800,000 barrels
A. P. I. estimated on B. of M. basis, week Oct. 14 1933
52,880,000 barrels
A. P. I. estimated on B. of M. basis, week Oct. 7 1933
52,289.000 barrels
U.S. B. of M. motor fuel stocks, Oct. 1 1932
50,919,000 barrels
U.S. B. of M. motor fuel stocks, Oct. 31 1932
b Includes 28,859,000 barrels at refineries, 19,490,000 bulk terminals, in transit,
and pipe lines, and 3,650,000 barrels of other fuel stocks.
Portland Cement Output in September 31.3% Below
Corresponding Period Last Year-Shipments Off
33%
-Inventories Decline During Month.
According to the United States Bureau of Mines, Department of Commerce, the Portland cement industry in September 1933 produced 5,638,000 barrels, shipped 6,517,000
barrels from the mills, and had in stock at the end of the
month 21,199,000 barrels. Production of Portland cement
in September 1933, showed a decrease of 31.3% and shipments a decrease of 33.0%, as compared with September
1932. Portland cement stocks at mills were 18.6% higher
than a year ago. The total production for the nine months
Steel Production Declines Sharply as Shipments
Against Old Contracts Are Completed-Operations
Now at 39% of Capacity-Price of Steel Scrap
Lower.
With output definitely lower in all the principal producing
districts and much lighter demand reported in leading consuming areas, the steel industry faces the remainder of the
year with increasing pessimism, reports the "Iron Age" of
Oct. 19. Manufacturing costs are still rising and steel makers
are yet to benefit materially from increased selling prices
under the code. The profits from such tonnage as it now
comes in will almost certainly be pared down by decreased
volume, and it is difficult to derive much encouragement
from any angle of the current situation, continues the "Age"
which further goes on to say:
As generally anticipated, steel ingot production this week reflects the
completion on Oct. 15 of orders against third quarter contracts, and has
declined five, points to 39% of capacity. In the preceding week, output had
risen two points to 44%. Losses ranging from three to 10 points are reported
this week from practically all districts. Pittsburgh is off six points to 34%;
Chicago, three points to 45%; Valleys and nearby northern Ohio, five
points to 52%; Philadelphia, seven points to 27%; Cleveland, five points
to 35%; Buffalo, 10 points to 35%,and Birmingham, eight points to 38%•
Finishing mill schedules are also definitely lower, although tin plate
production is holding at approximately 95% of capacity. Sheet and strip
mill operations are adversely influenced by declining automotive demand.
while wire production has suffered from the absence of anticipated fall
agricultural demand. Output of bars, plates and shapes is fairly well
maintained by fourth quarter backlog tonnage, but releases are not in
sufficient volume to sustain output much longer.
Railroad buying has practically disappeared from the market, presumably
because of the efforts of the Government to establish lower steel prices by
group purchasing. The rail makers have made no move to accept the rail
tonnage offered two weeks ago at a substantial price reduction, and it is
indicated that an increase rather than a reduction in the current 840 a ton
price would be more in keeping with steel making costs in the last quarter
of the year. The Norfolk Sc Western has asked for bids on 10,000 tons of
rails.
The construction industry is buoyed up by almost daily announcements
of additional public works allotments, but these projects are not yet appearing in the form of structural steel Inquiry, which amounts to only 6,750
tons this week. Structural awards of 10,200 tons compare with 19.300 tons
in the previous week. Locks and dams on the Upper Mississippi River, for
which plate and shape requirements of 25,000 tons have already been
announced, will also take 40,000 tons of sheet steel piling. Bids on these
dams will be taken at the rate of one each week over the remainder of
the year.
Volume 137
Financial Chronicle
Although it is still likely that automobile production this month will total
approximately 145,000 units, November and December schedules may
be expected to decline sharply. In the bringing out of new models the
industry is hampered by the tool and die makers' strike at Detroit, the
introduction of radical changes in front wheel and spring construction
and the uncertainty of 1934 production costs. Under the National Recovery
Administration code, labor charges alone have increased $21 per car in the
case of one large producer and materials prices are still advancing sharply
as codification continues in the vending industries. Detroit consumers
estimate that automobile steel is now $10 a ton above the recent low
average.
Demand for agricultural steel products has failed to develop. Farm
buying power is being steadily reduced by declining grain prices coupled
with rising quotations on products bought by the farmer, and producers of
wire products, galvanized sheets, agricultural implements and other farm
necessities report no buying interest in the rural regions.
The recent precipitate decline in steel demand has again raised questions
as to the size of consumers' inventories. It is reported at Detroit that the
three leading automobile makers have accumulated 150,000 to 175,000
tons of finished steel which should be sufficient to complete production of
present models. Many other manufacturing consumers are believed to have
stocked steel rather heavily at recent low prices and jobbers have built up
their inventories when the necessary funds were available.
On the other hand, the belief that consumers have overstocked is challenged by the fact that steel barrel makers, who were thought to have
covered their future requirements rather heavily at low prices, are now
entering the market in considerable volume.
Labor troubles which have beset the industry in the last month have
abated to some extent. The strike in the plants of the Weirton Steel Co.
has been settled without recognition of the union and the terms of agreement may be expected to set a precedent for the rest of the industry.
Finished steel prices are unchanged, although further advances in pig
iron quotations are contemplated in view of increased fuel costs. The
"Iron Age" composite price for finished steel remains at 2.036c. a lb. for
the third week, with the pig iron composite holding at $16.61. Scrap prices
are weaker in practically all districts and the composite has dropped from
$10.87 to $10.54, a ton, reflecting a decline of $1 a ton at Pittsburgh.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Oct. 17 1933, 2.036e. a Lb.
Based on steel bars, beams, tank plates
One week ago
2.036cA wire, rails, black pipe and sheets.
One month ago
1.979c.l These products make 85% of the
One year ago
1.977c. United States output.
Low.
High.
1933
1.867c. Apr. 18
2.036c. Oct. 3
1932
1.9260. Feb. 2
1.977e. Oct. 4
1931
1.9430. Dec. 29
2.0370. Jan. 13
1930
2.0180. Dec. 9
2.2730. Jan. 7
1929
2.2830. Oct. 29
2.3170. Apr. 2
1928
2.217c. July 17
2.2860. Dec. 11
1927
2.212c. Nov. 1
2.402o. Jan. 4
Pig Iron.
Oct. 17 1933, $16.61 a Gross Ton.
Based on average of basic iron at Valley
One week ago
116.61 furnace foundry irons at Chicago,
One month ago
16.71 Philadelphia, Buffalo, Valley, and BirOne year ago
13.64 mingham.
Low.
High.
1933
$13.56 Jan. 3
$18.71 Aug. 29
1932
13.56 Dec. 6
14.81 Jan. 5
1931
15.79 Dec. 15
15.90 Jan. 6
1930
15.90 Dec. 18
18.21 Jan. 7
1929
18.21 Dec. 17
18.71 May 14
1928
17.04 July 24
18.59 Nov.27
1927
17.54 Nov. 1
19.71 Jan. 4
Steel Scrap.
Oct. 17 1033, $10.54 a Gross Ton.
Based on No. 1 heavy melting steel
One week ago
$10.87 quotations at Pittsburgh. Philadelphia,
One month ago
11.17 and Chicago.
One year ago
7.58
Low.
High.
1933
$6.75 Jan. 3
$12.25 Aug. 8
1932
6.42 July 5
8.50 Jan. 12
1931
11.33 Jan. 6
7.62 Dec. 29
1930
11.25 Dec. 6
15.00 Feb. 18
1929
14.08 Dec. 3
17.58 Jan. 29
1928
18.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Oct. 16 stated:
Speeding up production to complete specifications on expiring contracts
by Oct. 15, as required by the steel code, resulted in a 2
-point advance in
steel works operations to 40% last week.
This acceleration, however, does not measure consuming demand. Due
largely to the fact the automobile industry is beginning the change-over
in models, and that users generally have just taken in large stocks, the
prospects now are for a rather sharp reduction.
New releases on fourth quarter contracts and spot purchasing are exceptionally light. Comparatively little tonnage remains to be rolled on
third-quarter contracts. This week,therefore, the industry will be working
entirely under the price provisions of its code.
Further price advances in some iron and steel products appear likely,
following a rise of $1.25 to $2 a ton in standard grades of furnace and
foundry coke, which is expected soon to exert an influence on pig iron.
Nut and bolt manufacturers are preparing to increase their prices for
November. An important producer of stainless steel has reduced base
prices for bars, plates and shapes, but the introduction of quantity extras
leaves the net prices to consumers little changed. Some revisions in alloy
bar differentials are under consideration.
Warehouses are putting in effect a new plan resulting in specific delivered
prices in every city. Prices will be based at the nearest mill, plus warehouse price differentials, plus less-carload freight to point of consumption.
Closing of larger structural shape tonnages. which placed 15,386 tons on
mill books last week, is being expedited by the expiration of price protections, also to a larger extent by action on public works. Over the next three
months 40.000 tons of steel will be released for Mississippi River improments. Actual awards include 4.500 tons for a dam at Alma, Wis. In a
tentiative stage at Chicago is a plan to spend gasoline tax funds to build
160 miles of elevated highways, which eventually would require 1.280,000
tons of steel.
Federal financing of bridge reconstruction work in the Buffalo district
has developed requirements for nearly 8.000 tons of shapes and concrete
bars. Early award of 13.000 tons of structurals for the New York Past
Office is assured. The New York Port Authority is taking bids on 2.000
tons of nuts and bolts.
In plates, too, some larger tonnages are in prospect. For a gas-holder
at Omaha. Neb.. 3,000 tons have been placed, and 4,000 tons are pending
for a gas holder at Washington. For water mains at Cleveland, 2,000 tons
have been awarded. Navy and Coast Guard work will take 8,200 tons.
Recent inquiris.; for barges at Pittsburgh. however, have lapsed.
2885
Rail mills appear in no hurry to respond to Co-ordinator Eastman's
suggestion for a price of $35 a ton or less, and it now seems they will not meet
,that figure In the meantime railroad material releases are slow. The
Northern Pacific has placed 12 locomotives with the American Locomotive
Co
Ford is warming up four open-hearth steel furnaces preparatory to opening the rolling mill at Fordson. and is informally inquiring for 10,000 tons
of basic iron. Pig iron shipments for the month are shrinking below the
September level. Scrap prices still are soft, with the tendency downward.
In some districts the spread between scrap and basic iron prices now is unusually wide.
Strikes, at least for the present, are no longer a factor affecting steel
works operations. In the Wheeling district the steel rate advanced Al
points to 45%; New England. 20 to 95: Detroit, 9X to 55: Pittsburgh. 2 to
40; Youngstown. 2 to 57; and Chicago. 1 to 49. At Cleveland the rate was
down 8 points to 46: eastern Pennsylvania, down 5 to 263; Birmingham.
4 to 30; while Buffalo was unchanged at 29%.
"Steel's" iron and steel price composite is off 1 cent to $31.59; the finished
steel composite is unchanged at $49.20; while the scrap index is down
12 cents to $10.46.
Steel ingot production for the week ended Oct. 16 is placed
at about 38% of capacity, according to the "Wall Street
Journal." This compares with approximately 40% in the
previous week and with a shade under 37% two weeks
ago. The "Journal" further reports as follows:
The U. S. Steel Corp. is estimated to have run at 35% against a little
over 37% in the week before and 37% two weeks ago. Independents are
credited with a rate of 40%, compared with 42% in the preceding week
and with 39% two weeks ago.
The following table gives the percentage of production for the corresponding week of previous years, together with the approximate change from the
week immediately preceding:
Industry.
1932
1931
1930
1929
1928
1927
U. S. Steel.
Independents.
20 + Si
28 -1
5234-234
79 -5
8734+ Si
64 -2
19H+ Ji
31 -1
58 -2
82 -7
87 -2
6534-3
203.1+ Si
2634-131
49 -234
77 -3
88 +2
62 -1
Fair Buying of Copper at Lower Prices
-Lead Drops
to 4.10c., New York-Zinc Holds.
"Metal and Mineral Markets" for Oct. 19 says that
general unsettlement in security and commodity markets,
reflecting uncertainty over the business outlook, brought
out increased offerings of some of the major non-ferrous
metals, and before the week closed lower prices were established in copper, lead, tin, silver, gold and antimony.
Zinc and quicksilver quotations were unchanged. The
decline in domestic copper did stimulate buying interest,
and a fair tonnage was disposed of during the week for
shipment over the remainder of the year. The same publication adds:
Copper Sales at 7%c.
Offerings of copper in the domestic market by custom smelters were
sufficient in volume to bring out further weakness in the price structure,
and in the last two days sales were made on the basis of 7;ic.. delivered
Connecticut, a net loss for the week of 3.6c. per pound. The first decline
from the 8c. basis took place on Monday, Oct. 16, when several lots were
disposed of at 75(c. On Tuesday more than one seller disposed of copper
at 7%c., and this figure prevailed on the business reported yesterday.
All of the custom smelters were sellers during the week, and the total
volume of business reported amounted to slightly more than 5,700 tons.
Mine producers were out of the market, maintaining their quotation
on the nominal basis of 9c.
The decline in the price has shaken the market badly. Fabricators
report that new business has slumped because of the drop in values, and
in more than one direction the feeling prevails that something must be
radically wrong with the market to send prices 13c. lower in the brief
period of one week. Close students of copper know that the unsettlement
in copper prices dates back further than one week. Custom smelters,
who are generally blamed for the decline, claim that certain producers
have been reducing their stocks at the expense of current production.
The statistics of the industry, they point out, show that domestic production from all sources has been below apparent consumption and stocks
of copper in the United States have been falling steadily in recent months.
The work of drawing up a code for the copper industry is being carried
on in Washington. Whether the authorities there will incorporate price
fixing in the code is not known.
Foreign markets for copper showed no great change in the last week.
With the domestic and European markets virtually on the same basis,
scrap is expected to move abroad in larger volume.
A summary of the copper statistics circulated privately in the industry.
covering the months of July, August and September,in short tons, follows:
ProductionUnited States
Foreign
July
30,000
61.700
August
32,500
63,500
Totals
Deliveries
United States
Foreign
91,700
96,000
95,500
54,000
56,800
47,500
55,000
37.500
67,000
September
33,000
62,500
Totals
110,800
102,500
104,500
World stocks_a
673,250
653.000
638.500
a Copper held by producers credited with about 90% of the world's
production, and includes metal stored for account of fabricators.
In the United States, mine output of copper during September amounted
to about 17,500 tons, with the return from secondary sources estimated
at 15,500 tons.
Lead Declines Sharply.
The recent weakness in the lead market, which first appeared on Oct. 9
and 10, developed in a precipitous fashion last week, prices falling steadily
from 4.50c., New York, at the beginning of the period, to 4.10c. yesterday.
Simultaneously, sales volume decreased sharply, the total being substantially less than that for any other week of the year. The small amount
of business booked consisted entirely of carload lots for prompt shipment,
indicating that under prevailing conditions consumers were interested
Financial Chronicle
2886
only in satisfying immediate requirements. Battery manufacturers
were the principal buyers.
The initial decline in prices occurred last Monday, when the American
Smelting & Refining Co., owing to inability to dispose of its intake, announced 4.40c., New York, as its contract settling basis. Further reductions, to 4.25c. on Tuesday and 4.10c. yesterday, were subsequently
announced by the same interest. Prices in the St. Louis area were 15
points lower than prevailing New York quotations throughout the week.
until yesterday, when the principal interest in the West quoted 4.00c.,
SC Louis, whereas others quoted 3.95c.
At the close of the market yesterday rumors were circulating to the effect
that the price of lead was shortly to go to 4c., New York. In the face of
such news buying might well have been expected to be at a minimum, but
also another probable development mentioned was that, once the 4c. level
was reached, buying in volume may be forthcoming, with the result that
prices will immediately return to higher levels. In brief, the market of
last week was thoroughly unstable, practically inactive, and probably refleeted to only a comparatively small degree the real position of the metal.
Zinc Unchanged.
Buying of zinc in the last seven days was in small volume, but the price
for Prime Western held on the basis of 4.75c., St. Louis. Producers had their
eyes wide open for any signs of price shading, but since this did not occur
they seemed satisfied to await further developments. The increased output
of concentrate was a little disquieting.
Good Demand for Tin.
A good business was done in the domestic tin market last week, particularly in the last few days, when both consumers and dealers were fairly active
in acquiring metal. Straits and refined tin were both in demand. Prices
receded slightly in the middle of the seven-day period, returning later to
about the level that prevailed at the beginning of the week. These price
changes were held to be entirely the result of sterling exchange movements,
inasmuch as the London market has been steady during the period. Tinplate operations in this country are holding up well and are estimated to
show a 5% increase for the past week, bringing the current rate of operations
to an 85% basis.
Chinese tin, 99%, prompt shipment, was quoted as follows: Oct. 12,
holiday; 13th, 45.900c.; 14th, 45.8756.: 16th, 45.250c.; 17th, 45.625c.:
18th, 45.825c.
Revised Monthly Coal Figures.
According to revised figures released by the United
States Bureau of Mines, Department of Commerce, production of bituminous coal in September 1933 amounted
to 29,500,000 net tons, compared with 33,910,000 tons in
the preceding month and 26,314,000 tons in the corresponding
period last year. Anthracite output totaled 4,993,000 net
tons, as against 4,396,000 tons in August last and 4,108,000
tons in September 1932. The Bureau's statement follows:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN SEPTEMBER (NET TONS).
Bituminous Coal.
Total
Production.
August 1933_ _ _ 33,910.000
29,500,000
Sept. 1933_a_
September 1932 26.314.000
Anthracite.
No. of
Working
Days.
Avge. per
Working
Day.
Total
Production.
27.0
25.1
25.3
1,256,000
1,175,000
1,040,010
4,396,000
4.993,000
4,108,000
No. of Avge. per
orking Working
Day.
Days.
27
25
25
162,800
199,700
164,300
a Revised.
Weekly Bituminous Coal and Anthracite Production
Falls Below That for the Same Period in 1932.
According to the United States Bureau of Mines, Department of Commerce, the total production of bituminous
coal during the week ended Oct. 7 1933 was estimated at
Oct. 21
1933
5,630,000 net tons, a decrease of 1,246,000 tons as compared with the preceding week. Tha currant figure also
compares with 7,255,000 tons produced during the week
ended Oct. 8 1932 and with 7,931,000 tons in the corresponding period in 1931.
Anthracite output in Pennsylvania during the week ended
Oct. 7 1933 was estimated at 1,126,000 net tons, as against
1,202,000 tons in the previous week and 1,188,000 tons in
the week ended Oct. 8 last year.
During the calendar year to Oct. 7 1933 production
amounted to 243,732,000 net tons of bituminous coal and
36,579,000 tons of anthracite as compared with 217,330,000
tons of bituminous coal and 35,786,000 tons of anthracite
during the calendar year to Oct. 8 1932.
The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Calendar Year to Date.
Week Ended
Oct. 7
1933.c
Sept. 30
1933.d
Oct. 8
1932.
1933.
1932.
1929.
Bitum. coal a:
Weekly total 5,630,000 6,876,000 7,255,000 243,732,000 217,330,000 400,262,000
Daily avge__ 938,000 1,146,000 1,209,000 1,031,000
919,000 1,691,000
Pa. anthra. b:
Weekly total 1,126,000 1,202,000 1,188,000 36,579,000 35,786,000 54,337,000
158,000
Daily avge._ 187,700 200,300 198,000
152,600
231,700
Beehive coke:
11,000
608,900
533,900 5,263,500
7,500
Weekly total
7,100
1,833
2.548
1,250
2,234
1,183
22,023
Daily avge._
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).a
Week Ended
Sept. 23
1933.
Oct. 1
September
1923
Sept. 24
Oct. 3 Average.b
1932.
1931.
1932.
---:
406,000
207,000 195,000 168,000 149,000 218,000
Alabama
93,000
50,000
96,000
65,000
86,000
92,000
Arkansas& Oklahoma
214,000
198,000 148,000 150,000 122,000 155,000
Colorado
732,000 698,000 652,000 597,000 921,000 1,587,000
Illinois
300,000 255,000 291,000 249,000 275,000
550,000
Indiana
76,000
46,000
67,000
45,000
77,000
117,000
Iowa
96,000 118,000 107,000 115,000
97,000
168,000
Kansas and Missouri_
. 802,000 728,000 685,000 591,000 684,000
713,000
Kentucky-Eastern
220,000 147,000 213,000 186,000 203,000
248,000
Western
50,000
25,000
46,000
22,000
37,000
40,000
Maryland
11,000
3,000
7,000
2,000
27,000
7,000
Michigan
51,000
50,000
45.000
56,000
54,000
68,000
Montana
25,000
22,000
19,000
28,000
26,000
56,000
New Mexico
32,000
33,000
37,000
42,000
42,000
27,000
North Dakota
507,000 510,000 307,000 285,000 410,000
861,000
Ohio
(bitumlnous)_ 650,000 948,000 1,562,000 1,526,000 1,870,000 3,585,000
Penna.
64,000
67,000
62,000
84,000
119,000
94,000
Tennessee
13,000
13,000
17,000
16,000
26,000
19.000
Texas
57,000
60,000
85,000
61,000
91,000 - 103,000
Utah
195,000 190,000 179,000 180,000 200,000
245,000
Virginia
33,000
18,000
58,000
38,000
32,000
20,000
Washington
W. Va.-Southern_c 1,797,000 1.688,000 1,502,000 1,412,000 1,740,000 1,474,000
552,000 570,000 377,000 386,000 443,000
857,000
Northern_d
100 000
,
98,000 102,000 102,000 127,000
165,000
Wyoming
4,000
12,000
5,000
3.000
4,000
5,000
Other States
State.
Sept. 30
1933.
Total bituminous coal 6.876,000 3,695,000 6,790,000 8,325,000 7,943,000 11,814,000
1,202,000 1,111,000 1,392,000 980,000 1,268,000
714,000
Penna. anthracite_
Total coal
8,078,000 7,806,000 8,182,000 7,305,000 3,211,000 12,528,000
a Figures for 1923 and 1931 only are final. b Average weekly rate for entire
month. c Includes operations on the N. & W., C. & 0., Virginian, K. & M., and
B. C. & G. d Rest of State, including Panhandle.
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 Oct. 18, as reported by
the Federal Reserve banks, was $2,497,000,000, an increase
of $45,000,000 compared with the preceding week and of
$262,000,000 compared with the corresponding week in 1932.
On Oct. 18 total Reserve bank credit amounted to 22,513,000,000, an
increase of 236,000,000 for the week. This increase corresponds with increases of $88,000.000 in member bank reserve balances and $24,000,000
In unexpended capital funds, non-member deposits, &c., offset in part by
a decrease of 223,000,000 in money in circulation and an increase of
855,000,000 in Treasury currency, adjusted.
Bills discounted declined 23,000,000 at the Federal Reserve Bank of
San Francisco and $6,000.000 at all Federal Reserve banks. Holdings of
bills bought in open market and of United States bonds and Treasury
notes show practically no change for the week, while holdings of Treasury
certificates and bills increased 831,000,000.
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 Oct. 18, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 2939 and 2940.
Beginning with the statement of March 15 1933, new
items were included as follows:
1. "Federal Reserve bank notes in actual circulation," representing the
amount ofsuch notes Issued under the provisions of paragraph 6 of Section 18
of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund-Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption
of such notes.
-member banks," and "Special deposits
-non3. "Special deposits
member banks," representing the amount of segregated deposits received
non-member banks.
from member and
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
Oct. 18 1933 were as follows:
Increase(+)or Decrease(-)
Since
Oct. 18 1933. Oct. 111933, Oct. 19 1932.
113,000.000 6,000,000 -201,000,000
7,000,000
-27,000,000
2 375,000,000 +31,000,000 +524,000,000
U. S. Government securities
18,000,000 +11,000,000 -3.000,000
Other Reserve bank credit
TOTAL RESERVE BANK CREDIT2,513,000.000 +36,000,000 +294,000,000
Bills discounted
Bills bought
.000
Monetary gold stock
1,994,000,000 +55,000,000
Treasury currency, adjusted
5,650,000,000 -23,000,000
Money in circulation
2,655,000,000 +88,000,000
Member bank reserve balances
Unexpended capital funds, non-member
524,000,000 +24,000,000
deposits, &,3
+96.000.
+98,000,000
+29.000,000
+329,000,000
+120.000,000
Financial Chronicle
Volume 137
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $34,000,000, the total of these
loans on Oct. 18 1933 standing at $815,000,000, 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" increased from $664,000,000 to
$691,000,000, loans "for account of out-of-town banks"
from $114,000,000 to $117,000,000, and loans "for account
of others" from $3,000,000 to $7,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Oa. 18 1933. Oct. 11 1933. Oct. 19 1932.
$
8
Loans and investments—total
6 782,000,000 8,733,000,000 6.989,000,000
Loans—total
3,461,000,000 3,389,000.000 3.475,000,000
On securities
An other
Investments—total
1 712,000,000 1,683,000,000 1,853,000,000
1,749,000,000 1,706,000,000 1,822,000,000
+5,000,000
—619,000.000
3,637,000,000
4,933,000,000
—14,000,000
+19,000,000
—298,000,000
—321.000,000
7.986,000,000
—17,000,000
+219,000,000
U.S. Government securities__- 4,994,000,000
Other securities
2,972,000,000
—28,000,000
+11,000,000
+216,000.000
+3,000.000
1,894,000,000
217,000,000
+50.000,000
+17,000,000
+195.000.000
+37,000,000
10,527,000,000
4,477,000,000
863.000,000
+79,000,000
—9,000,000
—77,000,000
—138,000,000
+367,000,000
1,200,000,000
2,601,000,000
+3.000,000
—39,000.000
—247,000,000
—403,000,000
23,000,000
+3.000.000
—56,000.000
Investments—total
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F.It. banks
Return from Abroad of J. P. Morgan.
J. P. Morgan returned from abroad yesterday (Oct. 20)
on the steamer 'Berengaria'. Mr. Morgan left in July for
a vacation in England and Scotland. It was noted in the
New York "Sun" of last night that his lifelong rule against
giving interviews—a rule not so strictly observed during the
last year—was wholly put aside by the financier when he
received the reporters in his cabin as the ship came up from
Quarantine. From that paper we quote in part, as follows:
824,000,000
45,000,000
959,000,000
38,000,000
Net demand deposits
Time deposits
Government deposits
5 331,000,000 5,208,000,000 5,408,000,000
757,000,000 762,000,000 887,000,000
351,000,000 388.000,000 265.000,000
Due from banks
Due to banks
75,000,000
72,000,000
81,000,000
1,219,000,000 1,135,000,000 1,389,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers:
For own account
691,000,000
For account of out-of-town banks_ _ _ _ 117,000,000
For account of others
7,000,000
Total
815,000,000
664,000,000
114,000,000
3,000,000
411,000,000
16,000,000
6,000,000
781,000,000
433,000,000
545,000,000 108,000,000 281,000,000
270,000,000 273,000,000 152,000,000
Chicago.
1 201,000,000 1,197,000,000 1,235,000,000
Loans—total
691,000,000
689,000,000
745,000,000
344,000,000
347,000,000
341,000,000
348,000,000
425,000,000
320,000,000
510,000,000
508,000,000
490,000,000
300,000,000
210,000,000
297.000,000
211,000,000
283,000,000
207,000,000
Reserve with Federal Reserve Bank_ __ _ 388,000,000
Cash in vault
36,000,000
378,000,000
36,000,000
261,000,000
17,000,000
1 040,000,000 1.028,000,000
346,000,000 345,000,000
54,000,000
61,000,000
879,000,000
319,000,000
34,000,000
On securities
All other
Investinents—total
TJ. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
191,000,000
268,000,000
192,000,000
267.000,000
216,000,000
302,000,000
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, Oct. 11, with comparisons for
Oct. 4 1933 and Oct. 12 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 Oct. 11,
8,570,000,000
On securities
All other
2,226,000,000 2,236,000,000 2,489.000,000
1 095,000,000 1,108,000,000 1,045,000,000
Reserve with Federal Reserve Bank__ — 878,000,000
Cash in vault
38,000,000
Loans and investments—total
Loans—total
3 321,000,000 3,344,000,000 3,514,000,000
U. S. Government securities
Other securities
On demand
On time
2887
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on Oct. 11 shows increases for the week of
$79,000.000 in net demand deposits and $50,000.000 in reserve balances with
Federal Reserve banks and a decrease of $12,000,000 in loans and
investments.
Loans on securities declined $14,000,000 at reporting member banks in
the New York district and at all reporting member banks. "All other"
loans increased $38,009.000 in the New York district and $19,000.000 at
all reporting banks.
Holdings of United States Government securities declined $36.000,000
In the New York district. increased $10,000,000 in the Cleveland district
and declined $28,000,000 at all reporting banks. Holdings of other securities increased 316,000.000 in the New York district and $11,000,000 at all
reporting banks.
Borrowings of weekly reporting banks from Federal Reserve banks
aggregated $23.000,000 on Oct. 11, an increase of $3,000,000 for the week.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $900,000,000 and net demand.
time, and Government deposits of $911,000,000 on Oct. 11. compared with
5893,000.000 and $906,000,000, respectively, on Oct. 4.
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 Oct. 11 1933. follows:
Increase (+) or Decrease (—)
Since
oa. 11 1933. al. 4 1933. Oct. 12 1932.
:
Loans and investments—total— _16,536,000,000
—12,000,000 —400.000,000
He made it clear at the very beginning that he did not intend to speak
like an oracle concerning events in the United States during his absence. . .
He was asked at one time if there was anything he wished to say voluntarily and he replied: "No. I haven't anything to say except that I am
a private citizen and I do not see why I should be expected to talk and say
things when I really haven't anything to say."
Says He's Not Public Figure.
"But the public expect it of you, Mr. Morgan," said a reporter. "They
regard you as a public figure."
"I am not a public figure," he replied. "I am a private Person. I was
told when I left England that if I saw you men and posed for the photographers it would be a matter of only a few minutes and then everything
would be all right. I believe now that it is true since I have done these
things here. Yet I don't like it. The only reason I haven't talked to reporters time and again when they have looked me up was because I didn't
have anything to say."
The talk than turned—with Mr. Morgan's aid—to the subject of grouse
shooting again. "Scotland," he said, "was more delightful than ever this
year. Everywhere there was the purple heather and the passing of sunlit
clouds. The weather was incomparable. And the shooting was always
excellent. It was delightful—to shoot over the beautiful heather and to
enjoy air that was so fresh and invigorating."
Business Is Better.
He replied to a question concerning business conditions in England by
saying: "England is getting along very well and improvement has well
set in there. The heavy industries, including the railways, are showing
improvement and the whole feeling in England is that things are better."
* * *
"Do you feel," he was asked, "that private bankers will have to concentrate on investment banking rather than commercial banking as the result
of the new banking laws?"
"When I went away three months ago," he replied,"I said I didn't know
what the new laws meant and that we would have to find out first and
then do whatever we are supposed to do."
He was told that another banker had stated the new banking law was
"impossible" and would have to be rewritten.
"If it makes banking impossible then it is hardly worth while to have
banking, is it?" he said.
The banker seemed quite *NNW:ions of the fact that he had yet to face the
ordeal of the camera lenses. He asked how many photographers were waiting for him. He was told a score. He then asked that some of them be
invited to his suite, This was done, and they took as many photographs
as they pleased.
Albert H. Wiggin Elected President of Bankers Club—
Percy H. Johnston Made Treasurer Succeeding
the Late Charles H. Sabin.
Albert H.Wiggin has been elected President of the Bankers
Club, Percy H. Johnston, President of the Chemical Bank
& Trust Co., was elected Treasurer, succeeding the late
Charles H. Sabin. Other officers elected were Morgan J.
O'Brien, Vice-President; Leroy W.Baldwin, Vice-President;
2888
Financial Chronicle
Alfred C. Andrews, Secretary, and F. W. Lafrentz, Chairman of the Executive Committee.
Statement by Norman
Davis, Chairman of United
States Delegation at General Disarmament Conference at Geneva Endorsing Disarmament Plan
of Sir John Simon—Report in Agreement with
Position of United States Government.
The Department of State at Washington made public on
Oct. 14 the Statement by Norman H. Davis, endorsing
the disarmament plan offered at the General Disarmament
Conference at Geneva, to which further reference will be
found in another item in this issue bearing on the developments at the Conference incident to Germany's withdrawal
from the conference and the League of Nations. The statement of Mr. Davis, Chairman of the United States delegation to the Conference, follows:
The statement which Sir John Simon has just made contains an account
of conversations, in many of which I have participated. It also contains a
very definite indication of the modifications which he feels should be introduced into the British draft convention to make it more generally acceptable.
I am glad to be able to add my confirmation to his account of the conversations and to endorse and support the position he has taken on the
important questions of substance before us for immediate decision. I am
the better able to give my support to the statement which has just been
made to you because as a result of the frequent and exhaustive conversations which I have had during the past few days with Sir John Simon we
have come to the common conclusions which he has so clearly and forcefully
expressed in his statement.
It is not difficult for me to state my position in this frank and unequivocal
manner. The report which has been laid before you, both in its broad
outlines and in many of the points of detail, is in agreement with the position
of the American Government set forth in the communication which President Roosevelt addressed to the beads of Governments represented at this
conference last May and with the statement which I made in the General
Commission a few days later.
In these statements my Government took the position that a disarmament
convention could not properly be made an instrument for re-armament and
that qualitative equality in armaments should primarily be sought through
the reduction in the armaments of the heavily armed powers and not
through acts on the part of others to attempt to build up. Under present
conditions steps are necessary in the attainment of that equality. It cannot be achieved at one stroke.
I will not attempt to restate on this or on other points the position which
has been so adequately presented to you. I only wish to emphasize one
point to help reassure those who are impatient or skeptical because of the
long delay.
From the conversations in which many of us ha e been recently participating I am more than ever convinced of the sincere purpose of the hea Hy
armed countries to make effective measures of disarmament a reality and
I would add that no treaty would be satisfactory as far as my Government
is concerned or justify our participation in a system of supervision designed to insure its faithful observance unless that treaty contained precise
Provisions for such measures of disarmament.
United States to Take No Part in Political Talks in
Europe, Norman H. Davis Announces—Head of
American Delegation to Geneva Declares Our Sole
Interest Is in Arms Reduction.
Norma H. Davis, Chairman of the American delegation
to the World Disarmament Conference at Geneva, issued
a statement on Oct. 16 in which he declared that America's
interest in this week's proceedings at Geneva concerned
disarmament purposes only, and the United States would
not participate in any of the conversations on political
alignment that were expected to be held before the resumption of the Conference on Oct. 26. Mr. Davis' statement
was made after he had learned of reports from the United
States that he had been represented as involving this country
in purely European questions. "We again make it clear
that we are in no way politically aligned with any European
Power," he said. "The principles set forth last May by
the President in his message to the heads of States remain
the policy of the United States." The text of Mr. Davis'
announcement read:
We are at Geneva solely for disarmament purposes. While there is
negotiations, we
a possibility of successfully carrying on disarmament
will gladly continue to do our part. We are not, however, interested In
the political element or any purely European aspect of the picture.
We again make It clear that we are in no way politically aligned with
any European Power. Such unity of purpose as has existed has been
entirely on world disarmament matters.
Whether or not conditions are favorable to continuing the present disarmament effort is now a question for Europe, not the United States, to
decide. During this week there will be consultations between the capitals
of Europe. We do not wish to take an active part in these, as their implications are purely political.
The principles set forth last May by the President in his message to
the heads of States remain the policy of the United States.
Disarmament Conference Adjourns Until Oct. 26—
Arthur Henderson Replies to Germany that Its
Reasons for Quitting the Parley Are Invalid—
Nations Study Issue Raised by Withdrawal.
The General Commission of the World Disarmement
-day
Conference, meeting at Geneva on Oct. 16, voted a 10
adjournment until Oct. 26 to permit the delegates and their
respective governments to negotiate regarding the situation
created by the German withdrawal from the Conference
Oct. 21 1933
and the League of Nations. The Steering Committee will
meet on Oct. 25. Arthur Henderson, President of the
Conference, who suggested the adjournment, explained that
it would enable delegations representing all the rest of the
world to consult their governments, since "the decision we
shall now have to take will be fraught with such far-reaching
political consequences." Mr. Henderson read to the
Commission the reply which he later sent to Foreign Minister
von Neurath of Germany with regard to the announcement
of Germany's withdrawal. He declared, in his communication, that this "grave decision" was "taken for reasons
which I am unable to accept as valid." The German
Government, Mr. Henderson said in his note, announced
its withdrawal "at the moment when the bureau had just
decided to submit to the General Commission a definite
program. This program . . . provided . .. for the reduction of armaments and . .. for the realization of the
rights which the German Government had always placed
in the forefront of their demands." The complete text of
Mr. Henderson's reply to Baron von Neurath read as follows:
I communicated to the General Commission your Excellency's telegram
of the 14th announcing the decision of the German Government to discontinue participation in the work of the Conference for the reduction and
limitation of armaments, and indicating the reasons for the decision.
The German Government took this step at the moment when the Bureau
has just decided to submit to the General Commission a definite program.
This program, to be completed within a limited period, provided for the
realization progressively, in accordance with the resolutions of the Conference in which Germany herself concurred, of the reductions of armaments
comparable to those contemplated in the draft convention submitted to the
General Commission.
This program was provided also with corresponding measures of security
for the realization of the rights which the German Government have always
placed in the forefront of their demands.
I regret, therefore, that this grave decision should have been taken by
your government for reasons which I am unable to accept as valid.
In his address before the Commission on Oct. 16, Mr.
Henderson said that he could not allow several of Baron
von Neurath's statements with regard to the reasons for
Germany's withdrawal to pass unchallenged. He listed
these statements as follows:
"1. It is now clear that the Conference will not fulfill its task of general
disarmament.
"2. Its failure due to the unwillingness of the heavily armed powers to
disarm.
"3. This renders impossible the satisfaction of Germany's security claim.'
Further details of Mr. Henderson's address are given
below, as reported in Geneva advices of Oct. 16 to the
New York "Times":
When Mr. Henderson asked if there were any objections to his reply.
General Cantsos sought to safeguard Hungary's own claim to equality by
this cryptic statement:
"I found it quite comprehensible that the General Commission should.
through its President, reply to the German conununication, and while abstaining from any intention of provoking any discussion, I will merely
observe that my country under existing treaties concerning disarmament
finds itself in a special position. Hungary must therefore consider the
problem of disarmament from the point of view of the actual state of
affairs."
But, he said, he would not vote against the letter, or abstain.
Russia. Poland and Turkey washed their hands of that part of the
reply dealing with the disarmament program, asserting they had been
excluded from the negotiations ending in it. But they took pains to explain
they did not object to Mr. Henderson sending his reply unchanged. It was
understood they merely sought to safeguard their right to join in such
negotiations. There were no other speeches.
What Mr. Henderson meant by far-reaching consequences he made
known in a speech of rare eloquence this morning when he set forth to a
deputation from yesterday's disarmament manifestation the major issues
in the present situation. He declared the time had come to get down to
essentials. He stressed that disarmament was not the end but a means to
peace and that "the core and basis of the collective peace system is the
League of vernment
goNations.
"
that rejects that system, whatever its intentions, is
Inevitably encouraging its citizens to regard war as legitimate and inevitable," Mr. Henderson added, and concluded:
"My message to you is that the struggle for disarmament must go on
and that the covenant will not be treated as a scrap of paper. It cost 10.000,000 dead and 20,000.000 wounded to bring the League of Nations into being,
"We must not hesitate to make whatever sacrifice may be necessary to
insure the final triumph of the reign of law over the international anarchy
that breeds war."
Earlier in his statement Mr. Henderson brought out the contrast between
the withdrawal of Japan and Germany from the League and the approach
to the League by the United States and Russia, listing the "weighty contributions," such as the peace pact, which these two non-members of the
League have made to the collective peace system.
Soviet Union Finds Need for Disarmament—Premier
Molotoff Declares Maximum Cuts "More Than
Ever Necessary."
Premier Molotoff of the Soviet Union, in a message on
Oct. 15 to Viscount Cecil of Chelwood at Geneva, declared
that the Soviet Government intends to continue its efforts
toward real disarmament. The message was sent in answer
to Lord Cecil's request for an expression of opinion in connection with the meeting at Geneva of an international group
for the discussion of disarmament. Premier Molotoff's
remarks were reported as follows in a Moscow dispatch of
Oct. 15 to the New York "Times":
Volume 137
Financial Chronicle
Premier Molotoff said the Soviet Government had always supported
peace in the last 10 years but that "now, when the menace to peace is really
observed by all peoples, the Soviet Government realizes maximum disarmament is more than ever necessary." This evidently implies Soviet
appreciation of the extra war danger created by the German exit from the
League of Nations and the disarmament conference. M. Molotoff adds:
"Although the Soviet Government has supported all proposals for real
disarmament, especially of aggressive weapons, not all of Its neighboring
States are carrying on a peaceful policy."
2889
as this real equality of rights is withheld from our people."
While this proclamation was being issued, Baron Konstantin
yon Neurath, German Foreign Minister, sent a telegram to
Arthur Henderson, British Chairman of the Disarmament
Conference, officially informing him of Germany's withdrawal from future conference negotiations. He stated on
behalf of the German Government that its withdrawal from
the Conference was "due solely to the unwillingness on the
part of the highly armed nations to redeem up to now their
contractual obligations to disarm." The note added that Germany's claim to equality of rights was thereby rendered impossible of satisfactory fulfilment, "and the condition on
which the German Government agreed at the beginning of
this year to take part in the work of the Conference thus
no longer exists." On the same day (Oct. 14) the German
Foreign Office sent instructions to the German delegations
ims conference and to the League of Nations to leave
to the ar
Geneva. It was also announced that Germany's permanent
representatives with the League would return to Berlin and
that although the German membership in the League will
theoretically not end until the prescribed two-year period has
elapsed, in actual practice German association with the
League would terminate as of Oct. 14.
The tentative disarmament plan described to the Steering
Committee of the Disarmament Conference at Geneva on
Oct. 14 by Sir John Simon was outlined in an address, the
text of which was made public by the Department of State
at Washington, and which we give under a separate head
in this issue of our paper.
The text of the remarks, on Oct. 14, by Norman H. Davis.
Chairman of the United States delegation to the General
Disarmament Conference at Geneva, in which he endorsed
the disarmament plan described by Sir John Simon, was also
made public by the Department of State at Washington, and
that likewise is given elsewhere in these columns.
The official text of the telegram from Baron von Neurath,
German Foreign Minister, to Arthur Henderson, Chairman
of the Disarmament Conference, in which Germany's withdrawal from the Conference was announced, follows:
Berlin, Oct. 14 1933.
Germany Withdraws from League of Nations and
Disarmament Conference—Chancellor Hitler Attacks Versailles Treaty and Demands Equality—
Present Reichstag Dissolved and National Election
Called for Nov. 12 to Endorse Government's Course
—State Diets May Never Meet Again as Decree
Erases Old Federal Provinces—Sir John Simon
Had Offered Eight-Year Disarmament Plan as
Gesture to Germany—Hitler Asserts War with
France Is Impossible and Hints at Non-Aggression
Pact.
The National Socialist Government of Germany on Oct. 14
officially announced the Reich's withdrawal from the League
of Nations and the World Disarmament Conference, and on
the same day President von Hindenburg issued a decree dissolving the Reichstag and proclaiming a national election
on Nov. 12. Only the National Socialist party will be represented in that election, since all other parties have been abolished. The voting is expected to be in the nature of a plebiscite in which the people of Germany may signify their formal endorsement of whatever course of action the Hitler
Government may plan for the future. The President's proclamation remarked that the people will be enabled "to give
expression to their fealty to the Reich Government." The
official notice of Germany's withdrawal from the League
of Nations was sent to the Secretariat of the League on
Oct. 19. Its contents were not made public, but it was said
to be extremely short
Chancellor Hitler, in a radio address on the evening of
Oct. 14, defended his Government's stand with respect to
withdrawal from the League and the Disarmament Conference. He declared that the German people considered themselves innocent of responsibility for the World War, and said
that Germany refused to be a nation of "second-class rights"
On behalf of the German Government I have the honor to make to you the
and demanded equality and honor. He condemned the Ver- following communication:
In the light of the course which recent discussions of the Powers concerned
sailles treaty and asserted that there is no possibility of
have taken in the matter of disarmament it is now clear that the Disarmaterritorial conflict between France and Germany. Only a
ment Conference will not fill what is its sole object, namely, general dismadman, the Chancellor remarked, could conceive of a war armament.
It is also clear that this failure of the Conference is due solely to unbetween the two countries if the Saar mining region is rewillingness on the part of the
turned to Germany as a result of the plebiscite to be held tractual obligations to disarm.. highly armed States to carry out their conIn 1935. With regard to armaments, he said that Germany
This renders impossible the satisfactory fulfilment of Germany's recogdemands only the defensive weapons permitted to all nations nized claim to equality of rights, and the condition on which the German
Government agreed at the beginning of this year to take part in the work
and does not seek weapons of attack.
of the Conference thus no longer exists. The German Government accordingly will be compelled to leave the Disarmament Conference.
Coincidentally with the announcement of national elections on Nov. 12, President von Hindenburg's decree of
BARON VON NEURATH.
Oct. 14 dissolved the 17 State Diets, and it is considered
In announcing to newspaper men in Berlin that the Gerdoubtful that they will be replaced, while it is regarded as
man Government would withdraw from both the Disarmaprobable that after the election Chancellor Hitler will with.ment Conference and the League of Nations, Dr. Paul Joseph
draw from the States his personal representatives now apGoebbels, German Minister of Public Enlightenment and
pointed as Federal Governors. In this event the existence
Propaganda, read a statement by Chancellor Hitler, which
of such old Federal States as Bavaria, Saxony and Wurttembe found in another item in this issue of our paper.
berg will officially come to an end, for all political purposes,
Chancellor Hitler, in his radio address on the night of
and all local government will be subservient to the one cenOct. 14, while explaining Germany's withdrawal from both
tral authority.
League and Disarmament Conference, made certain peace
News of the German intention to withdraw from the
overtures to France, and issued what was tantamount to an
League was received at Geneva only a short time after Sir
invitation for France to join Germany in fl two-Power pact
John Simon, British Foreign Minister, had offered to the
of non-aggression. He referred to the recent statement by
Steering Committee of the Disarmament Conference an Premier
Edouard Daladier that the French Government has
eight-year program of disarmament. This had been intended
no desire to injure or humiliate the German people, and
as a suggestion which might placate Germany, and induce
Chancellor Hitler said that the Saar mining region, in which
the German representatives to refrain from'abandoning the a plebiscite
will be held in 1935 to decide for French or GerConference. Norman H. Davis, delegate from the United
man sovereignty or for semi-autonomy, remains as the sole
States, had given hearty endorsement to the plan, which had important
matter of contention between the two nations. He
two phases. In the first of these stages, European armies expressed
an "urgent desire" that hostilities between France
would be standardized on their present relative basis and and
Germany should terminate henceforth and declared that
Germany would not re-arm. In the second period armaments "the
sacrifices entailed thereby are out of all proportion to
would be reduced and certain offensive weapons would be the
gains." Germany has no intention, he said, to acquire
abolished, so that at the end of eight years armies would be any
foreign territory. With reference to a possible pact with
on a basis of substantial equality, including that of Germany. France,
Chancellor Hitler asserted that it would be "a treIn the official German proclamation of Oct. 14, given to
mendous event for all mankind if the two principal European
the German people and representatives of the press, it was countries would
forever banish might from their mutual
stated that the German Government would be willing to affairs. The
German people are wining to do so." Elseaccept any "real disarmament" is so far as other nations where
in this issue we give his radio address in full.
would follow the same course. The manifesto added that
We quote below in part from a Berlin dispatch of Oct. 14
granting of equal rights to the German people is indis- to the New York
the
"Herald Tribune," regarding the announcepensable, and the German Government will "leave the dis- ment of Germany's
withdrawal from the League and from
armament conference and withdraw from the League so long the Disarmament
Conference:
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Financial Chronicle
The Reich's decision to-day appears to have been precipitated by the
speech which Sir John Simon, British Foreign Secretary, made this morning
at Geneva, suggesting a "transition period" in disarmament of eight years,
instead of the four years proposed in the original British draft convention.
Thereafter, it was suggested by Sir John, who had the approval of the American disarmament delegation for his speech, equal rights for Germany in the
matter of armaments might be considered.
This more conservative British stand regarding immediate disarmament,
as reflected in Sir John's speech, seems to have been the straw which broke
the German camel's back, so far as concerns further part in proceedings at
Geneva.
The proposal, which has been made known in advance to the German delegates at Geneva, was communicated to Berlin too late to be discussed at
the prolonged Cabinet meeting held here yesterday, and the general Impression last night at Berlin regarding the situation in no way indicated such
a cutting of bridges as Germany effected to-day. The full text of Sir John's
speech was received at the German Foreign Office this morning. A Cabinet
meeting was immediately called to consider what the Reich's policy should
be in face of the arms conference's increasing insistence that Germany submit
to strict armaments supervision for several years before any disarmament
by others.
No Intimation of Break.
Until the Cabinet actually met to-day not the slightest intimation had been
given that the actual question the Hitler Government was debating was
whether to quit the League and the arms conference now, without warning,
and few diplomats, if any, in Berlin had any idea that a turning point in
Germany's international relations had been reached.
So unexpected was the Cabinet's decision that the routine press conference
at the Propaganda Ministry passed to-day without a real hint of what was
to be made known. At 1:30 o'clock, however, newspaper men were called
to an urgent conference at the Ministry, and there Dr. Joseph Goebbels,
Minister for Propaganda and Public Enlightenment, announced the Reich's
departure from Geneva and distributed copies of the declaration by the
Government and the Chancellor.
Within 2 half-hour Berlin was buzzing excitedly with the most momentous
news for this country since the Armistice, and there were wild surmises of
possible political consequences to follow Germany's self-chosen isolation from
the majority of the nations of the world. In German public opinion, the
arms conference had been killed, and possibly the League of Nations with it.
In any case, the "farce of disarmament" had ended, according to the general view.
Meeting-at Geneva Urges Continuance of Arms Parley
Despite German Withdrawal—Messages Favoring
Disarmament Received from President Roosevelt
and Premiers MacDonald, Daladier and Molotoff.
The German withdrawal from the League of Nations and
the Disarmament Conference makes it "more necessary than
ever" that the Conference continue and offer Germany substantial disarmament and economic sanctions against violators, according to statements made at an international
meeting held in Geneva on Oct. 15, When messages from
President Roosevelt, Premier Daladier of France, Premier
MacDonald of Great Britain and Premier Molotoff of the
Soviet Union were read. These messages, although written
before the German withdrawal, were not modified thereafter, and all stressed the need of disarmament. It was
reported that both Chancellor Hitler of Germany and Premier Mussolini of Italy had sent messages to their Geneva
representatives to be delivered at the meeting, but had withdrawn them on Oct. 14. Geneva advices of Oct. 15 to the
New York "Times" described the meeting as follows:
p
Norman H. Davis, presenting President Roosevelt's message of greeting,
declared that he saw no reason to withdraw it because of the change in the
situation and the difficulties that the attitude of Germany might cause.
The solution of the disarmament problem, he said, was of such vital importance that all efforts should be made to realize it.
Prime Minister MacDonald's message said that after many months of hard
work and intricate negotiations that at one time had promised to produce
satisfactory results the Disarmament Conference was being threatened by
undermining of confidence in Europe.
Whoever disappointed that confidence must bear a heavy responsibility
in the eyes of the world, he declared, and he could not believe that any
Government would be so blind as to pursue such a policy and prevent any
success from being recorded by this Conference.
Peace, Mr. MacDonald said, was one of the inherent instincts of civilized
man, and never was the future of civilization more defended than by the
activity of the League at this moment. He hoped that even now the voices
of the people who would be the victims of a war would make it impossible
that the Conference should fail to produce a convention that would contribute
to the peace of the world.
He declared the British Government considered it vital that the Conference should arrive at a successful conclusion and was determined to exert
its whole influence to that end.
Viscount Cecil of Chelwood received an ovation, the whole crowd or 2,500
standing. He said it was net only disarmament that was imperiled, but
peace itself, as the result of "flaming propaganda and the reckless policy
of which we have just had a striking example."
Denies Parley Is Wrecked.
Lord Cecil denied that the action of Germany had already destroyed the
Disarmament Conference, which he declared must be continued and must
draft a treaty fair to everyone and present it to the German Government
for acceptance or rejection.
A fair treaty, he said, must provide for attaining equality status through
a gradual leveling down of armaments and not through re-armament, and
must have supervision and enforcement and "some form of economic pressure" against violators.
The manifestation was held by the International Consultative Group for
Disarmament, of which Malcolm Davis of New York is Chairman. It has the
support of such organizations as the Federation of League of Nations Societies, the Interparliamentary Union and the International Veterans' Association. The French representative of the latter was one of the evening's
most ardent speakers for disarmament.
German
Declaration on
Oct. 21
1933
Policy of Peace—Stand on
in Armament and Attitude Toward Future Treaties.
The German Government declared its peaceful intentions
and anxiety to overcome the war psychosis, in a declaration
of the entire Government to the German people on Oct. 14.
The declaration, as given in press accounts from Berlin,
follows:
The German Reich's Government and the German people are one in the
will to conduct a policy of peace, reconciliation and international understanding as the basis of all their decisions and actions.
The German Government and the German people therefore renounce force
as an unsuitable means for solving the existing differences within Europe's
community of States.
The German Government and the German people renew their promise to
agree joyfully to every actual disarmament of the world and give assurances
of their readiness to destroy even the last German machine gun and dismiss
the last man from the army provided the other nations decide likewise.
The Government and the people jcin in the sincere wish dispassionately
to examine and solve by the method of negotiation all the existing questions,
in co-operation with other nations, including all our former opponents, in
the spirit of overcoming the war psychosis, and for a final restitution of
sincere relationships among each other.
The Government and the people therefore declare themselves willing at all
times, by the conclusion of Continental non-aggression pacts, to safeguard
Europe's peace for the longest period possible, serve its economic welfare
and participate in a general cultural reconstruction.
The Government and the people are imbued with the same conception of
honor—namely, that an indispensable moral objective and condition for any
participation of our people and its Government in international institutions
and treaties consist in vouchsafing equality to Germany.
The Government and the people therefore are united in the decision to
leave the Disarmament Conference and resign from the League of Nations
until this actual equality is no longer withheld from our people.
The Government and the people are determined rather to take upon themselves every deprivation, every persecution and every misfortune rather than
In the future sign treaties which must be unacceptable to every man of honor
and every honor-loving people, and which in their consequence can lead only
to rendering eternal the distress and misery resulting from the Versailles
treaty and thereby to the collapse of the civilized community of States.
The German Government and the people have no desire to participate in
any arms rivalry of the other nations. They merely demand such a measure
of security as guarantees to the national peace and the freedom for peaceful
pursuits.
The Government and the people are ready to realize these demands of
the
German nation through negotiations and treaties.
The Reich's Government addresses to the German people the
question:
Does the German people approve the policy of its Government as
here outlined, and is it ready to declare to be the expression of its own
interpretation
and its own will, and solemnly to endorse it?
Secretary of State Hull Declares German Government
Hinders General Disarmament—Expresses Disappointment at Reich Withdrawal from Geneva.
Germany's withdrawal from the World Disarmament Conference has seriously impeded the movement toward general
disarmament, Secretary of State Cordell Hull said at a press
conference on Oct. 14. Mr. Hull said that the United States
has wholeheartedly sought for general disarmament and he
added that the action of the Hitler Government has halted
the spirit of teamwork which this Nation has tried to practice and encourage. We quota in part from Washington
asivices of Oct. 14 to the New York "Times" regarding
Mr. Hull's statement:
Whether or not the United States, Great Britain and Prance
reached
the point of agreeing on the wording of a resolution to be
introduced at
Monday's scheduled preliminary session of the Disarmament
there was no doubt from Mr. Hull's remarks to-day that the Conference,
three Government, were in accord against any re-arming by
Germany. Their common
meeting ground may have ended there, as the
American position has
been in favor of carrying out the spirit of the agreement
of
offering equality of rights to Germany within a framework Dec. 11 1932.
of security.
Mr. Hull made it clear that he had not given up
hope of attaining
measurable disarmament by the heavily armed Nations.
"I shudder to contemplate the alternative," he said,
"of all Nations
surrendering and giving up either efforts or hope of promoting
disarmament
and securing it."
Germany's action to-day was viewed here more as a
gesture than as
a treaty violation. There was no talk of this country's
entering into
sanctions against Germany, as it was generally felt that no
occasion for
sanctions had been given.
German Withdrawal from Arms Parley Termed "Unexpected" by Italian Government—Official Communique Issued at Rome Says Conference Cannot
Continue.
The decision of Germany to withdraw from the League of
Nations and the Disarmament Conference was "unexpected"
by the Italian Government, according to an official communique issued at Rome on Oct. 15. The statement said
that Italy was able to receive the news "with maximum
calm" and there exists in Rome a belief that a spiiit of
collaboration among the major Powers may yet be found.
Rome adviees of Oct. 15 to the New York "Herald Tribune"
continue:
"In official Italian circles the decisions of the German Governmet, although unexpected, have been received with maximum calm," the statement said. "No one denies that the decisions are grave, more especially
If they are acted upon. But in the actual state of affairs It is necessary to
look at the situation realistically and to examine the possibilities there are
of turning it into understanding.
Volume 137
Financial Chronicle
"The substance and tone of the speech of Chancellor Hitler, and of the
messages launched to the German people do not close all doors, since they
categorically reaffirm the desire on the part of Germany to collaborate in
the interests of peace.
"In official Italian circles it is recognized that the Disarmament Conference cannot continue, owing to its abandonment by Germany, and
that postponement is necessary. This must be done while the requisite
and satisfactery conditions for re-examination of the whole problem are
being created."
The concluding phrase, as well as the general tone of every comment.
indicated recourse to the Four-Power Pact and the additional assistance
of the United States to bring about "the requisite and satisfactory conditions."
Baron von Neurath Blames Great Britain for Disarmament Crisis—German Foreign Minister Says Sir
John Simon Reported New Reich Arms Demands
when None Was Made—Calls Suggestion of Probationary Period "Libel" on German Government
—Will Still Consider Proposal by Other Powers
Based on Equal Rights.
Germany's withdrawal from the disarmament discussions
at Geneva was blamed upon Great Britain by Baron Konstantin von Neurath, German Foreign Minister, in a speech
to 500foreign newspaper correspondents and German political
writers in Berlin on Oct. 16. Baron von Neurath charged
that the parley had been translated into a "mockery" by
the plan for arms reduction supported by Great Britain,
France, and the United States. The idea of a probationary
period, he said, was a "gross libel" on the German Government. He accused Sir John Simon,British Foreign Minister,
of inacuracy in stating that Germany had made new demand
for re-armament, when no such demands had actually been
made. Germany was still willing, however, to consider
any proposal by other great Powers based on the principle
of equal rights, he added. His remarks were reported as
follows in a Berlin dispatch of Oct. 16 to the New York
"Herald Tribune":
The German Foreign Minister challenged the good faith of the big Powers.
"Perhaps you will ask me what next? The answer is this: The question
is not Germany's business, but that of the other Powers," he declared.
"It is now up to them to make the next move. Let the Conference at
Geneva show what it can do. Our departure need be no obstacle to its
work. We are disarmed, and none can deny the vast discrepancy in
armaments between us and the other Nations."
Baron von Neurath then posed the question of the League of Nations'
future.
"It is true that the other Powers now no longer have the possibility of
concentrating their efforts on a second disarmament of Germany," he
said, "and it is to be hoped that their task of reaching an agreement concerning their mutual disarmament will therefore be all the clearer to them.
This implies that they have also in their hands the fate of the League,
whose failure to achieve general disarmament and give Germany equal
rights has deprived it of any value to Germany."
As to the Reich's course, he said, "Germany will, of course, at any time
consider serious proposals for disarmament, and will continue to be ready.
on the basis of equal rights, to reach an understanding with regard to
her future armaments." Whether this might be attained bi-laterally or
through the Four-Power Pact be did not indicate.
Earlier in his interview Baron von Neurath, reviewing the events leading
to Germany's withdrawal from Geneva, declared that the assertion of
Sir John Simon, British Foreign Secretary, that the Germans had exceeded
their previous demands, was entirely inaccurate. "We kept to the British
plan, to the idea of a convention of five years' duration, declined the idea
of a period of probation, and insisted that the realization of our equality
of rights should not wait several years but should begin at once." he said.
Repeating that it was the other Powers which had changed front and
not Germany, the Foreign Minister said: "I must emphatically reject
any attempt to present this state of things in any other way and thereby
saddle us with the responsibility which should fall upon others." As
substantiation he cited the Wllhelmstrasse's instructions to its envoy at
London on Oct. 6.
In this connection, Baron von Neurath charged the British Foreign
Office with misrepresentation of Germany's aims. The Berlin disarmament
program was "trasnmitted to Washington so inadequately," he said, that
the impression was created in the United States that Germany had submitted new claims which endangered the Conference. Later, he added.
the true facts were easily established at Geneva. "so that the American
Government was soon able to satisfy itself of the incorrectness of the statement upon which the [British] conununique was based."
Charges "Substitution."
As for the real cause of the breakdown, he continued, "I must state
most definitely that it was not our claims but rather the attitude of the
other side which made it impossible to proceed with the negotiations.
The British Foreign Secretary, in his statement on Saturday [Oct. 14].
with the concurrence of France and the United States, substituted a new
plan for the MacDonald plan. What is the meaning of this plan? According to it, disarmament of the highly armed states is to be postponed
four years. but even for a longer period no definite undertakings are to
be given at this stage, as disarmament of the highly armed States is made
dependent upon the success of the system of control."
The Foreign Minister charged that this made it possible for charges of
German breaches of the agreement to serve as an excuse for the other
Nations to evade their obligations to disarm.
"In addition," he said, "the measure of eventually proposed material
disarmament also is left entirely in the dark during the period following
these four years. Hence, the attitude of the Powers amounts to this:
To postpone their own disarmament indefinitely while Germany is to be
denied any adjustment of her armaments."
200,000 to 8,000,000, He Says.
Waving aside the plan for transformation of the Reichswehr into a
short-service militia double the present strength of the German army as in
reality a German concession, Baron von Neurath continued: "Consequently, Germany would have 200.000 rifles in the hands of men who had
been trained for a short period, in contrast to about 8,000,000 French
2891
rifles. It is really a mockery if this second disarmament of Germany is
to be justified on the slogan of no re-armament by Germany."
He asked how the Governments concerned could possibly have believed
that Germany would accept such a plan.
"Was it really thought possible that the German Government would
agree to the idea of a period of probation, an idea which in itself stands for
defamation, beyond all discussion, and whose justification I can only
describe as a gross libelling of the German Government and the making of
completely groundless insinuations as to Germany's political intentions?"
he demanded.
"All attempts to cover up the lack of other nations' will to disarm
by reproaching Germany and putting the responsibility on her shoulders
must fail. We have taken part in the Geneva disarmament negotiations
with the greatest patience and moderation. . . . The end of the
story was that disarmament itself was sidetracked.
.
Waited for Conciliation.
"Right up to the last few hours our delegation at Geneva sought to
Influence the other side to induce them to adopt a more reasonable attitude.
At the same time it was promised to us that Sir John Simon's declarations
would be conciliatory in nature. We waited for this speech, but the
result was only another serious disappointment. We could no longer
postpone our decision."
At the beginning of his interview Baron von Neurath charged that the
big Powers. "with the obvious intention of discriminating in principle
against Germany, violated the fundamental idea of the League and announced that they would attach no value to the sincere and genuine cooperation of Germany. The German people would disgrace itself." he
declared, "if, in spite of this state of affiars, it desired to maintain an
outward appearance of such co-operation."
He cited the Council's communication of December 1924 relative to
Germany's entrance into the League, in which it was affirmed that the
entry would be based upon equality of rights, and reviewed the granting of
this principle in December 1932 and the adoption of the MacDonald plan
In March of this year as the basis of a disarmament convention.
"The Decisive Point."
"But when the decisive point was finally reached." he continued, "and
the highly armed states were to give proof of their desire to disarm, it was
Interesting to note that the change in the situation occurred, which subsequently resulted in the statement made by Sir John Simon on Saturday.
The foundations of this change were laid at Paris in the conversations between the French, British, and American Governments."
When Germany finally was "readmitted" to the diplomatic conversations. Baron von Neurath added, "we were surprised and disappointed to
see that the basis on which the deliberations of the Conference so far had
taken place had ceased to exist. It became clear that the British plan
was no longer recognized, even by its authors, and that it was to be fundamentally changed. With regard to this decision—namely, to remove the
painfully established basis for a satisfactory disarmament convention, to
Germany's disadvantage, and thereby to abandon the December agreement—there was only one reply Germany could give, and that was to
withdraw from the Conference."
The German Foreign Minister said that he had noted with satisfaction
that in the last negotiations "the representatives of the United States
and Italy seriously endeavored to act as intermediaries." but that this
had failed, owing to the "common front" tendency of the other Powers.
Appeal by Chancellor Hitler of Germany to Nation to
Rally Behind Government in its Decision to Withdraw from Disarmament Conference and League
of Nations.
The appeal to the Nation by Chancellor Hitler of Germany read to newspaper men at Berlin on Oct. 14 by Dr.
Paul Joseph Goebbels, German Minister of Public Enlightenment and Propaganda, to which reference is made in a
general item in this issue of our paper on the withdrawal of
Germany from the Disarmament Conference and the League
of Nations, is given herewith:
Filled with an honest desire to carry through the work of the peaceful
internal reconstruction of our people and its political and economic life, the
former German Governments declared themselves ready, trusting they
would be conceded an equality worthy of Germany, to enter the League of
Nations to participate in the disarmament conference.
Therein Germany was bitterly disappointed, despite all readiness to
pursue the disarmament which we were the first to execute, if necessary to
Its very last consequences. The other governments could not bring themselves to make good the assurances signed by them in the peace treaty.
Through the conscious denial to 6rrnany of a real moral and objective
equality, the German people and their government were again humiliated.
After the Reich Government, in consequence of the German equality
vouchsafed to it Dec. 11 1932, again declared itself ready to participate in
the discussions of the disarmament conference, the official representatives
of the other States now have informed the Reich Foreign Minister and our
delegates in public speeches and direct declaration that this equality for the
time being can no longer be conceded to the present-day Germany.
As the Reich Government sees in this manner of procedure a discrimination against the German people as unjust as it is humiliating. it deems
itself unable under the circumstances as a second-class nation deprived of
the rights to continue to participate in the negotiations which thereby
could only lead to new dictates.
In again expressing its unshakable will to peace, the German Government declares in view of these humiliating and dishonoring demands that
It must to its deepest regret leave the disarmament conference. For the
same reason it will also give notice of its resignation from the League.
This decision, together with a renewed avowal of the policy of the sincerest
will to peace and a readiness for reconciliation, the'German Government lays
before the German people, asking it to express its position thereanent. It
expects from them a manifestation of a similar love of peace and a readiness
for peace, but also of a similar conception of honor and a similar determination. •
As Chancellor of the German Reich, I, therefore, proposed to the Reich
President to lay this policy of the Reich Government, as a visible expression
of the unified will of the Government and the people, before the Nation for
a plebiscite, and to dissolve the German Reichstag in order to give the
German people thereby an opportunity to elect those members who as the
convinced representatives of this policy of peace and honor can give the
people the guarantee of an undaunted safeguarding of its interests along
these lines.
As Chancellor of the German people and leader of the National Socialist
movement, I am convinced that the entire Nation will unanimously rally
behind a confession of political faith and a decision that springs equally
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Financial Chronicle
the confrom a love for our people and a respect for her honor, and from
only
viction that the goal of world peace so necessary for all can be reached
vanquished is supplanted by a just
If the conception of the victor and the
application of the same vital right for all.
ADOLF HITLER.
Radio Address of Chancellor Hitler of Germany Setting
Forth That Country's Reasons for Withdrawing
from Disarmament Conference and League of
Nations.
In a radio speech at Berlin, on Oct. 14, Chancellor Hitler
of Germany dealt with the reasons actuating that country's
withdrawal from the League of Nations and the General Disarmament Conference. While we refer elsewhere in this
issue to Germany's action in severing these relations, we
are giving here the Chancellor's speech. He declared therein
that "previous German Governments trustfully joined the
League of Nations, hoping to find therein a forum for the
equable adjustment of these interests of the peoples, and,
before all, sincere reconciliation with former adversaries.
The prerequisite for this, however, was the final recognition
of the equality status of the German people." He went on to
say, in part:
same
Participation in the Disarmament Conference followed under the
such
assumption. Declassification to the rank of non-equal membership in
honor-loving
an institution or conference is unbearable humiliation for an
Government.
than
The German people has fulfilled its disarmament obligations to more
armed nations to
the full measure. The turn would seem to have come for
obligations. The German
do no less than that in meeting their analogous
Government is participating in this conference not in order to barter for
single cannons or machine guns for the German people, but as a factor with
equal rights to help in the general pacification of the world. Germany's
security constitutes no inferior right to the security of the other nations. ...
Having gathered from the declarations of the official representatives of
the great Powers that they are not thinking of genuine equality for Germany
at the moment, it is thus not possible at present for Germany, so placed
in a dishonorable position, to intrude itself upon other nations.
In full, Chancellor Hitler's address follows:
In November 1918, in trustful faith in the assurances laid down in President Wilson's fourteen points, the German people lowered their arms in the
unholy struggle that had reached an end; for which, perchance, individual
statesmen, but certainly not the peoples, could be made responsible.
The German people fought so heroically only because it was sacredly convinced of having been unjustly attacked and thereby being in the right in
the fight. Other nations hardly had an inkling of the magnitude of the
secrifices which it had then, practically relying solely on itself, to bring
to a stop.
If in those months the world had in a fair manner stretched out a hand
to a prostrate opponent, much suffering and endless disappointments would
have been spared humanity. The German people suffered the worst possible
disappointment. Never before has the vanquished so honestly endeavored
to assist in healing the wounds of its opponents as had the German people
during the long years, fulfilling dictates loaded upon them.
If all of these sacrifices could not lead to real pacification of peoples,
this was due solely to the nature of the treaty, which, in its attempt to
render eternal the concepts of the victor over the vanquished, also had to
eternalize the hatred of the enemy.
The peoples could rightly have expected that from this greatest war in the
world's history a lesson would be drawn of how small, especially as concerns
European nations, are the chances of possible gain in proportion to the
magnitude of the sacrifices. When, therefore, in this treaty Germany was
compelled to destroy her armaments to make possible world disarmament,
uncounted millions believed that therein lay merely evidence that redeeming
realization was making headway.
The German people destroyed their weapons. Relying upon the good
faith of their former enemies, they, themselves, fulfilled the obligation of
the treaties with really fanatical fidelity. Immeasurable quantities of naval,
aerial and land war material were dismantled, destroyed or scrapped. According to the wish of the dictating Powers, a small professional army
Inadequately armed replaced the former army of millions.
Political leadership of the nation, however, at this time lay in the hands
of people who were spiritually rooted in a world of the victor States. The
German people could rightly expect for this reason alone that the rest of
the world would redeem its promise in the same manner as the German
people, who in the sweat of their labor amid thousandfold distress and unspeakable privations, were engaged in redeeming their treaty obligations.
Versailles Treaty Not Regarded As One to Give Mankind Final Peace.
No war can become the permanent condition of mankind. No peace can
be the perpetuation of war. Some time victors and vanquished must find
the way back into the community of mutual understanding and confidence.
For a decade and a half the German people have hoped and waited for the
time when the end of war would at last become the end of hatred and enmity.
The purpose of the Versailles treaty, however, did not seem to be the one
to give mankind the final peace, but rather to keep it in a state of perpetual
hatred. The consequences were unavoidable.
When right definitely yields to might, a lasting uncertainty will derange
and arrest all normal functions of national life.
In concluding this treaty, it was completely forgotten that the reconstruction of the world cannot be vouchsafed by the slave labor of the violated
nation, but solely through trustful co-operation of all, and that for this
co-operative effort the elimination of war psychosis is the foremost precondition. It was also forgotten that the problematical question of responsibility for war cannot be cleared up historically by having the victor compel
the vanquished, as the introduction to the peace treaty, to sign his confession
of guilt.
The German people is most deeply convinced of its guiltlessness for the
war. Other participants in this tragic misfortune may, as far as we are
concerned, have the same conviction.
How much more necessary is it to emphasize everywhere that such convinced guiltlessness of all does not turn into an everlasting enmity and that
memories of this world-wide catastrophe shall not be preserved artificially
for that purpose—that unnatural perpetuation of the idea of the victor that
the vanquished shall not create an everlasting state of inequality, and that
Oct. 21 1933
after such a prolonged malady of mankind, filling one side with understandable haughtiness and the other with bitter wrath, it is not accidental
that certain consequences ensue. The catastrophic decay of economic life
was followed by a no less menacing general political decay.
What sense, if any, did the World War have if its consequences, not only
for the vanquished but also for the victors, manifest themselves only in an
endless chain'of economic catastrophes? The welfare of nations is not any
greater, and their political happiness and their human contentment have not
really become deeper. Armies of unemployed have developed into a new
class of society. And precisely as the nations' economic foundations have
been shaken, so now also are their social foundations beginning to weaken.
Germany's Suffering from Consequences of Peace Treaties.
Germany had suffered most from these consequences of the peace treaties
and the general instability arising therefrom. The number of unemployed
mounted to one-third of the number normally employed in the nation's productive life. That means, however, that in Germany same 20,000,000 human
beings, counting in the members of families, out of 65,000,000 were without
the possibility of existence and found a hopeless future staring them in
the face.
It was merely a question of time when this army, economically disinherited, had become an army of fanatics who politically and socially were
estranged to the world. One of the oldest lands of culture in present-day
civilized humanity stood with more than 6,000,000 Communists at the brink
of a catastrophe which only conceited ignorance could overlook.
If Red insurrection had overswept Germany like a firebrand, certainly
Western Europe's lands of culture would have realized that it is not immaterial whether on the Rhine and on the North Sea the outposts of the spiritually and revolutionary expansive Asiatic world empire stood watch or the
peaceful German peasants and workers, who, in honest feeling of comradeship with other nations of our European culture, desire to earn their bread
by honest labor. When the National Socialist movement tore Germany back
from the brink of this threatening catastrophe, it not only saved the German
people but also rendered a historical service to the rest of Europe.
And this National Socialist revolution only pursued one aim—to restore
order within our own people, supply labor with bread for our hungry masses,
proclaim the ideals of honor, loyalty and decency as the elements of morality
which cannot harm us and other nations, but be of general benefit. If the
National Socialist movement was not representative of that ideal conception,
it could not have succeeded in saving our people from the ultimate catastrophe. The movement has remained true to its ideals, not only at the
time of its struggle into power, but also when it had obtained power.
Whatever of depravity, dishonorable disposition, knavery and corruption
had accumulated in our people since the unholy Treaty of Versailles, attacked
and fought by us, this movement has pledged itself to the task of restoring
fidelity, faith and decency to their rightful place, without regard to person.
For eight years we have been fighting a heroic fight against the Communist threat to our people, putrefaction of our culture, disintegration of
our art, and poisoning of our public morals. To the denial of God and
defamation of religion we have put an end.
We owe Providence humble thanks for not withholding success from our
fight against the distress of unemployment and for saving the German peasant. In the course of executing the program, the successful conclusion of
which we predicted four years ago, two and a quarter million out of six
million unemployed have, in scarcely eight months, again been led into
useful production.
The best witness for this tremendous achievement is the German nation
itself. It shall prove to the world that it is guided by a regime which knows
no aim but with peaceful labor and civilized culture to assist in the reconstruction of a world which to-day could hardly be called happy. This
world, however, which we do no harm and only wish it would leave us
work peaceably, has been persecuting us for months with a flood of lies
and slander.
While in Germany a revolution occurred--not like the French and the
Russian, with their catacomb butcheries and the murdered hostages; not
like the communards of Paris or the Red revolutionaries of Bavaria and
Hungary who destroyed culturally valuable buildings and art works with
petroleum, but contrarily smashed not a single show window, looted no
store, damaged no house—unscrupulous agitators spread a flood of atrocity
tales only comparable to the lies fabricated by the same elements at the
beginning of the war.
Tens of thousands of Americans, Englishmen and Frenchmen during these
months visited Germany and could with their own eyes make observations
that there was no land on earth with more law and more order than presentday Germany, that in no land in the world was a person's property more
highly respected than in Germany, but that perhaps, also, to be sure, in no
land in the world is there a sharper combat against those who, as criminal
elements, believe they may freely let their low instincts vent themselves at
the expense of their fellow-humans. It is these and their communistic accomplices who to-day are attempting to set honest and decent nations at
logge e eaerm
Thrh Gds.
an nation has no reason to envy the rest of the world for this
gain. We are convinced that a few years will suffice thoroughly to open
the eyes of honor-loving citizens of other nations concerning the real value
of those worthy elements, who, traveling under the effective flag of political
fugitives, cleared out of the scenes of their more or less extensive economic
consciencelessness.
But what would this world say about Germany if we permitted a mock
trial to be held in favor of a creature who attempted to set fire to the
British Parliament, a mock trial whose only meaning could be that of placing British justice and its judges on a lower level than such a scoundrel?
As a German and National Socialist, I would have no interest in exerting
myself in Germany on behalf of a foreigner who in England tries to undermine the State and the laws effective there or even attacks with fire the
architectural symbol of the British Constitution.
And even if this subject—from which disgrace we hope God may spare
us—were a German, we would not back bin; but rather would deeply regret
that such a misfortune had struck us, and we would harbor but only one
wish, namely, that British justice might mercilessly liberate humanity from
such a menace. Collaterally, however, we also possess honor enough to be
filled with indignation at the spectacle which, instigated by obscure elements, is intended but to shame and dishonor Germany's highest court.
We are extremely sad at the thought that by such methods nations are
set at loggerheads and estranged, of whom we know that in their hearts they
stand infinitely above these elements—nations whom we desire to respect
and with whom we are anxious to live together in honest friendship. These
noxious low-class fellows succeeded in starting the world psychosis whose
Inner morbid hysterical conflict may be branded as classic.
The same elements, which on one hand lament "oppression" and "tyrannlzation" of the poor German people by Nazi potentates, declare on the
Volume 137
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other hand, with brazen unconcern, that the Germans' pacific professions
are valueless because they are uttered only by a few Nazi Ministers or the
Chancellor, whereas in the nation a wild war spirit is raging. Thus the
German people are represented at one time as piteously unhappy and oppressed, at another time as brutally aggressive—as the case may call for.
I regard it as a sign of a nobler sense of justice that French Premier
Daladier, in his last speech, found words to indicate the spirit of conciliatory
understanding for which untold millions of Germans are grateful at heart.
Object of National Socialist Germany.
National Socialist Germany has no other wish than to direct the competition of European people again to those fields of endeavor upon which they
have given to all humanity through the noblest mutual rivalry those magnificent boons to civilization, culture and art which to-day enrich and beautify the picture of the world.
Similarly, we take cognizance, with hopeful emotion, of the assurance
that the French Government, under its present chief, does not intend to
wound the feelings of or humiliate the German people. We are touched by
the reference to the unfortunately but too sad truth that these two great
peoples so often in history have sacrificed the blood of their best youths
and men on the battlefields. I speak in the name of the entire German
people when I solemnly declare that we all are imbued with the sincere
wish to wipe out an enmity that, as regards its sacrifices, is all out of
proportion to any possible gain.
The German people are convinced that its martial honor in thousand. cf
battles and skirmishes has remained clean and without blemish, exactly as
we also see in the French soldier our old glory-bedecked opponent.
We and the entire German people would all be happy at the thouaht of
sparing to the children and to the children's children of our people what we
ourselves, as honorable men in bitter long years have had to witness and
what we ourselves have endured in the way of misery and pain. The history
of the last 150 years, through all their vicissitudes, ought to have taught
both peoples one thing, namely, that the essential changes of lasting duration
are no longer possible no matter how much blood is sacrificed.
As a National Socialist, I, together with all my followers, decline on the
very basis of our nationalistic principles, to conquer the people of a strange
nation who will not love us anyway by sacrificing the blood and lives of
those who are dear and precious to us. It would be a tremendous event for
the entire humanity if the two peoples could once for all ban force from
their common life.
The German people are ready for this. While we frankly claim the rights
granted to us by the treaty itself, I will say just as frankly that,
beyond this, there are no more territorial conflicts as far as Germany is
concerned. After the return of the Saar to the Reich only a madman could
believe in the possibility of war between the two States—for which, as we
see it, no moral or reasonably justifiable ground exists. Nobody can wish
that millions of young lives be annihilated for the sake of a boundary correction of doubtful extent and of doubtful value.
Nazi Marching Not Demonstration Against France.
When, however, the French Premier asks why the German youth is march•
ing and falling in line, I reply it is not to demonstrate against France, but
to evince that political determination, and give visible evidence thereof,
that was necessary for throwing down communism and that will be necessary to hold it down. There is in Germany but one arms bearer, and that
is the army. There exists for National Socialist organizations but one
enemy, and that is communism.
The world, however, must accept the fact that the German people, for
their internal organization and to preserve our people from this danger, will
choose those forms which alone can guarantee success. If the rest of the
world digs itself in behind indestructible fortresses, builds tremendous aerial
squadrons, constructs giant tanks and molds enormous cannon, it cannot talk
of being threatened because German National Socialists, totally unarmed,
are marching in columns of four and thereby are giving visible expression
of effective protection to the German community of citizens.
If, furthermore, French Premier Daladier raises the question as to why,
forsooth, Germany demands weapons which must later be destroyed anyway
he is in error—the German people and the German Government have not
demanded weapons at all, but equality.
If the world decides that all weapons, including the last machine gun,
are to be destroyed, we are ready immediately to join such a convention.
If the world decides that certain categories of weapons are to be destroyed
we are ready to renounce them from the beginning. If, however, the world
concedes certain weapons to every nation we are not ready to permit ourselves, in principle, to be excluded therefrom as a nation of minor rank.
If, in accordance with our convictions, we defend this viewpoint honorably we are more decent partners for other nations than if we were ready,
in contravention of this conviction, to accept humiliating, dishonorable conditions. Our signature binds the whole nation, whereas a dishonorable,
characterless negotiator is only disavowed by his own people.
When we wish to make treaties with the English, French or Poles, we
want from the start to make them only with men who think and act 100%
English, French or Polish, for we do not want pacts with negotiators but
with nations.
Germany's Participation in League and Disarmament Conference.
And when we turn upon unscrupulous agitators we do so because it is not
the agitators, but unhappily the nations, which have paid with blood for
the sins of this world-wide poisoning. Previous German Governments trustfully joined the League of Nations, hoping to find therein a forum for the
equitable adjustment of the interests of the peoples, and, before all, sincere
reconciliation with former adversaries. The prerequisite for this, however,
was the final recognition of the equal status of the German people.
Participation in the Disarmament Conference followed under the same
assumption. Declassification to the rank of non-equal membership in such
an institution or conference is unbearable humiliation for an honor-loving
Goveinment.
The German people has fulfilled its disarmament obligations to more
than the full measure. The turn would seem to have come for armed nations
to do no less than meet their analogous obligations. The German Government is not participating in this Conference in order to barter for a single
cannon or machine gun for the German people, but as a factor with equal
rights to help in the general pacification of the world. Germany's security
constitutes no inferior right to the security of the other nations.
If British Acting Premier Baldwin regards it as self-evident that England
understands disarmament to mean nothing but disarmament of the more
highly armed nations concomitantly with England's increasing armaments
to a common level, then will it be an unfair reproach upon Germany, when,
finally, as a member with equal rights in this Conference, it claims the same
interpretation for itself?
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In this demand by Germany there cannot possibly be any threat to the
rest of the Powers, for the defensive armament of other peoples is constructed to ward off the heaviest weapons of attack, while Germany demands
no weapons of attack, but only those defensive arms which in the future are
not to be forbidden, but permitted to all nations. Here, too, Germany is
ready at once to content itself numerically with the minimum that is all
out of proportion to the gigantic armaments of attack and defense of our
former enemies.
The deliberate relegation of our people to an inferior class, in that every
nation of the world is conceded the self-evident right which is denied us,
we feel, is the perpetuation of a discrimination unbearable to us. In my
peace speech of last May I said that under such conditions we would regretfully no longer be able to belong to the League or to participate in international conferences.
The men who to-day lead Germany have nothing in common with the
mercenary traitors of November 1918. We all, like every decent Englishman and decent Frenchman, have done our duty toward our country at the
risk of our lives. We are not responsible for the war, nor are we responsible
for what occurred therein, but we feel responsible only for what every man
of honor was called upon to do in that time of distress, and what we too did.
We cling with exactly the same boundless love to our people as we, out
of this love, wish for understanding with other nations and try, whenever
we can, to achieve it. It is, however, impossible for us, as representatives
of an honorable nation and of an honest conscience, to participate in institutions under conditions that would be bearable only for the dishonorable. As
far as we are concerned, there may once have been men who may have believed they could participate in international conferences, even though thus
weighed down. It is futile to seek to establish whether they themselves
were the best part of our nation, but it is certain that the best part of the
nation never backed them.
The world can only be interested in dealing with honorable men, not
those of doubtful integrity—can conclude treaties with the former, not the
latter. The world must on its side take into account the feelings and the
sense of honor of such a regime, just as we do. This is all the more essential
as only in such an atmosphere can measures be devised leading to the
genuine pacification of peoples. For the spirit of such conferences can only
be that of sincere understanding. Otherwise all endeavors are doomed to
failure from the start.
Having gathered from the declarations of the official representatives of
the great Powers that they are not thinking of genuine equality for Germany
at the moment, it is thus not possible at present for Germany, so placed
in a dishonorable position, to intrude itself upon other nations.
Threats of force, if carried out, could only be breaches of law. The German Government is most deeply convinced that her appeal to the whole
German nation will prove to the world that the Government's love of peace
as well as its conception of honor, are also those of the whole nation.
Dissolution of Reichstag.
To give this claim documentary form, I decided to beg the Reich President to dissolve the Reichstag and give the German people opportunity for
making a historic affirmation by means of new elections, coupled with a
plebiscite not only for the purpose of approving the Government's basic
principles but also for testifying to their unreserved unity with them.
May the world, from such an affirmation, gain the conviction that the
German people, in this battle for equality and honor, declare itself completely at one with the Government, but also that both are animated at
heart by no other desire than to help end the human epoch of tragic aberrations, regrettable quarrels and fights between those who, as denizens of the
culturally most important continent, have to fulfil the common mission before
all mankind.
May this tremendous manifestation of our people for peace with honor
succeed, creating in the interrelationships of European States such conditions as are requisite for termination not only of centuries-old discord
and strife but also for rebuilding a better community through the recognition
of a higher common duty springing from common equal rights.
Chancellor Hitler Declares Germany Will Make No
International Pacts Nor Participate in Conferences Until Equality Status Is Granted—Instructs
Party Leaders in Preparation for Campaign.
Chancellor Adolf Hitler on Oct. 18 in an address to Nazi
Party leaders in Berlin declared that Germany will participate in no future conferences and enter into no international agreements unless she received equal rights. "Germany is determined in the future," he told his followers, "to
attend no conference, enter no league, agree to no convention
and sign nothing as long as she is not treated equally." We
quote further regarding his address from an Associated
Press Berlin dispatch of Oct. 18 to the New York "Herald
Tribune":
He made a bid to-day for the co-operation of political opponents at home
and issued as a slogan for the Reichstag election campaign the sentence,
"We simply refuse to be treated as a second-class nation."
He offered to his opponents an all-around reconciliation in return for
their support on November 12 in the plebiscite which was announced last
Saturday—along with Germany's withdrawal from the League of Nations
and the arms conference—as an opportunity for Germans to affirm their
loyalty to the Nazi regime. This more was regarded as highly significant
and as foreshadowing an even closer welding together of the whole Third
Reich of the Hitlerites.
Herr Hitler himself will direct the plebiscite campaign in his usual whirlwind fashion. As a primary plank he offered the slogan, "Our Honor Above
All."
He addressed his Lieutenants last night (the speech as made public today) and laid it before them as a doctrine to be followed by the Administration that Germany was in deadly earnest about never abandoning a claim
to equality in dealing with other nations.
There is a limit, he announced confidently, beyond which he could not go
without making himself unworthy of leadership--"the battle will be for
the nation's right to live, not for any imperialistic policy or aims of conquest.
"Germany desires peace and nothing but peace. Honor is something
Without which one cannot live," he said. "I am optimistic about my people
and pessimistic about Geneva and the League of Nations."
He criticized previous German Governments for "uselessly participating
in international conferences" without first having won equality, and he declared his predecessors were victims of "the Geneva illness."
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Financial Chronicle
The election campaign, he emphasized, would be waged solely on the foreign policy issue.
Address of Sir John Simon at General Disarmament
Conference at Geneva Offering Eight-Year Disarmement Plan.
The address of Sir John Simon, Chairman of the British
delegation at the meeting of the Bureau, or Steering Committee, of the World Arms Conference, at Geneva, on
Oct. 14, was made public at Washington by the State Department. As noted in an item given elsewhere in this issue dealing with Germany's withdrawal from the League and Armament Conference, Sir John offered to the Steering Committee an eight-year program for disarmament, designed as a
suggestion to placate Germany, with a view to inducing that
country to continue its participation in the Conference. The
address of Sir John follows:
Mr. Henderson has invited are to give some account of the conversations
to which I have been a party from time to time during recent weeks both
at Geneva and elsewhere, and in which the participants have attempted to
ascertain by means of a friendly exchange of views what are the prospects
of reaching agreement on various vital matters. I will do the best I can
to comply with the President's request.
I feel that I should speak plainly and frankly, for the time has gone by
for glossing over difficulties by vague optimistic phrases. A system of
agreed disarmament, promptly entered into and loyally carried out, would,
I believe, be of the greatest value to the world; but I am equally clear that
nothing is gained by interminable discussions which do not face essential
matters on which differences may still exist.
The address which I have to render is as follows:
So far as the United Kingdom representatives are concerned, we have
taken part in meetings at different times with the French, German, Italian
and American representatives, as well as in a number of talks with the
representatives of some other Powers. These conversations have led me to
take the view that the draft convention which the United Kingdom Government put before the General Commission over six months ago, and which
has been unanimously adopted as the general framework for the proposed
agreement, will require to be in some respects recast.
Proposal for Eight-Year Disarmament Pact.
The draft convention is at present drafted to cover a period of five years;
the discussions which I am summarizing indicate on the part of some Powers
a wish that the period should be extended to perhaps eight years, and so far
as I recall no serious objection to this extension has been (omission in
cabled text).
It was further proposed that this period of eight years should be occupied
by the fulfilment of a continuous program, designed to secure at the end
of the period two essential conditions:
(A) A substantial measure of disarmament actually realized and completed on the part of the heavily armed Powers, and
(B) The achievement of the principle of equality in a regime of security
which ever since December of last year has been the declared objective
not
only of the Powers who signed the declaration of Dec. 11, but of the
Disarmament Conference itself.
But in order to attain this it is necessary to proceed by steps. Indeed,
the
method of stages has from a very early date been adopted as the
necessary
method by the general vote of the Conference. And when I speak
of a program which would gradually unfold in action so as to secure at
the end
of the period these two essential conditions I recall the language
of Mr
Henderson in his report to the Bureau on Oct. 9 last, when he
declared:
"On some of the more important questions the approach is manifestly
influenced by the present unsettled state of Europe and the ensuing
distrust, fears
and alarms."
The present unsettled state of Europe is a fact, and statesmen in
drawing
up their plans have to face facts. The need, therefore, for modifying
the
draft convention so as to accomplish this purpose by a process of
evolution
is clearly established.
Permanent Commission Proposed.
The scheme therefore which emerged for consideration as the result of a
number of these interviews was one in which the proposed period of eight
years would begin with the transformation of continental armies on
the lines
set out in the British draft, together with the setting up, through the
medium
of the Permanent Disarmament Commission of an adequate system
of supervision so that the sense of security, which the due observance
of the convention will afford, should provide the groundwork for the practical
attainment of the two ideas of disarmament and equality.
Mr. Henderson has suggested that the Permanent Disarmament
Commission might be set up as soon as the convention is signed without
waiting
for ratification. If this suggestion is found feasible, it ought
to be welcomed,
for its aims at shortening the period when actual disarmament
and attained
equality would be effectively reached.
It is understood on all hands that the supervision
contemplated would be
of general application. Its purposes would be to ensure that
the undertakings
contained in the convention were being loyally observed.
ft is a matter for close consideration to determine how
much of eight
years would be needed for the initial steps to which I
have referred. Trans.
formation of armies involves technical questions which
will govern the time
limit, and in the meantime a real feeling of confidence
should develop when
It is seen that the whole plan is agreed to and is in
due process of
expectation.
Without binding myself finally to the length of this
first stage, I report
that the period of four years was mentioned by several
others have raised the question whether it could not be Governments, though
somewhat shortened.
Whatever the length of this first stage may be, it is
essential to make
clear that the convention itself would have to contain at the
time of its
signature the detailed scheme of disarmament provided for as
the final result
to be attained by the time its full period of, say, eight years comes
to
an end..
I have described that disarmament as "substantial," and the extent of it
has been the subject of detailed discussion. Since general phrases will not
advance matters, I add that by "substantial" disarmament is meant either
the disarmament provided for in the draft convention or some comparable
variation of it.
I say quite definitely that the whole scheme would not be satisfactory to
my Government, and we could not lend our own support to it, unless the
Oct. 21 1933
degree of disarmanrent by the heavily armed Powers is both fully defined
in the convention and really adequate.
But there is another feature in the second stage of the plan which is equally
definite. It is this: The results of the abolition of various kinds of armament and prohibition against their further use will be to constitute a common
list of permitted arms which would become the same for all countries, and
thus the differential position of the Powers whose armaments were limited
by the peace treaties would finally cease. Quantities and other detailed
regulation would, of course, be in each case the subject of negotiation and
agreement.
The Bureau will, therefore, see that the plan I have outlined is one which,
if it were adopted and loyally observed, would bring into practical operation
the principle of equality of status by the method of substantial disarmament
on the one hand and the application to all countries of a common list of
prohibited arms on the other hand.
But this program involves a feature which appears to me to be essential.
I must state it with complete frankness to the Bureau. The scheme involves
the principle that the Powers now under restriction of the peace treaties
should not begin to increase their armaments forthwith, but should express
their willingness to conform to a time table such as I have indicated.
The Government of the United Kingdom take the view that agreement
could not be reached of the basis of a convention which would provide for
any immediate re-armament.
In speaking of "no re-armament," I do not mean to dispute the reasonableness, as the Reichswehr is transformed into a more numerous short-service
army, of a proportional numerical increase in its armament. And there
should be from the beginning of the convention an agreement that (omission
in cabled text) will manufacture of acquire any further weapons of any of
the types to be eventually abolished.
In our view, therefore, for the reasons indicated by Mr. Henderson in the
passage I have quoted, the attainment of the object which we all have in
view at the Disarmament Conference must be in accordance with a regular
program.
We earnestly desire to establist by international agreement the attainment of equality of status, and we point out that it is attained in a most
complete and effective way by providing for disarmament through the adoption and loyal fulfilment of such a program as I have indicated. By accepting the principle of no immediate re-armament and co-operating with the
rest of us in framing a convention which is best calculated to restore the
sense of confidence which has recently been rudely shaken, the necessary
conditions of success can be established.
The statement I have been asked to make has necessarily involved some
plain speaking and a perfectly clear declaration of our own point of view.
I feel that if the General Commission, which meets on Monday, is now
to do useful work, it is most desirable to ascertain what is the view of other
countries on these essential points, and I sincerely trust that we may thus
find a way of removing the obstacles which at present stand in the way
of an agreed convention.
Germany Profits by Transfer Plan—Dr. Schacht of
Reichsbank Has No Intention of Modifying
Moratorium on Foreign Bonds—American Holders
Lose.
From its Berlin correspondent the New York "Times"
on Oct. 14 reported the following:
Dr. Schacht. President of the Reichabank, although closely associated
with the Hitlerites, and sympathizing with their crusade against international capital, has good reasons for maintaining for the present the July
agreement to transfer 50% of the bond interest.
Owing to the depreciation of chief creditor currencies and to heavy
depreciation of the scrip which is offered in the place of the embargoed
remaining 50% of bond interest, the present system is highly advantageous
to Germany. First, it enormously reduces her effective interest
burdens:
secondly, it facilitates her reduction of capital debt by the repurchasing
of bonds cheaply.
Dr. Schacht realizes that were the 100% transfer of interest resumed,
as could be easily done, quotations on bonds abroad would rise enormously
and their repurchase by Germany would become less profitable.
Loss to Holders Here.
On the present basis of the dollar being worth 66 cents in gold the Amererican bondholders to-day receivers on the date due 33 cents gold, whereas
before the June moratorium he received 100 cents gold. If by realizing on
his script at 50% depreciation he secures the transfer of the
remaining
50% of interest, he can obtain therefore only approximately 17 cents gold.
Consequently the bondholders at best will lose 50% of his Interest and
Germany's burden will be reduced 50%. Thereto comes the bondholder's
loss through the non-transfer of amortization instalments.
Dr. Schacht has no intention of modifying this profitable
arrangement.
Indeed, he honestly desires the other creditor countries to follow Switzerland's example by accepting supplementary German exports
in
for scrip. Taken altogether, the system results in an enormousexchange
relief to
the German capital market and balance payments and a simultaneous
bounty on her exports, enabling her to undersell competitors.
New Motive for the Plan.
The Reichsbank's proposed open market policy of buying securities
supplies a new motive for continuing the system. The policy Dr. Schacht
calculates will cause a material advance In the quotations of German domestic bonds which indeed began on the mere announcement of the policy. The
interest rate on capital has correspondingly declined. This should improve
Germany's international credit, and facilitate the funding of her foreign
short-term debt which owing to the obligation fully to transfer the interest
Is at present relatively more burdensome than the bonded debt.
•
Unemployment in Germany Drops Heavily as
Government Credit Aids Big Projects.
A wireless message as follows from Berlin, Oct. 14, is
taken from the New York "Times":
Germany's internal trade is improving. The unemployed on Sept. 13
totaled 3,850,000. against 5.103,000 in September 1932. These figures.
however, do not take into account the members of labor camps or the
compulsion of employers to take on men they do not need, besides other
exceptional measures.
Whereas a year ago the industrial improvement began In the consumption
of goods, it has branched into the heavy industries, which are now leading.
This is due to the large investments in public and semi-public works financed
by Government credit.
Since February 1932 3.867,000,000 marks have been allotted or promised successively by the Bruening, von Papen, von Schleicher and Hitler
Volume 137
2895
Financial Chronicle
cabinets. Of this amount 1,612.000,000 marks is for roads. 900,000,000
marks for house repairs, 400,000,000 marks for internal waterways and
other construction and 244,000,000 marks for land amelioration.
The August output of investment goods recovered to 50% of the total
of 1928, against 33% at the beginning of 1932. The biggest rise was in
Iron and steel production, which was 67% above a year earlier.
The steel trust's sales for the business year ended on Sept. 13 were 566,000,000 marks, against 520,000.000 marks in the preceding year. Home
sales increased by 53,000,000 marks, while export sales declined. The
trust's output of coal, coke, pig iron and steel all showed substantial increases. The number of employees was 96.000 against 82,000 a year before.
The plan promulgated to reorganize the steel trust is for its member concern, Gelsenkirchen, which is a mere holding company, to take over all of
the trust's mines and assume the trust's present title of Vereinigte Stahlwerke.
Austria Adopts Blue Eagle for Recovery Campaign—
Motto of "We Do Our Duty" to Feature Drive on
Slump.
United Press advices as follows from Vicnna, Oct. 18,
are taken from the New York "Herald Tribune":
"Defeatism," he added, "is before our very eyes being defeated by those
powers of innate recovery which many of us have not sufficiently discounted
in our gloomy prognoses."
The Assembly, before adjourning, adopted a resolution reaffirming its
1922 resolution on minority rights and without protest, save that the only
new thing in it was invalidated without a roll call by Dr. Friedrich von
Keller, who simply stated that Germany would vote against the clause
which specifies: "It must be applied without exception to all classes of
nationals of a State that differ from the majority of the population in race,
language or religion."
Dr. von Keller made no speech, but simply referred back to his statement
in the Commission that Germany deemed this clause unacceptable because
it was meant to apply to Jews. Thus was removed the only real point left
In the concrete results of the biggest debate during the 14th Assembly.
With Germany abstaining, the Assembly confirmed yesterday's decision
creating a High Commissioner for German refugees. Without discussion,
it also approved the other decisions agreed on in Commission, including the
League budget, which totals $6,130,000, an 8% reduction
The diplomatic conference on traffic in adult women ended to-day with
16 European States signing its convention, including all the great powers
except Italy.
Premier Daladier Attacks German Statements on Arms
—Rejects Hitler Offer of Entente, and Tells Chamber of Deputies France Has Never Had More Friends
Since the War—Says Nation Can "Defend Her
Territory and Her Liberties."
Premier Edouard Daladier of France on Oct. 17 told the
Chamber of Deputies that France is "not deaf to any proposals but neither are we blind to any facts," in outlining
his Government's attitude toward the offer made on Oct.
14 by Chancellor Hitler for direct conversations. Speaking
League of Nations Group Adopts Resolution to Co- in behalf of his budgetary measures, the Premier questioned
ordinate International Work for German Refugees
—Would Create High Commissioner to Report to Germany's motives in withdrawing from the disarmament
conference. "If an entente is sincerely desired, why begin
Autonomous Governing Board.
International work for German refugees will be co-ordi- with a rupture ?" he asked. "If it is intended to respect
nated through a High Commissioner to be named by the engagements, why oppose their verification?" M. Daladier
League of Nations Council, following the action of the further asked why,if Germany desired disarmament by other
Second Commission of the League Assembly on Oct. 10 in nations, did Chancellor Hitler begin by demanding increased
adopting a resolution to that effect. The resolution was armaments for the Reich instead of offering to destroy her
amended by Great Britain to permit non-members of the machine guns. France, he declared, intends to give an
League and private organizations to be represented on an example of calmness and coolness "which is all the more
autonomous governing board, which will receive the report decisive because she knows she is in a position to defend her
of the High Commission ar. It was reported from Geneva territory and her liberties." A Paris dispatch of Oct. 17
that the United States might be invited to send a represents, to the New York "Times,"'from which we have quoted,
tive to sit on the refugee board. The text of the refugee continued in part:
As for France, the Premier continued:
resolution follows:
Austria, too, is to have a "blue eagle" and it will be the symbol of a
recovery program for the 6.700,000 inhabitants of this country, as it is
for the 125,000,000 of the United States.
/n color the Austrian blue eagle represents a compromise between baby
blue and navy blue. It also will be displayed with a motto corresponding
closely to the American one "We Do Our Part." In Austria the blue eagle
motto will be "Wir Tun Unser° Pflicht" (We Do Our Duty).
The Austrian bird was introduced with invitations to a conference on
"War against unemployment," which were sent out by Cardinal Innitzer,
of Vienna, and Dr. Constantin Dumba, who was the Austro-Hungarian
Ambassador at Washington when the World War began.
The Assembly,
Having regard for the situation created by the fact that a large number of
persons, Jewish and others, coming from Germany have in recent months
taken refuge in several countries;
Considering that their presence in those countries constitutes an economic,
financial and social problem which can be solved only by international
collaboration,
suggests that the Council should nominate a High Commissioner to
negotiate and direct such collaboration, and particularly to provide, so far
as possible, work for refugees in all countries which are able to offer it;
Requests the Council of the League of Nations to invite States and, if it
considers necessary, private organizations best able to assist these refugees
to be represented on a governing body to which will be entrusted the duty
of aiding the High Commissioner in his work: the High Commissioner
having to submit periodical reports of the development and fulfillment of
his task to the said governing body, which will forward them to States
likely to be able to assist in the action contemplated;
Suggests further that the expense of this collaboration and of the High
Commissioner's office should be defrayed from funds contributed from
private or other sources:
Recommends that the Council advance 25,000 Swiss francs to the High
Commissioner, to be refunded later;
DI convinced that all governments will assist the High Commissioner to
the best of their ability in the task defined above; with this object the present
resolution will be sent to States members and non-members of the League;
Finally, the Assembly expresses the firm hope that private organizations
will collaborate in every way with the High Commissioner for the success
of this action.
Fourteenth Assembly of League of Nations Ends Shortest Session—Few Accomplishments Recorded—
President te Water Pleads for "Greater Generosity"
as Leading World to Peace.
The fourteenth session of the Assembly of the League of
Nations adjourned on Oct. 11, after the shortest and least
productive session on record. The Assembly convened on
Sept. 25. Its prircipal accomplishments were the passage
of a resolution creating a High Commissioner for German
refugees and the adoption of another resolution reaffirming
its 1922 decision on minority rights. President Charles
te Water,in his closing address, urged the spread of a greater
spirit of generosity as the best incentive for peace and neighborliness. This speech, and other actions of the Assembly
on its final day, were described as follows in Geneva advices
of Oct. 11 to the New York "Times":
Mr. te Water said he did not find nationalism in the sense of national
regeneration incompatible with internationalism, but the prerequisite
therefor. He dented the world's spirit had become anarchical and said:
"The world under our eyes is straining at and, if I read the signs aright,
is succeeding at last in bursting the strait-jacket in which it has been
shackled ever since the Great War."
"We intend to remain faithful to our policy of collaboration and pursue
in the same spirit as formerly the examination of the new situation, which
does not affect only France and Germany but also that whole community
of peoples which have been associated in the great noble enterprise at
Geneva.
"In the same spirit and measure of moderation and sacrifice that we
have shown in the past we will continue to defend the great common interests of France and peace. On Oct. 26 we will be present at the League
of Nations."
"To-day," he added, "I desire only to raise my voice against the rumors
of panic and interested campaigns. France is not alone. Since the war
ended she has never had more friendships. Her clear, loyal attitude and
her desire for a real and stable peace, effectively guaranteed, have won for
her moving testimonies of confidence and approval from the world public.
"She is resolved to give an example of calm and coolness which is all
the more decisive because she knows she is in a position to defend her
territory and her liberties."
Entire Chamber Applauds.
The Premier's declaration was cheered at first only by the Left, but as
he concluded the whole Chamber applauded.
His reference to the new situation created by Germany's action was
made in the middle of the Premier's appeal for urgent discussion and
approval of financial measures, which he laid before the Chamber to-day,
for balancing the budget and filling up the deficit of 6,000,000,000 francs.
At the end of his appeal the urgency of the measure was approved, 470 to
120, and the Finance Commission at once began examination of the proposals. They will be debated from Thursday almost without interval
until voted on.
The Chamber's vote in itself does not mean much, but it was, at the
same time, a tribute to the Government's effort and showed the anxiety
of the Chamber to support it in the general work of reconstruction, however
much criticism there may be of special measures. It was a tribute, too.
to M. Daladier's leadership and his appeal.
He had called Parliament back early, he said, because it would be
"dangerous" to delay longer voting on the projects he was submitting for
the re-establishment of financial equilibrium and the encouragement of
economic activity in the country. That urgency, he said, had been made
greater by the brusque departure of Germany from the League of Nations,
which made "even more imperative the re-establishing of order in the
budget."
"A people which refuses to make this effort canot exercise in the world
in such difficult times that clear, firm policy which events demand,"
the Premier emphasized.
The Chamber had reduced budget expenditure by 10,000,000,000 francs,
he continued, but a final effort was needed. It would do no good to wait
for world economic recovery to save the situation, he said. During the
past nine months two difficult moments had been faced by the Treasury
and a similar crisis must be avoided, he warned.
"Our franc is solid," the Premier declared. "From all over the world
errant capital has come here, as to a safe, calm port. But when those
other great countries have re-established stability of their moneys at least
part of that foreign capital which has taken refuge here will recommence
its migrations.
"If our budget is not balanced, that movement may be very rapid, and
it may drag with it our capital. Do you believe the race of speculators has
perished from this earth?"
2896
Financial Chronicle
Sir John Simon Denies Charge That He Misrepresented
Germany's Arms Stand—British Foreign Secretary
Calls Statement by Baron von Neurath False—
Cites Norman H. Davis in Support of His View
that German Demand Disrupted Geneva Conference.
Sir John Simon, British Foreign Secretary, in a radio
speech on Oct. 17 discussing the disarmament situation,
categorically denied a charge made on the previous day by
Baron von Neurath, German Foreign Minister, that Sir
John had misrepresented Germany's attitude toward disarmament. The latter declared that he had no responsibility
for Germany's withdrawal from the Geneva conference and
added that he was "perfectly and absolutely right" in statements he had made regarding Germany's sudden shift of
position. Sir John said that the German communication
which was delivered in London on Oct. 6 was a "demand
for substantial rearmament from the very beginning," and
expressed his willingness "to publish the documents and
records to show it." He quoted Norman H. Davis, head
of the United States delegation to the Geneva conference,
in support of the assertion that Sir John's speech before the
conference steering committee on Oct. 14 had correctly
portrayed the situation. The British Foreign Secretary's
address was described as follows in a London dispatch to
the New York "Herald Tribune" on Oct. 17:
"My fellow countrymen may rest assured that the suggested inaccuracy
is not on my side," Sir John had said on his arrival here to-day from Geneva.
In his radio speech to-night, furthermore, he reiterated a previous statement
--which had aroused Baron von Neurath's anger—that the Germans,
at the last minute before the developments on Saturday 10ct. 141 at Geneva,
had increased their demands as regards armament.
"I am perfectly ready to publish the documents and records to show it,"
Sir John said to his radio audience, which included listeners in the 'United
States and other foreign countries. "Indeed, in view of what he [Baron
von Neurath] has said. the British Government is entitled to do so.
Simon Quotes Darts.
"There is not the slightest doubt in the minds of any of us who have been
as closely in touch with these discussions on behalf of this country as I
have that the attitude taken up by the German Government, at the last
moment, represented a further widening of the breach and that all the
hard work which had been put into the recent conversations by all of us,
with mutual good-will, was jeopardized, if not wrecked, by this new attitude."
Norman H.Davis, Ambassador-at-Large and chief disarmament delegate
of the United States, was drawn into the controversy when Sir John to-night
quoted him in support of the assertion that Sir John's speech on Saturday
before the Arms Conference Steering Committee had pictured the situation
correctly.
"It is enough," Sir John declared, "to say that the distinguished representative of the United States, who spoke immediately after me, not only
confirmed my account of conversations held but indorsed and supported
what I had said in every way. And Mr. Norman Davis added that he was
the better able to give his support, because, as a result of the frequent
and exhaustive conversations we had had together, we had come to a common conclusion which the statement expressed."
Simon Speech Is Conciliatory,
The Foriegn Secretary then proceeded to characterize as "very absurd"
the suggestion that Germany decided to leave the disarmament conference
and the League of Nations only after his speech of Saturday.
Aside from the strong condemnation of Baron von Neurath's statement,
Sir John's radio speech was conciliatory.
"You may be sure," he said at the beginning, "that no word spoken in
the name of the Government of this country will be chosen to aggravate
the situation." He then referred to the future.
"The withdrawal of Germany." he said, "is a subject which the Cabinet,
as a whole, has to consider, and it will need close study and prolonged
reflection. It will involve communications with other powers, including
I should hope, the Government of Germany herself, and no one with any
share of the responsibility which rests upon His Majesty's Government
would rush into premature declarations."
Later in the speech Sir John referred to "the co-operation given by the
United States," describing it as "never more valued or valuable."
In reviewing recent negotiations for disarmament, he again implied
plainly that the advent of a Nazi regime in Germany, while not invalidating
the pledge of "equality of rights in a regime of security" which the Reich
obtained last December, "necessarily affects the detailed manner of its
fulfillment."
Of the conference break-down, Sir John said that, until the last moment,
the most troublesome difficulty had appeared to be the nature and extent
of the "sample weapons" which would satisfy Germany in the preliminary
period to follow the signing of an arms convention. But, when Germany
was pressed for information on this point, it became plain, he said, that
she claimed "substantial rearmament from the very beginning."
Chancellor Hitler Assures Ambassador Dodd That Attacks on Americans in Germany Will End—Authorities Instructed to Prevent Assaults on Aliens
—Two Assailants of American Get Six Months in
Jail—Protests Against Incidents Had Been Made
by State Department.
As a result of protests against a series of attacks on American citizens in Germany during recent weeks, United States
Ambassador William E. Dodd was assured by Chancellor
Adolf Hitler on Oct. 17 that these assaults would definitely
cease, and that both police officials and Nazi authorities had
been instructed to adopt rigid measures to punish offenders.
The conference was also attended by Baron Konstantin von
Neurath, German Foreign Minister. Almost a score of
Americans have been attacked in various occasions, chiefly
Oct. 21
1933
when they failed to salute during the passage of parades.
In several cases the assailants have been identified as Nazi
storm troopers. The State Department at Washington in
each instance had formally protested, but no record of
punishment meted out to offenders was noted until after
an attack on one Roland Velz on Oct. 8. Secretary Hull
thereupon instructed Ambassador Dodd to make strong
representations to the German Foreign Office, and there
followed a series of conferences which ended in the positive
assurances given by Chancellor Hitler on Oct. 17. On the
same day it was announced that the two men who had attacked Mr. Velz were sentenced to six months imprisonment,
while General Wilhelm Goering, Prussian Minister of the
Interior, issued an official decree ordering police authorities
to accord the fullest protection to foreigners and to arrest
and punish all persons guilty of molesting or assaulting them.
On Oct. 16 the Foreign Office had notified Ambassador
Dodd that the assailant of Dr. Daniel Mulvihill of New
York, who was struck on the head in Berlin in August for
failing to salute a Nazi detachment, was under arrest in a
concentration camp.
American consular officers in Germany were ordered to
report to the State Department regarding the steps taken
by the German Government to punish alleged Nazi outrages
against American citizens, according to an announcement by
Secretary of State Hull on Oct. 11. At the same time the
State Department announced an attick on Oct. 8 on Roland
Velz in Dusseldorf, when he was beaten by a Nazi storm
trooper, apparently because the American failed to salute
as a Nazi parade passed by. It was reported from Washington that this Government was particularly eager to discover
whether any of the numerous assaults of this character had
resulted in punishment to the offenders, and it was also
intimated that if no positive action was taken by the Hitler
Government the State Department might find it necessary
to warn Americans who plan to visit Germany that it can
not be responsible for their safety. Secretary Hull's announcement of the attack on Mr. Velz read:
The American Consul General at Berlin, Mr. George S. MessersmIth,
has reported to the Department under date of Oct. 10 to the following effect:
The Consul General has received an affidavit executed by Roland Velz,
native-born American residing in Germany for business, that on Oct. 8
he was subjected at Duesseldorf to an entirely unprovoked attack. He and
his wife were walking on a sidewalk when a parade of S. A. Sturmabteilung,
or storm detachment men passed along the street.
Mr. Velz affirms that spectators at least five deep were on the edge of
the sidewalk watching the parade, that people were moving in both directions on the wide sidewalk paying no attention to the parade, and that
without provocation an S. A. man twice hit Mr. Velz in the face, causing
him to bleed at the mouth and nose.
Mr. Velz further affirms that he reported the incident to the nearest
police officer and pointed out his assailant, but the officer refused to take
action other than point out a police lieutenant in the vicinity, to whom
Mr. Velz with blood streaming from his face, made his complaint. The
police lieutenant refused to take action, but informed Mr. Velz that the
assault must have been his own fault.
The Consul General reports further that the case is being reported to
the political police and to the Reich and Prussian Ministries of the Interior
and to the Embassy of the United States. The Consul General is transmitting a fuller written report by mall.
Victims of previous attacks on American citizens in
Germany, made public by the State Department, were:
Dr. Daniel Mulvihill of New York: it was announced on Aug. 23 that
the offending storm trooper had been arrested.
Rolf Kaltenborn and Samuel G. Bossard; the announcement of Sept. 9
said that the cases had been turned over to the police by the German
Government, with instructions to take "the most energetic action
possible."
German Bonds Amounting to $208,784,000 Par Value
Defaulting During October, According to Max
Winkler—$137,714,500 Represents State and Municipal Obligations.
More than $208,000,000 par value of German bonds will
be added during October to an already unwieldy amount of
defaulted foreign bonds outstanding in the American market,
stated a survey issued Oct. 5 by Max Winkler, President of
the American Council of Foreign Bondholders and partner
in the New York Stock Exchange firm of Bernard, Winkler
& Co. The survey continued:
State and municipal obligations, as well as Issues guaranteed by the
Government or the various political subdivisions, head the list with a total
of 8137,714.500. Public utilities are a distant second, with somewhat
more than $40,000,000 par value; followed by industrials with 828,872,500:
and obligations of religious institutions with $2,145,000. With respect to
this type of investment, it is particularly regrettable that bonds Issued on
behalf of the Protestant Church of Germany should be permitted to go into
default, thereby disturbing a perfect record dating back to the foundation
of that Church. A similar fate befell the Roman Catholic Church of
Germany, whose obligations went into default on the first of last month.
In the industrial group, attention might be directed to the obligations of
the Hugo Stinnes Corp. which are scheduled to suspend payment on the
15th of the month, on the grounds that the German Government decree,
promulgated under the date of June 9, provides for a moratorium on the
transfer of funds on account of interest and sinking fund of Germany's
foreign commitments. Since the corporation is an American enterprise,
Financial Chronicle
Volume 137
having been organized under the laws of the State of Maryland, it is difficult
to conceive how the enactment of German legislation can be resorted to
with impunity by an American firm.
The total interest due on bonds is somewhat less than $6,500,000, of
which $4,200,080 is on account of State and municipal obligations, $1,235.685 on account of public utilities, $974,685 industrials, and $75,075 religious
institutions. Sinking fund payments affected by the above decree may be
estimated at somewhat more than $4,500,000.
Since German official statistics continuously refer to the impressive gains
registered in the various branches of the economic life of the nation. including, above all, considerable expansion in foreign trade and gains in shipping
business, it is difficult, if not impossible, to reconcile favorable reports
emanating from official sources with the attitude of the Reich towards
foreign creditors.
The list of bonds, the service on which is scheduled to be suspended this
month, is presented hereunder:
A study of the bond issues defaulting during September,
by Mr. Winkler, was given in our issue of Aug. 26. page 1496.
Original
Amount.
Sinking
Fund
Interest
Amount
Outstanding. Due. Due (Est.)
A-State and Municipals
Direct and Contingent)
Hamburg 68
$10,000,000 $10,000,000 $300,000
807,540
30,000,000 26,918,000
Prussia Bs
340,650
Berlin Bs
15,000,000 11,355,000
2,600,000
91,000
Frankfurt 75
4,000,000
661,440
Dentral Bank for Agriculture 6s
30,000,000 22,048,000
'Central Bank for Agriculture 6s
50,000,000 39,744,000 1,192,320
central Bank of State & Prov.
180,750
6,025,000
Hanks Bs
10,000,000
426,560
Berlin Elevated 6.14s
15,000,000 13,125,000
2,663,000
86,545
Dortmund Munlc. Ut,6e
3,000,000
113,275
3,236,500
German Atl. Cable 7s
4,000,000
Total
8
-Industrials
Bosch, Robert 75
Brown Coal Ind. Corp.
"Zukunft" 6565
Good Hope Steel 75
llamas SS. 65
Ruhr Chemical 6s
Hugo Stinnes 75
Total
C
-Public Utilities
Berlin City Electric 65
Electric Power 614s
Rhine Westfalla El. 6s
Stettin Pub. Util. 7s
Total
D--Religious Institutions
Protestant Church 75
Total
8600,000
300,000
200,000
225,000
7.50,000
200,000
250,000
75.000
100,000
8171,000,000 $137,714,500 $4,200,080 $2,700,000
33,000,000
$2,700,000
2,000,000
10,000,000
5,000,000
4,000,000
12,500,000
1,818,000
6,608.500
5,000,000
3,261,000
9,485,000
$94,500 $150,000
59,085
241,295
150,000
97,830
331,975
40,000
250,000
836,500,000 328,872,500 $974,685
8857,500
105,000
312,500
$15,000,000 $13,727,000 $411,810 $300.000
125,000
162,500
5,000,000
5,000,000
400,000
570,000
20,000,000 19,000,000
37,500
81.375
2,325,000
3,000,000
$43,000,000 $40,052,000 $1,235,685
8962,500
$75,075
362.500
$2,500,000
$2,145,000
8253 000,000 $208,784 000 36,485,525 $4,582,500
French Plans for Meeting Budget Deficit Include
Provision for Participation in Profits on Arms
Manufacture--Pay and Pensions Reduced, Crude
Oil Imports Taxed to Augment Revenue-Income
Tax on Securities Would Be Deducted at Source
Deficit in 1934 Budget More Than $300,000,000
at Par.
The French Government's plan for meeting the budgetary
deficit, which was introduced to the Chamber of Deputies
by Premier Daladier on Oct. 17, includes a provision for
Government inspection, licensing and participation in profits
from the manufacture and sale of war materials. Other
sections of the bill specify taxes on crude petroleum imports,
motor fuel and gas and electricity; deduction of certain
income tax items at the source, and a reduction in civil
salaries and pensions. After the reforms enacted by the
French Parliament in 1932 and various economy measures,
there still existed a deficit estimated in the 1934 budget
at 7,718,000,000 francs (approximately $312,000,000 at par).
This included a residue of 3,600,000,000 francs from the
1933 budget, an increase in expenses totaling 2,900,000,000
francs, and a decrease in tax receipts estimated at 1,218,000,000 francs. The various proposals formulated by the
Daladier Government and offered to the Chamber of Deputies
on Oct. 17 were outlined as follows in a Paris dispatch of
that date to the New York "Times":
The Daladier Government has framed a bill on which it has asked
Parliament's urgent action, proposing to meet this deficit within 226,000,000 francs [about $9,040,000] by increased revenues amounting to
3.892,000.000 francs [about $155,680,000] and economies totaling 3,600,000,000 francs [about $144,000,000]• The new receipts will be obtained
by benefits from the National lotteries, the mintage of new nickel coins,
the withdrawal of numerous previously voted tax exemptions, the licensing
of the oil and armaments industries,the enlarging of the benefits from State
monopolies and the institution of a system for deducting at the source
a 15% tax on coupons on French and foreign bonds, on securities and on
stock dividends, of which any portion untaxable under the income tax
will be refunded after six months.
The economies will be effected by a reduction of 1,600,000,000 francs
[about $64,000.000] in the expenditures of Government Departments.
and by a 6% cut in salaries and pensions to effect a saving of 1,300,000,000
francs [about $52,000,000]. Through coupon deductions at the source
and other measures to reduce tax evasions, it is estimated the Government
can effect a total saving of 2,000,000.000 francs [about $80,000,000].
Arms Plants Must Get Permits.
One of the most important departures in the bill is contained in that
section pertaining to the manufacture and sale of war materials. It provides that no one shall engage in the manufacture of or commerce in war
materials in France or her colonies without authorization from the Ministry
interested and that all exports shall require the authorization of the in-
2897
terested Ministry and the Ministry of Foreign Affairs. A representative
of the Government will be assigned to each factory to control and report
on its business, and factories must place their books at the Government's
disposal for information.
The Government will hereafter participate in the profits on all war
materials manufactured in proportion to the budgetary credits voted
for their purchase. The same will apply to all mat‘rials used for National
defense. The bill also provides for strict Government supervision of the
manufacture of firearms for private use and of their import and export.
A tax of 20% of their value must be paid when they leave the factory.
,
Tax Deduction Criticized.
Another provision much discussed in advance by financial circles is
the deduction at the source of the income tax on bond coupons and dividends. The tax will apply alike to French and foreign obligations, and
only those foreigners and foreign firms who have no permanent residence
or office in France will be exempted. When the coupons are presented for
payment 15% will be retained and the holder will take a receipt, which,
presented with his income tax payment, will entitle him to a refund six
months later on the excess over the amount actually due as income tax.
Bourse circles show hostility toward this reform, which certain financial
observers believe will unfavorably affect trading on the French market.
The budget bill also provides for Government participation in the
profits from the importation of crude petroleum to the amount of 180,000,000 francs [about $5,200,000] annually, to be divided among the imimPort:rs.
It also abolishes the system of licenses for all automotive vehicles requiring fuel and substitutes therefor a tax of 60 francs a hectolitre [about
1.54 cents a gallon] on motor fuel.
French war veterans, by reductions in their pensions, will contribute
350,000,000 francs [about $14,000,000] to the Government economies.
All civil salaries, allotments and expense allowances will undergo a 6%
reduction. On salaries and pensions above 25,000 francs [about $1,000]
an additional tax will be levied on a sliding scale, reaching 3% for salaries
'bf 100,000 francs [about $4,000].
Huge Works Plan Proposed.
A huge public works plan calling for the expenditure of 13,736.500,000
francs [about $549,400,000] over a period of four years was introduced
in the Chamber by Premier Daladier this afternoon as a part of the Government's program offinancial rehabilitation. Of this total sum 3,190.000,000
francs [about $127,600,000] will be appropriated by local Governments
and the rest by the State.
The principal object of this scheme for the "social and economic equipment of France" is relief for the unemployed, although, compared with
other countries, France virtually has no unemployment problem. The
money will be spent through several Ministries. The Ministry of Agriculture will get 3,260,000,000 francs [about $130,400,000]. For building
new schools, improving teaching staffs and extending physical training
the Ministry of National Education will receive 2,340,000,000 francs
[about $93,600.000], and another 2.279,000.000 francs [about 391.160.000]
will be spent in improving roads, eliminating railroad grade crossings, for
new bridges and on other work of that nature.
One of the most significant allocations is 1,000.000,000 francs iabout
$40,000,000] for aviation.
While some of these expenditures will prove useful from a military
standpoint, it is noteworthy that there is no strictly military work in
the plan, as in the expenditures of the United States for naval building.
No indication has yet been given how the money is to be raised for the
program.
Eight Other Plans Offered.
At the same time he presented the public works scheme, M. Daladier
offered eight other comprehensive projects intended to complete the
financial rehabilitation.
One, directed against the high cost of living, provides a mechanism
for controlling the wholesale and retail prices of certain primary commodities. Another is intended to protect the small investor by strict
regulation of stock issues.
The third and fourth modify the civil old age pension lists and sick
pensions to eliminate abuses.
Still another makes some changes in the present law regulating wheat
prices in order to prevent farmers increasing their acreage.
A program for the construction of model tenements figures among the
projects. The last two proposals are designed to give business men who
are unable to meet certain commitments more time to pay their debts.
It also allows the cancellation of the sale of a business where it can be
proved the buyer was damaged to the extent of at least 50% of the purchase
price.
President Roosevelt Invites Russian Soviet Representative to Washington for Personal Discussions
that May Lead to Recognition of Russian Government
-M. M. Litvinoff Is Selected by President
Kalinin After President Roosevelt's Offer Is
Accepted-Text of Correspondence Between the
Two Executives.
Negotiations looking toward possible recognition of the
Soviet Union by the United States were announced yesterday (Oct. 20) by President Roosevelt, who said that
he had invited a representative of the Russian Soviet
Government to confer with him, and that Mikhail Kalinin,
Presidelit of the Soviet Republic, had accepted the invita,
tion, adding that M. M.Litvinoff, Commissar for Foreign
Affairs, would "come to Washington at a time to be mutually
agreed upon." As the President made his announcement it
was emphasized that the exchange of correspondence does
not of itself constitute recognition. President Roosevelt
personally read to newspaper correspondents his letter,
dated Oct. 10, to the Soviet President, and the latter's
reply, dated Oct. 17. The letter of President Roosevelt
follows:
My dear Mr. President:
Since the beginning of my administration I have contemplated the
desirability of an effort to end the present abnormal relations between the
hundred and twenty-five million people of the United States and the
hundred and sixty million people of Russia.
It is regrettable that these great peoples, between whom a happy tradition of friendship existed for more than a century to their mutual
2898
Financial Chronicle
advantage, should now be without a practical method of communicating
directly with each other.
The difficulties that have created this anomalous situation are serious,
but not, in my opinion, insoluble; and difficulties between great nations
can be removed only by frank, friendly conversations. If you are of
similar mind I should be glad to receive any representatives you may
designate to explore with me personally all questions outstanding between
our countries.
Participation in such a discussion would, of course, not commit any
nation to any future course of action, but would indicate a sincere desire
to reach a satisfactory solution of the problems involved. It is my hope
that such conversations might result in good to the people of both countries.
I am, very dear Mr. President.
Very sincerely yours.
FRANKLIN D. ROOSEVELT.
President Kalinin's reply read as follows:
My dear Mr. President:
I have received your message of Oct. 10.
I have always considered most abnormal and regrettable a situation
wherein during the past 16 years two great republics, United States of
America and the Union of Soviet Socialist Republics, have lacked the
usual methods of communication and have been deprived of the benefits
which such communication could give. I am glad to note that you also
reached the same conclusion.
There is no doubt that difficulties, present or arising, between two
countries can be solved only when direct relations exist between them;
and that on the other hand, they have no chance for solutions in the absence of such relations.
I shall take the further liberty to express the opinion that the abnormal
situation, to which you correctly referred in your message, has an unfavorable effect, not only on the interests of the two States concerned
but also on the general international situation, increasing the element of
disquiet, complicating the process of consolidating world peace and encouraging forces tending to disturb that peace.
In accordance with the above, I gladly accept your proposal to send
to the United States a representative of the Soviet Government to discuss
with you the questions of interest to our countries. The Soviet Government will be represented by M. M. Litvinoff, People's Commissar
for Foreign Affairs, who will come to Washington at a time to be mutually
agreed upon.
I am. very dear Mr. President,
Very sincerely yours.
MIKHAIL KALININ.
Oct. 21 1933
The Government realizes a duty, within the proper limits of internatoinal
law and international amity, to defend American interests abroad. However, it would not be wise for the Government to undertake directly the
settlement of private debt situations.
It was decided, therefore, to call together a small group to take upon
themselves the patriotic duty of bringing into existence an adequate, effective and disinterested organization to carry on this work. The organization should exist not for profit but for aiding the American interests which
it will represent, and for aiding them at the lowest possinle expense to the
many thousands of bondholders.
Because of the fact that these interests are widely scattered, the fact
that there are so many different loan issues to be consulted, this is no
easy task.
But it must be achieved and the Government expects that it will be
achieved. The organization when it comes into existence is to be entirely independent of any special private interest; it is to have no connection of any kind with the investment banking houses which originally
issued the loans.
It will decide its own affairs independently. Naturally, its decisions
will ultimately depend on the will of those who possess these securities.
Too, another of its duties naturally will be to keep intimate contact with
all American interests concerned and to unify as far as possible. all American
groups that seek to act in protection of American interests.
The organization contemplated in a sense will be a unifying centre for
the activities of all proper American interests.
The meeting was called in order to get the task well launched. Administration officials will follow the course of developments with interest. They
have no intention, however, of seeking governmental direction or control
of the organization, nor will they assume responsibility for its actions.
Toward this organization, as toward all other legitimate American
interests, the Government will seek to give such friendly aid as may be
proper under the circumstances.
Cuban Government Orders Arrest of Ex-President
Machado and 38 Aids, Together With Seizure of
Their Property—Relations Between Students and
Army Strained But Conditions on the Island Are
Otherwise Quiet—Four U. S. Ships Withdrawn.
The Government of President Grau San Martin of Cuba
on Oct. 17 ordered the arrest and imprisonment without
bond of former President Gerardo Machado and 38 of his
associates under the regime which collapsed in August.
Senor Machado is believed to be living in Canada at the
present time. The action on Oct. 17 was taken by the reGroup Formed to Protect American Holders of Foreign
Bonds—White House Announcement Says Govern- cently appointed National Court of Sanctions, which apment Will Go to Proper Limits to Extend Necessary proved charges ranging from homicide to misuse of funds
Co-operation—Committee Meets in Washington, filed against the former President and his associates, who
with Conference Attended by Officials of State included Dr. Orestes Ferrerra, former Secretary of State,
and Treasury Departments and Federal Trade and Octavio Averhoff, former Secretary of the Treasury.
Commission.
ordered an embargo against the properties
The organization of a voluntary non-governmental com- The Government
of the accused in the sum of $25,000,000, but the court
mittee to protect the interests of American holders of $8,000,would not make the embargo effective
000,000 worth of foreign bonds, approximately $2,000,000,- announced that it
defendants posted an equal bond.
000 of which are in default, was announced at the White if the
Few other developments of outstanding importance have
House yesterday (Oct. 20). At the same time officials of
during the current week, although
the State and Treasury Departments and the Federal Trade been reported from Cuba
relations between the students groups and the army have
Commission attended a meeting of the committee, and it
following the killing of a soldier by
was indicated that the Government authorities would render been further strained
Havana street corner on Oct. 15. Otherwise
all possible assistance in its work although it was stated a student on a
been relatively quiet, and American officials
that "they have no intention of seeking governmental direc- conditions have
to feel that American lives will now be safeguarded.
tion or control of the organization, nor will they assume are said
States coast guard cutters and two
responsibility for its actions." Secretary of State Hull, On Oct. 12 two United
were withdrawn from Cuban ports. Other
who attended the meeting yesterday, said further discussion destroyers
vessels anchored near the island are still withwould be held shortly, and added that the organization would American war
out orders to leave, however.
be known as the American Securities Protective Association.
Those who attended the conference included:
Japanese Finance Head Defends Sale of Bonds—
Laird Bell of Chicago; Hendon Chubb of New York City; W.L. Clayton
Finds Open Market Operation Needed to Curb
of Houston, Tex.; John Cowles of Des Moines, Iowa; Philip La Follette.
Speculation.
former Governor of Wisconsin; Herman Ekern, former Attorney-General
of Wisconsin; Ernest M. Hopkins. President of Dartmouth College; Mills
Canadian Press advices, as follows, from Tokio are from
B. Lane of Savannah, Ga.; Frank 0. Lowden, former Governor of Illinois;
the New York "Herald Tribune":
Orrin K. McMurray, Dean of the Law School of the University of California;
Roland S. Morris,former Ambassador to Japan;Thomas D.Thacher,former
Solicitor-General; J. C. Traphagen of New York City, and Quincy Wright
of the University of Chicago.
Others who will be members of the committee axe Newton
D. Baker, former Secretary of War; Charles Francis Adams,
former Secretary of the Navy, and J. Reuben Cloak Jr.,
former Ambassador to Mexico.
The White House statement regarding the formation of
the committee said:
The situation now existing in regard to foreign securities is one of substantial concern to the American people. American hinds were put at the
disposal of over 40 foreign governments and had assisted in their economic
development.
Many of these loans are now wholly or partly in default. The bonds
are held by large numbers of Americans who have at the present no adequate
means of getting in touch with each other and organizing in order to keep
themselves informed of events affecting their interests and of arranging
for the proper handling of the debt situations in which they are concerned.
In some instances American interests may be suffering unfair discrimination as compared with the investors of other countries.
A task of adequate organization obviously exists to be undertaken. In
many situations the proper organization of the American Bond holders is
urgently needed in order to make possible fair and satisfactory arrangements with foreign governments undergoing difficulties, and to properly
protect American interests.
This is a task primarily for private initiative and interest. The traditional policy of the American Government has been that such loan and
investment transactions were primarily private actions, to be handled by
the parties directly concerned.
The Bank of Japan's recent open market sale of 200,000,000 yen (currently
about $56,000,000 in Canadian funds) worth of new Government 4% bonds
was essential to control the supply of funds so as to restrict unhealthy speculation, Korekiyo Takahashi, veteran Finance Minister, said in defending the
operation against criticism from some Tokio financial quarters.
"I have no hesitation in stating categorically that the Bank of Japan will
continue to sell Government bonds in its possession hereafter from time to
time when the occasion is deemed suitable or necessary to prevent such a
state of affairs (as unsound speculation)," he said.
The Minister commented also on a report to the Cabinet by Baron NakaJima, Commerce and Industry Minister, regarding various fuel conservation
plans and increase of fuel production. Fuel production is a major problem,
the report said, which could not be considered separately from the army and
navy programs for the national defense.
It was disclosed by Tokio Clearing House that clearings through Japan in
August were the highest for 1933. They totaled 6,532,641,000 yen ($1,778,739,480), or 540,000,000 yen ($151,200,000) greater than in July.
Tokio Finance Minister Opposed to Inflation—More
Work Needed, Says Takahashi, as Critic of NRA.
The following, from Tokio, Sept. 25 (United Press), is
from the New York "Herald Tribune":
Korekiyo Takahashi, Japan's 80-year-old Minister of Finance, flatly opposed inflation through expansion of currency when interviewed to-day by
the United Press.
He criticized President Roosevelt's NRA plan to shorten working hours
and increase wages. What any nation needs now is more work, not less
work, the vigorous old banking expert declared.
Expansion of credit he held advisable if money was not increased.
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Financial Chronicle
Volume 137
"The position of Japan and the United States in consummating a financial
economic program are utterly different," said Mr. Takahashi.
"First, Japan's Administration is centralized, while authority in the
United States is diffused between the Federal Government, the States and
other agencies. Second, the United States dollar is international currency,
while the Japanese yen is less important internationally and less subject to
speculation. I am most sympathetic with Mr. Roosevelt, who is facing the
more difficult situation, especially as it involves speculation.
"I am opposed to inflation through expansion of currency because it encourages speculation."
Nanking Obtains New Loan.
In a cablegram from Shanghai, Oct. 11, to the New York
"Times," it was stated:
In addition to issuing hundreds of millions of dollars in Treasury notes to
repay banks for Government loans and overdrafts, T. V. Soong, Finance
Minister, after seeking another $30,000,000, compromised with the bankers
on a loan of $20,000,000, most of which will be used to cover military deficits and to assist in financing the anti-Red drive.
Bonds of French 7% External Loan Drawn for Redemption—$3,000,000 of Issue to Be Paid at Gold
Rate.
J. P. Morgan & Co., as sinking fund administrators for
French Government external loan of 1924 25
-year sinking
fund 7% gold bonds, due Dec. 1 1949, have announced that
$3,000,000 of the bonds have been drawn for redemption
at 105 on Dec. 11933. Payments will be made at the office
of J. P. Morgan & Co., in New York City, or at the office
of Morgan & Cie, Paris.
Holders of this issue and holders of the French Government 25-year external gold loan 7% bonds, payable June
1 1941, have been notified that coupons maturing on Dec. 1
of these two loans and of bonds of the 7% loan drawn for
redemption on Dec. 1 1933, may be paid here at the rate
of 25.52 francs to the dollar of face value of coupon or bond
or in Paris.
Bonds of Free State of Prussia Dealt in "Flat" on
New York Stock Exchange.
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following announcement on Oct. 16:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Oct. 16 1933.
Notice having been received that the interest due Oct. 15 1933 on the
Free State of Prussia 6% sinking fund gold bonds, external loan of 1927.
due 1952, is not being paid:
The Committee on Securities rules that beginning Monday, Oct. 16 1933,
and until further notice the said bonds shall be dealt in "flat" and to be
a delivery must carry the Oct. 15 1933 and subsequent coupons.
The Committee further rules that in settlement of all contracts in said
bonds on which interest ordinarily would be computed through Oct. 15
1933 interest shall be computed up to but not including Oct. 15 1933.
ASHBEL GREEN, Secretary.
Rulings on Bonds of German Central Bank for Agriculture Made by New York Stock Exchange—Rules
Two Issues Be Dealt in "Flat."
The New York Stock Exchange, through its Secretary,
Ashbel Green, issued the following announcements on
Oct. 16:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Oct. 16 1933.
Notice having been received that the interest due Oct. 15 1933 on German
Central Bank for Agriculture farm loan secured 6% gold sinking fund
bonds, series A of 1928, due 1938, is not being paid:
The Committee on Securities rules that beginning Monday. Oct. 16 1933,
and until further notice the said bonds shall be dealt in "flat" and to be
a delivery must carry the Oct. 15 1933 and subsequent coupons.
The Committee further rules that in settlement of all contracts in said
bonds on which interest ordinarily would be computed through Oct. 15
1933, interest shall be computed up to but not including Oct. 15 1933.
Notice having been received that the Interest due Oct. 15 1933 on German
Central Bank for Agriculture farm loan secured 6% gold sinking fund
bonds, second series of 1927, due 1960. Is not being paid:
The Committee on Securities rules that beginning Monday, Oct. 16
1933, and until further notice the said bonds shall be dealt in "flat" and
tolbe a delivery must carry the Oct. 15 1933 and subsequent coupons.
The Committee further rules that in settlement of all contracts in said
bonds on which interest ordinarily would be computed through Oct. 15
1933, interest shall be computed up to but not including Oct. 15 1933.
ASHBEL GREEN, Secretary.
Terms of Exchange of Old Shares of Stock of Dresdner
Bank of Berlin, Germany, for New Shares Announced—Change Made Due to Reduction in
Capital.
Dresdner Bank of Berlin, Germany, is announcing to
stockholders the terms governing the exchange of old shares
of the Bank for new shares under the agreement reached by
stockholders last July to reduce the capital of the Bank
from 220,000,000 reichsmarks to 150,000,000 reichsmarks.
In a statement issued Oct. 16 the terms were announced
as follows:
Holders of each 2.200 reiclismarks par value Dresdner Bank shares.
Issue of 1932, will receive in exchange 1,500 reichsmarks par value Dresdner
Bank shares, issue of 1933. Stock certificates for Dresdner Bank shares
should be sent, with all dividend coupons attached, to the Dresdner Bank,
Berlin, for exchange into the new shares. Shares not received by Dec. 15
1933 will be declared valueless and the holders will be entitled to their
proportionate share of the proceeds from the sale of the corresponding
new shares.
George Nathan, 31 Nassau St., New York, is the bank's
local representative.
Further Rulings Made by New York Stock Exchange
on Bonds of Agricultural Mortgage Bank of
Colombia.
Under date of Oct. 13 Ashbel Green, Secretary of the
New York Stock Exchange, issued the following announcement:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Oct. 13 1933.
Referring to the rulings of the Committee on Securities dated April 15
1933 and June 28 1933, regarding the non-payment of interest on Agri-year sinking fund
cultural Mortgage Bank of Colombia guaranteed 20
gold bonds, issue of April 1928, due 1948:
The Committee on Securities further rules that beginning Monday.
Oct. 16 1933, the said bonds may be dealt in as follows:
"With April 15 1933 and subsequent coupons attached"
"With April 15 1934 and subsequent coupons attached":
The scrip received in partial payment of coupons shall not be deliverable
with the bonds;
That bids and offers shall be considered as being for bonds "with April 15
1933 and subsequent coupons attached" unless otherwise specified at the
time of transaction; also
That transactions in the bonds shall be "flat."
ASHBEL GREEN. Secretary.
Reference to the previous rulings of the Committee on
Securities was in our issues of April 22, page 2699 and
July 8, page 954.
Funds Made Available by Buerfos Aires (Argentina)
for Payment on Coupons to Bondholders Having
Accepted Loan Adjustment Plan of 1933.
The Province of Buenos Aires has announced that it has
made available at the National City Bank of New York for
delivery on or after Nov. 1 1933, to the holders of its external
734% secured sinking fund gold bonds, dated Nov. 1 1925,
due Nov. 1 1947, who assent to the Loan Adjustment Plan
of 1933, the sum, in cash, of $32.45 with respect to each
$37.50 coupon; $16.22 with respect to each $18.75 coupon,
and $3.24 with respect to each $3.75 coupon, maturing
Nov. 1 1933, together in each case with 5% Arrears Certificates for the balance remaining unpaid on such coupons.
The above sums, the announcement said, are payable
only against the surrender of the Substituted Coupons due
Nov. 1 1933, issued pursuant to the plan and attached to
assenting bonds.
Argentina Refuses Transfer of Funds—Americans Must
Agree to Buy Bonds to Release Blocked Balances.
The following Buenos Aires cablegram (Oct. 18) is from
the New York "Journal of Commerce":
The Exchange Control Commission has been ordered by Dr. Federico
Pinedo, Finance Minister, to refuse permission to remit to any country
any funds blocked here before May 1 under the terms of the Angio-Argentine
trade treaty, which provides that no nation shall be granted exchange on
terms more favorable than that granted to Great Britain.
Under the terms of this order funds of Americans blocked in Argentina
cannot be sent to the United States except under a loan arrangement similar to that which the British have. British concerns, under the AngloArgentine commercial pact, having blocked funds in this country agreed
-year 4% loan and the Argentine Government agreed
to subscribe to the 20
to release blocked funds to pay for bonds issued under this loan. American
concerns here have not looked with favor upon proposals that they should
subscribe to a similar loan.
American concerns are Estimated as having 100,000,000 pesos, or about
$36.800,000 at current exchange, in this country which they cannot remit
except under a loan agreement. British firms have subscribed £12,429,975
to the loan, according to Dr. Pinedo.
Transfer of Funds.
It is understood that several American companies having large balances
here have recently moved a largo volume of blocked funds by selling pesos
to concerns in New York desiring to remit to this country. The companies
collected dollars in New York while their agents were instructed to turn
over pesos to the agents of the buyer here. There is said to be no section of
the exchange control regulations at present to bar a continuance of this
practice.
British Subscribe to Argentine Loan—Finance Minister
Pinedo Asserts Success of Issue Assures Thawing
of London's Frozen Funds.
In a cablegram (Oct. 19) from Buenos Aires to the New
York "Times" it was stated that subscriptions to the 4%
-year loan under the Roca agreement with Great
sterling 20
Britain exceeded the most optimistic expectations without
weakening the local market for Argentine Government bonds,
in which a large part of the British blocked funds had been
invested, according to a statement given out that day by
2900
Financial Chronicle
Finance Minister Federico Pinedo. Senor Pinedo was
quoted in part as saying:
Although the goal was £10,000,000 sterling, subscriptions were £13.526,335, or 171,581,423 paper pesos at the agreed exchange rate of 43
pence to the gold peso. There were 371 subscriptions, including private
individuals, commercial and industrial houses, railways and other public
utilities. Individual subscriptions ranged from £100 to £3,000.
The great success of this loan virtually assures the cleaning up of all
British blocked funds accumulated here since the exchange control became
effective on Oct. 10 1931.
Opening of New Savings Accounts Reflects Reemployment Trend, According to Savings Banks
Association of State of New York.
A complete reversal of the downward trend in number
of savings bank accounts in New York State was noted
during the last three months, according to figures made
public Oct. 14 by the Savings Banks Association of the
State of New York. As against a second quarter shrinkage
of 41,000 accounts, the July 1-Oct. 1 period brought a net
increase of 1,600 depositors, according to the Association.
Henry R. Kinsey, President of the Savings Banks Association, commenting on the figures, stated that the decrease
in number of open accounts persisted through July and
August, but had been more than offset by the fact that over
56,000 new accounts were opened in September, most of
them small-sized accounts representing re-employed workers
who were starting to save immediately. It is further stated
that the trend in total deposits also reflected improved conditions during the third quarter. The total deposit liability
of the 137 member banks in the State was $5,079,153,000
on Oct. 1, a decrease of $51,235,000 since July 1, as against
a loss of over $89,000,000 between April 1 and July 1.
The figures for both periods included accrued dividends.
In his comments Mr. Kinsey said:
la The thousands of small new accounts now being opened are especially
welcome to savings banks, because they are from the real savers, the people
whom our mutual institutions were primarily organized to serve. The
basic purpose of savings banks is to help people to build reserves during
good times so that they can draw on them during hard times. Large
numbers of our depositors are still out of work and until they can be reabsorbed by industry their savings accounts alone stand between many
of
' them and the public relief rolls. The gain in new accounts during recent
weeks is not only a heartening evidence of new business vitality, but they
show that the men and women now being re-employed have learned the
value and importance of having a savings bank account.
Questionnaire Addressed by Federal Trade Commission to 2,000 Corporations Listed on New York
Stock and Curb Exchanges Calling for Report
on Salaries and Other Data.
The Federal Trade Commission made known on Oct. 18
that it is addressing questionnaires to some 2,000 corporations listed on the New York Stock and Curb Exchanges
requesting information as to their capital stocks, bonds, &c.,
and among other things the names and official positions
of directors and executive officers with their compensations
for 1932. The Commission's announcement follows:
FEDERAL TRADE COMMISSION.
Washington.
At the last session of Congress the Senate passed a resolution (S. Res.
75,73rd Congress, 1st Sass.) requesting a number of Government agencies,
ncluding the Federal Trade Commission, to prepare and transmit to
the Senate as soon as practicable "a report showing the salary schedule
of the executive officers and directors of each corporation engaged in interState commerce (other than public utility corporations) having capital
and(or) assets of more than a million dollars in value, whose securities
are listed on the New York Stock Exchange or the New York Curb Exchange."
For the purposes of the resolution it was stated that "the term 'salary'
Includes any compensation, fee, bonus, commission, or other payment,
direct or indirect, in money or otherwise, for personal services."
Thereupon, the Federal Trade Commission instituted an inquiry to
gather necessary facts as requested by the Senate, and is addressing questionnaires to some 2,000 corporations listed on the New York Stock Exchange and on the New York Curb Exchange. The questionnaire calls
for return thereto by Oct. 25 and the Commission expects to have its
report ready for the Senate at the next session which begins in January.
The Commission is requesting this information as of recent date as well
as for a few years back for purposes of comparison.
The questionnaire first calls upon the company to answer two questions
which are as follows:
1. State the amount of the company's capital stock, bonds, and all
forms of surplus, and surplus reserves as of last balance sheet.
2. State amount of total assets as of last balance sheet.
It is then provided that if the amount specified in answer to either
question exceeds 81,000,000, then schedules A to D inclusive should be
filled in entirely. Ifthe amount specified in each case is loss than $1,000,000
then Schedule A should be marked "not applicable" and returned with
the remainder of the questionnaire.
The schedules of the questionnaire call for the following information:
Schedule A. Total assets, net sales, net income, number of directors
and executive officers and total compensation for years ending Dec. 31.
or for fiscal years with date nearest to Dec.31,by years 1928-1932,inclusive.
Schedule B. Name and official positions of directors and executive
officers, with their compensations severally, for 1932.
Schedule C. Cash value of all compensation other than salaries at
the time compensation was paid or delivered to directors or executive
officers for 1932.
Oct. 21 1933
Schedule D. Description of special compensation to directors and
executive officers.
Schedule E. Rates of compensation of directors and executive officers
In effect on Sept. 1 1933.
Senate Inquiry into Stock Market Trading—Questionnaire of Ferdinand Pecora, Counsel for
Committee, Calling for Individual Reports on
Transactions by Members of New York Stock
Exchange — Submission to Members' Decided
Against by President Whitney—Exchange to
Furnish Data from Own Records—Pool Trading
in Alcohol Stocks—Report on.
A request by Ferdinand Pecora that a questionnaire
bearing on transactions of members of the New York Stock
Exchange be sent to all the members of the Exchange has
resulted in the decision not to submit it to members. In a
letter under date of Oct. 16, addressed by President Whitney
of the Stock Exchange to Mr. Pecora (counsel for the Senate
Subcommittee on Banking and Currency inquiring into
stock market trading), Mr. Whitney bases his decision on
the opinion of counsel, Roland L. Redmond, who points out
that Mr. Pecora, has already been advised "that where the
information requested is in possession of the Exchange it
will be furnished to him as promptly as possible." "The
sole remaining question, therefore," Mr. Redmond maintains, "is whether the Exchange, by sending out a questionnaire to its members, should require them to furnish the
information which is being sought." Mr. Redmond in
conclusion says:
If, therefore, the Exchange should undertake to send out the prope,, d
questionnaire, the members of the Exchange would not only be compelled,
at the risk of being disciplined by the Governing Committee, to answer.
but they would also be effectively deprived of the right, which they would
possess if they were subpoenaed to appear before the Senate Committee
to raise the question of whether the information sought from them was
proper and relevant to the pending investigation. Much as the Exchange
may desire to facilitate the investigation which the Senate Committee is
conducting. I do not believe that it should even for this purpose use a
method which will deprive the members of the Exchange of a substantial
right. For this reason it Is my opinion that the Exchange should refuse
to send to its members the suggested questionnaire.
In his letter to Mr. Pecora, Mr. Whitney in deciding.
with the approval of the Governing Committee of the Exchange, against the submission of the questionnaire to members, adds that "as to the information sought by the questionnaire which is in the possession of the Exchange, the
work of compilation is going forward rapidly and should be
in your hands by the latter part of this week." Advices to
the effect that he was sending to the committee "the report
of the Accountant of the Exchange in regard to the alleged
pool trading in the alcohol stocks during the spring and early
summer of this year," were contained in Mr. Whitney's
letter to Mr. Pecora. Mr. Whitney also said in part:
I should perhaps remind you that the position taken by the Exchange
In regard to this questionnaire is consistent with the position which it has
taken ever since the Senate investigation started in 1932. * * *
Mr. Gray, who was formerly counsel to the Senate Committee, recognized the propriety of this position and I am advised that the detailed information which he sought of members of the Exchange was secured through
the service of subpoenas upon such members and the examination of their
books and records either before the Senate Committee Itself or by accountants employed by the committee in New York. if the counsel to the Senate
Committee and the members agreed that this method was prefereble to
presenting the records publicly in Washington.
Mr. Whitney indicates that he is advised that "similar
questionnaires have been sent to a number of Stock Exchanges throughout the country," and calling attention to
the fact that "many members of the Stock Exchange are
also members of these Exchanges," he adds that "there was
therefore a serious danger of duplication which would have
destroyed the true and accurate value of any statistics
sought in the matter." From the New York "Times" of
Oct. 15 we quote the following regarding the data sought:
Representatives of the Senate Committee on Banking and Currency
are negotiating with the New York Stock Exchange to obtain detailed
information concerning pool operation and syndicate trading accounts,
it was announced yesterday by Ferdinand Pecora,counsel for the committee.
A questionnaire had been sent to fifteen of the leading exchanges in this
country, which would yield the largest amount of data ever collected concerning stock market operations. Mr. l'ecora said. When the data was
tabulated it would show the importance of pool operations in recent stock
market history.
"One question that remains to be settled, in our negotiations with the
Stock Exchange," Mr. Pecora said, "is whether the Exchange has the
Power, under its constitution and rules, to require its members to give us
all the material that we have asked for. The Exchange officials are not
sure that they have such powers. If it decides that it cannot obtain the
Information, the committee will be compelled to subpoena the individual
members of the Exchange to appear at Washington. This would cause
inconvenience to the individual brokers and to the committee.
"I believe that this matter will be adjusted satisfactorily. Most of the
problems that have arisen have already been settled harmoniously. For
example, we have called for information concerning joint trading accounts
and syndicate operations, and it has been necessary to define these terms
so that the necessary information could be compiled.
"We have gone into greater detail in the Stock Exchange questionnaire
than in the questions submitted to smaller exchanges."
2901
Financial Chronicle
Volume 137
Mr. Pecora did not visit the Stock Exchange yesterday, nor did he
communicate with Richard Whitney, its President. He will return to
Washington to-night.
Elsewhere in this issue we refer to a statement issued at
Washington on Oct. 16 by Mr. Pecora with the declination
of the Exchange to submit the questionnaire to members.
Below we give the questionnaire, Mr. Pecora's letter to
Mr. Whitney, the latter's reply, dm, as made avialable
by Mr. Whitney, as follows on Oct. 16:
NEW YORK STOCK EXCHANGE,
Office of the President.
Oct. 16 1933.
To All Members:
To make entirely clear the position taken by the Exchange in regard to
the suggestion contained in the letter of Sept. 30 1933, received from Mr.
Ferdinand Pecora, counsel to the United State Senate Subcommittee on
Banking and Currency, with respect to the sending of the questionnaire
accompanying his letter to the members of the Exchange, I attach herewith
the following data:
1. Copy of Mr. Pecora's letter of Sept. 30 1933.
2. Copy of the questionnaire accompanying his letter.
3. Copy of my reply of Oct. 5 1933.
4. Copy of opinion of Mr. Roland L. Redmond of Messrs. Carter, Ledyard & Milburn, counsel to the Exchange, under date of Oct. 14 1933.
5. Copy of my further answer to Mr. Pecora, dated Oct. 16 1933.
Faithfully yours,
RICHARD WHITNEY,President.
No.1
UNITED STATES SENATE,
Committee on Banking and Currency.
285 Madison Ave., New York City, Sept. 30 1933.
Mr. Richard Whitney, New York Stock Exchange, 11 Wall St., New York City.
Dear Mr. Whitney:
-As counsel for the Senate Committee on Banking
and Currency in its pending investigation of the practices and conduct of
stock exchanges and their members with respect to the buying, selling,
borrowing and lending of securities, I send you herewith enclosed a questionnaire, which I take the liberty of requesting you to address to all members of the New York Stock Exchange. You will observe that some of
the information sought to be elicited through the medium of such questionnaire is of a character which can be furnished by the Exchange itself; the
balance of the information desired will, of course, have to be obtained
from its members
I am resorting to this means of obtaining the information because I think
it affords the speediest and most convenient method therefor. It certainly
seems to me to be preferable to subpoenaing the individual members to
attend as witnesses before the committee in Washington, D. C., with
their books and records.
I earnestly trust that we will have the hearty co-operation of your institution in the pursuit of this process. I further hope it will be possible for
the Exchange to obtain this information and to submit it to me in time
to enable me to present a compilation and analysis thereof to the Senate
Committee by Nov. 6 next.
Very sincerely yours.
(Signed) FERDINAND PECORA,Counsel,
U. S. Senate Subcommittee on Banking and Currency.
FP MM (Encl.)
No. 2
Questionnaire.
A. Give the following data for Oct. 1 1929 and July 11933:
1. Number of members of New York Stock Exchange.
2. a-Number of members acting exclusively as traders for their own
account, giving names and addressee.
b-Number of members acting exclusively as floor brokers, giving names
and addresses.
-Number of members acting in the capacity of both individual traders
c
and floor brokers, giving names and addresses.
d-Number of members who are investment bankers who do not maintain regular representation on the floor of the Exchange, giving names
and addresses.
-Number of members who engage exclusively in commission brokerage
e
business, giving names and addresses.
-Number of member houses who in addition to acting as brokers have
f
also participated in security offerings, and in pools, syndicates or joint
accounts, giving names and addresses.
g-Names of all member houses engaged exclusively in handling oddlot transactions.
B. Obtain from each member and member firm the following data for
the year 1929 and for the year 1933 up to Sept. 1:
a-Number of customers (persons, partnerships and/or corporations)
who bought or sold any securities, excluding bonds, debentures and notes,
separately tabulating the number of customers buying or selling securities
on margin or credit accounts, and the number of buying or selling securities
tor cash.
b-The number of customers (persons, partnerships and/or corporations) who purchased or sold bonds, debentures and notes, separately tabulating the number of customers buying or selling on margin or credit accounts, and the number buying or selling for cash.
In tabulating the information under (a) and (b) give number of customers residing in the City of New York and those residing outside of the
City of New York.
C. Obtain from all odd-lot houses the number of shares bought and the
number of shares sold by them during the period April 1 1933 to July 31
1933 inclusive.
D. Obtain from all individual floor traders a statement of the total
number of shares bought and the total number of shares sold by them on
the Exchange during the period April 1 1933 to July 31 1933 inclusive.
E. Obtain from each member or member firm the following data:
1. The total number of margin accounts on their books as of July 31 1929,
July 311930. July 311931, July 30 1932 and July 15 1933.
2. The total debit balances in such marginafaccounts as of July 311929,
July 311930, July 311931. July 30 1932 and July 15 1933.
F. Obtain from each member and member firm a statement showing
whether member firm or any agent acting for such firm, or any partner
thereof, participated in the profit and /or losses resulting from the exercise
of any options to purchase securities during the years 1929 to 1933 inclusive.
In reply to this question furnish the name of each member and his answer
for each year for this period.
G. Obtain from each member or member firm the following data for the
Years 1929 to 1933 inclusive, furnishing the name of each member and his
answer for each year during this period.
1. A statement showing whether member firm or any agent acting for
such firm or any partner thereof participated in the profits and/or losses.
or in any distribution of securities in any syndicate, pool and/or joint ac-whether syndicate, pool or joint
count, giving the nature of the account
account.
2. A statement showing whether any joint, syndicate or pool accounts
were maintained on the books of such member or member firm in which
such member or member firm had no proprietary interest, giving nature
-whether syndicate, pool or joint account.
of the account
H. Obtain from each member or member firm the following data for the
years 1929 to 1933 inclusive, furnishing the name of each member and his
answer for each year during this period:
1. A statement showing whether member or member firm has purchased
any securities for resale.
2. Whether member or member firm has underwritten or participated
in the underwriting and/or distribution of any securities.
3. Whether member or member firm is a member of/or associated with
any investment trust.
I. 1. Obtain from each member or member firm who engaged in brokerage business and securities selling and/or syndicate, pool or joint account
operations a statement showing whether a segregation or allocation of
capital and of accounts for each department was maintained during the
years 1929 to 1933 inclusive. In replying to this question furnish name
of each member and his answer for each year for this period.
2. Where answer from member or member firm to the previous question is in the affirmative, give date, in each case, when such segregation
took effect. Submit details of plan. stating if in emergencies, capital
funds may be switched back and forth between the departments.
J. Obtain from each member or member firm the following data for each
year of the years 1928 to Sept. 1 1933 inclusive:
1. Annual gross charges to customers for commissions for the purchase
and sale of securities, excluding bonds, debentures and notes.
2. Annual gross charges to customers for commission for purchase and
sale of bonds, debentures and notes.
3. The annual gross charges to customers for interest.
4. A detailed annual income statement showing receipts and disbursements by classification.
K. 1. Give the names of all members who acted as specialists on Oct. 1
1929 and July 1 1933. Give the names of the securities assigned to each.
2. Furnish copies of all provisions in the Constitution and By-Laws of
the New York Stock Exchange relating to specialists in effect on Dec. 31
1929 and copies of all amendments subsequent thereto up to Aug. 31 1933.
3. Give names of all specialists who have been subjected to warning.
trial or disciplinary action of any nature or character whatsoever by any
committee or governing body of the Exchange for the period from Jan. 1
1928 to Sept. 1 1933. In each case state the date, the nature of the alleged
violation and the disposition thereof.
L. Give the following data for each of the years from 1929 to 1933 inclusive:
1. Number of persons employed by the New York Stock Exchange in
publicity and/or public relations activities.
2. Number of persons employed by the New York Stock Exchange In
any capacity under the direction or jurisdiction of the Library Committee.
3. Number of persons employed by the Department of Economist of
the New York Stock Exchange,
4. Total yearly appropriation by the New York Stock Exchange for
all of the above enumerated purposes.
.5. Total number of pamphlets, brochures, printed addresses, articles or
writings of a similar nature circulated or distributed by the Exchange or
any of its subsidiaries.
6. The titles and dates of all such publications.
7. The number of copies of the two books-"The Work of the Stock
Exchange" and "Short Selling," written by the economist of the New York
Stock Exchange-which were purchased by the Exchange or any of Its
subsidiaries, officers or Governors, and itemize and specify to which Insti
tutions such volumes were sold or distributed gratis, and the number so
distributed or sold.
8. Names of any and all persons employed by the New York Stock
Exchange in publicity or public relations work of any character.
9. Furnish copies of all the articles, speeches, pamphlets. brochures or
writings of Richard Whitney, President of the New York Stock Exchange,
published since 1928.
M. Give the following data for each of the yearsfrom 1928 to Sept. 1 1933:
1. Names of bond issues listed on the New York Stock Exchange which
have been in default during such period.
2. List of members or member houses of the New York Stock Exchange
who became insolvent.
3. List of members suspended by the New York Stock Exchange, giving
dates of such suspension, reasons therefor, and where such members were
In partnership, the names of such firms.
4. List of members or member firms who have either sold or transferred
their seats upon the New York Stock Exchange, giving dates of such sale
or transfer.
Where member or member firm has been suspended, or has ceased doing
business, information requested should be obtained from successor firms.
If not so obtainable, list the names of such members or member firms from
which the data has not been obtained, and the approximate date when such
members or member firms discontinued their association with the Exchange.
N. Give the following information for each of the years 1928 to 1933
inclusive:
(1) All committees of the New York Stock Exchange and the names
of the members of each committee.
No. 9
NEW YORK STOCK EXCHANGE,
•
New York, Oct. 5 1933.
Ferdinand Pecora, Esq., Counsel U. S. Senate Subcommittee on Banking and
Currency, 285 Madison Ave., New York, N. Y.
Dear Mr. Pecora:-I duly received your letter of Sept. 30 1933 enclosing
a proposed "Questionnaire." I have examined the latter with great care.
As you point out, the Exchange itself has in its possession certain of the
information necessary to answer a number of the questions. These facts
we will make available to you as promptly as possible.
In many Instances, however, the information would have to be obtained
from members of the Exchange. I have noted your suggestion that this
be secured by having the Exchange address a questionnaire to its members.
I have grave doubts that this procedure could be followed. Much of the
information which you seek through us from our members could only be
had, if at all, at great expense and trouble to them. Much of It involves
Office of the President.
Financial Chronicle
2902
questions of purely private affairs of members and their customers. There
is the further difficulty that throughout the "Questionnaire" a number of
general terms are used without any precise definition. This, I am sure.
might lead to confusion, and might result in securing answers which would
not give the precise information which you are seeking.
In view of the number of questions raised by your request. I think it
would be very helpful if we could have a personal conference on the entire
subject. I will, of course, be pleased to see you at any convenient time.
I understand that Mr. Meehan of your office has been informed of the
progress which the accounting department of the Exchange has made in
regard to the investigation of the trading in the so-called alcohol stocks
during the period from May 15 to July 24 of this year. I have just been
advised that the examination of some 99 member firms has been completed
and that a final report is in course of preparation. We have made every
effort to expedite this work, but the number of houses which had to be
visited and the number of accounts that had to be analyzed was so great
that it has been impossible to complete it more promptly.
Faithfully yours,
(Signed) RICHARD WHITNEY,President.
ROW
No, 4
Letterhead of
would not produce the information which he seeks. He likewise realizes
that he may, if it is proper and relevant to the pending inquiry, secure the
Information which he desires by serving subpoenas upon the individual
members of the Exchange and by compelling them to appear before the
Senate Committee in Washington. Instead of using this recognized
method, he has asked the Exchange to secure this information for him by
sending a questionnaire to its members. He urges that this procedure be
followed, as it will be "the speediest and most convenient method" of securing the information. In other words, he wishes the Governing Committee of the Exchange to use its power to compel the members of the
Exchange to answer the questions contained in the questionnaire. Under
the Constitution of the Exchange any member who fails to furnish information required of him by the Governing Committee may be suspended
or expelled. If, therefore, the Exchange should undertake to send out
the proposed questionnaire, the members of the Exchange would not only
be compelled, at the risk of being disciplined by the Governing Committee.
to answer, but they would also be effectively deprived of the right, which
they would possess if they were subpoenaed to appear before the Senate
Committee, to raise the question of whether the information sought from
them was proper and relevant to the pending investigation. Much as the
Exchange may desire to facilitate the investigation which the Senate Committee is conducting. I do not believe that it should even for this purpose
use a method which will deprive the members of the Exchange of a substantial right. For this reason, it is my opinion that the Exchange should
refuse to send to its members the suggested questionnaire.
CARTER,LEDYARD & MILBURN,
Counsellors at Law,
41 Broad Street, New York.
Oct. 21 1933
Yours very truly,
RLR:S
(signed) ROLAND L. REDMOND.
No.6
Oct. 14 1933.
NEW YORK STOCK EXCHANGE,
Richard Whitney, Esq., President New York Stock Exchange, 11 Wall Street,
New York City.
Office of the President.
My Dear Mr. Whitney:—You have referred to us a copy of the letter
New York, Oct. 16 1933.
addressed to you under date of Sept. 30 1933 by Mr. Ferdinand Pecora,
counsel for the Subcommittee of the Banking and Currency Committee
Esq., Counsel U. S. Senate Subcommittee on Banking and
Ferdinand Pecora,
of the United States Senate, and have asked our opinion as to whether the
Currency, 285 Madison Ave., New York, N. Y.
Exchange may require its members to furnish the information requested
My Dear Mr. Pecora:—I enclose herewith a copy of Mr. Redmond's
In the so-called "Questionnaire" which was annexed to his letter.
opinion in regard to the question of whether the Exchange should require
This letter was not received until Oct. 2. Under date of Oct. 5 you
its members to furnish the information called for by the questionnaire which
replied stating that, aside from the question of whether the Exchange might
was attached to your letter of Sept. 30. In view of this opinion, I have
require the information sought by the questionnaire from its members.
decided, with the approval of the Governing Committee of the Exchange,
you doubted whether informative answers could be secured to questions
that we would not approve the suggestion contained in your letter, that
which were phrased in such vague and general terms. You, therfore,
the Exchange should send the questionnaire to Its members.
suggested a personal interview in which these questions could be clarified.
As to the information sought by the questionnaire which is in the possesOn Friday evening, Oct. 6, Mr. Pecora asked your Sc,retary to arrange for
sion of the Exchange, the work of compilation is going forward rapidly and
an interview on the following Monday. This proved to be impossible
should be in your hands by the latter part of this week.
on account of your existing engagements. On Monday afternoon, Oct. 9,
I am sending you under separate cover the report of the accountant of
Mr. Pecora telephoned to me and asked whether you would be willing to
the Exchange in regard to the alleged pool trading in the alcohol stocks
see some of his subordinates, as he would be engaged throughout the week
during the spring and early summer of this year. This is now complete
In conducting the hearings before the Senate Committee in Washington.
except for the report of one firm which I will furnish you as soon as possible.
A conference was arranged for the following day at which Mr. David
There are certain practical considerations in regard to the information
Schenker, an assistant counsel to the Senate Committee, and Mr. John T.
which you asked the Exchange to secure from its members, which I feel I
Flynn, an employee of the Senate Committee, spent several hours in going
should bring to your attention. As originally submitted, your questionnaire
over with us the form of the questionnaire. A second interview was held
would have required the members of the Exchange to furnish detailed facts
on Wednesday and Mr. Schenker and Mr. Flynn again visited your office
in regard to their transactions over a period of almost five years. In many
and spent several hours in further revising the questionnaire.
Instances it would have been necessary to have each customer's account
As a result of these conferences, the situation stands as follows:
examined and analyzed. This would have required a stupendous amount
The questions asked under the sub-heading A of the questionnaire, with
of work and the expenditure by members of the Exchange of many millions
one single exception, are now in such form that the information requested
of dollars. Mr. Schenker and Mr. Flynn apparently realized that the
can be furnished by the Exchange. This eingle exception and the quesexpense of answering the questions as originally drafted was prohibitive,
tions asked under the sub-headings B, D,E, F and J all require information
and they, therefore, suggested a modification of some of the questions so
which is not in the possession of the Exchange.
as to make them less burdensome. Even in the modified form the work
The questions asked under sub-heading C, in regard to odd-lot houses,
which would be imposed on the members of the Exchange would be indeed
we have agreed to submit to the firms involved and to act as a conduit for
oppressive and I estimate its cost would in the aggregate amount to several
the information or not as the particular firms desire.
millions of dollars. I do not believe, therefore, that the Exchange should.
The questions asked under the sub-headings G. H and I have been temIn justice to its members, adopt your suggestion and impose any such huge
porarily held in abeyance, so that Messrs. Schenker and Flynn may conexpenditure upon them for the sole purpose of securing economic statistical
sider further whether this information is necessary or desirable.
Information.
The questions asked under the sub-headings K, L. M and N are now in
Another fundamental objection to the proposed questionnaire is that
such form that the information requested can be furnished by the Exchange.
It would certainly produce inaccurate and incomplete results. I am adYou have already advised Mr. Pecora that where the information revised that similar questionnaires have been sent to a number of stock exquested is in the possession of the Exchange it will be furnished to him
changes throughout the country. Many members of the New York Stock
as promptly as possible. The sole remaining question, therefore, is whether
are also members of these exchanges. There was therefore a
the Exchange, by sending out a questionanire to its members, should . Exchange
serious danger of duplication which would have destroyed the true and
require them to furnish the information which is being sought.
accurate value of any statistics sought in this manner.
Under the Constitution of the Exchange, the Governing Committee has
Furthermore, certain of the questions, particularly those referring to the
power to secure information by questionnaire from the members of the
Income of members of the Exchange and to the number of, and the debit
Exchange. This power has been used whenever the Governing Committee
balances in, margin accounts carried by them in 1929 and in 1933, would
felt that it was necessary to investigate irregular transactions or practices
have required the members of the Exchange to furnish to you information
which might improperly affect the market. Without attempting to record
which they have already given or are currently furnishing to the Departall of the instances in which questionnaires have been sent to members
ment of Internal Revenue. I was advised by your associate that the recof the Exchange in recent years, I should perhaps remind you that it was
ords of the Treasury Department are available to you, and It therefore
used in the alleged corner in Wheeling & Lake Erie stock some years ago;
seemed grossly unfair to compel the members of the Exchange to furnish
in the Manhattan Electrical Supply Co. cases in 1917 and 1930, and for the
the same information, almost duplicate in certain aspects, to two departstatistics in regard to short selling not only at the time of the panic in 1929,
ments of the Government.
but again currently since the early part of 1931. In each instance where
In closing, I should perhaps remind you that the position taken by the
the Senate Committee represented to the Exchange that the market had
Exchange in regard to this questionnaire is consistent with the position
been affected by irregular or unfair practices, this power was invoked to
which it has taken ever since the Senate investigation started in 1932.
secure the facts. I refer, of course, to the special questionnaire sent in
We have always been willing to co-operate to the fullest possible degree in
regard to the short position on April 8 1932; to the investigation of the
securing information for the Senate Committee. We have at very groat
trading in Kreuger & Toll securities at the time of Ivar ICreuger's death,
expense furnished it with a vast amount of information. We have, howand to the investigation, recently concluded, of the rumors that pool transever, always taken the position that information in regard to tho particular
actions in the so-called alcohol stocks had affected the market in the early
and personal affairs of members of the Exchange should be sought directly
part of this year. In other instances, where the testimoney before the
from them and not indirectly through the Exchange. Mr. Gray, who was
Senate Committee seemed to have a direct bearing upon the conduct of
formerly counsel to the Senate Committee, recognized the propriety of this
members of the Exchange, the Governing Committee has used its power
position, and I am advised that the detailed information which ho sought
to ascertain the facts by requiring the members of the Exchange to furnish
of members of the Exchange was secured through the service of subpoenas
it with information. These instances, however, furnish no precedent for
upon such members and the examination of their books and records either
the present case. The information sought by the proposed questionnaire
before the Senate Committee itself or by accountants employed by the
has no direct bearing on market practices or on the conduct of members
committee in New York, if the counsel to the Senate Committee and the
of the Exchange. On the contrary, it consists primarily of what might
members agreed that this method was preferable to presenting the records
be described as general statistics.
publicly in Washington. In declining, therefore, to compel the members
There is no doubt that a committee of Congress has power to secure, by
of the Exchange to answer the questionnaire which you submitted to me,
subpoena, information which is necessary or pertinent to the framing of
we are merely adhering to an established and consistent precedent, and in
legislation. Our courts have upheld the existence of this power and by
no way seeking or wishing to delay the investigation now in progress.
liberal interpretation have given legislative committees the right to seek
As I have received a great many inquiries from members of the Exchange
any information which is proper and relevant to the work of the Congress.
regarding the proposed questionnaire—inquiries which wore undoubtedly
Although the Senate Committee may directly seek information by requiring
due to the publication of the fact that a questionnaire had been sent to tho
citizens to testify before it, we have found no authority which would support
Exchange—I am sending the members copies of our correspondence on
the theory that it has power to compel one citizen to secure for its use
this subject.
information from another citizen. The committee's counsel frankly recogFaithfully yours,
nizes that the information sought by his questionnaire is not in the posses(Signed) RICHARD WHITNEY,President.
RW-hk
sion of the Exchange. A subpoena, therefore, served upon the Exchange
Volume 137
Financial Chronicle
Senate Inquiry Into Stock Market Trading—Statement
of Ferdinand Pecora, Counsel for Committee,
Following Decision of President Whitney of New
York Stock Exchange Not to Submit Questionnaire
to Members—No Alternative, Says Mr. Pecora,
Except to Subpoena Members—Six Members Subpoenaed.
Following the decision of Richard Whitney, President of
the New York Stock Exchange, not to submit to members
a questionnaire proposed by Ferdinand Pecora, Counsel for
the Senate sub-committee on Banking and Currency, Mr.
Pecora on Oct. 16 issued a statement in which he said "the
decision of the governing authorities of the New York Stock
Exchange leaves the Committee no alternative but to exercise
the subpoena process upon the Exchange members and
thereby compel their attendance, as well as the production
of their books and records before the Committee."
The questionnaire, issued in furtherance of the Senate
inquiry into stock market trading, is given elsewhere in our
issue to-day, along with Mr. Whitney's letter indicating the
stand of the Exchange. Mr. Pecora's statement of Oct. 16
follows:
The resolution adopted by the United States Senate, under which its
Committee on Banking and Currency is conducting the present investigation, directs and authorizes that Committee, among other things:
"To make a thorough and complete investigation of the business conduct
and practices of security exchanges and of the members thereof.
"To make a thorough and complete investigation of the practices with
respect to the buying and selling and the borrowing and lending of securities
which are traded in upon the various security exchanges, or on the over-thecounter market,or on any other market;and ofthe values ofsuch securities."
In order to enable the Committee to comply with this mandate a questionnaire was prepared designed to elicit much vital information concerning
these (stock market) practices.
Under date of Sept. 30 last I sent a copy of the questionnaire to Richard
Whitney, President of the New York Stock Exchange, accompanied by a
letter in which, as counsel to the Senate Committee on Banking and Currency, I requested the governing authorities of the Exchange to cause the
questionnaire to be distributed to all of its members and to obtain their
answers or returns within such time as would enable me to analyze and
present the same to the Senate Committee by Nov. 15.
The only other method by which this information could be obtained would
be to subpoena all the members of the Exchange to attend before the
Committee at its sessions in Washington, and to produce at such sessions
their books and records, from which such information would necessarily
have to be extracted and compiled.
After much deliberation. I adopted the questionnaire method because, to
my mind, it affords the simplest, quickest, and least expensive process for
obtaining such information. It also would subject the members of the
Exchange to the least possible measure of inconvenience.
Within a few days after the receipt of my letter and the questionnaire
by Mr. Whitney, he sought conferences with me in connection therewith.
Nearly all of my time since Sept. 30 last has been spent in Washington in
attending sessions of the Committee, which were devoted to matters wholly
unrelated to stock exchange and stock market practices. Therefore, in
order to comply with Mr. Whitney's request for a conference, and at the
same time expedite action by the Exchange in the circulation ofthe questionnaire among its members, representatives of the investigating staff of the
Committee remained in New York and held two long conferences during
the last week with Mr. Whitney and Mr. Redmond, a member of the law
firm of Carter, Ledyard & Milburn, attorneys for the New York Stock
Exchange. In the course of these conferences, Messrs. Whitney and
Redmond raised the question of the right and the power of the governing
authorities of the Exchange to issue the questionnaire to its members and
require their answers thereto.
Shortly after returning to Washington from New York City this afternoon, I was informed by telephone by my representatives in New York
City that a letter had just been received from Mr. Whitney, which, in
substance, states that the Board of Governors of the New York Stock
Exchange had definitely declined to issue the questionnaire to the Exchange
members.
One of the grounds upon which this decision was based is the alleged
expense that would be incurred by the members in compiling the data
requested in the questionnaire. It is claimed by Mr. Whitney that this
expense would run into millions of dollars. As a result of informal inquiries
which I have caused to be made ofrepresentative New York Stock Exchange
firms, I am led to believe that the required data could be compiled by each
brokerage office at a very slight expense and within two or three weeks'time.
In his letter, Mr. Whitney stated that certain data which the questionnaire required from the Exchange itself would be supplied to me. The
most important information sought to be obtained through the medium of
the questionnaire is, however, that which can be furnished only by the
members of the Exchange.
The decision of the governing authorities of the New York Stock Exchange leaves the Committee no alternative but to exercise the subpoena
process upon the Exchange members and thereby compel their attendance,
as well as the production of their books and records before the Committee.
From a Washington dispatch Oct. 16 to the New York
"Herald Tribune" we quote:
A few hours before Mr. Pecora issued his statement, Guy T. Helvering,
Commissioner of Internal Revenue, announced that his agents were going
through brokers' records of their customers' accounts to check the accuracy
of individual income tax returns for the years beginning with 1929. His
actions grew out of the previous disclosures by the Senate Committee of
intricate methods by which bankers and others had avoided the payment
of income taxes during the depression years. A statement from his office
said:
"The Commissioner feels that, due to the wide fluctuations of the market
during the several years indicated above, there were probably many transactions which were not properly reported in the income tax returns, and
that because of the fact that certain individuals have taken advantage of
the opportunity through sales that have a fictitious character, as between
husband and wife, or between a taxpayer and an individual in close relationship to him, to distort taxable income through claims of losses that have
no basis in fact, it is particularly appropriate this year to invoke the authority
conferred upon him by the acts mentioned above."
It was stated also that voluntary disclosures concerning claimed lessee
and unlisted profits which had no basis of fact would result in lenient
2903
treatment. The Bureau of Internal Revenue has made arrangements with
representatives of the brokers so that the examination will "impose the
least possible burden" on the brokers.
On Oct. 17 six members of the New York Stock Exchange
were ordered to appear before the investigating committee
on Oct. 20 by Mr. Pecora. A dispatch Oct. 17 to the New
York "Journal of Commerce" reporting this, added:
Subpoenas were served on the brokers by the New York agents of the
Committee to-day following the refusal of Richard Whitney, President of
the New York Stock Exchange, yesterday to circulate a form questionnaire
among the members at the request of Mr. Pecora to obviate the necessity
of bringing the members to Washington.
Those upon whom subpoenas were served are John A. Duncan, of W.B.
Hutton & Co.; Frank J. Murphy,of Jules S. Bache & Co.; Gayer G. Dominick, of Dominick & Dominick; Edward A. Pierce, of E. A. Pierce & Co.:
Louis J. Drovers, of Eric & Drevers, and John W.Prentiss, of Hornblower
& Weeks . . . .
According to Mr. Pecora to-night the New York Stock Exchange is the
only one of 15 to which the questionnaires were sent which has refused to
circulate it among its members. He said that he had received a letter from
the Buffalo and St. Louis exchanges to-day informing him of the receipt of
the questionnaire and stating that it already is being distributed to members.
The Buffalo Exchange, he added,also wrote a letter to each of its members
Informing them that their replies were expected Nov. 7. Mr. Pecora said
that additional subpoenas will be served to-morrow. He expects to have
about 12 of the leading brokers before the Committee Friday for questioning.
into Stock Market Trading—Profits
by Dillon, Read & Co. on Brazilian and Bolivian
Bonds Now in Default—Testimony of Robert 0.
Hayward and J. V. Forrestal—Five-year Profits of
Firm $24,000,000—Loan to Harvey C. Couch.
A gross profit of $6,608,376.73 was made by Dillon, Read
& Co. and their syndicate associates in the flotation of four
Brazilian and Bolivian Government bond issues totaling
$130,500,000, now in default, the Senate subcommittee
investigating Stock Exchange practices was informed on
Oct. 12 by Robert Otis Hayward, a Vice-President of the
firm, according to a Washington dispatch Oct. 12 to the
New York "Times" from which the following is also taken:
Senate Inquiry
The participation of Dillon, Read in this underwriting profit was $1.769.415.45, and that of the Eastern Trust Co., which was owned and controlled by Dillon, Read & Co. was $622,623.90.
Ferdinand Pecora, Committee Counsel, after developing from the witness that its interests "were the same as Dillon, Read & Co.," hinted
that the Eastern Trust Co. was utilized in the syndicate which distributed
Brazilian bond issues "in order to subdivide the profits accruing to Dillon,
Read & Co. into two entities, so as to avoid income tax payments in the
higher brackets by allocating all those profits to one concern."
"I should not think so," replied Mr. Hayward, "but at that time I
was not a member, and am not familiar with those phases of the situation."
Mr. Pecora Charges Deception.
Other developments to-day were:
Senator Couzens and Mr. Pecora charged that Dillon, Read & Co. had
"fooled" the bondholders on one of the Brazilian issues by concealing
a technical default when interest was due.
A 60
-day trading account was established in floating a $50,000,000
Brazilian Government issue, in two series of $25,000,000 each, in 1921.
for the purpose of keeping up prices of the bonds while they were being
syndicated to the public.
At the time of the negotiation of a $14,000,0130 loan with Bolivia in
1927, Dillon, Read & Co. was not aware that there was outstanding an
obligation of £1,900,000 incurred for the purchase of war supplies by
Bolivia from Armstrong & Vickers, Ltd., in 1926, which was settled out of
a loan of $23,000,000 which Dillon, Read & Co. floated for the Bolivian
.
Government in 1928. Mr. Hayward will be examined to-morrow in detail
on this $23,000,000 Bolivian loan and the Vickers arms transaction, and
whether these arms were used when hostilities later broke out between
Bolivia and Paraguay.
He will also be interrogated about a loan which Dillon, Read & Co.floated
for the City of Montevideo, Uruguay. This will complete the committee's
inquiry into the affairs of Dillon, Read & Co. . . .
Four Issues Are Detailed.
The four South American issues figuring in to-day's interrogation of
Mr. Hayward, the gross profits which he said were made by Dillon. Read
& Co. and their associates in syndicating them, were:
1. Brazil Government 88. 1921-1941. $50,000,000 in two series of $25.000,000 each. Total gross profits by the syndicate in the first $25.000,000
issue were $1.242,454.33, of which $366,372.40 went to Dillon, Read
& Co. and $134.944.49 to the Eastern Trust Co.
Those associated in this syndicate were Blair & Co., Inc.; Whitewell &
Co.; Union Trust Co. of Pittsburgh; Illinois Trust & Savings Bank; Halsey.
Stuart & Co., Inc.; Continental & Commercial Trust & Savings Bank.
and Union Trust Co., Cleveland.
The associates in the second $25,000,000 issue were identical except
for the addition of Lee. Higginson & Co.. and the total gross profits of
the group were $1.545,903.34, of which $585,468.62 went to Dillon, Read
& Co. and $3325,129.41 to the Eastern Trust Co.
2. Brazil Government Central Ry. electrification loan of 1922, due
1952, $25,000,000; total gross profits by the syndicating group were $1,038.998.62, of which $218,784.74 went to Dillon, Read & Co. and $162,500
to the Eastern Trust Co.
3. Brazil Government 6 % loan of 1927, due 1957. $41,500,000, representing the American, or dollar half, of the loan, the sterling half having
been floated by the Rothschllds of London. Total gross profits by the
American syndicate group were 31,750,117.21, of which $598,789.69 went
to Dillion, Read & Co.
4. Bolivian Government 7% loan of 1927, due 1958. $14,000,000.
Total gross profits of the syndicate groups were $1,030,903.23, of which
$573.360.33 went to Dillon, Read & Co.
Collaborated with Rothschilds.
Mr. Hayward testified that the $50,000,000 Brazilian loan of 1921
was negotiated through Sir Alexander McKenzie. South American representative of the Brazilian Traction, Light & Power Co.,a Canadian holding
company which owns the largest single public utility in South America.
2904
Financial Chronicle
Senator Couzens asked whether there was any competition for this
loan by New York investment houses.
"The firm of N. M. Rothschilds & Sons, London," Mr. Hayward said,
"had been the bankers for Brazil for almost a century. It was our idea
that if Brazil was to come into the American market for funds, which it
had not done up to that time, we should establish ourselves in the same
Position of responsibility and advisorship that Rothschilds had held before.
The situation has worked out in that way. The Brazilian Government.
since this issue, has not solicited offers from any other firm."
"I do not understand yet just how this firm of Rothschilds came to
give up the business," continued Senator Couzens.
"They did not give it up," Mr. Hayward answered. "They are still
interested. The last loan we brought out in this country was an international issue, the group of Rothschilds, Baring Brothers & Schroeder of
London taking care of the European part and we bringing out the American
part. The loan was negotiated by Rothschilds.
"We have established now the practice of what you might call joint
collaboration on all that business. In other words, the Brazilian Government to-day would not think of making a loan without discussing it both
with Rothschilds and ourselves."
Brazil Offered Funding Plan.
All the Brazilian Government issues, Mr. Hayward said, are in default.
Realizing that it was faced with a situation which was going to be difficult on account of impending defaults, the witness asserted, the Brazilian
Government prepared an offering of funding bonds. Under this plan, for
three years ending October 1934, that Government "is offering to the
owners of all these external securities, except two old preferred loans in England, the privilege of taking 5% funding bonds in lieu of cash."
"It amounts in effect," Mr. Hayward explained, "to the Government's
borrowing back the interest from the bondholder and paying him 5%
for the privilege. Around 80% of the owners of the dollar bonds have
voluntarily accepted this offer."
Questioned at some length relative to the present-day trading account
established in floating this $50.000,000 loan, Mr. Hayward said that was
the "usual practice" under the American system of distributing securities.
He agreed with Mr. Pecora that it was done also "for the purpose of
helping to create a market for the bonds at a price that will not fall below
the original offering price" and that the earlier purchasers get no fixed
protection beyond the life of the trading syndicate.
Chairman Fletcher drew from Mr. Hayward that the total amount
of Brazilian Government bonds brought out by Dillon, Read & Co. was
$186,000,000 and the net amount outstanding about $142,000,000.
The contract for the Central Ry. loan required the maintenance of a
permanent deposit account of $500,000 with the bankers in New York
by the Brazilian Government.
This account, Mr. Hayward admitted, was drawn on for $392,052.50
on May 1 1931, to cover interest due on the loan a month later. The
withdrawal, Mr. Pecora developed, was not wholly made up by subsequent deposits by the Brazilian Government.
Mr. Hayward testified that this constituted a default so far as the $500,000 fund was concerned and that Dillon, Read & Co. on May 1 1931, had
announced through the press that funds were in New York available to
pay interest on the bond issue.
"They knew the contract was in default." asserted Senator Couzens,
"and they issued a statement that boosted the price of the bonds."
With the continuance on Oct. 13 of the investigation into
the affairs of Dillon, Read & Co. profits of the firm during
the five-year period from 1927 to 1931, inclusive, were
reported as totaling nearly $24,000,000. The financial
record of the company's operations was placed before the
Senate Stock Market Investigating Committee that day,
as the inquiry into affairs of the New York investment
banking firm came to a close. From a Washington account
Oct. 13 to the New York "Herald Tribune" in which this
was stated, we also quote:
A mass of statistical data supplied by Dillon, Read & Co. in response to a
questionnaire was introduced by Ferdinand Pecora, Counsel for the committee, while Clarence Dillon, President of the company, was on the witness stand. Included in the documents was a reference to a loan of $300,000 to Harvey 0. Couch, Arkansas banker and utility operator, now a
member of the Reconstruction Finance Corporation.
Tax Evasion Is Charged.
Early In the day the hearing took a sensational turn when an intricate
method for escaping income taxes through the formation of a Canadian
corporation was unfolded by Mr. Pecora. The device was used by James
V. Forrestal, Vice-President of Dillon, Read & Co., and enabled him to
avoid income taxes on a profit of $864,000 in the sale of common stock of
one of the Dillon, Read & Co. investment trusts.
Another Dillon, Read & Co. witness was Robert 0. Hayward, VicePresident of the firm, who told of a $23,000,000 issue of bonds for
the Bolivian Government and a $6,000.000 issue for the City of Montevideo.
Uruguay, both of which are now in default. The Bolivian loan was that
out of which a payment for war supplies was made.
Mr. Hopson Called as Witness.
At the close of the day, after examination of Dillon, Read & Co. witnesses
had been concluded, Mr. Pecora called Howard C. Hopson, Executive
Vice-President and Treasurer of the Associated Gas & Electric Co., upon
whom a subpoena was served recently after he had been vainly sought for
several weeks. Mr. Hopson insisted that he had not evaded service, but
had been ill and was trying to get a rest out of reach of his business affairs.
After considerable sparring with Mr. Pecora, Mr. Hopson agreed to
ship the books he had brought back to New York where the accountants of
the Committee could examine them more conveniently. The Committee
adjourned until.Tuesday when it will turn to the affairs of the security
affiliate of the Chase National Bank .
The profits realized by Dillon, Read & Co. during the five years from
Jan. 1 1927 to Dec. 31 1931 included $18,514,038.15 from bond and stock
flotations which it managed and $5,321,159.48 from participation inoperations managed by others, a total of $23.835,197.63.
During this period the total Issues of bonds in the distribution of which
it had a hand amounted to $6,261,464,000, of which $1,146,627,500 was
under its complete management. The company put out 137 issues of
bonds and participated in the distribution of 161 other issues. The company also placed on the market 9,875,788 shares of stock and participated
in the distribution of 7,916,884 additional shares.
Foreign Issues $339,000,000.
Foreign bond issues managed by Dillon, Read & Co. during the five-year
period totaled 3339,975,000, while those in which the company partici-
Oct. 21
1933
pated amounted to $1,237,842,000 additional. Profits of the company
on foreign issues of stocks and bonds totaled $5,766,970.85.
A statement of capital account of Dillon, Read & Co. was of particular
interest as showing shrinkages due to losses following the 1929 stock market
collapse. The capital of the two Dillon, Read & Co. corporations, one of
which handled the foreign business, amounted to $10,301,462.29 in 1927.
$14,056,816.93 in 1928. $14,735,055.64 in 1929, $12,134,223.04 in 1930 and
$9,332,009.77 in 1931. The figures indicate that several millions of capital
was wiped out by losses charged off in 1930 and 1931.
The combined balance sheet showed total assets of 862.499.422.29 in 1926.
$81,903,224.56 in 1928, $78,116,011.38 in 1929. $39,968,543.92 in 1930 and
$25,780,750.05 in 1931.
Mr. Couch Borrowed $300.000.
The record relative to Mr. Couch showed that a loan of $300,000 had
been made to him on Jan. 16 1929. There was still unpaid $150,000 on
Dec. 31 1931, the period covered by the questionnaire. Mr. Couch was
a participant to the extent of 35% in a pool formed on Oct. 8 1927, for a
total of $10,000,000 to trade in various securities of the Louisiana & Arkansas RR. Co. Dillon, Read & Co. was a 30% participant. Rogers
Caldwell and James A. Moffett were among other participants.
In another pool for $10,085,000 which was formed on Nov. 29 1928, to
deal in securities of the Seaboard Airline, W. W. Atterbury and Clarence
H. Mackay were among the participants.
Mr. Dillon in closing his testimony read a statement in which he reviewed
the operations of his company.
"In the 12
-year period prior to Jan. 1 1931, out of 368 bond issues aggregating more than $3,000,000,000 sponsored by Dillon, Read & Co., only
six had defaulted," said Mr. Dillon. "The principal amount of these
issues in default at the end of the period was only 3-10ths of 1% of the
total.
"Since Jan. 1 1931, more issues have defaulted. That was Inevitable in
times such as we have passed through.
Mr. Dillon Sums Up Issues.
"Notwithstanding all this, the principal amount of Dillon, Read & Co.
issues in default as of Jure 30 1933. was only 7.7% of the aggregate amount
of all bond issues sponsored by Dillon, Read & Co. during the post-war
period."
As a means of stimulating the financing of capital goods, which he emphasized as a pressing need, Mr. Dillon urged the Committee to give attention to the advisability of a clarification of the liability provisions of the
new securities act.
Mr. Forrestal Tells of Tax Deal.
The story of the tax evasion plan employed by Mr. Forrestal was a high
light of the day. His story was supplemented by testimony by Bernhard
Knollenburg of New York, the tax lawyer who devised the plan and Paul
M. Strieffler, a Dillon, Read & Co. employee and assistant to Mr. Forrestal.
The apparently successful ways to evade taxes which were worked out by
Mr. Knollenberg proved a revelation to the Senators. One opening was
left, however, it developed, through which the Internal Revenue Bureau
Is striving to collect $95,000 additional in income taxes from Mr. Forrestal.
This consisted of failure to consummate the sale of a block of 16,788 shares
of common stock of the United States and Foreign Securities Corp. in
Canada as had been arranged by Mr. Strieffler.
The tax evasion had to do with a part of Mr. Forrestal's share of the
common stock of the Dillon, Read & Co. investment trust, the United
States and Foreign Securities Corp. This was part of the block which cost
Dillon, Read & Co. partners 20 cents a share.
As a result of a recommendation by Mr. Knolienberg a corporation
known as the Beekman & Co., Ltd., was organized in Toronto prior to
transactions which took place in the summer of 1929. There also was
formed at the same time a second corporation known as the Beekman Corp.
of Delaware. The capital stock of the Canadian corporation is owned
by the Delaware corporation which in turn is owned by Mr. Forrestal and
his wife.
The advantage of the Canadian corporation was, Mr. Knollenberg said,
that under Canadian laws it was possible to use the market value at the
time of the acquisition of stock as a basis for computing income taxes instead of actual cost as in the United States. However, he said, the transactions must take place in Canada.
In July and August 1929, Mr. Forrestal turned over to the Canadian
corporation a total of 20,000 shares of United States & Foreign Securities
Corp. common stock out of 37,000 shares which he held. This transfer
involved no consideration and was described as consisting of paid-in surplus
for the corporation. The capital stock of the corporation had been acquired
by Mr. Forrestal in exchange for other securities valued at $300,000.
Beekman & Co., Ltd., carried the 20,000 shares on its books at the then
market value, $1,217,500.
Of the 20,000 shares, 16,788 shares were thrown into the pool
organized
by Dillon, Read & Co., partners for trading In this stock at the instance
of Dominick & Dominick as brought out in testimony last week. These
particular shares were sold in what has been designated as the second
trading account of Dominick & Dominick.
According to Mr. StrieMer's arrangement, as indicated by a letter of
July 10 1929, the stock was to be sold to Dillon, Read & Co. for
delivery
by the Canadian corporation in Toronto. Instead, Mr. Strieffler said he
learned only a few months ago, Dillon, Read & Co., did not
technically
acquire the stock but acted as agent for its delivery to Dominick & Dominick
who sold it on the market in New York.
The 16,788 shares were sold for $896,410.65. The original cost to Mr.
Forrestal, who had bought 7,500 shares originally at 20 cents, 17,500 at
75 cents and 12,500 at $10, was $28,539.50. The profit was about $864,000.
Inasmuch as the 16,788 shares were carried on the books of the Canadian
corporation at a market value at time of acquisition of $1,013,538, it indicated a loss of more than $200,000 in figuring possible income taxes.
Mr. Forrestal said that he had personally paid about $300,000 in Federal
and State income taxes for 1929 and that he hadn't paid any since. The
Canadian corporation, it developed, had never filed an income tax return
in the United States until June 16 last, when it filed a return covering all
the years from 1929 to 1932 and paid a tax of about $6,000.
Mr. Forrestal and the other two witnesses all admitted that this income
tax return was filed after disclosures before the Senate Committee regarding
tax evasions by other bankers in the spring.
Regarding the loan to Mr. Couch a Washington
Oct. 13 to the "Times" said:
dispatch
The loan to Mr. Couch figured in data put into the record by Ferdinand
Pecora, Committee Counsel. The list set forth that the loan was made
Jan. 16 1928, that $150,000 was repaid by July 16 1931, and indicated that
on Dec. 311931, $150,000 was still due. Whether it has been repaid s nce
was not set forth. Mr. Couch did not become a member of the board of
the RFC until February 1932.
Also put into the record were data indicating that Mr. Couch and associates participated to the extent of 35% in a so-called $10.000,000 "pool,"
Volume 137
Financial Chronicle
or joint account,formed Oct. 8 1927, to deal in securities of the Louisiana &
Arkansas Ry., of which Mr. Couch is President.
k Dillon, Read & Co. had a 30% participation in this transaction, onethird of winch later was reallocated to Seligman & Co.
The other participants and their individual interests were R. C. Pack,
7%%;0. S. McGain.
%; Coverdaie & ColpItts. 2)4%; J. A. Moffett.
10%. and Rogers Caldwell,
%. Mr. Caldwell withdrew from the
account June 8 1931.
Collateral for the loan to Mr. Couch was listed as including "participation in Louisiana & Arkansas Ry. Syndicate, 1.000 shares Electric Power
& Light common, 500 shares National Power & Light common, $20,000
Louisiana & Arkansas Ry. 55 1969; 25-1,250 participatory interest in
deposit of Federal Leather Co. stock, and life insurance policy."
A statement submitted by Mr. Dillon on Oct. 13 urging
that the way be re-opened for the marketing of long-term
securities is given elsewhere in our issue to-day.
Senate Inquiry Into Stock Market Trading—Statement
Presented to Committee by Clarence Dillon, of
Dillon, Read & Co., Points Out Problems of Capital
Market—Free Flow of New Money Essential for
Continued Progress of National Recovery.
On Oct. 13, with the conclusion of the inquiry into the
affairs of Dillon, Read & Co. by the Senate Banking and Currency Committee investigating stock market trading, Clarence Read presented a statement to the Committee in which
he summarized the volume of new issues sponsored by his
firm since 1929, and pointed out that in the 12
-year period
prior to Jan. 1 1931, out of 368 bond issues, aggregating over
$.3,000,000,000 sponsored by it, only six had defaulted. Mr.
Dillon also had something to say regarding "the relation of
the investment banker to the problem of providing for future
capital requirements." He referred to the fact that "a disturbing phenomenon of the present depression in this country has been the increasingly rapid decline in new security
offerings during the past four years," and in urging the free
flow of new money into industry as "essential for the continued progress of our national recovery," he reminded the
Committee on Banking and Currency and its counsel of their
"splendid opportunity to seek and to find the way to reopen
the markets for long-term capital so that the requirements of
industry may be met and so that labor may be re-employed."
Mr. Dillon's statement follows:
For many years Dillon, Read & Co. and its predecessors have been engaged
in the investment banking business; one of its predecessors, having been
organized about 1830. In 1905 Mr. Read organized the firm of Wm. A.
Read & Co., which operated as a partnership until Mr. Read's death in 1916.
In 1920 the firm name became Dillon, Read & Co., and a year later the
partnership was succeeded by the present New York joint stock association
of the same name.
The principal business of Dillon, Read & Co. has always been the distribution of new security issues. It is not a member of any Stock Exchange.
Our principal function has been that of an intermediary between the investor
in long-term securities and those seeking and entitled to have long-term
capital. During the 15 years since the war we have issued nearly four
billion dollars of Government, municipal and corporate securities.
Our business requires the study of the long-term capital market and its
relationship to economic trends, • to interest rates and to the needs of
industry. From 1919 through 1925 the volume of new issues sponsored by
Dillon, Read & Co. increased approximately in proportion to the total
volume of new security issues. From 1926 through 1929 the total volume
of new securities offered in this country (exclusive of United States Government issues) increased rapidly from seven billions yearly to more than
11% billions in 1929, or a percentage increase of about 60%. During this
period, which is now generally admitted to have been one of over-expansion,
the volume of new issues sponsored by our firm relatively declined.
In this current period of low prices for almost all kinds of property—real
estate, commodities, stocks and bonds—how has the investor fared who purchased Dillon, Read & Co. securities as a whole?
In the 12-year period prior to Jan. 1 1931, out of 368 bond issues aggregating over $3,000,000,000 sponsored by Dillon, Read & 0o., only six had
defaulted. The principal amount of these issues in default at the end of
the period was only 3/10 of 1% of such total Dillon, Read & Co. issues.
Since Jan. 1 1931 more issues have defaulted. That was inevitable in
times such as we have passed through. From 1929 to 1932 commodity
prices declined 35%, net railway operating income of Class I railroads declined 74%, and earnings from industry generally dropped so sharply that
in 1932 the combined operations of 1,400 representative industrial corporations in the United States resulted in a deficit. In this period many
nations have been forced off the gold standard. Notwithstanding all this,
the principal amount of Dillon, Read & Co. issues in default as of June SO
1933 was only 7.7% of the aggregate principal amount of all bond issues
sponsored by Dillon, Read & Co. during the post-war period.
1The offerings of an investment house, like the investment list of an
individual, or the investment portfolio of a bank or insurance company,
should also be tested by the average income produced by the investments as a
whole. 'We have calculated that if one man had bought the entire amount
of securities sponsored by Dillon, Read & Co. from Jan. 1 1919 to June 30
1933, and had sold on the latter date all issues then in default at their
then market prices, he would have received on his investment cash income
averaging more than 4%% per annum over the entire period, and, in
addition, would have had sufficient cash income to make up the entire
capital loss on the sale of his defaulted securities.
So much for the past; and now a word as to the relation of the investment banker to the problem of providing for future capital requirements.
A sharp line of demarcation must be drawn between short-term funds and
long-term capital requirements. The furnishing of short funds is primarily
the function of commercial banks. They finance largely the production and
distribution of the things we consume. By their nature, loans for such
purposes should be self-liquidating.
The demand for food and clothes and consumer goods generally is relatively constant, but when we consider the production of so-called durable
2905
goods produced by the heavy industries we find a very much more drastic
decline. These industries, producing machinery, railroad equipment, building materials, &c., and construction work in general, necessarily look largely
to long-term financing rather than to bank loans. Long-term loans to such
industries are not immediately self-liquidating and cannot ordinarily be
considered by commercial backs. This is the proper field for the investment
banker.
It has been estimated that the output of durable goods has declined to a
far greater extent than that of consumption goods. The effect of this reduced
production in the heavy industries has been to greatly increase unemployment.
The solution of the problem of unemployment, and this problem is the
major economic and human problem confronting this cduntry to-day, depends
to a large extent upon the stimulation of heavy industries producing durable
goods. This, in turn, is largely dependent upon a satisfactory market for
new security offerings which in the past have furnished the capital for
expansion of these industries.
A disturbing phenomenon of the present depression in this country has
been the increasingly rapid decline in new security offerings during the past
four years. From 11% billion dollars in 1929, new financing has declined
to a rate in 1933 of less than a billion dollars for the year. This is only
one-quarter of the new capital issues of the year 1921—the low point of
the previous depression.
Entirely aside from the demand for new capital, nearly $3,000,000,000 of
outstanding obligations of industrials, public utilities and railroads fall due
during the next three years, and, in addition, municipal bonds will mature
during this period at the rate of about one-half billion dollars a year, so
that some four or five billion dollars will be required during the next three
years solely for refunding purposes.
Through the aid of loans Rom the Reconstruction Finance Corporation the
refunding of a limited amount of maturing obligations, mostly of railroads
and municipalities, has been accomplished. A return to the normal process
of financing through the sale of long-term investments to the public should,
however, be brought about as quickly as possible.
In addition, the capital market should supply to heavy industries the
funds with which to restore the recently neglected maintenance of the
national industrial machine, to readjust old industries to new conditions and
to establish new industries. When this takes place on a large scale the
unemployment problem will be solved.
We have dwelt at some length on the problems of the capital market
because it seems to us that the free flow of new money into industry
is
essential for the continued progress of our national recovery and for
the
success of the valiant efforts of the present Administration to reduce
unemployment and restore prosperity. 1Ve respectfully submit that
the Committee on Banking and Currency of the United States Senate and its
counsel
have a splendid opportunity to seek and to find the way to reopen
the
markets for long-term capital so that the requirements of
industry may be
met and so that labor may be re-employed.
Senate Inquiry into Stock Market Trading Investigation into Affairs of Chase National Bank of New
York—Testimony of Albert H. Wiggin, Former
Chairman of Board—Pension Salary of $100,000 a
Year for Life Voted by Bank to Mr. Wiggin—Committee's Inquiry into Chase Securities Corporation.
With the opening on Oct. 17 of the investigation into the
Chase National Bank by the Senate Committee inquiring
into stock market trading, it was disclosed that the bank
voted a pension of $100,000 a year for life to its former
Chairman, Albert H. Wiggin. Incident to the Inquiry into
the bank's affairs, the Committee has also directed its attention to the wo/kings of the bank's affiliate, the Chase Securities Corp. According to the press accounts from Washington, Mr. Wiggin said his salary, exclusive of bonuses,
prior to his retirement in January of this year, was $202,000
a year. Stating that Mr. Wiggin had received about $1,500,000 in salaries and bonuses from the bank and other corporations in the four and a half years immediately preceding his
retirement, the Washington account Oct. 17 to the New
York "Times" continued:
The banker's compensation was revealed to-day when Mr. Wiggin was
called upon to testify before the Senate Banking Committee. His salary
from the bank, he disclosed, was $175,000 in 1928 and if
1929. $218.750
in 1930. $250.000 in 1931. $220,300 in 1932 and $52,970 in the first six
months of 1933. In addition to these amounts, aggregating $1,092,020,
the bank, which during part of this time was losing millions,
paid him
$275,000 in bonuses.
His pay from the various directorates he held during this period.
Mr.
Wiggins testimony indicated, amounted in some years to about
$83.000,
of which about $40,000 at one time came from Armour & Co.
Associates Suggested Amounts.
To questions put to him by Ferdinand Pecora, counsel to the Committee'
Mr. Wiggin acknowledged that his associates always suggested
the additional compensation he was to receive.
"And I helped to fix theirs," he added.
Mr. Pecora was interested.
"You helped to fix theirs," he asked, "and they helped to fix yours?"
Mr. Wiggin nodded assent.
"Yes," he explained,"we all sat together."
It was brought out by Mr. Pecora that loans to some of the
59 companies
from which Mr. Wiggin drew salaries figured in the
losses of the Chase
National Bank.
Mr. Pecora, dwelling on the subject of loans, placed particular
emphasis
on some of them.
A loan of about $3,100,000 made to Gerhard Dahl, Chairman
of the
board of the Brooklyn-Manhattan Transit Co., was revealed. The
collateral
was considerably less. Another loan of about $3,300,000 to A. R. Graustein
of the International Paper Co. went into the record.
Evidence was presented that Mr. Wiggin at one time had drawn
$20,000
a year from the B. M.T., and $2,000 a year from the paper
company. • • •
$212,000,000 to Meet Losses,
Mr. Pecora, proceeding with the examination of Mr. Wiggin, presented
a table showing that $212,000,000 had been set aside by the Chase
National
2906
Financial Chronicle
Bank as reserves against losses during the period of four years and seven
months ended July 31.
Senator Adams, Democrat of Colorado. displayed a keen interest in
Mr. Wiggins directorships. Replying to questions of the Senator. Mr.
Wiggin said he had resigned most of them, but he did not disclose on what
boards he is still serving.
Senator Adams wanted to know whether the bonuses Mr. Wiggin received
had been paid as a credit to him for profits. Mr. Wiggin thought they
had been.
Senator Adams asked whether it worked the other way when losses
had been sustained. Mr. Wiggin smiled and said it did not. Both agreed
the bonus "worked only one way."
Other revelations made by Mr. Wiggin were:
That Winthrop W. Aldrich, Chairman of the Governing Board of the
Chase National Bank, has received in the period under discussion a total
salary of $460,556 and no bonus payments;
That C. S. McCain, Chairman of the board of directors, received a
total salary of$507,171 and $20,000 additional compensation; John McHugh
Chairman of the Executive Committee, $537,812 in salary and $25,000
additional compensation, and R. L. Clarkson, Vice-Chairman of the
board of directors, $236,349 in salary and $25,000 in additional compensation in the same period.
Points to Growth of the Bank.
At the outset of his testimony Mr. Wiggin. reviewing his banking career,
said that when he went to the Chase National as Vice-President in 1904
Its capital was $1,000,000, surplus $1,000,000 and deposits $54,000,000.
"In 1911 I was made President," he said. "At that time the capital
was $5,000,000, surplus $5,000,000 and deposits $100,000,000. The bank
reached its greatest stature in 1930.following the merger with the Equitable
Trust Co. At that time the capital was $148,000,000,surplus $148,000,000
and deposits in excess of $2,000,000,000.
"At that time it was the largest bank in the world. To-day it is one
of the largest banks of the world, and the largest bank in the United States.
Its ramifications are many. It is known in every town in the country,
and in a great deal of the rest of the world. It has business in Panama,
Cuba. London, Paris and the Far East.
"The bank has been under my general direction. I was the largest
stockholder for many years. I haven't always been able to study all of
the details, but have always wanted to take my full share of responsibility.
We have made mistakes. We must not look at things in the year 1933—
we cannot look at them now—as we did in 1929."
5.68% of Securities in Default.
The Chase Securities Corp., organized as an affiliate in 1917, with an
original capital of $2,500,000, Mr. Wiggin testified, "was, in effect, a
dividend from the bank to its stockholders," and in order that there could
be no question where the profits went, the equities of the bank and its
affiliate were "exactly the same."
"In December, 1930. the high point in the banking business," said
Mr. Wiggin, "the capital of the securities company was $95,000,000 and
the surplus $13,000,000. The total offerings of the securities company
have amounted to $6,158,000,000. The defaults were 5.68% of all those
securities issued right up to the dissolution of the corporation. The Chase
National Bank in 1904 had just 20 stockholders. To-day we have about
89.000 stockholders."
Senator Couzens—Who lathe largest stockholder now? Mr. Wiggin—
John D. Rockefeller Jr.
Q.—Did he become the largest stockholder by way of purchase of stock
in the market or through a new increase ofstock by the bank itself? A.—I
think both; and from the merger of the Chase National Bank with the
Equitable Trust Co. I believe he was substantial stockholder in the
Equitable Trust Co. and that gave him a substantial holding in the Chase
National Bank. And I think he has since increased his holdings by purchase.
Q.—In the parlance of the Street. it came to be known as the Rockefeller
bank? A.—I think so.
As to Directing the Bank.
Mr. Wiggin told of the mergers of the Chase National with the Metropolitan, the Mechanics & Metals, the Mutual, the Garfield, the Park and
the Equitable Trust, and was asked by Mr. Pecora whether the Chase
"continued under your general direction until last January?"
"General direction." Mr. Wiggin replied, "would be too strong a term
to use, because after the merger with the Equitable Trust Co. we had a
Governing Board and we regarded that as the superboard, or the managing
board. I should say."
The Governing Board was created in 1930. the witness continued, at
the time of the merger with the Equitable Trust Co., and he served as Its
Chairman until he declined re-election last January. He added that
nobody in the Chase National had greater power in determining its policies
but "there were several who had equal power."
Those with "equal power" were named as Mr. Aldrich, Mr. McCain
and Mr. McHugh. Mr. Wiggin also told of the acquisition of the American
Express Co. by the Chase Securities Corp. in 1929 and of the acquisition of
the American Express Bank & Trust Co. by the Equitable Trust Co. At
the time of the organziation of the American Express Bank & Trust Co..
Mr. Wiggin said, the American Express Co. was a 98%-owned subsidiary
of the Chase Securities Corp.
Aldrich Tells of Securities Change.
When Mr. Pecora asked what prompted the plan by which the charter
of the Chase Securities Corp. was changed on May 16. this year. effective
the following day, Mr. Wiggin explained that this had been done since his
retirement from the bank and during his absence in Europe.
"Mr. Aldrich can answer it better than I can," Mr. Wiggin suggested.
Mr. Aldrich testified that he had reached the conclusion some time
ago that investment banking should be divorced from the banking done by
large commercial banks and has issued a statement to that effect last spring.
"At that time there was legislation pending in Congress respecting that
subject?" asked Chairman Fletcher.
"Yes," was the reply, "but the legislation did not go as far as I felt it
should. I think it is one of the most important things before this committee.
"I had come to the conclusion,for a great many reasons, that the business
of commercial banking and investment banking should be absolutely
divorced, and for that reason we started dissolution proceedings of the Chase
Harris Forbes Corp. and we changed the charter of the Chase Securities
Corp. so that it could no longer deal in securities and changed its name, and
that corporation also Is in course of liquidation.
"Obviously' you cannot liquidate a thing like that overnight. It requires very careful consideration as to how an orderly liquidation should be
conducted. But I do not think it is properly covered by the Glass-Steagall
Banking Bill passed in 1933."
Voted on Changes by Proxy.
Mr. Wiggin. resuming the stand, testified that when the Chase National
shareholders, who also were the shareholders of the Chase Securities,
Oct. 21 1933
held the special meeting on May 16, at which the charter of the affiliate
was amended, he was in Europe and his stock was voted by proxy. His
proxies were Eldon Bisbee, Harry P. Fish and Harrison Tweed.
Mr. Pecora asked whether Mr. Wiggin approved the plan.
"I am absolutely in favor of backing up the management of the bank,
and therefore I was in favor of it," Mr. Wiggin replied.
Senator Couzens—You did not approve them with enthusiasm, though,
did you? A.—I approved them.
Mr. Pecora—Did you approve of these proposals in principle and apart
from the question of backing up the management? A.—No, I do not
think so.
Q.—Did you disapprove of the principle of these proposals in effect as a
matter of personal judgment A.—I had not changed my opinion since the
expression in the report in January that I made.
Mr. Pecora then developed that members of Mr. Wiggin's family owned
"something in excess of 117,000" shares of Chase National stock, of which
Mr. Wiggin himself owned 67,000 shares.
Mr. Pecora—Will you tell candidly your judgment whether those proposals, even though you voted for them, by proxy, represent in your
opinion a beneficial change or departure from your pre-existing policies?
A.—Changes have come pretty rapidly in the past year. Very probably if I
were still senior officer of the bank I might have done exactly what Mr.
Aldrich has recommended. I do not know. Up to the time that I left the
bank I did not think that it was necessary to make such a separation.
Present Services to the Bank.
•
Mr. Pecora brought out that Mr. Wiggin, on his retirement, had been
voted a salary for life of $100,000 a year, and asked whether he had rendered
any service for this salary by way of advice on the proposals embodied in
the Aldrich plan for changes in the Chase Securities Corp.
"I was not consulted," replied Mr. Wiggin.
Asked whether he had rendered the bank any other service since he had
been voted a life salary witness said:
"I think I am a direct influence in holding a very large business for the
bank."
The bank's officers also had frequently consulted him on bank credits.
"But," insisted Mr. Pecora, "they did not consult you with regard to
making this departure from the pre-existing policies of the bank and the
securities corporation?"
"I do not recall it," the witness responded.
Mr. Wiggin testified that ever since his retirement he "always had the
interests of the Chase National Bank interest very much to the front."
He was sent to Europe on foreign business representing all American
banks. He spoke of"the progress made in the German debt, where, partly
due to my efforts, the Chase National Bank interest has been reduced from
a large amount, over $100,000,000 to less than $40,000,000."
Bank's Commitments in Germany.
"The German business," he continued, "came from two sources, from
the Chase Bank and from the Equitable Trust. At the time of the merger
the total of the German debt to the combined institutions was $89,000,000;
that is, $25,000,000 of it from the Chase and $64,000.000 from the Equitable. There were certain commitments on lines, so that that was later increased, then gradually reduced,so that at present it launder $40,000,000."
Chairman Fletcher—What did the German debt amount to, to all the
banks? A.—The last time I went over, it was between $400.000,000 and
$500,000,000.
Mr. Aldrich, interrupting, said that "as far as the Chase Bank is concerned, at the time of the beginning of the 'standstill' agreement, we had
$72,000,000 of German obligations, of which a very small amount ofsecurity
was indebtedness to us of commercial banks and the German Government.
That has since been reduced, during a year and a half. to approximately
$40,000,000."
"When you first went over what was the aggregate debt of American
banks?" Senator Couzens ask^d.
"I should say approximat ly $800,000.000," Mr. Wiggin said.
,
On Dec. 21 1932, in acting on Mr. Wiggins request of the same date
that he be not re-elected Chairman of the Chase National governing board,
the bank's executive committee adopted a resolution of regret. The
bank's capital funds then amounted to $266,335,062.
Large Reserves Against Losses.
"At the time of the adoption of this resolution," asked Mr. Pecora, "do
you know whether the Chase National and its investment affiliate, the
Chase Securities Corp., had sustained losses running into the hundreds of
millions of dollars, which were indicated by write-downs or mark-offs of
securities values?"
"I know that losses have been very large in the last previous three years.
but I cannot give the figure offhand," said Mr. Wiggin,
Mr. Pecora—And against those losses very large reserves had been set
up? A.—Yes, sir.
Q.—Would you say that those reserves so set up, up to and including
July 311933, aggregated the sum of $212,233,694.22? A.—I have no way
of verifying that figure. You are now six months later than when I was
connected with the bank.
"Well," said Mr. Pecora, "that is one of the figures I will ask you to
check up on during the recess. And in addition thereto, will you check
up what I understand to be the fact that during that period the total earnings reported to the stockholders of the bank were $136,420,384.447"
After the recess, Martin Conboy, who appeared as counsel for Mr.
Wiggin, informed the committee that the figures were correct.
Other Compensation of Mr.Wiggin.
Mr. Wiggin submitted to the committee, at the request of Mr. Pecora,
a list of 59 corporations in which he had served as director in the last two
years. Mr. Pecora asked Mr. Wiggin to state the salaries he had received
from any of these corporations. The witness listed them as follows:
American Locomotive Co., $300 a month.
American Sugar Refining Co.. $300 a month.
Armour & Co., no salary now; formerly $1,000 a month; before that
nothing, and before that $40,000 a year.
American Express Co., $3,000 at one time.
Brooklyn-Manhattan Rapid Transit Corp., $20,000 a year up to about
a year ago.
International Paper Co., "a small salary." probably $2,000.
Stone & Webster, formerly $1,500 a year.
Underwood-Elliott-Fisher. about $2,000 a year.
Western Union Telegraph, "a salary that amounts to $3,000 odd per
year."
Finance Co. of Great Britain & America. formerly about $5,000 a year.
These salaries, Mr. Wiggin added, were "entirely outside" his Chase
National Bank salary.
The highest amount the witness had ever received as a bonus or additional compensation while serving as an executive officer of Chase Securities
was $75,000 in 1930. He had also received three bonuses from the Chase
Volume 137
Financial Chronicle
National Bank, as its chief executive officer: $100,000 in 1928. $100,000
in 1929 and $75,000 in 1930.
When the Chas., National's loan to Gerhard M. Dahl, then Chairman
of the board of the Brooklyn-Manhattan Transit Co., was reached by Mr.
Pecora, Senator Couzens asked whether Mr. Dahl had borrowed this
money to buy B.M.T. stock.
"I think so," was the reply.
Letter Tells of Merger.
Mr. Pecora read from a letter he had received on Sept. 27 1933 from
Mr. Hargreaves, Secretary-Treasurer of Chase Securities Corp. This said
the merger of the American Express Bank & Trust Co. with the Equitable
Trust Co. of New York, in December 1931, was effected on a cash basis
by the payment of $160 a share for the shares of the American Express Co.
by the Equitable Trust Co.
Mr. Pecora—Would you say that merger was in the nature of a so-called
"rescue" party? A.—Oh, no.
Q.—The term "rescue party" or "rescue loans" is part of the parlance
of Wall Street, isn't it? A.—I think so. I suppose "rescue party" means
to avoid trouble.
Q.—And a rescue loan is also to avoid trouble? A.—I suppose so.
Q.—And sometimes to avoid loss? A.—On the theory that a little given
time may save a loss.
Q.—Where a rescue party is organized and put into commission to save
trouble, is it designed to save trouble for the rescuing party or the rescued
party? A.—Both.
Q.—And would you say, similarly, with regard to the matter of so-called
rescue loans? A.—Well, I think so, yes.
Q.—During the time the Chase Bank was under your general direction,
did it launch any of these so-called rescue parties?. A.—Oh,I think so.
Q.—Many of them? A.—I think so, several. I think quite a number,
probably.
Q.—Would you undertake to tell this committee the amount in dollars
involved of those rescue parties? A.—I don't think there was any large
amount. What may strike one person as large may not strike another
person as large.
Q.—What is the largest rescue party that the Chase National launched
under your direction? A.—I don't know. I would hate to make a guess
on a thing like that.
Q.—Well, what is among the largest that readily comes to your mind'?
A.—Do you realize that when I mention the name it would be a bad thing
for that concern in the Street?
Mr. Wiggin Withholds Name.
"Well, we are concerned hero with the facts, aren't we?" demanded
Mr. Pecora.
Mr. Wiggin retorted:
"But I would hate to do anybody any damage."
"Is it a live concern?" Senator Couzens asked.
"Yes, sir," replied the witness; "but I do not want to be on record as
assenting to the general statement that all rescue loans indicate a loss."
Senator Couzens thereupon moved that Mr. Wiggins answer to Mr.
Pecora's question be suspended for an executive session. Chairman
Fletcher ruled that the matter be taken up later in executive session.
Mr.Perm suggested that the witness, between now and the next session
,
of the subcommittee compile a list of "rescue" parties to be considered
in executive session.
Mr. Wiggin testified that he had incorporated half a dozen family corporations. One was the Sherman Corp.,formed in 1916. Senator Couzens
asked its purpose.
"It helped a great deal in detail," Mr. Wiggin said. "I did not have to
mix up in bookkeeping or chock signing or running it. I wanted my family
to familiarize themselves with the investments and the finance business.
"I also had an idea that perhaps does not work out, knowing that I would
make a great many mistakes in life in investments, that they would not be
exposed to the public. I thought thay were gone forever and would not
show up in my estate. I hoped it would help on taxes."
"Did it help on taxes?" asked Senator Couzens.
"I think so," replied Mr. Wiggin, "but it is very difficult to figure."
Others which he had organized in the same fashion were the Murlyn,
Medfield, Klingston, Greenwich and Selcott corporations, he said.
The further inquiry Oct. 19 into the affairs of the Chase
Securities Corporation is referred to elsewhere in this issue.
New York Clearing House Association Adopts Resolution Supporting President Roosevelt in His Plan
to Strengthen the Capital of Banks Through
Preferred Stock or Notes Action in Furtherance
of Admission to Federal Deposit Insurance Corporation.
In a resolution adopted Oct. 18, the New York Clearing
House Association registered its support of President Roosevelt in his "plan to strength the capital of the banks of the
Nation" and the Association "recommends to its members
their co-operation in carrying out his suggestion."
On Oct. 14, a statement was issued by Jesse H. Jones,
Chairman of the Reconstruction Finance Corporation, in
which he said:
Following conversations I have had with some of the leading New York
bankers about preferred stock and capital debentures, a committee composed of Percy H. Johnston, President of the Chemical Bank dc Trust Co.,
William C. Potter, Chairman of the Guaranty Trust Co. and James H.
Perkins, Chairman of the National city Bank, came to Washington for a
further discussion of the various features of the preferred stock and capital
note program.
