The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The
Uflunrrcjtt
Volume 137
financial
iircutucie
New York, Saturday, October 28 1933.
Number 3566
The Financial Situation
HE announcement made by President Roosevelt in his radio speech last Sunday night that
he plans continuous control of the dollar by having
the Reconstruction Finance Corporation buy and
sell gold in the markets of the world, constitutes a
distinct recognition of the fact that gold is the true
standard of value in everyday affairs, and to that
extent is an encouraging development. Previously
there had been an attitude of complete indifference
as to the course of gold values, and there was no
concealment of this attitude, especially at, and since,
the time of the second gold embargo on April 19 last,
when the dollar began its downward slide. At that
time the President let it be known that he was
anxious to bring about a sharp depreciation in the
gold value of the dollar, since the effect, in his estimation, would be to raise the level of commodity
values as expressed in terms of the reduced value of
the dollar, but manifested not the least concern as to
the course of the foreign exchanges. These might
move up or down, but it was a matter of no importance, and the dollar might be left to find its
own level. When it reached that level and a commensurate rise had been established in commodity
values, then the time would have arrived for fixing
the gold content of the dollar.
To be sure, the suggestion that the gold content be
reduced was in itself admission that gold was the
true measure of values, according to world standards. But the Administration proceeded on the
assumption that the United States need not care
what course foreign currency units might take with
reference to the dollar, that is, this country might
go ahead in its own way to develop plans for raising commodity values to a higher basis. This country could go it alone in seeking to attain the desired
goal.
Views have now changed, though the go-it-alone
spirit is still in evidence, and it looks as if because
of that the new policy might be wrecked. Any arbitrary and artificial action for controlling values
is sure to be beset with great difficulties and is
almost certain to strand at the end.
From the lesson of experience, the Administration has learned that foreign exchange fluctuations
are really an element of the highest importance in
economic and industrial affairs, and that they are
not within the control or lack of control of any
single country. Let the President speak for himself in attesting what has been the result of the
policy originally entered upon with such confidence
of letting the dollar shift for itself. The President
T
says: "Our dollar is now altogether too greatly
influenced by the accidents of international trade,
by the internal policies of other nations, and by
political disturbance in other continents. Therefore, the United States must take firmly in its own
hands the control of the gold value of our dollar.
This is necessary in order to prevent dollar disturbances from swinging us away from our ultimate goal, namely, the continued recovery of our
commodity prices. As a further effective means to
this end,I am going to establish a Government market for gold in the United States. Therefore, under
the clearly defined authority of existing law, I am
authorizing the Reconstruction Finance Corporation to buy gold newly mined in the United States
a+ prices to be determined from time to time after
consultation with the Secretary of the Treasury and
the President. Whenever necessary to the end in
view, we shall also buy or sell gold in the world
market."
As evidence of the purpose to go it alone, notice
that the President says "the United States must
take firmly in its own hands the control of the gold
value of our dollar." Notice also the declaration,
"I am going to establish a Government market for
gold in the United States." Let the reader note that
this says a "market for gold in the United States"—
not in the world market. That is the primary purpose and the first step in the process, namely, the
creation of a gold market in the United States. A
few lines further along the President goes a step
farther and says: "Whenever necessary to the end
in view we shall also buy or sell gold in the world
market." It is perhaps also significant that the Reconstruction Finance Corporation is selected as the
agency for undertaking the new job rather than the
Federal Reserve banks, which one would deem the
ordinary instruments for the purpose, and it should
not escape notice that the price for the gold is to be
determined "after consultation with the Secretary
of the Treasury and the President," indicating that
the latter means to have a hand in the process.
A little earlier in his remarks about the stabilization of the dollar, the President took occasion to
say: "Some people are putting the cart before the
horse. They.want a permanent revaluation of the
dollar first. It is the Government's policy to restore
the price level first. I would not know, and no one
else could tell, just what the permanent valuation
of the dollar will be. To guess at a permanent gold
valuation now would certainly require later changes
caused by later facts." In reply to this declaration,
3014
Financial Chronicle
Professor Kemmerer, who occupies the post of Research Professor of International Finance at Princeton University, and a noted authority on money,
says with much force: "If this statement is true
to-day, it will likewise be true at any time in the
future. There is no such thing as the frequently
acclaimed 'natural value' for a paper money standard dollar." He also warns that a "highly managed
currency" may founder on rocks of politics, though
he expresses the opinion that inasmuch as the country "Is unfortunately on an inconvertible paper
money basis, the adoption of the policy of buying
and selling gold through governmental or quasigovernmental auspices, as a means of controlling
the value of the paper dollar, is a wise move, as the
recent adoption of a similar policy by Great Britain
has amply demonstrated." He makes the further
observation that the public should not be unduly
scared by the term "managed currency," adding that
"all currencies in recent years have been more or
less managed, even the gold standard currencies
themselves, over which a moderate amount of management is commonly effected through open market
operations, variations in the discount rates of central banks, and other central bank devices."
But how is the new plan likely to work in practice? There are already indications that it may
result in two dictinct valuations, namely, the domestic price, fixed by Washington, and the foreign
price, representing the normal value as established
by the foreign exchange market itself. Price-fixing
under the new scheme was begun on Wednesday and
$31.36 an ounce was set as the figure at which the
Reconstruction Finance Corporation was prepared
to buy gold newly mined in the United States. This
quotation was 27c. above the world market price as
reported by London and represented a gold value
for the dollar of about 66c., and it appeared that the
90-day debenture issues of the Reconstruction Finance Corporation would be employed in making
payments. Under Section 9 of its law, the Reconstruction Finance Corporation is authorized to issue
bonds and debentures, which are guaranteed both
as to maturity and interest by the Treasury Department. The debentures are to run for 90 days and to
be sold oh a discount basis of 14 of 1% per annum,
/
and it was stated that the producers of gold who
received them would find them acceptable at the
banks.
Some disappointment was felt that the Government price was fixed at so little above the market
price. At the outset of the day foreign exchange
continued the trend displayed on Monday and Tuesday as a result of the President's announcement of
Sunday night, when the dollar cheapened rapidly.
The franc at first rose to 5.94c., indicating a gold
value of 65.95c. for the dollar, and the pound advanced slightly to $4.79. Soon after the announcement, however, of the gold price, reaction set in and
sterling and francs fell rapidly, reaching their lowest quotation near the end of the day. The franc
closed at 5.841 2c., a decline of 1y points from the
/
2
closing price on Tuesday, and sterling finished 414c.
/
lower, at $4.74. Most other currencies, on the other
hand, retained a large part of their gains made the
early part of the day. Guilders closed 20 points
higher, at 60.50c., and Swiss francs closed 5 points
higher, at 29c. German marks closed 30 points
higher.
Oct. 28
1933
On Thursday the experience was much the same.
Early in the morning Washington announced that
the gold price for the day had been set at $31.54 per
fine ounce, giving a theoretical gold value for the
dollar of 65.5c. Wednesday's gold price of $31.36
per fine ounce gave a valuation of 65.9c., so that the
domestic valuation for the dollar dropped 0.04c. for
the day. The foreign exchange market, however,
proceeded in entire disregard of the prices established by the Reconstruction Finance Corporation.
Opening slightly above Wednesday's close, the foreign currencies gradually softened, bringing about
a stiffening in the gold value of the dollar. Cable
transfers on London closed Thursday at $4.7414
/,
about the same as the day before, and most of the
other currency units also closed lower than at the
end of Wednesday, indicating that Europe was
placing a higher gold valuation on the paper
dollar than the Reconstruction Finance Corporation, which was plainly disconcerting. The
action of the foreign exchanges on Friday was
much the same, the dollar for cable transfers
on London closing at $4.7014 a decline for the
/
,
day of 414c., and the French franc at 5.7834c., a
/
/
drop for the day of 0.0914c., with a corresponding
/
appreciation in the foreign value of the dollar, showing that the action of the Reconstruction Finance
Corporation in raising the price of gold was
plainly proving ineffective. On the basis of the
quotation for the French franc the dollar had a gold
value of 67.0c., while on the basis of the price for
gold fixed by the Reconstruction Finance Corporation the dollar had a gold value of only 65.08c.
What the next step will be seems problematical.
Whether there will now be resort to the buying or
selling of gold "in the world market" is not, of
course, known, but it appears hard to say how this
means can be made any more effective than by raising the price of gold at home. If the Reconstruction Finance 'Corporation offers gold abroad at its
high price, above the world price, then plainly
enough no buyers can be found for the metal, since
the gold can be purchased so much cheaper in
Europe. On the other hand, should it undertake
to buy abroad at its own high price, then the effect
must be to transfer a corresponding amount of
funds from the other side to this side, and the effect
of this would necessarily be to send the normal exchange price of gold down, with the effect of driving the price of the American dollar up, which is
the reverse of what is desired, and defeats the object
sought.
There are enormous balances to the credit of the
United States on the other side, representing capital transferred to Europe as a matter of safety and
security, and also the proceeds of American merchandise exports which are being kept in Europe, as
the owners feel that their funds if held in the foreign
units are less likely to suffer loss and depreciation
than if held on this side in inconvertible paper dollars, in view of the declared policy of the Washington authorities to bring about depreciation of the
dollar as part of the policy to raise commodity
values to higher levels.
At this point it is well to recall that an influx of
American capital into Great Britain for safekeeping, particularly since the United States abandoned
the gold standard, was declared last month as having resulted in a serious problem for Great Britain
Volume 137
Financial Chronicle
3015
tion of United States Government securities has
attracted quite some attention. The addition to
the holdings the present week has been only $25,000,000 (roughly), which compares with $31,000,000,
approximately, the previous week, $35,000,000 the
week before and over $36,000,000 the week preceding. The further diminution in the new purchases
has come very much in the nature of a surprise. But
it is possible to make overmuch of these changes
from week to week. President Roosevelt holds the
Federal Reserve authorities in complete subjection
to his will, and it stands to reason that after his
declaration on Sunday night that he was more
strongly committed to the policy of inflation as a
means of raising the level of commodity values, the
Federal Reserve authorities would not engage in
changing the policy all along pursued with reference to the acquisition of new blocks of United
States securities from week to week, except with
his sanction and permission.
It is easy to conceive of a variety of reasons for
curtailing new purchases of United States securities, and it is well enough to bear in mind that even
$25,000,060 of new purchases this week cannot be
considered as insignificant or of little account. It
may be that the President and his advisers think
that in view of his new gold policy, which aims at
establishing an independent gold market in the
United States and the entry, if necessary, of the
United States in the world gold market, purchases
of United States securities need not proceed on
quite the same scale as in the immediate past. Then
it is known that the Federal Reserve authorities
in the carrying out of their open market operations
would much prefer to add to their discounts and
their bill holdings rather than engage simply and
solely in the acquisition of additional United States
securities.
It is with this idea in mind, and further to promote credit ease, we must suppose, that the Federal
Reserve Bank of New York last week reduced its
2
1
/
rediscount rate from 2 % to 2% (several of the
other Reserve banks following suit by reducing their
/%
rates from 31 2 to 3%), and what is certainly of
equal importance the New York Reserve institution
also reduced its buying rate for acceptances from
1% to only 12 of 1% for bills running from 1 to 90
days. The action has not resulted in the acquisition
of any additional acceptances in the open market,
but the cut in the rediscount rate has led to increased borrowing of the member banks at the Federal Reserve institution, as is evidenced by the fact
that the discount holdings of the 12 Reserve banks
have increased during the week from $112,754,000
to $114,593,000.
It is also to be noted that the increase in the volume of Reserve credit outstanding, as measured by
the total of the bill and security holdings of all
inds, has the present week run in excess of the
increase in the purchase of United States securities,
which is the reverse of the experience of previous
weeks, when the volume of Reserve credit outstanding usually ran less than the amount of the new
purchases of United States securities. The acquisition of new United States securities the present
week has run just a little short of $25,000,000, being
in exact figures $24,877,000, while the increase in
HE appearance after the close of business on the volume of Reserve credit outstanding has been
Thursday of the Federal Reserve statements $26,670,060. It is possible, too, that another factor
showing a further diminution in the weekly acquisi- may have come into play. In acquiring new blocks
by Viscount Cecil of Chelwood and Sir John Power,
Treasurer of the Royal Institute of International
Affairs, speaking on Sept. 11 at the opening of the
British Commonwealth Relations Conference at the
University of Chicago. Viscount Cecil held that the
transfer of capital showed that its owners consider
Great Britain the safest place possible for their
assets. "One of our problems is the flood of unwanted money that is pouring into our banks," he
said. "These funds, deposited in the main by United
States investors, are subject to withdrawal at 24
hours' notice and are of little or no value, though
it has not yet been discovered how to get rid of
them. On the same day (Sept. 11) advices from
Washington to the New York "Times" said that
estimates placed the amount of capital that
had left the United States since the country suspended gold payments at between $500,000,000 and
$1,000,000,000.
A cablegram from London to the same paper said
that rough estimates indicated that at least L400,000,000 of foreign balances were in London, unwanted by British authorities and "constituting a
perpetual threat to the stability of its changes." On
Sept. 12 a London cablegram to the New York
"Times" said that the presence of American balances in London banks was becoming more noticeable as President Roosevelt's inflationary program
got under way. Nobody knows, it was stated, how
many millions of American money was lying "unwanted" in London. Even a rough estimate, it was
affirmed, was difficult to obtain, as the balances are
spread through all the "big five" and other London
banks whose officials are uniformly reticent on the
subject. This much was known, however, that uneasiness on the part of American owners of capital
has caused a flight of money from New York to
London. The largest part of these American balances represent, it was declared, the proceeds of
sales of American goods which exporters have preferred to keep at London, and it was stated furthermore that American exports were a convenient
method of evading the ban on gold exports, since
the proceeds are either paid in gold currencies or
can be converted into gold in most cases.
To the foregoing we might add that there are
many people in the foreign exchange field who hold
that if these foreign balances could be induced to
come home the American dollar would at once advance to its former gold value of 100c. That, however, would be in direct conflict with the expressed
desire of the Administration at Washington, who
want a depreciated dollar, which is the thing, above
all other things, that the Administration is determined to have. How, in these circumstances, a
policy of acquiring gold abroad, at an overvalued
figure fixed by the Reconstruction Finance Corporation could be carried through is difficult to perceive. And how, under such circumstances, anything is to be accomplished by the policy that dogmatically proclaims that "the United States must
take firmly in its own hand the control of the gold
value of our dollar," with the President's further
announcement that "I am going to establish a Government market for gold in the United States, surely
must remain an enigma for a long time.
T
3016
Financial Chronicle
of United States Government obligations the Reserve banks of course must have recourse to the open
market, and if the prices of the Government obligations offered to the Federal Reserve System are not
quite right—if the banks and financial institutions
holding the obligations ask prices that are deemed
too high—the Reserve officials in charge of the
purchase of the securities would of course deem it
their duty to turn offers of that kind down and to
await an opportunity to buy on more favorable
terms. In view of all these contingencies, the shrinkage in the acquisition of United States securities
may be dismissed as being of little consequence.
ESTERN farmers are now on the rampage because of the low prices for agricultural products, a large body of them having called a strike on
that account, and the Governor of North Dakota
having put an embargo on wheat shipments because
of low prices, and he having also declared the farmer
"the forgotten man of the NRA." This comes at
the very time when aid on an exceptional scale is
being extended to farmers in every way and from
every direction. To the thoughtful student it seems
as if the time had arrived for calling a halt on the
insatiable demands of the agricultural interests, lest
they wreck the Government by the outlays incurred
on their behalf. Yet they are treated very tenderly,
and encouraged in their demands, when a firm stand
ought to be taken against involving the Government
in further undeserved outlays on their behalf. The
farmer has passed through a long period of depression and really was badly in need of help at one
time, but the situation has now so greatly changed
in that respect that there would appear to be little
occasion for coddling him any further, especially
at the risk the Government is assuming in many
of the projects devised on his behalf. The Western
wheat raiser, who is so vociferous in demanding a
higher price, forgets that through the 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, is getting large cash benefits
and that the cash thus received must be added to
the price he obtains for the wheat he sells in the
market. And the same remark must be made with
reference to the processing tax, which accrues to
the advantage of the cotton planter. All this must
be added on to judge of the improved position of
the agricultural classes.
In addition to that, plans were perfected last
week for extending the same processing aid to the
corn-hog farmer. On Oct. 17 a corn-hog adjustment
plan involving a maximum of $350,000,000 in benefit
payment to American farmers for reducing corn
acreage by at least 20% and hog farrowing by at
least 25% was announced by Secretary Henry A.
Wallace and Administrator George N. Peek.
The two-year program involved, said Associated
Press advices from Washington, Oct. 17, potential
Government expenditure of $500,000,000 during the
next 24 months and the distribution of maximum
cash benefits of $350,000,000 to 1,500,000 to 2,000,000
farmers. A processing tax is to be levied on hogs,
starting Nov. 5, for a two-year period; the rate is
to be 50c. per 100 pounds at the start, and to be
increased gradually until Feb. 1, after which it will
be $2 a hundred , or 2c. a pound live weight for the
remainder of the period.
W
Oct. 28 1933
This week the news has come that the Agricultural Adjustment Administration will advance 50c.
a bushel on corn. Washington advices say that
the loan plan is a direct response by the Administration to the farm revolt in the corn belt, and is in
accord with the policy already put into effect by
the Commodity Credit Corporation for cotton. It
is well enough to recall, too, that last week, through
the organization of the Commodity Credit Corporation set up at the direction of President Roosevelt,
plans were perfected for making loans of 10c. per
pound to cotton producers on the unsold portion of
their crop, also an initial loan of $250,000,000 has
been Procured from the Reconstruction Finance Corporation for the purpose of making these loans to
cotton producers. And additional funds would be
available if needed. Furthermore, it was stated
that nearly $90,000,000 out of approximately $111,000,000 to be distributed as acreage rentals has been
placed in the hands of cotton growers who took part
in the 1933 production reduction program. This
week, also, announcement has come that the initial
rate of the processing tax on field corn is to be at
the rate of 28c. per bushel of 56 pounds, effective
Nov. 5.
Very few persons have a proper conception of the
extent to which this process of extending aid to the
farmers has been carried and what a tremendous
outlay is involved. A summary of what has been
done for agriculture was furnished in an address
delivered before the Catholic Conference on industrial problems at Chicago on Wednesday by Edward
F. McGrady, Assistant Administrator for Labor of
the National Recovery Administration. Among the
things enumerated by Mr. McGrady as having been
done for agriculture were the following:
"Among some of the measures adopted specifically
for the farmers' benefit is a processing tax, intended
to raise $120,000,000 annually, placed on wheat in
order to give cash bounties to farmers.
"A similar tax designed to raise $111,000,000 has
been placed on cotton, and it is similarly proposed
to raise $350,000,000 for the benefit of hog producers.
"Marketing agreements have been drafted for
various producing areas to assure higher prices for
milk, and the Administration is preparing to purchase surplus butter and cheese.
"The Reconstruction Finance Corporation has
agreed to advance the Farm Credit Administration
$150,000,000 to help finance farm mortgages and
another $250,000,000 will be made available for the
same purpose, if necessary.
"New mortgage loans are being made to farmers
at the rate of $1,000,000 per day."
We repeat, therefore, that the time for coddling
the farmer appears to have been passed and that the
inclination to extend further favors to him should
now be held under restraint lest the outlays assumed
on his behalf involve the country in ruin because of
their magnitude.
IVIDEND changes in the case of corporate
entities the present week have again been of
a mixed character—some favorable and others unfavorable. The Consolidated Gas Co. of New York
declared a quarterly dividend of only 75c. a share
on the common stock as compared with 85c. a share
on June 15 and Sept. 15 and $1 a share paid in previous quarters. The Jones & Laughlin Steel Corp.
suspended quarterly dividends on its 7% cumul.
Volume 137
Financial Chronicle
pref. stock. On the other hand, the Pittsburgh Plate
Glass Co. increased the quarterly dividend on common from 15c. a share to 25c. a share, and the Sherwin Williams Co. of Cleveland raised the quarterly
dividend on common from 25c. a share to 50c. a
share. The Bristol-Myers Co. made an initial quarterly dividend of 50c. a share and an extra dividend
of 10c. a share on common, and the Vick Chemical
Co. (Del.) on Oct. 27 declared an initial quarterly
dividend of 50e. a share and an extra dividend of
10c. a share on the capital stock.
NE of the main features of the Federal Reserve
condition statements has already been discussed in the earlier portion of this article, and,
therefore,it is necessary only to pass in quick survey
some of the other changes. The feature of special
prominence was the acquisition of diminished
amounts of United States Government securities,
the addition this week having been only $24,877,000
as against $31,170,000 last week and $34,893,000 the
week before. At the same time, however,the volume
of Reserve credit outstanding, as measured by the
total of the bill and security holdings, increased in
amount of $26,670,000, this having been due to the
fact that the discount holdings of the 12 Reserve institutions increased during the week from $112,754,000 to $114,593,000, this reflecting increased borrowing on the part of the member banks induced,
no doubt, by the reduction last week in the rediscount rate of the Federal Reserve Bank of New
York and that of some of the other Reserve banks.
Federal Reserve note circulation underwent further contraction, falling from $2,993,917,000 to
$2,960,748,000, though this was again in part offset
by a further increase from $172,143,000 to $180,363,000, the amount of Federal Reserve bank notes
in circulation. Gold holdings decreased during the
week from $3,592,084,000 to $3,590,788,000, but
owing to the reduction in the outstanding volume
of Federal Reserve notes the ratio of cash reserves
to liability remained unchanged at 65.5%, notwithstanding that deposit accounts rose from $2,839,231,000 to $2,887,885,000, the increase here being due
mainly to the further expansion in member bank
reserve deposits, which increased during the week
from $2,655,343,000 to $2,693,121,000. The amount
of United States Government securities held as part
collateral for Federal Reserve note issues diminished during the week from $575,200,000 to
$556,200,000.
0
HE report of the foreign trade of the United
States for the month of September was issued
by the Department of Commerce at Washington on
Thursday of this week. The report was unusually
late. By contrast with the statement for the preceding month, merchandise exports for September were
slightly larger in value than imports, but the increase in the value of exports for September was
wholly in exports of cotton. The increase in both
exports and imports continues over the foreign trade
movement of a year ago. Exports last month were
valued at $156,460,000 and imports at $146,651,000,
the excess of exports being $10,809,000. In August,
merchandise exports amounted to $131,465,000 and
imports to $154,981,000, imports for that month
being $23,516,000 larger than exports. For September of last year exports were $132,037,000, while
imports were down to $98,411,000, the excess of ex-
T
3017
ports for that month amounting to $33,626,000.
The greater part of the increased value in both exports and imports in September this year over the
amounts shown a year ago, possibly all of it, was
due to the much higher range of commodity prices
prevailing this year.
Merchandise exports for September this year were
larger than those for August by $26,010,000. Cotton
exports in September exceeded those for August by
*27,168,000. The increase in the value of merchandise exports for September over August was equivalent to 19.9%; in cotton exports the increase was
49.8%. Cotton exports in September and for the
three succeeding months are generally the highest
of the year. In December last the value was slightly
above that for the month just closed, but with that
exception there has been no monthly record of cotton
exports, as high as that in value for September this
year, since December 1930. Cotton exports last
month were 878,236 bales, compared with 462,760
bales in August and 749,461 bales in September of
last year. Exports other than cotton last month
were valued at $112,167,000 against $113,325,000 for
August, a decrease last month of $1,158,000. For
September 1932 the value of exports other than cotton was $99,910,000, the increase this year being
$12,257,000, or 12.3%. There is no feasible way of
ascertaining the increase this year in export values,
due to higher commodity prices, but one well-known
authority puts September prices 2.7% above those
for August, and shows an increase of 26.9% over
September 1932.
With both exports and imports increasing in value
from month to month, so far this year, there being
only occasional interruptions as to the monthly gain
for the nine months of 1933, and a reversed movement during the same period in 1932, quite a change
has occurred in the comparisons between the two
years. The fact is that merchandise imports for
the nine months of this year are now larger than
those for the same time in the previous year. Exports for that period this year amounted in value to
i.1,102,437,000 and imports to $1,036,758,000, exports
exceeding imports by $65,679,000. For the same
time in 1932, exports were $1,187,478,000 and imports $1,015,720,000, the export trade balance for
that period being $171,758,000. Exports so far this
year are $85,041,000 below those for the same time
in the preceding year, a loss of only 7.3%, which
is very much less than has appeared in some of the
records since 1929. On the other hand, the value of
imports for the nine months of 1933 was $21,038,000
larger than in the same period of last year, the
increase being 2.1%.
The specie movement last month continued in a
general way along the same lines as for the preceding two months. Gold exports in September were
somewhat reduced, amounting to $58,281,000 and
imports were $1,544,000. For the nine months of
1933 gold exports have been $318,833,000 and imports $187,639,000, the excess of exports being $131,194,000. For the same period in 1932 gold exports
were $809,438,000 and imports $220,013,000, exports
exceeding imports by $589,425,000. Gold exports
this year to date are $490,605,000 less than in the
preceding year and imports lower by $32,374,000.
The silver movement last month, while still quite
heavy, was considerably below that for August; silver exports in September amounting to $3,321,000
and imports to $3,490,000.
3018
Financial Chronicle
York stock market the present .week
THE New through a period ofannouncement
passed
great buoyancy.
The buoyancy
has followed the
by
President Roosevelt in his radio address of last
Sunday night that his policy of undertaking to bring
commodity prices to much higher levels before undertaking the stabilization of the American dollar
remained unchanged and that owing to the presence
of conditions and events beyond American control in
other parts of the world he had determined that the
United States must take into its own hands the control of the gold value of the American dollar and as
an effective means to this end he was going to establish a Government market for gold in the United
States and (if necessary) buy or sell gold in the world
market. This was interpreted that further inflationary developments were in progress. According,
all the foreign exchanges rose sharply against the
dollar, with the effect of bringing about the depreciation of the gold value of the dollar earnestly desired by the President. Day after day, currency
units kept rising. Cable transfers on London sold as
high as $4.79 on Wednesday, Oct. 25, as against a low
of 84.50% on Friday of last week, Oct. 20. The
French franc in like manner, moved up from a low of
5.42c. on Friday of last week to 5.933 c. on Wednes
4
day, with all the other important European countries
showing similar sharp advances. At the same time
the commodity markets and expsecially wheat and
cotton responded in similar fashion and wheat enjoyed another spectacular rise in addition to the one
enjoyed last week, in part as a result of purchases by
the U. S. Government for its relief agencies with the
result that the December option for wheat in Chicago
sold up to 893o. on Friday against 673/2c. on Tuesday of last week, Oct. 17. Somewhat of a reaction
occurred on Thursday when it was found that notwithstanding the high gold price fixed for the United
States by the Reconstruction Finance Corporation,
it did not suffice to prevent a decline in the different
foreign currency units and that the gold value of the
American dollar was improving when the design was
to bring about further depreciation. On Friday,
Oct. 27, the stock market resumed its upward swing
notwithstanding reduced purchases of U. S. Government securities by the Federal Reserve banks for
the wek ending Wednesday night. The commodity
markets on Thursday showed a sagging tendency,
but again moved upward on Friday.
The further contraction in steel production was
an adverse feature. The "Iron Age" reported the
steel mills of the country engaged to only 31.8% of
capacity as compared with 39% last week and 44%
the week previous. The reduction in the dividend
rate of the Consolidated Gas Co. of New York on
Thursday was also an adverse feature. The returns
of railroad earnings for September, which began
their appearance the present week, were not so uniformly favorable as were the returns for earlier
months, though the returns of train loading of revenue freight on the railroads of the United States
for current weeks continued to run somewhat
heavier than in the corresponding weeks of last
year, and the production of electricity by the electric light and power industry of the United States
for the week ended Saturday, Oct. 21, was reported
at 1,618,795,000 kilowatt hours as against 1,528,145,000 kilowatt hours in the corresponding week
of 1932, this being an increase of only 5.9% as
Oct. 28 1933
against 7.4% last week, 9.3% the week before, and
10.2% in the week preceding.
The December option for wheat in Chicago closed
yesterday at 8918e. as against 813
/
4c. the close on
Friday of last week. December corn closed yesterday at 48
/ against 42y the close the previous
1
4c.
2c.
Friday. December rye at Chicago closed yesterday
at 62c. against 5318c. the close on Friday of last
/
week, while December barley at Chicago closed
yesterday at 5018c. against 44c. the close on the
/
previous Friday. The spot price for cotton in New
York yesterday was 9.85c. as compared with 9.40c.
on Friday of last week. The spot price for rubber
yesterday was 7.78c. as against 7.06c. the previous
Friday. Domestic copper was quoted yesterday at
8
/ against 7 2c. the previous Friday. Silver was
1
4c.
1
/
a trifle firmer, and the London quotation yesterday
was 18 1/16 pence per ounce against 18 pence on
Friday of last week. The New York quotation yesterday was 39.40e. against 37.00c. on Friday of last
week. The foreign exchanges, after their downward
reaction on Thursday and Friday, still rule far
above the rates of a week ago; cable transfers on
/
London closed yesterday at $4.7014 as against
$4.511 2 the close the previous Friday, while cable
/
transfers on Paris yesterday closed at 5.7834c. com/
pared with 5.45c. the close on Friday of last week.
On the New York Stock Exchange 14 stocks dropped
to new low figures for 1933 during the current week
and 11 stocks established new high records for the
year. For the New York Curb Exchange the week's
record is 25 new lows and 17 new 'highs. Call loans
on the Stock Exchange continued unchanged at 3I
/
of 1% per annum.
Trading has been of only moderate size. On the
New York Stock Exchange the sales on Saturday
last were 1,260,160 shares; on Monday 2,127,440
shares; on Tuesday 2,112,990 shares; on Wednesday
2,878,340 shares; on Thursday 1,222,940 shares, and
on Friday 1,106,790 shares. On the New York
Curb Exchange the sales last Saturday were 163,420'
shares; on Monday 281,270 shares; on Tuesday
352,270 shares; on Wednesday 342,650 shares; on
Thursday 266,221 shares, and on Friday 152,345
shares.
As compared with Friday of last week, prices show
pretty general gains. General Electric closed yester%
day at 193 against 171 on Firday of last week;
4
North American at 173 against 1734; Standard Gas
& Elec. at 93/i against 931.; Consolidated Gas of N. Y.
at 413/ against 40%; Brooklyn Union Gas at 633/i
against 64 bid; Pacific Gas & Elec. at 193 against
1934; Columbia Gas & Elec. at 133/i against 11%;
Electric Power & Light at 6 against 5%; Public
5
Service of N. J. at 38 against 38; J. I. Case Threshing
Machine at 673 against 58%; International Har%
vester at 38 against 33; Sears, Roebuck & Co. at
384 against 333/2; Montgomery Ward & Co. at 19M
against 163/2; Woolworth at 373/ against 36; Western
Union Telegraph at 50 against 44; Safeway Stores at
393/i bid against 383/; American Tel. & Tel. at 1161
2
%
against 114%; American Can at 913 against 864;
%
3
Commercial Solvents at 3334 against 32; Shattuck &
Co. at 73/i against 634, and Corn Products at 7834
against 763/2.
Allied Chemical & Dye closed yesterday at 134
against 1283/ on Friday of last week; Associated Thy
Goods at 123/i against 1034;E. I. du Pont de Nemours
at 783/i against 713/; National Cash Register "A"
at 15 against 133/2; International Nickel at 193/i
Volume 137
Financial Chronicle
against 16%; Timken Roller Bearing at 263 against
%
23; Johns-Manville at 493' against 471 2; Gillette
/
Safety Razor at 113/ against 103'; National Dairy
1
Products at 153/i against 13%; Texas Gulf Sulphur
at 38 against 333'; Freeport-Texas at 45 against 4034;
4
United Gas Improvement at 165 against 163 ; Na%
tional Biscuit at 44 against 443; Continental Can at
645 against 59 8; Eastman Kodak at 743' against
%
693 ; Gold Dust Corp. at 18 against 17; Standard
4
1
Brands at 23% against 21%; Paramount-Publix
Corp. ctfs. at 2 against 134; Coca-Cola at 951
%
against 92; Westinghouse Elec. Sr Mfg. at 35 against
31%;Columbian Carbon at 53% against 49; Reynolds
1
Tobacco class B at 47 against 45%; Lorillard at 19
against 183'; Liggett & Myers class B at 8934 against
.
8934, and Yellow Truck & Coach at 43' against 3 8
Stocks allied to or connected with the alcohol or
brewing group followed the course of the general
4
market. National Distillers closed yesterday at 913
against 90% on Friday of last week; Owens Glass at
76 ex-div. against 7034; United States Industrial
Alcohol at 6534 against 6034; Canada Dry at 263
4
against 24%;Crown Cork & Seal at 3334 against 294;
Liquid Carbonic at 253, against 233 , and Mengel
4
& Co. at 9 against 73'.
The steel shares responded to the course of the
general market. United States Steel closed yesterday at 40% against 36% on Friday of last week;
United States Steel pref. at 82 against 753 ; Bethle4
hem Steel at 293' against 253/s; Vanadium at 18
against 16. In the auto group, Auburn Auto closed
yesterday at 373,' against 3734 on Friday of last
week; General Motors at 28 against 2534; Chrysler
%
at 415 against 3934; Nash Motors at 193' against
173/2; Packard Motors at 3% against 33'; Hupp
Motors at 4 against 33, and Hudson Motor Car
at 103/i against 93 . In the rubber group, Goodyear
4
Tire Sr Rubber closed yesterday at 313/ against 26%
2
on Friday of last week;B.F, Goodrich at 133 against
%
109', and United States Rubber at 16 against 113 .
4
The railroad shares gave a fairly good account of
themselves. Pennsylvania RR. closed yesterday at
26% against 2434 on Friday of last week; Atchison
Topeka & Santa Fe at 50% against 473'; Atlantic
Coast Line at 313' against 31; Chicago Rock Island
& Pacific at 434 against 3; New York Central at 3234
against 28%; Baltimore & Ohio at 2334 against
%
20%; New Haven at 1634 against 143 ;Union Pacific
at 110 against 1013'; Missouri Pacific at 434 against
334; Southern Pacific at 19% against 18; MissouriKansas-Texas at 83 against 73/2; Southern Ry. at
4
%
213 against 195 ;Chesapeake & Ohio at 403' against
4
383'; Northern Pacific at 20 against 1734, and Great
Northern at 193 against 1634.
The oil stocks shared in the general rise so long as
it lasted. Standard Oil of N. J. closed yesterday at
415 against 39% on Friday of last week; Standard
%
Oil of Calif. at 40 against 363 ; Atlantic Refining at
4
%
293' against 263 . In the copper group, Anaconda
%
Copper closed yesterday at 143 against 115 on
%
Friday of last week; Kennecott Copper at 205
%
against 1734; American Smelting & Refining at 43
%
against 3334; Phelps Dodge at 15% against 123 ;
Cerro de Pasco Copper at 35 against 2634, and
Calumet & Hecla at 5 against 3%.
PRICE
trends in the securities markets at London, Paris and Berlin were somewhat irregular
early this week, but upward movements predominated in the later dealings. Traders and investors
3019
in all the leading European markets were disconcerted at first by the Washington announcement
that the United States Government is embarked
definitely on a "managed currency" experiment.
There was widespread skepticism regarding the success of the plan announced by President Roosevelt,
and a good deal of uneasiness until it appeared that
no extreme variations in the gold price will be
attempted here. This gave European observers the
impression that Mr. Roosevelt really intended to
throw a "relatively harmless sop" to the inflationists
in the United States. Such reflections quickly restored confidence in the London market. Paris
divided its attention between the developments in
the United States and the course of a Cabinet crisis
in France. The Bourse was extremely dull all week,
but the tone was good after a little initial uncertainty. The Berlin Boerse also was troubled by
home developments, in the form of the campaign
for national elections on Nov. 12. Prices moved
alternately upward and downward on the German
market. Some further indications of business improvement appeared in the leading industrial countries of Europe this week, but they were far overshadowed by the measures adopted in the United
States and by the political developments on the
Continent.
The London Stock Exchange was unsettled at the
opening, Monday,as everyone appeared to be puzzled
by President Roosevelt's declaration of the night
before. It was assumed, however, that the measures would favor gold mining stocks, and a demand
for these issues soon sprang up. British funds remained firm, and a rally developed in industrial
issues late in the day. International securities
finally recovered on reports of a good opening at
New York. The session Tuesday was generally
cheerful, despite some irregularity toward the end.
South African gold stocks remained in favor, while
some Anglo-American issues were marked up on
favorable overnight dispatches from this side. The
fall of the French Government caused some unsettlement in French securities listed at London. British
funds were again firm, while most industrial stocks.
also showed gains. Business expanded on the London exchange, Wednesday, and almost all securities
advanced. The announcement of an American gold
price of $31.36 an ounce, or only 20c. above the rate
indicated by the exchange relation, restored confidence and brought heavy buying of securities.
British funds remained in demand, while industrial
stocks displayed substantial gains. International
securities joined in the upward movement. In the
dealings Thursday most sections of the market again
were firm. British funds were steady, and small
further gains were reported in industrial stocks.
international securities were hesitant. Prices
varied only slightly in quiet trading yesterday.
British funds improved, but most industrial issues
lost ground.
The Paris Bourse was quiet, Monday, as traders
preferred to await the outcome of the Parliamentary
debates on the budget, as well as further information on American currency plans. Price fluctuations were uncertain, but narrow in most cases. A
few of the more speculative issues showed larger
movements, mostly toward higher levels. The Cabinet crisis on Tuesday was no surprise, and it caused
no great variations in prices. The opening was
steady and prices hardly varied in the later dealings
3020
Financial Chronicle
Oct. 28 1933
of the day. Rentes reflected the political develop- from the League of Nations and the General Disments by modest recessions, but other securities armament Conference. An effort was made for a
were substantially unchanged. Trading Wednesday time to find means for further exploration of the
was on a very small scale, and the tendency remained disarmament problem, but the endeavors were
irregular. Rentes were steady, but they did not hampered by the fall of the Daladier Cabinet in
regain their losses of the preceding session. Changes Paris, Tuesday, on financial questions. In the two
in the general market were not important. The weeks since the German announcement was made
Ministerial crisis continued to dominate the Paris there has doubtless been a great deal of informal
market Thursday, and the light trading again occa- diplomatic correspondence among the European
sioned only small changes in quotations. Gold min- governments, but the tendency of such discussions
ing stocks were firm, but most other issues lost has not been disclosed in any quarter. The absence
ground. Trading yesterday was not greatly stimu- of any additional unsettling developments has perlated by the formation of the Sarraut Cabinet. mitted some diminution of the apprehension that
seized all Europe two weeks ago, and the desire is
Prices tended to recede slightly.
The Berlin Boerse opened quietly on Monday, with apparent everywhere to take a calm view and to
municipal bonds the only securities in active de- examine the situation carefully and impartially.
mand. Some bank stocks were well maintained, but Formal sessions of the General Disarmament Cona majority of the industrial stocks receded. Traders ference have been postponed until Dec. 4, and not
in Berlin, like those elsewhere, were uncertain re- long after that the gathering will end its second
garding the significance of President Roosevelt's year of completely fruitless search for a sOlution to
declaration, and additional unsettlement was cre- the disarmament riddle.
It was reported definitely in London,last Sunday,
ated by the political developments within the Reich.
In Tuesday's dealings bonds again were in demand, and confirmed in Paris, Thursday, that the League
and further gains were registered in these issues. of Nations will remain the forum for any further
Most equities moved slightly lower. The tendency formal or public discussions of the disarmament
Wednesday was generally upward, with bonds re- problem. After the German announcement of withmaining in keen demand. Stocks of mortgage banks drawal from the League, efforts were made at Rome
scored substantial advances, and smaller gains were to have the entire negotiations placed under the prorecorded in the general list of industrial shares. visions of the Four-Power treaty. A cold reception
After a good opening, Thursday, prices receded in was given such suggestions by the French Governall departments of the market. Bonds dropped only ment, and last Sunday it was indicated in London
a little, but stocks showed sizable recessions. There that the British and United States Governments
was again a downward tendency in stocks yester- also regarded the Four-Power treaty as unsuited for
the disarmament negotiations. Albert Sarraut, as
day, but the movements were small.
Premier-designate of France, announced Thursday
O GREAT progress has been reported recently that his Government would enter no separate disin the important Washington negotiations for armament negotiations and would insist on followdownward revision of the British debt settlement ing the policy of previous French regimes. "All
of 1923. Sir Frederick Leith-Ross and his aides • roads lead to the League of Nations at Geneva," he
again conferred on this matter Thursday with said.
The Bureau of the General Disarmament ConferUnder-Secretary of the Treasury Dean Acheson, but
it was hinted after the meeting that the views of ence met at Geneva, Wednesday, and decided to recthe British and American experts remain far apart. ommend to the General Commission on the followAnother conversation is to be held next week in an ing day a further postponement of sessions until
effort to narrow the differences. No definite pro- Dec. 4. The plan for adjournment until that date
posal has so far been submitted to President Roose- was reported earlier from London, where the Cabinet
velt, and the deliberations remain in the exploratory considered the position in a long meeting early this
stages; a Washington dispatch to the New York week. Arthur Henderson, President of the Confer"Times" said. Ever since the negotiations started ence, proposed the further delay as the only alternanearly a month ago confusion has prevailed in the tive to complete collapse of the disarmament disinternational monetary sphere, and progress has cussions. "For the Conference at this critical mobeen difficult for this as well as other reasons. The ment to adopt any policy which could be interpreted
British mission admittedly is anxious to return to as an indication of inability or unwillingness to
London soon, as Parliament meets on Nov. 7. The complete its task would be disastrous," said Mr.
question of British trade concessions in return for Henderson. "It would be a serious blow to the
modification of the scheduled annuities apparently League, to the cause of disarmament by internawas raised in the negotiations, but this avenue of tional action, and to the honor of the Conference,
approach has not been followed very far. Recent as it would play into the hands of all those who for
American steps for a possible limitation on imports many months have said certain Powers did not inwhere foreign prices are under those occasioned here tend to reduce and limit their armaments." British,
Ly the NRA program have proved embarrassing. It French and Italian support was given the proposal,
is now held obvious that another "token" payment but it was noted that Norman H. Davis, of the
on the debt will be made by Great Britain on Dec. 15, United States, Valerian Dovgalevsky, of Soviet
while the search for a solution to the intergovern- Russia, and Naotake Sato, of Japan, sat silent
throughout the meeting.
mental debt problem proceeds.
The General Commission of the Conference met
ISARMAMENT activities in Geneva and in the briefly on Thursday and adopted the proposal for
leading capitals of Europe remained this week adjournment until Dec.4. In the intervening period
in the state of complete suspension occasioned by individual bargaining between the nations is looked
the sensational German declaration of withdrawal for. The disarmament experts at Geneva, mean-
N
D
•
Volume 137
Financial Chronicle
while, will attempt to draft a disarmament agreement more in line with German demands. Mr. Henderson again insisted upon continuance of the Conference, on the ground that "the people who sent us
here demand a successful conclusion of our work."
Captain Anthony Eden, Under-Secretary in the British Foreign Office, declared that a recess was quite
necessary, as the withdrawal of Germany could not
be without effect on the Conference. "But the British Government feels this should not be allowed to
stop the work of the Conference," he continued.
"We must look forward and not indulge in recriminations." There were a number of expressions of
regret by various delegations regarding the German
withdrawal, and several speakers insisted that
nothing must be done which would cause prejudice
to nations not represented at the meeting.
The German withdrawal from the League was
made technically complete last Saturday, when a
brief note was received at Geneva from Foreign Minister Konstantin von Neurath, informing the League
Secretariat of retirement in accordance with Article 1, Section III of the Covenant. The note
merely gave notice of withdrawal and neither explained nor justified the action. Joseph Avenol,
Secretary-General of the League, dispatched a reply
the same day in which he cited the stipulation that
the withdrawal is effective only after a period of
two years. Germany indicated its intentions again,
however, by sending no representative to attend any
of the gatherings at Geneva this week. There were
no German delegates even at a meeting of the International Labor Organization of the League, Monday.
All further communications between the Berlin Government and the League will take place through the
German Consul at Geneva. In League circles it
was admitted that the departure of Japan and Germany in the same year left an "impression of emptiness," but some consolation was gleaned from the
entry of Mexico and the return of Argentina.
3021
is anticipated either in Washington or Moscow, as
assurances on the point are reported to have been
conveyed already by the Russian regime through
Boris E. Skvirsky, chief of the Soviet Information
Bureau in Washington. Rights .of American citi7ens in Russia also will be discussed, it is indicated,
and here also agreement is expected after a brief
exchange. Russian debts to the United States Government and to private American citizens may prove
somewhat more difficult to adjust, but these also
are not calculated to stand in the way of recognition. The Kerensky provisional regime received
advances of $187,000,000 from the United States
Treasury in 1917, and this debt, with interest, undoubtedly will figure in the negotiations. The private debts consist mainly of about $86,000,000 notes
a the Czarist Government held by banks in the
United States; $75,000,000 of Russian dollar bonds
floated here in 1916, and the claims of Americans
for property in Russia confiscated by the Soviet
regime. Altogether it is estimated in Washington
that the debts and claims, with interest, amount to
about $800,000,000. Moscow estimates the debts
and claims at about $500,000,000. In a Moscow report of last Sunday from Walter Duranty, the wellinformed correspondent of the New York "Times,"
it was indicated that Russian authorities will offset
American claims by claims of their own for damages inflicted by American armies in the Murmansk
region of Northern Russia and the Maritime Provinces of Siberia during the intervention period.
Large damage claims were presented to the Western
European governments a decade ago when the question of Russian debts to such countries was raised,
Mr. Duranty notes.
In the Washington conversations much attention
is expected to be paid to the development of trade
relations between the two countries, and it is quite
possible that the basic principles of a trade treaty
will be considered. Russian representatives are
likely to request relaxation of restrictions on some
EGOTIATIONS between the Russian and Russian imports into this country,
it is indicated.
United States Government for settlement In order to increase
American exports to Russia it
of problems of mutual interest probably will begin will be necessary to extend large credits to agencies
in Washington within the next 10 days, and every of the Russian Government to finance the purchase
assurance is felt both in Washington and Moscow of rail
equipment, machinery, cotton, copper, livethat they will terminate rapidly in recognition of stock and other products. Former Senator
Brookthe Soviet regime and the establishment of formal hart, special adviser on Eastern European trade to
diplomatic relations. Foreign Commissar Maxim the Agricultural Adjustment
Administration, estiLitvinoff, who has been designated to represent mated last Sunday
that exports of close to $500,
Russia in the discussions, will arrive in Washing- 000,000 of American products could be
arranged
ton about Nov. 6. In accordance with President almost immediately to Russia if financing is assured.
Roosevelt's message of Oct. 10 to Mikhail Kalinin, Mr. Brookhart disclosed that
negotiations are in
President of the Soviet Union, M. Litvinoff and Mr. progress in Washington and New York for
extensive
Roosevelt will confer personally soon after the credits to Russia. Of interest also is a
Moscow rearrival of the Soviet emissary. Numerous Washing- port from Mr. Duranty to the New York
"Times"
ton dispatches have reflected, this week, the con- that the Soviet Government might be willing to
fident expectation in official circles there that utilize such credits and the subsequent exports of
resumption of normal diplomatic relations will take merchandise as vehicles for adjustment of
debts and
place before the end of the year. The messages ex- claims. Although the Soviet Government is not
changed by Presidents Roosevelt and Kalinin at- likely to make formal recognition of the loans
to.
tracted the keenest interest in all major capitals the Czarist and Kerensky regimes, it is possible,
of the world, .as it was realized everywhere that Mr. Duranty states, that such old claims will be
American recognition of Russia would constitute "absorbed in the volume of new business." This
a development of capital importance in international could be done, he states, by means of extra perrelations.
centages on credits or loans to settle public or semiThe impending Washington discussions are likely public debts, and an extra cost on new business toto be concerned in good part with the problem of settle private claims.
Russian propaganda in this country for overthrow
Disclosure of the steps taken by the United States
of the existing regime. On this point no difficulty and Russian Governments toward co-operation was
N
3022
Financial Chronicle
followed by a good deal of conjecture regarding the
possible international political significance of the
move. The emphasis placed by President Kalinin
in his message on the unfortunate effect of nonrecognition on the prospects for peace was echoed
by a Foreign Office spokesman in Moscow late last
week. "Fruitful co-operation between the two countries will be useful in the cause of peace and might
even be able to change the international scene," the
spokesman said. In a Moscow dispatch of Monday
to the Associated Press it was indicated that Russia
may attempt to obtain active American co-operation
in efforts to keep peace in the Far East. It was
noted in Geneva, as well as in Washington and
Moscow, that America and Russia always have been
active in advocating a much greater degree of disarmament than other Powers, and in this respect
also it was suggested that formal diplomatic relations might be helpful.
Reactions in other countries to the exchanges between Presidents Roosevelt and Kalinin, with their
implied promise of early recognition, were exceedingly interesting and in some cases indicative of a
heightened interest in Russian trade. In London
the steps were viewed with keen satisfaction from a
diplomatic point of view. British journals over the
last week-end reflected a desire for more progress
in the negotiations for an Anglo-Russian trade
agreement, which have languished since the trial of
five British engineers in Moscow last spring. In
French opinion the new move was much more important politically than economically, as the view
was taken that the American initiative on recognition implies uneasiness in Washington regarding
Japanese policies. Well-informed German circles
found the step "far from pleasing," a Berlin dispatch to the New York "Times" said. It will insure
a further curtailment of German exports to Russia
and the transfer of such business to the United
States, according to views expressed in Berlin.
"There have been plain signs recently that Russia
is leaving the German market as far as she finds
that possible," the dispatch said. In Tokio the
apparent trend toward normal relations between
Russia and the United States was described by a
Foreign Office official as a "welcome phenomenon."
Recognition will not alter Japan's situation in the
Far East, or Japan's policy toward Russia, the
anonymous spokesman declared. It is a matter of
interest that Katsuji Debuchi, the Japanese Ambassador to Washington, was recalled by his Government last Monday. Tokio reports indicated this
week that the official complacency regarding recognition of Russia by the United States was not echoed
in private Japanese circles, where a "certain uneasiness" was felt regarding this "disquieting factor."
—4-IMGETARY difficulties, which so often have
overturned Governments in France, caused another Ministerial crisis in that country this week,
and the problem of reducing the French national
deficit by about 5,000,00,000 francs remains still
to be solved. The Government of Premier Edouard
Daladier went down to defeat in the small hours
of Tuesday morning, after a long session of Parliament devoted to debate of the Government's proposal to reduce the salaries of civil servants. After
the usual round of'conferences with political leaders,
President Albert Lebrun invited Albert Sarraut to
form a regime. This was accomplished by M. Sar-
B
Oct. 28 1933
raut late Thursday, and the new Government will
go before the Chamber of Deputies next Thursday in order to resume the fight for a balanced budget. M. Sarraut is a member of the Radical-Socialist party, which also numbers M. Daladier among its
adherents, so that the new regime is in many respects similar to its predecessor. The Cabinet posts
were merely shuffled around. M. Sarraut was Minister of Marine in the Daladier Cabinet, while M.
Daladier accepted the post of War Minister in the
new Sarraut Cabinet.
The Ministerial crisis was anticipated for a long
time, owing to the difficulty experienced by the
Daladier regime in wringing budgetary concessions
from the Parliament. Most of the recent French
Cabinet crises have developed on the issue of retrenchments. M. Daladier himself came into power
nine Months ago when a Paul-Boncour regime was
defeated on an identical issue. The debate in Parliament early in the week was accompanied by demonstrations of taxpayers in the streets near the Government buildings against increases in the already
heavy levies. A barricade of police trucks was
thrown around the Chamber to head off the determined objectors to heavier taxes.
Within the Chamber a debate that started at 9:30
Monday morning was continued all that day and
night, with the Government carefully pushing its
program for retrenchments. The need for retaining
the support of the Socialists occasioned proposals
for some socialistic legislation, but all expedients
finally failed when a vote was taken at 3 o'clock
Tuesday morning on the salary question. M. Daladier found 329 Deputies ranged against him, while
only 241 gave him their support. It was considered
significant that the Socialist group split in two on
the vote, half the members voting for M. Daladier
and half against him. The Premier promptly submitted the resignations of the entire Cabinet to
President Lebrun, and the latter immediately surveyed the situation and invited M. Sarraut on
Wednesday to form a regime. The Cabinet list announced by Premier Sarraut is regarded as very
slightly weaker than that of M. Daladier, and its
tenure of office is thus in doubt. The Sarraut
regime is again essentially a Government of the Left
parties. The personnel of the new regime is as
follows:
President of the Council and Minister of Marine—Albert Sarraut.
Vice-President and Minister of Justice—Albert Daimler.
Foreign Affalrs—Joseph Paul-Boncour.
Interior—Camille Chautemps.
War—Edouard Daladier.
Finance—Georges Bonnet.
Budget—Abel Gardey.
Colonies—Francols Pietri.
Labor—Eugene Frot.
Public Works—Joseph Paganon.
Education—Anatole de Monzie.
Posts and Telegraphs—Jean Mistier.
Commerce—Laurent E3mac.
Agriculture—Henry Queuille.
Air—Pierre Cot.
Merchant Marine—Jacques Stern.
Public Health—Emile Lisbonne.
Pensions—Hyppolyte Ducos.
AMPAIGNING in Germany was in full swing
this week for the elections of Nov. 12, in which
the German people will have no alternative to expressing complete approval of Chancellor Hitler
and his policies. The Nazi Chancellor made appeals
at Munich and Berlin for the support of the electorate on a slogan of "peace with honor and bread."
Again and again in all his addresses he emphasized
the desire of the Reich for peace, and it was noted
in Berlin dispatches that all over the country
C
Financial Chronicle
Volume 137
people were being urged in placards, banners and
handbills to vote for the Chancellor and for "peace
with equal rights." The election now in prospect
will represent some highly unusual departures from
ordinary procedure. The country has been divided
into 36 districts, and in each district a list of 10
candidates has been prepared, with Chancellor Hitler at the head. The other nine are, of course,
equally confirmed Nazis or Fascists. Although the
election is largely for the purpose of selecting a new
Reichstag of more than 600 members, no further
names will be presented. Other members of the
Reichstag are to be selected by Herr Hitler as the
party leader, after the voters have elected the sample ticket of 10 members. "As the acme of simplicity, this is calculated to arouse the envy of political bosses everywhere," a Berlin dispatch to the
New York "Times" remarks. It was indicated in
Berlin early this week that Chancellor Hitler will
clarify his policy on disarmament and on foreign
affairs after the election.
The German Government took measures Monday
to prevent any further attacks upon citizens of the
United States or of other countries residing in Germany. Chancellor Hitler recently assured United
States Ambassador William E. Dodd that stern
orders would be issued against any further molestation of Americans who failed to salute Nazi storm
troops with upraised right arms. Officials throughout Prussia, where almost all the attacks on Americans have occurred, were informed of the international difficulties occasioned by the incidents and
ordered to take suitable steps against recurrences.
The order was confidential and was not published
in Germany. Munich dispatches noted on Tuesday
that German authorities had arrested Nobel Panter,
correspondent of the London "Daily Telegraph," on
a charge of "suspicion of espionage," and were holding him incommunicado. Mr. Panter, it appeared,
emphasized in a dispatch the military aspect of a
review of storm troops by Chancellor Hitler. The
British Embassy in Berlin filed an official protest
with the Foreign Office the following day.
3023
high, the amount held now being £191,786,845 as
against £191,731,964 a week ago. As the gain in
gold was attended by a contraction of £1,337,000 in
circulation, reserves rose £1,392,000. Public deposits
increased £1,447,000 and other deposits fell off £4,606,987. The latter consists of bankers' accounts
which fell off £4,812,876 and other accounts which
rose £205,889. The reserve ratio is up to 49.76%
from 48.01% a week ago. A year ago the ratio was
41.81%. Loans on Government securities decreased
£3,482,000 and loans on other securities £1,054,113.
Other securities consist of discounts and advances
and securities. The former increased £501 while the
latter fell off £1,054,614. The rate of discount is
unchanged at 2%. Below we show a comparison of
the different items for five years:
BANS OF ENGLAND'S COMPARATIVE STATEMENT.
Oct. 25
1933.
Od. 26
1932.
Oct. 28
1931.
Oct. 29
1930.
Oct. 30
1929.
£
£
£
£
£
Circulation_ a
369.259,000 358,430,512 356,031,240 355,626,061 358.819,845
Public deposits
15.905,000 25,426,187 17,253.665 20,970,446 14,383.959
Other deposits
149.920,989 110,923,817 116.122.274 90,695,771 96,231,096
Bankers account— 104.146,161 77,335.612 63,477,531 55,693,833 58,105,976
Other accounts... 45.774.828 33,588.205 52.644,743 35,001,938 38,125,120
Govt.securities
77,986,758 66,998,094 50,535,906 37,666.247 68,851,855
Other securities
23,001,947 30,030,766 44,610,867 26,616,042 26,123,159
Disct. a advances- 8,501,030 11.596,729 10,547,997 4,248,890 5,890,868
Securities
14,500,917 18,434,037 34,062,870 22.367,152 20,232,291
Reserve notes & coin 82.529,000 57,010.441 55,906,181 65.040,869 33,321,978
Coin and bullion
191,786,845 140,440,953 136,937,421 160,666.930 132,141,823
Proportion of reserve
to liabilities
30.12%
41.91%
58.24%
49.76%
41.81%
3%
6%
Bank rate
6%
2%
2%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
THE National Bank of Poland reduced its discount
rate on Wednesday (Oct. 25) from 6% to 5%,
the former rate having been in effect since Oct. 20
1932. Present rates at the leading centers are shown
in the table which follows:
HE weekly statement of the Bank of France
dated Oct. 20, shows a decline in gold holdings
of 214,411,214 francs. Owing to this loss, the total
of gold holdings is now 81,786,072,050 francs in
comparison with 82,676,746,776 francs a year ago
and 63,884,033,693 francs the year before. French
commercial bills discounted and creditor current accounts record increases of 13,000,000 francs and
415,000,000 francs while bills of exchange and checks
and advances against securities register decreases of
15,000,000 francs and 10,000,000 francs, respectively.
Notes in circulation reveal a decrease of 730,000,000
francs, reducing the total of notes outstanding to
80,939,180,105 francs. Circulation a year ago aggregated 80,548,581,015 francs and the year before,
81,768,790,230 francs. The proportion of gold on
hand to sight liabilities stands this week at 79.68%,
as compared with 77.32% the same period a year
ago. Below we furnish a comparison of the various
items for three years:
DISCOUNT RATES OF FOREIGN CENTRAL HANKS.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Country.
Austria
Belgium-Bulgaria_
Chile
Colombia.Czechoslovakia____
Danzig__
Penmark_ _
England_ _ _
Estonia__
Finland__
France.-- _
Germany —
Greece
Holland...
Rats in
Effect
Date
Oct. 27 Established.
PreMous
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
144
4
3
2
534
5
234
4
7
24
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
334
234
634
54
2
5
734
3
Country.
Rate in
Effect
Date
Oct. 27 Established.
Changes
for Week.
PreMous
Rate.
Hungary.... 434 Oct. 17 1932 5
334 Feb. 16 1933 4
India
3
Ireland
June 30 1932 334
34 Sept. 4 1933 4
Italy
3.65 July 3 1933 4.38
Japan
44 Aug. 16 1933 5
Java
Lithuania
7
May 5 1932 74
Norway — - 334 May 23 1933 4
Poland5
Oct. 25 1933 6
Portugal
6
Mar. 14 1933
34
Rumania
6
Apr. 7 1933 6
South Africa 4
Feb. 21 1933 7
6
Spain
Oct. 22 1932 534
Sweden._ 3
June 1 1933 334
Switzerland 2
Jan. 22 1931
34
In London open market discounts for short bills
t%
on Friday were 13-16%, as against Y on Friday
of last week and 'M% for three months' bills, as
against 4% on Friday of last week. Money on
7
call in London yesterday was M%. At Paris the
open market rate remains at 23i% and in Switzerland at 13/2%.
THE Bank of England statement for the week
ended Oct. 25 shows an increase of £54,881 in
gold holdings which brings that item again to a new
T
Gold holdings
Credit bals. abroada French commercial
bills discounted- b Bills bought abr'd
Adv. against secure_
Note circulation.—
Credit current accts.
Proportion of gold
on hand to sight
liabilities
oa. 20 1933.
Oct. 21 1932. Oct. 23 1931.
Francs.
Francs.
Francs.
Francs.
—214,411,214 81,786,072,050 82,676,746.776 63,884,033,693
1,286.057,823 2,910.102,022 15,631.320.276
Na change.
+13,000,000 2,930,329,802 3.017,997,593 7,966,132,232
—15,000,000 1,330,682,739 2,076,777,415 12.703.855,178
—10,000,000 2,802,085,172 2,761,039.629 2.735.017,048
—730,000,000 80,939,180,105 80,548,581,015 81,768,790.230
+415,000,000 21,709,524.230 26,374,622,840 31,897.898,057
79.68%
77.32%
56.20%
-3-0.04%
a Includes bills purchased in France. b Includes bills discounted abroad.
HE Bank of Germany in its statement for the
third quarter of October shows an increase in
gold and bullion of 5,891,000 marks. The total of
gold, which is now 389,659,000 marks, compares
with 796,805,000 marks a year ago and 1,144,572,000
marks the year before. Reserve in foreign currency,
bills of exchange and checks, advances and investments register decreases of 4,922,000 marks, 151,605,000 marks, 1,292,000 marks and 1,161,000 marks
respectively. Notes in circulation record a decline
of 99,567,000 marks, reducing the total of the item
T
3024
Financial Chronicle
Oct. 28 1933
to 3,326,473,000 marks. A year ago circulation ings of acceptances decreased during the .week from
amounted to 3,413,977,000 marks and the year $6,569,000 to $6,523,000. Their holdings of acceptbefore to 4,372,769,000 marks. An increase appears ances for foreign correspondents also decreased
in silver and other coin of 61,753,000 marks, in notes during the week, dropping from $36,030,000 to
on other German banks of 3,881,000 marks, in $33,798,000. Open market rates for acceptances
other assets of 12,160,000 marks, in other daily are as follows:
SPOT DELIVERY.
maturing obligations of 19,198,000 marks and in
—180 Days— —150 Days— —120 Days—
Asked.
Bid.
Bid.
Asked.
Bid.
Asked.
other liabilities of 5,074,000 marks. The proportion Prime eligible bills
Si
34
—90Days— —60Days— —30Days—
of gold and foreign currency to note circulation
Asked.
Bid.
Asked. Bid.
Md.
Asked.
stands now at 12.4%, as compared with 27.4% last Prime eligible bills
04
04
34
04
FOR
year and 29.4% the previous year. A comparison Eligible member banks DELIVERY WITHIN THIRTY DAYS.
S4% bid
34% bid
of the various items for three years appears below: Eligible non-member banks
REICHSBANICS COMPARATIVE STATEMENT.
Changes
for Week.
Assets—
Gold and bullion
Of which depos.abroad_
Reserve in foreign curr_
Bills of exch. and checks
Silver and other coin_
Notes on other Ger. bks.
Advances
Investments
Other assets
Liabilities—
Notes in circulation_ _
Other daily matur.oblig.
Other liabilities
Propor.of gold and for'n
curr, to note circula'n
Oct. 23 1933. Od. 22 1932. Oct. 23 1931.
Retchsmarks. Retchsmarks. Retchsmarks Retchsmarks.
+5,891,000 389,659.000 796,805,000 1,144,572,000
No change.
68,438,000
63,351.000 100,454,000
—4,922,000
23,382,000 137,227.000 142,886.000
—151,605,000 2,973,375,000 2,639,679.000 3,667.010.000
+61,753,000 273,163,000 267,276,000 120,413.000
14,519.000
+3,881.000
12,209,000
11,794,000
—1,292,000
53.701.000
84,982,000 133.288,000
—1,161,000 219,499.000 362,242,000 102,884,000
+12.160,000 550.613.000 807,857,000 838,994,000
—99,567,000 3,326.473.000 3,413,977,000 4,372,769,000
+19.198,000 410,629,000 376,872,000 484,561,000
+5,074,000 237,560,000 750,002,000 817,180,000
+0.4%
12.4%
27.4%
29.4%
TENDENCIES in the New York money market
were unchanged this week, extreme ease prevailing in all departments under
the influence of the
official policy. Call loans on the New York Stock
Exchange were V for all transactions of the week,
I%
whether renewals or new loans. In the outside
market a rate of IA% was established Monday, as
against V% in the later sessions of last week. The
M% level was maintained all this week in the unofficial street market. Time loan rates were carried
over and remained unaltered. An issue of $80,000,000 United States Treasury 90-day discount bills
was awarded Monday at an average discount of
0.17%, as against the 0.13% figure on a $75,000,000
issue sold a week earlier. Brokers'loans against stock
and bond collateral decreased $84,000,000 in the week
to Wednesday night, according to the usual statement
of the Federal Reserve Bank of New York.
in detail with call
rates
the
DEALINGExchange from day loanday, Yon has
Stock
to
i%
been
ruling quotation
the
all through the week for
both new loans and renewals. The market for time
money has shown little activity this week, there
having been only occasional transactions in three and
four months' paper. Rates are nominal at IA% for
30 days, %@%% for 60, 90 and 120 days, V
i@
1% for five months, and 1@131% for six months.
The market for commercial paper has been moderately
active this week, and a fair amount of paper has
been at hand, but the supply is still short of actual
requirements. Rates are 13.1%for extra choice names
running from four to six months and 13/2% for names
less known.
THE demand for prime bankers' acceptances has
been very good this week and there has been a
moderate increase in the amount of paper available.
Rates are unchanged. Quotations of the American
Acceptance Council for bills up to and including 90
days are V% bid, and 4% asked; for four months,
1
V% bid and
asked; for five and six months,
3
N% bid and 4% asked. The bill buying rate of the
New York Reserve Bank is M% for bills running
from 1 to 90 days, and proportionately higher for
longer maturities. The Federal Reserve banks' hold-
been no changes this week in the
THERE have ratesscheduleFederal Reserve banks.
rediscount
of the
The
following is the
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
Rate in
Riled on
oa. 27.
3
2
234
334
334
234
3
334
334
334
3
Date
Established.
Previous
Rate.
June 1 1933
Oct. 20 1933
June 8 1933
Oct. 21 1933
Jan. 25 1932
Nov. 14 1931
Oct. 21 1933
June 8 1933
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
June 2 1933
335
235
334
3
4
3
3
334
4
3
4
335
again
STERLING exchange has and thepassed through
sensational fluctuations,
entire foreign
exchange market is more
confused and demoralized
and the outlook more obscure perhaps than it has
ever been before. Legitimate commercial transactions in foreign exchange are everywhere hesitant and
extremely limited in volume, while speculative interests originating largely in London and on the
Continent have virtually complete control of the
market. President Roosevelt's radio address on Sunclay had an unsettling effect on the exchanges due to
his announcement of a plan to form a Government
gold market. The President's speech will be found
in another column. It is important to note here the
main idea, which has proved so disturbing to the
foreign exchange markets this week. Referring to
"our ultimate goal, namely, the continued recovery
of commodity prices" the President said: "As a
further effective means to this end I am going to
establish a Government market for gold in the United
States. Therefore, under the clearly defined authority
of existing law I am authorizing the Reconstruction
Finance Corporation to buy gold newly mined in the
United States at prices to be determined from time
to time after consultation with the Secretary of the
Treasury and the President. Whenever necessary
to the end in view, we shall also buy or sell gold in
the world market."
It 'Will be recalled that sterling cable transfers
closed on Friday of last week at 4.5132. On Saturday last there was practically no change on Friday's
quotation, but on Monday sterling reacted sharply
to the President's speech, moving up 11 cents, and
all the Continental currencies advanced similarly
against the dollar. No time was lost by the Administration in putting the new plan into effect. The
United States Treasury first quoted a price for the
sale of export gold recovered from natural deposits
on Sept. 8. Its last quotation was on Tuesday,
Oct. 24, when it set a price of $29.80. On Wednesday, Oct. 25,the Reconstruction Finance Corporation
set its buying quotation in accordance with the new
Volume 137
Financial Chronicle
plan at $31.36 per fine ounce. This price was 27
cents higher than the price quoted in the London
open market on the same day. On Thursday,
Oct. 26, the Reconstruction Finance Corporation
quoted a price of $31.54 for newly mined gold, and
on Friday a price of $31.76. The range for sterling
this week has been between 4.513 amd 4.785 for
A
bankers' sight bills, compared with a range of from
4.483/ to 4.61 last week. The range for cable
transfers has been between 4.513/ and 4.79, com2
pared with a range of from 4.49M to 4.62 a week ago.
The following tables give the London open-market
price for gold from day to day and the price paid for
gold by the United States authorities:
LONDON OPEN-MARKET GOLD PRICE.
Saturday, Oct. 21
128s. 6d.I Wednesday, Oct. 25 _ _130s. Id.
Monday, Oct. 23
129s. 2d. Thursday, Oct. 26
130s. 9%d.
Tuesday, Oct. 24
131s. 2d.
128s. ld. Friday. Oct. 27
PRICE PAID FOR GOLD BY U. S. TREASURY.
Saturday,Oct.21
31.38
29.01 Wednesday, Oct. 25
Monday, Oct. 23
31.54
29.59 Thursday, Oct.26
*Tuesday,Oct. 24
31.76
29.80 Friday, Oct. 27
* The United States Treasury first quoted a price for sale for export
gold on Sept. 8. Its last quotation was on Oct. 24. From Oct. 25 on the
price is the Reconstruction Finance Corporation's buying quotation.
It may be recalled that the London check rate on
Paris closed on Friday of last week at 80.00. The
rate rose above 82.00 several times this week, indicating greater firmness with respect to the franc,
but following the announcement of United States
gold quotations on Wednesday the rate showed a
decided tendency to sag and sterling tended downward in the direction of the dollar. On Friday of
last week the dollar was inclined to firmness with
respect to francs and the mean quotation for the
dollar in Paris was 71.0 cents. The Reconstruction
Finance Corporation's gold quotation in effect set
the valuation of the dollar in terms of gold at 65.9.
Meanwhile, in Paris, the price set on the basis of
• gold parity was 66.6. The price fixed by the Washington authorities on Thursday of 31.54 per fine
ounce gave the dollar a theoretical gold value of
65.5 cents, against a mean quotation in Paris of
66.8 cents. Yesterday the case was even more
extreme. The price set by Washington of $31.76
a fine ounce gave the dollar a theoretical value of
65.08 gold cents; while in Paris the franc hit a low of
5.78, on which basis the Paris gold value of the
dollar was 67.82 cents. Hence it would appear that
for the time being at least the markets have to juggle
with two values for the dollar, both based upon gold.
This situation has caused many curious complications.
European markets have for some time been bearish
on the American dollar, but at current quotations
for the gold currencies Europe is placing a higher
gold valuation on the paper dollar than is the Reconstruction Finance Corporation. '
LONDON CHECK RATE ON PARIS.
Saturday Oct. 21
82.0621Wednesday Oct. 25
81.80 Thursday Oct. 26
Monday Oct. 23
24
82.376 Friday
Tuesday Oct.
Oct. 27
81.203
80.843
81.03
MEAN GOLD QUOTATION U. S. DOLLAR IN PARIS.
71.2 '
Wednesday Oct. 25
Saturday Oct. 21
66.6
69.6 Thursday Oct. 26
Monday Oct. 23
66.8
Friday
69.1
Tuesday Oct. 24
Oct. 27
67.0
Bankers' and foreign exchange traders both here
and abroad make no pretension to comprehend the
Administration's attitude on the question of monetary policy. It would seem almost impossible to
get anything approaching expressions of opinion
from bankers on this side. To say the least, conservative and more experienced bankers and large
directors of capital are utterly perplexed as to the
ultimate goal to which the Administration's measures
may lead.
3025
In London and Paris bankers seem inclined to
regard the course taken on this side as a wanton
devaluation of the currency and expect that it will
be impossible to avoid further serious inflation here.
The consensus of European opinion seems to be that
capital will be strongly inclined to seek domicile
outside the United States and,in any event, European
opinion seems to be that while present uncertainties
continue, savings accumulations cannot for a long
time be induced to flow into the production of capital
goods on this side. Such opinion also points to
the probability that European capital funds which
under normal conditions would seek employment
and profit in American securities will be hesitant to
invest either here or in any other part of the world,
but will be only too content to remain idle and unearning in any country which offers safety. This
factor is at work at the present time in London,
Amsterdam and Berne. Funds are superabundant
in London, and while open market rates were deliberately forced up in Lombard Street a few weeks
ago this action was the result of concerted effort on
the part of the leading banks under the encouragement of the Bank of England. For months prior to
this action open market rates were so low as to
yield no profit whatever to the discount houses,
and apparently some of the leading discount houses
felt that they would have to go out of business unless
the open market rates were pegged in some manner.
Open market rates are now extremely low. Call
money against bills is in supply at %. Twomonths' bills are Y
i% to 13-16%; three-months'
bills 13-16% to %%; four-months' bills 7 % to
A
15-16%, and six-months' bills 15-16% to 1%.
Gold continues to flow to London from all parts of
the world. The fact that American mined gold is
no longer under the necessity of selling in the London
open market will have hardly any effect on the prices
paid there in shillings and pence, for the total
American production is only about $50,000,000 a
year, representing only a small part of the gold
which reaches the open market annually. Most of
the London gold is still sold for Continental account,
whether shipped out of the city or held for safekeeping in the vaults of the London banks. On
Saturday last 05,000 was available in the open
market and taken by the Continent at a premium
of 73/d. On Monday 09,000 was taken for the
2
Continent at a premium of 6d. On Tuesday 000,000 was taken at a premium of 8d. On Wednesday
£208,000 went for Continental account at a premium
of 11d. On Thursday £420,000 available was taken
by the Continent at a premium of 10d. On Friday
£99,000 was taken for Continental account at a
premium of 93/d. The Bank of England statement
2
for the week ended Oct. 25 shows an increase in gold
holdings of £54,881, the total standing at L191,786,845, which compares with £140,440,953 a year ago
and with the minimum of £150,000,000 recommended
by the Cunliffe Committee.
At the Port of New York the gold movement for
the week ended Oct. 25, as reported by the Federal
Reserve Bank of New York, consisted of exports of
$6,667,000 to France. There were no gold imports.
There was a decrease in gold earmarked for foreign
account of $6,667,000. The Reserve Bank reported
exports of 37,864 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.
25 was as follows:
3026
Financial Chronicle
GOLD MOVEMENT AT NEW YORK, OCT. 19-OCT. 25, INCL.
Imports.
Exports.
I
None.
$6,667,000 to France.
I
Na Change in Gold Earmarked for Foreign Account.
Decresie: $6,667,000
Exports of Cold Recovered from Natural Deposits.
37,864 fine ounces.
The above figures are for the week ended Wednesday evening. On Thursday and Friday there were
no imports or exports of the metal or change in gold
earmarked for foreign account. There was exported
52,618 fine ounces of gold recovered from natural
deposits on Friday. There have been no reports
during the week of gold having been received at any
of the Pacific ports.
Canadian exchange continues at a discount but of
course, as has been the case since March, the rates
are much more favorable to Montreal. On Saturday
last Montreal funds were at a discount of 3%%, on
/%,on Tuesday at 2%,on Wednesday
Monday at 25
at 2%, on Thursday at 1 8%,and on Friday at 2%.
Referring to day-to-day rates, sterling exchange on
Saturday last was steady and dull. Bankers' sight
2
was 4.513@4.533'; cable transfers 4.513/@4.539'.
On Monday the pound rose sharply as a result of
President Roosevelt's radio address on Sunday. The
range was 4.593@4.64% for bankers' sight and
4.60@4.64% for cable transfers. On Tuesday sterling again advanced sharply. Bankers' sight was
4.663@4.78; cable transfers 4.663/@4.783. On
2
Wednesday sterling was irregularly firm. Bankers'
sight was 4.733/@4.78H; cable transfers 4.74@
2
4.79. On Thursday sterling was firm. The range
was 4.727 @4.753 for bankers' sight and 4.733@
4
4.757 for cable transfers. On Friday sterling was
A
easier, the range was 4.69%@4.723/ for bankers'
2
sight and 4.70%@4.72% for cable transfers. Closing
quotations on Friday were 4.70 for demand and
4.703 for cable transfers. Commercial sight bills
-day bills at 4.693; 90-day bills
finished at 4.69%;60
at 4.69; documents for payment (60 days) at 4.693,
and seven-day grain bills at 4.693. Cotton and grain
4
for payment closed at 4.693 .
firmer
EXCHANGE on the Continental countries istogiven
for practically the same reason as that
the
affecting sterling—uncertainty as
above as
course of the dollar. It will be recalled that French
francs turned easier last week and that there was
active buying of sterling and dollars in the Paris
market in nearly every session. These operations
were conducted by bear interests which had become
convinced that the franc was due for a decline and
that dollars and sterling would appreciate as these
European speculators felt that sound money interests
in the United States were in ascendant. The political
difficulties which resulted in the fall of the Daladier
Cabinet on the failure of the Government's plan for
balancing the budget also contributed to the weakness in the franc. But the turn of events here following President Roosevelt's speech on Sunday changed
the entire situation. The Cabinet crisis might have
had a serious effect on the French currency and the
maintenance of the gold standard had it not been
so far overshadowed by the implications of the
foreign exchanges of the establishment of a gold
market here. While francs are firm in terms of
dollars and the pound, they are relatively weak in
terms of the neighboring Continental currencies,
especially Dutch guilders and Swiss francs. Hence
Paris continues to ship gold to nearby countries as it
Oct. 28
1933
has for many weeks. In Paris no concern seems to be
felt over the rumors circulated abroad that France
may soon be compelled to abandon the gold standard.
According to the best banking opinion in Paris these
rumors are considered absurd in view of the unanimous
desire of public opinion and political parties to maintain a sound currency and an entirely adequate bank
gold reserve.
Paris dispatches state that the explanation of
violent fluctuations such as were witnessed in respect
to the franc last week cannot be sought entirely in
effectual capital movements. At present speculation
is an absolutely predominant factor in the international exchange market, as commitments of this
nature entered into and terminated with great
rapidity give rise to much bigger transactions than
are actually necessary for international payments for
services and goods. Paris bankers point to the fact
that the gold cover of the Bank of France stands at
79.68%, against legal requirement of only 35%.
For the past few years, France has been the recipient
of vast sums from foreign countries seeking temporary domicle in Paris purely for safety. The
French have always taken into consideration the
imminence of sudden withdrawal of the greater part
of these funds and have therefore built up their gold
reserves against the occurrence of such a contingency.
The French profess no concern over the outflow of
gold from Paris, which has taken place this year.
The current statement of the Bank of France shows
a loss in gold holdings of fr. 214,411,214, the total
gold standing on Oct. 20 at fr. 81,786,072,050, which
compares with fr. 82,676,746,776 a year ago and
with fr. 28,935,000,000 in June 1928 when the unit
was stabilized. In June 1928, the Bank of France
put into effect the policy of building its gold reserves
to approximately fr. 40,000,000,000 in order to have
ample reserves in case of hasty withdrawals of
nervous funds from the market. It is asserted in
some quarters, rightly or wrongly, that the bank
could easily lose some fr. 40,000,000,000 and still
be in a thoroughly secure position. In Paris the
probability of so large a depletion by reason of the
withdrawal of foreign funds is scoffed at.
It is thought probable that the total gold losses
by the Bank of France up to the end of this year will
be about 1,000,000,000 francs. Most of this gold
is going to Switzerland and Holland, and whatever
flow of gold takes place from Paris to the other gold
bloc countries is only in line with the course adopted
when the gold bloc was organized after the failure
of the London economic and monetary conference
in June.
German marks are quoted firm in terms of dollars,
but these quotations are, of course, largely nominal.
There is practically no trading in mark exchange,
although German interests in Europe are believed
to be heavy buyers of dollars in view of the advantage created by the present low rates prevailing for
German creditor currencies.
, The Polish unit is one of the minor currencies in
the New York market, but it is of interest this week
to note that the Bank of Poland has reduced its rate
of rediscount from 6% to 5%. The 6% rate had
been in effect since Oct. 30 1932, when it was reduced
from 732%.
The London check rate on Paris closed on Friday
at 81.97, against 80.00 on Friday of last week. In
New York, sight bills on the French center finished
on Friday at 5.783, against 5.443/ on Friday of
Volume 137
last week; cable transfers at 5.783 , against 5.45
4
and commercial sight bills at 5.773/2, against 5.44.
Antwerp belgas finished at 20.54 for bankers' sight
bills and at 20.55 for cable transfers, against 19.54
and 19.55. Final quotations for Berlin marks were
35.31 for bankers' sight and 35.32 for cable transfers,
in comparison with 33.29 and 33.30. Italian lire
closed at 7.79 for bankers' sight bills and at 7.791
A
for cable transfers, against 7.383/ and 7.39. Austrian schillings closed at 16.00, against 16.00; exchange on Czechoslovakia at 4.40, against 4.15;
on Bucharest at 0.90, against 0.85; on Poland at
16.70, against 15.65, and on Finland at 2 A,
.151
against 1.95. Greek exchange closed at 0.83 for
bankers' sight bills and at 0.833' for cable transfers,
against 0.793' and 0.80.
XCHANGE on the countries neutral during the
war is generally firm with respect to the dollar
and exchange on the neutral gold countries, Holland
and Switzerland, is especially firm with respect to
the dollar, the pound, and the French franc. It is
believed that most of the 120,000,000 francs of gold
which Paris lost this week was shipped to Amsterdam, as there has been a strong movement of foreign
funds to Amsterdam for several weeks influenced by
fears for the safety of the great exchanges, sterling,
dollars, and French francs. The movement of funds
to Amsterdam has been clearly in evidence since
Sept. 18. The Netherlands Bank statement for the
week ended Oct. 9, shows gold reserves of 873,293,000 guilders, an increase of 45,325,000 guilders since
Sept. 18. Gold reserves are far in excess of statutory
requirements. On Oct. 9 the Dutch gold reserves
were 95.2% of circulation. This compares with
104.4% a year ago. The Swiss National Bank is
also in an exceptionally strong position. The statement for Oct. 7 shows gold reserves amounting to
1,858,354,000 Swiss francs, a net gain chiefly at the
expense of Paris of 38,792,000 francs since Sept. 7.
The ratio of Swiss gold cover for note circulation
stands at 134.1%. A year ago the figure was at
the high point of 171.2%. Private advices from
both Amsterdam and Berne assert that the action
of the Washington Administration on gold can have
no bearing on the position of the currencies of those
countries. The Scandinavian currencies fluctuate
strictly with the changes in sterling exchange, with
which they are closely allied.
Bankers' sight on Amsterdam finished on Friday
at 59.64, against 56.19 on Friday of last week; cable
transfers at 59.65, against 56.20, and commercial
sight bills at 59.50, against 56.10. Swiss francs
closed at 28.64 for checks and at 28.65 for cable
transfers, against 27.04 and 27.05. Copenhagen
checks finished at 21.01 and cable transfers at 21.02,
against 20.17 and 20.18. Checks on Sweden closed
at 24.29 and cable transfers at 24.30, against 23.31
and 23.32; while checks on Norway finished at
23.67 and cable transfers at 23.68, against 22.71
and 22.72. Spanish pesetas closed at 12.37 for
bankers' sight bills and at 12.38 for cable transfers,
against 11.65 and 11.66.
E
XCHANGE on the South American countries
presents no new features. While quotations
are high in terms of the dollar, they are purely
nominal, as all regular foreign exchange transactions
are restricted by exchange control boards, with
American funds in the South American capitals
E
3027
Financial Chronicle
largely frozen. A recent dispatch from Buenos Aires
stated the controversy over American frozen credits
in Argentina is creating ill feeling which is unpropitious for trade relations. The Argentine Government has for the past few years made strenuous
efforts to reduce imports to accord with the nation's
decreased export trade, and it seems particularly
important to curtail imports from the United States
unless the United States buys more Argentine goods.
The Exchange Control Commission seems to have
adopted the policy of granting exchange permits to
Americans only in proportion as American purchasers
of Argentine products produce exchange. Under this
policy if the United States buys only 5% of Argentina's exports Americans can have only 5% of the
available exchange. Meanwhile Sr. Pinedo, the
minister of finance, asserts that the Argentine
Government has not adopted and will not adopt any
financial policy designed to stifle American business
in Argentina. It is estimated that approximately
$35,000,000 of American credit was frozen in Argentina prior to May 1. New York estimates place
the amount at $100,000,000.
Argentine paper pesos closed on Friday nominally
4
at 38.00 for bankers' sight bills, against 353 on
week; cable transfers at 383, against
Friday of last
363. Brazilian milreis are nominally quoted 8%
4
for bankers' sight bills and 83 for cable transfers,
4
against 83 and 83 . Chilean exchange is nominally quoted 93, against 83'. Peru is nominal at
20.25, against 19.75.
XCHANGE on the Far Eastern countries is of
course demoralized because of the events affecting the leading Occidental currencies. Transactions
are nominal in all the Far Eastern units. As measured by gold Japanese yen are exceptionally easy
and Japanese export trade has increased rapidly since
May. The Indian rupee fluctuates of course with
the pound, to which it is attached at the fixed ratio
of is. 6d. per rupee.
E
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
OCT. 21 1933 TO OCT. 27 1933, INCLUSIVE.
Country and Monetary(
rifle.
Noon Buying Rate for Cable Transfers in New York,
Value in United States Money.
Oct. 21.
EUROPE$
159500
Austria.Belittling
195909
Belgium, beige
.011000
Bulgaria, ley
Czechoslovakia, krone .041800
.201758
Denmark, krone
England, pound
4.517980
sterling
.019975
Finland, markka
055013
France.franc
Germany, reichsmark .335827
Greece,drachma
.007990
.567158
Holland, guilder
.252000
Hungary. Pengo
07407.5
Italy, lira
.226791
Norway, krone
.159000
Poland.zloty
Portugal. escudo
.043183
Rumania.leu
.008616
Spain, peseta
117850
Sweden,krona
.233058
Switzerland, franc
.272283
Yugoslavia, dinar
.019666
ASIAChinaChefoo (yuan) dol'r .287500
Hankow (yuan)dart .287500
Shanghai(yuan)doll .288437
Tientsin (yuan) don. .287500
Hong Kong dollar
.321875
India, rupee
339150
Japan, yen
270175
Singapore (S.S.) dollar .528750
AUSTRALASIA
3 594583
Australia, pound
New Zealand, pound 3.603333
AFRICA
South Africa, pound 4.462343
NORTH AMER.Canada, dollar
.966354
.999487
Cuba, peso
Mexico, peso (sliver). .281220
Newfoundland. dollar .963875
.SOUTH A M ER
Argentina, peso (gold) .816521
.084637
Brazil. milreis
.086250
Chile. peso
.672500
Uruguay, peso
llnInnthIn. now..
.668700
Orb. 24.
O.25.
Oa. 25. oa. 27.
$
$
.161125 .163875
.200409 .210918
.011750* .011250
.042700 .042943
.206200 .208350
$
.171166
.209709
.012750
.044787
.212675
•
.168625
.209127
.016500
.044543
.211320
4.617307 4.672583
.020383 .020466
.056184 .056613
.343170 .344555
.008135 .008150
.579625 .583927
.255000 .255000
.075840 .076476
.232033 .234390
.162333 .163625
.043987 .044420
.008887 .009050
.120191 .121200
.238200 .240510
.278423 .280500
.019480 .019966
4.755916
.021060
.058731
.358800
.008512
.606170
.265000
.079269
.239336
.167333
.045362
.009175
.125800
.245500
.291000
.020725
Orb. 23.
.291875
.291875
.292968
.291875
.325000
.346050
.276656
.540625
.294166
.294166
.294687
.294166
.327083
.348575
.280610
.544375
$
.167875
.208308
.016250
.044412
.210400
4.735333 4.715583
.020966 .020850
.058588 .058414
.357220 .356683
.008500 .008408
.604016 .602461
.262500 .260833
.079007 .078714
.237700 .236481
.168000 .167666
.046043 .045862
.009350 .009133
.125253 .125033
.244018 .242858
.290125 .289223
.020666 .020433
.300625
.300625
.301093
.300625
.335000
.357000
.285750
.557500
.300208
.300208
.300781
.300208
.333593
.355050
.285300
.554375
.300000
.300000
.300937
.300000
.334531
.352650
.283800
.550000
3.693125 3.712500 3.785000 3.763333 3.748333
3.706562 3.721666 3.795000 3.772500 3.758333
4.571250 4.615625 4.697500 4.673750 4.663125
.973229
.999281
.281360
.970625
.975468
.999187
.281440
.973000
.979947
.999500
.281720
.977750
.979791
.999281
.281780
.977375
.980000
.999359
.281860
.977625
.831359*
.084637*
.088250*
.684250*
RAR7I1A•
.838053*
.084637*
.088750*
.687083*
6667004
,
.867937*
.084637*
.092250*
.714166*
enavnn*
.867159
.085766
.092250
.714066
R115700
.864332'
.085766'
.092000'
.712500'
666700'
•Nominal rates: firm rates not available
Financial Chronicle
3028
Closing quotations for yen checks yesterday were
28.45, against 27.15 on Friday of last week. Hong
Kong closed at 333/s, against 32 11-16@32%; Shanghai at 303/2@30Y1, against 29%@293/ Manila at
;
2
50, against 49 8 Singapore at 553', against 53;
;
Bombay at 35%, against 343's and Calcutta at 359/,
against 343'.
HE following table indicates the amount of gold
bullion in the principal European banks as of
Oct. 26 1933, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of—
England___
France a_ __
Germanyb_
Spain
Italy
Netheads_
Nat.Beig'm
Switzerland
Sweden
Denmark
Norway_ _ _
1933.
1932.
1931.
1930.
£
£
£
£
191,786,845 140.440,953 136,937,421 160,666.930
654.288,554 661,413,974 511,072,269 405,141,160
16,061,050
54,090,050 101,528,250
36,672,700
91,072,000
90,302,000
90,412,000
99.037,000
57.221,000
58,486,000
76.164,000
62,510,000
34,628,000
66,521,000
72,833,000
86,236,000
36,962,000
77,407,000
74,263,000 73,076.000
49,220,000
61,598.000
25,585,000
89,164,000
11,442,000
14,136,000
11,030.000 13,441,000
7,397,000
9,565,000
9,118,000
7.400,000
8,138,000
6,560,000
7,911,000
6,570,000
1929.
E
132,141,823
318,748,290
103,458,250
102,596.000
55,984,000
36,893,000
29,318,000
21,347.000
13,425,000
9,584,000
8,152,000
Totalweek_ 1,268,663,449 1,267,755,627 1,067,182,740
951,913,340
831,647,363
Pray arem0r
040 074 243
031.875.230
1 990 290 020 1 907 920 1142 1 044 0411 FIRA
a These are the gold ho dings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exe usive of gold
held abroad, the amount of which the present year is £3,421,900.
The Budget and the Political Situation in
France.
Changes of ministry have always been relatively
frequent in France, and in recent years it has been
the exception rather than the rule for any Cabinet
to continue in office unchanged for more than a few
months. The fall of the Daladier Government on
Tuesday, viewed as a historical incident in French
politics, is only another illustration of the instability inherent in a system in which a multiplicity of
parties, no one of which commands a majority in
the Chamber of Deputies, makes the Government of
the day the creature of a coalition. The coalition
Government of Socialists and Radical Socialists
which Edouard Herriot formed in June 1932, was
shortly displaced by a similar coalition Government
under Joseph Paul-Boncour, and on Jan. 28 the
Paul-Boncour Government gave way to that of M.
Daladier. The Paul-Boncour Cabinet fell on the
issue of a small reduction in the salaries of civil
servants, and it is the budget issue, broadened to include a long list of important changes designed to
cope with a heavy deficit, that on Tuesday precipitated another ministerial crisis.
The overthrow of the Daladier Ministry was more
or less clearly foreshadowed from the time when the
details of the budget, which was presented in the
Chamber of Deputies on Oct. 17, became known, although for a few days it seemed possible that the
Government might be sustained. M. Daladier, indeed, had virtually staked the fortunes of his Government on support of his budget proposals in an
address which he had delivered shortly before at
the congress of the Radical Socialists. The budget,
as 'summarized in considerable detail in dispatches
to the New York "Times," showed a prospective
deficit, in spite of economies effected under legislation enacted last year, of 7,718,000,000 francs (approximately $312,000,000 at par of exchange), made
up of a deficit of 3,600,000,000 francs brought forward from the previous year, increased expenses of
2,900,000,000 francs, and an estimated deficiency in
tax receipts of 1,218,000,000 francs. The deficit of
7,718,000,000 francs it was proposed to extinguish,
to within 226,000,000 francs, by further economies
aggregating 3,600,000,000 francs and additional revenue to the amount of 3,892,000,000 francs.
Oct. 28 1933
The principal economies for which approval was
sought comprised a saving of 1,600,000,000 francs in
departmental expenditures, and a 6% reduction in
salaries and pensions expected to save 1,300,000,000
francs. The new revenue items covered a wide range,
and included additional government receipts from
national lotteries, profit from a new nickel coinage,
abolition of various tax exemptions,increased shares
in State monopolies, and a deduction at the source
of 15% of the amount of bond coupons and dividends, any excess over the required income tax to
be refunded when the tax was paid. This last provision, designed to reduce tax evasions and thereby
increase the income tax revenue, was to be applicable
to foreign as well as French securities. It was further proposed to license the manufacture of and
trade in war materials, the government to share in
the profits of manufacture in proportion to the
amount expended by the government for the purchase of war materials; to impose a 20% tax on the
sale of firearms for private use, and a tax to the
amount of 180,000,000 francs on the profits from
imported petroleum, the tax to be apportioned
among importers, and to replace the tax on motor
vehicles with a tax on motor fuel.
The budget further outlined an elaborate program
of public works, with a contemplated expenditure
over four years of 13,736,500,000 francs, of which
Amount 3,190,000,000 francs would be provided by
local authorities. The announced purpose of the
program was the relief of unemployment, although,
as the "Times" correspondent pointed out, France
has relatively few unemployed in comparison with
other countries. The items included 3,260,000,000
francs for agriculture, 2,340,000,000 for schools,
teachers and physical training, 2,279,000,000 francs
for roads, bridges, elimination of grade crossings
and similar undertakings, and 1,000,000,000 francs
for aviation. Premier Daladier further indicated the
intention of the Government to regulate wholesale
and retail prices of certain primary commodities, establish a stricter regulation of issues of securities,
revise the civil pensions granted for old age or sickness, aid the construction of model tenements, and
prevent an increase of the wheat acreage by changes
in the law regulating wheat prices.
Under the most favorable political conditions, a
budget which included not only far-reaching and
drastic revenue provisions but also a novel and
elaborate plan of social and economic rehabilitation
would have been likely to give the Chamber of
Deputies pause and arouse keen discussion in the
country. With the party situation such as it is, and
with much criticism of the financial policy of the
Government and popular apprehension regarding
the immediate future of the franc, criticism was not
only instant but violent. In opposition to the Government proposal for regulating the arms industry,
Leon Blum, the Socialist leader, carried through the
Finance Commission of the Chamber, on Oct. 18, an
amendment proposing a Government arms monopoly, and the action was rescinded only after it had
been shown that the monopoly would saddle the
Government with a charge of at least 2,000,000,000
francs. The National Automobile Federation and
the National Federation of Automobile Clubs published advertisements protesting the new gasoline
tax, which was in addition to taxes already levied,
while the Paris "Temps" pointed out that the 15%
deduction from coupons and dividends would in
Volume 137
Financial Chronicle
effect require income tax payers to advance the tax
months before it was due.
The strongest and most outspoken opposition
came from the civil servants and war veterans,
whose huge national organizations, while possessing
no great popular support outside their own ranks,
are able to wield impressive influence in elections.
On Oct. 21 the Congress of the Federation of Civil
Servants voted to refuse any salary cuts and held
out a vague threat of a strike if the provision of
the budget were retained. Throughout the week
the party situation in the Chamber and political
feeling in the country had become increaAngly
strained, the Nationalists of the Right encouraging
the resistance of the taxpayers, the Finance Commission of the Chamber criticizing the Government
proposals, and the Socialists refusing support to
any program that was not wholly their own. On
Tuesday, by a vote of 329 to 241, the Deputies rejected a Government amendment of the article reducing the salaries of civil servants, on which Premier Daladier asked for a vote of confidence, and
the Cabinet at once resigned. In expectation of
trouble, the Chamber had been surrounded by a large
force of police and mounted Municipal Guards, the
demonstrations that had been planned were
thwarted, and many arrests were made. Organized
protests and demonstrations were,however, reported
from many parts of the country, in'which civil servants and taxpayers joined.
The overturn of the Daladier Government left the
party situation greatly confused and the budget outlook obscure. In the decisive vote in the Chamber
the Socialists split, a radical section, led by Pierre
Renaudel, voting with the Government while the
temainder, led by Leon Blum, voted in opposition.
The support of the radical wing was given because,
as M. Renaudel claimed, the Government had
already gone farther than any other in the direction
of socialism in its proposals for dealing with arms
and petroleum and in granting labor a 40-hour week,
and nothing would be gained by overthrowing it.
Praise of that kind, instead of helping the Government, was likely to confirm the wavering members of
the anti-socialist opposition. Premier Daladier, on
the other hand, emphasized the danger to the franc
of an unbalanced budget, but it is difficult to regard
the danger as serious. With the huge gold cover
held by the Bank of France—about 101% of the note
issue notwithstanding a loss of 491,000,000 francs
since Sept. 1—the likelihood that France will be
forced off the gold standard seems remote. There
is still a vivid memory of the cost to the country
when Premier Poincare devalued the franc, and
something more than a budget deficit will be necessary before a repetition of that experience will be
entertained.
Albert Sarraut, Minister of Colonies in the Daladier Ministry, who succeeded on Thursday in forming a Cabinet which will be presented to Parliament
Early next week, is a member of the Democratic
party of the Left, a group which in the Senate corresponds in general to the Radical Socialists, and a
man with long and varied experience in public life.
The Cabinet, the members of which were announced early Friday morning, shows few important changes. M. Daladier remains as Minister of War and M. Paul-Boncour as Foreign
Minister, these and several others representing the
Radical Socialists. The week-end will be spent, it
3029
is reported, in recasting the budget with the object
of increasing the proposed economies and eliminating or modifying some of the provisions for increased
taxation. "It is impossible to ask taxpayers to pay
more," M. Sarraut is reported to have said.
It is a tradition of French politics that however
much domestic policy may change as ministries
come and go, foreign policy, in its broad lines at
least, remains the same. It will be easier to adhere
to the tradition in the matter of disarmament now
that the Disarmament Conference has been adjourned until Dec. 4. In any case not much, if anything, can be done with the German arms problem
until after the German election on Nov. 12, although
the Bureau, or Steering Committee, of the Conference is expected to meet not later than Nov. 9.
In the meantime, M. Sarraut is quoted as declaring that France wants "no direct conversations
with Germany," but will continue the policy of
working through the League. As French official
opinion is reported to have reached the conclusion
that the four-Power pact ceased to be operative with
Germany's notice of withdrawal from the League,
the League seems to be the only international agency
through which the general issue of disarmament can
be discussed, and the outlook in that direction is
not hopeful. Barring the remote possibility of a
change of front on the part of the Hitler Government, the political interest of Europe will be centered, for the next few weeks, on the electoral campaign in Germany and the fortunes of the Sarraut
Ministry. If M. Sarraut succeeds in unraveling the
budget tangle and avoiding a general election in
Prance, he will be in a position to act with some
confidence if the disarmament debate is resumed.
--Brighter Railroad Aspects—Recent Developments in Favor of Investors.
Railroads are not standing still by any means
amid the developments which are so prolific and
momentous in the twentieth century. One of the
latest progressive steps taken to keep abreast of the
times and to meet keen competition of modern transportation facilities is the construction for the Texas
& Pacific Railroad of the first stainless, streamlined motor-driven passenger trains ever built in the
United States.
The innovation, which may have a powerful
influence upon passenger transportation in this
country, is the product of the Edward G. Budd
Manufacturing Company, of Philadelphia, and the
official test was given on Monday of this week.
Every requirement was met and on the following
morning the train left Philadelphia for Chicago,
whence it will speed to Texas for its first regular
run of 250 miles from Fort Worth to Texarkana.
The novel train is equipped with an internal combustion engine of 600 horse power, burning non-'
explosive fuel. The first car besides housing the
engine, to which is attached an electric generator,
also contains nbaggage room and a post office. The
second coach, having large windows of unbreakable
glass, is luxuriously furnished- to acacommodate sixty
passengers. Nothing in the way of comfort to make
a journey pleasing for the passengers has been overlooked. The third coach will care for fifty-six passengers, the remaining space being devoted to a
buffet for light lunches.
The train carrying Mr. Budd, Royal Senator Giovanni, President of the Fiat Motor Works of Italy,
3030
Financial Chronicle
Charles H. Ewing, President of the Reading Company and Samuel Vauclain, Chairman of the Baldwin Locomotive Works, made its trial run on the
tracks of the Reading Company on the west bank of
the Schuylkill River.
Preceding the depression a number of important
railroads had entered into contracts for improvements upon a large scale. Work has been progressing upon these improvements for fully three years
and most of them are now or shortly will become
available for public use. When business becomes
normal the many millions of dollars which have been
thus expended should bear fruit and add to the
yearly incomes of the railroads concerned.
While all carriers were hard-hit by the great
falling off in traffic and consequent decrease in net
earnings which caused the suspension of numerous
dividends, the railroads will be apt nevertheless to
emerge from the period of exceptionally hard times
in good physical condition. As a rule they have been
well maintained and, as noted above, some of them
have added greatly to their facilities.
The question of fares and freight rates is undying. It is ever with a railroad manager no matter
whether times are prosperous or otherwise. Much
attention, however, has been given to this important
subject during the depression and progress has been
made in untangling the problems, although of course
not always to the liking of the railroad managers.
But the way has been cleared in some respects so
that the rail officials may give more attention to
the very big problems which will confront them with
returning prosperity.
Door to door deliveries are being perfected and
the system is being extended by the railroads to
overcome the competition of trucks. The Pennsylvania Railroad as an example has just extended its
delivery system for less than carload lots to 2,500
cities in towns upon its system.
There is a heavy exchange of this business between
such populous cities as New York and Philadelphia
and Boston and many other smaller manufacturing
cities throughout the system and well-directed efforts on the part of the rail carriers will no doubt
add largely to their tonnage. As competition grows
keener the theory of the managers appears to be
that it will be better to meet the rivalry with superior service rather than by further cutting of rates.
An estimate recently made places the value of
goods moved by trucks over the public highways
between New York and Philadelphia and intervening communities at over eleven billion dollars
annually. This traffic is so great that there naturally is much strife among rival carriers to obtain a
greater share of the business.
Through the aid of the Federal Government the
railroads have gained a reduction of $2.50 a ton in
the price of steel rails, which will be much to their
advantage and will also be helpful to manufacturers
if the effect is to stimulate buying. The carriers
generally place rail orders among plants located
along their respective lines. The effect of this
policy is beneficial to the carriers which haul supplies of fuel, ore, etc., to the furnaces and mills engaged in iron and steel production along the lines
concerned. The practice embodies not only reciprocity but self-protection.
Still another item which will work out to the advantage of the investor in railroad stocks and bonds
ip the sweeping reduction in salaries which has been
Oct. 28 1933
effected among rail officials. Whenever it may be
necessary to borrow more money new loans may be
placed possibly at lower rates of interest than heretofore were exacted which will be to the advantage
of the shareholders.
What Kept Value of U. S. Notes (Greenbacks)
Unimpaired.
Denver, Coto., Oct. 10 1933.
Editor,
Commercial & Financial Chronicle,
New York, N. Y.
Dear Sir:
In your issue of Sept. 23 1933, on page 2145 you quote a
resolution adopted by the Governors of nine Southern States,
which resolution was directed to the President.
A part of Section 2 of the resolution reads as follows:
"The nation, in an emergency in the Sixties, authorized,
issued and placed in circulation some $400,000,000 in United
States notes. Such notes, although not based on interest-.
bearing bonds, were in fact based upon all the property and
taxing power of the Government, and that of the said $400,000,000 worth of said notes the sum of $346,000,000 of such
notes are still in active circulation."
On the same page in referring to the resolution you state
that General Grant "to avoid disaster to the country" later
vetoed a bill to increase still more "of these non-interestbearing United States notes," (Greenbacks), but you neglected to add that by an Act of Congress of July 14 1875,
specie payment was resumed to be effective three years
thereafter, and coin payments began Jan. 1 1879. Since that
date greenbacks have circulated at par.
On March 14 1900 by an Act of Congress, $150,000,000 in
gold was set aside to be held by the Treasury Department
to be used for no other purpose than the redemption of the
United States notes (Greenbacks).
Mr. W.0. Woods,former Treasurer of the United States,
in his book "The Story of Uncle Sam's Money" 1932 at.
page 61 says:
"Since the Act of Congress that assured the $150,000,000
gold reserve, that amount has been further increased by
$6,039,088.03. The increase came about under the provisions of an Act dated May 30 1908 (the Aldrich-Vreeland
.
Emergency Currency Act)."
Mr. Woods further states:
"Thus there is back of the $346,000,000 in greenbacks
not only the law that guarantees their redemption at par,
but also the great reserve of over $156,000,000 actually in
hand to redeem whatever is presented."
Yours very truly,
WM. R. HOWLAND.
Farm Hostility to NRA Called Ironical, as
Recovery Program Panders to Agricultural
Producers at Expense of Consumers.
[Edward H. Coiling In New York "Heraid Tilbune" Oct. 23.1
Last week's most momentous event was the flaring up of
anti-National Recovery Administration sentiment in the
Middle West. This hostility made itself felt in a number
of directions within the space of a few days. Governor
Langer of North Dakota declared an embargo on shipments
of wheat out of that State as a gesture of protest over prevailing low prices; Keith Neville, a former Governor of
Nebraska, resigned his State chairmanship of the NRA committee, announcing that the farmers were out of sympathy
with the recovery program; Governor Bryan of Nebraska
issued a statement declaring it to be his opinion that the
"farmer is the forgotten man" and that his "throat was
being slit from both ears," while Senator Norris, surveying
the evidence of discontent about him, decided that the time
was propitious for demanding an issue of greenbacks—which
he accordingly did.
In appraising the statements and actions of the Governors
of Nebraska and North Dakota one must make due allowance, naturally, for the exigencies of politics; nevertheless, to
the person who has been trying to view the recovery program
impartially and in its entirety, identification of the farmer
by Governor Bryan as "the forgotten man" will seem somewhat more than mildly ironical. For if there is one group
that has been outrageously pandered to in this whole program it is the producer of agricultural commodities. His is
the,:only ,"recovery" that.is, virtually, guaranteed—assuming
Volume 137
Financial Chronicle
some patience and co-operation on his part with the government
-and the only "recovery" that is paid for by somebody
other than himself.
Let us see why this is so.
The NRA is based upon the willingness of the business
man to accept a gambler's chance on recovery. Its purpose is
to increase purchasing power through adding to the number
of wage earners in industry and increasing producing costs.
If the sums expended by the business man in "doing his
part" come back to him,like bread cast upon the water, then
he is at least as well off as he was before he took on the burden
of these additional costs. If the thing doesn't work, then the
business man is much worse off than before, since his recuperative powers have been definitely weakened.
In either case, business itself finances the experiment, and
stands to lose its own money in the venture.
Now let us turn to the Agricultural Adjustment Administration. Under the provisions of the latter the farmer is
paid a bonus to reduce his acreage or plow in some of the
land already cultivated. But who pays the bonus? Does the
farmer,like the business man,underwrite his own experiment
in recovery?
One might have expected something of the sort from the
principles enunciated by Mr. Roosevelt in his famous
Topeka speech on farm relief, delivered on Sept. 14 1932.
Declaring that "the farmer had never sought access to the
public treasury," the then Democratic candidate for the
Presidency announced that the relief Act which he and his
experts had in mind was one that would "finance itself."
What he meant was that the consumer, rather than the
taxpayer, was to finance it-not the farmer. As the AAA
works out, the Government reimburses the farmer directly
in proportion to his reduction in acreage, while the ultimate
reimbursement is made by the consumer, who pays it in the
form of a processing tax on grain, cotton, corn and hogs.
What do these processing taxes amount to? The most
recent estimate we have, published on Oct. 20, indicated
that they would cost the ultimate consumer roughly 31,000,000,000-assuming that they were passed on without any
gratuitous embellishments on the part of the processor.
This figure, it should be noted, covers simply the main commodities. Compensatory taxes will undoubtedly be levied
upon competing and substitute commodities, to swell the
bill that the consumer will have to pay.
The burden of the complaint of the farm leaders is that the
prices of farm products have been declining recently while
the prices of the things that the farmer has to buy have been
increasing, due to the increased manufacturing costs of the
NRA. No mention is made in these complaints of the fact
that farm prices, on the basis of a comparison with their
lows, are up nearly three times as much as is the cost of
living; nothing is said about the additional billion ,dollars
that will accrue to the producers of cotton, wheat, corn, and
hogs over the next two years, and which should, of course,
be added to the prices received; no recognition is given to the
fact that the farmer, as distinct from other classes, stands to
profit twice as a result of the present experiment-once
through the direct subsidy that he obtains, and once through
the economically higher price he will receive when, with the
government's efforts, he has succeeded in creating an artificial
crop shortage; and, finally, no consideration is accorded the
fact that the NRA is an effort to increase purchasing power,
and that therefore the farmer, no less than the business man,
stands to profit by its success.
Nor is it only through direct subsidy that money and
credit have been poured into the channels of agriculture by
the Roosevelt Administration.
When the formation of a commodity corporation was
announced to make loans on cotton on Oct. 7 it was unofficially estimated that the credit machinery set up for
agriculture involved a total well in excess of $3,000,000,000.
The much-discussed and much deplored $500,000,000 revolving fund for agriculture established under the previous
Administration pales indeed into insignificance beside the
generosity-not to say prodigality-of the New Deal.
The principal items in the farm credit program are:
To refinance mortgagee
To refinance other indebtedness
Revolving fund for production credits
Capital of central and regional co-operative banks
Borrowing power of latter
$2,000.000.000
200,000.000
120,000.000
140.000,000
250,000,000
This list does not include credits that are available through
the Federal Land banks, which have been in operation for 20
years, and through the Intermediate Credit banks, which
have been established about 10 years. Nor does it include
allocations from the Reconstruction Finance Corporation
3031
which have been taken over by the Farm Credit Administration; $100,000,000 allocated from the public works to the
FCA, or an allocation of $150,000,000 from the RFC for
loans on farm mortgage refinancing bonds.
As this is written it seems likely that the President will
shortly decree direct loans on wheat and corn, in addition
to such loans on cotton, within the next day or two.
Whether any or all of these expenditures on behalf of the
farmer have been justified or wise is something on which
persons may differ, but that they have been authorized is a.
matter of recorded fact. And so long as they are on the
statute book it is going to be a little absurd-to put it in the
mildest possible terms-for Governor Bryan or any other
farm politician to attempt to dress the farmer up as the
"forgotten man."
The Course of the Bond Market.
A general easing off in bond prices was evident this week,
although the averages are still about midway between the
high and low of the September decline. The highest grade
issues remained more or less unchanged during the early
part of the week, averaging lower on Thursday and Friday.
Medium grade and low grade issues in general showed net
declines for the week.
The change of the National Administration from a conservative policy, as seen in the calling of part of the Fourth
Liberty Loan, to a radical departure from established
methods, in its program of buying newly-mined gold at a
price to be fixed each day, has been the development of
outstanding importance this week. While the immediate
reaction of the bond market to this proposal has been somewhat unfavorable, the long term influence is yet to be
determined. Short term money rates this week remained
at preceding low levels. Federal Reserve purchases ofGovernment bonds have been continued but in smaller
volume. Purchases of $25,000,000 this week compare with
$31,000,000 last week and $35,000,000 in the several preceding weeks. The Reserve banks have apparently dropped
thdir policy of increasing excess reserves of member banks
as a means of obtaining credit expansion, but they will no
doubt strive to maintain the current high level of these
reserves.
High grade railroad bonds declined this week, presumably
because of inflation fears. Atchison Topeka & Santa Fe
gen. 4s, 1995, lost 33% points from 953/g to 923/2, Chicago
Burlington & Quincy 4s, 1949, 2 points from 98 to 96,
and Pennsylvania 4%s, 1981, 2 points from 85 to 83. Price
movements were mixed in the secondary classification.
New York Central 4s, 1998, advanced from 76% to 77,
New York New Haven & Hartford 6s, 1948, declined from
5
76 to 73%, and Delaware & Hudson 4s, 1943, declined
from 84 to 82. Gains predominated in the speculative
groups. Erie 5s, 1967, advanced from 553 to 573, Baltimore & Ohio 43/2s, 1960, from 55 to 56, and Illinois Central
43 s, 1966, from 56M to 57. Railroad developments were
4
of an unimportant character and had less effect on bond
prices than monetary developments.
High grade utility bonds changed very little in price during
the early part of the week, but sold off fractionally on
Thursday and Friday. Lower grade issues tended to
strengthen somewhat in mid-week, although generally
speaking their movements were rather listless and net gains
or losses for the week were small. Typical changes since
Friday a week ago include Consolidated Gas, N. Y. 43/5,
3
3
1951, down % of a point to 94%; Louisville Gas & Electric
5s, 1952, down % of a point to 977 Carolina Power &
%;
Light 5s, 1956, off 1 point to 60; and Illinois Power & Light
3
5s, 1956, off 13 points to 53%. Among issues at a considerable discount, Electric Power & Light 5s, 2030, were
down 1% points to 32k, and American & Foreign Power
5s, 2030, were up 33% points to 403 .
,
In the averages, little net change was recorded in the
industrial group. Highest grade issues met little selling,
.despite further Government moves toward inflation. More
speculative issues followed trade news or stock market
action. Steels were mainly lower, as operations again receded in that industry. Youngstown Sheet & Tube 5s, 1978,
lost 1% points to 71%, and Bethlehem Steel 5s, 1936, went
4
off % to 983j. Tire and rubber issues, on the other hand,
were a little firmer, U. S. Rubber 5s, 1947, gaining 13
points to 6034. Oils continued firm in the main, the Shell
issues regaining most of their recent setback. Well in advance of the maturity of its 6s of Feb. 1 1935 American
Beet Sugar offered bondholders 20% in cash and a ten-year
3032
Financial Chronicle
extension on the remainder. Movie issues were quieter and
moved in a narrower range than the week before.
Foreign bonds this week showed a better tone, buoyed
up by increases of ten points or more in the gold currency
issues. Strength was seen in nearly all groups, particularly
Scandinavian, Italian, Polish and South American issues.
Cuban 54s, 1953, lost 43. points to 7034 for the week,
while the 434s, 1949, were up 9 points to 90.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND PRICES.'
(Based on Average Yields.)
1933
Daily
Averages.
Oct. 27
26
25
24
23
21
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
9
2
May 26
19
12
5
Apr. 28
21
14
13
7
1
Mar.24
17
10
3
Feb. 24
17
10
3
Jan. 27
20
13
6
High 1933
Low 1933
High 1932
Low 1932.......
Year A to
Oct. 27 1932
Two Years Ago
Oct.28 1931
AU
120
Domes-
120 Domestics by Ratings.
Awl.
86.77
87.04
87.30
87.17
87.43
87.43
87.56
87.43
87.83
87.69
87.69
87.96
88.10
106.78
107.14
107.49
107.49
107.49
107.49
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
108.78
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
105.54
107.67
107.31
107.67
107.85
107.85
07.67
07.14
06.96
106.96
00 25
05.72
05.54
05.20
04.16
03.82
03.99
03.32
02.30
99.36
99.68
97.78
75.61
74.46
74.77
77.88
79.11
00.00
99.84
99.52
01.64
02.30
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
99.04
102.98
104.51
105.89
105.37
105.54
105.03
105.54
104.85
108.03
97.47
103.99
85.61
Aa.
A.
Boa.
MOODY'S BOND YIELD AVERAGESJ
(Based on Individual Closing Prices.)
120 Domestics
by Groups.
RR.
95.63 85.35 67.33 85.48
95.93 85.48 67.33 85.87
96.23 85.74 67.51 86.38
96.54 85.87 67.16 86.77
97.00 85.87 67.33 87.04
96.85 86.12 67.25 87.17
97.16 86.38 67.42 87.30
97.00 86.38 67.25 87.17
97.16 86.51 67.86 87.56
97.47 86.25 67.77 87.58
97.47 86.25 67.69 87.69
97.62 86.51 68.22 87.83
97.62 86.64 68.31 88.10
Stock Excha nge Clo sed
97.31 85.99 67.77 87.83
96.54 85.61 67.42 87.17
96.54 85.10 66.90 86.77
96.39 84.85 66.81 86.77
96.39 84.72 66.73 86.64
96.23 84.47 66.55 86.51
96.08 84.22 66.30 86.25
95.93 84.10 66.04 85.99
95.93 84.47 66.13 85.99
95.93
95.33
98.25
97.47
98.25
99 04
100.00
100.33
100.00
99.52
99.36
99.04
97.62
96.54
95.33
93.85
94.43
93.99
93.26
92.25
90.55
87.30
85.35
83.35
Stack
85.87
85.10
84.48
87.83
89.17
Stock
85.48
89.31
90.83
92.68
92.53
92.39
91.81
92.25
90.69
00.33
82.99
89.72
71.38
84.60 66.47 86.38
84.97 66.73 86.38
87.69 71.09 90.27
86.91 70.90 89.59
87.83 72.26 91.11
88.63 73.05 91.81
88.77 74.15 91.96
88.77 74.36 92.25
89.17 75.19 92.25
89.17 75.71 92.25
88.23 74.67 91.96
88.23 76.67 92.39
86.91 75.40 90.97
85.35 73.35 88.90
84.60 72.06 87.17
83.60 70.43 85.61
83.48 70.15 86.12
82.87 68.94 85.61
81.78 68.04 84.47
80.72 66.98 83.35
79.34 65.62 81.66
76.67 62.56 78.55
74.46 58.32 74.36
72.16 55.73 71.38
Excba nge Clo sad
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 sad
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 77.6b 93.26
71.87 53.16 69.59
78.55 67.86 78.99
54.43 37.94 47.58
P. U. Indus.
78.55
78.44
78.66
78.21
78.44
78.44
78.66
78.66
78.99
78.88
78.88
79.34
79.34
98.25
98.41
98.41
98.41
98.41
98.25
98.25
98.09
98.41
98.41
98.09
98.57
98.41
78.32
77.77
77.44
77.11
77.11
76.78
76.67
76.46
76.67
98.41
98.25
98.09
97.94
97.94
97.78
97.47
97.31
97.47
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
83.86
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
80.26 101.47
88.10
77.11
62.48
72.85
85.23
83.60
94.73
86.38
71.87
55.67
68.94
83.72
72.55
74.67
Oct. 28 1933
AU
1933
120
Daily
Domes
Averages. tic.
Oct. 27__
26-25- _
24__
23_ _
21_
20_ _
19_ _
18_
17__
16_
14_
13_ _
12_ _
11_
10--
WeeklySept.29._
22__
15._
Aug.25-18-11.July 28_21_
14._
June 30-23_
16..
May 2619_ _
12_ _
Apr. 28_
21__
14-13_
Mar.24._
17__
10__
Feb. 24_.
17__
10_ _
Jan. 27..
20_ _
13._
6_
Low 1933
High 1933
Low 1932
High 1932
Yr A ooOct.27'32
2 Yrs.Ago
Oct.2831
120 Domestics by Ratings.
Aaa.
Act.
A.
5.66
5.64
5.62
5.63
5.61
5.61
5.60
5.61
5.58
5.59
5.59
5.57
5.56
4.35
4.33
4.31
4.31
4.31
4.31
4.31
4.31
4.31
4.31
4.31
4.31
4.31
5.03
5.01
4.99
4.97
4.94
4.95
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
5.77
5.76
5.74
5.73
5.73
5.71
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
6.24
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
6.61
8.72
6.69
6.40
6.29
4.75
4.76
4.78
4.65
4.61
5.73
5.79
5.76
5.58
5.48
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
Baa.
120 Domes its
by Groups.
RR.
40
ForP. U. Indus. signs.
7.47
5.76
6.34
7.47
5.73
6.35
7.45
5.69
6.33
7.49
5.66
6.37
7.47
6.35
5.64
7.48
6.35
5.63
7.46
5.62
6.33
7.48
5.63
6.33
7.41
5.60
6.30
7.42
5.60
6.31
7.43
5.59
6.31
7.37
6.27
5.58
7.36
6.27
5.56
Excha nge Clo tied
7.42
6.36
5.58
7.46
6.41
5.63
7.52
6.44
5.66
7.53
6.47
5.66
7.54
6.47
5.67
7.56
5.68
6.50
7.59
6.70
6.51
7.62
5.72
6.53
7.61
5.72
6.51
4.86
4.85
4.85
4.85
4.85
4.86
4.86
4.87
4.85
4.85
4.87
4.84
4.85
9.05
9.07
9.07
9.15
9.27
9.41
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
9.65
9.51
9.68
9.78
9.62
9.66
10 08
10.07
9.89
10.26
10.58
6.05
6.22
6.20
6.03
5.98
10.83
11.02
10.80
10.76
10.73
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
7.57
5.83
6.48
5.69
7.54
5.80
6.51
5.69
5.59
7.06
5.40
6.15
7.08
5.65
5.45
6.18
6.94
5.58
5.34
6.10
5.52
6.86
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
6.60
5.48
5.26
5.76
6.70
5.55
5.28
5 82
6.51
5.55
5.25
6.73
6.63
5.65
5.35
5.82
6.83
5.77
5.50
4.89
6.96
5.83
5.63
5.94
7.13
5.91
5.75
6.00
7.16
5.92
5.71
5.06
7.29
5.97
5.75
6.11
7.39
6.06
5.84
6.14
7.51
6.15
6.20
5.93
7.67
6.27
6.07
6.29
8.05
6.51
6.34
6.58
6.72
8.63
6.73
6.76
6.95
9.02
7.03
6.96
Stock Excha nge Clo sad
9.17
6.77
6.70
7.06
9.42
6.90
7.11
6.84
9.32
6.88
7.03
6.83
8.79
6.59
6.80
6.38
6.45
8.60
6.71
6.17
Stock Excha nge Clo sad
9.27
6.96
7.22
6.54
8.68
6.55
6.16
6.85
8.31
6.26
6.62
5.89
6.08
8.06
6.41
5 72
8 21
6 17
6 55
6.72
6.11
8.00
6.55
5.60
7.98
6.12
5.55
6.66
7.83
6.05
6.60
5.48
8.18
6.27
6.97
5.55
6.42
5.47
5.19
5.47
9.44
6.98
7.22
6.97
7.41
6.34
6.30
5.59
9.23 12.96 10.49
7.66
6.35
5.95
5.80
570
5.76
5.69
5.67
5.60
5.69
4.81
6.35
5.75
8.11
11.19
11.05
10.40
10.05
10.20
9.88
9.85
9.62
9.98
8.63
11.19
9.86
15.83
5.91
10.24
6.19
4.66
5.56
6.47
8.06
6.88
6.70
5.09
5.69
6.98
9.03
7.29
5.78
6.91 11.63
Notts.-.These prices are computed from average yield on the basis of one "deal" bond (4(% coupon, maturing in 31 years) and do not purport to show either
the average level or the average movement of actual price quotations. They mere y serve to I luetrare 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.
5.90
President Roosevelt Announces Intention to Establish Government Market for
Gold-Move Toward Managed Currency-Purchase and Sale of Newly
-Price Level to Be Restored Before Permanent
Mined Gold Through RFC
Gold Valuation Is Adopted-Higher Farm Prices Planned-Recovery Gains
Listed-Issues Order Revoking Ban on Export of Gold-Fabricated Articles
Daily Gold Price to Be Announced at Treasury.
President Roosevelt made an unlooked-for announcement
on Sunday, Oct. 22, when, speaking by radio to the nation,
he stated that as a major step in his recovery program he
was authorizing the Reconstruction Finance Corporation to
establish a Government market for gold newly mined in
this country, and to buy and sell the metal on the world
market if necessary-this constituting a move toward
"a managed currency." The President reserved for the
concluding portion of his address his announcement of the
Government's object to "take firmly in its own hands the
control of the gold value of the dollar," which, he said, "is
necessary in order to prevent dollar disturbances from swinging us away from our ultimate goal, namely, the continued
recovery of our commodity prices."
The first price for gold to be announced by the Treasury
under the new monetary policy was fixed on Oct. 25, with
$31.36 a fine ounce set as the figure at which the RFC would
purchase the metal. This quotation was 27 cents above the
world market price as reported by London, and inspired a
further rise in stocks and commodities, which had already
scored impressive advances in the first two sessions this
week. The second price to be fixed by the Treasury under
the new regulations was $31.54 an ounce, on Oct. 26, when
in setting an initial price of $31.36 an ounce under the
new monetary policy on Oct. 25, it was stated at the Whits
House that any reaction on foreign exchanges to the Administration's moves should not be overemphasized. At the
time no information as to further procedure was given, beyond the announcement that the Treasury will make public
the purchase price of gold daily, between 9:30 and 9:45 a.m.,
and that this practice will be continued until further notice.
The buying price for gold on Oct. 25 was announced by
Jesse H. Jones, Chairman of the RFC, after a conference
at the Treasury with Under Secretary Acheson and Henry
Volume 137
Financial Chronicle
Morgenthau Jr., Chairman of the Farm Credit Administration. The decision was first approved by the President.
A statement issued Oct. 25 by Mr. Jones said:
The RFC will accept subscriptions to-day for its 90
-day debentures
payable in newly-mined gold, that is. gold recovered from natural deposits
in the United States and any territory subject to its jurisdiction, at the
rate of 831.36 per ounce of fine gold.
The procedure for depositing gold in payment of subscriptions will be
established to-day by an Executive order of the President and regulations
of the Treasury Department.
The same committee that determined the price on Oct.
25 again acted on Oct. 26, when a price of $31.54 was established. The committee issued the following statement
Oct. 26:
The RFC will accept subscriptions for its issue of notes maturing Feb. 1
1934, payable only in newly-mined gold, that Is, gold recovered from natural
deposits in the United States and any territory subject to its jurisdiction,
at the rate of $31.54 per ounce of fine gold under regulations for consignment, deposit and tender of gold and delivery of obligations established by
the Treasury Department and RFC.
Another advance in price was recorded yesterday (Oct.
27) when the committee fixed a quotation of $31.76 a fine
ounce, indicating an official valuation of 65.08 gold cents
for the dollar. This price was 22 cents above the quotation for Oct. 26.
The "Wall Street Journal" of last night (Oct. 27) noted
that again the foreign exchange market ignored the official
valuation of the dollar completely and proceeded to make
its own valuation, which was more than ever above the
official.
On Oct. 26 President Roosevelt issued an Executive order
authorizing the purchase of newly-mined gold by the RFC
and revoking previous regulations so as to permit the export
of manufactured articles fabricated from gold, subject to
such regulations as the Secretary of the Treasury may prescribe. The order also revoked that portion of the President's Executive order of Aug. 29 which provided for the
sale of newly-mined gold under the system which was
abandoned on Oct. 25 with the beginning of purchases by
the RFC. The text or the Executive order is given elsewhere
in these columns to-day.
The full text of President Roosevelt's radio address is
given elsewhere in this issue. His speech was in the main
devoted to a review of the current industrial situation and
an outline of what the President considered the effects and
the prospects of his recovery program. In mentioning the
gold-purchase plan, Mr. Roosevelt said that any permanent
value for gold or for the dollar must await a rise in commodity prices. "Some people are putting the cart before
the horse," he said. "They want a permanent revaluation
of the dollar first. It is the Government's policy to restore
the price level first. I would not know, and no one else
could tell, just what the permanent valuation of the dollar
will be. To guess at the permanent gold valuation would
certainly require later changes caused by later facts. When
we have restored the price level we shall seek to establish
and maintain a dollar which will not change its purchasing
and debt-paying power during the succeeding generation."
"My aim in taking this step," the President added, "is to
establish and maintain continuous control. This is a policy
and not an expedient. It is not to be used temporarily
3033
to offset the fall in prices. We are continuing to move
toward a managed currency."
Recovery Measures Listed.
In his address the President reflected his deep confidence
in the Administration's rehabilitation measures. He himself described the speech as the story "of our steady but
sure work in building our common recovery." The steps
already taken by the Government to restore prosperity, he
said, were proceeding with the ultimate aim of bettering the
condition of the people. "The major part of the things
that have happened since March 4," he asserted, "have
greatly helped the well-being of the average citizen." The
President said that of the 12,000,000 to 13,000,000 persons
out of work last March, at least 4,000,000 had found employment during recent months. This, he said, did not yet
satisfy him that enough had been done toward putting the
Nation on the path back to prosperity. He reviewed some
of the Governmental agencies that have been created to aid
the various classes of the population, including the Civilian
Conservation Corps, the National Recovery Administration, the Agricultural Adjustment Administration, the Farm
Credit Administration, the Home Owners' Loan Corporation and the Public Works Administration.
Referring to the machinery which had been set up for
relief of those in danger of losing their farms and homes
through foreclosures, the President asked that any one who
was about to lose his property in this manner should "telegraph at once either to the Farm Credit Administration or
the Home Owners' Loan Corporation in Washington,
requesting their help."
In his discussion of farm problems, the President said
that he was "amazed" by the degree of co-operation given
the Government by cotton, wheat and tobacco farmers.
Although the program for increasing commodity prices had
made great progress in the last six months, Mr. Roosevelt
said that prices had not yet risen sufficiently. He added:
It is true that in July farm commodity prices had been pushed up higher
than they are to-day, but that push came in part from pure speculation by
people who could not tell the difference between wheat and rye, by people
who had never seen cotton growing, by people who did not know that hogs
were fed corn—people who have no real interest in the farmer and his
problems.
Despite a speculative reaction from a speculative advance,
the President remarked that during the year 1933 "the
farmers of the United States will receive 33% more dollars
for what they have produced than they received in 1932."
In asserting that commodity prices must attain still higher
levels, he said that it is "definitely a part of our policy to
increase the rise and to extend it to those products which
have as yet felt no benefit. If we cannot do this one way,
we will do it in another. Do it we will."