They especially wanted to discuss the matter with the President. While
these gentlemen made it perfectly clear that they were not in a position to
indicate the action that the Clearing House would take or the position that
the various banks would assume, they assured the President of their desire
to be of assistance to him.
The announcement of the adoption of the resolution by
the Clearing House Association was made as follows:
NEW YORIC CLEARING HOUSE,
77-83 Cedar Street.
New York. Oct. 18 1933.
meeting of the New York Clearing House Association held this
At a
day, the following resolution was adopted:
"The President of the United States has publicly stated his oelief that
banks of the Nation should strength their capital structure.
2907
"We believe the President's oojective is constructive and sound, and that
bankers generally should support the plan to strengthen the capital of the
banks of the Nation.
"Therefore, be it resolved: That the New York Clearing House Association supports the President in his program and recommends to its members
their co-operation in carrying out his suggestion."
Very truly yours,
PERCY H. JOHNSTON,
Chairman, Clearing House Committee.
CLARENCE E. BACON, Manager.
Indicating that the resolution was passed following a
series of personal interviews between President Roosevelt
and the heads of -every Wall Street bank, the New York
"Journal of Commerce" of Oct. 19 said:
The total amount to be issued will approximate $200,000.000. Inquiries
yesterday afternoon revealed that every Clearing House bank is likely to
participate. There will be no fixed proportion between the amount each
bank will sell and its deposits or its capital funds; instead such amounts
will be decided individually.
Purpose of Sales.
The purpose of the Clearing House banks in selling their notes 1 s to
support the Administration, which wants New York to take the leadership
in expanding their capital funds in order that interior banks which need to
do so can act with less danger of invidious comparisons. However, the
Wall Street bankers who from the beginning favored the projects are convinced that indirectly it will prove profitable. First, it will lead to better
relations between Washington and the money center. Second, with the
RFC buying notes or preferred stock of weak interior banks to be taken
nto the deposit insurance plan the possibility of losses to the strong banks
under the plan will be reduced. Without such sales the strong banks, under
the insurance plan would face risks that their subscriptions to the plan would
be lost through interior failures.
Percy H. Johnston, Chairman of the Clearing House Committee, said
yesterday that regardless of whether or not the project is profitable directly
to the Wall Street banks, anything which contributes to national recovery
is worth the price." He stated that four banks, the Chemical National
Bank & Trust Co., the Guaranty Trust Co., the Bankers' Trust Co. and
Bank of the Manhattan Co., had voted to participate. Following a meeting
of the board yesterday afternoon the Chase National Bank announced approval of the Clearing House resolution.
Notes Will Be Issued.
While the Clearing House resolution did not refer either to notes or to
stock, it was indicated that notes would be sold uniformly. They will
be sold to the RFC and not exchanged among the banks as some of the
hankers initially planned. The proceeds, a canvass indicated, largely
would be invested in long and middle-term Government securities and in
RFC debentures. The question of whether the expansion of capital in
this way will require additional purchases of Federal Reserve stock, it was
stated, has not yet been legally determined.
Reference to the overtures to the banks of the country by
the RFC for the sale to it of preferred stock or notes to be
issued by the banks was made in these columns Sept. 30,
page 2387.
Third Quarter Statements of New York City Banks
Show Credit Expansion—Compilation by Hornblower & Weeks.
The majority of New York City banks, statements of
condition of which have been published, show increases during the quarter ended Sept. 30 in loans, discounts and
acceptances, indicating the beginning of credit expansion
according to a compilation by Hornblower & Weeks. In
indic'ating this, they stated:
The twelve banks listed below show combined loans, discounts and
acceptances $1,981,447,000, a net increase of $134,301,000 as compared
with the June 30 statements. The ratio of deposits to capital funds continues to be extremely low, on the average, indicating great capital strength
and wide leeway in most instances for further deposit expansion before
capital increases are necessary.
Loans, Discounts &c. Increase.
In the following tabulation is shown the ratio of deposits to capital funds
as of Sept. 30 1933 and the net change during the quarter in loans, discounts and acceptances:
Capital
Funds.
Deposits.
$
$
Guaranty
267,964,000 1,031,012,000
Manhattan
51,932,000 332,938,000
Irving Trust
112,320,000 422,133,000
Bankers
88,285,000 649,454,000
Manufacturers
53,232,000 347,192,000
Bank of N.Y.& Tr
15,595,000 118,128,000
Public National_ _ _ 12,847,000
94,904,000
New York Trust..... 34,704,000 249,230,000
Commercial
14,846,000
70.705,000
Chemical
67,147,000 292,374,000
Corn Exchange
32,568,000 223,110,000
Central Hanover__
82,203,000 581,001,000
Total
Loans,
Net Change
Approx. DiSCOafild and
Since
Ratio. Acceptances. June 30'33.
4 to 1
6 to 1
4 to 1
7 to 1
6 to 1
8 to 1
7 to 1
7 to 1
5 to 1
4 to 1
7 to 1
7 to 1
S
$
633,238,000 58,925,000
168,739,000 16,843,000
158,395,000 5,575,000
205,180,000 53,375,000
168,091,000 8,253,000
43,638,000 —2,283,000
41,241,000 12,087,000
127,933,000 —413,000
39,348,000 3,529,000
88,652,000 5,285,000
48,814,000 -11,662,000
258,178,000 -15,204,000
833,643,000 4,412,181,000 5 to I 1,981,447,000 134.301,000
Liquidity No Longer Predominant.
The high degree of liquidity, indicated by comparison of cash and United
States Government securities with deposits, so notable a feature of the
quarterly statements of New York Clearing House banks in
recent years,
no longer is predominant in the published statements. The Sept.
30
reports show a moderate decline in holdings of United States Governments
and, in the majority of cases, an increase in loans, discounts and acceptances. The period of financial tension when it was necessary for the
New York banks to be ready at all times to withstand any credit strain
that might be put upon them appears to have passed. Henceforth the
intrinsic value of a New York bank stock will be measured not so much
by the liquidity of the institution as by the ability of the management to
put its funds into safe and profitable use.
Bankers Trust Co. Leads.
A comparison of the twelve institutions whose statements are analyzed
herein indicated that Bankers Trust Co. has shown the largest proportionate
credit expansion during the three months since June 30; Guaranty Trust.
Financial Chronicle
2908
Bank of Manhattan and Public National Bank have also substantially
expanded their loans, discounts, &c.
Earnings Cover Dividends.
The Sept. 30 statements of condition indicate that earnings from operatogs from operations are continuing to cover current dividend requirements
by a substantial margin in the aggregate, and in the following table we
show a comparison of earnings, book value, reserves with market value
and current yield:
Earnings
per Share.
3d Quar. 9 Mos.
$16.92
(a)
.69
2.72
(ti)
16.76
1.82
6.61
7.86
1.71
2.57
(cl
Reserves
per Share Annual Approx
Sept. 30 Dividend. Markel
Price.
1933.
$276
$20.00
$297.73
27
2.00
25.97
17
1.00
22.46
56
3.00
35.31
32.3315
330
.
4
1-- 65
259.91
26
1.50
38.93
86
5.00
69.41
130
8.00
212.09
35
1.80
33.57
53
3.00
43.42
118
7.00
78.29
t..N.V.MIsNMOMMCAN
$5.77
(a)
.14
1.06
(5)
6.53
.60
2.27
3.63
.59
.79
1.58
Guaranty
Manhattan
Irving Trust
Bankers
Manufacturers
Bank of N. Y.& Tr
Public
New York Trust
Commercial
Chemical
Corn Exchange
Central Hanover
Book
Value
Sept. 30
1933.
(a) Earnings in third quarter were added to reserves, leaving undivided Profits
unchanged from June 30. It is stated that earnings for operations in the third
quarter, and for the nine months, have covered dividends by a substantial margin.
(5) Manufacturers Trust earnings in the third quarter were added to reserves
which showed an increase equivalent to 89 cents per share. Earnings in the first
half of 1933 were stated to be equivalent to $1.12 per share.
(c) Central Hanover earnings for first half of 1933 not determinable but are
stated to have covered dividends by a good margin.
Volume of Bankers' Acceptances Increases $21,137,073
in Month-Total Volume of Bills Outstanding
Sept. 30, $715,148,684.
An increase of $21,137,073 in the volume of bankers
acceptances was reported on Oct. 17 by the American Acceptance Council in announcing the result of its survey of the
acceptance business as of Sept. 30. According to Robert
H. Bean, Executive Secretary of the Council, "this increase
raises the total volume of acceptances to $715,148,684Which
is $31,959,538 above the total outstanding at the end of
September 1932." Mr. Bean further says:
By comparison with the figures for 1932 the classification of acceptances
by uses shows a satisfactory improvement. Import credit acceptances
at the end of September amounted to $94,863,184, an increase for the
month of $8,342,865 and a gain of $21.756,797 over the figures for the
previous September.
Export credit acceptances now stand at $170,757,359, a gain for the
month of $10,651,307 and for the year of $14,566,728.
Domestic shipment credits at $14,594,020 remained practically unchanged
In total, both as respects the previous months figures and the previous years
figures.
Domestic warehouse credits now amount to $222.758,916 an increase for the
month of $7,757.178 and of $25,101,632 over the figures for September 1932.
Acceptances for the, purposes of creating dollar exchange increased in
volume $313,000 during the month to a total of $4.363,110 as against
$7,952,554 in 1932. The volume of acceptances based on goods stored
in or shipped between foreign countries continued to shrink, having a drop
for the month of $6,243,174, leaving the total at $199,469,230, a new low
since 1931.
Accepting banks were holding, on Sept. 30, a total of $517,206,676,
which was $17,762.292 above the total which they were holding at the end
of August. This September total was made up of $235,661,039 of their
own bills against $252.232,866 at the end of the previous month and $281.545,647 of others bills at the end of September against $247.211,528 on
Aug. 31.
Of the total of $517,206,686 of own and others bills held by accepting
banks. $367,000,000 were held by the banks of the Second Federal Reserve
District mainly New York City, leaving approximately $150,000,000 held
by accepting banks in other centres and other investors who, despite the
low rate, have shown a constantly increasing interest in bankers bills for
the employment of surplus funds.
Detailed statistics are furnished as follows by Mr. Bean:
TOTAL OF BANKERS DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
Sept. 30 1933.
Federal Reserve District.
$44.193,325
577,544,268
14,266,558
2,368,265
644,918
5,908,810
38,509,005
2,210,841
5,000,915
800,000
3,509,228
20,192,551
1
2
3
4
5
6
7
8
9
10
11
12
Aug. 31 1933. Sept. 30 1932.
$43,699,891
556,882,245
12,388,842
2,166.377
816,071
5,494,569
40,128,533
2,451,161
6,392,795
950,000
2,696,267
19,944.860
$694,011,611
9715.148.684
Grand total
Increas for month $21,137,073. Increase for year $31,959,538.
$39.587,527
547,152,785
12.271,193
10,175,394
1,359,100
6,786.035
39,521,697
1,346,989
2,309,424
1,200,000
1,605.189
19,873,813
5683,189.146
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Sept. 30 1933.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
between foreign countries
Aug. 31 1933. Sept. 30 1932.
$103,206,049
170,757,359
14,594,020
222,758;916
4,383,110
$94,863,184
160,106,052
14,278,916
215,001,738
4.019.317
$73,106.387
156,190,631
14,392,371
197,657,284
7,952,554
199.469.230
205.712.404
233.889.919
CURRENT MARKET QUOTATIONS ON PRIME BANKER 5' ACCEPTANCES
Days30
60
Dealers'
Dealers'
Buying Rate. Selling Rate.
34
%
340
X
rt
Days120
150
180
Dealers'
Dealers'
Buying Rate. Selling Rate
34
ti
%
36
X
Ii
Oct. 21 1933
Value of Commercial Paper Outstanding as Reported to
Federal Reserve Bank of New York $122,900,000 on
Sept. 30, as Compared With $107,400,000 Aug. 31.
The New York Federal Reserve Bank issued the following
announcement under date of Oct. 18:
Reports received by this Bank from commercial paper dealers show a
total of $122,900,000 of open market commercial paper outstanding on
Sept. 30 1933.
Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 31 1931:
1933Sept.30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
$122,900,000
107,400,000
96,900,000
72,700,000
60.100,000
64,000,000
71,960,000
84,200,000
84.600.000
1932Dec. 31
Nov.30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
$81,100,000
109,500,000
113,200,000
110,100,000
108,100,000
100.400,000
103,300,000
111,100,000
1932Apr. 30
Mar. 31
Feb. 29
Jan. 31
1931
Dec. 31
Nov.30
Oct. 31
$107,800,000
105,606,000
102,818,000
107,902,000
$117,714,784
173,684,384
210,000,000
Brokers' Loans on Montreal Stock Exchange Increased
for Fifth Consecutive Month-Total Sept. 30,
$17,585,330, as Compar.d with $16,627,421 Aug. 31.
Loans on securities to members of the Montreal Stock
Exchange totaled $17,585,330 on Sept. 30 according to the
monthly report of the Exchange. The Sept. 30 total, which
was $957,909 over the Aug. 31 total of $16,627,421, in the
fifth consecutive monthly expansion shown in these monthly
reports. In August, there was a gain of $434,836, in July,
an increase of $1,404,450, and in June an advance of $1,866,402. The Montreal "Gazette" of Oct. 9, in reporting the
figures, said:
The present level of Montreal brokerage loans is at the highest level since
that of May 5 1932, when they stood at a figure of $18,922,577. The rise
that commenced with May of this year halted a series of declines that has
lasted since October of 1932. The net result of the uninterrupted expansion
in the period May to September of this year has been an increase of $5,083.919, or 40.7%.
The Exchange points out that the figures do not Include loans on foreign
securities, but only borrowings of the members of the Montreal Stock
Exchange on Canadian securities, and not those of other exchanges in
Canada. Nor do they include the borrowings of bond houses or bond
affiliates of Stock Exchange members.
The loan figures since they were first made public on Oct.3 1931,follows:
$54.991,145 1933
-Jan. 5
$13,796,061
-Oct 3
1931
25.573.685Feb. 2
13,606.351
-Mar. 4
1932
Mar. 2
22,758.561
13.431,614
Apr. 7
Apr. 6
18,922.577
12,864,298
May 5
15.139.386
may 4
12.501.411
June 2
June 1
13.865,523
12.921.733
July 7
July 6
13,020.454
14,788,135
Aug. 4
July 31
13,774,017
16,192,585
Sept. 1
Aug. 31
14,115.852
16,627.421
Oct. 6
13,993,031
Sept. 30
17,585,330
Nov. 3
13,817,709
Dec. 1
Letter Addressed by Acting Secretary of Treasury
Acheson to Banking Institutions Regarding Partial
Redemption of Fourth Liberty Loan Bonds Before
Maturity.
In furtherance of the Treasury Department's plans for
the partial redemption of Fourth Liberty Loan Bonds
before maturity, announced Oct. 12, and referred to in these
columns Oct. 14 (pages 2737-2739), Dean Acheson, Acting
Secretary of the Treasury, on Oct. 12 addressed a letter to
banks and trust companies of the country in which he stated
that there are now outstanding more than 5,000,000 pieces
of coupon bonds (of the Fourth Liberty Loan) and about
1,300,000 pieces of registered bonds. The letter points out
that while the Treasury has direct contact with holders of
registered bonds, it has no contact at all with the holders of
coupon bonds. Since the banking institutions of the country
"have direct contact with the holders of the Fourth Liberty
Loan coupon bonds through facilities extended by the banks
in the collection of coupons" the Treasury Department
urges that they acquaint holders with the notice of call for
partial redemption. Mr. Acheson's letter follows:
THE SECRETARY OF THE TREASURY,
Washington.
Treasury Department,
Oct. 12 1933.
Dear sir:
On Sept. 28 1918, in the midst of tho war, the Secretary of the Treasury
asked the people of the United States to buy $6,000,000,000 of Fourth
Liberty Loan 434% bonds. You will recall the great campaign of the
Liberty Loan bonds that followed. Doubtless you actively participated
In making the offering a great success, for the people of the United States
responded with more than 22,000.000 subscriptions, aggregating nearly
$7.000.000,000. The amount of bonds issued was $6,964,581,100. Since
the original issue about $696,000,000 of the bonds have been retired on
various accounts, and there remain outstanding about $6,268,000,000.
Fourth Liberty Loan bonds mature on Oct. 15 1938, but the outstanding
bonds are now subject to call for redemption, in whole or in part, on any
interest day or days, on six months' notice.
It has now been decided to take the first steps in the refunding of this
loan. Accordingly, notice of the call of a part of tho outstanding bonds for
redemption on April 15 1934, is being issued. The serial numbers of the
bonds are so arrenged as to be divided in 10 parts, each of about $627,000,000. Three parts are being called-the amount accordingly being about
81.900,000,000.
At the same time,in addition to the issuing of a call for partial redemption,
a new series of 10-12 year Treasury bonds is being offered for subscription.
Volume 137
Financial Chronicle
both for cash and in exchange for Fourth Liberty Loan bonds. Cash
subscriptions are Invited at 10134, which includes accrued interest from
Oct. 15, the date of the new bonds, to Nov. 1 1933, the date when payment
on allotted cash subscriptions will be due. Exchange subscriptions, which
are open to all holders of Fourth Liberty Loan bonds, whether called or
uncalled, are invited at par. The new bonds which will be dated Oct. 15
1933, will carry coupons at 4X%,the rate of the Fourth Liberty Loan bonds,
until Oct. 15 1934, and thereafter at the rate of 331% until due for payment.
They will mature on Oct. 15 1945, but may be called on and after Oct. 15
1943.
The offering of Treasury bonds should prove particularly attractive to
the present holders of Fourth Liberty Loan bonds, which in part are now
called for redemption on April 15 1934 and the balance of which must be
retired on or before Oct. 15 1938 for it gives such holders an opportunity
to exchange their present bonds for a new long-term issue, callable in
1943 and maturing in 1945. which will bear the same rate of interest as
the bonds they now hold, until Oct. 15 1934 and thereafter at a rate of
3g%. It should also prove attractive to cash subscribers as they are offered
an investment at a price which will yield a return in line with current
yields on similar Government obligations.
I might add that the present financing is an important and constructive
step in the Government's program and an essential contribution to the
sound process of recovery. While there continues to be a disparity between
the unusually low level of short-term open market rates and the level of
rates On funds for long-term investment, improvement has been apparent
in the market for long-term Government obligations. The present offering
of Treasury bonds and the conditions which warrant it, mark progress
toward a greater availability of funds for long-term uses.
The Fourth Liberty was the largest of the war loans, and distribution
of the bonds throughout the country was the most widespread ever accorded
an issue of the United States. There are now outstanding more than
5,000,000 pieces of coupon bonds, including about 3,500,000 in the denominations of $50 and $100, and about 1.300,000 pieces of registered
bonds, more than half being in the two lower denominations.
, The Treasury, of course, has direct contact with the holders of registered
bonds, but has no contact at all with the holders of coupon bonds. In
order to advise the holders of coupon bonds of the call for partial redemption,
and that certain bonds will be due on April 15 next when interest on such
bonds will cease, every available means of publicity will be necessary.
The banking institutions of the country, and generally speaking only the
banking institutions, have direct contact with the holders of Fourth Liberty
Loan coupon bonds through facilities extended by the banks in the collection
of coupons.
In these circumstances I am confident the officers and employees of
your institution, at every opportunity and by every possible means, will
acquaint the holders of Fourth Liberty Loan bonds with the notice of the
call for partial redemption which may affect the bonds held by them.
At the same time, they may take advantage of the present exchange offering
if they so desire, the attention of such holders should be called to the
offering.
Full information regarding the presentation of the bonds for redemption
under the call, and the present exchange offering, will be communicated
to you by the Federal reserve bank of your district. In all matters connected
with these transactions I am sure I can count on your co-operation in
extending every possible assistance to the holders of Fourth Liberty Loan
bonds.
Very truly yours,
(Signed) DEAN ACHESON, Acting Sectetary of the Treasury.
To the President of the Bank or Trust Co. Addressed.
2909
15 1945, were closed at the close of business, Oct. 17 1933, for the receipt
of cash subscriptions.
All cash subscriptions actually mailed before midnight, Oct. 17 1933, as
shown by post office cancellation, will be considered as having been entered
before the close of the subscription books.
The nooks will remain open until further notice for the receipt of exchange
subscriptions in payment of which Fourth Liberty Loan 43,1"% bonds of
1933-38, whether or not called for redemption, may oe tendered.
GEORGE L. HARRISON, Governor.
In reporting the over-subscription of the offering, the New
York "Times" of Oct. 19 said in part:
It is believed that the additional cash to be derived from the bonds will
be used in connection with the present cash balance of more than $1.118.000.000 to meet emergency requirements, including the release of deposits
of closed banks through the Reconstruction Finance Corporation.
Through the financial operation the public debt will be increased to about
$23,500.000,000, the exact figure depending on the amount of the new bonds
allocated.
The new bond issue is regarded as significant in connection with the
monetary situation. Treasury officials maintain that no change in policy
is intended, for the time being at least. The substantial oversubscription
was interpreted in some circles to indicate the belief of investors that the
prooabillty of real currency inflation was remote.
The total volume of outstanding bonds will be pushed to around $15,600.-bearing debt on Sept. 30 was
000.000 by the new issue. The total interest
$22,671,755,000, and the total outstanding debt $23,050,754,554.
The next important public debt operation will take place on Dec. 15,
when $254,364,500 in3.1% certificates and $473.328,000 in 431% certificates will mature. The volume of that issue will depend upon the financial
requirements of the Government between Dec. 19 and March 15. The
431% certificates were issued last March. the high rate having been necessitated by the financial crisis of that period.
Rediscount Rate of Federal Reserve Bank of New York
Reduced from 2 to 2%—Rates of Chicago and
Cleveland Reserve Banks Cut from 3 to 24%.
The Federal Reserve Bank of New York announced on
Oct. 19, that its rediscount rate had been reduced from
2% to 2% effective Oct. 20. The 2% rate had been
in force since May 26 1933, when it was lowered from 3%.
The Reserve Bank's notice regarding this week's change
follows:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1297, Oct. 19 1933, superseding Circular No. 1233, dated
May 25 1933.]
Rate of Discount.
To all Member Banks in the Second Federal Reserve District:
You are advised that, effective from the opening of business Friday.
Oct. 20 1933, until further notice, this bank has established a rate of discount of 2% per annum for rediscounts of eligible paper for member banks,
and for advances to member banks under the terms of Section 13 of the
Federal Reserve Act, as amended.
GEORGE L. HARRISON, Governor.
A Washington dispatch Oct. 19 to the New York "Journal
of Commerce" had the following to say regarding the reduction in the rate:
$500,000,000 Treasury Bond Offering Dated Oct. 16
1933 Oversubscribed About Four Times—Cash
Reduction of the rate of the New York Federal Reserve Bank from 231
Subscription Books Closed—Exchange Books Re- to 2% was interpreted in official financial circles as being simply a move to
main Open for Receipt of Subscriptions in Payment bring its level near to that of the money market.
of Which Fourth Liberty Loan 43-% Bonds May
Officials expressed the hope that the change would result in a stimulation
of credit and putting to work some of the money that has been pumped
Be Tendered.
of Government
Secretary of the Treasury, William H. Woodin, informed into the market by open market purchases other banks alsosecurities.
It was thought probable that some of the
might reduce
President Roosevelt on Oct. 18 that the offering of $500,000,- their rates.
000 of Treasury bonds of 1943-45, which was offered for cash
Yesterday (Oct. 20) it was announced in Washington
and in exchange for Fourth Liberty Loan 4Yi% Bonds of press accounts that the Federal Reserve Bank's of Chicago
1933-38, had been oversubscribed about four times. Secre- and Cleveland had both reduced their rediscount rates from
tary Woodin said that all the mail subscriptions have not 3% to
The 3% rate had been in effect at the Clevebeen tabulated on that date.
land Federal Reserve Bank since June 10 1933, the rate at
The cash subscription books for the offerings were closed that time having been reduced from 3
to 3%. The
at the close of business Oct. 17, but the books for the receipt Chicago Reserve Bank had adopted the 3% on May 27
of exchange subscriptions in payment of which the Fourth 1933, its previous rate having been 33' %.
Liberty Loan Bonds, whether or not called for redemption,
may be tendered, were kept open until further notice. These Tenders of $190,218,000 Received to Offering of
exchange subscriptions will be allocated in full. It is reported
$75,000,000 or Thereabouts of 91-Day Treasury
that the large oversubscription to the new bonds,in spite of
Bills Dated Oct. 18 1933-875,023,000 Accepted—
Average Rate 0.13%.
the conditions that were none too favorable,indicate thaton the
Of $190,218,000 in tenders received to the offering of
basis of the present situation the entire Fourth Liberty Loan
$75,000,000 or thereabouts of 91-day Treasury bills (dated
may be called.
The calling for redemption of the Liberty Loan Bonds and Oct. 18), Secretary of the Treasury William H. Woodin
the announcement of the offering of bonds was referred to announced on Oct. 16 that bids of $75,023,000 have been
in our issue of Oct. 14, pages 2737 and 2738. The bonds, accepted. The offering, referred to in our issue of Oct. 14,
which are dated Oct. 15 1933, bear interest from that date page 2739, was sold at the Federal Reserve banks and the
I
at the rate of 4 W% per annum to Oct. 15 1934, and, there- branches thereof, up to 2 p. m., Eastern Standard time,
I
after, at the rate of 3W% per annum until the principal Oct. 16. The issue will mature on Jan. 17 1934 when the
amount becomes payable. The following announcement, face amount will be payable without interest.
The bills were sold at an average rate of 0.13% per annum
with regard to the closing of the cash subscription books, was
on a bank discount basis, which compares with previous
issued by the Federal Reserve Bank of New York:
rates of 0.12% (bills dated Oct. 11); 0.10% (bills dated
FEDERAL RESERVE BANK OF NEW YORK.
Fiscal Agent of the United States.
Oct. 4); 0.10% (bills dated Sept. 27), and 0.11% (bills
[Circular No. 1295, Oct. 17 1933.1
dated Sept. 20). The average price of the bills to be issued
Cash Subscription Books Closed
is 99.968.
On Offering of United States of America Treasury Bonds of 1943-45.
In his announcement Secretary Woodin said that the
To all Banks and Trust Companies in the Second
Federal Reserve District and Others Concerned—
accepted bids ranged in price from 99.979, equivalent to
accordance with instructions from the Treasury Department, the
In
a rate of about 0.08% per annum, to 99.963, equivalent to
subscription books for the offering of United States of America Treasury
a rate of about 0.15% per annum, on a bank discount basis.
bonds of 1943-45, dated and bearing interest from Oct. 15 1933. due Oct.
2910
Financial Chronicle
Only part of the amount bid for at the latter price was
accepted.
New
Offering of $80,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated Oct. 25 1933.
On Oct. 18 William H. Woodin, Secretary of the Treasury,
announced a new offering of
0,000,000 or thereabouts
of 91-day Treasury bills, tenders to which will be received
at the Federal Reserve banks, or the branches thereof, up
to 2 p. m., Eastern Standard time, Monday, Oct. 23.
Secretary Woodin said that no tenders will be received at
the Treasury Department, Washington. The bills will be
sold on a discount basis to the highest bidders; they will be
dated Oct. 25 1933 and will mature Jan. 24 1934. On the
maturity date the face amount will be payable without
interest. The bills will be used to meet an issue of $80,122,000 maturing on Oct. 25. In his announcement,
Secretary Woodin said in part:
They will be issued in bearer form only. and In amounts or denominations
of $1,000. $10,000, $100,000, $500,000, and $1,000,000) maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on
the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an invorporated bank
Or trust company.
Immediately after the closing hour for receipt of tenders on Oct. 23 1933,
all tenders received at the Federal Reserve banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury'expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof. Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve banks in cash or other immediately available funds on
Oct. 25 1933.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Workings of Government's Deposit Insurance Plan
Described by Walter J. Cummings Before Annual
Convention of Savings Banks Association of State
of New York.
An address in which he described the workings of the
Federal Deposit Insurance Corporation was delivered on
Oct. 17 before the Savings Banks Association of the State
of New York by Walter J. Cummings, Chairman of the
Board of Directors of the FDIC. Mr. Cummings spoke
before the Association's annual convention at the WaldorfAstoria Hotel in New York, and he stated that "up to this
time" applications for insurance "have been received from
2,725 banks. Bank examiners," he said, "under direction
of the Corporation, are now at work examining those banks
that have already applied for membership." "The examinations," he went on to say, "are to be based upon 'solvency'
not upon 'liquidity.' This Corporation has been created
for the protection of depositors by affording them insurance,
and under such a system the test of solvency can be substituted for that of liquidity without sacrificing ultimate
safety." Mr. Cummings's address follows in full:
It is a privilege to appear before you this morning to give you some idea
of the purposes and workings of the FDIC. It is a pleasure to do this,
not only because of the great importance of your Association, which includes in its membership the 137 mutual savings banks in New York State
who serve over 5,000,000 depositors with deposits in excess of$5,000,000,000.
but also because of the presence here of' savings bank officials from all
parts of the country.
While the activities of the FDIC reach into every section of the land,
nevertheless they are of especial importance and interest to your Association, convened here in New York City, the banking and financial center
of the United States.
The creation of the FDIC by recent Act of Congress is the direct result
of an unmistakable, and perhaps unprecedented, popular demand for
Insurance of bank deposits. Following the decline in security values in
1929, our banking institutions appeared to be fairly able to pursue the
even tenor of their way, but as the depression appeared and gradually
lenghtened and deepened, came the heavy withdrawal of deposits. As
banks closed one by one, depositors in other banks still open became apprehensive and hastily withdrew their accounts, and so the cataclysm spread
rapidly, until the first few days of last March we were on the border of—
or actually in a state of—banking chaos. The memory of the dark days
of nation-wide failures and closings, with consequent economic distress, is
still too recent to require recalling.
Undoubtedly most, or a large part, of this fear would have been averted
If bank accounts had been insured by a Federal agency. It is. therefore,
not difficult to discern why a widespread sentiment promptly developed.
calling for protection of the depositor, and indirectly of the banks themselves, which was shortly thereafter crystallized in legislation creating the
FDIC—passed with only a few dissenting votes in the House, and unanimously in the Senate.
The initial capital of the FDIC has been furnished by the United States
Treasury in the amount of $150,000,000. In addition. Federal Reserve
Oct. 21
1933
banks subscribe one-half of their surplus, which amounts to about $140,000,000, making $290,000,000 of capital initially provided; and it is estimated that approximately $200,000,000 will be subscribed by banks that become
members of the Permanent Insurance Fund. Thus the FDIO will have a
capital fund of $500,000,000, in addition to which it is authorized to borrow
against its assets up to three times the amount of its capital.
The new FDIC is organized to insure the deposits of all banks that are
qualified under the law to receive the benefits of deposit insurance.
The FDIC is directed to set up a "Temporary Insurance Fund," which
commences Jan. 1 1934 (unless the President shall by proclamation fix an
earlier date) to insure all deposits in eligible banks up to a maximum amount
of $2,500 each until July 1 1934. During the first six months in which
the Temporary Fund is operative, all banks that have the benefits of
deposit insurance are to subscribe one-half of 1% of the amount of such
insurable deposits, paying half in cash at the outset—the balance being
subject to call. About 97% of the depositors in our banks have less than
$2,500 in their accounts. This means that the vast majority of the depositors have 100% protection even under the temporary plan.
Temporary insurance is supplanted by permanent insurance on July 1
1934, when deposits up to $10,000 will be insured 100%; amounts in excess
of $10,000 and up to $50,000 will be insured 75%, and amounts in excess
of $50,000 for 50%.
All members of the Federal Reserve System must join in the Temporary
Fund, and all non-member State banks, trust companies, and mutual
savings banks have the right and privilege to apply for, and if qualified,
to obtain the benefits of the insurance which goes into effect next January.
A State non-member bank, which wishes to join the Temporary Fund,
must procure a certificate of solvency from the appropriate State authorities;
and under the law the FDIC must examine each State non-member bank
to determine its eligibility for insurance as a member of the Temporary
Fund.
Bank examiners, under direction of the FDIC,are now at work examining
those banks that have already applied for membership. Up to this time
applications have been received from 2,725 banks.
There is no fixed or general rule to govern the examination of the nonmember banks. To serve a community a bank necessarily must make local
loans. These loans might be without saleable value in financial centers,
and yet be 100% sound in the community served by the bank.
The examinations are to be based upon "solvency," not upon "liquidity."
This FDIC has been created for the protection of depositors by affording
them insurance, and under such a system the test of solvency can be substituted for that of liquidity without sacrificing ultimate safety.
b, The importance of the examiner's assignment is readily apparent.
For the actual work of examining the applying banks, directors of the
FDIC selected National bank examiners, purely on their records for
efficiency and ability, and made them Supervising Examiners. These men
have been sent to the capitals in the various States. To assist them in
examining the non-member banks that seek admission to the fund, approximately 800 other examiners have been selected so far. The latter, men
who are familiar with conditions in the States where they will be active,
include 275 National bank examiners and assistant National bank examiners,
56 Federal Reserve examiners, and 468 examiners from various States who
have had experience in examining banks.
The Federal Deposit examiner, with his assistants, goes to the individual
bank and makes the examination, and then sends his report to the Supervising Examiner at the capital of that particular State. The Supervising
Examiner passes on the report, makes his recommendation as to whether
the bank is eligible or not, and forwards the application to Washington.
In addition to the examination by the examiner and the check by the
Supervising Examiner, State authorities must certify to the solvency of
each bank making application.
There will be no discrimination against non-member State banks in these
examinations. The law is specific on this point. I will quote the provision:
"It is not the purpose of the Act to discriminate in any manner against
State non-member, and in favor of, National or member banks; but the
purpose is to provide all banks with the same opportunity to obtain and
enjoy the benefits of this section."
The Directors of the FDIC will determine the eligibility for membership
In the Temporary Fund. The banks which qualify for membership will
not be announced until all applications have been acted upon, and the
announcements will be made simultaneously. Last month there were
mailed to the banks over 8,500 forms for application to membership in the
Temporary Fund. You can appreciate the task confronting the examining
force of the FDIC,and I urge all who are to avail themselves of the insurance
to send in their applications as early as possible.
All banks which qualify shall become members of the Temporary Fund
upon filing a statement, as of the 15th day of the month prior to its admission, of the number of depositors and the amount of its deposits eligible for
Insurance, and shall pay to the FDIC one-fourth of 1% of its total deposits
eligible for insurance. Any time thereafter, up to June 30 1934, another
assessment of one-fourth of 1% is callable by the FDIC. If necessary.
the FDIC has a right to levy another assessment on the members of the
Temporary Fund, but in no event can the total assessments exceed I%
of the total deposits eligible for insurance.
The "Temporary Fund" terminates June 30 1934, and the funds raised
by the assessments are to be refunded to the banks, after deducting the
expenses of operation and the insurance loss, if any. No stock is to be
Issued to members of the Temporary Fund, and all State banks can join
the Temporary Fund without becoming members of the Federal Reserve
System.
All member banks must become stockholders of the FDIC
order to procure the benefits of the insurance after July 1 1934.
State banks which joined the Temporary Fund are entitled to become
stockholders without joining the Federal Reserve System and can procure
the benefits of the insurance until July 1 1936, at which time they must
.apply for membership in the Federal Reserve System to keep the insurance.
If the law of the State prohibits a bank from purchasing the stock of the
FDIC,it is provided that cash may be deposited until the State Legislature
at its next session changes the law, and within six months thereafter such
bank must purchase stock of the FDIC. If a State bank does not join
the Temporary Fund, it will not be entitled to the insurance after July 1
1934, unless it becomes a member of the Federal Reserve System.
The FDIC will issue two classes of stock—Class A and Class B. Class 13
stock shall be held by the Federal Reserve banks only, and shall not be
entitled to any dividends. Class A stock shall be held by the banks which
qualify; and together with the stock held by the United States Treasury,
will be entitled to dividends out of the net earnings on the amount paid at
the rate of 6% per annum, or 30% of the earnings, whichever is higher.
In order to qualify for Class A stock, in the case of a National or member
bank, the FDIC must receive a certificate from the Federal Reserve Board
and the Comptroller of the Currency that the bank's assets are adequate
to enable it to meet all its liabilities to depositors and creditors, A State
non-member bank will be subject to such further examination as the FDIC
may require.
Class A stockholders must subscribe for an amount equal to one-half of
1% of their total deposits (with certain exceptions in regard to banks organ-
Volume 137
Financial Chronicle
ized after July 1 1934). This subscription will be subject to adjustment
On July 1 1934 one-half of the amount due is to be paid to the FDIC, and
the balance upon call by the directors.
Future assessments will be made only when the insurance deposit loss
equals or exceeds one-fourth of 1% of the total deposit liabilities of all the
banks which are Class A stockholders. For example, suppose that the
total deposit liabilities are $40,000,000,000, one-fourth of I% would be
5100,000,000; and if the insurance loss equaled or exceeded this amount at
any time, the assessment would be made. It is the duty of the FDIC to
maintain its position with respect to its total deposit liabilities by making
as many assessments as would be necessary.
In order to build a stronger banking system, the Government, through
the Reconstruction Finance Corporation, is prepared to furnish additional
capital to sound banks wherever such capital can be used to advantage.
The strengthening of banks capital structure will result in further minimizing the possibility of insurance losses.
It is apparent, therefore, with these safeguards the FDIC will be established on a firm foundation for insuring deposits on a permanent basis.
I have not attempted to cover many other important provisions of the
Act, but have confined my remarks this morning mainly to the "Insurance"
features thereof, and in particular to the "Temporary" Insurance Fund,
which goes into effect Jan. I 1934. You can readily appreciate the task
confronting the examining force of the FDIC between now and Jan, l—
and permit me, therefore, to urge again that all non-member banks who
desire to avail themselves of this insurance send in their applications for
membership as early as possible.
Recommendation by Special Committee of Savings
Banks Association of State of New York That as
Temporary Expedient Mutual Savings Banks in
State Take Out Federal Deposit Insurance—Report
Referred for Action to Five Regional Groups—
Resolution Adopted Hold Permanent Insurance
Plan Unsound.
A special committee of the Savings Banks Asiociation of
the State of New York recommended on Oct. 17, "as a
temporary expedient" that the mutual banks in the State
take out Federal Deposit Insurance in order to co-operate
with the Recovery efforts of the Federal Government. The
Committee reporting stated, however, that deposit insurance
was not to be regarded as a panacea but was the only solution
to the problem offered by the "existing law of the land."
The report of the Committee was given on Oct. 17 at the
fortieth Annual Convention of the Association at theWaldorfAstoria Hotel in New York.
The Committee's report, which was referred for action to
the five regional groups of savings banks throughout the
State, stated that the "ultimate solution of the banking
problem can and will be found through some other means
than deposit insurance." The report averred that the
unlimited liability feature of the Federal deposit insurance
plan was "manifestly unsound," and that the mutual banks
should be treated as a preferred risk because of their inherent
characteristics.
The report preceeded an address of A. A. Berle, Jr., a
member of President Roosevelt's "Brain Trust" in which
Mr. Berle outlined the advantages and disadvantages of
such participation and expressed the opinion that the banks
would have little to lose by joining the plan. Mr. Berle
also expressed the belief that little adverse effect would be
felt if the Banks did not join the plan. In a resolution
adopted on Oct. 17 it was expressed as the opinion of the
delegates to the convention "that the permanent plan of
deposit insurance . . . is unsound in principal and does
not offer an ultimate solution of the banking problems of
the country." The following is the resolution adopted:
Whereas, The savings banks of the State of New York must determine
promptly what action they will take regarding their participation in the
Plan of temporary deposit insurance provided for in the Federal Banking
,
Act of 1933; and
Whereas, It is the opinion of the delegates to this convention that the
permanent plan of deposit insurance as outlined in said Act is unsound
m principle and does not offer an ultimate solution of the banking problems
of the country; and
Whereas, Mutual savings banks are not in any respect similar in purpose
or in structure to commercial banks and trust companies; and
Whereas. On the other hand members of this Association wish to cooperate with the national administration in the effort toward national
recovery, because national recovery will be beneficial to their depositors,
and
Whereas, It is important to determine whether the adherence of the
mutual savings banks to the temporary insurance plan to become effective
in January 1934 will in fact serve a sufficiently useful purpose in the program for national recovery to warrant their joining in the plan.
Now, Therefore, Be It Resolved, That meetings of the five groups of this
Association be called as soon as possible to discuss the matter of deposit
insurance in all its phases and express the attitude of the member banks
thereon, and be it further resolved that a special meeting of the Association
be called to consider and act on the recommendations of the group meetings,
And Be It Further Resolved, That the Committee on Deposit Insurance
be directed to continue its studies and to co-operate with representatives
of mutual savings banks in other States, with other bankers, with representatives of the national administration and with Congress in preparation
of a program which will make adequate provision, so that we may have
throughout the country properly managed and properly controlled banks
which will safeguard the interests of depositors and at the same time serve
the common welfare of the country.
The report of the Committee on Deposit Insurance was
presented by Chairman Oliver W. Roosevelt, Vice-President
2911
of the Dry Dock Savings Institution. We give the report
herewith:
Your Committee desires to place before you to-day a summary of the
points of view which it has developed up to this time on the all important
question of Deposit Insurance.
The report will contain certain recommendations for your consideration.
It is, however,only a preliminary report. The final recommendations will.
as already stated by your President. be submitted to a special meeting of the
Assoc.ation to be held in the near future.
Your Committee is faced with an unusual responsibility. The record of
the Mutual Savings Banks in the State of New York is unparalleled. Our
depositors have confidence in our banks individually and collectively.
They look to all of us for guidance and for a wise decision on the subject
of Deposit Insurance. They expect us to consider not simply the question
of whether our record indicates that their deposits should be insured. They
expect us to determine to the best of our ability the course which should be
followed in order to maintain for them even better security for their funds
than we have been able to provide up to this time. In short, they expect
us to consider their welfare in the future as well as to-day.
The welfare of our depositors is inextricably bound up with the welfare
of the nation. Our institutions are not only holders of first mortgages on
real estate throughout the State of New York which have in general survived the depression remarkably well, they are, quite properly, large
holders of government, State and municipal securities and particularly of
railroad bonds. The railroads in which we have investments reach into
every important agricultural, industrial and commercial section of the
Country. Our depositors are accordingly directly interested in the financial
and general business recovery of the nation. Nor do we lose sight of the
facts that New York State has the largest population of any State in the
Union. that the wages and salaries of our fellow citizens in this State are in
large measure dependent upon business conditions throughout the rest of
the Country and that our six million accounts represent the savings of a
thorough cross section of those who live in our State.
Your Committee would, accordingly, be unworthy of its responsibilities
if it failed to look upon the problem of deposit insurance from a nationwise
point of view.
Viewed from this aspect, we reach an obvious conclusion. We are in
complete sympathy with the determination of the Government in Washington to develop and maintain an indisputably sound banking structure. We
believe this to have been the clear purpose of Congress when it included
Deposit Insurance in the Banking Act of 1933. We endorse the principle
that banks of all kinds should be so managed and so controlled that no
depositor should be subject to the fear or to the fact of losing any portion
of his deposit. We believe that the recovery of business and the building
of the foundations for a better standard ofliving throughoun the country are
in a large measure dependent upon a thoroughly safe banking structure the
purpose of which will be to stimulate industry, agriculture and commerce
without imperilling the integrity of the depositors' money.
We recognize the need for unusual steps in order to speed the accomplishment of these objectives. We are convinced, moreover, that increasing
efforts will be made to draw the attention of depositors to deposit insurance.
But your Committee does not believe that deposit insurance is the proper
solution of the banking problems in the country. It is, however, the only
solution offered by the existing law of the land.
Because of the foregoing and because of the safeguards with which we
find that the authorities in Washington propose to endeavor to protect
funds paid into the Deposit Insurance Corporation, your Committee believes, with certain definite reservations hereinafter set forth, that every
savings bank in the State of New York should consider joining in this
nationwide step as a measure designed to promote recovery. It is a significant fact that, according to the information we have obtained both here
and in Washington,every savings bank in the State can qualify for membership in the Deposit Insurance Corporation.
We suggest, therefore, that the special meeting of the Association should
consider joining the temporary insurance plan which becomes operative
in January 1934 with the proviso, however, that a special committee of
this Association will be formed at once to prepare a comprehensive report
before Congress reconvenes which will point out the many ways in which
the holders of six million savings accounts in this State. not to mention the
holders of seven million other savings accounts in Mutual Savings Banks
in other States, will be subjected to grave injustice unless material changes
are made in the Banking Act of 1933.
Certain facts appear clear to us:
A. The ultimate solution of our banking problems can and will be found
through some means other than Deposit Insurance, and that in the
meantime,
B. The unlimited liability feature in the permanent insurance plan is
manifestly unsound.
C. Based on actuarial records, Mutual Savings Banks are clearly a
preferred risk and should be treated as such.
D. Savings Banks whose legal maximum deposit is $7,500 should not
participate in insuring the amounts by which deposits in other institutions
exceed this figure.
E. In the event that we should ever want to or be obliged to join the
Federal Reserve System, provisions should be set up for the sake of all
concerned, recognizing the fundamental differences of purpose and of
structure between Mutual Savings Banks and other Banks and Trust
Companies.
In recommending the formation of a Committee to deal with those
questions, we specifically recommend that such committee should:
A. Go beyond criticism of existing laws and develop constructive suggestions for proper legislative action designed to accomplish the purpose of
the existing law as we understand it, at the same time eliminating its
unsound features and
B. That it should co-operate with the proper representatives of Mutual
Savings Banks in other States as well as other Bankers representatives of
the administration and legislators who may be charged with the responsibility of developing a well integrated and sould banking system in this
country.
Your Committee has consulted the responsible authorities in Washington
as well as our good friend and advisor, Mr. Joseph A. Broderick, Superintendent of Banks in this State. We have communicated the information
which we have received from these sources to representative members of
this Association throughout the State. We have consulted with them and
we have asked for their suggestions and guidance.
We have reviewed the three courses which we believe worthy of consideration:
I. Staying out of Deposit Insurance.
2. Creating our own insurance fund for the Savings Banks of this State.
3. Joining national Deposit Insurance with the reservation above set
forth.
We have suggested consideration of the latter course by the special
meeting of the Association, not because of the theory upon which Deposit
Insurance is based, but because of the facts with which we are confronted.
United action in the upbuilding of an inviolable banking structure is the
order of the day among responsible authorities in Washington. Would it
be wise for the Savings Banks in this State to stand aside, each one working
Out his problems and explaining the logic of its position to its own deposi-
2912
Financial Chronicle
tors? Would it be appropriate to organize a statewide campaign of education for the purpose of proving to our depositors that we do not want
national insurance and should not have it imposed upon us? Would such
a course lead to an unfortunate counter offensive of advertising and
propaganda?
Finally, if we are to join the temporary fund on Jan. 1st, we should do
so as a co-operative step in the interest of national recovery because national
recovery cannot help but be beneficial to our depositors. But, let us then
spare no time and no effort in co-operating with the administration, Congress and with other Bankers in this Country in the immediate development
of amended legislation which will, in fact, achieve the common objective
of bankers and depositors alike, namely: properly managed and properly
controlled banks which will safeguard the interest of depositors and at the
same time serve the common welfare of the country.
PHILIP A. BENSON,
ROBERT L. HOGUET,
AUGUST IHLEFELD, JR.,
HENRY D. RODGERS,
E. A. STEBBINS,
HAROLD STONE,
JAMES R. TROWBRIDGE,
0. W. ROOSEVELT, Chairman.
• Distinction Between Unemployment Insdrance and
Unemployment Reserves Outlined by G. W. Fitzhugh of Metropolitan Life Insurance Co.—Presents
Views to Meeting of Actuarial Society of America
Held in Chicago.
The important distinction between unemployment insurance and unemployment reserves is brought out in a paper
entitled "Unemployment Reseves," presented to the fall
meeting of the Actuarial Society of America in Chicago,
on Oct. 19, by Gilbert W. Fitzhugh of the Metropolitan
Life Insurance Co. While he said insurance implies an
absolute contract, and failure to comply strictly with its
terms subjects the insurer to insolvency, a reserve plan is
merely a system of building up funds for use for a specified
purpose, and when these funds run out, no further payments
are made or even due, and there is no question of insolvency.
Mr. Fitzhugh lists the principal reasons usually given to show that unemployment is not insurable, and then outlines the chief types of reserve
plans—as exemplified by the Wisconsin law, the Ohio bill and the J. I.
Case Co. plan.
The high cost of an effective plan is mentioned, and the Ihnitations
of even a comprehensive plan pointed out. The investment problems are
considered, and one suggested method referred to under which the Reserve
banks are utilized to preserve liquidity and counterbalance adverse credit
effects.
In an appendix to the paper Mr. Fitzhugh outlines a possible plan combining the principles of work-sharing and unemployment reserves, and
limiting fixed charges.
Income of New York Life Insurance Co. in First Nine
Months of 1933 Totaled $277,990,000, Against
Disbursements of $234,857,000.
Total income of the New York Life Insurance Co. during
the first nine months of 1933 exceeded total disbursements
by $43,133,000, and this amount has been added to the ledger
assets of the company, according to a statement sent to the
policyholders of the company on Oct. 13 by Thomas A. Buckner, President. An announcement issued by the company, in
noting this, added:
Total income aggregated $277,990,000, while disbursements amounted to
$234,857,000. Disbursements included $188,870,000 paid to policyholders
and beneficiaries, the balance of $45,987,000 covering payment of trust
funds, dividend deposits, reinsurance, taxes, and other expenses.
During the nine months' period, total income averaged $1,235,000 a business day and included $196,773,000 of premium income and $63,898,000 of
interest and rent received. New investments made during the first nine
months of 1933 exceeded $46,300,000.
Oct. 21
1933
dition. His passing entails no change in management and substantially
no change in ownership of ,hese properties.
It was announced yesterday (Oct. 20) in Boston that
Kenneth C. Hogate had been elected as President of the
Financial Press Companies of America and President of
all the subsidiary publications, except the "Boston News
Bureau." Herbert M. Cole, for more than 20 years Managing Editor of the "Boston News Bureau," was named
to succeed Mr. Bancroft as President of that publication.
Mr. Hogate had served under the late Mr. Bancroft for
six years. After graduation from college he engaged in
general newspaper work and then came to the Barron organization. He was appointed head of the Detroit bureau
in 1921. An announcement in the "Wall Street Journal"
of Oct. 20 said that "his succession to formal command is
a change of form and not a change of substance and will,
of course, involve no change whatever in either standards
or policies in the establishment of which he has had so
large a part."
An outline of Mr. Bancroft's career is given below, as
quoted from the New York "Herald Tribune" of Oct. 18:
Mr. Bancroft became President of the Financial Press Co. in 1928
on the death of his father-In-law. Clarence W. Barron, who had organized
most of the network which formed the backbone of the systems. Before
Mr. Barron's death he had been Secretary of Dow, Jones & Co.
Mr. Bancroft was born in Cambridge, Mass., on Sept. 13 1879, the
son of William Amos and Mary Shaw Bancroft. He was graduated from
Harvard College in 1897, when he was only 17 years old, having completed the regular undergraduate course in three years, and received his
Master's degree the next year.
Practiced Law in Boston.
He was graduated from the Harvard Law School in 1901 and entered
the practice of law in Boston. From 1902 to 1906 he was an Assistant
District Attorney of Middlesex County, in which Boston is situated,
and in 1907 he was District Attorney. From 1911 to 1914 ho was Chairman
of the Port of Boston.
His first wife, the former Mary A. Cogan, died on Oct. 29 1903. On
June 15 1907 he married Miss Jane Wallis Waldron Barron, daughter of
Clarence W.Barron, the publisher of "Barron's Weekly," who had founded
The Boston News Bureau, which distributed quotations from the markets
to banks, brokerage houses and business firms, and then made a newspaper out of the bulletins and later news.
Mr. Barron had added "The Wall Street Journal," "The Philadelphia
Financial Journal" and the ticker service, with publications in other
cities, to his interests, and through his influence Mr. Bancroft entered
the field of financial publishing.
Rose to Major-General in Militia,
Besides his connections with the publishing business, Mr. Bancroft
was President of the Cohasset National Bank and a director of the Atlantic
National Bank of Boston. In his capacity as a lawyer he was associated
with the Boston firm of Stone, Dallinger & Bancroft.
Mr. Bancroft's father, who was a Major-General in the Massachusetts
National Guard and was President of the Boston Elevated RR. Co. for
many years, interested his son in military matters and before he was 15
years old Mr. Bancroft was a member of Company 13 of the 5th Regiment
of the National Guard. For four years he served on his father's staff
and was prombted to the rank of First Lieutenant and Adjutant of the
5th Massachusetts Infantry in the Spanish-American War.
He was a Brigadier-General in the Massachusetts Volunteer Militia and
retired with the rank of Major-General in 1901, having completed his
military career before his business career was begun. For a while he
served as Judge Advocate-General of the State Militia.
Author of Financial Books.
He was the author of "Inheritance Taxes for Investors" and "Inheritance
Taxes." and contributed frequently to his own and other financial publications. He was a Republican and an Episcopalian.
Senator Davis of Pennsylvania Acquitted in Fraternal
Lottery Case—Federal Jury Clears Former Labor
Secretary at Second Trial.
Hugh Bancroft, President of Financial Press Co.,
Senator James J. Davis of Pennsylvania, former Secretary
Dies at 54—Was Publisher of "Wall Street Journal" of Labor, was acquitted on Oct. 13 by a jury in the Unitedd
and Other Financial Publications—Practised Law States District Court in New York City of charges that he
After Leaving Harvard—Kenneth C. Hogate Named had violated Federal laws against lotteries through his
Head of Company.
connection with a scales of charity balls and prize drawings
Hugh Bancroft, lawyer and President of the Financial held in 1931 by the Loyal Order of Moose, of which he is
Press Co. and of Dow, Jones & Co., Inc., died at his home Director General. The verdict concluded the second trial
in Cohasset, Mass., on Oct. 17 at the age of 54. Mr. of Senator Davis. A mistrial was ordered in 1932 because a
Bancroft had been ill for more than a year. Two years juror had told a defenss attorney that other jurors were
ago he retired from active business life. On Oct. 19 Dr. "putting in against your side." The jury deliberated three
George B. Higgins, Medical Examiner at Cohasset, is hours before returning the not-guilty verdict, together with
reported to have listed the cause of Mr. Bancroft's death a similar verdict against Senator Davis's co-defendant,
as suicide by the inhalation of coal gas.
Theodore G. Miller, head of the propagation department of
The Financial Press Co., of which Mr. Bancroft was the same fraternal order. We quote from the New York
head, owns "The Boston News Bureau," daily financial "Times" of Oct: 14 regarding the testimony given at the
publication of Boston;"The Philadelphia Financial Journal" trial:
and "Barron's Weekly" of New York. The company also
The charges against Davis and Miller were made after an Investigation of
owns Dow, Jones & Co., Inc., publishers of the "Wall money-raising methods of the Loyal Order of Moose, of which the Senator
is Director General, Mr. Miller is head of that organization's propagation
Street Journal" and operators of the Dow, Jones ticker department.
service. After being notified of Mr. Bancroft's death,
Louis Mead Treadwell, Assistant United States Attorney, attempted to
Kenneth C. Hogate, Vice-President of the Financial Press show that the order, with the approval of Senator Davis, sponsored charity
balls, a feature of which was the awarding of cash prizes to ticket holders.
Co., issued the following statement:
Lotteries, according to the Government, were conducted In 1930 and 1931,
The death of Mr. Bancroft follows a severe illness of more than a year.
As grieved as we are at his loss, it is a satisfaction to be able to say that
the affairs of the business of which he was President are in excellent con-
during which years the organization department of the Moose, which
Senator Davis operated as a private concern, under contract with the order,
cleared $150.000.
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Financial Chronicle
Said Contract Was Assigned.
Counsel for the Senator and George J. Mintzer, attorney for M.Miller,
attempted to show that Mr. Davis had assigned his contract to head the
organization department to Fred W. Jones and James J. Jenkins. It was
argued that he had been too busy as a Senator to devote his attention to
Moose affairs.
I Mr. Treadwell, summing up his case, denied that the contract had been
assigned. Referring to Jenkins, he said: "They brought him into court,
but they didn't put him on the stand."
"The fact," he said later, "that a man is a member of the Senate, which
makes laws you and I have to obey, gives him no immunity from those laws.
His responsibility is even greater.
"If Davis didn't know about the lottery, then he was the only one among
more thai 600.000 Moose who didn't know."
I. Had Davis been convicted, he could have been sentenced to a maximum
term of 28 years in prison and fined $23,000, since the indictment, which
related to events in 1931. contained 14 counts.
Another indictment, which has not been tried, charges that Davis and
Miller violated the lottery law in 1930. It is not believed, however, that
the Senator and his co-defendant will be tried on that indictment, as the
Government used much evidence relating to 1930 to prove the 1931 charges.
Judge Johnson Hayes of North Carolina. who presided at the trial, admitted
much of the 1930 evidence, but instructed the jury not to regard it as
substantive.
United States Government Reported as Deeming
Prices Not Yet High Enough to Warrant Stabilization of Dollar—Present Credit Expansion Intended
to Be Inflationary.
In Associated Press advices from Washington Oct. 14
(copyright) it was stated that the American Government
considers prices not yet high enough to warrant stabilize-.
tion of the dollar, it was learned that night on high authority. These advices went on to say:
ji Although in many other respects the currency program remains in the
"when, as and if" category, it is learned that present Administration
thought inclines to those beliefs:
That issuance of small bonds, definitely retirable out of the budget,
for the purpose of retiring interest-bearing Government bonds, would
not constitute "greenback" inflation.
That it would be absurd to attempt in present circumstances to stabilize
the dollar against foreign exchange.
That the present credit expansion in itself is intended to be inflationary,
increasing buying power.
That it still is the purpose to redeem Government securities in dollars
of the same value as those borrowed.
On the same high authority it can be said that the President feels his
monetary policies are at this time as apparent and definite as possible;
that there is no monetary uncertainty aside from the uncertainty which
Is inherent in an economic situation of the present character; and that.
in a general way, future monetary policy will depend on the "when, as
and if" necessity.
He may soon, at a time not yet chosen, discuss the monetary situation
in an explanatory way, and in terms of the multitude of alternatives which
may be selected as circumstances in the unpredictable future may indicate. There may be changes at any moment.
The fact the President has said that he would use his inflationary powers
"when, as and if" necessary does not forecast that any decision on the question as a whole will be promulgated at a given time.
The Administration feels that it is making decisions every day; that
neither its banking policies, its home and farm loan activities, its gold
price determination, nor any of its other major activities in the field of
finance are without their relation to the currency problem.
The present monetary policy is said on this same high authority to
be predicated on these definite ideas.
The President announced many weeks ago that he hoped to perfect
monetary plans which would provide a dollar of constant purchasing power.
He still has such plans, but the completion of the program must await
a higher price level.
The President has been pressing credit expansion almost from the day
of his inauguration, and this is at this time definitely part of his policy.
This involves:
First, the use of the Government's credit for public works, farm relief
loans, home loans, loans by the Reconstruction Finance Corporation,
and so on.
Second, he has sought to increase the power of the banks to lend privately, and to stimulate business so that private use of this credit will
follow.
Third, and of similar intent, his plans are directed at strengthening
all banks and opening closed banks.
None of these ideas is secret.
They are being worked and reworked constantly on the thesis that
once these powerful agencies have stimulated business sufficiently, private
credit will be open.
Credit Expansion in Part Inflationary.
Credit expansion is regarded here as in part inflationary, since it increases the supply of money and the rate at which it is spent.
Discussion of dollar devaluation or of plans otherwise to provide a
dollar of constant purchasing power is proceeding. Until more time has
elapsed, it is felt that it would be extremely difficult to judge what a proper
stabilization point would be for foreign exchange. It must be remembered
that sterling is constantly fluctuating in relation to the franc, and that
this fluctuation would bo far wider except for the use of an artificial pound.
Prices, that is, American values, have to go up. The relationship
of the dollar to the pound, franc and all foreign currencies, from the point
of view of mathematics, is looked upon as affecting 4% of the total production of the nation, and 4% of the consumption of the nation. It is
felt to be absurd to suggest that the 4% tail should wag the 96% dog.
The objective is to raise American values, and put people back to work,
and In putting them back to work give them purchasing power.
There is a definite question mark in the Administration as to the continued use by certain banking elements of the phrase "currency inflation"
as if it meant "greenbacks." The issuing of $5, $10 or $100 bonds, definitely retirable out of the budget, year by year over a period of years, for
the purpose of retiring interest-bearing bonds, is felt by high authorities
hero to be merely the substitution of one Government debt for another
Government debt.
"Greenbacks," or "starting the printing presses," is described as an
entirely different thing, which moans issuing paper with no retirement
previsions for the payment of ordinary Government running expenses.
Finally, it is asserted by these authorities that the policy and purpose
2913
of the Government are just what they were in April—to raise American
values so that a top-heavy debt structure can be paid off in the same kind
of dollars in which the debt was incurred.
Creation of Deposit Liquidation Board Formed as
Division of RFC to Bring About Release of Frozen
Deposits in Closed Banks—Announcements by
President Roosevelt and Jesse H. Jones.
The creation of the Deposit Liquidation Board as a division of the Reconstruction Finance Corporation was announced on Oct. 15 by President Roosevelt, the object as,
he explained, being "to stimulate and encourage liquidating
agents of banks, closed after Jan. 1 1933, to borrow from the
RFC in order that funds may be available to depositors as
quickly as possible." He added that "the general intention
is to make loans on the assets of closed banks for the benefit
of depositors up to a maximum of 50% of their deposits,
inclusive of distributions heretofore mad3." The President
also stated that "it is estimatenhat the maximum available
loanable value or the assets of banks closed during the year
1933 will not exceed $1,000,000,000, and it is hoped that the
distribution will approximate that amount." The Deposit
Liquidation Board will be headed by C. B. Merriam of
Topeka, a member of the RFC Board, the other members
being:
Jesse S. Jones, Chairman of the board of the RFC.
Dean G. Acheson, Under Secretary of the Treasury
Lewis W.Douglas, Director of the Budget
J. F. 'I'. O'Connor, Comptroller of the Currency
Walter J. Cummings, Chairman of the Deposit Insurance Corporation.
In its Washington advices Oct. 15, the New York "Journal
of Commerce" said:
President Roosevelt yesterday conferred with a group of New York
bankers, Chairman Jesse H. Jones of the RFC also being present, taking up
with them the question of providing means for doing what this new board
will undertake to accomplish.
For several weeks the President and his advisers have been going over all
sorts of plans, even including the setting up of a Federal bank to make loans
to closed banks and for selling the debentures of the RFC for the purpose Of
raising the funds for loan purposes.
We gave herewith the statement issued at the White House
on Oct. 15:
"The purpose of the Deposit Liquidation Division will be to stimulate
and encourage liquidating agents of banks closed after Jan. 1 1933. to borrow from the RFC in order that funds may be made available to depositors
as quickly as possible.
"The general intention is to make loans on the assets of closed banks
for the benfit of depositors up to a maximum of 50% of their deposits
inclusive of distributions heretofore made.
"This does not, of course, mean that in a bank whose remaining assets
are worth less the depositors will get 50%. They will get in such a case only
their share in the remaining assets. It is not intended that such distribution will be uniform, but that they will be limited to the orderly liquidation
value of assets on which loans can be made,reserving only what will appear
sufficient to pay taxes, expenses and interest during the liquidation period.
"In some cases further distributions will not be possible because assets
remaining in the bank will not warrant any further dividends than those
heretofore made. Distributions in any case will be possible only to the
amounts of the loanable value of the assets which have not already bee
pledged or otherwise disposed of. In cases where the condition of the closed
bank will justify it, proper consideration will be given to a larger distribution than 50%. More than one distribution will be made as and if assets
Improve in value.
"The object of establishing this Deposit Liquidating Division and trying
to stimulate the distribution offrozen bank assets is: First, to place money
in the hands of depositors with the lettat possible delay, and,second,to bring
about more orderly liquidation of the assets of closed banks; this will prevent dumping of assets at sacrifice prices.
"Special advisory and appraisal committees will be organized throughout
the country to speed the appraisal of closed bank assets where such appraisals have not already been made by Government agencies. These committees organized for the appraisal and recommendation of these loans will
be recruited ''rom representative local bankers, business men and armors.
"It is estimated that the maximum available loanable value of the assets
of banks closed during the year 1933 will net exceed 81,000,000,000. and it
Is hoped that the distribution will approximate that amount. The exact
amount that can be distributed will be governed by the appraisal of the
actual assets of each closed bank. Until that appraisal is made the amount
involved cannot be more accurately stated.
"Funds for the liquidation of deposits will be supplied by the RFC.
These funds may be supplemented later by the Federal Deposit Insurance
Corporation.
"I am particularly anxious that this matter be handled with dispatch and
to that end solicit the co-operation of all who may have official or other
authority in connection with any closed bank.
"The United States Government has authority over closed national banks
and can speed up distribution in those banks if those directly interested will
co-operate, but the Government is without authority over closed State
banks. If delays occur in the case of State banks, they will be due to reasons beyond the control of the national government."
On Oct. 16 the following statement was issued by Jesse
H. Jones, Chairman of the RFC:
The first meeting of the Deposit Liquidation Board was held this morning
to consider the program assigned to it by the President. It will, through
the existing agencies of the RFC and the new appraisal beards suggested
by the President, proceed at once to bring about the release of deposits
frozen in closed banks wherever possible.
The agencies of the Government represented on the Deposit Liquidation
Board already have in their hands a great deal of the information which
will be required for the task. The RFC previously has made many loans
to closed banks for liquidating purposes. It is not anticipated, therefore,
that many new problems_will arise in connection with the intensive effort
2914
Financial Chronicle
which will now be made to get into the hands of closed bank depositors
every dollar which the assets of such institutions will justify.
The machinery of the RFC, the Treasury Department, the Comptroller
of the Currency, the Deposit Guarantee Commission, and every other
related agency of the Government is ready to proceed with all possible
dispatch. Given the co-operation of depositors and state banking authorities, there appears to be no reason why there shpuld be any undue
delay.
While every effort will be made to establish the full value of closed bank
assets, the exact amount that can be distributed will be governed by the
appraisal of the actual assets of each closed bank.
The plan of operation will be to select a Chairman of the Deposit Liquidation Committee in each Federal Reserve District, this Chairman and his
Committee assume responsiblity for appraising and certifying as to the
value of the assets of banks in his district that have clsoed since Jan. 1 1933.
It will be suggested to this Chairman that he use the facilities of the RFC
agency, including office space and such clerks and examiners as in his
opinion will enable him to expeditiously do the work.
He will have the authority to appoint such committee or committees as
he wishes, both at the home office of the Federal Reserve District and
branches thereof, as well as such other sections of the District as would
seem advisable.
It will be the duty of these Committees, acting under their Chairman, to
contact State Banking Commissioners and the Comptroller of the Currency,
urging that they have their receivers make application for loans to the
RFC with as little delay as possible.
When applications are in form, they should be forwarded to Mr. C. B.
Merriam, Director of the RFC and head of the Deposit Liquidation Board,
Washington,for consideration by the Deposit Liquidation Board, named by
the President, and approved by the directors of the RFC.
As stated in the President's announcement, it will be the purpose to
Send up to the reasonable liquidating value of the collateral, reserving what
seems to be necessary to provide for taxes, interest, and expenses during the
period of liquidation. The Board feels that a period of five years should
be set as the probable period for orderly liquidation.
Chairmen Selected by the Deposit Liquidation Board
to Serve in Various Federal Reserve Districts—
Board's Advices to State Banking Authorities.
Elsewhere in these columns to-day we refer to the creation
of the Deposit Lipidation Board as a division of the RFC
to bring about the release of frozen deposits in closed banks.
During the current week the Deposit Liquidation Board
announced the selction of the following committee chairmen
to serve in their repeetive Reserve Districts:
Federal District No, 1—Boston, Daniel G. Wing, First National Bank.
Federal District No. 2—New York, Mortimer N. Buckner, New York
Trust Co.
Federal District No. 3—Philadelphia, Livingston E. Jones, First
National Bank.
Federal District No. 4—Cleveland,S. B. Congdon,National City Bank.
Federal District No. 5—Richmond, Robert V. Fleming, Riggs National
Bank, Washington D. C.
Federal District No. 6—Atlanta, R. G. Clay, Fulton National Bank.
Federal District No. 7—Chicago, James R. Leavell, Continental Illinois National Bank & Trust Co.
Federal District No.8—St.Louls,Walter W.Smith, First National Bank.
Federal District No. 9—Minneapolis, C. T. Jeffrey, Pres., Soo RR.
Federal District No. 10—Kansas City, W. T. Kemper, Commerce
Trust Co.
Federal District No. 11—Dallas, F. F. Florence, Republic National
Bank & Trust Co.
Federal District No. 12—San Francisco, Frank B. Anderson, Bank of
California.
The appointments in the case of all of the above except
Federal Reserve districts 6 and 7 (Atlanta and Chicago),
were announced on Oct. 18,those for the two indicated having
been made known Oct. 19. On Oct. 18 the Board also
announced the following telegram had been sent to all State
banking authorities:
In order to effect speedily the pronouncements of the President in
creating the Deposit Liquidation Board I ask your hearty co-operation and
request that you wire me immediately care RFC, Washington the followinformation:
Number of State banks now closed which closed since Jan. 1 1933.
.
Do laws of your State authorize receiver of State bank to borrow for the
Purpose of making distribution to depositors?
How soon after appointment of receiver can he under your laws borrow
for purpose last above mentioned?
Do you have a current appraisal of the assets of each trust with detailed
estimate of their liquidating values?
Will you please supplement your wire by letter giving list of such closed
banks, date of appointment of receiver, last figures on total resources,
deposit liabilities, bills payable, and estimated liquidating values?
If conservators have been appointed for banks which did not reopen
after any moratorium declared since Jan. 1 1933, will you please furnish
similar and other relative information concerning such trusts?
Will greatly appreciate prompt consideration of these requests and will
thank you for your co-operation.
President Roosevelt Calls on Local Charity to Help
Unemployed This Winter—In Radio Address for
Human-Needs Campaign He Assails "Buck
Passers" Who Want Government to Bear Whole
Load—Newton D. Baker Appeals on Behalf of
Nation's Youth.
Characterizing as "buck passers" those who would leave
to the Federal Government the entire task of providing
relief for the unemployed, President Roosevelt on Oct. 15
appealed to all citizens to be liberal in private charity, despite
the fact that the Government is increasing its aid. Speaking over a combined radio network in opening the Four
Weeks 1933 Mobilization for Human Needs, a drive for funds
to assist the unemployed this winter, the President said
Oct. 21
1933
that the Administration's avowed policy that the Government will not allow any one to starve is based "on the
assumption that the individual American citizen will continue to do his or her part more unselfishly than in the past."
The President's address follows:
I have spoken on several occasions of the vital importance to our country
that private charity in all that that broad term covers must be kept up at
least to the levels, and I hope even beyond the levels, of former years.
At this opening of the Four Weeks 1933 Mobilization for Human Needs.
I want not only to reaffirm what I have said before, but to stress the fact
that the fine team-work in the recovery program cannot be successful if
an important horse is lying back in the traces.
It is true that I have declared that Government must not let any one
starve this winter: but at the same time this policy is predicated on the
assumption that the individual American citizen will continue to do his
and her part, even more unselfishly than in the past.
Let me stress that a great many people will still need the help of relief
agencies this winter. It is true that because of a partial, but I believe a
steadily growing, re-employment of the unemployed, many families and
many individuals have been taken off the local relief rolls.
But, on the other hand, the need of those who are still on the rolls is
proportionately greater than it was before, and, in addition to the work
of direct relief, it is necessary for us to continue our support of the permanent hospital and welfare services that exist in every county and in most
communities.
A number—I am glad to say a small number—of people have written
to me to express the thought that all relief work should be taken over by
the Government, and have intimated that they would not feel any duty
this year to subscribe to local relief or local charity.
These people have a wholly wrong slant on the fundamental basis of our
American civilization. They deny the civic responsibility of the individual,
and would seek to toss every problem into the lap of Government. They
are "buck passers."
On the other hand, the overwhelming majority of the American people
understand clearly that it is first the duty of the individual and the local
community to do all that they can to maintain relief and welfare; that it is
then the obligation of the State government to supplement local efforts,
and that finally, if all of this put together is not sufficient, the Federal
Government stands ready to help.
This Mobilization for Human Needs will keep the long-established
hospital and welfare services going. These services existed long before
the depression; they will exist long after the depression is over.
I ask every citizen to give his or her support to the community chests
and to other organizations that raise funds for the regular welfare services
—bodies which express the instincts of charity, of humanity and of neighborliness. They are an essential to the whole American scheme of life.
Their meaning is expressed in the name—The Mobilization for Human
Needs.
I am glad indeed that my old friend Newton D. Baker once more 18
heading the forces of mobilization and this time we are all happy that it 18
a mobilization of peace.
The President was introduced to the radio audience by
Newton D. Baker, Chairman of the mobilization. Mr.
Baker, who spoke from Cleveland, expressed his gratitude
to Mr. Roosevelt for turning aside from the press of public
affairs to contribute to the cause of charity as exemplified
by the mobilization movement. Mr.. Baker said in part:
The law lays taxes and provides for their expenditure. This meets the
business problems of government, but we have not yet included in the legal
scheme the great realm in which private good-will operates and so there is
left to be done the task of carrying forward institutions and agencies through
which the handicapped are cared for and through which the character of
the next generation is assured.
Twenty years from now the effective people of the United States will
be the boys and girls of to-day grown up. Their effectiveness will depend
upon the environment and opportunity with which we now surround them
and the wholesomeness of the feelings and opinions which are now generated
in them by the society of which they are a part and to whose hands they
must look, both for guidance and for help.
During the war every country engaged found that the morale of its
army depended upon the morale of its people and that even when every
national energy was needed for war activities it was still necessary to take
care of the handicapped and, as far as possible, to maintain the characterbuilding agencies upon which the wholesomeness of home conditions depended.
We now face a similar situation. Under the Recovery Act larger numbers of people are finding employment and with the material relief which
governmental agencies are supplying want is bting met, but the care of the
handicapped is still the burden of private effort, and our morale as a people
depends upon our being able to feel that the sick and afflicted are being
provided for and that the young life of the nation is being stimulated into
a self-reliant and self-respecting manhood and womanhood.
Program of Agricultural Adjustment Administration
For Reducing Corn Acreage and Hog Farrowing—
Processing Tax on Hogs 50 Cents at Start Increasing Gradually to $2—Tax on Corn 30 Cents
Bushel.
A corn-hog adjustment plan, involving a maximum of
$350,000,000 in benefit payments to American farmers for
reducing corn acreage by at least 20% and hog farrowing
by at least 25% in 1934, was announced on Oct. 17 by
Secretary Henry A. Wallace and Administrator George N.
Peek, with the approval of President Roosevelt.
The two-year program involves, said Associated Press
advices from Washington Oct. 17, potential governmental
expenditure of $500,000,000 during the next twenty-four
months, the distribution of maximum cash benefits of
$350,000,000 to 1,500,000 to 2,000,000 farmers.
A processing tax will be levied on hogs, starting Nov. 5,
for a two-year period. The rate will be 50 cents a hundred
pounds at the start which will be increased gradually until
Feb. 1, after which it will be $2 a hundred, or 2 cents a
Volume 137
Financial Chronicle
pound, live weight, for the remainder of the period. From
the Associated Press accounts from Washington Oct. 17
we quote:
In addition, another part of the program, still undecided, may involve
the levying of a processing tax on cattle to finance the purchase of surplus
animals and their distribution as food to the needy.
The processing tax on swine, strongly opposed by representatives of
the meat
-packing industry, is expected to raise $164,000,000 for the year
beginning Nov. 5 and $184,000,000 during the second year.
Meanwhile, a tax of about 30 cents a bushel on corn used in processing
food products but not fed to animals will go into effect. It is estimated
that this will produce from $60.000,000 to $70,000,000 during the two
years.
In addition, $40,000,000 from a fund provided in the NIRA will be
used to supplement the processing tax income to pay benefits to corn
farmers who sign contracts to reduce their acreage.
From $40,000,000 to $45,000,000 of the hog tax receipts will be used to
buy swine for distribution to the needy. About an equal amount will
be spent by the Emergency Relief Administration on a basis calling for
dollar-matching.
About 400,000,000 pounds of hogs will be distributed as food with the
$80,000,000 to $90,060,000 thus made available by the Farm and Relief'
Administrations.
Receipts from the processing taxes on hogs and corn, the transfer from
the NRA fund and the amount which the Relief Administration will spend
will be distributed in this way:
Forty millions to meet the cost of the recent hog-buying program.
Eighty to ninety millions to buy swine for distribution to the needy.
One hundred fifty millions as rentals to farmers for leaving portions
of their corn land idle.
Two hundred millions as benefits to hog growers for curtailing their
output.
Campaigns to obtain contracts from farmers to curtail their corn and
hog output will be started within a few weeks.
Benefits will be paid to corn farmers in the form of a rental of 30 cents
per bushel on the preceding three-year average production per acre of
the contracted acreage, providing the grower agrees to reduce his acreage
not less than 20% of the average acreage grown during the past three
years.
Adjustment payments of $6 per head will be paid hog farmers on 75%
of the average number of hogs farrowed on the farms of contracting producers and sold by each during the past two years, providing the farmer
reduces the number of his litters 25%, as well as hogs sold.
The plan, Mr. Peek announced, is the Adjustment Administration's attempt to remedy distress afflicting corn and
hog producers for the past 12 years. From the announcement, Oct. 17, made by the Adjustment Administration
we quote:
Cumulative losses of export markets due to higher tariffs have been
accompanied by continued excess production, pork stocks have piled up,
prices since 1926 have sunk farther and farther below parity, the terrific
loss of farm buying power has been followed by bank failures, widespread
loss of farms through foreclosures and general depression, and the pressure
a recurrent surpluses on domestic markets has made substantial improvement impossible. The plan represents work of weeks by Adjustment
Executives and producers' representatives to bring a large increase in
purchasing power to the stricken Corn Belt and to set in motion forces
for real recovery. In terms of the value of the commodities involved, the
scope of territory affected and the amount of benefit payments to be made,
this program is the greatest undertaken by the administration, Mr. Peek
said.
This adjustment plan constitutes the second stage of the Administration's
program to make the AAA effective for corn and hogs. It was formulated
after conferences with the National Corn-Hog Committee of Twenty-Five,
composed of producer representatives from 10 Middlewestern States. It
will follow up the temporary adjustments in corn and hog production effected
this season by abnormal weather conditions and by the emergency hog
marketing program.
Although the corn-hog production section of the Administration will
proceed without delay under the immediate direction of Dr. A. G. Black
to put the program into effect, the administrative set-up, including County
Corn-Hog Production Associations, will not be in a position to offer contracts to corn-hog farmers for several weeks. Meanwhile, an effort will
be made to acquaint all farmers producing corn and hogs on a commercial
scale, with the offer and the nature of the problem.
Between one and one-half and two million farmers of the United States
produce corn and hogs as a major enterprise. The majority of commercial
corn-hog producers who will be eligible for benefit payments live in the
10 Middlewestern States of Ohio, Indiana, Illinois, Missouri, Kansas,
Nebraska, Iowa, South Dakota, Minnesota, and Wisconsin.
Two main lines of approach to the corn-hog problem are provided in
the AAA plan. They are:
First, (a) reduction in 1934 of the average corn acreage on individual
farms for the preceding 3
-year base period by at least 20% and (b) a reduction of the average number of litters farrowed and hogs sold from individual
farms during the preceding 2-year base period by 25%.
Second, co-operation by the AAA with the Federal Emergency Relief
Administration if and when necessary to remove from regular channels of
trade live hogs or cured hog products in such quantities and at such times
as are deemed advisable by the Administration officials further to effectuate
the purposes of the Act, with respect to raising the prices of hogs.
The second method will be employed in combination with the first
method if circumstances should warrant. In such circumstances, the
Federal Surplus Relief Corporation would be authorized to purchase for
distribution through the Emergency Relief Administration a percentage
of the surplus supplies of hogs produced in 1933 and marketed in 1933 and
1934.
Each farmer who agrees to make the minimum adjustments in his corn
and hog production for 1934 as provided under this plan will receive benefit
payments on the following basis:
(A) Rental, at the rate of 30 cents per bushel of the average production
of corn during the 3-year base period, of each acre removed from corn
production. Upon arrangement with this local production control association, an individual may contract to take out of corn production more than
the minimum of 20% of his average acreage during the past three years
but in no case less than the required 20%.
(B) Adjustment payments of $5 per head ($2 on acceptance of contract.
$1 on about Sept. 1 1934 and $2 on about Feb. 1 1935) on the number
of hogs equivalent to 75% of the average number of hogs farrowed on the
farm, operated by the contracting grower, during the 2-year base period.
To qualify for these payments, the contracting grower also must agree not
to increase the average number of hogs bought and fed for market during
-year base period forhogs.
the 2
A maximum of approximately $180,000,000 will be available for distribution as initial adjustment payments to participating farmers as soon as
possible after acceptance of the contracts by the Secretary.
2915
A maximum of $80,000,000 or approximately two-fifths of the total hog
benefits will be paid upon approval of the producers' contracts: this initial
payment to each farmer will be $2 per head on the number of hogs equivalent to 75% of the average number of pigs farrowed and marketed from the
contracting producers' farm during the base period.
A second payment of $1 per head on the same basis is planned for about
Sept. I 1934 on certification by the County Corn-Hog Production Control
Association that the contracting farmer has reduced the number of litters
farrowed by 25% under the average of the base period. A third payment
of $2 per head is expected about Feb. 1 1935 upon certification by the local
control association that the number of hogs farrowed on the contracting
grower's farm was 25% under the numbers farrowed and marketed in the
base period.
The initial corn adjustment payment will be 20 cents per bushel or twothirds of the total rental payment of 30 cents per bushel, on the average
production over the base period of the number of acres removed from corn
production. This initial corn payment will be made as soon after acceptance of contracts by the Secretary as possible. The remainder of the total
rental payment will be paid after Aug. 1 1934, upon evidence of fulfillment
of the adjustment contract.
Producers who fail to carry out their contracts and the terms of their
leases will forfeit their final payments and must also surrender the initial
payments.
The program will be financed by a processing tax on both corn and hogs
in amounts proclaimed by the Secretary of Agriculture. The initial processing tax on hogs will be 50 cents per hundredweight of live animal and
will become effective Nov. 5 1933. the beginning of the first hog marketing
year under the Act. This tax subsequently will be increased at intervals
until it is $2 per hundredweight by February 1 1934. This tax of $2 per
hundredweight shall continue through the 1933-34 and 1934-35 hog marketing years.
A tax also will be collected on corn processed commercially, commencing
with the next marketing year,in an amount to be proclaimed shortly by the
Secretary of Agriculture. The next marketing year for corn will commence
In November this year.
The program also calls for protection of the competitive position of both
corn and hogs in the domestic market if deemed necessary and advisable,
by means of compensating taxes on imports and domestic supplies of products competing with corn and hogs.
Complete details of the administrative set-up for conducting the program
have not been worked out, but activities in the various States largely will
be in the hands of county corn-hog production control associations. These
associations, composed of corn and hog producers who sign adjustment
agreements, will choose their own directors and officers.
Any salaries or expenses which such an association is authorized by its
directors to incur will be withheld pro rata from the adjustment payments
to be made within the county. Extension service agents will be used whereever available to assist in the educational and organization work. These
may be supplemented by temporary emergency workers appointed to serve
in counties where additional help is required.
For the purpose of determining minimum reduction requirements and the
pro rating adjustment payments, each State will be alleted on the basis of
information already available through the United States Department of
Agriculture
(a) That number of acres of corn which represents its proportion, based
on average production through the three-year base period, of the total number of acres to be withdrawn from corn production in the United States, and
(b) That number of sows to farrow, litters farrowed and numbers to be
marketed, which will be proportionate with a United States hog production
equal to 75% of the average total for the country during the two-year base
period for hogs.
County allotments will bear the same relationship with respect to State
allotments that has existed in the respective base periods between corn and
hog production in the county and the total for the State. Allotments to
individual farmers within the county will be made by the County CornHog Production Control Association. The hog allotments and the reports on
acreage leased will be published in the county press.
Land taken out of corn production may be used for pasture, meadow,
soil-improvement and erosion-prevention crops, subject to the regulations
of the Secretary.
With regard to the plan, Secretary Wallace on Oct. 17 said:
"This plan will have a two-fold effect. It will permit a systematic attack
upon the difficult and long-neglected problem of excess corn and hog production in the United States and it will bring about a substantial increase in
the purchasing power of a large block of our farmers within the next several
months."
"Vast changes in our foreign and domestic demand situation since the
war have left us with an excess of at least one hog of every six hogs grown in
the Corn Belt in recent years and of around 20 million acres of corn. In
planning this adjustment, the Administration has taken into full account the
normal consumptive requirements of the American people for pork and lard
and the probable export demand during the coining year."
George N. Peek, Administrator, stated:
"The corn-hog program is a continuation of the effort to make the AAA
effective on all basic agricultural commodities. This is a drive to raise
corn and hog prices to their pre-war relationship with prices of things farmers
buy. The real significance of this objective is suggested by the fact that the
farm price of hogs since the World War has averaged parity of the fair exchange value in only one marketing year (1925-26) and corn prices have
stood at fair exchange value during the post-war period only in the short
corn-crop year of 1924."
"In the judgment of the Administration," said Chester
C. Davis, Director of the Production Division, "the plan is
sound and equitable, readily understandable and workable."
He added:
"The corn-hog production section will endeavor to place the offer before
farmers as soon as possible this fall. If the sign-up is general, American
farmers will produce around 55 million hogs next season instead of the usual
65 to 70 million which now crowd the domestic market and depress hog
prices. They will raise about 80 million acres of corn and realize more
money with respect to things they buy than they do now from 100 million
acres. This is the first time farmers have had an opportunity to make these
adjustments in an orderly, intelligent manner."
On Oct. 19 Secretary Wallace, with the approval of the
President, issued regulations determining the initial rate of
the processing tax on live hogs to be 50 cents per hundredweight, effective Nov. 5 1933, the beginning of the first
marketing year. The tax is levied to provide funds for financing the recent emergency hog marketing program under
which benefits have laready been paid farmers and to provide
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Financial Chronicle
funds for further benefit payments to farmers under the cornhog production adjuEtment program for 1934. The announcement of Oct. 19 said:
Tax collections on live hogs through the two-year period are expected
to total $348.000,000. Of this amount, a maximum of about $40,000,000
will be deducted on account of adyances made by the Federal treasury in
connection with the emergency hog marketing program; a maximum of at
least 8200,000,000 will be available for adjustment payments to farmers who
reduce hog production under the new program; a maximum of $50.000,000
(in addition to funds obtained from a tax on corn) will be available for adjustment payments to farmers for corn reduction, and a maximum of
about $58,000,000 for market operations for relief purposes, and for miscellaneous and administrative expenses, for the 1933, 1933-34 and 1934-35
seasons.
The rate of the initial tax on live hogs was established at less than the
full difference (now approximately $4 per hundredweight) between the
current average farm price and the fair exchange value of hogs, in consideration of testimony presented at a formal public hearing at Washington,
D.C.,Sept. 5 1932. Testimony heard at the public hearing and the opinion
of experts of the Department of Agriculture, indicated that imposition
of the full tax would cause an accumulation of surplus stocks of hog products
and would result in depression of the farm price of hogs.
The regulations also prescribe conversion factors which fix a tax for
all floor stocks of hog products held by processing establishments, wholesalers and others, on the date the tax goes into effect. These stocks include
separate retail stocks of retailers which are not disposed of within 30 days
after Nov. 5 of this year. All warehouse stocks, whether of retailer or
wholesaler, are to be taxed whether disposed of within 30 days or not.
The hog products which will be taxed as floor stocks include lard, hams,
picnic hams,shoulders,short ribs, loins, bellies, fatbacks,sausage,luncheon
meats and miscellaneous products. Articles of highest value will bear a tax
cents per pound of finished product; low value
of slightly less than 1
products will bear a tax of considerably less than one-half cent per pound.
In terms of the entire dressed carcass, the initial processing tax on storage
stocks averages less than three-fourths of a cent per pound.
The Agricultural Adjustment Act exempta from the processing tax, hogs
processed by or for a farmer for consumption by his own family, employees,
or household. This means, according to the Bureau of Internal Revenue,
that a farmer may butcher hogs for his own consumption and cure the carcass portions without any tax being imposed, or he may have the butchering
and curing for his own consumption done tax-free.
The tax will be refunded to persons or institutions delivering hog products
to organizations exclusively for charitable distribution.
Farmers About to Lose FarmsIThrough Foreclosure
Told to Advise Governor Morgenthau of FCA by
Telegraph with View to Possibility of Averting
Action.
Henry Morgenthau Jr., Governor of the Farm Credit
Administration,recently told representatives of the Farmers'
Union and the Farmers' Holiday Association to tell their
members that any farmer who is about to lose his farm
through foreclosure may notify him by telegraph collect
and that he will do what he can to stop foreclosure and if
possible to.see that he is refinanced, it was announced on
Oct.7 by the Administration. The announcement continued
Mr. Morgenthau received a telegram of appreciation for his efforts in
stopping foreclosure proceedings on three farms in Kankakee and Will
counties in Illinois. The telegram, signed by Fred R. Wolfe. State
President, said:
"The Farmers' Union members in Kankakee and Will counties deeply
appreciate your prompt action in response to the wires sent you yesterday
involving you intervention in mortgage foreclosure sales held this morning
where loans had been applied for. Three sales were discontinued indefinitely
and three homes saved. Farmers here feel that after all perhaps toe New
Deal will include them too."
Upon receipt of the telegrams concerning the foreclosure sales Mr.
Morgenthau immediately got in touch with an executive of the Northwestern Mutual Life Insurance Co. which held the mortgages and he
agreed to hold up the foreclosure proceedings to give the Federal Land
Bank of St. Louis an opportunity to work out a way of refinancing the
farmers.
Farmers Paid Nearly $31,000,000 in Emergency Hog
Marketing Program.
Approximately $31,000,000 was paid to farmers for live
animals in the emergency hog marketing program, which
closed at principal markets on Sept. 29, a final report by the
Agricultural Adjustment Administration shows. A large
percentage of this cash went to farmers in drought-stricken
areas. The Administration's report, issued Oct. 13, added:
Approximately 6.200.000 pigs weighing between 25 and 100 Pounds.
and 220.000 sows were purchased and slaughtered at various authorized
processing points during the five weeks. The total cost of the program.
Including storage and miscellaneous charges on edible and inedible products
not yet disposed of, will be about $35.000,000.
Approximately 100,000,000 pounds of cured pork were obtained from
the slaughter of sows and heavy pigs. All the pork that could be obtained
In processing was saved for distribution among needy families by the
Federal Emergency Relief Administration. Already. 593 carloads or
17,790,000 pounds of this emergency pork supply have been ordered shipped
to relief agencies in 40 States.
The shipment orders to date are as follows:
Ohio. 52 carloads; South Carolina, 45; Michigan, 37; New York, 36;
Florida, 36; Texas, 32; Kentucky, 24; Oklahoma, 23; New Jersey, 22;
North Carolina, 20; Massachusetts. 19; Indiana. 19; Louisiana, 17; Wisconsin, 16; Mississippi, 16; Arkansas, 14; Tennessee, 14; Washington, 13;
Missouri, 13; Kansas, 12: Arizona, 12; Georgia, 12; Iowa, 11; Colorado,
10; Minnesota, 8; Virginia, 8; Oregon, 8; Connecticut, 8; Utah. 6: Montana,
5; Idaho, 4; Rhode island, 4; New Mexico, 4; Nevada, 3; Delaware. 2:
District of Columbia, 2; Maine, 2; Maryland, 2; Virgin Islands, 1; and
Wyoming 1. Further requests for the available pork under the allotments
granted to States by the Federal Emergency Relief Administration will
be filled later.
About 80% of the pigs, especially those from distressed regions, were
too small for practical processing Ito edible pork. As these pigs could
not be dehaired, except at an excessive cost to the Government, they were
Oct. 21
1933
rendered into inedible grease and wet fertilizer tankage, rather than into
digester tankage, which is the type fed to hogs. Federal feeding standards
prohibit hair in digester tankage.
Because an extraordinarily large number of animals had to be converted
Into tankage during the comparatively short period, drying and storage
facilities at a number of processing points were not adequate to permit
salvaging the entire yield of undried tankage as it came from the rendering
tank.
The market value of finished fertilizer tankage did not justify extra
expense for drying and storing. Consequently, some of the undried
material was disposed of immediately during the emergency slaughtering
Period. About 5,000 tons, or approximately two-fifths of the total yield,
was dried and now is in storage and credited to the account of the Secretary of Agriculture.
The rendering process also yielded about 25,000.000 pounds of grease
suitable for technical purposes, which has been stored for later sale for
the account of the Secretary. Administration officials anticipate that the
grease and tankage can be readily disposed of with little disturbance to
the regular market.
IS The emergency hog marketing program was the first step toward bringing
about a better balance between the rpoduction and consumption of corn
and hogs and was specifically designed to keep hog prices from declining to
low levels again this winter. A long-time program to effect further and
more permanent adjustment in corn and hog production is now being
formulated.
Colonel Robert Davis Appointed Administrative Officer
of AAA—Will Co-ordinate Activity of Seven Sections of Administration Speeding Internal Work.
As a step toward co-ordinating and speeding up internal
handling of codes, marketing agreements, and general
office routine, and to provide a clearing house for technical
and administrative information on codes and marketing
agreements, the Agricultural Adjustment Administration
announced on Oct. 2 the appointment of Colonel Robert
Davis as the Administrative Officer of the Administration.
The Administration's announcement in part said:
Colonel Davis will co-ordinate the activity of seven sections dealing
with code control and records; personnel; supplies, equipment, and space;
stenographic and reporting work; printing and duplicating; mall and files;
and information and reception.
"The work of the Administrative Officer will be to bring the internal
administration of the AAA fully into line with Government office procedure without obstructing any of the spirit and enthusiasm which marks
the organization," Colonel Davis said.
"This co-ordination will quicken the progress of official papers and
publications, it will speed up the handling of codes and marketing agreements, and it will provide a central office where interested parties may get
Information on the progress of codes, marketing agreements, and similar
proposals."
Colonel Davis served in the U. S. Army from 1901 to 1929, when he
retired with the rank of Colonel. During the War he commanded the
341st Field Artillery and served with the Army of Occupation in Germany,
where for a time he was Governor of a knee or county.
New York City NRA Administrator to Check Extent of
Compliance By Blue Eagle Holders—H, F. Wolff
Appointed Chief Assistant—Headquarters Moved
to Lower Broadway.
Grover A. Whalen, NRA Administrator for the City of
New York, announced on Oct. 16 that a city-wide investigation to determine to what extent New York City firms aro
participating in the recovery program will be launched
shortly. Questionnaires will be sent to employers in an
endeavor to obtain pertinent data, he said. The investigation will seek to ascertain how many employers signed a
President's re-employment agreement and failed to execute
a certificate of compliance, and are still using the Blue Eagle
emblem. It will also try to determine how many employers
are members of associations which have had codes approved.
Mr. Whalen announced the appointment of Henry F.
Wolff as Deputy Administrator for New York City. Mr.
Wolff has acted as Chairman of the local bureau of complaints and as Chairman of the mediation committee.
He will make his headquarters in the new NRA offices at
45 Broadway, which were opened on Oct. 16 after the organization had transferred from the headquarters originally
occupied at the Hotel Pennsylvania.
Maximum-Salary Provision in New Draft of Motion
Picture Code Provokes Delay—Actors Protest Attempt to Curb High Pay.
The question of high salaries paid to certain film stars
has acted to delay completion of a satisfactory motion
picture code this week. In the third revision of the agreement which was issued on Oct. 13 by Deputy Administrator,
Sol A. Rosenblatt, there was contained a provision under
which producers could be fined $10,000 for offering "unreasonable induc3ments" to any person to enter their employ.
It was reported, however, that General Hugh S. Johnson,
Recovery Administrator, said this week that any attempt
to fix maximum salaries would be illegal and in his opinion
the provision in the code under which producers would be
fined for offering "unreasonable inducement in excess of the
fair value for personal services" was "incompatible with the
law." Groups of screen actors and writers in Hollywood
have telegraphed to President Roosevelt protesting any
Financial Chronicle
Volume 137
attempt to fix the maximum compensation paid them, and
declaring that they would resist "by every means at our
command" any attempt by the "financial buccaneers" who
have "bankrupted the major companies" to "sadclle their
sins" on the creative talent. We quote below from Associated Press advices of Oct. 13 regarding the most recent
draft of the motion picture code:
Originally the proposed code contained nothing which could be interpreted as an attempt to fix maximums. It did, however, provide for checks
on competitive bidding for a star's services, a practice generally held accountable for the size of some Hollywood salaries.
The purpose of the new provisions was self-described as intended "to
avoid the payment of sums unreasonably in excess of the fair value of
personal services which results in unfair and destructive competition."
It would give the code authority power to investigate whether an employer
in the picture industry had agreed to pay an unreasonable inducement to
any person to enter his employ.
It was provided, also, that, should the code authority find the employer
had done so, it could, with the consent of the administrator, assess him in
the amount of the unreasonable excess up to $10,000.
The validity of a contract which might have resulted in a fine to the
employer would not be affected by the code.
The provision would apply, Rosenblatt said, to executives of companies,
as well as to actors and directors.
NRA Violators Face Fines and Prison Terms Under
Order by President Roosevelt—Failure to Adhere
to Re-employment Agreements May Mean Six
Months in Jail and $600 Fine—General Johnson
Issues Rules Designed to End Practice of
"Chiseling"
-500 in New York City to Be Investigated Next Week.
President Roosevelt on Oct. 17 made public an Executive
Order prescribing rules and regulations covering the violation of the President's re-employment agreement, and providing fines up to $500, and imprisonment of not more than
six months, or both, as penalties for infractions of the agreement. These are the same penalties specified by law for
violators of codes of fair competition. The Executive Order
pointed out that no person or persons could display the Blue
Eagle emblem "falsely" or contrary to any rules or regulations prescribed by the Recovery Administrator, General
Hugh S. Johnson, and authorized General Johnson to take
full steps to effectuate the regulations. On the same day
(Oct. 17) General Johnson issued regulations specifying the
rightful use of the National Recovery Administration emblem, and repeating the penalties for violation of the codes
under which it was awarded.
Officials of the NRA explained that the .orders by the
President and General Johnson had been issued in response
to an increasing number of complaints, most of which were
directed at small merchants and operators of small shops
who have failed to comply with NRA codes. General Johnson's rules stated that when the NRA recalled the Blue
Eagle emblem, the owner of any store would not thereby be
deprived of the right to sell articles or packages marked by
manufacturers with the Blue Eagle insignia.
President Roosevelt's Executive Order read as follows:
EXECUTIVE ORDER.
Rules and Regulations Under 10 (a) and Delegation of Authority Under
Section 2 (b) of the National Industrial Recovery Act.
By virtue of the authority vested in me by Section 10 (a) of the NIRA
approved June 16 1933 (Public Number 67, 73d Congress) I hereby prescribe
the following rules and regulations necessary for carrying out the purpose
of title I of said act:
A—No one shall falsely represent himself to be discharging the obligations or complying with the provisions of the President's Reemployment
Agreement or of any code of fair competition approved by the President
under the NIRA or of any rule or regulation prescribed to carry out the
purposes of said act.
B—No one shall display or use any emblem or insignia or any reproduction of any emblem or insignia of the NRA contrary to any rules or regulations prescribed hereunder by the Administrator for Industrial Recovery.
By virtue of the authority vested in me by Section 2 (b) of the aforesaid act, and in supplement to Executive Orders of June 16 1933, and
July ill 1933, numbered 6173 and 6205-A, respectively, I hereby authorize
the Administrator for Industrial Recovery to prescribe such rules and regulations as he may deem necessary to supplement, amplify or carry out the
purposes and intent of the rules and regulations prescribed in Paragraphs
A and B of this order, and to take such other steps as he may deem advisable
to effectuate such rules and regulations or any rules and regulations so
prescribed by the Administrator, and to appoint personnel and delegate
thereto such powers as may be deemed necessary to accomplish the purposes of this order.
C—Any person who violates any of the foregoing rules and regulations
or any rule or regulation prescribed hereunder by the said Administrator
may be punished as provided in Section 10 (a) of the NIRA, by a fine not
to exceed $500 or imprisonment not to exceed six months, or both.
FRANKLIN D. ROOSEVELT.
The White House, Oct. 14 1933.
The order by General Johnson read:
By virtue of the authority vested in me by executive orders issued by
the President, dated June 16 1933, July 15 1933, and Oct. 14 1933, I hereby prescribe the following rules and regulations which I deem necessary to
supplement, amplify or carry out the rules and regulations prescribed in
the last-mentioned Executive Order:
2917
1. The emblem, popularly known as the "Blue Eagle," a reproduction of
which appears Upon the upper left hand corner of this page, is the emblem
of the NRA and the property of the United States Government.
2. Any person who has obtained the said emblem by signing a certificate
of compliance with the President's Re-employment Agreement or with an
approved code of fair competition for his trade or industry may display or
use said emblem so long as such person continues to comply therewith, unless otherwise provided for by rules or regulations prescribed by the Administrator for Industrial Recovery.
3. When, in the judgment of the said Administrator or his duly authorized representative, any person has failed to comply with said agreement
or code, or when any person has improperly obtained such emblem, such
person shall surrender said emblem on demand of the said Administrator or
his duly authorized representative, and shall not thereafter display or use
the same without the written permission of the said Administrator.
4. Nothing in these rules and regulations shall be construed so as to
prevent the display or sale by any person whatsoever of goods or packages
marked by others with the said emblem as evidence of compliance as aforesaid, except that such display or sale shall not be made in such manner as
to indicate compliance by such person.
5. Any person who violates any of the foregoing rules and regulations
may be punished, as provided in Section 10 (a) of the NIRA, by a fine not
to exceed $500 or imprisonment not to exceed six months, or both.
HUGH S. JOHNSON, Administrator.
Oct. 17 1933.
Discussing the reasons that prompted the issuance of the
orders by the President and by General Johnson, a Washington dispatch of Oct. 17 to the New York "Times" said:
Commenting on the action of the President and General Johnson to-night,
an official said:
"It means simply this: The President and General Johnson are tired of
'chiselers' and are taking steps to enforce the agreements.
"Say there are two merchants several blocks apart. One displays the
eagle and tries faithfully to live up to his agreement. The other also flies
the emblem. But he 'chisels,' cheats his clerks and other employees and
defies the first merchant to offer bargains at lower prices.
"That is the fellow we will go after. District Attorneys in the various
communities will take him to Court after his emblem has been withdrawn.
The District Attorney will ask for the maximum penalty in a Federal Court."
Thus far, it was said officially, only three employers have suffered the
loss of their blue eagle emblems. Two of them were in New York State
and the other was in Indiana. All three, it was said, had applied for another emblem, but no action had yet been taken.
Commenting on the new regulations issued by the President and General Johnson, Grover A. Whalen, Chairman of
the New York City NRA organization, said on Oct. 18 that
the orders would be rigidly enforced in New York City. He
added that, beginning next week, about 500 employers
against whom complaints have been filed for violations of
NRA provisions, would be called before the local compliance
board and asked to explain the alleged violations. Those
cases in which penalties are believed advisable will be
forwarded to Washington for the imposition of punishment.
he said.
Revised Code of Arms Manufacturers Prohibits Sales
of Machine Guns to Gangsters.
No machine guns will be sold to gangsters in the future,
according to an agreement reached by the National Recovery
Administration and manufacturers of small arms, announced
by Recovery Administrator Hugh S. Johnson on Oct. 6.
General Johnson said that the manufacturers had agreed
to sell machine and sub-machine guns only to governments,
banks, corporations with police departments,foreign governments and ammunition manufacturers for testing purposes.
This decision was reached after a recommendation by Department of Justice officials was presented to the manufacturers at their recent code hearing.
Administering Committee of 11 Provided in Rubber
Tire Code Submitted to NRA—Board to Review
All Cases and Make Final Decisions—Pact Sets
40-Hour Week and Minimum Pay of 40 Cents an
Hour.
The rubber tire-industry submitted its code of fair competition to the National Recovery Administration on Oct. 16.
One of the most important features in the tentative agreement is the provision that it would be administered by a
committee of 11 members to be known as the Tire Code
Authority, not more than three of whom shall be NRA
representatives. This committee would define and recommend to the industry rules and policies involving unfair
acts and practices, and is also empowered to investigate and
adjudicate all claims charging unfair practices or violations
of the code. The code applies to the manufacture and sale
of solid and pneumatic rubber tires, casings and tubes for
all types of motor vehicles, and has been drafted to include
all units of the industry. Public hearings on the code were
scheduled to begin yesterday (Oct. 20).
Other features of the proposed code were outlined as
follows in a Washington dispatch of Oct. 16 to the New York
"Times":
F
The code recognizes, without any reservation, the right of employees to
organize and bargain collectively without interference from their employers
2918
Financial Chronicle
and fixes a basic work week of36 hours for all employees, except maintenance
crews, engineers, firemen, electricians, tire testers, shipping and watching
crews and office staffs.
The 40-hour week applies to accounting, clerical and other office workers,
salesmen in offices and factory departments, while others outside the 36
hour weekly limit will operate on an 8
-hour daily basis.
40
-Cent Wage Is Provided.
The wage scale provides that no company subscribing to the code shall
pay any factory or mechanical worker or artisan, except apprentices,
less than 40 cents an hour, except when the hourly rate was less than 40
cents on July 15 1929, but in no event can the rate be under 30 cents an hour.
Minimum wages for accounting, clerical, office and sales staffs are
fixed at $15 per week in cities of more than 500.000 population, $14.50
for cities of less than 500,000 and more than 250,000 and $14 for cities
and towns of less than 250,000 and more than 2,500 population.
In all places of 2,500 or less wages are to be increased 20%, provided
this does not require a wage of more than $12 weekly.
In the matter of prices, the code stipulates that no company shall set a
selling price for a product of the industry "which will not return to the
company initiating such price at least its own individual costs of production and distribution." These costs are to be determined by the methods
prescribed in the accotuAing manual of the Rubber Manufacturers Association, or such other methods as the committee may declare applicable to
the special cases not covered by the manual.
The President of the United States is vested with authority to cancel
or modify any order, license, rule, regulation or approval issued under the
provisions of the National Industrial Recovery Act,
NRA Regulations to Control Output of Cotton Textiles
Through Curb on Installation of Productive
Machinery—Plan Recommended by Textile Manufacturers Under Code—All Machinery Must Be
Registered.
General Hugh S. Johnson, Recovery Administrator, on
Oct. 18 approved recommendations by the Cotton Textile
Industry Committee,restricting the installation of additional
productive machinery in any unit of the business, thus taking
the first step outside the field of raw materials to extend
Government control of industrial production under the terms
of the National Industrial Recovery Act. Authority for
promulgation of the new regulations is contained in the code
of fair competition for the cotton textile industry. They
provide that manufacturers must obtain certificates from the
National Recovery Administration for the installation of
new equipment where this would add to productive capacity,
while all persons engaged in cotton textile manufacturing
are required to register productive machinery now operating.
An exception to the provision for certification is provided
in the case of installations "for the replacement of a similar
number of units of productive equipment or to bring the
operation of existing productive machinery into balance."
The Cotton Textile Committee made its recommendations
to the NRA through George A. Sloan, the Committee Chairman. The NRA made public the text of the Committee's
recommendations as follows:
Enclosed herewith is a recommendation to you by the Cotton Textile
Industry Committee, the Planning and Fair Practice Agency for the Cotton
Textile Industry, under Section VI, Subsection 3, of the Code of Fair
Competition for the Cotton Textile Industry. This recommendation was
adopted by the Committee on Sept. 13 1933. Based on conditions in the
industry in this period of emergency and to effectuate the operation of the
provisions of this code and the policy of the NRA, we recommend, as more
fully set forth in the accompany recommendation, that:
"(1) Persons engaged in the cotton textile industry register their productive machinery;
(2) Prior to the installation of additional productive machinery by
persons engaged or engaging in the cotton textile industry, except for the
replacement of a similar number of units of productive equipment or to
bring the operation of existing productive machinery into balance, such
persons shall secure certificates from the Administrator that such installation
will be consistent with effectuating the policy of the NIRA during the
period of the emergency; and
(3) A certain procedure shall be followed in applying for such certificates and the making of recommendations by the Cotton Textile Industry
Committee as to the granting or withholding of such certificates by the
Administrator.
We respectfully request approval by the Administrator of the accompanying recommendation under the authority conferred upon him by
Section VI of the Code of Fair Competition for the Cotton Textile Industry.
Secretary Ickes Fixes Price of Crude Oil at $1.11 a
Barrel, Effective Dec. 1—Order Approved by
President Seeks to End Trade Wars—Differentials
Listed—Provision Made for Hearing Protests
Against Price Schedules Offered by Producers.
Secretary of the Interior Harold L. Ickes, acting under the
price-fixing provisions of the petroleum code, on Oct. 16
issued an order fixing the price of oil products throughout the
country, effective Dec. 1, according to schedules formulated
by the Planning and Co-ordination Committee, composed of
leaders of the industry. President Roosevelt approved the
order, which was designed to eliminate unfair practices and
to stabilize prices from the oil well to the consumer. The
basic minimum price for mid-continent crude petroleum of
36-degree gravity was set at $1.11 per barrel. Other crude
oil prices were proclaimed according to producing areas, with
the lower gravity crude in each case being assigned the lowest
price. Based on the price of $1.11 per barrel for 36 gravity
Oct. 21
1933
mid-continent products the board fixed wholesale and retail
prices for gasoline and petroleum, making allowance both
for the inter-State transportation and the cost of delivery in
small quantities to filling stations. Profits allowed for
deliveries ranged from one cent to 06 cents per gallon.
the text of the price-fixing order follows:
Code of Fair Competition for the Petroleum Industry as Approved by the
President.
Whereas evidence submitted by the Planning and Co-ordination Committee appointed under the Code of Fair Competition for the Petroleum
Industry indicates the present existence of unfair competitive practices in
the petroleum industry leading to constant and recurring price wars and
price cutting and making imminent the danger of the further spread of
such competitive abuses. I find and determine that these competitive abuses
have created an emergency which threatens the stability of the inter-State
market for petroleum and the products thereof; that theyh have obstructed,
burdened, or interfered with inter-State commerce in petroleum and its
products and threaten to continue to obstruct, burden or interfere with such
commerce; and that their continuance and further spread will make it
impossible to fulfill the purposes of the National Industrial Recovery Act
and the Code of Fair Competition for the Petroleum Industry as expressed
in the clarification of policy of said act and the preamble of said code.
Now, therefore, pursuant to Title I of the NIRA (Public Number 67, 73
Congress) and the code of fair competition for the petroleum industry,
approved Aug. 19 1933, and modified Sept. 13 1933, under said act, and
the President's order of Aug. 28 1933, issued under said act and said code.
it is hereby declared to be an act of unfair competition in violation of the
said act and code, for any producer, wholesaler, jobber, refiner, distributer,
retailer or others in any wise dealing in petroleum and the products thereof
on or after Dec. 1 1933, to sell or otherwise dispose of. or to buy or otherwise acquire any petroleum or the products thereof at a price less than the
applicable price set forth in the schedule of prices proposed by the planning
and co-ordination committee appointed under the code of fair competition
for the petroleum industry, under date of Sept. 25 1933, a certified copy of
which, marked Appendix A, is attached to and made a part of this order:
provided, however, that the said schedule of prices may be modified or
amended after the submission of findings based upon such hearings and
Investigations as the petroleum administrative board is hereinafter authorized and directed to conduct.
Any person, natural or artificial, having objection to the minimum prices
provided for in the attached schedule may file with the Petroleum Administrative Board, and should so file at once, a full and complete statement in
writing, verified as to facts by affidavit, setting forth such objection and the
facts upon which the objection is based.
All such objections will be considered at hearings which the said board is
hereby authorized and directed to conduct, under rules and regulations to
be prescribed by it, beginning Oct. 30 1933. No person will be heard who
has not filed such written objection and statement on or before Nov. 15 1933.
The said board is authorized and directed to group cases that it may
deem to be similar or present similar questions of fact, and it is hereby
further authorized and empowered to collect and obtain such other information and reports as it may deem necessary to carry out the provisions and
purposes of the aforesaid code of fair competition.
Approved and promulgated this 16th day of October 1933.
HAROLD L. ICKES.
Administrator of the Code of Fair Competition for the Petroleum
Industry and Secretary of the Interior.
On the basis of $1.11 for 36 gravity mid-continent crude,
the following minimum prices for various products will be
established for districts as specified in the following excerpts
from the appendix attached to the order.
In respect to gasoline, differentials shall be established for various octane
grades, as follows:
60-64.9 octane equals X.
65-70 octane equals X plus 10.005 Per gallon.
50-59.9 octane equals X minus 10.005 per gallon.
Below 50 octane equals X minus $0.01 per gallon.
(Octane ratings based on A. S. T. M., D 357-33 T rating.)
Mideontinent Area,
60-64.9 octane gasoline
42-44 gravity W. W. kerosene
41-43 gravity W. W. kerosene
38-40 gravity furnace distillate, light straw color
32-36 gravity zero gas oil
14-18 gravity fuel oil
18-22 gravity fuel oil
22-26 gravity fuel oil
Per Gal.
634c.
4 hc.
3Mc.
3c.
66c.
71c.
7354c.
Eastern Seaboard.
r For shipments from the Eastern seaboard (New York, Philadelphia and
Baltimore):
60-64.9 Octaine gasoline, f.o.b. terminal or barge
F.o.b, tank car
73C.
Kerosene, f.o.b, terminal or barge
6c.
F.o.b, tank car.
634c.
Gas oil, f.o.b, terminal or barge
4 S4C•
F.o.b. tank car
4%c.
For shipments of gas oil below 30 gravity, the above prices will be reduced
one-eighth-cent a gallon for both modes of delivery.
Bunker fuel, f.o.b, terminal or refinery, $1.05 a barrel.
The actual differentials for ocean transportation shall govern for ports
north of New York and south of Hatteras, based on a 21-cent-a-barrel
Gulf
-to-New York rate.
F. Van Covern of American Petroleum Institute to Aid
Planning and Co-ordination Committee for Petroleum Industry Under NRA—Will Organize Department to Carry on Statistical and Economic Studies.
Fred Van Covern, director of the Department of Statistics
of the American Petroleum Institute, has been loaned to the
Planning and Co-ordination Committee for the petroleum
industry under the National Industrial Recovery Act, it was
announced on Oct. 14 by the Institute. The announcement
added:
Volume 137
Financial Chronicle
Mr. Van Covern will maintain headquarters in Washington with offices
in the Shoreham Building along with others in the Planning and Co-ordination Committee and will organize a department to carry on statistical and
economic studies. He will take with him to Washington Joseph P. Buder,
a member of the Institute's statistical staff. The Department of Statistics
in the New York headquarters of the Institute will continue to function
under Mr. Van Covern's supervision.
Secretary Ickes Limits Refined Oil Output—Issues
Regulations to Maintain Proper Ratio Between
Inventories and Sales in Each District—Mr. Ickes
Says He Will Close Wells If Necessary to Halt
Excess Oil Production.
Secretary of the Interior Ickes, acting in his capacity as
Administrator of the petroleum code, issued an order on
Oct. 19 imposing strict limitations upon all oil refineries to
"set up proper ratios between gasoline inventories and sales
for each district." Mr. Ickes also made public a statement
in which he said that he would halt excess oil production
by closing down wells, if that proved necessary. His order,
effective immediately, was the third to be issued within a
week. The first fixed the price of crude and refined oil,
effective Dec. 1, while the second, effective Nov. 1, is
intended to curtail inter-State shipments of oil and byproducts. The regulation of Oct. 19 authorizes the Planning
and Co-ordination Committee, composed of leaders in the
petroleum industry, to recommend and specify to all refineries the amount of crude runs necessary to maintain a
proper ratio in the various districts. It was stated that by
placing restrictions on refineries, supply and demand of
finished products might be kept "within speaking distance."
The order reads as follows:
Pursuant to Article 4 of the code of fair competition for the petroleum
industry, the country will be divided into proper refining districts by the
Federal agency (the Interior Department), and both the existing ratio of
gasoline inventory and sales thereof for each'such district and the proper
relationship between such gasoline inventories and sales thereof for each
such district will be determined.
The planning and co-ordination committee is hereby authorized, pursuant to Article 4 of said code, to recommend to each and every refiner
in the United States gasoline inventories, current runs and/or gasoline
manufacture required to maintain proper gasoline inventories in each district as hereinbefore determined, and said committee is further authorized
to make use of such associations, regional or other committees, or other
agencies as it may deem proper to determine such recommendations and
secure compliance therewith.
In order that the storage of gasoline may be limited to a quantity not in
excess of that required to meet the variation resulting from seasonal demand and to provide for the necessary fluctuations in working stocks, upon
the approval of such recommendations by me it shall be an unfair trade
practice in violation of Section 4 of Article 4 of the aforesaid code for any
refiner to exceed such recommended runs and/or gasoline manufacture.
Texas and Kansas Cut Oil Production Allowables In
Compliance With Order By Secretary Ickes—Both
States Reduce Permissible Output Below Federal
Quota.
Following a demand by Secretary of the Interior Ickes
that several States reduce petroleum output to conform with
prescribed quotas, the Corporation Commission of Kansas
on Oct. 18 ordered a 25% cut in daily production, with a
request to purchasers that they reduce taking by that
amount. On the preceding day (Oct. 17) the Texas Railroad
Commission had issued an order reducing the Texas allotment
to 957,553 barrels daily, or 7,445 below the quota fixed by
the Federal Oil Administrator. The Kansas order makes
the new allowable for that State 87,000 barrels a day for
12 days to compensate for the 300,000 by which Kansas
exceeded its Federal quota in September. The 87,000 barrels
allowable compares with a Federal allocation of 116,000
barrels daily.
Committee to Study Waste Involved in Unfair Trade
Practices Is Created, With A. L. Filene as Chairman—Will First Investigate Methods of Buyer and
Seller and Later Delve into Competing Lines.
Gerard Swope, Chairman of the Advisory and Planning
Council for the Department of Commerce, and President
of the General Electric Co. announced on Oct. 17 that a
Committee of business leaders has been appointed to study
the economic wastes involved in unfair trade practices.
The new Commission will segregate such practices into two
classes—those occurring between competitors and those that
occur between buyer and seller. Its initial efforts will be
devoted to a study of the latter field. The organization
will be known as the Committee on Unfair Trade Practices
in Production and Distribution. It will be headed by
A. Lincoln Filene, Treasurer and Chairman of the board of
William Filene Sons Co., Boston. Other details of the
announcement as reported in Washington advices of Oct. 17
to the New York "Journal of Commerce," follow:
Other members of the Committee include: Everett G. Griggs, Chairman,
St. Paul & Tacoma Lumber Co.; Lucius Eastman, President, Hills Bros.,
2919
New York City; Dr. Paul F. Nystrom, Professor of Marketing, Columbia
University; L. D. H. Weld. Director of Research, McCann-Erickson, Inc.;
Roy Dickinson, President, Printers' Ink Publications; John S. Burke,
President, B. Altman & Co.; James A. Goldsmith, President, Hess &
Goldsmith; Morris E. Leeds, President, Leeds & Northrup Co. Additional
members of the committee are to be appointed.
Although a number of unfair trade practices are banned in the various
recovery codes which have been adopted or are now under consideration,
and the Federal Trade Commission is empowered to investigate and order
the discontinuance of such practices, it was indicated that Commerce
Department officials and members of the Planning and Advisory Council
feel that there still remains a broad field for further study.
Efforts Called Incomplete.
"Such efforts as have been made have been for the most part incomplete
and not uniform," it was said by Mr. Filene. "Few attempts have been
made to touch the much closer and more continuous relationship between
the buyer and the seller, the producer and the distributor. Yet it is the
unfair practices that have crept in and multiplied in this joint relationship
that have created wastes amounting to many millions of dollars annually."
This huge sum which has gone to waste in the past, it is felt, must now
be saved to the public, which eventually pays the bill, and this saving, it is
asserted, will go far toward meeting the increased costs of doing business
and thus tend to keep prices within reasonable levels.
The Committee will give particular attention to the effects of unfair
trade practices upon the consuming public. The cost of such practices.
it was pointed out by Mr. Filene, not only constitutes a disturbing influence
in industry but is ultimately passed on to the consumer or reflected in
lower wages for labor.
Cites Unfair Practices.
"While the country knows of the existence of unfair trade practices,"
he declared, "It has not the least conception of how serious the problem is
and to what extent these practices appear in the guise of more or less
established business customs, which business itself has in some cases come
to regard as more or less necessary.
"Many of these trade practices have been able to exist because of a superficial appeal to the consumers based on apparent economy, but which, in
reality, impose a heavy and unnecessary burden on the business structure
and ultimately add to, rather than reduce the business expense of serving
the public.
"Business men throughout the country," he asserted, "are to-day faced
with an opportunity of beginning, once and for all, a process of house
cleaning which over the years will most certainly make for more profitable
business, more stable business and more social stability. In the past, the
great wastes from unfair trade practices have resulted in lower wages.
higher prices to the public and losses which business had to absorb from its
profits. The future, as we see it to-day, will demand higher wages to
employees, fair prices to the public and fair profits to business men. To
secure this end, we must bend our energies to the task of cutting out the
stupendous waste which has levied a heavy toll on labor, capital and
the public."
Important Permanent Benefits for Banks and Customers Through Bankers' NRA Code Looked for
by F. N.Shepherd of American Bankers Association
The bankers' code of fair competition, which became
effective on Oct. 16, will create, aside from its emergency
function, important permanent benefits for banks and their
customers by reason of the fact that it will give the force of
nation-wide law to many sound methods for co-operation
among banks to strengthen local banking conditions promoted by the American Bankers' Association for many years,
It was declared in New York on Oct. 15 by F. N. Shepherd,
Executive Manager of the Association. The text of the bankers' code was given in our issue of Oct. 14, pages 2732-2735.
According to Mr. Shepherd, the code "contains within itself
the possibilities of the major part of the reform of the present banking system desired by the public, the Government
and bankers alike." It applies in the United States proper
to all National and State banks, private banks accepting deposits, trust companies and savings banks with the exception
of mutual savings banks. In his comments, Mr. Shepherd
had the following to say:
The American Bankers' Association, through its former Clearing House
Section, later changed to the Bank Management Commission with broadened
functions, has for many years preached and exerted its influence to promote
the development of co-operation among bankers in local communities for the
purpose of eliminating uneconomic practices and strengthening local banking conditions.
The main direct operating instruments urged for this end were city,
county and regional clearing house associations. Such associations have been
set up in about 450 communities. The code provides in Article VII that
existing associations shall be used in carrying out its provisions and that
banks shall send representatives to organize new associations for this purpose,
in sections where they do not now exist, along lines codified and published
in 1931 by the Bank Management Commission on the basis of wide experience.
The functions of clearing house associations go far beyond the technical
operations of clearing or exchanging at a central point checks among members. They serve rather as means for clearing or interchanging experience,
ideas and agreements to eliminate uneconomic practices among the member
banks in order to build up better mutual understandings and a stronger
common banking structure within the scope of their influence.
I refer to such matters as analysis of accounts and cost accounting in
respect to banking transactions, especially checking accounts, to develop
exact knowledge as to conditions which render such transactions sources of
loss or profit to the banks and to permit the aci-,ption of equitable service
charges by common consent so that all accounts will legitimately pay
their way.
Among other co-operative measures is the clearing house credit bureau to
assist in eliminating, through the confidential interchange of loan information by a key system, secret duplicate borrowers who frequently over-extend
themselves, resulting in disaster both to themselves and to the banks lending them money. Again, through joint action in clearing house associations,
it has been possible for banks to do away with wasteful free services and
ether parasitic practices that over-competition had brought into operation.
The facts of experience show that over-competition, and many loose practices
2920
Financial Chronicle
resulting from it, were the cause of many bank failures and a large amount
of banking weakness.
These studies and projects, of course, were in the public interest as well
as beneficial to the banks, for only a profitable bank, earning substantially
more than it costs to operate, can employ competent personnel and build up
its surplus as further protection to its depositors. Detailed technological
studies on these subjects have been prepared by the management commission
and distributed among the Association's members.
Insofar as the bankers' code of fair competition aids in the definite
elimination of loose or uneconomic practices from banking it will confer
permanent and fundamental benefits on the nation's banking structure and
redound to the welfare of depositors aside from all question of its function
as an emergency measure. The code, we are confident, contains within itself
the possibilities of bringing about through wide application of well established principles the major part of the reform of the present banking system
that is so earnestly sought by the public, the Government and the bankers
alike.
Oct. 21 1933
Below are the preliminary figures representing loans by banks, corporations and offices now under the FOA made during September and during
the seven months from March 1 to Sept. 30. inclusive:
Loans from
Loans During Mar. 1 to Sept. 30
September 1933. 1933, Inclusive.
(Prelim.. Figures.) (Prelim. Figures.)
Federal Land Banks
Land Bank Commissioner's loans to farmers_
$9,913,000
4,001,000
$32,098,000
6,190,000
Total
Federal Intermediate Credit Banks
Regional Agricultural Credit Corporations --Emergency crop production and feed loans
Loans from the Agricultural Marketing Revolving Fund
813,914,000
a39,751,000
10,112,000
366,000
838,288,000
140,198,000
134,520.000
56,888,000
307,000
39,261,000
Total
Land Bank Commissioner's loans to Joint Stock
Land Banks
864,450,000
$409,155,000
Under Article VIII of the code, dealing with fair trade
196,000
249,000
practices, are embodied provisions for eliminating cut-throat
Total
864,646,000
$409,404,000
competitive practibes, Mr. Shepherd said, particularly along
a Includes discounts for the Regional Agricultural Credit Corporations.
the line of rules to establish equitable and uniform service
charges or compensating balances. The methods of organiz- PWA Active in Making Allotments for Federal and
Private Projects—Speeds Up Allocations from $3,ing and operating clearing houses as formulated in working
300,000,000 Fund—Chicago Sanitary District, Monmanuals by the Association's Bank Management Commission
tana Reservoir and Navy Department Receive Large
are made, by reference, a part of the code, Mr. Shepherd
Sums.
pointed out. Also a part of the code is its Trust Devision's
The Public Works Administration has recently announced
Statement of Principles of Trust Institutions, he said. "This a long series of allotments for both
Federal and private
occupies the unique position of being the first code written projects, thus apparently accelerating
the allocation of the
In line with the policies of the Administration," he declared. $3,300,000,000 public works funds
provided by the last
"That is to say, work on the Statement of Principles waS Congress. Among the total allotments
approved by Secrebegun a year ago in October, it was adopted in April and tary Ickes were an aggregate of $28,384,5
27 on Oct. 14, the
trust institutions were operating under it for six months be- sum of $13,781,900 on Oct. 13, and a
total of $31,116,611
fore the code was adopted. The Statement of Principles was on Oct. 11. Of the total allocation
announced on Oct. 14,
incorporated into the code with only a change of half a dozen the largest amount was $15,500,000 for
the first year's work
words."
on the Fort Peck dam and reservoir in eastern Montana.
We quote from a Washington dispatch to the New York
NRA Code For Mutual Savings Banks Signed by 1 "Times" regarding
other allotments on the same day:
President Roosevelt.
The Navy Department received $8,961,052 for construction of
officers'
The code of fair competition for the mutual savings banks quarters, barracks, airplane hangers and ammunition
storage facilities at
of the United States was signed on Oct. 10 by President various stations. The allotment to-day brought the total allowed to the
Roosevelt and will become effective on Oct. 23. From the navy during the week to $11.539,439.
Allotments to Navy.
Oct. 13 "Bulletin" of the Savings Banks Association of the
-day's allotment covered the following stations:
To
State of New York we quote:
'The code, which differs essentially from the American Bankers' Association
code only in that it does not at the.present provide for fair trade
practices,
requires minimum wages of $14 to $15 a week and minimum working
hours
of 40 hours for employees of less than $35 a week. Provisions similar
to
those carried in most codes provide that employees have the right to
organize
and bargain collectively, and that no employee shall be required
to join any
company union. Janitors, guards and watchmen are exempted
from the
minimum hour provision as are banks employing not more
than two persons
in addition to officers, in towns of leas than 2,500 inhabitants.
The emergency, seasonal and peak demands also may provide
exemption
under certain conditions. If the hours of banking operations
of the bank
are reduced, no bank shall therefore reduce the number of
its employees
below the number employed on June 1. No mutual savings bank
under the
code may employ any persons under the age of 16 years.
The code will be administered by a committee of designated
representatives of members of the National Association of Mutual
Savings Banks,
together with other persons appointed by the Administrator.
The Code Committee shall be empowered to collect from Mutual
Savings
Banks any data or statistics relating to hours of employment and
the rates
of pay, as may be required. The Committee has the power to
make investigations and to make a complaint against any bank violating
the code and to
recommend changes to effectuate its operations.
Aa in the case of most other codes, it provides that the
code can be
terminated by executive order of the President or by joint
resolution of
Congress.
It is anticipated that fair code practices dealing with the
hours of banking, interest rates and service charges, if any, will be
settled in the near
future.
Loans Approximating $409,155,000 Made by Organiza
tions Under FCA During Period from March 1 to
Sept. 30 1933—$64,450,000 Advanced During Sepber as Compared with $50,000,000 in August.
Loans made by the banks, corporations and offices under
the Farm Credit Administration during the seven months
from March 1 1933 to Sept. 30 1933, approximated $409,155,000 according to an announcement made Oct. 13 by
Henry Morgenthau Jr., Governor of the FCA. Of this
amount, $64,450,000 was loaned during the month
of
September. Loans during August approximated
$50,000,000.
The announcement continued:
In addition, the amount loaned by the Land Bank
Commissioner to
Joint Stock Land Banks from March 1 to Sept. 30, this year,
is $249,000,
of which $196,000 was loaned during September, making
the gross sum
handled by the units under the FCA during that
period $409.404.000.
Loans to Joint Stock Land Banks are from a fund of
$25,000,000 appropriated by Congress to be used for the purpose of postponing for
two years
from May 12 1933, foreclosures due to default in interest and
principal
or taxes on farms upon which these banks have loans.
Loans made by the 12 Federal Land Banks, including loans from
the
Land Bank Commissioner's fund, totaled $38,288.000. Loans and
discounts by the Federal Intermediate Credit Banks during the seven
months'
period totaled $140,198,000. This figure includes discounts for the
Regional
Agricultural Credit Corporations.
Emergency crop production and feed loans from March 1 to
Sept. 30
totaled $56,888,000, while loans made from the agricultural marketing and
revolving fund amounted to $39,261,000.
Nare Island Calif
$2,005,700
San Diego, Calif
145,000
Coco Solo, Canal Zone
430.000
Pearl Harbor, Hawaii
4.155,352
Lualualei, Hawaii
380,000
Lake Denmark, N. J
298.000
Fort Mifflin, Pa
225.000
Navy Yard, Philadelphia
550,000
Naval Torpedo Station, Newport
30,000
Fuel Depot. Melville, R. I
1775,000
Naval Air Station, Hampton Roads, Va
.000
Marine Flying Field, Quantico, Va
350,000
Navy Yard, Puget Sound, Wash
200,000
Torpedo Station, Keyport, Wash
57.000
Various ordnance stations
43,000
The quarters and barracks provided for will replace
antiquated wooden
structures or will provide quarters where none are now available
and where
commutation allowances are made.
The Navy Bureau of Yards and Docks estimated that
most of these
projects could be started within 30 to 60 days and
would furnish more
than 3.000 man-years of employment.
One of the first loans to a Southern city for slum
clearance housing
was made to Atlanta. Two projects totaling $3,812.500 were
approved.
The Bureau of Agricultural Engineering received
$110,975 for construction of an experimental laboratory at Auburn, Ala.
Secretary Ickes said that during the life of the PWA
allotments of more
than $1,709.000,000 had been made.
The following Associated Press dispatch from Washington
on Oct. 13 announced $13,871,900 in allotments for 29
non-Federal projects in 13 States, estimated to provide
145,364 man-months of employment, and added:
It also allotted $1,500,000 for flood control work
on the Sacramento
River in California, the State also to spend $50.000 on
the work.
The sum of $1,145,000 was assigned by the Board to
the Department
of Agriculture to expand the experiment station at
Beltsville, Md.. into
what the announcement of the allotment said would
make it "one of the
largest and best equipped stations in the world."
Of the non-Federal allotments, five were loans, plus direct
Federal grants
of 30% of the cost of labor and materials, and 24 were for
grants alone,
with the balance of the cost to be raised locally.
Projects for which loans and grants were made were:
Columbus.
Ohio, sewerage treatment, $3,400,000 intercepting sewer,
31.800.000:
Boscobel, Wis., community building, $64,000; Circle,
Mont., school
building, $40,000, and Brownsville. Tex., utilities, $200,000.
The grants included $7,895.700 to San Francisco.
The Public Works Administration on Oct. 11 approved
projects calling for a total allocation of $31,116,611, including non-Federal projects amounting to $24,846,611.
The largest single award, of $8,000,000, was alloted to the
City of Chicago to continue work on the Sanitary District.
The sum of $3,600,000 was allocated to the War Department
for river improvements on the lower Missouri River between
Kansas City and the mouth of the river above St. Louis,
while a grant of $2,670,000 was made to Texas for a drought
relief-highway construction program. Detailing the various
items, a Washington dispatch of Oct. 11 to the New York
"Times" said:
In addition to Chicago, six other communities and districts received
awards of amounts in excess of $1,000,000. They were Danville, Va.,
=Mr
Volume 137
Financial Chronicle
83,000.000; Pecos, Tex.. $2,600,000; Salt Lake City. $2,500,000: Arlington
County, Va.. $2,500,000; San Antonio, Tex., $1,430,000; Appalachicola
Bay. Fla., $1,500,000.
The non-Federal grants are scattered in 19 States among 27 different
projects. They include water-works, sewage systems, electric light plants
and other municipal structures. Fourteen were outright grants and 10
both grants and loans.
The Chicago sanitary and drainage system was first projected several
years ago. Since that time the city has figured in the courts defending
the drainage system against the charges of neighboring States along the
Great Lakes, and on numerous occasions the Government has been appealed to for financial aid.
In announcing the Chicago allocation, Secretary Ickes said:
"The PWA reserves the right to call for new bids to complete the Sanitary
District work. The Administration will buy at par $8,000,000 worth of
Sanitary District bonds. It will hold all of these bonds until the Sanitary District shall have repaid 70% with interest, whereupon the PWA
will return the remaining 30%.
"In other words, on account of the financial situation of the District,
as evidenced by prior default of interest ado principal on its bonds, we
will not make a 30% grant at the beginning of the work but. in effect,
we will bold the 30% as additional security for the loan of 70%."
The allotment was specified for the purpose of completing five contracts wh.ch were let by the Sanitary District Commission in 1931, but on
which work was subsequently suspended because of lack of funds.
Mr. Ickes also announced that expenditure of funds for Federal projects,
particularly within the War Department, would be speeded at the request
of the Advisory Board.
A copy of an order issued by General Douglas MacArthur. Chief of
Staff of the army, directing all departmental heads to erase as far as possible
limitations on advertising and opening bids was presented to Mr. Ickes.
The order directed attention of the benefits to be derived by the army,
but stressed the necessity to carry out the public works program by putting
men to work before winter.
The PWA on Oct. 10 allocated $4,577,098 for Federal
projects, with a total of $3,573,847 of this amount going
to the Navy Department and Militia Bureau for improvements at various stations. The Public Health Service
received $307,000 for the purchase of eight cutters and
launches to replace old craft. On the same day Secretary
Ickes announced that the Public Works Board had adopted
a resolution asking the heads of Government Departments
to cut the usual "red tape" in advertising bids for work and
to shorten time requirements in order to speed approved
projects.
List of Companies Filing Registration Statements of
New Issues with Federal Trade Commission Under
Federal Securities Act—Total Amount of Securities
Registered More than $266,000,000.
The Federal Trade Commission announced on Oct. 17
the filing of registration statements of securities issues totaling close to $11,000,000 which brings the grant total of such
registrations filed to date to upward of $266,000,000. The
Commission in its announcement, said:
Largest among the current list is the $4,000.000 issue of an investment
corporation. Other registrants are a manufacturer of airplanes, a large
automobile holding and investment company, a board of trade, several
distillers, brewers and mining companies, in all, twenty registrants.
The list is as follows:
Allied Brewing & Distilling Co., Inc.(2-275). Brooklyn, a Delaware corporation manufacturing and wholesaling malt and fruit syrups. brewers supplies and kindred lines, proposes to issue 75,000 shares of common capital
stock In the amount of $515,800. A fee of $51.58 was paid the commission.
Underwriters are: RacklIff, Whittaker & Co., Inc., New York. Officers
are: James M. Daumchl, President, New York; Herman Greenfield,
Treasurer, Cedarburst. N. Y., and William Ciler, Secretary, Brooklyn.
Bankers National Investing Corporation (2-286). Wilmington.
Del.. a
Delaware corporation dealing in securities, proposes to issue 10,000 shares
of preferred stock; 37.250 shares of common stock, Class A; and 439.341
shares of common stock. Registration fee paid the Commission of $420.81,
indicates total aggregate proceeds are not to exceed $4.208.100. Among
officers are: Reginald Heber Smith, Boston, President, and John Budd
Smith. South Orange. N. J., Secretary, Underwriters are: Clarence
Hodson & Co., Inc.. New York.
Bondholders' Protective Committee, Black Hawk Hotels Corporation First
Mortgage Sinking Fund Six Percent Gold Bonds (2-281). Davenport, Iowa,
calling for deposits in the reorganization or readjustment of Black Hawk
Hotels Corporation, Davenport. Iowa. the issue comprising first mortgage
sinking fund 6% gold bonds in the amount of $239,600 (calculaU3d). Registration foe paid the Commission is $25. The committee consists of the following: J. K. Deming,capitalist, Dubuque, Iowa; Austin Jenner, Chicago,
E. H. Mulock, Des Moines, Iowa; and V. 0. Figge, Davenport, Iowa.
Burnetli Aircraft, Ltd. (2-289). Dover, Del., a Delaware corporation manufacturing and selling airplanes, proposes to issue priority stock in an amount
not to exceed 5233.100 par value. Registration fee: $25. Officers:
l'aul W. Chapman, Greenwich, Conn., President. and Paul W. Chapman,
Jr., Forest Hills. N. Y.. Secretary-Treasurer, Underwriters: P. W.
Chapman & Sons, Inc.. New York.
Colonial Distilleries Products, Inc. (2-284), St. Louis, a Missouri corporation engaged in manufacturing alcoholic beverages, proposes to issue 17.000
shares of no par value capital stock at a total price of $34,000. Fee paid
the Commission, $25". Underwriters are: L. E. Scott & Co., St. Louis.
Among officers are: Edmund J. Boyce, President; L. E. Scott, Treasurer,
and Mortimer W. Mears, Vice-President and Secretary, all of St. Louis.
Committee for the Protection of Holders of Bonds Known as Detroit Olympia
I3uilding 6 % First Mortgage Sinking Fund Gold Bonds, (2-271) Detroit, a
committee calling for deposits in the reorganization of Detroit Hockey Club,
the certificates of deposit amounting to $660,000. Registration fee: $25.
The committee consists of the following: Frederick G. Austin, William G.
Lerchen, Hiram H. Walker, and Hugh J. Ferry, all of Detroit.
Distillers Products Corporation (2-273), Weehawken, N. .I.. a New Jersey
corporation, dealer and wholesaler of rum under Government permits,
proposing to deal in liquors when permitted by laws, is to offer 105.000
shares of common capital stock of $5 par value in the amount of $525,000
at a total price of $860.000. Registration fee: $86. Underwriters:
A T. Burleigh & Co., Inc., New York. Officers: Joseph C. Bender.
Weehawken, N. J., President; Meyer P. Gross, South Orange, N. J.,
2921
Treasurer; and Anne S. Kogge, Weehawken. Secretary and Assistant Treasurer.
Foust Distilling Co. (2-270), Glen Rock, Pa., a Pennsylvania corporation
proposing to offer 130,000 shares of common stock in the amount of $455.000. Registration fee: $45.50. Underwriters: Underwood & Co., Inc.,
New York. Officers: Grafton T. Maynard. Baltimore, President: Harr/
Foust, Glen Rock, Pa., Secretary; and Edward W. Selling, Glen Rock. Pa.,
Treasurer.
Golden West Mining Co. (2-276), Libby, Mont., and Yakima. Wash., a
Montana corporation operating mining claims, proposes to issue $25,000
prior lien funding and development bonds, also an amount of common treasury stock. Registration fee: $25. Officers: Walter Arnold, President
and Roy G. Pettit, Secretary-Treasurer, both of Yakima, Wash.
Huron Copper CO. (2-288), Tacoma, Wash., a Washington corporadon
engaged in the development and operation of a copper, gold and silver mine.
Amount of offering: 515,000 in non-assessable common stock. Registration fee paid the Commission is $25. John Benthien, is President, and
Fred Droege, Secretary-Treasurer, both of Tacoma, Wash,
Knoxville Gas Co. (2-280), Knoxville, Tenn., a Tennessee corporation
manufacturing and distributing manufactured gas; amount of offering,
$500.000 in first mortgage bonds, 6% Series A, due 1948. Fee paid the
Commission, $47.50. Bonds to be sold by the issuer in private sale to
Cities Service Power St Light Co. and to be offered to the public through
Halsey, Stuart & Co.. Inc., as selling agents. Officers are: H. L. Doherty
New York, President, and H. Scott, Knoxville, Tenn., Secretary.
Messenger Corporation (2-272), Auburn, Ind., an Illinois corporation
manufacturing greeting cards, calendars and advertising specialties, proposes to issue $609.950 of common stock. Registration fee: $61. Officers: H. M. Messenger, Auburn, Ind., President, and R. E. South,
Auburn, Ind., Secretary.
Mt. Ophir Mining Co. (2-282), Lancaster, Calif., a Delaware corporation
carrying on a mining and milling business, proposes to issue 545.000 common stock. Registration fee paid the Commission is $25. Charles S.
Custer, is President, and Galen G. Custer, Secretary, both of Lancaster,
Calif.
National Address Plate Co., Inc. (2-278), Chicago, a Delaware corporation,
manufacturer of address plates for addressing machines, proposes to offer
4,000 shares of common stock for 540.000. Registration fee: $25. Officers: Ira Hill, Chicago, President-Treasurer, and H. J. Audette, Chicago,
Secretary.
New York Tobacco & Commodities Exchange (2-279). New York, a corporation under the Membership Corporations Law of New York, proposes to
own, lease and otherwise acquire, also to equip, an exchange or board of
trade, transacting no business whatever, but issuing 500 memberships, the
initiation fee of each having been fixed at 51,000—subject in each instance
to election by the exchange. Fee paid the Commission for registration. $50.
Officers are: John C. Kelly, New York. President; Blair Ortrnann. New
York, Secretary; and Edmund R. Brockhurst, Elberon, N. J., Treasurer.
The underwriter is Rowe E. Whitman, Jersey City.
Old Gilmore Distillery, Inc. (2-287). New York, a Maryland corporation
proposing to engage in the distillation and manufacture of rye and other
whiskies, proposes to issue 200.000 shares of common stock at a total of
5500.000. Registration fee: $50. Among officers are: Louis F. Fechheimer, President, and Louis E. Seiden, Secretary. both of New York.
Olympia, Inc. (2-274), Detroit. operating Detroit Olympia, an amusement enterprise, proposes to exchange $396,000 of Secured Income Bonds,
Series B for old certificates amounting to $220,000, the registration fee for
this part of the transaction, based on the amount of certificates of deposit,
amounting to $22. The company proposes to issue $218,000 of Secured
Income Bonds, Series A, and $19,800 in shares of common stock totalling
$237,800, the registration fee for which is $23.73. Total registration fee
paid the Commission, $45.78. Person authorized to ieceive service and
notice is Merlin Wiley, 1925 Dime Bank Building, Detroit. Officers of
the company are James Norris, Chicago, President; and Arthur M. Wirtz.
Chicago. Secretary and Treasurer. Members of the reorganization or readjustment committee are as follows: Frederick G. Austin, William G.
Lerchen, Hiram H. Walker, and Hugh J. Ferry, Detroit.
Peerless Motor Car Corporation (2-285), New York, a Virginia corporation,
an investment and holding company, proposes to issue 117.348 shares of
capital stock at a total price of $586.740. Registration fee: $58.68.
Among officers are: J. A. Bohannon, President, and S. T. Creighton.
Secretary, both of Cleveland. Underwriters are: Redmond & Co.. New
York.
Shamrock Gold Mining Co. (2-277), Downieville, Calif., a Nevada corporation operating gold mining claims in Sierra county, California, proposes to
issue Class "A" stock in the amount of 500,000 shares to be sold for a total
of 3200.000. Registration fee: $25. Officers: Whitman Symmes,
Downieville, Calif., President and Treasurer; and M. Whitmore. San Francisco, Secretary. C. M. Case, Olympic Hotel, Seattle, Wash., is underwriter.
Transcontinental Oil & Gas Corporation (2-283), Hornell, N. Y., a New
York corporation engaged in developing oil and gas leases Amount of
offering is 245.000 shares of capital stock to be offered at $1 per share. Registration fee: $25. Among officers are: William J. McHale,
President.
and Hazel W. Fairbanks, Secretary-Treasurer, both of Hornell.
N. Y.
President Roosevelt Terms Imperialism Sole Threat
to World Peace—Declares in Radio Address to
Women's Conference in New York that We Seek
No Territory and Oppose War—Calls Education
Against War Only Way to End Its Menaces.
The sole threat to world peace rests in "such people as
still have imperalistic desire for expansion and domination
in their minds or in their hearts," President Roosevelt
declared on Oct. 13 in a radio address to the third annual
Women's Conference on Current Problems, meeting in New
York City. The United States, he asserted, offers no threat
to world peace and as a Nation we are overwhelmingly
against engaging in war. "As a Nation," he added, "we
are seeking no additional territory at the expense of our
neighbors. The United States does not seek, for example, to
annex Canada or any part thereof, to annex Mexico or any
part thereof, or to annex Cuba or any part thereof. It is
this attitude of the overwhelming majority of our people
toward their neighbors—this complete lack of a national
desire for territorial expansion—which makes the rest of the
world begin to understand that the United States is opposed
2922
Financial Chronicle
to war." The majority of the world's inhabitants, the
President said, share this feeling with regard to territorial
expansion and it is only "in the case of such people in the
world as still have imperialistic desires for expansion or
domination in their hearts that threats to world peace lie."
The general topic of the 1933 conference, held under the
auspices of the New York "Herald Tribune," was "This
Crisis in History," and the specific topics at the closing
session on Oct. 13 were education and peace. In speaking of
education, President Roosevelt said it has suffered during
functhe depression, but by good management educational level.
tions can be restored at least to their pre-depression
He warned, however, that there is an over-production of
qualified school teachers, even for prosperous times. The
quality of teaching should be distinctly raised, the President
said, and added that "we need to make infinitely better the
average education which the average child now receives and,
through this education, we will instill into the coming generation a realization of the part that the coming generation must
play in working out what you have called 'this crisis in
history.'" The President Roosevelt's address follows in full:
are attending
I am glad to have the opportunity of greeting those who
the third annual Women's Conference on Current Problems.
in History,
I note that the subject of this conference is "This Crisis
scared ih
and this leads me to suggest that the short space of 10 minutes will
in seekin
allow me to do more than congratulate you on your courage
two days.
fully to discuss "This Crisis in History" in the space of
are much in
May I, however, touch very briefly on two matters which
and public
my mind—two problems which can be helped by public interest
discussion?
to world
One of them relates to the peace of the world. The danger
of America. As a
peace certainly does not come from the United States
a Nation we are
nation we are overwhelmingly against engaging in war. As
seeking no additional territory at the expense of our neighbors.
thereof,
The United States does not seek to annex Canada or any part
thereof.
to annex Mexico or any part thereof, or to annex Cuba or any part
the
And we have found the unfortified boundry a distinct success through
majority of our people
years. It is this attitude of the overwhelming
territowards their neighbors—this complete lack of a national desire for
tonal expansion—which makes the rest of the world begin to understand
that the United States is opposed to war.
the
I will go one step further in saying that the very great majority of
inhabitants of the world feel the same as we do about territorial expansion
in
or getting rich or powerful at the expense of their neighbors. It is only
for
the case of such people in the world as still have imperialistic desires
that threats to
expansion and domination in their minds or in their hearts
world peace lie. And, finally, it seems clear to me that it is only through
who
constant education and the stressing of the ideals of peace that those
still seek imperialism can be brought in line with the majority.
definitely
The other thought that I want to express to you is even more
along the line of education. It is true, unfortunately, that the economic
depression has left its serious mark not only on the science and practice of
education, but also on the very lives of many hundreds of thousands of
children who are destined to become our future citizens.
Every one of us has sought to reduce the cost of Government. Every one
of us believes that the cost of Government, especially of local Government,
can be reduced still further by good business methods and the elimination
of the wrong kind of politics. Nevertheless, with good business management and the doing away with extravagance and frills and the unnecessary
elements of our educational practices, we must at the same time have the
definite objective in every State and In every school district of restoring the
useful functions of education at least to their pre-depression level. We have
to-day, for example, a large surplus of so-called qualified teachers—men
and women who even if we had full prosperity would and probably should
be unable to find work In the field of education. Even to-day we are turning out too many new teachers each year.
far
That is just as much economic waste as building steel rail plants
without saying
beyond the capacity of railroads to use steel rails. It goes
excess supply. It
that we should have enough teachers and not a large
in almost every
goes also without saying that the quality of our teaching
raised.
State of which I have knowledge can be definitely and distinctly
better the average educaThe main point is that we need to make infinitely
receives, and that, through this education,
tion which the average child now
that the
we will instill into the coming generation a realization of the part
called "This
coming generation must play in working out what you have
day or a year, and
Crisis in History." This crisis can be met, but not in a
education is a vital factor in the meeting of it.
on Current
I am told that to-night I speak not only to the Conference
country, many
Problems, but to colleges and universities throughout the
interested
federations of women's clubs, almost two thousand organizations
in education, public and private schools and State educational associations.
leaders of
numbering among their members many of the educational
America.
support in the
I mention this because, in closing. I want to enlist your
won, your
fight we are making on the depression. When this fight is
State
problems will be solved. You can help your Government—Federal.
we count on it in
and local—and we in Government want your help and
days to come.
Second Annual Meeting of Railroad Credit Corp.—
Report Shows $5,205,449 Repaid to Participating
Carriers—Directors Re-elected.
Railroads of the United States contributed $75,425,428
to the fund used by the Railroad Credit Corp. in making
loans to prevent default in carriers' fixed interest obligations
of which $5,205,449 has been repaid to the participating
carriers, according to the report submitted at the second
annual meeting held in Washington Oct. 17 of the stockholders of that Corporation. An announcement issued in
the matter added:
This fund represented the carriers' revenues from the inereased freight
in Ex Parte 103
rates allowed by the Inter-State Commerce Commission
by the carriers and
during the 15 months ended on March 31 1933, pooled
administered by the corporation under the provisions of the Marshalling
and Distributing Plan.
therefore, the Credit
The fund fell short of the estimated receipts and,
corporation could not meet all demands for aid during its lending period,
were received from 64 caulers
which expired May 31 1933. Applications
Oct. 21
1933
for loans aggregating $149,241,868 of which 373,691,368 were approved
while the remainder of $75,550,500 were, for various reasons (Principally
the granting of similar applications by the Reconstruction Finance Corporation), removed from the docket or denied.
With regard to the plan, E. G. Buckland, President of
the Railroad Credit Corp., said:
The plan was designed as a temporary measure to help combat the
impending distrust of railroad securities, and not as a permanent financing
medium operating with capital contributed by the participants. For this
reason, it was provided that no moneys could be loaned for any purpose
after May 31 1933, by which date the proceeds of the rate increases were
The term
to be ascertained and turned over to the Credit corporation
of loans was limited to two years, renewable for an additional period of not
of the corporation. During the life
to exceed two years, in the discretion
of the corporation, which is scheduled to expire Dec. 311937, all cash not
needed for the purposes of the plan must be returned pro rata to the participants.
In the short period between June 1 1933, when the corporation passed into the liquidating stage, and Oct. 16
1933, the announcement added, it has been possible to repay
to participants 7% of their contributions, or $5,205,449.
The distributions, which are subject to adjustment as the
fund basis changes, were made in cash to non-debtors and
in credits to debtors. At the stockholders' meeting, the
announcement said, the following were re-elected members
of the board of directors:
F. W. Charske, Chairman of the Executive Committee, Union Pacific
System.
F. E. Crowley, President, Rutland RR. Co.
Geo. M. Shriver. Senior Vice-President, Baltimore & Ohio RR. Co.
A. J. County, Vice-President, Pennsylvania RR. Co.
W. L. White, President, American Short Line RR. Assn.
E. G. Buckland, Chairman of the Board, New York, New Haven &
Hartford RR. Co.
H. A. Scandrett, Pres., Chic., Milwaukee, St. Paul & Pacific By. Co.
G. B. Elliott, President. Atlantic Coast Line RR. Co.
E. N. Brown. Chairman of the Executive Committee, Chicago, Rock
Island & Pacific Ry. Co.
L. A. Downs, President, Illinois Central System.
J. J. Pelley. Pres., New York, New Haven & Hartford RR. Co.
J. J. Bernet, President, Chesapeake & Ohio By. Co.
Annual Convention of the Savings Banks Association
of the State of New York—President Kinsey
Predicts Further Banking Legislation—Remarks
of Lewis Gawtry and Other Speakers.
Renewed interest on the part of State and Federal legislators in the subject of banking legislation was predicted
by Henry R. Kinsey, President of the State Savings Banks
Association, in his address opening the fortieth annual
convention of the Association at the Waldorf-Astoria Hotel,
New York, on Oct. 16.
Approximately 500 delegates from 137 mutual savings
banks throughout New York State heard Mr. Kinsey declare
that it is the responsibility of the banker "to assist in the
preparation and adoption of every legal safeguard through
which the depositor may benefit." At the same time he
advocated vigorous opposition to any legislation which will
"affect adversely the depositors' interests."
Mr. Kinsey averred that the depression had proved
"beyond a shadow of a doubt" that the policy advocated
by mutual banks of "saving for a rainy day" is fundamentally
sound. Likening the depression to a deluge, he said that
since the first of the year many of the millions paid out by
savings banks have gone to the "neighborhood butcher and
grocer and to the landlord and have maintained the selfrespect of families, who, but for their savings, would have
glutted the relief rolls of the State and city far beyond their
already over-taxed capacity."
In stressing the importance of the relations of the banks
with the public, Mr. Kinsey blamed the banking crisis last
February and March on "a lack of understanding on the
part of our depositors of even the elementary fundamentals of
savings banks." He said that it was up to all banks to
educate their depositors and eliminate this condition.
Lewis Gawtry, President of the Bank for Savings, New
York, in a talk on "Savings Banks and the Public," advocated a policy of frankness with the press. "Because
savings banks are not profit-seeking institutions," he said,
"they have for the most part received most generous and
constructive treatment from the newspapers." Mr. Gawtry
derided "cheap stunts and trickery" to secure valuable space
for free advertising, and declared that newspapers are
"rightly indignant" of such publicity efforts. "When we
have genuine news," he said, "we do not have to Ask that
it be printed as a favor, it will be used gladly on its own
merits."
Philip A. Benson, President of the Dime Savings Bank of
Brooklyn and President of the National Association of Mutual Savings Banks, reported on what savings bankers in
other States think of current bank problems, and Walter B.
Pitkin of the Columbia School of Journalism spoke on
"The Man in the Street and His Money." An address by
Walter J. Cummings, Chairman of the board of the Federal
,
Deposit Insurance Corp., is referred to elsewhere, as well rt,
some of the other speeches delivered.
Volume 137
Financial Chronicle
Officers Elected at Annual Convention of Savings
Banks Association of State of New York.
At the annual convention in New York City on Oct. 17
of the Savings Banks Association of the State of New York
the following officers were elected for the coming year:
President—Henry R. Kinsey, Vice-President of the Williamsburgh Savings Bank, Brooklyn, N. Y.
First Vice-President—William L. DeBost, President of the Union Dime
Savings Bank of New York.
Second Vice-President—William R. Bayes, President of the Kings
Highway Savings Bank, Brooklyn, N. Y.
Third Vice-President—John A. Edwards, Secretary Niagara County
Savings Bank, Niagara Falls, N. 1
.
Fourth Vice-President—Albert I. Morton, President of the Fulton Savings Bank, Fulton, N. Y.
Fifth Vice-President—Mills Ten Eyck, Executive Vice-President of the
Schenectady Savings Bank, Schenectady. N. Y.
Treasurer—William M. Campbell, President of the American Savings
Bank, New York.
Secretary—Paul W. Albright.
Assistant Secretary—Margaret Doerschuk.
New Jersey Bankers Association Reported to Have
Abandoned Plan for Guarantee of Deposits
Through State Pool—Legislative Leaders to Act.
Plans for a State pool for the guarantee of deposits have
been dropped by the State Bankers Association, Colonel
William H. Kelly, Commissioner of Banking disclosed on
Oct. 9, but (said Trenton press advices that day) legislative
leaders propose to have a Commission of six study means
for thawing out frozen deposits and also to report on the
advisability of setting up such a pool. The account also
said:
Senator Clifford R. Powell of Burlington County, Republican majority
leader,said that some bankers were fearful they might not be able to qualify
in the Federal fund and therefore the State should set up an insurance
deposit corporation.
Otis E. Baton, Supervisor of the Federal Insurance Deposit Fund, with a
staff of 40 examiners opened offices here to-day to begin the work of checking the qualifications of institutions under the Glass-Steagall Act. Associated with him is William F. Smith, a representative of the Reconstruction
Finance Corporation, which will lend funds to enable the banks to meet the
requirements.
A previous reference to the bankers' proposal appeared
in our issue of Aug. 12, page 1185.
Comptroller of Currency O'Connor Reports Progress
in Re
-Opening of National Banks—Holds GlassSteagall Bank Act—Corrects Many Abuses—Finds
Opposition to Deposit Insurance Provision Has
Diminished—Addresses Before Dallas and Fort
Worth Clearing House Associations.
Comptroller of the Currency J. F. T. O'Connor was a
speaker this week before both the Dallas and Fort Worth
(Texas) Clearing House Association, his addresses in each
instance being along similar lines. In his Fort Worth speech
he stated that the Banking Act of 1933 (Glass-Steagall Act).
"corrects many abuses which were condemned by the leading
bankers as well as laymen. For instance, the better bankers
denounced loans made to directors or officers, yet there are
instances where the officers borrowed the entire capital of the
bank. This practice is ended. Other unsound practices
might be mentioned,for instance a banker added an appreciation to his building equal to his capital, issued new stock
and sold it at par."
In part he alsb said:
The e are the exception. Time will not permit a detailed
analysis of
the Banking Act. It contains many provisions highly beneficial to banks.
The elimination of interest on demand deposits will save the
banks many
millions of dollars. During the past five years interest paid on
demand
deposits amounted to $1,230,242,000, or an annual average of
$246,048.500.
It took a legislative act to strike down this unsound practice
which
threatened the system. The new law eliminates the double liability on
National bank stock issues under new charters granted since its passage.
Many reasons instantly present themselves to justify this
provision.
Permit me to name some: First, if a bank found itself in difficulty,
the
stockholders would hesitate to contribute 50 or 100% voluntary assessment when no credit would be given on the double liability provision
in the
event of liquidation; second, an individual would be willing to invest a
certain sum, but the possibility of an assessment in the future which
might
forfeit the balance of his capital, or fall upon his widow or children,
causes
him to hesitate; third, investors in bank stock were discriminated against,
as most corporation laws do not now impose this burden. There are other
advantageous features favoring banks. These suffice to show the act was
not an attack upon the banks of the country.
One of the most discussed questions of the day is that provision of the
Act which provides for the insurance of bank deposits. Beginning Jan. 1.
next, all deposits in Federal Reserve member banks and in non-member
State banks which prove their eligibility by joining the Federal Deposit
Insurance Fund will be insured up to the first $2,500 of each account.
Opposition of this feature of the bill has diminished recently, but there
are some bankers and financiers who oppose it. In my opinion, the future
of this country's banking structure depends, in large measure, upon the
success of the insurance provision.
From the Comptroller's address before the Dallas Clearing
House Association we quote in part as follows:
You will be interested in some statistics on the National banking situation. On March 151933,the day following the cessation of the bank holiday,
there were 4,518 National banks in the United States that were licensed and
2923
reopened for business. On March 16 1933, there were 1,446 National
banks unlicensed. Of these, 710 had been licensed, chartered or liquidated
by the close of business Oct. 10 1933; while 736 were unlicensed and operating under conservatorships. Of the latter 736, a total of 372 had had their
reorganization plans approved by Oct. 10. last, 258 had had their plans
disapproved, 85 had plans under consideration and 21 had no reorganization plans. The 736 Natioanl banks that were unlicensed on Oct. 10 1933,
had frozen deposits of $633,530,000 and unrestricted deposits of $47.705,000. These totals were further segregated as follows: The 372 banks
with approved reorganization plans had $397,573,000 frozen and $30,127,000 unrestricted deposits; the 258 National institutions with disapproved
plans had $124,592,000 frozen and $9,555.000 unrestricted deposits; the
85 with plans under consideration had $79,665,000 frozen and $7,297,000
unrestricted deposits, and the 21 National banks with no plans considered
had $31,700.000 frozen and $726,000 unrestricted deposits.
It is always possible that a reorganization plan may be approved for any
of the banks classified above, including banks whose plans are now
disapproved.
We are making real progress in rehabilitating unlicensed National banks.
I am happy to be able to tell you that, during the first 10 days of October,
we made one of the best records in this respect for any corresponding period
since the bank holiday. For the 10 days mentioned. 23 National banks in
various sections of the country were licensed and reopened or chartered,
while reorganization plans were approved for 19 additional institutions
during the same period. Frozen deposits in the 23 National banks which
were reopened totaled $32,564,000 and unrestricted deposits aggregated
$2.577,000. In the 19 banks which had reorganization plans approved there
were $31,402,000 frozen and $1,553,000 unrestricted deposits.
There has been much discussion about freeing frozen deposits in closed
or unlicensed banks. Slight reflection will convince almost anyone that
most of the stories about the staggering sums which are to be released when
these deposits are "thawed" out are exaggerated. For instance, let us
assume that a National bank with deposits of $2,500.000 gets into difficulties. It is now unlicensed, its assets are slow to bad and the prospects
of a successful reorganization are remote. When this bank failed to open
after the bank holiday, its deposits were reported as $2.500,000, but it is
obvious that it has no such sum to pay out to its depositors. If it did have,
the bank would have immediately reopened after the bank holiday. Thus,
while the public considers that this bank has frozen deposits of $2,500,000,
such is far from the case. What depositors will eventually realize will
probably be considerably less than the reported deposit total, dependent
upon the luck and ability displayed in realizing on the slow assets.
Recently, my department has released figures showing the number of
National banks (372 on Oct. 10 1933) whose reorganization plans it has
approved. People constantly ask why these banks don't immediately
reopen. The answer is obvious: It Is up to the stockholders and depositors
of such institutions. The Comptroller's office, after a great deal of work
and study, has approved a plan. whereby each of the banks mentioned
can be reopened. But the bank cannot re-open unless the terms of that
approval are carried out by the parties most vitally interested, such as the
surrender of part of the deposits, the raising of new capital or other proprovisions.
If any of my listeners have been so unfortunate as to have had funds tied
up in an insolvent bank, they will be interested to learn that the Comptroller's Department makes every effort to pay dividends to depositors in
such institutions as quickly as possible. To do so, the old, slow fashion of
meeting this situation has been drastically changed. In former days,
dividends were paid to depositors of a liquidating bank only as sums were
collected from borrowers. Frequently, this meant great delay and hardships. Now,when a bank is placed in receivership and creditors are notified
by publication, the Comptroller instructs the receiver to make application
to the Reconstruction Finance Corporation for as much of a loan as can
be made from the bank's frozen securities.
The RFC has shown a very commendable spirit of co-operation with my
Department, and, with assistance from this source, we were able to pay
depositors in closed National banks the enormous total of $279,506,797
between March 5 and Oct. 7 1933. From March 29 1932 to Oct. 7 1933,
no less than 675 loan commitments were made by the RFC to receivers of
insolvent National banks, involving $70,724,500. of which
$53,519.398
has actually been drawn by receivers and used in dividend payments to
depositors. Of the total borrowed, $42,685.501 had been repaid to the
RFC by Oct. 7 1933.
The latest figures concerning the status of National banks in the State
of Texas may prove interesting: On March 15 1933, after the bank holiday.
435 National banks in your State were licensed and reopened for business.
The next day, March 16, there were only 47 unlicensed National banks in
Your State. Of these, 29. or 61.7%, had been licensed, chartered or
liquidated by Oct. 10, last, and 18 were unlicensed. Of the 18 unlicensed.
4 had approved reorganization plans, 12 had reorganization plans disapproved, 1 had plans under consideration and 1 had no plans. Total
deposits for the 18 unlicensed National banks on Oct. 10 1933, was $5,357,000 frozen and $227,000 unrestricted. The 4 battle; with approved
plans had $827.000 frozen and $51,000 unrestricted deposits on that date:
the 12 with disapproved plans had $1,240,000 frozen and $155,000 unrestricted deposits; the 1 with a plan under consideration had $2,922,000
frozen deposits, and the 1 with no plan had $368,000 frozen and $21.000 of
unrestricted deposits.
The actual number of National banks licensed and open for business in
Texas on Oct. 10 1933, was 449, and they had aggregate deposits (at the
June 30 call) for $621,990,000. Added to this the deposits of the 18
unlicensed institutions ($5,357,000 frozen and $227.000 unrestricted on
Oct. 10 1933) brings total deposits for all Texas National banks to $627,574,000. Frozen deposits of the 12 National banks with disapproved
plans, the one with a plan under consideration and the one with no plan
aggregate $4,530,000. Therefore. the 14 National banks in your State
whose future status is at present undetermined have frozen deposits
representing merely 73-100ths of 1% of the entire deposits in all National
banks throughout the State of Texas.
23 National Banks Reopened During First 10 Days of
October—Reorganization Plans of 19 Additional
Banks Approved.
The record achieved in the rehabilitation of National
banks during the first 10 days of October was revealed on
Oct. 13 by J. F. T. O'Connor, Comptroller of the Currency.
In that period 23 National banks in various sections of the
country were licensed and reopened, according to Mr.
O'Connor, while reorganization plans were approved for 19
additional National banks. The announcement issued by
the Comptrollei also stated:
Financial Chronicle
2924
Frozen deposits of the 23 institutions which reopened totaled $32,564,000
and unrestricted deposits aggregated $2,577,000; while the 19 banks to
have reorganization plans approved had frozen deposits of $31,402,000 and
unrestricted deposits of 81.553,000.
Below is a list of the 23 National banks which consummated their plans
of reorganization and obtained a license to resume business or a charter
for a new bank between Sept. 30 and Oct. 10, with frozen and unrestricted
deposits:
Unrestricted
Frozen
Deposits.
Deposits.
Location and Name of Bank
Idaho.
$29,000
$523,000
Moscow-First National Bank
Illinois.
27,000
649,000
Mascoutah-First National Bank
Maryland.
173,000
1,142,000
Chestertown-Third National Bank
10,000
201,000
Friendville-First National Bank
$1,343,000
$183,000
$1,395,000
$88,000
$750,000
600,000
$31,000
59,000
$1,350,000
$90,000
$2,400,000
991,000
460,000
$78,000
32,000
15,000
$3,851,000
8125,000
$3,580,000
3214,000
$272,000
820,000
$8,000
42,000
$1,092,000
$50,000
$869,000
506,000
2,887,000
$96,000
40,000
426,000
$4,262,000
$562,000
$2,867,000
$191,000
$10,451,000
112,000
282,000
222,000
295,000
290,000
$920,000
11,000
18,000
27,000
15,000
27,000
Massachusetts.
Reading-First National Bank
Michigan.
Richmond-First National Bank
St. Ignace-First National Bank
New York.
Dunkirk-Merchants National Bank
Bank
Margaretville-Peoples National
Silver Springs-Silver Springs National Bank
North Dakota.
Grand Forks-First National Bank
Ohio.
Forest-First National Bank
Van Wert-Van Wert National Bank
Pennsylvania.
Cresson-First National Bank
National Bank
Derry-First
Williamsport-First National Bank
Virginia.
Petersburg-First National Bank
Washington.
Spokane-Old National Bank & Trust Co
Medical Lake-First National Bank
Palouse-Security National Bank
Reardon-First National Bank
Ritzy'lie-First National Bank
Sprague-First National Bank
$11,652,000 $1,018,000
$32,564,000 $2,557,000
Total
At the close of business Oct. 10 1933 there were 372 National banks
In the 48 States and the District of Columbia which had had their reorganization plans approved. Aggregate frozen deposits of these 372 Institutions was $397,573,000, and their unrestricted deposits stood at $30,127,000.
The 19 National banks which had their reorganization plans approved
by the Comptroller of the Currency between Sept. 30 and Oct. 10 are
shown below, by States, with dates of approval and frozen and unrestricted
deposits:
Frozen Uhrestricted
Deposits. Deposits.
Date
-1933.
Location and Name of Bank
Colorado.
Oct. 9
422,000
Boulder-Boulder National Bank
District of Columbia.
128,000
Oct. 2 3,253,000
Franklin National Bank
71,000
Oct. 4 2,233,000
Mt. Vernon Savings Bank
5,486,000
199,000
Oct. 5
298,000
16,000
.Oct. 9
176,000
20,000
Oct. 9
Oct. 4
1,079,000
844,000
83,000
103,000
1,923,000
186,000
Oct. 7
1,006,000
17,000
Oct. 4
965,000
22,000
Oct. 4
205,000
Indiana.
Flora-Bright National Bank
Iowa.
Orange City-Orange City National Bank
Michigan.
Ionia-National Bank of Ionia
Ludington-First National Bank dr Trust Co
Minnesota.
Faribault-Citizens National Bank
Ohio.
Mount Healthy-First National Bank
Oregon.
North Bend-First National Bank
Pennsylvania.
Dover-First National Bank
Fleetwood-First National Bank & Trust Co
Reading-Farmers National Bank
West Alexandria-Citizens National Bank
•
504,000
3
563,000
4
9 16,035,000
296,000
4
5,000
37,000
811,000
4,000
17,398,000
Oct.
Oct.
Oct.
Oct.
857,000
946,000
316,000
19,000
22,000
West Virginia.
Oct. 2
Oct. 2
Elkins-Elkins National Bank
Ewes
-peoples National Bank
1,262,000
41,000
978,000
725,000
558,000
121,000
39,000
35,000
2,261,000
195,000
Wisconsin.
Antigo-First National Bank
Antigo-Langlade National Bank
Darlington-First National Bank
Oct. 4
Oct. 4
Oct. 2
Oct. 21 1933
Reopening of Closed Banks for Business and Lifting of
Restrictions.
Since the publication in our issue of Oct. 14 (page 2760),
with regard to the banking situation in the various States,
the following further action is recorded:
ILLINOIS.
Jesse H. Jones, Chairman of the Board of Directors of the
RFC announced on Oct. 13 that the Corporation had
authorized the purchase of $50,000,000 of preferred stock in
the Continental Illinois National Bank & Trust Co. of
Chicago. In his statement, Mr. Jones said:
The RFC to-day authorized the purchase of $50,000,000 preferred stock
In the Continental Illinois National Bank and Trust Company of Chicago.
The Continental is the fifth largest bank in the country and one of the
most important. It is the first of the very large banks to join the RFC
preferred stock program. The fact that it is taking advantage of the
opportunity to strengthen its capital position, through the sale of preferred
stock to the RFC is taken as an indication that the larger banks as well as
the smaller ones see the desirability of government partnership.
Announcement that the directors of the Continental
Illinois National Bank & Trust Co. had decided to sell the
$50,000,000 of preferred stock to the RFC was made on the
afternoon of Oct. 13 by James R. Leavell, President of the
institution, after the directors' meeting had adjourned.
The announcement was contained in a letter mailed to the
shareholders that night.' The directors at the same meeting
voted to recommend to the stockholders a reduction of the
common stock of the institution from $75,000,000 to $25,000,000, the amount of the reduction to be credited to surplus, undivided profits and reserves, "after proper provision
to be made from such acts for unsatisfactory assets." The
revised capital setup of the bank after these adjustments
will consist of $50,000,000 of preferred stock, $25,000,000
.of common stock, and $25,000,000 of surplus, undivided
profits and reserves. The Chicago "Tribune" of Oct. 14,
authority for the foregoing, continued in part:
The recapitalization program must also be taken up with the Comptroller
of the Currency and the Federal Reserve Board for their consideration and
approval, Mr. Leaven stated. It is assumed, however,that such consideration will be entirely routine inasmuch as the administration's stamp of approval was automatically placed upon the plan when Chairman Jones of the
RFC made the arrangements with the directors and officers of the bank.
The manner in which the common stock will be scaled down was not
definitely announced. This and other details, such as the offering of preferred stock to present holders of common, will be worked out before the
special stockholders' meeting, it is understood.
Under the law the preferred stock must be offered to the present common shareholders before it can be offered to the RFC.
The reduction in the amount of outstanding common from 875,000,000
to $25,000,000, however, would indicate an exchange of one new share of
common for each three old shares.
Even after the sale of $50,000,000 of preferred stock and the accompanying writedown of the common stock the present outstanding 750,000 shares
of common still has an indicated book value of about $66 per share.
The stock has been selling recently at prices between 824 and $31 per
share. It closed yesterday (Oct. 13) at $30 to $31 per share.
Recent weakness of the stock was attributed to stockholders' anticipation
of the writedown and sale of preferred stock.
The Belleville Savings Bank of Belleville, Ill., which has
been closed since the banking holiday last March, will be
reopened shortly, according to a statement issued by the
Board of Directors on Oct. 14. The St. Louis "Globe.
Democrat" of Oct. 15, from which this is learned, went on
to say:
The statement said the bank which recently underwent a reorganization,
is solvent and State banking officials shortly will issue a permit for it to
reopen on an unrestricted basis.
New officers were elected for the bank yesterday. P. K. Johnson.
Belleville attorney, is President and Allan 0. Hitchcock, who came to
Belleville from Carrolton to assist in the reorganization several months ago,
is Cashier.
The reorganization plan involved substantial increase in the bank's surplus through a levy of $50 a share on its stock, and conversion of 30% of
deposits to surplus. Depositors were given non-interest bearing notes for
the portion of their deposits which they permitted to be converted.
The bank has deposits of about 81,250,000.
INDIANA.
The directors of the RFC have authorized the purchase
of $30,000 preferred stock in the First National Bank at
Swayzee, Ind., a new bank organized to succeed the First
National Bank of Swayzee.
The preferred stock authorization is contingent upon the
subscription of common stock by those interested in the
organization of the new bank.
MAINE.
31,402,000 1,553,000
Total
RECAPITULATION.
No.
376
Number of banks and deposits Sept. 30
Number of banks and deposits approved Oct. 1 to
19
Oct. 10
395
Number of banks and deposits opened Oct. 1 to
Oct. 10
Balance Oct. 10 1933
Frozen. Urestricted.
$
398,735,000 31,151,000
31,402,000 1,553,000
430,137,000 32,704,000
23
32,564,000 2,577,000
372
397,573,000 30,127,000
A previous list of banks, for which reorganization plans
were approved, was given in our issue of Oct. 14, page 2756.
A dispatch by the United Press from Portland, Me.,
on Oct. 13 in regard to the affairs of the Fidelity Trust Co.
of Portland, which failed to open after the banking holiday
last March, had the following to say:
A $3.500,000 suit against 44 directors of the closed Fidelity Trust Co.
of Portland was filed in Maine Supreme Judicial Court to-day.
The suit charged the directors with gross negligence,flagrant disregard of
the State laws and wrongfully making financial transactions with other
banks and individuals. . . . The bill is returnable Nov. 7.
Associate Justice Sidney St. Felix Thaxter directed filing of the suit
after he had received the 101-page report of a special committee he aPpointed last June to investigate the activities of directors.
Those named include Guy P. Gannett, newspaper publisher and President of the bank; Walter S. Wyman. President of the Central Maine Power
Co. and the New England Public Service Co., and Chairman of the bank's
Executive Committee; Charles Sumner Cook, attorney and President of
the new National Bank of Commerce; William D. Ireland. broker and
Executive Vice-President of the bank; George H. Weeks, Treasurer of the
bank, and Robert Brauh, Conservator of the bank and member of the
bank's Executive Committee, in whose name the bill was brought.
MARYLAND.
After having been under the control of a conservator since
the bank holiday in March last, the reorganized Third National Bank of Chestertown, Md.,opened without restrictions
on Oct. 11, under the title of the First National National
Bank of Chestertown. The reorganized bank is capitalized
at $50,000 with surplus of $20,000. Advices to the Baltimore "Sun" on Oct. 12 from Chestertown, from which the
foregoing is learnt, continuing said:
The reorganized institution will have total resources of approximately
$800,000, with no bills payable. The assets of the Third National Bank
have been created into a trust fund in control of a Board composed of W.
Robert Husy, Donald F. Stam, and Howard W. Baldwin.
A plan for reorganization of the Baltimore County Bank,
at Towson, Md., has been approved by the State Bank
Commissioner of Maryland, John J. Ghingher, according to
Baltimore advices on Oct. 16 to the "Wall Street Journal,"
which added:
It calls for the liquidation of the former institution and the formation
of three new banks.
MICHIGAN.
Reorganization of the Olney National Bank at Hartford,
Mich.,is indicated in the following taken from the "Michigan
Investor" of Oct. 14:
Although the Olney National Bank at Hartford is in receivership there
is strong sentiment in favor of reorganizing the bank. Frank C. Stapleton,
who was appointed receiver two weeks ago, has tendered his resignation.
He gives his health as the reason, but explains that it is his belief the bank
should be reorganized and continued. Depositors and stockholders have
formed a voluntary committee to take up the matter with the receiver and
National bank authorities.
A plan for reopening the National Bank of Ionia, Mioh.,
as an entirely new institution to be known as the Ionia
County National Bank, has been approved by the Comptroller of the Currency, according to the "Michigan Investor" of Oct. 14, which went on to say:
The bank is to have capital and surplus of $125.000, of which $50,000
will be in common stock, $50.000 in preferred held by the Government,
and a surplus of $20,000 and a reserve of $5,000. The bank would reopen
on a basis of 80 to 85% liquidity, and make $500,000 in cash available to
depositors.
Following the request of the Comptroller of the Currency
that the RFC advance $74,000,000 to finance additional
payments to the depositors of the two closed Detroit national banks, the First National Bank-Detroit and the
Guardian National Bank of Commerce, a statement was
issued as follows on Oct. 14 by Jesse H. Jones, Chairman
of the Board of the RFC:
Confirming my statement of July 13, in which I stated that "the directors of the RFC are prepared upon request of the Comptroller of the Currency to authorize loans to each of these (Detroit) banks, in very substantial amounts"—approximately $25,000,000 to the Guardian National
Bank of Commerce and $50,000,000 to the First National Bank, the
Corporation will take immediate action on Mr. O'Connor's application
received to-day (Oct. 14) and authorize loans of $26,000,000 to the receiver
of the Guardian National Bank of Commerce and $48,000,000 to the
receiver of the First National Bank.
It is the expectation of the RFC that all of the details in connection
with this transaction will be speedily completed so that the depositors
of the two institutions may obtain liquidating payments for which these
two loans are intended without delay.
The money to be made available will permit of an additional distribution of 20% to the depositors of the Guardian National Bank of Commerce
and 10% to the depositors of the First National Bank. For the balance
still due them, the depositors will have recourse to the assets remaining
with the receiver. Including the equity in RFC collateral. It has not
yet been decided whether this money will be paid out through Detroit
banks or by the receivers direct.
The Board of Directors of the RFC has authorized the
purchase of $50,000 preferred stook in the National Bank
of Wyandotte, Wyandotte, Mich., a new bank which will
succeed the First National Bank of Wyandotte, and the
Peoples Wayne County Bank of Wyandotte. The authorization is contingent upon the subscription of common stock
by those interested in the organization of the new bank.
MISSOURI.
The directors of the Reconstruction Finance Corporation
have authorized the purchase of $120,000 preferred stock
in the Missouri Bank & Trust Co. of Kansas City, Kansas
City, Mo., a new bank to succeed the Missouri Savings
Bank & Trust Co., Kansas City. The preferred stock
authorization is contingent'upon the subscription of common stock by those interested in the organization of the
new bank.
We learn from the Kansas City "Star" of Oct. 14 that
Oct. 23 next has been set as the tentative opening date of
the new Missouri Bank & Trust Co. of Kansas City, Mo.,
2925
Financial Chronicle
Volume 137
which is to succeed the Missouri Savings Bank & Trust Co.
The date is set in anticipation that details incident to the
opening of the new bank can be handled within that time.
We quote further in partfrom the paper mentioned as follows:
With the opening of the new bank there will be made available to depositors of the old Missouri Savings Bank & Trust Co., an additional 40%
of their deposits, as of March 2. At that time 5% of the deposits were
released, so that the 3.000 depositors will be in position of having 45% of
their funds in cash and of looking to the liquidation of the old assets for the
remaining 55%.
The success of the reorganization plan was recognized officially to-day
(Oct. 14) with the announcement in Washington by the Reconstruction
Finance Corporation that it had purchased $120.000 of the preferred stock
of the new bank. the Missouri Bank & Trust Co.
The capital with which the new bank will open has been increased to
$240,000. It will consist of the $120.000 invested in preferred stock by
the Government and an equal investment of new funds by the old directors
and stockholders, the latter investment taking the form of a purchase of
new common stock at $150 a share. This will create an $80,000 common
stock and a $40,000 surplus.
The new bank will be headed by an outstanding Missouri banker, D. R.
Harrison
The release of depositor funds has been worked out with a smaller RFC
loan than the $1,600,000 at first sought. The loan that will stand against
old assets will be $1.325,000. This must be paid before any substantial
additional release can be made on the old deposits. However, a small
amount of assets remaining unpledged offers the opportunity for a small
additional payment, possibly 2%%,in the course of the year.
The respective directors of two Kirkwood, Mo., banks—
the Kirkwood Trust Co. and the Kirkwood Bank—on Oct.
12, signed a merger agreement and approved a contract
whereby the assets of the two banks will be turned over
to a new institution, according to the St. Louis "GlobeDemocrat" of Oct. 12, which continuing said:
The consolidation arrangement will be submitted first to the St. Louis
Federal Reserve Board, and then to the Federal Reserve Board in Washington for final approval.
Mayor A. S. Kinyon, President of the Kirkwood Bank and R. V. Nicholas, head of the Kirkwood Trust Co., said details of the consolidation
could not be made public until they had gained approval of the Federal
Reserve officials.
The new bank will have a capital of $100,000, with $20,000 surplus, it
was said. The old banks have been operating on a restricted basis since
last March. Merger plans have been under way since July.
NEW JERSEY.
At a 'meeting held Oct. 11 of the directors of the newly
organized Orange First National Bank of Orange, N. J.,
which will replace the Orange National Bank, announcement was made that the institution would open about
Nov. 15 next. In reporting this, the Newark "News" of
Oct. 12 said:
When the bank opens depositors in the old bank may withdraw 55%
of their deposits less whatever amount they may have subscribed for
common stock. The assets of the old bank will be gradually liquidated
under the supervision of Eugene Junior. Federal Conservator.
The provisional slate of officers confirmed by the Comptroller of the
Currency were officially elected at the meeting to serve until the first of
the year. They are: President, Mayor Frank J. Murray of Orange;
Vice-President, Charles Hasler; Executive Vice-President, M. Raymond
Riley; Cashier, Allyn Wright. Henry T. Stetson, one of the leaders in
the movement to re-establish the bank, was selected to act as counsel until
the bank opens.
A loan from the RFC of $1,600,000 plus the more than 8375,000 raised
in the recent common stock campaign, will permit the new bank to open
with $2,000,000 in deposits. It is expected current tax arrearages in
Orange, which already have passed the $1,000,000 mark, will be greatly
reduced when the bank's money is released to depositors.
The First National Bank of Somers Point, N. J., which
had been operating on a restricted basis since the banking
holiday in March, was placed in the hands of a receiver for
liquidation on Oct. 16, according to advices by the Associated Press on that date, which continuing said:
The bank did not open for business this morning but it was announced
by George E. Morstadt, the receiver, that all guaranteed accounts accepted
since the bank holiday would be paid either to-day or to-morrow. Mr.
Morstadt, former Cashier of the Seaside Trust Co., Atlantic City, was
appointed receiver by J. F. T. O'Connor, Comptroller of the Currency in
Washington on Saturday (Oct. 14).
NEW YORK STATE.
At the request of John Leland Cross, President of the
Mount Vernon Trust Co., Mount Vernon, N. Y., and Chairman of the bank's reorganization committee, Joseph A.
Broderick, State Superintendent of Banks, stated on Oct.
13 that he would extend until Oct. 31 next the period in
which to complete the reorganization of the trust company,
which expired on Oct. 13. Mount Vernon advices to the
New York "Herald Tribune," in indicating the above,
continuing said:
According to the terms of the plan, 62.000 shares of new stock in the
bank had to be sold at $12.50 a share. By 10 a. m. 54.000 shares had
been subscribed for, and Mr. Cross asked for the extra time, confident that
the remainder of the issue could be sold. If the plan is successful, the
bank may open on Nov. 1.
Supreme Court Justice Graham Witsehief on Thursday,
Oct. 19, denied a motion for the appointment of an equity
receiver ot the Mount Vernon Trust Co., Mount Vernon,
N. Y., after hearing oral arguments, according to advices
from White Plains, N. Y., on that day to the New York
"Times," which went on to say:
2926
Financial Chronicle
An exception was taken to the ruling by Guy Morrison Walker, Counsel
for Henry M. Kahle, stockholder, after objecting to the Court deciding
the case without reading the briefs and affidavits.
"This is clearly a case where no receiver should be appointed." said
Justice Witschief. "Such an appointment would be a harsh remedy. I
don't know anything about the truth of the charges of misconduct by
bank officials, but you will have an opportunity to prove that, if possible,
In your action for an accounting. I don't want to interfere with the reorganization of this bank which has been approved by a majority of the
depositors, nor with the plans of the Superintendent of Banks."
NORTH CAROLINA.
The reopening of the People's Bank of Roxboro, N. C.,
on Oct.,12, which had been operating on a restricted basis
since the banking holiday in March, was reported in advices
from that place on Oct. 13, appearing in the Raleigh "News
& Observer," which furthermore said in part:
The depositors have agreed to leave a cetain part of their money in the
bank until after matters can be adjusted. Several months have been spent
by those in charge of the institution's affairs, in getting things arranged
to this end.
About $300,000 will be turned loose and this will mean much to the
business of the county.
OHIO.
The First National Bank of Forest, Ohio, has been licensed by the Treasury Department at Washington, according to ad-vices by the Associated Press from that city
on Oct. 11.
The reopening shortly of the National Bank of Commerce
of Lorain, Ohio, is indicated in the following dispatch from
that place on Oct. 12 to the Cleveland "Plain Dealer":
Favorable developments in the status of the National Bank of Commerce
here to-day (Oct. 12) gave depositors trope that definite plans for reopening
the institution would be completed next week.
The receivership of the bank was lifted to-day and the bank restored to
conservatorship in order to give additional time for formulating plans for
reopening.
Harry Nichol!, Cashier, resumed control as Conservator, succeeding
Charles Sartor, Elyria Council President, who was appointed receiver
Tuesday. This change was authorized by Federal bank authorities after
a conference between them and National Dank of Commerce officials in
Washington yesterday.
General improvement in conditions has reacted favorably on the bank's
affairs and justified proceeding with plans for reorganization instead of
liquidation, bank officials said. The National Bank of Commerce. LoraIn's
largest bank, has been operating under restrictions since the national
bank holiday in March.
We learn from the Cleveland "Plain Dealer" of Oct. 15
that Paul A. Warner, State Superintendent of Savings and
Loan Companies for Ohio, the previous day closed and
took possession of the Depositors Savings & Loan Co. of
Cleveland. Immediately officials of the Capital Endowment Co., of which Carl B. Ford is President, announced
they would take Court action to protest Mr. Warner's
possession of the company's assets. A statement issued by
the officials said:
On Sept. 20 1933, after negotiations extending over a period of several
months, a contract was signed by the officers, Thomas M. Robbins, President, and Scott H. Cook, Secretary of the Depositors Savings & Loan Co.,
under instructions from the Board of Directors, entering into a contract
of sale of the entire assets and assumption of obligations under a plan
which was subsequently ratified by substantially more than two-thirds
of the shareholders of the Depositors Savings & Loan Co.
The paper mentioned, furthermore said:
Ratification of the sale was made at meeting at 2.30 p. m. Tuesday
(Oct. 10) according to the statement, and all assets were transferred and
a complete purchase effected on that day.
The transaction, it was said, involved more than $1,000,000. Court
action on the matter is expected to raise the question of whether State
authority extends over the right of private contract.
Warner, In filing a notice of the company's closing in Common Pleas
Court, said the company was in an "unsafe and unsound condition and
its affairs are not being conducted for the best interests of its depositors,
shareholders or creditors."
He alleged further In the notice that the company was "conducting
Its business in whole or in substantial part contrary to law."
PENNSYLVANIA.
Lynedon P. Noble has been chosen President of the new
First National Bank at Wilkensburg, Pa., which will open
for business on or before Nov. 1 next, replacing the old
First National Bank of Wilkinsburg, according to an announcement made Oct. 12. Other officers named for the
new bank are L. E. Huseman, Cashier and C. G. McKee,
Assistant Cashier. Opening of the new institution, under a
plan approved by the Comptroller of the Currency, was
made possible through the raising of $250,000 by the sale of
4,000 shares of stock at $62.50 a share, of which latter amount
$50 is represented by capital stock and $12.50 by surplus
and undivided profits. Under the provisions of the GlassSteagall Banking Act, the deposits of the new bank will be
insured in part and the stock is not subiect to double liability.
The new bank will be capitalized at $200,000 with surplus
and undivided profits of $50,000, and it is expected to have
initial deposits of $2,500,000. The Pittsburgh "Post
Gazette" of Oct. 13, from which the above information is
obtained, continued in part as follows:
Fifty per cent, of the deposits of the old bank will be immediately
available at the time of the opening, the conservator of the old bank trans-
Oct. 21 1933
ferring to the new one sound and liquid assets to offset the 50% deposit
liability assumed by the new bank. The remaining 50% of the assets
will be left under control of the Comptroller for the benefit of depositors.
Noble, the new President, is a native of Maine, and has had wide experience in banking. He has served as a bank examiner and a Deputy
Commissioner of Banking in Maine, also as receiver for four Indiana
County banks.
Federal approval of plans for a new institution to take over
the assets of the restricted Farmers' National Bank & Trust
Co. of Reading, Pa., was announced on Oct. 11 by Wellington Bertolet, the Conservator, according to a dispatch by
the Associated Press from Reading on that date, which furthermore said:
The plans call for raising $2,000,000 of new capital, obtaining more from
the Reconstruction Finance Corporation and the immediate release of 25%
of the deposits.
They further provide for handling the organization as three seperate
banks, the Reading National Bank & Trust Co., the Penn National Bank
& Trust Co. and the Farmers National Bank & Trust Co., from which
the Farmers Bank was formed.
At the time of the merger about two weeks before the bank holiday, the
three units had about $17.000,000 in deposits and 35,000 depositors.
The First National Bank of Sharon, Pa, was to open for
full operations on Oct. 14, according to the Pittsburgh
"Post-Gazette" of that date, which furthermore said:
This is the second national institution to announce reopening plans
within the last week, the first being the First National Bank at Wilkinsburg.
The Sharon bank, operating on a restricted basis since the bank holiday,
has $360,000 of new capital subscribed. C. E. Brockway, attorney, will
replace A. B. McGill as President.
On Oct. 19 the Board of Directors of the RFC authorized
the purchase of $25,000 preferred stock in the First National
Bank of Freeport, Freeport, Pa., a new bank which is to
succeed the Farmers National Bank of that place.
The preferred stock authorization is contingent upon the
subscription of an equal amount of common stock by those
interested in the new bank.
The RFC have authorized the purchase of $100,000
preferred stock in the Central National Bank of Pittsburgh,
Pittsburgh, Pa., a new institution. The authorization is
contingent upon the subscription of an equal amount of
common stock by those interested in the organization of
the new bank.
WISCONSIN.
A dispatch by the United Press from La Crosse, Wis.,
under date of Oct. 12 stated that Security Savings Bank and
Gateway City Bank,both of La Crosse, had been closed for
liquidation after a conference of the Boards of Directors and
State Banking Commissioners. The banks have been operating in the same quarters under the waiver system. Deposits
made subsequent to the change to the waiver system, March
12 1932, will be protected, the dispatch said.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Three membership sales on the New York Stock Exchange
took place this week: One on Oct. 16 at $135,000, which
was a decrease of $15,000 from the last previous sale, and
the other two on Oct. 16, both at $120,000.
A New York Curb Exchange membership was sold Oct. 16
at $25,000, off $10,000 from the previous sale.
There were two sales of New York Cotton Exchange
were
memberships this week. That of Albert Simpers was sold
Oct. 18 to E. J. Schwabach, for another for $16,100, a
decrease of $1,400 from the last sale, and the membership
of the estate of Eli Springs was sold Oct. 19 to Richard T.
Harriss, for another, for $16,000.
On Oct. 18 Leslie Jager purchased one of the New York
Coffee & Sugar Exchange memberships of E. J. Sehwabach
for $6,000, a decrease of $750 from the previous sale.
Three Chicago Board of Trade memberships were sold
this week: The first on Oct. 14 at $8,750, a decrease of
$250 from the last previous sale; the second on Oct. 18 at
$8,500, and the third on Oct. 20 at $7,000.
Frederick V. Goess, Vice-President of Manufacturers
Trust Co. in charge of the Bank Liquidation Department,
has been appointed Receiver of the Harriman National
Bank and Trust Co. of the City of New York, effective
Oct. 16 1933. The designation was made by J. F. T.
O'Connor, Controller of the Currency.
The Guaranty Trust Company of New York announces
the appointment of Kingsley Kunhardt as a Vice-President.
Mr. Kunhardt was formerly Investment Trust Officer of the
company.
Volume 137
Financial Chronicle
The Fulton Trust Company of New York, in its statement
of condition as of September 30 1933, reports the addition
to undivided profits, after payment of $60,000 in dividends,
of $5,333 during the third quarter of the year. This brings
the capital, surplus and undivided profits of the company,
which is engaged exclusively in the trust and personal banking business, up to $5,064,874.
Persons having claims against the Harriman Safe Deposit
Co., 527 Fifth Ave., New York, which was taken over for
liquidation on Aug. 30 by Joseph A. Broderick, Superintendent of Banks of New York State (jhs noted in our issue of
Sept. 9, page 1888), have been notified by Superintendent
Broderick to present such claims and proof thereof to him
at 527 Fifth Ave. not later than Oct. 27. Mr. Broderick said
that he would accept no claims presented after that date.
Robert L. Fernald has been elected a trustee of the Dime
Savings Bank of Brooklyn. Mr. Fernald, who is also Secretary of the institution, has been with the bank for more than
•
35 years.
The Comptroller of the Currency on Oct. 11 granted a
charter to The Welden National Bank in St. Albans, St.
Albans, Vt. The new institution, which succeeds The Welden National Bank of St. Albans, is capitalized at $100,000,
consisting of $50,000 preferred and $50,000 common stock.
E. C. Smith and D. L. McGarey are President and Cashier,
respectively, of the institution.
Clinton Q. Richmond, President of the Berkshire Street
Railway Co., on Oct. 9 was named President of the North
Adams National Bank of North Adams, Mass., to succeed
W. H..Pritchard, Who resigned recently after holding the
office for 25 years. Mr. Richmond previously had been
Ohairman of the Executive Committee of the Board of Directors of the institution. North Adams advices appearing in
the Springfield "Republican," from which the foregoing is
learnt, went on to say, in part:
Mr. Richmond has been associated with the railway company for a great
many years. He will continue as President of the concern. At one time he
served as a member of the Massachusetts State Board of Education, and has
been in the Massachusetts Legislature.
James Gilbert Hill, President of the City Institution for
Savings of Lowell, Mass., and connected with the banking
business in that city for many years, died on Oct. 12. Born
in Lowell 60 years ago, he was graduated from Amherst College in 1896 and two years later from Harvard Law School.
In 1900 he entered public life as Chairman of the Republican
City Committee, and in 1904 became a member of the Republican State Committee. He was City Solicitor of Lowell from
1905 to 1909. Among the directorates he held were trustee
of Mechanics' Savings Bank, Appleton National Bank and
Lowell Morris Plan. He became Vice-President of the City
Institution for Savings in 1913, and in 1928 was appointed
President, the office he held at his death.
The directors of the Old Colony Trust Co. of Boston, Mass.,
on Oct. 13 promoted Basil S. Collins to an Assistant VicePresident of the institution and Davis B. Arnold to an
Assistant Secretary. The Boston "Transcript" of Oct. 13,
from which this is learnt, went on to say:
Mr. Collins was born in Somerville, Maas., in 1894. He is a Harvard man
with the degrees of A. B. and LLB. . . . Since his association with
Old Colony Trust Co. he has devoted his efforts to promoting closer cooperation between the Trust Co. and the life insurance companies and underwriters, with particular attention to estate planning. This type of trust
service is a comparatively recent development, and because of its popular
appeal has resulted in the establishment by Old Colony Trust Co. of a
thoroughly equipped life insurance trust department which will operate
under the direction of Mr. Collins.
David B. Arnold, who is an assistant to Mr. Collins in the life insurance
trust department, was born in Boston in 1897. Ile was educated in Volkmann School and Ilarvard University. . . .
Depositors of the First National Bank of Bradley Beach,
N. J., were to receive a dividend of 10% on Oct. 14—the anni.
versary of the bank's reopening—according to the advices
from that place on Oct. 13 appearing in the Newark "News,"
which went on to say:
Depositors waived 40% of their money at the time of reopening, a year
,
ago to-morrow. and received 60 7a of their deposits. To-morrow they will
get 10% more, leaving 80ck still unpaid.
Borden and a committee raised $125,000 last year to
Mayor Frank C.
reopen the bank. The Mayor said that the bank's deposits are 9860,000. as
compared to $315,000 when the bank reopened.
Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania, announced on Sept. 13 advance payments to
depositors in three Pennsylvania banks. As noted in the
2927
Philadelphia "Ledger" of Oct. 14, the institutions and dividends are as follows:
The 22,654 depositors of the closed United Security Trust Co., Philadelphia, will receive a fourth payment of 5% on Nov. 16 1933. The Payment will be in the amount of $273,198 and the deposit liability is
$5,526,729. The depositors of this institution have received three previous
payments. Ten per cent. was paid on Feb. 3 1932, in the amount of
$559,877 and the second payment of 15%, paid on June 3 1932, in the
amount of $822,473, and the third payment of 10% was paid on Oct. 27 1932,
in the amount of $546,477. With this payment just announced, the total
amount so far received by these depositors will be 40%.
Dr. Gordon also announced the fourth payment to the depositors of the
People's Trust Co., Frackville, amounting to $19,789,146, or 5%. This
payment will be made on Nov. 6 1933 and the deposit liability of this
institution is $395,787. With the payment just announced, the total amount
so far made available to depositors of the People's Trust Co. of Frackville
will be 371%. There are 2,010 depositors.
/
2
On Nov. 2 1933 the 3,991 depositors of the Perry State Bank, Pittsburgh,
will receive a fourth payment in the amount of $27,175. This will be a 5%
payment. With the payment just announced, the total amount received by
the depositors of this institution will be 65%.
Effective Oct. 7 1933, The Patapsco National Bank of •
Ellicott City, Md., went into voluntary liquidation. The institution, which was capitalized at $100,000, was succeeded
by the Patapsco National Bank in Ellicott City.
The Frederick County National Bank at Frederick, Md.,
capitalized at $150,000,'was placed in voluntary liquidation
on Sept. 23 1933. The institution was succeeded by the
Frederick County National Bank.
A charter was issued by the Comptroller of the Currency
on Oct. 7 to The First National Bank of Chestertown, Chestertown, Md., with capital of $50,000. The institution succeeds The Third National Bank of Chestertown. Wm. D.
Cooper is President and W. R. Huey, Cashier.
At a meeting of the Board of Directors of the Marion National Bank, Marion, Va., Colonel James D. Tate of Chilhowie was elected President of the institution, succeeding
the late W. L. Lincoln Who served as President for twentyfour years, according to advices from Marion on Oct. 14 to
the Richmond "Dispatch," which added:
Colonel Tate has been associated with this bank for years, and has had
long experience both with this bank and others in Southwest Virginia.
The Cleveland "Plain Dealer" of Oct. 14 stated that
effective the following day the Cleveland Trust Co. of Cleveland, Ohio, would acquire the assets and assume the deposit
liabilities of the South Euclid Bank of that city. Continuing
the paper mentioned said:
Accounts of depositors of the South Euclid Bank will be handled at the
Cleveland Trust Co. branch, Mayfield and Lee Roads. Cleveland Heights.
The South Euclid banking quarters will be vacated.
The South Euclid Bank was organized in 1925. Affiliation between the
two banks has been very close since 1930.
G. Carlton Hill, formerly Assistant Vice-President of the
Fifth Third Union Trust Co. of Cincinnati, Ohio, was made
Assistant to the President at a meeting of the directors on
Oct. 11, and assumed his new duties immediately. In his
new position Mr. Hill will be closely associated with E. W.
Edwards, President of the institution. The Cincinnati "Enquirer" of Oct. 12, from which the above information is obtained, had the following to say, in part, regarding Mr. Hill's
career:
After training in the Port Huron High School, Mr. Hill was graduated
from the University of Michigan and is now a Governor of the University of
Michigan Club.
His first position upon leaving school was with the Continental & Commercial National Bank, Chicago, where he attended the Kent College of Law.
Mr. Hill joined the Fifth Third organization in November 1929, as Assistant Secretary of the Fifth Third Securities Co., representing it on the
Cincinnati Stock Exchange. He was later appointed Assistant Vice-President, which position he held until the most recent promotion. He is widely
known in the financial district, both among bankers and brokers.
—•_..
Stockholders of the Citizens' Trust Co. of Toledo, Ohio, at
a special meeting on Oct. 10 voted to increase the capital of
the institution *$50,000 in order that it might be eligible to
enter the Federal Reserve System, according to the Toledo
"Blade" of Oct. 11, which, continuing, said:
The increase will carry the capital of the Citizens' to $200,000 and its
surplus account to $200,000. The new stock, it is announced following the
meeting, will be offered at $30 per share. Each holder of seven present
shares will be entitled to one new share. No fractional shares will be issued.
Pre-emptive rights will end 'Nov. 15, which has been fived as the day for
the payment of the new capital.
The Citizens' Trust Co. was formed by depositors of the old Commercial
Savings Bank & Trust Co. The bank, in its statement of Aug. 21 last,
showed deposits of $2,615,470 and its shares had a book value in excess
of $30 a share.
L. H. Hartman, President, said it is necessary for the bank to have the
larger capital to qualify for the Federal Reserve membership.
—•.—
•
2928
Financial Chronicle
Edward J. Barrett, State Auditor of Illinois, on Oct. 13
announced that a 10% dividend would be paid shortly to depositors of the defunct First Englewood State Bank at Englewood, Cook County, according to the Chicago "Tribune" of
Oct. 14, which added:
It will be the first payment since the bank closed in July 1932.
distribution will total $61,000.
The
Edward J. Barrett, State Auditor of Illinois, announced
on Oct. 11 that he had authorized payment of a 10% dividend,
amounting to $53,000, to the depositors of the Stockmen's
Trust & Savings Bank, Garfield Boulevard and Halsted
Street, Chicago, according to the Chicago "News" of that
date, which added:
This is the second 10% dividend since the bank closed Jan. 20 1932.
During the three months ending Sept. 30 1933, deposits of
The Live Stock National Bank of Chicago, Chicago, Ill., increased nearly $1,500,000, or 23%. We quote further from
a folder issued by the institution as follows:
Despite its helpful and constructive attitude with regard to credit accommodations, Live Stock National Bank continues to maintain a liquidity
(cash and U. S. Government Bonds) in excess of 65% of deposits—an increase of 9% since the last bank call. Marketable bonds and real estate
loans are all carried at or below present market values.
These sound banking factors, and the numerous others detailed in the
financial statement within this folder, qualify the one appeal on which new
business has been invited, and obtained . . . on merit!
The statement of condition as of that date (Sept. 30) shows
total assets of $10,039,541. Deposits are given as $7,677,090.
The institution is capitalized at $1,000,000 and has combined
surplus, undivided profits and reserves of $605,097. David
H. Reimers is President.
Oct. 21
1933
The current dividend, combined with a 15% payment amounting to
$25,659.71 paid last March, brings the total up to 25%, or $42,766.17, since
the bank was closed on Jan. 21 1933.
According to Associated Press advices from Kemmerer,
Wyo., on Oct. 13, Ray A. Mason on that day announced his
resignation as a Vice-President of the First National Bank
of Kemmerer, after 33 years of service. Mr. Mason will accept a position with the Federal Deposit Insurance Corporation, with headquarters in Cheyenne, Wyo., which is adding
to its force to ascertain qualifications of banks to accept the
new bank guarantee law after the first of the year, the dispatch said.
The promotion of Hugo L. Brink, for the past six years
Manager of the Wilshire-Vermont branch of the Seaboard
National Bank of Los Angeles, Calif., to a Vice-Presidency
of the institution, was announced by K. L. Carver, President,
on Oct. 9, according to the Los Angeles "Times" of Oct. 10,
which went on to say:
The new Vice-President, who will continue as Manager of the branch
office, started his banking career with the Commerce Trust Co. of Kansas
City, in 1913, and was Vice-President and Cashier of the Oklahoma State
Bank of Enid, Okla., before coming to Los Angeles.
That a third dividend of approximately 25% was being
paid to the depositors of the defunct United States National
Bank of Los Angeles, Calif., is indicated in the following,
taken from the Los Angeles "Times" of Oct. 10:
H. F. Schilling, receiver of the United States National Bank of Los
Angeles, yesterday announced the mailing of dividend checks to more than
14,000 depositors of the bank. Declaration of the dividend, the third paid
out by the receiver, was announced last month.
More than $1,750,000 is involved in the distribution, which is going forward to depositors at the rate of approximately a 25% payment. Total
distributions to date amount to 60% since the closing of the bank.
A charter was granted by the Comptroller of the Currency
on Oct. 10 to the Peoples National Bank of Grand Rapids,
Our last previous reference to the affairs of this bank,
Grand Rapids, Mich. The new institution succeeds the which closed in August 1931, appeared in the "Chronicle" of
Grand Rapids Savings Bank and is capitalized at $900,000 of Nov. 19 1932, page 3743.
which $500,000 is preferred stock and $400,000 common stock:.
We learn from the Los Angeles "Times" of Oct. 7 that payThe Empire National Bank & Trust Co. of St. Paul, Minn., ment of a second dividend of 10%, following the first disbursement several months ago of 22%. was to be made to
on Oct. 10 announced the formation of an investment department to engage in the securities business to the extent author- depositors and other creditors holding receiver's certificates
of the First National Bank of Baldwin Park, Calif., on and
ized by law. The announcement continued in part:
after Oct. 9, according to an announcement Oct. 6 by F. W.
Under the provisions of the Banking Act of 1933, the Empire National
Bank & Trust Co. is permitted to puramse and sell investment securities
Heathcote, the receiver. The "Times" continued:
upon the order and for the account of customers.
It also permits the bank to deal in United States Government and municipal bonds; obligations issued under the Federal Farm Loan Act, Federal
Home Loan Banks, or the Home Owners' Loan Corporation.
For the first three days of next week dividend checks will be distributed
at the newly opened branch of the Bank of America at Baldwin Park, and
thereafter at the First National Bank Building in Monterey Park, Mr. Heathcote stated.
On June 8 1933, the Tipton National Bank at Tipton, Iowa,
capitalized at $50,000, was placed in voluntary liquidation.
It was succeeded by the Tipton State Bank of that place.
The following in regard to the affairs of the Ontario National Bank of Ontario, Ore., appeared in a dispatch from
that place on Oct. 6 to the Portland "Oregonian":
Advices by the Associated Press from Lincoln, Neb., on
Oct. 13 reported that the Nebraska State Banking Department had on that day paid dividends to the depositors of
two failed banks, namely:
Announcement was made this week by the Ontario National Bank that it
would pay upon surrender all certificates of deposit due Nov. 1 1934, for the
last of the 25% of deposits waived during the fall of 1932. Approximately
$86,000 will he released. The continued growth in deposits and quick
liquidation of indebtedness to the bank made this action possible.
First State Bank, Alliance, 4% dividend of $25,221, bringing amount returned to 49%, or $308,958.
Farmers' & Merchants' Bank, Snyder, first dividend of 10%, $2,358.
Effective Sept. 28 1933, The First National Bank of Astoria, Ore., capitalized at $100,000, was placed in voluntary
liquidation. The institution was absorbed by the First National Bank of Portland, Ore.
The Citizens' National Bank of Okmulgee, Okmulgee,
Okla., capitalized at $200,000, was placed in voluntary
liquidation on Sept. 30 last. It was succeeded by The
Citizens' National Bank in Okmulgee.
Directors of the Bank of Montreal (head office Montreal,
Canada) have declared a quarterly dividend of $2 payable
on Dec. 1 1933.
Charles E. Smith, a Vice-President of the Kansas City
Title & Trust Co. of Kansas City, Mo., committed suicide on
Oct. 4 by shooting himself, in the bank building. His act
was attributed to personal financial losses suffered recently.
Mr. Smith, who was 72 years old, was born in Somerset
County, Pa. As a young man he entered the abstract and
real estate loan business in Nevada, Iowa., where he lived
for several years before settling in Kansas City in 1899. At
the time of his death he had been associated for many years
with the Kansas City Title & Trust Co., of which his brother,
John H. Smith,is President.
Advices from Thomasville, Ga., on. Oct. 5, printed in the
Atlanta "Constitution," stated that another 10% dividend,
amounting to $17,106.47, to the depositors and creditors of
the defunct People's Savings Bank of Thomasville had been
ordered paid by R. E. Gormley, State Superintendent of
Banks, through the liquidating agent, W. C. Patterson, on
or after that date. The dispatch added:
The 107th semi-annual statement of the Yokohama Specie
Bank, Ltd. (head office Yokohama), covering the six months
ending June 30 1933, and presented to the shareholders at
their 107th half-yearly ordinary general meeting on Sept. 9
1933, has just been received. It shows net profits for the
period, after providing for all bad and doubtful debts, rebate
on bills, &c., of 13,369,039 yen, inclusive of 5,859,464 yen
brought forward from the preceding six months. Out of
this sum the directors propose to pay a dividend at the rate
of 10% per annum, calling for 5,000,000 yen, and to add
1,500,000 yen to the reserve fund, leaving a balance of
6,869,039 yen to be carried forward to the current half-year's
profit and loss account. Total resources of the institution
are given in the statement as 1,339,006,832 yen, of which cash
in hand and at bankers amounted to 79,232,803 yen, While
total deposits are shown at 598,652,102 yen. The paid-up
capital of the Yokohama Specie Bank, Ltd., is 100,000,000 yen
and its reserve fund (including the 1,500,000 yen mentioned
above), 121,250,000 yen. Kenji Kodama is Chairman of the
Board of Directors.
Volume 137
Financial Chronicle
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except for the sharp rebound on Tuesday, the market
gradually drifted downward until Friday when there was a
moderate upward movement. Public utilities have shown
short periods of strength and there were occasional spurts of.
activity in the rails and industrials, but the steady pressure
of liquidation in many instances pulled prices down to lower
levels. On Friday the Federal Reserve Bank of New York
reduced its rediscount rate to 2% from 23/2%, the rate that
has been in effect since May 28. Call money renewed at
% of 1% on Monday arid continued unchanged at that rate
throughout the week.
Prices generally were somewhat lower as the market
opened on Saturday, though, on the whole, the undertone
was fairly steady. Public utilities and oil stocks attracted
a moderate amount of speculative attention but the repeal
issues and specialties were down. Some of the railroad
stocks were higher during the first hour, particularly Atlantic
Coast Line and Great Northern, but both slipped back
before the close. Du Pont and Western Union were off
more than a point, mining stocks were soft and steel issues
continued to work down to lower levels. The declines
included among others, Abraham & Straus, 53 points to 34;
4
Armour Illinois pref., 28% points to 478%; Central RR. of
N. j., 8 points to 62; Crown Cork & Seal, 2 points to 378%;
Homestake Mining, 5 points to 315; Ingersoll Rand (18%),
28% points to 538%; Norfolk & Western, 2 points to 148;
Owens Illinois Glass, 23 points to 788%; Reading Co.,
28% points to 43; Safeway Stores, 28% points to 40; Sun Oil
pref., 3 points to 968%; Ward Baking pref., 28% points to
318%; United States Tobacco (4.40), I% points to 101;
Amalgamated Leather pref., 2 points to 263/2, and Bucyrus
5
Erie pref., 38% points to 49%.
The market broke to new lows for the current movement
on Monday, the losses among the popular speculative issues
ranging from 2 to 5 or more points. Sharp selling was
apparent all along the line and the downward movement
became more pronounecd as the session progressed. Railroad shares led the decline, followed by the industrial and
specialties. Trading was fairly heavy, particularly in the
final hour when the high-speed tickers ran from 5 to 7 minutes
behind the transactions on the floor. Prominent among the
stocks showing declines for the day were such active issues
as Alaska Juneau, 23/i points to 20; Allied Chemical & Dye,
68% points to 132; American Can, 3'% points to 868%; American Smelting pref., 3 points to 87; American Sugar (2),
4 points to 56; American Woolen pref., 48% points to 498%;
Armour Illinois pref., 2 points to 428%; Bethlehem Steel,
4
3 points to 293 ; Celanese, 48% points to 438%; Chrysler, 3
points to 383/8; Continental Can, (2), 48% points to 61;
Delaware & Hudson, 58% points to 543/8; Eastman Kodak,
3 points to 78; Louisville & Nashville,4 points to 38; National
Distilllers, 68% points to 898%; New York Central, 48%
points to 31%; New York & Harlem, 48% points to 1128%;
Pittsburgh & West Virginia,7 points to 21; Sterling Products,
48% points to 52; Union Bag & Paper, 3 points to 37; Union
Pacific, 5 points to 104; United States Rubber pref., 43%
points to 208%; United States Steel, 48% points to 393/8;
Wesson Oil, 5 points to 15; West Penn Electric pref. (7),
68% points to 998%; Wheeling Steel pref., 48% points to 36;
Wilson & Co. pref., 6 points to 45; Westinghouse, 33
4
points to 328%, and Western Union Telegraph, 28% points
to 50%.
The trend of the market was completely reversed on Tuesday as a broad rally in prices carried most of the active issues
to higher levels. Liquidation made its appearance during
the opening hour, but this was readily absorbed as the market
moved ahead following the upturn in the wheat market.
Trading, however, was less active than on the preceding day
by approximately 200,000 shares. The gains were widest
in such volatile shares as the alcohol group, chemical shares
and mining issues, while the narrowest changes were in the
railroad group. The changes on the side of the advance
included Air Reduction 28% points to 102, J. I. Case 33
4
points to 63, Celanese 3 points to 468%, du Pont 33/i points
4
to 733 , National Distillers 78% points to 968%, Union Bag
& Paper 3 points to 40, Union Pacific 28% points to 1063,
Vulcan Detinning, Co. 3% points to 46, Wesson Oil 2 points
/
3s
to 17 and Westinghouse 1% points to 34 .
Heavy selling all along the line forced prices downward
on Wednesday and losses ranging up to 4 or more points
were registered by many of the more active stocks. There
was a moderate rally near the close, but it was not strong
enough to pull prices back to the opening level. The weak
2929
spots were United States Steel, American Can, Chrysler and
Allied Chemical & Dye. United States Smelting and other
sections of the metal group were down from 5 to 7 points
and stocks in the railroad group were generally easier. The
losses for the day included among others, Air Reduction,
5 points to 968%; American Can, 45% points to 858%; Armour
Illinois pref., 6 points to 36; Bethlehem Steel pref., ni
points to 468%; J. I. Case Co., 43 points to 588%; Colorado
4
& Southern, 108% points to 213/2; Delaware & Hudson, 6
points to 50; National Distillers, 63/i points to 90; National
Steel (1), 48% points to 348%; United States Steel pref.,
8
.
58% points to 75, and Union Pacific, 33% points to 1023/
During the early trading on Thursday, the trend of the
market was decidedly downward and losses of 1 to 4 points
were in evidence throughout the list. Later in the day
prices firmed up and the market moved slowly upward under
the guidance of the public utilities. Most of the early selling
was due to liquidation as a result of weakened margin accounts following the declines of the previous session. Gold
mining stocks and chemicals were fairly firm and there was
a small demand for industrial issues. The turnover, however
was small, particularly in the afternoon. Most of the
changes were on the side of the decline and included among
others, Air Reduction, 2 points to 95; American Commercial
Alcohol, 53% points to 49; American Smelting, 48% points to
30; Central Railroad of N., J., 5 points to 57; Delaware &
Hudson, 5 points to 45; Federal Mining & Smelting pref.,
8 points to 57; Inland Steel, 4 points to 27; National Lead,
4 points to 120; Owens Ill. Glass, 48% points to 708%; Union
Bag & Paper, 4 points to 35; United Stites Industrial Alcohol, 68% points to 59; Utah Copper, 15 points to 65; West
Penn Electric A (7), 4 points to 44, and Wilson & Company
pref., 4 points to 38.
On Friday the market continued to move downward
during the morning trading, but the trend was reversed as
rumors of the impending recognition of Russia became more
pronounced. Mining shares led the upward swing but
there was also a very considerable demand for the oil issues
and the industrial stocks. Railroad issues were also strong
following the report of the continued improvement in car
loadings. The turnover was unusally large and totaled
approximately 2,682,120 shares. While there were moderate
gains all along the line, there were also a number of prominent stocks that did not participate in the improvement.
The gains for the day included among others, Air Reduction,
38% Points to 988%; Atchison, 28% points to 4732; Atlantic
Coast Line, 3 points to 31; General Motors pref., 3 points
to 88; New Haven pref., 45% points to 28; Union Pacific,
4 points to 1013/; Westinghouse, 2% points to 318%, and
2
Bethlehem Steel pref., 33% points to 48.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY.
Week Ended
Oct. 20 1933.
Saturday
Monday _
Tuesday
Wednesday __-Thursday
Friday
Total
802,460
2,666,652
2,482,850
1,734,020
2,895,835
2,682,120
$3,695,000
7,553,000
6,540,000
5,935,000
6,492,000
6,337,000
$1,660,000
2,854,000
2,856,000
2,261,000
2,372,000
2,239,000
13,263.937 836.552,000 814,242,000
Total
1932.
1933.
Stocks
-No. of shares_
Bonds.
Government bonds__ _ _
State & foreign bonds_
Railroad & misc. bonds
$634,000
642,700
1,592,500
917,600
945,000
1,005,000
$5,989.000
11,049,700
10,988,500
9,113,600
9,809,000
9,581,000
85,736,800 856,530,800
Jan. 1 to Oct. 20.
Week Ended Oct. 20.
Sales at
New York Stock
Exchange.
Total
Bond
Sales.
United
Slates
Bonds.
Railroad
State.
Stocks.
Number of and Miscell. Municipal db
For'n Bonds
Shares.
Bands.
1933.
1932.
13,263,937
5,985,695
572,600,570
374,267,832
$5,736,800
14,242,000
36,552,000
85,306,400
14,294,000
23,692.000
8349,086.000
612,906,000
1,729,040,900
$511,697,450
624,448,100
1,370,793,000
356,530,800 $43,292,400 82,691,032,900 82,506,938,550
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Oct. 20 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Philadelphia.
Shares. Bond Sales
Baltimore.
Shares. Bond Sales. Shares. Bond Sales.
14,666
39,499
38,419
26,877
43,647
8,003
$1,000
7,150
6,100
2,000
5,000
2,000
7,850
23,780
27,299
17,553
25,299
4,675
$1,000
15,700
14,100
18,100
4,600
1,987
1,661
2,058
6,927
2,940
1,626
81,100
18,000
171,111
523,250
106,456
353,500
17,199
826,100
90.707
88.500
50.386
144.200
12.937
819.500
6,000
1.000
THE CURB EXCHANGE.
The sharp rebound on Tuesday in share prices was about
the only noteworthy feature of the dealings on the Curb
Exchange during the present week. Trading has been slow
and prices generally pursured a downward course though
2930
there was some improvement in the late trading on Friday.
Various groups have shown extreme weakness from time to
time, particularly the mining stocks, industrial shares and
utilities. Oil issues were moderately strong during the forepart of the week, especially on Tuesday when these shares
led the upward swing. There has been considerable liquidation apparent and some sizeable declines have been recorded
among the trading favorites.
On Saturday the list drifted lower, the offerings in the
industrial group having a depressing effect on the utilities,
mining shares and liquor issues. The industrial group also
was down, Singer Manufacturing Co. showing a 5 point loss
and A. 0. Smith yielded 4 points. As the downward swing
extended to the liquor shares, Hiram Walker, National Distillers (new) and Distillers Co. dipped to lower levels. The
Great Atlantic & Pacific Tea Co. dropped about 2 points
and General Tire a full point. Oil stocks and specialties also
joined the downward movement, but the losses were largely
fractional.
Marked weakness in stocks and small trading were the
chief characteristics of the curb dealings on Monday. Practically all groups were effected by the decline which carried
many of the trading favorites to lower levels. Sharp losses
in the gold mining shares were apparent all through the
session, these stocks being most directly effected by the
further decline shown by the reduction in the price of United
States gold to $29 an ounce. The alcohol stocks also yielded
a point or more, Hiram Walker being one of the weakest
features as it slipped back around 3 points. National Distillers (new) stocks dipped nearly 2 points to a new low
record. Public utilities were down and shares like Electric
Bond & Share and American Gas & Electric were off from
1 to 2 points, and Niagara Hudson & United Light & Power
A were fractionally lower.
Curb stocks bounded upward on Tuesday, the early losses
being quickly wiped out as the demand spread to all active
groups. Oil shares were the features of the day, being
boosted along by the price fixing in crude oil and gasoline.
Humble Oil led the advance with a gain of 4 points and
Gulf Oil of Pa. jumped about 2 points. Hiram Walker
led the upswing in the alcohol stocks and National Distillers
rallied sharply after making a new low in the early dealings.
The industrial shares, on the other hand, were generally
lower, Columbia Gas & Electric pref. falling back a point
followed by smaller losses in Electric Bond & Share and
American Gas & Electric. Lake Shore was the star feature
of the mining stocks, but most of the other shares showed
small losses.
Following a moderately firm opening, the curb market
moved downward on Wednesday, the public utility stocks
leading the drop as small losses appeared in such stocks as
Niagara Hudson, Electric Bond & Share and American
Gas & Electric. Northern States Power A was also off and
dropped over 3 points. The weak stock in the industrial.
group was Aluminum Co. of America, which started the
day with a gain of 2 points and then dropped back and
showed a net loss of 3 points. Parker Rustproof moved up
to 5532 and yielded to 51. Many of the trading favorites
were under strong selling pressure and moved below the
finals of the previous day. The price decline of the preceding day was extended to the trading on Thursday and
substantial losses were recorded by many of the leading
curb stocks. Alcohol issues showed pronounced weakness,
Canadian Industrial Alcohol A dipping nearly 2 points,
while Hiram Walker yielded 3 points and Distillers Seagrams 2 points.' Public utilities were sharply down, the
weak spot being Columbia Gas & Electric partic. pref.,
while Commonwealth Edison and Electric Bond & Share
showed further losses. Oil stocks were unsettled by the
statement showing a heavy increase in gasoline stock, the
recessions in issues like Humble Oil, Nebraska and Gulf Oil
of Pa. ranging from fractions up to 2 or more points. Miscellaneous industrials and mining stocks were also down
on the day.
Trading was unsettled during the early transactions on
Friday, but there was a sharp improvement toward the final
hour when the market moved vigorously upward and a
large part of the early losses were cancelled and some gains
were recorded. The advances, however, did not extend to
all groups of stocks, the liquor shares, for instance, being
one group that failed to respond to the general advance.
This was true also of a number of active shares in the industrial list. The changes for the week were gensrally on the side
of the decline, the range of prices showing many popular
speculative favorites substantially below last week's prices.
Oct. 21
Financial Chronicle
1933
Among these were Aluminum Co. of America, 63 to 54;
American Beverage, 2% to 2; American Gas & Electric,
2574 to 25; American Laundry Machine, 1234 to 1134;
American Light & Traction, 143 to 123 ; American Super%
power, 3% to 3; Associated Gas & Electric A, 134 to %;
Atlas Corporation, 123 to 93's; Brazil Traction & Light,
1234 to 11%; Central States Electric, 13 to 15s; Cities
%
/
Service, 234 to 23; Consolidated Gas Balto., 5534 to 5434;
Cord Corporation,8% to 63; Creole Petroleum, 9% to 934;
Electric Bond & Share, 18% to 1634; Gulf Oil of Pa., 5434
to 4834; Hudson Bay Mining, 93/. to 834; Humble Oil, 84
to 803; International Petroleum, 183 to 17; New Jersey
Zinc.,60 to 53; Niagara Hudson Power.63 to 6;Parker Rust
%
Proof,54 to 49 %; Pennroad Corporation, 33/8 to 274; Singer
Manufacturing Co., 138 to 133; A. 0. Smith, 30 to 2334;
Standard Oil of Indiana, 3034 to 2934; Swift & Co., 143 to
%
1234; Teck Hughes, 5% to 534; United Founders, 13/s to 1;
United Gas Corporation, 33/8 to 2%;United Light & Power A,
3% to 23 ;United Shoe Machinery,543 to 513/s, and Utility
%
Power, 1% to 1.
A complete record of Curb Exchange transactions for the
week will be found on page 2959.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Oct. 20 1933.
Stocks
(Number
of
Shares).
125,065 $1,367,000
352,283 2,597,000
328,860 2,457,000
219,400 1,727,000
406,555 2,331,000
374,870 2,315,000
$123,000
290,000
148,000
72,000
82,000
234,000
1,807.033 $12,794,000
$949,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
Week Ended Oct 20.
Sales at
New York Curb
Exchange.
1933.
$934,000 $14,677,000
Jan. 1 to Oct. 20.
1932.
688,150
1,807,033
Stocks
-No. of shares_
Bonds.
Domestic
$12,794,000 315,960,000
666,000
Foreign government _ _
949,000
625,000
Foreign corporate
934,000
Total
Total.
$50 000 $1,540,000
295 000 3,182,000
184 000 2,789,000
178 000 1,977,000
124 000 2,537,000
103 000 2,652,000
$14,677,000 $17,251,000
1933.
1932.
87,377,324
48,471,368
5721,859,000
34,270,000
33,523,000
$706,890,100
26,291,000
50,992,000
$789,652,000
$784,173,100
COURSE OF BANK CLEARINGS.
Bank dealings this week will 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,
Oct. 21) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will be
6.1% above those for the corresponding week last year.
Our preliminary total stands at $5,604,0.10,311, against
$5,280,688,234 for the same week in 1932. At this center
there is a gain for the five days ended Friday of 5.5%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week End.ng Oct. 21.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Loa Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1933.
Per
Cent.
1932.
$3,061,067,596 $2,902,828,503
185,281,695
155,406,878
261,000,000
225,000,000
196,000,000
185,000,000
58,671,720
53,176,882
60,400,000
56,000,000
89,458,000
79,602,000
No longer will re port clearings.
67,908,795
60,734.935
45,337,404
43,401,375
53,443,464
54,270,310
40,149,305
46,420,138
21,441,000
29.656,367
+5.5
+19.2
+16.
0
+5.9
+10.3
+7.9
+12.4
+11.8
+4.5
-1.5
-13.5
-27.7
Twelve cities, five days
Other cities, five days
$4,140,158,979
529,874,614
$3,811,895,388
511,207,070
+8.6
+3.7
Total all cities, five days
All cities, one day
$4,670,033,593
934,006,718
$4,323,102,458
957,585,776
+8.0
-2.5
Total all cities for week
55.604.040.311
SR 91111
Ansa
0111
-1-ft
I
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 Oct. 14. For
that week there is a decrease of 1.6%, the aggregate of
clearings for the whole country being ,012,892,849 against
$4,077,784,586 in the same week in 1932.
Outside of this city there is a decrease of 2.7%, the bank
clearings at this centre having recorded a loss of 0.9%.
We group the cities according to the Federal Reserve districts in which they are located and from this it appears
Financial Chronicle
Volume 137
that in the New York Reserve District, including this city,
the totals record a decrease of 0.9% in the Boston Reserve
District of 5.8% and in the Philadelphia Reserve District
of 6.6%. The Cloysland Reserve District suffers a loss of
13.1% and the Richmond Reserve District of 15.6%, but
the Atlanta Reserve District enjoys a gain of 15.6%. In
the Chicago Reserve District the totals are smaller by 1.3%
but in the St. Louis Reserve District they show an increase
of 4.6% and in the Minneapolis Reserve District of 4.2%.
In the Kansas City Reserve District the totals register a
decline of 4.8% but the Dallas Reserve District has enlarged its total by 33.0% and the San Francisco Reserve
District by 1.3%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Oct. 14 1933.
Inc.07
Dec.
1932.
1933.
Federal Reserve Diets.
lat Boston
12 cities
2nd New York 12 "
3rd Philadelphia 9 "
4th Cleveland.._ 5 "
5th Richmond
6 "
6th Atlanta_ _ _ _10 **
7th Chicago_._19 "
8th St. Louis- 4 "
9th Minneapolis 7 "
10th Kansas MY 9 "
11th Dallas.... 5 "
12th Ban Fran 13 "
$
155,553,268
2,548,742,493
225,724,337
156,099,484
84,073,749
93,937,568
267,978.100
93,565,152
76,273,049
83,699,089
44,499,838
152,446,722
• $
197,325,070
2,572,046,774
241,764,363
179,675,029
99,649,459
81,285,04
271,458,378
89,486,370
73,181,824
87,879,384
33,468,84
150,561,040
Total
111 titles
Outside N.Y. City
4,012,892,849
1,540,525,974
4,077,784,586
1,583,046,013
249,703,456
231,222.491
Canada
32 eitiee
1931.
1930.
$
$
%
-5.8
354,477,641
570,684572
-0.9 4,277,587,830 6,430,317,593
515,013,254
354,427,017
-8.6
388,430,544
277,213,414
-13.1
184,569,575
139,810,319
-15.6
158,338,496
115,422,322
+15.6
759,796,840
478,569,337
-1.3
184,215,236
127,250,537
+4.6
124,112,952
92,893,602
+4.2
-4.8
129,571,045
195,060,160
55,267,952
+33.0
65,453,483
229,112,092
+1.3
312,642,276
-1.6 6,626,603,108
-2.7 2,477,052,812
9.838,638,981
3,564,916,948
253,108,068
432,513,050
+8.0
Week Ended Oct. 14.
Clearings at
1933.
Week Ended Oct. 14.
Clearings at
1933.
1932.
iriC. Or
Dec.
$
$
%
First Federal Reserve Dist rict-Bo s to nMaine-Bangor_
516,916
365,312 +41.5
Portland
1,475,720
2,000,463 -26.2
Mass.
-Boston
162,000,000 170,977,889 -5.3
Fall River.
886,140
588,868 +50.5
Lowell
219,721
298,713 -26.4
New Bedford._
596,487 +1.4
604,559
Springfield_ _
2,252,697
2,584,896 -12.9
Worcester
1,158,820
1,630,828 -28.9
Conn.
-Hartford
6,130,063 +4.3
6,393,674
New Haven_
2,636,836
4,020,126 -34.4
R.1.
-Providence
7,734,000 -4.7
7,372,400
N. H.-Manch'er
397,325 -15.5
335,785
Total(12 cities)
185,853,268
197,325,070
Second Feder at Reserve D istrict-New
N. Y.
-Albany_
3,929,579
5,310,278
Binghamton_ _
698,936
687,529
Buffalo
21,396,164
23,464.233
Elmira
531,443
497,925
Janmstown_ _
451,249
488,959
New York_ _ _ 2,472,366,875 2,494,738,573
Rochester
5,825,811
5,449,550
Syracuse
2,612,071
2,985,764
Conn.
-Stamford
1,897,357
2,776,246
N. -Montclair
517,262
.375,000
Newark
13,506,928
17,091,957
Northern N. J.
20,823,423
22,366.155
-5.8
1931.
3
1930.
$
724,603
2,897,445
310,807,900
931,307
460.747
1,234,406
4,849,876
2,944,382
9,921,537
6,953,882
12,258,500
493,056
654,799
3,545,765
468,658.485
1,045,499
535,634
1,288,221
4,960,799
3,568,927
13,993,078
8,014,833
13,699,600
722,932
354,477,641
520,688,572
York
9,621,436
6,483,689
+35.1
981,777
1,422,845
+1.7
38.312,979
+9.7
47,463.540
1,083,721
986,158
+6.7
876,560
1,180,642
-7.7
-0.9 4,149,550,296 6,273,722,033
9,098,345
+6.9
10,116,410
5,249,045
4,594,294
-12.5
5,024,832
+48.3
2,797,100
-27.5
1,285,913
1,070,180
33,009,917
28,469,466
-21.0
41,137,259
34,366,986
-6.9
Total (12 cities) 2,548,742,493 2,572,046,774 -0.94,277,587,830 6,430,317,593
Third Federal Reserve Dist rict-Philad elphiaPa.
-Altoona__ _
292,293
269,681
1,237,032
595,632
+8.4
Bethlehem_ _ _ _
C
c
c
c
c
Chester
188,576
238,018 -20.8
765,138
1,106,009
Lancaster
779,300
1,103,692 -29.4
2,572,427
1,818.058
Philadelphhs218,000,000 232,000,000 -6.0 335,000,000 493,000,000
Reading
932,043
1,935,602 -51.8
3,129,156
3,387,282
Scranton
1,631,576
2,175,747 -25.0
4,208,217
4,659,055
Wilkes-Barre.
1,221,540
2,237,924
3,955,235
1,301,767 -6.2
York
1,044,009
1,558,523
966,856 +8.0
2,123,583
N.J.
--Trenton_
1,833,000
1,773,000 -7.8
4,360,000
3,727,000
Total(9 cities)
225,724,337
241,764,363
-6.6
354,427,017
515,013,254
Fourth Fade al Reserve D istrict-Clev eland01110-Akron._ _
c
c
c
Canton
C
c
c
Cincinnati 34,009,853
41,254,000 -17.6
Cleveland
46,783,009
62,136,535 -24.7
Columbus
6,604,900
7,023,900 -13.4
Mansfield
746,863 +2.3
764,267
Youngstown _
C
c
c
Pa.
-Pittsburgh
67,913,731
67,937,455
+0.1
c
c
55,924,576
95,026,888
9,940,400
1,215,170
c
110,106,380
c
c
67,405,545
137,749,658
17,256,900
1.951,445
c
164,066,996
179,675,029 -13.1
272,213,414
388,430,544
Fifth Federal Reserve Dist rict-Richm ond
W. Va.-Hunt'o I
102,442
316,471 -67.6
Va.-Norfolk__ _ •
1,642,000
2,348,000 -30.1
Richmond _ _ _ •
30,573,592
24,091,721 +26.9
S.C.-Charlesto 1
1,040,511
700,000 +48.6
hid.-BaltImore .
37,940,383
54,317,660 -30.2
D. C.-Wash'to i
12,774,821
17,875,607 -28.5
533,637
3,201,884
35,329,215
1,742,583
75,063,732
23,939,268
1,178,337
4,201,041
49,295,143
2,631,492
98,545,499
28,718,063
99,649,459 -15.6
139,810,319
184,569,575
Sixth Federal Reserve Dist rict-Atlant aTenn.-Knoxvill
3,329,089
2,058,253 +61.7
Nashville
.
9,620,721
9.198,867
+4.6
Ga.-Atianta _ _ •
36,800,000
28,300,000 +30.0
Augusta
.
1,056,456
968,198 +9.1
Macon
•
755,795
434,591 +73.9
Fla.-Jack'nville • *11,500,000
6,217.439 +85.0
•
10,720,193
8,452,476 +26.8
Mobile
•
990,572
853,399 +16.1
M Iss.-Jackson_ •
C
c
c
Vicksburg
•
143,360
134,489 +6.6
-New °ilea i
La.
19,021,382
24,667,336 -22.9
3,614,805
11,792,317
42,600,000
1,430.719
842,643
11,202,127
11,969,130
1,129,801
c
158,207
30,682,573
2.744,181
21 356,510
50,236,777
2,215,943
1,519,878
13,259,145
17,991,544
2,040,046
c
200,310
46,774,162
115,422,322
158,338,496
Total(5 cities)
Total(6 cities) •
Total (10 cities
156,099,484
84,073,749
93,937,568
81.285,048 +15.6
1932.
Inc. Or
Dec.
$
a
%
Seventh Feder al Reserve D istrict-Chi cago37,662
lich.-Adrian_.
97,497 -61.4
Ann Arbor _ _ __
427,191
468,003 -8.7
44,067,533
Detroit
50,673,025 -13.0
1,619,468
Grand Rapids_
2,160,471 -25.0
Lansing
556,396
274,100 +103.0
nd.-Ft. Wayne
312,146
848,304 -63.2
Indianapolis
9,375,000
11,080,000 -15.4
South Bend.-661,408
843,321 -21.6
Terre Hants.__
2,915,446
2,996,330 -2.7
Vis.-Milwaukee
11,726,374
13,114,924 -10.6
-Cod. Rapids
a.
217,028
668,868 -87.6
Des Moines.__
4,995,033
4,912,443 +1.7
2,223,544
Sioux City_ _
2,098,511
+6.0
c
Waterloo
c
c
308,677
940,105 -67.4
II.-Bloomingt'n
184,576.381 176,191,792
Chicago
+4.8
458,737
428,596 +7.0
Decatur
2,116,616
1,817,246 +16.5
Peoria
532,701
484,172 +10.0
Rockford
852,759
1,360,670 -37.3
Springfield_
.
Total(19 cities)
267,978,100
271,458,378
1931.
1930.
a
a
199,405
162,720
790,945
803,526
96,559,357 . 150,177,550
4,051,767
5,999,636
3,560,722
2,633,356
1,697,113
2,946,611
21,790,972
14,805,000
1,188,972
2,306,028
4,739,116
4,362,621
29,120,013
23,445,623
2,154,484
3,265,457
6,953,134
7,881,522
3,622,312
5,896,432
c
c
1,282,532
1,772,415
307,822,663 508,649,840
740,224
1,19 4,369
2,826,686
4,179,270
1,317,197
2,843,167
2,140,050
2,483,370
-1.3
478,569,337
759,796,840
Eighth Federal Reserve Dis trict-St.Lo ohncl. Evansville
b
b
b
90.
54,300,000
-St. Loub3
56,300,000 -3.6
E3r.- Louisville_
18,728.422
18,797,332 -0.4
7enn.-Memphis
13,884,127 +45.7
20,230,730
b .
II-Jacksonville_
b
b
504,911 -39.4
Quincy
306,000
b
88,400,000
21,323,472
16,847,202
b
679,863
b
124,100,000
35,210,329
23,847,107
b
1,057,800
+4.6
127,250,537
184,215,236
Ninth Federal Reserve Dist rict-Minne spoils9inn. Duluth_
3,162,566
2,637,479 +19.9
51,467.493
Minneapolis.50,410,262
+2.1
17,064,241
St. Paul
15,876,732
+7.5
q. D.
1,892,281
-Fargo_ ...
1,620,008 +16.8
i. D.-Aberdeen
494,450 -7.5
457,556
viont. Billings_
400,295
374,449 +6.9
1,828,617
1,771,444
Helena
+3.2
2,973,232
63,256,870
20,848,889
2,148,931
732,943
496,618
2,436,119
5,561,137
82,880,160
27,751,872
2.443,985
1,116,901
846,397
3,512,500
92,893,602
124,112,952
178,183
3,156,837
31,560,348
1,816,502
4,921,909
82,658,459
3,237,414
950,758
1,090,635
232.235
c
4,344,961
44,076,271
3,117,245
6,928,253
128,682,814
4,955,600
1,071,405
1,651,373
-4.8
129,571,045
195,060,160
Eleventh Fede ral Reserve District
-Da ilasrexas -Austin
656,473
708,898 -7.4
Dallas
33,097,632
27,982,696 +18.3
Ft. Worth
6,109,158
b_
Galveston
2,876,000
2,771,000
-I:3:8
..a.-Shreveport.
1,780,575
2,006,253 -12.2
1,654,127
39,987,265
7,218,063
3,261,000
3,147,497
1,839,256
45,570.122
9,388,366
4,008,000
4.647,739
55,267,952
65,453.483
Total(4 cities).
Total(7 cities).
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
2931
•
93.565,152
76,273,049
89,486,370
73,184,824
+4.2
Tenth Federal Reserve Dist rict- Kansa s CityNeb. Fremont_
39,903
104,666 -61.9
c
Hastings
c
c
1,609,108
Lincoln
1,734,124 -7.2
20,682,611
Omaha
19,537,967 +5.9
Kan.-Topeka...
1,046,856
1,359,894 -23.0
1,563,770
3,858,804 -59.5
Wichita
Bo.
-Kan. City_
55,416,888
57,884,126 -4.3
St. Joseph..._
2,485,290
2,384,050 +4.2
..Iolo.-Col.Sps439,161
487,873 -10.0
.
527,880 -21.3
Pueblo
415,502
Total(9 cities)_
Total(5cities).
83,699,089
44,499,838
87,879,384
33,468,847 +33.0
c
Twelfth Feder al Reserve D Istrict-San Franci sco18,307,986
Nash.-Seattle
20,611,367 -11.2
31,354,768
4,766,000
Spokane
5,092,000 -6.4
9,392,000
Yakima__ _ _
552,491
543,328 +1.7
1,013,003
)re.
16,792,162
-Portland
15,647,985 +7.3
27,609,092
Utah-S. L. City
8,506,518
8,669,032 -1.9
13,357,104
2,392,644
:AL-Long Beach
2,717,587 -12.0
4,458,803
Los Angeles
No longer will report clearin gs.
2,509,435
Pasadena
2,669,530 -6.0
4,234,283
3,098,271
Sacramento....
5,945,515 -47.9
6,699,507
San Diego _ _ No longer will report clearin gs.
90,608,329
San Francisco_
_84,296,317
+7.5 123,705,781
1,804,795
San Jose
1,612,540 +11.9
2,722,740
969,269 +23.5
1,197,089
Santa Barbara_
1,579,525
Santa Monica_
823,758
758,783
+8.6
1,545,686
1,087,244
1,027,787
Stockton
+5.8
1,439,800
41,141,025
13,417.000
1,512,547
36,982,508
19,057,836
6,905,365
5,709,923
6,812,504
171,056,920
4,075,052
1,982,324
2,017,372
1,971,900
Total(13 cities) 152,446,722 150,561,040
3rand total (111
4012,892.849 4,077,784,586
cities)
-1.06.620.603.1089,838,638.981
Dutaide NewYork 1,540,525,974 1,583,046,013
-2.7 2,477,052,812 3,564,916,948
+1.3
229,112,092
312,642,276
Week Ended Oct. 12.
Clear! s al
1933.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William__
New Westminster
Medicine Hat..,
Peterborough..
Sherbrooke
Kitchener
Windsor
Prince Albert,.,.
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
75,997,784
85,931,076
39.105,089
11,587,738
3,245,572
3,130,542
1,679,969
2,808,478
4,308,497
1,073,327
1.249,022
1,774,024
3,364,290
4,189,394
289,725
359,192
1,169,806
484,394
776,258
444,469
382,563
234,313
490,747
733,948
959,835
1,522,262
258,112
524,136
503,212
335,104
349,965
482,617
Total(32 cities)
249,703,456
1932.
$
65,483,892
69,668,454
45,909,875
10.424,230
3.433,067
3,541,541
1,622,590
2,684,773
6,019,946
1,273,621
1,201.506
1,879,186
3,416,956
4,115,486
329.657
337,822
1,683,936
497,615
739.259
483,437
362,979
199,068
486,284
547,082
906,704
1,719,076
231,700
505,903
463,468
365,660
293,857
387,856
231,222,491
Inc. or
Dec.
1931.
1930.
%
+16.1
+23.3
-14.8
+11.0
-5.5
-11.6
+3.5
+4.5
-28.4
-15.7
+4.0
-5.6
-1.5
+1.8
-12.1
+6.3
-30.5
-6.7
+5.0
-8.1
+5.4
+17.7
+0.9
+34.2
+5.9
-11.4
+11.4
+3.6
+8.6
-8.4
+16.7
+24.4
$
86,837,527
73,394,263
36,007,395
11,888,208
5.288,445
4,574,334
2,554,886
3,311,946
4,763,506
1,734,226
1,800,991
2,230,890
3,340,839
3,749,780
401,974
398,758
1,499,953
473,842
713,065
506,371
477,963
249.487
566,171
639,147
859,966
1,951,881
275,881
655,629
659,091
403,076
325,125
571,452
$
151,034,473
127,448,424
62,282,356
17,754,072
7,961,198
7,013,789
4,218,242
6,058,199
8,945.499
2,496,445
2,629,686
3,235,844
6,476,833
6,079,915
616,777
568,710
2,569,676
1,012,810
1,148,180
854,675
767,169
358,510
940,177
936,834
1,447.764
2,888,284
405,658
986,433
852,465
615,279
637,134
1,251,538
+8.0
253,106.088
432,513,050
•Estimated. b No clearings available. c Clearing house not functioning at
present.
Oct. 21
Financial Chronicle
2932
1933
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 4 1933:
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
GOLD.
The Bank of England gold reserve against notes amounted to £190,376.131
on the 27th ult., showing no change as compared with the previous
Wednesday.
In the open market the amounts of gold available were fairly substantial
and were secured by Continental buyers. Prices had shown only comparatively small variations until yesterday, when, following a rather
sudden depreciation of sterling in terms of the franc, a new high record
was established, the price being fixed at 134s. 8d. per fine ounce. Quotations during the week:
Equivalent Value
Per Fine
Ounce.
£ Sterling.
Sept.28
1328. 4d.
12s. 10.07d.
Sept.29
133s. Od.
12s. 9.30d.
Sept.30
133s. ld.
12s. 9.20d.
Oct. 2
12s. 8.82d.
133s. 5d.
Oct. 3
12s. 7.40d.
134s. 8d.
Oct. 4
12s. 8.16d.
134s. Od.
Average
12s. 8.83d.
133s. 5d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 25th ult. to mid-day on the 2d inst.:
Imports.
Exports.
Netherlands
£278,944
E261,739 Netherlands
France
40,557
830,954 France
Switzerland
2,450
111,027 Switzerland
Portugal
3,000
307.496 Belgium
British South Africa
1,000,000
1,192,803 Persia
British West Africa
2,680
63,076 Other countries
British India
813,679
British Malaya
38,910
Hong Kong
372,016
Australia
43,070
Fill Islands
85,882
United States of America_
568,542
Jamaica & Dependencies_
14,144
Other countries
26,443
Oct.14 Oct. 16
1933. 1933.
Francs. FICI=8.
Bank of France
11,500
Banque de Paris et Pays Sas
1,490
Banque d'Union Parisienne
286
Canadian Pacific
235
Canal de Suez
18,645
Cie Ditty d'Electricitie
2,360
(le Generale d'Eleo tickle
1,940
52
Cie Generale Transatlantique -.
Citroen B
500
Comptoir Nationale d'Escompte
1,030
200
CotY Inn
314
Courrieres
Credit Commercial de France...
764
4,650
Credit Fonder de France
Credit Lyonnais
2,050
Distribution d'Electricitte is Par
2,360
2,540
Eaux Lyonnais
713
Energie Electrique du Nord_
935
Energie Eiectrique du Littoral
51
HOLTFrench Line
89
Gaieties Lafayette
DAY
1,010
Gas le Bon
610
Kuhlmann
710
L's1r LIquide
936
Lyon (P L M)
310
Mines de Courrteres
410
Mines des Lens
1,290
Nord Ry
870
Orleans Ry
910
Paris, France
Paths Capital
67
1,070
Pechiney
67.60
Rentcs 3%
108.90
Rentes 5% 1920
79.00
Rentes 4% 1917
84.80
Rental 414% 1932 A
1,730
Royal Dutch
1,251
Saint Gobain C dr C'
1,504
Schneider & Cie
500
Societe Andre Citroen
71
Societe Francalse Ford
111
Societe Generale Fonciere
2,545
Societe Lyonnaise
558
Societe MarseillaLse
18,500
Suez
146
Tubize Artificial Silk prof
800
Union d'ElectrIcitte
Union des Mines
---94
Wagon-Lits
£4,729,781
£1,327,631
The SS. Strathaird, which sailed from Bombay on the 30th ult., carries
gold to the value of about £491,000, of which £.452,000 is consigned to
London and £39,000 to Amsterdam.
SILVER.
Until yesterday, when there was an easier tendency in the absence of
support, the market had maintained a quietly steady tone, prices having
shown no movement of importance. Continental selling has continued
and the Indian Bazaars have also been disposed to sell. Support has been
given on China account and America has been more inclined to buy than
sell, but business with New York has again been restricted owing to exchange
fluctuations.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 25th ult. to mid-day on the 2d inst.:
Imports.
Exports.
Germany
£19,005 France
£6,673
Soviet Union (Russia)
19,500 Persia
8,184
British India
12,820 Hong Kong
6.810
Australia
15,172 Portugal
21,550
Canada
15,080 United States of America_ _ 4,125
3,240 British India
Other countries
6,470
Other countries
3.393
£84,817
£57,205
Quotations during the week:
IN LONDON.
IN NEW YORK.
Bar Silver per Ounce Standard.
(Cents per Ounce .999 Fine.)
2 Mos.
Cash
Delivery.
Delivery.
Sept.27
18%cl.
39
Sept.28
18 7-16d.
183d.
Sept.28
Sept. 29
187-16d.
39k'
18 9-16d. Sept. 29
39 13-16
Sept.30
18 7-16d.
40
Oct. 2
18%d.
18 9-16d. Sept.30
187-16d. Oct. 2
39%
Oct. 3
185-16d.
187-16d. Oct 3
40
Oct. 4
185-16d.
Average
18.SOOd.
18.406d.
The highest rate of exchange on New York recorded during the period
from the 28th ult. to the 4th inst. was $4.80% and the lowest $4.69%.
No fresh Indian currency returns have come to hand.
The stocks in Shanghai on the 30th ult. consisted of about 126,000,000
tunc_e_s_in sycee. 295,000,000 dollars, and 6,360 silver bars, as compared
with about 125.700,000 ounces in sycee, 292,500,000 dollars, and 6,820
silver bars on the 23d ult.
Statistics for the month of September last are appended:
Bar Gold per
2 Mos.
Cash
Fine Or.
Delivery.
Delivery.
133s. 9d.
Highest price
1894d.
18%d.
127s. 7d.
Lowest price
183.d.
18 1-16d.
Average
131s. 4.27d
18.3726d.
18.2716d.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securit'es, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Oct. 14.
Oct. 16.
Silver, per cm__ 183-156. 1834d.
Gold, p.fine oz. 1318.3d. 1288.56.
7434
Consols, 23.4%
7334
British 3 %%
.W. L
10134
10134
British 4%11034
1960-90
11034
French Rentes
67.60
(In Paris)3% fr. Holiday.
French War L'n
(in Paris)5%
1920 amort.._ Holiday. 108.90
Frt.,
Thurs.,
Tues.,
Wed.,
Oct. 17.
Oct. 19.
Oct. 20.
Oct. 18.
181-led. 18 1-16d. 188.
173.cl.
1309.1134d. 1325.114(1. 1298.118. 1298.1%d
733.4
733.4
7334
7334
101
1013.4
10155
10139
11034
11034
1103.1
11034
68.10
68.40
67.50
108.90
109.50
67.70
108.50
108.40
The price of silver in New York on the same days has been:
Silver in N. Y..
or 03. (CEO.)
3334
3314
3334
3334
3334
I
3834
Oct. 17
1933.
Francs.
11,500
1,480
283
223
18,680
2,370
1,940
53
506
1,020
190
313
755
4,610
2,050
2,330
2,540
713
940
52
89
1,010
610
710
939
310
410
1,320
862
920
66
1,060
68.10
108.80
78.80
85.20
1,720
1,255
1,505
510
69
110
2,555
564
18,600
147
800
200
93
Oct. 18 Oct. 19 Oct.20
1933. 1933. 1933.
Francs. Francs. Francs.
11,500 11,500 11,500
1,460 1,480 1,560
281
283
-iii
223
229
18,585 18,905
--2,335 2,370
1,950 1,970 2:615
53
52
__505
511
1,040
1,040 1,0713
190
190
190
304
310
__751
750
4,570
4,510 4:656
2,050
2,050
2,060
2,340
2,360
2,410
2,540
2,560
2,640
715
724
__934
950
54
52
--82
.
90
89
89
1,010
1,010 1,020
620
610
610
720
710
710
945
943
310
-625
310
410
410
410
1,330 1,330
1,330
870
861
-515
900
900
65
68
1,060 1,070 1,591
68.40
67.50
67.70
109.50 108.50 103.40
79.50
77.90 77.80
85.10 84.50 84.60
1,710
1,730
1,740
1,251
1,250
-1,497 1,490
500
-815
510
69
69
69
109
107
115
2,560 2,570
...559
555
18,700 18,800 19:leo
148
148
"816
800
800
200
200
200
94
96
____
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Oct.
14.
149
Reichsbank (12%)
83
Berliner Handels-Gesellschaft (5%)
41
Commerz-und PrIvat Bank A G
Deutsche Bank und Disconto-Gesellsehaft- 43
•
Dresdner Bank
Deutsche Reichsbahn (Ger Rys) prof(7%) 100
Allgemeine Elektrizitaeta-Gesell (A E G).._1210
Berliner Kraft u Licht(10%)
102
Dessauer Gas (7%)
75
Gesfuerel(5%)
101
Hamburg Elektr-Werke (8%)
137
Siemens & Halske(7%)
119
I G Farbenindustrie(7%)
156
Salzdetfurth (734%)
180
Rheinische 13raunkohle (12%)
95
Deutsches Erdoel(4%)
54
Mannesmann Roehren
11
Hapag
12
Norddeutseher Lloyd
Oct.
16.
Oct. Oct. Oct. Oct.
17.
18.
19.
20.
Per Cent of Par
146
146
148
150
153
83
83
83
83
83
41
41
41
41
41
51
43
51
43
51
43
53
41
43
51
100
99
99
100
117 117
18
12
97
98
74
72
98
98
133 133
118
118
isg IN
152
17
92
93
51
51
10
10
11
11
117
18
99
73
99
132
118
14
1
116
18
98
100
89
116
1
98
99
72
129
117
152
72
97
128
117
56
.92
51
10
11
1131
50
10
11
71
9
50
10
11
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Oct. 20
1933:
Bid
/24
Anhalt 75 to 1946
Argentine 5%, 1945. $100
70
pieces
125
Antioquia 8%, 1946
Austrian Defaulted Coupons 185
Bank of Colombia, 7%.'47 /23
Bank of Colombia. 7%. 4 123
'8
132
BainIrla 6%s to 1945
Bavarian Palatinate Cons.
117
Cit. 7% to 1945
Bogota (Colombia)614,'47 f19
7
Bolivia 6%,1940
/10
Buenos Aires scrip
Brandenburg Elec.6s, 1953 51
Brazil funding 5%.'31-'51 42
British Hungarian Bank
14812
7%s. 1962
Brown Coal Ind. Corp.
J5412
6148, 1953
Call (Colombia) 7%. 1947 114
3
Callao (Peru) 714%, 1944
4
Ceara (Brazil) 8%. l947
110
Columbiascrip
'51 135
Costa Illea funding5%,
135
Costa Rica scrip
City Savings Bank, Buda139
pest, 78, 1953
Deutsche Bk 6% '32 unst'd /75
Dortmund Mun Util 65,'48 36
fl7
Dulsberg 7% to 1945
Duesseldorf 78 to 1945_ _ 120
East Prussian P.65, 1953. 32
EuropeanMortgage & Investment 714s. 1966-- 156
125
French Govt. 5148, 1937
French Nat. Mail SS.6s,'52 122
12412
Frankfurt 78 to 1945
German Atl Cable 70, 1945 /40
German Building & Land26
bank 614%,1948
German defaulted coupons. /70
65
Haiti6% 1953
Hamb-Am Line 6149 to '40 81
Hanover Hari Water Wks.
/25
6%, 1957
Housing & Real Imp 78,'46 37
Hungarian Cent Met 71.'37 /33
Flat price.
Ask
28
Bid
Flungartan Discount & Exchange Bank 7s, 1963_ -73 Hungarian defaulted coups
27 Hungarian Ital lit 734s,'32
Koholyt 6348, 1043
27 Land M Bk, Warsaw fis,'41
27 Leipzig Oland Pr 614s,'46
34 Leipzig Trade Fair 7s„ 1953
Luneberg Power, Light dt
20
Water 7%. 1948
21 Mannheim & Palat 78, 1941
10 Munich 7s to 1945
25 Munie Bk, Hessen, 78 to'45
54 Municipal GM & Elee Corp
44
Recklinghausen. 78. 1947
Nassau Landbank 614s,'38
5012 Natl. Bank Panama 612%
1946-9
5712 Nat Central Savings Ilk of
16
Hungary 7345, 1962._ _.
6 National Hungarian & Ind.
7
Mtge.7%,1948
25 Oberpfalz Elec.
____ Oldenburg-Free State 7%
pert0 Ale
to 1945e7e 7%.
41
20
23
35
Protestant Church (Ger6
prov ne.7 seb5 es. ,33
m any)wse l94 0a
s.
Prov IA Westphalia 65,'36
Rhine Westph Else 7%,
'36
Rio de Janeiro 6%, 1933._
Rom Cath Church 614s,'46
58 R C Church Welfare is,'46
135 Saarbruecken M Bk 6s,'47
127 Salvador 7%, 1957
2612 Santa Catharina (Brazil),
8%, 1947
48
Santander(Colom)7s, 1948
28 Sao Paulo (Brazil) 65, 1947
Saxon Pub. Works 5%,'32
75 Saxon State Mtge. 8s. 1947
85 Siam & Halske deb 65, 2930
Stettin Pub Uttl 7s, 1946._
29 Tucuman City 7s, 1951._
42 Tucuman Prov. 78, 195035 Yesten Elee Ry is, 1947._
Wurtemberg is to 1945___
Ask
3012
12812
160
f70
13812
62
67
24
WI;
581
411
/30
24
6012
44
33
27
32
/50
36
52
401
66
70
29
42
/49
51
148
28
50
81
24
118
28
22
35
153
/46
110
/21
161
9512
00
flb
37
57
50
45
26
64
4712
65
1612
/24
26
9
/712
J1812 20
f30
59
156
215
235
/3512 401z
25
/
23
48
44
28
/25
33
30
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for September
1933 and 1932, and the three months of the fiscal years 19331934 and 1932-1933:
General Funds.
—Month of
1933,
Receipts—
Internal revenue:
Income tax
135,782,822
Misce11. Internal revenue_ 122,857,852
Processing tax on farm prod. 23,058,450
Customs
33,793,404
Miscellaneous receipts:
Proceeds of Govt.
-owned sec.
Principal—foreign oblig_
Interest—foreign oblig__ All other
396,062
Panama Canal tolls, do-1,763,511
Other miscellaneous
3,347,366
Total receipts
September——Jtdy 1 to Sept.
1933-34.
1932-33.
1932.
$
142,021,018 163,169,846 174,148,115
72,778,033 362.150,006 169,826,081
32,378,986
68,928,044
91,564,931
25,935.510
371,840
1,999,213
5,167,665
179.595
1,187,544
1,745,911
5,294,445
14,330,261
1,187,909
5,030,346
18,030,812
320,999,467 248,273,279
672,001,525
437,151,307
Expenditures—
General:
Departmental (note I)
26,960,869
Public bldg. construction &
•
sites, Treas. Dept. (note 1) 9,380,756 191,738,830
River & harbor work (note 1) 8,913,930
National defense (note 1).....39,035,851
Veterans' Administration.-- 41,844,788
Adjusted-service ctf. fund.
Agricultural Adjustment Administration (note 1)
37,057,287
Farm Credit Administration (note 1)
24,222,870
Agricultural marketing fund
(note 2)
014,683.091
Distribution of wheat and
cotton for relief
186,787
Refunds of receipts:
Customs
958,985
857,608
Internal revenue
5,442,129
2,883,894
Postal deficiency
12,000,000 15,000.000
Panama Canal
1,223,518
873,049
Subscription to stock of
Federal land banks
32,331
Civil Service retirement fund
(Government share)
Foreign Service retirement
fund (Government share).
Dist. of Col.(Govt.share)...
1,219,811
Interest on the public debt_ - 43,619,227 50,100,902
Public debt retirement:
Sinking fund
Purchases and retirements
from foreign repayments
Received from foreign governments under debt
settlements
Estate taxes, forfeitures,
gifts, dsc
7,000
Total
2933
Financial Chronicle
Volume 137
247,682,460 251,824,871
Emergency (note 3):
Federal Emergency Admin.'
tration of Public Works...
Administration for Industrial Recovery
Agricultural Adjustment Administration
Farm Credit Administration
Administrationof Emergency
Conservation Work
Reconstruction Finance Corporation
Tennessee Valley Authority_
Federal land banks (subscriptions to paid-in surplus, &c.)
Federal Deposit Insurance
Corporation (subscriptions
to stock)
Total
90,417,7921
25,988,476
23,258,823
112,121,544
140,049,072
50,000,000
600,206,720
100,000,000
36,974,295
a5,116,259
a16,868,896
816,787
2,353,968
14,094,761
12,003,000
2,374,779
2,805,397
16,873,733
30,078,598
3,153,422
a191.000
al00,880
20,850,000
20,850,000
292,700
5,700,000
83,191,007
416,000
7,775,000
73,086,390
3,500
7.000
614,366,458
839,099,271
65,993,352
19.014,160
406,152
774,312
1,240,126
7,500,000
8,498,077
15,000,000
67,947,114
23,550,411
26,543,011 14,914,128
133,154
280,369.304
5,737,927
2,737,166
452
452
81,124,032
130.978,627
198,289
14,914,128
295,128,150
280,369,304
Total expenditures (note 4)....328,807.092 266,738,999
18,465,721
237,493,083
682,317,268
Summary.
Excess of expenditures
Less public debt retirements
18,465,721
7,000
237,493,083
3,500
682,317,268
7,000
Excess of expenditures (excl.
public debt retirements)... 7,807,625 18,458,721
Trust funds, excess of receipts
(—) or expenditures (+)--1,607,271 +2,215,589
237,489.583
682,310,268
—8,757,141
—2,992,952
Assets—
Gold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities
802,034,253.09 Gold ctts. outstanding_.1,188,451,319.00
2,393,825,957.10 Gold fund, Fed. Reserve
Board (Act of Dec. 23
1913. as amended
1,783,383,615.79
June 21 1917)
156,039,088.03
Gold reserve
Gold in general fund.... 67,986,187.37
3,195,860,210.19
3,195,860,210.191 Total
Total
Note.—Reserve against $346,681,016 of U. S. notes and $1,197,374 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SILVER DOLLARS.
$
Liabilities—
Assets—
$
506,922,262.00 Silver ctfs. outstanding_ 467,453,259.00
Silver doaars
Treasury notes of 1890
1,197,374.00
outstanding
4
38,271,629.00
Silver dolls. In gen.fund
Total
Assets—
Gold (see above)
Silver dollars (see above)
United States notes
Federal Reserve notes_
Fed.Res. bank notes__
National bank notes.._.
Subsidiary silver coin_ _
Minor coin
Silver bullion
Unclassified—
Collections, &c
Deposits in:
Federal Reserve banks
Special depositaries
acct. sales of Treas.
bonds. Trees. notes,
and ctLs. of indebt.1
Nat. and other bank
depositaries:
To credit of Treasurer U. S
To credit of other
Govt. Officers...
Foreign depositaries:
To credit of Treasurer U.
To credit of other
Govt. officers...
Philippine treasury:
To credit of Treasurer U. S
506,922.262.00
7,807,625
Total
6,200,354+20,674,310 228,732,451 679,317,316
Increase(
+) or decrease (—)
In general fund balance..._ _-53960 709+523387974 +283,349,543 +444,922,045
+)or decrease (—)
Increase(
in the public debt
—47760355 +544062284 +512,081,994 +1124239 361
Trust and Contributed
Funds.(Note 5.)
Receipts
12,252,033
Expenditures
10,644,761
Excess of receipts or credits
Excess of expenditures
11,684,538
13,900,127
34,591,559
31,598,606
8,757,131
1,607,271
37.793,891
29.036,760
2,992,953
2,215,589
a Excess of credits (deduct).
Note 1.—Additional expenditures on these accounts for this month and the fiscal
year 1934 are included under emergency expenditures, the classification of which
will be shown in the statement of classified receipts and expenditures appearing on
p. 4 of the daily Treasury statement for the 15th of each month.
Note 2.—On and after May 27 1933 repayments of loans made from Agricultural
Marketing Fund—Federal Farm Board, and interest thereon, are reflected as credits
In the expenditures of the Farm Credit Administration.
Note 3.—Emergency expenditures for the fiscal year 1933 (except Reconstruction
Finance Corporation) are included in general expenditures, the classification of
which emergency expenditures is not available for comparison with emergency expenditures for the fiscal year 1934. Therefore neither the totals of general expenditures nor the totals of emergency expenditures for the two fiscal years are comparable.
Note 4.—Total expenditures and excess of expenditures for the fLscal year 1933
include expenditures made by the Reconstruction Finance Corporation, whereas
in last year's daily Treasury statements Reconstruction Finance Corporation expenditures appeared on p. 3.
Note 5.—The classification of receipts and expenditures on account of contributed
funds prior to the fiscal year 1934 is not available. Such receipts and expenditures
were classified as special funds and are included in the receipts and general expenditures under general and special funds for the fiscal year 1933.
Total
506,922.262.00
GENERAL FUND.
Liabilities—
67,986,187.37 Treasurer's checks outstanding
38,271,629.00
2,466,421.00 Depos. of Gov't officers:
Post Office Dept
17,759,070.00
Board of trustees,
981,793.00
Postal Savings Sys21,949,918.00
tem9,943,391.50
5% reserve, law5,560,350.46
ful money
27,313,363.42
Other deposits...
Postmasters, clerks of
2,476,062.53
courts, disbursing
officers. 8,c
45,170,948.16
Deposits for:
Redemption of Federal Reserve notes
(5% fund, gold)123,756,000.00
Redemption of Fed.
Res. hank notes(5%
fund, lawful money)
Redemption of Nat.
7,636,462.20
bank notes (
5%
fund,lawful money)
20.868,224.37
Retirement of addi
circulating notes.
Act of May 30 1908
1,543,134.45
Uncollected items, exchanges, dsc
795,971.18
563,592.36
7,500,898.23
59,284,382.37
30,642,171.68
63,742,661.84
35,771,816.73
10,046,100.00
37,680,613.92
1,350.00
5,094,083.84
250,327,670.97
1,145,554,763.41
1,403,507.74 Net balance
I 395,882,434.38
Total
Total
1 395,882.434.38
Nole.—The amount to the credit of disbursing officers and agencies to-day was
$424,588,672.03.
Under the Acts of July 14 1890,and Dec. 23 1913, deposits of lawful money for the
retirement of outstanding National bank and Federal Reserve bank notes are paid
into the Treasury as miscellaneous receipts, and these obligations are made, under the
Acts mentioned, a part of the public debt. The amount of such obligations to-day
was $112,565,878.
$1,060,865 in Federal Reserve notes, $981,793 in Federal Reserve bank notes.
and $21,861,788 in National bank notes are in the Treasury in process of redemption
and are charges against the deposits for the respective 5% redemption funds and
retirement funds.
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of July, August,
September and October 1933:
Holdings in U.S. Treasury July 1 1933. Aug. 11933. Sept.1 1933. Oct. 1 1933.
909,494,608 1,119,468.575
Excess of receipts
Excess of expenditures(note 4) 7,808,625
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Sept. 30 1933 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Sept. 30 1933.
s
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net National bank notes.
Net Federal Reserve notes
Net Fed. Res. bank notes_
Net subsidiary silver
Minor coin, dsc
$
231.642,312
51,959,502
3,954,185
19,714,162
17,136,805
513,002
9,372,510
6,526,171
$
238,941.910
63,102,701
4,380,922
21,618,567
18,976.935
622,737
10,730,177
7,096,336
$
214,038,786
68,278,069
3,274,755
21,110,177
19,501,011
492,943
10,264,645
8,199,144
Total cash in Treasury_
Less gold reserve fund....
340,818,649
156,039,088
365,470,285
156,039.088
345,209,530 *350,747,274
156,039,048 156,039,088
Cash balance in Treas'y 184,779,561
Dep. in spec'l depositories
account Treas'y bonds,
Treasury notes and certificates of indebtedness 836,517,000
Dep. in Fed. Res. bank
51,197,115
Dep. in National banks—
To credit Treas. U. S..
7,267,607
To credit disb. officers_
19,869.225
Cash in Philippine Islands
817,832
Deposits in foreign depts.
2,098,654
Dep.In Fed. Land banks
209,431,197
189,170,442
224,025,275
65,584,992
2,466,421
21,949,918
17,759,070
981,793
9,943.392
8,036,413
194,708,186
736,601,000 1,125,195,000 1,123,756,000
90,384,929
60,335,423
45,170,948
7,496,259
17,948,121
960,461
2,638,323
7,599,721
18,930.434
1,281,180
2,454,254
7,636,462
20,868,224
1,403,508
2,339.106
Net cash in Treasury
and in banks
1,102,546,994 1,065,460,290 1,404,966,454 1,395,882,434
Deduct current liabilities_ 240,341,773 231.527,330 205,450,981 250,327,671
Available cash balance_ 862.205.221 833.932.960 1.199.515.473 1 14a!5&753
• Includes Sept. 1 827,313,363 silver bullion and $5,560,350 minor,
coin
not included in statement "Stock of Money."
Preliminary Debt Statement of the United States
Sept. 30 1933.
The preliminary statement of the public debt of the United
States Sept. 30 1933, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds
2% Consols of 1930
2% Panama Canal Loan of 1916-36
2% Panama Canal Loan of 1918-38
3% Panama Canal Loan of 1961
3% Conversion bonds of 1946-47
2A% Postal Savings bonds (6th to 45th series)
$599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
68,633,500.00
$821,953,630.00
2934
Financial Chronicle
First Liberty Loan of 1932-47:
355% bonds
31,392,227,3.50.00 31,392,227,350.00
4% bonds (converted)„
5,002,450.00
5,002,450.00
535,982,100.00
535,982,100.00
434% bonds (converted)
$1,933,211,900.00
434% Fourth Liberty Loan of 1933-38
6,268,094,150.00
gommercialand pAlsalbuminsgrws
8,201,306,050.00
Treasury bonds:
434% bonds of 1947-52
4% bonds of 1944-54
334% bonds of 1948 56
335% bonds of 1943-47
334% bonds of 1940-43
335% bonds of 1941-43
335% bonds of 1946-49
3% bonds of 1951-55
334% bonds of 1941
758,983,300.00
1,036,834,500.00
489,087,100.00
454,135,200.00
352,993,950.00
544,915,050.00
819,497,000.00
759,494,200.00
835,043,100.00
$15,074,243,080.00
244,234,600.00
345,292,600.00
416,602,800.00
353,865,000.00
365,138,000.00
360,533,200.00
572,419,200.00
834,401,500.00
508,328,900.00
277,516,600.00
623,911,800.00
$4,902,244,200.00
4% Civil Service Retirement Fund, Series
1934 to 1938
4% Foreign Service Retirement Fund. Series
1934 to 1938
4% Canal Zone Retirement Fund, Series 1936
to 1938
244,100,000.00
2,522,000.00
2,221,000.00
5,151,087,200.00
Certificates of Indebtedness
34% Series TD-1933, maturing Dec.15 1933_ _
4g% Series TD2-1933,maturing Dec. 1.51933
34% Series TM-1934, maturing March 15 1934
34% Series TJ-1934, maturing June 15 1934_
$254,364,500.00
473,328,000.00
460,099,000.00
174,905,500.00
1,362,697,000.00
4% Adjusted Service Certificate Fund Series,
maturing Jan. 1 1934
100,010,000.00
75,453,000.00
75,172,000.00
80,122,000.00
60,096,000.00
75,143,000.00
75,100,000.00
60.200.000.00
100,296,000.00
75,039.000.00
100,015,000.00
75,082,000.00
notes
Friday
Last Week's Range for
Week.
Sale
Of Prices.
Par. Price, Low. High. Shares.
Range Since Jan. 1.
Low.
High.
American Stores
•
Feb 4734 July
• 500 30
3734 38
Bankers Securities pref__50
6
6
6
Oct
500
834 Feb
Bell Tel Cool Pa pref-100 11334 11334 11434
325 10634 Mar 116
Bent
Budd (E G) Mfg Co
•
435
4
35 Mar
534
1,900
936 July
Budd Wheel Co
•
100
534 July
334 335
35 Mar
Cambria Iron
36
50
20 33
Sept
36
Apr 40
Camden Fire Insurance-5
300
x1235 1235
9
Apr 1435 July
Central Airport
•
1%
% Apr
134
100
234 July
Con Tract of NJ
18
Mar 22 June
486 17
18
100 18
Fire Association
33
225 2134 Feb 5335 July
32
10 32
Horn & Hardart(NY)cm* 16
16
16
200 16
Oct 2534 June
Insurance Co of N A_
Mar 4555 July
300 25
39
4034
10
Lehigh Coal & Navigation •
700
735 834
534 Mar 1335 July
734
Lehigh Valley
50
195
835 Feb 2734 July
1334 1734
Mitten Bank Sec Corp_ _25
35 Feb
200
1
134
134
134 July
Preferred
135
31 Feb
234 July
500
136
25
Pennroad Corp vie
6% July
2% 335 7,900
•
3
134 Mar
Pennsylvania RR
July
13,900 1334 Jan 42
2235 29
50
Penns Salt Mfg
525 2534 Mar 51
49
Oct
50
50
Pinta Else of Pa $5 pret__* 9734 97
270 89
98
Sept 10334 Jan
Phi's, Else Power pref_ _ _25 3134 3134 3234
Jan
800 2834 Apr 33
Hills Rapid Transit_ _50
200
1% May
6
July
234
234
7% preferred
5
300
3
Feb
50
5
935 July
534
Pinta & Read Coal& Iron •
245
235 Feb
935 July
434 434
Philadelphia Traction_ _ _50 1834 1835 1834
Mar 2334 June
200 15
Certificates of deposit_ _ _
1735 18
57 17
Mar 2034 Feb
Scott Paper
•
40 28
Sept
Jan 41
3834 39
Shreve El Dorado Pipe L 25
%
35 Sept
35
636 Aug
%
200
Tacony-Palmyra Bridge... 2235 22
20 1834 June 3034 Jan
2234
Tonopah-Belmont Devel_ 1
3.1
1,600
% Oct
'ii
ill Jan
is
Tonopah Mining
%
%
1
1,600
34
g Jan
135 Sept
Union Traction
400
334 Mar 1234 Jan
50
534 6
554
United Gas Impt corn__ __• 1634
Mar 2434 July
1634 1734 6,900 14
Preferred
55 86
• 8834 8834 8935
May 9934 Jan
Victory Insurance Co10
6% July
200
535 534
334 Feb
132,000,000.00
Treasury Ellis (Maturity Value)
Series maturing Oct. 4 1933
Series maturing Oct. 11 1933
Series maturing Oct. 18 1933
Series maturing Oct. 25 1933
Series maturing Nov. 1 1933
Series maturing Nov. 8 1933
Series maturing Nov. 15 1933
Series maturing Nov.22 1933
Series maturing Nov.29 1933
Series maturing Dec. 6 1933
Series maturing Dec. 20 1933
Series maturing Dec. 27 1933
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Oct. 14 to Oct. 20, both
inclusive, compiled from official sales lists:
Stocks-
6,050,983,400.00
Total bonds
Treasury Notes
3% Series A-1934, maturing May 2 1934
235% Series 2-1934, maturing Aug. 1 1934_
3% Series A-1935, maturing June 15 1935_
134% Series B-1935, maturing Aug. 1 1935
% Series A-1936, maturing Aug. 1 1936
234% Series 2-1926, maturing Dec. 15 1936
234% Series C-1936, maturing April 15 1936_
334% Series A-1937, maturing Sept. 15 1937_
3% Series 5-I937, maturing April 15 1937
235% Series A-1938, maturing Feb. I 1938_ _ _
234% Series 13-1938, maturing June 15 1938.._
Oct. 21 1933
1,494,697,000.00
Bonds
Else & Peoples tr Ms 4s '45
18
2034 830,300 15
Apr 2334
Certificates of deposit_ _ _ ...... 16
2,100 16
Oct 21
1834
Lehigh Valley annuity es__ ...... 100% 101
17,000 9134 May 101
Peoples Pass tr ctfs 48_1943
1,000 2334 Aug 34
26
26
Phlia Else (Pa) lot 5s..1966
10754 108
1,100 10235 Mar 110%
Phila Elec Pow Co 535s '72
10635 10634
1,000 103
May 108
•No par value. x Ex-dividend.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Oct. 14 to Oct. 20, both inclusive, compiled from official sales lists:
951,728,000.00
Total interest-bearing debt outstanding
Matured Debt on Which Interest Has Ceased
Old debt matured-issued prior to April 1 1917
4% and 434% Second Liberty Loan bonds of
1927-42
434% Third Liberty Loan bonds of 1928
334% Victory Notes of 1922-23
434% Victory Notes of 1922-23
Treasury notes, at various interest rates
Ctts. of Indebtedness, at various int. ratesTreasury bills
Treasury Savings Certificates
$22,671,755,280.00
Stocks$1,513,790.26
2,340,000.00
3,795,900.00
11,150.00
912,000.00
3,459,000.00
43,114,700.00
14,753,000.00
523,700.00
70,423,240.26
Debt Bearing No Interest
United States notes
Less gold reserve
$346,681,016.00
156,039,088.03
$190,641,927.97
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and tractional currency......
Thrift and Treasury savings stamps. unclassifled sales, &c
112,565,878.00
2,039,083.82
3,329,144.46
308,576,034.25
$23,050,754,554.51
Total gross debt
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements.)
Aug. 31 1919
When War Debt
Sept. 30 1932
March 31 1917
Was at Its Peak.
a Year Ago.
Pre-War Debt.
$1,282,044,346.28 $26,596,701,648.01 $20,611,241,804.76
Gross debt
1,118,109,534.78
862,119,223.29
74,216,460.05
Net bal. In general fund
Gross debt less net balance in general fund_31,207,827.886.23 $25,478,592,113.25 $19,749,122,581.47
Aug. 31 1933
June 30 1933
Sept. 30 1933.
Last Month.
Last Quarter.
Gross debt
$22,538,672,560.15 $23,098,514,910.20 $23,050,75 ,55 .
4 4 51
Net bal. In general fund_
1,145.554,763.41
1,199,515,472.85
862,205,220.61
Gross debt less net balance in gen.fund _ _ _$21,676.467,339.54 $21,898,999,437.35 $21,905,199,791.10
CURRENT NOTICES.
-Albert Frank-Guenther Law, Inc., are reprinting a copy of the official
regulations just issued by the Federal Trade Commission governing newspaper and periodical advertising under the Securities Act, for the class of
securities registered on the Commission's registration form A-1. Copies
of this reprint will be available shortly.
-A. T. Burleigh & Co., Inc., of this city, announce that Harold L.
Lemlein, formerly with Goddard & Co.. has become associated with them
as General Sales Manager. C. Ellwood Kalbach, formerly with Distributors Group, Inc., and C. L. Roberts have also joined the wholesale department of the firm.
-Gertler, Devlet & Co.. specialists in tax-exempt bonds, invite inquiries
for the current quarterly issue of their "Municipal Bond News," which
makes a record of the present market on more than 600 representative
municipal, State and Land Bank bonds.
-R. W. Pressprich & Co.. 68 William St., New York, have prepared a
table indicating the approximate yield of Treasury 3%s. 1945-43, and called
and uncalled Liberty Fourth 43.45, 1938-33.
-Spencer Trask & Co. have issued an analysis of the Ailed Chemical
& Dye Corp., containing a 12-year record of income and resources.
-Andrew Scott & Co., 50 Broadway, New York. have issued a brochure
surveying the distillery industry in the United States.
-Clinton Gilbert & Co., 120 Broadway, New York, have prepared an
analysis of Bank of the Manhattan Co.
-Stewart R. Terrill has become associated with Hipkins & Topping of
this city.
June
May
June
Jan
Feb
Feb
?may
owes
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Arundel Corporation
• 1834
1835
Black & Decker com
•
435
435
Preferred
25
9
Ches & PotTel of Bait p1100 11434 11434
Comm Credit Corp com___
23
23
Preferred B
25
23
634% 1st pref
100 9234 9234
7% preferred
20
25
Consol Gas,E L & Pow_ __* 55
54
6% pref ser D
107
100
535% pref w 1 ser E__100
10134
5% preferred
100 sex
9634
Eastern Rolling Mill
4
•
Emerson Bromo Seitz A_ _.
21
Fidelity dr Guar Fire_
10
10
Fidelity & Deposit
Si)
22
Finance Coot Am cl A.__•
5
5
Houston Oil pref
100
4
434
Insurance Shares Md ctfs..•
234
Mfrs Finance 2d pref____25
334
Maryland Casualty Co.
--2
135
234
Maryland Trust Co
10
8%
Merch & Miners Transp_ _• 27
27
New Amsterdam Cu_ _10
11
Northern Central
50 72
72
Penne Water at Power__ _• 4734 4734
Second Southern Sec com •
1
Standard Gas Equip pf.
_100
3
Union Trust Co
10
231
Un Porto Rican Sug coin.*
Se
Preferred
•
650
United Rys& Electric_ _50
150
U S Fidelity & Guar_ _..10
334
2%
Bonds
Baltimore City
4s 3d sew ser (cpn)__1952
3548
1980
Atlanta & Yadkin 1st 4%.•
Roland Pk Mtblo 5355 '41
Southern Ry 634%_ _1956
Un Ry & El 1st 65 (flat) '49
Income 4s (flat)._ _1949
1st 4s (flat)
1949
Warren BrosPic Inc 6% '39
West Md Ry 4%
1952
'No par value.
9
9834
80
4234
45
7235
955
%
9
46
mite
2035
534
9
11434
23
23
9234
2434
5734
10735
102
9634
4
21
10
2234
5
434
3
3%
3
834
29
12
72
48
1
3
235
50c
75e
15o
4
Range Shwa Jan. I.
Low.
1,207
934
1,066
1
50
5
13 112
50
434
20 1834
4 70
33 1834
391 43
140 10335
5 97
63 9134
25
135
25 1534
500
435
148 15
45
334
1.305
234
175
235
110
2
3,579
134
20
8%
115 1935
655
7
20 63
50 40
14
1
2
9
150
134
1,660
5o
424 650
150
80
4,614
134
9834 $1,000
80
100
4234
2,000
45
1,000
7234
1,000
935 4,000
% 6,000
9
1,000
45
5,000
sold
anon
9834
7415
4234
45
7234
835
35
834
45
Rot(
High.
Apr
Feb
May
Apr
Apr
Mar
Mar
Mar
Apr
May
Apr
Apr
Feb
Apr
mar
Mar
June
Mar
Oct
Mar
mar
Oct
Jan
Apr
May
Apr
Oct
Oct
Aug
Jan
Oct
June
Mar
33
835
13
11634
2434
2434
95
2434
70
11034
107
102
7%
2434
15
3934
5
7%
335
334
5
1034
3435
1735
7635
60
2
4
3
135
1
16o
7
July
July
July
Feb
Oct
Oct
Sept
Oct
June
Feb
Jan
Jan
July
Jan
JtIlle
July
Jan
JulY
Sept
Oct
June
July
July
Jan
Aug
Jan
July
Apr
Aug
July
Jan
Oct
June
Oct
May
Oct
Sept
Oct
Apr
Apr
Apr
Oct
oat
9835
91
4234
50
7236
1434
134
1434
45
ROY;
Oct
Jan
Oct
Aug
Oct
June
Jan
June
Oct
Oct
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Sept. 27
-Coast National Bank in Fort Bragg, Fort Bragg, Calif_
Capital stock consists of $25,000 preferred stock and
$25,000 common stock. President, Paul J. Bowman; Cashier Harold T. Bolden. Will succeed
the Coast National Bank of Fort Bragg.
Sept. 29
-The Stone City National Bank of Bedford. Bedford,
Ind
President, H. D. Martin; Cashier, R. 0. Martin.
Will succeed the Stone City Bank of Bedford, Bedford, Ind.
Sept. 29
-The First National Bank at Bessemer, Bessemer, Ala_
Capital stock consists of $50,000 preferred stock and
$50,000 common stock. President, Lee Moody;
Cashier, Geo. R. Davies. Will succeed First National Bank in Bessemer.
Oct. 7
-The First National Bank of Chestertown, Chestertown,
Maryland
President, Win. B. Copper: Cashier, W. R. Huey.
Will succeed the Third National Bank of Chestertown.
Capital.
$50,000
100.000
100,000
50.000
Volume 137
Financial Chronicle
Oct. 10
-Peoples National Bank of Grand Rapids, Grand Capital.
Rapids, Mich
900.000
Capital stock consists of 3500,000 preferred stock and
00,000 common stock. President, Ira A. Moore;
Cashier, 0. B. Davenport. Will succeed Grand
Rapids Savings Bank, Grand Rapids. Mich.
Oct. 11
-The Walden National Bank in St. Albans, St. Albans,
Vermont
100,000
Capital stock consists of $50,000 preferred stock and
$50,000 common stock. President, E. C. Smith;
Cashier, D. L. McGarey. Will succeed the Walden
National Bank of St. Albans.
Oct. 13
-Security National Bank of Kansas City, Kansas City,
Kansas
200,000
Capital stock consists of $100,000 preferred stock and
$100,000 common stock. President, M.L. Breidenthal; Cashier, C. L. Wilson. Will succeed the Peoples National Bank of Kansas City and the Security
State Bank of Kansas City.
2935
By R. L. Day & Co., Boston:
Shares. Stocks.
3Frank E.Davis Fish Co., preferred, par $100
20 American Investment Securities Co., free, par $10
Bonds$3,000 Springfield St. Rwy. Co. 6)4a, Sept. 1940
$2,000 North Boston Lighting Properties,534a, Oct. 15 1937
$ Per Sh•
3334
534
Per Cent.
22 &int.
99X &Int.
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh•
5 Ninth Bank & Trust Co., par $10
10
15 Amity Cranberry Co., par $100
$10101
9 The Cranberry Co., Medford. N.J., par $100
$100101
15 Philadelphia National Bank, par $20
4934
80 Farmers & Mechanics National Bank, Woodbury, N.J., par $10
41
20 Real Estate-Land Title dr Trust Co., par $10
934
50 Integrity Trust Co., par $10
434
22 Pennsylvania Company for Insurances on Lives and Granting Annuities,
2434
Par $10
4 Second and Third Streets Passenger Railway Co., par $50
57
53 Vulcanite Portland Cement Co
$105101
828 Weisbach Co.,common
$120101
BondsPer Cent.
$9,500 Atlantic City Embassy Theatre, 6% first mtge.. 1938, certificate of
deposit
2534 flat
$3,000 Fox New Academy of Music,
%,1st mtge., due Sept. 1936
673.4
VOLUNTARY LIQUIDATIONS.
Oct. 9
-The Frederick County National Bank, Frederick, Md- 150,000
Effective Sept. 28 1933. Liq. Committee, H. C.
Zacharias, J. W.L. Carty and A. LeRoy McCardell,
care of the liquidating bank. Succeed by Frederick County National Bank of Frederick, Md.
Oct. 10
-The Patapsco National Bank of Ellicott City, Md_ _
100,000
Effective Oct. 7 1933, Liq. Agent, Elmer C. Cavey,
Ellicott City, Md. Succeeded by Patapsco NaBy A. J. Wright & Co., Buffalo:
tional Bank in Ellicott City.
Shares. Stocks.
S per Share.
Oct. 10
-The First National Bank of Astoria. Ore
100,000 5 Angel International Corp
200.
Effective Sept. 28 1933. Liq. Agents, F. I. Dunbar
5 Zenda Gold Mines
21c.
and H. M. Flavel, both of Astoria, Ore. Absorbed
by the First National Bank of Portland, Ore.
Oct. 12
-The Citizens National Bank of Okmulgee, Okmulgee,
DIVIDENDS.
200,000
Oklahoma
Effective Sept. 30 1933. Liq. Agent, 0. Y. Davis,
Dividends are grouped in two separate tables. In the
Okmulgee, Okla. Succeeded by the Citizens National Bank in Okmulgee.
first we bring together all the dividends announced the
Oct. 12
-Tipton National Bank, Tipton, Iowa
50,000 current week. Then we follow with a second table in
Effective June 8 1933. Liq. Agent, R. D.Swertzlender,
Tipton, Iowa. Succeeded by Tipton State Bank.
which we show the dividends previously announced, but
Tipton, Iowa,
which have not yet been paid.
CONSOLIDATIONS
,
The dividends announced this week are:
Oct. 9
-The Virginia National Bank of Norfolk. Va
600,000
Norfolk National Bank of Commerce 3c Trusts, Norfolk, Va
2,500,000
When
Books Closed
Per
Consolidated under Act of Nov. 7 1918, as amended
Days Inclustre.
Name of Company.
Share. Payable.
Feb. 25 1927 and June 16 1933, under the charter
of the Virginia National Bank of Norfolk. and under
Railroads (Steam).
the title of "National Bank of Commerce of NorBoston & Albany
$2X Dec. 31 Holders of rec. Nov. 30
folk," with capital stock of $2,000,000 and surplus
Dallas Ry.Term.,7% pref.(quar.)
$134 Nov. 1 Holders of rec. Oct. 20
of $400,000. The consolidated bank has two
-a.)
Grand Rapids & Indiana (s.
$2 Dec. 20 Holders of rec. Dec. 9
branches, which were in lawful operation on Feb. 25
Nashua & Lowell(s-a)
$4 Nov. 1 Holders of rec. Oct. 15
1927, one branch being located in the City of NorOntario & Quebec (s-a)
253% Dec. 1 Holders of rec. Nov. 1
folk and one branch being located in the Town of VirSemi-annual
$3 Dec. 1 Holders of rec. Nov. 1
ginia Beach. These branches were branches of the
Philadelphia Baltimore & Washington._
. $134 Dec. 31 Holders of rec. Dec. 16
Virginia National Rank of Norfolk. Three branches
of Norfolk National Bank of Commerce and Trusts
Public Utilities.
which were authorized since Feb. 25 1927 were re'Associated Telep., pref.(Oust.)
3714c Nov. 1 Holders of rec. Oct. 14
authorized for the consolidated bank.
Calif. Water Service, pref.(quar.)
.
$134 Nov. 15 Holders of rec. Oct. 31
Cedar Rapids Mfg.& Pow.(quar.)
75e Nov. 15 Holders of rec. Oct. 31
BRANCHES AUTHORIZED.
Central Ohio Light & Pow.$6 met
h$13.4 Oct. 31 Holders of rec. Oct. 16
Oct. 9
-Bishop First National Bank of Honolulu, Territory of Hawaii. Central Pow.& Light, 7% pref. (quar )_ 43340 Nov. 1 Holders of too Oct. 14
6% preferred (guar.)
Location of branches; Village of Kahului. Maul County; Village
3734c Nov. 1 Holders of rec. Oct. 14
of Walluku, Maui County; Town of Pala, Maui County; City Water of Chattanooga,6% pf.(qu.) $134 Nov. 1 Holders of rec. Oct. 20
Village of Mans, Maui County. Certificates Nos. 906A Columbus Ry., P.& Lt.,63.4% p1. B(qu) $134 Nov. 1 Holders of rec. Oct. 14
to 909A, inclusive. All the above branches are located in Concord Gas,7% pref.(quar.)
$134 Nov. 15 Holders of tee. Oct. 31
Connecticut Lt.& P.,63.4% pf.(quar.)_ _ $14.$ Dec. 1 Holders of rec. Nov. 15
the Territory of Hawaii.
5X% preferred (quar.)
$134 Dec. 1 Holders of rec. Nov. 15
Oct. 9
-National Bank of Commerce of Norfolk, Norfolk, Va. Location
$1.125 Nov. 15 Holders of rec. Oct. 31
of branch. 101-103 Granby Street, Norfolk, Va. Certificate Connecticut Ry.& Lt.(quar.)
% preferred (quar.)
$1.125 Nov. 15 Holders of tee. Oct. 31
No. 910A.
Cumberland Pow.dr Lt.6% pref.(qu.),
$13.4 Nov. 1 Holders of rec. Oct. 14
Dallas Power & Light $e Pref.(quar.). $134 Nov. 1 Holders of rec. Oct. 19
7% preferred (quar.)
$IX Nov. 1 Holders of rec. Oct. 19
Auction Sales.
other securities, the following, Davenport Water,6% pref.(quar.)
-Among
$134 Nov. 1 Holders of rec. Oct. 20
not actually dealt in at the Stock Exchange, were sold at auction Derby Gas & EL,7% pref (guar.)
5134 Nov. 1 Holders of rec. Oct. 25
63.4%
5134 Nov. 1 Holders of rec. Oct. 25
in New York, Jersey City, Boston, Philadelphia and Buf- Eastern preferred ((oar.)
Shores Pub.Sem.,$63.4 Pt.(411.) $1% Dec. 1 Holders of too. Nov. 10
falo on Wednesday of this week:
$6 preferred (guar.)
$114 Dec. 1 Holders of rec. Nov. 10
Eastern States Gas(quar.)
123-40 Oct. 15 Holders of rec. Oct. 1
By Adrian H. Muller & Son, New York:
Electric Power Assoc., Inc., corn.(qu.).
100 Nov. 1 Holders of rec. Oct. 21
Class A (quarterly)
100 Nov. 1 Holders of rec. Oct. 21
Shares. Stocks.
$ per Sh.
27 Arapohoe Investment Co. (Colo.), common, par $100
600 Nov. 1 Holders of rec. Oct. 24
$1101 Fall River Gas Works
Florida Power Corp., 7% pref. A (quar.) $IX Dec. 1 Holders of me. Nov. 15
303The Publishing Company of the International Order of the Kings Daughters
dr Sons (New York), par $10
7% preferred (quar.)
87 Xc Dec. 1 Holders of rec. Nov.15
$2 lot
tlant c Shore I. ne Ra lway (Me.), 1st preferred, par $100
$134 Nov. 15 Holders of rec. Nov. 1
$1 lot Georgia Pow.dr Light $6 prof.(quar.)1,000 Gillet and Co.(Del.), 6% cum. convt. pref., par $100
5134 Nov. 1 Holders of rec. Oct. 14
100. Idaho Power Co.,7% pref.(quar.)
56 preferred (quar.)
500 ppa ac an Corporation (Md.),common, no par
$134 Nov. 1 Holders of rec. Oct. 14
I6c.
100 Progressive Knitted Rayon Fabric Mills, Inc.(N.Y.),corn., par $100_ _$2,5001ot Illuminating & Pow. Securities (quar.)_ _ $134 Nov. 10 Holders of rec. Oct. 31
7% preferred (quar.)
$2.240.25 P. & W. Creditors Corp. (N. Y.), non-negotiable certificates of
$134 Nov. 15 Holders of rec. Oct. 31
participation
$5 lot Kentucky Utilities Co., 7% pr. p1. (qu.) 873-40 Nov.20 Holders of rec. Nov. 1
Kokomo Water Works,6% pref.(quar.)_ $134 Nov. 1 Holders of rec. Oct. 20
One note In the principal amount of $135,000 reduced to $133,650, dated
Lehigh Pow. Securities, $6 pref.(quar.). $15$ Nov. 1 Holders of rec. Oct. 26
Sept. 1 1031, signed by Western Royalty dr Development Co.. now a bankLouisiana P.& Lt., $6 pref.(quar.)
rupt, and payable on demand to Moody-Seagraves Co. Note is endorsed by
.
313.4 Nov. 1 Holders of rec. Oct. 14
Miss. Pow. dr Light Co., $6 pref. (qu.)_ _
Moody-Seagraves Co., which company is now in racelvership. Interest at
50e Nov. 1 Holders of rec. Oct. 14
6% is due on said amount of $133,650 from Sept. 30 1933
$133,650 lot Monmouth Consol. Water,7% pf.(qu.) _ 5134 Nov. 1/ Solders of rec. Nov. 1
Montreal Light Heat dr Pow.(quar.) _ _
One note in the principal amount of $100,000, reduced to $99,000.
$2 Nov. 15 Holders of rec. Oct. 31
Mutual Telep. Co., Hawaii (mo.)
dated Oct. 1 1931, signed by Western Royalty & Development Co., now a
80 Oct. 20 Holders of rec. Oct. 9
Mutual Telep.(Hawaii)(monthly)
8c Nov. 21 Solders of rec. Nov. 10
bankrupt, and payable on demand to Moody-Seagraves Co. Note is
National Pow.& Light (quar.)
endorsed by Moody-Seagraves Co. which company Is now in receivership.
250 Dec. 1 Solders of rec. Nov. 6
Interest at 6% is due on said amount of $99,000 from Sept. 30 1933_ _ _ _$25,000 lot New England Water Lt.& Pow. Assoc.
'
1,000 International Rustless Iron Corp.(Del.),common with purchase warrants
6% preferred (quar.)
$134 Nov. I Holders of rec. Oct. 20
for 150 shares at $2.50 per share
373-f43 Nov. 11 Solders of rec. Oct. 31
1034c. Pacific Gaa & Elec. Co.,6% pref.(qu.)
1 Worth, Inc. (Md.), common; 28 Worth, Inc. (Md.), common, vet. tr. elf.:
34$4e Nov. IL Solders of rec. Oct. 31
53.4% preferred (quar.)
Princeton Water(N.J.)(guar.)
1)4 LeschM Millinery Co., Inc.(N. Ti: 10 41 West 72nd St. Corp.(N. Y.)
750 Nov. 1 Solders of rec. Oct. 20
common
500 Nov.30 Holders of rec. Nov. 1
$10101 Pub. Serv. Corp. of N.J.6% pf.(mo.)._
Corp. Mum .)
$134 Nov. 1. Solders of rec. Oct. 31
BondsPer Cent. Public Utilitiescorn.(quar.)
Quebec Power,
25e Nov. 1 Solders of rec. Oct. 27
$2,000 Corpus Christi Railway and Light Co., let mtge.6% sinking fund gold
Railway & Lt. Securities, pref. (quar.)
$14 Nov.
Solders of rec. Oct. 25
bonds. Due July 11934; 100 The Denbigh Silver-Lead Mines Co. (Colo.).
Shawinigan Wat.& Pow.Co.. corn.(qu.)
120 Nov. 11 Solders of rec. Oct. 25
par $1; 20 The National Safety Bank & Trust Co. of New York, par $25;
Shenango Valley Water,6% pr.(quar.)
$1 34 Dec.
Solders of rec. Nov.20
100 Federal Adding Machine Corp.(N. J.), preferred, par $10; 50 Federal
Sioux City Gas & Elec., 7% pref.(quar.) $134 Nov. 11 folders of too. Oct. 31
Adding Machine Corp.(N. J.), common, par $10; 30 Normandie National
Texas Pow.& Lt.Co.,7% Pt.(quar.)- - $134 Nov.
Solders of rec. Oct. 14
Securities Corp. (Del.), pref. No par, with stock purchase warrants for 30
$3 preferred (guar.)
51X Nov. 1 Holders of rec. Oct. 14
sham common attached, no par; $2,550 Receipt-Organization Committee
for the Letcourt Normandie National Bank of New York
$86 lot
Bank & Trust Companies.
Bond and mortgage dated Feb.7 1928, duo Feb.7 1933, In the principal sum of
Kings County Trust Co.(Oust.)
520 Nov. Holders of rec. Oct. 25
$4,000, with Interest at the rate of 6% per annum, payable cant-annually on
Feb. 7 and Aug. 7 of el% year. covering property at Island Park, Long
Fire
Beach, Nassau County, New York
$42 lot An-erican Insurance Companies.
Re-Insurance Co. (quar.).-500 Nov. 15 Holders of rec. Oct. 31
One Tokyo Electric Light Co., Ltd., 1st mtge. 6% gold bonds, due 1953,
Camden Fire
500 dNov. 1 Holders of rec. Oct. 14
principal amount $1,000
50)4% Fire Assoc.ofIns. Co.(5.-a.)
Phila.(s.-a.)
$I Nov. 15 Holders of rec. Oct. 25
Five United States Fourth Liberty Loan 4X% gold bonds of 1933-1938 (par
30c Nov. 1 Holders of rec. Oct. 20
$50 each)
102% each United States Fire Ins.(guar.)
Two United States Fourth Liberty Loan 4X % gold bonds 1933-1938 (par
$100 each)
1029.32% each Allied Kid Miscellaneous.
Co., pref.(guar.)
$134 Nov. 1 Holders of rec. Oct. 24
$78,300 Churnard Realty Corp., 10% debenture notes, due Dec. 311950; 29
$1 Oct. 22 Holders of rec. Oct. 17
Churnard Realty Corp., no par
32,5011 lot American Book (Oust.)
American Business Shares, Inc_ _ _ _ _ 540% Nov. 1 Holders of me. Oct. 21
Sundry uncollected accounts receivable aggregating approximately $401.08.
20%
List at Auctioneer's office; Claim against the Bank of United States
$23 lot American Mutual Liability Ins. Co
Artloom Corp., prof
h$1)4 Dec. 1 Holders of rec. Nov. 15
Badger Paper Mills,6% pref. (quar.)
750 Nov. 1 Holders of roe. Oct. 21
By Adrian H. Muller & Son, Jersey City, N. J.:
Baluner's. Inc., common (guar.)
250 Nov. 15 Holders of rec. Nov. 1
shares.
Stocks.
Preferred (quar.)
75c Nov. 15 Holders of rec. Nov. 1
333 1-3 Associated Dyeing & Printing Co., Inc. (Del.), common v. t. 0.,
Bamb'g (L.) & Co..6X% pref.(Guar.)._ $14 Dec. 1 Holders of rec. Nov. 15
no par
54 lot Beacon Mfg. Co.,6% prof.(quar.)
$134 Nov. 15 Holders of rec. Nov. 1
1,000 Fandango Corp.(Md.) class A, with rights to purchase 500 shares comBigelow Sanford Carpet Co., pref.(qu.)_ $134 Nov. 1 Holders of rec. Oct. 21
mon, no par
$1 lot
Prof. (amount covers dive. omitted)._ 543.4 Nov. 1 Holders of rec. Oct. 21
$1 lot Blue Ridge Corp., pref. (guar.)
50 The Mowen Corp. (Del.) common etf. of deposit, no par
750 Dec. 1 Holders of rec. Nov. 6
25 Clarence Saunders Pacific Stores (Del.) class A common, series 1, temp.
Bohack(H. C.) Co.(guar.)
25o Nov. 15 Holders of rec. Oct. 25
$1 lot
ctfs., no par; 25 series A 7% corn. prof., par $50
7% 1st preferred (quar.)
$134 Nov. 15 Holders of rec. Oct. 25
1,500 The Suburban Light & Power Co. (Ohio) common dep. rd., no par_82 lot Bohack Realty Corp., 1st pref.(quar.)
$134 Nov. 15Holders of rec. Oct. 25
$525 lot
3,645 Wing Aeronautical Corp. (Del.), par $10
Name of Company.
Per
When
Share. Payable
Books Closed
Days Inclusive.
Miscellaneous (t oneluded).
Bohn Aluminum & Brass Co., corn.(qu.)
500 Dec. 27 Holders of rec. Dec. 12
Broadway Dept. Stores,7% prof
h$133 Nov. 1 Holders of rec. Oct. 18
Buckeye Steel Castings,633% pref.(qu.) 814 Nov. 1 Holders of rec. Oct. 23
6% preferred (quar.)
$14 Nov. 1 Holders of rec. Oct. 23
Bullock Fund, Ltd
100 Nov. 1 Holders of rec. Oct. 14
Canadian Dredge & Dock Co., pref.(qu.) $131 Nov. 1 Holders of rec. Oct. 18
Canadian Invest. Funds, Ltd., ord.shs_ _
40 Nov. 1 Holders of rec. Oct. 16
Special shares
4e Nov. 1 Holders of rec. Oct. 16
Chain Belt Co.. common (guar.)
100 Nov. 15 Holders of rec. Nov. 1
Chairs Corp (quar.)
250 Nov. 1 Holders of rec. Oct. 25
Extra
250 Nov. 1 Holders of rec. Oct. 25
Chamber of Comm. Bldg. (Ind.), pref._ h47.33c Oct. 2 Holders of rec. Sept. 20
Chicago Yellow Cab (quar.)
250 Dec. 1 Holders of rec. Nov. 20
Chyrsler Corp.(quar.)
500 Dec. 31 Holders of rec. Doe. 1
City Baking, 7% pref (quar.)
Nov. 1 Holders of rec. Oct. 25
Dividend Shares, Inc
1.40 Nov. 1 Holders of rec. Oct. 14
Dominguez 011 Fields Co.(monthly).
150 Nov. 1 Holders of rec. Oct. 24
Duff Norton,6% pref.(quar.)
81,33 Oct. 15
Esmond Mills, 7% pref.(quar.)
87c Nov. 1 Holders of rec. Oct. 25
Exchange Buffet Corp.—No dividend ac tlon tak en.
Federal Service Finance (quar.)
500 Nov. 31 Holders of rec. Sept. 30
7% preferred (quar.)
Oct. 31 Holders of rec. Sept. 30
Fidelity Fund, Inc. (guar.)
50c Nov. 1 Holders of rec. Oct. 20
Extra
350 Nov. 1 Holders of rec. Oct. 20
General Foods Corp. (quar.)
450 Nov. 15 Holders of red. Nov. 1
General Investors Trust
100 Nov. 1 Holders of rec. Sept. 30
Gt. Western Electro-Chem.,6% pf.(q11.) $133 Jan. 2 Holders of rec. Doe. 20
Hale Bros. Stores, Inc. (quar.)
150 Dee. 1 Holders of rec. Nov. 15
Hartford Times, 33 pref. (guar.)
750 Nov. 15 Holders of rec. Nov. 1
Hollinger Consolidated Gold Mines(mo.)
I% Nov. 4 Holders of roe. Oct. 20
Extra
I% Nov. 4 Holders of rec. Oct. 20
Hormel (Geo. A.) & Co., corn. (quar.)
250 Nov. 15 Holders of rec. Oct. 28
Preferred A (quar.)
$14 Nov. 15 Holders of rec. Oct. 28
Preferred B (annual)
$7 Nov. 15 Holders of rec. Oct. 28
International Harvester, prof.(quar.)st Dec. 1 Holders of rec. Nov. 4
Klein (D. Emil) Co., common (quar.)_
250 Jan. 1 Holders of rec. Dec. 20
Preferred (quar.)
$134 Nov. 1 Holders of rec. Oct. 20
Preferred (quar.)
$133 Feb. 1 Holders of rec. Jan. 20
Lawbeck Corp.,6% pref.(quar.)
$133 Nov. 1 Holders of rec. Oct. 20
Lehigh & Wilkes-Barre Corp. (guar.).—
$2 Oct. 21 Holders of rec. Oct. 2
Life Savers Corp., initial (quar.)
400 Dee. 1 Holders of rec. Nov. 1
Liggett & Myers Tobacco Co., corn, and
common B (quar.)
81 Dec. 1 Holders of rec. Nov. 15
Lock Joint Pipe Co. (monthly)
33e Oct. 31 Holders of rec. Oct. 31
330 Nov. 30 Holders of ref). Nov.30
Monthly
Monthly
340 Dec. 31 Holders of rec. Dec. 31
Loew's Boston Theatres, Inc. (quar.)_
15e Nov. 1 Holders of rec. Oct. 21
Loew's, Inc., pref. (quar.)
$14 Nov. 15 Holders of rec. Oct. 26
Lord & Taylor, 1st pref.(quar.)
$14 Dec. 1 Holders of rec. Nov. 17
Lucky Tiger Comb. Gold Mining Co_ _ _ _
30 Oct. 20 Holders of rec. Oct. 10
Managed Investors (s.
-a.)
233% Nov. 1 Holders of rec. Oct. 10
MetropoUtan Industries,6% pf. (Ws.).
250 Nov. 1 Holders of rec. Oct. 20
Minneapolis Honeywell Reg., corn. (qu.)
2543 Nov. 15 Holders of rec. Nov. 4
Extra
500 Nov. 15 Holders of rec. Nov. 4
Moody's Investors Service, pref.(quar.)_
750 Nov. 15 Holders of rec. Nov. 1
Muskogee Co.,6% pref.(quar.)
$14 Dec. 1 Holders of rec. Nov. 20
Nash Motors Co.
250 dNov. 1 Holders of rec. Oct. 20
Nashua Gummed & Coated Paper (ext.)
$1 Oct. 21 Holders of rec. Oct. 18
National Bearing Metals Corp.. 7% Pref. h$23f Nov. 1 Holders of rec. Oct. 16
$131 Nov. 1 Holders of rec. Oct. 16
7% Preferred (quar.)
National Biscuit Co., pref. (quar.)
$143 Nov.29 Holders of rec. Nov. 15
Nationwide Securities, series B
3e Nov. 1 Holders of rec. Oct. 16
Neon Prods. of West. Can.,6% Pf. (qtr.)
750 Nov. 1 Holders of rec. Oct. 15
New Process Co.,7% pref.(quar.)
Nov. 1 Holders of rec. Oct. 26
Ohio State Life Ins
85 Nov. 1 Holders of rec. Oct 16
Oswego Falls Corp., 8% pref.(guar.)...
$2 Nov. 1 Holders of rec. Oct. 28
Pogue(H.& 8.1,6% prof.(quar.)
$133 Nov. 1 Holders of rec. Oct. 15
Portland Gas & Coke Co., (Ore.) 7%
preferred (quar.)
870 Nov. 1 Holders of rec. Oct. 18
6% preferred (quar.)
75e Nov. 1 Holders of rec. Oct. 18
Rich's, Inc., corn.(quar.)
300 Nov. 15 Holders or rec. Nov. 1
64% preferred (quar.)
$14 Dec. 30 Holders of rec. Dec. 15
Rolls-Royce, Ltd., Am.dep,rec. ord.reg. 14.90 Oct. 23 Holders of rec. Sept. 20
Rose's, 5-10-250. Stores, 7% pref.(qu.). $13' Nov. 1 Holders of rec. Oct. 20
Rubenstein (Helena) (quar.)
250 Dø. 1 Holders of rec. Nov. 10
Russel Motor Car Co., Ltd., pref.(qu.).
$1 Nov. 1 Holders of rec. Oct. 20
St. Lawrence Flour Mills, corn.(guar.).- 3740 Nov. 1 Holders of rec. Oct. 20
Prefef red (quar.)
$131 Nov. 1 Holders of rec. Oct. 20
Scotten Dillon Co. (quar.)
300 Nov. 15 Holders of rec. Nov. 6
Securities Corp. General,$7 pref.(qu.)__
Mal Nov. 1 Holders of rec. Oct. 20
86 preferred (quar.)
$133 Nov. 1 Holders of rec. Oct. 20
400 Nov. 1 Holders of rec. Oct. 25
Selby Shoe Co., common (guar.)._
$133 Nov. 1 Holders of rec. Oct. 25
Preferred (qua.)
Selfridge, Provincial Stores, ord
24% Nov. 30 Holders of rec. Nov. 14
American deposit receipts
24% Dec. 7 Holders of rec. Nov. 14
Smith Agricultural Chemical
12330 Nov. 1 Holders of rec. Oct. 21
$14 Nov. 1 Holders of rec. Oct. 21
6% preferred (quar.)
3.1660 Nov. 1 Holders of rec. Oct. 20
Standard Corp., Inc
Strawbridge & Clothier, pref. A (quar.)- $133 Dec. 1 Holders of rec. Nov. 15
100 Nov. 1
Super Corp. of America Tr. Sher.ser. A_
Bones B
7e Nov. 1
Troxel Mfg. Co , com
$2 Nov. 1 Holders of roe Oct. 20
11. Preferred (quar.)
$13.4 Nov. 1 Holders of rec. Oct. 20
9.60 Nov. I
Trustee Standard Utility Shares
70 Nov. 1 Holders of rec. Oct. 17
States Banking (monthly)
Walker Mfg. Co.,$3 pref
750 Nov. 1 Holders of rec. Oct. 21
Walton (Chas. S.), pref.(quar.)
$2 Nov. 1 Holders of rec. Oct. 17
West Virginia Pulp dr Paper, Pf. (qlian)) $134 Nov. 15 Holders of rec. Nov. 1
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given in the preceding table.
Vaasa el Corn poop.
Railroads (Steam
Albany & Susquehanna(s-a)
COesapeake & ohlo, prof (s.-a.)
Cincinnati Sandusky dr Cleveland
6% preferred
Cloy. CM,Chic & St Louis, prof
Cleveland & Pittsburgh, guar. (guar.).Special guaranteed (guar.)
Delaware (s. )
-a
Elmira & Williamsport (3.-a.)
Erie & Pittsburgh 7% guaranteed (quar.)
Guaranteed Betterment (quar.)
Kan. City St. L. dr Chicago, pref.(qu.)Mahoning Coal. corn. (quar)
Norfolk dr Western (quar.)
No. RR.of N. Hampshire (quar.)
North. RR.of New Jer. 4% gtd. (qual.)
Pitts. Dees & Lake Erie,6% prof (au.).
Pittsburgh Fort Wayne & Chicago (qu.)
707 preferred (quar.)
pittsburgh Youngstown & Ashtabula
7% preferred (qual.)
Reading,common (quar)
Richmond Fredericksburg dr Potomac,
7% guaranteed 03.
-a
6% guaranteed (s.-a.)
United New Jersey RR.& Canal (quar.)_
-a.)-Utica Shenango & Susq Valley (t.
Virginia Rys.. pref.(quar.)
Warren, guaranteed ((Star.)
-do
West Jersey & Seashore, corn. 0).
-a.)
605 special guaranteed (t.
pref. (quar.)
York RyS.,
Oct. 21
Financial Chronicle
2936
Per
When
Share. Payable.
Books Closed
Days Inclusive.
$44 Jan. 1 Holders Of roe. Des. 15
$34 Jan. I Holders of ree. Deo. 8
$114
SI 14
8733e
50c
81
$1.15
873.50
800
$131
$64
$1
$14
$1
134%
131%
1 34%
Nov. 1 Holders of rec. Oct. 24
Oct. 31 Holders of roe Oct 4
Doe. I Holders of rec. Nov. 10
Dec. 1 Holders of rec. Nov. 10
Jan. 1 Holders of rec. Dec. 15
Nov. 11 Holders of rec. Oct. 20
Dec. 10 Holders of rem Nov. 30
Dec. 1 Holders of rec. Nov. 30
Nov. 1 Holders of rec. Oct. 20
Nov. I Holders of roe. Oct. 16
Nov. 18 Holders of roe. Oct. 31
Oct. 31 Holders of rec. Oct. 6
Dec. 1 Holders of roe. Nov. 20
Dem I Holders of roe. Nov. 15
Jan. 2 Holders of roe. Dee. 9
Jan. 4 Holders of roe. Dee. 9
"4
2
a
Doe. 1 Holders of roe. Nov. 20
Nov. 9 Holders of roe. Oct. 11
834
$3
824
$3
$14
8131
$14
114%
8214o
Nov. 1 Holders of roe. Oct. 31
Nov. 1 Holders of rec. Oct. 31
Jan. 10 Holders of refs. Dec. 20
Nov. 1 Holders of rem Oct. 15
Nov. 1 Holders of rec. Oct. 14
Oct. 16 Holders of rem Oct. 6
Jan. 1 Holders of rem Dee. 15
Dee. 1 Holders of rec. Nov 16
Oct. 31 Holders of rec. Oct. 21
Name of Company.
Per
Share
When
Payable.
1933
Books Closed
Days Inclusive.
Public Utilities.
UM' Nov. 1 Holders of rec. Oct. 18
Alabama Power Co., 85 pref.(q uar.)Amer. Cities Pow.et Lt. cl. A (guar.)--- 1750 Nov. 1 Holders of rec. Oct. 5
American Gas & Elec. Co.. pre! ((W.).-- $14 Nov. 1 Holders of roe. Oct. 6
400 Nov. 1 Holders of roe. Oct. 1411
Amer. Light & Traction Co., corn. (qu.)
Preferred (quar.)
5134 Nov. 1 Holders of rem Oct. 140
250 Nov. 1 Holders of rec. Oct. 8
Amer. Water Works & Elec.. corn. (qu.)
Atlantic City Elec., 86 pref. (guar.).51.4 Nov. 1 Holders of roe. Oct. 11
Bangor Hydro-Elec. Co.. corn.(quar.) -- 3744) Nov. 1 Holders of reo. Oct. 10
20e Dec. I Holders of rec. Oct. 16
Birtman Electric Co., oommon
$133 Nov. 1 Holders of rem Oct. 16
Preferred (qual.)
British Columbia Telep.6% 2d pf. (qu.) $133 Nov. 1 Holders of rec. Oct. 15
Buffalo, Niagara & Eastern Pow.
5% 1st preferred (quar.)
5134 Nov 1 Holders of ree. Oct. 14
$134 Nov. 1 Holders of rec. Oct. 14
Calgary Power, pref.(qual.)
200 Oct 25 Holders of rec. Sept 30
Can Northern Pr. Corp. Ltd COLO (qu.)
Central Arizona Lt.& P.,$7 pref.(qu.)- $134 Nov. 1 Holders of rec. Oct. 11
$14 Nov. 1 Holders of rec. Oct. 11
$6 preferred (qual.)
Central Hudson rias & Elec. Corp.—
20e Nov. 1 Holders of rec. Sept.30
Quarterly
20e Nov. 1 Holders of rec. Sept. 30
Voting trust certificates (quar.)
150 Nov. 1 Holders of rec. Oct. 20
Central Illinois Securities, pref.(quar.)..
Central Kan Pow., 7% pref.(guar.).
- 8134 Jan. 16 Holders of roe Dee. 31
El% Jan. 16 Holders of rec Deo. 31
6% preferred (guar.)
$134 Deo. 1 Holders of rem Nov. 15
Cleveland Elec. Ilium.6% pref. (quar.)
Columbia Gas & Elec., common (quar.) 51240 Nov.15 Holders of rec. Oct. 20
$133 Nov. 15 Holders of rec. Oct. 20
preferred series A (quar.)
6%
$133 Nov. 15 Holders of rem Oct. 20
5% cumulative preferred (quar.)
$131 Nov. 15 Holders of rec. Oct. 20
5% convertible cum. preference
Columbus ity ., Pow.& Lt.
$14 Nov. 1 holders of rec. Oct. 14
614% preferred 13 (quar.)
Consumers Power Co., $5 Prof. (quar.). $133 Jan. 2 Holders of roe. Dee. 15
3134 Jan. 2 fielders of rec. Dec. 15
6% preferred (qtutr.)
$1.65 Jan. 2 Holders of rem Dec. 15
6.6% preferred (quar.)
$131 Jan. 2 Holders of rem Dee. 15
7% preferred (quer.)
600 Nov. 1 Holders of rem Oct. 16
0% preferred (monthly)
50() Dec. 1 Holders of rec. Nov. 15
6% preferred (monthly)
500 Jan. 2 Holders of rec. Dee. 15
6% preferred (monthly)
550 Nov. 1 Holders of rec. Oct. 16
6.6% preferred (monthly)
55e Dec. 1 Holders of rite. Nov. 15
6.6% preferred (monthly)
550 Jan. 2 Holders of rec. Dee. 19
6.6% preferred (monthly)
$1 Nov. 1 Holders of rec. Oct. 14
Commonwealth Edison Co.((Plan)
Connecticut River Pow.,6% pref. 01113- $133 Dee. 1 holders of rec. Nov. 15
Consol. Gas Co. of N. Y., prof.(quar.).. UM Nov. 1 iloldersof roe. Sept. 29
50c Nov. 1 Holders of roe. Oct. 20
Dayton Pow. & Light. 6% pref. (mo.).
180 Apr. 15 Holders of rem Dee. 31
Eastern Township Telephone
Edison Elec. ilium. Co.of Boston (qu.). $24 Nov. 1 Holders of rec. Oct. 10
Electric Bond & Share Co.. 56 prof.
(MO $1.4 Nov. 1 Holders of roe Oct. 6
$5 preferred (quar.)
$14 Nov. 1 Iloidors of rec. Oct. 6
$1 Dee. I Iloiclers of rec. Nov. 27
Elizabethtown Cousol. Gas (extra)
$1 Jan. 2 Holders of rec. Deo 26
Quarterly
Dee. 1 Holders of roe. Nov. 20
Empire & say State Tel.,4% oftd.(qu.). $1
Escanaba Pow.& Trac.6% pref. (:111.)-- 131% Nov. 1 Holdots of rec. Oct. 27
6% preferred (quar.)
134% Feb. 1 Holders of rec. Jan. 27
Franklin Teleg.,
% gold stock (3.-a.) $131 Nov. 1 Holders of roe. Oct. 14
750 Nov. 1 Holders of roe Oct 18
Greenfield Gas Light, 6% pref.(qual.).
683'3 Nov. 1 Holders of rec. Oct. 14
Hartford Elec. Light (quar.)
15e Oct. 31 Holders of rec. Oct. 16
Honolulu Gas Co.(monthly)
Houston Ltg.& Pow.,7% pref.(qual.).. 5133 Nov. 1 Holders of roe. Oct. 14
$131 Nov. 1 Holders of rec. Oct. 14
$6 preferred (quar.)
$14 Nov. 1 Holders of rec. Oct. 14
Illinois Nor. Util. 6% pref.(quar.)
$133 Nov. 1 Holders of rec. Oct. 14
$7 Junior preferred (quar.)
Internat. URI. Corp.$7 pref.(guar.).
- $131 Nov. 1 Holders of rem Oct. 180
87330 Nov. 1 Holders of rec. Oct. 160
334 preferred (quar.)
Jamaica Water Supply,74% pref.(s-a)- 5134 Nov. 1 Holders of me. Oct. 11
Lincoln Telep. & Teleg.6% pref. A (qu.) $133 Nov.10 Holders of roe. Oct. 31
5% cum. special preferred (quar.)._.. $133 Nov. 10 Holders of rem Oct. 31
Lone Star Gas Corp.631% pref. (qu.).. 51.82 Nov. 1 Holders of rem Oct. 14
Los Angeles Gas & El.6% pref.(qu.).... 1131 Nov. 15 Holders of reo. Oct. 31
Malone Light dr Pow Co.$6 pre! ((lu.)- 814 Nov. 1 Holders of rem Oct. 10
Milwaukee El. Ry. & Lt.6% pt.(qu.).. 514 Oct. 31 Holders of rec. Oct. 20
Mohawk Hudson Pow.Corp., 1st pf.(111.1) $131 Nov. 1 Holders of roe. Oct. 16
Montana Power Co.$6 pref.(guar.).— $133 Nov. 1 Holders of rec. Oct. 10
37e Oct. 31 Holders of ree. Sept. 30
Montreal Lt., Ht.& Pr. Cons. com.(qI.)
National Pow.& Light, $6 pref (quar.)_ $14 Nov. 1 Holders of rec. Oct. 16
51 Nov. 1 Holders of rec. Sept. 30
Nevada-Calif Elea Corp.. pre( (qu.).....
$133 Dec. 1 Holders of roe. Nov. 15
North Amer. Edison pref.(quar.)
$133 Nov. 1 Holders of roe. Oct. 10
North N. Y. UHL, Inc 7% pt.(qu.)50c Oct. 25 Holders of roe. Sept.30
Northern Ontario Power Co., corn.(go.)
8% preferred (quar.)
131% Oct. 25 Holders of roe. Sept.30
100 NOv. 1 Holders of rec. Sept.30
Northern States Pow., B
Nor States Pow Co.(Dela.)—
1% NOv. 1 Holders of rec. Sept 30
Class A common (qual.)
Ohio Public Service 7% pref.(monthly). 58 1-3 Nov. 1 Holders of rec. Oct. 14
605 preferred (monthly)
5013 Nov. 1 Holders of rec. Oct. 14
505 preferred (monthly)
41 2-3e Nov. 1 Holders of rec. Oct..14
$2 Nov. 1 Holders of rec. Oct. 25
Orange & Rockland Elec.(qual.)
75c Nov.15 Holders of rec. Oct. 20
Pacific Lighting Co., corn. (guar.)
Peninsular relep. Co.. 7% prat. (qual.) 131% Noy, 15 Holders of roe. Nov. 5
I4% Feb. 15 Holders of roe. Feb. 5
7% preferred (quar.)
Pennsylvania Power Co.,$6 pref.(quar.) $14 Dec. 1 Holders of rec. Nov. 20
550 Nov. 1 Holders of reo. Oct. 20
6.60% preferred (monthly)
550 Dee. 1 Holders of rem Nov. 20
6.60% preferred (monthly)
124c oct. 25 Holders of roe. Oct. 2
Philadelphia Co., common (quar.)
14% Nov. I Holders of roe Sept 30
6% cumulative preferred (1.-a.)
450 Nov. 1 Holders of rec. Oct. 10
Philadelphia Elect. CO.(quar.)
5% preferred (qual.)
$14 Nov. 1 Holders of roe. Oct. 10
Philadelphia Suburban Water. p1. (qu.) $14 Dee. 1 Holders of reo. Nov. 11
$131 Nov. 1 Holders of rec. Oct. 20
Potomac Edison,7% pref.(qual.)
6% preferred (guar.)
$14 Nov. 1 Holders of me. Oct. 20
Public Service of Colo.,7% pref.(mo.) 58 1-3e Nov. 1 Holders of roe. Oct. 14
6% preferred (monthly)
50c Nov. 1 Holders of rem Oct. 14
41 2-3e Nov. 1 Holders of rec (Mt. 14
5% referred (monthly)
Public Service Co. of N. Ill., corn. (qu.)
50e Nov. 1 Holders of me. Oct. 14
8% preferred (qual.)
$14 Nov. 1 Holder's of rec. Oct. 14
7% preferred (quar.)
5131 Nov. 1 Holders of roe. Oct. 14
Public Service Corp. of N.J.50e Oct. 31 Holders of roe. Oct. 2
6% preferred (monthly)
20e Nov. 1 Holders of roe. Oct. 18
Rockland Lighting dr Power (quar.)_ _
200 Nov. 1 Holders of ree. Oct. 16
Stock trust certificates ((oan)
$1 Nov. 1 Holders of roe. Oct. 16
Rhode Island Public Service, el. A (qu.)
50e Nov. 1 Holders of rem Oct. 18
Preferred (quar.)
Shenango Valley Water Co.6% pt.(qu.) 14% Dee. 1 Holders of roe. Nov 20
Sierra Pacific Elec. Co.,6% pref.(qu.)._ $1 34 Nov. I Holders of roe. Oct. 20
2% Nov. 15 Holders of me. Oct. 20
Southern Calif. Edison Co.. corn.(qu.)__
Sou. Calif. Gas, $531 preferred (guar.)._ $133 Nov.29 Holders of roe. Oct. 31
Southern Canada Power Co.. Ltd.—
200 Nov.15 Holders of rem Oct. 31
Common
Standard Gas & Eleo. Co.. $8 pr. Of.(011) $134 Mt. 25 Holders of rec. Sept 30
SIM Oct. 25 folders of roe. Sept 30
$7 cum. preference (quar )
Nov. I Holders of rec. Oct. 14
Standard Pr dr Lt. Corp.. pref. (quar.).
$131 Nov. 1 folders of rec. Oct. 15
Suburban Elec,Security,6%1st PL(gPL)
Tennessee Elec.Pow.Co.,5% prof.(qu.) $131 Jan. 2 Holders of rem Dee, 15
$14 Jan. 2 folders of roe. Dee. 15
6% preferred (guar.)
:1st Jan. 2 Holders of roe. Dee. 15
7% preferred (guar-)
51.80 Jan. 2 Holders of roe. Dee. 15
7.2% preferred (guar.)
50c Nov. 1 Holders of ree. Oct. 14
607 preferred (monthly)
50c Dec. 1 Holders of ref). NoV. 15
6% preferred (monthly)
50e Jan. 2 Holders of rec. Dee. 15
6% preferred (monthly)
60e Nov. 1 Holders of roe. Oet. 14
7.2% preferred (monthly)
60c Dec. 1 Holders of rec. Nov. 15
7.2% preferred (monthly)
80,3 Jan. 2 Holders of rec. Deo. 15
7.2% preferred (monthly)
$133 Nov. 1 Holders of reo. Oct. 17
Tennesseee Pub.Service (guar.)
58 I-3e Nov. 1 Holders of me. Oct. 14
Toledo Edison Co., 7% pref.(mo.)
50e Nov. 1 Holders of rem Oct. 14
6% preferred (monthly)
41 2-13 Nov. 1 Holders of rec. Oct. 14
5% Preferred (monthly)
West Penn Elec. Co., 7% cum. pref.(qu) IQ% Nov. 15 Holders of roe. Oct. 20
6% cum. preferred (Misr.)
14% Nov. 15 Holders of roe. Oct. 20
West Penn Power Co 7% pref.(quar.). IQ % Nov. 1 Holders of roe. Oct. 6
a% preferred (guar.)
114% Nov. 1 Holders of me Oct 5
Wisconsin Telephone, common (qua!,).. 8114
$131
Preferred (guar.)
Financial Chronicle
Volume 137
Name of ComPane
,
When
Pd?
Share. Payable.
Public Utilities (Concluded).
United Lt.& Rys.(Del.),7% p1.(mo.). _ 58 1-3c
6.36% preferred (monthly)
53c
6% preferred (monthly)
50e
7% preferred (monthly)
58 1-3c
6.36% preferred (monthly)
53e
6% preferred (monthly)
50c
7% preferred (monthly)
58 1-3c
6.36% preferred (monthly)
53c
6% preferred (montihy)
50c
Bank & Trust Companies.
Corn Exchange Bank Trust Co.(qu.)_ _ _
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Books Closed
Days Inclusive.
1 Holders of rec. Oct. 16
1 Holders of rec. Oct. 16
1 Holders of rec. Oct. 16
1 Holders of rec. Nov. 15
1 Holders of rec. Nov. 15
1 Holders of rec. Nov. 15
2 Holders of rec. Dec. 15
2 Holders of rec. Dec. 15
2 Holders of rec. Dec. 15
75c Nov. 1 Holders of rec. Oct. 19
Fire Insurance Companies.
Camden Fire Ins. Co.(s-a)
50c
Franklin Fire Ins. Co.(quar.)
250
Home Ins. Co.(quar.)
25c
North River Insurance (guar.)
15c
Richmond Ins.of N.Y.(guar.)
10c
Stand.Fire Ins.of N.J.(Trenton)(qu.)- 3734c
dNov. 1
Nov. 1
Nov. 1
Dec. 11
Nov. 1
Oct. 24
Holders of rec. Oct. 14
Holders of rec. Oct. 20
Holders of rec. Oct. 13
Holders of rec. Dec. I
Holders of rec. Oct. 11
Miscellaneous.
Abraham de Straus. Inc., pref. (guar.).- $134 Nov. 1 Holders of rec. Oct. 14
Adams-Millis Corp..com.(quar.)
250 Nov. 1 Holders of rec. Oct. 18
Preferred (quar.)
$14 Nov. 1 Holders of rec. Oct. 18
Affiliated Products Co., Inc.. corn.(mo.)
Sc Nov. 1 Itolders of rec. Oct. 18
Alaska Juneau Gold Mining Co.(qu.)_ _ _
15e Nov. 1 Holders of rec. Oct. 10
Extra
150 Nov. 1 Holders of rec. Oct. 10
Allied Chemical & Dye Corp., corn.(qu.) 5134 Nov. 1 Holders of rec. Oct. 11
Aluminum Mfg., the., eom•(quar.)
5C1c Dee. 31 Holders of roe. Dec. 15
Preferred (queer.)
$13( Dec. 31 Holders of rec. Dec. 15
Amerada Corp.(quar.)
500 Oct. 31 Holders of rec. Oct. I40
American Can Co., corn. (quar.)
Si Nov. 15 Holders of rec. Oct. 254
American Envelope Co.7% pt.(quar.)_. 134% Dec. 1 Holders of rec. Nov. 25
American Hardware (guar.)
250 Jan. 1 Holders of rec. Dee. 16
Americas Home Products Corp.(mo.)._
200 Nov. I Holders of me. Oct. 14a
American lee Co., pref. (quar.)
$134 Oct. 25 Holders of rec. Oct. 6
Amer. Investment Co.of III. class A(qu.)
50c Nov. 1 Holders of rec. Oct. 20
American Investors,$3 prof.(quar.)_ _ _ _
750 Nov. 15 Holders of rec. Oct. 31
Amer. Mach.& Fdry. Co corn.(quar.) _
20e Nov. 1 Holders of rec. Oct. 21
American Optical Co., 7% pref.(qu.). - 5134 Jan. 1 Holders of rec. Dec. 16
American Ship Building (quar.)
50c Nov. 1 Holders of rec. Oct. 21
American Smelting & Refining 7% 1st p1. 7413i Dec. 1 Holders of rec. Nov. 3
American Stores Co.(extra)
50e Dec. 1 Holders of ree. Nov. 15
Quarterly
50o Jan. 1 Holders of rec. Dec. 15
Appleton Co., 7% prof(
/al% Nov. 1
Archer-Daniels-Midland, pref. (guar.).- 514 Nov. 1 Holders of rec. Oct. 21
Asbestos Mfg. Co.. pref. (quar.)
35c Nov. 1 Holders of rec. Oct. 20
Atlantic Steel 7% pref.(0.-a.)
5334 Nov. 1 Holders of rec. Oct. 21
Atlas Powder Co., pref.(quar.)
$14 Nov. 1 Holders of rec. Oct. 20
Austin Motors, Ltd., ordinary
25%
Bonus
75%
Preferred
20%
Austin, Nichols & Co., pr. A (guar.)._ _ _
250 NOv. 1 Holders of rec. Oct. 13
Barber(W.II.) & Co., 7% pref.(quar.)_
5134 Jan. 2 Holders of roe. Dec. 20
Beatty Bros., Ltd.,6% 1st pt. A.(qu.)- - $134 Nov. 1 Holders of rec. Oct. 14
Belding Corticelli, Ltd., corn.(quar.)_ _
1% Nov. 1 Holders of rec. Oct. 14
Beneficial Industrial Loan,corn.(quar.)- 3734c Oct. 30 Holders of rec. Oct. 16
Preferred, series A (quar.)
8734e Oct. 30 Holders of rec. Oct. 16
Black-Clawson Co., pref.(quar.)
5134 Dec. 1 Holders of rec. Nov. 25
Bloch Bros. Tobacco (quar.)
3734o Nov. 15 Holders of rec. Nov. 11
Preferred (quar.)
$14 Dec. 31 Holders of reo. Dee. 25
Bloomingdale Bros., Inc., pref. (quer.). $134 Nov. 1 Holders of rec. Oct. 20
Bon Aml Co.,common A (quar.)
Si Oct. 30 Holders of rec. Oct. 15
Bornot, Inc., class A
25c3 an. 12 Holders of rec. Jan. 12
Bourjois, Inc., pref. (quar.)
6834c Nov. 15 Holders of rec. Nov. 1
Bway.& Newport Bridge(One.)(qu.)- 5234 Nov. 1 Holders of rec. Sept.30
5% preferred (quar.)
51 3.4 Nov. 1 Holders of rec. Sept.30
Brown Shoe Co., prof.(quar.)
% Nov. 1 Holders of rec. Oct. 20
Burma Corp., Ltd., Am.dep. rec. (final) w334 A Oct. 21 Holders of rec. Sept. 14
Bonus
re M A Oct. 21 Holders of rec. Sept. 14
Burmah Oil Co.. Ltd.(Interim)
Is
Byers (A. M.) Co., pref
50c Nov. 1 Holders of rec. Oct. 16
Colombo Sugar Estates, corn.(quar.) _ _ _
40e Jan. 2 liolders of rec. Dec. 15
7% preferred (quar.)
35c Jan. 2 Holders of reo. Dec. 15
Campo Corp., 634% pref. (quar.)
5134 Nov. 1 Holders of rec. Oct. 16
Canada Iron Foundries. pref. (s.
$134 Nov. 15 Holders or rec. Oct. 31
-a.)-Canadian Bronze Co.. corn. (guar.)._
150 Nov. 1 Holders of rec. Oct. 20
Preferred (quar.)
5134 Nov. 1 Holders of rec. Oct. 20
Canadian Converters, Ltd.(quer.)
50c Nov. 15 Holders of rec. Oct. 31
Can. Dredge & Dock, Prof.(quar.)
$134 Nov. 1 Holders of rec. Sept. 18
Capital Management Corp.(quar.)
15c Nov. 1 Holders of rec. Oct. 20
Carnation Co.,7% pref.(quar,)
$1% Jan. 1
Cartier, Ino.. 7% prat
8734e. Jan. 31 Holders of rec. Jan. 14
Central Illinois Secur. Corp., pref. (qu.)
Mc Nov. 1 Holders of rec. Oct. 20
Centrifugal Pipe Line Corp.cap.stk.(qu.)
be. Nov. 15 Holders of rec. Nov. 6
Century Ribbon Mills, Inc., pref. (qu.)- $134 Dec. 1 Holders of rec. Nov. 18
Cherry-Burrell Corp.. Prof.
hal% Nov. 1 Holders of rec. Oct. 15
Cincinnati Wholesale Grocery, pt.(qu.)
513.4 Jan. 2 Holders of rec. Dec. 15
Clorox Chemical Co.,el. A (guar.)
Me Jan, 1 Holders of rec. Dec. 20
Cluett, Peabody & Co., Inc., COM.(qu.)
25e Nov. 1 Holders of rec. Oct. 21
Colgate-Palmolive-Peet Co., pt.(rm.)._
$134 Jan. 1 Holders of rec. Dec. 11
Confederation Life Assoc. (quar.)
$1 Dec. 31 Holders of ree. Dec. 25
Congoleum-Nairn, Inc., 7% pref. (qu.).
134% Nov. 1 Holders of roe. Aug. 15
Consolidated Chemical Industries—
Panic. preferred series A (quar.)._ _ 3734e Nov. 1 Holders of rec. Oct. 14
Consol. Cigar Corp., prior Prof.(quar.) _
$1 34 Nov. 1 Holders of rec. Oct. 16a
Preferred (quar.)
$I% Dec. 1 Holders of rec. Nov. 1.5a
Consolidated Oil Corp. 8% pref. (qu.)_ _
2% Nov. 15 Holders of rec. Nov. I
Consolidated Royalty 011 (quar.)
Sc Oct. 25 Holders of rec. Oct. 16
Continental Can Co.. Inc., common(qu.) 62340 Nov. 15 Holders of rec. Oct. 250
Coon (W. B.). 7% Prof. (quar.)
$134 Nov. 1 Holders of roe. Oct. 14
Cottrell (C. B.)& Sons Co6% preferred (quar.)
% Jan. 1
Cresson Consol. Gold Mining & Milling..
lc Nov. 15 !folders of rec. Oct. 31
Crown Cork Inter! Corp., Class A
h50c Nov. 1 Holders of roc. Oct. 13a
Crum & Forster, corn. (quar.)
100 Dec. 14 Holders of rec. Oct. 5
8% preferred (quar.)
$2 Dec. 30 Holders of rec. Dec. 20
Cudahy Packing Co.. 7% pref. (s.
-a.)- 334% Nov. 1 Holders of rec. Oct. 20
6% preferred (semi-ann.)
3% Nov. 1 Holders of me. Oct. 20
Cunco Press. Inc.,corn.(quar.)
30e Nov. 1 Holders of rec. Oct. 20
% preferred (quar.)
5134 Dec. 15 Holders of rec. Dec. 1
Denver Union Stockyards, pref. (quer.). 5134 Dec. 1 Holders of rec. Nov. 20
Deposited Bond Ctfs., ser. 1938 (11q.)_ _9 .51010c
Dictaphone Corp., pref.(guar.)
$2 Dec.
Holders of rec. Nov. 17
Dominion Bridge Co., Ltd., corn.(quar.) r50e Nov.1 Holders of rec. Oct. 31
E.I.duPont de Nemours de Co.—
Debenture stock (quar.)
513.4 Oct. 2 Holders of rec. Oct. 10
Eastern Bond & Share B (quar.)
25c Nov.
Holders of rec. Oct. 7
Eaton Mfg. Co., common
20e Nov. 1 Holders of rec. Nov. 1
Egry Register Co.cia.ss A
250 Dec.
Holders of rec. Nov. 15
Empire Capital Corp., class A (quar.)_ _
2% Nov.2 Holders of me. Nov.20a
Eureka Pipe Line Co. (quar.)
$1 Nov.
Holders of rec. Oct. 16
Ewe Plantation (guar.)
600 Nov. 1 Holders of rec. Nov. 4
Faber Coe & Gregg 7% Pref.(quer.).
IIolders of rec. Oct. 20
5134 Nov.
Farmers & Traders Lite Ins. Co. (Syracuse, N.Y.)
Holders of rec. Dec. 11
5234 Jan.
Quarterly
$234 Apr.
Holders of rec. Mar. 11
Federal Knitting Mills,corn.(quar.)_ _
623.40 Nov.
Holders of roe. Oct. 16
Ferro Enamel Corp., corn
100 Dec. 2 Holders of rec. Dec. 10
Fibreboard Products, pref. (quar.)
Holders of rec. Oct. 16
$134 Nov.
$I4 Nov.
Freeport Texas Co. preferred (quar.)__ _ _
Holders of rec. Oct. 13
Fulton Industrial Sees.,$34 pref.(qu.). 8734e Nov.
Holders of rec. Oct. 16
General Cigar Co.(quar.)
El Nov.
Holders of rec. Oct. 16
$134 Dee.
l'referred (quar.)
Holders of rec. Nov.24
General Electric (guar.)
100 Oct. 2 Ilolders of rec. Sept. 29
154 Oct. 2 Holders of rec. Sept. 29
Special(quar.)
75e Nov.
General Mills, Inc.. corn. (quar.)
Holders of rec. Oct. 140
General Motors Corp.. $5 prof. (quer.). $14 Nov.
Holders of rec. Oct. 9
50c Nov.
General Stockyards Corp., corn. (quar.)
Holders of rec. Oct. 16
$6 preferred (quar.)
Holders of rec. Oct. 16
5134 Nov.
Name of Company.
2937
Per
When
Share. Payable.
Miscellaneous (Continued).
$1 34
Gillette Safety Razor. $5 pref.(quar.)___
Gilmore Gas Plant, No. 1 (monthly)- --20c
Gold Dust Corp., corn. (quar.)
30c
Gotham Silk Hosiery Co. 7% prof. (911•) 5114
Gottfried Baking Co., Inc., pref• (guar.) 134%
Grace(W. R.)& Co.6% pref. (s.-a.)
3%
Great Lakes Engineering Wks.(quar.) _
5e
81.
Great Western Electro-Chernical
Halle Bros. Co., pref. (quar.)
51%
Harbauer Co.,7% pref.(quar.)
%
134%
Hardesty (R.). 7% prof. (num.)
Hawaiian Commercial & Sugar (mthly.).
250
20e
Heileman (G.) Brewing (Wis.) (quar.)_ _
Hercules Powder Co., pref. (quar.)
$1%
750
Hershey Chocolate Co., corn.(quar.)_
$1
Preferred ((Nu.)
10e
Hibbard, Spencer, Bartlett de Co.(mo.)_
10c
Monthly
10c
Monthly
25c
Honolulu Plantation (monthly)
4(1c
Horn & Harden (N. Y.), corn.(quar.)—
Horne (Joseph) Co., pref. (quar.)
$134
500
Humberstone Shoe. Ltd. (quar.)
Imperial Chemical Industries, interim _z w2Si%
150
Indiana Pipe Line Co
10e
Extra
37%c
Intl. Cigar Machinery (quar.)
Internat. Nickel of Can. pref.(quer.).
r$1%
Internat. Printers Ink. 6% pref. (quar.) $1%
International Shoe, prof.(quar.)
500
Preferred (monthly)
50e
100
Kekaha Sugar (monthly)
Kell/Motor of Canada. 7% pref. (quar.) _
$1
Kress (S. H.) & Co.. corn.(quar.)
254
Special preferred (quar.)
15c
Common (extra)
j50c
Kroger Grocery de Baking, 2d pref. (qu.) $1
Landers Frary & Clark (quar.)
37%0
Landis Machine, 7% pref.(quar.)
$1%
Lane Bryant, Inc., 7% prof.(quer.)
- 14%
Lazarus (F.& R.)& Co., 634% pt.(qu.) $13.4
Lincoln National Life Ins. Co.esp. stock
700.
Link Belt Co.common (quar.)
100
Preferred (quar.)
$14
Loose-Wiles Biscuit Co.(guar.)
50c
Preferred (quar.)
51%
Lord & Taylor Co., 2d pref.(quar.)__
$2
Stacy (R. H.) de Co., common (quar.)._
50c
Magnin (I.) & Co.. 6% pref. (quar.)
%
Mani Agricultural, Ltd. (monthly)
5c
Mapes Consolidated Mfg. Co.(quar.)_
7.50
Quarterly
750
Quarterly
75o
Marconi Int. Mar. Comm., ord. mg__
2%%
American dep. rec, for ord. rcg
2Si%
Maytag Co., $6, 1st pref. (quar.)
8134
McCall Corp., corn. (quar.)
50c
McClatchy Newspaper,7% prof.(quar.) 43%o
McIntyre Porcupine Mines. Ltd.(qui- 25c
Extra
250
Melville Shoe Corp., corn. (quar.)
30c
lot preferred (quar.)
$134
2nd preferrred (quar.)
7340
Merchants Refrigerating of N.Y.—
Preferred (quar.)
5134
Merck Corp., pref (quar.)
$2
Mercury 011s, Ltd
4c
Metal & Thermic Corp., common (quar.)
$1
Midwest Oil, preferred (quar.)
Sc
Mohawk Mining Co., liquidating
$8
Moore (Wm.) Dry Goods Co.(guar.)
$134
Morris Sc. & 10e. to $I Sta.. 7% Pt.(nu.) 13.4%
Morris Plan Ins. Soc. (quar.)
$I
Mtge. Corp. of Nova Scotia (guar.)._ _ _
5134
Motor Finance Corp.(quar.)
20c
Nash Motors Co
250
Nashua Gummed & Coated Paper
50c
7% preferred (quar.)
$134
National Bearing Metals Co., prof._
hal
Preferred (quar.)
$134
National Carbon Co.. pref. (quar.)
$2
National Casket (s.
$1
-a.)
National Contatner Corp., pref. (quar.)
50c
National Distillers l'roducts
National Lead Co.,class B prof. (quar.)
$1 34
National Tea Co., pref. (quar.)
13340
Natomaa Co (aunt.)
$I 34
New Jersey Zinc Co. (quar.)
500
New York & Honduras Rosario Mining_
%
Extra
73.4%
N. Y. Merchandise Co., corn. (quar.)_
254
Preferred (quar.)
$13.4
Newberry (J. J.) Co., pref. (quar.)
5134
Newberry (J.J.) Realty 634% A Pl.(qu.) El%
6% B preferred
$134
Niagara Share Corp. of Md.—
Class A $6 preferred (quar.)
$134
Nineteen Hundred Corp.. class A (qua?.)
50e.
Northam Warren Corp., pref. (quar.)
75c
Northern Securities Co
2%
Novadel Agene Corp.(quar.)
51%
Outlet Co. common (qua?.)
50c
First preferred (quar.)
$134
Second preferred (quar.)
$134
Owens-Illinois Glass (guar.)
50c
Extra
25.1
Package Machinery Co.. 7% 1st pr•(au.) $1%
Pacific Finance of California—
Preferred A (quar.)
20e
Preferred C (quar.)
164c
Preferred D (quar.)
171ic
Pacific Tin Corp., special stock
$3
Pacific Western Oil Corp.. Initial
254
Pencunans. Ltd.. COM.(quar.)
750
Preferred (quar.)
8134
Phillips-Jones Corp., prof
551%
Phoenix Security Corp.. pref
8750
Pioneer htill Co., Ltd. (monthly)
Sc
Extra
30c
Procter & Gamble (quar.)
373.4 c
Pullman, Inc. (quar.)
75c
Quaker Oats Co..6% preferred (quar )_ _
$1%
Quarterly Income Shares,Inc.(quar.) _
3e
Randall Co.. class A (quar.)
50c
Raymond Concrete Pile $3 cony. pt.(qu.)
750
Rayon Industries Corp.. com cl. A (qu.) 21ic
Reed (C. A.) Co. class A (quar.)
50o
Riverside Cement 1st pref. (quar.)
8134
Roos Bros., $1334 pref. (quar.)
81%e
Rose's 5-10-25c Stores, 7% pref. (qu.)_
$134
Salt Creek Producers Assn. (quar.)
20c
Savannah Sugar Refg. Corp.. corn. (qu.) $1 3.4
Preferred (quar.)
134%
Scott Paper Co., class A pref.(quar.)
$15(
Class 11, preferred (guar.)
$1 34
Second Twin Bell Syndicate (monthly).
20c
Seeman Bros.. Inc., corn. (quar.)
6234o
Selfridge Provislon Stores, Ltd
23.4%
Sharp & Dohrne, Inc.. pref., el.A (qu.)_
50c
Class A preference
hal
Simpson (R.), Ltd., pref. (s.
-a.)
$3
Books Closed
Days Inclusire.
Nov. 1 Holders of rec. Oct. 2
Oct. 25 Holders of rec. Oct. 22
Nov. 1 Holders of rec. Oct. 10
Nov. 1 Holders of rec. Oct. 11
Jan. 2 Holders of me. Dec. 20
Dec. 29 Holders of rec. Dee. 27
Nov. 1 Holders of rec. Oct. 25
Dec. 1 Holders of rec. Nov.20
Oct. 31 Holders of rec. Oct. 24
Jan. 1 Holders of rec. Dec. 21
Dec. 1 Holders of rec. Nov. 15
Nov. 6 Holders of rec. Oct. 25
Dec. 1 Holders of rec. Nov. 10
Nov. 15 Holders of roe. Nov. 3
Nov. 15 Holders of rec. Oct. 25
Nov. 15 Holders of rec. Oct. 25
Oct. 27 Holders of rec. Oct. 22
Nov. 24 Holders of rec. Nov.20
Dec. 29 Holders of rec. Dec. 22
Nov. 10 Holders of red Oct. 31
Nov. 1 Holders of rec. Oct. 11
Nov. 1 Holders of rec. Oct. 24
Nov. 1 Holders of rec. Oct. 14
Dec. 8 Holders of rec. Oct. 13
Nov. 15 Holders of rec. Oct. 20
Nov. 15 Holders of rec. Oct. 20
Nov. 1 Holders of rec. Oct. 21
Nov. 1 Holders of rec. Oct. 2
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 15
Dec. 1 Holders of rec. Nov. 15
Nov. 1 Holders of rec. Oct. 25
Nov. 15 Holders of rec. Oct. 4
Nov. 1 Holders of rec. Oct. 10
Nov. 1 Holders of rec. Oct. 10
Nov. 1 Holders of rec. Oct. 10
Nov. 1 Holders of rec. Oct. 20
Dec. 31
Dec. 15 Holders of rec. Dec. 5
Nov. 1 Holders of rec. Oct 16
Nov. 1 Holders of rec. Oct. 20
Nov. 1 Holders of roe. Oct. 26
Dec. 1 Holders of rec. Nov. 15
Jan. 2 Holders of rec. Dec. 15
Nov. 1 Holders of rec. Oct. 230
Jan. 1 Holders of rec. Dec. 180
Nov. 1 Holders of roe. Oct. 17
Nov. 15 Holders of rec. Oct. 20
Nov. 15 Holders of roe. Nov. 5
Nov. 1 Holders of rec. Oct. 25
Jan 2'34 Holders of rec. Dec. 15
Apr 234 Holders of rec. Mar. 15
July2'34 Holders of rec. June 15
Oct. 26 Holders of rec. Oct. 2
Nov. 2 Holders of rec. Oct. 5
Nov. 1 Holders of rec. Oct. 16
Nov. 1 Holders of rec. Oct. 14
Dec. 1 Holders of rec. Dec. 1
Dec. 1 Holders of rec. Nov. 1
Dec. 1 Holders of me. Nov. 1
Nov. 1 Holders of rec. Oct. 13
Nov. 1 Holders of rec. Oct. 13
Nov. 1 Holders of rec. Oct. 13
Nov. 1 Holders of rec. Oct. 25
Jan. 2 Holders of rec. Dec. 16
Jan. 2 Holders of rec. Nov.30
Nov. 1 Holders of rec. Oct. 20
Nov. 2 Holders of rec. Oct. 5
Nov. I Holders of rec. Oct. 6
Jan. 1
Jan
2
Dec. 1 Holders of rec. Nov. 24
Nov. 1 Holders of rec. Oct. 24
Nov. 29 Holders of rec. Nov. 22
dNov. 1 dHolders of rec. Oct. 20
Dec. 15 Holders of rec. Nov. 8
Jan. 2 Holders of rec. Dec. 21
Nov. 1 Holders of rec. Oct. 16
Nov. 1 Holders of rec. Oct. 16
Nov. 1 Holders of rec. Oct. 20
Nov. 15 Holders of rec. Oct. 28
Dec. 1 Holders of rec. Nov. 15
Holders of rec. Oct. 16
Nov. 1 Holders of rec. Oct. 20
Nov. 1 Holders of rec. Oct. 13
Jan. 2 Holders of rec. Dec. 20
Nov. 10 Holders of rec. Oct. 20
Oct. 30 Holders of rec. Oct. 20
Oct. 30 Holders of rec. Oct. 20
Nov. 1 Holders of rec. Oct. 20
Nov. 1 Ilolders of rec. Oct. 20
Dec. 1 Holders of rec. Nov. 16
Nov. 1 Holders of rec. Oct. 16
Nov. 1 Holders of rec. Oct. 16
Jan. 2 Holders of roe. Dec. 15
Nov. 15 Holders of reo. Nov. 1
Dec. 1 Holders of roe. Nov. 155
Nov. 1 Holders of rec. Oct. 19
Jan. 2 Holders of rec. Dec. 15
Nov. I Holders of rec. Oct. 21
Nov. 1 Holders of rec. Oct. 21
Nov. 1 Holders of rec. Oct. 21
Nov. 15 Holders of roe. Oct. 30
Nov. 15 Holders of rec. Oct. 30
Nov. 1 Holders of rec. Oct. 20
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 14
Oct. 30
Oct. 25 Holders of rec. Oct. 10
Nov. 15 Holders of rec. Nov. 6
Nov. 1 Holders of rec. Oct. 21
Nov. 1 Holders of rec. Oct. 20
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 21
Nov. 1 Holders of rec. Oct. 21
Nov. 15 Holders of rec. Oct. 25
Nov. 15 Holders of rec. Oct. 24
Nov.29 Holders of roe. Nov. 1
Nov. 1 Holders of rec. Oct. 15
Nov. 1 Holders of rec. Oct. 24
Nov. 1 Holders of rec. Oct. 20
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 21
Nov. 1 Holders of rec. Oct. 15
Nov. 1 Holders of rec. Oct. 15
Nov. 1
Nov. I Holders of rec. Oct. 14a
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 17
Nov. 1 Holders of rec. Oct. 17
Nov. 15 Holders of rec. Oct. 31
Nov. 1 Holders of rec. Oct. 16
Nov.30
Nov. 1 Holders of rec. Oct. 17
Nov. 1 Holders of rec. Oct. 17
Nov. 1 Holders of rec. Oct. 16
Oct. 21 1933
Financial Chronicle
2938
When
Per
Share. Payable.
Name of Company.
Miscellaneous (Concluded).
37lie.
Sioux City Stkyds.. $6 of. (quar.)
Solvay Amer.Inv. Corp.,538% pt.(qu.)
%
Spiegel May Stern Co., Inc., 363.8 pf.(eu) h3IN
25c
Squibb (E.R.)& Sons(quar.)
36 preferred (quar.)
$11.4
60c
Standard Cap & Seal Corp., corn. (qu.)_
Stanley Works 6% preferred (quar.)
3735c
Steel Co. of Canada (guar.)
30e
43340
Preferred (Omar.)
Sun Oil Co., coin. (quar.)
25c
Preferred (quar.)
Sylvania Industrial (quar 1
25c
Tacony-Palmyra Bridge Co.
181 A
7 A % preferred (quar.)
15c
Teck-Hughes Gold Mines
25c
Telautograph Corp. (quar.)
9043
Thatcher Mfg. Co.. cony. pref. (guar ).
10c
Third Twin Bell Syndicate, B (monthly)
3134
Tide Water 011 Co., 5% pref.(quar.)
Timken Detroit Axle Co., pref. (Quay.). $1%
100
Tobacco Products Export Corp_
__
S2
Twin Bell Oil Syndicate (monthly)
25c
Union Oil of Calif. (quar.)
United Biscuit Co. of Amer., pref. (qu.) $134
$1
United Grain Growers
500
United Milk Crate Corp.. CIA.(quar.).
United States & Foreign Security—
First preferred (qean)
$13.4
U.S. Pipe & Foundry Co.,corn.(quar.). 12340.
300.
Sat preferred (Quer.)
10c
United Verde Extension Mining (quar.)
500
Universal Leaf Tobacco. corn.(guar.)...
250
Walgreen Co., corn. (quar.)
25c
Westinghouse Air Brake Co. (guar.). —
Winstead Hosiery Co.(quar.)
$134
25c
Wiser Oil (quar.)
$1 1.8
Wolverine Tube,7% pref.(guar.)
600
Woolworth (F. W.) common (quar.)..
$135
Worcester Salt, pref. (quar.)
Wrigley (Wm.) Jr. Co.—
I 2611+0
Capital stock (monthly)
I 26.ise
Capital stock (monthly)
Books (Nosed
Days Inclusive.
Nov. 15 Holders of roe. Nov. 15
Nov. 15 Holders of rec. Oct. 16
Nov. 1 Holders of roe. Oct. 14
Nov. 1 Holders of eve. Oct. 14
Nov. 1 Holders of rec. Oct. 14
Nov. 15 Holders of rec. Nov. 1
Nov. 15 Holders of rec. Nov. 4
Nov. 1 Holders of rec. Oct. 7
Nov. 1 Holders of rec. Oct. 7
Dec. 15 Holders of roe. Nov. 25
Deo. 1 Holders of rec. Nov. 10
Dec. 15 Holders of roe. Dec. 1
Nov. I Holders of rec. Oct. 10
Nov. 1 Holders of rec. Oct. 10
Nov. 1 Holders of rec. Oct. 16
Nov. 15 Holders of rec. Oct. 31
Nov. 5 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 20
Dec. 1 Holders of rec. Nov. 20
Nov. 1 Holders of rec. Oct. 16
Nov. 5 Holders of rec. Oct. 31
Nov. 10 Holders of rec. Oct. 19
Nov. 1 Holders of rec. Oct. 16
Dec. 1 Holders of rec. Nov. 15
Nov. 1 Holders of rec. Oct. 21
Jan. 20 Holders of rec. Dec. 30
Jan. 20 Holders of rec. Dec. 30
Nov. 1 Holders of rec. Oct. 2
Nov. 1 !folders of rec. Oct. 20
Nov. I Holders of rec. Oct. 16
Oct. 31 Holders of rec. Sept. 30
Holders of reo. Oct. 15
Nov.
Jan. 2 Holders of reo. Dec. 12
Dec. 1 Holders of rec. Nov. 15
Dec. I Holders of rec. Nov. 10
Nov. 15 Holders of rec. Nov. 6
Nov. 1 Holders of rec. Oct. 20
Dec. 1 Holders of rec. Nov. 20
The New York Stock Exchange has ruled that stock will not be quoted !ratan:lend on thL• date and not until further notice.
Tins New York Curb Exchange Association haa ruled that stock will not be
Quoted ex dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
Correction. a Payable In stock.
Payable In common stock. g Payable In scrip. a On amount of accumulated
dividends. I Payable in preferred stock.
1 Subject to the 5% NIRA tax.
m Commerclel Invest Tr pays div. on convertible preference stock. optional
series of 1021. 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 31.50.
o Three new shares in exchange for each one share held. Subject to approval of
stockholders of National Distillers' Products on Nov. 6 1933.
r Payable M Canadian funds, and n the case of non-residents of Canada a
deduction of a tax of 5% of the +mount of such dividend will be made.
1 American Cities Power & Light pay a div. 01 1-32 a share of class B stock on
the cony. class A optional series or 750.1 n cash.
a Payable In U. S. funds.
A unit.
w Lege depositary expenses.
Leas tax.
p A deduction has been made for expenses.
Weekly Return of New York City Clearing House.—
Beginning with March 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make 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:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, OCT. 14 1933
*Surplus and Net Demand
Undivided
Deposits,
ProfUs.
A rerage.
• Capital.
Clearing House
Members.
$
9,595,000
31,931,700
44,768.500
47,147,400
177,963,600
20,297,500
61,203.500
17,567,700
e73,105,000
62,320.200
Time
Deposits,
Arerage.
S
82,756,000
250,404,000
a824,778,000
236,687,000
1,838,913,000
196,171,000
463,698,000
178,199,000
326,914,000
294,914,000
S
9,975,000
31,337,000
157,194,000
28,685,000
63,303,000
96,853,000
53,053,000
21,385,000
27,971,000
48,041,000
4,000.000
148.000,000
500,000
25.000.000
10,000,000
10,000,000
12,500,000
7.000,000
8,250,000
4.587.000
31,479,000
58,813,000 01,112,631,000
3,198.700
42,928,000
63,285,500 0468,759,000
10,560,800
24,684,000
5,269,900
39,587,000
22.204.200
188,820,000
7,846.200
43,284.000
4,597,000
38,854,000
1,430,000
98,777,000
2,771,000
59,906,000
291,000
4,301.000
15,825,000
2,265,000
30,084,000
614.185.000
726,262,400 5,684,460,000
754,347,000
Bank of N.Y & err. co.
.
Bank of Manhattan Co__
National City Bank....
Chemical Bk.& Tr. Co__
Guaranty Trust Co
Manufacturers Trust Co.
Cent Han. Bk.& T.Co
Corn Exch. Bk. Tr Co
First National Bank....
Irving Trust Co
S
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
Continental Bk.& Tr.Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar.& Tr. Co
Marine Midland Tr. Co_
New York Trust Co.__
Com'l Nat.I3k.& Tr.Co_
Public Nat.I3k.& Tr.Co.
Totals
Includes deposits in foreign branches as follows: (a) $212,807,000;(b) $63,818,000;
(c) $76,117,000; (0) $20,424,000.
• As per official reports: National, Sept. 30 1933; State, Sept. 30 1933; Trust
e As of June 30 1933.
Companies, Sept. 30 1933.
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 Oct. 15:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, OCT. 13 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans,
Disc. and
Investments.
$
20,375,000
2,838,398
Manhattan—
Grace National
Trade Bank
Brooklyn,
1 om flies Nattonal_
5.270.000
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Cash.
120,100
88.512
$
1,345,600
668,204
82.000
321.000
$
Gross
Deposits.
S
$
1,971,400 19,334,700
95,939 3,038,140
105.000
5.000.000
TRUST COMPANIES—AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere, Trust Cos,
Cash.
Gross
Deposits.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County....
United States
$
$
$
50,087.100 2,311,300 10,337,100
63,703
6,165,326
354,236
.376.094
8,721,107
273,561
16,484,300 52,198,200 1,352,100
27,306,900 *4,766,500
886,400
70,307,589 6,895,000 13,462,096
$
$
2,928,800 55.196,600
879,126 5,857,910
532,595 8,263,384
625,000 15,883,400
30,727,400
62,916,584
Brooklyn—
Brooklyn
Kings County
89,105,000
24,344,794
2,377.000 17.384,000
1,580,806 5,933,066
201,000 93,645,000
25,227,570
• Includes amount with Federa Reserve as follows: Empire. $1,371,500; Fulton,
$2,061,300; Fiduciary, $157,288; Lawyers County, 3 ,035,400.
4
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 Oct. 18 1933, in
comparison with the previous week and the corresponding date last year:
Oct 18 1933. Oct.11 1933. Oct. 19 1932.
Cc.. 18 1933. Oct. 111933. Oct. 19 1932.
Resources(Concluded)—
$
$
987.000
2,608,000.
1,357,000
621,706,000 591.706.000 603,724,000 Due from foreign banks (see stole)
5,503,000 F. It. notes of other banks
7,705,000
4,491,000
3,880.000
5,407,000
6,845,000
Uncollected Items
94.723,000 106,980,000
124,326,000
609,227,000 Bank premises
12,818.000
14,817,000
12,818,000
Gold held exclusively asst. F.R. notes_ 628,551,000 599,411,000
All other assets
19,786,000
24,802,000
34,256,000
211,742,000 187.065,000 106,577.000
settlement fund with F. R. Board
Gold
Total assets
256,182,000
2 071,892,000 1,996,130,000 1,986,559,000
Gold and gold certificates held by bank— 146,173,000 146,104,000
986,466.000 932.580,000 971,986,000
Total gold reserves
Ltabtlitres—
79,211,000 F. It. notes in actual circulation
651:84588:000000 648,204,000 580,994,000
415
54,295,000
55,941,000
Other cash•
F. R. bank notes In actual circulation....
52.375,000
1,012,407,000 986,875,000 1,051,197,000 Deposits—Member bank—reserve &col 1,056,716,000 094,126,000 1,124,144,000
Total gold reserves and other cash
Government
825,000
23,966.000
6,975.000
Foreign bank (see note)
6,224,000
4,493,000
4,715,000
3,051,000
2,847,000
Redemption fund—F. R. bank notes
Special deposits—Member bank
6,060,000
6,211,000
Bills discounted:
30,606,000
968,000
Non-member bank
787.000
12,174.000
12,075,000
Secured by U. S. Govt. obligations
29,693,000
Other deposits
30,032,000
21,001,000
27,613,000
16.095,000
27.613,000
Other bills discounted
Resources—
Gold with Federal Reserve Agent
,Gold redemption fund with U.S. Tress's
Total bills discounted
39,688,000
39,787,000
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
2,195,000
2,195,000
169,997,000
335,612,000
308,192,000
171,896,000
340.878,000
303,243,000
813,801,000
816,017,000
Total U. B. Government securities_
Other securities (see note)
Total bills and securities (see note).
993,000
1,171,000
856,677,000
859.170,000
Total deposits
Deferred availability items
10,277,000 Capital paid in
Surplus
188,228,000 All other liabilities
133,454,000
392,110,000
Total liabilities
60,299,000
713,792,000 Ratio of total gold reserves & other cash•
to deposit and F. It. note liabilities
3,933,000
combined
Contingent liability on bills purchased
788,301,000
for foreign correspondents
1,100,825,000 1,050,584,000 1,151,929,000
118,134,000
88,222,000 104,666,000
58,497,000
58,497,000
59,00,000
85,058,000
85,058.000
75.077,000
15,972.000
13,190,000
14,887,000
2,071,892,000 1,996,130,000 1,986,559,000
59.8%,
58.1%
60.7%
12,034.000
12.848.000
11,625,000
•"Other cash" does not include F. R. notes or a bank's own F. R. ban notes.
NOTE.—Beginning with the statement of Oct. 17 1925, two new items were added in order to show separately the amount of balances held abroad and amounts
addition, the caption "All other earnings assets... Previously made tiP of Federal Intermediate Credit Bank debentures, was changed
due to foreign correspondents. In
bills and securities... The latter term was adopted as a mot, accurate description of the total
"Other securities," and the caption, "Total earnings assets" to "Total Sections 13 and 14 of the
to
Federal Reserve Act. which It was stated are the only Items Included
acceptances and securities acquired under the provisions of
of the discount
therein.
2939
Financial Chronicle
Volume 137
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct. 19. 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 OP THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 18 1933.
Oct. 18 1933. Oct. 11 1933. Oct. 4 1933. Sept. 27 1933. Sept. 20 1933. Sept. 13 1933. Sept. 6 1933. Aug. 301933. Oct. 19 1932.
S
S
S
s
S
s
$
$
$
RESOURCES.
2,677.599,000 2,661,809,000 2,679,077,000 2.713,026,000 2.732,226,000 2,740,651,000 2,748,851,000 2.779,519.000 2,211,864,000
Sold with Federal Reserve agents
47.573,000
36.719.000
35.913,000
35,633.000
36,162,000
36,273,000
35,723,000
37,419,000
36,569.000
Sold redemption fund with U.S.TressGold held exclusively agst. F. R. notes 2,714,168,000 2,699,228,000 2,715,350,000 2.748,749.000 2.768.388.000 2,777.370,000 2,784,764,000 2.815,152,000 2,259,437,000
631,283,000 641,427,000 626.415,000 592,547,000 570.051,000 565,831,000 561,834,000 531.788,000 304,922,000
Sold settlement fund with F R. Board
391,246,000
Sold and gold certificates held by banks_ 246,633,000 249,560,000 250,020,000 250,503.000 252,527,000 247,254,000 241,783,000 241,057,000
3,592,084,000 3,590,215,000 3,591.785,000 3.591,799,000 3,590,966.000 3,590,455,000 3,588,381,000 3,587.997,000 2,955,605,000
Total gold reserves
a
a
a
a
a
a
a
a
Reserves other than gold
229,208,000 215,220,000 219.232,000 231,762,000 230,835.000 238.121.000 221,136,000 239.933,000 277,402,000
Other cash.
3,827,930.000 3,233,007,000
Total gold reserves and other cash.... 3,821,292,000 3,805,435,000 3,811,017.000 3,823,561,000 3.821,801,000 3.828.576,000 3,809,517,000
a
a
a
a
a
a
a
a
Non-reserve cash
8,200.000
8,224.000
8,534,000
8.528,000
9,839.000
9,497,000
10,515,000
11,315,000
Redemption fund-F.R. bank notes
Bills discounted:
37,704,000
38.217.000
98,127,000
29,030,000
27,092,000
23.241,000
31,219.000
24.007,000
22,793,000
Secured by U. S. Govt. obligations
99,743,000 102,014,000 103,069.000 104,203,000 107.089,000 115,003.000 215,412,000
95,240,000
89,956.000
Other bills discounted
112,754,000 119,307,000 122,984.000 133,233,000 130,161.000 133.233.000 144,793.000 153.220,000 313,539,000
Total bills discounted
33,583.000
6,900.000
6.974,000
6,932,000
7,347,000
7,195,000
6,681.000
6,569.000
6,906.000
Bills bought in open market
441,395.000 441,225,000 441.271.000 442,011,000 441.396,000 442.231,000 441.985.000 441,687.000 420,863,000
17.9. Government securIties-Bonds
971,411.000 937,374,000 934,624,000 890,877,000 874,846,000 860,945,000 352,086,000
976,161,000 976.162,000
Treasury notes
Special Treasury certificates
957,723,000 926,722,000 896,534,000 895,010.000 861,760.000 869,552,000 849,540,000 826,140,000 1,078,050,000
Other certificates and bills
Total U. S. Government securities_ 2.375,279,000 2,344,109,000 2,309,216,000 2,274,395,000 2,237.780.000 2.202.660,000 2,166,371,000 2.128,772,000 1,850,999,000
1.854,000
5,437,000
1.939,000
1,789,000
1,837.000
1,729,000
1,789,000
1,737,000
1,559,000
Other securities
Foreign loans on gold
2,496,161,000 2,472.059.000 2,441,232,000 2.416,038,000 2,376.662,000 2,345,029.000 2.320,077,000 2,290,746,000 2,203,558,000
Total bills and securities
Gold held abroad
2,698,000
3.710.000
3,713,000
3.909,000
3,713,000
4.238,000
3,775.000
3,662.000
4,913.000
Due from foreign banks
14.916,000
15,900,000
15,290,000
19,577,000
19.799,000
15,948,000
19,323,000
16,296,000
17,998,000
Federal Reserve notes of other banks
482,884,000 335,872,000 429,705.000 389,001.000 435.845,000 422,779,000 376,616.000 343,409.000 404,398.000
Uncollected items
58,135.000
54.455,000
54.541,000
54,551.000
54,542,000
54,614,000
54,554,000
54,614,000
54,614,000
Bank premises
52.013.000
38,012,000
52,952,000
54,112,000
55,575,000
56,850,000
54.681,000
58,372,000
47,875,000
All other resources
6,937,052.000 6.806,825,000 6.823,443,000 6,770,430,000 6,775,207,000 6,738.325,000 6,640.930,000 6.595,439,000 5,955,708,000
Total resources
LIABILITIES.
2.993,917.000,3,008.430,000 2,999.389,000 2,972,782.000 2,986,781.000 2,989.123.000 3,010,949,000 2,974,180,000 2,717,430,000
1t. R. notes in actual circulation
172,143,0001 170.501,000 160,789,000 145.627.000 137.170.000 133,638,000 132,687,000 131,244,000
F. R. bank notes in actual circulation
Deposits-Member banks-reserve acc't_ 2,655,343.000 2,567,360,000 2,523.409,000 2,595,634,000 2,543,328,000 2,541,745.000 2,439.393,000 2,426.589.000 2,325,546,000
27,164,000
67,988,000
55.695.000
46,004,000
56,062,000
59,123,000
98,045.000
17,634.00063,117,000
Government
39,782,000
10,280,000
32,033,000
21,207.000
15,197,000
16,098,000
16,174,000
13,401.000
Foreign banks
13,132,000
74.310,000
75.703.000
74.232.000
73,629.000
75,865,000
76,665.000
69,951.000
70,700,000
Special deposits: Member bank
18.436,000
17,036,000
15,238.000
15,315,000
16,448,000
16,214,000
15,858,000
14.704.000
bank__
Non-member
28,820,000
53,185.000
69,934,000
51,942,000
43,778.000
55,118,000
53,128,000
55,372,000
Other deposits
65,718,000
2,839,231.000,2,785,059.000 2.780.150,000 2.807,779.000 2.766,622.000 2.745.047,000 2,673,045,000 2,697.039,000 2,391,810,000
471,035,0001 384,498,000 425.678,000 387.711,000 428,340.000 414,240,000 370,581,000 339.604.000 391.777,000
145,549,000 145,617,000 145.605,000 145.862.000 145,858,000 145.889,000 146,030,000 146,147.000 153,018,000
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
42,252,000
28,626.000
32,070,000
29.039,000
33,233,000
31,837,000
31,789,000
34,121,000
36,578,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
6,937,052,000 6,806,825,000 6,823,443.000 6,770,430,000 6.775,207,000 6,738,325,000 6.640,930,000 6,595,439,000 5,955,708,000
Ratio of gold reserve to deposits and
57.8%
63.2%
62.1%
63.1%
62.4%
62.6%
62.1%
F. rt. note liabilities co , Dined
61.9%
61.5%
Ratio of total reserve to deposits and
61.7%
F. R. note liabilities oombined
Ratio of total gold reserves & 0th. cash* tO
63.3%
67.5%
66.1%
66.4%
66.8%
67.0%
65.9%
deposit & F.R note liabilities eontbined
65.5%
65.7%
Contingent liability on bills purchased
41,766,000
39,099.000
for foreign correspondents
40.549,000
42,407.000
46,701.000
43,362,000 41.402,000
38,469,000
36,030,000
Maturity Distribution of Bills and
Short-Ter at Securities
1-15 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
41-90 days bills discounted
Over 90 days bills discounted
$
S
$
$
s
s
$
s
s
81,632,000
9,456.000
11,988,000
8,660.000
1,018,000
87,541,000
9,057.000
9.730,000
12,023,000
956,000
90,204,000
8,699.000
10,699,000
12,503,000
879.000
99,041,000
9.969,000
10.979,000
12,317,000
927,000
95,693.000
10.907,000
11.430,000
10,838,000
1,293,000
96,670,000
11.961,000
12,415,000
11.092.000
1,095,000
109,555,000
12,751,000
11,714,000
9,670,000
1,103,000
118,190,000
11.150.000
12,840,000
9,768.000
1,272,000
223,281,000
25,165,000
36,222,000
21,253,000
7,618,000
Total bills discounted
1-15 days bills bought in open market._
16-30 days bills bought in open market...
81-60 days bills bought in open market
61-90 days bills bought in open market
Over 90 days bills bought In open market
112,754,000
3,408,000
475.000
2,118,000
568,000
119,307,000
3,645.000
559,000
1,986,000
716.000
122,984,000
996.000
1,903.000
386,000
3,910.000
133,233,000
1,110.000
2,118,000
565,000
2,888.000
130,161.000
3,207.000
863 000
2,018,000
844.000
133,233,000
2.877.000
1,065 000
744,000
2,661.000
144,793,000
1,436,000
3,052.000
704,000
1,782.000
153,220,000
1,756,000
2,552,000
1,495.000
1,097.000
313,539,000
6,105,000
4.118,000
7,405,000
15,955,000
Total bills bought in open market.._-1-15 days U. S. certificates and bills-16-30 days U. S. certificates and bills.-81-60 days U. B. certificates and bills.-61-90 days U. S. certificates anti bills.-Over 90 days certificates and bills___--
6,569,000
42,225,000
63,747,000
337,202,000
152,245,000
362,304,000
6,906.000
38,425,000
62,047.000
158,771,000
309,024.000
358,455,000
7,195,000
46.300,000
42,225,000
148.118.000
297,975,000
461.916.000
6,681,000
78,088.000
38,425,000
109,867,000
294,179,000
374,451,000
6,932,000
80,183 000
46,300,000
97,972,000
325,109,000
312,106,000
7,347,000
187,431.000
78,088,000
97,472,000
15l.6i0,000
354.891,000
6,974,000
159,036,000
80,183.000
86.525,000
135,017,000
388,779,000
6.900.000
19,500.000
190,031.000
110,913,000
97,867,000
407,829,000
33,583,000
55,000,000
109,100.000
120.249,000
125,456,000
668,245,000
Total U. S. certificates and bills____-1-15 days municipal warrants
16-30 days municipal warrants
81-60 days municipal warrants
01-90 days municipal warrants
Over 90 days municipal warrants
,Total municipal
warrants
957,723,000
1,449,000
926,722,000
1,617,000
10.000
37,000
31,000
42,000
896,534,000 895,010,000
1,717,000
1,650,000
10,000
37,000
37,000
31,000
42.000
42.000
861,700.000 869,552,000
1,677,000
1,710.000
23.000
849,540,000
1,777,000
33,000
37,000
42,000
37,000
92.000
826,140,000 1,078,050,000
4,790,000
1,739.000
425,000
23,000
222,000
92.000
1,789,000
1,939,000
37,000
73,000
1,559,000
1,737,000
1,837.000
1.729.000
37.000
42,000
1,789.000
1,854.000
5,437,000
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent.-- 3.262.380,000 3,281,247,000 3,259,873,000 3,2.50.979.000 3,279.097,000 3.282.847.000 3.269.611.000 3.244,977,000 2,957,817,000
268,463,000 272.817,000 260.484,000 278.197.000 292,316,000 293,724,000 258,662.000 270,797,000 240,387,000
Held by Federal Reserve Bank
In actual circulation
2,993,917,000 3.008,430,000 2,999,389,000 2,972,782,000 2,986,781.000 2,989.123,000 3.010.949,000 2,974.180.0002,717,430.000
Collateral Held ty Agent as Security
for Notes Issued to Bank- 1,524,794,000 1,523,204,000 1,522,972,000 1,521,091,000 1.518,291,000 1,521,916,000 1.525,116,000 1,524,784.000 1,068,749,000
By gold and gold certificates
Gold fund-Federal Reserve Board...-. 1,152,805.000 1,138,605.000 1,156,105,000 1,191.035,000 1.213.935.000 1,218,735,000 1,223.735,000 1,254,735.000 1,143,115,000
69,032,000
75,435.000
90,727,000
75,332,000
84,057,000
98,143,000 297,791,000
79,46s,000
81,215.000
By eligible paper
575.200.000 603.200,000 570,200.000 525.200,000 527,200.000 507.700,000 483,700.000 437.700,000 464,500,000
U. B. Government securities
T.ntill
3.321.831.000 3.340.444.000 3.324.609 000 3.322.283 000 3.333 304 nnn 3 320.508.000 3.323.278.000 3.315.362 00112.074.155.000
•"Other cash" does not Include Federal Reserve notes or a Bank's own Federal Reserve hank notes, a Now Included in "other cash." b Revised.
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE ov BUSINESS OCT. 18 1933
7'wo Ciphers (00) omitted.
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louts. .1finneap. Kan.City. Danae. 5anFram
Federal Reserve Bank of$
RESOURCES.
S
Gold with Fed. Res. Agents__ 2,677,599,0 218,329,0
36,569,0 1,531,0
Gold redm.tund with U.S.Treas.
S
S
S
$
$
621,706,0 130.700,0 206,770.0 121,000.0 94,055,0
6,845,01 3,947,01 4,431,0 1,881,0 2,312,0
(Sold held excl. agst. F.R.noter 2,714,168,0 219,860,0
Gold settleml fund with F.R.Bd 631,283,0 20.887,0
Gold & gold ctts held by banks. 246,633,0 21,835,0
628,551.0 184.647,0 211,201,0 122,881,0 96,367,0
211,742,0 14,413,0 37.394,0 17.252.0 11,382,0
146,173,0 15,618,01 4,430,0, 1,453,0, 3,423,0
I
986,466,0 214,678,0 253,075,0 141.586,0 111,177,0
Total gold reserves
3,592,034,0 262,582,0
735.272.0 113,781.0 69,369,0 97,390,0 37,464,0 181,763,0
3.780,0 1,555,0
1,587.0 1,232,0
978.0 6,490,0
739,052,0 115,336,0 70,956,0 98,622,0 38,442,0 188.253,0
185.893,0 29.962,0 13,728,0 28,249,0 31,495,0 28,846,0
4,011,0i
422,0
444,0 11,898,0 3,837,01 33,034,0
928,956,0 145,720.0 85,128,0 138,809,0 73,774,0 250,133,0
Financial Chronicle
2940
Oct. 21
1933
Weekly Return of the Federal Reserve Hoard (Concluded).
Two Ciphers (00) omitted.
Total.
RESOURCES (Concluded)
Other cash•
Boston.
Cleveland. Richmond Atlanta.
Phila.
New York.
55,941,0 27,497,0 24,142,0 11,468,0 11,446,0
229,208,0 20,
5
583,0
Total gold re8erve9drother cash 3.821,292,0 283,165,0 1,042,407,0 242,175,0 277,217,0 153,054,0 122,623,0
Redem fund-F.R. bent notes_
615,0 1,759,0
11,315,0
2,847,0
950,0
452,0
Bills discounted:
Sec. by U.S. Govt.oblIgatIone
22,798,0
12,075.0 3,752,0 2,698,0
756,0
766,0
209,0
Other bills discounted
27,613,0 21,812,0 7,135,0 7,298,0 5,782,0
89,956,0 2,955,0
Total bills discounted
Mlle bought In open market
U. S. Government securities:
Bonds
Treasury notes.
Special Treasury certificates
Certificates and bills
112,754,0
6.569,0
9,833,0
613,0
39,688,0 25,564,0
2,195,0
657,0
3,711,0
457,0
8,064,0
242,0
5,991,0
217,0
441,395,0 24,293,0
976,161.0 65,313,0
169,997,0 28,110.0 32,296,0 11,751,0 10,821,0
335,611,0 68,583,0 89,420,0 32,537,0 29,652,0
Chicago.
St. Z.0141.
32,162,0
9,264,0
tnnsap. Kan.City
6,223,0
8,553,0
Dallas. San Fran.
6,810,0 15,119,0
961,118,0 154,964,0 91.351,0 147,362,0 80,584,0 265,252,0
2,249,0
386,0
165,0
616,0
976,0
300,0
909,0
4,897,0
734,0
1,144,0
98,0
3,052,0
285,0
3,301,0
263,0
1,564,0
253,0
3,403,0
5,806,0
814,0
1,876,0
172,0
3,150,0
116,0
3,586,0
180,0
1,827,0
280,0
3,656,0
626,0
77,504,0 14,465,0 16,395,0 12,459,0 18,225,0 25,079,0
165,949,0 38,667,0 24,239,0 33,992,0 22,768,0 69,430,0
957,723,0 63,494,0
308,193,0 66,638,0 86,926,0 31,628.0 28,824,0
188,200,0 37,588,0 23,563,0 33,045,0 22,131,0 67,493,0
Total 17.5. Govt.securitiee_ 2,375,279,0 153,100,0
Other securities
1,559,0
Bills discounted for, or with
(-1.other F. R. banks
813,801,0 163,331,0 208.642,0 75,916,0 69,297.0
510,0
993,0
431,653,0 90.720,0 64,197,0 79,496,0 63,124,0 162,002,0
56.0
Total bills and securities
Due from foreign banks
856,677,0 190,062,0 219,088,0 84,222,0 75,505,0
401,0
142,0
361,0
2,608,0
127,0
867,0 1,481,0
5.407,0
510,0
893,0
124,326,0 36,504,0 45,335,0 41,377,0 15,000,0
12,818,0 3,678,0 6,929,0 3,238,0 2,422,0
24,802,0 4,447,0 2,4117,0 3,815,0 4,178,0
438,273,0 92,770,0 67,519,0 83,262,0 65,231,0 166,284,0
19,0
496,0
13,0
106,0
255,0
100,0
4,207,0
742,0 1,431,0
756,0
254,0 1,112,0
59,110.0 22,253,0 12,527,0 30,353,0 19,330,0 23,473,0
7,609,0 3,285,0 1,747,0 3,559,0 1,795,0 4,254,0
1,369,0
633.0 1,141,0 2,001,0 1,256,0
1,012,0
Fed. Res. notes of other Denim..
Uncollected Items
Bank premises
All other resources
2,496,161,0 157,268,0
4,913,0
279,0
17,998.0
482,834,0 53.296,0
54,614,0 3,280,0
47,875,0
754,0
6,937.052,0 499,330,0 2,071,892,0 478,392,0 554,023,0 287,329,0 221,200,0 1,474,431,0 275,086,0 175,205,0 268,374,0 169,532,0 462,258,0
Total resources
LIABILITIES.
I. R.notes In actual circulation. 2,993,017,0 223.440,0 641,558,0 237,338,0 280,045,0 147,102,0 118,160,0
F. R bank notes in act'l circa') 172.143,0 11,910,0
51,848,0 9,232,0 26,928,0
6,036,0
Deposits:
Member bank-reserve account 2,655,343,0 173,174.0 1,056.716,0 135,884,0 149,270,0 74,810,0 56,356,0
17,634,0 1,642,0
Government
825,0 1,602,0 1,731,0
227,0
693,0
6,224,0 1,405,0 1,324,0
15.132,0
976,0
Foreign bank
521,0
468,0
70,700,0
892,0
6,060,0 8,772,0 6,834,0 2,987,0 2,269,0
Speclal-Member bank
14,704,0
180,0
968.0 1,903,0
Non-member bank
836,0
320,0
65,718,0 2,055,0
30,032,0
663.0 2,091,0 4,375,0 5.707.0
Other deposits
2,839,231,0 178,739,0 1,100,825,0
471,035,0 53,278,0 118,134,0
58,497,0
145,549,0 10,807,0
278,599,0 20,460.0
85,058,0
36,578,0
15,972,0
696,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total Ilabilltles
150,229,0
35,425,0
15,755,0
29,242,0
1.171,0
161,430,0 83,756,0 65,813,0
42,085,0 38,933,0 13,291,0
12,366,0 4,932,0 4,578,0
28,294,0 11,616,0 10,544,0
2,875,0
990,0 2.778,0
752,350,0 139,889,0 93,715,0 108,964,0 34,360,0 216,496,0
30,618,0 4,672,0 2,797,0 3,930,0 15,677,0 8,495,0
527,646,0 75,325.0 51,096,0 108,616,0 81,157,0 165,293,0
4,149,0 1,190,0 1,324,0 1,400,0
254,0 2,597,0
1,739,0
308,0
455,0
936,0
388,0
388,0
30,613,0 4,797,0 1,528,0 2.425,0
374,0 3,149,0
327,0
5,618,0 3,739,0
663,0
150,0
4,443,0 4,909,0 1,223,0
570,0 1,188,0 8,462,0
574,208,0 90.415,0 55.806,0 113.549,0 83,361,0 181,100,0
59,329,0 24,785,0 11,759,0 28,554,0 21,439,0 24,023,0
13,104.0 4,021,0 2,879,0 4,250,0 3,714,0 10,646,0
39,497,0 10,186,0 7.019,0 8,263,0 8,719,0 19,701,0
1,118,0
1,230,0
4,825,0
864,0 2,262,0 1,797,0
6.937,052,0 499.330,0 2,071,892,0 478,392,0 554,023,0 287,329,0 221,200,0 1,474,431,0 275,086,0 175,205,0 268,374,0 169,532,0 462,258,0
Memoranda.
Ratio of total gold reserves and
Other cash to deposit & Y. R.
note liabilities combined
Contingent liability on bills purchased for torn correspondents
65.5
70.4
59.8
62.5
62.8
66.3
66.7
72.4
67.3
61.1
66.2
68.5
60.7
36,030,0
2,630,0
12,034,0
3,783,0
3,567,0
1,405,0
1,261,0
4,684.0
1,225,0
829,0
1,045,0
1,045,0
2,522,0
•"Other cash" does not Include Federal Reserve notes or a Bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Federal Resorve Agent al-
Boston. New York.
Total.
Ciphers (001 omitted.
$
$
Federal Reserve notes:
Issued to F.It.Bk. by F.R.Agt. 3,262,380,0 245,302,0
Held by Feirl Reserve Bank_ 268,463,0 21,862,0
In actual circulation
2,993,917,0 223,440,0
Oollateral held by Agent as security for notes issued to bks:
Gold and gold certificates
1,524,794,0 74,012,0
Gold fund-F.R. Board
1,152,805,0 144,317,0
Eligible paper
69,032,0 1,710,0
575,200,0 29,000,0
U. S. Government securities
Total collateral
3,321,831,0 249,030,0
Phila.
$
Two
Cleveland. Richmond Atlanta.
I
$
S
Chicago.
S
$
Si. Louts. Minneap. Ran.Ctts. Dallas. San Fres,
$
S
5
$
5
722.034,0 254.673,0 293,838,0 154,817,0 138,553,0
80,476,0 17,335,0 13,793.0 7,715,0 20,393,0
791,642,0 147.740,0 99,548,0 116,401,0 38,555,0 259,277,0
38,792,0 7,851,0 5.833,0 7,437,0 4,195,0 42,781,0
641,558,0 237,338,0 280,045,0 147,102,0 118,160,0
752.850,0 139,889,0 93,715,0 108,964,0 34,360,0 216,496,0
97,450,0 107,270,0 51,625,0 21,055,0
83,250,0, 99,500,0 69,375,0 73,000,0
10,840,0, 8,106,0 5,609,0 3,637,0
64,000,0, 80,000,0 30,000,0 44,000,0
•
445,272,0 43,581,0 29,869,0 19,590,0 20,464,0 91,000,0
290.000,0 70,200,0 39,500,0 77,800,0 17,000,0 90,763,0
2.095,0 1,438,0
1,488,0 2,607.0 1,746,0 3,318,0
60,000.0 34,000,0 29,200,0 20,000,0
80,000,0
753,094,0 255,540,0 294,876,0 156,609,0 141,742,0
797.367,0 149,219,0 100,057,0 119,997,0 39,210,0 265,081,0
523,606,0
98,100,0
26,388,0
105,000,0,
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at
Two Ciphers (00) omitted.
Federal Reserve bank notes:
Issued to F. R. Bk. (outstdg.)
Held by Fed'I Reserve Bank_
Total.
Boston. New York.
Phila.
Cleveland Richmond Atlanta.
Chicago.
St. Louis. Minneap. Kan.City. Dallas. San Fran.
Total collateral
64,201,0 12,280,0 32,088.0
12,353.0 3,048.0 5,160,0
7,122,0
1.086,0
32,369,0
1,751.0
5,046,0
374.0
3,250,0
453,0
5,957,0 16,331,0
2,027,0
654,0
8,586,0
91,0
172,143,0 11,910,0
51,848,0
9,232.0 26,928,0
6,036,0
30.618,0
4,672,0
2,797,0
3,930,0 15,677,0
8,495,0
2,137,0
225,374,0 20,000,0
1,650,0
64,274,0 13,000,0 35,000,0
166,0
9,000,0
40,000,0
235,0
6,000,0
4,100.0
86,0
6,000,0 18,000,0 10,000,0
227,511,0 20,000,0
In actual circulation
Collat.pledged agst.outst. notes:
Discounted & purchased bills.
U.S. Government securities
206,898.0 19,668,0
34,755,0 7,758,0
64,274,0 13,000,0 36,650,0
9,166,0
40,000,0
6,235,0
4,100,0
6,000,0 18 086 0 10,000,0
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. Those figures aro always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning
"Aoceptaimes
with the statement of Jan. 9 1929, the loan figures exclude
of other banks and bills of exchange or drafts sold with endorsement" and Include
all real estate mortgagee and mortgage loans held by the bank. Previously acceptances of other banks and
bills sold with endorsement
of the banks Included mortgagee in investments. Loans secured by U. S. Government obligations are no longer shown separately, were Included with loans, and some
only the total of loans on securities,.
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and
those secured by commercial'
number of reporting bangs formerly covered 101 leading cities, but was
paper, only a lump total being given. The
reduced t090 cities after the declaration of bank holidays
or moratoria early In March 1033. Fubtleation of the weekly returns for the reduced number of cities was omitted in the weeks from March 1 to May 10.
but a summary
of them is to be found in the Federal Reserve Bulletin
The figures below are stated in round millions
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS
AT CLOSE OF
BUSINESS our. 11 1933 (la millions of dollars).
Total.
Boston. New York
Phila.
17. S.(Jove,ument securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
banke
Due to.__ •
...
17
LI
Lk.v..
7,668
1,025
697
3,931
505
251
446
1,914
2,017
493
4,994
2,972
1,894
217
10,527
4,477
863
1,200
2,601
Cleveland. Richmond Atlanta, Chicago. St. Louts. Minneap. Reality. Dallas.
San Fran.
---
0•1
s
s
s
337
s
325
1,508
468
329
506
383
1,676
462
177
179
871
237
184
214
216
897
245
260
229
233
62
115
59
120
401
470
89
148
49
135
57
157
60
156
221
676
3,737
520
659
160
146
637
231
145
292
167
779
300
193
2,400
1,337
274
246
457
202
113
47
331
256
129
102
87
58
185
107
115
52
459
320
125
18
722
382
61
101
152
869
56
5,591
1,185
418
115
1,186
79
14
540
311
89
102
151
75
17
526
434
49
50
122
30
10
188
130
8
82
55
...
00WW.A. .
'"co
,
NoONW=c4
NA.
Divestments
-total
1,190
7,966
On securities
Al I other
s
3,637
4,933
Loane--tstal
$
8,570
Loan" and investments
-total
$
S
16,536
405
45
1,199
464
74
246
325
49
9
279
158
24
71
88
28
5
193
125
4
57
75
64
12
340
173
15
118
162
47
9
229
123
36
89
100
97
16
577
860
55
131
129
10
'
1.121
s
AI
.
Federal Reserve District-
s
s
$
s
4
Financial Chronicle
Volume 137
.sow
Tamittrtrial
gtnaltrud
q.:11
irl
Maturity.
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Railroad and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 2929.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list:
STOCKS.
Week Ending Oct. 20.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. I.
Lowest.
Highest.
Railroads—
per share. $ per share.$ per share.
Par Shares. $ per share.
Alleghany & West'n 100
Oct 83
Oct
10 82 Oct 14 82 Oct 14 82
Chic St P H & 0 pf_100
Jan 12
July
50 10 Oct 18 10 Oct 18 2
Hudson & Manh p1..100
400 2434 Oct 17 2634 Oct 20 2414 Oct 5134 July
Int Rys of Cent Am_ _
July
600 431 Oct 16 4% Oct 16 13-4 Mar 7
Preferred
100
Aug
70 11
Oct 16 43-1 Apr 20
Oct 18 14
Market St Ry
100
A Feb 334 July
330
% Oct 18 1% Oct 16
Norfolk & West pf 100
May 8734 Sept
50 8134 Oct 20 8234 Oct 19 74
Pacific Coast 2d pref100
Feb 7
July
30 3 Oct 1
3 Oct 17 1
Phila. Rapid Trait 01_50
July
20 5 Oct 1
5
Oct 16 5 June 10
Pitts Ft W & Chi p1_100
Apr 150
Sept
10014434 Oct 16 14434 Oct 16 134
Indus. & Miscell.—
Abrah'in & Straus p1100
Mar 97
July
20 90
Oct 1 90 Oct 18 80
Amer Radiator & Stand
Sanitary pref
100
Oct
1011S
Oct 20 115 Oct 20 81% Apr 119
Art Metal Construct_ 10
40 534 Oct 1
534 Oct 16 334 Feb 9% July
Beneficial Ind Loan_ --5 3,600 1334 Oct 2 my, Oct 14 13% Sept 14
Aug
Bloomingdale 7% p1100
Jan 68
70 68 Oct 1 68 Oct 14 53
Oct
Bristol-Myers
Sept 38% Sept
5 13,100 29 Oct 20 34% Oct 14 29
Burns Bros el A Ws_ *
34 Jan 3 June
100 134 Oct 17 134 Oct 17
Class B
May 3% June
•
200 234 Oct 19 2% Oct 19 1
Preferred
100
20 614 Oct 17 6% Oct 17 1% Jan 13 June
City Stores class A
230 231 Oct 19 334 Oct 16 134 Jan 854 July
Certificates
Oct 19 134 Oct 14
h Mar 2% July
• 3,200 1
Collins & Alt pref_100
20 72
Oct 20 63% May 85
Oct 20 72
Sept
Col Fuel & hr pref_ A00
100 14
Oct 54 June
Oct 20 15 Oct 16 14
Connecticut Ry & Lt100
100 56
May 60
Oct 20 56 Oct 20 52
July
l'referred
100
30 55 Oct 20 55 Oct 20 504 Sept 55% Jan
Consol Cigar prior prof
ex-warrants
100
20 48 Oct 19 48 Oct 19 3814 Apr 62% July
Crown Winette 1st pf •
170 4234 Oct 16 42% Oct 16 17
May 54
Aug
Deere & Co
• 98,000 2534 Oct 19 32% Oct 16 2434 July 49
July
Devoe & Ray 1st pi 100
10 8934 Oct 18 89% Oct 18 79% Jan 93
July
Federal Mining & Smelt
l'referred
100
100 57 Oct 19 57 Oct 19 18
Feb 72
Sept
Filene's (Wm) Sons Co
634% preferred_100
20 92 Oct 14 92 Oct 14 81
Apr 95
Sept
Foster-Wheeler pref_.•
60 463.4 Oct 19 50 Oct 17 3214 Feb 71
Aug
Gen Baking Co pref__•
60 104 Oct 20 105 Oct 18 9934 Mar 0831 Sept
Gen Refractories ctfti-•
200 834 Oct 20 814 Oct 20 7% Sept 18 June
Flarblson-Walker Refee
Preferred
100
130 82 Oct 20 8734 Oct 18 48
Aug
Mar 95
Hazel-Atlas Co
25 3,500 74 Oct 19 77 Oct 19 65
July 85% July
Kansas City Lt it Pow
Preferred B
•
20 103 Oct 16 106
Oct 19 100 June 110
Jan
Kresge Dept Stores •
60 334 Oct 18 314 Oct 18: 1
Mar 734 June
Laclede Gas
100
130 46
Oct 18 50 Oct 14 46
Oct 80 June
Preferred
100
70 4934 Oct 18 54 Oct 171 3734 Apr 61
Jan
Life Savers
5 5,400 1534 Oct 20 1734 Oct 141 1534 Oct 2234 Sept
MacAndrews is Forbes
Preferred
100
20 90 Oct 20 90 Oct 20, 74
Apr 90
July
Mathieson Alkali Wks
Preferred
1001
2011234 Oct 18 11234 Oct 1810034 Jan1123j Oct
Martin-Parry Corp___•
600 4. Oct 19 514 Oct 16'
34 Jan 6
Oct
Omnibus Corp pref_100
100 8334 Oct 20 8334 Oct 20 64
Jan 86
Sept
Pac Tel & Tel pref _100
30 10634 Oct 17 10634 Oct 1710134 May 11134 Sept
Pacific Western 011__* 3,800 634 Oct 19 734 Oct 16 631 Oct 934 Sept
Panhandle P & It p1100
70 1134 Oct 18 1334 Oct 19 sy, Jan 20 June
Peoples Drug Stores
634% cony pref _100
80 80 Oct 20 85 Oct 14 65
Apr 87
July
Penn Coal & Coke_ __50 1,100 3 Oct 19 331 Oct 14
.31 Feb 924 July
Pierce-Arrow Co pf_100
300 15 Oct 20 1734 Oct 14 4
Apr 2134 Sept
Revere Cop & Br 14_100
90 35 Oct 19 43 Oct 16 7
Feb 60
July
Rhine Westphalia Bled
& Power
600 1534 Oct 18 17 Oct 18 14
May 18
Feb
Schenley Dist Prod_ __5 59,800 3234 Oct 17 3734 Oct 20 3234 Sept 453.4 Aug
Shell Transp & Trad—C2
120 2134 Oct 18 22 Oct 19 113-4 Mar 2431 July
Sterling I roducts__10 26,700 4934 Oct 19 563-4 Oct 14 4934 Oct 6034 Sept
Underw'd-Elliott-Fisher
Preferred
100
20 100 Oct 16 100 Oct 16 76
Apr 105
Sept
United Drug
5 20,200 634 Oct 20 814 Oct 16 6% Oct 12
Sept
United Dyewood p1_100
400 65 Oct 18 65
Oct 18 2834 Jan 70 Sept
Unly Leaf Tob pref_100
Apr 10234 June
10 1163-4 Oct 1411634 Oct 14 96
Utah Copper
10
10 65 Oct 19 65
Mar, 83 June
Oct 19 35
Vick Chemical
Sept
5 9,200 2634 Oct 20 2834 Oct 14 26% Oct' 31
Virginia Jr C'1 & C.100
30 10 Oct 16 1034 Oct 16 2% Feb 16
May
Vulcan DetInning 01100
Feb 102
30 9834 Oct 20 9834 Oct 20 57
Sept
Walgreen Co prof _100
Apr 9034 Sept
20 86
Oct 20 8734 Oct 20 75
Wheeling Steel pref_100
Feb 67
200 36
Oct 16 38 Oct 16 15
July
White Rock M S new..
800 2534 Oct 19 29 Oct 14 2514 Oct 29
Oct
• No par value.
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 2930.
A complete record of Curb Exchange transactions for the
week will be found on page 2959.
2941
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Oct. 20.
Int.
Rate.
Bid.
Asked.
Maturity.
Int.
Rate.
Bid.
Asked.
June 15 1934_
Dec. 15 1933_ _ _
Mar. 15 1934_ _ _
Aug. 1 1935.._
Aug. 1 1934_ _
.
Feb. 1 1938._
Dec. 15 1936_ _ _
Apr. 15 1936_ _ _
4%
54%
14%
I%%
2347
0
234%
234%
234%
100
100233
100.s,
101.ts
101.6st
101 4 st
102",
1020,
0
1000,2
100.233
100.,2
1018st
10140.2
10140st
102",2
10200,,
June 15 1938_
May 2 1934_ _ _
June 15 1935_ _ _
Apr. 15 1937___
Aug. 1 1936_ _ _
Sept. 15 1937_ _ _
Dec. 15 1933_ _ _
234%
3%
3%
3%
33.4%
33-4 %
434%
101 2231
101.2131
1031233
10222,1
10300n
103,0st
100"st
101"33
101"32
103,233
102",
10300n
103"st
100ln
U. S. Treasury Bills—Friday, Oct. 20.
Rates quoted are for discount at purchase.
Bid.
Oct. 25 1933
Nov. 1 1933
Nov. 8 1933
Nov.15 1933
Nov. 22 1933
Nov. 29 1933
Asked.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Bid.
Dec. 6 1933
Dec. 12 1933
Dec. 20 1933
Dec. 27 1933
Jan. 3 1933
Jan. 10 1934
Jan. 171014 __
Asked.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0 2007.,
0.05%
0.05%
0.05%
0.05%
0.05%
005%
0 05 7
,
-
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 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. Oct. 14. Oct. 16. Oct. 17. Oct. 18. Oct. 19 Oct. 20.
First Liberty Loan
High
35.4% bonds of 1932-47._ Low_
(First 354s)
Close
Total sales in $1,000 units__
Converted 4% bonds of(High
{
1932-47 (First
Close
Total sales in $1,000 units__
{
Converted 434% bonds Higli
01 1932-47 (First 434s) Low_
Close
Total sales in $1,000 units_.
Second converted 44% II igh
bonds of 1932-47 (First[ Low_
Second 434s)
Total sales in $1,000 units_-_
Fourth Liberty Loan
High
04% bonds of 1933-38_ LOW_
(Fourth 434s)
Close
Total sales in $1.000 units_
Fourth Liberty Loan
1 High
43-4% bonds (called)._ Low_
Close
Total sales in $1,000 units
Treasury
High
454s. 1947-52
Low_
Close
Total sales in $1,000 units__
High
45. 1944-54
Low_
Close
Total sales in $1.000 units._
{High
324,s, 1946-56
Low_
Close
Total sales in $1,000 units__High
344s. 1943-47
4Low_
Close
Total sales in $1,000 units _ __
[High
35, 1951-55
Low_
Close
Total sales in $1,000 units_ __
{High
334s, 1940-43
Low_
Close
Total sales in $1,000 units_ _
.
High
33
-Is, 1941-43
L0w_
Close
Total sales in $1,000 units__
illgli
334s, 1946-49
4 Low_
Close
Total sales in $1,000 units__
(High
334s, 1941
1 Low
(Close
Total sales in S1.000 units __
102"aa 102.82 102"aa 102"n 102":
102",, 102‘2,2 10200a2 102"n 1020.2
102", 10202,2 102",2 102"n 102",
7
27
115
26
31
----
---- ----
---- ---.
102",
10202n
102"ta
27
---------------.
”
1020, 102018 10220st 1020.n 102",- 16ic;
10202,2 102"as 10202,2 102"a2 102", 10200n
102,, 10200n
102"n 10202,2 102",2 102"aa
14
15
72
16
9
21
-- —
------------.
---------------.
----_--103"as 103.32
.
,
103"m 1030 3
103.22 10300,2
186
82
1020st 102
10108n 1010,n
101"a2 10122n
76
78
1100st 110,0st
110
110
1102,2 110"n
35
16
1060n 106,,st
1062,2 106"a2
1062a2 106"n
9
20
---_ 104°082
---- 104 2
--- _ 104 0st
7
--102
102212
102
102.33
102
1022,2
9
8
9804a2 9804 2
,
98"a2 9822n
980sn 98"a2
178
43
102
102
101"a2 102
102
102
78
49
1012233
102
101 2233 1022233
102
1012233
18
6
100 0aa 100"aa
1002,2 1002
,2
100"aa 100°,2
27
59
101",2 101",2
101",2 101",2
101.1o100,,
40
107
40
-_--103"aa
103Mn
10300,2
69
102
10100st
102
120
110,4
,
110 1a
,
110.32
45
106",
106",
106"n
503
10422
,
104.23
104"42
90
1022,2
102
1022,2
85
98"n
9802,2
9820,2
42
102
102
102
41
102
1012231
101 2232
119
1002,2
1002,2
1002
,2
117
101",2
101.n
101",,
213
-_--10302n
103"32
103":2
42
102
101 12,1
10132a2
71
111:00,1
110 n
,
110.2,2
231
106",,
106"n
106"aa
32
104",2
104"a2
10400n
57
1020,2
102.33
10242
51
98",
9800,2
98",
43
102.33
101",2
102'n
81
102
1012233
101",,
103
100 42
,
1002,2
1002,2
42
1011.32
1012,2
101"al
119
---103",
103tt
103",
6:
101053
101 0°3
10130,
lel
110,
.;
110,0
,
110",
21
10618 2
,
106"a
106",
4
2
101",
104":
10400s
11
1022
,2
102232
102 33
,
,
9825,
98",
95223
14:
102
102
102
I
102 233
102
102'n
1013
100",
1002,2
1002,2
IL
101",
101u:
101",
2
301
10Y
0is;
103",2
103"st
210
1010.12
10100st
10100,1
32
110"st
110141
110ust
42
10610n
106"st
10640st
232
10428st
10-D•st
10402,a
132
1022,2
102
102°,1
5
9802,2
9822a2
9802a:
140
102233
102033
1020n
21
1022,2
10242
102'33
28
100"32
100822
1000st
67
10Inst
101,0st
10D0st
39
Note.—Tho above table includes only sales of coupon
bonds. Transactions in registered bonds were:
38
.5
1
2
6
2
Fourth 434s
4th 4%s (called)
Treasury 4%s
Treasury 4s
Treasury 316s 1943-1947
Treasury 3s
103.333 to 103"as
10107,2 to 10102 2
110
to 110
1062,2 to 1062
,,
1010 to 101",,
.22
986,, to OS",
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.504 @4.54
for checks and 4.5031@4.5434 for cables. Commercial on banks: Sight,
4.51. 60 days, 4.504; 90 days, 4.504; and documents for payment, 60
days, 4.5134. Cotton for payment, 4.5034.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.4334@
5.54 for short. Amsterdam bankers' guilders were 56.10@56.90.
Exchange for Paris on London, 82.50; week's range, 82.50 francs high
and 80.00 francs low.
The week's range for exchange rates follows:
Sterling Actual—
Cables.
Checks.
High for the week
4.62
4.6134
Low for the week
4.49 41
4.484
Paris Bankers, Francs—
High for the week
5.60
5.794
Low for the week
5.433.4
5.434
Germany Bankers' Marks—
High for the week
35.08
35.10
Low for the week
33.24
33.25
Amsterdam Bankers' Guilders—
High for the week
59.70
59.66
Low for the week
56.40
56.10
2942
Oct. 21 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Oct. 14.
Monday
Oct. 16.
Tuesday
Oct. 17.
Wednesday
Oct.•18.
Thursday
Oct. 19.
Friday
Oct. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ per share S per share $ per share $ per share Shares.
Railroads
Par
35,600 Atch Topeka & Santa Fe__100
5258 5438 4912 533
4818 5112 45
4712 4538 48
8 4912 53
1.900
56
56
Preferred
62
6212 61, 6114 585 6114 5818 5912 5514 56
100
4
8
5.900 Atlantic Coast Line RR_100
35
36
3214 3512 3214 34
293 34
4
28
2914 283 31
4
2413 2538 2112 2458 2118 233
2114 89.900 Baltimore & Ohlo
4 2118 2314 187 213
8
8 19
100
8,200
26
1914 22
2612 2312 2514 2214 2412 22
243
8 2014 22
Preferred
100
2914 2912
600 Bangor & Aroostook
.31
34
30
30
30
3114 *3012 32
*3012 36
50
*97 100
097 100
*97 100
Preferred
*97 100
100
*97 100
*97 100
7
7
13
100 Boston & Maine
*14
20
*11
17
*8
19
*11
19
*11
100
512 512
538 512
700 Brooklyn & Queens Tr_No par
612 612
712
7
7
*612 712 *7
54
*44
54
*44
*44
54
*44
54
*44
54
*44
54
Preferred
No par
4
33
3512 31
3514 31
333
8 293 33
4
28
301s 273 30 18 54,500 Bklyn Manh Transit
No par
*74
78
300
$6 preferred series A_No par
74
*7512 787
75
*74
76
74
8 75
75
75
_ ____ ____ ____ ____ ______ Brunswick Ter & Sty SecNo par
_ __
_
_
_
__ __
8
115 12
8
1258 127
- 8 115 12 4 11 .7. - - 3
-3
s
63,100 Canadian Pacific
8
-3. 8 12 4
i.17 12 4 113 117
8
25
79
*72
79
72
72
40 Caro Clinch & Ohio stpd__100
*72
75
7412 *72
*72
78
*72
400 Central RR of New Jersey.100
60
57
5812 *55
62
63
*58
70
*5812 70
80
*61
373 39 44,200 Chesapeake & Ohio
8
4
4114 413
8 3918 4114 373 39
4 393 417
4
8 393 413
4
25
3 4 *1
3
33
4 *1
*2
3 4 *1
3
334 *1
33
4 *1
33
4
Chic & East Ill Sty Co__100
212 212 *158 2
300
*212 3
4
212 212
*212 3
.212 23
6% preferred
100
8 3,300 Chicago Great Western
25
8 25
3
3
212 3
318
3
318
*31s 338
3
100
6
7
2.700
8
814 814
612 67
712 77
8
7
7 12 *67
8 7
Preferred
100
412 15,300 Chic Milw St PS,Pac__No par
4
412
4
43
8 5
55
8 57
8
43
4 54
,
412 53
8
44,600
53
4 7
918 93
8
714 9
714 814
65s 818
618 67
8
Preferred
101)
8
83
4 87
8
712 87
612 712
612 73 20.500 Chicago & North Western _100
8
712 83
8
712 818
1314 1212 13
12
123
4 1,900
13
1514 1514
1412 1412 13
14
Preferred
100
3
314 4,100 Chl.sago Rock 181 & Paciflc.100
4
418
4
4 18
314 4
414 414
418 414
0714 8
612 712
6
6
614
6
6
6
6 14 614
1,500
7% preferred
100
512 512
5
514
5
5
418 412 1,800
5
5
43
4 5
6% preferred
100
29
2112 22
2212
*22
32
32
32
*22
22
2418 22
80 Colorado & Southern
100
1612 18
*20
24
*20
2478 no
2312 20
20
*16
20
20
4% 1s1 preferred
100
30 *-___ 30 •___ - 30
30 *____ 30 *_ 30 *
4% 2d preferred
100
25
8 318 1,600 Consol RR of Cuba pref_ _ 100
3
3
,
318 3 8 *318 3 4
,
*33
4 4,2
314 33
4
518 *4
8
*4
7
*418 7
*4
7
518 518
518
20 Cuba RR 6% pref
100
4914 45
49
535 5612 4912 5618 45
8
10.700 Delaware & Hudson
60 60
5414 60
100
26
267
8 2318 2612 2318 253
8 2214 247
8 193 22
4
20
2212 54,000 Delaware Lack & Western_50
43
4 51
700 Deny & Rio Or West pref 100
•63
8 7
*6
7
57
8 6
*518 512
518 512
8
8 1312 147
8 1218 13'2 1114 135 15,800 Erie
8
100
153 16
4
1314 1614 133 145
1438 1512 1312 1414 135 147g 4,300
8
First preferred
1712 1712 1314 15
100
1358 1414
14
*11
1212 1012 11
10
10
Second preferred
100
•12
14
12
13
*11
900
8 14
1818 153 177
1614 29,900 Great Northern Prof
100
187 195
8
8 16
8
8 1512 1712 1414 157
438 438 *414 5
*43
8 5
*5
63
8
5
.5
*414 5
200 Gulf Mobile & Northern..100
13
1612 13
*9
13
*9
12
•14
1612 1212 14
*13
300
Preferred
100
03
*3
4 1
*3
4 1
Havana Electric Ry Co No par
*3
4
114
4
1
*3
4
1
*3
4 1
1014 1112 10
1114 5,600 Hudson & SIanhattan--- -100
1414 147 *1312 1414 127 1312 1158 13
8
8
28
2114 24
2912 26
293
4 25 8 273
3
4 2413 2714 2118 24
38,100 Illinois Central
100
42
*36
42
36
36
*32
45
200
100
*36
3712 3614 3614 *36
6% prof series A
4712 4818 4818 475a 475
4712 4712 4712 4712 4618 4712 47
8
100
230
Leased lines
*20
2212 20
20
18
18
*2214 25
*15
20
*15
20
50
RR Sec etfs series A__1000
918 101 1
9
8 1018 113
8
912 1014
1018 25,300 Interboro Rapid Tress•I 0_100
1012 113
8 1018 115
912 103
93 1114
8
100
1112 1112
912 1012
912 1012
87
8 9
8 4,600 Kansas City Southern
16
16
16
16
16
16
100
•18
23
16
1614 *15
17
600
Preferred
1138 133 23,200 Lehigh valley
1653 1714 1314 1612 1312 143
4 1318 14 8 115 13
5
8
8
50
*4014 4234 38
4014 39
8 7,400 Louisville & Nashville__ _100
40
3612 3412 375
3712 38 2 35
,
*2514 28
*22
26
*23
27
21
21
.20
27
21
22
40 Manhattan By 7% guar...100
1711 16
17
153 163 19,500 Mans Sty Co mod 5% guar.100
4
4
1838 193
4 1718 20
17
185
8 17
Market St Sty prior pref__100
*33
4 514 *33
4 514 *33
4 5 4 *33
,
4 514 *312 514 '312 514
3
4
ki
7
8
7
8
7
8
7
8
*3
4
118
3
4
3
4
3
4
3
4 1,100 Minneapolis & fit Louis. _100
*118 2
*112 214 *112 2
112 112 *118 2
*118 2
100 Minn St Paul & SS Marie.100
•2
4
*2
*212 4
100
4
*112 4
4
100
214 214 *2
7% preferred
100
414 412
414 412
4
4 14 *33
5
5
*412 43
4
300
4% leased line ctfs
4 5
714 8
9
9 14
8
4
10,600 Mo-Kan-Texas RR__No par
9
63
4 73
714 812
8
812
Preferred series A
100
1614 6,000
*19
2012 1712 19
163 175
4
8 18
18 8 1514 1712 15
,
100
3
3 14 3,300 Missouri Pacific
4 4
312 414
318 4
4
4 12
34 4
3
33
3
3
100
Cony preferred
4
412
418 5
9,700
47
8
512
54
3
43
4 512
54 54
.5
180 Nashville Chatt & St Louis 100
31
31
30
3014
*32
40
32
34
31
31
*31
38
Nat Rys of Men lot 4% pf_100
*118
114 .1 18 114 *Ils
1,
4 *118 114 *118
114 *118
114
12
2
8
3
8
*9
8
12
3
8
2
8
*3
8
13 1,300
12
12
*2
8
100
2d preferred
100
8
8 2612 297 207,200 New York Central
3514 363
8 31
3512 3118 3438 2938 3338 2612 297
*1212 1512 *12
17
1514 1514 1212 13
1,800 NY Chic & St Louis Co.--100
*15
16
117 1414
8
Preferred series A
100
1412 16
8,100
1914 1914 15 8 1814 15
16
1614 183
4 1414 1614
5
250 NY & Harlem
50
110 110
*11512 125
11012 11012 10818 110
11212 11512 *11212 115
100
1712 1814 1512 173
s
4 153 173
8 135 1512 33,000 N Y N H & Hartford
4
8 1538 17
133 155
4
100
Cony preferred
2118 25
1.800
*27
29
.24
25 8 203 22
5
8
*2612 2858 24
26
9
914
812 918
75
4 81 1 5,300 N Y Ontario & Western_ -100
812 9
818 87
8
73
4 82
,
No par
*15
8 2
*15
8 17
8
13
4 13
4 1,200 NY Railways pref
*13
4 2
134 2
13
4 2
100
400 Norfolk Southern
118 *1
114
118
*112 17
8
114
114
114
114
114
114
100
14212 14312 140 1413 138 13912 1,500 Norfolk & Western
4
147 148
145 14512 143 143
100
8 153 1818 19.700 Northern Pacific.
4
1838 2114 1618 183
2212 2318 2014 2212 193 2118
8
*2
3
Pacific COM t
100
*212 3
*212 3
*212
2
25 68,500 Pennsylvania
50
8
2814 29
25
283
8 25
2714 2518 2714 227 2518 22
400 Peoria & Eastern
100
41
*212 6
*2
53
4
*3
6
3 8 318 *2
,
318 312
100
400 Pere Marquette
14
15
15
14
*1712 1912 1712 1712 *14
16
1412 141
Prior preferred
100
*12
17
100
22
25
*10
*18
25
18
18
*15
30
*15
Preferred
100
600
•15
22
1214 1218 1218 1212 121 *1212 14
15
15
12
100 Pittsburgh & West Virginia 100
*1512 24
*1112 24
*21
25
21
21
8
24
*1112 247 *12
50
3612 3812 2,100 Readhig
3512 38
43
451,, 407 4212 *39
43
4012 41
8
34
let preferred
40
34
100
381
381 *34
8
387 *33
8
387 *33
387 *33
I
*33
300
2d preferred
60
*3114 33
3114 31 1 1 3112 3112
*3114 33
311 1 3114 *3114 33
100
4 *718 123
4
100 Rutland RR 7% pref
*93 14
8
*938 14
*938 1278
93
8 93
8 *714 123
100
4 2,700 St Louis-San FraneisCo
3
3
3
3
3
3
23
4 3
3' 3
234 23
100
let preferred
318 318
*212 3
,
24 3
3
27
8 23
4
3
3
23* 2 2 2,60(1
1312
100 St Louis Southwestern..,...100
16
*10
*12
20
11
11
*10
13
*9
1314 *9
100
10
Preferred
20
*12
20
*12
*15
20
15
15
*12
20
*12
20
No par
1
118
118
1
118
1
1
Ps 10,200 Seaboard Air Line
118
1
118
118
100
Preferred
8
900
4 *112 17
17
8 17
8
13
4
13
4
15
8
15
8
13
4 13
4
112 13
100
1812 1718 1812 64,800 Southern Pacific Co
217
8 1814 213
4 185 2012 18
203
8 17
a21
8
100
8
4
2418 251s 20
18
2012 177 203 63.900 Southern Railway
2412 2018 2338 2014 23
22
12,900
Preferred
100
19
27 27
2412 27
23
25
2014 22
2312 26
Mobile & Ohio stk tr Ctrs 100
40
*21
40
*25
40
40
*21
*18
40
*21
40 .21
100
8 738 1,100 Third Avenue
712 83
s *7
812
7
7 113
65
8 63
4 *65
*134
17
9
13
4
13
4
300 Twin City Rapid Trans No par
*2
214
15
8 15
8
218 218 *13
4 2
100
40
Preferred
*612 8
0
612 8
612 612
612 612 '612 8
612 612
9612 104
19,500 Union Pacific
100
102 10612 102 105
9712 102
al08 10912 10112 108
100
Preferred
6612 663
4 6618 6618 66 4 661
6618 6612 *6614 6812 1,000
*667 68
8
,
100
25
8 23
212 25
8
212 23
4 2,800 Wabash
23
4 3
3
3 13
312 358
3
100
1,400
Preferred A
*4
412
312 3 4
312 3'2
33
8 33ti
318 314
312 312
75
8
65
8 73
100
814 914
731 812
7
8
858
4 9,600 Western Maryland
918 812
1012 *818 1514
8
400
100
1112 1112 1013 1058
2d preferred
*1218 1514 121s 1218
25
8 23
4 1,600 Western Pacific
100
4
318 3 4
27
8 278
8
4
3
*4
43
318
358
100
4
414 2,900
4
4 14
Preferred
8
414 5
6
6
4 2 55
,
8
414 47
Industrial & Miscellaneous
*25
30
No par
3234 323 *30
30
200 Abraham & Straus
*3214 37
4
34
*25
34
31
24,600 Adams Express
No par
758
65
8 71 i
618 7
73
4
714 7
3
712 814
8
8 14
20
Preferred
100
,
*6714 70,4 6714 6714 06714 701, *6714 70,4 6714 671, *6714 70 4
• llid and asked prices, no sales on this day. a Optional sale. s Sold 15 days
z Ex-dividend.
y Ex-rights.
PAGE
PRECEDING.
PIlft SHARE
Rang. Singe Jas. 1
-share tots.
On basis of 100
Highest.
Lowest.
PRR SHARE
Range for Preotowe
Year 1932.
Lowest.
1 Highest.
$ per share i per share $ per sharel$ per share
s
Jan
3458 Feb 25 8018July 7
177 June 94
Jan
4June 3
35 July 86
50 Apr 3 793
1612 Feb 25 59 July 10
9 4 May 44 Sept
,
8July 7
354 June 2138 Jan
814 Feb 27 377
6 June 4112 Jan
912 Apr 5 3914July 7
912 June 353 Aug
4
20 Jan 5 4114 Aug 29
50 June 91 Sept
685 Jan 4 110 Aug 30
8
4 July
193 Sept
4
6 Apr 19 30 July 1
1014 Mar
278 July
93
8June 8
312 Mar 29
2314 June 58 Mar
353 Apr 19 6018July IX
4
1118 June 5004 Mar
4
213 Feb 25 4114 July 12
3112 June 783 Mar
8
64 Mar 2 8312June 13
414 July 10
12 Apr
Ds Aug
12 Jan 11
8July 7
714 May 2053 Mar
712 Apr 3 207
39 July 70 Feb
5014 Apr 4 7912July 19
25 June 101 Sept
38 Apr 4 122 July 6
93 July 3112 Jan
4
2458 Feb 28 4914 Aug 29
11 July
32 Aug
4
8 July 10
12 Apr 18
Is May
5 Aug
812July 10
ti Apr 5
538 Aug
114 June
738July 8
138 Apr 6
8July 6
212 May 1512 Jan
212 Apr 5 147
34 June
412 Aug
1 Apr 6 11114July 19
118 May
8 Aug
DI Feb 28 1814July 20
1411 Aug
2 May
114 Apr 5 16 July 7
Jan
4 Dec 31
4July 6
2 Apr 5 343
113 May
16118 Jan
2 Apr 5 1018July 7
314 Dec 2713 Jan
312 Apr 10 1912July 7
2 May 2413 Jan
15 July 7
27 Apr 11
8
1514 Feb 24 51 July 13
4'!June2912 Sept
8 Mar 30 Sept
4July 19
1212 Apr 10 423
5 Mar 18 Sept
10 Mar 2 30 July 21
1 Dec 1112 Jan
8June 12
114 Feb 24 105
218 Dec 20 Aug
212 Jan 6 16 June 7
4July 7
32 July 9213 Sept
3758 Feb 25 933
1714 Feb 25 46 July 6
812June 457 Sept
8
4July 19
112 May
2 Feb 28 193
9 Jan
2 May 113 Sept
4July 20
4
33 Apr 4 253
4
258 May 157e Aug
412 Apr 4 2912July 5
2 May
1012 Aug
213 Apr 4 2314 July19
5l May 25
Jan
4July 7
45 Apr 5 333
8
134 Mar 31
1112Ju1y 7
2 May 10 Sept
212 Dec 154 Sept
212 Mar 31 2312July 19
4June 8
5
8June 3
23
15 Oct
8
14 Oct
19 June 13
8 May 303 Jan
4
612July 21
3
43 June 247 Sept
4
813 Apr 5 50 4July 20
8
918 July 38 Sept
16 Mar 31 60'u July20
31 Mar 3 60 July 19
1518 June 45 Aug
4 May 14/2 Jan
412 Apr 18 34 July 19
8
8
418 Feb 27 115 Oct 16
214 June 145 Mar
214 June 1514 Sent
612 Feb 27 24a July18
112 Mar 31 3414July 19
5 June 25 4 San
,
,
4July 5
858 Feb 24 273
5 June 2914 Sept
2114 Jan 3 6712July 18
713 May 3814 Sept
8
12 Mar 16 28 Oct 11
9 Sent 463 Mar
4 June 2014 Mar
6 Jan 3 20 Oct 11
8
8 June 9
218 Dec
17 Mar 3
9 Jan
214July 7
18 Jan
Is Jan 23
3 Aug
8
57
12 Mar 20
8July 8
438 Sept
12 Dec
812July 8
3 Apr 11
4
6 Sept
3 May
4
4 Apr 10 1412July 8
5 Dec 2012 Sept
53 Jan 3 1718July 7
4
114 May 13 Sept
1112 Jan 3 3714 July 7
314 June 24 Sept
1014 July 8
Jan
112 may 11
118 Apr 1
1514July 7
Jan
Hs Apr 1
212 May 26
712 May
3078 Sept
13 Jan 5 57 July 7
312June 27
18 Mar 16
11 May
78 Sept
18 Jan 3
13
8June 8
13 Feb
78 Sent
14 Feb 25 5812July 7
813 June 363 Jan
8
4
218 Jan 25 275 Aug 28
8
93 Sept
4
112 May
3414July 20
258 Apr 11
2 June 15% Jan
100 Mar 31 1383
4June 13
8214 May 12713 Aug
1118 Feb 27 347
8July 19
6 May 315 Jan
8
18 Apr 4 56 July 6
117 July 78'4 Jan
8
75 Jan 4 15 July 7
3
35 July
8
153 Sept
4
18 Mar 15
312Juiy 7
1
Feb
la Dee
12 Apr 4
47 July 10
8
4
33 Sept
le Dec
11112 Mar 2 177 July 7
57 June 135 Sept
95 Apr 5 347
8
8July 7
512 May 2538 Sept
1 Jan 25
7 July 11
1 Star
312 Sept
1334 Jan 3 4214July 7
612June 233* Jan
7 Feb 17
2
9 July 11
7 May
8
514 Sent
372 Mar 3 37 July 13
114 June 18 Aug
6 Jan 3 4412July 7
312 June 26 Aug
412 Feb 28 3812July 7
212 June 24 Aug
612 Apr 19 3534July 7
6 Dec 2112 Aug
2312 Apr 5 6212July 6
912 June 5214 Sept
25 Apr 2.5 38 July 12
15 July 33 Jan
2312 Mar 31 37 July 6
15 May 38 Sept
6 Jan 6 1812July 3
3 May
1412 Sept
78 Jan 30
93
8July 7
658 Jan
3 May
3
I Apr 17
914July 8
1 May
934 Jan
514 Mar 15 22 July 14
3 May 137 Sent
8
12 Juno 7 263
8July 18
83 Dec 2012 Jan
8
IA Jan 3
18 Jan
3 July 7
1 Sept
47
8July 7
36 Mar 25
158 Sept
14 Jan
4July 7
1118 Feb 25 383
612June 373 Jan
8
418 hf ar 2 36 July 19
213 May 1812 Sept
3 July 2384 Sept
572 Jan 3 49 July 17
8 Jan 5 40 July 10
312 June 25
Feb
378 May
Cs Feb 25 1218June 3
14 Mar
118 Dec
412 June
113 Jan 10
43
4June 8
572 Apr 19 15 June 8
7 June 2412 Jan
6114 Apr 5 132 July 7
275 July 9412 Feb
8
40 May 715s Aug
56 Apr 6 7512July 12
112 Jan 4
712July 10
7 June
8
414 Aug
978July 7
1 June
118 Apr 6
6
Jan
112 May
4 Feb 27 16 July 13
113* Sent
2 May 1114 Sept
55 Jan 12 1912July 7
8
912July 3
':June
1 Apr 22
43 Aug
4
17g Mar 2 16 July 8
04 May
87 Aug
8
1318 Feb 23
3 Feb 28
39 Apr 11
4012Juiy 20
134 July 7
71 June 20
10 June
15 Slay
8
22 June
243 Aug
8
958 Sept
73 Sept
New York Stock Record—Continued—Page 2
2943
Vir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
marl AND LOW SALE PRICES—PER SH.42E, NOT PER CENT.
Saturday
Oct. 14.
Monday
Oct. 16.
Tuesday
Oct. 17.
Wednesday
Oct. 18.
Thursday
Oct. 19.
Friday
Oct. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan 1.
On basis of 100 share tots
Lowest.
Highest.
PER SHARE
Range for Prerious
Year 1932.
Lowest.
Highest.
per share S per share S per share S per share S per share Shares ludo.. & MliceII. (Con ) Far
S per share
Per share $ per share $ per share $ per share
4
No par
1714 17,
8 Apr 7 215
4 1614 17, x1614 1612 1618 1618 1512 1512 15
8July 12
1514 2,700 Adams Mills
12 June 303 Mar
2
*812 8%
612 7
73
4 8
814 812
518 Apr 15 1212June 19
6
612 5.000 Address Nf ultigr Corp_ No par
7 2 74
,
3
812 Dec
14 Sept
512
418 418
43
433
4 43
Vs par
413 414
*5
11 Feb 21
/
4
4
938July 7
4
418 418
900 Advance RunaelY
114 June
418 Aug
712 7 4 x712 73
3
7
712 7%
7
55 July 21
8
11547.tay 1
8
612 67
714 712
8 6,900 Affiliated Products Ino_No par
414 May
1612 Mar
100 102
100 10114 9714 101
97
93% 9814 9,900 Air Reduction Inc
9618 10218 94
No Par 4712 Feb 25 112 Sept 25
3137 July 6312 Sept
8
218 218
*218 214
2
2
12 Feb 28
1,100 Air Way Elea Appliance No Par
13
4 13
4
*13
4 2
4 May 23
13
4
13
4
312 Sept
4 June
217
8 193 22
2114 2214 18
8
187 2078 108,000 Alaska Juneau Gold Min_ _10 1118 Jan 14 33 Aug 29
195 2114 18% 20
8
8
74 June 164 Jan
/
1
/
1
5
4
57
43
8 5% *414 5
4 .4
*4
412
8July 13
No par
*414 5
1 Jay 5
95
400 A P W Paper Co
4 Ma •
7 Dec
s
3
31
35
8 4
37
8 4
8
312 37
814July 7
No par
72 Apr 4
3
38 May
3 3 34
,
3
3, 32,900 Allegheny Corp
4
35 Sept
8
53
4 612
712 8
8
1 Apr 5 217
818
sJuly 7
Pref A with $30 warr—_100
6
7
6 12 3,300
712
74 8
,
34 May
814 Sept
9
*7
8
*7
118 Apr 17 21 July 7
4 612 *512 612
7
Pref A with $40 warr--100
7
*5
712 *53
100
%June
8 Sep.
*63
4 9
518 518
*63
4 8
5
53
8
114 Mar 30 20 July 7
400
Fret A without wart__ ._100
3 612
34 June
63
4 63
4 *63
8 Sept
193
4 16
16
15
•16
14
5 Mar 30 26 July 19
1314 1314
1414 1414 14
440 Allegheny Steel Co
No par
16
5 May
15 Sept
135 13812 12912 13612 1303 13613 13112 13512 128 13212 12512 131
35.900 Allied Chemical & Dye_No Par 70 Feb 27 14512 Sept 18
4
421e June 8814 Sept
/
1
4
•124 12518 1233 124 •1235 1243* *1231* 1233
3
*123% -- •124
8
4
300
100 115 Apr 21 124 Sept 6
Preferred
9612 Apr 120 Dec
143
4 12
153 16
4
13% 1118 1414 21,200 Allis-Chalmers Mfg _ _ _ _No par
6 Feb 27 261
14
/
4July 8
4 June
133 15% 1314 15
4
15 Sept
/
1
4
1412 1312 133
133
8 2,900 Alptia Portland Cement No par
4 1414 1414 1314 1313 13
53 Jan 10 24 July 17
4
412 July
•1414 1512 14
10
Jan
9l July 19
418 4%
3
27
8 3
33
8 2,800 Amalgam Leather Co. _No par
3
4
3 14
*433 5 4
4
,
5 Feb 21
8
14 AD
24 Sept
2412 26
2612 2312 26
5 Feb 23 40 July 19
24
26
4 Dec
24 4 2412 24 2 2314 233
,
1.100
100
10 Mar
7% preferred
,
41
8
4214 438 4018 43
4 39
10,600 Amerada Corp
Vs pars 1812 Mar 2 47 Sept 1
4118 41 4 4112 43 4 393 403
12
Jan
,
223 Sept
4
,
24
2034 213
243 243
4
4 20% 213
714 Mar 1 35 July IS
31 June
:
4 2312 2412 23
4 6.500 Amer AgricChern (Del) No par)
1512 Sept
23% 22
8
14
4
1412 1413 14
8 Mar 2 2812July 13
5 May 221: Sept
,
6,800 American Bank Note
1318 138 12% 13 4 113 1212 115 12
10
/
4Juue 2
4014
130
37
38
Preferred
*37
28 June 47
*3612 39
*39
50 34 Apr 7 491
4014 3812 39
3712 39
Feb
9
9
612 73 13,100 American Beet Sugar._No par
714 9
8
4July 18
1 Jan 30 163
718 818
27 Aug
8
63
4 74
53
8 84
,
,
14 Apr
*4112 48
44 44
1
7% preferred
2 Jan 5 64 Sept 22
/
1
4
47
47
5014 4714 49
790
100
*503 53
4
Apr
49
4
93 Aug
27
313 313
4
918 Mar 3 4212July 7
61 June
:
4 2712 31
17 Sept
4.600 Am Broke Shoe dr Fdy_No p4r
/
1
4
2312 2712 2812 2512 27,2 2512 26
94
97
97
*97
97
Preferred
93
40 July
91
97
*97
98
93
90
200
97
Feb
100 60 Mar 28 106 Aug 1
88
9112 8614 9914 85% 90% 85
8914 92
295 June 734 Mar
8
41,500 American Can
25 4911 Feb 25 9814 Sept 18
877
8 8514 89
/
1
13212 1321 13314 13314 1,030
•13214 131
9312 June 129 Mar
1313 13214 13312 1331 13212 133
Preferred
4
10) 112 Feb 27 134 July 19
393 July17
4
25
8
1812 20
21
257
34 June
1814 215 17.900 American Car & Fdy_ _ —Vo par
8 1912 24
17 Sept
618 Jan 23
3
233* 193 221
4012 4012 35
15 Dec 50 Aug
33
34
351
40
2,600
/
4July 3
3414 341
35, 3612 35
Preferred
100 15 Feb 23 591
4
518 518 *43
8 47
*514 612
118 Apr
8 5
/ *314 478 *33
1
4
100 American Chain
152Mar 31 14 July 11
714 Sept
No par
4 518 *25
25
*15
1818 15
14
•15
14
7% preferred.
•918 18
7 June 26
18
203
15
31:Mar 1 31 12July IS
*14
Jan
100
*45
46
18 June 38 Nov
4312 441
45
441
4518 4412 4512 44
433 44
4
2,700 American Chicle
Na par 34 Mar 2 5114July 7
.27
8 3
*27
8 3
603 Amer Colortype CO
2 July
214
3
23
3
814 Sept
618June 7
2% 2%
*27
10
8 3
2 Feb 24
8
5714 5914 545 59,4 53, 59
11 May
27 Sept
8July 18
8
4 4814 531 61.600 Am Coman'l Alcohol Corp20 13 Feb 27 891
54
53 4 4814 543
,
3 Dec
4
*314 33
8
3
3
23
8 23
8 •212
212 21
5
400 Amer Encaustic Tiling. No par
Jan
2% 238
1 Jan 5
6 Juno 20
*912 7
*912 7
512 51
400 Amer European Sec'e_No par
23 Apr
4
153 Sept
4
3 Apr 1 13 July 3
/
1
4
5 2 614
,
*612 7
6,
2 61
73
8 93
8
9% 912
2 May
15 Sept
0une 12
614 714
75
8 812
37 Feb 27 195
2
614
714 8%
7, 46.700 Amer & Porn Power_ __No par
194 1914 17
18
1514 15
5 May
16
3,300
1514 16
Preferred
1612 1612 15
3812 Jan
No par
714 Apr 4 4418June 13
*1112 12
24 May
818 83
/
1
10, 1012
8
3.500
22 preferred
432 Apr 4 2714June 12
10
2114 Aug
No par
814 9
91 101
4
4 10
•13
15
1012 13 •12
8 1014 10% 1014 111
2,200
Jan
26 preferred__ ___.._Ns par
14
33 June 33
4
113 113
3
EN Apr 4 3538 June 13
613 Aug
,
1478 13
8 6,300 Amer Hawaiian S S Co._._ 10
1514, 1512 14 4 153* 1312 15
1414 1313 143
17
'
418 Jan 5 2112July
3 May
14
5
7
57
8 2.200 Amer Hide & Leatber_No par
7 14
53
4 6
•714 814
212 Mar 2 16 June 6
1 May
7
7
618 Sept
63
4 78
,
*3313 35
33
3312 3114 32% 30
Preferred
2614 3,300
311
243 293
8
8 25
1312 Feb II 5712June 13
47 May 27 Sept
8
100
32
32
30
29
3113 297 30% 30
3,100 Amer Rome Products_No par 29 Oct 20 4212May 31
25 June 511 Mar
30
/
4
29 12 293
8
4 29
No par
10.800 American Ice
512 53
4
33 Dec 215 Mar
512 6
8
8
714 712
512 6%
63
8 7
54
3 Feb 24 1712June 29
54
6% 6 2
,
*3312 43
*3312 43
3313 3812 *3312 43
*3312 43
8% non-cum pref
100
100 25 Feb 15 577
*3812 43
8June 29
35 Dec 68 Mar
77g 21,400 Amer Internal Corp___Ne pa
818 93
8
912 912
414 Feb 27 151sJulY 3
212 Jun
718
73
4 81
12 Sept
712 8
8
83
8
1
1
1
1
*34
1
703 Am L France & Foaralte No pa
14 Jan
312Ju0e 28
1
1
3 Aug
4
14 Apr 21
7
8
3
4
3
4
*2
4
Preferred
120
*412 5
14 Jan 3 12 June 28
I July
414 Aug
100
*512 53
4
414 412
512 512 .412 512 *413 5
3012 2512 2712 25
10.800 American Locomotive...No Pa
3014 3012 26
518 Jan 3 3918July 3
35 July
8
261
21
2312 2114 24
154 Aug
53
5312 5114 52
Preferred
4718 4818 1,700
46
46
47
1718 Dec 49 Sept
/
1
4
43
501
100 17 Jan 3 63 July 7
50
16
1618 1514 16
1278 14
8,300 Amer Mach & Fdry Co.No pa
1412 16
84 Feb 27 2218July 3
/
1
143 153 x1314 11
8
712 Jun
2214 Jan
*3
4
*312 4
*212 4
Amer Nlach & Metals._No Pa
3
.212 312 *2
*3
4
1 Jan 27
1 Jun
3 liar
6 June 2
/
1
4
163 16% 134 163
8
8July IS
8
157
914 Aug
14 . 1412 133 1513 25.800 Amer %fetal Co Ltd. __No pa
1618 15
34 Feb 24 235
112 Jun
4 14
•7071
71 18 *70
6% cony preferred
75
300
100 1512 Jan 4 72 June 20
75
75 .70 .75 •70
*70
612 Jun
32 Aug
28
26 26—
26
2512
50 Amer News Co Inc._ _No par 17 Jan 20 30'3 July 8
23
*24
23
14 Jul
251 *2414 2512 .24
33
Jan
83
4 9
7 4 87
3
8
4 Feb 27 1918July 13
3 Jun
7
7% 31,300 Amer Power & Light_ _No pa
174 Sept
7
73
8 812
73
8
7 4 833
3
.2012 23
203* 20'8
$6 preferred
1913 20
803
19
No pa
19
*18
19
1912
20
Jan
97 Apr 5 41 18July 17
1514 Jun
8
58
•183 20
$5 preferred
4
183 1834 18
4
No per
8
493 Jan
4
133
9 Apr 1 35 July 13
10 Jul
8 177 1833 1712 1712 1518 1518 1,103
1414
137 143
6
4 13
13
12
123
137
4 118 1318 99.600 Am Rad & Stand San'y No Pa
4
8 123 14
4 Feb 27 19 July 7
/
1
4
1214 Sept
318 Jun
163 173
3
4 143 1714
4
143 16,
8
8
8 1318 1412 123 1414 52,603 American Rolling Mill ____2
8July 11
1812 Sept
4 1412 157
3 Ma
Mar 2 317
534
36
3312 *3514 373
363 37
8
39
1,200 American Safety Bazar No pa
4.
34
3514 343 35
2018 Apr 6 4714July 13
4 38
133 June r294 Mar
8
.212 27
*212 3
2
2
212
213 *2
1,203 American Seating v t o_No Da
212 2,
/ Mar 20
1
4
35 Sept
718July 13
2 •2
4
k June
118 118
118
118
118
1
1
118
5,100 Amer Ship & Comm. No par
1
1
118
1
412J une 20
78 Sept
% Apr
18 Apr
.20
213
4 20
20
18
17
x1.5
210 Amer Shipbuilding Co No par 114 Mar
1513 17
15
1812 15
363
4June 19
10 June 2518 Jan
377
8 34 4 37 8 3319 367
3312 33
37
33% 3018 343 161,200 Amer Smelting & Refg_No par 1034 Feb 25 53129e0t 19
8
,
8 30
3
518 May 2714 Sept
9112 87
*91
1,100
Preferred
87
9012 86
4 86
86
863 863
4
Jan
100 31 Jan 1
93 Oct 6
8314 *85
22 June 85
*6414 65
6314 6314 6014 60% 61
2d preferred 6% cum_ 100 2012 Jan ' 73 July 6
61
4 1,700
GO
60
5912 603
15 July 55 Feb
*4914 50
1914 4914 4914 49,
600 American Snuff
4
25 3212 Jan 1
4
4 4914 4914 483 483 *4712 48
211 June 3612 Aug
/
4
5114 Sept 9
_--_ *106 10812 10312 10412 *10612 109 *10612 109 *10812 109
*106
Preferred
20
100 10218 Jan
Jan 106 Sept
112 July 25
90
1912 18
19
17
1412 16
8
191 2 1714 183
13,200 Amer Steel Foundries_ NO pa
4 Feb 28 27 July 7
/
1
4
154 Sept
4 175 1814 la
3 day
74
74 .60
*59
*61
59
87
180
Preferred
74
57
5912 5912 57
Feb
100 371. Mar2
34 luly SO
85 July 10
39
3714 2.500 Amencan Stores
39
39
39
3712 39
38
3612 3811 *3612
38
/
1
No pa
30 Feb 27 471 July 7
20 May 364 Mar
/
4
5412 597
60
59
54
5013 5312 4918 511
6,400 Amer Sugar Refining
5512 5414 57
100 211 Jan 1
13 June 3914 Jan
:
74 July 13
.105 10512 105 105 .104 10412 *104 10412 103 101 •103 104
Preferred
11214July 15
500
100 80 Jan 1
45 May 90 Aug
15
13
16
1218 14
.15
8 11
12% 137
1312 7.400 Am Sumatra Tobacco__ We pa
6 Jan 13 26 July 18
1014 Aug
123
4 12
2
/ Apr
1
4
115, 11812 1141 2 1173 1143* 1167 11214 11414 1123 1157 77,400 Amer Tefep & Teleg
8
117 119
8
8
8
4
100 8612 Apr 18 1313
6954 July 1373g Feb
4July 13
83
793* 8214 783 79,
*8214
77
4
78
2,700 American Tobacco
763 77
4
4
2 7814 80
4012 June 863 Mar
8July 1
25 49 Feb 23 901
8412 854 8214 8512
4
813 8312 79
2
18,500
4 83
8014 7814 81
Common class B
44 June 89: liar
25 503 Feb 25 9454July 7
4
*114 11612 113 114
8
Preferred
2,100
11312 11312 11112 1133 11112 11112 111 111
4
10 1023 Mar 1 120 July 18
9514 June 1181, Oct
478
412 4.4
•434
414 414 *412 5
412 43
Jan
452 43* 1,200 Am Type Founder,—NO pa
25
4
4 Jun
4
33 Oct 5 25 July 5
83
3 9
*812 93
4
4
934 93
8% 83
4
812 53*
Jan
Preferred
150
812 83
8
7 Oct 5 3778July 18
1012 July 70
100
194 23% 2018 223
231
22
8 2014 217
8 19
197
3 19
203 36.600 Am Water Wks & Elec_No pa
4
104 Apr 7 4314 July 13
11 May 3412 Mar
/
1
Common vol tr otta_No par
11 May 31 Mar
8June 12
912 Apr 4 357
67 ;FA- 67 .5712 67
*5712 67
*5713 67
Jan
let preferred
*5712 67
75
No pa
35 Mar 24 80 June 13
26 Jun
1158 12 103* 12 1012 1112 103* 1114 97 1034 9 1034 11,600 American Woolen
10 Sept
No pa
I May
312 Mar 2 17 July 5
5313 54
49 12 5314 49
52
4818 50,2 4612 49
Preferred
4412 43
11,300
8
1313 Jan 397 Sept
8July 17
/
1
100 224 Feb 16 617
11* *114
8
13
14 May
112 112
112 •112 2
*13
8 2
3 Feb 8
8
1
138
214 Aug
1,300 Am Writing Paper ctfs_No par
418June 27
4 6
*53
*534 10
53
4 53
4 *53 10
4
k. July
8 Aug
110
Preferred certificates No par
4 *512 10
53
4 53
54 Feb 17 1484July 8
614
5
512 61
114 may
5
612 612
87 Sept
53
8
518 53
5
'2 6
4 6,800 Amer Zinc Lead & Smelt_ ___1
214 Feb 28 107 July 10
8
s
5334 45
45
*45
*36
45
39
39
35
36
36
36
Preferred
10 June 35 Aug
600
25 20 Feb 21 65 July 17
8
8
113 13
2
10
133* 1418 11.5 1334 115 13
11
103 117 164,400 Anaconda Copper Mining_50
8
8
8
3 June 193 Sept
8July 19
5 Feb 28 227
1112 10
10
•912 10
•10
4 *6
9 3 *614 1112
3
*912 93
3 Apr
15 Sept
200 Anaconda Wire dr CableNo par
418 Jan 6 1512June 8
18, 20'8 19
8
4
8 197 201
19
2014 213
1714 183
4
4 153 1712 8,500 Anchor Cap
514 May
1712 Mar
No par
8 Jan 20 3914 July18
85
85 7 857 *83
8
8
4 85
8312 853
84
83
831* 83
83
90
$6.50 cony preterred_No par 6212 Jan 11 90 June 18
40 May 75 Sept
814 814 *54 10
*812 10
814 81
4
"512 812 *312 9
258 Feb 7 1412June 3
300 Andes Copper Mining_ _No Par
9 Sept
8
13 May
223 23
4
2212 241
25
23
23
22
25
22
217 22
8
93 518! 3 2914 July 20
4
2,100 Archer Daniels alidl'cl_No par
7 Apr 1512 Sept
4
*10312 11114 *10312 1111 *10312 11114 •10912 11114 *1073 11114 •1073 11114
4
7% preferred
85 Apr 10014 Oct
100 95 Feb 23 115 July IS
71
703 703
4
70
4 70
70
73
66
•71
68
65
6512 1,800 Armour & Co (Del) pref_100 41 Jan 3 90 July 15
24 May 61 Aug
3 3 378
3
3
318 37
318 33
3,2 314
8
258 33 35.000 Armour of Illinois class A_-25
312 3 4
8
8
5,June
24 Sept
/
1
73 une 6
4J
Ds Feb 28
23
8
212 23
s
2
23
3 212
8
134 2
212 23
15
8 2
28.700
Class 13
2 Sept
% June
5 July 11
25
54 Feb 20
42
443
8 3212 3512 313 36
4414
38
4712 4812 4212 48
4
3i1 May 157 Aug
20.300
Preferred
7 Feb 27 93 July 14
100
314 312
*37
8 418
27
3 3%
3
33
8 33
3
4
27
8 3
3.400 Arnold Constable Corp.Na par
118 Jan 19
3 Aug
7 July 17
/
1
4
1 May
414 4,
414 4 4
414 414
4 •3
,
*414 518
37
8
318 414
320 Artloorn Corp
Na par
2 Mar 27
152 Dec
3 4 Sent
3
912June 24
112
112 112
112
*112 2
112 112
112 113
13
8
112 1,200 Associated Apparel Ind No par
84 Apr 17
/June
1
4
3 Aug
514June 6
,
133 14
4
117a 13 4 1218 1212 1112 12
912 101 2
97 1014 8,100 Associated Dr: Goods.