The President declared that the National Industrial
Recovery Act has already abolished child labor and eliminated the sweatshop. He concluded his address by citing
the Government's plan to lend $1,000,000,000 to banks to
release frozen deposits and mentioned the program to aid
the banks in attaining liquidity for qualification under the
Deposits Insurance Act.
Address of President Roosevelt Indicating Intention to Establish Government
Market for Gold.
We give herewith in full the radio address of President
Roosevelt, delivered in Washington from the White House
on Sunday night, Oct. 22, to which detailed reference is
made in another item in this issue of our paper:
rt is three months since I have talked with the people of this country
about our national problems; but during this period many things have
happened, and I am glad to say that the major part of them have greatly
helped the well-being of the average citizen.
Because, In every step which your Government is taking, we are thinking
in terms of the average of you—in the old words. "the greatest good to the
greatest number"—we,as reasonable people, cannot expect to bring definite
benefits to every person or to every occupation or business, or industry
or agriculture. In the same way, no reasonable person can expect that
In this short space of time, during which new machinery had to be not
only put to work, but first set up, that every locality in every one of the
48 States of the country could share equally and simultaneously in the
trend to better times.
Tho whole picture, however—the average of the whole territory from
mast to coast, tha average of the whole population of 120.000,000 people
—shows to any person willing to look,facts and action of which you and
I can be proud.
Unemployment Figures Early This Year—Improvement Noted.
In the early spring of this year there were actually and proportionately
more people out of work in this country than in any other nation in the world.
Fair estimates showed 12 or 13 millions unemployed last March. Among
those there were, of sourse, several millions who could be classed as normally unemployed—people who worked occasionally, when they felt like
it, and others who preferred not to work at all.
It seems, therefore, fair to say that there were about 10,000,000 of our
citizens who earnestly, and in many cases hungrily, were seeking work
and could not get it. Of these, in the short space of a few months, I am
convinced that at least 4,000.000 have been given employment—or, saying it another way. 40% of those seeking work have found it.
That does not mean, my friends, that I am satisfied, or that you are
satisfied that our work is ended. We have a long way to go, but we are
on the way.
How are we constructing the edifice of recovery—the temple which,
when completed, will no longer be a temple of money-changers or of beggars,
but rather a temple dedicated to and maintained for a greater social justice,
a greater welfare for America—the habitation of a sound economic life?
We are building, stone by stone, the columns which will support that habitation. Those columns are many in number and though, for a moment,
the progress of one column may disturb the progress on the pillar next to
it, the work on all of them must proceed without let or hindrance.
We all know that immediate relief for the unemployed was the first
essential of such a structure, and that is why I speak first of the fact that
300,000 young men have been given employment and are being given employment all through this winter in the Civilian Conservation Corps
camps in almost every part of the nation.
So, too, we have, as you know, expended greater sums in co-operation
with States and localities for work relief and home relief than over befor
—sums which during the coming winter cannot be lessened for the were
3034
Financial Chronicle
simple reason that though several million people have gone back to work,
the necessities of those who have not yet obtained work is more severe than
a. this time last year.
Farm and Home-Owners' Relief.
Then we come to the relief that is being given to those who are in danger
of losing their farms or their homes. New machinery had to be set up for
farm credit and for home credit in every one of the 3,100 counties of the
United States and every day that passes is saving homes and farms to hundreds of families.
I have publicly asked that foreclosures on farms and chattels and on
homes be delayed until every mortgagor in the country shall have had full
opportunity to take advantage of Federal credit. I make the further
request which many of you know has already been made through the great
Federal credit organizations, that, if there is any family in the United States
about to lose its home or about to lose its chattels, that family should telegraph at once either to the Farm Credit Administration or the HomeOwners' Loan Corporation in Washington requesting their help.
Two other great agencies are in full swing. The Reconstruction Finance
Corporation continues to lend large sums to industry and finance with the
definite objective of making easy the extending of credit to industry, commerce and finance.
Amounts Advanced in Public Works Program.
The program of public works in three months has advanced to this point:
Out of a total appropriated for public works of $3,300.000.000. $1,800,000,000 has already been allocated to Federal projects of all kinds and literally
in every part of the United States, and work on these is starting forward.
In addition $300,000.000 has been allocated to public works to be carried
out by States, municipalities and private organizations, such as those
undertaking slum clearance.
The balance of the public works money, nearly all of it intended for
State or local projects, waits only on the presentation of proper projects
by the States and localities themselves. Washington has the money and
is waiting for the proper projects to which to allot it.
Operations of Agricultural Adjustment Administration—Co-operation
of Cotton and Wheat Farmers.
Another pillar in the making is the Agricultural Adjustment Administration. I have been amazed by the extraordinary degree of co-operation
given to the Government by the cotton farmers in the South, the wheat
farmers of the West, the tobacco farmers of the Southeast, and I am confident that the corn-hog farmers of the Middle West will come through in
the same magnificent fashion.
The problem we seek to solve had been steadily getting worse for 20
years, but during the last six months we have made more rapid progress
than any nation has ever made in a like period of time. It is true that in
July farm commodity prices had been pushed up higher than they are today. but that push came in part from pure speculation by people who could
not tell you the difference between wheat and rye, by people who had never
seen cotton growing, by people who did not know that hogs were fed on
corn—people who have no real interest in the farmer and his problems.
In spite, however, of the speculative reaction from the speculative advance, it seems to be well established that during the course of the year
1933. the farmers of the United States will receive 33% more dollars for
what they have produced than they received in the year 1932. Put in
another way, they will receive $400 in 1933 where they received $300 the
year before. That, remember, is for the average of the country, for I
have reports that some sections are not any better off than they were a
year ago.
This applies among the major products, especially to cattle raising and
the dairy industry. We are going after those problems as fast as we can.
Not Satisfied with Farm Price Rise.
I do not hesitate to say, in the simplest, clearest language of which I
am capable, that, although the prices of many products of the farm have
gone up and although many farm famil es are better off than they were
last year. I am not satisfied either with the amount or the extent of the rise.
and that it is definitely a part of our policy to increase the rise and to extend it to those products which have as yet felt no benefit. If we cannot
do this one way, we will do it another. Do it we will.
NRA.
Standing beside the pillar of the farm—the AAA—is the pillar of industry
—the NRA. Its object is to put industry and business workers into employment and to increase their purchasing power through increased wages.
It has abolished child labor. It has eliminated the sweatshop. It has
ended 60 cents a week paid in some mills and 80 cents a week paid in some
mines The measure of the growth of this pillar lies in the total figures of
re-employment, which I have already given you, and in the fact that reemployment is continuing and not stopping. The secret of NRA is cooperation. That co-operation has been voluntarily given through the signing of the blanket codes and through the signing of specific codes which
already include all of the greater industries of the nation.
In the vast majority of eases, in the vast majority of localities, tho NRA
has been given support in unstinted measure. We know that there are
chiselers. At the bottom of every case of criticism and obstruction we
have found some selfish interest, some private axe to grind.
Ninety per cent of complaints come from misconception. For example,
it has been said in the past two or three days that NRA had failed to raise
the price of wheat and corn and hogs; that NRA has not loaned enough
money for local public works.
NRA Has Nothing to Do with Farm Prices—Intended to Apply to
Business and Industry.
Of course, NRA has nothing whatsoever to do with the prices of farm
products nor with public works. It has to do only with industrial organization for economic planning to wipe out unfair practices and to create
re-employment. Even in the field of business and industry, NRA does not
apply to the rural communities or to towns of under 2.500 population,
except in so tar as those towns contain factories or chain stores which come
under a specific code.
It is also true that among the chiselers to whom I have referred, there
are not only the big chiselers but also petty chiselers who seek to make
undue profit on untrue statements.
Let me cite to you the example of the salesman in a store in a large Eastern city who tried to justify the increase in the price of a cotton shirt from
$1.50 to $2.50 by saying to the customer that it was due to the cotton processing tax. Actually, in that shirt there was about one pound of cotton,
and the processing tax amounted to 4 cents on that pound of cotton.
At this point it is only fair that I should give credit to the 60 or 70 million
people who live in the cities and larger towns of the nation for their understanding and their willingness to go along with the payment of even these
small processing taxes, though they know full well that the proportion of
the processing taxes on cotton goods and on food products paid for by city
dwellers goes 100% toward increasing the agricultural income of the farm
dwellers of the land.
Oct. 28 1933
The last pillar of which I speak is that of the money of the country in
the banks of the country. There are two simple facts.
Plans in Behalf of Closed Banks—To Spend $1,000,000,000 As Loan
on Ftozen Assets.
First, the Federal Government is about to spend $1,000,000,000 as an
Immediate loan on the frozen or non-liquid assets of all banks closed since
Jan. 1 1933, giving a liberal appraisal to those assets. This money will
be in the hands of the depositors as quickly as it is humanly possible to
get it out.
Secondly, the Government bank deposit insurance on all accounts up
to $2,500 goes into effect on Jan. 1. We are now engaged in seeing to it
that on or before that date the banking capital structure will be built up
by the Government to the point that the banks will be in sound condition
when the insurance goes into effect.
Restoration of Commodity Price Levels.
Finally, I repeat what I have said on many occasions, that ever since
last March the definite policy of the Government has been to restore commodity price levels. The object has been the attainment of such a level
as will enable agriculture and industry once more to give work to the unemployed.
It has been to make possible the payment of public and private debts
more nearly at the price level at which they were incurred.
It has been gradually to restore a balance in the price structure so that
farmers may exchange their products for the products of industry on a
fairer exchange basis.
It has been and is also the purpose to prevent prices from rising beyond
the point necessary to attain these ends. The permanent welfare and
security of every class of our people ultimately depends on our attainment
of these Purposes.
Obviously, and because hundreds of different kinds of crops and industrial occupations in the huge territory that makes up this nation are involved, we cannot reach the goal in only a few months. We may take one
year or two years or three years.
No one who considers the plain facts of our situation believes that
commodity prices, especially agricultural prices, are high enough yet.
Policy to Restore Price Level Before Permanent Valuation of Dollar
Is Established.
Some people are putting the cart before the horse. They want a permanent revaluation of the dollar first. It is the Government's policy to
restore the price level first. I would not know, and no one else could tell,
Just what the permanent valuation of the dollar will be. To guess at a
permanent gold valuation now would certainly require later changes
caused by later facts.
When we have restored the price level, we shall seek to establish and
maintain a dollar which will not change its purchasing and debt-paying
power during the succeeding generation. I said that in my message to
the American delegation in London last July. And I say it now once more.
Because of conditions in this country and because of events beyond our
control in other parts of the world, it becomes increasingly important to
develop and apply the further measures which may be necessary from time
to time to control the gold value of our own dollar at home.
Our dollar is now altogether too greatly Influenced by tho accidents of
international trade, by the internal policies of other nations and by political
disturbance in other continents, Therefore, the United States must take
firmly in its own hands the control of the gold value of our dollar. This is
necessary in order to prevent dollar disturbances from swinging us away
from our ultimate goal, namely, the continued recovery of our commodity
prices.
Establishment of Government Market for Gold—Move Toward
Managed Currency.
As a further effective means to this end, I am going to establish a Government market for gold in the United States. Therefore, under the
clearly defined authority of existing law, I am authorizing the Reconstruction Finance Corporation to buy gold newly mined In the United States
at prices to be determined from time to time after consultation with the
Secretary of the Treasury and the President. Whenever necessary to
the end in view, we shall also buy or sell gold in the world market.
My aim in taking this step is to establish and maintain continuous
control.
This is a policy and not an expedient.
It is not to be used merely to offset a temporary fall in prices. We are
thus continuing to move toward a managed currency.
You will recall the dire predictions made last spring by those who did
not agree with our common policies of raising prices by direct means. What
actually happened stood out in sharp contrast with those predictions.
Government credit Is high. prices have risen in part.
Doubtless prophets of evil still exist in our midst. But Government
credit will be maintained and a sound currency will accompany a rise in
the American commodity-price level.
I have told you to
-night the story of our steady but sure work in building
our common recovery. In ,my promises to you, both before and after
March 4, I made two things plain—first, that 1 pledged no miracles, and.
second, that I would do my best.
I thank you for your patience and your faith. Our troubles will not be
over to-morrow, but we are on our way and we are headed in the right
direction.
90-Day Notes to Be Issued by RFC for Newly Mined
Gold.
Following President Roosevelt's announcement this week
(referred to elsewhere in these columns) of the proposed
establishment of a Government market for gold, and the
plan to authorize the Reconstruction Finance Corporation
to acquire and dispose of newly mined gold, the following
statement was issued, Oct. 25, by Jesse H.Jones, Chairman,
of the RFC:
The RFC will accept subscriptions to-day for its 90
-day debentures
payable in newly mined gold, that is, gold recovered from natural deposits
in the United States and any territory subject to its jurisdiction, at the
rate of $31.36 per ounce of fine gold.
The procedure for depositing gold in payment of subscriptions will be
established to-day by an executive order of the President and regulations
of the Treasury Department.
Chairman Jones issued the following further statement on
Oct. 26:
The RFC notes that are to be issued for newly mined gold, will mature
on Feb. 1 1934 and be sold to the gold owner at M of 1% per annum dis.
Volume 137
Financial Chronicle
count, in order to net the gold owner the quoted price from day today
at which gold will be accepted.
Subscriptions for these notes may be made through the Federal Reserve
banks as fiscal agents for the RFO.
For the time being the gold will be held for the account of the RFO by
the Federal Reserve banks, or at the mints.
The gold owner who wishes to buy notes, in the manner provided, will
have no difficulty in converting his notes into cash at any bank that is a
member of the Federal Reserve Sustain for the quoted price for gold on the
day that he subscribes for the RFC notes.
The following telegram was sent to-day to the 12 Federal Reserve
banks:
"This Corporation with the concurrence of the Secretary of the Treasury
has authorized an Issue of $50,000,000 short-term notes payable without
Interest Feb. 1 1934 at the Treasury of the United States, Washington,
D. C., bearing the statement on their face that they are fully and unconditionally guaranteed by the United States. In accordance with the provisions of Section 7 of the Reconstruction Finance Corporation Act, you
are requested to act as fiscal agent of this Corporation in carrying out
distribution of this issue. In payment for these notes this Corporation
will accept only newly mined gold recovered from natural deposits in the
United States or any place subject to the jurisdiction thereof under regulations for consignment and tender prescribed by the Secretary of the Treasury which will be placed in your hands by the Secretary. The notes will be
Issued in odd amounts so as to equal the fixed value as of the day of tender
of the gold taken in payment with adjustment for discount at h of 1% per
annum based upon tables to be furnished you in circulars. The gold will be
accepted in payment at rates of which you will be advised fixed from time
to time by this Corporation with the approval of the Secretary of the
Treasury. Obligations for delivery will be furnished you as promptly as
possible. Circulars giving full instructions are now in preparation.
"JESSEE H. JONES,
"Chairman, FRO."
From Washington advices, Oct. 27, to the New York
"Times" we quote:
Notes Instead of Debentures.
Since the Government ventured upon its gold-purchase program there
has been much discussion here as to the legality of acting through the RFC,
as there appeared to be nothing in the act which would authorize the Corporation to make payments for gold out of the cash proceeds of its notes.
which it has been selling to the Treasury.
Counsel for the Corporation is said to have ruled that it would be entirely
legal for it to offer its notes in the open market and ask for subscriptions
to them in gold by the producers of the newly mined metal. So far as could
be learned such is the ruling which has been upheld by the Attorney General.
, the announcement of yesterday in connection with the RFC purchases,
In
It was stated that debentures would be offered in exchange for gold, whereas
to-day's statement referred to the proposed purchase medium as notes.
It was explained that this had no significance.
Although the White House indicated to-day that the point might be
reached where the daily quotation would not show an Increase over the
previous one, the opinion was general that the quotation would not, for
some time at least, drop below the $31.54 of to-day, as that might have
the tendency to depress commodity prices.
President Roosevelt's Executive Order Authorizing
RFC to Acquire Newly Mined Gold in Accordance
with President's New Monetary Policy of "Managed
Dollar."
On Oct. 25 President Roosevelt issued the following Executive order authorizing the Reconstruction Finance Corporation to "acquire gold which has been received on consignment by a United States Mint or Assay Office, and to
hold, earmark for foreign account, export or otherwise dispose of such gold." The Executive order was issued in furtherance of the President's new monetary policy of a "managed dollar," to which reference is made elsewhere in these
columns. The following is the text of the Executive order:
EXECUTIVE ORDER.
Relating to Gold R,eeovered Prom Natural Deposits.
By virtue of the authority vested in me by Section 5 (b) of the Act of
Oct. 6 1917, as amended by Section 2 of the Act of March 9 1933, entitled
"An Act to Provide Relief in the Existing National Emergency in Banking and For Other Purposes," I, Franklin D. Roosevelt, President of the
United States of America, do declare that a period of National emergency
exists and by virtue of said authority and all other authority vested in me.
do hereby issue the following Executive order:
Section 1—The Executive order of Aug. 29 1933, relating to the Sale
and Export of Gold Recovered from Natural Deposits, is hereby revoked;
provided, however, that the Secretary of the Treasury is authorized to sell
in accordance therewith gold received on consignment for sale on or before
the date of this Executive order.
Section 2—The United States Mints and Assay Offices are hereby authorized, subject to such regulations as may from time to time be prescribed
by the Secretary of the Treasury, to receive on consignment gold which the
Mint or Assay Office to which the gold is delivered is satisfied has been recovered from natural deposits in the United States or any place subject to
the jurisdiction thereof.
Section 3—The RFC is authorized, subject to such regulations as from
time to time may be prescribed by the Secretary of the Treasury, to acquire gold which has been received on consignment by a United States Mint
or Assay Office and to hold, earmark for foreign account, export, or otherwise dispose of such gold.
Section 4—The Executive order of Aug. 28 1933, relating to the Hoarding, Export and Earmarking of Gold Coin, Bullion, or Currency and to
Transactions in Foreign Exchange, is hereby amended to permit, subject
to such regulations as may from time to time be prescribed by the Secretary of the Treasury, the export of articles fabricated from gold.
Section 5—The Secretary of the Treasury is hereby authorized and empowered to issue such regulations as he may deem necessary to carry out
the purpose of this Executive order.
Section 6—This Executive order and any regulations issued hereunder
may be modified or revoked at any time.
FRANKLIN D. ROOSEVELT.
The White Reuse, Oct. 25 1933.
3035
Treasury Department Regulations Governing Acquisition and Disposition of Newly Mined Gold by
RFC in Furtherance of President Roosevelt's
Policy of "Managed Dollar."
Treasury regulations, dated Oct. 25, governing the acquisition and disposition of newly mined gold by the Reconstruction Finance Corporation, to carry out President Roosevelt's
proposals for a "managed currency" and the establishment
of a Government market for gold, were made public on
Oct. 26. We give the regulations herewith:
Oct. 25 1933.
Gold Regulations.
Issued under the authority of Section 5 (b) of the Act of Oct. 6 1917, as
amended by Section 2 of the Act of March 9 1933, and the Executive order
of Oct. 25 1933, relating to gold recovered from natural deposits.
Part II and Part III of the gold regulations issued by the Secretary of
the Treasury Sept. 12 1933, under the authority of Section 5 (b) of the Act
of Oct. 6 1917. as amended by Section 2 of the Act of March 9 1933, and
the Executive orders of Aug. 28 1933, relating to the hoarding, export, and
earmarking of gold coin, bullion, or currency, and to transactions in foreign
exchange, and of Aug. 29 1933, relating to the sale and export of gold recovered from natural deposits, are hereby amended to read as follows:
PART II.
[The text of the Executive order of Oct. 25 1933, through to Section 4
Is repeated, after which the regulations continue.]
Article 29. Gold Received on Consignment—The United States Mints
and Assay Offices under the conditions specified in this and the following
articles of these regulations and subject to the appropriate regulations governing any United States Mint or Assay Office, will receive on consignment
for delivery to the RFC gold which such Mint or Assay Office is satisfied
has been recovered from natural deposits in the United States or any place
subject to the jurisdiction thereof provided, however, that no gold shall
be received under the provisions hereof, which in the opinion of the Mint
was held at any time in non-compliance with the Act of 'March 9 1933, and
the Executive orders and regulations issued thereunder, and provided, further that no Mint or Assay Office shall receive on consignment any gold
which in its opinion has theretofore entered into industrial or monetary use.
Gold will be received in amounts of not less than two ounces of fine
gold and in the following forms, bars, kings, buttons, retort sponge, lumps,
grains and dust, in their native state free from earth and stone or nearly
so.
Consignments shall not contain less than 200 parts of gold in 1,000 by
assay. In the case of gold forwarded to a Mint by mail or express, the
original package will not be opened until an invoice of the description and
weight of each such package shall have been received. When there is a material discrepancy between the actual and invoice weights of a consignment,
further action with regard to it will be deferred pending communication with
the consignor.
Article 30—Rejection of Gold by Mint—Consignments which are unsuitable for Mint treatment shall be rejected and returned to the person delivering the same at his risk and expense. Any consignment of gold which
the Mint is not satisfied meets the requirements of these regulations will be
disposed of in accordance with applicable law.
Article 31—Affidavits and Agreements to Accompany Delivery of Gold—
Persons delivering gold to a Mint for sale under the provisions of the Executive order of Oct. 25 1933, shall accompany each such delivery with a
properly executed affidavit and consignment agreement in duplicate as follows:
An affidavit and consignment agreement on Form TG-7-A shall be filed
with each delivery of gold by persons who have recovered such gold by mining or panning in the United States or any place subject to the jurisdiction
thereof.
An affidavit and consignment agreement on Form TG-8-A shall be filed
with each delivery of gold by persons who have recovered such gold from
gold-bearing materials in the regular course of their business of operating
s custom mill, smelter or refinery.
An affidavit and consignment agreement on Form TG-8-A, together with
a statement also under oath giving (a) the names of the persons from
whom the gold was purchased, (b) amount and description of each lot of
gold purchased, (c) the location of the mine or placer deposit from which
each lot was taken and (d) the period within which such gold was taken
from the mine or placer deposit, shall be filed with each such delivery of
gold by persons who have purchased such gold directly from persons who
have mined or panned such gold.
Article 32. Records and Reports—Every person delivering gold on consignment in accordance with Article 29 of these regulations shall keep accurate records of all gold mined or acquired, and such records shall be available for examination by a representative of the Treasury Department for
at least one year after such delivery. Such person shall also file with the
Director of the Mint, on or llefore the 25th day of each month after the
date the first consignment is made, a report covering the period of the preceding calendar month, provided, that the first report shall cover the period
from April 1 1933, to the end of the calendar month preceding the date of
the report. Such report shall be made under oath and on the appropriate
form as follows:
If the consignor has recovered such gold by mining or panning in the United
States or any place subject to the jurisdiction thereof such report shall be made
on Form TGR-7A.
It the consignor has recovered such gold from gold-bearing materials in the
regular course of his business of operating a custom mill, smelter or refinery such
report shall be made on Form TGR-SA.
If the consignor (other than a person operating a custom mill, smelter or refinery)
has purchased such gold directly from persons who have mined or panned such
gold, such report shall be made on Form TGR-8B.
Article 33. Agreement by Consignor—A Mint shall not receive gold on
consignment under the provisions of the Executive order of Oct. 25 1933,
unless full compliance with these regulations is shown to its satisfaction,
and until the person owning the gold, or his duly authorized agent, has
signed a written -agreement to accept as conclusive, without any right of
recourse or review, the determination of the RFO or its duly authorized
agent as to the face amount of its notes due such person in consideration
of the gold deposited.
Disposition of Gold.
Article 34. Disposition of Gold Received on Consignment—When, after
a delivery of gold as provided in Article 29, the Mint is satisfied that the
same may properly be accepted under the provisions of the Executive order
of Oct. 25 1933, and of these regulations, and that the consignor has fully
Financial Chronicle
3036
complied with the same, and after assay and receipt of Mint charges, it
shall certify to the Federal Reserve Bank in the District in which the Mint
is located that it has available, in accordance with the Executive order of
Oct. 25 1933. for the account of the person by whom or on whose behalf
the gold was consigned, the amount of gold shown by such assay. Upon
receipt of information from the Federal Reserve Banks that gold has been
accepted by the RFC, the Mint shall dispose of such gold in accordance
with instructions from the RFC or its agent.
Article 35. Export of Fabricated Gold—Articles fabricated from gold
may be exported without the necessity of obtaining a license for such export if the Collector of Customs at the port of export or the postmaster at
the place of mailing is satisfied that the export of such articles is in the
course of a usual and normal business transaction and is not being made for
the purpose of selling the gold content of such articles for the bullion value.
Article 36. Forms Available—Any form, the use of which is prescribed
in the regulations, may be obtained at United States Mints and Assay Offices
and Federal Reserve Banks and at the Treasury Department, Washington.
Article 37. Modification of Regulations--The provisions of these regulations may be revoked or modified at any time.
W. II. WOODIN, Secretary of the Treasury.
Approved:
FRANKLIN D. ROOSEVELT,
The White House, Oct. 25 1933.
Prof. Warren Would Adjust Gold to Index of Prices—
His Plan Thought Basis of Roosevelt's Monetary
Program—Gives Dollar "Rubber Weight."
Adjustment of the value of the American dollar to the
Wholesale price index of the Department of Labor, advocated
by Professor George F. Warren of Cornell University, in an
interview appearing in "The Country Home," on Oct. 23, in
the opinion of financial authorities, said the New York
"Times" of Oct. 24, is the real crux of the plan for a managed currency announced by President Roosevelt in his radio
speech Sunday night. The account in the "Times" continued:
These authorities believe that Professor Warren's plan is to be the basis
of the entire Government monetary program.
"There are four factors in price. not two, as commonly supposed," Professor Warren says. "This error has been the cause of innumerable business
failures and of much foolish legislation. The price of wheat is the ratio
of the supply of wheat and demand for it to the supply of gold and the
demand for it."
The Cornell professor rejects the explanation that overproduction causes
depression. For 75 years before the war, the world physical volume of production of all basic commodities rose 3.15% per year, he says.
"Since 1915 the rate has been distinctly less," he continues. "Instead
of the phenomenal increase in output which is popularly imagined, the rate
of increase in output has declined.
"The fall in demand for ccirmnodities and the consequent low prices are a
result, not a cause, of depression. The depression is caused by the collapse
in the price structure due to a return of the world demand for gold.
"Beginning in 1925, gradual efforts were made to return all nations to
gold basis. Americans took a leading part in urging and financing this
return, not realizing that the return of demand for gold would raise its
value and cause a price collapse. France returned to the gold basis in the
spring of 1928, and the gold panic was on. It is still here.
"The rise in the value of gold caused such a calamity that the effort to
re-establish it had to be stopped.
"So, why not simply change the price of gold? Why not raise it from
$20 67 an ounce to a higher level? Then prices will rise in proportion.
A 75% increase to $36.17 an ounce would bring quick recovery, quickly put
men back to work and quickly balance national budgets."
"The dollar has to be rubber either as to weight or value," Dr. Warren
says. "It cannot have a fixed weight and also a fixed value. This proposal
would give it a fixed value and a rubber weight."
From the "Times" of Oct. 24 we also quote:
The Rubber Dollar.
The view of Professor Warren of Cornell that "the dollar has to be rubber
either as to weight or value"—incidentally believed to be the foundation of
the Administration's monetary policy—is attacked in one of its principal
premises by economists who are unwilling to agree with his statement that
Instead of overproduction of commodities the rate of increase in output has
declined since 1915. Disregarding entirely the status of world stocks in
Oct. 28 1933
the various staples, Dr. Warren's critics hold that there has been a tremendous volume of substitution going on all over the world. For instance,
silk has captured many markets formerly supplied by cotton, and rayon, in
turn, has affected both the natural products. Chemists and metallurgists
have added daily to the number of new and cheaper products to replace
those formerly in general use, they assert. Further, they point out, higher
rubber prices immediately resulted in the planting of thousands of acres,
and the search for a substitute is going on apace. The Government's expenditures for the ploughing under of marginal lands is a further reflection
of the surpluses still on our hands, economists assert, and like instances
recur in numbers all over the globe.
U. S. Gold Policy "Puzzles" Josiah Stamp—President
Roosevelt Seems to Be Going in Two or Three
Directions, British Economist Says.
The following from London, Oct. 24, copyright, 1933, by
The NANA, Inc., and the New York "Times," is from the
"Times":
Sir Josiah Stamp, the British economist, declared himself to-day as
puzzled by the United StateS new monetary policy as revealed in President
Roosevelt's radio address Sunday.
Sir Josiah asserted the new policy "has the appearance of going in two
or three directions" at once, and said he did not understand how the plan
would prevent dollar disturbances.
"It is very diificult," he said, "to interpret the President's statements
in practical terms.
"According to the newspaper reports received in England, the President
is said to be going to set un a dollar which will not change its purchasing
power and is also described as saying he is going to control the gold value
of the dollar. That means one of two things: Either he is going to fix
the gold value of commodities, which, in my judgment, is impossible, or he
is going to have a varying gold content of the dollar.
"If he is going to have a varying gold content, how is he going to achieve
the other thing he speaks of when he says he is going to prevent dollar
disturbances?
"I do not know how he is going to prevent dollar disturbances. I do not
know how he is going to work dealing in gold through the Reconstruction
Finance Corporation and let the Federal Reserve System keep that hold on
the position of gold which we expect from the Central banks. I do not see
how he is going to work with two authorities controlling gold.
"I think he is on thoroughly sound ground when he says he doesn't
intend to fix the value of the dollar until he has its price level right. But
for the rest of his statement I am in the dark.
"American bankers appear to .be mystified, and I share their mystification.
I do not see how his plan is going to work. 1 am perfectly willing to be
convinced, but at present I have not enough facts and do not feel inclined
to discuss it.
"When I know whether he intends to have a commodity dollar, I shall
know how far he can hope to keep that dollar from fluctuating in value in
other currencies. The initial contradictions will have to be cleared up, and
when we know in what direction the President is going, we can discuss it.
When there is an appearance of going in two or three directions, it is
impossible to discuss that."
Gold Miners Form First Association—Acclaim President
Roosevelt's Money Policy as Opening a New Future
for the Industry.
Incident to President Roosevelt's monetary policy, 500
representatives of gold mining interests met at San Francisco, Oct. 24, and formed the first American association the
Industry has ever known. A San Francisco dispatch, Oct. 24,
to the New York "Times," reporting this, added:
Talcing part in the discussion were delegates from California, Nevada,
Montana, Colorado, New Mexico, Washington, Utah, Oregon, Texas and
British Columbia. Several women mine owners also attended.
The organization will hear the name of the Gold Mining Association of
America and will maintain its offices in this city.
Its purpose was set forth "to serve, promote and protect the interests of
those engaged as owners, lessees or licensees in the prospecting, developing
and operating of mines and mining properties, including quartz or lode
mining, placer and dredge operations, wherein the seeking or development
of gold deposits in the principal operations, or the extracting of gold from
any form of deposit is the basis of directive process."
Tacker L. Oddie, former United States Senator from Nevada, presented
the resolution to form the association.
Indications at Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Oct. 27 1933.
General business conditions have been somewhat better
over much of the whole country. Washington developments
during the week were generally regarded as constructive and
bolstered confidence, which was recently weakened somewhat
by the fact that the forward movement was not progressing
as rapidly as some had expected. Retail business again
made the best showing. There was a good demand for
men's and women's wearing apparel, shoes, rubbers and automobile accessories, stimulated by the arrival of wintry
weather, accompanied by snow and blizzards in some States.
The buying power of the agricultural communities was much
better. Farmers have been purchasing liberally of necessities
as a result of the rapid beginning and marketing of the cotton
crop and the fact that $90,000,000 of the crop reduction
money is already in their hands. Their buying power was
also enhanced by the payment by the Government of
$31,000,000 for live animals in the emergency hog marketing
program and further payments to the extent of $350,000,000
are to be made for corn acreage and hog farrowing reduction.
Employment has shown no appreciable gain because of the
slowness with which industrial schedules are expanding.
Wholesale buying was cautious. Orders fell below those of
the same week last year. The movement of merchandise
was larger, but it was on old contracts. Merchants are not
making new commitments. They are more interested in
getting deliveries on old orders. Industrial activity though
better than a week ago, is not expected to increase very much
until labor difficulties are out of the way. The rate of steel
ingot production dropped to the lowest point seen since the
middle of May but it is encouraging to note that the output
in the nine months of 1933 rose 30% above the 1932 total.
Railroads are buying more steel. The October production of
automobiles, it is estimated, will be 30% below the September record, but nearly 150% more than in October 1932.
Volume 137
Labor troubles have been a serious handicap to operations.
Shoe production shows a falling off, especially in the eastern
part of the country and has resulted in weaker prices for hides
and leather. The production or cotton goods fell off because
of the inability of the mills to secure advance business.
Meantime the prospects of early recognition of Russia by this
country and the President's radio address of Sunday led to
heavy covering and some outside buying which raised prices
in the leading commodity markets.
Cotton advanced as a result of the Government's announced intention to raise the level of prices by controlling
the value of currency. The weather at the .South has been
generally favorable and ginning has progressed rapidly.
A very large percentage of the crop has been ginned. The
ginning report showing ginnings up to Oct. 18 of 8,605,580
bales was slightly larger than expected. Grain markets
responded very favorably to President Roosevelt's address
and prices show a substantial rise for the week. Cash
markets were firmer. Sugar was more active and higher.
Raws were firmer. Cuba, it is said, will recognize all international sugar agreements made with the previous administrations and would consider extension of sugar permits for
the United States. Rubber and silk advanced. On the
other hand, cattle and hog prices at Chicago declined despite
Government support and prospects of further purchases
from this source very soon. Hides were lower. The Boston
leather market was quiet with demand light. Copper was
firmer although quiet. Lead was quiet and lower. Zinc
was quiet but steady. Silver advanced as a result of prospects of early recognition of Russia and the Government's
announced intention of controlling currency value.
The weather during the early part of the week was mild.
In the middle of the week temperatures dropped considerably
and in northern New York State there were snowfalls of
from 6 to 12 inches. Other northern parts of the country
and Canada reported freezing weather and snow. The
touch of winter, however, proved to be short lived and the
latter part of the week temperatures moved higher. To-day
it was 44 to 60 degrees here and cloudy. The forecast was
for cloudy with probably occasional rains to-night and
Saturday. Overnight at Boston, it was 38 to 46 degrees;
Baltimore, 38 to 48; Pittsburgh, 42 to 54; Portland, Ore.,
52 to 68; Chicago, 32 to 50; Cincinnati, 48 to 58; Cleveland,
46 to 52; Detroit, 44 to 48; Charleston, 52 to 64; Milwaukee,
34 to 44; Dallas, 54 to 74; Savannah, 50 to 64; Kansas City,
Mo., 40 to 60; Springfield, Mo., 42 to 48; St. Louis, 42 to
58; Oklahoma City, 44 to 68; Denver, 46 to 64; Salt Lake
City, 42 to 62; Los Angeles, 54 to 68; San Francis°, 50 to 64;
Seattle,52 to 68; Montreal,26 to 38; and Winnipeg, 14 to 28.
Volume of Freight Traffic on Railroads of the
United States During August.
The volume of freight traffic handled by the class I railroads in August measured in net ton miles, showed an increase of 31.9% above the same month in 1932, according to
reports just received by the Bureau of Railway Economics
and made public to-day. Freight traffic in August amounted
to 26,468,468,000 net ton miles, compared with 20,070,794,000 net ton miles in August, 1932, or an increase of
6,397,674,000 net ton miles. Compared with the same
month in 1931, however, the volume of freight traffic in
August this year was a reduction of 2,892,929,000 net ton
miles or 9.9%.
In the Eastern District, the volume of freight traffic handled in August
was an increase of 41.3% compared with the same month in 1932, while the
Southern District reported an increase of 27.7%. and the Western District,
an increase of 20.5%.
Freight traffic handled by the class I railroads in the first eight months
of 1933 amounted to 176,605.876,000 net ton miles, an increase of 9.508,205,000 net ton miles or 5.7% over the corresponding period in 1932, but
or 24.5% under the corresponda reduction of 57,375,013,000 net ton miles
ing period in 1931.
Railroads in the Eastern District for the eight months period in 1933
reported an increase of 7.2% in the volume of freight traffic handled compared with the same period in 1932, while the Southern District reported an
increase of 7.7%. The Western District reported an increase of 2.8%.
The first 15 major railroads to report loaded 257,177 ears
on their own lines during the week of Oct. 21 1933, as compared with 259,440 ears in the previous week and 259,143
cars in the week ended Oct. 22 1932. Comparative statistics
of these 15 carriers follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars)
on Lines.
Weeks Ended.
!Loade Rec'd front Connections.
Oct. 21 Oct. 14 Oct. 22 Oa. 21 oa. 14 Oct. 22
1933. 1933. 1932. 1933. 1933. 1932.
Atchison Topeka & Santa Fe Ry_
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chic. Milw. St. Paul & Pac. Ry
Chicago & North Western RyGulf Coast Lines & subsidiaries....
International Great Northern RR.
Missouri-Kansas-Texas Lines_ _ _
Missouri Pacific RR
New York Central Lines
New York Chicago & St. L. Ry..
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Wabash Ry
23,189
22,592
18,899
18,129
14,768
1,996
2.262
5,375
15,673
43,597
4,260
19,236
57,559
4,331
5,311
22,633
22,934
19,415
19,064
15,718
1,561
2,478
5,590
16,224
43,431
4,380
19,697
56,553
4,398
5,364
24,743 5,158 5.298 5,605
24,128 8,637 8,280 7,693
18,291 7,991 8,407 7,136
18,707 6.425 6,639 7,436
15,657 8.660 9,311 9,751
2,256 1,251 1,218 1,100
1,971 1,836 1,679 1,623
6,313 2,887 2,913 2.658
16,595 7,030 7,494 8,060
41,371 55,752 52,919 55,505
4,207 7,632 7,429 7,643
19,213 3,696 4,165 3,609
54,930 33,986 34,380 37,959
4,873
5,888 6,522 6.562 7,171
257.177 259,440259,143 157,461 156,694 153,949
Total
Not available.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Oct. 21
1933.
Total
Oct. 22
1932.
29,820
15.051
31.888
15.864
42,452
Illinois Central System
St. Louis-San Francisco Ry
Oct. 14
1933.
27,681
14,771
Weeks Ended.
67,576
47,752
Loading of revenue freight for the week ended Oct. 14
totaled 664,058 cars, the American Railway Association
announced on Oct. 20. This was an increase of 9,630 cars
over the preceding week this year and an increase of 14,368
ears over the corresponding week in 1932, but a decrease
of 97,538 ears below the corresponding week in 1931. Details follow:
Miscellaneous freight loading for the week of Oct. 14 totaled 246.684
cars, a decrease of 1,462 cars below the preceding week, but 7.501 cars
above the corresponding week in 1932. It was. however, a decrease of
29,943 cars under the corresponding week in 1931.
Loading of merchandise less than carload lot freight totaled 171,727 cars.
a decrease of 2,584 cars below the preceding week, 5,231 cars below the
corresponding week last year and 43,287 cars below the same week two
years ago.
Grain and grain products loading for the week totaled 28.755 cars, a
decrease of 3,049 cars below the preceding week. 4,321 cars below the
corresponding week last year and 7,965 cars below the same week in 1931.
In the Western districts alone grain and grain products loading for the week
ended Oct. 14 totaled 19,156 cars, a decrease of 2,333 cars below the same
week last year.
Forest products loading totaled 24,747 cars. 209 cars below the preceding
week, but 5,195 cars above the same week in 1932 and 103 cars above the
same week in 1931.
Ore loading amounted to 31,603 cars, a decrease of 2,108 cars below the
preceding week, but 24,474 cars above the corresponding week in 1932
and 10,123 cars above the same week in 1931.
Coal loading amounted to 129,139 cars, an increase of 17,154 cars above
the preceding week, but 14,573 cars below the corresponding week in 1932
and 22,445 cars below the same week in 1931.
Coke loading amounted to 6,859 cars, a decrease of 151 cars under the
preceding week. but 1.668 cars above the same week last year and 934
cars above the same week two years ago.
Livestock loading amounted to 24,544 cars, an increase of 2.089 cars
above the preceding week, but 345 cars below the same week last year and
5.058 cars below the same week two years ago. In the Western districts
alone loading of livestock for the week ended Oct. 14 totaled 20,314 cars,
a decrease of 33 compared with the same week last year.
Three districts-Eastern, Allegheny and Northwestern-showed increases compared with the preceding year, while the Pocahontas,Southern,
Central Western and Southwestern reported decreases. All districts, however, reported decreases compared with the corresponding week in 1931.
Loading of revenue freight in 1933 compared with the two previous
Years follows:
1933.
Four weeks in January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in June
Five weeks in July
Four weeks in August
Five weeks in September
Week ended Oct. 7
Week ended Oct. 14
Total
Loadings of Revenue Freight in Latest Week Up 1.3%
as Compared with the Same Period Last Year.
Loading of revenue freight for the week ended Oct. 21
1933 totaled 650,482 cars, according to the American Railway
Association. This was a decrease of 13,576 ears, or 2.0%,
below the preceding week, but an increase of 8,297 ears,
week in 1932. It was,
or 1.3%, above the corresponding
decrease of 119,191 cars, or 15.5%, below the
however, a
corresponding week in 1931.
3037
Financial Chronicle
1932.
1931.
1,910,496
1,957,981
1,841,202
2,504,745
2,127,841
2.265,379
3,108.813
2,502,714
3,204,551
654,428
664,058
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
649,690
2,873,211
2,834,119
2,936,928
3,757,863
2,958,784
2,991,950
3.692,362
2.990,507
3,685,983
763.818
761,596
22.742.208
22.247.471
30.247,121
In the following table we undertake to show also the loadings for the separate roads and systems, for the week ended
Oct. 14. During this period a total of 56 roads showed
increases over the corresponding week last year, the most
important of which were the Pennsylvania System, the
Baltimore & Ohio RR., the New York Central RR., the
Norfolk & Western Ry., the Chicago Burlington & Quincy
RR., the Union Pacific System, the Chicago & North
Western Ry., and the Great Northern Ry.
3038
Financial Chronicle
Oct. 28 1933
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED OCT. 14.
Total Rerenue
Freight Loaded.
Railroads.
1933.
Eastern District
Group A
Bangor dr Aroostook
Boston dr Albany
Boston & Maine
Central Vermont
Maine Central
New York N.H.dr Hartford___
Rutland
Total
Group B
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh dr Hudson River
Lehigh & New England
Lehigh Va3e
Montour
New York Central
New York Ontario & Western
Pittsburgh dr Shawmut
Pitta. Shawmut & Northern
Total
Group C
Ann Arbor
Chicago Ind. & Louisville
Cleve. Cm. Chic & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line.._
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louts_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia_
Wabash
Wheeling & Lake Erie
1932.
Total Loads Receited
from Connections.
1931.
1933.
1932.
1,723
2.396
7,532
859
2,788
10,566
680
1,123
2,543
7,488
708
2.728
10,355
643
1,843
3,192
8,111
730
2.933
12,489
631
259
4,607
9,885
2,195
2.414
11,180
876
196
4.764
9.427
2.262
2.043
11,145
917
26,544
25.588
29.929
31,416
30,754
6.011
10,048
13,814
158
1,348
8,804
705
22.552
1,686
548
294
5,472
9,493
12,191
155
1.581
9,115
1,858
21,979
2,064
566
328
7,426
12,685
15,058
198
2.277
10,875
2,519
25,322
2,009
613
462
6,498
5.597
12,525
1,605
859
6,347
21
26.023
2,120
15
221
6,100
5,234
13,636
1,754
870
6,049
42
26,120
2,033
109
302
65.968
64.802
79,444
61,825
62,249
635
1,380
8,333
18
409
168
1,733
2.426
6.434
3.209
4.380
4,398
3,720
725
5,364
3,922
574
1,761
8,807
39
383
265
1,302
2.557
5,543
3.648
4.376
4.680
3,695
1.381
6,23
3,332
688
1.788
9,392
50
388
210
1.171
2.694
6.605
4.146
5.51
5,216
4,489
1,365
6,270
3,568
862
1.664
10,585
51
94
2,107
797
5.498
7,497
227
7.429
4.031
3,896
834
6,562
1,813
969
1,784
11,382
70
118
1,853
666
5,265
7.339
233
7.157
4.066
4.368
535
6,806
1.588
47,254
48.866
53,791
53.927
54,199
Grand total Eastern District__
139,766
138,256
163,164
147,168
147.202
Allegheny District
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek dr Gauiey
Central RR. of New Jersey
Corn wall
Cumberland & Pennsylvania_ -Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
C Penn-Read Seashore Lines__
30.247
2,715
208
5,926
663
375
.10
940
56,553
12.969
9,548
61
3,152
1.283
28.238
1,1 ,5
269
6,535
2
228
185
1.108
55,411
13,987
2,884
69
3,157
1,234
33,605
2.459
126
9,059
588
395
135
1,633
72,716
17,246
6,017
47
3,640
•
13,679
1,345
5
9,960
34
17
32
3,210
34,380
13,973
2,893
13.918
799
9
9.580
29
14
3.306
37,055
14,745
715
4.623
1,558
3.487
1,452
124,650
114,462
147,666
85.709
85,147
Total
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
Group AAtlantic Coast Line
Clinehtield
Charleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound
as
22,934
19,697
758
3.438
24,136
18,867
886
3,739
24.952
20,574
855
4,260
8.280
4,165
1.114
503
8,341
3,809
1,314
537
46,827
47,628
50.641
14,062
14,001
8,293
956
343
159
41
1,643
410
288
6,862
18.784
135
6,999
795
398
175
61
1,646
507
357
6,681
20,833
237
8.761
1,378
411
250
86
2,124
558
430
7.872
23,665
209
4,132
1,268
749
545
105
1,217
784
1,983
3.012
11,212
797
4,113
1.204
730
489
115
1,206
723
2,032
3.007
11,003
759
Total Revenue
Freight Loaded.
Railroads.
Total Loads Received
from Connections.
1933.
Group B
Alabama Tenn. & Northern....
Atlanta Birmingham & Coast__
Atl &W.P.
-West RR of Ala
Central of Georgia
Columbus dr Greenville
Florida East Coast
Georgia
Georgia dr Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon OublIn & Savannah
Missia.ippi Central
Mobile & Ohio
Nashville ('hatt & St. Louis..._
d New Orleans Great Northern_
Tennessee Central
1932.
1931.
203
668
559
3,420
381
368
776
338
1,503
21,309
18,092
133
168
2,217
2,852
228
660
710
3,413
246
476
1,139
333
1,364
24,348
19,464
125
172
2,062
2,971
274
744
778
3,870
428
517
1,087
447
a1,931
25,529
20,114
174
204
2,413
3,272
1933.
124
449
999
2,140
264
304
1,131
324
728
9,100
3,7.7
268
234
1,478
2.113
1932.
142
543
994
2.125
255
307
1,123
249
687
8,532
3,551
239
292
1,496
1,998
407
294
558
666
778
53,394
58.005
62,340
24.099
23,311
Grand total Southern District...
91,308
96.694
108.084
49,903
48,692
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St Paul & Pacific_
Chic St Paul Minn.& Omaha.
Duluth Missable & Northern __
Duluth .outh :thine & Atlantic.
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Made_
Northern Pacific
Spokane Portland dr Seattle_
1,490
17,947
2,528
19,064
3.343
9,132
637
4,612
309
16,917
542
2,127
6.763
11,402
897
1,205
15,680
2,561
19.177
4.010
1.631
644
3,289
343
11,606
571
2.194
5,795
11.375
1,282
1,440
20,606
3,215
21,958
3.957
6.462
919
3,857
333
15,341
811
2,103
6,410
12.827
1.026
1,695
9,311
2,661
6,639
3,067
114
350
3,622
142
2,043
309
1,453
1,971
2,141
1.076
2,083
9,347
2,986
7,162
2,702
127
388
3,445
129
1,751
308
1.942
1,747
2.245
985
97,710
81,363
101,265
36.599
37,347
22,633
3.060
181
19.415
12.746
2.754
1.839
4,425
666
1,790
750
188
16.699
293
320
19,148
350
1,426
23.238
3.378
173
19,261
13.813
2.981
1,620
4.632
670
1,906
1.033
238
18,211
216
396
18,406
530
1.631
27,062
3,714
183
21.695
15.924
2,922
2.559
5,162
701
1,734
943
121
20.503
291
264
20,354
619
1,841
5.298
1,907
29
8.407
6.433
1.881
1,307
2,692
8
1,302
252
104
3,314
382
1.075
8.095
7
1.911
6.053
1,909
31
7.508
7.126
2,010
1.335
3,236
9
1,252
234
48
3.125
309
1,015
9,595
12
2,294
108,683
112,333
126,582
44,404
47,101
181
198
330
1,561
131
239
333
2,122
163
198
306
22,279
3,560
638
181
1,218
t
"1
2.684
495
203
1,079
2,478
225
1,499
1.174
279
871
110
5,590
16,224
45
242
10,027
2,433
2.058
293
1,752
1,279
93
815
240
6.009
16,519
41
145
11,033
3.187
1,942
312
2.081
1,962
407
1,011
137
5.945
19,898
32
159
10.714
3,156
1,679
891
1,649
785
651
233
246
2,913
7,494
46
158
3,530
1,144
1,541
939
1,442
648
437
175
225
2,650
7,782
27
111
3,389
1,286
5,812
3.904
1,911
20
6,047
4,892
1,703
23
7,279
4,374
1,811
28
2.687
2,978
2,472
46
2,555
2,771
2,543
43
Total
Total
Central Western District
Ate!). Top. dr Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington dr Quincy
Chicago Rock Island & Pacific_
Chleago dr Eastern Illinois
Colorado & Southern
Denver & Rio (;rande Western_
Denver & Salt Lake
Fort Worth & Denver City__
North western Pacific
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 Oklanorna & Gulf
Kansas City Southern
Louisiana & Arkansas
I itchtleld & Madison
Midland Valley
Missouri & Northern Arkansas_
Missouri- Kansas
-Texas Lines_
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louts Southwestern
b San Antonio Uvalde & Gulf..
Southern Pacific In Texas dr La.
Texas dr Pacific
Terminal ER. Assn.of St. Louis
Weatherford Min.Wells & N.W.
Total
37,914
38,689
Total
25.381
25,804
45,744
55,114
58,954
64,194
35.199
33,025
a Estimated. b Included In Gulf Coast Linea. c Penasylvania-Reading Seashore Lines include the new consolidated lines of
merly parr of Pennsylvania RR.and Atlant c City RR ,tor ner.y part of Reading Co.; 1931 and 1932 figures included in Pennsylvania the West Jersey & Seashore RR • forSystem and Reading Co. d Included
In Gulf Mobile & Northern RR e Included in Penn.ylvania RR.and Reading Co figures. •Figures of prevlou. woek
Chain Store Sales Show Further Gains.
Chain store trade in September recorded further important
gains, reaching in point of total volume, the highest level
for the current year. With the exception of the apparel
group, which showed a moderate recession following an
extraordinary advance in August, all groups regularly reviewed turned in highly satisfactory results. The shoe,
drug and five-and-ten department chains were outstanding
in this respect,with gains that marked new record s,according
to the current survey issued by "Chain Store Age," which
further reports:
August to 103.7 in September. the highest point for the index period to date.
Next In importance was the drug group. The index of sales of two companies stood at 101 of the 1929-1931 average, the first time this year that
sales have exceeded those of the base period. The Index of sales of six
five-and-ten department chains advanced to 93.4 in September from 92.4
in August, while the figure for the grocery group rose to 80.6
from 80.0
In August.
The index of sales of three apparel chains dropped In September
to 83.6
from 91.3 In August. With the exception of the latter month which saw
an extraordinary expansion of buying in this field, the September Index
was higher than any other month since May 1932.
The "Chain Store Age" index of Independent department store sales
In September, computed from preliminary figures published by the Federal
Reserve Board, declined sharply to 70.7 from a level of 76.6 in August.
In consequence of these results the state of trade in the field as measured
by the "Chain Store Age" index, which makes allowance for the number
of business days. advanced to 85.4 of the 1929-1931 average for that month
as 100, from 84.3 in August. The index in September 1932 was 83.2.
Total average daily sales in September 1933 of 19 leading chain store
companies were approximately $7,007.000. This compares with a total
of $6.663.000 in August and with $6,827,000 in September last year.
Taken by sections of the country, reports Indicate that relatively the
greatest revival in business occurred in the middle-west, south and southwest localities. The East continued to add moderately to the already high
volume consistently maintained during the past several years, but the
Pacific coast yet failed to show evidence of recovering the robust state
of trade it enjoyed in former years.
The greatest Individual gain last month was made by the group of two
shoe chains. The index figure for this group rose sharply from 86.4 in
Moody's Daily Index of Staple Commodity Prices in
Substantial Recovery.
Staple commodity markets displayed a firm tone during
the week under review. Moody's Daily Index of Staple
Commodity Prices advanced to 126.2 from 121.1 and has
now recovered roughly one-quarter of the decline from July
peak to the recent low of )18.8 reached on Oct. 16.
Only two of the fifteen commodities, i. e., hogs and scrap
steel, showed losses for the week, and wool tops were the
only staple to remain unchanged. Wheat and cotton scored
the most important advances, but were closely followed by
Financial Chronicle
Volume 137
corn, rubber and copper, with hides, sugar, lead, silver, silk,
coffee and cocoa also contributing to the advance in the
Index number in the order named.
The movement of the Index number during the week,
with comparisons, is as follows:
Fri.
Oct. 20
Sat.
Oct. 21
Mon. Oct. 23
'Tues. Oct. 24
Wed. Oct. 25
Thurs, Oct. 26
Fri.
Oct. 27
121.1
120.9
122.8
122.9
1284
124.8.
126.2
2 Weeks Ago, Oct. 13
Month Ago, Sept. 27
Oct. 27
Year Ago,
1932/High, Sept. 6
1Low,
Dec. 31
1933/High, July 18
1Low,
Feb. 4
123.7
132.7
87.5
103.9
79.3
148.9
78.7
Monthly Indexes of Federal Reserve Board-Industrial
Production Lower in September Than in August
Factory Employment Slightly Higher.
The Federal Reserve Board, under date of Oct. 26, issued
as follows its monthly indexes of industrial production,
factory employment, &c.:
BUSINESS INDEXES.
(Index Numbers of the Federal Reserve Board 1923-25=100).*
Adjusted for
Seasonal Variation.
1932.
1933.
Sept.
Industrial production, total
Manufactures
Minerals
Construction contracts, value_ a-Tot.
Residential
All other
Factory employment
Factory payrolls
Freight-car loadings
Department store sales
Without
Seasonal Adjustment.
Aug.
1933.
Sept.
Sept.
p84
p83
p86
p28
p13
p41
74.3
91
91
91
24
13
33
73.3
66
65
70
30
12
44
60.3
60
p69
61
77
54
68
1932.
Aug.
p85
p84
p92
p29
pI3
p42
76.6
57.6
68
p72
90
89
94
25
13
36
73.4
55.7
65
59
Sept.
67
66
73
30
12
45
61.5
42.1
61
71
INDUSTRIAL PRODUCTION-INDEXES BY GROUPS AND INDUSTRIES.*
(Adjusted for Seasonal Variation.)
Mining.
Manufactures.
Group and
Industry.
1933.
Sept. Aug. Sept.
Iron and steel
66
80
Textiles
99 114
Food products
p105 r95
Paper and printing._ p101 p102
Lumber cut
36
46
Automobiles
56
61
Leather and shoes__ p95 101
Cement
37
50
Petroleum refining... __
153
Rubber tires
111
Tobacco manufactures 115 123
1933.
Industry.
1932.
1932.
Sept. Aug. Sept.
28
104
94
88'
23
24
91
54
133
64
111
Bituminous coal._ _
p65
Anthracite coal
p74
Petroleum
P12
68
Iron ore
Zinc
77
Silver
57
Lead
75
61
134
57
77
28
36
58
61
104
8
31
36
41
FACTORY EMPLOYMENT AND PAYROLLS
-INDEXES BY GROUPS
AND INDUSTRIES.
(Underlying Figures Are for Payroll Period Ending Nearest Middle of Month.)
Adjusted for Sea- Without Seasonal Without Seasonal
Adjustment.
sonal Variation.
Adjustment.
1933.
1932.
1933.
1932.
1933.
1932.
Sept. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept.
Iron and steel
74.7 73.2 51.3 75.3 72.7 51.7 49.0 52.7 23.4
Machinery
61.1 57.1 46.0 60.9 57.1 45.9 41.2 38.9 27.0
Textiles. group
88.4 91.2 72.2 88.0 87.8 71.9 70.7 67.0 53.1
Fabrics
95.9 99.8 73.6 94.5 96.4 72.6 75.1 77.0 51.7
Wearing apparel
69.8 69.6 68.6 71.4 66.4 70.3 61.8 46.9 56.0
Food
93.9 89.7 81.8 96.0 89.3 83.8 78.2 71.7 70.8
Paper and printing
91.2 88.1 81.1 91.0 86.9 80.9 74.6 70.8 70.0
Lumber
49.4 46.6 36.6 51.1 47.6 37.7 33.1 28.9 20.9
Transportation eq uipment
52.8 51.4 42.8 53.4 51.7 43.1 43.0 43.9 27.3
Automobiles
61.5 59.7 43.0 63.4 60.9 44.3 50.1 52.5 22.2
Leather
83.3 86.4 74.9 86.6 88.7 78.0 68.7 69.3 54.5
Cement, clay and glass
53.9 53.9 41.9 55.8 55.8 43.4 34.1 34.6 24.6
Non-ferrous metals
68.6 66.1 47.2 67.7 65.4 46.6 51.4 50. 30.3
Chemicals, group
95.9 92.4 73.7 96.2 89.9 74.0 74. 72. 59.8
Ietroleum
83.0 78.3 75.2 84.4 79.7 76.6 69. 66.7 66.3
Rubber products
82.2 81.9 58.6 84.4 83.3 60.2 62. 64. 36.4
Tobacco
65.2 67.7 67.9 67.1 67.6 69.9 52. 48. 51.0
Indexes of production, ear loadings, and department store sa es based on daily
•
averages. a Based on three-mont i moving averages, centred at second month.
p Preliminary. r Revised.
Summary of Business Conditions in United States by
Federal Reserve Board-Further Decline Noted in
Industrial Activity in September and First Half of
October-Employment Declined in First Part of
October According to Preliminary Reports.
The decline in industrial activity of August continued
during September and the first half of October, it is noted
in the monthly summary of business conditions in the
United States, issued Oct. 25, by the Federal Reserve
Board. It is indicated that employment of factory workers
increased during the period from the middle of August to
the middle of September but showed some decline in the
first half of October. The Board further says:
Production and Employment.
Industrial production, as measured by the Board's seasonally adjusted
index, declined from 91% of the 1923-25 average in August to 84% in
September. Activity decreased in most lines of industry, and particularly in those in which output had increased rapidly in earlier months.
Production of steel, lumber, cement, bituminous coal and petroleum declined considerably and automobile output was reduced. Deliveries of
silk to mills were small in September, while consumption of cotton and
wool, although reduced during the month, was nevertheless larger than
In other recent years at this season. Meat packing plants were more
active, partly because of processing of pigs under the Government's emerg-
ency marketing program; and output of flour was larger than the exceptionally small volume produced in August.
Employment of factory workers increased between the middle of August
and the middle of September. and total earnings were larger, partly as
a result of further advances in wage rates, and the expansion of operations
in seasonally active industries such as canning. Employment in public
utilities, railroads, stores and mines also increased, and it is estimated
that about 600.000 industrial wage earners found work during the period.
Preliminary reports for the first half of October indicate some decrease
in employment and a continuation of about the same volume of earnings
in basic manufacturing industries.
Construction contracts awarded increased in September to the highest
level of the year, according to reports by the F. W. Dodge Corp.. the
largest volume of new awards being for public works and for other nonresidential projects. In the third quarter of' the year value of construction contracts was 25% of the 1923-25 average.
Distribution.
Sales at department stores in leading cities increased less than seasonally in September, following an unusually large increase in sales in August.
Trade reports indicate that sales volume was affected by unseasonably
warm weather and by price advances. Sales of chain variety stores continued in somewhat larger volume than in 1932.
On the railroads, average daily freight shipments during September
increased by somewhat less than is usual in the early autumn, but were
In larger volume than at any time since the latter part of 1931. In the
first two weeks of October car loadings were at a higher level than in late
September.
Commodity Prices.
During September and the first two weeks of October the general average
of wholesale prices in the United States was relatively stable at about 71%
of the 1926 average, reflecting, however, widely divergent movements
In the prices of individual commodities. Prices of raw materials traded on
organized exchanges declined sharply during the first two weeks of October
and then recovered somewhat. There have been further advances during
recent weeks in prices of fuels, iron and steel, building materials and house
furnishings.
Retail prices of food showed little change in September, while prices of
clothing continued to advance.
Foreign Exchange.
The value of the dollar in the foreign exchange market fluctuated around
65% of its gold parity during the latter part of September and the first
half of October, advanced to 71% in the third week and declined to 70%
on Oct. 23.
Bank Credit.
Excess reserves of member banks increased by $100,000.000 between
consequence of the purchase by the Federal ReSept. 13 and Oct. 20, in
serve Banks of $170.000.000 of United States Government securities
during the period offset in part by a further decline in discounts and a
seasonal increase in the demand for currency.
At reporting member banks in leading cities there was little change
in loans and investments during this period; a decline in the volume of
loans on securities was offset by growth in all other loans.
Money rates in the open market continued at low levels. On Oct.
20 the Federal Reserve Bank of New York reduced its buying rate on
bills from a range from 1 to 1k % for different maturities to a range from
It to 1%.
The rediscount rate at New York was reduced from 2A % to 2%, effective Oct. 20. and on Oct. 21,the Federal Reserve Banks of Cleveland and
Chicago reduced their rediscount rates from 3% to 23i%•
Payrolls.
Employment.
Group and Industry.
3039
Increase of 63.% Noted in Chain Store Sales During
September in New York Federal Reserve District
as Compared with September Last Year.
The Nov. 1 "Monthly Review" of credit and business
conditions of the Federal Reserve Bank of New York has
the following to say regarding chain store trade in the
Second (New York) District:
,
6%
Sales of representative chain store systems in September were about 63
higher than a year ago, the largest increase reported since April 1930. The
increases in sales shown by the 10 cent and variety chains were nearly
equal to those of August, which were the largest reported in over three
years, and a sizeable advance over the previous year occurred in the sales
of candy chain stores. following declines for several months previous. In
the remaining lines of chain store trade, the decreases in sales were smaller
than those of August; for the shoe chains the year to year comparison was
the most favorable since April 1930.
Average sales per store for the reporting chain store systems were 9%
higher than last year, the largest increase in more than five years. There
were large reductions in the number of drug and shoe units operated without
corresponding reductions in the total sales of these chains. and 10 cent
and variety chains also had substantial increases in sales per unit.
Percentage Change September 1933
Compared with September 1932.
Type of Store.
Number cf
Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
Total
Total
Sales.
Sales Per
Store.
-1.9
-0.7
-21.5
-23.9
+0.6
+13.9
-8.9
+10.6
-17.0
-2.6
+21.4
+8.6
-7.1
+11.3
+5.7
+28.0
+20.7
-4.6
-2.4
+6.4
+9.0
Wholesale Trade in Second Federal Reserve District
According to Federal Reserve Bank of New York
Sales of Reporting Firms During September 153'%
Larger Than September Last Year.
The Federal Reserve Bank of New York in its Nov. 1
"Monthly Review" states that "September sales of the
reporting wholesale firms in the Second (New York) District
averaged 15M% higher than last year, representing the fifth
consecutive monthly increase." The Bank adds:
All of the reporting lines with the exception of drugs reported sales this
year higher than a year ago. Although the advances were generally of
considerably smaller proportions than the unusually large increases shown
3040
Financial Chronicle
in the previous two months, they continued to be substantial in sales of
groceries, jewelry and diamonds, hardware and paper. Orders for machine
tools, reported by the National Machine Tool Builders Association, continued to be nearly double the small volume of a year ago.
Stocks of merchandise held by grocery firms at the end of October showed
an exceptionally large increase, hardware stocks continued larger than a
year ago, and stocks of drugs showed the smallest reduction in a year. In
a majority of lines, the ratio of collections to accounts outstanding at the
end of the previous month again averaged higher than a year ago.
Commodity.
Percentage
Change
Sept. 1933
Compared with
Aug. 1933.
Percentage
Change
Sept. 1933
Compared with
Sept. 1932.
Per CentofAccounts
Outstanding
Aug. 31
Collected in
September.
Net
Sales.
Stock
End of
Month.
Net
Sales.
Stock
End of
Month.
1932.
+4.9
+9.3
+14.2
*
-11.5
+16.3
+6.7
+8.4
---_
-4.8
*
____
+2.3
-1.9
+20.4
+6.8
+6.1
*
+2.6
-6.7
+13.0
+51.2
____
-9.7
*
____
-12.1
+15.4
78.4
38.4
29.5
62.4
35.1
27.6
44.1
88.4
42.3
30.2
48.0
36.8
23.7
41.3
+3.8
-3.5
+24.1
+42.7
____
____
-0.5
+7.8
+2.9
+12.9
+21.8
+19.1
____
53.6
____
37.4
-28.5 1 15.9
-46.2 i
44:1
40.3
} 25.3
Weighted average
____
49.9
____ +15.5
+6.6
*Figures reported by Silk Association of America not yet available.
x Reported by the National Machine Tool Builders Association.
52.1
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine toolsx
Stationery
Paper
Diamonds
Jewelry
1933.
Employment and Earnings Higher During September
According to National Industrial Conference
Board-Hours of Work Reduced 6.2%.
A further substantial increase, 6.8%, in average hourly
earnings in September, a slight advance, 1.1%, in average
weekly earnings, a reduction of 5.2% in average hours of
work per week, and an increase of 2.8% in the number of
persons employed are the findings of the National Industrial
Conference Board's regular monthly survey of employment
conditions in manufacturing industry. The survey, issued
Oct. 26, further noted:
Average hourly earnings of all wage-earners combined in the 25 manufacturing industries reporting to the Conference Board increased from 49.7
cents in August to 53.1 cents in September, or 6.8%. The advance in
average hourly earnings since the low point in June, when they were 45.2
cents, was 17.5%. Average hours of work per week were reduced from 38.8
hours to 36.8 hours, or 5.2%. Notwithstanding the reduction In hours of
work per wage-earner, average weekly earnings increased from $19.25 to
$19.46, or 1.1%. This increase, however, was more than offset by a rise
of 1.3% in living costs, with the net result that real weekly earnings fell
slightly. 0.2%.
The number of persons employed in these 25 industries increased 2.8% in
September over August, a smaller month-to-month rise than was observed
last month. This increase in employment together with the increase in
actual weekly earnings made weekly pay-roll disbursements in September
3.9% higher than in August. Total man-hours, however, fell off 2.5%.
indicating a slackening in business activity as compared with August.
Female labor again benefited relatively most from increased rates of pay.
Average hourly earnings of we's/len rose from 36.2 cents in August to 39.5
cents in September, or 9.1%; those of unskilled male labor,from 40.9 cents
to 43.2 cents, or 5.6%;and those ofsemi-skilled and skilled male labor,from
56.0 cents to 59.0 cents, or 5.4%. Although the work-week of female labor
was reduced from 38.1 hours to 36.0% hours, or 5.5%, higher rates of pay
increased average weekly earnings from $13.83 in August to $14.21 in
September, or 2.7%. On the other hand, the increase in wage rates of male
labor was not sufficient to offset the reduction in the average work-week.
Average hours of work of unskilled male labor fell from 39.8 hours to 37.1
hours, or 6.5%, resulting in a decline in average weekly earnings from
$16.17 to $15.97. or 1.2%, while average hours of work of semi-skilled and
skilled male labor were reduced from 39.7 hours to 37.5 hours, or 5.5%,
resulting in a decline in average weekly earnings from $22.16 to $22.04,
or 0.5%.
Sales of Department Stores During September 2%
Lower Than Those in September 1932, Reports
Federal Reserve Bank of New York.
Total September sales of the reporting department stores
in New York Federal Reserve District were 2% lower than
in August
last year, as compared with an increase of 8
and a decrease of 2% in July, states the New York Federal
Reserve Bank. "The decline for the full month of September, however," the Bank continues, "was considerably
smaller than for the first half of the month." In its Nov. 1
"Monthly Review" the Bank further states:
Sales of the Syracuse department stores showed an increase over a year
ago second only to the record advance reported in August, and sales of the
Rochester, Bridgeport, Hudson River Valley, and Capital District stores
showed the largest increases, with the exception of August, of any month
In considerably over three years. For the New York, Buffalo, and Newark
reporting department stores, however, the year to year comparisons in sales
were less favorable than those of the past two months. Sales of the leading
apparel stores in this district also decreased 2% from last year, following
Increases in the three previous months.
During the first half of October, sales of the leading department stores
in the Metropolitan area of New York showed a recession of 2% from the
corresponding period a year ago, but some improvement over the September level was indicated, even after allowance for the usual seasonal change.
A higher rate of collections this year than last year was again reported
by department stores in practically all localities and by apparel stores also.
Stocks of merchandise on hand, at retail valuation, showed even larger
increases from last year than were reported in August. A very large
proportion of the individual departments in department stores showed
substantial increases in the value of stocks on hand; this applies not only to
textiles and apparel but also to housefurnishing lines.
Oct. 28 1933
Percentage Change from
a Year Ago.
Locality.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Southern New York State
Hudson River Valley District
Capital District
All department stores
Apparel stores
Per CentofAccounts
Outstanding
Aug. 31
Net Sales.
Stock
Collectea in
on Hand
September.
End of
Feb.
Sept. to Sept. Month. 1932.
1933.
-2.1
-9.8
+7.2
+17.4
-7.7
+12.5
+4.9
-4.5
+4.1
+2.3
+9.6
-2.2
-2.2
--7.3
--8.1
--10.6
+0.8
--12.1
-3.2
-5.9
-7.5
+26.5
+4.6
+3.7
-8.1
+21.2
+13.3
-8.1
47.6
39.5
36.8
21.0
33.4
29.2
27.1
51.9
38.8
37.0
26.3
34.0
31.6
27.7
HFIY6
4b:o
4- :o
3
+6.9
36.7
37.4
September sales and stocks in the principal departments are compared
with those of a year previous in the following table:
Net Sales,
Percent. Ch ngc
,
Sept. 1933
Compared filth
Sept. 1932.
Woolen goods
Men's and boys' wear
Shoes
Silks and velvets
Men's furnishings
Home furnishings
Linens and handkerchiefs
Cotton goods
Furniture
Books and stationery
Silverware and jewelry
Hosiery
Toys and sporting goods
Musical instruments and radio
Women's ready-to-wear accessories
Women's and misses' ready-to-wear
Toilet articles and drugs
Luggage and other leather goods
Miscellaneous
Stock on Hand.
Percent. Change
Sept. 30 1933
Compared with
Sept. 30 1932.
+17.5
+12.2
+7.4
+1.9
+33.8
+42.3
+27.1
+13.9
+42.9
+9.4
+12.8
-1 67.2
+9.1
-12.6
+9.4
+55.9
+39.7
-10.6
+43.2
+34.4
-10.1
+6.0
+9.1
-1.9
-3.7
-4.5
- 4.8
-5.2
-6.4
-7.2
-8.1
-8.6
-9.3
-9.4
-9.9
-10.8
-6.6
"Annalist" Weekly Wholesale Price Index Advanced
0.8 Points During Week of Oct. 24 Due to President
Roosevelt's "Managed Currency" Statement.
Advancing 0.8 points during the week, the "Annalist"
weekly index of wholesale commodity prices stood at 103.9
on Oct. 27, compared with 103.1 (revised) Oct. 17. Noting
this, the "Annalist" added:
Sharp increases in grain and flour prices, aided by cotton, largely
accounted for the rise in the face of lower prices for cattle, hogs and beef.
The advance of the index was more than offset, however, by a drop of the
dollar to 66.7 cents from 68.0, in consequence of which tho index on a
gold basis declined to 69.3 from 70.1 (revised).
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation. 1913=100,
Oct. 24 1933. Oct. 17 1933, Oct. 25 1932.
85.1
Farm products
83.8
70.4
103.6
Food products
102.6
95.5
*120.3
Textile products
a120.5
74.4
151.5
Fuels
151.5
130.1
105.1
Metals
104.9
95.3
111.3
Building materials
111.2
106.3
96.9
Chemicals
96.9
95.3
82.9
Miscellaneous
82.5
74.0
103.9
All commodities
al03.1
89.5
69.3
All commodities on gold basis_b
70.1
____
* Preliminary. a Revised. b Based on exchange Quotations for France,
Switzerland, Holland and Belgium.
The week's rise, like the other recent movements of the index, was in
response to developments in the currency situation rather than in the
position of the individual commodities. The President's statement
Sunday (Oct. 22) on the Administration's monetary policy brought no
satisfaction to those who regard a stabilized currency as indispensable for
sound business recovery. The statement left matters little changed,
beyond dispelling any hopes that the President had abandoned his intention
of restoring the 1926 price level. The markets at any rate so construed
his statement, and rose generally. That the index on a gold basis nevertheless declined was due to the fact that many of its components have
purely local or domestic markets, and are therefore partially insulated
from the stimulus of a depreciating dollar.
Weekly Farm Price Index of Bureau of Agricultural
Economics Declined During Week of Oct. 11.
The index of prices of farm products on Oct. 11 was 69
compared with 71 on Oct. 4, and of prices paid by farmers
for commodities bought 116.5 on Oct. 11 compared with 117
on Oct. 4, according to the weekly estimates of the Bureau
of Agricultural Economics. This puts the exchange value
of farm products for commodities farmers buy at 59 on Oct. 11
compared with 61 on Oct. 4. An announcement issued on
Oct. 21 by the U. S. Department of Agriculture continued:
The Bureau's compilation shows that on Oct. 11 the local market price
of wheat was 66% of the price that would restore purchasing power to prewar parity; cotton. 61.8%; corn, 48.1%; butterfat, 68.6%; beef cattle,
60.1%, and hogs, 51.7%.
There has been a further sharp drop in prices of grains, cotton and hogs
since Oct. 11, says the Bureau.
Weekly Wholesale Price Index of United States Department of Labor Showed Further Decline During
Week Ended Oct. 21.
The index number of wholesale commodity prices of the
Bureau of Labor Statistics of the U. S. Department of
Labor showed a continued weakening of prices during the
Volume
Financial Chronicle
137
week ended Oct. 21 and receded almost to the level of the
week ended Sept. 16. The Bureau announced Oct. 25
that its index number of the general level of wholesale
commodity prices for the past week stood at 70.4 as compared with 71.1 for the week previous,showing a drop of 1%.
The index for the past week is about 19% above the low
point reached early in the year, the Bureau said, adding:
Continued sharp declines in the wholesale prices of farm products and
manufactured foods and smaller decreases for other groups of commodities
were responsible for the further drop in the general level of wholesale prices.
Decreases in grains ranged from 2% for corn to 22% for oats. Wheat
declined on the average of about 13% during the week. Prices for beef
cattle fell by 6% and live hogs on the average dropepd 12%. The market
price of cotton further receded by 1% and fresh fruits decreased on the
average of 4 to 5%. There was a general weakening in prices of manufactured food products, building materials and metals and metal products.
Minor decreases were shown for the chemicals and drugs and miscellaneous
commodities groups. Prices of hides and leather products and textile
products showed a strengthening by remaining at the level of the week before
after dropping sharply for previous periods.
Continued advances in the prices of bituminous coal and petroleum
products caused the f el and lighting materials group to increase by 0.3 of
1% over the week previous. A small advance was also registered by the
house furnishing goods group.
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 100.0.
6 groups showed decreases. 2 no change, and 2 increases as compared with
the previous week.
The accompanying statement shows the index numbers of groups of commodities for each of the 5 weeks ending Oct. 21 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF SEPT. 23,
30, AND OCT.7, 14 AND 211933.
(1920=100.0)
Week Ended
Sept. 23. Sept. 30
Oct. 7. Oct. 14. Oct. 21.
All commodities
71.5
71.1
71.3
71.1
70.4
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
getrieturnishing goods
Miscellaneous
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
54.2
63.7
88.8
76.2
74.0
82.0
83.6
72.6
81.3
64.9
the United States for the week ended Oct. 21 1933 was
1,618,795,000 kwh., an increase of 5.9% over the same
period last year when output amounted to 1,528,145,000
kwh. An increase of 7.4% was registered during the preceding week. The current figure also compares with 1,618,948,000 kwh. during the week ended Oct. 14 1933, 1,646,136,000 kwh. during the week ended Oct. 7, 1,652,811,000
kwh. during the week ended Sept. 30, 1,638,757,000 kwh.
during the week ended Sept. 23, and 1,663,212,000 kwh.
during the week ended Sept. 16 1933.
A gain of 5.5% was reported in the New England region
for the week ended Oct. 21 over the corresponding period
last year, as against an increase of 5% for the preceding
week, a gain of 1.8% was shown in the Middle Atlantic
region as compared with 4.6% for the week ended Oct. 14;
the Central Industrial region was up 9.2% as against 9.9%;
the Southern States region was 3.6% higher, as compared
with 8.2%; the Rocky Mountain region showed a gain of
22.4%, as against 22.1%; the Pacific Coast region an
increase of 0.7%, as compared wiht 0.4%, while the West
Central region showed no change during the past two weeks
as compared with the corresponding periods in 1932. The
Institute's statement follows:
PER CENT CHANGES.
Major Geographic
Divisions.
During the latest week five groups advanced, five declined and four
showed no change. Foods, building materials, house-furnishing goods,
fertilizer materials and mixed fertilizers advanced. The declining groups
were grains, feeds and livestock, textiles, miscellaneous commodities,
metals and fats and oils. W.th the exception of house-furnishing goods,
none of the advancing groups showed large gains. The largest decline was
shown in the grains, feeds and livestock group.
Fifty-three commodities showed lower prices during the latest week,
while 21 showed higher prices. This is the largest number of weekly declines in many months. During the preceding week there were 43 price
declines and 5 advances. Two weeks ago there were 38 declines and 20
advances. Important commodities that declined durIng the latest week
were cotton, cotton yarns, cotton cloths, burlap, silk, lard, butter, vegetable oda, flour, wheat, hogs, feedstuffs, heavy melting steel, copper,silver.
hides, rubber and leather. The advancing commodities included eggs,
milk, bread, potatoes, corn, coffee, crushed stone, cotton hose and underwear and women's shoes.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
,
Per Cent
Latest
Each Group
Week
PreGroup.
Oct. 21 ceding Monett
Bears to the
Year
1933.
Total Index.
Week.
Ago.
Ago.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
inn n
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 implementsAll arnuna enrnhInArl
69.5
70.3
48.2
65.2
67.0
84.4
76.8
77.9
83.4
45.4
87.0
64.8
70.8
90.3
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
71.1
68.2
54.8
66.4
69.7
84.4
74.5
78.8
81.6
48.8
87.0
63.8
70.2
90.3
81.7
63.6
39.3
45.8
61.6
86.6
70.5
69.3
22.4
42.7
87.4
61.8
68.8
92.1
AR a
As a
no .1
An a
Percentage Increase in Weekly Electric Output Continues to Decline-Gain Over Corresponding
Period in 1932 Falls to 5.9%.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of
Week Ended
Week Ended
Oct. 211933. Oct. 14 1933.
Week Ended
Oct. 7 1933.
Week Ended
Sept.30 1933,
New England
Middle Atlantic
Central Industrial__ _ _
Southern States
Pacific Coast
West Central
Rocky Mountain
+5.5
+1.8
+9.2
+3.6
+0.7
+0.0
+22.4
+5.0
+4.6
+9.9
+8.2
+0.4
-0.0
+22.1
+8.4
+4.5
+10.5
4-14.8
+2.7
+1.3
+22.8
+8.0
+5.7
+12.7
+15.8
-I-1.9
+3.0
+29.4
Total United States_
+5.9
-1-7.4
+9.3
+10.2
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-
Further Decline Noted in Wholesale Commodity
Price Index of National Fertilizer Association
During Week of Oct. 21.
Wholesale commodity prices again declined during the
latest week, according to the index of the National Fertilizer
Association. When computed for the latest week ended
Oct. 21, this index declined four points, declining from
68.6 to 68.2. (The three-year average 1926-1928 equals
100.) During the preceding week the index showed a loss
of six points and two weeks ago a loss of two points. The
latest index number is four points lower than it was a month
ago, but is 76 points higher than it was at this time last year.
The Association further reported as follows under date
of Oct. 23:
3041
May
May
May
May
June
June
June
June
July
6
13
20
27
3
10
17
24
1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept.23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Oct. 28
1933.
1932.
Week of-
1,435,707.000 May 7
1.468,035,000 May 14
1,483.090.000 May 21
1,493.923,000 May 28
1,461,488,000 June 4
1.541.713.000 June 11
1,578,101.000 June 18
1,598,136,000 June 25
1.655,843 000 July 2
1.538,500.000 July 9
1,648,339,000 July 16
1,654,424,000 July 23
1.661.504,000 July 30
1,650,013,000 Aug. 6
1,627,339,000 Aug. 13
1,650,205.000 Aug. 20
1,630,394.000 Aug. 27
1,637,317.000 Sept. 3
1,582,792,000 Sept. 10
1,663,212.000 Sept. 17
1,638.757,000 Sept.24
1.652.811,000 Oct. 1
1,646,136,000 Oct. 8
1,618,948,000 Oct. 15
1.618,795.000 Oct. 22
Oct. 29
Nnv. 4
TsTnir
A
1931.
Week of-
1,429,032,000 May 9
1.436,928,000 May 16
1,435,731,000 May 23
1.425,151.000 May 30
1,381,452,000 June 6
1,435,471,000 June 13
1,441,532,000 June 20
1,440,541,000 June 27
1,456,961,000 July 4
1.341.730.000 July 11
1,415,704.000 July 18
1,433,990.000 July 25
1,440,386,000 Aug. 1
1.426,986,000 Aug. 8
1,415,122,000 Aug. 15
1,431,910.000 Aug. 22
1,436,440,000 Aug. 29
1,464,700.000 Sept. 5
x1.423.977,000 Sept 12
1,476,442,000 Sept. 19
1,490,863.000 Sept.26
1,499,459,000 Oct. 3
1,506,219,000 Oct. 10
1,507,503,000 Oct. 17
1,528,145,000 Oct. 24
1,533,028,000 Oct. 31
1 A95, Ain firm Vnv
7
1,637,296,000
1,654,303,000
1,644,783,000
1.601.833,000
1,593,662.0(10
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
1.660.204000
1,645.587.000
1,653.369,000
1,656,051,000
1,646,531,000
1,651,792,000
1 119A 147 ono
1933 •
Over
1932.
0.5%
2.2%
3.3%
4.8%
5.8%
7.4%
9.5%
109%
13.7%
14.7%
16.4%
15.4%
15.4%
15.6%
150%
15.2%
13.5%
11.8%
11.1%
12 7%
9.9%
10.2%
9.3%
7.4%
5.9%
__--
x Corrected figure.
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
April
6,024,855.000 6,294.302,000
May
6.532.686,000 6,219,554,000
June
6.1409,440.000 6.130,077,000
July
7,058.600.000 6,112.175,000
August
7,218,678,000 6,310,667.000
September_
6,317,733,000
October__
6,633,865,000
November..6,507.804,000
December_
6,638,424,000
Total
1930.
1931.
7,435.782,000
6,678,915,000
7,370.687,000
7,184,514.000
7,180,210.000
7.070,729.00l,
7,286,576,000
7,166.086,000
7,099,421.000
7,331,380.000
6.971.644.000
7,288,025,000
77 442.112.000 RR 1163 969
1933
Under
1932.
8,021.749.000 7.6%
7.066.788,000 10.1%
7,580,335,000 5.7%
7.416,191.000 4.3%
7.494.807.000 a5.0%
7,239,697.000 al1.1%
7,363.730.000815.5%
7,391.196,000 a14.4%
7.337,106.000 -7.718,787 000
7,270,112.000
7,566,601,000
--
non 89 467.099 non
a Increase over 1932.
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are based
on about 70%.
Valuation of Construction Contracts Awarded, as
Compiled by F. W. Dodge Corp.
The valuation of construction contracts awarded in the
37 States east of the Rocky Mountains in the month of
September 1933 was only $4,937,000 less than in September
1932, the figure for September of this year being $122,589,700
against $127,526,700 in the same month of last year. For
the first nine months of the year the decline from 1932
was $313,974,600.
September construction contracts amounted to $122,615.700. a gain of
almost 16% over the August 1933 total of $106,131,100 and but slightly
below the September 1932 total of $127.526.700. according to F W.
Dodge Corp. This Is the first month in which the 1933 total practically
equaled the corresponding month of 1932. The cumulative total for the
first nine months of 1933 amounted to 1743.553.300 as compared with
$1.057.363,200 for the corresponding period of 1932.
Financial Chronicle
3042
The largest gain in the September contract record over August occurred
in public works with a month's total of $57,323,800 as compared with
$32.002,50,, for August. This increase was due largely to additional contracts for highway construction and levee work in the Mississippi Valley.
These gains occurred chiefly in the Pittsburgh, Southeast, Central Northwest, southern Michigan, St. Louis, Kansas City and New Orleans territories.
Non-residential building for the month amounted to $37,977,300 as
compared with $32,796,600 for August and $35,997,400 for September
of last year. New hospitals, distillery projects, chemical plants, and
some new public buildings contributed largely to this increase which
occurred in the following territories: Metropolitan New York, Southeast,
Chicago. New Orleans, and Texas.
Residential building started during September amounted to $23,889,300
as compared with $21,937,000 for August and $22,803,900 for September
1932. Two large dormitory units in the New England and Chicago territories contributed to this increase.
Public utilities for the month totaled $3,425,300, as compared with
$19,395,000 for August and $4,522,700 for September 1932. The unusually
high total for August was due to several individually large contracts for
water supply systems.
The significant development in the September record of construction
contracts awarded was the large gains in publicly-financed projects. It
will be recalled that the first evidences of improvement at the beginning
of the second quarter of this year occurred in the privately-financed projects.
This gain which was fairly consistent and general both in residential and
non-residential building was followed by a marked increase last month in
publicly-financed construction. Most of the gains during September
occurred in this type of construction while privately-financed construction
continued to hold the levels previously attained.
Of further significance was the total of new construction projects contemplated. Since last March these has been a continued and rapid increase in new work planned. The September total amounting to $846.726,700 represented the largest monthly total since April 1930. This is
a most favorably augury pointing toward continued construction improvement. The territories in which the largest gains occurred Included the
Southeastern States, Chicago territory, southern Michigan, St. Louis
territory, Kansas City territory, New Orleans territory, and Texas.
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
Number of
New Floor
Projects. Space (ST. Ft.).
Month of September
-Residential building
1933
Non-residential building
Public works and utilities
Valuation.
3,530
2,304
1,764
6,794,100
6,470,400
100,900
$23,889,300
37,951,300
60,749,100
7,598
$127,526,700
54,105,200
51,864,400
2,893,900
$182,614,900
295,124,700
265,649,000
108,863,500
5743,388,600
30,239
17,886
12,050
58,696.800
64,942,900
1,885,200
$226,009,500
397,082,500
434,271,200
60,175
Total construction
13,513,900
63,843
Total construction
$22,803,900
35,997,400
68,725,400
33,105
21,899
8,839
-Residential building
1932
Non-residential building
Public works and utilities
$122,589,700
6,549,700
6,721,300
242,900
7,152
Total construction
First Nine Months
-Residential building
1933
Non-residential building
Public works and utilities
13,365,400
3,486
1,921
1,745
Total construction
-Residential building
1932
Non-residential building
Public works and utilities
125,524.900
$1,057,363,200
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
1933.
No. of
Projects.
Month of September
Residential building
Non-residential building
Public works and utilities_Total construction
First Nine Months
Residential building
Non-residential building_ Public works and utilities
Total construction
Valuation.
1932.
No. of
Projects.
Valuation.
4,123
3,520
3,299
$63,878,500
163,771,400
619,076,800
4,020
2,397
1,597
$35,771,100
41,568,300
64,756,200
10,942
$846,726,70C
8,014
$142,095,600
38,128
28,954
15,496
$415,512,100
789,067,800
1,786,915,000
35,605
22,252
14,627
$334,248,000
415,031,500
696,767,300
82,578 $2,991,494,900
72,484
$1,446,946,800
Sales by Buffalo (N. Y.) Drug Stores Increased During
September as Compared With August.
Drug store sales, as reported by 43 Buffalo drug stores,
gained 3% from August to September. September 1933
sales were only 4% below those of September 1932. The
Bureau of Business & Social Research of the University of
Buffalo, in noting this under date of Oct. 21, added:
The index below shows the trend of sales of 43 identical drug stores in the
City of Buffalo from January 1932 to date:
BUFFALO DRUG STORE SALES.
Weighted Adjusted Index x (January 1932=100)•
1932.
1933.
1933.
1932.
83.8
86.3
July
January
85.6
100.0
83.7
87.2
August
82.7
February
100.3
89.7
86.5
September
76.4
March
99.3
86.2
October
78.5
April
97.6
83.7
November
79.0
May
95.4
._
_
98.7
December
94.0
84.9
June
x Adjusted ter days of the month with 71% weight to independent stores and
weight to chain stores.
29%
Gains in Western Business of Spring and Summer
Continued During September According to Bank
of America (California).
Business in the Far West is holding firmly to the gains
established in the spring and summer, it is revealed by the
Bank of America (California) Index of Far Western Business,
which stood at 61.5 (preliminary) for the month of Septem-
Oct.
28 1933
ber. Individual and unadjusted factors composing the Index,
derived from earloadings, all showed substantial gains over
the corresponding period in 1932 and an increase over the
same quarter last year. It is further noted:
Carloadings were 9.3% above the same month in 1932 and up 11.6%
over the same quarter last year. Bank debits were up 1.8% over the corresponding month last year and 3.3% above figures for the third quarter a
year ago, while electric power production climbed 2% above the same
month last year and 4.3% over the third quarter in 1932.
With these factors weighted and seasonally adjusted, the bank's resultant
Index registered a 0.8% gain over the corresponding period last year and
more than a 14% rise over the all-time low of 53.8 established in February,
this year. The September index figure was but 0.7 of a point off from the
previous month of 62.2 in August.
Increase of 35.8% in Employment in California During
September as Compared with September 1932
Reported by Wells Fargo Bank & Union Trust Co.
-Payrolls Up 30%.
Employment in California in September showed an increase
of 35.8% and a total payroll increase of 30% in comparison
with September last year, according to Wells Fargo Bank &
Union Trust Co., San Francisco. Business activity in the
Pacific West was fairly well maintained during the month
after receding moderately in August from the July peak.
The index of Western business computed by the bank stood
at 67% of the 1923-25 average in September as against 67.5%
in August, 71.8% in July and 62.9% in September last year.
In each of the past three months business activity has been
greater than at any time since January 1932. The bank
further reported:
Among other indications of improved conditions in San Francisco several
"first-run" motion picture theatres which had been closed for lack of
business have recently reopened. Reports from the telephone company
for San Francisco and the East Bay region show that during August and
September for the first time since November 1931 there were considerable
net gains-greater than seasonal-in the number of telephones in use.
During the last four months building permits issued in California have
shown sizable well-sustained increases over corresponding figures for a
year ago, the increases resulting from a wide variety of new work and not
merely from a few large jobs.
Food Costs and Factory Wages Maintain Close Ratio,
Dr. Howe Reports-Changes Are Similar During
Period February-August, "Consumers' Guide"
Shows.
Changes in factory wages and food costs, as represented
by typical monthly purchases of important food products
for a family, were strikingly similar during the period from
February to August, Dr. Fred C. Howe, Consumers' Counsel
of the Agricultural Adjustment Administration, announced
on Oct. 13 in releasing the third issue of the bi-weekly
"Consumers' Guide." His findings were reported as follows
in a Washington dispatch to theNew York "Herald Tribune":
"Although there has been this close relation between factory wages and
certain food price increases," Dr. Howe said, "there are still large numbers
of unemployed with no buying power at all who continue to be dependent
on employed workers or public aid for their food supplies."
Average monthly pay of factory workers in February amounted to $63,
his figures showed, while the retail cost of typical monthly purchases for
a family of 14 important foods amounted to 22% of this pay in February.
The foods included beef, pork, lamb, chicken, eggs, milk, butter, cheese,
rice, potatoes, flour, bread, macaroni in the amounts which go into average
monthly purchases for each family. In August average monthly pay of
factory workers had increased to $79, he found, and the cost of these foods
still amounted to 22% of the pay.
Country's Foreign Trade in September-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Oct. 26 issued its statement on the foreign
trade of the United States for September and the nine
months ended with September. The value of merchandise
exported in September 1933 was estimated at $160,000,000,
as compared with $132,037,000 in September 1932. The
imports of merchandise are provisionally computed at
$147,000,000 in September the present year, as against
$98,411,000 in September the previous year, leaving a
favorable balance in the merchandise movement for the
month of September 1933 of approximately $13,000,000.
Last year in September there was a favorable trade balance
in the merchandise movement of $33,626,000. Imports for
the nine months ended September 1933 have been $1,037,112,000, as against $1,015,720,000 for the corresponding
nine months of 1932. The merchandise exports for the nine
months ended September 1933 have been $1,104,986,000,
against $1,187,478,000, giving a favorable trade balance of
$67,874,000 for the nine months, against $171,758,000 in
the same period a year ago.
Gold imports totaled $1,544,000 in September 1933 against
$27,957,000 in the corresponding month of the previous
year, and for the nine months ended September 1933 were
$187,639,000, as against $220,013,000 in the same period a
year ago. Gold exports in September were $58,281,000,
Financial Chronicle
Volume 137
against only $60,000 in September 1932. For the nine
months ended September 1933 the exports of the metal foot
up $318,833,000, against $809,438,000 in the corresponding
nine months of 1932. Silver imports for the nine months
ended September 1933 have been $47,055,000, as against $15,648,000 in the nine months ended September 1932, and silver
exports were $15,707,000 compared with $10,399,000. The
following is the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES
(Preliminary Figures for 1933 Corrected to Oct. 24 1933.)
MERCHANDISE
9 Mos. End. September.
September.
1933.
1933.
1932.
1,C00
1.000
Dollars.
160,000
147,000
Dollars.
132,037
98,411
13,000
Export.
Imports
1.000
1,000
Dollars.
Dollars.
1,104,986 1,187,478
1.037.112' 1,015,720
33,626
Excess of exportv
FIxrpaa at imnartq
Increase(+)
Decrease(-)
1932
67,874
1,000
Dollars.
-82,492
+21,392
171,758
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1933.
1931.
1932.
1929.
1930.
1928.
1,000
1,000
1.000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
120,589 150,022 249,598 410,849 488,023 410.778
101.515 153.972 224,346 348,852 441,751 371,448
108,015 154,876 235,899 369,549 489.851 420.617
105,217 135.095 215,077 331.732 425,264 363,928
114,203 131.899 293,970 320.035 385,013 422,557
119,790 114,148 187,077 294,701 393,186 388,661
144,192 106,830 180 772 266,762 402.861 378,984
131,465 108,599 164,808 297,765 380,564 379,006
160,000 132,037 180,228 312,207 437.163 421,607
153,090 204,905 326,896 528,514 550,014
138,834 193.540 288,978 442,254 544,912
131,614 184,070 274,856 428.551 475,845
Exports-.
January
February
March
April
May
June
July
August
September
October
November
December
9 mos. ending Sept__ 1,104,986 1,187,478 1,841,775 2,952,410 3,843,676 3,557,586
12 mos. ending Dec..
1,611,016 2,424,289 3,843,181 5,240,995 5.128,357
Imports
January
February
March
April
May
June
July
August
September
October
November
December
96,006
83,748
94,860
88,412
106,874
122.251
142,980
154.981
147,000
9 mos. ending Sept
12 mos. ending Dec
135.520
130.999
131,189
126,522
112,276
110.280
79,421
91,102
98,411
105,499
104.468
97,087
183,148
174.946
210,202
185,706
179,694
173,455
174,460
168,679
170,384
168,708
149,480
153,773
368,897
369,442
383,818
410,666
400,149
353,403
352,980
369,358
351.304
391,063
338,472
309,809
310,968
281,707
300,460
307.824
284,683
250,343
220,558
218,417
226,352
247,367
203.593
208,636
337.916
351,035
380,437
345.314
353,981
317,249
317.848
346,715
319,618
355.358
326,565
339.408
1.037,112 1,015,720 1,618,674 2,401,312 3,360,017 3,070,118
1,322,
(74 2,090.635 3.060,908 4,399,361 4,091,449
GOLD AND SILVER
•
9 Mos. End. September.
September.
1933.
1932.
-1,000
1,000
1,000
Dollars.
Dollars. Dollars.
58,281
318,833
60
1,544
187,639
27,957
1933.
GoldExports
Imports
Excess of exports....
Excess of imports..
Silver
Exports
imports
56,737
Increase( 4-)
Decrease(-)
1932.
131,194
589,425
27,897
3,321
3,490
Excess of exports __ _
Excess of Imports_ __
1,000
Dollars.
-490,605
-32,374
1,000
Dollars.
809,438
220,013
868
2,052
15.707
47,055
10,399
15,648
199
1 IRd
21 248
8 249
+5,308
+31,407
EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.
Gold.
Silver.
3043
Improvement Reported in Canadian Financial and
Trade Conditions by Bank of Montreal.
The Bank of Montreal, in its "Business Summary" dated
Oct. 23 stated that conditions in Canada continue to show
improvement. The Bank said that "although the data is
not yet availabe for all the factors which are incuded in
the index number of the physical volume of business in
the Dominion, present indications are that the level of
August will be somewhat surpassed in September. This is
mainly due to further advances in mineral production,
flour milling and increased exports," said the Bank, which
added:
The drop in price of wheat is a discouraging incident of recent weeks
since the structure of business in the Prairie Provinces depends largely
upon the realized value of this crop. The export movement has been
relatively slow, as a consequence of which the quantity of Canadian wheat
in store in Canada on Oct. 6 had risen to 229,000,000 bushels, a quantity
in excess of this period last year. A striking recovery in trade in forest
products features recent weeks. Whereas returns showed a decrease of
19,575 car loadings of forest products on July 15, as compared with last
year, those to Oct. 7 show an increase of 5,421 cars. Manufacturing
industries continue to display greater activity, imports of raw material
have risen, exports are larger than last year and the favorable balance of
foreign trade continues to mount. Retail trade has experienced seasonal
improvement, but caution is still practiced in stocking up. Increasing
consumption of hydro power has resulted from greater industrial activity.
There was a slight decline in the index number of wholesale commodity
prices in September and a further recession in the first half of the current
month. The decline in September was due mainly to lower grain prices
and to the low prices of most of the nonferrous metals. Compared with
a year ago the index number of 502 commodities, compiled by the Dominion
Bureau of Statistics, rose from 65.9 to 68.9 in September, but had fallen
from 70.5 in July. Exports of cattle to Great Britain continue with
regularity and promise to reach a total of 50,000 head when navigation
by the St. Lawrence ends.
Notable is the fact that in only one month in the last three years, May
1931, have Canada's exports of domestic products reached as large a money
value as in September last, when they amounted to $57,784,000. Imports
were $38,698,000 in September, about the same sum as in August, but
larger than in any other preceding month since June 1932. A favorable
feature of imports is the rising tide of free goods, consisting largely of
raw materials for manufacture, importation of which increased last month
$2,542,000 over September 1932, while in the elapsed six months of the
fiscal year the value of free goods imported was $2,639,000 greater against
a decrease of $24,093,000 in dutiable goods compared with last year. In
September there was an increase in all principal items of export except
wheat, the value of which was $328,000 less than last year. In export
of nickel a rapid increase has occurred, $2,249,000 in September and
$10,505,000 in the last six months, compared with a year ago. Exports
of wheat flour increased $846,000; of meats,$800,000; of planks and boards,
$1,411,000; of wood pulp, $1,000,000; of newsprint, $1,288,000, and of
copper, $1,130,000. The favorable balance of trade continues to grow.
having been $19,630,000 last month, against $8,160,675 in the corresponding month last year, and in the elapsed six months the excess of
domestic exports over imports amounted to $65,222,000, compared with
$12,435,000 in the corresponding period in 1932.
The Bank's "Summary" also had the following to say:
The outstanding event of the month has been the successful placing
by the Dominion Government of a domestic loan of $225,000,000 made
for the purpose of retiring $170.000,000 maturing victory Loan and
$40,000,000 of short-term Treasury bills, and providing $15,000,000 of
new money for general purposes. The loan was over-subscribed $31,000.000 in less than a week. By this refunding operation a considerable
saving in interest is effected, as well as a reduction of $170,000,000 in
outstanding tax-exempt bonds. In other ways the financial position
of the Dominion is improving. In September current revenue increased
nearly $2,000,000, as compared with September 1932, the second month
in succession, while current and special expenditure shows a decrease of
$10,500,000 in the elapsed six months of the current fiscal year.
9 mos.end.Sep 187,639 220,013 367,261 287,482 47,055 15,648 20,738 34,179
. . 363.315 612.116 396.054
__ __ 19.650 28.664 42.761
12 mos. end. De
William Green Estimates Unemployment Reduced
3,600,000 Since March, with Largest Rise in Jobs
871,000 in September
-A. F. of L. President Declares Shorter Hours in NRA Codes Responsible
for Re-employment of 1,700,000-Urges Further
Cut in Work Week.
Unemployment in the United States decreased by 871,000
in September, marking the largest reduction for any month
since President Roosevelt assumed office, according to an
estimate on Oct. 22 by William Green, President of the
American Federation of Labor. Mr. Green said that since
last March unemployment has decreased about 3,600,000,
and of this number more than 1,700,000 have been, re-employed as a result of the Administration's recovery program,
he added. August re-employment was placed at 833,000.
Mr. Green estimated that the number of persons still unemployed is 10,089,000. He cited the reduction in unemployment as "striking proof" of the results of the application
of the shorter work week in the various National Recovery
Administration codes. He said that the only way by which
the millions of persons still unemployed can be restored to
gainful work is by a further decrease in hours. Mr. Green
said:
of Ordinary Life Insurance in Metropolitan
Area of New York During September Estimated
at $46,601,000.
The Life Underwriters Association of the City of New
York announces estimated sales of ordinary life insurance
for September 1933.in the Metropolitan area of $46,601,000.
Since the President's unemployment program went into effect, unemployment has been reduced by more than 1,700,000, according to estimates
of the American Federation of Labor. This has been accomplished in the
two months of August and September; the gain in September was the
largest of any month since the Administration began its attack on unemployment.
The accomplishments of the last two months are striking proof of the
results of shortening work hours. During the spring months we depended
on rising industrial activity to put men back to work, and in three months,
1933.
Exports
January
February
March
April
May
June
July
August
September
October
November
December
1932.
1931.
1930.
1933.
1932.
1931.
1930.
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Dollars. Dollars. Dollars. Dollars, Dollars, Dollars. Dollars. Dollars.
14 107,863
1,611 3,571 5,892
54 8,948 1.551
21,521 128.211
14
942 1,638 5,331
207
209
28.123 43,909
26
290
269
967 2,323 5,818
16,741 49 509
27
110
193 1,617 3,249 4,646
22,925 212,229
628
82
235 1,865 2,099 4,978
4,380 226,117
40
26
343 1,268 1,895 3,336
85,375 23,474
1,009 41,529 2,572
828 2.305 3,709
81,473 18,067
433 2,024 4,544
39 39,332 7,015
58,281
60 28,708 11,133 3,321
868 2,183 3,903
61 398,604 9,266
____
1,316 2,15g 4,424
16 4,994 5,008
875
872 4,103
____
13 32,651
1,260 2.168 3.472
36
____
Imports
-
January
February
March
April
May
June
July
August
September
October
November
December
128,479
30,397
14,948
6,769
1,785
1.136
1,496
1.085
1,544
34,913
37,644
19.238
19,271
16,715
20.070
20.037
24,170
27,957
20,674
21,756
.100,872
Sales
34,426
16,156
25,671
48,543
50,258
63,887
20.512
57,539
49,289
60,919
94,430
89,509
12.908 1,763
60.198
855
55,768 1,693
65,835 1,520
23,552 5,275
13,938 15,472
21,889 5.386
19,714 11,602
13,680 3,490
35.635
---40,159
- -- 32,778
..--
0000m00000.CQ0PC
Wo1.4,N4,00..,00o*.4
•
9 mos.end.Sep 318,833 809,438 30,545 101,657 15,707 10,399 21,287 42,158
809.528 466,794 115,967
____ 13,850 26,485 54,147
12 MOS. end. De
2,896
1,877
1.821
2,439
2,636
2,384
1,663
2,685
2,355
2,573
2,138
3,215
4.756
3,923
4.831
3.570
3,486
2,707
3,953
3,492
3,461
3.270
2.652
2,660
3044
Financial Chronicle
when industrial activity rose by the unprecedented figure of 42%. unemployment was reduced by less than 500,000 a month (April through June).
In the two months of the President's re-employment program, when men
were put to work by shortening work hours, unemployment was reduced
at the rate of 850,000 a month. This achievement is all the more striking
because it was accomplished while industry declined 11%•
We have made much progress since the March unemployment peak when
13,689.000 were out of work. By September this army of unemployed had
been reduced by 3,600,000. But even so, 10,089,000 are still unemployed.
Winter is just ahead; most of the effect of the re-employment program has
already been felt. What are we to do for these 10,089.000 unemployed in
the coming months? The only way we can possibly put them to work is by a
further shortening of work hours.
The following table shows the decrease in unemployment each month
since March this year:
April
433,000 July
411,000
May
360,0001 August
833,000
June
692,000 September
871,000
The re-employment of workers is steadily increasing buying power.
The dollar increase in total workers' buying power from March to September
was 30.7%, but the effect of this gain has been greatly reduced by increased
living costs. When the rise of prices is taken into consideration, workers'
effective buying power has Increased by 20.5% since March. Thus, even at
to-day's higher prices, workers' total effective buying power in September
was above the March level by $365,500,000 per month, and above August
by $67,000,000 a month. Had it not been for the increase of retail Prices.
the increase in workers' buying power would be about 50% above this
figure.
The following estimate of the total number of persons
unemployed each month since January 1930, was made by
the American Federation of Labor:
Month.
Estimate Trade Union
Estimate Trade Union
Part
( P. C.of
5
of Total
OP. C. of
Part
of Total
Membership) Time.
Number
Number Membership; Time.
Month Unemployed (Unemployed
Unemployed (Unemployed
Weighted.)
Weighted.)
in U. S.
in U. S.
1930.
Jan__
.
Feb...
Mar_.
April.
May__
June__
July_ _
Aug.
.
Sept_.
Oct__.
Nov- _
Dec __
Av._
1931.
Jan.__
Feb__
Mar.
-_
Apr.__
May..
June__
.
July.
Aug.__
Sept..
Oct.__
Nov..
Dec.-
3,216,000
3,565,000
3,543,000
3,188.000
3,010.000
3.250,000
3,714,000
4,101.000
4,150,000
4,639,000
5,364,000
5,541,000
3.941,000
12.5
14.0
13.6
13.3
13.3
14.3
15.7
16.0
14.6
14.1
15.9
16.6
---
__
__
__
__
__
__
-_
...
__
__
__
__
__
1932.
Jan.__
Feb___
Mar.
.
Apr_ ...
May__
June__
July.
.
Aug.__
Sept- _
Oct___
Nov_ _
Dec.__
Av..
10.197,000
10,486,000
10,739,000
10,990,000
11,470,000
11,853,000
12.300,000
12,344,000
11,767,000
11,586,000
12,008.000
12,124,000
11,489,000
23.1
23.0
22.5
22.8
22.8
23.6
25.4
25.1
24.8
23.9
24.2
24.9
-_-
19
20
20
21
22
21
21
21
22
22
23
22
--
7,180,000
7.345,000
7,098,000
6,739,000
6,750,000
6,841,000
7,198,000
7,357,000
7.303.000
7.778,000
8,099.000
8,908,000
19.8
19.0
18.1
17.6
17.1
18.2
18.8
19.2
19.4
19.5
20.1
21.8
18
19
18
18
19
19
19
19
18
19
19
19
1933.
Jan___ 13,100.000
Feb___ 13,294,00
Mar_
. 13,689,000
Apr.__ 13,256,006
May.. 12,896,000
June__ 12,204,000
July .
. 11.793,000
Aug.__ 10.960.000
Sept. _ .10,089,000
•Preliminary.
25.8
26.0
26.6
26.1
25.8
24.5
24.1
23.7
.22.6
20
20
22
21
20
21
21
20
20
AY
7 411 111111
Report on Wholesale and Retail Trade Conditions in
Chicago Federal Reserve District-September Sales
of Department Stores Larger Than September
1932-Data of Wholesale Trade Less Favorable.
The Federal Reserve Bank of Chicago, in its Oct. 31
"Business Conditions Report," says "wholesale trade data
for September in the Seventh (Chicago) District recorded
less favorable trends, for the most part, than in recent
months. Gains over August in grocery, hardware, dry goods,
and electrical supply sales were smaller than usual for the
period,.while a slight recession in the drug trade was contrary to seasonal trend," says the Bank, which adds:
Expansion in the monthly comparison amounted to 3% In groceries,
% in hardware. 15% in dry goods, and to less than 3.6% In electrical
supplies, with drug sales declining 1% As compared with a year ago, the
Increases shown in the table for hardware, dry goods, and electrical supplies
were smaller than in a similar comparison for August, while the declines
in groceries and drugs contrasted with gains recorded a month previous.
In the three quarters of 1933, electrical supply sales totaled almost 9%
larger than in the same period of 1932, an dry goods sales increased 1%,
but hardware sales aggregated less by 2%. groceries by 6%,and drug sales
by 15%. Stocks In practically all reporting groups expanded slightly
between the end of August and Sept. 30.
WHOLESALE TRADE IN SEPTEMBER 1933.
Per Cent Change
From Same Month Last Year.
Commodity.
Net
Sales.
Groeeries
Hardware
Dry goods
Drug.
Electrical supplies
Stocks.
+15.6
+3.7
-1.6
+44.5
+13.8
-4.8
-3.4
-13.1
+1.2
Ratio of
Accts. Out..
standing to
Accts. OutCol
standing. legions. Net Sales.
-.2.3
-2.0
+6.6
-10.1
+14.9
+9.0
+12.9
+24.1
-3.1
+34.2
109.3
246.2
272.0
219.3
191.1
The 19% increase for September over August In Seventh District department store trade compared with an expansion in the 1923-33 average for
the month of 25%. Furthermore, the dollar volume of sales exceeded that
of the same month last year by only 10%, as against an increase of 28%
in the yearly comparison for August. although the gain for the current
period was larger than that shown in July. The 15% increase over last
September in Chicago department store sales brought the total for that
city in the nine months of 1933 to 1% above the aggregate for the same
period of 1932. In the comparison with the preceding month, sales by
Chicago stores were only 7% larger in September; In Milwaukee they expanded 13% in Indianapolis 22%. in Detroit 60% (owing to special sales
during the month); while the total for stores in smaller cities showed an
Increase of but 5%. Continued expansion In stocks was recorded at the end
of September,the District total reaching a level 18% higher than a year ago,
Oct. 28 1933
with the 17% gain over a month previous the largest on our records for
September (from 1922).
DEPARTMENT STORE TRADE IN SEPTEMBER 1933.
Locality.
P.C.Change
9 Months
1933 From
Same
Period 1932
Per Cent Change
September 1933
from
September 1932.
Ratio of September
Colieciums
to Accounts
Outstanding
End of August.
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh District
Stocks End
of Month.
Net
Sales.
1933.
1932.
+14.8
+5.6
+5.5
+10.0
+6.6
+31.4
-13.9
+51.0
+27.2
+4.0
+1.0
-19.0
-4.2
-8.2
-7.5
28.2
33.2
34.0
30.0
26.9
21.0
26.4
33.9
28.1
24.8
+9.9
+17.8
-6.7
29.9
25.6
Not only was the 66% gain over August in the September retail shoe trade
considerably greater than seasonal, but it followed a contrary-to-seasonal
expansion in the earlier month. Reporting shoe dealers and the shoe
departments of department stores with few exceptions shared in the increases over both a month previous and last September, the aggregate gain
In the latter comparison being 10%. In the nine months of 1933, sales
totaled 8% smaller than in the first three quarters of last year. Stocks
gained 11;4% during September, bringing them to 7% above those on
hand on Sept. 30 1932.
Sales offurniture and house furnishings at retail expanded 13% in September over the preceding month, which gain, however, was considerably
smaller than the 373i% shown In the 1927-32 average for the month. Also,
the increase of 8% recorded over last September was less than in the yearago comparison for any of the four preceding months. At the end of the
month, stocks totaled 13% heavier than a month previous and 5% larger
han on the corresponding date last year.
In reporting groups of chain store trade, groceries, drugs, five-and-tencent stores, cigars, and musical instruments had heavier sales in September
than in the preceding month, while sales by shoe and men's clothing chains
were smaller, the aggregate dollar volume sold by all groups increasing 6%
in the comparison. With the exception of musical instruments, no declines
were recorded from a year ago,and total sales gained 12%.
Seasonal Decline Reported by Federal Reserve Bank
of Chicago in Mid-West Distribution of Auto..
mobiles in September-Orders Booked by Furniture
Manufacturers Dropped 12% Below August Volume
-Higher Than Year Ago.
In reporting on automobile production and distribution
in the Mid-West, the Chicago Federal Reserve Bank states
that a decline, seasonal in nature, was registered during
September in distribution. "Sales to dealers and to consumers fell off more than 20% in the period," the Bank says,
adding that "increases over the corresponding month of
1932 remained large, although they were not so great as
shown in the preceding month." In its "Business Conditions Report" dated Oct. 31, the Bank continues:
The number of new cars on hand at the end of September rose somewhat
over the number held on Aug. 31, and was substantially greater than on the
same date a year ago. Trends in used-car sales and stocks followed closely
those in new cars. The value of salts made on the deferred payment plan
amounted, during September. to 44% of total retail sales by dealers reporting the item; this compares with a like ratio in August and with 48% last
September.
MID-WEST DISTRIBUTION OF AUTOMOBILES.
Changes in September 1933from Previous Months.
Per Cent. Change from
Companies Included.
AttintSt
1933.
New Cars
Wholesale-Number sold
Value
Retail-Number sold
Value
On hand Sept. 30
-Number.
Value
Used cars
-Number sold
Salable on hand-Number....
Value
September
1932.
August
1933,
September
19.2.
28.0
-28.7
21.2
-23.4
+6.3
+6.2
-18.8
+6.6
+3.6
+148.6
+98.6
+93.1
+64.9
+38.3
+3.8
+32.3
+34.3
+8.6
20
20
62
62
82
62
62
82
82
13
13
38
38
38
38
38
38
38
The Bank has the fol owing to say in its "Report" with
regard to orders booked by furniture manufacturers:
September orders booked by furniture manufacturers reporting to this
Bank. though receding 12% from the August volume, continued-for the
fifth consecutive month-well In excess of those In the
corresponding
a year ago. Shipments also showed the fifth substantial gain In the period
yearly
comparison-51%;and were 7% heavier than in August, the sixth successive
Increase in the monthly comparison. Total orders booked during
the first
nine months of this year exceeded by 24% those for the corresponding period
last year, and shipments were 10% greater. During the current month,
unfilled orders outstanding fell off 15% and stood on Sept. 30 in a ratio
of 96% to September orders, or 5 points lower than a month
previous.
The rate of operations averaged 60% of capacity in September.
unchanged
from the preceding month and comparing with 57% a year ago.
Industrial Employment in Chicago Federal Reserve
District During September at Highest Level Since
September 1931
-Earnings of Workers in Most
Industries Declined.
"A further increase in the employment of wage earners was
reported by Seventh (Chicago) District industries for September," states the Federal Reserve Bank of Chicago in its
"Business Conditions Report" of Oct. 31. The Bank says
that "a rise of 3%
-somewhat more moderate than the
gains experienced during the four preceding months-brought
industrial employment to the highest level attained since
September 1931." Continuing, the Bank notes:
Financial Chronicle
Volume 137
Payroll figures reflected a less favorable position, a weekly aggregate in
September showing a decline of 234% from the corresponding period in
August and remaining below the level prevailing in the first quarter of 1932.
Shorter operating schedules for a considerable number of workers in many
of the important industries accounted for this decline, these being more
than sufficient to offset the effect on payrolls of an increased volume of
employment as well as of the general tendency towards higher wage rates
that was apparent among the lower paid classes of workers.
Increases in working forces from the middle of August to the middle of
September were shown by all but three of the 10 manufacturing groups
and by all the non-manufacturing groups the latter covering construction
work, coal mining, public utilities, and merchandising. The textile industries, one of the three groups in which employment declined,showed
Increased payrolls of 334%. Payrolls in the leather products industry
decreased by less than 1% but employment fell off 2i%. In the stone.
clay, and glass products industries, a loss of 73i% representing about
half of the preceding month's increase was reported for employment and a
decrease of 6% for payrolls, the latter conteracting most of the 7% increase
reported for this item in August.
Four manufacturing groups-rubber,chemicals, foods, and wood products
-increased payrolls as well as employment, the gains in wage payments
ranging from I% for the rubber industry to 1155% for the wood products
groups. The large metals group added 434% more workers but showed
a decrease of I% in wage payments. Vehicles with a rise of 3% in working
forces reported wage payments lower by nearly 10%. With the exception
of the public utilities, non-manufacturing industries showed gains in payrolls as well as in employment. A decrease of 1M % in payrolls of the public
Utilities group approximately equaled the increase in this item in the
preceding month.
EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RESERVE
DISTRICT.
Week of Sept. 15 1933.
Industrial Group.
No. of Number
of
Reporting
Wage
Firms. Earners.
Metals and products_a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Wood products
Chemical products
Leather products
Rubber products.b
Paper and printing
Total manutg., 10 groups
Merchandising_c
Public utilities
Coal mining
Construction
785
183
146
386
146
279
113
90
8
332
2,468
277
77
20
329
Earnings.
Per Cent Changes
from Aug.15 1933.
EarnWage
Earners. bun.
3,032.000
4,785,000
558,000
1,584,000
158,000
375,000
333,000
448,000
147,000
1,081,000
+4.4
+2.9
-0.9
+3.4
-7.5
+6.5
+4.4
-2.6
+5.2
+1.4
-1.2
-9.6
+3.5
+4.4
-6.0
+11.5
+1.7
-0.7
+1.3
-0.7
635,156 512,501,000
722,000
38,021
77,679
2,159,000
3,174
53,000
205,000
11,788
+2.8
+2.6
+1.6
+32.9
+9.5
-3.3
+2.9
163,778
217,447
33,928
82,315
8,841
27,077
16,059
27,660
7,603
50,548
+35.7
+12.9
Total non-mtg., 4 groups_ ___
703 130,662 83,140,000
+0.6
+3.2
Total, 14 groups
3,171 765,818 815,641,000
-2.6
+2.9
a Othe than vehicles. b Michigan and Wisconsin. c Illinois and Winconsin.
Lumber Output and Orders Show Slight Declines.
Except for one recent week lumber production was less
during the week ended Oct. 21 1933 than since the Fourth
of July; new business booked at the mills was less than
during four preceding weeks; shipments were slightly heavier
than the week before, according to telegraphic reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of leading hardwood and
softwood mills. The reports wera made by 1,276 American
mills whose production was 181,992,000 feet; shipments,
169,596,000 feet; orders received, 161,227,000 feet. Production of 22 British Columbia mills reported by the West
Coast Lumbermen's Association was 13,456,000 feet; shipments, 13,845,000 feet; orders, 10,825,000 feet. The Association's statement continued:
All regions except the northern, and California Redwood reported orders
and shipments loss than production, total softwood orders being 12%
below output; hardwood orders, 8% below. Total production during the
week was 31% greater than during corresponding week of 1932; shipments
were 5% below those of same week last year and orders were 6% above.
The gain in orders over those of last year was shared by West Coast,
Redwood. Northern liemlock, and all hardwoods.
During the 42 weeks of the year to date production was 26% ahead of
the same period of 1932 shipments were 14% greater than in similar period
last year; orders were 15% heavier than during the 1932 weeks.
Unfilled orders at 1,012 mills on Oct. 21 were 563.360.000 feet: gross
stocks at 994 mills were 3,991.565,000 feet. The 572 identical mills reported unfilled orders the equivalent of 15 days' average production, compared with 16 days' a year ago.
Forest products carloadings during the week ended October 14 of 24.747
cars were 209 cars below the preceding.week and 5,195 cars above the
same week of 1932.
Lumber orders reported for the week ended Oct. 211933, by 708 softwood mills totaled 130.478,000 feet, or 12% below the production of the
game mills. Shipments as reported for the same week were 143.722,000
feet, or 3% below production. Production was 148,677,000 feet.
Reports from 593 hardwood mills give new business as 30,749.000 feet,
or 8% below production. Shipments as reported for the same week were
25,874,000 feet, or 22% below production. Production was 33,315.000
feet.
Unfilled Orders and Stocks.
Reports from 1,012 mills on Oct. 211933. give unfilled orders of 563,300.000 feet and 994 mills reported gross stocks of 3.991.565,000 feet.
The 572 identical mills report unfilled orders as 445.537,000 feet on Oct. 21
1933, or the equivalent of 15 days' average production, as compared with
493,156.000 feet, or the equivalent of 16 days' average production on
similar date a year ago.
Identical Mill Reports.
Last week's production of 414 identical softwood mills was 139.436.000
and a year ago it was 112,754,000 feet; shipments were respectively
feet,
137,524,000 feet and 143,945,000; and orders received 121.233,000 feet and
117,498,000 feet. In the case of hardwoods, 213 identical mills reported
3045
production last week and a year ago 18,061,000 feet and 7,762.000; shipments 14,849,000 feet and 15,706,000; and orders 17,087,000 feet and
13,271,000 feet.
SOFTWOOD REPORTS.
West Coast Movement.
The West Coast Lumbermen's Association reported from Seattle, that
for 388 mills in Washington and Oregon and 22 in British Columbia, shipments were 6% below production, and orders 16% below production and
11% below shipments. New business taken during the week at these
mills amounted to 74,648,000 feet (previous week 85,283.000 at 397 mills):
shipments 84.156.000 feet (previous week 75,700,0001; and production
89.201,000 feet (previous week 88,437.000). Orders on hand at the end
of the week at 344 mills were 247,899,000 feet. The 172 identical mills
reported a gain in production of 22%. and in new business a gain of 12%,
as compared with the same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
100 mills reporting, shipments were 6% below production, and orders
20% below production and 15% below shipments. New business taken
during the week amounted to 18,731.000 feet (previous week 23.040.000
at 102 mills); shipments 21.911,000 feet (previous week 20.354.000): and
Production 23,309,000 feet (previous week 23.711,000). Production was
39% and orders 32% of capacity, compared with 40% and 39% for the
previous week. Orders on hand at the end of the week at 96 mills were
59,692,000 feet. The 96 identical mills reported an increase in production
of 5%,and in new business a decrease of 22%. as compared with the same
week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore, that for
153 mills reporting, shipments were 5% below production, and orders 15%
below production and 10% below shipments. New business taken during
the week amounted to 35,154,000 feet (previous week 33.079.000 at 149
mills); shipments 39,213,000 feet (previous week 40,244,000), and production 41,440,000 feet (previous week 45,975,000). Production was 24%
and orders 20% of capacity, compared with 30% and 22% for the previous
week. Orders on hand at the end of the week at 116 mills were 79.647.000
feet. The 114 identical mills reported an increase in production of 28%,
and in new business a decrease of 1%, as compared with the same week a
year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported production from 19 American mills as 1,349,000 feet. shipments 3,043.000
feet and new business 3,802,000 feet. Seven identical mills (including
four Canadian) reported production 253% greater and new business 23%
less than for the same week last year•
California Redwood.
The California Redwood Association of San Francisco reported production from 23 mills as 6,638.000 feet, shipments 6,892,000 feet and new
business 7.042,000 feet. Production of 17 mills was 55% of normal production. Eleven identical mills reported production 138% greater and
new business 67% greater than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported softwood production from 25 mills as 196,000 feet,
shipn'ients 2,352,000 and orders 1,922,000 feet. Orders were 15% of
capacity compared with 12% the previous week. The 14 identical mills
reported a decrease of 79% in production and an increase of 186% in new
business, compared with the same week a year ago.
HARDWOOD REPORTS.
. The Hardwood Manufacturers Institute, of Memphis, Tennessee, reported production from 568 mills as 32,346,000 feet, shipments 24.596.000
and new business 29,690,000. Production was 40% and orders 37% of
capacity, compared with 40% and 38% the previous week. The 199
identical mills reported production 126% greater and new business 31%
greater than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported hardwood production from 25 mills as 969,000 feet,
shipments 1.278.000 and orders 1,059,000 feet. Orders were 12% of
capacity, compared with 19% the previous week. The 14 identical mills
reported an increase of2% in orders, compared with the same week last year.
International Paper Co. Adopts 40
-Hour Week
Announces Average Increase of 12% in Hourly
Wage Rates.
Announcement was made Oct. 17 by the International
Paper Co. that a maximum working week of 40 hours has
been put into effect in all its mills in this country and that,
with the reduction in hours of work, an average increase of
12% had been made in the hourly rates of wages. From
the New York "Times" of Oct. 18 we quote as follows:
The plants are understood to have been on a 48-hour week, with some
employees working overtime at increased compensation, so that the increase
in hourly pay compares with a reduction of 16 2-3% in the working week.
Overtime is possible under the National Recovery Administration codes.
The company announced that its action was taken in anticipation of the
labor provisions proposed in the code of the pulp and paper industry, upon
which action is to be taken soon by the NRA. More than 5.000 employees
at some 27 mills in the United States are affected by the decision, and it was
said that about 1,000 additional men would be employed.
Official notification of the change in hourly wages was made at the
plant at Plercefield, N. Y by E. A. Charlton, Vice-President, in charge
of manufacturing operations. Men at this plant will receive a minimum
wage of 40 cents an hour and women a minimum of 33 cents. The plant
has been operating 24 hours a day with three shifts. It employs
200 persons.
Effectof Lumber Code on Workers-Payrolls Increased
13% During September Reports Show Though
Working Hours Were Cut 163%.
The effect of the lumber code on workers in the industry
is shown by a statement made to the Administration, based
upon reports of operators to the Lumber Code Authority.
While a vastly greater number of returns have been received,
it is said, exact comparisons can be drawn from only the
735 establishments whose figures cover identical periods in
3046
Financial Chronicle
both July and September. In an announcement issued at
Washington, Oct. 20, by the Lumber Code Authority it
was further said:
Tabulation shows that although these operators employed in September
a total average of 64,585 subject to code wage changes, an increase of 5%
over the 61,511 similar workers engaged during the same period in July,
they worked a total of only 9,449,543 man-hours in September as against
11,323,280 in July, a decrease of 16% %.
In spite of the marked reduction in total working time, however, they
received a total September wage of $4,423,505, an increase of 13% over the
$3.916,522 paid for the greater number of hours in July. The weighted
average rate per hour went up from 33.69c. in July to 46.15c. in September,
an increase of 37%. The most startling comparison, however, is in the
weighted average per hour of lowest wages paid. This figure rose from
22.3c. in July to 33.9c. in September, a boost of no less than 52%.
It is expected that additional returns will enhance the percentages given
above. The comparative reports received thus far and tabled above are
from lumber, shingle, flooring and veneer divisions, and do not include
any wooden box, plywood or woodwork plants.
Canadian Output of Newsprint During September
Dropped 14,846 Tons as Compared With August—
Production of United States Declined 11,614 Tons.
Output of newsprint during September by Canadian mills
amounted to 179,416 tons, according to the Newsprint
Service Bureau. This compares with 194,262 tons in August
and 150,691 tons in September last year. Production of
United States mills was 72,907 tons, as compared with
84,521 tons in the preceding month, and 70,621 tons in the
corresponding month of last year. The Montreal "Gazette"
of Oct. 14, in reporting the foregoing, added:
Production in the United States and Canada in the first nine months of
1933 was 2,141,658 tons compared with 2.221,701 tons in like period last
year and 2,560,177 tons in first nine months of 1931.
Shipments from both United States and Canadian mills ran ahead of
production in September, totaling 258,979 tons as compared with 276.857
tons in August and 225,867 tons in September last year. In September 1932,
shipments also exceeded production, although by smaller margin.
Newsprint stocks on Oct. 1 were 56,389 tons compared with 63,233 tons
on Sept. 1 and 81,157 tons on Oct. 1 last year.
The Grain Situation in the Argentine.
The correspondent of the Dominion Bureau of Statistics
in Buenos Aires has forwarded the following report, under
date of Oct. 1 1933, dealing with the grain situation in the
Argentine:
WHEAT,
Exports.
The amount of wheat exported during the month of September was
7,817,311 bushels, less than half the quantity shipped in the preceding
month, viz., 16,490,748 bushels, but still greatly in excess of the figures
for September of last year, when only 3,075.256 bushels were sent out.
Tholes the official estimate of the crop as a basis, the following is now
the statistical position:
Official estimate of the 1932-33 crop
bushels 235,379,244
Carry-overfrom 1931-32
11,043,620
"
Total supplies
Seed and domestic requirements
Balance available for export
Exported to Sept. 30
"
"
246,422,864
95,533,360
150,889,504
133,201,907
Still available for export
"
17,887,597
As pointed out in previous reports, it is altogether probable that there
is more wheat in the country than is indicated by figures based on the
official crop estimate, and the quantity still available for export is likely
to be at least 22.266,622 bushels and possibly even more. This compares
with an available balance of 31.819.958 bushels on the corresponding date
of last year.
Brazil is figuring very largely at the present time as the destination of
Argentine wheat exports. Of the 1,175,795 bushels exported in the lass
week no less than 698,128 bushels went there. Only 1.837 bushels left
consigned to Burope, 91,859 bushels to the United Kingdom, 293,949
bushels left "for orders" and 110,231 bushels for various destinations.
During the nine months since Jan. 1 the following have been the quantities consigned to the various principal destinations:
bushels 21,883,900
Brazil
9,021,105
"
United Kingdom
" 15,751,099
Europe
7,459
South Africa
9,720,888
"
Various
" 71,383,5437
Orders
Markets.
There is little to be said with regard to market conditions during the
past month except that they have been almost uniformly unsatisfactory.
Neighboring republics, especially Brazil, have made purchases of fair
quantities, but European countries have shown no interest whatever in
Plate wheats, and sales in the United Kingdom have not been easy to make.
Reports indicate that Russia is actively offering her wheat in European
importing countries, and that Canadian prices have had to be adjusted to
meet the competition, leaving Argentine prices away out of line. Much
of the wheat which has recently left Argentine ports has been shipped
on consignment.
However, receipts from the interior are on a very moderate scale, and
remaining stocks are negligible. So that with three months to pass before
the new crop begins to move in volume there should be no difficulty in
placing the small balance still on hand.
At the close of business at the end of the month the October option was
officially quoted at $5.25 (paper) per 100 kilos, equal to 56% cents Canadian
per bushel at the current rate of exchange, and the December option at
$5.41 (paper), equivalent to 58 cents per bushel. On the same day Winnipeg closed at 61% cents for October and 62% cents for December.
New Crop.
r. Since my report of a month ago there has been a complete change in the
situation with regard to the new crop of wheat. The anxiety then being
felt on account of the long continued drouth was dissipated a week lacer
Oct. 28 1933
by generous rains which lasted several days, in the course of which every
part of the grain-growing area was given a soaking. Each week since
then there have been further rains, with the weather fine but cool in between, so that with little loss by evaporation the full benefit of the Precipitation has been felt.
In the greater part of the wheat zone the reports coming in indicate that
there has been a wonderul response to the changed weather conditions.
Most of the fields are looking fine, and their condition is probably fully
up to the average for this period of the year.
There will doubtless be some acreage on the light sandy soils where the
grain is past recovery and will have to be plowed up and the land planted
to maize, but this will be much less than at one time seemed to be in prospect.
Whilst fears of damage from droush have been for the moment removed,
and there is now ample moisture to carry the crop for quite a while, the
possibility or probability of damage from locusts later on must not be lost
sight of. The danger will probably be greatest in the month of November.
EAtensive preparations are being made to cope with the pests, but past
experience with them does not encourage the hope that these measures will
be more than partly successful, and unless nature takes a hand there is
very likely to be some damage result.
The extent of the damage to the different crops by the locusts will depend
to a great extent upon the stage of development of the plants when the
insects get busy. If the wheat is well advanced and approaching ripeness,
they will turn to something more palatable if it is available.
MAIZE.
Exports of maize during the month of September totaled 22.171,855
bushels, as against 19,637,882 bushels In the month of August. The grain
is moving out much more slowly than was the case a year ago.
The following is now the position with regard to supplies:
Official estimate 1932-33 crop
bushels 263,766,940
Carry-over from 1931-32
"
9,968,658
Total
Seed and domestic requirements
"
"
273,735,598
56,296,526
Balance available for export
Exported to Sept. 30
"
"
217,439,072
109,495,365
Still available for export
" 107,943,707
In trade circles the opinion is common that the above official crop estimate is too low, and that consequently the balance still available for export
will be found to be greater than is shown above.
The market during the past month has been very weak, there being
little demand for maize for export to European countries, and the United
Kingdom being unable to absorb all that is offered. A few cargoes have
been sold for shipment to Canada.
Whilst the demand has been very small, on the other hand, there has
been no great pressure to sell on the part of country holders, one factor
In this undoubtedly being the loans granted by the Government through
the official bank on maize either in the cribs or in store, in the hands of
farmers or dealers, in order to enable it to be held off the market.
At the close of the month the prevailing price for yellow maize suitable
for export, placed on wagons in the port of Buenos Aires, was $3.70 (paper)
per quintal, equal to 37 cents (Canadian) at the current rates of exchange
In the domestic market spot yellow of superior quality was worth $3.50.
red $3.90, Cuarenteno $4.20 and white $4.20, with lower grades less in
demand and correspondingly lower in price.
The maize available for shipment is in much better shape for export
than was the case with the earlier cargoes sent out, some of which through
deterioration en route caused substantial losses to the exporters.
Following the recent rains, the land is now in excellent shape for working
in preparation for the planting of the new crop, and the present prospect
Is that there will be an increase in the acreage seeded to maize as compared
with last year, some of the land which was last year growing wheat being
put under maize, as well as some of the land on which the wheat and linseed were lost.
Wheat Farmers to Take 7,788,000 Acres Out of
Production in 1934.
Wheat farmers in the Agricultural Adjustment Administration's acreage reduction campaign have signed up the
equivalent of approximately 80% of the average National
seeded acreage and as a result will receive slightly more than
$102,000,000 in benefit payments this fall and next summer.
Seventy per cent of this sum will be paid as soon as contracts covering the sign-up are sent to Washington and
approved, Secretary of Agriculture Wallace and George N.
Peek, Administrator of the Adjustment Act, announced
on Oct. 26. The Administration also said:
Applications totaling 570,263 and representing 51,925.612 acres have
been reported to Washington. This acreage, reduced by 15% for the 1934
crop, in accordance with the wheat contract, will mean approximately
7,788,000 acres of wheat-producing land thus far definitely taken out of
1934 wheat production. Returns are practically complete for most States.
Returns on the wheat campaign show that. in general, the leading wheatproducing States have accepted the plan wholeheartedly, while some of the
regions in which production is mixed and farms are smaller show a lower
percentage of signing up. In some of these States wheat is grown as much
to produce straw for bedding dairy cows, as for the grain.
The wheat campaign is the second acreage reduction campaign in a
major commodity, carried through by the Agricultural Adjustment Administration. The emergency cotton reduction program has already been
completed and benefits totaling approximately $110,000,000 have been
paid to farmers.
"Signing and fulfilling contracts on the basis of these
applications will result in a substantial advance in the task
of balancing wheat production in this country," said Secretary Wallace, who continued:
The Administration has used every means at its command to make this
plan available to farmers as speedily as possible, without sacrificing any of
the essentials to establishment and administration of a three-year program.
The heart of the Administration's program lies in placing the benefits
of co-operation and acreage reduction in the hands of those who co-operate.
The Administration has offered its plan to producers and a majority of them
have accepted it. There has been no pressure on any farmer to join the
program. Taking out of production the 7,788.000 acres thus far accounted
for will have a fundamentally constructive effect on the wheat situation. If
those who remain outside of the wheat program selfishly seek to take advantage of those who participate and thus partly nullify the reduction
Volume 137
Financial Chronicle
indicated, the responsibility will be theirs. Farmers, who take part in the
plan are assured of the benefit payments, plus the market price. Those
outside take their chances on the market price.
The acreage reduction pledged by the farmers who have already signed
up provides for somewhat less than the reduction we are pledged to make
under the International Wheat Agreement. We intend to fulfill that
agreement to the letter. Means to take the required additional wheat
acreage out of production are now under consideration, and plans to this
end will be announced as soon as they have been perfected. In any case
such further plans will be worked out through the County Wheat Production
Control Associations with the farmers already signed up to control acreage.
The announcement by the AAA also stated in part:
Wheat section officials expect some revision may be necessary in some
States where the total of reported acreage in applications, added to the
acreage not signed up, amounts to more than official estimates for the State.
The necessity of adjusting returns to official figures means that nearly
complete returns from all counties in each State must be checked before
acreage and production figures can be approved.
"The task of adjusting figures must be done by the farmers themselves,
through their county wheat production control associations," George E.
Farrell, Associate Chief of the wheat section said.
"The wheat section is prepared to approve the contracts by counties and
to mail adjustment payments as soon as we are assured that the State
returns conform with Federal estimates."
Next steps in the wheat program will be completing the signing of contracts by farmers, sending the contracts to Washington for review and
approval, and paying the first installment of 20 cents a bushel on the adjustment payments on the allotments. Final payments of 8 to 10 cents a
bushel, less local administrative costs, will be made next spring after
farmers prove that they have complied with the acreage reduction requirements.
A national board of review, composed of farm leaders, State extension
workers, and crop statisticians, from the leading wheat States, is in Washington ready to scrutinize the contracts, a few of which have arrived. . .
"It is important to remember that the wheat program is being organized
for a three-year period," M. L. Wilson, chief of the wheat section. says.
"The Administration has insisted on decentralized administration of the
wheat program, with the farmers themselves handling the local features.
This insistence has prolonged the campaign in some areas, but it has rosuited in a firm foundation for operating the plan for the full three-year
period. Explaining the wheat program to all the wheat farmers of the
country has been a tremendous task, accomplished only through the
co-operation of the Federal Extension Service and its county agent system.
"Local administration of the wheat plan is now provided for in the
principal wheat
-producing counties through county associations set up
by the farmers themselves. These associations assure continuity t,o the
wheat program. They will keep accurate records of wheat plantings
and Production during the life of the plan. Such records will be on file
If needed for any future program, and will eliminate one serious difficulty
which confronted us in this campaign, that of getting records on past
years."
The wheat program has been under way since last spring. Shortly
after the AAA came into existence, a National meeting of wheat producers,
handlers and processors was called in Washington by Administrator George
N. Peek. At that meeting a plan was submitted, approved by the majority of the farm groups, and subsequently adopted by the Administration
with some modifications. Early in the program it was decided to organize the wheat program on a county basis, using the existing county agent
system, supplimiented by temporary agents in counties where there were
no county agents.
Purchase of 6,800,500 Bushels of Wheat for Needy by
FSRC—Bids Asked for on Canned Beef.
The Federal Surplus Relief Corporation purchased on
Oct. 25 6,800,500 bushels of wheat, of which 700,500 bushels
were cash wheat. Associated •Press advices from Washington on Oct. 25 added:
Announcement of the purchase of wheat was made after Harry L.
Hopkins, Administrator, had asked for bids on 15,000,000 pounds of canned
beef to be distributed to the needy.
The purchases of wheat included 5,000,000 bushels of December futures
and 1.100,000 bushels of May futures.
It was learned unofficially that large purchases are likely to be made
during the next few months.
World Wheat Crop Reduced, According to Bureau of
Agricultural Economics.
World wheat production outside of Russia and China is
estimated at about 3,500,000,000 bushels, or 270,000,000
bushels less than the preceding harvest, by the Bureau of
Agricultural Economics in its current report on world wheat
prospects. The Bureau on Oct. 26 further said:
This decrease, however, is offset to some extent by an increase in stocks
at the beginning of the season, the surplus in four principal exporting
countries and the supplies afloat on July 1 being estimated at 84,000.000
bushels more than on July 1 last year, says the Bureau. Russia is also
expected to export more wheat than during the last season.
Wheat prices at Liverpool, in terms of gold, have fallen recently to
the lowest point of the current depression despite the smaller world crop,
the Bureau points out, and attributes the decline primarily to large crops
in European importing countries. Nevertheless. the Bureau believes
that "the import demand for the year seems likely to be sufficient to
absorb readily the quotas allotted in the London Wheat Agreement unless
exports from Russia should be unexpectedly large." The report states
that "some recovery from recently extremely low levels of world wheat
prices seems likely."
Farm Strike Meets With Only Partial Success—Little
Strike Activity in 19 of 21 States Where Demonstrations Were Planned—Produce Continues to
Move to Markets — Railroad Labor Executive
Promises "Sympathetic Co-operation."
The strike of farmers, called for Oct. 21 in 21 states by
directors of the National Farm Holiday Association in an
offort to increase prices of farm products, proved only
partially effective this week, according to newspaper reports
3047
from various rural centers. Even in Iowa, where the strike
received greatest support, it failed to halt the movement of
foodstuffs into market. Picketing in the dairying area of
Central Wisconsin resulted in some delay in cheese factories
and creameries. In the other 19 states in which the Association is said to have branches there was little progress made
in the effort to raise prices by withholding produce from
markets. The calling of the strike was described in our issue
of Oct.21 (page 2879).
The strikers received some encouragement on Oct. 23
when Alexander F. Whitney, Chairman of the Railway
Labor Executives Association, said that his organization
pledged its "sympathetic co-operation" with the farm-strike
movement. He indicated, however, that no direct action
was planned. His statement was made after a conference
with Milo Reno of Des Moines, head of the Farmers Holiday
Association, who had come to Chicago to enlist the support
of the railroad workers.
"If the farmers are unable to get relief through farm credit associations
or other relief agencies of the Government that would permit them to protect their homes they certainly have the God-given right to strike as a last
resort," Mr. Whitney said.
"As the railroad industry and other industries throughout the country
cannot prosper unless the purchasing power of the farmer is materially
Increased to a level at least of the cost of production," he added, farmers
could depend on the "sympathetic co-operation" of railroad workers.
The failure to win nation-wide support for the strike
apparently was the cause of some dissention in the ranks of
the farmers late this week. A group of Southwestern Iowa
farmers met to form an anti-holiday association and took
preliminary steps to keep farm products going to market.
The Executive Board of the Nebraska Farmers' Holiday
Association expressed its opposition to picketing. In many
eases diminished aggressiveness among the farmers was
ascribed to the belief that the Administration at Washington
was exerting strong efforts to improve prices for farm
commodities.
Summarizing the farm strike situation early in the week,
an Associated Press dispatch from Des Moines, Iowa, on
Oct. 23, said:
The status of the strike called by the National Farmers Holiday Association in 21 States, a survey to
-night indicated, was as follows:
Wisconsin—Several dozen small cheese factories in Fox River Valley
and some creameries in four northwestern counties were closed. Pickets
spilled milk at Vesper and Neillsville.
Illinois—A group of farmers at Kankakee voted to join the strike.
Iowa—Woodbury County Holiday Association planned to picket Sioux
City market Average volume of milk, grain and poultry products reached
most markets. Trucking off at Council Bluffs.
Maryland—No activities. Miles H. Fairbanks, Secretary-Treasurer of
Maryland Farm Bureau Federation, said farmers "won't join strike"
although they were sympathetic.
Nebraska—Live-stock trucking to Omaha diminished and grain receipts
at Omaha Exchange were curtailed. Rail shipments of live-stock about
normal.
Minnesota—Receipts of wheat at Duluth reduced by North Dakota
embargo. "No effect" reported by Minneapolis and South St. Paul dealers.
North Dakota—Wheat embargo remained in effect with some markets
reporting a reduction of receipts.
Texas—L. Gough, Amarillo, President of the Texas Holiday Association,
said the directors would decide the organization's stand at a meeting tomorrow.
South Dakota—County groups in counties adjacent to Iowa offer support
to Iowa organization.
No strike activities were reported in Michigan, New York. Kansas,
Oklahoma, Pennsylvania, Ohio. Indiana, Washington, New Mexico,
Colorado, Montana and California.
On Oct. 21, the first day of the strike, Mr. Reno issued an
appeal for the support of both members and non-members of
the Holiday Association. We quote his remarks from an
Associated Press Des Moines dispatch of Oct. 21:
In a letter to State association presidents, Mr. Reno advised that "schools,
churches, civic institutions, labor groups can be informed, not only as to
the justness of the farmer's cause, but also that every business will suffer
if the farmers' purchasing power is not restored, and that the life of the
Republic is, at this time, hanging in the balance."
Criticizing Secretary Wallace's hog program as "a brazen attempt to
bribe the farmer to surrender the little independence he has left," Mr.
Reno said:
"We may expect some opposition from supposed farm leaders, who are
satisfied with the crumbs that fall from their master's table, but I do not
anticipate any opposition from the farmers and other groups of society who
really desire the happiness and prosperity of all our people.
"We have reached the point where statements and promises are gestures
to lull the farmer to sleep that his complete enslavement may be completed.
"We were promised a new deal by which agriculture would receive the
same consideration as other groups. Instead, we have the same old stacked
deck and, so far as administering the Agricultural Act is concerned, the
same old dealers."
Processing Tax for Corn Fixed at Twenty-eight
-s Cents a Bushel.
An initial processing tax on corn at the rate of 28 cents a
bushel of 56 pounds was fixed on Oct. 24 by Secretary Wallace with the approval of President Roosevelt. Associated
Press accounts from Washington, Oct. 24, said:
The fifth processing tax to be levied on one of the seven basic commodities
defined by the Farm Adjustment Act, it becomes effective Nov. 5, the same
date that the hog processing levy applies.
Financial Chronicle
3048
Oct. 28
1933
The tax on corn and hogs is depended upon to finance the production
control program for corn and hogs at a maximum cost of about $350,000,000.
compensatory taxes—the Mayflower Hotel, Washington, at
9:30 a.m. November 2.
In the announcement of Secretary Wallace it was stated:
RFC to Advance Funds on Corn.
The money is to be advanced Ion Corn]from the RFC through the Commodity Credit Corporation to farmers. The grain trade, corn belt banks.
and other credit sources are expected to aid in distributing the money....
Loans are to be made on a basis of 50c. a bushel on December corn, Chicago. This means that the farm price will be somewhat below this because
of the distribution spread, usually around 15c. a bushel. The AAA estimates corn "parity" prices at around 74c. a bushel.
No figures were available at the AAA on the total number of bushels of
corn on farms in the States which the loan program will effect immediately.
It was stated, however, that there is about 300.000,000 bushels of old corn
on all farms at present and 892,000.000 estimated production in the five
States this year. One official estimated that the total expenditures under
the plan would amount to "roughly" $100,000,000.
The rate of 28 cents per bushel equals the difference between the current
average farm price for field corn and the fair exchange value of field corn.
The tax is being levied to provide funds for benefit payments to farmers
under the corn-hog production adjustment program for 1934, announced on
Oct. 17 by the Agricultural Adjustment Administration.
The question of whether the full legal processing tax, if imposed on field
corn or its products, would cause a reduction in the consumption of corn
and tend to build up a burdensome surplus, will be considered at a public
hearing in Washington, Nov. 2 1933.
The regulations prescribe conversion factors which fix a tax for all floor
stocks of corn products held by processing establishments, wholesalers,
and others, on the date the tax goes into effect. The corn products which
will be taxed as floor stocks include corn meal, corn flakes (breakfast food
type), pearl or table hominy, cornstarch, dextrines, glucose syrups and
sugars, corn oil, corn gluten feed and corn gluten meal.
The A-ric itural ...diustment ct exempts from the processing tax, corn
processed by or for a farmer for consumption by his own family, employees,
or household.
Loans of Fifty Cents a Bushel to be Extended by Agricultural Adjustment Administration on Corn in
Warehouses—Advances Reported as Likely to
Reach $100,000,000—Loans Available to Farmers
Agreeing to Corn-Hog Reduction Program.
As a result of a conference on Oct. 25, between President
Roosevelt and Secretary Wallace, it has been decided to
make loans on corn properly warehoused and sealed on the
farm in States where there is a farm warehouse act, Administrator George N.Peek announced. The AAA announcement
likewise said:
Loans will be made in those States on the basis of 50 cents per bushel for
No.2 December corn, Chicago, to farmers who sign agreements to co-operate
with the corn-hog reduction program.
The policy adopted for corn loans is the same in general principle as that
already placed in effect by the Commodity Credit Corporation for cotton.
The corn will be stored under seal on the farm, with the warehouse receipts
as collateral.
The loans will be in the nature of an advance to farmers who avree to
participate in the AAA corn-hog production control campaign. The loan
of 50 cents a bushel, Chicago, will advance the farmers the same sum as
that pro osed by some farm leaders who advocated loans of 67 cents a
bushel on three-fourths of the corn stored.
Five States now have farm warehousing acts. They are Iowa, Illinois,
Minnesota, South Dakota, and Kansas. Further details of the lending
plan will be announced when they are completed.
An intensive educational program acquainted farmers with the world
and National wheat situation, and the deatils of the wheat plan. Educational meetings among farmers began about Aug. 1, and the sign-up campaign opened Sept. 1 in a number of States. In others, the educational
campaign and sign-up were delayed by harvest or other reasons, and were
not completed until early this month.
The following figures show adjustment payments which farmers in the
20 leading wheat States will receive, on the basis of applications and acreages
already reported to the AAA. The first Installment of 70% will be payable
as soon as contracts are sent to Washington and approved, and the remainder next spring.
Spain's Offer to Buy Argentine Corn With Frozen
Credits—Argentina Expected to Reject Plan on
Ground British Pact Forbids.
In a cablegram from Buenos Aires, Oct. 24, to the New
York "Times" it was stated that owners of frozen credits
there were keenly interested in the Spanish proposal to
import 15,748,000 bushels of Argentine corn, to be purchased
with Spanish frozen credits. In part the cablegram also
said:
Several other nationalities, including Americans, have repeatedly tried
to thaw out their accumulated funds here by purchasing and exporting
Argentine products, but one of Argentina's first moves toward exchange
control was to prohibit such operations.
Export trade has been heavily hampered this year by the exchange
control commission's refusal to issue export permits until exporters presented
proof that they had sold goods here. Drafts arising from exports thus
insured that funds obtained from the sale of Argentine goods would be
brought back into the country.
There is considerable doubt that Finance Minister Federico Pinedo will
accept the Spanish proposal, much as Argentina would like to dispose of
400.000 tons of corn. He apparently has adopted a fixed policy that the
frozen funds must be loaned to the government. He has a powerful weapon
in the Anglo-Argentine treaty, binding him not to grant more favorable
terms to other nations than were granted to Great Britain.
Congress authorized Senor Pinedo to use the proceeds of such loans to
pay off the floating debt. The huge unfunded indebtedness of Argentina
is one of Senor Pinedo's most difficult problems, and loans equivalent to the
frozen credits seem to be the easiest solution.
Germany Fixes Grain Price as Crop Shows Surplus—
Severe Penalties Are Provided for Underselling.
United Press advices Oct. 21 from Berlin to the New York
"Herald Tribune" had the following to say:
Germany's grain production for this year exceeds the needs of the country.
This is especially true of wheat. To prevent a situation under which
farmers, in an attempt to get rid of their surplus, undersell each other.
the Minister of Agriculture now has provided fixed grain prices.
These prices increase progressively as follows:
PRICES PER TON.
Rye.
Stale.
Sign-up (P. C.
0/3-Year Ave.)
Kansas-x
95 to 100
$24,285,000
North Dakota-s
95 to 100
14,683,000
Nebraska
75
6,426,000
Oklahoma
6,891,000
84
Montana
95
6,463,000
Washington
78
5,001,000
South Dakota
92
5,229,000
Texas
-y
58
3,297,000
Illinois
55
2,618,000
Ohio
1,607,000
35
Idaho
88
3,646,000
Indiana
28
1,113,000
Oregon
87
2,777,000
Minnesota
55
1,709,000
Missouri
1,543,000
52
Colorado
2,318,000
91
Michigan
743,000
32
California
1,086,000
70
Virginia
548,000
40
Maryland
811,000
63
x Payment estimate based on 95%. 3' Substantial increases expected in Texas,
where campaign was delayed.
The corn-hog reduction program was detailed in our issue
of Oct. 21, page 2914. From the Washington advices Oct.
25 to the New York "Journal of Commerce," we quote:
With the announcement of the corn loans, roughly estimated to mean a
maximum of about $100,000,000 to go to Western farmers, came word fro.n
authoritative sources within the AAA that the 10c. cotton loans, now in
effect, may be extended to the 2,400,000 bales of options held by growers
Under the control program for that commodity.
Meanwhile, the Federal Surplus Relief Administration entered the market
again to-day with a request for bids on 15,000,000 pounds of domestic beef
to be used for relief purposes. The bids are to be opened here on Nov.6.
To Consider Question of Full Processing Tax on Corn
on November 2.
Under date of Oct. 23 the Agricultural Adjustment Administration announced that the question of whether the full
legal processing tax, if imposed on field corn or its products,
would cause a reduction in the consumption of corn and tend
to build up a burdensome surplus, will be considered November 2 1933, in Washington at the same public hearing at
which the question of compensating taxes on products that
compete with corn will be considered. Secretary Wallace
has issued notice of public hearing on the question of the rate
of tax, fixing the same date and place as for the hearing on
October 1933
November 1933
December 1933
January 1934
February 1934
March 1934
April 1934
May 1934
June 1934
Wheat.
Meeks.
Total of Fall
and Srping Payments.
Marks.
147
148
150
153
155
157
159
162
165
182
183
184
186
187.5
189
191
193
195
The Government's prices also are valid for sa es contracted before the
price scale was enforced. Selling below these prices is punishable. For
minor offenses imprisonment Is provided, while malevolent offenders may
be sent to the penitentiary.
Sentences against offenders will be published at the culprit's expense.
In case of repeated transgression the Government may decree the closingdown of the offender's business.
The vast increase in Germany's grain production is due largely to the
extension of grain acreage during the last two years. It was prompted by
the former Government's farm policy by which the grain-growing farmers
benefited almost exclusively.
Activity in the Cotton Spinning Industry for
September 1933.
The Bureau of the Census announced on Oct. 20 that,
according to preliminary figures, 30,827,726 cotton spinning
spindles were in place in the United States on September 30
1933, of which 26,0C2,148 were operated at some time during
the month,compared with 25,884,704 for August, 26,085,300
for July,25,549,974 for June,24,609,908 for May,23,421,680
for April, and 23,835,106 for September 1932. The Cotton
Code limits the hours of employment and of productive
machinery. However, in order that the statistics may be
comparable with those for earlier months and years, the
same method of computing the percentage of activity has
been used. Computed on this basis the cotton spindles in
the United States were operated during September 1933, at
99.6% capacity. This percentage compares with 106.7 for
August, 117.5 for July, 128.9 for June, 112.4 for May,954
for April, and 94.6 for September 1932. The average number
of active spindle hours per spindle in place for the month
was 229. The total number of cotton spinning spindles in
place, the number active, the number of active spindle hour.
Financial Chronicle
Volume 137
and the average hours per spindle in place, by States, are
shown in the following statement.
Spinning Spindles.
Active Spindle Hours for Sept.
State.
Average Per
Spindle in
Place.
In Place
Sept. 30.
AaiveDuring
SePtanbei•
30,827,726
26,002,148
7,057,744,489
229
Cotton growing States.... 19,081,940
New England States
10,717,406
All other States
1,028,380
17,724,830
7,537,316
740,002
5,250.796,417
1,644,295,328
162,652,744
275
153
158
1,665,800
766,170
3,087,310
887,986
3,901,806
168,292
826,662
298,538
5,648,540
1,056,468
5,605,050
530,688
209,342
634,414
715.082
476,778,452
156.329,432
912,294,409
193.609,391
850,191.295
53.184.400
188,638,932
60,398.358
1,603,298.460
235,481,182
1,797,335,887
157,870,068
58,610,701
152,038.978
161,684,544
255
162
278
199
147
242
168
110
261
135
314
251
216
235
181
United States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,872,252
963,496
3,281,218
974,056
5,794,228
219,988
1,120,178
548,892
6,137,364
1,748,184
5,726,942
628,788
271.416
645,752
894.972
Total.
Maximum Limit of Interest Set at 1,000,000 Bales for
October by New York Cotton Exchange.
The Board of Managers of the New York Cotton Exchange voted, Oct. 13, to set the maximum limit of interest
by any member, firm, or corporation, and his or its affiliations, at 1,000,000 bales for delivery in October 1933, and in
all months up to and including September 1934, the Exchange
announced Oct. 14.
Exports
of Cotton and Rayon Mixed Piece Goods by
Great Britain Lower.
British exports of cotton and rayon mixed goods in the
first eight months of the current year declined 4,427,215
square yards, or 14%, compared with the corresponding
period of 1932, according to a report from the American
Consulate-General, London, made public by the U. S. Commerce Department. Total shipments in the 1933 period
amounted to 27,432,160 square yards, compared with 31,859,375 square yards in the first eight months of 1932. On
Oct. 18 the Commerce Department, in reporting the foregoing, added:
Decreased shipments were registered to nearly all the principal overseas markets, with the exception of British South Africa and the Netherlands. To the first-named there was an increase of 1,813,075 square yards,
or 118%, while to the latter the growth was small
Exports to Canada declined by 35%; to Dutch East India by 64%; to
China by 50%; to British India by 10%, and to Egypt by 43%.
Shipments during August 1933, rose considerably when contrasted with
recent months, but fell short of the figures for August 1932, by 2,968,885
square yards, or over 42%. With the exception of a fair increase in exports to British South Africa, and a slight gain to Canada, there were decreased quantities shipped to all other principal countries.
Domestic Stock of Cotton Sharply Lower on Sept. 30
Totaled 18,266,000 Bales as Compared with 20,333,000 Bales Sept. 30 1932.
The total stock of cotton in all hands in the United States
on Sept. 30, including the estimated unpicked portion of the
current crop, was 18,266,000 bales, compared with 20.333,000
bales on the corresponding date last year and 21,321,000 two
years ago, according to the New York Cotton Exchange Service. The distribution of cotton by exports and domestic consumption is running at a high rate, and hence the supply is
being run down more rapidly than in recent seasons. The
Exchange Service continued as follows, on Oct. 16:
Tho total distribution by exports and domestic consumption during the
first two months of the season, August and September, aggregated 2,413,000
bales this year as against 2,021,000 bales in the same months last year and
1,709,000 bales two years ago. Both exports and domestic consumption ran
relatively high in the two months. Exports totaled 1,323,000 bales against
1,124,000 bales last year and 820,000 bales two years ago. Consumption
aggregated 1,090,000 bales as against 897,000 bales and 889,000 bales,
respectively.
Although the end-September stock this year was 3,055,000 bales less than
that two years ago, it was much larger than the average stock at this time
of the year. The end-September stock of 18,266,000 bales this year compares with 14,783,000 bales on the corresponding date in 1929, 14,823,000
bales in 1928, and 14,091,000 bales in 1927. The calculated stock this year
was increased 471,000 bales by the increase in the Government crop estimate
issued last week.
Analysis of the distribution of holdings shows much smaller supplies of
cotton at producing points and much larger supplies in distributing and consuming channels than two years ago. In consequence of the smaller crop,
the total stock on plantations and in domestic transit, including the unpicked
portion of the new crop, was only 9,729,000 bales this year as against
11,250,000 bales last year and 14,245,000 bales two years ago. On the
other hand, total stocks in warehouses and compresses was 7,375,000 bales
this year compared with 7,998,000 bales last year and 6,298,000 bales two
years ago, and the stock at mills was 1,160,000 bales against 1,085,000 bales
and 778,000 bales, respectively. The increased stock at mills reflects the
higher rate of domestic consumption.
Cotton has moved off of plantations at a relatively high rate this season,
In reflection of the increase in the demand and rate of consumption and the
3049
large early-season ginnings. The movement from plantations in August
and September this year totaled 3,821,000 bales, compared with 3,149,000
bales in the same period last year and 3,227,000 bales two years ago.
The domestic consumption of 499,000 bales of cotton during September
indicated an average consumption per working day of 24,000 bales. This
compares with 25,600 bales per day in August. In September of last year
consumption was reported to be running at the rate of 20,800 bales per day.
In this connection it should be noted that the increase in the daily rate from
20,800 bales last year to 24,000 bales this year is due largely to the fact
that last year the mills generally operated five and a half days a week,
while most of them are now running only five days per week. Had the
daily consumption in September last year been computed on the basis of a
five-day week, it would have been 22,700 bales. The average consumption
per day in the six years from 1922 to 1927 inclusive was 23,000 bales calculated on the old basis of mill operations on five and a half days per week.
Calculated on the present basis of five days per weeks, the average daily
rate from 1922 to 1927 was 25,300 bales.
Accordingly, cotton mill operations in this country during September were
a little below the average in the six pre-depression years. The cotton mills,
however, ran at a higher rate than the average of all industrial plants.
Cotton mill activity was on a basis of about 94% of the 1922-1927 level,
while general manufacturing activity was at 86%. Cotton mill operations
have declined more than general manufacturing activity since early summer,
but this is because the cotton mills stepped up their operations in June and
July to a phenomenally high rate.
Record Volume of American Cotton Being Taken by
Japan Following Boycott of Indian Cotton by
Japanese Spinners.
Cotton trade expectations that the boycott of Indian
cotton by Japa.nese spinners may greatly increase Japanese
takings of American cotton are being confirmed by exports
of American cotton to Japan, according to the New York
Cotton Exchange Service. Cotton exports from this country
to Japan in the 12 weeks of-this season to date are the
largest for this period in the history of the cotton trade.
Meanwhile, the movement of Indian cotton to Japan has
been of small proportions, the Exchange Service said, continuing as follows under date of Oct. 23:
The cotton exports from the United States to Japan so far this season
total 461.795 bales, compared with 273,827 bales in the same period last
season and a previous maximum of 345,251 bales two seasons ago. The
large exports two years ago resulted from the exceptionally large American
crop in 1931 and the forward buying by Japanese interests on the prospect
that Japan would depart from the gold standard. Latest advices on
movement of Indian cotton to Japan cover imports by Japan in August
-pound
and September of this year. They totaled 80.000 equivalent 500
bales, compared with 84,000 in the same months last year and 214,000
two years ago.
The Japanese spinners have boycotted Indian cotton in retaliation for
the imposition by India of a 75% duty on imports of non-British cotton
cloth, while the duty on British cloth is only 25%. Since Japan normally
uses about 1,100,000 or 1.200.000 equivalent 500-pound bales of Indian
cotton per year, it has been anticipated that the boycott would greatly
Increase Japanese purchases of the American staple. Latest reports from
Bombay are to the effect that Japanese spinners are adhering strictly to
the boycott, and it is assumed that the Indian cotton which moved to
Japan during August and September comprised cotton bought by Japanese
spinners before the boycott was declared last June.
Although the Japanese spinning industry depends on export trade for
about 55 or 60% of its business and India takes about 30 or 35% of Japanese
cloth exports, the imposition of the high Indian tariff on Japanese goods
last June has not as yet resulted in any decrease in Japanese spinning
operations. Japanese mills used more cotton in August and September
this year than in the corresponding months in any previous year. They
spun 476,000 equivalent 500-pound bales in the two months this year,
compared with 426.000 last year and 415,000 two years ago. The previous
maximum was 441.000 bales, recorded four years ago prior to the beginning
of the world depression.
Whether Japan can maintain the current high rate of cotton mill operations in the face of the handicap imposed by the Indian tariff on Japanese
cloth is considered by the cotton trade as problematical. Japanese exports
of cloth in September were 14.000,000 yards less than in August. while
Great Britain's exports were 14.000,000 yards greater. Japanese exports
declined from 190,000,000 to 178.000.000 yards while Great Britain's exports
increased from 149,000,000 to 163,000,000 yards. Japan's total exports
in the two months were smaller than in the same months last year. but
this was true also of Great Britain's exports in the same period. Japan
continues to outstrip Great Britain in total cloth exports, its shipments in
the two months aggregating 366,000,000 yards as compared with 312,000,000
yards shipped by Great Britain.
Japanese mills have announced that if their goods are to be kept out of
the big Indian market by a high tariff, while British goods are admitted
at a lower rate, they will make a determined drive to capture compensating
markets in other parts of the world. The intensified Japanese competition
is cutting into the cotton goods trade not only of Great Britain but also
of the United States in many widely scattered world markets, according to
trade advices. It has led to a demand by exporters of cloth in this country
for a debenture on American cloth exports to be financed by the proceeds
of the special tariff duties levied to compensate for the domestic processing taxes.
Largest Volume of Imports of Cotton Piece Goods
by British Malaya from Japan.
The extent to which Japanese manufacturers of cotton
piece goods have penetrated into the former British-controlled
market of Malaya is revealed in a report to the U.S.
Commerce Department from Trade Commissioner C. H.
Boehringer, Singapore. An announcement issued on Oct. 19
by the Commerce Department added:
During the first half of 1933, the report shows, British Malaya imported
appro)imately 70,000.000 yards of cotton piece goods, of which more
than 39,C00.000 yards, or 65%,came from Japan.
During the same period British exporters supplied 13.000.000 yards.
or 21%; China accounted for 5.000.000 yards. or 8.3%, and Russia.
2,200,000 yards, or 3.6% of total imports. Receipts from the 'United
3050
Financial Chronicle
Oct. 28
1933
that now held over inter-state shipments. To achieve this
end, the following resolution, which would insert a new
section in the code, was adopted by the Board of Directors.
"Upon a finding by the President or the Federal agency
that inter-state commerce in crude petroleum and the
products thereof is injuriously affected by an over-supply
of crude petroleum in the United States, and that commerce
Petroleum and Its Products—Ickes Threatens Further
Control of Industry Unless Trade Itself Corrects in petroleum and the products thereof is such that any remeCurrent Evils—Oklahoma and Texas Take Action dy, to be effective in respect to inter-state commerce, must
to Curtail Production — Supplemental Code incidentally apply in like manner to intra-state and foreign
Rulings Announced—Weekly Crude Oil Output commerce, the President or Federal agency may establish
Lower.
quotas in commerce for crude petroleum from all or any of
State production control authorities in Texas and Okla- the various pools and properties and storage sources in the
homa took further steps during the latter part of the week United States, and while such quotas are in effect no person
to curtail crude oil output in their respective States to shall place in commerce or receive in commerce (foreign,
conform with Federal allocations as Secretary Ickes Tuesday inter-state or intra-state) by sale, exchange or consignment,
reiterated the Government's decision to force the industry any crude petroleum in excess of quota, and a violation of
to cease the bitter competitive tactics which have brought this provision shall be deemed unfair competition, an unfair
economic chaos in their wake.
trade practice and a violation of this code."
Speaking bluntly to the assembled attendants at the
Control of the oil industry is facing a test, Axtell J. Ryles,
annual convention of the American Petroleum Institute in president of the American Petroleum Institute, told the conChicago, Secretary Ickes warned that the Administration is vention, and upon its outcome will depend the fate of the
determined to curtail production to marketable levels and industry for a long time to come. While conceding that,
would utilize the drastic authority granted it under the due to the very nature of the industry, federal regulation
of
industry's code to bring about this end, unless the industry crude oil production may be necessary for some time, he
itself corrects the situation.
said such a policy need not and should not involve governPointing out that the Administration views the "con- mental control beyond that point, or governmental operaservation and proper use of our oil resources as a matter tion.
of major concern to the Government," he said that "I have
Nov. 1 will see Texas oil output cut back to 875,000 barno hesitation in affirming that, unless the oil industry can rels daily, Railroad Commissioners E. 0. Thompson and
regulate itself, at least to the point of preventing such C. V. Terrell told the American Petroleum Institute members
waste as has gone on in the past, the Government will be on the closing day of the convention. This level
would be
justified in taking whatever steps are necessary to regulate approximately 90,000 barrels under the daily output allowand preserve for use this essential resource."
able granted Texas under Federal allocations and is necesSpeaking on the price-fixing feature of the petroleum sary in order to cut down the huge overproduction rolled
up
code announced recently, be gave some indication that the by Texas wells since the Federal agency allotted
allowables.
Administration might not find it necessary to make these
From Oklahoma City came an announcement by Paul A.
rules effective on Dec. 1, saying that "price-fixing will go Walker, chairman of the Corporation Commission,
that a
into effect Dec. 1 next, if it is believed that on that date formal order setting a statewide allowable of 495,000 barrels
an emergency exists that calls for the fixing of prices.
daily for November, as prescribed by Federal regulations,
"Price fixing, powerful and drastic remedy that it is," would be issued shortly.
he pointed out, "cannot serve to keep prices where they
Secretary Ickes issued orders on Tuesday slashing the
ought to be if production is permitted to be out of bounds. allowable production total for the nation for the
months of
The history of the oil industry in this country proves beyond December and January to 2,130,000 barrels
daily, compared
the peradventure of a doubt that we cannot hope for a price with the current allowable of 2,338,500
barrels and the
for oil that will yield a fair profit to the producer or even original level in September of2,409,700 barrels
daily. Trade
get him back his costs unless production is kept within reports were that this move was in response to
requests from
proper limits as measured by consumption.
many factors for advance information on production sche"And what I have said with respect to production is dules so that they could plan in advance
accordingly.
equally true of refining. Our large stocks of oil in storage
The order provided that State allocations would be certiis at one and the same time a great asset and a great liability. fied on Nov. 20, allowing an interim during
which the
It is an asset in that it can provide needed flexibility in petroleum administrative board will be able
to compile stabalancing production with consumer demand. It is a lia- tistics concerning changes in trade channels
for petroleum
bility, for if it is used by refiners to increase unduly their and its products.
gasoline inventories, such excessive inventories can break
While the prohibition against withdrawals of stored oil
the market even though production and consumption are was continued, Secretary Ickes moved to
relieve the smaller
perfectly balanced. We cannot, by executive fiat, control independent refiners and producers from any
hardship which
price without controlling the things that control the price." it might impose, ruling, under a
supplemental order, that
Secretary Ickes commented on the procedure followed by producers holding relatively small quantities of oil in
storage
the Administration in drawing up the schedule for the price- may sell it to buyers who will agree to treat
it as stored oil
fixing ruling, contending that "the case of price-fixing being upon receiving the consent of the industry's
regional proconceded I submit that the Administration has gone about it duction committee.
both properly and orderly. We are not assuming our
The supplemental order further provided that such oil
ultimate facts."
shall be the first oil permitted to be withdrawn from storage
In proof of this statement, he pointed out that while • when an increase for seasonal demand from
petroleum and
the schedule recommended by the Oil Committee has been its products make possible withdrawals from
storage that
accepted, it was with the distinct proviso that it would be will not unduly prejudice the interests of producers.
The
subject to any changes found to be necessary at the open order is effective until a further plan governing
withdrawals
hearings to be held before Dec. 1, the effective date.
from storage is approved.
Commenting on trade reports that some operators are
As a help to refiners, Secretary Ickes further ordered that
withholding oil from their current production from the refiners, who because of low gasoline inventories
are not
market with the purpose of releasing it after Dec. 1 and able to meet their requirements from current production,
benefiting from the higher prices to be named under the shall be permitted to run to stills oil which has been
stored
fixed schedule, Mr. Ickes asked that this practice be aban- or purchased under the provisions of the first
mentioned
doned, for the good of the oil industry as a whole.
ruling. All such action, however, it was pointed out, is
Supporting this appeal, he said that "such action would subject to the consent of the planning and co-ordinating
disrupt the orderly flow of crude oil to the refineries under committee under the oil code.
present allocations and would inevitably occasion present
Crude oil production last week, the A. P. I. reported,
and future disturbances," and in closing asked that all although registering a decline of approximately 15,000
elements in the industry afford the Government a full meas- barrels at 2,434,500 barrels daily, compared with the
preure of co-operation.
ceding week, continued above the Federal allowable total
An interesting development at the A. P. I. Convention with 0,klahoma and Texas, both continuing to produce oil
was the stand taken to insure Governmental control over far in excess of their respective totals under the Federal ruling,
intra-state and foreign commerce in oil on a par equal with
There were no price changes posted this week.
States were insignificant, amounting to only 102,647 yards, or 0.2% of
total Malayan imports.
The value of cotton piece goods imports into British Malaya in the
first six months of the current year was 7,118,759 Straits dollars, of which
Imports from Japan accounted for 3,578,221, or 50.2%, and those from
Great Britain, 2.539,888 Straits dollars, or 35%.
(Present value of Straits dollar equals 50.525, U. S. currency.)
Volume 137
Financial Chronicle
3051
REFINED PRODUCTS
-TRADE SENTIMENT BULLISH AS BASIC
CONDITIONS CONTINUE IMPROVEMENT
-BULK AND REFINED GASOLINE PRICE LISTS STABLE.
the Government setting a minimum price. In other words, Secretary Ickes
has achieved his objective and there is no necessity for him to go any
farther.
Sentiment in the country's refined products market
centers was bullish this week as basic conditions in the
petroleum industry continued to improve. While this rise
in trade optimism was confined in most markets to increased
stability of price lists in anticipation of higher levels under
the price-fixing schedule, effective Dec. 1, the Mid-West
bulk gasoline markets advanced to slightly better levels.
No recurrence of the tendency towards price weakness in
the Southern California area and Mid-West retail and bulk
markets for gasoline which are believed to have been
two of the main factors in bringing forth the stringent
regulations under which Secretary Ickes has placed the
petroleum industry in the past few weeks developed during
the past week. And, trade circles agree, there is little
possibility of such weakness recurring in view of the specific
guards against such possibilities provided under the oil code
and its rulings.
While bulk gasoline prices normally ease off at this time
of the year due to the seasonal decline in consumption,
prices are holding firm in the local market. Routine movements continue to rule the market but despite this condition
prices are firmly maintained at 63' to 7 cents a gallon,
tank ear lots, refinery, for 65 octane and above. This
strength, of course, is due mainly to the higher price level
scheduled under the price-fixing ruling to become effective
Dec. 1. Movements of lower octane stocks, however, continued at sub-market levels although much of the retail
price slashing in third-grade gasoline prices, which push
quotations for this grade down, is slackening somewhat in
the metropolitan area as code committees work towards
eradication of this evil.
Other refined products held firm to strong in the local
market although in all cases were confined to routine shipments. Many trade factors here consider it very likely
that prices for refined products here will move higher before
Dec. 1.
Kerosene demand was well sustained during the week
and quotations at the close ruled from 5N to 5 cents a
gallon for 41-43 water-White, tank car lots at the refinery.
Refiners continued to hold grade C bunker fuel oil at $1.10
a barrel, refinery, while Diesel oil was held firmly at $1.95
a barrel, refinery. Lubricating oils were in slightly better
demand and the price list firmed accordingly.
There were no price changes posted during the week.
Secretary Ickes's order setting the crude oil price at $1.11
a barrel was given in our issue of Oct. 21, page 2918.
Fixing of Crude Oil Price by Federal Government Unnecessary, Is Belief of T. S. Hose-Expects Prices
to Be Above $1.11 a Barrel Minimum Set by Secretary Ickes Before Dec. 1.
Crude oil prices will in all probability be above the $1.11
minimum set by Secretary Ickes before Dec. 1 and thereby
make unnecessary the fixing of prices by governmental
authority, it is set forth in the current number of the T. S.
Rose "Oil Review." "The recent announcement to the
effect that a minimum price of crude per barrel would be set
by the government on Dec. 1 apparently has been quite
generally misunderstood," says the review. "In my opinion,
the Government will never set a price on crude, but the
attitude taken by the Secretary of the Interior was absolutely necessary." •The review continued:
The situation as it exists in the petroleum industry is as follows: A code
was signed and is being abided by. This code materially increases the cost
of producing petroleum through the medium of pumping wells from which
over 90% of our production is obtained, yet it does not increase the cost of
producing a barrel of oil from the flowing wells-less than 10% of the total.
Some of the States were not particularly pleased with the daily production
allotted to them by the Secretary of the Interior and showed a tendency to
Ignore the law of supply and demand, with the result that last week 80.000
barrels a day more than the allowable were produced. A preliminary survey
indicates that the producing end of the oil industry should receive approximately $258,000 a day more for its product than is being enjoyed at present
met
in order that cost could be11c. aand a small profit shown. This meant an
barrel on every barrel that is required to
Increase of approximately
meet our daily demands, yet some refiners were feeling out their sources of
produce from flowing wells to ascertain whether or not crude
supply that
eight be purchased from these properties at slightly less than the existing
mice. This might possibly have meant a general decrease in the price of
crude, thus again placing the operators of pumping properties in the postion
money than it actually cost to
of selling their oil for lessmerely indicated that unless on produce it. price of
Dec. 1 the
Secretary Ickes' order
crude was in excess of the cost of production, which he undoubtedly estimates correctly to be $1.11, that a minimum price would be set by the
government. This, in my opinion, will not be necessary. It has stopped the
chiseling refiner from shopping around for lower prices. The States themselves have taken steps to cut their production to the government allowable,
be protected,
and the oil producer. knowing that the price structure will price. In my
contracts at a lower
feels no need of negotiating long time
crude will be considerably above $1.11 a barrel before
opinion, the price of
market structure weakens, which will not happen as
Dec. 1, and until the
wag as supply and demand are kept in balance, we will hear no more about
Daily Average Crude Oil Output Up 14,850 Barrels
During Week Ended Oct. 21 1933
-Total Exceeds
Quota Allowable by Secretary of the Interior Ickes
by 96,000 Barrels Per Day-Inventories of Motor
Fuel Still Shows Upward Trend.
The American Petroleum Institute estimates that the daily
average gross crude oil output for the week ended Oct. 21
1933 was 2,434,500 barrels, or 96,000 barrels in excess of the
allowable figure effective Oct. 1 1933 set by Secretary of the
Interior Ickes. This compares with 2,419,650 barrels per
day produced during the week ended Oct. 14 1933, a daily
average of 2,424,950 barrels during the four weeks ended
Oct. 21 and an average daily output of 2,159,150 barrels
during the week ended Oct. 22 1932.
Stocks of motor fuel increased 753,000 barrels during the
week under review, or from 51,999,000 barrels at Oct. 14
to 52,752,000 barrels at Oct. 21. In the preceding week
inventories showed a gain of 926,000 barrels.
Further details, as reported by the American Petroleum
Institute, follow:
Imports of crude and refined oil at principal United States ports totaled
483,000 barrels for the week ended Oct. 21, a daily average of 69.000
barrels, compared with a daily average of 77,464 barrels for the last four
weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 355.000
barrels for the week ended Oct. 21 a daily average of 50,714 barrels against
a daily average of 51,857 barrels for the last four weeks.
Reports received for the week ended Oct.21 1933from refining companies
controlling 92.4% of the 3,586,900 barrel estimated daily potential refining
capacity of the United States, indicate that 2,348.000 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. 29,080,000 barrels of gasoline
and 129,898,000 barrels of gas and fuel oil. Gasoline at bulk termInals,in
transit and in pipe lines amounted to 20,022,000 barrels. Cracked gasoline
production by companies owning 95.1% of the potential charging capacity
o fall cracking units, averaged 448,000 barrels daily during the week.
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures In Barrels.)
Actual Production
Week Ended
-
Average
4 Weeks
Ended
oa. 21
1933.
:Federal
Agency
Allowable
Effective
00 1.
.1.
Oct. 14
1933.
495,000
116,000
519,800
114,300
507,250
112,250
508,350
116,050
399,550
99.150
47,100
56,400
23,500
126,150
45,300
482,000
74,450
49,350
45,100
57,750
23,450
127,650
45,650
476,900
74,300
47,800
46,300
55,100
22,700
127,250
45,750
478,900
73,700
47,400
49,450
47,450
24,650
162,1450
51,900
362,650
11.250
.53.750
112,400
111,350
111,800
111,350
965,000 1,016,650 1,009,950 1,008,900
Oklahoma
Kansas
Oct. 21
1933.
874,800
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas(not including
Conroe)
Total Texas
North Louisiana
Coastal Louisiana
25,950
47,900
Total Louisiana
Total
1132.
25,850
47,200
2.5,800
47,700
30,000
34,950
73,500
64,950
70.000
Arkansas
Eastern (not incl. Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Week
Ended
00. 22
73,850
73,050
33,000
94,200
30,000
• 30,050
6,450
2.400
41,400
455,000
32,950
98,900
29,250
30,450
6,450
2,400
42,000
467,500
32,900
98,550
30,700
30,350
6,300
2,450
42,000
473,900
32,800
53,850
98,850
100,250
30,700
23,150
30,800
33,200
6,500
7,380
2,400
2,700
32,150
42,000
474,100
488,100
2,338,500 2,434,500 2,419,650 2,424,950 2,150,150
These allowably became effective Oct. 1, subject to reduct on (1) by the amount
of such withdrawals from crude oil storage, the total not to exeeed 95,000 barrels
per day, and definitely apportioned to various producing States, as are permitted
by the Planning and Co-ordination Committee and approved by the Petroleum
Administrator, and (2) by the amount that any given area may have over-produced
the allowables in effect during the Sept. 8-30 period.
Note.
-The figures indicated above do not include any estimate of any oil which
might have been surreptitously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAB AND FUEL
OIL STOCKS. WEEK ENDED OCT. 21 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. 111., Hy_ _
,
Okla., Kan.,Mo.
Inland Texas__ _
Texas Gulf
Louisiana Gulf
North La.
-Ark..
Rocky Mountain
California
582,000
150,800
436,600
462,100
274,400
507,500
162,000
82,600
80.700
848,200
Total.
%
%
Daily OperAverage. aged.
a 1rotor
Fuel
Stocks.
Gas and
Fuel Oil
Stoats.
582,000 100.0 482,000 82.8 14,019,000 9,221,000
872,000
139,700 92.6 101,000 72.3 1,957,000
425,000 97.3 330,000 77.6 7,546,000 6,066,000
379,500 82.1 237,000 62.5 5,656,000 4,271,000
165,100 60.2
81,000 49.1 1,310,000
1,818,000
497,500 98.0 466,000 93.7 5,502,000 6,842,000
162,000 100.0 130,000 80.2 1,347,000 1,914,000
76,500 92.6
53,000 69.3
250,000
634,000
63,600 78.8
37,000 58.2
834,000
719,000
821,800 96.9 431,000 52.4 14,3311000 97,541,000
Totals week:
Oct. 21 1933._ 3,586,900 3,312,700 92.4 2,348,000 70.9 652752000 129,898,000
CIO 141033 2 ARA 000 2 11270(1 02_4 2 202 non AO n n1 One non 12(1 012 nnn
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mines
basis for week of Oct. 21 compared with certain October 1932 Bureau figures:
A.P.1. estimated on B. of M.basis, week Oct. 21 1933
54,550,000 barrels
A.P.1. estimated on B.of M. basis, week Oct. 14 1933
53,800,000 barrels
U. S. B. of M. motor fuel stocks. Oct. 1 1932
52,289,000 barrels
U. S. B. of M. motor fuel stocks, Oct. 31 1932
50,919,000 barrels
b Includes 29,080,000 barrels at refineries, 20,022,000 at bulk terminals, In
transit, and pipe lines, and 3,650,000 barrels of other fuel stocks.
3052
Financial Chronicle
Secretary Ickes Reduces Allowable Oil Output for
December and January to 2,130,000 Barrels Daily,
or 208,500 Barrels Under Current Quota—Allocation Postponed Until Nov. 20.
Secretary of the Interior Ickes, acting in his capacity as
Oil Administrator, issued on Oct. 24 an order setting the
daily production of crude oil in December 1933 and January
1934 at 2,130,000 barrels,representing a cut of 208,500 barrels
daily from the allocation previously fixed for the month of
October. The Interior Department regulations provide that
if the allowable output is exceeded in any one month,
producers must offset this excess in succeeding months.
Under Mr. Ickes' latest order, the allocations within the
States for December and January will not be certified by the
Administrator until Nov. 20, to permit the Petroleum
Administrative Board to collect additional data regarding
changes in trade channels for petroleum and its products.
A Washington dispatch of Oct. 24 to the New York "Herald
Tribune" added the following details of the order:
The prohibition against withdrawals of stored oil will be continued in
effect, but a concurrent order was issued designed to relieve independent
refiners and producers from hardship imposed by the existing prohibition.
Under this supplemental order, producers holding relatively small quantities of oil in storage may sell such oil to buyers who will agree to treat
it as stored oil upon receiving the consent of the Regional Production
Committee of the Planning and Co-ordination Committee of the industry,
It being provided that such oil as is purchased under an agreement of this
character shall be the first oil permitted to be withdrawn from storage
when an increase in the seasonal demand for petroleum and its products
makes possible some withdrawals from storage that will not unduly prejudice
the interests of producers. The order is effective until an orderly plan
governing withdrawals from storage is approved by the Administrator.
The Administrator also provided for the relief of refiners who, because of
low gasoline Inventories, are unable to meet their individual requirements
from current production by permitting such refiners to run to stills oil
stored or purchased as above, upon receiving the consent of the Planning
and Co-ordination Committee, in such amounts and over such a period of
time as the Committee may deem necessary.
American Petroleum Institute Advocates Trade Quotas
to Aid Oil Control—A. J. Byles, President, Warns
Annual Convention that Future of Industry Depends Upon Success of Governmental Control of
Output.
A resolution recommending that the oil code be implemented with "commerce quotas" to strengthen the Federal
Government's control over the industry was adopted by the
American Petroleum Institute at the initial session of its
14th annual convention in Chicago on Oct. 24. The
proposal would permit the control of intra-State as well as
inter-State and foreign commerce, and would thus extend
the authority of the Oil Administration to crude operations
within a State. Axtell J. Byles, President of the Institute,
in his annual address said that the future of the petroleum
industry depends upon the success of the Government's
control of crude oil production. He added, however, that
control should not extend to Governmental operation of the
industry after the present emergency. We quote further
regarding his address from a Chicago dispatch to the New
York "Times":
"It is conceivable that in an economy where inyentive genius and technical
skill have demonstrated their ability to outrun consumption with production,
the hand of Government may' have to regulate production of many commodities. increasing the allowance when prices become too high and decreasing them when prices become too low," he said.
"Such regulation, if it comes, may continue until we are able to properly
.adjust the use of credit, the flow of capital, attain more equitable distribu• tion of buying power, expand foreign markets and through trade agreements avoid destructive competition.
Holds Test at Hand.
"By reason of the fugitive nature of crude oil in place and the fact that
without restraint by Government, or enforcible agreement, the drilling of
a discovery will usually lead to the immediate complete development and
early exhaustion of a pool, I would hazard the opinion that in this Industry
Federal regulation of crude oil production may be necessary for some time
to come. Such a policy need not and should not involve governmental
control beyond that point, or governmental operation of the industry
beyond the termination of the emergency.
"The test of this control is at hand. Upon its outcome depends the
fate of one of the nation's largest industries for a considerable time to come."
Baird H. Markham, Director of the American Petroleum Industries
Committee, told the oil men that a rise in the price of gasoline in accordance with the aims and purposes of the National Recovery Administration
Is impossible because of the tax burden borne by the industry, which be
said had risen from a million dollars a year in 1914 to more than $500.000,000
annually.
"Our best customer, the motorist, is currently paying about 20% of all
tax revenues collected by the Federal Government and is the largest single
source of revenue for most States," he said.
• Secretary Ickes Warns Texas, Oklahoma and Kansas
to Check Oil Output—Declares He Will Curtail
Shipments in Inter-State Commerce After Nov. 1
if State Quotas Are Not Observed.
Supplementing the price-fixing regulations for the petroleum industry which he had promulgated on the previous
day, Secretary of the Interior Ickes on Oct. 17 notified the
producing industry that drastic steps will be taken on Nov. 1
Oct. 28
1933
to curtail shipments in inter-State commerce unless the
various States reduce their oil production to the quotas
specified by the Oil Administration. At the same time,
Secretary Ickes sent telegrams to the Railroad Commission
of Texas, the Kansas Corporation Commission and the Corporation Commission of Oklahoma, pointing out that production in those States had been running higher than the
allotments made effective Sept. 8 and Oct. 1. Secretary
Ickes said:
Sufficient time has elapsed for the industry to adjust itself to the new
rate of operations and full consideration has been given to the difficulties
of conforming promptly with the prescribed allocations.
A proper balance of supply and demand is essential to stabilization of
the petroleum industry under the code. The industry and the public
expect production allowables to be rigidly enforced, and I shall take every
step necessary to that end.
I am confident that a vast majority of the units in the industry, as
well as all State regulatory bodies, will co-operate fully in this effort.
To prevent a disruption of the program by a small majority, the announcement Is made now that on Nov. 1 1933 the authority vested in me
by Article 3, Sections 3 and 4, of the Petroleum Code to curtail shipments
in inter-State commerce will be exercised with respect to such States as
have not cut actual production since Sept. 8 down to the permissible
quotas.
I should regret the necessity for taking this step, but I deem it essential
to preserve the stability of the industry as a whole and to safeguard the
rights of those States and those producers who have complied with the
allocations.
The several State regulatory bodies that assign quotas to the respective
fields, leases and companies have the power to control offending units.
I hope they will take immediate action against those who are producing
in excess of their legal quotas, in order to prevent production from exceeding the State quotas.
Secretary Ickes also announced on Oct. 17 that effective,
immediately, an additional 30 days would be granted to
sellers of petroleum to make cash collections out of outstanding accounts. He is quoted as saying:
The purpose is to adjust the situation which has requited from the immediate restriction of credit imposed by the terms of the code. A period of
adjustment has been found to be necessary in order to avoid a threatened
disruption of the credit situation in the marketing branch of the oil industry. The modification requires that the additional 30 days to effect collection be extended only where the seller conscientiously takes all necessary
steps to collect the amount due within that period. The modification is
temporary in character and is to extend only for a period of 75 days from
Oct. 14 1933. At the end of this period it is expected that the industry
will have been placed on a practicable credit basis.
Secretary Ickes Warns A. P. I. that Crude Output Must
Be Curtailed—Hints at Use .of Licensing Powers
After Nov. 1 Unless Production Is Curbed.
Secretary of the Interior Ickes, Administrator of the code
for the oil industry, warned the convention of the American
Petroleum Institute, meeting in Chicago on Oct. 25, that the
Government would invoke more drastic regulatory powers
unless production is kept within the figures officially allocated. "Cheating and chiselling" must be stopped, he declared. "If necessary I will exercise the extraordinary
powers given me by the oil code,'and will invoke them on
November 1 next. Fair notice has been given that when it
puts a limit on the crude oil to be produced, the Administration means business." Although Mr. Ickes did not specifically refer to the use of the licensing powers which might
be used, his reference to "drastic" steps was interpreted as
an allusion to Government licensing. Further details of his
address and of the meeting on Oct. 25 are given below, as '
reported in a dispatch of that date to the New York "Times"
from Chicago:
Secretary Ickes's declaration that he would, if necessary, invoke the
powers given to him by the code was loudly applauded by the oil men who
through their official association have been enthusiastic supporters of the
Government system of regulation.
As Administrator under the code, Secretary Ickes has the authority, with
the President's sanction, to establish a licensing system for the country.
Without referring specifically to this important power, Secretary Ickes declared that if action was necessary he intended to take it Nov. 1.
"I am informed," he said, "that there is still too much oil being produced, and unless production is restricted to the figures permitted by my
last order I intend to exercise the drastic powers given me by the oil code."
Price-Fixing No Cure-All.
Ten days ago a schedule of minimum prices at which petroleum and its
products might be sold was posted by Mr. Ickes. He expressed belief to-day
that price-fixing could not be depended on to cure all ills of the industry.
"We cannot, by executive fiat, control price without controlling the things
that control the price," he said. "Price-fixing, powerful and drastic remedy
that it is, cannot serve to keep prices where they ought to be if production is permitted to be out of bounds."
He described the public hearings to be held on the new prices as "a fair
take-off on a new economic and political adventure of the first magnitude."
Reviewing operations of the industry to date under the code, Mr. Ickes
said that since promulgation of the production quota on Sept. 8 crude oil
prices had gone from 64 cents to 85 cents a barrel in the mid-continent field.
Vigorous steps were to be taken against the producers of "hot" oil—that
produced in violation of stated limits.
"I regret to say that lately there has been a renewed attempt to produce
'hot' oil," he said. "I assure you we will keep after these renegades until
we persuade them that the Federal law is not to be lightly disregarded."
Leaders Back Hid Views.
Oil was an irreplacable natural resource and indispensable to national
defense, he added, saying:
Financial Chronicle
Volume 137
"For this reason I have no hesitation in affirming that unless the industry can regulate itself, at least to the point of preventing such waste
as has gone on in the past, the Government will be justified in taking whatever steps may be necessary to regulate and preserve this essential resource."
Secretary Ickes was warmly seconded in his plea for strict code compliance by Wirt Franklin, President of the Independent Producers Association and Chairman of the Industry's Code Enforcing Agency, the planning
and co-ordination committee.
C. E. Arnott, Chairman of the Socony-Vacuum Company and Chairman
of the marketing division's enforcement group, voiced similar views.
Mr. Arnott said that persuasion would be tried in bringing recalcitrant
marketers into line with the code, and, this failing, all legal powers of the
committee would be used to stop violations.
Mr. Franklin, like Secretary Ickes, criticized a practice attributed to
some companies of putting into storage now large supplies of oil.
Texas Railroad Commission Sets Current Allowable
Oil Output at 957,655 Barrels Daily—Federal
Allotment Is 966,000.
The Texas Railroad Commission during the current week
completed the calculation of production for each of the
47,000 oil wells in the State, although the daily completion
of new wells made it difficult to keep adjustments of production between fields in line at all times. The Railroad Commission fixed a current daily allowable at 957,555 barrels,
as compared with the Federal allotment of 966,000 barrels.
Daily average production during the first three weeks of
October exceeded the quota by 40,962 barrels.
Roosevelt's Currency Program Lifts Copper, Lead, Tin
and Silver Prices.
"Metal and Mineral Markets" for Oct. 26 1933, says that
though uncertainty still exists as to where consumer demand
to support higher prices is to come from, operators in nonferrous metals were of one mind as to the meaning of President Roosevelt's currency program. In brief, activity increased on the action taken in Washington, and the price
decline of recent weeks came to an abrupt end. All of the
major metals strengthened appreciably in the last three days
of the week, with higher prices paid for copper, lead, tin,
and silver. The buying was generally described as speculative in character, since most consumers appear to be fairly
well covered against near-by requirements. The Government announced yesterday, through the Reconstruction
Finance Corporation, that gold would be purchased at $31.36
an ounce, a price above the so-called world market. The
same publication says:
Copper Sells at 831 Cents.
The march of copper back to former price levels 1- egan in a substantial
way last Monday. following the President's radio announcement of the day
before concerning the establishment of a higher domestic market for newly
mined gold. Both prices and the volume of business improved further
during the remainder of the week, total sales for the period exceeding 6.500
tons. Prices advanced from 73ic., delivered Connecticut, at the beginning
of the week. to 8 ®8Sic. yesterday, with shipments extending into the first
quarter of next year. The bulk of the business was booked by custom
smelters, most of the producers holding to their previously announced 9c.
level. Rumors prevailed yesterday that copper had sold at 8%c., but
such business was generally held to apply to metal of special grade.
The recent good demand for copper abroad continued last week, with
prices advancing about in step with changes in the domestic level. During
the seven-day period prices ranged from 7.375c. to 8.000c., c.1 f.
Little was said about the copper code, though it is known that both
producers and the authorities in Washington are at work on Ironing out the
difficulties. In other words,some progress is being made.
Production and consumption of refined copper outside of the United States
are in balance, and stocks held abroad are only sufficient to meet current
requirements, according to Ferdinand Pisan, General Managing Director
of Union Minter° du Haut-Katanga, who arrived in New York during the
week on one of his periodical visits. Because of the satisfactory supply
and demand situation abroad, there is no pressure among foreign producers
for the formation of a world cartel, although it is possible that a movement
of the kind may develop later, according to the Belgian copper executive.
Total consumption of copper In countries outside of the United States.
Canada, and other America is at the rate of 59,260 metric tons monthly,
according to the American Bureau of Metal Statistics. This compares
with a monthly average of 54,042 tons In 1932 and 59,458 tons In 1931.
Consumption of copper in some of the important consuming countries, outside of the Americas, in metric tons, follows:
Average
Per
Month.
Great Britain
France
Germany
Italy
Japan
Sweden
Switzerland
Czechoslovakia
10.423
9,082
12,859
4,911
8,887
2,089
1,152
1,039
Number
Average
of Months Last Three
Reported. Months.
9
8
8
7
8
8
9
8
10,457
9,358
14,285
2,857
5,991
2,817
1,225
1,487
Lead Active and Higher.
1.7 The market for lead,along with most commodities, passedthrough a rather
.
hectic seven-day period. On Thursday, Oct. 19, the American Smelting
& Refining Co. lowered its published quotation to the basis of 4c., New
York. a decline of 10 points. The St. Louis market, the same day, was
virtually devoid of business, and prices in that territory ranged from 3.85
to 3.90c. p3r pound. The September statistics for refined lead were not in
the least encouraging,and the market continued dull and uninteresting until
after traders had an opportunity to digest what the President had to say in
reference to commodity prices and currency policy.
On Monday, Oct. 23, Inquiry showed general improvement, and sellers
began to harden in their views. The conclusion was reached that a falling
3053
dollar will raise prices. Tuesday witnessed some real activity in lead, and
before the close several lots were sold at a premium over the general price
level. In view of the heavy sales at 4c., New York, the sales on Tuesday
at the higher levels failed to influence the quotation for that day. Yesterday. however, as demand continued, the market opened at 4.15c., New
York, the contract basis of the Smelting company, and 4.05c., St. Louis.
The undertone was strong., some producers turning away buyers at prevailing levels. As on Tuesday,sellers booked a moderate tonnage at a premium
and an advance to 4.25c. was predicted.
Sales for the week that ended yesterday came close to 9,000 tons.
Zinc Firm at 4.75 Cents.
During a week In which sharp movements in prices and trading volume
featured the other non-ferrous metal markets, zinc, in distinct contrast,
exhibited a marked steadiness. A good inquiry for the metal prevailed
throughout the period, with prices firming to a 4.75c., St. Louis, basis
yesterday. Production In the Tri-State District is apparently being kept
within reasonable limits, which fact is lending considerable support to the
position of the metal.
Tin Moves Upward.
The change in the status of the dollar was responsible for the upward
trend in values for tin. Buying here was quiet early in the week, but
increased in the last few days. A meeting of the International Tin Committee took place in London yesterday in reference to the prolongation of
the production agreement. The plan is expected to be continued with
minor changes.
Chinese tin. 99%, prompt shipment, was 'quoted as follows: Oct. 19.
44.70; Oct. 20, 44.60c.; Oct. 21,44.65c.; Oct. 23, 45.625c.; Oct. 24. 46.50c.;
Oct. 25,47.125c.
Frederick Laist Elected President of Copper and Brass
Research Association—Anaconda Official Succeeds
Late R. L. Agassiz—Other Places Filled.
Frederick Laist, Vice-President of the Anaconda Copper
Mining Co., was elected President of the Copper and Brass
Research Association at its 13th annual meeting in New
York City on Oct. 19. Mr. Laist succeeds the late R. L.
Agassiz, former Chairman of the Board of the Calumet &
Hecla Consolidated Copper Co., who acted as President of
the Association from its formation in 1921 until his death
this summer.
Vice-Presidents elected were F. D. Chase, President of the Chase Brass &
Copper Co.; 0. D. Dallas, President of Revere Copper & Brass.Inc ;
B. Donn Keresey, President of the Anaconda Wire & Cable Co.; Louis
S. Cates, President of Phelps Dodge Corp.; C. T. Ulrich, Treasurer of
the Kennecott Copper Corp., was re-elected Treasurer.
The following were elected members of the Executive Committee: Cleveland E. Dodge, Vice-President of Phelps Dodge Corp., Chairman: Frederick
Laist, Vice-President of the Anaconda Copper Mining Co.; F. S. Chase.
President of the Chase Brass & Copper Co.; C. D. Dallas. President of
Revere Copper & Brass. Inc.; Erie V. Daveler, Treasurer of Utah Copper
Co.; E. 0. Goss. President of Scovill Manufacturing Co ; H. Donn Kereseg.
President of Anaconda Wire & Cable Co.; W. R. We'ster. Chairman of
the Board of Bridgeport Brass Co.; Charles Hayden, Vice-President of
Nevada Consolidated Copper Co.; John A. Coe, President of the American
Brass Co.; James MacNaughton, President Calumet & Heels, Consolidated
Copper Co.
The board of directors elected constitute the members of the Executive
Committee and the following others: J. W. Allen, Treasurer of Inspiration
Consolidated Copper Co.: Charles F. Ayer, President of Magma Copper
Co.; F. J. Bassett, Vice-President of Revere Copper & Brass. Inc.; H. C.
Bellinger, Vice-President of Chile Exploration Co.; Sam A. Lewisohn,
President Miami Copper Co.; E. T. Standard, President of Kennecott
Copper Corp.; B. N. Zimmer, Vice-President of the American Metal Co.,
Ltd.: Louis S. Cates. President of Phelps Dodge Corp.; C. r. Ulrich.
Treasurer of Kennecott Copper Corp., and Robert E. Tally, President of
United Verde Copper Co.
Steel Production in Further Sharp Decline as Buyin r
Reverts to Hand-to-Mouth Basis,Says"Iron Age"—
Operations Now at 31.8%—Steel Scrap Price Again
Drops.
Following the completion of shipments against third quer
ter contracts, steel buying has reverted to a hand-to-mouth
basis, says the "Iron Age" of Oct. 26. Consumers generally.
have built up their stocks and in some cases have enough'
material, at the present rate of operations, to last them
through the fourth quarter. The growth of inventories has'
been accompanied by a slackening of consumption ascribable.
to seasonal influences or to labor disturbances, continues the
"Age," further reporting as follows:
Both factors have been at work in the automobile industry, where curtail-,
ment of output has been so sharp that the month's total will be nearer.
130.000 than 145.000 units, as originally estimated. No volume buying of,
;
steel by the automotive trade is looked for until late in the year.
With support from the motor car industry cut off and with mos- other.
outlets of business less active. the Industry is turning its attention from
the Intricacies of the National recovery program to problems of winter •
relief. It was doubtless with an eye to providing employment through the,
colder months that rail mills decided to accede to pressure for a reduction.
in prices at a time when their .costs were mounting.
Throughout recent months the steel industry, as well as other mann-.
facturing groups, have made sacrifices in the Interests of the Government's.
anti-depression program, not only going into the "red" to carry. out ita
provisions but submitting to constant harassment at the hands of organized.
labor. That the Administration is commencing to lose patience with'
union obstruction of recovery, especially in the coal fields, is indicated by: •
an official reminder that labor is not exempt from penalties for code viola-'--Hons. A decision by the National Labor Board, directing striking
gan tool and die makers to return to work and open up negotiations vitih
individual companies, was a further sign that organized labor must tempec,.
its extreme demands. The tool and die makers' union had held out tor.negotiation with all manufacturers as a unit, regardless of whether shops.
were independent or parts of automobile companies.
,
A subsidence of labor disturbances is essential, in the view of steel.
ducers, to restore the confidence of investors in business enterprise. Untill
3054
Financial Chronicle
private capital can again be induced to flow into business, there must be
continued dependence on Government spending. Purchases of 1.000,000
tcurs of rails and accessories, if authorized, will be largely financed by the
Government. The first rail order, under the new price, is likely to come
from the Norfolk & Western, which has tentatively placed 7,500 tons with
a Pittsburgh mill and 2.500 tons with an Eastern mill.
Public works are likely to assume a more important place in coming
months as projects authorized reach the contracting stage. Of 13,100 tons
of fabricated steel placed during the past week, 10,600 tons was for public
projects.
Tin plate remains the only really bright spot in the industry. In fact,
tin mill output has been increased to practical capacity following the re*carnation of activity at the Weirton plant. Although the undiminished flow
of tin plate specifications represents some stocking by consumers, the bulk
of current shipments if going directly into consumption.
Declines in steel production during the week were sharp. The Chicago
rate is off eight points to 37% of capacity; Pittsburgh, four points to 30%;
the Valleys, seven points to 45%; Cleveland, five points to 30%; Buffalo,
13 points to 22%;and the Ohio River district 15 points to 35%. The Wheeling district rate, owing to resumption of operations at Weirton, has risen
from 51) to 55%. The National average for the week, as reported by the
American Iron and Steel Institute, is 31.8%, a drop of more than eight
points from the "Iron Age" estimate of a week ago.
Prices of finished steel, as reflected in the "Iron Age" composite, are
unchanged at 2.036c. a lb., although next week they will reflect the rail
reduction which is effective Oct. 30. Sheet steel piling has been advanced
$2 a ton to 2c. a lb.. Pittsburgh. effective Nov. 1. An advance in bars is
reported to be under consideration. The "Iron Age" pig Iron composite
is unchanged at $16.61 a gross ton, but the scrap composite, reflecting
declines at Chicago and Philadelphia, has dropped from $10.54 to $10.25
a gross ton.
Ford representatives are inspecting sheet mils, presumably as a first
step toward the erection of a sheet plant at Dearborn. Whether Mr. Ford
Is serious in his intention or is merely using a threat as a means of expressing
Ids disapproval of recent steel price advances is not known. Likewise
perplexing is the report that the four open-hearths at Dearborn are being
warmed up un the face of fresh offerings of open-hearth scrap by Ford on
the open market.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Il3ased on steel bars, beams, tank plates
Oct. 24 1933, 2.036c. a Lb
One week ago
2.036c. wire, rails, black pipe and sheets.
One month ago
1.9920.1 These products make 85% of the
One year ago
1.948c. United States output.
Low.
High.
1.867c. Apr. 18
1933
2.036c. Oct. 3
I.9260. Feb. 2
1932
I.9770. Oct. 4
1.945c. Dec. 29
1931
2.037c. Jan. 13
2.273c. Jan. 7
2.018c. Dec. 9
1930
1929
2.3170. Apr. 2
2.273c. Oct. 29
2.2860. Dec. 11
2.2170. July 17
1928
2.4020. Jan. 4
2.2120. Nov. 1
1027
Pig Iron.
Based on average of basic iron at Valley
Oct. 24 1933, $16.61 a Gross Ton.
One week ago
$16.61 furnace foundry irons at Chicago,
16.71 Philadelphia, Buffalo, Valley, and SirOne month ago
13.59 mingham.
One year ago
Low.
HUM.
1933
$13.56 Jan. 3
$18.71 Aug. 29
1932
14.81 Jan. 5
13.56 Dec. 6
1931
14 79 Dec. 15
15.90 Jan. 6
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
19.71 Jan. 4
1927
17.54 Nov. 1
Steel Scrap.
Based on No. I heavy melting steel
Oct. 21 1933. $1.0.25 a Gross Ton.
One week ago
$10.54 quotations at Pittsburgh. Philadelphia.
11.04 and Chicago.
One month ago
7.58
One year ago
Low.
High.
$12.25 Aug. 8
$6.75 Jan. 3
1933
8.50 Jan. 12
6.42 July 5
on
11.33 Jan. 6
8.50 Dec. 29
1931
15.00 Feb. 18
11.25 Dec. 6
1930
17.58 Jan, 29
14.08 Dec. 3
1929
18.50 Dec. 31
13.08 July 2
1928
13.08 Nov.22
15.25 Jan. 11
1927
'Steel" of Cleveland, in its summary of the iron and steel
markets, on Oct. 23 stated:
With steelworks operations down 6 points to 34%, apparently headed
lower this week, and resumption of automotive buying on a large scale not
In prospect for another month, the industry is looking more to government
support for a rally.
Rail mills are understood to be submitting a price of $38, a concession of
1 a ton, for the 844.000 tons which Co-ordinator Eastman has assembled
2
for distribution. Public works projects also are maturing more rapidly,
and are regarded as another source of demand which may apply the brakes
to diminishing steel production.
The combination of labor troubles in the automotive industry, retarding
oew models, and the heavy stocking of material prior to Oct. 15 temporarily
tas closed that outlet for steel. Sheet mills recently working to capacity
to complete low-price third quarter contracts for the industry now are
down to an average of one-third their former rate. October production of
motorcars is falling below 150,000 units.
Railroad buying is at the lowest point of the year, both as regards new
material and equipment, a fact which leads some equipment builders to
anticipate substantial purchases before the close of the year. Norfolk &
Western, on whose inquiry for 10,000 tons of rails producers bid $40 a ton,
ts understood to be awaiting the Government's action.
Government loans for public projects are being expedited, and though
delays are being encountered between the time States and municipalities
award contracts and when approval is given at Washington, heavy steel
tonnages are accumulating for placing with the milli; shortly.
Structural shape awards for the week. 6,332 tons, reflect the slowness in
the final purchasing of steel. Bookings for September. as reported by the
American Institute of Steel Construction Inc., were 30% under the August
total. A substantial tonnage is required for a government airport develop-ment at Middletown. Pa.. while Kansas City. Mo., is taking bids on 5,000
tons for an auditorium.
In other current government work. about 6.000 tons of steel is being
,orovided for coast guard vessels, and 8,200 tons is due for award next
-month for two cruisers.
An $8,000.000 Federal loan for sanitation work at Chicago releases a
'large tonnage cif pipe, producers agreeing to furnish the material at prices
,they bid several months ago, with additional compensation to be doter-
Oct. 28 1933
mined later. Cast pipe makers are competing for 25,000 tons for Mexico
City and 12,000 tons for Puerto Rico. Providence, R. I., has placed
6,000 tons.
Higher prices so far have meant little to the steel industry, as consumers
generally are covered for the fourth quarter at the lower figures prevailing
late last month, and new orders are negligible. Nevertheless, the trend
of the market continues upward. Discounts on bolts, nuts and rivets
have been reduced. Sheet piling is up $2 a ton. Warehouse prices, under
the new basing system, are $3 to $10 a ton higher. Another increase of
$3 a ton on steel bars is being considered, and tin plate makers are contemplating new schedules.
In sharp contrast to this movement, scrap prices are easier, a fact which
is contributing to the slack demand for pig Iron, heavy breakable cast
scrap being available in the Pittsburgh market at $11.50, compared with
$18 for pig iron. Domestic furnace interests are being permitted to offer
concessions to pipe producers bidding against foreign interests in the world
markets.
Further revisions of the steel code are being considered as the close of
the 90
-day trial period, Nov. 19, approaches. Many more supplementary
regulations are being prepared.
In practically all districts steelworks operations declined during the Past
week. In Cleveland the rate was down 13 points to 33%; New England.
13 to 82; Youngstown.6 to 51; Pittsburgh, 5 to 35: Buffalo, 5 to 24: Chicago,
4 to 45; eastern Pennsylvania, 3 to 23. In the Wheeling district operations advanced 2 points to 47%; Detroit remained at 55%. and Birmingham
at 30.
Tin plate mill operations in the Pittsburgh district were up 10 points to
95%, on heavier specifications from canmakers.
"Steel's" iron and steel composite is unchanged at $31.59, and the
finished steel composite remains $49.20; while the scrap index is down
17 cents to $10.29.
Steel ingot production for the week ended Oct. 23 is placed
at 33
of capacity, according to the"Wall Street Journal"
of Oct. 25. This compares with about 38% in the previous
week and with 40% two weeks ago. The "Journal" adds:
Indications are that there will be a further drop in the current week,
as the American Iron & Steel Institute has reported that operations started
on Oct. 23 at 31.8% of capacity.
United States Steel is estimated to have worked last week at slightly
over 32%, against 35% in the preceding week and a shade over 37% two
weeks ago. Independent companies are credited with a rate of around
36%. compared with 40% in the week before and 42% two weeks ago.
The following table gives the percentage of production in the corresponding
week of previous years, together with the approximate change from the week
immediately preceding:
Industry.
U. S. Steel.
Independents.
19-1
28
50-2H
80+1
86-1365+1
1932
1931
1930
1929
1928
1927
19- H
31
55-3
83+1
86-1
67+1%
19-1%
27+ H
47-2
77
86-2
63+1
Bituminous Coal Output During Week Ended Oct. 14
1933, Although in Excess of That for the Preceding
Week, Continued Below the Corresponding Period
Last Year-Slight Change Shown in Anthracite
Production-September 1933 Figures Higher Than
in 1932.
According to the United States Bureau of Mines, Department of Commerce, the total production of bituminous
coal during the week ended Oct. 14 1933 was estimated at
6,670,000 net tons, an increase of 1,010,000 tons, or 17.8%,
as compared with the preceding week. The current figure
also compares with 7,888,000 tons produced during the week
ended Oct. 15 1932 and with 8,234,000 in the corresponding
period in 1931.
Anthracite output in Pennsylvania during the week ended
Oct. 14 1933 was estimated at 1,232,000 net tons, as against
1,126,000 tons in the previous week and 1,256,000 tons in
the week ended Oct. 15 last year.
Bituminous coal output during the month of September
1933 totaled 29,500,000 net tons, as against 33,910,000 tons
in the preceding month and 26,314,000 tons in the corressponding period in 1932. Anthracite production amounted
to 4,993,000 tons, as compared with 4,396,000 tons in August
1933 and 4,108,000 tons in September 1932.
During the calendar year to Oct. 14 1933 production
amounted to 250,218,000 net tons of bituminous coal and
37,811,000 tons of anthracite as compared with 225,218,000
tons of bituminous coal and 37,042,000 tons of anthracite
during the calendar year to Oct. 15 1932.
The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended
Oct. 14
I933.c
Oct. 7
I933.d
Calendar Year to Date.
Oct. 15
1932.
1933.
1932.
1929.
Bltum. coal: a
total 6,670,000 5,660,000 7,888,000 250,432,000 225,218,000 412,049,000
Weekly
Daily avge... 1,112,000 943,000 1,315,000 1,033,000
929.000 1,698,000
Pa. anthra.: b
Weekly total 1,232,000 1,126,000 1,256,000 37,811,000 37,042,000 58,221,000
Daily avge__ 205,300 187,700 209,300
157.200
154,000
233,800
Beehive coke:
Weekly total
7,800
6,800
16,200
616,400
550.100 5,382,000
1.133
Daily awe._
1.300
2 791
2010.
2.240
21,067
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and collIely fuel. c Subject
to revision. d Revised.
Financial Chronicle
Volume 137
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
-000 OMITTED).a
STATES (NET TONS
Week Ended.
State.
Monthly Production.
Oct. 7 *Sept.30 Sept.
1933. 1933. 1933.
Aug.
1933.
Sept.
1932.
Cal. Year to End of Sept.
1933.
1932.
1929.
6,505 5,519 13,424
1,454 1.216 3,642
3,496 3,559 6,680
24,842 20,940 42,558
8,979 8,420 13,134
1,848 2,445 2,923
3,440 3,741 4.925
21,186 18,098 33,885
5,188 6,514 10,357
994 1,920
1,038
587
171
288
1,319 1,376 2,370
791
840 1,892
1,155
972 1,155
14,105 8,341 16,662
60,660 53,815 106,521
2,482 2,268 3,977
840
561
455
1,729 1,787 3,499
6.410 5,582 9,393
838 1,154 1,834
Alabama
Ark. and Okla
Colorado
Illinois
Indiana
Iowa
Kansas and Mo_
Ky.-Eastern_
Western
Maryland
Michigan
Montana
New Mexico_ _
North Dakota_ _
Ohio
Penna. (bit.).-Tennessee
Texas
Utah
Virginia
Washington
West Virginia:
Southern _ b_ _
Northern _c_ _
Wyoming
Other States_ _
166
88
162
720
260
44
102
605
128
40
13
51
20
62
424
457
53
16
65
148
25
207
86
198
732
300
45
97
802
220
50
2
56
28
42
507
650
84
16
85
195
20
868
282
582
2,936
1,080
162
367
3,057
685
130
12
168
94
172
2,013
5,575
292
70
267
755
76
960
278
374
2,820
1,128
175
417
3,290
665
150
10
153
90
82
2,250
8,690
378
65
168
948
95
645
232
526
2,470
1,016
279
435
2,652
834
99
30
194
95
124
1,142
6,277
260
55
238
720
130
1,395
495
112
9
1.797
552
100
5
7,070
2,395
376
16
7,919
2,508
282
15
5,952 52,942 45,081 75,268
1,504 14,347 14,892 27,031
392 2,516 2,819 4,628
150
124
13
100
Total bit. cos
Pa. anthracite_
5,660
1,126
6,876 29,500 33,910 26,314 238,102 211.248 389,255
1.202 4,993 4,396 4,108 35,453 34.756 52,605
6.756 5.075 na an 88.308 30.422 273.555 246.004 441.860
Total coal__
a Figures for 1929 only are final bloc udes operations on the N.& W., C.& 0.,
Virginian, K. & M., and B. C. & G. c Rest of State, including Panhandle.
Price of Steel Rails Cut $2.25 a Ton-New Price of
$37.75 Filed with American Iron & Steel Institute.
Four large steel rail makers-United States Steel Corp.,
Bethlehem Steel Corp., Inland Steel Co. and Colorado Fuel
3055
& Iron Co.
-have filed a new price of $37.75 a ton, a reduction $2.25, for steel rails with the American Iron & Steel
Institute which is administering the National Recovery Administration code for the steel industry. The new price,
which is for delivery in the East, is effective Oct. 30. The
new prices for standard T rails of more than 60 pounds per
yard, follow:
137.75 at Bessemer and Steelton, Pa.; Sparrows Point. Md.;Lackawanna,
N.Y.; Gary and Indiana Harbor, hid.; Ensley, Ala.; Minnequa, Col.;$38.75
at New Orleans and Mobile, La.; $39.50 at Houston. Galveston and Port
Arthur, Tex.; and $41.75 at Pacific Coast ports.
From the New York "Herald Tribune" of Oct. 24 we
quote in part:
In well posted quarters In Wall Street, it was believed that steel operators
had cut the price on pressure from Washington to provide all work possible
this winter to relieve unemployment. Steel companies which produce steel
rails have held out against price cutting, claiming that the $40 a ton price
on rails was too low, compared with quotations on heavier products, and
because of increased producing costs under NRA operation. Added wage
costs of the steel industry as a result of adoption of the NRA code have
been estimated at more than $100,000,000 annually.
The railroads had placed commitments for rails and other steel products
with Mr. Eastman subject to a substantial reduction being made in the
rail quotations. In this connection, Mr. Eastman had suggested a price
of $35 a ton. Steel men, it is understood,flatly rejected this offer, contending that even at $40 there is little or no profit in the rail business because of
the specialized nature of the product, involving huge expenditures for plant
and closer inspection of product. It was also pointed out that the $40
price was $3 a ton under the quotation maintained for 10 years up to the
fall of 1932.
Other steel prices filed under the NRA code were referred
to in our issues of Oct. 14, page 2750,and Sept. 30, page 2370.
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. 25, as reported by
the Federal Reserve banks, was $2,518,000,000, an increase
of $21,000,000 compared with the preceding week and of
$299,000,000 compared with the corresponding week in 1932.
On Oct. 25 total Reserve Bank credit amounted to $2,526,000,000, an
increase of $13,000,000 for the week. This increase corresponds with an
Increase of $38,000,000 In member bank reserve balances and a decrease of
$18,000,000 in Treasury currency, adjusted, offset in part by a decrease of
$42,000,000 in money in circulation.
Bills discounted increased $2,000,000 at the Federal Reserve Bank of
New York and at all Federal Reserve banks. Holdings of bills bought in
open market and of United States bonds show practically no change for the
week, while holdings of United States Treasury notes increased $18,000,000
and of Treasury certificates and bills $7,000,000.
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. 25, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 310 and 3103.
Beginning with the statement of March 15 1933, new
items were included as follows:
1. "Federal Reserve bank notes in actual circulation." representing the
amount ofsuch notes issued under the provisions of paragraph 6 of Section 18
of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund-Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption
of such notes
3, "Special deposits
-member banks," and "Special deposits-nonmember banks," representing the amount of segregated deposits received
from member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks,
and In actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve tank notes.
Changes in the amount of Reserve Bank credit outstanding
and in related items during the week and the year ended
Oct. 25 1933, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (+) or Decrease (-)
Since
Oct. 25 1933. Oct. 18 1933. Oct. 26 1932.
3
+2,000,000 -207,000,000
115,000,000
-27,000,000
7,000,000
2,400,000,000 +25,000,000 +549,000,000
-0,000,000
5.000.000 -13,000,000
TOTAL RES'VE BANK CREDIT...2,526.000,000
4 323,000,000
Monetary gold stock
1,976,000,000
Treasury currency adjusted
5 608,000,000
Money in circulation
2 693,000,000
Member bank reserve balances
Unexpended capital funds, non-mem524,000,000
ber deposit, &c
+13.000.000
-18,000,000
-42,000,000
+38,000,000
+305,000.000
+66.000.000
+71,000.000
+24.000.000
+281.000,000
+137.000.000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows a decrease of $84,000,000, the total of these
loans on Oct. 25 1933 standing at $731,000,000, as compared
with $331,000,000 on July 27 1932, the low record for all
time since these loans have been first compiled in 1917.
Loans "for own account" decreased from $691,000,000 to
$620,000,000, loans "for account of out-of-town banks"
from $117,00,000 to $105,000,000, and loans "for account
of others" from $7,000,000 to $6,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
Loans and investments-total
New York.
Oct. 25 1933. Oct. 18 1933. Oct. 26 1932.
$
6,670,000,000 6,782,000,000 6,982,000,000
3,377,000,000 3,461,000,000 3,384,000,000
Loans-total
On securities
All other
Investments-total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank_
Cash in vault
1,636,000,000 1,712.000,000 1,569,000,000
1,741,000,000 1,749,000,000 1,815,000.000
3 293,000,000 3,321,000,000 3,598,000,000
2,194,000,000 2,226,000,000 2.548,000,000
1,099,000,000 1,095,000,000 1,050,000,000
. 919,000,000
37,000,000
878,000,000 1,055,000,000
37,000,000
38,000,000
Net demand deposits
Time deposits
Government deposits
5,311,000,000 5,331,000,000 5,476.000,000
757,000,000 757,000,000 913,000,000
326,000,000 351,000,000 247,000,000
Due from banks
Due to banks
81.000,000
75,000,000
81,000,000
1,191,000,000 1,219,000.000 1,360,000,000
Borrowings from Federal Reserve Bank_
Loans on seem.. to brokers & dealers:
For own account
620,000,000
For account of out-of-town banks
105,000,000
For account of others
6,000,000
Total
On demand
On time
691,000,000
117.000,000
7,000,000
332,000,000
15,000,000
5.000,000
731,000,000
815,000,000
352,000,000
463,000,000
268,000,000
545,000,000
370,000,000
199,000,000
153.000,000
Finanrial Chronicle
3056
Chicago.
Oct. 25 1933. Oct. 18 1933. Oct. 26 1932.
$
1,181,000,000 1,201,000,000 1,232,000,000
Loans and investments—total
689,000,000
On securities
All other
691,000,000
737,000,000
342,000,000
347.000,000
Loans—total
344,000,000
347,000,000
420,000,000
317,000,000
492,000,000
Net demand deposits
Time deposits
Government deposits
289,000,000
206,000,000
388,000,000
36,000,000
270,000,000
16,000,000
1,051,000,000 1,040,000,000
345,000,000 346,000,000
54,000,000
50,000,000
Reserve with Federal Reserve Bank
Cash in vault
495,000,000
300,000.000
210.000.000
412,000,000
36,000,000
U. S. Government securities
Other securities
510,000,000
283,000,000
209,000.000
Investments—total
886,000,000
317,000.000
32,000.000
191.000,000
268,000,000
212,000,000
299,000.000
183,000,000
264,000,000
Due from banks
Due to banks
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. 18, with comparisons for
Oct. 11 1933 and Oct. 19 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. 18.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on Oct. 18 shows increases for the week of
$56,000,000 in loans and investments. $173.000,000 in net demand deposits
and $61,000,000 In reserve balances with Federal Reserve banks.
Loans on securities Increased $34,000.000 at reporting member banks in
the New York district and $36,000,000 at all reporting member banks.
"All other" loans increased $42,000,000 in the New York district and $37,000.000 at all reporting banks.
Holdings of United States Government securities declined $11,000,000
In the New York district. $8.000,000 in the Cleveland district and $7.000,000
at all reporting member banks, and increased $8,000.000 in the Philadelphia
district and $6,000,000 in the St. Louis district. Holdings of other securities
declined $8.000,000 in the New York district and $10.000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $20,000,000 on Oct. 18. a decline 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 $893,000.000 and net demand,
time, and Government deposits of $920,000,000 on Oct. 18, compared with
$900,000,000 and $911,000,000, respectively, on Oct. 11.
A summary of the principal assets and liabilities of the reporting member
banks, In 90 leading cities, that are now in luded in the statement, together
with changes for the week and the year ended Oct. 18 1933, follows:
Increase 1+) or Decrease (—)
Since
Oct. 111933.
Oct. 19 1932.
$
$
+56,000,000 —476,000,000
Loans and investments—total____16,592,000,000
Oct. 18 1933.
8,643,000,OG)
+73,000,000
—546,000,000
3,673,000,000
4,970,000,000
+36,000,000
+37,000,000
—244,000,000
—302,000,C00
7,949,000,000
—17,000,000
+70,000,000
U. S. Government securities-- 4,987,000,000
Other securities
2.962,000,000
—7,000,000
—10,000,000
+90,000,000
—20,000,000
1,955,000,000
208,000,000
+61,000,000
—9,000,000
+187,000,000
+30,000,000
10,700,000,000
4,476,000,000
780,000,000
+173,000,000
—1,000,000
—83,000,000
+24.000,000
—172,000,000
+238,000,000
1,239.000,000
2,740,000,000
+39,000,000
+139,000.000
—242,000,000
—288.000,000
20.000,000
—3,000,000
Loans—total
On securities
All other
Investments—total
Reserve with F. It. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
rrowings from F. R. banks
If
—50,00
Professor Kemmerer Backs Gold Buying—In Discussing President Roosevelt's Monetary Policy
Warns that "Highly Managed Currency" May
Founder on Rocks of Politics—Holds Paper Basis
Sometimes Has Brought "Runaway Inflation."
In a statement issued in New York on Oct. 24 commenting
upon the new monetary policy of President Roosevelt,
Professor Edwin Walter Kemmerer of Princeton University,
authority on money, warns against the danger that "a
highly managed currency will founder on the rocks of
politics."
.
Oct. 28 1933
"Although inconvertible paper currencies have occasionally
been maintained at a fairly stable value for moderate
periods of time," he says, "sooner or later they have practically always broken from control and ended in a runaway
inflation."
Professor Kemmerer, who occupies the post of Research
Professor of International Finance at Princeton, and whose
efforts to assist various countries to establish stable monotary systems have earned him the title of "the money
doctor," (the New York "Times" notes), says that all
advocates of a sound and stable currency will sympathize
with the President's desire "to establish and maintain a
dollar which will not change its purchasing and debt-paying
power during the succeeding generation."
Professor Kemmerer's statement in full text follows:
With the President's desire "to establish and maintain a dollar which
will not change its purchasing and debt-paying power during the succeeding generation" all advocates of a sound and stable currency will
sympathize. In a world where a large proportion of business transactions is conducted on the basis of long-time debts, and in a country like
our own in which there are over $150,000,000,000 of debts outstanding,
In addition to some $100.000.000.000 of life insurance, stability in the
value or the purchasing power of the monetary unit in which such obligations are incurred and paid Is exceedingly desirable.
Furthermore, now that the country is unfortunately on an inconvertible
paper money basis, the adoption of the policy of buying and selling gold
through governmental or quasi-governmental auspices, as a means of
controlling the value of the paper dollar, is a wise move, as the recent
adoption of a similar policy by Great Britain has amply demonstrated.
The public should not be unduly scared by the term "managed currency."
All currencies In recent years have been more or less managed, even the
gold standard currencies themselves, over which a moderate amount of
management is commonly effected through open-market operations,
variations in the discount rates of central banks and other central bank
devices.
The all-important questions at the present time relate to the particular
price-level which the Government will undertake to establish and to the
plans that will be adopted for attaining and maintaining whatever price
level is determined upon. Upon these two vital questions the President's
address gives us no definite information. He says: "I would not know
and no one else could tell Just what the permanent valuation of the dollar
will be. To guess at a permanent gold valuation now would certainly
require later changes caused by later facts." If this statement is true today it will likewise be true at any time In the future. There is no such
thing as the frequently acclaimed "natural value" for a paper money
standard dollar.
So far as the method of stabilization is concerned. the President's statement is broad enough to include any one of a great variety of stabilization
schemes that have been advanced—some conservative and some radical.
Among these schemes might be mentioned the stabilization of gold Itself
through some plan of international co operation to control the production
and distribution of gold. stabilization through co-operative action of
the world's leading central banks, the so-called "commodity dollar,"
International bi-metallism. National bi-metallism and even a permanently
inconvertible paper money highly managed through governmental manipulation of the money supply. Under the broad currency powers given
the President by the Act of May 12 1933, he probably has legal authority
to adopt any one of these plans or any one of numerous others that might
be mentioned.
Although Inconvertible paper currencies have occasionally been maintained at a fairly stable value for moderate periods of time, sooner or
later they have practically always broken from control and ended in a
runaway inflation. The controlling of a currency, and therefore of the
price and wage level in terms of money, is to such a large extent a question
of mass psychology, of confidence or lack of confidence in the money,
or in the banks or in Government officials, and of the velocities at which
the money and bank deposits circulate, rather than of their volume alone,
that attempts at control usually break down within a comparatively short
period of time. The great danger is that a highly managed currency will
flounder on the rocks of politics. Prices. wages and debts are "affected"
with such tremendous class interests that when once a currency has broken
away from its customary metallic basis the danger Is that its control will
cease to be rational or scientific, despite the good intentions of the administrative authorities, and will become a football of politics.
Denver Mint Gets $416,388 of
New Mined Gold—Increased Mining Activity.
Associated Press accounts from Denver, Oct. 27, stated:
Gold miners In the Rocky Mountain area shipped $416,388 worth of
newly mined gold to the Denver Mint in the last two daYs, taking
advantage
of the Government's new gold purchasing plan. Mark A. Skinner, Mint
Superintendent, said large shipments were coming In to-day.
1
"We received 8,321 fine ounces of gold Wednesday, when the Government purchase price was $31.36 an ounce, and 4,390 ounces yesterday,
when the price was $31.54," Skinner said.
"Undoubtedly the Government's plan has stirred up an immense amount
of mining activity in this region. Reports I have received indicate the
hills are swarming with miners."
South African Union Doubles Gold Holdings—
L1,309,500 Government's Share in Profits of 33
Mines in Last Seven Months.
Since the beginning of the year the gold holdings of
outh Africa have more than doubled, said the New York
"Herald Tribune" of Oct. 22, which went on to say:
Converted Into United States gold dollars the gold reserves Increased
from $35,000,000 in December 1932 to $80.000,000 In July 1933. with
a decline to $74,000,000 in mid-September. Naturally, the suspension
of the gold standard in South Africa last December has provided a strong
stimulus to gold production, despite the very heavy government taxation.
The latter has proven a welcome source of funds to the Union Government.
During the six months January to June 1933 the South African Government collected no leas than £7,790,000 from gold producers in taxes and
as its share in profits, according to statistics now available. Thirty-three
gold mines contributed to this total, which includes the sum of £1,309.500
Volume 137
Financial Chronicle
as
the Government's share of profits on operations in the Government
areas. The largest individual collection was from the Crown mines,
E769.178: New State areas, £754.500; Randfontein, £559.000; New Modder.
£449,654. and Brakpan. E342,000.
Increase in earnings was very marked during the first half of this year,
and dividends have been uniformly increased. Earnings of the Government areas during the first six months of 1933 amounted to £840,000 and
dividends for the same period were 60%, compared with 45% in each of
the two preceding terms. Crown mines earned £589.414 the first half of
1933 and paid 6254%, against 425i for the last half of 1932 and 35%
the preceding half
-year. New Modder earned £735.000 and paid 525i%
an improvement of 25 % during the six months. The Sub Nigel mine
,
6
earned £487,500 and increased its half-yearly dividend from 40 to one of
65%. These mines were the best paying.
The principal South African gold producers in the order of their volume
of output are, according to recent figures, the following: Crown Mines.
Government areas, Randfontein. New Modderfontein, New State areas.
East Rand Proprietary Mines, Sub Nigel, Springs Mines, Brakpan Mines,
Geduld, Robinson Deep and West Rand Consolidated. Not all South
African gold mines, it Is interesting to note, are at present increasing
production. During July. 12 large producers and various smaller recorded
decreased output, compared with June of this year. Twenty-one large
mines and various miscellaneous producers recorded increases. For
the country as a whole the 913.671 ounces produced in July represented
an increase of some 5.000 ounces over June. During August, Transvaal
output of gold amounted to 934,714 ounces.
British Gold Said to Be Aiding Franc—London Editor
Says Bank of England Put £40,000,000 Here at
Paris's Disposal.
From London, Oct. 22, the New York "Times" reported
the following:
The suggestion is made to-night by the financial editor of the "Daily
Herald" that the Bank of Emtland is using £40,000,000 in British gold In
an attempt to bolster up the French franc.
According to the "Herald" writer, the gold has been shipped from New
York to Paris in consignments of about £2,000,000 each since July.
"It was at first taken for granted that this was French gold which was
being repatriated," he writes,"but in actual fact the transport and insurance
of the gold was In each case arranged and paid for by the Bank of England."
Each shipment also is said to have been sent In British vessels.
Asserting that the source of such a large amount of gold is a mystery.
The "Herald" writer suggests the Bank of England bought it in New York
before the United States abandoned the gold standard and paid for it with
the help of the exchange equalization fund. He hints it was bought partly
in preparation for future war-debt payments.
"But as the last war debt payment was a token payment only and was,
moreover, made In silver, and as it is now regarded that Britain will never
again pay the war debts on the old scale, the gold is being withdrawn from
New York." he explains.
The only possible reason he can find for sending it to France is to help
stave off a possible currency collapse in Paris.
British Gold Imports In September Far Above Exports,
A London wireless message Oct. 14 to the new York
"Times" stated:
Gold imports Into England during September totaled £16.351,000,
exports only £1.960.000. Of the imports, £5 996.000 came from the
Transvaal, £3,520,000 from India, £1,567,000 from France. E1.309.000
from Canada, £898,000 from the United States. £627,000 from Australia,
£259.000 from South America, £317,000 from Rhodesia and the balance
from other countries.
Of exports. £1,200,000 were sent to Holland. £717.000 to France. £23.872
to Switzerland and the balance to other countries. During the nine months,
completed imports have aggregated £178.548,000 and exports £53,275,000.
Franco-Asiatic Bank and Japanese Interest to Exploit
Manchurian Gold.
The following (United Press) from Paris is from the "Wall
Street Journal" of Oct. 23:
The Franco-Asiatic Bank, operating jointly with Japanese interests, announced the creation of a I,200,000
-yen corporation to exploit Manchurian
gold deposits.
Since establishment of the State of Manchoukuo, the Franco!Asiatic
Bank has attempted to obtain an interest in the Chinese Eastern Railway
Jointly owned by Russia and Japan.
The Bank represents French interests which lent the old czarist regime
money to build the railroad. The Soviets subsequently repudiated the
czarist loans, and the Bank has since contended that it deserves an interest
In the railway.
Gold Shortage in Bombay.
From Bombay the "Wall Street Journal" of Oct. 23 stated:
The marked drop in the exports of gold from India during the past two
weeks has been due to a temporary shortage of the metal in Bombay as a
result of the smaller receipts of metal from up country. The price temporarily has been made high in relation to the London price. Two shipmenta have been fulfilled at the old contracts, but fresh contracts at the
present price are impossible as they would not even cover shipping charges,
thus leaving no margin of profit for the dealer. In the last week three full
days were holidays, marking the Hindu New Year. The holidays curtailed
supplies of gold from up country but these now are being resumed.
Colombia's Gold Production Rising Steadily.
Production of gold in the Republic of Colombia has risen
steadily in the past five years, it was indicated in a report to
the Commerce Department from its office in Bogota. The
Department likewise says:
In 1929, the report shows, total output amounted to 136.576 troy ounces,
valued at 2,900,650 pesos, while for the first eight months of 1933 production amounted to 224,112 troy ounces valued at 4,760.138 pesos.
It Is expected locally that production for the first nine months of 1933
will equal or probably exceed production for the entire year 1932 which
amounted to 248,000 ounces valued at 5,272.900 Pesos.
July was the record month for gold production In Colombia. the report
states. In that month. approximately 39,000 troy ounces of gold were
3057
taken from the Republic's mines, approximately two-thirds of which came
from the Department of Antioquia.
Colombia mining activities, it is pointed out, have been stimulated during
the last two months by increased premium on gold bars paid by the Banco
de la Republica. The increase which took place in the latter part of September is expected to stimulate even further gold-mining operations.
(Par value of Colombian peso equals $0.973, U. S. currency.)
Fixing of World Gold Price Daily by London Brokers.
Under date of Oct. 25, Associated Press advices from
London stated:
Without fuss or feathers, the world gold price is fixed each morning by
bullion brokers.
Promptly at 11 o'clock they meet in one of the broker's offices in the financial district in London, well-dressed business men in striped trousers
and dark coats, the conventional garb of Lombard Street.
The basis of the gold price formerly was sterling, and then the dollar,
but since the United States abandoned the gold standard it has been the
French franc.
The rate at which the buyers would be able to sell gold to the Bank of
France starts the operations. To-day's price of 130 shillings, one penny
per fine ounce was fixed on the basis of the franc at 81%.
[Bar gold at 1308. Id. In London was equivalent in United States funds
to $31.09 figured on the opening price of $4.78 of the pound in relation to
sterling.]
Rocky Mountain Miners Turn Over $250,000 Gold to
Denver Mint.
Associated Press advices from Denver, Oct. 25, said:
Miners of the Rocky Mountain region sent gold estimated to be worth
about $250.000 to the Denver mint to-day.
Mark A. Skinner, Superintendent, said that the shipments represented
an overnight profit of about $12,000 to the miners, based on the Government's purchase price of $31.36 an ounce for newly mined gold.
AjJressof Montagu Norman, Governor of Bank
England, at Bankers' Dinner in London—sees
Dark Clouds Ahead.
Montagu Norman,Governor of the Bank of England,speaking early in the month, at the Bankers' dinner in London,
stated that "look where you will we have seen on all sides
during the past year one experiment after another, but of
none of those experiments can we yet see the end." Governor Norman's remarks followed those of Neville Chamberlain, Chancellor of the Exchequer, and Winston Churchill;
in part, Mr. Norman spoke as follows, the extracts we give
being taken from the London "Financial News" of Oct. 4:
I agree, as far as I am aware of the facts, with the hopeful or more hopeful
prospects which are discerned by the two speakers who have already preceded me. But we must remember here that in this city we are largely
international, and we depend on much that comes and goes overseas, and we
cannot look East or West without being persuaded that there are dark clouds
hovering ahead. It may be that these clouds, with the approaching dawn,
will be swept away. But there they are for the moment. Internationally
speaking, as far as it affects the business of the bankers and merchants of
this city, there they are, and they must be taken into account.
Progressing By Evolution.
Now, it seems to me that, so far as our business is concerned, great changes
have taken place, or, at any rate, have become visible during the year now
closing. I look upon the closing of one year and the beginning, as it were,
of another.
We are accustomed to meet here, by Lord Mayor, and I always look upon
this as a milestone which is fixed in the Mansion House year by year. We
here, above all things, have progressed slowly, deliberately, carefully and
successfully by a process which I may call evolution.
We have perhaps done no more than they have in other countries, but,
speaking generally, finance, banking, merchantry has progressed slowly and
regularly, and not by jerks. The process which biologically some generations ago was named the theory of evolution by Darwin, although purely a
biological process so far as he was concerned individually, may be as nearest
to the position which has been adopted in this city, and excluding this particular place, it would not be far wrong in saying that evolution has been
succeeded by revolution.
Awaiting Other Changes.
Nene of us whose business lies about these streets around the Mansion
House can deny that we here have seen during this year changes take effect
which a short time ago would have seemed unbelievable. I need not numerate them, but obviously if the business on which this city is built up and on
which this city must largely depend—business which we received from our
fathers and which we hold in trust; a tradition which we did not make but
which was passed on to us—if that business is to continue, we await the coming of other changes and of less changes that the sore we have watched,
during the coming year.
From Experience to Experiment.
The Chancellor has described the reason for isolation—the excitability of
exchanges. The great uncertainty which has been seen in certain countries
more than in others is general all over the world. All these are
a menace
to us to-day. We do not see surrounding us those traditions
upon which the
business with which we have grown up can safely be expected
to proceed.
I may state the same idea in a different way, because we
have been accustomed to proceed by experience. We have taken a fresh
step in whatever
business was ours so soon, but not sooner, than such a step
was secure. We
have made changes knowing that those changes were
the giving up of something which did not work in favor of something which
would work. That is
the result of long experience, it is on that that the
tradition of London
Is based, but experience has given way to experiment.
The difference in
letters is small. The difference in result is incalculable.
Readjustment Needed.
Look where we will, we have seen on all sides during the
past year one
experiment succeed another, but of none of those experiments
can we yet
see the end. I am speaking of those matters which vitally
affect the business of this community; vitally affect it because we are
not only the members of the city, but of an island, and we are members of an
Empire, of
Financial Chronicle
3058
Continent, of a world, and we need, if our business is to proceed, as I
believe it will come again to proceed, we need readjustment of those conditions.
Having at home so hopeful and so firm a background, I believe that we
may look forward to some gradual improvement elsewhere, but it will be
piecemeal and its course is uncertain. We shall have many difficulties. We
shall have much criticism, and we shall have many disagreements, I doubt
not, at home and abroad, but I console myself with this thought, "That the
dogs bark when the caravan passes on."
No Monetary Standard Equal to That of Gold, According to Neville Chamberlain, British Chancellor
of Exchequer, in Urging International Monetary
Standard—Return to Gold by Great Britain Likely
—Higher Commodity Prices Essential to Recovery
—Resumption of International Lending Also
Requisite, Together with Removal of Trade Barriers.
While a very brief reference was made in these columns,
Oct. 7 (page 2540), to the remarks of Neville Chamberlain,
British Chancellor of the Exchequer, at the Bankers' dinner,
at the Lord Mayor's Mansion, on Oct. 3, in which he dealt
with the four points essential to recovery, we are giving here
a more extended account of his speech as made available in
the London "Financial News" of Oct. 4. The establishment
of an international money standard. was one of the objects
cited by the Chancellor, Who at the same time stated that
there is no medium which as an international standard can
compare with gold. To effect recovery Mr. Chamberlain also
urged a rise in wholesale prices, "especially the prices of
primary commodities," the removal of excessive trade bar•
riers, and the resumption of international lending. From
the London "Financial News" we quote his remarks as
follows:
"After such a storm like that through which we passed in 1931," said
Mr. Chamberlain in his reply to the toast, "a considerable period is required
before the results of any immediate measures which may be taken can show
themselves.
"During that time it is not unnatural that some impatience should be
manifested. People who in ordinary times are foremost in demanding that
the Government should mind its own business and cease to interfere with
their private affairs, are then apt to turn round and inquire indignantly
what the Government is doing about it.
Nothing to Regret.
"For my part, I regret nothing of the policy which has been followed by
the Government, and I welcome the present improvement both as a justification of the past and as an encouragement to pursue the same paths in
the future."
The toast was to the continued health of the public purse, which included
the private purse, since the two ran alongside one another.
He would like to put before them one or two circumstances which bore
upon the way in which they might expect to attain that very desirable end.
"When we look back on what we think of as our palmy days we see that
we were a great exporting country. We are still the first exporting country
in the world, but the international trade for our share of which we are
competing has diminished so rapidly and so far that to-day it is only 34% in
value of what it was in 1929.
Value of Exports Lost.
"Our own exports were halved in value between 1929 and 1932. The
value of what we lost in exported goods in those brief years was of no less
than 365 million pounds.
"Very little reflection is required upon figures like that to show us that
the prosperity of this country is intimately bound up with the revival of
international trade. How is that revival to be attained? It is not merely a
question of economics.
"Finance and monetary conditions enter into the subject, and the political
considerations have a very powerful--d am afraid generally malevolent—
influence. All these factors are so tangled up that we find that it is exceedingly difficult to unravel them, but I think it is possible to name four major
objects that we might seek for which if we can attain them would carry us a
long way towards our goal.
Prior Must Rise—Output Control Best Method..
"First, I would put a rise in wholesale prices, especially the prices of
primary commodities. If that disastrous fall in those prices which generally has taken place in recent years could be picked up, if prices could
be raised sufficiently to enable producers again to make both ends meet,
then, in predominately agricultural countries, the difficulties would be
largely removed.
"They could balance their budgets, pay their debts, restore their credit,
and their purchasing power would be given back to them.
"There will be no dissent about that. It is when we come to consider the
method of raising prices that discordance begins to arise.
"I will say no more than that, while I am sure that monetary
factors
have a great influence on this matter. I hold the view that
in present
circumstances, and in the case of these primary oommodities, there
is no
method so certain and so rapid in its operation as the control of
production
and the proper allocation of supply to demand, where that can
be effected
by international agreement, as has been recently attempted
in the case of
wheat.
Removal of Trade Barriers.
"Secondly, the removal or lowering of excessive trade barriers. I do
not
believe that the multiplication of these barriers which we have seen in
recent years is due entirely, or even, perhaps, mainly, to the growth of the
spirit of economic nationalism. I rather aScribe it to forces born of
an
experience of uncontrolled inflation in certain European countries.
"This is one of the problems for which the recent World Economic
Conference hoped to find a solution.
Oct. 28
1933
World Conference Results.
"Unhappily, these discussions proved to be premature, and had to be suspended, but it would be a mistake to think of the World Economic Conference as a waste of time.
"I venture to say that when these discussions are resumed, as they must
be in some form or another, it will be found that the London Conference has
done a great deal to prepare the way for an ultimate agreement.
The Gold Standard—None Other to Compare With It.
"The third object is the establishment of an international monetary
standard. That is one of the subjects upon which imagination is most apt
to run riot, but, although we may play with the idea of fancy standards
which seem to be theoretically unassailable in practice, we must remember
that an international standard, if it is to be workable, must be such as to
command the confidence of the countries which are dealing with it.
"There is no standard which can compare in that respect to gold. Therefore, it seems likely that ultimately we shall return to a gold standard.
"But we in this country cannot consent to link our currency to gold until
we are certain that the conditions prevailing are such as will permit a gold
standard to function efficiently.
"I need not repeat what those conditions are; I only say that they do
not yet exist.
Resumption of Lending.
"Lastly, I would mention the resumption of international lending. International lending was stopped not because there was no money to lend, but
because of doubts as to the safety of the loans.
"Just as these international troubles arise from the weakness of individual States," said Mr. Chamberlain, "so I think we can anticipate that
the strengthening of individual States will favorably affect the collective
world situation.
"I think we may congratulate ourselves that in that task this country is
playing its part.
Rise in Employment—Improvement in September.
"That dark shadow of unemployment which has hung over us so long shows
signs of lifting at last. The August figures show that we have no fewer
than 650,000 more employed than we had a year ago.
"Although it will be too much to expect that we shall not in the course
of this winter see signs of those seasonal influences which affect our unemployment figures, still it is a remarkable and significant fact that now in
the late summer and autumn, at a time when unemployment usually follows
an upward trend, it is still decreasing.
"We have not yet had figures for September, but from information which
reaches me from various parts of the country I believe we rimy venture to
anticipate that when those figures are made public they will show this
encouraging drop in unemployment still continues.
Widespread Recovery.
"Another encouraging feature was that this improvement in unemployment was so widespread. It was evident in industries such as iron and steel,
engineering and shipbuilding, textile trades, woolen and hosiery trades, the
electrical industry, and some branches of agriculture, and the demand for
motor cars both at home and overseas continued to expand, while railway
traffic was making a better showing month by month.
"There is no sign of approaching doom," said Mr. Chamberlain emphatically, "but, on the other hand, in almost every direction we see indications of delnite progress and a growing sense of confidence that this is
no mere flash in the pan, but is the beginning of a permanent advance.
Revenue Estimates Should Be Fulfilled.
"These favorable symptoms affected also the appearance of the public
purse. You have seen some figures published in the press, and the better
informed journalists have made the usual comments—and reservations.
"It certainly would be rash to multiply any increase of revenue that has
taken place for the half-year by two. We cannot form any accurate forecast of what we are going to receive from income tax and surtax till well
into the new year."
Mr. Chamberlain said that under the arrangement which he made, reverting to the half-yearly payment of income tax, the taxpayers would be expected to hand over only half instead of three-quarters of the tax next
January, a concession which he anticipated would cost him £12,000,000.
The effect of that concession did not take place until the second half of
the year.
"On the whole, speaking as a cautious man, I think I may say I have no
reason to anticipate that my estimates of inland revenue
will not be fulfilled,"
he said.'
Unemployment Savings.
"Meanwhile, the receipts from customs and excise and
from miscellaneous
revenue are coming in satisfactorily. On the other side
of the account the
reduction in unemployment is helpful, although it is not quite
so helpful
as some people seem to anticipate.
"Benefits to the Exchequer which arise mainly out
of a reduction in
transitional payments have a later and a more indirect
effect.
"But all the same, I do expect to obtain some advantage
out of the present
movement of employment, and on the whole I shall be
very disappointed if
at the end of the financial year, after making provision
for the obligatory
sinking fund and for the payment which we made to the
Government of the
United States last June, I am not left with a surplus
available for the
redemption of debt."
Great Britain's Credit the City's Great Trust.
Mr. Chamberlain said there was one never-failing
source of consolation
to the Chancellor of the Exchequer, and that was the
knowledge that he
could always count upon the tenacity and courage of the
people and upon
the accumulated wisdom and experience of the City of
London.
To-day our adherence to the principles of sound and prudent
finance was
beginning to bring its reward. British credit stood
exceptionally high.
We had gone a long way from the great conversion
operations of last
year, and yet the 314% stock which was issued at that
time to-day stood
above par. That was a great achievement.
The maintenance of British credit is a great trust in
the hands of the
City of London and of the Chancellor of the Exchequer.
To do anything
which would weaken it would be a betrayal of that trust.
"With your help, with the backing of approval of the
people of this
country, we will maintain it to the end.
"We may yet have checks and disappointments in front of us,
but as we
look back we can see we have left the worst behind, and with
a new consciousness of our own strength we can now go forward to
face the future with
confidence."
Volume 137
Financial Chronicle
Return to Co-operative Spirit of Pioneer Days Urged
by President Roosevelt in Address at Washington
College—Asks That Individualism Be Submerged
in Recovery Effort—Receives Degree of LL. D.—
President Declares We Can Make More Rapid
Progress Without a Dictator.
The United States can make greater progress toward business recovery in a shorter period of time than "some countries which have dictators and which have laid down fiveyear plans and 10-year plans," President Roosevelt declared
on Oct. 21 in an address at Chestertown, Md., on the occasion of the 150th anniversary of Washington College, which
was founded by the first President of the United States.
President Roosevelt had visited the college in order to receive the degree of Doctor of Laws. It had not been expected
that he would deliver a speech, and his remarks were of an
extemporaneous nature. His short talk was in the nature
of a challenge to the idea of a dictatorship, and an appeal
for a spirit of co-operation on which, he asserted, the nation
was founded. "Individualism," he said, must be submerged
in the recovery program which involves the making of "many
changes in the machinery of life, changes which are perfectly proper and which we shall continue to make for a
good many years." We quote further regarding his address
from a Chestertown dispatch of Oct. 21 to the New York
"Times":
"It is true that the pioneer was an individual," the President told an
attentive audience of more than 10,000 persons, "but it is also true that in
those pioneer days the spirit of co-operation made possible the United States
themselves, and it was the understanding of that spirit that made our first
President's name revered above that of all others of history.
"Some countries which have dictators have laid down five-year plans and
10-year plans. However, I believe that in this country, which has not got
a dictator, we can move further in a shorter period without naming a definite
length of time."
President Roosevelt did not come have to make a speech. It was understood among his associates this morning that he had decided not to talk at
All, beyond acknowledging the bestowal upon him of a degree of Doctor of
Laws, honoris causa.
Only one other person has been so honored by this historic college, George
Washington, a founder and one of those who endowed the institution.
Besides his own diploma, Mr. Roosevelt received to-day a fac simile of
the one given to Washington, who came here at this season in 1789 as
President Washington.
No President had visited here since until to-day. Together with representatives of 75 other schools and the State, the college extended a warm
welcome to Mr. Roosevelt.
Mr. Roosevelt had come to the exercises after a night spent cruising on
Chesapeake Bay aboard the Presidential yacht Sequoia. At the conclusion of
the ceremonies he had lunch, then boarded his yatch again and ordered it
to proceed directly to Annapolis, whence automobiles were ready to take
him immediately to the White House.
Most simple ceremonies marked presentation of the degree to President
Roosevelt, immediately after President Mead's speech. Mr. Brown remarked
he dispensed with a recital of the works of the recipient "because they are
well known." Dr. Mead hung over the President's shoulders the purple stole
emblematic of his rank as Doctor of Laws.
As he began his remarks, President Roosevelt complimented Dr. Mead
for exposition of an ideal of a "living college of living men and women."
He felt, in addressing the college as the second President to do so, a very
close relationship with the early days of the Republic. He then uttered his
observation concerning the co-operative spirit of the pioneers.
Speaking particularly now to the student body, he passed on an anecdote
which he said was told to him by former President Eliot of Harvard, whom
he quoted as saying that "if the ballot of the United States were to be
limited to holders of college degrees, the country probably would last only
two years."
"President Eliot went on to say," Mr. Roosevelt continued,
"that the
privilege of government cannot be left either to the privileged
by education
or the privileged by wealth. Then he added that the wider
we could have
a distribution of wealth in the proper sense of the term, the
more we could
make it possible for every man, woman and child to have
the necessities of
life without lying awake at nights worrying about them."
"Boyhood Ideate" for the Nation.
President Roosevelt said that "looking to the future is the
objective that
leads us to encourage education in the best sense."
"But whatever we do," he went on, "the old-fashioned boyhood
ideals are
what will keep this country going. In this time of change there
is a
to magnify the machinery and forget the principles. Sometimes tendency
we cannot
see the forest for the trees."
The responsibility of educated people, the President said,
was to apply
their education "intelligently," keeping in touch with the
views of the
people and at the same time maintaining a proper perspective
between the
objective and the machinery set up to reach
He asked patience in connection with the
Administration program, saying that "we have attained much within the past few
months," but "cannot
accomplish all in a few months."
World Disarmament Conference Adjourns
Until Dec. 4
—Steering Committee Will Revise
Proposed Pact
in Interval in Hope of Overcoming
German Objections—Arthur Henderson Suggested Recess
with
Constructive Action.
The general commission of the World Disarmament
Conference, meeting at Geneva on Oct. 26, accepted the
recommendations adopted by the Bureau or Steering Committee
on the preceding day, and voted to adjourn the
Conference
until Dec. 4. Meanwhile an attempt will be made to
revise
3059
the draft of a proposed disarmament agreement. The Steering Committee will meet again on Nov. 9, however, and in
the interval before the next meeting of the Conference itself this Committee will endeavor to draft a revision of the
treaty, which may perhaps result in reconsideration by Germany of her withdrawal from the parley. The resolutions
which specified the adjournment until Dec. 4 were adopted
after objections had been made by several of-the smaller
nations, which would have preferred an adjournment sine
die. Describing the meeting of the Conference on Oct. 26,
Associated Press advices from Geneva said:
The Disarmament Conference before adjourning to-day until Dec. 4 heard
friendly references to Germany during the session's discussions.
Capt. Anthony Eden, British Foreign Office Under-Secretary, said during the discussions on a recess that it was quite clear that the withdrawal
of Germany could not be without effect on the work of the Conference and
that it would cause some dislocation.
"But," he added, "the British Government feels this should not be al:owed to stop the work of the Conference. We must look forward and not
Indulge in recriminations."
Capt. Eden pledged Great Britain's wholehearted support to the efforts
to achieve progress.
Salvador Madariaga of Spain, like some of the others, deplored the action of Germany in withdrawing. He added that Spain is convinced the
future and the hope of the world is linked with the future of the League of
Nations, which he said Spain considers permanent and universal.
Expressing hope that Germany would return, Madariaga said: "We must
be sure to do nothing which would cause prejudice to those absent."
The Steering Committee then met and decided to assemble again November 9. In the meantime the members will consult their Governments on the
outstanding problems.
The disarmament section of the league will prepare a statement on the
draft convention of Premier J. Ramsay MacDonald of Great Britain, although without incorporating the provisions concerning Germany included
in the report of Sir John Simon, the British Foreign Secretary. This document will be sent to all the Governments.
Naotake Sato, of Japan, announced that for some time he had been convinced that disarmament was particularly an European affair and that the
decisions must be made in Europe.
At the meeting of the Steering Committee on Oct. 25, the
decision to recommend adjournment of the general Conference until Dec. 4 was proposed by Arthur Henderson, President of the Conference. A Geneva dispatch of Oct. 25 to
the New York "Times" reported Mr. Henderson's suggestion
as follows:
"For the Conference at this critical moment to adopt any policy which
could be interpreted as an indication of its inability or its unwillingness to
complete its task would be disastrous," Mr. Henderson explained. "It
would be a serious blow to the League, to the cause of disarmament by international action and to the honor of the Conference, as it would play into
the hands of all those who for many months have said certain powers did
not intend to reduce and limit their armaments."
Mr. Henderson further explained the bureau's task would be to prepare
for the Commission to begin by Dec. 4 its second reading of the British
draft convention, both by drafting the texts of many amendments on which
agreement seemed possible and by overcoming the remaining difficulties,
including eventually those with Germany through negotiations conducted
under the bureau's auspices or by Mr. Henderson.
Rene Nfassigli then took the lead for France by strongly approving Mr.
Henderson's proposal.
The only difficulty expected in the general commission to-morrow relates
to negotiations. Poland, the Little Entente and Russia plan to make doubly
sure that these negotiations remain within the Conference's framework with
all possible links to the Four-Power Pact eliminated.
The bureau will meet to organize its recees work after the Commission
adjourns to-morrow or Friday. Here will come the real struggle between
those who would put the Conference on ice and those who, like the American
smi r,sncb delegations, would have the bureau do the real
work.
Official Notification of German Withdrawal Delivered
to League of Nations—Consul at Geneva Will
Represent Reich During Two-Year Period Before
Resignation Becomes Effective.
The official notice of Germany's intention to withdraw
from the League of Nations, announced in Berlin on Oct. 14,
was delivered to Joseph A. M. C. Avenol, Secretary General
of the League, on Oct. 21 by Dr. W. Krauel, German Consul
General at Geneva. The formal notification was only three
lines in length. In acknowledging its receipt, M. Avenol
pointed out that Germany remains bound by all its international obligations under the Covenant until October 1935,
since Article I, Section II of the Covenant specifies that a
nation may leave the League two years after having given
notice of such intention, "provided its obligations under the
Covenant shall be fulfilled at the time of withdrawal."
For the next two years the only official German representative at Geneva is expected to be Dr. Krauel. The German
note to the League was dated Oct. 19. A translation reads:
Mr. General Secretary:
In the name of the German Government, I have the honor to inform
you that Germany herewith declares its retirement from
the League of
Nations, according to Article I. Section III, of the Constitution.
Permit me, Mr. General Secretary, to assure you of my highest respect.
VON NICURATH.
The initial German announcement of withdrawal from the
League was described in our issue of Oct. 21, page 2889.
3060
Financial Chronicle
France Initiates Family Subsidies.
A social measure amounting to a family subsidy went
into effect in France on the first of October, it was made
known in a report from the American Embassy, Paris,
made public by the Commerce Department on Oct. 17.