1
3 May
11 Sept
312 Feb 20 20 July 17
44
*41
*44
50
*44
47
44
50
50
46
46
*46
6% lot preferred
200
183 Dec 42 Sept
4
100 18 Feb 23 61 12July 18
43
42
43
4314 43
43
42
43
50
.4112 50
.45
800
7% 26 preferred
100 15 Jan 19 513
1212 Dec 35 Mar
4July 17
33 •32
3312 31
33 2 *31
31
,
33
3312 *31.
33
120 Associated Oil
*31
1613 Aug
65 Mar 24 3512July 14
512 July
4
25
25
23
19
*20
25 .20
20
*20
1814 1814
23
400 Atl 0 & W I SS Lines.
.20
412 Mar 22 26 July 19
..No pa
43* Dec 1214 Aug
27
27
*25
27 •25
25
*25
25
*24
27
27
200
l'referred
.25
44 April 33 s July 17
1512 Jan
100
Dec
7
55
4
3 2534 2712 2512 27% 26
263
4 2414 2612 2412 261
2712 49,100 Atlantic Refining
26
2
8
123 Feb 28 311
8 8 Feb 217 Sept
8
5
/
4July 7
2912 18
23
2314 *24
24
2312 21
19
20
26
4,200 Atlas Powder
*24
No pa
9 Feb 14 3918July 5
7 Dec 2512 Feb
*7712 79
27512 7614 75 • 76
*7818 79 .7713 79
430
79
Preferred
79
100 60 Apr 5 83's Sept 12
:June 791g Jan
451
2734 2814 27
23
26
2818 2714 2812 6M00 Atlas Tack Corp
2712 26
2712
27
No pa
3 Aug
/
1
4
112 Feb 27 2812 Oct 20
1 July
43
323 38
4
8
4214 46% 393 4214 38
3313 3712 25.000 Auburn Automoblle
45 8 46
3
No pa
3114 Feb28 84' July 13
28114 May 1313 Jan
4
8 514
43
*5
4 514 *47
534
43
4 5%
514 57
8
5 4 612 4,600 Austin Nichole
3
No pa
11 Sept
93
/
4
8July 18
12 Feb
18 Feb 2
7
77
8
63
3 714
718 8 4
,
63* 738 73.000 AVIatIon Corp of Del (The)_5
8% 83
4
7
53 83
4
512 Feb 27 16 8July 17
/
1
4
3
:June
8 Dec
11
912 11
83
8 912
812 103
93 11
97 1214
1134 1214 *31 8 40 33 4 33 31 31 14 2313 2318 2212 24 8 93.500 Baldwin Loco Worka_No pa
312 Apr 12 175
8July 7
2 May 12 Aug
41
1.300
*31
Preferred
912 Apr 4 60 July 18
100
8 May 3718 Aug
0212 9212 9112 911
*9012 93
9012 901 2 *9113 93
260 Bamberger (L) & Co pref_100 6814 Feb 28 997 Aug 7
93 93
8
62 July 99 Feb
3
3 18
312 *314 4
3
38 33*
220 Barker Brothers _ __No pa
*3
414 *318 33*
38 Jan 4
312 Aug
714June 20
4 Apr
1718 188 1718 1718 1812 181
200
1718 1718 17
633 cony preferred___ -100
17% 1612 17
Jan
5'8 Apr 19 2414 July18
7 Dec 30
8
812
712 8
8
9
714 8
8
87
8
37.300 Barnsdal Corp
3 Mar 2 11 July 7
7 Sept
33 June
g
WI 9
.
30
*26
30
2514 2612 2414 271
30
3512 30
3014 30
1,800 Bayuk Cigars Inc
No par
314 Jan 6 5212July 13
2 Dec 13 Feb
89
*85
89
*85
*85
87
.85
87
85
85
50
let preferred
89
.85
Jail
100 27 Jan 18 100 July 10
30 Dec 59
1052 11
4
2
1018 11
117 1212 113 12
1212
4,100 Beatrice Creamery
7 Mar 2 27 June 29
50
:
1012 Nov 431 Jan
1314 1314 *661 13
2 72 .6612 72
*6612 75
*6612 72
*6612 75
*5912 72
Preferred
Jan
100 45 Feb 24 85 May 25
62 Dec 95
*55
61
58
61
57
58
61
61
61
1,000 Beech-Nut Parking Co
61
63
.61
20 45 Jan 5 7012June 27
2914 May 4354 Dec
8
8
83
8
73
818 83
12,:300 Belding Herninway Co_ No par
4 81
73
4
9
9
84 9
,
312 Feb 20 1212July 6
25 Jan
8
85 Sept
4
92
86
863 *8614 90
8
*86
90
*8614 83 .89
200 Belgian Nat Rya part Pref---- 624 Apr 7 9612Sept 15
91
8
*88
573 June 623 Dec
8
;r3
•Bid and asked prices, 110 sales on this day. a Optional sale. z Ex-dIvIdend.
Ex-rIghts. r Cash sale.
New York Stock Record-Continued-Page 3
2944
ny- FOR
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Oct. 14.
Oct. 21 1933
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
Monday
Oct. 16.
$ per share $ per share
133 1412 12% 143
4
2612 265
8 2434 26
3112 323
4 293 3214
8
56
5612 5214 54
24
24
2314 24
113 1112 1012 1112
8
*1018 164 1612 1612
44
443 3934 443
4
*65
7018 .65
7018
2212 2312 2212 23
8 1212 1412
148 147
*114 2
*114 2
87
9
778 87
8
*1212 14
1212 1212
*66
69
66
66
*457 47
44
463
4
1012 113
912 10%
7
7
614 63
4
14
*914 1012
914 9
495 495, *45
8
.58
514 53
4
414 538
•25
27
24
25
4
418
312 418
*33, 3 4
3
33
8 35,
*612 63
4
5 4 612
3
13 8 137
,
134
8 13
8212 2 4
212 217
3
*212 3
*212 4
712 712 *714 93
4
13
4
13
4 *15
8
14
217 25,
24 2 4
3
*3
314
25, 3
2414 2514 215 245
8
8
*54
61 •__ __ GO
2112 2112 175, 2117
1
1%
•%
1
43* 412
35, 412
67
•7
7
8
29% 3012 28
303
4
27 27
4
2512 263
5
*514 7
5 14
*26
____
____ *26
1
Tuesday
Oct. 17.
Wednesday
Oct. 18.
Friday
Oct. 20.
S per share $ per share $ per share $ per share
1214 1312 1214 13
12
103 117o
11
2478 247
8 24
2412 2114 2314 21
213
4
2814 3118 2714 30% 23
253
4
4 24
263
5112 5317 458 5312 443 4614 4412 48
213 23
4
2212 23
2212 2212 1812 2212
1018 103
4 1012 10 4 10
3
912 9 4
3
1014
*1018 16
•1018 16
*1018 16
*1018 16
393 43% 397 438 3918 41
4
3918 428
*6512 7018 .6412 7018 *6912 7018 *6912 7018
2214 2314 22% 23
223
4 2112 22%
22
1214 1414 125 14
4
117 123
8
4 113 127o
*114 2
0114 2
*114 2
*114 2
73
73
818
614 712
814
63
4 738
*1012 13
*1014 1278 *9
1012
*1012 13
*64
*62
67
67
63 4 67
3
63
3 67
43
4112 4212
43
42
44 44
43
812 9
8%
917
8
9
85, 9%
4
6
4
614 6% *618 612
55,
73
75, 734
8
8
8 18
3
7 4 914
50
50
50
53
50 .45
*45
50
45, 514
412 5
312 412
334 43
24
2518 2612 24
24
2212 2212 24
33
312 3 4
3
3
3
3 13
312 33
4
*314 312 *314 312 *314 312
314 314
518 5 4
3
412 5
514 512
418 5
4
12
1214 13 8 12
1314 11
107 123
8
5
217 212
2
212
212 212
212 211
212
212 *212 3
*212 24
212 212
*7
7
8
7
*7
712
812 7
15
8
8
13
8 15
15, 15
8
1% 15/
15,
3
214 214
214 212
178 218
1% 218
2% 258 *25, 3
212 23
25, 25,
2318 1812 203
2114 233
8 21
4 1812 20
.477 61 *__ 55 •__ __ 55
8
*477 61
8
1818 16% 1712
, 183 193
173 185
4
4 17
4
%
3
4
7
8
7
8
7
8
%
7
8
3
4
3 8 45,
7
33
4 4
4
4 12
35, 37
7
7
714 714
612 612
4
614 03
2914 24
8 27
2814
265
26% 297
8 23
2412 25
243 25
4
2214 225,
2314 24
414 51s *5
7
414 45, *414 6%
26
*26
____ 26
28
____ *26
26
621* 65 4 563 6517 5612 63
57
3
6314
4
•7012 768 7012 7010 *67
7012 67 67
1912 2018 1712 193 1712 184 163 18
4
5
4514 47
4114 4714 4218 4714 4212 46 8
,
•212 33
2
*212 37
2
212 212
112
•112 2
112
112
112
7
8
114
*5 4 714
3
53
4 53
4
312 47
8
212 414
3212 3212 3112 3212 *3018 3117 30
30,8
*712 814 *73
714 712
8
818
8
•84
88
88
88
*84
88
88
*84
297
30 4 3114 2512 303* 26
,
o 2618 2918
3
3
312 *3% 314
,
3
*314 3 2
22
*12
22
*12
22
*12
012
22
1512 155, 15
1517 145, 147
147 15
8
67
65
65
.65
65
*6518 86
65
17
4
17
17
17
•17
21
213 *17
34
3712
*3818 3914 36
373* 358 37
6
6
53
4 6
612
6
*610 714
17
18
3
*16
1712 15 4 17
153 167
4
8
.1
1414 145, 143 143
4
1418 143
8
8 143 147
194 21
2114 213
4
18
195, 1814 183
4
..,
5
*4
43
4 43
4
4
414
45,
- 14
14
1114 133
4 1114 1114 11
11
IIMINF - I
I mom*
.y.z 418 38% 4218I 3812 414 38 4 40 4
,
3
1
118
114
118
I
118
1181 1%
814 81
814 83
*8121 8%
8
812 81
*27 4 2812 *2612 307
8 2612 281 *2412 31
*9034 , 9312 *9014 921z1 9014 9212 9212 9212
9314 93%
921
92% 93
9112 9212 91
*47581 48
4
475 473
4
4 473* 473
4 473 473
8 13
1312
4
133 1514 133 1412 1214 133
4
8112
*794 8112 79
*79
79
813* *79
1714 1518 167
4 15
8
181, 185, 1414 173
*712 9
*712 9
*712 9
*712 9
47
35, 414
412' 43
4
3 4 43
3
4
4
52121 5312 49
5312 4818 51
4813 4913
2112
*23 g 2314 213 227
4 20
8
8 2012 213
133
4
14 I 145
13
131s 14
13 8 143
,
6914 66
66
6912 6912 691 *66
•68
4
15141 1512 1312 1514 133 1417 1414 1514
*345 37
*345 38
8
8
*345 3918 *345 38
8
8'
2412
4
24121 243
4
4 243 243
4 243 243
4
•8018
*90% 947 *9012 947 *9012 94 •___- 93
8
34
35 4
3
343 3512 3314 3518 3312 35
81
9114 914 9012 903*
*91181 913* *8912 9114
345 36
8,
3214 35% 323 35 4 323 3518
3
4
4
2% 238
218 2%
23
8 217 I 214
217
293 2934 A2914 3018 2912 2912 *30
4
3212
*63
8 8 4 6
612 *5
63
8 *5
63
8
24
243 :
4 2112 2434 2212 2331 2115 23
95
•93 12 A 934 934
8
9% 9%
9
77
8
8 .
•7
77
8 77
7
7
*49
*47
52
49
49
49
49
49
318 318
314
3
314 312 -,.; 318 33
97 1014
s
812 87
918 912
83
4 914
41% 43
4018 423* 4034 4278 4014 42
.894 90
87
8914 90
887 887
8
8 87
214 214
214 213
*214 23* V 214 214
12
123
8 1012 12
113
4
8 11
10 4 117
3
•100 109 eloo 109 *100 109 *100 109
11
Ps ,1
1
1 18
1
1
118
6% 67 a 61.1 67
8
7
8
6
6
612
218 218 $ 2
218
214 212
2
2
11
12'8 I 912 111 1
912 10
1012
10
13*
15
8
15 31 112
8
1%
112 .13
8
112
*60
60,
4 6014 6011 60 60
5912 5912
643 66
8
593 643
4
63 8
7
4 61
6314 62
*9
10
812 9
735 8
75, 812
25
25 1223 24
8
22
223* 2212 23
11, 15,
113 13*
117
1%
D2
13
"163* 17
15% 167
8 157 163
8
4 1534 163
4
7
- 85% 87
8318 8534 803* 841
80's 83
*136 137
136 138
8
1355, 1355
1353* 136
*4111 414
4
4%
37g
4
37
8 4
2812 2918 2714 2812 27
2634 2778
28
9 2 91.2
,
818 817
814 812
818 814
3612 3712 3414 3814 32
35
3212 3412
*3412 3612 31% 3417 3614 3614 *34
3614
47
47
47
8
4
312 4
33
4 4
21
21
19
20
18
1612 173*
19
35
36
36
35
32
*30
35
33
14
114
1,
4
114
1
118
118
1
37
3
3
312 37
3'2
3
8
212 3 4
223 2312 21
*2312 25
4
22
2012 203
4
43
417 4312 403 42
43
s
3914 42
1912 1912 1814 1912 18
1914 17,8 ll'i
4914 4914 49 49 18 46
48
46
46
2% 23
214 214
8
2
214
2
214
47
8
414 412 . 418 4%
4
43* 45,
13
1214 *12
*10
12
12
*1212 13
*67
8 8
*7
8
712 712
714 712
I
Thursday
"Oct. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Shares.
38.000
8,100
63,300
7.300
830
5,000
60
22,400
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Indus. & allscell. (Con.) Par $ per share 9 Per share S per share S per share
Bendll Aviation
5
4% May 183 Jan
818 Feb 27 2114 July17
4
Best dt Co
No par
534 June 24% Feb
9 Mar 2 33,8 Aug 25
Bethlehem Steel Corp No par 1018 Mar 2 4914July 7
714 June 295 Sent
8
1614 July 74
100 2514 Feb 28 82 July 3
Jan
7% ()referre1
Bigelow-Sant Carpet Inc No par
618 Apr 5 2912June 30
612 1)ec
1512 Aug
Blaw-Knox Co
No par
312 Feb 28 19'4 July19
3% June 10 Aug
Bloomingdale Brothers_No par
638 Feb 28 21 July 18
614 June 14 Feb
Bohn Aluminum & fir_No par
912 Mar 2 5412July 6
478 June 2214 Jan
Bon Anal class A
No par 52 Feb 23 74 June 13
31 June 55 Nov
20.500 Borden Co (The)
25 18 Feb 27 3712July 3
20 July 4318 Mar
33 May 1414 Sept
10.700 Borg Warner Corp
10
512 Feb 28 215,July 5
412July 5
Botany Cons Mills clam A..50
38 Apr 17
14 Apr
114 Sept
27 June 11% mat
28,100 Ritmo Manufacturing_No par
2 8 Feb 24 1438July 18
5
8
4July 19
7% Feb 28 183
No par
200 BrIggs & Stratton
4 May
1012 Jan
500 Brooklyn Union Gas__ _No par 633 Oct 18 8812June 12
8
46 June 8912 Mar
1,500 Brown Shoe Co
8July 18
No par 2812 Mar 3 537
23 July 36 Feb
4,000 Bruns-Balke-Co/lender_No par
134 Mar 3 1812June 26
118 July
412 Sent
111 June
8June 20
3,600 Bucyrus-Erle Co
10
2 Feb 27 127
714 Sent
Preferred
4
2.800
8June 20
23 Feb 23 195
5
212 May 1013 Sent
100 2012 afar 31 72 June 26
180 7% preferred
35 June 80 Sept
13 Apr
97
8July 3
34 Apr 15
No par
14,600 Budd (E C1) Mfg
3% Sept`
90 7% preferred
312 July
3 Mar 16 35 July 3
14
11)0
Jan
53
4July 5
1 Feb 8
No par
158 May
412 Jan
9,500 Budd Wheel
5 June 29
7a Mar 2
No par
3% Jan
600 Bulova Watch
1% Apr
218 May
212 Feb 17 1314July 3
No par
5,800 Bullard Co
8 Sept
614 June 1314 Aug
8July 3
618 Feb 14 207
24,700 Burroughs Add NIaeh No par
8 June 8
1 Apr 1
No par
900 Bush Term__ .
3 Dec 21% Mar
912June 1
1 Apr 3
Debenture
100
300
7 Dec 65 Mar
1214 July 85
Jan
6, Oct 4 2312 Jan 5
4
70 Bush Term Bldgs go pref 100
27
8June 2
12 July
1 Feb 10
17 Sept
1,000 Butte & Superior Mlnina___10
8
6
% Mar 31
41 1June 2
4,100 Butte Copper & Zino
12 Apr
2 Sept
57 Sept
1,200 Butterick Co
712June 13
114 Apr 10
No par
138 June
No par
812 Feb 25 43%July 18
38,70 Byers Co (A M)
7 May 245, Sept
100 3018 Mar 2 80 July 18
Preferred
3514 May 89 Sept
4July 17
734 Mar 2 343
__No par
4,800 Callfornia
4% June 19 Sept
Packing_214June 5
14 Jan 19
4,100 Callahan ZIne-Lead
10
118 Sept
% June
93
2 Feb 7
11,300 Calumet & Reda Cons Cop_25
8J00e 2
1% May
7% Sept
2 Feb 28 1614 July 15
1.100 Campbell W & C Fdy__No par
21j June
914 Aug
712 Feb 25 4112July Ill
29,500 Canada Dry Ginger Ale
5
6 June 15 Sept
No par
3,100 Cannon Mills
14 Feb 2 351 2July 18
1018 June 234 Sept
414 Oct 17 1212July 13
No par
1,200 Capital Adminis el A
218 Apr
912 Sept
60 Preferred A
50 2518 Jan 18 3512July 13
19 June 32 Aug
100 30% Feb 27 10312July 17
Case (J I) Co
4 55
5412 583
603 64,500
23
1634 June 65% Sept
630 Preferred certificates__ _100 41 Feb 27 86 July 10
6618 6618 *6618 7012
Jan
30 May 75
4July 7
1512 1612 15
513 Mar 2 293
4
173 19,100 Caterpillar Tractor__ „No par
15 Jan
43 June
8
8July 3
413 45 422,800 Celanese Corp of AmNo par
8
41, Feb 27 587
4114 44
114 June 125, Sept
33 Jan
57
2
i2 Mar 15
No par
2
600 Celotex Corp
2
8July 3
2
7 Aug
2
5,Feb 4
418July 5
No par
- - 1,600 CertifIcates
-1
1
2% Feb
% Dec
100
4July 5
112 Jan 5 123
340 Preferred
28 3%
1% Dec
312
3,
2 -712 Mar
14 Jan 3 41 July 17
29
30
2818 29
2.400 Central Aguirre Asso__No par
75,June 2012 Sept
75, 1.400 Century Ribbon Mille_No par
7% 78
7
2 Apr 19 1158July 19
2-5,June614 Jan
100 52 Feb 27 95 June 20
•84
88
88 •84
20 Preferred
Jan
55 Dec 85
57 Jan 4 443 Sept 19
27
234 27, 84.500 Cerro de Pasco Copper_No par
4
24
312June 1512 Sept
8
1 Jan 9
33 Feb
73
8July 3
23
4 3
58 1)ec
25, 23
4 2,600 Certain-Teed Produots_No par
100
*12
*12
4 Mar 27 3014 July 18
22
22
7% preferred
45, Dec 183 Aug
,
7% Mar 3 25 June 29
1412 1514 5,900 City Ice & Fuel
145, 15
No par
11
Oct 28% Feb
100 45 Apr 7 72 July 17
6518 65
90 Preferred
65
65
Jan
433 Nov 68
5
712 Mar 23 2312 Oct 5
1618 1614 •14
700 Checker Cab Mfg Corp
16
1612 Aug 3018 Sent
No par 14% Jan 3 5212JulY 7
3318 33% 32
33
5.800 Chesapeake Corp
47 June s203 Sept
8
4
414 5 8
414 55, 6,100 Chicago Pneumat Tool_No par
218 afar 31
123
8July 20
63 Jan
4
1 May
612 Feb 28 2514June 20
16
No par
1,400 Cony preferred
15
1517 16
2I June 1214 Sept
6% Jan 4 223
1438 145, 14
1,400 Chicago Yellow Cab__ _No par
8May 31
1414
14 Mar
6 Dec
10
1618 1612 5,300 Chickasha Cotton 011
5 Mar 2 34 July 18
1714 18
5 June 12% Sept
2 Feb 28 10%July 5
4
No par
314 33
33
4 33
112 June
4 2,300 Childs Co
8 Sept
*1012 174 10, 1012
570 Chile Copper Co
2
6 Apr 4 2112July 18
25
5 Dec
16 Sell
4 37
b
3614 383
73 Mar 3 52% Sept 1,
4014 480.10u Chrysler Corp
4
5'June 21% 13131
,8
1
14 Feb 28
1
1
118 14,000 City Stores
No par
33
8July 7
218 Jan
14 July
77
714
5 afar 24 1414June 22
814 814
No par
590 Clark Equipment
4
314 July
83 Jan
2517 22
z24
223
4
800 Cluett Peabody & Co No pa
10 Jan 27 4112July 17
Mar
10 Apr 22
*9212 93
.9212 93
Freferred
. 100 110 Jan 4 100 June 2
30
90 June 96 Feb
9078 92
9014 92
3,400 Coca-Cola Co (The)__ _No par 7312 Jan 3 105 July 17
8812 Dec 120 Mar
Class A
1,600
473* 475, 48
48
Apr 19 4812 Oct 10
44
No pa
413* July 50 Mar
1218 123
4 12
1214 18,400 Colgate-Palmolive-Peet No par
7 Mar 30 223
8July 19
1014 Dee 3112 Mar
*78
79
82
79
200
6% preferred
100 49 Apr 3 88 Aug 18
86 June 95 Mar
4 14
1412 153
3 Apr 4 26 Sept 11
1618 12,400 Collin/1 & Alkman
No par
23 May 10% Mar
4
Colonial Beacon 011 Co_No par
*712 9
*712 9
514alay 10 12 Jan 4
1212 Oct
9 Jan
35
35, 418
11,100 Colorado Fuel & Iron. _No par
3% Apr 4 1758July 7
4
27 July 14% Sept
8
9.600 Columbian Carbon v t e No par 2318 Feb 27 7112JUly 3
49
4718 4914 45
135, May 417 Mar
164 2014 3,000 Columb Piet Corp v t o_No par
19
19
653 Mar 27 273
45ept 14
8
414 May 147 Au e
8 1138 123 65,100 Columbia Gas & Elec No par
x113 125
8
8
9 Mar 31 2818July 19
41 June 21 Sept
Preferred 8erlesA
64
*64
64
67
100 59 Mar 2 83 June 12
300
40 Apr 797 Aug
19,300 Commercial Credit_ __ _No par
123 14
4
124 14
4 Feb 2; 19 Sept 18
37 June 11 Mar
8
Class A
345 345
1,300
33
34
50 16 Feb 27 3912 Aug 31
11% July 28 Sent
Preferred B
2412
2412 *23
25 1818 Mar 21 25,8 Sept 14
100
*18
1012 June 21 Sent
9212 93
61-8% first preferred____100 70 Mar 24 957 Sept 1
20
•8018 93
8
40 June 75 Nov
33
34
3212 3312 7,700 Comm Invest Trust___No par 18 Mar 3 4312July 3
107 June 27% Mar
8
Cony preferred
400
*9012 9114 *903 9114
4
No par 84 Jan 4 9778 Jan 31
5513 June 82 Nov
Commercial Solvents_.No par
8
9 Feb 25 5714 July 18
8 30, 3318 397,400
30,8 333
4
312 May 133 Sept
218 24
13, Apr 1
2
218 71,600 Commonwith & Sou.__No par
618June 12
518 Aug
15 June
56 preferred series._ _No par 21 Apr 4 611i2June 7
3,100
29
29
294 28
6812 Mar
273 June
600 Conde Nast Publio'ne_No par
63
3 Apr 4 11 June 13
63
8 *5
*5
5 May 12 Sept
36.400 Congoleum-Nalrn Ino No par
2014 2112 2018 22
7% Jan 31 2758July 18
6':June 1214 Sept
9
9
12
900 Congress Cigar
*9
No par
635 Feb 24 18 June 7
11 Sept
4 May
o
,
312 Apr 6 193
6 2 1.400 Consolidated Cigar__ No par
6
6
67
35, Dec 2412 Jan
4June 7
Prior preferred
50
48
100 31 Apr 5 65 June 8
*47
80
48
17 June 60 NIar
2,500 Consol Film Indus
3
3
318
3
I
I% Jan 4
531May 29
s
1 June
53 Jan
83
Preferred
8
814 6,500
No par
8
Vs Mar 21
1434May 29
23 June II% Mar
393 413 63,800 Consolidated Gas Co__.No par 3912Sept 30 6418June 13
3912 407
4
31% June 683 Mar
Preferred
8512 1,500
*84
No par 480 Apr 24 99 Jan 3
85
86
7212June 9918 Dec
2
214 9,300 Consol Laundries Corp_No par
214
2
53j Jan 113
2 Oct 10
4 Dec 10% Jan
1 103* 188,600 Conso1011 Corp
1078
9
10
No Par
5 Mat 3 153
4July 8
9 Aug
4 June
8% preferred
100 9512 Mar 1 108 Oct 9
100 109 *100 109
79 Feb 101 Sept
7
8
1
13,800 Cormildated Textile. __No par
ii .far 1
8
1
314July 5
8
15 Aug
14 afar
Container Corp °leas A
3,000
53
4 6
6%
6
20
11/ Jan 10 10'3 July 18
4
212 Feb
%June
Class B
3,600
2
2
218 218
412June 12
No Par
14 Feb 15
14 May
I% 2813
932 5,600 Continental Bak class A No par
911
8
8
18'4 July 11
3 Mar 1
2% May
8 Sent
Class BNo par
13
8 8,500
11.1
is Jan 5
13
8 112
138 Aug
3'2 July 11
12 Apr
Preferred
5812 1,100
57
100 36 Jan 3 64 July 10
5812 59
2478 June 4784 Mar
Continental Can Ins
5818 60% 27,803
62
20 35 4 Feb 23 69 Sent 18
59
,
175 June 41 Mar
8
7% 3.400 Conti Diamond Fibre
614
7
5
312 Feb 25 1718July 7
72
1
Apr
812 Sent
21
2112 4.900 Continental 1nsuranoe.___2.50 1012 Mar 28 361 2July 7
21
20
63 May 2514 Aug
4
113 13
138 13.800 Continental Motors_ __No par
1%
1 Mar 27
4 June 8
5 May
8
33 Sept
4
153 85,900 Continental 011 of Del_No par
4
1518 157
478 Mar 3 193 Sept 18
8 15
8
35 June
8
93 Sent
8
7712 793* 7612 7812 25,100 Corn Products Refining____25 455, Feb 25 903* Aug 25
24114 July 5538 Sept
Preferred
340
100 11712 Mar 15 1453 Jan 21
1367 13618 136 137
8
4
Oct
9912June 140
No par a2 Mar 24
314 312 5,700 Coty Inc
4
312 33
73 Seta
712Ju11e 13
112 May
4 8,600 Cream of Wheat otfs__.No par 23 Feb 25 30'2 July 10
263
27
26
26
1311 June 2612 Oct
75
214 Mar 28 14114June 8
818 1.700 Cro8ley Radio Corp._ No par
818 812
7% Sept
214 May
11,600 Crown Cork & Seal___ _No par 11% Feb 27 85 July 13
32
274 31
28
r77 May 23% Dec
8
$2.70 preferred
No par 2412 Feb 27 38,
500
*34
35
35
35
2July 14
1738 June 30% Nov
1 Apr 10
314 414 5.000 Crown Zeilerback v t o_No par
312 33
4
812July 17
3 Aug
%June
.100
3,100 Crucible Steel of America.
1512 1414 15
14
9 Mar 2 3712July 19
6 May 2314 Jan
Preferrcd
100 16 Feb 27 603 July 19
900
30
30
30
30
8
14 Dec 497 Jar
8
,
No par
3,100 Cuba Co(the)
I2 Feb 21
1
1
11m
114
43
8June 7
3% Sept
12 June
1 1g Jan 16 1112May 29
% may
3
2% 3
3 18 9,600 Cuban-American Sugar... _10
27 Aug
8
Preferred
430
1412 19
22
100 10 Jan 9 68 June 5
19
312 May 26 Aug
3,200 Cudahy Packing
38
38
40
60 20 4 Feb 21 5912June 8
39
8
20 May 3512 Mar
3,900 Curtis Pub Co (The)__ _No par
151s 16
612 Mar 3 3214June 12
17
16
Jan
7 June 31
Preferred
No par 30 Feb 23 66 June 12
1.900
43
443
4
45
43
373* Dec 86
Jan
214 35,500 Curtiss-Wright
I
7 may
2
8
112 Feb 23
218
2
3% Sept
438 July 12
33
Class A
4% 11,500
1
2 Mar 30
4
414
8 July 13
Di Mar
4% Seta
10
900 Cutler-lfammer Ine___No par
4
10
912 93
414 Jan 6 21 July 14
12 Sept
312 May
1,100 Dhows Stores Corp
7
6
7
712
*7
152 Feb 23
83
4July 14
214 Oct
734 Sept
• Old and asked prices, no sales on this day. a Optional sale. x Ex-dividend. c Cash sale.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
y Ex-rights.
"3
New York Stock Record-Continued-Page 4
2945
qir FOR_SALES_DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE r'llIct 14 -...8'7,e, fac/F.,•:,Ell NG.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Oct. 14.
Monday
Oct. 16.
Tuesday
Oct. 17.
Wednesday
Oct. 18.
Thursday
Oct. 19.
Friday
Oct. 20.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
PER SHAREPER SHARE
Range Since Jan. 1
I Range for Previous
on basis of 100
-share lots.
Year 1932.
Lowest.
$ per share S per share $ per share $ per share $ per share S per share
.2
5
*2
5
*2
5
*2
5 ..2
4
1218 1218 113 12
s
1138 1112 1118 1112
1113 117 *1112 12
s
643 643
4
4 643 643
4
4 65 65
643 643
4
643 66
4
4
4 603 61
*27
3112 2618 2618 25
*21
*2313 27
26
25
*243 26
4
2514 2558 24
2518 24
4 2314 2312 23
2414 2314 243
2414
2914 2914 *2914 30
2914 2912 2914 2914 *29
30
*29
30
3212 3312 31
33
315 345
8
8
8 315 3414 3014 32
303 325s
8
187 19
8
1812 188 183 19
8
*1712 18
20
1814 1814 .18
1318 1313 1218 1314 1218 1212 12
1212 115 1214
1113 12
s
1014 10'4
912 10
10
10
11
.9
*9
10
912 91
*418 512
418 414
338 4
4
4
312 312
8
312 35
_
*77 -8 10
*77 10
8
*'77 2
,s
7
712
4 6 8 *63
612 - -7i
•17
20
17
17
*16
195
16
8 16
16
15
16
15
*95
97
04
95
03
9618 *95
*95
03
93
93
9618
*5
518
4
5
4
313 37
4
*312 412
8
5
*4
7512 76
7617 72
73
73 4 72
3
7314 69
7112 6812 7012
*1257 128 *1257 128 *126 128 *1257 128 *1257 128 *1257 128
8
8
8
8
8
1112 117
s 11
1112 1058 117
8 1018 1112
8 1014 107
8
8 105 117
7318 745
8 7018 743
69
7112 69
8 703 743
8
723
4 7118 74
8
*11214 113 *11214 113 *11214 11212 11214 11214 111 112
111 11112
25
8 234
213 213
218
214
113 178
218
112 23
2
4
*1518 16
15
151s
14
1518 19
13
1312 1412 13
14
16
1614 143 1618 1418 153
8
8 1418 1514 1212 133
4 115 1312
8
*8214 8312 8214 8214 *8018 82 4 *8018 8214 58018 82
,
8018 8018
38 4
7
37
8 4
338
312 3'8
4
33
8
4 :13
314 33
38
,
314 33
8
314
3
318 314
314 338
314 33
314 338
8
63
4 7
6
63
4
6
512 6
65
53
8
8 6
6
63
4
1414 1414 14
143 *133 15
8
1212 125
4
13
8
4 13
1312 133
*13
1414 1212 14
13 9.3
11
12
11
1112
1218 13
4134 4217 39
4114 39
37
3613
35
39
3818 39
40
113
*114
112 112
118
1
114
114
I
114 *118
1
2
2
*17
8 212
13
112 13
8 17
4
4
4 13
13
8
154
13
4
5414 5414 53
54
52 52
47
50
47
50
*4712 52
•118 120 *118 120 *118 120 *118 120 *115 118 *115 118
*614 7
614 614
4
412 43
8
4 47
5 2 512
,
43
,
514 5 2
*20
233 *10
8
233 *19
1812 1811
8
233 *1812 235 *1812 22
8
*2113 25
1812 1812 1812 181 *1812 23
*1812 23
*1812 '23
*21
25 .20
25
*20
8
1714 18
25
1812 1812 *183 23
9
958
9
93
8
8
712 8
818 9
8
8
87
8 87
8
8 18
714 712
7
7
758
7
7
612 67s
758
*418 412
4
414
4
4
37
8 4
312 358
4
33
4 33
•10
103
4 10
10
4 10
10
*10
103
10 4 *10
3
103 *10
*114 2
*114 2
.114
8 *114
*114
15
15
15
15
8 *114
8
*33
4 (13
4 *312 63
4 *312 63
4 *312 63
4
*312 634 *312 63
.612 734
612 618
612 612 *5
712 *5
6
6
6
*2714 29
26
2714 2514 2514 *21
*21
25
25
25
*21
II tolms,
Lowest.
Highest.
Shares. Indus. & Miscell. (con.) Par $ per share $ per saare $ per share $ per sha•
Debenham Securities
112May 20
5 June 12
1 June
23 Dee
8
2,700 Deere & Co prof
20
614 Feb 24 183
8June 22
614 June 1514 Jan
1,001' Detroit Edison
100 48 Apr 3 9112July 10
54 July 122
Jan
300 Devoe & Reynolds ANo par
10 Mar 1 337 Aug 9
8
7 May
163 Oct
4
No par 1712 Feb 28 2912July 7
5,200 Diamond Match
12 Apr 1918 Sept
900
Participating preferred_ 25 MB Feb 27 31 July 19
2012 May 263 Dec
4
73,500 Dome Mines Ltd
No par 12 Feb 28 3912Sept 19
712 Jan
127 Dec
s
900 Dominion Stores Ltd- _No par 1012 Feb 27 263
8July 18
1114 June 1812 Sept
14,200 Douglas Aircraft Co Inc No par 1014 Feb 14 1814July 17
5 June 1858 Sept
700 Dresser(SR)Mfg cony A No par
63 Feb 27 18 June 12
4
.5 July 23 Feb
1,000
Convertible class B No par
218 Mar 1
10 4June 2
3
15 Dec 1212 Feb
8
Drug Inc
10 29 Mar 31 6312June 29
23 May 57 Feb
1,100 Dunhill InternatIonal_No par
7 Apr 10 143
2
4July 19
5s Dec
318 Sept
1,000 DuPlan Silk
912 Apr 22 283
No par
8June 30
512 June 15 Sept
400 Duquesne Light lot pref _100 90 May 4 10218June 13
87 May 1015 Nov
8
1.400 Eastern Rolling Mills_No par
118 Mar 30 10 July 3
1 June
612 Sept
9,200 Eastman Kodak (N J).No par 46 Apr 4 893
4July 14
3514 July 873 Jan
4
6% cum preferred
100 110 May 2 130 Mar 20
99
Jan 125
Oct
11.900 Eaton Mfg Co
No par
318 Mar 2 16 July 17
3 June
97 Sept
8
90,100 El du Pont de Nemours__20 321s Mar 2 853
4July 17
22 July 593 Feb
4
800
6% non-voting deb
803 June 10518 Aug
100 9712 Apr 20 117 July 7
4
17,600 Eitingon Schild
as Feb 4
No par
514July 14
Is June
218 Sept
2,300
654% cony 1st pref____100
4 Mar 29 23 June 12
214 May
1212 Jan
42,700 Elec Auto-Lite (The)
5 10 Apr 4 2712 July 13
812 June 323 Mar
4
30
Preferred
100 781451er 29 8812July 18
61 June 10014 Feb
12,000 Electric Boat
1 Jan 3
3
814July 3
12 June
212 Jan
4l4 July 15
29,900 Elec ds Mus Ind Am shares__
1 Feb 14
7 June
8
4 Jan
26,900 Electric Power & Light No par
31e Feb 27 15 8June 13
3
23 July
4
16 Sept
1,200
Preferred
No par
712 Apr 4 3612June 12
10 4 July 64 Jan
3
1.600
56 preferred
No par
614 Apr 5 3234June 13
87 July 5512 Jan
03
4,000 Elec Storage Battery
No par
21 Feb 16 54 July 10
125 June 3314 Mar
8
1,100 Elk Horn Coal Corp_ No par
18 Jan
4 June 19
la Jan 4
3 Aug
4
1.200
6% part preferred
58 Apr 29
18 Jan
5
1 Sept
6 June 7
1,200 Endicott-Johnson Corp__50 28 Feb 27 6278Ju1y 18
16 July 3714 Sept
Preferred
100 107 Feb 17 123 Oct 4
98 May 115 Nov
600 Engineers Public Serv__No par
4June 12
4 Feb 23 143
4 June 25 Feb
100
$5 cony preferred____No par 1512 Apr 7 47 June 13
16 July
51 Feb
200
555 preferred
No par
15 Apr 4 497
8June 12
18 July 67 Mar
300
$6 preferred
No par 1714 Oct 20 55 June 13
25 June 613 Mar
.1
2,000 Equitable Office Bldg_ _No pa
Jan
612 Mar 27 133
1012 Dec
19
8July 7
4,600 Eureka Vacuum Clean_No par
3 Apr 4 1814July 7
2 Jun
714 Mar
2,100 Evans Products Co
8 Mar 1
5
212 Sept
12 May
712June 28
120 Exchange Buffet Corp_No par 10 Jan 4 1112July 19
4
113 Jan
93 Jan
4
Fairbanks Co
8May 17
25
25
8June 8
7
1 Sept
114 Sent
Preferred
1 Feb 23
100
810une 13
1 June
4 Aug
400 Fairbanks Morse & Co_No par
212 Mar 23 1114June 2
214 Dec
618 Aug
Preferred
50
100 10 Feb 25 42 June 3
10 Dec 473 Mar
4
5 Jan 26
8
17 Sept
3 June 8
8
, Ju..
2
7% preferred
100
3 Feb 23 11 June 2
112 July
7 8 Jan
7
*758 0
*712 8
712, 712
714 714
71s
7
63
4 63
4 1,200 Federal Light & Trac
434 Apr 6 1412June 12
15
814 Dm
22 Jan
46
46 .____ 50
*46
46
46
20
50
Preferred
*46
50
50
*46
No par 38 Apr 20 5912July 20
30 June 64 Mar
*70
91
*70 100
*75
•65
90
*60
87
95
Federal Min & Smelt Co__I00 15 Mar 31 103 Sept 19
*70
90
13 June 35 Sept
6
6
6
6
53
8 558
47
8 53
8
414
3
372 6
4,700 Federal Motor Truck_ _No par
3 Mar 16 113
4
4July 10
112 May
35s Feb
•13
4 212 *13
4 2
•13
4 2
400 Federal Screw Works No par
4
1
178
114
*13
13
4 2
478July 7
3 Feb 27
4
12 May
23 Aug
8
*23
8 23
4
238 25
8
218 214
218 218 2,300 Federal Water Serv A_ _No par
218
218
2'4 214
4June 12
15 Feb 25
214 Dec 1058 Mar
8
63
*2112 2712 *17
25
*20
97
25
*18
*2018 2713
25
23
Federated Dept Stores_No par
712 Feb 27 30 July 18
612 June 153 Sept
4
2512 2512 237 23 8 23
8
7
213
4 3.800 Fidel l'hen Fire Ins N Y__2.50 1014 Mar 27 36 July 6
4 21
2418 2112 2312 2014 213
6 May
273 Jan
4
2118 2138 18:2 2112 183 2012 1712 187
4
4
s 153 175
s 1514 173 18,200 Firestone Tire & Rubber___10
8
918 Apr 4 3112.iuly 18
1012 June 187 Aug
11
*70
715
8 6914 6914 *69, 70
300
4
4 6914 6914
693 693
4
*6914 70
Preferred series A
100 42 Mar 3 75 June 7
45 July 68 Aug
4913 50
49
4912 4914 4912 4912 50
3,000 First National Stores__No par 43 Mar 3 703
49
48
4713 49
35 July
5413 Dec
4July 7
*13
15
*12
1434 *11
1412
1412 012
Florsheim Shoe class A_No pa
*12
1412 *12
143
4
414 Apr 10 Feb
712 Feb 7 18 July 5
*106
_ .... *106 . __ *106
__ *106 - - ---- 3
_
•106 - - *106
, 6% preferred
100 80 Apr 19 101 Sept 5
63 July 99 Nov
*71 2 812
8
8
.712 814
712 700 Follansbee Bros
712
612 _612
No par
6
814 Sept
-i
212 Feb 28 19 June 7
2 June
•1213 13
113 12
4
200 Food Machinery Corp_No pa
*1112 123 *1114 123 *1114 1318 *1012 12
4
4
612 Apr 19 16 July 13
33 May 1014 Feb
4
1414 1414 1113 1418 115 1318 1118 125
1118 13
8
8 1114 12
10,500 Foster-Wheeler
No pa
412 Feb 28 23 July 7
157 Sept
8
3 May
*1214 13
103 12
8
10
1112
8
4
8 5,900 Foundation Co
814 93
97 1012 *814 93
No par
2 Feb 27 23o July 17
1 July
714 Aug
1918 1918 1814 19
183 1812 1818 185
4 2,400 Fourth Nat Invest w w
165 173
8 18
8
18
8
1 135 Mar 1 2614June 13
8
8
1014 June 223 Sept
1514 153
8 14
1413 1314 1412 14
1312 6,600 Fox Film class A new__No par 1212 Sept 6 19 Sept 14
8
1414 125 1358 13
*45
50
*45
50
45
*43
45
48
*45
4912 *43
10 Fkln Simon & Co Inc 7% pf100 12 Jan 24 50 Aug 15
4912
7213
Oct - - Jan
15
4312 4418 4 3 44
04
39
41
4114 43
16,100 Freeport Texas Co
4014 41
403 43
10
16.8 Feb 28 473g Sept 20
8
10 May z285 Nov
•130 15058 *109 15018 *130 4 15018 •13013 14914 *1303 14914 .1297
4
8 14914
6% cony preferred
100 97 Apr 19 150 Sept 13
•1218 20
*1213 20
*1212 20
*1212 20
*1212 20
20
93
Fuller (G A) prior pref_No par
9 Jan 9 31 June 13
218 May 26
Oct
*6
11
*6
11
11
*6
11
6
*6
11
11
$6 2d prof
No par
4 Jan 19 23 June 13
3 June 32 Feb
3
3
*23
4 3
*23
4 3
213 2 4
212 212 1,200 Gabriel Co (The) el A_ _No par
212 212
3
1 Feb 27
514 Aug 18
312 Sept
14 June
1612 1612 *1612 17
150 Garnewed Co (The)
1412
16
14
15
161 .15
15
16
No par
612 Jan 20 207 Aug 25
512 Dec 17 Jan
8
*8
812
714 8
713 758
718 714
63
8 63
658 714
4 4.300 Gen Amer Investors
No par
25 Feb 28 12 June 20
8
512 Sept
12 June
•70
75 .70
75
70
69
75
*66
70
69
75
*68
Preferred
200
No par 42 Feb 23 85 July 7
26 June 71 Sept
3018 303
4 28
31
28
30
27 4 28
,
26
27'4 253 2814 12,100 Gen Amer Trans Corp
4
5 133 Feb 28 4314July 19
4
4
912 June 353 Mar
1618 163* 123 16
4
1318 143* 1312 15
133
8 123 1312 14.900 General Asphalt
13
8
No par
45 Mar 3 27 July 18
8
43 June 1512 Jan
4
14
14
1318 14
1314 132 1318 135
8 12
13
8
113 123 12,000 General Baking
4
8
5 1112Ju1y 21
1012 June 195 Mar
207 July 10
8
714 712
57s 71
6
63
8
57
8 65
512 6
5
53
4 6,100 General lInmze
.5
5 Aug
218 Feb 6 1012July 7
12 June
8
418 43
4
41
38 4
3
3
4 33
318 312
4
33
314 3,300 General Cable
No par
14 May
114 Mar 31 1112June 9
5 Sept
814 81
8 .618 81
*612 8
6
814
6
*5
6
6
Class A
400
No par
1113 Sept
214 Feb 27 23 June 9
112 May
*1512 2318 *1513 22
*13
231 •13
23
2318 *13
*13
23
7% cum preferred
4
612 Mar 30 46 June 9
100
33 June 253 Sept
4
2912 3014 29
2934 29
2,600 General Cigar Inc
3058 30
30
2918 2812 29
29
No par 2812 Oct 20 4858June 23
8
20 June 383 Mar
*108 110 *108 110
108 108 •1013 110 .10134 110 .1013 110
4
4
100
7% preferred
100 90 July 28 112 Jan 25
75 June 106 Dec
193 2012 1814 20
8
18
175 185
19's
8
8 1614 1712 1618 1814 148,400 General Electric
No par
107 Apr 26 3014July 8
812 May
8
2618 Jan
12
12
12
12
117 117
1218 1218 1218 12
8
12
1218 3,700
Special
10 1158 Apr 20 1214July 24
105 July
8
117 Sept
s
353
4 33
35
35's 33
4
8 3218 33
22.700 Gmeral Foods
3 o 333 3518 3212 337
4
No par 21 Feb 24 397 Sept 18
g
193 May 4012 Mar
8
1
1
1
1
1
1
1
1
1
1
9,500 Gen. G8.9 A Elec A___ _No par
1
!
1
58 Apr 1
8June 6
3 July
8
234 Feb
27
*1214 14
12
12
*12
1312 1212 _1212 113 12
4
*1112 13
500
Cony pref series A No par
318 Apr 3 1612June 6
3 June 2444 Jan
*133 14
4
14
14
*13
141 *13
1413 1212 13
*1212 18
90
37 prof class A
No par
7 Apr 20 1812June 20
514 July
30 Aug
.14
18
*14
18
93
*137 18
18 .14
18
8
.1378 18
88 prof class A
No par
5 Apr 6 20 June 10
40 Feb
514 July
*4312 46
*43
46
*4414
45
45
4313 4312 *-- 4518
300 Gen nal Edison Elec Corp__
2414 Jan 9 4638Sept 26
18.8 Apr 25 Mar
*6518 66
6214 6312 6112.64
64
647
8 60
63
5913 6112 4,100 General Milt,
No par 3512 Mar 3 71 June 28
28 May 4812 Sept
*1033
4 __ •1035
8 . *10312
_ .10312 10313 10313 10312 *1033
8 ___
500
Preferred
100 9212 Mar 28 10612Sept 19
76 July 9612 Dec
273 - 8 2512 -- 8 243 221
4 287283
4
253 27
8
2418 2512 24 2614 425.100 General Motors Corp
10 10 Feb 27 353 Sept 14
4
7.8 June 245 Jan
8
893 893
4
4 89
893
8818 80
8812 887
8 85
87311 88
88
55 preferred
1,900
No par 65125far 3 95 July 15
5614 July 8714 Mar
.83 11
4
*83 103
4
.83 10
4
83
4 83
4 *712 107
8 *712 913
100 Gen Outdoor Adv A
518 Jan 9 24 June 13
No par
4 June
9 Feb
*478 5
47
8 47
8
43
4 454
43
4 43
412 45
4
8
412 412 1,900
Common
No par
212 Mar 1
101sJune 12
25 Nov
8
4 Jan
•1012 123
8 1012 1012 .1012 121
1012 1012 12
12
270 Genera, Printing Ink_ _No par
1054 12
314 Jan 4 17 June 10
213 July
14 Jan
7712 7712 *7712 79
771 *7412 79
77
7412 7412 *75
78
410
$6 preferred
No par 31 Mar 18 82 Aug 3
2712 June 60 Feb
3 8 333
'
27
27
8 3
3
314
23
4 23
28
7
4
23
4 3
2,300 Gen Public Service___ _No par
2 Apr 6
814June 12
1 May
718 Aug
34
35
3131 34
33 *__ _ 313
3212 *32
4 28
32
2912 3,000 Gen Railway Signal
No par 1314 Jan 3 4912July 8
618 July 283 Jan
8
17
s
17
3
17
8
17
8
13
4
15
8
17
;
13
4
112 158
1
112 11.000 Gen Realty & Utilities
1
45
8June 24
3 Feb 16
8
14 May
214 Sept
•1412 15
1412 1413 *12
*1312 1412 9212 1412 *1212 15
15
56 preferred
100
No par
512 Jan 19 223
4June 26
5 June 163 Sept
4
*918 12
9
93
8
914 914 *83 11
4
*812 83
4
813 812
400 General Refractories_ _No par
212 Feb 27 19* July 5
13 June 1518 Sept
4
30
30 .28
2912 *28
29
*28
*28
29
29
28
28
30 Gen Steel Castings prof No par
93 Feb 17 3912July 14
8
8 Mar 27 Aug
1218 1212 11
1214 11
1178 103 117
4
s
1018 11
1018 10313 38,800 Gillette Safety Razor No par
934 Am'20 2014 Jan 11
103 Jan
8
2414 Mar
58
58
58
58
57
56
*52
*52
56
55
*52
55
800
Cony preferred
No par 4734 Apr 19 75 Jan 9
45 June
7213 Aug
45
3 45
8
4
412
4
4 10
334 4
418 414
33
4 4
5,500 Glmble Brothers
No par
34 Feb 9
758June 27
7 June
8
33 Aug
4
•1612 18
*1012 19
1313 14
*12
18
•13
19
*13
15
300
Preferred
100
514 Mar 1 33 July 7
63 Dec31
Jan
8
1414 1518
1312 15
1313 147
143
4 14
1412 1314 143 12,300 Glidden Co (The)
8 14
8
par
No
354 Mar 2 20 July 18
3 8 June
1038 Sept
8513 87
*8414 8712 8414 8412 *8314 84
8314 8314 8314 8314
230
Prior preferred
100 48 Apr 22 9112 Aug 1
35 Apr 76 Sept
712 77
8
65
s 78
3
614 71 1
6
65
612 718
8
6 11
,
718 17,000 Gobel (Adolf)
No par
3 Feb 16 16 July 13
25 Slay
8
8 Aug
1914 20
18
1914 1714 183
4 1758 183
8
4 163 1734 1618 1718 17,100 Gold Dust Corp v t o_ No par
12 Feb 27 2738July 18
814 May 203 Sept
*97 102 .9712 102
8
97 97
*97 103
103
*97 103
100
66 cony preferred
No par 97 Oct 17 105 July 21
70 July 101 1 2 Dec
13
1312 1013 1313 1012 1214 *97
918 107
918 103 43,900 Goodrich Co (11 F)
1012 1218
8
4
No par
3 Mar 2 2112July 18
214 Slay
123 Sept
8
*33
35
33
33
3078 32
31
*25
32
30
27
2812 2,900
Preferred
100
9 Feb 2g 63 July 13
7 May 3314 Sept
325s 3312 2918 3212 29
4 25
2712 44,500 Goodyear Tire & Rubb_No par
315
8 273 30 4 2518 '273
3
4
914 Feb 27 4712July 17
512 May
29 4 Aug
3
*60
6314 *55
60
*5612 60
*45
60
*46
*56
56
55
1st preferred
No par 2734 Mar 2 8014July 6
193 Jun
4
6912 Aug
91 2 912
9
93
8
812 914
74 9
3
712 77
s
612 73
4 5,200 Gotham Silk Hose
No pa
GIs Oct 20 1712June 12
714 Jan 303 Sept
4
*58, 70 .5814 70
4
*5814 70 .5814 70 •____ 70 ......_ 70
Preferred
100 41 Apr 3 73 July 3
5014 Jan
7012 Oct
27
8 278
25
8 23
4
212 238
238 212
2
23
8
2
24 17.800 Graham-Paige Motors
1
1 Apr 3
558July 12
1 May
45 Jan
8
813 9
7 4 812
3
7 8 83
5
73
8
8 73
712 8
4
658 712 11,900 Granby Cons M Srn & Pr__100
37 Mar 2 155sJune 13
8
23 June 115 Sept
8
8
5
518
414 47
8
4
414
37
8 414
37
8 4
33
4 414 7,800 Grand Union Co tr ctfs_ No par
33 Mar 2 105
8
8June 26
93 Mar
4
314 June
24
24
*22
24
2014 22
2038 21
8 20
207 207
21
8
1,200
Cony pret series
No par
20 Sept 30 363
8July 3
22 June 3514 Mar
*2418 25
*2418 25
233 24
8
.2358 25
2318 235
8 225 2310
8
600 Granite City Steel
NO par
1118 Mar 24 3038July II
63 June 17 Sept
4
*2718 28
28
28
263 263
4
4 273 273
4
4 2618 2718 2513 26
2.500 Grant (W T)
No par
153 Feb 28 3638July 7
4
1412 Ma
3014 Mar
1014 11
10
1012
912 10
10
814 9
10
4
7 4 83 10,700 Gt Nor Iron Ore Prop No pa
3
518 Feb 27 163
4July 11
1314 Jan
5 Jun
3712 38
323 3714 3314 3512 3318 353
4
8 3012 3312 31
333 75,300 Great Western Sugar No par
8
137 Jan 19 4178 Sept 22
s
314 Apr 12 Aug
*108 110
108 108
10712 1073 108 108
4
108 108
4
1073 108
870
Preferred
100 7212 Jan 3 110 Sept 6
48 June 83 Aug
2
218
2
218
17
8 2
17
8 2
13
4 17
8
13
4
17 11,400 Gr1gaby-Grunow
8
No par
5 Mar 3
8
4111July 13
12 Apr
234 Sept
..
• Bid and asked prices, no sales on this day. a Optional sale. z Ex-dividend.
y Ex-rights.
New York Stock Record-Continued-Page 5
2946
re FOR
HIGH AND LOW .SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Oct. 14.
Monday
Oct. 16.
Tuesday
Oct. 17.
Wednesday
Oct. 18.
Thursday
Oct. 19.
Friday
Oct. 20.
Sales
for
the
Week.
PER SHARE
Ratled Sines Jan.1
-share lots.
On basis of 100
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share Shares. Indus. & MIscell. (Can.) Par
800 Guantanamo Sugar___ _No par
I
1
100 Gulf States Steel
No par
20
20
Preferred
70
100
35
*30
Hackensack Water
2412
25
*22
50
25
7% preferred class A
2814 2814
No par
33
4 414 14,800 Hahn Dept Stores
Preferred
8 1,100
100
183 183
8
312 312 1,100 Hall Printing
10
Hamilton Watch Co___No par
*41a 57
8
25
Preferred
*15
100
100 Hanna(M A) Co $7 pf_.Vo par
80
79
4 1,200 Harbison-Walk Refrac_No par
4
123 133
Hartman Corp class B_No par
Class A
_ _ No par
_
--50 Hat Corp of America Cl A__1
2
212 - -12
*5
3
13-4
2
- -12 *212 -2
5T2 -3
50
*10
20
100
*15
15
83. % preferred
20
*15
20
20
15
20 20
*15
114
112 1,900 Hayes Body Corp
114
No par
114
114
114
114
118
•114
112
114
114
900 Helme (0 W)
25
10112 105 *10112 10212 10112 102
10014 10212 10012 10012 100 100
Hercules Motors
*5
12
*5
No par
12
*5
*9
12
12
*9
*9
12
11
2,200 Hercules Powder
47
No par
45
4434 4612 44
49
49
47
4814 45 4 4718 45
3
$7 own preferred
140
100
10572 105%
*105 107
105 1067 *105 107
10612 10612 *105 107
8
1 4718 4814 47
'
47
4614 4614 46
4412 4414 4414 1,100 Hershey Ch000late____No par
47
44
Cony preferred
700
85
No par
80
*85
87
8518 847 85
8
85 85
8612 8612 *85
4
418 3,400 Holland Furnace
No par
418
4
5
5
418 418
412 5
418 412
*714 712
7
1,600 Hollander & Sons (A) No par
6
618
55
8 6
612
714 *612 7
8
1,600 Homestake Mining
100
301 315
315 315 x303 308
312 316 *320 340
315 320
200 Houdaille-Hershey Cl A No par
712 712
*552 9
518 *514 9
*5
•724 10
8
8
Class 11
No par
212 212 4,600
212 252
8 23
3
4
3
23
8 27
3
8 •23
3
Household Finance part pf_50
4512 *44
4512 *44
*44
4512 *44
4512 *45
4512
4512 *44
2114 10.200 Houston 01101'Tex tern otfs100
2112 19
2514 255
8 20
2552 2114 2312 213 2314 20
4
Voting trust etfs new____25
4
4
10.700
4
4
8
412 43
433 434
4
43
4 43
412
4
8.900 Howe Sound v 10
22
25
25
2312 22
25 4 2212 2412 22
3
2512 2112 2514 22
21.000 Hudson Motor Car__ No par
812 10
9 8 103
5
8
812 912
107 107k
8
93 103
4
4
93 1012
4
10
52 10,800 Hupp Motor Car Corp
312 33
8 414
4
33
2 3
35
8 4
35
4
4
33
4 4
Indian Motocyole....--No par
440 Indian Refining
10
5 5 •23,31
-3
5 1
8
No par
4 65
6812 625 6712 27,200 IndustrIal Rayon
8
675 713
8
4 685 713
71
7052 7214 67
5,700 Ingersoll Rand
50
No par
4812 45
51
48
513
4 45
50
2
5314 5314 497 53
No par
26
2612 1,000 Inland Steel
30
31
27
31
31
31
32
*31
*3314 35
412
3
4
314 418 10,000 Inspiration Cons Copper___20
4
418 412
8
*43
4 47
8
412 47
800 Insuranshares Ctfs Ino_No pa
8
232 232
8
2 8 25
5
212 212 *25
8
8 27
8
27
2 27
212 25
1,100 Insuranshares Coro of Del___1
2
2
2
2
2
218
2
2
218 *2
*218 214
2
2
300 Interoont'l Rubber
No par
2
212
2
212 *2
218
218 *2
•214 212
No par
412 47
2
5
414 414 2,900 Interlake Iron
47
2 518
5
6
47
8 614
6
No par
112 112 1,500 Internet Agrloul
218 *2
214
13
4 2
2
*214 23
8
214 214
Prior preferred
100
100
1512 10
10
16
*7
*10
16
17
*10
*12
16
*12
2.000 Int Business Machlnes_No par
126 129
12812 133
135 140
135 135 *131 135 *134 135
1
514 3,900 Internist Carders Ltd
5
518
4
5
512 6
5
53
3 53
6
6 14
8
2612 2412 2612 7,100 International Cement_No par
25
28
31
317
8 2812 31
27
2712 30
4 30
3218 3518 3012 323
337 48,400 Internal Hervester-__No par
8
3712 3218 35
3572 3712 33
600
Preferred
100
8
2
8
*11612 11712 *117 11712 1167 117 *1165 1167 *1165 11678 11612 11612
8
3
4 5.600 Int Hydro-El Sys el A__No par
6
6 18
512 67
8
58 618
513 53
512 5 4
518 512
*3
300 Int Mercantile Marine_No par
3
33t
*3
33, *3
35
2 *314 412
3 4 33,
,
3
4
2 163 1718 166,100 Int Nickel of Canada_ _No par
2
1814 185
8 1714 1812 1714 1838 1738 18% 163 173
100
Preferred
400
108 103 *107 10712 106 106
108 108 *107 103 *107 108
50 Internet Paper 7% prat- _100
*612 9
814 814 *612 17
814 814
*814 17
*814 17
4
318 1,500 Inter Pap & Pow ol A No par
4
4
3
4
,
33
4
38 3 2
,
3 4 33
3
4
33
4
C11188 B
No par
4 23
8
112 13
13
4 17
4 1,500
8 *13
2 •17
8 212
214 23
*23
2 212
No par
Class C
13
8
112 112
114 13
114 3,100
8
13
8
112 112
13
8
112
1 14
4 814
Preferred
73, 812
100
912 93
4
8
912
73
67
s 712 7,700
7 8 914
7
300 Int Printing Ink Corp_No par
14
*1012 13
8 1012 1012
*1012 137 *1012 137
8
1212 13 2 *11
7
100
Preferred
160
67
67
68
68 68
*68
69
68 .68
68
69
88
No par
2114 213
4 1.700 International Salt
*24
22
2414 2212 23
2212 2212 22 223
8 22
39
4,200 International Shoe_ No par
3912 38
4212 4212 41
42
4022 4052 3912 4012 39
100
8
27
2612 4,100 International Silver
2912 24
323
4 253 2812 27
253
4 23
323 33
4
100
7% preferred
250
45
41
427
47
8
43
4
5212 5212 493 5012 4712 4812 47
1212 13
1018 127
8 10 4 1 11 2 1014 113
,
912 1012 150.300 Inter Telep & Teleg___No pat
93 10 2
4
,
4
3
8 1,400 Interstate Dept Stores_No par
314
27
8 27
314 314
2 4 33
3
*4
2
5
4
4
Preferred
100
1614 1612
20
110
1814 1814
20
22
20
23
2312 2312 .20
.514 614 *514 614 *514 614 *514 614
100 Intertype Corp
No par
514 514 *514 614
22
*22
1
26
21
21
22
22
900 Island Creek Coal
203 22
4
22
21
21
No par
2612 2612 26
800 Jewel Tea Inc
27
28
28
*26
2818 29
2712 28
28
No par
49 132,800 Johns-Manville
8 493 5314 4714 5214 45
2
4872 45
5412 4918 533
53
Preferred
100
340
10118 10113 102 10212 *99 102
*98 102
104 104
102 102
Jones & Laugh Steel pref_ 100
65
65
*50
69
*50
70
*50
*55
•60
65
__ __ 70
*512 7
900 Kaufmann Dept Stores $12.50
6
6
6
6,
4
53
4 8
4
612 613
63
4 63
1414 14
8 7,000 Kayser (J) & Co
14
25
1418 1212 133
4 1212 135
4 1418 15
143 143
4
6
2
214 6,500 Kelly-Springfield Tire
258 234
212 214
214 23
258 25
2
8
214 212
No par
11
11
600
1014
6% Pref
*11
1612 1214 1214 *1012 1212 1012 1012 10
Kelsey Ifeyes%Vheel cony.cLA 1
8
8 .212 43
*212 43
2 *212 43
8 *214 43
*214 4
2 *212 43
Class It
100
1
318
212 212 .21s
*212 318 *212 3'8 *212 3
*212 312
No par
4
115
8 10 4 113
3
8 103 1118 103, 1114 45,200 Kelyinator Corp
117 1218 1114 1218 11
2
190 Kendall Coot pf set A _No par
5718 5718
60
57
57
60
57
57
58
6012 58
*57
No par
4 153 1772 129,100 Kennecott Copper
4
183
4 17
1752 185
183
s 163 185, 155, 163
8 17
4
300 Kimberley-Clark
No par
4
*14
4
15
133 133 *133 15
4
14
14
15
*15
163
8 15
400 Kinney Co
No par
23
4 23
4
318
Ms
314 *318 313
314
2 *312 352
3 8 33
3
Preferred
No par
*818 15
*11 18 15
100
15
15
25
*15
25
*15
25 '11
10
1014 1118 19,400 Kresge (S 13) Co
8 103 1114
8
8
2 113 117
1214 1212 1158 1212 1118 117
100
10
7% Preferred
10012 10012 *10012 106 *10012 106 *10012 106 *10012 106 .10012 106
Kress (S H) dt Co
400
No par
*27
3412
8
*29
3412 277 29
30
*30
3414 *30
3412 30
No par
2014 20,200 Kroger Groo & Bak
2024 1912 1978 19
20
2012 1934 2034 1912 20,
4 20
No par
29
2912 28
8 8,000 Lambert Co (The)
29
273 283
4
2 2711 2812 26
2718 2518 265
Lane Bryant
*412 5
No par
*412 5
*412 5
*412 7
*412 612 *412 7
6,300 Lee Rubber & Tire
5
51s 8
74
,
752 818
6
712 8
814 812
714 712
300 Lehigh Portland Cement___50
10
*1012 11
10
12
12
15
*12
*14
1514 *12
15
7% preferred
8
30
100
763 767
4
8
*767 90
4
*7612 90
*7612 90
7812 7612 .763 90
232 3,600 Lehigh Valley Coal____No par
2
212 252
2
258 234 *212 23
3
3
23
4 3
Preferred
1.400
4
4
60
5
5
512 512
512
518
*6
7
52 6
3
4.100 Lehman Corp (The)_--No par
4
6312 5912 6112 583 61
*6714 675
8 6412 67
63
65
65
2,900 Lehn & Fink Prod Co
2
1514 153
4 157 16
5
1618
•1712 173
16
1712 1512 16
4 15
2712 47,800 Libby Owens Ford alma No par
2812 2918 2614 29
2712 2518 2614 25
2612 2814 26
900 Liggett & Myers Tobaeco._25
.87
90
8712 89
*9312 96
90
9318 9318 9112 9112 90
Serles II
8914 9012 10,400
25
4 8912 90
95 4 9814 94
3
943
96
9212 9418 91
400
Preferred
100
13812 13812 .138 13812 138 138 •135 13712 135 135 *131 133
500 Lily Tullp Cup Corp_No par
8
*1514 163 .1518 163 *1518 16
4
4
1518 1518 145 1518 1412 1412
2 2,900 Lima L000mot Works_ _No par
285 293
8
4 26
2812 26
2412 2318 24,
26
25
25
24
900 Link Belt Co
No 3323
4
*1212 1478 *1212 147
1214 113 12
8
1212 1212 1212 1212 12
4
No par
277 29
2512 2112 233 13.200 Liquid Carbonic
8
2518 273
4 25
2712 26
2612 23
8 25
2712 37,800 Loew's Incorporated.- _No par
305 3112 28
8
303
4 27
2514 277
30
2824 30
Preferred
200
No par
*6612 75
75
*67
*69
74
*67
697 697
8
75
2 66
66
218 5,4001 Loft Incorporated
No par
212 214
2
212 218
2
2
2 18
Ma 218
2
2
2
112 112 1,400 Long Bell Lumber A No par
2
2
134
8
13
4
112 2
*152 17
25
8
737 8 375
5
8 37
38
37
37
3814 3814 3512 3814 x353 3612 1,300 Loose-Wlles Blsoult
190
7% 1st preferred
100
118 118
118 120
120 120
11912 120 *118 11912 *118 120
18
18% 23,300 Lorillard (I') Co
No par
20
2012 1918 2018 1918 20
185 195
8
8 1818 19
100
100
7% preferred
*10212 105 8 •10214 10412 *102 10412 *1023 10112 *103 10412 103 103
,
4
No par
15
8 2,000 Louisiana 011
112
2
2
2
52 13,
13
k2
4
13
4
13
4
13
4
Preferred
13
10
100
1112 *5
*10
*11
11
17
*11
*11
15
14
11
8
1752 1752 1724 173, 17
1612 157 1578 1512 1512 2,000 LoulevIlle Gas & El A_No par
17
16
1
3,900 Ludlum Steel
*11
13
712 9
97 113
8
4 1018 105
8
912
8 10
1012
Cony preferred
*34
54
No par
65
*40
65
*45
64
65
*45
*50
65
*40
10
2314 21
2212 2.200 MacAndrewe & Forbes
•27
2818 2612 2612 26
2414 23
26
24
No par
2
8 223 2412 13,600 Mack Trucks Ine
273 297
4
8 28
2912 30'
29
245 275
8
8 2218 247
8 52
513 5312 50 4 525
4
3
5312 55
4
8
521s x485 5013 473 503, 6.700 Macy (R II) Co Ine_No par
212 212
700 Madison Sp Card •1 o_No par
*3
3,
8
212 258 *212 3
27
8 3
4
23
4 23
No par
1214 123
1332 137
4 6,600 Magma Copper
8 13
4
2
1314 *13
1414 123 13
137 14
172 2,700 Mallinson (H RI & Co_No par
*2
212
13
4
2
2
2
2
4
17
8 2
112 13
100
7% preferred
270
*614 15
612
43
8 6
7
8
4
7
8
63
8 612
100
Menet!Sugar
252
.112 258 *112 252 *112 2
8 •114
101112
178 *114 25
160
Preferred
100
*314 4
614 *4
614
412 *4
312 4
4
4
*4
500 Mandel Bros
No par
33
4 414
412 412 *411 5
*414 5
*414 5
*412 5
600 Manhattan Shirt
25
4 1212 1212 1112 12
1014 11
4 1234 123
*123 133
4
13
13
1,300 Maracaibo 011 Explor_No par
214 23
8
238 232
212 212
2
218
218
2
*212 312
7
11,900 Marine Midland Coro
10
631
7
73
8
73
3
7
7
714
67
8
73s
712 73,
$ per share
*112 2
,520
25
*33
35
*22
2412
*273 2814
4
518 514
*21
23
*418 6
*418 57
2
*15
30
80 80
*1614 19
Oct. 21 1933
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDING.
S per share
*112 l4
*18
25
2514 2514
*2218 2412
*283 2314
4
45
8 58
,
20
21
4
4 18
*418 57
8
•15
30
80 80
16
1614
S per share
12
122
.19
217
8
2712 2712
*22
2412
273 273
4
4
414 43
4
1912 1912
33
8 33
8
*418 5
*15
30
80
80
14
1414
S Per share
•1
17
8
.18
22
28
23
*22
2412
*27
2814
412 45
8
1912 1912
8
*33
8 57
512
*418
*15
25
•80
83
*1414 15 8
5
8 i,, i,,
.
3 Per share
*1
18
*1212 22
2912 2912
2412
*22
*2712 2814
4
4 14
1812 1914
5
33
8 38
*418 5
25
*15
81
*80
14
14
ik, -2, .21
s /
4
•Bid and asked prices, no sales on this day. a Optional sale. c Cash ale. a Sold 15 days. z Ex-dIvIdend
$ per share
IA Jan 23
63 Feb 27
4
1614 Jan 16
15 Mar 18
25 Apr 8
112 Feb 28
9 Apr 1
MR Feb 27
212 Apr 5
15 Feb 11
4512 Jan 4
618 Feb 25
12 Apr 3
14 Mar 18
7 Mar 16
8
512 Apr 5
114 Feb 27
0912 Jan 16
3 Mar 20
11 Feb 27
85 Apr 5
3518 Mar 29
843 Aor 5
4
312 Jan 4
214 Mar 2
145 Jan 16
418 Apr 7
1 MOT 2
4312 Oct 13
814 Mar 13
17 Feb 28
2
512 Jan 3
3 Feb 28
152 Mar 3
14 Mar 16
112 Apr 11
24 Apr 4
1914 Feb 27
12 Feb 27
2 Feb 25
Pt Mar 29
13 Apr 5
4
es Mar 21
212 Mar 1
711 Feb 17
5 Jan 3
4
753 Feb 28
278 Jan 18
612 mar 2
135 Feb 28
8
80 Jan 5
212 Apr 4
114 Jan 4
614 Feb 27
72 Jan 11
212 Jan 4
12 Apr 21
1 Apr 1
14 Jan 8
2 Apr 5
312 Feb 28
35 Apr 18
1334 Star 28
243 Jan 3
2
934 Feb 25
2412 Mar 2
518 Feb 28
112 Mar 2
12 Apr 7
178 Jan 24
11 Feb 27
23 Feb 27
1214 Mar 2
42 Apr 5
35 Feb 1
252 Mar 15
67 Feb 27
2
7 Mar 2
8
6 Feb 28
2 Feb 27
2 Mar 27
312 Feb 28
30 Jan 10
732 Feb 28
572 Apr 0
I Apr 3
45 Feb 14
8
512 Mar 2
88 Apr 4
27 Jan 17
1413 Feb 28
2212 Mar 2
3 Feb 8
3 4 Mar 2
5
57 Jan 5
8
34 Feb 9
1 Jan 13
212 Apr 10
3712 Feb 28
14 Feb 27
45 Mar1
49 Feb 16
4914 Feb 16
121 Mar 22
13 Apr (I
10 Jan 17
61g Apr 17
1014 Feb 25
812 Mar 22
35 Apr 4
13, Feb 24
la Feb 28
1914 Feb 27
1 1312M ay 9
10 2 Feb 16
3
8712 Feb 23
52 Jan 5
312 Feb 24
137 Apr 8
8
4 Feb 28
143 Mar 28
2
912 Feb 16
1312 Feb 27
2414 Feb 25
152 Mar 30
53 Mar 2
2
7 Feb 16
2
3 Feb 10
14 Jan 4
3 Jan 0
2
112 Jan 3
512 Apr 1
12 Jan 13
5% Star 31
y Ex-rights.
Highest.
PER SHARE
Range for Previous
Year 1932,
Lowest.
Mahal.
$ per share $ per share $ per Mare
412May 18
18 Mar
1 Sept
212 June 2118 Sept
38 July 13
64 June 12
12 July 40 Oct
2512July 17
15 May
23 Jan
287 Jan 12
2
19 May 28 Apr
912July 6
3 July
8
4114 Aug
35 July 17
718 July 28 Aug
1012July 7
312 July
1118 Jan
9 July 14
2 June 12 Feb
35 July 17
20 Oct 30 Mar
85 Aug 28
33 May 70 Jan
2512July 11
7 May
18 Sept
134June 6
Is Dec
2 Sept
214June 6
38 June
4 Mar
712June 21
12 Dec
3 Aug
30 June 21
5 Aug 20 Sept
312July 17
14 June
312 Sept
10212Sept 1
50 June 815 Sept
8
17 July 6
812 Jan
43 June
4
63 July 1
137 Aug 2912 Sept
2
110 July 19
7012 June 95 Jan
72 July 18
4312 July 83 Star
90 July 18
57 June 83 Mar
1012June 20
314 Dec 1212 Aug
1012
.1une 7
2 4 Dec 103 Mar
3
8
373 Oct 5 110 Feb 183 Dec
15 June 8
6 Dec
712 Nov
63
4June 9
1 May
412 Sept
5114 Jan 12
4214 June 5712 Jan
38 July 17
84 May 2814 Sept
7 8July 7
3
118 May
53 Sept
2
33 Oct 5
47 Dec 1612 Jan
8
1632July 17
27 May 1154 Jan
2
78 July 13
4
DI May
53 Jan
8
23
8.1une 6
38 June
212 Sept
412June 21
1
Apr
254 Nov
8212July 17
718 June 40 Sept
78 July 18
143 Apr 447 Sept
3
8
457
8July 7
10 June 277 Sept
8
912June 2
3 May
4
73 Sept
4
37
8June 8
1 June
372 Jan
412 Jan 10
314 July
812 Sept
412July 18
14 Apr
312 Aug
12 July 13
15 July
8
714 Sept
5 8July 18
3
14 Apr
312 Aug
2712July 19
334 Apr 15 Aug
15314July 18
5212 July 117 Mar
I078July 7
114 May
512 Jan
40 July 17
35
8June 183 Jan
4
46 July 17
1032 July 3418 Aug
11918 Aug 15
683 June 108
4
Jan
13o July 19
25 June 1152 Mar
8
678.1une 20
7 June
8
414 Aug
223 Sept 19
8
312 May 1212 Sept
1097 Sept 12
8
50 June 86 Mar
213
4July 11
13
8June 12 Sept
10 July 10
12 June
43 Aug
2
5 4July 10
3
14 May
2 Aug
14 Apr
4 July 11
112 Sept
2212 July Ii
13 Dec 123 Sept
4
8
14 Oct 10
3 Dec
884 Mar
71 Aug 23 2243 Jan 45 Nov
4
273
4July 5
9 4 June 2312 Fell
3
563
8July 17
2014 July 443 Jan
8
59'2 July 17
712 July 26 Sept
717 July 17
26 May 65 Feb
2184 July 14
25 May 153 Sept
8
4
87
2July 7
112 May 11
Jan
4032July 12
18 June 5213 Jan
1114July 7
212 Dec,
7 Apr
32 July15
1014 Apr 2012 Aug
45 July 7
1518 May 35 Feb
60 2July 17
3
10 May 333 Sept
8
10614July 11
45 July 993 Jan
4
91 July 18
30 July 84
Jan
93
2June 9
3 May
914 Mar
1912July 5
2
43 July 143 Sept
4
62,July13
3112June 2
8 May 12
63
4June 26
-155
8Sept 14
24 May
51032 Feb
73 July 8
17 July 38 Feb
26 Sept 19
47 June 1914 Sept
2
253
2July 7
012 Dec 1912 Jan
614June 7
12 A p
5 Sept
30 July 7
3 June 19 Aug
167
2July 8
652 July 19 Jan
105 June 14
88 May 110 Mar
4414 July13
18 June 37
Jan
3552July 11
10 May 187 Mar
8
4118July 17
25 May 563 Jan
4
2 May
1012June 28
752 Aug
1232July 19
13 Apr
4
818 Sept
27 Juno 20
352 Apr II Aug
78 Sept 5
40 Dec 75
Jan
1 May
8July 14
43 Aug
63
4
12 June 19
114 July 1112 Aug
793
2July 7
3012June 51% Sept
6 May 2414 Mar
23 4June 6
,
373
938 Sept
2July 18
3114 May
98 Sept 18
3214 June 6512 Oct
993 Sept 15
2
3418 May 6714 Sept
Oct
14018Sept 18 100 May 132
2112May 16
14 June 21 Mar
4July 3
313
2
812 Apr 193 Aug
19 4July 5
3
612 June 14 Mar
50 July 18
9 May 22 Mar
3612 Sept 18
1314 May 373 Sept
4
39 July 80 Sept
781s July19
414June 8
5 Sept
17 June
2
512June 19
14 May
27 Aug
8
4212July 12
1618 July 383 Feb
8
120 Jan 14
Oct
96 July 118
25'4 July 6
9 May 183 Sept
8
10518 July 8
7318 Jan 10813 Sept
4 July 12
12 Jan
214 July
29 July 21
Jan
3 Dec 18
253
2
4June 13
81s June 233 Mar
2018July 11
113 Sept
8
112 Jan
60 July 18
612 Jun 26 Sept
2918 Sept 23
912 Aug
1514 Feb
463
2July 7
10 June 283 Sept
4
65 4Ju1y 7
3
17 June 1304 Jan
212 Jan
412 Sept
7 June 26
1952July 19
4
412 Apr 133 Sept
4 Sept
514June 29
II Jan
263
4July 0
4 Aug 1018 Sept
53
4July 10
214 Sept
le Mar
97 July 19
314 Snot
14 AP1'
434 Sept
97
8June 10
1 Dec
23 July 18
9 Aug
312 June
112 Aug
4 June 12
3 June
2
612.1itne
143 Aug
1111 Jan 9
2
New York Stock Record-Continued-Page 6
2947
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE
PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Oct. 14.
Monday
Oct. 16.
Tuesdays
Oct. 17.
Wednesday I Thursday
Oct. 19.
Oct. IS.
Friday
Oct. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On Oasis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Tye?
$ per share S per share S per share S per share $ per share $ per share Shares.
01414 16
1418 1418 *12
13
12
143
4 13
12
12
12
400
---- --- --,- -4 1418 16
1514 153
145
14
8 123 13
15
8
14
12
1314 11,500
37
3814 3514 38
3514 373
8
4 3614 3818 345 3612 3113 36
9,200
2878 267 2712 2618 2712 26
8
28
28
28
4 2,600
2614 2478 253
412
412 418
412
43
2 412
4
4
312 378
314 312 2,300
*914 1012 *914 10
11
•1112 12
11
914 914
200
*914 11
*53
537 55
55
8
58
5018 53
58
*50
5312 50
610
5312
29
27 27
*27
25 8 25 8 2112 25
25
3
22
3
2,000
2312 24
*I
113
1
113
1
118
14 118
118 4,600
1
112
1
13
13
8 112 *114 112 1,400
8
112 112
112 112
114 14
114
*518 9
412
412
412 54
4
45
8
37
8 4
312 3 8 2.800
5
43
8 412
43
8 45
8 *411 45
44 418 1,300
8
43
4
4
43
4 *4
373
3714 3814 31
4 36
373
4 323 3478 3314 37
4
91,800
4 35
383
7012 72
7014 75
6912 723
4 69
7,100
7314 75
703
4 677 69
8
612
512 6
4
6
612 65
514 533 16,900
.53
4 63
8
53
4 612
•133 17
1512 133 131
4
8
15
*14
4 1212 1312 3,100
1514 14
16
7
2
1
118
118
10,100
1
14
1
14
7
8
1
7
8
1
110
814 *5
*5
612 612
814 *5
814
712 712
712 712
2534 1,600
2812 2812 27
*2812 29
253 2614 24
4
273
4 2612 27
712 8
718 8
83
8
4,900
8
914
912 912
7
8
8
3118 *30
30
3112 32
307
90
8 30
*3112 35
*3118 317
8 30
*1318 16
900
15
15
15
143 145
8
1512 16
8 1412 1514 15
*1818 22
*1818 22
*1818 22
*1818 197 *1812 22
*1918 22
37
8 4'o
4
312 33
312 3 8
4 5.700
312 32
7
7
312 3 8
434
912 1034 22,500
1214 1012 121
12
11
115
8 107 114
8
93 1058
4
4,600
1218
11
8 1012 1112 1
10'z 10
12
97 125
121
8
10
5814 5812
60
400
63
70
*57
62
*58
65
*65
*60
65
*26
29
26
1,200
25
27
25
25
25
*2313 26
26
27
214 214
214 238
2
2
218 238
2
218 214
23
8 5,000
*712 18
*10
14
•10
15
*8
1514 *10
1512 *10
16
1318 1312 1218 13
1118 12
1214 121
11
12
12
1214
6,800
5514 58
6312 6312 63
55
5712 4,400
63
62
6212 5914 61
187 197
8
8 1712 193
4 1718 187
2
8
183
8 155 1714 1514 173 141.800
8 17
40
40
*32
397 •____ 40 *____ 397
8
100
*32
40
*30
3
8 5,300
34
73
34
7
8
5
8
3
4
4
'4
-34
5
8
3
4
418
34 312
312 4
33
2 33 16,000
4
34 4
3
312 412
2512 2818 245 2612 2414 2814 21
28
28
24
20
233
8
4 8,900
83
8 84
77
3 85
8
4 7,500
614 63
73
4 77
612 718
8
712 74
414
*43
4
4 53
4
4
378 4
2,000
412 43
4
44 412
4
*1012 12
1012 1012 *1012 12
360
101/ 1018 1018 1018
4
1018 11
12
1114 12
12
11
*1014 103
11
4 1,200
111
1012 11
11
Indus. & MiseeII. (Con.) Par s Per share $ per share $ per share
share
Marlin-Rockwell
No par
6 Feb 27 2014June 3
52 May
4
1314 Sept
Marmon Motor Car- _No par
14may 5
218June 6
12 Apr
312 Sept
Marshall Field & Co
No par
414 Jan 30 183
8June 3
3 July
1312 Jan
Mathieson Alkali WorksNo par 14 Feb 27 433 Sept 20
4
9 June 207 Mar
8
May Department Stores_25
934 Feb 24 33 Sept 18
912 June 20
Jan
Maytag Co
No par
118 Apr 10
812July 10
1 July
6 Aug
Preferred
318 Apr 4 1514 Aug 28
No par
3 Apr 1012 Sept
Prior preferred
No par 15 Apr 5 58 Oct 14
2212 Dec 3514 Jan
McCall Corp
No par 13 Mar 3 303
4Sept 15
10 May 21
Jan
McCrory Stores class A No par
38 Apr 15
47
8June 8
612 Dec 16 Apr
Class 13
114 Jan 13
No par
6 Jan 5
5 Dec 19
Jan
Cony preferred
212 Mar 17 21 Jan 9
100
20 Dec 62 Feb
McGraw-Hill Pub Co_No par
3 Apr 4
818June 12
212 May
712 Jan
McIntyre Porcupine Mines_ _ 5 18 Mar 16 4718 Sept 20
13 May 215 Dec
8
McKeesport Tin Plate_No par 4418 Jan 4 9534 Aug 28
28 June 6214 Feb
4
McKesson & Robbins
13 Mar 2 1312July 3
5
14 June
612 Sept
Cony pref series A
50
35 Mar 3 25 July 1
8
318 May 23 Feb
McLellan Stores
338July 11
No par
14 Feb 24
3 July
8
4 Mar
8% cony prof ser A
100
8July 11
218 Jan 16 227
7 Dec 36 Mar
Melville Shoe
4
834 Feb 27 283 Oct 10
No Dar
7 8 Dec 18 Jan
7
20 July 19
Mengel Co (The)
1
2 Mar 1
1 July
5 Aug
20 May 38 Jan
7% preferred
100 22 Jan 28 57 July 18
Mesta Machine Co
7 Feb 24 21 Sept 12
514 May 1912 Jan
5
Metro-Goldwyn Pict pref__27 1312 Mar 1 22 Sept 1
14 June 2214 Jan
Miami Copper
4June 2
93
112 June
152 Mar 3
5
614 Sept
Mid-Continent Petrol_No par
33 Apr
4
87 Sept
3 4 Mar 2 16 July 7
3
8
Midland Steel Prod____No par
4July 7
2 June 124 Sept
3 Mar 2 173
8% cum lot prof
25 June 65 Sept
100 26 Mar 3 72 Sept 6
Minn-Honeywell Regu_No par 13 Apr 4 2818 July 19
11 June 2312 Jan
574 July 18
Minn Moline Pow Imp'No pa
're Feb 3
%June
33 Aug
2
Preferred
4 Dec 145 Aug
No par
6 Feb 7 30 July 18
8
MOhawk Carpet Mills_No par
512 June 14 Sept
7 Jan 23 22 July 17
Monsanto Chem Wks_No par 25 Mar 3 7412 Aug 10
133 May 303 Mar
8
4
Mont Ward & Co Inc_ _No par
8July 7
312 May 1612 Sept
858 Feb 25 287
Morrel (J) & Co
20 May 3514 Mar
No pa
25 Jan 6 56 July 3
Mother Lode CoalltIon_No par
218June 22
18 May
84 Aug
18 Jan 9
4Sept 14
Moto Meter Gatige&Eq No par
14 Apr
114 Sept
14 Jan 5
63
Motor Products Corp No par
7 8 June 293 Sept
3
4
73 Mar 1 36348e11t 14
2
Motor Wheel
114July 10
2 June
No par
652 Sept
112 Mar 1
Mullins Mfg Co
14 Mar 21 10 4July 18
8
2 June 133 Jan
No par
3
Cony preferred
5 June 2712 Sept
No par
25 June 9
5 Mar 21
MUnsingwear Inc
3June 27
7 Aug1518 Sept
5 Mar 30 183
No par
978 Mar
218 July
334 414 17,000 Murray Corp of Amer
10
33
4 414
158 Feb 25 1112July 17
8 518
412 47
45
8
8
414 45
514 51300 Myers F dr E Bros
4
18
15
*15
718 June 19 Feb
No par
8 Jan 25 2012 July 10
15
*123 1512 *123 15
4
8
4
153 153 *123 15
8
193 197
8 May 193 Sept
No par 1118 Apr 12 27 July 10
8
8 18
4
175 1912 21614 1712 154 1712 28,100 Nash Motors Co
20
8
1712 19
*412 5
4July 7
514 Sept
414 41
114 Slay
8 312 3,300 National Acme
73
10
118 Feb 28
8
33
33
8 37
4
418 414
4
97 July 18
18 May
6 Sept
300 National Bellas Hess pref__100
*43
4 514 *43
114 Jan 27
4 514 *43
:
312 31
4 5
412 434
*43
4 512 '
20.200 National Biscuit
485
8 4512 467
2014 July 467 Mar
47
10 3112 Feb 25 6052June 28
8
445 4614 4418 45
8
8 45:4 47
45 4 47
3
7% cum prat
100 118 Mar 3 145 Aug 18 101 May 14214 Oct
600
14418 14418 *140 149 *110 149
140 111 *140 149
141 141
21,400 Nat Cash Register A___No par
8July 19 :614 Dec 183 Sept
518 Mar 2 233
4
4 1234 14
155 16
8
14
16
133 1512 1312 153
8 1234 133
8
No par 1012 Feb 27 254July 19
2
143 June 313 Mar
2
15:4
134 46,700 Nat Dairy Prod
1417 14
14
15
1412 13
1418 13
1512 14
•2
8 1
•14
1
Nat Department Stores No par
*38
1
*38
218 Aug ,
12 Mar 15
14 June
212June 26
•3 1
3
1
*14
I
114 Dec 10 Aug
Preferred
*478 514 *43
+4e8 514
100
114 Feb 23 10 June 6
*414 514 +414 514
4 51 4
*43
4 51
8July 17
13 June 2714 Aug
4
93
953
4 8712 9512 8912 9734 90
9334 8814 933 220,700 National Distil Prod-NO Par 164 Feb 15 1247
948 89
3 .50 preferred
2018 Stay 3212 Feb
40 24 Feb 8 115 June 28
500 Nat Enam & Stamping_No par
818 Sept
1414 1414 *14
332 July
16
4Sept 18
*14
5 Feb 2 1S3
1312 1312
16
13
13
14
14
121 125
Jan
45 July 92
123 123
100 4314 Feb 23 130 Sept 23
2.800 National Lead
124 121
120 121 *118 127
124 124
Preferred A
87 July 125 Mar
*125 12712 *12518 1274 *12518 12712 *126 12712 •126 12712 *12618 12712
100 101 Mar 1 126 Aug 22
Preferred B
Jan
61 July 105
•100 108 *100 108 *100 108 *106 108 *10312 108 •10312 108
100 75 Feb 23 10918July 19
20$8 Sept
1112 114 103 113
8
4
4 11
652.1un
67 Apr 1 2012July 13
117
8 105 1112 1012 1118 1012 114 22,200 National Pow & Lt_ _ _ _No par
8
15.500 National Steel Corp___No par 15 Feb 27 5513July 7
3612 3914 363 3812 3414 383
1312 July 3372 Sept
3912 40
3318 35
8 3312 35
8
12
13
1234 1112 1214 1012 1112
13
3,500 National SupPly of Del
3l3June 13 Sept
8June 12
4 Apr 8 2S5
912 10
50
912 1012
70
Preferred
43
*37
*36
40
4012 38
*34
1312May 394 Aug
100 17 Feb 23 604June 3
40
35
35
*34
38
3
3
1973 Aug
3
3
412 July
212 212 1,700 National Surety
811 Jan 6
10
1145lay 3
4
212 23
4
234 3
23
4 23
11,000 National Tea Co
1714 1712 16
1714 1512 17
3'S1ay 104 Aug
No par
1534 1414 15
153 163
4
8 15
612 Jan 4 27 July 18
10
54 Jan
63
3C0 Nelsner Bros
4 63
•6
*312 684
No pa
Apr
6
Jan 16 1218June 26
4
112
*312
14
6
6
6
6
Nevada Consol CoPper_No par
212 May 1014 Sept
4 Feb 28 1138June 2
7
7
5
5 18
612 63
1,700 Newport Industries
4Sept
112 June
4July 5
33
138 Mar 29 113
4
6
1
618 *512 614 +512 6
*15
17
15
1,000 NY Air Brake
*12
13
15
1514 15
414 June 1412 Sept
15
No par
*12
64 Apr 4 2312July 7
15
15
334 334
44 44
140 New York Dock
*618 63
8
5
412 412
100
5
54
318 Dec 10 Sept
5
33 Oct 20 1171.1une 23
4
*714 10
718 712
Preferred
480
612 63
4
6
7
712
7
100
6 Oct 19 22 June 23
7
20 Apr 30 Aug
7
3
4
12 June
, 4,600 NY Investors Inc:
s
33 Aug
4
5
No par
8
234June 12
3
°S
12 Apr 3
5*
51;
sa
34
34
513
34
12
13
1212 13
614 Feb
14 Dec
124 10
11
93 1012 13,400 NY Shipbldg Corp part stk.... 1
8
1118 12
114 Jan 4 2212 Aug 9
1013
74
7514 7514 7514 7514 7514 7514 *7514 80
7% preferred
70
20 June 57 Mar
7514 7514 74
100 31 Jan 9 90 June 19
*8818 95
*8818 95
*8818 93
93
10 N Y Steam $6 pref
70 May 100 Oct
90
90
*90
*8818 93
No par 80 Mar 24 1017 Aug 8
8
*99 105
99
99
$7 1st preferred
90 June 10918 Mar
*99 105 *100 105 .100 105 *100 105
20
No par a9314 Apr 25 110 Jan 11
323 331
4
4
297 3312 30
3
103 May 2138 Sept
23,300 Noranda M11168 Ltd-..No par 174 Jan 14 387 Sept 20
8
314 305 3
8 24 284 3012 2838 30
185 19'2 1714 193
8
133 June 434 Sept
4
8 1612 174 48,800 North American Co
8 1712 1912 174 184 1678 177
No par
1514 Apr 4 3612 July 13
+3612 39
2512 July z48 Sept
3612 3612 3612 3612 *367 37 .367 37
Preferred
300
37
8
8
37
50 32 Feb 28 46 Jan 12
3
54 5 8
55
8 54
5
53
64 Dec
8
114 May
5
418 44 26,000 North Amer Aviation
54
9 July 17
45
8 5
5
4 Feb 27
400 No Amer Edison pref. _No par 48 Apr 19 79 July 13
55
55
55
*5112 57
49 July 88 Sept
*515 56
57
8
55
*5112 551
553
312 312
8
33
8 34 *33
Jan
412 *314 5
*4
252 June
8 4:4
400 North German Lloyd
34 33
8
33 Oct 16 10 June 7
8
*3312 38
*3312 3712 *3312 3712 *35
Northwestern Telegraph _ _50 263 Apr 27 43 June 5
15 June 33 Aug
3712 +3312 371 *3312 37'l
.
4
57 July 18
24 27
*3
312
212 Aug
8
4
3
3 Feb
3
118 Feb 23
500 Norwalk Tire dc Rubber No par
*23
4 3
*24 24
8
212 25
1412 15 8 1312 144 13714 147
3
11 Aug
8 1312 144 123 137
5 Jan
4
414 Feb 27 1734 July 6
8 124 131 49,800 Ohlo 011 Co
No par
*33
4 4
312 33
4
33
8 312
4 Aug
34 33
83
4July 7
3
3 18
It Apr
8
212 378 7,200 Oliver Farm Equip_ _No Par
14 Feb 27
*104 1112 103 11
*1218 13
212May 1014 Aug
4
10
Preferred A
11
1012 2,600
9
10
9
34 Feb 28 30 4June 9
No par
3
4
*53
112 Jan
4 6
4July 18
43 Mar
53
4 6
.1.14 Mitt 2
53
83
8 53
3
5 8 55
3
4 4,400 Omnibus Corp(The)vto No par
8
43
8 43
8
43
4 53
*712 9
*712 84
712 712
94 Jan
212 Feb 28 15 June 2. 3 June
400 Oppenhelm Coll & Co_ _No par
712 712 *4
6
6
5
314 June 15 Sept
7 June 9
--__
__ __ __ Orpbeum Circuit Inc pref_ 100
14 Jan 30
-- ------- - -- ---- - -- ---- - -- ---1418 1418 1312 15
1314 13 8 13 -- 3
-5
9 May 2212 Jan
14 8 12 - -312 4 12 No par 1012 Feb 27 2514July 18
1314 111,300 Otis Elevator
*
98 •____ 98 •____ 98 •____ 98 •____ 98 *-- - - 98
90 May 106 Nov
Preferred
100 9312 Apr 5 106 July 19
414 411
44
914 Sept
4
114 May
38 4
7
37
8 4
34 34
914June 13
14 Mar 1
3
No par
34 7,000 Otis Steel
814
8
8
812 *87 10
8
.814 164
312 May 20 8 Sept
3
84 814 *8
24 Feb 28 2134June 13
Prior preferred
100
818
700
79
7414 78
7014 7312 69
7412 77
4July 13
12 June 4214 Nov
7812 7918 76
703
2 8,800 Owens-Illinois Glass Co____25 3112 Mar 3 963
203
8 20
4 20
2018 194 2012 19
2012 203
1912 1858 1013 8,300 Pacific Gas & Electric
164 June 37 Feb
25 19 Oct 19 32 July 12
8
4 265 27
8
4 265 263
27
27
263 263
2014 June 4712 Aug
4
22534 265
2
8 2512 26
3,100 Pacific Ltit Corp
No par 2514 Mar 31 433 Jan 11
2312 2618 2312 25
24
26
24
26
23
23
14 Aug
20
314 May
21
2,100 Pacific mule
100
6 Feb 21 29 July 5
*85
86
85
86
85
84
S64 8614 85
58 June 10414 Mar
844 •79
120 Pacific Telep & Teleg
100 85 Mar 3 9434July 14
84
314
3
8
3 8 33
3
314 56,600 Packard Motor Car__ _Ns par
33
8 35*
3
8July 14
312 3 4
112 July
3
34 34
3
3
67
114 Mar 24
54 Jan
*814 14
*814 11
*814 12
*814 14
*814 12
*814 14
Pan-Amer Petr & Trans new_ 5
8 June 2 14 July 10
3013 33
3012 32
2814 293
4 28
3112 3212 2914 32
Apr
29
8
6 Jan 20 363 Oct 9
8,600 Park-Tilford Inc)
No par
111.8
118
114 *1
112
2 Jan
4June
1
1
900 Parmelee Transporten_No par
3 July 1
I. Mar 21
*17
8 218
8
13
4 *112 2
14
17
8
15
*112 14
112 113 1,000 Panhandle Prod & Ref _No par
414June21
14 Jan
38 Apr 18
14 Dec
112 112
138
112
138
112
13
8
112
114
138
114 13 12.000 Paramount Yung ctLs. ___10
8
13 Apr 6
212June 6
8
212 27
23
8 23
4
1
414 July 18
214 12.200 Park Utah C M
214 212
212 23
23
4 24
i Sept
2
Apr
14 Jan 9
1
118
114
114
114
13
2
114
14 14
1
4 May
118
114 Aug
14 114 6.000 Pathe Exchange
14 Jan 4
No par
212July 10
731 814
77
8 9
734 8
734 8
97 July 18
712 74
73
4 8'o
Preferred class A_ _ _ _No par
514 Feb
5.100
114 June
114 Jan 25
153 167
8
174 184 1718 184 1634 18
8 1553 163 32,600 Patin° Mines &Enterpr No pa
318 July
912 Sept
181* 19
Vs Jan 16 22'* July 17
112
4
412
412
4
33
4 4
4
372 4
8
434 Apr
43
4 47
7,700 Peerless Motor Car
3 June
4
3
14 Feb 16
918July 17
5312 50
52
5218 514 52
56
4912 50
4,100 Penick & Ford
5612 5612 54
16 June 324 Mar
No par 454 Feb 27 594 Aug 29
43
4034 4212 41
391 41
4
39
4314 4034 43
40
11.900 Penney (J C)
42
13 May 3412 Mar
191411,1er 2 5252Sept 18
No par
4
1043 1043 105 105 *105•105 _ 4
200
Preferred
.10312 105 *10312 105
100 90 Jan 4 108 Aug 1
60 June 91 Mar
3
33
4 414
44
418 414
353
4
23
4 - -12 5,000 Penn-Dixie Cement-__No par
3
*114 412
12 Apr
912June 19
212 AUg
14 Jan 25
11
*11
12
14
11
131 *12
*11
1012 1012
15
200
Preferred series A
*11
8 Sept
418 Mar 2 32 July 5
3 Nov
100
32
30
31
31
43312 34
2934 3014 3,000 People's G L & C (Chlo).- 100 29 Sept 27 78 Jan 9
4
317 32
8
313 33
Jan
39 July 121
12
12
12
12
1134 113
13
4
1212 121 •12
14
700 Pet Milk
012
5 Dec 1211 Jan
No par
612 Feb 2 154June 8
8
912 10
03 105
4
115
114 1158 10
912 1018 12.800 Petroleum Corp of Am_No par
9138 1034
45* Jan 3 15 July 3
74 Sept
23 May
4
8
133
4
4 125 1312 113 123
4 1178 13
42,500 Phelps-Dodge Corp
4 1314 1434 13
412 Jan 4 187 Sept 19
372 June 114 Sept
25
8
1418 143
26
26
30
*2618 30
30
*25
*26
30
*25
100 Philadelphia Co 8% pref_50 25 Apr 11 36 July 7
30
•27
18 June 41 Mar
46 *__ 46 *___. 46
46 •__
46 •__
46 •__
16 preferred
76 Sent
•42
48 Jun
No par 40 Oct 2 02 July 8
4
44
4
418 17,600 Phila & Read C & I_ _No par
ir8 44
ir4 44
912July 14
77 Sept
212 Feb 27
43454
8
2 June
54
5
4 1134 12
1218 1134 113
*127 1312 12
8
123 •12
8
8.000 Phillip Morris & Co 1..- d____10
8 12
127
t
8June 7
8 Feb 33 147
7 June 13 Aug
14
g
812
og
14
200 Phillips Jones Corp
*812 14
1312 *8
*8
14
*8
3 Feb 8 1133
4
No par
34 Apr 123 Sept
4July 18
15
125 137
8
8 125 144 63,400 Philiips Petroleum
8
8 14
43 Jan 4 183
4
813 Sept
4
2 Jun
No par
48ept 18
145 154 133 1512 134 153
8
8
.7
8
*7
8
13 Mar 15 127
2
200 Phoenix HoderY
*712 8
712 712 *7
5
8June 7
712 712
2 Nov913 Aug
23
4 27
8 *24 334
8 3
318 318
112 Apr 18 10 June 26
3
3
*27
8 312 *27
700 Pleroe-Arrow class A__No par
114 June
9 Jan
34
5
8
4 Jan 3
14 Jan
8
4
54
25
15
3
4 4.100 Pierce Oil Corp
3
4
8July 12
33
14 Sept
3
4
7
8
7
8
7
8
7
8
718 71
4 •612 7'2
*73
2 812
752 8
34 Feb 27 1314 July 12
100
9 Ang
700
814
34 Jan
Preferred
8
*814 912
13
8 112
114
138 Sept
13
8 112
12 may
112
122 7,900 Pierce Petroleum
112
No par
52 Jan 23
112 112
2 4June 21
3
13
4 13
19
18
1812 2,700 Pillsbury Flour Mllls
9 s Feb 2.."., 267
3
No par
1912 1912 1812 1912 18
918 Dec 2212 Jan
/Juiae 7
4 1912 2018
2014 203
4
500 Pireill Coot Italy Amer shares 3338 Apr 4 6818 Oct 6
21 June 313 Mar
6214 6214 .6012 624 6212 6212 •__ 6718 614 6158 *5912 63
12
*9
1112 12
12
*1312 143 *12
100
4
4 Feb 25 23 July IS
100 Pittsburgh Coal of Pa
15
*12
3 May 114 Sent
15
•12
Jan
*354 40
3518 3534
*3518 45
17 Dec 40
100 17 Jan 28 48 July 14
45
200
*3518 444 *35
Preferred
*3518 45
-•Bld and asked prices, no sales on Ms day. a Optional sale. a Bold 15 days x Ex-dividend. c Cash sale. I/ Ex-rights.
112 112
112 112
ii; Sept
138
is
.4
New York Stock Record-Continued-Page 7
2948
Oct. 21 1933
CO"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
Oct. 14.
Monday
Oct. 16.
Tuesday
Oct. 17.
Wednesday
Oct. 18.
Thursday
Oct. 19.
Friday
Oct. 20.
Sales
for
the
Week.
STOCK
NEW YORK STOOK
EXCHANGE.
$ per share $ per share S per share 3 per share S per share $ per share Shares.
618 612
7
7
6
418 5
1,700
6
54
5% 6
5
.25
28
2712 2712 2712 2512 2512 *15
*15
2512
20
115
22
*212 3
*212 3
*212 3
*212 3
212 212 013
100
4 3
*13
*13
15
15
12
13
12
40
13
*12
12
13
12
*3
4
3
*212 4
3
*212 3
100
*212 3
*214 3
*35
43
*36
40
37
*30
37
20
39
40
40
*30
*30
*27
8 312 *27
2 314
200
27
212 212 *24 28
27
*212 4
14% 1514 13
1514 1312 15
1312 14% 124 13
12 12% 133 32,500
4
9
10
9
9
10
9
*818 9
818 1,300
818 818
8
*352 4
*35
312 312
34
3
3
3
35* 3 4
312 314
1,400
3
*112 212 *112 2
114
112 112
112
114
500
112
1% 132
20 20
17
20
1612 10
17
1712 1412 1512 1312 155* 13,600
17
17
*1712 21
*1512 19
100
1912 *14
1912
*1614 20
*15
23
212
4 24
212
3
212
212
218 25*
2
2 14
214 2,500
2
*718 812
718 718 *514 812 *612 812 *612 812
8
65
200
8 65
3812 40
38
40
3712 40
3412 363
4 3412 36% 17.000
367 39
2
10512 10512 *105 _ .•105 107 3105 107
105 105
50
106 106
7
8
7
8 3,900
*1
Its
-1
1
1
1
1
1
1
1
6
250
6
512 54
5
*212 512 *212 5
6
5
6
373 3912 373 4018 38
4
4
4
393
4 3612 3814 353 383 20,400
4
405* 38
74
73
72
73
73
*73
73
72
7512 *7314 75
700
76
*865* 89
100
4
8614 8614 *87
*863 89
8
8
8912 *863 89
*863 89
4
*943 97
200
97
97
*95
595
985 *95 100
8
*95
97
97
*110 120 *110 120 *110 120 *110 120 *110 120 *110 120
96
06
*93
*93
•93
4
96
96
100
96
095
96
0933 100
40
43
4712 484 4412 477
4314 46% 4014 43
14,200
4
443 47
4
10
12
1072 10
108 59,800
103 1112 1014 1112 10
118 12
605s
450
*6112 6314 6112 6112 615* 6212 615 6314 6112 615* 60
8
1312 11,300
15
137 1414 1214 1312 12
8
15
1314 1434 135* 15
734
714
6% 74
612 712
612 714
612
612 188,900
6
6
*2514 263
*2214 25
233 24
23
4
25
4 25
2312 1.500
2514 25
1614 135* 15
1312 147 12,100
1714 15
1612 15
1612 164 15
214 212
8
25
212 258
212 25
2
28
5
2 14
2
2 14 7,700
15
1512 16
1412 1514 14
1618 14
167 167
8
8 14
1412 6.200
85
2 9
11
83
7,500
4 9
1114
105*
8
83
4 914
3
84 9 8
50
50
50
*40
*38
*38
*38
*38
50 •35
50
50
25* 25*
4
212 23
212 25
212 212 1,700
3
8
3
28 3
3
32
Ills 113 *Ills 123
1112
8
•13
1212 13
*11
15
190
11
4 11
614 7
612 7
714
Cl1 17,500
2
7
612 7
512 63
514
29
*22
*21
26
283 *24
•24
4
*23
28
29
*24
284
*2414 28
*2218 29
*2414 28
*22, 28
*2218 29
8
10
28
28
27
3
23
212 2% 11,300
4 3
3
27
2 314
2% 24
3 14
1218 10
1312 133
12
4 1118 133
4 11
94 10
105* 41,700
9
283
4 2412 2612 23
2914 2914 24
25
2114 19
20
2212 6,800
*54 6
4 7
518 *43
*514 7
*54 6
.3
300
*514 7
*818 18
84 18
*818 14
*818 14
*818 14
*812 14
3
1512 1512 1414 1514 13 2 15
1312 14
4,300
133 14
,
8
15
14
9
9
8
7
7
9
4 8
9
8'z
7
7
*63
1,000
494 493
4818 498 48
493
8
473 49% 4614 475
8 4514 463 45,700
6012 60 60
61
410
•60
*60
60 60
60
60
60
60
Indus. & Miscell. (Cots.) Pax
Pittsburgh Screw es BoltNo par
Pitts Steel 7% sum prof_ 100
Pftts Term Coal Corp_ _No par
6% preferred
100
Pittsburgh United
25
Preferred
100
Pittston Co (The)
No par
Plymouth 011 Co
5
Poor & Co class B
No par
Porto Ric
-Am Tob el A_No par
Class 13
No par
Foetal Tel & Cable 7% Orel 100
Prairie Pipe Line
25
Pressed Steel Car
No par
100
Preferred
Pro.ner k Gamble
No par
6% prof (ser of Feb 129)100
Producers & Refiner. Corp_50
Preferred
60
Pub Ser Corp of N J_ __No par
$5 preferred
No par
8% preferred
100
7% preferred
100
8% preferred
100
Pub Sec Elk rlas uf $5_ No par
Pullman Inc
No par
Pure 011 (The)
No par
8% cony preferred
100
Purity Bakeries
No par
Radio Corp of Amer_ _No par
.
Preferred
50
Preferred B
No pa
Radlo-Keith-Orph
No par
RaYbestos Manhattan_No par
Real Silk Hosiery
10
Preferred
100
Refs(Robt) & Co
No par
1st preferred
100
RemIngton-Rand
1
let preferred
100
190
2d preferred
Reo Motor Car
5
Republic Steel Corp_ __No par
6% cony preferred
100
Revere Copper & Brass_No par
Class A
No par
Reynolds Metal Co
No par
Reynolds Spring
No par
Reynolds (It J) Tob class B_I0
Class A
10
Richfield 011 of Calif_ __No par
*10
*10
14
124 *10
100 Ritter Dental Mfg
107
1012
s 10
No par
*10
10
1112 *8
4
43
412 43
4 43
412
4
414 412
4
4
3,700 Rawl& Insurance Co
3% 4
4
5
8
4 324 324 317 325* 3218 325* 307 31
*3314 333
* 1,400 Royal Dutch Co (N Y shares)
313 313
8
8
24
2619 237 2612 23
25
26
2514 22
10
2314 21
2314 17,300 St Joseph Lead
40
39
3912 364 3812 36% 3812 9,600 Safeway Stores
No par
415* 3812 3912 378* 40
*82
84
8214 8212 8212 84
34
84
8% preferred
*83
100
200
86
834 86
99
99
99
9812 99
99
100
98
7% preferred
0814 99
8
300
99'z 987 09
434 5
412 5
612
412 412 3,400 Savage Arms Corp____No par
*5
6
612 612
6
412 44
514
514 514
4
412 5
4
4 14
4
414 13,400 Schulte Retail Stores_ _-sTO Par
*213 2412 *2018 263 *2212 28
4
4
Preferred
2212 2212 18
100
120
20
2018 2012
39
3812 38% 385* 387
39
39
39
2 3714 3818 38
No par
220 Scott Paper Co
38
3712 38% 3634 407
8 364 3914 364 3812 3414 363t 35
51,000 Seaboard 011 Co of Del_No par
37
312 312
3
3
3
3
3
3
No par
*272 33
500 Seagrave Corp
4 *318 312
41
3712 383
s 354 385* 3412 384 3 2 37
3218 3412 3212 3512 106,000 Sears. Roebuck & Co No par
212 *2
*218 212 *210 212 02
212
178 2
1
400 Second Nat Investors
2
2
2 3414 3414 *29
*3414 373
373 *29
Preferred
1
373 *2814 373 *2814 375
100
2
114
114
112 112
112 112 *114 112
112
114
112
114 3,700 Seneca Copper
No par
37
45*
458 43
3 4 414
34 41
3
4
334 4
22.900 Serval Inc
312 4
1
65
65
8 7
8 7's
3
6% 712
618 612
75* 7 2
618 62
No par
7,700 Shattuck (F 0)
61
0
6
1,700 Sharon Steel Hoop
712 *6
No par
714 *6
7
5
*6
4
6
5
47
43
414 412
412 41
4 47
5
No par
4
418
4
4 14 4,800 Sharpe & Dohme
34
*32
*3112 34
Cony preferred ser A_No par
34
*33
*31
53112 34
32
35
32
200
714 77
714 712
678 714
712
No par
7
634 74 33,500 Shell Union Oil
75* 75*
5514 55
55
56
Cony preferred
55
54
100
5412 53
5312 1,900
5614 5614 56
183
4 16
183
2014 2012 1712 20% 17
No par
1414 1512 1312 154 35,500 Simmons Co
*812 9
812 9
83
4 9
778 812
*8 2 10
7
10
8
84 2,800 Simms Petroleum
*7
7
77
7
8
Ws
7
612 63
618 63
4
8
64 612 2,200 Skelly 01: Co
25
Preferred
4
545* 533 55
5312 5312 53
100
53
5512 5412 5412 54
9044
*54
25
*14
234 *14
227 *14
2
237 *10
8
1812 *10
Sloss-Sherf Steel & lrun100
•14
2412
*16
18
130
2412 *12
1814 1814 18
7% preferred
*1212 18
100
18
*1814 25
514 514
5
43
45
4 5
8 5
512
312 45*
33
4 4 2 4,900 Snider Packing CorpNo par
,
113
4 103 1112 1018 11
11
4
21
12
10
103 104,600 Socony Vacuum Corp
11% 1218 11
4
*84
84
87
84
.100
*84
200 Solvay Am Invt Tr
85
87
85
*84
87
87
•85
pref.345* 37
323 , 3
12,000 So Porto Rico Su r___No par
3212 36
8 34
373 39
3514 3812 355* 37
4
120 120 *120 122
Preferred
100
120
122 122
120 120
120 120
*122 123
8
1812 1714 18
25
7,900 Southern Calif Edison
1914 193
2 184 1912 184 1958 1912 193 518
47
300 Southern Dairies el B__No par
*318 44 *3,
8 44 334 47
318 *3
8
*34 47
3
55
712 *5
712 *5
7
7
Spalding (AG)& Bros_No par
*4
*5
*5
7
7
1st preferred
100
*35
*35
*35
45
45
45
45
*35
*334 45
*334 45
*1012 13
*1012 13
1014 101
20 Spang Chalfant&Co IncNo par
51012 13
*1012 13
*1012 13
Preferred
100
27
*2914 30
2912 *20
*2712 45 .2812 35
*2712 33
*20
33
10,200 Sparks Withington_ __No par
418 412
4
414
4
43
44 434
4 472
318 35*
No par
110 Spear & Co
2
2
2
3
3
2
*2
52
*2
*2
3
3
8
17
*157 18
7
.1572 1578 1514 15% 115
123 13 2 1214 13
1,700 Spencer Kellogg & Sons No Par
4
1
28,300 Sperry Corp (The) v t c
33
8 4
45* 43
3% 34
5
412
5
4
4
38 4%
No par
200 Spicer Mfg Co
712 712 *712 10
*8
8
*73 10
4
10
8
*612 9
Cony preferred A_ No par
100
26
26
*2212 2512 *2212 2512 2512 2512 *21
*21
52212 26
3,400 Spiegel-May-Stern Co_No par
13
11
1212 13
144 1514 1412 1412 123 1312 *1318 14
4
No par
2312 24
2352 205* 225* 20% 2212 171,800 Standard Brands
213 23% 217 235* 22
4
8
NO par
Preferred
200
8
*122 1221 *122 12212 *122 12212 12214 12214 *1215* 1221 *1213 12212
434 534 2,800 Stand Comm Tobacco_No par
514 5 4
6
412 514
6
3
512
512 6
5
834 912 9,400 Standard Gas & El Co_ No par
1112 11% 1012 1112 10
4
84 93
1114 10
1012
No par
Preferred
4,700
8 10 4 1218 103 1112 10% 103
•117 127
3
2
912 10%
914 10
8
8
No par
56 cum prior pref
100
33
*29
0274 33
29
*274 3212 •2718 30
2718 2712 *24
1,400
$7 cum prior pre__ No der
*327 3412 323 3414 32
2
8
32
8 2814 2814
313 33
294 315
4
114 *118
1
1,700 Stand Investing Corp_ _No par
114
1
114
1
1
114
1
4 114
600 Standard Oil Export prat _100
*993 101
*997 101
4
2
.99 2 101
,
8 994 994
*993 997
993 100
4
4
40 8 407
3
2 3812 4014 374 407
4
2 38
405* 364 3812 343 3752 37,100 Standard Oil of Calif_ No par
6,500 Standard 011 of Kansas____10
3212 34
32
32
33
32
33
3314 3312 34
33
33
4114 424 3914 42 4 3912 413
,
8 395* 41
8 3814 40 110,700 Standard oil of New Jenfey_25
3812 397
*812 64 *612 8
100 Starrett Co (The) L S_ _No par
8
*612 8
612 612 *6
*812 7
*15
152 158
8 14
112
112 *112 15
8
112 1 12 *114 112 1,000 Sterling Securities cl A.No par
No par
5418 412
Preferred
4
4 18 *312 412
700
3
35
3 8 3%
312 352
8 38
5
29
Convertible preferred____50
29
29
29
028
30
2812 2812 1,000
*28
2
94 28% 29
10
8
65* 67
6
54 6
65*
5 4 63
3
412 514 11,400 Stewart-Warner Corp
,
8
54 6 4
3
No par
84 9
814 914
8
8
83
4
712 8
712 74 14,900 Stone & Webster
87
5
5 14
412 5
414 412
414 20,600 Studebaker Corp (The) No par
44 43
8
2
4
4
43
2112 2112 2114 2114 *2112 23
100
02112 24
Preferred
210
20
8
213
4 197 20
47
NO par
47
47
4714 47
47
4618 4612 1,700 Sun 011
47
47
4714 47
100
9612 9914 9614 98
Preferred
150
9612 0712 *963 99
4
97
4 97
963 963
4
*19
19
21
500 Superheater Co (The)_N0 par
19
164 1614 1814
18
18
*17
16
19
212 252
No par
212 234
212
212
212 23*
214 23
212 23* 7,400 Superior 011
4
100
3
103
1212 125* 10 4 125* 1012 12
2 8,000 Superior Steel
9
1012
4
1012 113
9
4
414 414
414 414
4
900 Sweets Co of Amer (The)_ _ _50
4
4
4
4
4
4
100 Symington Co
No par
•114
114 114 *118
11
112 *118
112 *118 112 *lls
112
*314 4
*314 3:4
No par
Class A
278 312
212 212 1,300
27
23
8 3
4 278
No par
1.800 Telautograph Corp
1012 12
12
12
1 112 111
11
1112 *10 4 1114 1014 11
3
33
4:4
No par
5
43
4
4
2 5
312 4
5
43*
312 4,700 Tennessee Corp
25
5
23 4 25 8 2312 25
3
26
25
23 2 2431 213 2312 211 22% 80,300 Texas Corp (The)
5
4
No par
40,900 Texas Gulf Sulphur_
35
3512 364 3212 365* 3212 35
3212 344 32
5* 3212 353
37
33
io
9,600 Texas Pacific Coal &OIL
24 3
3
3
23
4 3
3 11
312
312 3%
7
8
614 63 12,800 Texas Pacific Land Trust ____1
614 7
8
2
8
7% 3
7% 7
7 8 77
,
• Bid and asked prices, no sales on this day. a Optional sale. x Ex-dividend. it Ex-rights. c Cash sale.
PER SHARE
Range Since Jan. I
-share lots.
On basis of 100
Highest.
Lowest.
$ per share
1% Feb 15
1014 Jan 6
12 Feb 8
4 Jan 18
se Feb 6
3
15 4 Feb 27
32 Apr 1
63 Feb 24
4
15 Apr 3
15 Mar 23
8
es Feb 27
4 Feb 27
7 Mar 22
58 Jan 21
3 Jan 27
195* Feb 28
97 Apr 18
1.4 Jan 3
3 Feb 2
3314 Apr 4
66I2Sept 20
80 Apr 4
911 Apr 17
107 Apr 25
8912May 3
812 Jan 4
212 Mar 2
30 Mar 3
57 Feb 24
s
3 Feb 23
134 Feb 28
612 Feb 28
1 Mar 31
5 Feb 23
512 Feb 27
25 Jan 4
14 Jan 3
112 Jan 3
212 Feb 23
712 Feb 27
8 Feb 27
18e Feb 28
4 Feb 27
9 Feb 28
114 Jan 10
214 Mar 2
6 Feb 27
118 Feb 28
2812 Jan 3
60 Jan 5
14 Feb 21
612 Feb 25
2 Apr 8
178 Mar 2
618 Feb 27
28 Mar 3
72 Apr .5
1014 Feb 15
214 Apr 3
5*Mar 3
34 Apr 25
28 Jan 24
15 Feb 13
its Feb 25
124 Feb 25
14 Feb 28
24 Feb 24
Is Mar 28
112 Feb 4
5% Apr 8
112 Feb 23
212 Feb 27
2114 Mar 2
312 Feb 17
2812 Mar 28
43 Feb28
44 Feb 28
3 Feb 20
22 Feb 28
7 Jan 3
84 Feb 7
32 Mar 31
6 Mar 23
68 Feb 25
157 Jan 12
112 Jan 4
1714 Oct 20
114 Feb 28
4 Jan 18
2512 Mar 28
412 Feb 18
174 Feb 9
14 Feb 28
4 Jan 10
712 Air 10
218May 3
5 Jan 3
113 Mar 21
4
1 Feb 28
1314 Mar 2
120 July 11
I Jan 3
512 Mar 31
8
85 Apr 3
17 Apr 4
20 Apr 4
12 Mar 31
9212 Mar 3
1912 Mar 3
4
123 Apr 4
22% Mar 3
4 Feb16
58 Jan 11
112 Feb 10
20 Mar 2
213 Feb 24
53 Feb 27
4
112 Mar 2()
9 Apr 3
35 Feb 25
89 Mar 16
712 Feb 17
14 Jan 4
2 Feb 28
1 Mar 22
Is Apr 8
14 Apr 11
812 Feb 17
13 Feb 28
2
10 Feb 28
34
154 Feb 20
its Mar 3
311 Mar 31
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ Per share $ per share $.--per share
1134July 6
2 Apr
47 Aug
8
3 4MaY 26
83
912 June 24% Sept
2July 18
67
12 July
212 Aug
2312July 20
5 Dec 1212 Mar
612July 18
33 Sept
% Dec
64 July 19
14 May 44 Sept
7 June 19
4 Dec
3 Sept
175
8July 7
83 Nov 1212 Sept
2
133
4July 7
Ili May
652 Sept
8 June 6
pa May
65 Sept
8
4 May 17
5
8May
234 Aug
40 4June 7
3
1% July 1712 Sept
22 July 6
512 June 1214 Sept
512June 8
%June
4 Aug
18 June 7
258 June 17 Sept
50 Apr 20
194 June 423 Jan
4
106 Oct 19
81 July 10312 Dec
2 2June 21
7
4 May
15* Mar
95 Mar
13 Juno 21
1 May
5712June 13
28 July 60 Mar
8812 Jan 31
62 June 907 Sept
2
8
1013 Jan 24
7112 June 1024 Aug
1124 Ian 2
9212 May 114 Mar
125 Jan 9 100 July 13014 Mar
10312 Jan 11
83 June 10312 Dec
5812July 7
1012June 28 Sept
153 Sept 20
8
27 June
2
612 Aug
697 Sept 19
8
50 Jan 80 Aug
2532July 11
432May 157 Mar
124July 8
212 May 1318 Sept
40 May 31
10 June 3272 Jan
27 July 8
35* May 235 Sept
8
53
4-June 8
112 June
73 Sept
4
43 July x123 Aug
203 Sept 14
8
4
207
2June 12
212 July
812 Sept
60 May 16
7 June 30 Sept
412July 18
12 Apr
112 Sept
1812June 22
cl Dec
752 Sept
8114 July 17
1 May
712 Aug
3712July 19
4 June 29 Aug
3514July 13
6 June 3112 Aug
63
2June 7
37 Sept
112 Apr
23 July 13
17 June 137 Sept
2
5412July 13
5 June 287 Sept
2
12 June 2
1 July
614 Sept
25 June 2
2 Dec 1212 Aug
2112June 27
552 July
117 Sept
8
154July 12
3 Feb 127 Sept
2
55414 Sept 15
2612 June 404 Jan
628 Jan 24
64 May 7112 June
3 June 8
15* July
4 June
1634June 29
4 July 12 Oct
107
2.1une 8
112 May
912 Aug
373 Sept 18
2
1218 Apr 235 Sept
313 Sept 19
4
452 July
178 Sept
82* July17
3012 July 6914 Mar
9412July 13
60 May 90 Oct
105 Sept 12
69 June 119 Oct
12 July 1
114 July
73 Feb
2
1011 July 11
4
4 Dec
Jan
353
4July 12
5 Oct 30 Jan
447 July 19
18 May 42 Feb
435* Sept 26
65 Apr 203* Doc
8
434 July 13
1
2% Jan
Apr
47 July 17
9 2 June 373* Jan
7
June 7
5
4 July
3 Aug
48 July 8
2114 Jun
3812 Aug
35sJune 2
4 May
1 Aug
712July 18
112Jun
5% Jan
1314 July 8
6 Slay 123 Mar
4
12 July 14
112 July
73 Sept
4
85
8June 28
17 June
7 Sept
417
8July 13
1112 July 304 Jan
1158July 7
212 Apr
834 Sept
61 July 7
18 May 654 Sept
31 July 19
284 June 1338 Sept
123
sJune 2
314 Apr
712 Aug
972June 2
212 Feb
53 Sept
4
5712Ju1y 20
12 Jan 334 Sept
35 July 14
33 June 1934 Sept
4
42 July 15
6 July 2912 Sept
93
4July 13
14 Dee
712 Sept
1512July 7
514 May
1214 Sept
02 July 3
35 Jun
87 Sept
4858July 17
412 Apr 183 Sept
4
132 July 14
8611 May 11212 Dec
28 Jan 11
15** Julie 323 Feb
4
73
4June 10
3 Feb
114 May
117
2July 14
44 July 12 Jan
61 June 27
26 Dec 95 Jan
1512July 19
93 Mar
8% Mar
50 June 13
15 Nov 4812 Jan
8 June 12
I May
5 Sept
512June 20
1114 Apr
12 July
22 July li
11 Sept
8 may
712July 18
16 Juno 12 -I- Dec -12 Sept
73212June 12
912 June 18 Sept
1714Sept 16
%May
5 Aug
375* July 18
83 June 177 Aug
8
124 May 4 110 June 123 Deo
93 Aug 28
8
72 July
2 Jan
2212June 13
75 June 344 Mar
257
8June 13
914 June 4114 Jan
61 Juno 13
21 July 8212 Aug
66 June 13
28 June 75
Jan
27
sJune 2
214 Aug
14 June
1023
4Sept 15 281 June 10012 Doe
4172 sesn 20
1512 June 3172 Sept
35 Sept 26
7 Apr 1612 Aug
43 2 Sept 20
7
1972 Apr 373 Sep
1112June 14
3 July
8% Sept
34June 13
12 May
214 Sept
73
4June 13
5 July
8
4 Sept
3614July 3
1311 June 26 Aug
1112July 10
172 May
812 Sept
19'4 July13
45 July
7% Sept
83
8June 6
212 May 133 Sept
4
3818June 5
30 Nov 1047 Mar
50 July 18
248 Apr 3972 Oct
103 July 26
68 July 92 Deo
27 July 19
7 June 1412 Sept
412July 13
2 Sept
, Jan
4
22's July13
214 Slay
94 Sept
10 July 19
its July
Jan
11
3 June 7
14 Mar
1 Sept
514July 3
2% Aug
4 May
183
2July 7
6 July
1314 Mar
45 Sept
714 Aug 10
1 May
301aSept 18
94 June 1814 Sept
41 Sept 11
12 July 263 Feb
4
812May 29
4 Aug
112 Apr
1112June 12
24 June
812 Sept
New York Stock record-Concluded-Page 8
2949
tarFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Oct. 14.
Monday
Oct. 16.
3 per share
*1114 113
4
*3912 4412
*612 73
8
*55
70
6
6
•1518 165
8
*714 8
167 1718
312 33
4
*23
25
10
1014
*5312 5412
*14
20
•72
75
4% 43
8
255 261,
8
58
57
*1014 103*
43
4 5
S per share
11
10
*3912 4412
612 61 2
55
55
53
4 6
15
15
714 71.i
1444 17
3
3 12
23
23
10
113*
54
5412
*15
40
.72
75
33
4 4
2258 2614
5% 55
8
10
412 5
Tuesday
Oct. 17.
Wednesday
Oct. H.
Thursday
Oct. 19.
Friday
Oct. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On bests of 100 share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
$ per share $ per share 5 per share Shares. Indus. & Misce11.(Cond.) Par $ per share $ per share $ Per share $ per share:
10
3,100 Thatcher Mfg
8
1012
812 9
5 Feb 16 2218July 19
9
No par
97
2 Apr 10 Nov
•40
4312 *40
4312 3912 40
33.60 cony prof
8
No par 275 Feb 11 44 July 18
200
2218 Apr 32 Dee
8
6
614 614
6
63
8 63
23 Mar 31
8
No par
500 The Fair
1212June 1
212 Dec
814 Sept
5018 5018 *5018 55
*5018 55
100 33 Feb 28 70 July 5
7% preferred
50
38 July 85
Jan
5
*518 512
5 18
8,100 Thermold Co
43
4 7
1 Feb 28 1012July 17
No par
4 Sept
7 June
*
1412
*14
*14
143 *14
8
15
100 Third Nat Investora
1
10 Mar 1
21I4July 18
10 May
171* Dee
600 Thompson (J R)
25
612 612
*7
612 02t 20
7
8
7
1512June 2
7% Nov
163 Mar
4
5
4
13% 15
1112 1314 113 12 8 15,300 Thompson Products InciNo par
5 5 Jan 6 20, Sept 14
4
4
23 June 10 Feb
4
28 3
5
38
3
218 3
t2 Mar 3
3
14,800 Thompson-Starrett Co_No par
912June 19
3 June
8
214 Aug
*22
2418 *22
241s •22
100
$3.50 cum pref
2418
No par 12 Jan 10 30 June 19
12 June 17 Sept
12
1018 111s
No par
318 Jan 13 113
912 10% 124,400 Tidewater Assoc 011
4Sept 26
98 10%
2 Apr
55 Sept
8
52
513
51
4 52
Preferred
5218 2.100
51
100 2312 Apr 6 55 July 3
20 Feb 60 Sept
40
20
*15
*15
914 Apr 20 20 Sept 29
40
a20
200 Tide Water 011
No par
5 June 10 Aug
74
74
x74
74
74
74
Preferred
100 45 Feb 2 74 Oct 11
500
30 Feb 62 Sept
112 Mar 22
33
4 37
10
3
814June 20
314 33
4
32 10,900 Timken Detroit Axle
2 July
654 Sept
4
,
2284 24
7114 July 23
217 2414 2118 24 4 23,800 Timken Roller Bearing_No par 133 Feb 23 3512July 7
Jan
.514 612
514
5
5 14 55,500 Transamerica Corp____No par
25* Mar 2
5
2% Jan
912July 13
718 Sept
715 5,000 Transue & Williams /Al No par
63
4
7
712
27 Mar 21
1712July 19
712 812
214 July
812 Sept
17,400 TM-Continental Corp__No par
312 4
23 Feb 27
4
412 5
312 43*
83
4July 7
112 May
512 Sept
*497 61
*51
61
52
*51
51
6% preferred
No par 41 Apr 8 275 May 16
52
300
56
52
*51
61
42
Jan 72 Sept
273
8 265 27
*31
8
32
No par 2018 Feb 25 3878July 17
4
2718 31
2614 2612 3,500 Trico Products Corp
273 2814 27
193
8May 3112 Mar
15
*218 212
2
51* July 15
2
*1% 2 4
I%
3
214 214
2
12 Apr 4
2
800 Truax Tract Coal
No par
14 May
3% Jan
43
5 514 13,900 Truscon Steel
2 Mar 3 123
612 612
412 518
514 57
518 63*
10
8
514 61
4June 12
2 Apr
714 Aug
*214 212
218 214
2
218 218
15
614June 19
8 13
2
3 Jan 16
4
4 2.100 Ulan dz Co
218 2%
No par
12 May
318 Aug
28
29
2718 2712 26
24'z 4,400 Under Elliott Fisher Co No par
2612 2212 2514 24
25
27
914 Feb 24 3912July 7
75* July 245* Sept
37
40 40
39
3714 40
37
3614 40
4,4011 Union Bag & Pap Corp_No par
34
35
511 Jan 13 60 July 18
371
512 June 113* Aug
40
41
373 41
4
3412 3714 34% 38 66.300 Union Carbide & Carb_No par
365 3984 3714 397
8
1934 Feb 24 517 July 18
1512 May 363 Mar
8
1918 193
4 1812 193* 187 19'4 x174 1914 175 183
8 173* 185 15.200 Union 011 California
8July 7
8121qm 2 233
*
8
8 July
25
153 Sera
8
173 173
4
4 3,200 Union Tank Car
4 1714 177
1512 153
223
4June 2
153 16
4
1154 June 19% Jan
8 163 17's 163 17
No par 10% Feb 21
4
4
297 31% 2714 307
8
8 2712 297
8
8 2514 273 165,900 United Aircraft & Tran_No par
1612 Mar 2 467 July 17
612 May 345 Sept
265 291* 253* 273
8
8
8
*60
6512 *60
*60
65
100
3014 May 58 Dec
6% pref series A.
6512 61
65'2
651 *60
61
*60
50 5112 Mar 1 68 June 18
215 22
8
2014 217
4,200 United Biscuit
8July 10
2012 213
21% 22
o 20
11 July 2812 Mar
21
4 2012 21
100 1312 Feb 24 275
10812 10812 *1063 10812 *1064 10812 *10712 1081 •10712 1081 *10712 108's
20
4
100 92 May 2 z110 July 14
75 July 103 Mar
Preferred
2512 2512 235 2514 235 25% 2314 24
8
9,600 United Carbon
8
23
2314 223 241
65 June 18 Sept
8
No par
8
5
1014 Feb 25 30 8July 17
47 Mar 31
612 67
8
614 64
95.300 United Cory
6
No par
63*
312 June 14 Sept
612
1412June 13
64
6'8 658
53
4
618
3018 303
4 2814 30
4,100
29
2814 29
,June 13
28
Preferred
28% 2912 283* 29
20 June 393 Sept
No par 247 Apr 1 407
*4
5
37
*33
4 514
3
3
240 United Dyewood Corp_ __100
% Apr
8June 21
3
67
3%
3
3'8
318 Sept
3's
3 Feb 17
4
*53* 57
47
8 3,500 United Electric) Coal__ _No par
412
414
8
412 53
4
57
2311 July
I Mar 31
6% Aug
414 512
43* 45
8e July 14
6112 6212 56% 6112 5712 5812 57
56
54
14.300 United Fruit
5914 5512 571
1014 /Ina 325 Aug
No par 2314 Jan 3 68 Aug 31
8
17
1614 163 20,200 United GE18 Improve.._ No par
173* 165 17,
9% Jane 22 Sept
14 Mar 31 25 July 13
2 1612 17,
,
4 16 2 1714 1614 17
89 89
89
88
600
*8712 8812 88
Preferred
8912 *88
88
No par 85 May 1 100 Jan 9
70 June 99 Dec
8912 88
.2
212 *213 212 *218 214
17
8
2
300 United Paperboard
2
1e
2% 218
3 Aug
100
4
12 Dec
% Jan 23
512July 13
4 1012 115 *103 II% 11
•113 123
4
4 1,100 United Piece Dye Wks_No par
8July 19
8
12
3 8 June 117 Sept
3
312 Mar 3 217
8
103* 1084 1014 103
*60
78
*60
*60
78
100 50 Apr 19 85 July 13
78 .60
78
64% June 9312 Jan
*60
78
78
63.% preferred
*60
*278 3
23
4 3
8
25s 2% 2,500 United Stores class A__No par
3 May
714July 6
4
25
8 25*
3 Jan
212 2 4
3
28 25
54 Feb 28
*5112 60
Preferred class A._ No par 45 Mar 21 66 July 20
*5112 60
*5112 60
27
*5112 60
Jan 4814 Mar
*5712 60
*5112 60
4418 4414 4212 44
2,700 Universal LeafTobaccoNopar 2112 Apr 1 5112July 17
4214 x393 5O's 393 40
4 .
11 May 31 Sept
41
42
43
*2014 23
*2014 22 .2014 22
10 Universal Pictures let pfd. 100 10 Apr 24 35 June 13
10 4 Dec 50 Jan
2014 2014
3
*2014 22
*2014 22
212 258
238 212
14 Apr 4
218 234
218 214 6.700 Universal Pipe & Rad_ _No par
218 Aug
8
33
8July 13
218 21
2% 27
12 Apr
1415 1414
12,100 US Pipe & Foundry
20
1312 141 1
13
714 June 1818 Sept
2218July 5
818 Mar I
133 1412 1338 1412 1212 1312 12
15 4 154 .15 4 1613 15 4 153
3
1st preferred
3
No par 1234 Apr 10 19 May 26
8
1112 June 163 Aug
3
4 153* 153* 1512 1512 1512 1512 1.200
17
8 18 *15
300 U S Distill, Corp
8 214 *15
134 *112 2
6 June 13
I% Aug 30
I%
No par
51 Dec
,
2 June
8 23*
8 214 *17
*3
4
7
5
3
4
3
4
7
8
7
8
78
1
1
800 U S Express
14 Jan
114 Sept
5
8
100
218June 8
3 Jan 30
8
5
8
3*
.
51.9
2012 187 187
400 U S Freight
1614 1614
8 1812 187 *18
No par
2012 *1612 18
312 May 15% Sept
7 Feb 16 2958July 7
8
1118 1114
10
11
614 Sept
13 Jun
4July 8
318 Feb 23 173
918 10
818 812 6.000 U 8 & Foreign Secur__ _No par
812 9
87 10
8
64
64
•62
Preferred
800
65
No par 3612 Mar 28 84 July 19
*62
26 June 64 Sept
*6012 67
*6012 69
69
654 68
443 4614 44
4
41
5.700 U S Gypsum
46
4138 4312 40
46
20 18 Feb 25 5312July 8
43 4 457
3
1012 June 27 Sept
8 45
*11814 120
11814 11814 11814 11814 118 11818 118 118 *103 118
130
7% preferred
Oct
847 June 105
8
100 10114 Jan 9 121 Sept 20
6
6
6
2,100 U S Hoff Mach Corp__No par
6
518 518 *4
sJune 8
314 414
6 Sept
6
3 Apr
4
138 Apr 3 117
38 4
65
6814 65
6312 75,100 U S Industrial Alcohol_No Par
3614 Sept
69
6512 57
1314 Jun
59
65
703
4 6518 68
1312 Feb 28 94 July 17
914
912
73
83* 914
4 82
1714 July 18
8
7
753 814
No par
712
6
654 5.400 US Leather v t o
714 Sept
114 May
23 Mar 1
8
1514 151.
1314 15
Class A v t o
1114 0,100
10
12
No par
1314 11
13
133 14
8
414 Feb 25 273 July 18
314 June 16 Sept
4
*753* 79
77
77
200
77
Prior preferred v t e
77
•75% 79
100 30 Feb 23 783* Sept 20
*7512 7718 *7
4414 June 7018 Sept
512 7713
512 6
512 6
712 758
6
7,000 US Realty & Impt_ __No par
614 6%
614 7
212 Feb 28 1412Ju1y 7
63*
2 June 113 Sept
4
15
153* 113 151.2 1114 13% 114 1312 1114 1214 103 123 56,000 U S Rubber
4
8
4
No par
2% Feb 27 25 July 18
114 June 1014 Aug
25
2514 193 2414 1912 2258 19 8 21
1st preferred
14,800
1714 20
1718 19
100
4
3
512 Feb 23 437 July 18
318 June 203 Aug
4
85% 88
8114 86% 83 4 91% 84
50 1312 Jan 3 1055
4
8914 8218 8611 834 885 81,800 US Smelting Ref & Mln
10 June 2234 Aug
8Sept 19
*4712 54
Preferred
*48
300
53
5112 5112 •5012 5112 *5118 5112 5112 5112
50 3912 Jan 4 53 Sept 20
31 July 4578 Aug
4212 441
3812 4312 383* 417
100 2338 Mar 2 6712July 18
4 355* 373* 3514 38 284,000 U 8 Steel Corp
3714 403
2114 June 523* Feb
8114 811
79
Preferred
771 10,200
8012 7412 75
74
83
100 53 Mar 2 10512July 17
79
5112 June 113 Feb
807
8 75
993 101
4
1,500 U 8 Tobacco
10014 102
95
95
99
No par 59 Jan 9 102 Oct 16
55 June 66 Apr
993* 9958 9912 9912 *97
312 31
312 35
7
33*
314 3313
33* 11,900 Utilities Pow & Lt A
No par
17 Apr 18
314 3
8June 13
8
8
112 May 103 Jan
33* 312
87
114
114
114
118 *1
4,600 Vadsco Sales
1
114
11
114
1%
No par
114
14 Mar
3 Jan 6
8
118 Sept
13*
318July 19
*2312 24
*2312 247 *2312 247 *2312 247 *234 2478 244 243
Preferred
4
100
8
100 1518 Jan 11
12 June 20 Jan
247 Sept 28
2014 20
3
17
2012 16
143* 1638 26,700 Vanadium Corp of Am.No par
1812 1614 185
8 1412 16
75 Star 2 3614July 19
8
514 May 23% Sept
43* 512 *518 51.
33
4 41
512 53*
520 Van Raalte Co Inc
5
412 is
5
No par
7 Feb
2 Dec
15
8May 5 10 July 6
*3512 38
35
*3412 38
7% lot pref stamped_ ...J00 147
38
180
535
3512 3412 341: 35
35
8May 11 37 Oct 13 ..
312 312
318 35
8
3
3
4 2,400 Virginia-Carollna Chem No pa
3
3
212 23
23
.2 Mar
738July 19
s 27s
5 Feb 23
8
23* Aug
*1412 18
300
14
6% preferred
14
11
*12
14
12
.12
100
338 Mar 2 2612July 18
.318 Feb 1114 Aug
1312 *1214 16
*5714 70
58
400
7% preferred
58
57% 5712 5712 5712
58
100 3538 Star 31 6312July 18
70
58
*59
20 Apr 6934 Nov
*75
76
*74
74
74
74
74
76
50 Virginia El he Pow $6 pf No par 6514 Apr 17 855* Jan 25
7414 7414 *7418 76
60 June 90 Sept
465 47
8
4218 47
3812 423 38
1,480 Vulcan Detinning
42
4114 457
4014 46
100 123 Feb 25 6778June 8
7% July 347 .`.ug
4
GIs 04
7
7
2,500 Waldorf System
6
6
6 14
6
Jan
6
6
No par
7% May 19
618 612
53* Mar 29 12 July 5
*37
4
3 2 33*
4
,
33* 31
3 4 33
3
8
%June
No par
43 Aug
312 312
33* 358 3,000 Walworth CO
8June 27
83
7 Apr 6
s
5914 12
914 91
600 Ward Baking class A No pa
7% 8
73*
*814 91 1
7,
8
814 814
214 May 1014 Jan
218 Mar 15 20 July 11
212 213
214 212
Class B
15
8 2'8
17
8 4.000
218 214
178
214 214
34 May• 25* Jan
No par
55* July 10
52 Apr 13
3112 33
3012 31
2712 2712 1.900
Preferred
*28
29
ns 33 28 28
12 May 4012 Mar
100 1112 Apr 17 447 July 11
55
758
7%
8
614 7 2
53
4 63
612 105.200 Warner Bros Pictures
8 718
,
63
63
8 718
5
%June
412 Sept
918 Sept 15
1 Feb 25
23
23
21
21
*1812 2118
$3.85 cony pref
2134 *1812 22
20
500
4 June 20 Feb
20% *18
No par
414 Feb 7 2412 Oct 6
*218 2%
17
2
8
1%
158 15
13
8 1,900 Warner Quinland
13
4
15
178
1%
No pa
12 May
8June 10
5 Mar 21
8
214 Aug
47
73
4
512 612 11,600 Warren Bra,.
73
4
838
678
812
718
78
5
812
55* 61
No par
114 May
8June 19
212 Feb 25 223
8% Sept
013
20
*13
1712 *13
Convertible pref._ No pa
150
12
16
1254
2 June 1712 Jan
5
712 Feb 14 33 8June 17
1314 1314 1258 1314
*1912 2012 19
17
171
17
173
8 3,500 Warren Fdy & Pipe
IS
1912 18
181s 18
714 May 1414 Sept
4Sept 26
No par
5 Feb 20 223
4l3
*5 4 6
3
514 512
41 t
518 512
4
47
11 5
3,600 Webster Elsenlohr
5
No par
158 May
8 July 8
1 Jan 16
2 Jan
1
1
.1%
4 *118 11
1
114
13
1
8 *118
230 Wells Fargo & Co
13
I
14 July
312Juna 9
18 Apr 11
13*
13* Sept
20
20
15
18
16% 1678 12,000 Wesson Oil& Snowdrift No par
1518 1718 161.1 1714 1614 107
7 Mar 3 3712July 18
818 July 20 Sept
55
55
49
49
*50
49
4912 1,400
54
50% 49% 5018
Cony preferred
50
No par 40 Mar 3 63 July 18
423 July 5812 Sept
4
4834 5214 47
5112 53
5178 4612 5112 42% 4612 41% 4578 55.900 Western Union Telegraph_ 100 1714 Feb 25 7714July 18
12% June 50 Feb
28
283
4 253 28
2312 25
4
11.000 Westinghlte Air Brake_No par
113 Jan 3 3558July 7
4
8
26
263
4 267 2712 2518 261
914 Apr 1818 Sept
3514 36% 315 357
8
29
8 32
3212 66,900 Westinghouse El & Mfg- _50
343
4 3112 3414 2918 317
4July 14
193* Feb 25 583
153* June 4312 Sept
80
80 .77
80 .80
80
80
80
86
7912 80
80 .77
let preferred
50 6012 Feb 2 96 July 18
5212 June 82 Sept
•714 812
512
612 7
67,
6
614 *5
900 Weston Elea Instrum*t_No par
*612
5
312 Feb 27 1314July 8
5
212 Apr
914 Feb
*1512
*12
20
-_ •12
20
*12
20 .12
20
*12
20
Class A
No par
10 Mar 31 2214Juty 20
13% Apr 19 Jan
49 19
453
4 42
44
44
48
*453 49
4
49
48
*45
90 West Penn Eleo class A.No par 30 Apr 22 73 June 14
25 May 80 Sept
*5312 5412 53
2543 544 *4814 52
4
54
5312 .52
54% 53
Preferred
90
100 37 Apr 4 773
Jan
22 June 76
4June 14
45
45
43
47% 24112 4312 42% 435
43
*45
100
4118 43
(I% preferred
20 June 70 Jan
100 3312 Apr 6 6912July 14
*9914 104
9914 9914 .100 103 *1001 1 103
10014 10014 10014 10014
40 West Penn Power prat--100 92 Apr 13 1103* Jan 19
Oct
80 J,,ne 111
867 867
8
8 87
87
87
87
87
87
87
87
6% preferred
•8612 87
70
100 81 Apr 3 101 Jan 11
6612 June 10154 Star
•414 412
41.4 41 1
43*
3 4 31
3
500 West Dairy Prod el A__No par
4 *312 41 1 *33, 4%
4
4June 12
212 Apr 5 113
312 Nov1612 Mar
112 15
8
112 15
114
114
114 1,800
1 14
1.38
8
13
8
13
8
112
Class B v to
No par
7 Star 31
5
1 June
458 Mar
414June 12
*15
161s
15
1212 1314 1212 1318 1,400 Westvaco Chlorine ProdNo par
15
1312 1312 14
14
5 Mar 3 2012July 13
3 June 1258 Mar
1512 1512 15
1312 1134 113
15
4
500 Wheeling Steel Corp
*1312 143
4 1312 1312 *12
71 Jan 4 35 July 3
No par
June 15 Sept
5
*16
21
16
1514 1514 1514 1514
16
*1514 16
*1511 16
70 White Motor
50 14 Jan '25 2612July 13
2714 Sept
67 Jun
,
28, 2918 2612 2818 27
8
27
27
27
2614 2614 233 25,
4
8 1,800 White Rock Min Soy ott No par
115 Apr I
8
11 July
3838July 19
2812 Mar
*2
218
17
13
2
4 IN
4 21 1
134
13
4 *13
800 White Sewing Maohine_No par
112
112
43
4July 6
12 Jan 20
14 Apr
214 Aug
74 8
3
8
7
6
613 67
814
6
1,400
Cony preferred
63 7
612 7
No par
3* Apr
118 Jan 14
1012July 6
2% Sept
33* 314
24 3
3
3
23* 23
27
4
3
•27
25
8 21 1,300 Wilcox 011 & Gas
5
2 Mar 2
612June 2
814 Aug
234 May
*243 2918 *243 2918 .243 291s no,, 2918 •2458 2918 2458 2458
8
8
100 Wiloox-Rich Cl A conv_No par
8
2714 Sept 13
15 Mar 1
1312 June 2011 Star
47
53
513 5 4
,
7,700 Wilson & Co Inc
415 43
318 4
4
312 4
418 412
No par
78 Jan 3 11 June 7
IN Star
5* June
*1512 15 4
3
1314 163
1112 1312 1114 1212 5,900
15
14
4 14
15
Class A
47 Sept
No par
4 Jan 3 22 June 6
Iss May
•48
51
41
45
32
38
3412 1,100
45
45
42
*43
46
Preferred
100 19 Mar 2 7212July 15
11 June 31 Star
387 393
8
37% 383
8 37s8 -3814 3514 3712 3514 3614 29,300 Woolworth (F W)Co
4 37% 387
10 2515 Apr 8 507
8July 8
22 June 453* Mar
2112 217
1558 178 4,000 Worthington P & M
1718 18
19
19
2112 1918 2014 *18
8 Mar 2 397
100
8July 7
5 May 24 Sept
*3514 41
*3514 41
*3514 41
3518 3518
•3514 41
*3514 41
200
Preferred A
100 14 Mar 1
Jan
.51 June 7
1412 June 41
*27
33
•27
25
2514 2514 25
34
27
34
27
*25
300
Preferred 13
100 14 Feb 28 47 June 6
12 May 31 Sept
•1414 183
.1
1414 1414 1414 143* *12
12
*12
12
14
14
50 Wright Aeronautical_ No par
6 Apr 6 24 May 27
35 Apr IS% Sept
503* 5018 50
50% 50
5014 50
50
250
50,
4 50
50
1,300 Wrigley(Wm)Jr (Del> _No par 34% Feb 28 5314 Sept 20
2614June 57
Jan
14
•137 15
8
14
14
*134 1412
*1378 143 13% 137
300 Yale he Towne Mfg Co
8 14
26
7 Jan 20 23 June 17
16 Sept
61t July
33
45
8 45
8
414 45
418 412
418
414 43
33
4 4
8
11,000 Yellow Truck St Coach el 13_10
218 Mar 2
734 Sept
73
4July 7
18 June
•2812 34
.2812 34
*2812 34
2812 2812 *2812 31
*2812 31
10
100 18 Mar 2 42 July 10
Preferred
12 May 4015 Sept
•1112 12
1112 1112 *1118 12
8
11
1118 107 11
1134 12
900 Young Spring he Wire__No par
312 Star 30 1918July 19
3 June 11% Sept
197 20,
8
8 1612 1912 1614 1812 144 177
8 143* 155
8 135 153 16,500 Youngstown Sheet he T.No par
8
8
715 Feb 28 375
8.Iuly 18
4 May 2712 SeP1
2
2
2
2
2
2
2
2
*Ilt
2
*114
2
800 Zenith Radio Corp._-No par
12 Feb 27
Jan
2
It May
312July IS
*53* 57
5
6
5%
5t, 83*
478
5I3
43I
51 1 9.100 Zonite Product. Coro_ .. . I
53*
3% Feb 28
Dec
974 star
4
812July 8
*Bid and asked prices, no sales on ON day. a Optional sale
a Sold seven days. 2E2-dividend
la E2
--rights
S Per share
10
1012
•40
4412
4
.612 73
55
55
5
6
•14
15
63* 7
14
1518
3
318
•22
25
103* 1118
5012 52
*15
40
*72
75
38 418
23
2514
5% 512
8
9
412 5
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
2950
,,, Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—except for income and defaulted bonds
i....
Price
•
BONDS
Week's
Range
•
1,
4
BONDS
h
Friday
1.1
Since
N. Y. STOCK EXCHANGE
Range or
Friday
N. Y. STOCK EXCHANGE 5 t
c
4z Oct. 20. Last Sale. al ,
Week Ended Oct. 20.
2
Jan. 1
Week Ended Oct. 20.
.-, a. Oct. 20.
?,.
q3
price
re8k's
Range.,
Last Sale.
"
,
'..
.
ca..1
Range
Since
Jan. 1.
Bid
High
Ask Low
High No. Low
High
Deutsche Ilk Am part elf 68_1932
9913,110322n
Stamped extd to Sept 1 1935__ „.... 7114 Sale 7014
715
8 15
60
85
101 10222., Dominican Rep Coat Ad 544e '42 M 8 51
6
8
56e,
5312 537
4212 62
9922,, 103.a
lot ser 544s of 1926
1940 A 0 45
46
423 Oct'33 ____
4
3518 59
2d series sink fund 540_1940 A 0 44
101,23,102
47
43
Oct'33 ____ a3414 56
3018 35
Dresden (City) external 7s1945 M N
3214
3412
5
27
6512
100121,10322,, Dutch East Indies exti 68_1947 1 J 127 Sale 127
13312 66
93 147,4
10122
.102.n
40-year external es
1962 M S 12512 Sale 12512
13312 106
9314 1463
4
103113,111.n
135 Aug'33 ____ 127 136
March 1962 coupon on
99.11,107,2u
30-year eat' 5445____Nov 1953 M N 120 Sale 120
12412 19
9212 141
98,4.'105'7.s
30-year ext 5348____Mar 1953 M S 11914 Salo 11914
8
1273
8
9184 14512
125 Aug'33 ____ 125 125
971,1102"n
March 1934 coupon on
_ 4812 37
93"4199"42 El Salvador (Republic) 8s A_1948 J J
37
1
26
64
93 10222,1
J 1 ____ 4278 43 Sept'33 ____
Certificates of deposit
323 55
4
9681,1102"n
Certifs of deo coupon oft_ _ _ _ ---_ ____ ____ 45 Aug'33 ____
45 45
954,91002%s Estonia (Republic of) 7s____1987 J 1 53 Sale 52%
4
53
4212 55
100123,1012
.. Finland (Republic) ext 65-1945 NI 5 7714 Sale 7714
777
8 10
5812 793
4
External sinking fund 78_1950 M 5 81 Sale 79
82
31
5918 85
State & City—See note below.
8
4
External Mak fund 6448....1956 M S 763 Sale 747
53
77
57
80 2
,
--------9724 Feb'33 ____
F A 7418 77
N Y City 414s
973 973
4
4
,1
May 1957 8 N
64
52
76
74
76
External sink fund 5340_1958
Foreign Govt. &Municipals.
72
Finnish Mun Loan 6445 A_1954 A 0 7118 76
33
76
557 7612
8
1718 3714
2
2518
ABMs Mtge Banker 618
25
75
External 6448 series B____1954 A 0 74 Sale 74
1947 F A ____ 26
11
55
78
Feb 1 1934 subseq coup on__
Frankfort (City of) s(6345_1953 M N
25
25
Oct'33 ____
3314 25
25
_
2318 31
2214 Sale 2214
2018 51
17, 363 French Republic exti 7448_ _1941 J D 143 Sale 1413
8
Oct'33 ____
3314 25
_—
Sinking fund 65 A_ _Apr 15 1948 A0 25
4
15012 442 118 160
2512 28
With Oct 15 1933 coupon
2512 Oct'33 _
25
External 78 of 1924
1949 J 0 14112 Sale 14012 159
100 011212 16038
83
4
74
Akershus (Dept) eat _ _. 1963 M N __ _ 7412 7314
785, German Government Interne9
912
7
205
8
9
Sale
8
tional 35-yr 5445 of 1930-1965 J D 423 Sale 3918
Antioqula (Dept) coll 75A 1945 J .1
4314 1140
bs3514 6414
618 2012 German Republlc (oft' 7s
2
9
9
18 11
External s 1 7s ser 13
8
1919 A 0 693 Sale 66
1945.3 J
7012 861
5338 86%
658 207 German Prov & Communal Bks
8
914 Oct'33 ____
18 18
External s f 7s ser C
1945 J J
6
207
8
4
12 Sale
External St 75 ser D
(Cons Agric Loan)634s A A958 J D 28 Sale 27
812
9
29
1945 J J
80
2612 555,
1712 Graz (Municipality) 88
8
9
56
____ a5614 Oct'33 ____
8
918 18
External s 1 7s jot ser
1957 A 0
45
64
1954 MN
Gt Brit & Ire(U K of) 5445_1937 F A 112 Sale 1123
5
18
9
8
2
8
8
External sec 8 f 78 2,1 ser_ _1957 A 0
4
1143
4 89 1013 12478
F A
____ al123 a1121
458 187
8
Sale
8
812 12
External sec of 75 3d ser 1957 A 0
4
Registered
4 40 10514 121%
71
20
84
8
Antwerp (CIty) external bs_ _1958 J D 8.5, 877 8214
8
t 4% fund loan £ opt 1960_1990 M N alo0i8 Sale a997 al0134 312 072 a10712
9118
41
7512 Greek Governments I ser 78_1964 MN 23
12
4
55
4
Argentine Govt Pub Wks 88_1960 A 0 5 3 Sale 533
6 018
2414
2312 23
28%
2013 Sale 2012
2012
Sinking fund sec (is
Argentine Nation (Govt of)—
1
1968 F A
1484 2378
41
755
8
Sink funds tis of June 1925-1959 J D 5 12 Sale 533
8
56% 47
August 1933 coupon,, 1512 Sale 15
6
1512
15
20
Esti s f es of Oct 1925
1959 A 0 5 3y Sale 533
Haiti (Republic)of es series A_'52 Ill 723 Sale 72
40% 75
4
567
8 39
26
74
4
67
7838
8
External of es series A_...._1957 M S a5 1 Sale a533
8
5634 39 a4018 7512 Hamburg (State) 68
34
1946 A 0 34 Sale 3018
74
25
59
External (is series B_ _Dec 1958 J 0 5
3
4
4
553
4 30 a40 4 753 Heidelberg (German) exti 714550. i 2518 26
Sale 533
3
25
2514
3
23
60
403 7558 Helsingfors (City) ext 634111-1960 A 0 693 Sale 693
8
5.12 57
Extl e f es of May 1926
25
533
4
56
1960 M N
4
43
4
71
47
75
Sale 5334
32 a4018 75
56
External 8 f 68 (State Ry)_1980 M 5 5
Hungarian Munic Loan 734e 1945 J 1 27 Sale 2612
27
4
1514 31
4014 755
8
Extl 68 Sanitary Works_ _1961 F A 5414 Sale 5312
23 June'33 .._ _ _
567
8 31
Unmatured coups attached__ J J
2018 23
5414 Sale 5114
Esti 68 pub wks May 1927 1961 M N
41
7518
8 28
22
27
56
13
29
External 8 f 18 (coup)— _1948 J 1 265 19
295
8
6912
PublIc Works exti 5348_1962 F A 4912 Sale 4812
38
1612 Nlay'33
thimatured coups attached. J J
55
51
1612 1612
Argentine Treasury be . _1945 M 8 69
Hungarian Land M lost 744s '61 M N
49% 92
3
71
7512 7012
3618
3618 Sale 3618
1
24
41
Australia 30-yr bs_ _ _July 15 1955J .1 8014 Sale 85%
£Sinking fund 7445 ser B_ _1961 M N 3818 40 a363 Oct'33 ____
4
86% 112 7114 8734
2312 41
External Soot 1927_ _Sept 1957 M 5 8612 Sale 85 4
7214 8712 Hungary (Kingd of) 81 7448_1944 F A
3
8678 267
36% 39 3712
38
13
3114 45
External g 444e of 1928
8818 8214 Irish Free State eat! of Is.....1960 NI N 98 10212 1003
8014 340
1956 M N 80 Sale 7914
4
4 1003
4
7818 10714
Austrian (Govt) of 7s
1943.2 D 8612 Sale 8612
Italy (Kingdom of) extl 78 1951 J 0 9612 Sale 96
893
8 61 a85 100
987 160 a8514 101
8
Internal sinking fund 75_1957 J J 47 Sale 46
2
50
963 9812
1312 647 Italian Cred Consortium 78 A'37 M 8 93
41
1
9612
8
8914 101
Bavaria (Free State) 634s
62
37
1945 F A 36 Sale 3414
External sec s t 78 ser B_ _ _1947 M S 91 Sale 8012
30
69
24
91
82
97
Belgium 25-yr exti 6448
194954 5 96 Sale 9512
87 Sale a8612
1
8812 10212 Italian Public Utility exti 78_1952 .
963
8 60
8812 31 07212 95,
2
External 8168
Javanese Govt 30-yr s t 6445-1954 F A a82 Sale 79
1955 J J 935, Sale 93 8
98
5
95
82
87
66
113
4514 9054
External 30
-year at 7s
1955 J D 96 Sale 9512
Extl sinking fund 5%a_ __ _1965 M N 6814 Sale 6712
947 10812
8
9612 44
6914 68
3512 81
1956 ki N
Bank)—
9512 Sale 94
Stabilization loan 75
9312 10712 Jugoslavia (State Mtge
96
43
1957 A 0 2712 Sale 27
Bergen (Norway) 5s_ _Oct 15 1949 A 0 8118 Sale 79
Secured s f g 78
887
8
65
8118 12
2712
6
12
28
External sinking fund 5s_1960 M S 705 82
8
4
323 Sale 323
4
63
903 Leipzig (Germany) a 1 78_1947 F A
8
5
705
8
7418
9
36
2938 64
Berlin (Germany) of 6348_1950 A 0 2818 337 28
Lower Austria (Prov) 73.48-1959 J 0 5212 Sale 5212
2512 60
48
5
5212
33
8
4914 6012
External a t 6s_ _June 15 1958 J D 29 Sale 263
4 14312 11 al01 152
Lyons (CRY of) 15
-year 68-1934 NI N 140 Sale 1393
2418 57
4
63
31
Bogota (City) ext1 1 88_ _A945 A 0 1718 21
-8
Marseilles (City of) 15-Yr 68A934 NI N 137 144 1393
18
4 145
31)
1912
15
3
17 a10114 152,8
Bolivia (Republic of) exti 8s_1947 M N
Medellin (Colombia)845..._1954 J 0 1012 Sale 10
7 Sale
15
7
4
11
11
758 23
712 20
218
External secured 78 (flat)_1958 J J
518 4 Sept'33 ___
5
614 518
312 1312 Mexican Irrig Asstng 4455_1943 NI N
14
6
212 912
5
512 sale
14
External a t 7s (fiat)
1969 M
4 Sept'33 ____
314 1314 Mexico (US) exti 55 of 1899 i '45 Q J ____
63
8 35
4
4
B
Bordeaux (City of) 16-yr 68_1934 MN 137 141 139
Assenting 5,01 1899
1945 ---618 _-14512 50 al0114 15212
318 1014
85e 714 Oct'33 ___ _
Brazil (U S of) external 89_1941 .1 D 2812 Sale 2812
Assenting 58 large
57
412 6
s
57 June'33 __ _..
s
165 43
31
28
572
Externals 1 634,8 of 1926._1957 A 0 2412 Sale 2412
Assenting 48 of 1904____ ._
---- ____ ____ 512 Sept'33
158 39
267
8 59
__
214 8
External s 1 634s of 1927...1957 A 0 2412 25
---- __
Assenting 45 of 1910
__
4
5 June'33 ___
143 39
2412
2618 47
5
5
514
--------334 5
1952 J D 27 Sale 23
7s (Central RY)
Assenting 48 of 1910 large
12% 3612
27% 34
514
_i
25, 8
Bremen (State of) exti 7s
1935 M S 40
3412 7212
Assenting 48 01 1910 small__ _ _ _-- _ ____ ____
458 Oct'33 ____
106
39
42
42
24 8
,
*
Brisbane (City) 8 I 58
•
Treas es of'13 assent (large)'33.2 J
8412 75
72
1957 M 8 70
•
15
70
717
Sinking fund gold be
1958 F A 705, sale 7018
72
Small
26
*
6378 75
•
1950 1 D 82 Sale 8112
-year s t 6s
20
4
7018 8318 Milan (City, Italy) eat'63481952 A 0 833 Sale 8212
38
83
84
74
90
40
Budapest (City) extl e 1 6s 1962 .1 D 3058 Sale 305
2418 3518 Minas Geraes (State) Brazil—
6
8
305
8
Buenos Aires (City) 6348 2 B 1955 J J 42 Sale 42
1958 M S 2312 Sale 2312
External 8 f 6448
19
24
64
4438 21
37
12
36
Externals 158 ser C-2
40
1960 A 0 35
40
Ext see 644s series A
1959 M 5 24
24
24
25
Oct'33 _
17
375, 5712
1112 36
35%
38
External 81 es ser C-3
1980 A 0 _
1952 J I) 3512 38
Montevideo (City of) 7s
44
3412 64
.
1
44
44
1258 42
6
Buenos Aires (Prov) eat' 68-1981 M 5 5118 Sale 3014
Externals 1 es series A
1959 M N
16
4212
73412 10
8
313 Sale 315
4
3212 16
11
3318
Stpd (Sep 1 '33 coup 00)1961 M 9 3014 Sale 2612
8
83 4 Sale 83
3
2012 417 Now So Wales (State) exti be195784
3014 78
F A
92
7113 8612
External
Exrnal of 55
External 8 t 8 As
1961 F A 3014 3612 313
Apr 1958 A
84 Sale 83
1758 3934
4
313
4
1
84
71
70
86'2
F A 9212 Sale 9212
Stpd (Aug 1 '33 coup On)1961 F A 30 Sale 2712
ea
4184 Norway 20-year ext es
21
9614 13
26
30
81% 987
5
20
-year external es
1944 F A 93 Sale 93
Bulgaria (Kingdom) 8 1 7s_.1967 1 J
2318
11
6
1512
173 15
4
15
8118 98,
35
96
4
-year external es
30
Stabll'n s f 734s_ _Nov 15 1968 MN
1952 A 0 905, Sale 9058
27%
21
95
20
227 20
8
33 (AO% 963
12
2114
4
40-year of 5445
1965 .1 D 90 Sale 90
Caldas Dept of(Colombia)7445'46 1 J
943,
24
11
6
125
8
115s 1412 12
927
8 39 a7412
g
External a f 5s___7.far 15 196351 9 863 Sale 8838
Canada (Dom'n of) 30-yr 48_1960 A 0 917 Sale 9112
9214
79
8912 21 a7212 925
8
188
92
8
Municipal Bank extl 8168_1967 J D 82 Sale 82
9018 105%
be
1952 MN 1033 Sale 1023
8
4
10414 90
7414 89,4
29
86
Muratclpal Bank extis f 50_1970 J 1)
4348
1936 F A 1017 Sale 10118
9318 10178
10178 43
8
88
a75
88
Oct'33 __
Nuremburg (City) exti 88_1952 F A :736 gale 28
Carlsbad (City) a 1 88
6418 86
1954 1 J 6318 687 6418
9
8
6418
30
24
52 2
,
1. ,
1
1953 M 8 6414 Sale 64
Cauca Val (Dept) Colom 7445'48 A 0 1212 15
8
812 217 Oriental Devel guar 65
12
3
1212
72
35
34
65
Esti deb 544$
Cent Agric Bank (Ger) 78_1950 M S 5312 Sale 4712
1958 M N a603 Sale a6034
3914 7.5
94
55
4
3113 71
Gill 33
Farm Loan of 68__July 15 1960 J .
Oslo (City) 39
-year of 6s
1955 M N a8412 Sale a8412
8718
0 4212 Sale 1012
91
9
32 2 67
,
80
4313 102
Farm Loan 8 f 6s_Oct 15 1960 A 0 407 Sale 3714
8
,
3212 667 Panama (Rep) exti 542s_ _1953 .1 D 86
95
95
417 233
8
4
9
85 1023
95
Extl of 5s ser A _ _May lb 196351 N 30
Farm Loan 65 Her A Apr 15 1938 A 0 43 8 Sale 3812
3518 7512
33
45
7
337
118
8
1814 46
23
34
9
93 sale
4
Pernambuco (State of) eat' 78'47 M 8
Chile (Rep)—Ext1 4 t 7s
1942 NI N
53 21
4
8
93
4
63 21
4
812 14
83
832 Sale
5
External sinking fund 65_ _1960 A 0
1712 Peru (Rep of) external 7s-1959 NI
8 Sale
5
712
8 Sale
88* 89
05
8
1612
812 44
Nat Loan exti at do 1st see 1980.3 0
Ext sinking fund 6s__Feb 1981 F A
6
614 sale
72 Sale
2
47 1714
8
31
78
3
8
3,2 143
8
718 48
Nat loan exti s f Cs 2d ser_1961 A 0
Ry ref ext of fla
47 1714
2
71.
758 Sale
83
8 74
Jan 1961 J J
6 Sale
67
s 18
33 1414
4
6
.194)) A 0 56 sale 56
Ext sinking fund fie_SePt 1961 NI 5
5
4
712
814
8 Sale
173, Poland (Rep of) gold 68...
5212 6212
5912 13
Stabilization loan St 7s.__1947 A 0 6812 Sale 6812
1712
External sinking fund 68-1962 M 9
73, 8
5
4
818
5114 80
714
78
138
External sink fund g Fa__ _1950 .3 J
17
External sinking fund 618_ _1963 M N
5
743,
818 (4()
758 8
714
6512 Sale 6514
40 059
71
Porto Alegre (City of) 88_1961 J D 2018 25
Chile Mtge 13k 634e June 30 1957 .1 D
714 18
10 sale
912
7
2014
22
1014 22
912 30
Ext1 guar sink fund 73412._1966 J 1
1314
S t 6% s of 1926__June 30 1961 J D
8
913 2012
18
2012
22
1314 Sale 13
9
22
85 30,2
4
8
Guar 8 t Bs
612 173 Prague (Greater City) 7348_1952 M N
33
958 Sale
Apr 30 1961 A 0
80
10
8012 80
914
7714 9934
8112 17
8
Guar a f 6s
612 165 Prussia (Free State) exit' 6445 '51 M 5 3718 Salo 337
•
23
1962 M N
912
10
934 Sale
8
28
637
8
3712 97
External 8 f 68
1952 A 0 37 Sale 3212 37
8
Chilean Cons'Munk 78
4% 153
614 28
55g
1960 Ni S
614 Sale
25
8113
191
Chinese (llukuang Ry) 58_1951 1 D 277 30
12 r3114 Qtieensland (State) extla f 7e 1941 A 0 1013 Sale 10018
10112 49
s
3
88 1011 2
2812
8
2822
25-year external Is
Christiania (Oslo) 20-yr 8 1 6a '54 M 8 82 Sale 82
1947 F A
90
81
92 Sale 91
2
8214
9412
9
78
92
Cologne(city)Germany6%s 1950 M 9 293 323 29
8
31
2214 573 Rhine-Main-Danube is A _ 1950 M 5 a40 Sale 3918
6
4
43
4
11
3
5% 7112
RIO Grande do Sul extl a t 85_1946 A 0 17
Colombia(Rep) Goof'28__Oct '61
5
217
8
23
12
34
2318
D
External sinking fund (18_ _1988 1
Oct 1 1933 and sub coupons on_ A 0 3514 Sale 335,
1812 49
67
1912 Sale 1912
36
8% 31
2112 36
Apr) 1934 and sub coup's on-_--, 36 Sale 33
External 8 f 78 of 1926
3614
1966 NON
33
1914 21
45
36
20
9
31
10
23
External a f 75 munic loan _1967 I D
Exter 6s (July 1'33 coupon)'61 J J
1614 4912
1912 Sale 1912
4
3514 sale 35
3514
85, 3014
2118
5
With Jan 11034 coupon on__
-year a 1811_1946 A 0 153 Sale 153
3314 4014 Rio de Janeiro 25
4
4
29
3
1712
35
, 35 Sale 3314
9
28 2
,
External a 16%
1953 F A
Colombia Mtge Bank 6%a of 1947 -181s 36
A0 ____ 25
153 Sale 1512
4
,
Oct'33 ____
8
25
65 26
1612 29
1952 A 0 85 Sale 8314
Sinking fund 71101 1926-1946 NI N
191 3712 Rome (City) exti 6%a
3
Oct'33 ___
245 25
8
8532 58
78 2 92%
,
Rotterdam (City) ext1 6,......1964 MN 110 Sale 110
Sinking fund 78 of I927__,1947 F A _ __ 2478 2214
183 3714
4
2
225
8
25 a8812 1163
113
4
7312 Roumania (Monopolies) 75_1959 F A
Copenhagen (City) be
59
3012
31
3012 33
1952 J D 673 Sale 65%
6
873 35
4
2812 45
25
-year g 444e
1953.2 J 48
58
691 Elaarbruecken (City) 65
1953 MN 62 Sale 62
57
54
64
567
8
4 .
567
8
10
72
,2
Cordoba (City) extl of
3
13%
123. 1312 1338
_1957 F A
2212 Sale 18
1034 233 Sao Paulo(City) of 8s__Mar 1952 MN
25
23
1018 25
Externals f 78_ _ _ _Nov 15 1937 NI N
Externals f 644s of 1927_1957 M N
2414 40
3
7s_19 Sale 1712
3514
3514
3412 35
714 24
38
19
Cordoba (Prov) Argentina 73 1942 J J 3314 3512 33
San Paulo (State) era s t 8s_1936 J J 20
21
8
21
243 56
4
Oct'33 ____
14% 323,
21
Costa Rica (Republic)—
External sec a f 88
1950 J J
1218 15
15
1414
15
1312 2734
is Nov 1 1932 coupon 00_1951 NON
External a I 78 Water L'n_11956 M 5 147 Sale 127
2312 30
3
8
273
4
27 0113 257
15
4
28 ___ 273
4
8
7s May 1 1936 coLpon on_1951 _-. 193 Sale 193
External a f 68
23
14 Salo 1312
1988 J 1
14
11
14
3
4
22
9% 2818
4
Cuba (ReptiblIc) 58 of 1904 1944 M A 7218 Sale 72%
Secured s f 7a
1940 A 0 65 Sale 65
9812
12 a72
a73
67
61
50% 74,4
1 a79% 93% Santa Fe (Prov Are Rep) 75_1942 M 5 a20 Sale 19
External Ea of 1914 eer A.._1949 F A
8912 92
91
91
121 303,
4
31
20
External loan 4348
Saxon Pub Wks(Germany) 7e '45 F A
1949 F A
85
4212 Salo 41
82
34
82
81 Sale a73
4412 95
3812 7784
Sinking fund 54s Jan 15 1953.2 J 73
Gen ref guar 634s
1951 M N
34 Sale 33
10 031, 8312
74
75
80
3472 64
308* 6912
Piddle wks 54e June 30 1945 J D 325, Sale 328
8
6112
1945 J 0 61 Sale 60
313 691 Saxon State Mtge Met 7s
,
52
744
3414 15
4
Cundlnamarca 6.
Sinking fund g 6 48..Dee 1046.3 0 59
1959 NI N
34.s
10% 223
4
14
13
13 Sale 13
3
6212 8012
52
68
0012
Czechoslovakia (Repot)88._1951 A 0 919 Sale 894
21
8612 9914 Serbs Croats & Slovenes 8s 1962 51 N
2312 223
90% 10
135 267
8
8
4
2414 23
Sinking fund Baser B
1952 A 0 90
External see I's ger B
1962 M N
22 Sale 2118
85% 100
6
1212 245,
90
24
89
r92
96
Denmark 20
-year exti 8s
1942 1 J 89 Sale 8712
All untnatured coupons on__ -_- _- _ __
75
93
37
_ _ _ 1912
89
1912 22'8
2
2218
External gold 514s
1955 F A 8112 Sale 78
88
8178 33, 69
enema (Prov of) exti le
1958 1 -.D 40% 42
43
40 a503,
4412 17
External g 44s. Apr 15 1982 A 0 6912 Sale 68
109, 5914 775 Silesian Landowners Aann Rs 1047 F A
70
2752 Sale 2758
2514 50,2
2
29
sale. a Deferred dellvery. t Accrued Interest payable at exchange rate of $4.8665. • Look under list of NI. Cured Bonds on page 2955
r Cash
NOTE.—State and City Securities.—Sales of State and City securities occur very rarely on the New York Stock Exchange and usually only at long in create, 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."
High No.
Ask Low
Sid
U. S. Government.
First Liberty Loan—
J D 10222,, Sale 10212.,10222,, 242
344% of 1932-47
J D 101 1034:, 101284.0ce33 __
Cony 4% of 1932-47
J D 10222n Sale 10221,,102214, 144
Cony 442% of 1932-47
J D 101,2a, ____ 102 Aug'33 ___
2d cony 434% of 1932-47
Fourth Liberty Loan—
434% of 1933-38
,21032
.n 649
A 0 1032%, Sale 10320
_ 10122,, Sale 10128,, 1022,, 457
43.j% (called)
11017,, 390
Treasury 44e
1947-1952 A 0 1101.,, Sale 110
Treasury 4s
1944-1954 J D 106,11., Sale 106.,, 10618,, 804
.,
Treasury 34s
1948-1956 M S 10433 Sale 10410
.1042.n 292
Treasury 3%8
1022,, 160
1943-1947 J D 1022,, Sale 102
,,
Treasury 38. _ _Sept 15 1951-1955 M S 9823 Sale 9420,, 98224, 572
Treasury 342s June 15 1940-1943 J D 1022n Sale 10122 1022., 271
.,
Treasury 342s Mar 15 1941-1943 M S 1021,, Sale 101222, 1022 444
.,
Treasury 314s June 15 1948-1949 J D 1002., Sale 100..2 10012,, 427
.,
Treasury 3Qs
Aug 1 1941 F A 10112 Sale 1012., 1011.., 827
Low
New York Bond Record-Continued-Page 2
Oct. 21 1933
r,
."
Price
•
BONDS
Frtdau
N. Y. STOCK EXCHANGE t a
,..
.
Week Ended Oct. 20.
.... a, Oct. 20.
Week's
Range or
Last Sale.
3
+a
...a .-,
it tZ
Range
Since
Jan. 1.
zel
BONDS.,
PrIce
' Friday
3
N. Y. STOCK EXCHANGE z"' t
Oct. 20.
Week Ended Oct. 20.
...,..
2951
Week's
Range or
Lail Sale.
.3
a4
4t3
Range
Since
Jan. 1.
Low
High
32
58
33 20
4
08614 99
20
5014
28
60%
44
49,2
33
57
9
48
12
54
6112 7812
94% 10314
38
73
35
64
40
7712
40
77
38
79
11
59,2
314 313
4
34
62
30
7012
38
59
47
73
40
8212
Rid
High
High Ns. Low
Ask Low
Ask Low
High No.
Bid
Forolan Govt. & Municipal..
9 100 14:158 Chicago dr East III 1st 6s......1934 A 0 50 --__ 58
141
Oct'33 ____
Salmons (City of) cap 88_1938 M N 130 140 141
45
5718 C & Kill Ry (new co) gen 58_1951 M N
3
10 Sale 10
51
50
12
52
52
fityrla (Prov) external 78_1948 F A 49
42% 4218 Chicago & Erie let gold 58_1982 M N 9414 96
95
9518 15
F A --------4215 May'33 _--_
Unmatured coups attached_
, a 9812 997 97 88 1013 Chicago Great West lot 4s_1959 51 5 3812 Sale 3612 41 104
,
Sweden external loan 5345_1954 5,1 N
124 a10212 152
145
49
Chic Ind & Louise ref 6s.....1947.3 J 45
50
50
Switzerland Govt ext154e__1946 A 0 139% Sale 138
1
68
8214
16
Refunding gold Es
1947 J J --------4912 Sept'33
81
7914 Sale 7914
Sydney (City) of 514s
1955 F A
1947 .1 J 40
33% 6812
24
____ 55 Aug'33 Refunding 48 series C
62
8
l'alwan Flee Pow a f 5148..197i J J 613 Sale 603
4
60
1966 M N
28
2
70
2712 Sale 2712
lot dr gen 59 series A
60
Yokyo City Es loan of I912A952 M 5 57
30
70
18
3312 73
6314 10
lst dc gen 6s series B_May 1986 J J 28 Sale 25
295
8 26
External of 64e guar_....1961 A 0 6314 Sale 6018
18
73 Aug'33
Chic Ind & Sou 50
8
10
2
78
-year 45_1956 J J 70
9
1112 10
rolima (Dept of) exti 78_ __ _1947 M N
61
8412 Chic L S & East 18t 4548_1969 J D 100 10034 1003
74
4
4 1803
Irondhjem (City) let 648_1957 MN
4
74 Sale 70
5
4514 6212 Chi M & St P gen 413 ser A_1989 J .1 6012 Sale 60
Oct'33 ____
Upper Austria (Pray) 7s_
6212 46
_ 53
1945 1 D 53
4112 r56
3
Gen g 354s ser B_May 1989.3 J 5214 5314 53
4618
55
15
External s f 6 54e_June - 1957 1 D 4418 16 46
15
1k 5018
Gen 4545 ser C
21
2
May 1989.3 J 63 Sale 6212
37
644 39
35
Uruguay (Repubile) extl 8s 1946 F A 33% 40
Gen 454s ser E
31
3318
33
4
May 1989 J J 6312 Sale 6312
33
65
Feb 11931 & subs coup att__
30
36
- 33
1512 4018
Gen 44, ser F
2918 126
6412
6612 11
65
May 1989 J J 63
Externals f 6s
27 Sale 2612
M N
1980 -1614 4018 Chic 7.111w SIP dr Pee bs A__ 1976 F A 3914 Sale 3712
2912 11
43
770
Externals t
27% Sale 2718
_..May 1 1964 M N
94 105%
Cony ad) be
16 1173
Jan 1 2000 A 0 13 Sale 1212
10512 23
Venetian Prov6s_- e Bank 78 '52 A 0 10512 Sale 105
151tg
53
6818 Chic & No West gen g 348_1937 MN 54
55
56
58
7
55
Vienna (city of) extl .1 681952 MN
10
5412 Sale 5412
4312 5318
1937 MN 58 Sale 564
583
General 4s
4 21
Unmatured coupons attached_ MN -------- 4714 Oct'33 ____
__ 56%
57
Stpd 45 non-p Fed Inc tax '87 M N
35
50
4414 62
7
Warsaw (City) external 7s 1958 F A a44 Sale 43%
Gen 414e steel Fed Inc tax_ 1987 MN -___ 73
357 74
8
7012 Sept'33
5614- 6612 20
Yokohama (City) esti 68- -1961 J 0 6512 Sale 64
Gen 55 stpd Fed Inc tax..., 1987 M N 708 Sale 707
71
8
3
1987 MN ___ 75
56 Sept'33
414s stamped
Railroad
75
9412
15
Oct'33 ___
435 923
-year secured g 830.__1936 M 8 80 Sale 7914
80% 20
93 84
Ala CR Sou lst cons A Es
1943 J D 85
4
83
60
47
let ref g 5s
Oct'33 ____
77
May 2037 .1 D 41 Sale 3912
96
1s1 cons 45 ser 11
15
56
1943J D 7512 80
78
20
9014
83
1st & ref 414s stpd_May 2037.3 D 397 Sale 3712
435 210
8
Alb & Susq let guar 348.. _1946 A 0 85
lb
8814 8712
4712
65
7712
1st & ref 4 48 eer C May 2037 J D 393 Sale 39
435 167
8
4
15
Alleg & West 1st gu 4s
48
1993 a 0 7712 7912 7712 Oct'33 ____
89
987
8
3412 866
Cony 414s series A
9712 22
412 44 2
1949 MN 30 Sale 28
Alleg Val gen guar g 4s
4
,
1942 51 8 983 Sale 9512
2212 45
11
40
36
36
Ann Arbor 1st g 48_ _ __July 1995 Q 1 29
5512 53
53
823 97 8 Chic R I dc P Ry gen 48
4
1933 J .1
,
9614 391
5414 16
50
Atch Top AS Fe-Gen g 48_1995 A 0 957 Sale 951
7012
8
89
94
2218 196
Refunding gold 45
6
9112
92
A 0 91%
1934 A 0 184 Sale 1812
Registered
19
39
89
76
1
1914
____ 1914
Certificates of deposit
---- 18
4
1818 25
8712
Adjustment gold 48__July 1995 Nov 8712 ____ 8714
89
43 a75% 90
22
Secured 4148 series A
87
Stamped
1818 38
1952 al 5 194 Sale 1812
July 1995 51 N 88 Sale 8712
Oct'33 ___
83% 85
. 1714 ____ 19
M N
1814 19
Certificates of deposit
Registered
844 85 July'33 .___
115 115
8
Cony g 448
84
9
4
73
1
93 sale
81
Cony gold 4s of 1909____1955 1 D 81 Sale 81
6
1960 Ii N
V
28
Ch St I, & N 0 5s_June 15 1951 .1 D 8212 87
86
84
84
72
8118 18
Cony 45 01 1905
72
2
90
____ 81
1955.3 D 82
__ 89 Sept'33 ____
6312
73
81
83
Gold 34s
Cony g 48 issue of 1910
June 15 1931 1 D 6014
,
____ 73 2 Sept'33 --__
1960 J D 81
Memphis Div 1st g 4s__ _1951 J 0 61% - 89 a79 102
1
61
67 61
98
Cony deb 44s
46
7214
1948j D 97 Sale 97
73
8
87
8278
7012 Sept'33 _--Chic T H & So East 1st 58..1980 J D 45
60
83 8 8178
Rocky Mtn Div let 48- - -1965 J J 81
38
73 4
,
4514 27
Inc gu be
89
9912
97
Trans
-Con Short L let 4,.1958J .1 95
32
14% 644
Dec 1 1960 M S 41 Sale 41
4
____ 963
Chic Un Sta'n let gu 4145 A_1983 J 1 101 Sale 10012 10114
8714 99
37
97
Cal-Ariz 1st & ref 414s A_1962 M S 96 Sale 95
17
91 102
let 5s series 13
___
8
1983 1 1 1045 Sale 104% 104%
Atl Knox, & Nor 1st g 58_1946 J D 10012 1054 10312 Fela'31____ __ __
"
95 105 12
5
75 90
10314
All & Charl A L 1814.A 1944 J 1 895s 9318 89
11
Guaranteed g 5s
Oct'33 ____
1944 1 D 103 Sale 101
921 1031c
4
6712 96
1st guar 614s series C
113
1s1 30-year 5s series B
18 1031s 114
1963 1 1 112 Sale 112
9358 10
1944 1 1 91 Sale 91
65
75% Chic & West Ind con 4s
Atlantic City let cons 4s
75
80
13
7512 79
1952 - -I
1
1597 8012
4
s
793 74 June'33 ____
1951 1 . 70
1
1962 51 S 91 Sale 90
913
4
1st ref 548 series A
86
91
8514 53
All Coast Line 1st cone 4s July '52 M IS 8312 Sale 8312
39
68% 95
8212 Choc Okla & Gulf cons 58_1952 MN 56
7178 261 61
60
General unified 414e A. _ _1964 11 D 69 Sale 6812
2
63 60
50
63
743 CM H & D 2d gold 454s_ _1937 1 J 9012 ____ 90% Aug'33 _ __
4
46
L & N call gold 48____Oct 1952 MN 6814 Sale 68
6914 301
85
905
8
1314 52 C 1St L & C 1st g 4s__Aug- 1936 G F 988 _-__ 92 June'33 ____
All & Dan lot g 48
2
4214 15
92
1948 1 1 39 Sale 33
955e
50
Registered
8
2d 4s
4
August 2 1938 Q F --------9458 Aug'33 _-__
34
945 945
8
8
1948.1 J 31 Sale 31
Cin Leb &Nor 1st con gu 48_1942 MN
53
'20
All & Yad let guar 4s
83
Oct'33 ___8218 86
43
4
41
82
83
1949 A 0 364 42
Austin & N W let gu g 5s.1941 J 1 75
75
8412 Cin Union Term 1st 448_2020 J 1 101 1013 1014 101%
4
93 102
9
8112 79 Sept'33 ____
1st nage be series B
92%
Bait & Ohlo 1st g 48__ _July 1948 A 0 9012 Sale 89%
74
10618 17
2020 1 J 105 Sale 105
9114 61
9612 1073
4
tot mtge g 58 series C
36
8
72
Registered
1
1957 M N 1055 Sale 10512 10612 79
9814 107
July 1948 R 1 8418_,--3318 7812 Clearfield & Mall let gu 58_1943 1 1 76, 80
Refund & gen be series A.1995 1 P 66 Sale 6514
135
72 May'33 ___
4
69
72
72
Cleve Cln Chi & St L gen 49_1993 1 D
lot gold be
__ 78
86 417918 101
78
78
9914
100
16
July 1948 A 0 100 Sale
68
85
General 55 series B
Ref & gen 88 series 0_ -_1995 1 D 73 Sale 7212
1993 1 D 93
3712 83
93
93
96
7618 154
85
1
96
Ref dr Impt 6s ser C
8112 8778
P L E dr W Va Sys ref 45....1911 151 N 8314 841 83
75
3
8312 22
1941 1 1 75 Sale 75
49
82
Ref & Impt bs ser D
89
Southw Div 151 53
55
47
8212
3
7012
1963 1 1 ---_ 7012 70
8618 62
1950.3 1 8514 Sale 8418
Ref at Impt 43.4. ser E
4512 74
Tol dr Cln Div 1st ref 4s A_1959 1 1 66 Sale 6518
14
4
66
68
60
1 63 Sale 623
37
1977 1 5
7712
Cairo Div 1st gold 48
Ref dt gen Es series D
343 75
4
94
6712 102
1939 J 1 94 Sale 94
5
85
95
2000 5111 8 8512 Sale 6112
CM W &151 Div 1st g 4s 1991 1 i 7014 727 73 Sept'33 ____
2512 67
Cony 454e
583 587
4
65 Sale 54
1960 F A
80
77
St I. Div 1st coil tr g 4s
Ref & gen M 59 seri.'
60
694
81
76
68
5
1990 M N 7214 7818 76
1996 M S 6514 Sale 64
86
80
Spr & Col Div 1st g 4s
Bangor & Aroostook let 5s 1943 1 J 100 101 100
88 101
93
93 93
1003
4 15
2
1940 M s 91
93 93
W W Val Div 1e1 g 48_ _ _ _1940 1 1 7014 737 7312 Sept'33 ____
84
Con ref 4s
65
78
6
8
1
1951 5 i 75
72
76
7814 78
C C C& I gen cons g 6s.1934 1 J 995 101 100 Sept'33 ____
62
Battle Crk & Stur 1st gu 30.1989.1 0 60 ---_ 62 Aug'33 --__
62
8
9612 1017
3
80
93
Cleveland & Mahon Val g be 1933 J 1 90 Sale 90
Beech Creek 1st gu g 4e
2
9212
90
8014 90
1
1936 1 1 9212 Bale 9212
8912 9212 Cleo At Mar 1st gu g 414s
2d guar g be
_
8912 Sept'33 ___
____ 97 June'33 _-__
1935 M N 99
1936.3 .1
97
99
Cleo & P gen gu 44s ser 13 1942 A 0 99
66
71
Beech Crk ext 1st g 34e_
Sept'33 ____
70
____ 98 June'33 ____
1951 A 0 -ai
4
96, 98
_ ____ ____
_ ____
Belvidere Del eons gu 348_1943 1 J 91
Series B 33.4.1942 A 0 8614 ____ 86 Jan'33 _-__
86
88
Series .44343
Big Sandy 1st 4s guar
9712
8714 --____ 10114 Sept'33 ___
1944 J D 8812 --- 90 Sept'33 _
1942 J 1 99
93
98 101,
2
Boston & Maine Mt be A C_1987 51 S 74 Sale 7312
53
83
8
Series C 354s
74
1918 MN 86 ---- 91 Aug'33 ____
84
91
Series D 34s
5412 8312
lot M 5s series II
21
75
Oct'32
7212 745 74
1955 M N
1950 A F ____ ____ 83
1st g 454. ser .1.1
Gen 454s ser A
48
787
8
7012 39
1981 A 0 7018 Sale 70
1977 F A --------91 Sept'33 ____
k
-91
Boston & NY Air Line 1st 4s 1955 F A 59
5412 6312 Cleve She Line 1st gu 44s_1961 A 0 83
62
6
84 Sept'33 ____
62 6012
85
70
87
Bruns & West 1st gu g 43-1938 1 1 8812 9412 93
843 9412 Cleve Union Term let 510_1972 A 0 87% Sale 86
4
Oct'33 ____
89
7
6018 90
1st s f be series 13
Buff Roch & Pitts gen g 5s 1937 M S 10012 101 100
85 10012
Oct'33 --__
8212 38
1973 A 0 8212 Sale 80
54
8612
Canso! 444s
8
1st 5 f guar 44s series C 1977 A 0 7314 Sale 72
3358 673
60
25
1057 M N
58 Sale 58
7314 53
4914 773
4
Burl C K & Nor 1st & coil 58_1934 A 0 38
40
93 Sept'33 _--39
7012 Coal River Ity 1st gu 48
39
33
5
1915 1 D
8612 9314
Canada Sou eons gu be A
Colo dr South ref & ext 454e.1935 MN 75 -.
7878 97
9112 10
1962 A 0 8818 Sale 8818
82
8618 70
35
6712 9434
Canadian Nat guar 4 4s......1954 M 5 9634 Sale 963
3
9718 27
General mtge 43.4, ser A 1980 M N 4612 66
7914 984
47
6
6612
663
4
77
30-year gold guar 4546_1967 J J 9814 Sate 9618
Col & II V let ext g 4s
1943 A 0 95% 98
9814 69
9512
9512 10
7958 99
8518 97
Guaranteed gold 414e_ _ _1968 J D 97 Bale 97
793 93 8 Col &Tol 1st ext 45
4
7
93 8 43
7
Oct'33 ---____ 95
1955 F A 95
90
95
Guaranteed g 5s
July 1969.1 1 103 Sale 1025s
10334 66 68412 1043 Conn & Passum Riv lot 45_1943 A 0 70
77 June'33 ---4
77
77
Guaranteed g 58
Oct 1939 A 0 1027 Sale 1027
84 105
70
Como! Ry non-cony deb 4s 1954 1 .1 4418 104
Oct'33 --__
8
50
50
38
6058
Guaranteed 5 58
1970 F A 1027 1034 103
Non-cony deb 48
104
21 a8438 105
1955 / 91 --------53 Aug'33
40
62
Guar gold 4 Ns___June 15 1955 1 D 100 Sale 99%
_
_
4812 Sept'32 ____
Non-cony deb 48
_ 50
803 1014
4
10112 54
1955 A 0
Guar g 4148
1956 F A
8
Non-cony deb 48
80
997
99
9812 Sale 98
80
501s
1958 / 1 --- 51
5018
2
:46% -- -12
5
3
79% 10014 Cuba Nor Ry 1st 5145
Guar g 4548
Sept 1951 7.1 5 98% Sale 9818
9914 102
225
8 19
1942 1 D 203 Sale 2014
4
10
41
Canadian North debit 7,._1940J I) 1054 Sale 105
106
9634 107
Cuba KR lot 50
83
-year be g 1952 1 1 20 Sale 1912
21
15
4114
18
-year of deb 63.4s
1916 1 1 10914 Sale 1083
25
9412 1097
8
1st ref 7148 series A
s 109% 39
20
Oct'33 ---23
1936 1 0 18
18
41
10.yr gold 4 4s_ __Feb 15 1935 1 J 10118 1013 10118
10112 42
90 1013
4
1st lien & ref (le ser B
4
17
Oct'33 __-18
1938 1 0 15
11
34
Canadian Pac Ry 4% deb stock
65
193
49 r70
6412 Sale 6314
1916 M S 773 Sale 7514
Coll tr 414s
8912
8312 Del dc Hudson let & ref 40-1943 M N 84 Sale 8312
777 104 a55
8
843 100
4
675
1944 1 1 9812 Sale 9734
9912 40
5s equip tr ctfe
9618 Oct'33 ____
1935 A 0 96
91
98
80% 99%
55
9912
Dec 1 1954 J D 8012 Sale 79
Coll Ira bs
813
8 59
953
4 22
581k 9018
Gold 548
79
95
1037 M N 9414 95
97
'2
Collateral trust 4145
1960 1 1 717 Sale 713
4
7312 92
5318 80
D KR & Bridge let gu g 48..1936 F A 95 ---- 98 Sept'33 _--96
96
1919 1 1
_
_ 19 June'33 ____
Car Cent let cons g 4e
15
1958 Den & It G lot eons g 48
4412 100 62612 68
1938 1 1 42 Sale 4012
9812 1065
Caro Clinch &0 lst 30-yr 58_1938 1 D 2034- 99
99
80 10012
1
Conseil gold 4 14,
1936 1 1 --- 4912 66 Sept'33 _-__
27
67,2
1
943
4
8
68
99
2
1st & cocoa (Is ser A _Dee 15 '52. D 933 Sale 90
Den & It0 West gen 55 Aug 1955 F A 223 Sale 22
2714 81
4
84 52
1981 1 13 64
72
68
Cart dr Ad 1st gu g 45
Oct'33 _-__
58
883
4
Ref & impt be ser B__ Apr 1978 A 0 3512 Sale 3412
353
4 56
11
60
Branch II 1' let g 40_1913 1 13 38
42
44
42
Cent
1
24
60
Des M & Ft D let gu 4s
1935
Central of Ga 1st g 63__Nov 1946 F A 45
51
507 51
8
32
64
1
218 3
84 212 SerIt'33I
1 3
Certificates of deposit
---Pa
2612 2418
1945 MN 24
COMO! gold 5e
2612
8
693 Aug'33 ___ _
8
68
958 411 Dee Plaines Val let gen 448_1947 81 S 56
45
6958
Re/ & gas 5548 series B 1959 A 0
91 15
912
12% 13
3
23
Det & Mac lot lien g 4s
37 Sept'33 --_39
1955 1 D 30
33
4014
912 14% 15 Sept'33 ____
Ref & gen be serlen C_ _1959 A 0
212 273
4
Second gold 48
1095 1 D __ 2912 30 July'33 _-__
25
30
32
3212 July'33 ____
15
Chatt Dly our money g 411.1951 1 D 22
33
Detroit River Tunnel 434s 1981 M N 90
75
91
2
90
91
91
__ 35 July'33 _-__
Mac & Nor DIY 1st g 59_1946 1 J ____
35
35
Dul M lasabe & Nor gen 58_1941 1 1 104
- - 10314 Oct'33 ____ 10112 104
25
28 July'33 ____
Mid Oa & Atl Div ours'5s '47 J J ____ -28
28
1937 A 0 104 10i 103 Sept'33 ____
- 12
Dul & 12011 Range lot 5s
99 1057
8
28
1918 .1 J
35
30 Sept'33 ____
I'vroblie Div 1st g 55
24
35
Dul Sou Shore & All g 5s
1937 1 1 23
27
Oct'33 ____
27
12
39
63 6812
6812
55
7412
1
Cent New F.nitl let gu 4s...1981 1 J 67
64
5014 57
Dent RR & Mg of Ga coll 58.1937 M N
58
13
0 9212 Sale 9212
25
6938 East Ry Minn Nor Div 1st 48'48 A
84
93
3
92'2
4
99
11
82 1021s East T Va & Ga Div 101 58,1958 M N 86is Sale 8612
Central of N J gen a 6e___ _1987 J J 983 sale 98 4
65
98
4
89
98 Aug'33
1987 Q i ____ 96
Registered
83
98
Elgin Joliet & East lit g 68_1941 M N 9612 97
783 9858
4
96
Oct'33 ____
753 9112 El Paso dr SW let be
90
1987 J 1
8512 Oct'33 _
1965 A 0. 6818 ____ 61
General 45
61
72
Feb 33 ___
.
8012 198
4
6312 8812 Erie & Pitts g gu 33.4s tier B 1940J J 9018 _-_- 91
Cent Pac lot ref gu g 40. _A949 F A 783 Sale 7734
90
91
1
91
F A
7834 Jan'33 _
783 783
4
Registered
Series C 354s
1940 1 1 9018 ____ 90 Aug'33 _-__
8358 90
797
8
_ _ 8112 797
7 a64
87
Erie Kit 1st cons g t4-sprior_ _1996 J J
Through Short 1. 1st gu 40.1954 A
8014 Sale 79%
6712 85
23
81
6712 39
A
1960 F 066
66
67
45
80
Guaranteed g be
Registered
1996 1 1 ____ 80
7814 78%
7814 Aug'33 --_
____ 111 june.31 __
_
let consol gen lien g 48_1996 1 1 6214 Sale 61%
Charleston & Smell Mt 78_1936 J I 93
4018 74
61
65
0
51 (111- 8 10712
107
Regletered
1996 1 1
Chee & Ohto let con g 513_1939 M N 107 Sale 10614
63
41
57
57 June'33 ____
1989 M N 10314 105 10358
103,
4
1 101% 105
Penn coil trust gold 4s
Registered
1951 F A -91 1. 9912 99%
38
99 100
3
99,
4
199281 8 1025 Sale 10118
103
8758 10114
50
50-year cony 4s series A 1953 A 0 57 Sale 54
General gold 448
304 6'3
577
8 15
IN 8
901k 9312
9812 Oct'33 _
Series B
Registered
1953 A 0 57 Sale 5514
5714
.
17
303 67
9312 47
1993 A 0 93 Sale 9212
80
95 8
5
Gen cony 4.series 1)
1953 A 0 __ 40 Mar'33 ____
Ref & inapt 4148
40
401s
79
96
935
8 69
1995 1 J 93 Sale 9212
Ref & imPt 153 of 1927
1967 al N
Ref & MBA 440 ser B
E.51- gale 5412
4
5812 255
2014 6712
96
Oct'33 ____
90 100
Ref & Mint be of 1930
A 0 5512 Sale 5412
..May 1940.1 J ____ 100
cralg Valley 1st 60.
1975
2012 67,2
462
53
Oct'33 __-81
89
Erie dc JeracY lot,f 6 ___ _1955 J J 97 Sale 97
/1
Potts Creek Branch lot 48_1948 J .1 8512 8812 85
99
81 10218
9
9912 9912 Sept'33 ____
8431 100
4
Genessee River let at 641_1957 1 i 9612 9912 993 Oct'33 ____
R A A Div let con g 48_1989 J J 95
TS 102
4
83
Oct'33 ____
_ _ 88
1989 1 1
9012
2d camel gold 45
93
93
Fla Cent & Pen lot eons g 5s 1943.2 J 25
88- - 93 May'33 ---Warm Spring V 1st g 5s-1941 M 8 ---- 102
30
267
15
40
8
6
27
5412 48
30
581s Florida East Coast 1st 4411.1950 1 D 46- RR ref g 3,1_1949 A 0 53 sale 5212
Chic & Alton
51 4
,
5414
3442 63
5
80
91
90% 36
1st de ref be series A
Chic Burl & Q-III Div 3145_1949 .1 1 89 Sale 89
8612 8612
.1 .1 _ _ 878 8612 July'33 ____
74 Sale
' 312 714
Certificates of deposit 19 _4 Id 9
__7_ ____
Registered
3
2
21'4
17
772
9 2 21
8111
8712 99
Fonda Johns & Glov lot 4, 1952
4
9812 76
1949.1 1 93 Sale 973
4s
Illinois Division 45
78
957
8
Proof of claim filed by owner__ M N
4
9418 56
195881 8 933 Sale 923
4
General 40
612 914 912
43
4 612
1
912
68
9214
90
41
8912 884
(Amended) 1st cons 2-48_1932
1977 F A 88
let & ref 440 eer B
7614 10012
953
4 29
45 Sale
Proof of claim filed by owner M N
MI F A 95
9558 95
412 43
lot & ref Es enr A
4
412
7
45
8
r Cash sale. a Deferred delivery •Look under list of Matured Bonds on page 2955.
.
____
-_ --
New York Bond Record-Continued-Page 3
2952
B ONDS
N. Y STOCK EXCHANGE
Week Ended Oct. 20.
I :.53
,... 4
„
'7:
Niro
Fridal
4 c Oct. 20.
z
P7eek's
Range or
Last Sale.
I
4...
,..,g 4
ai ,
)
.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 20.
Oct. 21 1933
Price
Week's
4
Range
Friday
Range or
,..e
Since
Oct. 20.
Last Sale.
Jan. 1.
- ------ ----Fla
Ask Low
High No. Low
Hioh
51
40
____ 6012 Oct'33 ____
J
604
2
is e.,
u ..
:,'Z
High
Bid
Ask /Ate
High No Low
87 Nov'32 ____ _,_
5
_ Mils/ & State Line 1st 31 1_1941 ..I
63
,
9812 9912 99
99
88 --- Minn dr St Louis let cons 58_1934
15
99
*
.
*.
514
*
Ctfe of deposit
514 Sale
54
1934 MN
5
4
818
3
43 Sale
1949 M 9
8
1st dr refunding gold 48
8 31
43
4 612
Ref & ext 50-yr 55 ser A 1962 CI F
1418 27
al 4
518 27
27 July'33 ____
314 Aug'33 ____
Ga & Ala fly lot cons 58 Oct 1945 J .1
118 11
Ga Caro &Nor let gu g 5s 1929Certificates of deposit
Q F
, 314 312 Aug'33 ____
4
112 44
2618 M St P & SS M con g 45 lot gu '38 1 .1 3712 Sale 37
18
Extended at 6% to July 1 1L34 J J
18
38
2618 July'33 ___
14
27
24
48
34
3912
2812
Georgia 1
1st cons 58
16
29
01dland let 3s____1946 A 0 35
2
1938 3 J 30
43
43
: 2312 50
Oct'33 ___
Gouv & Oswegatchle 1st 5s_ _1942 J D --------100
Jan'31 ____
lst cons 5s gu as to Int
11
1938 3 J 2912 4912 3912
284 5412
44
-----9
04
1946 J J ____ 30
84
lot & ref 68 series A
26
Or Ft & text let gu g 4 4413_ _1941 J J 88
Oct'33 _
95
4
912 34
913 Sept'33 _ _
4
1949 M S 203 Sale 203
25
4
963 10614
4
Grand Trunk of Can deb 75_1940 A 0 10512 Sale 105
-year 535s
37
106
2034
1
oils 314
1978 J J 594 Sale 59
933 104
let ref 514s nor B
4
15
-year 8 f (is
61
49
1036 NI 5 1034 Sale 10314
104
19
37
71
Grays Point Term Is'. 55_ _ _1947 J D 55 ____ 96 Nov'30 ____ ---- ____
let Chicago Term e 1 4s 1941 MN --------90 July'33 ____
90
90
4514 9014 Mississippi Central 1st 58
Great Northern gen 7s ser-A_1936 J J 7914 Sale 79
75 ____ 8412 July'33
1949 J J
8312 203
65
85
lot & ref 4 SI a series A__ _1961 J J
662 87
8012 79
4
69
79
81
1959 J J 15 Sale 15
8612 Mo-Ill RR 1st 58 ser A
66
Stpd (without Jiy 133 coup) ------------8612 July'33 ___
1512
5
15
32
8212 83
8312 Mo Kan & Tex 1st gold 48_1990 1 D 7912 81
7912
39
6812 8812
General 5 445 series El_ _1952 1 J 72 Sale 72
76
25
404 7758 Mo-K-T RR Dr lien 5sser A_1982 3 J
7212 Sale 7212
General be series C
7518 33
59
1973 3 J 6912 Sale 694
8 14
705
8714
74
40-year 45 series B
37
43
General 4345 series D__1976 J .1 6514 Sale 6514
63
67
35
1962 1 J 6212 Sale 62
514 73
74
34
General 415e series E
Prior lien 434s ser D
79
67
1977 J J 6514 Sale 65
55
7712
1978 1 J ____ 6912 74 Aug'33 ____
29
32
Green Bay & West deb ctfs A.... Feb 2243
35 a3212 6512
Oct'33 ___
Cum adjust Se ser A-Jan 1957 A 0 4013 Sale 40
30
Mo Pac 1st & ref bs ser A-1985 F A
314 10
29
24 Sale 2312
Debentures Ws B
Oct'33 ____
Feb
60
43
8 -7
1812 44
68 4
1975 M S 1138 Sale 105
Greenbrier fly 1st gu 4s____1940 NI N 89
8
8814 90
1314 163
General 4s
7
2412
___ 90 Sept'33 __ _
1977 PA S 24 Sale 2312
2212 68
Gulf Mob & Nor let 535e B 1950 A 0 617 Sale 617
let & ref 58 series F
29
122
.
1
8
8
617
18
8
44
6612
_
2812 Oct'33 ____
1st mtge be series C
23
7
62
2812 2812
Certificates of deposit__
80
60
1950 A 0 58
24 Sale 2312
1978 M N
4212 45
Gulf & 8 I 1st ref & ter beFeb 1952 1 J
1st & ref 58 ser 0
28
.52
1812 4412
5518 ____ 45 June'33 ____
1949 NI N
8
812 Sale
4014 4014
Cony gold 5 44e
3
1012 160
24
Stamped (July 1 '33 coupon on) 1 J
5518 -_- 4014 June'33 ____
151 ref g 55 series H
1980 A 0 2312 Sale 2312
284 21
1812 44
Hocking Val 1st cons a 4355_1999 J .1 9912 Sale 9912 10012
234 Sale 2312
84 10012
let & ref 58 eer I
8
1951 F A
181 4414
.
280i 228
90
Mo Pac 3d 78 eat at 4% July 1934 MN 73 8
75
731 Oct'33 ____
1
Housatonic fly cons g 55
8512
8612 8512
5012 a74
1937 NO N 83
5
8512 9658 Mob & lair prior lien g 5s
1
964
964
II &T C 1st g 55 Int guar_ 1937 J J 964 100
91
46 June'33 ___
1945 3 1 65 46
46
90
J J 60
44 Aug'33 _ _
Houston Belt & Term 1st 58_1937 J J 90
78 100
Small
Oct'33 ____
98
91
367 60
2
Ilud dr Manhat 1st 5s ser A_1957 F A 78 Sale 7714
1945 J 3 4612 50
887
8
72
1st 114 gold 45
70
53 Aug'32 -----------80
J J 35
55 65
Adjustment income be Feb 1957 A 0 38 Sale 3712
3712 5984
Small
65
1/, 44
65
64
44
Mobile & Ohio gen gold 4s__1938 NI S 1512 38
30 Sept'33 ___
28 r72
8_1947 F A
784 90
Illinois Central 1st gold 43_1951 1 J 89
15
1
____ 90
18
18
90
Mongomery Div lot g 5
18
4
718 37
1077 NI 5
8 Sale
4
let gold 3145
7612 793
8
Oct'33 _
Ret & inapt 4;is
78
11
7
1951 .1 J 7812
414 213
8
80
Sec 5% notes
72
1214
2
Extended is: gold 3358
4
1951 A 0 80 ____ 794
80
414 25
1938 M S 1218 Sale 1218
Mob & Mal 1st gu gold 45 1991 M 5 7012
let gold 38 sterling
_ 75 Sept'33 ____
1951 M S --------73 Nlar'30
62
75 4
,
78
Mont C 1st gu 65
93
io 50 Collateral trust old 4s
1952 A 0 a6412 Sale a6412 6918
Oct'33 ____
8714 94
1937 1 1 9114 - -. 90
734
80
8
45
8
1st guar gold 5s
933 Sept'33 ____
72 Sale 72
Refunding 48
s
1955 MN
1937 1 1 825 90
90
9318
55
5618 Morris & Essex lot gu 3;58_2000 1 13 7714 Sale 7714
Purchased lines 3345
7812 29
1952 J J --------55 June'33 __
70, 80 s
8
5
1955 NI N 82
84
84
8
Collateral trust gold 45_1953 NI N
Constr 51 59 ser A
40
le 573
6934
577
4
Oct'33 ___
6112 45
677 861e
8
1955 NI N 8014 Sale 7912
Cm:150 M 43.4s ser B
524 88
Refunding 5s
8
81
A955 NI N 79 Sale 79
8014
17
60
82
15-year secured 634s g__ _1936 J J
1301s 9414
9112 Sale 914
9112 12
40-year 4348
73
Nash Chatt dr St L 4s sec A 1978 F A 813 85
5612 Sale 5614
4
30
81
633 218
4
Oct'33 __
Aug 1 1966 F A
80
864
Cairo Bridge gold 4s
N Fla & 8 1st gu g Es
1937 F A 9214 100
97 Sept'33 ____
5018 85
85 Sept'33 _
1950 J D 70
85
97
58
8
_ 733 Aug'33 ___
7338 Nat fly of Mex pr lien 434s 1957 J 1 --------18 July'28 ____
Litchfield Dly 1st gold 3s_1951 1 J ____
____
_
Louise Div & Term g 340 1953 J 1 65 - . 67
73
58
Assent cash war rct No. 4 on - _-_,
i
i6
67
218
5
17
8 214 2
118 .-4
Omaha Div 1st gold 38_ _ _1951 F A ____ 68
Guar 4s Apr '14 coupon 1977 ATh .
334 123 July'31 _-__
6818
68
4
.58
68
1
____ _ _
3
St Louis Div & Term g 38_1951 J 1
Assent cash war rct No. Son ---Oct'33 ____
53
__ 703 69
8
7012
4
13
4 3 4 112 Sept'33 ____
1
r43
Nat RR Nfez pr lien 4358 Oct '26
Gold 334s
74
62
1951 J ./ 6012 59
74 Sept'33 ____
Springfield Div 1st g 340_1951 J J 60
Assent cash war rct No. 4 on
3
75 Aug'33 --__
218 Oct'33 ___
2
1
5
r
_
75
75
Western Lines 1st g 4a_ _ _1951 F A 50 - 4 80 Sept'33 _
1st con8old 4s
853
4
68
833_
____ _ _
-1951 A -11 --------22 Apr'28
III Cent and Chic St L & N 0Assent cash war rct No. 4 on _, _,
2
Oct'33,__ _
1
__
-4
112 2
Joint 1st ref be series A
8
8
387 7412 Naugatuck RR 1st g 4s
7112 Nov'32 ____
1963 .1 0 65 Sale 64
87 4 48
,
1954 m -N 655 83
___
_ __
New England RR cons 59- 1945 1 J 7414 ___ 80 Sept'33 ____
1st & ref 4145 series C_
69
37
4
6112 29
1963 J D 5912 Sale 583
68
83
Ind Bloom & West 1st ext 4a1940 A 0 90
8
Como] guar 414
8912 927
8 75
76
___ 8912 Oct'33
Oct'33 ____
7412 79
19'5 J .1 685 NJ Junction RR guar bit 48.1986 F A
85
75
75
92 Nov'30 ____
100 111 & Iowa lot g 4s
1950 J 1 7912 85 83 Sept'33 __
r __
__
Ind & Louisville 184 go 4s 1956 1 J ____ 43
5478 NO dr NE 1st ref &'mot 435s A '52 1 J 5014 45 Sept'33 ____
27
63
58 Sept'33 ____
30
__70
Ind Union fly gen be ser A..1965 1 J 100 101 101
New Orleans Term let 48_ _ _1953 J 1 60
101
66 65 Oct'33 ____
Oct'33 _ _
85
49
75
Gen & ref 5s series It
N 0 Tex & Meg n-c Inc 56_1935 A 0 14
85 100
18
15
I
1965 1 J 100 ____ 100
100
1718 10
15
35
lot dr Grt Nor 1st 6s ser A_ _1952 1 J
1st 50 aeries 11
1814 5412
30 Bale 30
25
36
1954 A 0 18 Sale 18
2212 25
1612 3512
Adjustment 6s ser A_July 1952 A 0
1st 55 series C
15
2512 21
25
814
83 Bale
4
3
1956 F A
10
44
Oct'33 ___
164 36
let be series B
1956 J J 27 Sale 2612
50
1st 4 348 series D
19 Sale 187
8
16
25
29
19
1956 F A
2
182 36
4
16
4912
let g 55 series C
lot 534s series A
1956 J J
2712 Sale 2712
1954 A 0 21 Sale 21
287
8
9
22
46
17
3612
Int Rys Cent Amer 1st be B 1972 M N
52 Sale 5014
____ 9312 Aug'33 ___
53
3314 6512 N & C lodge gen guar 4 34s_1945 3 3 89
8
90
93,2
1st coil trust 6% g notes_1941 M N
5514 60
6118 NY B & M B let con g 58 1935 A 0 1014 Sale 10112 10112
60 Sept'33 __37
2
98 102
1st :len & ref 63-4s
4614 Sale 4614
1947 F A
55
25
4812 i7
Iowa Central tot gold 5s
N Y Cent RR cony deb 68._1935 51 N 83
863 8712
8
1938
89
92
10
46
1 D
33
4 938 4
Certificates of deposit
Consol 4s series A
2
10
753 763 763
4
4
8
Oct'33 _
7712 21
5712 8418
1998 F A
1
8
6
3
25
23
2
1st& ref g 48
Ref & Inapt 4%n series A 2013 A 0 59 Sale 5812
258 Sale
1951 M 8
344 74
6412 158
Ref & impt 5s series C _ _ _2013 A 0 64 Sale 63
69
39
80
224
James Frank & Clear lot 48 1959 1 D 8912 737 72 Sept'33 _
NY Cent & Hod Riv NI 3Sis 1997 J J 83 Sale 824
75
60
8
8312 81
6854 834
Kal A & 0 It 1st gu g 58
1938 3 J -------- 103 Mar'31 ___ _ -T,Registered
4
1997 1 3 ____ 793 77 Sept'33 ____
70
7712
Kan & M 1st gu g 48
76
75
1
60 --Debenture gold 48
1990 A 0 68
75
75
1934 M N 8612 Sale 861s
875 113
8
60
933
4
K C Ft S & NI fly ref g 4s 1936 A 0 37
30-year debenture 45
313 6112
42
4
39
8012
7912 7814
2
39
64
7812
2
1942 1 3 78
A 0 383 41
4
Certificates of deposit
5712
3814
32
3814
2
Ref at 1estDt 4 lie her A
2013- - 5814 Sale 5814
64
173
344 74
Kan city Sou 1st gold 3s__ _1950 A 0 62 Sale 61
6712
a48
Lake Shore coil gold 3;0_1098 .1 A 72 Sale 72
go
63
7414
77
60
16
Ref & inapt 58
1998 F A ____ 72
80
47
50
Registered
Apr 1950 J J 6712 Sale 67
6912 Sept'33 ___
72
68
71
Kansas City Term 1st 45_1960 1 1 9312 Sale 93
96
Mich Cent coil gold 335(1 1998 F A
83
70
73 8 714
3
943
4 93
73
78
5
65
Kentucky Central gold 48_ _1987 J 3 8912 ___ 9012
1998 F A _._ _ 7212 69 July'33 __
7414 03
Registered
6
91
57
69
__ __ ---_ N Y Chic &St L 1st g 48
Kentucky & Ind Term 4358_1961 1 . 65. 1
4
75 84 Aug'31 ____
4
1937 A 0 823 8412 833
85
68
915
4
i3;
Stamped
75
Refunding 534s aeries A 1974 A 0 46 Sale 46
57
1961 1 1 65
80
75 June'33 ___
14
52
67,2
32
______
Ref 4 348 series C
Plain
1961 1 1 70
4
83 Apr'30 _
1978 NI 5 393 Sale 3811
41
314
12
563
4
3 6% gold notes
-Fr
1935 A 0 43 Sale 4112
54 67
5112 92
58
93
8714 85
NY Connect 1st gu 414n A_1953 F A 994 Sale 994
go
Lake Erie dr West 1st g 55_1937 1 .1
Oct'33 __
997
87 100
13
24 gold 55
1st guar 55 series li
7812
55
1041 3 k 6014 80
6218 Oct'33
1953 F A --------10234 Sept'33 ___
89 1034
Lake S81'& Mich So g 34411_1997 1 11 87
N Y Erie 1st ext gold 4s 1947 al N 93
712 87
4
___ 863
95
4
21
9218 Oct'33 ____
87
86
934
N Y Greenw L gu g 5(1_1946 M N 53
Registered
7212 SO
80
84
80
1997 1 D . _ 1
76
63
63
2
512 65
4
7014 N Y dr Harlem gold 349_2000 M N 81
Lehigh & N Y 1st gu g 48_1945 NI 5 6E:1 sale 60
'
46
13
64
85 4 855 Sept'33 __
3
8
84
85
NY Lack & W ref 4155 B
Leh Val Harbor Term gu ba 1954 F A
4
793 90
2
8434 86
86
86
1973 AI N 89 --__ 98
Oct'33
85
96
594 87
Leh Val N Y lot gu g 4%8_1940 1 1 82
N Y & Long Branch gen 4s 1941 NI 5 --------76 June'33
85
4
83 85
_
76
78
Lehigh Val (Pa) cons a 48_2003 M N 43 Sale 43
N Y & N E Bost Term 4a
62
25
43
48
1939 A 0 ---- -.- - 95, July'29
2
. _
_
NY N II & II n-c deb 45
45
28
M N _ _ 58
Registered
45 June'33 ___
1947 M 8 ---65 85
45
70
Oct'33 ___3234 6412
Non-cony debenture 3145_1917 M 8 55
General cons 44.0
i
2003 M N ii Sale 44
63 65 Aug'33
4912
65
44
Non-cony debenture 3;50_1954 A 1
General cons be
51
4
2003 M N
__ 50
33
5512
5578 56 Sept'33 __ _
6812
44 a65
Leh V Term Ry 1st gu g 5s._1941 A 0 917 98
Non-cony debenture 4e. 1955 1 1 53 Sale 53
89 10018
8
9818
10
981g
45
57
71
15
1,ex & East lot 50-yr 5s gu_1965 A 0 97
Non-cone debenture 4s
79 10012
9934 9912 Oct'33 ____
1956 M N 50 Sale 50
71
45
5178
8
Little Miami gen 48 series A_196'. NI N 80 ____ 8112 Sept'33 ___
Cony debenture 334s
8112 8112
1956 / 1 - -__ 58
58
60
Oct'33 __
43
Long Dock coiasol g Os
Cony debenture 68
1948 .1 J 76 Sale 743
1935 A 0 100
9012 101
100
10012
i
4
80
9334
34
57
Long IslandRegistered
1 1 - --_ 90 Aug'33 ____
90
SO
4
General gold 48
9518 993
Collateral trust 68
9912
4
995
8
797
8 12
95
1910 A 0 74 Sale 74
1938 1 13 9912
59
Unified gold 4s
82 r9912
Debenture 4i
1957 M N 457 Sale 44
8
93
9212
10
1949 M S 9618
8
347 65
4914
16
let & ref 4 Sis ser of 1927 1967 1 D 59 Sale 5714
10112
7
Debenture gold 5s
4
1934 J D 1003 1017s 10034 Oct'33 ___9
7538
113
45
01
Harlem R & l't Chen 1st 48 1954 M N
20
90 100
-year p m deb be
5
9612
1937 M N 964 9812 9618
88
8214 9012
8812 18
89
8812
Guar ref gold Is
76
93
95
10
1949 M 151 9214 Sale 9214
57
Louisiana & Ark let 5.ser A.1969 J 3 43 Sale 3912
N Y 0& W ret g 48June
20
1992 NI 9 5934 Sale 5912
46
56
5018 67
603
4 38
Louis & Jeff Beige Co gd g 401945 M S 8312 Sale 8312
85
70
General 48
1955 1 1
50
8312
5212 51
1
53
611s
7
43
0814 104
NY Providence & Boston 49 1942 A ' 81
Louisville & Nashville 58_ _1937 M N 104 Sale 1037
1
104
18
8
95
85 Nov'32 ----------__ _ -- ..
NY & Putnam 1st con Cu 48_1993 A 0 7113 75
Unified gold 4s
8118 98
132
96
1940 1 / 95 Sale 95
rii
64
7412 Oct'33
N Y Sus(' & West lot ref 5
8_1837 .1 J 44
85
Registered
77
J 1 __ 95
50
82 Apr'33 _
4812
4812
5 2312 135
93
ii
6512 99
1st refund 534s series A2003 A 0 iii Sale 92
2d gold 4%s
1937 F h _ _ _ _ 70
4112 June'33
33
4118
1st & ref be series B
General gold 511
6318 9212
1940 F A
8
3512 Sale 3512
8912
3512
2003 A 0 881.1 9014 8814
;1
1612 52
let dr ref 444s series C
Terminal let gold 5s
5922 90
1943 M N 6912 98
2003 A 0 8334 Sale 8312
85
27
75
Oct'33 ___
64
75
87 1023 NY W Ches & II 1st ser 14 l.4s '46 1 1 4112 Sale 41
8
Gold Ss
1841 A 0 _ _ 101 101
2
101
4612 111
60
31
Paducah & Mem Div 48,_1946 F A ; 7
70
58
7 8 _ _ 65 June'33 __ _
St Louis Div 2d gold 3s._I980 M 8 012 tide 60
4
43
623 Nord fly ext sink fund 6 445 1950 A o 12418 Sale 120
7
60 12
12414 125
982 1277
4
8
Mob & Monts 1st g 4 448.1945 M 5 9312 _ _ 9312
*
9312 Norfolk South 1st & ref A 55.1961 F A
•
•
82
9312
4
*
South Ry Joint Monon 48_1952 J J
Certificates of deposit
73
40
r
50 - -12 72 Sept'33 ___
2
64
6
13 Aug'33
13
13
Norfolk ac So ith 1st gold 5.1_194151 -N
Atl Knoxv & din Div 4 _1955 M N 8718 Sale 8614
4
5_
921
76
11
23
25 Aug'33
8712
283
8
6
Sort & West RR 1Mpt&eIt fle '34 F A 10112 103 10112 Sept'33
_
101 1041 2
Mahon Coal RR 1st 3e
N & W fly 1st cons g 411_. _1996 A 0 983 Sale 9812
9514 10114
1931 3 1
4
4
_
- 1003 July'33 __
9911 119
015
87 10
Manila RR (South Linea) 48 1939 M N 'g
Registered
8
_ 94,8 J511'33 _ _ _
1966 A 0 __....
___ 493
4
493
4 -I a493 5414
941a 94,
8
1st ext 4s
DWI 1st lien & gen g 48...1944 J 8 100 8 Sale 10014
52
50
1959 M N 62 3 __77
51 July'33 ___
101
48
03,2 10104
Maoltoba SW Coloniza'n be 1934 1 0 0414 Sale a9418
Pocah C & C joint 48
1911 1 0 993 993 994
70 (MG
8
4
i
95
8912 100
993
4
6
Man CI B & N W let 3359 1941 .1 J
North Cent gen & ref 58 A__1974 11 8 96..,. 10012 Oct'33
50
50
47
____
Oct'33
60
50
99 10012
af ex Internal 1st 48 asstd
Geo & ref 4 442 set A
__
1977 NI 9
1974 M u 913 218 2 Sept'32 __
s 93 88
---85
Oct'33
88
Michigan Central Detroit & Bay
---- North Ohio let guar a 58_1945 A 0 383 Sala 3804
4
17
4518
8
4014
North Pacific prior lien 48_1997 0 1 854 Sale 834
City Air Line 48
9314 9514
1910 1 1 94
983 9514 Oct'33 __
8
857
8 55
73
8912
Jack Lane & Sag 3;58_1951 M 5 _ 79 May'26 ____ -7,Registered
Q 1
82 832 Aug'33 ____
4
8
745 F(5
let gold 334s
Gen lien ry & Id g 3a_Jan 2047(3 F 5912 Sale 58
--90
1952 M N
Oct'33 ____
79
851414 IS" 85
.