The Department states:
By the provisions of this measure a workman's dependent child becomes
a charge on the payroll of the employer, indirectly. Throughout France
appropriate offices are being established through which employers will
make their conpulsory contributions. The fund will make distribution to
the workman according to the number of his dependent children up to 16
years of age. At the outset the law is to apply to certain key industries
only, notably mining, the metal trade, textiles, chemicals and dyestuffs,
electrical equipment and building. The intention is, apparently, to extend
the measure to all industries and trades on Jan. 1 next.
The scale of subsidies which the workmen will receive, as fixed by decree,
varies according to the department. Generally speaking, it begins with
30 francs a month for the first child and increases for each additional child
without maximum limitation. The father of four children, for example.
will receive 150-200 francs a month. Rates for additional children range
from 20 to 120 francs a month. It is estimated that an average of 2.5%
to 3% will be added to present payrolls as a result of this measure.
French Insistent on Gold Standard—Public Opinion
and Political Parties Unanimous for Sound Currency.
From its Paris correspondent the New York "Times"
reported the following under date of Oct. 21:
The origin of the sharp recovery of the pound and the dollar this week
certainly cannot be sought in France. Public opinion here received the news
of the attitude adopted by Germany at Geneva with calm, and It is considered that this will have the merit at least of making other countries
appreciate France's position and the extent to which she has gone to enable
the disarmament conference to succeed.
It did not occur to any one of consequence that these developments
might hold any danger for the franc. The rise of English and American
exchanges cannot therefore be ascribed to exports of French capital or local
bull speculation. Much more concern is evinced abroad than here, since
rumors were circulated there to the effect that it would shortly be necessary
to consider the possibility of France soon abandoning the gold standard.
Such rumors are considered absurd here in view of the unanimous desire of
public opinion and political parties to maintain a sound currency and a
superabundance of bank gold reserve.
Possibly there were some withdrawals of foreign capital deposited in
France. The explanation of violent fluctuations such as were witnessed this
week cannot be sought entirely in effectual capital movements. Just now
speculation is an absolutely predominant factor on the international exchange market, as commitments of this nature, being entered into and
terminated with great rapidity, give rise to much bigger transactions than
actually are necessary for international payments for services and goods.
A change in the attitude of speculators suffices therefore to determine
fluctuations in rates which sometimes are considerable. Moreover, it is not
surprising that such attitude changes frequently, given the present uncertainty concerning the American monetary policy and the daily rumors
such uncertainty causes to be circulated, not to mention international
political developments. It must be noted also that speculators are nearly
all committed in the same direction. Such is the case in particular as regards
the dollar.
Daladier Cabinet Falls on French Budget Issue as
Deputies Refuse Expression of Confidence by Vote
of 329 to 241—Premier Predicts Inflation Within
Six Weeks When Compromise Cut in Civil Service
Salaries is Rejected—Socialist Opposition Dooms
Program-200 Arrested During Protest Demonstrations—Albert Sarraut Forms New Cabinet.
The Cabinet headed by Premier Edouard Daladier of
France was overthrown in the Chamber of Deputies on Oct
24 by a vote of 329 to 241, when the Chamber rejected a
revised version of an article of the financial bill reducing
the salaries of civil servants, on which the Premier had
asked a vote of confidence. Introduction of the plan for
meeting the French budgetary deficit was described in our
issue of Oct. 21, page 2897. The Daladier Government
was defeated despite a declaration by the Premier that
failure to balance the budget would make currency inflation
inevitable within a period of five or six weeks. The prospective budgetary deficit exceeded 6,000,000,000 francs,
or about 8337,500,000 at the recent rate of exchange. Immediately after the vote had been taken in the Chamber
of Deputies, the Daladier Cabinet resigned. The resignations of the Ministers were accepted by President Albert
Lebrun, who asked the Ministers to continue at their posts
temporarily pending the formation of a new Cabinet.
Premier Daladier formed his Cabinet nine months ago after
the defeat of the government of Joseph Paul-Boncour, also
on an issue of a proposed cut in civil service pay.
On Oct. 27 Albert Sarraut, who had been asked by President Lebrun to form a Cabinet, announced the personnel
he had chosen, and completed plans to appear before the
Chamber of Deputies on Nov. 3 to ask a vote of confidence
in his government. Most of the members of the new
Cabinet also held posts in the Daladier Cabinet, while M.
Daladier himself was selected as Minister of War and
Joseph Paul-Boncour succeeds himself as Minister of Foreign
Affairs.
Oct. 28 1933
After presenting his financial program to the Chamber
Premier Daladier had compromised on a proposal for reducing salaries of Government employees, accepting an
amendment which reduced their compensation only half as
much as the cut originally planned in his budget. The
failure of the Socialists to accept this compromise made
the defeat of the Government inevitable. During the
debate in the Chamber, demonstrations against the Daladier
program were held outside the Palais Bourbon and 200
persons were arrested, most of them to be released within
a short time. Paris advices of Oct. 24 to the New York
"Times" detailed the Chamber debate and final vote, in
part, as follows:
The votes of the two Socialist blocs this morning nearly neutralized
each other. What was more serious was that only the Radical Socialists
followed the Premier. The Moderate Centre to a man voted against
the Government's proposal.
It Is that phase of the situation that will dominate the choice of a new
Premier. The names of Albert Sarraut, Minister of Marine, and former
Premier Joseph Caillaux are already being mentioned, with those of Francois
Pletri and others of the Centre. But that is for the next day or so.
To-day was in itself historical enough. Premier Daladier went as far
toward the Left as he could go. He went so far that he broke the Socialist
party and brought barely half to his support. But he could not move
M. Blum.
Between them and between M. Blum and M. Renaudel there were
dramatic passages. For a moment the Premier did a thing rare in French
politics: He threw a veiled personal reference at the Socialist leader.
The latter had spoken of influences that had been brought to bear in the
Finance Commission. Later he explained that he had meant the influence of certain Senators. But M. Daladier had understood him to
mean financial interests.
"I have neither capital nor capitalists to defend," he cried from the
tribune,and every one knew what be meant. For M.Daladier is a peasant's
son and a schoolmaster by profession. M. Blum is among the richest
men in the French Parliament.
Blum's Stand Doctrinal.
M. Blum's whole reason for refusing his adherence to the compromise
scheme accepted by the Government was doctrinal and theoretical. He
spoke, as he always does, in a kind of mystic fashion.
N. Renaudel. who was brought up as a horse doctor, was sternly practical. He said that into its measure the Government had put more socialistic legislation than any French Government had ever dared. There
was the beginning of control of armaments manufacture, the beginning
-hour week for workers. Against
of control of the oil industry and the 40
these advantages there was nothing but disadvantage to be obtained
defeating the Government. The time had come to end definitely
by
the policy ofsupport of the Radical Socialists by the Socialist party. There
must be participation.
But It was Just because his proposals were too socialistic that tho Premier
in winning M. Renaudel's support lest that of the Centre.
His own speeches, except that in which he replied in such a personal
manner to M. Blum, were coldly received except by his own party. His
frequent invocation of the danger the franc would Incur if the budget
were not stabilized was treated as somewhat of an exaggeration. No
one denies speculation will begin and has begun. But the franc's gold
cover and the condition of the country are such as to remove any immediate risk, in the opinion of the moderate parties. They preferred the
risk of further delay in getting the budget in order to the risk of beginning
the socialistic measures accepted by the Premier.
Debate Begins in Morning.
The debate which ended 80 dramatically far after midnight had begun
at 9.30 o'clock yesterday morning. The whole day was spent in voting
some articles and amending others. The way in which the National
lottery proposal was amended was such as to wring from Budget Minister
Lucien Lamoroux the admission that the lottery was already dead.
While the procedure was being painfully prolonged the real fight taking
place within the Socialist ranks waxed fierce. This split had been brewing
for three years and the question was thrashed out at the party's annual
congress last summer when the new faction sprang into being demanding
that the party cease its policy of sitting on the fence and become active.
But its action came too late and too incompletely to save this Cabinet.
For the third time since the Left majority was returned in May 1932, a
Left Cabinet has been defeated by a combination of Communist, Socialist
and Nationalist votes. The first to go was Edouard Herriot on the debts
issue last December. Joseph Paul-Boncour followed in January. Now
it was M. Daladier's turn. There are few who believe an attempt to
form another Left Government is worth while.
•
Chancellor Hitler's Cabinet Takes Control of German
Reichsbank—General Council Will Be Abolished—
Party Policy to Rule Reich's Finance—Brokers'
Loans to Be Used as Supplement to Gold.
Copyright advices from Berlin to the New York "Herald
Tribune" state that under a bill amending the German
Bank Act of 1924, passed by the Hitler Cabinet on Oct. 17,
the Reichsbank hencefmth will be under direct and exclusive
control of the Government—according to all indications a
Nazi regime for an indefinite period. The cablegram went
on to say:
Availing themselves of an agreement reached recently at a meeting of
the Bank for International Settlements at Basle, the German authorities
decided, first, to abolish the Reichshank's General Council on the ground
that, having been quitted by foreigners, it enjoyed only the right to elect
the bank's President, with even this election subject to governmental
approval. Under the amendment bill the Reichsbank President will
in future be appointed by the President of Germany. Accordingly the
"principle of leadership" advocated by the Nazis will be introduced into
obi
the financial policy of the Reich.
In view of the elections set for Nov. 12, whose undoubted outcome
will be consolidation of the Hitler regime for an indefinite term, this means
that the Reichsbank will be controlled entirely by the Nazi Government
and will be a tool in its hands. Should,for instance, Dr. Hjalmar Schacht's
policy not meet with the Chancellor's approval, he must go, and a successor
Volume 137
Financial Chronicle
would be appointed who would readily yield to the Hitler Government's
intentions in every respect.
A second measure under the amendment bill, the consequences of which
cannot yet be forecast. Is permission for the Reichsbank not only to carry
on open market operations with a view to regulating the money market,
but to use fixed-interest securities and Lombard loans (brokers' loans)
as legal coverage, in addition to its funds of gold and foreign exchange.
This measure, of course, is chosen as an expedient to maintain the German
currency on the gold standard, notwithstanding the Reichsbank's insufficient genuine coverage.
IA The extent to which German fixed-interest securities and Lombard loans
may be regarded as equivalent to the Reichsbank's funds of gold and
foreign exchange must be considered extremely doubtful, in view of the
financial position of a number of bodies issuing securities concerned.
German Trade Balance Continues to Increase.
An increase in Germany's favorable foreign trade balance
in September was due, said a Berlin cablegram, Oct. 21, to
the New York "Times," to a slight decline in imports and an
increase in exports. Continuing the cablegram said:
p
This tendency has been observable since June, when there was a record
small export surplus of 25.000,000 marks. Thereafter the figures increased
uninterruptedly and September was the largest of the last 12 months.
Indications are that the improvement was not accidental. On the contrary, exports seem to be organically increasing, with a consequent betterment of the world situation, while the increase in imports, which might
be expected owing to the improvement in domestic industry, is checked by
the government's ever increasing protectionism, particularly in the agricultural domain. The fact that September's imports of foodstuffs were the
lowest on record confirms the last conclusion.
More Credit in Germany—Manufacturers Expect Aid
From New Reichsbank Law.
From Berlin, Oct.21, the New York "Times"reported the
following:
P In
manufacturing circles, which are badly in need of cash to finance
Increased operations, there is much hope that the new settlement to the
Reichsbank law will facilitate an expansion of credit. The law, as amended,
gives the Reichsbank complete freedom to increase the amount of outstanding credit without regard to security.
Both the clause limiting circulation by requiring a fixed percentage of
gold or exchange cover and the clause preventing the issue of money against
securities other than first class bills are now abrogated. Because the government can henceforth legally practice unlimited inflation is no reason to
expect it will do so.
German Reichsbank Fearing for Gold Standard Would
Forestall Embargoes on the Metal.
A Berlin cablegram, Oct. 21, to the New York "Times"
said:
The continuing decrease in the Reichsbank's exchange reserve, which is
down to 38.000.000 marks,is due to Dr. Schacht's distrust of the stability of
the remaining gold standard currencies, fear of further depreciation in
sterling and the dollar, a desire to reaccumulate gold in good time, thereby
forestalling a possible export embargo by gold currency countries, and
finally his old strong tenet that gold and not foreign exchange constitutes
the only satisfactory Central Bank reserve.
Therein Dr. Schacht is supported by a majority of German econmists.
These admit, however, so long as Germany regulates exchange of the mark
by limiting payments abroad instead of by discount measures and export of
gold, the Reichsbank's gold hoard will be a mere ornament. The gold
reserve is now 384,000,000 marks.
Prussian Authorities Receive Sharp Warning to Protect
Americans and Other Foreigners—Decree by
Herman Goering Says Attacks Harmed Reich
Policy of Friendly World Relations.
An order to authorities throughout Prussia demanding the
protection of foreigners in Germany and instructing the police
to prevent attacks on Americans and other aliens who might
fail to salute the Nazi flag, has been issued by Herman
William Goering, Prussian Minister of the Interior, according to a Berlin dispatch to the New York "Times"on Oct.23.
This order followed representations which had been made by
Ambassador William E. Dodd and the assurance of Chancellor Hitler that the attacks on Americans would end, as
noted in our issue of Oct. 21, page 2896. The circular was not
published in Germany, but there was said to be no objection
to its transmission abroad. George S. Messersmith, American
Consul General in Berlin, was reported to regard the circular
as a sincere effort to end a situation which had caused him
great concern for months. The text of the order, as published in the "Times," follows:
To all Provincial and District Governors; to the Police President, Berlin: to
Secret State Police: to all State Police Inspectors:
Complaints to the Reich authorities by foreign diplomatic representatives
regarding unpermissible interference of organs of the State, as well as
members of national organizations, with the freedom and property of
foreign nationals in Germany have increased lately.
It has been noticed that in numerous cases the homes and business
offices of foreign nationals who were known to the authorities and had
been placed under their protection have been subjected to police interference, despite all warnings and references to the desirability of treating
foreigners in a friendly manner in the interests of the international relations
of the Reich, although under the circumstances it might have been expected that instructions should be obtained first from a superior authority.
The central authorities have been able so far to avert official steps
on the part of foreign powers; nevertheless, it cannot be denied that maltreatment, especially of American, British and other citizens of foreign
States, because of neglect to salute the national banner with a German
greeting, has considerably impaired the esteem of the Reich abroad and
has created an imminent danger of grave diplomatic complications.
3061
It is not necessary to point out that the Reich Government's freedom
of action in its foreign policy is being narrowed to an intolerable degree
by such inexcusable mistakes of subordinate authorities or irresponsible
persons.
It is incompatible with the reputation of the Reich and of the national
movement if the Reich Government, which to-day is fighting first of all
for liberation at home and the reconquest of freedom in international
affairs, is constantly being forced to express regrets over unpleasant occurrences with foreign citizens and to write formal notes to beg pardon
for overt acts committed by its organs and by members of national organizations.
I expect that everything will be done in the future to avert further
unpleasantness of such kind.
It is the duty of all authorities to give unmistakable instructions to
their subordinates to afford all foreign citizens the necessary protection
in every respect, and, in cases where police action does become necessary.
to proceed with special reserve, caution and politeness. I request you
to establish suitable contacts with the local political leadership of the
Party, as well as with the Storm Troops, Special Guards and Steel Helmets,
so that these, too, may take measures for the prevention of further incidents.
The supreme Storm Troop leadership, as well as national headquarters
of the National Socialist Party, has been informed.
GOERING.
Minister of the Interior.
Bonds of City of Dresden (Germany) Retired and
Cancelled for Sinking Fund.
& Co., as fiscal agents, announced on Oct. 26
Speyer
that there have been retired and cancelled for the Aug. 1
1933 semi-annual sinking fund instalment $214,000 bonds of
the City of Dresden 7% sinking fund gold loan of 1925.
Out of an original issue of $5,000,000 bonds, there remain
outstanding $3,009,500 bonds.
Sweden Planning to Issue 3% Kronor Loan in Exchange for 532% Dollar Bonds at Rate of 2,300
Kronor for $500—Offer to Holders of $30,000,000
Issue Due Nov. 1 1954.
The National Debt Office of the Kingdom of Sweden is
planning to issue an internal 33' % perpetual Swedish kronor
loan, dated Nov. 1 1933, and with this in view is offering
holders of $30,000,000 par value of Kingdom of Sweden
30-year 53 % gold bonds, due Nov. 1 1954, an exchange of
their dollar bonds at the rate of 2,300 kronor principal amount
of kronor bonds for each $500 principal amount of dollar
bonds, according to an announcement issued in the matter,
which added:
The issue was originally brought out in 1924 by a banking group comprising the National City Co., Kuhn, Loeb & Co., Guaranty Co. of New
York, the First National Bank of New York and associates at a price of
99. The dollar bonds, which closed Oct. 26 on the New York Stock Exchange at 103;4, are redeemable as a whole but not in part at par and
interest Nov. 1 1934.
The exchange offer reflects a desire on the part of the Swedish Government to take advantage of the money market to reduce its charges by
converting its dollar obligations into kronor bonds at a lower rate of interest.
The contemplated move is similar to that recently made successfully by
Great Britain in converting its dollar debt into internal obligations at a
lower rate of interest.
The new kronor bonds, which will be free of Swedish stamp duty, will be
issued in the Swedish language and will be listed on the Stockholm Stock
Exchange. They will be offered in denominations of 5,000. 1.000. 500 and
100 kronor. principal and interest being payable only in Swedish kronor in
Stockholm and will bear interest at the rate of 3Ji% from Nov. 1 1933.
payable semi-annually May 1 and Nov. 1 in each year. The National
Debt Office reserves the right to redeem all or any part of the kronor bonds
at par and accrued interest at any time after Nov. 1 1943, on 90 days'
notice.
Application for exchange of the dollar bonds into the new kronor bonds
must be made in this country at the corporate trust department of the
National City Bank of New York,22 William St. on or before No. 11 1933.
and must be accompanied by deposit of relative dollar bonds with coupons
subsequent to Nov. 1 attached. Deposit receipts will then be issued
which will be exchangeable for definitive kronor bonds. Applications for
exchange will also be received in Sweden either at the National Debt Office.
the Severiges Riksbank,the Stockholms Enskilda Bank or the Skandinaviska
Kreditaktiebolaget in Stockholm.
Chancellor Hitler Declares Germany Seeks Peace to
Work, But Demands Equality With Other Nations
—Finds New Unity Fostered by Nazi Movement—
Defends Program as the Only Method to Feed the
People.
Speaking under the slogan, "Peace with honor and bread,"
Chancellor Adolf Hitler of Germany on Oct. 22 declared
that the German poeple love peace, but that they are
fighting for their right to liva, and they must be acknowledged as equals in the family of nations. Chancellor Hitler
addressed a Nazi mass meeting in the Hall of Liberation at
Kelheim. He asserted that Germany was united in its
determination to push its present program, and that the
Nazi movement is a guarantee that this unity will not disappear. A dispatch from Munich to the New York "Times"
described the address, in part, as follows:
In his speech Chancellor Hitler recalled "how much blood had flown and
how much suffering had been endured in order to create the union of the
German tribes and of the German States." He emphasized that the Nazis
rejected any "hurrah patriotism because we know only too well that terrible
demands it makes on people." But he insisted they had to fight for the
vital necessities of the nation.
3062
Financial Chronicle
"Because for 15 years Germany's vital interests were represented in a
sorry manner," he continued, "the world seemed used to seeing the German
people in a wrong light. Weak governments were confused with the German
people. Uncertainty, indecision and half measures appeared to be characteristics of our people.
"We are fully aware that it is not easy to destroy this false picture and
make clear to the world that the German people have nothing in common
with those who had no sense of honor, that the German people do Possess
this sentiment, and that they feel themselves at one with those who have
fought for it in the past.
"The German people do not look for war, but on the contrary, because
they love peace, they are fighting for their right to live and they insist on
creating the pre-conditions for the existence of a nation of 65,000,000
people. Germany and the German people have no reason to wish for war in
order to restore the honor of the nation, the honor of its men and its soldiers.
"Our aim is to make our people happy. That is an enormous task and
the world should leave us in peace. We want nothing except our quiet and
our peace in order to be able to work. And the world shall know that in this
work the entire nation holds together—man to man, woman to woman,
down to the German-youth.
"You, my storm troop comrades, are a living testimony to this will,
for only your free will united you in this community, in which the unity
of the people finds its expression not theoretically but practically—the large
community of mutual aid and mutual support. You are the guarantors not
only of the present but also of the German future, and no one has a greater
right to appear before this temple.
"If the spirits of those who died for Germany in the wars of liberation
were to rise again they would not hesitate a moment but would take their
place among us. Their inspiration is our inspiration. We want to realize
what they longed for—one people and German Reich.
"We are facing a hard time and it is necessary that every German should
be aware of this. If we want to feed our people there is no other way than
the one we have taken. Some one had to come in Germany who would say.
'We want peace, but we insist that it be with honor.'
Bans Unfulfillable Pacts.
"We tell the world without equivocation: 'If you want to see us in your
International conferences, if you want to have us in your League of Nations,
then it will be only if you acknowledge us as a people. We are ready at
any time to sign treaties—if we can fulfill them and if they conform with our
honor. Treaties that are neither fulfillable nor honorable we will not sign.
We refuse to participate in dictates.'
"This place of heros is testimony that we do not need to be ashamed
of our history. We want peace, but the world must know that we cannot
Permanently endure eternal discrimination against and dishonoring of our
People. For just as in the will to peace, so the German people also stand
behind their government in defense of the National honor.
"The world must not believe that there still exists in Germany any
kind of organization or any kind of party that would ally itself with those
who would compromise regarding Germany's vital necessitities and Germany's honor. The world will learn that the time when It could still reckon
on defeating Germans with Germans has passed, never to return. For this
our movement will be the guarantor for centuries and for eternity.
"It is the task of our life to maintain an organization that will guarantee
that this unity will never disappear. By passionate devotion to this task
we also best defend the peace of the world."
Chancellor Hitler Pleads for Unanimous Endorsement
of His Geneva Policy in Election Address—Attacks
Versailles Treaty and Declares Germany Has
Fulfilled Her Disarmament Obligations—Insists
Nation Is Peace-Loving But Must Have Status of
Equality with Other Powers,
Chancellor Adolf Hitler, in a campaign speech in Berlin,
on Oct. 24, asked for unanimous endorsement of his policies
in Geneva when the German voters go to the polls on Nov. 12
to choose a new Reichstag. He again emphasized his offer
of peace to the world, and particularly to France, in speaking before an audience of 20,000, while his address was
broadcast throughout Germany over a nation-wide radio
hook-up. Declaring that the German nation under his rule
was hard-working and peace-loving, Chancellor Hitler reasserted his determination not to accept an inferior status in
the family of nations. He attacked the Versailles treaty
and said that Germany had fulfilled all disarmament obligations under the pact, and that if other Powers had been willing to disarm they had 13 years during which they con
have come to an understanding with Germany. "I wo
rather die than act dishonorably toward my country," the
Chancellor exclaimed. "Therefore, I will never sign a treaty
that Germany cannot fulfill." Press reports from Berlin
said that his address was received with unrestrained enthusiasm, while 200,000 people stood silently outside the hall in
which he spoke as his voice reached thein over loud speakers.
An Associated Press dispatch from Berlin described the address, in part, as follows:
"The only nations that can continue to live in the long run are those that
are willing to sacrifice lives for honor," Herr Hitler declared.
"Germany entered the World War against her will and ended the fight
honorably, relying on the promises of President Wilson. It was a question
of being or not being, and the Treaty of Versailles showed how necessary it
was for us to de'end our very existence.
"None of us imagined that a lost war would cause us no deprivation because we were not.guilty. The victor, however, cannot claim the moral right
forever to brand the vanquished as inferior.
"The Versailles treaty cannot be grasped by a man's common sense. To
me, certainly, it is simply incomprehensible. Instead of bringing happiness,
the Versailles neace treaty plunged the world into the deepest misery of
hatred and despair."
Scores Reparations.
The Chancellor maintained that there had been a threat of bolshevism
to a beaten nation after the war that should not have been ignored by the
rest of Europe. Then he assailed reparations as having been "Imposed without providing the conditions for meeting them."
Oct. 28 1933
His irony was particularly bitter as he talked of French armaments.
"We almost suicidally scrapped armaments," he continued. "We had one
of the greatest armies in the world, yet we completely disarmed. The world
might have disarmed also.
"During the years following the war the democrats and pacifids were in
charge of Germany. Certainly they contributed no menace to peace.
"No, it was mutual distrust among the victors that compelled them to
re-arm. It is not true that other States fear us—that would be too much
honor."
Herr Hitler asserted that "an indifferent world has never realized what
we have suffered."
When the Nazis undertook to master the ills of Germany on Jan. 30, he
said, they found ruin everywhere, with Marxism destroying the country.
This threat, he declared, was successfully fought, and the Administration
thereupon "conducted a war upon class war and fought for a restoration of
faith in the nation, confidence in our Administration, and justice."
Then he praised his Government's efforts to arouse a national spirit among
the workers and its economic program, involving, among other things, road
building, financial reforms and attempts to solve unemployment.
"We have rooted out godlessness," he went on. "We have brought
preachers back to churches where they belong, instead of letting them waste
time in party politics."
Says World Misunderstands.
Then the Chancellor complained that the rest of the world did not understand Germany.
"In the past eight months," he continued, "others have flooded us with
contempt, slander and disparagement.
"What have we done to them? Why cannot they leave us alone? They
talk of atrocities—the greatest atrocity was the Treaty of Versailles!"
Thunderous applause greeted this remark.
"What are the 50 victims of our revolution compared with the 20,000 who
committed suicide because of Versailles?" demanded Herr Hitler.
"Where was there ever a revolution so free of atrocities as ours? Look
at the Irish capital! Look at the atrocities of the French Revolution I"
The Chancellor poured his scorn upon "The Brown Book of the Hitler
Terror," asking what would happen if the houses of Parliament in London
were set ablaze.
[This referred to the burning of the Reichstag building on Feb. 27.1
"We can only ask the world not to believe the emigres' tales," he continued.
"At least it is a good sign that the boycott in the United States and
England is abating. It shows that decent people will not have anything
to do with such tactics.
"Are we to be punished merely because we defended ourselves in the war?
We trusted the promises of Wilson. We trusted the promises of the treaty.
We trusted the promises of the League to give us equality. None of these
promises was kept.
"The world insists on doubting our love of peace."
The wildly cheering audience acclaimed with special gusto the Chancellor's
declaration that "it is an honor that it took 26 nations to defeat Germany
1 am proud of the German people and its soldiers."
He added sarcastically: "But it is no honor for the nations now to assail
a defenseless country."
Swiss Economies Voted—National Council Seeks 40,000,000 Francs Expense Cut, 60,000,000 Boost in
Taxes.
In its Oct. 19 issue the "Wall Street Journal" published
the following from Paris by mail:
Despite a great amount of opposition from the socialists, the Swiss
National Council was able to force the adoption of a new economic
which will be sent straight to Parliament without being put to a program
vote by
the people. This program calls for an annual reduction in government
expenses amounting to 40.000,000 francs and an increase in taxation of
60,000000 francs for the duration of four years.
Among those principal economies to be made is an average reduction
of 20% in state subsidies. Certain exceptions have been made, however,
such as for funds alloted for the decrease in unemployment and those
specifically mentioned in the constitution. State salaries,
francs, are to undergo a cut of 7%. This Is expected to exceeding 3,200
yield economies
amounting to 18,000,000 francs yearly.
On the other hand, special taxes will be levied upon individual revenues
and ortupes, while coupon taxes will be raised 50%. Excise taxes on
iquor, Sm. will be substantially increased,
to
naged Currency System of Sweden—Adoption
Following Abandonment of Gold Standard Termed
Successful by Baron Johan Liljencrants of Swedish
Chamber of Commerce of United States.
The managed currency system of Sweden, adopted in
September 1931 following abandonment ofthe gold standard,
has been successful in its aim of maintaining the domestic
purchasing power of the currency, Baron Johan Liljencrants
of the Swedish Chamber of Commerce of the United States
of America, declares in the forthcoming issue of "Trust
Companies Magazine." Appraising the results of operation
of the system, he finds that the steadiness of Swedish wholesale and retail price levels demonstrates that "managed
currency by its very nature possesses a flexibility which
cannot be obtained under the gold standard." Originally
aimed at avoiding inflation, Baron Liljencrants says, the
policy was revised in May 1932 with the new objectives
being to prevent a fall and preferably to bring about a
moderate rise in wholesale prices in order to stimulate
business; to reduce exchange fluctuations without fixing
the foreign value of the currency. The Baron says:
.
While the aim of preventing a fall in the wholesale price level has been
fairly successfully achieved, the policy so far has failed In bringing about
a partial inflation of the wholesale prices. Put no extraordinary measures
have been taken to realize that aim. Swedish industrial production is
less amenable to domestic policies than is that of nations with a predominantly domestic market. The Swedish industries producing chiefly
for domestic consumption show better sustained production and fuller
Volume 137
Financial Chronicle
employment than do the export industries. In its relation to industry,
a managed currency policy naturally has its greatest effect in maintaining
those industries which produce for the home market.
The crucial test of Sweden's monetary policy, the Baron
says, came with the Kreuger crisis in the spring of 1932.
The fact that the domestic purchasing power of the krona
was maintained in a period when distrust was rife, the
confidence of foreign nations deeply disturbed, and an
enormous volume of nominal domestic purchasing power
wiped out, he feels, is a high tribute to the efficacy of the
policy and the skill with which it was managed. He continues:
As to the future conduct of monetary policy in Sweden, a committee
of experts called by the Government has expressed the opinion that the
present aim at regulation of the domestic purchasing power of the currency
should be continued, coupled with an adjustment of its foreign exchange
value in conformity therewith. It is the decided view of the experts
that Sweden should not embark upon a policy of depreciating the foreign
exchange value of its currency, with a view to gaining advantages in foreign
trade. Sweden, moreover, according to the experts, should co-operate
in international movements for raising the world price levels, and if a
stabilization of the principal exchange rates should be achieved in conjunction with an extended raising of the world price levels, Sweden should
not hesitate to bind her exchange rates and thus to permit the foreign
exchange value once more to become the norm for regulating her monetary
system. In the absence of such international action, however or if conditions should not permit her to participate therein. Sweden will more
than likely continue to pursue her independent monetary policy.
In outlining the basis of the Swedish managed currency
policy, the Baron says in part:
Under proper management it provides a means of exchange more accurately attuned to real values and less subject to foreign influences, than
a gold currency. One essential difference between the two is that the
managed currency expresses the value of indispensable commodities on
the domestic market, while gold currency expresses an arbitrary, artificial
value on the international market of a metal which is practically valueless as an article of consumption. The Swedish managed currency Is
not "just printed money," for it is secured by assets of international value.
According to Swedish law, the Bank of Sweden, which is responsible
directly to the Parliament, is the sole bank of issue in the nation, and
Its right to issue bank notes is limited to a volume not exceeding twice
its gold reserve, plus notes to a value of 250,000,000 kroner. In a National
emergency it may receive the joint permission of King and Parliament
to issue additional currency to a value of 350,000,000 kroner. For any
note issue above twice the amount of the gold reserve, the bank must
hold supplementary cover, consisting of Government securities, certain
bonds listed on foreign exchanges, gold in transit or earmarked abroad,
bills of exchange, net assets in foreign banks, or credits secured by the
Government paper or bonds mentioned above. These provisions were
not rendered inoperative when Sweden suspended gold payments; they
still remain In force and apply to the managed currency. At no time
under the present policy has the Bank of Sweden had recourse to the
emergency provision for additional issue, and during this entire Period
has actually maintained a gold reserve in excess of the required currency
cover.
Italy to Guarantee Export Credit Risks Up to 200
Million Lire During Current Fiscal Year.
Guarantee of new export credits to a maximum of 200
million lire will be assumed by the Italian Government in the
fiscal year 1933-34, it is stated, in advicas to the Commerce
Department from Commercial Attache C. A. Livengood,
Rome. Of this amount, it is pointed out, not more than 150
million lire may relate to exports to any one country. In
making this known on Oct. 16 the Department added:
The policy of insuring export credits, the report points out, was adopted
in 1927, and Its application has been extended for the most part to exports
to Russia. The body which assumes the guarantee of credits is the National
Institute of Insurance. Under the original decree which outlined the policy,
the quota of guarantee of the States was not to exceed 65% of the corresponding merchandise, but in subsequent special agreements with Russia a
figure of 75% was conceded. Three special agreements have been made
with Russia up to the present time, under which Italy guarantees credit
risks on exports to that country. The dates and amounts involved are as
follows: Aug. 2 1930, 200.000,000 lire; April 27 1931, 350,000,000 lire,
and May 6 1933. 200,000,000 lire.
It will be noted, Commercial Attache Livengood points out, that the term
for the latest agreement and that for the new decree overlap, so that presumably a substantial part of the 200,000,000 lire maximum set for the
fiscal year ending next June 30 will be taken up by credits issued under the
Russian agreement which covers the period up to the end of the present
calendar year.
(Par value of lira equals 5.26 cents, U. S. currency.)
Strikes Continue to Menace Stability of Cuban Government, But Some Improvement in Conditions Is
Noted as Only Seven United States Warships
Remain in Republic's Ports.
Despite the continued outbreak of strikes and renewed
evidences of political discontent in Cuba, Secretary of State
Hull said on Oct. 24 that conditions at some of the Cuban
ports had so improved that only seven American warships
are still on duty in Cuban waters. The outstanding news
event of the week, so far as current unrest in the island is
concerned, was a "political strike" led by opponents of the
Government which succeeded in closing commercial houses
in Havana and again threatened a general walkout, although
the Government has repeatedly warned that strike leaders
will be severely dealt with. A railway sttike in the southern
part of Cuba has disrupted service in that section and several
passenger trains have been derailed. Bomb explosions have
3063
accompanied strike demonstrations in Havana, most of
them provoking great excitement but no loss of life. President
Grau San Martin on Oct. 26 repeated his previous assertion
that his administration was a stable one, and he added that
he would remain at the head of the Government until a
general election is held next year.
Other indications of incipient revolt against the regime of
Prest. Grau San Martin were seen on Oct.21, when mounted
machine guns were placed behind barricades of sandbags
in front of the palace in Havana, while a trainload of troops
was dispatched into the interior of the Island, following
reports of an army mutiny at Santiago de Cuba. Meanwhile
the Government of the President was weakened materially
when the ABC radical organization formally withdrew its
support, leaving the student group as the chief reliance
of the Administration. The labor situation showed no
appreciable improvement, and although a few strikes were
ended, new walkouts more than offset these gains. Particularly serious were strikes of railway workers on the
Matanzas-Cardenas and Santa Clara division.
Brazil Retaliates for French Duties—Doubles Tariffs
as Result of Failure of Negotiations to Free Frozen
Credits.
A cablegram, Oct. 24, from Rio de Janeiro, is taken as
follows from the New York "Times":
President Vargas to-day issued a decree doubling the duties on all French
Products imported into Brazil. The measure is in retaliation against the
French decree, issued last July, increasing the duties on Brazilian coffee
and other products.
France had demanded the immediate release of French funds frozen here
under exchange restrictions. The Brazilian Foreign Office last July initiated negotiations with France looking to a liquidation formula. Brazil
proposed an arrangement similar to that she had made with the United
States and Great Britain, but France rejected it.
Decree a Virtual Boycott.
To-day's decree amounts to an official boycott of French products, because their importation is not permitted unless the Treasury Department
first issues the necessary license.
The amount of French funds frozen here is insignificant when compared
with the American and British commitments.
The Finance Minister in a statement to the press, pointed out that a
group of American bankers under an agreement effective June 30, last. had
advanced $1,200.000 for ninety days to aid in the liquidation of $12,630,000
in American funds frozen in Brazil. The frozen funds were to be released
by seventy-two monthly drafts on the Banco do Brasil, indorsed by the
government and payable at the rate of 13.3 milreis to the dollar.
The ninety-day loan. Senhor Aranha declared, had been almost entirely
liquidated, and three payments had already been made on the drafts on
the Banco do Brasil.
The press continues its campaign against the recent navigation pact
between Brazil and Argentina, granting mutual coastwise privileges. The
stand is taken that, under Brazilian jurisprudence,such a grant is unlawful.
as coastwise privileges belong solely to Brazilian nationals. The matter is
giving rise to much discussion, and many papers are demanding revision of
the treaty.
President of Colombia Supports Minister of Finance.
From the weekly "News Bulletin," Oct. 23, of the Consulate General of Colombia, we take the following:
Due to criticism made during discussions in Congress concerning the
actions of Dr. Esteban Jaramillo, the Minister of Finance, the President
addressed a letter to the Minister expressing his full support of his actions
and acknowledging the valuable and opportune services rendered by the
Minister to the country and the Government.
Colombian Foreign Exchange Rate—Resolution of
Bank of Republic Regarding Sale of Drafts on
/ Foreign Banks.
•
The Consulate General of Colombia reports as follows,
under date of Oct. 23:
Foreign Exchange Rate.
The price of dollars has been fluctuating; recent offers were at the rate of
$1.49 Colombian currency per $1 U. S. currency.
Resolution of the Board of Directors of the Bank of the Republic.
The Board of Directors of this bank passed a resolution to sell drafts on
foreign banks in an amount equal to the amounts of gold bullion that it
purchases weekly, and it is hoped that this measure will stabilize exchange at
approximately $1.50 Colombian currency per $1 U. S. currency.
Colombia's Congress Votes Extra Session—Regular
Term Ends in Colombia With Only Eight Laws
Passed by Legislators.
The Colombian Congress terminated its 90-day regular
session on Oct. 17, after having passed only eight laws, the
most important of which are the Bocas de Cenizas contract
authorizing improvement of Atlantic port facilities and a
2,000,000-peso deficiency appropriation. The New York
"Times" in a Bogota cablegram, Oct. 17, added:
Congress voted a 30
-day extra session to-day. Bills to be considered are
the budget, making national treasury bills legal tender, electoral reform,
creation of a government bank, reorganization of the foreign advisory
board, and a commercial debts and domestic moratorium.
Failure of the regular session to pass the bills pending was due to
systematic opposition by the Opposition and to endless debates in which a
single speaker sometimes talked days, although not filibustering.
The Senate approved at first reading a bill increasing the pay of all
government employees, effective in 1934. The increase will be 15% if
3064
Financial Chronicle
the pay is more than 150 pesos a month, and 20% if less. Senator Julio
Holguin, Conservative, presented the bill on the ground that the cost of
living is 20 to 50% higher as a result of the recent fall of the peso.
Oct. 28
1933
The adopted proposals, despite assurances to the contrary, appear to
be discriminatory to the American bondholders inasmuch as, in effect,
the plans place the American bondholders as the last beneficiaries of the
mortgage banks, while by statute and under the trust agreements the
bondholders are preferential creditors of these banks.
Although the Independent Bondholders Committee for the Republic of
Colombia is not representing the interests of the holders of the Mortgage
Banks, it views with alarm this further indication of the indifferent attitude
of the Colombian Government towards the rights of the American bondholders and feels that it would be negligent in its duties to the interests
which it represents—Departmental and Municipal bondholders—if it did
not vigorously oppose this action of the Colombian Government before they
further impair the rights of the holders of Departmental and Municipal
bligations.
Protest Lodged With Department of State by Independent Bondholders' Committee Against Action
of Colombian Government Affecting American
Holders of Bonds of Mortgage Bank of Colombia
and Mortgage Bank of Bogota.
The Independent Bondholders Committee for the Republic of Colombia has entered a protest with the Depart..
ment of State against what it terms "the action of the
Colombian Government in impairing the rights of the AmeriRules Governing Purchase and Sale of Foreign
can holders of dollar bonds in the Mortgage Bank of Colombia
Exchange in Colombia.
and the Mortgage Bank of Bogota." The Committee
As we have indicated in recent weeks modifications of
states that "in the past two months certain developments
have occurred regarding the situation in the mortgage banks exchange control in Colombia were announced a month ago
of Colombia having a profound effect upon the interests of by the Exchange Control Board in Colombia. References
thereto appeared in our issues of Oct. 7, page 2546 and
the American bondholders."
"Although," says the Committee, "the information avail- Oct. 14, page 2724. Under date of Oct. 23, the Consulate
makes available the following transable at present is not complete, it is our understanding that General of Colombia
lation of a circular issued by the Office of Control of Exchange
the schemes which have been offered in Colombia, regarding
Sept. 27
the Mortgage Banks and the disposition of their assets and Exports, dated at Bogota, passed 1933:
In accordance with the resoluticn
Sept. 26 by the board of direcliabilities, will work out to the detriment of the American tors of the Bank of the Republic and the advisory board of the Control
bondholders, while local interests will benefit substantially Office with regard to foreign exchange, we give below the general rules to
the purchase
at their expense." The Committee, of which former Senator whichExporters and and sale of foreign exchange shall be subject.
other owners or holders of drafts representing foreign
1.
Robert L. Owen is Chairman, and Lawrence E. de S. Hoover exchange and funds in foreign currency most deposit such funds In the
Bank of the Republic; the Bank will take over 15% of such funde, for
is Secretary, goes on to say:
Agreements concerning the Mortgage Bank of Colombia and the Mortgage Bank of Bogota (the two major private mortgage companies in
Colombia) on the one hand, and the Agricultural Mortgage Bank and the
Central Mortgage Bank of Colombia (the latter recently formed), which are
owned and operated by the National Government, are somewhat different
in detail, but the main goal is the liquidation of these banks and the transfer
of the assets as well as the liabilities to the above mentioned governmental
institutions in a manner which will practically guarantee a larger return to
local Colombian interests at the expense of the American bondholders.
I The agreement of the Mortgage Bank of Bogota with the Agricultural
Mortgage Bank of Colombia provides for the transfer of certain assets and
the assumption of liabilities arising from the foreign dollar bonds, from the
former to the latter, at such a level at which the book value of the assets
will be equal to the face value of the. dollar bonds. In addition, the Mortgage Bank of Colombia entered into an agreement with the Central Mortgage Bank whereby certain of its assets and certain of its liabilities, arising
out of the issues of internal mortgage bonds, known as "cedulas," were
taken over by the latter institution. The Agricultural Mortgage Bank
promised to issue to the Mortgage Bank of Bogota its own bonds for 50%
of the difference between the book value of the assets taken over and the
liabilities assumed for the dollar bonds of the latter. The bonds thus
received were to be distributed among the shareholders as the equity arising
from the difference between the assets and liabilities. This, however, does
not constitute an equitable distribution for the foreign bondholders, inasmuch as the Agricultural Mortgage Bank does not guarantee in full the
liabilities assumed from the Mortgage Bank of Bogota regarding the outstanding dollar mortgage bonds.
1— After vigorous protests by the representative of Messrs. Lazard Freres,
who also was the spokesman for the American banks that were interested
In these issues, the Superintendent of Banks of Colombia merely gave
assurance that these bonds should remain intact until the foreign bondholders would be satisfied.
The Mortgage Bank of Colombia has also entered into an agreement with
the Agricultural Mortgage Bank and the Central Mortgage Bank for the
transfer of its assets and liabilities to the latter two institutions. The
Central Mortgage Bank promised to accept certain assets partaining particularly to liens and loans to departments and municipalities and to issue, in
exchange, its own mortgage bonds. Both transactions to be accomplished
at a 60% basis. The Agricultural Mortgage Bank takes over such assets
at book value as would cover the face value of the dollar bonds; but the
extent of liability assumed will be determined by the value of the assets
realized. In addition, the Agricultural Mortgage Bank was to take over
the balance of the assets over and above the assets received by the Central
Mortgage Bank and the Agricultural Mortgage Bank under the above
mentioned agreement, giving in Consideration 2,000,000 pesos (in 100,000
monthly cash instalments) in cash and the balance in bonds. Such assets
to be taken at 60% of their face value. The cash is to be used for the
liquidation of short term credits due to American banks to the full extent,
or by 100% payment. The balance of the bonds thus received were to be
distributed among the shareholders, who, in effect, would receive approximately 50% of their original investment.
Although both plans would appear to be harmless on the surface, and
would secure for the American bondholders certain value realized from the
liquidation ofthe respective assets,an analysis of the plan certainly indicates
that the whole affair will work out to the disadvantage of the American
bondholders.
In the first place, assets of the'banks are not specifically allocated by
statute for the satisfaction of any class of liabilities and nothing can prevent
the responsible authorities from allocating good assets to the satisfaction of
the internal bondholders or the shareholders of the banks. On the other
hand, it is a well known fact that both mortgage banks, in particular the
Mortgage Bank of Colombia, have portfolios consisting of poor assets
(good assets have been liquidated in the past two years through the purchase
of mortgage bonds In New York in the open market) and the assignment of
such assets for the satisfaction of the outstanding dollar bonds of the
mortgage banks will not measure anywhere near the liability existing to the
American bondholders.
The Agricultural Mortgage Bank, which in both cases assumes the foreign
bonds of both mortgage banks taken over, does not guarantee full liability
for these bonds; but it agrees to make good for such a percentage of these
bonds as the assets taken over will permit. That is, the Agricultural
Mortgage Bank takes over these assets and promises to pay the American
bondholders as much as these assets will yield.
In the absence, therefore, of the allocation of any specific assets to the
dollar bonds, it is difficult to determine what is likely to be the final value of
these assets forth satisfaction of the American bondholders. Furthermore,
the allocation of assets to the shareholders before the creditors and bondholders are satisfied, or receive such compensation as the liquidation of all
assets will permit, does not appear to be equitable under any circumstancee;
which it will pay at the rate of $1.13 Colombian currency per $1.00 United
States currency, charging Y4 of 1% commission and issuing a deposit slip
for the remainder (85%) to the order of the depositor.
2. The deposit slip Issued to the depositor shall be negotiable in the
market to banks or private individuals but the Bank of the Republic
shall not deliver the foreign currency represented by such deposit slip
except upon presentation of approved applications for an equal amount.
If the deposits are indorsed to banks to be used against applications filed
by them with the Control Office, the Bank of the Republic shall deliver
the drafts for the amount thereof to the same banks for the latter to forward them to their correspondents and at the same time to issue ..he checks
to the applicants in the same manner as has been done heretofore. If
the payees of such deposits are private individuals the Bank of the Republic
will forward direct to the applicants the checks corresponding to the applications filed with it for withdrawal of the deposit.
3. If the deposits made in the manner described in the preceding sections are not withdrawn from the Bank of the Republic within the :,erm of
30 days commencing on the date they are made. the Bank will consider
that such deposits are sold to it at the rate of $1.13 Colombian currency
per $1.00 United States currency, and, therefore, at the expiration of
such term the Bank of the Republic will convert the deposit into Pesos
at such rate.
4. Hereafter the Control Office will approve all applications filed with
It for payment for goods imported subsequent to Sept. 24 1931, provided
such importations be duly documented, without regard to whether or
not the drafts covering them are due.
5. Applications that have been approved up to Sept. 25 of this year
may be utilized within the term of 30 days from the date of their deilverY.
at the expiration of which term they shall be invalid, the advisory board
of the Control Office being empowered to reinstate them at its discretion.
6. Applications approved from Sept. 26 1933, onward, have a limited
effectiveness of 30 days.
7. The acquisitions of foreign currency made by banks on account
of commissions, interest payments. &C., must be deposited in the Bank
of the Republic In the same manner prescribed for drafts held by exporters,
and the withdrawal of such funds is subject to the same rules as for the
sale of foreign currency made by exporters.
8. The banks remain under the obligation of filing daily a statement
of their exchange situation and of their correspondents, but with respect
to purchases and sales, they shall limit themselves to stating the number
and amount of deposits acquired and the amount of applications utilized
against such deposits.
9. The applications utilized by banks against deposits acquired shall
be filed with the Bank of the Republic together with the deposit sup and
a statement of the total amount thereof, which will be approved by the
Control Office to authorize the withdrawal of the deposit; such applications, together with the statement, remaining In the possession of the
Control Office.
10. Stamp and residence taxes shall continue to be collected as heretofore, the amount thereof being computed at the rate of $1.13 Colombian
currency per $1.00 United States currency and other foreign currencies
in the same proportion.
Other exchange control regulations not amended hereby continue in
effect and shall continue to be enforced as heretofore until further advice.
Colombia's Trade and Debt—Trade With United States
• Declined 413/2% Between 1928-1933—Total Foreign
Trade in Same Period Diminished 64%—Colombian
Funded Foreign Debt Statistics of American
Council of Foreign Bondholders.
Colombia's trade and foreign debt is the subject of a
bulletin issued Oct. 19 by the American Council of Foreign
Bondholders, of which Max Winkler is President. We
quote therefrom as follows:
Colombia's trade with the United States declined 4134% between 1927-28
and 1932-33; but her total foreign trade diminished 64% during approximately the same period. Between the year 1928 and the 12 months ending
July 31 1933, the value of total exports declined 533i% and the value of
total imports 743 %,changing the adverse balance of 4,942,000 pesos into
a favorable balance of 22,674,000 pesos. The peso was worth about 97
cents in 1928 and about 86 cents this year. Exports during the current
year are 123i% lower than during the preceding year, but imports have
increased by 21%. While the decline in exports is serious, the favorable
balance is a proof of the nation's determination to recover solvency, which
Is further evidenced by the existence of a gold reserve valued at 17,700,000
pesos.
Volume 137
Financial Chronicle
Coffee accounts for no leas than 73% of the total value of Colombia's
exports, which is within 2% of Brazil's ratio. The economic welfare of
both countries, therefore, depends on a single exportable item which, although a food staple almost everywhere outside of Asia, where it origniated,
s now at the lowest ebb of its history.
In accordance with the Council's policy to link economic progress or
retrogression with the default status of a country, a table presents the
details of Colombian funded foreign debt and yearly service requirements.
Attention is particularly drawn to the total of the latter, namely, $18.261,250. of which some two-thirds will be increasingly active in forming a
new dollar debt at compound interest as long as no adjustment in the present
indebtedness is interposed.
COLOMBIAN NATIONAL, PROVINCIAL, MUNICIPAL AND BANK
FUNDED FOREIGN DEBT.
Outstanding.
The Nation (Stertino)—
Loan of 1906, 5%
Loan of 1911,6%
Loan of 1913, 6%
Loan of 1916, 5%
Loan of 1920,6%
Service.
179,840
122,560
805,770
47,350
337,140
£1,392,660
$6,266,970
£180,000
$810,000
$23,171,500
32,691,500
$1,750,000
2,450,000
Total
Departments (Dollars)—
Antioquia, 7%
CaIdes, 716%
Cauca Valley, 754%
Cauca Valley, 7%
Cundloamarca, 654%
Santander, 7%
Tolima, 7%
$55,863,000
$4,200,000
$28,679,000
8,591,000
3,408,500
3,865,000
11,537.000
1,791,000
2,112,000
$2,944,970
987,060
397,360
429,830
900,200
188,000
239,000
Total
Municipalities (Dollars)—
Bogota,8%
Bogota, 634%
Barranquilla, 8%
Call, 7%
Medellin, 7%
Medellin, 654%
859,983.500
$6,086,420
$4,749,000
2,257,500
1,780,400
2,408,000
2,644,000
8,378,000
$631,180
253,650
281,400
272,000
271,000
722,050
Total
Banks (Sterting)—
Mortgage Bank of Bogota, 7%
Agricultural Mortgage Bank, 615%
$22,216,900
82,431,280
Total sterling
Equivalent In dollars
(Dollars)—
Agricultural Mortgage Bank, 7%
Agricultural Mortgage Bank, 6%
Bank of Colombia, 7%
Mortgage Bank of Bogota, 7%
Mortgage Bank of Colombia. 7%
Mortgage Bank of Colombia, 614%
Total dollars
£3,357,300
$15,916,100
£550,310
$1,222,920
$4,336,500
7,517,000
2,169,000
4,637,000
6,532,000
2,827,500
$576,000
875,240
283,400
562.990
853.000
360,000
$28,019,000
83.510,630
Total sterling
Equivalent in dollars
(Dollars)—
Loan of 1927-1961, 6%
Loan of 1928-1961, 6%
£2,202,600
1,154,700
Grand total, sterling and dollars
$18,261,250
$188,265,470
Recapitulation.—
Dollar debt outstanding, $166,082,400; service on same, $17,234,330.
Sterling debt outstanding, $22,183,070; service on same, $1,026,920.
•Sterling figures are converted into dollars at the rate of $4.50, except the
Mortgage Bank of Bogota sterling 6.14%, where the rate of $4.867 was used.
Service on the debt amounts to nearly 10% of the total loans outstanding,
because sinking funds are cumulative and yearly payments do not diminish
with the principal. This method of amortization is equitable, but becomes
extremely onerous as the loans approach extinction, especially in respect
to issues which call for redemption for sinking fund at par or over par.
Take for instance the Department of Caldas, which borrowed $10,000,000
at 95% and 98 in 1926, and must pay service aggregating not less than
$19.741,200 before 1946 if the bond contract is adhered to, although the
current market value of principal amount outstanding is about $1,546,000.
If the Government of Caldas were to be permitted to pay interest hereafter at the rate of 6% and to purchase one-tenth of the bonds presently
outstanding every year during the coming 10 years at 50% of par, the
Department would deliver $945,010 the first year and $51,546 less in each
succeeding year until extinction in 1944. As this plan contemplates cancellation of arrears. the Government should have little difficulty in meeting
the early heavier payments. A small additional payment, however, would
have to be made for the services of a fiscal agent.
For governments and banks with exceedingly heavy indebtedness the
maturities would have to be longer and redemption effected in fifteenths
or twentieths of the principal, but the policy of diminishing service should
be retained in every case, and in no case should maturity be extended
beyond the limit originally planned, because otherwise the new financing
will be extremely difficult.
An encouraging feature of Colombia's economy, and one which directly
concerns bondholders, is the increasing production of gold,which to-day
exceeds that of any other South American country, although Brazil, Peru
and even Chile were larger producers in the colonial days.
During the 12 months, September 1932 to August 1933. inclusive, 305,367
Troy ounces were brought to the mint. At $32 an ounce this represents
$9.771,740, which suffices to back at least $20,000,000 worth of National
currency at par. In 1931 the total was 194,274 ounces, and in 1929.
136.576 ounces, which at $20.67 an ounce was equivalent to only $3,823,026.
No gold has been exported since February of this year.
It is worthy of note in this connection that Antioqula. by far the most
heavily indebted of the Departments, mined 198.769 ounces, or 65% of the
aforesaid quota during the same period. At $32 an ounce this would yield
$6.360,608. or enough to pay complete bond service, including that of
Medellin City, and leave a balance of $2,422.588 for other purposes.
If the new gold were to be earmarked for the entire debt, it would cover
more than half of the service, or all the service, if principal is cut in half
and amortization at par for sinking fund Is abolished.
As previously pointed out in the pages, the departmental and municipal
foreign debts of Colombia present the most pressing and most obscure
problem for American bondholders.
It Is held by some authorities that the National government is exclusively
to blame for this deplorable Impasse, and it may be true that certain
debtors would even now be meeting their obligations if they were permitted
to buy foreign exchange: but it should be remembered that President Olen
offered to assume responsibility for these debts by issuing National government interest-bearing certificates in lieu of cash interest payments. Antloquirt, and Cundinamarca governments refused this offer and voted in State
Assembly to relegate to last place in their budget expenditures, service on
the secured dollar debts. They have, moreover, refused to deposit with
3065
the Banco de la Republica funds on account of interest in arrears, and it
Is an ominous fact that on the balance sheet of that bank as of Aug. 31 1933.
the amount so deposited is only 88.591 pesos.
•
Antioqula even went so far as to delay for four months the payment of
coupon on the 8% internal debt, although other internal bonds were duly
than
serviced, apparently because this loan, outstanding in little more
800,000 pesos, was issued here and is largely held by American investors.
Evidently, therefore, the attitude of these debtors is unsatisfactory in the
extreme, and this feature of the situation should not be shelved at the
Montevideo Conference to make room for discussions of the far more
punctilious procedure of the National government, the banks, and even
some of the cities.
Chile Sees Paying on Debts Remote—Central Bank
Says Conditions that Forced Suspension of Service in 1931 Still Exist—Nitrate Bill May Help.
Chile's resumption of payments on her foreign debt service
is a remote possibility, according to a statement issued on
Oct. 21 by the Central Bank. Advices to this effect were contained in a cablegram from Santiago, Oct. 21, to the New
York "Times," which also had the following to say:
The same conditions that forced suspension of service in 1931 obtain
to-day, the bulletin states, aggravated by a further decline in the exchange
value of the peso.
The statement, made in reply to many inquiries from American and other
money markets where Chilean loans have been floated in the last few years,
affirms the Government's eagerness to resume service at the earliest possible
date. This, it declares, depends on Chile's ability to meet her obligations
in her own currency and on conditions governing the transfer of funds
abroad.
Declares Suspension Was Forced.
Notwithstanding the growth of her foreign trade in the preceding years
had no
and the proceeds of several foreign loans, the bulletin asserts, Chile
alternative to suspending her debt service in the middle of 1931. Faced
an inwith an unfavorable balance of payments, she applied without avail
crease in tariffs, an increase in interest rates and credit restrictions.
and June 1931
The Central Bank's gold reserves fell between October 1930
from 1,615,000,000 pesos to 995,000,000 pesos, with the peso worth about
eight to the dollar. Estimates for the second half of 1931 showed debits,
covering only the more urgent foreign debt obligations, of 984,000,000 pesos
and credits of roughly only 582,000,000 pesos. The deficit, in fact, it is
pointed out, proved even greater than the 402,000,000 pesos estimated.
Even if the Central Bank's gold reserves had been two or three times as
great, it is averred, the country would not have been in a position to stand
the deflation which had already paralyzed industry and commerce. She
was obliged to suspend foreign debt service and then to establish control of
exchange when the first device did not suffice to halt her losses.
Attempts Made to Meet Debts.
Even then the Central Bank declares, the Government hoped to obtain
the necessary funds in Chilean paper currency. Creditor nations were advised
the Government would deposit in a special account in the Central banks the
amounts overdue on the foreign debt. A law was passed imposing a similar
procedure on the National Mortgage Bank, the State railroads and municipalities which had borrowed abroad.
Even these measures proved inadequate. A rapid drop in domestic prices
affected debtors of the National Mortgage Bank, the 1931 budget showed a
still greater deficit, and :he State railroads reported heavy losses.
Chile's external obligehors payable on demand at the close of the current
year total 1,158,000,000 pesos. They include 550,000,000 pesos service on
the direct consolidated debt, 256,000,000 pesos service on the indirect debt,
and 342,000,000 pesos service on bank advances with accumulated interest.
The depreciated exchange value of the peso, however, doubles the amounts
due in Chilean currency.
To support the taxation necessary to meet these obligations, according to
the Central Bank's statement, would require a degree of prosperity even
greater than that preceding the crisis. Of this, the Bank sees virtually
no hope.
Even should the Government accumulate funds in Chilean currency to
meet its foreign debt service, according to the Central Bank, the transfer
problem would remain unsolved while the unfavorable trade balance leaves
the country without credits abroad.
Nitrate Bill le Chief Hope.
The principal hope for a solution of the foreign debt problem is seen
in the bill sponsored by Fir ance Minister Gustavo Roes for reorganization
of the nitrate industry, action on which has been delayed by critics in
Congress of the foreign interests which control much of Chile's nitrate
output.
The Bank's bulletin points out that for the first time in 50 years the
national budget includes no revenue from taxation of the nitrate industry.
Profits of the Government and the Nitrate Sales Corp., it is stated, depend
entirely on the disposition of creditor countries to purchase Chilean nitrate
and iodine.
"The preceding conditions must be borne in mind," the bulletin concludes,
"In forming an opinion of the country's capacity to meet its obligations.
The Government of Chile is giving close attention to the situation and is
studying all measures that may enable it to meet its obligations. The foregoing exposition, however, leaves no room for illusions as to the practical
possibilities of the resumption of regular service on the foreign debt.
"The conditions necessary for such resumption depend more on external
than on domestic factors, and on these the Government of Chile, although
actuated by the most sincere desire to meet the legitimate demands of its
creditors, cannot exercise any decisive influence."
Formation of Group to Protect American Holders of
Foreign Securities—Conference with President
Roosevelt,
Pr President Roosevelt's conference a week ago with a group
of persons invited to Washington to discuss the creation of
an organization for the protection of American holders of
foreign securities was referred to in these columns Oct. 21,
page 2898. In the White House statement given out with
reference to the conference, it was stated that the "group
undertaking the foundation of this organization would an-
3066
Financial Chronicle
Oct. 28
1933
nounce as soon as possible its plans." At the same time it
was stated that "in the meeting to-day (Oct. 20) all phases
of the form and work of the contemplated organization
were discussed." It was likewise stated.
the method used in cases of domestic defaults by creating a separate committee to represent the holders of each issue or group of bond issues. The
mat decision to be reached is whether the protective agency should be a
semi-public association, such as exists to-day in England, France and
Switzerland. or whether the Federal Government shall directly take over
the task of salvage.
At a meeting held at the Treasury before the White House conference
Those who are clamoring for governmental rather than semi-public or
the State Department and the Federal Trade Commission were represented.
-private action might well consider the
For the most part the statement was given in these columns semi of approach might be less desirable following reasons why this
method
and effective than the creation
Oct. 21, page 2898. The meeting was held in the offices of of some other type of agency.
The long experience of European creditor nations indicates one type of
the Federal Reserve Board and those who represented the
agency for the prosecution of salvage work which
Government were Secretary Hull; Charles H. March, Chair- create the Corporation of Foreign Security Holdersis highly desirable. To
as provided in Title II
man of the Federal Trade Commission; Dean Acheson, of the Securities Act is to defy the verdict of the past and to jettison the
valuable experience of creditor nations with vastly more experience than
Under-Secretary of the Treasury, and Dr. Herbert Feis, ourselves.
economic adviser to the State Department. As was indiDespite the disclaimers in the Securities Act and whatever future denials
cated in our issue of a week ago, the Committee is to consist may issue from the Corporation, it may be taken for granted that both
the bondholders and the foreign obligors alike will be prone to look upon
of voluntary non-Governmental members,formed to protect the Corporation as an agency
or arm of the Government. The official standthe interests of American holders of $8,000,000,000 worth of ing of the Corporation may be a constant source of disadvantage and
foreign bonds, approximately $2,000,000,000 of which are embarrassment to itself and to the State Department. It is difficult at
to remain on good terms with a foreign country while dunning it.
in default. In the White House statement of Oct. 20 it was best factor bearing strongly upon the success
A
of any debt collecting cammade known that the following letters were received from paign will be the tariff policies of the Federal Government. The prospects
of two separate branches of the Federal Government lobbying or using
Mr. Newton D. Baker and Mr. J. Reuben Clark Jr.:
pressure in opposite directions would be unfortunate. An agency not so
I will be happy to co-operate in the organization of an American Bondclosely identified with the Federal Government as would be the Corporaholders Protective Committee under such conditions as meet with your
tion of Foreign Security Holders might be able to press its claims with a
approval. Unhappily, I cannot come to Washington for Friday of this
freer hand.
week, but I appreciate the kindness of your letter of Oct. 13 inviting me.
The Securities Act became law very shortly after our departure from the
NEWTON D. BAKER.
gold standard and apparently its sponsors in providing for the Corporation
I beg to acknowledge receipt of the letter of Oct. 13, signed by yourself
did not realize that in the eyes of foreigners the United States Government
as Secretary of State, the Secretary of the Treasury and the Chairman
in repudiating the gold clause in more than $22.000,000,000 of its obligaof the Federal Trade Commission, in which you invite me to come to Washtions assumed first place among the defaulting nations of the world. In
ington to join with a number of other gentlemen in discussing with you
the light of the unfortunate psychology which this repudiation engendered
the creation of an adequate and disinterested organization for the proin the minds of foreigners, the task of the Corporation is not made any
tection of American holders of foreign securities.
easier.
I regret to say that engagements long since made will prevent my presence
If the Federal Government is to act as guardian of its own citizens who
at the conference you mention.
are holders of defaulted foreign bonds, it has seized upon a strange yardstick
However I hope you will allow me to say that I heartily approve of the
to disclose its own foreign loan policy. Recent lending of Federal funds to
suggestion to organize such an association. I have been urging such a move
China and the proposed loans to Russia may have worthy objectives, but
for years.
we cannot applaud the Government's choice of credit risks, for both counTo me there are three ways in which such an organization could be of
tries are notoriously flagrant defaulters, and to ignore this fact is wholly
value:
inconsistent to the role of debt collector.
(1) It could provide more adequate protection than now exists for the
The great majority of houses of issue are anxious and willing to take
interests of American holders of foreign securities.
whatever steps may be necessary to rehabilitate the foreign loans which they
b(2) It could relieve the Department of State of burdens and responsi- sponsored, and are probably quite ready
to co-operate with the Corporation
bilities which ofttimes come at inconvenient periods when other National
if it is organized. They can provide valuable guidance and assistance, but
interests prevent the exercise of a legitimate interest and influence in
it must not be forgotten that from the moment the Corporation, as now
behalf of such bondholders.
contemplated, is brought into existence the bankers are completely relieved
(3) The association could so function as to promote good relations beof further liability in aiding the bondholders. This would be unfortunate.
tween nations by co-ordinating and harmonizing in peaceful and co-operaWe have always maintained that if all efforts to set up a semi-public
tive ways the interests of bondholders and of the debtor States. Its work
agency must fail, the creation of the Corporation is the only possible soluin this respect could be of incalculable value.
tion for the work of salvage. An ideal arrangement might be for the GovYou may count upon my fullest support of the work of organizing an
ernment to subsidize private effort, since inability to raise funds has been
association with these purposes.
the principal reason why steps to form such organizations as exist abroad
Thanking you for the honor you did me in inviting me to become a memhave failed.
ber of this group, and wishing you the fullest success in the organization
Such an agency could count upon the whole-hearted co-operation of the
of such an association. I am faithfully yours,
bondholders, houses of issue, commercial bankers and trade associations.
J. REUBEN CLARK JR.
Its operations would not suffer the handicaps mentioned above, and in no
sense would it be necessary to forfeit ultimate reliance upon government
R. S. Byfield Raises Questions on Practicability of intervention in extreme cases. In fact the effectiveness of the Federal
Corporation of Foreign Security Holders—Feels Government has always been much greater when used as a threat than when
that Tariff and State Department Policies Might utilized directly in the form of intervention.
Clash with Those of the Corporation—Points to
United States Departure from Gold Standard, Loan
to China and Proposed Loan to Russia.
Pertinent questions regarding the practicability of the
proposed Corporation of Foreign Security Holders, the
creation of which is provided for in Title H of the Federal
Securities Act of 1933, are raised in a bulletin written by
Robert S. Byfield, a specialist in the field of foreign dollar
bonds, for Distributors Group, Incorporated, New York
City.
Estimating that by the end of this year approximately
3,000,000,000 face amount of foreign dollar bonds will be in
default, Mr. Byfield points out that the most important
problem at this time is the proper choice of an agency to
clarify and improve the position of bondholders. Avoiding
discussion of the strictly private organization designed
frankly for business purposes, he touches on the drawbacks
of the proposed Corporation of Foreign Security Holders
from six angles. An announcement issued Oct. 23 in the
matter, added:
Pointing to the experience of foreign countries in handling their private
foreign loans. Mr. Byfield suggests that a program to settle our foreign
loans through a Government financed and Government sponsored organization would be to "defy the verdict of the past and to jettison the valuable
experience of creditor nations with vastly more experience than ou selves."
Not only might such a program embarrass the State Department and
confuse our tariff policies, Mr. Byfield believes, but the task of a Corporation of Foreign Security Holders would not be made very easy by the fact
that shortly after the Securities Act became law we departed from the gold
standard, and, in the eyes of foreigners, repudiated the gold clause in more
than S22.000.000.000 of obligations. Our recent loan of funds to China
and the proposed loan to Russia are also questioned by Mr. DyneId as
possible indications of what might be construed as "strange yardsticks"
of our foreign loan policy.
That by the creation of the Corporation of Foreign Security Holders
houses of issue, which are anxious and willing to take whatever steps may
be necessary to rehabilitate foreign loans which they sponsored, might
be completely relieved of further liability in aiding bondholders would
be unfortunate, in the opinion of Mr. Byfield.
The announcement quoted Mr. Byfield as further saying:
Most Important at this time is the proper choice of an agency to protect
the rights of the bondholders. It is obviously impracticable to follow
A previous bulletin relating to the Corporation of Foreign
Security Holders prepared by Mr. Byfield was referred to
in our issue of Sept. 16, page 2021. A later reference to
the Corporation appeared in these columns of Sept. 23, page
2190.
Minimum Wage Law Decreed in Mexico—Workers,
Employers Equally Represented on Boards.
Advices as follows from Mexico City, Oct. 12, are taken
from the New York "Herald Tribune":
The new "blanket code for labor," which makes the fixing
of minimum
wage scales compulsory through Mexico, became law to-day with
publication in the "Mario Official" of a Presidential decree amending
the Federal
labor laws in accordance with a constitudonal reform already
approved
by the States.
The decree provides for minimum wage commissions composed
of representatives of employers and employees in each municipality.
They will
meet twice yearly, beginning this month, to establish wage
scales for their
respective districts. These scales may be modified at any time
upon
petition of the parties, who are allowed equal representation. Persons
in
domestic service are not affected.
Under the decree the commissions are to study for each
municipality.
living costs, the minimum income a worker requires, economic
conditions
and consumers' problems. Business and manufacturing firms are
required
to supply data when demanded by the commissions.
Japanese Foreign Office Recalls Ambassador Debuchi
From Washington—To Confer in Tokio on Improvement of Relations with United States.
Katsuki Debuchi, Japanese Ambassador to the United
States since 1928, was instructed by his Foreign Office on
Oct. 23 to report to Tokio as soon as possible in order to
discuss questions connected with the improvement of
relations between Japan and the United States. Mr.
Debuchi plans to leave Washington about the middle of
November. His return to this country is regarded as
doubtful. Newpaper reports said that he might be replaced
by Matsuzo Nagai, present Japanese Ambassador to Berlin.
A Washington dispatch of Oct. 23 to the New York "Times"
commented on the recall as follows:
Volume 137
The conference to which he has been summoned is taken here to indicate
that the moderates in the Japanese Cabinet are at last having a word to
say on policy toward the United States. Such a development in Japanese
policy, if it comes about, may have something to do with the impending
recognition of Russia by this country.
Washington is the first post Mr. Debuchi has filled as Ambassador. He
came here five years ago to-morrow direct from the Foreign Office in
Tokio, where he had served as Vice-Minister. His tour of duty here has
included one of the most critical periods of relations between this country
and Japan.
He carried through preliminary discussions of problems to be raised at
the London Naval Conference of 1930. He had the task of facing the stern
criticism which Secretary Stimson and the world in general showered on
Japan's operations in Manchuria.
Through all these difficult times, Mr. Debuchi was regarded here as
a moderate and a friend of this country. At times it was believed that his
counsels had little weight with the militarist elements of his Government
at home.
Egypt Determined Not to Pay in Gold—Finance
Minister Says Attitude on Unified Public Debt
Bonds is Settled.
In a wireless message from Cairo, Egypt, Oct. 21 to the
New York "Times" it was stated that the Egyptian Government is determined not to pay the interest coupons on the
unified public debt bonds in gold regardless of any decision
that the Court of Appeals of the Mixed Tribunals may make.
The message went on to say:
Hassan Sabry Bey, newly appointed Minister of Finance, told your
correspondent to-day that the Egyptian Government would abide only by
the original agreement with the creditor powers. That agreement emphasizes
that the value of the pound sterling shall be the basis of payment of Egypt's
unified debt bonds.
--a firm intention
"This undertaking," he said, "we intend to carry out
that I have already expressed to one of the commissioners of the Unified
Public Debt Administration."
Bondholders, therefore, cannot hope to receive any gold payment, and
there appears to be no way by which creditors can compel Egypt to change
Its decision. The main creditors are Britain, France and Italy. Since the
Egyptian pound is linked to sterling the British Government is not in a
position to side with France and Italy. Britain actually is siding with
Egypt, although the stand is not official.
Since Egypt went off gold she has refused to pay the unified public debt
bond coupons in gold. Action was brought before the Mixed Tribunals
in Cairo by the French and Italian Commissioners of the Public Debt
Administration to compel her to do so. In January the lower Court rendered
a decision in favor of the Commissioners, and Egypt appealed. The appeal
will be heard in Alexandria Nov. 16.
The new Minister of Finance, who has been in office less than a month,
expects to institute drastic reforms and economies in the country's finances.
When asked what he thought of persistent rumors throughout the country
that the present Cabinet was dominated entirely by Zaki Pasha El 'brash',
Director of the Royal Domains, the Finance Minister replied that as long
as he held his present office he would not allow the slighests interference in
the affairs of the Ministry of Finance. The concetutus here, however, is that
the energetic now Finance Minister will not be able to withstand the pressure
of higher authorities.
Offering in United States of Bonds of Soviet American
Securities Corp.—Principal and Interest of 7%
Issue Have Fixed Gold Basis.
The Soviet American Securities Corp. in New York offered
on Sept. 21 7% gold bonds of the Union of Soviet Socialist
Republics, due in 1943. In the New York "Times" of
Sept. 21 it was stated:
The feature of the bonds is that both principal and interest payments are
based on a fixed quantity of gold. Interest is to be paid quarterly in American currency at the prevailing rate of exchange.
Another feature of the bonds is that the State Bank of Soviet Russia
agrees to repurchase these bonds on demand of the holder at any time after
one year from date of purchase at par and accrued interest. The bonds are
being issued in denominations ot 100 gold rubles. In dollars the price will
vary with the rise and tall of United States currency in terms of gold in the
foreign exchange markets of the world.
The launching of these bonds confirms reports that have been current for
several months. It is understood that they are being sold in other countries
on the same basis.
Soviet Russia Planning New Bond Issues—Flotations
in Foreign Countries Considered as Russian
Industry Shows Gains—Gold Mining Is Pushed.
Stating that it is felt that the Soviet Government can
soon hope to dispense with the economically unsound policy
of financing capital investment by costly short-term credit
operations which it has been compelled to adopt owing
to the absence of facilities for more normal methods of
financing, a Moscow cablegram Sept. 25 to the New York
"Times" went on to say:
Henceforth, short-term operations are to be utilized for their usual purpose—that is, current trade.
•
Would Float Bonds.
Capital investment is to be handled either by the Soviet Union's own
Industry and finance or,.if conducted abroad, by loans or bond issues. This
may sound premature, but the writer can state positively that it it; what the
Soviet fiscal and foreign trade authorities have in mind.
A year ago it was said abroad and admitted here that 1933 would be the
most difficult year for the Soviet Union in meeting its foreign payments.
The year 1931 showed an adverse trade balance of $125.000.000, to which
1932 added another 5117,000,000.
The harvest and the agrarian situation were unsatisfactory, while it was
patent that many of the new industrial enterprises constructed during the
Five Year Plan were only making their first tentative steps toward production on modern lines. The Soviet Government met th • situation with
rigid economy. The employment of foreign specialists and the importation
of goods were cut to the bone, and efforts were made to force up gold pro-
3067
Financial Chronicle
duction both from an extension of the Torgsin stores (which accept only
gold on foreign currency) and from the mining of gold.
Meanwhile exports were pushed as far as possible, so that on this year's
trading the Soviet active balance is about $25,000,000. All foreign commitments have been met, and it is the writer's estimate that gold mining will
produce fully $60.000,000 by the end of December. The harvest has been
so good that grain esports of three or four million tons during the next six
months are within the bounds of possibility.
Soviet Industry Gains.
Finally. Soviet industry undoubtedly is far less dependent than heretofore
on foreign supplies. Each week that passes shows that the production curve
is rising, and the improvement is not only in the quality but in lowered costs
and better technique, from the rank-and-file workers to the executives.
• Whereas a year ago it was a question ofsacrificing foreign orders and technical aid to make ends meet,the Soviet Union now feels a new independence
with their own resources. All of these gains have been paralleled by an
enhancement of Soviet prestige abroad and particularly by better relations
with France. All of which has contributed to development of a new attitude.
Soviet Russia Investment Put at Huge Total—Capital
Expenditure for the Last Ten Years Reaches
86,500,000,000 Rubles—High Cost of Short-Term
Financing and Necessity of Exporting Needed
Commodities Figure. _
Walter Duranty, writing from Moscow Sept. 27 to the
New York "Times," said:
During the past 10 years the Soviet capital investment has totaled
86,500,000,000 rubles, according to the Gosplan's official records.
To call this $44.368,000,000—reckoning at the official parity of 1.95
rubles per dollar—would be erroneous, owing to the impossibility of estimating the true gold value of the ruble. But it may fairly be stated that the
amount of man-power and natural resources which 86,000,000,000 rubles
represents in the Soviet Union would reach fully $40,000,000,000 in the
United States.
Labor Makes Sacrifices.
Supposing natural resources are reckoned as 25% at most of the total
expenditure, no one here pretends that Soviet man-power received the
American equivalent of $30.000,000,000 for its labor. Three or four billion
dollars would be a generous estimate, which IneallE that Soviet workers
and peasants made heavy sacrifices for the sake of capital investment—
or, in different terms, that Soviet living standards are so low that the said
capital investment could be made at 1-10th of its man-power money cost
In the United States.
On the other hand, part of this capital investment required foreign
goods and technical advice, which cost approximately $4,000,000,000
gold in the past 10 years. This also has been paid for by sacrifices—by
exporting foodstuffs, oil, lumber and other products that were badly
needed here.
In the long run every country pays for its purchases abroad by its exports,
but most countries make a distinction between current trade and purchases
for capital investment. The former is financed on a short-term basis and
is paid for by annual exports: the latter is financed by loans and bond
Issues running from seven to ten years or more.
Such bonds bear interest of 5 to 10% per year, while the interest on shortterm credits may run as high as 4 to 5% for 90 days, depending on the
discount facilities and credit of the debtor.
The Soviet Union has found itself in the past 10 years in the unfortunate
position of having long-term capital investment financed on a short-term
basis. Four billion dollars borrowed abroad for that purpose bought
54.000.000,000 worth of goods but cost far more than that because the
discount rates on short-term loans ran from 20 to 35% per annum.
"Bootleg" Ssfern to End.
Where "sound" banks refused to handle Soviet paper, hundreds of
"discount bootleggers" grew rich by "taking chances," as the sound banks
called it, and by spreading rumors against Soviet solvency to keep the
sound banks believing such business was risky. Henceforth that is to be
a thing of the past.
Hereafter the Soviet Government will finance its own capital investment
at home or, if it is done abroad, will insist on the lower interest rates of
loans or bond issues.
Warning by New York Chamber of Commerce Against
Proposed Loan to Russia for Purchase of U. S.
Goods—Recognition of Russia Opposed—Report
Calls Attention to Developments in Case of
England's Trade Agreement with Russia.
A warning that the proposed loan to Russia for the purchase of American goods involves dangers was sounded in a
report presented at a meeting of the Chamber of Commerce
of the State of New York at 65 Liberty St. on Oct. 5. The
report, which was submitted for the approval of the membership of the Chamber by Lawrence B. Elliman, Chairman
of the Executive Committee, flatly opposes recognition of
Russia. The report says in part:
A proposal is now being actively discussed that the United States Government make a loan to Russia in order that large purchases may be made
here by the Soviet Government. At the same time, increased pressure is
being brought upon the Administration to bring about de jure recognition
of the U.S.S.R. Government.
This Chamber is on record on several occasions against recognition of
the Soviet Government. So recently as April 6 1933 a report was adopted
reaffirming its position in this matter.
The proposal that the United States Government make a loan to the
Soviet Government involves dangers which are shown by the experiences
of other nations. In general, the result has been that Russia received
cash for the goods sold, and the merchandise purchased was charged on
extremely long Credit terms. The consequences were that foreign exchange ran against the creditor nations with a corresponding drain on Its
gold reserve.
As an example, the two-year trade agreement Russia
made with Italy was cited. At the end of the two years, the
report said, the Soviet Government had a favorable trade
balance of $20,000,000, payable in cash, which was drawn
3068
Financial Chronicle
out of Italy in gold by foreign exchange operations. The
report continued:
England concluded a trade agreement with Russia in 1921. In the first
three years Russia bought £8,313,000 and sold £20,063,000. By the end
of eight years British imports from Russia totaled £131917308 and exports
totaled £31,496,510. The adverse trade balance continued under the
temporary commercial agreement made in 1930. At the end of 1931,
eleven years of trading with Russia showed that Soviet Russia had sold
and owed Great Britain £175,667,485 on credit, more than she had purchased for cash. The favorable gold balance thus obtained by Russia
was used to pay for her imports from other countries.
We are informed that as a result of this experience Great Britain will
hereafter insist that trade with Russia be conducted on a barter basis. In
other words, purchases from Russia will be offset by Russian purchases of
British merchandise of corresponding value and terms of credit.
The Chamber's opposition to recognition of Russia and
extension of credit to the Soviet Government was recorded
with only a few dissenting votes. John B. Trevor led the
fight against recognition and Arthur M. Lamport spoke for
the few among the hundred odd members present who were
for it. The resolution, which eventually was adopted without
change, read as follows:
II Resolved, That the Chamber of Commerce of the State of New York
hereby reaffirms its former action against the recognition by the United
States of the Government of the Union of Socialist Soviet Republics;
and opposes under existing conditions the extension of credit or other trade
agreements by the United States Government with the U. S. S. R. Government.
James Brown, President of the Chamber, who presided
at the meeting which was held at 65 Liberty Street, invit
discussion.
Governing Committee of New York Stock Exchange
Approves Suggested Accounting Rules—Authorizes
Committee on Stock List to Put Suggestions Before
Those Concerned.
Recommendations made by the Committee on Stock List
of the New York Stock Exchange, pertaining to the auditing
of accounts by listed corporations, were approved on Oct. 25
by the Governing Committee of the Exchange. The Governing Committee authorized the Committee on Stock List
to bring the suggestions to the attention of those concerned,
as recommended. The recommendations were contained in
the following letter sent by the Committee on Stock List to
the Governing body: (The letter of the President of the
Stock Exchange of Jan. 31 1933, referred to in the Oct. 24
letter, was given in our issue of Feb. 4, page 741.)
•
NEW YORK STOCK EXCHANGE
Committee on Stock List
To the
Oct. 24 1933.
Governing Committee,
New York Stock Exchange.
Gentlemen:
On Jan. 31 1933 the President of the Stock Exchange addressed a general
Inquiry to all listed corporations, designed to secure information regarding
the scope of audits and the responsibilities assumed by auditors which
would put the Exchange in a better position to judge the value of audits
to investors. In this letter, the request was made that companies whose
accounts were audited should secure from their auditors and furnish to the
Exchange, for its use and not for publication, answers to six questions.
Of these questions, three dealt with the scope of the audit and three with
the principles governing the accounting methods of the corporation and the
form of presentation of accounts to shareholders.
The response to this request has been satisfactory, replies having been
received from a large majority of the companies employing independent
auditors regularly. A careful study of the replies received has brought to
the attention of the Committee a number of points affecting particular
companies which it has been deemed desirable to take up with those companies. In a few cases, the questions involved have been of very substantial
Importance, but the majority have been of relativgly minor significance.
The replies have indicated very general acceptance of certain principles
which the Exchange regarded as of primary importance and set forth in a
statement attached to the letter of request, as follows:
1. Unrealized profit should not be credited to income account of the corporation either directly or indirectly, through the medium of charging
against such unrealized profits amounts which would ordinarily fall to be
charged against income account. Profit is deemed to be realized when a
sale In the ordinary course of business is effected, unless the circumstances
are such that the collection of the sale price is not reasonably assured. An
exception to the general rule may be made in respect of inventories in industries (such as the packing house industry) in which, owing to the impossibility of determining costs, it is a trade custom to take inventories at
net selling prices which may exceed cost.
2. Capital surplus, however created, should not be used to relieve the
income account of the current or future years of charges which would
otherwise fall to be made thereagainst. This rule might be subject to the
exception that where, upon reorganization, a reorganized company would
be relieved of charges which would require to be made against income If
the existing corporation were continued, it might be regarded as permissible
to accomplish the same result without reorganization provided the facts
were as fully revealed to and the action as formally approved by the shareholders as in reorganization.
3. Earned surplus of a subsidiary company created prior to acquisition
does not form a part of the consolidated earned surplus of the parent
company and subsidiaries: nor can any dividend declared out ofsuch surplus
properly be credited to the income account of the parent company.
,
4. While it is perhaps in some circumstances permissible to show stock
of a corporation held in its own treasury as an asset If adequately disclosed,
the dividends on stock so held should not be treated as a credit to the income
account of the company.
5. Notes or accounts receivable due from officers, employees or affiliated
companies must be shown separately and not included under a general
heading such as Notes Receivable or Accounts Receivable.
This Committee feels that all these principles should now be regarded
by the Exchange as so generally accepted that they should be followed by
all listed companies, certainly, that any departure therefrom should be
brought expressly to the attention of shareholders and the Exchange.
In announcing on Jan.6 1933 its intention of requiring after July 31 1933
that there should be included in all listing applications, certificates of Independent accountants in respect of the balance sheet.1 ncome statement
Oct. 28
1933
and surplus statement for the most recent fiscal year, the Exchange indicated that in general the audit must cover all subsidiaries and the scope
thereof be not less than that indicated in a pamphlet entitled "Verification
of Financial Statements" issued by the Federal Reserve Board in May 1929.
The request of Jan. 31 called for information as to whether these standards
were currently being maintained in the audits of listed companies.
Upon the subject of the scope of audits, the existing position is outlined
in a communication addressed by nine leading firms of accountants to the
Exchange under date of Feb. 24 1933. a copy of which is attached hereto.
(This we omit. Ed.) In the interests of investors it seems desirable to
make clear what is the scope of audits as currently conducted and to consider how far It is practicable to extend such scope and the responsibilities
of auditors within the limits of a wise economy.
The bulletin issued by the Federal Reserve Board to which reference has
been made indicated clearly that the scope of the examination therein
provided for was not such as would lead naturally to detection of(1) defalcations on the part of employees, or (2) any understatement of assets and
profits resulting from charges to operations of items which might have
been carried as assets. The nine firms of accountants in the letter above
referred to pointed out that the former limitation is particularly applicable
to examinations of the larger companies which, generally speaking, constitute the class whose securities are listed on the New York Stock Exchange
Your committee is satisfied that the detailed scrutiny and verification of
the cash transactions of large companies can most efficiently and economically be performed by permanent employees of the corporation, particularly to-day, when bookkeeping is to so large an extent done by mechanical
means, and that it would involve unwarranted expense to transfer such
work to independent auditors or to require them to duplicate the work of
the internal organization. Your committee, however, feels that the auditors should assume a definite responsibility for satisfying themselves that
the system of internal check provides adequate safeguards and should
protect the company against any defalcation of major importance, Unless
so satisfied, the auditors should make clear representations on this point
—in the first place, to the management, and in default of action by the
management, to the shareholders. Your committee also suggests that this
limitation on the scope of the audit, though an entirely proper one, should
be specifically mentioned in the common form of audit report.
The Committee feels that the auditors should recognize a responsibility
to verify and, if necessary, to report to the shareholders upon any transactions affecting directors or officers of the corporation in respect of which
there might be a conflict of interest between such directors and officers
and the general body of shareholdres.
Turning to the second limitation on the scope of audits as outlined in
the Federal Reserve bulletin, the accountants indicated that, generally
speaking, their examination of the income or profit and loss account was
perhaps less extensive than the procedure contemplated in that bulletin.
The classification of the income or profit and loss account is c early a matter
of great importance to investors. Whether income is of such a nature that
It may reasonably be expected to recur, or is of an exceptional character,
is often a vital consideration in the appraisal of an enterprise, and failure
to make such distinctions clear in annual accounts is one of the defects to
which the Exchange has had to call attention most frequently in the accounts
of listed companies.
The Committee recognizes that it is neither necessary nor reasonable to
hold auditors responsible for minor errors in classification, or to ask corporations to incur the expense of examinations such as would justify the
acceptance of such a responsiblity. Auditors should, however, in addition
to satisfying themselves that the net income reported is not overstated.
accept the burden of seeing that the income received and the expenditures
made are properly classified in so far as the facts are known to them or
are ascertainable by reasonable inquiry. For instance, when non-recurring
Income, ahown separately on the books, is merged with recurring income in
the annual accennts, or when items properly chargeable against current
Income are charged against surplus or reserve, the facts are bound to come
to the attention of the accountant who makes even the most cursory
examination, and he should not certify without a clear qualification accounts
in which anything of this kind has been done.
Thb inquiry has again emphasized the importance and the difficulty of
the problem of properly reflecting the operations of subsidiary and controlled
companies. Consolidation of accounts of companies in which there are very
substantial outstanding interests is not a satisfactory solution—indeed, the
Committee is satisfied that no method can be prescribed which could be
applied in every case. Operations of controlled companies may be as important an element in the value of the parent company as those of the parent
company or its wholly owned subsidiaries. Even where the operations of
controlled companies are conducted at a negligible profit or loss, this fact
cannot be ascertained if the result of such operations is nowhere reflected
in the published financial statements. The Exchange has recognized that
there must be an element of flexibility in the method of such presentation,
so that corporations may choose, from among the several methods which
will give the desired information, that one most suitable to its individual
circumstances. For a considerable period of time past, the agreement
covering this matter which the Exchange has requested from corporations
applying for listing has read as follows:
"To publish at least once in each year and submit to stockholders at
least fifteen days in advance of the annual meeting of the corporation, but
not later than
, a Balance Sheet, and Income Statement for the
last fiscal year and a Surplus Statement of the applicant
separate corporate entity and of each corporation in which itcompany as a
holds directly
or indirectly a majority of the equity stock; or, in lieu thereof, eliminating
all intercompany transactions;
A similar set of consolidated financial statements. If any such consolidated statements exclude any companies a majority of whose equity
stock is owned. (a) the caption will indicate the degree of consolidation;
(b) the Income Account will reflect, either in a footnote or otherwise, the
parent company's proportion of the sum of or difference betv een current
earnings or losses and the dividends of such unconsolidated subsidiaries for
the period of report: and (c) the Balance Sheet will reflect, in a footnote
or otherwise, the extent to which the equity of the parent company In such
subsidiaries has been increased or diminished since the date of acquisition
as a result of profits, losses and distributions. Appropriate reserves, in
accordance with good accounting practice, will be made against profits
arising out of all transactions with unconsolidated subsidiaries, in either
parent company statements or consolidated statements.
Such statements will reflect the existence of any default in interest.
cumulative dividend requirements, sinking fund or redemption fund requirements of any controlled corporation whether consolidated or unconsolidated."
The most costly, and the less satisfactory In some respects, of the suggested methods is the publication separately of the financial statements of
each unconsolidated controlled corporation, for the reason that this imposes
upon the stockholder, or analyst, the burden of determining for himself the
equity of the parent company in the earnings of each such corporation,
making it a burdensome matter for him thus to secure a true picture of
the results of operation of the system as a whole.
With less information than is suggested by one of the methods in the
foregoing agreement, the reports of any company having unconsolidated
majority-owned companies are necessarily incomplete and may be positively
misleading. The Committee believes that this Is a subject which might
well receive the consideration of corporate management and of organized
Volume 137
Financial Chronicle
bodies of accounting officers and independent accountants in order that
adequate disclosure may be come generally prevalent and not be confined
merely to those companies which have executed the foregoing agreement
with the Exchange.
At the same time, it might be desirable to attempt to develop a form of
audit report or certificate which would be more informative to and more
clearly understood by investors than the forms now currently in use. It
would, in the opinion of the Committee, be advantageous if audit reports
were so framed as to constitute specific answers to the last three questions
embodied in the President's letter to listed companies of Jan. 31 1933.
namely:
4. Whether in their opinion the form of the balance sheet and of the
income, or profit and loss, account is such as fairly to present the financial
position and the results of operation.
5. Whether the accounts are in their opinion fairly determined on the
basis of consistent application of the system of accounting regularly employed by the company.
6. Whether such system in their opinion conforms to accepted accounting
practices, and particularly whether it is in any respect Inconsistent with
any of the principles set forth in the statement attached hereto.
As suggested earlier in this communication, also, it might contain a clear
statement of the scope of the audit in relation to detection of defalcations
by employees.
The matters herein discussed seem to the Committee those in respect of
which clarification and improvement of accounting practice are most desirable in the interest of investors. It suggests to the Governing Committee
that these matters should be brought to the attention of listed companies
and organized bodies of accountants and accounting officers, with a view to
definite action along the lines indicated herein.
By the direction of The Committee on Stock List,
J. M. B. HOXSEY,
Executive Assistant.
New York Stock Exchange Suspends George M. L.
LaBranche for Period of Two Years.
George M. L. LaBranche, senior partner in the firm of
LaBranche & Co., 50 Broadway, this city, and a member of
the New York Stock Exchange since Aug. 26 1917, was suspended from membership, in the New York Stock Exchange
on Thursday of this week, Oct. 26, for a period of two years.
Announcement of the suspension, as read from the rostrum
of the Exchange Thursday morning by Allen L. Lindley,
Vice-President of the New York Stock Exchange, was as
follows:
"Charges and specifications having been preferred against George M. L.
LaBranche, a member of the Exchange, and also a member of the firm of
LaBranche & Co., under Section 7 of Article XVII of the Constitution. for
violation of Section 1 of Chapter XI of the rules adopted by the Governing
Committee pursuant to the Constitution, and also for conduct or proceeding
inconsistent with just and equitable principles of trade, said Charges and
Specifications were considered by the Governing Committee at a meeting
held on Oct. 25 1933, said George M. L. LaBranche being present. •
"The substance of the charges and specifications was that George M. L.
LaBranch% while acting as a specialist in Atlantic Refining Co. common
stock, had for execution orders to sell a total of 3500 shares of said stock at
31: that this price was bid for 5000 shares, whereupon said LaBranche sold
only 1500 shares on this bid, taking for the account of his firm the 2000
shares remaining on his book without bidding or offering the same in the
open market in accordance with the rules adopted by the Governing Committee.
"It was further charged that George M. L. LaBranche, while acting as a
specialist in American-LaFrance & Foamite Corporation common stock,
with knowledge that there was an order to purchase a large amount of the
stock, conducted his own trading in this stock in such a manner as to render
him guilty of conduct or proceeding inconsistent with just and equitable
principles of trade.
"Said George M. L. LaBranche was found by the Governing Committee
to be guilty of said charges and specifications and was suspended for a period
of two years."
The firm of LaBranche & Co. has three other memberships
in the Exchange,none of which are affected by the suspension.
Regarding the firm, the New York "Herald Tribune" of
Oct. 26, said:
LaBranche & Co. are specialists in some of the leading stocks on the Exchange, including American Telephone & Telegraph Co., American-LaPrance & Foamite Corp.. Atlantic Refining Co., Campbell Wyant & Cannon
Foundry Co.. Mack Trusk. Inc., Rhine-Westphalia Electric Power Corp.,
Texas & Pacific Railway Co. & Union Tank Car Co. It is understood that
the firm does little commission business.
New York Curb Exchange Suspends F. A. Connolly.
Suspension of Francis A. Connolly was announced yesterday (Oct. 27) by the New York Curb Exchange, for
failure to meet his engagements.
Mr. Connolly has no affiliations. He became a member
of the Curb on Aug. 12 1925.
National Investors' Reform Committee Enlists Support
for O'Malley-McCarren Bill for Federal ,Investigation and Enactment of Laws for Protection of
Holders of Defaulted Bonds.
A committee, headed by 0. B. Lansinger of Philadelphia
formed under the name of the National Investors Reform
Protective Committee is seeking the support of bondholders to secure Congressional action on the O'MalleyMcCarren bill introduced at the last session of Congress for
Federal investigation and enactment of laws to curb abuses
and protect investors of defaulted bonds of corporations,
including real estate and foreign bonds, &c. In its circular
the committee is described as "a non-profit committee, not
asking for deposit of securities." The circular follows:
National legislation Is needed for Federal investigation and enactment of
laws to curb abuses and protect millions of investors, holding upwards of
3069
10 billions defaulted bonds of various corporations, including real estate
and foreign bonds, and in reorganization of bond and stock issues.
If reorganizations do not come under court control, acting as check on
fees and plans, what protection has an investor, except the integrity and
good judgment of the protective committees, &tames lacking, through
greed, &c. Excessive fees are paid, even approved by court.
Holders of an F. H. Smith Co. issue of $600.000 1st mtge.60 on the
Royalton Apts., Philadelphia, are offered 64 cents per $100 bond by the
trustee. Trustee bought property in through an affiliate (five vice-presidents)for $121,000. Assessed at $475,000,appraised $416,000 and $300,000
fire insurance. Same attorneys represented trustee, bondholders and socalled protective committee. Same group are about to foreclose on two
other large Philadelphia properties. All approved by Philadelphia Court
No. 5, Case No. 11,112. December Term, 1929.
In many cases committees put a prior lien on property, then reorganize
with income bonds or common stock voting certificates, and committee as
trustees control property for a long period, collecting large fees.
Often these methods are unfair, and shows necessity of bondholders
organizing for protection. The reaction of investors that had a supposed
1st mtge. bond is a lack of confidence in the protective agencies of some
courts, States and Government. Immediate remedial action should help
financial institutions, and depositors and investors, holders of defaulted
bonds. Holders of defaulted bonds must organize if they expect proper
protection, and it can only be accomplished by a National Committee.
We advise caution about depositing with committees before reorganization plans and full details with financial statement are submitted.
Congressman Thomas O'Malley of Milwaukee, Wis., introduced a bill
in last Congress for Legislation and Investigation for holders of defaulted
bonds. Not deemed an emergency measure, bill was pigeonholed. On
account of public interest aroused, the O'Malley-McCarren bill will be
introlduced in the Senate by U. S. Senator McCarren, of Reno, and by
O'Malley in Congress.
President Roosevelt will be asked to declare a moratorium till Congress
convenes to act on needed protection this situation demands of defaulted
bond issues, foreclosures and reorganizations.
See that your representative in Congress and the Senate supports this
bill for your protection to stop further exploitation of investors.
Our committee will urge National legislation and action and also seek
State legislation for our protection and square dealings.
This will result In your realizing all possible from your holdings, and
prevent freeze outs. Helpful advice will be given those that co-operate.
Have your friends similarly situated support this movement. Give us
list of holdings with amounts, and advise of any real complaints.
This Is our chance for protection, and for all that cannot protect themselves. This committee asks your moral and financial support. Contributions to help committee work for passage of the O'Malley-McCarren bill
may be the means of helping save us from great loss. Make contributions
for committee expense payable to 0. B. Lansinger.
Committee.
0. B. Lansinger. Chairman (Financial Counsel since 1907), 262 South
21st Street, Philadelphia, Pa.
Lemuel B. Schofield, Attorney, Philadelphia.
George H. Detweiler, Attorney, Philadelphia.
R. M. Fry, Secretary, National Accident Insurance.
M.S. Boyer. President, World Insurance Co.
W. G. McAtee, Reading, Pa.
S. L. Hibberd, Lima. Pa.
E. E. Stevens, Atlantic City, N..1.
Dr H. H. Wilson, Bridgeton, N. J.
Joseph Schweda, Milwaukee, Wis.
E. A. Schnittke, Eau Claire, Wis.
L. A. Turner, Chippewa Falls, Wis.
Bankable Securities Service, Security Bldg., Denver, Col.
H. J. Felts, Atlanta, Ill., Editor, Bankable Securities Service.
E. C. Davison, Secretary-Treasurer, International Association of
Machinists, Washington, D. C. (affiliated with American Federation of
Labor).
H. M. Ward, President, Commercial Travelers and Tourists Association,
Philadelphia.
Butler Wins Suit Against Harriman Bank for $302,000—Court Orders Closed Institution to Return
Securities Columbia President Had Deposited with
Banker—Latter Had Used Collateral for Loans to
Himself and Wife.
Dr. Nicholas Murray Butler, President of Columbia University, was awarded a decision on Oct. 26 in the Federal
Court in Brooklyn in his suit to recover $302,000 in securities
from the closed Harriman National Bank and Trust Co.
Judge Grover M. Moscowitz handed down his decision immediately after both sides had announced that they had
completed the presentation of evidence. Dr. Butler had
previously testified that he deposited the securities with the
bank in December 1931, when they were valued at more
than $500,000, with the provision that they were to be held
for use as collateral for any trading orders he might give the
bank. He further testified that in August 1932, he was told
that the securities had been used by Joseph W. Harriman,
former president of the bank, as collateral for loans totaling
$275,000 which had been made by the bank to Mr. Harriman and his wife. Dr. Butler said he had never given permission for such use of securities. The bank contended, in
its defense, that the securities had been turned over to Mr.
Harriman personally and that the latter had received Dr.
Butler's permission to pledge them. The New York "Times"
of Oct. 27 reported Judge Moscowitz's decision as follows:
Dr.
"Gentlemen, I have made up my mind and I am going to decide this
case right now." said the court. "The plaintiff delivered the securities
mentioned in the complaint to the Harriman National Bank and Trust
Company of the Ci y of New York. the defendant, for safekeeping, and the
bank was in duty bound to keep those securities for Dr. Butler. This
bank, as all banks, in its relationship to Dr. Butler, owed him a duty, a
confidence and a trust.
3070
Court Denounces Banker.
"Dr. Butler was dealing with the president of the bank, who was acting
in his capacity as President of the bank, and if the bank chose to select as
its president a man who was dishonest and a thief, that is not Dr. Butler's
fault. The bank certainly had more opportunity than Dr. Butler to find
out whether Mr. Harriman was honest, but, be that as it may, it continued
Mr. Harriman in its employ as president.
"Dr. Butler was dealing with Mr. Harriman, not individually, but as
president of this bank. He left his securities with the bank. When Mr.
Harriman took these securities to secure a loan to his, Harriman's wife, he
was stealing these securities from the bank."
When court opened Dr. Butler was placed on the stand to permit Abraham Freedman, counsel for the bank, to end his cross-examination.
"Did you know that in 1920 when you were a candidate for the Republican nomination for President of the United States that J. W. Harriman contributed heavily to your campaign?" asked Mr. Freedman.
"Indirectly, yes," replied Dr. Butler; "I learned that later and thanked
him for it."
By-Laws of New York Cotton Exchange Amended—
Rules on New York Spot Quotations Changed—
Addition Made to Section Regarding Expulsion
from Membership.
The New York Cotton Exchange on Oct. 19 adopted two
amendments to the by-laws of the Exchange. One of the
amendments will clarify inaccuracies in quotations of New
York spot cotton. The other is an addition to the section
relating to the expulsion of members from memberships and
which, it is believed, was made as a result of the removal
of E. A. Crawford from membership on the Exchange several
weeks after suspension elsewhere. The section relating to
the quotations on New York spot cotton, as amended, now
reads:
Committee on Spot Quotations.
Section 29. The Board of Managers shall appoint a Committee on Spot
Quotations consis ing of seven members of the Exchange more or less
actively engaged in the spot cotton business, two of whom shall retire at
the end of each month. It shall meet at the Exchange on each full business day at three o'clock p. m.and on Saturdays at 12 o'clock m., to confer
upon, and, by a majority vote of the members present, establish the market
quotation, for the time being, of Middling Cotton seven-eights inch staple.
Two members of the Committee shall constitute a quorum at any such
meeting.
The quotations established shall be published in the daily market report,
and shall be for Middling Cotton seven-eights inch staple, in store, in
the Port of New York.
The following was added, to the section regarding the
expulsion of members (Section 81):
(m) For suspension or expulsion from membership in any security or
commodity exchange for failure to meet his obligations thereon when due;
or for filing a voluntary petition in bankruptcy or being adjudicated a
bankrupt on an involuntary petition in bankruptcy filed against him.
Senate Inquiry Into Stock Market Trading—Statement
Made by W. W. Aldrich of Chase National Bank
of New York Regarding Advisability of Investigation of Cuban Loans by Senate Committee—
Latter Yields as Banker Urges That Newspaper
Hints Be Challenged.
The question of inquiring into the financing of Cuban
loans by the Chase National Bank figured in the hearing
on Oct. 19 before the Senate Sub-Committee on Banking
and Currency inquiring into Stock Market trading. On that
date the Committee having apparently previously decided
otherwise, agreed, after an interchange between Chairman
Fletcher and W. W. Aldrich, Chairman of the Governing
Board and President of the Chase National Bank, to investigate the bank's loans to the Cuban Republic immediately
A special session was held on Monday of this week, Oct. 23,
to which reference is made elsewhere in these columns.
On Oct. 19 (we quote from a Washington account on that
date to the New York "Times") Mr. Aldrich had interrupted
the examination of Mr. Wiggin to take exception to hints
in a Washington afternoon newspaper of a scandal in Cuban
public works loans. From that account we likewise quote:
Previously, Mr. Aldrich made clear, he had felt that it would be a mistake
this
to go into the subject because of the delicate situation existing between
country and Cuba. Characterizing as false, however, any implication that
the Chase Bank had sought to suppress the facts, Mr. Aldrich said that
articles like the one challenged would do more harm than a public in.
vestigation. He misted that this be done. . .
"I would like to read into the record," Mr. Aldrich said, "an article
in one of the Washington papers, headed 'Chase Loan to
which appears
Cuba Eyed by Senate.' It hints of a scandal. The subheading is 'Millions
Squandered on the Building of Capitol and Great Highway'."
Mr. Aldrich Insists on Action.
The article, which was read, asserted that "a campaign by Wall Street
influences was directed toward suppressing a Senate inquiry into the
floating of a $225,000.000 loan by the Chase National Bank to the now
defunct Machado Government," that "Wall Street influences have fought
the inquiry on the ground it would provoke anti-American feeling in the
Republic," and that "one New Yorker was said to have warned the committee that revealations would lead to anti-American riots and attacks
on American banks in Havana."
"I assume," Mr. Aldrich continued, "that the efforts of Wall Street
interests to block the inquiry on the Chase loan to Cuba are probably what
yesterday, and what
I said before the Executive meeting of this Committee
I said to Mr. Pecora several days ago.
Oct. 28 1933
Financial Chronicle
The further statement before the Senate Committee by
Mr. Aldrich on Oct. 19 as made public at the bank, follows:
"What I said to Mr. Pecora was this, that as far as my own personal
investigation is concerned, I have found nothing which would require
this Committee to go into the Cuban loan in order to find a foundation for
further legislation in regard to the matters which you are investigating.
I said to Mr. Pecora, 'if you find anything which has the effect of being
necessary to be shown, by all means go ahead with it.'
"At the executive meeting of the Committee yesterday I said the same
thing; that I had not been able to find anything, myself, which I thought
required this Committee to go into that loan. Senator Couzens said that
he thought a great many things required the Committee to go into it.
I felt and still feel now that it is a mistake to go into that Cuban loan; but
that kind of an exaggerated article is a great deal worse in every possible
way than this Committee's going into that loan. Obviously it is going to do
more harm in Cuba than anything else can—that kind of a statement.
As a matter of actual fact, the facts of the matter are these, that in the
public works financing for the Republic of Cuba the Chase National Bank
and its associates employed about $80.000,000 consisting of $20,000,000
for public works, 5Yi% serial certificates maturing serially in the years
,
6
from 1931 to June 1933; $40,000,000 of public works 54 % gold bonds,
due June 30 1945, and a bank credit of $20,000,000. All of the serial
certificates except $867.000, principal amount now held by the Chase
National Bank and associates, have been paid in full. Interest on all of
these obligations to June 30 1933, has been paid promptly when due. Such
balance of the serial certificates amounting to $867,000 and a bank credit
of $20,000.000 is being carried by the Chase National Bank and associates
pending clearing of the existing situation in Cuba. Every bit of this public
works financing was paid by the Chase National Bank directly to construction contractors on work certificates approved by the Secretary of
Public Works and countersigned by the Secretary of the Treasury of the
Republic of Cuba for construction work actually performed by such contractors and accepted by the Cuban Government. Not a dollar was paid
to President Machado or any other officer or employee of the Cuban Government or anyone else, directly or indirectly, by way of commission or
gratuity.
"In view of the existing conditions in Cuba and the delicate relations
with this country and because of the danger of publicity being given to
distorted or false statements as illustrated by the article which I have
just read from,representatives of the Chase National Bank have questioned
the wisdom of making the public works financing the subject of a public
hearing before this Conunittee. Any statement or implication that the
Chase National Bank or any of its representatives has sought in any way
to suppress any facts concerning this financing or any other of the activities
in Cuba is false.
"I think you ought to go into that immediately and investigate it fully."
Quoting Senator Fletcher as remarking on Oct. 19 that
the committee was not responsible for a newspaper statement, the Washington dispatch on that date to the "Times"
further reported:
"The reporters," he continued, "did ask me if the Committee had decided to go into the Cuban loan, and I said that we had not considered the
subject fully yet; we had not got to it—in fact,that there was some question
raised as to whether it would be advisable to do it and that the Committee
would consider it further; that it had not reached any conclusion."
"I know, Senator," said Mr. Aldrich, "but ex parte statements of that
kind do more harm than any full investigation could do."
Chairman Fletcher, reddening, retorted:
"I didn't make the ex parte statement."
Mr. Aldrich insisted, however. that "under the circumstances this Committee should inviestigate the Cuban loan matter."
"We will take it up when we get to it," the chairman shouted. "That
Is a matter for the Committee to decide, not for you."
"That is obviously true, but I am simply expressing my opinion," Mr.
Aldrich remarked.
The Senators conferred for a few minutes, then Chairman Fletcher
announced that the Committee would "go into this Cuban matter" Monday.
Senate Inquiry into Stock Market Trading—Completion by Committee of Investigation into Financing
by Chase National Bank of Cuban Public Works
Program—Only Part of Letter Bearing on Crisis
During Machado Regime Admitted to Record
Because of Possible Effect on Island—Profits on
Cuban Financing.
Examination of the Chase National Bank's financing of
the Cuban public works program, amounting to approximately $80,000,000 during the years 1928 to 1930, was
completed on Oct. 26 by the Wall Street investigating committee of the Senate, it was stated in advices that day from
Washington to the New York "Journal of Commerce" which
also said in part:
Profits Are Revealed.
Evidence submitted before the Committee to-day revealed profits to the
Chase Bank and its associates in the Cuban financing transactions agregated $3,091,023. The profits were realized on the sale of $20,000,000 of
public works certificates to the American public issued in two series of $10,000,000 each on July 1 1928 and July 1 1929, and $40,000,000 of Cuban
bonds issued Jan. 1 1930.
In a mass of statistical data and memoranda between the officials of
the bank charges also were leveled at the Machado Cabinet in connection
with the Havana waterworks construction, although these later were
counteracted by Louis Rosenthal,former head of the bank's Cuban branch.
A portion of a letter between two officials of the bank was withheld
from the record by the Conunitee upon consultation with Winthrop W.
Aldrich, President of the bank, because of compiclations which, it was
feared, might arise were its contents made public. Statements made in the
letter which started by referring to "trouble brewing" in the Island were
so serious, Mr. Pecora said, that they "might lead to acts of violence in
Cuba."
At the outset Mr. Pecora resumed his questioning of the accuracy of
statements carried in circulars accompanying the public works certificates
and bond issues concerning the financial condition of the Cuban Government. Discussion/1 between Mr. Pecora, Shepard Morgan, Vice-President
of the Chase Bank, and his counsel, A. M. Williams, revealed a wide difference of opinion over the outstanding debt of the island.
Volume 137
Financial Chronicle
Evidence submitted showed the debt amounting to between $132,174,200
and $152,174,200, while the prospectus showed only $87,174,200, plus
$20,000,000 of public works certificates sold to the public. According to
Mr.Pecora, the prospectus failed to account either for a $5,000,000 floating
debt or obligations held by the bank against the Government amounting to
$40.000,000.
Mr. Morgan insisted that the $40,000,000 obligation was not included
in the prospectus because it was an "existing" debt and not an "outstanding" debt. Admitting that the bank's holdings constituted obligations of
the Government, he added, however, that "there was no use in referring
to them in the prospectus because the whole purpose of the bond issue was
to refund them."
Charges of Graft.
Charges of "graft" by members of the Machado Cabinet were made by
James Bruce, Chase Bank representative in Cuba, in a letter written in
1930,four months after the $40,000,000 bond issue was sold to the American
public. The letter also referred to an "unnecessary" expenditure of $18,000,000 on the Cuban Capitol and advised against further advances to the
Government until the bankers could obtain control of public works expenditures.
Taking the stand at the close of the hearing, Mr. Rosenthal doubted if
Mr. Bruce had any positive evidence upon which he based his charges of
"graft." Mr. Rosenthal said that Bruce was only in Cuba about eicht or
ten days and wrote the letter on the basis of his conversations with others.
He admitted, however, that such charges were frequently made in the island
at the time.
In the Washington account, Oct. 25, to the same paper it
was stated:
Continuing its investigation of the loans made by the bank for the financing of the Cuban public works program, the Committee meanwhile
uncovered evidence indicating that profits on the sale of $40,000,000 Cuban
bonds to the American public exceeded $1,300,030.
The total amount of the financing done by the Chase bank for Cuba aggregated $80,000,000. Mr. Pecora said upon the close of the hearing to-day
that he expects to reveal that total profits accruing from the transaction
were above $3,000,000. Testimony in this regard, he said, will be submitted
tomorrow.
At the same time evidence was submitted during the hearing that the
Chase bank floated the $40,000,000 bond issue using $30,000,000 of the
proceeds to retire obligations against the Cuban Government held by the
bank.
Sharp Clash Develops.
Featured by sharp clashes between committee counsel and Shepard Morgan, Vice-President of the bank in charge of Cuban loans, the hearing for
the most part to-day concerned largely circulars issued at the time the first
$10,000,000 of serial certificates and the $40,000,000 of bonds were first
offered to the public.
Mr. Pecora questioned the accuracy of statements made in connection
with the $10,000,000 bond issue that the ordinary revenues of the Cuban
Government exceeded expenditures by over $225,000. Asked as to what
proof the bank could show that this was true, Mr. Morgan said that the
statement in the circular was based upon a letter from the Secretary of the
Cuban Treasury.
The committee counsel insisted that the witness show evidence of proof
that the statement was true and demanded Mr. Morgan answer yes or no
whether he could prove the statement. Mr. Morgan refused to answer
without qualifications and finally Mr. Pecora asked if he himself believed
the statement was true.
"I do," Mr. Morgan declared. "We had the right to rely on the statement of the official of a sovereign Government."
"Then if he said that the moon was made of green cheese you would beHove him?" Mr. Pecora insisted.
"Certainly not," the witness replied, and Mr. Pecora commented, "well,
it's just as logical."
Mr. Morgan said that he had no doubt that the figures were checked
by the banking firm before the circular was issued, although maybe not
in the strict accounting sense.
Turning from the circular accompanying the $10,000,000 issue, the committee counsel placed a copy of the circular issued with the $40,000.000
bond issue into the record in which no reference was made to Cuba's revenues and expenditures. Mr. Morgan said that he did not know why the
figures were left out, although revenues exceeded expenditures by $444,000
during the fiscal year ended June 30 1929.
Senate Inquiry into Stock Market Trading—Investigation into Financing of Cuban Loans by Chase
National Bank—Letter by Bank's Official Presents
Survey of Financial Situation in Cuba in 1931—
Alleged $9,000,000 Diversion of Funds by Former
President Machado.
The financing of Cuban loans by the Chase National
Bank of New York occupied the attention on Oct. 23 and 24
of the Senate Banking and Currency Committee inquiring
into Stock Market trading; on the latter date a letter written
by James Bruce, then a Vice-President of the Chase National
Bank, to Joseph Rovensky, another Vice-President of the
bank was introduced at hearing; this, said a Washington
dispatch to the New York "Times" revealed that former
President Machado worried the State Department at
Washington by using $9,000,000 out of a $12,000,000 Cuban
Government trust fund. Mr. Bruce is now financial adviser to the Home Loan Bank Board in Washington, the
dispatch said; it added in part:
Chase Bank officials said to-night that previous to his use of the trust
fund, President Machado had received authorization from his Congress
to borrow from it and use the proceeds for Governmental purposes.
The letter recommended that the Chase National establish a secretary
in its Havana branch because he thought "any communications made
from the office at the moment are known in the palace before they are known
in New York."
From advices on the same date (Oct. 24) to the New York
"Herald Tribune" from Washington we quote:
With the help of confidential documents from the files of the Chase
National Bank,Mr.Pecora to-day pieced out part of the story of the bank's
3071
friendly financial relationships with high Cuban officials during the last
six years.
Among the facts brought out were these:
The Havana branch of the Chase established a personal line of credit
in 1928 for President Machado on which he drew up to a maximum of
$200,000. It was testified that he paid 7% interest and gradually reduced his borrowings until only $15.000 remained, which he paid off in
July of this year shortly before the overthrow of his Government. In
addition, two of President Machado's companies—a shoe factory and a paint
factory—were extended credits which reached a total of approximately
$100,000. These all bore interest and were repaid, it was testified.
Loans to President Machado's Associates.
Henry W. Catlin, President Machado's close friend and former business
associate, who was revealed yesterday as the recipient of $55,000 in legal
fees from the Chase. died Sept. 27 1932, leaving an overdraft of $54,338.39
in the Havana branch of the bank and the two loans totaling nearly $404.i.000 in the New York banks against which the collateral is now valued at
approximately 96237.000—of which $200,000 is a mortgage on a piece of
property in Maryland.
Dr. Enrique Hernandez Cartaya, who was Secretary of the Treasury
when the Chase bank did its first Cuban financing, was paid a total of
$87,500 in legal fees in connection with the bank's second and third pieces
of Cuban financing. Dr. Cartaya had left the Cabinet by that time.
His fee for the second piece of financing was more than that paid to the
New York firm of Rushmore, Bisbee & Stern, which handled the Cuban
business for the Chase. The latter firm's fee in connection with the third
piece of financing was not revealed. Dr. Cartaya received approximately
three times as much as Dr. Bustamente. whom Chase officials described
yesterday as the leading lawyer of Cuba. Dr. Cartaya was employed on
the recommendation of President Machado's son-in-law, J. E. Obregon,
joint manager of the Havana branch of the Chase.
Caroios Miguel de Cespedes, Secretary of Public Works in the Machado
Cabinet, who had general charge of the public works program which the
Chase financed, was extended personal loans by the Chase which reached
a maximum of $200,000. Collateral was posted and the loan was paid off
in full at the end of 1930.
This is not the Dr. de Cespedes, who was provisional President of Cuba
for a short time last summer.
Menocal Loan Unpaid,
Mario G. Menocal, former President of Cuba and one of the leaders
of the revolutionary junta which overthrew the Machado Government,
still owes the Chase National Bank $125.000 which he borrowed on Jan. 23
1926. He has paid no interest since 1927 and the value of the mortgage
on Cuban lands which he gave as collateral was estimated at between
$10,000 and $15,000.
The State Department knew that President Machado had improperly
dipped into Government trust funds for $9,000,000. The exact nature of
these funds—except that one was a pension fund—was not brought out,
nor was the purpose for which President Machado drew on them.
Officials of the Chase National Bank felt as early as October 1931.
that the Machado Government was tottering.
J. E. Obregon, President Machado's son-in-law, collected $2,000 in
expenses from the Chase for money which he said he gave the principal
Havana newspapers for giving favorable publicity to the 1928 financing.
Chase officials testified to-day that they heartily disapproved of Mr. Obregon's act, but were unable to show that they had ever made any protest
to Mr. Obregon.
The text of the letter written Feb. 23 1931 by James
Bruce, then a Vice-President of the Chase National Bank
of New York, to Joseph Rovensky, another Chase VicePresident, which was read at the Senate Stock Market inquiry on Oct. 24 by Ferdinand Pecora, Committee Counsel,
is taken as follows from a Washington account to the "Herald
Tribune":
Mr. Joseph Rovensky, Vice-President Chase National Bank, New York,
Dear Joe: I am sending this letter to you. I would appreciate it if you
would have copies made of information which different officers in the
bank will be interested in and send same to Messrs. McHugh, McCain,
Aldrich, SchmidLapp, Freeman, Sherrill, Smith, Campbell and Eddy.
First of all, one of the things we should do in Havana is to have a secretary there that we can write letters with, and my suspicions may be unfounded. but I think that any communications made from the office at the
moment are known at the Palace before they are known in New York. •
To start first with the banking under Mr. Rosenthal', he is doing a fine
job and has really not made one mistake since he has been there. He
has collected a lot of loans which looked very precarious, and he has not
made any new loans except on proper securities with the proper margin
and has increased the operating efficiency of the bank very much. The
first six months of last year, before he came there, I forget just what the
figure was, but I think that the branch ran in red about $25,000. Whereas
for the first six months of this year it will run in the black somewhere between $60,000 and $70.000.
Loan Payment Made in Bonds.
With regard to further writeoffs, I do not believe that the bead office
will have to appropriate any more money for this branch. The figures
have not changed much since they were first made last summer. On
Jan. 1 we appropriated $300,000. This leaves on ordinary accounts
about $200,000 still to write off. As against this we have made a settlement which had already been written off against one area which will
net
us about $70,000, leaving a balance to be retained of $130,000.
This I
think the branch can do out of earnings. The above, however,
does
not take into consideration any loss that we might have made in the following items:
1. Central Havana,
2. Garcia Beltran.
With regard to this letter, when I was in Havana they offered
$65,000
of the new Cuban Government sugar bonds in place of a $50.000
payment
that they were to make on their loan, and we took the same, as
it was
a question of that or nothing. Although their indebtedness
is higher.
I figured that our risk on them is now down to about
$380,000, and it
may be that we shall have good enough luck to get out,
but it is very
hard to tell.
3. The interests of the President.
President Promises to Pay.
President's personal loan is now $130.000. and he promises to pay it
off within 30 days. I should doubt very much whether he does this.
The loan of President Machado is now about $45.000 unsecured. We
had a proposition from them stating that they would pay this off if we
would loan them $145,000 on Cuban internal Government bonds at market
3072
Financial Chronicle
value without margin. We decided that we would rather takeour chances
on losing $45.000 than to put up an additional $100,000 in unmarketable
secur ties, so this item remains the same.
With regard to the shoe factory belonging to the President, when Mr.
Rosenthall took over the office this loan was altogether $89,000. and he
has reduced the same to $9,000. Undoubtedly, in my opinion, if this had
been allowed to run along for a year or two the same would have been
a total loss. You are familiar, of course, with the transaction by which
Mr. Sheri11 and Mr. Rosenthall collected $200,000 from Mr. Cespedes, as
I think this should have also been eventually a loss, and collection was
really the best single thing that has been done for the bank this year.
In view of all the above it seems to me our worries are pretty well over
as regards the branch, and the great day for the same was the day you
found Mr. Rosenthal] and sent him down there, because he has handled
things most intelligently and in my opinion is away above all the other
fellows running branches in Havana. Certainly, of those that I know, and
I know all of them except the fellow running the branch for First National.
To touch for a moment on Mr. Obregon.
Mr. Obregon's Status Explained.
As we know, from any business standpoint he is perfectly useless. He
has neither any ability for banking, nor has he the slightest ability in
negotiating, which was something which we thought it might be possible
to build him up to do. The only use that Joe has would be to do a certain
amount of entertaining of our more important customers when they come
to Havana in the winter, and also to do a certain amount of contact with
regard to new business. &c. This latter, of course, can be much better
done by Mr. Lopez. From what I could gather in listening to some of the
Cubans talk is that Joe has very little standing with the President, and
I think this is probably true. On the other hand, where the rub come in
Is that if we did not pay him his salary, the President would have to give
him an allowance and in times as hard as these this might be fairly difficult
to do,so it would seem to me that the best thing to do at the moment would
be to let things go on as they are.
Mr. Rosenthall is very much concerned because he says that when he
goes off on his vacation in the summer that if Mr. Obregon is next in charge
he will make all the bad loans all over again and Mr. Rosenthal! is very
anxious to get a second man and would like to have a fellow who is now
with Mr. Kemmerer and will be back on April 1. I do not believe that
Mr. Findley would be a good second man, although he is a very hard
worker, and an excellent bank man. I think that we should find some
other place for Mr. Findley where his services would be valuable. Mr.
Obregon spoke to me about his position and he is evidently quite worried.
Conditions have entirely changed with him in one respect and that is that
he is not threatening to resign, but is very scared that he is going to be
fired. This is naturally of course the best way to have him, as he can
do the least harm.
Referring to the financing, I probably could have got through as fast
if I had come a week later, because the first week of my stay was given
over to collecting the data on figures and getting the legal opinion. Mr.
Cartaya was sick for four or five days and could not give his opinion on
this account, which rather delayed things.
Balanced Budget Is Sought.
First of all I saw the Ambassador, and he thought that the renewal
should be for 60 days. I told him that we had thought a renewal for 60
days would be undignified and that the same had better be for six months
in accordance with the wishes of the President. He said that he was
trying very hard to have the President balance his budget; that the same
had been reduced from $77.000,000 to $67,000,000. and that the President
had promised him to further reduce it to $60.000.000. Furthermore. the
President said that he would receive $10,000,000 from the new taxes. The
question was as to whether it was not in our interest to keep as tight a
hold as we could on the fiscal policies of Cuba. With this in mind. I had
a talk with the President along the following lines:
First, we agreed to renew the $20,000,000 for 90 days. I told him
that it was most important from our standpoint that he carried out the
reduction in the budget and put his house in order financially, and furthermore that it was most important, both from his standpoint and from ours,
that he went right to work to re-establish the credit of Cuba on a better
basis than it now was. This, of course, could only be done by making a
compromise with his political enemies, and naturally the only way he
could do this was to make some concessions, but the result of which would
be that Cuba would present a uniform front rather than have the tourist
knowing
trade disrupted and the security holders made nervous by not
when, if at all, the Government would be thrown out of power. The
President admitted all this, and, in fact, went on to elongate the same,
stating what he was doing to bring it all about. He mentioned that in
this last Congress there were one or two dissenting voices, but he said
that in the Congress which would convene on April 1 there would not be
one dissenting voice. (I suppose the two dissenting voices are already in
jail.) I also told the President that we held ourselves at his service at all
times to give him any confidential advice which he might require as reconstruction
gards his financial affairs, and particularly with regard to the
to
of a tax system which would give some sort of strength and stability
they
the country and which would not be the hit-and-miss affair which
now have.
$1,300,000 Loan Sought.
touch
I also stated that we felt that we should keep more closely in
to the
with the fiscal affairs of the Government, and that in addition
information which we got on the general budget and on the public works
revenue there was various other information which we would like to have
I had in
each month. He said that he would be very glad to give us this.
mind especially trying to keep up with the cash position. Altogether. the
everything except one. Ile is very
President was extremely satisfied with
hard up for $1.500,000, and he wanted to know if we would loan him 31,300.000 of this amount. I told him it was a matter which I would have
not
to take up with my associates on my return to New York. as I did
feel that it should be discussed on the telephone. Naturally, I don't think
that we should make the loan, but as it was brought up quite unexpectedly
in the sense that we had already indicated our unwillingness to do this,
and I did not think that the President would mention it, but I did, however,
go so far as to find out what the best terms would be. To explain: We
have in the Havana branch approximately $240,000 of money advanced
to various local contractors, which is not covered by bonds similar to the
Warren Brothers' bonds.
asked
I think this money is in considerable jeopardy. I, therfore,
considered, whether
the President if, in the event that this was favorably
substitute Warren
he would pay off these particular contractors and
that.
Brothers' bonds for the amount due us. He said that he would do
he said that he
I then asked him the length of time that he wanted and
financing was done. I
would like to borrow the money until the public
but wondered
said that this was a matter that we could not even consider,
at the rate of $100,000 a
if it would be possible for him to pay the same
Oct. 28
1933
month. He said that he could do this. I told him then that I would
discuss the matter when I got back to New York.
Favors $500,000 Credit.
In the mean time, in turning it over in my mind and so that we can
all consider it, it would seem to me that it might be a good trade to loan
the Government $500.000 to be secured by Warren Brothers' bonds on
condition that they would secure our present loans to the contractors;
also to make this repaper at the rate of say $50,000 a month. In this way
I think we could turn a bad loan into a good one without putting up any
great amount of additional money. I think that at the moment the President is so hard up that he will jump at anything which looks like additional
cash. In this regard, Henry Catlin arrived on the scene just two days
before I left and, although I have no particular objection to Henry personally, he would have complicated my position very much had I remained,
because he runs in and out of the Palace every little while and is trying to
get his own taxes reduced and would be delighted to play Lady Bountiful
with the funds of the Chase Bank.
Another thing is that, although Henry is on our advisory committee,
it is impossible to talk frankly with him, as you know what you say will
be repeated in the Palace. He told me, which I think is entirely true,
that the President is desperately in need of the money for the Government and that it was most important for us to put up 31.500.000. In
fact, he had at least 10 very good reasons why we should do this. He
stated among other things that the $30.000 which the President borrowed
from us in his private account he loaned to the Government.
In this connection a matter which is most imnortant and which I could
not touch on over the telephone except very slightly to Mr. Eddy. Is the
fact that the President had practically gotten to the bottom of the trust fund,
which, of course, he had no business in using. These funds are down in
the neighborhood of approximately $3,000.000, and they should be around
$12.000.000. This money will have to be replaced at some time, as the
chief trust fund is a pension fund, although there are various others which
I have sent to you with other data. Naturally the public do not know
about this, although why they should not get on to it I do not know, but
it is worrying both the President and our own State Department very much.
Another serious thing at the moment is that the Government, although
it shows very substantial cash balances on the third of each month, actually has not at any time over a few hundred thousand dollars cash on hand,
which is an absolutely small amount to run a government on, and what
they do so that they can still make an honest statement is to hold up all
voucher checks and payments of every sort until the day following the day
that they make their statements with regard to their cash on hand, so that
although the cash presents a substantial sum one day, it is all gone within
a day or two, and has to be built up again during the course of the month.
The President in the last tax law inserted a clause to the effect that
he should have power to sell short-term Treasury notes. Of course, nothing
could be worse than for him to have this power, and the State Department
have released this and I do not think that he will be allowed to istim the
same. This would even be worse than the establishment of a central bank,
which is not only impracticable, but impossi.le.
Opposes Central Bank.