48
62
593
4 75
Ref dr impt 44411 ser C_1979 3 J 75
75
61
Registered
1
Jan 211470 F _.. _ 5472 5512 Jan'33 ____
75
75
80
55 2 5511
,
Mid of N J lot ext 50
6612
3
1940 A 0 6318 6812 6612
40
Ref & Inapt 444e series A..2047 3 1 76 Sala 69
753
4
50 x75,2
17
70
lot est 440(1880)1931 k H 6f)
8018 sale 78
Mil & Nor
Ref & impt 6a series B____2047 I 1
76
50
76 Sept'33 ____
9212
134
60
83
Cons ext 4545 (1884)
1934 J D 62 .20473 1 7212 80
68
Ref & impt 59 series C.
70
68 Sept'33 ___
77
7212
59,8 84
7412 18
Mil Spar & N W lot gu 48_1947 M 8 50
344 66
Ref & Inapt 3s series D _2047 3 1 6314 75
5111, 83
7412 14
7314
58
62 Sept'33 ____
Nor rty of Calif guar a 5a.._1938 A 0 ---- ____ 100 Sept'33 ____ 100 100
Fort St IT D Co let g 4 448_1811 J J
Ft W & Den C ist g 5448_1961 3 0
Frem Elk & Mo Val 1st 68_1933 A 0
a
r Cash sales
a Deferred delivery
z Optional sale Sept. 21 at 83. • Look unrle It-a of dar.,red Bond% on page 2955
New York Bond Record—Continued—Page 4
.
'3
BONDS
t3
N. T. STOCK EXCHANGE - h
4 cr.
Week Ended Oct. 20.
—
Pries
FridaY
Oct. 20.
Week's
Range or
Lass Sale.
4
g
w.a
Range
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 20.
:,.! a
'''.
4;4:
2953
Prize
Friday
Oct. 20.
Week's
Range or
Last Sale.
"
,1
re
High
Ask (.4111,
High No. taw
Bid
Ask Low
High No.
514 513
54
7
3812 5814 Southern Ry let cons g 5s__1994 J 3 86 Sale 845
8
8718 120
97
Nlar'32 ____
__
_
Registered
2 3 ---- 8518 85 July'33 ____
100 90 Aug'33 --_80
__- -90
Devel & gen 40 series A ___1958 A 0 5112 Sale 50
5412 295
91 Aug'33 ..
91
70
91
Devel & gen (is
1956 A 0 64 Sale 64
6712 62
Sale 9358
95
29
8418 98
Devel & gen 6358
1956 A 0 69 Sale 68
73
77
Sale 10412 105
19982 J 56
15
99 10712
Mem Div lot g 5s
74
80 Sept'33 ____
Sale 106
107
St Louis Div 1st g 4e
65
9 100 10712
1951 .1 J 60
6318
6318
1
Sale 874
146
75
90
East Tenn reorg lien g 58_1938 M S 80
89
91
91 Sept'33 ____
Mobile & Ohio coll tr 4s 1938 M S 4418 4912 50
Oct'33 ____
73% 93 8 Spokane Internet lot g 50 1955 J J
7
113 Sale 10
4
Pac RR of Mo let ext g 4s__1938 F A 85
9012 907 Oct'33 ____
8
113
4 17
Oct'33 _
75
26 extended gold 5s
91
88
90
Staten Island Ry lot 4158_1943 J D -------- 60 May'32 ____
1938 J .1 88
Paducah & Ills lot erg 4158_1955 J J ____ 9414 9414 Aug'33 ---93
9412 Sunbury & Lewiston let 40.19362 J 91 100
983
4 100
5
40 0612 123
Paris-Orleans RR ext 535s 1968 M S 119 Sale 118
120
51
4
36
52
Tenn Cent jet Ss A or B___1947 A 0 45 Sale 45
Paullsta Ry let ref 8 t 7s_ _1942 M S 51 Sale 51
48
4
90
1
71
9312 Term ASSLI of St L let g 4150 1939 A 0 10112_ 1017
Pa Ohio & Det let & ref 415s A '77 A 0 ____ 8958 90
8
1017
8
3
9504 1013
9912
5
Pennsylvania RR cons g 48.1943 M N 9912 Sale a9914
8
lot cons gold 58
1944 F A 10114 101 8 1O13
-7
4 1013
4
8
91 10117
90
1005
8 20
Gen refund of g 4s
885
8
Comm' gold 4s
1953 J J 88
90
1948 M N 10012 sale 100
18
7
90 10112 Texarkana & Ft 8 let 5355 A 1950 F A 77
82
76
48 8terl *And dollar May 1 1948 M N 10012 sale 10018 10112
Oct'33 ____
41
9412 105
Tex & NO con gold be
10432 J 65__ 65 Sept'33____
Consul sinking fund 4158_1960 F A 10114 Sale 10312 105
9112 103
7318 9478 Texas Ac Pac 1st gold 5s____2000 1 D 935 - - 4 933
8 9
53
4
957
8
8
General 4 sis series A
1965 .1 D 9114 Sale 89
993
4 86
78 10034
General bs series B
1968 J D 9912 Sale 98
2clinc5s(Mar'28cpon)Dec2000 Mar --------95 Mar'29 ____
105% 84
95 10538
5914
15-year secured 615s
Gen & ref 5s series B
1977 A 0 ____ 57
60
10
1936 F A 10418 Sale 104
94
94
73
98
1979 A 0 57 Sale 57
8
Gen & ref 58 series C
59
10
40-year secured gold be-__1964 MN 94 Sale 915
79
123
56
8614
Gen & ref 5s series D
5812 14
Deb g 4156
1980 J D 56 Sale 56
1978 A 0 784 Sale 7714
88
9012 Tex Pac-Mo Pac Ter 51.4s A 1964 NI 5 71
8658 80
80
71 Sept'33 ____
General 435s ser D
4
1901 A 0 85 Sale 833
72
Tol Az Ohio Cent let gu 5s__1935 J .1 9712 973 9712
4
973
4
Peoria & Eastern 1st cons 48_1940 A 0 ____ 6412 62
62%
5
30
2
4
9812 Sept'33 --__
13 1612
Western Div let g 58____1935 A 0 9212 95
Income 4s
63
4 16
53
4
April 1990 Apr
512 9
Oct'33 ____
693 903
4
4
8
8
Peoria & Pekin Un 1st 5148__1974 F A 88
904 88
General gold 5s
1935 1 D 835 915 92 Aug'33 -___
Oct'33 ____
2804 76
Tol St L & W 50-year g 4s.....1950 A 0 623 667 67
Pere Marquette 1st ser A 50.19592 J 63 Sale 62 8
7
63% 30
4
8
Tol WV Ac 0 gu 45 ser C____1942 M 5 8858.. 9618 Apr'31 ____
52
5212 31
28
63
__
let 4s series B
1958 J J ___ 55
1st g 4145 series C
5418
7
28
6812 Toronto Ham & Buff let g 4s 1946 J D 75
89
80 Feb'33 _-__
8
1980 M 8 ____ 527 54
10114 11
al 10114 Union Pac RR 1st & Id gr 45 19472 J 1005 Sale 997
8
101
260
8
Phila Bait & Wash let g 411_1943 MN 100 10114 100
98
5
General 58 series B
10114
5
J J 98 Sale 9112
93 10212
Registered
4
1974 F A 101 1023 101
8
9212 45
let lien & ref 48
9312 Oct'33 ____
81
96
General g 4358 series C._1977 J J 9214 101
June 2008 M El 9212 Sale 915
243
4 36
4
92
85
Philippine Ry let 30-yr s f48 '37 J J 2114 Sale 2014
19
353
8
Gold 4155
10672 .1 9112 Sale 903
2
let lien & ref 5s
10514
June 2008 NI 13 10558 10612 10514
PC C & St L gu 415e A__ __1940 A 0 102
102
11 09304 1023
1968 1 D 5414 Sale 823
4
8414 123
____ 102
4
40
-year gold 48
Series 13 4158 guar
94 1025 U NJ RR & Can gen 4s____1944 M 8 10012 101 10012 10012
8
3
1942 A 0 10214 --- 10212 Oct'33 ____
993 10212 Vandalla cons g 40 series A__1955 F A 94
4
Series C 4348 guar
____ 85 APr'33 ____
1942 MN 10212 __-- 10212 Sept'33 ____
Beiges D 4s guar
1957 NI N 94
_ _ 85 June'33 ____
9812 Sept'33 ____ a9418 9858
Cons silo series II
1945 NI N OS
Series E 4 349 guar gold___1949 F A 9012 __ 8912 Aug'33 ___218 Sept'33 ____
8912 8912 Vera Cruz & P asst 415s
15
8 18
5
1933 J 1
Series F 48 guar gold
1953 1 D 98
____ 9718 Aug'33 --__
9618 97 8 Virginia Midland gen 5e____1936 MN 985 102
,
8
98%
985
8
3
Series G 4s guar
92
9212 Vs. & Southwest let gu 5s__2003 3 J ____ 80
1957 MN 98 ____ 92 May'33 _-__
76 Sept'33 ____
1958 A 0 ____ 66
Series II cons guar 4e_ _ _ _1960 F A 98---- 9618 Sept'33 ____
91318 9314
let cons 55
6812
2
67
91% 103
Series I COM guar 435s_ _1963 F A 10118 10212 10212 Oct'33 ____
4
4 10012 51
Virginian fly let 5e series A_1962 M N 993 Sale 993
9412 10212
Series J cons guar 4 qs___1964 MN 1011
Oct'33 ____
let mtge 435s series B
4
- 102
1962 MN ---- 953 9314 Oct'33 ___General M Ss series A ___ _1970 1 D ____ 9 7 9418 • 9612 33
76 10018
4-- 8
Gen mtge guar 6 ser B__1975 A 0 9412 9514 9412
4
95 2
,
7
7612 993 Wabash RR lot gold 5s
69
66
67
12
1939 M N 66
Gen 435s series C
24 gold 5g
89
8
69
93
52
18
1939 F A 50 Sale 50
1977 J .1 8618 884 8812
Pitts McK & Y 26 gu 6s____1934 J 1 10014 --__ 101 Sept'33 ____
9958 101 14
Deb 68 series B registered 1939 J .1 ____
_ 9818 May'29 __
PRO Sh & L E let g 58
101 ilen 50-year g term 4s_1954 .1 J ____ --- 3712 Apr'33 ____
7312
4
1940 A 0 10014 _--- 1003 Sept'33 ____ 100 102
let conaol gold bs
Der & Chic Ext lot 5s. _ _1941 J J '7018 98% 7212 Oct'33 ____
__ 100 Nlar'33 ____ 100 100%
1943 J 1
Pitts VS at Char lot 4e
Des Moines Div lot g 411_1939 J J 55 Sale 55
94
55 I
2
94 Mar'33 ....l 94
94
97
1943 M N 95-Pivs & W Va let 44s ser A_1953 J D ---_ 6212 63 Sept'33 .....I 30
6978
Omaha Div let g 335e____1941 A 0 38
38
46
39 i
8
1st M 415s series Ii
8
6212
623
4
4
30
685
Toledo & Chic Div g 48..1941 M 8 5518 ---- 56 Atig 33,---64
.
1958 A 0 61
lot NI 415s series C
7012 Wabash Ry ref & gen 5350 A 1975 M 8 138 Sale 137o
16141 28
63 8
,
30
6
1960 A 0 6012 Sale 60
Pitts Y & Ash let 4s ser A 1948 I D 9214
05
95
Ret&gen 5e(Feb.32 coup)B '78 F A
1312 Sale 1312
1712 24
-- 95 Aug'33 ____
let gen 53 series 11
Ref & gen 4158 series C___1978 A 0 14 Sale 13
1718 130
___ 105 Sept'33 ____ 105 105
1962 F A 95
Providence Secur deb 4s
___
Ref & gen 58 series D
1980 A 0 1314 Sale 1314
17 I 31
1957 M N 35
____ 7158 July'31 ____ __ _
Providence Term lot 4o....1958 PA 8 82
Warren 1st ref gu g
80 SO
_
2000 F A --------50 Feb'33 _-__
_--- 80 June'33 ____
Washington Cent lot gold 4s 1948 Q IN 60'o-. _ 52 Feb'33 ____
3353Reading Co Jersey Cen coil 48'51 4 0 65
- 89
845
8 10
66
9018 Wash Term tat gu 335s
1945 F A 92
93
Oct'33 ____
84
85
Gen Ac ref 414s miles A___1997 1 J 895 Sale 8912
let 40-year guar 45
7534 95
9012 89
1945 F A ____ ___ 97 July'33 ____
8
Gen & ref 415s series B___1997 3
78
95
Western Maryland lot 4s
Oct'33 ____
1952 A 0 6934 Sale 6714
694 74
___ --- 92
Rensselaer & Saratoga 68___1941 M N 95
Oct'30 ____
____
_
lst & ref 5358 series A....1977 J J 72
77
77
79
10
___ 113
J38 __40
West N Y & Pa let g 58____1937 1 J 103 Sale 103
Rich & Merch lot g 48
1948 NI N 50
103
____ 40 July'33 ____
14
Richm Term Ry lot gu 50_1952 3 J 101
General gold 4a
9712 9912
1943 A 0 86
83 8712
__- _ 9912 June'33 _-__
87'2
4
Rio Grande June 101 00 513_1939 J D 85
63
85
Western Pac let 5s ser A_ 1946 M 8 3412 Sale 34
____ 83 Sept'33 ____
38
54
Rio Grande Sou let gold 48_1949 J J
114 114 West Shore lot 45 guar
2361 J J 8218 Sale 813
4
8214 41
04 __ —
114 Oct'33 _-__
Guar 49 (Jan 1022 coupon) '40 3 J
1
314
Registered
212 5
314 July'33 ____
2361 1 J 7418 76
75
Oct'33 ____
Rio Grande West let gold 459393 J 74 Sale 72
Wheel & I. E ref 445 eel' A_1966 NI S 82
85
82
87
75
12
55
83
6
let con & coil trust 4s A__1949 A 0 543 Sale 5418
60
50
Refunding 5s series B
1966 NI S --------8218 Oct'33 ____
2512 6418
RI Ark & Louis 1st 4358_1934 M 8 1412 Sale 14
1611 49
RR lot consol 48
14
387
8
1949 M S 8714 90
88
90
32
Rut-Canada 1st gu g 48
Oct'33 _ _
1942 J D 36 Sale 36
49
19 9 J 1 5014 54
,
3558 5712 Wilk & East let gu g 53
1
36
Rutland lot con 4158
Will & SF let gold 58
64
_ 83 Sept'33 ____
5712 Oct'33 _
1938 3 D ____
1941 J J
57
62
39
Winston-Salem S B let 45_1960 1 1 8214 --- 8 8514 Oct'33 ____
897
St Jos & Grand Isl 1st 45_1947 1 J 893 Sale 89
897
8
Wis Cent 50-yr let gen 40..1949 J J
1014 15
5
93
1518 Oct'33 ____
4
70
8t Lawr & Adr 1st g 58
814 10
1996 J J 60
sup & Dul div & term 1st 4836 M N
918
75
10
6414
64 4
,
64
64%
7
1
26 gold (is
Wor & Conn East lot 415s_ _1943 .1 J --------8514 Sept'31 ____
68
70
1996 A 0 ____ 80
70 June'33 ___
St Louis Iron Mt & Southern—
Riv & G Div big 4s__ _ _1933 MN
•
INDUSTRIALS.
•
*
St L Pam & N W lot gti 58_1948 J J 54
•
Abitibi Power & Paper 1st 5s 1953 3 D
Oct'33 ____
'
60
59
281 65
St L-San Fran pr lien 4s A 1950 J 3 14 Sale 13%
16
95
3012 Abraham & Straus deb 5158_1943
8
Certificates of deposit..____ .___
A 0 97 Sale 9618
With warrants
97
16
16
811 30
1318 Sale 1318
70
Prior lien 58 series II _ __..1950 1 1 143 Sale 1434
Adams Express coil tr g 48_1948 M 8 66
6514
17
69
6514
1
19
33
4
10
Certificates of depoelt
16
16
8
934 304 Adriatic Else Co en! 7s._ _ _1952 A 0 95 1027 9912 10018 24
16
o
Con NI 435s series A _____ 1978 M 8 1112 Sale 1112
51
3
1512 147
a63 2912 Albany Perfor Wrap Pap 68_1948 A () 5212 53 53
8
Certifs or deposit stamped_
614 2612 Allegany Corp coil tr 5e____1944 F A 5312 Sale 52
59
_
15
122
98
113 Sale 1112
4
St L S W let g 48 bond ctfe_1989 MN 60
Coll & cone be
1949 .1 D 4212 Sale 4112
4912 71
_6212 6312 Oct'33 ____
49
7212
28 g 4s Inc bond Ws Nov_ 1989 1 J 41
Coll & cony 58
4714 Sept'33 ____
1950 A 0 2714 Sale 2414
32
348
46
3358 5314
let terminal At unIfying 58_1952 J J 55 Sale 51
28
5512 22
19
6714 Allis-Chalmers Mfg deb 58_1937 M N 86 Sale 8312
86
Gen & ref g be ser A
1990 J J 4412 Sale 44
56
56
Oct'33 --_
46
14
12
Alpine-Nlontan Steel let 78..1955 M 5 5514 57
Bid
Og & L Cham let gu g 4e___1948 J .1 31
Ohio Connecting Ry lot 48,194358 S 89
Ohio River RR let g bs____1936 J D 8514
General gold 58
1937 A 0 85
Oregon RR & Nay corn g 48_1946 J D 94
Ore Short Line let cons g 58_19/6 .1 .1 105
Guar stud cons 55
1946 J J 106
8
Ore-Wash RR & Nay 4s__1961 J J 877
St Paul & K C Sh L 1st 410_1941 F A
St P & Duluth let con g 48_1968 1 D
St Paul E Or Trk lot 4 30_1947 1 J
St Paul Minn & Manitoba—
Cons M 53 ext to July 1 1943._
_
Mont ext lot gold 4s
1937 3 D
__Pacific ext go 48 (sterling)_1946 J „I
St Paul Un Dep let & ref 58_1972 1 J
8 A & Ar Pass lot gu g 4s_ _ _1943 1 J
Santa Fe Ores & Phen let 59_1942 NI 5
Sac Fla & West 1st g 6s____193 I A 0
lot gold be
1931 A 0
Scioto V & N E let gu 4s
1939 M N
Seaboard Air Line let g 48-1950 A 0
Gold 4s stamped
1950 A 0
Cerrito of deposit stamped__ A 0
Adjustment So
Oct 1919 F A
Refunding 4s
1959 A 0
Certificates of deposit ____ _ _ _
lot & eons 613 series A _
1915 NI S
Certificates of deposit
All & ilirm 30-yr Isle 4s__1933 M 6
Seaboard All Fla let Oil 65 A 1935
Certificates of deposit
A 0
Series B
1935
Certificates of deposit
F A
So & No Ala cons gu g 5s_ _ _1939 F A
Gen cons guar 50
-year 58.1963 A 0
So Pac coll 48(Cent Par coll) _'49 J D
let 4 34s (Oregon Lines) A 1977 M 8
20
-year cony 58
1934 J D
Gold 44°
1968 M 8
Gold 435s with warrants_ _1969 M N
Gold 4148
1981 m N
San Fran Term let 4s_ _1950 A 0
Ho Pac of Cal 1st con 911 e-68 1937 M N
So Pac Coast 1s1 gu g 4e____1937 J J
So Pac RR lot ref 45
1955 J J
Stamped (Federal tax)._ _1955 1 J
2814 Sale
7514 90
45
53
99
91
icili4
Sale
9458
8912
Sale
28
3013 12
75 June'33 ____
50
50
1
90
9812
99
92
Oct'33 ____
88
88
1
1023
4 1021
1
63 Sale 6234
6412 38
9618 101 100
Oct'33 ____
10058 ---- 10058 Oct'33 --__
100
_.100
Oct'33 ..-1
70
_. 97
97
*
•
5*
15
1014 15
Oct'33 ____
4
4 12 4
412 18
*
6
7
6
Oct'33 ____
7 Sale
812 109
7
8
31
63
4 8
6%
0
3
43
4
3
31 t
7
4 Sept'33
1015 ____ al0012 Oct'33
8
94
75
___ 94
5812 Sale 57
595
69
6712 Sale 6714
8512
Sale 85
S512
5712
5212 Sale 5212
57
52 2 Sale 52
,
53 Sale 52
57
80 Sale Ws
4
90,
4
1023 ___ 10212 Sept'33
4
95
0514 ____ 95
7312 Sale 7112
7312
--------9212 Nlay'30
5
__
1
96
39
22
39
166
256
87
____
1
127
____
6212 Amer Beet Sug cony deb 66_1935 F A
8012 American Chain deb a t 65.1933 A 0
5-yr 1st mtge is
1938 k 0
53
Amer Cyanamid deb 5s_1942 A 0
9712 100
Am & Foreign Pow deb 50_2030 M S
75
96
American Ice 8 I deb 58._1953 J D
70
9018 Amer 10 Chem cone 5356_1949 MN
Am Internet Corp cony 535s 1949 J J
89 104
Amer Mach & Fdy of 6s____1939 A 0
54
8012 Amer Metal 54% notes____1934 A 0
82 100
Am Sm & R lot 30-yr baser A '47 A 0
95 10012 Amer sug Ref 5-year 8e_._1937 1 J
94 100
Am Telep dr Teleg cony 4o..1936 M 8
90
98
30
-year coil tr bs
1916 J 0
•
35
-year of deb 55
1960 3 J
20
-year a t 534s
•
1943 MN
3
Cony deb 415E1
2314
19392 3
12 113
Debenture 55
4
1965 F A
*
Am Type Found deb 6a_ _ _ _1940 A 0
2
1412 Am Wat Wks & El coil tr 58.1934 A 0
23 1712
4
Deb 060 series A
1975 M N
13 18
4
•
Am Writing Paper 1st g 65__1947 1 J
Anglo-Chilean Nitrate 70_..l915 M N
1
93 Ark & Mom Bridge & Ter 56_1964 M s
4
Armour & CO (III) lot 435s_ _1939 J D
1
712 Armour & Cool Del b 35s_ _ _1943 .1 J
9912 102
Armstrong Cork cony deb 58_1940 J D
75
96
Associated 011 8% g notes_ _1935 M 5
40
71
Atlanta Gas L 181 58
1947 3 D
53
80
Atl Gulf & W 1 SS colt tr 5a 1959 3 3
8714 9312 Atlantic Refining deb Ss__ _1937 J 1
3814 74
Baldwin Loco Works 1st 58_1940 M N
3714 7412 Batavlan Petr guar deb 440-1912 J J
36% 7212 Belding-Heminway Ss
1936 J J
570 4 95
3
Bell Telep of Pa Ss series 11_ _1948 1 J
9718 10212
let & ref be series C
11160 A 0
95 95
Beneficial Indus Loan deb tie 1946 M 8
60
84
Berlin City Else Co der" ti 35s 1951 J 0
____ ____
Deb sinking fund 81 5s___ _1959 F A
.
Debenture ds
1955 A 0
Berlin Etec El & Underg 6401956 A 0
Beth Steel let & ref 5s guar A '42 M N
•
3
G-Irear Pm & ImPt of 58_1936 J 1
28
70
45
r Cash sales. a Deferred delivery. • Look under list of Matured Bonds on page 2055
72
79
75
76
2
.
*
----- 60
6014
6
88
92
90
Oct'33 ____
3612 Sale 3518
4112 257
7112 12
6912 7112 6912
8512 Sale 85
87
133
7212 Sale 72
7312 29
10518 ___ 105
Oct'33 ____
97 Sale 9614
9912 345
997 Sale 9914
8
10014 122
1043o Sale 10414
1045
8 24
10318 Sale 10212 10318 13
1063 Sale 106
4
1063
4 77
10518 Sale 1043
4 10512 181
1075 111
8
10758 Sale 107
45
111 Sale 111
113
10514 Sale 1043
4
1053o 277
3014 Sale 3014
33
8
967 Sale 96%
8
9712 111
69% Sale 694
10
70
Range
Since
Jan. 1.
Low
High
55
9618
5812 85
17
643
4
20
85
907 90
8
40
8114
36
76
60
91
20
665
8
10
30
__
983 100
4
25
96
9112
68
59
60
85%
58
10211
103
9112
86%
65
10012
___
____4212 75
4314 7638
43
75
50
73
86
9734
80
98,
2
73
93
44
71
80
____-- _803
4
903 1017
8
a9112 9918
a78
9312
a75
95
95 10714
a693 08912
96 10112
85 85
85
85
158 5
80
993
4
60
85
3612 70
81 10112
78
9414
43
85
33
70
____
_ _
3712 - 3712
62
76
35
51
2712 47
41
56
4
I
53 32
512 32
'
4
3212
458 32
50
50
13515813515852
9281
87
9212 97
63
74
52
8412
9914 10318
7938 93
2012 58
67
8511
04 4 SO
,
65
84
6212 8218
70- 91
183 45
4
85
87
763 92
4
8% 2714
2112
8
____ __ __
•
80
5312
92
2412
2511
a1912
5
65
50
99
73
114,2
5612
69
60
49
9412
62
28 4 85
,
•
60
6014
7012 943
4
2358 5812
52
72
64
89
Oil 8658
l0214 106
60
993
4
78 10014
10258 10612
a9612f105
WO 10711
93 1071
!
9912 109 2
,
99 119
92% 10714
30
67
74% 9814
89%
49
477 Oct'33 ____ 02114 5618
218 1418
43
4
43
4 11
79 Sept'33 ____
78, 85
8
8712 Sale 8712
77
923
4
8912 80
8018 Sale 80
7118 90
84
91
90 Sale 90
9412
9312 52
85
10314 Sale 10314
10412 22 10113 10458
9612 ____ 983 Feb'33 ____
4
983 983
4
52 Sale 52
68
55
17
35
10412 Sale 10312 10412 31
97 104%
10014 Sale 10014
7918 104
3
1007s
10014 _ _ 987
9014 102,
8
8
10118 14
98 101)8 98
-3
Oct'33 ---_
83
9813
107 Sale 10612 10714 17 101 111
1073 1033 108
4
8
10858 37 10013 11158
91 Sale 8914
91
31
75
9312
3718 Sale 37
43
56
33
AP:
37 Sale 3618
32
4118 71
6911
3618 Sale 368
2818 6412
3914 81
36% 384 34
102 au
63%
38
100 Sale 100
71 104%
10112 29
9918 Sale I 985
79 10012
8
9912 65
35
40
43 Sale
4
New York Bond Record -Continued-Page 5
2954
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 20.
r.
..2
ut
.l., a.
-
Price
Frtdae
Oct. 20.
Week',
Range or
Last Sale.
....
a3
n'i
Range
34, 8
,
4
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 20.
17
:.>.
fIrr
..9 z,
Oct. 21 1933
Price
Friday
Oct. 20.
Week',
Range or
Last Sale.
"7,
,i., S
3
ii c'
Range
Since
Jan. 1.
Rid
Ask row
High No tow
High
High
41 18 75
25
29
61
Hansa SS Lines 6s with warr _1939 A 0 41 Sale 367
6112 a5914 a6014 10
59
2712 Harpen Mining 6s with warr_1949 .2 J
39
7212
2612
2612 Sale 2612
6
2012 Havana Elec consol g 55. _1952 F A
18
4014
8
612 1212 65
5
314 15
68
Bob 5445 series of 1926_1951 M 3
•
•
41 Hoe(R)& Co lot 614s ser A_I934 A 0
•
4
___
4012 18
4
•
373 397 39
Holland-Amer Line (is (flat).1947 M N
177 4012
8
6612 26
38
73
6512 76
____
Houston 011 sink fund 548_1940 M N 65 Sale 65
34
45
2712 64
5
Hudson Coal lots f 58 ser A_1962 J D 42 Sale 40
16 100 i 108
10612 105
105%
3 1013 108 4
19 100 108
Hudson Co Gas lot g Os
1949 M N 105
8
,
18 1001s 10412
8414 96
198
Humble Oil& Refining 5s__ _1937 A 0 1035 Sale 10312 104
57
60
____
4 10712 38 100 8 1077
____
___ Illinois Bell Telephone 5s
____
1956 .1 D 10712 Sale 1063
,
8
19
95 105 8
Illinois Steel deb 44e
7212 87
38
,
1940 A 0 10412 Sale 10412 10514
3914 48
37 Sale 36%
ilseder Steel Corp mtge 65..1948 F A
7 10134 112
263 5812
4
1 1043 11718 Ind Nat Gas& 011 ref 5s
4
9478 974
1936 M N --------947 June'33
86
36
____ 158 158
66
90
Inland Steel bit 434*
1978 A 0 8314 Sale 84
85
31
let M o 1 44s ser B
93 105
40
65
90
1981 F A 8312 Sale 83
6412 160
47
70
977 r107% Interboro Rap Tran lot 58_1966 J .1 6112 Sale 6112
12
•
•
1932 A 0
9712 106 2
12
10
-year 6s
,
3012
1
2512
14
2512
26
21
____
1
Certificates of deposit_
397g 6712
•
14
•
-year cony 7% notes_1932 M 3
5
10
3314
68
6218 6612 a64
19
52
7314
19
6
Certificates of deposit ___ - _
6412
50
52
56
5
32
70
37
747 Interlake Iron 1st 55 B
8
5
1951 MN 50
Int Agric Corp let dr coll tr 54
62
64% 62
3812 65
1
4 100 10634
Stamped extended to 1942_ _ _ MN 61
Cal0& E Cori) unf & re:31-1937 MN 10512 ____ 10412 105
80
84
24 050
623 9212 Int Cement cone deb 55_ _1(4- 8 M N 75 Sale 75
4
91
4
13
Cal Pack cony deb 5s
1940.1 J 8918 Sale 8918
067
8 17 081 a9712 Intermat Hydro El deb 135
2414 59
4
46
151
0612 03 00
1944 A 0 41 Sale 4018
Cal Petroleum cony deb s t 5s '39 F A
513
4 15 a2912 5812
1941 A 0 5012 Sale 5018
14 a83 10018 Inter Mere Marines I (is
Cony deb Is f g 54s
1938 NI N 9912 Sale 9912 100
68
29
58
39
Internet Paper 5a war A dr B_1947 J J 5412 Sale 5412
Camaguey Sugar Ws of deposit
312 438 334
367
8 70
4
49
33
4
10
2
Ref s f Os series A
1955 M fil 333 Sale 333
4 1314
for 1st 75
1942 44
103 27
2
8
1612
197
4
1712 55
Int Telep & Teleg deb g 44181952 1 J 38 Sale 37
Canada SS L lot & gen 68 1941 A 0 1614 1812 163
1639 J J 453 Sale 44
4912 290
10612
2018 67
3 10014 108
Cone deb 434s
Cent Dist Tel 1st 30-yr 513_1943 J D 10612 Sale 10614
1955 F A 4112 Sale 40
46
__ 100 107
213
18
593
4
Debs 58
Cent Hudson G d4 E 5s_Jan 1957 NI S 10514 10512 10412 Oct'33
86
75
92%
19
48
75
537
52 Sale 51
Invest'ore Equity deb be A 1917 J D 86 Sale 85
52
Cent III Elec dr Gas let 5E4_1951 F A
9012 85
104
80
92
9
86
7012 105
Deb 58 ser B with warr_1948 A 0 86
1
1941 M N 1028 104 104
Central Steel 1st got 85_
5712
87
26
4614 54
2
Without warrants
1948 A 0 87 Sale 87
75
925s
Certain-teed Prod 54e A__ _1948 M 8 43 Sale 43
6312 110
9812 976
Chesap Corp cone Os Slay 15 '47 M N 9614 Sale 95
Oct'33
9612 105
97 1057 K C Pow & Lt lat 44s rier B_1957 I J 103 104 103
8
Ch G 1. & Coke 1st gu g 551937.3 J 10212 103 10212 10234 15
10312 43
1501 F A 1023 Sale 10214
96 1053
4
lot M 4345
4
Chicago Railways 1st 55 stpd
813
4
95
833
4 12
•
•
72
Kansas Gas & Electric 4345.1980.2 D 8112 83
*
•
F A
Aug. 1193325% part. pd
g
157 Sale 157
8
16
3734
4
163
4 23
35
133 4114
5512 Karstadt (Rudolph) 1st 68_1943 SI N
Childs Co deb fs
1943 A 0 3312 Sale 3312
___
15
14 Sale 14
5112
16
.1
13
27
5812 94
1834
713
Certificates of deposit
.1 463 51
Chile Copper Co deb bs
1947 J '
46
2912 61
32
90 100
95 8 38
,
Keith(B.F,) Corp. 1st 68-1946 M 13 44 Sale 44
Cln 0 & E lot M 45 A
1968 A 0 9412 Sale 9412
44
48
49
6
38
38
32 641 2
Kelly-Springfleld Tire 65___1942 A 0 44
Clearfield Bit Coal lot 4s__ _1940 J , J 45 __ 38 Apr'33 ____
79
4
751
-_ _ ____ _ __
55
_ Kendall Co 534s with warr__1948 M S 7518 Sale 74
Small series B
1940 1 J 45 ____ ____
4
70
8438 75
48 a32 70
71
1938 J J 6712 Sale 67
Keystone Telep Co lst 5s_ _ _1935 J J a69 Sale a69
Colon 011 cony deb (is
3814
101 108
331 6818 Kings County El L & P 55_1937 A 0 10514 Sale 10514 Sept'33 _
14
37 Sale 36
A
Colo Fuel & Ir Co gen of 55_1943 F
1997 A 0 103 133 103 Sept'33
115% 135
19
59
Purchase money So
2238 38
Col Indus let & coil Os gu
1934 F A r2I Sale 19
7338 Sale 7214
72 Sale 72
6812 7712
66
893 Kings County Elev let g 4s 1949 F A
8
57
76
Columbia G & E deb 5s Slay 1952 M N
99 10538
Kings Co Lighting lot 58..,.....1954 I 1 104 106 10418 Sept'33 ____
6812 89
9
7512
Debenture Os
Apr 15 1952 A 0 74% Sale 7418
110 11411
1954.3 .1 107. 11018 Sept'33
6812 877
*
68
74
First and ref 6343
Debenture 5s
Jan 15 1961 1 J 73 Sale 7214
84 alp° Kinney(GR)& Co 74% notes'36 J D
90
87
98
75 814 90 Aug'33 -_-_
a42
Oct'33 ___
Columbus RY P&L let 4 Me 1957 J .1 75
72% ji
3114 83%
70 3 Sale 09
3
2
1936 .1 D
97 108
Secured cony g 54s
Kre4ge Found'n Coll tr 6s
1942 A 0 10012 102 10012 10012
Kreuger & Toll class A cite of deo
1212 61
10118
10
1959 M 5 1138 Sale 118
97 10314
183
4
for see e 1 g be
6
Commercial Crean of Os A.._1934 M N 10118 1018 10118
,
98 101 8
1
Coll trot 54% notes
1935 J J 10118 ____ 10112 10112
9814
1
75 1014
10312 45
953 1047 Lackawanna Steel 1st 58 A1950 M S 9814 Sale 9814
4
8
Comm', Invest Tr deb 548_1049 F A 103% Sale 103
19
89
794 9714
1934 A 0 8614 Sale 86
,
3 104 108 8 Laclede G-L ref & ext 5s
1057
8
Computing-Tab-flee s f 68. 1941 .1 1 1057 Sale 1057
55 Sale 55
563
1953 F A
Conn By & List & ref g 434.1951 J .1 9838 102 101 Aug'33 ____
70
4 21
95 1014
48
Coll & ref 54s series C
557
5614
7
513 55
4
1960 F A
9912 Oct'33 _
4878 69
95 102
100 102
Coll & ref 5345 series D
Stamped guar 434e
1951 1 J
534 5
5
8
Lautaro Nitrate Co Ltd 6s .1954 I 1
212 147
Consollciated Hydro-Elee Works
531 47
88
Oct'33
89
39
7712 91 12
Lehigh C & Nay of 434o A.. _1954 .1 J 86
30 2 O6
,
II
of Upper Wuertemberg 78.1956 1 J 37 Sale 37
897 897 Sept'33 -_-__
8
78
91
8
1514
Cons sink fund 4 iie eer C_1954 1 J 86
618 3012
5
Cons Coal of Md let & ref 58.1950 J 13 1514 Sale 147
s
76
76
45
76
7014 76
9812 10714 Lehk:h Val. Coal Ist &ref sr 53'44 F A
Consol Gas(NY)deb 548-1945 F A 10414 Sale 10418
10512 102
2
1954 F A ____ 4134 4112 Oct'33 __
20
55
lot & ret s f 5s
874 1017
8
96
Debenture 44e
99
1951 1 D 95 8 Sale 9438
42 Sept'33
30
38
1964 F A
1612 55
let dr ref et 5s
93 10512
96
3
Debenture 5s
1957 1 J 10114 Sale 100 4 102
5
34
34 Sale 34
1974 F A
22
50
lot & ref 51 5*
97 1053
4
Consumers Gas of Chic gu be 1936 J 13 10012 10114 1003
15
4 101
97 107
57
80
Oct'33
10512 18
Secured 6% gold notes_ _ _1938 1 .1 7914 85 80
Consumers Power 1st 58 C 1952 M N 10412 Sale 104
25 1177 12812
125
8
35
7614 Liggett & Myers Tobacco 78_1944 A 0 125 Sale 12314
6
69
70
Container Corp lot S.
71
1946 1 D 69
4 110
1901 F A 110 Sale 1093
15
-year deb 58 with warr_1943 1 D 5012 Sale 50
11 102 110,
58
27
55
104 6312
2
1941 A 0 85 Sale 843
7312 7518 75
89
8
8014 Loew's Inc deb a f 6s
6 a65
Copenhagen Telep 53
85
75
48
-Feb 15 1954 F A
14
16
89
1952 J 17 8812 Sale 88
Corn Prod Refg 1st 25-yr if Os'34 191 N 102 1027 102
74% 901g
8
10 10012 10412 Lombard Elec 7s ser A
102
Crown Cork & Seal et 6a
4 al0212 120
118
1944 A 0 118 Sale 1173
79 10012 Lorillard (P) Co deb 78
10012 13
1947 J 0 10018 Sale 1004
1003
11151 F A 10012 Sale 10014
Crown Williamette PaDer 68_1951 1 J 78 Sale 777
4 3s
90 10538
5
8
38
6
78
5
8
9812 Sale 98% 100
94% 10812
Crown Zellerbach deb Sow w 1940 M S a65 Sale a65
36
7514 Louisville Gas dr El(KY) 58_1952 NI N
38
11
68
49
53
523 53
8
Lower Austria Hydro El 134s '44 F A
Cuban Cane Prod deb 6s._ 1950 J J
42
Oct'33 ____
•
•
Climb T & T let & gen 5s
8 100 107
1055
8
1937 1 J 105 10618 10514
McCrory Stores Corp deb 534s'41
5
5614 36
4612 61
Proof of claim filed by owner_ r - - 56 Sale 55
94 10212
3
10114
Del Power & Light 4•4 448_1971 J '..1 10114 Sale 10114
893 99
4
231i 6512
5612 Sale 5618
McKesson & Robbins deb 548'50 MIN
lot & ref 44.
132
58
97 Sept'33 ___
96
1964 1 .1 95
•
•
•
9512 10218 Manati Sugar lots t 748_1942 A 0
let mortgage 445
1969 1 J 94 10114 10114 Oct'33 _ _
Certificates of deposit
15 Aug'333 5 3
11
1014 21
Den Gat1 .4 El List dc ref s 1 bs 51 M N 9314 Sale 92
95
88 100
li
•
•
Stamped Oct 1931 coupon 1942 A 0
*
4
88 r963
11
Stamped as to Peoria tax_1951 M N 9314 9912 92
95
Certificates of deposit
85% 104
3
2712
2712 July'33
-_--,
9912 47
Detroit Edison be ser A
1949 A 0 9912 Sale 98
314 14
Manhat Rs(N Y)cone g 48_1990 A 0 3714 Sale 3714
86% 103
29
4112
27
Gen & ref 58 serles B
4318 6
99
1955 1 13 99 Sale 9812
Certificates of deposit-- __-,, 3612 Sale 3612
5
3612
223 4012
8
8418 10312
9
Gen & ref Os series C
.
9912
984
99
1962 I' A 98
0 3012 Sale 3012
2013 .1 20 4s
75 100
17% 34
Gen & ref 44s serles D._1981 F A
4
3012
9314 29
927 Sale 9112
8
Manila Elec RR & Lt s t 5s_ _1953 M S 72
90
943 Sept'33 ____
4
84 103
993
Gen & ref be settee E
87% 94 4
3
4 45
9812
1952 A 0 9838 100
Mtrs Tr Co etre of partic in
4
703 99
Dodge Bros cone deb 6s
977 104
1940 M N 964 Sale 963
Al Namm & Son let 6e
1943 1 D 58
80 4
3
75
85
Dold (Jacob) Pack let 69
40
65
13
80
2
63
1942 M N 80 Sale 78%
6318
Marion Steam Shovel of 8s...1947 A 0 44
92
57
2538 59
517 50
5
9112
Donner Steel let ref 7s
4
5112
1942J J 9112 Sale 9112
J
43
8112 Market St Ry 78 ser A_April 1940 Q ra 70 Sala 6512
Duke-Price Pow 1st 6s ser A-1966 M N 6758 Sale 6712
713
4 54
14
70
57
7578
8
97% 1053 Mead Corp lot 68 wlth warr_1945 M -, 5312 Sale 53
36
1043.
Duquesne Light 1st 448 A 1967 A 0 10412 Sale 10418
30 067
49
57
Meridionale Elec 1st 78 A,1957 A 0
96 107
lot M g 44s series 11-.1957 M S 10518 1054 10514
1011200
4
10512
87 12018
100
1
Metr Ed let & ref 55 ser C 1953 1 J 88
99
82
90 88
Oct'33 _ _
•
1968 M 8 78 Sale 7738
•
let g 434* series 13
East Cuba Sug 15-yr 53 g 74s'37 M S
•
;i
78
7138 90
3
103
,,,
0
95 10412 Metrop Wat Sew & Dr 634o.195 A 0 77
Ed El Ill liklyn let cons 4s1939 J J 103 Sale 1013
6518 81
4
7818 7712
35
79
_ 18
Met West Side El(Chic) 4s 1938 F A
106 120
Ed Elec(N Y) 1st co g 50_1995 J .1 10712 1127 113 Sept'33 ___
14
2
cons
Oct'33
11
.'
38 Sept'33 _ 60
31% 684 Mlag Mill Mach lets f 7s.....1956 1 D -37
4(
•
41
El Pow Corp (Germany) 64s '50 M 5 3938 Sale 3812
30
87 8
,
Midvale St & 0 coil tr a f be 1936 M S 97 Sale 97
68
30
36
1st sinking fund 634e. _ _ _1953 A 0 38 Sale 38
80
42
997o
1
9818 . i;
1961 1 D 7314 Sale 72
Milw El fly & Lt 181 58 13
Ernesto Breda Co lot M 75.1954
63
8738
17
7314
1st mtge fsi
82
85
72
5
With stock purchase warrants. F A
62
5
1971 J J 7112 7314 713
811_
817 ____ 80%
8
72
1943 J J 8312 87
Montana Power 1st 55 A
93
60
17
85
8312
1962 J D 65
Deb be series A
75
63
78
T7012 2r
Federal Light & Tr let 5s .,,.1942 M S a69 Sale 69
45
733 64
4
Oct'33 ____
7238 Montecatini Mtn & Agric65
2
6912
let lien s 1 5s stamped_ 1942 M 8 683 70
68
4
Deb g 70
7712
66
r
1st lien 13s stamped
1937 J J 0618 Sale a96I4
6912
0912
71
23 af 4 984
OS
17,
1942 M 8 67
.1 92
Montreal Tram Ist & ref bo1941
894
48
3
30
5012
-year deb Os series B1954 J 0 50
7
93
9312 9212
7838 94,2
50%
55
Gen & ref 51 5a series A 1955 A 0 70
81 101
5
Federated Metals 5 f 7e_ _ .. _1939 1 13 10018 102 101
101
5938 a7438
7414 July'33 ___
195e A 0 70 - Gen & ref of 5s ser 18
93 10038
Flat deb 5 f g 7s
13
75
68% 747
743 July'33 ___:
1003
8
1940 J J 10018 10012 10014
_ 83 June'33 __
Gen & ref s f 44s aer C 1955 A 0
94 102
15
Framerican Ind Dev 20-yr74e'42 I J
9714
5738 63
97 Sale 9612
_ -Fig
1955 A 0 _
Gen & ref s f Es ser D
Francisco Sug let o f 734s_1942 M N
1013 53
7414 Aug'33 :40 Sept'33 ___
66 4 7414
,
1238 35
1939 J J 58 sala 8738
Morris & Co let of 4 4s
9138
88
25
78
Mortgage-Bond Co 4o ser 2_1966 A 0 2014__ 40% Dec'32
80
66
Gannett Co deb 8s eer A .. _1943 F A
11
76 Sale 76
77
Murray Body lot 6 iis
1934 J D SO - 103 105
0T4
Gas & El of Berg CGcensg 6619,0 4,J D 10312 ___ 105 July'33 ___
9
012 80 Sept'33 _ 2 69 - .
Mutual Fuel Gas lot gu g 56.1947 M N
35ls 75
9418 10112 102 Sept'33
9458 107118
Gelsenkirchen Sibling es__ _1934 M 8 4312 Sale 40 2
4312 24
,
Mut tin Tel gtd 8s ext at 5% 1941 M N
87
78
Gen Amer Investors deb So A1952F A
893 Sale 803
8314 8312 8312
8
853
4 22
893
8
I
75
931,
97 103 4
3
Gen Baking deb of 548.......1940 A 0 1023 Sale 10214
4 21
1033
36
7512 Namm (A I) & Son__See Mfrs Tr
Gen Cable let a f 54s A
7
1947 J 1 48
52
53
53
1951 J J 533 sale 5512
553
96 10214 Nassau Elm gu g 4e stpd
3
Gen Electric deb g 3sic; _ __ _1942 F A 99 10112 a993 Oct'33__
Si
598
4
8
1942 J D 56
70 Aug'33 _
57
2914 6212 Nat Acme lot a f 6a
Gen Elec(Germany) 78 Jan 15'45 1 J 41 Sale 40
53
70
52
41
Dairy Prod deb 5K_ 1948 F A 8338 Sale 8312
g
2812 5712
St deb 8140
15
37
1940.3 13 351 3714 36Nat
843 1067714 98
4
1956 A 0 90 Sale 8912
Steel 1st coll 55
8
25
557 Nat
20
-year a 1 deb 6a
35
35
1948 M N
91
34 Sale 33
157
09
0512
Newark Coneol Gas cons 55_1948 J D 104% ___ 105
Gen Petrol 1st a f 58
2 101 105
4
1 10215 107,
10412
1940 F A 104 10412 10412
105
Newberry (JJ) Co 54% notes'40 A 0 85 - 14 85
71%89
Gen Pub Serv deb 54e
5
85
8838
65
1939.3 I 80
867
8 10
83
86
83
D 10.838 Sale 10718
New Eng Tel & Tel 55 A_ _ _1952 J
85
47
Gen Steel Cast 54s with wars''49 J J 69 Sale 69
5
a70
10838 10 100 1113s
1961 M N 10.114 Sale 1033
1st g 4 iis series B
•
*
Gen Theatres Equip deb 643..1940 A 0
9612 10712
*
•
4 10412 55
1960 A 0 79 Sale 77
7 4 NJ Pow & Light 1st 414e
3
Certificates of deposit
1
4
412 71
79
34
414 5
78
95
6518 New On Pub Serv 101 55 A 1952 A 0 49 Sale 49
37
50
Good Hope Steel & Ir sec 75_1945 A 0 5112 Sale 49
4312 64,2
18
53
52
1955 J D 48 sale 48
First dr ref bs series ll
62
97
9212 47
Goodrich (BF)Co lot 8345.1947.3 J 9218 Sale 92
44% 65
5112 72
3 N Y Dock 1st gold 48
1951 F A
Cons deb Its
42 Sale 42
42
63
1945 1 D 6338 Sale 6338
6731 102 a3312 75
4312 21
193.. A 0 3312 Sale 3312
Serial 5% notes
914
88
Goodyear Tire & Rubb lot 5s1957 M N 8712 sale 8652
28
8812 143
47,
2
3512 26
7412 8912 NY Edison let & ref 64s A.1941 A 0 11212 Sale 11112 1123
5
,
Gotham Silk Hosiery deb 68_1936 J D 8914 Sale 894
16 10884 115
8914
4
1944 A 0 10712 Sale 10612
lot lien & ref 5s series B
•
*
•
•
Gould Coupler 1st 8 f 65_1940 F A
8 10114 108% '
10712
1951 A 0 10614 Sale 106
lot lien & ref 5s series C
375k 75
Gt Cons El Pow (Japan) 711_1944 F A 61 Sale 61
15
64
1067
s 54 101 10838
MY Gas El Lt II & Pow g be 1948 J D 1113 Sale 110
68
1950.3 1 53 Sale 577
31
19 101% 11 238
lot & gen a f 6iis
11138
8
2
583
4 13
Purchase money gold 4o. _1949 F A 10178 Sale 10112 10214 27 09314 103
1942 J D 50
82
42
Gulf States Steel deb 5 As
65 87% Oct'33 ___
4
8
923 993 II Y L E dr W Coal & BR 54s'42 M N
Ilackensack Water 1st 4s1952 J 1 97
_
75 May'33
71
88
o
75
7.5
9814
9814 9814
SI Y L E dr W Dock dr Imp be '43.2 J ____ 87 100 June'31 _ _:_ ---- ---Bid
Ask Low
Htoh
Oct'33
__ 25
Bing dr Bing deb 6145
1950 M El 261
11192
15
10
Botany Cons Mills 648--1934 A 0 10 2-1412 Sept'33
5
12
A 0
Certificates of deposit
Bowman-Bill Hotels 1st 7s__1934
Stmp as to pay of $435 pt red_ M S --------412 May'33
•
•
B'way dr 7th Ave 1st cons 58_1943 J D
Oct'33
7114 7512 75
Brooklyn City RR 1st 58- -1941 J J
4
107 8
,
Bklyn Edison Inc gen 58 A__1949 J J 10812 108 1063
Gen mtge 58 series E
1952 1 J 107 Sale 10512 107
9312
9014 Sale 90
Bklyn-Manh R T sec Os__ _1968 J J
59 Aug'33
Bklyn Qu Co & Sub con gtd 5* 41 NI N ____ 59
lot fai stamped
1941 J 1 --------50 Nov'32
763
4
7314 Sale 7212
Bklyn Union El lot g 5s_ _ _1950 F A
10812
4
Bklyn Un Gas lot cons g 55_1945 M N 108'8 1083 108
4
lot lien & ref 68 series A.1947 NI N a1113 Sale at 1134 all 14
1936 J J ____ 185 158 Feb'33
Cony deb g 54e
4
9918
4
Debenture gold be
1950 1 D 973 Sale 973
107
4
1st lien & ref series B1957 M N 1053 Sale 1053
8 103
8
Buff Gen El 44e series B....1981 F A 1023 Sale 1023
397 397
8
397
1952 A 0 _
Bush Terminal lot 4s
1114 Sale 1114
14
1955 J J
Consol 5o
40
Bush Term Bldgs be gu tax ex '30 A 0 35 Sale 35
61
57 Sale 57
BY-Prod Coke lot 648 A....1945 SIN
No, Low
8
____
5
10
418
____
a
• Oneh , [CR
III
a Deferred delivery
•Lank under Ilet nf Matured Bonds on nacre 2955
er
New York Bond Record—Concluded—Page 6
z
BONDS3
Z
N. Y. STOCK EXCHANGE •,.. t,..
lt, 4,
Week Ended Oct. 20.
'"te
Friday
Oa. 20.
Week's
;
_2:2_
Range or
Last Sale.cii e;•::
Range
Since
Jan. 1.
2955
r,,
Price
Week's
;
c
Rants
.t.' ,
BONDS
Friday
2
Range or
t
Since
N. Y. STOCK EXCHANGE
Last Sale.
ril
Jan. 1.
Week Ended Oct. 20z.','a. Oct. 20.
-------- — ----Bid
.450 Low
High No. Low
High
•
•
Studebaker Corp 6% g notes 1942 J D
3214 Sale 3214
344
6
3214 45
Certificates of deposit
4
Syracuse Ltg Co lit g 513_1961 J D 1063 107 10718 Oct'33 ____ 103 11014
104
9
97 1043
8
Tenn Coal Iron & 1111 gen 58_1951 J J 104 Sale 103
60
60
76
Tenn Copp & Cbern deb (is B 19414 M S 60 Sale 60
1
1947 J D 65 Sale 65
6912 24
65 10024
Tenn Elec Pow let 68
9812 240
7714 991
:
Texas Corp cony deb 5e__1944 A 0 9712 Sale 9712
48
45
1960 J .1 46 Sale 46
36
Third Ave Ry let ref 48
55
,2
2038 37
2714 79
412 Sale 2412
Ad)lac be tax-ex N Y_Jan 1960 A 0 2
897 89
8
89
5
1937.3 J 87
83
9412
Third Ave RR let g 58
10112 233
Tobacco Prods (NJ) 6%8_2032 MN 101 Sale 101
89 10212
7712 16
41
Toho Elec Power lit 78-1955 M s 7712 Sale 7612
8014
Tokyo Elec Light Co Ltd—
1953 J D 5918 Sale 59
6018 124
30
68
let 6s dollar series
----103 Sept'33 ____ 10212 10614
Trenton G & El let g Es__1949 M 9 10412
3612
4
154 48
Truax-Traer Coal cony 6%8_1943 M N 35 Sale 35
7414 15
3912 833
4
Trumbull Steel 1st s t 68._ 1940 M N 7314 Sale 7314
15
28
Twenty-third St Ry ref 5s 1962 J J 25__ 28 Aug'33 _--5512 4712
4712
9
46
6312
Tyrol Hydro-Elec Pow 7%8_1955 MN 4612 47
15 464 6214
464 Sale 46311
1952 F A
Guar BCC at 78
High
High N. Lou
Ask Low
Bid
10 Sale 10
4 104
1014 247
7
32
6512
6512
6112 6512 65
983 1054
4
10012 101 10012 Oct'33 ____
412
1
2
4
134
2
414 13
112 412
4
2 ---- 23 Oct'33 ____
106
11
98 109
105 Sale 104
90 10412
7
10012
1003 Sale 100
8
90 104
32
100 Sale 9912 100
4
9812 106
8 1043 133
10412 Sale 1037
56
0
387 6714
8
53 Sale 53
947k 105
3
9814 10014 994 100
5112 74
60 Sale 58
604 51
2318 60
4514 Sale 04114
467 350
8
21
4
2018 25
104 32
21
69 Sale 683
89
80
4
7134 35
87
4
64
63
65 Sale 65
70
25
613 893
4
8
68 Sale 6712
8478
6212 Sale 6112
57
6518 25
9314
7
88 10714
9314 Sale 9212
4
9914 76
99 Sale 98
9018 1043
10314 104 10312 10412 27
98 10613
7012
703
8 17
3712 78
1111gawa Elec Power of 713_1945 M IS --__ 75
99
Oct'33 -- _ _
86
99
99
6314 8112 Union Elec Lt & Pr (Nlo) —
7412
753
4 22
4 75
733 - 8
4 102
5
8
94 1047
1957 A 0 1023 104 1013
Gen natge gold 58
1027
8
2 100 105
4
4
T.In E L dr P (Ill) let g 510 A 1954 J .1 103 1033 1023
4
90 105
96
9718
Ohio Public Service 7%e A 1946 A 0 9112 92
20 Aug'33 ____
143 20
8
Union Elm Joy (Chic) 58__1945 A 0 144 20
,
86 104
3
8812
let & ref 7e series 13
9018
92
1947 F A 90
109
8
14
35
4
13
991 109
4
21
Union Oil 30-yr 68 A_May 1942 F A 10812 Sale 1073
Old Ben Coal 101 68
4
1944 F A 203 Sale 2034
2
9812 102
1st lien 8150 ser C_--Feb 1935 A 0 10114 B3i12 10112 10112
9318 103
Ontario Power N F lot 5s j943 F A 1014 103 102
102
2
99
75
9812 27
Deb 58 with
Ontario Transmission let 521_1945 M N 9912 9713 9812
897 10014
8
99
6
-.Apr 1945 J D 9712 Sale 97
9512 103
34
United Biscuit of Am deb 68_1942 Ni N 10212 Sale 10112 10212 13
64
Oslo Gas & El Who extl 6s 1963 M 5 65
8112 10
warr..8114 8014
146
43
7112
65
,
United Drug Co (Del) 58__ _1953 M S 63 2 Sale 6112
43
94 46
27
1941 M 8 26 Sale 26
Otis Steel 101 51 68 Ber A
18
3
14
2214
United Rye St List g 4s___ _1934 J .1 18 Sale 18
634 47
3918 75
33
U 8 Rubber let & ref 58 eer A 1947 1 3 59 Sale 5812
Pacific Coast Co 1st g 58
23
27 Aug'33 --__
1946 J D 3212 45
904
3
75
91
9712 904
Pacific Gas & Elgen & ref 5s A '42 1 J 10412 Sale 10418 10514 53
United 9S Co 15
9914 107
-year
1937 M N 89
8 37
317
2612 60 4
4
,
Pao Pub dery 5% notes_ _ _1936 M S 6518 703 67
68_604 8812 UO Steel Works Corp 6lieA.1951 1 D 313 Sale 30
Oct' -- r 33
31
8
254 60
Scoot 63.4e series C
4
1937 J J 106 Sale 10514
1951 J 13 31 Sale 29
25 101 1073
Pacific Tel & Tel lit 5s
106
18
31
23 4 5912
3
303 Sale 2812
4
Ref mtge Es series A
Sink fund deb 634s ser A.._1947
4
1034 11 10012 1083
1952 M N 1084 Sale 107
5
•
9314 105
105
I
8
Un Steel Works(Burbach)73 1951 A 0 105 1083 105
Pan-Am PetCo(of Cal)conv 68'40 1 D
0
32
10
3612 27 Aug'33 ____
3878 Unlversal Pipe & Rad deb 681936 J D 15
Certificates of deposit, -- 2812 31
Oct'33 _-__
25
32
25 r42
4118 50
21
31
30
864
2812
Unterelbe Power & Light 138_1953 A 0 3918 Sale 374
Parainount-13'way lst 5%8_1951 1- J
2812 31
4
544 29
5012 73
4
38
Utah Lt dr Trac lot dr ref 58_1944 A 0 533 Sale 533
Certificates of deposit
29
3114 13
---_
29 Sale 29
6412 145
56
79
Utah Power & Light lot Es_ _1944 F A 6112 Sale 6012
Paramount Fam's Lasky 68_1947
100 May'33 ____ 100 105
Proof of claim flied by owners
Utica Elec L & P let St g 50_1950 J .1 10514
•
•
•
Oct'33 ____
9912 10838
- 4
Certificates of deposit
1012 3412 Utica Gas &Elec ref & ext 58 1957 J .1 10512 1063- 106
3118 18
J D 3118 Sale 29
29
98
134 41
UM Power & Light 534o...,,,,.1947 .1 D 273 Sale 36
4
Paramount Public Corp 534s 1950 F A
26
229
25 Sale 2312
12
•
37
•
Deb 313 with warrants.- 1959 F A
Proof of claim filed by owner.._ ---•
8
25 8
25% June'33 --_- 143
3
Deb 58 without warr
1814 38
74 35
1959 F A
Certificates of deposit
3112 27
---- 28 Sale 28
Park- Leg 6 tie ctfe
68
18
53 Oct'33 ____
4
8 2 10
,
1953,..
348k 81
23
65
Parmelee Trans deb 68
Vanadium Corp of Am cony 58.41 A 0 63 Sale 614
63 35
4
293
4 16
1944 A 0 2914 Sale 2914
112 1814
1
412
412
Pat & Passaic0& El cOlL9 be 1949 M 8 104 107 10312 Sept'33 -___ 101 10614 Vertientes Sugar is ctfs
412 8
1942 ____
Oct'33 ____
1012 21
15
38
15
Path° Each deb 7s with warr 1937 M N 80
Victor Fuel let s I' be
4712 87
1953.3 J
4
82
84
80
8
95 1053
9912 9912 1004 11
Pa Co gu 3348 coil Or A reg 1937 M S 9514 --- 854 Aug' ---944 954 Va Elec & Pow cony 53.4s....1942 M 9 97
33
50
5
471 65
8
50
Guar 334s coil trust ser 13_1941 F A 96 --- 815 July'33 ---8138 Va Iron Coal & Coke 1st g 581949 M 9 4712 65
75
8
9712 103
4
10118 22
8434 Va Ry & Pow lot & ref be_ _ _1934 J J 101 10112 1003
73
Guar 344e trust ctfe C
1942 1 0 85 ____ 8434 Oct'33 ____
18 Sept'33 ---10
18
35
8238 Walworth deb 694s with warr '35 A 0 10
Guar 3348 trust ctfe D._ _ _1944 1 0 82 --- 8112 July'33 _-__
73
1614 25
21 July'33 -___
Without warrants
Guar 4e ser E trust ette
A 0 -- - - 37
4
80
93
98
1952 MN 98 Sale 8812
812 43
2312 20
1st sinking fund 6s ser A__1945 A 0 1818 Sale 1818
4
Secured gold 44e
743 95
1963 MN 90 Sale 893
4
913
8 29
12
43
46
306
2
34' 75114 Warner Bros Pict deb 6s____1939 M S 3912 Sale 3812
Penn-Dixie Cement lot 68 A 1941 M ,,S 42_
61
15
,.,56,
' ,_!,
22
Oct'33 ---10
9612 Warner Co let Os with wart.1944 A 0 1812 19
301e
Penneylvtnia P & List 434s 1981 A ,-, 87'8 Sale3 5a.
76
877 144
8
2
2
1238 40
Peop Gas L & C lot cons 88_1913 A 0 10518 10712 104
Without warrants
1822
A 0 1812 Sale 1813
104
11 102 114
3112 13
1312 3814
Refunding gold 5,4
94
90 10712 Warner-Quinlan Co deb 6s__1939 M S 3012 3112 31
21
1947 M S 9312 Sale 9312
10412 43 10212 106
Warner Sugar Refin lot 7(4_1941 J 0 10412 106 104
44
10
30
Phil& Co see be series A-___1967 1 0 7414 Sale 73
Warren Bros Co deb Eis
75 4
,
91
1941 M S 4218 Sale 41
68
7612 50
9 100 106
Mlle Elec CO 1M ak ref 4 HB-1907 NI N 104 Sale 10312 104,
1939 J J 102 Sale 1014 102
97 10512 WWI Water Power if 5e
4 16
106
10 102 110 2
let & ref 4s
,
Westchester Ltg bs stpd gtd_1950 .1 D 106 Sale 106
4
96
61
90 100
1071 F A 953 sale 95
Phila & !leading c &I re/ 551973 J J 503 Sale 5014
,
3 10018 108
8
747 West Penn Power set A 58_1946 M S 1057 ____ 10512 105 2
8
48
64
8
5
3
lot 58 series F
4 10718
Cony deb 68
6 100 4 1094
,
3212 6912
1963 M 9 107 Sale 1063
4512 43
1949 M 9 43 Sale 4212
Phillips Petrol deb 5%e._ _ _1939 1 D 8914 Sale 8814
lot sec 5s aeries0
9912 107
1956 1 D 106 Sale 105
106
11
3
674 90 4
893 109
4
Western Electric deb
81 102
Pillsbury F1'r Mille 20-Yr 68_1943 A 0 10512 Sale 10512 106
1914 A 0 9912 Sale 9912 10018 51
95 107
16
Pirelli Co (Italy) cony 781952 M N 0934 101 100
52
4
9314
6
8
8
58_9314
4 a993 10212 Western Union roll trust bs_1933 1 J 927 Sale 923
101
—
Pocah Con Collieries 1st s f Ets '57 1 1 6314 72
3712 84
75
8
Funding & real eat g 4348_1950 MN 75 Sale 75
7014
Oct'33 ____
00
65
15
8
55 100
Port Arthur Can & Dk 6s A_1953 F.. A
-year 6%8
973
4 53
1936 F A 953 Sale 954
5
Oct'33
6513 69
66 July'33 -- -71
25
-year gold 55
1st m 6e series B
3613 8814
1951 J D 7814 Sale 7814
8014 46
4) 73
73
73
6512 69
1953 r A
Port Gen Elec let 434e set C 1960 NI S 4312 Bale 48
4312 703
4
30
-year 5s
33
36% 87 2
4
SO
,
1960 M 5 7814 Sale 773
5312 169
Portland Gen Eiec let be_ _1935 1 1 93 Sale 92
4
2312 5712
3812 243
92 10118 Westplaalla Un El Power 69_1953 1 J 363 Sale 35
4
93
Porto Rican Am Tob cony 6s 1942 1 J
Wheeling Steel Corp 1st 5%61948 J J
80
18
52
74
86
73
73
52
18
371
, 16
37 Sale 3658
4138 75
Postal Teleg dr Cable colt 58_1953 1 1 3914 Sale 3812
lot & ref 4 3.45 series B__ _ _1953 A 0 65
8
6814
68
67
164 57
244
45
sWhite Sew Mach 65 with warr '36 J 3 4212
a4212 04212
45
Pressed Steel Car cony g 68_1933 1 1
1 627
•
45 Sept'33 ____
Pub Sets'El AG let & ref 43.48'67 J D 104 Sale 10312 104
2212 50
65
Without warrants
1 J 4212 28
97 1054
let dr ref 43.4s
Pattie Of deb 68
2214 50
4212 Oct'33 ____
1940 NI N 4212 52
1970 F A 102 10312 103
9714 1054
1033
4 37
lot & ref 481
9014 1004 Wickwire Spencer St'l let 78_1935
9712 51
1971 A 0 9613 Sale 0618
5
Pure 011 8 f 5%% notes
Ctf dep Chase Nat Bank____ ____
47
8 8
14 18
5
2
1937 , A
I
683 93
4
9238 Sale 92
923
4 20
S f 534% notes
70(Nov 1927 coupon) Jan 1935
1940 M 9 88 Sale 88
6312 89
8818 91
7 1414
8
5
Purity Bakeries s t deb be_ _1948 1 1 8012 Sale 804
Ctf dep Chase Nat Bank_ _ _ MN
5
8
5 Sale
.
53
3
8512
803
4
•
•
Willys-Oyerland s f 6s A__ 1941 NI S
84
Wilson & Co let s f (is
9914 52
9912
_1941 A 0 9312 Sale 934
Radio-Kelth-Orpheum part paid
ctfs for deb Os & Corn 5th 1937 SIN 9812 99
52
4
7512 76
4
85 4
3
A__- '73 J J 723 Sale 723
___ Youngstown Sheet dr Tube
60 Dec'32 —__
5214 45
52
•
----• Debenture gold Ile
let mtge a t 5s ser It
76
*
1970 A 0 7212 Sale 7112
1911J D
Remington Arms 1st 8 f On. _1937 M N 9812 Sale 9812
58 1004
3
9812
Rem Rand deb 530 with war '47 M N a63 Sale 677
22 041 14 7813
8
69
Repub I & S 10-30-yr 5s a f...A940 A 0 8114 8512 82
55
92
82
b
Ref & gen 534s series A 1953 1 1 64
30
76
8
64
657 634
8
Revere Cop & Brass Os set A 1948 M 5 85 Sale 85
8
494 90
8518
(Negotiability Impaired by Maturity)
Rheinelbe Union if 78..
. 1946 1 J 3612 Sale 35
3612 34
2812 864
Rhine-Ruhr Water series 6.._1953 1 1 31
35
33
2212 5713
4
4
343 333
Rhine-Westphalia El Pr 76_1950 MN 66112 Sale 6014
Week'sRange
Price
MATURED BONDS.
62
10 642
77
'.
Direct mtge 68
.
1%
Mita
Range or
E•entail
7012
N. V. STOCK EXCHANGE t••
t
31
61
1952 M N 384 Sale 3814
42
Cone M 65 of 1928
Jan. 1.
s71,
%
Last Sale.
..':,- a., Oct. 20.
1953 F A 353 Sale 3814
42
Week Ended Oct. 20.
23
4
303 7014
4
Con NI 88 01 1031) with warr '55 A 0 3812 Sale 374
42
69
32
70
Richfield 011 of Calif ile
1944 M N
High No. Low
Ask Low
•
Rid
High
Foreign Govt. & Municipals.
Certificates of deposit
MN 22 Sale 2114
194 32
3 4 1114
3
23
43
4
618 83 10 Sept'33 ____
Mexico Trees Se assent large '333 J
Rim Steel let s f 7s
.1
.1 ____ ____ 618 Oct'33
3712 5312
_
53
314 1012
533 Oct'33
8
1955 F A 48
Small
Roch G & El gen NI 53.4s set C'48 m S 10312 105 10312 10312
2
9612 107
Gen mtge 4%s Belles 111977 NI S 904 ____ 91
Oct'33 ____
8978 9934
Railroad.
Gen mtge Es series E
54 4 100
,
46
4 1015
1962 M 9 10112 Sale 1003
8 23
96 1054 From Elk & Mo Val 1st 68_1934
8
,
_
963 99 2 9912 100
!loch dr Pitts C & I p m 53_1946 M N
____ 5712 May'33 ____ a5712 (15712 Norfolk south lot & ref 513,4_1961 __- -A
73
212 16
618 10
F
512 6 8 514
,
Royal Dutch 48 with wart..1945 A 0 10214 Sale 994 1024 137
83 10214 St Louts iron Mt ei Southern—
Ruhr Chemical e f 6e
46
3538 611:
1948 A 0 a4514 Salo 41
19 2333 62
17
4
52
Ely &0 Dly let g 4s
1933 M N 49 Sale 4312
N Y Rye Corp Inc 68.. _Jan 1965 Apr
Prior lien 66 series A
1965 .1 J
NY & Richm Gas let 60 A__1951 M N
NY State Rys 43(s A ctfs__1962 __-1962-, _-_
630 series 13 ate
N
N Y Steam 68 eer A
1947 M lit mortgage be
1951 M N
1956 M N
let M be
NY Telep lot & gen s f 4%8_1939 M N
1916 J D
N Y Trap Rock lot Os
Nies Lock &0 Pew lot be A_1955 A 0
Niagara Share deb 530___ A950 M N
Norddeutsche Lloyd 20-Yr 816447 M N
Nor Amer Cem deb 6%e A._1940 NI S
North Amer Co deb 5s
1961 F A
No Am bellson deb be ser A_1957 M S
Deb 5%s eer 13___Aug 15 1963 F A
Deb be series C---Nov 15 1969 M N
Nor Ohio Trac & Light es 1947 M 8
Nor States Pow 25-yr 5s A 1941 A 0
lot & ref 5-yr 60 ser IL1941 A 0
North W T let tel g 434s Bid-1934 J J
Norweg Hydro-El Nit 5%s 1957 NI N
Matured Bonds
..e
St Joseph Lead deb 53.i8-- - -1941 MN 11114
St Jos Ity Lt lit & Pr lot So_ 1837 M N 78
St L Rocky Mt & P55 5tpd_1955 J J ___
St Paul City Cable eons 55 1937 1 J 47
Guaranteed 6s
1937 J .1 _ _
San Antonio Pub Sent let 60 1952 1 J
75
Schulco Co guar 6)48
1946. 1 30
1
Stamped (July 1933 coup on) , 35
Guar of 634o series B
1946 S0 30
------ 35
StamPed -----Sharon Steel Hoop of 6348...1948 F A 3118
Shed P1Pe Line it deb 5o..1952 M N 8912
Shell Union 011 0 1 deb 54
1947 MN 8814
Deb be with warrants_ ..1949 A 0 89
Shlnyeteu El Pow let 848._1932 J D 8014
Siemens & Ilaleke s t 78
1935 1 .1 70
Debenture of 634e
1951 M S 66
Sierra & San Fran Power 5.3_1949 F A 95
Silesia Elec Corp of 6 48.. _1946 F A 324
Silesian-Am Corp coil tr 7s_ _1941 F A 354
Sinclair Cone Oil 15-yr 70
1937 M S 10138
lot Hen 63.4o series B
1933 1 D 1013
8
Skelly 011 deb 534e
1939 M S 84
solve, Am Invest 58 ser A...1942 M 9 98
South Bell Tel & Tel tot of 55 '41 J .1 1053
8
Wweet Bell Tel lot & ref 5o_1954 F A 1067
8
Southern Cob Power Os A _ _1947 J J 66
Stand 01101 NJ deb be Dec 1546 F A 1043
4
Stand 01101 N V deb 4 48_1951 J D 10112
Stemma Hotel let(Wearies A 1945
Sale 11114
114
Oct'33
834 84
36
40 Sept'33
50
51 Aug'33
69
52 Sept'33
Sale 7712
7814
40 July'33
41
35
Salo 35
40 Aug'33
50
Sale 35
3712 37
38 2
,
Sale 8912
91 12
Sale 8712 a9012
91
Sale 39
6014
623 6014
4
4
72
7412 703
5612
Bale 53
954
9614 9412
3014
3014
36
3612
Sale 33
10212
Sale 10114
Sale 100 4 10112
3
8412
85
84
Sale 974
98
Sale 1054 106
Sale 1063
4 10714
Sale 62
66
Sale 1043
4
10512
10112
Sale 101
•
73
____
____
____
____
11
____
2
___,
2
6
70
50
41
9
7
39
4
1
23
115
19
24
8
30
14
3
128
102
81 116
77
93
307 50
8
42
61
50
61
7414 92
25
50
2012 50
28
50
35
5808
16
563
4
62
93
65
024
634 9214
23
657
,1
704 95
46
8312
89 102
26
6912
32
4612
9014 10312
8812 102
594 8614
87
9912
99 107
100 10712
59
RI
100 10512
884 103
•
Seaboard Air Line let g 48__1950
Gold 4.s stamped
1950
Refunding 48
1959
Atl & Birm 30-yr let g 4s 1933
Industrials
Abitibi Pow & Patter let 541_1953 1 D
American Chain deb s f as_ 1933 A t
B'way & 7th Ave 1st cons 58_1943 J D
ChM Rye bs stpd 25% part paid__ F A
Cuban Cane Prod deb ile_ _ _ _1950 J .1
East Cuba Sag 15-yr s f g7148'37 M S
Gen Theatres Equip deb 88_1940 A 0
Gould Coupler let of 63
1949 F A
Hoe(1)& Co 1st 6 tis ser A_1934 A 0
Interboro Rap Tran 6*
1932 A 0
10
-year 7% notes
1932 M S
Manati Sugar blot 734s_ _1942 A 0
Stm9c1 (1't 1931 coupon...1942 A (2
,
Pan-Am Pet Co (Cal) cony Bs'403 D
Paramount Fam Lasky 6s__ _1947
Proof of clatm filed by owner__ J D
Paramount Public Corp 5lie 1950
Proof of claim flied by owner__ F A
Pressed Steel Car cony g Se _1933 .1 J
Radio-Keith Orpheurn 6s__ _1941 J D
Richfield 011 of Calif Bs
1944 M N
Stevens Hotels series A
1945 J .1
Studebaker Corp 6% notes_1942 J D
Willys-Overland R1 6 .i5. — _1933 M S
31
15
7
17
23
Sale
Sale
57
Sale
Sale
Sale
12
297
8
Sale
Sale
233
4
27
Sale
22
24
95
95
94
93
8
58 Sept'33
212
314
8
8
43
8
54
123 Oct'33
8
30
32
3312
28
64
69
1514 Oct'33
1514 Oct'33
32
313
4
29
Sale
2812
29
58
1114
23
15
3314
33
Sale
Sale
24
Sale
1512
Sale
34
29
58
23
23
16
33
34
22
95
938
51
212
8
43
8
10
26
2312
64
104
5
313
4
r Cash sale. a Deferred dell Pry. z optional sale, July 6, 51,000 at 30 1 4. • Look under list of Matured Bon ls on thlR page.
Sept'33 ____
2
15
71 , 19
Oct'33 ____
35
15
Sale
18
A 0 20
A 0 1014
A 0
7
M S ____
33
35
4
4
____
116
5
157
__
5
122
41
__
__
7
32
3218 54
32
62
Aug'33 ____
22
25
5
16
64
37
2
34
17 31
8
518 2612
Do 163
4
6
31
10 4
3
38
2
49
54
238
1
8
47
1278
12
514
5
2
254
334
97
11
70
13
3312
914
20
32
33 2
,
75
34
297
8
394
2812 34
29
3514
812
21
10
2014
3018
35
65
30
323
4
2$12
4624
79%
Financial Chronicle
2956
Oct. 21 1933
Outside Stock Exchanges
of transactions at
the Boston Stock Exchange, Oct. 14 to Oct. 20, both inelusive, compiled from official sales lists:
Boston
Stock
Stocks-
Exchange.
-Record
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
RailroadBoston de Albany
100
Boston Elevated
10
0
Breton & MaineCommon stamped _ _ _100
Class D stamped pref 100
Prior pref stpd
-10
0
Preferred stamped__100
Chic Jet Sty & On 8th Y100
Stamped stock
100
East Mass St Sty corn..11)0
1st pref
100
Maine Central pref._ _100
N YN Haven& Hartford11.10
Old Colony RR
100
Pennsylvania
- 5
0
Providence & Worcester100
RR--
57
112
57
8
8
26
3231
10
85
125
131
6
24
1356
92
92
2155
2454
115
324
113
584
8
26
34
10
87
125
135
635
24
19
92
2834
115
MiscellaneousAmerican Continental ___•
431 5
44 5
Amer Pneu Service pret.50
50
18
lot preferred
18
Common
25
135
134
100 1144 1124 11834
Amer Tel & Tel
8
7
7
Amoskeag Mfg CO
1
8c
6c
7e
Andes Petroleum
2334
Bigelow Sanford Carpet._
19
2155
;
79
Preferred
75
64 7
654
Brown t7o6% cum pref_100
75e 75c
East Boston Land Co_ _ _10 75c
East Gas & Fuel AssnCommon
655
655 636
100 46
4955
6% oum pref
46
55
58
455% prior preferred 100
•
734
Eastern Steamship corn...
73-4 8
45
45
100 45
Preferred
'
19
Economy Grocery Stores
19
100 14631 146 14834
Edison Eleo Ilium
Employers Group
7
656
751
General Capital Corp...055 2055 21
2
2
Georgian Inc(The)clApla20
5
5
Gilchrist Corp
Gillette Safety Razor_
10
1231
Ilygrade Sylvania Lamp.
23
•
2355
International Hydro Else.
1.Ibby MeNiel & Libby_ _ _•
Luew's Boston Theatres...
Mass Utilities Amor v 10.1
Mergenthaler Linotype- --•
National Service
•
New Eng Tel & Tel.._. 100
100
Pacific Mills
Reece Button Hole 7.fach10
Reece Folding Mach Co..10
Shaw Mut Aaha tr ctfs_•
Stone & Webster
•
Swift & Co
25
Torrington Co
•
5
Union Twist Drill
United Founders corn- ---•
25
U Shoe Mach Corp
Venezuela Holdlng Co. •
Venezuela Men Oil Corp.10
Waldorf System Inc
Waltham Watch ci B corn •
0. arreo Bros Co
•
Warren (SD)
MiningCalumet & Heels
25
25
Copper Range
25
Isle Royal Copper
•
New River Co pref
North Butte
2.50
0.11bway Mining Co
25
Old Dominion Co
25
Pond Crk Pocohantas Co_•
Quincy Mining
25
Utah Apex
5
Utah Metal & Tunnel... I
3
6
255
25
y,
88
21
731
124
3954
1
5155
635
1036
355
34
154
45c
1
14'
134
50
290
Range Since Jan. 1.
Low.
Jan
80
5354 May
High.
121
70
July
Feb
534
50
10 12
190 17
6
10
123 75
166 125
5 200
20
13-4
25 15
1134
1,031
21 73
1,311
1334
10 105
Apr 20
Aug
Dec 49
July
July
Feb 57
Feb
16
July
May 9054 Aug
Oct 12556 June
July
Jan
3
10
Jan
July
July
May 31
Feb 3455 July
July
Mar 95
Jan 4231 JulY
Mar
May 115
3
1
755
25c.
81154
14
Sc
6
26
155
50c
Mar
634 July
Apr
655 July
June
Feb 25
Mar
231 July
Apr 13434 July
11
Feb
July
334 June
Apr
Feb 30 June
Oct
Feb 79
Jan
14
July
Apr
1.54 June
230
190
25
210
4,391
535
4,550
225
13
35
100
SM
80
135 3531
192 53
112
5
190 264
10 1131
403 133
775
5
420 1314
1
20
5
I%
95-4
852
35 12
Apr
12
Apr 69
Oct69
Jan
17
Apr 46
Feb 2434
Mar 183
10 31
Jai
Ma
28
Mar
3
Ma)
7
Apr 2034
Feb 29
June
July
Dec
July
Oct
July
Jan
June
July
Oct
June
Jan
July
535
3
6
2
25
34
8694
2056
9
2
731
734
11
3835
9
1
51
234
394
536
555
53/s
1054
634
335
6
235
26
%
8836
26
9
2
83.4
95/
1436
4055
9
154
5531
254
336
636
534
8%,
12
275
108
35
935
513
30
381.
1,335
10
200
1,380
884
1,268
367
30
1,153
1,951
100
35
80
75
2,255
105
24
13i
5
155
1531
40c
87
534
455
1
654
634
7
22
5
51
33
55
,
25c
64
34
23/s
4
Apr
1374
Feb7
May
8
Apr
354
Feb 3455
Mar
155
Julie 102
Mar 2955
Jan
94
may 235
Jan
1031
Feb
1934
Feb 244
Apr 43
Apr
1234
Apr
3
Jan 5655
June
4
Mar
836
Feb1355
Mar 10
Fel
224
May
121-4
July
June
Jan
June
June
Slay
July
July
June
Aug
July
July
July
Aug
July
July
July
Oct
Sept
June
June
June
Sent
355
3
1
33
40c
20c
50c
11
1
35
90X.
4
354
156
33
54c
20c
50c
11
14
55
13/s
341
1,050
235
10
2,380
100
25
110
635
100
13.4
13.4
55
755
200
20c
40c
955
30c
31c
26o
Jan
93.4
Apr
7
3
Jan
Apr 33
JaIl
134
Aug1 54
Apr
134
Jan
1731
Feb
44
Jan
136
Jae
131
July
Jan
July
Sept
June
June
June
June
June
June
Sent
BondsA moskeag Man Co 65.1948 65
62
Brown CO 535s
38
1946
Chicago Junction Ity &
9934
Union Stk-Yds 58_1940
45
9254
1940
E Mass St Sty ser B 58_1946 34
34
Series A 455s
33
1948
Pond Ck Pocohontas 7s.'35
101
• No par value. z Ex-d1vidend.
3,440
65
38
33,000
5,000
31
17
Feb
Mar
100
9255
34
33
101
7.000
2.000
2,000
1.000
3,000
93
82
25
24
95
Mar 10034 Aug
May 933.4 Oct
Jan 411
July
Dec 45
Aug
Feb 10755 May
61155 July
45 June
Chicago Stock Exchange. Record of transactions at
Chicago Stock Exchange, Oct. 14 to Oct. 20, both in.
elusive, compiled from official sales lists:
Stocks-
Sal&
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Law. High. Shares.
Abbott Laboratories com_•
Acme Steel Co
25
Advanced Alum Castings.6
Adams (J D) Mfg corn...*
Allied Products Corp cIA..•
American l'ub serv pref 100
Amer-Yvette Co Inc corn.!
Asbestos Mfg Co cora____ 1
Assoc Tel Utii$7 cum. prior pref._ ...•
Automatic Wks cony pref..•
Bastian Bleeeing Co corn.•
Beatrice Creamery com_25
Bendix Aviation corn__•
lierghoff Brewing Co____I
Binks Mfg el A cony
•
Borg-1 arner Corp com.10
3
7% preferred
100
Brach & Sons fl: J) corn- •
Brown Fence & Wirt•
Class A
•
Class B
I
Bruce Co (E L) corn
In
Butler Brothers
•
Const Co cony pfd.
Canal
Castle & Co (A NI) com_10
Central III P 5 pref. . •
384
21
4
5
3'%
2
555
11
1154
855
2
1234
3
18
3855 3955
21
26
34 5
5
5
554 734
3
3
14
,Si
335 334
350
250
3,900
50
500
30
10
2,050
Range Since Jan. 1.
Low.
2131
10
334
5
4
24
55
2
34 Oct
4
2
54
1231
1435
1
10%
2
1434
90
74
20
100
2,200
900
6,250
6,150
70
21,250
50
550
1
3
1054
655
834
1
554
70
34
5
531
2
24
124 1555
256 355
2
2
10
104
19
18
400
100
270
2,500
100
100
360
55
1
44
14
154
755
¶431
4
2
54
1055
104
84
2
1155
90
7
Jan
Feb
Oct
Apr
May
Apr
Mar
Aur
filch.
40
3955
5%
1134
2455
1331
54
734
Sept
July
July
June
June
June
June
June
74 Oct
Sept
Apr
2
Feb 1555 June
Oct 14
Oct
Feb 2131 July
1856 June
Oct
Apr
8 June
Feb .214 July
Jan 923/4 July
Apr 10 June
June
Jan
Jan
Feb
Apr
Apr
ma,
755
431
2494
61
4
334
20
434
Aug
May
July
June
June
June
Ian
.Sales
Friday
Last Week's Range (or
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Central Ill Secur Corp
Common
400
4
55
1
100
654 635
onvertible preferred •
Central Ind Pow pref_ _100
10
554 536
,
50
Central Pub URI A
•
55
55
Cent S W UM common...*
134 3,250
1
1
60
955
Prior lien pref
954 10
•
•
270
455 555
Preferred
40
16
Chain Belt Co corn
16
* 16
2% 10,220
2
Chicago Corp Common .
•
2
Preferred .
• 2155 2131 25% 3,600
100
9
Chi Flexible Sh' _ _5
9
Shaft con)
Chicago man order com.5 104 10
2,400
12
chi & !sf ‘5, Ry corn . .100
,
754
64 855 2,950
4,550
134 15
Chicago Yellow Cab cap __• 1331
(Sties Service Co corn ..•
255 12,200
2
234
Coleman Lamp & St COM -•
10
634
651 634
550
Commonwealth Edison 100 424 4231 46
Consumers Co
10
434 454
6% prior preferred A..100
6
555 855 48,0011
Cord Corp
634
Crane Co
Common
555 64 1,050
555
25
90
Preferred
100 33
35
33
50
Curtis Mfg Co corn
834 85i
5
20
6
6
Dayton Rub Mfg pr corn_•
50
334 355
Class A common
•
60
Preferred
100 2254 2234 23
60
1455 16
• 15
De Mets Inc pre(
130
455 4%
Dexter Co (The) oom
5
24
100
24
Diamond Match Co co m.•
350
555 6
Eddy Paper Corp (The)_•
536
800
104
Fier Household i itil Corn 5
9
FitzSimons & Connell Dock
250
114 12
• 12
& Dredge Co com
1231 1631 3,650
Gen Household CBI com_• 13
436 5
150
Godchaux Sugar Inc Cl B..
350
214
20
Goldblatt Bros Inc corn._•
3.5
200
55
Great Lakes Aircrait A._.•
1455 1655 7,350
Great Lakes D & D__._• 1554
6.250
155 2
155
Grigsby Grunow Co oom.•
600
355 4
Hail Printing ,
ommon In
50
10
10
Hart Schaff&Marx coin 100 10
100
1731 1954
Hornel & Co (Geo) corn A •
50
24 255
llowiallie Hemney cl 13_ •
•
100
7
7
Class A
100
4
44
Illinois Brick Co
25
50
12
12
Bider) Pneum Tool v t c •
400
iron Fireman Mfg v t c.._•
54 635
631
400
1036 1131
,
Jefferson Elec Co corn____. 1055
1,500
15
1855
5tove 'loin_ • 154
Kalamazoo .
200
20
2031
1
Katz Drug Co tom
100
255
Kellogg Switchboard com10
23-4
200
74 8
KeystoneSteel &Wire con.•
8
20
654 8531
100
l'referred
5,300
Kingsbury Brew Co cap__1
855
755 10
Lawbeck Corp
10
2834 2855
100
6% cum. pref
1,950
255 34
23.5
Libby McNeill & Libby_10
Lincoln pig Co corn
•
100
3i
if
2
2
Lindsay Light corn
10
200
•
5
150
5
5
Lion Oil Ref Co corn
Lynch Corp corn....5 2955 2855 3255 2,750
300
5
5
McCord Rad A: Mfg A _ *
455
300
4
•
4
McGraw Flee COM
30
42
42
McQuay-Norris Mfg com_• 42
1254 1455
800
Mos IIIIams Dredging Co • 134
3356 3354
50
Mapes Cons Mfg cap...."
1255 1536 6,750
Marshall Field common .• 124
250
1
1
Mer & Mfrs Sec el A corn.*
5
1054 1(34
Metrop Ind Co allot Ws_ __
MIckelberrYa Food Prod
400
255 3
254
1
Common
54
si 2,250
%
•
MIddle West 0011 new...
135
135
50
56 cony pref A
•
N
800
3r4
Midland United Co corn..
•
55
Midland 0111
135 2
60
7% prior lien
100
10
9
100
Modlne Mfg corn
•
5
7
90
Muskegon Mot Spec el A.
•
7
554 534
150
Nachman Springfilled corn*
23
180
22
National Battery Co pro!.•
si
si 200
•
National Flee Pow Acorn.
1
1
20
7% cum preferred
•
55
1
800
National Leather corn __.10
ii
174
Nat'l Secur Invest corn_ _1
350
1
20
2014
550
•
Nati Standard corn
1
1
50
Nat Union Radio com__1
550
Noblitt Sparks Ind corn • 215.5 2155 2434
3
3
Nor Amer Lt & l'ow corn..
100
5
556
5
1,501)
Northwest Bancorp corn..•
335 455
Northwest Eng Co corn. •
200
1
1
20
Nor hwest UM 7% pre 100
6034 61
C kin Gas& El Co 7% p000
20
•
735
735
774
Ontario Mfg Co com
110
Oshkosh Overall Co__
3
454
Common
*
130
213.1 2136
Perfect Circle (The) Co_ •
200
14 2
Pines Winterfront com__5
200
3
3
Potter Co (Thei corn_ :
100
1155 15
• 12
Prima Cocommon
2,950
236 24
Proces.s Corp corn
50
•
Public Service of Nor IIICommon
10
1934
150
100
Oora mon
19
22
1,105
2034
51
6.7 preferred
50
BM
60
74 preferred
0
5834 5835
10
100
Quaker Oats Co
• 112
Common
111 120
130
100
118 118
Preferred
20
20
2056
Path Packing Co com___10 20
200
Raytheon Mfg Co
1
Common v t c
50e
2
254
700
6% pref v t c
ii
200
54
5
54
2
Reliance Internat Corp A*
231
100
Reliance Mfg Co
12
Common
10
1255
950
1254 1255
.
Ryerson & Sons Inc corn. 5
100
deans 1100/11011 h (.0 0.31D • 3354 32
384
1,600
155
155
Signode Steel Strap corn..*
150
655
654 654
Slvyer Steel Castings corn •
50
.55
Southern Union Gas com_•
55
56
100
40
41%
Southw G & E 7% Prei-100
120
36
36
St Louis Nat'l Stkyds cap_• 36
10
235
Standard Dretlge cony pfd•
200
23-4
4
4
Storkline Fur cony pref_ _25
200
Sutherland Paper com 10
7
8
200
Swift International
1935 233.4 8,700
15 21
113.4 15
Swift & Co
25 1354
26,550
Thompson '.1 11.1 corn__ _25
64 755
7
850
_1
United Gas Corp com
234 256
23.4
50
4354 433.4
US Gypsum corn
20
100
1
1%
Utah Radio Prod corn. •
650
•
1
1
155
QUI & Ind Corp_
400
Convertible preferred..•
3
3
250
33/4
0111 l'ow & Lt corn n v_ _ _1
50
54
36
Range Since Jan. 1.
Low.
%
5
534
56
1
84
4
9
1
1254
331
10
134
6
2
555
42
Mar
Feb
Oct
Feb
I en
Feb
Oct
Mar
Fell
Apr
May
Oct
Apr
Apr
Feb
Oct
Sept
134 Apr
455 Jan
High.
2
8
16
1
5
3031
24
1751
6
3455
124
22
16
22
614
8
82
June
May
June
June
May
July
June
July
June
July
July
July
July
May
May
July
Jan
July
6
1534 July
Feb
Feb
Mar
Jan
Jan
May
Jan
Jan
Sept
Feb
Feb
1155
59
1055
6
7
23
16
834
2631
15
1354
July
July
July
Sept
July
Oct
Aug
July
Oct
July
June
43-4 Feb
10
July
si Mar
1031 Mar
54 Feb
64 Feb
55 Apr
355 Mar
5 Slay
12
Feb
1
I eu
3% Mar
355 Jan
655 Apr
3
Feb
33.5 Mar
I.
e.
4
174 Mar
54 Apr
4
Mar
25
Mar
755 Oct
124
2331
1434
2755
2
20
455
954
28
25
64
1455
8
16
855
15
3754
274
7
1631
653-4
1656
Oct
July
July
June
June
May
July
July
July
July
June
June
May
June
July
Aug
June
June
May
July
Oct
July
1255
154
34
155
155
8
%
131
2331
7
30
454
%
7
Apr
Feb
Sept
Feb
Feb
Feb
Apr
Apr
Feb
Jan
May
Feb
May
Mar
29
755
234
44
855
44
104
6
4456
1634
36
18
235
11
Oct
June
May
July
July
Seot
July
June
July
May
234 Feb
55 Jan
55 Feb
34 May
754
4
355
234
June
May
May
June
3
15
4
134
1
124
431
2
23
155
3
sent
June
AIM`
Sept
June
134
656
154
354
14
4
_
55
55
10
55
94
134
6
255
1
604
4
Oct
8
Apr 1555
Apr
955
Mar 10
25
Apr
Feb
1
June
2
3
Mar
235
Mar
Feb 25
May
3
Mar 2934
Apr
736
14
Feb
Jan
10
Oct
6
Oct61
Feb
11
&lig
June
Sept
June
July
May
June
June
June
July
Jane
June
June
June
Oct
June
%
16
1
54
10
1
Apr
654
2731
Jar
Feb
5
455
May
Feb 3455
Apr64
Aug
June
July
Sept
July
May
June
16
to
3715
40
Apr 47
Apr48
Apr85
Apr95
Jan
Jun
Jan
Jan
63
106
1555
Feb145
Apr 118
JaIl 27
July
Oct
May
1
Oct8
May
55 Oct
631 Julie
155 May
45I June
6
73.4
1331
134
4
54
40
32
Si
3
235
1231
7
Feb
Mar
Feb
Mar
May
Jan
Oct
Sept
Mar
July
May
Feb
Feb
634 Mar
2
Jan
18
Mar
55 Jan
14 Feb
14 Mar
34 Oct
184
20
47
3
9
135
60
413.4
534
8
9
3255
2455
1555
631
5234
355
335
7
291
June
May
July
Sept
July
May
June
July
May
May
Sept
June
July
June
July
July
sent
June
Ione
JUIle
Financial Chronicle
Volume 137
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Viking Pump Co pref._ •
Vortex Cup Co exam
•
Class A
•
Wahl Co corn
•
W
common___•
Warchel Corn
Convertible prof
•
Ward (Monne, & co CIA •
Wayne Pump Co corn_
*
Wier...kW ...toms le
•
Williams 011-0-1sfatic com •
Yates
-Amer Mach pt pf_ •
Zenith Radio Corp coin_ •
534
25
16
58%
1034
Bonds
Chic City Ry 53 1927Ctts of deposit
Chicago Railways 5s
Certificates of deposit _. ------
23
23
5% 6
25
25
1% 1%
15% 18
50
500
800
350
4,400
4%
4
5634 62
35
35
10% 11
3
3
1
1
2
235
290
880
50
Range Since Jan. 1.
Low.
Apr
1.51,
Mar
17
51 Jan
,
1135 k ety
2835
10%
27%
3
21%
June
June
July
July
July
Oct
Fah
Mar
4%
83%
2%
14%
5
3%
3%
Oct
July
June
Julie
July
July
July
61
July
20
400
200
550
1,100
50
5431 5431 $1.100
• No par value. a Ex d vidend. y Ex-warrants.
2%
474
34
4
2
3(
35
May
Jan
Mar
42
so
High.
Ma
48% Mar
67% July
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, Oct. 14 to Oct. 20, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Abitibi Pr & Paper corn •
1.00 1.10
Beatty Bros prof
100 6831 6835 6831
Beauharnois Power corn_ _•
331 4
334
Bell Telephone
100 10631 10635 1093-4
Brantford Cordage 1st pf 25
21
21
Brazilian T. L.& Pr com.-• 1231
1134 13
Brewers & Distillers corn.* 2.15
2.05 2.50
B C Packers corn
•
231 235
B C Power A
•
2331 24
Building Products A
•
16
16
Burt(F N) Co corn
25 2634
2635 3135
e
3
Canada Bread corn
335
3
Canada Cement com
•
5
631
534
Preferred
• 2731
2731 30
Canada Wire & Cable A.
26
26
26
Canadian Bakeries A...*
234 231
231
Preferred
100 10
1031
10
Canadian Canners cora_ •
534
5
Cony pro!
735 834
•
7(
1st preferred
100
7831
77
Canadian Car & Fdy com_•
5
634
5
Preferred
25
15
15
Can Dredge & Dock corn_• 1531
1534 1834
Can General Cleo prof...50 5731
5734 5735
Canadian Ind Alcohol A..• 1234
1034 1834
B
•
1531 1531
Canadian 011 cony
12
10
• 10
Preferred
100
95
95
Canadian Pacific Hy_ __25 1235
1131 1334
Cockshutt 1-low corn
•
635
634 7%
Consolidated Bakeries_ - _*
7
834
735
Consolidated Industries_.•
135
1
Cons Mining & Smelting 25
100 12835
Consumers Gas._ __ __ _100 182
181 183
Cosmos Imperial Mills_ •
631 635
Crow's Nest Pass Coal_100 15
15
15
Dominion stores corn.._ ..* 1931
19
20
Easters Steel Prod com_ •
5
5
Easy Washing Mach corn •
1
13.4
Fanny Farmer corn
•
1235 1231
Ford Co of Canada A_ _ _ _• 1035
9
1134
General Steel Wares corn •
3
331
Goodyear T & R pref _ _100 105
105 106
Gypsum, Limo & Alabast •
3
33.4
231
Hamilton Cottons pref__30 1131
1134 1131
'Linde & Dauche Paper_ _-•
534
5
5
Ilunts Limited A
•
834 831
International Nickel com_• 17.40 16.90 17.40
Int Utilities A
*
534 535
Kelvinator of Can corn
•
4
435
Lake of Woods MI'l corn_ •
1031 1034
Laura Secord Canly con)." 4734 47H 49
Loblaw Groceterlas A....* 1331
1331 1431
B
14
13
" 13
Massey-Harris corn
sg 335 431
•
Moore Corp corn
• 113
1134 12
4
A
100
97
96
B
100 100
100 107
Natlonal Sewer Pipe A_ •
17
1731
Ont Equitable 10% paid100
9
9
Orange Crush corn
*
35
%
Page-Hersey Tubes corn..* 60
60
64
Photo Engravers & Elec. *
13
14
Pressed Metals corn
• 1431
1431 1731
Riverside Silk Mills A_
•
1831 1854
Simpson's. Ltd, pref...100 31
31
34
Stand Steel Cons pref____•
931
834 1234
Steel of Canada corn
• 263-4 25
2735
Preferred
25 31)
30
30
Tip Top Tailors corn
•
534 734
Preferred
100
60
60
Traymore. Ltd, corn
•
134 2
Preferred
4
20
4
Union Gas Co com
•
4
33-i 4
Walkers, Hiram, com____• 36
36
33
Preferred
• 1434
1434 1631
Western Can Flour com_.•
934 934
Weston, Ltd. Geo. corn _• 47
4434 53
l'referred
9035
86
100 88
Bank
Commerce
142 145
100 143
Dominion
145 149
100 145
Imperial
145 147
100 146
Montreal
191 193
100
Nova Scotia
100 275
275 27735
Royal
143 147
100 143
Toronto
100
183 185
Loan and Trust
Canada Permanent. .100
Huron & Erie Mtge.
100
Ontario Loan & Deb_ .50
Union Trust Co
100
• No par value.
147
80
104
2734
2731
150
81
104
2731
Range Since Jan. 1.
84
19
84
6
45
40
41
High.
Low
35
1,175
40 53
331
235
489 80
10 18
754
16,948
30,346 550
1
235
150 1435
105 1035
160 20
325
131
1,695
234
505 13
20 25
5
131
5
35
105
231
3
635
50 46
370
3
931
35
321 10
119 51
135
16,331
34
50
225
631
66 79
9
5,168
334
850
2
1,085
51
310
2,075 54
101 170
2
10
8
10
840 1231
5
15
1
110
834
10
6
10.161
34
65
42 80
1,610
134
20
4
235
23-4
435
25
35,640 8.15
165
535
85
31
3(3
5
75 36
2,953 1034
423 1031
2,980
235
5
20
22 65
24 70
85 14
5
26
31
200
125 40
75
8
195
8
7
110
6
182
6.205
1
483 1431
10 25
1
100
5 35
135
34
90
1
185
231
4
52.050
6,480
931
90
4
875 1635
115 67
120
124
123
151
228
12335
152
56 120
25 77
20 98
5 2735
Mar
4
Apr 72
9
Oct
Apr 118
Jan 22
Mar 19
Jan 3.85
7
Apr
Apr 28
Apr 21
Feb 383-4
931
Mar
1034
Feb
Apr 4531
Oct 30
12
May
May 1035
Mar 1034
Apr 14
Apr 80
Apr 1131
Apr 20
Mar 2235
Mar 60
Mar 40
Mar 3834
Apr 2031
May 97
Apr 2131
1535
I eb
1654
Jan
Apr
5
Mar 140
Jan 190
Apr 10
June 20
Feb
2731
Oct14
Oct4
15
Jan
Apr 21
Mar
634
Apr 10731
Feb735
Apr 1331
8
Mar
Mar 14
Mar 23.25
Apr 1334
Mar
734
Mar 18
Jan 49
Apr 2131
Mar 21
Mar 1131
Mar 1731
Apr 107
Apr 125
Apr 22
May 12
Oct
234
Apr 70
Apr 1631
Apr 26
Mar 19
Mar 52
Jan
1931
Feb 33
Mar 34
Mar 12
May 70
Aug
23-4
Sept5
May
734
Mar 66
Mar 18
Feb18
Mar 5931
May 9035
Apr
Apr
Apr
Apr
Apr
Apr
Apr
July
Sept
July
July
Sept
July
July
July
July
July
July
July
July
July
July
June
Oct
July
July
Sept
July
July
July
Sept
July
July
July
July
July
June
July
July
Sept
July
July
Feb
July
July
July
July
July
June
Sept
June
June
July
July
July
July
July
July
0-4
July
July
June
July
July
July
Aug
Aug
June
July
July
July
Oct
July
July
July
July
June
Aug
Sept
Oct
July
July
July
July
Sept
Oct
175
175
185
220
285
183
215
July
July
July
July
July
July
July
May 167
May 102
Sept 105
Aug 40
Ju'y
Jar
May
Aug
Toronto Curb.
-Record of transactions at the Toronto
Curb, Oct. 14 to Oct. 20, both inclusive, compiled from
official sales lists:
Stocks
1311tmore Hats corn
Preferred
Brewing Corp corn
Preferred
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
100
•
•
854
76
4
11
835 9
80
76
4
5%
10
12%
35
14
1,615
446
Range Since Jan. 1.
Low.
3% Jan
Feb
62
Jan3-4
35 Mar
High.
9%
80
935
19
June
Oct
July
July
2957
Friday
Sales
Last Week-s Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Far Price. Low. High. Sharer.
Can Bud Breweries com__• 10
Canada Malting corn _ _* 27
Canada Vinegars corn_ ___• 20
Canadian Winerins
435
Can Wire Bound Boxes A.
9
Consolidated Press A....°
8
Cosgrave Export Brew'y 10
4
Distillers Seagrams
1831
Dominion Bridge
24
Dom Motors of Canada_10
131
Dorn Tar & Chemical corn •
Dutterin P ,k C Stone p1100
Goodyear Tire & Rub coal* 90
Hamilton Bridge coal
•
Honey Dew corn
95e
Humberstone Shoe corn..
Imperial Tobacco ord._
1034
Montreal L,H & P cons_ • 33
National Grocers pref__100 90
Ontario Silknit pret_ _ _100
Power Corp of Can corn_•
6)5
Rogers Majestic
•
Robinson Cons Cone
9
Service Stations corn A._.•
5
Shawinigan Water & Pr • 16%
Stand Pay & Mails corn_ •
Preferred
1E10
Toronto Elevators ptef_ *
United Fuel Invest prof 100
Waterloo Mfg A
•
235 235
28
30
90
98
534 7
85c 1.00
25
25
10% 11
32% 34
92
90
35
35
635 734
3%
3
9
9
6
5
1635 17%
134
1%
15
15
90
90
535 535
234 234
oil
British American 011
•
Crown Dominion Oil
Imperial Oil Ltd
International Petroleum •
McColl Frontenac 011 com*
Preferred
100
North Star 011 prof
5
Prairie Cities Oil A
•
Supertest Petroleum ord •
Common
•
Thayers Ltd pref
•
1254
3
1034
17)5
9%
71
234
2
14%
18
20
12%
1134
1735
10
71
2%
1435
934
26
20
4
9
8
4
15%
22%
12%
3135
22
534
935
8
4
2534
27
Range Since Jan. 1.
Low.
High.
5,790
4,780
400
710
160
5
135
9,283
205
585
70
50
61
155
1,100
25
25
352
15
25
500
85
85
311
261
40
50
20
40
25
534
13%
1334
1%
335
3
1%
4
1431
1
1
5
40
234
35
14%
7
26%
85
28
6
34
5
234
935
34
15
90
435
135
Apr 18
July
Mar 40
July
July
Jan 28
Jan
934 July
935 July
Mar
Apr 12 June
Jan
8
July
Feb 5135 July
Feb 33
July
534 July
Apr
Apr
634 July
Jan 30
Oct
Mar 11435 July
Apr 1134 July
Jan
3% July
Jan 25
Oct
Feb
1135 Sept
Apr 42
July
Aug 100
July
Sept 45
Aug
Jan 15% July
4
Mar
July
Jan
14
July
Apr 11
July
Feb 2135 July
Apr
July
6
Oct 21
July
Oct 96
July
May 1735 June
Feb
June
8
14
8,537
145
33
,
4
1234 14.617
5.745
19
1,111
1134
25
74%
235
905
50
2
495
16
120
18
20
20
7%
13.4
73(
1035
735
5434
134
31
1135
1135
9
Jan
Apr
Apr
Mar
Mar
Apt
Apr
Apr
Mar
Feb
Feb
16
6%
16
20%
15
80
434
335
22%
19
20
July
July
July
Sept
July
June
July
June
July
Aug
Oct
•No par value.
Philadelphia Stock Exchange.
-See page 2934.
Baltimore Stock Exchange.
-See page 2934.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Oct. 14 to Oct. 20, both
inclusive, compiled from official sales lists:
Stocks-
Jail4
r71441/
Last Week's Range for
Of Prices.
Week.
Sale
Par. Price, Low. High. Shares.
Amer Window Glass V 100
Arkansss Nat Gas Corp_ •
Armstrong Cork Co
•
Blaw-Knox Co
•
•
Clark (D L) Candy
Columbia Gas & Elec. •
Devonian 011
10
Duquesne Brewing A._ 5
Follansbee Bros pref.. 100
.
Fort Pittsburgh We w_ _ _1
Harbison Walker Ref_
•
Jones & Lau'gn Steel pf ___
Koppers Gas & Coke p1100
Lone Star Gas
•
Mesta Machine
5
Nat Fireproofing prat_ _50
Pittsburgh Brewing
50
Preferred
50
Pittsburgh Forging Co...•
Pittsburgh Plate Glass_25
Pittsburgh Screw & Bolt _•
Plymouth Oil Co
5
Renner Co
1
Ruud Mtg
Shamrock Oil & Gas
•
Standard Steel Spring_
•
Vanadium Alloy Steel.._.
Westinghouse Air Brake_ •
Westinghouse El & Mfg_50
Western Pub Serv V t c-__•
Unlisted
Gulf Oil Corp
25
Lone Star Gas 6% pret_100
Pennroad Corp
•
Bonds
Pittalitpah nrnrolno as 'an
• No par value.
1231
10
5
835
51
56
634
331
22
4
34
534
13
1
11
434
6934
Range Since Jan. 1.
Low,
25
25
490
843
60
2,741
237
100
10
1,415
300
10
55
6,612
245
150
41
130
350
324
2.666
365
550
110
100
10
100
690
705
1.130
734
1
434
4
3
93-4
7
5
10
131
634
37
45
5
7
2
335
10
134
13
134
634
1
6
1
3
14
1235
1931
43.4
51
51
6934 70
336 335
1,000
91
40
2634 Jan
Apr
65
1
Apr
RR
88
51.000
65
High.
July 15
Feb
5
Feb 23
Feb
19
May
11
Mar 28
Apr 10
Sept
831
Mar 35
235
Jan
Feb 2534
Feb 75
Mar 67
Mar 1231
Feb 2035
Apr
83-4
Oct10
Mar 40
535
Jan
Mar 3934
Feb
1131
1734
Feb
Oct235
May 12
Feb3
Mar 14
June 20
Jan 3535
Feb583-4
Oct 10
1231
135
16
1131
5
1435
9
5
2334
135
14
51
56
635
16
331
335
24
4
36
63-4
1535
135
11
134
9
18
2834
36
535
1231
135
1235
10
5
1134
834
5
2334
13i
14
51
55
7
5%
1431
335
335
22
4
34
43.4
1274
1
1034
134
9
18
26
30
435
Mar
Oct
June
July
July
July
July
Oct
July
June
Mar
July
May
June
June
Sept
June
Mar
May
July
June
July
May
June
May
July
Aug
June
July
July
June
61
Jul)
9135 jun,
6
Jul)
91 Jul)
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Oct. 14 to Oct. 20, both inclusive, compiled from official sales lists:
Stocks-
sates
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par Price. Low. High. Shares.
Allen Industries com
235
•
City Ice & Fuel
•
1474
Preferred
100
65
Cleve Elec 1116% pref__100 106
106
Cleve Railway cts deo_ 100 36
353.4
Cleve Worsted Mills corn.*
935
935
Corr McK Steel vot com100 10
10
Non-votg Corn
100 10
10
Dow Chemical corn
•
65
Preferred
100
105
Faultless Rubber corn_
•
24
Fed Knitting Mills eom •
3034
Ferry Cap & Set Screw_ _ _•
235
Foote
-Burt corn
•
7
8
Gen T & R 6% pf ser A 100 60
60
Goodyear T & Rub com • 2635 203.4
Greif Bros Coop ci A
• 2034 2034
100
Halle Bros prof
55
Harbauer co n
•
635
635
Jaeger Machine COM
•
5
10
Kelley Isld L & Tr com.. •
Medusa Cement
10
•
Metro Pay Brick com_
•
4
Mohawk Rubber pref__100
8
National Acme cony
10
434
National Carbon pref 100
134
National Refining com-25
5
National Tile corn
•
231
N.ttr-I, hi ur el A
•
131
154
235
1531
65
106
3635
1134
10
10
6894
105
24
307-4
235
8
62
2635
203.4
55
634
5
10
10
4
8
435
134
5
231
2
Range Since Jan. 1.
Low.
50
1
935
420
100 46
122 953-4
65 29
378
4
sq
50
52
23-4
1,015 30
40 96
35 1734
35 26
15
13-4
535
221
70 29
100
103.4
25
8
17 3834
20
2%
234
25
311
635
6
200
2
25
5
10
2
100
25 110
55
3
1
170
4
190
High.
6
Jan
Apr 25
Apr 69
Mar 110
Apr 4935
Jan
15
Jan 24
Feb 25
Jan 78
Apr 105
Jan 25
Mar 3435
Jan
5
9
Aug
Feb 80
Feb 47
Mar 25
Jan 55
8
Jan
Apr
7
Apr 16
Feb 20
Apr
635
1435
May
Apr
734
Mar 130
Apr
9
Jan
4%
Apr3
June
July
Aug
Jan
July
June
July
July
July
Oct
July
June
June
Jar
July
July
AuS
Oci
Oci
June
July
July
Junt
Juni
Jul)
Serr
Jul)
Jun4
.1 um
ss,
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
*
Ohio Brass B
100
Preferred
Ohio Confection cl A
•
Richman Bros corn
-tobbins & Myers pt v t c25
Seiberling Rubber com_ _ _•
Selby Shoe corn
Sherwin-Williams com_ _25
100
AA preferred
Standard Oil (Ohio) pref100
Thompson Products Inc_ *
Truscon Steel pref
160
Vlchek Tool
Youngstown S & T pret 100
12
3915
2
3
35
12%
12
48
2
3835
2
3
1734
35
9734
76%
11%
35
2%
35
13
48
2
43%
2
3%
1735
3635
97%
7935
17
35
235
35
196
90
50
1,167
80
345
50
310
30
110
1,210
27
15
45
Range Since Jan. 1.
Low.
5%
44
2
22%
1
1
10
13%
70
76%
615
30
151
17%
Jan
Feb
June
Apr
Jan
Mar
Jan
Feb
Mar
Oct
Feb
May
Mar
Feb
high.
20
56
2
53
2%
7
2035
43
98%
83
20
38%
4%
53
July
Aug
June
July
Oct
June
June
July
July
Aug
Sept
Sept
July
June
* No par value.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, Oct. 11 to Oct. 20, both
inclusive, compiled from official sales lists:
Stocks-
_.....
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Aluminum Industries__ ..*
Amer. Laundry Mach__20
Amer. Products corn
*
Amer. Rolling Mill
25
Burger Bros
*
Champ Coat 1st pref. _100
Spl pref
100
Cin Gas & Elec pref___100
Cincinnati Street
50
Cincinnati Telephone_ _ _50
CM Union Stock Yds---*
City Ice & Fuel
*
Cohen (Dan) Co
*
*
Crosley Radio A
20
Eagle-Picher Lead
•
Formica
*
Gibson Art corn
*
Gruen Watch
100
Preferred
*
Hobart
*
Julian & Kokenge
40
Kahn A
•
Kroger com
Manischewitz corn
*
Mead Corp pref
100
•
Nati Record Pump
Procter & Gamble
*
100
8% pref
100
5% pref
•
Randall A
*
Richardson corn
*
United Milk A
10
U S Play Card
U S Print & Lith pref. _ _50
13
7134
4%
67%
14%
10
11%
2
4
20
35
16
614
8% 9%
1035 12
1%
1%
13
1734
1
1
90
90
80
80
7134 72
435 4%
67% 68%
17% 1735
14% 15%
10
10
8
9
5% 6
11% 12%
835 8%
2%
2
634 6%
20
20
4
.4
10
10
20%
20
5
5
33
33
2
2
30%
35
160 160
104% 104%
11% 12
8
8
17
17
16%
15
634 634
Range Since Jan. 1.
Low.
4
55
6%
591
1%
10
6%
710
1
50
3 69
5 76
263 62
273
434
131 5734
19 16%
105 10%
635
90
2%
210
693
2%
5
35
7
35
181
134
5
7
30 10
4
50
15 10
385 1535
5
2
100 33
2
15
342 19%
26 150
14 97%
50
4
4
55
25 15
363
9
3
10
High.
June
16
Jan
July
Mar 19
3% June
Oct
July
Feb 30
2% June
Feb
July
Apr 90
July
June 83
Jan
Sept 93
May
9
May
May 7535 July
July
Sept 24
Mar 25 June
Apr 11% June
Mar 15 June
834 July
Feb
Jan 21% June
June
Apr 14
Mar
5 June
Apr 15 June
Feb 27 June
May
Sept 10
Jan
Mar 12
July
Mar 35
Oct 12 June
Oct
Oct 33
July
Aug
4
Mar 46% July
Aug
Apr 170
May 104% Oct
Feb 12% July
Jan 13% July
Apr 23 June
Mar 27% July
Apr 11
Aug
• No par value.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis' Stock ,Exchange, Oct. 14 to Oct. 20, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last IVeek's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
44
*
Brown Shoe corn
118%
100
Preferred
10
" 10
Burkart Mfg pref
4
Columbia Brewing com 5
8
5
Curtis Mfg corn
*
Dr Pepper corn
90
Ely & Walk D Gds lstpf100
70
100
2d preferred
1
7%
73.4
Falstaff corn
2%
Ham-Brown Shoe corn. 25
International Shoe corn_ __• 38% 38
16
20
Laclede Steel corn
41
* 41
McQuay-Norris corn
6
*
Moloney Electric A
7
Mo Ptld Cement corn.._25
17
"
National Candy corn
7
Rice-Stix Dry Gds corn._
2
*
2
Scullin Steel pref
20
Sou Acid &Sulphur corn. *
_100 116% 116
S'western Bell Tel pref.
7
Wagner Electric corn..._15
Bonds.
City & Suburban P S 5s '34
21
21
46%
118%
10
435
8
90
70
8
3
4035
16
41%
6
7
17%
7
2
20
117
831
21
Range Since Jan. 1.
Low.
35 29
25 109
4
75
4
265
4%
100
50
6
30 67
10 .55
270
735
24
155 26
0
50
30 24%
6
20
434
35
329
3
205
1
30
35 15
100 10934
195
85,000
20
High.
Apr 53%
Jan 120
Mar 10
Oct
515
Apr 10
Oct
6
Mar 95
May 72
Oct
9
Feb
5
Mar 55
Jan 20
Mar 44%
Oct 18
Feb 13%
Mar 22
Feb
10
Apr
4%
May 29
Apr 118
Apr 12%
July
23
July
Sept
Oct
Sept
Aug
Oct
July
July
Oct
July
July
July
July
July
June
July
June
June
June
Sept
July
Aug
* No par value.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Oct. 14 to Oct. 20,
both inclusive, compiled from official sales lists:
Stocks-
Oct. 21 1933
Financial Chronicle
2958
sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
18% 21%
20%
Alaska Juneau Gold Min_
Anglo Calif Nat Bk of S F.
9
9
115%
Assoc Ins Fund Inc
131 1%
Atlas Imp Diesel Eng A_ _ _ _ ___ __
3% 3%
Bank of Calif N A
130 135
130
4% 4%
Bond & Share Co Ltd
Byron Jackson Co
3% 3%
334
Calamba Sugar corn
21% 19% 22%
19% 19%
7% preferred
California Copper
%
%
__ ___ _
4
7
Calif Cotton Mills com
20%
Calf Packing Corp
17% 17
Calif West St., Life Ins cap 16
14% 17%
Voting plan
18% 18%
15% 19%
Caterpillar Tractor
17%
18% 19
Clorox Chemical Co
23%
23
23
Cons Chem Indus A
3% 43.4
Crown Zellerbach v t C.
43-4
30
Pref A
2715 27
26
30
Prof B
Emporium Capwel Corp
635 6%
__ __ __
44
Flremans Fund Insurance_
44
49
1034 12%
12
Food Mach Corp corn
234 234
Foster & Kleiser corn
34
34
Galland Mere Laundry_
6
6
Gen Paint Corp A corn_
5% 5%
Golden State Co Ltd
135
1%
Haiku Pine Co Ltd corn
45
45
47%
Hawaiian C & S Ltd
24% 25
Home F & M Ins Co
13
14
1334
Honolulu 011 Corp Ltd._._
00
AR
- --- - -
Range Since Jan. 1. K
.
High.
Low.
2,130 11% Jan 32% Aug
Jan
855 May 20
999
3% July
% Apr
700
Feb
735 July
2
411
July
Feb 160
17 101
534 July
180
134 Feb
Mar
651 July
1
1,171
Mar 24% Oct
8
4,412
Mar 2015 Oct
250 11
July
1
35 Jan
3,000
July
16
130
3 Jan
,
4
835 Mar 34% July
3,595
Apr 31% Jan
529 13
Jan
85 15 June 31
534 Feb 29% July
7,333
323 13 May 21% June
July
Mar 28
648 11
1
8% July
6,423
Feb
734 Mar 43% July
167
July
7
Mar 43
60
2% Feb
8% July
640
July
235 34% Mar 61
5% Jan 16% July
1,300
July
4
Jan
1
300
10 26% Mar 36%. Sept
9
July
3% May
100
3% Apr 10% July
486
3% June
% Mar
40
75 27% Jan 49% Sept
Apr 30% July
215 18
1,031
8% Feb 16% July
WI
?am. 50
elel
Inn
Sales
f riday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Hunt Bros A corn
Investors Assoc (The)
Jantzen Knitting Mills__
Langendorf Utd Bak A.__.
Leighton Ind A
Leighton Ind B
Leslle Calif Salt Co
LA Gas & Elec Corp pref_
Lyons Magnus Inc A
Magnavox Co Ltd
Magnin & Co (I) corn
6% preferred
Marchant Cal Mach com_ _
Mere Amer Realty 6% pfdNatomas Co
No Amer Inv 6% pref
.534% preferred
North Amer Oil Cons
Oliver United Filters A.
435
24
52
8
Pacific G & E corn
19%
21%
6% 1st preferred
19%
534% preferred
Pacific Lighting Corp corn_
26
6% preferred
77
Fag Pub Ser non vol corn
Non voting preferred_ _23.1
Pacific Tel & Tel corn
•104
6% preferred
24%
Paraffine Cos corn
Phillips Petroleum_ _ _ _
13%
Plg'n Whistle preferred_
Ry Equip & Realty 1st pfd
Rainier Pulp & Paper Co_
Roos Bros corn
Shell Union Oil corn
734
Preferred
Southern Pacific Co
18%
So Pacific Golden Gate A
-----Spring Valley Water Co
5
37
Standard Oil Co of Calif_
935
Tide Water Ass'd Oh corn_
6% preferred
5%
Transamerica Corp
Union Oil Co of Calif
1835
27
United Air
Wells Fargo Bk & U T__ _ _ -----Western Pipe & Steel Co_ _- ------
435 5
6
6
4
4
1135 11%
200
55
250
205
170
100
388
107
220
500
2,590
155
10
258
3-4
%
23% 2435
8534 9035
10
10
4% 4%
3.5
8%
68% 6834
1% 1%
76
76%
5,363
46% 63
10
23
23
21
68
20
1,835
735 835
140
7
7
300
2% 3
19
20% 7,707
2134 22% 4,864
1,487
19% 20
1,260
26
27%
101
79
76
455
%
%
570
2% 2%
66
84
85%
169
103 105
1,363
2334 24%
500
13% 155i
3%
60
34
54
5
5
540
18
20
370
5% 5%
6,
3
4 7% 3,193
56
28
56
1,368
17
20
440
5% 635
150
534 53%
797
5
5
35% 4015 4,648
9% 11%
1,952
418
5035 54%
5
5% 48,487
3,044
17% 19%
2,324
2531 28%
111
200 204
400
0
9%
Range Since Jan. 1.
Low.
High.
2
Feb 10% June
9
2% Mar
July
7% June
Apr
2
4% Feb 14% July
35 Aug
% Oct
1
July
55 Oct
11% Feb 27
July
83% May 98% Jan
5% June 13% Sept
1
June
6
Sept
1
% Mar
June
3% Feb 10
July
60
Feb 80
Aug
2% June
34 Feb
60
Jan 76% Sept
15
Feb 78% Oct
11
Mar 31
July
734 Apr 27
July
3% Apr
9% Oct
3% Jan 11% July
35 Feb
514 July
19
Oct 32
July
2135 Oct 2534 Jan
1934 Oct 23% Jan
25% Mar 43
Jan
76
Oct 9334 Jan
% Mar
2% June
2
Apr
6
June
67
Apr 94% July
99% Apr 111
July
834 Feb 29
July
9% May 18% Sept
34 Oct
2% July
3% Apr
635 July
6
Jan 2035 Oct
2
Jan
6% June
4
Feb 11% July
38% Jan 60
July
11% Feb 38% July
4% Jan
834 July
4% May
6% June
2% Apr
8
July
20
Feb 4435 Sept
3% Feb
1135 Sept
24
Apr 54% Oct
4% Mar
9% July
9% Feb 2334 July
17
Feb 46
July
165
Apr 220
July
534 Feb 17
July
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Oct. 14 to Oct. 20,
both inclusive, compiled from official sales lists:
Stocks-
sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
%
%
100
'A
Associated G & E A
*
400 14
18
20%
Alaska Juneau
500
3%
7%
5
7% 9
13arnsdall Corp A
335 434
3,200
1%
10
Bolsa Chica Oil A
400
335 4
1
•
Byron Jackson
150 13%
20% 20%
California Packing Corp_ •
1
100
1
1
Central Invest Corp_..100
0%
3834 4015 1,000
Chrysler Corp
•
50 26
283,1 28%
Citizens Natl Bank
20
500
8
8%
6
8
Claude Neon Elec Prod..*
1034 2,300
534
10
Cons 011 Corp
105%
10 265
275 275
Farm & Merch Natl Bk.100
90
20 6
90
Goodyr Tex Mills pref_ 100
05%
61 6 odd It 22
61
Goodyear Tire &R pref _100 61
1,000 2535
2535 2535 3134
Goodyear Akron corn
50oddlt
7
7
534
7
Hall Roach Stud 8% pref25
•
6% 7%
6%
1,200
3%
Hancock 011 corn A
89
152 82%
85
Los Ang G & E pref._ _ _100 85
2
700
23,4
1
2
Los Aug Invest Co
10
4
400
4
1%
Monolith Portld Cem pfd10
200
8
8%
8
Mortgage Guarantee Co100
800
654 6%
4
634
Pacific Fins Corp com__10
200 185%
185% 20
Pac Gas & Eieo corn.._ _25 18%
1,100 21%
215% 2235
6% 1st preferred
25
200 1934
19% 1935
535% 1st preferred___25
900 2535
• 25% 2535 27%
Pacific Lighting COM
100 19
Pacific Mut Life Ins_ __10 24% 24% 245%
6% 715 2,600
235
7
Pacific Western 011 Corp.*
5% 5% 3,200
13-4
Republic Pet Co Ltd___10
53
-4
10 78
78
78
San J L & P7% or prof.100
29
33
5,400 29
Sec First Nati Bk of L A_25 31%
800
6% 7%
6%
435
Shel Un Oil Corp corn...*
•
4
4
100
Signal 011 & Gas A
13-4
17% 1935 3,100 175%
So Calif Edison Ltd com_25 18
3015 31
90 30
Original preferred
25
2234 22%
7% preferred A
700 2234
25 225%
19% 1934
25 195%
900 1934
6% preferred B
17% 17%
500 1715
535% preferred C...25
18
21
So Counties Gas 6% pfd100 18
1,200 115%
Standard 011 of Calif....• 3634 36% 40%
2,800 20
11
11
Taylor Milling Corp
•
100
4
•
5
5
5% 15,800
Transamerica Corp
434
1735 1934 4,800
25 18%
Union 011 of Calif
934
4
4
Weber Show & Fix lot pfd •
206
335
• No par value.
High.
Oct
2%
Apr 3234
Mar 11
Jan
514
Feb
6%
Apr 2834
Oct
6
Mar 51%
Mar 38
Jan
135%
Jan 15%
Feb 310
Feb 92
Mar 72
Oct 425%
7
Jan
Feb 12%
Apr 98
Jan
55%
Mar
6
Feb 23
Mar 1134
8
Oct 30%
Apr 2534
Oct 235%
Oct 43
Mar 3034
Mar
9%
Feb
6
Apr 98
Oct 4535
Mar 115%
6
Mar
Apr 2735
May 40%
Oct 2731
Sept 24%
Sept 223-4
Feb 385%
Feb 44%
Jan 14
9%
Apr
Feb 23
5
May
June
Aug
Sept
July
July
July
July
Sept
Jan
July
July
June
Feb
July
July
May
July
Jan
June
Sept
June
July
July
Jan
Feb
Jan
July
Sept
Oct
Jan
Jan
July
July
Jan
Jan
Feb
Jan
Jan
July
Sept
Sept
July
July
June
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Oct. 14 to Oct. 20,
both inclusive, compiled from sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Abitibi Power & Paper__ •
1
Admiralty Alaska
1
Aetna Brew
1
Allied Brew
1
Altar Consolidated
•
& Contin
American
"
American Republics
Angostura Wuppermann_l
1
Arizona Comstock
1
Banes Blair
*
Brewers & Dist v t e
1
Carnegie Metals
Central American Mines__1
1
Como Mines
1
Croft Brew
•
Davison Chemical
Detroit & Canada Tunnel_*
5
Distilled Liquors
5
Duquesne Brew
1
Eagle Bird Mine
•
El Canada Uts
1
Elizabeth Brew
115
4%
1.55
3
2
170
1%
15%
1.65
4
2
70
1
4
1.55
4
1%
3
2%
4%
2
1.00
1.75
170
1
35
11c
13%
3
1.25
4
1%
1
300
12c
3,500
1%
1,900
4%
1,850
2.00
900
4
100
2
300
3
400
3
10,400
435
400
2% 28,000
1.25
800
235
800
20c
4,000
134 7,400
300
35
110
200
16
16,900
3
50
1.75 1,600
4%
900
2% 2,400
Range Since Jan. 1.
Low.
34
5cs
1
4
1%
4
155
3
1.15
1%
131
1.00
50c
80
1
15c
100
13%
1
1.23
4
1%
Oct
Mar
Oct
Oct
June
Oct
June
Oct
July
July
July
Oct
July
May
July
May
Jail
Oct
Sept
Oct
Oct
Aug
High.
334
10c
3
11%
2%
4
3%
334
3
4%
3%
1.60
2%
20c
2%
2%
200
18%
3
3.75
8%
3%
Aug
Feb
June
June
Aug
Oct
June
Oct
Oct
July
July
Sept
Oct
May
July
Juno
June
Oct
Oct
July
Aug
AMC
Financial Chronicle
Volume 137
Friday
Sales
Last lireek's Range for
Sale
of Prices
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Fads Radio
1
Falstaff Brew
1
Flock Brew
2
Fuel Oil Motors
10
Fuhrmann & Schmidt.. ___1
General Electronics
1
Golden Cycle
10
Greyhound
Hamilton Mfg A
10
Howey Gold
1
Huron Holding C
-D
1
Ironrite Ironer
•
KIldun Mining
1
Kingsbury Brew
1
Kuebler Brew
Slacassa Mines
Marmon Motor
Metal Textile
Mouquin, Inc
Natomas Co
14
641
14
8c
14
213
1573
34
9
1.12
350
31
211
8
3
80e
130
134
7
56
135
74
113
213
35c
31
234
3
050
111
14
84
114
Ile
113
313
16
334
9
1.12
35c
.13
353
8
3
950
16e
114
7
59
1,900
2,000
100
2,800
300
2,300
200
100
100
100
700
500
3,500
100
2,900
4,000
300
100
200
40
Range Since Jan. 1.
Low.
14
613
114
Sc
14
24
84
213
7
560
130
400
1
8
3
19c
130
1
653
56
High.
Oct
Oct
Oct
Sept
Sept
Oct
Mar
Sept
Oct
Mar
Apr
June
May
Oct
July
Jan
Oct
Sep
Oct
Oct
214 May
2053 May
54 June
28e Feb
313 July
4
May
1754 Aug
34 Oct
124 Aug
1.25 Sept
His June
3.4 Oct
Ju y
5
174 July
351 Aug
1.30 Oct
14 June
44 Sept
7
Oct
79
Oct
2959
P'riday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Newton Steel
•
New York Title & Mtge_ _1
Paramount Publix
10
Paterson Brew
1
Peerless rts w I
Petroleum Conversion_ _ _1
1
FolYmet Mfg
1
Railways N
Rayon Industries A
1
Rhodesian Sdec Tr
5
Richfield Oil
•
Ross Union DIstiller___5.50
Rustless Iron
•
Simon Brew
1
Squibb Pattison Br Pr. _1
United Cigar N w I
5
Victor Brewing
1
Vollmer Brew
1
Willys-Overland
5
" No par value.
44
14
13.4
114
4
634
390
23
13.4
413
713
234
16c
3
4;3
1,300
100
14
54
14 134 6,800
14
111
500
900
34
14
1
1
100
14 251
2,000
313 4
3,400
613 613 40,700
213 24
300
21% 45 %
38
2
0
1,800
2,300
24 24
600
113 3,000
44 ! 453 2,600
13
74 73.3
100
100
13
11
14 213
300
15c 220
3.700
Range Since Jan. 1.
Low.
2 May
34 Oct
I2c Mar
131 Sept
Oct
38e Apr
111 Sept
Apr
July
1
Jan
38c Sept
1
Jan
214 Aug
114 Sep
44, Oct
7
Sep
3.4 Oct
13.4 Oct
13c Mar
High.
1013
24
233
3
31
133
5
5
653
4
1
32
331
114
64,
834
2
213
13
July
Jan
July
June
Oct
Feb
July
Oct
Sept
Sept
June
July
July
Oct
Oct
July
June
Aug
June
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Oct. 14 1933) and ending the present Friday, (Oct.20, 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:
Week Ended Oct. 20.
Stocks-
Par
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. High. Shares.
Indus. & Miscellaneous.
Aeetol Products cony cl A *
Acme Steel Co
25
Acme Wire Co v t c
25
Adams-Millis,7% let 0100
Remo Supply Mfg el B. •
Ainsworth Mfg corn
Air Investors coin •t 0 •
Convertible pref
•
Warrant
Alabama Great Sou
50
Allied Internal Investing
33 cony pref
Allied Mills lee
•
Aluminum Co
•
6% preference
ce
Aluminum Ltd
Amer Beverage Corp„ 5
Amer Capital class A$3 preferred
$5.50 prior pref
•
Amer Cyanamid Class B •
Amer Dept Stores Corp •
Amer Equities coin
1
Amer Founders Corp___ .1
1st 7% pref ser 13
50
Ainer Laundry Mach_ .20
Amer Potash & Chem_
•
Amer Salamander
50
Amer Thread pref
5
Anchor Post Fence
•
Arcturus Radio Tube_ _1
Armstrong Cork coin
•
Art Metal Works corn_
Assoc 1000 Industries
Amer lieu rcts
El
Atlas Corp corn
•
$3 preference A
•
Warrants
Automatic Voting Mach_ •
Axton-Fisher Tob A_ .._ _10
Babcock dr Wilcox
100
Baldwin Loco Works warr_
Bauman (I.) lot pref
100
Bellanca Aircraft v t 0.-1
Ilickfords Inc
•
Black & Decker
•
Blue Ridge Corn
Common
•
8% Opt oonv pref
Bourjois Inc
•
Brill Corp cl A
•
Class B
•
Brill° Mfg corn
*
British Amer Tobacco Ltd
Amer dep rcts for bearer_
British Celanese Ltd
Am deli rcts reg she
Boleyn Watch conv pref •
Burco warrants
Burma CorporationAm dep rots for reg she.
Butler Brothers
10
Can Indust Alcohol A____•
Class 11 non-voting. ___•
Carnation Co
•
Carrier Corp
•
Celanese Corp of America
7% inc piutIc pref___ 101)
7% prior pref
100
Celluloid Corp corn
15
1st preferred
•
$7 div preferred
2
Centrifugal Pipe Corp
.
Charts Corp corn
Chicago Corp coin
1
Childs Co pref
100
Cities Service oommon__•
•
Preferred
Preferred BB
•
City Auto Stamping
•
Cleveland Tractor
•
Colt's l'atent Fire Arms_25
Comp° Shoe Mach ctfs_ _1
Consolidated Aircraft_ _ _•
Consol Retail Stores
*
Cooper Ilessenier Corp
•
•
$3 pref A w w
Cord Corp
b
Corroon & Reynolds
1
•
$6 pre( A
Courtlauds LtdEI
Amer dep rcts ord _
25
Crane Co corn
Preferred
100
Crocker Wheeler Elec.__ _ •
•
Crowley Milner
Crown Cork Internal A •
•
cuneo Press corn
•
Davenport Hosiery
Detroit Aircraft Corp.__•
11
Distillers Co Ltd
Mainers Corp Seagram. •
6613
5
213
16
13
814
53
5411
25
2
10
951
13.4
34
11
313
113
14
914
434
6311
433
Range Since Jan. I.
Low.
High.
313
2441
833
6653
1
5
2
15
13
36
313
244
9
6633
1
5
213
16
53
39
100
50
300
25
900
100
700
300
400
50
9
74
50
54
25
14
9
1013
6354
56
30
214
100
6,600
4,100
450
300
1,900
94
46
811
13
2
III,
11
113.4
16
833
3;3
116
Ti
13
153
300
10
100
46
1013 17,700
114 1,60
211
400
I
1,80(
125
1253
1254 1,30
200
1653
100
84
34 1,000
24 2,10
400
3.4
2,100
17
200
2
4,4
304
34
34
2
Si
8
64
8
4
213
11
51
44
4
1
Jan
Mar
I eb
,
Jan
Oct
Apr
Apr
Feb
Apr
Mar
Apr
Feb
Feb
Mar
Mar
40
413
1211 37,30
50
3913
513 5,900
100
133
64
200
4411
75
733
400
19
10
434 513 1,500
200
413 55'
5;3 555
100
254
534
33
253
14
254
la
614
11
14
4
253
Apr
Apr
Mar
Feb
Jun
Feb
Jan
Ott
Jun
July
May
May
413
853
3934
413
.111
61
3534
64
19
213
13
213
60
94
174
54
553
53
8
Feb
Apr
Mar
Apr
Feb
Feb
Jan
Mar
Jan
Jan
336 Mar
Apr
3744 Feb
Mar
37
134 Mar
14 Mar
3
333
24
124
1113
733
1,600
1,300
200
200
300
1,000
14
214
233
34
51
533
Mar
Mar
May
Feb
Jan
Oct
25
6
113 24
284 30
4
4
24 24
114 111
54 614
2,90
1611
Jan
8,20
106
50
1
Apr
1214 May
53 May
26
313 314
20
20
51
3
214
1033
104
14
633
3
3,600
331
800
1753 17,200
15
2,500
1413
300
84 1,700
10411 10613 1104
725
824 85
85
350
2331 4,100
204 19
80
100
82
4913
44
275
353 313
313
800
10
200
10
214
2
300
9
9
10
100
213 213 49.600
231
14
14
1551
1,500
1211
1231 13
90
8
8
100
200
234 3
1634 17
500
104 104 12
50(
674
64 753 2,000
200
153
155
44 413
30
15
15
400
513 813 8,8.00
612
14
113
153
600
1051 14
60
913
44
531
18
168
4
954
6
36
314
4
533
1633
1131
34
174
16
1,700
10
5
2,600
100
3,60
10
10
2,00
1913 54.70
244 32.106
913
6
36
553
4
713
1633
1131
113
233
74
531
4
Feb
Feb
May
July
Mar
Feb
Apr
27
Apr
51
2
Apr
20
Jan
May
20
211 Jan
634 June
Mar
613 Mar
Feb
1034 Mar
5
Apr
5
May
14 Apr
Jan
8
1034 Oct
1
Mar
111 Jan
Mar
Mar
413 Feb
94 Apr
Mar
Mar
Mar
Oct
Feb
Sept
Jan
Apr
Apr
Jan
1743 July
It
billy
433
3(1
233
333
24
953
6
Friday
Sales
Last 1Peek's Range for
of Prices.
IFeek.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Doehler Die Casting
•
June 1)115 Chemical
5
.
3613 June Driver-Harris
10
154 July Dublier Condenser
1
June Duval Texas Sulphur__ _•
80
413 June Easy Wash Mach B
•
1031 June Edison Bros Stores
34 June Eisler Electric COW
•
June Elec['ewer Assoc corn
17
I
June
1
Class A_
July Electric Shareholdhig55
Common
•
1034 July
$6 cony pref w w
1553 Aug Electrographic corn
1
954 June Equity Coop corn
10c
774 July Ex-Cell-0 Aircraft & Tool •
534 June
airchild Aviation
1
534 Mar Fedders Mfg el A
•
E D Corp
•
1611 July Ferro Enamel Corp
•
52
Aug Mello Brewery
1
1513 Julie First National Stores p1100
4
15 June Fisk Rubber Corp
44 June
RR Preferred
100
•
24 Julie Flintokote Co el A
204 June Ford Motor Co Ltd
Amer dep rcts ord reg-E1
18(4 July
164 July Ford Motor of Can el A•
July
9
Class B
July Foremost Dairy Products
4
3
Sept
Cony preferred
24 July Foundation Company
•
July
24
Foreign shares
413 May General Alloys Co
•
General Aviation Corp- 1
534 July
Gen Flee Ltd Am tier rcts •
184 June General Fireproofing corn..
434 May Gen investments Corp
June
10
Common
5
353 June
$6 preferred
June General Rayon, A stock_ _•
65
Aug Gen Theatres Equipment
59
11
Aug
33 convertible pref_
•
Oct General Tire & Rubber _25
19
Sept
7
6% pref A
100
751 June Gilbert (A C) Co com_
*
•
813 July Glen Alden Coal
Globe Underwriters Exch.•
434 June Godchaux Sugars cl B
•
3714 June Gold Seal Electrical
534 July Gorham Mfg corn v
551 July Grand Rapids Varnish_ •
,
413 July Gray Tel Pay Station
•
1114 Apr (It Alt & Pae Tea
Non vet corn stock
•
7% let preferred__ 100
274 Oct
Great Lakes Dredge &Dk•
433 June Great Northern Paper_25
204 Oct Guardian Investors
1
11 July Happiness Candy el
Hazeltine Corp
•
31.4 July Heyde') Chemical Corp _10
613 June Hires (Charles E) Cl A__ _ •
384 July
Home Fire & Marine_ _10
July Hormel (Geo A)& Co_
34
•
May Horn (A C) Co
18
•
July ((lire & Ilarriart
17
Huylers of Delaware110
July
pref stamped_ _100
8633 May Hygrade Food l'rof
5
2634 Oct Hydro-Elec Securities_
•
90
Oct Ilygrade Sylvania Corp..•
584 Oct Imperial Tob of (It Britain
4'.4 July
& Ire Am dep rcts
_Ll
1213 July Insurance (30 01 No Am.10
411 July Internal Cigar Mach
•
July Internat. Hold & Invest •
30
633 May Interstate EQuItles30
May
Common
1
25
May
$3 cuni pre ser A
50
18
June Interstate Hosiery
_•
6
July Irving Air Chute
1
1911 July Jonas & Naumburg corn..
•
13
Oct Jones & Laughlin Steel_100
12
July
Klein (I) Emil)corn
•
213 June Kleinert Rubber
10
II
July Knott Corp corn
1
20
July
Kreuger Brewing
1
1553 July Lakey Fdy & Mach
•
4
July
Langendort Un Bak A__
20
July
Class 13
•
Lefcourt Realty pref__ •
1011 July
Lehigh Coal & Navigation•
114 July
Lerner Stores corn
•
5954 July Libby-McNeil & Libby.10
II
July
Louisiana Land & Explor-•
833 June I.ynch Corp corn
5
034 July
Maryland Casualty Co_ _.2
164 Sept Massey Harris Co corn..
•
124 Sept Mavis Bottling class A I
1.i. June Mayflower Associates*
2114 Aug McCord Rod Sr Mfg
•
404. .101r
'5 0
Mead InMemn A CO , 1 •
,
333
654
1
5454
x5
24
1
14
431
104
114
614
314
513
913
11
531
20
731
June
June
Oct
Aug
July
July
June
July
July
Aug
July
July
Sept
June
533 513 16,900
833 11
7,700
50
144 144
1
100
44 54
151 14
513 633
10
1053
511 511
2,100
1,400
1,500
200
200
100
200
600
13
31
75
59
6034 6031
251 24
11 '144
54 554
)4
1
4 . 5,1
,
i3
18
u
224
734
1353
125
12435 133
127
121
121
154 16
1511
2311
23
13
13
4
311
334 4
1553 154
20
20
2336 2314
1933 1913
14 14
16
1551 17
36
113
1
313
13
27
13
213
1054
11
713
124
251
ti
33
,
1
34
47;
High,
600
x211 313
24 Mar
91
4
Apr 5933
35
200 35
35
1
Oct
I
1
133
200
14 2
3,100
153 Oct
243
3
3
131 Feb
100
653
6.4
4
44 1,700
24 June
214 Jan 1234
100
64 64
813
200
631 7
314 Mar
84 1131 1,200
811 Oct 154
113 233 2,500
111 Oct
414
113 114
60 10834 Mar 115
54 Apt
913
751 10,000
534
Jan 61
300 18
57
55
400
314 313
134 Feb
731
12
353
Feb
Mar
Feb
Feb
Feb
Jan
Oct
Apr
Apr
Apr
June
July
July
June
Aug
Sept
Oct
July
June
June
100
2,900
100
100
2,100
800
100
600
1,100
1,600
1
1
1213
12
153 2
604
6031
Low.
14
30
334
1“)
34
113
6
34
214
234
5
78
2674
14
8
9
6
2
1213
1154
314 314
604 70
953 933
N,
54
313 434
634 634
6
6
14
1
5454 514
413 533
1
44
134
54
10
Range Since Jan. 1.
253 Feb
434 Feb
913 Feb
654 July
194 July
26
June
1
May
3
June
23(
13
23.4
633
213
Mar
Mar
Jan
Jar
Feb
531
453
104
104
10
Oct
July
July
July
July
Oct
1
11
Sept
14 May
214 July
1314 Sept
10 June
34Feb
'14
600
Apr 140
500 23
May 90
50 51
234
151 Feb
100
84 Apr 2454
6,800
Feb
7
4
200
13 j pr
15
i
7.123 Aan
982
5
134
Jan 294
6
2,900
431 June
914
100
813 Apr 29
450
June
July
July
June
July
July
July
June
Aug
Sept
July
370 12433 Oct 18134 May
Mar 127
Oct
240 118
Aug 1713 Oct
300 15
Apr 27
Sept
150 11
173 June
600
14 Oet
34 Mar
200
94 June
135 Ma
634 July
300
Apr 19
Aug
8
200
Apr 24
June
100 17
25 2333 Oct 2333 Oct
50 1913 Oct 194 Oct
511 Aug
131 Oct
200
275 154 Oct 254 June
27
27
34 5
64 64
2351 2413
125
2,600
100
100
20
213
34
13
Jun
Mar
Mar
Feb
38
9
934
2711
July
July
July
Aug
244 2414
36
4033
21
21
113
113
100
700
100
600
15
25
15
113
Feb
Mar
Mar
Apr
264
454
28
253
Sept
July
June
July
13 Jan
Apr
9
74 Jan
333 Sept
3lFeb
Jan
19
953 July
Aug
6
I
May
034 Oct
31 Jan
Oct
10
Oct
4
Apr
3
534 Also
Jan
4
134 Feb
•is AP
Oct
30
113 Apr
Oct
3
4 Jan
Ma
27
1
Fe
lat v I
i "`
1;3
244
17
813
213
80
1353
931
354
234
113
1211
44
104
14
164
834
24
4213
5
1053
213
48
6
AQ
July
July
June
May
June
July
Aug
July
Aug
June
May
Oct
Oct
July
June
Sept
June
May
Sept
June
July
July
Sept
July
%Inc
133 1.100
500
2051
400
1511
800
414
14
300
140
35
500
1313
600
634
400
213
5,300
14
200
35
1114
400
4
100
100
713
833
1,600
1313
200
4
3,400
131
1,60
30
100
3
500
451 2.300
3.4 151 13,300
96
46
500
300
211
2
47 1
4 474
300
1
19
15
333
33
27
1253
,6
214
911
35
10
4
713
711
1214
234
134
30
2
3
Financial Chronicle
2960
Friday
Sales
Last Week's Range for
Sale
of Prices.
1Peek.
Stocks (Continued) Par Price. Low. High. Shares.
Mercantile Stores coin_ * 12%
1231 13
Merritt Chapman &Scott
.
251
2
2
Michigan Sugar
13i 131
•
131
10
Preferred
331 331
Midland Royalty 32 pref.*
4
431
Midvale Co
*
22
22
Minneapolis HoneywellRegulator pref
100 75
7331 75
Molybdenum Corp v t c_ _ 1
2%
23.1 2%
Montgomery Ward lc Co-Class A
• 59
59
64
Nachman-Springftiled_ __ _•
631 634
Nat American Co
% %
•
National Aviation
•
834 1031
934
National linking Co com •
1
1
Nati Belles Hew com __ - _1
134 231
2
Nati Bond & Share Corp_ •
33
32
Nati Distillers new
'' 30% 2931 3331
National Investors com _1
131
131 134
Warrants
1%
N
34
National Leather com___•
1
34
Nati Rubber Mach com_ *
2
2
1
31
Nat Service common
34
34
Nat steel warrants
434 6
Nati Sugar Refining
* 32% 3231 35
National Union Rad lo_ I
1
I
Nebel (Oscar) Co com....-•
54
3.4
Si
1
1
•
Nehi Corp com
Neisner Bros 7% pref_ _100 27
27
27
27
New England Grain Prod_*
27
New York Shipbuilding
8
8
1
Founders shares
334
Niagara Share of Md 0113.5
334 33
-4
•
Niles-Bement
it
-Pond
834 934
Nitrate Corp of Chile
s„
34
34
Ctfs for ord B shares-1
1
•
Noma Electric corn
•
Northam Warren pref_
3354 3334
4
4
4
Northwest Engineering_ _ _•
Novadel-Agene Corp---• 4354 4334 46
13
13
•
Ohio Brass class B
734
5
Olistocks Ltd corn
73-4 7)1
234 231
Outboard Motors B corn_ •
IN
2
•
Class A cony pref
134
194 234
Pacific Eastern Corp_ _ _ _1
Pan-American Alrways_10 42
413<4 51
• 2031 19% 21%
Parke. Davis & Co
• 4934 4734 55%
Parker Rust-Proof
234 334
234
Pennroad Corp v t 0_____1
76
Pepperell Mfg
82
100 78
231 336
10
3
Philip Morris Inc
Phoenix Securities1
134 134
Common
1)1
22
2231
$3 cony pref series A__10 22
Pierce-Arrow Motor Car "
634 636
234 231
•
Pierce Governor com
Pitney-Bowes Postage
•
3
234 33-4
Meter
58
58
Pittsburgh & Lake Erle_50 58
Pittsburgh Plate Glass__25 3334 3331 3631
2
1
5
1
Potrero Sugar
25
27
Powdrell & Alexander____" 25
1531 153-4
*
Pratt & Lambert Co
•
Prentice-Hall Inc
193.4 19%
•
1
1
134
Propper McCallum
1
1
Prudence Co 7% pf stp 100
5% 654
Prudential Investors
•
534
234 23-4
Pyrene Mfg Co com___ _10
29-4
•
%
Si
Railroad Shares
Rainbow Lumin Prod%
3i
Class A
34
"
17
•
17
Reeves (Daniel) corn
2
2
•
Reliance Internet A
Republic Gas Common_ •
31
11
10
134
134
134
Rey barn Co
1
%
54
Reynolds Investing
%
1
1
5
Roosevelt Field Inc
834
Royal Typewriter
834 994
"
25
25
•
Ruberold Co
' 234
Russeks Fifth Ave
234 231
40
44
Safety Car iltg & Ltg-100
234 334
10
234
St Regis Paper Oom
30
32
100 30
7% preferred
13
14%
• 13
Schiff Co corn
Si
34
Schulte Real Estate
•
23
23
25
Scoville Mfg Co
Seaboard Utilities Shares. 1
34
%
Securities Allied Corp_
•
1234 1234
23-4 2%
Securities Corp General_ •
3551 3554
*
Seernan Bros corn
A
A
A
Segal Lock dr Hardware_.•
Seiberling Rubber cora_ _ ..•
235
234 3
17
17
•
Selby Shoe Co corn
Selected Industries!no134 234
134
.
Common... __. . ____1
Allotment certificates..... 423i 4234 4934
Selfridge Provision Stores
*.i,
13.1,
Amer dep rec
£1
.54
34
Sentry Safety Control corn•
554 734
634
•
Seton Leather corn
Shenandoah Corp1
134
134 2
Common
$3 cony pref
25
1734 1834
Sherwin Williams com_25 3634 3434 37
6% preferred AA____100 9734 973.4 9734
128 140
Singer Mfg
100 133
Singer Manufacturing Co-Amer dep rcts
LI
234 234
Smith (A 0) Corp com___ • 2031 2034 30
3
Sonotone Corp
334
354
1% 131
Southern Corp corn
•
Spanish & Gen Corp Ltd54
54
Amer dep roe ord bear Li
Amer dep rec cog shs__£1
%
3.4
Spiegel Slay Stern45
45
6%% Preferred
100 45
13-4 2
qtandard Brewing
•
23
23
Standard Cap &Seal com_ 5 23
Standard Investing Corp-1211
$554 cony pref
11
•
34
u
I
Starrett Corporation
134
6% preferred
254
17-4
10
•
7
7
Stein & Co corn
I() .10
Stetson (J 13) Co com_• 10
1
•
1
Stinnes (Hugo) Corp
134
•
Stroock (S)& Co Inc
534 534
634 714
•
Stutz Motor Car
•
234 254
Sun Investing corn
26 1334 1134 15
Swift & Co
23%
15 21
20
Swift Internacional
1.34
Taggart Corp
•
134
•
134 134
Tastyeast Inc class A___.
134
• 12
Technicolor Inc corn
834 12
Tobacco & Allied Stocks_ •
3734 40
•
18
18
Todd Shipyards Corp_
40
*
Torrington Co
40
•
234 33-4
Tranaoont Air Trans
Trans Lux Pict Screen134 134
1
134
Common
194
1% 134
Tri-Continental warrants.._
13
13
•
Trunz l'ork Stores
200
800
1,800
200
400
300
260
400
190
100
200
10,800
100
18,500
300
94,200
700
500
500
100
700
1,100
700
100
200
100
100
100
200
400
1,300
4,000
200
100
400
000
50
1,200
100
200
4,000
1,700
3,000
1,125
14,400
890
1,900
2,700
400
300
100
6,700
100
3,425
1,400
300
100
25
500
100
2,900
700
1,100
400
100
100
600
300
700
200
400
100
200
200
10,500
70
900
200
100
600
100
200
300
2,100
300
100
4,100
200
100
100
500
1,000
900
4,525
10
240
100
400
1,800
200
300
200
100
500
100
150
1,200
500
50
10
1,900
100
700
100
26,600
7,100
200
10,200
20,900
300
100
25
2,000
1,000
800
100
Range Since Jan. 1.
Low.
High.
Friday
w.f.. Sates
Last Week's Range for
1Veek.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Tubize Chatillon Corp_ -1
13%
8
2534
Class A
1
34
Tung Sol Lamp Wks._...•
111
33
Union Amer Investing_ •
33.4
Union Tobacco
*
334
United Carr Fastener- __•
6%
11
United Chemical corn_
•
Oct United Dry Docks
•
Apr 75
59
13-4
July UnIted Founders
1
6
1
234 Oct
United Milk Products
•
6
July United Molasses Co6814 Feb 82
Am den rem ord ref_LI
June
8
334
63<4 Aug
1% Jo., United Profit-Sharing_ __ _•
54 Jan
1394 Sept United Shoe Mach com_26 5134
44 Apr
*
2% June United Wallpaper
Jan
1
31
434 July US Dairy Prod B com_ _ _•
Si Jau
1
July US Foil cl B
Feb 39
220
2931 Oct 35% Oct US & Internet' Secur•
Common
4 June
Feb
1
214 June
lot pref with wary
•
Si Apr
*
33-4 May US Lines pref
3.4 Feb
10 16
531 July U S Playing Card
His Mar
1
2% May US Rubber Reclaiming...•
34; Mar
•
N Feb 14% June US Stores v to
Utility Equities common
2231 Feb 453<4 July
•
Priority stock
2% June
Si Jan
31 May Utility dr Indus CorpSi May
Common
•
1
134 July
34 Sept
354
•
9
Feb 4031 June
Preferred
934
•
Feb 3054 Sept Waco Aircraft
10
•
Wahl Co corn
•
134 Jan 2031 Aug Waltt-Bond cl B
Apr
* 15%
June Walgreen Co
9
3
454 Apr
1731 June Hiram Walker-Gooderham
• 35
& Worts Ltd corn
Cumulative pref
• 14%
Si June
'is Jan
231 July
Western Air Express_ __10
A Mar
283-4 Jan 40% June Western Auto Supply ci A •
10 June Western Cartridge pref_100
Jan
2
3444 Feb 5631 Aug West Tablet & Stationery
Common v t c
•
Feb
193-4 July
634
6
Feb
•
831 Sept West Va Coal & Coke_
3
• 11)1
% Jan
231 Oct Williams(R C)& Co
*
434 July Wilson-Jones corn
13-4 Feb
13-4 Oct
431 June
Feb 5831 Aug
Public Utilities
20
12% Mar 2731 June Alabama Power Si pref. •
•
$G preferred
20% Mar 6931 Sept
Am Cities Pow dr Lt
134 Mar
63-) July
25
Oct
Cony class A
2631 Feb 82
1
New class B
23-4
1% Feb
431 July
Amer Common'Ith Power
"
Class A common
331 June
'is Mar
Common class B
lit
Aug
936 Feb 25
•
754 Aug Amer Dist Teleg (NJ)
631 Oct
100
7% cony pref
134 Apr
63<4 June
434
Amer & Foreign Pow warr_
Feb
2
534 June Amer Gas & Elea oom-• 25
Mar 85
Preferred
• 72
July
28
Feb 39% July
25 1234
13
Amer L dr Tr oom
25 20
234 July
6% preferred
% Mar
8
Mar 27
Sept Am Superpower Corp com•
33.4
•
10
Jan 2131 July
1st preferred
•
Apr 1934 Oct
Preferred
10
Assoc Oa, ez E'en
July
4
Si May
New common
Jan
Oct8
1
Class A new
3
Feb 10% July
ie
234
May
$5 preferred
'2
534 June
54
134 June Assoc Telep Util com____ •
3.4 Mar
licit Telep Coot Can. _100
Wt. Apr
134 June Brazilian Tr L & p ord_ •
Buff Meg & East Pow_25 1631
1534 Jan
2531 July
134 Feb
454 June Cables & Wireless LtdAm dep rcts A ord ohs XI
yi June
31 Feb
Am dep rail 14 ord she...t.1
3 June
Si
% Apr
34 Mar
154 July Cent Hud 0 & E v t c___• 1034
% Jan
331 July Central & S'west CBI
87 prior lien pref
* 10
554 Mar 12% June
434
•
37 preferred
1534 Feb 3534 July
13')
13-4 Apr
23-4 Sept Cent Staten Elea new corn I
7% preferred
100
July
1634 Feb 80
_100
6% pref x-warr
134 Mar
83-4 July
56 June Cities Serv P & L $7 pref.• 15
1244 Ma
$8 preferred
• 14
63.4 Feb 15% Sept
234 May Cleveland Elec Ilium corn •
34 May
6% preferred
100
May
934 Feb 24
34 Oct
134 June Columbia Gaa dr Elea
Cony 5% prof
100 x82
Feb
6
1634 June
Apr 10 June Commonwealth Edlson_100 44
2
Sept Common & Southern CortiJan 40
26
Warrants
134 June
34
Si Jan
734 July Community Vat Serv_ _1
134 Apr
934 Apr 2034 June Consol G E L&P Bait corn • 543-4
5% pre ser A
100
4% June
A Feb
July Duke Power Co
100
2614 Mar 70
East Gas & Fuel Assoc-Common
, 34 Mar
•
13-4 July
634
15i
% June East States Pow oom 13__•
% Jan
•
lii Apr 1434 July East Util Assoc corn
Cony stock
•
13.4 Feb
5 June Elea Bond & Share com__5 1631
25 cumin preferred.,_.,,.' 35
263.4 July
12% May
26 Preferred
July
1231 Mar 45
• 3934
May 9834 Sept Elec Pow ar Lt
80
2d preferred class A
•
Mar 1753.4 July
90
Warrants
13-4 Jan e334 June Empire Dist El 6% pref100
1134 Feb 5231 June Empire Gas & Fuel6% preferred
3
Oct
100
334 Oct
7% preferred
31 Jan
100 153-4
234 May
8% preferred
100 18
'Is Aug
131 July European Electric Corp
154 July
,A Jan
Class A
10
634
Option warrants
15
Apr 55
Sept Gen G & E cony prof 1.1. •
Sept Gen l'ub Serv $6 pref. •
3
134 Oct
18
Feb 2934 June Georgia 1'ower $6 pref _ _• 4531
Hamilton Gas corn v t c__I31
July Illinois P & L $6 pref
6
Feb 28
•
234 June Internet Hydro-Elec
Si Apr
l'ref $3.50 series
Juno
Tie Apr
6
50 19
9 June Internet' Utility
434 May
8% Feb 20
Class B
July
1
1
34 Apr
Warrants
134 June
1054 July Interstate Power $7 pref.*
234 Apr
6
Oct 20
111
July Italian Superpower A____•
%
5
June
Warrants
1.54 Feb
7
Feb 2434 July Long Island Ltg•
Common
1234 Feb 3234 June
594
% Apr
7% preferred
50 5431
534 June
34 Apr
6% 11 pref
100 42
234 July
14
Oct Marconi Int Marine
231 Feb
Jan 40
Commun Am dep rcts_
Oct
22
634
234
1034 Feb 2834 June Marconi Wirel To, Can_ 1
May 41
234
Sept Mass CBI Assoc v t c__ •
30
5% Cony pref
50
634 May
231 Oct
Memphis Nat Gas
6
334 June Middle West Pill com-.•
134 Mar
Si
454 July Mountain Sts T & T_ _ _100
34 Apr
National P et L $13 prof. _• 493')
15
July
Jan
10
Feb
Jan
Oct
Oct
May
Mar
20
434
331
73-4
6
2934
July
July
July
July
Feb
July
Oct. 21 1933
Range Since Jan. 1.
Low.
filth.
13% 16% 7,500
300
2534 265i
600
3% 334
200
16% 18
100
34
Si
500
634 6%
200
234 334
900
134 134
1
134 16,200
50
6
6
2
854
131
11
ile
134
234
4
4
134
Apr
Mar
Jan
Mar
May
Feb
Aug
Mar
Apr
June
283-4
4631
931
22
Si
8
6
33i
3
631
June
June
June
July
June
Sept
June
June
July
Aug
234 334 69.400
100
34
34
950
613-4 5434
700
1
134
100
34
31
1,500
531 7A
131
li
3034
3.1
%
234
Feb
Mar
Mar
Jan
Oct
Apr
594
231
5631
334
234
1131
July
June
Sept
July
June
June
134
1
43
41
1%
1 9')
16
15
1
1
%
ji
134
134
37
37
1,000
700
100
100
200
100
700
100
9i•
17%
54
8
A
Si
14
25
Jan
Wu
Jan
Mar
May
June
Apr
Apr
334
65
134
28
4
1
43i
5034
July
July
June
July
July
June
June
June
1
134
334 331
934 1031
134
13-4
134
1
1531 x1634
.500
500
700
100
900
600
1
131
8
13-4
54
1134
Feb
Apr
Aug
Oct
Mar
Feb
331
734
1331
334
4
21
June
June
June
July
July
July
4434 84,600
15% 3,100
300
13
200
1731
25
693-4
334
734
1134
9%
5334
Feb
Feb
Feb
Jan
Apr
6431
1731
17
21
7134
July
July
July
Aug
Aug
634 634
34
34
1134 1231
10
10
100
200
700
100
6
%
4
6
Apr
June
Mar
Jan
104
13-4
1654
12
July
July
July
Sept
39
35
130
40
Sept
Sept
65%
56%
Jan
Jan
31%
14
12
1731
6931
40
35
34
32
27
27
234 234
200
2,900
2531 Feb
234 Sept
3631 June
OS June
"is
9
0
200
400
its Mar
ill Mar
34 June
% June
3i
Si
100
4,300
2631 13,100
300
72
1,800
1434
100
20
334 34,400
200
55
1,000
20
8434
234
1734
69
12
18
231
52
15
May 104
Apr
1331
Mar 50
Sept 9134
Apr 26%
Apr
22
Mar
931
Apr 753.4
Apr 50
1
134
1
A
234 334
34
Ri
10434 10434
11
1231
1531 1634
500
6,30
710
1,40
50
3,000
1,200
1
%
29-4
S
70
6
151-4
Sept
33-4 June
231 July
Sept
Sept
1031 June
Mar
134 June
Feb 110% Aug
Feb 17% July
June 2231 Jan
10
15i
Si
1034
100
2,30
1,500
Die Apr
'ii Feb
10
Oct
10
4%
134
1034
5
1434
13
23
10614
10
6
134
loy,
531
15
14
2I Si
10634
210
110
4,400
25
200
200
100
200
130
834
4%
134
10
5
11
934
201-6
9936
101
10131
2331
72
12%
20
3
55
1936
134
Si
X7831 90
4134 44
950
200
lit
%
31
34
5331 5754
95% 9536
9,900
400
2,000
10
4036 4334
50
634
13i
1634
3
1534
,
3234
3754
7
900
200
134
16%
100
394
200
19 117,300
800
3734
4134 1,300
Apr
May
Apr
Oct
13<4
214
704
9934
37
Sept
76
July
4
134
13%
13-4
10
2234
25
Mar
Mar
Apr
Apr
Feb
Apr
Apr
123;
434
2631
634
4131
5931
66
June
June
July
July
June
June
Julie
14
14
1531 16
18
1831
25
300
100
6
Apr
754 Apr
Mar
10
634
91
1234
3354
4534
%
15
73<4
34
123-4
333')
4531
71
1534
1,600
2,300
50
70
50
200
100
234
4
3
1894
4334
%
13
19
22
1,100
19
434 631
5431 5831
43
42
6,700
130
150
100
634 634
234 231 10,500
234 234 1,600
100
20
20
800
33-1 39-4
hii 2,800
St
30
10436 105
300
49
5034
June
Julie
June
Sept
1,4
Si
4334
95
434 Feb
13.4 Feb
6
Mar
4,100
300
20
600
200
June
July
June
July
June
June
May
July
Jan
July
68
Apr 138
403-4 Sept 8231 Jan
175
200
225
1li
'ii
834
134
34
134 July
34 July
June
15
Mar 2734
Oct 2434
44
Feb
Oct 253-4
Oct 18
Mar 2954
Mar 26
Apr 37
May 110
1131 1154
234 23-4
143.4 1634
1
•11
834
134
34
Aug
June
June
Jan
June
July
June
June
June
14
34
534
%
3i
Mar
Apr
Apr
Mar
Apr
Jan
Sept
Oct
Feb
Feb
Mar
Feb
May
43<4 Oct
6454 Oct
42
Sept
534
Si
134
1934
234
51,
8034
34
June
29
93.4 July
July
21
21
25
25
May
Julie
Julie
811
14
15
62%
7031
34
3434
Sept
July
July
June
Jan
June
Jan
27
July
354
36
2334
3
1
June
June
June
June
June
16
June
823i Feb
Jan
74
Jan
7.54 July
Apr
391 Sept
May
334 Juno
Oct 2534 Jan
Feb
OS May
Si MAY
Sept
Apr 10894 Aug
Apr
7214 June
Financial Chronicle
Volume 137
Public Utilities
(Concluded)
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par price. Low. High.
$
New England Pow Assny; preferred
•
N Y P & L 7% pref__ _100
NY Steam Corp corn_
•
N Y Teiep 64% pref...10u
Niagara Elud PowCommon
15
Class A opt warrant___
Class C opt warr
Nor States Pow corn A_ Psi
Okla Nat Gas pref
100
Pacific (its E n% let pi 25
Pa Gas & Elec class A. •
Puget Sound P & 1.55 preferred
•
$6 preferred
•
fly & Light Secur com_
*
Shawinigan %Vat & Pow_'
Sou Calif Edison25
6% pref series B
25
54% preferred C
Sou New Eng Telephone100
Southern Union Gas
•
.1.
Standard P & L corn
Preferred
Swiss Amer Elec pref _ _.100
Tampa Electric common..
Union Gas of Canada__ •
United Corp warrants
United Gas Corp com____1
Pref non-voting
•
Option warrants
United la A l'ow com A-•
•
$6 cony let pref
US Elec Pow with warr 1
Warrants
Util Pow & Lt new tom _ _1
7% preferred
100
Western l'ower 7% pre 100
Former Standard 011
SubsidiariesBorne Scrymser Co
25
Buckeye Pipe Line
50
25
Chesebrough Mfg
25
Humble 011 Ai Ref
Imperial 011 (Can) Coup- •
Indiana Pipe Line
10
National lratleIII _12 641
New York Transit
5
Northern Pipe Line
10
Ohio 0116% pre(
100
South Penn 011
25
Southern Pipe Line
10
Standard 011 (Indiana)__25
Standard 011 (Ky)
10
Standard Oil (Nob)
25
Standard 011101,10) corn 26
41
115
5%
ri,
904
70
30%
114%
5%
7is
45
70
30%
116
6% 13,533
500
nis
Jan
June
June
July
May
Jan
June
12
7
534
8
28
2334
1454
2034
June
June
June
July
Oct 24%
Sept 224
Apr 113
May
155
Oct 164
Apr 50
Mar 4355
Apr 32
74
Apr
8%
Mar
Feb
634
Feb 45
Feb
14
Mar
934
Apr 414
Sept134
54
111 Apr
Oct
25
4
1
535 Apr 27%
Star 85
74
Jan
Jan
Jan
May
June
July
July
June
July
June
July
July
June
June
June
June
June
Aug
June
July
6
25
71
40
63.4
355
5(4
3
434
70%
11
24
17
8%
11
1654
Jan
13
Jan 3954
Apr 118
Mar 884
Mar 1534
8
Feb
Apr 10
44
Feb
855
Apr
Apr 87
Fen 2255
Apr
6
Mar 34
1954
Mar
Apr 20%
Mar
41
.
June
June
Sept
Sept
July
June
May
July
June
June
July
May
Sept
July
July
July
135 11.500
14
500
155 3,300
100
24
5,1
134
z1
2
245 July
Mar
Feb555 June
June
Mar
4
Feb
4% J11110
12% 1334
900
3
455 20,800
155
175 3,600
800
1
13-4
700
155
155
64
55
35
54
1
Feb
Feb
Feb
Apr
Jan
1.000
2
255
854 9% 20,200
h
4
500
5.200
655 8
100
1% 1%
54% 12,200
47
2
455
45
434
h
24
Oct
May
Feb
Aug
Mar
Mar
334 Oct
11
Oct
14 July
Oct
8
255 June
July
62
100
24' 2%
1651 184 12,800
400
1
1
Si
h 2,400
6
655 5,800
100
6
6
1,400
2
2
354 4%
600
13.5
z834
55
34
434
4
2
1
Apr
Feb
Jan
Apr
Apr
Mar
Feb
Feb
7
1955
4,,
134
1134
7
5
854
600
100
2.90
1,000
300
800
6,300
4
14
234
10
4
.le
4
Jan
Jan
Jan
Jan
Jan
liar
4
135
64
20
2
h
354
Its Jan
NM
Apr
35 Apr
4 Jan
4
155
57
135
235
June
June
Sept
July
June
May
8
Feb1
Feb
94
Feb
1354
Jan
154
Oct
14
Apr 1334
Aug
845
Jan
134
Mar
354
July
June
June
June
June
Oct
244 29%
4
4
2135 22%
7
7%
900
250
3,300
200
15
15
16
83-4 8%
635 654
1555 17
30
40
50
800
ny, 19%
17% 17%
105% 105%
100
400
10
200
1,200
100
200
100
1,800
1,400
18,700
200
3,300
16.000
3,100
2,100
3,40
4,000
10
75
55
3
25
3735
,
25
3
24
235
2234
4
255
12%
55
35
1
9
81
4
555
27%
38
25
334
24
3
247-4
75
355
16
h
34
1%
94
Sl4
6
350
6
6
50
32
32
100
106 1064
8054
783-4 8555 1,200
19,400
1155
104 12
100
5
5
500
735 7%
355
3
300
3
500
555
5
5
600
85
83
16% 15% 1735
1,100
200
3% 4
2955 264 304 35,400
15% 3,200
1434 14
100
1355 13%
150
23% 23% 26
Other Oil StocksAmer Maracaibo Co
1
15s
Arkansas Nat Gas corn__ •
Common Masa A
•
14
Preferred
100
British Amer Oil Co
*
Coupon Stock (bearer)__ ___.
Carib Syndicate
25e
34
Colon 011 Corp corn
•
14
Columbia Oil & Gas sac_ _•
Consol Royalty 011 Co_ _10
Cuticle° Oli CoNew common
1
2
Creole l'etroleum
5
3%
Crown Cent Petro loom •
Darby Petroleum new _ _5
Derby Oil& Ref coin
•
174
Gulf MCorp of Penna-25 473.4
Indian Ter Ilium 011Non-voting class A_ _ *
International Petroleum_• 17
•
Kirby Petroleum
Leonard Oil Oevelop.-25
4
Lone Star Gait Corp
•
6)5
Margay 011 Corp
•
•
NI exico-Ohlo Oil Co
NI ichigan Gas & 011
•
334
Middle States Petrol•
ClassA site
*
Class 11 v t c
Mountain Producers.___Iii
431
National Fuel Gas
• 1334
-25
New Bradford 011 Co.
134
•
Nor European Oil coin
Pantepee oil of Veues•-•
1
Petroleum Corp of Amer.
Stock purchase wan _
Producers Royalty
1
Tie
Pure 011 Co 8% pre_ _100
•
13-4
Reiter Foster Oil
25
,
Richfield sill pref
3-6
Root Refining Co10
Cony prior prof
Salt Creek Consol 011_ _10
534
Salt Creek Prod Assn_ __10
4%
Southland Royalty Co___5
5
"is
Sunray oil
5
Swiss 011 Corp
7
Tenon Oil & Land Co.._.•
Venezuela Men 011Corp.10
__E.
Venezuela Petrol.
Woodiey Petroleum Corp.1
75
14
1%
255
14 2
55
54
455 4%
134 13%
155
155
h
h
% 155
ins
55
47
1
te
400
35
1,700
55
210
135 27,000
N
h
800
455 4%
55
55
.5
554
435 5
"is
55
155
155
655 735
34 334
%
35
2
2
100
100
1.900
7,400
700
100
1,000
100
1.700
300
Mining600
Bunker 11111 & Sullivan.._10 3475 343-4 4155
13ivana M'Kubwa Conner-Isl
.
1
1
1,000
American shares
155 2,000
71
74
Consol Copper Mince_ _5
30
120 1254
Consul Min & Smelt Ltd 25
5
9i
h
ni
7,50
Cresson Consol G M
7.400
715
7i5
34
Cual Mexican MinIng_50e
54 555
100
Eagle lather Lead Co_ _20
300
7is
iii
7ie
Evans Wallower Lead_ _ _•
200
100
67-4
6% 655
7% preferred
54
II 16.300
i
55
Falcon Lead Mines
sis
31 3.700
'is
Goldfield Consul Mines_10
4
54 2,400
25
4
Ilecla Mining Co
3,400
935
954 10
Hollibger Consol 0 61___5
835
776 955 19,000
Bud Bay Mimi & Smelt...'
954
Mining Corp____I
934 1055 5,700
Internet
600
34
334 4
Warrants
155
19-6
10
Iron Cap Copper Co__ .10
',s35
700
Kirkland Lake (I NI Ltd.1
Lake Shore Mines Ltd___1 433,4 4255 46% 17,100
1,900
5035 60
25 z53
New Jersey ZIne
Newniont Mining Corp.10 414 363-4 4454 14.300
400
Y & Honduras Rosarlo10 x2155 z21% 25
N
24
Nipissing Mines_ ______ 5
234 23.4 4,300
1
54
h
is 6,800
Ohio Copper Co
200
123-4 13
Pacific •rin Spec Stock_ _ _• 13
9%
83-4 1055 34,600
Pioneer Gold Mines Ltd...1
Isis
_
34 134 10,300
Premier Gold M Ining _ _. 1
535
16%
2
75
534
83
2531
9
244
4
22
2%
24
2234
4
3
12%
4
55
1
Apr 624 July
Jan
Oct 99
Jan
Oct 45
July
Apr 119
Oct
Apr
Feb
23% Apr
4
Aug
213,4 Apr
6
Jan
loo
%
3
High.
Low.
460 28%
25 70
100 30%
400 10935
x
y,
154
Range Since Jan. 1.
'le
N
Apr
Sept
Apr
Feb
1935
1734
90
h
3
16
184
194
155
145
134
13
54
2
855
!A.."
Ili
21
355
55
3
34
35
1
64
3
15
154
1434
55
35
55
"is
4
458
4
235
'sl
'is
234
51,4
234
734
234
h
55
3534
2634
1154
74
1
'as
3
1335
,
is
Jan
14%
734
4
24
274
Sept
July
July
June
May
June
Oct
June
June
June
Aug
Apr
Sept
June
June
June
May
Sept
June
July
may
Sept
June
July
5134
Oct
Jar
154
APr
254
Jail 140
34
Jan
Jan
144
Apr
74
Fen
14
Feb
6%
Apr
"is
his
Jan
Feb
834
Jan
11
Jan
1255
Aug 1234
Aug
534
Jan
2%
Jan
54
Mar 50
Mar 6534
Mar 574
Feb
2855
Jan
4
4
Jan
Jan
13
Jan
1534
114
Apr
June
June
Sept
June
June
July
June
Oct
June
July
June
Sept
July
Oct
Sept
June
Feb
Oct
Sept
Sept
Sept
July
June
Oct
July
June
2961
Friday
Sales
Last Week's Range for
Mining Stocks
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
(Concluded)
Roan Antelope CopperAmerican shares
St Anthony Gold Mines..1
Shattuck Denn Mining___5
So Amer Gold & Plat____5
Standard Silver Lead_ _1
Teck-Hughee Mines
1
United Verde Extension 50c
Utah Apes alining
5
Walker alining Co
1
Wenden Copper Mining_l
Wright-Hargreaves Ltd..•
Yukon Gold Co
5
22
%
24
2%
54
3
%
4
73-4
Bonds
Alabama Power Co1946 77%
list & ref bs
1951
let & rat Ss
72
1st & ref 5s
1956
1968 634
1st & ref 55
1967 564
let & ref 4%e
Aluminum Co a f deb 68'52 98
Aluminum Ltd deb 158_1948 644
Amer & Com'wealths Pow
Cony deb 6s.
1%
1940
Am Community Pr 5.1','s'53
Amer & Continental 581943 79
Am El Pow Corp deb 6857 2255
Amer (4 & El deb 58.2028 75
Am Gas & Pow deb 65.1939 25%
Secured deb 58
1953 2234
Am Pow & Lt deb 68..2016 50
Am Radial deb 4 558_1947 10035
Am Roll Mill deb 5s-1948 66%
435% notes--Nov 1933 9834
Cony 5s
1938 854
Amer Seating cony 68_1936
Appalachian El Pr bs_1956 82
Appalachian Power 56_194i 104%
Debenture 6s
2024
Arkanaaa Pr & Lt 58_ 1956 68%
Assoctated Elea 448_1953 27%
Associated Gas & El CoCony deb 6348
1938 18
4558
1948 15%
Cony deb 4%e
1949 149-4
1950 15%
Cony deb bs
Deb 5s
16
1968
Registered
Cony deb 5358
1977 1834
Assoc Rayon 5s
19547 44
Assoc T & T deb 53-4e A '55 42
Assoc Telep CBI 53.45.1944 114
11%
Certificates of deposit_
6% notes
1933 15%
Baldwin Loco Works
Gs with warr
1938 100
Gs without warr
1938 72.4
Bell Telep of Canada
let M 58 series A
1955 101%
1st NI 58 series B__.1957 1004
let M 5s ger C
1980 101
Bethlehem Steel 6s._1998
Birmingham 1-lee 434e 1968 604
Birmingham Gas 5s_.1959 51
Boston Consol Gas 5s_1947 10454
Broad River Pwr 58 A.1954 32
Buffalo Gen Elec 58_ _1939
Gen & ref 5s
1956
Canadian Nat fly 7s_ _1935
Canada Northern Pr 58 '53 73%
Canadian Pao fly 88-1942 1004
Capital Admints 5s_1953
With warrants
7155
Carolina Pr & Lt ba... _ 1958 61
Caterpillar Tractor 58_1935
Cedar Rap1ds M & P 58'53
Cent Arizona Lt & Pr .5s '60
Central Illinois Lt 5s..1943
Central 111 Pub Saralee
Es series E
1956
1st & ref 434s ear F_I967 55
5a series G
1968
Cent Maine Pow 56 D 1955
435s series E
1957
Cent Ohio Lt & Pow 58 '50 65
Cent Power 5s ser D__1957 494
Cent Pow & Lt 1st 58_1958 1755
Cent States Elea 5s._l948 3635
Deb 534e Sept 15 1954
With warrants
37
Without warrants_ _ _ _ ___
Cent States P & L 61-4e '53 40%
Chic Dist E ec Gen 455s'70 72
Deb 5558
1935 88
Chic Junction fly & Union
Stock Yards 53
1940
Chic Pneu Tool
.'42 5455
Chic Rye be 0048 555s.
1927 5254
Cincinnati Street fly
54a series A
1952 4.5
6s series B
1955 50
Cities Service 58
1966 3334
Cony deb 5s
1950 3334
Cities Service Gas 53-4a '42 53
Cities Serv Gas Pipe L '43 C6
Cities Serv P & L 53.4e 1952 31%
1949 3155
648
Cleve Elise Ill let ba 1939 105
Commers und Privet
Bank 548
1937 52
Commonwealth Edison1st M 58 aeries A_ _1953 9715
1st Si 5s series B..._1954 98
let 44s merles C...1956 89%
let M 434,series D_1957
43-6,series E
1960
let NI 4s series F___1981 8031
535s series G
1962 102
Com wealth Subsist 554*'48 65
Community Pr & Lt S, 1957 4154
Connecticut Light & Power
455s series C
1950
5s series D
1962 105%
Conn River Pow be A 1952 9554
Consol G. E L dr P434*'35 10255
Consol Gas(Balt City)
59
1939
Gen mtge 455a
1954
Consol Gas El Li &P (Balt,
434s series G
1969
43)8 series H
1970
18t ref a 14s
1981 97%
Consol Gas Utli Colet As ooll es aer A 1943 39%
6%s with warrants.1913
955
Consumers Pow 443_1958 100
1st & ref 5s
1936
Cont'l Gas & El bs___1958 46
Continental 011 6sis__1937 1015-5
Crane Co M..-- Aug 1 1940
21% 234 5,100
31
L'is 9,000
2% 231
800
2
255 3,000
55 4,800
'is
54 6
21,800
2% 34 3,600
.35
400
.45
200
54
55
.
ti
9,900
Si
6.4 734 63,900
55
55 1.000
Range Since Jan. 1.
Low.
7%
'is
35
45
'is
3q
145
g
55
'ii
334
Its
High.
Mar
Jan
Feb
Mar
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Feb
2854
4
4%
34
4
734
6
131
134
'is
854
1
Sept
June
June
Aug
Apr
July
June
June
June
June
Sept
June
Jan
Jan
Jan
Jan
Jan
Jan
June
79
72
73
65%
58%
99
66
$
14,000
8,000
14,000
12,000
17,000
65,000
28,000
69
62
61
58%
53
80
4734
Sept10055
Sept97
Apr 95
Apr 89%
Sept81%
Apr 99
Mac 80
1% 1%
4
4
7955
79
244
21
734 78
25% 27%
214 23%
534
48
100 100%
86% 69%
9735 994
81% 9455
42
4335
82
824
164% 105%
73
73
6834 69%
27% 303-5
1,000
1,000
2,000
25,000
69,000
19,000
16,000
110,000
35,000
64.000
370,000
472,000
2,000
28,000
14,000
1,000
79,000
81,000
4
3
64
12%
69
13
11
324
83
33
45
814
22
714
94
63
62
2534
Apr
531 July
Mar CS
Jan
Apr 85 Stay
July
Apr 40
Apr 92
Jan
Apr 42
July
Apr 3755 July
Apr 7334 July
Apr 101% Sept
Apr 81
July
Apr 105
July
Oct 97
Oct
51
July
Apr
Apr 97% Jan
Apr 105% Oct
Apr 854 Feb
Apr 90% Jan
Apr 47 34 Jan
76
70
7155
6334
.56%
98
63
17
14%
14
154
15%
15%
18
44
39%
1155
11%
1535
10
154
16
18%
18%
15%
1955
454
46
13
1234
16
79,000 13
Mar
6,000 124 Mar
205,000 1134 Mar
232,000 13
Sept
Mar
288,000 13
3,000 z1334 Sept
17,000 1455 Sept
23,000 33
Apr
84,000 15
Feb
54,000
5
Mar
16,000 114 Oct
4,000 11
Apr
98 105 168,000
714 7555 128,000
101 102%
1004 101%
1004 101%
106 108
60
62
47
51
10434 104%
31
35
105 106
10455 10455
10134 1014
73% 73%
10055 103
7134
60
993-5
101%
78
10175
28,000 87
63,000 854
66,000 87
23,000 99
26,000 52
15,000 40
3,000 993-4
15.000 274
23,000 101
1,000 9955
5,000 98
3,000 59
20,000 704
7155
1,000
654 17,000
100
40,000
102
10.000
79
2,000
104% 2,00
6134
544
59
87
804
65
4935
47
3655
614
56
61
8954
81
68
5055
5034
4055
3555
39h
40
72
88
4055
394
42
75
9135
125,000
3,000
46,000
58,000
67,000
4635 8,000
50
1,000
3331 12.000
35 955,000
534 61,000
66% 10.000
343.4 121,000
34
92,000
10555 0,000
52
54
07
96
89
8935
884
80
10155
65
41
97%
98
899-4
91
884
8134
103
68
44
250,000
108
1054
40
10
10035
10455
4734
10154
83
103
10215
10235
112
80
66
105
4834
10754
1064
10234
78
1134
Aug
Sept
Sept
June
Jan
July
Jan
Jan
Jan
Jan
June
July
July
Apr 83
794
Apr
afar 100
Mar 104
Apr 9354
June 105
July
July
Oct
Sept
Apr
Jan
Feb
Apr
Mar
May
Sept
Feb
Apr
Apr
Feb
Mar
Apr
Mar
Mar
July
Apr 80
Apr 7455 July
Jan
Apr 78
May 101
Jan
Sept 9334 Jan
Jan
Apr 76
Jan
Apr 75
Jan
Apr 117
July
Apr 56
Apr 584
Apr 5355
Apr 54
Apr 8434
Apr e94
July
July
July
Jan
Jan
Oct
9335 May 100
2355 Jan 6554 July
Mar 664 July
47
404
47
2435
2434
42
54
25
2534
1155
Sept 65
Oct 65
Mar 46
Mar 4555
Feb 67
Jan 784
Apr 4334
Apr 434
Mar e10755
June
June
May
May
July
June
June
June
May
654
Jan
4634 June
10555
10755
10034
105
Feb
Feb
Sept
Sept
1,000 102% May 10815
6,000 97% Apr 10754
Jan
Jan
105 105
8,000
101 104
1,000
9735 9835 56,000
3831
954
9954
10154
4454
10055
82
28
29
2334
5854
74
Oct 117% Aug
July 8234 Aug
20,000 z914 Apr 10654 Jan
Apr 1054 Jan
32,000 92
42,000 z8335 Apr 10214 Jan
8,000 834 Apr 10134 Jan
Jan
Apr 101
5,000 82
95,500 7434 Apr 934 Jan
Apr 1084 Jan
42,000 95
Apr 874 Jan
30,000 57
21,000 364 Apr 59
June
103% 103% 10,000
10534 1054 2,000
95
9634 58,000
10254 1024 15,000
108
105
67
54
88
8634
77%
9854
3,000 52
74,000 4834
9,000 52
20.000 85
3,000 80
5,000 539.4
12,000 49
61,000 42
57,000 z2754
100 100
1,000
53% 5455 5,000
524 5434 33,000
45
50
3235
3255
52%
6535
31
3075
101%
98
70
264 July
27
Jan
2834 Jae
Jan
28
Jan
27
25
Jan
3554 Jan
52
Jan
4755 July
2434 Jan
13% Oct
534 Jan
97%
9755
89
99%
May
May
may
Mar
Jan
Apr 106
98
9555 Stay 107% Jan
Aug
89
May 100
35,000 21
71,000
4
36,000 9054
12,000 100
132.000 37
60,000 93
11,000 65
Jan 464 July
July
Apr
16
Apr 10435 Jan
Jan
Mar 106
Apr 654 June
Mar 1014 Oct
June
Apr 92
Financial Chronicle
2962
Bonds (Continued)Crucible Steel 5s_ _ __1940
Cuban Telep 733s___1941
Cudahy Pack deb 6535 1937
Sinking fund 58. _ _1948
Curub Co P dr L 4555_1956
Dallas Pow & Lt 6s A_1949
55 scrim C
1952
Dayton Pow & Lt 5s...1941
Del Elec Power 534e...1959
Denver Gas & Elec 58_1949
Derby Gas dt Eleo 58_ _ 1948
Del City Gaa 68 ser A 1947
58 1st series B
1950
Detroit Inter'l Bdg 6555 '52
Certificates of deposit_
Dixie Gulf Gas 83481937With warrants
Duke Power 4 53's
1067
Edison Eleo El (Boston)2-year 55
1934
5% notes
1936
Else Power & Light 55_2030
Elmira \Vat, Lt & RR 5056
El Paso Electric 5s_ _ __1950
El Paso Nat GasDeb 6155
1938
Empire Dist El 6s_ __ _1953
Empire Oil& Ref 5555 1942
Ercole Morelli El 6555_1953
With warrants
Erie Lighting Is
1967
European Eleo 6148.- _1965
Without warrants
European Mtge Inv 75 C'67
Federal Water Serv 63i8'54
Finland Residential Mtge
Banks 6s
1961
Firestone Cot Mills 5s_'48
Firestone Tire & Rub 58'42
First Bohemian Glass 7s'57
Fla Power Corp 5555_1979
Florida Power & Lt be 1954
Gary El & Gas 5sser A 1939
Gatineau Power let 58 1956
Deb gold 85 June 161941
Deb 65 series IL _ _1941
General Bronze 65._ _1940
Gen Motors Accept-CorP5% serial notes... _1934
1934
6% nerlal notes
1953
Gen l'ublic Serv 5s
Gen Pub Util 635s A.1926
2-yr cony 6536
1933
Gen Rayon deb Os A_ _I94S
Gen Refractories 65___193S
lien Wat W ks & El 513 1943
Georgia Power ref &LAM
Georgia l'ow dr Lt 5s_ _ nir
011ette Safety Razor Se '40
Glen Alden Cc.al 45.-- 1965
1935
Glidden Co 5358
Gliouel (Adolf) 6559._1935
With warrants
Godchaux Sugar 7555_1941
,
Grand (I W) l'rop 65_1948
CtN of deposit
Grand Trunk icy 63-4s 1936
Grand Trunk West 48-1950
1935
Or Nor Pow 55
Grant Western Power 55'.46
Guardian Investors Is 1948
1937
Gull oil of Pa be
1947
55
Gulf States Util 58-1956
Hawrensack eater 58_1977
1938
55
Hall Printing 6548_-_1947
Hamburg Electric 75_1935
Hamburg El & Und 5555'38
1934
Hanna (Si A) 68
1936
Hood Rubber 75
1936
5Sts
Houston Gulf Gas 65.l943
Hours L & Plat 434e E 1981
let dc ref 4 As ser D_19781
19531
55 series A
Hudson Bay M & S 65_1935
Hyradulic l'ow Is
. _1950
Ilygrade Food Prod 681949
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
8
98
10231
8151
10633
10155
10535
73
10155
8034
83
103
34
5234
4731
63
6535
84
62
98
98%
102 10231
8053 83
10655 10631
10153 102
105 10555
7234 74
100 10134
6431
64
8534 8534
7951 8034
234 233
255 255
10234 26,000
38,000
103
3731 124,000
3,000
.57
7134 6,000
1,000
35
35
5234 5335 58,000
4534 4731 68,000
71
87
90
58
5834
74
6851
Apr
Apr
Mar
Mar
Apr
Apr
May
Apr
Apr
Apr
May
Mar
May
Mar
Jan
High.
8151
81
10014
105
9151
10835
10355
10635
8553
10234
83
9834
91
414
8
July
July
July
June
Feb
Jan
Aug
Jan
June
Jan
July
Jan
Jan
June
July
70
88
Apr 9434 July
June
Jan 102
9935
9534
3.
57
63
Apr 10334 Jan
Apr 10355 Jan
July
Apr 59
Jan
Oct 88
Apr 8655 Jan
Oct
35
Apr
37
2831 Apr
Jan
50
July
67
5855 Jab
,
5,000
6,000
63
88
June 84
Mar 104
78
7753 14,000
3034 3255 14,000
2855 45,000
27
60
23
18
Mar
Apr
Apr
Sept
80
3955 Aug
July
43
37,000
34,000
24,000
3,000
13,000
86,000
38
68
71
60
44
48
Jan
Mar
Apr
Jan
Apt
Mar
72
8955
9234
6534
74
7034
Oct
July
Aug
Jan
July
July
Mar
Apr
Mar
Mar
Apr
72
8355
7234
73
74
Jan
July
July
July
Aug
84
83
9031 91
2855
Low.
7,000 25
8,000 5555
27,000 87
23,000 9955
7,000 7251
12.000 100
8,000 9831
19,000 99
6,000 80
7,000 9635
17,000 80
30,000 75
15,000 88
35
30.000
2
1,000
8331 11,000
83
9253 9255 5,000
10234
10234
31
57
71
Range Since Jan. 1.
7034
8634
8934
6134
563
5634
71
8755
9055
6136
5934
60
4031
7355
6851
6855
61
3,000 3554
41
7555 72.000 593.3
7051 33,000 39
6955 5,000 39
6,000 54355
62
101
10334 1033-3
65
2935 2831
3855 3855
40
95
4551 4351
67
6655
49
49
9653
,
58
58
94
93
101
10353
65%
303-3
41
403-3
9953
46
69
51
9755
60
943-3
Oct
Jan
2,000 10031 Mar 10334 Aug
10.000 Um% Mar 10334 Aug
Oct 75
5.000 54
Jan
34,000 13
Mar 38
June
18,000 1755 Mar 48 June
11,000 '20
Mar 60 June
Oct 10834 Aug
33,000 95
May
48 00 383'5 Mar 60
.0
Apr 9034 Jan
32.000 60
Apr 7031 July
12.000 40
6.000 89
Apr 102
Feb
111,000 45
Apr 7135 July
Apr 9434 Sept
32 000 75
,
80
8234
97
97
755
7
7
7
101 102
71
68
98
9855
993.3 10031
40
40
10031 101%
100 10155
6534 6851
10036 10031
10153
101
66
65
68
67
533-6 61
10033 10031
67
66
5735 59
4854 49%
9155 9334
9055 93
100 100
104 10635
1043-3 105
4555 4955
12,000
2,000
3,000
1,000
10,000
3.000
6.000
20.000
2.000
27,000
60,000
16,000
1.000
2,000
7,000
6,000
56,000
21,000
3,000
7,000
10,000
18,000
11.000
6,000
43 000
.
6,000
15,000
55
77
7
651
94
50
89
93
2655
92
92
50
9055
96
49
6231
40
92
44
3155
3136
7934
7855
88
77
99%
41
Apr
Feb
AM'
Oct
AM
Apr
Apr
May
Apr
Apr
Mar
Apr
Apr
Mar
Mar
API'
Sept
Jail
Feb
Mar
Mar
API'
Apr
May
AP
,
Apr
Apr
1947 97
Idaho Power 55
9655 97
7255
Illinois Central RR 4355'39 6834 68
Ill Northern Util 5s_ _ _1957
9131 9134
64
III Pow & L 1816n ser A '53 6251 62
59
let & ref 555s eer B..1954 573-3 57
5551
52
1st da ref be ear C-1956 55
S f deb 655s_May 1957 4355 4334 45
Independ't Olt & Gas 65'39 10055 10055 101
Indiana Electric Corp,
63
65 series A
1947
63
58 series C
1951
5531 5553 67
10051 10033
Indian Gen Serv 5s....1948
53
Indiana Ilydro-Eleo 58 '58 55
52
Indiana et Mich Elea151 et ref Ess
1955
8654 86%
10155 102
58
1967
263i
Indiana Service 55---1963 25
25
1950 2655 2533 27 33
1st & ref 58
Ind'polle P & L 65 ser A '67 843-3 8455 8531
International Power SecSecured 6 5555er C.. _1955 90
8751 90
9333
7s series E
1957 9355 90
75 series F
1952 8355 8335 85
International Salt oe__1951 86
56
8854
International Sec 55_1947
515-4 5334
Interstate Ir & Steel 5338'48 5555 5555 59
Interstate Power 55-1957 4836 47
51
Debenture Os
3831
1963 35
35
Interstate Public Service55 /whys D
5951
1956 57
57
55
1968 5253 .52
43-48 series F
Invest Co of Amer 5s__1947
72
Without warrants
72
lowa-N eb L & P 65_1967 7155
7155 73
1961 7051 7051 7054
58 series B
Iowa l'ow & Lt 4555_1958
80
80
6755 8855
Iowa Pub dery 6e-1967
Iowa Ily & Lt 5558_1945
7555 78
Isaa-co Hydro-Eleo 75.1952 82
8134 83
Italian Superpower of Del
Debi. 6s without war '63 6731 6655 69
Jacksonville Gas 5s-1943 43
4231 43
Jamaica Wat Supp 5%s '55 102
102 102
Jersey C P & L 65 B___1947 9251 9231 93
8335
1981 8351 83
4558 serlee C
Jones & Laughlrl Steel 5539
10334 104
70
70
KAMM Gas er. El 65 A_2022
Kansas Power dr Light1955
89
89
68 series A
1957
8033 81
58 !writ:5 B
33 000
.
36,000
17.000
78,000
51,000
80,000
10.000
7,000
8534
33
85
52
50
4534
38
8455
May 10234 Jan
Apr 8551 July
May 10074 Feb
Apr 7734 July
July
Apr
74
Apr 71
Jan
Ayr 8031 Jan
Mar 101% Sept
2,000
10,000
3,000
16,000
57
4836
98
49
Feb
Apr 91
Apr z783-4 Jan
Jai3
Mar 105
Jan
May 76
4.000
2,000
4,000
21,000
32,000
80
94
1255
14
7335
Jan
Apr 99
Slay 105
Jan
Apr
4035 July
July
Apr
44
Apr 9555 Jan
7
9931
100%
10155
6555
6034
4833
9133
1043'5
46
21 000 74
.
19,000 ,70
25,000 45
12,000 7436
41,000 40
8,000 21
96.000 383.3
12 000 2034
.
July
May
Apr
Mar
Mar
API'
Apr
Apr
933-3 July
July
100
Jan
12
1031 Feb
July
102
7551 Sept
1013-6 Sept
10634 Jan
50 June
1023/i July
10251 Aug
Jan
82
10334 Aug
1043-3 Sept
7253 July
8631 Jan
7255 Jan
101% July
July
78
July
68
July
61
9614 Jan
961.4 Jan
Jan
104
July
130
10736 Jan
65 June
91
9355
85
9036
6136
6754
64
5315
Feb
Oct
Oct
Oct
July
June
July
July
.000
12
41,000
5835 Apr
45
Apr
7855 Jan
Jan
73
1,000
6,000
1,000
1.000
4.000
2,000
40,000
63
63
6355
74
soi
75
71
77
8474
8455
9255
8355
92
8651
58,000 3735
7.000 3034
8,000 98
4,000 86
57,000 8034
4,000 101
3,000 69
6,000
6,00
83
71
Mar
Apr
May
Slay
Apr
May
Apr
Oct
Jan
Jan
Aug
July
Feb
Feb
Aug
72
Apr
Apr 5351 July
Slay 1023<3 Sept
Ave 10154 Jan
Mar 9051 Jan
Oct
Apr 104
Apr 8555 Jan
Apr
May
953-4 June
9955 Aug
.
Bonds (Continued)-
Oct. 21 1933
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
$
Price. Low. High.
Kentucky Utilities Co
1st M 65
1961 5711
1948
633s series D
Is series 1
1969 57
Kimberly-Clark 55_1943
Koppers G & C deb 58 1947
Sink fund deb 5558_1960
Kresge(S S) Co 5s____1945 9255
Certificates of deposit__ -- __
Laclede use 6535
1936 58
Larutau Gas Corp 655s '35 9234
Lehigh Pow Seour 138_2020 71
Leonard Tietz 7558_ _1940
Lexington Utilities 55_1952 60
Libby MoN & Libby 5a '42
Long Island Ltg Os., _1945 83
Los Angeles Gas & Eleo1943
555s series F
535 seriesi
,
1949 102
68
1942
Louisiana Pow & Lt 55 1957
Louisville G & E Gs A.1937
1961
473s series C
Manitoba Power 5355_1951
Mass Gas Co
Sink fund deb 55_1955
1946
534s
McCord Radiator & Mfg
65 with warrants_ _ _1943
Memphis Power a Lt SS '40
Metropolitan Edison
48 series E
1971
1962
58 series F
Middle West Utilities
.55 MN of dep
1932
55 Ofs of deposit _ __1933
55 ctfs of depo51t._ _1934
as ctfs of deposit_ _ _1935
'Midland Valley 5s_ _ _ _1943
Milwaukee Gas Lt 455s '67
Minneap Gas Lt 4555_1960
Minn Gen Eleo 5s_ _ __1934
Minn P dr L 5s_ _ _____ 1956
1978
1st & ref 4558
Mississippi Pow 5_195.3
Miss Pow St Lt 5s____1957
Miss River Fuel 65_ 1944
With warrants
Without warrants__
Miss River Pow halm-1951
:Missouri l'ow & Lt 5.558 '55
Missouri Public Serv 6e'47
Monongahela West Penn
Pub Serv 55isser 13_1953
Montreal L H & P Con
let & rof 55 ser A--_ 1951
1970
/56 series 13
Munson 88 Line 6555.1937
With warrants
5
69
5655
9034
7555
81
90
00
58
9135
6934
2555
.56
62
83
10134
102
101
763-6
10035
93
5851
69
58
9155
7651
83
9255
90
r61
9234
73
27
62
66
83
Low.
54
67
52
72
70
73
77
6634
47
5334
66
25
56
5634
SQ
10114 7,000 9734
102
1,000 9855
104
3,000 100
79
25,000 7315
10034 10,000 99
9455 4,000 9055
Apr
May
Mar
May
Mar
Sept
23
2655 42,000
20
86
SO
86
8155
7.000
87
31,000
7134 Apr
Apr
75
37
91
37
37
9051 92
5.000
23,00
831 Apr
81
May
87
74
75
8555 87
13,000
36,000
68
79
6
6
6
6
59
9751
77
77
10234
6855 6855
67
69
5036 5055
6134 5935
6
6
635
6
59
634
7
631
635
6036
9855
7
9
10214
7035
69
5055
6134
334
9,000
10,000
333
,
331
9,500
434
16,000
9,000 37
6,000 91
13,000 7234
10,000 100
26,000 65
12,000 57
2,000 44
36,000 50
93
93
10,000
90
90
10,000
10236 102 10253 15,000
8934 8951
1,000
48
4834
7.000
093
6151
58
62
79
79
98
70
3755
High.
Oct 7755
Apr 93
Apr 80
Apr 0155
Apr 84
Mar 8734
Apr 96
Mar 93
Mar 8034
Jan 96
Apr 8834
June 6834
Oct 74
Mar
77
Apr 100
2331
Apr
Apr
Apr
June
Feb
July
Oct
Aug
July
Jan
July
July
Aug
Jan
Jail
July
June
Jan
10334 Aug
10611 Jan
July
105
1)41-3 Jan
10231 Jan
Feb
102
53
9451
99
47
103
July
Jan
Jan
July
Jan
86
Jan
9755 Feb
Mar 18
Slur
18
Mar
18
18
Mar
Feb 6031
Apr 10234
Apr 90
Mar 10334
Oct 87
Apr 81
7314
Alm
Apr 83
July
July
July
Jul)
Oct
Aug
jau
Feb
Jan
Jan
Jan
Jan
Mar 9634 July
Feb 92
July
May (0534 jab
Ala
033.3 Sept
Ala 66
Jan
30,000
48
AM
10153 10134 10 34 71,000
2
1013-3 10153 10236 11,000
84
82
Feb 10336 Sept
Feb 10253 Oct
831 1155 19,000
wog 101
Narragansett Eleo 55 A '57 101
/957
10055 10014
55 series 11
Nat l'ow Ai Lt 8s A_ - _ 2026 6331 63
65
5455 5651
Deb 55 series Ii-----030 55
Nat Public Service s 1978
733 1155
051
Certificates of deposit__
0655 9735
National Tea 5s
1935 97
Nebraska Power 4555_1981
0736 08
87
87
68 series A
2022
NeLsner Bros Realty 65.'48 3534 3531 4133
Nevada-Calif Eiec 55 1956 57 51 5693 5836
9235 93
New Amsterdam Gas 55 '48 03
N E Gas & Ni Assn 65_1947 4236 4134 43%
4136 4334
Cony deb 58
1948 43
Cony deb 65
1960 4155 4155 4336
New Eug Pow Assn 55.1948 5551 5431 56
Debenture 5555-1954 5936 5731 6055
42
New On Pub Sere' 4358 '35
4336
2855 295.5
Miseries A
1949 39
NY Central Elea 553e 1950 5855 575<3 5835
N Y &Foreign Investing
a56 a56
5555 with warr
1948,
N Y Penns &Ohio 4559'36 11855 98
9835
NY P&L Corp let 436e'67 8633 8.555 87%
NY State0 dt E 00_1980 7234 71
73
5555
1963 8233 8235 8255
NY & Westcirr Ltg 682004 9351 9351 9333
106
Niagara Falls Pow 66_1950 107
55 series A
10435
1959
Nippon Eiec l'ow 6558 1953 6355 63
No American Lt & Pow
1003-3
1934
5 5 notes
9535
5% notes
1935
86
5% serial votes_ _ _ _1936 86
4 He series A
33
loan 32
Nor Cant Util 5555-1948 23
23
Nor Ind G dr E 135.
81
1952
Northern Indiana 1 13-3
55 series 0
1969 6336 63
5558 series E
6131
1970
Nor Ohlo Pow & Lt 5555'51
90
Nor Ohio Trac & Lt 58 '56
87
No States Pr 533% notesAu
79
Refunding 4555- .1961
8431
Northern Texas URI 75 '35
97
N'western l'ower 68_ _1960
1055
N'western Pub nary tss 1967 63
6055
Ogden Gas 5s
1945
Ohlo Edison 1st 5s- -1960
.
Ohio Power let 5s 13- _1962
let & ref 4365 ser D 1966
Ohlo Public Service Co
65 series C
1953
1st dr ref Se ser D-1969
5365 series El
1961
Okla Gas & Eleo 55_-1950
68 series A
1940
Okla Pow dr Water 55_1948
Osgood Co Os with warr '38
1941
Oswego balls 65
Pacific Gas 44 El Co1941
1st 68 series B
1st & ref 6a ser C.,.1952
1955
63 series 17
let & ref 455s E----1957
let dr ref 45593 F__._1960
1948
l'ac Investing Ss
I'ac Light & l'ow 58_1942
Pao Pew & Light 68.-19bo
Pacific Western 011 6558 43
With warrants
Palmer Corp of La 65_1938
Penn Cent L.5 P 434e 1977
Penn Electric 45 F__ _1971
Penn Ohio Edison
1950
Deb 6s x-wurr
Deb 5535 aeries B _ _1959
Penn-ohio P Jr L 6 411 1064
25,000
1,000
13,000
8,000
5,000
6,000
6,000
3,000
32,000
6,000
21.000
11.000
12.000
13,000
1,000
Range Since Jan, 1.
83
8551
83
85
100
92
4955
0253
75
9055
6536
6155
July
751
833j
85
80
17
9751
89
37
38
3755
3534
9
0
40
2535
56
Oct 234 Jan
Jan 087-3 July
Slay 11)234 July
Apr 0834 Jail
July
Apr 50
Apr 7634 July
Apr 10253 Jan
Apr 6934 June
Jan
Sept 80
Apr 6934 Jan
Mar 6855 June
Mar 7255 Juno
Jan
Apr 65
Apr 4914 Jan
Jan
Sept 82
56
Sept 783-3 Mar
88
Apr 9054 Sept
8034 Sept 99
Jan
673-4 Sept 9134 Jan
80
Apr 105
Jan
82
Apr 0715 Jan
Apr 10036
Apr 96
May 9231
Apr 4751
May 43
May 10235
Sept
Aug
Sept
July
July
Feb
6351 2,000
63
5,000
9155 4.000
87
2,000
80
4,000
8754 76.000
98
15,000
1055 2,000
62
9,000
59
59
80
77
70
76
8331
833
,
66
Apr
Apr
Apr
May
Mal
Apr
June
Oct
Apr
91
8555
10334
10055
90
974
9911
18
7555
Feb
Jan
Jan
Jan
July
Jan
July
June
July
85
6,000
87
29.000
1003<3 12.000
9334 36.000
108
10155
101
953.4
95
73
107
55
75
31
8655
74
68
2131
22
7834
10754 107
103
104
10056 9954
9355
94
9335 93
73
7055
107
107
5135 5014
6655
1,000
23.000
73.000
26.000
2.000
11,000
Feb
943,4 May 104
Aug
96
Apr e10353 Aug
Jan
Mar 85
50
41
Mar
74
Jan
10035 13,000
9555 8,000
8855 18,000
3339 51.000
2455 6,000
82
2,000
83
8255
82
85
71
4631
3476
54.55
5455
98.000
23,000
16.000
1,000
17,000
22.000
3,000
51.000
22.000
62,000
61,000
123.000
16,000
38.000
7,000
8
Jan
107
12,000 i0155 Mar 1083,4 Jan
105
11.000 0655 May 106
Jan
6551 12,00
6713 July
3535 Feb
8051
80
80
84
6955
4555
3355
52
80
82
84.35
6934
4555
25,000
3,000
9.000
27,000
76
10.000
14.000
17.000
41,000
9,000
21.000
8.000
11.000
Sept 1015.5 Feb
82
Jan
Apr 98
73
9055 May 1044 Jai
81
Apr 9955 Jan
Jan
Jai,
Jan
Jan
July,
July
July
July
75
69
711
7051
63
35
2551
36
API'
Mar
Apr
Apr
Mar
Mar
May
Apr
13.000 101
19.00
983-4
78.000 9434
73,00
8655
55.000 86
15.000 64
1,000 103
82,000 48
Mar
Apr
May
Apr
Mar
Apr
May
Apr
11334 Jan
10634 Jan
1064 Jan
10155 Jan
10134 Jail
81
July
10831 Feb
July
73
5731 Ap
7035 Apr
60
Apr
6134 Apr
81
July
947-3 Aug
8034 I. eb
7451 Jan
78
23.000
91
8.000
6755 30,000
6335 8,000
,
5431 5734 43.000
5035 43.00
49
0134 9355 26.000
50
44
86
9555
15935
90
9135
8315
63
40
693.3
Oct 82
Sept 7555
May 1033-3
Jan
Jan
t. al)
Financial Chronicle
Volume 137
Bonds (Continued)
Penn Power 193
1956
Penn Pub Serv 6s C
1947
tofu Telephone Is C 1960
PennW at&Pow415sB_ 1968
5s
1940
Peoples Gas Lt & Coke4sserlesfl
1981
(is series C
1957
43 serial notes
1936
Peoples Lt & Pwr 55_1979
Phil& Electric Co 5/3-1965
NAM Elee Pow 5558-1972
Phila Rapid Trans 65_1962
Phila Suburban Counties
Gas & Elec 4555
1957
Phila. Suburban Wat 58 '55
Piedmont Hydro El Co
1st ar ref 63001A-196
0
Piedmont & Nor 58_ 1954
Pittsburgh Coal 6s
1949
Pittsburgh Steel 65_1948
Poor & Co 65
1939
Portland Gas & Coke Is'40
Potomac Edison 5LX 1956
445series F
1961
Potomac Elec Pow 55_1936
Power Corp(Can)4%a13 '59
Power Corp of N Y
631s series A
1942
5555
1947
Power Securities 6s
1949
American series
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High
73
914
96
73
90%
96
315
10S
108
10655 106
4655 4655
Range Since Jan. 1.
Low.
High.
Mar
Apr
Mar
Stay
Apr
Feb
104
Jan
100
97% Feb
Jan
101
108% Aug
Apr
9,000 66
75
52,000 8795 Sept
95
1,000 9355 Mar
96
a% Apr
3% 2,000
109% 20,000 102% Mar
28,000 101% Mar
107
4655' 2,000 43% May
93% Jan
10644 Jan
101% Feb
834 May
11031 Jan
Feb
108
50% Jan
100% 100 100% 21,000
82% 83% 2,000
3,000
924 93
99
9935 13,000
10435 1054 4,000
10255 102% 102%
101 101
7655 78%
7755 7855
9055
90
8015
8055 80
87
85
85
92% 92%
804 82
82
78
79
7955
104
104 104
54
54
77%
2,000
1,000
98
81
90
044
994
95% May 104%
95% Mar 104%
Jan
Jan
Jan 7895
Apr 83%
Apr 9515
Feb 82
Apr 92
May 100
Apr 9135
Slay 864
Apr 106%
Apr 64
Oct
July
July
July
July
Jan
Aug
July
Feb
July
75,000 65
10.000 60%
6,000 82
6315
20,00
8,000 41
1,000 82
32,000 74
9,000 65
1,000 102
1,000 28
8015 8134
51
514
9,000
4,000
80
51
Oct
Oct
9995 Feb
Aug
65
47% 4754
8044
51
6,000
44
Apr
67
July
Procter & Gamble 4348 '47 10515 10515 106
Oct
0855 May 106
53,00
Prussian Elec deb 6s_ _1954
Jan
3655 Sept 70
4255 21,00
39
Pub Serv (Nil) 4555B 1957
Apr 95% Feb
10,000 85
894 91
l'ub Serv of N J pet ctfs 110
Jan
44,00 103% Apr 119
109% 110
Pub Serv of Nor Illinois
let & ref Sc
66
Apr 100% Jan
1956 7235 72
50,00
73
Is series C
Jan
Apr 98
1966 69% 6915 7355 21,00
61
43.S5 series D
90% Jan
1978 69
60
AP
1,00
69
69
1st & ref 4555 set E..1980
Apr 9155 Jan
61
6815 30,00
67
let & ref 455s ser F_1981 66% 66
Jan
93
60% Ap
684 67.00
6318 series 0
1937 9055 90
93% 130,000 80% Ap 10715 Jan
655seeries H
Feb
1952
8515 86% 4,000 70( Ap 100
Pub Sere of Oklahoma& series C
78
Aug
1961
5234 Ap
73
Is series D
July
81
1957
AP
7255 7455 18,000 54
Pub Serv Sub 5348 A_1949 5455 54
8014 Jan
AP
5555 11,000 42
Puget Sound P & L 5555'49 5055 50% 5155 128,000 47
6734 Jan
Ap
let & ref Sc sot C
Jan
66
1950 504 48
50% 44.000 45% AD
lat & ref 4555 set D_1950 48% 47
Jan
Mar 63
48% 42,000 40
Quebec Power 5s
1968
Queens Borough G &
415s
1958
Republic Gas
65 A
1945
68 ctfs of deposit 1945
Rocheeter Cent Pow 58 '53 32
ltocheeter Sty & Lt 5,3_1954 106
Ruhr Gas Corp 6318..1953 44
Ruhr Housing 6158
1958
Ityerson(JosT)S, Sons 5843
87
88
90
90
18
18
31
106
41
33
95%
20
18%
3434
106
44
34
9555
Safe Harbor Wat Pr 4%5'79
St Louis Gas & Coke 6847 100% 9955 100."
5
6%
515
San Antonio Pub Serv 55'58 72
7044 72%
San Joaquin L d, P55 series D
1957
8755 87%
Sunda Falls Is
1953
104 104
Saxon Pub Works 65..1937 44
42
4444
Schulte Real Estate Os 1935
9
9
Serlpp(E NV) Co 5%5_1943
74
72
Seattle Lighting 58_1949 31% 3115 33%
Serve), Inc Sc
1948
71% 71%
Shawinigan NV & P 4%e'67 70% 70% 72
4358 series B
1968 70% 70% 72
1st 5e series C
1970 80
80
80%
let 4%e series D_ -.1970 70% 70
71%
Sheffield Steel 5%s_ 1948 85
85
85
Sheridan Wyo Coal 65 1947
41%
41
Southeast P & L 68...
Without warrants
51% 51
56
Sou Calif Edition 55_1951 101
100% 1014
Refunding bs
1952
100% 101
Refunding 55 June 1 1954 101
100% 1014
Gen & ref be
1939
105 105%
Sou Calif Gas Co ta
1957
91% 91%
4158
1961 8555 8555 8555
Sou Calif Gas Corp 65_1937
88
884
Southern Gas 655s._ -1935
96
96
Sou Indiana 0 d, El 5555'57 10235 10255
103
Sou Indiana lty 4s_ __.1951
5344 53%
Southern Natural GM 66 44
.
Stamped
58
60
58
Unstamped
5755 57
59
Southwest0& E 65A.1957
6855 694
be series 11
1057
6955 6955
S'western Assoc Tel ,55 1961
60
50
Sou'west Lt & Pow 58_1957 56% 52
56%
Sou'weet Nat Gas 6s-1946
36
37
S'western Pow & Lt 6s 2022
4635 50
S'western Pub Serv 63_1945
58
58
Staley (A E) Mfg 65_1942
Stand Gas & Elea 6a 1936
Cony 68
1935
Debenture 65
1951
Debentureds_Dec 1 1966
Standard Investing 5554 '39
Stand Pow & Lt68
1957
Stand Telephone 5555.1043
Stinnett (Hugo) Corp
78 without wart Oct 1'36
7s without warr
1946
Sun 011 deb 6158
1939
Sun Pipe Line be
1940
Super Power 01 311 4158.'68
Jet 4.155
1970
65
1961
Swift &Co lst mat 55_1944
5% notes
1940
Tennessee Mee Pow 55 1956
Tennessee Pub Serv 55 1970
Tent Hydro Elea 6.34s 1953
Texas Cities Gas 5s
1948
Team Mee Service 68_1960
Texas ()as Util Ss..,. 1945
Texas Power & Lt 58-1956
1937
5s
Thernioid Co w w 65..1934
Tide Hater Power 68_1979
1962
TOI0d0 Edison 55
Twin City Rap Tr 5%e '62
1944
Wen Co deb es
Union Elea Lt & Power
1957
4318
1967
58 series 13
13,000
1,000
96
July
8815 Slay 100
Jan
71
Apr
13,000 14
33,000 13
49,000 25
4,00 100
97,00(
32
8,000 23%
2,000 80%
Apr 24% June
Apr 2495 June
Jan
Mar 48
Mar 108% Feb
Jan
Sept 67
Slay 60% Jan
July
Mar 06
25,000 go
5
32,000
15,000 z65
Jan
Apr 102
Oct 16% Jan
May 84% July
5,000
1,00
50.000
2,000
17.00
46,00
2,00
53,00
25,000
16,000
16,000
2,000
2,000
77%
97%
38%
7
55%
2855
4915
49
50
57
48%
65
23
104,000 46
34,000 94
48,000 0455
17,000 94
16,000 101
May 98
Mar 105
Sept 67%
Apr 1755
Apr 74
Sept 54
Jan 76%
Apr 80%
Apr 8055
Mar 87
Mar 81
Apr 92
Feb 48
Sep
May
Apr
Ma)
Fe
Jan
.150
Jan
July
Oct
July
Sept
July
July
July
July
Sept
July
82% Jan
105% Jan
105% Jan
1054 Jan
Jan
108
2,000
10,000
16,000
1,000
4.000
2,000
80
79
72
9155
98
34
May 994 Jan
Apr 95
Jan
May 93
Sept
Jan 100;5 Aug
Apr 105% Jan
Apr 64
July
34.000
3,000
22,000
5,000
1,000
19.000
22,000
17,000
1,000
39%
39
60
52
35
50
28
32
55%
Apr
Apr
Apr
Apr
Mar
Sept
91
614
62%
424
43
69
4235
19
5,000
62,000
97.000
36,000
51,000
5,00
65.000
10,00
34% 40
35
32% 324 38
10315 104
104
101% 101% 102
68
68
66
68
67
67
81%
8155 75
1044 104 1054
9935 100
100
59
5955
40
414
3834
17%
70%
7755
5655
72
184
58
91%
2455
33%
9715
91
5854
58.4
40
3855
69
38
17
57
70
7755
55
72
18
78
98%
43
514
905-5
2455
3334
Apr
Apr
72%
75
8.2%
82
59
7854
43
68%
71%
July
July
Jan
Jan
July
Aug
may
July
July
69%
35
35
284
284
63
26%
10
Mar
Mar
Apr
Apr
Apr
Apr
Apr
Apr
95
77
77
62
130%
79
59
3255
Sept
July
July
June
July
Aug
June
Jan
9,000
33,000
3,000
11,000
29,00
12.00
22,000
15,000
37,000
304
29
99%
95%
59
60
75
96%
87
July
July
Apr
June
May
Apr
Oct
Apr
Mar
65
59%
10415
102%
84
834
9355
10515
100%
Jan
Jan
Sept
Oct
Jan
Jan
Jan
July
July
2.000
63
7045 10,000
784 12,000
5655 6.000
23,000
74
14.00
19
7955 18,000
20.000
100
1,000
43
584 39,000
925 65.000
,
57,000
26
17,000
35
55
68
69
46
66
11%
70
90
2655
4455
80%
19
15
Sep
0511
94
Sep
Jan 814
Feb 60
AD
90
Feb 33
92
AP
Ap 104
Ap
67%
Ap
69
994
AP
Sep
34%
Jan 43
Jan
Jan
Feb
July
Jan
Aug
Jan
Jan
July
Jan
Jan
May
Jill)
,
fag 9831 34,000
nb% 10045
7,000
2963
mar
8731 Ap
9215 Ap
994 Sept
106
Jan
Bonds (Concluded)
-
Friday
bales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Range Since Jan. 1.