Of course, they would want to start at once and it would not last long,
because they would vitiate any currency they had as fast as the printing
presses would work, but it would be a very unfortunate thing for us and for
every one else interested in Cuba. Mr. Schmidlapp called me on the
phone about this, and I told him that we would send a cable back which
Mr. Rosenthall had sent to you after an investigation. I saw one of the
fellows on the economic committee that afternoon that recommended this,
and I asked him why he wanted to give publicity to such a silly thing as
that, and he said that the President had formed his commission and had
given $525.000 to make an investigation of the fiscal policies of the Government and that they felt that they had to earn the money and had thought
this up as a new idea that had not been thought of before and they wanted
to show the President that their minds were active but that of course
they realized that it was impossible to start a central bank if you did not
have any gold reserve. I asked the President about it. and he just laughed
and said it was impossible.
One thing that the President would like to do and which is very near
his heart, which of course is impossible, but what he will probably talk
about before long, is a consolidation of the whole national debt. The whole
debt, external, internal, and floating. Is about $184.003 000, which is not
excessive, and probably atsome time when the credit of the country is bettor
this might not be a bad thing to do. I told him that in my opinion the
combination of the unsatisfactory condition of our own securities markets,
plus the bad credit position of the Cuban Government would make consideration of this hardly worth while at the moment. Ile agreed to this,
but said that he would like to bring things about whore we could do it for
him in about a year. I told him that we would be delighted to give it our
consideration when the time was ripe for the same.
Leaves Lawyers Pleased.
With regard to the lawyers, I think both sots of them are happy, and
in taking the opinion of Mr. Bustamente, as his was
we did the right thing
the most cautious and conservative one. Mr. Cartaya was in a perfectly
happy frame of mind about it; and. In fact. when I left everything seemed
to be settled to the satisfaction of every one, including the President, who
went on a four-day fishing trip. So there was really practically nothing
that I could have done by remaining. If anything does come up, Mr.
Rosenthall is perfectly competent to handle it. In fact, he has quite a
keen mind for negotiating and I think that if the Chase Securities would
use him as freely as we do in the bank they would be very much satisfied
with his work and co operation.
I am coming up by motor and thought I would stop an hour or two
to see Mr. Wiggin to-morrow, and will send you a telegram where I will be
each afternoon, so that if anything comas up that you want to get in touch
with me you will know where to find me.
With best regards, I am,
Yours sincerely,
JAMES BRUCE.
Senate Inquiry Into Stock Market Trading—Harvey C.
Couch of RFC Indicates That He Advised C. S.
McCain of Chase National Bank That He Could
Not Accept Task of Reorganizing Insult Properties.
Saying that the letter he wrote to Charles S. McCain of
the Chase National Bank of New York was purely a personal
one, Harvey Couch,a Director of the Reconstruction Finance
Corporation, announced on Oct. 21 his willingness to appear
before the Senate Committee inquiring into stock market
trading and answer any questions asked of him.
Volume 137
Financial Chronicle
Associated Press advices from Washington Oct. 21 reporting this continued:
The letter, found by Senate investigators in Chase Bank files, was
written on RFO stationery and dated some time in August 1932. The
investigators said it mentioned Seaboard Air Line stock.
'*Mr. Couch said that Mr. McCain, whom he described as a "lifelong
friend," had telephoned him to learn whether he would consider resigning
from the RFC "to undertake the reorganization of a group of Instill
properties."
Mr. Couch said he replied he intended to complete his job with the
Government and could not accept McCain's offer.
"I explained further," Mr. Couch went on. "that, when I finished here,
I expect to return to Arkansas to continue to extend such aid as I can in
the development of that section.
"Neither the letter nor the telephone conversation had anything whatever to do with the RFC."
Explaining that he and Mr. McCain, Chairman of the Governing Board
of the Chase Bank, were reared together in Arkansas and have been associated in business, Mr. Couch said:
"There is nothing in my relationships with Mr. McCain that I desire to
hide. I shall be glad to appear before the Committee to answer any questions in this or any other connection if the Committee sees fit."
If Mr. Couch appears before the investigators, he will be the first Government official who has testified on his own behalf since the inquiry started,
a year and a half ago.
He has figured in the investigation twice before. The most recent time
was last week, when he was listed as having borrowed $300,000 from
Dillon, Read & Co. in 1928. The evidence submitted at that time showed
that this loan still was outstanding at the end of 1931.
Previously, Mr.Couch had been listed as one of the purchasers of"bargain
stock" from J. P. Morgan & Co. The evidence showed he obtained 500
:hares of Niagara & Hudson stock in August 1929, at $25 a share when it
was listed at $36.
Both of these incidents, however, antedated Mr. Couch's assumption
of Government office.
Senate Inquiry into Stock Market Trading—Investigation into Affairs of Chase Securities Corp.—
Latter Since 1929 Set Aside $119,000,000 to Loss—
Albert H. Wiggin Says However Assets May Yet
Offset Write-Downs
Incident to the inquiry into the affairs of the Chase
National Bank of New York, begun on Oct. 17 by the Senate
Subcommittee on Banking and Currency investigating
stock market transactions, the Committee also directed its
attention to the operations of the bank's affiliate the Chase
Securities Corp. The opening hearing on Oct. 17 was
referred to in these columns last week, page 2905. On the
following day, Oct. 18, Albert H. Wiggin, Chairman of the
bank, testified that, from capital and earnings, the Chase
Securities Corp. set aside in the depression years after 1929
to last June 30, reserves of $119,138,075.87 against losses
and depreciation in the value of the securities in its portfolio.
The total of reserves set aside for such purposes in the 16
years of the corporation's existence was $120,137,075.87,
or only $1,000,000 more,it was indicated, in the Washington
dispatch Oct. 18 to the New York "Times," from which we
also quote.
Mr. Wiggin, who retired last winter as Chairman of the Chase National
Bank, testified that from 1917 to June 30 this year, the net earnings of the
Chase Securities Corp. amounted to $41,081,956.19, which with capital
made a total of $156,453,308.84. Dividends of $21,907,500 were paid.
After the reserves were set aside, the capital and surplus amounted to $14,407.732.97 on June 30.
The witness had no information as to how much of the $120,138.075 was
actually lost, and how much of it was a "write-down," but agreed to obtain
it.
Mr. Pecora Questions the Record.
"Would you consider that a very good record?" asked Senator Couzens.
"Oh," replied Mr. Wiggin, "I think that is a very unfortunate record,
but this is a world of trouble and we aro probably better than the average.
There are some securities companies that were wiped out entirely—many
of them."
"Do you think," Mr.Pecora asked, "this record vindicates the judgment
of the authorities of the bank when through the securities affiliate they
engaged in issuing securities and underwriting them, trading in them?"
"The figures do not verify that." was the reply.
"These results would rather condemn that, wouldn't they?" Mr.Pecora
persisted.
"Of course," Mr. Wiggin explained, "until you realize and know what
you are going to get from those assets you won't know how you are to come
out, or what the final result is."
The testimony touched on Fox Film and General Theatre Equipment
loans, the purchase of American Express Co.stock and the formation of the
Metpotan Co , as a subsidiary of the Chase Securities Corp., which traded
heavily in the shares of the Chase National and other banks.
Trading in Bank's Stock.
Mr.Pecora asserted that the records of the Metpotan Co.showed that it
had traded in the open market in sham; of the Chase National, and other
banking institutions which were merged with the Chase, to a volume of
"almost $900,000,000."
"Is that in accord with your recollection?" Mr. Pecora shot at the
witness.
"I have no recollection." rejoined Mr. Wiggin, but he agreed to have the
data compiled.
Mr. Pecora said he intends to go into the affairs of the Metpotan Co.
o-morrow.
Senator COUzons remarked to the witness that the Clearing House report
of Juno 29 1932, showed that $20.772.740 of Fox Film debentures were
listed among Chase holdings.
"Did they have a market value?" the Senator asked.
"I do not think so," was the reply.
"How would you arrive at a fair value of those?"
"They are undoubtedly good bonds," said the banker. "and you would
fix it on what you think is a fair price on a bond that will pay at that particular maturity, but a bond without any market value."
3073
"Also $6,000,000 of Fox Film loans," the Senator continued, "how
would you fix the value of those?"
"In the same way," said Mr. Wiggin.
"They were good, were they?"
"They were good."
"And you also had $10.700.000 of General Theatre Equipment?" said
the Senator. "Were they good?"
"They had a market value," the witness remarked.
Mr. Aldrich Explains Situation.
Winthrop W.Aldrich, present Chairman of the Chase Bank,interrupted.
"May I answer that question?" he asked. "Because that affects the
bank to-day. Those Fox loans and General Theatre loans have all been
written off now to a point where the securities which we now hold at market
are a greater value than the amount that we carry on loans on our books."
Senator Couzens said he.was merely endeavoring to get "what you Wall
Street men use as a yardstick for arriving at fair valuation, where there is
no market value."
"The point I am trying to make," said Mr. Aldrich. "is that those Fox
obligations had been written off or reserved against until they had reached
the point where the market value of the obligations which we now hold is
greater than the amount we have written off."
Mr. Pecora contended that statements made to the stockholders had
not shown a fair representation of the condition of the Chase Securities Corp.
As to this criticism, Senator Couzens, addressing Mr. Aldrich, said:
"Mr. Wiggin seemed to be quite satisfied that all the stockholder's
interest was in how much he had left, and that reminds me of the oldfashioned single-entry bookkeeping, when a merchant or manufacturer or
what not wound up his year's business by figuring how much more he had at
that time than he did the year before, and that was all he was interested in.
I thought we had developed our science of bookkeeping and accounting
since then so that the stockholder had a greater interest than just simply
knowing what he had left. But I was interested to know that Mr. Wiggin
was still old-fashioned enough to believe that that was all the interest that
the stockholder had."
Senator Couzens Comments.
"Senator," interposed Mr. Aldrich, "you understand the only thing I
have in mind is that I am interested in not having any false impression get
abroad as to the condition of the bank to-day."
"Oh, I am not trying to embarrass the Chase National Bank at this
moment," said Senator Couzens. "I am trying to arrive at the methods
employed up to the time we were making this examination. I am informed
unofficially, and not on the record, that the bank is run differently now
than it was prior to Jan. 11933."
Mr.Pecora tabulated the net profits and cash dividends paid by the Chase
Corp., which formerly was the Chase Securities Corp.. as follows:
1917 to 1925
1926
1927
1928
1929
1930
1931
1932
1933 (6 months)
$11,170.819.29
3,652,284.36
3,475,708.39
4,652.498,56
5,776.083.62
6,984,244.87
3,233,757.57
1,728,286.56
407,732.97
,150,000
1,400,000
1,600,000
2,200,000
3,845.000
6,862.500
1,850.000
Total
$41,081.956.19
$21.907.500
Reserves against losses and depreciation in the value of securities were
given as follows:
Period—
From Profits.
From Capital.
1917 to 1925
$1,000,000.00
1929
1,834.447.33
1930
$2.065.733.57
17.536.905.32
1931
14.908.393.67
37,078.91934
1932
1,792,595.98
2,921.080.66
1933 (6 months)
41,000.000.00
Total (1917-1933)
$101,371.352.65
$18,766,723.22
Capital History Summarized.
Mr. Pecora handed to Mr. Wiggin a summarization of the capital history
and earnings of Chase Securities.
Mr. Pecora—See if I make therefrom a correct statement or summarization of it. Cash paid by the public for capital stock of Chase Securities
Corp. from 1917 to June 30 1933, aggregated $68.343,785. A.—That is
correct.
Q.—Stated value of all the capital stock issued by Chase Securities Corp.
in exchange for capital stock of other corporations which were merged with
it was $47,027,567.65. A.—Correct.
Q.—That makes a total of capital, both in cash and in capital stock of
absorbed companies, provided by the public to the capital funds of Chase
Securities Corp. of $115371.352.65, does it not? A.—Yes,sir.
Q.—Now the net earnings after payment of taxes accruing to the company from its inception to June 30 1933, aggregated $41,081.956.19.
A.—Yes, sir.
Q.—And that, added to its capital and the capital value ofstock of other
companies that it took in exchange in connection with mergers, gave a total
capital and net earnings to the company from its inception down to June 30
1933, of $156.453,308.84. A.—That is right.
Q.—Now, of this sum there was paid out in dividends to shareholders—
that is to say, cash dividends—the aggregate sum of $21,907,500.
A.—Correct.
Q.—And there was also set up for reserves to cover losses or against
depreciation in value of securities carried in its portfolio from its inception
down to June 30 1933. sums aggregating $120
0138,075.81? A.—Yes, sir.
Q.—Now that left on June 30 1933, out of all the capital funds and earnings of the company a capital and surplus of $14.407,732.97? A.—Yes.sir.
Q.—And that was divided into a capital of $7,400,000 and surplus, Including earned surplus of $407.732.97, or $7.007.732.97t A.—That is
correct.
Mark-Downs Five Times Earnings.
"Those figures show that you lost considerably over five times as much
as you paid in dividends?" Senator Couzens interrupted.
"The mark-downs equal that, but you understand they have not necessarily sold the securities," Mr. Wiggin replied.
"Have you any information as to the part of the $120,138,075.87 which
has been actually lost and how much of it is a write-down?" Senator
Couzens asked.
"No," was the reply.
Senator Couzens—I assume that your records would show what part
of that loss had been taken off your income tax returns, would they not?
A.—Undoubtedly.
Q,—you could not take any of this charge off from your income tax
returns until it had been realized, could you? A.—That's the way I
understand it.
Q.—Have you any figures which would show how much of this loss has
been actually realized? A.—Not yet. We will get that from New York.
3074
Financial Chronicle
"You are not likely to write off more than you are quite convinced is
necessary?" Chairman Fletcher interposed.
"Oh," explained Mr. Wiggin, "I think frequently they will write off
more than is necessary."
As to Bank Examiners and Jobs.
Mr. Pecora read from a National bank examiner's report of 1928 that
Mr. Wiggin "dictates the policies of the bank," and from a similar report
for 1929 referring to Mr. Wiggin as "the most popular banker in Wall
Street," and similar extracts. "All exaggerations," Mr.Wiggin remarked.
"Do you ever employ bank examiners in your bank after the examiner
left the Government service?" Senator Couzens asked.
"I can think only of one, Sherrill Smith," Mr. Wiggin said, but after
consulting an associate, added:
"It seems that there are three names suggested of men who have been
assi tant bank examiners, not chief bank examiners, but employed by the
,
Government. Mr. Rovensky, a Vice-President in the foreign department;
Mr. Biggerman, and Mr. Hughes, Assistant Cashier. Mr. Smith is one of
our senior officers, who came in 1921. We took him In because we wanted
somebody to help keep things straight and conservative. It wasn't
any reward for anything he had done."
"I did not challenge any motive," Senator Couzens explained.
Mr. Wiggin testified that 176,996 shares of stock of the American Express
Co. to which a value of $40,031,677 was ascribed for the purpose of the
annual report of Dec. 31 1932, were included in the $91,340,996.56 of resources.
American Express Stock Valued.
"Was that based on the market value?" Senator Couzens asked.
"There was not any market value. We owned them all," the banker
replied.
"I would like to have you describe what you mean by fair value," Mr.
Couzens insisted. "In answer to a question of Mr. Pecora you said that
In case of a market value, you took market value, and in case of no market
value you took fair value."
"This was taken at cost, which we thought was the fair price," said Mr.
Wiggin.
"What made you think that cost was the fair price at that time?" the
Senator asked. "Was it based on a trial balance, or earning capacity, or
what?"
"Based on the balance sheet and earning capacity," witness replied.
"It is a company that has earned its dividend right through this whole
depression."
Mr. Pecora—On Dec. 31 1932. did the Chase Securities Corp. own these
176,000 odd shares of American Express Co.stock free ofany lien? A.—No,
sir.
Q.—What lien was on them at the time? A.—They were pledged as
collateral to a loan to the Chase National Bank.
Q.—Was not this particular loan for $17,586,810.67? A.—I will ascertain that.
Senator Couzens—Assuming an applicant for a loan at your bank made a
statement such as has been read into the record without showing a lien of
$17,586,000 against a certain collateral or asset, would he not be liable to a
jail sentence, if he got a loan, for a misstatement, in securing funds under
false pretenses? A.—Well, I don't know what the law is, but I know if
Chase Securities borrowed money they told about this thing. There was
no concealment.
Q.—Assuming that the Chase Securities went to another institution
outside of yours and borrowed money and presented such a statement, it
seems to me that they would be obtaining money under false pretenses.
A.—They would not have done that.
Mr. Pecora—They would have shown the lien? A.—Yes.
Q.—Why was not the lien shown in this report to the shareholders?
A.—What difference does it make/
Challenges Mr. Pecora's View.
"The only difference that I can think of is that it would have given the
shareholders a true and correct picture," Mr. Pecora retorted.
"Well," said Mr. Wiggin, "it did not affect them one way or another.
The stock is not worth anything until the liabilities are pt.,d."
At the outset of the afternoon session Chairman Fletcher announced that
the Committee had decided not to press the questions asked yesterday by
Mr.Pecora and others relative to the so-called "rescue" loans that had been
made by the Chase National Bank. This decision was reached in an executive session at noon, during which statements were heard from both Mr.
Wiggin and Mr. Aldrich.
"The Committee decided that no public interest would be served by
pressing the question," said Senator Fletcher. "We decided, for the
present, at least, not to insist on the answer. I do not mean to say that
Information was not furnished the Committee. The Committee heard all
the statements and got all the facts that could be developed by the question.
"They understand what the facts are, but they feet that it is not in the
public interest and nothing could be gained by spreading those facts on the
record."
Chairman Fletcher said that if the Committee were to go into the matter
publicly it would "involve the use of names that might harm and it won't
do any good."
Senate Inquiry into Stock Market Trading—Albert H.
Wiggin of Chase National Bank Details Four
Trading Accounts in Bank's Stocks—Denies that
These Were "Pool" Operations.
At the hearing on Oct. 19 before the Senate Committee
on Banking and Currency evidence was submitted bearing
bn the formation of four trading accounts between 1927
and 1930 by the Chase Securities Corp. for the purpose of
dealing in the stocks of the Chase National Bank. The
Washington advices to the New York"Journal of Commerce"
in making this known added:
Albert H. Wiggin, former head of the two companies, detailed the
transactions before the Committee.
Account Opened in 1927.
The first account, it was shown, was organized on Jan. 21 1927, and
terminated on April 18 1928. Associated in the account were the Metopan
Corp., subsidiary of Chase Securities Corp.; McClure-Jones & Co., Potter
& Co. and Blair & Co. Purchases of the bank stock during the life of
the account amounted to 22.217 shares at a cost of $13,240,356. The
stock was sold when the account was terminated at a total price of $13,290.977, yielding a profit of $50,621.
The second account was organized on April 18, the same day the first
account terminated, and ran until Sept. 21 1928, participated In by the
same group, and during which 59,522 shares of the bank stock was bough
Oct. 28 1933
at a cost of $50,180,175 and sold for $50.734,935 for a profit of $554,760.
The third account, which was between Chase Securities Corp. dealing
through the Metopan Corp. and Dominick & Dominick, began on July
19 1929 and ended Nov. 111929. The original contract called for options
on 80,000 shares of the stock by Dominick & Dominick, which was later
extended to 100,000. Only 80,000 shares were taken up under the options.
however, and when the account was terminated profits amounting,..to
$1,452,314 were shown.
The fourth account which also was between Chase securities and Dominick
& Dominick was opened on Jan. 7 1930 and ended March 7 1930. Under
this account options were taken on 50,000 shares of the stock and only
.20,000 were exercised. Profits under the account were not disclosed when
the Committee adjourned late this evening. Details concerning five other
joint accounts which ran until the close of 1932 are expected to be brought
out to-morrow.
Denies Pool Charges.
Charges that the accounts were in effect pool operations by ChaseTSecurities in the stock of its parent company were denied by Mr. Wiggin.
He insisted that the transactions were just what the name impliedIand
were carried on for the purpose of stabilizing the market and to effect
wider distribution of the bank stock. He admitted that wider distribution
of the stock could have been brought about by open market operations
In the stock but felt that the trading accounts provided the most&convenient method.
Efforts to secure a definition from the witness as to what constituted
speculation on the stock market brought forth the reply that he did not
mean "to pose as an expert on definitions." He added that in New York
If a person borrows from a stockholder for purchase of stock it is termed
speculation, but if he borrows from a bank it is an investment. "It's a
pretty narrow distinction," he declared.
Mr. Wiggin said that he believed it "perfectly proper for a company to
buy and sell bank stock" on the ground that it was wise to keep a good
market for the stock.
The Washington reports (Oct. 20) to the New York
"Times" stated that Mr. Wiggin testified that day that the
Metpotan Corp., subsidiary of the Chase Securities Corp.,
organized two pools in 1929 and 1930, in one of whickit
sold lqrge blocks of Chase National stock for a total of
$103,216,184.88 and at a profit of $321,250.14 on the whole
account. From the same account we quote:
Mr. Wiggin also identified a "forgotten" telegram signed "Tom."Y;He
said it had been sent to him on Feb. 11929, by Thomas W.Lamoneof J.P.
Morgan & Co., letting him in as "a favor" on 10,000 shares of Allegheny
Corporation common at $20 when the counter market' was $35 a
share. . . .
Telegram from "Tom."
The "Tom" telegram was produced late in the afternoon after the retired
banker testified that he had "forgotten all about it." It read:
•
New York, N. Y., Feb. 1 1929.
Albert H. Wiggin, Golden State Limited,
Car No. 27, Room A. arriving Douglas, Ariz., 1:01 p.m. to-day.
'The Van Ness boys of Cleveland have just organized Allegheny Corporation, being a holding company, to take over their principal investment in
railroad shares. Yesterday we Issued 35,000,000 of collateral trust bonds.
To-day Guaranty is offering 25,000.000 preferred stock.
We are making no offering of common stock, but have set aside for you
and immediate associates 10,000 shares at cost to us, namely, $20. The
counter market is quoted at $35. Please wire promptly your wishes. I am
sailing for Paris to-night.
With best rega*da.
TOM.
"Who is the 'Tom' referred to?" Mr. Pecora asked.
"I think I know," smiled Mr. Wiggin. "I will make sure. There are
two Toms. I do not want to charge it to the wrong fellow."
After consulting associates Mr. Wiggin said he "thought" it was Thomas
W.Lamont.
Mr. Pecora—And you took this participation without any question?
A.—Entirely.
Senator Couzens—In other words, that was $15 below the market at
the time? A.—Well, I don't know.
Mr. Pecora.—According to the telegram, Mr. Lamont was letting you in
on 10.000 shares at 20 when the market was 35. Isn't that the fair implication? A.—I don't know about the prices, but I assumed it was a favor
and I was very glad to take it.
Senator Couzens.—Did you make any money out of it? A.—No, I lost
money.
Mr. Pecora.—That is because you did not take advantage of the market
at that time? A.—Exactly.
Pool Started in 1929.
The first of the "pools" operating in Chase National Bank shares, concerning which Mr. Wiggin testified to-day, was the trading account participated in by the Metpotan Corporation, Potter & Co., McClure. Jones &
Co. and Broomhall, Killough & Co.
This "joint account" Mr. Wiggin said, was formed by Broomhall. 101lough & Co. on April 10 1929, to buy and sell both "new" and "old" Chase
bank stock, with the understanding that it should not be "long" or "short"
more than 6.000 shares of old stock at any one time.
The respective interests of the account members were half for Metpotan
and one-sixth for each other participant.
The account was terminated on July 3 1930. The total shares traded in
were 12,630 of old stock,$100 par value, and 442.934 of new stock, $20 par
value. The total cost was $103,216.184.88. The Metpotan Corporation
supplied the funds for purchases.
When the account closed 38,440 shares were in the "pool," of which onesixth each were distributed to Potter & Co. and McClure, Jones & Co. and
one-half to Metpotan, which also bought the sixth that belonged to Broomhall, Killough & Co., who, the witness said, "were In difficulties." The
profit on the whole account was $321,250.14.
Mr. Wiggin remarked during this discussion that "losses have been just
as severe, perhaps more severe, in the securities that people studied carefully and devoted a great deal of attention to, as they have in those they
took on the hit-and-miss principle."
"My experience," he said,"has been that people that study it do not come
out much better than the fellows that take it on somebody else's advice."
The retired banker has steadily refused to admit that joint accounts, as
applied to stock-market transactions, were "pools." To-day Mr. Pecora
had him identify a letter, dated Oct. 311928.from W.E. Hutton & Co. to
the Shermar Corporation, a Wiggin family corporation, which read:
"Enclosed please find check for $105,467.49, being the amount of
your subscription and profit on the Hudson Motor Company pool account."
Asked whether the had any doubt when this letter was written "what a
pool account.was," Mr. Wiggin replied:
Volume 137
Financial Chronicle
"I suppose I had as much doubt as I have to-day."
"Pool" Check Was Accepted.
"You did not refuse the check because of the odium on a pool?" asked
Senator Couzens.
"No,sir," replied the witness with a smile.
Upon the closing of the $103,000,000 "pool," Mr. Wiggin testified, a new
"trading account," the sixth in Chase Bank stock so far disclosed, was
formed with the same participants, but with Broomhall, Ki'lough & Co
eliminated.
This account, managed by Metpotan, operated from July 3 1930, to
Aug.51931, buying 25,454 Chase Bank shares at a cost of $3,471,340.07 and
selling 24,915 shares. The remaining 539 shares, "which were taken down
pro rata by the interests in the account, was the profit," the witness explained.
"There was no cash profit and no cash loss," he added.
But after consulting an associate Mr. Wiggin corrected his testimony.
"They tell me I am wrong," he said. "The 539 shares were distributed
against the total payment of $68,489.64, that payment being made pro rata
by the syndicate interests. At the time they took down the stock the
market value was less than the price at which they took it down."
Account Is Called Stabiliser.
Mr. Wiggin said this trading account had "accomplished the Purpose of
stabilizing the market."
Mr. Pecora asked whether Mr. Wiggin would advocate legislation to
limit or require publicity for "activities of trading accounts such as these."
Mr. Wiggin replied:
"Whether it would accomplish the purpose or not, I do not know. I can
see no harm in the attempt."
Senate Inquiry Into Stock Market Trading—Richard
Whitney of New York Stock Exchange Confers
with President Roosevelt.
Richard Whitney, President of the New York Stock
Exchange, conferred for half an hour with President Roosevelt at the White House on Oct. 26, it was stated in a Washington dispatch on that date to the New York "Journal of
Commerce" in which it was also stated:
p He was accompanied by Roland Redmond,counsel for the Exchange, but
upon emerging from the White House declined to discuss the nature of his
conference.
Has Nothing to Say.
"I have nothing to say," he declared,"and you know when I have nothing
to say I am not going to say anything."
With plans in the making for regulation of the Stock Exchange belief was
expressed in some quarters that Mr. Whitney's conversations with the
President were concerned principally along this line.
A study of the stock market has been under way by Secretary of Commerce Roper and his assistants since early last Spring. initiated at the request of Mr. Roosevelt, and a report is expected to be made to Congress
when it meets next January. Mr. Roper, it is understood, has been endeavoring to devise a means by which marginal accounts can be defined and
curbed.
Survey Regarded Supplemental.
The survey being made is declared, however, to be only supplemental to
the investigation of stock market activities being conducted by the Wall
Street investigating committee of the Senate and the report probably will be
forwarded to that committee when completed.
Senate Inquiry Into Stock Market Trading—Questionnaire of Ferdinand Pecora, Counsel for Senate
Committee Seeking Reports on Transactions of
Members of New York Stock Exchange—President
Whitney of Latter Declares Unjustified Charge
That He Fails to Co-operate with Mr. Pecora—
Will Send Revised Query to Members with Recommendation That It Be Answered.
Declaring "entirely unjustified" a statement by Ferdinand Pecora, Counsel to the Senate Committee inquiring
into stock market trading, that Richard Whitney, President
of the New York Stock Exchange, had failed to co-operate
with the Committee, Mr. Whitney issued the following
statement on Oct. 21:
My attention has been called to the following statement in the newspapers this morning attributed to Ferdinand Pecora, counsel to the Senate
Banking and Currency Committee:
I see no further occasion for inviting the co-operation of Richard Whitney.
President of the Exchange. We invited his co-operation and did not get it.
This statement is entirely unjustified. Mr. Pecora sought to have the
Exchange compel Its members to answer his questionnaire. This would
have deprived the members of the Exchange of the right to assert, if they
saw fit, that the information required of them was not proper or relevant
to the pending investigation. The Exchange, obviously, could not deprive its members of this right, which is one given to every citizen by
the Constitution of the United States.
At the hearing yesterday Mr. Pecora sought to make it appear that
the Exchange had even refused to send the questionnaire to its members
with a recommendation that they answer it voluntarily. There was
nothing in Mr. Pecora's letter to me to indicate that any such procedure
was contemplated and, in fact, the suggestion that the answers be made
voluntarily was first publicly made by Senator Fletcher, the Chairman
of the Banking and Currency Committee, at the hearing held yesterday
in Washington. When I read the transcript of the minutes containing
Senator Fletchor's suggestion I immediately wrote him that the Exchange
would adopt it.
I am advised that the questionnaire is being further revised and matorially modified as a result of conferences held yesterday afternoon between
members of Mr. Pecora's staff and representative members of the Exchange
win- had been subpoenaed to appear in Washington. I have written
Senator Fletcher that when the new questionnaire is agreed upon, the
Exchange will send the revised questionnaire to its members with a recommendation that they answer it, if that is the wish of the Senate Committee.
The proposed questionnaire and the stand taken by Mr.
Whitney was made known in an item appearing in our
issue of Oct. 21, page 2900.
3075
From a Washington dispatch (Oct. 20) to the New York
"Times," we take the following:
The Senate Banking and Currency Committee decided to-day to seek
information on stock market practices since 1928 direct from the members
of the New York Stock Exchange instead of through the Exchange's cooperation.
A modified questionnaire will be sent to the 1,375 members, who will
thus have a chance to determine individually whether they wish to recognize
or challenge the right of the committee to seek information regarding their
respective operations.
This decision was announced by Senator Fletcher, Chairman of the
Committee, and Ferdinand Pecora, counsel, after an executive session
with eleven prominent New York brokers.
These brokers, headed by Edward A. Pierce of Edward A. Pierce & Co.,
had come here under subpoena after President Whitney of the Exchange
and its Governing Board refused to circulate the questionnaire. Roland L.
Redmond of Carter, Ledyard & Milburn, counsel for the Exchange, also
attended the session.
Previously, a public session had been devoted to examination of Mr.
Pierce and Mr. Redmond concerning the attitude of brokers and the Exchange toward submission of the questionnaire. A threatended impasse
was solved by the Committee's adopting Mr. Pierce's suggestion that questionnaires be sent in modified form direct to all members of the Exchange.
Mr. Pierce earlier had pledged the co-operation of the Exchange, if
'reasonable latitude" in obtaining the information was allowed.
Brokers Agree on Form.
The eleven brokers later in the day conferred with representatives of
Mr. Pecora and agreed upon the form of the questionnaire.
Senate Inquiry Into Stock Market Trading—At Request of Albert H. Wiggin, Chase National Bank
Terminates Pension Salary of $100,000, Which Had
Been Voted Him For Life.
On Oct. 25 the following statement was issued by Charles
S. McCain, Chairman of the Board, Chase National Bank
of New York:
At the regular weekly meeting of the Board of Directors of the Chase
National Bank to-day, a request was presented from Albert H. Wiggin
that his salary at the rate of $100,000 per year voted to him on Dec. 21
1932 be terminated.
The Board accordingly authorized the termination of the arrangement
as of this date.
Regarding Mr. Wiggin's request, as above, a Washington dispatch (Oct. 25) to the New York "Herald Tribune"
said:
Albert H. Wiggin to-day asked the Board of Directors of the Chase
National Bank to terminate the agreement by which he had been voted an
annual salary of $100,000 on his retirement as head of the bank in January
of this year. The directors promptly granted his request, according to
word received here.
Mr. Wiggin's request was made through a letter, a copy of which he gave
to Ferdinand Pecora, Counsel to the Senate Banking and Currency Committee's Wall Street investigation, who had brought to light Mr. Wiggin's
pension. Mr. Pecora read the letter into the record of the hearing to-day,
and later, when asked for comment, said: "It speaks for itself."
Officials of the bank attending the hearing here to-day made no secret
of the fact that the public disclosure of Mr. Wiggin's pension, coupled with
the disclosures of his previous large salaries from various sources and his
participation in pools in Chase National Bank stock, had evoked a storm
of protests from stockholders. . . .
Mr. Wiggin's letter follows:
20 Pine Street, New York City.
Oct. 24 1933.
To the Board of Directors of the Chase National
Bank of the City of New York, New York, N. Y.
Gentlemen:
At the time of the agreement to pay me annual compensation of $100.000.
it was believed to be in the best interests of the bank. As the agreement has
been criticized, I beg to request that it be terminated.
Yours sincerely,
ALBERT H. WIGGIN.
References to the pension salary voted to Mr. Wiggin,
was made in an item in our Oct. 21 issue (page 2905) bearing
on the Senate inquiry into stock market trading.
Protest Against Pension Salary to Albert H. Wiggin
of Chase National Bank Made by City Comptroller
of Baltimore.
The following dispatch from Baltimore (Oct. 24) is from
the New York "Times":
The bestowal of a $100,000 annual pension on Albert H. Wiggin by
directors of the Chase National Bank was declared "beyond all reason" by
R. Walter Graham, Comptroller of the city of Baltimore and stockholder
in the bank,in a letter to Winthrop G. Aldrich, President of the institution.
"The bank has lost money, as we all know, In the past few years," Mr.
Graham wrote."and the dividends have been reduced,and for your directors
to vote a pension of that size to one man is almost unbelievable.
"The city of Baltimore is a fairly large corporation, and, in my opinion,
fairly well managed, I have been comptroller for more than 10 years and
there is not a single individual in the city government,including the Mayor,
who receives a salary as high as $100,000 a year."
Senate Inquiry into Stock Market Trading—Financing
of Cuban Loans by Chase National Bank of New
York—Former Ambassador Crowder Indicated as
Questioning Public Works Program as in Violation
of Platt Amendment—Loan of $30,000 to Former
President Machado.
Examination of public works loans to Cuba by the Chase National Bank of New York was begun on Oct. 23 by the
Senate Banking and Currency Committee inquiring into •
stock market trading. Testimony that the public works program initiated by the Cuban Government in 1926, and)
3076
financed in part by the Chase National Bank, was in violation of the Platt Amendment, was submitted to the Committee on that date incident to its probe of the affairs of
Chase Securities Corp. The Washington correspondent of
the New York "Journal of Commerce," in reporting the hearing,said:
across
The program, which involved primarily construction of a highway
was
the Island, was inaugurated shortly after former President Machado
the Island
elected to office on the promise not to increase the public debt of
and was financed by Chase National Bank to the extent of $80,000,000
Machado Account Revealed.
PresiAt the same time Committee investigators disclosed the fact that
which he
dent Machado had a personal account with the Chase bank from
when he was its
borrowed $30,000 and loaned it to the Government of Cuba
head and when the Government was sorely in need of cash.
the Platt
First evidence that the works program might be in violation of
National
Amendment came when Shepard Morgan, Vice-President of Chase
United
Bank, identified a memorandum reporting the attitude of former
was sent to
States Ambassador Enoch Crowder to Cuba. The memorandum
by H. D. Graves,
Edward R. Tinker, President of Chase Securities Corp.,
in March 1926.
ground
Ambassador Crowder questioned the validity of the program on the
Government
that Article 2 of the Platt Amendment prohibited the Cuban
from creating any public debt that could not be paid out of ordinary revenues
of the Island, and to create special revenues to amortize the project therefore
would be in violation of the amendment.
Mr. Morgan doubted whether a full and exhaustive study had been given
and expressed the belief
the prowam by the Ambassador as to its legality
opinion" when the prothat Mr. Crowder had ventured only a "horseback
gram was discussed with Mr. Graves.
Warned to Be Cordial.
also warned that the officials of the bank should be
The memorandum
him anything in advance which
"cordial" to the Ambassador and not tell
by Mr. Pecora what
he might find out later to be contrary to fact. Asked
he did not know. "I canthe memorandum meant, Mr. Morgan replied that
what it says," he insisted. "I cannot
not interpret this paragraph beyond
explain the mentality of those men."
way beAt the time of the Crowder protest discussions also were under
loan to the
tween the Government and the bank concerning a $100,000,000
and the Committee counIsland which was never consummated. Mr. Morgan
loan had any relation
sel divided on the question as to whether this proposed
to the public works program.
which amounted to
The first loan by the Chase bank to Cuba in 1927,
$10,000,000, was made at the time the revenues of the Government already
taxes, amounted to
were on the downward trend. The revenues, exclusive of
$81,973,000 in 1927 and declined steadily to $43,969,000 this year. Tax
have dropped below
collections exceeded estimates from 1927 to 1930, but
expectations since then.
Actual expenditures of the Government have exceeded revenues each year
was a
since 1927 except during the fiscal year 1931-1932, when there
surplus of $780,000.
Loans Are Outlined.
of
The first loan of $10,000,000 in 1927 was followed in 1928 with a loan
$60,000,000, which included the original $10,000,000, and in 1928 with
another loan, raising the transaction to $80,000,000. The total external debt
time
of Cuba in 1927 was $79,431,900, Mr. Morgan said, and at the present
it is $77,929,700, in addition to which there is $81,250,000 outstanding.
Vice-PresiAt the close of the examination to-day W. K. Geiger, Second
Joseph
dent of Chase National Bank, was questioned concerning a letter to
also
Rovensky, Vice-President of Chase National Bank, by James Bruce,
the record
Vice-President, written on Feb. 25 1931, which was placed in
as follows:
is so hard up that
"I think that at the moment the President (Maehado)
this regard
he will jump at anything which looks like additional cash. In
Committee for Chase in Cuba)
Henry Catlin (member of the Advisory
I have no
arrived on the scene just two days before I left, and although
my position very
particular objection to Henry he would have complicated
is
much because he runs in and out of the palace every little while and
play Lady
trying to get his own taxes reduced and would be delighted to
Bountiful with the funds of the Chase National Bank.
Impossible to Be Frank.
you say will
"It is impossible to talk frankly to him, as you know what
be repeated in the palace.
is des"He told me, which I think is entirely true, that the President
most important
perately in need of money for the Government, and that it is
reasons why we
for us to put up $1,500,000. In fact, he had at least 10 good
which the
should do this. He stated, among other things, that the $30,000
loaned to the GovPresident borrowed from us in his private account lie
ernment."
to
When the letter was presented by Mr. Pecora, Mr. Morgan interjected
by
point out that it was written four years after the financing was initiated
Chase National Bank. In reply to the Committee counsel as to what it
meant, he said it referred to Mr. Catlin as a "nuisance." He said that Mr.
Catlin was "not the same man" that he was in 1927, which accounts for the
reference made to him by Mr. Bruce.
The letter of Mr. Bruce to Mr. Rovensky is given in another item in this issue of our paper.
In the Washington account, Oct. 23, to the New York
-Times," it was stated that the late Henry W.Catlin received
$55,000 from the Chase National Bank for his services in
connection with its loans to the Machado Government in
Cuba between 1927 and 1930, according to evidence offered
on that day before the Senate Committee. It was further
stated that Mr. Catlin, formerly connected with the Electric
Bond & Share Co., served for a time as a member of the
Advisory Committee of the Chase bank's branch in Havana.
He also was President of an electric company in Santiago de
Cuba, of which former President Machado was VicePresident.
Oct. 28 1933
Financial Chronicle
On Oct. 24, detailing the hearing on that day before the
York
Senate Committee bearing on the Cuban loans, the New
advices from Washington said:
"Times"
of Cuba
Large personal loans to former Presidents Machado andiMenocal
Secretary of
by the Chase National Bank and to Carlos Miguel de Cespedes,
the Senate
Public Works in the former's Cabinet, were bared to-day by
Banking Committee in its investigation of the bank's Cuban financing.
than $400,000
Senor Machado obtained personal loans and credits of more
according to
for himself and two of his companies, all of which was repaid,
repaid, and
testimony. Senor Menocal borrowed $125,000, which was never
Senor de Cespedes obtained $275,788.60, all paid in full.
trust
Senor Machado also used $9,000,000 out of a Cuban Government
State
fund, draining it to $3,000,000. He thereby worried the American
the files
Department as well as himself in 1931, according to a letter from
of the Chase bank introduced in evidence.
branch
His son-in-law, Jose E. Obregon, who was employed in the Havana
described
of the Chase National, despite the fact that one Chase official
submitted an expense
him as "perfectly useless from a business standpoint,"
paid to 10
account of $2,000 to the bank for amounts he said he had
Havana newspapers for publishing articles favorable to a Chase National
loan to Cuba.
The testimony also showed that Enrique Hernandez Cartaya, former
with Chase
Cuban Secretary of the Treasury, was employed in connection
financing in Cuba after he left office and received fees amounting to $87,500,
and that Dr. Antonio Sanchez de Bustamente, a Cuban lawyer who has
served as President of the World Court, also received fees totaling $40,000
for similar services.
Letter Bares Trust Use.
The disclosure that Senor Machado had used $9,000,000 out of the trust
fund was contained in a letter which James Bruce, a former Vice-President
of the Chase National, wrote to Joseph Rovensky, another of its Vice-Proddents, on Feb. 23 1931, after a close inquiry into Chase National interests
in Havana. Senator Gore developed the fact that Mr. Bruce is now financial
adviser to the Heine Loan Bank Board in Washington.
-Mr. Bruce asserted that the money which the former President had used
out of this fund would have to be replaced, "as the chief trust fund is a
pension fund." that "naturally the public did not know about this," but
that it "is worrying both the President (3fachado) and our own State Department very much."
"The letter further said that Senor Machado's son-in-law was being kept
on the payroll mainly as a social contact man.
"If we did not pay him his salary," wrote Mr. Bruce, "the President
(Machado) would have to give him (Obregon) an allowance, and in times
as hard as these this might be fairly difficult to do."
Payments to Press Told.
These revelations came during the examination of Adam K. Geiger, Second
Vice-President of the Chase National, by Ferdinand Pecora, Committee counsel, and largely through the introduction of letters obtained from the bank's
files by agents of the Committee.
When Mr. Pecora asked whether Senor Obregon had "paid moneys to newspapers published in Cuba in connection with any propaganda that was favorable to the Chase interests." Mr. Geiger replied that he knew nothing about
this until four weeks ago, when his attention was invited to a letter from
T. M. Findley, Assistant Manager of the Chase branch in Havana, dated
July 18 1928.
This related to an expense account of $3,556.89 presented by Senor Obregon. The final paragraph read:
"Incidental expenses, $2,000.
"This is made up of various amounts paid to the different local newspapers in compensation for the numerous favorable articles which they published with regard to the loan as per set of copies which we enclose. These
papers were the following: 'La Prenao,"El Pals,' Diario de La Marina,'
'El Mundo,"El Comercio,''Excelsior,' Heraldo de Cuba,' the Havana Morn"
ing Post,' Mereurio' and 'Heraldo Comercial.'
Mr. Geiger commented:
"That is a thing which we heartily disapprove of. I assume Mr. Obregon
did that on his own responsibility."
In reply to Senator Townsend, the witness testified that Senor Obregon's
services had been discontinue in April 1931.
Mr. Pecora asked whether there was any necessity for having favorable
articles published by Ifavana newspapers.
"Certainly not," replied Mr. Geiger. "These loans were obtained in open
competition on sealed bids."
At this juncture Mr. Pecora asked whether the witness was "familiar
with any loan account that President Machado had with the Chase bank."
Mr. Geiger then testified:
"The first occasion when General Machado received credit in any form
from the Chase National Bank was on Dec. 10 1927, when he received a
traveler's letter of credit in the amount of $3,170. This credit was paid
in full on Jan. 7 1928.
"A year later, on Dec. 11 1928, General Machado applied for and received
a three months' loan of $100,000. This loan was paid at maturity.
"In April 1929 General Machado's borrowing relationship with the Chase
National Bank was put on a formal line of credit bash!, tinder which he was
entitled to borrow at any one time up to $100,000.
Model Industries Aided.
"General Machado's need for credit at that time was due to the development then in progress of model industries in a new village near Havana.
The maximum amount drawn under the $100,000 line of credit during 1929
was $85,000; the low point was $25,000.
"In January 1930 General Machado's line of credit was increased to
$200,000. From that time up to July 1933 the amounts drawn under the
credit fluctuated between its full amount and nothing. In July 1933 it
f the loanl stood at $15,000. He then paid that amount, thereby discharging
the obligation in full. Interest was paid at 7% on all these loans.
"Two of General Machado's companies, the Cia de Calzada 'El Morro,'
a shoe manufactory, and the Cia Nacional de Pinturas 'El Morro,' a paint
factory, each had commercial credit arrangements with the Chase National
Bank.
Account Orerdrau•n Three Times.
"For the sake of completeness it should be added that General Machado's
deposit account at the Ifavana branch was overdrawn on three occasions:
On Nov. 17 1928, in the amount of $829; on Dec. 15 1928, for $1,498;
and on Nov. 23 1929, for $164. Each of these overdrafts was promptly
covered.
Financial Chronicle
Volume 137
"Credit was extended by the Havana branch of the Chase National Bank
to General Machado and his companies as stated, in the ordinary course
of its commercial banking business.
"The loans in each instance were made on a strictly business basis and
had no connection of any kind whatever with the public works financing
of the Republic of Cuba on any other activity of the Chase National Bank
in Cuba.
"There was no concession of any kind in connection with them. They
were repaid in full, with interest, and neither General •Machado nor either
of his companies owes the Chase National Bank a dollar, nor has he ever
requested or received directly or indirectly in any way, shape or form anything of value from the Chase National Bank or any of its affiliates, by way
of commission, concession, gratuity or otherwise."
Menocal Loan Unpaid.
The loan of $125,000 to General Mario G. Menoeal, made on Jan. 23 1926,
was guaranteed by a mortgage on six small parcels of land.
"No reduction of the principal amount of the loan has ever been made,"
'cr. Geiger testified, "and no interest paid since 1927. It is not possible,
in view of the present situation in Cuba, to make any real estimate of the
value of the mortgaged lands. A fair figure probably would be $10,000 to
$15,000."
Mr. Geiger said interest of $1,583.32 was collected on this loan to
March 20 1926. Various steps had been taken to collect, but there had been
no threat by the bank to foreclose the first mortgage on the General's
private residence, he added.
Mr. Geiger testified that while no commissions were paid in connection
with the Cuban financing, the Chase bank spent nearly $237,000 for attorney's fees. In addition to $55,000 paid to the late Henry W. Catlin, he
said, and the fees to Dr. Hernandez and Dr. Sanchez, the firm of Rushmore,
Bisbee 86 Stearn of New York received $44,401.
Mr. Pecora asked about Chase bank loans to Mr. Catlin. Mr. Geiger read
a statement which showed that when Mr. Catlin died on Sept. 27 last he
had an overdraft of $54,338.39 on the Havana branch bank and unpaid loans
from the Chase National totaling $391,976.20.
Brother-in-Law mentioned.
A memorandum from the Chase files introduced this afteinoon said in
part that "while Mr. Catlir. is close to the National City Bank he states
that he prefers to play with the Chase crowd, mainly due to his very high
regard for Mr. Wiggin," and that he had said "he was instrumental in having the brother-in-law of General Machado made notarial attorney for the
Chase bank in Havana, just beating out the National City Bank."
Shepard Morgan, a Chase Vice-President, was asked whether he could
identity this brother-in-law.
"We have no knowledge at present that General Machado had a brother-inlaw," Mr. Morgan replied.
The Committee decided to-day to investigate the closed bank situations
in Detroit and Cleveland and look into their relations with the Federal
Reserve System and investment banking houses. Agents will be sent to
both cities to make preliminary exploration of records, and hearings will
follow.
The Committee expects to complete its inquiry to-morrow into the Chase
National's Cuban financing and resume its examination of Albert H. Wiggin,
former President of the bank, respecting three more joint accounts which
operated in Chase bank shares.
More Liberal Loan Policy on Part of New York Banks
Noted by Hoit, Rose & Troster--Finds Cash and
Holdings of Government Securities Lower in
Third Quarter of 1933.
Deflation of New York City bank credit appears to have
been practically completed, and from now on expansion in
loans in accordance with underlying business conditions may
be reasonably anticipated, bit, Rose & Troster state in
their current review of banking conditions. In a survey of
New York City bank statements, the firm points out:
In the third quarter of 1933, cash and holdings of Government securities
were reduced in proportion to gross deposits, whereas loans and discounts
were Increased. This was contrary to the experience of the comparable
quarter In 1932, when despite the normal seasonal tendency for loans to
increase, loans and discounts declined and cash and Government securities
increased. Coming as it does after a long period of liquidation of bank loans,
this expansion although moderate is significant in indicating virtual completion of the deflation process.
The following table summarizes the changes in liquidity
and loan ratios for the third quarter of 1933:
JUNE 30-SEPT. 30 1933.
Cash & Governments.
Ratio
to Dep.
Change
For Quar.
Loans & Discounts.
Ratio
to Dep.
-7.3%
33.3%
58.6%
Bank of N.Y.& Trust__ -69.1%
-2.4%
Bankers Trust
37.9%
49.5%
-1.7%
Central Hanover
40.6%
61.6%
Chemical
-1.1%
47.7%
-2.2%
Commercial Nat
65.5%
47.4%
56.5%
-11.9%
Continental
51.1%
.48.7%
-2.6%
52.9%
Empire Trust
-6.8%
52.3%
60.5%
Guaranty Trust
62.3%
48.7%
-4.0%
Irving Trust
38.2%
-11.3%
Manhatt in
59.0%
41.8%
41.9%
Manufacturers
-4.3%
-2.5%
45.5%
57.0%
New York Trust
x47.4%
39.5%
-12.4%
public Nat
* Includes all public securities. x Less currency circulation.
Change
For Quar.
+5.2%
+4.0%
+1.2%
+0.7%
+3.4%
+10.5%
+3.3%
+7.1%
+4.1%
+9.7%
+3.8%
+5.0%
+11.1%
Reserve
Federal Reserve System Reported Planning to Join
Bank for International Settlements.
Associated Press advices from Basle, Switzerland, Oct.
23, stated:
The Federal Reserve system soon is to add its powerful membership to
the Bank for International Settlements, financial interests said here to-day.
They added that the membership would be useful when the dollar is stabilized.
The Federal Reserve is expected to buy the stock held by the First
National Banks in Chicago and New York and assume membership at
3077
the monthly board-meetings in which George L. Harrison, Governor of the
New York Federal Reserve Bank, and associates sit.
Negotiations between the Federal Reserve and the Bank for International
Settlements have been under way for months. Leon Fraser, American head
of the latter institution, is anxious to enlarge the bank into a world gold
clearing house.
Cash Subscriptions to $500,000,000 Treasury Bond Of-Bids Up to $1,000
fering Total $1,989,015,000
-Exchange
Alloted in Full and Remainder 25%
Books for Fourth Liberty Loan 4,4% Bonds Still
Open-Conversion Subscriptions Over $660,000,000.
Announcement was made on Oct. 20 by Dean G. Acheson,
Acting Secretary of the Treasury, that total cash subscriptions of $1,989,015,000 have been received to the offering of
$500,000,000 of Treasury bonds of 1943-45, dated Oct. 15
1933. The bonds.(the offering of which was referred to in
our issues of Oct. 21, page 2909 and Oct. 14, pages 2737 and
2738), bear interest from Oct. 15 at the rate of 41i% per
annum to Oct. 15 1934, and, thereafter, bear a rate of 33%
per annum until the principal amount become payable.
The Acting Secretary said that cash subscriptions in
amounts to and including $1,000 wen alloted in full. Those
above $1,000, he said, were alloted 25%, but not less than
$1,000 on any one subscription.
Under the offering Treasury bonds were also issued in
exchange for Fourth Liberty Loan 43.(% Bonds of 1933-38.
On Oct. 25 Mr. Acheson announced that over $650,000,000
in the Fourth Liberty bonds have been tendered to the Federal Reserve Banks and .the Treasury Department. Mr.
Acheson said:
The Treasury is gratified by the substantial amount of exchange subscriptions thus far received. The subscription books will remain open until
further notice for the receipt of exchange subscriptions, in payment of which
Fourth Liberty Loan bonds, whether or not called for redemption. may be
tendered.
•
New Offering of 91-Day Treasury Bills to Amount of
-To Be Dated Nov.11
.
$603 00,000 or Thereabouts
193,0
Announcement of a new offering of $60,000,000 or thereabouts of 91-day Treasury bills was made on Oct. 25 by
Acting Secretary of the Treasury Dean G. Acheson. The new
bills will be dated Nov. 1 1933,and will mature Jan. 31 1934,
and on the maturity date the face amount will be payable
without interest. They will be used to retire an issue of
$60,096,000 which matures on Nov. 1. Tenders to the offering will be received at the Federal Reserve banks, or the
branches thereof, up to 2 p. m., eastern standard time,
Monday,Oct. 30. No tenders will be received at the Treasury
Department, Washington. The bills will be sold on a discount
basis
Acheson's announcement
continued in part:
to thebiiiileTriDilr.
They (the bills) will be Issued in bearer form only, and in amounts or
denominations of $1,000, $10.000. $100,000, 3500,000Land $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be In multiples of $1.000. The price offered must be expressed on the
basis of 100, with not more than three decimal places,e.g.. 99.125. Fractions
must not be used.
Tenders will be accepted without cash deposit from incorporated'banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour for receipt of tenders on Oct. 30 1933,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the following morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof. Payment
at the price offered for Treasury bills allotted must be made at the Federal
Reserve banks in cash or other immediately available funds on Nov. 11933.
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.
$168,678,000 Received to Offering of $80,000,000 or
Thereabouts of 91
-Day Treasury Bills Dated
Oct. 25 1933
-Bids of $80,034,000 Accepted at
Average Rate of 0.17%.
Dean G. Acheson, Acting Secretary of the Treasury,
announced on Oct. 23 that tenders to the offering ofT- 80,000,000 or thereabouts of 91-day Treasury bills (datia
- Oct. 25 1933) referred to in our issue of Oct. 21, page 2910,
amounted to $168,678,000. Of this amount, Mr. Acheson
said, $80,034,000 have been accepted at'an average rate of
0.17% per annum on a bank discount basis. This compares
with previous rates of- % (bills dited Oct. 1.g)T0.127
- 0.13 0
(bills dated Oct. 11); 0.10% (bills dated Oct. 4) and 0.10%
Financial Chronicle
3078
(bills dated Sept. 27). The average price of the bills to be
issued is 99.957.
The accepted bids ranged in price from 99.975, equivalent
to a rate of about 0.10% per annum, to 99.937, equivalent
to a rate of about 0.25% per annum, on a bank discount
basis. Only part of the amount bid for at the latter price was
accepted.
The bills, which mature on Jan. 24 1934, were offered at
the Federal Reserve banks, and the branches thereof, up to
2 p. m., eastern standard time, Oct. 23.
Post Office
Regulations Affecting Transmission
Gold Through Mails.
of
In connection with the Treasury regulations for the freer
export of articles fabricated out of gold, the Post Office
Department published in its "Daily Bulletin" the following,
according to the New York "Times" of Oct. 27:
Gold Prohibited in the Mails to Foreign Countries.
Second Assistant Postmaster-General.
Washington, Oct. 24 1933.
The Treasury Department has advised that inasmuch as the gold content
of gold-plated safety razors, safety razor cases, blade boxes, soap tubes
and brush tubes [articles included in the ordinary safety razor set], as well
as those articles mentioned in the announcement published under the above
[incaption in the Postal Bulletin of Sept. 18, namely, spectacle frames
cluding bridges,fronts, temples,ends and other metal parts], collar buttons,
pins, necktie clasps, cufflinks,
collar clasps, collar pins, shirt studs, necktie
knives, fountain pens and gold-plated pencils, usually constitutes only a
small percentage of the value of the finished manufactured product, postobtaining
masters may. effective at once, accept such articles without
office.
authority from the Treasury Department or the approval of this
appliIt is also no longer necessary for mailers of such articles to submit
postmasters
cations in duplicate at time of mailing, provided the accepting
are satisfied that the articles are not being sent for the purpose of selling
the gold content as bullion abroad, thereby defeating the purpose of the
Executive order of Aug. 29 1933.
Persons desiring to mail articles containing gold, other than those
mentioned in the preceding paragraph, must prepare the customary application in triplicate, all copies of which must be forwarded by the postmaster to the Second Assistant Postmaster-General, Division of International Postal Service. Washington, D. C., for transmission to the Treasury Department for decision.
In the event that the application is approved, two copies of the form
postwill be returned to this office, one of which will be transmitted to the
master at the office of manias for his information and files. If the application is not approved two copies of the form will be returned to this office,
both of which will be transmitted to the postmaster involved for return
to the mailer with the reply of the Treasury Department.
Articles containing gold which are prohibited importation by certain
foreign countries will not be accepted even though such articles do not
come within the purview of the embargo against the exportation of gold.
Articles of gold, except those forwarded under licenses issued by Federal
Reserve banks and those herein specifically mentioned, should not be accepted for mailing until the necessary authority has been received through
this office.
The above supersedes the information published under the above caption
in the "Postal Bulletin" of Sept. 18. .
Postmasters will cause due notice of the foregoing to be taken at their
offices.
HOWES.Second Assistant Postmaster-General.
W. W.
Appointment of Commission by Governor Moore of
New Jersey to Report on Creation of Deposit
Insurance Fund and Credit Facilities to Release
Frozen Assets of Closed Banks—Will Also Inquire
into Advisability of Establishing State Reserve
Bank.
In accordance with a resolution passed early this month by
the New Jersey Legislature (and signed on Oct. 9 by Acting
Governor Richards), a Commission consisting of six members was named by Governor Moore on Oct. 18 to survey the
State's banking needs. In a Trenton dispatch to the Newark
"Evening News" of Oct. 10, it was stated that the purposes for which the Commission is created include recommendations on a State Reserve Bank, creation of a deposit
insurance fund and creation of credit facilities for payment .
of taxes so that frozen assets in banks might be made at least
partially available. From the same account we quote:
.
The Commission WRS empowered to summon witnesses. examine papers and
records, hold hearings, employ counsel and take such other action as might
be necessary to its work, but no appropriation was provided.
The preamble to the legislation declared that the Governor (presumably
Acting Governor Richards) has stated $400,000,000 in State deposits has
been rendered unavailable by enforced bank closings. Another section
sought to place the blame on the Democratic National Administration by
reason of the banking holiday, but this was deleted in the House and the
Senate later accepted the change.
The measure states it "is the sense of the Legislature that the Federal
Government is morally, if not legally, responsible to the depositors of the
closed banks." Reciting that the Federal Bank Acts are aiding members of
the Federal Reserve System, but not State banks, the resolution declared
the State must stand by its own institutions.
In effect, the Bank Advisory Commission is designed to build up a system of State banks with the protective features of the Federal Reserve System. State bankers declare the Federal Banking Recovery Acts are designed
to force State banks into the Federal Reserve System, and this program is
their answer. They also hold the national deposit insurance program is not
workable and that a State system is needed.
A bill authorizing insurance companies to sell their preferred stock to the
Reconstruction Finance Corporation passed both houses.
Oct. 28
1933
The six members of the Commission named by Governor
Moore are:
William H. Kelly, State Commissioner of Banking and Insurance.
J. H. Bacheller, President of the Fidelity Union Trust Co. of Newark.
Percy S. Young of Public Service Corporation.
Jahn A. Campbell, President of the Trenton Banking Co.
Joseph G. Parr, Vice-President of the Trust Co. of New Jersey, and
David Stern, publisher of "The Camden Courier."
At an organization meeting of the Commission, on Oct. 23,
Banking Commissioner Kelly was named Chairman and
Percy S. Young was chosen Vice-Chairman. In a Trenton
dispatch, Oct. 23, to the New York "Times," it was stated:
Louis Cohen, Assistant Attorney-General and counsel to the State Department of Banking and Insurance, to-day told members of the Commission
created by the Legislature to study the banking situation that, in his opinion,
a State bank deposit insurance system was unnecessary. The Legislature
had authorized State banks and savings banks to join the Federal depot&
insurance plan, he pointed out. . . .
Colonel Kelly, Mr. Stern and Mr. Parr were named as a special committee
to confer in Washington with Federal authorities as to the extent of aid that
may be expected in releasing frozen assets of State banks, 20 of which still
are closed. Plans to reopen 10 others with Federal Reserve connections await
approval by the Federal authorities, and 16 have been removed from the
restrictions of the State Altman Act. There is approximately $131,000,000
at frozen assets in the closed and restricted banks, according to Colonel
Kelly, and other non-liquid assets of $260,000,000 are held by banks in
sound condition.
In addition to taking up the question of frozen assets, the Commission
was directed by the Legislature to study methods of strengthening the banking system in New Jersey. Recommendations along this line will be asked
of the State Bankers' Association's Advisory Board.
Proposed.New York City Taxes on Savings Banks and
Insurance Companies Vetoed by Mayor O'Brien
After Conclusion of New Financing Plan.4
A bill which would have imposed taxes on savings banks
and insurance companies as part of a plan to obtain unemployment relief funds for New York City was vetoed by
Mayor O'Brien on Oct. 19, following the city's agreement
with its bankers for new financing over the next four years.
The bill was one of several which had been suggested by
Samuel Untermyer, special adviser to the city, as means of
raising revenue. A proposal to increase the transfer tax on
stock sales and to tax the profits of security dealers was defeated when the New York Stock Exchange threatened to
transfer its activities to New Jersey. Mayor O'Brien said
on Oct. 19 that the Board of Estimate had decided to drop
the taxes on savings banks and insurance companies during
discussions on the city's financial situation. In return for
his veto, the savings banks and insurance companies have
-year city relief bonds at 4%.
agreed to purchase 10
Exchange of Bonds of Home Owners' Loan Corporation
for Mortgages Held by Conservators of National
Banks—Advices from Comptroller of Currency
O'Connor to Chairman Stevenson of Federal Home
Loan Board.
Chairman Stevenson of the Federal Home Loan Bank
Board was advised on Oct. 16 by Comptroller of the Currency O'Connor that it has been decided to send instructions
to all Conservators of National banks authorizing them to
submit for consideration to the Comptroller's office all cases
in which they believe it would be to the advantage of conservators to exchange bonds of Home Owners Loan Corporation for Mortgages held by the Conservators. The
letter of Comptroller O'Connor follows:
COMPTROLLER OF THE CURRENCY.
Washington, Oct. 16 1933.
My dear Mr. Stevenson:
Aug. 29 1933. we wrote you with reference to the position
Under date of
of this office concerning the acquisition of Home Owners' Loan Corporation Bonds by Conservators of National Banks, and the position therein
taken was that for the time being, and pending further developments in
the situation, it would not be advisable for such bonds to be exchanged by
Conservators for mortgages held by them.
Since writing you we have been getting a rather positive reaction from
Conservators in various sections of the country indicating that in their
opinion it would be for the best interests of their Conservatorships in many
Instances to exchange their mortgage assets for the Home Owners' Lean
Corporations bonds. They have pointed out that due to present economic
conditions an abnormally large number of mortgages have accumulated
and that the overhead expense involved in servicing these mortgages,
taking care of interest and taxes and attending to other details in connection therewith, is tending to mount up into substantial proportions
and that in view of this situation and of the further fact that a market is
being established for the bonds and that the market for the mortgages
or the mortgaged properties is abnormally slow, and having in mind also
the loan value of such bonds with the Reconstruction Finance Corporation,
It would be advisable to adopt at this time a general policy of permitting
Conservators to exchange their mortgages for bonds where under the
circumstances of the particular case such course seems to be to the advantage of the Conservatorship.
Another consideration which has had considerable weight with us is
that our attention has been directed to numerous instances where the
mortgagor-debtor has reduced his mortgage substantially, and therefore
has a worthwhile equity in the property, but is unable for the time being
to continue to carry the property by reason of lack of employment or reducediearnings or otherwise, so that unless some relief is afforded the
Volume 137
Financial Chronicle
mortgagor-debtors of this class will be liable to lose their equities in the
properties.
The law requires, of course, that such exchanges be approved by court
order and that prior to the filing of the court proceedings the approval of
the Comptroller be likewise given to the exchange.
Consequently this necessitates that each case of proposed exchange be
submitted to this office for approval. We have, therefore, decided to
send instructions to all Conservators authorizing them to submit for consideration to this office all cases in which they believe it would be to the
advantage of their Conservatorships to make the exchange. We expect
to systematize the operations in this respect so as to facilitate the process
as much as possible.
We expect, however, in each case of proposed exchange, to have a contract with the mortgagor-debtor permitting the bonds held by the Conservator to be utilized in acquiring the mortgage held by the Home Owners'
Loan Corporation at such time, in each case, as may seem to be to the advantage of the Conservatorship, and we assume that our policy in this
respect will meet with your approval in view of the provisions of the Home
Owners' Loan Act permitting such bonds to be used in payment of the
outstanding mortgages.
The foregoing represents our present views in the premises, and we
will be glad to have any suggestions from you concerning the procedure
or the actual working out of the practical details, if you care to offer the
same.
Very truly yours,
(Signed) J. F. T O'CONNOR.
Comptroller.
Honorable William F. Stevenson, Chairman,
Federal Home Loan Bank Board, Washington, D. C.
Death of William N. Doak, Secretary of Labor Under
President Hoover—Was Leader of Brotherhood of
Railway Trainmen for 21 Years.
William N. Doak, Secretary of Labor during the Hoover
administration and a leader of the Brotherhood of Railway
Trainmen for 21 years, died at his home near Washington
on Oct. 23. He was 50 years old. Death was caused by a
heart ailment. A Washington dispatch to the New York
"Times" summarized Mr. Doak's career as follows:
He took his seat with the Cabinet on Dec. 8 1930. On leaving office
he returned to his labor-organization interests. A stalwart Republican,
he was active in the campaigns of Presidents Harding, Coolidge and Hoover.
During the 1928 campaign he was director of the labor bureau of the
Republican National Committee.
Because his union was not connected with the American Federation of
Labor his appointment by President Hoover was contested by William
Green, President of the Federation. Mr. Green praised him personally,
but insisted the precedent of selection of Secretaries of Labor from the
recognized organization be not broken.
Mr. Doak was known in railway circles as a master mediator. In
27 years as a leader of the Brotherhood of Railroad Trainmen he had gone
through every form of conference, mediation and arbitration proceedings,
including wage and other cases before the United States Labor Board. In
some instances he acted as sole arbiter. He was an adherent of the fiveday work week, expressing the conviction that the increasing mechanization of industry should be accompanied by "a well-balanced humanitarian
and economic program to prevent it from reaching a state of social danger."
President Roosevelt Acts to Curb Imports Which
Endanger NRA—Executive Order Outlines Procedure for Consideration of Complaints Against
Foreign Competitors—General Johnson Will Investigate and Hear Charges, and President May
Then Direct Tariff Commission to Act.
President Roosevelt on Oct. 23 by Executive Order
established the procedure for administering the National
Industrial Recovery Act to control imports which "are
rendering ineffective and seriously endangering the maintenance of codes or agreements" under the NIRA. The order
authorized Gen. Hugh S. Johnson, Recovery Administrator,to
make preliminary investigations, to receive complaints from
interested parties and to recommend to the President such
action as is considered necessary in all cases coming within
the scope of the law. This was the initial step taken by the
Admimstration to bar low-cost imports entering the United
States in competition with products manufactured under
codes approved by the President. Discussing the conditions
which prompted the Executive Order, a Washington dispatch of Oct. 24 to the New York "Times" said:
Under the import provisions of the NRA the President has the widest
possible latitude in combating ruinous competition with American industry.
He may,in his discretion, raise tariff rates, regulate the amount or quantity
of the imported article, or may, if in his opinion the facts justify such
action, declare an embargo against the foreign-made article.
All complaints involving "alleged destructive competition of imports
with American industries" must go to the President. Complaints may be
filed by any labor organization or any trade or industrial organization or
group which has complied with the NRA by having in actual operation a
code or agreement pursuant thereto.
The NRA will be the court of first resort and General Johnson. Recovery
Administrator, announced to-night that he had appointed Oscar B. Ryder
of Virginia,former chiefof the Economics Division ofthe Tariff Commission,
as chief of the newly created Imports Division of the NRA.
Once a complaint goes to the President, he may dismiss it or direct the
Tariff Commission to proceed with a further investigation, and act on the
basis of the facts disclosed.
The type of information necessary for consideration of whether an investigation is warranted is outlined in a schedule of information which will be
applied to all parties interested.
"If the information called for is given fully at the time of filing a complaint," said General Johnson, "it not only will facilitate a decision whether
the complaint should be made the subject of an investigation but also will
expedite the conpletion of the investigation should it be ordered. Some
of the information called for, such as that with respect to production, is
3079
obtainable only from complainants and is absolutely essential to determining
the question whether an investigation is warranted."
The text of the Executive Order follows:
By virtue of the authority vested in me by Title I of the NIRA Of June
16 1933 (Public No. 67, 73d Congress),I hereby prescribe the following
procedure and delegate the following authority with respect to complaints
and investigations under Section 3(e) of said title:
I. The Administrator heretofore appointed by me to administer Title I
of the NIRA (herein referred to as the Administrator), proceeding upon
his own motion or upon complaint, is hereby empowered to make such preliminary investigations as he may deem advisable with reference to matters
relating to relief under Section 3 (e) of said title.
II. The Administrator shall prescribe regulations to govern the making
of complaints under said Section 3 (e) of said title and may receive such
complaints.
III. With reference to any such complaint or preliminary investigation
on his own motion, the Administrator shall be entitled to such sworn or
unsworn information from interested parties as he may deem desirable,
and after an examination of the complaint, if any,and such information,as
may be available, shall determine whether the showing made or the facts
disclosed appear to warrant further investigation, and shall make his recommendations to me in order that in the light of such recommendations I may
direct that no further action be taken, or may cause the United States
Tariff Commission to make an immediate investigation and may specify
such public notice and hearing as I deem advisable, in either event all
Interested parties to be duly notified.
IV. When so directed, the United States Tariff Commission shall make
an immediate investigation, giving precedence over all other matters to
such investigation; if directed, shall give such public notice and hold such
hearings as I shall specify;shall make its findings of fact and recommendations having due regard for the provisions of said Section 3 (e); and shall
submit the same, together with a report of all proceedings, to me,and shall
transmit a copy of such findings, recommendations and report to the
Administrator.
V. The Adminsitrator, after such investigation by the United States
Tariff Commission and after any specified hearings and upon the basis of
the findings, recommendations and report transmitted to him, shall recommend to me such action as he may deem best devised to effectuate the policy
of said title.
FRANKLIN D. ROOSEVELT:
The White House, Oct. 23 1933.
President Roosevelt Approves Master NRA Retail
Code Prohibiting "Loss Leader" Sales—Stores
Must Charge Invoice Cost Plus an Allowance for
Wages-10( c Mark-Up and 21.c" Price Fixing Proprosal for Drugs Eliminated, While Dealers Hiring
Fewer Than Five Persons in Towns of Less Than
2,500 Are Exempt Under Executive Order—General
Johnson Praises Pact as Gain to Farmer and
Pledges War on Profiteers
President Roosevelt signed on Oct. 21 the master retail
code affecting more than 1,000,000 retailers, after it had
been revised in several important respects, particularly by
the elimination of the proposed 10% "mark-up" for general
retail trade and the provision for the retail drug trade which
would have prohibited sales at discounts greater than 21%
of the fixed cost of a nationally advertised drug product.
In place of these sections, there has been included a prohibition against selling below invoice cost plus an allowance
for store wages. Retail employers hiring less than five
persons in towns under 2,500 population are exempt from
the provisions of the code through an Executive Order
promulgated by President Roosevelt. The retail code goes
into effect next Monday (Oct. 30). An appendix applying
to drug stores obviated the need for a separate agreement .
for druggists.
The provision in the approved code which prohibits selling
below cost was based on a compromise suggested by General
Hugh S. Johnson, Recovery Administrator. The original
plan, endorsed by most of the larger retailers, would have
forbidden sales at less than cost plus 10%. This proposal
evoked a wave of protest from consumers organizations,
particularly from farming interests and the Agricultural
Adjustment Administration. In a statement issued shortly
after the code had been signed, General Johnson said that
the compromise wording is aimed directly at the sale of
"loss leaders," or articles sold below cost in an effort to
persuade customers that the entire price level of a store
is equally low. General Johnson said that this so-called
"loss leader" was partly to blame for driving 400,000 small
retailers out of business during the last four years.
The President's Executive Order relieves the small town
merchants of the necessity of complying with the code
or with Presidential re-employment agreements. The Order
states that this exemption will lift hardships from the
shoulders of farmers and rural merchants. It does not
.
apply to chain stores which are located in small towns.
General Johnson, in his statement, remarked that the new
program "is frankly an experiment" and said that "a distinguished committee" will supervise the operation of the
code and will make a report on Feb. 1
In its prohibition of the "loss leader" the code said that
this did not prohibit a storekeeper from selling an article
without any profit to himself, but added that the selling
3080
price of the article to the consumer "should include an
allowance for actual wages of store labor, to be fixed and
publi§hed from time to time by the Trade Authority hereinafter established." The code also provides that a retailer
"may sell any article of merchandise at a price as low as
the price set by any competitor in his trade area on merchandise which is identical or essentially the same, if such
competitor's price is set in conformity with the foregoing
provisions."
The next paragraph in the code, which was said by National Recovery Administration headquarters to have been
constructed as an aid to the smaller merchant in meeting
the competition of chain stores, read:
A retailer who thus reduces a price to meet a competitor's price as above
defined shall not be deemed to have violated the provisions of this section
if such retailer immediately notifies the nearest representative retail trade
organization of such action and all facts pertinent thereto.
Food and grocery stores are not affected by the retail
code, since they will be included under the master grocery
code now being considered by the AAA. The supplemental
section of the retail code containing the provisions for the
retail drug trade is basically modeled after the general
retail code. With certain exceptions the maximum work
week in drug stores is fixed at 56 hours, with not more
than 10 hours a day. A longer time is permitted, however,
in the case of registered pharmacists. The dispensing of
drugs, medicines and medical supplies by a physician is
exempted.
General Johnson's statement was generally interpreted as
an argument that the Administration was deeply concerned
with the problems of the farmer. He promised that instances of retail profiteering would be closely investigated
and said that President Roosevelt had ordered the creation
of local complaint boards to handle such cases. His statement, issued on Oct. 23, follows:
The President has by Executive Order exempted local reta 1 stores
employing fewer than five persons from the retail code and re-employment
agreement.
The reasons therefor will be found in the following statement:
The recovery program came at a time when low prices were crushing
agriculture, when in cities there was the greatest unemployment we have
known, when debt and closed banks were slowing activity in both cities
and farms, and when destructive business practices due to the depression
threatened many industries. The recovery program was designed to
go to the heart of each trouble. To farmers it gave the Adjustment and
the Farm Loan Acts. To the unemployed it gave the Recovery Act,
which also permitted the wiping out of unfair trade practices. The banking
and financial legislation attacked the problem of debt and frozen deposits
for both farm and city.
All this was started less than six months ago. It involved great economic
reorganization affecting the whole nation. Of course it could not move
at the same speed on all fronts. It is too early to appraise results. But
employment in factories alone increased 17.6% in three months and payrolls 23.6%, and of course the re-employment from March to the end of
October is much greater. Even these figures are fragmentary. A National
survey is now in progress to determine the exact extent of re-employment.
Of course more wages in trade and industry mean increased costs and
higher prices. We must remember that when we started in many prices
were at a panic low—levels at which neither Industry nor labor could
survive. Part of the increase is merely a restoration to living levels.
In the President's re-employment agreement employers promised not to
increase prices faster than costs increased. In. most cases they have
respected that compact.
to
Of this broad program NRA is but a single part. It has nothing
do with farm prices or public works or the 011 Administration or the Home
matter. It is solely
and Farm Loan Acts or any other fiscal or banking
concerned with industrial organization for economic planning and control
more
and with re-employment. It has made mistakes and it will make
prices
mistakes. But it ought not to be blamed for things such as farm
or public works with which it has nothing to do.
It has been said by some that it has hurt the farmer by increasing the
cost of the things he buys faster than farm prices have increased. The
average figures do not bear this out. But there are others who insist that
nothing at all should be done for the unemployed until all farms crops are
support
restored to a pre-war price relationship. Surely no fair mind can
this proposal. In this crisis we must move to the aid of human misery—
can.
whenever there is any way to help—as quickly and as directly as we
its
The very nature of the farm problem with its annual crops makes
and government
solution slower and harder than the employment problem,
and power at its command.
is moving on both problems with all the vigor
But there can be no turning back on the re-employment program. It
would be tragic folly to turn millions of the re-employed back on the streets
on the argument that thus the cost ofliving could be reduced. No informed
and fairminded farmer asks for that.
But after four months of experience with NRA we find that there are
some things we can do in aid of the farmer and the rural merchant. The
President has, therefore, exempted local retail stores employing less than
five persons in towns of 2,500 or less from the retail code and re-employment
agreements.
Out experience shows that the amount of re-employment and wage
Increase in these establishments is not enough to offset the hardship entailed. He is asking those who can do so to continue under the former
rule. With all who do the Blue Eagle remains. By all others the Blue
Eagle with the exemption chevron may be displayed. This should relieve
the farmer of retail mark-ups due to increased expense.
Our experience also shows a wide misinformation about the extent of
wholesale and retail price increases. Now that most of the great codes
are in, it will be much easier than ever before not only to investigate but
actually to prevent undue wholesale price increases. The President
has directed that this be done at once.
But most of the complaints received now are of retail profiteering.
What IS needed here is local tribunals to which any person who feels injured
Oct.
Financial Chronicle
28 1933
in this way can complain and a fair hearing held. The President has also
directed that these local complaints boards be set up. A complete plan
for this has been worked out and will be put into effect at once.
By these means we believe we can protect the farmer against price
Increases which do not come as a direct result of the cost of re-employment.
The President has also signed the retail code. In order to open all
points of view on this great character it was published in full before a
final decision and it is, therefore, not necessary to discuss it here. It
is part of the purpose of NRA to discourage the vicious practice of selling
products of labor at less than cost of them in wages. A retail merchant
pays a certain invoice price for what he sells and then pays his employees
their wages for selling it. He also has other expenses. Cost to him is
not merely what he pays his supplier. It is that plus at least the wages
he pays his employees.
In recent years, and especially with the growth of the chain stores,
a practice has grown up of selling one or two items at a loss in order to
get people into a store. The little fellow cannot afford this. The public
is fooled because what it saves on one item it loses on another. In the
last four years, 400,000 small retailers have been driven out of business
and it is bitterly complained that this so-called "loss leader" was partly
to blame. For these reasons the retail code provides that it is an unfair
practice to sell any article for less than its invoice cost plus at least a portion of the wages paid to employees in the stores.
This is frankly an experiment. A distinguished committee is to be
appointed at once to watch closely the operation of this code and to make
recommendations on Feb. 1.
Our four months' experience has also demonstrated the necessity for
a clarifying statement on the controversy over Sec. 7A of the Recovery
Act. There is nothing obscure about that section itself. The obscurity
arises out of unauthorized interpretations by some employers and some
employees in an effort to read into that section something more or less
than is written there. The President has made that interpretation in
a single sentence so phrased that it is believed that nobody can separate
it from its setting or otherwise cut it up to make it seem to say something
different from what the words intend. Both industrial and labor leaders
say that this will do much to quiet current disputes on this point.
President Roosevelt's Executive Order was issued coincident with the signing of the retail code, and exempted
from both the code and the President's re-employment
.
agreement "employers . . who do not employ more than
five persons and who are located in towns of less than 2,500
population." It read as follows:
EXECUTIVE ORDER.
In order to effectuate the policy of Title I of the National Industrial
Recovery Act, approved June 16 1933, and to provide for equitable enforcement of agreements heretofore made with the President and codes
approved by the President under said Act, I, Franklin D. Roosevelt.
President of the United States, pursuant to the authority vested in me
by Title I of said National Industrial Recovery Act, hereby prescribe
the following rules and regulations which shall have the effect of modifying any inconsistent provisions of any order, approved rule or regulation
heretofore issued under Title I of said Act.
The provisions of the President's re-employment agreement, issued
July 27 1933, shall not be held to apply to employers engaged only locally
in retail trade or in local service industries (and not in a business in or
affecting Inter-State commerce) who do not employ more than five persons
and who are located In towns of less than 2,500 population (according to
the 1930 Federal census) which are not in the immediate trade area of
a city of larger population, except so far as such employers who have
signed the President's re-employment agreement desire to continue to
comply with the terms of said agreement after the date of this Order:
and this release of such employers who have heretofore signed the President's re-employment agreement shall be further extended so as to release
to the same extent all such employers of obligations not voluntary assumed
under the provisions of a code offair competition approved by the President.
This exemption is intended to relieve small enterprises in small towns
from fixed obligations which might impose exceptional hardship: but it
is expected that all such enterprises will conform to the fullest extent
possible with the requirements which would be otherwise obligatory upon
them.
In view of general increases in prices which may or not be justified in
specific instances by increased costs caused by compliance with the President's re-employment agreement, or with approved codes of fair competition, the Administrator for Industrial Recovery is hereby directed to
cause to be conducted such investigations as may be necessary to determine
the extent to which manufacturers and producers have increased prices
following, or in anticipation of, the approval of codes of fair competition.
or after the signing of the President's re-employment agreement, and to
set up adequate organizations for the handling of complaints against such
price increases and of local complaints against retail price increases alegad to be contrary to the requirements of codes of fair competition. or
the President's re-employment agreement, or in conflict with the Polio,
of the National Industrial Recovery Act.
FRANKLIN D. ROOSEVELT.
The White House,
Oct. 21 1933.
General Johnson also issued an order on Oct. 23 permitting employers operating under Presidential re-employment agreements to continue under such agreements until
a newly approved code for their industry,has become effective, or to begin immediate operation under the wage
and hour provisions of newly approved codes. Under the
terms of this order, retailers were permitted to go under
the terms of their code during the current week, if,they so
desired, without waiting until Oct. 30, the effective date.
The order read:
Members of a trade or industry operating under the Prosident's roemployment agreement, or approved substituted provisions, at the time
of a preliminary code by the President, may continuo operating
of approval
under the President's re-employment agreement or approved substitution
until the effective date of the code, or may begin operating under the
wages and hours provisions of the code at any time between the date of
approval by the 1-resident and the effective date.
.
The complete:text of the retail code:of fair competitionlis
given elsewhere inithis issue.
Financial Chronicle
Volume 137
Lumber (NRA) Code Authority Hears and Decides
Important Appeals—Conducts Open Hearings on
Rules of Fair Trade Practice—Considers Supplementary Codes.
After deciding five important appeals, conducting public
hearings on the Rules of Fair Trade Practice, and receiving
a number of propositions and petitions, some of them
contemplating amendments to the code, the Lumber Code
Authority, in session at Washington Oct. 21, still faced many
problems of major import to all branches of the industry.
The session of the Authority, which convened Oct. 16, will
be continued until all business demanding immediate attention is completed. An announcement from the Lumber Code
Authority Oct. 21 further stated:
Features of the open hearings were appeals of wholesalers and commission men for allowances greater than those proposed by divisions and subdivisions under Schedule B, under which caption the Rules of Fair Trade
Practice appear in the code and which must go into effect not later than
Nov. 1.
Other important propositions submitted were supplemental code provisions from several divisions and subdivisions and requests from commission men and inter-coastal wholesalers that they be included under the
Jurisdiction of the code and divisions created for the administration of their
activities.
Decisions on Appeals.
The appeals decided by the Authority were those of the Coos Bay Lumber
Co., Coos Bay, Ore., the Willamette Valley Lumber Co. of Dallas. Ore.,
and the Westport Lumber Co. of Westport. Ore., from decisions of the
West Coast Lumber and Logging Division; and the Pine Logging Co. of
Madera, Calif., and the Cascade Lumber Co. of Yakima. Wash., from
decisions of the Western Pine Division.
The appeal of the Iine Logging Co. was based on climatic conditions.
They cited the fact that their mill was located at an altitude of 5,000 feet
-down from middle
and that the severity of the winter season forms a shut
November to middle April. and asked permission to execute their December,
January and February allotments simultaneously with their September.
October and November run. Inasmuch as the code permits allocation of
production allotments for only three months in advance it was mandatory
upon the Authority to sustain the division Board of Appeals, which had
refused the Pine Logging Co.'s request.
The Westport concern, which had been allotted 120 hours for a month's
operation, sought permission for a total of 240 hours. One of its pleas was
to the effect that the plant had been operated on a double shift basis almost
continuously since 1917. The Authority voted to sustain the West Coast
Lumber and Logging Division, which had refused the request for extra time.
The Cascade Co.. which had been allotted a total of 525 hours of production for the months of September. October and November by the Western
Pine Division, appealed for additional time, and, upon their appeal being
denied by the Division board of appeals, decided to drop the matter. It
was taken up, however, by their employees and by local civic organizations, who brought the case before the Lumber Code Authority. ExCongressman John W. Somers of Walla Walla, Wash., now with the
Veterans' Bureau, appeared before the Authority in behalf of the Yakima
Chamber of Commerce. The Authority voted to deny the appeal and
sustained the divisional board of appeals.
The Coos Bay Lumber Co., of Coos Bay, Ore., originally petitioned the
Board of Trustees of the West Coast Lumbermen's Association (the divisional governing body) to grant extra hours of operation over the 120 hours
for September which the Association had prescribed for all in the division,
alleging the necessity of completing orders for export shipment. The trustees granted 40 hours' extra running time. under Section (II) of Article VIII
of the code, which specifies that the hours used should be deducted from
future allotments, and it was from this feature of the decision regarding
future deduction that the company appealed. Relief was denied by the
Authority, which voted to sustain the division's board of trustees.
The Willamette Valley Lumber Co.. located at Dallas, Ore., in the same
jurisdiction, sought permission to run 60 hours weekly instead of the
allotted 120 monthly because of the necessity of fulfilling certain cont-acts
with reference to the operation of a leased power plant, and, upon denial
of their petition by the Board of Trustees, brought their case before the
Lumber Code Authority. The Authority denied the appeal, voting to
sustain the division trustees.
All of the appeals were heard before the full membership of the Authority
and decision was unanimous in each case.
The Westport Lumber Co. and the Willamette Valley Lumber Co. then
appealed their cases to the National Recovery Administrator.
Fair Trade Practice Hearing.
Harry Kendall, Chairman of the Trade Practice Committee of the
National Lumber Manufacturers' Association, and long recognized as an
expert in this field, presided over the hearing on the Rules of Fair Trade
Practice. W. W. Schupner of the National-American Wholesale Lumber
Dealers Association opened the discussion by requesting that a wholesaler
be properly defined, and Mr. Kendall proposed for the consideration of
the Authority a definition more specific than that now in the schedule.
Ray Wiess, who acted as Secretary of the hearing, then read a resolution
by the Hardwood Division asking that shippers under their jurisdiction be
exempted from grade marking. The matter was thoroughly discussed by
Messrs. Ford and Goodman of the Authority and by Jerry Townshend
of the Hardwood Manufacturers Institute, all of whom stressed the point
that grade marking of hardwoods was ineffectual both because of probable
degrading in pile and probable improvement in grade as a result of re
manufacture.
request of the National Association of Commission Lumber Salesmen
The
to be made a party to the code was presented by Rodney E. Browne of New
York, President of the Association. W. E. Morgan of Columbus, Ohio,
a member of the Association, also spoke in behalf of their petition. After
general discussion and questioning it was suggested that the commission
men draw a brief for consideration by the Authority.
The question of wholesalers' compensation then came up and Max
Myers introduced Wm. H. Schuette of Wm. Schuette Co.. Pittsburgh,
Pa., who read a statement objecting to fixing of maximum compensation
for wholesalers. L. Germain, Jr., of the Southern Wholesale Lumbermen's
Association supported Mr. Schuette's contention as did A. M. Foote of
the same group; the latter's points being so well made as to provoke the
applause of the Authority and of others present at the hearing. Messrs.
Germain and Foote testified that the actual cost of wholesaling lumber
was in excess of 20% of the net f.o.b. mill value, whereas Mr. Schuette
placed the cost of the northern wholesalers at over 14%.
3081
H. P. Wyckoff presented the case of the Inter-Coastal shippers, who are
seeking admission to the code as a new division, and who asked for a wholesale allowance of 10%. He explained the difficulties attached to freighting
and handling inter-coastal water shipments and cited the advantages to
west coast operators of the services the new division would render. In
defense of the 10% allowances, the speaker stated that the cost of conducting the business during the year 1932 showed a weighted average of
21% of f.a.s. values, which, if figured on current 1933 values, would show
a cost of 12.8%.
Rodney E. Browne appeared again to present a brief with reference to
allowances for commission salesmen, and was again supported by W. E.
Morgan. They contended that Schedule B's present flat allowance of 5%
tended to unionize those in their group and petitioned the Authority to
fix a sliding scale of 5% to 10%, the higher figure to apply in the cases of
those commission salesmen who rendered extraordinary services and to be
given only upon the approval of the governing body of the division in whose
Jurisdiction the transaction occurred.
The creosoting industry, represented by E. H. Vrieze of the Wood
Preservers' Association, appeared before the Authority with the statement
that it was impossible to get a sufficient supply of special sizes, particularly
Southern pine. Mr. Sheppard stated that he knew of many mills that
could furnish large quantities.
Seek Admission to Code.
The request of the Inter-Coastal distributors to come under code jurisdiction and have a subdivision created for their administration was presented
by Col. W. B. Greeley. Messrs. Johnson and Ford of the Authority were
of the opinion that the creation of too many subdivisions would unduly
complicate the lumber situation. but Mr. Landram believed this particular
subdivision might simplify it. H. P. Wyckoff appeared again and stated
that creating of the inter-coastal subdivisions would promote stability.
Wilson Compton spoke in favor of the inter-coastal code, deploring the
Indirect jurisdiction now exercised over wholesalers and citing as valuable
considerations the fact that the proposed inter-coastal code would impose
a direct obligation on the distributors, afford a way of reaching the third
party in distribution and add a means of enforcing and policing. Dr.
Compton stated he would like to see all wholesalers under the code.
C. L. Adams declared that New York retailers would favor the intercoastal code.
Chairman Tennant then announced the appointment of Harry T. Kendall
as Chairman of a committee to revise trade practice rules, naming as his
associates: Ralph Hines, Shelly White, 0. N. Cletus, Lee Robinson, Frank
Stevens. Earl Houston, A. H.Landrum,George A.Houston, Gilbert Hume.
W. C. Baldwin then appeared in connection with the retailers' request
for a distribution clause. Mr. Baldwin urged the Authority to endeavor
to get Government approval of such a clause. After some discussion a
resolution was passed to the effect that mill work representatives and
retailers should consider this situation together and work out a schedule
which would be presented to the Authority at a later season.
M. G. Truman objected to any inclusion of a distribution clause in the
code. Later in the day Chairman Tennant of the Authority appointed a
committee including Messrs. Myers, Sheppard and Ford, with Mr. Bruce
as ex-officio member, to discuss this problem with the retailers.
G. A. Vangsness read an appeal from 184 members of the hardwood
Industry protesting the terms to wholesalers.
F. J. Connally, President of the Pacific Coast Hardwood Flooring
Distributors Association, and C. M. Cooper and H. W. Swafford of the
same organization spoke on wholesale hardwood distribution practices on
the Pacific Coast, stating the wholesale yards afforded protection to the
retailers.
Before the hearing closed Mr. Kendall stated that a number of complaints
had been received from individuals and firms subject to code jurisdiction
and from others affected by Its provisions. He called a roll of these complainants to give them an opportunity to be heard, but none appeared.
Code Amendments Requested.
The Authority then heard resolutions presented by the Wooden Package
Division and by the Hardwood Co-ordinating Committee requesting amendments in the code scale of wages for certain territories in their respective
jurisdictions.
The Woodwork Division petitioned the Authority for amendments to the
code which would more fully define their product and which would set up
subdivisions for stock manufacturers, wholesale distributors and special
woodwork.
The Western Pine Division proposed an amendment which would establish the Northern Pine scale of wages in the Black Hills region and which
would extend the jurisdiction of the division to include El Paso County
in Texas.
The Oak Flooring Division presented an amendment which would include
Ohio and Pennsylvania in their territory.
From the Northeastern Softwood Division and the Northeastern Hardwood Subdivision came a request for an amendment to the code covering
the application of Article VIII (production control) in those two jurisdictions.
The Philippine Mahogany Subdivision then presented its supplemental
code, the chief feature of which document was to describe the manner in
which it was proposed to apply Article VIII.
In addition to Chairman John D. Tennant and Executive Officer C.
Arthur Bruce,the following members and alternates attended the Authority's
sessions: M. L. Fleishel, E. B. Ford, Fred Bringardner, C. A. Goodman,
Ralph Hines, Sherman Coy, R. G. Brownell. H. Dixon Smith, Charles
Green, E. W.Demarest, Joseph Irving, Walter Johnson, R. R.Macartney,
B. W. Lakin, E. J. Curtis. J. H. Dunning, Frank Schaack, George Bergstrom, W. M. Ritter, C. C. Sheppard, Wilson Compton, Max Myers, Al
Hager, C. E. DeCamp,E. R. Plunkett, J. W.Watzek, Jr., W.B. Greeley,
D.T. Mason, L. F. Powell, Chas, McGrath, M.H.Davidson, W.A. Holt,
A. W.Clapp,Landon Bell,H.J. Eckstein, Mr.Hoge and E. A.Selfridge.
President Roosevelt Prohibits Inclusion of "Merit
Clauses" in Codes—In Letter to General Johnson
He Says the NIRA Permits Employers to "Select
and Advance," But They May Not Prevent Employees from Organizing.
In an effort to end the controversy over so-called "merit"
clauses which many industries have sought to insert in codes
of fair competition, President Roosevelt on Oct. 19 addressed
a communication to General Hugh S. Johnson, Recovery
Administrator, in which he ruled that no interpretation of
the collective bargaining clause of the National Industrial
Recovery Act shall be included in codes. The President
prohibited any interpretations of Section 7 (a) of the Act in
Financial Chronicle
3082
the belief that they,led only "to further controversy and
confusion." He said that there is nothing in the law which
interferes with the right of an employer "to select, retain or
advance employees on the basis of individual merit," but
added that at the same time the law "does clearly prohibit
the pretended exercise of this right by an employer simply as
a device for compelling employees to refrain from exercising
the rights of self-organization, designation of representatives
and collective bargaining."
The President's ruling will prevent the inclusion of any
interpretation in any future codes. It was also regarded as
possible that the merit clause might be eliminated from the
automobile code, which is the only major industrial agreement to be signed by the President containing the section.
The President's letter to General Johnson read as follows:
THE WHITE HOUSE.
Oct. 19 1933.
General Hugh S. Johnson,
Administrator for National Recovery. Washington, D. C.
Dear GeneralJohnson.—Following our recent discussion of various misunderstandings and misinterpretations of Section 7 (a) of the National
Industrial Recovery Act, I wish to advise you of my position.
Because it is evident that the insertion of any interpretation of Section 7
(a) in a code of fair competition leads only to further controversy and confusion, no such interpretation should be incorporated in any code. While
there is nothing in the provisions of Section 7 (a) to interfere with the bona
fide exercise of the right of an employer to select, retain or advance employees on the basis of individual merit. Section 7 (a) does clearly prohibit
the pretended exercise of this right by an employer simply as a device for
-organizacompelling employees to refrain from exercising the rights of self
tion, designation of representatives and collective bargaining, which are
guaranteed to all employees in said Section 7 (a).
Very truly yours
FRANKLIN D. ROOSEVELT.
1,000 Strikes Listed in 90 Days Under NRA—Manufacturers' Group Reports 339 in Like Preceding
Period—Blames Labor Clause.
A total of 6,500,000 working days and a minimum of $22,000,000 in wages were lost in more than 1,000 strikes which
occurred in the first 90 days of the NRA, according to Noel
Sargent, Secretary of the National Association of Manufacturers. A Rochester, N. Y., dispatch, Oct. 24, to the "Wall
Street Journal" quotes Mr. Sargent as saying:
During the first six months of this year there were only 2,400,000 working days lost by strikes, and in the three months immediately preceding
the NRA there were only 339 strikes. More working days were lost in the
first quarter of the NIRA period than in the entire year during 1930, 1931
or 1932.
The enormous strike increase since the NIRA went into effect cannot be
described as a normal phase of industrial recovery. In the depression of
1921 we find in the three lewest months over twice as many strikes as in
the following three months, when recovery was under way. In 1922, a
recovery year, there were less than half as many strikes as in the depression
year of 1921. In the four depression years, 1893, 1894, 1896 and 1897, a
total of 1,269,000 men were engaged in strikes, slightly more than the number of strikers in the four recovery years 1895, 1898, 1899 and 1900.
Strikes have increased enormously since the passage of the NIRA, primarily as a result of incorrect interpretations of its labor provisions. The
provisions of the NIRA render illegal the making of a closed shop agreement
under which the employer agrees to employ only members of a particular
labor union, although the unions everywhere are demanding that such agreements be made.
The twin purposes of the NIRA are increased employment and increased
purchasing power. The ability of industry to assist in accomplishing these
objectives is seriously curtailed when intimidation and strikes are threatened
on every hand:
Industrial disturbances threaten the success of the recovery program, and
unless they are vastly reduced, business recovery, upon which greater employment is dependent, may be delayed and the advances thus far made may
be lost.
General Johnson Declares Federal Government Has no
Wish to Curtail Initiative in Industry Through
NRA Program.
The National Recovery Administration has no desire to
interfere with the initiative of industry, General Hugh S.
Johnson, Recovery Administrator, asserted in a message
on Oct. 18 to the annual meeting of the Associated Industries
of Massachusetts at Boston. He said:
The NRA is committed to the least interference with industry that is
possible, consistent with the purposes of the program.
The idea is that industry shall govern itself; that through its trade associations and similar organizations, it and not the NRA shall enforce compliance with the rules. The administrators who will sit with these bodies,
are, we hope, to be merely referees to whom appeal can be made in the
event of Irreconcilable differences among the signatories to any code.
The industries themselves by their conduct will determine how much or
how little the Government has to do with their affairs.
In defending some policies of the NRA which, he said,
have met with criticism generated by "self interest," General
Johnson remarked:
For example, we have the spectacle of industrial chiefs who a few months
ago were appealing to the Government to save them and who now, when
orders are increasing, think they should be permitted to resume all their
previous practices and to be allowed to go on uncurbed and unchecked
from here. Obviously, if we permitted this, American business would
very soon find itself back to the point where conditions compelled the
establishment of a new deal.
Oct. 28 1933
Notice of NRA That "National Recovery Survey"
Has No Connection with NRA.
Under date of Oct. 17 the National Recovery Administration issued the following notice:
There is being published in New York a publication that calls itself
the "National Recovery Survey." It purports to be edited by "Henry
Woodhouse, Chairman of the National Recovery Council," and advertises
a list of publications concerning the activities of the NRA and other subjects connected with President Roosevelt's NRA program.
The NRA has no connection with any of these publications. It has
never, except in this publication, of the National Recovery Council.
The publication is bedecked with blue eagles and the National colors,
and might easily be mistaken because of its appearance and the similarity
of its title with those of governmental agencies for something issued with the
authority of the Administration. On one page of it is a letter, with a letterhead very similar to the NRA official stationery.
Many inquiries have been received about this and similar publications
and the NRA is Issuing this statement in order to acquaint the public with
the fact that the "National Recovery Publications," which issues these
books and pamphlets has no relation to any Federal authority.
Inland Press Association Adopts Resolution Endorsing
Two Sections of Newspaper Code—Free Speech and
Collective Bargaining Clauses Affected.
More than 200 members of the Inland Press Association,
meeting at Chicago on Oct. 23, adopted a resolution supporting two sections of the proposed newspaper code. Those
sections endorsed included the specific reservation •of the
right of free speech and free press, and a stipulation that
publishers have a right to deal with employees without the
intervention of a third party. The resolution read:
"Whereas the freedom of the press is not merely the concern of the
press itself, but primarily the concern of the people and the guaranty of a
free press was written into the Constitution for the protection of the people's
liberties, and that to-day the public welfare imperatively demands that
such freedom be maintained in its fullest vigor, be it resolved:
"1—That it is not only to the interest of the publishers, but it is their
duty to the public to strive to the utmost of their power to maintain that
liberty unimpaired, and to protect most earnestly and solemnly against
any action Onding toward its curtailment;
'2—That we view with most profound apprehension any policy or method
designed to abridge in any wise the Constitutional guaranties of a free
press, or which—even if not so designed—might so operate in practice:
"3—That we regard the insistence of the newspaper code committee
upon sections 11 and 14 in the draft of the proposed code for newspapers
as a defense of rights absolutely vital to the nation at this time."
Labor Leaders Seek 30-Hour Week at NRA Hearing
on Tire Code.
At the initial hearing on the tire code on Oct. 20, spokes..
men for labor organizations demanded a 30
-hour week in
place of the 36-hour basis specified in the agreement, with
no reduction in wage scales. Representatives of the manufacturers defended the 36-hour provision, and said that a
shorter week might seriously disturb the employment situation in the industry. A. L. Viles, Secretary of the Rubber
Manufacturers' Association, said that the industry was
proud of its treatment of labor in the past, despite the fact
that the tire manufactuers had sustained an aggregate loss
of about $100,000,000 in the last three years. He added
that, based upon current tire prices, wages in the industry
are relatively higher than in 1929.
Louis McHenry Howe Sees Recovery Program Making
"Deliberate Progress"—President's Secretary in
Radio Address Says Pace Seems Slow Only in Comparison with Initial Gains Under NRA—Cites
Decrease in Unemployment as Evidence of Success.
Business recovery is now making "deliberate and regular
progress" which seems slow by comparison with the initial
upswing under the influence of the Natioual Recovery
Administration program, according to Louis McHenry Howe,
Secretary of President Roosevelt, in a radio address over a
National Broadcasting Co. network on Oct. 22. Mr. Howe
offered as evidence that the Administration's economie
program was now on the way to genuine success figures on the
decrease in unemployment and said that between 4,000,000
and 5,000,000 persons who were out of work a year ago have
obtained jobs. Washington adviees of Oct. 22 to the New
York "Times" gave the following account of his address:
Pointing out that less than a year ago there were 12.000,000 People
"with no jobs, not even part time jobs, with no food and seemingly little
hope," he continued:
"Between four and five million of these are now drawing weekly pay
checks and finding life a pleasant thing again. From July to August there
was a drop of 700,000 in the unemployed and every day we road in the
papers that men are coming back to work, not by hundreds, but literally by
thousands."
Improving Farm Outlook.
Mr. Howe said that the condition of the farmer was a great problem, but
that it was steadily improving and would be good when the industrial
centres have money with which to buy farm products.
"That great agency, the Federal Land Bank, which deals with farm
lands, shows real progress," he said. "In May, three million dollars of
mortgage loans were made—in June about four million—in July another
four million, and then we began really to shoot ahead.
"The figures ran to seven million in August and 13 million in September.
For only one-half of the month of October it is another 13 million. Oct. 16
Financial Chronicle
Volume 137
and 17 both ran over one million dollars per day, which is at the rate of
30 million in mortgage loans for this month.
"Nearly a million cotton farmers have just recived benefit checks from
the Agricultural Adjustment Administration, amounting to about 100
million dollars.
"The AAA will presently begin distributing checks to wheat growers
which will total about 100 million dollars.
"The hog and corn production-control program provides for benefit .ay.
ments, to begin in about two months and extend through 1934, which
will amount to over 350 million dollars."
Codes Put Into Practice.
Discussing the progress of recovery, Mr. Howe said:
"The Blue Eagle is symbolic of a wide advance on many fronts. There is
no real erason to complain of slowing up or lack of progress. The great
ndu.stries are almost all under trade agreements. The smaller ones are
coming in droves. The noise and excitement of construction is passing.
There is less noise but more action.
"Our codes are being established. And It is now that the Blue Eagle
emblem means something. No slackers will be permitted in the ranks.
Those who fly the insignia must live up to their pledges and the provisions
of the code. Penalties for deception and unfair practices in this matter have
been prescribed."
United
States
Supreme Court to Review
State Milk Control Law.
New York
The United States Supreme Court on Oct. 23 advanced
for argument on Dec. 4 an appeal of one Leo Nebbia from a
ruling by the New York State Court of Appeals which
upheld the constitutionality of the New York State milk
control law. The high Court noted probable jurisdiction
for a review of the ruling which affirmed the conviction of
Nebbia for selling milk at a lower price than the minimum
set by the State law. The case offers the question whether
there is constitutional objection to the conviction.
AAA Postpones Consideration of New York Milk-Shed
Code Pending Readjustments—Tentative Pact
Would Establish Production Quotas—Administrative Board Would Represent Producers.
A tentative milk marketing agreement for the Greater
New York-New Jersey area was submitted to the Agricultural Adjustment Administration on Oct. 19, but various
resolutions criticizing the proposed pact were forwarded to
the AAA this week by independent dairymen, who protested
against the adoption of any code until their testimony could
be heard. The AAA later notified the New York State
Milk Control Board that action on the code will be postponed
indefinitely for readjustments. The code was presented to
the AAA by a committee of 18, headed by Henry S. Manley
of the Milk Control Board. The questions of price schedules
and the amount of increased return to producers throughout
the district were left for future determination. Describing
the tentative pact, a Washington dispatch to the New
York "Times" on Oct. 19 said:
The proposal seeks primarily to bring about a greater control over
production and a leveling of prices by merging the powers of State control
boards with those of the Agricultural Adjustment Act. It is estimated
that the consuming area included in the agreement requires 7,000,000 quarts
of fluid milk and cream daily.
The milk production area includes all New York State, 16 counties in
New Jersey, 26 in Pennsylvania and three in Vermont, containing about
100,000 producers.
Represented on the committee which submitted the agreement were
six producers, six distributers and six State officials from the milk boards
of New York, Connecticut, New Jersey and Vermont and the Pennsylvania
State Board of Agriculture.
"The responsibility for carrying into effect the provisions of the marketing
agreement is placed upon an administrative board of 21 members," Mr.
Manley said. "Six will be officials from the five States involved, one will
be a salaried director named by the board and approved by the Secretary
of Agriculture,seven will represent milk distributers and seven will represent
producers.
"This board will perform many functions for producers and the milk
Industry generally, such as systematic and regular auditing of dealers'
payments for milk, advertising to increase the consumption of milk, gathering and making available statistics which are of interest to the industry,
protection against credit risks, the providing of facilities to care for milk
surplus, and many other things."
To the extent that these services are being performed by co-operatives
for their members they will be continued, Mr. Manley stated, but through
the administrative board such services will be made available to all producers.
All dealers will pay a uniform price to producers, varied in accordance
with the usual differentials. he said.
"Each producer will have an established quota, which, at the outset,
will be 90% of the average of his production in the corresponding month
a year and two years before," Mr. Manley said. "For that milk he will
be entitled to receive a uniform price, subject to differentials, and upon any
excess he will receive a surplus price."
First Shipment of Federal Pork Donation( for Needy
Received in New York City—Eight of Forty-one
Alloted Carloads of Meat are Distributed to Unemployed.
Officials of the New York City Department of Welfare
yesterday (Oct. 27) began the distribution to the needy of
250,000 pounds of salt pork which had arrived in eight carloads as the first consignment of meat alloted to the'city by
the Federal Government for relief purposes. A total of 41
carloads of pork and beef, amounting to about 1,500,000
3083
pounds, have been assigned to New York City and should be
distributed within the next five or six weeks. The meat will
be distributed to families on the relief rolls through 29 foodrelief depots. In connection with the meat donation, the
Federal Emergency Relief Administration is advising housewives how to prepare various pork and beef dishes.
Relief Cases Off 3% in September, While Expenditures
Drop 5%, According to Reports of State Boards
to Federal Emergency Relief Administration.
The number of relief cases in September fell 3% below
August, according to reports to the Federal Emergency
Relief Administration on Oct. 18 by the several State
relief administrations. The figures were based on preliminary reports for 135 cities and urban counties in 47
States and the District of Columbia. Expenditures for
relief from all public funds in these cities and counties were
5% less in September than in August, and the improvement
was ascribed in part to business gains. Other details of
the report, as contained in a Washington dispatch of Oct. 18
to the New York "Times" follow:
In New York the number of families and single resident persons receiving public relief decreased 6% from 198,305 in August to 186.406 in
September. Public relief funds disbursements in New York decreased
5% from $6.561,406 in August to $6,223.030 in September.
In Chicago the number on relief decreased 7%, but the amount expended increased 7%.
One factor accounting for increased expenditures in some areas was
the transferrence of relief cases from private to public agencies.
Harry L. Hopkins, Relief Administrator, said to-day that commercial
food-distributing services have pledged active co-operation on a nonprofit basis in distributing surplus foodstuffs to the needy unemployed.
C. H. Janssen, Chairman of the Food and Grocery Distributers Council.
has told Mr. Hopkins, who is also the President of the Federal Surplus
Relief Corporation, that the associations which comprise the Council
"pledge their membership to a full co-operation in the distribution of
these surpluses of foods for relief purposes."
John A. Hartford. President of the Great Atlantic & Pacific Tea Co.,
and R. B. Smith, Vice-President, have offered the facilities of their organization to handle the relief supplies.
$203,538,000 Loaned by Regional Agricultural Credit
Corporations Since They Were Organized in 1932—
Loans of $51,087,000 Repaid.
The loans made by the Regional Agricultural Credit
Corporations, which are now a part of the Farm Credit
Administration, passed the $200,000,000 mark early in
October, the FCA announced on Oct. 24. The announcement said that these Corporations were organized by the
Reconstruction Finance Corporation during the fall of 1932,
and they made loans to finance livestock growers, crop
production and harvesting and the warehousing and marketing of agricultural products. Continuing, the announcement
said:
During this period $51,087,000 has been repaid from the total of $203.538,000 loaned. Applications pending on Oct. 11 requested loans amounting
to $25,521,000, an increase of $3,723.000 during the week. Applications
for loans are now being received mostly from drouth or storm-stricken
areas in the north-middle-west, middle and south Atlantic coast States
and Texas.
There is a Regional Agricultural Credit Corporation in each Federal
Land Bank District and each has from one to four branch offices and in
some areas temporary offices have been opened. A recent analysis of loans
made indicated that about 30% were for less than $1.000 and about 20%
were for amounts ranging from $250 to $500. Loans made for the financing
of livestock were for larger individual amounts than those made for other
agricultural purposes.
Forming of Voluntary Farm Debt Conciliation Committees by State Governors Suggested by Governor
Morgenthau of FCA—Committees Would Seek
Voluntary Reduction of Debts.
State Governors have been asked to appoint voluntary
farm debt conciliation committees by Governor Henry
Morgenthau Jr., of the Farm Credit Administration, it
was announced Oct. 20 by the FCA. These committees,
the announcement said, would be composed of farmers,
leading lenders and business men. The announcement
continued:
County committees would be appointed to handle conferences between
distressed farm debtors and their creditors. In many cases where farmers
seek loans to enable them to refinance their indebtedness, the amount of
their debts exceeds the amounts which can be lent by the Federal Land
Banks and the Land Bank Commissioner. The conciliation committees
would try to bring about a voluntary scaling down of debt in these and
other cases.
Practically All Arkansas Farmers Repay Loans to
Regional Agricultural Credit Corporation of St.
Louis With Checks Received for Participation in
1933 Cotton Acreage Reduction Program.
Nearly all farmers in Arkansas to whom checks were
mailed as benefits for their participation in the 1933
cotton acreage control program of the Department of Agriculture and who had placed liens on their crop with the
Regional Agricultural Credit Corporation of St. Louis, have
3084
Financial Chronicle
remitted their cheeks to that Corporation even though
they were not required to do so, according to word received
by the Farm Credit Administration from the branch office
in Pine Bluff, Ark., of the Corporation. An announcement
issued on Oct. 24 by the FCA added:
Where the farmers owed money to the Corporation,the checks were made
payable jointly to the FCA and the farmer. The Pine Bluff office was
authorized to endorse the check on behalf of the Administration, and this
was done. The check was then available for cashing by the farmers. In
endorsing and mailing the benefit checks, the branch office notified the
farmers that they could cash the checks if they wanted to, and left it with
Almost
the farmers whether they would use the money to repay loans.
unanimously they repaid their loans.
Taxes on Consumer May Reach $1,000,000,000—"Compensating" Levies Likely on Beef, Lamb, Fish,
Poultry, Eggs, Sugar, Starch and Tapioca.
Observing that during the next few months costs of American consumers are likely to be increased further as a result
of the Administration's program of processing and compensating taxes to raise funds to finance the various farm adjustment programs, Washington advices to the "Wall Street
Journal" of Oct. 23 commented further as follows:
It is estimated this tax burden will approximate over $1,000,000,000,
which will be paid farmers for controlling production and used in ridding
markets of surpluses.
For the past few months wheat bread has been taxed at the rate of 30c.
per bushel of grain. Beginning Nov. 5, pork and pork products will be
subject to a processing tax of 50c. a hundred liveweight, the tax to be increased over a period of three months until it reaches a maximum of $2 per
hundredweight on Feb. 1 1934.
The Administration is expected to announce within the next 10 days or two
weeks the rate of the tax tO be applied to milk and its products based on
the butterfat content. Products not listed as "basic agricultural commodities" in the Farm Act are not subject to the processing tax but will be
reached through a compensating tax.
The tax on pork and its products will be followed by a compensating tax
on beef, lamb, fish and other seafoods, poultry, eggs, certain oils and practically all meats and meat substitutes.
The tax on milk and its products will be followed by a compensating levy
on oleomargarine and probably certain cooking oils. Representatives of
the dairy industry, at a recent hearing, recommended that the tax not exceed one cent a pound on butterfat. This rate, they asserted, would raise
between $27,000,000 and $30,000,000 during the dairy year. The tax on
oleomargarine will amount to 80% of that levied on butterfats.
The tax on corn and its products of about 30c. a bushel will be followed
by a compensating tax on its competitors. Competing products include
beet and cane sugars and sirups, imported starches, tapioca flour, molasses, &c.
Thus the consumer, through the wide powers of the processing tax provision in the Farm Act, will be forced to pay extra for practically all foods.
Cotton goods have been levied on and so has tobacco.
Stop Orders Issued by Federal Trade Commission
Incident to Effectiveness of Registration Statements Under Federal Securities Act.
The following notices were issued Oct. 27 by the Federal
Trade Commission:
The Federal Trade Commission has issued a stop order suspending
the effectiveness of a registration statement of Liberty Brewing Co..
Baltimore, until such time as the statement is amended to comply with
the Securities Act and the Commission's regulations. In seeking to
register a security issue of 5294.000 in common stock the brewing company failed to include in its submitted advertising prospectus a number of
essential features of the registration statement.
The Federal Trade Commission by a stop order has suspended the
effectiveness of a registration statement filed under the Securities Act
by Byron Gold Mining Co., Omaha. Neb., to cover a common stock
Issue of 575.000. the suspension to remain In effect until certain deficiencies
in the registration statement have been supplied. Among the latter are:
Nature and scope of reports to stockholders; balance sheet prepared by
independent or certified public accountant's name attached thereto; proper
return with respect to commissions or discounts to be paid; complete
prospectus, and complete statement of shares authorized.
The Federal Trade Commission has issued a stop order suspending the
effectiveness under the Securities Act of a registration statement filed
by Southwestern Trading Co., Denver, a securities company seeking to file
for registration an Issue of $237,500 common stock.
Sales of the proposed securities will not be permitted until a number
of deficiencies in the registration statement are made good. Among these
are the company's assertion to the effect that no securities have been
sold in the last two years, when. In the balance sheet also submitted, it
lists the sale of more than 100.000 shares ofstock during the period between
May 27 1929 and Aug. 5 1932.
Other deficiencies are: Failure to state the price at which 150,000 shares
of the issue or that portion of it to be handled by the underwriter, will
be offered to the public; failure to name the chief executive and accounting officers; failure to clearly itemize expenses incurred in connection
with the issue; failure to make the advertising prospectus "tie in" with
certain facts presented in the statement proper, and other deficiencies.
Manufacturers Trust Co. Increases Its Capital
Structure.
Harvey D. Gibson, President of the Manufacturers Trust
Co., in a letter to the stockholders dated Oct. 27 1933,
announced the issuance by the company of $25,000,000 of
capital notes to the United States Government, thus increasing the capital funds of the bank. These notes rank ahead
of stock now outstanding but are subordinate to deposits,
and are unsecured. The letter adds that this investment on
the part of the Government in the bank increases capital
funds to a degree which no longer warrants withholding dividends from the stockholders, and it is therefore the intention
Oct. 28
1933
of the Board of Directors, unless general conditions change
materially, to resume dividends at the rate of $1 a share per
annum beginning with the last quarter of 1933, current
operating earnings indicating that this dividend would be
earned during the coining year approximately three times.
Coincident with the consummation of this plan, it is proposed
to transfer from undivided profits to a contingent reserve
account the sum of $10,000,000, this amount to cover certain
items, the ultimate realization of which may be delayed for
some time but which, in the opinion of the bank's officers,
will eventually be realized upon. It is the unanimous opinion
of the directors that this arrangement will be most beneficial
to both stockholders and depositors, and the directors feel
that it is a proper step for the bank to take in co-operation
with the President of the United States in his program for
industrial recovery. The company's letter to the stockholders reads:
MANUFACTURERS TRUST COMPANY.
New York, N. V'.
October 27 1933.
To Our Stockholders:
the Manufacturers Trust Co. discontinued the
During the ban& holiday
payment of the dividend on its stock. This action was taken because the
depression had made large inroads into the undivided profits accounts of
many banks, Manufacturers Trust Co. included. Your board of directors
felt at that time that, in view of this fact, together with the general uncertainty of the times, any return on our stockholders' investment should
be subordinated to their responsibilities as stewards of other people's monies.
Manufacturers Trust Co. was then s owing current operating earnings
considerably in excess of dividend requirements, and has continued to do
so ever since. Your directors, however, up to the present time, have not
felt that the business conditions of the country were sufficiently stabilized
to justify a resumption of dividends.
Attached herewith is a reprint of a notice appearing in the daily press,
announcing the issuance by our bank of $25.000.000 of capital notes
While these capital notes rank ahead of stock now outstanding, they are
subordinate to deposits, and are unsecured.
This Investment on the part of the Government in our bank increases our
capital funds to a degree which no longer warrants withholding dividends
from our stockholders. It is therefore the intention of our board of
directors, unless general conditions change materially, to resume dividends,
at the rate of $1.00 per share per annum beginning with the last quarter
of 1933. Our current operating earnings would indicate that this dividend
would be earned during the coming year approximately three times.
Coincident with the consummation of this plan in the interest of conservatism, it is proposed to transfer from undivided profits to a contingent
reserve account, the sum of 510,000.000. this amount to cover certain
Items the ultimate realization of which may be delayed for some time, but
which in the opinion of your officers will eventually be realized upon.
It is the unanimous opinion of your directors that this arrangement, by
which the United States Government virtually becomes a partner in our
bank, will be most beneficial to both stockholders and depositors, and that
It is a proper step for us to take in co-operation with the President of the
United States in his program for industrial recovery.
HARVEY D. GIBSON.
President.
Annual Meeting of Investment Bankers' Association
of America to Be Held at Hot Springs, W. Va.,
-Nov. 1.
Oct. 28
A special train, carrying delegates from Eastern United
States and Eastern Canada to the Annual Convention of
the Investment Bankers' Association of America, left the
Pennsylvania station in this city last night. The convention opens at Hot Springs, W. Va., to-day (Oct. 28) and
will continue to Nov. 1. As we indicated in our issue of
Sept. 30, page 2404, 10 forums on financial and economic
subjects of foremost interest to investment bankers will
feature the convention. The details of these forums were
given in the item indicated.
Chase National Bank Reports on Character of Its
Thirty-nine Affiliates.
The Chase National Bank of New York in a statement on
Oct.23 revealed the character of business of 39 of its affiliates
and disclosed their relations with the bank as of June 30 1933.
The report was made by the bank under the terms of the
banking act of 1933, said the New York "Herald Tribune"
of Oct. 24, which gave as follows the list of the affiliates:
Puerto Plata Sugar Co.
Compania Mercantil Fidelidad, San German, Cuba.
.
Compania Azucarera Fidelidad, San German.
Interstate Corporation.
Hobdo Securities Corporation.
Forty-nine Exchange Place Corporation.
Central Utilities Service Company, Marion, Ohio.
Punta Alegre Sugar Corporation.
Compania Azucarera Florida, Florida, Cuba.
Compania Azucarera Canasi, SW°. Cuba.
Compania rendedora de Azucares Punta Alegre, Havana
Camaguey Warehouse Company, Havana.
Baragua Sugar Estates, Baragua, Cuba.
Compania Mercantil Baragua, Baragua.
Compania Azucarera Punta Alegre, S. A. Punta San Juan, Cuba.
Companla Mercantil Punta Alegre, Punta San Juan.
Virginia Public Service Company, Alexandria, Va.
Potomac Valley Power Corporation, Alexandria.
Charlottesville & Albemarle Railway Co., Alexandria.
Virginia Northern Ice Corporation, Alexandria,
Newport News Distilled Ice Company, Alexandria,
Citizens' Rapid Transit Corporation, Alexandria.
Middle Virginia Power Company, Alexandria.
Volume 137
Financial Chronicle
Hampton Towing Corporation, Alexandria.
Harpers Ferry Paper Co., Alexandria.
Harpers Ferry Electric Light & Power Co., Alexandria.
Shenandoah Pulp Co., Alexandria.
Buckeye Light & Power Co., Marion, Ohio.
Buckeye Public Service Co., Marion.
The West Jefferson Power & Light Co., Marion.
The Asheville Light & Power Co., Marion.
The Portage Lakes Electric Light Co.. Marion.
The Doylestown Electric Light & Power Co.. Marion.
Eastern Shore Public Service Co., Salisbury. Md.
Eastern Shore Public Service Co. of Maryland. Salisbury.
Eastern Shore Public Service Co. of Virginia, Salisbury.
Consumers' Public Service Co., Salisbury.
Delmarva Power Co., Salisbury.
Maryland Light & Power Co., Salisbury.
In publishing the above, the paper quoted, said:
Twelve in Sugar Industry.
Twelve of the listed affiliated companies are engaged in the sugar industry.
According to the report the twelve affiliated and inter-related companies
have borrowings totaling $8,463,512, against which the bank holds various
collateral. The largest borrower is the Compania Azucarera Fidelidad, of
San German, Cuba. The company is a cane sugar manufacturer. According to the published statement, the majority of the voting stock, first
mortgage bonds and 45% of the income notes are held by the bank.
The Inter-state Corporation is in process of liquidation. Its stock is
held by the Chase Securities Corporation, affiliate of the Chase National
Bank. The Kobdo Securities Corporation owns the bank premises. The
company is in process of liquidation and has on deposit with the bank
$6,043 and has borrowings of $5,425,000. The Forty-nine Exchange Place
Corporation also owns bank premises, according to the report. The company is also in process of liquidation; has deposits of $16,078 and borrowings
of $3,275,405.
Utility Stock Pledged.
Stock of the Central Utilities Service Company, of Marion, Ohio. is held
by the bank as pledgee. In addition, the bank holds a note payable total•
ing $388.667.
Voting stock of Virginia Public Service Company is owned by the Chase
Bank. The affiliates of the public utility company, which are also listed as
affiliates of the bank, are Potomac Valley Power Corporation, Charlottesville & Albemarle Railway Company, Virginia Northern Ice Corporation,
Newport News Distilled Ice Company, Citizen's Rapid Transit Corporation. Middle Virginia Power Company. Hampton Towing Corporation and
Harpers Ferry Paper Company.
In addition there are 13 other public utility companies which are listed as
affiliates of the Chase National Bank.
Procedure to Bring About Release of Frozen Deposits
in Closed Banks Indicated by Deposit Liquidation Board in Advices to Chairman Named to
Serve in Various Federal Reserve Districts.
Under date of Oct.23 the Reconstruction Finance Corporation made public a letter addressed by the Deposit Liquidation Board to the 12 chairmen, one for each Federal Reserve
District, named to assist the Board in releasing funds from
closed banks.
In our issue of a week ago, page 2913, we referred to
the fact that the Deposit Liquidation Board had been
formed as a division of the RFC to bring about the release of frozen deposits in closed banks, and on page
2914 we published the list of Committee Chairmen
named to serve in their respective Reserve Distiicts. In the
letter to the Chairman the Board states that the purpose of
the Deposit Liquidation Divison "will be to make available
as quickly as possible to liquidating agents of banks closed
after Jan. 1 1933, advances against assets under their control
so as to release funds for dividend distributions to depositors
of closed banks". It is added that:
Later on it is expected that loans will be considered for the purpose of
enabling receivers of banks closed prior to Jan. 1 1933, to make dividend
distributions to depositors. The amount which depositors can be paid will
be governed by the amount of money that can be loaned upon a fair valuation of the assets of the bank, based on an orderly liquidation of such assets
over a period of from three to five years. after reserving only what will
appear sufficient to pay taxes, expenses and interest during the liquidation
period.
The letter also states that "it is contemplated that the
District Chairmen will appoint local appraisal committees
composed of experienced bankers, business men and farmers
throughout their districts, to be located where they can most
efficiently and expeditiously contact the closed banks in
their respective communities. The Chairmen are urged "to
impress upon the State Superintendents or Commissioners of
Banks the importance of having their representatives,
receivers, and liquidators in closed banks apply to your local
committees for loans in order that there may be made available to depositors promptly the maximum amount of their
deposits that may be released to them on a fair valuation of
assets based on an orderly liquidation over a period of years."
The letters to the Chairmen are indentical. As made
public by the RFC the letter follows:
Mr. Daniel G. Wing,
First National Bank, Boston, Massachusetts.
Dear Mr. Wing.—You have kindly consented to serve as Chairman of the
Special Advisory and Appraisal Committee of the First Federal Reserve
District as a part of the special division in the RFC just cre ted for the
purpose of making loans to closed banks. In order that this special division
may work in close co-operation with the Treasury Department.the Comptroller of the Currency and the Deposit Insurance Corp., a Deposit Liquidadon Board has been appointed and is composed of the following members:
3085
C. B. Merriam, Chairman of the Deposit Liquidation Board, Director of
the RFC.
Jesse H. Jones, Chairman of the Board, RFC.
Dean G. Acheson, Under-Secretary of the Treasury.
Lewis W. Douglas, Director of the Budget.
J. F. T. O'Connor, Comptroller of the Currency.
W.J. Cummings, Chairman of the Deposit Insurance Corp.
The Purpose of the Deposit Liquidation Division.
The purpose of this division will be to make available as quickly as
possible to liquidating agents of banks closed after Jan. 1 1933, advances
against assets under their control so as to release funds for dividend distributions to depositors of closed banks. Later on it is expected that loans will
be considered for the purpose of enabling receivers of banks closed prior to
Jan. 1 1933 to make dividend distributions to depositors. The amount
which depositors can be paid will be governed by the amount of money that
can be loaned upon a fair valuation of the assets of the bank based on an
orderly liquidation of such assets over a period of from three to five years,
after reserving only what will appear sufficient to pay taxes, expenses and
interest during the liquidation period. In some cases where distributions
have already been made,it will not be possible to make further distributions
because the assets remaining in the bank do not warrant the payment of
additional dividends. On the other hand. if the condition of a closed bank's
assets will justify it, more than one distribution may be made as and when
assets improve in value. In cases where there are existing loans against
assets, full consideration will be given to the value of equities above such
loans in determining what, if any, additional advances may be made to
receivers or liquidators.
The members of the Deposit Liquidation Board desire that you and the
members of your Committee keep constantly in mind the fact that the
paramount object of establishing the Deposit Liquidation Division of the
RFC is to place money in the hands of depositors with the least possible
delay. Incidentally, in doing this, we shall bring about a more orderly
liquidation of the assets of closed banks over a period of years and thus
prevent dumping of assets at sacrifice prices.
It is contemplated that the District Chairmen will appoint local appraisal
committees composed of experienced bankers, businessmen, and farmers
throughout their districts, to be located where they can most efficiently
and expeditiously contact the closed banks in their respective communities.
These committees will be fully qualified to intelligently and constructively
appraise local securities in closed banks, having in mind the conditions
prevailing in the community and the formula of a sound and fair valuation
of assets based on an orderly liquidation over a period of years. These
local committees will receive from their District Chairman for initial attention the latest appraisals by the receiver, liquidator, National examiners,
State examiners, or the RFC examiners, as may pertain to the cases before
them. In those cases where the appraisal reports of the supervisory
authority or receiver are not sufficiently current or, in your opinion, do not
reflect a fair valuation based on an orderly liquidation over a period of
years, you will necessarily have a new appraisal made of the assets.
While your Committee will be independent of the exisling Loan Agencies
of the RFC,the Agencies will be glad to place at the Committee's disposal.
temporarily or permanently, office space, supplies and personnel.
Arrangements will be made to take care of the expenses incurred by your
Committee in connection with this work.
Suggested Initial Procedure to Be Followed by District Committees.
The President has stated that he is particularly anxious that this matter
be handled with the greatest possible dispatch, and he has requested the
corporation of all persons who may have authority in connection with
closed bank affairs. We therefore suggest that you proceed immediately
to get in touch with the following persons:
The Governor of the Federal Reserve Bank of the District and the State
Superintendent or Commissioner of Banks, with respect to closed State
banks which are members of the Federal Reserve System.
The State Superintendent or Commissioner of Banks, with respect to
closed State bans which are not members of the Federal Reserve System.
The above mentioned individuals will be able to provide you with a
current statement of condition of each closed State bank in your district and
probably with a fairly current appraisal of the bank's assets. With regard
to closed National banks in your district, you will receive information in a
separate letter.
It is earnestly desired that you do what you can to impress upon the State
Superintendents or Commissioners of Banks the importance of having their
representatives. teceivers, and liquidators in closed banks apply to your
local committees for loans in order that there may be made available to
depositors promptly the maximum amount of their deposits that may be
released to then on a fair valuation of assets based on an orderly liquidation
over a period of years. Through the Comptroller's office in Washington we
shall be able to place the receivers of closed National banks in contact
with you.
Application forms are being sent to you for use by the receivers or other
persons in charge of closed State banks when applying for loans. Provision
is made in the forms for the proper listing of the collateral offered, together
with the valuations of the receiver and the local committee. There may be
some cases in connection with which you and your local committees might
require some time before being able to report a complete appraisal and final
recommendation. Nevertheless you and the committees might be willing,
pending the completion of the final appraisal, to recommend a moderate
loan upon the collateral tendered.