Low,
High•
Un Gull Corp 5s_July 150 102
10155 10255 30.000
United Elea(N J) 48..1949 100% 100% 10115
7,000
Hinted Elee Sere 7s__1956
82
SO
15,000
United Industrial 645 1941 45
41% 45
47,000
1st 68
1945 44% 3915 45
45,000
United Lt &Pow 6s
1975 3555 3551 4055 40,000
1st 555s. _April 1 1959
5955 62
15,000
1974
deb g 6155
40
41% 4,000
tin Lt & sty 51513
1952 40
3955 434 74,000
,
Os series A
1952
665% 67
18,000
1973 35
65 series A
35
38
4,000
U S Rubber
1934 98% 9815 98% 9,000
635% serial notes
1935
80
634% serial notes
70
2,000
1936 67
67
655% serial notes
67
4,000
644% serial notes
1937
63
63
2,000
634% serial notes19s8 60
60
66% 9,000
OA% serial notes....1930 60% 60
65
10,000
61
635% serial notes 1940 60
60
7,000
Utah Pow Jr Lt 65
2022
47
48
10,000
1st lien & gen m 4558 '44 5735 55
58
15,000
96
95
67
35
364
273.5
5455
2955
31%
64
2555
Apr 103
Mar 103
JUIY 83%
May 66
May 68
Apr 60
Mar 82
Apr 65
Apr 61
Apr 8355
Apr 55
Feb
Jan
Feb
Jan
Jan
June
July
July
July
July
June
50%
2955
27
25
27
27
25
45
53
Apr
Feb
Feb
Apr
Feb
Feb
Feb
Apr
Slay
99
90
81
8015
80%
83
SO
67%
70
Aug
July
July
July
July
July
July
July
June
Vamma Wat Pow 535/3 '57
Van Camp Pack 65_ 1948
Va Flee & Power 5s.._.1965
Va Public Serv 5345 A 1946
1st ref 5s set 11
1950
Os
1946
July
May
Jan
Jan
Jan
July
Waldorf-Astoria Corp
75 with warrants_ 1954
Ctfs of deposit
Ward Baking Os
1937
Wash Gas Light be
1958
Wash Water Power 65_1960
West l'enn Elec 5s
2030
West Penn Pow 4s
1961
West Texas Util be A_1967
Western Newspaper Union
Gs
1944
Western United Gas & Elec
list 631s set A
1955
Westvaco Chlor Pro 515537
Wheeling Electric 5s 1941
854
6
93
63
56
47%
87
11,000
944
1,000
93
8,000
64% 34,000
58% 6,000
4955 21,000
68
6
89
57
54
43
Jan 88
Oct 244
May 101
Slay 77
Apr 71%
Apr 71
484
12
355
96
82%
85
55
9855
4855
12%
395
96
83%
8655
56
9855
50
5,000
14,000
7,000
15,000
9,000
14,000
8,000
39,000
244
255
904
78
85
44%
93
3555
Feb 13
Oct
Feb
10
Slay
Apr 9734 Aug
Mar 9434 Feb
Sept 103% Jan
May 71
June
Slay 101
Jan
Apr 67
July
26
25
26
17,000 z22
93%
6355
574
96
83%
85
72%
Ms Minn Lt & Pr 58_1944
Wise Pow & Lt 58 F..1058
55 series E
1956
Wise Public Service 65 1052
Yadkin River Pow 5.3_1941
York Railways 53
1937
7235 7355 28,000 84
102% 102%
4,000 101
10115 10155 5,000 99
6815
65
66%
80
78
865.5
Foreign Government
And MunicipalitiesAgric Mtge ilk (Colombia)
75
1946
27
7s
1947
2715
Buenos Aires (Prov)Ext1 755s
1947 a3654 a3615
755s stacaped
1947 36% 36
Ext1 75
1952
3355
7 stamped
1952 a29
a29
Cauca Valley 7s
1948
Cent Bk of German State &
Prow Banks 68 B
1951
Os series A
1952
Danish Cons 5555
1955
Danzig Port & Waterways
25
-year 63Xs
1952
German Cons Muni° 76.47
Secured 65
1947
Hanover (City) 75-1939
Hanover(Prov)6358..1949
Indus Mtge Bk (Finland)
1st mtge coils I 7...1544
Maranhao 7s
1958
Medellin INItunc 7s
1951
Alendoza 7555
1951
7355 stamped
1951
Mtge Bic of Bogota 75_1947
75 issue of Slay 192775 issue of Oct '27
Mtge Ilk of Chile 65_1931
Mtge 13k of Denmark 55'72
Rio de Janeiro 648.-1959
Russian Govt
-Is
63
1919
655a certificates
11)19
555s
1921
5555 certifica tes
_1021
Saar Basin 75
Saarbruchen 75
Santa Fe is
Santiago 75
75
1935
1935
1945
1961
1949
9%
915
Feb
Oct
May
May
Oct
May
Apr
7235
65
6651
814
78
8655
6,000
6.000
5,000
8,000
5,000
2,000
6815
59
6235
80
75
78
27
27%
2,000
1,000
1715 Apr
Slar
16
38.2,000 25% Jan
Oct
31
3655 13,00
29% Slay
33% 2,00
31%
4,000 z2955 May
955
3,00
7
Mar
48
5435 50.00
26% 3255 14.000
78
78%
4,000
36% May
22
Sep
Mar
58
38
38
41
37
33%
32%
314
29
36
3851
35
3214
3955
,
3955
85
85
15%
11
31%
2955
1535 6,000
12
3,000
35% 34,000
2955
1,000
48%
28%
78
12
3555
4,000
105,00
123,00
27,00
47,00
8,000
8%
70
1955 20
3,000
20% 20%
1,000
8% 8% 196,00
6755 70
6,000
154
154 n18
5,000
May
26% Jun
26
May
36
Oct
28
May
59
35
June
Apr 8944 Feb
Mar 10315 Jan
May 104% Jan
Ma
91
8955
89
97
90%
92
Feb
Jan
Jan
Jan
Aug
Jan
July
41
40% July
44
4355
41
4555
July
July
July
July
1931 July
66
56
85
54
62%
6144
61
54%
Jan
Jan
Sept
Jan
Jan
Jan
Mar
Jan
9234 July
113.4 Jan
1044 Mar
Mar
17
25
Oct
22
July
July
23
39% July
294X Oct
1834
20
7%
57%
Feb
Mar
Sept
Apr
35
35
15%
75
7
IJan
2235 July
2
154
2
144
Apr
Mar
Mar
Apr
July
July
June
July
855
7%
834
734
July
July
July
July
95% 9655 2,000 9535 Oct 102
1033.4 103% 3,00 103% Jan 103%
Ap
25
1714 1735
1,000 13
415 Jan 12%
555
5%
18.00
Mar
13%
4
2,00
5%
Apr
May
May
June
June
5
4%
415
315
2%
2%
5
5
455
4%
18,000
172,000
50.000
27,000
• No par value. a Deferred del very. 0 0 d Certificates of
Condep° '
818
solidated. cum Cumulative. cony Convertible. 3 See note below. cm:isMortm
gage. n Sold under the rule, n v Non-voting stock. r Sold tor cash. v $0 Voting
trust certificates.
w 1 When issued.
z Ex-dividend.
w w With warrants.
s is Without warrants.
I See alphabetical list below for "Deferred delivery" sales affecting the range
for the year:
American Manufacturing. pref., Feb. 7, 30 at 433-5.
Arkansas Natural Gas, corn., class A. March 15. 400 at 55•
Associated Gas Jr Elec. be 1968, registered. Mar. 29. 51,000 at 13.
Buenos Aires 78 stamped Oct. 20, 51,000 at 29.
Central States E.eerrie Is 1948. April 1. 516.000 at 2731
Cities Service, corn.. April 13, 100 at 1%.
Commonwealth Edison 55, series A, 1953, April 24, $5,000 at 91.
Commonwealth Edison 455s, series C 1956, April 24, 32.000 at 83.
Gen. Bronze Corp. Os, 1940' low, Apr. 10, 57,000 at 43.
Indiana Electric Is, series C, 1951, Feb. 1, 37,000 at 80.
International Petroleum, Feb. 2, 200 at 8%.
Jersey Central Pow Jr Light 515% pref., May 29. 2561 58.
Letcourt Realty Corp.. pref. Aprl 4. 100 at 235
Niagara
-Hudson Power class B option warrants March 21, 100 at 155.
Peoples Light Jr Power Is, 1979, April 18, 52,000 at 45.
San Antonio Public Service Is, 1958, May 3, 31,000 at 64.
Syracuse Lighting 544e, 1954, Feb. 1. $1,000 at 109%.
Union American Investment Se w. w. 1948. April 12. $1,000 at 72.
Valvoline 011 7s, 1937, July 10, 51,000 at 6034.
Western Newspaper Union 65, 1944. March 16. 31,000 at 21.
e See alphabetical llst below for "Under the rule" sales affecting the range for
She year:
Associated Telephone $1.50 preferred, Feb. 9, 100 at 1934.
American Community l'ower 5555, 1953, June 16, $1,000 at 10.
Chicago District Electric 5558, 1935, Feb. 2, $7,000 at 9555.
Cleveland Electric illuminating 55 1939, June 1. 51.000 at 10731.
Ilygrade Food Products Os, series B, 1049, July 25. $1,000 at 624.
Narragansett Electric 5s. series B. 1957. Jan. 17, $1,000 at 104.
New York .t Westchester Ltg 5s 1954, Mar, 27, $5,000 at 10654.
Singer Mfg. Co. Am. dep. rcts.. July 6, 12 at 355.
Tennessee Puolic Service 55. 1970, Jan. 13. $1.000 at 9531.
United States Rubber 65, 1933, May 19. 58.000 at 100(4.
2964
Financial Chronicle
Oct. 21
1933
Quotations for Unlisted Securities-Friday Oct. 20
Port of New York Authority Bonds.
BM
Ask
Arthur Kin Bridget' 454s
Bayonne Bridge 4s series C
eeriee A 1934-46
Md,E1 52.50 6.25
ida 3
1938-53
Inland Terminal 4 14e ser D
Geo Washington Bridge
M&S
1936-60
48 series B 1936-50_ _J&D 05.10 4.75 Holland Tunnel 43e series E
4 As ser B 1939-53_ _M&N 65 10 4.75
M&S
1934-60
Public Utility Bonds.
801
Ask
56.00 5.00
56.50 5.73
94.70 4.40
U. S. Insular Bonds.
Philippine Government
48 1934
es 1946
434s Oct 1959
434e July 1952
58 April 1955
55 Feb 1952
534s Aug 1941
Hawaii 434s Oct 1958
Bid
97
90
93
93
95
95
101
99
Ask
100
94
97
97
100
100
104
102
Bid
Ask
98 103
Honolulu 58
US Panama 59 June 11961. 1031 2 10412
2s Aug 1 1938
10012 101
2s Nov 1 1938
100 s 1007
3
8
Govt of Puerto Rico
98 102
4(4s July 1958
99 103
58 July 1948
Federal Land Bank Bonds.
1942 opt 1932__M&N
1943 opt 1933____J&J
1953 opt 1933____J&J
1955 opt 1935.---J&Ji
1956 opt 1938.___J&J
1953 opt 1933.___J&J,
1954 opt 1934___
Bid
913
4
913
4
8912
8912
8912
913
4
913
4
Ask
9234
923
4
90,2
90 2
,
9012
923
4
923
4
Bid
BIB I Ask I
48 1957 optional 1937.M&N 853 863 434e
4
4,
4s 1958 optional 1938..M&N 853 863 434s
4
.f
434s 1956 opt 1936____J&J 863 873 430
4
4
the 1957 opt 1937____J&J 863 873 434s
4
4
414s 1958 opt 1938_ _M&N 863 873 43.4e
4
4
is 1941 optional 1931.M&N 967s 97.2 454s
434B 10.13 opt 1932 _J&D 10018 100 4 She
3
Ask
New York State Bonds.
844 Ask
Canal & Highway
55 Jan & Mar 1933 to 1935 93.00
Se Jan & Mar 1936 to 1945 63.50
65 Jan & Mar 1948 to 1971 63.75
Highway Imp 434. Sept '63 115
,2
Canal Imp 4 hs Jan 1Q84... 11512
Can & Imp High 4.hs 1965_ 106
World War Bonus-41es April 1933 to 1939_
4 ha April 1940 to 1949_
Institution Building
4s Sept 1933 to 1940
4s Sept 1941 to 1976
Highway Improvement
45 Mar & Sept 1958 to '67
Canal Imp 45J & J '80 to'67
Barge CT Se Jan 1942 to'46
93 00
93 60
93.25
93.50
108
108
108
110
110
110
New York City Bonds.
Bid I Ask 1
Bid
a3s Me y 1935
9314 9414 a43.(e June 1974
853
4
d3 As May 1954
85 4
3
80 a4 he Feb 15 1978
78
a3 As Nov 1954
78
80 a4 34e Jan 1977
853
4
a4s Nov 1955 & 1956
83 1 /Min Nov 15 1978
81
85 4
3
a4s M & N 1957 to 19.59.-- 8212 8412 a4hs March 1981
853
4
a4s May 1977
8212 8412 a4 As 191 & N 1957
90
a4s Oct 1980
8212 8412' 61454s July 1967
90
c4 3.e Feb 15 193310 1940._ 9 7.00 6.00 a4 As Dec 15 1974
90
a434s March 1960
90
83 85 a4 As Dec 1 1979
a4 hs Sept 1960
853 87
4
a434e March 1962 & 1964._
9814
553 87 06s Jan 25 1935
4
9814
ashe April 1966
853 87 aes Jan 25 1936
4
a4he April 15 1972
853 87 065 Jan 25 1937
9814
(serial). dCoupon.
a Interchangeable. b Basis. 4 Registered coupon --
Ask
87
87
87
87
87
91
91
91
91
9914
9914
9914
New York Bank Stocks.
Ask
Par Bid
Bank of Manhattan Co_ _20 223 243
8
s
Bank of Yorktown
100 20
ecnsonhurst Nat!
34
100 25
Chase
22
20
Citizens Bank of Ilklyn_100
95
20 City (National)
221e 2418
Comml Nat Bank ds Tr_100 11612 117
100 985 1035
Fifth Avenue
1200 1270
First National of N
100 35
Flatbush National
25
100
Fort Greene
_ 175
100
Grace National liank
48
Kingsboro Nat Bank_ _ _ _100 -58
Par Bid Ask
25
Lafayette National
512 812
Nat Bronx Bank
50 23
28
25 22
National Exchange
25
Nat Safety Bank & Tr__ _25
4
8
25
Penn Exchange
100
Peoples National
Public Nat Bk & Tr ncw_15
22
9
80
24
Sterling Nat Bank & Tr_ _25
Textile Bank
Trade Bank
100
Washington Nat Bank 100
Yorkville(Nat Bank 00-100
1312
49
18
12
80
1612
52
23
4
40
5
Trust Companies.
Ask
Par Bid
Banat Comm Itallana__ 100 142
Bank of New York & Tr_100 318 328
12
20 10
Bank of Sicily Trust
53
10 51
Bankers_
20
Bronx County
5 2 912
,
Brooklyn
88
100 85
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
Par Bid
Ask
20 163 1814
4
100 250 260
100 279 284
10
143 1614
4
100 1880 1980
25 3212 3412
1312
20 12
Central Hanover
20 11212 11612 Manufacturers
25 8312 8612
33 New York
Chemical Bank & Trust__10 31
7
3
Clinton Trust
50 Title Guarantee & Trust_20 13 s 153
50 40
13
Colonial Trust
100 11
65
100 55
Continental Bk & Tr
2
10 111s 125 Underwriters Trust
100 1565 1815
United States
Corn Exch Bk & Trust
51
20 49
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par n Dollars.
100
Alabama & Vicksburg (III Cent)
Albany & Susquehanna (Delaware & fludson)_100
100
Allegheny & Western (Buff Koch & Pitts)
50
Beech Creek (New York Central)
Boston & Albany (New York Central)
100
100
Boston & Providence (New Haven)
Canada Southern (New York Central)
100
100
Car. Clinchfield & Ohio(L & N A C L)4% _
common 5% stamped
100
Chic Cleve Clue & St Louis pref(N Y Cent)...100
Cleveland & Pittsburgh (Pennsylvania)
50
lietterrnan stock
50
Delaware (Pennsylvania)
25
Georgia BRA Banking (L & N. A C L)
100
Lackawanna RR of NJ (Del Lack & Western).100
Michigan Central (New York Central)
100
Morris k E138132 (Del Lack & Western)
50
New York Lackawanna & Western(D L & W)_100
Northern Central (Pennsylvania)
50
,j1d Colony (N Y N Ii & Hartford)
100
oswego & Syracuse (Del Lack & Western)
60
Pittsburgh Bess & Lake Erie(U 8 Steel)
50
Preferred
50
Pittsburgh Fort Wayne &Chicago(Penn)
100
Preferred
100
Rewselaer dr Saratoga (Delaware & Hudson)
-100
St Louis Bridge let pref (Terminal FIR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jemmy RR & Canal(Penna)
101)
Valley (Delaware Lackawanna Ss Western)...100
Vicksburg Shreveport & Pacific (III Cent)
100
Preferred
100
50
Warren RR of NJ (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
I I ..t "sorted narket.
VtII
•'Jo Ox'
6.00
11.00
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.60
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
5.00
5.00
5.00
3.50
3 no
tuned
e
884.
Ask.
75
170
82
26
112
135
43
65
71
75
64
36
32
138
62
700
59
73
72
91
60
29
60
115
145
103
107
53
107
205
78
60
60
40
52
80
180
88
30
116
49
70
75
82
66
40
36
145
66
ii
84
76
97
65
32
125
150
108
111
"iii
210
85
70
70
45
97
I ?:11-ctoupon
Bid
Ask
Amer S P S 5 As 1948_M&N
41 I 4414
Atlanta 0 L As 1047 __J&D 97121 --Central Gas & Else
1st lien coil tr 5 SiEl 48,1&
361, 4012
let lien coil tr 65 '46 _M&S 3912 4312
Fed P 5 let Be 1947_ _J&D el 5
1912
Federated Util 5345'57 M&S 32
37
Ill Wat Ser let 58 1952. J&J 72
743
41
Iowa So UM 534. 1950.J&J 46
4834,
Louis Light 1st Si 1953_A&O 102
Newp N & Ham be '44 .J&J
N Y Wat Ser Se 1951_MAN
Oklahoma G11,16s 1940_ __ _ _
Old Dom Pow ba May 1551
Parr Shoals P18 1952_ _A&O
Peoples LA P 5 Ae 1941 J&J
Roanoke W W be 14/60_J&J
United Wat Gas & E be 1941
Western P S 5 As 1960_ F&A
Bid 'Ark
79131 821
,
70
73
70
7212
49
51
5612 6112
34
37
6112 64
8)121 _.
4912
47
Public Utility Stocks.
Par
Arizona Power pref____100
Assoc Gas & El wig pref__•
•
$6.50 preferred
$7 preferred
Atlantic City Elec $6 pref.
•
Bangor Hydro-El 7% pf.1013
Broad River Pow pt___ _100
Cent Ark Pub Serv prof.100
Cent Maine Pow 8% pf. 100
Cent Pub Serv Corp pref.•
Consumers Pow 5% pref.•
100
8% Preferred
6.60% preferred
1041
Dallas Pow & Lt 7% pref 100
Derby Gas & Elec $7 pret.•
Essex-Hudson Gas
100
Foreign Lt & Pow unite...-.
Gas & Eiec of Bergen___100
Hudson County Gas____100
Idaho Power 6% pref
•
100
7% Preferred
Inland Pow & Lt Dre1
-100
Jamaica Water Supply Pi-5
0
Bid I Ask
10
1121 312
1121 3 4
,
112 314
88
84121 104
100,2
2412 28
55
50
61
57
1
,
4
56
58,
2
4
633 663
4
65 4 68,4
3
92 2 ,
50
5414412
_
44.2 48 9312 -14412
st2 67
73 76
3
48
- - Si
Par Bid
Ask
Kansas City Pub fiery pref •
Kansas Gas & El 7% pf 100 70
7212
Kings Co Itg
pref __100 8512 93
Metro Edison $7 pref B .__•
6% preferred ser C
• 50
55
M1E181881001 P & L $6 pref •
Miss River Power pref..100 8112 8412
Mo Public Serv pref._ _100
6
912
Nassau & Suffolk Lig pf 100 45
50
Newark Consol Gas..
..l60 9514 99
New Jersey Pow & Lt $6 pf • 58
63
N Y & Queens E L & P pf100 100 105
Pacific Northwest P 5_
•
10
6% preferred
100
9
Prior preferred
100
3
512
Philadelphia Co $S pref..54) 35
Somerset Un Md Lt._ __100 70
78
South Jersey Gas & Else.11)0 147 154
Tenn Eke Pow 6% pref.
_100 34
38
United 0& E(N J) pref 100 39
44
Wash Ry & Else com___100 265
5% preferred
100 8514 89 2
- 1Western Power 7% pref_100 78
Investment Trusts.
Par Bid I Ask
Administered Fund
1 13 5.5 14 73
Amer Bankstocks Corp...
86
132 1 48
Amer Business Shares
318 3.14
Amer Composite Tr Shares_
Amer & Continental Corp..
414 5 4
,
Am Founders Corp 6% pf 50 1012 1512
50 1112 16
7% Preferred
6
10
Amer & General Sec el A...•
Class II corn
'4 2
33
43
$3 preferred
13
4 24
Amer Insuranetocks
,
412 5
fume Standard Oil Shares._
Low Priced Shares
Major Shares Corp
Mass Investors Trust
Mutual Invest Trust
Par
Bid
Asa
4,
4
•
•
178
16 34 17.75
National Wide Securities Co
Voting trust certificates._
N Y Bank & Trust Share...
No Amer Bond trust ctfs.
No Amer Trust Shares_1953
Series 1955
Series 1956
412 Northern Securities
100
.92 1.01
2 86
1.22
212
76 8
,
164
2.11
2 11
48
2.96
1.32
7978
2.30
2 30
58
412
BancamerIca-Blair Corp_
Bancshares, LtdPart Ideating shares __We 1.10 1 35 Pacific Southern Invest pf_• 20
22
Class A
Basic Industry Shares
•
• 281
2,2
414
.55 .80
British Type invest A___1
Class B
12 1
•
10 4 113
3
4
Bullock Fund Ltd
Quarterly Inc Shares
1.24 1.34
Canadian Inv Fund Ltd.... 2.95 3.10
Central Nat Corp class A.. 20, 2214 Representative Trust Shares 7.56 8.31
4
12 21 2 Royaltiee Management_ __ _
14
3
4
ClassB
Century Trust Shares___* 16
173
8
Second Internet Sec cl A__•
1 97
Corporate Trust Shares__
4
2
Class B common
1 81
Series AA.
Is
2
•
6% preferred
1 81
Accumulative eerie.
22
50 18
Series AA mod
2 05 2.12 Selected A'or Shares inc.. 1 08 1.15
Series ACC mod
2.05 2.12 Selected American Shares_
223 .......
Selected Cumulative She_ _ 5 98 6 23
Crum Ss Foster Ins Shares
16 Selected Income Shares_
Common B
10 14
3.11 350
Selected Man rivet
7% preferred
100 7712
43
-me She.
4 5 04
Crum dr Foster Ins com___• 14
Spencer Trust Fund
13,2 14,
4
85
Standard Amer l'rust Shares 2.65 3.00
8% preferred
Cumulative Trust Shares_ _• 3.50
Standard UtIlitles Ine
77 .83
State Street Inv Corp..... 53 31 57.78
Deposited Bank She ser A _ _ 2 02 2.25 Super Corp of Am Tr She A 2.78
Deposited Insur She A
AA
2 74 3.05
1.90
Diversified Tristee She 13_
612
291
BB
2 70 3.30
191 _
4,
4 43
4
510
Dividend Shares
1.07 1.19
511
Supervised Shares
1.21 1.31
Equity Trust Shares A
2.50 2 85
Fidelity Fund Inc
• 42.81 46.13 Trust Fund Shares
312
3
First Com monstock Corp__• .93 .97 Trust Shares of America...
212 3
Five-year Fixed Tr Shares.. 3.42
Trustee Stand Investment C 1 92 220
Fixed Trust Shared A
7 45
•
1 87 2.15
Trustee Standard 011 She A
• 6 27
4s
,
,
Fundamental Tr Shares A..
IS
33 14
4
414 - 8
47
SharesB
Trustee Amer Bank She A _ _ 1.79
•
Fundamental Investors Inc. 1.81 ioi
Series B
80 .91
Trusteed N Y Bank Shares. 1 10 I 30
4
4 32 20th Century orig series
General Investors Trust ...•
15.5
11
Guardian Invest pref w war
8
Series B
2.35 2.75
Two-year Trust Shares
4
13 4 143
,
Huron Holding Corp
.28 .38
United Bank Trust
312 412
Incorporated Investors....' 15.48 16.82 United Fixed Shares set Y
2
23
4
Independence Tr Shares _.• 1 85 2.12 United insurance Trust
Indus & Power Security--• 1212 14
U S & Britleh International
Internal Security Corp(Am)
Preferred
•
6
10
15
U S Elec Lt & Pow Shares A
8 si% preferred
100 10
1114 113
4
6% preferred
15
100 10
1.98 2.08
3
4
13
4
Investment Coot America.
Voting trust We
•
.75 .85
Un N Y Bank Trust C
7% preferred
11
14
100
312 4
1
2 Un Ins Tr She tier F
Investment Fund of N J...•
13
4
4
Investment Trust of N Y.*
412 43 U S Shame tier 11
5
- -354
Telephone and Telegraph Stocks.
Par 8411 Ask
Cuban Telephone
27
100 20
7% Preferred
Empire & Bay State Tel_ WO 3612
Franklin Teleg 12 50_100 27
16"
Int Ocean Teleg 6%.
100 65
Lincoln Tel Ss Tel 7%
• 90
Mount States Tel & Tel.100 103 107
20
New York Mutual Tel. _100 15
Par Bid Ask
New England Tel & Tel. 11)0 8512 83
Nortnw Bell Fe! pi 6(4 %,100 10512 10712
Pac & Atl Teleg US I% _25
13,2 17
Roch Teiep $6 50 let pf_101) 9514
_
So & Atl Teleg II 25._ _ _25
15
20
Tri States Tel & Tel $6._ _• 100
Wisconsin Telep 7% pref100 1107 109
SugarStocks.
701
458
Par Bid
As*
Par Bid
Fajardo Sugar
Savannah Sugar Ref
100 50
• 3512 90 2
,
•
12 112
Haytian Corp Amer
7% preferred
100 90
95
3
4
United Porto Rican
la
..___•
Preferred
12
138
s Es stork dt•Idende
a Ex-dividend.
Financial Chronicle
Volume 137
2965
Quotations for Unlisted Securities—Friday Oct. 20—Concluded
Chain Store Stocks.
Bohack (II C) corn
7% preferred
Butler(Jamee) corn
Preferred
Diamond Shoe pref
Edison Bros Stores
Par Bid
Ask
• 16
18
100 75
85
104,
2
100
314 7
100 51
pref_100 63
Fan Farmer Candy Sh pt__
2112 24
Fishman(M H)Stores____
614 8
Preferred
100 57
70
Kobacker Stores pret__ _100 1512 20
Lord A Taylor
100 10014
let preferred 6%
100 78,
4
Sec preferred 8%
100 7812
Aeronautical Stocks.
Par Bid
Ask
Melville Shoe pre!
100 9012
Miller (I) & Sons pref. .100 12
Mocklude&Voehringerpt 100 60
6i1-2
Murphy (G Cl 8% pref_100 87
Nat Shirt shove (Del)
•
Preferred
100
pref_100
Newberry (J J)
NY Merchandise let 1)1.100
1
15
78
80
Industrial Stocks.
Par Bid
Par Bid
Ask
Ask
8
Alpha Portl Cement pt...100 60
Macfadden Public'ne pt___• 167 193
8
American Book $4
100 98 102
100 x44
48 - Merck Corp $8 pref
25
Amer Dry Ice Corp
314 7 National Licorice corn_ .100 20
811as(E W)1st pref
10
National Paper & Type_ 100
so 15
2d pref 14
10
20
212
_ New Haven Clock pref 100 11
Bohn Refrigerator pf —100 15
30
___
New Jersey Worsted pf 100 40
Bon Am! Co 11 corn
• 30
35
• 20
2312
Brunsw-Balke-Col pref__100 46 12 50 Ohio Leather
Burden Iron Net
100 20
35
100
2212 Okonite Co $7 pref
•
Canadian Celanese com___• 2212 25
Publication Corp corn
6
912
Preferred
so
100 98 102
100
$7 1s1 preferred
• 1812 19
Carnation Co corn
Riverside Silk Mills
• 14
15
• 10
Preferred $7
Rockwood & Co_
100 89
Chestnut & Smith com___ _•
100 40
46
Preferred
Preferred
100 -11; 10
1
Rolls-Royce of A merica_ _.•
Color Pictures Inc
38 13
8
4,
s 51s Roxy Theatres units
•
Columbia Baking com____•
Common
33
,
4
3
•
14
1
let preferred
Preferred A
•
2d preferred
•
100 24
212
28
Ruberold Co
Congoleum-Nairn $7 pi 100 105
Crowell Pub Co $1 com_.
• 17
•
19; Splitdorf Beth Else
- -1
$7 preferred
100 82 89 Standard Textile Pro_ _100
4
1
Class A
100
312
Be Forest Phonotilm Corp__
I. 114
100
Class B
Doehler Die Cast pref _ _._• 1812 23 Stetson (J 13) Co prof....26
9
13
Preferred
$50 par
9
12,2
El/semen Nlagneto com_.
13
•
• 10
4 Taylor Milling Corp
Preferred
100
812 15 Taylor Wharton Ir&St cora•
114
-(ion Fireproofing $7 pt_ _100 35
Preferred
100
5
45
Graton dr Knight corn
110 4
•
2 4 4,2 Tenn Products Corp pref _50
3
Preferred
62
100 2412 28, TubleeChatilion cupf
100 52
2
10
Unexcelled Mfg Co
1% 218
Flerring-Hall-Mary Sale.100 1412 18
White Rock Min Spring—
Howe Scale
2
lie
100 8012
I
$7 1st preferred
Preferred
100
100 135
$10 2d prof
512 812
Industrial Accept corn_ _ _.
414
100
•
4
Woodward Iron
Preferred
100 28
52
Worcester Salt
100 47
30
Locomotive Firebox Co_ _ •
100 59
4
6
Young (J 91 Co ecom
Macfadden Publie'ne com_5
100 8212
218 3 8
,
7% preferred
Industrial and Railroad Bonds.
Equit Office Bldg 6e len__
Ilaytian Corp as 1938
Hoboken Ferry 5s 1046
International Salt 58. _1951
Journal of Comm 642.1937
Kane City Pub Sere (Se 1951
Loew's New Brd Prop
65 1946
J&D
Ask
Merchants Refrig 661937_ _ _
67
NO Or No RR 55 '55 FAA
78
___ N Y & Bob Ferr Si'46 JAB
N Y Shipbdg 5e 1910_MAN
40
80 Piedmont A Nor Ry 59.1954
Pierce Butler A P 64s 1942
Prudence Co Guar Coll
76
5
1981
23
- -- Realty Assoc Sec 88'37_JA.1
113 61 Broadway 545 '50 A‘413
4
Stand Text Pr 8%s'42 M&S
Struthers Wells Titusville
51
56
6 As 1943
el3
17
50
53 Tol Term RR 4 tie'57..MAN
88
Ward Baking let 6s .._ .1937
91
5012 5512 Witherbee Sherman fle 1944
2112 24
New
Woodward Iron be 1952_1&J
68
73
Bid
Ask
8412
_
e2912 33
50
55
88
75
80
2112 4 2
,
493 61 4
4
,
e2714 -5412 59
16
2012
37
47
8414 89
9512 98
10
•34
•
Central Almon
K1nner Alrplane & Mot. _ _1
212
25
84
414
Piggiy-Wiggly Corp
•
Reeves(Daniel) pref..._ 100 100
100 72
Schiff Co prof
Silver (Isaac) & Bros pf_100 12
Bill
Adams Express 45 '47 J&D 6314
American Meter 6s 1946.. 72
Amer Tobacco 48 1951 FAA 99
Am Type Feint fle 1937 MAN 30
Debenture (is 1939 MAN 30
Am Wire Fab 7,42 .MAS 70
Bear Mountain-Hudson
River 13ridge is 1953 A AO 72
Chicago Stock Yds 56_1961 6512
Conaol Coal 44s 1934 MAN
1712
Conaol Mach Tool 78..1942
583
4
Consol Tobacco 4s 1951_ __
98
Par Bid
Alexander Indus 8% pi-100
Aviation Sec Corp (N E). •
1312
38
Chicago Bank Stocks.
Par Bid !Ask
Par Bid lAsk
Amer Nat Bank A Trust_ 100 70
80 First National
100 70
72
Central Republic
100
1
112 Harris Trust & Saving..100 185 195
Continental Ill Ilk & Tr.100 25
26
Northern Trust Co
100 270 280
Ask
Par Bid
Ask
10 Southern Air Transport__ _•
2
5
3 Swallow Airplane
•
2
United Aircraft Transport
1
3
Preferred x war
4612 50
7, Warner Aircraft Engine._ _•
12
12 1
Insurance Companies.
Par Bid Ask
Par
old
Ask
Aetna Casualty & Surety.10 3912 4112 Home
5 161 2 18
Aetna Fire
8
8
10 307 327 Home Fire Security
10
1,
4 214
Aetna Life
10 1514 1714 Homestead Fire
10
9
11
Agricultural
25 4812 5312 Hudson Insurance _____ 10
67
8
14 Importers ‘Ir Exp. of N Y_25
American Alliance
912 1112
10 12
American Colony
5
47
8 77 Knickerbocker
7
8
6
5
American Equitable
64
.
15
8 2%
5
6 12 15 Lincoln Fire
American Home
23
8 438
84 Maryland Casualty
10
2
American of Newark_ _ - -24
25 17
7 8 85 Mass Bonding & Ins
5
20
8
American Re-ineurance_10 3614 3914 Merchants Fire Amur com212 273 313
4
4
Merch & Mfrs Fire Newark 5
9
11
American Reserve
10
412 612
5
5 25
8
8
American Surety
10
25 135 15% Missouri States Life
514 714
Automobile
10
4
10 153 17 4 National Casualty
,
Baltimore Amer
10 413 433
4
4
214 3 4 National Fire
,
2%
8
Bankers A Shippers_
2
,
4% 55
_25 34 4 4.4^4 National Llberty
63
Boston
20 59
100 430 455 National Union Fire
a
Carolina
8
III 1418 1618 New Amsterdam Cas
5 107 127
16
City of New York
10 14
100 132 142 New Brunswick Fire
8
Connecticut General Life_10 263 2858 New England Fire
10
77 117
8
8
37
Consolidated Indemnity_ _5
10 34
17
e
VI New Hampshire Fire
Continental Casualty
20 173 203
4
4
5
9% 11 8 New Jersey
,
4
Coamonolitan Fire
5
83 113
4
10 1314 1614 New York Fire
51
Eagle Fire
12.50 46
012
2 8 3 8 Northern
,
5
Excess
2.50 1438 16%
8
9 North River
5
Federal
10 5612 6012 Northwestern National..25 8312 8812
Fidelity & Depoeft of Md_20 213 233
4
4
25 3434 4424
Firemen's of Newark
43
8 5% Pacific Fire
10 56, 5814
4
Franklin Fire
15
1612 Phoenix
8
,
General Allianee
5 10 8 123
712 912 Preferred Accident
8
8
Georgia Home
Providence-Washington_ _10 193 21,
10
30
Glens Falls Firs
10
134 16132
6 2213' 254 Rochester American
Globe & Republic
8
11 St Paul Fire & Marine_25 111 119
26
Globe & Rutgers Fire_ _25 45
10 24
55 Security New Haven
14
Great American
10 12
,
8
5 14 8 16, Southern Fire
Great Amer Indemnity ._ 1
4
8 Springfield Fire& Marine_25 763 81 4
,
6
412 612
Halifax Firs
15 Stuyvesant
10 13
10
Hamilton Fire
39 Sun Life Assurance
100 325 375
25 29
Hanover Fire
Travelers
100 372 387
10
312 412
Harmonia
10 22% 24 4 U S Fidelity A Guar Co___2
14
16
%
Hartford Flre
, 44
8
4 267 287
s
U S Fire
_10 4
Hartford Steam Boiler .10 453 48 4 Westchester Fire
,
4
2.50 17 4 1914
,
Realty, Surety and Mortgage Companies.
Par Bid i Ask
Ask
Par Bid
Bond & Mortgage Guar_ _20
13
4 314, Lawyers Title A Guar..-100 1014 1214
118 2%
Empire Title A Guar_100 22
Lawyers Mortgage
20
50
2
1
Guaranty Title & Mortgage. 50
National Title Guaranty 100
80
Home Title Insurance ...25
12 112
10
4 6, N Y Title A Mtge
4
4,
International Germanic Ltd
20
15
New York Real Estate Securities Exchange
Bonds and Stocks.
Bict
Scare Issues,
Bonds—
Home Loan Bonds—
Home Owners' Loan Corp
4s w I
1951
Broadway Barclay Office
Bldg 6s '31
Central Zone Bldg etre
Chrysler Bldg 85
1948
Dorset (The) Os etre_ .
Drake (The) Os
1939
80 Fifth Ave Bldg 68_..1940
502 Park Ave Bldg ate__ _ _
40 Wall St Bldg 65
1958
42d St & Lexington Ave
1945
Bldg 648
Fox Theatre A Office Bldg
Certificates of deposit ____
1949
Fuller Bldg 548
Harriman Bldg Corp 65 _ 1951
Hearst Brisbane Prop 65 '42
Hotel Lexington 68 ctfs _ _
Hotel St George 5%s_1943
Kenmore Hall 6s
1939
Lincoln Bldg Certificates.__
London Terrace Apts Os '40_
Marcy (The) fle 1940
Mortgage Bond (N Y)54e,
New Weston Hotel Annex
Os...... . _ _ .1940
Active Issues.
Ask
Bonds (Concluded)—
N Y Athletic Club 6s__1946
Oliver Cromwell Hotel—
Certificates
3
86 4 86 4
,
165 B'way Bldg 549„..1951
21
26
Park Central Hotel ctfs
27
3214 Pennsylvania Bldg ctfs_ _
46 Penny (J C)Corp 5145_ _1950
42
1961
20
27 Prudence Co 5Es
1933
21
512s series 13
Savoy Plaza Corp (la ate '45
28
1312 616 Madison Ave Bldg 6128
10
41
1938
37
10 E 40th St Bldg ctts
17
22 301 E 38th St Bldg ars__ _
,
10 2480 Broadwa Bldg 612s '37
6 10 Trinity Bldgs Corp 5125.1939
2124-34 Bway Bldg ctfa- 40
West End Ave & 104th St
62
57
1939
56
60
Bldg 132
1512
Stocks—
31
25
Alliance Realty Co
35
36
40- Beaux Arta Apt Inc units_
1412 17 39 Broadway Bldg Units_
City & Suburban Homes
20
French (F Fr Investing
30
35
French (F F) Operators—
Units
1512
6
Bid
16
Ask
18
1112
53
50
7
82
,
1912 23
97
48
25
24
8
18
14
2712
26
36
94
9
f2T
2
15
19
612
- -1;
9
6
9
14
4
7
1
212
75
Other Oyer-the-Counter Securities—Friday Oct. 20
Short Term Securities.
Aille-Chal Mfg 69 May 1937
Amer Metal 614. 1934 A.tri
Amer Wat Wks 6a 1934 AA()
Rid
81
9612
97
Ask
Bid I Ask
Mag Pet 434s Feb 15 '34-'35 1001 2
8(1
97
Union 011 5e 1935____F&A 10114 102
9714 f
Water Bonds.
Bid
Alton Water 6e 1956. _AA() 91
Ark Wat 1s1 fra A 1956 Adt0 8512
Ashtabula W W 518 '68 A&O 8012
Atlantic Co Wet 6e '68 M&S 81
Birm WW let 8ti, A'54A AO
1st m 5s 195-1 ser Is...JAB
let 68 1967 eerie/ C._ FA s
Butler Water 5e 1957 A&O
City of Newcastle Wat 6.41
City W (('hat) te II '64 JAI)
let 6e 1957 eerier) C MAN
Commonwealth Water—
FAA
list 6s 1956 II
1st m 5e 1967 ser C. _ FA A
Davenport W 5e 1961 JAJ
ES LA Int W 58 42. .2k)
1942 ser B JA I
In m
Fh
Iii Se 1560 ser
96
90
88
78
91
95
94
91
00
88
75
79
73
Ask
Bid
4,8
92 Ilunt'ton W let 68'64_ MAS 97 100
1st m 68 1954 ser B_MAS 84
87
.__
5s1962
32
82 85
83 Joplin W W 8.'57 ser AMAS 79
81
Kokomo W W 5e 1958 JAI) 79
81
98
Monm Con W let 58'58 JAB 80
83
Monon Val W 54s '50 J&J
88
90
Richm W W let Se 57.MAN
90
88
84
81
St Joseph Wat Se 1941.A&O 94,
2
93 South Pitts Water Co—
hn 5e 1955
FAA
99
1st & ref 58'80 ser A . J&J 93
911st & ref Es '60 ser B J&J 93
95
Terre
WW 68'49A J&D 85
87
92.
-—
let m 58 1956 ser B.. J&1) 83
88
Texarkana W let 5s'58 FAA
73
75
80
- Wichita Wat let 611 '49 MAS 98 100
82
1st m 5s '58 ser B_ FAA
90
417
75
M
let m 5s 1960 ser
Railroad Equipments.
Bid
Atlantic Coast Line 65
4.00
Equipment 6 4s
4.75
Baltimore A Ohio (is
4.90
Equipment 4 4s & 55...- _
4.90
Buff Roch & Pitts equip 88. 5.00
Canadian Pacific 4%s & 6s 5.50
Central RR of N J 6a
4.20
Chesapeake A Ohio fls
420
Equipment 84e
420
Equipment 58
420
Chicago A North West 8s_
800
Equipment 6%s
800
Chic R I & Pee 4 48 dr 55..._ 11.00
Equipment is
11.00
Colorado & Southern 6s..... 550
Delaware & Hudson 65
475
Erie 4 tis 58
600
Equipment es
800
Great Northern 68
500
Equipment Se
500
Hocking Valley 58
440
440
Equipment fle
Illinois Central 4%s & Se... 475
475
Equipment6s
4.75
Equipment 75 & 8 tie-
s*
.50
.40
50
.50
.20
.50
.75
.90
.90
90
50
50
00
00
00
00
00
00
50
50
00
00
50
50
.50
Kanawha & Michigan 68...
Kansas City Southern 1545.
Louisville & Nashville ea.__
Equipment 848
Minn SIP & SS M 454s & 5e
Equipment 6%'&
M 1880t1f1 Pacific
Equipment fis
Mobile & Ohio 58
New York Central 4344 & 6.
Equipment (is
Equipment 7s
Norfolk At Western 4%....,
Northern Pacific 7s
Pacific Fruit Express 75___.
Pennsylvania RR equip 5s_ _
Pittsburgh & Lake Erie 6%.
Reading Co 4%s & 56
St Louis & San Fran 511
Southern Pacific Co 4 SO
Equipment 7s
Southern Ry 44s & Ss
Equipment fis
roledo A Ohio Central 68...
Union Pacific is
• No par value. 4 Last reported Market.
Ast
Bid
550 60
01
600
475
a
475
2
12 00
00
12 00
00
12 00
00
12 00
00
12 00 .60
475 .50
475 .50
475
50
400
DO
475
00
50
460
400
70
604) 00
430 .50
00
12 00
475
50
475
50
00
.575
00
575
8 Or) .00
400 .00
e Defaulted. 5 Ex-dtvidend.
Financial Chronicle
2966
Oct. 21 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:
Inc.(+) or
Dec.(-)•
Previous
Year.
Current
Year.
Period
Covered.
2nd wit of Oct
2nd wk of Oct
1st wit of Oct
2nd wk of Oct
2nd wk of Oct
2nd wk of Oct
1st wit ot Oct
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Southern
St Louis-Southwestern
Western Maryland
3,381,187 -273,237
-16,000
2,810,000
+2,500
15,550
-54,337
232,977
-49,838
1,969,330
+15,627
254,673
+24,407
252,302
3,107,950
2,794,000
18,050
178,640
1,919,492
270,300
276,709
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.
The include all the Class I roads in the country.
Length of Road.
Gross Earnings.
Month.
1933.
Inc.(+) or
Dec. (-).
1933.
1932.
228,889,421
185.897.862
219.857,606
227,300,543
257.963,036
281,353.909
297,185,484
300,520,299
January
February
March
April
May
June
July
August
1932.
8
274.890,197
231,978.621
283.880,547
267.480,682
254,378,672
245,869,628
237.493.700
251,782,311
--46,000,776
--46,080,759
-69,022,941
-40,180,139
+3,584,364
+35,484.283
+59.691.784
+48.737.988
Miles.
241,881
241,189
240,911
241,680
241,484
241,455
241,343
241,166
Miles.
241,991
241,467
241,489
242.160
242.143
242,333
241.906
242,358
1+) or Dec.(-)•
Net Earnings.
Month.
1933.
January
February
March
April
May
June
July
August
1932.
Amount.
Per Cent.
45,603,287
41,460,593
43,100,029
52,585,047
74,844,410
94,448,669
100,482.838
96.108.921
45,964,987
56,187,604
68,356,042
56,261,840
47,416,270
47,018,729
46.148,017
62.553,029
-361,700
-14,727,011
-25.256,013
-3,676,793
+27,428,140
+47.429,940
+54,334,821
+33.555,892
-0.79
-26.21
-36.94
-6.55
+57,85
+100.87
+117.74
+53.64
Net Earnings Monthly to Latest Dates.
Alton1931.
1030.
1932.
1933.
September
Gross from railway___ $1,240,812 81.198,633 $1,537,654 $1.974,008
279,552
330.004
370,191
Net from railway_ _ _
-1,212
222.656
130,885
172,965
Net after rents
From Jan. 1
Gross from railway_-- 10,039,268 10.671,188 14,680,243 18,696.147
3,152,740
2,886,840
2,437.855
Net from railway_ _ _ _
431,458
594,117
177.490
1.209,814
Net after rents
Central VermontSeptemberGross from railway
Net from railway_ _ _ _
Net after rents
From Jan 1
Gross from railway__ _
Net from railway
Net after rents
1933.
$451,420
105,275
72.607
3,763,309
461,395
248.581
Chesapeake & Ohio Lines1933.
SeptemberGross from railway--$10,284,732
5.346,123
Net from railway_ _
4,228,398
Net after rents
From Jan. 1
79,528.728
Gross from railway
Net from railway_ _ _ _ 35,548,527
27,073.693
Net after rents
Conemaugh 8c Black Lick1933.
September$101,245
Gross from railway
40,353
Net from railway
41.405
Net after rents
From Jan 1
515.193
Gross from railway
135.850
Net from railway
144,751
Net after rents
Kansas City Southern System1933.
SeptemberGross from railway_-- $865,326
272,597
Net from railway__
153.620
Net after rents
From Jan 1
Gross from railway
7,113,273
Net from railway_ _ 2,015.769
916,536
Not after rents
Montour1933.
September
$87.708
Gross from railway_
-5,002
Net from railway.. _ _ _
9.464
Not after rents
From Jan. 1
1.260,682
Gross front railway
467,083
Net from railway_ _ _ _
607.682
Net after rents
New York Chicago & St LouisSeptember1933.
$2,789.937
Gross from railway
Net from railway
551,360
Net after rents
From Jan. 1
Gross from railway_ _ _ 22,901,573
Net from railway
4,016,701
Net after rents
Pere Marquette1933.
September
Gross from railway___ 81,881.434
Net from railway_
109,392
Net after rents
From Jan. 1
16,483,065
Gross from railway--Net from railway_
1.211,221
Net after rents
1932.
8441.643
82.046
52,195
4,042.286
387.165
142,462
1931.
$507.887
87,470
68,216
5,130,183
619,448
543,205
1930.
$622,010
148.507
146.893
5.8.34.803
981,340
991,850
1931.
1930.
1932.
89,323.488 $11,049,095 $12,142,034
5,118,941
4.817.618
4,762,869
4.047,080
4,276,767
3,904,000
71.077,053 91,886.579 103.596,369
30,049,254 35,0:34,705 37.081.175
22,244,850 27,427,430 30,014,401
1932.
$18.428
-5,062
-4,493
246.127
-56,520
-50,608
1931.
$53,298
8,167
9,869
1930.
$98.883
11,922
11,595
574.844
-39.484
-18,922
1,152.863
156.782
171,978
1930.
1931.
1932.
$852,219 81,169,105 $1,566,010
511.599
516.957
266,560
348,741
354,838
135,005
7,459,612
1,859,655
611,188
11.084.980
3,816,889
2.330,099
15.099.007
4,982,412
3,104.146
1932.
8142,503
68,208
86.581
1931.
$193,604
85,608
102,086
1930.
$224,036
87,888
95,463
1,023,646
290,957
439,309
1,615,569
563,076
699,764
1,898,983
637,161
711,976
1932.
$2,332,751
667,156
301,987
1930.
1031.
82,896,328 33,924,542
538.428
1,173.520
94,455
675.577
21,988,525 28,379,207 35.929,068
6,672.462 8,936.318
4,902.109
2.238,409
4,853,856
1,139,910
1931.
1932.
31,724.388 $2.138.151
258,854
286,342
-10.380
15,502
1930.
33,223.997
831.659
556.313
15.822,819 20,881.172 29,212,887
6,712,235
3.101,033
2,055,388
3.900,388
876,555
-71,340
-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.
Central Vermont Ry., Inc.
1933.
$88,785
32,970
1932.
$64,560
38,176
1931.
$69,432
37.209
1930.
$132,347
47,483
3121.755
150.386
$102,735
148,688
$106,642
134.380
$179,831
127,037
def$28,631
Net income
Ratio of ry. oper. exps.
76.68%
to revenues
Ratio of oper. exps. and
80.33%
taxes to revenues
457
Miles of road operated....
9 Mos. End. Sept. 30
$319.837
Railway ()per. income_
349,864
Non-operating income
def$45,953
dor$27,737
$52,793
81.42%
82.78%
76.12%
85.38%
457
86.32%
457
78.71%
457
$229,761
369.782
$489,325
384,163
$850.251
505,560
3669.701
1,317,363
8599,543
1,322.229
Month of SeptemberRailway oper. income_ _ _
Non-oper. income
Gross income
Deduct.from gross inc
Gross income
Deduct,from gross Inc
8873,489 81,355,811
1,190,839
1,145,771
Net income
def$647.662 def$722,686 def$317,350
Ratio of ry. oper. exp.
90.42%
to revenues
87.73%
87.93%
Ratio of ry. opor. exps.&
94.27%
91.49%
90.45%
taxes to revenues
457
457
457
Miles of road operated
$210,040
82.45%
85.43%
461
Fonda Johnstown & Gloversville RR.
x1933.
$48,523
40,506
1932.
$43,473
40,008
1931.
$60.302
54.116
1930.
372.267
58,749
$8.016
2,759
$3,465
4,000
$6,186
4,500
$13,518
4,800
Operating Income__,,..$5,257
1,461
Other income
def$535
2,126
$1.686
3,658
$8,718
13,156
$6,718
14,915
$1,591
17,006
85.345
28.386
$21,874
30.371
Torah of SeptemberOperating revenues
Operating expenses
Net revs. from oper
Tax accruals
Gross income
Deauc. from gross inc..
$8,197
315,415
$23,041
$8,497
$427,425
353,950
3443.760
416.930
3616.003
512.244
3682.484
553.470
Net rev, from oper_ _
Tax accruals
$73.475
24,782
$26,830
36,000
$103.759
40,500
$129.013
43.200
Operating income_
Other income
$48,693
15,753
def$9,170
23.240
$63,259
49,281
$85,813
75,613
Gross income
Doduc. from gross inc
$64,446
142,783
$14,070
159,173
$112,540
261,355
$161,427
279,216
$145.103
$78,337
Not deficit
x Trustee and corporate accounts combined.
$148,814
$117.788
tarLast complete annual report in Financial Chronicle Feb. 25
33, p. 1371
Not deficit
9 dos. End. Sept. 30
Operating revenues
Operating expenses
Kansas City Southern Ry.
(Texarkana & Fort Smith Ry.)
1932.
19:13.
Month ofSeptember1931.
1930.
$852,249 81.169.105 $1,566,010
Railway oper. revenues.. $865,326
585.689
592,729
Railway oper. expenses_
1,054,410
652,148
Net rev,from ry. oper.
Railway tax accruals..__
Uncollectible revenues_
$272,597
83,717
139
$266,560
96,954
147
$516,957
104,032
6
$511,599
87,6:36
123
Railway oper. income- $188.741
$169,459
$423,839
$412,919
9 Mos.End.Sept. 30
oper. revenues_ $7,113,273 $7,459,612 $11,084,980 $15,099,007
Railway
Railway open expenses.. 5,097.504
5,599.957
7,268,091 10,116,595
Not rev,from ry. oper. $2,015,769 31,859,655 33.816,889 34,982.412
753,453
Railway tax accruals_ _ _
872,587
1,038,725
946,790
1,945
Uncolloctible ry. rovs___
2.329
2,591
1,959
Railway oper. income_ $1.260,371
$984,739 $2,868,138 $3,941,095
WLast complete annual report in Financial Chronicle May 6'33, p. 3149
National Railways of Mexico.
Iderican Currency
-Vonth of August--8 Mos.End,Aug.311933.
1932.
1932.
1933.
Railway open revenues- 7.305.265
6.369.722 53.125.023 49,959,184
Railway oper. expenses- 6,243,585
5,893,837 47,035.853 45.423,572
Not open revenue---Percentage exps. to rev..
Tax accruals and uncollectible rev. (deduc'n)
Non-operating income__
Deduces, items 536-541
(1. C. 0.)
Balance
Kilometers operated_
1.061,679
85
475,884
92
6,089,169
88
4,535,611
90
1
67,019
3.917
73,953
5,514
316.652
6,302
328,734
249.856
878,840
11,296
554,985
def9,065
11,380
1,729.494
4,670,813
11,296
3,439.733
1,418,310
11.380
INDUSTRIAL AND MISCELLANEOUS CO's.
American Chicle Co.
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
Net profit after decree.,
3442,390 $1,309,319 $1,393,638
$485,934
int. & Fed. taxes
Shares com, stock out490,000
470.000
470,000
standing (no par)
490.000
$0.00
52.79
Earnings per
$2.84
F
share.0
tarLast complete annual report ini 3inancial Chronicle Feb. 11 33, p. 1017
Atlas Tack Corp.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after charges
$50,875
$4,314
$71.700 loss$36,431
but before Fed. taxes..
Last complete annual report in Financial Chronicle April 1 '33, p. 2247
Financial Chronicle
Volume 137
2967
Allied General Corp.
Bayuk Cigars, Inc.
Earnings for 3 and 9 Months Ended Sept. 30 1933.
3 Mos.
Interest earned.
$577
Dividends earned
x2,628
Commissions earned
9 Mos.
$2,269
7,027
479
Total income
Salaries
Legal and accounting
Commissions
Miscellaneous
Interest paid
$9.776
12,137
10,026
4,919
18,984
1.183
$3,205
3,180
155
1,472
78
Excess of expenses over inc. (without giving effectlo profits or losses on security transactions)
$1,681
$37,474
x$2,500 thereof reported by Distributors Group, Inc. as a dividend from
capital surplus.
Notes.
-Net profit of $6.174 realized on securities sold during the three
months ended Sept 30 1933 has been credited to deficit account.
The unrealized depreciation of the corporation's investments at quoted
market prices or fair value in the absence thereof, has increased during the
period by approximately $18,081.
Statement of Deficit Account as at Sept. 30 1933.
Deficit, June 30 1933.......$80.081
Excess of exps. over inc. for the three mos.ended Sept.30 1933
1,681
Total
Net profit on sale of securities
$81.762
6,174
Deficit as at Sept. 30 1033 (before providing for deprec. in
securities owned)
$75,588
Alpha Portland Cement Co.
12 Mos. End.Sept. 30- 1933.
1931.
1932.
1930.
Net sales
$3.960.870 $4,210,575 $6,610.293 $10.294.030
Operating expenses
4,543.294
7.706.667
5,732.968
3,592,176
Depreciation
1.393,521
1,398,048
1,415,088
1,383,594
Period End. Sept. 30- 1933-3 Mos.-1932.
x Net earnings
$270,769 def$34,329
Other income
23,454
22,199
1933-9 Mos.-I932.
$794,170 def$24,925
69,685
61,933
Total income
Reserves
$294,223 def$12.130
123,877
86,138
$863.855
344.793
Net income
Preferred dividends.._ _ _
$170,346 def$98.268
49,479
56,507
$519.062 def$222.597
152,083
172,068
$37.008
259,605
Surplus
$120,867 def$154,776
8366.979
5394,665
Shares of common outstanding (no par) _ 90,851
98,851
90.851
98,851
Earnings per sh. on corn.
$1.33
Nil
$4.04
Nil
x After deducting charges for maintenance and repairs of plants and
estimated Federal taxes, &c.
tZt Last complete annual report in Financial Chronicle Feb. 18 '33, p. 1203
-
Beech-Nut Packing Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after charges
but before Fed. taxes. $570.330
$537,469 $1,430,490 $1,646,760
Bal, after est. Fed, taxes
and preferred divs_ _
499,805
465,568
1.244.292
1.427,122
Earns, per sh.00 446,250
shs. com.stk.(par $20)
$1.12
$1.04
$2.79
$3.20
Xfr Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1554
Bohn Aluminum & Brass Corp.
$1,046,394 $1,730,767
284,542
65,454
$516,196pf$1,203,769
228.372
160.976
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after taxes and
charges
$549,325
$271 $1.159,229 loss$73,693
Earns. per sh. on 352,418
shs. cap.stk. (par $5)_
$0.01
$1.56
$3.29
Nil
rarLast complete annual report in Financial Chronicle Apr. 22 '33, p. 2801
Total loss
Federal taxes
Minority interests
$980,940 $1,446,225
3355.220pf$1.432.141
152,124
27.755
Boston Elevated Ry.
Net loss
Preferred dividends_ _ _ _
Common dividends
$971.485 51,432.285
140.000
140,000
355.500
Operating loss
Other income (net)
Deficit
$637,483
$1,111,485 $1,927,785 $1,411,725
Earns per sh.on 711,000
shs. coin. stk.(no par)
Nil
Nil
$1.60
Nil
farLast complete annual report in Financial Chronicle Feb. 18 '33, p. 1196
-Month of AugustReceipts1933.
1932.
From fares
$1,685,011 31,754,700
From oper. of special cars, special motor coaches &
mail service
5,052
3,106
From advertising in cars, on transfers, privileges at
stations, &c
36,938
41.387
From rent of equipment, tracks & facilities
2,639
3,381
From rent of buildings & other property
3.549
4.654
From sale of power & other revenue
508
1,859
American Writing Paper Co.
Total receipts from direct operation of the road_ - $1,733.699 31,809,091
Interest on deposits, income from securities, &c_
2,691
4.196
Cr9,455
Cr13,940
$382.975pf$1,280,017
140,000
140,000
1.777.500
888,750
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos
.-1932.
Net profit
$56,696 loss $188.457 loss$181,269 loss$435,072
LU'Last complete annual report in Financial Chronicle April 8 '33, p. 2426
Associated Oil Co.
(And Subsidiaries.)
•
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
x Net profit
$873,462 $1.307,812 81.402,548 $2.666,190
Shares common stock_ _ _ 2,290.412
2,290.412
2.290,412
2,290,412
Earnings per share
$0.61
$0.57
$0.38
$1.16
x After interest, depreciation, depletion. Federal taxes, &c.
PZPLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1878
American Telephone & Telegraph Co.
9 Mos. End. Sept. 30-
1932.
x1933.
$
$
Dividends
Y94.627.107y103.414.238
Interest
16,051,567 19.120,033
Teiep. oper. revenues_
64,542.017 67.735.428
Miscell. revenues
770,708
325,645
i
I Total revenue
175,546.336 191.040.407
Expenses incl. taxes---- 55.679,109 61,531.284
Interest
18,641,910 18,804,350
Net income
Dividends
1931.
1930.
$
$
114.657.113 110,383.793
20,378.581 20.256,179
82.957.466 86,065.211
1,062.297
1,008,419
Total cost of service
$2,174.097 $2,378,615
Excess of cost of service over receipts
$565.328
$437.707
10 Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1369
-
219,055.458 217.713,601
66.815,818 69,623,408
23,710,079 24,640,011
(And Brooklyn & Queens Transit System)
-Month of September- -3 Mos.End.Sept.301933.
1932.
1932.
1933.
Total oper. revenues__ _ 34.177.331 $4.460,308 $12.613,407 313,378.278
Total oper. expenses.._-_ 2.557.212
2.667,369
7,904,156
8,447.041
101.225,317 110,704.774 128.529.561 123.450,183
125,970.356 125.964,485 121,646.889 101.119,331
Deficit
24,745.040 15.259,711 sur6.882.672sur22330,852
Net income per share_ _ _
$5.93
$5.42
$7.01
$8.13
x Subject to minor changes when final figures for September are available.
y The associated companies as a whole did not fully earn these dividends
by about $16.650,000 in the first nine months of 1932 and $17,000,000 in the
first nine months of 1933.
"Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1007
Atlantic Refining Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932. 1933-9 Mos.-1932.
Net profit after interest.
deprec., depletion, &c $5,710,159 $1,063,100 $4,708,500 $4,248,000
Earns. per sh. on 2.696,642 shs. coin. stk.(par
$2.12
$25)
80.39
$1.74
$1.58
IZ'Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1709
Barker Bros Corp.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
$2,332,379 81,953,119 35.455,158 $6,123.830
Net sales
2,285.340
Costs and expenses
2.117.520
5,765,553
6,594,295
Operating loss_ __ _
prof$47,039
5164.401
$310,395
$470.465
68.473
3,383
Other income
80,459
9,729
prof$115,512
loss
Net
$161.018
$229,936
$460,736
liarLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1379
Beatrice Creamery Co.
(And Subsidiary Companies)
1933.
19:12.
1931.
6 Mos. End. Aug.311930.
$21.901.726 824.130,490 833.900.208 340.517,311
Net sales
t20.520,291 22,147,475 f 2 .664,395 32.502.273
4
Cost of sales
5.975,284
Sell. & admin. expenses_ j
4,845,919
Operating income- ___ 31,381,435 81,983.015 53.260,530 $3.169.119
85,923
68.968
72,419
Other income
104.229
Total income
Depreciation
Prey. for Fed. Inc. tax
Minority interest
Net Income
Subs. pref. dividends_ _ _
Beatrice pref. dividends_
31,467.358 32,051,983 33,332,949 $3.273.348
919.162
1,246.693
1,193,004
813,103
62,347
110,729
256,793
293,290
126
373
749
8485,849
4,492
376,534
8694.435 31,882.779 82,166.206
4,837
3.759
18.870
380.769
363,986
266,696
$308,829 31.515,034 $1.880,639
$104,823
Balance, surplus
Shares corn. stock out377,719
standing (par $50)-- _
377.719
372.241
298,868
$0.81
$0.27
$4.07
$6.29
Earned per share
rtartast complete annual report in Financial Chronicle April 16 '33, p.2614
Total receipts
$1.736,390 31.813,287
Cost of Service-Maintaining track,line equipment & buildings
$222.584
3232.776
Maintaining cars, shop equipment. &c
253.330
289,204
Power
118.178
123,837
Transportation exps.(incl.wages of car service men)
644.973
743.406
Salaries & expenses of general officers
5.912
6,806
Law exps.,injuries & damages,& insurance
93,458
69,842
Other general operating expenses
89.240
94,176
Federal, State & municipal tax accruals
99.613
121.732
Rent for leased roads
103,363
103.363
Subway, tunnel & rapid transit line rentals
232,844
232.867
Interest on bonds & notes
331,374
327,670
Miscellaneous items
5,611
6.543
Brooklyn-Manhattan Transit System.
Net rev, from oper___ $1,620,119 $1,792,939 $4,709.251 $4.931.237
Taxes on oper. props__
308.914
348,541
976.452
1.041.506
Operating income_ ___ 31,311,205 $1,444,398
Net non-oper. income__
61.562
68,965
33,732.799 $3,889,731
189.523
202,332
Gross income
81.372.767 $1,513,363 $3,922,322 $4,092.063
Total income deductions
770,824
2,319,249
822,270
2,417,438
Current income carried
to surplus *
3691,093 31,603.073 31.674.625
3601.943
*Accruing to minority interest of B. & Q. T.
Corp
98,972
79.400
202.130
221.141
KN'Last complete annual report in Financial Chronicle Sept. 17 '33, p. 1988
Brooklyn & Queens Transit System.
-Month ofSeptember- -3 Mos.End.Sept.301933.
1932.
1933.
1932.
Total operating revenues $1.687.120 $1.805.039 $5.000,161 35.366,277
Total oper. expenses_ __ _ 1,260,426
1,290,208
3.827.881
4,072,458
Net rev, from oper___
Taxes on oper. prop_ ___
3426.694
119.151
3514.831 $1,172.280 31.293.819
135,357
370,025
406,565
Operating income_ _
Net non-oper. income__
$307,543
17,729
$379.474
17.804
Gross income
Total income deduc'ns
8325.272
136,318
3397,278
142,591
$802,235
55.046
$887.254
53.372
3940.626
3857,301
411,587
431,062
Current income carried
to surplus
3188,954
3254.687
.445,714
8509.564
arDast complete annual report in Financial Chronicle Sept. 17'33, p. 1990
California Water Service Co.
12 Months Ended Aug. 311933.
1932.
Gross revenues
32.039,337 32,082.270
Oper. exp., maint. & taxes other than Fed. inc. tax 1.029.826
1,002.665
Balance before bond interest, depreciation, &c_ _ 1.016.939
1,090.858
rZeLast complete annual report in Financial Chronicle April 22'33, p. 2796
Caterpillar Tractor Co.
9 Mos.End.Sept.30-1933.
1932.
1931.
1930.
Net sales
39.909.889 $10.735.144 521,754.577 537.319.910
Costs and expenses
8,586,391
9,821,80218.214.41528,665.525
Depreciation
1,344,734
1,298.411
1,297.242
1.216.975
Interest
283,128
355,424
471.50-1
461.299
Federal taxes
758.543
222.202
Net profit
1088$304,364 loss$740,493 31.629,482 $6,137,301
Earns, per sh. on 1 8 82,240 shs. no par stock
Nil
Nil
$3.26
$0.87
ta'Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1020
2968
Financial Chronicle
Chain & General Equities, Inc.
Earnings for 3 Months Ended Sept. 30 1933.
Interest
Cash dividends
$554
6,610
Total 'ncome
Advisory fee
Fiscal agents' fees
Legal and accounting
Provision for capital stock and franchise taxes
Other operating expenses
$7,164
2,358
770
850
210
903
Net income for the period (without giving effect to profits or
losses on security transactions)
$2,073
Note.
-Net loss on sales of securities during the three months ended
Sept. 30 1933 has been charged to capital surplus in the amount of $10,173.
The unrealized depreciation of securities owned (excluding investment in
Interstate Equities Corp.), based on market quotations or estimated fair
value in the absence thereof, has increased during the period by $21,313.
Statement of Capital Surplus Sept. 30 1933.
Capital surplus as at June 30 1933
$1,344,196
Net income for three months ended Sept. 30 1933
2,073
Reserve for capital stock tax not required
500
Total surplus
Net loss on sales of securities during 3 mos.end. Sept. 30 1933
$1,346,770
10,172
Capital surplus as at Sept. 30 1933 (before providing for depreciation in securities)
$1,336,597
M'Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1021
Chrysler Corp.
(And Subsidiaries.)
1932.
1931.
1933.
1930.
9 Mos.End.Sept.30$
$
$
$
Sales
202,061,415 110,555.859 162,410,520 183,700,988
Cost of sales
1169,780,6251 90,710.374 129,084,822 147,098,351
1 9,168.285 11,841,948 13.620,669
Deprec. & amortizationf
Gross profit
Other income
32,280.790 10,677,200 21,483.751 22.981,968
760,837 1,122,461
909,836 1,233,445
Total income
Expenses, &c
Interest
Federal taxes
33,041,627 11,799,661 22,393,588 24,215,413
14,937,029 15,775,275 15,572,234 18,983,100
3,871,187 2,181.288 2,584.425 2,309,014
2,295,728
69,676
465,925
430,552
Net profit
Common dividends
11,937,683 def6.226,579
2,154,103 3,297.274
3,771,002
3,311,143
2,492,747
9.961,812
Surplus
9,783,580 def9,523.853
459,859def7,469,065
Shs. corn, stock outstanding ($5 par)
4,305,209 4,380,280 4,414,922 4,438,196
Nil
Earnings per share
$2.77
$0.85
$0.56
For the quarter ended Sept. 30 1933, net profit was $7,190,149 after
Interest, depreciation, Federal taxes, etc., equivalent to $1.67 a share on
4,305,209 shares (par 25) of capital stock. This compares with net loss of
25,346,146 in the September quarter of 1932.
10 Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1541
-
Cincinnati Street Ry. Co.
-Month-1932.
1933-9 Mos.-1932.
Period End.Sept. 30- 1933
Net inc. after interest,
$20,654
248.776
taxes, deprec., &c____
$108,424
$518,431
Earns, per sh.on 475,239
shares stock (Par $50).
$0.22
$1.09
10 Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2066
City Ice & Fuel
Co.
9 Months Ended Sept. 30-Revenue from sales
Cost of sales
Operating expenses
Depreciation
Interest
Federal taxes
1933.
1932.
$18,119,810 $18,869,135
7,342.733 7,475,554
4,250,217 4,654,697
1,821,592
1,871,908
395.587
520,862
614,130
597,590
Net income
Preferred dividends
Minority preferred dividends
83,695,551 $3,748,524
971,356
971,853
75,187
67,875
22,648,511 $2,709,293
Balance for common stock
$2.30
$2.28
Earns, per sh. on 1,178,000 shs. corn.stk.(no par)..
egt Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2075
-
Total profit
Depreciation reserve_ _ _
Inventory write-off
Federal taxes
x Net profit
Preferred dividends_
(And Subsidiaries)
1931.
1932.
1933.
$924,457 loss$99,008 $1,778,441
54,272
48,392
28,098
1930.
$1,476,371
27,889
$952,555 less$50,616 $1,832,713 $1,504,260
y436,115
y511,571
224,602
228,328
592,747
292,082
z162,762
90,000
$475,398
$634,227 loss$437,980 $1,029,060
326,769
285,967
222,094
219,688
_
$148,629
$743.093
Surplus
a$414,539 df.$660,074
a Equivalent to 73c. a share on 565,000 shares of common stock outstanding. For the tnree months ended Aug. 26 last, net income was
equivalent to 93c. a share on common,net income for the first three months
of the fiscal year having been only $3,315.
x Excludes 4
5147 excess of par value over cost, of preferred stock purchased for retirement in 1933:$81,744 in 1932.$134,945 in 1931 and $94,578
In 1930. y Includes taxes in 1931 and 1930. z Inventory adjustment of
8462,762 less 2300,000 portion thereof charged to contingent reserve
created at Feb. 27 1932 by a charge to surplus.
10'Last complete annual report in Financial Chronicle April 15 '33, p. 2616
Connecticut Electric Service Co.
1931.
1932.
1933.
12 Months Ended Sept. 30$16,298,703 $16,809,774 $17,720,011
Gross income
Net income after deprec. taxes, inter3,789,634 3,984,743 4,291,726
est, subsidiary pref. city., etc
WLast complete annual report in Financial Chornicle May 13 '33, p. 2341
Container Corp. of America
1933-9 Mos.-1932.
Period End.Sept. 30- 1933-3 Mos.-1932.
Y$290,958 loss$388,981 $50,781 10581185,848
z Net profit
x After interest, depreciation, Federal taxes and reserve for year-end
adjustments, but exclusive of profit on purchase of bonds and debentures.
3 Equivalent, after allowing for quarterly dividend requirements on the
,
preferred stocks on which dividends have not been paid since April 1
1, and under the participating provisions of the Class A and Class B
stocks, to 38 cents a share on 373,555 shares (par $20) of participating Class
A stock and 19 cents a share on 582,389 no-par shares of Class B common
stock.
"Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1723
17,
1933
(And Subsidiaries.)
-13 Weeks Ended- -39 Weeks Ended5ept.30'33. Sept.17'32. Sept.30'33. Sept.17'32
Net income after hit.,
amortiz.,deprec.,Fed.
taxes& min.lot
$657,844 $2,145.873 $2.132,585
x$1,019,201
x Equal after dividend requirements on 8% cumulative preferred stock
outstanding at close of the period, to 63 cents a share on 281,813 no-par
shares of Class A common stock (excluding shares in treasury.)
10 Last complete annual report in Financial Chronicle Fob. 18 13, p.1193
-
Continental Can Co.
12 Months Ended Sept. 30Net profit after charges
Depreciation and Federal tax
1933.
1932.
$9,698,926 $7.669,687
3,477.749 3,198,837
Net income
$6,221,177 $4,470,850
Earns, per sh.on 1,733,345 shs. coin.stk.(par $20)
$3.59
$2.58
I0 Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1728
-
Corn Products Refining Co.
1932.
9 Mos.End.Sept. 30-1933.
1931.
1930.
xNet earnings
$7,637,558 $6,203,673 $6,613,213 $10,130,476
Other income
2,101,844 2,127,555 3,032,069 2,369,450
Total income
$9,739,402 $8,331,228 $9,645,282 $12.499,927
Interest & depreciation- 1,640,996
1.866.224 2,091,562 2,329,585
Net income
$8,098,406 $6,465.004 $7,553,720 810.170.342
1,312,500
Pref. diva.
1,312,500
(5%)
1.312.500 1.312 500
Common dividends(9%) y5,692,500 5,692,500
5,692,500 5.692.500
Corn,stock extra
(2)1,265.000(2)1,265,000
Balance, surplus
$1,093,406 def$539,996 def$716,280 $1.900,342
Earns. per sh. on 2,530.$2.68
$2.03
000 shs.(Par $25)- $2.47
$3.50
x After deducting maintenance and repairs and estimated amount of
Federal taxes. &c. y Excludes 1% stock dividend (25,017 shares at $56
per share) amounting to $1.402,632.
, For the quarter ended Sept. 30 1933 net income was $2,909,677 after
charges and taxes, equal to 98 cents a share on common comparing with
$3,090,116 or $1.05 a share in preceding quarter and $2,311,623 or 74 cents
a share in the September quarter of 1932.
KR
-Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1712
Cream of Wheat Corp.
Period Ended Sept.30- 1933-3 Mos.-1932.
1933-9 MO3.-1932.
Net profit after charges
$323,710
and Federal taxes_ __ _ $253,696
$788,884
$990,924
Earns. per sh.on 600,000
$0.42
$0.54
shs.cap.stk.(no par)_
$1.31
$1.65
10
-Last complete annual report in Financial Chronicle April 8 '33, p. 2430
Detroit Edison Co.
(And Subsidiary Utility Companies)
1933.
12 Months Ended Sept. 301932.
Total electric revenue
$39,602.698 $42,800,284
Steam revenue
1,767,890
1,877.735
Gas revenue
392,409
445,105
Miscellaneous revenues
4,074
Dr3,799
Total operating revenue
Non-operating revenue
$41,767,071 245,119,324
180,785
52,547
Total revenue
Operating & non-operating expenses
Interest on funded & unfunded debt
Amortization of debt discount & expense
Miscellaneous deductions
$41.947,857 $45,171,871
28.642,520 31.453.157
6.529,388 5,839,812
204.561
185,462
.
15,285
53,740
Net income
$6,556,104 $7,639.700
i0 Last complete annual report in Financial Chronicle .Ian. 21 '33, p. 484
-
Detroit Street Rys.
-Month of September- -12 Mos.End. Sept.301932.
1933.
Operating Revenues1933.
1932.
1785,801 $10,124.558 811,831.499
Railway oper. revenues_ $861.807
217,993
225,759 2,692,679
Coach oper. revenues......
3,269,080
Total open revenues-- $1,079.800 81,011,560 312,817,237 815,100,579
Operating Expenses
$599,387 $7,006.866 $9,014,294
Railway oper. expenses_ $547,183
183,796
219,371 2,376,979 2,811,395
Coach oper. expenses-Total oper.expenses__ $730,979
$818,759 89,383,845 811,825,690
Net operating revenue._
Taxes assign, to oper'ns_
Collins & Aikman Corp.
6 Mos.End. Aug.27Operating profit
Interest earned
Oct. 21
Continental Baking Corp.
$348,821
73,716
Operating Income-.....
Non-operating income...
$275,104
2,253
$192,801 $3,433,391 $3,274,889
96.955
1,157,396
998,817
$95,845 $2,275,995 $2,276,072
57,200
205,689
73,407
Gross income
Deductions
Interest on funded debt:
Construction bonds
Purchase bonds
Add'ns & bett'ts bds-Equip't & exten. bonds
Replace & impt. bonds
Purchase contract..
Bond anticip'n notes..
$277.357
$153,046 $2,349,402 $2,481,761
Total interest
Other deductions-
$152,070
7,433
Total deductions...
$159.504
$60,893
9.326
14,165
18,262
25,243
24,179
Net income
$117,853
Disposition ofNet Income
Sinking funds:
Construction bonds-$35,870
Purchase bonds
10.931
Add'ns 8: bett'ts bonds
13,150
Equip't & eaten. bonds
15,287
Replace.& impt.bonds
14.383
Purchase contract....
11,301
Bond anticipa'n notes
Total sinking funds
Residue
Total
g 60,893
9,326
14,572
18,262
24.243
$740,875
113,475
173,367
222,190
307,125
24,179
293,774
$753,943
117,238
179,815
227,084
311,698
53.190
219,156
$152,477 $1,850,806 $1,862,126
6,917
106,241
89.984
$159,395 $1,940,791 81,968,367
def$6,348
$408,611
$513,393
$35,870
10,931
13,150
15,287
14,383
$436,418
133.000
160,000
186,000
175.000
11,301
137,500
$483.343
133,000
160,000
186,000
175,000
167,123
102,842
$100,924
8100.924 $1,227,918 $1,407,308
16.928 def107,273 def819,307 def893,915
$117.853
def$6,348
$408,611
$513,393
(Marshall) Field & Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
$24,745,600 $16,357,700 360,740,100 354.373,900
Net sales
Net profit after taxes.
955,000 loss1709,800 loss1420,400 loss8110,900
deprecia'n, int., &c
This net profit of 2955,000 is equivalent to $3.22 a share on 296,190
shares o. 7% preferred stock, on which there is an accumulation of unpaid
dividends. Allowing for only regular quarterly dividend requirements on
the preferred, the profit is equal to 31 cents a share on 1,399,987 no par
shares of common stock.
ri"Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1657
Financial Chronicle
Volume 137
Dome Mines, Ltd.
9 Months Ended Sept. 30-1931.
1932.
1933.
Total recovery
$3,457,108 $3,075,959 $2,654,868
Develop oper. & general costs
1.527,977
1,430,015
1,534,561
Dominion income tax, estimate
108,626
402,173
215.970
Outside exploration expenditure
20,734
Net income
Miscellaneous earnings
$1,499,639 $1,332,012 $1,116,227
420,388
190,361
1,145,059
x Total income
$2,644,698 $1,752,400 $1,306,589
x Before depreciation and depletion.
The number of tons milled for the nine months ended Sept. 30 1933
was 409,303.
r "Last complete annual report in Financial Chronicle April 22'33, p.2804
Harbison-Walker Refractories Co.
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net income after deprec.,
depletion, taxes, &c.
(estimated)
$500,600 loss$149.800
$542,100 loss$277.100
Earnings per share on
1,380,000 shs.corn.stk
$0.33
Nil
$0.29
Nil
Wlast complete annual report in Financial Chronicle Mar. 4 '33, p. 1559
Harnischfeger Corp.
Earningsfor Six Months Ended June 30 1933.
(And Subsidiaries)
Earnings for Nine Months Ended Sept. 30 1933.
Profit on building contracts
Interest received
Other income
$475,117
59,061
162,147
Total income
General and corporate exp. incl. Fed.and State taxes & deprec..
Gross profit
Selling, administrative and general expenses
Depreciation and special charges
$159,037
304,663
211,744
Loss
Other income
(Geo. A.) Fuller & Co.
$357,370
34,366
$696,325
477,017
Net income
Previous earned surplus
Adjustment of Federal and State tax accruals of previous years
Difference between par value and purchase price of Geo. A.
Fuller Co.of Canada Ltd. preferred stock
$219,308
107,192
15,598
Total surplus
Investment written off
Divs. on 6% pref.stock of Geo. A. Fuller Co.of Canada Ltd__ _
$516.042
670.833
19,883
173,944
Net loss
$323.005
larLast complete annual report in Financial Chronicle Sept.16'33, p.2109
Holly Development Co.
9 Months Ended Sept. 30Net earnings
Dividends paid
Balance, surplus
Earned surplus Dec. 31
Addit. prov. for Federal income tax_
Galveston Electric Co.
-Month of September- -12 Mos.End.Sept.301932.
1932.
1933.
1933.
$292,290
$229,926
$21,721
$19,279
186.926
159,328
13.475
13.341
37,399
31.348
2,304
2,814
Total oper. expenses.._
Balance
Taxes
$16,055
3,223
1,402
$190,677
39,248
18,522
$15,780
5,941
1,336
$224,325
67,964
22.309
Net oper.revenue-x-$45,655
$20,726
$4,604
$1,821
x Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Last payment was July 31 1933 and interest for two
months since then not declared or paid Is $2,800 and is not included in this
statement.
-Month of September- -12 Mos.End.Sept.301932.
1932.
1933.
1933.
$263,831
$206,679
$20,151
$18,431
153,996
114.947
9,604
11,827
41.102
52,768
3,801
3,232
Total oper.expenses__
Balance
Taxes
$12,836
15,594
1,388
$15,629
$4.522
2,130
$156,050
$50.629
19,606
$206,765
$57.066
25,488
Net oper.revenue.._
Interest (public)
$4,205
5.108
$2,392
5,108
$31,023
61,300
$31,578
61.322
Deficit-x
$30,276
$29,744
$902
$2.715
x Interest on income bonds and notes has not been earned or paid and
$330,597 for 25 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 $229 is not included.
General Electric Co.
1932.
1931.
1933.
1930.
9 Mos.End.Sept.30$
Net sales billed
97.426,146 113,049,475 206,138,967 287,886,541
Cost of sales billed, incl.
oper., matnt. & depr.
charges, reserves and
prov. for all taxes_ _ _ _ 93,492,739 108,844,670 183.015,402 254,760,877
Net inc. from sales_ _ _ 3,933,407 4,204,805 23,123,565 33,125,664
Sundry inc. less int. paid
& sundry charges_ _ _ 4,884,484 7,452,863 9,561,536 11.324,254
Profit avail, for diva
8,817,891 11,657.668 32.685,101 44,449,918
Divs, on special stock
1,931,291
1,931.273 1.931,251
1.931.210
Profit avail. for (liver.
on com.stk.& surp. 6,886,600 9,726,395 30,753.850 42.518,709
Shs. corn. stk. outstand.
(no par)
28,845,927 28,845,927 28,845,927 28,845,927
Earnings per share
$0.24
$0.34
$1.07
$1.47
Profit available for common stock for the third quarter of 1933 was
$2,220.520. equivalent to 8 cents per share, compared with $2,073,208, or
7 cents per share for the third quarter last year.
Orders received by the company for the first 9 months of 1933 amounted
to $104,785,001, compared with $94,374,114 for the corresponding period
of 1932, an increase of 11%, and for the third quarter orders were $43,733,499, compared with $25,665,402 for the third quarter last year. an
increase of 70%.
'Last complete annual report in Financial Chronicle April 1 '33, p. 2232
Graham-Paige Motors Corp.
(And Subsidiaries)
9 Months Ended Sept. 30Gross profit
Profit after expenses
Interest paid and miscellaneous expenses
1933.
1932.
$1,102,073
$527,312
435,072 1088471,152
313.252
483,372
Profit
Other income
$121.820 loss$954,524
162,383
187.068
Total income
Subsidiary selling company net loss
$284,203 loss$767,456
138,269
198,321
Net profit
$145,934 loss$965,777
Earnings per share on 2,282,889 shares common
stock (par $1)
$0.03
Nil
larLast complete annual report in Financial Chronicle May 20 '33, p. 3546
Gulf States Steel Co.
Period End.Sept. 30- 1933-3 Mos.-1932.
$162,674
Net operating profit_ ___ $455.212
288,542
275,100
Int., taxes, deprec., &c.
1933-9 Mos.-1932.
$888,239
$353,758
833,696
825,836
$166,670 loss$112,426
$54,543 loss$472,078
Net profit
WLast complete annual report in Financial Chro icle Mar. 11 '33, p. 1726
1932.
$58,205
67,500
1931.
$108,980
67,500
$29,042
123,250
Dr35,000
def$9,295
117.658
$41,480
74,904
Gross earings
Operation
Maintenance
Taxes
Houston Electric Co.
-Month of September- -12 Mos.End.Sept.301932,
1933.
1932.
1933.
$171,703
$167.116 $1,945.898 $2,249.124
988,300 1.133.395
80.821
80.131
266,924
357,646
23.047
22.572
210,001
19,842
17.951
246,053
Net oper. revenue---Int. and amort. (public)
$49,883
22,299
$44,570
24,656
$480,672
282.299
$512.029
302,401
Balance
$198.372
$209,627
a $27,584
819,914
a Interest on 8% secured income bonds is deducted fromsurplus when
declared and paid. Interest not declared or paid to Sept. 30 1933 amounts
to $18,400 and is not included in this statement.
During the last 32 years the company has expended for maintenance a
total of 13.35 7 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.
Howe Sound Co.
Galveston-Houston Electric Ry.
Gross earnings
Operation
Maintenance
1933.
$56.042
27,000
Total earned surplus Sept. 30
$117,293 $ 108.364
$116,383
tar:Last complete annual report in Financial Chronicle Apr.1 1933, p.2252
Consolidated deficit Sept. 30 1933
$174,674
Dividends of $641,646 are in arrears on the prior preferred and 2d preferred stocks of the company.
erLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2076
Gross earnings
Operation
Maintenance
2969
Period End.Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Value of metals produced $2,111.128
$492,647 $4.134,361 $2,205.391
Operating costs
1,792,198
588,157 3,849,273
2,320,649
Operating income-Other income
$318,930 def$95,510
51,823
117,585
$285,088 def$115.258
294,435
208,867
Total income
Depreciation
$436,516 def$43,687
79,540
39,554
$579.523
202,232
$93.604)
159,643
Net income
$377,291 def$66,034
4356,976 def$83,241
Earns, per sh.on 473,791
shares (no par)
Nil
Nil
$0.75
$0.79
x Includes profit of $83,035 on metals sold from inventory Dec. 31 1932.
tarLast complete annual report in Financial Chronicle Mar.11 '33, p.1726
Hupp Motor Car Corp.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net sales
$1,537,804 $1,041,152 $5,106,030 $8,078,004
Costs and expenses
9,756.413
1,812,135 5.800,176
1.806,726
Operating loss
Other income
$268,922
33,886
$770,983
23,754
$694,146 $1,678,409
126,504
84,105
Loss
Depreciation
Idle plant expense
Extraordinary charges-
$235,036
149,057
30,606
$747.229
196,260
119,252
x862,263
$610,041 $1,551,905
490,049
612.357
96,041
378,665
x862,263
Net loss
$414.699 $1,925004 51.196,131 $33,405,190
x Resulting from adjustments of inventories and write-down of special
dies, tools and jigs.
125F'Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1726
Insuranshares Certificates, Inc.
Earnings for 9 Months Ended Sept. 30 1933.
Dividends earned
Interest earned
$114,826
2,547
Total income
Expenses
Interest expense
$117.373
19,885
8.088
Net income, exclusive of losses on sales of securities charged
to capital surplus
Previous operating surplus
Income credits (net)
$89,400
451.299
59,546
Undistributed operating income Sept.30
$600,246
10 Last complete annual report in Financial Chronicle May 20 '33, p. 3547
-
Interlake Iron Corp.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after int., dept.,
taxes &c
a$215,228 a$338.701
$709,638 $1,304,930
a Depreciation amounted to $250,822 in 1933 quarter and $188,548 in
1932 quarter.
l"
Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1026
Johns-Manville Corp.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Sales
$5.992,541 $5,197.196 $14,171,690 $14,911.013
Administrative expenses 5,099,476 4,997,991 13,260,556 15,323,554
Deprec'n & depletion......
448,611
1.380.029
456,899 1,328.274
Net profit
$444.455 def 277,693 def 417,140def$1792,571
Earns. per sh.on 750,000
shs. corn.stk.(no par)
def$2.92
$0.42
def$1.08
def$0.55
10
-1-ast complete annual report in Financial Chronicle Mar. 4 '33, p. 1561
Financial Chronicle
2970
Oct. 21 1933
Minneapolis-Honeywell Regulator Co.
Interstate Equities Corp.
Earnings for the 3 Months Ended Sept. 30 1933.
Interest received
Cash dividends received
Miscellaneous income
$17.747
*25.343
579
Total
Operating expenses
Interest
Franchise and capital stock taxes
$43,670
25,487
500
6,254
Balance of income for the period (without giving effect to net
$11,429
profits on security transactions)
*314,943 thereof reported by Distributors Group, Incorporated as a
dividend from capital surplus.
Statement of Deficit Account as at Sept. 30 1933.
$2,675,464
Balance (deficit) as at June 30 1933
18.524
Reserve for losses (realized and unrealized) on joint accounts_
$2,693,988
Total
11,429
Net income for the period, per foregoing statement
Amount realized from sale of securities in excess of valuation
placed thereon at June 30 1932, or cost of subsequent pur238.262
chases
Dr26,000
Provision for Federal income tax applicable thereagainst
Excess of capital value over cost of 4.880 shares of own preferred
130,826
stock retired
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net inc. aft. taxes & chgs. $385,932
$280,953 loss$62.863
$167,756
Earns, per sh. on 197.500
Nil
$1.84
$0.71
11.09
shs. corn. stk.(no par)
iarLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1030
Motor Products Corp.
Period End. Sept. 30- 1933-3 Mos.-1932.
$25,916
Gross operating profit__
$295,846
3,772
27,797
Other income
$53,713
67,064
74.384
$299,618
81,815
74,384
23,000
Total income
Expenses
Depreciation
Federal taxes
-Month of September- 9 Mos. End.
1933.
Sept 30 '33
1932.
$43,995
$57,112
$473.081
29.983
31.527
273.626
8,595
9,785
72,255
8276,482
Balance
Net profit realized through the sale of securities during the three
months ended Sept. 30 1933 (based on June 30 1932, valuations
238,262
or subsequent cost), transferred to deficit account
Net operating revenue
Interest & amortization
Kimberly-Clark Corp.
Profit from operation_
Other Income
$329.765
52,289
398.195
193,234
8711.153
250.540
$374,811
592,357
Total income
Bond interest
Federal income tax (est.)
Net I. ss of Wm. lion.fas
Lumber Co
3382.055
97,273
41,000
$291.429
103.727
23.500
$961.694
295.701
92.500
$967,168
317,107
74,000
Net after taxes
Preferred dividends
$234.782
149,445
$164,202
149.445
5546.292
448,335
27,200
9.000
.8576.062
448.335
$127,727
$97,958
814.757
885.337
Net for common
Earn, per sh. on 499,800
$0.25
$0.19
$0.03
$0.17
slis. corn. stk.(no par)
a"Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2622
Lehn & Fink Products Co.
(And Subsidiaries)
9 Mos. End.
3 Afos. Ended
_Sept. 30 33. June:30 '33. Sept. 30'33.
Period
$525.146
1196,563
Net profit after qeprec Fed taxes.&c $210.606
$1.28
$0.48
$0.51
Earns. per sh. on 408,966 shs.cap.stk_
Last complete annual report in.Financial Chronicle Mar. 25 '33, p. 2079
' W-
Libbey-Owens-Ford Glass Co.
Period End. Sept. 30- 1933-3 Months-1932. 1933-9 Afonths-1932.
Net profit after depre$1,526,935 loss$487,037 $3,684,018 loss$438,907
ciation, int., etc
Earn, per sh. on 2.559.nil
S0.63
all
$0.59
042 strs. of corn. stk_
."Last complete annual report tn Financial Chronicle Mar. 4 '33, p. 1562
Loose-Wiles Biscuit Co.
(And Subsidiaries)
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
Net profit after Federal
$978.753
8187,483 11,218,543
$453.633
taxes, depreen & int_ _
547,991
526.000
547,991
S1123.corn .stk .out.( par $25) 526,000
81.44
$0.23
$1.96
$0.74
Earnings per share
report in Financial Chronicle Mar. 11 '33, p. 1728
r.471..ast complete annual
MacAndrews & Forbes Co.
1933-9 MOS.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
Net income after exps.,
$378,039
$110,828
$618.843
taxes & other charges.. $236.936
319,643
303.894
319.643
303.894
Shs. corn. stk. outstand'g
$0.89
$1.73
$0.25
$0.68
Earnings per share
in Financial Chronicle Apr. 22 '33, p. 2807
rerLast complete annual report
McIntyre Porcupine Mines, Ltd.
1933-9 Mos.-1932.
Period End.Sept.30- 1933-3 Mos.-1932.
$2.092,591 $1.449.008 33.911.053 32,899.853
Gross Income
1,495.563
1,618.559
742.178
824,461
Costs and developments
142.260
391.568
70,519
Taxes
240,081
134.310
145,337
66.328
73.229
Depreciation
8569.983 31.755,289 $1,127.720
1954,820
Net profit
Earns. per sh. on 798,000
$1.41
$2.20
$0.71
$1.20
shs cap.stk. (par $5)LrLast complete annual report in Financial Chronicle June 10 '33, p. 4101
Earnings for 6 fonths Ended June 30 1933.
$250.849
$2.33
Mohawk Investment Corp.
1933.
9 fos. End. Sept :30Dive and tut. received-355.639
2.609
•
Reserve for taxis
15.067
Expenses
1932.
$83.365
3.586
10.061
1931.
$108,101
6.437
25.188
1930.
$132,935
7,768
39,077
Net Income
Dividends declared
$69.718
77.710
376.476
109,914
386.089
115.799
337.963
49.899
329,709
333.437
17.993
311,936
Sept. 30 '33. Sept. 30 '32. Sept. 30 '31. Sept. 30 '30.
$2.374.738 $1,977.045 82,376.967 34,028.598
Net worth
77.538
73.454
62,324
70.540
No. of shs outstanding_
$51.95
$32.36
$28.02
$38.10
Net worth per share_._
complete annual report in Financial Chronicle Mar. 4 '33, p. 1563
garLast
Balance. deficit
$5.415
10.331
5,245
Balance
Retirement
Taxes
$127.199
72.328
43,849
$15,799
def$10,160
837
111.021
7,598
def$10,997
Balance
-Interest charges on bonds not included.
Note.
$3.423
Mullens Manufacturing Corp.
Earnirgs for 9 Months Ended Sept. 30 1933.
Net sales
Costs and expenses
51,990,730
1,978,960
Operating profit
Other income
$11,770
14,861
Total income
Other expenses
Depreciation
Loss on sale of obsolete steel
$26,631
24,042
138,460
20,723
$156,594
x Net loss
x This net loss does not reflect an estimated reserve of $175,000 covering
the account of WIllys-Overland Co. or a reserve of $139,524 covering development expense in 1929, which were charged to surplus account as of
May 31 1933. In the first nine months of 1932 net loss was $5,653 after
taxes and charges.
For the quarter ended Sept. 30 1933 net profit was $17.763, against a
net loss of $47,888 In the preceding quarter and a net loss of $7,006 in the
September quarter of 1932.
ra'Last complete annual report in Financial Chronicle May 13 '33, p. 3358
National Biscuit Co.
1933-9 Mos.-1932.
Period End.Sept. 30- 1933-3 Atos.-1932.
Net Inc. after taxes, &c_ $4,145,208 $3,902,692 $10,643,633 $12,402,688
Earns, per sh. on 6,289.$0.55
$0.59
$1.48
$1.76
263 shs. com.(par $10)
'Last complete annual report in Financial Chronicle Jan. 28 '33, p. 652
New England Telephone & Telegraph Co.
1932.
1933.
1931,
1930.
9Afos. End. Sept. 30$48,732,608 $52,775,278 $56,461.156 $56,063,884
Operating revenue
35,115,683 36,011,135 37,930,424 38,788,473
Operating expenses
Rent from lease of oper.
Cr150
property
4,322,493 4,907,134
3,865,234
4,481,244
Taxes
665.552
254,182
327.414
Uncollectible
Total oper. Income__ _ $9,751.840 311,776,098 $13.296,184 812,539.985
192,079
228.494
412,031
393,387
Net non-operating rev
Total gross income__ _ $9,943,919 $12.004.592 $13.689,571 $12,952,017
2,662,500
3,037,500 3,037,500
3,146,563
Int. on funded debt_
1,654,792
562,163
1,250.848
949,051
Other interest
581,367
608.324
610,079
Rent, &c
124.729
124,729
124.730
Debt,diset. & expense
124.730
$5,501,897 $7,010,146 $8,968,211 $8,510,237
Net income_ _ _
8,000,746• 7,994,604
7,290.347
Dividend appropriation.. 6,000,561
def$498,664 def$990,600
Balance, surplus
$973,607 $1,219,890
Shares capital stock out1,333,457
1,320,981
1,333,457
standing (par $100)
1,332,400
$4.13
$6.44
$5.26
Earnings per share
$6.73
For the quarter ended Sept. 30 1933, net income was $2,068.521 after
depreciation charges and taxes, equal to $1.55 a share, comparing with
$1.998,094 or $1.50 a share in the September quarter of 1932.
ai'Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1009
New York Shipbuilding Corp.
(Formerly American Brown Boceri Electric Corp.)
1933.
1931.
9 Months Ended Sept. 301932.
3463.768
Net profit from operations
$883,976 $1,232.138
82,894
Income from investments, &.c
75.089
91.387
Miscellaneous other income
2,713
3.612
35,862
Gross income
Cash discount on sales
Interest on bonds
Depreciation
Miscellaneous deductions
$549,375 $1,011,225 31,310.839
122
226
84
152.681
170,123
162.102
206.743
333,490
203,609
47,504
Net income
Non-recurring not loss of electrical
division
Mercantile American Realty Co.
Net income
Earnings per share on 50.000 shares common stock
$208.856
197,471
223.153
Motor Transit Co.
Gross earnings
Operation
Maintenance
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
$3,662,901 $2,921,387 $9,995,664 $10,041,433
Net sales
8.444.414
8.265.548
2.484.227
2,984.251
Cost of sales
1,222,208
1.018.962
338,966
348.884
General and sell. exps_ _ _
$639.750
215.570
223.153
32,000
$120.419 def$87,735
$169,027 def$211,768
Net profit
191,285
191.285
195.627
195.627
Shs.com.stk.out.(no par)
Nil
Nil
$0.62
$0.86
Earnings per share
arEast complete annual report in Financial Chronicle Apr. 8 '33, p. 2437
$2,339.469
Deficit as at Sept. 30 1933
Statement of Securities Fluctuations Account as at Sept. 30 1933.
Balance as per previous report representing unrealized appreciation (net) since June 30 1932, in securities owned as at June 30
$509.861
1933
Net decrease in quoted market value of securities owned during
233,379
the three months ended Sept. 30 1933
Balance representing unrealized appreciation (net) since June
138,219
30 1932. carried to balance sheet
10 Last complete annual report in Financial Chronicle Aug. 26 '33, p. 1689
1933-9 Mos.-1932.
$628,154
$124,009
11,596
84,847
$142,325
$645,430
$807,001
125,476
x$142.325
$681,525
Net income
$645.430
xThis net income is before a loss of $162,187 on disposition of marketable
securities extraneous to shipbuilding operations.
For the quarter ended Sept. 30, last, net loss was 384,247 after taxes,
interest, depreciation, Sze. comparing with net income of $97.283 in the
preceding quarter and a net Income of $164,658 in Sept. quarter of 1932.
'Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1731
New York State Rys.
(Receiver's Report)
9 Months Ended Sept. 30-Gross earnings
x Operating expenses &- taxes
Deeuctions
1932.
1933.
$3,133.953 $3,755.135
3.937,581
3.067.726
40,676
33.385
$32,842 def$223,122
Net income
x Included for depreciation, 1933. 3301,627: 1932, 3366,232.
2971
Financial Chronicle
Volume 137
Oregon-Washington Water Service Co.
Seagrave Corp.
1932.
12 Months Ended Aug. 31
-1933.
$472,733
$447,956
Gross revenue
Operating expenses, maint. & taxes other than
236,821
244.674
Federal income tax
236,711
204.566
Balance before bond interest, depreciation, &c
10 Last complete annual report in Financial Chronicle May*20 '33, p. 3535
(Including Seagravo Fire Engines, Ltd.)
1930.
1931.
1933.
9 Mos. End. Sept. 30
1932.
Net sales
8857,280 31,310.727
$446,254
$652,976
Cost of sales, selling and
1,258,241
930,722
503.213
administrative exps
769,534
1932.
1933.
3 Months Ended Sept. 30$115.714
$581.954
Net profit after depr., depl. & fed. taxes
$0.24
$1.22
Earnings per sh.on 476,031 shs. of cap. stk.(no par)
10 Last complete annual report in Financial Chronicle Aug. 19 '33, p. 1425
Park-Lexington Corp.
Earnings for Sir Months Ended June 30 1933.
Total operating income
Operating, &c., expenses, incl. ground, rent, &c
Net income (before depreciation) applicable to interest on
$4,768,000 1st mtge. Ois
loss$56,959 loss$116,558 1055$73,442
25,181
2.477
33,605
$52.486
35,401
loss$59,436 1055$91,377 loss$39,837
Total income
16,243
x2,319
Charges and Fed. taxes_
x1,559
$87.887
x12.771
Operating profit
Other income
Paraffine Companies, Inc.
$415,318
313,033
x$75.116
Net profit
loss$43,193 loss$95,936 loss$42,156
Shares of common stock
122.700
122,700
122,700
122,453
outstanding (no par)_
Nil
Nil
$0.21
Nil
Earnings per share
x Federal taxes not included.
For the quarter ended Sept. 30 1933 net loss was $8,974 after taxes and
charges, against a net loss of $11,124 in the preceding quarter and a net
loss of $40,539 in the September quarter of 1932.
10 Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2085
$102,285
Seattle Gas Co.
Pennsylvania-Dixie Cement Co.
12 Mos. End,Sept. 30
Operating profit
Deprec'n & depletion_ _ _
Interest
Federal taxes
1933.
$315,935
1,379,578
578,584
1930.
1931.
$895,392 $2.552,762
1,388.425
1,386.517
681,369
637.209
67,684
19,446
1932.
$329,453
1,380,844
598,473
Net loss_
$1,642,227 $1,649,864 $1,149,688 prof$417192
Earns, per sh. on 7% pf.
Nil
Nil
$3.07
Nil
stock
10 Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1566
Peoples Gas Light & Coke Co.
-1932. 1933-12 Months-1932.
Period End. Sept. 30- 1933-9 Months
Net income after taxes
& charges
$1,531,177 $3,353,911 $2,339,950 $4,948,849
686,492
676.151
686,492
Shs. corn. stk. outstand.
676,151
p.171.9240
$3.46
$
$4.89
Earns, per share
$2.26
10PLast complete annual report in Financial Chronicle Feb. 18
Philadelphia Company.
(And Subsidiaries)
12 Months Ended Aug.31Gross earnings
Operating expenses, maintenance and taxes
1932.
1933.
$43,929,187 $49,970,838
22,823.571 25.957.611
Net earnings
Other income-net
$21,105,616 $24,013.227
1,365,687
1.576.798
$22,682,414 $25,378,914
Net earnings including other income
1,719,417
1,714,939
Rent of leased properties
6,709.587 6,564,541
Interest charges-net
69,642
69,454
Contractual guarantee
374,157
387,134
Amortization of debt discount and expense
103,762 Cr159,116
Other charges
6,435.191
Appropriation for retirement and depletion reserve 6,197,017
87,500,501 $10,375,083
Net income
larLast complete annual report in Financial Chronicle May 20 '33, p. 3527
Procter & Gamble Co.
(And Subsidiaries)
Earnings for Quarter Ended Sept. 30 1933
$4,383.840
Not profit after interest, depreciation & Federal taxes
$0.64
Earns, per sh. on 6,410.000 corn. shs. (no par)
10 Last complete annual report in Financial Chronicle Aug. 5 '33, p. 1066
Quebec Power Co.
9 Months Ended Sept. 30Gross revenue
Operating. taxes & other expenses
Exchange on bond interest
Fixed charges
1933.
1932.
$2,856,745 $3,174.586
1,734.736
2,000.604
25,689
15,730
440,086
441,232
Gross revenues
Operating expenses
Net earnings
Int. & other inc. chgs.
(net)
-9 Mos.End.Sept.30- -6 Mos. End. June 301932.
1933.
Period1933.
1932.
Int. on bonds, notes. &
$208,516
8107.054
bank deposits_
$170,747
$157,081
185.947
289,355
126,858
207,180
Cash dividends
Total int. & cash divs_
Expenses and taxes
int. & amortiz. charges_
$356.694
51.235
156,382
$497.870
44,839
185,902
$233.912
36,559
104,635
$364.261
32.245
132,861
$149,077
$267,129
$92,718
Net income
$199,155
-The above statement of income does not give effect to realized
Note.
unrealized profit and loss on securities. Realized profit on sales of
and
securities for nine months ended Sept. 30 amounted to $12.433 in 1933
and a loss of $221,190 in 1932 (and for the six months a realized profit of
346 in 1933 and a loss of $86.266 in 1932), as included in special surplus
40,
on the balance sheet.
-Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1034
10
$51,349
$61,155
$578,200
55,816
56,051
675,677
681,828
$5,103 def$97,477
$134,037
5,748
7,680
def$4,467
Net income
Prov. for retire. (auto350
motive equip. only)_ _
621
$815.866
$126,357
$4,482 def$103.225
Net income
def$4,817
-Last complete annual report in Financial Chronicle Mar. 25'33, p. 2070
10
Shawinigan Water & Power Co.
-1932.
Period End. Sept. 30- 1933-3 Months-1932. 1933-9 Months
$3,096.557 83,079,109 $9,084,301 89.442.286
Gross revenue
Gen. oper. & mainten.
1,641,364
1,610.016
509.841
551,563
expense
1,037,035
1,243.956
385,550
388,731
Power purchased
239,030
248,929
80,301
81.517
Water rentals
478.738
508.461
159,621
167,039
Taxes & insurance
U. S. exch. on fixed
579.004
333.388
153,652
47,884
charges
3,029,045
1,022,648 3,084.693
1,028,296
Fixed charges
Surplus for the period
before depr. & income
$831,526
$767,495 $2,054,856 32,438,069
taxes
10 Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1009
State Street Investment Corp.
9 Mos. End. Sept. 30Divs. & int. received__ _
Reserve for taxes
Expenses
1933.
$212,836
10.164
63.228
1932.
$230,942
10,196
31,201
1931.
$354,367
17,911
a7,065
1930.
$533,875
28,751
145,374
Net Income
Dividends declared
$139,445
267,447
$189,545
303.029
$249,410
404.212
$359,750
433,923
574,173
8154,802
Deficit
8113,483
$128,002
Sept. 30'33. Sept. 30'32. Sept. 3031. Sept. 3030.
Net worth
$17,310,087 $7,832,646 5:y8,834,254 $14,820,931
191,523
179,381
Number of shares
171.399
282,201
$77.38
$49.24
Net worth per share_
$,5.70
$61.36
10 Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1734
Sterchi Brothers Stores, Inc.
1033.
$174,601
6 Months Ended June 30Net loss after deprec.. interest and other charges._
Surplus before depr. & income tax
$656,233
$717,019
arLast,complete annual report in Financial Chronicle Feb. 25 '33, p. 1376
Railway & Light Securities Co.
-Month of September- -12 Mos. End. Sept. 301932.
1932.
1933.
1933.
$166,895 $1,787,232 $2,108,320
$147,860
1,292,455
1.209.032
105,740
96,511
1932.
$183.a3
Symington Company.
Period End.Sept.30- 1933-3 Mos.-1932.
a Operating loss
$59.173
$43,008
1,644
Other income
19,511
1933-9 Mos.-1932.
$158,138
$174,967
5.392
60.381
$169,575
$97,757
Net deficit
357,530
$23.497
a After depreciation of plant, all selling and general expenses, provision
for reserves and Federal and State tax,..
The above figures are subject to adjustment at end of fiscal year.
10 Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2086
Tide Water Associated Oil Co.
(And Subsidiaries.)
1933-9 Mos.-1932.
Period End.Sept. 30- 1933-3 Mos.-1932.
x Net profit
$2,464,886 $1,395,670 $2,639,240 $3,495.370
Shs. of corn, stock out5,611.040
5.613,800
standing
5,613.800
5,611,010
Nil
$0.26
Earnings per share
$0.09
$0.08
x After taxes, int., deprec., depletion, minority interest and other charges.
10 Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1715
Scott Paper Co.
1932.
1931.
1933.
1930.
9 Mos.End.Sept.30Net sales to customers__ $5,926,618 $6.207,664 $6,704,659 $6,489,723
Manufacturing expenses 3,238,262 13,220,715 3,767,926 3,620,658
1 191.961
183,459
Maintenance
166,889
348.935
345.341
317,859
Depreciation
300,610
1,670.872
1.577.476
1,544.595
Selling & gen. expenses_ 1,574,006
107,602
103,534
105,455
103.443
Federal taxes
$671.173
8754.405
$659,958
8753.526
Net income
121.545
122.143
112.927
122.937
Preferred dividends_ _
177,246
177,993
181.507
171.126
Common dividends
'
$372.382
3454,269
$365,523
3459.463
Balance
Shs. coin. stk. outstand.
165,488
168.834
168.847
158,909
(no par)
33.25
33.82
$3.23
$3.96
Earnings per share
report in Financial Chronicle Feb. 11 '33, 13. 1035
110'Last complete annual
Superheater Co.
Tide Water Oil Co.
(And Subsidiaries.)
Period End. Sept. 30- 1933-3 1lIos.-1932.
1933-9 Mos.-1932.
x Net profit
$1,847,900
5325.192 31,850.396 51.484,995
Shs. of corn. stock
3,189,923
2,189,923
2,189.923
2.189.923
Earnings per share
$0.34
$0.04
$0.50
$0.73
x After taxes, interest, depreciation, depletion, minority interest and other
charges.
10 Last complete annual report in Financial Chronicle Mar. 11 '33, P. 1715
Underwood Elliott Fisher Co.
[Including Elliott-Fisher Co. and domestic subsidiaries.]
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net prof. after exp. &
$606,704 def$184,004
charges
$972,747 def$105.467
Other net income
28,554
43,614
152,967
66,326
(Exclusive of Canadian Affiliate)
1933.
9 Months Ended Sept. 30$220,097
Loss from plant operation
467,590
Other income
1932.
$145 205
474,453
Total income
Depreciation
Federal tax reserve
Total Income
Depreciation, Federal taxes, &c
$329.248
86.065
$539,954 loss$305,812
Net profit
$840,056 loss$451.499
Earns. per sh.00 666.448
shs. corn. stk.(no par)
Nil
$0.73
Nil
$1.01
IcarLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1393
and Feb. 18 '33, p. 1219.
$247,492
74,986
$172,506
$243,183
Net income
-L
at ast complete annual report in Ftnancial Chronicle Apr. 8 '33, p. 2443
3635.258 def$140.390 81,039,073
73,664
161,616
166,437
21,640
3,806
32,580
347.500
484,313
14.686
2972
Financial Chronicle
United Biscuit Co. of America.
(And Subsidiaries)
Period End.Sept 30
- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after deprec..
Int.. Fed. taxes. Ste__
$293,200
$646,785
8710.446
$184,342
Earns. per sh.on 450.325
shs. corn. stk.(no par)
$0.59
$1.27
$1.41
$ 0.36
tag Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1736
-
United Corp. (of Delaware).
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
x Divs. & int. received__ $2,847.457 $3,636,756 $9,286,112 $11,189,323
Interest paid
425.963
321.680
140,736
89,889
Current expenses
251,480
301.675
524,396
88,233
Net income
$2.506,088 $3.407,787 38.440.036 $10,461,685
Preferred dividends _ _ _ _ 1,866,513
5.599,540
5.599.537
1.866,509
Common dividends
4,358.692
2,905.892
1,452.947
Surplus
$639,575
$503.453
$88,331 def$65,393
Earns, per sh.on 14,529,465 shs. coin.stock (no
par)
$0.04
30.33
30.19
$0.11
x Exclusive of dividends paid in stock.
'0 Last complete annual report in Financial Chronicle Jan. 21 '33, p. 494
and Jan. 14 '33, p. 340.
United States Realty & Improvement Co.
(And Subsidiaries, Exclusive of Geo. A. Fuller Co.)
Earnings for Nine Months Ended Sept. 30 1933.
Net operating income from real estate (before depreciation)--- $956,717
Other income. incl. int. and divs. received and net loss (before
depreciation) from hotel operations
Dr67.722
Depreciation
439.323
General and corporate expenses of parent company
104.234
Interest charges on mortgages, debentures, &c., including
amortization of debt discount and expense
997.116
Federal and State taxes
52.498
Net loss
Consolidated earned surplus as at Dec. 31 1932 (Excluding surplus of Geo. A. Fuller Co. and subsidiaries. $107.192)
Adjustment of Federal tax accruals of previous years
Profit on bonds retired through sinking funds
$704.177
100.953
54.639
36.896
Consolidated deficit as at Sept. 30 1933
$511.688
Note.
-In view of the fact that the income of the Geo. A. Fuller Co. and
Its subsidiaries continues to be insufficient to cover the accumulating prior
preferred and second preference stock dividends, it has been considered
desirable to exclude the accounts of the Geo. A. Fuller Co. and Its subsidiaries from the consolidated statements.
arLast complete annual report in Financial Chronicle Jan. 21 '33, p. 487
Waldorf System, Inc.
Period End.Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Customers
12,408,996 12,698,733 39.590.167 40.988,649
Total sales
33.064,150 33.225,392 39,434.996 310.555.368
Net profits after deprec.,
amortization & taxes_
44,786
44.255
def63,358
357,476
Earns, per sh. on 438.219
shs. corn. stk. (no par)
80.10
$0.10
Nil
80.81
III Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2991
-
Westinghouse Electric & Manufacturing Co.
Period End.Sept.30-- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Orders received
322.547.717 814.126.064 352.953.482 854.857.938
Sales billed
17,474.213 17,482,376 46.562.269 58.875.094
Net loss after deprec..
1,513.645
taxes, &c
2,715.122
7.083.661
5.917,250
Unfilled orders have increased from a low point of $23.337.000 to $28,508.000 as of Sept. 30.
ra"Last complete annual report in Financial Chronicle Mar. 18'33, p. 1876
Yosemite Holding Corp.
Earnings for the 3 and 9 Months Ended Sept. 30 1933
3 Months. 9 Months.
$2
Interest received
$33
Dividends received
146
Total
Transfer agents' fees
Printing and stationery
Legal and accounting fees
Taxes
Miscellaneous expenses
82
173
96
521
10
118
$917
Excess of expenses over income (without giving
effect to security transactions)
$179
1.415
604
771
57
301
$2,970
(L. A.) Young Spring & Wire Corp.
(And Subsidiaries)
9Months Ended Sept. 30Gross after depreciation
Other income
1932.
$288.952
106.526
$1.011.676
484.673
17,905
76,500
Total income
Expenses
Interest isc unt and other charges
,
Federal taxes
1933.
3914.276
97.400
$395.478
458.883
14.450
$432,593 loss$77.855
Net profit
Nil
$1.11
Earns, per sh. on 388,198 shs. cap.stk.(no par)--For the quarter ended Sept. 30 1933, net profit was $196.293 after charges
and taxes equal to 50 cents a share comparing with net profit of 3227.861
or 59 cents a share in the preceding quarter and a net loss of 3139.310 in the
September quarter of 1932.
PrLast complete annual report in Financial Chronicle Apr. 29 '33, p. 2995
Zenith Radio Corp.
3 Mon'hs Ended July 31Operating profit
Expenses
Depreciation
1933
$75,344
46.182
20.826
1932.
$22.077
74.075
23.844
1931.
372.445
104.255
26.701
Profit before Federal tax
88.336 loss$75.842 loss$58.511
"Last complete annual report in Financial Chronicle July 1 1933, p. 160
Zonite Products Corp.
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
'
Net profit after charges
8523,251
$350.623
3120.035
3132.075
& taxes
Earns. per sh.on 845.556
$0.14
80.62
$0.41
$0.15
shs.cap.stk.(par 31)"Last complete annual report in Financial Chronicle April 29'33, p.2995
Oct. 21 1933
FINANCIAL REPORTS.
Power Corporation of Canada, Ltd.
(8th Annual Report-Year Ended June 30 1933.)
President A. J. Nesbitt says in part:
During the year the company paid off all bank loans, totaling 8828,000;
and purchased and canceled a further 8435,000 of its 43 % and 5% debentures, making a total reduction of $1.119,000, of its outstanding debentures redeemed and canceled to June 30 1933. Operating expenses were
reduced from $426,000 In the previous year to $311.000 for the current
year.
The combined value of investments In, and advances to, controlled and
affiliated companies, and other investments, based on available market
prices or estimated fair value, as at June 30 1933, amounted to $25,282,296.
At a special general meeting of shareholders held on Aug. 25 1933, approval was given to the repealing of by-law "F" and confirming of by-law
"G." reducing the capital by $12.973,375. thus enabling the company to
write down the value of its investments to 327.320,434, against a market
value, as at June 30 1933, of $25,282,000. With improved economic and
market conditions it is fully expected that part of this depreciation in
capital may be recovered in the future.
Company, which is primarily a utility holding, management and engineering company, interested in the development of hydro-electric companies
throughout Canada, controls and (or) is closely associated with companies
In Canada having total power developments of 758,000 h.p. and undeveloped sites capable of 1,281,450 h.p. additional, with gross earnings for
the past year of about 826,232,873.
Directors have every confidence in the future of the light and power
Industry, and believe that any improvement in business will result in
Increased demand for power, with consequent increase In earnings of the
utility Companies in which corporation is Interested.
INCOME ACCOUNT-YEARS ENDED JUNE 30.
1932.
1933.
1931.
1930.
B3venue
$1,485,341 31.929.473 32,654,687 82.784,681
Profits on securitiesy757.717
x918.231
Gross earnings
Expenses
Taxes
Interest
Surplus for year
Surplus forward
Prior years adjust
$1,485,341 81,929.473 $3,412,404 33,702.912
311,785
426.805
434.020
363,919
5.329
7.851
53,691
128.288
623,160
828.556
747.374
731.747
8545,067
1,805.700
8666.261 82,177.319 32.478.958
3,531.562
3,491.304
2.502.919
280.485
Total surplus
32.350.767 34.197.823 35.949.106 34.981,877
Div. on cum. preferred_
300,000
300.000
301 000
300.000
Div. on non-cum. pref
300,000
300.000
300,000
300.000
Dividend on common,.
743.443
817.545
890,573
Loss on sale of securities.
738.481
1,043.998
Trans. to invest. res.
1.000,000
Total surplus
$1.012,286 31,810.382 $3.531.562 $3,491,304
Earns, per sh, on corn..
Nil
30.15
$3.54
$4.21
x After providing an investment reserve for 32,000.000. y Before providing for $900.549 of losses on sales of securities which was charged direct
to investment reserve.
COMPARATIVE BALANCE SHEET JUNE 30.
1932.
1933.
1933.
1932.
s
Assets
Liabilities$
s
$
Cash
100,543 Loans
51,563
828,562
Gaaranteed
Notes payable
de685,449
mend loan reAccts. pay. & accr.
ceivable
150,000
liabilities
212,966
259,079
Inv. In com.stocks
Dividends payable 150,000
150,000
of and adv. to
Cony. debentures_11,454.700 11,889,700
1y27,320,434 26,534.817 1st cum.6% pref_ 5,000,000 5,000,000
affil. cos
Other Investrn'tsi
116,635,538 Non-cum.6% part
Accts. receiv. Incl.
Preferred
5,000,000 5,000,000
277,274 x Corn, stk. & sur_ 6,012,286 19,779,857
accr. revenues__ 260,803
44,475
47,151
Aliscell. assets____
27,829,953 43,592,644 Total
Total
27,829,953 43,592,648
x Represented by 446.153 no par shs. In 1933 and 446.088 In 19:32. y After
deducting $12.973.375 applied to write-down investment and as transferred
from reduction in paid-up capital.
-V. 137. p. 1765, 1242.
American Window Glass Co.
(Annual Report-Year Ended Aug. 25 1933.)
COMPARATIVE INCOME ACCOUNT STATEMENT.
Years EndedAug.25'33. Aug. 26'32. Aug. 28'31. Aug.29'30.
Net profit from oper.
before prov for deprec $357.093
$176,080
$709,852
p197.425
Other income, interest,
royalties &c
3.965
22.763
109,571
64,162
Net prof. before deprec $361.058
3198.843
$819.423
$261.587
Prov. for depreciation__
213.593
260.791
291.887
288.882
Adrninis.. sell., develop.
& shut-down expense_
591.359
699.156
1.132.728
1.674,986
Loss for year
$443.895
3761.104 31.702 280
$605.190
Previous surplus_
def696.378
46.029
2.627,032
1,733.456
Res. for Fed. Inc. & prof.
transf, to surp
taxes
2,715.116
Net refund of Federal income tax
357,185
Net cr.'s applic, to prior
year's operations
18,697
Salvage val, of equip. &
materials charged off
In prior years
14,853
Total
$1.932,028 def$696,378
$46,029 $2,021,842
Assets discarded & exps.
in connection with dismantling of cylinder
process
288,386
Loss on sale of abandon'd
property
38.471
Surp. at end of year.., $1.893,558 def$696.378
$46.029 $1.733,456
COMPARATIVE CONSOLIDATED BALANCE .SHEET.
[American Window Glass Co.. American Photo Glass St Export Co.,
and Western Pennsylvania Natural Gas Co.]
Aug.25'33, Aug.26'32.
Aug.2513. Aug.26'32.
Assets$
$
Cash
158,623
132.298 Accounts payable_ y126,274
76.599
U.S.Treas.etre.&
Reserve for taxes.
bonds & accrued
dre
2,714,208
int. thereon_
31,597 7% preferred stock 3.995.000 4,000,000
Notes & accts. rec.,
7% cum. class A
less reserve for
etock
6,991,500 7,000.000
doubtful accts._ 245,559
104.840 :Common stock 5,995,615 6,000,000
Inventories
1.127.136 1,546,522 Surplus
1,893,558 def696,378
Other assets
38,001
27,004
IL 8. Treas. dep.
refund
357,185
Plants, real est. &
goodwIll,less res,
for depreen and
obsolowence
17,040.521 17,197.228
37.055
Deferred charges
34,922
17.885
Treas., cap. stock10.001.043 10.094.430
Total
Total
10.001.548 10,094,430
x Represented by 129.005 no par share. y Includes accrued liabilities.
Note.
-Dividends have accumulated on the pref. stock from Sept. 1 1929
and on the class A capital stock from Oct. 1 1927.-V. 136, p.3165.
Financial Chronicle
Volume 137
General, Corporate and Investment News
STEAM RAILROADS.
Surplus Freight Cars.
-Class I railroads on Sept. 30 had 380,088 surplus
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was a reduction of 6.188 cars compared with September 14, at which tima
there were 386,276 surplus freight cars.
Surplus coal cars on Sept. 30 totaled 106,038, an increase of 8,331 cars
above the previous period, while surplus box cars totaled 223,001,a decrease
of 12,170 cars compared with Sept. 14.
Reports also showed 20,633 surplus stock cars, a decrease of 1,485 compared with Sept. 14, while surplus refrigerator cars totaled 9,768, a decrease
of 2,107 for the same period.
Matters Covered in the "Chronicle" of Oct. 14.-(s) Gross and net earnings
of United States railroads for the month of August, p. 2692; (b) Western
railroads to reduce fares for six-month period, beginning Dec. 1; executives
approve rates of three cents a mile one way, 2Si cents round trip, and
27547
elimination of Pullman surcharge; step to meet motor competition,
(c) Joseph B. Eastman attacks railroad subsidies of coal mines; Federal
Transportation Co-ordinator recommends that carriers cut rates to aid
mines rather than pay bonuses for fuel; also proposes standardization of
lumber and equipment, p. 2754.
Atchison Topeka 8c Santa Fe Ry.-Operation.-
-S. C. Commission on Oct. 10 issued a certificate authorizing
The I.
(a) the Atchison Topeka & Santa Fe Ry. Co. to operate over a line of
railroad of the Denver & Rio Grande Western RR. from a point opposite
the Denver's milepost 145.74 in a general westerly direction to the latter's
milepost 147.12, about 1.38 miles, and (b) to the Denver to operate over
the track of the Atchison between the same points, all in Fremont County.
Colo.
The proposals will have the effect of giving each of the applicants a
double track between the termini covered by the joint application which,
it is stated, will increase the convenience, economy and safety of operation
of each applicant, and will in no way alter the classes of service performed
by them. Each has one main line track within the limits of the proposed joint arrangement. The applicants state that the common use
of the tracks of each other will increase the flexibility of operation in that
it makes available a siding for a train of each company at the same time,
and provides a common third track for use of the locomotives in such
trains in the necessary switching. The proposed operation would not
-V. 137. p. 2630.
effect any change in the interchange of traffic.
-Securities.
Baltimore & Ohio RR.
-S. 0. Commission on Oct. 7 modified its previous order (V. 135.
The I.
1). 1409) so as to set aside the authority therein granted to issue not exceeding $3,000,000 3
-year 534 IN, convertible secured notes and to pledge
as collateral security therefor $5,000,000 ref. & gen. mtge. 6% bonds.
series C, and supplemented so as to authorize the pledge and repledge from
time to time to and including Dec. 311935, of all or any part of the $5.000,000 of the series C bonds as collateral security (1) for any note or
notes issued under the provisions of Sec. 20A(9) of the Inter-State Commerce Act; (2) in substitution for, or in equalization of. existing collateral
under existing loans maturing within two years; (3) for loans maturing
more than two years from date, or (4) for several of these purposes.
The supplemental report of the Commission says in part:
Our order of Aug. 11 1933 authorized the company (1) to issue $5.000.000
of Pittsburgh Lake Erie & West Virginia system ref. mtge. 4% bonds
upon the deposit with the trustee of the ref. mtge. of $5,000,000 of Cleveland Lorain & Wheeling Ry. consol. 1st mtge. 5% bonds; (2) to issue
$5,000,000 ref. & gen. mtge. 6% bonds, series C, upon the deposit with
the trustee of the ref. & gen, mtge. of $5,000,000 of Pittsburgh Lake Erie
& West Virginia system ref. mtge. bonds, and (3) to issue not exceeding
$3.000,000 3
-year 555% cony, secured notes, to be collaterally secured
by the pledge of not exceeding $5,000,000 of the ref. & gen. mtge. 6%
bonds, series 0, therein authorized to be issued.
On Sept. 30 1933 the applicant filed a petition requesting that the order
of Aug. 11 1933 be modified and supplemented. Specifically, it seeks
the revocation of the authority heretofore granted to issue not exceeding
-year cony, secured notes and requests authority to pledge
$3.000,000 3
and repledge from time to time all or any part of the 85,000,000 of ref. &
gen. mtge. 6% bonds, series C, as collateral security for any loan or loans
which, subject to the limitations of paragraph 9 of Soc. 20A of the Interstate Commerce Act, do not require our prior approval, or in substitution
for or in equalization of existing collateral under existing loans maturing
not more than two years from date, or as collateral for loans maturing
more than two years from date, or for several of these purposes.
The applicant states that, due to changed conditions, it does not propose to issue any of the notes which it was herein authorized to issue.
It will. instead, temporarily advance from its treasury sufficient cash
to pay at maturity the $5,000,000 of Cleveland Lorain & Wheeling Ry.
consol. 1st mtge. bonds until the treasury is reimbursed from the proceeds
of sale of the ref. & gen. mtge. bonds, series C. Pending such sale it
will obtain short-term loans secured by pledge of the series C bonds. The
authority to be granted to pledge the bonds will not extend beyond Dec.
311935. and the pledges will be restricted to a ratio of not exceeding $125
of bonds in value at their prevailing market price at the time of pledge
to each $100 face amount of notes or loans.
$63,250,000 Bond Plan Fully Approved as Two Objectors
File Holdings of $5,000.
The New York "Times," Oct. 14 had the following:
"Bonds identified as having been carried in the names of the only objectors
to a plan by which the 13. & O.successfully met the maturity of $63.250,000
of bonds on March 1 have been deposited under the plan. it was disclosed
Oct. 13. About 99.9% of the bonds were deposited under the plan.
George LeBoutillier of Ridgefield, Conn.. who, with Mrs. LeBoutillier,
the bonds, announced last November that they would opheld $5,000
pose the plan and seek to rally the support of savings banks against it.
.A few days ago the B. & 0.received through banking channels the securities
which the company had carried on its books as being held by Mr. and Mr .
Le Boutillier.
"The B. & 0.'s plan, which provided for payment of tho maturity onehalf in cash and ono
-half with new securities, was the first one to include
an offer of a down cash payment as an inducement for prompt deposit.
its success enabled the company to meet the largest bond maturity of any
railroad to fall duo this year.
Commission Acts to Let B. & 0. Cut Some Service.
-S. O. Commission made public Oct. 19 an order authorizing the
The I.
B.& 0.to file tariffs, canceling further operations over several routes of the
Buffalo Rochester & Pittsburgh RE- which it owns. This was taken as a
step toward economies in railroad operation.
Final approval by the Commission of the proposed tariffs is required
before the routes can be discontinued, but its permission to the parent
company to file the new tariffs is considered tantamount to final approval,
pending the submission of any new evidence by prospective opponents.
The New York "Times" commenting on the action of the Commission
says in part:
The present action was regarded as particularly significant in that it
paves the way for release of the B. & 0. from the condition originally laid
down in its authorized acquisition of the Buffalo Rochester & Pittsburgh.
In that case the Commission conditioned its approval upon the parent
road's keeping open the existing routes and channels of trade of the road
acquired. The condition has been laid down repeatedly in such cases.
Release of the 13. & 0. from the requirement, over the protest of the
Buffalo Chamber of Commerce, has been accepted as an expression of the
Commission's desire for greater operating economies where they can be
achieved through discontinuance of circuitous routes or duplicated services.
The B. & 0. applied jointly with the subsidiary road for relief in so far
as the condition applied to certain routes said to be circuitous. It was
argued that economic conditions demanded that every effort be made to
reduce railroad operating costs and that a possible step in that direction
would be the discontinuance of routes found to be circuitous and uneconomical.
2973
M
In its finding the Commission specified:
"Inasmuch, however, as the record is devoid of specific information as to
the extent of the use of any of these routes and the net effect of their discontinuance upon the public interest, our order will authorize only the filing
of proper tariffs of cancellation, subject to objection and other subsequent
procedure provided by the general provisions of the act for determining the
propriety of tariff changes."
-V . 137, p. 2269.
California-Western RR. & Navigation Co.
-To Refund
Bonds.
The I.
-S. C. Commission on Oct. 6 authorized the company to issue
not exceeding $495,000 6% 1st mtge. bonds to be exchanged at par for
a like amount of 6% 1st mtge, bonds which will mature Oct. 11934. The
holders of more than 93% of the outstanding bonds have indicated their
willingness to make the exchange.
The proposed bonds will be issued under and pursuant to, and will be
secured by, an indenture to be dated April 1 1933 to be made by the company to the Anglo-California National Bank of San Francisco, as trustee.
They will be dated April 1 1933, will be issued as coupon bonds, registerable as to principal in the denom. of $1,000, and will be redeemable as
a whole or in part on any int. date at 102 and int. Int. payable A. & 0.
Bonds will mature Oct. 1 1944. The proposed mortgage also provides
for the establishment of a sinking fund whereby the company will pay
to the trustee on April 1 in each year. beginning April 1 1934 and ending
April 1 1944, various sums amounting to $295,000 to be used to purchase
or redeem outstanding bonds.
The bonds will be guaranteed as to principal and interest by the Union
Lumber Co. which owns all the capital stock except directors' shares.V. 127, p. 949.
-Withdraws Plea.
Central RR. Co. of N. J.
The company has withdrawn from the 1.-S.C. Commission its application,
filed in 1931, proposing to acquire control of the Raritan River RR. Co.
by purchase of majority stock. The application was dismissed by the Commission with the consent of the carrier incident to the attempt of the
Federal Rail Board to clear its docket of long pending cases. The application was never prosecuted and did not come to a hearing. The Pennsylvania RR., however, served notice of its intention to oppose the Jersey
Central proposal.
-V. 137, p. 2458.
Chicago &_North Western Ry.-Review Is Denied on
Tax Issue.
Review of a lower court decision holding that an allowance of $3.263,523
made by the Government to the road did not constitute a taxable income
to the carrier in 1920 was denied by the United States Supreme Court
on Oct. 16.
The case is one of the many now pending which grew out of Government
operation of the railroads during the war. The Government agreed to
return the railroads to their rightful owners in as good repair and in substantially as complete equipment as it was on Jan. 1 1918. At the end of
Federal control the Chicago & North Western filed a claim with the Director-General which included an item of $33,889,023 for undermaintenance.
The Director-General and the carriers executed a final settlement in September, 1931. according to which the taxpayer was allowed $8,191,905 for undermaintenance. The carrier's operating expenses for the year 1920 exceeded
$55.000.000.
The Commissioner of Internal Revenue disallowed the entire amount of
$8.191,905 from the taxpayer's deduction for operating expenses during
1920 and an appeal was made to the Board of Tax Appeals, which sustained
the Commissioner to the extent of $3,263,523. Both the carrier and the
Commissioner appealed to the Circuit Court, which decided that no part of
the sum of $8.191,905 should be included in the taxpayers' income.
"The question involved in this ease," the Government's petition claimed.
"Is presented in many cases involving large sums of moeny, and should be
settled by this Court in order to avoid extensive litigation. According to
advice from the Treasury Department, there are now pending before the
Board and Bureau 12 cases involving undermaintenance where tax liability
amounting to over $4,000,000 is in question. The Director-General made
settlements with the railroads on account of the undermaintenance to the
extent of more than $200,000,000, and the question of how these settlements
now should affect the income taxes of the railroads is a matter of importance."
Bond Authorization.
-S. C. Conunission
The company has requested authorization of the I.
to procure the authentication and delivery to it of $7,725,000 of 5% 1st
refunding mtge. bonds, series E. The issue will be used to refund a like
amount of its Fremont Elkton & Missouri Valley RR. 6% consol. mtge.
bonds which matured Oct. 1 1933.
The carrier is handling its Elkhorn maturity by paying 50% in cash
and the remaining half in new bonds.
The New York Stock Exchange has stricken from the list Fremont
Elkhorn & Missouri Valley RR. consol. mtge. 6% bonds, due Oct. 1 1933
-V. 137, p. 2630.
(stamped 10% paid).
Chicago Rock Island 8c Pacific Ry.-Tentative Value.
-S. C. Commission has placed a tentative valuation for rate making
The I.
purposes upon the common carrier properties" of this company and its
affiliated lines of $437,176,012 as to used properties, $1,716,729 fcr leased
property and $8.738.130 for non-carrier property, all as of Dec. 31 1932.
The appraisal included $6.011,750 for working capital.
The report carried separate figures for the Rock Island itself and 11 subs.
which are included in the move to integrate its properties as has been
-S. C Commission in a recent order. The separation
authorized by the I.
placed a value of $430.495,000 on these properties excluding $1,716,729 for
and $8,734.462 for non-carrier property. This separation
leased properties
was shown pursuant to the now repealed requirement of the valuation law
which compelled the ascertainment of rail valuations as a prerequisite to
merger approval. This requirement was abandoned under the amendment
to the valuation law in the Emergency Railroad Act.
The report also showed that the cost of reproduction new for the total
owned property of the system as a whole was $556,845,723 and for total
used property, $577,362,331. Cost of reproduction, less depreciation, for
the total owned properties of the entire system was placed at $382.480,488
and $387,453,226 for total used properties
Abandonment.
-S. C. Commission for
The company has requested permission of the I.
authority to discontinue operation of the White & Black River Valley RR.
-mile line between Brinkley and Newport, Ark., with a six-mile branch
a 53
between Wyville and Gregory, Ark.
-V. 137, p. 2803.
-
Delaware 8c Hudson RR, Corp.-Membership-on:Board
Denied.
-S. C. Commission on Oct. 13 refused William Vincent Astor perThe I.
mission to serve as a director of the above corporation.
This action was based on the fact that Mr. Astor is now a director of the
Great Northern Ry. and of the Illinois Central RR.
The Commission cited its report on consolidation of railroads, in which
it said that if the proposed systems were to perform their functions properly
and preserve competition they must be independent in fact besides in name.
Commissioner Charles D. Mahaffie dissented, holding that there is no
relationship between the Great Northern, the Illinois Central and the
Delaware & Hudson, and that for Mr. Astor to serve as director of all
three would not tend to reduce competition.
-V. 136, p..3153.
Denver & Rio Grande Western RR.
-Operation.
See Atchison Topeka & Santa Fe By. above.
-V. 137. P. 2631.
Fort Benning RR.
-Acquisition Denied.
The finding in the original report (V. 136, p. 4454) that the
-present and
future public convenience and necessity require acquisition and operation
by the Fort Benning RR., under lease and operating agreement, of a line
of railroad in Muscogee and Chattahoochee counties, Georgia, has been
2974
Financial Chronicle
reversed and the certificate rescinded by the I.
-S. C. Commission.
-V.136.
p. 4454.
International Rys. of Mexico.
-New President.Marte R. Gomez, Under Secretary of Finance, has been elected President
of this company and has taken his new post. He succeeds Alberto Pani,
former Minister of Finance, whose resignation from the Ministry carried
with it his resignation from the railway post. General Miguel Acosta.
Minister of Communictaions, continues as Executive Vice-President.
V. 133. p. 3250.
Kansas City Southern Ry.-Relieved from Compliance
with Texas Office Law.
The company has been relieved by the I.
-S. C. Commission from compliance with the Texas law which requires the maintenance of the general
offices of the Texarkana & Fort Smith RR. at Texarkana, Tex. incident
'
to the lease of the latter line by the K.0.8. The order overrules an earlier
ruling by the Finance Division which required the K. C. S. to eliminate
from its lease of the Texarkana & Fort Smith properties a provision whereby
the K. C. S. relieved itself of any obligaiton to comply with the Texas law
In this respect.
The Commission said the lease of these lines by the K. C. S. was in harmony with and furtherance of the plan for the consolidation ofrailroad properties heretofore established by the Commission and vrill promote the public
Interest. Commissioners McManamy, Aitchison, Farrell and Lee joined
In a dissent written by the first named member.
-V.137. p.2631.
Kansas City Terminal Ry.-Application for RFC Loan
Withdrawn.
The company has withdrawn its application to the I.
-S. C. Commission
for authority to borrow $700,000 from the Reconstruction Finance Corporation filed Oct. 31 1932.-V. 135. p. 4031.
Little Kanawha RR.
-Abandonment.
The I. C. Commission on Oct. 10 issued a certificate permitting (a) the
-S.
company to abandon part of its line of railroad, and (b) the Baltimore &
Ohio RR. to abandon operation thereof. The part of the road to be abandoned extends from Placid Station to Owensport, 20.98 miles, all In Wood
and Wirt Counties, W. Va.-V. 124. p. 2743.
Middletown & Unionville RR.
-Interest Payment.
The company will pay 1 W% interest on its adjustment income mortgage
bonds Nov. 1 1933 at the Bankers Trust Co., 16 Wall St.. N. Y. City,
upon presentation of Coupon No. 36, being interest for the six months'
period ending April 30 1933.-V. 131, p. 2692.
New Orleans Texas & Mexico Ry.-Deposit of Bonds
Urged.
G. H. Walker, Chairman of the protective committee for the 1st mtge.
gold bonds, series A, B C & D, and non-cumulative income (secured)
bonds, series A, in a notice to holders on Oct. 19 urges prompt deposit of
the bonds with the committee's depositary, Chase National Bank of New
York, in order that the committee may properly represent them in forthcoming reorganization proceedings.
I. The committee calls attention to the fact that the company has defaulted
on all series of these bonds. Its properties are being operated by trustees
under the direction of the U. S. District Court and in due course a plan of
reorganization must be submitted, pursuant to the provisions of the Bankruptcy Act. Edward F. Hayes,44 Wall St., is Secretary of the committee.
-V. 137, p. 1577.
Okolona Houston & Calhoun City Ry.-Stock Authorized.-S. C. Commission on Oct. 6 authorized the company to issue
The T.
$5,000 common stock (par $100) to be distributed at par to the incorporators in repayment of advances and in payment for services rendered.
The report of the Commission says in part:
The applicant was incorp. In Miss. in April 1933 with an authorized
capital stock of $5,000. By certificate and order of May 13 1933 it was
authorized to operate a line of railroad extending from Okolona to Calhoun
City, 37.74 miles, in Chickasaw and Calhoun counties, Miss., the property
of the Southern Ry., formerly operated by the Mobile & Ohio RR. or
its receiver.
The applicant shows that the incorporators have expended $880 in
connection with its organization, the acquisition of the property, securing
the certificate of convenience and necessity, and other expenses incident
thereto, and that they have rendered services in connection with the
organization of the corporation of the agreed value shown hereby, as
follows: Eugene B. Ethridge, $1,000; T. A. Rhodes. $500. and W. N.
Ethridge, $2,619; total, $5,000. The proposed shares are to be issued at
par and distributed to the three organizers in repayment of advances
made for expenses and in payment for services rendered. See also V.
136, p. 3717.
-Tenders.
Pennsylvania Co.
The Girard Trust Co., trustee, Philadelphia, Pa., will until 12 m. on
Oct.31 receive bids for the sale to it of.40-year guaranteed gold trust certificates, series E. due 1952, to an amount sufficient to exhaust $100,000 at a
-V.137. p. 1577.
price not exceeding par and interest.
-I.
-S. C. Commission Wins Review
Pennsylvania RR.
in Rail Stock Case-Supreme Court Will Pass on Company's
Purchases of Wabash and Lehigh.
The right of the Pennsylvania RR. to acquire 30% of toe stock of the
Lehigh Valley RR. and 49 % of the Wabash, which in turn owned about
19% oft ,e Lehign stock, will be passed upon by the U. S. Supreme Court,
which on Oct. 16 granted to the 1.-S.C. Commission a review of this issue.
The Commission on Dec. 6 1930 charged the Pennsylvania RR. and the
Pennsylvania Co., a nolding corporation, with violating the Clayton Act
by buying this stock. The effect, the Commission said,"may be," to lessen
competition substantially between toe Pennsylvania and the two other
systems.
When the Pennsylvania took the case into court, however, the Third
Circuit Court of Appeals held that the purchase was made "solely for
Investment," and thus there could be no prosecution under the Clayton
law. The Supreme Court now grants a writ of certiorari from the Appellate Court's ruling.
The New York "Times" Oct. 17.in a Washington dispatch,further states:
Attacking the stock purchase, the Government asserts that evidence
showed that 73.31% of the Wabash and 49% of Lehigh traffic were competitive witn the Pennsylvania. It repeated the Commissions accusation
that the Pennsylvania's "predominant purpose" was "to secure such influence on the management of those companies as to insure their co-operation,
If not the actual use of their facilities, in improving the routes of the Pennsylvania between certain important gateways, particularly New York,
Buffalo, Coinage and St. Louis."
As "best proof" of whether competition "may be" lessened, the Department of Justice recites a story of alleged manipulations on the nation's
railroad chessboard by W. W. Atterbury, President of toe Pennsylvania,
and Leonor F. Loree of the Delaware & Hudson.
"It appears that tLe purchase of Wabash stock originated in an agreement between Mr. Atterbury and Mr. Loree, entered into for the purpose
of promoting a fifth system for which they hoped to gain Commission
approval in the plan of consolidation of railroads," the Government holds.
"This was by way of a defensive move against what Mr. Atterbury thought
to be a combination against the Pennsylvania by the Baltimore & Ohio,
New York Central and Nickel Plate in another consolidation plan."
After purchases of Wabash stock by Kuhn, Loeb & Co. on behalf of tne
Pennsylvania and Delaware & Hudson, and when efforts to effect the fifth
system were unsuccessful, it was decided that the agreement should be
abandoned, and after some negotiations the Pennsylvania bougnt the
Wabash stock held by the D.& If. and toe Lehigh stock which the D.&
had owned.
"The Pennsylvania RR.," the brief added, "had for some time definite
things which it wanted to accomplisn to round out its system: (1) A line
from the upper reaches of tne Susquehanna River across to the Delaware
River and into New York;(2) a line from the lower reaches of the Susquehanna around Harrisburg across to the Delaware River; and (3) a line on
the south side of Lake Erie, trackage rights to improve service from Detroit
to St. Louis, and a more direct line between St. Louis and Chicago."
Details of these needs, especially regarding Buffalo connections, were
recited.
Oct. 21 1933
"The other lines which the Pennsylvania regarded as antagonistic,"
the Government briefcontinued."would not accede to the plans oftne latter,
but proposed in their plan to allot to the Pennsylvania toe Grand Trunk
and the Chicago & Alton. For financial and political reasons, Mr. Atterbury concluded that toe Grand Trunk would not
advisable,and for financial reasons and because of controversies affecting it, the Chicago & Alton
was not considered available. Of the Wabash purchase, Mr. Atterbury
declared,'It was clear to me that Wabash gave me everything that the Grand
Trunk and toe Chicago & Alton did."
In its demand for review the Government asserted that the Supreme
Court had never before construed the phrase "solely for investment" in
Section 7 of the Clayton Act.
"We say." tne Government argued, "that to hold that an acquisition
which President Atterbury frankly admitted was for toe purpose of protecting the Pennsylvania against competing lines, of extending its influence and power as to traffic and otnerwise, 'is solely or investment' would
be to make the Clayton Act meaningless; and a construction of toe exception such as tnat made by the Circuit Court of Appeals would emasculate
Section 7."
Increases Number of Employees.
Since June 1, last, approximately 11.000 additional workers have been
given employment by the company, it was announced on Oct. 10. In
addition, many others who were on part time employment have had their
working hours extended.
Effective Oct. 16, the company reduced the number of furlough days
without pay which its clerical employees have been taking for some time
past to two days per month from four days per month. In July of this
year the furlough days were reduced to four a month from a total of six,
which had been in effect since March 1 1933.
No. of Stockholders Again Decline.
Pennsylvania RR. stockholders decreased in September for the sixth
consecutive month, the total on Oct. 1 being 240,237 as compared with
241,140 on Sept. 1 1933, a decrease of 913. The total also compared with
251,041 a year ago, a decrease of 10,804. The all-time peak in the number
of shareholders was reached on Sept. 1 1932. at 252,142, and the trend has
been downward since that time, although it was gradual at first, not falling
below the 250,000 mark until after the first of the year. March was the
last month to show an increase, with a gain of 33 stockholders. Decreases
by months since then have been as follows: April, 674; May, 2,013; June,
1,706; July, 2,182; August, 963, and September. 913.
Total number of stockholders on Oct. 1 was also the lowest in more than
two years, or since Aug. 1 1931, when the figure was 239,894. Average
holding on Oct. 1 was 54.81 shares, as compared with 54.60 on Sept. 1 and
with 52.45 on Oct. 1 1932. Widest distribution of stock was on Sept. 1
1932, when average holding was down to 52.22 shares. Number of shares
of stock outstanding was 13,167,696, an increase of 3 shares over a year
ago. (Philadelphia "Financial Journal.")
Store-Door Service on Dec. 1.
The company announced Oct. 19 that its tariff covering store-door
collection and delivery of less-than-carload merchandise freight throughout the entire territory of the system, will be filed on Oct. 28 to be effective
Dec. 1. The tariffs have been completed and will be filed with the Federal
and State commissions.
Toe new service will combine the efficiency of the railroda for the stationto-station haul with the flexibility of the truck in terminal areas, and will
give the shipping and receiving public complete door-to-door service for
merchandise freight.
-V. 137. p. 2804.
St. Louis Iron Mountain & Southern Ry.-Interest.L. W. Baldwin and Guy A. Thompson, trustees of the Missouri Pacific
RR., in a notice to holders of St. Louis Iron Mountain & Southern Ry..
River & Gulf Division, 1st mtge. bonds,says:
Payment of interest due Nov.1 1933 has been authorized by order entered
of record Sept. 27 1933 by the U. S. District Court, Eastern Division,
Eastern Judicial District of Missouri. In the absence of coupons covering
this interest, bonds should be transmitted at owner's risk, direct or through
local banks, to J. P. Morgan & Co., New York City, paying agent, who will
return the bonds at owner's risk with notation of interest payment stamped
-V. 119, p. 812. -al
on bonds, together with remittance for interest due.
Sumpter Valley Ry.-RFC Loan Increased.
The I.
-S. C. Commission on Oct. 10 announced that it had increased to
$100,000 from the $68.500 previously authorized by it the amount the
company may borrow from the Reconstruction Finance Corporation.
The supplemental report of the Commission says in part;
The $68,500 loan previously approved (V. 135, p. 3102) has never been
consummated. It was sought, in the main, to pay obligations from which
the applicant's affiliated interests would have substantially benefited,
furnishing them with working capital for a contemplated expansion of
production.
The applicant has now filed with us a supplemental request, asking that
the amount of the loan approved be increased to $100.000. supporting its
application with data to show the improvement in its earnings since the
application was considered and its ability to repay the loan if made. It
seeks funds to apply to the following obligations;
$35,000
Interest as of July 1 1933 upon first mortgage bonds
15,000
Sinking fund requirements under that mortgage
21,400
Taxes
29,000
Note for $100,000 to the Oregon Lumber Co
$100.400
Total
It is stated that through the payment of $29,000 on the note of $100,000
to the Oregon Lumber Co. at this time, although the note in quesison
will not mature until Jan. 11943. arrangements will be completed to relieve
the carrier of liability on a note for $75.000 due the First Securities Corp.,
a part of which was to be paid from the proceeds of the loan already an
proved.
As security for the loan the applicant offers the pledge of $288,000 of ita
first mortgage bonds, which amount is stated to be sufficient to control
the issue. These are a part of $574.500 of such bonds, which were outstanding on June 30 1933, and will be made available for pledge by loans
to the applicant of $218.000 of bonds by the lumber company and $70,000
by the David Eccles Co. Though the reversionary interest in these bonds
will remain in their present owners, we are not asked to auhtorize the surrender of interest coupons from them. On the contrary, a willingness has
been indicated to apply to the payment of the principal and interest of the
loan the amount of the interest that would be accruable on the Pledged
bonds. The bonds are to bear the guaranty of the David Eccles Co.,
and as a further assurance of the payment of the loan, if made, the endorsement and guaranty thereof by the lumber company is tendered.
-V. 135,
p. 3351.
-Abandonment and Trackage.
Texas Midland RR.
The I.
-S. C. Commission on Oct. 3 issued a certificate authorizing:
(1) Texas Midland RR.and Texas & New Orleans RR.as lessee to abandon
that part of tne line of railroad of the former, operated by the latter as
lessee, which extends from Greenville in a northeasterly direction to Commerce, approximately 14.2 miles, in Hunt County, Tex. (2) Texas Midland RR. and Texas & New Orleans RR. to operate under trackage rights
over an adjacent line of the St. Louis Southwestern Ry.Co. of Texas between
the points stated under the terms of a trackage agreement provisionally
executed on July 5 1933.
All the capital stocks of tne companies, except directors' qualifying
-V.126, p. 1192.
shares in each case, are owned by toe Southern Pacific Co.
-Valuation.
Union Pacific RR.
The I.
-S. C. Commission has issued a so-called valuation for rate-making
purposes of $501,258,082 on the common carrier properties of the Union
Pacific RR. System as of 1916, 1917 and 1919, the dates used in appraising
the various contingent properties. The sum of $15,845,234 was included
for working capital.
The Commission found the company had $243.440,000 of property owned
and used for common carrier purposes. $980,852 owned but not used and
$628,116 of property used but not owned as of June 301919.
Included in the valuation are the figures for the following subsidiaries:
Oregon Short Line, owned and used, $104.000,000; owned but not used.
$2,076,920, and used but not owned, $8,052,715.
Oregon-Washington RR. & Navigation Co., owned and used, $121,748.600: owned but not used, $8,679,813. and used but not owned, $6,210,826.
Des Chutes RR., owned but not used. $5.750,000.
St. Joseph & Grand Island Ry., owned and used, $7,741,764; owned but
not used, $7,930; used but not owned, $452,185.
Ogden Union Depot,owned and used, $967,058, and used but not owned.
$853,000.
Northern Pacific Terminal, owned and used, $6,872,612; owned but not
used. $54,177, and used but not owned, $176,006.
Leavenworth Depot owned and used, 3115,200.-V. 137, p. 2271.
Wabash Ry.-To Pay Interest.
Federal Judge Davis has authorized the payment of semi-annual interest
due Nov. 1 in amount of $847,275 on Wabash RR. 1st mtge. 5s, together
with semi-annual interest due in the amount of $4,000 on Columbia &
St. Louis lilt. 1st 4s. The order also authorizes the receivers to spend
not to exceed $40,160 for purchase of Wabash RR. Detroit & Chicago
extension 1st 5s to meet sinking fund requirements on this issue due Dec. 31
1933.
The petit'on to the court said funds to meet these obligations are available without borrowing.
Denied Review of Damage Suit.
-
The company was denied a review by the U. S. Supreme Court of a lower
court decision in favor of the City of St. Louis in a suit brought to enjoin
the taxing of the carrier's property to meet damages for condemnation of
property. The city condemned certain property for widening of streets,
&c., and established a benefit or taxing district, which included the carrier's
property and assessed the owners of the benefit district to meet damage
resulting from the condemnation. The carrier was assessed $67,573, while
total damages to private property in the city was $6,128,997. The lower
court held the city may tax the carrier with otheriproperty owners who
benefit by the improvements.
New Receiver.
-
Norman B. Pitcairn, President of the Detroit Toledo & Ironton Ry., was
appointed on Oct. 19 a receiver of the Wabash Ry. to succeed Walter S.
Franklin, who returns to the Pennsylvania RR.as Vice-President of traffic.
-V.137, p. 2804.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Oct. 14.-(a) August sales of electricity up sharply-Total for all classes of consumers increased 16.4% over
a year ago-Revenue only 2.3% higher. p. 2700;(b) Electric output declined
during week ended Oct. 7 1933
-Gain over same period a year ago is 9.3%.
p. 2701.
41 **.sAltoona & Logan Valley Electric Ry.-Step Taken in
Reorganization-Time for Deposit of Bonds Extended.
The bondholders' protective committee (J. C. Neff, Chairman), in a
etter to tne holders of the consol. mtge. 436% gold bonds, due Aug. 15
1933, states:
The committee has consummated that part of the plan of reorganization
dated June 15 1933 dealing with the guaranty of the principal of and
interest on tne bonds by American Railways. The committee has received
in full settlement of the foregoing guaranty with respect to deposited bonds
the sum of $159,300 in cash. $800.500 of bonds,'heretofore undeposited
and $2,000 of certificates of deposit issued by the committee, all of wnich
will be used in furtherance of the plan of reorganization. Bonds presently
on deposit with tne committee, together with the $800.500 of bonds surrendered to the committee in settlement of the guaranty, aggregate over
94% of the total principal amount of bonds outstanding and appear to be
sufficient to enable the committee to carry out the remainder of the plan
of reorganization.
However, pending tne completion of foreclosure proceedings which are in
progress, the committee has extended tne time for the further deposit of
bonds under tne plan of reorganization to and including Oct. 27 1933.
In order to obtain the benefits of the plan, bondnolders who have not as yet
deposited their bonds will be required to execute an assignment to the committee of any proof of claim which they may have filed against the receivership estate of American Railways on account of the guaranty of the bonds
by American Railways. Bondholders who have not as yet deposited their
bonds are urged to do so promptly -V. 137, p. 2804.
-Earnings.
American Telephone & Telegraph Co.
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
Walter S. Gifford, President, states:
Beginning with April, 1933, each month has shown a smaller net loss in
the number of Bell System telephones than the corresponding month last
year, and in Sept. a not gain of 53.000 was realized. This is the first month
to show a net gain since Sept. 1931.
While the number of long distance calls handled during July and Aug.
averaged 7% above the corresponding months of last year, the total for
Sept. was about the same as for that month a year ago.
Treating the system as a whole, including the Western Electric Co.,
the earnings on American Telephone & Telegraph Co. stock were about
$3.85 per share for the first nine months of 1933, or at the annual rate of
about $5.13 per share compared with $5.96 per share for the year 1932.
The earnings of the American Telephone & Telegraph Co. by itself.
amounting to $5.42 per share in the first nine months of 1933, include
dividends not fully earned by the Associated companies during the nine
months by about 317,000,000 and do not reflect the current deficit of the
Western Electric Co.
New Director.
Edward D. Duffield. President of the Prudential Life Insurance Co. of
America since 1922, has been elected a director to fill the vacancy caused
-V. 137, p. 2632.
by the death of Arthur Lyman.
merican
Defaulted.
2975
Financial Chronicle
Volume 137
Utilities
Co. (Del.).
-Interest
Payments
The interest due Dec. 1 1931 and subsequent coupons on the 1st lion
& ref. 6s duo 1945 and the interest duo Nov. 1 1931 and subsequent coupons
-year 634% debentures due 1941 are in default. An offer to exon the 15
change the bonds and debentures for Associated Gas & Electric Co. 436s
of 1958 is still open to the holders of both issues. Soo V. 137, p. 862.
American Water Works & Electric Co., Inc.
-Output.
Output of electric energy of the company's electric properties for the
week ended Oct. 14. totaled 32,184,000 k.w.h., an increase of 16% over
the output of 27,827,000 kwh. for the corresponding period of 1932.
Comparative table of weekly output of electric energy for the last five
years follow:
1932.
1931.
1930.
1929.
Wk.End.- 1933.
000
Sept. 23- - _32,643.000 27,836,000 31,945,000 34,374,000
37,219.
Sept.30-- - -32,196,000 27,156,000 30,781,000 34,803.000 37,78:3.000
Oct. 7-- -31,221.000 27,406,000 30.993,000 34,576,000 38302000
Oct. 14- - -32,184,000 27,827,000 32,156,000 34,892,000 38,790:000
The power output of the company's electric subsidiaries for the month
of September totaled 144.253,141 kwh., against 115.969,022 kwh. for
of 24%.
the corresponding month of 1932, an increase output totaled
1.233.203,687
For the nine months ended Sept. 30, power
as against 1,083,625,912 kwh. for the same period last year an
kwh.,
increase of 14%.-V. 137, p. 2804.
-Plan of Readjustment.
rizona Power Co.
The readjustment committee has completed an investigation of the
financial and operating condition of the company and its future prospects
and has Prepared a plan of financial readjustment.
The committee in a circular letter dated Oct. 12 states:
strenghten the company financially,
It is believed that this plan will each security holder his relative posiisn't° at the same time retaining for
financial structure. It will be noted that all securities
tion in the new
are
junior to the 1st lien & unifying mtge. bonds and to receive common stock
common stocks, in order
and that holders of tne outstanding 7% pref.
must pay an assessment to provide necessary
to participate in the plan, endeavored to set up a capital structure which,
Toe committee has
funds.
reduced earning power of the
It is believed, the present and prospective
is made in the plan for
company will be able to support. No provision1st mtge. 6% gold
bonds
of the Prescott Gas & Electric Co.
readjustment
that tney will remain outstanding
duo July 1 1940, as it is contemplatedconsummation of tne plan all overwithout change in status. Upon final
be paid in full.
due coupons appurtenant to these bonds will
Earnings have been steadily declining since 1929. Committee believes
charges heretofore made for renewals and replacements have been
that tne
inadequate, and that if proper charges had been made for this purpose the
earnings shown on the books would have been substantially lower.
bNet
Operating
Income.
Revenues.
aIncome.
Year.
3198.433
31.173.116
$420.487
1929
93.950
687.487
309,011
1930
57.419
558,004
275,238
1931
474,110
187.591
loss30.180
1932
loss62,814
152,807
1933 (12 mos.end.July 31) 421.804
132%
64%
64%
Dec.from 1929 to 1933
a Available for interest after renewals and replacements. b After
interest and other deductions but before pref. dividends.
The committee is advised that earnings nave continued to decline, and
therefore the plan nas been drafted upon the assumption that, for the full
calendar year 1933, net earnings available for interest, after depreciation.
will be about $50,000 less than in 1932.
Commonwealth Utilities Corp., owner of a large majority of the stocks
of tne company, has, since Oct. 15 1930. loaned substantial sums to the
company for its corporate purposes, until the total on Dec. 31 1932, aggregated $220,000. In view of declining revenues, unusually heavy taxes,
and the large amounts of bonds outstanding, the Commonwealth Utilities
Corp. will not make additional advances, and the company is unable to
obtain credit elsewhere to pay its maturities and interest.
Both the plan and tae agreement of readjustment have been approved by
tne boards of directors of Arizona Power Co. and Commonwealth Utilities
Corp. The latter corporation is the owner of all of the 6% notes and of
substantial majorities of the 8% and 7% pref. stocks and common stock of
the company.
The United Gas Improvement Co., which owns a substantial majority
of the voting stock of Commonwealth Utilities Corp., has made no charge
for management services rendered to Arizona Power Co. since July 31
1931. and has agreed that it will not make any such charge to the new
company prior to Jan. 1 1935, except for reimbursement for traveling and
living expenses of members of its organization while preforming services for
the new company away from Philadelphia. After Jan. 11935. charges will
be made for the actual cost of routine services performed by members of
United Gas Improvement Co's organization, plus a proper proportion of
overhead expenses. The committee is advised teat based on the volume of
routine services performed in the year 1932, it is estimated that tne cost for
that year (exclusive of any traveling and living expenses) would have been
approximately $5.500.
Digest of Plan of Readjustment.
New Company.-Tne plan contemplates organization of a new corporation
to acquire the assets of the present company,and time issue by the new corporation of its securities for distribution to the holders of securities of the
present company who deposit under the plan, on the following basis:
Terms of Exchange of New for Old Securities.
11111 Receive
Outstanding
in Hands 1st & Ref. Pref Stock. Corn. Stock.
Existing
Shares.
Shares.
434s.
of Public.
Securities.
Arizona Power Co. 1st
$334,000
3334,000
6s 1933
al.000
Each $1,000
12,03734
1.203.750
1st lien & unify 6s '47_ 2,407,500
1
a$500
Each 31,000
Arizona Steam Gener222.700
222,700
ating Co. 1st 6s '33_
a1,000
Each $1,000
Prescott Gas & Elec. Co.
143,500 Will remain undisturbed.
1st 6s 1940
2,200
220,000
6% notes
10
Each $1,000
1,400
1,400 ails
8% pref. stock
1
Each share
9,95236
d9.95234 abs.
7% pref. stock
bl
Each share
3.000
30,000 abs.
Common stock
el
Each 10 shart.s
a On final consummation of the plan, all cash remaining in the hands
of all current obligations underof the new company after payment
taken or assumed by it and then due and payable, including all amounts
payable by it under the plan, and after reserving $25,000 or such lesser
sum as the committee in its sole discretion shall determine, for cash
working capital, shall be distributed among the depositors of bonds deposited under the plan, ratably in proportion to the interest due on such
deposited bonds from the date the last interest was paid thereon up to the
date from which the new bonds to be issued shall bear interest, provided
that for this purpose the interest on all deposited 1st mtge. bonds shall be
calculated at 5% per annuam and interest on the deposited Its lien & unifying bonds at 234% per annum, and provided that the total cash payment
so to be made shall in no event exceed interest upon the deposited bonds
for the period and at the rates above stated.
b Subject to payment of a cash assessment of $5 for each share deposited.
c Subject to payment of a cash assessment of $5 per each 10 shares deposited. •
d As of July 311933, there were still outstanding 4734 shares of Arizona
Power Co., 6% pref. stock exchangeable, share for share, for the 7% pref.
stock under the terms of an offer originally made in 1924 which has not bin
withdrawn. holders of these 4734 shares may now convert their shares into
7% pref. stock and deposit the same under the plan, receiving new common
stock as above provided and upon payment of the required cash assessment.
Holders of these 473.4 shares who thus convert their stock and pay the cash
assessment, will be entitled to receive 134 shares of new common stock for
each share of 7% pref. stock deposited, the additional 34 share to be issued
to compensate them for the loss of dividends which they would have received
if they had originally exercised the conversion privilege upon their 6%
pref. stock.
Earnings 12 llonths Ended Dec. 31.
1931.
1932.
3505.861
$426.616
Electric revnue
52.142
47.493
Gas revenue
Total
Total operating expenses
$474,110
292,867
$558.004
293.526
Operating Income
Non-operating income
$181,242
6,348
$264.477
10,761
$187,591
217,771
$275.238
217.819
Gross income
ncome deductions
$57,419
def$30,180
Balance Sheet Dec. 31 1932
I Liabilities
Assets$140,000
68,070,018'8% 1st pref. stock
rroperty & plant
994,850
13,940 7% cum. prof. stock
Investments
5,150
4,305 6% cum. pref. stock
Special deposits
3,000,000
14,182 Common stock
Cash
3,107,700
5,166 Funded debt
Notes receivable
220,000
Accounts receivable
62,089 Notes payable to MM.cos_ _
121,125
37,305 Customers' Ar extension deps
Materials & supplies
26.108
Prepaid accounts
2,249 Accounts payable
76,241
Unarnortized debt dlsct. & exp 189,937 Accrued accounts
565,101
Deferred charges
15,517 Reserve for renewals dr repl
12,709
Other reserves
145,722
Earned surplus
i
66,414.706
Total
$8,414,706 I Total
-V.137. p. 313.
Net income
-Official Resigns.
Arkansas-Missouri Power Co.
Effective Nov. I, 0. P. Moss has resigned as General Manager of this
company because of a disagreement with L. S. Florsheim, receiver of the
Inland Power Co., which controls the Arkansas-Missouri Power Co. J. It.
Hill will succeed him. Mr. Moss has co-operated with the preferred stockholders of the Arkansas-Missouri Power Co. In their efforts to obtain a
receivership -V. 136. P. 2237.
-Output Shows Smallest
Associated Gas & Electric Co.
Cain in Five Months.
For the week ended Oct. 7, the Associated System reports net electric
output of 53,083,702 units (kwh.), an increase of 6.6% over the same week
2976
Financial Chronicle
of last year. This increase, which is the smallest reported in over five
months,compares w'th an increase of 9.0% for the four weeks to date, which
Is an indication of the downward trend of industrial activity. It seems
clear now from these figures that the feeling which is dominating industry
as a whole is one of caution and that electric output will, for the near
future at least, reflect no more than moderate improvement over last year,
the company announced.
In addition, expenditures for increased taxes, higher operating costs due
to NRA and lower revenues duo to decreased rates, all combine to reduce
income available for interest. No relief from any of these added burdens
Is in prospect, the announcement said.
Gas output for the system for this week was 315,313,400 cubic feet, a
decrease of 9,198,800 cubic feet or 2.8% below the same week of 1932.V. 137, p. 2804.
Associated Gas & Electric Securities Co., Inc.
-Files
Appealfrom Finding of Securities Division of State of Mass.
The company, which recently had its registration as a broker revoked by
Director Hull of the Securities Division, Mass. Department of Public
Utilities, has final an appeal with the Public Utilities Commission requesting a hearing. The Commission will hear the appeal. Oct.24
In the order of revocation, Director Hull, according to press reports.
pointed out that the complaint against the company alleged: (11) fraud in the
sale of two 60/ convertible debentures of the Associated Gas & Electric
Co.:(2) that these sales were made by the respondent through a salesman
not registered with the Securities Division.
-V. 130, 1). 135.
------- .Atlantic Gas & Electric Corp.
.
-Reorganization.
-
The bondholders' committee gives notice that pursuant to the "plan for
the reorganization of Atlantic Gas & Electric Corp. as it affects the first
lien bondholders" dated Dec. 29 1932 (V. 136. p. 156). Certificates of
deposit should be surrendered at the office of Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia, in exchange for securities of Northwestern Pennsylvania Gas Corp., the "new company" referred
to in the plan.
1 The period for the deposit of Atlantic Gas & Electric Corp. bonds with
the committee has expired and the transfer books for certificates of deposit
have been closed.
-V. 137, p. 862, 1049.
.
Birmingham (Ala.) Electric Co.
-New Wage Contract.
-
...._
This company and its street car employees came to an agreement on
Oct. 10 with Eugene H. Dunnigan. Federal Mediator, and signed a new
contract, ending the possibility of a strike which had been voted by the
union.
In the new contract, the controversial subject of interpretation of the
transportation Code was left to the Code authority when it is set up, both
sides agreeing to abide by the decision of the authority.
The street car men, under the contract, will get the same pay for th
shorter Code hours that they previously received for longer hours. The
shorter hours will return to work all of the men who have been laid off, a
total of 37, with the probability of even more being employed.
The contract between the company and the local union had expired Oct. 1.
-V.137, p. 2271.
•
-'`••••- Broadway & Seventh Ave. RR.
-Foreclosure Authdrized.
Federal Judge Robert P. Patterson on Oct. 13 granted counsel for the
Manufacturers Trust Co. privilege to foreclose the 5% mortgage for $10,995,500 against the company. No interest had been paid to bondholders
since a semi-annual payment fell due and was protested June 1 1930.
The company has been in the hands of equity receivers since 1919.-V.
137, p. 683, 135.
Buffalo & Erie RR.
-Present Status.- '
In answer to our inquiry relative to bonds of the company, counsel for the
Empire Trust Co. in the foreclosure proceeding now pending states: "In
the course of the foreclosure proceeding the track and other appurtenances of
the railroad have been sold under a decree of the Court, and substantially
the only assets remaining are the right of way. certain real property, and
all of the capital stock of a bus company (Buffalo & Erie Motor Coach Co.)
which has been incorporated to serve the territory formerly served by the
trolley company. Thus bus line lain operation, but, like all other industries
in this district, is seriously affected by the depression.
"It is the hope of the receiver, the counsel and the bondholders' committee
that sufficient proceeds can be realized from the sale of the assets other than
the stock of the bus company to pay all the expenses of the foreclosure proceeding and all debts of and claims against the receiver, so as to leave the
stock of the bus company for the bondholders. This seems to be the only
possibility of recovering anything for the latter.
"The receiver, who is a practical operator, is of the opinion that under
normal conditions the stock of this bus company will be of value and might
be sold at a fair price to some of the major bus lines operating in or about
this territory.
"There are so many angles to this situation in connection with the sale.
of the real estate and the general conditions that it is impossible to give
any more definite information at this time."
(Latest information give; the following capitalization: $911,000 1st mtge.
634s due July 11954; 3110,000 equip. trust certificates; $700,500 5% pref.
stock and 30,000 shares of common stock.1-V. 136. P 1545:
California Water Service Co.
-Earnings.
-
Oct. 21 1933
El Paso Natural Gas Co.-Subsid. Receives Federal Loan.
The Western Gas Co., a subsidiary, nas received a loan of $2,200,000
from the Reconstruction Finance Corporation to finance the extension of
the natural gas pipe line from Douglas to Tucson and Phoenix, Ariz.. a
distance
of approximately 215 miles. The contract for toe work has been
awarded.
-V. 135, p. 3690.
Interborough Rapid Transit Co.
-Judge Mack to Hear
Application on Receiver Removal.
Motion of the Manhattan Ry. for removal of William Roberts as its
receiver, and appointment of Nathan L. Amster in his place, will be heard
before Judge Julian W. Mack in U. S. District Court within the next
several weeks, it was decided at a hearing before the Judge on Oct. 13.
All parties stipulated that Judge Mack be not bound by any decisions
In the matter made by Senior Circuit Court Judge Martin T. Manton,
who recently relinquished jurisdiction in the Interborough-Manhattan
Railway Co. receivership proceedings.
Due to other pending litigation before him,Judge Mack has not been able
to indicate whether he will be able to hear argument before the first of the
year on application No. 5 of the Interborough receivers as to their power to
affirm or disaffirm the Manhattan Railway lease.
-V. 137, p. 2807.
Jamaica Water Supply Co.
-Bond Application Denied.
The application of this company to issue $500,000 of 1st mtge. 30
-year
5)4% gold bonds under an existing mortgage and 6,000 shares of $6 series
cum. pref. stock of no par value has been denied by a majority vote of the
New York P. S. Commission, it was announced on Oct. 13.
Pointing to the fact that on June 30 1931, the day before the company
was brought under the Commission's jurisdiction, the common stock
was written up and preferred stock bearing $6 dividends was issued as a
dividend, with the result, according to the Commission, that the $300,000
capital stock had a value of $2,715,941. Milo R. Maltbie, Chairman of
the Commission, in his opinion, asks whether it is not proper to ask the
company to write down its assets with lowered prices and depreciation.
The company, Mr. Maltbie states, should be refused permission for the
issues until the Commission has been advised as to its willingness to eliminate
the write-ups, cancel the pref. stock issued in 1931. and issue common
stock to provide for improvements, pending an engineering and accounting
investigation of the books and property of the company.
-V. 137. p. 2102.
aritim Telegraph & Telephone Co., Ltd.
-Removed
frzzList
The New
ork Curb Exchange
eges the 7% preferred stock
p
par $10.-V. 13'7, p. 136.
Mar
Lzst.
as removed from unlisted trading
ies B and the common stock, both
t Street Elevated Passenger Ry.-Removed from
e
w York Cb Exchang as removed from unlisted trading priviCurb
1st mtge. 4% gold bo s due May 1 1955.
lecre
The properties of this company are operated under lease by the Philadelphia Rapid Transit Co.
-V.91. P• 1629.
Michigan Fuel & Light Co.
-Successor Company.
-V. 136, p. 3721.
See Public Gas & Coke Co. below.
Middle States Telephone Co. of Illinois.-Defers
The directors recently decided to defer the quarterly dividend due Oct. 1
on the 7% cum. pref. stock, par $100. The last regular quarterly payment
of 1 i% was made on this issue on July 1 1933.-V. 124,P. 507.
=1.
Mississippi Power & Light Co.
-50
-Cent Preferred Div.
-
The directors have declared a dividend of 50 cents per share on the $6
cum. 1st pref. stock, no par value, payable Nov. 1 to holders of record
Oct. 14. A like amount was paid on this issue on Aug. 1 last, prior to
which the pref. stock was on a regular quarterly dividend basis of $1.50
per share.
-V. 137, p. 685.
-Electric Rate Cut Ordered.
Missouri Edison Co.
The Missouri P. S. Commission on Oct. 9 ordered this company, which
serves electric power to 18 northeast Missouri communities, to file a new
schedule of rates, effecting a saving of $3,048 annually to its consumers.
The Commission ordered the new schedule to be filed by Nov. 15, to
become effective Dec. 1. The reduction will amount to a 2% decrease in its
gross revenues, based upon operating results for the year ended Dec.31 1932.
In ordering the new rates. the Commission found the "fair return" of
the company to be 7%. The value of the electric plant was placed at
5600,000.
The company also services Louisiana with gas, but the gas rates were not
changed by the order.
The Commission also ordered the company to set up annually in its
depreciation reserve account, the sum of $18,000 for the electric department, and 1,600 for the gas property, plus 3% for the electric property.
and 1)i% for the gas property of the cost of net additions of depreciable
property added after Jan. 1 1932 -V..137, p. 2635.
.
-=i, . ,......•-.-
For income statement for 12 months ended Aug. 31 see "Earnings De
-V. 137, P. 1763.
partment" on a preceding page.
Montreal Light, Heat & Power Consolidated.
-Holdings by Brokers Lower-Output Gains.
-
-To Pay Dividend on
Central Ohio Light & Power Co.
Account of Accruals.-
The total number of shares of this corporation held in brokerage accounts
is now about 148,000 as compared with a peak of 150,000 shares in July.
Shares held by trust companies now total 221,001)shares as against 216,000
in July, while hank holdings amount to 137,000 shares as against 135,000
shares a month ago and 138,000 shares in July.
Current kilowatt hour output by the company is running at a rate slightly
more than 7% over the total for the corresponding perold of last year.
Increases over the 1932 figures have been consistent since the week of
Aug. 12.
The aggregate output of power for the year to date is now 4.42% under
the figures for the corresponding period of last year. At this time last
rear, the output was about 8.62% below the same period of 1931. (Montreal
Gazette.")
-V. 137. p. 314.
Th directors have declared a dividend of $1.50 per share on account of
accumulations on the $6 cum. pref. stock, no par value, payable Oct. 31
to holders of record Oct. 16. The last regular quarterly payment of like
amount was made on this issue in scrip on Sept. 1 1932.-V. 135, p. 3855.
-Smaller Pref. Dividends.
Central Power & Light Co.
The directos on Oct. 14 declared a dividend of 43M cents per share on the
7% cum.pref. stock, par 5100. and a dividend of 37)4 cents per share on the
6% cum. pref. stock, par $100, both payable Nov. 1 to holdiors of re ord
Oct. 14. A dividend of 87M cents per share on the 7% pref. and of 75
cents per share on the 6% pref. stock were paid on May 1 and Aug. 1 last,
prior to which the respective stocks received distributions at the re_tular
quarterly rates.
-V. 137, p. 684.
Cincinnati Street Ry. Co.
-Earnings.
For income statement for month and 9 months ended Sept.30 see "Earnings Department" on a preceding page.
-V, 137, p. 2272.
Connecticut Electric Service Co.
-Earnings.
For income statement for 12 months ended Sept. 30 see ."Earnings
Department" on a preceding page.
-V. 137, p. 2272.
-------lonnecticut Light & PcIer Co.
-Removed from List.
ne New York Curb Exchange has removed from unlisted tradi
pr liege; the 6%% preferred she, , and toe 534% preferred stock both
$100 par.
-V. 137. p. 2634.
Detroit Edison Co.
-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 2272.
Edison Electric Illuminating Co. of Boston.
-Pays Off
$10,000,000 Notes with Proceeds of Bank Loans.
The company on Oct. 16 paid off its maturing $10,000,000 discount
notes with the proceeds of loans arranged with the company's banks in
Boston and New York. When these six months' notes were issued last April
the company had in mind paying them off at maturity with the proceeds
' of a stock issue if conditions warranted, or failing that, borrowing the
necessary funds from the banks.
Removed from List.Tne New York Curb Exchange has removed from unlisted trading privileges the capital sOck, par 5100.-V. 137, p. 2460.
Electric Bond & Share Co.
-Output of Affiliates (Kwh.).
Werk Ended Oct. 12American Power & Light Co
Electric Power & Light Corp
National Power dr Light Co
-V. 137. v. 2806, 2634.
1932.
1933.
80,735,000 72,365,000
35,778,000 35,370,000
67,687.000 57,630,000
Increase.
11.6%
1.20/
17.4%
'New England Powersociation.-Removed from List
A5v
I.
leg
o New York Curb Exchange as removed from unlisted trading prpql
tradi
toe common stock (no par).
.137, p. 1413.
New England Telephone & Telegraph Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings De-partment" on a preceding page.
Company issued the following statement:
The loss of stations continued in July and to a lesser degree in August.
September also showed a loss, but it should be noted that the disconnection
of summer hotel stations which takes place every year in September and
October gives the company a nominal loss of stations in September but
that except for this fact there would have been a net station gain in September. In other words the customary summer station movement which gave
the company an apparent gain of stations in June gave it an apparent
although not actual lass in September. The loss for the third quarter
was 10.593 as compared with 42.43-. in the third quarter of 1932.
The September loss was 2.498 as compared with 10,880 in September 1932.
By quarters the net station loss compares with a year ago as follows
9. .
First quarter
30,214
22,0.6 I
Second quarter
4,855
27,964
Third quarter
10,593
23,006
Nine months
81,184
38,108
-V. 137, P. 685.
New York Rye. Corp.
-Offer Made to Puzchase Additional
Bonds.
The Fifth Avenue Coach Co., which recently acquired approximately
$4,900.000 of New York Railways Corp. 40-year 6% income bonds, due
Jan. 1 1965, is prepared to make additional purchases thereof at $100 per
31,000 bond, It Is announced.
Bonds will be paid for upon presentation and in order of presentation
until Oct. 31 1933, unless the sum set aside by the Fifth Avenue Coach
Co., for such purchases shall have been exhausted prior thereto.
Bondholders wishing to sell their bonds should deliver them at the office
of either J. & W. Seligman & Co., 54 Wall St., N. Y. City, or G. M.
-P.
Murphy & Co., 52 Broadway, N. Y. City.
-V. 137, p. 2102.
Volume 137
Financial Chronicle
New York State Electric & Gas Corp.
-Rates Cut.
Reductions in the rates charged for electricity by this corporation
In
portions of Columbia and Rensselaer Counties. N. Y., have been approved
'by the New York P. S. Commission.
The reductions were made to comply in part with an order of the Commission directing the company to reduce electric rates so as to save consumers
throughout its territory $600,000 a year. Rates have previously been made
effective which will result in a total annual reduction of $514,130 and the
rates now filed will mean savings of $6,450 to consumers in the territory.
MThe new rate for residential service is $1.25 for the first 8 kwh. hours
or less per month, 10 cents per kwh. for the next 9 kwh. and 4 cents per
kwh. for all over 17 kwh. with a minimum charge of $1.25 per meter per
month.
-V. 137. P. 2807.
New York State Rys.-Earnings.-
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 685.
2977
United Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2809.
United Gas Improvement Co.
-Electric Output.
-
Week Ended Oct. 14Electric production ofsystem (in kwh.)
-V. 137, p. 2809. 2638.
1932.
1933.
69,447,099 64,938,792
Westchester Electric RR.
-Buses Replace Trolleys.
-
The New York P. S. Commission in September authorized the company
to substitute buses for trolley cars on its 5th Ave. line from 3d St. to the
south city line in the City of Mount Vernon, N. Y.
-V. 137, p. 2275.
Wisconsin Fuel & Light Co.
-Successor.
See Public Gas & Coke Co. above.
-V. 136, p. 3724.
New York Telephone Co.
-Tenders.
-
The City Bank Farmers Trust Co., trustee, 22 William St. N. Y. City.
has notified holders of 1st and gen. mtge. sinking fund bonds that sealed
'
proposals will be received until noon on Nov. 1 1932 at a price not to exceed
par and accrued interest to Nov. 1, of a sufficient number of bonds to invest
$750,000 in the sinking fund.
-V. 137, p. 1241.
Northern Indiana Fuel 8r Light Co.
-Successor.
-
See Public Gas & Coke Co. below.
-V. 136, p. 3721.
Northwestern Pennsylvania Gas Corp.
-Successor Co.
See Atlantic Gas & Electric Corp. above.
Oregon-Washington Water Serv.ice Co.
-Earnings.
-
For income statement for 12 months ended Aug. 31 see "Earnings Department" on a preceding page.
-V. 137. p. 1765.
a Light, Heat & Power Co., Ltd.
-Removed from
Lilhe
f'
w York Curb Exchang
privire,tas removed from unlisted trading t
le es th 5% refunding mtge. a
collateral trust sinking fund gold bonds
series "A" due Oct. 1 1957.-V. 137, p. 2463.
Pacific Telephone & Telegraph Co.
-Phones Gain.-
The company reports a net gain of 3,722 telephon0s in use in the first
two weeks of September. In August there was a net gain of 1,526 phones
and in July a net loss of 5,950. For the first eight months this year the
not loss of phones was 74,437, compared with a loss of 122,426 in the same
period last year. Operating revenues for the first eight months were
57,826,000 and deficit after dividends was $1,384,000. In the first six
months this year gross was $43,231.734 and the deficit after dividends
was $1,280,847.-V. 136, p. 1547.
Peoples Gas, Light & Coke Co.
-Earnings.
For income statement for 9 and 12 months ended Sept. 30, see "Earnings
Department" on a preceding page.
In further comment on reasons for passing of the quarterly dividend due
for payment Oct. 17, James Simpson, Chairman, revealed that in order to
determine whether the consolidated surplus of 33,365,896 as of Sept. 30
1933 comes within the definition of earned surplus, either as contained in
recent enactments of the State legislature or as that term is commonly used,
an investigation of company's records for past years was undertaken and
is still proceeding.
Ile said that at the meeting of the Board on Sept. 25, there was evidence
toljustify the conclusion that the surplus might not come within the definition of earned surplus. As nine months net income was $2.26 a share, and
as the only other source from which dividends could properly be paid was
earned surplus, the Board, he said, had no alternative but to pass the
dividend.
-V. 137, p. 2463.
INDUSTRIAL AND MISCELLANEOUS.
-American Smelting & Refining Co. has reduced
Price of Lead Reduced.
the price of lead 10 points to 4 cents a pound, New York. Boston "News
Bureau," Oct. 20.
Matters Covered in the "Chronicle" of Oct. 14.-(a) Slab zinc production
and shipments declined in September; inventories continue to decrease,
p. 2713; (b) Steel output at 44% of capacity, up two points; production
increased to rush shipments against old orders, but backlogs reduced, says
"Iron Age";steel scrap prices slightly lower, p:2713;(c) Senate inquiry into
Stock Exchange trading; Senator Couzens during investigation into affairs of
Dillon, Read & Co. alleges stock unloading; losses revealed in trust survey;
Rock Island and St. Louis & San Francisco stock accounted for chief loss
according to E. B. Tracy; P. J. Hurley offers to produce H. C. Hopson as
Associated Gas & Electric witness, p. 2727; (d) Senate inquiry into Stock
Exchange trading; President Mange of Associated Gas & Electric Co.
answers Ferdinand Pecora; designation as "corporate labyrinth" unfounded,
stockholders informed; statement by H. C. Hopson, p. 2728; (a) New
minimum steel prices under NRA Code filed with American Iron & Steel
Institute, p. 2750.
Acme Brewing Co. (Calif.).
-State Denies Stock Issue.
The State Corporation Department of the State of California has rendered
a decision denying the application of the company for permission to issue
175,000 shares of additional stock at $2.50 per share, according to a press
dispatch from San Francisco. The dispatch adds:
This brings to a determination an attempt on the part of those who have
heretofore been in control of the company, consisting of Frederic Vincent,
George Stratton and William A. Sherman, to sell additional stock of the
company for the alleged purpose of gaining control of the Cereal Products
Refining Corp.
The State Corporation Department has determined that the proposed
plan is one that does not meet with the requirements of the State Corporation Department for the protection of the interests of the public and likewise the interests of the present stockholders of the Acme company.
-V.
136, p. 494.
Addison Shore Apartments, Chicago.
-Earnings.
-
For income statement for 12 months ended Aug. 31 see "Earnings
Department" on a preceding page.
-V. 137. p. 2274.
Receipts of the Addison Shore Apartments at 510 to 534 Addison St..
Chicago, for the period from April 14 to Sept. 21 were $15,621, according
to the trustee's report, while disbursements for the period were $14,656.
leaving cash in the hands of the trustee as of the latter date to the amount of
$965. The Addision Shore is a 3
-story building containing 84 apartments
and was 81.82% occupied in September.
Financing consisted of a7% first mortgage bond issue of $450,000 underwritten by Lackner, Butz and company. This had been paid down to
$345,000 at the time of default in the principal and part of the interest due
March 15 1931. Following the default a receiver was appointed, but on
April 14 of this year a court order was entered directing that the equity
owner be restored to possession of the property, with the provision that he
pay all net income to the trustee under the bond issue.
Portland Gas & Coke Co.
-Preferred Dividends.
The directors have declared a dividend of
cents per share on the
7% cum. pref. stock, par $10(), and a dividend 87 75 cents per share on the
of
Alba Hotel (Palm Beach), Florida.
-Henry L. Doherty
Acquires Property.
-
Philadelphia Co.
-Earnings.
-
6% cum. pref. stock, par $100, both payable Nov. 1 to holders of record
Oct. 18. Three months ago, the company decreased the quarterly dividend
on the 7% pref. stock to 88 cents from $1.75 per share and on the 6%
pref. stock to 75 cents from $1.50 per share. See V. 137, 1 68 .
3• 5
Quebec Power Co.
-Earnings.-
The Alba Hotel at Palm Beach, Fla. once known as the Ambassador,
built during the Florida boom at a cost between $5,000.000 and $6.000,000.
has been acquired by Henry L. Doherty. The Palm Beach property will
be added to Mr. Doherty's extensive Florida properties, which include the
Miami Bilmore and Roney Palaza hotels, the Miami Biltmore County
Club, the Roney Palaza Cabana Sun Club and the Key Largo Anglers'
Club. Extensive alterations are planned, after which the Alba Hotel will
be opened as the Palm Beach Bilmore, third Florida hotel property under
the Doherty management and sixth link in the chain of properties which is
said to foreshadow a Satevide enterprise. ("Journal of Commerce").
V. 125, P. 18
41.
St. Louis Public Service Co.
-Purchase of Bus Stock.
-
Allied-Distributors, Inc.
-Investment
Slightly Lower.
-
"Public Gas & Coke Co.-Otganiterk--
I
Company has been formed and succeeded as of Oct. 1 1933 the Michigan
reorganizationn
el & Light Co., Northern Indiana Fu & Light Co. and Wisconsin Fuel
& Light Co. per plan of
V. 135, p..1824.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, I). 867.
The company has been granted authority by Federal Judge Faris at
St. Louis to complete purchase of the capital stock of the St. Louis Motor
Coach Corp. and thus acquire ownership and control of the Peoples Motorbus Co. of St. Louis. Receivers' certificates in aggregate amount of
51.200.000 will be issued and offered for sale to apply on the purchase price.
The petition stated that a contract was made by the Public Service
,
company in 1929 to purchase bus company for $2,050 000 and that a cash
Payment of $100,000 was made on the contract in 1931 together with a
note for $201,000. According to the balance sheet of the bus company,
as of Aug.311933, book value of its current and fixed assets was S2.928.251.
Henry W. Kiel, receiver for the Public Service company, testified that
the acquisition will result in a material saving in operating expenses of both
companies and that if the stock be not acquired the company will lose the
value of its equity already held. The Public Service company operates
the street cars in St. Louis and the Peoples Bus company controls the bus
system in the city.
-V.$ 137. p. 2464.
Shawinigan Water & Power Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Julian C. Smith, Vice-President and Managing Director of the company, in a letter to shareholders, states:
"The power output of the company for the third quarter of the year
shows an improvement over the second quarter. The total amount
generated and sold for the three months ended Sept. 30 1933 aggregated
1,010,308,199 kwh., against 927,416,653 kwh. for the three months ended
June 30 1933, an Increase of 8.94%. This increase is largely due to the
fact that a greater amount of primary power was sold during the period
under review. There has also been a slight improvement in the secondary
power load. As a result gross revenue has increased. During the same
period expenses have been considerably reduced, principally owing to
.
the lower cost of United States exchange on bond interest.' -V. 137.
p.2274.
Southern California Telephone Co.
-Phones Inclease.
With a net addition of 50 new phone stations during July, bringing the
total connections to 511,966 on Aug. 1, business of this company turned
upward for the first month of the year. Despite the fact that connections
on Aug. 1 registered the first gain of the year, total connections were the
lowest for Aug. 1 in more than threa years.
The largest number of connectians aggregated 596,194 on March 1 1931.
On this basis the company showed a net loss of 84,283 phones or 14.1%
for the period of economic depression.
>daotal stations on June 30, last, were 514,808 a net loss of 25,181 for the
first six months of this year, compared with total conections of 562,174
on June 30 1932, or a net loss of 30,142 for the first six months of last
year.
-V. 135, p. 4386.
Southern Ice & Utilities Co.
-Interest.
Interest on the 1st mtge. convertible 6% bonds, due Feb. 1 1946, has
-year convertible notes, due Dec. 1
not been paid since June 11931. The 5
1932. were not paid at maturity. Holders of bonds and notes were given
an offer to exchange their holdings for Associated Gas & Electric Co. 45is
f 1958 on a par for par basis. See V. 137. p. 867.
Trust
Average
Investment trust securities registered a eght decline during the week
ended Oct. 13. The average for the common stocks of the five leading
management trusts, influenced by the leverage factor, as compiled by this
corporation, stood at 14.32 as of that date, compared with 14.51 on Oct. 6.
The low for the current year to date was 8.22 on March 31.
The average of the non-leverage stocks stood at 14.00 as of the close Oct.
13, compared with 14.08 at the close on Oct. 6. The average of the mutual
funds closed at 10.52 compared with 10.66.-V. 137, p. 2810, 2640.
-Earnings.
Allied General Corp.
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
Balance Sheet Sept. 30 1933.
Liabilities
Assets
$96,820 $3 cony, preferred stock
Cash
$392,600
a Class A stock
38,765
Notes, mIseell. accts. cic ewer.
31,265 b Common stock
245,952
interest received
219,396 c Treas.stock at cost
Securities owned
Dr194,588
Special deposits with trustees-. 24,035 d Deficit
129,126
Furniture and fixtures
1,631 Accts. pay. accr. expenses, &c
16,906
Deferred charges
144 Deposit against stock loaned
1,050
Unclaimed dividends
1,732
Total
$373,292
$373,292
Total
a Represented by 38,765 no par shares of which 1.977 are in treasury.
b Par value $1. c Stated value: 11,741 shares $3 pref. stock 5117,410 and
1,977 shares class A stock, 51.977. d Includes unrealized depreciation in
securities owned of 553,538.-V. 136. p. 1377.
Alpha Portland Cement Co.
-Earnings.
-
For income statment for 12 months ended Sept. 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet Sept. 30.
1933.
1932.
1932.
1933.
AssetsLiabilitiesS .
8
$
$
Property account _17,803,915 19,103,793 7% preferred stock 2,000,000 2,000,000
Cash
2,010,864 2,772,220 y Common stock_ _18,486,000 18,486,000
Marketable secure. 3,850,949 2,696,793 Accounts payable_ 171,550
229,772
Work funds, adv..
Accrued taxes_ _ _. 66,996
77,089
&c
128,557 Reserves
132,090
714,215
664,870
Accts.& notes rec.,
Min. Int. In subs
78,214
68,759
780,175 Surplus
less reserve
749,927
4,972,310 5,948,459
1,343,505 1,523,803
Inventories
328,265
420,720
:Treasury stock
Misc.Inv., at cost_
27,693
20,192
98,323
Deferred Items_ _ _
157,450
Total
26,430,485 27,533,749 Total
26,430,485 27,533,749
x Consists of 45.700 common shares, at cost, in 1933. and 36.300 common
shares, at cost, in 1932. y Represented by 711,000 no-par shares.
V. 137. p. 688.
2978
Financial Chronicle
American Business Shares, Inc.
-Stock Dividend.
-
At a special meeting of the stockholders on Oct. 16, a stock dividend of
40% was voted. payable Nov. 1 to holders of record Oct. 21.-V. 137.
p. 1242.
American Chicle Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1053.
American Colortype Co.
-Sales.
--
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Sales
$1,161,255 $1,175,652 $3,638,277 $4,257,363
-V. 137. p. 868.
American Optical Co.
-Changes in Personnel.
-
Edward E. Williams has been elected Treasurer, succeeding Ira Mosher
who has been elected Vice-President and General Manager.
-V. 133. P.
3969.
American Rolling Mill Co.
-Stainless Steel Being Manufactured.The company will manufacture and distribute stainless steel sheets, strips
and plates, according to an announcement on Oct. 10 by Vico-President
W. W. Sebald.
The company has been producing stainless steel sheets, strips and plates
for many months, and these products have been used by a number of manufacturers who have co-operated by keeping careful records of the performance under actual production conditions. Performance under the dies has
demonstrated unusual ductility and formability, both of which have resulted
in lower tool expense, Mr. Sebald said.
-V.137. p. 2640.
American Trustee Share Corp.
-Series D Dividend.
This corporation, in a notice to the holders of Diversified Trustee Shares,
series D, states that "$90.71, or approximately 48%, of the total sum of
3189.155 distributable on Oct. 15 1933. In respect to each unit of Diversified Trustee Shares, series D, represents the proceeds of sale of stock
sold pursuant to Section 3 of Article IV of the Trust indenture." See also
V. 137, P. 2641.
American Writing Paper Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
The month of September made the best showing of any month in the third
quarter, net profit for that month being in excess of $33.000, compared
with just over $14,000 profit in August and less than $10.000 in July
October business has eased off from the comparatively high level which
prevailed in September. A code is now nearing completion for the industry, which, it is expected, will result in higher prices and also a higher level
of costs, but the profit margin should improve.
In September the company sold more than 6,500,000 pounds of paper,
and production during the month was about 35,000 pounds under sales.
Selling price in September was the same as in August but costs were reduced
slightly. Sales in September, this year, were 40% ahead of those in
Sept. 1932, although off slightly from the August total. Unfilled orders on
Sept. 30 represented roughly 3,250,000 pounds, compared with approximately 4.400,000 pounds on Aug.31 and 1,830,000 pounds on Sept. 30 1932.
The consolidated balance sheet on Sept. 30 1933, showed current assets
of roughly $2,100,000 and current liabilities of $700,000.-V. 137, p. 869
.
".
Amoskeag Co.
-Earnings.
Years Ended June 30Int. from Liberty bonds
and other sources_
Dividends
1933.
1932.
1931.
1930.
$283.043
289,238
$271,744
454,358
$382,011
540,581
$545,081
364,483
Total income
Int. & other expanses_..
Income taxes
$572.282
47,394
$726,102
45,781
12,727
$922,592
50,442
19,346
$909,564
51,838
6,619
Net profit
Preferred dividends. _
Common dividends___
$524,887
360,000
180,362
$667,594
360,000
225.453
$852,803
382,500
270,543
$851,107
382.500
270,543
Balance to surplus_ __ def$15,474
$82,141
$199,760
$198,064
Balance Sheet June 30.
1933.
1932.
1933.
1932.
Assets$
$
$
Amoskeag Mfg. Co
Res. for shareh'ds15,002,348 15,285,779
6% bonds
3,607,300 3.607,300 Profit and loss_ ___ 1.300,202 1,315.676
Other securities (at
Investment reserve
25,462
15,707
x11,403,662 11,791,128
cost)
Cash & receivables 1,317,051 1,218,735
16,328,013 16,617,163
Total
Total
16,328,013 16,617,163
x Market value Sept. 30 1933, $5.693,755 which with cash and receivables
totals $6,658,667 compared with $6,264,420 a year ago.
-V. 136, p. 3725.
Anglo-American Corp. of So. Africa, Ltd.
-Earnings.
--
The following are the results of operations for the month of September
1933:
South African Currency-.
Tons
Total
Milled.
Revenue.
Costs.
Profit.
117.000
Brakpan Mines, Ltd_ ___
£232,360
£119,164
£112,896
Daggafontein Mines,Ltd
133,075
58,000
73,405
59,670
Spring Mines, Ltd
233,681
84,500
88,185
145,496
West Springs, Ltd
88,000
102,699
70,706
31,993
Note.
-Revenue has been calculated on the basis of .C6 9s. per ounce
fine.
-V. 137, p. 2105.
-Reduces Authorized Stock.
--------.,Apponaug (R. I.) Co.
The stockholders have approved a reduction in the authorized capital
stock by the cancellation of 10,500 shares of $100 par 636% pref. stock,
,
all of which was purchased or redeemed on or before Dec. 31 1932.V. 137, p. 2105.
Artloom Corp.
-Preferred Dividend.
-
A dividend of $1.75 per share has been declared on the 7% cum. pref.
stock, par $100, payable Dec. 1 to holders of record Nov. 15. This represents the payment due March 1 1933.
A similar distribution was made on June 1 and Sept. 1 last, as against
$1.50 per share on March 11933. $I per share on March 1 and Nov. 18 1932
and $1.75 per share previously each quarter to and incl. Dec. 1 19:31.
-V.137, p. 1054.
Associated Oil Co.
-Earnings.
For income statement for 3 and 9 mos. ended Sept. 30 see "Earnings
Department" on a proceeding page.
-V. 137, p. 2105.
Atlantic Refining Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2105.
Atlas Tack Corp.
-New Directors.
-Earnings
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Kermit Roosevelt, President and director of the Roosevelt Steamship
Co., Inc., and John Sargent, a partneewith James Roosevelt, son of the
President, in the Lawson agency of the Travelers Insurance Co. in Boston,
have been added to the board of directors.
-V. 137, p. 2106.
Aviation Corp. (Del.).
-Operating Unit Shows Sharp
Gain-Parent Company to Report Profit for Third Quarter.
In the three months ended Sept. 30 American Airways, operating unit
of the Aviation Corp., carried 41,230 passengers as compared with 31.068
in the preceding quarter and 30,403 in the third quarter of last year.
Express carried In the third quarter this year totaled 77,939 pounds as
compared with 80,911 in the previous quarter and 30,403 in the correspondng quarter of 1932.
The third quarter report of the Aviation Corp. will be in the black,
according to President L. B. Manning, but just how far is underteminable
at the present date. For the first six months of this year the company
Oct. 21
1933
reported a net profit of $321,057 or 11 cents a share on 2.777,753 shares of
capital stock. In the first nine months of 1932 the company lost $2,875,002
after all charges, including $1.631.665 loss on sale of securities.
According to Mr. Manning the Cord Corp.'s holdings of Aviation Corp.
stock have shown little change since Nov. 30 1932.
Subsidiary Inaugurates New Service.
American Airways, Inc., a subsidiary, nas inaugurated a new service
between Washington, Cnarle,ston, W. Va., and Cincinnati. The new line is
an extension of tno company's Chicago-Cincinnati route and enables
American Airways to provide direct service between Washington and
Chicago.
-V. 137, p. 2106.
Auburn Automobile Co.
-Balance Sheet Aug. 31.1933.
Assets$
Fixed assets (net)_ 6,911,183
Good-will
1
Cash, &c
2,474,254
I.I. S. Govt. secur_ 2,200,000
Accts.& notes rec.,
at;c
2,026,567
Accrued Interest
Def. accts. rec__ _ _
16,380
Inventories
2,751,040
Investments
78,314
Sinking fund
8,883
Deferred charges
56,292
1932.
1932.
1933.
LiabilitiesS
$
$
7,525,349 Capital stock
10,937.939 10,492,669
1 Sub. fund debt_ _ _
114,000
240,500
2,238,025 Accts. pay., Ac
345,147
193.107
34,806
51,702
3,200,000 Dealers' deposits._
Accrued liabilities_ 176,322
214,082
2,241,845 Deferred credits_
19,404
4,447 Federal tax prior
years, &c
138,884
23,236
4,171,575 Minority Interest_ 2,183,744 2,478,302
33,319 Earned surplus_ .
. 2,311,762 5,269,785
9,110 Capital surplus_ _ _ 376,554
404,183
59,603
Total
16,522,914 19,483,274
-V. 137, p. 2810.
Total
16,522,914 19,483,274
Barker Bros. Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Current assets as of Sept. 30 1933. amounted to $5,509,896 and current
liabilities were $664,213 comparing with $7,031,845 and $1,117,724, respectively, on Sept. 30 1932.
Consolidated Balance Sheet Sept. 30.
Assets1932. I Liabilities1932.
1933.
1933.
x Land, buildings
I Prot. 631% stock.32,814,600 $2,814,600
& equipment_ $1,132,326 $1,263,463 y Common stock__ 3,295,444 3,295,444
Cash
354,748Accounts payable_ 664,213
703,942
562.573
Notes dr accts. rec. 3,230,463 4,655,450 Notes payable_
550,000
Inventory
1,575,490 2,021,646 Reserve for FedMiscell. inv., &c
eral tax
919,059
882,555
5,150
Deferred charges__ 196,928
203,506 heave for conting. 140,000
266,240
Good-will
1 Surplus
1
807,448 1,923,866
Total
Total
$7.721,705 $9,417,873
$7,721,705 $9,417,873
x After depreciation. y Represented by 150,000 (no par) shares.
V. 137, p. 690.
-Earnings.
Bayuk Cigars, Inc.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1939.
"13ayway Terminal (New York Harbor).
-Bondholders'
Protective Committees Oppose Proposed Reorganization Plan.
A plan of reorganization. dated New York, July 7 1933, has been promulgated by William J. MacMillan, who has also addressed a letter dated
Sept. 30 1933, to bondholders and certificate holders in respect thereto.
The propoctive committees, headed by Harry E. Henneman, Chairman,
(V. 135, p. 2198) and Paul B. Hours, Chairman (V. 135. p. 2657) both
strongly disapprove the proposed plan and particularly take exception to
the statement of Mr. MacMillan, to the effect that the plan meets with the
approval of the committees inasmuch as they have failed to register any
disapproval of it.
In a letter addressed to the bondholders the committees referred to above
state:
"Mr. MacMillan was the president and in control of Bayway Terminal
when the bonds wore issued, and his administration of its affairs ended in
the present receivership and the foreclosure of the mortgage securing the
bonds. During the period of his control the purchase of the so-called Durant
plant was made, which purchase was apparently one of the major causes
of the financial embarrassment of Bayway Terminal. In spite of the fact
that the stock of Bayway Terminal is now of very doubtful value, the plan
promulgated by Mr. MacMillan proposes to give stockholders in exchange
for such stock 60% of the stock of the reorganized company, while the
present 1st mtge. bondholders would receive less than 10% of the stock,
with no representation on the board and no voice in the management.
"The Income bonds proposed to be given to the present bondholders would
be subject to $500,000 principal amount of 10
-year 5% 1st mtge. sinking
fund bonds, would bear non-cumulative interest coupons, payable only out
of earnings, and would not be entitled to any sinking fund payments until
after interest coupons have been paid on income bonds proposed to be given
to holders of the outstanding unsecured notes of Bayway Terminal.
"Thus the repayment of the principal would be postponed in favor of
holders of outstanding unsecured netts and the payment of the interest
would depend entirely upon the success of the same management which was
in charge of the Bayway Terminal when the present difficulties arose. Your
committees feel that the record heretofore made by that management is not
such as would justify again entrusting it with the enterprise.
"Your committees feel that unless the present bonds are paid in full with
accrued interest, the present stockholders are not entitled to share in the
ownership of the property and that any reorganization should be one that is
for the exclusive benefit of bondholders. Such a reorganization requires a
relatively small amount of cash in order to lift the receivership. Under the
conditions heretofore existing, the terms upon which such cash could have
boon raised have been so onerous that your committees have not felt
justified in recommending them to you. However, your committees hope
to be in a position shortly to promulgate such a plan upon fair and equitable
terms and further communication to you with this in view will be made
shortly.
"Meanwhile you are advised to refrain from assenting to the plan of roorganization promulgated by Mr. MacMillan or from depositing bonds with
the depositary pursuant thereto."
-V. 136, p. 2657.
Beatrice Creamery Co.
-Earnings.
-
For income statement for 6 months ended Aug. 31 see "Earnings Department- on a preceding page.
-V. 137. P. 2811.
Beech-Nut Packing Co.
-Earnings.
-
For Income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page -V.137 P. 690.
Beerstocks Corp. of America.
-Organized.
-
This company, with executive offices located at 208-210 E. Redwood St.,
Baltimore, has been organized in Maryland with an authorized capitalization of 1,000,000 shares (par Si), of which 900,000 shares are to be outstanding. A circular describing the company states (in brief):
Corporation purchases the capital stocic of the more prominent breweries.
distiller.es and corporations allied to the brewery or distillery industry,
In the United States and Canada. Corporation began business September
193:3.
Corporation's portfolio is under the control of a financial committee
responsible only to, and supported, by the board of directors. The profit
to directors must come from dividends and value enhancement on their
stockholdings in the corporation, together with the option that has been
given the directors to purchase 100,000 shares of the authorized stock at
$1 Per share, for a period of five years, in addition to said option, 25.000
shares have been issued for considerations as set forth in the certificate
of incorporation.
1
The legality of this issue has been approved by Richard II. Tippett'f&
Sons, Baltimore, attorneys for the corporation.
A charge of 10% will be made against the corporation for the distribution
of its shares.
The corporation will not invest more than 10% of its assets in any ono
security. The corporation will further invest in such other common
stocks of corporations allied to the brewery and distillery industry which
may be added thereto by the investment committee. (The circular gives
a list of companies in which company may invest its funds.)
2979
Financial Chronicle
Volume 137
Bigelow-Sanford Carpet Co., Inc.
-Resumes Preferred
Dividend and Clears Up All Accumulations-Earnings Exceed
Preferred Dividend Requirements.
-
some $779,000 and sinking fund will be in arrears practically two years. A
meeting of bondholders will probably be called. (Toronta "Financial Post.")
-V. 137, p. 494.
The directors on Oct. 18 declared a dividend of $4.50 per share to clear
up all accumulations and a regular quarterly dividend of $1.50 per share
on the 6% cum. pref. stock, par $100, both payable Nov. 1 1933 to holders
of record Oct. 21. The last regular quarterly distribution on this issue
was made on Nov. 1 1932.
The management stated that earnings for the first nine months this year
have been well in excess of the preferred dividend requirements for the year,
and that the company is still maintaining a strong cash position.
-V.
137, p. 1416.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Comparative Balance Sheet Sept. 30.
1932.
1932.
1933.
1933.
Liabilities,
$
Assetss
$
$
x Plant, equip.,&c.17,264,979 18,070,088 y Capital stock_ 9,411,200 9,411,200
-year 5% cony.
4,731,305 3,079,714 5
Cash
gold notes
5,543,000 7.075,000
Marketable seems. 1,862,146 4,972,676
536,343
7,426,663 7,970,629 Accts. payable.&c. 603,191
Inventories
Notes & accts. rec. 9,183,315 9,200,816 Provision for Federal income tax_
66,968
1
1
Patents
444,745 Capital surplus___13,733,577 13,733,572
Misc. Investments 359,872
139,576
282,273 Earned surplus___11,676,889 13,197,859
Deferred charges
Binks Mfg. Co.
-Earnings.
Years Ended Dec. 31Gross profit
Operating and other expenses
Net loss
Assets
Cash
Receivables
Miscell. accountsInventories
Stock subscriptions
Mdse,sold on consignment
Prepd. ins. & taxes
Investments
Fixed assets
Deferred charges _ _
Pats..k 0th. assets
1932.
$144.839
187.811
1931.
$223,850
306,846
1930.
$418,127
376,391
$42,972
$82,996 prof$41.736
Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
$94,750 $105,621
$15,472 Notes payable__ _ _
$14,873
36,693
67,298 Accounts payable
57,580
82,006
& accruals
5,348
3,198
125,000
94,800
139,227
223,690 Funded debt
373,946
_ 369,056
3,791 :Capital
80,497
87,377
Capital surplus39,945
Prof. & loss deficit 131,432
4,174
1,286
514
310,364
326,483
23,668
35,697
29,105
31,376
$565,253 $734,005
Total
Total
$565,253 $734,005
x Represented by 60,000 shares class A stock and 62,147 (61,947 in 1931)
shares of class B stock, all of no par value.
-V. 135. 1). 2658.
-Larger Distribution.
Bohn Aluminum & Brass Corp.
The directors on Oct. 19 declared a dividend of 50 cents
per share on the common stock, no par value, payable Dec.
27 to holders of record Dec. 12. Quarterly distributions of
25 cents per share were made on this issue on July 1 and
Oct. 2 last.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 141.
Bradley Knitting Co. (Wis.).-Seeks Loan.
New financing has been provided for this company, which has a large
plant in Milwaukee, Wis., according to President J. J. Phoenix.
The stockholders, he said, have voted unanimously to authorize the
directors to negotiate a loan of $460,000 from the Textile Banking Co.,
Inc., New York City, to clear up outstanding indebtedness and provide
new working capital.
The loan will be self-liquidating, outstanding accounts totaling more
than the loan being pledged as security, he explained. He pointed out that
on completion of the loan the company will have no encumbrances on any
of its property, which includes plants at Delavan and Rochester. Mich.,
besides Milwaukee.
The company is receiving "a good flow of orders," Mr. Phoenix said.
"We'll be running at full speed in Milwaukee right along." he said. Total
employment of the company is now estimated to be more than 700, of
which about 600 are in Milwaukee.
Most of the company's Delavan division was moved to Milwaukee last
summer. Hand knitting operations are now carried in on Delavan.-V.
134, P. 1767.
Broadway Department Stores, Inc.
-Larger Pref. Div.
The directors have declared a dividend of $1.50 per share on the 7% cum
1st pref. stock, par $100. payable Nov. 1 to holders of record Oct. 18.
This compares with 75 cents per share paid in each of the two preceding
quarters, prior to which the company paid regular quarterly dividends of
$1.75 per share on this issue.
-V.136. P. 2979.
Bryn Mawr-Winthrop Bldg., Chicago.
-Earnings.
Total receipts of the Bryn Mawr-Winthrop Building, Chicago, for the
period from Fee. 11 to Aug. 31 of this year were $3,588. while disbursements were $2,758, leaving cash in the hands of the Real Estate Management Corp., agents for the property pending reorganization, of $830. This
property was financed by Lackner, Butz & Co. with a 6% bond issue of
$275,000, of which $219,000 remains outstanding. Occupancy as of August
was 83.33%,
Holman D. Pettibone is chairman of the bondholders' protective committee, which includes David E. Shanahan, Joseph K. Brittain, Bentley
G. McCloud and Henry G. Barkhausen, Walter 40. Palmer is Secretary.
(Edward G.) Budd Mfg. Co.
-Purchases Steel.
-
it was recently announced that this company has placed orders for 25,000
tons of steel, involving approximately $1,250,000. The orders were for
immediate delivery, and were divided among several of the largest steel
companies, it was stated.
-V. 137, p. 2106.
Budd Wheel Co.
-Suit Transferred.
The patent suit filed Aug. 23 by the company against General Motors
Corp and Buick-Olds-Pontiac Sales Co. in the Federal District of Planadelphla,charging violation of wheel patents and unfair competition,has been
removed to the Federal District Court in Wilmington, Del.
The Budd Wheel Co. charges the defendants violated patents and
patented designs for pressed steel artillery wheels. It asks for payment of
profits the defendants are said to have made from alleged infringements
and unfair competition and for an injunction against further such alleged
infringements and unfair activities.
-V. 137. p. 2467.
Bulolo Gold Dredging, Ltd.
-September Output.
-
Production of Bulolo Gold Dredging, Ltd., during September totaled
440,900 cubic yards. with recovery of gold values at $151,614 in gold dollars,
it is announced. Since commencement of dredging the company's production has totaled 7,067,800 cubic yards, with gold recovery valued at
$2,172,243 in gold dollars.
Monthly figures since the beginning of this year follow:
Gold Dols. Cubic Yds.
Gold Dols. Cubic Yds.
423,800 June
$121,877
January
5168,987
489,300
500,100 July
159,692
a170,114
February
538,100
148,898
537.900 August
a166,290
March
488.900
153,270
489.100 September
151,614
April
440,900
167,117
490,500
Puy
a Revised figure.
An authoritative statement says:
There has evidently been some confusion in certain published results of
this company between the value of the recovery in fine gold ounces at par
of $20.6'7 per ounce, and the net operating profit in Canadian dollars,
calculated at the present gold premium.
For instance in August the recovery was 8,045 fine gold ounces which at
$20.67 per ounce, gave a recovery in gold dollars of $166.290. The working
profit for the month was given as 6,433 ounces which with gold at $30. gave
money.
a working profit of $192,990 Canadian$30 an ounce was equal
to $165,480,
In September the working profit at
actual recovery in gold dollars at $20.67 per ounce was $151,614.
but the
-V.137, p. 2106.
-Moratorium Ends Dec. 1.
Burns & Co., Ltd.
Capital reorganization of this company is seen as a definite possibility
bondholders agreed to waive
in the near future as the period during which a close on Dec. 1. The proInterest and sinking fund payments comes to
tective committee, which has been acting for the bondholders since June
1932, is expected to report to bondholders before Dec. 1 and at that time
this committee must either recommend capital reorganization or an extenthe company of fixed charges.
sion of the present arrangement which relieves1st mtge. bonds will then total
Arrears Of interest on the $6,799,900 of5),‘%
Caterpillar Tractor Co.
-Earnings.
-
Total
Total
43,967,857 44,020,942
x After deducting reserve for depreciation.
shares of no par value.
-V. 137. p. 2467.
40,967,857 44,020,942
y Represented by 1,882,240
-Listing Is Continued.
Celotex Co.
The New York Stock Exchange on Oct. 19 canceled its notice of Oct. 18
striking from the list the common and preferred stocks of the company, as
the concern notified the Exchange that arrangements or maintaining a
-V.137. p.691, 494.
transfer office in New York had been continued.
-New Plan on
Central Investment Corp., Los Angeles.
Assessing Stockholders Proposed.
Minority stockholders at a meeting held on Oct. 11 authorized Robert A.
Waring, attorney, who represents min.rity interests on the board of
directors to submit a counter-proposal on the question of making the
company's stock assessable.
Directors of the company, which on Oct. 1, took over the operations of
the Biltmore Hotel from the former operating company, the Los Angeles
Biltmore Co., on Oct. 9 voted to submit to the stockholders a proposal to
make the stock assessable on the basis of not to exceed $I a share every six
months as the Board might deem necessary, Mr. Waring dissented.
The comater-proposal of the minority group would limit the Board's
right to assess the stock to two assessments of $I a share each for two six
months' periods only, the stockholders reserving the right to authorize
any additional assessments. In addition the minority group also proposes
certain changes in the operating policies of the hotel, favoring a reduction
in the minimum room and meal rates as a means of stimulating business.
V. 137, p. 1416.
-Quarterly Report.
Chain & General Equities, Inc.
William B. Nichols. President, says in part:
During the quarter corporation has paid up in full its subscription to the
yndicate acquiring a substantial stock interest in the United Founders
rp., and this syndicate participation is carried in the balance sheet at
cost, which in the opinion of directors, is the fair value as of Sept. 30.
Corporation has suoscrided to 4.750 shares of General American Life
Insurance Co. This company was formed by a syndicate headed by
Equity Corp. to acquire the business and assets of the Missouri State Life
Insurance Co. It is anticipated that your company will be represented on
the board of directors of General American Life Insurance Co.
On the basis of valuing the common and preferred shares of Interstate
Equities Corp. at the market prices of 1 yi per share and 2134 per share,
respectively, on Sept. 30 1933, the net asset value of your corporation's
preferred stock outstanding as of that date, before deduction of accrued
unpaid dividends, was $102.23 per share. The common stock, after deducting accrued unpaid dividends on the preferred stock, had no asset
value.
Earnings.
-For income statement for 3 and 9 months ended Sept. 30 Bee
"Earnings Department" on a preceding page.
%
Comparative Balance Sheet.
Sept. 30'33. Dec. 31'32.
LiabilitiesAssetsSept. 30'33. Dec. 31'32.
Cash
540,808 3459,831 Due for securities
$562
bought
Securities owned
682,276 b1,651,890
Loans payable
$170,000
Divs. receivable &
int. accrued_ _ _
.
3,965
2,686 Reserve for taxes
5,499
4,042
and aeon exps
Invest.In corn. stk.
Preferred stock_ 1,845,000 1,990,600
of Interstate Eq.
d62,720 a627,200
Corp
e1,439,511 1,438,211 Common stock_
929,141
c532,468
Invest,in pref.stk.
Surplus
of Interstate Eq.
Corp
251,475
Partic. in United
Founders Corp.
196,196
Syndicate
Prepaid expenses384
$2,614,231 $3,553,004
Total
Total
$2,614,231 $3,553,004
a Represented by 627.200 no par shares. b The aggregate value of securities owned at market quotations, except two items which have been
valued at fair value of $48.900 by the directors, was less than the above
book value by $1,296,652. The accounts of Inter-State Equities Corp.
indicate, moreover, that there is no asset value applicable to the common
stock of the company as at Dec. 31 1932. 100,000 shares thereof are under
option to net not less than $2 per share. c After deducting net unrealized
depreciation in securities owned of $804.129. d Par value 10c. per share.
V. 137, p. 1584.
Chamber of Commerce Building Co., Indianapolis,
Ind.
-Smaller Preferred Dividend.
A dividend of 4734 cents per share was recently declared on the 534%
cum. 1st pref. stock, par $100, payable Oct. 2 to holders of record Sept. 20.
Previously, the company paid regular quarterly dividends of 51.3734
per share on this issue.
-V. 121. p. 1912.
-Special Dividend of 25 Cents.
Charis Corp.
The directors have declared a special dividend of 25 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, no par value, both payable Nov. 1 to holders of record
Oct. 25. Quarterly distributions of 25 cents each were made on this
issue on May 1 and Aug. 1 last, compared with 3734 cents per share each
quarter from May 1 1932 to and incl. Feb. 1 1933.-V. 137, p. 143.
Chevrolet Motor Co.
-New Genetal Manager
Marvin E. Coyle has been appointed General Manager, succeeding
W. S. Knudsen, who has been named Executive Vice-President of the
General Motors Corp. Mr. Coyle has been Vice-President and General
Auditor of the Chevrolet company for several years. -V. 137, p. 2812.
Chrysler Corp.
-50
-Cent Common Dividend-Earnings.
The directors on Oct. 19 declared a dividend of 50 cents per
share on the common stock, par $5, payable Dec. 31 to
holders of record Dec. 1. Together with the special distribution of like amount made on this issue on Sept. 15 last, the current payment will make a total in dividends for 1933 of $1
per share. From Jan. 2 1931 to and incl. Dec. 31 1932 the
corporation made quarterly payments of 25 cents per share,
as against 75 cents per share each quarter from April 2
1926 to and incl. Sept. 30 1930.
For income statement for the 3 and 9 months ended
Sept. 30 1933 see "Earnings Department" on a preceding
page.
Walter P. Chrysler, chairman of the board, said that although sales had
been larger in the third quarter of the year than in the second, the net
profit had declined,"due to increased operating costs for labor and materials
resulting to a large extent from compliance with the terms of the automobile
ndustry code.'
Financial Chronicle
2980
Mr. Chrysler further states in part:
The corporation's sales to distributors and dealers this year has been
nearly 2i times what they had been in the corresponding period last year.
Unit sales of passenger and commercial cars and other products of the
corporation totaled 387,266, to the value o $202,061,415. as compared
with 174.530 units to the value of $110,555,859 sold in the corresponding
period of 1932.
Third-quarter sales, which ordinarily reflect a substantial seasonal decline from the usual Spring peak, were greater this year than sales for any
quarter since Sept. 30 1929, and were nearly 4ji times the third-quarter
sales of last year.
Corporation is the second largest manufacturer of automobiles in point
of retail sales of its products to the public. Registration figures covering
new passenger car sales at retail, complete for the first eight months of this
year, show that nearly one out of every four cars sold in the United States
Is Chrysler-built. As against 17.2% of all cars sold in the United States
in the first eight months of last year and 22.8% in the first six months of
this year, the corporation's share of the total business for the first eight
months of this year was 24.4%. In the month of July it was 26.8%; in the
month of August it was 28.1, and for the month of Sept., as indicated
by the partial registration figures thus far available, it was 29.0%.
Net permanent assets as compared with Dec.31 1932. decreased $8,568,666. Depreciation and amortization in the amount of $11,137,649 were
charged to production during the year to date.
Since the last report to the stockholders a very significant development
has taken place in the relationship between the employees and the management. In order to establish a mutually satisfactory way of settling any
differences which may arise between employees and management and to
provide a means of friendly and lasting co-operation between them on the
basis of mutual confidence and understanding, a plan of employee representation was submitted to all the shop employees.
'The essential feature of this plan is a joint shop council in each of the
plants of Chrysler Motors equally representative of management and employees. In presenting the plan the employees were advised that its whole
purpose was to promote such a relationship in our plants as would insure the
employees a square deal and encourage their willing co-operation in advancing the corporation, whose interests are of mutual concern to both parties
as well as to the stockholders.
•
"It is gratifying to report that in the election to determine whether the
employees desired to have such a plan in operation more than 86% of the
33,000 shop employees on the corporation payrolls voted in favor of the
plan."
Consolidated Balance Sheet Sept. 30.
1932.
1933.
1932.
1933.
Assets
Capital stock..__621,526,045 d72,963,813
a Land, bleigs.,
mach., &c _ _853,127,874 60,810.024 Funded debt_ _ _ 90,905,500 43,192,000
31,972,202 33,914,642 Accts. pyble_ _ __ 22,855,313 5,148,268
Cash
Marketable sec's 29,643,298 17,001,010 Accrued sects - 1,345,768 1,607,240
937,116
972,240
944,068 D'Irs deposits
5,649,715
B drafts
-L
161,826
525,802 Fed, tax reserve 2,295,728
524,086
Notes receivable
9,583,951 6,503,368
Accts. receiv_ _ _ 2,534,152 1,189,776 Reserves
21,875,608 13,645,073 Capital surplus_ 24,645,7141 33,493,344
Inventories
1 25.000,000 Earned surplus_ 37,156,3001
Goodwill
Other assets_ __ _c14,677,076 9,743,489
Deferred charges 1,282,547 1,233,291
161,286,559 184,006,975
Total
161,286,559 164,006,975
Total
a After depreciation. b Par $5. c Includes $4,985.730 cash on deposit
in closed or restricted banks. d Represented by 4,380,280 no par shares.
Shipments Higher.
During the quarter ended Sept. 30 sales of this corporation to dealers
of all products totaled 169,652 units, which was more than five times
greater than sales of the corresponding period of last year.
Sales to dealers and distributors of Plymouth, Dodge, De Soto and
Chrysler passenger and commercial vehicles for the first nine months
of 1933 were the highest for any similar period since 1929 and came within
7,167 cars of that term, which was the best in the company's history, it
is announced. Sales totaled 387,266 units, an increase of 212,736 over
the corresponding period of 1932. Sales during the first nine months
of 1929 were 394,433 units.
September sales showed a 611% increase over September of last year,
with a total of 53,985 cars, in comparison with 7,588 for the same month
of 1932. This was the best sales returns for September in five years.
Plymouth, the announcement said, had an increase during the nine
months' period of 154% over last year, with a unit gain of 138.619.
Plymouth Car Sales Continue to Increase-Set New Week's
Record.
Retail deliveries of Plymouth cars by Chrysler dealers set a new alltime record in the week ended Sept. 30, according to official figures released by the Chrysler Sales Corp. A total of 2,922 units were delivered
in this week, an increase of 9.1% over the previous week and 357.3%
over the corresponding week of 1932.
Complete figures for Plymouth sales by Chrysler dealers for four weeks
in the month of September show a total of 10.482, with a very marked
increase in the second two weeks over the first fortnight. In the two
weeks ended Sept. 16, 4,881 cars were sold; in the second two weeks,
5,601, a jump of 14.8% •
Chrysler cars delivered during the week of Sept. 30 totaled 741 units.
This represents an increase of 5.7% over the previous week and is 13.6%
greater than the record for the corresponding week last year.
Retail deliveries of Chrysler and Plymouth cars by Chrysler dealers
for the year 1933 to date are far ahead of the corresponding period of 1932.
the figures for the first 39 weeks of this year leading those for last year
by 70.2%,
-V.137, p. 2812.
Cincinnati Chamber of Commerce and Merchants'
-Deposits under Plan.
Exchange.
The bondholders are advised that up to the present time $1,040,500 of
bonds have been deposited in accordance with the plan dated May 20 1933.