The applying receiver or liquidator will fill out the application form and
the appropriate schedules for listing the collateral tendered. On the basis
of the information contained in the application form and in the appraisal
reports discussed in this letter, your local committees will certify to their
recommendations and will send them to you as District Chairman for your
approval, and you in turn will forward them to C. B. Merriam, Chairman
of the Deposit Liquidation Board in care of the RFC. Washington, D. C.
Ail papers should be made out in triplicate, in order that you and the local
committees may retain copies. Some questions are likely to arise regarding
provisions of the application form, particularly with reference to legal
requirements. At the time the forms are sent out, Mr. Merriam will write
you with reference to these questions.
Inasmuch as the funds to be loaned for the purpose of making dividend
distributions to depositors of closed banks will be provided by the RFC.
all questions regarding the handling and custodianship of collateral will
be settled directly between the RFC and the receiver or liquidating agent
of the closed bank.
Mr. Merriam will write you from time to time as new developments occur
in connection with this highly important work. We trust that you will
feel free to communicate with us at any time in connection with it, and we
shall particularly appreciate your keeping us informed of the progress made
in your district.
Very truly yours,
DEPOSIT LIQUIDATION BOARD
Dean G. Acheson
W. J. Cummings
Lewis W. Douglas
J. H. Jones
J. F. T. O'Connor
0. B. Merriam
By C. B. MERRIAM, Chairman.
308.
6
. Financial Chronicle
Status of National Banks of United States, According
to Comptroller of the Currency-5,048 Licensed
-Reorganization Plans of 381 Banks
as of Oct. 16
Approved.
A statement was issued on Oct. 25 by J. F. T. O'Connor,
Comptroller of the Currency, giving in detail, and by States,
the status of all National banks in the country. On Oct. 16
1933, Comptroller O'Connor's statement revealed, frozen deposits in all National banks whose future status was then
undetermined (banks with disapproved reorganization plans,
banks with reorganization plans under consideration, and
•banks with no reorganization plans) amounted to but 1.203%
of the total of all deposits in all unlicensed National banks
throughout the United States. The Comptroller further
said:
As of Oct. 16 1933 there were 5,048 licensed National banks in the United
States, having total deposits (at the June 30 1933 "call") of $17,028,441.000. At the same time, there were 710 unlicensed National banks in
the United States, with frozen deposits of $621,132,000 and unrestricted
deposits of $46,957,000 (both June 30 1933 "call" figures). The aggregate
of these deposits is $17,696,530,000.
Of the 710 unlicensed National banks, 381, with frozen deposits of $408,124,000 and unrestricted deposits of $30,795,000, had had their organization
plans approved by the Comptroller by Oct. 16; 233 banks, with frozen
deposits of $111,007,000 and unrestricted deposits of $8,636,000, had had
their reorganization plans disapproved; 77 banks, with $71,834,000 frozen
and $6,847,000 unrestricted deposits, had reorganization plans under consideration, and 19 banks, with $30,167,000 frozen and $679,000 unrestricted
deposits, had no reorganization plans.
The details, by States, as issued by the Comptroller,
follow:
Alabama.
Alabama had 69 licensed National banks on Oct. 16 last, and aggregate
deposits totaled $111,924,000. In addition, there were five unlicensed National banks in the State on that date, all of whose reorganization plans
had been disapproved, having frozen deposits of $847,000 and unrestricted
deposits of $65,000.
Arizona.
Arizona had eight licensed National banks on Oct. 16 1933, with total
deposits of $18,915,000. Moreover, there was one unlicensed National bank
in the State, with disapproved reorganization plan, having $252,000 frozen
and $29,000 unrestricted deposits.
Arkansas.
Arkansas had 46 licensed National banks on Oct. 16 last, having total
deposits of $47,127,000. Unlicensed National banks in that State on that
date numbered seven, with $1,583,000 frozen and $132,000 unrestricted
neposits. Of the unlicensed institutions, one, with $109,000 frozen and
$9,000 unrestricted deposits, had an approved reorganization plan; four
banks, with $288,000 frozen and $27,000 unrestricted, had disapproved
reorganization plans, and two banks, with $1,186,000 frozen and $96,000
unrestricted, had reorganization plans under consideration.
California.
California had 138 licensed National banks on Oct. 16 1933, with aggregate deposits of $1,777,589,000. At the same time, unlicensed National
banks numbered 13, with $5,041,000 frozen and $502,000 unrestricted deposits. Of the 13 unlicensed National banks, four, with $1,872,000 frozen
and $106,000 unrestricted deposits, had received approved reorganization
plans; while nine banks, with $3,169,000 frozen and $398,000 unrestricted
deposits, had received disapproved reorganization plans.
Colorado.
Colorado had 73 licensed National banks on Oct. 16 1933, with total
deposits of $170,799,000. Unlicensed National banks in that State then
totaled 15, with $5,909,000 frozen and $932,000 unrestricted deposits. Of
the unlicensed institutions, fcur, with $2,545,000 frozen and $323,000 unrestricted deposits, had had reorganization plans approved; seven, with
$2,046,000 frozen and $259,000 unrestricted deposits, had had reorganization plans disapproved, and four, with $1,318,000 frozen and $350,000 unrestricted deposits, had reorganization plans under consideration.
Connecticut.
Connecticut had 58 licensed National banks on the 16th of this month,
with $216,651,000 deposits. There were no unlicensed National banks in
this State.
Delaware.
Delaware had 15 licensed National banks on Oct. 16 last, with aggregate
deposits of $14,853,000. At the same time, there was but one unlicensed
National bank in Delaware, with $196,000 frozen and $4,000 unrestricted
deposits, and its .reorganization plan had been approved.
District of Columbia.
District nf Columbia had nine licensed National banks on Oct. 16 1933,
and their aggregate deposits amounted to $130,730,000. At the same time,
there were four unlicensed National banks here, with $7,842,000 frozen
and $243,000 unrestricted deposits. Of the four banks, two, with $5,486,000
frozen and $199,000 unrestricted deposits, had had reorganization plans
approved; while the other two, with $2,356,000 frozen and $44,000 unrestricted deposits, had reorganization plans under consideration.
Florida.
Florida had 45 licensed National banks on Oct. 16, with aggregate deposits of $142,390,000. At the same time, there were four unlicensed National banks in that State, with $2,837,000 frozen and $319,000 unrestricted deposits. Of the four banks, two, with $783,000 frozen and $89,000
unrestricted deposits, had had reorganization plans approved; while the
other two, with $2,054,000 frozen and $230,000 unrestricted deposits, had
had reorganization plans disapproved.
Georgia.
Georgia had 49 licensed National banks on Oct. 16 last, with total deposits of $188,420,000. In addition, there were seven unlicensed National
banks in that State, having $1,825,000 frozen and $269,000 unrestricted deposits. Of the seven unlicensed banks, one, with $118,000 frozen and $61,000
unrestricted deposits, had had its reorganization plan approved; while six,
Oct. 28 1933
with $1,707,000 frozen and $208,000 unrestricted deposits, had had their
reorganization plans disapproved.
Idaho.
Idaho had 25 licensed National banks on the 16th of this month, with
total deposits of $16,581,000. On the same date there were two unlicensed
National banks in that State, with $1,090,000 frozen and $185,000 unrestricted deposits. Of the two unlicensed institutions, one, with $962,000
frozen and $133,000 unrestricted deposits, had had its reorganization plan
approved; while the other, with $128,000 frozen and $52,000 unrestricted
deposits, had had its reorganization plan disapproved.
Illinois.
Illinois had 250 licensed National banks on Oct. 16 1933, and their deposits aggregated $1,591,871,000. At the same time, there were 75 unlicensed National banks in that State, with $41,248,000 frozen and $4,077,000
unrestricted deposits. Of the 75 unlicensed institutions, 32, with $25,082,000
frozen and $2,545,000 unrestricted deposits, had had their reorganization
plans approved; 29, with $9,163,000 frozen and $985,000 unrestricted deposits, had had their reorganization plans disapproved; seven, with
$4,793,000 frozen and $343,000 unrestricted deposits, had reorganization
plans under consideration, and seven, with $2,210,000 frozen and $204,000
unrestricted deposits, had no reorganization plans.
Indiana.
Indiana had 107 licensed National banks on Oct. 16 last, with total deposits of $192,426,000. At the same time, there were 21 unlicensed National banks in that State, with $26,196,000 frozen and $5,214,000 unrestricted deposits. Of the 21 unlicensed institutions, 16, with $23,671,000
frozen and $4,984,000 unrestricted deposits, had had their reorganization
plans approved; while the other five, with $2,525,000 frozen and $230,000
unrestricted deposits, had had their reorganization plans disapproved.
Iowa.
Iowa had 97 licensed National banks on Oct. 16 1933, with total deposits
of $131,321,000. On the same date, there were 49 unlicensed National banks
in Iowa, with $16,402,000 frozen and $1,796,000 unrestricted deposits.
Of the 49 banks, 22, with $11,685,000 frozen and $1,221,000 unrestricted
deposits, had had their reorganization plans approved; 26, with $4,616,000
frozen and $551,000 unrestricted deposits, had had their reorganization
plans disapproved, and one, with $101,000 frozen and $24,000 unrestricted
deposits, had no reorganization plan.
Kansas.
Kansas had 198 licensed National banks on the 16th of the current month,
with total deposits of $154,135,000. At the same time, there were 10 unlicensed National banks in the State, with $3,893,000 frozen and $469,000
unrestricted deposits. Of the 10 banks, three, with $2,558,000 frozen and
$303,000 unrestricted deposits, had had reorganization plans approved;
four, with $715,000 frozen and $75,000 unrestricted deposits, had had reorganization plans disapproved, and three, with $620,000 frozen and $91,000
unrestricted deposits, had reorganization plans under consideration.
Kentucky.
Kentucky had 91 licensed National banks on Oct. 16 last, with total
deposits of $134,276,000. On the same date there were 12 unlicensed National banks in the State, with $6,568,000 frozen and $374,000 unrestricted
deposits. Of the 12 banks, seven, with $3,983,000 frozen and $83,000 unrestricted deposits, had had reorganization plans approved; three, with
$1,919,000 frozen and $243,000 unrestricted deposits, had had reorganization plan disapproved, and two, with $666,000 frozen and $48,000 unrestricted deposits, had reorganization plans under consideration.
Louisiana.
Louisiana had 24 licensed National banks on Oct. 16 1933, with aggregate deposits of $159,953,000. On the same date there were six unlicensed
National banks in that State, with $6,222,000 frozen and $540,000 unrestricted deposits. Of the six banks, one, with $221,000 frozen and $57,000
unrestricted deposits, had had its reorganization plan approved; three, with
$270.000 frozen and $31,000 unrestricted deposits, had had reorganization
plans disapproved, and two, with $5,731,000 frozen and $452,000
unrestricted
deposits, had reorganization plans under consideration.
Maine.
Maine had 37 licensed National banks on Oct. 16 1933, with total deposits
of $94,140,000. At the same time, there were seven unlicensed National
banks in Maine, with $7,315,000 frozen and $482,000 unrestricted
deposits.
Of the seven banks, four, with $5,743,000 frozen and $430,000 unrestricted
deposits, had had reorganization plans approved; while the other three, with
$1,572,000 frozen and $52,000 unrestricted deposits, had had
reorganization
plans disapproved.
Maryland.
Maryland had 55 licensed National banks on the 16th of this month, with
total deposits of $202,449,000. On the same date there were 10
unlicensed
National banks in this State, with $7,067,000 frozen and
$305,000 unrestricted deposits. Of the 10 banks, six, with $4,631,000 frozen
and $181,000
unrestricted deposits, had had reorganization plans approved;
two, with
$1,002,000 frozen and $60,000 unrestricted deposits, had had
reorganization plans disapproved, and two, with $1,434,000 frozen and
$64,000 unrestricted deposits, had reorganization plans under consideration.
Massachusetts.
Massachusetts had 132 licensed National banks on Oct. 16 1933, with
aggregate deposits of $1,131,124,000. At the same time, there
were six unlicensed National banks in the State-all of whose
reorganization plans
had been approved-with $4,050,000 frozen and $247,000
unrestricted
deposits.
Michigan.
Michigan had 60 licensed National banks on Oct. 16 last, with total
deposits of $298,143,000. On the same date there were 33 unlicensed National
banks in that State, with $50,077,000 frozen and $3,352,000 unrestricted
deposits. Of the 33 banks, 23, with $34,331,000 frozen and $2,406,000 unrestricted deposits, had had reorganization plans approved; seven, with $14,526,000 frozen and $861,000 unrestricted deposits, had had reorganization
plans disapproved, and three, with $1,220,000 hozen and $85,000
unrestricted deposits, had no reorganization plans.
Minnesota.
Minnesota had 205 licensed National banks on Oct. 16 1933, with aggregate deposits of $489,404,000. At the same time there were 19 unlicensed
National banks in the State, with $5,992,000 frozen and $375,000 unrestricted
deposits. Of the 19 banks, six, with $3,057,000 frozen and $128,000 unrestricted deposits, had had reorganization plans approved; 10, with $2,051,000
frozen and $216,000 unrestricted deposits, had had reorganization plans dirt-
Volume 137
Financial Chronicle
approved, and three, with $884,000 frozen and $31,000 unrestricted deposits, had plans under consideration.
Mississippi.
Mississippi had 24 licensed National banks on the 16th of the current
month, with total deposits of $39,267,000. There were no unlicensed National banks in this State on that date.
Missouri.
Missouri had 85 licensed National banks on Oct. 16 1933, with aggregate
deposits of $381,258,000. On the same date there were five unlicensed National banks in this State, with $2,428,000 frozen and $185,000 unrestricted
deposits. Of the five banks, two, with $299,000 frozen and $9,000 unrestricted deposits, had had reorganization plans disapproved; two, with
$1,989,000 frozen and $153,000 unrestricted deposits, had plans under consideration, and one, with $140,000 frozen and $23,000 unrestricted deposits,
had no reorganization plan.
Montana.
Montana had 46 licensed National banks on Oct. 16 1933, having total
deposits of $58,230,000. At the same time, there were five unlicensed National banks in this State, with $1,432,000 frozen and $244,000 unrestricted
deposits. Of the five banks, one, with $433,000 frozen and $135,000 unrestricted deposits, had had reorganization plan approved; three, with $494,000
frozen and $85,000 unrestricted deposits, had had reorganization plans diaapproved, and one, with $505,000 frozen and $24,000 unrestricted deposits,
had reorganization plan under consideration.
Nebraska.
Nebraska had 128 licensed National banks on Oct. 16 1933, with aggregate deposits of $155,742,000. On the same date there were 14 unlicensed
National banks in Nebraska, with $4,584,000 frozen and $471,000 unrestricted deposits. Of the 14 banks, five, with $2,322,000 frozen and $212,000
unrestricted deposits, had had reorganization plans approved; five, with
$1,328,000 frozen and $177,000 unrestricted deposits, had had reorganization
plans disapproved; three, with $780,000 frozen and $70,000 unrestricted
deposits, had reorganization plans under consideration, and one, with
$154,000 frozen and $12,000 unrestricted deposits, had no reorganization
plan
Nevada.
Nevada had seven licensed National banks on the 16th of October, with
deposits of $10,417,000. There were no unlicensed National banks in
total
this State on that date.
New Hampshire.
New Hampshire had 49 licensed National banks on Oct. 16 1933, with
total deposits of $50,438,000. At the same time, there were four unlicensed
National banks in this State-all of whose reorganization plans had been
approved-with frozen deposits of $4,747,000 and unrestricted deposits of
$150,000.
New Jersey.
New Jersey.had 218 licensed National banks on Oct. 16 last, with aggregate deposits of $571,696,000. On the same date there were 35 unlicensed
National hanks in this State, with $39,664,000 frozen and $3,242,000 unrestricted deposits. Of the 35 banks, 22, with $30,217,000 frozen and
$2,332,000 unrestricted deposits, had had reorganization plans approved
five, with $4,919,000 frozen and $287,000 unrestricted deposits, had had
reorganization plans disapproved, and eight, with $4,528,000 frozen and
$623,000 unrestricted deposits, had reorganization plans under consideration.
New Mexico.
New Mexico had 24 licensed National banks on Oct. 16 1933, with total
deposits of $17,209,000. At the same time, there were two unlicensed National banks in this State, with $4,163,000 frozen and $26,000 unrestricted
deposits. One of the banks, with $3,621,000 frozen deposits, had had its
reorganization plan approved, while the other, with $542,000 frozen and
$26,000 unrestricted deposits, had had its reorganization plan disapproved.
New York.
New York had 428 licensed National banks on Oct. 16 last, with aggregate deposits of $3,679,091,000. On the same date there were 55 unlicensed
National banks in New York State, with $89,900,000 frozen and $3,202,000
unrestricted deposits. Of the 55 banks, 42, with $55,023,000 frozen and
$2,462,000 unrestricted deposits, had had reorganization plans approved;
11, with $11,322,000 frozen and $427,000 unrestricted deposits, had had
reorganization plans disapproved; one, with $1,356,000 frozen and $62,000
unrestricted deposits, had reorganization plan under consideration, and one,
with $22,199,000 frozen and $251,000 unrestricted deposits, had no plan.
North Carolina.
North Carolina had 38 licensed National banks on the 16th of the current
month, with total deposits of $41,214,000. At the same time, there were
five unlicensed National banks in this State, with $4,162,000 frozen and
$390,000 unrestricted deposits. Of the five banks, two, with $2,194,000
frozen and $85,000 unrestricted deposits, had had reorganization plans approved; two, with $971,000 frozen and $207,000 unrestricted deposits, had
had reorganization plans disapproved, and one, with $997,000 frozen and
$98,000 unrestricted deposits, had a plan under consideration.
North Dakota.
North Dakota had 68 licensed National banks on Oct. 16 1933, with aggregate deposits of $44,286,000. On the same date there were seven unlicensed
National banks in this State, with $1,220,000 frozen and $121,000 unrestricted deposits. Of the seven banks, one, with $484,000 frozen and $48,000
unrestricted deposits, had had its reorganization plan approved; five, with
$444,000 frozen and $45,000 unrestricted deposits, had plans disapproved,
and one, with $292,000 frozen and $28,000 unrestricted deposits, had plan
under consideration.
Ohio.
Ohio had 220 licensed National banks on Oct. 16 last, with total deposits
of $526,177,000. At the same time there were 39 unlicensed National banks
In Ohio, with $38,557,000 frozen and $2,624,000 unrestricted deposits. Of
the 59 banks, 27, with $23,718,000 frozen and $2,026,000 unrestricted deposits, had had reorganization plena approved; six, with $6,575,000 frozen
and $287,000 unrestricted deposits, had had plans disapproved, and six,
with $3,264,000 frozen and $211,000 unrestricted deposits, had plans under
consideration.
Oklahoma.
Oklahoma had 217 licensed National banks on Oct. 16 1933, with aggregate deposits of $231,237,000. On the same date there were seven unlicensed
National banks in this State, with $3,990,000 frozen and $255,000 unrestricted deposits. Of the seven banks, three, with $2,628,000 frozen and
$146,000 unrestricted deposits, had had reorganization plans approved;
3087
while four, with $1,362,000 frozen and $109,000 unrestricted deposits, had
had plans disapproved.
Oregon.
Oregon had 51 licensed National banks on Oct. 16 last, with total deposits
of $144,140,000. At the same time there were seven unlicensed National
banks, with $5,452,000 frozen and $319,000 unrestricted deposits. Of the
seven banks, four, with $4,903,000 frozen and $204,000 unrestricted deposits, had had reorganization plans approved; while three, with $549,000
frozen and $115,000 unrestricted deposits, had had plans disapproved.
Pennsylvania.
Pennsylvania had 618 licensed National banks on Oct. 16 1933, with total
deposits of $1,838,315,000. On the same date there were 117 unlicensed
National banks in Pennsylvania, with $164,128,000 frozen and $11,134,000
unrestricted deposits. Of the 117 banks, 83, with $109,981,000 frozen and
$6,640,000 unrestricted deposits, had had reorganization plans approved;
16, with $20,644,000 frozen and $1,141,000 unrestricted deposits, had had
plans disapproved, and 18, with $33,503,000 frozen and $3,353,000 unrestricted deposits, had plans under consideration.
Rhode Island
Rhode Island had 10 licensed National banks on the 16th of this month,
with total deposits of $35,207,000. There were no unlicensed National hanks
in Rhode Island on the date in question.
South Carolina.
South Carolina had 17 licensed National banks on Oct. 16 1933, with
aggregate deposits of $29,859,000. At the same time there were two unlicensed National banks in this State, with $1,582,000 frozen and $303,000
unrestricted deposits. One of the banks, with $73,000 frozen and $26,000
unrestricted deposits, had had its reorganization plan disapproved; while
the other, with $1,509,000 frozen and $277,000 unrestricted deposits, had
a plan under consideration.
South Dakota.
South Dakota had 63 licensed National banks on the 16th of October, with
total deposits of $41,475,000. On the same date there were six unlicensed
National banks in this State-all of whose reorganization plans had been disapproved-with total frozen deposits of $1,692,000 and unrestricted deposits
of $117,000.
. Tennessee.
Tennessee had 68 licensed National banks on Oct. 16 1933, with aggregate
deposits of $187,541,000. At the same time, there were seven unlicensed
National banks in this State, with $2,830,000 frozen and $206,000 unrestricted deposits. Of the seven banks, one, with $235,000 frozen and $5,000
unrestricted deposits, had had its reorganization plan approved; five, with
$1,770,000 frozen and $148,000 unrestricted deposits, had had plans disapproved, and one, with $825,000 frozen and $53,000 unrestricted deposits,
had a plan under consideration.
Texas.
Texas had 449 licensed National banks on Oct. 16 1933, with total deposits of $621,990,000. On the same date there were 17 unlicensed National banks in this State, with $5,285,000 frozen and $208,000 unrestricted
deposits. Of the 17 banks, five, with $1,102,000 frozen and $67,000 unrestricted deposits, had had reorganization plans approved; 10, with $893,000
frozen and $120,000 unrestricted deposits, had had plans disapproved, and
two, with $3,290,000 frozen and $21,000 unrestricted deposits, had no
plans.
Utah.
Utah had 14 licensed National banks on Oct. 16 last, with total deposits
of $37,200,000. At the same time, there was one unlicensed National bank
in this State, whose reorganization plan had been disapproved, with $385,000
frozen and $45,000 unrestricted deposits.
Vermont.
Vermont had 38 licensed National banks on the 16th of the current month,
with aggregate deposits of $38,453,000. On the same date there were six
unlicensed National banks in this State-all of whose reorganization plans
had been approved-with $4,931,000 frozen and $254,000 unrestricted
deposits.
Virginia.
Virginia had 127 licensed National banks on Oct. 16 1933, with aggregate
deposits of $212,669,000. At the same time there were eight unlicensed
National banks in this State, with $4,201,000 frozen and $379.000 unrestricted deposits. Of the eight banks, four, with $2,205,000 frozen and
$130,000 unrestricted deposits, had had reorganization plans approved;
two, with $1,472,000 frozen and $52,000 unrestricted deposits, had had
plans disapproved, and two, with $524,000 frozen and $197,000 unrestricted
deposits, bad plans under consideration.
Washington.
Washington had 70 licensed National banks on Oct. 16 last, with total
deposits of $190,498,000. On the same date there were eight unlicensed
National banks in this State, with $3,675,000 frozen and $277,000 unrestricted deposits. Of the eight banks, seven, with $2,887,000 frozen and
$246,000 unrestricted deposits, had had reorganization plans disapproved;
while the other, with $788,000 frozen and $31,000 unrestricted deposits,
had a plan under consideration.
West Virginia.
West Virginia had 64 licensed National banks on Oct. 16 1933, with aggregate deposits of $90,219,000. At the same time there were 17 unlicensed
National banks in this State, with $12,788,000 frozen and $1,516,000 unrestricted deposits. Of the 17 banks, 13, with $11,006,000 frozen and
$1,435,000 unrestricted deposits, had had reorganization plans approved;
three, with $1,636,000 frozen and $66,000 unrestricted deposits, had plans
under consideration, and one, with $146,000 frozen and $15,000 unrestricted,
had no plan.
Wisconsin.
Wisconsin had 86 licensed National banks on the 16th of October, with
total deposits of $280,221,000. On the same date there were 29 unlicensed
National banks in this State with $16,884,000 frozen and $1,478,000 unrestricted deposits. Of the 29 banks, 15, with $12,291,000 frozen and $955,000
unrestricted deposits, had had reorganization plans approved; 11, with
$3,536,000 frozen and $397,000 unrestricted deposits, had had plans disapproved; one, with $350,000 frozen and $82,000 unrestricted deposits, had a
plan under consideration, and two, with $707,000 frozen and $44,000 unrestricted deposits, had no plans.
Wyoming.
Wyoming had 25 licensed National banks on Oct. 16 1933, with aggregate
deposits of $28,315,000. There were no unlicensed National banks in this
State on that date.
Alakaa.
Alaska had four licensed-and no unlicensed-National banks on Oct. 16
last, with total deposits of $3,911,000.
Territory of Hawaii.
The Territory of Hawaii had one licensed-and no unlicensed-National
bank of Oct. 16 1933, with total deposits of $28,915,000.
In our issues of Oct. 21, page 2923, and Oct. 14, page 2756,
we made mention of those banks which had had their reorganization plans approved up to Oct. 10.
-6 Granted LiNational Banks Reopen
censes During 10 Days Ended Oct. 20-29 Additional Banks Have Reorganization Plans Approved.
During the 10 days ending and including Oct. 20 1933, a
total of six National banks consummated reorganization
plans and were issued a license to resume business or were
granted a charter for a new bank to take over the business
of the old bank, J. F. T. O'Connor, Comptroller of the
Currency,announced Oct. 26. Throughout the same period,
the Comptroller said, reorganization plans were approved
for 29 additional National banks. He added:
Additional
Frozen deposits of the six banks which reopened totaled $7,508,000 and
unrestricted deposits aggregated $524,000; while the 29 National banks to
have reorganization plans approved had frozen deposits of $31,952,000
and unrestricted deposits of $2,719,000.
Following is a list of the six banks which wera issued a license to resume
business or were granted a new charter between Oct. 10 and Oct. 20 1933:
Unrestricted
Frozen
Deposits,
Deposits.
Location and Name of BankNew Jersey.
$42,000
$459,000
Pedricktown-First National Bank
New York.
.
23,000
407,000
Montgomery-First National Bank
Ohio.
847,000
21,000
Dennison-Dennison National Bank
251,000
30,000
Pandora-First National Bank
$1,098,000
$51,000
4,100,000
238,000
Pennsylvania.
Sharon-First National Bank
Vermont.
1,438,000
Total.6 banks
170,000
87,508,000
St. Albans-Welden National Bank
$524,000
At the close of business Oct. 20 1933. there were 395 National banks in
the 48 States and the District of Columbia which had had their reorganization plans approved. Aggregate frozen deposits of these 395 institutions
totaled $422,017.000, and their unrestricted deposits amounted to $32,322,000.
The 29 National banks which had their reorganization plans approved by
the Comptroller of the Currency in the 10 days ending and including Oct.20
1933, are shown below, by States, with dates of approval and frozen and
unrestricted deposits:
Frozen
Unrestricted
Dale. Deposits. Deposits.
Location and Name of BankAlabama.
$23,000
Oct.20
Hartford-Hartford National Bank
Arkansas.
96.000
381,000
Oct.20
-Lee County National Bank
Marianna
Illinois.
30,000
'262,000
Oct. 17
Galva-Galva National Bank
116,000
Oct. 17 2,108,000
Du Quota-First National Bank
118,000
345,000
Oct. 17
Rochelle-Rochelle National Bank
• $2,713,000
$264,000
5771.000
1,788,000
$38,000
122,000
$2,559,000
$160,000
$444,000
$41,000
Oct. 13 $1,369,000
467,000
Oct. 17
375,000
Oct.20
$186,000
90,000
251,000
$2,211,000
$527,000
Oct. 17 51,356,000
$62,000
$420.000
4,968,000
$21,000
351.000
$5,388,000
$372,000
Indiana.
New Albany-New Albany National Bank
New Albany-Second National Bank
Oct. 16
Oct. 16
VIllieca-Villisca National Bank
Oct. 17
New Jersey.
Lakewood-Peoples National Bank
Clementon-Clementon National Bank
Ocean City-Ocean City National Bank
New York.
Ozone Park-Ozone Park National Bank
Ohio.
Paulding-Paulding National Bank
Toledo-First National Bank
Oct. 17
Oct. 16
Nebraska.
-Nebraska National Bank
Hastings
Pennsylvania.
Greensburg-First National Bank
National Bank
Narberth-Narberth
Mount Wolf-Union National Bank
Pottsville--Merchants National Bank
Philadelphia-National Bank of Olney
Hamburg-First National Bank
Codotous--Codorous National Bank
$897,000
$41,000
Oct. 17 56,527,000
430,000
Oct. 19
405,000
Oct. 11
Oct. 12 1,931,000
Oct. 13 1.200,000
1,021,000
Oct. 16
601,000
Oct. 16
$511,000
76,000
18,000
38,000
179,000
42,000
6,000
$12,115,000
$870,000
Tennessee.
Fayettevtile-Elk National Bank
Fayetteville-Farmers National Bank
Fayetteville-First National Bank
Oct.20
Oct. 20
Oct.20
$613,000
122,000
263,000
$45,000
23.000
77,000
8998,000
8145,000
Oct. 13
8275,000
816,000
Oct. 16
$750,000
$39,000
Oct. 12
Oct. 13
$390,000
1,452,000
$52,000
34,000
$1,842,000
286,000
Oct. 16
Texas.
Clarksville-First National Bank
West Virginia.
phliippl-FIrst National Bank
Wisconsin.
Waupaca-Old NatIonarBank
West Allis-First National Bank
Total,29 banks
Oct. 28 1933
Financial Chronicle
3088
$31,952,000 82,719.000
Recapitulation.
Unrestricted
Frozen
Deposits.
No. Dcprods.
372 8397,573,000830,127,000
Number of banks and deposits Oct. 10
Number of banks and deposits approved Oct. 10 to
31,952,000 2,719.000
29
Oct.20
401
Number of banks and deposits opened Oct. 10 to
6
Oct.20
8429,525,000832,846,000
395
$422,017,000532,322.000
Balance. Oct.20 1933
7,508.000
524,000
In our issues of Oct. 21, page 2923 and Oct. 14, page
2756, we gave previous lists showing those banks which have
had their reorganization plans and which have been licensed
to reopen.
Reopening of Closed Banks for Business and Lifting of
Restrictions.
Since the publication in our issue of Oct. 21 (page 2924),
with regard to the banking situation in the various States,
the following further action is recorded:
CALIFORNIA.
The directors of the Reconstruction Finance Corporation
have authorized the purchase of $25,000 preferred stock in
the Oilfields National Bank in Brea, Brea, Calif., a new bank
which succeeds the Oilfields National Bank of Brea. 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 on Oct. 26 approved a liquidating loan for $3,000,000 (upon the recommendation of the Deposit Liquidation Board) to the liquidating agent of the California Trust
& Savings Bank (Savings Department)of Sacramento, Calif.,
to provide for a 25% distribution to the depositors.
DISTRICT OF COLUMBIA
A liquidating loan for $1,850,000 was approved on Oct. 26
by the directors of the RFC (upon the recommendation of
the Deposit Liquidation Board, headed by C. B. Merriam)
to the receiver of the Commercial National Bank of Washington, D. C., to enable the payment by the receiver of a 30%
dividend to the depositors.
J. F. C. O'Connor, Comptroller of the Currency, in announcing on the same day(Oct. 26)that he had made application to President Roosevelt's Deposit Liquidation Board for
a loan for this bank, said:
This is the first closed bank in the United States for which a loan has
been granted by the Deposit Liquidation Board. The latter agency has
for its objective the releasing of 31,000,000,000 in closed banks, both
State and National throughout the nation.
Approval of the loan of $1,850,000 for the Commercial National Bank
here will insure to creditors in this institution-which closed Feb. 27 1933
-an additional dividend of 30% of their claims. Since they have already
been paid a dividend of 20% this will bring the total paid to 50%.
A consolidation of the Mount Vernon Savings Bank of
Washington, D. C., and the Washington Mechanics' Savings
Bank of that city, under which the depositors of the former
will receive $750,000, was approved on Oct. 23 by the
directors of the Mount Vernon Savings Bank, according to
the Washington "Post" of Oct. 24, which furthermore said:
Under the plan approved by directors of Mount Vernon Savings Bank
yesterday (Oct. 23), depositors of that institution will receive not less than
35% of their deposits on the opening of the merged institutions.
Under the plan, depositors of the Mount Vernon Bank also will be
called on for waivers, in which they agree that not more than 65% will be
trusteed and for which they will receive certificates indicating trusteed
balances. Waivers representing 75% of the total deposits of the bank
must be obtained.
Both banks also will sell an additional $200,000 worth of stock for the
consolidated institution at $20 per share. It will have a par value of
$10 and a surplus of $10.
ILLINOIS.
The State Bank of Richmond, Richmond, Ill., has been
authorized to reopen without restrictions by Edward J.
Barrett, State Auditor of Illinois, according to Chicago advices on Oct. 23 to the "Wall Street Journal."
The Belleville Savings Bank of Belleville, Ill., which had
been closed since the banking holiday in March, re-opened
on Oct. 21, according to the St. Louis "Globe-Democrat"
of Oct. 22, which added:
Contrary to expectations, officials reported, deposits exceeded withdrawals by from $25,000 to $30.000 in the three hours it was open. It
closed at noon for the week end.
During the time it was closed the bank was reorganized.
Total deposits are given as $1,900,000; assets, $2,557,000; surplus,
$150.000; reserve, $50,000, and capital stock, $300,000.
The re-opening of the First National Bank of Mascoutah,
on Oct. 23, is indicated in the following taken from the
St. Louis "Globe-Democrat" of Oct. 20:
Officials of the First National Bank, Mascoutah, Ill., yesterday (Oct.
19) announced receipt of a Federal license to re-open. The bank, closed
since March 4, will open Monday on an unrestricted basis.
KENTUCKY.
Owensboro, Ky., advices on Oct. 16 to the Louisville
"Courier-Journal" reported that the Central Trust Co. of
Ownesboro, which had been closed since Jan. 2 1932, had
3089
Financial Chronicle
Volume 137
reopened on that day "under reorganized management."
The reopening was the occasion for a brief program.
MASSACHUSETTS.
Louis H. McAloon, President of the newly organized
Community Savings Bank of Lawrence, Mass., which took
over part of the assets of the closed Lawrence Trust Co.,
announced on Oct. 19 that he had received approval from
State Bank Commissioner Arthur Guy of Massachusetts to
pay an interest dividend at the rate of 3% on all deposits in
in the banks, both restricted and unrestricted, for the four
months ended Sept. 30, according to advices from Lawrence
to the Boston "Herald" on Oct. 19. This dividend was
credited to the depositors on Oct. 16, it was stated.
MICHIGAN.
According to the "M chigan Investor" of Oct. 21, representatives are completing the organization of the new
Farmers' & Merchants' National Bank at Benton Harbor,
Mich., following the approval of the new bank's charter
and subscription of $75,000 in preferred stock by the Reconstruction Finance Corporatiori. The "Investor" furthermore said:
The new institution will succeed the old Farmers' & Merchants' National
Bank & Trust Co., which remained closed following the National and State
moratoriums last March. The new bank has been capitalized at $150.000.
$75,000 in preferred stock held by the Government. There is also $30,000
in surplus.
Opening of the new bank will make avalable $1,012,000. representing half
the total deposits in the old institution. The remaining 50% will go into
trust by an agreement approved by the depositors.
The Equitable Trust Co. of Detroit, Mich., opened on
Oct. 16 under the control of its board of directors for the
first time since Fe b.11. In reporting the matter,the Detroit
"Free Press" of Oct. 18 said in part:
The reopening is under a plan which was approved by William A. Comstock. Governor. and Rudolph E. Reichert, Banking Commissioner, on
Aug. 28. This plan provides for the issuance of certificates of indebtendes.s
to present creditors to be paid out of the assets of a newly created trust as
these assets are liquidated. Additional capital for the operation of the
company was provided by an issue of preferred stock..
New executives of the company are as follows: Thomas Neal, Chairman
of the Board; M. W. Neal, President; Ralph S. Lane, Senior VicePresident and Treasurer; Oliver D. Marcks, Senior Vice-President and
Secretary.
Thomas Neal continues in his position as Chairman of the Board. M.
W.Neal and Ralph S Lane had been operating the company as conservators
for the past six months. Oliver D. Marcks has been with the company
for a considerable period of time as Vice-President and Trust Officer.
The First State Savings Bank of Otsego, Mich., reopened
recently with A. W. Harty, formerly conservator of the institution, as Cashier. In the near future it is planned for
the reopened bank and the Citizens State Savings Bank of
the same place to consolidate. The "Michigan Investor"
of Oct. 21, from which the foregoing is learnt, went on to
say:
A pay-off of $20,024 is being made to depositors. 10% will be paid in
-year certificates.
cash and the rest in 5
The Citizens State Savings Bank reopened some time ago. Within a
month a State bank examiner will begin preparations for a consolidation of
the two banks. Officers of the First State Savings are William Drew.
President, and M. S. Rogers, Vice-Preeddent.
That the Bank of Stephenson, Stephenson, Mich., was
to reopen for business on Oct. 16 under authority of the
Michigan State Bank Commission, was noted in advices
from Menominee, Mich. to the Milwaukee "Sentinel" on
Oct. 15. The dispatch continued:
The bank has been reorganized and the new management will replace the
custodian, M. A. Nadeau, who will again serve as the bank's Cashier.
The bank, closed to protect depositors when circumstances beyond
control of the bank's officers depreciated values of farms and produce on
which the bank depends chiefly for its business, has avoided receivership
and there is strong confidence in Stephenson that the bank will re-establish
its liquidity under terms of a trust fund agreement entered into by the
depositors.
We learn from the "Michigan Investor" of Oct. 21 that
the National Bank of Ypsilanti, Ypsilanti, Mich., a new
bank which succeeds the First National Bank of that place,
closed since the Michigan bank holiday in February, opened
last week. The establishment of the new bank was accomplished after a depositors' committee had been working since
June 15 last. The paper mentioned continued in part:
Pay-off of 30% in deposits was started immediately and approximately
$700,000 will be distributed. The opening took place a day late because
of delay in the final approval by Government inspectors.
The National Bank of Ypsilanti is capitalized at $130.000, of which
$90,000 has been subscribed by local residents and the balance by the
Reconstruction Finance Corporation. The RFC also extended a loan
against the frozen assets of the old bank to premit the pay-off.
The now bank is headed by W. E. Bassett as President. E. J. Doran
is Vice-President, and Walter 0. Sturm, Cashier. It is the sixth national
bank to open in Michigan since the bank holiday.
Announcement that a new National bank is being formed
in Lansing, Mich., to take over tha liquid assets of the closed
Capital National Bank of that city, which has been in the
hands of a conservator since the banking holidays, was made
on Oct. 20 by R. H. Scott, President of the Reo Motor Car
Co., and Chairman of a depositors' committee. Lansing
advices on the date named to the Chicago "Tribune," from
which this learnt, continuing said:
Scott indicated that a 40% payoff to depositors of the old bank will be
possible when the new institution is opened. Under the plan announced,
the new bank will have a capitalization of $700,000. half to be subscribed
by the Federal Government and half locally, largely through sales to.
present depositors.
A loan of $2.500,000 has been approved by the Reconstruction Finance
Corporation, it was stated, some of which will be used for the payoff.
Byron L. Ballard, local attorney and another member of the depositors
group, has been In Washington during the last week arranging for the loan.
The depositors' committee of the Guardian National Bank
of Commerce, of Detroit, Mich., (one of the two closed
National banks in that city) is assured of the support of
75% of the depositors in a plan to be drafted to effect the
reopening or a large payoff by the bank, according to Henry
A. Montgomery, counsel for the committee. Detroit advices to the "Wall Street Journal" yesterday, from which
this is learnt, continued as follows:
Written proxies have been received by the committee from practically
all of the large industrial concerns, including the Ford Motor Co., which
has a total deposit liability in the Guardian of more than 323,000.000,
he stated.
Montgomery said that the committee would be satisfied with an immediate payment by Guardian of an additional 40% with the eventual payment
of 100%.
It is expected that a depositors' plan will be submitted to Washington
before the contemplated payoff of an additional 20% is made.
Receivers of the First National Bank-Detroit and the Guardian National
Bank of Commerce will be prepared to pay depositors additional funds by
Nov. 15. Loans to be made by the RFC will permit a payoff of 10% to
First National depositors and 20% to Guardian depositors.
Former directors of the Union Guardian Trust Co., of
Detroit, Mich., received formal notice on Oct. 21 of a 100%
stock assessment. The levy was ordered by George H.
Kirchner, conservator of the trust company, on order of
R. E. Reichert, State Banking Commissioner. In reporting
the above, the Detroit "Free Press" added:
Directors of the company each held 10 qualifying shares at a par value
of $100 each. The company was a unit of the Guardian Detroit Union
Group, Inc., and the holding company controlled the majority of the stock.
Directors were instructed to make payment immediately to Mr. Kirchner.
Concerning the affairs of the Grand Rapids Trust Cb. of
Grand Rapids, Mich., the "Michigan Investor" of Oct. 21
carried the following:
The Grand Rapids Trust Co. has severed its affiliation with the GuardianDetroit Union Group, and now is in complete ownership of its stock. Joseph
H. Brewer will continue as President, James R. Hooper, Vice-President
and Trust Officer, and the following Vice-Presidents: Lee M. Hutchins.
Alexander W. Hompe, Paul Steketee, Frank G. Deane and Lee W. Finch.
MISSOURI.
The Kansas City "Star" of Oct. 22 stated that the opening
of the new Missouri Bank & Trust Co. ot Kansas City, Mo.,
as a successor to the Missouri Savings Bank & Trust Co.,
would take place the next and be accompanied by the release
of $886,000 to slightly more than 7,000 depositors. D. R.
Harrison, former State Finance Commissioner for Missouri,
heads the new institution and the other officers are: Watt
Webb Jr., Vice-President and Cashier; E. C. McKissick,
Vice-President; J. W. Kessinger, Trust Officer, and Jesse A.
Buxton, Assistant Cashier. The paper mentioned went on
to say:
The new bank's balance sheet at the opening will show assets of $1.331,000. dividend $1,113,000 cash. $200,000 in loans and discounts, and
$18.000 in Government and municipal bonds. The bank will have a capital
of $200,000, a surplus of $40,000 and the initial deposits, the bank's only
liability, will be $1,091,000.
The new institution will maintain savings, trust and safe deposit
departments.
To accomplish to-morrow's opening on schedule involved almost unceasing work the last 72 hours on the part of Arthur Mag,attorney both for the
depositors' committee and the special representative of the State finance
department; Mr. McKissick. who will be in immediate charge of liquidating the old bank's assets; etrank Hodges, manager of the Kansas City branch
of the RFC.and Carl V. Rice, the RFC counsel here.
The release to-morrow will be on the basis of 40% of deposits as of
March 2 1933. A 5% release was made when the old bank was carried on
in charge of Me. Webb as special representative of the State Finance
Department. A small additional release may be made within the next
year, but recovery will await the liquidation of the old bank's assets securing a $1,325,000 RFC loan. In this liquidation Mr. McKissick will work
in conjunction with the RFC and the liquidation trustees. I. P. Ryland,
Mr. Webb and Gould F. Beach. The old assets are largely in real estate
and real estate mortgages, where enhancement over present values is
counted to aid In liquidation. The new bank, itself, will own no real estate,
even occupying the quarters at 920 Walnut Street under lease.
NEW JERSEY.
Reopening of the Clementon National Bank of Clementon.,
N. J., on Dec. 1 next is indicated in the following dispatch
from that place on Oct. 24, printed in the [Philadelphia
"Ledger":
Alfred J. Ware,conservator of the Clementon National Bank, announced
to-day that a committee delegated to arrange for the bank's reopening
is making plans to throw open the doors of the institution on Dec. 1.
With reference to the affairs of the First National Bank
of Edgewater, N. J., we learn from the "Jersey Observer"
of Oct. 24, that Benjamin C. Warner, conservator of the
3090
Financial Chronicle
Oct. 28 1933
institution, in a statement reported that the 1,000 shares of
stock in the proposed new bank had been oversubscribed
and that the application for a new charter had been made.
The "Observer" added:
operation because of the fact that sufficient consents from
depositors had been received to make it possible. The
Toledo "Blade," authority for the above, continued as
follows:
Mr. Warner is confident of an early opening of the new bank within the
next few weeks. All but one of the seven directors have been secured.
Mr. Rorick said the State Banking Department has been informed of
the success of the campaign which the bank has been conducting with its
stockholders and depositors for several months and has been requested to
make the special examination of the books and agreements which is necessary to the reopening Nov. 1.
"More than 95% of all depositors have consented to the plan," Mr.
Rorick said. "It has been gratifying to all the officers, directors and
members of the depositors' committee to have the fine co-operation that
has been evidenced throughout the campaign. We have had no opposition. A few depositors who have not signed cannot be reached."
The bank has been operating on a 5% basis since the bank holiday,
March 1.
Under the plan accepted by depositors, 473 % in addition to the 5%
which has been available since March 1 of original accounts will be immediately available. Depositors will receive the balance of their accounts
in certificates of participation in the depositors' trust which is designed to
provide an orderly liquidation of that portion of the bank's assets under
depositor control.
The bank's capital will be scaled down to $300,000. The plan provides
that accounts of less than $25 will be paid in full. There are 1,843 such
accounts, Mr. Rorick revealed.
Under the plan principal stockholders have posted a special trust fund
of $900,000 in bonds to secure all double liability claims which might accrue
on the $600,000 of original outstanding capital stock and to insure full
100% payment of the certificates of participation. This fund is in addition
to the assets set aside for the certificates.
Members of the depositors' committee are Ira C. Taber, B. It. Baker,
Frank H. Geer, Edward W. AJler and Grant Williams. The bank, officials
believe, is the only State bank in Ohio which has been permitted to operate
since the bank holiday on a restricted basis without a conservator.
Federal Judge William Clark on Oct. 25 approved the
sale of assets of the defunct Orange National Bank of Orange,
N. J., to the newly organized First National Bank of Orange
which will take over the building and business of the old bank.
The terms provide that the new bank will settle 55% of the
liabilities of the old institution as payment for the assets.
This will mean that $2,000,000 will be available for depositors
on Nov. 15, when the new bank opens at 284 Main Street,
Orange. The Newark "News" of Oct. 25, from which the
foregoing is taken, went on to say:
The transaction was made possible by a loan of $1,650,000 to the old
bank from the RFC. As a result, the assets of the old bank will include
that much cash in place ofsecurities and other assets of the "frozen" variety.
No one made an objection to-day (Oct. 25) at the public hearing before
Judge Clark. The order was requested by J. Henry Harrison, representing
the Comptroller of the Currency. A Federal conservator has been in charge
of the bank since last Spring.
The old bank had deposits of 33.900.000.
NEW YORK STATE.
John T. Brook, President of the Pelham National Bank,
Pelham, N. Y., from 1926 to 1932, was arrested on Oct. 23
at his home in the Peldean Court Apartments in connection
with a civil suit based on his administration of the bank.
In default of $25,000 bail, Mr. Brook was confined in the
county penitentiary at East View, N. Y. The suit charges
misconduct, neglect and fraud in Mr. Brook's handling
the bank's funds. The order for his arrest, signed by
Justice Joseph Morschauser of the Supreme Court, was
obtained by Warner Pyne, receiver for the bank, who has
instituted a civil suit against Mr. Brook to collect on the
bank's behalf $100,000 damages for the manner in which
the former President allegedly made free with the depositors'
money and to recover some of the bank's deficit of $862,000.
A dispatch from East View to the New York "Herald Tribune" on Oct. 23, from which the foregoing is taken, went on
to say:
Mr.Pyne charges that the former President used bank funds for his Wall
Street speculations. Between 1928 and 1932, Mr. Brook, it is charged,
used as high as $14,000,000 for his operations on the New York Stock
Exchange. His income tax returns for these years revealed that he lost
in the market a total of $140,000. In the year 1932 his returns showed a
profit of just $43 from market speculation.
The Pelham National Bank is the only bank in Pelham. When it closed
during the national banking moratorium ordered in March by President
Roosevelt, it owed depositors $1,200,000. At the present time its deficit is
$862,000, and Mr. Pyne hopes to reduce this by recovering what he can
in his suit against Mr. Brook.
The complaint states that Brook owned 687 shares of the bank stock
registered in the name of himself and the members of his family. It Is
alleged that the banker operated numerous private concerns, 16 of which
are mentioned. They include real estate, lumber and building and loan
corporations.
In connection with the loan companies, it is alleged that he defrauded
the bank of profits and destroyed confidence in the bank by diverting loan
business to his companies through third parties. It is alleged that he
wilfully, wrongfully and fraudulently was guilty of such actions that the
bank was deprived of upward of $100,000. It further is alleged that in
order to obtain money to pay for his stock speculations Brook sent out
securities of the bank to his brokers and had financially irresponsible persons, including his son Thomas, and employees of his private corporation,
execute notes to the bank to cover the withdrawal of securities.
Mr.Pyne also accused Mr. Brook of having profited at the expense of applicants who came to his bank for loans. He is said to have sent them to
one of his dummy corporations, where they succeeded in obtaining loans, but
only at excessive interest rates.
The Paldean Court Apartments building, where Mr. Brook lives, is one
of a group of ten apartment houses which he formerly owned. He is now
bankrupt.
OHIO.
A dispatch from Akron, Ohio, to the Cleveland "Plain
Dealer" on Oct. 18 had the following to say regarding the
status of the closed First-Central Trust Co. of Akron:
Leaders in the movement to reorganize the closed First
-Central Trust Co.
as a going Akron bank to-night saw in the liberalization of Reconstruction
Finance Corporation loan terms a decided impetus to plans for getting the
bank reopened.
An increase of$1,500,000 in the reorganization loan was authorized to-day
by the RFC Board at Washington, bringing the total commitment to $25,000.000.
At Washington, according to advices. officials said that a 25% initial
dividend was expected to be possible.
The increased loan, like the original grant, is condtioned upon the
establishment of "an open bank in Akron."
Previously, it had been regarded as likely that the first payment to
depositors would be 20%.
There still remains approximately $4,500.000 of the needed 85% of
deposits to be signed up to make the reorganization plan effective, it was
said to-night. First list of approved claims is to go to Common Pleas
Court at an early date.
The Spitzer-Roriek Trust & Savings Bank of Toledo, 0.,
plans to resume full operations on Nov. 1. Horton C.
Rorick, President of the institution, stated on Oct. 19 that
that date had been fixed by the officers of the bank for full
PENNSYLVANIA.
The reorganized First National Bank of Canonsburg, Pa.,
opened on Oct. 24,freeing more than $1,200,000 in deposits.
The institution is capitalized at $200,000 and has a surplus
of $50,000. The Pittsburgh "Post
-Gazette" of Oct. 24,from
which the above information is obtained, continuing said:
George D. McNutt, President and conservator of the old bank, has
been elected President of the new institution and also will remain in charge
of the old bank's affairs until liquidation is completed. The old bank
had more than $2,000,000 deposits when it closed during the bank holiday.
The new First National at Canonsburg has been ready to open for a
month, following sale of $250,000 worth of stock, but technicalities in the
reorganization caused delay. About $223.000 of the freed deposits will be
paid to the bank for stock sold to depositors in reorganizing, which deal
makes it, in effect, a depositor's bank
Associated Press advices from Harrisburg, Pa., under
date of Oct. 24, stated that charters had been issued by the
Pennsylvania State Banking Department for two institutions
which had been operating on a restricted basis since March
last, namely the West Branch Trust Co. of Williamsport,
which replaces the former Lycoming Trust Co., and the
Peoples' Bank of Newcastle, succeeding the former Peoples'
Savings & Trust Co. of Newcastle.
Harrisburg, Pa., advices on Oct. 20 to the Philadelphia
"Ledger" on Oct. 20 stated that the Pennsylvania State
Banking Department on that day had approved plans of
11 State banks, now operating on a restricted basis, for
complete opening. The 11 institutions were named as
follows:
American Bank & Trust Co. of Hazleton.
Brentwood State Bank. Brentwood.
Citizens Bank of Bowmanstown, Bowmanstovrn,
First Bank & Trust Co., Jeannette.
The Gosztonyi Savings & Trust Co., Bethlehem,
Imperial State Bank, Imperial.
Mechanicsburg Trust Co.. Mechanicsburg,
St. Clair Savings & Trust Co., Pittsburgh.
Trust Company of Glenrock, Glenrock.
Warren Savings & Trust Co., Warren,
Williams Valley Bank, Williamstown.
In announcing the list, Dr. Gordon, State Secretary of
Banking for Pennsylvania, said:
Among the restricted banks operating under the Sordoni Act which were
granted an extension on Sept. 30 1933, to enable them to further develop
satisfactory plans for reorganization, I wish to announce that these banks
have submitted plans which as of to-day (Oct. 20) have been approved
by the Department of Banking. It must be pointed out, however, that
before these banks can be reopened they must carry out the terms of the
plans which have been approved.
Of the 53 banks which on Sept. 30 received extension to operate under
the Sordoni plan, 29 to date have had their plans approved by the Department of Banking, 18 of them having been announced as approved on
Sept. 30. When, as and if the terms of these plans are consummated the
banks may be reopened.
The remaining 24 institutions have plans pending which as yet have
not been approved by the Department of Banking.
According to the Pittsburgh "Post-Gazette" of Oct. 24,
stockholders of the Brentwood State Bank of Pittsburgh
were to meet yesterday (Oct. 27) to vote on reorganization
plans, which the Pennsylvania State Banking Department
had approved. The paper mentioned continued:
Absorption of 100% of old deposits of the bank, which has been operating
on a restricted basis since the bank holiday last March, is contemplated
in the reorganization plans, according to John IC. Blair, Cashier. Sale of
$50,000 worth of stock in the new institution is proposed in the reorganization plans.
WISCONSIN.
In regard to the affairs of the City National Bank of
Oshkosh, Oshkosh, Wis., a dispatch by the Associated Press
from that place on Oct. 17 contained the following:
Volume 137
Financial Chronicle
A Federal charter for the new Oshkosh National Bank has been issued
and the institution will open for business Oct. 23, according to announcement to-day (Oct. 17) by A. C. Kingston, former State Banking Commissioner, who will be President. The opening will realease more than $1,750,000, representing 70% of the claims filed by depositors of the former City
National Bank of Oshkosh, which closed in January.
The raising of local capital for the reorganization of the
First National Bank of West Allis, Wis., has been started,
according to an announcement made Oct. 17 by Frank Gross
Jr., of the committee in charge of the work. The Milwaukee
"Sentinel" of Oct. 18,from which this is learnt, continuing
said:
The reorganization plan, approved some time ago by 0. L. Hollister,
conservator, has just been accepted by the Comptroller of the Currency at
Washington, according to Mr. Gross. The plan contemplates establishment of a new bank which will pay 25% of old depositors upon opening.
Assets not accepted will be liquidated by a receiver.
The new bank will have $100,000 capital and $25,000 surplus. Half the
capital, common stock, Is to be raised locally, while an equal amount of
preferred stock will be purchased by the Reconstruction Finance Corporation. H. P. Hurley is Chairman of the reorganization committee.
3091
Pennsylvania bar. The following year he came to New York
and was admitted to the New York bar after entering the
law firm of Sherman & Sterling. He left this firm to enter
the Title Guarantee & Trust Co. of which he shortly after became Secretary. In 1901 Mr. Bright became Vice-President
of the Lawyers Title Insurance Co. of New York, which
afterward became the Lawyers Title & Trust Co. He advanced to the office of President, serving in that capacity
from 1912 to 1925, when there was a division of the company
into the Lawyers Trust Co. (now the Lawyers County Trust
Co.) and the Lawyers Title & Guaranty Co. He was President of both institutions until last March when he was
elected Chairman of the Board of the latter. Mr. Bright was
also Vice-President and director of the Alabama, Tennessee
& Northern R. R. Corporation, President and director of the
Lawyers Realty Co. and Liberty Place Holding Co., and a
director of Lawyers Westchester Mortgage & Title Co.
The Gavitt National Bank of Lyons, Lyons, N. Y., capiwas placed in voluntary liquidation on
talized at $100,000,
New York Bank Conference Committee
Oct. 16. The institution was absorved by the Lyons National
Elects Officers.
Conference, a committee of Bank of the same place.
The Bank Management
representatives of New York Clearing House member banks,
The New York State Banking Department recently
announced on Oct. 23 the election as Chairman of John approved a reduction in the capital of the Union Trust Co.
Chase National
J. Lendrum, Assistant Cashier of The
of Rochester, N. Y., from $5,000,000 to $3,000,000 and a
Bank of New York; Gilbert Yates, Treasurer, Chemical reduction of the par value of shares from $50 per share to
-Chairman, and Arthur
Bank & Trust Co., was elected Vice
$30 per share.
Vogt, Assistant Secretary of The Guaranty Trust Co.,
The Comptroller of the Currency on Oct. 17 issued a charwas elected Secretary.
This conference group of New York bankers, which has ter for the Groveton National Bank at Groveton, N. H. The
met regularly since 1917, studies problems common to local new institution succeeds the Coos County National Bank of
bank management and operation and makes recommenda- Groveton, and is capitalized at $50,000, consisting of $25,000
tions to the Clearing House for increasing the economy, preferred stock and $25,000 common stock.
efficiency and uniformity of inter-bank operations.
George B. Wason, Chairman of the Board of the Pilgrim
Trust Co. of Boston, Mass., and prominent in financial
NEWS ABOUT BANKS, TRUST COMPANIES, &C. circles in that city, died at the Deaconess Hospital, BrookArrangements were made Oct. 25 for the transfer of a line, Mass., on Oct. 14 after a brief illness. The deceased
New York Stock Exchabge membership at $115,000. The banker was born in New Boston, N. H.,in 1869 and received
previous transaction was at $120,000 on Oct. 20.
his education at the Nashua High School and Wilbraham
Academy. As a young man he entered the grocery business,
A membership on the Chicago Board of Trade was trans- joining the Wason-Pierce Co. of which he became a member
$1,000 over the last and subsequently active head of its
ferred Oct. 25 at ,000, an increase of
successor, the Wason
previous sale.
Co., with which he continued to be associated until 1918.
In 1907, Mr. Wason had entered the banking field,
Alexander Converse Morgan, retired member of the New
the age of 84 years. becoming President of the Liberty Trust Co. of Boston, an
York Stock Exchange, died on Oct. 23 at
He was formerly head of the brokerage firm of A. C. Morgan office he held until 1928 when the bank was consolidated with
& Co., which was discontinued soon after Mr. Morgan sold the Beacon Trust Co. He then became a Vice-President of
his seat on the Stock Exchange in 1929. Mr. Morgan, who the latter, and upon the formation of the Pilgrim Trust Co.
was a second cousin of the late J. P. Morgan, began his the present year was elected Chairman of the Board of
career in the brokerage firm of his uncle, the late Henry T. Directors of the new institution. Mr. Wason was also a
Morgan. Following his uncle's death the firm became A. C. Vice-President of the North Avenue Savings Bank in Cambridge. He was a member of the Governor's council during
Morgan & Co.
the administrations of former Governor's McCall and
Guaranty Trust Company of New York announces the ap- Coolidge and at the time of his death, a member of the
pointment of Theodore P. Barber as an Assistant Secretary. Metropolitan District Commission, an office he had held
since 1920.
Bernhard A. Duis, Vice-President of the National City
Bank of New York, and an authority on foreign exchange,
died on Oct. 18. Mr. Duis was 58 years old. He was born in
Emden, Germany, and spent the early part of his business
life in Europe, principally in London. Coming to the United
States in 1901 he became connected with the foreign exchange department of the National City Bank. Mr. Duis resigned from that post in 1903, and became assistant manager
of the foreign department of the International Banking Corporation, formed in that year to develop American trade in
the Far East. He later became manager and held that position until December 1917, when the National City Bank acquired control of the Corporation. Mr. Duis was selected as
manager of the foreign department of the bank and in 1920
was elected a Vice-President of the institution. At the end
of 1927 he resigned in furtherance of a desire to retire from
active business. Following a pleasure trip around the world,
Mr. Duis returned to the National City in October 1931, and
again was elected a Vice-President.
Louis Victor Bright, Chairman of the Board of the Lawyers Title & Guaranty Co. and the Lawyers Title Corporation, and Chairman of the trust committee of the Lawyers
County Trust Co., all of New York, died of a heart attack
on Oct. 23 at his office, 160 Broadway. He was 70 years old.
Mr. Bright graduated from the Harvard Law School in 1885.
He immediately entered the law office of George W. Biddle,
Philadelphia, and in the same year was admitted to the
At a meeting of the directors of the Seymour Trust Co. of
Seymour, Conn. on Oct. 16 William L. Ward, who had
been a Vice-President of the company since its opening 28
years ago, was advanced to the Presidency of the institution to succeed the late Clayton S. Boies; Clarence G.
Hummelle, heretofore Secretary, Treasurer and Assistant
Trust Officer, was made a Vice-President in lieu of Mr.Ward,
and Earl B. Boies, Assistant Treasurer, was named a trustee
to fill the vacancy caused by his father's death. Associated
Press advices from Seymour, reporting the above, added:
Other officers elected include: C. C.Cornforth, Vice-President and Trust
Officer; S. B. Church, Vice-President; Clarance G. Hummelle, Secretary
and Treasurer and Assistant Trust Officer and H. K. Crocker, Assistant
Secretary.
The First National Bank in Sharon, Sharon, Pa., was chartered by the Comptroller of the Currency on Oct. 14. The
new institution, which succeeds the First National Bank of
Sharon, is capitalized at $300,000. C. E. Brockway and F. C.
Shively are President and Cashier, respectively, of the new
bank.
According to the Philadelphia "Ledger" of Oct. 21,
Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania, on Oct. 20 announced payments to be made
to two closed Pennsylvania banks, namely the Peoples'
Trust Co. of Annville and the Carbondale Miners' & Mechanics' Savings Bank of Carbondale. We quote from the
"Ledger" as follows:
3092
Financial Chronicle
The 1.317 depositors of the Peoples Trust Co., Annville, will receive a
10% payment on Nov. 9 1933, amounting to $34,560. The depositors of
this bank have received four previous payments. Including the payment
just announced, these depositors have received $207,188. or 60% of their
deposits. The deposit liability of the bank is $345,613.
The Carbondale Miners' & Mechanics' Savings Bank, Carbondale, will
make a 5% payment to its 10.006 depositors on Nov. 6 1933. These
depositors have received two previous payments of 5% each. The bank
has a deposit liability of $2,662,453.
The merger of three small Virginia banks, located in the
Shenandoah Valley, the Weyers Cave Bank, Weyers Cave;
the Mount Sidney Bank, Mount Sidney, and the Bank of
-Rockingham Bank,
Grottoes at Grottoes, into the August
Inc., was approved on Oct. 21 by the directors of the three
institutions, according to Harrisonburg, Va., advices on that
date to the Washington "Post," which continuing said:
Stockholders of the three institutions will meet Nov. 6 to pass on the
action. It is generally understood the action of the directors will be approved.
This consolidation will give South Augusta and North Rockingham one
of the strongest rural banks in the Shenandoah Valley. It will have assets
of approximately $400,000.
The Weyers Cave Bank will serve as the parent institution, with Grottoes and Mount Sidney as branches. The three towns are only a few miles
apart. J. Givens Fulton Jr., of the Weyers Cave Bank, will be President,
with N. I. Ragey, also of Weyers Cave, as Cashier. H. A. Driver, of Mount
Sidney, and P. R. Cosby, of Grottoes, will be Assistant Cashiers in charge
of branohes.
The consolidation has been effected along lines to qualify the new institution for Federal deposit insurance, which becomes effective Jan. 1.
On Oct. 20 the First National Bank in Fairmont, Fairmont,
West Va., was chartered by the Comptroller of the Currency.
The new bank, which succeeds the National Bank of Fairmont, is capitalized at $400,000, made up of $200,000 preferred and $200,000 common stock. Melville L. Hutchinson
is President and W. S. Clark, Cashier of the institution.
The Comptroller of the Curr- ency on Oct. 14 granted a charter to the First National Bank of Dennison, Dennison, Ohio,
with capital of $60,000. The new institution succeeds the
Dennison National Bank. E. D. Moody is President and
H. J. Smythe, Cashier of the new organization.
We learn from Akron, Ohio, advices on Oct. 23 to the
"Wall Street Journal," that the Goodyear State Bank of
Akron, which was established by Goodyear Tire & Rubber
Co., August 1 last, in its condition statement as of Oct. 10
1933, shows total resources of $1,641,619. Checking deposits
amount to $1,384,068 and savings deposits to $99,543. With
$100.000 paid-in capital stock, and a surplus of $30,000, its
undivided profits, less expenses, interest and taxes were
$13,149.
A. B. Taylor, former President of the Lorain County
Savings Bank of Elyria, Ohio, was reinstated as head of the
institution by a vote of the directors on Oct. 10 and resumed
the leadership of the bank at once under the title of Executive
Manager. Mr. Taylor had retired nearly three months
previously when the institution was granted a license, to
reopen by the Ohio State Banking Department. S. H.
Squire, who was made President upon Mr. Taylor's resignation, retained his title under the new arrangement. Advices
from Elyria, appearing in the Cleveland "Plain Dealer,"
from which the foregoing is learnt, added:
Mr.Taylor Is nationally known in banking circles, having served as President of the Ohio Bankers' Association in 1928-29 and as Chairman of the
Bank Management Commission of the American Bankers' Association in
1932-33.
Edward J. Barrett, State Auditor of Illinois, announced
on Oct. 16 that he had authorized the payment of a dividend
of 73.%, amounting to $39,400, to the depositors of the
Auburn Park Trust & Savings Bank of Chicago, according
to the Chicago "News" of that date, whidh also said:
This is the second dividend to be paid since the bank closed on June 9
1931, 10% having been paid previously.
Edward J. Barrett, State Auditor of Illinois, has authorJ.
ized the payment of a 5% dividend, amounting to $29,000, to
the depositors of the Glencoe State Bank at Glencoe, Ill.,
according to the Chicago "News" of Oct. 21 1933, which
added:
This is the third payment since the bank closed on June 23 1931, bringing
the total to 35%.
On Oct. 16 the Comptroller of the Currency issued a charter to the First National Bank in Columbia, Columbia, Ill.,
capitalized at $50,000. The new bank replaces the First
National Bank of the same place. H. N. Kunz is President
and C. F. Hacker, Cashier.
Oct. 28 1933
The Comptroller of the Currency on Oct. 17 granted a charter to the First National Bank in Paxton, Paxton, 111. The
new bank, which is capitalized at $50,000, succeeds the First
National Bank of Paxton. S. Frederick is President and
D. A. Frederick, Cashier.
A charter was issued on Oct. 14 by the Comptroller of the
Currency to the Security National Bank of Cairo, Cairo, Ill.
The new bank has a capital of $100,000, consisting of $50,000
preferred stock and $50,000 common stock. Julius L. Harris
heads the institution, while M. F. O'Shea is Cashier.
The National Bank of Ypsilanti, Ypsilanti, Mich., was
granted a charter by the Comptroller of the Currency on
Oct. 17. The institution, which succeeds The First National
Bank of Ypsilanti, is capitalized at $100,000 consisting of
$40,000 preferred stock and $60,000 common stock. W. E.
Bassett is President and W. I. Sturn, Cashier.
The Oshkosh National Bank, Oshkosh, Wis., with capital of
$200,000, was chartered by the Comptroller of the Currency
on Oct. 16. The institution is headed by A. C. Kingston, with
Henry Zentner as Cashier. It succeeds the City National
Bank of Oshkosh.
Effective Oct. 12 last, the F- irst National Bank of Mapleton, Iowa, capitalized at $50,000, was placed in voluntary
liquidation. The institution was taken over by the First
State Bank of Mapleton.
Henry M. Carpenter, Pres-ident of the Monticello State
Bank of Monticello, Iowa, and connected with the institution for 58 years, died in Monticello on Oct. 11, Mr.
Carpenter, who was 76 years of age, was born in Old Lyme,
Conn., but moved to Iowa with his parents as a child. He
entered the bank as Assistant Cashier at the age of 18
later was advanced to Cashier, and in 1910 made President
the office he held at his death.
The fourth dividend to the depositors of the First National
Bank of Brookhaven, Miss., which closed Jan. 12 1931, was
declared by the receivers of the institution on Oct. 14,
according to Brookhaven advices on Oct. 15, printed in the
New Orleans "Times-Picayune," which went on to say:
Disbursement was set at 5%, which amounted to $40,000. Other dividends were: January, 1932, at 10%; April, 1932, 10%; May, 1932,6%•
The Farmers' National Bank of Belton, Belton, Tex., was
Chartered by the Comptroller of the Currency on Oct. 20.
The new institution is capitalized at $50,000, consisting of
$25,000 preferred and $25,000 common stock, and replaces
the Belton National Bank. Owen P. Carpenter is President
and D. C. Keetch, Cashier.
Sir Harry GOschen, Chairma- n of the Board of Directors of
the National Provincial Bank, one of the "big five" that
dominate British finance, announced his resignation on
Oct. 20 because of ill health, according to United Press
advices from London on that date, which added:
The bank's deposits total £263,000,000 ($1,194.000.000).
William MacNamara Goodenough, a director of Barclays
Bank Limited, London, has been elected a director of
Barclays Bank (Dominion, Colonial and Overseas).
A condensed balance sheet of the Mitsui Bank, Ltd. (head
office Tokyo, Japan) as of June 30 1933, shows net profits
for the six months ending that date of 11,183,399 yen (including balance from last account of 5,455,248 yen and transfer from pension fund of 487,444 yen) which was allocated
as follows: 2,400,000 yen to pay dividend to shareholders;
1,000,000 yen added to reserve fund; 542,600 yen contributed
to pension fund, and 280,000 yen to pay a bonus, leaving a
balance of 6,960,799 yen to be carried forward to the current
half year's profit and loss account. Total assets are shown
In the statement as 902,461,521 yen, of which loans and discounts amount to 386,855,267 yen; Japanese and Foreign
Government bonds to 164,892,056 yen; municipal and other
bonds to 115,303,396 yen and cash in hand and at the Bank
of Japan, etc., to 57,740,999 yen. On the debit side of the
statement deposits are given as 696,962,436 yen, this being a
gain of 9,310,000 yen over those of six months ago, notwithstanding the closing of two branch offices of the bank, at
Shimonoseki and Nagasaki. The paid-up capital of the institution is 60,000,000 yen and its reserve funds and undivided profits aggregate 60,760,799 yen. Genyemon Mitsui
Is President of the bank, which was founded in 1683. The
New York agency is at 61 Broadway.
Volume 13'
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The trend of the market was sharply upward during the
fore part of the week, but prices slipped back on Thursday
as many leading shares yielded for losses up to 4 points.
Metal stocks were in active demand and alcohol issues moved
briskly forward. Industrials also have attracted considerable speculative buying and a number of the popular trading
favorites registered substantial gains before the trend turned
downward. Some liquidation has cropped out from time
to time, but was readily absorbed until Thursday when a
wave of selling in a comparatively dull market erased most
3
of the previous gains. Call money was renewed at 4 of
1% on Monday and continued unchanged at that rate
throughout the week.
The market turned acutely weak during the abbreviated
session on Saturday and new lows were recorded by many of
the active issues. The weakest spot was the liquor shares,
practically all of which were pressed for sale at sharply
declining prices. National Distillers at one time was down
about 8 points, American Commercial Alcohol at the close
was off 73% points and United States Industrial Alcohol
yielded about 55% points. Railroad stocks made small advances during the first hour, but were unable to hold their
gains and were substantially lower at the close, New York
Central, Delaware Lackawanna & Western and Baltimore
& Ohio being especially weak. Steel issues were heavy,
United States Steel com. moving into new low ground on
the reaction, followed by National Steel and others of the
group. Oil shares were lower,and while motor stocks showed
early resistance, they finally moved down with the rest of
the list. Public utilities, with the possible exception of the
telegraph and telephone shares, were slightly off on the day
and the specialties and mining stocks showed very little
-change. The outstanding movements on the side of the
decline included Air Reduction, 53% points to 923%; Allied
Chemical& Dye,8 points to 1203/2; American Car & Foundry,
3 points to 16; American Tobacco, 3 points to 74; Armour
Illinois pref., 43% points to 313%; Atlantic Coast Line, 33%
points to 273%, Auburn Auto, 33% points to 34; Brooklyn &
Queens Transit pref. (6), 78% points to 45; Celanese, 43%
points to 39; Delaware & Hudson, 33% points to 45; Homestake Mining, 97% points to 300; Johns-Manville, 43% points
to 433%; and West'Penn Electric pref., 63% points to 483%.
The buying rush on Monday speeded stocks upward from
2 to 8 or more points. Homestake Mining made one of its
spectacular jumps and added 40 points to its preceding close
and American Smelting & Refining forged ahead 7 points
at its top for the day. The upward reaction of the stock
market followed President Roosevelt's radio broadcast of
the previous night defining his dollar policy for lifting American price levels. Alcohol stocks showed strong recovery
and chemical issues registered large gains, Allied Chemical &
Dye standing out prominently in. group with an advance
the
of about 8 points. Railroad stocks also were strong as they
surged upward under the guidance of Union Pacific, which
had scored a gain of about 73% points at the end of the
session. The best advances of the day were American Hide
& Leather pref., 5 points to 30; American Sugar (2), 3 points
to 51; Armour Illinois pref., 53% points to 57; Cerro de Pasco,
%
4 points to 283 ; Dome Mines, 45/s points to 343%; International Business Machines, 53% points to 131; National Lead
5 points to 125; Owen Illinois Glass, 73% points to 74; Sears,
Roebuck, 43% points to 363%; Vulcan Detinning, 5 points to
44; United States Smelting & Refining, 10 points to 88, and
Wilson & Co., 5 points to 35.
An aggressive buying movement developed after midsession on Tuesday and sent many market leaders to higher
levels. In some parts of the list the uprush developed spectacular proportions, Homestake Mining adding 26 more
points to its 40 point advance of the preceding day and McIntyre Porcupine shooting ahead more than 6 points to 46.
The alcohol stocks also showed sharp gains, American Commercial Alcohol rising 23% points to 49, National Distillers
43% points to 873% and United States Industrial Alcohol
moving forward 33% points to 603%. Other strong stocks
were Alaska Juneau 43% points to 273%, Allied Chemical &
Dye 23% points to 130, American Smelting & Refining 6
points to 423/8, Devoe & Raynolds 6 points to 29, JohnsManville 33% points to 49, New York Central 33% points to
323%, Noranda 4 points to 353%, Reading Company 63%
points to 43, Union Bag & Paper 3 points to 39, United States
Rubber pref. 33% points to 233%, United States Smelting &
Refining 63% points to 943%, Western Union Telegraph Co.
3093
Financial Chronicle
to
4
33% points to 473 and Wilson Company pref. 63% points
41%.
Alcohol stocks led the advance on Wednesday as the
market continued its rise and many speculative favorites
jumped ahead from 1 to 5 or more points. The gains
covered a wide range of popular issues and the buying
included a much larger percentage of public participation
than has been in evidence for some time. Standard stocks
like United States Steel and American Tel. & Tel. were
particularly strong and railroad shares, which have been
under more or less pressure for some time, bounded back
to the side of the advance. Some selling was apparent from
time to time but this made practically no impression on the
strong upward trend and soon died down. The turnover
was particularly heavy and at times the tickers were unable
to keep up with the transactions on the floor. Prominent
among the gains were such active stocks as Air Reduction,
/
4
33 points to 1011 2; Allied Chemical & Dye,5 points to 155;
American Tel. & Tel., 33% points to 118; Bethlehem Steel
pref., 3 points to 54; J. I. Case Co., 53% points to 683%;
Checker Cab, 43% points to 21; Chili Copper, 43% points
4
to 15; Cuban American Sugar pref., 63 points to 24; Goodrich pref., 4 points to 353%; International Business Machines,
8 points to 138; Pure Oil pref., 4 points to 63; Union Bag &
4
4
4
Paper, 33 points to 423 ; United States Steel pref., 43
points to 63, and Norfolk & Western, 43% points to 1493%.
The sharp reaction on Thursday carried many leading
issues downward from 1 to 4 or more points. As the day
progressed, selling pressure increased. Gold shares, which
were the spectacular performers during the early part of the
week, moved down with the rest of the list, though Homestake Mining broke away and climbed upward 203% points
to 3213%. United States Steel was off about 2 points at its
low for the day and Amer. Tel. & Tel. closed with a net loss
of 33% points. Other pivotal issues were down about 2
points. Among the active stocks showing net losses at the
end of the session were Allied Chemical & Dye, 33% points
to 1313%; J. I. Case Co., 33% points to 643%; Detroit Edison,
33% Points to 59; Electric Auto Lite, 53% points to 75; Firestone pref. (6), 33% points to 713%; Hercules Powder, 33%
points to 473%; Shell Union Oil pref., 33% points to 54, and
Union Pacific, 23% points to 109.
Irregular price movements were apparent during the early
trading on Friday, but the list turned definitely upward
during the closing hour and numerous gains ranging from 1
to 6 or more points were scored before the close. Metal
stocks were again prominent in the advance, but there was
also a brisk demand for some of the speculative favorites
among the rails and industrial shares. The gains at the close
included among others, Allied Chemical & Dye, 23% points
to 134; American Ice pref., 55% points to 443%; J. I. Case Co.,
23% points to 67%; Crown Cork & Seal, 23% points to 393%;
Union Bag & Paper, 3 points to 44; United States Rubber,
3
4
4
23 points to 26; United States Smelting & Refining, 2
points to 963%, and Vulcan Detinning, 2 points to 46. The
market was farily strong at the close and prices were above
the low for the day.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY.
Week Ended
Oct. 27 1933.
State,
Railroad
Stouts,
Number of and Miscell. Municipal &
Porn Bonds.
Bonds.
Shares.
1.260.160
2,127,440
2,112,990
2,878,340
1,222,940
1,106.790
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
.r...1
In NW AAA
31,235,000
2,079,500
2,724,000
2.924,000
2,918.500
3,542.000
nnn
.
21A 291nnn
tqg ARA
1932.
1933.
Stocks-No,of shares_
Bonds.
Government bonds _
State dr fomign bonds_
Railroad & misc. bonds
$504,000
1.633.000
3,045,000
1,435,000
1,223,000
1,974,500
SO 212
Ann
34.996.000
9,102,500
12.024,500
11,681,100
10,082,500
10.837,500
SAR 792
nnn
Jan. Ito Oct. 27.
Week Ended Oct. 27.
Sales al
New York Stout
Exchange.
Total
33,257,000
5,390.000
6,255,500
7,322,00'
5,941,000
5,321,000
Total
Bond
Sales.
United
Stales
Bonds.
1932.
1933.
10,708,660
3,873,552
583,309,230
39.814.500
15,423.000
33,486,500
34,453.900
13,240,000
23,657,000
$358,900,000
628,329,000
1,762,527,900
378,141,384
$516,151,350
637,688.100
1,394,450,000
$58,724,000 $41,350,900 $2,749,756.900 $2.548,289,450
DAILY TRANSACTI?IILILTLETONrILADELPHIA AND
BALTIMORE
Philadelphia.
Boston.
Week Ended
Oct. 27 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Frey, week revised
Baltimore.
Shares. Bond Sales. Shares. Bond Sala. Shares. Bond Sales.
18,866
34,707
30.076
46,499
20,013
3,398
34,150
150
1,250
1,000
1,000
11,528
18,237
20.910
21,055
13,575
3.540
$4,000
3,000
2.300
4.000
1,000
787
848
2.089
2,011
1,100
2,629
$14.000
20,000
13,000
5,000
153,559
37.550
88,845
$14,300
9,464
352.000
206,376
$23.250
226,932
$53,500
17,219
$26,100
3094
Financial Chronicle
THE CURB EXCHANGE.
Strong upward tendencies governed the movements of the
curb market during most of the present week. There were
occasional periods of irregularity and there were several brief
selling movements, but these had little effect on the upward
swing which was apparent throughout the week. Metal
shares, particularly the gold mining stocks, have been especially active and have generally taken the initiative inleading
the market upward. Industrial shares have attracted considerable attention at higher prices and oil shares have, as a
rule, moved with the leaders. The gains did not, however,
extend to all parts of the list except on Wednesday when
practically every group participated to some extent in the
general advance.
On Saturday a firm tone ruled the trading the first half
of the session and gains ranging up to 3 or more points
were registered all along the line. As the day advanced
some of the early gains were canceled, but the market, for
the most part, closed above the finals of the preceding day
due largely to the brisk rally that developed in the last 15
minutes of the session. The advances were most pronounced in stocks like Singer Manufacturing Co. and Babcock
Wilcox, but the gains were more moderate in issues like
Glen Alden, Aluminum Co. of America and Swift & Co.
Liquor shares were under pressure with the possible exception of Distillers Seagrams which closed with a substantial gain. Oil shares were irregular and mining issues
made little change.
Gold mining stocks led the advance on Monday,President
Roosevelt's gold announcement and inflationary interpretation stimulating trading throughout the group. Newmount
Mining, for instance, at one time, was up about 7 points,
and substantial gains were recorded by Lake Shore Mines,
Pioneer Gold and Wright-Seagreaves. Oil shares were up
from fractions to a point or more and substantial gains were
recorded by other members of the liquor section. Alcohol
stocks were substantially higher, particularly Hiram Walker,
National Distillers (new)and Distillers Seagram. Induatrial
stocks were stronger and advanced under the leadership of
Aluminum Co. of America, which jumped 6 points to 56,
and Celanese prior pref., which gained 5 points to 90.
Gold stocks were again the outstanding strong issues on
Tuesday, though most of the other groups were quiet. The
movements of the public utilities were narrow and restricted
to a few popular trading favorites. Industrials were generally mixed, General Tire recording an advance of about 4
points while Pan American Airways dipped around 2 points.
Alcohol stocks were somewhat confused and uncertain because of the discussion in regard to the revenue taxes by the
State and Federal Governments, though a few issues like
Canadian Industrial Alcohol A and National Distillers showed
moderate gains. Oil stocks were fairly steady at about the
previous levels and Investment Trusts were little changed.
Practically all curb groups were strong and active on
Wednesday, though the oil stocks appeared to be somewhat
stronger than the rest of the list. The improvement in these
issues was due, in part, to the order of the Government
reducing permitted oil production to 2,180,000 barrels a day.
Industrial stocks also were strong, particularly shares like
A.0. Smith which jumped 5 points, Great Atlantic & Pacific
Tea Company and Parker Rust Proof. Gold mining shares
were again in demand but the gains were smaller. Alcohol
stocks moved within a narrow range though the final prices
were slightly higher than the preceding close.
Narrow price changes characterized the movements of the
curb market on Thursday, most of the gains running under
a point. Creole Petroleum was the outstanding strong stock
and made a new high for recent dealings as it moved up to 11.
Public utilities were effected to some extent by the further
reduction in Consolidated Gas dividend. Gold stocks were
quiet and slightly lower and so were the industrial shares.
The alcohol issues were mixed, National Distillers and
Hiram Walker being fractionally higher, while Distillers
Seagram was easier.
Price changes were somewhat mixed on Friday, many
stocks being in moderate supply in connection with weekend liquidation. Some of the alcohol issues were moderately
strong, Hiram Walker and National Distillers (new) both
moving up about a point. Oil stocks, on the other hand,
were generally lower, Humble Oil and Standard Oil of Ohio
Oct. 28 1933
each dropping about 2 points. Some gains were registered
by the industrial group, notably Aluminum Co. of America
which jumped about 23/i points; American Cyanamid B and
Montgomery Ward A, but these were offset by weakness in
other stocks of the group. Gold mining issues were fractionally lower and public utilities were generally mixed.
The range of prices for the week was, as a rule, toward higher
levels, the gains including among others, Aluminum Co. of
America, 54 to 59; American Light & Traction, 12% to
135 ; Atlas Corporation, 93 to 11; Cities Service, 2% to
%
4
5
23.; Cord Corporation, 6% to 7%; Creole Petroleum, 9%
to 11%; Electric Bond & Share, 165 to 17%; Ford of
%
Canada A, 10 to 103/s; Gulf Oil of Pennsylvania, 47% to
49; Hudson Bay Mining, 8% to 10%; Humble Oil, 80% to
85%; International Petroleum, 17 to 183/2; New Jersey
Zinc,52% to 62%; New York Tel. pref., 116 to 117; Niagara
Hudson Power, 5% to 6; Parker Rust Proof, 48 to 55;
Pennroad Corporation, 2% to 334; A. 0. Smith, 26 to 26%;
Standard Oil of Indiana, 29% to 295s; Swift & Company,
/
13% to 15%; Teck Hughes,5% to 6, and United Foundery,
I. to 1%.
A complete record of Curb Exchange transactions for the
week will be found on page 3122.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Oct. 27 1933.
&ocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
183,420 $4,041,000
281,270 1,954,000
352,270 2,291,000
342,650 2,811,000
266,221 2,408,000
152,345 1,826,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
$380,000
189,000
108,000
106,000
177,000
95,000
1,558,176 $15,329,000 $1,055,000
Total
Week Ended Oct 27.
Sales at
New York Curb
Exchange.
1933.
Total.
$40,000 $4,481,000
123,000 2,266,000
207,000 2,606,000
194,000 3,111,000
122,000 2,705,000
99,000 2,020,000
$785,000 $17,169,000
Jan. 1 to Oct. 27.
1932.
1933.
1932.
1,558,178
Stocks
605,955
-No. of shares_
Bonds.
$15,329,000 $15,625,000
Domestic
1,055,000
495,000
Foreign government_ _
748,000
785,000
Foreign corporate
88,935,500
49,077,323
$737,188,000
35,325,000
34,308,000
$722,515,100
28,786,000
51,740,000
$17,169,000 $18,868,000
$806,821,000
$801,041,100
Total
COURSE OF BANK CLEARINGS.
Bank clearings 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. 28) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will be
23.0% above those for the corresponding week last year.
Our preliminary total stands at $4,838,577,024, against
$3,933,118,051 for the same week in 1932. At this center
there is a gain for the five days ended Friday of 30.0%.
Our comparative summary for the week follows:
Clearings-Returns bv Telegraph,
Week Ending Oct. 28.
New York
Chicago
Philadelphia
Boston
Kamas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
,
1933.
1932.
Per
Cent.
$2,587,792,000 $1,991,127,378 +30.0
162,094,664
135,890,168 +19-3
198,000,000
201,000,1300
-1.5
153,000,000
151,000,000
+1.3
48,637,176
46,142,539
+5.4
50,900,000
43,500,000 +17.0
83,590,146
70,177,000 +19.1
No longer will re port clearings.
63,540,387
53,083,736 111 -19.7
4
42,389,578
40,705,805
+4.1
44,453,981
47,690,774
-6.8
31,399,000
40,074,377 -21.6
21,041,000
25,638,596 -17.9
Twelve cities, five days
Other cities, five days
$3,488,837,932
545,309,505
$2,846,030,373
429,632,305
+22.5
+26.9
Total all cities, five days
All cities, one day
$4.032,147,437
806,429,587
$3,275,662,878
657,455,373
+23.1
+22.7
Total all cities for week
84.838.577.024
83 MR 115 nal
4.9111
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. 21. For
that week there is an increase of 5.0%, the aggregate of
clearings for the whole country being $5,543,314,065 against
85,280,688,234 in the same week in 1932.
Outside of this city there is an increase of 7.9%, the bank
clearings at this center having recorded a gain of 3.5%.
We group the cities according tolthe Federal Reserve dis-
tricts in which they are located and from this it appears that
in the New York Reserve District, including this city,
the totals record an improvement of 3.2%, in the Boston
Reserve District of 1.6% and in the Philadelphia Reserve
District of 12.0%. The Cleveland Reserve District enjoys
a gain of 5.9% and the Atlanta Reserve District of 22.6%,but
the Richmond Reserve District suffers a loss of 13.0%. In
the Chicago Reserve District, the totals are larger by 11.5%,
in the St. Louis Reserve District by 15.1% and in the Minneapolis Reserve District by 21.7%. In the Kansas City
Reserve District the increase is 8.9%, in the Dallas Reserve
District 15.2% and in the San Francisco Reserve District
8.6%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Oct. 21 1933.
1932.
1933.
_111 cities 5,543,314,065
Total
Outside N. Y. City
1,919,373,913
32 cities
341,754,169
1931.
5,280,688,234 +5.0 6,101,199,904 9,317,192,438
1,779,2.32,024 +7.9 2,403,670,619 3,467,690,200
318,289.709
283,287,272 +20.6
1932.
Inc.or
Dec.
$
$
%
First Federal Reserve Dist rict-B o a to n
Maine-Bangor_
346,816 +35.7
470,507
Portland
1,258,349
1,760.127 -28.5
Mass.
-Boston _
. 229,195,462 224,000,000 +2.3
Fall River....
741,453
820.887 -9.7
Lowell
317,795
281,299 +13.0
New Bedford_
763,260
746,629 +2.2
Springfield2,654,543
2,867,464 -7.4
Worcester
1,353,425
2,357,703 -42.6
Conn.
-Hartford.
7.650,902
6,600,173 +15.9
New Haven
3.396,470
3,929,859 -13.6
15.1.
-Providence
9,289,200
9,255,300 +0.4
N.8.-Manch'r_
372,857
382,031 -2.4
Total (12015186)
257,464,223
253,348,288
+1.0
$
1930.
$
677,874
2,458,606
328,505,478
1,058,223
478,797
898,803
3,776,569
2,736,254
9,607,205
6,492,591
11,498,600
420,537
624,117
3,268,236
505,810,910
940,423
516,876
1.063,803
4,359,082
3,213,487
13,694,819
7,851,967
17,701,100
839,279
368,609,537
559,894,099
Second Feder al Reserve D istrict-New
N. Y.
-Albany7,746.808
5,628,385
Binghamton_ __
861.536
909,955
Buffalo
26,662,016
24,877,802
Elmira
607,047
506,263
Jamestown....
457.470
487,009
New York
3,623,940,152 3,501,456,210
Rochester
5,282,869
5,262,609
Syracuse
3,554,553
3,141,071
Conn.
-Stamford
2,586,522
2,871,083
-Montclair
N. J.
532,415
54,284
Newark
15,797,572
17,984,682
Northern N.J_
27,562,466
36,711,458
York6,219,081
6,590,770
+37.6
1,037.125
1,235,572
-5.3
65,154,701
30,945,571
+7.2
793,783
902,146
+19.9
680,524
1,114,312
-6.1
+3.5 3,697,529,285 5,859,502,236
10,037,403
7,440,941
+0.4
4,858,324
4,274,829
+13.2
4,544,057
4,017,801
-9.9
744,862
658,720
-7.3
-12.2
25,579,823
31,508,282
32,577,256
41,720,166
-24.9
Total(12 cities) 3,715,591,426 3,600,410,811
+3.2 3,812.652,684 6,027,014,886
Third Federal Reserve Dist rIct-Philad elphla-Altoona__ _ _
Pa.
496,548
275,142
328,530 -16.3
Bethlehem- _
c
c
• c
c
Chester
972,826
244,965
300,688 -18.5
Lancaster
2,422,431
818,602
1,162,674 -29.6
Philadelphia... 303,000,000 268,000.000 +13.1 337,000,000
Reading
2,395,355
1,140,658
1,766,499 -35.4
Scranton
3,103,526
1,843,541
2,359,189 -21.9
Wilkes-Barre_ _
2,056,738
1,379,228
1,590,029 -13.3
York
1,371,735
1,020,085
928,497 +9.9
-Trenton _
.
N.J.
3.246.000
2,330,000
2,179.000 +6.9
Total(9 cities).
1,345,564
c
997,636
1,838,153
510,00C,000
2,781,569
4,500,138
3,685.268
1,935,925
3.525.000
278,615.106 +12.0
353.065,159
530,609,253
Fourth Fedel al Reserve D IstrIct-Clev eland
Ohio-Akron....
c
c
c
Canton
c
c
c
Cincinnati _.
42,616,760
40,629,122 +4.9
Cleveland
63,894,780
63,796,068 +0.2
Columbus....
6,902,100
6,554,200 +5.3
Mansfield
1,208.787
1,009,152 +19.8
Youngstown
c
c
c
Pa.
-Pittsburgh
73,188,219 +11.3
81,450,784
c
c
49,887,292
92,337,910
9,291,200
1,284,645
c
113,577,040
c
c
56,458,311
125,390.437
12,633,300
1.963,280
c
172.453,029
+5.9
266,378,087
368,898,357
Fifth Federal Aeserve Dist rict-Richm ondW.Va.-HuntIon
136,287
376,373 -63.8
Va.-Norfolk__ _ _
2,385,905 -24.9
1,793,000
Richmond. _ _
34,313,788 -7.5
31,725,962
5.0.
-Charleston
1,068,437
1,001,463 +6.7
Md.-Baltimore.
47,545,447
54,807,173 -13.2
D.C.-Washing'n
13,787,162
17,554,401 -21.5
455,276
2,838,102
37.114,835
1,948,162
65,975,089
20,780,506
922,137
3,482,556
48,930,954
2,567,901
86,692,423
22.723.299
Total(5 cities)
312,052,222
196,073,211
185,176,761
110,439,103 -13.0
129,111,970
165,319,270
Sixth Federal Reserve Dist rict-Atlant a
-Knoxville
Tenn.
4,111,363
2,382,658 +72.6
Nashville
11.151,850
9,715,812 +14.8
Ga.- Atlanta...
28,600,000 +44.4
41,300,000
Augusta
1,040,528
893.605 +16.4
Macon
664,041
473,415 +40.3
10,372,000
8,081,276 +28.3
Fla.-Jacksonville
Ala.-Brim'ham _
14,452,314
9,349.437 +54.6
Mobile
1,140,843
820,596 +39.0
-Jackson
c
c
c
Miss.
179,465
112,038 +60.2
Vicksburg
23,521,839
27,591,553 -14.7
La.-NewOrleans
4,430.545
10,795,843
35,900,000
1.371,801
662,065
9.443,980
12,896,944
1,245,216
c
150,000
37,684,610
2,101,882
21,263.902
46,077,338
2,005,063
1,379,893
10,981,900
18,893,612
2,064,835
c
154,012
43,798,547
88,020,390 +22.6
114,581,004
148,720,984
Total(6 citles)_
Total(10 cities)
96,056,295
107,934,243
Inc. or
Dec.
1931.
Seventh Feder al Reserve 13 'strict-Chi cago20,434
101,545 -79.9
157,996
Mich.
-Adrian..
339,968
309.348 +9.9
536,387
Ann Arbor....
52,902,175 +1.6
53,766,498
97,635,501
Detroit
3,567,699
1,248,575
2,097,677 -40.5
Grand Rapids_
2,706.379
675,469
422,800 +59.8
Lansing
282,912
827,848 -65.8
1,430,716
Ind.
-Ft. Wayne
10,786.000 -5.5
12,492,000
10,191,000
1,121,471 -51.9
539,231
1.220,468
South Bend...
2,822,705 -I-9.1
3,657,015
Terre Haute_ _ _
3,079,620
12,301,454 +0.6
19,491,542
12,375,196
Wis.-Milwaukee
597,977 -64.4
2,478,947
212,766
Ia.-Ced. Raps_
4,923,359 -7.6
5,789,709
4,547,480
Des Moines
2,392,611 -15.8
3,604,686
2,013,499
Sioux City....
Waterloo
1,135,306
834,406 -64.0
III.-Bloomingt'n
*300,000
217,694,711 182,159,042 +19.5 283,872,951
Chicago
782,611
458,113 -0.1
457,449
Decatur
2,464.707
1,921,207 +13.9
2,188,945
Peoria
1,225,969
404,360 +19.3
482,487
Rockford
1,821,016
1,575,210 -52.4
Springfield....
749,168
1930.
186.967
572,301
133,866,097
5,156,655
2,864,517
2,732,480
18,237,000
2,439,661
4,852,996
24,311,893
2,993,451
6,974,640
5,358,219
1,L1,384
467,981.241
965,918
3,482.443
2,354,511
2,238,294
278,959,308 +11.5
446,071,605
688,900,668
Eighth Feder al Reserve I)istrict-St. Louis
Ind.
is
-Evansville.
63,600,000 +10.5
580.
-St. Louis
69,600,000
20,313,594 +11.7
22,688,462
Ky.-Louisville_
15,346,905 +39.5
Tenn.
-Memphis
21,413,569
is
I11.-JacksonvIlle
415,318 --15.5
Quincy
351,000
78,600,000
19.546,171
16,335,466
116,800,000
36,265,584
22,358,904
628,117
1,043,523
99,075,817 +15.1
115,107,754
176,468,011
Ninth Federal Reserve Dis trict-Minn eapolis
2,663,318 +24.3
Minn.
-Duluth
3,309,175
50,162,987 +25.0
Minneapolis...
62,696,893
15,872,622 +17.6
St. Paul
18,666,180
1,735,319
1,704,873 +1.8
N.Dak.-Dargo_
487,522 -5.5
460,741
S. D.
-Aberdeen
357.730 +2.7
Mont.
-Billings.
367,371
2,162,514
2,187.088 -1.1
Helena
3.357,946
57,123,552
18,107.579
1,918,608
654,510
393,086
2,437.254
5,572.268
74,314,611
23.157,130
2,144,049
1,052,122
643,411
3,430,000
110,313,591
Total(4 cities)
311,165,408
114,053,031
73,436,140 +21.7
83,992,535
Tenth Federal Reserve Die trict Kans as City
118,466 -54.5
Neb.-Fremont _
53,846
Hastings
1,506,476 +32.0
1,988,568
Lincoln
22,992,217 +9.4
25,158,208
Omaha
1,499,950 +0.8
1,511,308
Kans.-Topeka..
3,656,603 -52.2
Wichita
1,749,650
69,078,661
61,253,758 +12.8
Mo.-Kans. City
2,276,333 +9.0
St. Joseph_ _ _
2,480,125
434,676 -24.3
329,235
Colo.
-Col. Svgs.
617,226 -37.5
Pueblo
385,478
198,065
225,139
2,775,732
33,751,869
2,497.995
4,141.732
81,826,014
3,753,85E
737,272
1,134.312
3,083,632
43,343,849
3,436.518
5.679.350
118,153,313
4,879,642
1,013,301
1,499,194
+8.9
130,816,841
181,313,938
-Da IlasEleventh Fade ral Reserve District
680,751 +5.7
Texas
-Austin..
719,885
35,341,589 +19.7
Dallas
42,308,139
Ft. Worth__ _ _
7,184,546
6,810,953 +5.5
Galveston
2,036,000 +14.7
3.482.000
2,562.744 -19.0
La -Shreveport.
2,076,842
1,283,231
39,493,32
7,261,18
2.998,00
3,145,11
1,186,977
43,562,087
10,840,499
3,700,000
4,008,653
54,180,862
63,298,216
Total(7 cities).
1931.
1932.
416,085,758
Week Ended Oct. 21.
1933.
1933.
1930.
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Clearings at
-
Week Ended Oct. 21.
Clearings at
Total(19 cities)
Inc.or
Dec.
$
$
Federal Reserve Dists.
$
$
%
559,894,099
368,609,537
1st Boston
253,348,288 +1.6
12 cdtles
257,464,223
2nd New York 12 "
3,715,591,426 3,600,410,811 +3.2 3,812,652,684 6,027,014.886
530,609,253
353,065,159
3rd Philadelphia 9 "
278,615,106 +12.0
312,052,222
368,898,357
266,378,087
lth Cleveland.-- 5 "
185,176,761 +5.9
196,073,211
165,319,270
129,111,970
5th Richmond_ _ 6 "
110,439,103 -13.0
96.056,295
10.720,984
114,581,004
6th Atlanta..
..10 "
88,020,390 +22.6
107,934,243
446,071,605
688,900.668
7th Chicago_. 19 "
311.165,468
278,959,308 +11.5
115,107,754
176,468,011
8th St. Louis.-- 4 ••
114,053.031
99,075,817 +15.1
110.313,591
9th Minneapolis 7 "
83,992.535
89,398,19
73,436,140 +21.7
181,313.938
130,816,846
10th Kansas City 9 "
94,355,705 +8.9
102.735,078
63,298,216
54,180,862
11th Dallas_ _ 5 "
48,432,037 +15.2
55,771,41
296,441,163
226,631,861
12th San Fran 13 "
170,418,768 +8.
185,019,323
Canada
3095
Financial Chronicle
Volume 137
Total(9 cities).
Total(5 cities)-
89,398.193
102,735,078
55,771,412
94,355,705
48,432,037 +15.2
Twelfth Feder al Reserve D istrict-San Franci sco29,165.031
22,657,782 +5.3
Wash.
-Seattle..
23,862,700
9,203.000
Spokane
5,894.000
5,639,000 +4.5
934,974
545,332 +5.7
Yakima
576,303
25,954,478
Ore.
-Portland..
22,713,372
19,165,660 +18.5
13,142,856
Utah-SaltLake C.
11,061,302
10,725,509 +3.1
4,608,951
Clif.-Long Bch.
2,786,594
2,865,818 -2.8
Los Angeles_ _ _ No longer will report clearin gs
3,675,301
Pasadena
2,465,307 +7.9
2,661,048
8,318.099
Sacramento...
6,612,410 -38.2
4,084,489
San Diego_ _ _ _ No longer will report clearin gs
San Francisco
95,085,549 +11S 124,991,328
106,254,325
2,184.159
1,661,832 +30.2
San Jose
2,163,782
1,411.604
937,647 -4.2
Santa Barbara_
898,715
1,440,880
775,150 +11.7
Santa Monica
865,595
1,601,200
Stockton
1,281,772 -6.6
1,197,098
168,737,855
2,941,346
1,951,161
1,928,930
2,466,800
226,631,861
296,441,163
26,450,757
11.948,000
1,350.451
32,269,024
17,472,469
6.619,641
5,027.905
7,276.824
Total(13 cities) 185,019,323 170,418,768
Grand total (111
.5 543,314,065 5,280,688,234
cities)
+8.6
Outside N. Y____ 1,919,373,913 1,779,232,024
+7.9 2,403,670,619 3,457,690,200
+5.0 6,101,199,904 9,317,192,436
Week Ended Oct. 19.
Clearings at
1933.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_
New Westminster
Medicine Nat.__
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
101,296,670
114,982,414
64,402,528
14,404,201
4,202,341
3,968,937
2,127,447
3.779,127
6,046,443
1,704,148
1,707,353
2,555,605
3,715,641
4,982,962
379,840
431,478
1,567,462
675,445
747,840
601,550
435,834
247,603
605,486
596,589
988,974
1,691,496
303,628
673,836
549,905
451,506
360,109
569,771
Total(32 eltleS)
341,754.189
1932.
Inc. or
Dec.
1931.
1930.
-14.4
-6.6
+24.9
-10.8
-11.1
-13.1
-7.4
+18.4
-15.6
-14.3
+4.6
-7.5
-2.8
-7.4
-13.8
+6.1
+6.4
-15.9
-7.1
-2.0
-7.9
+9.5
-9.1
+31.3
100,432,391
95,717,754
46,839,918
15,204,644
7,537,225
5,325,297
2,901,687
4,871,896
7,404,299
2,469,502
1,889,728
2,988.320
4,794,067
4,519,365
436,628
446,245
2,055,136
903,056
863,848
728.770
504.106
337,545
766,335
819,525
1,070,236
3,015,080
372,058
698,686
692,845
.488.243
488,987
706,287
151,610,398
116,475,177
57,264,290
20,145,467
7,342,728
7,025,886
3,313,519
6,184,543
9,328.158
2,647,441
2,365,632
2,981,289
5,272,212
5,287,991
614,558
443,500
2,484,998
1,073,850
1,108,863
867,263
827.179
396,061
965,535
866,707
1,112,070
3,471.070
392,071
1,053,770
934,023
562,847
647,837
1,038,827
283,287,272 +20.6
318,289,709
416,085,758
84,640.610
85,160,494
48,379,502
13,535,001
4,411,294
3.940,780
3,502.410
4,118,414
7,066,458
1,824,522
1,366,435
2,865,118
4,181,742
5,735,452
410,296
364,288
1,857,588
788,254
714,678
650,496
448,169
267,295
702,237
562,071
929,346
2,010,833
326,672
687,388
596,832
412,509
396,019
434,069
+19.7
+35.0
+33.1
+6.4
-4.7
+0.7
-30.3
is No clearings available. c Clearing House not functioning at present.
•Estimated.
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. 11 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £190,376,131
on the 4th instant, showing no change as compared with the previous
Wednesday.
The amounts of gold available in the open market were much more
moderate during the week under review. There was still a demand from
the Continent, but as regards prices, the premium over franc parity tended
to diminish.
Quotations during the week:
Equivalent Value
Per Pine
• of .£ Sterling.
Ounce.
12s. 8.49d.
133s. 8Mcl.
Oct. 5
12s. 8.25d.
133s. Ild.
Oct. 6
125. 8.92d.
133s. 4d.
Oct. 7
12s. 9.20d.
133s. Id.
Oct. 9
12s. 8.44d.
133s. 9d.
Oct. 10
125. 9.16d.
1335. 13d.
Oct. 11
125. 8.74d.
133s. 5.83d.
Average
and exports of gold
The following were the United Kingdom imports
registered from mid-day on the 2d instant to mid-day on the 9th instant:
Exports.
Imports.
12,500
£16,178 Belgium
Belgium
1,087.644
41,544 Netherlands
Switzerland
97,041
57.857 France
France
12,550
15,241 Switzerland
Iraq
1,700
230.960 Other countries
Egypt
United States of America_ 1,139.253
28,545
Venezuela
1,403,814
British South Africa
789.075
British India
65.693
Australia
42,339
New Zealand
1,436,096
Canada
Newfoundland and Coast
62,300
of Labrador
8.731
British Guiana
25,170
Other countries
$1,201,435
£5,362,796
Gold shipments from Bombsj last week amounted to about .£1,160,000.
The S. S. Viceroy of India carries £1.013.000, of which .£798,000 is consigned to London, £202.000 to Paris and £13,000 to Amsterdam; the
S. S. Clan Malcolm has £147,000 consigned to London.
The Transvaal gold output for September 1933 amounted to 901,799
fine ounces as compared with 934,714 fine ounces for Augsut 1933, and
961,501 fine ounces for September 1932.
SILVER.
Prices have shown little change from the level which ruled last week,
the market continuing to show a steady tone. Sales from the Continent
were again a feature, but offerings were for the most part readily absorbed,
a good demand having been in evidence. Support was given by America
and China, and there was also some speculative enquiry. The Indian
bazaars have been inclined to sell, but some covering purchases were made
for the same quarter.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 2d instant to mid-day on the 9th instant:
Exports.
Imports.
£1,064
Germany
£52,837 Germany
3,369
Japan
20,630 France
1.075
13.805 Denmark
United States of America
3,000
14,940 French Possessions in India
Australia
4.216
4,104 Persia
New Zealand
5,865
2,411 British India
British West Africa
4,228
Belgium
2,850 Other countries
3.470
Other countries
£115,047
Quotations during the week:
£22,817
IN NEW YORK.
IN LONDON.
Bar Silver per Ounce Standard.
2 Mos.
(Cents per Ounce .999 Pine.)
Cash
Delivery.
Delivery.
Oct. 4
:OM
18Mid.
Oct. 5
18d.
18Md.
Oct. 5
39 15-16
Oct. 6
1830.
393.
18 9-16d. Oct. 6
Oct. 7
18 7-16d.
39 1-16
Oct. 9
18 9-16d. Oct. 7
18Md.
Oct. 9
Oct. 10
18%d.
391'
18 5-16d.
Oct. 11
18%d.
Oct. 10
383
18 5-16d.
18.52Id.
Average
18.427d.
The highest rate of exchange on New York recorded during the period
from the 5th instant to the 11th instant was $4.76% and the lowest $4.65.
INDIAN CURRENCY RETURNS.
Sept. 22.
Sept. 15.
(In Lacs of Rupees.)
Sept. 30.
17,945
Notes in circulation
17,970
17,957
10,451
Silver coin and bullion in India
10,463
10.477
2,943
Gold coin and bullion in India
2,951
2,943
4,551
Securities (Indian Government)
4,542
4,551
The stocks in Shanghai on the 7th instant consisted of about 126,000.000
ounces in sycee. 295,000,000 dollars and 6,260 silver bars, as compared with
about 126,000,000 ounces in sycee. 295,000,000 dollars and 6,360 silver
bars on the 30th ultimo.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past weeJc
Sat.,
Mon.,
Oct. 23.
Oct. 21.
Silver, per oz__ 18 3-16d. 183
-lid.
Gold,p.fine oz. 128s.6d. 129s.2d.
Consols,2% %... 73y6
73%
British 334%W. L
101%
101%
British 4%1960-90
110%
110%
French Rentes
(In Paris) 3% fr.
67.30
French War L'n
(in Paris) 5%
1920 amort.
108.00
Frt.,
Thurs.,
Wed.,
Tues.,
Oct. 27
Oct. 26.
Oct. 24.
Oct. 25.
18 1-16d. 18 1-lid. 18 1-16d. 18 1-16d.
130s.93.(el. 1318.2d.
1288.1d. 1305.1d.
73%
733i
73%
73%
101%
110%
101%
100
10034
110%
11134
11134
67.10
67.60
67.40
107.90
108.10
107.60
67.30
107.10
The price of silver in New York on the same days has.been:
Silver in N.Y
per oz. (eta.)
Oct. 28
Financial Chronicle
3096
36%
37
3734
38%
38%
38%
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:
Oct. 21. Oct. 23. Oct. 24. Oct. 25. Oct. 26. Oct. 27.
1933.
1933. 1933.
1933.
1933.
1933.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
11,600 11,600 11,700 11,700 11,600
1,510
Banque de Paris et Pays Bas
1,500
1,500 1,500
1,470
285
277
Banque d'Union Parisienne
279
280
-iii
221
228
229
Canadian Pacific
229
____
Canal de Suez
19,450 19,500 19,325 19,305
Cie LAstr d'Electricitie
2,380
2,405
2,425
2.445
( ie Generale d'EleetrIcitte
1.970
1,990 1,970
2,010
1,980
,Oio
53
52
51
52
Cie Generale Transatlantique ._
513
510
Citroen B
510
517
Comptoir Nationale d'Escompte
1,050
1,050
1,060
1,060 1,6:io
Coty Inc
200
200
210
210
220
318
323
322
322
Courrieres
Credit Commercial de France
758
757
755
757
4Lio
4,600
4,660
4,570 4,570 :
Credit Fonder de France
2,070
2,090
2,090 2,110
2,100
Credit Lyonnais
2,410
2,380
2,410
2,420 2,450
Distribution d'Electricitie la Par
2,650
2,690
2,690 2,710
2,680
Eaux Lyonnais
731
735
725
730
Energie Electrique du Nord_
947
958
958
954
Energie Electrique du Littoral53
52
52
52
--53
French Line
HOLI89
89
88
88
88
Galeries Lafayette
DAY
1,070
1,080
1,040
1,100
1,060
Gas le Bon
630
040
630
620
630
Kuhlmann
730
740
750
760
730
L'Air Liqulde
941
937
930
930
Lyon (P L M)
320
320
320
320
-515
Mines de Courrieres
410
420
420
420
Mines des Lens
410
1,300
1,310
1,330 1,350
1.330
Nord Ry
862
864
874
853
Orleans Ry
900
910
900
Paris, France
900
-ilia
73
69
68
Pathe Capital
67
1,090
1,090 1,130
1,130
Pechiney
.
1.iiil
67.30
67.10
67.60
Rentes 3%
67.40
67.30
108.00 107.90 108.10 107.60 107.10
Rentes 5% 1920
77.80
77.70
Rentes 4% 1917
77.70
78.00
77.70
84.70 84.70
Rentes 4%% 1932 A
85.10 84.80 84.60
1,750
1,770
1.760 1.760
Royal Dutch
1,750
1,265
1,274
1,280
Saint Gobain C & C
l,3C5
1,485
1,460
Schneider & Cie
1,500
1,500
510
510
Societe Andre Citroen
510
-E5
520
67
Societe Francalse Ford
68
68
69
66
115
1.15
Societe Generale Fonciere
117
125
133
2,645
2,690
Societe Lyonnalse
2,690
2,710
-_-_
553
553
553
Societe Marseillalse
553
19.400 19,500 19,300 19,300 19;166
Suez
153
Tubize Artificial Silk Prof
152154
810
820
Union d'ElectrIcitie
-816
820
810
200
200
Union des Mines
200
200
98
98
98
Wagon-Llts
98
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Oct.
21.
156
Relchsbank (12%)
83
Berliner Handel." Gesellschaft (5%)
41
Commerz-und Privet Bank A G
Deutsche Bank Und Disconto-Gesellschaft_ 43
51
Dresdner Bank
Deutsche Reichsbahn ((ier Rya) ore!(7%)-100
105
Allgemeine Eiektrizitaets-Gesell(A E 0)-18
Berliner Kraft u Llcht(10%)
09
Dessauer Gas (7%)
72
Gesfuerel(5%)
97
Hamburg Eiektr-Werke (8%)
130
Siemens & Haiske(7%)
117
I G Farbenindustrie(7%)
153
Salzdetturth (7)4%)
175
RbelnIsehe Braunkohle (12%)
92
Deutsches Erdoel(4%)
Mannesmann Roehren
50
10
Hapag
11
Norddeutacher Lloyd
Oct.
23.
157
83
41
43
51
100
Oct. Oct. Oct. Oct.
24.
25.
26.
27.
Per Cent of Par
156
159
158 83
83
82
82
41
41
41
41
42
42
42
42
51
51
50
50
100
101
102
101
10
18
5
99
72
96
133
117
154
176
92
50
10
11
107
17
100
73
98
132
116
.
177
91
49
10
10
109
17
103
74
99
133
117
151
181
93
51
10
11
109
17
102
74
09
128
116
117
iiii
93
iiti
i'
93
50
10
10
10
16
106
01
73
97
129
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of
Oct. 27 1933:
Anhalt 7s to 1946
Argentine 5%, 1945, $100
pieces
Antioquia 8%, 1946
AustrianDefaultedCoupons
Bank of Colombia, 7%,'47
Bank of Colombia. 7%,'48
Bavaria 6%s to 1945
Bavarian Palatinate Cons.
Cit. 7% to 1945
Bogota (Colombia)634,'47
Bolivia 6%, 1940
Buenos Aires scrip
Brandenburg Elec. 65, 1953
Brazil funding 5%,'31-'51
British Hungarian Bank
750.1962
Brown Coal Ind. Corp.
6
1953
Call (Colombia) 7%, 1947
Callao (Peru) 7%%, 1944
Ceara (Brazil) 8%, 1947_
Columbia scrip
Costa Rica funding 5%.'51
Costa Rica scrip
City Savings Bank, Budapest, is, 1953
Deutsche Bk 6% '32 unst'd
Dortmund Mun Util is.'48
Duisberg 7% to 1945
Duesseldorf 7s to 1945....
East Prussian Pr. 65, 1953.
European Mortgage at Investment 71.is, 1966
French Govt. 5l4s, 1937_
French Nat. Mall SS.65,52
Frankfurt 75 to 1945
German AU Cable 7s, 1945
German Building & Landbank 6)4%. 1948
German defaulted coupons_
Haiti 6% 1953
Hamb-Am Line 614s to '40
Hanover Harz Water Wks.
6%, 1957
Housing & Real Imp 7s,'46
Hungarian Cent Mut 75,'37
Flat price.
Bid
/25
Ask
72
/25
75
27
185
123
123
/3512
/19
11912
/7
28
27
27
3712
22
2112
9
/10
52
42
25
5312
44
./50
52
/5512
/14
/3
/4
110
/35
/35
5812
16
6
7
25
/39
41
./73
/34
/19
120
35
3-723
23
37
/5512 5712
140
150
128
132
f28
28
43
45
28
.(64
65
81
30
64
75
85
127
30
41
3512
38
f3312
Bid
Ask
Hungarian Discount & Exchange Bank is, 1963... 128
30
Hungarian defaulted Coups /80
Hungarian Hal Ilk 71. '32 /71
74
-is,
Koholyt 61.4g. 1943
j10
42
Land Milk, Warsaw 8s,'41 00
65
LelpzIg Oland Pr 6
'46 69
71
Leipzig Trade Fair 78. 1953 23
27
Luneberg Power, Light at
5812 6012
Water 7%, 1948
Mannheim & Palat 78, 1941 44
46
Munich 78(0 1945
137
39
Munic Bk,!lessen, 7s to'45 /24
27
Municipal (Itts & Elec Corp
Recklinghausen, 7s. 1947 3312 3612
'38 5012 5212
Nassau Landbank 6
Natl. Bank Panama 612%
1946-9
4012 4212
Nat Central Savings Bk of
Hungary 714s, 1.962...._ ./49
51
National Hungarian & Ind.
Mtge.7%, 1948
51
1
49
Oberpfalz 1000.7%, 1946_
29
31
Oldenburg-Free State 7%
to 1945
24
27
Porto Alegre 7%, 1968____ /18
22
Protestant Church (Germany), 75, 11(46
./36
3712
Prov Bk Westphalia is,'33 ./52
Prov Bk Westphalia is,'36 /45
Rhine Westph Klee 7%,'36 /42
45
Rio de Janeiro 6%, 1933_ r22
26
Rom Cath Church 6
'46 165
68
R C Church Welfare 7s,'46 44
46
Saarbruecken M Ilk is,'47 60
67
Salvador 7%, 1957
./14
16
Santa Catharine (Brazil).
8%, 1947
f23
2412
Santander(Colom)7s, 1948 18
10
Sao Paulo (Brazil) is, 1947 /17
1812
Saxon Pub. Works 5%,'32 /30
Saxon State Mtge. is, 1947 /58
592
Stem & Halske deb 65, 2930 /230
245
Stettin Pub Util 7s, 1946_ f3912 41
Tucuman City is, 1961... r221, 2412
Tucuman Prov. 7s, 1950._
45
48
Vesten Elec Ry 7s, 1947._ f25
Wurtembera is to 1945_ __
31
33
Public Debt of the United States-Complete Return
Showing Net Debt as of July 31 1933.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued July 311933,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparison with the same date in 1932:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
July 31 1933. July 311932.
833,932,960
Balance end of month by dally statements,&c,
Add or Deduct-Excess of deficiency of receipts over
-12.891.919
or under disbursements on belated Items
821,041,041
Deduct outstanding obligations:
31,205.556
Matured interest obligations
96,143.337
Disbursing Officers' checks
4.129.565
Discount secured on War Savings Certificates
1.364.519
Settlement on warrant checks
132.842.977
Total
+688,198.064
Balance. deficit(-)or surplus (-I-)
144,951,863
-14.965,447
129,986,416
27,411.833
90.347.483
4,381.625
3,491.604
125.632.525
+4.353.891
INTEREST
-BEARING DEBT OUTSTANDING.
Interest July 311933. July 311932.
Payable.
$
$
Title off can-J. 599,724,050
Q.
599,724,050
2e Consols of 1930
-F.
Q.
48,954,180
48,954.180
2s of 1916-1936
25,947,400
-F.
Q.
25,947.400
2s of 1918-1938
-M.
Q.
49.800.000
49,800,000
3a of 1961
28,894,500
28,894,500
38 convertible bonds of 1948-1947
-J.
Q.
.7-S. 2,246.127,500 2,906,854,100
Certificates of Indebtedness
J -5 1,392,227.350 1,392.228,350
314s First Liberty Loan. 1932-1947
43 First Liberty Loan, converted 1932-1947_ _ J.
5,002.450
5,002,450
-D.
532,491,150
4318 First Liberty Loan, converted 1932-1947J.
-D. 532,489,950
3,492,150
3.492.150
431s First Liberty Loan, 2d cony., I932
-D.
-1947...J.
A.-0. 6,268.094,150 6,268,100,450
4)(s Fourth Liberty Loan of 1933-1938
758.983.300
758,983,300
431s Treasury bonds of 1947-1952
1,036,834.500 1,036,834,500
45 Treasury bonds of 1944-1954
489,087,100
489,087,100
IDis Treasury bonds of 1946-1956
454,135.200
454,135.200
334s Treasury bonds of 1943-1947
352.994.450
352,993,950
tiNs Treasury bonds of 1940-1943
544,915,0.50
544.917,050
3345 Treasury bonds of 1941-1943
819,497,000
821,403,000
334s Treasury bonds of 1946-1949
759,494,200
800.421,500
38 Treasury bonds of 1951-1955
68,633,500
43,453,360
234s Postal Savings bonds
4,800,496.200 1.486,856,600
Treasury notes
Treasury bills, series maturing
c60,655.000
Aug. 2 1933
c75,067.000
Aug. 9 1933
c75,442,000
Aug. 16 1933
c60,078,000
Aug. 23 1933
0100,352,000
Aug. 30 1933
c75,529.000
Sept. 6 1933
c1C0,361,000
Sept.20 1933
c75,697,000
Sept.27 1933
el00.010,000
Oct. 4 1933
c75,453,000
Oct. 11 1933
c75.172.000
Oct. 18 1933
c80,122,000
Oct. 25 1933
76,744.000
Aug. 10 1932
75,000,000
Aug. 17 1932
60.050.000
Aug 24 1932
100.022,000
Aug. 31 1932
100,466.000
Sept.28 1932
75.278,000
Oct. 11 1932
75.923,000
Oct. 19 1932
83.317.000
Oct. 26 1932
22,239,761,680 19,2.'7,374.840
Aggregate of interest-bearing debt
264.124,871
Bearing no interest
315.520,722
54,605,720
Matured. interest ceased
50.272.165
Total debt
_a22.609.1198.I 22 19.611.771.876
Dedua Treasury sundae or add Treasury deficit
+4,353,891
+6$8,198,064
Net debt
b21,921.690.058 19.607.417,985
a Total gross debt July 31 1933 on the basis of daily Treasury statements was
$22.609,888,648.90 and the net amount of publlo debt redemptions and receipts
n transit, &O., was $527.
b No reduction Is made on account of obligations of foreign Governments or
other Investments.
c Maturity value.
-Changes in Totals of, and in Deposited
Bank Notes
Bonds, &c.
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure Circulation for National
Bank Notes.
857,210,430
Sept.30 1933
855,781,930
Aug. 31 1933
852,529,890
July 31 1933
856.394.230
June 30 1933
897,952,290
May 811933
899,410.240
Apr. 30 1933
885,871,740
Mar.31 1933
806.026.070
Feb. 28 1933
796,069,670
811933
Jan.
796,908,870
Dee. 31 1932
812.590,590
Nov.30 1932
799,672.590
Oct. 31 1932
790.377.610
Sent Su Inn
$2,a44.083 ederal iteserve bank
lawful money, against $2,694,012 on
National Bank Circulation
Afloat on
Legal
Tinders.
Bonds.
852,484,810
851,509,995
848.207.263
853,935,968
864,590.423
893,199,238
875,820.165
800.885,900
786,034,870
786.734.150
796,032,621
787,913,945
769.831.107
notes outatand
Oct. 1 1932.
Total.
$
110,533,735
962,998.545
114.422.100
96.5,932,095
118,426,910
966,634.173
116,665,120
970,601,088
116,072,980
980.663,403
88,832,155
982.031,393
90.840.375
966,660,540
93.435,155
894,321.055
95,111.140
881,146,010
94.596.698
881.330.848
79.848.287
875.880.908
75,161.055
863,075.900
62.1111.678
832,022,785
ng Oct. 2 1933, secured by
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Sept. 30 1933:
Bonds H
Bonds on Deposit
Oct. 2 1933.
On Deposit to On Deposit to
Secure
Secure Federal
Riser,. Bank National Bank
Notes.
Notes.
$
2s, U. S. Commis of 1930
28, U. S. Panama 01 1936
2s. U. S. Panama of 1938
is. U. S. Treasury of 1951-1955
His, U.S. Treasury of 1946-1949
340. U. S. Treasury 01 11)41-1943
3468, U.S. Treasury 011940-11)43
U. S. Treasury of 1943-1947
13s. U.S. Panama Canal of 1961
88. U. S. convertible 01 1946-11)47
Ws,U. S. Treasury of 1933-1941
en....i.
3097
Financial Chronicle
Volume 137
The following shows the amount of National bank notes
afloat and th3 amount of 13gal tender deposits Sept. 1 1933
and Oct. 2 1933 and their increase or decrease during the
month of September.
National Bank Notes-Total Afloat
Amount afloat Sept. 1 1933
Net decrease during September
$965,932,095
2,933,550
Amount of bank notes afloat Oct. 2
Legal Tender Notes
Amount deposit to redeem National bank notes Sept. 1
Net amount of bank notes redeemed In September
$114,422,100
3,888,365
Amount on deposit to redeem National bank notes Oct.2 1933
$
566,425.250
45,235,380
22,288.400
66.838,200
47,684.150
38,177,400
18,291,150
27,014.510
1,000
1,020,000
24,237,000
$
566,425,250
45,235,380
22,286.400
66,838,200
47,684,150
38,177.400
18,291.150
27,014.500
1,000
1,020,000
24,237,000
857.210.430
857.210.430
5110.533,735
gominercialandAnscellatteuttsnews
-The following information regarding
National Banks.
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
-The First National Bank of Dennison, Dennison. Ohio_
Oct. 14
President: E. D. Moody. Cashier; H. J. Smythe. Will
succeed The Dennison National Bank.
-First National Bank in Sharon,Sharon. Pa Shively. Will 300.000
Oct. 14
President; C.E. Brockway. Cashier; F.C.
succeed The First National Bank of Sharon.
-The Security National Bank of Cairo, Cairo, Illstock and 100.000
Oct. 14
Capital stock consists of $50,000 preferred
350.000 common stock. President; Julius L. Harris.
Cashier; M. F. O'Shea.
-The First National Bank in Columbia, Columbia, Ill Will 30,000
Oct. 16
F. Hacker.
President; H. N. Kunz. Cashier; C.Columbia.
succeed The First National Bank of
200.000
Oshkosh, Wis
-The Oshkosh National Bank,
Oct. 16
President; A. C. Kingston. Cashier; Henry Zentner.
City National Bank of Oshkosh.
Will succeed The
100,000
-The National Bank of Ypsilanti, Ypsilanti, Mich
Oct. 17
Capital stock consists of $40000 preferred stock. and
President; W. E. Bassett.
$60,000 common stock.
Cashier; W.I. Sturn. Will succeed The First National
Bank of Ypsilanti.
50,000
N.H.
Oct. 17--Groveton National Bank, Groveton,preferred stock, and
Capital stock consists of $25,000
President; E. H. Macloon.
1125.000 common stock.
Cashier; 5.58. Emery. Will succeed The Coos County
National Bank of Groveton.
50,000
-First National Bank in Paxton, Paxton,Ill
Oct. 17
President; S. Frederick. Cashier; D. A. Frederick. Will
National Bank of Paxton-succeed The First
50,000
-The Farmers National Bank of Belton. Belton,Tex
Oct.20
Capital stock consists of $25 000 preferred stock, and
Owen P. Carpenter.
i25.000 common stock. President;
Cashier; D. C. Keetch. Will succeed The Belton National Bank.
-First National Bank in Fairmont, Fairmont, W. Va and 400.000
Oct. 20
Capital stock consists of $200,000 preferred stock, L.
Melville
President;
$200,000 common stock.
Hutchinson. Cashier; W. S. Clark. Will succeed The
Fairmont.
National Bank of
VOLUNTARY LIQUIDATIONS.
50,000
-The First National Bank of Mapleton,Iowa
Oct. 16
Effective Oct. 12 1933. Lig. Committee, Board of
a
directors of the liquidating bank. Absorbed by First 1.4
State Bank of Mapleton, Iowa.
-The Gavitt National Bank of Lyons,Lyons, New York._ 100.000
Oct. 17
Effective Oct. 16 1933. Liq. Committee; Andrew T.
Dissett, Harry B. Moore and Geo. H. Milem, care of
the liquidating bank. Absorbed by The Lyons National
Bank. Lyons, N. Y.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Jersey City, Boston, Philadelphia, Buffalo
and Baltimore on Wednesday of this week:
By Adrian H. Muller & Son, New York:
S per Sh.
Shares. Stocks.
$550 lot
500 Bence d'America e d'Italla
lot:
Transamerica Corp.: 50,$275 lot; 87,$534 per share; 50,$281 lot; 15, 585 lot;
lot; 38. $215 lot; 25. $143
25, $140 lot; 12 50-100, $70 lot: 65, $366
lot; 62,
15, $87 lot; 10, $57 lot; 66, $375 lot: 10, $58 lot; 12 50-100, $72
lot;
$357 lot; 250, $1,400 lot; 25, $146 lot; 100. $591 lot; 1,250, $6,880 lot.
$1.635 lot; 25. $145
150, $875 lot: 5, $29 lot; 100, $575 lot: 287 50-100.
$5101
55 Imperial Realty Co. (Fla.) Dar $100
$2 lot
.50 Union Securities Co.(Spokane, Wash.), par $25
$2 lot
200 Southwestern Stores, Inc. (Del.), no par
$2 lot
50 International By-Products Co., Inc.(N. Y.), par $100
$2 lot
258 Missouri Kansas Pipe Line Co.(Del.), car $5
$10 lot
1,650 Leander Development Corp.(N. Y.), common, par $10Co
$7,150 lot
Central Life Insurance
$25,000 policy No. 1139506 of Union
Capoham
1 Mahopac Golf Club proprietary membership certificate (N. Y.); 1
$25 lot
Holding Co.(N. Y.), no par
$215 lot
$0
150 Sterling Motor Truck Co. (Wis.), cum. cony. pref.. Dar 3
$10 lot
pref.,
120 and 8172-10000 Alabama Asphaltic Limestone Co.(Ala.),corn., no parno par--810 lot
120 and 8172-10000 Alabama Asphaltic Limestone Co.(Ala.)
Per Cent.
Banda51,000 guaranteed let mtge. certificate issued by the First Mortgage Guaranty flat
30%
& Title Co.. 514% due March 16 1932, series 22-A
1
Guaranty
$1,000 Guaranteed let mtge. certificate Issued by the First Mortgage
30% flat
& Title Co., 534% due March 3 1934, series 12-A
(515,448.60 and $22,098.40) demand notes dated Jan.51933, made by lot
$37,547
$3.50
Harley Realty Co., New Jersey, bearing 6% interest
By Adrian H. Muller & Son, Jersey City, N. J.:
$ per St.
Shares.
Stocks.
$21 lot
20 Vitaglass Corporation (N. Y.) corn., no par
$21 lot
10 Vitaglass Corporation (N. Y. pref., par $100
$12 lot
50 Lane Drug Stores, Inc. (Del.) voting trust Ws.for corn
$12 lot
100 Lane Drug Stores, Inc. (Del.) cum. convt. pref., no par
$25 lot
4,138 Cellulose Products Corp.(Del.) corn., no par
$25 lot
385 Cellulose Products Corp.(Del.) pref, par $50
10,000 Australian Casing Co.. Ltd.,(Incorporated under the Companies' Act,
$5000 lot
1899), Par El
By R. L. Day & Co., Boston:
Total
Held.
$962,998,545
$ per St.
Shares. Stocks.
45);
10 Draper Corp
1)i
12 units First Peoples Trust
25
2 Lakeview Press preferred, par $100
15 National Electric Power Co. 7% pref., par $100; 200 Detroit & Canada
$9 lot
Tunnel Co
100 National Electric Power Co.7% pref.. par $100; 1 International Securities
$1 lot
Co. of N.5.7% pref
Per Cent.
BondsSeattle, 78, 1942:
$1,000 Flat Iron Bldg. 634s. 1940: $2,000 Paramount
Bldg.,
$1,000 United Building Corp. 1st 13s, 1940. cif. dep.; $1,000 Johnathan lot
$200
Club Building Co. reg. 7s, ett. slop
$25 lot
$5,000 Youngstown & Ohio River Road Co. let 38, April 1935, ctf dep
$27,000 Chapple Publishing Co., Ltd., 1st mtge. sinking fund 75. April 23 lot
$7,500
1941; coupon April 1931 and subsequent on
Promissory note for $3,600 (now $3,575) dated July 21 1932, payable in three
years from date. Secured by mortgage on premises 45-47 Albion St.,
$2,000 lot
Medford, Mass
Name of Company.
Railroads (Steam).
Elmira dr Williamsport, pref.(s.
-a.)
Kansas City St. Louis & Chicago
6% guaranteed preferred (guar.)
Norfolk & Western, com.(guar.)
Reading, 1st preferred (guar.)
Per
When
Share. Payable.
Books Closed
Days Inclusice.
$1.61 Jan. 2 Holders of rec. Dec. 20
31% Nov. 1 Holders of rec. Oct. 20
$2 Dec. 19 Holders of rec. Nov. 19
50c Dec. 14 Holders of rec. Nov.23
Public Utilities.
Berlin Power dr Light, corn
10%
Binghamton Gas Wks.,6%% pt.(qu.)
$1% Nov. I Holders of rec. Oct. 20
Brooklyn Union Gas(guar.)
Dec. 1 Holders of rec. Nov. 10
Canadian Hydro-Electric Corp., Ltd.
$1% Dec. 1 Holders of rec. Nov. 1
1st preferred (guar.)
Connecticut Power (guar.)
62%0 Dec. 1 Holders of reo. Nov. 15
Consolidated Gas of N.Y.corn
750 Dec. 15 Holders of reo. Nov. 10
Dayton Power dr Light,6% pref.(mo.)._
500 Dm. 1 Holders of rec. Nov. 20
pipit% Nov. 1 Holders of rec. Oct. 14
Gas Securities Co.. com.(mo.)
Preferred (monthly)
500 Nov. 1 Holders of rm. Oct. 14
Hackensack Water (s.-a.)
750 Dec. 1
Industrial & Power Securities,(guar.).-15e Dec. 1 Holders of reo. Nov. 1
50 Dec. 1 Holders of rec. Nov. 1
Extra
Lucerne County Gas dr El.$7 let pf.(qu.) 31% Nov. 15 Holders of roe. Oct. 31
$1% Nov. 15 Holders of rec. Oct. 31
$6, 1st preferred (guar.)
Meadville Telep., pref.(s.
87%o Nov. 1 Holders of roe. Oct. 15
-a.)
Mliwaukee Gas Light, 7% pref. (guar.). El% Dec. 1 Holders of rec. Oct. 25
New York Steam Corp., corn. (guar.).—
550 Dec. 1 Holders of rec. Nov. 15
Orange County Telep.,6% Pref.(s.
$3 Nov. 1 Holders of rec. Oct. 31
-a.)-Peoples Tel.(Butler,Pa.),7% prof.(qu.)
Dec. 1 Holders of roe. Nov.30
Stamford Water (guar.)
$2 Nov. 15 Holders of rec. Nov. 4
Susquehanna Utilities, 6% pref. (guar.) $1% Dec. 1 Holders of rec. Nov.20
Tampa Electric Co., conc. (quar.)
560 Nov. 15 Holders of rec. Oct. 31
Preferred (guar.)
$1% Nov. 15 Holders of rec. Oct. 31
Telephone Investors Corp.(monthly).-20e Nov. 1 Holders of rec. Oct. 20
Monthly
20c Dec. 1 Holders of rec. Nov.20
Monthly
200 Jan. 1 Ho'ders of rec. Dec. 20
United Gas Improvement, corn. (guar.)
300 Dec. 30 Holders of rec. Nov. 29
Preferred (guar.)
$1% Dec. 30 Holders of rec. Nov.29
Washington Gas Light(guar.)
900 Nov. 1 Holders of rec. Oct. 25
Bank and Trust Companies.
Amsterdam City Nat. Bank (N.Y.)(qu.)
Tradesmen's Nat. Bank & Trust (qu.)
Fire Insurance Companies.
Pacific Fire Insurance (quar.)
Seaboard Insurance Co. (guar.)
Westchester Fire Insurance (quar.)
53% Oct. 31 Holders of ree. Oct. 20
$134 Nov. 1 Holders of rm. Oct. 21
60c Nov. 6 Holders of rec. Nov. 4
15%0 Nov. 15 Holders of rec. Nov. 4
250 Nov. 1 Holders of rec. Oct. 21
Miscellaneous.
American Arch (guar.)
25c Dec. 1 Holders of reo. Nov.20
American Chicle Co.(guar.)
50c Jan. 2 Holders of rec. Deo. 12
Extra
25e Jan. 2 Holders of rec. Deo. 12
American Home Prod.(monthly)
200 Dec. 1 Holders of reo. Nov. 14
American Factors, Ltd. (monthly)
100 Nov. 10 Holders of rec. Oct. 31
American News (bi-montlily)
25e Nov. 15 Holders
rec.
Am. Tobacco Co., corn. dr corn. B (qu.) 31% Dec. 1 Holders of rec. Nov. 4
of
Nov. 10
Bankers & Shippers Ins. Co.of N.Y.(qu)
600 Nov. 9 Holders of rec. Nov. 6
Beech-Nut Packing. 7% pref. A (guar.) 31% Dec. 1
Blgelow-Sanford Carpet, 6% pref
586 Nov. 1 Holders of roe. Oct. 21
Boss Mfg. Co., corn. (guar.)
El% Nov. 15 Holders of rec. Oct. 31
Brach (E. J.) & Sons (guar.)
100 Dec. 1 Holders of roe. Nov. 11
Brewer & Co.(monthly)
750 Nov. 25 Holders of me. Nov.20
Monthly
75o Dec. 25 Holders of rec. Deo. 20
Bristol-Myers Co., initial (quar-)
500 Dec. 1 Holders of reo. Nov.15
Extra
10o Dec. 1 Holders of rec. Nov. 15
Buckeye Pipe Line Co. (guar.)
75c Dec. 15 Holders of rec. Nov.24
Buck Hills Falls (guar.)-------12%c Nov. 15 Holders of rec. Nov. 1
Bulolo Gold Dredging, Ltd., com.,int'm
r60c Dec. 4 Holders of roe. Nov. 9
Burroughs Adding Mach. Co. (quar.)
10c Dec. 5 Holders of rec. Oct. 31
Canadian Oil Cos.. Ltd., com.(guar.) _ 12lio Nov. 15 Holders of rec. Nov. 1
Preferred (guar-)
$2 Jan. 1 Holders of rec. Dec. 20
Capital City Products (guar.)
100 Nov. 6 Holders of rec. Nov. 1
. .
.. .
0o
400
00.4
CJW
0...
< 00< 0<<
44•
: ::7 :
4 4 4 1 ,4”..:...P:
4 .
:: •: 7
4 4
4 1
::
44
..
..
to
.
.. .....
0.010,...0.01..CD.N ..... ...CI...
4 P...: ..:: :: .:.: .
4
4 4 4 4
4
4
Holders of reo. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
4 : .....::
4
44
...:
4
.... .
k.,
. ..
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Miscellaneous (Concluded).
Charlton Mills(guar.)
Coast Breweries (guar.)
Columbus Dental Mfg. (guar.)
7% preferred (guar.)
Continental American Life Insurance
(Wilmington. Del.) (guar.)
Cosmos Imperial Mills,7% pref
Crown Zellerbach, cum. pf. A dr B (qu.)_
Diamond Ice & Coal, 7% pref.(guar.).Diamond Match Corp., corn.(quar.)
Diem & Wing Paper, pref. (guar.)
Dominion-Scottish Invest., 5% pref
Dow Chemical Co. (guar.)
Preferred (guar.)
Eastern Theatres, Ltd., com.(guar.).—
FitzSimons & Connell Dr. & Dock (qu.)
Fort Pitt Brewing Co
Freeport Texas Co. (guar.)
Preferred (guar.)
Goodyear Tire & Rubber Co., 1st pt.(qu)
Grand Union, pref. (guar.)
Great Lakes Dredge & Dock Co. (guar.)
Guelph Carpet & Worsted Spin. Mills—
Common (guar.)
634% cum.cony. pref.(guar.)
Hobart Mfg. Co. (guar.)
Hoover & Allison
7% preferred (guar-)
Ingersoll-Rand Co., corn. (guar.)
Jackson & Curtis Securities, pref
Jones dc Laughlin Steel Corp., 7% pref. d
Kansas City Stockyards of Maine (qu.)5% preferred (guar.)
Kendall Co., cum. pref. ser. A (quar.)
Participating preferred ser. A (guar.).
Kroger Grocery & Bak.com.(guar.).—
let preferred (quar.)
2d preferred (guar.)
Lehigh Coal & Navigation (s.
-a.)
Lehn dr Fink Prod.Co.(guar.)
Loblaw Groceterlas Co., A &B (quar.)
Lynch Corp. (guar.)
Extra
Mallory Hat, pref. (guar.)
Marine Bancorp, initial stock (quar.)
Full participating (guar.)
McMillan (guar.)
$6 preferred (quar.)
Mercantile Stores, Inc., 7% pref. (qu.)_
Metropolitan Storage Warehouse (guar.)
Midland Mutual Lite Ins. Co.(guar.)Moore (Wm.) Dry Goods (guar.)
Morris Plan Co. of R. I. (guar.)
Muller Bakeries, pref. (guar.)
National Bearing Metals Corp.
7% preferred (guar.)
7% preferred
National Founders Corp.—
$.334 preferred A (guar.)
National Lead Co., class A pref.(guar.).
National Leaf Co., pref. A.(quar.)
New England Grain Products (guar.).—
Norwalk Tire & Rubber Co., pref. (qu.)
Noyes (C. F.),6% preferred (quar.)___
Oahu Ry.& Land (monthly)
Ohio State Life Insurance
Pittsburgh Plate Glass Co.(guar.)
Ranier Brew, A and B (guar.)
Reynolds Metals Co.(guar.)
Sagamore Mfg
Second Investors Corp.,6% pref.(guar.)
Second Standard Royalties, prof
Security Ins.(N.H.),(guar.)
Sherwin-Williams Co., com.(guar.).—
Preferred (guar.)
Smith (A. 0.), pref. (guar.)
South American Gold & Platinum Co
Sutherland Paper Co., coin
Common
Taylor & Fenn (quar.)
Toronto Elevators
Underwriters Finance, 7% pref. A (qu.)United Engineering & Fdy.Co.,com.(gu)
Preferred (guar.)
United States Playing Card (guar.).—
United Stores Corp., pref. (guar.)
Vick Chemical,Inc., initial(guar.)
Extra
Wehle Brewing (initial)
White (8.8.) Dental Mfg. Co.(quar.)
Wisconsin Investment,6% prof
Books Closed
Days Inclusive.
444 ....
4:
4.
.
..
Shares. Stocks.
i Per st.
5 Bloomsbury Realty Trust
50 Commerce Trust Co., ctf. of purchase; 14 De Forest Patent Holding Co.; 1
80 Indian Chief Oil & Gas Co., corn.; 3 Jewett Radio & Phonograph Co.,
corn.; 6 Jewett Radio & Phonograph Co., pref.; 35 Lord Baltimore Hotel,
COM
$7 lot
9 Daniel Miller & Co. 1st pref
3630 lot
10 Gillett & Co., pref
$3.50 lot
20 Hecht Furniture House, Inc., A common
's
$40 lot
50 Holster Radio Corp. common, certificate of deposit
$1 lot
$300 Rogers Forge Golf Club 6% ft. mtge. due July 11939; 716 Alabama Co.
ctf. of dep.; 1 Baltimore Public Parks Riding Club. Inc.; 5 Belvedere Hotel
Co., com.; 2 Biery Oil Co., corn.; 2 Biery Oil Co., pref
$10 lot
1,000 sub shs. Royal Canadian Oil Syndicate; 20 Unger Sr Mahon, Inc., pref.;
20 Unger & Mahon, Inc., common
$2 lot
100 Standard Wholesale Phosphate dr Acid Works
7.50
50 United Porto Rican Bank, voting trust certificates
$5 lot
481 Van Camp Packing Co., Inc., common
35 lot
2505. G. White St Co., Inc., pref., par $100
$300 lot
315 J. G. White dt Co., Inc., common, par $20
$50 lot
Bonds—
Per Cent.
$50,000 Baltimore Trust Co. ctf. of payment guaranty fund
$545 lot
$5,000 Baltimore Trust Co. ctf. of payment guaranty fund
$57 lot
$812 Peoples Bldg. dr Loan Assn. of Locust Point, Md.(book)
$300
Per
When
Share. Payable.
CA.001..0101140.0......
.....
00N.P...00010
By Weilepp, Bruton & Co., Baltimore:
Oct. 28 1933
1
$ per Sh.
2
0 gmgmmm Fil40800 .z -t0 gm8 s0.,.oggvg -0 g
--A- rr86-mnnik
g.—
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
3 Rustiess Iron dr Steel common
Name of Company.
I1E0i_ 0
Shares. Stocks.
$ per Sh.
100 Wm. H. Horstmann Co. pre
$225 lot
150 Dividend Shares, Inc., par 25^
$1.11
10 Texas-Louisiana Power Co., 7% cum. pref.,
par $100
%
10 Park Place-Dodge Corp. common, no par, voting trust
certificates
$1 lot
25 Central-Penn National Bank, par $10
21
5 Philadelphia National Bank, par 520
503
5 Philadelphia National Bank, par $20
50
25 Ninth Bank & Trust Co., par $10
10
35 Chester Cambridge Bank dr Trust Co.. Chester,
Pa., par $20
19
25 Philadelphia Co.for Guaranteeing
Mortgages
%
22 New York Ry. Co
$1 lot
25 United States Bank dr Trust Co
$1 lot
Bonds—
Per Cent.
$2.000 American Commonwealths Power Corp., 6% debenture, series A.
Due Feb. 11952. Certificate of deposit
$20 lot
81.000 Park Place
-Dodge Corp. 5% 20
-year gen. mtge. Due Sept. 1 1952_ __ 7
$1,000 Electric Ferries, Inc., 7% 1st mtge. Due April 1 1941
$1,000 Consolidated Gas Utilities Co., 6% 1st mtge. dr coll., series A. Due 78
I June 1 1943
39 flat
81.000 National Theatres Corp.6%% 1st & ref., series A. Due June 1 1942_17 flat
$5,000 Fox New Academy of Music,6%% 1st mtge. Due September 1936 69
.....0
Financial Chronicle
By Barnes & Lofland, Philadelphia:
.
tm
"m
44 "_RA
mo
mm
mo <Ammo Z
m
" wgg
r..wx. .,
12
8
6 7XERTtq;" ;
".F.g
4X
000x0
0
00
0
222uuu,t.222o2g2sizg222v2riog,
7222;r2guz 22 22,t.2z22222222ou211rueluzzgzuuzuzz zut.mozugzzzzuzu22 COZZ
000ssab000sog0000000s. gap00000so oo 0000000000000ggoi
V
o
yogg000p.00mogoo omb8log 30000sogo, ago°
3098
23
20
25
25
Holders of rec. Oct. 17
Holders of rec. Oct. 31
Holders of rec. Nov. 13
Holders of rec. Oct. 25
Holders of rec. Nov. 15
Holders or reo. Oct. 31
Holders of rec. Oct. 20
Holders of reo. Nov. 1
Holders of rec. Nov. 1
Holders of rec. Oct. 31
Holders of rec. Nov.20
Holders of rec. Oct. 31
Holders of rec. Nov. 15
Holders of rec. Jan. 15
Holders of rec. Dec. 1
Holders of rec. Nov. 10
Holders of rec. Nov. 4
Holders of rec. Oct. 20
Holders of rec. Oct. 20
Holders of rec. Nov. 18
Holders ot rec. Nov. 1
Holders of rec. Nov. 15
Holders of rec. Nov. 6
Holders of rec. Oct. 23
Holders of rec. Oct. 25
Holders of rec. Oct. 25
Holders of rec. Nov. 10a
Holders of rec. Nov. 105
Holders of rec. Nov. 10
Holders of rec. Deo. 20
Holders of rec. Jan. 19
Holders of rec. Oct. 31
Holders of rec. Nov. 15
Holders of rec. Nov. 11
Holders of rec. Nov. 6
Holders of rec. Nov. 6
Holders of rec. Oct. 21
Holders of rec. Oct. 20
Holders of rec. Oct. 20
Holders of rec. Nov. 8
Holders of rec. Nov. 15
Holders of rec. Oct. 31
Holders of lee. Oct. 19
Holders of rec. Oct. 23
Holders of rec. Dec. 26
Holders of rec. Oct. 20
Holders of rec. Oct. 20
Holders of rec. Oct. 16
Holders of rec. Oct. 16
Holders of rec. Oct. 25
Holders of rec. Dec. 1
Holders of rec. Deo. 1
Holders of rec. Oct. 16
Holders of rec. Dec. 21
Holders of rec. Oct. 30
Holders of rec. Nov. 11
Holders of rec. Oct. 16
Holders of rec. Dec. 9
Holders of rec. Oct. 20
Holders of rec. Nov. 15
Holders of roe. Oct. 24
Holders of rec. Nov.15
Holders ot rec. Oct. 25
Holders of rec. Oct. 31
Holders of rec. Nov. 15
Holders of ree. Nov. 1
Holders of rec. Deo. 2
Holders of rec. Nov. 6
Holders of rec. Deo. 5
Holders of me. Oct. 24
Holders of reo. Nov. 15
Holders of rec. Oct. 16
Holders of reo. Oct. 31
Holders of roe. Oct. 31
Holders of rec. Deo. 21
Holders of rec. Nov.24
Holders of rec. Nov. 15
Holders of rec. Nov.15
Holders ot rec. Oct. 23
Holders of rec. Oct. 19
Holders of rec. Oct. 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given in the preceding table.
Vance of Clawson,.
Railroads (Steam)
Albany & Susquehanna(s-a)
Boston & Albany
Chesapeake & Ohio. pref.(e.
-a.)
Cincinnati Sandusky & Cleveland
6% preferred (5.-a.)
Cloy. Ctn. Chic. & St Louis, pre(
Cleveland & Pittsburgh, guar. (guar.).Special guaranteed (guar.)
Dallas Ry.Term.,7% pref.(guar.)
Delaware (5..a.)
Elmira & Williamsport (5.-a.)
Erie & Pittsburgh 7% guaranteed (guar-)
Guaranteed Betterment (guar.)
Grand Rapids dc Indiana (5..a.)
Kan. City St. L. & Chicago, pref.(qu.)Mahooing Coal. COM. (guar)
Nashua dr Lowell (s-a)
Norfolk & Western (guar.)
No. RR.of N. Hampshire (guar.)
North RR of New Sec. 4% gtd.(guar.)
Ontario & Quebec(s-a)
Semi-annual
Philadelphia Baltimore & Washington— Pitts. Bess 4 Lake Erle,6% pref (qu.).
Pittsburgh Fort Wayne & Chicago (1u.)
7% preferred (truer.)
Ptttsburgh Youngstown & Ashtabula
79' preferred (quar.)
Reading,common (guar.)
Richmond Frederiolcsburg & Potomac
7% guaranteed (s.
-a.)
6% guaranteed (8.-a.)
United New Jersey RR.& Canal(guar.).
Utica Shenango & Sum Valley (s.-a.)..
Virginia Rya., pref.(guar.)
West Jersey dr Seashore, corn. (5.-a.)--6% special guaranteed (5.-4.)
York Rye.. pref. (guar.)
Per
Wiles
Mare, Payable,
Books Closed
Days Inchon..
$4% Jan. 1 Holders of rm. Deo. 15
32% Dec. 31 Holders of reo. Nov.30
$3% Jan. 1 Holders of roe. Dee. 8
$1%
31%
87%0
50c
$1%
$1
$1.15
87%0
800
$2
61%
36%
$4
31
$1%
$1
255%
$3
111%
194%
1%%
194%
Nov. 1 Holders of Fee. Oct. 24
Oct. 81 Holders of rec. Oct. 4
Deo. 1 Holders of rec. Nov. 10
Dec. 1 Holders of rec. Nov. 10
Nov. 1 Holders of rec. Oct. 20
Jan. 1 Holders of rec. Dec. 15
Nov. 11 Holders of rec. Oct. 20
Deo. 10 Holders of rec. Nov. 30
Dec. 1 &dere of rec. Nov. 30
Dee. 20 Holders of reo. Dec. 9
Nov. 1 Holders of rec. Oct. 20
Nov. 1 Holders of rm. Oct. 16
Nov. 1 Holders of rec. Oct. 15
Nov. 18 Holders of reo. Oct. 81
Oct. 8 Holders of rec. Oct. 6
Deo.
Holders of rm. Nov.20
Dec.
Holders of rec. Nov. 1
Dee.
Holders of rec. Nov. 1
Dec. 3 Holders of rec. Dec. 16
Deo
Holders of rec. Nov. 15
Jan.
Holders of rec. Dee. 9
Jan.
Holders of rm. Dee. 9
134, Deo.
25c Nov.
83%
33
$2%
$3
51%
8114
1%%
62%c
Holders of rec. Nov.20
Holders of rec. Oct. 11
Nov.
Holders of rec. Oct. 31
Nov.
Holders of rec. Oct. 31
Jan. 10 Holders of rm. Deo. 20
Nov. 1 Holden of rec. Oct. 15
Nov. 1 Holders of rec. Oct. 14
Jan, 1 Holders of rec. Deo. 15
Dee. 1 Holders or me. Nov. 15
Oct. 31 Holders of rec. Oct. 21
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities.
Alabama Power Co., $5 pref.(guar.)--- 5134 Nov. 1 Holders of rec. Oct. 16
1750 Nov. 1 Holders of rec. Oct. 5
Amer. Cities Pow.& Lt. cl. A (quar.)_
American Gas & Elec. Co., pref (qu.)__ $114 Nov. 1 Holders of rec. Oct. 6
40e Nov. 1 Holders of rec. Oct. 14a
Amer. Light & Traction Co., corn. (qu.)
5114 Nov. I Holders of rec. Oct. 1451
Preferred (guar.)
25c Nov. 1 Holders of rec. Oct. 6
Amer. Water Works & Elec., corn. (qu.)
3734c Nov. 1 Holders of rec. Oct. 14
Associated Telep., pref.(guar.)
$114 Nov. 1 Holders of rec. Oct. 11
Atlantic City Elec., $6 pref. (quar.)___
37340 Nov. 1 Holders of roe. Oct. 10
Bangor Hydro-Elec. Co.. cons.(quar.)
200 Dec. 1 Holders of rec. Oct. 16
Birtman Electric Co., common
3134 Nov. 1 Holders of rec. Oct. 16
Preferred (guar.)
British Columbia Telep.6% 2d pf. (qu.) 3134 Nov. 1 Holders of rec. Oct. 15
Buffalo, Niagara & Eastern Pow.
$I% Nov. 1 Holders of reo. Oct. 14
5% 1st preferred (guar.)
$134 Nov. 1 Holders of rec. Oct. 14
Calgary Power, prof.(guar.)
$134 Nov. 15 Holders of rec. Oct. 31
Calif. Water Service, prof.(quar.)
75e Nov. 15 Holders of rec. Oct. 31
Cedar Rapids Mfg.& Pow.(quar.)
prof.(qu.)_
$134 Nov. 1 Holders of rec. Oct. 11
Central Arizona Lt.& P., $7
3114 Nov. 1 Holders of rec. Oct. 11
$6 preferred (quar.)
Central Hudson Gas & Elec. Corp.—
200 Nov. 1 Holders of rec. Sept. 30
Quarterly
200 Nov. 1 Holders of rec. Sept. 30
Voting trust certificates (quar.)
150 Nov. 1 Holders of rec. Oct. 20
Central Illinois Securities. pref.(quar.)
5134 Jan. 15 Holders of me Dec. 31
Central Kan Pow.,7% pre/.(quar.)
5134 Jan. lb Holders of me Dec. 31
6% preferred (guar.)
53134 Oct. 31 Holders of rec. Oct. 16
Central Ohio Light & Pow.$6 pref
Central Pow.& Light, 7% pref. (guar )- 43%c Nov. 1 Holders of rec. Oct. 14
37140 Nov. 1 Holders of rec. Oct. 14
6% preferred (guar.)
City Water of Chattanooga,6% pt.(qu.) 513.4 Nov. 1 Holders of rec. Oct. 20
$134 Dec. 1 Holders of rec. Nov. 15
Cleveland Elm.Ilium.6% prof. (quar.)_
Columbia Gas di Elec., common (quar.)_ /1234c Nov. 15 Holders of rec. Oct. 20
5134 Nov. 15 Holders of rec. Oct. 20
6% preferred series A (guar.)
$14 Nov. 15 Holders of rec. Oct. 20
5% cumulative preferred (guar.)
$134 Nov. 15 Holders of rec. Oct. 20
5% convertible cern. preference
Columbus Ry.,P.& Lt.,6 % pf B(qu) 514 Nov. 1 Holders of rec. Oct. 14
$1 Nov. 1 Holders of rec. Oct. 14
Commonwealth Edison Co.(quar.)
2 Holders of rec. Dec. 15
Consumers Power Co., $5 pref. (guar.). 5134 Jan
6% preferred (quar.)
313-4 Jun. 2 Holders of rec. Dec. 15
$1.65 Jan. 2 Holders of rec. Dec. 15
6.6% preferred (quar.)
5134 Jan. 2 Holders of rec. Dec. 15
7% preferred (guar.)
50c Nov. 1 Holders of rec. Oct. 16
6% preferred (monthly)
500 Dec. 1 Holders of rec. Nov. 15
6% preferred (monthly)
500 Jun. 2 Holders of rec. Dec. 15
6% preferred (monthly)
550 Nov. 1 Holders of rec. Oct. 16
6.6% preferred (monthly)
55e Dec. 1 Holders of roe. Nov. 15
6.6% preferred (monthly)
550 Jan. 2 Holders of rec. Dec. 19
6.6% preferred (monthly)
Concord Gas,7% pref.(guar.)
31% Nov. 15 Holders of rec. Oct. 31
Connecticut Lt.& P.,
5134 Dec. 1 Holders of rec. Nov. 15
% pt.(quer.)_ _
$14 Dec. 1 Holders of rec. Nov. 15
preferred (guar.)
534%
31.125 Nov. 15 Holders of rec. Oct. 31
Connecticut Ry.& Lt. (quar.)
31.125 Nov. 15 Holders of rec. Oct. 31
434% preferred (guar.)
Connecticut River Pow.,6% prof.(ql1.)- El% Dec. 1 Holders of rec. Nov. 15
Consol. Gus Co.of N. Y., prof. Marl-- 5114 Nov. 1 Holden of rec. Sept.29
Cumberland Pow.& Lt.6% pref.(qu.)
5114 Nov. 1 Holders of rec. Oct. 14
Dallas Power & Light $6 pref.(guar.).
$114 Nov. 1 Holders of rec. Oct. 19
7% preferred (guar.)
5134 Nov. 1 Holders of rec. Oct. 19
313i Nov. 1 Holders of rec. Oct. 20
Davenport Water,6% prof.(guar.)
50c Nov. 1 Holders of rec. Oct. 20
Dayton Pow. & Light, 6% pref. (m0.).
Derby Gas & El.. 7% pref.(quar.)
5134 Nov. 1 Holders of rec. Oct. 25
$14 Nov. 1 Holders of rec. Oct. 25
634% preferred (quar.)
Eastern Shores Pub.Serv., $634 pf. (citi•) 3134 Dec. 1 Holders of rec. Nov. 10
$6 preferred (guar.)
5134 Dec. 1 Holders of rec. Nov. 10
Eastern Township Telephone
180 Apr. 1' Holders of rec. Dec. 31
Edison Elec. Ilium. Co. of Boston (qu.)_
$214 Nov. 1 Holders of rec. Oct. 10
Electric Bond & Share Co.. $6 pref.(qu.) $134 Nov. 1 Holders of rec. Oct. 6
$6 preferred (guar.)
3134 Nov. 1 Holders of rec. Oct. 6
Electric Power Assoc., Inc., corn.(qu.)—
10e Nov. 1 Holders of rec. Oct. 21
Class A (quarterly)
10c Nov. 1 Holders of rec. Oct. 21
Elizabethtown Consol. Gas (extra)
$1 Dec. 1 Holders of rec. Nov. 27
Quarterly
$1 Jan. 2 Holders of rec. Dec 28
Dec. I Holders of ree. Nov. 20
Empire & Bay State Tel.. 4% gtd.(qu.). $1
Escanaba Pow. & Trot.6% prof. (qu.).. 134% Nov. 1 Holders of rec. Oct. 27
6% preferred (quar.)
134% Feb. 1 Holders of rec. Jan. 27
Fall River Gas Works
60c Nov. 1 Holders of rec. Oct. 24
Florida Power Corp., 7% pref. A (guar.) $1.31 Dec. 1 Holders of rec. Nov. 15
7% preferred (quar.)
8734c Dec. 1 Holders of rec. Nov. 15
Franklin Teleg., 234% gold stock (s.
-a.) V% Nov. 1 Holders of rec. Oct. 14
Georgia Pow.& Light $6 pref.(guar.)_
513 Nov. 15 Holders of rec. Nov. 1
-4
Greenfield Gas Light, 6% prof. (gust.).
75e Nov. 1 Holden of rec (Jct. 16
Hartford Elec. Light (guar.)
68340 Nov. I Holders of rec. Oct. 14
Honolulu Gas Co.(monthly)
15e Oct. 31 Holders of rec. Oct. 16
Houston Ltg.& Pow.,7% prof.(quar.)_
5134 Nov. 1 Holders of rec. Oct. 14
$6 preferred (quar.)
3114 Nov. 1 Holders of rec. Oct. 14
Idaho Power Co.. 7% pref.(quar.)
3134 Nov. 1 Holders of rec. Oct. 14
$6 preferred (guar.)
$134 Nov. 1 Holders of rec. Oct. 14
Illinois Nor. UHL 6% pref.(guar.)
5114 Nov. 1 Holders of rec. Oct. 14
$7 Junior preferred (guar.)
5134 Nov. 1 Holders of rec. Oct. 14
Illuminating ,k Pow.Securities (guar.) _ _
513.4 Nov. 10 Holders of rec. Oct. 31
7% preferred (guar.)
5134 Nov. 15 Holders of rec. Oct. 31
Internat. UHL Corp.$7 pref.(quar.)
_ 5134 Nov. 1 Holders of rec. Oct. 16a
$34 preferred (guar.)
87140 Nov. 1 Holders of rec. Oct. 16a
Jamalca Water Supply,7
Prof•(s-a)- $14 Nov. 1 Holders of rec. Oct. 11
Kentucky Utilities Co..7% Pr. pf. (au.) 8734c Nov. 20 Holders of rec. Nov. 1
Kokomo Water Works,6% prof.(quar.)_
3114 Nov. 1 Holders of rec. Oct. 20
Lehigh Pow. Securities, $6 prof. (guar.).. 5114 Nov. 1 Holders of rec. Oct. 26
Lincoln Telep. & Teleg.6% prof. A (qu.) 5114 Nov. 10 Holders of rec. Oct. 31
5% cum. special preferred (guar.). _
El% Nov. 10 Holders of rec. Oct. 31
Lone Star Gas Corp. 634% prof. (qu.)_.. $1.62 Nov. 1 Holders of rec. Oct. 14
Los Angeles Gas & El.6% pref. (qu,)_
5134 Nov. 15 Holders of rec. Oct. 31
Louisiana P.& Lt., $6 prof.(quar.)
$155 Nov. 1 Holders of rec. Oct. 14
Malone Light & Pow. Co. $6 prof.(go.). $1.34 Nov. 1 Holders of rec. Oct. 10
Milwaukee El. Ry. & Lt.6% pf.(qu.)_
$1 % Oct. 31 Holders of ree. Oct. 20
Miss. l'ow. & Light Co., $8 pref. (qu.)._
500 Nov. 1 Holders of rec. Oct. 14
Mohawk Hudson Pow.Corp., 1st pf.(qu) $I% Nov. 1 Holders of no. Oct. 16
Monmouth Consol. Water,7% pf.(qu.)
$134 Nov. 15 Holders of rec. Nov. 1
Montana Power Co. $6 pref. (quar.)
$114 Nov. 1 Holders of rec. Oct. 10
Montreal Light Heat & Pow.(guar.) _
$2 Nov. 15 Holders of rec. Oct. 31
Montreal I.t., Ht.& Pr. Cons. com.(qu.) r37o Oct. 31 Holders of rec. Sept. 30
Mutual Telep.(Hawaii)(monthly)
8c Nov.20 Holders of rec. Nov. 10
National l'ow.& Light (guar.)
250 Dec. 1 Holders of rec. Nov. 6
$6 preferred (guar
$14 Nov. 1 Holders of me Oct. 16
Nevada-Calif Elm Corp.. prof.(qtr.)$1 Nov. 1 Holders of rec. Sept.30
New England Water Lt.& Pow. Assoc.
6% preferred (guar.)
3114 Nov. 1 Holders of rec. Oct. 20
North Amer. Edison pref.(guar.)
$114 Dec. 1 Holders of rec. Nov. 15
North. N. Y. UM., Inc 7% pt. (au)..... $134 Nov. I Holders of rec. Oct. 10
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 (guar.)
Ohio Public-Service 7% pref.(monthly). 58 1-3 Nov. 1 Holders of roe. Oct. 14
50o Nov. 1 Holders of rec. Oct. 14
6% preferred (monthly)
41 2-30 Nov. 1 Holders of rec. Oct..14
5% preferred (monthly)
Orange & Rockland Elec.(guar.)
$2 Nov. 1 Holders of rec. Oct. 25
3734c Nov. 15 Holders of rec. Oct. 31
Pacific Gas di Elec. Co.,6% pref.(qu.)
3440 Nov. 15 Holders of rec. Oct. 31
534% preferred (guar.)
75c Nov. 15 Holders of rec. Oct. 20
Pacific Lighting Co., corn. (guar.)
Peninsular Telep. Co., 7% prof. (quar./ 134% Nov. 15 Holders of rm. Nov. 6
14% Feb. 15 Holders of rec. Feb. 5
7% preferred (guar.)
Pennsylvania Power Co.,$6 prof.(quar.) $134 Dee. 1 Holders of rec. Nov. 20
55c Nov. 1 Holders of rec. Oct. 20
gm% preferred (monthly)
550 Dec. 1 Holders of rec. Nov.20
6.60% preferred (monthly)
Philadelphia Co., 6%cum. pref. (5.-a.)_ 134% Nov. 1 Holders of me Sept.30
45o Nov. 1 Holders of rec. Oct. 10
Philadelphia Elect. Co.(guar.)
5134 Nov. 1 Holders of rec. Oct. 10a
5% preferred (guar.)
Philadelphia Suburban Water, pf. (qu.) 5134 Dec. 1 Holders of rec. Nov. 11
5134 Nov. 1 Holders of rec. Oct. 20
Potomac Edison,7% Prof.(guar.)
$I% Nov. 1 Holders of rec. Oct. 20
6% preferred (guar.)
75c Nov. 1 Holders of rec. Oct. 20
Princeton Water(N.J.)(guar.)
Public Service of Colo.,7% pref.(mo.) 581-30 Nov. 1 Holders of rec. Oct. 14
500 Nov. 1 Holders of me. Oct. 14
6% preferred (monthly)
41 2-3c Nov. 1 Holders of rec. Oct. 14
5% referred (monthly)
3099
Financial Chronicle
Volume 137
Name of Company.
Per
Wham
Stare. Payable.
Public Utilities (Conclue144).
50c
Public Service Co. of N. Ill., corn. (qu.)
$1 14
6% preferred (quar.)
5134
7% preferred (guar.)
Public Service Corp. of N.J.50c
6% preferred (monthly)
500
6% preferred (monthly)
3134
Public Utilities Corp.(gnat.)
25c
Quebec Power,corn.(guar.)
Railway 8, Lt. Securities, pref.(gust.).. $134
20e
Rockland Lighting & Power (guar.)
200
Stock trust certificates (quar.)
El
Rhode Island Public Service, cl. A (qu.)
50c
Preferred (guar.)
Shawinigan Wat.& Pow. Co.,corn.(qu.) r12c
Shenango Valley Water Co.6% pf.(qu.) 134%
Sierra Pacific Elec. Co.,6% pref.(qu.).. $156
Sioux City Gas & Elec., 7% pref.(guar.) El%
2%
Southern Calif.EdLson Co.,corn.(qu.)_ _
$14
Sou. Calif. Gas. $634 preferred (quar.)
Southern Canada Power Co., Ltd.—
20e
Common
Standard Pr.& Lt. Corp.. prof. (guar.). 5134
5134
Suburban Elec.Security,6%1st pf.(111.)
Tennessee Elec.Pow.Co.,5% pro!.(qu.) $114
3114
6% preferred (guar.)
$134
7% preferred (guar.)
$1.80
7.2% preferred (guar.)
50c
6% preferred (monthly)
500
6% preferred (monthly)
50c
6% preferred (monthly)
600
7.2% preferred (monthly)
600
7.2% preferred (monthly)
60c
7.2% preferred (monthly)
313-4
Tennesseee Pub.Service (guar.)
Texas Pow.& Lt. Co.,7% Pf.(Qum.)- - - 5134
$114
$6 preferred (guar.)
58 1-30
Toledo Edison Co., 7% prof.(mo.)
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
West Penn Elec. Co.,7% turn. pre(.(qu) 1%%
14%
6% cum. preferred (guar.)
West Penn Power Co., 7% prof.(guar.). 134%
134%
6% preferred ((Mar.)
El%
Wisconsin Telephone, common (quar.)_
$134
Preferred (guar.)
United Lt & Rys.(Del.),7% Df• Ono.) 58 1-30
53e
6.36% preferred (monthly)
50c
6% preferred (monthly)
58 1-3c
7% preferred (monthly)
53c
preferred (monthly)
6.36%
50c
6% preferred (monthly)
58 1-30
7% preferred (monthly)
53e
6.36% preferred (monthly)
50c
6% preferred (montlhy)
Books Cloud
Days hitherto..
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 14
Oct. 31 Holders of rec. Oct. 2
Nov. 30 Holders of rec. Nov. 1
Nov. 10 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 27
Nov. 1 Holders of rec. Oct. 24
Nov. 1 Holders of rec. Oct. 16
Nov. 1 Holders of rec. Oct. 16
Nov. 1 Holders of rec. Oct. 16
Nov. 1 Holders of rec. Oct. 16
Nov. 15 Holders of rec. Oct. 25
Dec. I Holders of rec. Nov. 20
Nov. 1 Holders of rec. Oct. 20
Nov. 10 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 20
Nov.29 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 31
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of me. Oct. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Nov. 1 Holders of rec. Oct. 14
Dec. 1 Holders of rec. Nov. 15
Jan. 2 Holders of rec. Dec. 15
Nov. 1 Holders of rec. Oct. 14
Dec. 1 Holders of rec. Nov. 15
Jan. 2 Holders of rec. Dec. 15
Nov. 1 Holders of rec. Oct. 17
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 14
Nov. 1 Holders of rec. Oct. 14
Nov. 15 Holders of rec. Oct. 20
Nov. 15 Holders of rec. Oct. 20
Nov. 1 Holders of rec. Oct. 5
Nov. 1 Holders of rec. Oct. 5
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
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
Bank & Trust Companies.
Corn Exchange Bank Trust Co.(qu.)--Kings County Trust Co.(guar.)
75e Nov. 1 Holders of rec. Oct. 19
$20 Nov. 1 Holders of rec. Oct. 25
Fire Insurance Companies.
American Re-Insurance Co. (guar.).
Camden Fire Ins. Co.(s-a)
Fire Assoc. of Phila.(8.-a.)
Franklin Fire Ins. Co.(quar.)
Home Ins. Co.(guar.)
North River Insurance (quar.)
Richmond Ins. of N.Y.(guar.)
United States Fire Ins.(guar.)
50e
50c
$1
250
25c
15c
100
30e
Miscellaneous.
Abraham & Straus, Inc., pref. (quar.)__
Adams-Millis Corp.,com.(guar.)
Preferred (guar.)
Affiliated Products Co., Inc.. corn.(mo.)
Alaska Juneau Gold Mining Co.(qu.).
Extra
Allied Chemical & Dye Corp., corn.(qu.)
Allied Kid Co., pref.(quar.)
Aluminum Mfg., Inc., corn.(guar.)
Preferred (guar.)
Amerada Corp.(guar.)
American Business Shares, Inc..American Can Co., corn. (guar.)
American Envelope Co.7% Pf.(quar.)..
American Hardware (guar.)
American Home Products Corp.(mo.)—
Amer.Investment Co.of III. class A(qu.)
American Investors,$3 ore!.(guar.) - Amer. Mach.& Fdry. Co ,com.(guar)American Mutual Liability Ins. Co
American Optical Co., 7% prof.(qu.)_
American Ship Building (guar.)
American Smelting & Refining 7% 1st Df•
American Stores Co.(extra)
Quarterly
Appleton Co., 7% prof(
Archer-Daniels-Midland, pref. (guar.).Artloom Corp., prof
Asbestos Mfg. Co.. prof. (guar.)
Atlantic Steel 7% pref.(8.-a.)
Atlas Powder Co., pref.(guar.)
Austin Motors, Ltd., ordinary
Bonus
Preferred
Austin, Nichols & Co.. pr. A (guar.).— Badger Paper Mills, 6% prof. (gllar.)
Bamb'g (L.)& Co.,634% pref.(guar.)
Barber(W.H.)& Co., 7% prof.(guar.).
Beacon Mtg. Co., 6% pref.(guar.)
Beatty Bros., Ltd.,6% 1st pf. A.(qu.)
Belding Corticelll, Ltd., corn.(guar.) _ _
Beneficial Industrial Loan,corn.(gust.).
Preferred, series A (guar.)
Bigelow Sanford Carpet Co., pref.(qu.)_
Prof. (amount covers dim. omitted)._
Black-Clawson Co., met (guar.)
Blauner's, Inc., common (guar.)
Preferred (guar.)
Bloch Bros. Tobacco(guar.)
Preferred (guar.)
Bloomingdale Bros.. Inc., pref. (guar.).
Blue Ridge Corp., prof. (guar.)
Bohack (H.C.) Co.(guar.)
7% 1st preferred (guar.)
Bohack Realty Corp., 1st pref.(quar.)_ _
Bohn Aluminum & Brass Co.. corn.(qu.)
Bon Arai Co.,common A (guar.)
Hornet, Inc., class A
Bourjols, Inc., prof. (gusr.)
Broadway Dept. Stores, 7% pref
Bway. d, Newport Bridge(Chu.)(au.)-.
5% preferred (guar.)
Brown Shoe Co.. prof.(guar.)
Buckeye Steel Castings,636% prof.(qu.)
6% preferred (guar.)
Bullock Fund, Ltd
Hurmah Oil Co., Ltd.(interim)
Byers (A. M.) Co., pref
Calamba Sugar Estates, corn.(quar.)
7% preferred (attar.)
Campo Corp.. 6 Si% pref.(guar.)
Nov. 15 Holders of rec. Oct. 31
Nov. 1 Holders of rec. Oct. 14
Nov. 15 Holders of rec. Oct. 25
Nov. 1 Holders of rec. Oct. 20
Nov. 1 Holders of rec. Oct. 13
Dec. 11 Holders Of rec. Ueo. 1
Nov. 1 Holders of rec. Oct. 11
Nov. 1 Holders of rec. Oct. 20
El% Nov. 1 Holders of rec. Oct. 14
25e Nov. 1 Holders of rec. Oct. 18
$134 Nov. 1 Holders of rec. Oct. 18
So Nov. 1 Holders of rec. Oct. 18
15e Nov. 1 Holders of rec. Oct. 10
150 Nov. 1 Holders of rec. Oct. 10
5134 Nov. 1 Holders of rec. Oct. 11
5134 Nov. 1 Holders of rec. Oct. 24
50e Dec. 31 Holders of rec. Dec. 15
3134 Dec. 31 Holders of Me. Dee. 15
50c Oct. 31 Holders of rec. Oct. 14a
e40% Nov. 1 Holders of rm. Oct. 21
$1 NoV. 15 Holders of rec. Oct. 250
134% Dec. 1 Holders of rec. Nov.25
250 Jan. 1 Holders of rec. Dec. 16
20c Nov. 1 Holders of rec. Oct. 14a
50c Nov. 1 Holders of rec. Oct. 20
75e Nov. 15 Holders of rec. Oct. 31
200 Nov. 1 Holders of rec. Oct. 21
20%
313-4 Jan. 1 Holders of rec. Dee. 18
50c Nov. 1 Holders of rec. Oct. 21
Dec. 1 Holders of rec. Nov. 3
531
500 Deo, 1 Holders of rec. Nov. 15
500 Jan. 1 Holden of rec. Dec. 15
/al% Nov. 1
5134 Nov. 1 Holders of rec. Oct. 21
53134 Dec. 1 Holders of rec. Nov. 15
350 Nov. 1 Holders of rec. Oct. 20
5334 Nov. I Holders of rec. Oct. 21
El% Nov. 1 Holders of rec. Oct. 20
25%
75%
20%
250 Nov. 1 Holders of rec. Oct. 13
750 Nov. 1 Holders of rec. Oct. 21
El% Dec. 1 Holders of rec. Nov. 15
5134 Jan. 2 Holders orree. Dee. 20
Nov. 15 Holders of rec. Nov. 1
$134
$134 Nov. 1 Holders of rec. Oct. 14
1% Nov. 1 Holders of rec. Oct. 14
37340 Oct. 30 Holders of rec. Oct. 16
8734c Oct. 30 Holders of rec. Oct. 16
5136 Nov. 1 Holders of rec. Oct. 21
3436 Nov. 1 Holders of rec. Oct. 21
3134 Dec. 1 Holders of rec. Nov.25
250 Nov. 15 Holders of rec. Nov. 1
750 Nov. 15 Holders of rec. Nov. 1
3734e Nov. 15 Holders of rec. Nov. 11
$14 Dee. 31 Holders of rec. Dec. 25
$134 Nov. 1 Holders of rec. Oct. 20
n75c Dec. 1 Holders of rec. Nov. 6
25e Nov. 15 Holders of rec. Oct. 25
5134 Nov. 15 Holders of rec. Oct. 25
5134 Nov 15 Holders of rec. Oct. 25
50c Dec. 27 Holders of rec. Dec. 12
$1 Oct. 30 Holders of rec. Oct. 15
25cJ an. 12 Holders of rec. Jan. 12
0834c Nov. 15 Holders of rec. Nov. 1
55134 Nov. 1 Holders of rec. Oct. 18
$24 Nov. 1 Holders of rec. Sept.30
El% Nov. 1 Holders of rec. Sept.30
134% Nov. 1 Holders of rec Oct. 20
$14 Nov. 1 Holders of rec. Oct. 23
5134 Nov. 1 Holders of rec. Oct. 23
10c Nov. 1 Holders of rec. Oct. 14
Is
50c Nov. 1 Holders of rec. Oct. 16
40e Jan. 2 Holders of rec. Dec. 15
35e Jan. 2 Holders of roe. Dec. 15
$14 Nov. 1 Holders of rec. Oct 16
3100
Name of Company.
Financial Chronicle
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Canada Iron Foundries, pref.
$154 Nov.15 Holders of rec. Oct. 31
Canadian Bronze Co., conc. (guar.)._
15c Nov. 1 Holders of ree. Oct. 20
Preferred (guar.)
$15•1 Nov. 1 Holders of rec. Oct. 20
Canadian Converters. Ltd.(guar.)
50c Nov. 15 Holders of rec. Oct. 31
Canadian Dredge & Dock Co., pref.(qu.) 3114 Nov. 1 Holders of rec. Oct. 18
Canadian Invest. Funds,Ltd.,ord.ebe
4o Nov. 1 Holders of rec. Oct. 16
Special shares
4e Nov. 1 Holders of rec. Oct. 16
Capital Management Corp.(guar.)
15o Nov. 1 Holders of rec. Oct. 20
Carnation Co.,7% pref.(guar.)
$114 Jan. 1
Cartier. Inc.. 7% prof
87%e. Jan. 31 Holders of roe. Jan. 14
Central Illinois Secur. Corp., pref. (qu.)
15o Nov. 1 Holders of roe. Oct. 20
Centrifugal Pipe Line Corp.cap.stkeqm) 100. Nov. 15 Holders of rec Nov. 6
Century Ribbon Mills. Inc., pref.(qu.). $15‘ Dec. 1 Holders of rec. Nov.18
Chain Belt Co.. common (guar.)
100 Nov. 15 Holders of reo. Nov. 1
Chairs Corp (guar.)
250 Nov. 1 Holders of rec. Oct. 25
Extra
250 Nov. 1 Holders of roe. Oct. 25
Cherry Burrell Corp., pref.
531% Nov 1 Holders of rec. Oct. 15
Chicago Yellow Cab (guar)
250 Dee. 1 Holders of rec. Nov. 20
Chyrsler Corp.(guar.)
50e Dee. 30 Holders of rec. Dec. 1
Cincinnati %holeealeGroeery. pt.(qu.). $1 14 Jan. 2 Holders of rec. Dec. 15
City Bakhcg, 7% pref (guar.)
3114 Nov. 1 Holders of rec. Oct. 25
Clorox Chemical Co.. el. A (guar.)
60o Jan. 1 Holders of rec. Dee. 20
Cluett, Peabody & Co.. Inc., corn.(qu.)
25e Nov. 1 Holders of rec. Oct. 21
Colgate-Palmolive-Peet Co.. pf.(au)... $114 Jan. 1 Holders of roe. Dec. 11
Confederation Life Assoc. (guar.)
$1 Dec. 81 Holders of rem Dec. 25
Congoleum-Nairn. Inc., 7% pref. (au.)- let% Nov. 1 Holders of rec. Aug. 15
Consolidated Chemical Industries—
Partic, preferred series A (guar.).— 3754o Nov. 1 Holders of rec. Oct. 14
Consol. Cigar Corp., prior pref.(qual.). $1% Nov. 1 Holders of rec. Oct. 160
Preferred(guar.)
$114 Dee. 1 Holders of rec. Nov. 15a
Consolidated 011 Corp.8% pref. (riu.)-2% Nov.15 Holders of rec. Nov. 1
Continental Can Co.. Inc.,common(qu.) 62%0 Nov. 15 Holders of rec. Oct. 25a
Coon (W. B.), 7% pref. (guar.)
$134 Nov. I Holders of rec. Oct. 14
Cottrell (C. B.)& Sons Co.
6% preferred (guar.)
134% Jan. 1
Cresson Consol. Gold Mining & Milling.
lc Nov.15 Holders of rec. Oct. 31
Crown Cork Inter'Corp.. Class A
h.50e Nov. 1 Holders of rec. Oct. 13a
Crum & Forster, COM.(qual.)
100 Dec. 14 Holders of rec. Oct. 5
8% preferred (guar.)
$2 Dec. 30 Holders of rec. Dee. 20
Cudahy Packing Co., 7% pref. (m-(0-- 334% Nov. 1 Holders of rec. Oct. 20
6% preferred (semi-ann.)
3% Nov. 1 Holders of me Oct. 20
Ctmeo Press. Inc.,corn.(guar.)
30e Nov. 1 Holders of me. Oct. 20
en % preferred (guar.)
31% Dec. 15 Holders of rec. Dec. 1
Denver Union Stockyards. pref.(guar.). 51)4 Dec. 1 Holders of rec. Nov. 20
Deposited Bond Ctrs.. ser. 1938 (11q.)...9 .51010e
Dictaphone Corp., pref.(guar.)
82 Dec. 1 Holders of reo. Nov. 17
Dividend Shares, Inc
1.40 Nov. 1 Holders of rec. Oct. 14
Dominion Bridge Co.,Ltd.. Corn.(guar.) r50e Nov.15 Holders of rec. Oct. 31
150 Nov. 1 Holders of reo. Oct. 24
Derilluguez OR Fields Co.(monthly)...
Eastern Bond & Share B (quar.)
250 Nov. 1 Holders of ree. Oct. 7
Eaton Mfg. Co.. common
200 Nov. 15 Holders of rec. Nov. 1
250 Dec. 1 Holders of roe. Nov. 15
Efil9 Register Co.class A
Empire Capital Corp., class A (guar.).2% Nov.29 Holders of rem Nov.200
Esmond Mills,7% pref.(guar.)
870 Nov. 1 Holders of rec. Oct. 25
Eureka Pipe Line Co. (guar.)
81 Nov. 1 Holders of rec. Oct. 16
Ewa Plantation (guar.)
60c Nov. 15 Holders of rec. Nov. 4
Faber Coe & Gregg 7% pref.(qual.)...- VA Nov. 1 Holders of reo. Oct. 20
Farmers & Traders Life Ins. Co. (Syracuse, N.Y.)
8234 Jan. 1 Holders of rec. Dee. 11
Quarterly
$234 Apr. 1 Holders of reo. Mar. 11
Federal Knitting Mills,corn.(guar.)---- 62540 Nov. 1 Holders of reo. Oct. 16
Federal Service Finance (guar.)
50c Nov. 31 Holders of rem Sept.30
7% preferred (guar.)
ilet Oct. 31 Holders of me. Sept.30
Ferro Enamel Corp., corn
100 Dee. 20 Holders of rec. Dec. 10
Flbreboard Products, prof. (guar.)
$134 Nov. 1 Holders of rec. Oct. 16
Fidelity Fund, Inc. (guar.)
500 Nov. 1 Holders of rem Oct. 20
Extra
350 Nov. 1 Holders of rec. Oct. 20
Freeport Texas Co. preferred (quar.)...- 8134 Nov. I Holders of roe. Oct. 13
Fulton industrial Secs.. $314 pref.(lu.)- 8734e Nov. 1 Holders of rec. Oct. 16
General Cigar Co.(guar.)
31 Nov. 1 Holders of rec. Oct. 16
Preferred (guar.)
81)4 Dee. 1 Holders of rec. Nov.24
General Foods Corp.(guar.)
450 Nov. 15 Holders of red. Nov. 1
General Investors Trust
10e Nov. 1 Holders of rec. Sept. 30
General Mills, Inc.. corn. (guar.)
750 Nov. 1 Holders of rec. Oct. 140
General Motors Corp., $5 oret. (guar.). 5154 Nov. 1 Holders of rem Oct. 9
General Stockyards Corp., corn. (guar.)
50c Nov. 1 Holders of rec. Oct. 16
8134 Nov. 1 Holders of rec. Oct. 16
$6 preferred (guar.)
Gillette Safety Razor. $5 pref.(quar.)... 51n Nov. 1 Holders of ree. Oct. 2
Gold Dust Corp., corn. (quar.)
30c Nov. 1 Holders of rec. Oct. 10
Gotham Silk Hosiery Co. 7% pref. (qu.) $1 34 Nov. 1 Holders of rec. Oct. 11
Gottfried Baking Co., Inc.. prof.(guar.)
% Jan. 2 Holders of rem Dec. 20
Grace(W.R.) dt Co.6% pre!
3% Dec. 29 Holders of rem Dee. 27
Great Lakes Engineering Wks.(qual.)..
Sc Nov. 1 Holders of reo. Oct. 25
Great Western Electro-Chemical
$1 Dec. 1 Holders of rec. Nov.20
6% preferred (quur.)
$134 Jan. 2 Holders of ree. Dee. 20
Hale Bros. Stores, Inc.(guar.)
150 Dee. 1 Holders of rec. Nov. 15
Halle Bros.
$1% Oct. 31 Holders of rec. Oct. 24
ref. (guar.)
Harbauer Co.,
In% Jan. 1 Holders of rem Dec. 21
Co.,I% pre! (guar
let% Dec. 1 Holders of reo. Nov. 15
Hardesty (R.). 7% pref. (guar.)
75c Nov.15 Holders of rec. Nov. 1
Hartford Times, $3 prof. (guar.)
25c Nov. 6 Holders of rec. Oct. 25
Hawaiian Commercial & Sugar (mthly.).
200 Dee. 1 Holders of roe. Nov. 10
Heileman (G.) Brewing (Wis.) (guar.)...
Hercules Powder Co pref. (guar.)
$134 Nov. 15 Holders of ree. Nov. 3
75e Nov. 15 Holders of me. Oct. 25
Hershey Chocolate Co., corn. (guar.).-Preferred (guar.)
$1 Nov. 15 Holders of rec. Oct 25
Hibbard, Spencer, Bartlett & Co.(mo.).
100 Nov. 24 Holders of rec. Nov.20
Monthly
100 Dee. 29 Holder; of rec. Dec. 22
Hollinger Consolidated Gold Mines(mo.) rl% Nov. 4 Holders of rec. Oct. 20
Extra
rl% Nov. 4 Holders of rec. Oct. 20
Honolulu Plantation (monthly)
260 Nov. 10 Holders of reel Oct. 31
Hormel (Geo. A.) & Co., corn. (quar.)-.
250 Nov. 15 Holders of rec. Oct. 28
Preferred A (guar.)
3155 Nov. 15 Holders of rec. Oct. 28
Preferred B (annual)
87 Nov. 15 Holders of rec. Oct. 28
Horn & liartiart(N. Y.), corn.(qual.)..
Mrn Nov. 1 Holders of rec. Oct. 11
Home (Joseph) Co., pref.(guar.)
5154 Nov. 1 Holders of rec. Oct. 24
Humberstone Shoe, Ltd.(guar.)
50o Nov. 1 Holders of reo. Oct. 14
Imperial Chemical Industries, interim -z w234% Dec. 8 Holders of roe. Oct. 13
Indlana Pipe Line Co
15e Nov. 15 Holders of rec. Oct. 20
Extra
10o Nov. 15 Holden of reo. Oct. 20
Intl. Cigar Machinery (quar.)
37)40 Nov. 1 Holders of reo. Oct 21
International Harvester, pref.(quar.)... $1n Dec. 1 Holders of rem Nov. 4
Internal. Nickel of Can. prof.(guar.)... r$134 Nov. 1 Holders of rec. Oct. 2
Internat. Printers Ink, 6% prof. (guar.) $114 Nov. 1 Holders of roe. Oct. 14
International Shoe, pref.(guar.)
50e Nov. 1 Holders of rem Oct. 15
Preferred (monthly)
50e Dee, 1 Holders of roe. Nov. 15
Kekaha Sugar(monthly)
10c Nov. 1 Holders of rec. Oct. 25
Kelvinator of Canada,7% pref.(qual.). $134 Nov. 15 Holders of rec. Oct. 4
Klein (D. Emil) Co., common (guar.)...
250 Jan, 1 Holders of rec. Dec. 20
Preferred (guar.)
81)4 Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
$lit Feb. 1 Holders of rec. Jan. 20
Kress (S. H.) et Co., corn.(guar.)
25c Nov. 1 Holders of rec. Oct. 10
Special preferred (guar.)
15c Nov. 1 Holders of rec. Oct. 10
Common (extra)
550e Nov. 1 Holders of rm. Oct. 10
Kroger Grocery & Baking, 2d prof. (qu.) $134 Nov. 1 Holders of rec. Oct. 20
Landers Frery & Clark (guar.)
37ne Dec. 31
Landis Machine. 7% prof.(quar)
51)4 Dec. 15 Holders of rec. Dec. 5
Lane Bryant. Inc.. 7% prof.(guar.).— 1)4% Nov. 1 Holders of rec. Oct 16
Lawbeck Corp.,6% pref.(guar.)
8154 Nov. 1 Holders of roe. Oct. 20
Lazanie (F.& R.) h Co.. 61.4% pt.(qu.) SI% Nov. 1 Holders of rec. Oct. 20
Life Savers Corp., initial (guar.)
40e Dec. 1 Holden of ree. Nov. 1
Liggett & Myers Tobacco Co., com,and
common B (quar.)
$1 Dee. 1 Holders of rec. Nov. 15
Lincoln National Lire Ins. Co. cap.stook
70e. Nov. 1 Holders of rec. Oct. 26
10e Dec. 1 Holders of rec. ,
Link Belt Co.common (guar.)
11)V. 15
Preferred (quar.)
$114 Jan. 2 Holders of rec. Dec. 15
33e Oct. 31 Holders of rec. Oct. 31
Lock Joint Pipe Co. (monthly)
Monthly
330 Nov.30 Holders of rec. Nov. 30
Monthly
34e Deo. 31 Holders of rec. Dec. 31
15c Nov. 1 Holders of rec. Oct. 21
Loew's Boston Theatres, Inc. (qual.)...
50e Nov. 1 Holders of rec. Oct. 23a
Loose-Wiles Biscuit Co.(guar.)
81 34 Jan. 1 Holders of me. Doe. 18a
Preferred (guar.)
Name c/ Company,
Oct. 28
Per
1Vhen
Share. Payable.
1933
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Loew's, Inc.. pref. (quar.)
$144 Nov.15 Holders of roe. Oct. 28
Lord & Taylor, 151 Pref.(guar.)
$115 Dec. 1 Holders of rec. Nov. 17
2d preferred (guar.)
$2 Nov. 1 Holders of rec. Oct. 17
Mary (R. H.)& Co., common (qual.)..
bOo Nov. 15 Holders of rec. Oct. 20
Magnin (I.) & Co., 0% ord.(quar.).. 134% Nov. 15 Holders of roe. Nov. 5
Managed Investors (s.
234% Nov. 1 Holders of rem Oct. 10
-a.)
Mani Agricultural, Ltd.(monthly)
50 Nov. 1 Holders of rec. Oct. 25
Mapes Consolidated Mfg.Co.(guar.)...
75o Jan 2'34 Holders of rec. Doe. 1,5
Quarterly
75e Apr 2'34 Holders of roe. Mar. 15
Quarterly
750 July2'34 Holders of rem June 15
Marconi Int. Mar.—
American dep. rec, for ord. rag
254% Nov. 2 Holders of rec. Oct. 5
Maytag Co.. 38, 1st prof.(guar.)
5154 Nov. 1 Holders of rec. Oct. 16
McCall Corp., corn. (quar.)
500 Nov. 1 Holders of roe. Oct. 14
McClatchy Newspaper. 7% pref. qua" 4334o Dee. 1 Holders of rem Dee. 1
(
McIntyre Porcupine Mines,Ltd.(gli.)- 25c Dee. 1 Holders of reo. Nov. 1
Extra
25e Dee. 1 Holders of rec. Nov. 1
Melville Shoe Corp., corn. (gum.)
30e Nov. 1 Holders of rec. Oct. 13
1st preferred (guar.)
8155 Nov. 1 Holders of rec. Oct. 13
2nd preferrred (guar.)
734e Nov. 1 Holders of rec. Oct. 13
Merchants Refrigerating of N.Y.—
Preferred (guar.)
$134 Nov. 1 Holders of rec. Oct. 25
Merck Corp.. pref (guar.)
$2 Jan. 2 Holders of roe. Dec. 16
Mercury Oils. Ltd
40 Jan. 2 Holders of rec. Nov.30
Metal & Thermit Corp.,common (guar.)
$1 Nov. 1 Holders of rec. Oct. 20
Midwest Oil, preferred (guar.)
5e Nov. 2 Holders of rec. Oct. 5
Metropolitan Industries,6% pf. (Mts.).
250 Nov. 1 Holders of rec. Oct. 20
Minneapolis Honeywell Reg., corn.(qu.)
25e Nov.15 Holders of rec. Nov. 4
Extra
50o Nov. 15 Holders of reo. Nov. 4
Mohawk Mining Co liquidating
$8 Nov. 1 Holders of rec. Oct. 6
Moody's Investors Service. prof.(guar.).
75e Nov. 15 Holders of reo. Nov. 1
Moore(Wm.) Dry Goode Co.(guar.)
$154 Jan. I
Morris So.& 10e. toil SUL.7% P1.(au.) let% Jan. 2
Morris Plan Ins. Soo. (guar.)
$1
Doe. 1 Holders of rec. Nov. 24
Mtge. Corp. of Nova Scotia (goal.).... $154 Nov. 1 Holders of rec. Oct. 24
Motor Finance Corp.(guar.)
200 Nov.29 Holders of rec. Nov. 22
Muskogee Co.,6% pref.(guar.)
$154 Dec. 1 Holders of rec. Nov.20
Nash Motors Co
25e Nov. 1 Holders of rem Oct. 20
Nashua Gummed & Coated Paper
50o Dee. 15 Holders of roe. Nov. 8
7% preferred (guar.)
$134 Jan. 2 Holders of ree. Dee. 21
Extra
Si Oct. 21 Holders of rec. Oct. 18
National Bearing Metals Corp.,7% Prof. (1513j Nov. 1 Holders of rec. Oct. 16
7% preferred (guar.)
hal
Nov. 1 Holders of rec. Oct. 16
National Biscuit Co., prof. (guar.)
UM Nov.29 Holders of roe. Nov. 15
National Carbon Co.. pro!. (guar.)
$2 Nov. 1 Holders of rec. Oct. 20
National Casket (a.
$1 Nov.15 Holders of roe. Oct. 28
-a.)
National Container Corp., pref. (guar.)
50c Ueo. 1 Holders of rec. Nov. 15
National Distillers Products
Holders of reo. Oct. 16
National Lead Co.,clam B pref.(guar.). $134 Nov. 1 1Iolders of rec. Oct. 20
National Tea Co., pref. (qual.)
1334 Nov. 1 Holders of rec. Oct. 13
Nationwide Securities, series B
30 Nov. 1 Holders of rem Oct. 16
Natomas Co (quer )$134 Jan. 2 Holders of reo. Deo 20
Neon Prods. of West. Can.,6% pf.(qm)
75e Nov. 1 Holders of rec. Oct. 15
New Jersey %Inc Co. (guar
50e Nov 10 Holders of rec. Oct. 20
New Process Co.,7% pref.(guar.)
3134 Nov. 1 Holden of rec. Oct. 26
New York & Honduras Rosario Mining_ 234% Oct. 30 Holders of rec. Oct. 20
Extra
754% Oct. 30 Holders of rem Oct. 20
25e Nov. 1 Holders of rec. Oct. 20
N. Y. Merchandise Co., conc. (quar.)..
Preferred (guar.)
$134 Nov. 1 Holders of rem Oct. 20
$134 Dee. 1 Holders of rec. Nov. 16
Newberry (J. J.) Co., pref.(guar.)
Newberry (J.J.) Realty 6(4% A Pt.(qu.) $134 Nov. 1 Holders of roe. Oct. 16
6% B preferred
$134 Nov. 1 Holders of rem Oct. 16
Niagara Share Corp. of Md.—
Class A $6 preferred (guar.)
$134 Jan. 2 Holders of roe Dee. 15
Nineteen Hundred Corp.. elms A (guar.) 50o. Nov. 15 Holders of ree. Nov. 1
Nortbam Warren Corp., pre:.(Qum)
75e Dee. 1 Holders of reo. Nov. 155
2% Nov. 1 Holders of ree. OM. 19
Northern Securities Co
Novadel Agene Corp.(guar.)
WS Jan. 2 Holders of roe. Dee. 15
Ohio State Life Ins
$5 Nov. 1 Holders of rec. Oct 16
Oswego Falls Corp.,8% pref.(qual.)...
$2 Nov. 1 Holders of rec. Oct. 28
Outlet Co. common (guar.)
50c Nov. 1 Holders of rec. Oct. 21
First preferred (guar.)
mg Nov. 1 Holders of rec. Oct. 21
$154 Nov. 1 Holders of rec. Oct. 21
Second preferred (guar.)
Owens-Illinois Glass(guar.)
50e Nov.15 Holders of rec. Oct. 30
Extra
25e Nov.15 Holders of rec. Oct. 30
Package Machinery Co., 7% let pf.(qu.) • $134 Nov. 1 Holders of rem Oct. 20
Pacific Finance of California—
Preferred A (guar.)
No Nov. 1 Holders of rem Oct. 14
Preferred C (guar.)
16340 Nov. 1 Holders of rec. Oct. 14
Preferred 15 (guar.)
1734o Nov. 1 Holders of rec. Oct. 14
Pacific Tin Corp., special stock
$3
Oct. 30
Pennmans. Ltd.. corn. (guar.)
750 Nov. 15 Holders of rec. Nov. 6
Preferred (guar.)
$134 Nov. 1 Holders of reo. Oct. 21
Phillips-Jones Corp.. pref
58134 Nov. 1 Holders of roe. Oct. 20
Phoenix Security Corp.. pref
h75o Nov. 1 Holders of rem Oct. 14
Pioneer Mill Co., Ltd. (monthly)
50 Nov. 1 Holders of rec. Oct. 21
Extra
30o Nov. 1 Holders of ree. Oct. 21
Pogue(H.& S.),6% pref.(guar.)
$154 Nov. 1 Holders of rem Oct. 15
Portland Gas & Coke Co., (Ore.) 7%
preferred (guar.)
87e Nov. 1 Holders of rec. Oct. 18
6% preferred (guar.)
750 Nov. 1 Holders of reo. Oct. 18
Procter & Gamble(guar.)
l3734c Nov. 15 Holden of rec. Oct. 25
Pullman, Inc. (quar.)
750 Nov. 15 Holders of rec. Oct. 24
Quaker Oats Co.,6% preferred (guar.)- - $134 Nov.29 Holders of ree Nov. 1
,
Quarterly Income Sharer.Inc.(guar.)—
3e Nov I Holders of rem Oct. 15
Randall Co.. class A (guar.)
50c Nov. 1 Holders of rem Oct. 24
Raymond Concrete Pile 83 cony. pf.(qu.)
750 Nov. 1 Holders of rem Oct. 20
Rayon Industries Corp corn.el. A (qu.) 230 Nov 1 Holders of roe. Oct. 14
Reed (C. A.) Co. class A (guar.)
50o Nov. 1 Holders of rec. Oct. 21
Rich's, Inc.. cont.(guar.)
30e Nov. 15 Holders of rec. Nov. 1
en% preferred (guar.)
3134 Dec. 30 Holders of rec. Dec. 15
Riverside Cement tat pref. (quar.)
3134 Nov. 1 Holders of rec. Oet. 15
RG0f4 Bros.. $o4 pref.(quar.)
81 nic Nov. 1 Holden of rec. Oct. 15
Rose's, 5-10-250. Stores, 7% pref.(qu.). 3134 Nov. 1 Holders of rec. Oct. 20
Rubenstein (Helena) (guar.)
25, Dec. 1 Holders of rec. Nov. 10
Russel Motor Car Co.. Ltd.. pref.(qu.).
$1 Nov. 1 Holders of rem Oct. 20
St. Lawrence Flour Mills.coin.(guar.)._ 373.4e Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
$134 Nov. 1 Holders of rec. Oct. 20
Salt Creek Producers Assn.(guar.)
200 Nov. 1 Holders of Inc. Oct. 14a
Savannah Sugar Refs. Corp., corn. (qu.) 5154 Nov. I Holders of rec. Oct. 14
Preferred (qual.)
134% Nov I Holders of ree. Oct. 14
$1 34 Nov. I Holders of rec. Oct. 17
Scott Paper Co., clam A pref.(lear.)
Cl/19.9 B preferred (guar)
$1 34 Nov I Holders of rem Oct 17
30e Nov. 15 Holders of rec. Nov. /I
Scotten Dillon Co. (guar.)
Second Twin Bell Syndicate (monthly).
200 Nov. 15 Holders of ree.
31
mg Nov. 1 Holders of rec. Oct. 20
Securities Corp. General,$7 pref.(gu.)._
Oct.
$e preferred (guar.)
$134 Nov. 1 Holders of rec. Oct. 20
Seeman Bros., Inc coin. (guar )
62tic Nov. I Holden of reo. (let. 111
40e Nov. 1 Holders of rec. Oct. 25
Selby Shoe Co.. common (qual.)......
51% Nov. 1 Holders of roe. Oct. 25
Preferred (qua.)
Selfridge, Provincial Stores, ord
234% Nov.30 Holders of rec. Nov. 14
214% Dec. 7 Holders of reo. Nov. 14
American deposit receipts
Selfridge Provision Stores, Ltd
234% Nov.30
50e Nov. 1 Holders of rec. Oct. 17
Sharp & Doh me, Inc., pref.,cl.A (qu.)
h$1 Nov. 1 Holders of roe. Oct. 17
Class A preference
53 Nov. 1 Holders of rec. Oct. 16
Simpson (R.), Ltd., pref. (a a.)
,
37%e. Nov. 15 Holder,, of roe Nov. 15
Sioux City Stkyds SS of (oliar.)
1240 Nov. 1 Holders of reo. Oct. 21
Smith Agricultural Chemical
6% preferred (guar.)
8134 Nov. 1 Holders of rec. Oct. 21
Polvay Amer. Inv. Corp.,534 pf.(qu.) 1)4% Nov.15 Holders of rec. Oct. 16
Spiegel May Stern Co., Inc.,$634 pf.(qu) 53134 Nov. 1 Holders of rec. Oct. 14
250 Nov. 1 Holders of re Oct. 14
Squibb (E. R ) Sons(guar.)
&
$6 preferred (quar.)
$1 34 Nov. 1 Holden of roe Oct. 14
60c Nov.15 Holders of rec. Nov. 1
Standard Cap & Seal Corp., coin.(qu.).
3.1660 Nov. 1 Holders of rec. Oct. 20
Standard Corp., Inc
Stanley Works 6% preferred (guar.) --- 3734e Nov. 15 Hold, re of ree Nov. 4
Steel Co. of Canada (quar.)
30e Nov. 1 Holders of roe. Oct. 7
Preferred (qual.)
43ne Nov. 1 Holders of roe. Oct. 7
Strawbridge & Clothier, pref. A (guar.). $134 Dec. 1 Holders of rec. Nov. 15
Sun 011 Co., corn. (guar.)
25e Dec. 15 Holders of rec. Nov. 26
In% Dee. 1 Holders of reo Nov 10
Preferred (qual.)
3101
Financial Chronicle
Volume 137
When
Per
Share. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneou• (Concluded).
Super Corp. of America Tr. Ms.,ser. A_
100 Nov. 1
Series B
70 Nov. 1
Sylvania Industrial (qua!)
25c Dec. 15 Holders of rec. Dee. 1
Tacony-Palmyra Bridge Co.
Nov. 1 Holders of reo Oct. 10
744% preferred (guar.)
Teck-Hughes Gold Mines
150 Nov. 1 Holders of rec. Oct. 10
250 Nov. 1 Holders of rec. Oct. 16
Telautograph Corp. (guar.)
Thatcher Mfg. Co., cony. pref. (guar 1.
900 Nov. 15 Holders of rec. Oct. 31
Third Twin Bell Syndicate, B (monthly)
Ino Nov. 5 Holders of rec. Oct. 31
Tide Water Oil Co.,5% pref.(guar.)--- $134 Nov.15 Holders of rec. Oct. 20
Timken Detroit Axle Co.. pie!. (guar.)_
$14t Dec. 1 Holders of rec. Nov.20
100 Nov. I Holders of rec. Oct. 16
Tobacco Products Export Corp____ -82 Nov. 1 Ho'ders of rec. Oct. 20
Troxel Mfg.Co ,corn
Preferred (guar.)
81( Nov. 1 Holders of rec. Oct. 20
9.60 Nov. 1
Trustee Standard Utility Shares
Twin Bell Oil Syndicate (monthly)
82 Nov. 5 Holders of rec. Oct. 31
250 Nov.10 Holders of rec. Oct. 19
Union Oil of Calif. (guar.)
United Biscuit Co. of Amer., pref. (qu.) 81H Nov. I Holders of rec. Oct. 16
81
United Crain Growers
500 Dec. 1 Holders of rec. Nov. 15
United Milk Crate Corp.. 01 A.(guar.).70 Nov. 1 Holders of rec. Oct. 17
Umlted States Banking (monthly)
United States & Foreign Security—
31 M Nov. 1 Holders of rec. Oct. 21
First preferred (guar.)
U.S. Pipe & FOULIOn' CO..001B.(guar.). 12e. Jan. 20 Holders of roe Dee. 30
300. Jan. 20 Holders of ree. Dee. 30
let preferred (guar.)
100 Nov. 1 Holders of rec. Oct. 2
United Verde Extension Mining (luar.)
500 Nov. 1 Holders of rec. Oct. 20
Universal Leaf Tobacco.corn.(guar.).
250 Nov. 1 Holders of rec. Oct. 16
Walgreen
corn. (guar.)
750 Nov. 1 Holders of rec. Oct. 21
Walker Mfg. Co.,83 pref
82 Nov. 1 Holders of rec. Oct. 17
Walton (Chas. S.), Pref.(qua?.)
West Virginia Pulp & Paper, pf.(guar.)) 81.54 Nov. 15 Holders of rec. Nov. 1
200 Oct. 31 Holders of rec. Sept.30
Westinghouse Air Brake Co. (quar.)Winstead Hosiery Co.
(qual.)
$IM Nov. 1 Holders of rec. Oct. 15
Meer 011(guar.)
25e Jan. 2 Holders of rec. Dee. 12
Wolverine Tube,7% pref.(Qum%)
8141 Deo. 1 Holders of rec. Nov. 15
Woolworth (F. W.)common (qua.).._
600 Dee. 1 Holders of rec. Nov. 10
Worcester Salt. prof. (guar.)
31J4 Nov. 15 Holders of rec. Nov. 6
Wrigley (Wm.) Jr. Co.—
Capital stock (monthly)
26 110 Nov. 1 Holders of rec. Oct. 20
,
Capital stook (monthly)
26 90 Dee. 1 Holders of rec. Nov.20
,
1 The New York Stook Exehange has ruled that stock will not be quoted exdividend on this date and not until further notice.
The New York Curb Exchanue Association luta ruled that stock will not be
quoted as dividend on tills date and not until further notice.
a Transfer books not closed for Ibis dividend.
C Correction. a Payable in stock.
Payable in common stock. 0 Payable in scrip. a On amount et accumulated
dividenda. I Payable in preferred stook.
1 Subject to the 5% NIRA tax.
•
Commerciel Invest Tr. pays thy. on convertible preference stock. optional
series of 1929, at the rate of 152 of 1 share of common stock, or, at the option of the
bolder. In cash at the rate of $1.50.
n The Blue Ridge Corporation has declared a quarterly dividend at the rate of
1-32d of one share of the common stock of the corporation for each share of such
Preference stock, or at the option of such holders (providing written notice thereof
is received by the corporation on or before Nov. 16 1933) at the rate of 700. Per share
in cash.
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 in Canadian funds, and al the cane ot non-residents of Canada •
deduction of a tax of 5% of the amount of such dividend will be made.
1 American Cities Power & Light pay a div. of 1-32 a share of class B stock on
the cony. class A optional series or 75e. n cash.
•Payable in U. S. funds.
• A unit.
•Less depositary expenses.
s Lem tax.
111 A deduction has been made for expeneee.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, OCT. 21 1933
*Surplus and Net Demand
Undivided
Deposits,
ProfUs
.
Average.
•Capital.
Clearing House
Members.
s
Time
Deposits,
Average.
s
$
s
80,309,000
240,540,000
a841,300,000
241,231,000
6861,443,000
199,316,000
468,624,000
177,411,000
340,322,000
295,519,000
9,882,000
33,184,000
159,041,000
28,692,000
61.834,000
97,025,000
52,612,000
21,414,000
23,228.000
48,698,000
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
31,087,000
58,813,000 c1,118,388,000
3,198,700
42,284,000
63,285,500 d487,591,000
10,560,800
24,589,000
5,269,900
42,624,000
22,204,200
188,473,000
7,846,200
44,514,000
4,597,000
37,699,600
1,424,000
96,740,000
2,741,000
61,453,000
291,000
4,306,000
15,550,000
1,989,000
30,267,000
614.185.000
728.2132,400 5.763.264,000
750.371.000
Etank of N. Y.& Tr. Co_
Bank of Manhattan Co__
National City Bank_ ___
Chemical Bk.& Tr. Co
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Han. Bk.& Tr. Co
Corn Exch. Bk. Tr. Co
First National Bank.....
Irving Trust Co
6.000.000
20,000,000
124,000,000
20,000.000
90.000,000
32,935,000
21,000,000
15,000,000
10.000,000
50,000,000
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._ _ _
Coml Nat.Bk. dr Tr.Co_
Public Nat.Bk dr Tr.Co.
.
Totals
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
*As per official reports National, Sept. 30 1933; State, Sept. 30 1933; trust companies. Sept. 30 1933. e As of June 30 1933.
Includes deposits in foreign branches: (a) 8206,978,000;(b) 861,476,000: (c) $72,187.000; (d) 819,970,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended Oct. 20:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEF.K ENDED FRIDAY. OCT. 20 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans,
Disc. and
Investments
Manhattan—
Grace National
Trade Bank
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Co..
Cash.
s
s
$
20.390,700
2,804,751
Brooklyn—
Porinlea NotInnal
123,900
77,229
1,353,500
951,416
5.204.000
55.000
327.000
Gross
Deposit*.
s
$
2,341,700 19,566,900
241,394 3,419,392
127.000
5.020.000
TRUST COMPANIES—AVERAGE FIGURES.
Loans,
Disc. and
Investments
s
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Co..
s
s
s
Gross
Deposits.
s
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
49,494,000 *2,583,200 9,413,700
351,679
6,169,326
81,200
*440,818
264,979
8,794,261
16,408.700 *2,376,300 1,239,700
27,422,700 *5,531,800 1,035,200
69,830,567 7,061,667 16,050,507
2,595,300 53,656,600
811,976 5,846.841
332,452 8,368,498
680,200 15,957,200
32,634,700
64,135,230
Brooklyn—
Brooklyn
Khans County
88,059,000
24 393 156
2,462,000 18,447,000
1.889.178 5.111.415
254,000 93,702,006
24.402.111
•Includes amount with Federal Reserve as follows: Empire,$1,639,300; Fiduciary,
8224,801; Fulton, 82,256,500; Lawyers County, 84,817,000.
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. 25 1933. In
comparison with the previous week and the corresponding date last year:
Oct. 25 1933. Oct. 18 1933. Oct. 26 1932.
s
Resources(Conduded)—
$
$
638,706,000 621,706,000 603,724,000 Due from foreign banks (see oats)
6,734,000
6,845,000
5,208,000 F. R. notes of other banks
Uncollected Items
Gold held exclusively eget. FR. notes_ 643,440,000 628,551,000 608,932,000 Bank premises
All other assets
Gold settlement fund with F. It. Board__ 223,530,000 211,742,000 117,292,000
Gold and gold certificates held by bank-- 146,661,000 146,173,000 282,483,000
Total assets
R4LIOUTC1S-Gold with Federal Reserve Agent
Gold redemption fund with U.S. Treas'y.
Total gold reserves
1,013,631,000
1
Oct. 25 1933. Oct 18 1933. Oct. 26 1932
S
$
$
1,156,000
1,304,000
2,608,000
6,785,000
5,407,000
5,634,000
88,360,000
94,804,000 124,326,000
14,817,000
12,818,000
12,818,000
20,706,000
26,187,000
24,802,000
2,082,290,000 2,071,892,000 2,034,816,000
986,466,000 1,008,707,000
Liabilities—
79,289,000 F. R. notes in actual circulation
631.344,000 841,558,000 570,719,000
F. R. bank notes in actual circulation..__
53,615,000
51.848,000
Total gold reserves and other cash
1,071,728,000 1,042,407,000 1,087,996,000 Deposits—Member bank—reserve met_ - 1,097,210,000 1,056,716,000 1,214,190,000
Government
4,831.000
6,018,000
825,000
Redemption fund—F. R. bank notes
2,847,000
2,847,000
Foreign bank (see Isle)
4,287,000
5,959,0006,224,000
Special deposits—Member bank
Bills discounted:
5,813,000
6,060,000
14,538,000
12,075,000
32,641,000
Secured by U.S. Govt. obligations__
Non-member bank
889,000
968,000
27,178,000
27,613.000
29,992,000
Other deposits
Other bills discounted
31,123,000
30,032,000
6,686,000
other cash*
Total bills discounted
Bill, bought in open market
U. B. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities.
Other securities (see note)..
Total bills and securities (see note)
58,097,000
55,941,000
41,716,000
39,688,000
170,003.0
00
341,351.000
310,469,000
Total deposits
Deferred availability items
10,152,000 Capital paid In
Surplus
169,997,000 188,229,000 All other liabilities
335,612,000 137,859,000
308,192,000 412,204,000
Total liabilities
821,823,000
813,801,000
2,436,000
993,000
00
866.868.0
62,633,000
2,195,000
738,292,000 Ratio of total gold reserves & other cash*
to deposit and F. Ft. note liabilities
993,000
combined
3,919.000
Contingent liability on bills purchased
856.677,000 814,996,000
for foreign correspondents
1,147,012,000 1.100,825,000 1,229.994,000
91,748,000 118,134,000
84,687,000
58,500,000
58,497,000
59,006,000
85,058,000
85,058,000
75,077,000
15,013,000
15,333,000
15,972,000
2,082,290,000 2.071,892,000 2,034,816,000
60.3%
59.8%
60.4%
11,288,000
12,034,000
12,553,000
•"Other cash" does not include F. R. notes or a bank's own F. R. bank notes.
NOTE.—BegInning with the statement of Oct. l7 1925, two new Items were added in order to show separately the amount of balances held abroad and amounts
due to foreign correspondents. In addition, the caption "All other earnings assets," previously made up of Federal Intermediate Credit Bank debentures, was etlariged
to "other securities," and the caption, "Total earnings assets" to "Total hills and securities." The latter term was adopted as a mor, accurate description of the total
of the discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act. which It was stated are the only items Included
therein.
Financial Chronicle
3102
Oct. 28 1933
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct. 26.and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year. The
second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE RANKS AT THE CLOSE OF BUSINESS OCT. 25 1933.
Oct. 25 1933. Oct. 18 1933. Oct. 111933. Oct. 4 1933. Sept. 27 1933. Sept. 20 1933. Sept. 13 1933. Sept. 6 1933.Dct. 26 1932.
RESOURCE.S
$
$
5
$
3
$
$
$
$
Gold with Federal Reserve agents
2,675,331,000 2,677.599.000 2,681,809,000 2,879,077,000 2,713,026,000 2.733.228,000 2,740.651,000 2.748,851,000 2,204,064,000
Gold redemption fund with U.S. Trees...
37,419,000
36.569.000
36.273,000
37.313,000
36,162.000
35,723,000
43,746,000
36.719.000
35,913,000
Gold held exclusively agst. F. It. notes 2,712,644,000 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 2,247,810,000
Gold settlement fund with F R. Board
629,632,000 631,283.000 641,427,000 626,415,000 592,547,000 570.051,000 585,831,000 561.834,000 315,031,000
Gold and gold certificates held by banks_ 248,512,000 246,633.000 249.560.000 250.020.000 250.503,000 252.527.000 247,254,000 241,783,000 429,782,000
Total gold reserves..3,590,788,000 3,592.084.000 3.590.215,000 3.591,785,000 3.591.799,000 3.590.966,000 3,590.455,000 3.588.381,000 2.992,623,000
deserves other than gold
a
a
a
a
a
a
a
a
238,012,000 229,208,000 215,220,000 219.232.000 231.762,000 230,835.000 238.121,000 221.136.000 283.980,000
Other cash5
ntai gold reserves and other cash
3.828,800,000 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 3,276,603,000
Non reserve cash
a
a
a
a
a
a
a
a
11.315,000
10.515.000
11,365,000
notes - -8,528,000
9.839,000
8,534.000
9,497,000
8,224,000
Bills discounted:
22.798,000
27,092,000
24,067,000
25.825.000
31,219.000
Secured by (3. 8. Govt. obligations___
23.241,000
29.030,000
37,704.000 111,544,000
95,240,000
99,743,000 102,014,000 103,069.000 104,203,000 107,089.000 210,778,000
89,956,000
Other bills discounted
88,768,000
Redemption fund-F. R. bank
Total bills discounted
114,593,000
sills bought In open market
6,523,000
CI S Government securitiee-Bonds
441,262,000
Treasury notes------994,098,000
Special Treasury certificates
964,796,000
Other certificates and bills
112,754,000
6.569.000
441.395,000
976.161.000
119,307.000
8.906,000
441,225,000
976,162,000
122,984,000
7,195,000
441.271,000
971,411.000
133.233,000
6,681,000
442,011,000
937.374.000
130,161.000
8,932.000
441,396.000
934,824,000
133,233,000
7.347,000
442,231,000
890,877,000
144,793,000
6.974,000
441,985,000
874.846.000
957.723,000
926,722.000
896,534,000
895.010.000
861,760.000
869.552,000
849,540,000 1.066,257,000
322,322,000
33,695,000
420,811,000
363,881,000
Tonal U s Government securitiee
Other securities
Foreign loans on gold
2,400,156,000 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 1,850,949,000
1,559,000
1,559,000
1,789,000
1,729,000
1,837,000
1.737,000
1,789.000
1.939.000
5,425,000
Total LAM and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
Ail other resources
2,522.831,000 2.498,161,000 2.472,059,000 2,441,232,000 2,416,038.000 2,376,682,000 2,345.029,000 2,320,077,000 2,212,391,000
Total resources
3,610,000
19.575.000
385,196,000
54,639,000
48,872,000
4,913,000
17,998.000
482.884.000
54,814,000
47.875,000
3,662,000
16,296.000
385,872.000
54,614.000
58,372,000
4,238,000
15.948.000
429.705.000
54.614.000
58,850,000
3,775.000
19,323,000
389.001.000
54.554,000
54,881,000
3,909,000
10,796,000
435,845.000
54,551,000
54,112,000
3,713.000
19,577.000
422.779.000
54,542,000
55,575,000
3.713,000
15,290,000
378.616,000
54,541,000
52.952,000
2,868,000
18,321,000
332,923,000
58,137,000
38,872,000
6,874,888.000 6,937.052,000 6.806.825.000 6.823.443.000 6.770.430,00 6,775.207,000 8.738.325,000 6,640,930.000 5.940,115,000
LIABILITIES.
2,960,748,000 2,993.917,000 3.008.430,000 2.999.389,000 2.972.782.000 2.986,781,000 2.989.123.000 3,010,949.000 2,688,871,000
If it. notes in actual circulation
F R. bank notes in actual circulation . .180,363,000 172.143,000 170,501,000 160.789,000 145,627.000 137.170,000 133,638,000 132.687,000
Deposits
-Member banks
-reserve acci_ 2,693,121,000 2,655.343,000 2.567,360,000 2,523.409.000 2.595,634.000 2.543.328.000 2.541,745.000 2.439,393,000 2,411,946,00
98,045,00056,002,000
17.634.000
59,123,000
Government
27,758,000
63,117,000
48,004,000
55,695.000
28,078,000
16,174.000
Foreign banks
16,098.000
15,132,000
17,797,000
15,197,000
13.401.000
21,207,000
32,033,000
9,852,000
68,884,000
73,629.000
Special deposits: Member bank
74,232.000
70,700,000
76,665.000
69,951,000
75,865,000
75,703,000
Non-member bank._
16,214,000
14,704,000
14,237,000
15,315,000
15,238.000
15,858,000
16.448.000
17,036,000
51,942,000
Other deposits
65,718,000
68,088,000
55,118,000
53.128,000
55,372.000
43.778.000
53,185,000
20,117,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,887,885,000 2.839.231,000 2,785,059,000 2.780,150,000 2.807,779.000 2.70.622.000 2,745,047,000 2,673,045,000 2,469,993,000
385.779,000 471,035,000 384.498,000 425,678,000 387,711,000 428.340,000 414,240.000 370.581,000 326,987,000
145,527,000 145,549,000 145.617,000 145.605,000 145.862.000 145.858,000 145.889,000 146,030,000 152,303,000
278,599,000 278,599.000 278.599,000 278,599,000 278.199,000 278,599,000 278.599,000 278.599.000 259,421,000
36,578,000
35.987,000
31,837.000
32,070,000
33,233,000
34,121,000
31,789,000
29.039,000
42,540,000
Total liabilities
6,874,888,000 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 5,940,115,000
Ratio of gold reserve to deposits and
F. R. note liabilities combined
81.5%
62.4%
61.3%
62.1%
82.1%
61.9%
62.8%
63.1%
58.0%
Ratio of total reserve to deposits and
F. it. note liabilities combined
61.9%
Ratio of total gold reserve,& 0th. cash* In
&welt & F.R note liabilities combined
65.5%
65.5%
66.4%
66.1%
65.9%
65.7%
86.8%
67.0%
63.5%
Contingent liability on bills purchased
for foreign correspondents
33,798,000
46,701.000
40.549,000
36.030,000
42.407.000
38,469,000
43,362.000
41,402,000
37,993,000
..
Maturity Distribution of Bills and
$
S
$
$
$
3
$
$
$
Short-Ter.. Secur3ties1-15 days bills discounted
84,056,000
95,693,000
90,204,000
81,632,000
99,041,000
87,541,000
98,670,000 109,555,000 232,592,000
10,907,000
10-a0 dayo bills discounted
8.699,000
9.456,000
8,268,000
9,969,000
9,057,000
11.961,000
12,751,000
24,777,000
15,061,000
11.430.000
31-80 days bilks discounted
10,699,000
11.988.000
10,979,000
9,730.000
12.415,000
11,714,000
35,984,000
8,860,000
10,838.000
11-90 days bills discounted
12.503.000
6,028,000
12,317.000
12,023.000
11,092,000
9.670,000
20,717,000
879,000
1,018,000
1,180,000
1.293,000
Over 90 days Mils discounted
927,000
956,000
1,095,000
1,103,000
8,252,000
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market
31-60 days bills bought in open market
81-90 days bills bought In open market
Over 90 days bills bought in open market
114.593,000
285,000
737,000
899,000
4,602,000
112.754,000
3.408,000
475,000
2.118,000
568,000
119.307,000
3,645.000
559,000
1,986,000
716,000
122,984.000
996,000
1.903.000
386,000
3,910,000
133,233.000
1,110,000
2.118,000
565.000
2,888,000
130.161,000
3,207.000
863,000
2,018.000
844.000
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
322,322,000
5,857,000
5,689,000
11,575,000
10.574,000
Total bills bought In open market-1-15 days U. S. certificates and hills_
18-30 days U. B. certificates and bills81-80 days U. S. certificates and bills81-90 days U. S. certificates and bills.Over 90 days certificates and bille......
6,523,000
64,047,000
59,820,000
329,681,000
164,443,000
346,805,000
6,569,000
42,225,000
63,747,000
337,202.000
152,245,000
362,304,000
6,906.000
38.425,000
0.047.000
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
8,932.000
80,183.000
48,300.000
97,972,000
325,199,000
3114105,000
7.347,000
187,431,000
78,088,000
97.472.000
151.610,000
354,891.000
8.974,000
159.030,000
80,183,000
88,525,000
135,017.000
388,779,000
33,695,000
39,500,000
120,850,000
69,000,000
167,663,000
669,244,000
Total U. S. certificates and bills
......
1-15 days municipal warrants
18-30 days municipal warrants
81-60 days municipal warrants
81-90 days municipal warrants
Over 90 days municipal warrants
964.796,000
1,449,000
957.723,000
1.449,000
861,780.000
1.710.000
869.552,000
1.677,000
23.000
37,000
73,000
896.534,000
1,717,000
10,000
37,000
31,000
42.000
895,010,000
1,650,000
51,000
59,000
926,722,000
1.817,000
10,000
37.000
31,000
42.000
37,000
42,000
37.000
42.000
37.000
42,000
849,540,000 1,066,257,000
1,777.000
5,176,000
33.000
10,000
37,000
239,000
92.000
1,559,000
1,559,000
1,737,000
1.837.000
1.729,000
1,789,000
1,789.000
Total municipal warrants
1,939.000
5,425,000
Federal Reserve Note.laued to F. 35. Bank by F. R.. Agent-- 3,239,836,000 3,262,380.000 3,281,247,000 3,259,873,000 3,250.979,000 3,279,097,000 3.282.847,000 3.269.811,000 2,931,112,000
Held by Federal Reserve Bank-w--- 278,888,000 268,483,000 272.817,000 260,484,000 278.197,000 292,316.000 293.724.000 258,662.000 242,241,000
In actual circulation
2,960,748,000 2,993.917.000 3.008.430,000 2.999,389.000 2,972,782,000 2,988,781,000 2,989,123,000 3.010,949,000 2,688,871,000
Collateral Had by Agent as Security
for Naar Issued to Bank
By gold and gold certificates
- 1,520,226,000 1.524,794.000 1,523,204.000 1,522,972,000 1,521,091.000 1,518,291.000 1,521,916,000 1,525.118,000 1,057,649,000
Hold fund-Federal Reserve Board-- 1,155,105,000 1,152,805,000 1.138.605.0001.156.105.900 1,191,935.000 1,213.935.000 1.218,735,000 1,223.735,000 1,146,415,000
By eligible paper
79.488,000
75,332,000
84,057.000
71,637,000
81,215,000
75.435,000
69,032,000
90,727,000 306,282,000
U. 13. Government securities
550,200,000 575.200,000 603.200.000 570,200,000 525,200,000 527,200.000 607.700.000 483.700,000 451,200,000
Total
I Irrx lea Ann '1 291 621 Ann a 240 444 nnn A 224 ma ono 3.322.283.000 3.338 894.000 3.329.566.000 3.323.278.00 2.01.1 546 Ann
_
_
•
"Other cash" does not Include Federal Reserve notes or a Bank's own Federal Reserve bank notes. a Now included in "other cash." b Revised.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 25
1933
Two Ciphers (00) omitted.
Federal Reserve Bank ofTaal. I Boston. New York. Plata. Cleveland. Whitson(' Atlanta. Chicago. St. Louis. Minnsap. Kats.City. Dallas. Bo's'ns.
-RESOURCES.
S
$
$
$
$
5
$
3
$
$
$
$
3
3016 with Fed. Res. Agents.... 2,675,331,0208,329,0 636,706,0 172,000,0 206,770,0 117,075.0 94,365,0 735,272,0 118,028.0 68.169,0 97,390,0 39,464,0 181,763,0
37,313,01 1,432,0
6,734,0 4,230,01 4,854,0 2,173.0 2,258,0
)old redm.fund with U.S.Treas.
3,720,0 1,527,0 1,580,0 1,375,0
960,0 6,470,0
Gold held excl.agst. F.R.notee 2,712,844,0 209,761,0 643,440,0 176,230,0211,624.0 119,248,0 96,624,01 738,992,0 119.555,0 69,749,0 98,765,0 40,424,0 188,233.0
3old settlem't fund with F.R.Bd 629,632,01 17,718,0 223,530.0 7,895,01 34,20 ,0 18,889,0 10.552,0 203.124,0 27,831,0 11,302,0 21,799,0 26,261,0 26,746,0
5
3o16 dc gold ctfs. held by banks_ 248,512,0 21,879,0 146,661,0 15,737,0 4,590,0 1,414.0 3.096.0
3.931,0 1,513,0
666,0 11,951,0 3,857.0 33,217,0
....-......1...1 ...avail.
2 MIA 71:14 n gAn Omce n i nig aql n 100 nft9 CI 9kII .110 n 1.10 5.11 /1 1 in 971 11
OAR n.i7 n last Roo n 111 717 11 129 KIK n 7n md9 n 9,152 Inn n
Volume 137
Financial Chronicle
3103
Weekly Return of the Federal Reserve Board Woncluaea;.
Two Ciphers (00) omitted.
RESOURCES (Consluded)Oilier cash*
Total.
Boston.
238,012,0 22,868,0
New York.
Phila.
Cleveland. Richmond Atlanta.
Chicago. B. Louie. Siennsap. Kan.City. Dallas. San Fran.
$
$
58,097,0 28,037,0 22,341,0 12,974,0 12,010,0
Total gold reserves&other cash 3,828,800,0 272,226,0 1,071,728,0 227,699.0 272,760.0 152,505,0 122,281,0
'
Redem.fund-F.R.bank notes_
950,0
11,365,0
615,0 1,759,0
2,847,0
452,0
Bill. discounted:
Sec.by U.S. Govt.obligations
861,0
14,538,0 4,237,0 2,819,0
25,825,0
542,0
222,0
Other bills discounted
27,178,0 21.704,0 6,945,0 7,091,0 5,855,0
88,768,0 3,013,0
Total bill. discounted
114,593,0 3,874,0
Bills bought in open market__
424,0
6,523,0
0. S. Government securities:
Bonds
441,262,0 24,337,0
Treasury notes
994,098,0 66,694,0
Special Treasury certificates
Certificates and bills
964,796,0 64,106,0
41,716,0 25,941,0
611,0
2,436,0
9,764,0
569,0
7,633,0
224,0
33,127,0
6,915,0
$
9,119,0
6,800.0 15,785,0
979,174,0 158.838,0 88,632,0 141,634,0 77,342,0 263,981,0
2,249,0
386,0
165,0
350,0
976,0
616,0
805,0
4,897,0
741,0
1,121,0
93,0
2,913,0
299,0
3,411,0
283,0
1,287.0
385,0
3,353,0
5,702,0
756,0
6,077,0
201,0
170,003,0 28,078,0 32,207,0 11,814,0 10,747,0
341,351,0 69,813,0 90,890,0 33,340,0 30,257,0
$
9,939,0
1,862,0
157,0
3,006,0
106,0
3,710,0
167,0
1,570,0
267,0
3,738,0
605,0
77,171,0 14,466,0 16,352,0 12,476,0 18,535,0 25,076,0
168,065,0 39,424,0 24,723.0 34,694,0 24,084,0 70,763,0
310,469,0 67,070,0 87,362,0 32,048,0, 29,081,0
188,507,0 37,894,0 23,753,0 33,344,0 23,148,0 68,014,0
Total 17.S. Govt.securities_ 2,400,156,0 155.137,0
Other securities
1,559,0
Billa discounted for, or with
(-),other F. R. banks
821,823,0 164,961,0 210,459,0 77,202,0 70.085,0
993,0
510,0
433,743,01 91,784,0 64,828,0 80,514,0 65,767,0 163,8.53,0
56,0
Total bills and securities
2,522,831,0 159,435,0
Due from foreign banks
279,0
3,610,0
Fed. rtes. notes of other banks.355,0
19,575,0
Uncolleoted Itema
385,196,0 42,494,0
bank premise.
54,639,0 3,280,0
AB other resources
752,0
48,872,0
866,968,0 192,023,0 220,792,0 85,059,0 76,363,0
1,304,0
401,0
361,0
142,0
127,0
499,0 1,183,0 1,099,0 1,121,0
5,634,0
94,804,0 31,155,0 36,594,0 35,376,0 11,969,0
12,818,0 3,701,0 6,929,0 3,238,0 2,422,0
26,187,0 4,415,0 2,468,0 3,740,0 4,134,0
440,201,0 93,803,0 67,996,0 84,391,0 67,604,0 168,196,0
106,0
106,0
255,0
393,0 1,475,0
4,608,0 1,238,0
400.0 1,570.0
49,048,0 17,428,0 9,689.0 22,609,0 15,462,0 18,568.0
7,609,0 3,285,0 1,747,0 3,559,0 1,797,0 4,254,0
592,0 1,133,0 1,908,0 1,212,0
1,342,0
989,0
rota! resource.
6,874,888,0 479,771.0 2,082,290,0 460,508,0 542,846,0 281,159,0 218,869,0 1,484,728,0 275,589,0 169,768.0 258,032.0 164.899,0 458,429,0
LIABILITIES.
F. It. notes In actual circulation. 2,960,748,0 216,814,0 631.344,0234.904.0 279,167,0 146,730,0 117,085,0
F. R. bank notes In act'l cirourn 180,363,0 16,070,0
53,615,0 10.623,0 26,728,0
5,957,0
Deposits:
Member bank-reserve account 2,693,121,0 165,240,0 1,097,210,0 125,396,0 145,243,0 70,604,0 54,881,0
Government
1,613,0 2,677,0 3,161,0
27,758,0 2,580,0
Foreign bank
5,959,0 1,867,0 1,760,0
17,797,0 1,298,0
693,0
622,0
Special-Member bank
5,813,0 8,238.0 6,808,0 2,920,0 2,125,0
821,0
68,884,0
Non-member bank
14,237,0
889,0 1,806,0
169,0
758,0
293,0
Other deposita
31,123,0
596,0 2,075,0 4,315,0 5,623,0
66,088,0 2,126,0
Total deposita
Deferred availability items
Capital paid in
Surplus
All other liabilities
747,492,0 139.428,0 92,412,0 107,950.0 35,246,0 213,076.0
30,656.0 4,888,0 3,098,0 4,844,0 15,021,0 8,863,0
555,171,0 79,886.0 48,597,0 101,771,0 79,068,0 170,054,0
2,283,0 1,787,0 1,695,0 2,598,0 1,626,0
184,0
515,0
515,0 1,244,0
604,0
409,0
2.311,0
30,672.0 4,772,0 1,387,0 2,295,0
384,0 2,649,0
130,0
611,0
317,0
5,161,0 4.103,0
612,0 1,127,0 9,806,0
2,960,0 4,596,0 1,129,0
2,887,885,0 172,065,0 1,147,012,0 139,439,0 157,668,0 81,967,0 66,705,0
91,748.0 30,176,0 35,682.0 34,910,0 11,219,0
385,779,0 42,826,0
58,500,0 15,756,0 12,365.0 4,946,0 4,580,0
145,527,0 10.778,0
85,058,0 29,242,0 28,294.0 11,616,0 10,544,0
278.599,0 20,460,0
15,013,0 1,268,0 2,942,0
35,987,0
758,0
990,0 2,779,0
598.558,0 95,748,0 53,534.0 107,921,0 82,720,0 184,548.0
50,368,0 20,208,0 9,532,0 21,910,0 17,475,0 19.725,0
13,100,0 4.000,0 2,879,0 4,260,0 3,717,0 10,646.0
39,497,0 10,186,0 7,019,0 8.263,0 8,719,0 19,701,0
5,057,0 1,131,0 1,294,0
884,0 2,001.0 1,870,0
Total liabilities
6,874,888,0 479,771,0 2.082.290.0460,508,0 542,846,0 281,159,0 218,869,0 1,484,728,0 275,589,0 169,768,0 256,032,0 164,899,0 458,429,0
Memoranda.
Ratio of total gold reserves and
Other cash* to deposit & F. R.
note liabilities combined
62.4
70.0
60.3
61.0
66.7
65.5
66.5
72.7
67.5
65.6
65.6
66.4
60.7
Contingent liability on bills purchased for for'n correspondents
11,288.0 3,549,0 3,346,0 1,318,0 1,183.0
33,798,0 2.467,0
9s0.0
4.394,0 1,149.0
778,0
980,0 2,366.0
•
"Other cash"does not include Federal Reserve notes or a Bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Boston. New York. Phila. Cleveland. Richmond Atlanta.
Total.
Two Ciphers (00) omitted.
$
$
$
$
$
$
$
/4
'dorsi Reserve notes:
Issued to F.R.Bk. by F.R.Agt. 3.239,636,0 238,895,0 711,206,0 252,302,0 293,721,0 156,463,0 137,640,0
Held by Ferri Reserve Bank- 278,888,0 22.081,0
79,862.0 18,298,0 14,554,0 9,733,0 20,555,0
In actual circulation
2.960,748,0 216,814,0 631,344,0 234,004,0 279,167,0 146,730,0 117,085,0
0silateral held by Agent as security for notes issued to bks:
Gold and gold certificates
1,520,226,0 74,012,0 523,606,0 97,450,0 107,270,0 51,700,0 21,365.0
Gold fund-F. R. Board
1,155,105,0 134,317,0 113,100,0 74,550,0 99,500.0 65,375.0 73.000,0
Eligible paper
28,505,0 11,392,0 8,085,0 5,397,0 3,716,0
71,637,0 1,879.0
U.S. Government securities
80,000,0 70,000,0 80,000.0 35.000,0 44,000.0
556,200,0 29,000,0
Total collateral
3,303,168,0 239,208,0 745.211,0 253,392,0 294,855,0 157,472,0 142,081,01
Chicago. St. Louis. Minnsalt. Kan•Cliv. Dallas. dan Fees
$
$
$
$
$
$
789.442,0146,839.0 98,624,0 115,633,0 39,835,0259.056,0
41,950,0 7,411,0 6,212,0 7,683.0 4,589,0 45,960.0
747,492,0 139,428,0 92,412,0107,950.0 35,246,0213,076.0
445,272,0 38,828,0 29,669,0 19,590,0 20,464,0 91,000,0
290,000,0 79,200,0 38,500,0 77,800,0 19,000.0 90.763,0
2,030,01 1,435,0 1,497,0 2,769,0 1,503,0 3,429,0
60,000,0, 29,000,0 29,200,0 20,000,0
I 80,000,0
797,302,0 148,463,0 98,866.0 120.159,0 40,967,0 265,192,0
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent atTwo Ciphers (00) omitted
Federal Reserve bank notes:
Issued to F. R. Bk.(outstdg.)
Held by Fecri Reserve Bank_
Total.
Boston. New York. 'Phila.
$
$
$
Cleveland Richmond Atlanta.
$
$
$
Chicago.
$
$
St. Louis. MInnsap. Ran•CilI
Dallas
$
5
3
3
San Frail
$
Total collateral
64,201,0 14,080.0 32,088.0
10,586,0 3,457,0 5,360,0
6,422,0
465,0
32,369,0
1,713,0
5,046,0
158,0
3,690,0
592,0
6,957.0 .6,171,0
2,113,0 1,150,0
9,186,0
323,0
180,363,0 16,070,0
53,615,0 10,623,0 26,728,0
5,957,0
30,656,0
4,888,0
3,098,0
4,844,0 15,021,0
8,863,0
2 141 0
237,874 30,000,0
1,602,0
64,274,0 14,500,0 35,000,0
203,0
9,000,0
40,000.0
253,0
6,000.0
4,100,0
83,0
7.000,0 18,000,0 10,000,0
240,015.0 30,000,0
In actual circulation
Dollat.pledged aget.outst. notes:
Discounted & purchased Mlle_
U.S. Government securities
214,078,0 23,868,0
33,715,0 7,798,0
64,274,01 14,500,0 36,602,01
9,203,0
40,000,0
6,253,01 4,100,0
7.000,0 18,083,0 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,
and liabilities of the reporting member banks from which weekly returns are giving the principal items of the resources
obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items
in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page
2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions,
" immediately preceding which
we also give the figures of New York and Chicago reporting member banks for
a week later.
Beginning with the statement of Jan.9 1929, the loan figures exclude "Acceptances of other
banks and bills or exchange or drafts sold with endorsement" and include
all real estate mortgages and mortgage
the bank. Previously acceptance, of other banks and bills sold with endorsement were included with loans, and
loans held
of the banks Included mortgages In Investments.byLoans secured
some
by U.
DeIng given. Furthermore, borrowing at the Federal Reserve Is not any S. Government obligations are no longer shown separately, only the total of loan, on securities
more subdivided to show the amount secured by (3,8. obligations and those secured by commercial
aper,only a lump total being given. The number of reporting banks formerly
covered 101 leading cities, but was reduced 10 90 cities after tne declaration of bank holidays
Br moratoria early in March 1933. Publication of the weekly returns
for the reduced number of cities was omitted In the week, from March 1 to Mar 10, but a
Of them la to be round In the
summary
Federal Reserve Bulletin The figure, below are stated In round IntIllons
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS OCT. 18 1933 (In millions of dollars).
Federal Reserve DistrictLoam! and Investments-total
;oans-total
On securities
All other
Investments-total
U.S.Goyim lenient securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposit,
nme deposits
Clovernment depoedta
Due from banks
Due to banks
Flarrnannes from F. R. Bank
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. /14441.014y. Dallas. sac Pros.
s
$
16,592
$
1,194
3
7,725
$
1,032
8,643
702
4,007
504
462
3,673
4,970
252
450
1,948
2,059
243
261
229
233
1,113
$
s
323
S
1,510
178
179
63
115
59
120
335
S
$
S
$
S
1,673
472
329
507
379
873
236
184
212
213
893
404
469
88
148
50
134
57
155
60
153
220
673
7,949
492
3,718
528
651
157
144
637
236
145
295
166
780
4,987
2,962
301
191
2,389
1.329
282
246
449
202
110
47
92
52
3S2
255
135
101
87
58
188
107
113
53
459
321
1,955
208
10,700
4,476
780
1,239
2,740
2f)
118
19
727
382
54
125
159
924
49
5,719
1.180
378
114
1,273
11
83
12
559
311
80
94
161
2
78
17
525
434
45
58
127
1
28
11
184
131
7
58
66
23
6
142
132
23
62
57
5
417
44
1,215
464
66
243
326
47
9
281
159
22
75
93
1
27
5
191
125
4
5S
73
63
12
345
172
13
126
167
51
s
233
124
32
92
103
96
16
570
862
t 51
134
135
1
Financial Chronicle
3104
Sinanrial
(1) nide
-iv
olimmittrclui
Oct. 28 1933
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, Oct. 27.
Maturity.
Int.
gate.
Bid.
Asked.
Maturity.
Int.
Rate.
Bid.
Asked.
June 151924...
Dec. 15 1933_ _ _
Mar,15 1934...
Aug, 11935...
Aug. 1 1934_ _
.
Feb. 11938...
Dec. 15 1936._
Apr. 15 1936_ _ _
34%
4%
34%
134%
234%
294%
234%
234%
100
1001n
100en
1014n
1011232
101,
32
10214+2
102ne
1004u
100'n
10042+
101422
101"as
1014n
1021421
10230,1
June 151938...
May 2 1934...
June 15 1935_ _ _
Apr. 15 1937._
Aug. 1 1936...
Sept. 151937....
Dec. 151933...
234%
3%
3%
3%
3%
334%
434%
101:93+
101,422
103.2n
102 iii
,
103nn
102"21
100:42+
101nu
1011722
103.122
102"s
10 "n
3
10342+
100:
92+
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 Mos.
Including Postage12 Mos.
$6.00
United States. U. S Possessions and Territories
810.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain. Mexico and Cuba_- 13.50
7.75
Great Britain. Continental Europe (except Spain), Aida.
15.00
8.50
Australia and Africa
The following publications are also issued:
-COMPENDIUMSMONTHLY PUBLICATIONS
RANK AND QUOTATION MCCORD
PUBLIC UTILITY-(1eM1-annUally)
RAILWAY & INDUSTRIAL
-(four a year) MONTHLY EARNINGS RECORD
STATIC AND MUNICIPAL--(20M1-anD.)
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record is 86.00 per year each; for all the others is
85.00 per year each. Foreign postage extra.
NOTICE.
-On account of the fluctuations in the rates of exchange.
remittances for foreign subscriptions and advertisements must be made
in New York funds.
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
CHICAGO Orricz-1n charge of Fred. H. Gray, Western Representative.
20S South La Salle Street.'telephone State 0613.
-Edwards & Smith, 1 Drapers' Clardens, London, E.G.
LONDON OFFICE
WILLIAM B. DANA COMPANY, Publishers,
William Street. Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert: Business Manager. William D. Riggs:
Treas. William Dana Seibert; Sec.. Herbert D.Seibert. Addresses of all. Office of Co.
Wall Street, Friday Night, Oct. 27 1933.
-The Review of the
Railroad and Miscellaneous Stocks.
F
Stock Market is given this week on page 3093.
k The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending Oct. 27.
Lowest.
Highest.
Par Shares. $ per share. I
RailroadsChic St Paul M & Om
100
10 93.4 Oct 231
Preferred
200 20
Oct 25
Hudson & Manh p1_100
210i 334 Oct 26
Int Rys of Cent Am_.•
100
Market St Ry
100
2d preferred
50
Morris & Essex
N.Y Lack & West_ _100
Norfolk & West pf-100
Pacific Coast 1st p1.100
100
2d preferred
Mills Rapid Transit..50
50
Preferred
Pitts Ft Wayne & Chi
100
P., Preferred
Wabash RR pret Ii_100
Range Since Jan. 1.
Range for Week.
Sales
for
Week.
20
40
34
20 60
10 78%
70 81
101
20
240
20
Oct
Oct
Oct
Oct
$ per share.
934 Oct 23 2
Oct 23 20
24
434 Oct 21
5
3
234
531
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
23
21
26
23
21
25
27
23
14%
34%
2%
2%
1%
15
53
4234
Jaw 12
July
01 5134 July
July
M
7
Oct
Oct
Oct
Oct
34 Feb. 334
23
16 Feb 334
Api
.
24 49
64
24 7534 Jan 80
27 74
May 8734
23
23
25
27
134
1
2
5
10a145 Oct 26a145 Oct 26 34
2001 234 Oct 23 214 Oct 23 1
Indus. &
Beneficial Ind Loan... 3,600 1334
5 7,500 30
Bristol-Myers
100 2%
Burns Bros class A •
100 2%
City Stores class A..*
2,800 1
Certificates
•
240 14
Col Fuel & Ir pref_100
20 52
Conn Ry & Light_ __100
6 42%
Crown W'mette 1st pt.*
Highest.
Oct
Oct
Oct
Oct
23
34
24 60
24 78%
21 83
5 Oct 23
3 Oct 23
234 Oct 26
551 Oct 27
Lowest.
per share.S per share.
Oct 26
Oct 27
Oct 26
Oct 23
Oct 26
Oct 26
Oct 26
Oct 23
July
June
July
June
Sept
Feb 10
Feb 7
June 574
June 10
July
.1101
,
July
July
Apr150
Jan 6
Sept
June
1334 Sept 1434 Oct
29
Sept 3834 Sept
34 AprI 5 June
134 JanI 834 July
274 July
Max74
14
Oct 54 June
52
May 60
July
17
May 54
Aug
84
26
Deere & Co
Devoe & RaYnolds
10 89%
1st preferred_ -100
10 92
Duplan Silk pref___100
Filene's (Wm) Sons Co
91
634% preferred_ _100
30 4434
Foster-Wheeler pref..
Oct 21 3234 Oct 25 2434 July 49
July
Oct 25 89% Oct 25 7934 Jan 93
Oct 26 92 Oct 26 8234 June 92
July
Oct
Oct 25 91
Oct 25 81
Api 95
Oct 26 4434 Oct 26 3234 Fel1 71
Sept
Aug
Gen Baking Co pref._ _*
25
Hazel-Atlas Co
Kanto C Lt & P pref B_*
Keith-Alb-Orph pref100
Kresge Dept Stores_ --*
100
Laclede Gas
1
Preferred
5
Life Savers
Oct 2410434 Oct 24 9934
Oct 27 65
Oct 21 77
Oct 26 103
Oct 23 100
Oct 27 8
Oct 27 15
Oct 25 254 Oct 26 1
Oct 21 4034 Oct 21 4
034
Oct 23 53 Oct. 23 3734
Oct 21 19
Oct 25 1534
Sent
July
Jan
May
June
June
Jan
Sept
5010474
2,500 72
50 101
100 15
140 2
20 4034
30 50
3,600 17
Oct 25 111
Oct 27 55
Oct 27108
Oct 2
734
Oct 25 13%
)4
Oct 23
Oct 25 0034 Jan 11234 Oct
Apr l 72
July
Oct 27 55
Oct 27 0134 May 11134 Sept
Oct 25 6:4 Oct934 Sept
Oct 25 534 Jan 20 June
34 Oct
4++ Oct
Oct 24
30111
Math Alk Wits preL100
10 55
Mexican Petroieum.lOOi
100108
PacTel&Telpref._l0Ol
Pacific Wenn Oil
'I 1.6001 7
PanhandleP & R pf_100
1101 1334
'Is
Peerless Co rts
I 45,8
Peoples Drug Sto
6 85
634% cony pref_100
5001 334
Penn Coal& Coke___50
5001 15
Pierce-Arrow Co p1-100
Oct 23 65
Oct 21 86
Oct 2
3.14 Oct 26
Oct 24 1534 Oct 24 4
. 5,1
Roan Antel Cop Mines
Sehenley Dist Prods__5 66,4
3
Shell Transp & Trad_C2
2
Spear & Co pref____100
Sterling Products____10 11,1
Oct
Oct
Oct
Oct
Oct
24%
32
22
36
49%
Und-Ell-Fisher pref_100
30100
5 12,300 734
United Drug
United Dyewood pf-100 1,300 65
2011634
Univ Leaf Tob pref-100
27
21
24
25
21
25%
37
22
36
5434
Oct 25100
Oct 21 834
Oct 24 65
Oct 2111634
5 12,000 2634 Oct 21
Vick Chemical
20 984 Oct 21
Vulcan Detinning pf 100
50 86
Oct 25
Walgreen Co pref___100
900 2334 Oct 25
White Rock M S New_*
29%
98%
86
24
Mar10834
July 8574
June 110
Jan 25
Mar 734
Oct 80
Apr 61
Oct 2234
Oct 26
Oct 21
Oct 24
Oct 25
Oct 25
Apr 87
July
Feb 9% July
Apr 21% Sept
24% Oct 25% Oct
32
Oct 4534 Aug
11% Ma 24% July
Oct
Jan 36
20
49% Oct 60% Sept
Oct
Oct
Oct
Oct
Sept
Apr 105
2' 76
Sept
25 6% Oct 12
Sent
24 28% Jan 70
21 96
Apr 116% Oct
Oct
Oct
Oct
Oct
26
21
25
24
Sept
2634 Oct 31
Sept
57
Feb 102
75
Apr 90% Sept
Oct
23% Oct 29
•No par value. a Optional sale.
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 3094.
A complete record of Curb Exchange transactions for the
week will be found on page 3122.
U. S. Treasury Bills-Friday, Oct. 27.
Rates quoted are for discount at purchase.
Bid.
Nov. 1 1933
Nov. 8 1933
Nov. 15 1933
Nov. 22 1933
Nov. 29 1933
Dec. 8 1933
Asked.
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Bid.
Dee. 12 1933
Dec. 20 1933
Dec. 27 1933
Jan. 3 1933
Jan. 10 1934
Jan. 17 1934
Jan. 24 1934
Asked.
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25.1.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15.S.
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. 21 Oct. 23. Oct. 24. Oct. 25. Oct. 26. Oct. 27.
-,,
First Liberty LoanHigh 102"
102222+ 1021422 102nn 10211s
334% bonds of 1932-47....{Low. 1024en 1021112 102",, 10210s: 102111: 102:42:
(First 334s)
Close 1022422 102 052 10211a: 102"ss 102":: 10211+2
15
88
Total sales in $1,000 units-410
21
42
118
(High
--.Converted 4% bonds of
-1932-47 (First 42)._ Low_
Close
..._
_
Total sales in 81,000 units...
Converted434% bondsr Itch 16U 10r2W 10294 16 ;22 16
2
2
1 -4W+ 10 .14
- 2 1
of 1932-47 (First 4ge) Low_ 1024422 1024922 1021921 1021422 1021422 10211n
022 1021422 1021.22 10211n Close 102:422 1021922 102
Total sales in $1,000 units__
40
23
41
41
22
43
Second converted 434 %Illigh
----bonds of 1932-47 (First( Low_
---_--_
Second 43(s)
Close
-Tom( sales in $1.000 units...
..Fourth Liberty Loan
, 1073 1031422 103,4 103- 10-- T; 3 ;;
{High 10
;
";
3ass
41I% bonds of 1933-38_ Low_ 1034422 1031922 103nn 103:en 10310++ 103nn
(Fourth 44s)
Close 103",, 103nn 1031421 1030 1031en 103nn
++
214
Total sales in $1,000 units_
15
549
101
313
135
Fourth Liberty Loan._{High- 10
2422 101n++ 1014422 10111s: 101"s 1012 122
.
444% bonds (called)..._ Low_ 101"22 10194,22 101"ss 10111n 101141 1014422
Close 10194,2 101:
42, 10111n 10111st 10111s 10124++
Total sales in $1,000 units
10
72
49
115
61
38
Treasury
High 110"as 1104422 11011n 11011s: 110"as 1101922
434s, 1947-52
{Low_ 11044+2 110en 11011:1 1101
:: 11011:s 110422
Close 1104122 110Jen 110un 1101s: 11011s: 110en
51
32
Total sales in $1.000 units153
168
66
30
(High 1064322 106un 106uss 106nn 106
,tn 10614++
is, 1944-54
Low_ 106422 106en 108,222 1001ss 108"st 105922
Close 106',, 1064422 10811ss 105111: 108"ss 106en
43
82
Total sales in $1,000 units__
311
99
26
227
,
{High 1044, 10420+ 104nn 10444+2 1041412 1041422
12
3%IL 1946-56
Low_ 101",, 1011n 10114,2 1011132 101% 1041122
Close 10414n 104"ss 101,632 1041332 10412+ 10114,2
,
144
11
Total sales in $1,000 units._
4
59
29
510
,, 1021:s 10218+ 101402+ 1014922 1014822
{High 102'
Mon 1014In 10190+2
3%s. 1943-47
Low_ 102
101"ss 1011:22
10211: 101"ss 10111n 101":: 1011*22
Close 102
15
18
Total sales in $1,000 units_ __
121
70
128
162
IHIgh 9844n 98"ss 984122 98162+1 981'n 98"ss
35. 1951-55
Low. 98442+ 9811ss 993"s+ 98"22 Non 981ss
022 Non Nu++ no++ 981ss
Close 981% 98:
195
20
Total sales in $1,000 units__
221
255
294
219
{High 1024+3 1011•22 10242+ 10149n 10144+2 10111n
3348. 1940-43
Low_ 101",, 1014422 101"n 10111n 101141: 10111ss
Close 101",, 1014422 1012ss: 10111s: 101"ss 1011422
Total sales in $1,000 units__
7
50
26
89
14
143
{High 102422 1014022 102
10111:: 101"ss 1014422
3348, 1941-43
Low. 102:22 1012782 101"n 101"n 10111ss 1014,22
Close 102122 101see 10111n 101":: 10111ss 1019421
Total sales in 21.000 units__
58
3
118
36
1
11
{High 100,022 100:22 1001n 1001n 1001n 10041,I
334s, 1946-49
Low_ 10042+ 1004n 1001n
09"n 100
9911ss
Close 100422 100In Man 100
991112
100'n
Total sales in $1,000 units__
20
206
82
73
17
46
{High 101"22 10192+ 101111 1011n 1011s: 101
3%8,1941
Low. 10142+ 101en 1011n 1009922 100p,, 10011s:
Close 101422 101',, 1014+2 101
101
100uss
Total sales in $1.000 units...
205
480
624
291
205
293
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2
24
24
1
1,1 434,
4th 434s
4th 448(called)...
Treas 434s
1021422 to 1021%
1034n to 103Ise
1012042 to 101",,
Ilosn to Ilose
Foreign Exchange.
To-clay's (Friday's) actual rates for sterling exchange were 4
.693404.7215
for checks and 4.701404.7234 for cables. Commercial on banks: Sight,
4.694; 60 days. 4.6934; 90 days, 4.69; and documents for payment. 60
days, 4.694. Cotton for payment. 4.694.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.77346
5.8734 for short. Amsterdam bankers' guilders were 59.62©60.24.
Exchange for Paris on London. 81.03; week's range, 82.00 francs high
and 80.50 francs low.
The week's range for exchange rates follows:
Sterling ActualChecks.
Cables.
High for the week
4.78%
4.79
Low for the week
4.5134
4.5134
Paris Bankers' Francs
High for the week
5.9334
5.9334
Low for the week
5.4914
5.50
Germany Bankers' Marks
High for the week
36.14
36.15
Low for the week
33.54
33.56
Amsterdam Bankers' Guilders
High for the week
61.14
61.15
Low for the week
56.67,
56.70
3105
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
tar
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Oct. 21.
Monday
Oct. 23.
Tuesday
Oct. 24.
Wednesday
Oct. 25.
Thursday
Oct. 26.
Friday
Oct. 27.
Sales
for
the
Week.
Per share
46
49%
5512 5512
2712 313
4
183 2118
4
2112 2113
.31
36
.97 100
10
10
51
5
4413 45
2718 291
74
74
$ Per share
4734 50 4
,
553 5612
4
29
29
20% 2212
2112 2212
*30% 355
8
9512 9512
*1018 16
518 518
*44
46
2818 293
4
.70, 78
s
$ per share
4614 493
4
56
573
4
28
3112
20% 23
2112 233
8
3212 3212
a9512 9512
*107 15
8
*518 6%
544
451
2718 293
8
*69
78
$ per share
4912 513
4
58
5312
30
3212
2258 2414
2313 2512
35
.32
98
*95
15
*11
*53
4 67
8
*44
50,
8
2812 30
78
*69
$ per share
4812 5012
*55
563
4
31
3214
2212 2318
2414 25
*3312 3514
96
"95
*1112 16
*518 67
8
*44
50%
2812 287
8
77%
'69
$ per share
48
5012
5518 57
3118 3112
2214 2318
237 2412
8
'33
3518
98
98
'1112 16
*518 67
8
*44
5018
2814 2912
*69
75
Shares.