Under date of Sept. 15. company advised all of the known bondholders
that the plan had been declared operative, due to the large percentage of
bonds deposited, and advised all who had not deposited, that they could
do so and receive payment for the April 15 income coupons at the rate of
$20.20 per $1,000 bond. Company now wishes to advise that funds will
be available on Oct. 15 for the payment of the income coupons due on that
date at the rate of $20.22 per $1,000 bond and $10.11 per $500 bond, and
all bondholders who have not as yet deposited their bonds are urged to do
SO immediately.
The First National Bank of Cincinnati, is acting as depositary. See also
V. 137, p. 2467.
City Ice & Fuel Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Robert C. Suhr, President, states that company has reduced its funded
debt approximately $700,000 during past nine months and that its cash
holdings as of Sept. 30 were $1,576,848 after paying October dividends.
Current assets were $9,552,259 and current liabilities $1,356,406, or
better than a 7
-to-1 ratio.
-V. 137, P. 1417.
Collins & Aikman Co.
-Earnings.
For income statement for 6 months ended Aug. 26 see "Earnings Department" on a preceding page.
-V.137, P. 2812.
--1
he
Insulated Wire
o.5as-Removed
from List.
New York Cb Excnange n
removed from unlisted
Curb
pri leges the capital stock (no par .-V. 137, p. 2468.
rading
Combustion Engineering Co., Inc.
--Present Status.
As of Aug. 1 1933, took over the properties of International Combustion
Engineering Corp. and affiliated companies recently sold by order of the
Federal Court. The properties acquired include those of Conpustion
Engineering Corp., Hedges
-Walsh-Weidner Co., Coshocton Iron Co., Raymond Brothers Impact Pulverizer Co. and Combustion Publishing Co.
In order to assure the best possible service to the company's customers,
these properties will be operated under a single certralized management.
The new organization will continue Combustion Engineering Corp.'s
complete line of boiler, fuel burning and related equipment, backed by an
engineering service of the highest quality and a sound commercial organization with the necessary financial standing to execute the largest
contracts in its particular field of activity.
Oct. 21 1933
Company is controlled by Superheater Co.
Officers are: Frederic A. Schaff, President; Joseph V. Santry, Executive
Vice-President; Robert M. Gates, Vice-President in Charge of Sales;
Martens H. Isenberg, Vice-President in Charge of Production; John Van
Brunt, Vice-President in Charge of Engineering; Harold H. Berry, Treasurer; George W. Grove, Secretary & Assistant Treasurer; George D. Ellis,
Comptroller.
-V. 137, p. 1058.
Commercial Investment Trust Corp.
-Factoring Unit
Expands.Meinhard, Greet & Co., Inc., a wholly owned subsidiary, has made an
agreement to take over the factoring accounts of Edmund Wright-Ginsoerg Co., Inc., according to an announcement on Oct. 18, which further
states as follows:
"Edmund Wright
-Ginsberg Co., Inc., which was estaolished in January
1919, has been for some years an important unit in the textile factoring
business. The organization does a business of approximately $20,000,000
annually.
"After the conclusion of the transfer, Edmund Wright-Ginsberg Co.,
Inc. will eliminate the factoring business from its activities and Myer
,
Gins
and Samuel Ginsberg will become Vice-Presidents of Meinhard,
Greet & Co., Inc., while Jacob and Arthur Ginsberg will remain with and
-Ginsberg Co., which
supervise the future activities of the Edmund Wright
will hereafter operate as a securities investment company.
"Commercial Investment Trust, through its subsidiaries, is to-day the
largest organization operating in the textile factoring business. Without
the present acquisition, its factoring divisions do a business approximating
$200,000,000 annually.
"The business of Meinhard, Greet & Co., Inc., now amounts to $40,000,000 a year, and the increase through the accounts to be taken over from
Edmund Wright-Ginsberg, Co., Inc., will make the Meinhard. Greet
volume one of the largest and most important in its field. The other factoring units in the C.I. T.group are Commercial Factors Corp. and William
Iselin & Co., Inc."
-V. 137, p. 1245.
-Earnings.
Container Corp. of America.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-Y. 137, p. 872.,
Department" on a preceding page.
-Earnings.
Continental Baking Corp.
For income statement for 13 and 39 weeks ended Sept. 30 see "Earnings
-V. 137, p. 1941.
Department" on a preceding page.
-Earnings.
Continental Can Co., Inc.
For income statement for 12 months ended Sept. 30 see "Earnings
-V. 137, P. 2812.
Department" on a preceding page.
*al to JAI
Continental Motors Corp.-Meetzng Adjourned.
The adjourned special meeting of stockholders, which was scheduled to
be held on Oct. 11, has been further postponed until Nov. 8.-V. 137.
p.2107.
ro0 as kali
-Earnings.
Corn Products Refining Co.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Rehearing Denied in Patent Suit.
The U. S. Circuit Court of Appeals at Chicago has denied the appeal of
Penick & Ford, Ltd., Inc., for a rehearing of the decision of that Court with
respect to patents for methods for treating water used in manufacturing
corn starch and has decreed that the decree of U. S. District Court be
reversed and case remanded to that Court with directions to enter decree
in accordance with the view of the Court of Appeals. Penick & Ford bad
alleged infringement of its Widmer intents by Corn Products, The District
Court upheld Penick & Ford, but the Circuit Court of Appeals reversed the
decision and dismissed a counter claim of Corn Products against Penick &
-V. 137, p. 2468.
Ford.
-Earnings.
Cream of Wheat Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V.137, P. 496.
Department" on a preceding page.
Deposited Bond Certificates, Convertible Debenture
-Trust Terminated.
Series 1938.
The Manufacturers Trust Co., successor trustee, announces that the
trust agreement dated Dec. 31 1931 terminated on Sept. 18 1933, that
the sale of all securities and other properties remaining in its hands as
part of the deposited property thereunder has been completed and that.
in accordance with the provisions of the agreement, they will now proceed
to distribute pro rata to the holders of outstanding certificates the net
cash proceeds derived from such sale, together with all other cash applicable
thereto then held as part of the deposited property by the trustee, but only
upon surrender of such certificates, together with all coupons due on or
after Jan. 31 1934 attached ,to the trustee. See also V. 137. p. 2643.
Devoe & Reynolds Co., Inc.
-Tenders.
Toe Chase National Bank of the City of New York, trustee, announces
that it has avallgble $30,068 in cash for purchase for tne sinking fund of so
many of the shares of the 1st pref. stack of the above company as shall be
tendered and accepted for payment at a price not to exceed 115 and diva.
Tenders received on or before Nov. 17 next will be opened and announcement will be made of tne tenders then accepted as soon as possible thereafter. The right is reserved to reject any or all tenders.
-V.137, p. 2468.
'Distillers Products Corp., Weehawken, N. J.
-Stock
Offered.
-An issue of 105,000 shares of capital stock is being
offered for subscription by the company, ranging from
$7 to $12 per share.
The present offering of 105.000 shares of common stock consists of 60,000
shares at a price of $7 per share, 10,000 shares at a price of $8 per share,
10,000 shares at a price of $9 per share, 10,000 shares at a price of $1.0 per
share, 10,000 shares at a price of $11 per share and 5,000 shares at a price
a o ,r y
s tt .
of
contract dated as of Aug. 17 1933, has designated A. T.
Corporation,
Burleigh & Co., Inc., 111 Broadway, New York, N. Y., as its agent for
the sale of 60,000 of the shares of common stock included in the present
offering. Such agent has committed to sell or cause to be sold for the
issuer, or, in lieu thereof, to buy from the issuer 5,000 of such 60,000 shares.
A. T. Burleigh & Co., Inc., by contract dated as of Aug. 17 1933 has
received from Joseph C. Bender an option, good until one year from the
effective date of the registration statement filed in connection with this
offering, to purchase from him all or any part of 45,000 additional shares
of the common stock of the corporation at the following prices: $6 per share
for the first 10,000 she.; $7 per share for the next MON shs.; $8 per share
for the next 10,000 sits.; $9 per share for the next 10,0C° abs.' and $10 per
share for the last 5,000 shs, of such 45,000 shs.
Mr. Bender. the grantor of this option, has a 10-year management contract with Distillers Products Corp. dated Aug. 8 1933, by which he was
given an option, good until Aug. 8 1935. to purchase 90,000 shares of its
common stock at a price to net the corporation $5 per share. This contract
was negotiated to insure to the corporation the benefits of Mr. Bender's
exclusive services for a period of 10 years, and the option was partly to given
induce execution by him of that contract and partly because he arranged
for the surrender to the corporation by its stockholders of 29,200 of the
50,200 shares to which they had become entitled upon the exchange of
stock in connection with the recapitalization of the corporation, of which
29,200 shares Mr. Bender personally surrendered 25,130 shares with a par
value of $125,650. In so far as A. T. Burleigh & Co., Inc., may exercise
its option for 45,000 shares, it may be considered that the profit to Mr.
Bender will constitute a commission in conenction with this offering. The
remaining 45,000 shares of such 90,000 shares are not the subject of this
registration and no part of such remaining 45.000 shares is being presently
offered to the public.
Both with respect to the 60,000 shares which are the subject of agency
and the 45,000 shares under option from Mr. Joseph C. Bender, A. T. Burleigh & Co., Inc., proposes to allow distributors, dealers and sub-agents,
each as a class, a commission or discount of $1 on the offering price in each
instance, with an additional 10j6 cents per share to wholesalers. A. T.
Burleigh & Co., Inc., is also to pay one S. T. Smith, as broker and for a
finder's fee, a commission of 10 cents a share on the first 60.000 shares sold
of the present offering and 3, cents on each additional share of this issue
4
1
of stock which may be sold by it. A. T. Burleigh & Co., Inc., is also to
Volume 137
A copy of the prospectus offering the stock affords the
following:
Business.
-Corporation was incorp. in New Jersey on Aug. 17 1931 under
the name of Distillers Preparations, Inc. Name changed to present title
July 25 1933. Since organization corporation has been a dealer and wholesaler of rum under Government permits, and a manufacturer of flavors,
syrups and medicinal and food preparations containing rum, alcohol.
and brandy. Also, under permit, it sells rum to bakers and to makers of
ice-cream, mince-meat, syrups and flavors. Business office located at
566 Hudson Ave., Weehawken, N. J., where it operates a plant on leased
premises. Practically its entire rum inventory is maintained in the United
States Concentration Warehouse in Baltimore, Md. A substantial part
ofsuch rum has been reserved for use in rectifying and blending for beverage
purposes upon the repeal of prohibition.
The corporation intends, when permitted by law, and in addition to
business now transacted by it, to engage in the business of distillers, rectifiers, °lenders, bottlers, importers, distributors and dealers of and in wines,
whiskies, liquors, alcoholic and other beverages and kindred products.
The corporation operates its plant at Weehawken, N. J., where it has
been located since its organization, under a lease with respect to which it
has an option of renewal for four years from Nov. 30 1933. The management contemplates the purchase of a suitable building which will be specially
adapted to the requirements of the manufacturing, rectifying and blending
import and service departments.
The corporation also owns an experimental semi-plant scale distilling
unit at Toronto, Ont. This equipment has been developed in connection
with a special process of distillation, which the corporation intends to use
In its operations.
Purposes
.-The estimated net proceeds to be received through the sale
of the 105,000 shares of common stock will be $525,000 in cash. The
corporation has no present plans for raising funds from other sources, but
additional funds will be received should Mr. Bender exercise his rights of
Option to purchase all or any part of the remaining 45,000 of the 90,000
optioned shares at $5 per share.
The specific purposes to which the funds to be received from the present
offering are to be applied are repayment of bank and other loans, the
purchase of a suitable plant and reconditioning, repairs and alteration of
same, the purchase of additional bottling machinery and equipment,
the purchase of materials and merchandise, and working capital.
Management.-Joseph C. Bender, Pres. & Gen. Mgr.; Meyer P. Gross,
Treas. & director; Anne S. Kogge, Sec'y & Asst. Treas.; John R. Buggeln,
Charles M. Kahn, directors.
Profit and Loss Statement for Seven Months Ended July 31 1933.
Gross sales (less returns and allowances)
$4,811
Cost of goods sold
2.589
1
Selling, general and administrative expenses
10,841
Provision for doubtful accounts
1,695
Rents and royalties
833
Provision for depreciation and depletion
558
Total operating loss
Interest received on notes and accounts of others
Net loss_ ---------------------------------------------
$11,706
98
$11,609
Pro Forma Balance Sheet as ofJuly 31 1933.
[After giving effect to the proposed sale of 105,000 shares of common stk.
Assets
LtnbUU
Fixed assets
$6,896 Capital stock ($5 par)
$630,000
Patents and trade-marks and
Current liabilities
67,445
formulae
1 Reserves
53,559
Organization expense
682 Surplus
63,806
Cash on demand and on hand
527,267
/keels receivable (customers)
1,557
Inventories
278,302
Other assets
75
Total
Total
$814,810
$814,811
Dome Mines, Ltd.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. P. 2813.
Dominion Stores, Ltd.
-Sales.
-
Period End. Oct. 71933-4 Wks
.-1932.
1933-40 Wks.
-1932.
Sales
11,569.470 $1,755,769 115,092.731 $17.509.257
The company operated 51 fewer stores in the four week
sended Oct. 7
1933, than in the like period of 1932.-V. 137, P. 2278.
Dominion Textile Co., Ltd.
-Obituary.
-
Frank 0. Daniels, President and Managing Director, died on
Oct. 17 in
Westmount, Canada -V. 136, P. 4277.
(E.I.) du Pont de Nemours & Co.
-Preliminary Earns.
-
The company, in a preliminary report for the quarter ended
Sept. 30
1933, states that it earned 95 cents a share on its common stock, including
dividend from General Motors investment amounting to 2234 cents a share
on du Pont common stock. This compares with total earnings of
on du Pont common, including 23 cents a share from General68 cents
investment, in the preceding quarter, and in total earnings of 36 Motors
share on du Pont common, including 23 cents a share on General cents a
Motors
investment. in the September quarter of 1932.
For the 9 months ended Sept. 30 1933 earnings were equal to $1.98 a
share on common stock, including dividends from General 'Motors investment amounting to 6844 cents a share on the du Pont common. This
compares with 31.37 a share on common shares in the first 9 months of
1932, including dividend from General Motors investment amounting
to 92 cents a share on du Pont common stock.
The above figures include company's equity in undivided profits or losses
of controlled companies not consolidated.
-V.137, p. 1418.
Eaton Paper Corp.
-Changes in Personnel.
-
Brig. Gen, Charles 11. At heeler. Vice-President and Production Manager
of this company, has been retired and will end his duties with the company
officially on Jan. 1. Ile will be succeeded by Lloyd A. Stokes as Production
Manager. Mr. Stokes has been Assistant Manager of Production for some
time.
John R. Tobey, Treasurer, is named to anew office, that of Comptroller.
Paul E. Burbank, who has been merchandising manager, becomes sales
Manager. See also V. 137. p. 874.
Equity Corp.
-Report on Combined Statement of Assets
and Liabilities as at Sept. 30 1933.
David M. Milton, President, Oct. 13, stated in part:
During the major portion of the quarter ended Sept. 30 1933 the corporation continued to accept for exchange into its own preferred and col/mien
stocks securities of Yosemite Holding Corp., Chain & General Equities,
Inc., Interstate Remittal Corp. and Allied General Corp.
As of Sept. 30 1933 the corporation and its controlled companies owned
or controlled the following percentages of the various classes of stocks and
warrants of the companies enumerated:
2981
Financial Chronicle
pay all printing, advertising, mailing and other selling or distributing
expenses.
Distillers Products Corp. has agreed, in so far as the 60,000 shares subject of agency are concerned, and Joseph C. Bender has agreed, in so far
as the 45,000 shares subject of option are concerned, that A. T. Burleigh
& Co., Inc., may retain for its own account and (or) distribute and (or)
allow to its distributors, dealers, wholesalers and sub-agents all the excess,
if any, of the purchase price paid or consideration received for each such
share of stock presently offered, in excess of the sum of $5 per share to be
paid to or for the account of Distillers Products Corp. in so far as the 60.000
shares subject of agency are concerned, or in excess of the respective prices
hereinabove stated to be paid Mr. Bender upon the exercise by A. T. Burleigh & Co., Inc., of all or any part of its option to purchase 45,000 shares
from him.
To Be Outstanding.
Authorized.
CapitalizationCommon stock (par $5)
126,000 shs.
200,000 shs.
No preferred stock, bonds or other funded debt.
Transfer agent, Chase National Bank, New York. Registrar, Empire
Trust Co., New York.
Corporation will make application to list shares on New York Curb Exch.
Directly or Indirectly.
Per Cent Owned by The Equity Cor
Yosemite Holding Corp.Interstate Equities Corp.
$3.50 cumulative pref. stock87.739 $3 cum. pref. stock, series A.31.95%
Common stock
94.66% Common stock
69.26%
Warrants
Allied General Corp.
66.60%
$3 convertible pref. stock_ _86.64%
Chain 8e General Equities, Inc.Class A stock
85.14%
83.35%
6)4% cumulative pref. stock_ 73.00% Common stock
Common stock
73.83% Warrants
41.83%
The holdings of the corporation itself as of Sept. 30 1933 consisted chiefly
of stock in controlled companies and a syndicate participation amounting
to $250,000 in connection with General American Life Insurance Co.
Aside from these holdings its assets consisted principally of cash amounting
to $56,559. Its liabilities, exclusive of a secured loan payable of $250.000.
amounted to $24,104.
The combined statement of assets and liabilities of the corporation and
the four controlled companies indicates that, on the basis of the asset values
attributable to the various classes of securities of its controlled companies
owned by it and fair value as to others, assets per share of issued and to be
issued pref. stock of corporation as of Sept. 30 1933 were $67.79 and assets
per share of common stock were approximately 26 cents, after deducting
$50 per share of pref. stock (value in liquidation) and after deducting
accrued and unpaid dividends on pref. stock issued and outstanding on
that date.
In Sept. 1933 the corporation, Interstate Equities Corp., Chain & General Equities, Inc., and Colonial States Fire Insurance Co. together subscribed (partially through a syndicate headed by Equity Corp.) $2,000,000
as initial capital and surplus of General American Life Insurance Co.
General American Life Insurance Co. has acquired (subject to provisions
of an agreement between it and the Superintendent of Insurance of Missouri
dated Sept. 7 1933) the business and assets of Missouri State Life Insurance
Co. The purchase agreements provides, among other things, for the payment in full (after deduction of interest on lien) by General American Life
Insurance Co. of all death claims on policies issued by Missouri State Life
Insurance Co. arising within the 15 years from the date of the purchase
contract. The payment of other claims is made subject to a lien (which is
subject to periodic adjustment) amounting, in the first instance, to 50%
of the amount thereof.
Consolidated Balance Sheet Sept. 30 1933.
Assets
Cash in banks and on hand
$628,294
Marketable securities owned, at values based on market quotations (except as otherwise specified) (partly pledged to secure loan, per contra):
$827,651
Bonds
1.536,096
Stocks
234,473
Miscellaneous
2,598,221
Investments in stocks of associated companies. &c.;
Capital stock held in Distributors Group, Inc.(at
estimated fair value,in the opinion of directors) $488,425
Capital stocks ofinsurance companies representing
control (at cost, which, in the opinion of directors, is fair value)
900,049
Interest in General American Life Insurance Co.
(at cost, which, in the opinion of directors, is
fair value):
Held through syndicate headed by Equity Corp $1,750.000
Held directly
190,000
1,940,000
Total of participations in syndicate
for acquisition of shares of United
Founders Corp. (at cost, which, in
the opinion of directors, is fair val.) $1,153,125
Less participations of associated
companies not included herein
held in custody by Equity Corp_
441,440
711.684
Silver, at cost, plus carrying charges (equal amount
sold for March 1934 delivery)
$582,230
Less-Bank loan there against
470,000
112,231
Joint accounts, less reserve
90,786
Receivable from securities sold
6,253
Accured interest and dividends
37,969
Other assets
57,127
Total
$7,571,039
Liabilities
Loans payable (secured by marketable securities, per
contra, and shares of Interstate Equities Corp.
preferred stock)
420,000
Accts. payable and accrued expenses:
Accounts payable for securities purchased, &c
48,681
Accrued expenses
18,061
Reserve for Federal and other taxes
43,875
110,618
Reserve for contingencies
25,166
Excess of assets over liabilities
7.015,254
Total
$7,571,039
Capital stocks outstanding in
hands of public to which
above $7,015,254 is applicable:
-Assets Value- Shares Outstanding
Pref. stocks of controlled cos., Amount. Per Share. in Hands of Public.
at net asset value (inter
co. holdings eliminated):
Allied General Corp.$3 cony.
pref. stock (no par)
-entitled in liquidation to $50
per sh, and accum. div.
(diva,in arrears at Sept.30
1933-16.75 per sh.)
$13.66
3.676 13.36%
$50,236
Chain & General Equities,
Inc.6)4% cum.pref.stock,
$100 par-entitled in invol.
liquid. to $100 per share
and in vol. liquid. to $115
per share and accum, diva.
in each case (diva. in arrearsat Aug.11933,$15.50) 322,459
66.73
4,982 27.00%
Interstate Equities Corp. $3
cum. pref. attack, series A,
$50 par-entitled in liquid.
to $50 per share and accum.
diva. (diva, in arrears at
Aug. 11933-16 per share) 4,039,868
42.65
94,709 68.05%
Yosemite
Holding
Corp.
$3.50 cum, pref. stock, no
par-entitled in liquid. to
$51 per share and acctun.
diva. (divs, in arrears at
Sept. 30 1933-12.62)4
per share)
457
.51
881 lt 12.27%
Capital stocks of Equity Corp.
(incl. shares to be issued in
exchange for shares of the
four other companies deposited prior to Sept. 30
1933):
$3 cony. pref. stock of $1 par
value-entitled in liquid.
to $50 per share (15,12254
shares entitled to diva, of
$1.50 per share for the six
months ended Aug. 31
1933; 22,436.8 shares entitled to div. of 75c. per
share for the quarter ended
Aug. 31 1933; when declared)
1,951,382
38,237.425
Common stock of 10c. par val 640.849
2,463,676.25
Total
-V.137, p. 1943.
17,015.254
2982
Financial Chronicle
Central Block, Chicago.
-Reorganization.
-
A saving of at least $250,000 has been effected for holders of bonds
through the appointment of a trustee rather than a receiver to operate the
property, according to Master in Chancery John Charles Lowe, who has
just completed his findings in the case. The Block, which includes the Bismarck Hotel, Metropolitan Block and Palace Theater, is subject to a first
mortgage bond issue of $7,750,000 and a total indebtedness of $9.243,265.
Total reorganization expenses as set forth in the Master's report amounted
to $83.502. To this figure must be added the Master's fee, which, it is
stated, will not exceed 1-10th 01 1% of the default involved.
The bondholders' protective committee, of which Abet Davis i chairman, obtained in November 1931, through co-operation of the Etels, the
equity owners and the Greenebaum Sons Investment Co., underwriters of
the bond issue, the appointment of the Central Republic Bank & Trust
Co.as trustee instead of placing the property in receivership. It was agreed
that reorganization expenses would be kept down to not more than 3% of
the bonds outstanding. The property was placed in escrow by the Eitels,
who have continued to manage the hotel.
The Master's report is expected to be presented to the Court shortly.
At that time it is predicted that a decree of. sale will be entered and the
property bid in by a nominee of the committee at the foreclosure sale to
follow.
-V. 134, p. 140.
--- Electric Household iities Corp.
"*Kr
-Admitted to List.
The New York Curb Exchange as admitted to unlisted trading privlies
th new capital stock par $5,
able share for share in exchange for old
capital stock par 810.-V. 136, p. 4467.
Steel Corp.
-To Be Reorganized.
-
Plans for reorganization of the corporation have been announced by the
reorganization committee headed by Colonel Prank A. Scott.
The capital will consist of 125.000 shares (no par) common stock. There
will be slightly more than $1,000,000 of bonds outstanding.
Holders of each of Mansfield Sheet & Tin Plate $1,000 bond will receive
$200 of new bonds and eight shares of common stock.
Holders of each $1,000 of Ashtabula bond will get $150 in bonds and 83i
shares of stock.
Investors furnishing the new capital will receive $1.000 in bonds and 30
shares of stock for each $1,000 invested.
John A. Haden, Counsel for the reorganization committee and the
creditors' committee, said that incorporation in Columbus on Oct. 16 of
the Empire Sheet & Tin Plate Co. was a forerunner of the reorganization.
Properties Sold at Auction.
The Empire Sheet & Tin Co. was the successful bidder for the properties
when offered at pubrc auction at Mansfield. Ohio.. Oct. 18 with a bid of
*1.334.500 Sold in the transaction were mortgaged land and buildings
at Mansfield for $600,000, mortgaged properties at Ashtabula for $110,000
and unmortgaged parcels at Nilse, Ashtabula, and Mansfield for $624,500.
A bid of $147,000 offered by David R. James, Chairman of the bondholders' committee,and Ernest Baretel,took the Clevnland plant.
-V.137.
p.2813.
Empire Title & Guarantee Co.-Bal. Sheet Sept. 30.AssetsLiabilities1932.
1933.
1933.
1932.
Cash
$100,510 $261,574 Agency accounts-- $19,234
$10,226
Bonds & 1st mtge. 1,848,450 2,116,227 Due banks
599,490
990,000
Stocks and bonds
2,000 Interest accrued on
Notes receivable
guar. mtges.,but
96,044
211,309
Accts. receivable
2,521
not yet payable_
7,765
124,364
Accrued interest
176,313
199,620 Accountspayable_
520
Other assets
12,254 Commissions not
6,700
yet payable._..163
927
Accrued int. pay__
95,148
Install.rec.on guaranteed mtges_ _ _
1,900
Reserves
104,915
170,225
Capital stock
1,000,000 1,000,000
Surplus and undivided profits... 409,690
514,478
Total
$2,230,541 $2,810,741
-V.137, p. 1247.
Total
$2,230,541 $2,810,741
A dividend (No. 95) of 87 cents per share has been declared on the 7%
cum. pref. stock, par $100, payable Nov. 1 to holders of record Oct. 25.
A similar amount was paid on this issue on May 1 last, while on Feb. 1 and
on Aug. 1 distributions of 88 cents per share were made. Previously, the
company paid regular quarterly dividends of $1.75 Per share.
-V• 137.
p.876.
--------Exchange Buffet Corp.
-Dividend Omitted.
-The directors, it was announced on Oct. 19, have taken no action on
the quarterly dividend ordinarily payable about Oct. 31 on
the common stock, no par value. From Jan. 30 1932 to
and incl. July 31 1933, the company mads quarterly distributions of 63,4 cents per share on this issue as against 25 cents
per share on Oct. 31 1931 and 373- cents per share each
quarter from April 30 1925 to and incl. July 31 1931.-V. 137,
p. 2107.
Faultless Rubber Co.
-New Vice-President.
S. R. Finley, Manager of the Ashland division of the Ohio Public Service
Co., has been elected Vice-President and Assistant to the President of the
Faultless Rubber Co., effective on Oct. 15.-V. 137, p. 2643.,
Federal Grain, Ltd.
-Earnings.
12 Mos. End. July 31Operating profit
1933..
$765.192
$500,283
Bond interest
266,016
279,946
Depreciation
432,709
218,567
Wrecking and rebuilding
elevators, &c
55,388
Property original expense
written-off
8,953
Dominion inc. tax paid
4,177
14.955
1931.
$789,399
249,540
221,381
Balance
Preferred dividends
1930.
$ 66.444
255,000
87,878
16,954
$740
def$15,982
$213,646 def$188,556
195,000
97,500
$740
466,607
def$15,982
482,590
8116.146 def$383,556
366,444
750,000
Profit and loss balance x$467,347 4466.607 4482,590
x Subject to income OA.
Comparative Balance Sheet July 31.
1933.
1932.
1933.
Assets
Cash
50,130
32,918 Bank loans St overAccts. receivable_ _
36,571
93,988 drafts (secured). 8,565,781
Loans & advances.
48,651 Sundry credit. _ _ 533,785
Margins deposited 140,000
6% 1st mtge. bds_ 3,925,500
Adv. sec. by grain 104,441
Bond red. reserve_
53,020
Inventories
9,079,986 2,385,922 63i% pref stock__ 3,000,000
Accrued earnings
117,663
111,702 * Common stock__ 1,250,000
Prepaid expenses
39,532
24,992 Surplus
467,347
Stocks and bonds_ 261.286
246,479
Memberships
85,400
85,400
Prop., less depr_
7,838,036 7,960,851
42,384
Deferred charges
50,861
*366.444
1932.
1,419,540
830,690
4,059,000
15,928
3,000.000
1,250,000
486,607
Total
17,795,433 11,041,765 Total
17,795,433 11,041,765
* 160.000 shares class A and 40,000 class B shares, all of no par value.
-V.135, p. 2499.
Federal National Investment Trust.
-Trading Accounts Restrained.
The Boston "News Bureau," Oct. 18, stated;
"On a bill in equity brought by John P. Shea and other owners of debentures of Federal National Investment Trust against Daniel C. Mulloney
Fenton United Cleaning & Dyeing Co.
-Resumes Div.
A dividend of 10 cents per share was recently declared on the common
stock, payable Oct. 16 to holders of record Oct. 14. Quarterly distributions
of 50 cents per share were made on this issue on Jan. 15 and April 16 1932;
none since.
-V. 135, p. 305.
Fidelity Fund, Inc.
-Extra Dividend.
The ditectors nave declared an extra dividend of 35 cents per share in
addition to toe regular quarterly dividend of 50 cents per share, both
payable Nov. 1 to nolders of record Oct. 20. This makes a total of $3 per
snare for 1933.
Extra distributions were previously made as follows: 50 cents per share
on Aug. 1 last, 15 cents per share extra on Feb. 1 last and on Nov. 1 1932.
and 10 cents per share on Aug. 1 1932.-V. 137, p. 1943.
Fidelity Mortgage & Guaranty Co., Ridgewood, N. J.
-Receivers Urge Change
-Would Form Company to Acquire
Ridgewood Mortgage Assets.
A plan for a new company to take over the assets of the company was
submitted on Oct. 18 to John J. Fallon, Vice Chancellor, in Jersey City,
by counsel for the receivers, Merritt Lane, John Mdton and Henry H.
Parmlee, chosen two years ago. The Vice Chancellor promised a decision
on Nov. 12.
The plan calls for forming the Ridgewood Fidelity Liquidating Co.,
-year
which would issue 55,000 shares of common stock, $6,375,000 10
bonds and $155,660 one-year scrip. 80% of the holders of both bonds and
scrip certificates favor the plan, the petition says.
-Earnings:
(Marshall) Field & Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V.137, p. 1059.
Department" on a preceding page.
-September Sales.
First National Stores, Inc.
-1932.
1933-26 Weeks-1932.
Period End.Sept.30- 1933-5 Weeks
Sales
$10,098,350 *9.929,321 $52,562.468 *51,559,073
-V. 137. p. 2107, 1585.
-Reopens Chester (Pa.) Plant.
Ford Motor Co., Detroit.
The company's plant at Chester, Pa., reopened on Oct. 16 with a force
of between 500 and 600 men, which is expected to be gradually increased
to 900 men, according to reports from that city. Wages remain at the
-day,
previous figure which was 50 cents an hour. or $16 a week for a 4
-hour week. No announcement was made, however, concerning the
32
number of hours the plant would work.
The men employed, it is understood, were recruited from outside the
ranks of the striking employees by reaching men formerly employed at the
plant but who had been laid off prior to the strike.
The newly organized United Automobile Workers of America, Chester
Local No. 18827, is still standing on its demand for a $25 a week minimum
wage.
The dispute, however, has been taken before the National Labor Board
for settlement, and auto circles in Chester regard the case in the nature of
a test case on Ford's relations with workers and with the National Recovery Administration.
-day
The strike was called Sept. 26 in protest against the institution of a 4
week, which reduced the weekly wage to $16 from $20. Between 3,000
and 4,000 men are reported to have walked out. (Philadelphia "Financial
Journal.")
$100,000 Verdict against Company.
Esmond Mills.
-87
-Cent Preferred Dividend.
-
Balance
Previous surplus
Oct. 21 1933
and others, seeking to hold them liable for $2,000,000 losses of the trust,
Judge Qua of the Massachusetts Superior Court issued temporary injunctions restraining Mulloney and his wile. Mabel A. Mulloney, from disposing of. or withdrawing securities from brokerage accounts with E. A.
Pierce & Co., one of which stands in name of Mabel A. Mulloney and the
other in name of Mabel A. Black. The injunctions allow the Mulloneys
to deal with the security accounts, but restrain withdrawing of securities.
Judge Qua allowed E. A. Pierce & Co. to protect themselves in the ordinary
way of the brokerage business. He also dissolved the temporary restraining order that was issued when the bill was filed to restrain all dealings in
the accounts standing in the name of Mabel A.Mulloney."-V. 137.1)• 2813.
A verdict of *100.000 against the company was returned on Oct. 13 in
Common Pleas Court No. 1 in Philadelphia, in favor of the Sweeten Automobile Co. The latter brought a counter claim for $160,110 for losses
-V. 137, p. 2107.
sustained while acting as agents for Lincoln Motor Co.
-Bonds Bid In by
ox New England Theatres, Inc.
Reorganizers.
First mortgage bonds of the company amounting to $3,326,000 were
sold at auction Oct. 16 for $650,000. The bonds were taken up by John
B. McNaughton and W. B. F. Rogers of New York, attorneys for the
reorganization committee of bondholders that is attempting to salvage
and re-establish the Fox chain of theatres in New England.
The sale was made by Thomas J. Speliacy, acting as receiver under
-V. 137, p. 2107.
authority of Federal Judge Edwin S. Thomas.
-Earnings.
-(Geo. A.) Fuller Co.
For income statement for 9 months ended Sept. 30 1933 see "Earnings
Department" on a preceding page.
Consolidated Comparative Balance Sheet.
Sept.30'33. Dec.31'32.
Sept.30'33. Dec.31'32.
Liabilities
Assets
1,563,197 1.307,151 Accounts payable. 2,953,050 3,169,381
Cash
Notes payable.
Work compl., &c.,
75,225
Due to U.S. Realty
other accts. rec.
& Irnpt. Co.
& accr. Int. rec.,
200,000
&o
3,060,045 3,718,583 Int.& taxes accr__
128,523
52,893
352,496 Deferred credits__
Inventories
287,932
5,000
2,330
206,003 Mtges. on real est. 314,640
Deferred charges.. 189,032
320,040
37,164
Cash in closed bks.
Reserves
1,296,143 1,223,997
Mortgages, stocks,
6% prof. stock of
bonds, &c., inv.
Geo. A. Fuller
3,804,788 4,422,983
(at cost)
Co.of Can.. Ltd 302,500
703,500
Constr. plant &eq. 1,394,111 1,407,396 Prior pret. stock
3,627,900 3,627,900
Real est. & bids& _ 1,690,013 1,797,646 2d prof. stock.... 3,501,500 3,501,500
x Common stock. 150,000
150,000
Earned surplus...det174,674
107,192
12,026,282 13,212,257
Total
Total
._i2,026,282 13,212,257
x Represented by 30,000 shares of no par value.
-V.137, p. 1059.
Garfield Building, San Francisco.
-Receivership.
-
Suit to foreclose a deed of trust on the Garfield Building on Market St.
San Francisco, owned by Adolph Uhl and George Uhl, to liquidate a loan of
$300,000 to them in December 1924, resulted in a receiver being appointed
on Oct. 6 by Superior Judge Graham. The action was brought by the
California Pacific Title & Trust Co.,trustee for the insurance company that
made the loan. The complaint recites that only $45,000 on principal has
been paid and that interest is in default since Oct. 1932.
-Removed from List."ears & Forgings, Inc.
e New York Curb Exchange)has removed from u
.-V. 134, p. 2529.
leges the class B stock (no
tod trading
-Earnings.
General Electric Co.
For income statement for 9 months ended Sept. 30 see "Earnings DePartment" on a preceding page.
Receives Navy Order.
The company has received an order of approximately $2,500,000 calling
for double reduction propulsion geared turbine equipment for six new
twin-screw destroyers for the U. S. Navy, it wag recently announced.
This order, consisting of 12 equipments and 36 turbine casings in all, will
be entirely manufactured at the Schenectady (N. Y.) works„
Work is being rushed on the drawings and plans for these new turbines
so that the actual manufacture of the units will get well under way before
the end of the year, providing many additional jobs for this winter.
V. 137, p. 2814.
-New Pies., &c., of Subsidiary.
General Foods Corp.
James F. Brownlee has been elected President of Frosted Foods, Inc..
a subsidiary, it was announced yesterday. Mr. Brownlee will also con-
Volume 137
Financial Chronicle
thane as Vice-President of General Foods Corp. and President of General
Foods Sales Co.
William H. Raye, former President of Frosted Foods, Inc., has become
Chairman of the board of that company. He will also continue ax, head
of General Seafoods Corp., Bluepoints Co., Inc., General Foods subsidiaries.
Edgar A. Igleheart has been elected President of Igleheart Bros., Inc.
Evansville, Ind.. another subsidiary. Mr. Igleheart, formerly Vice:
President and General Manager, succeeds the late John L. Igleheart.V. 137, P. 2643.
General Motors Corp.
-New Executive.
Effective Oct. 16 1933 W. S. Knudson. Vice-President, assumea the
duties of Executive Vice-President of the General Motors Corp. at Detroit.
Mr. Knudsen assumes general supervision over all car and body manufacturing operations, both in the United States and Canada, with headquarters at that point.
-V. 137, p. 2814.
Overseas Sales Exceed 1930 Levels.
-The corporation on
Oct. 17 made the following announcement:
Overseas car and stuck sales of this corporation during September
indicate a continuance of the vigorous upward trend which has been in
evidence since the early part of the year. With minor exceptions, reports
from the overseas markets, embracing 104 countries outside of the United
States and Canada, reflect substantial gains in the sale of the Americanmade product, as well as tne corporation's Opel product manufactured
in Germany. and the Vauxall product manufactured in England.
General Motors sales in overseas markets for September totaled 11.356
units, an increase of 97% over tne total for September 1932. and 40%
higher than the total for September 1931. Toe total for September 1933
represented an increase of 84 units over September 1930.
Contrary to the usual seasonal trend, tne September 1933 volume was
greater than that in August, and in excess, also, of the July total. Sales
for the first nine months of 1933 were 44% higner tnan the volume in
the corresponding nine montna' period of 1932, and more than 15% higher
than toe sales reported for toe entire year 1932.
Fleet Auto Sales Up 41%.
-
Sales of General Motors cars and trucks to large fleet users in September
were 41% larger than in the corresponding month last year, C. E. Dawson,
President of the General Motors Fleet Sales Corp.. announced on Oct. 19.
The fleet division this year has established a new high record since its
organization, he added.
-V. 137.. p. 2814.
------ *.Gleneagles Investment Co.
"
-To Submit Plan to Bondholders.
The company owner of a large apartment house property in Montreal,
has called a meeting of the bondholders to consider a plan ofreorganization
made necessary by the company's inability to meet its obligations.
At present company has a capital stock set-up including 35,000 shares
of preferred stock (par $25), of which 29,944 are issued and outstanding'
In addition there are 2C,000 shares of no par value common stock.
It is proposed to cancel 1.991 shares of the common stock, leaving
outstanding 18.009 shares. Of the latter 10.523 wil be converted into
class A shares with power to elect the majority of directors and 7,486 shares
of class B shares.
The plan provides for the wiping out of the common stock and the
conversion of the 29,944 shares of preferred into 7,486 shares of class B
stock in the ratio of four shares of preferred for one share ofcommon stock.
The company has a funded debt consisting of $1,052,300 of 1st mtge.
15
-year 6 % _bonds and a second mortgage of $80,000. The holders of
the second mortgage pond have agreed to settlement of their claim for a
cash payment of $18,000.
The 1st mtge. bondholders are being asked, under the plan, to waive
interest up to June 15 1933 and said defaults: lower the coupon rate to
5% payable out of income only from Jan. 1 1933. If interest paid on
March 1 1934 is less than 2%. or on any other semi-annual interest
date, deficiency is cumulative. The cumulative interest is not to bear
interest unless unpaid on June 15 1944, when 57 will be paid until cleared.
0
Further concessions asked of the bondholders Include the deferment
of sinking fund payments until March 1 1934, when they will amount to
50% of net earnings. It is proposed to pay principal and interest in
Canadian funds. Special provisions are set up designed to protect the
position of the bondholders, such as restrictions on the payments of dividends, &c.
In return for waiving interest payments already in default and for the
other concessions, the bondholders will be given 10,523 shares of class A
stock in the ratio of one share for each $100 face value of bonds.
-V. 135,
p.1501.
2983
marks. Said contract was renewed on May 16 1928 and again on Oct. 5
1931, with a few minor changes in allowance for adjustments on tires returned, to remain in effect until Oct. 5 1941, after which said contract
will continue in effect, unless a written notice of cancellation is given by
either party thereto one year in advance.
"Respondent has since may, 1926, discriminated in price, and is now
discriminating in price, between the different purchasers of its products
by giving and allowing Sears, Roebuck & Co. a lower price than given
or allowed other purchasers competitively engaged in said line of commerce,
and also by giving and allowing Sears, Roebuck &, Co. certain secret rebates
or discounts from said price in the form of cash and valuable stock bonuses. •
"Said discrimination in price has not been made, and is not now made.
on account of differences in the grade, quality or quantity of the commodity sold, nor has said discrimination made only due allowance, and it
does not now make only due allowance, for difference in the cost of selling
or transportation; nor has said discrimination in price in the same or different communities been made, and it is not now made, in good faith to
meet competition.
"The said discrimination in price in favor of Sears, Roebuck & Co.
was concealed by said respondent from the said other purchasers of said
products from respondent.
"Said discrimination in price made by said respondent has had, and now
has, the effect of substantially lessening competition in the sale and distribution of rubber tires and inner tubes for use on motor trucks and passenger automobiles, between Sears, Roebuck & Co. and sellers engaged in the
sale of tires in competition with Sears, Roebuck & Co. in said line of commerce: between Sears, Roebuck & Co. and the retail dealers engaged in the
sale and distribution of Goodyear Rubber tires, inner tubes and other
tire accessories and also between Sears, Roebuck & Co. and retail dealers
competitively engaged in the sale and distribution of rubber tires, inner
tubes and other tire accessories manufactured and sold by others than
respondent; and said discrimination also tends to create a monopoly in a
line of commerce-namely. Sears, Roebuck & Co.'s retail sale and distribution of rubber tires and inner tubes for use on motor trucks and passenger
automobiles throughout the several States of the United States; and said
discrimination also tends to create a monopoly in a line of commerce
namely, respondent's manufacture and sale to wholesale and retail dealers
of rubber tires and inner tubes for use on motor trucks and passenger automobiles in the several States of the United States."
President Litchfield Welcomes Inquiry.
In his statement for the Goodyear company Mr. Litchfield declared
that "three of the four largest tire manufacturers produce special brands
for other large distributors," and that "there are many others."
"The manufacture of special brand merchandise for large distributors,"
he added, "is common practice in most•lines of manufacturing, and merchandising. We do not know why this particular contract has been singled
out.
"However, this Goodyear-Sears contract has for several years been
the subject of a great deal of publicity and the objective of an anti-mail order
campaign directed at our dealer organization. We welcome opportunity
to have the facts aired and settled once and for all.
"It is alleged that the terms of the contract tend toward the creation
of a monopoly in the tire business for Sears. As a matter of fact. during the
seven years of the contract's existence the percentage of the total tire business enjoyed by Goodyear dealers with Goodyear brand tires has increased
45%."-V. 137. P. 2643.
orham Manufacturing Co.
-Admitted to List
he New York Curb Exchange as admitted to unlisted tradin privileges
th
oting trust certificates for common stock (no par) under extended
agreement terminating June 1 1939, Issued in accordance with an agreement dated Sept. 25 1933, extending the voting trust agreement scheduled
by its terms to expire on June 1 1934 to June 1 1939.-V. 137. p.2643.
Graham-Paige Motors Corp.
-Earnings.For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
The consolidated balance sheet as of Sept. 30 1933 shows total assets of
$9.144,732. comparing with $9.144,387 on Dec. 31 1932. and surplus of
$2.216,785 against $2,070,851. Current assets on Sept. 30 last, including
$925,766 cash, amounted to $2,366,964 and current liabilities were $983,337.
comparing witn cash and marketable securities of $523,004, current assets
of $2.163,485 and current liabilities of $1,297,088 on Dec. 30 1932. Inventories amounted to $1,042,546, against $1,409,714. Capital stock consists of 15.000 shares of 7% cumulative preferred. 54 shares of 7% cumulative second preferred and 2,282,889 shares (par $1) of common.
-V.137.
p. 2815.
'--Greenlaw Thomas Abstract Co., Oshkosh, Wis.Co., Cleveland.
-To Consider Resumption of Receivership.The company (loan and mortgage concern) was placed In the hands of a
The directorsdirectors will meet on Nov. 1 at which time action on resumption
receiver, Oct. 10. by Circuit Judge Fred Beglinger at Oshkosh. for the
declared purpose of conserving Its assets for creditors. Indebtedness of the
of common dividends will be taken. President Adrian D. Joyce stated
corporation totals nearly $2,000,000, it was indicated by papers on file in
that a proposal of an annual disbursement of not less than $1 per share will
court. Much of this is secured by loans on Winnebago County property.
be placed before the board. The last payment made on the common stock
was on Oct. 1 1930, when 30 cents per share was paid for the quarter.
The company has hundreds of small depositors who purchased mortgages
Mr. Joyce stated that preliminary figures indicated a net profit for the
of the firm on an instalment basis, it is said.
11 months ended Sept. 30 1933. of $1,200.000 after depreciation and Federa
11Suardian Rail Shares Investment Trust.-Remored
taxes. Total sales for the period showed an increase of $2,032,000 and art,
continuing to gain,with an increase of $82,783 for the first week of October. fr m List.
over the corresponding period of last year.
frbe New Y k Produce Exchangul has removed from trading the series I
For the fiscal year ended Oct. 31 1932, the consolidated net profit was
p erred ber4ficlal ownership c
Mates with non-detachable warrants.
$531,435 after interest, depreciation, taxes, &c., equivalent after subsidiary preferred dividends and dividends on the 7% prior preference stock, -V. 134, p. 142.
to 6 cents per share on 650,000 no-par shares of common stock then outGulf States Steel Co.
-Earnings.
standing.
-V. 137. P. 2643.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Globe & Rutgers Fire Insurance Co.---Tri-Continental Department" on a preceding page.
-V. 137, p. 698.
Corp. Acquires Substantial Interest.
-See latter company
below.
-V. 137, p. 2815.
Goldblatt Bros., Inc.
-New Unit.-
The corporation has added the seventh store to its system with the
purchase of the L. F. Beach store in Joliet. 111.-V. 137, P• 1587.
Good Hope Steel & Iron Works, Germany.
-Interest
Ruling.Notice haying been received that t e interest due Oct. 15 1933 on tne
h
20
-year 7% sinking fund mortgage gold bonds, due 1945. is not being
paid, the Committee on Securities of the New York Stock Exchange on
Oct. 16 ruled that beginning Oct. 16 1933 and until further notice the said
bonds shall be dealt in "flat" and to be a delivery must carry tne Oct. 15
1933 and subsequent coupons.
-V. 123. p. 3191.
Goodyear Tire & Rubber Co., Akron, Ohio.
--Accused
of Price Discrimination Under Clayton Act by Federal Trade
Commission-President Litchfield in Making Denial Says No
Law Was Violated.A complaint has been Issued by the Federal Trade Commission against
the company charging violation of the Clayton Act in price discriminations
favoring Sears, Roebuck & Co., mail order house. The complaint requires
an answer by Oct. 20, when the Commission will consider whether a cease
and desist order shall be issued. The case involves alleged practices said
to have caused a long price war between mail order houses and. other rubber
tire dealers.
P. W. Litchfield, President of the Goodyear company, declared in a
statement that he welcomed the inquiry, adding that "when the case comes
up for hearing we expect to prove that no law has been violated and that
our stockholders, our dealers and thousands of employees directly engaged
in the production of Sears tires have been greatly benefited" under the
contract between the two companies.
"On May 1 1926," the complaint charges in part, "respondent (the
Goodyear company) entered into a contract with Sears, Roebuck & Co.
whereby the company agreed to buy and respondent agreed to sell a minimum quantity of rubber tires and inner tubes for use on motor trucks and
passenger automobiles over a fixed period of time in return for a special
price.
"Said products thus purchased were then and now are sold by said
Sears, Roebuck & Co. to consumers under its own brand names or trade-
Hamilton Mfg. Co. (Two Rivers, Wis.).-Bal. Sheet
July 15 1933.LiabltoiesA ssets17083
Cash
$40,283 Notes payable
2:256
1
$29,669
Notes & accts.
Accounts payable
Accrued expenses, payrolls,
Inventories (Jan. 1 1933 inreceivable_49,679
real estate taxes .4 interest..
ventories valued at lower
Estimated capital stock tax_
3.500
of cost or market and sub1,178.500
sequent additions at cost)
532,391 Bonded indebtedness
Investments
95,100
60.400 1st preferred stock
Sundry notes & aceta. reC
248,976 Class A preferential particix Land, buildings, machinery
597,840
pating stock
and equipment
753.170
1,900,120 Common stock
Deferred charges
48,762
73,794 Reserve for contingencies_ _ _
285,854
Free capital surplus
13,954
Deficit from operations
Total
$3,028,120 Total
$3,028,120
x After reserve for depreciation of $1.121,074.-V. 136, p. 3172.
"Hansa" Steamship Line (Deutsche Dampfschifffahrts-Gesellschaft "Hansa")., Bremen.
-Plan of Readjustment May Be Announced in Near Future.
-The company in a notice to holders of 10-year 6% bonds due Oct. 1
1939 says:
Since the published announcement of the company dated Sept. 5 1933[see
"Chronicle" of Sept. 9, page 19451. representatives of the company have
discussed its financial problems with its bankers in New York, with a
view to developing a plan of readjustment in the best interests of the
company's creditors. The company's representatives are now returning to
Germany to develop the situation further along these lines and hope to
formulate and announce a plan of readjustment in the near future.
-V.137.
P. 2644.
Harbison-Walker Refractories Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2470.
Harnischfeger Corp.
-Earnings.
-
For Income statement for six months ended June 30 1933 see "Earnings
Department" on a preceding page.
Financial Chronicle
2984
Balance Sheet June 30.
1932.
1933.
LiabilitiesAssets1933.
1932.
Current liabilities_ $196,031 $169,606
Cash and U. S.
securities
$1,165,654 41262,927 Conting.reserves &
deferred credits_ 115,943 ' 125,956
Notes & accts. rec_ 1,166,696 1,289,232
Miscell. receivable 169,686
111,970 Preferred stock__ 2,000,000 2,000,000
Inventories
2,482,984 2,462,443 c Common stock_ _15,820,929 15,723,193
426,915
Accrued Interest_
39,411 Surplus
Operating plant
2,330,4451b3,138,486
658,7391
Idle plant
Misc. & def. digs_
158,696
141,202
$8,132,899 $8,445,671
Total
$8,132,899 $8,445,671
Total
a Listed as marketable securities in 1932 with market value of $1,169,000,
and includes $111,085 cash. b No segregation of operating and idle plant
was made in 1932. c Represented by 293,704 shares in 1933 and 296,669
shares in 1932.-V. 137, P. 2109.
Harvard Brewing Co. (Del.).
-Registrar.
-
The Chase National Bank of the City of New York has been appointed
registrar of the common stock.
-V. 137, p. 1588.
Havana Docks Corp.
-Tenders.
The Old Colony Trust Co., Boston, trustee, will until noon on Oct. 27
receive bids for the sale to it of 1st coll. Hen 7% bonds, series A. to an
amount sufficient to exhaust $139,037, at a price not exceeding par and
interest.
-V. 136. p. 4470.
-Hearing on Receivership.(R.) Hoe & Co., Inc.
.
Judge Frank J. Coleman, of the U. S. District Court, has ordered, that
at two o'clock in the afternoon of Oct. 31 1933. at the Old Post Office
Building, New York, all parties interested in the receivership, including
stockholders and creditors, show cause why instructions should not be
Issued as to whether or not Irving Trust Co., as receiver of the company,
should continue, manage and operate the business after Nov. 1 1933 and
-V.137, p. 240.
until such time as may be fixed by the court.
444
a
Hosiery CoVemoved from List.
he New York Curb Exchange as removed from unlist
100.-V. 137. p.2815.
legWthe 7% preferred stock, p
trading
.privi-
-Offer Expires on Nov. 16.
Holland-America Line.
-year 6% sinking fund
The company in a notice to the holners of the 25
bonds, stated:
"At tne meeting of the bondholders on Oct. 5 the reorganization plan
proposed by the company nas been accepted.
"This plan calls for the conversion of each bond of 2,500 guilders into
1,000 guilders par value common stock.
"A syndicate nas been formed and is willing to take over this stock
at 70% of the par value in cash.
"The conversion of tne bonds will be effected in Holland and for this
reason we suggest that you mail us your bonds, for which we will send
you a duly signed receipt, stating, if you wish to receive stock or if you
wish to avail yourself of tfie cash offer of the syndicate.
"We will then forward your bonds to Holland and upon information
that tne exchange has been effected we will communicate witn you and
against surrender of the receipt will hand you the stock or cash as desired
by you.
"This offer is good until and including Nov. 16 1933."-V. 137, p. 2816.
-Extra Div.
Hollinger Consolidated Gold Mines, Ltd.
An extra dividend of five cents per share has been declared in addition
to the regular montnly dividend of like amount, both payable Nov. 4 to
holders of record Oct. 20. An extra distribution of five cents per,snare
was also made on May 20 and Sept. 9 last and on July 14 and Dec. 1 1932.
V. 137, p. 1588.
-Earnings.
Hupp Motor Car Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V.137. p. 2644.
Department" on a preceding page.
-Quarterly Report.
Insuranshares Certificates, Inc.
The quarterly report containing balance sheet and income statement for
the nine months ended Sept. 30 1933 has just neon issued. Taking the
Investments of the corporation at their bid market prices and cash and
other assets less the liabilities, the liquidating value of the corporation as
of Sept.30 amounts to $4.16 a share compared with $4.18 as of June 301933.
The following were the liquidating values of this corporation on the dates
shown: March 311932, $4.43; June 30 1932, $2.03: Sept. 30 1932, $4.04;
Dec. 3i 1932, $3.51; March 31 1933. $2.48; June 30 1933. $4.18; Sept. 30,
1933.44.16.
The portfolio holdings remain substantially the same as indicated in the
June 30 report, except for certain minor changes which have been effected
for the purpose of strengthening the investment position of the company.
Barnmas.-For income statement for 9 months ended Sept. 30 1933 see
"Earnings Department" on a preceding page.
Comparative Balance Sheet.
Sept.30'33. Dec .3132.
Sept.30'33. Dec.3132. Liabilities-.
Assets$72,535 allotes pay..banks,
Cash _
338,851
secured by colAccr. dive. & int.
$300,000 $500,000
c44,747 lateral
receivable
26,404
Accrued interest &
Investments (marexpenses
d145
ket value)
f3,701,799 a31628,386
Accrued liabilities_
41,536
1,470
U.S. Tress. notes_ 110,962
7,760 Cont. tax ilab. of
Due frombrokers.
114,203
trust lund
1,819
Prepaid expenses_
1,456
Common stock
e783,192 b894,539
Surplus paid In...... 2,154,539 1,793,591
Surplus earned
600,245
451,299
Total
$3,879,513 $3,755,248
Total
83,879,513 $3,755,248
a Investments include collateral to secure bank loans, market value.
$2,161,152. 1i-894,539 shares (no par) at stated value. c Dividends
receivable only. d Accrued interest on notes only. e Represented by
shares having a par value of $1. After reserve for shrinkage of $4,977,959.
-V.137, p. 1062.
-Earnings.
Interlake Iron Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137. p. 699.
Department" on a preceding page.
International Business Machines Corp.
-Record Sales.
The corporation had the largest monthly sales volume in its history in
September, it is stated. Total volume of business last month, according to
officials of the company,exceeded that of June 1929, the'previous record
month, by about 14%. and was more than double that of September 1932.
The company entered orders during September for the greatest number of
machines and units ever received in a single month, it was officially stated.
Individual sales were numerous, few of them being particularly large,
•and were scattered widely throughout the world among the 79 countries
in which the company- does business. Foreign sales, which constitute about
25% of the company s volume,showed about the same ratio of increase last
-V. 137, p. 2644.
month as domestic sales.
International Educational Publishing Co.
-Earnings.
Calendar YearsGross income
Operating expenses
Taxes
Revision of texts and depreciation
Loss on exchange
-Earnings.- '
Holly Development Co.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Ba.ance Sheet Sept. 30.
1932.
1933.
1932.
Liabilities-1933.
Assets.8900,000 8900,000
4,623 $2,659,852 Capital stock
Capital assets-32,83
22,500
215,250Dividend payable_
Invest. & adv____ 259,750
5,310
2,686
194,543 Acets payable__
Marketable secur_ 147,001
6,114
6,760
26,265 Res've for taxes_ _ _
25,372
Acc'ts receivable_ _
759.013
9,475 Res've tor deprec. 765,924
2,056
Inventory
133,134 Res've for depiet__ 1,157,195 1,000,046
180,123
Cash
714 Res. for div
9,000
346
Deferred charges...
Res've tor Fed.Inc.
157,282
117,209
tax
Capital surplus_ _. 333,777
320,030
108,364
Earned surplus_ _ _ 117,293
$3,449,271 $3,239,239
Total
-V.137. P. 699.
Total
$3,449,271 $3,239,233
oosac Mills Corp.-Go-Reeeivers-eral Judge James A. Lowell has appointed James A. McDonough
Co. of Providence recently filed
a
a
co-receivrp The Franklin Process
the Federal Court asking that a receiver be appointed and on
petition
Oct. 9, Federal Judge Lowell appointed William M. Butler temporary
receiver.
-V. 137, p. 2816.
-Earnings.
Howe Sound Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
The results of the operation of the properties for the quarter ending
Sept. 30 1933 follows:
Lead.
Zinc.
Copper.
Silver.
Gold.
Pounds
Pounds
Pounds
Ounces.
Ounces
Production1,116,861 2,201,876 32,822.581 15,538,900
4,038
3d quarter
7,351,218
871.682 1,508,536 25,224,581
2d quarter
2,598
-V. 137, p. 2280.
-Retail Sales Up. Hudson Motor Car Co.
Retail sales of Hudson and Essex cars in week ended Oct. 7 were the
biggest in any first week in October since 1929, according to Chester G.
Abbott, General Sales Manager, wno also said there is every indication
that tnis will also be the largest October since 1929.-V. 13'7, p. 1250.
-Organized-150,000 Shares
Hunter Baltimore Rye Inc.
of Stock to Be Offered Publicly.-
The company, recently organized for the purpose of carrying on the
business of one of the oldest, whiskey concerns in the country, will start
business with its own plant at Hillsdale, Baltimore, Md., with new equipment and new capital according to an arnmincement made Oct. 19 by
J. P. Trader, President. Mr. Trader was formerly Vice-President and
General Manager of the Old Overholt Distillery at Pittsburgh. The corporation has filed registration papers with the Federal,Secutities Commission and has sold to J. S. Judge & Co., 44 Exchange Place. New York, an
Issue of 150,000 shares ($1 par) capital stock from which the company is
to receive net proceeds of $562,500. The stock will be offered publicly by
the bankers at $5.75 per share, as a speculation: The effective date of the
issue under the Security Act of 1933 was October 17.
In addition to blending, as formerly, the company will produce from its
own distillery a maximum of 8,000 gallons per eight-hour day of its own
manufactured product. The company has made a .distributing contract
with the International Liquor Corp.
The company will have a total authorized issue of 500,000 shares. All
such stock in excess of the 150,000 shares to be sold publicly, will be owned
by the interests identified with the company. There are no other securities
and the company will start business without any funded debt or bank loans.
Other directors in addition to Mr. Trader are John C. O'Brien, Vice-Pres.
(formerly with Schenley Distillers Corp. as Assist. Sec.); Carroll W. Knoles,
Sec.: C. R. Hill, Treas., and J. J. Hubbert (of Berthold Hubbert & Sons,
designers and manufacturers of distillery plants), Baltimore.
Hunter Baltimore Rye, Inc. recently acquired the formula, trade mark
and label of Hunter Rye from the Administrators DBNCTA of the estate
of Catherine C. Lanahan, Baltimore, Md.
A pro forma balance sheet, giving effect to the proposed public sale of
150.000 shares of the $1 par value capital stock at $5 per share shows total
assets of $892,249, current assets of $562,500, and current liabilities of
$49,749.
Oct. 21 1933
Net profit
1932.
1931.
$963,133 $1,141,269
873,340
981,003
43,363
48,061
24,739
36,943
6,176
$75,262
$15,515
Balance Sheet Dec. 31.
1931.
'1932.
1931.
I4abilities$ •
252,215 Accounts payable_
306,997
51,739
59,209
/27,053 Notes payable........
521,950
219,743
68,631
52,018 Reserves
52,018
675,641
876,189
952,590
952,590 :Rook vi. of stock_ 13,356,308 13,319,121
297,916
290,267
1,216,401 1,396,276
32,339
48,241
1,891,076 1,891,076
32,624
32,624
1932.
Assets
Cash
Govt.securities. _ _
Real est.& bides....
Textbook plates....
Inventories
Student debtors...
Sundry debtors_
Investments
French Co develop
Territorial & busi8,840,152 8,840,152
ness rights
Total
14,152,318 14,474,262
.
To
14,152,318 14,474,262
Represented by 200,000 shares of $50 par preferred stock and 160,000
-V. 99, P. 1601,
shares of $50 par common stock.
International Harvester Co.
-To Increase Production.
-
The company announces an increased manufacturing program is being
planned for its American plants so that about 4,000 former employees will
get work during the five months period,from Nov. 1 1933.to April 1 1934.
It is stated there is no demand now in sight for the goods to be manufactured under this plan to spread winter work.
-V. 136. p. 1896.
Interstate Equities Corp.
-Quarterly Report.
-
S. W. Anderson, President, says in part:
In September of 1933 corporation participated to the extent of $1;.500,000
In a syndicate totaling $1,750,000, headed by Equity Corp. This syndicate, together with other associated companies, furnished $2,000,000
as the initial paid-in capital and surplus of General American Life Insurance Co. The latter company has acquired (subject to provisions
of an agreement between it and the Superintendent of Insurance of Missouri
dated Sept. 7 1933) the business and assets of Missouri State Life Insurance CO. The purchase agreement provides among other things for
the payment in full(after deduction of interest on lien) by General American
Life Insurance Co. of all death claims on policies issued by Missouri State
Life Insurance Co. arising within the 15 years from the date of the purchase contract. The payment of other claims is made subject to a lien
(which is subject to periodic adjustment) amounting, in the first Instance,
to 50% of the amount thereof.
During the quarter steps have been initiated to effect a merger between
American Colony Insurance Co., American Merchant Marino Insurance
Co. and Colonial States Fire Insurance Co. (new), all of which are controlled directly or indirectly by your corporation.
On the basis of valuation of securities set forth in the balance sheet
and supporting statements, the asset value of the preferred stock of corporation on Sept. 30 1933 amounted to $92.65 per share. This compares
with $43.79 per share on June 30 1933 and $33.46 per share on Dec. 31
1932.
Earnings.
-For income statement for 3 months ended Sept. 30 1933 see
"Earnings Department" on a preceding page.
•
Comparative Balance Sheet.
Sept. 3033. Dec. 3132.
AssetsSept. 30'33. Dec. 31'32. LiabilitiesAccts. pay. for sec.
Cash on hand &
purchased
in banks
$18,880
$430,768 $572,086
Sec. owned (mis.). 3,338,945 3,904,807 Res. for Federal &
other taxes
147.235
Note remit/. (sec.)
35,750
357 Accts. pay.& accr.
Acct. receivable__
6,253
expenses
Panic. in synd_ __ 2,015,489
8,176
$57,637
Reserve unrealized
Silver
112,231
apprec.- 80CUI.
Adv. for It. accts.
90,786
• owned
38,219
Accrued interest on
51,903
11,363 Res for contras
25,000
bonds purchas'd
783
0 $3 cumul. pref.
stock, series A.... 6,958,700 7,327,756
b Common stock.. 1,250,000 1,250,000
Deficit account.... 2,339,470 3,751,491
Total
85,995,256 84,935,849
Total
$5,995,256 $4,935,849
a Represented by 146,555 shares of $50 par value Dec. 31 1932 and
139 174 shares at Sept. 30 1933. b Represented by 1,250,000 shares
of $1 par value.
-V. 137. P. 1589.
Volume 137
Financial Chronicle
International Paper Co.
-Increases Pay 12%.
-
Effective Oct. 16, this company placed into effect a 12% increase in
wages and salaries of its employees in 27 mills, according to a dispatch from
Syracuse, N. Y.
-V. 137, p. 699.
Investment Securities Co. of Texas.
-$300,000 for
Distribution to Bondholders.
We take the following from the Dallas "News" of Oct. 12:
Distribution of nearly $306.060 to 800 holders of $1,000.000 series A
bonds of the company will be made within the next few weeks as a result
of the U. S. Supreme Court's upholding Judge William H. Atwell in that
the company's affairs must be administered through the Federal Bankruptcy Court.
Payment of the first dividend will be started as soon as the Court mandate is received from Washington, which is expected within about 10 days,
with the distribution to take about 15 days, R. A. Ritchie, attorney for
the bondholders, reported. The dividend, representing abciut -25%,
will total between $250,000 and $300,000. The referee in bankruptcy has
directed that dividends on the outstanding bonds be distributed as rapidly
as possible, explained Mr. Ritchie, who has favored the Federal Court's
handling the company's affairs from the first.
The cash to pay the dividend is in the First National Bank of Dallas.
which has been waiting for the case to go to the Supreme Court to determine to whom to pay it. The bank acted as depository for the company,
holding 1st mtge. notes deposited as _collateral for the series A bonds, Mr.
Ritchie explained. The remainder of the outstanding bond indebtedness
will be repaid as mortgages become due and are collected.
The ruling just made by the Supreme Court ends litigation opened in
1930. Judge Royall R. Watkins of the State District Court named W. J.
Rutledge Jr. receiver for the Investment company, and a few days later
the company was thrown into bankruptcy in the Federal Court. The
question of whether the State or the Federal Court had jurisdiction caused
a legal fight, with the First National Bank an interested spectator in view
of the disposition of the collateral for the $1.000.000 in securities involved
in the case. Judge Atwell held that the Bankruptcy Court should take
charge of the company affairs, with L. L. Bristol, City Tax Collector.
and Assessor, named as Federal trustee in bankruptcy. Appeal to the
Circuit Court of Appeals at New Orleans resulted in the Court's sustaining
Judge Atwell, the Supreme Court have just done the same in denying a
review of his decision.
Company offices are in the Fidelity Building.
-V.135, p. 3007.
Johns-Manville Corp.
-Earnings.
-
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137. p. 500.
Kelsey-Hayes Wheel Co.
-Sells Hub Plant.
-
A. J. Preining,* President of tne Fafnyr Forge Corp., has purchased
tne hub plant of the above company at Albion. Mich., for $75,000. Tne
Fafnyr interests also purchased most of the equipment in the plant and
plan to resume production of metal stampings and forgings in the near
future. Tne plant has been idle for the last two years.
-V. 137, p. 1250.
Keystone Steel & Wire Co.
-Earnings.
Years End. June 301933.1931.
1932.
1930.
Net sales
$4.604,284 $4,333,305 $6,372,40g $9,020,974
Cost of sales
6,831.844
3,206,970 3.240.961
4,683,848
Gros., profit
$1,397,314 51,092,344 $1,688,560 $2,189.130
Other income
35.243
72,310
30,618
48,703
Total income
1,427,932 $1,127,587 $1,737,263 $2,261.440
Selling expense
486.752
577,558
704,811
755,996
General expense
228.288
238,787
270,726
259.997
Interest
174,637
203,001
228,040
130,988
Income tax
68.476
16,125
20,906
Depreciation
•
344,332
342,353
337,787
307,838
Amort. bond disct., &c_
15,261
19,296
35.396
43.544
Arising from purch. &
h.,retire of lst intge '
Cr21,081
F Net profit from
°per$585.909 •
$195,559 loss$214.546 - $196,575
Preferred dividends_ _ _
139,190
141,610
69,296
Common dividend
50,571
353,997
Pr Balance,surplus
def$283,842
$6.814
$90,302
Earns,per sh. on 202,284 $195,559
shs. corn. stk. (no par)
Nil
$2.20
$0.30
x Since the close of the fiscal year the company has $0.28
declared two diva.
of 31% each on account of accumulations on the pref. stock.
Balance ,Sheet June 30.
1933.
1932.
1933.
1932.
Assets
Liabilities
$
b Land, buildings,
Preferred stock_ ... 2,023,000
pr equipment. &c.. 6,022,654 6,357.569 a Common stock_ _ 3,371,400 2,023,000
3,371,400
Cash & call loans_ 659,200
470,342 Funded debt
1,136,000 1,313,500
Notes & accts. rec. 967,087
805.396 Federal Income &
Inventories
1,273,917 • 1,632,033
property taxes_ _
29.062
122,880
Invest. & adv_ _ _ x1,183,792 1,137,058 Operating reserves
77,686
Prepaid insurance,
Putchase money
premiums.
__
11,770
8,566 obligations
294,260
366,055
Deterred charges
78,424
92,999 Accounts payable.. 314,630
551,880
Surplus
2,950.806 2,755,247
Total
10,196,845 10,503,963
Total
10.196,845 10,503,963
a Represented by 202,284 shares of no par value.
After
depreciation of $3,243,246 in 1933 and $2,897.183 inb1932. reserve for
x Includes
431 shares of company's own pref, carried at $32,645 and 12.876 shares
carried at $134,050.-V. 137. p. 1421.
Kimberly-Clark Corp.
-Earnings.
-
For income statement for 3 and 9 months ended Sept: 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 700.
(D. Emil) Klein Co. Inc.
-Regular Dividends.-
The directors have declared the regular quarterly dividend of
Per share on the common stock, payable Jan: 1 to holders of record 25 cents
Dec. 20,
and two regular quarterly dividends of $1.75 each on the pref. stock, payable Nov. 1 1933 and Feb. 1 1934, to holders of record Oct. 20 1933 and
Jan. 20 1934, respectively.
-V. 137. p. 501.
•
Kraft-Phenix Cheese Corp.
-Expansion.
-
The corporation has acquired through its subsidiary, Davis Cheese Co.,
Plymouth. Wis., the cheese business of the Premier Pabst Corp.
No details have been announced, but it is understood that for the time
being the Pabst cheese business will continue to be operated from the present
manufacturing plant in Milwaukee.
-V. 137, p.880.
Niwake-of-the-Woods Milling Co., Ltd.
-To Reduce Stated
Value of Common Stock.Tne stockholders will vote Oct. 25 on reducing capital represented by
outstanding common stock from $5,634,450 to $2.953.780.
Tne company has authorized an outstanding 15,000 shares of 7% cum.
pref. stock, par 3100, and an authorized issue of 200,000 shares of common
stock, of which there are outstanding 147.689 shares.
President F. S. Meighen in a letter to the stockholders said in part:
The directors realize that an important depreciation has taken place in
the values of certain of the company's investments and other properties.
The company's balance sheet should properly record and give effect to this
depreciation.
The values which it is proposed to write off amount to approximately
$2,680,670, the complete detail of which will be submitted to the meeting.
This amount when written off will reduce the capital shown on the company's balance sheit to an amount which will b, the equivalent of $100
for each share of issued pref. stock and $20 per share for each share of Issued
no par value common stock.
The surplus account of the company will not be affected by the proposed
change.
-V. 137, p. 2817.
Lake Shore Mines, Ltd.
-Value of Production.
In the three months ended Sept. 30 1933, the company treated 208,950
dry tons of ore with a gross recovery of $2.601,362 in gold with gold at
normal price. The average grade of ore handled for the period approximate
2985
$12.45 a ton. Estimated additional profit from premium on gold is $900.000,
making the total value of the output for the third quarter approximately
$3,500,000.-V. 136, p. 3649.
Lehn- & Fink Products Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V. 137. p. 700.
Libbey-Owens-Ford Glass Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Company had cash and Government securities totaling $5.224,965 as of
Oct. 19 1933 despite the fact that the company completed the redemption
or conversion during the third quarter of all of its outstanding gold notes.
-V. 137, p. 1947.
Life Savers Corp. (Del.).
-Initial Distribution.
-
The directors on Oct. 20 declared an initial quarterly dividend of 40
cents per share on the capital stock, par'$5, payable Dec. 1 -to holders of
record Nov. 1. This distribution is designated by the corporation as a
"regular quarterly dividend."
-See also V. 137, p. 1774.
Lincoln Fire Insurance Co. of N. Y.
-To Dec. Capital.
The stockholders on Nov. 15 will vote on approving a proposal to reduce
capital from $1,000,000 to $200,000, tne difference of $800.000 to be
transferred to surplus. This reduction would be accomplished by decreasing tne number of shares outstanding from 200.000 to 40,000, one new share
to be issued in exchange for each five shares held.
President A. T. Tamblyn in his letter to shareholders states that this
step "will provide working funds in an amount that should meet all demands
and maintain the credit and present position of the.company." The
company recently reinsured all of its Canadian business and 50% of its
remaining business and retired from Canada.
-(See belciW.)
To Liquidate Canadian Business.
The company has ceased to transact business in Canada as of Sept. 28
1933 and has reinsured all Its outstanding policies in Canadaissued through
its Canadian office in the American Equitable Assurance Co. of New York.
Application for the release of the securities on deposit with the ReceiverGeneral of Canada will be made to the Minister of Finance of Canada on
Jan. 22 1934. Policyholders in Canada opposing the release of the deposit
are requested to file their opposition thereto with the Minister of Finance
on or before Jan. 22.-V. 136. p. 4282.
Lincoln National Life Insurance Co., Ft. Wayne,Ind.
-Annuity Premiums Increase.
New annuity premiums of this company showed an increase of 31% for
the first nine months of 1933 as compared to the corresponding period of
1932, according to President Arthur F. Hall.
At the end of the first six months of 1933,aasets of the Lincoln National
totaled $90.420.000, as compared to $84,725,000 at the end of 1932.-V.
136, p. 2080.
Loose-Wiles Biscuit Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 881.
Ludlum Steel Co.
-May Cancel Preferred Dividends.
-
The stockholders will vote Nov. 20 (not Nov. 1 as previously stated)
on approving a proposition to cancel accumulated dividends on the pref.
stock and to amend the corporate charter.
The company has also notified the New York Stock Exchange that it
proposes to reduce the authorized pref. stock from 100,000 shares to 55,000
shares.
-V. 137, p. 2471.
_
"mtukens Steel Co.-Re
ved from List.
he New York Curb Exchange as removed from nlisted trading privileges the capital stock, par $50.-V. 137, p. 2471.
MacAndrews & Forbes Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V._137, p. 2282.
. McCrady-Rodgers Co.
-Tenders.
--
Sealed tenders of the 1st mtge. 6% cony. s, f, gold bonds dated Nov. 1
1929 will be received by the Peoples-Pittsburgh Trust Co., trustee, Pittsburgh, Pa., until noon, Oct. 28, in amounts sufficient to exhaust the sum
of $25,000 now in the sinking fund, at prices not to exceed 103 and int.V. 135. p. 2841.
McIntyre Porcupine Mines, Ltd.
-Earnings.
-
For income statement for 3 and 6 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2817.
Magor Car Corp.
-Earnings.
-
Years Ended June 30Loss from operations
Provision for depreciation
1933.
$79,859
36,000
1931.
1932.
.$53,490
$77,109 prof
36.000
36,000
Net loss
Dividends paid
$115,859
$113.109 prof.$17,490
10,500
5,250
Deficit
Previous capital and surplus
$115,859
1,436,723
$118.359
1,555.081
sur.$6,990
1,548.091
Capital and surplus June 30
AssetsCash
Accts.& notes rec _
Inv. in market. sec
Cash suer. value_ _
Inventories
Deterred charges- Pats. & good-will_
Fixed assets
$1,320,864 $1,436,723 $1,555.081
Balance Sheet June 30.
1933.
1932.
1933.
Liabilities1932.
$23,539 Accounts payable_ $31.107
$22,398
$8,178
691,751
555
810,990 Accrued wages-1,377
53,178
661,324
Resler deprec.,&e. 697,324
24,443
150,000
22,023 7":, pref.stock._ __ 150,000
46,135 :Com.stk.,surplus
45,893
13,020 & undivided prof 1,170,864 1,286,723
18,173
1
1
1,209,054 1,205,292
Total
$2,050,673 $2,121,000
Total
$2,050,672 $2,121,000
x Represented by 32.530 shares of no par value.
-V. 135, p. 3866.
Managed Investments, Inc.
-24,% Stock Dividend.
-
A seM-annual dividend of 2)i% in stock has been declared on the common
stock, no par value. payable Nov. 1 to holders of record Oct. 10. A miller
payment was made on this issue on May 1 last, while on Feb 15 and Aug.
15 last semi-annual cash dividends of 10 cents per share were paid.
-V.137.
p. 1590.
Marquette National Fire Insurance Co., Chicago.
Creditors Receive Final Dividend.
A final dividend to creditors of 2.9% is now being made by Alvin S.
Keys,receiver of the company, which brings the total distribution to 27.9%
of the allowed claims. This receivership has been under way since April
1927, the long delay having been caused by litigation involving attorney's
fees paid by the former Director of Insurance H. U. Bailey.
Over 8,000 claims for more than $1,500.000 were filed against the company. Claims allowed totaled $943.308 and the current distribution brings
the total to creditors to $263,183.
The principal asset of the company was return reinsurance premiums
from the Continental and Fidelity Phenix companies of the America Fore
group, more than $200,000 coming from these companies. The proceeds
from the real estate held was materially reduced by tax obligations.
("Journal of Commerce.")
Maryland Casualty Co.
-RFC Loan of $7,500,000.
-
Upon the request of the Secretary of the Treasury, approved by the
President of the United States, the Reconstruction Finance Corporation
has agreed to make a loan in the amount of 17,500.000 to finance the
purchase of preferred stock in the Maryland Casualty
on terms, conditbns and with security to be approved by the RFC. Co.
Upon like request and approval and on terms, conditions and with security
to be approved by the RFC, the corporation also has agreed to make a
loan in the amount of $3,375,000 to finance the purchase of preferred stock
in the Standard Accident Insurance Co, of Detroit, Mich.
2986
Financial Chronicle
Oct. 21 1933
These steps were taken as a part of the Administration's program to
furnish additional capital funds to insurance companies under the provisions
of the Act authorizing subscriptions for preferred stock and purchase of
capital notes of insurance companies, approved at the recent session of
-V. 137, p. 2645, 1590.
Congress.
-Mails Warehouse
National Distillers Products Corp.
-President
Receipts for Whiskey Dividend-Reports Progress.
Seton Porter Oct. 16, in a letter accompanying warehouse
receipts for the whiskey dividend, says:
-To Pay
Mayflower Hotel Co., Washington, D. C.
Coupons.
There is enclosed herewith to each stockholder of record at the close of
business Oct. 2 1933 a dividend in the form of a warehouse receipt for one
-year-old bourbon whiskey in bond for each
case of 24 full pints of over 15
five shares of stock held.
In declaring such dividend the board of directors desired to give to stockholders of the company an opportunity to obtain an irreplaceable whiskey
of the highest grade.
Only one warehouse receipt has been issued in the first instance to each
stockholder calling for the entire number of cases to which he is entitled.
Each fractional interest for less than one full case of whiskey is represented
by a scrip certificate, which, when assembled with other fractional scrip
certificates aggregating one or more full cases, may be exchanged for a
warehouse receipt.
Warehouse receipts and scrip certificates are transferable at the office of
the American Medicinal Spirits Co. at Louisville, Ky., when presented for
such purpose duly endorsed. Warehouse receipts may be split up into
smaller denominations without endorsement, but for not less than one
case lots.
Signatures endorsed on warehouse receipts surrendered for withdrawal of
whiskey or on warehouse receipts and scrip certificates presented for trans
ter must be guaranteed in a manner satisfactory to the American Medicinal
Spirits Co. If a warehouse receipt or scrip certificate is held by an estate
or in a fiduciary capacity or by a corporation, proper evidence of authority'
to make a transfer will be required to be furnished in the same manner as
Is required for the transfer of stock certificates.
The whiskey represented by the warehouse receipts is stored in a U. S.
Government concentration warehouse owned by the American Medicinal
Spirits Co. at Louisville, Ky.
After the repeal of the Eighteenth Amendment and It is legal under both
of a
Federal and State laws for the whiskey to be withdrawn, the holdercomwarehouse receipt may call for withdrawal and shipment, and the
pany will make deliveries as speedily as possible. The company cannot
make shipments into States which at the time of the shipment prohibit
the importation and(or) sale of spirituous liquor for beverage purposes.
It is now practically certain that repeal will become effective in the early
Part of December, making possible the withdrawal of the whole or such
portion of your dividend represented by these warehouse receipts as you may
desire and also the sale by your company of its products in the open market.
Accordingly you will be interested to know the progress which your
management has made in anticipation of future demands.
Your company now owns through wholly-owned subsidiaries five disBaltitilleries. two of which are located at Louisville (Ky.) and one each at
more (Md.), Broad Ford and Large (Pa.) (both near Pittsburgh). In
addition, Penn-Maryland Corp., an affiliated corporation, is operating
under lease a distillery at Peoria (Ill.) and owns a distillery at Carthage(0.)
(near Cincinnati). These plants have a combined annual production
capacity of approximately 32.000,000 gallons of whiskey, requiring the
use of about 7.000.000 bushels of grain.
of
Your company has on hand a limited quantity of the finest grade
bonded whiskey more than 15 years old and a substantial amount of like
ranging from one to four years in age. Your
quality of bonded whiskies
to pro,
company is also making a variety of fine blended whiskies. Prior portion
hibition blended whiskies of various grades constituted a substantial
of the whiskey consumed by the American public.
The company owns a majority of the famous brands under which rye and
bourbon whiskies have been sold for many years prior to and during prohibition. After repeal becomes effective, the company will offer to the
or
public the following brands of straight whiskies either bottled in bond
bottled at the distillery: Mt. Vernon, Overholt, Old Crow, Large, Spring
Garden, Hermitage, Old Taylor, Old Grand Dad, Sunny Brook, Old McBrayer and Bond & Lilliard. It will also offer blended whiskies under the
Rye,
following brands: Meliwood, Blue Grass, Belle of Nelson, Hamill& Lewis
Old Log Cabin, Shenandoah, Red Top, Gold Star. Susquehanna, Old Knob
and
Hunter, Kentucky Club, Coon Hollow, Honeymoon, Spring Hill
Creek. The foregoing constitutes only a partial list of the brands owned
by the company.
disIn addition, the company will offer for sale the finest quality triple
tilled dry gin made at the famous Fleischmann Distillery at Peekskill.
manner as the finest brands of English
N.Y.,and manufactured in the same
en under the Fleischmann company's special process. This distillery is
the only large and prominent distillery in the United States which is devoted
exclusively to the production of dry gin.
Alex.
In addition to the foregoing, the company through its subsidiary,
offer a
D. Shaw & Co.. Inc., well-known importers for over 50 years, will
complete line of the finest of foreign goods, among them the celebrated
cordials,
Lamson champagne and the best of imported wines, liqueurs, sherries.
-Gordon
brandies and malt beverages.including the celebrated Duff
port, Dogs Head bass ale and Dogs Head Guinness stout. with
Cockburn
Your company is committed to the policy of complete co-operation
National and State governmenta, to the end that the consumer will be able
quanto obtain a pure product at a reasonable price, honestly labeled as to
tity, source of manufacture, character and quality.
believes that the Federal Government is entitled to a subThe company
however
stantial revenue from an increased tax on distilled spirits, which,
should not be so high as to encourage illicit traffic in alcoholic beverages.
notifying stockholders of the proposed inIn our letter of July 17 1933
to 829.crease of the authorized capital stock of the company from 629,587 offer to
587 shares, it was stated that the company intended shortly to
increased
stockholders the right to subscribe for about 105,000 shares ofsuch matter is
stock on the basis of one share for each six shares held. This
the
being temporarily delayed by reason of the necessity of working out
comrequirements of the Federal Securities Act, and it is probable that the some
not be in a position to offer such rights to stockholders until
pany will
time after the first of the year.
us
s e R Caspts
o
Schedule of Charges and Taxes per eceie t. Be Paid by Holders of
Manufacturers Trust Co. has funds available for the payment of the semiannual coupons due Oct. 1 1931 of the 1st mtge.6% sinking fund gold bonds
of the company, upon surrender of such coupons at its main office with
-V. 133, p. 2938.
names and addresses of the respective holders.
-Earnings.
Mercantile American Realty Co.
For income statement for 6 months ended June 30 1933 see "Earnings
Department" on a preceding page.
-Resumes Div.
Minneapolis-Honeywell Regulator Co.
The directors on Oct. 17 declared a regular quarterly dividend of 25 cents
per share on the common stock, no par value. payable Nov. 15 to holders
of record Nov. 4. The directors also declared an extra dividend of 50
cents per share on this issue, payable on the same date, whico is equivalent
to two quarterly dividends omitted on the stock during toe current year.
The last previous dividend on tne stock was the regular quarterly distribution of 25 cents per share on Feb. 15 1933.
During 1932 the company paid the following dividends on the common
stock; 75 cents per share on Feb. 15 and on May 14; 50 cents per share on
Aug. 15 and 25 cents per share on Nov. 15.
Earnings.
-For income statement for 3 and 9 months ended Sept. 30
-V. 137. p. 701.
see "Earnings Department" on a preceding page.
-May Liquidate in Near
Mohawk Investment Corp.
Future-Report to Stockholders.
Paul C. Cabot, President, says in part:
On June 19 1933,an offer was made by the State Street Investment Corp.
In accordance with the terms of this offer and other similar offers, in excess
Of 95% of the stock of the Mohawk Investment Corp. has been exchanged
for stock of the State Street Investment Corp. As soon as practicable it is
proposed to call a meeting of the stwitholders to consider the liquidation of
the Mohawk Investment Corp.
The liquidating value of the shares of this corporation on Sept. 30 1933,
amounted to $38.10 as against a liquidating value of$26.38 on Dec.31 1932.
-For income statement for 9 months ended Sept. 30 see
Earnings.
"Earnings Department" on a preceding page.
Statement of Surplus Sept. 30 1933.
$1,777,001
Surplus account as per books at Dec.31 1932
Net income before gain from sale of securities for nine months
37.963
ended Sept.30
201,833
Gain from sale of securities
$2,016,798
Total
32,461
Reserve for taxes on gain from sale of securities
1,838
Federal capital stock tax paid
199,191
Net charge to surplus from purchases and sales of Treasury stock
49,899
Cash dividends declared
$1,733,408
Surplus account as per books, Sept. 30 1933
Deduct excess of cost over market value of investments at
309,111
Sept. 30 1933
Surplus of assets at market values over liabilities and capital
$1.424,297
stock at Sept. 30 1933, as per balance sheet
Note.
-The excess of cost over market value of securities owned was
$309.111 at Sept. 30 1933, as compared with $1,005,102 at Dec. 31 1932.
Balance Sheet Sept. 30.
,
1933.
1932.
1932.
Liabilities1933.
Assets$70,553 $1,163,661 Accts. pay. & accr.
Case
expenses
$3,280
$2,838
2,346,820 a827,366
c Securities
15,581
Reserve for diva
Res. for Federal &
39,354
11,142
State taxes
b Common stock. 934,860 11,977,045
Sur plus
1,424,297 5
$2,417,373 $1,991,027
32,417,373 51.991.027 Total
Total
a Market value $1,373,484. b Represented by 62,324 no par shares in
70,540 in 1932. c Cost of securities $2,655,932 in 1933 and
1933 and
$1,729,024 in 1932.-V. 137, p. 1063.
-Capital Reduced.
Moss Gold Mines, Ltd.
The company in September received supplementary letters patent under
the Ontario Companies Act, changing the 4,000,000 issued shares of $1
par value into 1.000.000 snares without par value, and tnen authorizing
toe issue of 2,250,000 additional shares to be held in the treasury. Tne
--V. 137,
old shares are exchangeable for new on a basis of 1 new for 4 old.
p. 2471, 2817.
--Earnings.
Motor Products Corp.
For income statement for 3 and 9 months encll,d Sept. 30 see "Earnings
-V. 137, p. 702.
Department" on a preceding page.
ouquin, Inc. Steck-bieterh--
he New York Produce Exchange has admitted to dealing the common
(par $1) V. 137, P. 2645.
(George Muehlebach Brewing Co. (Mo.).+Stock Issue
Recalled-Original Purchase Price to Be Refunded o Buyers.
Company Charges,
$4.00
1 For bottling and casing, payable on withdrawal
For storage accrued from Oct. 1 1932 to Nov. 1 1933, incl. fire in2
surance and State, county and local taxes at assessed valuations
and rates not in excesses of those in effect on Oct. 1 1932, payable
Jan, 1 Me if the goods are left in storage in bonded warehouses of
the company,or upon prior withdrawal,at the rate of 15c. per month 1.95
The charge for continued storage beyond Nov. 1 1933 until withdrawn
(incl. fire insurance and State, county and local taxis at assessed valuations
and rates not In excess of those in effect on Oct. 1 1932) will be 15r• Per
month payable Jan. 1 1935 and annually thereafter, or upon prior withdrawal.
Taxes Payable on Withdrawal Unless Otherwise Specified.
1. Federal internal revenue taxes as fixed at time of withdrawal. At
present time this tax is at the rate of $1.10 per gallon or $3.30 per case.
2. Kentucky license tax enacted Sept. 26 1933 at the rate of 50c. per
gallon or $1.50 per case.
3. All State, county and local taxes at assessed valuations and rates in
excess of those in effect on Oct. 1 1932, which from information available
It is estimated will not exceed 30c. per case.
4. In addition to the foregoing taxes assessable against the whiskey, the
National Industrial Recovery Act imposes a 5% tax on dividends which is
required to be deducted by the corporation from dividend payments. We
do not believe this tax applies to a dividend consisting of whiskey warehouse
Mullins Manufacturing Corp.
receipts declared prior to the Recovery Act, and the company will report
-Earnings.
comsuch dividend to the Government as non-taxable. Nevertheless the
For income statement for 9 months ended Sept. 30 1933 see "Earnings
before
pany is compelled to collect from any party withdrawing his whiskey
Department" on a preceding page.
-V. 137. P. 19
48.
liability on such report is determined, the equivalent
the corporation's
about $2.25
(A. I.) Namm & Son, Brooklyn, N. Y.
-New Vice-Pres.- amount of the tax, which would be about 45c. per share, or decision has
per case. Any whiskey withdrawn, therefore, before such subsequently
Solomon Katzen, Controller, has been elected a Vice-President.
-V. 124,
to such charge. If such tax is
been rendered will be subject
p. 2130; V. 123, p. 3331.
held not to apply to this dividend, refunds will be made.
-$1 Div. - 5. The whiskey covered by warehouse receipts is now stored in a U. S.
Nashua (N. H.) Gummed & Coated Paper Co.
Government bonded warehouse, owned by the company at Louisville, Ky.
The directors recently declared a dividend of $1 per share on the common
The State of Kentucky has a constitutional prohibition clause and certain
stock, no par value, payable Oct. 21 to holders of record Oct. 18. A similar
Eighteenth
enforcement laws which will not be affected by the repeal of the
distribution was made on this issue on May 3 last, as compared with quarThis
Amendment in the absence of action by the people of Kentucky.
terly dividends of 50 cents per share paid on Feb. 15, May 16, Aug. 15
may came some delay in making the deliveries to stockholders requisting
and Nov. 15 1932.-V. 136. P. 3175.
withdrawals even after repeal of the Eighteenth Amendment.
after
National Biscuit Co.
In case any stockholder desires to acquire immediate possession
-Earnings.
portion
repeal of the whiskey represented by his warehouse receipts, or any
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
transfer the
thereof, the company will apply for a Government permit to
-V. 137, P. 702.
Department" on a preceding page.
A refund to holders of the cony. pref. stock of the original purchase
price was announced Oct. 11 because of market conditions unfavorable
to successful completion of the financing. Holders may turn in their
certificates to the dealers from which they made the purchases. The
dealers will send the certificates to Chicago for release of sufficient money
from the escrowed fund to enable payment to the holders through the
respective dealers.
The refund, it is said, does not mark the permanent abandonment of
the project. The machinery remains for financing at a more favorable
time the rehabilitation and equipment for the resumption of brewery
operations at the Muehlebach property at 18th and Main Sts., Kansas
City, Mo.
The present financing was to provide $900,000 to the brewing company for re-establishment of the local brewery through the sale of 150,000
preferred shares at $6 a share to the underwriters. The stock was offered
to the public originally at $7.50, but the price has fluctuated since, according to quotations on the Chicago curb market, on which it was listed.
The last sale price was $6.
Removal of the Muehlebach issue from the Chicago Curb Exchange
was announced Oct. 11 by the board of governors.
Ames. Emerich & Co.; Parkinson, Potter & Ross, Chicago, and Stern
Bros. 8z Co., Kansas City, were the bankers who originated the issue.
See V. 137, p. 1252.
Volume 137
Financial Chronicle
same from its present bonded warehouse in Kentucky to a warehouse
owned by the company or its subsidiary or affiliated companies located at
Baltimore (Md.), Large (Pa.). Peoria (Ill.), Carthage (0.), provided it
receives notice from the stockholder before Nov. 1 ;933 specifying the
number of cases desired to be transferred.
In case of any such transfer the full expense thereof, including transportation, must be paid by the warehouse receipt holder at the time of transfer,
by the deposit with tne company of $1.25 per case. Any unexpended portion will constitute a credit, which will be refunded.
If a stockholder wishes to transfer to any other warehouse not owned or
affiliated with the company as above listed, it will be necessary for him to
pay at the time ofsuch transfer not only the cost and expense of suca transfer, but also all company charges against the whiskey payable on withdrawal
as well as the Kentucky license tax above listed.
Note.
-All requests for transfer should be made, accompanied by check,
to the American Medicinal Spirits Co., Louisville, Ky.. before Nov. 1 1933.
New Stock Admitted to Trading on Curb Exchange.
The New York Curb Exchange has admitted to unlisted trading privileges
the new common stock (no par). "when as and if issued" in exchange for
present common stock in accordance with plan recommended by directors
at a meeting held on Oct. 6 1933 providing for a split-up of the common
stock on the basis of three shares for one, to be acted upon by the stockholder at a meeting called to be held Nov.6 1933.-V. 137,P.2817.
National Life Insurance Co. of the United States of
America, Chicago.
-Receivers Appointed-Vermont Com-
pany Has No Connection with Bankrupt.
The company, with outstanding insurance of $197,000,000. was thrown
into reeeivership,Oct. 17,by Superior Judge William J. Lindsey,at Chicago,
on application of Attorney-General Otto Kerner and Ernest Pabner, State
Director of Insurance. Patrick J. Lucey, former Attorney-General, was
appointed receiver and posted a $100,000 oond. Attorney Harry Markhelm.
representing the company, listed gross assets at $55.125,660, and liabilities
at'$54,263,808. Shrinkage in the market value of the company's assets
caused the receivership action, it is stated.
The company, which was chartered in 1868 by special Act of Congress and
began business in Washington was re-incorporated under the laws of
IlIIhols, March 3 1904. As of Dec. 31 last, it had total admitted assets of
$54.878,047, paid-up capital stock of $1,000.000 and surplus and special
funds totaling $3.31,238. Insurance in force at the end of last year was
$228,452,269. Insurance written in 1932 Was $16,458,190.
At the hearing before Judge Lindsey on Oct. 17 examiners for the Illinois
Insurance Department testified that the company carried on its statement
as filed with that Department as of Dec. 31 1932, 12.000 shares of common
stock of the Continental Ilinois National Bank & Trust Co.; that this
stock was valued by the company at $363 a share in conformity with the
ruling of the National Convention of Insurance Commissioners, which
permits insurance companies to carry common stocks at tneir market
values as of June 30 1931. These values in many cases are considerably
higher than the present market prices.
Further testimony showed that the present value of this stock is $26
bid, $30 asked. On Oct. 14 the directors of the Continental Illinois Bank
voted to reduce its common stock $50.000,000, from *75,000,000 to $25.000,000. and to sell to the Reconstruction Finance Corporation $50,000,000
of preferred stock.
The difference between the present market value on Continental stock
and the value at which the company was carrying it in its statement completely wiped out the company's contingency reserve of $1.700.000, its
capital stock of $1,000,000 and its surplus of approximately $600,000.
Negotiations for a reinsurance of the company s policyholders have
been started at the instance of Superintendent Palmer. Mr. Palmer
said negotiations are being carried on with three or four groups and it is
hoped the situation may be cleaned up within 60 days.
Fred A. Howland, Pres. National Life Insurance Co.,
Montpelier, Vt., on Oct. 19 issued the following statement:
By reason of the similarity of names, a Chicago stock life insurance
company, the National Life Insurance Co. of the United States of America,
mentioned in current newspapers as in receivership, has been confounded
in the minds of some people with the National Life Insurance Co. of
Montpelier, Vt., a mutual company. The Vermont company has no
connection whatsoever with the Chicago company and is in an unassailable
financial condition, having stewilly increased its resources and reserves
during the depression.
National Pumps Corp.
-New President.. H. Curtis has been elected President, succeeding Neaten S. Talbott,
resigned. Mr. Curtis was formerly Vice-President of the company.
Mr. Talbott will continue as a director. The office of Chairman of the
board was created, and G. F. Mattman, President of the Cincinnati Advertising Products Co. was elected to that position, according to a dispatch from Dayton,
136, p. 1030.
National Tea Co., Chicago.
-Sales Improve.
-
Period End. Oct. 71933-4 Wks.
1933-40 Wks.
-1932
-1932
Consolidated sales
$4.923,028 $4,873,303 $48,260,926 $51.053,320
The number of stores in operation declined from 1.431 to 1,316 as of Oct.7
1633, which is a decrease in number of stores in operation of 8.04%, it was
announced.
-V. 137. p. 2283, 1591.
Nation-Wide Securities Co. (Md.).-Portfolio Holdings
-Par Value Changed-Stock Dividend.
The portfolio of this company as of Oct. 16 1933, reveals publicly for the
first time the extent to which the management has utilized the measures
voted by the stockholders of the company at a special meeting held in
September. The common stocks of 63 corporations were held on that date
in the followingroportions: Rails, 11.7%; non-rail transportation, 8.7%;
chemicals, 14.7%; banks and insurance, 3.7%; utilities, 10.9%; tobaccos,
10.0%; oils, 10.3%; building construction, 3.5%; heavy industries, 13.1%;
f ds, 7.1%; and miscellaneous
oo
6.3%.
At the stockholders' meeting held last month it was voted by
more than 66 2-3% of the then outstanding shares to adopt holders of
measures
whereby greater management flexibility could be assured. The number of
stocks in which the company's funds may be invested was increased from
76 to 100 and additional issues may be purchased unless, after due notice
holders of at least 25% of the company's shares object. The firm
Bullock was retained to supervise tho company's-investments for a of Calvin
quarterly
fee of 1-16 of 1% of the net assets of the company during such quarterly
period. The present portfolio indicates a policy toward investment in issues
of a more speculative type than formerly.
At the same meeting stockholders approved a reduction in the par value
from $1 per share to 25 cents per share and the payment of a 6009 stock
dividend, this latter effective as of Oct. 2 1933 pursuant to action by the
board of directors. Payment of dividends out of not profits or surplus in
addition to payments from net cash income received was also approved
subject to the restriction that the payment made quarterly from these
combined sources &es int exceed I %, of the net asset value of the company's shares at time of declaration.
-V.137, p. 2283.
York Investors, Inc.
-Petition in Bankruptcy Filed.
A petition in bankruptcy was filed Oct. 13 in the Federal Court in
Brooklyn against the company. The petition, was signed by four creditors,
who assert they purchased bonds of the Prudence Co. guaranteed by the
New York Investors, Inc., and that interest due on Ma? 1 remains unpaid.
,
The New York Investors, Inc., on July 14, applied or the appointment
es
of receivers in equity for the corporation and Judge Robert A. Inch in the
Federal Court, appointed Charles H. Kelby,former Superme Court Justice,
and Clifford S. Kelsey as receivers and directed them to post a joint bond
of $100,000.
The creditors also charge that the New York Investors, Inc., transferred
money to creditors within four months prior to the application for the equity
receivership "with intent thereby to prefer such creditors over other
creditors of the same class.'-V.137, p. 1423.
New York Shipbuilding Corp.
-Earnings.
-
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137. p. 2283.
New York Title Insurance Co.
-Retirement.
-
Harry A.Kehler has resigned as Chairman of the Board.
-V.137. p. 2647.
2987
Niagara Share Corp.
-Suit Adjourned.
The $300,000,000 stockholders' suit against the officers and directors
of the corporation was adjourned Oct. 13 after the defense counsel moved
that it be thrown out of court for lack of evidence. Justice Alonzo G.
Hinkley reserved decision pending the filing of briefs and a hearing on
Nov. 24.-V. 137, p. 2283.
Northwest Bancorporation.
-Sale of Affiliate.
Steps have been taken to conform to the provisions of the Glass Act
requiring the separation of security affiliates from member banks with
the sale of the assets and good will of the Bancnorthwest Co., principal
security affiliate of the Northwest Bancorporation, to Thrall West & Co.,
a new corporation.
In the sale contract the right was reserved to the Northwestern National
Bank to engage in the securities business to whatever extent is permitted
by the Banking Act of 1933. (New York "Evening Post.")
-V.137,P.327.
-Earnings.
Ogilvie Flour Mills Co., Ltd.
Years End. Aug. 311932.
1933.
1931.
1930.
Trading profits, incl. investment income,after
bond int. & depree'n- $747,772
$744,937
$755.148 $1,127,436
Prof. dividend (7%)____
140,000
140,000
140.000
140.000
Common dividenois- -(38)600.000 (38)600,000 (S8)600,000 (38)600,000
Common bonus
•
(35)375.000
$7,772
$4.937
$15,148
75.000
75,000
75.000
$8.06
$8.13
$8.20
Balance Shed Aug. 31.
1933.
1932.
1933.
LiaMIttiesAssets
5
Water powers, mill
Preferred stock_ __ 2,000,000
plants, .1‘e
3,150,273 3,337,992 x Common stock_ 2,500,000
Gd-will,trademks.,
Bonds not yet pres.
patent rights,&c
1,000
1 for redemp
1
Other Investments 1,640,460 2,645,910 Bank loans
2,978,674
Cash
204,126
209,360 y Accts. payable 1,162,123
Accts.receivable 1,172,257 1,336,548 Provision dive _ - 185,000
5,000,000
Stocks on hand_ _ 3,252,763
546,062 Rest account
6,586,472 7,319,720 Profit and loss,
Investments
2,179,556
surplus
Balance, surplus
Shs, corn. out.(no par)
Earns, per sh. on com-
Total
16,006,353 15,395,594
Total
x Represented by 75,000 (no par value) shares.
for Dominion Government taxes to date.
-V. 136,
$12.436
75,000
$13.17
1932.
2,000,000
2,500,000
23.000
800.000
1,710,359
185,000
5,000,000
3,177,235
16,006,353 15,395,594
y Includes provision
p. 3176.
-Resumes Dividend.
Ohio State Life Insurance Co.
A dividend of $5 per share has been declared on the capital stock, payable
Nov. 1 to holders of record Oct. 16. An extra distribution of $2 per share
and a quarterly dividend of $2.50 per share were paid on Feb. 1 1933:
none since.
-V.136. p. 2387.
-Reorganized.
1409 Farwell Ave. Apartments, Chicago.
Reorganization of the 1409 Farwell Avenue Apartments has been completed and tne property is being turned over to the bondholders free of all
liens and incumbrances. The 1409 Farwell Avenue Building Corp. nas been
organized for the purpose of noiding title and the depositing bondholders
will receive capital stock in the corporation in exchange for their securities.
The building contains 42 apartments. It was financed by a bond issue
underwritten by Henry P. Kransz & Co., of which $182,000 remains outstanding. Practically 100% deposit of the securities were obtained to
facilitate the 'reorganization, only one bondholder refusing to join in
the plan. Negotiations are now under way for a settlement with this bondfolder.
When the bondholders' corporation takes title to the property all of the
accrued taxes will have been paid, without toe necessity of additional
financing, according to Austin L. Wyman, attorney for the bondholders'
protective committee. Fees for the attorney and committee and similar
charges are to be paid out of income from the property. Henry P. Kranaz.
John L. Lukanitsch and Cyrus H. Nueses comprise toe committee.
Oppenheim, Collins & Co., Inc.
-Obituary.
James Kershaw Cuddy, Secretary of the corporation, died in Yonkers,
N. Y., on Oct. 16.-V. 137, p. 2472.
Pacific Tin Corp.
-163 Distribution - Due to Receipt of
$600,000 from Yukon Gold Co.
The directors on Oct. 10 declared a distribution out of its cash capital
amounting to $3 per share on the total authorized special stock, said dtributton being a payment of 3-23rds of the distribution value of each such
share and in payment of the surrender value of distribution coupons Nos. 16.
17 and 18 attached to each certificate of special stock. The distribution
above referred to is due and payable on and after Oct. 30 1933, and the
said coupons should be either presented for collection at Guaranty Trust Co.
of New York, 140 Broadway, N. Y. City, or collected in the usual manner
by deposit in any bank.
President S. W. Howland, Oct. 14, in a letter to the stockholders said:
This distribution is made possible by the receipt from Yukon Gold Co.
of $600,000, on account of that company's indetedness to your corporation.
The Yukon Gold Co. has been able to make a rearrangement of Its equipment program involving material !saving of future capital expenditures.
Partly as the result of this saving, partly because of liquidating one of
Moro Mines Co.) somewhat more profitably
Yukon Gold's subsidiaries (
than anticipated, and partly from accumulated earnings, there became
available to the 'Yukon Gold Co. the sum of $600,000, which that company has applied to the reduction of its principal indebtedness to your
corporation.
-V. 137. la. 2813.
Packard Electric Co.-01rituary.President Newton A. Wolcott died at Youngstown, Ohio, on Oct. 13.
134. P. 4170-
-Earnings.
Paraffine Companies, Inc.
For income statement for 3 months ended Sept. 30 see "Earnings De-V.137. p. 1425.
partment" on a preceding page.
-Defers Detroit Sale.
Paramount Publix Corp.
The trustees were authorized on Oct. 13 by Jenry K. Davis, referee in
bankruptcy for the corporation, to defer the proposed sale of an interest
in the Pontiac Theatre Corp. of Detroit to George W. Trendle, a theatre
manager there, and to employ him for 10 months on salary with a share of
the profits of the theatre. It was stated that Mr. Trendle had agreed to
extend his offer of purchase for six months. A similar offer made by
John Balaban, a theatre operator in Chicago, was approved by the referree.
Mr. Davis also granted a request to preserve the corporation's equity
in property in Long Island City known as the Seneca Holding Corp. a
wholly owned subsidiary, Henry J. Friendly, of counsel for the trustees.
explained that application had been made to the mortgages of this property,
which comprises a studio, laboratory and film depot. to settle $62,000
arrears of taxes and interest and $60.000 arrears in monthly payments on a
mortgage of $930,000. The carrying charges were approximately $93,000
annually. he said.
The U. S. Circuit Court of Appeals granted a motion by Samuel Zirn.
attorney for certain bondholder creditors of Paramount Publix, to appeal
from an order of Judge Frank J. Coleman dismissing a motion for removal
of Charles W. Mlles, Eugene W. Leake and Charles E. Richardson as
trustees in bankruptcy on the alleged ground that they were disqualified by
embarrassing relationships with Wall Street banks.
The Appellate Court agreed to hear argument on the appeal on Nov. 6.
but declined to remove Referee Davis as requested by Mr. Zirn, who
alleged bias and arbitrary conduct.
Reorgan. Aids Public-Costs of Productions Cut $6,000,000.
The "Journal of Commerce" Oct. 18, had the following:
The complete reorganization of the Paramount Publix Corp. production
department under the management of Emanuel Cohen, who had successfully
built up the company's newsreel and short subjects departments, has resulted in a $6000,000 reduction in costs and has paved the way for the
company's ability to finance its entire 1933-1934 production without
borrowing from the banks, it was disclosed yesterday.
Financial Chronicle
2988
One of the most important items of expense to be reduced was story cost.
This was accomplished by the creation of an editorial board which must
pass on stories before they are purchased, and which therefore stops indiscriminate purchasing at heavy cost. Among the members of the board
are A. M. Botsford and Russell Holman, both of whom had been with the
company for many years; George Palmer Putnam, Merritt Hulburd,
former associate editor of the "Saturday Evening Post"; and Jeff Lazarus,
theatrical expert.
Pictures which have doubtful attraction have been practically eliminated
through the use of the production board which passes on actual output.
The credit for the improvement in the quality of Paramount pictures in
the past year is given to this board by officials of the company.
The production board has also spent time on the careful development of
new stars with the result that Paramount has on hand a group of those
who have proven their ability in both an artistic fashion and at the box
office.
Kuhn, Loeb & Co. to Submit Plan.
-
A statement from Sir William Wiseman of Kuhn, Loeb & Co.follows:
In response to an inquiry respecting the progress being made in the solution of the corporation's problems, Sir William Wiseman of Kuhn, Loeb
& Co. stated that his firm is studying the whole situation with a view of
submitting as soon as practicable a plan of reorganization to the various
creditors and security holders' committees. The situation, he stated, was
unusually complex, because in addition to the bankruptcy of the parent
corporation many of the subsidiaries owning and operating theatres are
also in receivership or bankruptcy.
These various situations are now being worked out by the trustees and
their counsel as rapidly as conditions permit. Further progress along these
lines must of necessiry be made before a comprehensive reorganization plan
for the entire enterprise can be definitely worked out and submitted.
However, the operating results ever since the bankruptcy and particularly during the last few months have been sufficiently encouraging to warrant the belief that it should be possible to effect the reorganization within
a reasonable time.
-V. 137, p. 2819.
Potter Company.
-Earnings.
Earnings for the Fiscal Year Ended April 30 1933.
$157,600
Net sales
129,213
Cost of sales
43,561
Selling, general and administrtaive expense
Net loss from operations
Other income
Total loss
Extraordinary losses and sundry deductions from income
$15,173
6,506
$8,667
7,708
$16,375
Balance Sheet April 30 1933.
Liabilities
Assets$14,158 Accls payable, trade creditors_ _ $1,287
Cash
3,824
20,413 Notes payable
a Acc'ts Se notes receivable_
122
53,830 Due to customers
Inventories
256
84,335 Sundry liabilities
Other assets
6,175
285,294 Accrued items
Total fixed assets
6,000
Due from affiliated company.- 12,602 Other indebtedness
99,743
296 Reserves
Prepaid expenses
260,940
1 b Capital stock Good-will, Src
92,583
Surplus
Net loss
$470,930
$470,930 Total
Total
a Alter reserves of $5,461. b Represented by 52,188 no par shares.
V. 133, p. 135. •
-Bowater Plan Outlined.
Price Bros. & Co., Ltd.
Park Lexington Corp.
-Earnings.
-
For income statement for 6 months ended June 30 1933 see "Earnings
Department" on a preceding page.
-V. 137, p. 1065.
-Obituary.
Penick & Ford, Ltd., Inc.
Chairman William Sydnor Penick died in New Orleans, La., on Oct. 13.
-V. 137, p. 1066.
-Obituary.
Pennsylvania Coal & Coke Corp.
President John William Searles died in East Orange, N. J., on Oct. 15.
-V. 137, p. 884.
-Earnings.
Pennsylvania-Dixie Cement Corp.
For income statement for 12 months ended Sept. 30 see 'Earnings Department" on a preceding page.
Ba ance Sheet Sept. 30.
1933.
1932.
1933.
1932.
Liabilities
Assets$
S
Preferred stock __ _12,500,000 13,098,800
y Land, buildings,
mchry.& equip_20,970,690 22,290,600 x Common stock__ 400,000 4,000,000
9,573,000 9,676,000
Cash
1,461,195 2,443,183 Gold bonds
138,916
96,641
Accounts payable_
Notes and accts.
recelvdd
488,053
656,907 Accrued taxes, in101,160
107,911
terest, Oa
Inventories
2,151,396 1,840,254
196,590
Short-term sees__ _ 600,000
170,000 Other reserves_ _ _ 279,825
2,835,430
263,583
Assets with trustee
510 Surplus
510
87,540
64,933
Miscell. invest_ _
15,413
Deferred charges_ _
26,672
Total
25,786,056 27,481,800
Total
x Represented by 400,000 no par shares.
depletion.
-V. 137. p. 884.
Oct. 21 1933
struction work near the Ohio River terminal has been deferred pending a
decision, expected shortly, in the Beaver. Pa., court suit, in which the
Pennsylvania RR. seeks an injunction to restrain the coal company from
-V. 136, P. 4474.
dredging Beaver Creek.
25,786,056 27,481,800
depreciation and
y After
The Bowater's Paper Mills, Ltd. plan for reorganization of Price Bros. &
Co. according to Montreal advices provides that bank loans of around
$3,500,000 would be paid off, while unsecured creditors, whose claims
amount to over $1,000,000, would be offered $250,000 in cash and right
to use this cash if they wished in purchase of preferred stock in the new
Price company to be formed, at $1.25 a share. Maximum dividend payments on the preferred stock would be 30 cents a share annually, although
in view of provision being made on bond interest, dividend payments on
preferred could not be expected for a considerable time.
The largest unsecured creditor is Duke-Price Power, with whom the
syndicate has yet to arrange for power.
The bondholders would get 12% of their present holdings of the bonds in
lieu of unpaid interest, and it is planned that future bond interest, for a
time at least, would be paid only as earned.
The capital set-up of the new company would include: Bonds, $12,388.992, $5.000,000 ($10 par) 6% debentures, $200,000 non-cumulative
preferred shares (no par) and 500,000 shares common stock.
The $5.000.000 debentures are security for advances by the syndicate,
and $1,000,000 of the amount guaranteed by the Bowater company will be
offered to stockholders of the old company at $10 a debenture plus one
share common stock. Further offerings may be made to the public as soon
as conditions are favorable.
It will probably be early next month before the bond committee is in a
position to circularize the individual bondholders for support of their
recommendation of the Bowater offer. The bondholders will then have
30 days during which they may withdraw their bonds from the deposit
agreement (75% of the bonds were deposited with the committee) or leave
them with the committee as consent to the recommendations.
After this, final agreements must be made with unsecured creditors, power
company and stockholders. The company's receiver, meanwhile, will
conduct the business, arrange for next year's contracts, &c. Under laws of
this province the property continues as an operating concern, irrespective
of squabbles over control, so long as bank credit (ranking ahead of all other
-V. 137, p. 2820.
liabilities) is obtainable for operating purposes.
-Stock Exchange Finds
Pierce-Arrow Motor Car Co.
Disparity in Shares-Wide Difference in Prices for Preferred••
-To Retire Debentures.I
••....Procter & Gamble Co.
and Class A Causes Hint of Corner.
The directors on Oct. 13 1933 have elected to exercise its right to redeem
The New York Stock Exchange, in a notice issued Oct. 18 called attention of its members to the discrepancy existing in the quoted prices
of the company's stocks and directed the members to call the situation to
the attention of their customers dealing in the stocks. The statement
Issued by the Exchange follows;
"The attention of the Committee on Business Conduct, has been called
to the fact that the quotation for the preferred and class A stocks of the
Pierce-Arrow Motor Car Co., both of which stocks are exchangeable
pursuant to a plan of recapitalization which, the Exchange is informed,
was approved by stockholders and directors on Sept. 15 1933, for the new
common stock of the par value of $5 a share, are widely divergent from the
number of said new common stock to which said preferred and class A stock
will be entitled under the plan of recapitalization.
"The Committee on Business Conduct, therefore, directs members to
call this situation to the attention of such of their customers as may be
contemplating the purchase or sale of the securities of the Pierce-Arrow
Motor Car Co."
The New York "Herald Tribune," of Oct. 19, commenting on the
statement of the Exchange, says:
Pierce-Arrow stocks have been inactive, with the class A quoted at 2%
bid, 3;4 asked, and the preferred at 17 bid. 19 asked on the New York
Stock Exchange, while the common, when issued, was quoted at 5 bid
and 7 asked on the New York Curb Exchange.
The recapitalization plan, which followed the separation of the Studebaker Corp. from Pierce-Arrow, was first proposed by the directors the
last of August and was passed at a stockholders' meeting on Sept. 15. The
plan has been filed at Albany and it was said Oct. 18 there was no obstacle
to its being concluded. The Marine Midland Trust Co., transfer agent,
has not yet begun distribution of the new stock, but it is understood that
the reclassification will be made soon.
The plan calls for an authorized capital of 750,000 shares of common
stock at $5 par value and an exchange of 3.2 shares of the new stock for
each share of the preferred, which has a $100 par, and a reclassification of
the class A stock with one share equaling one-tenth of a share of the new'
common. The class A stock will be reclassified by changing each share
into 1-25th of a share of the new stock.
The relation between the quotations of the preferred stock and the
common stock seemed proper on the basis of the recapitalization, but this
Is not true of the quoted market on the class A in relation to the common
stock. On the basis of the prices, if the quotation of around 3 was correct
for the class A, the common should have been selling at around 30.
Brokers were of the opinion that the condition was due to a technical
situation in the market and had no relation to the recapitalization plans of
the company. It was said that a short interest had been built up before the
plan of the company was announced, and since th e"shorts" cannot settle
by delivering the new stock, they are faced with the fact that the supply of
class A will be eliminated with the exchange for the new common. Traders,
who discern an arbitrage value in the sale of the class A stock, will have to
consider the possibility of a corner.
No precedent, except a desire of the Stock Exchange to protect the public,
was found for the warning. The brokers pointed out that the announcement of the Exchange fitted in with the program of the governing committee
to protect the public as much as possible.
Stock Changed.
The Committee on Stock List of the New York Stock Exchange on
Oct. 10 reported that the company has filed an amendment to its charter
changing its class A stock and its 6% cum. pref.stock each into new common
stock at prescribed ratios. The new stock of the company to be issued
will not be listed for the immediate present at least, it is announced.
The Governing Committee of the Exchange authorized the Committee
on Stock List in its discretion to strike the class A stock and the 6% cum.
pref. stock, such discreton to be exercised in accordance with circumatandes
-V. 137. p. 2820.
as they may develop.
Pittsburgh Coal Co.
-Resumes Rail Construction Work.
The company has resumed construction work on the last link of its 13
mile railroad from Negley, Ohio, to Smiths Ferry, Pa., which will provide
an Ohio River outlet for the Youngstown and Mahoning Valley steel
district. The move follows dismissal by the Federal Court in Cleveland of
the Pennsylvania RR,application for an injunction to restrain construction
of the rail line without the permission of the 1.-8. 0. Conunission. Con-
at 105 and interest on Jan. 1 1934, all of the outstanding 0
-year 44%
gold debentures, dated July 1 1927, aggregating $8,521,000. Payment
will be made at the First National Bank, Fourth and Walnut Sta., Cincinnati, Ohio, or at the option of the holders, at the First National Bank
of New York, 2 Wall St.. N. Y. City.
Sales Off-New Directors.
The company was carrying cottonseed in its plants on June 30 "far in
excess of any amount we had ever had before at such time of the year,
but this type of tonnage will more or less adjust itself within the current
year," President R. R. Deupress stated at the annual meeting held last
week. The company's decline in sales for the year ended June 30 was
caused by the falling off in sales of by-products of the cottonseed plants
of the Buckeye Cotton Oil Co., a subsidiary, in the South.
Adoption of the President's reemployment agreement in connection with
the National Recovery Administration and later the substitution of the
soap code will mean increased expenses of approximately $1,000,000 annually
in wages. The company has added 1,000 employees as the result of the
code.
Three new employee directors have been elected to represent the company's principal plants. They are: Arthur S. Caine of Cincinnati, James
Maddox Sr. of New York, and Charles Ellsberry of Kansas City. They
succeed Walter Livengood, Carlos Richardson and J. T. Coale. Other
directors were reelected.
Further Reduction in Prices Announced.
This company and the Colgate-Palmolive-Peet Co., the two largest soar
,
makers in the world, have announced reductions of 20 cents a case in the
prices of their principal white bar laundry soaps, which follows closely a
drop of 15 cents a case in the price of yellow bar laundry soap. The soaps
affected in this territory include Procter & Gamble's P.& G. White Naphtha
and Okay and Palmolive's Big Peet and Crystal White.
The price of P. & G. White Naphtha and Crystal White has dropped to
$2.35 a case of 100 nine-ounce bars and $2.55 a case of 80 12
-ounce bars,
which compares with 1;igh prices this summer of $2.55 and $2.75, respec
tively. The reduction on yellow soaps brings the price of Oaky and Big
Peet down to $1.90 a case of 60 bars, which compares with the recent high
of $2.05 and the low for the year of 81.69A .
Earnings -For income statement for quarter ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 1592.
Producers & Refiners Corp.
-Properties Ordered Sold.
Sale of all properties of the corporation to the highest bidder at public
auction was ordered by Federal Judge T. Blake Kennedy at Cheyenne.
Wyo., Oct. 18. The order will be followed within 30 days by a formal
decree of the sale, listing the various properties to be sold. Judge Kennedy
set the date of the sales between next March 15 and Apri115.
In extended hearings the Consolidated Oil Corp. has sought permission
to buy the properties of the Producers & Refiners, which has been operating
for a year under a receivership. The Consolidated holds a claim of $14,000,000 against the Producers for notes acquired by the purchase of the
Prairie Oil & Gas Co Judge Kennedy ruled the claim of the Consolidated
was valid.
-V. 137, p. 1592.
Pullman Co.
-Valuation Hearing Oct. 27
The I.
-S. C. Commission will hear oral arguments Oct. 27 on its appraisal
of the Pullman Co. properties. An earlier report of the Commission valued
the company's properties at $119.750.000 as of 1919. The company is
contesting the Commission's conclusions both on factual and legal grounds.
Inclusion of items involving $40,000,000 will be contended for in the
-V. 135. p. 1174.
prospective arguments.
-New Presidentfor Subs.
Radio-Keith-Orpheum Corp.
T. R. McDonough has been elected President of the Keith-Albee-Orpheum
Corp., B. F. Keith Corp., Radio City Theatres, Inc., and of their affiliated
companies.
Mr. McDonough was also elected Vice-Chairman of the board of RK0
Radio Pictures, Inc.
-V. 137, p. 1950.
-Earnings.
Railway & Light SecuritIes Co.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Financial Chronicle
Volume 137
Balance Sheet Sept. 30.
Assets1933.
LiabUtties1932.
1932.
1933.
Bonds & notes_ __ _$3,963,809 83,146.797 Collateral trust
Stocks
3,645,278 3,668,393 bonds_
_ $4,760,000 $4,760,500
Acceptance notes
Pref.stk ($100 par) 2,113,600 2,113,600
receivable
399,550
368,807 Accounts payable_
11,004
Cash
346,613
490,862 Coupon int. acced
81,843
79,960
Cash pledged with
2,085
Tax liability
1.439
trustees under
Suspense
50
1,105
bond indentures
79,000
31.621
672,500 Reserve for dive
Accounts receivable
4,710
b Common stock
Accr'd int. recelv_
59,862
50,744 (no par)
2,146,447 2,146,447
Unamortlzed bond
Special surplus
den & expense 274,638
289,573 (loss from capita Reacquired Rail99.947
31,160
tal transactions)
way & Light Se143,184
c Earned surplus
192,538
amities
Co.
bonds
532,040
461,140
Total
$9,305,500 $9,148,817
$9,305,500 89,148,817
Total
a Face value, $700,500, 1933: $603,000. 1932. b Represented by
163,140 shares. c From Jan. 1 1932
Note.
-The aggregate of securities owned on Sept. 30 1933 priced at
market quotations was $1,047,195 less than their book amount, and on
Sept.301932 was $192,981 more than their bookamount.-V.136, p.3176.
.......regal Shoe Co.-Removed orom List.
5f
he New York Curb Exchange has remove
unlisted trading
pr lieges the preferred stock, par $ 0.-V. 136, .4474.
Reiter-Foster Oil Corp.
-New President, &c.
Frank E. McMillan Jr. has been elected President to succeed Frank E.
Kistler, resigned. Charles Schirmer and Frank Mason have been elected
directors, succeeding Felix Bodovitz and W. Z. Miller, resigned.
-V. 136.
p. 4103.
Reynolds Metal Co., Inc.
-Acquires Lath Rights.
-
The company has acqu'red the manufacturing rights to produce lath
building fabrics known as "Ecod" from the D. Coddington Manufacturing
Co. of Milwaukee, Wis. It is understood that a substantial cash considera
tion was involved.
-V. 137. p. 1255.
Richfield Oil Co. (of Calif.).-Additional Offers May
Be Made.
The "Wall Street Journal" Oct. 19 stated:
Interests close to the Richfield Oil Co. of Calif. are of the opinion that
additional offers for the properties of the company now in receivership, will
be made before the properties are finally sold. This assumption is based
largely on the fact that William C. McDuffie, receiver considers that the
properties are worth considerably more than the $23,500,000 offered by the
Standard 011 Co. of California.
As the situation now stands, the various committees have accepted the
offer of the Standard Oil Co. of California and are working on a form of
registration required under the Securities Act. It is pointed out, however,
that the committees are not bound to accept the Standard of California
offer until they file their plans and ask for deposits from the various classes
of creditors. Until this is done the committees are free to accept or consider
any other offers that might be made for the properties.
Cities Service Co., which was active in seeking the properties, holds a
strong position in the Richfield picture. The company is a large creditor of
the Richfield company, owning common and preferred stock, bonds and
some of the paper of the Richfield company.
Consolidated 011 Corp. was also active in seeking the Richfield properties,
and it is regarded as not unlikely that one or both of these companies may
renew their efforts to acquire Richfield.
-V. 137, P. 2286.
(Helena) Rubenstein, Inc.
-Cent Preferred Dividend.
-25
The directors have declared a dividend of 25 cents per share on the $3
cum. cony. pref. stock, no par value, payable Dec. 1 to holders of record
Nov. 10. A. similar amount has been paid each quarter since and incl.
Sept. 1 1932, while from March 1 1929 to and incl. June 1 1932 regular
quarterly payments of 75 cents per share were made.
-V. 137. P. 704.
Russell Motor Car Co., Ltd.
-Preferred Dividend.
-
The directors have declared a dividend of $1 per share on the 7% cum.
pref. stock, par 100, payable Nov. I to holders of record Oct. 20. A like
amount was paid on tnis issue on May 1 and Aug. 1 last, prior to whims the
stock received regular quarterly payments of $1.75 per share.
The current dividend is payable in Canadian funds and in the case of nonresidents, a tax of 5% will be levied.
-V.137, p. 1592.
Safeway Stores, Inc.
-Sales.-
Sales for the four weeks ended Oct. 7 1933 showed an increase of 7.51%
over the previous four week period ended Sept. 1933.
-4 Weeks Ended- -40 Weeks EndedPeriodOct. 7 '33. Oct. 8 '32. Oct. 7 '33. Oct. 8 '32.
Sales of system
818.415.028 $17,219,692$167,216.338 8177,722,267
Stores in operation now total 3.291 compared with 3.392 last year.
V. 137. p. 2286, 1593.
AssetsFixed assets__
Cash
Maritetle sever. &
Interest
Corporation's own
capital stock_ _
Accounts receiv_ _ _
Inventory
Def.& oth. assets_
Good-will
2989
Balance Sheet June 30.
1933.
1932.
1933.
1932.
8138,170 x$141,493 9 Capital stock_ __$2,000,000 $2,000,000
324,790
821,035 Surplus
2,416,051 2,285,264
Sundry time dep.
466,246
603,793 & misc. payables
46,520
50,225
Accts. pay. & let467,498
445,345 ters of credit_ _ _ z77,302
50,424
1.086,310 1,036,764 Corn, payrolls and
2,194,752 1,480.020 other accr. flab_
71,003
81,312
91,355
112,682 Accr. & est. Fed.
1
1 & State taxes_ _ _
76,420
83,433
Divs. payable_ _
81,975
68,000
Reserve for merch.
adjustment _ _
13,828
8,500
Total
$4,769,123 $4,641,135 Total
$4,769,123 $4,641,135
x After deducting $438,354 ($423,160 in 1932) reserve for depreciation
and $54,000 mortgage. y Represented by 125,000 shares of no par value.
Z Accounts payable only.
-V. 136, p. 674.
Seagrave Corp.
-Earnings.
For income statement for nine months ended Sept. 30 ale "Earnings
Department" on a preceding page.
-V. 137. p. 705.
Segal Lock & Hardware Co., Inc.
-Receives Contract.
-
The company has been awarded the contract to furnish the finishing
hardware for the 1,595 apartments in Knickerbocker Village, the model
housing development on the lower East Side (N. Y. City) made !possible
by a Reconstruction Finance Corporation loan of $8,075.000. The contract covers more than 130,000 pieces of hardware, weighing several tons,
which will be manufactured at the company's plant at Norwalk, Conn.
-V.137, p. 1951.
Selby Shoe Co., Portsmouth, Ohio.
-Larger Dividend.
A quarterly dividend of 40 cents per share has been declared on the
common stock, together with the regular quarterly dividend of $1.50 per
share on the pref. stock, both payable Nov. 1 to holders of record Oct. 25.
From Feb. 1 1930 to and incl. Aug. 1 1933. the company paid regular
quarterly dividends of 35 cents per share on the common stock, as compared
with 55 cents per share previously each quarter.
-V. 137. p. 157.
-Dividend Dates.
Selfridge Provincial Stores, Ltd.
The interim dividend of 25.4% recently declared on the American depositary receipts for ordinary shares, is payable Dec. 7 to holders of record
Nov. 14.-V. 137, p. 2821, 2475.
-Callfor Deposits.
Sherry-Netherland Hotel.
The Real Estate Bondholders Protective Committee, of which George E.
Roosevelt is Chairman, announces that over 83% in principal amount of
the 1st mtge. 53(% sinking fund gold bonds have already been deposited
with the committee and urges bondholders who have not already deposited
their bonds to send them at once to the depositary of the committee,
Continental Bank & Trust Co., 30 Broad St. N. Y. City.
The committee reports to bondholders operating results for the year
1932 and the first eight months of 1933, based on reports of Horwath &
Horwath, accountants and auditors, as follows:
Year End. 8 Mos.End.
PeriodDec. 31 '32. Aug. 31 '33.
Total income
$879.928
$469,838
Deduct
-Cost ofsales
61.681
43,114
Payroll
121.735
244,100
Other expense
132.510
216,855
Taxes and insurance
184,719
100,798
Trustees fees
2,648
4,642
Net profit, before deducting int. & depreciation- $167,928
$69,032
When the committee called the bonds of this issue on March 29 1932.
there were in arrears approximately $85,400 In real estate taxes due for the
second half of 1931. The committee reports that all taxes and interest
penalties thereon are now paid in full up to and including the first half of
1933, by the application of operating income and the sum of $105,000 received in settlement of the claim against Ell H.Bernheim on the guaranty
Ell H. Bernheim and Frederick Brown executed a guaranty relative to
the payment of interest on series A certificates. Mr. Brown filed a voluntary petition in bankruptcy, and there were practically no assets in his
estate. At the committee's request, the trustee instituted an action against
Mr. Bernheim to enforce his guaranty, but upon investigation it was found
that Mr. Bernhelm's assets were insufficient to meet his obligation on
the guaranty, and that an attempt to enforce the guaranty in full, would
probably cause Mr. Bernheim to file a petition in bankruptcy. The
trustee and the committee thereupon negotiated a settlement, whereby
Mr. Bernheim borrowed and paid to the trustee $105,000 in cash in settlement of his guaranty, a sum which substantially exceeded the value of his
unpledged assets. The committee believes this settlement has resulted in
a benefit to the bondholders of a substantial sum of money above what
could have been realized if Mr. Bernheim were forced into bankruptcy.
Skelly Oil Co.
-New Directors.
-
St. Lawrence Flour Mills Co., Ltd.
-Business Expands.
w. P. Z. German (General Attorney), M. B. Kaye (Vice-President In
charge of refining) and A. F. Winn (Traffic Manager) have been elected
additional directors.
-Y. 137. D..1068.
Scott Paper Co.
-Earnings.
-
A dividend of 12)4 cents per share has been declared on the common
stock, no par value. payable Nov. 1 to holders of record Oct. 21. A quarterly
distribution of like amount was made on Feb. 1 1932; none since. Previously, the company paid quarterly dividends of 25 cents per share.
-V.
134. p. 2926.
Despite continued exceedingly keen competition in the flour milling
Industry, business of this company showed an expansion of fully 23% in
the fiscal year ended Sept. 21, stated President Di. A. Campbell at the
annual general meeting held on Oct. 13.-V. 135, p. 3011.
For income statement for nine months ended Sept: 30. see "Earnings
Department" on a preceding page.
Condensed Statement of Current Assets and Current Liabilities Sept. 30.
Current Assets1931.
1339.
1932.
1930.
Cash
$976,805
$660,352
$793,771
8256.148
Ail other
1,824.491
1,653,294
1,788,879
1,793,631
Total current assets.. $2,801,296 $2,447,065 $2,149.231 $2,049,779
Total current liabilities397.921
344,399
481,833
578.997
Current ratio
7.0 to 1
7.1 to 1
5.1 to 1
3.5 to 1
-V. 137. P. 1779.
'•••••.: ,Securities-Allied Corp.
k
-To Vote on Dissolution.
-
The shareholders will meet on Nov. 1 to vote on the dissolution of the
company. This action is in line with tne policy of the management of the
Atlas Corp., the parent concern, to simplify the capital structtue of tne
group.
The Cnatham-Phenix Allied Corp. (now Securities-Allied Corp.) was
organized in 1929 by the Chatham-Phenix National Bank to buy, sell
and trade in securities of all kinds and to participate in underwritings.
When control of the company passed to Atlas Corp., its name was changed
to Securities-Allied Corp.
The Atlas Corp. announced recently that General Empire Corp. and
Allied Atlas Corp.,subsidiaries, were in liquidation and that steps had been
taken to liquidate Financial Corp., formerly Ungerleider Financial Corp.,
another subsidiary.
-V. 137, p. 508.
Seeman Brothers, Inc.
-Earnings.
Year End. June 301932.
1933.
1931.
1930.
Gross earnings
$2,539,182 $2,827,987 83.062,024 $3,415,213
Selling, adm.& gen. exp.
incl. prov.for Fed.inc.
taxes
2.205,890 2,454,904
2,624,548 2,758,452
Net earnings
Miscellaneous income_ _
$333,292
18,734
$373.683
54,791
$437,476
34.604
8656.761
37,138
Net income
Dividends
$352,026
271,438
$427,874
341,850
$472,080
367,575
$693,900
375,000
Net surplus
$80,588
Adjustments
Cr50,198
Prey. capital & surplus- 4,285,264
$86,024
Dr128,741
4,327,981
$104.505
Cr721
4,222,754
$318,900
Cr3,105
3,900,749
Balance, surplus
$4,416,051 $4,285,264 84,327.981 $4,222,753
Earns, per sh.on 125.000
shs. of no capital stock
$2.81
$3.42
$3.77
$5.55
Smith Agricultural Chemical Co.
-Resumes Dividend.
-
Southern Crude Corp., Los Angeles, Calif.
-Sale of
Stock Halted.
The Federal Trade Commission on Sept. 21 issued a stop order against
this corporation, which proposed to sell 30,000 shares of common stock with
a par value of $10 a share. The order said the company had failed to supply
balance sheets, profit and loss statements and an advertising prospectus.
Standard Accident Insurance Co., Detroit.
-RFC Loan
See Maryland Casualty Co. above.
-Merger Plan Off.
Standard Oil Co. of Calif.
-
See Standard Oil Co.(N. J.) below.
-V.137. p. 2120.
•• .•
• t•
he proposal to merge the Stal
l Oil o. of Calif. and Standard 011
ard
C.. (N'. J.) has been abandoned,
was announced jointly. Oct. 19, by
W.C. Teagle, President of the Ne
ersey company,and K. R. Kingsbury,
President of the California company.
The announcement stated that the officers of both companies "have
agreed to discontinue their discussions looking to a consolidation of their
respective companies."
-V. 137. 13• 1595.
-Purchases Additional Land.
Stanolind Oil & Gas Co.
-
The company recently purchased for $750,000 a half interest in about
260 acres of oil land in Gregg County, Tex., with 21 producers, from the
Peach Blossom Oil Co. Of the purchase price, $400,000 was paid in cash
and the balance of$350,000 will be payable from royalties. This acquisition
gives the Stanolind company a three-quarters interest in these properties,
as it already owned a one-quarter interest.
-V.135. P. 2843.
State Street Investment Corp.
-Acquisition-Report to
Stockholders, &c.
Richard C. Paine, President, says in part:
By a vote of stockholders Sept. 29 1933, and by subsequent votes of
directors, the authorized capitalization was increased from 300,000 shares
(no par) to 500,000 shares (no par). It is proposed that as soon as these
shares can be registered with the Federal Trade Commission in Washington they shall be sold on the same basis as shares heretofore sold, viz.:
the corporation shall in all cases receive full liquidating value eitherin cash
or securities.
As of September 30 1933 corporation had acquired by exchange in excess
of 95% of the stock of Mohawk Investment Corp. It is proposed, as soon
as possible, to call a meeting of the stockholders of Mohawk Investment
Corp. to consider the liquidation of that company.
2990
Financial Chronicle
Inasmuch as Mohawk Investment Corp. has had a contract with State
between
Street Research & Management Corp. similar to that existingCorp., a
your corporation and State Street Research & Management
double fee would accrue to the Research corporation by virtue of the present
holdings of Mohawk Investment Corp.; therefore, in calculating the management fee on the liquidating value of State Street Investment Corp.,
the investment in Mohawk Investment Corp. has not been included in
the assets.
As of Oct. 1 1933, the assets of the Investors Securities Co. of Mass.
were bought at their then market value of approximately $536.662 for stock
In your corporation at its then liquidating value.
The liquidating value of the shares of this corporation as of Sept. 30 1933
amounted to $61.36 as against a liquidating value of $43.23 Dec. 31 1932.
Statement of Surplus Sept. 30 1933.
$2,056,153
Surplus account as per books at Dec. 31 1932
Net Income before gain from sale of securities, from income
139,445
ended Sept. 30
statement for 9 months
Net credit to surplus from purchase and sale of treasury stock
866,571
the period
during
652,153
Net gain from sale of securities
Plus-losses from sales of securities held Dec. 31 1931, charged
683,186
reserve
to investment
$4.397,510
Total
7,400
Capital stock tax paid
100,32
Reserve for Federal and State taxes
267.44
declared
Cash dividends
$4,022,341
Surplus account as per books, Sept. 30 1933
Add excess of market value of investments over book value 1,710.955
(net of investment reserve) at Sept. 30 1933
Surplus of assets at market values over liabilities and capital 85,733,297
stock at Sept. 30 1933
-The excess of cost over market value of securities owned was
Note.
1932.
$1,011,655 at Sept. 30 1933, as compared with $3,770,219 at Dec. 31
-For income statement for 9 months ended Sept. 30 see "EarnEarnings.
ings Department" on a preceding page.
Comparative Balance Sheet Sept. 30.
1932.
1933.
1932.
1933.
S
$
Liabilities$
$
Assets10,318
47,015
1,855,391 b4,812,870 Accounts payable_
Cash
15,526,645 3,064,290 Res. for Federal &
a Securities
34,196
123,511
State taxes
Accts.receivable_ _ 104.376
112,880
Reserve for diva
c Capital stock_ 11,469,7091 7,832,646
5,733,297J
Earned surplus17,486,413 7,877,160
17,486,413 7,877.160 Total
Total
investment
a Cost of securities $16,538,300 ($6,500,627 in 1932) less term notes.
1932). b Includes short
reserve of $2,722,610 ($33.587,747 in
-V.137. p. 2651.
c Represented by 282,201 (171,399 in 1932) no par shares.
,
-Earnings.
Sterchi Brothers Stores, Inc.
For income statement for 6 months ended June 30 see "Earnings De-V. 132. p. 1826.
partment" on a preceding page.
-Earnings.
Stott Briquet Co., Inc.
Earnings for the Year Ended April 30 1933.
Net sales
Coat of goods sold (Including$50,492 depreciation of buildings,
machinery and equipment
Operating expenses
Other income charges
$670,724
564,919
135,983
99,758
Gross loss for year
Income credits
$129,934
1,756
Net loss for the year
Reduction of stoker division plant, materials, patent rights,
&c.,to salvage values
$128,179
Deficit for the year
Deficit May 1 1932
$155,862
87,366
27,683
$243,227
Deficit April 30 1933
Condensed Balance Sheet April 30 1933.
LiabilUiesAssets
$12,276
$123,092 Accounts payable
Cash
145
aAccts. & contracts receivable_ 43,451 Customers' credit balances
10,787
183,959 Accrued State & local taxes
Inventories
2,698 eCapltalstock & Initial surplus_ 907,276
policy
Cash surr. val. of life ins.
243,227
27,295 Deficit
Other accounts and contracts
375
St. Paul Athletic Club bond
283,999
bPlant property
Prepd. exp. & deterred charges- 22,388
$687,257
Total
$687,257
Total
-The company is contingently liable for approximately $3,000 as
Notes.
guarantor on discounted conditional sales contracts. stock have not been
Dividends on the cumulative convertible preference
paid since Feb. 1 1932. The cumulative dividends on the outstanding
$77,152.
shares for the five quarterly periods ended April 30 1933 aggregate C
Reprea After reserve of $8,246. b After depreciation of $434,021.
sented by 30,125 no par shares preference stock and 65.617 no par common
2926.
-V. 134. P.
shares.
-Quits
Stuyvesant Insurance Co., N. Y. effect Canada.
that the company
Public notice has been given in Toronto to the
in
has discontinued writing fire insurance business for Canada. Application
the release on Jan. 20
will be made to the Minister of Finance at Ottawa
Receiver(3eneral.
1934,of assets and securities on deposit with the Canadian111933, has been
All fire insurance in force in the Dominion as of April
Assurance Co., Ltd., of London, Eng., whose
reinsured with the Pearl
-V. 135, p. 4570.
chief office in Canada is located in Toronto.
-Earnings.
Superheater Co.
For income statement for 9 months ended Sept. 30 1932 see "Earnings
Department" on a preceding page.
During the past quarter, company widened its scope of activities by the
acquisition of the properties of International Combustion Engineering Corp.
For
and affiliated companies, at a sale held by order of the Federal Court. orthe purpose of operating the old Combustion properties, company
commenced operations
ganized Combustion Engineering Co., Inc., which
as of Aug. 1. The new company is to operate independently of Superheater
company, maintaining its own personnel and manufacturing facilities as
heretofore.
Further, early in September, company acquired a controlling interest
in and assumed the management of Air Preheater Corp. manufacturers of
Litmptrom air preheaters. The Air Preheater Corp., retains its corporate
and
Identity, with executive and sales headquarters in New York office,
plant.
will continue to manufacture its products at its Wellsville, N. Y.,
company
acquisitions materially broaden the scope of operationsto offer a
These
In the steam power and process field and place it in a position
complete line of equipment and engineering service to public utility and
industrial power plants, oil industries and process industries. As rapidly
plans
as these industries are inclined to go ahead with their contemplated
for improving plant effectiveness, a demand will be reflected for the equip2288.
-V. 137, p.
ment manufactured by properties.
-Reports Liquidating Value of
Supervised Shares, Inc.
$1.31 Per Share.
sponfund
Supervised Shares, Inc. restricted management investment certified by
sored by American Trustee Share Corp., in its quarterly report
on
independent auditors, shows a liquidating value for the capital stock on
per share
Sept. 30 1933 of S1.3147 per share, as compared with $1.489
June 30 1933 and $.9948 per ahare on March 31 1933. investments at cost
Total assets as of Sept. 30 were $6,089,156, including the period from the
During
of $4,691,729 and cash on hand of $1,123,396. Sept.30 1933, the company
organization of the company on Nov.22 1932 to
Oct.
21 1933
has realized net profits of $127,327 on securities sold, but these profits have
not been taken into consideration in determining the distribution on its
shares. Net income for the quarter ended Sept. 30, derived from cash diva.
and the sales of regular stock divs., and after deducting all operating
expenses, amounted to $53,114. The October distribution of $.015 per share
Is being made to approximately 7.000 stockholders owning in the aggregate
a total of 4,402,419 shares. There were 2,289,825 shares outstanding on
June 30 1933.
Adds to List of Those Whose Common Might Be Purchased.
The directors have recommended the addition of 12 companies to the
"approved list" in whose common stocks funds of the company may be
invested. These companies, which will be automatically qualified at the end
of 30 days unless objections are received from holders of 25% of the outstanding stock of Supervised Shares, Inc., are:
Amerada Corp., Commercial Solvents, Great Western Sugar, Humble
OW& Refining, Illinois Central, Louisville & Nashville, Mathieson Alkali,
Northern Pacific, Ohio Oil, Sterling Products, Texas Gulf Sulphur and
U. S. Industrial Alcohol.
"The changed conditions over the past few months," according to a notice
sent to stockholders, "make it possible to consider certain stocks eligible
for purchase which would not have been so considered at the time the original
list was selected. The addition of these stocks provides a broader field for
investment and the companies selected are believed to be in a favorable
position to benefit from improved business conditions. The addition of these
companies to the approved list does not necessarily mean that their stocks
-V. 137, p. 2476.
will be added immediately to the portfolio."
-May Reoanize-Earnings:-usquehanna Silk Mills.
Operation of the business of this company under the receivers will be
continued until Jan. 4, pending the formulation of plans for reorganization.
Greater earnings during July and August were shown by this concern
than in these two months in any year since the receivership has been in
effect.
The fourth report just filed with the U. S. District Court in New York
by the Irving Trust Co. and Henry Schniewind Jr., receivers in equity for
the mills, shows net sales aggregating $8,690,000 for the period from
July 19 to Aug. 31, with an operating profit of $243,271 for the parent
company and $430,214 for the affiliated companies. The figures cited are
computed without deducting charges for depreciation, interest on funded
debt and administration expenses. All of the mills, with the exception of
one closed shortly after the receivers assumed charge, are operating under
the code adopted by the silk industry under the National Recovery Act,
and orders on the books at the close of business on Sept. 22 exceeded
-V. 137. p. 265)
$1,000,000 ("American Wool and Cotton Reporter.")
-Earnings.
Symington Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 706.
Department" on a preceding page.
-To Enter Liquor Business.
Tastyeast, Inc.
President Green states that the company plans to manufacture liquors
immediately after repeal of the Eighteenth Amendment. -Function of the
liquor department will be conducted under the name of a subsidiary company. the Mount Rose Distilling Co., all the stock of which will be owned
by Tastyeast. Inc.
The present intention of the company is to concentrate on the production
-V.137, p.2120.
of gin.
-Management Attack Renewed.
Texas Corp.
The Lapham group dominating the present management of the Texas
Corp. has expended at least $1,000,000 without consideration or approval
by the directors, increased the company's operating expenses by approximately $20,000,000 per annum, coerced stockholding employees and Intimidated supplying companies, in its fight to avoid an open hearing on the
charges of mismanagement recently leveled by him, R. C. Holmes, a
director and former President, charges in a statement to stockholders
on Oct. 19.
The Lapham group, Mr. Holmes charges, has sent company officers
and employees, on company time and expense, to call on stockholders,
here and abroad, to induce them to refrain from signing proxies for a special
meeting which a committee of stockholders recently requested in order to
provide a means of determining the facts and acting upon them authoritatively. This, he estimates, has cost the company's stockholders at least
$1,900,000.
The Lanham group have increased commissions and allowances to dealers
and distributors by some $16,000.000 annually and salaries and wages by
about $4,000,000 annually, Mr. Holmes adds. "As only a part of these
increases can be attributed to the effects of the NRA code" he states.
"I am forced to the conclusion that the remainder represents an effort to
build up 'loyalty' and to stimulate activity in suppressing the special
meeting."
Stockholder-employees of the company, Mr. Holmes continues, have
been coerced by the management into turning over to their superiors the
proxy blanks sent them in an effort to block the hearing demanded by the
stockholders' committee. This coercion, he adds, has not been confined to
employees, but has been extended as well to stockholding suppliers of
meter als and services to the corporation and its subsidiaries, who have
been given to understand that their business may suffer if they favor the
special meeting.
Mr. Holmes reiterates his previous charge that there is nothing in the
records to show that the Lapham family owns more than 2% of the Texas
Corp.'s stock, pointing out that the ownership or control by the management of 2.000,000 shares, as claimed by the Lapham group, could be
accounted for only by including over 1,000,000 shares issued to employees
in the past 18 years and 280,000 shares now held in trust for employees.
Furthermore, he states, the eight directors signing their statement of
Sept. 20, who constitute a majority of the present board of 15, own of
record only 42,911 shares, less than M of 1% of the stock outstanding.
-V. 137, p. 2288.
Two of them, he adds, own none at all.
-Earnings.
Tide Water Associated Oil Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137. It• 885.
Department" on a preceding page.
-Earnings.
Tide Water Oil Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V.137, p. 885.
Department" on a preceding page.
-Starts Operations.
Tonawanda Brewing Corp.(N. Y.).
It was announced on Oct. 16 that the corporation has started operations
and that shipments of malt beer will begin about Dec. 1.
This company was incorporated in New York in July last with an authorized capital stock consisting of 200,000 shares, par $2 each, to acquire the
Frank X. Schwab Brewery located at Tonawanda, N. Y., between Buffalo
and Niagara Falls, A Wall Street syndicate, which includes A. F. Hatch
& Co., Inc., and 0. H. Berets & Co., arranged to buy control of the plant
from Frank X. Schwab, formerly Mayor of Buffalo.
The syndicate were to file an application with the Federal Trade Commission for the purpose of issuing 81.500 shares of stock at $3.25 per share under
the new Securities Act, the proceeds to be used to pay for additional equipment and a bottling plant which, it was said, would double the old company's 50,000-barrel capacity. The issue of stock has not as yet been
,
publicly offered, but the shares are being traded in in the open market.
Mr. Schwab is President of the new corporation. Other principals
Identified with the operation of the brewery are C. H. Berets of New York
and Samuel E. Doane, an engineer associated with the General Electric Co.
for many years.
-Acquire Interest in Globe ct:
Tr -Continental Corp.
Rutgers.
The corporation has acquired a very substantial interest in the Globe &
,
Rutgers Fire Insurance Co., it was announced Oct. 18 by Earle Bailie,
Chairman of the Board of Tri-Continental.-V. 137, p. 2822.
-Tenders.
Trinity Buildings Corp.
The Guaranty Trust Co., 140 Broadway, N. Y. City, will until 4 p. m.
on Dec. 1 receive bids for the sale to it of lst mtge. 20-year 53% sinking
fund gold loan certificates, due June 1 1939, to an amount sufficient to
-V. 137, p. 707.
exhaust $50,253 at prices not exceeding 102 and interest.
-Resumes Common Div.
Troxel Manufacturing Co.
The directors have declared a dividend of $2 per share on the common
stock and the regular quarterly dividend of $1.75 per share on the pref.
stock, both payable Nov. 1 to holders of record Oct. 20.
Volume 137
Financial Chronicle
From Feb. 1 1931 to and incl. Feb. 1 1932 the company made quarterly
payments of $1 per share on the common stock; none since.
-V.134, p.3112.
Universal Leaf Tobacco Co.
-New Directors.
-Earns.
-
Underwood Elliott Fisher Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
"During the third quarter of 1933 the buying of typewriters and office
equipment has been unusually good," the company states. "This good
buying during the summer months is quite unusual as even in good years
office equipment companies normally show low sales volume for the third
quarter.
"Some of this improvement is probably due to general business recovery
but not impossibly much of the increase is due to the rapid rise in general
business volume directly attributable, first to fear of inflation and second
to the increase in costs resulting from NRA, with the natural desire to
book business and obtain deliveries before adoption of the various codes.
"Both because of this possibility and also because of the numerous
strikes in general industry, it is quite possible that last quarter sales of
Underwood Elliott Fisher may not show as much improvement over summer
rate of business as normally. In this connection, it should be noted that
Underwood Elliott Fisher's commercial sales in September, apparently due
to numerous strikes in general industry, were not so large as were those of
August
."-V. 137, p. 707.
H. W. Jackson, Jr., and J. E. Covington have been elected to the board
of directors.
H. It. Pettus and H. W. Jackson, Jr., have been elected Vice-Presidents.
Years End. June 301933.
1932.
1931.
1930.
Gross income
$17.361,625 $12,310,456 $14,181,978 $14,466,322
Cost of sales
x16,374,930 x11,530,315 x13.187.104 12,665.324
Gross profit
Other income
$986.696
331,084
$780,141
158.664
$994,873 $1.800,998
232,839
238,409
Total income
-,
$1,317,780
Expenses, taxes, ecc____
See a
Depreciation
75,658
Loss on sale of cap. assets
Res. for invent, adjust.
at June 30 1932, now
reversed
Cr388,873
Premium on pref. stock
dep. in sinking fund_
United Air Lines carried 17,242 passengers in September this year as
against 17,538 in August and 10,855 in September 1932. The company's
planes completed 96% of 1,500.000 miles scheduled, it was said. In
-V. 137, p. 1781.
September mail cargo totaled 295.000 Pounds.
-Earnings.
United Biscuit Co. of America.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
* 13;.rtment" on a preceding page.
isw...
-V. 137, p. 707.
'.,United Electric Coal Cos.
-Reduction of Stated Capital.
The stockholders on Oct. 7 approved a reduction of the capital of the
corporation from $8,657,317 to $4,657.317 by reducing the amount of
capital represented by the 306,000 issued shares of common stock without
par value, the difference of $4,000,000 to be charged against capital account
of the corporation and transferred and credited to capital surplus account
and shall constitute part of the surplus or net assets in excess of captal
of the corporation.
The assigned book value of the common stock of no par value is hereby
reduced from approximately $28 per share to approximately $15 per share
In order to provide a reserve for the necessary adjustments
"This readjustment will establish sound asset values and expedite the
resumption of dividends on the common stock," says Cha:rman Fred. S.
Martin.
-V. 137. p. 2289.
$938,805 $1.227,712 $2,039,407
See x
I
See x 1
7
89 ,241
76,9541
75,045
49,444
Netincome
$1.630,994
Preferred dividends__
502,192
Common divs.(cash)-- 285,828
United Aircraft & Transport Corp.
-Traffic Holds.
-
$861,851 $1.227,712
502,632
502.632
428,742
428,742
53.212
Surplus
$842,973 def$69,523
$296,339
Corn.shs. outst.(no par)
145,241
142.914
142.914
Earns. per sh.on com
$7.77
$2.51
$5.07
a Includes all expenses and provision for Federal taxes.
Consolidated Balance Sheet June 30.
1933.
1932.
1933.
$
Assets-.
x Fixed assets____ 1,819,181 1,867,663 Pref. stock (8%). 6,375,000
y Common stock__ 1,479,305
Good-will, organi1 Preferred dividends
zation, exp., &c..
1
Invest. affil. cos__ 2,025,930 2,167,566
payable
125,398
Cash
4,738,566 1,427,614 Notes payable _
Accts.& notes rec. 2,633,654 2,867,068 Accounts payable_ 452,410
Inventories
1,919,133 6,056,984 Res. for inventory
Deferred assets _
47.986
299,178 adjustment _
Tax reserve _
__ 100,000
Conting liabilities 359,492
Surplus
4,292,848
$964.466
506,740
400.731
$56,994
142,914
$3.20
1932.
6,450,000
1,479.305
125,658
2,000,000
318,101
388,873
60,000
490,030
3,374,107
Total
13,184,453 14,686,075
Total
13,184,453 14,686,075
x After deducting $1.296,245 reserve for depreciation in 1933 and $1,215.237 in 1932. y Represented by 145,241 shares of no par value in 1933 and
142,914 in 1932.-V. 136. p. 4289.
-- ---..United Molasses Co., Ltd.
"
-Plans to Write Down Capital.
In a letter to stockholders the company states that the directors plan to
submit to stockholders a plan for reorganization and writing down of the
company's ordinary capital and a proposal for dealing with the arrears of
pref. share dividends. Early in the summer the company sold its entire
shareholding in Dunbar Molasses Corp., New York, and its associated
companies, including Rossville Commercial Alcohol Corp. In addition,
marketable securities amounting to £125,000 were sold. This sale of assets.
together with reduction in inventories, has enabled the company to pay off
a bank loan of £629,000 and indebtedness of £97.500 on account of a motor
vessel.
-V. 136. p. 3170.
Valspar Corp.
-Removed from List.
The New York Curb Exchange as remo
from unlisted trading
p
egos the 6% convertible gold ebentures due Feb. 1 1940 and the
certificates of deposit representing 6% convertible gold debentures due
Feb. 1 1940.-V. 135, p.3179.
Victor-Monaghan Co.
-Earnings.
Years Ended June 30Manufacturing profit
Other income
1933.
$497.038
8.519
1932.
$245.989
8,971
Total income
Interest
Provision for depreciation
$505,556
19.787
105,134
$254.959
20,513
87.500
Profit for year
Preferred dividends
United States Realty & Improvement Co.
-Earnings.
For income statement for 9 months ended Sept. 30 1933 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet Sept. 30 1933.
Assets
Cash ___ - _ _ __
_-___--- ----------------__----________ $1,702,703
Revenue bills for ___year 1933
317,010
__
-City of New York
Accounts receivable and accrued Interest, less reserve for doubtful accounts203.659
Inventories of materials and supplies
132,009
Prepaid expenses, &c
168,492
TJnamortized debt discount and expense
266,585
Mortgages receivable, securities of and advances to other real
estate companies and. investments in other stocks and bonds,
at cost
6.912.708
Investment Inboorge
___iior
at costI1- 7
1.6ig
Zitilier
preferred, 1,927 shs. 2nd pref. and 30,000 shs. common stock) 1,232.065
1st mtge. bonds of Savoy-Plaza Corp., at cost (all other investments in and advances to the Savoy-Plaza Corp., $10,755,842
have been written off against reserve, per contra)
786,894
Hotel Plaza furnishings &c
2.036,657
Real Estate and Buildings (incl. Leasehold):
Improved Real Estate.
-Trinity Building, U. S. Realty
Building, Whitehall Building, Fuller Building, Hotel Plaza,
Plaza Annex (leasehold), Breslin Hotel, N. Y. City, and
Lawyers Building, Boston
53,985,938
Unimproved real estate
339.851
2991
brought at the auction will be turned over to the delinquent tax collectors.
on whose behalf the sale was ordered.
$380,635
45,309
$146,646
47,597
Balance
$335,326
$99.349
Balance Sheet June 30.
Assets
,
Liabilities1933.
1932.
Properties
$5,432,384 $5,455,$82 Preferred stock__ $637,900 $650,400
Investments
55,700
43,400 Common stock___ 4,937,200 4,937,200
Inventories
626,080
591,054 Bills payable
275,000
230,000
Accts. receivable_ _ 268,476
150,392 Accrued local taxes
29,165
52,886
Teachers notes,
Accounts payable_
2,960
State of S. C
5,050
Accrued expenses.
4,334
559
Other assets
10,389
RPs, building fund
4,036
Notes receivable_
21,000 Surplus
865,852
536,017
334,223
130,895
Cash
Insurance & Int_
17.150
21,436
Total
$6,749,452 $6,414,058
-V.137, p. 1431.
Total
$6,749,452 $6,414,058
-New Board Enjoined
Virginia-Carolina Chemical Co.
Total ____________________________________________$68,084,572
from Functioning.
Motif ides
A temporary injunction against the newly elected prior preference directors
Accounts payable
$192,582
of the corporation was granted on Oct. 16 by Judge William A. Moncure,
Bills payable (secured by pledge of Inter-Company Mortgage).- 3,000,000
of the City Chancery Court at Richmond, 'Va., on application of Alfred
Tax and interest accrued (Federal income taxes subject to final
Levinger, of New York, a director representing the junior stock issues.
review by U. S. Treasury Department)
877,845
The Court ordered the defendant to be enjoined and restrained from callRents received in advance and deferred credits (mncl. $98,276
ing any meeting of the Board or at any meeting heretofore called or hereafter
representing excess of par value over cost of bonds of G. A.F.
called by officers of the corporation, from performing any function as
Realty Corp. purchased and held by parent company)
156,620
directed.
Mortgages and debentures (sinking fund and mortgage payThe injunction is in force until Oct.31.and Judge Moncure has set Oct.23
ments due within one year and not yet provided for amount
to near arguments on the matter.
to $400,680):
Mr. Levinger contended that the charter provision, giving the prior
Mortgages on companies' real estate
16,518,000
6% debenture notes due Feb. 1 1938
preference stockholders the right to name a majority of the board did not
383,500
15 year sinking fund 6% gold debentures due Jan. 1 1944
apply if less than $10,000,000 of this class of stock was in the hands of the
(G. A. F. Realty Corp.)
2,683,000
Reserves for depreciation:
During the last year the company acquired $8,500.000 of stock for InvestOffice and hotel buildings
ment, leaving only $5.500,000 in the hands of the puolic. The stock has
4,154,322
Hotel furnishings, &c
not been retired, however, and it is claimed that it should be counted as
971.520
"outstanding."
'Reserve for eventual losses on investments:
-V. 137, p. 2824.
Balance, Dec. 31 1932
$4,963,299
-Earnings.
Waldorf System, Inc.
Amount credited from surplus arising from reducFor income statement for 3 and 9 months ended Sept. 30 see "Earnings
tion of stated value of capital stock
27,475,163
Department" on a preceding page.
-V. 137. p. 1072.
$32,438,462
---Walker Mfg. Co., Racine, Wis.-Resumes Dividend.
Investments written off (incl. $10,755,842 of
The directors have declared a dividend of 75 cents per share on the $3
Savoy-Plaza Corp.)
10,804,843
cum.cony. pref.stock. par $50, payable Nov. 1 to holders of record Oct. 21.
21,633,619
The last regular quarterly distribution of like amount was made on this
Other reserves
25.249
x Capital stock
issue on Feb. 1 1932.-V. 134, p. 2741.
18.000,000
Deficit
511,688
Total
$68,084,572
Note.
-Bonds of G. A. F. Realty Corp. held by the parent company are
reflected above by showing full reductions in the respective amounts outstanding. The company has executed certain completion bonds covering
work to be performed by George A. Fuller Co. Current liabilities do not
Include any provision for pending lawsuits against the parent or subsidiary
.companies, which in the opinion of the company's counsel, will not result
n losses of any consequence.
x Represented by 837,000 no par shares.
-In view of the fact that the income of the George A. Fuller Co.
Note.
and its subsidiaries continues to be insufficient to cover the accumulating
prior preferred and second prefernce stock dividends, it has been considered
.desirable to exclude the accounts of the George A. Fuller Co. and its subsidiaries from the consolidated statements.
-V. 137, p. 707.
Upper Banner Coal Corp.
-Sold.
The corporation, with holdings in Dickinson County, Va., valued in
boom times at $1,700,000, was sold at public auction at Clintwood, Va.,
Oct. 7 for $50,000. The Burroughs interests, of New York, were the
successful bidders, it is stated.
The plant has not been in operation for four or five years. The corporation owned approximately 6,000 acres of the best coal land in southwest
wirginia, and the mine was well equipped. Half of the amount the property
.... -Walkerville (Ont.) Brewery, Ltd.
-50,000 Shares Offered.-
The company is offering 50,000 shares of common stock at $3.25 Per
share. These shares offered in Canada only. A circular shows:
The Trusts & Guarantee Co., Ltd.. Toronto, transfer agent. National
Trust Co., Ltd., Toronto, registrar.
CapitalizationAuthorized. Outstanding.
Common stock (no par)
400,000 shs. 375,000 alas.
Directors.
-Arthur D. Miles, Chairman; Herman Radnor, Pres.; Preston
D.Norton, Charles W.Isaacs, Charles P. MeTague, K.O.,John J. McHale,
E. Thistle, Sec. & Treas.
Company.-Incorp. during Oct. 1928 by letters patent under the Companies .Act of the Dominion of Canada, and as at Dec. 31 1930. took over
the assets and business of its predecessor company bearing the same name.
The plant, located at Walkerville, Ont.,includes a modern and up-to-date
brewery, having an annual brewing capacity in excess of 135,000 barrels,
or the equivalent of 1.750,000 cases.
Earnings.
-During the 9 year period ended Dec. 31 1932 the average
yearly earnings of the company were in excess of 12% of the offering price
of this issue after provision for depreciation, provincial and Federal taxes
and all non-recurring charges. During the 9 years period since the present
management has had control, the company in every year has operated at
a profit.
2992
Financial Chronicle
Dividends.
-During the 9 year period ended Dec. 31 1932, the average
yearly dividends paid to shareholders were in excess of 9% on the basis
of the offering price of this issue. Company at this time is not on a dividend basis, but it is expected that with a moderate improvement in general
business conditions, dividends will be resumed.
-V.137, p. 2289.
Warchel Corp. (& Subs.).-Earnings.Years Ended Dec.31Gross profits
Selling & shipping exps-Admin.& general expsMiscell. charges (net)
Interest paid
Provisions for Federal
income taxes----Loss of sub, to date of
disposition
1932.
$5,522
32,180
29,534
19,301
Net loss
Cony,preferred. divs_
$75.493
1931.
$47,448
61,370
64,496
Cr4,823
1929.
$429,638
206,291
125.003
13,552
3,515
1930.
$128,101
89.782
68,373
1,059
1,619
8,100
20,600
$73,595
$53.333 prof$73,178
58,400
62,696
Deficit
$116,029 sur$14.778
$73,595
$75.493
Nil
$0.29
Earns.per sh.on com.stk
Nil
Nil
Consolidated Balance Sheet Dec. 31.
1931.
1932.
Liabilities-Assets1932.
1981.
$14,961
$13,724
$29,397 Res.for contIng._
Cash
34,319
55,995 Accounts payable
Notes & accts. rec.
33,453 $18,259
61,167
132,830 accruals, &c_
Inventories
963,114
Prepayments
14,338
24,983 a Preferred stock.. 963,114
250,000
Investments
834,023
832,688 b Common stock_ 250,000
190,897
85,630
Surplus
J.H.Channon Corp
agent account
119,358
66,224
Pats.,good-will,&c
67,693
202,535
280,155
Land, bldgs., &c
$1,347,158 $1,422,270
Total
Total
$1,347,158 $1,422,270
a Represented by 30,721 shares,no par. b Represented by 50,000 share
-V. 137, p. 1597.
-Balance Sheet April 30 1933.Waverly Oil Works Co.
Assets
Cash
Notes & accounts receivable
Inventories
Marketable securities (4,750
shares S. O. N.J.stock)_ _
a Land, plants & equipment
Prepaid & deferred charges...
LiatsUUies$14,132 Accounts payable
139,329 Notes payable to bank
93,741 Accrued interest
Accrued taxes
163,875 Instalment notes for tank cars829,225 Mortgages payable
5,435 Contingent liabilities
b Class A stock
Surplus from appreciation_
Deficit
$44,603
112,256
4,139
3,856
715
232,339
15.000
870,000
601,377
638,548
$1,245,737
Total
$1,245,737
Total
a After depreciation of $1,928,953. b Represented by 40,000 no par
shares.
-V.133, p. 141.
-Wentworth Radio & Auto Supply Co., Ltd.-Earns.
Years Ended April 30
Sales
Net deficit
Depreciation
Investments written off
Closing down stores
Fees and interest payable
Net deficit
Insurance recovered
Net loss
Appropriations for pref. dividends-Deficit for year
Previous surplus
Income tax adjustment
Spec. surplus re predec. companiesSpecial deferred expense written off._
1933.
$321,176
20.874
10,241
4.300
$35.415
$35,415
$35,415
41,179
Cr2,974
1932.
1931.
$60,279 $1.151,312
28.136
x32,535
14,855
14,946
16,158
23,697
9,941
$92,787
$47,481
50.000
$42,787
$47,481
19,500
$42,787
$66,981
10.457
78,803
1,365
73,509
15,000
$10,457
def$6,262
$41,179
Balance Sheet April 30.
1933.
1932.
1933.
Assets
Accts. & bills payy Accounts & bills
able, trade & ac
$29,709
$27,335
receivable
59,544
crued expenses_ $28,310
33,601
Cash
72,000
1st mtge. payable_
Due from Canada
16,543 1344% pref.stock__ 300,000
1,395
Accept. Corp _ _
75,654
x Common stock__
Cash surrender val.
510 Earned surplus__ def6,262
740
life insurance _ _
153,521
141,410
inventories_
Mdse.
Prepaid insurance,
8,222
3,897
expenses, &c _ -Inv. shares other
50,000
50,000
comparde.
Land, bidgs., fix212,076
tures & turn.,&a 203,010
Tracts. to leasehold
2,273
1,968
premises
1
1
4,239
4,239
Organization expel.
15,000
2,106
Deferred expenses_
Balance, surplus
1933.
223,832
35,099
7,471
1,395,578
9 Months Ended Sept 30
Air mail carried (pounds)
Air express carried (pounds)
Passengers carried
Miles flown
.
V.
- 137 IL 707.
$58,060
z76,745
300,000
75,654
41,179
1932.
143,123
12,033
5,046
1,125.286
The company has called for redemption on Nov.25 next a total of $62,000
s. f. gold debentures, due March 1 1937, at 1014.6 and int.
-year 5X
10
Payment will be made at the Guaranty Trust Co., 140 Broadway, N. Y.
City, or at the Continental Illinois National Bank & Trust Co. of Chicago,
Chicago, 111.-V. 137. p. 1072.
Western Grocer Co.-Earning&1930.
1931.
1932.
Years End. June 301933.
$9,101,710 $10,421,949 $13,404,983 $13,243,992
Net sales
11,755,488 11,394,248
9.612,780
8,264,915
Cost of goods sold
Selling, warehouse and
1,463,102
1,491,218
1,262,809
1,115,949
adm. expenses
Int., Fed. income tax,
33.132
19.386
37,659
&c. (net)
27.111
Prov. for loss in invest.
and adv. to Creamed
50,000
165,000
Foods, Inc
Provision for loss on
24,729
closed banks
Balance, deficit
Earns. per sh. on 105,000
shares common stock..
$495,994
$633,174
Nil
Nil
$353,509
70,000
157,500
$88,610 sur$126,009
$0.65
Net loss from operations
Other income
$37.639
2,570
Net loss before interest & other deductions
Interest & other deductions
$35.069
6,587
Net loss
Previous earned surplus
$41,656
16,005
Profit & loss deficit
$25,652
Balance Sheet May 31 1933.
Liat4litiesAssets
$18,4481Accounts payable
Cash
$25,193
64,230 Customers' credit balances _._
x Receivables
4,580
102,186 Accrued payroll, taxes, &c _ . 1,573
.
Inventories
13,051 Mtge. installments due within
Prepaid expenses, insur., &c..
1 year
Investments, receivables from
5,299
47,169 Mortgages payable
officers, Are
43,421
114,167 $2 preference stock
z Fixed assets
300,000
18,397 y Common stock
Reacquired capital stock of co.
40,001
16,769 Deficit
Organization expense,&c
25,652
$394,417
Total
Total
$394,417
X After reserves for unc9Ilectible accounts of $914. y Represented by
31,023 shares of no par value. z After reserves for depreciation and amortization of leasehold improvement of $25.844.-V. 131., p. 1274.
-To Build 4,600 Autos.
Millys-Overland Co.
By an order of modification issued by Judge George P. Hahn in the
Federal Court at Toledo, Ohio, on Aug. 30, the company is permitted,
despite advancing prices of materials and labor, to manufacture 4.600
model 77 automobiles and to fabricate material for such cars for the WillysOverland Pacific Co.
Application for modification of previous court orders o 'June 20 and
July 17 was made by John N. Willys and L. A. Millers, receivers. Under
previous court permission 3,500 such autos were manufactured. The
receivers say in their application that they did not feel they could proceed
in the manufacture under rising prices without another court order permitting them to do so. The total will be approximately 10,000 autos
(Toledo "Blade").
-V. 137, p. 2824.
-Receives Brewery Orders.-,
York Ice Machinery Corp.
The reconstruction period of the brewery industry, which was not in
definite prospect at the beginning of the year, has played an important
part in procuring new jobs for the unemployed, President W. S. Shipley,
stated on Oct. 19 in announcing that during the seven months since the
passage of the Beer Bill his organization has received orders for refrigeration
equipment from breweries in 33 States.
"More than 500 orders have been received, ranging from the refrigeration
for a complete new brewery to $100 spent in rehabilitation of an old plant.
This represents a gross volume of business to the company in excess of
$1,250,000," Mr. Shipley stated. Beer is now being manufactured or sold
-V.137.P. 1431.
in 43 of the States.
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
Comparative Balance Sheet.
AssetsSept. 30 '33. Mar. 31 '32.
Liabilities- Sept. 30 '33. Mar. 31 '32.
$4,104 Div. pay. prior to
Cash
83,338
365
Jan. 1 1932....
IffIseel. securities.
137
$28
$28
by. In corn. stk.
Res. for State
of Chain & Gen.
franchise tax
4,044
776,591 &Res, for taxes &
Equities, Inc
776,887
109 expenses
Account reedy..
185
Deposits In closed
Res. for coot.._
167
bank
630
840 $3.50 cum, pref.
stock
71,890
71,890
b Common stock_
64,620
64,620
Capital surplus
645,428
644,104
(L. A.) Young Spring & Wire Corp.
-Earnings.
-
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 1431.
Yukon Gold Co.
-Reduces Indebtedness.
-
Zenith Radio Corp.
-Earnings.
-
For income statement for 3 months en'ded July 31 see "Earnings Department" on a preceding page.
-V. 137, p. 2824.
Zonite Products Corp.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137.. p. 1953.
-Debentures Called.
s
-------...,Westvaco Chlorine Products Corp.
$138,890
70,000
157,500
$385,839
247,904
175,575
See Pacific Tin Corp. above.
-V.136. p. 3924.
-Earnings.
Westinghouse Electric & Mfg. Co.
loss$495,994 loss$541,299
52.500
39,375
Whitaker Battery Supply Co.
-Em nings.Income Account for Year Ended May 31 1933.
Net sales
Cost of sales
Selling, general & administrative expenses
Total
$780,994 $786,010
Total
$780,994 $786,010
a Represented by 7.189 no par shares. b Represented by 646,199.
4
shares having a par value of 10 cents per share.
-V. 136, p. 3180.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V.136, p. 2824.
Department" on a preceding page.
Net profits
Preferred dividends_
Common dividends
Total
Total
$4,189.268 $5,C46,976
$4,189,268 $5,046,976
a After reserve for bad debts of $38,078.-V. 136, p. 4289.
-Earnings.
--Yosemite Holding Corp.
1932.
$469,703 $551,638
Total
$469,703 $551,638
TotaL
x Represented by 26,792 class A shares and 4,000 class B shares, all of
accounts. z Includes accrued
,
no par value. 3 After provision for doubtful
interest.
-V. 135, p. 3013.
-Traffic Gains.
Western Air Express Corp.
Oct. 21 1933
Condensed Consolidated Balance Sheet June 30.
AssetsLtabilfffes1933.
1932.
1933.
1932.
Cash
$294,351 $388,115 Bank loans
$400,000 $850,000
Notes receivable._1 a641,621 f 22,722 Accept, under letAccts. receivable._ J
1595,963 ters of credit...
74,290
29,060
Inventories
1,780.740 2,253,160 Accounts payable_ 514,533
454,324
Deferred charges
44.652
68,905 Accrued taxes,payInvestments
68,474
225,307 rolls,&c
71,647
84,174
Due from etkhlders
.
32,616 7% pref stock
979,400 1,000.000
Due from officers_
Common stock
17,900
2,625,000 2,625,000
Corn,stock of co
19,467
19,702 Surplus
def475,603
4,419
Plant & equipml. 1,322,061 1,440,483
Good-will
1
1
$2.70
CURRENT NOTICES.
-Alpha Distributors. Inc.. have opened branch offices in Washington.
D.C.,in the Southern Bldg., under the supervision of Henry J. Watkins Jr.;
In Denver,at 206 United States National Bank Bldg., under the supervision
of Guy W. Faller; in Buffalo at 702 Ellicott Square, under the supervision
of George F. Booth, and in Cincinnati, under the supervision of Hughes
B. Davis.
Lewis W. Cherry, who formerly represented Halsey, Stuart & Co.,
in Arkansas, and Eugene L. Villareal, formerly with the National Securities
Co., of Little Rock, have formed the firm of Cherry, Villareal & Co.,
with offices at 117 West Second Street, Little Rock, Ark. They will
conduct a general investment business, specializing in Arkansas municipal
bonds.
By reason of the fact that the new U. S. Treasury bonds carry two
separate rates of Interest and that ordinary bond value tables will be impractical in figuring yields, the First of Boston Corp. has prepared a special
table by means of which the yields on the new bonds may be determined
while carrying the 4( coupon and the 3X% coupon after Oct. 15 1934.
%
-Henry D. Thrall, David R. West, Robert L. John, Dewey F. Gruenhagen and William A. Simonton announce the purchase of the assets and
good will of BancNorthwest Co. and the formation of Thrall, West & Co.,
to conduct an investment securities business, with offices on the ground
floor, Northwestern Bank Bldg., Minneapolis, Mimi.
Financial Chronicle
Volume 137
2993
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-WOOL
-DRY GOODS
-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a demartment headed INDICATIONS OF
BUSINESS ACTIVITY.
Friday Night, Oct. 20 1933.
COFFEE futures on the 16th inst. after some early firmness sold off and ended 9 to 16 points lower for Santos contracts on transactions of 20,000 bags and 7 to 13 points lower
on Rio on sales of 8,000 bags. The trade bought a little but
Wall Street selling was more than the market could absorb.
On the 17th inst. prices closed 4 to 21 points higher on buying
influenced by reports of Government buying of cotton and
wheat and the strength of those markets. Futures on the
18th inst. Santos contracts ended 1 to 2 points lower on
sales of 5,000 bags and Rio 3 points lower to 1 point higher
on sales of 5,000 bags. The spot market was inactive. Cost
and freights were quiet. On the 19th inst. futures closed
p to 12 points lower in a quiet market. Only 22 lots were sold
in the Santos and 15 in the Rio. The weakness of the stock
marketcaused commission house and speculative trade
liquidation and other selling. There was some scale down
buying and short covering. Cost and freight offers were
unchanged and the spot market was unchanged with Rio 7s,
73/c.; Santos 45, 83 to 93/c., and Victoria 7-8s, 67 to 7c.
2
%
8
4
In the cost and freight market prompt shipment Santos 4s
were quoted at 8.15 to 8.70e. To-day futures closed 1 to
4 points higher on both Rio and Santos contracts. The
supply of cost and freight offers was fairly plentiful. Spot
coffee was dull. Rio coffee prices closed as follows:
Spot (unofficial)
5.40
7.00 May
December5.48
5.44 July
March
5.51
Santos coffee prices closed as follows:
Spot (unofficial)
7.95
844 I May
December8
00
7.82 July
March
7.88
weakness of grain. Stop loss orders were caught on the way
down. Packers bought on the break. Exports were 1,092,480 lbs. to Hamburg, Havre, Belfast and Glasgow. Hogs
were lower with the top $5.10. Cash lard in tierces, 4.72c.;
refined to Continent, 6c.; South American, 634c. On the
16th inst. futures again declined the allowable limit of 50
points on heavy liquidation of stale long accounts but there
was a rally later on buying by packers and the closing was
5 to 17 points net lower. Exports were 179,200 lbs. to
London. Hogs were 15 to 25c. lower with the top $5. Cash
lard in tierces, 4.65e.; refined to Continent, 53 to 6e.; South
4
American, Wc. On the 17th inst. futures closed 47 to 50
points higher owing to good buying by packers which
absorbed all offerings. Exports were 1,105,180 lbs. to
United Kingdom ports, Antwerp, Bremen, Copenhagen and
Helsingfors. Hogs were 10 to 20e. lower. On the 18th inst.
futures after early firmness following higher grain markets
and renewed speculative buying declined under general
liquidation and ended 5 to 10 points lower. Exports were
195,940 lbs. to Naples, Genoa, and Antwerp. Cash lard in
tierces, 5.05c.; refined to Continent,. 6 to 63c.; South
American, 6% to 6%c. On the 19th inst. futures declined
the limit allowed of 50 points in the early trading but subsequently recovered 30 to 35 points of this loss and ended
15 to 17 points net lower. Liquidation and a lack of demand
caused the early decline. On the break packers absorbed
the offerings and the trade was a good buyer. Exports
were 1,062,026 lbs. to Bristol and Rotterdam. Hogs were
10c. lower, with the top $4.55. Cash lard in tierces, 4.95e.;
refined to Continent, 63c.; South American, 6% to 63/2c.
To-day futures ended unchanged to 3 points lower.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs. Fri.
Mon. Tues.
Sat.
4.90
5.05
4.90
October
5.00
4.57
4.62
4.95
5.12
4.65
4.95
5.15
4.77
December
5.55
5.52
January
5.70
5.15
5.65
5.32
Season's High and When Made. I Season's Low and When Made.
October
4.37
8.50
July 19 1933 October
Oct. 161933
December_ - _8.87
July 193933 December_ _ _ _4.27
January
4.82
Oct. 16 1933
!January
9.95
COCOA futures on the 16th inst. ended 10to 13 points lower on selling by commission houses. There was an improvement in manufacturing interest which checked the decline to
some extent. December closed at 3.64 to 3.65c., January at
PORK steady; mess $17.50; family $20.50; fat backs $13.
3.72c., March at 3.90e., May at 4.03c., July at 4.19e. and
September at 4.36c. Futures on the 17th inst. followed the to $13.50. Beef steady; mess nominal; packet nominal;
trend of other commodities and ended 7 to 10 points higher family $11.87 to $12.75 nominal; extra India mess, nominal.
after displaying sagging tendency early. Sales were 2,305 Cut meats steady; pickled hams 4 to 8 lbs. 60.; 8 to 10 lbs.,
tons. December closed at 3.73 to 3.74c., January at 3.82c. 53.4c.; 14 to 16 lbs., 1054c.; 18 to 20 lbs., 10c.; 22 to 24 lbs.,
March at 3.98c., May at 4.11c., July at 4.26e. and Septem- 93,4c.; pickled bellies, clear, f.o.b. New York, 6 to 12 lbs.,
10c.; bellies, clear, dry salted, boxed, N. Y. 14 to 20 lbs.,
ber at 4.42e. On the 18th inst. after holding steady at
slightly higher levels most of the day futures reacted and 7%e. Butter, creamery, firsts to higher score than extras
closed 1 to 2 points lower on a turnover of 1,782 tons. De- 16 to 25c. Cheese, flats 13 to 213/2c. Eggs, mixed colors,
cember ended at 3.72c., January at 3.800., March at 3.96c., checks to special packs 13 to 31%c.
May at 4.10e., July at 4.25c. and September at 4.42c.
OILS.
-Linseed show no new developments. Tank cars
On the 19th inst. futures closed 5 to 8 points lower with sales were quoted at 8.90. Varnish oils were fairly steady reof only 1,206 tons. December ended at 3.650., March at cently. Cocoanut, Manila coast tanks 25sc.; tanks, New
/
3.680., May at 4.04c. and July at 4.20c.• To-day futures York,spot 3c. Corn,crude tanks f.o.b. Western mills 33/i to
closed 8 to 12 points higher with sales of 110 lots. Ware- 33 c. China wood, N. Y. drums, delivered 73i to 73'c.;
%
house stocks were 929,323 bags against 908,421 a month ago tanks, spot 6.5c.; Pacific Coast tanks, spot 6.5c. Olive,
and 593,041 a year ago. December ended at 3.760., Janu- denatured, spot Greek 68c.; Spanish 70c.; shipment carloats,
ary at 3.84c., March at 4.00c.; May at 4.12c. and July at Greek 68c.; Spanish 69 to 70e. Soya bean, tank ears f.o.b.
4.29e.
Western mills 6 to 63,4c.; cars, N. Y. 7.4c.; L.C.L. 7.8e.
SUGAR futures declined 4 to 7 points with sales of 52,450 Edible olive $1.55. Lard, prime 9%c.; extra strained
tons. . Selling was general. There is still much disappoint- winter 8c. Cod, Newfoundland 36 to 37c. Turpentine 45
ment in the trade over the collapse of the marketing agree- to 49c. Rosin $4.70 to $5.55. Cottonseed oil sales includment. Futures on the 17th inst. ended 4 to 7 points higher. ing switches 26 contracts. Crude S.E. 3 bid. Prices closed
Announcement that the Government was buying wheat for as follows:
rehef purposes and the general advancing tendency of all Spot
February
3.90©
4.354.55
March
3.901101
October
4.58 4.62
major markets caused buying and ultimately higher prices. November
4.00(94.10 April
4.60 4.75
On the 18th inst. futures closed 5 to 6 points lower after December
4.28(94.31 May
4.74(94.76
4.35(94.38
!thowing some steadiness in the early trading. Cuban January
interests were selling influenced partly by the weakness in
PETROLEUM.-The summary and tables of prices forraws and partly by lack of interest shown by refiners. Sales merly appearing here will be found on an earlier page in our
were 27,500 tons. On the 19th inst., futures closed 3 to 4 department of "Business Indications," in the article entitled
points lower on general liquidation. Sales were 535 lots. "Petroleum and Its Products."
Washington reports that something would be done to aid
RUBBER futures, on the 14th inst., closed 5 to 9 points
the market had a steadying effect early but buying was not
aggressive enough to hold prices. Cuban interests were lower. Spot smoked ribbed sheets were lower. London
said to be selling. In the raw market some 18,500 bags sold and Singapore were dull with little change in prices. Sales
at 1.20e. c.&f.loading Nov.3. Some 1,380 tonsofPhilippines here amounted to 3,190 tons. October ended at 7.52c.,
due Oct. 30th sold at 3.23c., and 2,000 tons for December- December at 7.71 to 7.740., March at 8.15c., May at 8.35c.,
January shipment at the same price delivered. In refined July at 8.55e. and September at 8.75e. On the 16th inst.,
new business was small with prices unchanged at 4.60e. trading was brisk but prices ended 61 to 69 points off or at
To-day futures closed 1 point lower to 1 point higher about the low level of the day. Sales were 6,260 tons.
after sales of 26 lots. There was an early decline owing to the London was dull and lower. Singapore, however, was
weakness of raws and some hedge selling,butlater the market steady. Here May closed at 7.68e., October at 6.90e.,
recovered. Raws were offered at 3.20e. duty paid basis but December at 7.10 to 7.12c., January at 7.21 to 7.22e.,
March at 7.46 to 7.48c., July at 7.86 to 7.87e. and September
refiners shows little interest.
at 8.07c. On the 17th inst., futures responded to the advance
Sugar prices closed as follows:
in most commodities and ended 29 to 43 points higher. Sales
December
1.11 IMaY
1.21
January
1.11 July
were 6,840 tons. London and Singapore markets were quiet
1.24
March
1.17 I September
1.29
and easy. December closed at 7.40c., January at 7.50c.,
LARD futures on the 14th inst. declined 50 points, the March at 7.78 to 7.80c., April at 7.90e., May at 8.02c.,
-imit allowed on liquidation by scattered longs owing to the July at 8.29c. and Sept. at 8.38c. On the 18th inst., futures.
2994
Financial Chronicle
Oct. 21 1933
closed 22 to 25 points lower in sympathy with the weakness
TIN declined to 463.o. for spot Straits. Demand was
in other commodities. Sales were 5,110 tons. December poor. The erratic fluctuations in sterling exchange had a
ended at 7.14c., January at 7.28c., March at 7.53c., May depressing effect. London on the 19th inst. declined £2 7s
at 7.74c., July at 7.93c. and September at 8.10c. On the 6d on standard tin to £221 17s. 6d. for spot and £221 15s for
19th inst., under increased selling,futures lost further ground futures; sales 50 tons of spot and 250 tons of futures; spot
and ended 12 to 20 points lower. Sales were 6,270 tons. Straits declined £2 2s. 6d. to £227 17s. 6d.; Eastern c.i.f.
• Aetnals were easier with standard grades off 3-16c. to a spot London fell £1 15s. to £227 5s.; at the second session standard
and nearby sellers' basis of 6 15-16c. for standard ribs, with was unchanged with sales of 20 tons of spot and 155 tons of
browns and ambers down about Ao. London was 3-32d. futures.
lower and Singapore was easier. Futures here ended with
LEAD was reduced $10 a ton during the week to 4c.
October 6.80c.; December, 6.99c.; January, 7.10c.; March,
7.34 to 7.35c.; May, 7.54e.; July, 7.80c., and September, New York Middle Western producers lowered their prices
7.95 to 8c. To-day futures closed 20 to 30 points higher on to 3.90c. East St. Louis. Stocks in the United States at the
buying inspired by better London cables and the strength end of September totaled 166,005 short tons against 160,211
of other commodities. Sales were 579 lots. October closed tons at the end of August and 173,159 tons at the end of
at 7.0'2, December at 7.22c. January at 7.30 to 7.320., September 1932, according to the American Bureau of
March at 7.60c., April at 7.680., May at 7.76 to 7.78c., Metal Statistics. Production in September was 34,942
tons against 25,016 tons in August and 24,485 tons in
July at 8.10c. and September at 8.22c.
September 1932. Shipments were 29,182 tons against 36,054
HIDES futures on the 14th inst. closed 5 to 9 points tons in August and 27,682 tons in September 1932. In
lower after sales of 480,000 lbs. Dec. ended at 8.50c., London, on the 19th inst., prices dropped 3s. 9d. to £11 8s.
Mar. at 8.90c. June at 9.15c., and Sept. at 9.40c. On 9d.for spot and £11 15s. for futures; sales 750 tons of futures;
the 16th inst. futures showed relative steadiness and after at the second session prices dropped Is. 3d. on sales of 200
opening 5 to 20 points lower rallied and closed 5 to 10 points tons of futures.
•
down. Sales were 1,000,000 lbs. Dec. ended at 8.42c.,
ZINC was easier with some second hand metal available
Mar. at 8.80c., and June at 9.10c. On the 17th inst.
futures closed 15 to 19 points higher after an early decline at 4.70e. East St. Louis or $1 under the price at which all
of 5 to 6 points; sales, 800,000 lbs. Stronger securities, producers seem to be holding. Demand was small. In
cotton and grain prices and reports that the Government London, on the 19th inst., spot fell 8s. 9d. to £15 17s. 6d.;
was buying wheat were the dominating bullish factors. futures off 7s. 6d. to £16 3s. 9d.; sales 400 tons of futures;
Dec. closed at 8.60 to 8.69c., and Mar. at 8.99 to 9.05c. at the second London session, prices declined Is. 3d. on sales
On the 18th inst. futures closed 29 to 30 points lower with of 450 tons of futures.
sales of 306,000 lbs. Dec. ended at 8.30c. and Mar. at
STEEL was in rather small demand, due partly to the
8.70c. On the 19th inst. futures closed 30 to 35 points fact that consumers bought far more than current requireon the active positions under renewed liquidation and ments during much of the summer and early fall in anticishort selling. The spot situation showed no new develop- pation of higher prices. No orders for steel rails were
ments of particular interest. Prices were easier. Dec. reported. The demand from agricultural centers was disended at 8.00 to 8.10c., Mar. at 8.35 to 8.450., June at appointing and is attributed to the declining prices of farm
8.60 to 8.75e., and Sept. at 8.85c. In the outside markets products and to the higher prices for things which the
butt brands were quoted at 10c.; packer, native steers, 10c.; farmer purchases. Semi-finished billets re-rolling were
Colorados, 93/
2c.; Chicago, light native cows, 9c. New quoted at $26.00 to $27.00; billets, forging, $31.00 to $32.00;
York City, calfskins, 9-12s, 2.450.; 7-9s, 1.75c.; 5-7s, 1.27c. sheet, cars; $26.00; slabs, $26.00; wire rods, $35.00. Sheets,
To-day futures closed 15 to 30 points higher with sales of hot rolled, 1.65c.; galvanized, 2.85c.; hot rolled bars, 1.75c.;
.
7 lots. Dec. ended at 8.15 to 8.30c., and Mar. at 8.600. plates, 1.70c.; shapes, 1.70c. The ingot output has fallen
The strength of grain helped the rise.
to 39% of capacity. Steel costs are rising.
-Grain chartering was more active.
OCEAN FREIGHTS
PIG IRON demand was rather quiet. Total sales in
CHARTERS included: Grain, prompt, Montreal, London, Hull, &c.,
the New York district last week were estimated at 4,000
Is. 4;id.; prompt, Montreal, United Kingdom, Is. 43d.; 23,000 qrs.,
Montreal, prompt, Scandinavia, basis 10c., American; 10 loads, Quebec,
tons but this figure is believed to be exaggerated. Foundry
Antwerp, Sc.; prompt, Montreal to United Kingdom, Is. 5d.; prompt
No. 2, plain, Eastern Pennsylvania was $17.50; Buffalo,
Montreal to Bristol Channel ports, Is. 4)id. Booked, Nov. 14, loads
Hamburg from Montreal, 9c. Trips, West Indies, round, $1.35; delivery
$17.50; Birmingham, 813.50; Chicago, $17.50; Valley,
St. Lawrence, re-delivery New Hampshire, $1; West Indies, round, 95c.;
$17.50; Cleveland, $17.50. Basic, Valley, $17.00; Eastern
West lnoies, round, 90c.
Pennsylvania, $17.84 delivered. Malleable,
-The demand was slowed down by the recently sylvania, $18.85 delivered; Buffalo, $18.00. Eastern PennCOAL.
mild weather, but prices remained firm. Bituminous coal
production rose last week, it is estimated, to 6,700,000 net
WOOL.
-Boston wired a government report on Oct. 18,
tons, a gain of nearly 1,100,000 tons in a week, but a'de- saying: "A few scattered 4a1es are being closed on the finer
crease from a year ago of 1,200,000 tons. The total for three quality Western grown wools. Good French combing 64s
weeks was 19,206,000 against 22,112,000 in the same period and finer territory wools in original bags are bringing 80 to
last year and a weekly average of 6,402,000 against 7,370,000 81c. scoured basis. A little 12 months Texas wool is moving
at 81 to 82e. scoured basis for choice lines, and at 78 to 80c.
tons in 1922.
SILVER futures on the 14th inst. closed 61 to 75 points for average wools."
lower with sales of 5,600,000 ounces. Dec. ended at 37.050.,
SILK.
-On the 16th inst. futures closed 4 to 7 points
Mar. at 37.550., May at 37.950., and July at 38.40c. On lower after sales of 1,950 bales. October ended at $1.48 to
the 16th inst. general liquidation sent prices downward and $1.51, November at $1.47 to $1.49, December at $1.47,
at the close were 100 to 115 points lower after sales of January at $1.48 to $1.49, February $1.47 to $1.49, March
lc.
9,050,000 ounces. The price for bar silver fell Y to 363/8c. $1.46 to $1.48, and April and May at $1.47. On the 17th
Dec. ended at 36:05c., Mar. at 36.450., May at 36.850., inst. futures closed 1 to 2 points higher after some early
and July at 37.250. On the 17th inst. futures closed 110 to irregularity. Sales were 1,680 bales. October closed at
140 points higher with sales of 6,025,000 ounces. There was $1.50 to $1.54, November and December $1.49, January
a good deal of short covering and speculative buying. The and February $1.49 to $1.50, March $1.49, April $1.48 and
advancing tendency of the major markets influenced buying. May $1.48 to $1.49. On the 18th inst. futures closed 1 to 3
The ending was with Dec.at 37.15 to 37.20c., Mar.at 37.75e. points lower in response to the weakness in other commodiand May at 38.2.5c. On the 18th inst. futures closed 20 to ties. Sales were 1,400 bales. October ended at $1.49 to
40 points lower with securities and cotton weaker. Early $1.54, November at $1.47 to $1.48, December at $1.47,
prices showed an advance of 20 to 46 points. Dec. ended at January at $1.47 to $1.48, Feb. at $1.46 to $1.48, March
36.950., Mar.at 37.45c., May at 37.85c., and July at 38.250. and April at $1.46 to $1.47 and May at $1.46. On the
Sales were 4,400,000 ounces. On the 19th inst. a late rally 19th inst. futures declined to new lows for the movement and
failed to recover all of the early losses and the ending was ended 4 to 6 points down. Trading was more active with
25 to 36 points lower after sales of 2,400,000 ounces. Bar sales totaling 2,020 bales. November ended at $1.42 to
silver at New York declined to 3634c. Futures closed with $1.43, December, January and February at $1.42 to $1.44,
Oct. 36.50 to 36.60c., Nov. at 36.58c., Dec. at 36.650., March at $1.42, April at $1.41 to $1.43 and May at $1.42.
To-day futures closed unchanged to 1 point higher with
Jan. at 36.80c., Mar. at 37.10 to 37.20c., May at 37.50c.
and July at 37.95 to 38c. To-day futures closed 45 to 60 sales of 174 lots. October ended at $1.43 to $1.46, Novempoints higher with sales of 4,775,000 ounces. The strength ber at $1.43 to 1.44, December at $1.42 to $1.43, January,
in other staples and a better technical position together with February and March at $1.42, April at $1.41 to $1.42 and
short covering and some new buying sent prices upward. May at $1.42.
Oct. closed at 37c.; Dec. at 37.10c.; Jan. at 37.250.; Mar. at
37.65 to 37.73c.; May at 38.10c.to 38.15c.,and July at 38.50e.
COTTON
COPPER was reduced to 7340. by some custom smelters
while others were holding at 7Y0. delivered. Demand was
Friday Night, Oct. 20 1933.
small. The foreign range was lower at 7.473 to 7.60e.
THE MOVEMENT OF THE CROP, as indicated by
Foreign sales were small. Domestic sales the past week
were estimated at 6,000 tons. Mine output of copper during our telegrams from the South to-night, is given below. For
September amounted to 17,500 tons with the return from the week ending this evening the total receipts have reached
secondary sources estimated at 15,500 tons. In London on 376,859 bales, against 376,794 bales last week and 401,837
the 19th inst. spot standard dropped 12s. 6d. to £32 10s.; bales the previous week, making the total receipts since
futures off us. 3d. to £32 13s. 9d.; sales 100 tons of spot and Aug. 1 1933, 2,919,172 bales, against
2,560,040 bales for
1,600 tons of futures; electrolytic off 10s. to £36 bid and £37
asked; the second London session that day was unchanged the same period of 1932, showing an increase since Aug. 1
1933 of 359,132 bales.
with sales of 500 tons of futures.
Financial Chronicle
Volume 137
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri. Total.
Galveston
16,577 22,211 31,176 18.754 12,951 14,877 116,546
Texas City
13,082 13,082
Houston
20,330 29,607 26,625 21,301 11,703 28,075 137,641
Corpus Christi_
989 1,210 1,249 1,972 1,158
527 7,105
Beaumont
__-_
800
800
New Orleans_ _- - 7,072 12,762 20,455 13,034 4,351 10,744 68,418
Mobile
2.234
789
785 5,189
323
396 9.716
Pensacola
6,778
---_ 6,778
Jacksonville
____
____
____
____
____
477
477
Savannah
733 1,306
467 1,052 1.000 5,493
935
Charleston
367
431
451
91 2,821 4,511
350
Lake Charles_____
_--_
____ 2,653 2,653
Wilmington
64
324
91
192
108
182
961
Norfolk
269
473
669
387
317
378 2,493
Baltimore
185
185
Totals this week_ 48.699 69.012 82,473 61.646 39,632 75.397 376,859
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year:
Receipts to
Oct. 20.
1932.
1933.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
Galveston
116.546 673,908 112,397
Texas City
13,082
65,317 13,354
Houston
137,641 1,037,944 131,071
Corpus Christi--- 7,105 278,527 7,009
Beaumont
goo
5,009
____
New Orleans
68.418 415,813 87,731
Gulfport
Mobile
54,905 10,737
9,716
Pensacola
71,253 3,226
6,778
Jacksonville
8,518
597
477
Savannah
5,493 112,009 5,649
Brunswick
7,647 3,277
Charleston
4,511
80.518 5,169
Lake Charles...-. 2,653
71,797 8,809
Wilmington
961
9,576 2,684
Norfolk
2,493
16,781 3,095
N'port News, &c_
New York
Boston
Baltimore
185
9,650
680
Philadelphia
Totals
Stock.
1933.
1932.
528.522 699.756 693,949
45,970
42,239
32.150
812,361 1,507.185 1.316,419
228,425 143,322
97,887
16,008
13,125
13.829
434,597 811,945 968.595
89,268
78.277
5,062
81,293
17,515
83,920
96,085
16,891
19.566
6,290
124.315
39,946
8,459
150,940
142,419
38,269
19,964
190.201
69,798
65.695
19.606
23.736
104.669
95,268
21,272
54,264
114,279
12,354
1.650
205.355
9,712
1,750
5,389
376.859 2,919,172395,485 2,560.040 3,848,350 4.011,361
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1933.
1932.
Galveston-Houston
New OrleansMobile
Savannah -Brunswick
Charleston - -Wilmington_ _
Norfolk
N'port News
Ali others
116,546
137,641
68,418
9,716
5.493
112,397
85,194
131,071 171,178
87,731
48.400
17.357
10.737
5.649
13.682
3,277
5.169
4,689
2,684
4,231
3,095
5,552
31.080
33,675
30,697
21.341
18,830
27.444
Total this wk..
376.859
395,485
380.980
441.613
518.799
550,877
4,511
961
2,493
1931.
1930.
1929.
1928.
88.360
146,002
86.240
24,447
31,137
124.884
183.273
101.133
23.676
22.704
158,128
199,796
70,647
14,802
29,108
28,924
4,743
10,419
22,583
7,239
14,477
19.219
11,453
20,280
Since Aug.1. 2.919.172 2 MA sun 2800 217 1.980.421 3.689.684 3.633.159
The exports for the week ending this evening reach a total
of 219,408 bales, of which 30,809 were to Great Britain,
37,747 to France, 50,763 to Germany, 13,384 to Italy, nil to
Russia, 61,514 to Japan and China and 25,191 to other destinations. In the corresponding week last year total exports were 219,728 bales. For the season to date aggregate
exports have been 1,941,372 bales, against 1,765,049 bales
in the same period of the previous season. Below are the
exports for the week:
Exported to
-
Week Ended
Oa. 20 1933.
Great
GerExportsfrom- Britain. France. many. Italy. Russia. Japatack Other.
China.
Galveston
13,848 21,218 8,573 2,146
33,632 9,995
Houston
11,840 11,878 17,711 3,528
17,113 12,645
Texas City
4,651 1,944
- 835
Beaumont
360
New Orleans._ _
1,576
7,300 7Jle
5:ioo
255
Lake Charles...
1,809
2,819
Mobile
1,65,
1
2,732
775
261
Pensacola
3,784
68
Savannah
744
Charleston
2,179
daio
Norfolk
762
100
New York
288
Los Angeles....
1,575
Total
Total 1932
Total 1931
30,809 37,747 50,783 13,384
45,027 20,937 77,141 21,431
40,094 11,317 35,948 18,774
From
Aug. 1 1933 to
00. 20 1933. Great •
GerExports from- Britain. !France. many.
Galveston_ _
Houston.
Corp. Christi
Texas City.
Beaumont._
New Orleans.
Lake Charles
Mobile
Jacksonville
Pensacola __
Panama City
Savannah
Brunswick _ _
Charlaston _
Wilmington
Norfolk
New York _ _
Los Angeles.
San Francisco
Total
Total 1932..
Total 1931._
Total.
89,212
74,515
7,430
350
22,441
4,428
4,772
3,832
744
8,959
862
288
1,575
61,514 25,191 219,408
_
36,006 19,186 219,728
84,682 22.293 213,108
Exported to
Japan &
Italy. Russia
Other. Total.
44,718 69,451
50,1611 2
-558
132,117 69,779 392,224
79,055 88,04 126,899 69,703 ____ 193,376 98,429 655,509
68,615 43,590 20,729! 12.825
90,479 24,769 261,007
2,436 8,88
10,9171
3,248 25,483
450 3,900
650
804
5,804
49,181 25,90
43,2531 60,082 21,274 55,180 27.769 282,644
10.9381 2,200 8,950 11,844 6,061
2,673 9,58
52,248
7,398 3.90
27,715 4,582
5,475 3,857 52,916
530
-_-_
3,228
300
4,058
7,71017,457 10,716 -3,900
628 40,411
15,4241 "iii
10,178
300 26,085
18,690, __-_
35,779
100
6.198 3,119 63,886
2,4881 ____
5,13
25
7,647
15,240
____
27,59
931
43,765
3,300
200
3,500
2,590.
1,250.
206
4,046
7,8791
_
2,296
848
874
11,897
1,355 .
500
4,965
623
7,443
93 -- -..
50
656
799
328,525253,451 398,026186,186 30,224 505,038241,922 1,941,372
254,224257,3
539,776 162,179
132,938 59,004 262,3391 96,325
____
330,604220,966 1,765,049
568,840 187,558 1,297,004
2995
NOTE.
-Exports to Canada.
-It has never been our practice to include in the
above table reports of cotton shipments to Canada. the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous Inquiries we are receiving regarding the matter, we will
say that for the month of August the exports to the Dominion the present season
have been 17,415 bales. In the corresponding month of the preceding season the
exports were 9,832 bales.
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
Oct. 20 at
Galveston
New Orleans
Savannah
Charleston_ _
Mobile
Norfolk
Other ports *--
GerGreat
Other CoastBritain. France. many. Foreign wise.
4,000
1,525
3,000
7,819
7,000 27.500
9,774 23.147
2.500
3,351
- 21: 2,(566 11:666 6oWii
1
Total 1933-- 9.644 12,819 27,774 116,498
Total 1932.. 18,458 11,462 18,195 69,820
Total 1931... 27,593 7,909 17,502 118,859
•Estimated.
Total.
Leaning
Stock.
3,000 44,500 655,256
4,619 46,884 765.061
- 2,500 16498:447908
- - 47.§"io 119,345
1:866 77 0ek 1.89 : 6
.
20 73
3 860
9,119 175,854 3.672,496
3.964 121,899 3.889,462
4.000 175.863 4.027,180
Speculation in cotton for future delivery has been moderately active and after an early severe decline owing to
liquidation and pressure from the marketing of the crop,
prices rose sharply under Government and other buying.
Trading was encouraged to-day by unconfirmed reports
from Washington that the Government would recognize
Soviet Russia before Monday. On the 14th inst. prices
recovered most of an early decline and ended 3 points
lower to 3 points higher on a small volume of investment
buying and covering. The early weakness in stocks and
grain brought out renewed liquidation which carried prices
off 15 to 18 points and into new low ground for the movement. Trade buying was uncovered at this point and this
together with the improved technical position developed a
steadier undertone. The South was a heavy seller early
in the day, but offerings from this center became scarcer
as the session came to a close. The Census Bureau report
on domestic mill consumption for Septetmber was about
in line with expectations. It put the total at 499,486 bales
against 588,570 in August and 492,742 in September last
year.
On the 16th inst. prices ended 40 to 48 points lower, under
renewed tired long liquidation by those who had accumulated stocks when inflation seemed to be probable in the
last few months. There were partial rallies from early
declines at times on support derived from scale down buying orders and some buying by the trade and commission
house interests. The unsettled European political situation
checked new investment buying, and the severe weakness
In securities and the break in wheat caused further selling,
and the market moved into new low ground for the movement. A disturbing factor also was the delay in starting
the Government's lending campaign, and there were many
private reports which said that farmers had been marketing their crops regardless of the lending plans.
On the 17th inst. prices ended 47 to 54 points higher,
thus recovering all of the previous day's losses. The Government was credited 'with purchases of 40,000 bales of July.
This, with the strength of wheat, and a decline In the
dollar, created a better demand and trading was more
active. Stronger Liverpool cables also helped. So did the
upturn in stocks and grain. The Government buying was
believed to have been against cotton to be furnished farmers
as compensation for the reduction made on this year's
acreage. Private reports said that there was a .4ront:
ing movement at the South, and that it was practically
impossible to buy any quantity of cotton of any grade on
the farms for less than 10c., despite the fact that cotton
in the open market was selling at lower figures. The trade
was a fair buyer.
On the 18th inst. prices rose Ihc. a pound, on renewed
buying credited to Government agencies, but subsequently
reacted when this support disappeared, and prices
10 to 13 points net lower on selling by the South andended
local
operators, owing to a decline in the stock market. Purchases by the Government were said to have approximated
30,000 bales here and 20,000 bales at New Orleans, and was
believed to have been against sales of cotton held as collateral for Government crop and seed loans to acquire title
such cotton and fulfill cotton option contracts under to
the
acreage reduction program. Liverpool cables were disappointing and foreign exchange was easier. The weekly
weather report was considered favorable.
On the 19th inst., in a moderately active market, prices
moved feverishly over a range of about $1. At one time
prices advanced 10 points on further Government buying
estimated at about 25,000 bales, but later reacted on liquidation inspired by a weaker stock market. Demand slackened. The trade bought an a small scale. There was little
Southern pressure, but buyers were cautious and evidently
nervous over the action of the stock market. The recent
stability of the dollar caused liquidation, particularly, it is
believed, of much cotton bought some time ago on the theory
that early inflation was certain.
To-day prices advanced at one time 24 to 28 points, owing
to general buying induced by reports that President Roosevelt had invited a Soviet representative here to confer with
him and that recognition of Russia was probable before
Monday. New Orleans, Liverpool and local operators were
buying, and there was some fixing of prices by domestic
and Far Eastern spinners. The advance, however, brought
out some hedge selling and some profit-taking and reselling
by earlier buyers, which wiped out most of the early improvement, and the ending was only 5 to 9 points above
the previous close. A wire house was reported to have sold
10,000 bales of December. Worth Street was quiet. Liverpool cables were disappointing. Final prices for the week
are 1 point lower to 5 points higher. Spot cotton ended
at 9.40c. for middling, an advance for the week of 5 points.
Staple Premiums
60% of average of
six markets quoting
or deliveries on
Oct. 26 1933.
15-16
inch.
1-Inch dc
longer.
.10
.10
.10
.10
.10
.09
.08
.31
.31
.31
.31
.29
.25
.22
.10
.10
.09
.30
.29
.25
.10
.10
.10
.25
.25
.25
.09
.24
.09
.24
.09
.09
.25
.25
Differences between grades established
for deliveries on contract Oct. 26 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
Middling Fair
White
.67 on
Strict Good Middling-- do
.55
do
.42
Good Middling
Strict Middling
do
.29
do
Middling
Basis
Strict Low Middling__ do
.37 off
do
Low Middling
.79
*Strict Good Ordinary- do
1.28
*Good Ordinary
do
1.70
Extra White
.42 on
Good Middling
Strict Middling
do do
.29
Middling
do do
Even
Strict Low Middling-- do do
.37 off
Low Middling
do do
.79
Good Middling
Spotted
.26 on
Strict Middling
do
Even
do
.39 off
Middling
*Strict Low Middling__ do
.79
'Low Middling
do
1.28
.02 off
Strict Good Middling. _..Yellow Tinged
Good Middling
do do
.26 off
.43
Strict Middling
do do
do do
*Middling
.79
do do
*Strict Low Middling-1.25
do do
*
Low Middling
1.89
Light YellOW Stained- .41 off
Good Middling
do do
*Strict Middling
do - .79
do do
*Middling
do _1.25
Yellow Stained
Good Middling
.78 off
do do
*Strict Middling
1.24
*Middling
do do
1.69
Gray
Good Middling
.25 off
Strict Middling
do
.51
*Middling
do
.83
*Good Middling
Blue Stained
.80 off
Strict Middling
do do
1.25
do do
Middling
1.69
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:
Sat. Mon. Tues. Wed. Thurs. Fri.
Oct. 1410 Oct. 209.40
Middling upland
8.95
9.45
9.35
9.35
9.40
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Oct. 14.
Oct. (1933)
Range__
Closing_
Nov.
Range _ _
Closing_
Dec.
Range -Closing.
Jan.(1934)
Range__
Closing_
Feb.
Range__
Closing _
Mar
.Range-Closing_
April
Range _ _
Closing _
MayRange-._
Closing_
JuneRange-Closing
July
Range._
Closing_
Aug.Range..-.
Closing-.
Sept.
Range-01 $
Monday,
Oct. 16.
Tuesday, Wednesday, Thursday,
Oct. 19.
oa. 17. Oct. 18.
Friday,
Oct. 20.
8.90- 9.06 8.58- 8.99 8.67- 9.08 9.01- 9.25 8.97- 9.03 9.18- 9.25
9.01- 9.00n
9.08n
9.06- 8.58- 9.12n
9.11n
8.67n
9.08n
9.19n
9.08n
9.01- 9.01
9.10n
9.01- 9.23 8.76- 9.10 8.90- 9.28 9.15- 9.51 9.06- 9.27 9.12- 9.42
9.17- 9.19 8.77- 8.80 9.26- 9.27 9.16- 9.16- 9.17 9.229.08- 9.26 8.83- 9.17 9.00- 9.33 9.21- 9.57 9.10- 9.30 9.18- 9.45
9.24- 8.83- 9.32- 9.21- 9.20- 9.21 9.28- 9.30
9.32n
8.91n
9.28n
9.39n
9.26n
9.34n
9.24- 9.48 9.00- 9.33 9.18- 9.49 9.36- 9.72 9.27- 9.45 9.31- 9.60
9.41 - 9.00- 9.01 9.47- 9.48 9.36- 9.33- 9.41- 9.43
9.48n
9.06n
9.5578
9.43n
9.391s
9.47n
9.39- 9.63 9.13- 9.48 9.30- 9.63 9.50- 9.85 9.40- 9.59 9.43- 9.75
9.55- 9.13- 9.14 9.63- 9.50- 9.45- 9.53- 9.54
9.62n
9.20n
9.70n
9.57n
9.5478
9.60n
9.53- 9.77 9.27- 9.60 9.46- 9.77 9.65-10.06 9.55- 9.74 9.60- 9.89
9.65- 9.66 9.63- 9.64 9.68- 9.69
9.70- 9.27- 9.30 9.77
-
n Nominal.
Range of future prices at New York for week ending
Oct. 20 1933 and since trading began on each option:
Option for
Oct. 1933__
Nov. 1933__
Dec. 1933._
Jan. 1934._
Feb. 1934_
Mar. 1934._
Apr. 1934_
May 1934._
June 1934
July 1934._
Oct. 21
Financial Chronicle
2996
Range for Week.
Range Since Beginning of Option.
8.58 Oct. 16 9.25 Oct. 18 5.93
6.50
8.76 Oct. 16 9.51 Oct. 18 6.30
8.83 Oct. 16 9.57 Oct. 18 6.35
6.62
9.00 Oct. 16 9.72 Oct. 18 6.84
8.91
9.13 Oct. 16 9.85 Oct. 18 9.13
Dec. 8 1932 12.00
Feb. 21 1933 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 9.80
Oct. 16 1933 12.52
July 18 1933
July 21 1933
July 18 1933
July 18 1933
Aug. 28 1933
July 18 1933
May 27 1933
July 18 1933
9.27 Oct. 16 10.06 Oct. 18 9.27 Oct. 16 1933 11.78 July 27 1933
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.
Oct. 20Stock at Liverpool
Stock at London
Stock at Manchester
bales
1933.
752.000
1932.
626,000
1931.
583,000
1930.
603,000
83,000
101,000
121,000
121,000
835,000
Total Great Britain
Stock at Hamburg
457,000
Stock at Bremen
183,000
Stock at Havre
Stock at Rotterdam26,000
68,000
Stock at Barcelona
87,000
Stock at Genoa
Stock at Ghent
Stock at Antwerp
727.000
704,000
724,000
375.000
183.000
20.000
51.000
64,000
208.000
205,000
12.000
66,000
26,000
338,000
202,000
8,000
75,000
30,000
821.000
693,000
517,000
653,000
Total Continental stocks
1,656,000 1.420,000 1,221.000 1.377,000
Total European stocks
55,000
68,000
37.000
48.000
India cotton afloat for Europe__ _
American cotton afloat for Europe 523,000 525,000 359.000 627,000
91,000
93,000
75,000
Egypt,Brazil,&c.AO' for Europe 80.000
t
311,000 481,000 616.000 557,000
Stock in Alexandria, Egypt
609.000 627,000 489,000 446.000
Stock in Bombay, India
3,848,350 4.011.361 4.203.043 3,410,876
Stock in U. S. ports
Stock in U. S. interior towns___ _1,785,278 1,889,922 1,559.483 1,395,237
10.971
31.095
3.003
34.227
U.S. exports to-day
8,894.855 9.108.254 8.606,621 7,964,150
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
404,000 279,000 216,000 207.000
Liverpool stock
35.000
50.000
29,000
47,000
Manchester stock
745,000 640,000 436.000 533,000
Continental stock
523,000 525,000 359,000 627.000
American afloat for Europe
3,848.350 4,011,361 4,203,043 3,410,876
U. 8. port stocks
1,785,278 1,889,922 1,559,483 1,395,237
U. S. interior stocks
34.227
10,971
31,095
3.037
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
7,374,855 7,406,254 6,833,621 6,223,150
348,006
347,000
367,000
396.000
48,000
76,000
48.000
80,000
311.000
609.000
51,000
53,000
68,000
75.000
481.000
627,000
92,000
81,000
37,000
91.000
616,000
489.000
74,000
120,000
55,000
93.000
557,000
446,000
1,520,000 1.702.000 1.773,000 1,741,000
7.374,855 7,406,254 6,833,621 6,223,150
Total East India, Sze
Total American
8 894.855 9,108,254 8,606.621 7,964,150
Total visible supply
5.46d.
5.51d.
4.97d.
6.05d.
Middling uplands, Liverpool-9.40c.
6.30c.
6.95c.
11.00c.
Middling uplands, New York____
7.65d.
8.98d.
8.60-i.
10.75d.
Egypt, good Sakel, Liverpool-Peruvian. rough good, Liverpool_
4.55d.
5.07d.
4.39d.
4.600.
Broach, fine, Liverpool
5.16d.
5.200.
4.84d.
5.75d.
Tinnevelly, good, Liverpool
Continental imports for past week have been 146,000 bales.
The above figures for 1933 show an increase over last
week of 324,008 bales, a loss of 213,399 from 1932, an
increase of 288,234 bales over 1931, and a gain of 930,705
•
bales over 1930.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to Oct. 201933.
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. LouLs_
N.C.,Greensb'ro
Oklahoma
15 towns'.....
S.C., Greenville
Tenn.,Memphis
Texas, Abilene_
Austin
Brenham_ _
Dallas
Paris
Robstown
San Antonio_
Texarkana
Waco
Ship- Stocks
ments. Oct.
Week. , Season. Week. 20.
Receipts.
2,726
316
2,683
2.778
15,807
2,283
3,000
3,000
1,653
9,761
5,398
9,319
7,698
447
3,000
2,413
5,437
_
8,797
4.552
18,905
26,734
44,130
6,435
18,409
26,51:
4,320
38,531
10,495
41,968
13,955
8,919
18,350
9,964
81,763
6,100
97
3,000
11,787
1,41
13,299
1,952
300
1,95
2,861
5,468
256
3,313
28,943
64,283
6,574
88,441
15,86
1,054
8,630
19,463
33,312
1,006
iii
8,8
Movement to Oct. 21 1932.
Receipts.
Week. Season.
1,533 11,109 1,256
139 6,490
316
832 42,513 1,463
285 46,505 3,873
3,569 45,717 12,931
367 10,895 1,368
2,000 26,354 5,626
2,000 20,147 3,541
543 3,622
980
6,973 43,671 9,012
542 12,534 4,766
9,497 36,430 6,449
645 14,138 5,456
75 7,454
72
1,000 56,195 1,525
3,811 171,227 2,613
4,861 135,091 5,869
381
--- 15,501
872
913 34,609
995
650 6,550
1,000 37,627 3,880
4,694 57,669 7,858
8,726 1,107
49
4,245 96,099 7,611
1,799 18,733 2,094
325
____ 2,973
89 10,049 1,537
1,81 18,694 2,119
308 7,095
5,394
333 17,016
44
8,247
4A26
16,546
34,598
75,743
7,869
26,849
31,436
3,749
38.777
19,965
43,629
25,099
996
9,130
16,647
54,385
5,468
11,520
2,786
42,708
56,643
4,990
64,199
19,926
4,099
17,635
18,897
29,621
1,475
Ship- Stocks
ments. Oct.
Week. 21.
1,227 7,955
251 6,885
662 50,167
1A56 58,206
8,817 70,640
647 18,077
952 41,000
2,143 30,811
262 3,418
5,91 i 59,393
1,83 23,937
5,549 58,492
3,676 20.748
9 3,150
6 $ 45,695
1,422130,595
2.058115,243
200 23,188
97 41,428
450 9,287
1,511 76,912
4,543 76,032
694 8,887
4,314100,392
924 30,879
161 6,560
885 19,801
904 27,590
7,095
104
335 12,295
82,406 272,038 59,870133,515 55,337 232,581 31,757 126,133
7,252 33,145 5,133 82,555 3,523 22,806 3,260 67,472
96,890 439,077 35,573467,224 72,034 461,095 56,384431,073
8,255 3,870 1,020
17,743 26,050 14,542 4,841 4,122
13,424 1,390 4,332
453 4,215 1,230
14,363
249
11,564
642 9,101
598 8,403 1,058
609 22,794
4,383 50,584 6,580 19,662 7,430 38,707 5,463 17,300
4,440 30,299 4,642 12,675 2,566 25,890 2,020 14,742
32
6.182
173 1.679
242 1,768
4,643
180
531
200
8,409
200 1,176
625
8,421
116
22,439 1,968 22,285
2,454 12,105 2,0541 13,910 2,191
4,209 57,747 4,498 21,333 7.410 38,652 5,044 15,776
Total, 56 towns 342,705 1,639,886215,717$ 785278 260,167 1.587.862 172,2031880882
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
increased during the week 127,691 bales and are to-night
104,584 bales less than at the same period last year. The
receipts at all the towns have been 82,538 bales more than
the same week last year.
Volume
2
NEW YORK QUOTATIONS FOR 3 YEARS.
1933
1932
1931
1930
1929
1928
1927
1926
9.40c.
6.35c.
6.65c.
10.45c.
18.00c.
20.05c.
20.05c.
12.80c.
1925
1924
1923
1922
1921
1920
1919
1918
22.15c.
23.35c.
30.30c.
23.45c.
19.20c.
20.50c.
35.30c.
32.85c.
28.65c 1909
.
.
18.40c 1908
12.65c 1907
.
1906
14.30c• 1905
.
10.90c 1904
.
9.45c 1903
14.450 1902
.
1917
1916
1915
1914
1913
1912
1911
1910
13.90c.
9.25c.
11.75c.
11.00c.
10.40c.
10.15c.
9.80c.
8.70c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
SALES.
Futures
Market
Closed.
Spot Market
Closed.
325
_
-246
300
5,000
200
700
600
100
325
200
700
846
400
5,000
5,871 1.600 7,471
24.357 54,100 78,457
Total week
Since Aug. 1
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraph reports Friday night. Tho results for
the week and since Aug. 1 in the last two years are as follows:
-1932
Since
Aug. 1
30,308
736
-----1933----Since
Week. Aug. 1.
33.244
5,394
Oct. 20Shipped
via St. Louis
Mounds, &c
Via
Bia Rock Island
Via Louisville
Vio Virginia points
Via other routes, &c
Week.
7,095
105
526
3,223
7,541
2,627
44.149
46.420
306
4,068
14,645
1,873
41.113
42,645
Total gross overland
16.684
Deduct Shipments
Overland to N.Y Boston,Ice- 185
Between interior towns
248
Inland, &c.,from South
3.249
126,440
26,219
116,675
9,645
2,950
41.090
680
212
2,921
6,280
2.198
32,982
3,682
53,685
3,813
41,460
13.002
Total to be deducted
Leaving total net overland *
72,755
22,406
75,215
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 13,002 bales, against 22,406 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 2,460 bales.
In Sight and Spinners'
Takings,
Week.
Receipts at ports to Oct.20
376,859
Net overland to Oct. 20
13,002
South'n consumption to Oct. 20 90,000
Total marketed Oct. 20
479,861
Interior stocks in excess Oct.20_ --127,691
Excess of Southern mill takings
over consumption to Oct. 1_
__ _
Came Into sight during week
607,552
Total in sight Oct. 20
1932
Since
Since
Aug. 1.
Aug. 1. Week.
2,919,172 395,485 2,560.040
75,215
72,755 22,406
1.315,000 93,000 1.095.000
4,306,927 510,891 3,730,255
541,157
593,414 86,963
----
*169,042
*128,329
597,854
4,731,299
North. spinn's' takings to Oct. 20- 23,850
* Decrease.
225,127
4,143,083
33,553
207,674
Movement into sight in previous years:
Week1931-Oct. 23
-Oct. 24
1930
1929
-Oct. 25
Bales.
4,621,322
5,787,049
5,926,988
Bales.
Since Aug.1705,448 1931
705,567 1930
808,548 1929
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Galveston
New Orleans__ _
Mobile
Savannah
Norfolk
MontgomerY- -Augusta
Memphis
Houston
Little Rock- -Dallas
Fort Worth_ _
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
8.95
9.00
8.93
9.03
9.00
8.75
9.13
8.75
8.95
8.67
8.65
8.65
8.55
8.58
8.52
8.64
8.79
8.35
8.79
8.35
8.55
8.27
8.25
8.25
9.05
9.04
9.01
9.11
9.16
8.80
9.26
8.80
9.05
8.81
8.75
8.75
8.95
8.96
8.90
9.01
9.16
8.70
9.16
8.70
9.00
8.71
8.65
8.65
8.95
9.06
8.90
9.06
9.16
8.70
9.16
8.75
9.00
8.71
8.65
8.65
9.05
9.15
8.97
9.12
9.22
8.75
9.22
8.80
9.05
8.77
8.70
8.70
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New 011eans cotton
market for the past week have been as follows:
Saturday,
Oct. 14.
lept(1933)
Ntober -qovember
December..
Fan.(1934)
rebruary.
.
Uarch....._
kprli
Way
rune
fuly
k ugust -%Wernher
Tone
;pot
Intinrin
Monday,
Oct. 16.
Tuesday, Wednesday, Thursday,
Oct. 18.
Oct. 19.
Oct. 17.
Friday.
Oct. 20.
8.97 Bid. 8.55 Bid. 9.05 Bid. 8.95 Bid. 8.99 Bid. 9.01 Bid.
9.15- 9.17 8.71- 8.73 9.19- 9.23 9.11- 9.12 9.11- 9.12 9.18- 9.20
9.20- 9.21 8.77 Bid. 9.31
9.17- 9.16 Bld. 9.269.40- 9.41 8.94- 8.95 9.42- 9.44 9.34- 9.35 9.32- 9.40- 9.41
9.56- 9.10- 9.12 9.58- 9.59 9.479.44b-9.45a 9.529.70 Bid. 9.22- 9.69 Bid. 9.62- 9.61
-
Steady. Barely stdy
Steadier.
Steady.
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND,&a.,IN SEPTEMBER.
Oct. 14 by the Census Bureau, will be found in an earlier
part of our paper in the department headed "Indications of
business Activity."
CENSUS REPORT ON COTTONSEED OIL PRO-Persons interested
DUCTION DURING SEPTEMBER.
in this report will find it in the department headed "Indications of Business Activity" on earlier pages.
-Ministry of Agriculture's EstiEGYPTIAN COTTON.
mate of Acreage for 1933-1934, Compared with that of the
-Official figures issued by the Ministry of
Previous Season.
Agriculture on the area of land under cotton this year show
a large increase over last year's, the present area being no less
than 710,508 feddans in excess. The actual figures are:
Spot. Contr't. Total.
Saturday_ _ _ Steady, 5 pts. adv. Steady
Barely steady....
Monday _ _ _ Easy, 45 pts. dec_
Steady, 50 pts. ads'.. Very steady
Tuesday _
Wednesday.. Quiet, 10 pts. dec.._ - Barely steady.:_
Thursday _ _ Steady, unchanged.. Steady
Steady, 5 pts. ads'.. Steady
Friday
Week Ended
Oct. 20.
2997
Financial Chronicle
137
Steady.
Steady.
StAAdv. BAralvstdv
Steady.
Steady.
9.66-
Steady.
Stpradv
1933.
Variety.
1932.
391,051
1,010,351
124,330
109,764
49,116
46,450
31,369
27,127
6,692
3,083
4,876
Total
369,294
506.972
35,086
69,590
26,820
17,955
28,137
29,323
6,569
2,592
1,363
1,804.209
Sakel
Ashmouni and Zagora
Gulzeh 7
Maarad
Fuadl
Sakha 4
PIllon
Nahda
Gulzeh 3
Casull
Others
1.093,701
-Reports
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph this evening denote that the weather
during the week has been mostly fair and sunny except for
showers the early part in central and eastern sections. Picking and ginning have made satisfactory progress except
where rains gave some interference.
-Picking is progressing, it having rained on
Memphis.
one day only.
Rain. Rainfall.
dry
dry
dry
1 day 0.02 in.
2 days 0.20 in,
3 days 1.04 in.
2 days 0.53 in.
2 days 0.82 in.
dry
1 day 0.12 in.
1 day 0.02 in.
1 day 0.01 in.
1 day 1.30 in.
3 days 0.66 in.
1 day 0.44 in.
1 day 0.38 in.
4 days 2.29 in.
2 days 0.68 in.
2 days 0.11 in.
2 days 0.30 in.
1 day 1.36 in.
1 day 0.66 in.
2 days 0.46 in.
2 days 0.66 in.
1 day 0.66 in.
1 day 1.46 in.
2 days 2.08 in.
1 day 1.20 in.
2 days 1.30 in.
1 day 1.20 in.
2 days 0.56 in.
1 day 0.94 in.
1 day 0.68 in.
2 days 0.20 in.
1 day 0.01 in.
1 day 1.66 in.
2 days 0.52 in.
1 day 0.76 in.
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
Oklahoma City, Okla
Fort Smith, Ark
Little Rock, Ark
New Orleans, La
Shreveport, La
Meridian, Miss
Vickburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa,Fla
Savannah, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S. C
Asheville, N. C
Charlotte, N.0
Raleigh, N.C
Wilmington, N.0
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
Thermometer
high 86 low 73 mean 80
high 80 low 42 mean 61
high 94 low 60 mean 77
high 88 low 48 mean 68
high 92 low 72 mean 82
high 88 low 74 mean 81
high 88 low 52 mean 70
high 90 low 58 mean 74
high 82 low 50 mean 66
high 92 low 68 mean 80
high 90 low 62 mean 76
high 96 low 62 mean 79
high 82 low 46 mean 64
high 78 low 46 mean 62
high 80 low 52 mean 66
high 86 low 64 mean 75
high 86 low 58 mean 72
high 84 low 50 mean 67
high 80 low 54 mean 67
high 85 low 56 mean 72
high 80 low 50 mean 65
high 82 low 52 mean 67
high 82 low 64 mean 73
high 84 low 7 I mean 77
high 82 low 62 mean 72
high 88 low 66 mean 77
high 85 low 58 mean 72
high 76 low 50 mean 63
high 84 low 56 mean 70
high 82 low 62 mean 67
high 79 low 58 mean 69
high 70 low 36 mean 53
high 77 low 44 mean 61
high 76 low 50 mean 63
high 80 low 52 mean 66
high 81 low 49 mean 64
high 74 low 44 mean 59
low 44 mean 60
hig
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge.
Above zero of gauge..
Above zero of gauge-
Oct. 20 1933.
Feet.
1.8
3.4
9.7
8.8
4.4
Oct. 21 1932.
Feet.
1.8
6.2
13.2
3.7
5.8
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Weal
Ended
Receipts at Ports.
1933.
Stocks at Interior Towns. Receiptsfrom Plantations
1932.
1931.
1933. 1932. 9131.
July
1,143
21- 125,
31,5
16,304 1,255.56 1,361,8541 818,425 97,6821 4,5
28-- 103,031 62,48 40,92 1.204,98 1,352,270 798,241 64,4511 52.884j 20,743
A WC.
NU
4_ 96,5631 98,63 12.986 1,177,653 1,332.994 776,015 57,2271 79.3621
11._ 77,624 75,602 24.023 1.151,524 1,313,467 755.510 51.108 66.075 3.518
18-- 103.437 85,71 49,408 213,9731,293,783 743,005 82.2731 66.032 38.901
72.600
25._ 142,921111.142 80,8091,109,002 1,269.523 734,805 121.8
Sept.
206.619 154,553 126,962 1,111.5251,261,495 725,430209,142 146,52 117,587
8-- 188,484 183,676 167,441 1,118,779 1,271.735 728,548 195,738193,916 170,559
15._ 276,295235,434 241,8001.152,214 1.344,300 749.994 309,710307,999 263,246
22.. 328,745 255.127 322,698 1.231,502 1,452,801 811,978 408.033356,228 384,682
29.... 406,645322.464 445.906 1,366.589 1,571,911 945,683541.732,441,574 79,611
Oct. I
8...401,837 311,264 517,721 1,b02,76 1.695,492 1,141,662538.013/123.581 713,700
13_ _ 376,794347.025519,398 1,6i7.587 1,802.899 1,349.792 531,616454,432 727,528
20_ 376,859 395 485380 980 1.785,278 1,889,862 1,559.483504,558482,448 590,671
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 3,512,588 bales;
in 1932 were 3,046,293 bales and in 1931 wets 3,660,612
bales. (2) That, although the receipts at the outports the
past week were 376,859 bales, the actual movement from
plantations was 504,550 bales, stock at interior towns
having increased 127,691 bales during the week. Last year
Financial Chronicle
2998
Oct. 21 1933
SHIPPING NEWS.
-As shown on a previous page, the
receipts from the plantations ror the week were 482,448
exports of cotton from the United States the past week have
bales and for 1931 they were 590,671 bale
reached 219,408 bales. The shipments in detail,
WORLD'S SUPPLY AND TAKINGS OF COTTON.
- up from mail and telegraphic reports, are as follows: as made
following brief but comprehensive statement indicates
The
Bales.
Liverpool-Oct. 11-Graigwen, 5,498-Oct.
at a glance the world's supply of cotton for the week and GALVESTON-To de Larrinaga. 5.435
16-Niceto
10,933
for the last two seasons from all sources from
since Aug. 1
To Japan-Oct. 11-Snestad, 8,157; Patrick Henry, 1,681....
Oct. 14
-Santos Marta, 2,820; Katsuragi Maru, 12,375;
which statistics are obtainable; also the takings or amounts
Skramstad,6,649
31.682
gone out of sight for the like period:
To Ghent
-Oct. 13-Phrygia, 1,200- --Oct. 14, Quistconck,
Cotton Takings,
Week and Season.
1932.
1933.
Week.
Season.
Week.
Season.
8,835,610
8,570,847
Visible supply Oct. 14
7,791,048
7,632,242
Visible supply Aug.1
597,854 4,143,083
607,552 4,731,299
American in sight to Oct.20
271,000
10,000
114,000
5,000
Bombay receipts to Oct. 19
1,000
76.000
124,000
Other India ship'ts to Oct. 19
134.000
39,000
237,400
78.000
Alexandria receipts to Oct. 18
123.000
12,000
105.000
10.000
supply to Oct. 19 * b
Other
9,271.399 12,943,941 9,495,464 12,538,131
Total supply
Deduct
Visible supply Oct. 20
8.894.855 8,894,855 9,108.254 9,108.254
387,210 3,429,877
376,544 4,049,086
Total takings to Oct. 20 a__.
308,210 2,634,877
297.544 3,198,686
Of which American
795,000
79.000
850,400
79,000
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, Stc.
a This total embraces since Aug. 1 the total estimated consumption by
-takings
Southern mills, 1.315,000 bales in 1933 and 1.095,000 bales in 1932
-and the aggregate amounts taken by Northern and
not being available
foreign spinners, 2,734,086 bales in 1933 and 2.334,877 bales in 1932, of
which 1,881,686 bales and 1.539,877 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1 as cabled, for three years, have been as follows:
1932.
1933.
Oa. 19.
Receipts al
-
Since
Aug. 1.
Week.
5,000
Bombay
Week.
114,000 10,000
Bombay
1933
1932
1931
1;666 4;556
3,000
3,000
Conti- Japan &
nent.
China.
Total.
10,000
5,000
5,000
75,000 45,000 130,000
49,000 140,000 194,000
49,000 277,000 331,000
1;666
35,000
19,000
29,000
89,000
57,000
53,000
1,000
1.000
1,000
133,000
1,000 1,000
15,000 20,000
5,000 8,000
1;656
1;655 5;666
8,000
Since
Aug. 1.
Since Aug. 1.
Great
Great Camtt- Japan&
Britain. neni. China. Total. Britain.
Bombay
1933
1932
1931
Other India:
1933
1932
1931
Week.
271,000
For the Week.
Exports
from
-
1931.
Since
Aug. 1.
1,000 1.000
15,000 21,000
5,000 9.000
124,000
76,000
82,000
45,000 254,000
45,000 164,000
24,000 106,000 140,000 270,000
34,000 102,000 277,000 413,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
5,000 bales. Exports from all India ports record a decrease
of 20,000 bales during the week, and since Aug. 1 show a
decrease of 16,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Receipts (Cantars)This week
Since Aug. 1
1932.
1933.
Alexandria. Egypt,
Oct. 18.
390,000
1,186,455
1931.
195,000
769,386
290,000
1,454,414
This Since
Week. Aug. 1.
Exports (Bales)-
This Since
Week. Aug. 1.
This Since
Week. Aug. 1,
28,833
24,668
89,631
10,237
---- 14,235
--__ 14,717
7,000 85,037
1,000 5,425
6,000 25,067
__-_ 21,758
9,000 112,480
1,000 3,900
9,000
To Liverpool
4.000
To Manchester, &c
To Continent and India.. 17.000
1,000
To America
31,000 153,369 8.000 119.414 16,000 163,205
Total exports
Note.
-A cantor is 99 lbs. Egyptian bales weigh about 750 pounds.
This statement shows that the receipts for the week ended Oct. 18 were
390.000 cantors and the foreign shipments 31,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloths is firm. Demand for India is improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
1932.
328 Cop
Twist.
331 Lbs. Shirt- Cotton
Mos, Common Vidag
to Finest.
Uprds.
s. d.
s. d.
d.
July
7 (0 9 1
21_ _ _. 934(010%
7 09 1
28.._ - 9%010h
Aug.9%010%
7 @ 91
7 (0 9 1
11---- 931034
4 08 6
4 @ 86
8%010
Sent.
4 @8 6
9 @BM
3 @85
SU@ 934
8%010
3 @8 5
4 @8 6
8,ti@i10
4 @8 6
8%010
9%010
8)40 9%
83418 934
4 08 6
4 08 6
4 08 6
32s Cop
Twist.
811 Lbs. Shirt- Cotton
ings, Common Midair
to Finest.
Uprds.
d.
d.
6.23
6.47
@ 934
'I'M@ 934
6.25
5.90
5.66
5.53
® 934
834181034
844@l0
934181134
2
3
7
5.60 9t4@l1Si
5.38 1034(P)1134
5.47 9% 01014
5.42 9%011
5.60 93.‘010%
3
3
3
5.44. 934 011
5.44 9 01034
5.51 8% 010%
3
3
d.
7
3
Total
219,408
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
StandHigh
Density.
Density. ard.
.250. Trieste
.500.
Liverpool .25o.
.500.
Manohester.25o.
.250. Fiume
Antwerp .350.
.500. Barcelona .35o.
.25o.
.400. Japan
Havre
•
.500. Shanghai
Rotterdam .350.
.400.
.55c. Bombay z .400.
Genoa
.350.
.46o.
.610. Bremen
Oslo
Stockholm .42o.
.570. Hamburg .350.
*Rate is open. a Only small lots.
Stand.
High
ord.
Density
.
.650. Piraeus
.750.
.650. Salonica
.75c.
.50o. Venice
.500.
• Copenh'gen.380.
Naples
.40o.
.55c. Leghorn
.40c.
.500. Gothenberg.42c.
.500.
Stand.
ard.
.90o.
.900.
.65o.
.53e.
.550.
.55c.
.57c.
s. d.
go00 00000 0000 CO
1933.
200
1,400
To Barcelona-Oct. 13-Sapinero, 2,789___Oct. 17-Lafcomo,
2,554
5,343
To China-Oct. 11-Patrick Henry,300-Oct.14-Katsuragi
Maru, 500; Skramstad, 1,150
1,950
To Bremen-Oct. 12
-Simon von Utrecht, 2,310___Oct. 14Meanticut, 892_ __Oct. 17-Kelkhelm, 5,221
8,423
To Rotterdam-Oct. 14-Gorm, 1,617
1,617
To Copenhagen
-Oct. 14-Gorm, 600
600
To Gdynia-Oct. 14-Gorm.767
767
To Manchester
-Oct. 16-Niceto de Larrinaga. 2,715
2,715
To Havre
-Oct. 16-Dalworth, 14,180; Elizabeth von Belgie,
2,662_ _Oct. 14-Quistconck, 1,485
18,327
To Dunkirk
-Oct. 16-Dalworth, 1,400; Elizabeth von Belgic.,
1,491
2,891
To Hamburg-Oct. 14-Meanticut, 150
150
To Rotterdam-Oct. 14-Meanticut, 100
100
To Genoa-Oct. 13-0akman, 1,384
1,384
To Naples
-Oct. 13-0akman,22
22
To Venice-Oct. 13-0akman, 440
440
To Trieste-Oct. 13-0akman,300
300
To Quayaquille-Oct. 13-Valma Lykes, 168
168
HOUSTON-To Rotterdam-Oct. 13-Gorm, 858; Charterhurst,
1,500_ Oct 17-Meanticut. 600
.
2.958
To Gdynia
-Oct. 13-Gorm. 223_ _ _ Oct. 19
-Toronto, 2.963- 3.186
To Copenhagen-Oct. 13-Gorm. 500--Oct. 19
-Toronto,
1,116
1.616
To Bremen-Oct. 13-Charterhurst, 11,812; Kelkheim, 3,998
_ Oct. 17-Meanticut, 1.701
17.511
To Japan-Oct. 13
-Santos Maru, 2.770; Snestad, 6.250_
Oct. 17-Skramstad, 5,060.. ..Oct. 19
-Vancouver City,
1,933
16,013
To Liverpool
-Oct. 14-Niceto de Larrinaga, 2,872---Oct.
18
-West Hobomac,4.853
7,725
To Manchester-Oct. 14-Niceto de Larrinaga, 1,967Oct.
18
-West Hobonaac, 1,948
3.915
To Hamburg-Oct. 13-Kelkheim, 200
200
To Havre
-Elizabeth von Belgie, 2,868--Oct. 16-Oct. 14
Quistconck, 6,229
9.097
To Dunkirk
-Elizabeth von Belgie, 909
-Oct. 14
Oct, 19
Toronto, 1,872
2,781
To Oslo
-Toronto, 62
-Oct. 19
62
To Gothenburg-Oct. 19
-Toronto, 1,546
1,546
To Ghent
-Oct. 16-Quistconck, 750
750
To Genoa-Oct. 16-0akman, 1,440
1,440
To Venice-Oct. 16-0akman, 2,088
2,088
To China-Oct. 17-Skramstad, 1,100
1,100
To Barcelona-Oct. 18-Lafcomo, 2,527
2.527
-To Genoa-Oct. 11-Kalimba, 2,657
NEW ORLEANS
2,657
To Barcelona-Oct. 13
-Mar Cantabrico, 100
100
To Genoa-Oct. 13-Monflore, 2,953
2,953
To Naples
-Oct. 13-Monflore, 150
150
To Liverpool-Oct. 17
-West Harshaw, 677
677
To Panama
-Oct. 10-ZacaPa, 5
5
To Manchester-Oct. 17
-West Harshaw, 899
899
To Trieste-Oct. 16
-Clara, 1,100
1,100
To Venice-Oct. 16
-Clara, 850
850
To Bremen
-Oct. 17-Westerwald, 7,298
7,298
To Hamburg-Oct. 17-Westerwald, 2
2
To Oporto
-Oct. 17-Westerwald, 100
100
To Gdynia--Oct. 17-Wasterwald, 50
50
To Japan-Oct. 17-Sangstad, 5,400 •
5,400
To China-Oct. 17-Sangstad, 200
200
SAVANNAH
-To Rotterdam-Oct. 13-Navarino, 544
544
To Ghent
-Oct. 13-Navarino, 200
200
CHARLESTON
-To Liverpool-Oct. 14
-Liberty Glo, 1,250_ __ _ 1,250
To Manchester-Oct. 14-Liberty Glo, 929
929
To Bremen
-Oct. 17-Hazelside, 1,800_ _ _Oct. 18-Sundance.
4,100
6,300
To Hamburg
-Oct. 17-Hazelside, 480
480
-City of Fairbury, 288
NEW YORK
-To Gdynia-Oct. 11
288
BEAITMONT-To Bremen-Oct. 16-Raimund, 350
350
NORFOLK
-To Liverpool-Oct. (7)
-Cold Harbor, 150
150
To Manchester
-Oct. (7)
-Cold Harbor, 612
612
To Rotterdam-Oct.(7)
-West Eldara. 100
100
LOS ANGELES
-To Japan-Oct.9
-Belfast Maru,875; President
Johnson, 200_ __Oct. 14
-President Taft. 100; Phernius. 400 1,575
PENSACOLA-To Bremen
-Oct. 16
-Simon von Utrecht, 2,764;
Phrygia. 1.000
3,764
To Ghent
-Oct. 16-Phrygia, 68
68
MOBILE
-To Liverpool
-Oct. 12
-West Ilika, 1,004
1,004
To Bremen-Oct. 15
-Simon von Utrecht, 1,b07
Oct. 14Plarygia, 1,225
2,732
To Ghent
-Oct. 15
-Simon von Utrecht, 200_-Oct. 14Phrygia, 61
261
To Japan-Oct. 14-Dardinus, 775
775
TEXAS CITY
-To Barcelona-Oct. 13-Sapinero, 435
435
To Havre
-Oct. 13-QuIstconck, 1,366- __Oct. 16-Dalworth.
3,135
4.501
To Ghent
-Oct. 13-Quistconck, 150
150
To Bremen-Oct.14-Meanticut,1,289- _ _Oct.17-Kelkheim.
655
1,944
To Rotterdam-Oct. 14-Meanticut, 250
250
To Dunkirk
-Oct. 16-Dalworth, 150
150
-To Bremen-Oct. 14
LAKE CHARLES
-Tripp. 1,150_ -Oct. 17
-Raimund,459
1,609
To Japan-Oct. 14
-Vancouver City, 1,818
1,818
To China-Oct. 14
-Vancouver City, 1.001
1,001
d.
4
4
4.56
4 67
4
.5
6
0
4.69
5.51
5.76
6.45
2
0
6
6
6
6.57
6.38
5.88
6.07
5.73
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
6
6
6
5.79
5.64
5.46
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:
LlVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Sept. 29.
46,000
748,000
400.000
59,000
33,000
174,000
99,000
Oct. 6.
56.000
746,000
394,000
49.000
23.000
160,000
93,000
Oct. 13.
48,000
753,000
399,000
52,000
31,000
160,000
101,000
Oct. 20.
48,000
752,000
404,000
46.000
26,000
166.000
108,000
Financial Chronicle
Volume 137
Wednesday. Thursday.
Spot.
Saturday.
Monday.
Tuesday,
Market, 1
12:15
1'. M.
A fair
business
doing,
Quiet.
Moderate
demand,
More
demand.
Good
demand.
Moderate
demand.
5.30d.
5.48d.
5.48d.
5.51d.
Mid.Uprds
5.41d.
5.41d.
Friday.
Steady,
Steady,
Steady,
Futures.{ Steady,
Steady,
Steady,
1 to 2 pts 2 to 4 pts.
1 to 2 pin. 2 to 4 pts. 9 to 10 pts. 8 pts.
Market
advance.
decline.
decline,
advance,
opened
decline,
decline,
Market,
4
1
P.M.
Steady,
1 pt.
decline,
Steady, Quiet but Quiet, tinSteady,
Steady,
3 to 4 pts. 3 to 4 pts. 7 to 8 pts. stdy., 1 pt changed to
4 pta.
advance. adv. to 1 pt
decline,
decline,
decline.
• decline.
Prices of futures at Liverpool for each day are given below:
Sat.
Oct. 14
to
Oct. 20.
I
Mon.
Tues,
Wed.
Thurs.
Fri.
12:15 12:30 12:15 4:0012:15 4:0012:151 4:0012:15 4:0012:15 4:00
m.p. m.p. m.p. m.p. m.p. m.p. m.
p. nip. m.p. m.p. m.p. In
New Contract. d.
October (1933)
January (1934)
March
May
July
October
December
January (1935)
March
May
July
d. I d. I
5.26 5.26
5.28 5.28
5.32 5.32
5.36 5.36
5.39 5.39
5.43__ __
5.46
5.47__
5.51
5.55__
d. I d.
5.23, 5.15
5.25' 5.17
5.29 5,21
5.33 5.25
5.36 5.2
5.40_
5.43_ __
d.
d.
5.28 5.28
5.29 5.28
5.33 5.31
5.37 5.35
5.40 5.38
5.43
5.46__
5.47
5.51__
__ 5.55
5.48
5.59
5.52 --
d.
d.
5.20 5.28
5.22 5.30
5.26 5.34
5.30 5.37
5.33 5.41
5.36__
5.39 -
'NW
BREADSTUFFS.
d.
d.
5.29 5.31
5.29 5.31
5.32 5.3
5.36 5.37
5.39 5.40
5.43._
5.46 __ __
5.47
5.
5.54
6.58 -
d.
5.29
5.29
5.32
5.34
5.37
5.39
5.43
5.44
5.47
5.51
5.54
2999
was rampant. Other bullish factors were the reports of
farm strikes in the Middle West and Northwest, and a
belief that the Government will take steps to advance prices.
Reports that President Roosevelt had invited a Soviet representative to confer with him also had a certain effect.
Final prices are 1% to 2%c. higher for the week.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK..
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
8931 8431 8931 9131 9231 95
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
75
6931 7431 7831 79
815
May
79
7331 7831 8131 8031 84
July
77
7631 72
7931 7831 82
Season's High and When Made.
Season's Low and When Made.
December___124
July 18 1933 December-- 6731
Oct. 17 1933
May
July 18 1933 May
12831
Oct. 17 1933
7131
7031
July
Oct. 17 1933
Oct. 2 1933 I July
933l
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
5531 5431 5734 57% 5731 59}1
5734 5831 5731 59
55% 55
Demuth*
May
6031 6031 6231 6331 6231 64
INDIAN CORN, after displaying considerable weakness
early in the week, and going into new low ground for the
season, rallied with wheat. On the 14th inst. prices ended
1 to 1%c. lower. At one time the decline was 2 to 2%c.
The recent decline has tended to check country offerings
because of the low prices being paid to producers. On the
16th inst. prices were relatively strong, closing at net losses
of only 1 to 1%c. The cash market was strong and country
offerings to arrive were small. The visible supply showed an
increase of 1,393,000 bushels, reaching a total of 59,244,000
bushels against 57,851,000 bushels a week ago and 23,187,000
bushels a year ago. On the 17th inst. prices closed 3% to
4c. higher, or more than 4c. above the low level of the day.
Cash demand was good, and country offerings were small.
The late strength in wheat also helped. There was a good
demand from locals, and some short covering. On the 18th
Inst. prices advanced 1 to 1%c., in response to the rise in
wheat. Demand was fair and country offerings small.
Cash corn was in good demand. On the 19th inst. futures
closed 1% to 2%c. lower, with December showing the
most strength. Selling was inspired by heavier country
offerings to arrive.
To-day prices rallied 5% to 5%c. from early lows, and at
one time were 4c. net higher, but heavy liquidation caused
a reaction, and the ending was only % to %c. net higher.
Cash markets were firm and country offerings rather
small. Final prices are 14 to 29
, higher for the week.
4c.
Friday Night, Oct. 20 1933.
FLOUR was in only moderate demand at best. Shipping
directions were fairly good. Prices were irregular, moving
down early in the week, when wheat declined and advancing
later when wheat became stronger. The reported purchases
of wheat by the Government for relief purposes also helped
flour.
WHEAT, after developing acute weakness early in the
week, under general liquidation, which carried prices over
20c. lower, rallied and recovered all of the losses on Government buying for relief purposes. On the 14th inst. prices
reached new low ground for the season, under continued
long liquidation by discouraged holders. Much of the selling was by traders who had accumulated stocks in anticipation of early inflationary measures. Considerable short
selling was also noticeable. The market broke to within %c.
of the day's limit, when buying orders were encountered.
DAILY CLOSING PRICES OF CORN IN NEW YORK..
This support, together with covering of shorts, sent prices
Sat. Mon. Tues. Wed, Thurs, Fri.
5131 5031 5431 5534 5334 5431
up Sc. from the low of the day, at one time, but towards No.2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
the close another reaction set in on selling due to the weakSat. Mon. Tues. Wed. Thurs. Fri.
ness at Liverpool and a belief that no radical steps will be December
3831 3731 4131 4231 41
4234
4534 4431 4831 4934 4731 48%
taken toward inflation. The ending was 3% to 4c. net May
July
47% 46
50
5131 4931 50%
lower.
Season's High and When Made.
Season's Low and When Made.
On the 16th inst. heavy long liquidation by Eastern inter- December-__ 77
July 17 1933 December-- 3731 • Oct. 14 1933
May
July 17 1933 May
82
4331
Oct. 14 1933
ests and other selling sent prices down nearly 7c. from the July
57
Oct. 4 1933 July
46
Oct. 14 1933
early high. The ending was 4% to 5c. lower. May and
OATS followed the trend of wheat, declining early in the
July touched new lows for the season, and December sold
week under considerable liquidation and rallying with it
at the lowest point since April 29. Stop loss orders were
later on. New lows for the season were reached. On the
uncovered on the way down. The weakness of cotton and
securities and the erratic fluctuations of the dollar were 14th inst. prices declined 2 to 2%c., with other grain lower.
On the 16th inst. prices ended 2/ to 2%c. lower, under
1a
the principal bearish influences. The visible supply showed
an increase of 410,000 bushels for the week. The total was liquidation inspired by the break in wheat. Cash interests
146,679,000 bushels against 146,269,000 bushels a week ago bought distant deliveries on the recessions. On the 17th
inst. prices ended Sc. higher. Oats showed some indepenand 186,915,000 bushels a year ago.
On the 17th inst. prices advanced the limit permitted for dence of its own. Pressure was light, and the market apone session, and at the close were 5 points higher. At one peared oversold. On the 18th inst. prices rose 1 to 1%c., in
time prices dropped more than 7c. on renewed liquidation sympathy with other grain. On the 19th inst. prices closed
of stale long accounts and stop loss selling, but official unchanged to %c. lower. Cash interests bought the nearby
announcement of Government buying of cash wheat and deliveries and locals sold. To-day prices closed 1% to 1%c.
higher, on good buying by cereal interests inspired by the
futures through the National Grain Corporation caused a
sharp rise. Millers bought on the decline, and there was strength of other grain. Final prices show a rise for the
some speculative buying. Outside markets were firm, due week of % to 1%c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
to the embargo placed on shipments of wheat from North
Sat. Mon. Tues. Wed. Thurs. Fri.
Dakota. Winnipeg advanced 2% to Sc. Liverpool, however, No.2 white
3734 3454 3734 3831 3834 4034
was off ld. to 1%d.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
On the 18th inst. prices closed 2% to 3%c. higher, on
Sat. Mon. Tues. Wed. Thurs, Fri.
2834 2531 2834 2931 2931 32
further Government buying for relief purposes. There was December
May
32
2934 3231 3334 33
3431
some demand from mills and a leading speculator Who has July
30
2754 3034 32
31
3234
Season's High and When Made.
been out of the market for several weeks was reported to
Season's LOW and When Made.
December.-- 5231
July 17 1933 December-- 25
Oct. 17 1933
have made good-sized purchases. Selling to take profits May
July 17 1933 May
5631
Oct. 17 1933
2831
was rather heavy at times, but it was readily absorbed. July
Oct. 3 1933 July
4031
2734
Oct. 17 1933
There was a better outside interest. Minneapolis rose 4% DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
to 4%c. The Government bought cash wheat freely in all October
2734 27
2931 2934 2831 2931
markets. Kansas City premiums advanced % t lc., December
2854 28
3034 3031 2931 30%
Chicago 2c., and Minneapolis 2 to 2%c. Liverpool was 1%d.
RYE declined with other wheat, but failed to rally with
higher, and Winnipeg 14 to %c. up.
/
It later on. New lows for
On the 19th inst. prices were weaker early in the day, 14th inst. prices closed the reason were reached. On the
4%c. lower, on selling caused by
owing to the weakness in stocks, but persistent buying by reports of shipments
of rye from Black Sea ports to this
Minneapolis and Kansas City mills easily absorbed the country. On the
16th inst. prices declined the limit of 5c.
offerings, and prices ended 1%c. higher on December while allowed on
general liquidation, owing to the break in wheat.
May and July were 1 to 1%c. lower. Liverpool was % to There was some
demand from distillers at the extreme lows,
%d. higher, while Winnipeg was % to %c. lower.
but it was not large. On the 17th inst. prices ended 5c.
To-day prices, after rising the limit of Etc. allowed for higher on July, the limit
allowed in one day's trading, while
one day's trading, reacted and ended 2% to 4c. net higher. December and May were 4 to 4%c.
higher. Some sold on
Minneapolis advanced 1% to 2%c., Kansas City 2 to 2%c., the advance. The
strength of wheat had its influence. On
and Winnipeg was up 2 to 2%c. A disappointing foreign the 18th inst. prices ended 1%c,
lower to %c. higher. The
demand, lower cables than due and increased estimates threat of foreign imports
checked the
on the Australian crop caused general liquidation and an Inst. prices ended % to 1%c. lower in demand. On the 19th
a dull and featureless
early decline, but subsequently the market rallied on fur- market. The decline in corn
caused selling. To-day prices
ther buying by Government agencies and unfavorable crop ended 2% to 2%c. higher, in
response to the advance in
news from the Southern Hemisphere. Bullish sentiment wheat. Final prices show a
decline for the week of 5 to 5%c.
Financial Chronicle
3000
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
53'/ 4834 52% 514 504 534
594
May
604 5536 3934 5834 57
July
584 5734 60
58
53
Season's High and When Made.
Season's Low and When Made.
Oct. 17 1933
December___11I S
July 19 1933 December___ 44
Oct. 17 1933
May
51
1164
July 19 1933 May
Oct. 17 1933
July
554
Oct. 16 1933 July
5234
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
3734 39
394 3534 4034 39
December
3834 3934
404 374 414 40
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGG.
Sat. Mon. Tues. Wed. Thurs. Fri.
434 4234 44
December
444 394 44
May
4734 4734
504 454 494 48
484 484
July
49
49
46
45
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed.Thurs. Fri.
October
304 304 294 3234 3134 32
33
December
3334 32
3134 314 30
Closing quotations were as follows:
GRAIN
Oats, New York
Wheat New York404
No. 2 white
No.2 red, c.i.f., domestic___ 95
3935
No. 3 white
Manitoba No.1.f.o.b. N.Y_ 6836
Rye,No.2,f.o.b.bond N.Y_
4534
noml
Chicago, No.2
Corn,New York5434 Barley
No.2 yellow, all rail
5331
54
N.Y..474 lbs. maltingNo.3 yellow,all rail
38-65
Chicago, cash
FLOUR.
$4 40-$4.70
Spring pats., high protein $6.6547.00 Rye flour patents
6.40- 6.75 Seminola. bbl.. Nos. 1-3 8.10- 8.60
Spring patents
2.15
6.15- 6.50 Oats goods
Clears, first spring
1.60
Soft winter straights__-- 5.65- 6.00 Corn flour
Hard winter straights- 6.20- 6.55 Barley goods
4.00
Coarse
6.50- 6.75
Hard winter patents
Fancypearl.Nos.2.44‘7 5.50- 5.70
5.60- 5.85
Hard winter clears
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Wheat.
Flour.
Receipts at-
Oats.
Corn.
Rye.
Barley.
bbls.1961bs.bush.60 lbs.bush. 56 lbs bush. 32 lbs.hush.481bs.bush.561bs.
161,000
2,000
150,000
127,000 2,203,0''
164,000
Chicago
350,111
171,000
67,000 383,000
1,195,000
Minneapolis_
59,111
178,000
32,000 247,000
1,116,000
Duluth
100,000
7,000 312,000
9,000 1,351,000
17,001
Milwaukee __
.
46,111
44,000
138,000
2,000
Toledo
11,000
19,001
5,000
5,000
15,000
Detroit
70,000
596,001
40,000
Indianapolis_
2,000
35,000
230,000
378,000
66,000
139,000
St. Louis_ _ _.
14,000
524,000
53,000
14,000
63,000
38,000
Peoria
32,000
478,000
338,000
12,000
Kansas City
41,000
404,000
382,000
Omaha
44,000
108,000
13,000
St. Joseph.
14,000
113,000
Wichita
7,000
15,000
12,000
62,000
Sioux City_ _ _
3,684,000 1,296,000
344,000; 193,000 329,000
Buffalo
Total wk. '33
Same wk. '32
Same wk. '31
370,000
393,000
466,000
7,496,000
9,804,000
5,864,000
7,888,000
6,692,000
2,933,000
1,252,0001
1,292,0001
1,545,000
322,000 1,541,000
309,000 886,000
129,000 1,246,000
Since Aug.13,470,000 78,207,000 51,953,000 32,432,0001 4,006,00017,490,000
1933
4,240,000131.458,000 54,982,000 41,336,000 4,099,00013,893,000
1932
1051
5 460 000 135.605.000 32448.000 27.001.000 2.201.00013.892.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Oct. 14, follow:
Receipts atNew York_ _
Philadelphia
Baltimore..._ _
Newport News
New Orleans *
Galveston_
Montreal_ _ _ _
Boston
Quebec
Flour.
Wheat.
Oats.
Corn.
Rye.
Barley.
bbls.1961bs.bush.60 lbs.bush. 56 lbs. bush. 32 lbs. bush.481bs.lbush.561bs.
34,000
4,0001
36,000
451,000
107,000
113,000,
12,000
1,000
19,000;
1,000
13,000/
6,000
16,000
6,000
27,000
178,000
24,000
12,
69,0
33,000
3,000
42,000
17,000,
19,000
1,671,
77,
4,000
17,000
919,000
Total wk. '33 275,000 3,241,000
Since Jan.1'33 11,811,000 77,488,
203,000
4,687,000
101,000
3,553,000
34,000
309,0001
77,000
614,000
201,000
61,000
588,000
200,000
Week 1932__ _
314,000 3,792,000
Since Jan.1'3212,771,000 125,611,000 4,870,000 9,024,000 11,052,000 7,323,000
*Receipts. do not include grain passing through New Orleans for foreign ports
on through bl Is of lading.
The exports from the several seaboard ports for the week
ending Saturday, Oct. 14 1933, are shown in the annexed
statement:
Wheat.
Exports from
Corn.
Bushels. Bushels.
243,000
2,000
New York
New Orleans
Galveston
Montreal
Quebec
1,671,000
919,000
Total week 1933._ 2,835,000
Same week 1932._ 4,148,000
Oats.
Flour.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
23,730
2,000
3,000
8,000
17,000
42,000
19,000
77,000
111,730
80,965
21,000
523,000
17,000
57,000
42,000
197,000
The destination of these exports for the week and since
July 1 1933 is as below:
Flow.
Exports for Week
and Since
July 1 to-
Week
Oct. 14
1933.
Since
July 1
1933.
Wheat.
Week
Oct. 14
1933.
Mime
July 1
1933.
Corn.
Week
Oct. 14
1933.
Bushels. Bushels.
Barrels. Barrels.
Bushels.
United Kingdom.. 74,685 1,001,665 1,319,000 16,179,000
21,045
Continent
266,237 1,514,000 21,534,000
77,000
1,000
16,000
1,000
So.& Cent. Amer_
11,000
15,000
240,000
1,000
West Indies
____
3,000
Brit. No. Am.Col.
155,000
____
79,915
Other countries
Total 1933
Total 1932
111,730 1,606,817 2,835,000 37,956,000
80,956 1,064,346 4,148,000 59,877,000
Since
July 1
1933.
Bushels.
20,000
3,000
23,000
565,000
Oct. 21 1933
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Oct. 14, 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,
Oats,
bush,
bush,
bush,
2,000
128,000
355,000
210,000
24,000
468,000
75,000
43,000
17,000
1,748,000
30,000
208,000
45,000
290,000
94,000
435,000
6,502,000
75,000
825,000
2,219,000
44,000
18,000
5,710,000
4,872,000 2,773,000
563,000
37,033,000 3,315,000
666,000
10,127,000 6,849,000 2,926,000
804,000
653,000
500,000
5,490,000 2,292,000
534,000
988,000 1,696,000 1,049,000
28,000
383,000
395,000
6,640,000 18,027,000 6,027,000
1,242,000
943,000
305,000
708,000 2,186,000 3,582,000
29,625,000 2,843,000 17,848,000
19,653,000 4,010,000 11,042,000
8,000
320,000
18,000
6,342,000 9,653,000 1,759,000
6,295,000 1,063,000
428,000
143,000
Rye,
bush.
1,000
11,000
12,000
17,000
Barley,
bush.
34,000
8,000
4,000
8,000
2,000
76,000
78,000
206,000
7,000
30,000
20,000
58,000
77,000
18,000
8,000
38,000
3,771,000 1,590,000
1,154,000
38,000
778,000
3,638,000 8,891,000
2,699,000 3,184,000
22,000
28,000
1,220,000
845,000
92,000
Total Oct. 14 1933__146,693,000 59,244,000 48,274,000 13,006,000 15,657,000
Total Oct. 7 1933_146,369,000 57,851,000 48,482,000 12,861,000 15,407,000
Total Oct. 15 1932...186,915,000 23,187,000 27,623,000 8,632,000 6,945,000
Note -Bonded grain not included above: Wheat, New York, 928,000 bushels:
N. Y. afloat, 156,000; Buffalo, 2,681,000; Buffalo afloat, 1,964,000; Duluth, 18,000;
Erie, 1,393,000; on Lakes, 435,000; Canal, 1,058,000; total, 8,633,000 bushels,
against 12,064,000 bushels in 1932.
Corn,
Wheat,
Oats,
Rye,
Barley,
bush,
bush.
bush,
Canadian-bush.
bush.
Montreal and other water
40,049,000
points
2,644,000 1,074,000 1,244,000
4,377,000 2,600,000 4,783,000
Ft. William & Pt. Arthur_61,272,000
16,127,000
641,000
Other Canadian
943,000
84,000
7,964,000 3,758,000
Total Oct. 14 1933__A17,448,000
7,760,000 3,676,000
Total Oct. 7 1933._117,095,000
2,716,000 3,487,000
Total Oct. 15 1932_ A09,069,000
Summary
59,244,000 48,274,000 13,006,000
146,693,000
American
117,448,000
7,964,000 3,758,000
Canadian
6,668,000
6,027,000
2,009,000
15,657,000
6,668,000
Total Oct. 14 1933_264,141,000 59,244,000 56,238,000 16,764,000 22,325,000
Total Oct. 7 1933_263,464,000 57,851,000 56,242,000 16,537,000 21,434,000
Total Oct. 15 1932...295,984,000 23,187,000 30,339,000 12,119,000 8,954,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Oct. 13, and since July 1 1933 and July 2
1932, are shown in the following:
Wheat.
Exports.
Week
Oct. 13
1933.
Since
July 1
1933.
Corn.
Since
July 2
1932.
Week
Oct. 13
1933.
Since
July 1
1933,
Since
July 2
1932.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
7,000
799,000
North Amer_ 5,251,000 62,761,000 92,275,000
71,000
Black Sea. __ 1,504,000 10,208,000 8,784,000 476,000 14,606,000 8,783,000
11,285,000 3,558,000 63,535,000 84,396,000
Argentina___ 1,259,000 40,534,000
800,00 27,279,000 24,202,000
Australia _
94,000 1,669,000 10,024,000
0th. countr's
560,0001 7,808,000 12,277,000
Total
9,374,000148,590,00048,823.000 4,135,000 79,881,000104,002,000
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
OCT. 18.
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Oct. 18. follows:
In the more eastern States cool weather obtained at the beginning of
the week, but it had become warmer in the interior and the Northwest;
the East had a general rise in temperature by the 12th. In the meantime
an extensive "high" had overspread the Northwest, attended by cooler
weather, and its subsequent easterly movement brought, by the 15th, unseasonably low temperatures to the Atlantic coast, with freezing as far
south as southwestern Virginia. The week closed warmer over the Eastern States.
• Precipitation was of a very local character, with fair weather prevailing
In nearly all sections, until the 15th. when cloudy, unsettled weather set
In over the interior. On the morning of the 16th rains were reported
generally over the Mississippi and lower Missouri valleys and at the close
of the week widespread showers had occurred in practically all sections
from the Mississippi eastward, with fairly heavy falls over a considerable
southeastern area.
Chart I shows that the temperature averaged somewhat below normal
In the upper Ohio Valley, the Potomac Basin and some adjoining sections, as well as locally in central-northern districts. Elsewhere the week
was warmer than normal, though the plus departures in temperature
were small over the eastern half of the country. From the Rocky Mountains westward a decidedly warm week was experienced, with nearly all
stations reporting weekly mean temperatures ranging from 3 to as much as
10 degrees above normal.
Chart I shows also the area covered by freezing weather. In the East
temperatures as low as 32 degrees occurred as far south as Lynchburg and
Wytheville, Va., but otherwise east of the Rocky Mountains freezing
was confined to the more northern States, extending southward only to
northern Iowa and central Nebraska, as reported from first-order stations.
The lowest record for the week was 14 degrees at Devils Lake, N. Dak.,
on the 12th.
Chart II shows that substantial rains occurred in Appalachian Mountain sections and over a narrow belt from eastern Oklahoma and southern
Missouri southeastward to Georgia: also in a local north-central area.
Elsewhere east of the Great Plains precipitation was general, but the
amounts were mostly light, with a limited number of stations having
more than half an inch. Except very locally in the extreme Northwest
and at a few points in the Southwest, there was very little precipitation
from the Rocky Mountains westward. Pacific districts from Oregon southward and most of the Great Basin had a practically rainless week.
While a comparatively late growing season was brought to a close by
killing frost over considerable northern areas, harm, in general, from this
cause was of no great importance, and the week, on the whole, was favorable over most of the eastern half of the country. The weather VMS mostly
pleasant and sunny, facilitating outside operations, until near the close
of the period, when helpful showers occurred rather generally east of
the Great Plains. The rains were especially beneficial in a large southeastern area, as plowing, seeding and the growth of fall truck were being
retarded by hard, dry soil. The rains brought only temporary relief, and
more are needed in most places from Virginia southward and in the Gulf
States.
Volume 137
Financial Chronicle
Farm work is well abreast of the season, in most cases farther advanced
than usual, except where it has been too dry for plowing and seeding.
Sowing winter wheat is practically finished in the main producing sections, except in some southwestern areas where the soil remains too dry.
The additional moisture was especially helpful for the germination of late
-central Great Plains
seeded and growth of earlier wheat from the east
eastward over the lower Missouri and Ohio valleys.
In the western half of the country conditions are less favorable because
of continued lack of moisture. Rains are needed nearly everywhere from
the Rocky Mountains westward, and the serious deficiency in soil moisture
in the northern Great Plains remains unrelieved. Light showers during
the week in parts of the Southwest, notably in Arizona, were helpful, but
otherwise no rain of consequence occurred and complaints of unfavorable
dryness come from nearly all sections. Late seeding is being retarded in
the Pacific Northwest and recently planted grain is germinating unevenly,
while in California more moisture is badly needed to condition the soil
for winter crops and for grass.
SMALL GRAINS.—Seeding winter wheat is practically completed in
most of the central and eastern part of the main wheat belt, with much 11P
to good stands, while some is being pastured in Missouri. In MUMS
seeding is about finished, except in the southwest; stands are generally
good in the eastern third of the State, but elsewhere no advance was made
due to deficient soil moisture. In Oklahoma progress and condition of
wheat already seeded was fair but considerable remains to be sown in dry
sections. Seeding is progressing favorably in Texas, with some coming
up to good stands, while growth was very good in Nebraska, but rain is
needed. Moisture is rather generally deficient over much of the northwestern part of the country from Minnesota westward and southwestward,
although early planted grains in parts are growing satisfactorily. In the
Pacific Northwest early grains are doing well, but rain is needed for the
late-seeded and some are being sown in dust. Dry, hard soil delayed planting in the southeast.
CORN AND COTTON.—The weather continued favorable for drying
out the corn crop. While cutting is largely completed in the Ohio Valley,
only a limited amount of cribbing has been done, because the grain is not yet
dry enough. In Iowa husking and housing are advancing rapidly in the
north and have made a good start in the south, with corn drier at this season than at any time in the past five years.
In the cotton belt the week was mostly fair and sunny until the showers
over the central and eastern portions the latter part. Picking and ginning
made satisfactory progress rather generally, except in Oklahoma and western and northern Arkansas, where rains gave some interference and progress
was poor to only fair. The moisture did no material damage to the unpicked crop, while many green bolls on lowlands in central-norther portions
of the belt are still developing.
3001
as compared with the corresponding period of last year,
other districts were reported to have felt little or no effect
from the drive. Disappointment among retailers over the
present failure of business to show any real upturn is the
more pronounced since most stores, in their eagerness to
move goods, are working on the smallest markin possible,
with the result that very little merchandise as yet has
been sold on the basis of replacement costs. Inventories
in retail establishments are generally believed to be ample
and in many instances higher than at any time during recent years. Chain store sales, following their remarkable
September gain, were able to maintain increases of approximately 6 to 8% over last year, while apparel chains registered gains up to 14%.
Wholesale trading in dry goods continued extremely
spotty. What business there was obtained emanated chiefly
from the mail order houses who were in the market with
numerous re-orders and purchases of spring and summer
goods. Department stores, on the other hand, in keeping
with their own lag in sales, did very little buying, and the
number of buyers in the New York market was consequently
very small, only slightly more than holf of last year's figures. A feature of the market were frequent cancellations
particularly on orders of cheaper dresses, which were reported to be so poorly made that sales volume has dropped
considerably, leading to an improvement in the over-thecounter yard goods business. Trading in silk gray goods
increased and prices strengthened. Low-end printed crepes
are easier, due to the weakness in raw silk. A shortage of
spring silks is indicated, with the weavers' strike spreading
to New England mills. Orders for rayon yarns continue to
placed in such volume that renewed efforts are said to
The Weather Bureau furnishes the following resume of be
be made to postpone the date for booking orders for Janthe conditions in the different States:
uary shipment which is scheduled for Nov. 1, because it is
Virginia.—Richmond: Temperatures normal to slightly below, with
felt that by the beginning of next year most producers will
heavy frosts in central and killing in portions of Great Valley: damage
slight. Precipitation moderate to light. Growth of southeastern truck
see the desirability of a further moderate price advance.
retarded. Meadows and pastures mostly poor. Open weather favored
A revival of interest in rayon flat crepes is noted. Satins,
farm work which is well advanced. Seeding wheat and oats continues
despite dry ground. Harvesting corn nearly completed, but considerable
particularly crepe satins, are also moving well at retail.
rotting in storm-flattened fields.
DOMESTIC COTTON GOODS.—Trading in gray cloths
North Carolina.—Raleigh: Cool; too dry_, though rain at close of week
In mountains and over most of Piedmont. Forage crops mostly harvested. continued very quiet, with the little business that was
Some corn husked earlier than usual. Cotton picking two-thirds done.
available going to second hands, who shaded prices from
Light to heavy frost in west, but no material damage. Truck and pastures
poor to fair.
1 to y
4
4c. A number of mills was reported to curtail proSouth Carolina.—Columbia: Prolonged drought effectively broken by
duction because of the lack of demand and because they
copious to heavy rains in most sections at week-end; temperatures nearly
were unwilling to pay a tax on stock accumulations. Other
normal. Good weather for haying, which is nearly completed. Fall
plowing made little progress and but little small grain seeding was done.
mills were said to receive not a few requests for postponeSweet potato harvest progressing. Cotton picking dwindled to gleaning
ment of deliveries on existing contracts. Cotton goods in
stage in most sections; ginning still active.
the hands of converters, jobbers, cutters and retailers are
Georttia.—Atlanta: Farm work well advanced, except fall seeding of
wheat and oats. Favorable for harvesting corn and other crops. Sweet
believed to be sufficiently large to take up consumer demand
potato digging well advanced. Rain Monday relieved serious drought.
for some time to come, and no permanent improvement is
Picking and ginning cotton advanced beyond normal; picking practically
completed, except in scattered areas.
looked for until consumption has actually caught up with
Florida.—Jacksonville: Warm, dry weather unfavorable for all crops.
the anticipatory purchases by distributors. Narrow sheetDrought very bad in west. Cotton season practically over; a few fields
yet to be picked. Corn harvested. Sweet potatoes fair to good. Truck
ings were inactive, although there was some inquiry for
retarded by dry weather. Cane poor to fair. Citrus good; some splitting
bag numbers. Heavy goods were quiet and unchanged. On
and dropping. Rains Monday and Tuesday will help all crops.
many kinds of cotton goods prices stayed firm, as mills reAlabama.—Montgomery: Dry until close when moderate rains. Picking
cotton completed, except in north where well advanced. Harvesting corn
main sold ahead. Fine yarn cloths in standard construccontinues. Sweet potato crop fair to good and being dug. Potatoes poor
tions continued quiet, with prices generally unchanged.
to fair. Vegetables scarce. Most pastures have failed.
Fancies were moderately active, but buying was confined
Mississippi.—Vicksburg: Somewhat warm; generally dry until close
when light showers. Progress of cotton picking generally very good and
to goods in the lower price ranges. Closing quotations in
practically completed in south, while approaching completion in central;
print cloths were as follows: 39-inch 80's, 8% to 9c.: 39ginning fairly good advance. Saving forage and housing corn generally
excellent progress. Growth of gardens and pastures rather poor as rain
inch 72x76's, 8% to 8%c.; 39-inch 68x72's, 71 to 7%c.;
,4
needed.
38%-inch 64x60's,6% to 6%c.; 38%-inch 60x48's. 5% to 5%c.
Louisiana.—New Orleans: Beneficial moderate to locally heavy rains
improved soil condition for truck and seeding of small grains. Weather
WOOLEN GOODS.—Trading in men's wear goods, in
continued favorable for harvesting and cotton is about all out. Rice
threshing advanced favorably toward completion. Cane fair to fairly
line with the extreme dullness in the women's wear section,
good and cutting has begun locally.
has slowed down considerably, although some mills were
Texas.-11ouston: Warm throughout State; showers widely scattered.
able to maintain full operations, due to the substantial
Picking and ginning cotton made rapid advance and practically completed
to north-central. Preparation of land for fall crops proceeded rapidly and
orders received earlier in the season. It is felt, however.
wheat sowing progressed favorably; some early planted coming up to good
that many buyers purchased considerably more than their
stands. Citrus made considerable new growth, following the destructive
storm. Truck, ranges, and cattle mostly good. General rain would be
requirements would warrant caused by their desire to
beneficial.
anticipate the trend on the part of the mills to part their
Oklahoma.—Oklahoma City: Sunshine deficient. Light or no rain in
orders. While wholesale clothing markets were quiet, with
extreme west, but moderate to excessive falls elsewhere. Only fair progress in picking cotton account rain; more than half picked; crop only
clothing manufacturers mostly being able to fill orders
slightly damaged by showers. Progress and condition of winter wheat
with goods out of stock, retail sales showed some expanfair, except rain needed in extreme west; considerable yet to be sown in
dry sections. Some corn gathered. Pastures and livestock in good
sion, particularly in such instances where prices were lowcondition.
ered for the purpose of clearing heavy stocks of topcoats
Arkansas.—Little Rock: Progress of picking cotton good In southeast,
and overcoats. Stocks of retail establishments, in general,
but slow in west and north whore rainy weather interfered; many green
bolls still developing on lowlands. Weather very favorable for late corn,
appear to be ample to meet nearby requirements. Women's
truck, and sowing wheat and oats, but unfavorable in some west and north
wear markets were exceedingly quiet, due, in part, to adportions.
verse weather conditions and, partly, owing to an increase
Tennessee.—Nashville: Favorable for maturing corn and some early
gathered; late safe from frost. Tobacco curing satisfactorily; small amount
of consumer resistance to higher prices. Notwithstanding
stripped, while some not yet cut. Winter wheat sowing progressing;
the present lull in retail demand, considerable interest was
some coming up. Cotton opening fast; quality good. Good progress in
digging potatoes. Rain on last day benefited truck, vegetables, and pas
shown in the advance presentations of winter resort and
awes.
spring lines because it is felt that with the advent of more
Kentucky.—Loulaville: Moderate temperatures; light to heavy showers
seasonable cooler weather a certain improvement in conin north and west. Some delay to seeding, but progress generally good;
continued too dry in southeast. Pastures fairly good, except in southeast.
sumer buying may be looked for.
Considerable barley and wheat up and stands excellent; sowing continues
in south. Tomatoes still producing. Corn cutting nearly finished: some
FOREIGN DRY GOODS.—While the demand for linens
gathering.
is keeping within narrow bounds, efforts are being made
to introduce a number of novelties particularly of the uncrushable variety which is looked upon as one of the most
THE DRY GOODS TRADE
promising style contributions of the season. A special proOct. 20 1933.
Xct lurk, Friday A
motion concerns the offering of exclusive linen wash
Notwithstanding the advent of cooler ;Ind more seasonable fabrics for over-the-counter selling, in view
of the steadily
weather, the volume of sales in retail trade, though slightly advancing costs in producing
ready-to-wear garments. Reimproved, is not up to expectations. Insufficient buying tail prices on linen suits for the next
season are expected
power, particularly on the part of the "white collar" class to average about 25% above last
season's levels. Reflects nd ensuing growing resistance to higher price demands, ing the extreme lack of interest on
the part of consumers
continue to be the chief hindrance. The results of the and also the weakness of sterling,
burlap prices experienced
"Buy Now" campaign, started under the auspices of the another drastic downward revision.
NBA, so far has been variable in different sections of the attracted some buying but closingThe lowered quotations
domestic spot prices
country. While individual centers like Cincinnati and Los ranged from 15 to 25c. below last
week, lightweights being
Angeles managed to record substantial increases in sales quoted at 4.25c., heavies at 5.50c.
3002
Financial Chronicle
Oct. 21 1933
State and City Department
NEWS ITEMS
Detroit, Mich.—Bondholders' Refunding Committee Announces First Payment of Interest to Be Made on Defaulted
Bonds.—The first payment of interest on funded debt of
the above city, exclusive of water and street railway bonds,
since Detroit defaulted on its bonds last February, has been
made possible through the collection by the Bondholders'
Refunding Committee of $1,118,730 for this purpose. The
city has continuously paid maturing interest on its street
railway bonds and it resumed interest payments on its
water bonds on July 1 1933. (See official advertisement on
this report, appearing on page vi of this issue.)
The committee, of which B. A. Tompkins, Vice-President of Bankers
Trust Co., New York, is Chairman, announced on Oct. 18 that funds
collected, together with additional collections which It expects to make,
will be distributed pro rata to holders of bonds and notes who have deposited with the committee on or before Dec. 15 1933. Bonds and notes
not deposited by that time will not be eligible to share in such distribution.
Simultaneously, the committee announced that the city of Detroit bonds
and notes deposited with and controlled by the committee, the holders of
which have accepted the refunding plan outlined in July, amount to
$150,599,632. The deposit of this large amount of bonds, representing over
53% of the obligations of the city affected by the plan, is believed to constitute a record for any operation in this country involving the deposit of
securities. A majority of the institutions which are large holders of Detroit
bonds have already assented to the refunding plan. The largest deposits
in the aggregate have been made by the insurance companies and the
savings and commercial banks throughout the country which, both for
their own accounts and for those for whom they act as trustees, have deposited a total of over $81.000,000 of bonds and notes.
Final approval of the refunding plan has been granted by the Public
Debt Commission of the State of Michigan. It stipulates that the cost
of the refunding shall not exceed $1,000,000 to be paid solely by the city
of Detroit. A further stipulation provides that no assessment shall be
made against the depositors for any part of this cost except that in the event
of the failure of the city to pay, when and as provided in the contract, the
committee may defray such cost from pro rata collections made on deposited obligations. Such collections, however, are to be reimbursed when
payments are later made by the city. This stipulation, it is stated, is entirely satisfactory to the committee, which from the beginning has maintained that no part of the cost of carrying out the plan should be borne by
the bondholders. The contract between the city and the refunding committee provides that the members of the committee shall serve without
compensation.
In order to consummate the refunding plan, whereby bondholders will
receive the new refunding bonds and the regular payment of interest as
provided in the plan, the committee recommends the immediate deposit
of all remaining bonds and notes covered by the plan.
Florida.—Supreme Court Sustains Injunction Against
Building With Federal Funds.—The State Supreme Court on
Oct. 5 affirmed a Circuit Court injunction prohibiting the
Board of Commissioners for State Institutions from borrowing money from the Federal Public Works Administration
holding that the lower Court was correct in ruling that such
procedure would be unconstitutional as it would involve a
pledge of the State's credit. The action was brought by
Guyte P. McCord, of Tallahassee, who contended that the
said Board was about to complete plans for a loan of at least
$500,000 for State building construction. We quote in part
as follows from a Tallahassee dispatch to the Jacksonville
"Times
-Union" of Oct. 6:
The plans of the Board of Commissioners for.State Institutions to obtain
$500.000 from the Federal PWA were shattered to-day as the State Supreme
Court said they were unconstitutional.
The Court unanimously affirmed an injunction granted last week by
Circuit Judge J. B. Johnson of Tallahassee. and said the transaction "as
prop sod would in effect be an attempt to create a binding, continuing
interest bearing contract-obligation of the State that would violate the intent
of the Constitution."
The possibility that funds might be obtained by the Florida Agricultural
and Industrial Relief Commission was not discussed by the Court, but
Attorney-General Cary D.Landis said he could "see no way,just at present,
that arrangements for obtaining the money could be negotiated by this
Commission."
Whitfield Writes Opinion.
Associate Justice J. B. Whitfield wrote the Court's opinion, and names
of the five other justices were.ffixed in concurrence.
The Court said the State had made a showing of "dire and immediate
need" for the construction of female ward buildings at Raiford and Chattahoochee, and said it was a "commendable desire of the Board to provide
for the safety of the inmates ofsuch institutions."
The opinion further stated that the State contended repayment of such
loans and advances would be in the form of rentals.
"But."said the Court,"there appears to be no general or special authority
of law for the transaction as it is stated in the pleadings."
The Board of Commissioners proposed to lease, or deed, to the Federal
Government,lands at the Raiford State Farm and the Chattahoochee State
Hospital for the Insane on which the buildings would be erected. Money
would be advanced for the construction of the buildings, which the State
would lease from the government, and pay monthly or annual rentals out of
legislative appropriations for maintenance of the institutions.
After sufficient rentals had been paid to the government to cover the
amount obtained, plus 4% interest, the buildings would become the State's
property.
Grand Rapids, Mich.—Bonds Removed From List of Legal
Investments for New York State Savings Banks.—A news dispatch from the above city on Oct. 19 reported that the
Banking Department of the State of New York had notified
the City Comptroller that Grand Rapids bonds could no
longer be considered as eligible investments for savings
banks. (This report is treated in greater detail on a subsequent page of this section.)
Iowa.—Special Session to Revise Governmental Organization
and Tax System Scheduled for November.—According to a
United Press dispatch from Des Moines on Oct. 7 a special
session of the State Legislature will be held in November to
revise the 87
-year old governmental organization and tax
system. It is stated that a special legislative committee
appointed by Governor Clyde L. Herring to draft a plan
for reorganization is preparing a report on its collaboration
with the Brookings Institute for Governmental Research and
will present its recommendations, based on a thorough survey
of.the above Institute.
It is expected that the Legislature will also be called upon
to set up a new liquor control code in anticipation of repeal
of the 18th Amendment. .
to Consider
Kansas.—Special Session Called for Oct.
Impeachment Proceedings Against State Officials.—It was announced from the office of Governor Alf. M. Landon on
Oct. 7 that the State Legislature would be convened in
special session on Oct. 30 to consider impeachment proceedings against State officials, suspected of having been
implicated in the wholesale municipal bond forgeries which
have been the subject of investigation since they first came
to light on Aug. 9—V. 137, p. 1442. According to the
Topeka "Capital" of Oct. 8 the Bloss Legislative Committee
is chiefly concerned in the parts played by Tom Boyd,
State Treasurer, Roland Boynton, Attorney-General, and
Will J. French, State Auditor.
Massachusetts.—Changes in List of Legal Investments for
Savings Banks.—It is stated on Oct. 18 that the Bank Commissioner has added to the list of legal investments for savings
banks the bonds of the County of Penobscot, Me., City
of
Roanoke, Va., and the City and County of Denver, Colo.
The bonds of Waterville, Me., and Norwalk, Conn., have
been removed from the list.
New Jersey.—Insolvent Companies Ordered to Pay Municipal Taxes as Prior Liens.—A dispatch from Trenton on
Oct. 11 reports that Vice-Chancellors in allparts of New
Jersey announced in court on that day that insolvent companies must comply with the law which orders them to pay
their taxes out of the first moneys received. This announcement is said to have been made at the request of Chancellor
Luther A. Campbell, who is understood to have made the
ruling in order to assist many municipalities in which tax
collection drives are under way. It is reported that municipal
solicitors are urged by the Chancellor to obtain court orders
to compel payment when necessary.
New York City.—Chairman of Citizens Budget Commission
Asserts Economy Recommendations of Commission Ignored by
City Administration.—It was stated by Peter Grimm, Chairman of the Citizens Budget Commission, on Oct. 15 that he
was convinced after having attended the two hearings on the
tentative budget held up to that time, the recommendations
for economy in the city's administration presented to Samuel
Untermyer in a lengthy report recently, would not receive
whole-hearted consideration unless public opinion is brought
to bear on the Board of Estimate. The Oct. 16 issue of the
New York "Herald Tribune" carried the following report
on Mr. Grimm's statement:
30
The two public hearings last week on the tentative budget for 1934
showed that the city administration has no whole-hearted interest or concern in economy. Peter Grimm. Chairman of the Citizens Budget Commission, said yesterday. He called for "the full force of public opinion to be
brought down upon the administration during the next few days," when
the budget is to be discussed in executive sessions of the Board of Estimate.
David V. Sutton, as President of the First Avenue Association, made
public a letter to Mayor John P. O'Brien yesterday, in which he said that the
tentative budget, if adopted, will necessitate a basic tax rate of $2.55, as
against $2.33 in 1933 thereby robbing property owners of any benefit from
lower assessments. He asked for a two-cent tax on subway fares, obtained
by special legislation, if necessary, to relieve the taxpayers of 826,170,000
interest charges on subway expenditure, now included in the budget.
Ready to Lead Way on Cuts.
Mr. Grimm's statement follows: "An attempt was made at the Board of
Estimate hearing on the budget, Friday afternoon, to show that certain
recommendations for cuts made by the Citizens' Budget Commission were
indefinite and unsupported. No one will be misled by this. The Commission will welcome the opportunity to pursue these recommendations with
the city officials—in all details.
"The report of the Municipal Economy Committee, made to the Board's
financial adviser, Mr. Samuel Untermyer. was 81 pages in length, and
specific and complete. This, in spite of the fact that the committee had
little or none of the co-operation so generously offered it.
"The two hearings on the tentative budget last week were quite as much
of a farce as in previous years. The estimates indicate that it will require
more money to run the city in 1934 than it did this year. The Citizens'
Budget Commission states regretfully but possitively that no whole-hearted
interest or concern toward economy was shown.
"There are some signs of improvement, but on the whole the size and
content of the budget are disappointing. Dr. Nicholas Murray Butler
forcibly pointed out the danger in his address on the radio Saturday that the
budget presented last week does not contain certain expenditures that
must be met next year. If this is not corrected finally it will be impossible
to make the budget for 1935.
"The lesson is clear. The danger is real and present. Every possible cut
in expenses must be made if the essential services, such as hospitals, educations, police and fire are to be continued without letdown. The citizens
ofour city have a vital stake to see that this is done. The full force of public
opinion must be brought down upon the administration during the next
few days.
"During these days the budget is being discussed in executive session
by the Board of Estimate and Apportionment. The Citizens' Budget Commission urges all citizens who love their city to write to Mayor O'Brien
urging his support toward that end."
In Mr. Sutton's letter to Mayor O'Brien he explained that the tentative
budget includes an item for interest on corporate stock, involved in I. R. T.
contracts 1, 2 and 3, of $8,870,000, and interest on corporate stock for
the independent subway system of $17,500,000.
"This is an increase of $2,500,000 over the amounts appropriated in 1933
for these same items," Mr. Sutton said.
New Burden on Really Seen.
"It is unfair in the extreme that water rents having been increased 50%
only a few weeks ago, owners of real estate are also being called upon in
the 1934 tax budget to put up more than $26,000,000 so that people may
ride on the subway far a nickel.
"A two-cent tax on subway fares would bring into the city treasury an
estimated $35.000,000 to $40.000.000 a year.
Mayor Vetoes Bank, Insurance Tax Bill.—On Oct. 19,
Mayor O'Brien vetoed the bill imposing a temporary tax on
savings banks and life and fire insurance companies to help
defray the cost of unemployment relief. He did this because
Volume 137
Financial Chronicle
of the arrangement made with the bankers whereby both
savings banks and insurance companies agreed to buy
870,000,000 worth of 10-year serial bonds from the city.
New York State.—Legislature Passes New York City's
Finance Bills in One-Day Session—Monroe County Relief Bill
Also Passed.—After passing the two Dunnigan bills which
give the City of New York the powers it sought to put into
effect its agreement with the city bankers for a four-year
financing plan (V. 137, p. 2486) and a bill enabling Monroe
County to meet its financial difficulties, the second special
session of the Legislature adjourned sine die on Oct. 18,
after having been in session only 43 hours, one of the shortest
on record. The Legislature acted under an emergency
measure from Governor Lehman and an agreement between
party leaders to expedite the legislation sought.
Two charter amendments relating to New York City
were passed. The first segregates tax arrears collections
for repayment of loans from bankers; sets up a $23,950,000
reserve fund against tax delinquencies in the 1934 budget
and a similar fund in the next three years of 50% of previous
delinquencies, the reserve not to be more than $50,000,000
in any one year; restricts the real estate tax during the next
four years to the 1933 level, with the exception of increases
caused by rising debt charges of the city and unless the
property is improved.
The othei charter amendment provides for moving forward
by one month the date of payment of taxes from May 1 to
April 1 and from November 1 to October 1. It also provides
in the future for the payment of taxes quarterly instead of
half-yearly. It is thought that the changes in dates will tend
to assure the earlier collection of taxes and more rapid
collection of the levies, a point insisted upon by the bankers
at the time they agreed to the financing plan. It is objected
by real estate interests that the new dates will conflict with
other payments due from real estate owners, such as payments of interest on mortgages. The bills were sent to the
Governor for his signature.
The Monroe County Relief bill, which had threatened to
be the stumbling block to the passage of the important New
York City bills, was passed through both Houses without
apparent friction. This measure had been warmly espoused
by the Republicans and is said to have been made the subject
of a trade between the two parties, the Democrats to pass
the Monroe County tax relief bill and the Republicans
would give the required majority to pass the New York
City measures. Because of delinquent taxes in two large
municipalities within its boundaries, Monroe County was
asked by the towns of Irondequoit and Brighton to advance
funds to meet their obligations as they come due. Tha bill
just passed authorizes the county to issue up to $2,500,000
in bonds so as to cope with these demands for payment of
outstanding obligations.
Other Bills Passed.—In addition to the above measures, the
Legislature also passed a bill appropriating $100,000 to run
the anti-racket bureau of the Department of Law, and a bill
enabling the Onondaga County Sanitary Sewer and Public
Works Commission to obtain a loan of $1,650,000 from the
Federal Emergency Administration of Public Works.
The only bill defeated was a measure providing for the
creation of municipal housing commissions for slum clearance
and the erection of model multiple dwellings, the projects
to be financed with Federal funds without financial obligation
on the part of the State or cities.
An Albany dispatch to the New York "Herald Tribune"
of Oct. 19 commented in part as follows on the special
session:
The Legislature in extraordinary session to-day passed New York City's
financial program bills under which steps may be taken at once to make
effective the four-year credit plan agreed on by the city administration
and the bankers.
A tax relief bill for Monroe County, a bill appropriating $100.000 to run
the anti-racket bureau of the Department of Law, and a bill enabling the
Onondaga County Sanitary Sewer and Public Works Commission to obtain
a loan of $1,650,N0 from the Federal Government, also were passed.
Housing Measure Blocked.
A bill authorizing the creation of municipal housing authorities, after
being passed unanimously in the Senate, was blocked In the Assembly by
Russell G. Dunmore, Republican majority leader. This was the only
measure in Governor Herbert II. Lehman s program which failed to be
enacted in an extra session which was one of the shortest on record. Convening at noon, it adjourned at 4;30 p. m. and the lawmakers at once
scattered to their homes. The session cost the State $14,312.06.
The New York City bills, of which there were two, amend the charter,
one of them binding the administration by law to effectuate the new method
offinancing agreed on,and the other advancing from May 1 and November 1
to April 1 and October 1, respectively, the dates on which tax payments
become due next year and requiring quarterly payments beginning in 1937.
Only One Adverse Vote.
The financing bill was passed unanimously in both houses, but the bill
advancing the tax payment dates received one negative vote in the Senate,
after which it was passed unanimously in the Assembly. Senator Henry L.
O'Brien, Democrat, of Brooklyn, voted in opposition.
The credit of New York City depended on the two bills, which were
demanded by the bankers from whom the city had pleaded for financial
support. They required a two-thirds vote for passage, which meant that
considerable support from the Republican contingent in the Legislature
wa necessary. But this support was forthcoming only in return for Demos
cratic support of the Republican-sponsored Monroe County bill.
There was no attempt to make the deal a secret and Senator John J.
Dtmnigan, Bronx Democrat, majority leader in the upper house, backed
out of his long maintained obstruction of the Monroe County bill with a
vehement assault on the attitude of his opponents.
A statement by Mr. Untermyer was read by Senator Dunnlgan, in
pressing for passage of the city bills in the Senate. It read;
"This is a highly constructive bill, the purpose of which is to rescue the
bankruptcy
City of New York from impendingfeatures are; and to restore its credit.
"Summarizing the bill, its main
"1. It limits the sum that may be assessed against real estate in any
one of the four years of the term of the bill to the amount that the city
collected from taxes under the 1933 budget. Under no circumstances
can this exceed that which was levied for 1933. In point of fact, it reduces
the taxes on real estate, inasmuch as the reserve of about $25,000.000
included in the 1934 budget and $50,000,000 a year in each of the three
3003
years thereafter must be deducted from the amount that was assessed
against real estate for 1933.
"2. The bill creates two separate so-called revolving funds. One of them
has the effect of funding in three years the past due debts represented by
revenue notes now owing by the city amounting to $153,000,000. The
present arrears of taxes amounting roughly to $190,000.000 are pledged
as security for this debt and to be payable only as the arrears are collected
with interest at 4% per annum as against the present rate of 5 X% and
6% that the city is paying and at which it has been unable to borrow money.
When this debt of $153,000,000 has been paid the balance of arrears of
taxes revert, of course, to the city. Meantime they are collected by the
city and are placed by the comptroller in a separate fund ear-marked as
security for the extended debt.
Bankers' Loans Arranged.
"3. The other revolving fund, limited to $200,000,000, is an obligation
by the bankers to lend the city up to that amount over a period of four
years. also at the rate of4% per annum, with the accruing taxes as security.
If any of the future taxes come into arrears, as a substantial amount of
them doubtless will, they go into the first revolving fund. Then at the
expiration of the four-year period all arrears of taxes on the second fund
revert, of course, to the city. Meantime they are represented by revenue
notes and are payable only out of taxes collected. It has been the custom
of the city for many years past to borrow in anticipation of semi-annual
payment of taxes. This merely continues that borrowing except that
heretofore the revenue notes given for such borrowings have been payable
on demand and the city has found itself, owing to inability to collect tax
arrears, in default of payment of these revenue notes. That is not likely
to occur under this bill.
Reserves Are Estimated.
"4. Certain reserves are required to be supplied by the city and added
to the budget, to be secured either from economies or from new taxes,
preferably from the former. The reserve for the first year will be about
$25,000.000. and $50.000,000 each year thereafter, as before stated.
"If this plan works out, and there is no reason to apprehend it will not,
the city should find itself at the end of the four-year term with $175,000,000
of savings,so that thereafter it can hereafter be its own banker and finance
its own tax anticipation."
Mayor O'Brien Signs Utility Income Tax Measure.—On
Oct. 14 Mayor O'Brien signed the city bill placing a tax
of 13.-% on the gross monthly income of public utility
companies. The levy is to remain in effect from Sept. 1
last until Feb. 28 1934. The proceeds are to be used for
relief and for the redemption of relief certificates already
outstanding. The tax is payable monthly and is in addition
to all other license fees and taxes provided by any other
section of the law.
At that time it was not disclosed by the Mayor whether
he had yet vetoed the city bill providing for a tax on savings
banks and insurance companies. Vetoing of the measure
was stipulated by the bankers as a part of the agreement to
take care of the city's financial needs during the next four
years.—V. 137, p. 2486.
Governor Lehman Signs Bills.—According to Albany advices on Oct. 20 the Governor had signed on that day all
the above described bills, and a bill appropriating $14,000
to defray the expenses of the special session.
North Dakota.—State Treasuter At rested for Illegal Use
of the Mails.—State Treasurer Alfred Dale was arrested on
Oct. 11 on a Federal warrant charging use of the mails to
defraud, according to a Bismarck dispatch to the Topeka
"Capital" of Oct. 12. The charge is said to have been made
in connection with the circulation of allegedly fraudulent
beer measure petitions preceding the recent special State
election. He was released on a $5,000 bond, according to
report.
Pennsylvania.—Constitutional Amendments to Be Voted
on in November.—At the election to be held on Nov. 7 the
voters in this State will be called to pass judgment on 12
proposed amendments to the State Constitution, several of
which affect the bonded debt of the Commonwealth. We
give as follows the text of the proposals which are of more
than local importance.
No. 2.—A joint resolution proposing an amendment to Article 9 of tne
Constitution of the Commonwealth of Pennsylvania, by adding thereto
an additional section.
Section 1. Be it resolved by the Senate and House of Representatives
ofthe Commonwealth of Pennsylvania in General Assembly met, That the
following amendment to the Constitution of tne Commonwealth of Pennsylvania be, and the same is hereby, proposed, in accordance with the
18th article thereof:
That Article 9 of the Constitution of tne Commonwealth of Pennsylvania be amended by adding thereto the following new section:
Section 17. In addition to the powers heretofore granted, tne General
Assembly may authorize cities and boroughs to assess the costs of hignway
improvement, consisting of paving, curbing, and the incidental grading
and draining, or either or any of tnem, upon abutting property, in all cases
where no prior assessment has been made for a similar improvement.
No.3.—A joint resolution proposing an amendment to Article 3, Section
22. of the Constitution of the Commonwealth of Pennsylvania.
Section 1. Be it resolved oy the Senate and House of Representatives
of the Commonwealth of Pennsylvania in General Assembly met. That the
following amendment to the Constitution of the Commonwealtn of Pennsylvania be, and the same is hereby proposed, in accordance with the 18th
article thereof:
That Article 3, Section 22, of the Constitution of the Commonwealtil
of Pennsylvania is hereby amended to read as follows:
Section 22. The General Assembly may, from time to time, by law,
prescribe the nature and kind of investments for trust funds to be made
by executors, administrators, trustese, guardians and other fiduciaries.
No. 4.—A joint resolution proposing an amendment to Article 9 of the
Constitution of the Commonwealth of Pennsylvania, by adding thereto
a section.
Section 1. Be it resolved by tne Senate and House of Representatives
of the Commonwealth of Pennsylvania in General Asesmbly met, That the
following amendment to the Constitution of Pennsylvania be, and the
same is hereby, proposed, in accordance with the 18th article thereof:
That Article 9 of the Constitution of Pennsylvania be amended by adding
thereto tne following section:
Section 16. In addition to the purposes stated in Article 9, Section 4
of this Constitution, the State may be authorized by law to create debt and
to issue bonds to tne amount of $50,000,000, for the payment of compensation to certain persons from this State who served in tne Army. Navy
or Marine Corps of the United States during the war between the United
States and Spain, between April 21 1898 and Aug. 13 1898, or who served
in tne China Relief Expedition, in tne Philippines, or Guam, between
April 21 1898 and July 4 1902, or who Served in the Army. Navy,or Marine
Corps of the United States during tne World War, between April 6 1917.
and Nov. 11 1918.
No.6.—That Section 8 of Article 9 of the State Constitution be amended
to read as follows:
Section 8. The debt of any city, borough, township, school district, or
other municipality or incorporated district, except as provided herein.
and in Section 15 of this article, shall never exceed seven (7) per centum
upon tne assessed value of the taxable property therein, and tne debt
of any county, except as provided in Section 15 of this article, shall never
exceed 10 (10) per centum upon the assessed value of the taxable realty
therein, but the debt of tne City and County of Philadelphia may be In-
3004
Financial Chronicle
Oct. 21 1933
creased in such amount that the total city and county debt of said city and
Financial Statement as of Oct. 1 1933.
county snail not exceed 15 per centum upon the assessed value of the
Total bonded debt:
taxable realty therein; nor shall any municipality or district incur any new
Paving bonds
$15,500.00
debt, or increase its indebtedness, to an amount exceeding 2 per centum
Storm sewer bonds
195,000.00
upon such assessed valuation of taxable property, without the consent of
Water works bonds
133,000.00
the electors tnereof at a public election in such manner as shall be provided
Fire station bonds
14,000.00
by law. In ascertaining the borrowing capacity of the city and county of
Municipal airport bonds
18,000.00
Philadelphia, at any time, there shall be deducted from such debt so much
of the debt of said city and county as shall nave been incurred, or is about
$375,500.00
to be incurred,and the proceeds thereof expended, or about to be expended,
(Does not include current offering)
upon any public improvement, or in the construction, purchase or condemWater debt included in above
$133.000.00
nation of any public utility, or part thereof, or facility therefor. to the
Sinking fund for general debt
108,686.66
extent that such public improvement or public utility, or part thereof,
Sinking fund for water debt
Incl. in above
whether separately, or in connection with any other public improvement
Tax anticipation and all other floating debt
43,145.61
or public utility, or part thereof, may yield, or may reasonably be expected
Int. bearing warrants held in sinking fund
Same as above
to yield,revenue in excess of operating expenses sufficient to pay the Interest
Special assessment debt
$113,380.00
and sinking fund charges thereon. The method of determining such
(Not included in above)
amount,so to be deducted, may be prescribed by the General Assembly.
This debt is payable only from special assessments and not from general
In incurring indebtedness for any purpose, the city and county of Philaobligations.
delphia may issue its obligations maturing not later than 50 years from the
ALBIA INDEPENDENT SCHOOL DISTRICT (P. O. Albia) Monroe
date thereof, with provision for a sinking fund sufficient to retire said obliCounty, lowa.-BOND ELECTION.
gations at maturity, the payment to such sinking fund to be in equal or
-1t is reported that an election will
be held on Oct. 31 in order to vote on the proposed issuance of $28.300
graded annual or other periodical instalments. Where any Indebtedness
in school building bonds.
shall be, or shall have been,incurred by said city and county of Pniladelphia
for the purpose of tne construction or improvements of public works or utiliALBION, Cassia County, Ida.
-PROPOSED BOND .SALE.
-The
ties of any character,from which income or revenue is to be derived by said
village is said to be advertising $25,600 of bonds for sale, to be used for
city and county, or for the reclamation of land to be used in the construction
refunding purposes, secured by all taxable village property, in amounts of
such
of wnarves or docks owned or to be owned by said city and county,
$800 each, drawing 6% interest.
obligations may be in an amount sufficient to provide for, and may include
the amount of, the interest and sinking fund charges accruing and which
ARCADIA SCHOOL DISTRICT (P. 0. Arcadia) Valley County,
may accrue tnereon throughout the period of construction and until the
Neb.-BOND ELECTION.
-It is reported that an election will be held on
Oct. 26 in order to have the voters pass on the proposed issuance of $49,000
expiration of one year after the completion of the work for whicn said inin school building bonds.
debtedness shall have been incurred, but not in excess of five years from
the time of the incurring of such indebtedness; and said city and county
CONTEMPLATED BOND PURCHASE.
-According to an Associated
shall not be required to levy a tax to pay said interest and sinking fund
Press dispatch from Lincoln on Oct. 10, the State Board of School Lands
charges, as required by section 10, article 9 of the Constitution of Pennand Funds authorized the purchase of the above not to exceed 5% semi-ann.
sylvania. until the expiration of said period of one year after the completion
bonds if they are approved by the voters.
of said work.
ARLINGTON COUNTY (P. 0. Clarendon) Va.-FEDERAL FUND
No. 8. A joint resolution proposing an amendment to article 9 of the
APPLICATION APPROVED.-lt is stated by Allen B. McDaniel, Chief
Constitution of the Commonwealth of Pennsylvania by adding thereto
Engineer, that the State Advisory Board, and subsequently, the Federal
section 17.
Public Works Administrator, has approved the application of the above
Section 1. Be it resolved by the Senate and House of Representatives
county for a loan of $2,500,000 to be used for the construction of a comof tne Commonwealth of Pennsylvania in General Assembly met, Tnat
prehensive sewerage system in the county. He states that at a meeting of
the following amendment to the Constitution of Pennsylvania be, and the
the Board held on Oct. 14,it was decided to request the Judge of the Circuit
same is, hereby proposed, in accordance witn the eighteenth article thereof:
Court to call for an election on a bond issue, to be held on Nov.21. Details
That article 9 be amended by adding thereto section 17, as follows:
of the bond issue have not been completed.
Section 17. The Governor, the Auditor General and the State Treasurer,
immediately upon the adoption of tnis amendment by the electors, may
ASHAROKEN (P. 0. Northport), Suffolk County, N. Y.
-BOND
borrow an amount not exceeding $25.000,000 to defray the expenses of the
OFFERING.-Edith Storey, Village Clerk, will receive sealed bids until
State government for tne olennium beginning June 1 1933; provided the
12 M.on Nov.4,at the office of Gleason, McLanahan, Merritt & Ingraham,
authorized borrowing
General Assembly, at its regular session of 1933, has
40 Wall St., New York City, for the purchase of $12,000 6% coupon or
of money for this purpose.
registered oulkhead bonds. Dated Nov. 11933. Denoms.$1,000 and $200.
No. 12. A joint resolution proposing an amendment to article 9 of the
Due $1,200 annually on Nov. 1 from 1934 to 1943 incl. Principal and int.
Constitution of the Commonwealth, by adding thereto section 16.
(M. & N.) are payable in lawful money of the United States at the Bank
Section 1. Be it resolved by the Senate and House of Representatives of
of the Manhattan Co., New York City. Bids may be made for all or part
Assembly met, That the
the Commonwealth of Pennsylvania in General
of the issue. A certified check for 2% of the bonds bid for, payable to the
following amendment to the Constitution of Pennsylvania be and the same
order of the Village, must accompany each proposal. The approving
is, hereby prod in accordance with the eignteenth article tnereof:
pose
opinion of Clay, Dillon &Vandewater of New York will be furnished the
That article 9 be amended by adding thereto the following section:
successful bidder.
Section 16. In addition to the purposes stated in article 9, section 4, of
ATTICA, Wyoming County, N. Y.
-BONDS DEFEATED.
this Constitution, tne General Assembly may provide, bylaw,for the issue
-The City
Clerk states that at the election held on Oct. 3 the proposal to issue $175,000
of bonds, to the amount of ten millions of dollars, for toe purpose of acsewage disposal system bonds was defeated by a vote of 315 to 28.
quiring toll bridges, and may, by law, provide that, upon the acquisition
sufficient to
of any such bridge, tolls may be charged for the use thereof,
AUGUSTA, Richmond County, Ga.-BOND ELECTION CONpay tne interest and sinking fund charges on such bonds and tne cost of
TEMPLATED.
-It is said that an election will oe held in the near future
the maintenance of such bridges, until tne bonds issued have been retired
to vote $150,000 in unemployment relief bonds.
and such bridges are freed of tolls.
AVALON, Cap• May County, N. J.
-JUDGMENT ON BOND DE-An attempt by Abraham I. Maher, to obtain an
-Governor Ferguson Signs Bill Providing Immediate FAULT REFUSED.
Texas.
order against the
-On Oct. 13 the State refused on Oct. 5Borough for the payment of $20,867 bonds in default was
Issuance of $5,500,000 Relief Bonds.
by the Supreme Court. according to report. The affairs
Legislature finished its approval of a bill providing for the of the Borough were placed under the supervision of the State Municipal
-V. 137, p. 1088.
immediate issuance of $5,500,000 of State relief bonds out Finance Commission as a result of default on its debts.
BALTIMORE, Md.-DEBT PAYMENTS IN 1934.
-V. 137,
of the recently authorized $20,000,000 relief issue
-Herbert Fallin,
Director of the Budget, announced on Oct. 12 that the City will have to
p. 2302.
pay a total of $11,663,499.78 in debt charges in 1934, including $7,567,936
Press dispatches from Austin on Oct. 16 reported that on in interest payments and S4,095.563.78 on account of maturing principal.
-Mr. Fallin recently reported
that day Governor Miriam A. Ferguson signed the above onNINE MONTHS' TAX COLLECTIONS.
the
during the nine months
bill, which also authorizes setting up a new State Relief 1933 as volume of tax collections "Wall Street Journal" of ended Sept. 30
follows, according to the
"City taxes and other accounts collected during the nineOct. 19; ended
Administration.
months
Sept. 30 1933. totaled $34,428,643, or 82.16% of the year's levy of $41.902.709. This compares with collections in the preceding year of $34.-Lame Duck Amendment Becomes Effective. 376372, or
United States.
-The 20th Amendment to the Federal Constitution, abolish- during the 80.18% of the levy of 342,876,276. Delinquent taxes collected
nine-month period totaled $2,281,687, or 99.42% of the estiing the so-called "lame duck" session of Congress, became mated amount of *2.295,000 to be collected this year. This compares
with $1,808.790 collected in the like
fully effective on Oct. 15. The "Wall Street Journal" in of the year's total of $1.912,700. period of the previous year, or 94.57%
"Current taxes collected
its issue of Oct. 17 (evening edition), discussed the matter 605, or 85.15% of the as of September 30 last, amounted to $25.288,estimated amount of $29,699,649 to
as follows:
as of the end of the year. During the corresponding period be collected
of last Year
*25,693.586 was collected, which was equivalent to 82.85% of the year's
Without attracting so much as passing attention the Twentieth Amendtotal levy.
ment became an effective part of the Constitution of the United States.
"Mr. Fallin stated that partly as a result of the
This amendment will make important changes in some of our governmental
operations of the city government, Baltimore,for thedecline in the cost of
practices, all of which should be for the better.
first
will go into 1934 without a deficit, unless tax collections time since 1931.
On Feb.6 1933, the Secretary of State certified that this amendment had
before December 31 next. Ile added that there would decline sharply
been ratified by 36 States and therefore was "valid to all intents and purbe an operating
surplus and an excess in collections of taxes in arrears. These two items
United States.' But it was not
poses as part of the Constitution of the
combined will probably be sufficient to prevent a deficit,
then fully effective because it was provided that sections one and two shluld
even if only 85%
of the taxes levied this year are collected.
take effect on the 15th day of October following its ratification. That
"Baltimore went into 1932 with a deficit of approximately
brought the effective date to last Sunday the 15th. Those sections read
$700.000 and
into 1933 with another of approximately *2.300,000."
as follows:
"1. The terms of the President and Vice-President shall end at noon on
BANKS TOWNSHIP SCHOOL DISTRICT (P.O. B
Meadows),
Jan. 20, and the terms of Senators and Representatives at noon on Jan. 3
Carbon County, Pa.
-BONDS APPROVED.
-The Pennsylvania Departof the years in which such terms would have ended if this article had not
ment of Internal Affairs on Oct. 10 approved of the issue
of 312,000 funding
been ratified; and the terms of their successors shall then begin.
bonds.
"2. The Congress shall assemble at least once in every year, and such
meeting shall begin on Jan. 3, unless they shall by law appoint a different
BARBOUR SCHOOL DISTRICT (P. 0. Orange), Orange County,
Va.-BONDS VOTED.
date."
-At the election held
Oct.
137, p.
the voters approved the issuance of $12,000 on high 10-V.building2135
Sections 3 and 4 provide for the method of choosing a President or Vicein
bonds
school
by a count of 127 "for" to 51 "against." according to the Washington
President in case the elected official dies before inauguration or fails to
"Post" of Oct. 11.
qualify. But the public interest is mostly in sections 1 and 2 changing
the time of the inauguration of the executive officials and the convening
BARRON COUNTY (P. 0. Barron), Wis.-BONDS SOLD.
-It is
of Congress. The awkwardness of the old method was to be seen in the
stated by the County Clerk that $37.000 5% semi-ann. current expense
closing days of the last administration when a President, defeated for rebonds have been sold to local investors at par. Denom. $1,000. Dated
election. was obliged to remain in office for four months, with an unfriendly
July 15 1933. Due on July 15 as follows: $25,000 in 1936 and $12,000 in
Congress in session during three of them.
1937. (These bonds are said to be part of the $100.000 issue authorized
By the old method members of Congress elected in November did not
last May.
-V. 13 i. p. 4124.)
take their seats until December in the year after election. A member of
Congress might be defeated for reelection yet continue for four months to
BEATRICE, Gage County, Neb.-BONDS DEFEATED.
-At the
"represent" constitutents who had repudiated him. Hence the "lame
election held on Oct. 17-V. 137, p.2487
-the voters defeated the proposed
duck" session, possible once in every two years and lasting from December
issuance of *85,000 in water works system bonds by a count of 512 "for"
to March 4. This opportunity passes away now by the election of a Conto 952 "against."
gress that, if it chooses, can sit continuously for two years, an undesirable
BELLEVILLE, Essex County, N. J.
-VOTES TO RENEW $413,000
liberty but preferable to lame ducks and filibusters.
BONDS.
-The Board of
on Oct. 10 to renew for
(The complete text of this amendment was given in months, at 6% interest,Commissioners voted sewer assessment bondsthree
an issue of $413.000
held
Rippel & Co. of Newark. The renewal will be made at a price of
p. 692.)
V. 136,
99.85.
BELMONT COUNTY (P. 0. St. Clairsville), Ohio.
-BOND OFFER-E, E. Taylor., Clerk of the Board of County Commissioners, will
ING.
receive sealed bids until 12 m. on Nov. 6 for the purchase of $74.900 4%
poor relief bonds. Dated Sept. 1 1933. Due as follows: *4,600 March and
-BONDS CALLED.ABERDEEN, Grays Harbor County, Wash.
Sept. 11935; $4,600 March and $4,700 Sept. 1 1936, and $4,700 March and
It is reported that Floyd A. Vammen, City Treasurer, is calling for paySept. 1 from 1937 to 1942 incl. Interest is payable in M.& S. Bids for the
his office from Oct. 1 to Oct. 29, various local impt. district bonds
ment at
bonds to bear interest at a rate other than 4%,expressed in a multiple of
and coupons.
M of 1%,will also be considered. A certified check for 5% of the bonds bid
for, payable to the order of the Board of County Commissioners, must
ABERDEEN, Brown County, S. Dak.-BONDS NOT SOLD.
-The
accompany each proposal.
two issues of 4% bonds aggregating $622.000. offered on Oct. 19-V. 137,
-were not sold as no bids were received, reports the City Auditor.
BELOIT SCHOOL DISTRICT (P. 0. Beloit) Rock County Wis.p. 2660
FEDERAL FUND ALLOTMENT.
-It was announced by the Public Works
The bonds are divided as follows:
3515,000 water works bonds. Due from Nov. 1 1936 to 1963 incl.
Administration on Oct. 18 that an allotment of $550,000 had been made
to this district for the construction of an addition to the high school. There
107,000 sewage disposal plant bonds. Due from Nov. 1 1936 to 1963.
is included in the total a grant of 30% of the coat of labor and material.
Both issues are dated Nov. 1 1933.
BOND PROPOSALS AND NEGOTIATIONS
Volume 137
Financial Chronicle
agEro omnabonds.1 $13 , 0C. The remainder is a loan secured by 4% general
gati
50
3005
Robert C. Campbell, Treasurer of the Board of Directors, will be received
at the Monaca National Bank, Monaca, until 10 a. m. on Oct. 30 for
the purchase of $4,500 5% coupon school bonds. Dated Oct. 5 1933.
One bond for $500, others for $1,000. Due Oct. 1 as follows: $500 in
1934 and $1,000 from 1935 to 1938 incl. Int. is payable in A. & 0. A
certified check for $200, payable to the order of the District Treasurer,
must accompany each proposal. The bonds are being issued subject
to approval of the Pennsylvania Department of Internal Affairs.
CERRO GORDO COUNTY (P. 0. Mason City), lowa.-BOND
SALE. $33,000 issue of funding bonds was offered for sale on Oct. 16
-A
and awarded to the First National Bank of Mason City, as 410, at par.
Dated Sept. 1 1933. Due serially on and after Jan. 1 1935. Prin. and
int. (J. & J.) payable at the County Treasurer's office.
CHADRON, Dawes County, Neb.-BOND ELECTION CONTEMPLATED.
-It is said that a special election will be held during November
to vote on the proposed issuance of water plant and reservoir bonds, in the
estimated amount of $60,000.
-BONDS DEFEATED.
CHARLES CITY, Floyd County, Iowa.
At the election held on Oct. 3-V. 137. p. 2304-the voters rejected the
proposal to issue $45,500 in hospital bonds.
-BOND ELECTION.
CHARLEVOIX, Charlevoix County, Mich.
An election will be held on Nov.8 for the purpose of obtaining a vote on the
proposed issuance of $87,000 sewage disposal plant bonds.
-PROPOSED FEDERAL
CHARLOTTE, Mecklenburg County, N. C.
-At a meeting of the Executive Committee of
LOAN APPLICATION.
the Local Government Commission held on Oct. 10 approval was given
to a proposed application of the city for $347,000 to be used for public
works improvements under the terms of the PWA. Under the Local
Government laws, bonds to be issued for public improvements may all
be for a period of 40 years, except a fire alarm issue, which could be for
30 years.
-BONDS PARTIALCHELAN COUNTY (P. 0. Wenatchee), Wash.
LY SOLD.
-Of the $100,000 issue of refunding bonds offered on Oct. 14V. 137, p. 2667-a block of $50,000 bonds was purchased by the State of
Washington, as 5s at par. Dated Nov. 1 1933. The entire issue matures
from Nov. 1 1935 to 1944. No other bids were received.
-BONDS DEFEATED.
CHERRYVALE, Montgomery County, Kan.
-the voters defeated
-At the election held on Oct. 4-V. 137, p. 2304
the proposed issuance of $80,000 in gas plant construction bonds.
BEREA CITY SCHOOL DISTRICT, Cuyahoga County, Ohio.AUTHORIZED.
-The Board of Education recently authorized
the issuance of $22,817.93 5% funding bonds, of which $15,000 will be used
to retire notes held by the State Teachers' Retirement Fund, while the
balance will be applled to the payment of other temporary debt.
BETHANY, Harrison County, Mo.-FEDERAL FUND ALLOTMENT.
-On Oct. 18 the Public Works Administration announced an
allotment of $135,000 to this city for the construction of a sewage disposal
plant. The usual Federal grant of30% toward the cost of labor and material,
representing a free gift of about $29.000, was made. The remainder is a
loan secured by 4% general obligation bonds.
-ASSESSMENT VALBINGHAMTON, Broome County, N. Y.
UATION DECREASES.
-The assessed valuation for 1934 has been fixed
at $111,753,608, being approximately $3,000,000 less than the total in the
previous year, according to report.
TAX COLLECTIONS.
-Up to Oct. 12 1933 the City had collected
97.5% of the 1932 tax levy, more than 91% of the first half of 1933 taxes
and more than 83% of the amount due in the second period, it is said.
BLADES (P. 0. Bethel), Sussex County, Del.
-BONDS APPROVED.
-It is reported that at an election held on Oct. 14 the voters approved of
an issue of sewer bonds. (Amount not stated.)
BLOOMFIELD SCHOOL DISTRICT(P.O.Los Angeles) Los Angeles
County, Calif.
-The $7,500 issue of 5% semi-ann.
-BONDS NOT SOLD.
school bonds offered on Oct. 9-V. 137. p. 2488
-was not sold as no bids
were received, according to the County Clerk. Dated Oct. 1 1933. Due
$500 from Oct. 1 1934 to 1948 incl.
BOSCOBEL,Grant County, Wis.-FEDERAL FUND ALLOTMENT.
-It has been announced by the Public Works Administration that it has
made an allotment of $64,000 to this city for the construction of a minding
for general assembly and gymnasium purposes. A grant of30% of the total
amount is made by the Government toward the cost of laoor and material
The remainder of the amount is secured by 4% general obligation bonds.
-The
BOSTON, Suffolk County, Mass.
-33,800,000 BONDS SOLD.
$3,800,000 43,1% coupon or registered public welfare oonds offered on
Oct. 17-V. 137, p. 2836
-were awarded to a syndicate composed of Brown
Bros. Harriman & Co., Lehman Bros., Stone & Webster and Blodget, Inc.,
Kidder, Peabody & Co., F. S. Moseley & Co., N. W. Harris Co., Inc.,
Kean, Taylor & Co., Graham, Parsons & Co. Schaumburg, Raohann &
-DEFAULTED BONDS TO BE USED
Osborne, 13Iake Bros. & Co., Wells-Dickey Co. and Stern Bros. & Co.
CHESTER TOWNSHIP, N. J.
TO PAY TAXES.
This group paid a price of 100.816, the net interest cost of the financing to
-The Municipal Finance Commission, acting in behalf
the city being about 3.96%. Bonds bear date of Oct. 15 1933 and mature
of the Township,on Oct. 10 unanimously adopted the following resolution,
according to report: "Resolved that this Commission will approve the settle$760.000 annually on Oct. 15 from 1934 to 1938 incl.
ment within 60 days from Oct. 10 1933, of the principal amount of taxes,
PUBLIC OFFERIA'G MADE.-Meineers of the successful group are
re-offering the issue for general investment at prices to yield 2% for the
assessments and other municipal charges due to the Tonwship of Chester
before Jan. 11933, with any outstanding obligations of said township which
1934 maturity; 1935, 3.25; 1936, 3.75%; 1937.47 and 4.05% for the bonds
due in 1938. The ooligations, in the opinion of°
are already in default, provided all interest and penalties due the township
the bankers, meet the req_uirements as legal investments for savings banks and trust funds in New
in connection with the same property are paid in cash, the disposition of
York, Massachusetts and other States, and, according to counsel, will be
that cash to be subsequently determined by the Commission."
direct and general obligations of the city, payable from unlimited taxes on
-ADDITIONAL SCHOOL WARRANTS
CHICAGO,Cook County, III.
all of the taxable property therein. Legality of toe issue is to oe approved
CALLED.
-The Board of Education has called for payment, on or before
by Storey, Thorndike, Palmer & Dodge of Boston. The following is a
Oct. 17. after which date interest shall cease, variously described 1931 tax
summary of the three other bids submitted for the bonds:
anticipation warrants totaling $304.650. This includes $204,350 educational
The second highest bid of 100.367 WS submitted by the Chase National
fund, $95,000 building and $5,300 playground fund certificates.
Bank in association with Salomon Brothers & Hutzler, R. W. Preesprich
&
and NewRoosevelt & Son, L. F. Rothschild & Co., Wallace & Co.
-R. B. Upham, City Comptroller
OFFER TO PURCHASE BONDS.
ton, Aobe & Co.
Co..
will receive sealed bids until 11 a.m. on Nov. 1 from holders of outstanding
"This was followed by a bid of 100.309, submitted by a syndicate com6% refunding bonds of 1933, desirous of selling them to the city. Purposed of the Guaranty Co. of New York, the City Co. of New York, Inc..
chases will be made to the extent of $853,861.03, which is the amount
the Bankers Trust Co., the First of Boston Corp., R. L. Day & Co., Eats.
of money available in the special fund created by ordinance to provide for
brook & Co., Edward B. Smith & Co. and the First of Michigan Corp.
the retirement of the bonds. Price tendered must not exceed par plus
The final tender was 100.14, named by a group comprising Halsey.
accrued interest. Purchase will be completed within five days after openStuart & Co., Inc., the Bancamerica-Blair Corp., Phelps, Fenn & Co.,
ing of bids.
George B. Gibbons & Co., nc. Darby & Co., Bacon, Stevenson & Co.,
Arthur Perry & Co., J. & YT. Seligman & Co., the Manufacturers & Traders
-34,585.250 BOND PROCINCINNATI, Hamilton County, Ohio.
Trust Co. a Buffalo, E. H. Rollins & Sons, Wertheim & Co., Stifel, NiceGRAM ADOPTED.
-The City Council on Oct. 11 unanimously adopted the
laus & Co., M. F. Schlater & Co. and Tyler, Buttrick & Co."
1934 bond program providing for the issuance of $4,585,250 long-term
improvement purposes during the period
BRISTOW,Creek County, Okla.
-It
-BOND ELECTION. is reported obligations for variousincludes $747,500 general and $150,000 water up to
works
Oct. 1 1934. The total
that the following bonds will be submitted to the voters on Oct. 31: $48,500
bonds which will be sold directly to city sinking funds,and $3,337.750 general
water main and reservoir bonds; $9,000 sanitary sower; $6,000 fire engine
and $350,000 water works issues which will be purchased by the Public
purchase, and $5,700 storm sewer bonds.
Works Administration. The Finance Committee of the Council, commenting on the effect of the issues on the city tax rate, as disclosed by
BROOKHAVEN (P. 0. Patchogue), Suffolk County, N. Y.
estimates prepared by the Bureau of Governmental Research, stated as
BOND OFFERING.
Supervisor, will receive
-Claude C. Neville, Town
follows, according to the Cincinnati "Enquirer" of Oct. 12:
sealed bids until 11.30 a. m. on Oct. 24 for the purchase of $4,500 not to
"It will be noted that the total estimated rate for 1934 will be very
exceed 6% interest coupon or registered Cherry Grove Public Dock District
• high and for 1935 quite high, after which the rate will drop off considerbonds. Dated Aug. 1 1933. Denom.$225. Due $225 annually on Feb. 1
ably. In order to level off the rates for these two years we recommend
from 1934 to 1953 incl. Bidder to name a single interest rate for all of
that agreement be made with the Federal authorities to apply 30% of the
the bonds, expressed in a multiple of X or 1-10th of 1%. Prin. and int.
total cost which will be granted by them as follows: For 1934-1935 to all
(F. & A.) are payable in lawful money of the United States at the Town
interest and retirement service; after 1935 to retirement service, the city to
Clerk's office. A certified check for $100, payable to the order of the
take care of the interest."
above-mentioned official, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater of New York will be fur-OBTAINS PIVA ALLOTCINCINNATI, Hamilton County, Ohio.
nished the successful bidder.
MENT.
-The Public Works Administration announced on Oct. 18 the
BROWNSVILLE, Cameron County, Tex.
-FEDERAL FUND allotment of $792,000 to the City for the construction of water mains'.asOf
a
ALLOTMENT.
-It was announced by the Public Works Administration
that amount, approximately $188,000, or 30%. was made available
on Oct. 13 that it made an allotment of $200,000 to the above city for use
grant, with the balance constituting a loan, secured by 4% water revenue
bonds.
in the rehabilitation of the electric light plant, water works, city hall, fire
stations and drainage system. The Government granted 30% of the above
amount toward the cost of labor and material. The balance is a loan secured
CLACKAMAS COUNTY UNION HIGH SCHOOL DISTRICT NO.
5 (P. 0. Oregon City) Ore.
-Sealed bids will be received until 8 p. m. on
by 4% general obligation bonds.
Oct. 30, by C. C. McLaughlin, District Clerk, for the ;purchase of a $49,000
BRYAN, Williams County, Ohio.
-BONDS AUTHORI7ED.-The issue of funding bonds. Interest rate is not to exceed 6%,payable M.& S.
Village Council has authorized the issuance of $3,605 6% special asst. impt.
Denom. $500. Dated Sept. 11933. Due on Sept. 1 as follows: $3,500 in
bonds. Dated Oct. 15 1933. One bond for 3105, others for $350. Due as
1934; $4,000, 1935 and 1936: $4,500, 1937 and 1938; 55,000, 1939; $5,500.
follows: $455 April and $350 Oct. 15 1934, and $350 on April and Oct. 15
1940 and 1941: $6,000, 1942, and $6,500 in 1943. Prin. and int. payable
from 1935 to 1938 incl. Principal and interest (A. & 0. 15) are payable
at the County Treasurer's office or at the fiscal agency of the State in New
at the Village Treasurer's office.
York City. The approving opinion of Cake & Cake of Portland, will be
furnished.
BUTLER, Bates County, Mo.-FEDERAL FUND ALLOTMENT.Public Works Administration announced on Oct. 18 an allotment of
The
CLARK COUNTY SCHOOL DISTRICT NO. 37 (P. 0. Vancouver),
$41,000 to this city for sewage disposal plant and line extensions. A grant
Wash.
-BOND SALE.
-It is reported that on Oct. 7 a 575,000 issue of
of 30% was made toward the cost of labor and material on this project, in
school bonds was purchased by the State of Washington, as 5s at par. Due
line with the Government's aid policy. The balance is a loan secured by 4%
In from 2 to 30 years.
general obligation bonds.
(A similar issue of bonds was sold•on Aug. 5.-V. 137, p. 1273.)
CAMDEN,Camden County, N.J.
-PROPOSED $10,000,000 UTILITY
BOND ISSUE.
-The City Commissioners recently authorized the subCLARK COUNTY SCHOOL DISTRICT NO. 100(P. 0. Vancouver),
mission to the voters at the general election on Nov. 7 of a proposal pro-MATURITY.
-In connection with the sale of the $14,000 school
Wash.
viding for a bond issue of not to exceed $10,000,000, for the purpose of
-we are
bonds to the State of Washington, as 6s at par-V. 137, p. 2667
financing the construction of a municipally-owned electric light plant.
now informed that the bonds mature in 20 years.
CANTON, St. Lawrence County, N. Y.
-BOND ELECTION.
-At
CLARKE COUNTY (P. 0. Athens), Ga.-FEDERAL FUND ALLOTan election to be held on Oct. 23 the voters will be asked to authorize the
MENT -It is stated that on Oct. 18 the Public Works Administration
expenditure of $50,000 on a sewerage treatment plant. Funds for the
announced an allotment of $103.630 to this county for road and court
project would be obtained from the PWA,on the basis of a direct grant of
house impt. and for the construction of a new school building. Of the total
30% of the cost, with the balance of 70% made avaialable as a loan,secured
allotment 30% is the Federal grant, the remaining 707,, is a loan secured
-year bonds.
by 4% 25
by bonds. (A smaller allotment was announced by the PWA on Oct. 9.V. 137, p. 2837.)
CARLISLE SCHOOL DISTRICT NO. 74 (P. 0. Montesano) Grays
.
$2,500 issue of refunding
Harbor County, Wash.
-The
CLEGHORN, Cherokee County, Iowa.
-BOND ELECTION-An
-BOND SALE.
-was purchased
bonds that was offered for sale on Oct. 6-V. 137, p. 2667
election will be held on Nov. 13, according to report, in order to vote on the
by the State of Washington, as 5s at par. Dated Oct. 20 1933. Due in five
proposed issuance of $11,000 in water works system bonds.
years, optional after two years. There were no other bidders.
CLEVELAND, Cuyahoga County, Ohio.
-BONDS NOT SOLD.
-BOND SALE.
-The issue of
CARTHAGE, Jefferson County, N. Y.
No bids were obtained at the offering on Oct. 18 of four issues of6% coupon
$11,000 coupon or registered fire dept. equipment purchase bonds for which
or registered paving and sewer bonds aggregating $85,000-V. 137, p. 2837.
all bids submitted on July 17 were rejected-V. 137. I). 721-has since been
In connection with the proposed financing, the following has been issued:
sold as &Xs to John T. Gormley, a local investor. Dated July 15 1933 and •
Financial Statistics 1933.
due $LOW on July 15 from 1935 to 1945 incl.
City incorporated March 5 1836. Population U. S. Census, 1910,
Dak.-BOND OFFERING.
-Sealed
CARTHAGE, Miner County, S.
560,663: 1920, 796,841: 1930, 900,429. Assessed valuation estimated 100%
of real value. Fiscal year, Jan. 1 to Dec. 31.
bids will be received until Oct. 31 by G. F. Summerson, City Auditor, for
Assessed Valuation of 1931 for 1932
the purchase of an $8,1300 issue of sewer bonds. These bonds carried at an
election held on Oct. 6 by a count of 111 to 17.-V. 137. p. 2667.
Real and public utilities
$1,435,430,290.00
210,164,460.00
Personal tangible (estimated)
CEDARTOWN, Polk County, Ga.-PROPOSED BOND ELEC-The City Council is said to have voted to submit a bond issue
TION.
$1,645,594,750.00
Total
of about $100,000 to the voters for the purpose of creating better school
Assessed Valuation of 1932 for 1933
and fire department facilities. It is reported that the funds for this pur51,247.281,380.00
Real and public utilities
pose are expected to be loaned by the PWA, with the usual 30% grant.
135,276,110.00
Personal tangible (estimated)
CENTER TOWNSHIP SCHOOL DISTRICT (P. 0. Monaca),
$1,382,557,490.00
Total
-Sealed bids addressed to
-BOND OFFERING.
Beaver County, Pa.
BONDS
3006
Financial Chronicle
Debt Statement as of Oct. 6 1933.
General bonds (tax supported)
$81.622,879.06
Special assessment bonds and notes
6,497,829.56
Water works bonds (self supporting)
26,438.500.00
Electric light bonds (self supporting)
5,494,000.00
Tax anticipation notes, last half 1933
1,250.000.00
Total debt
$121,303,208.62
Less: Water works debt
$26,438,500.00
Electric light debt
Sinking fund applicable to general and 5,494,000.00
special
1,984,538.50
Tax anticipation notes
35,167,038.50
1,250,000.00
Net debt
886,136.170.12
Other Sinking Funds.
Water works
$2,047,409.13
Electric light
1,074.669.35
83,122.078.48
All fund in banks fully secured. Income of water works and electric
light are sufficient to service outstanding debt. No notes outstanding
Issued in anticipation of the issuance of bonds.
Tax History.
r Taxes are levied and collected by county. Tax payment dates are
December and June 20th. Time of payment has in the past been extended.
Property is subject to sale after a four year delinquency.
Tax Rate,
Total
Total
City
Corporation
Year Levy ofTax Rate. Operation.
Debt.
Rate.
1931 for 1932
827.60
6.7635
4.1456
10.9091
1932 for 1933
27.60
5.5822
5.5007
11.0829
Tax Collections-General.
Collections
Total
Current
Incl, Prior
Accumulated
Year Levied
-Delinquents. Collected.
Delinquents.
1931 for 1932---$17,911%8.00 $15,054,942.28 $83.9
5
$5,677,853.26
1932 for 1933-- 15,322,746.41
6,097,978.72 for first half collection
Tax Collections
-Special Assessment.
Collections
Total
Current
Incl. Prior
Accumulated
Year Levied
-Delinquents. Collected. Delinquents.
1931 for 1932-- $2,63
1
177
4.19 $1,524,010.02
57.8
$4,757,868.86
1932 for 1933-1,928.883.50
524,789.54 for first half collection
Statutory tax limit 15 mills. By vote of people, no limit.
COHOCTON SCHOOL DISTRICT (P. 0. Cohocton), Steuben
County, N. Y.
-BONDS APPROVED.
-The Secretary of the Board of
Education states that at an election held in August the voters approved of
an issue of $30,000 school bonds. The State Board of Education has yet
to pass on the issue.
COLORADO SPRINGS SCHOOL DISTRICT (P. 0. Colorado
Springs), El Paso County, Colo.
-BOND ELECTION NOT CONSUMMATED.
-In connection with a report given in V. 137. p. 2489, that
an election would be held in the near future to vote on the issuance of
$900,000 high school bonds, we are informed by Hobart M. Corning,
Superintendent, that this election depends on the approval of the Federal
Government being given to this project. At the time of writing no word
had been received from the Public Works Administration.
Or COLUMBIANA COUNTY (P. 0. Lisbon), Ohlo.-MEETS DEBT
CHARGES.
-John H. Irwin. County Auditor, recently announced that
about $100,000 in bond principal and interest charges will be paid this
year. Oct. 1 1933 maturities have been paid, according to the Auditor,
whealso stated taat the county has yet to default in the redemption of
a single bond.
COLUMBUS, Franklin County, Ohlo.-PWA FUNDS ALLOTTED.
-The Public Works Administration has announced an allotment of 33400,000 to the City for the construction of a sewage treatment plant. This
Includes about 8780.000, or 30% of the total,furnished as a grant, while the
balance constitutes a loan,secured by 4% general obligation bonds.
FURTHER ALLOTMENT MADE.
-The PWA has also announced the
allotment of 81.800,000 to the city for the construction of 11 miles of concrete and vitrified brick pipe sewers. The total includes 30% made
available as an outright gift, with the balance of 70% constituting a loan
secured by 4% general obligation bonds.
COLWYN SCHOOL DISTRICT (P. 0. Darby), Delaware County,
-BOND SALE.
-The issue of $60,000 coupon school bonds offered at
Pa.
not to exceed 4X% interest on March 6, at which time no bids were obtained-V. 136. p• 1749
-was sold later to the State School Retirement
Board, Dated March 1 1933 and due March 1 as follows: $10,000 in 1943;
$20,000 in 1953 and $30.000 in 1963.
COOK COUNTY (P. 0. Chicago), 111.
-TAX COLLECTIONS.
County Treasurer McDonough announced on Oct. 6 the collection of
8146,688,727, or 55.6% of the 1931 tax levy of $263,756,610. The amount
received includes $100.526,153 in real estate taxes; $33,122,908 in personal property taxes. and 810.039,664 in railroad taxes. The Chicago
"Tribune" of Oct. 7 in noting the foregoing also stated as follows:
"Uncollected taxes total $117,067,882, divided as follows: Real estate
taxes, $76,389,251; personal property taxes, 537,668.783. and railroad
taxes. $3,009,848. The Treasurer anticipated that the real estate tax
collections will rise sharply this month after the Supreme Court rules on
the legality of the order of the ooard of appeals reducing by 15% the
assessments on the base values of homes ard small flat buildings. The order
involves the second instalment of 1931 real estate taxes on 430.000 items
of property.
County officials were unanimous in praising the Kerner-Skarda Act
for the important part it has played in the collection of real estate taxes.
Since the enforcement of the Act began last Apri. 28, County Judge Jarecki
has appointed Treasurer McDonough as receiver for more than 2,500
income
-bearing properties to enable him to collect delinquent taxes. Attorneys anxious to avoid the tax receiverships have paid approximately
$5,000,000 in Judge Jareckl's court.
CORNWALL TOWNSHIP SCHOOL DISTRICT (P. 0. Cornwall),
Lebanon County, Pa.
-BOND ELECTION.
-An issue of $36,000 high
school building construction bonds will be considered by the voters at the
general election on Nov. 7.
COUDERSPORT, Potter County, Pa.
-BOND ELECTION.
-At the
general election on Nov.7 the voters will be asked to approve of the issuance
of $25,000 sewer and street Improvement bonds.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND REFUNDING PROGRAM DELAYED.
-Exchange of refunding bonds for principal
maturities bearing due dates of Sept. 1, Sept. 15 and Oct. 1 1933 has been
delayed due to the refusal of Squire, Sanders & Dempsey of Cleveland to
approve of the refunding issue, because of a defect in the proceedings. The
situation is expected to be corrected by Nov. 20 1933 when actual operation
of the "Plan of Exchange," referred to in V. 137, p. 2838, will get under way.
The county has paid interest in full to date, according to report.
CUYAHOGA FALLS, Summit County; Ohlo.-BOND OFFERING.J. E. Preston, City Auditor, will receive sealed bids until 12 m. (Eastern
Standard Time) on Nov. 10 for the purchase of $295,045.98 refunding
bonds, divided as follows:
$104,500.00 B41 bonds to bear interest at 4(%. Denoms. $1,000 each,
except one bond for $4,000, two for $5,000 each and one for
$500. Issue will mature in substantially oal amounts on
June and Dec. 1 from 1938 to 1947 incl., subject, however, to
call on June 1 1938 or on any interest paying ate thereafter.
78487.38 B45 bonds to bear interest at 6%. Denoms. $1,000 and $500,
except that there will be two bonds for $200 each, one for
$1.881.46, one for $364.34,one for $250.43 and one for $691.26.
Issue will mature in substantially equal amounts on June and
Dec. 1 from 1938 to 1947 incl., subject, however, to call on
June 1 1938 or on any interest paying date thereafter.
Oct. 21
1933
49,350.00 B42 bonds to bear interest at 5%. Denoms. $1,000 and $500
each, except one bond for $400, two for $350 each, one for $150
and one for $100. Issue will mature in substantially equal
amounts on June and Dec. 1 from 1938 to 1947 incl., subject,
however, to call on June 1 1938 or on any interest paying date
thereafter.
48,000.00 B43 bonds to bear interest at 5X%. Denoms. $1,000. Due
In substantially equal amounts on June and Dec. 1 from 1938
to 1947 incl., subject, however, to call on June 1 1938 or on
any interest paying date thereafter.
17,608.60 B44 bonds to bear interest at 5%. Denoms. $1,000 and
$500, except one bond for $408.60 and one for $200. Due in
substantially equal amounts on June and Dec. 1 from 1938 to
1947 incl., subject, however, to call on June 1 1938 or on any
interest paying date thereafter.
All of the issues will be dated Dec. 1 1933. Interest is payable in June
and December. Bids for the bonds to bear interest at rates other than
those already indicated, expressed in a multiple of X of 1%, will also be
considered. A certified check for 2% of the bonds bid for, payable to the
order of the City Treasurer, must accompany each proposal.
DAYTON, Campbell County, Ky.-BOND ELECTION.
-At the
general election in November it is said that the voters will pass on the
issuance of $25,000 in not to exceed 6% semi-ann. sewer system bonds.
It is said that a Federal loan and grant will be applied for on this project.
Due in from 5 to 20 years.
DEARBORN, Wayne County, Mich.
-BONDS DEFEATED.
-At the
election held on Oct. 9-V. 137, p. 2305
-the proposal to issue $2,143.000
water works plant construction bonds was defeated by a vote of 2,696
to 1.680.
DEFIANCE, Defiance County, Ohio.
-BOND OFFERING.
-0. M.
Eberle, City Auditor, will receive sealed bids until 12 m. on Nov. 1 for
the purchase of 51.0006% poor relief bonds. Dated Oct. 1 1933. Denom.
$500. Due $500 on Oct. I in 1935 and 1936. Int, is-payable in A. & 0.
Bids for the bonds to bear interest at a rate other than 6%, expressed
in a multiple of
of 1%, will also be considered. A certified check for
$25. payable to the order of the city, must accompany each proposal.
DES MOINES, Polk County, Iowa.
-BOND SALE.
-The $200.000
Issue of coupon main sewer fund bonds offered for sale on Oct. 19-Y. 137,
p. 2838
-was purchased by Halsey, Stuart & Co. of New York, at public
auction, as 4 Xs, paying a premium of $800, equal to 100.40, a basis of
about 4.21%. Dated Dec. 1 1933. Due from Dec. 1 1937 to 1952.
DETROIT, Wayne County, Mich.
-REPORT OF BONDHOLDERS'
REFUNDING COMMITTEE.
-The Committee which was formed for the
purpose of carrying out the terms of a refunding agreement, involving more
than $300.000,000 of outstanding bonds, notes and interest charges,recently
Issued a report dealing with the results of its activities. The committee
states that more than $1,118,730 is now available for payament of interest
on the city's obligations and that distribution of same will be made on a
pro-rata basis to depositing holders of bonds and notes as of Dec. 15 1933.
Additional collections to that date will be made and incorporated in the
disbursements. Deposits of bonds and notes with the committee total
$150,599,632, or 53% of the obligations affected by the refinancing plan,
which was published in full in our issue of July 15 1933-Y. 137. p. 524.
(Further details regarding this latest report of the committee appear on a
preceding page of this section.)
DODGE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 69
(P. 0. Hayfield), Minn.
-SECOND ELECTION CALLED.
-We are now
informed by the District Clerk that a second election was called for Oct. 16
on the $33,000 funding bonds approved by the voters on Aug. 17-V. 137.
p. 1613-because the district failed to carry out certain regulations of the
State Board of Investment in regard to a loan.
DONOFtA, Washington County, Pa.
-BOND ELECTION.
-One of
the questions to be considered by voters of the Borough at the general election on Nov.7 deals with a proposal to issue $275,000 improvement bonds.
DOUGLAS COUNTY (P. 0. Armour), S. Dak.-BOND ELECTION
CANCELED.
-We are informed by the County Auditor that the election
scheduled for Oct. 7-V. 137, p. 2305, on the $50,000 road bonds, was
canceled when the county was promised an additional grant of relief money.
DUMAS SPECIAL SCHOOL DISTRICT (P. 0. Dumas), Desha
County, Ark.
-BOND ELECTION.
-It is stated that an election will
be held on Nov. 1 to vote on the proposed refunding of $91,000 in bonds.
The proposal is said to include a 7
-mill tax levy, payable in 15 years, for
retirement.
(This report corrects the previous notice given under the heading of
"Desha County. Ark." in V. 137, p. 2668.)
EAST ORANGE,Essex County, N. J.
-BONDS PARTIALLYSOLD
Alice I. Webster. City Clerk, reports that a block of $66.000 bonds of
the total of $326,000 for which no bids were obtained on Sept. 25-V. 137.
p.2489, has been sold privately as 6s, at a price of par. The sale consisted of:
$39,000 series PP school bonds. Due July 1 as follows; $2,000 from 1934
to 1939 incl. and $1,000 from 1940 to 1966 incl.
27,000 series No. 14 general (mot. bonds. Due July 1 as follows: $5,000
in 1936; 83,000. 1937; $6,000 in 1938; 39,000 in 1946 and $4,000
In 1954.
Following the unsuccessful offering on Sept.25,Lehman Bros. of New York
and associates asked for a 30
-day option on the bonds as 6s, at par.
EAST ROCKAWAY SCHOOL DISTRICT (P. 0. East Rockaway),
Nassau County, N. Y.
-BOND ELECTION.
-At an election to be held
on Oct. 30 the voters will be asked to pass upon two propositions, one of
which provides for a $295,000 bond issue to be financed by the District,
while the second calls for a like amount to be financed jointly by the Distrist and the Public Works Administration. Taxpayers can vote for both
or either one of the proposals. Uncertainty as to the extent of assistance
to be given by the PWA induced the School Board to arrange for a vote on
both questions.
EIDSVOLD SCHOCH:. DISTRICT NO. 7 (P. 0. Bottineau), Batt.
neau County, N. Dak.-CERTIFICATES NOT SOLD.
-The $1.500 issue
of certificates of indebtedness offered on Oct. 7-v. 137. p. 2306
-was not
sold, as there were no bids received, reports the District Clerk. Interest
rate not to exceed 7%.
ELGIN, Antelope County, Neb.-BOND SALE DETAILS.
-The
$52.000 issue of refunding bonds that was reported sold-V.137, p. 2668
was purchased by Wachob, Bender & Co. of Omaha, as 4Xs at par. Due
in 1953.
ELMIRA, Chemung County, N. Y.
-BOND SALE.
-The $275,000
coupon or registered bonds offered on Oct. 18-V. 137. p. 2838
-were
awarded as 4.10s to Salomon Bros. & Hutzler of New York and the First
National Bank of Elmira,jointly, at par plus a premium of$250.25, equal to
100.09, a basis of about 4.08%. The sale consisted of:
$200,000 welfare bonds. Due $40,000 annually on April 1 from 1935
to 1939 incl.
75,000 street impt. bonds. Due $5,000 annually on Oct. 1 from 1934
to 1948 incl.
Each issue is dated Oct. 1 1933. Public re-offering of the bonds is being
made at prices to yield from 2.25 to 4%, according to maturity. The
following is an official list of the bids submitted at the sale:
NameInt. Rate, Amount Bid.
Salomon Bros. & Hutzler, and First National
Bank & Trust Co., jointly
4.10'7
$275,250.25
Halsey-Stuart & Co
4.20
275,300.00
Stranahan, Harris & Co
4.20
275,203.50
Blyth & Co., Inc
4.20
275,192.50
Manufacturers & Traders Trust Co
4.25
275,382.25
The N. W. Harris Co
4.25
275.082.50
A. C. Allyn & Co
4.30
275,247.50
Bancamerica-Blair Corp
4.40
275,825.00
Bacon, Stevenson & Co
4.40
275,770.00
Phelps, Fenn & Co
4.40
275,687.50
J. & W. Seligman & Co
4.40,275,412.50
Eldredge & Co
4.40
275,352.00
Marine Trust Co
4.50
275.380.00
EUCLID, Cuyahoga County, Ohio.
-BOND ELECTION.
-A bond
issue for $45.000 to be expended in payment of the city's share of grade
Volume 137
Financial Chronicle
crossing eliminations will be considered oy the voters at the general election
on Nov. 7.
EUCLID, Cuyahoga County, Ohio.
-DEFAULT REPORT
.-W A.
.
Gilson, City Auditor, IS reported to have announced that interest of$150,000
due Oct. 1 1933 will be paid as soon as the second half tax settlement is
received from the County Treasurer. Bond principal in amount of $587,000
will not be paid, it is said.
EUCLID SCHOOL DISTRICT, Cuyahoga County, Ohio.
-NOTICE
TO BONDHOLDERS.
--Linda E. Schrock, Clerk-Treasurer of the Board of
Education, recently announced that interest coupons due April 1 1933 will
be paid upon presentation at the main office of the Cleveland Trust Co.,
Corporate Trust Dept.. Cleveland. Payment has been made possible
through the receipt of sufficient money for that purpose from the County
Auditor. The armou cementstated further as follows:
"Payment of interest coupons due Oct. 1 1933, must be deferred until the
distribution of the present tax collection, and settlement for same will not
be made by the County Auditor until some time in November. I shall advise
you at the earliest date possible when to send your October coupons for
payment.
•'If you are the holder of bonds maturing either in April or October 1933,
kindly send to this office at 1520 Chardon Road, Euclid, Ohio, information
regarding the amount due, rate of interest date of issue, serial numbers,
and maturing date. I shall appreciate having this data at your earliest
convenience."
FARGO,Cass County, N. Dak.-CERTIFICATE OFFERING -Sealed
bids will be received until 10 a. m. on Oct. 27 by Carol 0. Jorgenson, City
Auditor, for the purchase of a $75,000 issue of certificates of indebtedness.
Due in 2 years. A certified check for 2% must accompany the bid.
FAULK COUNTY (P. O. Faulkton), S. Dak.-BOND OFFERING.
Sealed bids will be received until 10 a. m. on Nov. 7 by R. M. Whitney,
County Auditor, for the purchase of a $34,000 issue of jail
-building funding
bonds. Interest rate is not to exceed 6%. payable A. & 0. Denom.
$1,000. Dated Oct. 7 1933. Due $4,000, 1938, and $2,000. 1939 to 1953:
optional after 5 years. Prin. and int, payable at the County Treasurer's
office. The sale of these bonds is to be conditional on the approval of the
project by the State Advisory Board and by the Public Works Board at
'Washington, D. C. The legal opinion of local counsel for the county will
be furnished by the Board. If opinion of bond attorney of national reputation is required, same will be furnished by the Board. The Board will also
furnish blank form of bonds. A $3,400 certified check must accompany
the bid.
-BONDS APFAYETTEVILLE; Cumberland County, N. C.
PROVED.
-At a meeting held on Oct. 4 the Board of Aldermen is said to
have approved a $65,000 terminal construction bond issue. The maturity
of the bonds would be over a 30
-year period and they would bear 4%
interest. The city intends to obtain a loan from the Federal Government
of $48,000, the rest of the amount being the usual 30% PWA grant.
FOLKSTON. Charlton County, Ga.-PROPOSED FEDERAL LOAN
-At a meeting of the Town Council held on Oct. 9 it is said that the issuance of $22,000 in water works system bonds was approved. It is believed
that the Public Works Administration will be asked to furnish the funds
for this project.
FORT WORTH INDEPENDENT SCHOOL DISTRICT (P. 0. Fort
Worth), Tarrant County, Tex.
-BOND ISSUE PROPOSED TO OBTAIN FEDERAL LOAN.
-We quote in part as followsfrom the Fort Worth
"Record" of Oct. 12 regarding a $3,060,060 bond election to be held on
Nov. 14:
"Voters of the Fort Worth Independent School District will decide
Nov. 14 whether they want to issue $3,000,000 in school bonds as the basis
for a $4,000.000 loan and grant from the Public Works Administration.
"The Board of Education called the election at its meeting yesterday
afternoon and decided on Nov. 14 as the most suitable date for obtaining a
representative vote. The action was taken after the Board had been urged
verbally and in writing by numerous organizations in the city to proceed
without delay with the proposed PWA program.
"The election call provides that the voters shall express their wishes with
regard to the $3,060.000 bond issue and the necessary 10 cents on the $100
increase in school taxes to retire the bonds over a period of 40 years.
"In a two-hour discussion of the bond issue proposal, members of the
Board expressed themselves yesterday as "unwilling to pass up the opportunity of obtaining a direct grant of $1,000,000 from the Federal Government without giving the voters a chance to cast their ballots for or against
the proposal."
FREMONT SCHOOL DISTRICT, Sandusky County, Ohio.
BONDS AUTHORIZED.
-The Board of Education has decided to issue
247.066.85 funding bonds in accordance with an Act approved at the last
session of the State Legislature. The State Teachers' Retirement System
will be asked to purchase the bonds. Issuance of the bonds under Senate
Bill 175 passed oy the last legislature permits the schools to take into
consideration school money tied up in closed banks. Fremont has more
than $40,C00 in undivided tax money coming from the county for 1932
taxes. This money was expected to take up a note for a loan of $41.000
from the teachers'retirement system but the cash is tied up by bank closings.
Through the issuance of the bonds which are to be purchased by the retirement system the note will be wiped out and as the tax money becomes
available the bonds will be retired. Maximum maturity of the bonds is
eight years.
GALLIPOLIS, Gallia County, Ohio.
-W. P.
-BOND OFFERING.
Kling. City Auditor, will receive sealed bids until 12 m. on Nov. 6, for the
purchase of $15,000 6% fire department equipment bonds, authorized by
the City Council in September
-V. 137, p. 2306. Issue will be dated Nov.
15 1933. Denom. $500. Due $1,500 annually on Nov. 15 from 1035 to
1944, incl Interest Is payable on M.& N. 15. Bids for the bonds to bear
interest at a rate other than 6% , expressed in a multiple of X of 1%. will
also be considered. A certified°
check for $150, payable to the order of the
city, must accompany each proposal.
GEORGETOWN COUNTY (P. 0. Georgetown), S. C.
-BOND
XCHANGE E.
-It is stated by the Clerk of the Board of County Commissioners that a $75,000 issue of 6% refunding bonds was authorized by the
1933 Legislature and they have since been exchanged with the holders of
maturing bonds.
GILBERT, St. Louis County, Minn.
-BOND OFFERING.
-It is
reported that sealed bids will be received until 3 p. m. on Oct. 30, by L,.1.
Indihar, Village Clerk, for the purchase of a $42,000 issue of 6% semiannual street hnpt. bonds.
GLENDALE, Hamilton County, Ohio.
-PROPOSED BOND ISSUE.
-A vote on a proposed issue of $60,000 25
-year sewerage system bonds
will be taken at the general election on Nov. 7.
GLENDALE SCHOOL DISTRICT, Hamilton County, Ohio.
BOND ELECTION.
-A proposal to issue $100,000 school building construction bonds will be submitted for consideration of the voters at the
general election on Nov. 7.
GRAFTON COUNTY (P. 0. Woodsville), N. H.
-BOND OFFERING.
-Sealed bids addressed to the County Treasurer will be received until
2 p.m. on Oct. 24 for the purchase of $55,000 funding bonds. Dated
June 15 1933. Due Dec. 15 as follows: $5,000 from 1933 to 1935, incl.,
and $10,000 from 1936 to 1939, incl. Bidder to name the rate of interest
In a multiple of X of 1%.
-$4.583.800 BOND REGRAND RAPIDS, Kent County, Mich.
FUNDING PLAN APPROVED.
-The City Commission on Oct.9 approved
the plan submitted by the Board of Sinking Fund Trustees, providing for
the refunding of $4,583,800 bonds, some of which are already in default,
according to the Grand Rapids "Press" of the following day. It is proposed that refunding term bonds be issued, bearing int. at the same rate as
that borne by the existing obligations, and subject to call at any int. paying
date upon 14 days' published notice. The bonds would bear date of
Oct. 11933. The resolution adopting the program states that competitive
bids will be sought from investment houses desiring to handle the
The plan will now be submitted for approval of refundithe State
ga mt.
Public Debt Commission and trust boards, it is said. It was previously
-V. 137, p. 2839.
referred to in
-BONDS NOT
GRANITE FALLS, Yellow Medicine County Minn.
SOLD. The two issues of bonds aggregating $58,5(10, offered on Sept. 29-
3007
V. 137, P. 2306
-were not sold as no bids were received. The issues are
as follows: $50,000 sewage disposal plant bonds and $8,500 bridge bonds.
Interest rate not to exceed 5%. payable A. & 0.
GRANVILLE TOWNSHIP, Mercer County, Ohio.
-BOND ELECTION.
-At the general election on Nov. 7 the voters will be asked to
approve of an issue of $3,000 building bonds, to mature in 3 years.
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 76 (P. 0.
-BOND SALE.
-The $6,500 issue of refunding bonds
Montesano), Wash.
offered for sale on Oct. 14-V. 137, p. 2669
-was purchased by the State
of Washington as 5s at par. Due in 10 years and optional after 2 years,
No other bid for the bonds was received.
HAMPTON, Hampton County, S. C.
-FEDERAL LOAN APPLICA-It is said that an application has been filed with the
TION FILED.
State Advisory Board of the Public Works Administration for a loan of
$40,000, to be used for water works purposes.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND SALE.
-The
issue of $9,000 poor relief bonds offered on Oct. 9, award of which was
-has been sold to Otis & Co. of Cleveland as 5s
delayed-V. 137, p. 2839
at par plus a premium of $26.80, equal to 100.29, a basis of about 4.90%.
Dated Oct. 1 1933 and due serially from 1934 to 1938, incl. A list of the
bids submitted at the sale appeared in our issue of Oct. 14.
-Sale of the above issue apparently
ADDITIONAL BIDSREQUESTED.
was not consummated, as the County is now advertising for sealed bids to
be received until 10 a. m. on Nov. 6 for the purchase of a like amount of
5% poor relief bonds. Bids should be addressed to G. R. Morehart, County
Auditor. The issue will be dated Sept. 15 1933 and mature on March 15 as
follows: $1.800 in 1934; $1,650, 1935: $1,750, 1936: $1,850, 1937, and
$1,950 in 1938. In the previous instance the bonds were to be dated Oct. i
1933, with the maturities on April 1 of each year. A certified check for
$250 must accompany each of the bids now being solicited.
-BOND ELECHANLEY FALLS, Yellow Medicine County, Minn.
TION.
-It is reported that an election will be held on Oct. 23 in order to
vote on the issuance of $4,000 in 43% water tower bonds.
-At the general
-BOND ELECTION.
HANOVER, York County, Pa.
election on Nov. 7 the voters will be asked to approve of the issuance of
sewage disposal plant construction bonds.
$55,000
-The
-BONDS DEFEATED.
HARRISBURG, Saline County, 111.
proposal to issue $410,000 6% revenue bonds, to finance the construction
of a municipal light and power plant was defeated by a vote of 1,934 to
1,029 at the election held on Oct. 12-V. 137, p. 2306.
-BOND SALE.
-We
HARRISON COUNTY (P. 0. Logan), Iowa.
are informed by the County Auditor that a $48,000 issue of funding bonds
was sold recently to Glaspell, Vieth & Duncan of Davenport.
-COMBINED DEBT OF
HARTFORD, Hartford County, Conn.
-The combined net funded debt of the
CITY AND SCHOOL DISTRICTS.
City and the nine school districts amounted to $18,652,280 on Sept. 30
1933, marking the close of the first half of the 1933-1934 fiscal year. On
April 1 1933, the start of the fiscal year, the figure was $20.752.236, according to the Hartford "Courant" of Oct. 10, which reported further as
follows: "Included in this figure of $20,752,236 was an item of $4,000.000
represented in temporary loans in anticipation of taxes. These have been
paid. The City later issued funding bonds of $3,000,000.
"Figures at the office of City Treasurer George H. Gabb show that
the combined water and city debt on Sept. 30, including the funding bonds
of $3,000,000, was $18,862,000. From this, however, is deducted the
water debt of $3,720,000 and the city sinking fund of 52.880,180, making
the net funded city debt $12,261,820. The total debt of the nine school
districts Sept. 30 was $7,628.000, but with aggregate sinking funds of
$1.237,540, the net debt of the districts was $6,390,460. This makes the
combined net debt of the city and the school districts $18,652,280. The
Water Bureau sinking fund, not included in the city sinking fund. was
$473,409."
HEMPSTEAD UNION FREE SCHOOL DISTRICT No. 21 (P. 0.
-T. B.
Rockville Centre), Nassau County, N. Y., -BONDS VOTED.
Watson, Superintendent of Schools, states that at an election held on Oct.
17 a school bond issue for $150,000 was approved by a vote of 293 to 71.
The issue will be dated Jan. 1 1934, bear interest at not to exceed 6% and
mature on Jan. 1 as follows: $8,000 from 1935 to 1952 incl. and $6,000
in 1953. Sale will be held about Nov. 1 1933. Reference to the election
In V. 137, p. 2306, was made under the heading of Hempstead S. D.
No. 20.
-BOND
HERKIMER (P. 0. Herkimer), Herkimer County, N. Y.
OFFERING.
-Floyd C. Harter, Town Supervisor, will receive sealed bids
p.m. on Oct. 24 for the purchase of $12,000 not to exceed 6% interuntil 2
est coupon or registered judgment bonds. Dated Sept. 1 1933. Denom.
$1,000. Due $1,000 annually on March 1 from 1934 to 1945, incl. Bidder
to name a single interest rate for all of the bonds, expressed in a multiple
of 3j; or 1-10th of 1%. Prin, and int.(M.& S.) are payable in lawful money
of the United States at the First National Bank, Herkimer. A certified
check for $200, payable to the order of the town, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
-FINANCIAL STATEMENT
HILLSIDE TOWNSHIP, N. J.
.-In reporting to the Township Committee on
BONDS IN DEFAULT
$12,631.42 of the amount needed
Oct. 12 that the municipality was short
to meet obligations due the next day, Robert E. Rucker, Township Treasurer. summarized the outstanding indebtedness, including obligations in
default, as follows, according to the Newark "Evening News" of Oct. 12:
"In his report, Rucker set forth the following bonded indebtedness outstanding as of Oct. 1: Total temporary improvement bonds, $987,333.15:
serial bonds, $2,185,000; tax bonds. $256,490.11; emergency relief notes,
$6,500; total bonded indebtedness, $3.426.323.26.
"The total in default is $548.399.86 and consists of 5383.000 temporary
improvement bonds. $153,475.44 due for the joint supplementary sewer
and $11,924.42 due the county for the paving of North Broad Street.
"'Of the $380.000 temporary bonds in default,' Rucker said, 1108,000
matured Oct. 1 and it is probable that this entire amount will be exchanged
for serial bonds before the year ends. Interest on all outstanding bonds
has been paid to date.'
"At the close of last year's tax levy, $433.828.83, or 39.25% of the taxes.
remained uncollected. For the first half of this year tax collections lagged
behind 62.5%. This, Committeeman Lee declared, is an excellent showing
in tax receipts as compared with some municipalities.
"Of the total budget of $643.811.09 last year, 45.72% was used for the
payment of maturing deot and interest. In 1927 the per cent was 10.9."
HUBBARD VILLAGE SCHOOL DISTRICT, Trumbull County,
-The issue of $10,000 6% refunding bonds for
Ohio.
-BOND SALE.
-was later rewhich no bids were obtained on March 27-V. 136. p. 2282
duced to $7,500, in denoms. of $50 each, and accepted by teachers and
other school employees in payment of their salaries. The original issue
of $10,060 was to be dated April 1 1933 and mature 51,000 on April and
Oct. 1 from 1934 to 1938 inclusive.
-PLAN REFUNDING
HURON AND TUSCOLA COUNTIES, Mich.
-The Drain Commissioners of the respective counties
OF $380,000 BONDS.
plan to apply to the State Public Debt Commission for permission to refund
the outstanding balance of $380,000 drain bonds of the original issue of
$480,000 sold in 1930. The issue was to mature in equal annual instalments
until 1940. Approximately $22,000 of the bonds are in default, this figure
representing the unpaid balance of the $45.000 payment which became due
on April 15 1933.
INDUSTRIAL CONSOLIDATED SCHOOL DISTRICT (P. 0.
-BONDS VOTED.
-It is said that
Poplarville),Pearl River County, Miss.
the voters recently favored the Issuance of $10,000 in 4% school bonds.
It is expected that these bonds will be sold to the Federal Government.
-At the
IONE, Pend Orielle County, Wash.
-BOND ELECTION.
regular election in November it is said that the voters will be asked to
pass on a proposal to issue $10,000 in sanitary sewer system bonds. This
amount is reported to be about one-half of the cost of the system, the rest
to be furnished by the State and Federal Governments,
JACKSON, Dakota County, Neb.-BOND ELECTION.
-An election
will be held on Oct. 25, according to report, in order to vote on the issuance
of $4,200 in water Works system bonds.
3008
Financial Chronicle
Pr JACKSON, Jackson County, Mich.
-STATUS OF DEBT SERVICE
PAYMENTS.
-C, H. Vedder, City Clerk, reported under date of Oct. 14
the remittance to New York paying agents of funds sufficient to retire all
Interest coupons maturing between April 1 and July 1 1933. The m ney
was expected to be in the possession of the banks on Oct. 17. Coupons
should be presented for payment on or after that date to the institution
indicated thereon. Mr. Vedder also advised that the refunding program
contemplated by the city will be in completed form shortly. Bonds to be
refunded include defaulted maturities from March 1 through to June 30
1933: also all general and special assessment obligations maturing in the
fiscal years ending June 30 1934 and 1935. The refunding bonds will bear
the same interest rates as those carried on the obligations to be replaced.
Local banks will be named to handle the exchange of the securities.
-It is
JACKSONVILLE, Duval County, Fla.
-BOND OFFERING.
announced by the City Auditor that he will receive sealed bids until Dec. 15
.
for the purchase of a $300,000 issue of coupon refunding bonds. Interest
rate is not to exceed 6%, payable J. & D. Denom. $1,000. Dated Dec. 15
1933. Due $150,000 on Dec. 15 1939 and 1940. Prin. and int, payable
at the fiscal agency in New York City. Legality to be approved by Thomson, Wood & Hoffman of New York.
JAMESTOWN CITY SCHOOL DISTRICT, Chautauqua County,
N. Y.
-BOND ELECTION.
-The Board of Education has voted to hold
an election on Nov. 14 on a proposition to issue $1,150,000 not to exceed
6% interest high school building construction bonds, to mature annually
as follows: $30.000 from 1935 to 1939 incl., $65,000 from 1940 to 1947 incl.,
$68,000 from 1948 to 1953 incl. and $72,000 in 1954. The Board also voted
to make application for a Federal loan for the project.
JEFFERSON COUNTY INDEPENDENT RURAL SCHOOL DISTRICT No. 2, Ohio.
-BOND OFFERING.
-E. R. Harding, Clerk of the
Board of Education, will receive sealed bids until 12 m. on Nov. 4 for the
purchase of $3.500 5% refunding bonds. Dated Sept. 15 1933. Denom.
$500. Due $500 annually on Sept. 1 from 1935 to 1941 incl. Interest is
payable semi-annually. Bids for the bonds to bear interest at a rate other
than 5%, expressed in a multiple of y, of 1%, will also be considered.
A certified check for $35, payable to the order of the Board of Education,
must accompany each proposal. The approving opinion of Squire, Sanders
& Dempsey of Cleveland will be furnished the successful bidder.
JOPLIN, Jasper County, Mo.-BONDS DEFEATED.
-At the election
held recently to vote on the issuance of $87,500 in sewer system bonds
-the voters are stated to have rejected the proposal.
N. 137, p. 2839
-BONDS VOTED.
KETCHIKAN, Alaska.
-At an election held on Oct.
4 a majority of '75% of the taxpayers voted in favor of the issuance of
$1,000,000 bonds for electric light, water and telephone system purposes.
-REFUNDING ISSUE
KNOX COUNTY (P. 0. Vincennes), Ind.
-The County Council has approved of the refunding of about
OF $500.000.
$500.000 bonds and voted an appropriation of $5,000 to pay the cost of the
program.
LAKE COUNTY (P. 0. Painesville), Ohio.
-BONDS NOT SOLD.
The issue of $215,950 5% refunding bonds offered on Oct. 16-V. 137, p.
2490
-was not sold, as no bids were obtained. Dated Oct. 1 1933 and due
semi-annually on April and Oct. 1 from 1937 to 1943, inclusive.
LAKE COUNTY (P. 0. Crown Point), Ind.
-2400,000 REFUNDING
-The County will offer for sale about Nov. 15 an Issue
ISSUE PLANNED.
of $400.000 refunding bonds.
-BOND ELECTION.
LAKEWOOD, Cuyahoga County, Ohio.
-At
the general election on Nov. 7 the voters will be asked to approve of a
$1,500,000 bond issue for the purpose of financing various improvements
-V. 137, p. 526.
to the water works system.
LAPEER COUNTY (P. 0. Lapeer), Mich.
-3100,000 REFUNDING
-The Board of Supervisors proposes to request the
ISSUE PLANNED.
State Public Debt Commission at Lansing for permission to refund $100,000
outstanding Covert road bonds.
LEAKE COUNTY (P. 0. Carthage), Miss.
-BONDS APPROVED.
The County Board of Supervisors is reported to have approved a $70.000
bond issue for construction of a new court house. It is said that the proposition will be put to a vote of the people.
LEXINGTON, Sanilac County, Mich.
-BONDS VOTED.
-The proposed issue of $28,000 water works bonds was approved 131 to 41 by the
voters at the election held on Oct. 7-V. 137. p.2490. The project Is expected to cost $38,000, with about $10,000 to be furnished as a grant by
the Public Works Administration.
LONG BEACH, Nassau County, N. Y.
-PAYMENT OF $310,000 TO
CREDITORS ARRANGED.
-As a result of the demand made upon the
city last week for the payment of $565,000 of notes held by various New
-V. 137, p. 2840, a compromise agreement between the
York City banks
city and a committee representing the institutions was completed on Oct. 16.
A dispatch from Long Beach to the "Herald Tribune" of the following day
reported on the arrangement as follows:
"An agreement between the City of Long Beach and a committee represmiting New York banks holding $565,000 of the city's demand tax notes
was signed here to-day. It provides that the banks on Nov. 15 will discontinue the suit brought last April against the city to collect the notes if
the city by Nov. 15 has distributed $310,000 among the major and minor
creditors of the city.
"The agreement was subscribed to by Mayor Frank Frankel and other
members of the City Council, for the city, and Robert E. Miller, of the
Bank of New York and Trust Company, and James E. Hollingsworth, of
the Central Hanover Bank & Trust Co., representing the note holders.
"The $310,000 is money recently collected by the city for taxes In arrears
for 1932 and preceding years. The city in order to meet the terms of the
agreement, will be obliged to induce holders of judgments and certificates
of indebtedness in the sum of $140,000 to accept $28,000, or 20% of the
indebtedness, as a partial payment. The bankers a week ago demanded
that the city pay $100,000 immediately of the 8565,000 and include the
balance in next year's budget, and to-day's agreement was a compromise on
that ultimatum."
BOND REFUNDING PLANNED.
-The City Council passed a resolution on Oct. 10 advocating the exchange of 15
-year refunding bonds for the
total of $856,000 bonds maturing between now and 1937, according to
report. The rates of interest on the new bonds will be the same as those on
the existing obligations, it is said.
ADDITIONAL INFORMATION.
-A public hearing on the ordinance
will be held on Oct. 31. Its passage is assured, it is said, as all of the members of the City Council have informed B. J. Van Ingen & Co. of New
York, who are to handle the refunding arrangement, that they would
support the proposal. The plan provides for the creation of a sinking fund
to be used in the purchase of any of the refunding bonds that may be
offered on the market at any time at less than par, according to report.
The absence of any sinking fund provision for the retirement of the bonds
now outstanding is one of the points on which the city administration relies
to make the holders willing to accept the better secured refunding bonds in
their place.
LOUISIANA, State of (P. 0. Baton Rouge).
-The
-BOND SALE.
$2,500,000 issue of 5% coupon or registered semi-ann. highway, series I
bonds offered for sale on Oct. 16-V. 137, p. 2139
-was purchased by the
Union Bond & Mortgage Co., Inc., of Baton Rouge, agent, at par. Dated
Oct. 15 1932. Due $500,000 from 1936 to 1940, incl. It is stated by the
Chairman of the Highway Commission that no other bids were received.
LOUISVILLE, Stark County, Ohlo.-PWA LOAN APPROVED.
The Public Works Administration State Board has recommended favorable
action on the village's application for 550,000 to pay the cost of additional
water mains.
-BOND SALE.
LYON COUNTY (P. 0. Marshall) Minn.
-The
$30,000 issue of poor fund bonds offered for sale on Oct.9-V.137, p. 2491
was purchased by a syndicate composed of the Empire State Bank of Cottonwood, the Farmers and Merchants State Bank of Balaton, and the New
Farmers & Merchants State Bank of Russell, as 5As at par. Dated Oct. 1
1933. Due $3,000 from Oct. 1 1934 to 1943 incl.
Oct. 21 1933
McCONE COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Circle),
Mont.
-FEDERAL FUND ALLOTMENT.
-It has been announced by
the Public Works Administration that it made an allotment of $40,000 to
the district for the construction of additions to the present high school
building. The Federal Government grants 30% of the above amount
toward the cost of labor and materials. The remainder is a loan secured by
4% general ooligation bonds.
McINTOSH COUNTY (P. 0. Ashley), N. Dak.-CERTIFICATE
SALE NOT CONTEMPLATED.
-It is reported that the $50,000 issue of
certificates of indebtedness that was offered without success on Oct. 3
-V. 137. p. 2670
-will not be readvertised, as warrants are now being
registered.
McKEES ROCKS SCHOOL DISTRICT, Allegheny County, Pa.
ADDITIONAL INFORMATION.
-The State School Retirement Board
paid arce of par for the purchase rf the $100,000 coupon school bonds to
Dear 5
interest. Previous mention of the sale was made in V. 137,
p. 213 . Bonds are dated July 1 1933 and mature $20,000 annually on
July 1 from 1939 to 1943 incl.
McKINLEY, St. Louis County, Minn.
-BONDS DEFEATED.
-It
is said that at an election held on Oct. 7 the voters rejected a proposal to
issue $15,000 in village bonds by a slight margin.
McPHERSON, McPherson County, Kan.
-BOND ELECTION CONTEMPLATED.
-It is reported that an election will be held in the near
future to pass on the issuance of $100,000 in city hall construction bonds.
MAGNOLIA, Harrison County, Iowa.
-BONDS VOTED.
-At the
election held on Oct. 11-V. 137, p. 2491-the voters are said to have
approved the issuance of the $20,000 in water plant bonds.
MADISON, Lake County, S. Dak.-BOND OFFERING.
-Sealed bids
will be recieved until 2 p.m. on Oct. 26 by G. H. Simpson. City Auditor,
for the purchase of three issues of bonds, aggregating $34,500, divided as
follows:
$17.500 water tower bonds. Due in 20 years.
7,000 city garage bonds Due in 10 years.
10.000 swimming pool bonds. Due in 15 years.
Interest rate is not to exceed 5%, payable semi-annually. Dated Oct. 1
1933. A certified check for 2% of the bid is required.
(This report supersedes that given in V. 137, P. 2670.)
MALTA-McCONNELSVILLE EXEMPTED VILLAGE SCHOOL
DISTRICT, Morgan County, Ohio.
-BOND ELECTION.
-A proposed
bond issue of $42,500 for building construction purposes will be submitted
for consideration of the voters at the general election on Nov.7.
MANCHESTER, Hartford County, Conn.
-BOND SALE.
-F. D.
McLaughlin, City Treasurer, reports that Arthur Perry & Co. of Boston
were awarded on Oct. 18 an issue of $100.000 41,6% permanent impt. bonds
at a price of 102.319. a basis of about 4.00%. hated July 1 1933. Denom.
$1.000. Due $10.000 on July 1 from 1934 to 1943 incl. Principal and
interest (J. & J.) are payable at the National Shgwmut Bank, Boston. or
at the Am skeag Trust Co., Manchester. Legality approved by Ropes,
Gray, Boyden & Perkins of Boston. Bids for the issue were as follows:
BidderRule Bid.
Arthur Perry & Co. (purchaser)
102.319
E. H. Rollins & Sons
102.279
Bankers Trust Co
102.079
Estabrook & Co
101.96
Jackson & Curtis
101.71
Ballou- Adams & Whittemore
101.57
Brown Bros. Harriman de Co
101.27
N. W. Harris Co., Inc
101.157
First National Bank of Boston
100.52
MAPLEWOOD TOWNSHIP (P. 0. Maplewood), Essex County,
N. J.
-E. R. Arcularius, Township Clerk, reports
-BONDS NOT SOLD.
that no bids were obtained at the offering on Oct. 17 of $250,000 coupon or
registered tax revenue bonds, including a $205,000 issue of 1932 and $45,000
of 1931-V. 137. p. 2840. Dated Nov. 1 1933 and due serhdy on Oct. 1
from 1934 to 1936 incl.
-A 30
-day option on the bonds has been granted
OPTION GRANTED.
to Adams & Mueller of Newark, according to report.
MARION, Crittenden County, Ky.-BOND SALE DETAILS.
-In
connection with the sale of the $35,000 water works bonds to the Reconstruction Finance Corporation-V. 137, P. 2670
-we are now informed
the bonds were sold as 6s at par, and mature from 1934 to 1951.
that
MARSHFIELD, Wood County, Wis.-BOND OFFERING.
-Sealed
bids will be received by the City Clerk, for the following bonds aggregating
$110,000:
At 7:30 p. m. on Oct. 17: $40,000 5% special assessment, street impt.
bonds. Due $4,000 from Oct. 15 1934 to 1943. incl.
At 730 p. m. on Oct. 30: $70 000 407 sewage and street imr. bonds.
Denom. $500. Due $3,500 from Oct. 15 1934 to 1953, inc .
Dated Oct. 15 1933. Interest payable A. & 0. All bids must be accompanied by a certified check in the sum of 5% of bids, as a guarantee that the
successful bidder will purchase said bonds at the price stated in their proposal. (These are the bonds mentioned in V. 137, P. 2840).
MARYLAND (State of).
--CERTIFICATE ISSUE OFFERED.
-Sealed
bids addressed to John M. Dennis, State Treasurer, will be received until
12 m.
Nov. 15 for the purchase of $375,000 4% coupon (registerable as
to principal) "Ocean City Inlet Loan of 1931" certificates of indebtedness.
Dated Aug. 15 1932. Denom. $1,000. Due Aug. 15 as follows; $22,000,
1935; $23,000, 1936; $24,000, 1937; $25,000, 193:8: $26,000, 1939; $27,000.
1940; $28,000. 1941; E30,000, 1942; $31,000, 1943; $33,000, 1944; $34,000,
1945;$35,000 in 1946 and $37,000 in 1947. Interest is payable on F.& A. 15.
Certificates and interest payable thereon are exempt from the Federal
income tax and from State. county and municipal taxation in Maryland.
A certified check for 5% of the amount bid for, payable to the order of the
State Treasurer, must accompany each proposal. Authority for the issue is
contained in Chapter 511 of the Acts of the General Assembly of Maryland
of 1931. Certificates will be delivered to the successful bidder on Nov. 17
1933 at the State Treasurer's office. The offering notice states as follows
with respect to the legality of the issue;
"It is one of the terms of this offering that the bonds, when issued, will
be the legal and valid binding obligations of the State. The opinion of the
Attorney General of Maryland to this effect will be delivered to the successful bidder. Bidders may,if they wish, make the legality and validity of the
bonds one of the terms of the bid by making the bid "subject to legality"
or using any equivalent form of expression, but without leaving this question
to the decision of the bidders or their counsel. All bids conditioned upon
the approval of bidders or counsel, whether named or unnamed, will be
treated as conditional bids and rejected unless the condition is waived by
the bidder to the satisfaction of the Board before the opening of the bid."
(Previous mention of the projected sale appeared in V. 137, P.
2840.)
MASSAPEOUA WATER DISTRICT (P. 0. Oyster Bay), Nassau
County, N. Y.-BOND OFFERING.
-Sealed bids addressed to the Clerk
of the Town of Oyster Bay will be received until Nov. 14 for the purchase
of $45,000 water system extension bonds.
MECOSTA COUNTY (P. 0. Big Rapids) Mich.
-BONDS
I7ED.-The Board of Supervisors on Oct. 11 authorized an issueAUTHORrefunding bonds for the purpose of retiring scrip certificates. Theof $25,000
bonds arc
to bear interest at a rate of not more than 6% and mature in such a period
as the Board of Supervisors and State Loan Board shall determine.
MEREDOSIA, Morgan County, 111.
-BONDS AUTHORIZED.
-The
Village Council recently adopted an ordinance providing for an issue of
$43,000 4% revenue bonds for the construction of a water works system.
Bonds will he dated Nov. 11933. Denom. $1,000. Due Nov. 1 as follows:
$1,000 from 1934 to 1936 incl.: $2,000 from 1937 to 1943 incl.; $3,000 from
1944 to 1949 incl.. and $4,000 in 1950 and 1951. Principal and interest
(M.& N.) are payable in lawful money of the United States at the Village
Treasurer's office. The ordinance provides for the prior redemption of the
bonds as follows: "The Village shall ha .e the right to redeem and pay
any of said bonds in their numerical order on any interest payment date
whenever said village has on hand in the'water fund'88 hereinafter provided,
Volume 137
Financial Chronicle
a surplus in excess of the interest requirements upon the next succeeding
Interest payment dates. Notice of its option to redeem bonds in an amount
to exhaust such excess shall be given by publishing notices of its intention so
to do once each week for four successive weeks in a newspaper published
and of general circulation in each of the cities of New York, N. Y. and
Chicago, Ill., the first publication to be at least 30 days prior to the date
of call and by notifying the last known holder of the bonds to be redeemed
by registered mail, after which time interest shall cease on the bonds so
called."
MERRIMACK COUNTY (P. 0. Concord), N. H.-PWA ALLOTMENT.
-An allotment of $150,000 to the County for additions to official
buildings was announced by the Public Works Administration on Oct. 18.
This includes about $35,500, or 30% of the total, made available as an
outright gift, with the balance representing a loan from the PWA and
secured by 4% general obligation bonds.
-BOND ELECTION.
MIAMISBURG, Montgomery County, Ohio.
The City Council has adopted ordinances providing for the submission of
two proposed bond issues for consideration of the voters at the general
election on Nov. 7. The issues, both for sewer construction purposes, are
In amounts of $45,000 and $2,500.
MIFFLIN TOWNSHIP RURAL SCHOOL DISTRICT, Franklin
County, Ohio.
-At the general election on Nov. 7
-BOND ELECTION.
the voters will consider the question of issuing $75,000 school building construction bonds,to mature in about 24 years.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-FINANCIAL
STATEMENT
.-The following official information is furnished in connection with the offering set for Oct. 23 of the $1,200,000 coupon corporate
purpose bonds, report on which appeared in V. 137, p. 2840:
ADDITIONAL BOND NOTICE.
-In connection with the offering of
the $1,200,000 coupon corporate purpose bonds, scheduled for Oct. 23V. 137, p. 2840, it is announced by C. M. Sommers, County Treasurer.
that he will receive sealed bids for all maturities of corporate purpose bonds
of June 1 1933 on Oct.23 at 10 a.m. (Central Standard Time). He states
that the total sinking funds available for the purchase Of this issue are in
excess of $100,000.
Bonded Debt Limit Statement.
$1.549,873.060.00
Equalized valuation 1932
.05
Percentage of bonded debt limit
$77,493,653.00
General County Bonds* and Notes Outstand'g Oct. 1 1933:
Courthouse bonds
$6,286.000.00
Nurses' home bonds
361,000.00
Other county bldg. bonds 369,100.00
Relief bonds
3,450,000.00
Corporate purpose notes..
14,000.00
Land contracts
279,937.00
Corporate purpose bonds 1,500,000.00
$12,260,037.00
Less Sinking Funds
Balance of levy for redemptions
$530.102.00
Cash in banks
32,597.97
Investments
-Milwaukee
813.213.16
County bonds
250.513.19
Net debt
-Oct. 1 1933
11,446,823.84
Net margin for further issues
$66,046,829.16
* Does not include overlapping Metropolitan Sewerage Area debt of
$23,091,000 less sinking fund credits of $145,391.50. This area has a
separate bonded debt limit.
Valuation Statistics.
Total
Assessed Valuation
Equalized
Real
Personel
Valuation.
Estate.
Ratio.
Total.
Property.
1928----1,014,281,
181,838,000 1,196,119,000 70°7 1,705,126,000
0
1.785,4,000
44
1929----1,075,492,000 162,446,000 1,237,938,0 69
1930----1,121,320,000 162,124,000 1,283,445,000 71% 1,803,146,000
1931----1,128,788,000 *106,191,000 1,234,980.000 76% 1,619,906,000
1932- -- -1,087,132,000 *86,130,000 1,173,262,000 76% 1.549,873,000
*Motor vehicles taken off assessment rolls because of increase in gasoline
tax.
General County Debt Service Statistics. *
Future Tax Leviesfor Interest and Principal on Bonds Outstanding Oct. 1 1933.
1936.
1937.
1935.
1933.
1934.
General County:*
Principal
$993,000 $1,050,000 $1,267,000 $1,273,000 $1,273,000
Interest
352,955
296,852
409,562
513.290
465,767
Total
$1.506,290 $1,515,767 $1,676,562 $1,625.955 $1.569,852
* Includes gross levy for $1,500,000 Corporate Five-Year Serial bonds
for which an equal amount of delinquent taxes have been pledged, all
collections of which will be used to purchase corporate bonds before or at
maturity. Only the net amount required will be included in the levy.
MINERAL SPRINGS SCHOOL DISTRICT NO. 18 (P. 0. Amidon),
Slope County, N. Dak.-CERTIFICATES OFFERED.
-It is reported
that sealed bids were received by L. H. Jennings, District Clerk, until
2 p. m. on Oct. 20, for the purchase of a $2,000 issue of certificates of indebtedness. Interest rate not to exceed 7% payaole semi-annually. Dated
Oct. 20 1933. Due on Oct. 20 1934.
MISSISSIPPI, State of (P. 0. Jackson).
-PROPOSED FEDERAL
-In response to a letter from the State Highway ComLOAN REJECTED.
mission suggesting he take some action toward obtaining a $10,000,00(,
highway loan from the Public Works Administration, it was stated by
Governor Conner on Oct. 17 that he has no authority to apply for or
negotiate such a loan. Under a loan plan worked out by the State Advisory
Board of the PWA the State would borrow $10,000,000 from the Federal
Government, of which about one-third would boa grant. It is said that the
remainder would be paid out of the gasoline tax over a period of years. The
PWA is understood to be willing to make this loan.
MONTGOMERY UNION FREE SCHOOL DISTRICT NO. 6 (P. 0.
-BOND SALE.
Maybrook), Orange County, N. Y.
-The issue Of
$66,000 coupon or registered refunding bonds offered on Oct. 18-V. 137.
p. 2841-was purchased as 5Xs, at par, by a local investor, and "will
eventually be transferred to the State Comptroller in exchange for an equal
amount of bonds now held by him in trust for the canal debt sinking fund,"
according to George H. Clark, District Clerk. Issue is dated Nov. 1 1933,
and due serially on Nov. 1 from 1934 to 1952 incl. Only one bid was received
at the sale.
MINNEAPOLIS, Hennepin County, Minn.
-BOND AND CERTIFICATE OFFERING -It is stated by Geo. M.Link, Secretary of the Board
of Estimate and Taxation, that he will offeefor sale separately by sealed
and auction bids on Oct. 27, at 11 a. m., the following bonds and certificates
aggregating $1,522,481:
$500,000 public relief bonds. Due $50,000 from Nov. 1 1935 to 1944,
incl. The proceeds to be used by the Board of Public Welfare
and the Division of the Public Relief.
1,000,000 certificates of indebtedness (tax anticipation). Due on Dec.
30 1933. The proceeds to be used to defray the current expenses
of the Board of Education in advance of the collection of unpaid
taxes levied. and applicable thereto, the principal to 'be paid.
when due, from the funds of said Board and the interest thereon
to be paid from the Interest Fund of the City.
22,481 certificates of indebtedness (current expense). Due on March I
1934. $17,000 of the proceeds to be used to pay the expense of
the special election held on Sept. 12 1933, and the ramianing
$5,481 to be used by the City Assessor in the employment of
additional help on real estate valuation, the principal and interest
to be paid, when due,from the current Expense Fund of the City.
Interest rate is not to exceed 6": to be stated in multiples of X of 1%.
Nov. I 1933. Bids in an amount less than par cannot be accepted.
Dated
The bonds will be accompanied by the approving opinion of Thomson,
Wood & Hoffman of New York. Each offering of certificates will be sold
subject to the approving opinion of the attorney for the purchaser, the cost
3009
of such opinion to be borne by the purchaser. Each proposal is to be accompanied by a certified check, payable to C. A. Bloomquist, City Treasurer
for an amount equal to 2% of the amount of the obligations bid for.
(The $1,000,000 certificates of indebtedness was offered on Oct. 11V. 137, p. 2840, the sale of which was postponed.)
Bonded Indebtedness as of Sept. 30 1933.
School bonds
$22,211,059.02
Poor relief bonds
3,700,000.00
Water works bonds
3,492,000.00
Local street and park improvement bonds11,450,945.85
23,228,440.98
Other general obligation bonds
Tax anticipat:on certificates
1.500,000.00
$65,582.445.85
Deduct, of amts. for which no future ad
valorem levy is required:
Water works bonds
$3,492,000.00
Assess, pledged to pay.of local impt. bonds_ 8.965.502.54
Accumulated sinking funds_ _$6,063,067.80
115,794.91
Less water works sink.fund_,.
5,947.272.89
1,500,000.00
Tax anticipation warrants
19,904,775.43
Gross indebtedness to be financed from current and future
$45,677.670.42
debt levies
4,030,990 48
Additional deductions permitted by Minnesota law
$41.646,679.94
Net bonded indebtedness per Minnesota law
48,580.771.30
Gross permissible bonded debt(10% of assessed valuation)
6,934,091.36
Margin as of Oct. 1 1933for additional issues
This sale only
Pending bond issues
-BOND ELECTION CONMONTPELIER, Bear Lake County, Ida.
TEMPLATED.
-An election will be held in the near future, according to
report, in order to pass on the proposed issuance of $80,000 in water works
system bonds.
-PROPOSED FEDERAL
MOORHEAD, Sunflower County, Miss.
-We are informed by the Town Clerk that the $4,000 pool conLOAN.
-will be offered to the
-V. 137, p. 2670
struction bonds voted recently
Federal Government as the basis of a loan.
-It is stated
-BONDS VOTED.
MORGANVILLE, Clay County, Kan.
that at an election held recently the voters approved the issuance of $80,000
in water works system bonds.
MORRIS INDEPENDENT SCHOOL DISTRICT (P. 0. Morris),
-The $55,000 school bonds
-BONDS SOLD.
Stevens County, Minn.
-are
that were voted at the election held on Aug. 28-V. 137, p. 1799
stated to have been purchased by the State of Minnesota.
-BOND SALE
MOUNTAIN LAKE, Cottonwood County, Minn.
CONTEMPLATED.
-The $45,000 issue of light and power plant bonds that
was approved by the voters on Oct. 3-V. 137, p. 2841-will be purchased
by the State, according to report.
-BOND ELECTION.MOWRYSTOWN, Highland County, Ohio.
A bond issue of $4,000 to provide funds for the purchase of fire department apparatus will be considered by voters of the village at the regular
annual election on Nov. 7. Issue would mature over a period of 10 years.
-NO BIDS FOR $502,000
MUSKEGON, Muskegon County, Mich.
-The city failed to
-EXCHANGE PLANNED.
REFUNDING BONDS
receive a bid for the $502,000 not to exceed 6% interest refunding bonds
offered on Oct. 9. The total includes $374,000 gen. impt. and $128,000
special impt. issues
-V. 137, p. 2670. It is expected that John Nuveen
& Co. of Chicago will undertake to exchange the bonds for existing obligations on a percentage commission bass. Th s f.rm acted in such a
capacity during the refunding of $426,000 bonds some months ago, according to report
-V. 137. P. 2841.
NEW BRIGHTON SCHOOL DISTRICT, Beaver County, Pa.BOND SALE.
-The issue of $54,000 "Mansfield Act" bonds offered on
Oct. 11-V.137, p. 2491-was awarded as 5s to Glover & MacGregor, Inc..
and George G. Applegate, both of Pittsburgh, jointly. Only one bid was
received. Bonds are to mature annually in from 1 to 10 years.
NEW JERSEY (State of).-PWA FUNDS SOUGHT-The State's
request for an allocation of $5,000,000 under the Public Works Administration program for the prevention of "coastal erosion" was presented to the
Board of Review of the PWA on Oct. 10.
-It is reported that sealed
PROPOSED SALE OF $5,000,000 BONDS.
bids will be received until Oct. 31 for the purchase of $5,000.000 emergency
relief bonds, representing the unsold balance of a total of $20,000,000
authorized for that purpose at the November 1932 general election.
-The issue
-BONDS NOT SOLD.
NILES, Trumbull County, Ohio.
of $80,145.85
% refunding bonds offered on Oct. 9-V. 137, p. 2140
was not sold, as no bids were obtained. Dated Oct. 1 1933 and due serially
on Oct. 1 from 1935 to 1944 incl.
NORFOLK, Madison County, Neb.-CORRECTION.-We are
Informed by the City Clerk that the report given in V. 137. p. 1970. to
the effect that an election would be held on Oct. 10 in order to vote on
$100,000 of storm sewer bonds was incorrect, as no definite date has been
set as yet.
NORTHAMPTON,Hampshire County, Masf.-TEMPORARY LOAN.
-F. S. Moseley & Co. of Boston recently purchased a $125,000 revenue
anticipation loan at 1.96% discount basis. Dated Oct. 16 1933 and
due on April 27 1934. Bids for the issue were as follows:
Discount Basis.
Bidder1.96
F. S. Moseley & Co. (purchasers)
2.48
First of Boston Corp
3.46%
Merchants National Bank of Boston
Faxon, Gade & Co
3 °57 *
4...75%
Jackson & Curtis
-Sealed
-BOND OFFERING.
NORTH BEND, Coos County, Ore.
bids will be received until 7:30 p. m. on Oct. 24, according to report, by
Fred B. Hollister, City Recorder, for the purchase of a $30,500 issue of6%
semi-annual refunding bonds. Denom. $500. Dated Nov. 13 1933. It
Is said that the bonds will not oe sold for less than par.
NORTH BERGEN, Hudson County, N. J.-8240.000 SCHOOL
-The Board of Education on Oct. 11
MONEY WITHHELD BY STATE.
was obliged to issue $56,661.37 of 6% warrants in payment of claims held
by firms and individuals. This was made necessary owing to the fact
that $240,000 in school money is ming withheld by the State because the
municipality is in arrears on approximately $450,000 due the county in
taxes, according to report.
NORTH VERSAILLES TOWNSHIP SCHOOL DISTRICT (P. 0.
East McKeesport), Allegheny County, Pa.
-BONDS NOT SOLD.No bids were obtained at the offering on Oct. 2 of $40,000 not to exceed
5 X% interest coupon school bonds, dated Oct. 2 1933 and due serially on
Oct. 2 from 1936 to 1943 inclusive
-V. 137, p. 2140.
OAKWOOD CITY (P. 0. Dayton), Montgomery County, Ohio.BOND OFFERING.
-Sealed bids addressed to R. A. Parker, Clerk-Treasurer of the Board of Education, will be received until 12 m. on Nov. 7
for the purchase of $37,500 6% refunding bonds. The bonds to be refunded
mature on Dec. 1 1933. The present isS110 will be dated Dec. 1 1933 and
mature serially on Oct. 1 as follows: $3,000 from 1935 to 1944 incl. and
12.500 from 1945 to 1947 incl. Denom.$500. Interest is payable in A.& 0.
Bids for the bonds to bear interest at a rate other than 6%,expressed in a
multiple of X of 1%, will also be considered. A certified check for $375,
payable to the order of the Board of Education, must accompany each
proposal. Bonds will be delivered to the successful bidder at the Winters
National Bank & Trust Co., Dayton.
ONONDAGA COUNTY SANITARY SEWER AND PUBLIC WORKS
COMMISSION (P. 0. Syracuse), N. Y.
-BILL CREATING THIS
-The special session of the State Legislature
AUTHORITY AMENDED.
convened on Oct. 18 for the purpose of enacting certain bills applying to
the financial affairs of the City of New York (see preceding page of this
section). also adopted a bill amending Chapter 568, Laws of 1933, Pertaining to the creation of the above-mentioned Authority. The change
3010
Financial Chronicle
was made in accordance with the request of the Public Works Administration, which has under consideration the Commission's petition for a sum
of $1,650,000 to be used in constructing a trunk line sewer and disposal
works. Establishment of the Commission was reported on in
-V. 136,
p:3391.
ORANGE TOWNSHIP (P. 0. Warrensville), Cuyahoga County,
Ohio.
-BOND OFFERING.
-George Jones, Clerk of the Board of Trustees,
will receive sealed bids until 12 m.on Nov.6 for the purchase of $2,000 6%
refunding bonds. Dated Oct. 1 1933. Due $100 April and Oct. 1 1935 and
$150 April and Oct. 1 from 1936 to 1941 incl. Principal and interest (A. &
0.) are payable at the office of the above-mentioned official. Bids for the
bonds to bear interest at a rate other than 6%, expressed in a multiple of
M of 1%, will also be considered. A certified check for 5%, payable to the
order of the Clerk, must accompany each proposal.
OREGON, State of (P. 0. Salem).
-OFFERING DETAILS.
-In
connection with the offering scheduled for Oct. 20 of the $600,000 444%
coupon or registered semi-ann. Veterans' State Aid gold, series No. 9
bonds
-V. 137, p. 2841-we are informed by Jerrold Owen, Executive
Secretary of the Commission, that although Oregon statutes require the
Issuance of gold bonds, the World War Veterans State Aid Commission
has agreed to meet every requirement of the Federal Trade Commission
relative to indorsement on bonds of the legal tender statement such as
accompanies the recent $6,000,000 California relief bond issue
-V. 137.
p. 2837.
ORONO TOWNSHIP SCHOOL DISTRICT (P. 0. Conesville)
Muscatine County, Iowa.
-BOND PROPOSAL TO BE RESUBMITTED.
-The $10,000 issue of school building bonds that was favorably voted on
Sept. 19-V. 137. p. 2492
-will be resubmitted to the voters at the November election, due to a technical election in the previous election.
-The issue of
ORRVILLE, Wayne County, Ohio.
-BOND SALE.
$7,000 51% final judgment bonds for which no bids were received on
April 1 1933-V. 136. p. 2466
-was sold subsequently at par as follows;
$2,000 each to the OrrvIlle Savings Bank and, the Orrville Municipal
Utilities, and $1.000 each to the Masonic Lodge, L. F. Phillips and to the
Orrville National Bank. The entire issue is dated April 1 1933 and due
$1,000 annually on Oct. 1 from 1934 to 1940, incl.
ORRVILLE VILLAGE SCHOOL DISTRICT, Wayne County,
-BOND ELECTION.
Ohio.
-A proposal to issue $70,000 school building
construction and equipment bonds will be submitted for consideration
of the voters at the general election on Nov. 7.
PARKRIDGE SEWER DISTRICT (P. 0. Tarrytown), Westchester
-BOND ELECTION.
County, N. Y.
-A proposal to issue $73,500 sewer
system completion bonds will be submitted for consideraticn of the voters
at an election to be held on Oct. 27. Under Chapter 826 of Laws of 1933
the Town of Greenburgh was authorized to issue $300,000 bonds for sewer
-V. 137, la• 1971.
improvements in the District.
PASADENA,Los Angeles County, Calif.
-BOND SALE.
-A $992,000
issue of San Gabriel Water Project, series E bonds was offered for sale on
Oct. 17 and was awarded to a syndicate composed of it. H. Moulton & Co.
of Los Angeles, Dean Witter & Co. of San Francisco, the First of Boston
Corp., the Security-First National Co. Blyth & Co., both of Los Angeles,
Heller, Bruce & Co., the American Securities Co., and the First of Michigan
Corp., all of San Francisco, as 5s, paying a premium of $3,517, equal to
100.35, a basis of about 4.97%. Denom.$1,000. Dated Nov. 11933. Due
$32,000 from Nov.1 1943 to 1973 incl. These bonds are part of a $10,000,000
Issue authorized at an election held on June 181929. Prin. and int., payable
In lawful money at the City Treasurer's office, or at the National City Bank
In New York City.
10ASSAIC, Passaic County, N. J.
-BOND OFFERING DATE
CHANGED.
-It is announced that A. D. Bolton, City Clerk, will receive
sealed bids until 3:30 p.m. on Oct. 24 for the purchase of $1,410,000 not to
exceed 6% interest coupon or registered water system bonds.
The sale
was originally intended to have been held on Oct. 17. Description of the
Issue remains as previously given in V. 137, p. 2671.
PERRY COUNTY (P. 0. New Lexington), Ohio.
-BOND OFFERING.
-Alfred .1. Bailey, Clerk of the Board of County Commissioners, will
receive sealed bids until 12 m. on Nov. 1 for the purchase of $18,000 6%
poor relief bonds. Dated Nov. 1 1933. Denom. $500. Due $1,500 on
May and Nov. 1 from 1935 to 1940, Incl. Interest is payable in M. & N.
Bids for the bonds to bear Interest at a rate other than 6%,expressed in a
multiple of M of 1%, will also be considered. A certified chock for $500.
payable to the order of the Board of County Commissioners, must accompany each proposal.
PITTSBURGH, Allegheny County, Pa.
-BOND SALE.
-The issue of
$300,000 4M% series B public works relief bonds offered on Oct. 17-V.
-was awarded to E. H. Rollins & Sons, Inc., Philadelphia.
137, ip. 2842
and A. C. Wood Jr. & Co., Pittsburgh, jointly at par rang a premium of
U1,012.40, equal to 103.67, a basis of about 3.81%. Dated Oct. 11933.
'
Due $15,000 annually on Oct. 1 from 1934 to 1953 Incl. The following is an
official list of the bids submitted at the sale:
BidderPremium.
E. H. Rollins & Sons and A.C.Wood Jr.& Co.(purchasers)
$11,012.40
Brown Bros. Harriman & Co.& the Phila. Nat. Co.,jointly
9,263.10
Guaranty Co. of New York
9,149.70
Singer, Deane & Scribner, Inc. and Phelps, Fenn & Co.,jointly
9,000.00
Graham, Parsons & Co. and Yarnell & Co., jointly
8,070.00
Lehman Bros., R. W.Pressprich & Co.and Norman Ward & Co.,
jointly
7,887.00
Halsey, Stuart & Co
7,800.00
City Co. of New York
7,769.70
Chemical Bank & Trust Co. and Moncure,Biddle & Co.,jointly_ 7,590.00
Union Trust Co. of Pittsburgh
6,054.00
BONDS PUBLICLY OFFERED.-Re-offerIng of the bonds is being made
by the successful bidders at prices to yield 2.75% for the 1934 maturity;
1935, 3.25%; 1936. 3.40%; 1937. 3.50%; from 1938 to 1942 incl.. 3.60%;
from 1943 to 1946 incl., 3.65%, and 3.70% for the maturities from 1947 to
1953 incl. The securities are described by the bankers as being legal investment for savings banks and trust funds in the States of Pennsylvania,
New York and Massachusetts.
PLAINVIEW, Pierce County, Neb.-BONDS DEFEATED.
-It IS
stated by the Town Clerk that at an election held on Oct. 6 the voters
rejected a proposal to issue $10,000 in municipal building bonds by one
vote less than the 60% majority required.
PLYMOUTH, Luzerne County, Pa.
-BOND OFFERING.
-Sealed
bids addressed to George Trebilcox, Borough Secretary, will be received
until 7:30 p. m. on Oct. 27 for the purchase of $25,000 4M% improvement
bonds. Dated Nov. 11933. Denom.$1,000. Duo $5,000 annually on Jan. 1
from 1935 to 1939 incl. Interest is payable In J. & J. B raugh Council
reserves the right to sell the entire issue or a part thereof. A certified check
for 1% of the amount bid, payable to the order of the Borough, must accompany each proposal.
POINT PLEASANT, Mason County, W. Va.-BOND DETAILS.
In connection with the $116,000 4% sewer bonds authorized on Oct. 2V. 137, P. 2672
-we are now informed that the bonds mature on Nov. 1
as follows; $7,500. 1934; $2,500, 1935 to 1941; $3,000, 1942 to 1945;$3,500.
1946 to 1949; $4,000, 1950 to 1953: $4,500, 1954 to 1957; $5,000, 1958 to
1961, and $5,500 in 1962 and 1963. Prin, and int. payable at the office
of the State Sinking Fund Commission.
PORTLAND, Multnomah County, Ore.
-BONDS OFFERED FOR
PURCHASE.
-It is announced by William Adams, City Treasurer, that
sealed bids will be received until 11 a. m. on Oct. 31, for the purchase of
$200 000 bonds from a list of $1,253,250 bonds held by the City Sinking
Fund.
PRATT, Pratt County, Kan.
-BOND ELECTION CANCELED.
It is stated by E.J. Ball,City Clerk,that no election will be held on Oct.21.
as reported in V. 137. p. 2492
-to vote on the issuance of $160,000 in
municipal gas plant bonds, as the City Commission has signed a contract
with the local gas company.
PROVO, Utah County, Utah.
-We are now informed
-BONDS SOLD.
that toe $15.000 6% semi-ann. refunding bonds authorized recently
-nave been sold to an undisclosed purchaser.
V. 137, p. 2672
Oct. 21 1933
QUINCY, Norfolk County, Mass.
-FINANCIAL STATEMENT.
The following statistical report has been issued in connection with the
sale of 8150,0004 and 4 M % bonds to the N. W. Harris Co., Inc. of Boston
at a 'vice of 100.27, a basis of about 4.17%-V. 137, p. 2492.
The National Mount Wollaston Bank a Quincy old a price of 100.11 for
4M % bonds, while Hornblower & Weeks of Boston offered 100.05.
Debt Statement and Borrowing Capacity.
The average valuation less abatements for
the years 1930, 1931 and 1932 was
$138,501,203.00
Debt limit 2M % thereof
$3,462,530.00
Thal Bonded debt Sept. 11 1933
$4,429,330.19
Exempt
Schools
$1,000,000.00
Sewer
138,500.00
Hospital
135,000.00
Tax Title
138,330.19
Other City Loans
135.000.00
Water
425,000.00
$1,971,830.19
Net debt within debt limit
$2.457,500.00 $2,457,500.00
Borrowing capacity within debt limit
$1.005.030.00
The net bonded debt of the City on Sept. 11 1933 after deducting the
water debt was $4,004.330.19, which was 3.1% of the 1933 valuation of
$129,033,900. The following table compares Quincy figures with the averages for the 39 cities in Massachusetts.
Ratio of Debt to Valuation.
Net Debt.
Total Bonded Debt.
Quincy. State Average. Quincy. State Average.
Jan. 1 1931
3.26
3.50
3.99
4.63
Jan. 1 1932
3.43
3.62
4.09
4.94
Jan. 1 1933
3.45
-3.32
3.72
5.13
Sept., 1933
•
3.10
3.44
• Not available.
Based on the 1930 census figure of 71,965. the present net debt is $55.60
per capita. On Jan. 1 1933 the comparable figure for 81 cities in the United
States having a population between 50,000 and 100,000, for which figures
are available. was $72 per capita.
In 1933 the maturing debt amounts to $836,500 of which $686,000 has
been paid to date. The only debt issued in 1933 is $175,000. Tax title
loan, of which $36,669.81 has been repaid to date.
Tax Collections (Sept. 11 1933).
The sum of Real. Personal, Poll, Old Age Assistance. and Motor Vehicle
Excise Taxes committed for collection in 1932 amounted to $4,030.314.91
of which $3,529,744.48 or 87.08% had been collected to the close of business
Aug. 31 1933.
The balance of taxes of all kinds for previous years outstanding as of the
same date were as follows:
Year.
Amount.
Per cent.
1931
821,151.55
.05
1930
3,870.58
.09
1929
2.888.04
.07 •
RADCLIFFE INDEPENDENT SCHOOL DISTRICT (P. 0. Radcliffe), Hardin County, lowa.-BONDS VOTED.
-At the election held
-the voters are said to have approved the issuon Oct.6-V. 137, p. 2309
ance of the $8,400 in auditorium and gymnasium bonds. It is reported
that the Federal Government will grant the district a loan of $2,600.
RAKE SCHOOL DISTRICT (P. 0. Rake), Winnebago County,
-It is stated by the District Secretary that
Iowa.
-BOND ELECTION.
an election will be held on Nov. 1 in order to vote on the issuance of $21,000
in
% school bonds. (This report corrects the original election report
given in V. 137, p. 2672.)
RENO, Hutchinson County, Kan.
-BOND SALE DETAILS.
-The
$259,226 Issue of 4i% semi-ann. funding bonds that was reported sold
-is stated to have been purchased by a syndicate composed
V. 137, p. 2842
of the Brown-Crummer Co., the Dunne-Davidson-Ranson Co., the R. H.
Middlekauff Co., Inc., the Martin, Halloway, Purcell Co., all of Wichita,
and the Commerce Trust Co. and Stern Bros. & Co., both of Kansas City,
for a premium of 82,592, equal to 100.99,a basis of about 4.33%. Due from
July 1 1935 to 1944.
ROCKVILLE CENTRE, Nassau County, N. V.
-The
-BOND SALE.
$100.000 coupon or registered lighting system bonds offered on Oct. 18-were awarded as 54s to Phelps, Fenn & Co. of New York
V. 137, p. 2672
at par plus a premium of $215, equal to 100.215, a basis of about 5.47%.
Dated Oct. 1 1933 and due $10.00O annually on Oct. 1 from 1935 to 1944
incl. Bids for the issue were as follows;
BidderInt. Rate. Premium.
Phelps, Fenn & Co.(purchasers)
$215.00
51'7
Manufacturers & Traders Trust Co
189.00
5. 04
South Shore Trust Co
100.00
6%
Financial Statement,
Assessed Valuation
Assessed valuation of taxable real prop. Sr special franchise 1933333,551,690
Debt
Total bonded indebtedness, including this issue
Water debt, included above
Net bonded debt
•
Taxes have already been levied for $20,000 of the above amount, which
will reduce the net bonded debt to $2,816.000.
Population: 1920 Federal census. 6,262; 1930 Federal census, 13,672;
1933, estimated, 15.000.
Tax Data.
Amount of Amt.Unpaid Uncollected
Year
Tax Levy. Feb. 28 Yr/f/. Oct. 1 1933.
1929
$308,374.67 $29,289.26 $4,356.55
1930
422,435.58
7,733.32
47.326.30
1931
470,129.73
57,109.12 16,987.65
1932
51,002.34
.
1933
395,909.94(yr. not end.)•199,594.98
.
• Second half of current levy not delinquent until
1934. Fiscal
year ends Feb. 28. Taxes are due June 1 and Jan.Jan. 15
1.
ROSEBUD COUNTY SCHOOL DISTRICT NO.31 (P. 0. Sumatra),
Mont.
-BOND REOFFERING NOT CONTEMPLATED.
-It is stated by
the District Clerk that the $15,726.17 issue of funding bonds offered without SUCCC88 on Aug. 24-V. 137. P. 1971-will not again be offered for sale
during the remainder of this year.
RUSH COUNTY (P. 0. Rushville), Ind.
-BONDS NOT SOLD.
The issue of $16.390.60 not to exceed 6% Interest poor relief bonds offered
on Oct. 2-V. 137, p. 2309
-failed of sale as no bids were obtained. Dated
Oct. 2 1933 and duo one bond each six months on May and Nov. 15 from
1934 to 1943. inclusive.
ST. ALBANS, Franklin County, Vt.-BONDS DEFEATED B. M.
Hopkins, City Clerk informs us that at the election held on Oct. 10 the
voters defeated the proposal to issue $65.000 sidewalk and water main
bonds.
ST. BERNARD, Hamilton County, Ohio.
-PROPOSED $50,000
BOND ISSUE-It is announced that at the general election on Nov. 7
voters of the City will consider the question of issuing $50,000 street wideing bonds, to mature in 25 years.
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO.
27(P. 0. Hibbing) Minn.
-BOND SALE.
-The $100,000 IMMO of funding
bonds offered for sale on Oct. 16-V. 137, p. 2672-was purchased by the
Hibbing Clearing House Association, as 6s. Due on Nov. 11934. No other
olds were received.
ST. PAUL, Hennepin County, Minn.
-BOND SALE.
-It is stated
by H. F. Goodrich, City Comptroller, that the Sinking Fund Committee
met in the Mayor's office on Oct. 18 and offered for sale all or none of
$640,000 city bonds, divided in two issues.
The bonds were awarded at that time to a syndicate composed of the
First of Boston Corp., Estabrook & Co. of New York. and Harold E. Wood
& Co. of St. Paul. The price paid was 100.462, a basis of about 4.33% on
the bonds divided as follows;
Volume 137
Financial Chronicle
$400.000 4 % permanent impt., revolving fund bonds. Due on April 1
1945. Registered as follows; Nos. 878 and 879 for $200,000 each.
Interest payable semi-annually.
240.000 4 % school bonds. Due on April 1 1956. Registered as follows;
No. 874 for $100,000, and No.875 for $140,000. Interest payable
semi-annually.
The above registered bonds may be re-registered without cost in denominations of $1,000 or any multiple thereof, as purchaser may desire.
SAN DIEGO, San Diego County Calif.
-BONDS NOT SOLD.
-The
$1,500,000 issue of 5% coupon semi-ann. El Capitan Dam bonds offered
for sale on Oct. 16-V.137. p.2842
-was not sold as no bids were received.
Dated Jan. 11925. Due from Jan. 1 1935 to 1965.
It is understood that these bonds will be sold to the Reconstruction Finance Corporation, which previously agreed to take them at par.
3011
3;4% bonds to a group headed by Halsey, Stuart & Co., Inc. of Boston, at
-the following has been
101.60, a basis of about 3.23%-V. 137, p. 2843
Issued;
Financial Statement Oct. 1 1933.
$264,398,390
Assessed value of real estate, 1933
25,521,410
Assessed value of personal property, 1933
Estimated value of excise tax, 1933
5,974,850
Assessors' valuation for 1933
$295,894,650
Sncrease in valuation over 1923 (10 years growth)
48,289,964
The assessed valuation is based on a fair cash valuation.
Tax rate, 1932, $31.70; 1933, $29.70; tax levied in 1932, 39,611,248;
1933, $8,610,618.
Unpaid 1932 taxes as of Sept. 15 1933, $31,640; no taxes of any kind remain unpaid for any year previous to 1932.
$326,501.37
Tax titles previous to 1932
606,348.78
1932 tax titles
Bonded Indebtedness.
35:247,000
Debt exempted by special acts
4,801,000 •
Debt within the limit
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
-BOND REFU7VDING REPORT.
-In connection with the proposed sale on Oct. 26 of $45,000
6% refunding bonds, noted in V. 137, P. 2842, it is reported that the proceeds thereof will be applied to the payment of $102.303.62 bond principal
and interest due Oct. 1 1933. In requesting permission to sell the issue,
W. W. Hofelich, County Auditor, stated that the balance of the charges
will be met by anticipated real estate and utility tax revenue. He further
$10,048,000
Debt paid from tax levy
said that the County has a general bonded debt of $383,931.19 and a special
7,473,000
Water debt (exempt) self-supporting
assessment debt in amount of $221.846.81.
317,521,000
Present total bonded debt
SARASOTA COUNTY (P. 0. Sarasota), Fla.
-PRESENT STATUS
44,377,488
OF BOND DEFAULT SITUATION.
Valuation of city property Nov. 30 1932
-In response to our inquiry for inPercentage of net debt ($10,048,000) to be assessed 1933 valuation_ -3.397%
formation concerning the recent developments in the bond default position
$3.048,474
of this county, we are advised as follows on Oct. 16 by J. R. Peacock,
Borrowing capacity within the debt limit 1933
Clerk of the Circuit Court:
Springfield has built up this large borrowing capacity within the debt
'County in default $485,000 principal, and interest to Oct. 1 1932,
six of the last eight years, living
limit by failing to borrow against it in
In amount of $143,000. County refunding practically now in effect with
largely on a pay-as-you-go policy.
3% interest for first three years from Oct. 1 1932, 4% next seven years,
Population, census of 1925, 142,065; 1930. 149,855; 1933 (estimated).
5% next 10 years, and 534% last five years of 25
-year refunding period.
152.000.
Defaulted principal to be refunded. Attorney for County Commissioners
These bonds are exempt from all Federal income taxes and taxation
now preparing resolutions for the issuance of refunding bonds, both highIn Massachusetts, and are legal investments for banks in New York State
way and Court House bonds will be refunded. Any information concernand the New England States.
ing the refunding plan can be obtained from the Sarasota County Refunding
No bonds issued by the city were ever contested, and the interest on
Agency. First National Bank Building,Chicago,Ill., J.H.Moon,Secretary.
the debt has always been paid promptly.
The legality of these bond issues will be approved by Messrs. Storey,
SAULT STE. MARIE, Chippewa County, Mich.
-BOND SALE
Thorndike, Palmer & Dodge of Boston.
The issue of $30,000 water department refunding bonds offered on Oct. 16
-V.137, p. 2843
-was awarded as5sto C.W.McNear & Co.of Chicago.
SPRINGFIELD, Greene County, Mo.-FEDERAL FUND ALLOTDue serially in from 1 t o 10 years.
-The Public Works Administration announced on Oct. 18 an
MENT.
allotment of $1,000,000 to this city, to be used for sanitary sewer, storm
SCIOTO COUNTY (P. 0. Portsmouth), Ohio.
-$83.000 BOND
sewer and sewage disposal plant construction. A grant of 30% of the
ISSUE ORDERED.
-The Board of Commissioners has been advised by
cost of labor and material, which is put at approximately $790.000 was
Major 0. E. Brought of the State Relief Commission, that Federal and
made by the PWA. The remainder is a loan secured by 4% general
State funds for relief purposes will not be made available until an effort is
obligation bonds.
made to sell the issue of $83,000 poor relief bonds already authorized.
Mr. Braught stated that "no payment will be made of certification from
771Te
-TEMPORARY LOA.1%
STAMFORD, Fairfield County, Conn.
your county for September or later until a copy of the advertisement of the
3
$500,000 (1934) tax anticipation loan offered on Oct. 18-V. 137. lo• 284 bond issue is in this office."
was awarded at 3.50% discount basis to Putnam & Co. of Hartford. Dated
Oct. 20 1933 and payable on June 15 1934.
SEA GIRT, Monmouth County, N. J.
-BOND SALE.
-C. A.
Bond Jr., Borough Clerk, informs us that the State Highway Extension
STEPHENTOWN (P.O.Stephentown), Rensselaer County, N.Y.Sinking Fund Commission purchased on July 1 an issue of $125,000 4;4%
BOND ELECTION.
-A vote on a proposed issue of $12,000 Town Hall
registered general impt. bonds at a price of par. Dated July 1 1933.
construction bonds will be obtained at the general election on Nov.7.
Denoms. $10,000. $9,000 and $7,000. Due serially from 1934 to 1949 incl.
Int. is payable in J. Sc J.
-It Is
-BOND ELECTION.
ThTRONG CITY, Chase County, Kan.
'
reported that an election will be held on Nov. 13 in order to vote on the
SEATTLE, King County, Wash.
-BOND OFFERING.
-Sealed bids
issuance of $40,000 in light and power plant bonds.
will be received until noon on Oct. 27, by H. W. Carroll, City Comptroller,
for the purchase of a $600,000 issue of Aurora Avenue Local Improvement
-BOND ELECTION.
SUMMIT COUNTY (P. 0. Akron), Okla.
District No. 5367 coupon condemnation award bonds. Interest rate is
The question of bonding the County for an additional 3500.000, to provide
not to exceed 8%, payable semi-annually. Dated on or about Jan. 11934.
purposes, will be included on the ballot to be
funds for general street impt.
Denom. $1,000, except bond No. 1, which shall be in an amount not to
considered by the voters at the general election on Nov. 7.
exceed $2,000. Due on or about 12 years after date, as provided for and
specified in ordinance No. 64052. No bid for less than par and accrued
SUMMIT COUNTY (P. 0. Akron), Ohlo.-TO ISSUE REFUNDING
Interest will be considered. Bidders shall bid for bonds upon printed forms
BONDS.
-C. L. Bower, Deputy County Auditor, reported under date of
without erasures or interlineations. A $30,000 certified check, payable
Oct. 14 that payment of Oct. 1 1933 maturities is expected to be made on
to the City Comptroller, must accompany the bid.
the basis of 50% in cash and 50% in refunding bonds. Definite decision
will not be made until the tax settlement is completed.
SEDGWICK COUNTY (P. 0. Wichita), Kan.
-BOND SALE AGREE-It is reported that a contract has been entered into between the
MENT.
-BOND OFFERING DEFERRM7SUMMIT, Union County, N. J.
County Board of Commissioners and W. G. Haun & Co. of Wichita, to
C. S. Hicksly, City Treasurer, states that offering of the issue of $519.000
sell $106.000 of refunding bonds. The contract is said to cover the refunding
bonds authorized in May 1933 will not be
Improvement and refunding
of all outstanding county bonds coming due in 1934, of which $10,000 are
made until market conditions improve.
of the new poor farm purchase made by the last Commission, about $20.000
of the county jail construction bonds and the remainder old Benefit District
-TAX COLLECTIONS.
SYRACUSE, Onondaga County, N. Y.
road bonds. The contract is understood to call for 4;4% bonds, for which
City Treasurer Charles A. Latterner recently reported that collection of the
the above company will pay for, accrued interest and a premium of $13.57
$6,778,962.05 tax levy for 1933 had amounted to $5,450,513.55, or 80.4%.
per $1,000 besides assembling bonds coming due before 1935 and furnishing
as of Sept. 30 1933. The percentage of payments on the same day in 1932
legal service directing preparation of the bond transcripts.
was 77%,it is said.
SHAKER HEIGHTS, Ohio.
-B. P. Rudolph,
-BONDS NOT SOLD.
Director of Finance, reports that no bids were obtained at the offering on
Oct. 12 of $635,000 coupon refunding bonds, including $514,400 bearing
6% interest and $120,600 at 6%.-V. 137, P.
2493
.
SHELBY, Richland County, Ohio.-PuBmc WORKS ADMINISTRATION ALLOTS SU f OF $50,000.
-The PWA has advanced $50,000
to the city for sewage treatment purposes, according to an announcement
issued on Oct. 18. About $36,000 represents a donation, while the balance
of 70% constitutes a loan, secured by 4% general obligation bonds.
' SHEFFIELD LAKE (P. 0. Lorain) Lorain County, Ohio.
-NO
-The iS8110 of $21.000 6% refunding bonds offered on Oct. 14-V.
BIDS.
-failed of sale, as no bids were obtained. Dated Oct. 1 1933
137. p. 2493
and due serially on Oct. 1 from 1938 to 1947. inclusive.
SHERIDAN COUNTY SCHOOL DISTRICT NO.70(P. 0. Westby)
-BOND SALE.
Mont.
-The $1,225.26 issue of funding bonds offered for
sale on Oct. 10-V. 137. p. 1971-is said to have been purchased by the
State Board of Land Commissioners.
SHIPPENSBURG. Cumberland County, Pa.
-BOND OFFERING.
3. B. Hockersmith, Borough Secretary, will receive sealed bids until 7;30
p. m. on Nov. 8 for the purchase of a coupon water bond issue to be in
amount of either $130,000 or $100,000. The bonds are to bear interest
at a rate of either 3%,3 h or 4% and the respective amounts will mature
as follows;
$130,000bonds, due annually as herewith; $2,000 from 1934 to 1938 incl.;
$3.000, 1939 to 1941; $4.000, 1942 to 1948; $5,000, 1949 to
1954; $6,000, 1955 to 1962 incl. and $5,000 in 1963. Bids for this
Issue must be accompanied by a certified check for $2,600, payable
to the order of the borough.
100.000 bonds, due annually as herewith; $1,000 from 1934 to 1938 incl.;
$2,000. 1939 to 1941; $3,000, 1942 to 1948; 84.000, 1949 to 1954;
35,000, 1955 to 1962 incl. and $4,000 in 1963. In bidding for
this amount, the certified check should be for $2,000.
The-bonds will be dated Nov. 15 1933. Denom. 31,000. Registerable
as to principal. Bidder to name a single interest rate for all of the bonds
covered by his proposal. Sale will be made subject to approval of proceedings
by the Pennsylvania Department of Internal Affairs. Legal opinion of
Townsend, Elliott & Munson of Philadelphia will be furnished the successful
bidder.
I SIDNEY, Shelby County, Ohio.
-A bond issue
-BOND ELECTION.
of $64,176.44 for sanitary sewer construction purposes will be considered
by.the voters at the general election on Nov. 7.
SNOHOMISH COUNTY (P. 0. Everett), Wash.
-WARRANTS
CALLED.
-The County Treasurer is said to have called for payment on
Oct. 10, various school district, current expense fund, Road District No. 1
and Dyke No. 2 warrants.
SOUTH BEND SCHOOL DISTRICT (P. 0. South Bend), Pacific
County, Wash.
-BONDS VOTED.
-It is said that at an election held on
Sept. 28 the voters approved the issuance of $42,700 in refunding bonds.
SPOKANE COUNTY SCHOOL DISTRICT NO.326(P.O. Spokane),
-MATURITY.
-We are now informed that the $10,000 scnool
Wash.
bonds purchased by the State of Washington, as 5s at par-V. 137, p.2843
clue in from 2 to 10 years.
-are
SPRINGFIELD, Hampden County, Mass.
-FINANCIAL STATEMENT.
-In connection with the award on Oct. 10 of $630,000 3 and
-It is reported
-BONDS CALLED.
TACOMA, Pierce County, Wash.
that C. V. Fawcett, City Treasurer, called for payment at this office from
local improvement districts.
from Oct. 2 to Oct. 6. various bonds of certain
-BOND ISSUANCE APTENINO, Thurston County, Wash.
-It is reported that at a meeting held on Sept. 25, the citizens
PROVED.
approved the issuance of $16,000 in 4% sewer system bonds. Due in 25
Years. It is said that an application will be made to secure a Federal loan
and State aid will also be solicited to complete the cost of the project, estimated at about $32.000.
-TO ISSUE 3656.000 BONDS IN
TOLEDO. Lucas County, Ohio.
-The City Council on Oct. 9 authorized
PAYIIIENT.OF LOCAL DEBTS.
the issuance of 8655,000 "Hyre Act" bonds in payment of bills owed to
the Toledo Edison Co.for lighting system and to local grocers for poor relief
supplies furnished in 1931. The bonds]have failed of sale_at public offerings, it is said.
-BOND OFFERING.JTOLEDO, Lucas County, Ohio.
man, Director of Finance, will receive sealed bids until 11 a. m. on Nov.6,
for the purchase of $30.000 4H% coupon or registered Canal Boulevard
bridge bonds. Dated Oct. 1 1933. Unless stipulated otherwise by the
successful bidder, the Director of Finance will determine the denom. of
the issue. Bonds will mature $1,200 annually on Oct. 1 from 1935 to 1959.
incl. Principal and interest (A. & 0.) payable at the office of the abovementioned official. Bids for the bonds to bear interest at a rate other
of 1%, will also be considered. A
than 4 M %,expressed in a multiple of
certified check for 2% of the bonds bid for, payable to the order of the
Commissioner of the Treasurer, must accompany each proposal.
-The two
-BOND SALE.
TONASKET, Okanogan County, Wash.
Issues of water bonds aggregating 831,000, offered for sale on Oct. 16-V.
-were purchased by the State of Washington, as 5s at par.
137, P. 2842
The issues:are-as follows; $19,000-genera1, and $12,000 special revenue
1
bonds.11
-BOND OFFERING.
TRUMANSBURG, Tompkins County, N. Y.
-V. L. Timerson, Village'Clerk, will receive sealed bids until 8 p. m. on
Oct. 20, for the purchaseof $59.000 not to exceed 6% interest coupon or
registered water bonds. Dated Nov. 1 1913. Denom.$1,000. Due Nov. 1
as follows: $2.000 from 1938 to 1966, incl. and $1,000 in 1967. Bidder to
,
-name a single interest"rate for all of the bonds expressed In a multiple of
y of 1%. Principal and interest(M.& N.) are payable in lawful money of
i
the United States at the Union Trust Co., Rochester. or at the Marine
Midland Trust Co., New York City. A certified check for 2% of the bonds
bid for must accompany each proposal. The approving opinion of Reed,
Hoyt & Washburn ofNew York will be furnished the successful bidder.
-UNION COUNTY (P. 0. Elizabeth), N. J.
--BONDS PUBLICLY
OFFERED.
-M. F. Schlater & Co., Inc. and C. A. Preim & Co., both of
New York, jointly, made public offering on Oct. 17 of 8154.0004% general
Improvement bonds, dated April 15 1931. at prices to yield 4.70%. Bonds
mature serially on April 15 from 1942 to 1946. incl. They are legal investment for savings banks and trust funds in the:States-of New/Jersey and
New York, according to the oatikers.
VALLEY SCHOOL OISTRICT P.O. South Ben4), Pacific County,
(
Wash.
-BONDS SW:O.-The R10.000 issue of refunding bonds that was
voted on Amt. 19-V. 137, n. 2141-Is statei to have been nurchased by
the State of Washington, as 5s at par. Dated Sept. 1 1933. Due in
five years. optional after two years.
•
•
3012
Financial Chronicle
VANG SCHOOL DISTRICT NO.106(P.O. Des Lacs) Ward County,
N.Dak.-CERTIFICATES NOTSOLD.
-The $2,000 issue of certificates of
indebtedness offered on Sept. 18-V. 137, p. 2141-was not sold as no bids
were received. Interest rate not to exceed 7%. Due on Sept. 20 1935.
VERMILION COUNTY (P. 0. Danville), Ill.
-NOTICE TO BONDHOLDERS.
-Fred R. Lloyd, County Treasurer, states that money is now
available to pay the balance due on all outstanding highway bonds of the
series due June 1 1933. Same must be presented to the County Treasurer
at Danville before Nov. 1 1933, as no interest will be paid after that date.
-PROPOSED
VERNON (P. 0. Rockville) Tolland County, Conn.
FEDERAL LOAN.
-At the annual Town meeting held on Oct.4,the Board
of Selectmen was authorized to apply for an allocation of $100,000 of
Federal funds to be used in the construction of State-aid roads.
WALDEN, Orange County, N. Y.
-FEDERAL FUNDS SOUGHT.Richard E. Baird, 'Village Clerk, states that a new application has been
made to the Federal Government for a loan of $297,855.84, to be applied
to the cost of constructing a sewage disposal plant and storm water system.
-The issue of
-BOND SALE.
WARNERSVILLE, Berks County, Pa.
$75,000 5% coupon water works mortgage bonds for which no bids were
submitted on May 12-V. 136, p. 3758
-was purchased later by local
investors. Dated March 15 1933 and due serially from 1934 to 1962 incl.
WARWICK,Kent County, R. I.
-OBTAINS PWA ALLOTMENT.A sum of 660,000 has been advanced to the City for use in financing the
extention of the water supply system, the Public Works Administration
announced on Oct. 18. This includes approximately $42.000. or 30% of the
total, made available as a grant, with the balance constituting a loan,
secured by 4% general obligation bonds.
-PROPOSED
WASHINGTON COUNTY (P. 0. Greenville), Miss.
FEDERAL FUND ALLOTMENT.
-It is stated by Howard Dyer, Clerk of
the Board of Supervisors, that an effort is being made to obtain an allotment of $400,000 from the Federal Government for road construction.
-WARRANTS
WASHINGTON COUNTY (P. 0. Akron), Colo.
CALLED.
-The County Treasurer is reported to be calling for payment
at his office, various school district, road and poor fund warrants.
WATFORD CITY, McKenzie County, N. Dak.-BONDS VOTED.
It is said that at a recent election the voters approved the issuance of
in high school construction bonds.
$19,600
WATERLOO RURAL SCHOOL DISTRICT, Athens County, Ohio.
-At the general election on Nov. 7 the voters
-PROPOSED BOND ISSUE.
will pass upon a measure providing for the issuance of $40,000 school
building construction bonds, to mature in from 1 to 20 years.
-It is
WAUKESHA, Waukesha County, Wis.-BOND OFFERING.
announced by Mayor Morgan R. Butler that he will sell at public auction
public relief bonds.
on Nov. 15, at 1:30 p. m., an issue of $100,000 4% %
Denom. $1,000. Dated Oct. 15 1933. Due $5,000 from Oct. 15 1934 to
1953. incl. Prin. and int. (A. & 0.) payable at the office of the City
Treasurer. The city will furnish the bonds and pay the expenses of legal
opinion. The bonds may be registered as to principal by the City Comproller. Authority for issuance is: Chapters 62 and 67, Wis. Stat., 1933.
A certified check for 5% must accompany each bid.
-The $300,000
WAUSAU, Marathon County, Wis.-BOND SALE.
Issue of corporate bonds offered for sale on Oct. 14-V. 137. p. 2844-was
awarded to the Milwaukee Co. of Milwaukee, as 55, at a price of 97.50, a
basis of about 5.80%. Dated Oct. 1 1933. Due on Oct. 1 as follows:
$70,000. 1935 and 1936; $75,000. 1937. and 685.000 in 1938.
WENATCHEE HEIGHTS RECLAMATION DISTRICT (P. 0.
-BOND ELECTION.
-It is reWenatchee), Chelan County, Wash.
ported that an election was held on Oct. 21 in order to vote on the issuance
of $90,000 in reclamation bonds:
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-BID FOR
-Jere Milleira.n. County Comptroller
$200,000 BONDS REJECTED.
Informs us that the one bid received for the $200,000 coupon or registered
-was rejected, because
unemployment work relief bonds
-V. 137, p. 2844
of the high rate of interest named in the offer. The tender was made by
Lehman Bros. of New York, who named a price of par plus a premium of
$200 for 6% bonds. County officials in rejecting the offer expressed the
belief that the issue could be sold in the present market on a much lower
rate of interest. Bonds bear date of Oct. 2 1933 and are to mature $20,000
annually on Oct. 2 from 1934 to 1943, inclusive.
Financial Statement (Oct. 4 1933)•
Assessed valuation, 1931, $1,808,950.060; 1932, $1,828,715,477. Basis
of assessment (equalization table adopted by Board of Supervisors,
.838524097. Debt limits, 10% of assessed valuation.
Bonded Debt1933.
Bonded debt
$103,478,007.46
6300,000.00
Floating debt (due June 5 1934)
850,000.00
Floating sewer debt (due June 5 1934)
1,150,000.00
Tax anticipation certificates(due Dec. 1 1933)
1.500,000.00
Tax Collection Record.
1932.
1933.
Total levy (including special districts, ex$8,708,108.81
clusive of sewers)
68,522,463.61
9,459.84
Amount of taxes due Oct.3 1933
4,864.514.83
-Chapter 105.
Westchester County operates under a Special Tax Act
Laws of 1916, as amended.
Cash on Hand Oct. 4 1933.
Current
$600,410.64 Capital
$886,750.76
597,016.48 Assessment
County roads
62,169.88
Unemployment work
relief
97,002.41
62,243,350.17
-BOND OFFERING.
WESTERVILLE, Franklin County, Ohio.
Sealed bids addressed to W. A. Kline, Village Clerk, will be received
until 12 in. on Oct. 23 for the purchase of $23.500 6% refunding bonds.
Dated Oct. 1 1933. Due Oct. 1 as follows: $7,500 in 1938 and $8,000
in 1939 and 1940. Int. is payable semi-ann. Bids for the bonds to bear
int. at a rate other than 6%, expressed in a multiple of % of 1%, will
also be considered. The village recently authorized the issuance of 643,500
6% bonds, including $39,500 refunding and $4,000 fire station and jail
construction issues
-V. 137. P. 2674.
-BOND ELECTION.
-At the
WHITAKER, Allegheny County, Pa.
general election on Nov. 7 the voters will consider the question of issuing
$35.000 sewer, grading and paving bonds.
-TAX RATE.
WHITE PLAINS, Westchester County, N. Y.
-The
City Council on Oct. 18 established the tax rate for 1934 at $19.28 per
$1,000 of assessed valuation and announced that the budget for that year
totals $3,712.138.76, or a reduction of $719,357.11 from the 1933 figure.
The tax rate the present year was $22.82 per 61.000.
BONDS NOT SOLD.
-We were informed on Oct. 19 by the above City
Clerk that the $40,000 5% semi-ann. special assessment,street impt. bonds
offered on the 17th were not sold.
-BOND ELECTION.
WILLIAMSPORT, Pickaway County, Ohio.
At the general election on Nov. 7 the voters will consider the question
of issuing 65,000 gas mains construction and repa:r bonds, to bear 5%
Interest and mature at the rate of $500 annually. It is proposed that
interest on the issue be payable annually and that the right is reserved
to the village to call any and all bonds outstanding after three years at
a price of $105 each.
-R. Kent, Village
WILLISTON PARK, N. Y.
-BONDS DEFEATED.
Clerk, reports that the proposal to issue 625,000 street Improvement bonds
was defeated by a vote of 696 to 164 at the elction held on Oct. 10.
WILSON, Wilson County, N. C.
-A $30,000 issue of
-NOTE SALE.
6% revenue anticipation notes is reported to have been purchased recently
by the Branch Banking & Trust Co. of Wilson, at par.
WINTER HAVEN, Polk County, Fla.
-BOND ELECTION CAN-It Is reported by the City Clerk that the election which was
CELED.
scheduled for Oct. 27 to vote on the issuance of $159.300 in sewage dis-has been canceled.
-V. 137, p. 2494
posal bonds
Oct. 21 1933
-BOND SALE.
WOODBURY COUNTY (P. 0. Sioux City), Iowa.
The 6100,000 issue of funding bonds offered for sale on Oct. 16 (V. 137,
-Des Moines National Bank
p. 2844) was jointly purchased by the Iowa
& Trust Co. of Des Moines and the White-Phillips Co. of Davenport, as
4%s, paying a premium of $925, equal to 100.92, a basis of about 4.62%.
Dated Sept. 11933. Due $20,000 from Nov. 1 1940 to 1944,inclusive.
WOODWARD SCHOOL DISTRICT (P. 0. Cathay), Wells County,
-We are informed by E. A.
N. Dak.-CERTIFICATES NOT SOLD.
Haedt, District Clerk, that the $2,500 issue of certificates of indebtedness
-was not sold as no bids were received.
offered on Oct. 10-V. 137, p. 2489
Int. rate not to exceed 7%, payable semi-annually. Due on Oct. 10 194.
(This offering was given under the caption of "Fessenden Sch. Diet.".)
-It is re-BOND ELECTION.
YAKIMA, Yakima County, Wash.
Ported that an election will be held on Oct. 24 in order to vote on the
issuance of $6,000 in revenue bonds for water works. Due in 20 years.
YAMHILL COUNTY SCHOOL DISTRICT NO. 52 (P. 0. McMinn-It is reported that sealed bids were
ville), Ore.
-BONDS OFFERED.
received until 2 p. m. on Oct. 21, by John Branchflower, Chairman of the
Board of Education, for the ;purchase of a $2,500 issue of 6% semi-ann.
school warrants. Denom. $100. Due $300 from 1934 to 1940, and $400
in 1941:
-BONDS PUBLICLY
YONKERS, Westchester County, N. Y.
OFFERED.
-Hoffman & Co. of New York made public offering on Oct. 18
of $600.000 607 land acquisition bonds at prices to yield 5.75%. Dated
Oct. 1 1933 and due on Oct. 1 as follows: $32,000 from 1935 to 1951, incl.;
$33,000 in 1952 and $23.000 in 1953. Legality approved by Hawkins,
Delafield & Longfellow of New York. The bonds are described by the
bankers as being legal investments for savings banks and trust funds in
New York State and general obligations of the city, payable from unlimited
ad valorem taxes on all the taxable property therein.
-21,037,435 BOND
YOUNGSTOWN, Mahoning County, Ohio.
-Hugh D. Hindman, Director of Finance.
REFUNDING PLANNED.
application has been made to the State Bureau of
has announced that
Accounting for approval of the issuance of $1,037,435 refunding bonds,
to be used in the payment of $1,205,000 general and special assessment
obligations which came due on Oct. 1 1933. Refunding was made necessary
due to the insufficiency of tax collections to meet debt service charges.
-Mr. Hindman will receive sealed bids until 12 m.
BOND OFFERING.
on Nov. 11 for the'purchase of $1,037,435.66 6% bonds, divided as follows:
$454,435.66 refunding bonds. One bond for $435.66, others for $1,000.
Due Oct. 1 as follows: $45,435.66 in 1935; $45,000 from 1936 to
1940 incl. and $46,000 from 1941 to 1944 incl.
400,000.00 refunding bonds. Denom. $1,000. Due $40,000 annually on
Oct. 1 from 1935 to 1944 incl. This Wane was included in a
total of $514,500 bonds offered on Sept. 16, for which no bids
-V. 137, P. 2844.
were obtained.
186,000.00 refunding bonds. Denom. $1,000. Due Oct. 1 as follows:
$18,000 from 1935 to 1941 incl. and $19,000 from 1942 to 1944
incl.
Each issue is dated Oct. 1 1933. Principal and interest (A. & 0.) are
payable at the office of the Sinking Fund Trustees. Bids for the bonds to
bear interest at a rate other than 607, expressed in a multiple of If, of 107.
will also be considered. A certified check for 2% of the amount bid, payable
to the order of the Director of Finance, must accompany each proposal.
Purchaser must be prepared to accept delivery of the bonds not later than
Nov. 18 1933.
ZANESVILLE CITY SCHOOL DISTRICT, Muskingum County,
-A proposal to issue $400,000 20-year school
Ohio.
-BOND ELECTION.
building construction bonds will be submitted for consideration of the
voters at the general election on Nov. 7.
CANADA, Its Provinces and Municipalities
CANADA (Dominion 00.-6225,000.000 LOAN OVERSUBSCRIBED.
The Department of Finance announced, on Oct. 17, that cash and conversion subscriptions to the $225.000,000 refunding bond issue formally
offered on Oct. 10-V. 137. p. 2844-amounted to $256,0110,000. In
announcing the offering, the Government stated that holders of the $169.971.850 534% Victory Loan bonds, due Nov. 1 1933. would be permitted
to exchange their holdings for bonds of the new issue. It was also stated
that only $15,000,000 in new money would be obtained by the Dominion
as a result of the financing, as an additional $40,000,000 of the bonds was
to be issed in exchange for a like amount of maturing Treasury bills.
-BOND SALE.
CHARLOTTETOWN, P. E. I.
-The Dominion Securities Corp. has been awarded an issue of $35,500 5% bonds at a price of
100.317, a basis of about 4.98%. Due in 20 years.
-PROPOSED EXPENDITURE OF 81,300,000. EDMONTON, Alta.
The "Electrical World" of Oct. 14 reported as follows on the possible
expenditure of $1,300,000 on the city-owned steam power plant:
"Proposed additions to the city-owned steam power plant at Edmonton.
Alberta, costing approximately $1,300,000 have been outlined in a report
to the City Council by W. J. Cunningham, power, light and street railway
superintendent for the city. Mr. Cunningham states that the present
agreement between the city and the Calgary Power Corp. for an interchange of hydro and steam produced power terminates Oct. 11935. When
this agreement expires the city has two alternatives. By mutual agreenaent it could extend the interchange agreement for a further term of five
years. or it could supply the demand with the city's steam plant alone.
According to this report the existing plant could meet the present load
demand, but would have no reserve equipment, which would be an unsatisfactory condition. To operate with the steam plant alone it would be
necessary to install a new 35,000 kw, unit costing, with auxiliary equipment, about $1,300,000."
-The issue of $115,500 coupon bonds ofHULL, Que.-BOND SALE.
fered on Oct. 16-V. 137. p. 2674
-was awarded as 54s to the Banque
Provinciale du Canada at a price of 98.30, a basis of about 5.75%. Dated
May 1 1933 and due serially on May 1 as follows: $2,000 from 1934 to 1942.
incl., and 697,500 in 1943. The Dominion Securities Corp. bid a price of
95.66 for the issue.
SHERBROOKE ROMAN CATHOLIC SCHOOL DISTRICT, Que.BOND SALE.
-The Secretary-Treasurer informs us that the issue of
675,000 5% coupon school bonds offered on Oct. 11 was awarded to L. G.
Beaubien & Co., Ltd., of Montreal, at a price of 99.09, a basis of about
5.11%. Dated Aug. 1 1933 and duo serially on Aug. 1 from 1934 to 1953
incl. Prin. and int. (F. & A.) are payable at the Banque Canadienne
Nationale, Montreal or Sherbrooke. Bids for the issue were as follows:
Bidder
Rate Bid.
L. G. Beaubien & Co., Ltd. (successful bidder)
99.09
Banque Canadienne Nationale
Ernest Savard, Ltd
999778...m2474
Cote, Garneau, Ltd
Paul Gonthier Co
96.05
Wood, Gundy & Co
WELLAND COUNTY, Ont.-REFUSED APPEAL FROM ANNEX9408
ATION ACTION.
-A dispatch from Toronto to the "Herald Tribune" of
Oct. 15 stated as follows: "Justice W.E. Middleton in a judgment rendered
to-day refused to grant the County of Welland and the Township of Stamford leave to appeal to the Privy Council against a decision of the Ontario
Court of Appeal not to allow the municipalities to carry to the latter tribunal their fight against annexation of a portion of the township by the
City of Niagara Falls,
"Id September 1932, the City Council of Niagara Falls adopted a resolution in favor of annexation to the city of that part of the township in
which are situated the plants of the American Cyanamid Co. and the
Republic Carbon Co., part of the Canadian National By. Co.'s railway and
part of the transmission lines and some vacant land of the Ontario Hydro'
Electric Power Commission."
YORK TOWNSHIP, Ont.-SUPERVISORY BOARD MAY BE
NAMED.
-In an effort to refund Oct. 1 1933 bond principal in default and
later maturities
-V. 137, p. 2674. it may be necessary for the Township to
agree to the appointment of a supervisory board by the Ontario Municipal
Board,according to the "Financial Post" of Toronto of Oct. 14. Although a
majority of bond holders have agreed to exchange their holdings for later
)maturing obligations, the Municipal Board is stated to have'declared that
such action cannot be taken without the Township going under supervision.
@FedFRASER