23.400
2,400
5,100
52,300
6,400
100
130
200
600
200
15,500
100
1113
*7014
55
3714
"1
•158
•23
4
614
414
6,
8
63
8
1014
3
612
414
*21
*16
•.--212
*4
4412
1914
*4
1112
135
8
.7
1418
*43
8
*9
*84
1118
2014
*32
4814
*12
812
10
16
1218
36
19
14
*312
34
-1117 "W -1724 'tags -11-8
. .
123 123 20,400
8
13s -125 13
8
13
4
72 •7O14 72 •____ 72
_ _ _ 72
72
72
*45
55
"505 70
60
8
•42
69 .42
100
70
70
*63
40
393
38
4 383 41 18 40
4
37,300
417
8 4014 4112 4014 41
3
3 4 *1
,
212
212 •1
*1
212 *1
212 *1
2
.15
8 2
•15
8 2
•158 2
*15
8 2
'15
8 2
23
4 278
27
8
312 312
3% 312 2,400
3
3,
4
3 2 312
,
614 *612 7,11
6,
4 7,
4 •7 4 7% 1,500
73
4 73
74 74
,
,
2
3
8
45
412 `k1 3
412 43
,
4 •5
514 53
512 6,000
4
518 5 4
3
67
8 712
7
67
8 83
8
7% 814 36.100
75
8 8,
4
8
4
83
714
4
67
8 73
67
8 8,
712 8
818
13,700
8
4
4
8 4 83
,
1214 12
125
8 1212 1314 15
1,600
1512 1512 '1418 15
16
3
33
8
312
33
4 43
8
45
8
4
41s 414
612 *53
614 7
4 612
7
6
*7
712
412 412
44
,
412 434
512 512
514 512
243 *2114 247 .22
8
4
25
25 25
•22% 2712
19
*17
20
17
17 •19
2212 •1812 21
30 •____ 297 .____ 2978 *____ 297 *.. __ 297
8
8
8
8
212 212
25
8
212 25
8
27
8 27
3% 33
8
7
7
54
612 *4
*4
6
*4
6
49
4714 5112 48
52
52
50
5312 51
2212 2112 2314 2118 233
4 2314 245
8 223 23%
8
7
*5
612
5
5
4
512 53
8 534
53
133
8
8 133 145
8 1314 153
1412 15
4
4 143 1614
1512 14
153
8 15
16
16
174 1534 1612
10 .10
11
10
12
12
117 12
12
8
1614 143* 163
8
4 155 18
1714 1912 18
19
5
*43
8 63
8 5
8 *43
*5
•
5
63
8
1218 *11
12
16
12
*11
1512
15 •11
1
4.34
*3
4
1
1
*3
4 1
*3
4 1
115
8 11
115
8 11
113
4 1112 1214 1118 1118
24 4 2318 26
,
24
2634 26
277 24% 27
8
45 '35
*34
45
40 "32
38
45 '33
477
4814 . 8 481
48
4814 *477 56
49
8
49
15
1512 16
16
16
10
*16
20
20 .
8% 97
918
812 10
912 101
91
*9
914 914 5,800
10 4 10% 10% 11
3
11
1214 1112 113
12
1112 1112 1.700
*14
16
19
16
17
1738 1738
171
17
17
900
17
123 133
1314
141
4
1412 1418 153
4 13
145 15,000
14
8 14
8
4
3914 363 38
375 40
8
4112 6,500
43
4012 43
40
39
20 '1814 2612 *19
21
"19
22
243 .19
*19
4 1
22
30
16% 1414 16
15
1512 1618 7,800
1512 15 4 163
16
8 16
3
514 *312 514 •312 4
*312 4
*312 4
*312 4
34
7
*82
kl
8,1
*34
600
%
7
8
7
8
I
*Ds 218 "118 214 *112 2
2
112 112
*112 214
100
*212 4
*212 4
213 *212 4
.212 4
*212 4
100
*234 47
8 •212 4
4
334 4
54
•4
5
5
200
712 818
7%
714 8,2
83
4 8,400
814 9
8
734 83
8
1812 16
1634 17
1814 173 19
4
1818 1818 18
1814 3,400
37
8
33
4 3%
3 2 334
,
35
378
418 414 3,400
418
37
45
45
8 514
8
5
Ps
4
53
8 53
5
53
8
514 7,100
5
*2512 35
35
*2612 35
32
*2812 3514 *2814 35
32
10
118
118
1,
4
*h
114
*5
8
180
114
•5
8 114
"8 114
1
•3
8
1
•3
3
12
11138
12
*3
8
12
12
"s
2958 2818 307 a283 3212 313 34
8
8
4
303 3212 305 3318 165,800
8
4
143 143
8
8 15
15 4
16
,
16
17
15
1614
151
15
2,900
16
163 1813 173 1812 17
17
8
17
4
18
16
1814 4,000
112 112
112 112
110
114 114
113 113 '11212 118
110
•118
212
4
7
15
313
438
.25
•118
*3
2
26
13%
15 4
,
110
133 147
4
4
4
8 143 153
25
25
2312 231
73
4 83
818 81
8
•15
2 2
•13
4 2
•1
114
11
114
14412 14412
139 139
1918
17
155 173
8
2
2
.2
3
23
25
2318 25
*2
53
4
*2
5
3
1512 1512
1412 141
23
*15
17
•15
•12!2 16
8
*127 22
24
*15
23
*18
45
3612 3612 '36
33
3812
36 .
.33
3112
.30
3113 30
4
•718 123
4 .718 123
23
4 27
8
234 3
3
3
3
3
1312
*9
16
4
.9
20
20 "13
•12
118
1
1
1
8
15
8 158 *112 17
,
1018 18% 1814 19 2
8
8
1714 20,8 193 207
8
213 23
22
20
40
*18
44
*21
63
4 63
4
612 63
4
•158 214
•158 2,
6i2 612 *612 31*
10012 1051
98 103
*6614 6812 6714 6714
4 3
23
25
8 23
4
31, 31
*318 33
8
7,8 8
%
7
73
8
15 4
,
15, *10
4
*9
23
4 23
4
.25
8 3
47
8 47
8
•4
6,
4
145 163
8
4
26
27
8,
2 913
13
4
13
4
114
1,
4
14412 145
1718 1914
*212 3
233* 27
*3
512
.11
19
2
.1212 167
23
*15
•11 18 237
8
43
39
*33
3812
*28
30,
2
*71s 123
4
212 23
8
3,8
3
*1112 16
20
.13
1% 118
•112
17
8
al818 205
8
a1918 22
2113 2312
*20
40
*612 73
4
.13
4 214
"612 81_
104 10812
6718 68
8
23
4 27
318 312
814 812
*1014 1514
.23
4 3
47
8 47
8
1512
2612
9
*13
4
114
14514
1914
*212
2658
.3
*14
*1713
*1414
*1118
45
33
3012
*714
258
3
12
*13
114.
1714 153 167
8
8
2714 25
2514
9
9
9
2 '
114 2
114
114
114
1491 *148 150
203
4 1914 2012
3
•212 3
273
4 2512 27
51
512
*3
19
*12
18
20
•13
17
171 *12
13
23 •1118 21
50
4812 4812
33
*33
387
8
311 *31
3278
123
*714 123
4
3
23
4 27
8
31
3
3
12
•11
1212
20 .13
20
11
133 112
*112 17
8
8
13
4 17
8
1914 2114 187 2018
2118 23 4 2014 22
,
2514 2312 24
24
44 •23
*23
44
*612 73
4 57
73
4
214
214 *15
8 214
*684 812
612 612
109 1113 109 1101
4
8
6718 671 *6714 683
23
4 27
27
8 278
•35
8 4
312 31
83
4 91
87
8 914
.
11'2 12 •1012 12
31
3
•318 37s
513 512
512 51
1512 1638
*2312 2418
9
9 14
.13
4
I%
1
114
149 149
187 203*
8
*212 3
253 2714
4
.3
512
*10
18
.1712 23
*1314 17
*11 18 21
46
493
4
*33
387
8
*31
32
.714 123
4
23
4 23
4
3
3
*11
1212
'13
20
114
13
8
*lh
8
17
19
2014
203 2214
8
23
2412
*23
44
.63
4 712
.13* 214
612 612
107 110
68 68
27
s
27
8
*35
8 4
83
4 9
*103 1514
4
*318 4
512 5i2
26,400
1,100
2,400
100
1,700
1,100
11,700
10
61,900
500
2,900
100
700
3,800
1,900
100
3.600
500
48,400
48,800
8,200
400
200
70
11,300
600
2,400
SOO
4.300
600
900
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Railroads
Par $ per mare
Atch Topeka & Santa Fe__100 343 Feb 2
8
Preferred
100 50 Apr
Atlantic Coast Line RR. 100 1612 Feb 2
Baltimore & Ohio
100
814 Feb 2
912 Apr
Preferred
100
Bangor & Aroostook
50 20 Jan
Preferred
8
100 685 Jan
Boston & Maine
6 Apr 1
100
Brooklyn & Queens Tr_No par
312 Mar 2
Preferred
No par 3534 Apr I
Bklyn Marsh Transit_ No par 2114 Feb 2
86 preferred series A _No par 64 Mar
Brunswick Ter &Ry SecNo par
12 Jan 1
Canadian Pacific
712 Apr
25
Caro Clinch & Ohio stpd__100 6014 Apr
Central RR of New Jersey.100 38 Apr
Chesapeake & Ohio
25 245 Feb 2
8
ChM & East III Ry,Co____I00
Is Apr 1
6% preferred
100
12 Apr
Chicago Great Western. _100
118 Apr
Preferred
2i2 Apr
100
Chic Milw St P & Pac__No par
1 Apr
Preferred
112 Feb 2
10
Chicago & North Western _100
114 Apr
Preferred
2 Apr
100
2 Apr 6
312 Apr 10
27 April
2
1514 Feb 24
1212 Apr 10
10 Mar 2
114 Feb 24
212 Jan 6
3758 Feb 25
1714 Feb 25
2 Feb 28
33 Apr 4
4
412 Apr 4
212 Apr 4
458 Apr 5
134 Mar 31
212 Mar 31
%June 3
612July 21
813 Apr 5
16 Mar 31
31 Mar 3
412 Apr 18
Interboro Rapid Tress• e_100
t
418 Feb 27
Kansas City Southern
100
61: Feb 27
Preferred
100 rI2 Mar 31
Lehigh Valley
50
85 Feb 24
8
Louisville & Nashr1ije____10
2114 Jan 3
Manhattan Ry 7% guar-100 12 Mar 16
Mauls Hy Co 0100 5% guar.100
6 Jan 3
Market St RY prior pref__10
Fs Mar 3
Minneapolis & St Louis_ _100
Is Jan 23
Minn St Paul & SS Marle_100
Is Mar 20
7% preferred
10
3 Apr 11
4
4% leased line ctfs
33 Oct 25
10
4
Mo-Kan-Texas RR____No pa
63 Jan 3
4
Preferred series A
100 111 Jan 3
:
Missouri Pacific
100
118 Apr 1
Cony preferred
158 Apr 1
100
Nashville Chatt & St Louis 100 13 Jan 5
Nat Rye of Mex 1st 4% pf _100
Is Mar 16
20 preferred
100
18 Jan 3
New York Central
100 14 Feb 25
NY Chic & St Louis Co...100
2% Jan 25
Preferred series A
253 Apr 11
100
N Y & Harlem
50 100 Mar 31
N Y N
& Hartford
100 1118 Feb 27
Cony preferred
100 18 Apr 4
N Y Ontario & Western _100
75 Jan 4
8
N Y Rallwaya pref
18 Mar 15
No par
Norfolk Southern
100
12 Apr 4
Norfolk & \Vattern
100 Mil kier 2
Northern Pacifie
95 Apr 5
100
8
Pacific Coast
100
1 Jan 25
Pennsylvania
50 1314 Jan 3
Peoria & Eastern
10
7 Feb 17
2
Pere Marquette
10
37 Mar 3
8
Prior preferred
100
6 Jan 3
Preferred
412 Feb 28
100
Pittsburgh & West Virginia 100
613 Apr 19
Readiag
50 2312 Apr 6
lot preferred
ao 25 Apr 25
20 preferred
6 2313 Mar 31
Rutland RR 7% pret
100
6 Jan 6
St Louis-Elan Franoisco
100
72 Jan 30
let preferred
100
1 Apr 17
St Louts Southweetern
514 Mar 15
100
Preferred
100 12 R11113 7
Seaboard Air Line
No pa
14 Jan 3
Preferred
100
Is Mar 25
Southern Pacific' Co
100 1118 Feb 25
Southern Railway
100
418 Mar 2
Preferred
100
57 Jan 3
2
Nioblle & Ohlo etk tr ctfs 100
8 Jan 5
Third Avenue
100
4% Feb 25
Twin City Rapid Trans No par
11 Jan 10
:
Preferred
578 Apr 19
100
Union Pacific
100 6114 Apr 6
Preferred
100 58 Apr 6
Wabash
112 Jan 4
100
Preferred A
100
118 Apr 8
Western Maryland
100
4 Feb 27
20 preferred
100
55 Jan 12
8
Western Pacific,
100
1 Apr 22
Preferred
100
178 Mar 2
Industrial & Miscellaneous
37
37
3112 3112 •25
32
29
400 Abraham & Straus
*29
31 .
30
No par
*233 30
4
77
8 8
75
73
75
8 818
4 8
19,300 Adams Express
8
7
8 73
8
65
No par
618 7
6714 70,
Preferred
4
110
100
.6714 7014 *6714 7014 *6714 7014 *6714 7014 6714 674 .
• Bid a ld asked prloes, no sales on this day. a Optional sale. a Sold 15 days.
PER SHARE
Range Since /act
On basis of 100-050re .5th.
Ex-dividend. y Ex-rights.
13% Feb 23
3 Feb 28
39 Apr 11
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
11 Oben.
$ per share $ ner share $ per chars
8018July 7
177 June 94
Jan
7914June 3
35 July 88
Jan
59 July 19
93 May 44 Sept
4
8July 7
377
334 June 2138 Jan
3914July 7
6 June 4112 Jan
4114 Aug 29
912June 353 Aug
4
110 Aug 30
50 June 91 Sept
30 July 1
4 July
l9114 Sept
93
2June 8
Vs July
1014 Mar
2314 June 58 Mar
60's July 18
4114July 12
1118 June 5014 Mar
3112 June 783 Mar
8312June 13
8
414 July 10
218 Aug
12 Apr
2078July 7
714 May 205 Mar
8
7912July 19
39 July 70 Feb
25 June 101 Sept
122 July 6
4914 Aug 29
4
93 July 3112 Jan
II July
3'g Aug
8 July 10
Is May
812July 10
5 Aug
53 Aug
114 June
71%July 8
8July 6
:
147
2', May 151 Jan
2 June
4
4July 19
113
412 Aug
1814July 20
118 May
8 Aug
2 May 1412 Aug
16 July 7
Jan
4 Dec 31
4July 6
343
112 May
1018July 7
163 Jan
8
1912July 7
314 Dec 2712 Jan
15 July 7
2 May 2412 Jan
413 June 2913 Sept
51 July 13
4July 19
8 Mar 30 Sept
423
5 Mar 18 Sept
30 July 21
8June 12
Dec
1
105
1112 Jan
218 Dec 20 Aug
16 June 7
4July 7
32 July 9212 Sept
933
813 June 457 Sept
46 July 6
4July 19
Jan
1 13 May
193
9
253
4July 20
4
2 May 113 Sept
2912July 5
252 May
157 Aug
8
2314 July 19
2 May
1012 Aug
Jan
4July 7
512 May 25
333
1112July 7
2 May 10 Sept
2312July 19
212 Dec 1512 Sept
158 Oct
14 Oct
234June 8
19 June 13
4
8 May 303 Jan
43 June 2478 Sept
4
50 4July 20
3
918 July
38 Sept
60'8 July20
60 July 19
15, June 45 Aug
8
34 July 19
4 May 1412 Jan
214 June 145 Mar
115 Oct 16
8
8
247sJuly 18
214 June 1514 Sept
3414 July19
5 June 2514 Sept
2734July 5
5 June 2914 Sept
712 May 38, Sent
6712July 18
4
28 Oct 11
9 Sept4633 Mar
4 June 203 Mar
20 Oct 11
4
8 June 9
2% Dec
9 Jan
Is Jan
214July 7
5 Aug
8
12 Dec
8July 8
57
43 Sept
8
3 May
4
812July 8
6 Sept
1412July 8
5 Dec 2012 Sept
114 Mat, 13 Sept
1718July 7
314 June 24 Sept
3714July 7
1014July 8
11
Jan
112 May
212 May 26
Jan
1514July 7
57 July 7
8
7 12 May 307 Sept
312June 27
7 Sept
8
14 May
13 Feb% Sept
8June 8
13
83 Jun
4
*
5812July 7
365 Jan
:
11 May
2758 Aug 28
9 Sept
34
2 June 155 Jan
3414July 20
*
4June 13
8214 May 12712 Aug
1583
6 May 315 Jan
3472July 19
8
56 July 6
117 July 7834 Jan
8
15 July 7
3 8 July
5
153 Sept
4
18 1)ec
312July 7
1
Feb
14 Dec
47 July 10
8
314 Sept
57 June 135 Sept
177 July 7
3478July 7
512 May 253 Sept
8
1 Mar
7 July 11
312 Sept
612June 23% Jan
4214July 7
9 July 11
514 Sept
7 May
8
37 July 13
114 June 18 Aug
312June 26 Aug
4412July 7
3812July 7
212 June 24 Aug
353
4July 7
6 Dec 2113 Aug
6212July 6
9',June 5314 Sept
15 July 33
Jan
38 July 12
15 May
37 July 6
38 Sept
1812July 3
3 May
1412 Sept
5 Ma
8
6% Jan
93
13JUIY 7
1 May
914July 8
4
93 Jan
22 July 14
3 May
137 Sept
8
2638July 18
83* Dec 2012 Jan
Is Jan
3 July 7
1 Sept
8July 7
14 Jan
47
152 Sept
3834July 7
612 June 375 Jan
36 July 19
212 May 1812 Sept
49 July 17
3 July 2354 Sept
4014 July 10
313 June 2.5
Feb
1218June 3
378 May 14 Mar
4June
43 une 8
Ds Dec
412 June
15 June 8
7 June 2412 Jan
132 July 7
273 July 941: Feb
8
7512July 12
40 May
715 Aug
8
712July 10
%June
43* Aug
97
8July 7
1 June
6
Jan
16 July 13
112 May
113 Sept
4
1912July 7
2 May
1114 Sept
912July 3
43 Aug
4
12 June
18 July 8
54 May
87 Aug
8
4012July 20
1314 July7
71 June 20
10 June
15 May
8
22 June
245 Aug
8
912 Sept
73 Sept
New York Stock Record-Continued-Page 2
3106
t-tr- FOR
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Oct. 21.
Oct. 28 1933
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
Monday
Oct. 23.
Tuesday
Oct. 24.
Wednesday
Oct. 25.
Thursday
Oct. 26.
Friday
Oct. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
3 per share $ per share $ Per share $ Per share $ per share Shares. ludo.. & Hhoell.(Cm) Par
1412 15
1413 15
15 8 1718 1612 174 1613 1714 6,700 Adams Mills
7
No par
72
76
7
74
3
74 74
3
8 2,300 Address Multlgr Corp-No par
3
78 8
3
*712 734
512
412 5
5
514 512
43
4 43
47
8 47
4 1.700 Advance Rums',
No par
7
728
714 1.400 Affiliated Produeta Ine_No par
3
7
714 714 *7
713
714 7 4
9734 98 102
9413 9818 95
10113 10213 10114 1031z 8,800 Mr Reduction Inc
No par
*13
4 2
*13
218
4 2
13
4 13
2
4 *2
2
400 Air Way Elea Appllanee No par
222 25
8
2453 2713 2713 28 4 2653 2814 263 28 250,300 Alaska Juneau Gold Min. -10
4
3
412 5
*4
512 5 4 *5
553
800 A P W Paper Co
3
512
513 513
No par
324 3 4
32
8 4
1
324 312
38 4
7
32
No par
8 3% 17,000 Allegheny Corp
Frei A with 830 warr.--100
7
74 8
3
714
7
7
753 2,800
713 7 4
8%
3
6
67
55
8 612
3
712 74
Pref A with 240 warr-100
67
8 712
63
4 63
4 2.200
6
6
615
6
612 6 4
Pref A without warr---100
3
612 7
612 612 2,400
*14
19
15
15
19
14
15
1413 *15
15
40 Allegheny Steel Co.
No par
122 12914 126 13014 12812 1354 131 136
131 135
21,900 Allied Chemical & Die..No par
4
1233 12413 1233 1233 12418 12418 125 125 '
4
51232 12614
8
4
400
Preferred
100
151
4 1512 174 15
162
8 1512 1653 21,700 Allts-Chalmers Mfg__No par
1412 1553 14
15
1412 1414 1413 147 15
14
14
*14
*14
1,400 Alpha Portland Cement No par
3
418 453 *4
34 4
1
353
353
47
414 413 1,000 Amalgam Leather Co.
..Ng par
2114 2114 .2153 27 •212 26
22
22
3
*213 2313
4
400
7% preferred
100
4424 4212 4312 4311 444 12,600 Amerada Corp
4214 404 4214 42
387 41
8
41
No part
*2118 2224 *2114 24
224 2313 2314 2412 223 23
2318 2313 1,300 Amer AgrieChem (Del) No par
4
1213 12
131
4 12
1213 117 12% 6,400 American Bank Note
1118 1112 1114 1112 12
101
Preferred
*37
320
3622 3612 3412 38
38
38
36
*37
501
398 3813 37
13,000 American Beet Sugar__No par
8
824 914
7
9 2 1018
,
712 853
914 1014
924 10
4222 50
49
52
4918 504 493 504
100
3
420
447 447 *424 47
7% Preferred
28
*27
2712 2634 2634 28
30
2812 2922 1,900 Am Brake Shoe & Fdy_No per
2614 264 27
95 95
97
*94
97
97 97
97
97
Preferred
100
50
97 *94
*91
4 8953 9114 89% 917 27,800 American Can
25
8
864 8912 53824 894 8912 913
8324 87
Preferred
10,)
200
132 133 •13112 134 *131 134 *130 13312 *131 13312 *131 133
7
21
2012 22
11,009 American Car &Fdy---Aro par
20
2213 24
214 2212 2112 23
1722 21
37
*34
35
37
35
*34
Preferred.
3613 1,400
100
*3414 38
313 34
8
*353 5
5
5
*513 618 *521 6
No pat
*318 5
200 American Chain
8 5
*33
1718 *14
1718 *14
1712 *14
4
1712 ........
173 *12
100
*10
7% Preferred
174 •11
4313 4413 4514 4514 4553 4553 4523 4514 1,700 American Chicle..--No par
4 4312 44
443 443
4
10
103 Amer Colony veils
3 *24 553 *24 5's *214 54 *224 414
218 223 *213 27
494 473 5222 49
44
4
5314 54,100 Am Comml Alcohol Oorp_20
5112 50
501
8 46
42
531
218 24
24 213
213 213
21
8 218
212 23
8
930 Amer Encaustic* Ttiing_No par
*214 212
.6
6
6
6
•54 6
300 Amer European Set34....No par
*6
7%
4 624
4 *51
*522 53
84 924
84 913 47,900 Amer de For'n Power
81e 914
-No par
714 8
713 8
6 4 714
5
Preferred
191
No par
1714 tna 18
4 18
183
4 17
19
3,600
161 1718 1712 18
4
10
1012 1123 104 1153 1014 117
No par
8 2,600
912 923 10
83
28 Preferred
8 83*
12
13
1413 13% 14
12
14
1413 2,800
4
26 preferred- .....No par
104 1114 113 12
1478 1513 147 1513 15
8 1413 147
8
1524 4.000 Amer Hawaltan 8 S Co_ _10
1414 142
133 15
4
814 6
7
9
9
93
8
814 812
83 71
8
8 12 5,400 Amer Hide & Leather-No par
Preferred
34
3414 324 3213 33
100
32
1.600
5
2718 27 8 30i 30
33
25
3184 3128 3
2,300 Amer Home Products-No par
31
3113 3113 31
294 2922 31
2
31
31
57
No par
6
64
614 753
61
7
6
7 14
712 822 5,000 American lee
512
6% non-cum pref
43
100
*3822 43
43
200
4418
*3812 43 *3812 43 *334 43 *41
88
853 9
4
713 7 8
7
7 6 824
7
8
812 83 12.100 Amer Internal Corp...Ne par
8
81
8 83
7
7
8
.1.2
4
7
*4
4
1
7
8
7
7
8
.3
4
1
1
1,200 Am L France & Foamite No par
loo
Preferred
*413 5
*413 5
*44 5
*422 5
*312 5
*312 5
24
5,700 American Locomotive_No par
2422 251
8 2212 2328 22
201 237
3
24
25
233 24
4
Preferred
100
48
483 484 483 483 *40
4
46
4
4
48
900
4 4718 471
*4718 485
3,000 Amer Mach & Fdry Co.No par
14
14
1412 15
144 14
1313 14
143 15
4
143 15
4
37
37
..No par
3
3
*3
*3
4
100 Amer Mach & Metals.
*3
*212 4
.212 3
18
1938 1853 1914 27,800 Amer Metal Co Ltd-No par
17 4 1953 18
3
1512 153 17'2 17
4
14
100
8% cony preferred
75
- •7012 75
*624 75
75
*62
100
*68
70
70
320 Amer News Co Inc_ __No par
25
251 *2518 2513 2513 2514
2353 25 *62*2413 254 2412 241
84
753 8
718 814 20,800 Amer Power & Light_No par
7
7321
714 7
812
7
8
8
No par
86 preferred
2018 19
1813 18s 20
18% 19
20
19
1914 1,600
*1628 19
1713 174 173 173
No par
18
$5 preferred
•164 18
16
154 *16
15
16% 1,100
123 131
4
4 1253 1314 1222 13
13
80,800 Am Rad & Stand San'y No par
1218 13'l a12
111z 13
25
133 158 1513 161
8
4 1553 163
8 1514 1613 33.700 American Rolling Mill
1318 1453 123 151
4
400 American Safety Rasa No par
3613 3812 3612 3612 3722 3712
364 362
37
*34
*34
36
*218 222
223 213 *212 3
100 American Seating v t o_Nci par
*2
*223 3
212 *224 22
118
3,600 Amer My & Comm-__Ne par
118
*114
114
11
112 11
11
113 lIz
1
118
40 Amer Shipbuilding Ille-No par
*174 19 1723 1723 174 271 *1712 19
*1728 1
17
17
8 4112 445
3018 333
4 3428 3822 363 423
3
3 4034 4284 41
438 230,500 Amer Smelting & Retg_No par
100
800
Preferred
89
89
89
89
89 89
89
89
89
87
87
*86
2d preferred 6% cum_100
400
6312 6213 821
6313 63'2
60 60
*597 60
61
61
*62
25
800 American Snuff
49 49
8
481 48% 483* 482
8
8
4 4812 483 *4812 49
4712 473
Preferred
100
*10612 109 *10812 109 *10813 112 •1084 112 *10821 112 *10811 112
1613 173
1613 171
164 14
1613 18
15 8 1518 17
3
14
4 8,700 Amer Steel Foundriee_Na par
Preferred
100
10
*56
60
60
*56
60
60
*56
60
*56
60
*54
60
3754 36
No par
800 American Stores
37
36
*36
3724 363 3712 37
4
37
3822 37
100
11,900 Amer Sugar Refining
54
4 52
5512 524 523
523
497 514 50
4 53
473 52
4
Preferred
100
700
104 104
8
1033 1033 *104 107
8
104 104
103 103
103 103
3.600 Am Sumatra Tobacco-NO 15ar
/00
14
14
*1424 141
14
15
14
13
4 113 14
4
1118 123
68,500 Amer Telep & Teleg
1171 11414 117
4
3
11113 1144 11313 11524 111 1143 113 4 11912 1134
25
76
77
771
75% 7612 3.200 American Tobacco
763
4 76
754 7613 75
76
74
Common chum B
25
15,000
7914 79
814 784 8022 7712 79
7912 7614 7922 77
76
Preferred
100
400
1134 11311
113 11322 *11128 114
112 112 *11112 114 *11128 114
553
614 624 1,400 Am Type Founders____Ne par
622 534
5
.412 4 3
3
47
3 5
5
5
5
Preferred
100
930
101
10
1014
1053 10
9
94 94
812.924 912
8
24,100 Am Water Wks & Elec.Ne par
4 1913 2114 1938 2138 2012 2212 204 2153 2018 21
1814 203
Common rot tr etfs.No par
__
---- _- -__- ___let preferred
No par
300
67
8
;31 ii" -i- ---- iii- - - 5812 5822 *5673 60 8 59 59 7.500 American Woolen__. No par
103 115
8
1053 112
1113 1112 123e
912 1118 10
914 1024
100
Preferred
54
5022 513 *52
4
53 3 5,300
7
484 473 504 484 5314 51
4
45
Am Writing Paper etts_No par
8 1'l
122 *13
112 *128
112 *114
8 •118
8 *113 17
*113 17
Preferred certificates No par
130
*64 7
6
6
7
512 512 *5 8 10
52.2 512
512 512
2,900 Amer Zino Lead & lJmesI___1
7
7
8
67
74 *8
714
5 4 653
3
7
548 6
6
Preferred
25
1,200
*362 54
8
45
*3611 45
397 *37
34
35
36
35
32
e
137 147 189,400 Anaconda Copper MinIng_60
8
1214 1353 1238 1412 144 154 1418 147
10 4 12
3
Anaconda Wire & CableNo par
1018
*7 3 1018 *714 1018 *7
3
1018
*622 104 *7
*622 10
No par
193 103
4
4 3,700 Anchor Cap
203
4 19 4 20
3
8 1814 1913 20
18
1814 187
17
86.50 son, preferred_No par
10
83
85
83
*83
*8222 85
*8218 85
85
85 *80
*30
Andes Copper Mining No par
8
'
55
8
*5
9
56
83
8 '
*5
9
*7
10
*5
2,300 Archer Denten MIdI'd_No par
25
24
2212 2222 254 23% 25
22
2212 22
22
22
100
7% preferred
110
4
4
3
4
*107 4 11114 *1073 11114 *107 4 11124 111 1114 *11114 1143 *111 1143
3
500 Armour & Co (Del) prof _100
71
*67
71
*67
73
*66
71
71
71
65 *65
64
37
11,900 A211120U2 02 1111noW elms A-2
8 4
37
418
4
414
313 4
318 3 4
3
314 318
Class B
25
214 24 16,000
4
3
223 23
213 2
218 223
3
218 2
17
8 214
100
Preferred
8
43 4 4012 4212 401 4312 22,600
3
4112 41
36
3114 3523 3413 41
8 1,800 Arnold Constable Corp-No par
314 32
353
313 312
312
3
35
3
*3
314 *312 312
No par
630 Artloom Corp
54 518 *353 53
553
5
414 47
312 312
3 8 31
1
8
8 *158
1% 2,200 Assoelated Apparel Ind No par
12
8 12
114
153
114
114
124
114
114 114
1
1214 1212 1213 3,300 Associated Dr) Goods
4 12
8 117 123
8
9 4 101
3
8 1024 1112 1124 113
100
6% 1st preferred
500
*45
50
47
47
47
*45
46 46
46
45
*43
50
100
7% 26 preferred
300
50
*43
44 44
*4212 44
42
42
43
43
*41
5()
25
Aasociated 011
35
*29
33
33 *29
*31
33
*31
33
*31
3512 *31
AU 0& W 1 SS Lines_No par
21
*18
21
*18
*18
21
21
21
*18
21
•18
*18
100
Preferred
100
27
*24
27
3
24
5 24 8 *24
*24
26
26
27
*24
*24
25
8
8
297
3 282 2953 282 2913 50,900 Atlantic Refilling
28
2614 273
4 26 8 28
5
25 4 267
3
No nor
1,100 Atlas Powder
25
3 2413 2413 25
4,
4
2212 2222 223 247
213 22
201
20
Preferred
100
78
*75
7812 *75
78
78 2 *74
,
7812 *74
781 *74
*74
No par
3013 3053 3013 3053 6,600 Allem, Tack Corp
284 2913 294 297
8 2912 30
28
28
Automobile
-No par
3713 35
4o 3513 38 37 4012 37 39 3613 38$4 17,600 AuburnNichols
31
No par
8,800 Austin
72
8 8
814
63
4
4
65
8 63
6
6
65
8
6 3 63
3
4
6
51,400 Aviation Corp of Del (The)_5
712 8
713 8
712 824
828 7 8
3
3
74 754
74 7 4
57,900 Baldwin Loco Works_No par
113
8
4 1012 114 101 11
1118 11
10
9
I07
e 1018 103
800
Preferred
100
31
31
31
31
32
30 .31
28
30
30
277 281
8
Bomberger (L)& Co pref-100
95
*92
4
*92
*923 95 •9212 95
95
*9021 95
95
*62
*338 33
4
373*353 33
Barker Brothers
*338 34 .358 3 4 *34 3
No par
1
3
3
*333
6)4% cony preferred-100
50
*173 1913 *1714 19'2 1718 17'8
*174 197 •174 197 *1728 19
4
73
4 81
712 77
73
4 81
81 23,500 Barriedal Corp
6
83
8 94
81
814 9
No par
100 Bayuk Choirs Inc
3 2812 282 *2622 31
29
*2811 297
*2414 263 *2713 33 *26
let preferred
100
20
4
86
*85
5823
86
85
85 ' 4 871 *823 8721
We 851 *85
56
8 1314 134 1314 1314 2.500 Beatrice Creamery
114 12
13
133
12
13
103 101
8
Preferred
100
s5312 80
*6612 80 .6612 704 •6613 701 *6611 704
*6613 80
20
100 Beech-Nut Parking Co
5821
*57
60
60 •57
57 •57
57
58
*57
58
*50
8
8 8,000 Belding Ileminway Co_Na par
8
8
91
3 *812 93
914 95
9 3 93
1
853
8s
001 *wog 92
1,000 Belgian Nat RYS part pref.-91
9014 907e 91
*88
89'z 88
.8612 go
$ Per share
15
15
6 4 63
3
4
413 5
7
714
92 8 9412
7
*112 228
/812 20r
3
5
5
318 322
6
62
3
512 512
54 53
19 4
3
*14
11812 130
1233 1233
4
4
124 1514
1314 1314
34
3
22
22
•Bid and asked prices, no sales on thus day, a Optional sale. s Ex-dividend
PER SHARE
Range S nes fault.
On basis of 100 share tots.
3 Per Mars
8 Apr 7
51e Apr 15
lag Feb21
PgJuly 21
4718 Feb 25
18 Feb 28
111 Jan 14
8
1 Jeo 5
78 APr 4
1 Apr 5
114 Apr 17
114 Mar 30
5 Mar 30
70 4 Feb 27
3
115 Apr 21
6 Feb 27
5114 Jan 10
5 Feb 21
8
5 Feb 23
1823 mar 2
714 Mar 1
8 Mar 2
34 Apr 7
1 Jan 30
25 Jan 5
918 Mar 3
60 Mar 28
4913 Feb 25
112 Feb 27
618 Jan 23
15 Feb 28
15 Mar 31
3
318 Mar I
34 Mar 2
2 Feb 94
13 Feb 27
1 Jan 5
3 8 Apr 1
7
Sla Feb 27
714 Apr 4
4so Apr 4
614 Apr 4
418 Jan 5
223 Mar 2
1312 Feb ii
29 Oct 20
33 Feb 24
25 Feb 15
414 Feb 27
14 Apr 21
14 Jan 3
57 Jan 3
4
173 Jan 3
83 Feb 27
1 Jan 27
328 Feb 24
1513 Jan 4
17 Jan 20
4 Feb 27
97 Apr 5
3
9 Apr 1
48 Feb 27
53 Mar 2
4
2018 Apr 6
ii Mar 20
18 Apr 8
1112Mar 8
1054 Feb 25
31 Jan 10
2011 Jan 2
324 Jan 10
10218 Jan 9
45, Feb 28
372 Mar 28
8
30 Feb 27
2113 Jan 19
80 Jan 19
18
8612 Apr 13
8
49 Feb 23
50% Feb 25
10234 Mar 1
33 Oct 5
7 Oct
107 Apr 7
8
94 Apr
35 Mar 24
318 Mar 2
222 Feb 16
8
3 Feb 8
3
h Feb 17
214 Feb 28
20 Feb 21
5 Feb28
418 Jan 6
8 Jan 20
6213 Jan 11
253 Feb 7
93 Mar 3
4
95 Feb 23
41 Jan 3
118 Feb 28
3 Feb 20
4
7 Feb 27
14 Jan 19
2 Mar 27
re Apr 17
312 Feb 20
18 Feb 23
15 Jan 19
63 Mar 24
4
418 Mar 22
418 April
1238 Feb 28
9 Feb 14
60 Apr 5
DI Feb 27
31 Oct 21
rh Feb 2
528 Feb 27
313 Apr 12
913 Apr 4
6814 Feb 28
se Jan 4
518 Apr 19
3 Mar 2
314 Jan 6
27 Jan 18
7 Mar 2
45 Feb 24
45 Jan 6
311 Feb 50
6214 Apr 7
Highest.
PER SHARE
Range for Prerlows
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per shore
213
8Ju1y 12
12 June 805 Mar
8
814 Dee 14 Sept
121olune 19
9 8July 7
5
114 June
4 11 Aug
7
113
4May 1
414 May 1613 Mar
112 Sept 25
80 8 July 6313 Sept
7
4 May 23
12 June
313 Sept
33 Aug 29
73 June 162 Jan
4
8
95 July 13
78 Dec
4 Ma:
814July 7
Is May
32 Sept
8
217
8July 7
24 May
814 Sept
21 July 7
8 Sep.
5 June
*
20 July 7
8 Sept
53 June
26 July 19
IS May 15 Sept
14513Sept 18
4218June 8814 Sept
125 Oct 26
964 Apr 120 Dec
263
8July 8
4 June 15 8 Sept
3
24 July 17
412 July 10 Jan
914July 19
14 Apr
218 Sept
40 July19
4 Dec 10 Mar
47 Sept 1
12 Jan 223 Sept
4
35 July 18
34 June 1513 Sept
2812July 13
6 May 2213 Sept
497
aJune 2
28 June 47 Feb
1634July
Apr
9 Aug
64 Sept 1824 Apr
22
157 A
28 Atig
4213July 7
612 June 171g Sept
105 Aug 1
40 J
.Iuunly,
8 Meb
Far
9814Sept 18
293
8
738
134 July 19
934 June 129 Mar
3934 July17
318 June 17 Sept
593 July13i
4July
15178 Dec 507,4 SeptAti
u
14
Apr
3112July 18
7 June 26
Jan
5114July 7
18 June 38 Nov
618June 7
2 July
814 Sept
897
8July 18
11 May 27 Sept
8 June 20
6 Jam
3 Dec
4
13 July 3
2 4 Apr 153 Sept
3
4
193
8June 12
2 May 15 Sept
44 8June 13
7
5 May 3824 Jan
2714June 12
2 4 May 2114 Aug
8
353
3June 13
3 4 June 33 Jan
3
214July 17
3 May
64 Aug
16 June 6
1 May
67 Sept
8
5712June 13
47 May 27 Sept
8
42121,lay 31
25 June 5153 Mar
1713June 29
33 Dec 2128 Mar
8
577
3June 29
35 Dec 68 Mar
1518July 3
213 June 12 Sept
34June 28
4 Jan
1 Aug
4
12 June 28
1 July
414 Aug
3918July 3
33 July 154 Aug
8
63 July 7
1718 Dec 49 Sept
223
8July 3
713 June 2214 Jan
6 June 2
33 Mar
1 June
co, Aug
113 June
2328July 18
72 June 20
613 June 32 Aug
304July 8
14 July 33
Jan
197
8July 13
3 June 174 Sept
4118July 17
1514 June 58
asp
35 July 13
10 July 4914 Jan
19 July 7
318 June 1214 Sept
317
8July 11
8 May
1813 Sept
473
4July 13
133
8June 32924 Mar
7l July 13
5 June
4
33 Sept
4
412June 20
18 Apr
7 Sent
8
3651 .1une 19
4
10 June 254 Jan
5312Seri1 19
518 May 2724 Sept
93 Oct 6
22 June 85
Jan
73 July 6
15 July 55 Feb
5114Sept 9
213 June 364 Aug
4
112 July 25
90 Jan 106 Sept
27 July 7
3 gay
We Sept
85 July 10
34 July 80 Feb
477
8July 7
20 May 36% Mar
74 July 13
13 June 3914 Jan
11214July 15
45 May DO Aug
6923434
1014 Aug
13 3 j y 1138
2 4Jul
4
8
aly
July 13758 Feb
907
8July 1
404 June 863 Mar
4
943
4July 7
44 June 89 4 Mar
3
120 July 18
9524 June 1184 Oct
25 July 5
Jan
4 June 25
377
8July 18
1013 July 70 Jan
434July 13
11 May 344 Mar
357
aJune 12
11 May 31 Mar
80 June 13
Jan
26 June 75
17 July 5
1 May 10 Sept
617
8July 17
1513 Jan 3978 Sept
418June 27
4 may
24 AuS
1454July 8
c July
8 Aug
107 July 10
14 May
67 Sept
66 July 17
10 June 35 Aug
22 8July 19
7
3 June 1953 Sept
1514.1une 8
3 Apr 15 Sept
39l July 18
514 May 1713 Mar
90 June 18
40 May 75 Sept
IC:June 3
1% May
9 Sent
2914July 20
7 Apr 154 Sept
115 July 18
85 Apr 10014 Oct
90 July 15
24 May 61 Aug
73 une 6
4J
23 Sept
4
1s June
5 July 14
%June
2 Sept.
313 May 157 Aug
93 July 14
8
7 July 17
3 8 Aug
5
1 May
912June 24
544 Sept
15* Dec
514June 6
%June
3 Aug
20 July 17
3 May 11 Sept
6113July 18
183 Dec 42 Bent
513
4July 17
124 Dec 35 mar
3513July 14
613 July 1613 AUg
26 July 19
45 Dec 1214 Aug
8
337 July 17
k
5 4 Dec 1513 Jan
1
31 July 7
8 8 Feb 2178 Sept
5
3918July 5
7 Dec 2518 Feb
8318Sept 12
4518 June 7918 Jan
30 8 Oct 26
5
1 July
37 Aug
8
8414July 13
288 May 1511 Jan
4
4
9s July 18
17 Sept
8
12 Feb
16 8July 17
3
118 June
87 Dec
8
172
8July 7
2 May 12 Aug
60 July 18
8 May 3718 Aug
997 Aug 7
3
62 July 99 Feb
714June 20
la Apr
313 Aug
2414July 18
7 Dec 30 Jan
11 July 7
211
8June
7 Sent
5212July 13
2 Dec 13 Feb
100 July 10
Jan
30 Dec 59
27 June 29
104 Nov 434 Jan
Jan
85 May 25
62 Dec 95
7013June 27
2914 May 454 Dec
83 Sept
4
22 Jan
8
1212July 6
9612Sept 15
*
573 June 625 Dec
3
y Ex-rights. c Cash sale.
''
New York Stock Record-Continued-Page 3
3107
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Oct. 21.
Monday
Oct. 23.
Tuesday
Oct. 24.
Wednesday
Oct. 25.
$ Per share $ per share $ per share $ per share
1018 1175 113 123
5
5 115 12% 123 1312
5
21
213
4 2112 23
22% 23
24
2412
2318 26
2512 2718 25 4 293
3
4 2812 3114
4512 47
4612 50
473 5114 5112 54
4
20
20
2012 213
4 21
23
23
23
914 10
10
*934 10
104 1012 11
*1018 15
*1018 16
*1018 16
*1018 1212
3812 40
41
4234 4014 43
4314 4534
*6412 7212 *6412 7218 *6412 7218 *645 7318
8
20% 2112 215 2318 2214 2318 2258 2312
1218 13
13
137
8 13
14
4
1414 143
*114 2
*114
18 *114 2
*114 2
77
7
7 12
7
77
% 812
84 918
*9
1012 1012 1012 *1012 13
*1012 127
8
*63
69
6412 6412 6312 64
66
*64
*41
45
4212 4212 41
41
43
4314
8% 85
8
9
914
9
934
912 98
5% 5 4
3
53
4 6
.57
6
6 12
58
712 8
8
812
8% 87
2
912 912
50
50
*50
53
53
50
50
*50
4
4 12
412 5
43
4 53
4
514 5
%
2118 2212 22
25,
8 25
25
2512 2712
314 3%
33
3%
3% 3%
312 3 4
3
7
3
3% *3
312 *2
312 *27
8 3%
518 512
55
8 612
6
6
612 64
1134 123
4 11% 1314 12
1314 12% 1434
*218 214
214 214
212 212
238 2%
*212 3
*213 3
3
3
*212 3
*6
87
8 *612 88 *7
712
712 712
*112 1%
112 112
112 112 *112. 18
*218 214 2% 214 278 278 2% 234
*212 25
8
234 23
4
23
4 23
4 *23
4 314
18
2014 1918 2112 193 223
8
213 23%
4
*_
54 *.53 *____ 53 .
_
1,_
55
1712 1712 io
.
1918 1912 20% : I14 22
/
3
4
3
4
3
4
1
7
5
118
7
5
7
5
33
4 414
4
412
414 514
514 5%
*6
714 *6
712 *6
712
7
7
22
2514 243 257
8
8 235 26
8
2512 27%
*2312 26
*2312 26
*2412 26
4
264 263
*418 6
*414 6
*4% 5%
8
58 57
Thursday I
Oct. 26.
$ per share
1212 13%
24
24
278 30
*49
5112
213 22
4
1012 1012
*1018 163
4
4312 448
*645 7318
8
2318 2312
1418 1412
*114 2
812 8%
*11
127
8
6312 65
43% 4334
83
4 84
*614 68
9
9
*50
53
5
% 5
'2
2618 274
3 2 3%
,
*27
8 38
5
6
6 12
1318 137
8
*212 23
4
*3
612
8
8
•112 15
8
2% 23
4
*2% 3
215 2212
8
55
*42
.204 2112
118
118
458 512
7
7
2512 2612
26
26
*418 6
Friday
Oct. 27.
S per share
12
1318
*22
2412
2712 30
503 51
4
213 2134
4
*9% 1034
*1018 16
43% 453
8
*645 7312
8
2212 233
8
1412 1512
*112 2
812 9
*11
127
8
63
64
*43
45
*812 1014
6
65
8
*818 014
*50
53
512 512
26% 267
8
5
312 3 8
•2% 3%
614 612
13
1312
*212 23
4
*3
612
*6
88
112 112
*23
8 25,,
*2% 3
225 23
8
*42
55
2012 203
4
1
118
45
8 5
*63
8 7
2512 2714
27
2712
*412 6
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basil of 100-share lots.
Lowest.
Shares.
29,800
2,300
59,200
3,700
280
1,700
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Indus. & Misccii. (Con.) Par $ per share $ per share $ per share 3 per share
Bendtx Aviation
5
618 Feb 27 2114July 17
412 May
1834 Jan
9 Mar 2 3318 Aug 25
Best & Co
No par
53 June 247 Feb
4
Bethlehem Steel Corp_No par 1018 Mar 2 4914July 7
714 June 29% Sept
7% preferred
100 2514 Feb 28 82 July 3
1614 July 74
Jan
Bigelow-Sanf Carpet Inc No par
618 Apr 5 2912June 30
612 Dec
1512 Aug
312 Feb 28 1914July 19
No par
Blaw-Knox Co
35 June 10 Aug
8
Bloomingdale Brothers_No par
6% Feb 28 21 July 18
614 June 14 Feb
11.700 Bohn Aluminum & Br_No Par
912 Mar 2 5412July 6
47 June 2214 Jan
8
Bon Ami class A
No par 52 Feb 23 74 June 13
31 June 55 Nov
23,700 Borden Co (The)
25 18 Feb 27 3712July 3
20 July 4318 Mar
513 Feb 28 2158July 5
6,200 Borg Warner Corp
10
3% May 1414 Sepr
Botany Cone Mills class A..50
412JulY 5
3 Apr 17
8
14 Apr
114 Sept
19,400 Briggs Manufacturtng_No par
278 June 113 Mat
252 Feb 24 1458July 18
4
4 May
No par
4July 19
714 Feb 28 183
500 Briggs & Stratton
1012 Jan
1,100 Brooklyn Union GasNo par 63 Oct 27 8812,1une 12
46 June 8912 Mar
8July 18
600 Brown Shoe Co
23 July 36 Feb
No par 2812 Mar 3 537
413 Sept
1% July
13 Mar 3 1812June 26
2,900 Bruns-Balke-Collender_No par
4
1,200 Bucyrus-Erie Co
112 June
10
2 Feb 27 1272June 20
714 Sept
212 May
Preferred
1018 Sept
2% Feb 23 19%June 20
800
6
100 2012 Mar 31 72 June 28
40
35 June 80 Sept
7% preferred
12 Apr
sJuly 3
3,, Apr 15
97
No par
318 Sept
11,100 Budd (E 0) Mfg
312 July
100
14
3 Mar 16 35 July 3
240
Jan
7% preferred
5 May
8
53
4July 5
412 Jan
1 Feb 8
5,100 Budd Wheel
No par
312 Jan
72 Mar 2
118 Apr
No par
5 June 29
200 Bulova Watch
218 May
8 Sept
212 Feb 17 1314July 3
5,500 Bullard Co
No par
23,700 Burroughs Add Mach_No par
8July 3
618 Feb 11 207
614 June 1314 Aug
3 Dec 21% Mar
8 June 8
1 Apr 1
800 Bush Term
No par
7 Dec 65 Mar
1 Apr 3
100
Debenture
100
912June 1
Jan
1214 July 85
60 Bush Term Bldgs gu pref_100
614 Oct 4 2312 Jan 5
12 July
2June 2
17 Sept
500 Butte & Superior Minims___ 10
27
1 Feb 10
2 Sept
414June 2
5
1,200 Butte Copper & Zinc
%Mar 31
% Apr
57 Sept
8
1% June
712June 13
300 Butterick Co
114 Apr 10
No par
7 May 245 Sept
13,200 Byers Co (A M)
812 Feb 25 43'4 July 18
No par
8
35% May 69 Sept
Preferred
100 3018 Mar 2 80 July 18
4July 17
414 June 19 Sept
1,200 California Packing_ __No par
.
7% Mar 2 343
It June
118 Sept
2,900 Callahan Zino-Lead
14 Jan 19
214June 5
10
113 May
77 Sept
8
8June 2
15,700 Calumet & Uccle Cons Cop_ 25
93
2 Feb 7
914 Aug
212 June
200 Campbell IV & C Fdy_ _No par
2 Feb 28 1614 July15
6 June 15 Sept
18,800 Canada Dry Ginger Ale
4112July 19
5
712 Feb 2
1018 June 23% Sept
600 Cannon Mills
No par 14 Feb 2 3512July 18
912 Sept
100 Capital Adminls cl A--..No par
2% Apr
414 Oct 17 1212July 13
19 June 32 Aug
Preferred A
50 2512 Jan 18 3512July 13
5518 61
59
4
623
163 June 653 Sept
4 59
100 3012 Feb 27 10312July 17
6852 62,500 Case (J I) Co
63
4 64
4
673
623 68% 64
*6612 70
Jan
*67
30 May 75
Preferred certificates_ _ _ 100 41 Feb 27 86 July 19
70
69
170
67
70
70
68
69
70
70
1512 1878
18
1914 183 1912 1914 2012 19
Jan
8June 15
8
43
4July 7
512 Mar 2 293
20
1914 20% 18,400 Caterpillar Traotor-No pa
373 44
8
4114 443
125 Sept
8
8 4114 45
8July 3
114 June
43
4512 259,400 Celanese Corp of Am_ _No par
4% Feb 27 587
433 46% 428 447
4
*114 38 • *114 3
338 Jan
7 Aug
8
2
578July 3
100 Celotex Corp
No par
2
12 Mar 15
*114 218 *114 212 *114 212
*114 2
112 112 *112 17
214 Feb
5 Dec
8
438July .5
Ss Feb 4
200
Certificates
No par
17
8
17
8 *1
*112
4July 5
*312 418
1% Dec
Preferred
712 Mar
10
112 Jan 5 123
4
50
4
412 412 *312 53
418 4%
*312 418
2
23
28
283 29
4
73 June 2012 Sept
8
2.300 Central Aguirre Asso_No par
31
8
14 Jan 3 41 July 17
30
2912 30
3114 295 30
30
7 8 81
5
6% Jan
23 Jun
8
8
81.1 3,400 Century Ribbon Milla_No par
8July 19
2 Apr 19 115
84 84
85
8
8
8
914
83
8 8%
*80
88
*80
Jan
Preferred
20
88
55 Dec 85
80
*80
100 62 Feb 27 95 June 20
80
*80
88
88
88
.80
2412 2714 2718 301
57 Jan 4 443
283 337
4Sept 19
4
3414 323 353 112,500 Cerro de Pasco Copper_No par
32 June 1512 Sept
4
4
3318 35% 32
*2% 234
3% Feb
3
% Dec
73
8July 3
1 Jan 9
800 Certain-Teed Products.No par
3
312 31
3
314 314 *314 312
3
*12
7% preferred
22
*12
4% DeC 185 Aug
22
*12
*12
15
*14
4 Mar 27 3014July 18
20
22
100
15
*15
*1412 1434
Oct2812 Feb
1.5
11
15
718 Mar 3 25 June 29
1512 1512 2,300 City Ice & Fuel
No par
147 1512 15
8
1512 1514 1514
Jan
*633 643
8
4 65 65
Preferred
150
433 Nov68
65
10(1 45 Apr 7 72 July 17
65
648 64% *63% 647 *63% 64%
•13
16
*13
16
1612 Aug3012 Sept
500 Checker Cab Mfg Corp
*13
16
712 Mar 23 2312 Oct 5
16
21
*14
5
207 *1434 1912
47 June z20% Sept
30
33
32
33
No par 10 Jan 3 5212July 7
3114 34
3414 12,800 Chesapeake Corp
34% 33
8
34
333 35
8
478 57
61 Jan
.53
4 61
1 May
8July 20
218 Mar 31
6
123
4 8,700 Chicago Pneumat Tool.No par
63
8
618 63
5% 612
6
652
143 1614 1612 173
4
21,June 1214 Sept
Cony preferred
1.500
4 163 163
18
18
*16
No par
512 Feb 28 2512June 20
4 18
4
4 1712 183
*13
14
*12
1312 *12
400 Chicago Yellow Cab
6 Dec 14 Mar
No par
1512
6% Jan 4 2238May 31
1412 14
151 *13
*12
15
15
1612 1618 1814 175 1812 1912 21
4,100 Chickasha Cotton 011
121/ Sept
5 June
20
20
197 20
8
10
5 Mar 2 34 July 18
3% 312
33
8 3%
8 Sept
112 J une
No par
318 35
2 Feb 28 1018July 5
35
8 33
4 3,700 Childs Co
3
54 33
4
33
4 4%
"94 15
*1014 1718 *11
40 Chile Copper Co
15
*12
5 Dec
15
25
15
173
16 Sept
6 Apr 4 2112July 18
4 14
15
3614 40
3918 4114 38
7 4314 4012 4214 397 42% 354.500 Chrysler Corp
8
4
5 June 213 Sept
5
734 Mar 3 527 Sept 14
8
4112 40
1
118
1
118
2% Jan
1%
118
No par
1
3 8July 7
114 7,400 City Stores
5
118
14 July
114
1
14 Feb 28
1
*712 814 *712 814
31 July
83 Jan
4
260 Clark Equipment
712 712
712 712
No par
*712 8
5 Mar 24 1414June 22
734 8
24
24
*23
2712 233 233
500 Cluett Peabody At CoNo par 10 Jan 27 4112July 17
52512 27
10 ApT 22 Mar
27
4
27
27
27
*9212 93
*9212 93
Preferred
30
*93
96
96
90 June 96 Feb
93 93
*93
*93
96
. 100 90 Jan 4 100 June 2
91
9112 92
92
6812 Dee 120 Mar
9412 9512 1.500 Coca-Cola Co (The)No par 731k Jan 3 105 July 17
9212 9212 934 9312 9312 941
*475 48
8
48
Class A
48
4812
500
415 July 50 Mar
8
48
8
No par 44 Apr 19 4812 Oct 10
48
.4712 4812 475 475 •48
1218 1214
125s 123
1312 2,600 Colgate-Palmolive-Peet No par
4 123 13
4
2 13
1014 Dec 3112 Mar
13% 133
7 Mar 30 2238July 19
*1358 14
.78
79
•78
79
*78
6% preferred
82
81
200
65 June 95 Mar
*78
100 49 Apr 3 88 Aug 18
8118 .80
8018 81
1414 16
16
1612 16
8,700 Collins & Alkman
2% May
175
8 1714 18
17
10% Mar
No par
17
3 Apr 4 26 Sept 11
16% 18
Colonial Beacon 011 Co_No par
*712 9
9 Jan
1212 Oct
*712 9
*712 9
514May 10 12 Jan 4
*712 9
*712 9
*712 9
35
33
412
147 Sept
4
8
27 July
8
312 Apr 4 1758July 7
534
4
53
8 57
514 53
414 5
8
511 5,100 Colorado Fuel ez Iron_ _No par
4514 48
47
4914 48
1312 May 417 Mar
7,000 Columbian Carbon•t e No par 2318 Feb 27 7112July 3
50
5312 5212 5314 538 537
52
*1912 22
2012 21
1474 Aur
2212 203 203 *21
2012 2112 .22
8
8
414 May
2112 1,200 Columb Pict Corp vi 0-No par
5
4
85 Mar 27 273 Sept 14
118 1234 11% 123
4 12
2818Ju1y 19
1312 124 133 40,000 Columbia Gas & Elec No par
414 June 21 Sept
13
8
13
1258 14
9 Mar 31
*61
65
*64
65
8
Preferred serlesA
*64
40 Apr 797 Aug
65
65
*6412 65
100 69 Mar 2 83 June 12
*64
65
*64
113 123
37 June 11 Mar
4
4 13
1412 1312 1434
1434 1512 1412 1512
4 Feb 27 19 Sept 18
1512 9,600 Commercial Credit_ ___No par
15
*32
345 *32
8
345 *32
8
Class A
3412 3412 *33
114 July 28 Sept
100
345
34%
34% *33
50 16 Feb 27 3912 Aug 31
•2312 2412 .23
2412 *23
Preferred B
1012 June 21 Sept
2412 *23
25 1818 Mar 21
2412 *23
2412 *23
25 8 Sept 14
,
2412
*92
93
91
92
*90% 91
40 June 75 Nov
8
834% first preferred_100 70 Mar 24 957 Sept 1
9014 9012 *90% 93
*905 01
50
8
7
325 34
8
323 33
4
2778 Mar
8
34% 357
107 Jun
3414 3434 6,000 Comm Invest Trust___No par
33
3412 3312 35
18 Mar 3 4312July 3
*903 9114 9114 9114 913 913
4
55IJune 82 Nov
9012 *8814 90
Cony preferred
1,100
No par 84 Jan 4 978 Jan 31
4
4 897 89% 89
8
2814 3212 30
3214 29
312 May
133 Sept
4
8
8
8 317 3314 315 337 313,400 Commercial Solvents_No par
33% 3112 343
9 Feb 25 5714 July18
2
218
2
23
8
2% 214
5% Aug
15 June
8
2% 2%
218
618June 12
214 43,600 Commonvelth & Sou
212 214
138 Apr 1
No par
281s 28% 2814 28% 2812 29
2812 30
28
3,000
2814 284 29
56 preferred series_ _No par 21 Apr 4 6012June 7
27% Jane 68 2 Mar
,
12 Sept
658 *5
55
5 May
63
8 •
5
63
Conde Nast Publio'na_No par
8 *5
63
8 *5
3 Apr 4 11 June 13
6% *5
6%
2018 22% 21% 223
612June 1214 Sept
4 2112 23
8
4
738 Jan 31 275 July 18
223 2414 2212 2334 2234 2314 24,700 Congoleum-Nairn Inc_No par
08% 12
.85 12
8
4 May
II Sept
*85 12
8
*9
8% 85
12
No par
*9
8
12
612 Feb 24 18 June 7
100 Congress Cigar
612 612
35 Dec 2412 Jan
8
4June 7
67
8 6%
312 Apr 6 193
712 712 1,500 Consolidated Cigar- No par
67
8
7
% 73
7
7
73
4
48
48
47:2 49
17 June 60 Mar
50
*48
Prior preferred
50
48
.50
*48
48
220
*48
100 31 Apr 5 65 June 8
3
3
3
3
1 June
318
*278 318
4May 29
53 Jan
8
3% 3 2 •
,
27
314 312 1.200 Consol Film Indus
53
1
134 Jan 4
918 912
1134 Mar
23 June
7
54 8 4
4
14347.lay 29
,
8
8
8% 812
85
8 912
Preferred
912 9% 4,300
No par
57 Mar 21
8
43
393 41% 41
4
4014 4214 4112 4314 4014 425
66,600 Consolidated Gas Co__ _No par 3912Sept 30 6418June 13
8 4012 42
311iJune 68% Mar
*8312 86
*84
7212 June 9918 Dec
8612 83
87
85
83
4,000
8614 87
Preferred
No par 080 Apr 24 99 Jan 3
*86
87
*2
214
214 214
23
8 212 *212 23
4 Dec 1072 Jan
2% 2%
214
4
214
700 Como'Laundries Corp_No par
512 Jan 10
2 Oct 19
9 Aug
9 4 1012 1018 117
4 June
3
8 10% 1112 11% 1212 1112 1218 11 18 12 106,900 Conso1011 Corp
3
5 Mar 3 15 4July 6
No par
•100 109 *100 109 *100 109 *100 109 *100 109 *100 109
79 Feb 101 Sept
8% preferred
100 9512 Mar 1 108 Oct 9
1
1
152 Aug
114
314July 5
114
118
1%
14 Mar
1
158
7,900 Consolidated Textile__ _No par
%
14 Mar 1
lis
1,
4
158
614 612
212 Feb
7%
714 714
614
7
718 1,300 Container Corp clams A
714
7
634 67
3* June
20
118 Jan 10 1014July 18
214 2 2
14 May
25s
3
1% Jan
218 2%
214
21 214
212
214
214
214 4,500
Class B
No par
412June 12
14 Feb 15
97 1012
84 9%
97 10
912 10
4
912 10
93
4 93
8 Sept
2% May
1814July 11
3,500 Continental Bak class A No par
3 Mar 1
112
114
1% 1%
112
112
112 112
158
13
4
112 3,900
112
8
15 Aug
Class B
12 Apr
12 Jan 5
No par
312July 11
*57
58
59
6112 *5818 6112
60
4
8
*58
61
600
604 6012 *58
247 June 473 Mar
Preferred
100 36 Jan 3 64 July 10
5612 6012 6014 62
647
261
8
8 6414 64% 645 6514 18,100 Continental Can Ine
623
4 63
475 June 41 Mar
8
20 3514 Feb 23 69 Sept 18
77
7
7
718 812
Apr
812 Sept
77
8
8
814 8,4
1
712 71 2 1.800 Conn Diamond Fibre
6
312 Feb 25 1718July 7
21
2712 9,000 Continental Insurance._ _ 2.50 1012 Mar 2
22
2312 24
2212 2312 2312 25
2514 25
25
63g May 2531 SeptAug
58l‘y
3
3612July 7
118
1%
1%
112
112
1%
112 8,100 Continental Motors_ _ No par
1%
112
112
1%
18
4 June 8
1 Mar 27
1418 1512 15
35 June
95 Sept
1712 177
8 17
157
8 15% 177
175 55,600 Continental 011 of Del_No par
8
1718 18
8
47 Mar 3 195 Sept 18
8
7312 77
7712 7912 76
78
79
797
81
7714 79% 79
29,600 Corn Products RefinIng----25 45 8 Feb 25 90% Aug 25
243 July 55% Sept
4
3
137 138
138 138
oct
138 133
280
13612 137 *137 13812 13814 13814
9912 June 140
Preferred
100 117% Mar 15 145 4 Jan 21
3
.312 3%
37
37
73 Sept
312 35
4
334 4
a3
1,800 Coty Inc
4
312
112 May
No par a2 Mar 24
712June 13
2512 2714 267 2712 273 2812 28
8
29
8
2712 28,
4 27% 2734 6,500 Cream of Wheat otts
No par 23 Feb 25 3912July 10
1312June 2613 Oct
.712 8
97 1014 10
7
814
1012 10% 11
812 914
2,800 Crosley Radio Corp_ _ _No par
714 Sept
.
214 May
4June 8
214 Mar28 143
8 29
2734 285
313
4 30
303
3314 8,300 Crown Cork /k Seal_ _ _No par 1t14 Feb 27 65 July 13
4 2814 31
3112 3312 31
.
r77 May 237 Dec
34
34
•32
8
3612 *31
*32
3412
*323 36
200
32
3418 32
$2.70 preferred
173 June 30% Nov
No par 2412 Feb 27 3812July 14
2
45
37
4% 412
5
418 4%
3,700 Crown Zellerback•t e_No par
438 4%
418
3
54 41*
12 June
812July 17
3 Aug
1 Apr 10
1714 1714 17
18
8
2,700 Crucible Steel of Amerloa_ICK,
17
17
18
17
187
8 177 1778 *17
6 May 2314 Jau
9 Mar 2 3712July 19
*30
*32
35
39
*3218 39
3112 3112 3014 3014 32
300
Preferri0
32
14 Dec 4972 Jan
100 16 Feb 27 603
8July 19
1
1
1 18
114
118
13
2 1,800 Cuba Co Ube)
Ila
13
8
114
114
114 •114
2June 7
312 Sept
% Feb 21
12 June
No par
43
318 33
8
3% 33
414 5,200 Cuban-American Sugar_ _10
35
8 418
4
4
312 334
4
41112
118 Jan 16 1112May 29
8
3 May
8
.
37 Aug
24
18
•20
__ •23_
18
31 May 26 Aug
1814 20
*24
160
24
24
Preferred
58 June 5
100 10 Jan
39
40 40
3912 46
12 4.000 Cudahy Packing
40
40
3712 381
41
3812 41
20 May 3512 Mar
5912June 8
50 203 Feb 21
4
1517 16
1612 16
•153 171
4
3,300 Curtis Pub Co (The)._ _No par
17
15
1612 17
Hi
Jan
1634
612 Max 3 3214June 12
7 June 31
40
408
4014 42
42
397 41
42
433 433
4
2,000
4112 44
Preferred
No par 30 Feb 23 66 June 12
371 Dec 86
Jan
2
23
8 25 24,200 Curtise-Wright
21
s
2,
8 214
8
218 214
23
8 23
21 1 23
112 Feb 23
% May
4% July 12
1
314 Sept
47
33
Class A
4 412
4
47
8 3,500
414 514
41
43 Sept
2 Mar 30
418 414
4
418 417
8 July 13
1
112 Mar
114 11
11
11
11
1114
12
1138 12
•912 10
*11
800 Cutler-Hammer Ino__No par
414 Jan 6 21 July 14
12 Sept
3% May
75
734 Sept
714
71
*7
714 *7
•7
7
7
712
21 Oct
I% Feb 23
83
4July 14
500 Dacega Stores Corp ______ _ .5
78 •7
• Illd *1 ,1 asked prices, no sales on this day. a Optional sale. z Ex-dividend. c Cash sale.
y Ex rights.
3108
New York Stock Record-Continued-Page 4
Oct. 28 1933
•-fr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOURTH .AGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Oct. 21.
Monday
Oct. 23.
Tuesday
Oct. 24
Wednesday
Oct. 25.
Thursday
Oct. 26.
Friday
Oct. 27.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
on basis of 100
-share lots.
Lowest.
11 to/ma.
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Mlscell. (Con.) Par $ per share $ Per share
.
•2
4
*2
*2
4
4
*2
4
4
*2
Debenham Securities
112May 20
5 June 12
11
113 *103 11
8
8
10 4 11
3
*11
114 1118 114 113
12
8 1,600 Deere & Co prat
20
64 Feb 24 183
8June 22
64 64
61
6212 *61
6212 6212 6212 59
60
62
*59
900 Detroit Edison
100 48 Apr 3 9112July 10
23
23
*24
29
26
29
29
2912 2912 303
1,500 Devoe & Raynolda A.
4 2912 30
par
10 Mar 1 3378 Aug 9
2313 245
8 2338 233
8 2334 2414 243 2512 *245 2512 245 2512 2,700 Diamond Match
8
4
8
No par
1712 Feb 28 2912July 7
2912 2912 *2914 30
2912 2912 *2914 30
294 294
Participating preferred--25 2618 Feb 27 31 July 19
500
30
3214 3318 36
3512 3812 3612 393
4 37
3814
8 3713 383 *2914- - - 147,300 Dome Mines Ltd
No par 12 Feb 28 3912Sept 19
18
18
1812 1812 19
2012 2018 21
2012 3,200 Dominion Stores Ltd_ _No par 1012 Feb 27 263
4 20
20
203
8July 18
1112 117
1212 133
8 124 13
8 1312 14
4 6,600 Douglas Aircraft Co Ine No par 1014 Feb I 1
l3lit 134 1318 133
1814July 17
*912 11
*912 1112 *912 1112 *10
1112 *1014 1114 *1014 1112
Dresser(SROMfg cony A No par
63 Feb 27 18 June 12
4
*312 5
*33, 5
4
4
*414
712 *414 714 *414 712
Convertible class B No par
100
21* Mar I
1034June 2
__ ____ ____ ____ ____ ____ ____ ___ ____ ____ ___ ___
Drug Inc
10 29 Mar 31 6312June 29
*618 8
*611 8
*712 8
*614 8
*63
4 8
200 Dunhill International_No par
8
8
7 Apr 10 143
4
4July 19
1518 1518 16
16
*14
16
16
177 •14
8
177 *14
8
18
500 Duplan Silk
912 Apr 22 283
No par
8June 30
96
96
.96
•95
9638s 963 9618 *95
8
96
96
963
8 96
160 Duquesne Light lot pret_100 90 May 4 10218June 13
•312 4
*35
8 418
44 44
*4
43
4 *35
8 5
04
100 Eastern Rolling MIlls_No par
4 12
l's Mar 30 10 July 3
6712 6912 6912 7412 73
7512 744 75
73
7412 7412 6,400 Eastman Kodak IN J)_No par 46 Apr 4 893
74
4July 14
*1257 128 *1257 128 *1257 128 *1257 128
8
8
8
1254 1257 1273 1273
8
8
4
20
6% cum preferred
4
100 110 May 2 130 Mar 20
1018 11
104 1012 1012 11
11)4 117
8 1112 113
8
4 113 113
4 5,300 Eaton Mfg Co
318 Mar 2 16 July 17
No par
665 713
8
4I 7112 737
4 7214 764 7618 79 p 7614 7812)767 783 73,200 El On Pont de Nemours____2
,
4'
ft
3218 Mar 2 8534July li
'11014 11212 111 11112 *111 11112 1103 1103 *111 11212 *11118 11212
4
4
100
6% non-voting deb
100 9712 Apr 20 117 July 7
212 34
219 3
2
21
8
23
212 25 35.100 EitIngon Schild
23
8 27
8
8
32 Feb 4
No par
5' July 14
185 19
8
187 20
8
2014 2112 214 217
8 2014 2014 20
2014 3.400
eiti% cony 1st pret____100
4 Mar 29 23 June 12
12
1318 1314 14
141 1
13
147
143 153
8 137 1514 21,500 Eleo Auto-Llte (The)
8
8 14
8
5 10 Apr 4 2712 July 13
•._ _ _ _ 78
*75
80
75
79
*75
80
75
*75
75
75
170
Preferred
100 75 Oct 26 8812July 18
3 8 34
,
338 312
34 3 4
37
8 44
3
33
4 34
314 33
3
4 3,600 Electric Boat
1 Jan 3
3
814July 3
34 34
34 37
s
34 34
34 312
3
3.4 3 4
3
4 312 24.200 Elec & Mus Ind Am shares_ __
414 July 15
1 Feb 14
512 57
8
53
4 614
57
8 614
57
8 63
4
53
4 63
8
53
4 614 21.100 Electric Power & Light No par
34 Feb 27 154June 13
1234 1234 *1212 137 *1212 14
8
133 137 *1312 143
8
4 1314 1314
4
600
Preferred
712 Apr 4 3612June 12
No par
•10
11
1112 1112 1114 113
123
8 12
1212 124 125
4 12
8 1,300
86 preferred
64 Apr 5 323
4June 13
No par
3412 354 36
37
3.5
3712 353 3814 38 4 383
4
,
4 38 4 3814 5,200 Eleo Storage Battery
,
No par
21 Feb 16 54 July 10
1
114
1
1
114
*1
14
1 14 *118
114
114
14
900 Elk Horn Coal Corp_ No par
4 June 19
18 Jan 4
1 12 112 *15
8 2
113 1 12
214 *118
*15
8
114 *112 2
300
6% Dart preferred
5 Apr 29
8
fl June 7
50
047
51
50
47
*48
50
503 *4812 497
47
4
503 *50
8
4
200 Endicott-Johnson Corp__ _50 26 Feb 27 627
8July 18
*115 118 *115 118
118 118 *115 117 *115 120 *115 120
100
Preferred
100 107 Feb 17 123 Oct 4
434 434
434 434
53
4 534
57
8 538
518 54
53
4 53
4
800 Engineers Public Serv_No par
4 Feb 23 143
4June 12
18
18
*18
20
17
163 163
8
18
*17
8 17
*17
18
400
85 cony preferred_ __No par
1512 Apr 7 47 June 13
*18
20
18
8
18
1714 1714
8 177 18
173 177
17
4
17
1,100
851i Preferred
15 Apr 4 497
No par
2June 12
1818 1818 *18
*18
23 .18
*18
23
23
23 "18
23
100
86 preferred
No par 1714 Oct 20 55 June 13
8
8
814 84
812 9
94 94
94 912
4 94 1,800 Equitable Office Bidg_ _No pa
83
612 Mar 27 133
8July 7
63
8 613
67
718 714
8 7
7
718 718 1,200 Eureka Vacuum Clean_No par
714 714
7
3 Apr 4 1814July 7
35f4 318
3
37
8 *318 4
8 *313 33
37
8 37
34 313 1,400 Evans Products Co
4
7 Mar 1
8
5
712June 28
10
10
*912 10
10
8
912
10
9
9
*912 10
150 Exchange Buffet Corp_No par
8 • Oct 27 1113 July19
*1
*1
2
2
15
2
8 •1
138 *1
*1
*1
2
Fairbanks Co
7
8May 17
25
23
8June 8
"3 2 63
,
4 *312 63
4 •312 64 *312 64 *313 63
4 *312 63
Preferred
4
I Feb 23
100
814June 13
*54 54 *5
57
8 •518 7
7
Fairbanks Morse & Co_No par
05
*514 7
*514 7
212 Mar 23 1114june 2
*21
25
*21
25
25
25
*2512 2714 2512 254 *2512 2714
40
Preferred
100 10 Feb 25 42 June 3
Fashion Park Assoc___ _No par
5 Jan 26
8
3 June 8
_ __
_ __ ____ _ __ ____ _ _ _
7% preferred
3 Feb 23 11 June 2
100
714 ..6E8 *U8 714
4 8
8 7 4 *63
Federal Light & Tree
*63
714 *63
4 -,
43 Apr 6 1412June 12
4
15
"- -- - 50 •_ _ 50 •_ _ _ _ 50 •_ _ _ .50 •_ _ _ _ 49 •_ _ _ _ 49
Preferred
No par 38 Apr 20 5912July 20
*65
91
91
•75
*80
91
93
*80 100
*85 100
94
200 Federal Min & Smelt Co__100 15 Mar 31 103 Sept 19
5
5
*43
4 512 *5
518
5
514 *5
512 *512 57a
400 Federal Motor Truck_No par
3 Mar 16 114 July 10
4
17
8 .114
138
13
17
4 *114
s
4 2
13
4 *13
13
8 *13
4 2
300 Federal Screw Works_No par
3 Feb 27
4
47
8July 7
24 214
24 214
24 218 *214 3
*24 23
8
24 24 1.100 Federal Water Serv A No par
153 Feb 25
63
4June 12
.17
23
*20
23
*18
*19
23
*19
23
*1912 23
23
Federated Dept Stores_No par
712 Feb 27 30 July IS
22
2214 23
2312 23 233
8 24
2512 273
4 2412 25
243
4 3.900 Fidel Then Fire Ins N Y._2.50 1014 Mar 27 38 July 6
1514 1734 17
2112 193 214 24,800 Firestone Tire & Rubber___ 10
187
8 17
194 194 2114 20
918 Apr 4 3112July 18
4
*62
70
*62
7112 7112 7112 *69
*69
7112 68
68
71
200
Preferred serles A
100 42 Mar 3 75 June 7
4812 49
50
51
51
52
5012 51
53
51
5114 53
2,700 First National Stores_.No par
43 Mar 3 70 4July 7
3
•12
1412 012
1438 •12
1412 *12
1412 *12
1412 .12
1412
Florsheim Shoe class A.No par
712 Feb 7 18 July 5
*106
_
•106 _ .*100 110 *100 110 *10212 110 810212 110
6% preferred
100 80 Apr 19 101 Sept 5
612 7
914 912
*7
8
8
-8
700 Follansbee Bros
912 912 *8
912
No pa
212 Feb 28 19 June 7
,
11
11
*11
1212 *1112 1212 .1213 13
*1112 13
*1112 13
100 Food Machinery Corp_No par
612 Apr 19 16 July I:1
1114 1212 113 15
4
1514 14
1318 1514 14
1412 144 143
4 9,700 Foster-Wheeler
No par
412 Feb 28 23 July 7
9
9
914 104
8 1014 1214 1012 12
813 97
104 1018 3,600 Foundation Co
23's
No par
2 Feb 27 26.4 July 117
3
1712 1712 173 18
4
18
18
18
19
0183 19
4
183 19
4
1,800 Fourth Nat Invest w w
8
133 M kr I
1
12
133 •13
4
1312 15
133
4 13
1513 1412 155
8 144 147
8 9.800 Fox Film class A new_No par 12 Oct 21
19 Sept 14
.43
4712 *43
4712 *43
4712 *43
4712 *43
4712 *43
Filln Simon & Co 100 7% pf 100 12 Jan 24 50 Aug 15
4713
385 41
8
3912 4214 40
4212 423 443k 4412 4514 437 45
4
8
10
14,000 Freeport, Texas Co
16is Feb 28 473
8Sept 20
*1303 14914 *1303 149, 0135 1494 •135 14914 14918 1494 14912 14913
4
4
4
600
6% cony preferred
100 97 Apr 19 150 Sept 13
*1212 20
*1212 20
*1212 20
*123 20
4
*13
20
*13
Fuller (G A) prior foref_No par
20
9 Jan 9 31 Juno 13
*6
11
11
*6
*6
0
6
11
11
*614 11
*64 11
$820 pref
4 Jan 19 23 June 13
No par
213 212 *2
214
2
2
2
8
212 25
214
3
3
1,900 Gabriel Co (The) Cl A No par
1 Feb 27
514 Aug IS
14
14
*1314 1412 *1314 14
14
14
*1314 14
*1314 14
120 Gainewed Co (The)_ No par
8
613 Jan 20 207 Aug 25
614 6,
4
67
8 714
7
74
8
,
818
7 8 75
3
7
73
4
8 3,700 Gen Amer Investors_ No par
24 Feb 24 12 June 20
*66
75
75
*66
*66
*66
75
75
75
*66
65
66
Preferred
200
No par 42 Feb 23 85 July 7
263 28
4
2812 293
4 2812 30
2912 2914 30
293 30 4 29
4
3
6.500 Gen Amer Trans Corp
5 134 Feb 28 43,4July 19
123 134 1318 14
8
4 14
133 143
8
153
4 14
1518 134 144 8.100 General Asphalt
4 8 Mar 3 27 July IS
3
No par
1112 123
8 12
1212 12
123
8
4 123 1313 1318 1312 1318 133
8 6,600 General Baking
5 1112July 21 207 July 10
8
5
6
5 4 612
3
s 74
64 63
8
5 4 65
3
63
4
64 64 8.800 General Bronze
218 Feb 6 1012July 7
5
4
4
43
37
8
4
8 4
34 31 2
44 44
418 418 2,200 General Cable
II t2June 9
No par
114 Mar 31
614 614
77
8 8
8
818 83
8
8
812 812 *818 812 1,700
Class A
No par
2 4 Feb 27 21 June 9
,
.12
22
2012 *1218 1518 *1414 22
*12
*16
22
100
16
7% cum preferred
16
612 Mar 30 4 June 9
100
2852 Mg 2913 293
4 29
297
8 297 30
297
8 29
8
29
29
2,500 General Cigar Inc
No par 2912 Oct 20 484June 23
*1013 110 *109 110 *109 110
4
109 109 *104 108 *104 108
7% preferred
50
100 90 July 28 112 Jan 25
ups Igis 175 1878 173 183
8
8
8 1918 20
4
4 183 203
1812 2014 186.700 General Electric
8
rho par
107 Apr 26 30, July 8
4
12
1218 12
*12
12
1218 117 12
8
12
12
117 12
8
Special
2.700
10 1118 Apr 20 1214July 24
3218 3318 33
34
33
331
343
4
3412 334 3518
4 344 35
17,300 G Tiara' Foods
No par 21 Feb 21 397
8Sept 14
7
8
7
8
1
1
1
78
1
118
4 1
7
2 1
6.100 firen'i Gas & E.lee A
Afo par
53 Apr I
27
alune fl
*1112 13
13
*1114 1212 11
*1112 1313 *11
11
Cony pref series A_No par
200
1312
*11
318 Air 3 161 2.1uue 6
1212 1212 *1213 13
*1218 18
*12
13
*12
15
*12
87 pre( class t
15
40
No par
7 AN 20 1812Juue 20
•1312 18 .1312 18
*131 18
*13
18
8
*13
18
*13
84 prof class 4.
18
No par
5 AN 6 20 June 10
*4218 4518 *4414 4518 4638 4614 04713 48
474 474 *4613 48
300 Gen Ital Edison Elea Corp_ _
2114 Jul 9 4714 0.3 23
64
5914 62
65
6413 65
61
6412 6413 4,100 General Milli
63
61 12 64
No par 3513 "Sir 3 71 June 24
_*1034
*1037
*1035
__ •1033
8
8 ___ 1037 1037 .10312
8
Preferred
8
100
WO 92,2 NI ar 28 10612Sapt 11)
2378 - - 2 257 2578 27
25
828
2712 263 4 244 2/18 2117 -- 1 314,900 General NI Aors Corp
8 2 8s
Ill
10 Feb 27 351483ot 14
*87
883 *87
4
88
88 883
873 89
4 877 88
8
8
87 87
$5 preferred
1,300
No par 6513 Mar 3 95 July 15
*75 104 *712 107
8
8 *712 104 *712 1012 *112 1012
100 Gen Outdoor Adv A
No par
814 814
518 Jkn 9 21 June 13
43
8 41
8
44 438
41
8 44 *414 412
Common
438 44
No par
213'd sr 1
4 4 414 1,100
,
1018 June 12
1012 1012 12
12
*1112 1214 1212 127 *1012 13
*1012 13
8
210 Genera' PrIntIng Ink
No par
314 Jko 4 17 June 10
75
75
07312 7612 7312 7313 .7313 79
$6 preferred
*7312 79 •7312 79
110
No par 31 Mar li 82 Aug 3
3
3
234 312
34 312
312 312
Vo par
312 34 *34 312 1,300 Gen Public Service
2 Apr 6
8,
4Jane 12
27
29
29
3014 3034 2,700 Gen Railway Signal_ __No par
30
29
3014 2913 313
1314 Jul 3 4912July 6
4
4 303 31
15
2
13
8
4
114 13
114
15
8
1
8 14 7,700 Gen Realty & Utilltles
14 13
112 172
1 12
4 Fab 16
4181une 21
1112 1112 11
It
US preferred
8
No par
•1112 143
4 141 143 •1212 1412 1312 1312
8
400
512 Its 19 223
41une 26
822 812
700 General Refractories_ _No par
212 Fob 27 I93
8 1012 1012 *94 10113
84 914
914 914 .1012 107
4July 5
2712 2712 *2712 31
*2712 31
*25
30
*25
95 Fob 17 3938 July 11
24,
2 20
28,
40 Gen Steel Castings pref .Vs par
2
1012 1012 1.1 12 101 1118 1112 1212 1112 12
10
4
11
114 21,400 Gillette Safety Ralor-No Oar
914 Air 20 204 J ku 11
*51 12 55
*5112 5-1
No par 473 Apr 19 75 Jim 9
*534 55
Cony preferred
100
53 53
*534 55 *53
55
4
378 4
8
37
418 414
8 37
No par
37
414 418
8 4
414 414 2,900 Gimble Brothers
3 Feb 9
4
73
8June 27
•12
1312 1312 1412 1312 14
Preferred
900
1512 1513
100
15
514 Mar 1 33 July 7
15 8 •155 19
8
1
1312 l47
1512 16
11,300 Glidden Co (The)
No pa
4
s 1414 154 1414 1518 1514 1612 1514 16
33 Mar 2 20 July IS
*8012 84
84
85
84
84
Prior preferred
84
85
88
100 48 Apr 2^ 9112 Aug 1
84
100
84
•84
No pa
612 7
8 714 12,600 Gobel (Adolf)
64 75
73
8
64 7
7
3 Feb 16 10 July 13
64
67
8
0
16
165
8 1714 1778
11,500 Gold Dust Corp v t c_ No pa
1814 173 18
177
8 173 183
17
8 18
4
4
12 Feb 27 273
8July IS
*97 103 •97 103
*97 103
*97 103
$11 &Inv preferred
100 100
100
No pa
3197 103
97 Oct 17 105 July 21
87 1012 103 1138 103 123
8
3 Mar 2 2112July 18
8
8
8 1218 1338 1214 137 48,600 Goodrich Co (B F)._ No pa
4
4 123 137
8
2612 28
2714 30
357
8 34
3578 03514 365
Preferred
293 317
8 2.800
100
4
9 F.t. 24 63 July 13
8 32
2418 267
8 2614 28
2978 3218 58,500 Goodyear Tire & Rubb_No pa
264 30 4 304 324 304 32
3
938 Feb 27 4712July 17
.35
55 .45
62
*5512 60
600
*5513 60
55 5514 57
1st preferred
Vs pa
273 Mar 2 8014July 6
59
4
7
7
712
8
714 8
No pa
818 9
613 Oct 20 1712.1une 12
,
818 8'2 4,400 Gotham Silk Hose
8
8 8 87
•____ 70 •____ 70 *___. 69 •____ 67 *___- 66 *_-__ 66
Preferred
100 41 Apr 3 73 July 3
218 24
214 23
8
238 212
212 218
8
212 25
213 24 7.400 Graham-Palge Motors
1
54July 12
1 AV 3
74 714
74 83
2
8
72
84 9.4 19.600 Granby Cons NI Sin & Pr__100
4 9's
912
0, 1038
2
9
37 Mar 2 1518June 13
438 412
4
4
412 412
418 412 2,500 Grand Union Co tr etts No par
318 Mar 2 103
412 44
412 5
8June 26
22
22 22
.21
22 22
022
8
2314
234 217 217 .22
8
Cony pref series
500
No par
20 Sept 30 363
8July 3
*225 2312 *223 2312 •224 23
8
8 2312 2312
8
8
*225 2312 225 223
300 Granite City Steel
8
114 Mar 21 304July II
No par
254 2514 2518 257
8 2614 264 2612 263
2614 2614
26
900 Grant(W TI,._.
4 26
No pa
, 1514 Feb 24 363
8July 7
9
8
10
8
9.600 Gt Nor Iron Ore Prop_No par
8
83
1
912 1012
83 10
4
4
10, 103
4
518 Fab 27 163
4JulY II
2812 323
373 58,300 Great Western Sugar __No par
4
4 314 3412 33
4 3618 3712 36
373
36
36
67 Jun 19 417
8
8Sept 22
1073 108
4
1074 1073 1073 10.338 10714 1073 10712 10712
*1073 108
4
410
4
4
Preferred
4
100 7212 Jan 3 110 Sept 6
4 14
1 2 04
,
178 2
13
134
4 2
's Mar 3
13
13
4 13
17
8
4 8,800 Grigsby-Grunow
No par
4 18 July 13
*ais -iii
• Old and asked prices, no sales on this day. a Optional sale. z Ex-MO:lend
y Ex-rights.
PER SHARE
Range for Precious
Year 1032.
Lowest.
IIig hest.
$ per share $ per arm
1 June
2 8 Dec
3
64 June
1514 Jan
64 July 122
Jan
7 May 164 Oct
12 Apr 1918 Sept
2012 May 2634 Dee
74 Jan
127 Dec
8
1114 June 1812 Sept
5 June 185 Sept
8
5 July 23 Feb
15 Dec
8
1212 Feb
23 May 67 Feb
4 Dec
34 Sept
512 June 15 Sept
87 May 1015 Nov
8
1 June
612 Sept
3514 July 873 Jan
4
99
Jan 125
Oct
3 June
1 Sept
14
22 July 594 Feb
804 June 1.051s Aug
18 June
2.8 Sept
24 Ntty
1212 Jan
812 June 324 Mar
61 June 10014 Fe),
12 June
212 Jan
%June
4 Jan
234 July
16 Sept
103 July 64 Jan
4
87 July
8
5512 Jan
12 8 June 3314 Mar
,
18 Jan
3 Aug
4
18 Jan
1 Sept
16 July
3714 Sept
98 May 115 Nov
4 June 25 Feb
16 July
51
Feb
18 July 57 Mar
25 June 613 Mar
4
1012 Dec
19
Jan
2 June
714 Mar
12 May
213 Sept
93 Jan
4
113 Jan
4
1 Sept
13 Sept
4
1 June
4 Aug
24 Dec
64 Aug
10 Dec 473 Mar
4
'2.11/.
17 Sent
2
112 July
77 Jan
8
814 Dec 22 Jan
30 June .14 Mar
13 June 35 Sept
113 May
34 Feb
'3M ty
24 Aug
214 Dec
103 Mar
8
612 June 153 Sept
4
6 May 274 Jail
101 2June 184 Aug
45 July 68 Aug
35 July 5412 Dec
414 Al,?
10 Fell
63 July 99 Nov
2 Juno
814 Sept
33 May
4
1014 Feb
3 May
157 Sept
8
10 J u ly
114 j e
un
,
11- Oct
10 May
_ .
1
181\iffiy
3 June
11 JUlle
512 Dec
12 June
26 June
0,2 June
43 June
4
101 2 June
12 June
14 May
112 May
34 Juno
20 June
75 June
812 May
105 July
8
194 May
Is July
3 June
5.4 July
514 July
14.8 Apr
24 M ky
76 July
74 June
5614 July
4 June
24 Nov
212 July
2712 June
I May
618 July
14 \S 's'
5 June
1 14 June
8 M kr
104 Jan
45 June
4 June
03 Dec
2
3 2 June
35 Apr
24 May
8.4 May
70 July
24 May
7 My
Si May
1934 June
714 Jan
6014 Jan
I May
24 June
314 June
22 June
63
4June
1412 May
5 June
338 Apr
48 June
12 Apr
223 Sept
7 14
8
74 2
- 1- -iiit;
.32858 Nov
32 Feb
312 Sept
17 Jan
512 Sept
71 Sept
353 Mar
4
1513 Jan
8
193 Mar
• 5 Aug
5 Sept
114 Sept
253 Sept
4
3838 Mar
106 Dee
2618 Jan
117 Sept
8
4012 Mar
23 Feb
4
244 Jan
30 Aug
40
Feb
25 Mar
4413 Sept
9313 Dec
244 Jan
8714 Mar
9
Feb
4
Jan
14
Jan
60
E'en
715 Aug
284 Jan
214 Sept
1634 Sept
15% Sept
27 Aug
2414 mar
7212 Aug
314 Aug
31
Jan
1018 Sept
70 Sept
8 Aug
204 Sept
10113 Dec
1218 Sept
33 4 Sept
,
29 4 Aug
3
6912 Aug
304 Sept
7012 Oct
44 Jan
115 Sept
8
938 Mar
354 Mar
17 Sept
3014 Mar
1314 Jan
12 Aug
83 Aug
258 Sept
New York Stock Record-Continued-Page 5
3109
Ur FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Oct. 21.
Monday
Oct. 23.
S per share $. per share
114
114 .118
112
*19
20
*18
20
*2912 35
32
32
*2212 2412 *2212 2412
"27
2814 2712 2712
4
412 45
44
8
1814 193
1812 19
4
312 31 2 *312 414
*418 578 *418 5
25
*15
*15
25
*79
80
78
79
13
13.13
137
8
Tuesday
Oct. 24.
Brednesday
Oct. 25.
Thursday
Oct. 26.
Friday
Oct. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
S per share Shares. Indus. & MIscell. (Con.) Par $ per share
*112 17
200 Guantanamo Sugar____No par
8
14 Jan 23
*19
20
200 Gulf States Steel
No par
634 Feb 27
40
Preferred
40
40
100 1614 Jan 16
8
*2112 233
100 Hackensack Water
25
15 Mar 18
20
•271s 2814
7% preferred class A
25 25 Apr 8
45
.8 43
4 8,400 Hahn Dept Stores
No par
Ds Feb 28
*2018 21
900
Preferred
100
9 Apr 1
100 Hall Printing
412
*4
10
31R Feb 27
Hamilton Watch Co___No par
"418 57
8
212 Apr 5
"15
25
Preferred
100 15 Feb 11
*77
190 Hanna(M A) Co 27 pi_ No par
78
4512 Jan 4
1,500 Harblson-Walk Refrac_No par
14
14
618 Feb 25
____ ____ ______ Hartman Corp class 13_No par
18 Apr 3
Class A
No par
14 Mar 18
*212 3
*248 312 •23
8 318 "212 23
8 318 .253 314 •25
4
Hat Corp of America cl A_ _1
7 Mar 16
8
*10
20
*10
20
*10
634 % preferred
*10
20
20
*10
20
20
*10
100
518 Apr 5
118
118
118
114
114 1.900 Hayes Body Corp
118
114
114
114
118
114
114
No par
34 Feb 27
*99 101
*99 10034 599 1015 101 101 .10014 102'2 *100 10212
100 Helms(0 W)
4
25 6912 Jan 16
.5
*5
12
12
11 I *5
*5
11
•5
Hercules Motors
12
11
*5
No par
3 Mar 20
4312 4512 45
4714 475
8 48
48
4,300 Hercules Powder
50
45 4 4712 4834 51
3
No par 11 Feb 27
108 108 *105 107
4
1043 105
150
57 cum pre•erred
105 107
10414 105 *10414 110
100 85 Apr 5
*4412 48
46
.4612 48
*44
48
46
45
7443 45 .46
300 Hershey Chocolate____No par 3518 Mar 29
4
*85
Cony preferred
883
85 4 85
85
,
86
1.000
*84
86
86
8414 8414 86
No par 6484 Aor 5
4
4
438 43
4 5
8
45
3
8 43
43
1,200 Holland Furnace
8
4818 4138
412 43
No par
312 Jan 4
512 55
8
55
8 538
8 1,100 Hollander & Sons(A)No par
512 63
618
6
612 612 *6
6
214 Mar 2
300 306
3177 340
8
6,300 Homestake Mining
355 37112 360 370
346 366
342 360
100 145 Jan 16
*712 8781 .712 87
87
8 •8
87
8 *8
Houdaille-Hershey CIA No par
87
8
8 "712 87
418 Apr 7
8 *8
212 212
23
8 23
4
Class B
3
3.000
3
23
3
4 27
3
8
3
3
No par
1 Mar 2
*44
4512 544
4614 *4514 46
100 Household Finance part pf _50 4312 Oct 13
4512 4512 4512 *45
4614 545
183 2012 2012 22
4
10,800 Houston Oil of Tex tern ctts100
24
4
243
4 223 2334 23
20
223
4 22
814 Mar 13
4
4
413
434 434 4,200
37g 414
5
412
418
453 518
Voting trust ctfs new__ __25
17 Feb 28
8
22
23
2414 28
29
3018 13.100 Howe Sound • to
2512 293
8 29
3058 2812 29
25
512 Jan 3
8 8 912
5
912 1014
83 1018
4
8 1018 1014 10
97 113
8
1012 15,800 Hudson Motor Car____No par
3 Feb 28
312 33
4
354 4
33
4 4
8 414
6,400 Hupp Motor Car Corn
38 4
7
37
43
8
4
10
138 Mar
14 Mar 16
P
.25
8 3
.23
8 3
23
8 23
8 .23
8 3
300 Indian Refining
8 *25
8 3
23
8 25
Rayon10
118 Apr 11
62 8 6712 66
5
683
4 677 707
703 727s 703 721 20.300 Industrial
4
4
8
8 7018 73
No par 24 Apr 4
49
5012 50
5212 5034 5212 52
527 53
543
4,500 Ingersoll Rand
8
8 5212 54
No par 1914 Feb 27
26
2612 *27
28
28
32
1,500 Inland Steel
297
2712 29
30
30
8 30
No par 12 Feb 27
4
514 53
414
4
418 47
8
518 512 9.300 Inspiration Cons Copper___20
414 5
5
/ 6
1
4
2 Feb 25
*212 23
4 *212 24 *212 23
4
4 *258 23
23
4 23
100 Insuranshares Ctfs 1no_No par
4
4 *212 23
114 Mar 29
2
2
2
2
.17
8 2
*17
8 2
8 2
2
517
2
500 Insuranshares Corp of Del__ _1
lh Apr 5
•
14 2
*13
4 2
218 214 *214
212 *218 212 *214 212
500 Intercont'l Rubber__ No par
38 Mar 21
412 482
512 512
514 514 1,200 Interlake Iron
5
4
53
4 *512 53
53
4
5
34
No par
218 Mar 1
15
8
178
172 2
2
2
214 2.900 Internet Agricul
214 214
214 211 •2
No par
7 Feb 17
8
*8
16
*7
12
Prior preferred
*8
100
13
123 123 *10
16
4
.1214 15
4
100
0 Jan 3
125 4 129
3
131 131
12912 130
4 1,700 Int Business NIachines_No par 753 Feb 28
137 1373
13738 13812 138 138
4
412 5
5
5
1,600 Internal Carriers Ltd
0514 512
5
514 514
47
512
8 5188
I
27 Jan 16
8
2418 2512 2412 2882 26
30
2912 30
2812 29
2 4.000 International Cement_No par
273 29,
4
els Mar 2
8
8 343 3638 3414 363
313 317
4
4
8 363 3837
s 3612 3814 363 3814 53,500 Internet Harvester_ __No par
4
8
135 Feb 28
•11612 117 .11612 117 .11612 117
117 117 *117 1173
Preferred
300
4
117 117
100 80 Jan 5
514 5 4
3
514 6
5,000 Int Hydro-El Sys Cl A_ _No par
.53
8 53
8
57
8 6
5 4 63
3
57
8 6
8
212 Apr 4
•3
4
*314 4
100 Int Mercantile Marine_No par
4
*314 312
4
.314 4
4
*3
114 Jan 4
1614 17
173 183
8
8 1818 193
4 1938 2018 1918 191
8
4
8 183 193 164,900 Int Nickel of Canada__No par
634 Feb 27
.103 108 *106 108
107 107
800
Preferred
107 107
106 106 *105 107
100 72 Jan II
*618 17
*814 17
*884 17
Internal Paper 7% pref. _100
*814 17 .10
*814 17
17
212 Jan 4
*3
33
8 53
312 312
334 4,2
312
8 *4
4383 43
458 1,700 Inter Pap & Pow Cl A._No par
4 Apr 21
112 13
4
lh
Class B
1,600
lh
14 112 *218 21 1
8 *218 214
214 23
No par
4 Apr 1
114
114
118
114 .13
4 218
15
8 13
Class C
lh
4 *15
4
8
17
13
8 1,200
No par
14 Jan
3 1012
714 7
/
1
4
714 814
8
6,800
10
10
Preferred
11
9
912 10
100
2 Apr
5982 1012 1012 1012 51112 1238 1114 1114 *103 123 *103 1258
500 Int Printing Ink Corp_No par
4
4
8
312 Feb 2
*67
70,2 •66
70,2 *66
•66
Preferred
7012
7058
7012 .66
7012 81866
100 35 Apr 1
22
22
22
2312 2214 227
227 227
2,400 International Salt
8
2278 23
23
8 23
No par
133 Mar 2
4
38
3812 38
39
.4012 41
1,300 International Shoe.__ No par 243 Jan
41
3912 3912 40
4012 41
8
25
27
25
30
293 33
8
3,900 International Sliver
34
34
34
*33
3312 36
9s Feb 2
100
40
40
42
45
45
240
45
7% Preferred
5212 5112 52
50
50
52
100 2412 Mar 2
912 i0'2 1084 1114 al014
1313 135,900 Inter Telep & Telect..-No pa
12
13
1112 1114 123
4 12
518 Feb 28
*358 312
3
3
414 414
1,000 Interstate Dept Stores_No par
318 318
378 418
4
4
112 Mar 2
177 18
8
18
100
1814 18
.
Preferred
211 2112 2112 2112
20
23
*21
100 12 Apr 7
*584 658 *514 614 *584 614
8 8'4
300 Intertype Corp
; 814 *55
614 555
6
No par
178 Jan 24
2112 2112 22
22
251i
22
*24
24
24
2312 24
24
700 Island Creek Coal
1
11 Feb 27
273 273
4
4 26
26
2618 2618 26
4 1,000 Jewel Tea Inc
2712 283
27
27
27
No par 23 Feb 27
4214 4814 45
483
4 4514 4934 4812 507
8 4714 5012 60.400 Johns-Manville
4
473 493
No par 1214 Mar 2
1376 100
99 100
*93 102
Preferred
100 100
180
100 100
100 100
100 42 Apr 5
*52
70
60
60
58
54
54
55
58
59
56
330 Jones St Laugh Steel pref,100 35 Feb 1
56
*5
553
7
*518 7
7
300 Kaufmann Dept Stored 112.50
,
718 •518 61
4 64
*518 6
25 Mar 15
8
1218 123
13
1312 13
13
4
4
133 *123 133 *1212 1312 4.100 Kayser (J) & Co
13
25
Cs Feb 27
2
214
218 212
2 8 238
3
23
8 3
23
4 23
23
4 33
4
8 5,300 Kelly-Springneld Tire
5
7 Mar 2
8
*812 14
*9
14 .12
14
14
13
.11
8
*1212 1612
13
100
6% pref
No par
6 Feb 28
'2
3 ,2 43
8 5312 418 •212 4,
8 *212 41
Kelsey HayeaWheel conv.cl.A 1
•212 418 *212 418
2 Feb 27
.218 318 *218 318 *218 318
2
*113 318
21
600
2
2
Class 13
1
2 Mar 27
10
)114 1014 1114 1012 11
11
17,400 Keivinator Corp
1112 11
8
1112 107 11
No par
318 Feb 28
5558 57
5518 5558 *57
Kendall Co pt pf ger A_No par 30 Jan 10
6012 .60
*57
58
60
6012 58
50
16
175
8 1732 193
8 1818 2
2114 126,100 Kennecott Copper
058 204 213
21,
8 20
4 20
No par
74 Feb 28
/
1
•133 14
4
• 14
14
*14
15
300 Kimberley-Clark
15
*14
15
15
15
15
No par
578 Apr 6
3
3
3
3
3
3
5278 3
*278 3
*27
8 3
300 Kinney Co
No par
1 Apr 3
"818 15
*818 15
*818 15
*12
*818 11
147 *13
15
8
Preferred
No par
43 Feb 14
8
1014 1118 1054 1114 1012 111a
1118 113
8 1114 11 12 12,600 Kresge (56) Co
4 1118 115
10
518 Mar 2
•10012 106 .10012 106 *10112 106 *10112 106 *10112 106 *10112 106
7% preferred
100 88 Apr 4
*27
341 52812 3212 2912 2912 .28
303
4 2912 29 2 *2612 2914
200 Kress (S II) & Co
,
No par 27 Jan 17
194 2014 197 2012 1912 20
8
20
8
8 2014 2173 11.800 Kroger Groo & Bak__ _No par
2058 203 207
1412 Feb 2"
24
2514 2612 2712 2638 2714 2714 273
4 263 2714 2714 277
4
8 5,300 Lambert Co (The)
No par 2218 Mar 2
5412 5
412 412 *412 5
.43
8 5
412 5
412 5
130 Lane Bryant
No par
3 Feb 8
6'4
12 3,700 Lee Rubber & Tire
33 Mar 2
814 634
613 7
67
8 73
73
534
8 712
712 7
4
5
9
12
9
12
13
13 .12
*11
14
1412 *11
1412
600 Lehigh Portland Cement.....5O
57 Jan 5
*7612 90
75h 76, *7512 77
7512 7512 47512 77
*7512 77
150
7% preferred
100 34 Feb 9
284 2
/
1
4
8
212 27
23
4 3
3
3
3
3
314 2,600 Lehlgh Valley Coal.....No par
"3
1 Jan 13
41 2 458
658 618 • s 84
57
714 714
714 714 *53
400
Preferred
s 7
212 Apr 10
50
s
6014 60 4 607 611
6212 633
3
4 65 6518 65
6518 65
653
8 2.400 Lehman Corp (The)__ _No par 3712 Feb 28
154 153
4 1512 1614 164 1614
1614 16
4 16
1612 163
163
4 3.600 Lehn & Fink Prod Co
5 14 Feb 27
253 2712 2718 281
8
2712 281
4
283 2912 2812 293
8 2812 293 33,600 Libby Owens Ford Glans No par
8
434 Mar I
8612 801
86
86
86
861 *87
875 881 "86
8
89
88
800 Liggett dr Myers Tobsoco_25 49 Feb 16
90
8612 8912 88
87
901
883 9014 8812 893
4
4 8712 8914 11.000
Series 13
25 49h Feb 16
133 133 .1314 134
•13114 133
132 133
133 133 *132 134
600
Preferred
100 121 Mar 22
1412 14,2 . / 15'
144
1
4
/
1
1458 144 143 1514 1414 141 .1412 167
800 Lily Tulip cup Corp_No par 13 Apr 6
8
2318 2414 24
265
24
25
25
20
26
*25
2618 *25
800 Lima Locomot Works__No par 10 Jan 17
115 113
12's 121
4
*11h 12
*1214 131 .1212 13'2
1214 13
700 Link Belt Co
No par
054 Apr 17
23
2558 223 25's 2412 263
8
207 24
8
8 24
247
8 234 257 15,600 Liquid Carbonic
8
No par
1014 Feb 25
8
2834 283 291
24
8 2778 2878 2712 287 22.100 Loew's Incorporated
8
277
8 257 277
s 26
8
No par
813 Mar 22
•6612 75 .6612 74's 68 68
72
*7014 72 .70
70
70
200
Preferred
No par 35 Apr 4
21
218
284
2
288 214
218
2
218 24
214 214 2,000 Loft Incorporated
No pa
184 Feb 24
112
8
112
134 2
112 112 *112 15
•15
8 2
"15
s 2
500 Long Bell Lumber A.
4 Feb 28
-No par
3712 3712 36
35
*37
31314 37
38
35
38
363 363
4
4 1,500 Locee-Wileg Biscuit
25 1914 Feb 27
118 118 *118 120
•116 118 *116 118 *116 118 *116 118
30
7% 1st preferred
100 11312May 9
184 18
8
183 194 185 191
4
174 184 18
1818 19
1854
21,200 Lorillard (P) Co
No par
10 8 Feb 16
3
•10312 10412 104 104 .1034 10518 *102 105'8 •102 105, *104 10558
100
7% preferred
100 8712 Feb 23
114
13
8
112 .112 lh .
lh
13
4
lh
158
13
4
13
s 214
500 Louisiana Oil
No par
62 Jan 5
13
56h
*614 13
13
*712 13
*712 13
*5
.712 13 .
Preferred
100
312 Feb 24
1534 16
•1512 16
1514 1512 1512 1512 153
4 1514 16
*15
1,500 Lou1sville Goo & El A_No par 137 Apr 8
8
10
115
103 1112 11
8 11
8
12
3,200 Ludlum Steel
8 8 83
,
0
4
93
4
934
1
4 Feb 28
65 .40
*40
*40
65
*40
.30
65
65
65
54
534
Cony preferred
No par 143 Mar 28
8
25
2412 25
244 .23
/
1
233 .23
25
4
23
25
*25
900 ManAndrews & Forbes
2612
94 Feb 16
10
26
8 24
26
28
2614 27
2218 2412 24,2 257
2614 2612 8,200 Mack Trucks Inc
No par 1312 Feb 27
4912 51
4
4714 50
47h 504 a4631 514 493 51
463 473
3
8 6.700 Macy (R H) Co IneNo par 244 Feb 25
.212 3
5212 23
.21
. 3
4 .212 23
5212 3
212 24
300 Madison Sq Gard •t c_No par
1112 Mar 30
14
16 .15
1612 1612 16
8 14
4
1612 1,000 Magma Copper
1214 1214 125- 127
558 Mar 2
No par
2
2
17
8
,
214 2 4
17
8 •13
2'8
lh
4 258
17
8 2
700 Ntallinson (H R) & Co_No par
7 Feb 15
2
.612 45
9
,2
912
914 914 *8
8
*614
8
10
10
60
7% preferred
100
3 Feb 10
4
252 23
24 23
4
314
114 *114 23
400 Manati sugar
4 *2
l'1
,
•114
1781
100
4 Jan 4
5312 4
4
5312 4
4
*2
318 312 5384 4
614
11(1
Preferred
100
5 Jan 6
8
•35
8 41
414 *334 414
414 484
414 412 *4
5
*33
30 Mandel Bros
112 Jan 3
No par
1112 12
1212 1212 1212 1212 1,000 Manhattan start
1112 1118 1118
11
11
25
11
64 Apr 1
214
21
*2
2
214 21 1
2
*154 214 'Ito
2
2
300 Maracaibo 011 Explor_No par
12 Jan 18
0I2 63o
6 2 63
,
612 678
4
4
612 63
63
4 7
612 63 6.800 Marine Midland Coro
8
10
514 Mar 31
•1114 and asked prices. no sales on this day. a Optional sale. c Cash sale. a Sold 15 days. z En-divIdend. g Ex-rights.
$ Per share
*114
158
*18
21
35
35
2312 2312
*2712 2814
414 45
8
1812 20
*37
8 57
8
*418 57
8
*15
25
78
78
14
15
$ Per share
17
*114
20
20
40
*35
233
8
*20
*2712 2814
478 518
2012 21
*4
53
4
*418 57
8
25
*15
78
77
1414 1412
3 per share
112 112
*20
21
.35
40
•22
235
8
*2712 2814
412 44
*2018 21
4
•4
43
*418 57
8
*15
25
77
77
*14
15
_
PER SHARE
Range for Prerioss
Year 1932.
Highest.
Lowest.
Highest.
$ per share $ per share 3 per share
412May 18
18 Mar
1 Sept
38 July 13
212 June 2118 Sept
64 June 12
12 July
40 Oct
2512July 17
15 May
23 Jan
287 Jan 12
8
19 May
28 Apr
912July 6
5 July
484 Aug
8
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
4June 6
13
IR Dec
2 Sept
214June 6
3 June
8
4 Mar
12 Dec
712June 21
3 Aug
30 June 21
5 Aug 20 Sept
312 July 17
14 June
312 Sept
10212Sept 1
50 June 813 Sept
8
17 July 6
4h June
812 Jan
63 July 1
8
137 Aug 2912 Sept
110 July 19
7012 June 95
Jan
72 July 18
4312 July 83 Mar
00 July 18
57 June 83 Mar
1012June 20
314 Dec 1212 Aug
1012June 7
23 Dec 103 Mar
4
8
373 Oct 5 110 Feb 163 Dec
712 Nov
15 June 8
6 Dec
44 Sept
63
4June 9
1 May
5114 Jan 12
4214 June 5718 Jan
38 July 17
8* May2814 Sept
738July 7
118 May
53 Sept
8
47 Dec 1612 Jan
8
33 Oct 5
8July 17
27 May
8
163
11$4 Jan
4July 13
1May
12
558 Jan
73
238June •6
4 June
218 Sept
412June 21
23 Nov
4
Apr
1
718 June 40 Sept
8'2.12July 17
1434 Apr 447 Sept
8
78 July 18
sJuly 7
10 June 2778 Sept
457
34 May
73 Sept
4
912June 2
1 June
37 Jan
8
sJune 8
37
44 Jan 10
314 July
818 Sept
318 Aug
14 Apr
412July 18
13 July
714 Sept
8
12 July 13
312 Aug
14 Apr
538July Is
15 Aug
33 Apr
4
2712July 19
5212 July 117 Mar
15314July 18
107 July 7
8
114 May
582 Jan
8
33 June 185 Jan
40 July 17
46 July 17
103 July 34118 Aug
8
Jan
4June 108
11918 Aug 15
683
137 July 19
8
25 June
8
1158 Mar
414 Aug
7 June
8
6783.1une 20
312 May 1212 Sept
223 Sept 19
8
1097 Sept 12
8
50 June 86 Mar
l58June 12 Sent
213
4July II
ijJlifle
43 Aug
8
10 July 10
2 Aug
4 May
534July 10
4 Apr
112 Sept
4 July 11
3
2212 July ii
lh Dec12 8 Sept
4
83 Mar
3 Dec
14 Oct 10
4
71 Aug 23 z243 Jan 45 Nov
2784 July 5
94 June 2312 Feb
3
8July 17
2014 July 443 Jan
8
563
712 July 26 Sept
5912July 17
8July 17
26 May 65 Feb
717
23
8May 153 Sent
215 July 14
4
87
8July 7
1, May 11
2
-Tan
403
8July 12
18 June 5212 Jan
7 Apr
212 Dee
1114July 7
1014 Apr 2012 Aug
32 July 15
1518 May 35 Feb
45 July 7
8
10 May 333 Sept
3
60 8July 17
45 July 9934 Jan
10614July 11
Jan
30 July 84
91 July 18
8June 9
3 May
914 Mgr
93
143 Sept
8
1912July 5
43 July
4
618July 13
--- ------ ---3118June 2
--- ------ -8 May 12
--_ ------ -4June 26 .
--63
--- -- -103
8Sept 14
2 May - 8 Feb
8
153
17 July 38 Feb
73 July 8
sJune 1914 Sept
47
26 Sept 19
612 Dec 1912 Jan
8July 7
253
12 Apr
5 Sept
614June 7
3 June 19 Aug
30 July 7
167
sJuly 8
6583 July 19 Jan
88 May 110 Mar
105 June 14
Jan
18 June 37
4414 July 13
8
10 May 187 Mar
8July 11
353
4
4118July 17
25 May 563 Jan
2 May
PE Aug
1012June 28
818 Sept
11 Apr
/
4
1258 July 19
8
35 Apr 11 Aug
27 June 20
Jan
40 Dec 75
78 Sept 5
63
8July 14
1 May
454 Aug
1h July 11 12 Aug
12 June 19
7958July 7
3012 June 514 Seta
6 May 2414 Mar
2314June 6
3738July IR
33 May
4
958 Sept
98 Sept 18
3214 June 15512 Oct
3418 May 6714 Sept
8Sept 15
993
Oct
14018Sept 18 100 May 132
14 June 21 Mar
2112May 16
3134July 3
812 Apr 193 Aug
8
612 June 14 Mar
193 July 5
9 May 22 Mar
50 July 18
4
1314 May 373 Sept
3612Sept 18
30 July 80 Sept
78's July19
5 Bent
14 June
414June 8
14 may
27 Aug
8
512June 19
8
4212 July 12
1618 July 363 Feb
Oct
120 Jan 14
96 July 118
183 Sept
8
2514July 6
9 May
73h Jan 10818 Sept
10518 July 8
12 Jan
214 July
4 July 12
Jan
3 Dec 18
29 July 21
81* June 233 Mar
8
2.53
4June 13
2018July 11
112 Jan
114 Sept
60 July 18
612 Jan 26 Sent
912 Aug 1514 Feb
2918 Sept 23
463
8July 7
283 Sept
4
10 Jun
65', July7
17 June 6013 Jan
7 June 26
412 Sept
218 Jan
4
412 Apr 133 Sept
19h July 19
12 Jan
4 Sept
514June 29
4 Aug1018 Sept
263
4July 8
4 Star
214 Sept
53
4July 10
3h S^pt
97
8July 19
14 Apr
45 Sept
Dec
972June 10
1
31,June
23 July 18
9 Aug
112 Aug
4 June 12
h June
612 June 14311 Aug
1112 Jan 9
New York Stock Record-Continued-Page 6
3110
Oct. 28 1933
t-ST 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. 21.
Monday
Oct. 23.
Tuesday
Oct. 24.
Wednesday
Oct. 25.
Thursday I
Oct. 26.
Friday
Oct. 27.
Safes
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since AUL 1
On Dais of 100-share tots.
Lowest.
Highest.
per share $ per share $ per share $ per share $ per share
Per share Shares. Indus. & Mlacell.(Con.) Par 8 per share
12
13
1314 133* 143
12
1414 .1354 14% 1,000 Marlin-Rockwell
No par
6 Feb 27
4 14% 1438 14
Marmon Motor Car---No par
4Mcy 5
127 "g" "15" 1"iF
45; "ii" 144 "ii 14 "ii 14 -1:666 Marshall Field & Co..--No par 414 Jan 30
33 3414 35 37
3512 3734 3712 38% 373 38% 3814 39% 10,300 Mathirson Alkali Workallo par 14 Feb 27
4
8 2414 2514 2414 247
25% 257
5,200 May Department Stores_ __25
2 2612 27
934 Feb 24
3 25 27% 264 273
3% 3%
4
4
418 4,
4
8
4% 1,200 Maytag Co
4% 4%
No par
414 4%
118 Apr 10
*914 1012 •____ 11
1218 1,400
11
*4
10
Preferred
10
*978 1013 10
No par
318 Apr 4
51
51
50 50 •454 50 *50
410
50
Prior preferred
50
55
527
No par 15 Apr 5
8 50
24 24
24
2512 2413 25 4 *254 28 *24
28 •
600 McCall Corp
28
25
,
No par 13 Mar 3
118 118
1
118 2,800 McCrory Stores class A No par
14 *1
1
118
118 118
1
Ils
38 Apr 16
*114 112 *114 113 *14 1 12 *114 113 *13
8 112 *1% 112
Class B
No pox
114 Jan 13
*4
3% 3%
4
54
3
4
Cony preferred
900
514 514
54
100
5 4 5% *5
,
218 Mar 17
414 414 *438 5
44 44
4% 413 *4% 5
400 MoGraw-Hill Pub Co_No par
3 Apr 4
4
4 4 43
3
3212 35 4 37 414 4012 4634 4414 48% 4478 4714 4418 4714 221,100 MoIntyre Porcupine Minee_.5 18 Mar 16
3
6714 6912 6912 71
3,600 McKeesport Tin Plate_No par 4418 Jan 4
723 74
7312 77
4
75
7618 7618 78
57
8 614 13,300 McKesson & Robbins
514
538 6
51
8 6
5l8 5 4
6
3
6%
1114 Mar 2
5
1218 1212 1212 1318 1212 1212 14
Cony pref series A
15
15
133 1412 2,000
15
4
Mar
50
1
•1
1
118
118 118
1
1
3
1
118 2,700 McLellan Stores
y 2(1
No par
14 114
334
3618 7
,
6
8% cony prof ser A
250
6
814 814
814
7
8
712
814 *8
218 Jan 16
100
25 25
26
2514 2514 243 243
1,000 Melville Shoe
4
4 2534 2614 264 2612 26
84 Feb 27
No par
612 714
9
9
3,900 Mengel Co (The)
718 7%
814 9
1
2 Mar 1
8% 9
6% 714
*30
39 *30
32
32 *30
7% preferred
70
30 30
3014 3012 31
36
100 22 Jan 28
*1212 15
14
14
15
1514 1578 *1312 1678 1614 1612 1,000 Mesta Machine Co
15
7 Feb 24
5
22 *19
*18
22 •1912 22 *1912 20 *1914 20
22 •19
Metro-Goldwyn Piot pref--27 1318 Mar 1
4
44 534
4 14
4% 518 3,500 Miami Copper
44 413
5
514 5 4
3 4 3%
3
138 Mar 3
3
1218 12,600 Mid-Continent Petrol-No par
9 4 1012 10% 1112 10% 11% 1112 1234 1214 1212 12
3
334 Mar 2
10
11
11
103 103
1118 1118 1012 11% 1178 12% 11
3 Mar 2
4
4 2,500 Midland Steel Prod--_No par
*57 60 *55 65
5813 5812 1
100 8% sum 1st pre(
'6012 63 .57% 63 *56
63
100 26 Mar 3
25 25
*2375 26 •
23% 26
25 25
*2313 26
*2313 25
200 Minn-Honeywell Hesul-No war 13 Apr 4
2% 2 4
212 234
234 24
278 24
213 2 4
Feb 3
23
4 2% 4,400 Minn Moline Pow Impl No par
3
3
15
15
*8
15 *10
15 *10
Preferred
100
No par
6 Feb 7
*73 18 *11
4
3,1312 14
13
1111 1112 1134 13 *124 14
13
13
800 Mohawk Carpet Mills_No par
13
7 Jan 13
6112 6212 63 4 6412 6512 6512 64 65
3
*5514 6212 6014 61
2,200 Monsanto Chem Wks_No par 25 Mar 3
1514 17
17
1812 16% 1812 1818 2014 1815 1913 1814 19% 140,900 Mont Ward de Co Ino_ _No par
85 Feb 25
8
38 41
4034 41
40
40
*34
*
39% 40
600 Morrel (J) de Co
39%
No par 25 Jan 6
7
8 1
1
78 1
1
1
1
6,400 Mother Lode Coalition_No par
3
4
• %
7
8
3
4
34 yk°
7
354 4
3% 418
334 374
33
4 3% 6,800 Moto Meter Gauge&Eq No par
414
38 418
3
/ Jan 5
1
4
2014 2378 2014 234 2234 2412 24
253
4 23% 244 2312 2414 4,700 Motor Products Corp--No par
734 Mar
73
77
634 7
11
7
714
612 6%
1% Mar
3,300 Motor Wheel
No par
3
72 7 4 •7% 73
34
4
4% 4% *412 5
4
4
4
5
5
1h Mar 21
514 514
No par
800 Mullins Mfg Co
*
*104 17% •1018 15 *1018 1712 1018 1012 101 1118 13
13
Cony preferred
190
No par
5 Mar 21
12 •1014 113
1014 10 4 107 10% 10% 10% 11
118 •10
8
500 Munaingwear Ins
,
No par
5 Mar 30
4% 44
4
412 478
41
5
4% 5
512
5%
5
8,100 Murray Corp of Amer
135 Feb 25
1
14
14
*1214 16 *1214 15 *1214 14 *1214 14 *13
*13
Myers F & E Bros
No pa
8 Jan 25
181
164 18
17
17% 1812 1812 2012 1812 1914 1812 191 23,900 Nash Motors Co
114 Apr 12
No pa
34 34
4
4
3% 3%
418
4
3 8 44
7
1,400 National ACM,
1
3 8 3%
3
118 Feb 28
*312 5
*4
*34 5
5
313 312 *4
5
•3 8 15
3
114 Jan 27
200 National Bellaa Hess Pref--100
41% 433
4213 4414 4314 4434 4214 44
424 44 27.000 National Biscuit
314 Feb 25
1
,
4014 44
*140 149 *140 149 *140 142 *140 149
7% oum prof
140 140 *13818 143
200
100 118 Mar 3
64 Mu 2
14
13
143
12
14
13
15% 13,600 Nat Cash Register A.. No par
14% 16
148 14% 16
14
15
134 133
13% 147
15
14% 1514 1438 1518 34,300 Nat Dairy Prod
151
No par 1018 Feb 27
•8 1
3
*3
8 3
.3
8 1
*% 1
*38 1
Nat Department Stores No par
•8 1
3
4 Mar 15
Preferred
114 Feb 23
*43
4 514 *43
4 514
,
100
4 5 4 *43
*43
4 5'
•43
4 51
*43
51
933 217,700 National Mail Prod_ --No Par 164 Feb 16
8114 9112 82 883
8414 9114 8512 9014 87
7814 881
• .50 preferred
40 24 Feb 8
";i" "a" - Thi -137- "ii" "fi "ii 1414 ;This -as; ;15" Ti" 900 Nat Enam & StampIng_No par 5 Feb 2
s 8
120 120
125 125 125 125's 128 1263 127 128
4
128 128
100 4314 Feb 23
1,900 National Lead
•12618 12712 12712 12712 •1284 1291 •127 1294 *127 1294 *12712 12912
Preferred A
100
100 101 Mar 1
Preferred B
*10312 108 •10312 108 *1034 108 *105 108
100
108 108 *10612 10812
100 75 Feb 23
10% 10% al014 1112 1012 11
1034 115
10 4 111s 1038 1118 24,400 National Pow & 14----No par
3
67 Apr 1
8
3812 38% 36
33 34
37
4 3618 3434 37
37 • 3812 12,100 National Steel Corp---No par 16 Feb 27
11 •10
117
914 11
11
8
1114 14
4 Apr 6
50
1314 13% 123 1234 2,600 National Supply of Del
34 3512 36% 3612 37 37
37 384 37 37 •33
Preferred
460
4012
100 17 Feb 23
*2% 234 *278 3 4
3
3
3
318
700 National Surety
234 31/
10
3 *232t 318
3
114May 3
1412 15
1518 16
1514 1633 1612 18
7,300 National Tea Co
4
17
No par
1714 163 17
64 Jan 4
5
*3% 8
*5
5
10
*5
912 *5
100 Neisner Brae
No par
912 •6I2 912
14 Jan 16
__
Nevada Consol Copper_No par
4 Feb 28
6
64
8 68 *6
53* 512
1% Mar 29
634 .6
67
638 1,500 Newport Industries
6 8 634
3
1
13 *12
15
1314 1314 13
15
512
15 •13
15
300 N Y Air Brake
618 Apr
15
No par
4
312
*413 478
412 512
412 412
300 New York Dock
43
4 43
312 34
312 Oct 21
100
4
8
8
Preferred
190
*814 10
4
68 6 2
3
712 83
,
*Os 10
*614 10
100
6 Oct 19
1
4
%
%
No par
12 Apr
12
3
4
%
%
%
3
4
3
2 2,800 NY Investors Inc
5
8
512 1038 1034 114 10% 1112 11
918 10%
9% 1014
14 Jan 4
1114 9,000 NY Shl pbldg Corp part stk_..1
71
76
71
76
50
7% preferred
76
76
76
100 31 Jan
884 8818 *
884 93 •8818 93 *8818 91
*8818 93
20 N Y Steam $6 pref
8818 8818
No par 80 Mar 24
*100 10412 *100 10412 *10014 10412 *10014 10412 *10014 10412 *10014 1041
$7 1st preferred
No par 49314 Apr 2
343
28% 30% 30% 32% 32
8 3414 3534 3312 344 33% 3438 29,400 Noranda Mines Ltd.
--No Par 174 Jan 14
17% 187
173 38,600 North American Co----No par 1514 Apr
1714 1812 17
1612 1712 a16% 17
% 1634 18
Preferred
384 367
3614 38
1,900
38
38 383
3614 3614 *3812 38
8 37
50 32 Feb 28
47
514 51 17,300 North Amer Aviation
4 Feb 27
53* 5 4
512
412 43
43
4 513
4
3
A
518 513
*51% 55
55 *52
53 53 *52
200 No Amer Edison pref-No pa
541
5312 *51
43 Apr 1
North German Lloyd
•312 4
3% Oct 1
• 53 '
5112 •312 412 *312 412 *313 412 *312 4
33
38 *33
38 •
20 Northwestern Telegraph,_ _50 2634 Apr 2
38
38
38 *35 38
*35 38 *35
3
212 3
3
3
3
2,200 Norwalk Tire & Rubber No par
31
2 4 2 4 *23
3
3
118 Feb 23
4 3
8
1378 1338 14% 137 144 147 154 143 1512 1438 15 48,600 Ohio 011 Co
8
8
13
4
No par
ah Feb 27
3% 434
414 4% 12,600 Oliver Farm Equip_ __ No par
418 414
412 43
418 438
4
44 43
118 Feb 27
4
Preferred A
1112 1312 1212 1312 12% 1212 13
153* 1412 1512 1412 141
No par
3,300
314 Feb 28
414 412
1% Mar
1,800 Omnibus Corp(The)vto No par
412 5
5
5 4 514 *514 51
53
,
512 5'2
• 8 712
67
612 612
634 714
7
7
600 Oppenheim Coll & Co Nopar' 24 Feb 28
8% 64 *618 7
Orpheum Circuit Inc pref_100
las Jan 3(
No par 1018 Feb 27
"1154 13 01214 133* 125 13 13 13% 13% 1313 1314 1314 9,900 Otis Elevator
Preferred
100 9314 Apr 5
98
98
98
98
98
No par
4% 413
414 438 4,000 Otis Steel
114 Mar 1
4%
4
3% 3%
38 4
7
34
,
Prior preferred
100
214 Feb 28
500
*9 8 97
3
8
8 912
8
9 4 9 4 *83
,
8
,
814 *712 12
6,100 Owens-Illinois Glass Co--25 3113 Mar 3
x75
76
76
7513 7612 76
7412 72 75
6612 70
68
25 19 Oct 19
1914 193
19
1914 1934 1914 20
4 1914 1912 3,900 Pacific Gas /k Electra°
1914 1914 20
No par 25 Oct 21
25% 254 254 3,100 Pacific Ltg Corp
25 26
25
25% 25
2.534 2534 2514 261
3
300 Pacific Mills
25
23 •22
100
*1912 21
2513 23
22
6 Feb 21
25 •23
231 *23
10 Pacific Telep & Teleit
85
100 65 Mar 3
*79 85
8412 841 *80 85 *80 85 •82 85 *82
33
3% 34
34 37 25,400 Packard Motor Car-No par
111 Mar 24
4
8
31
34 313
33s 37
314 3
,
3
,512 12
200 Pan-Amer Petr & Trans new.5
8 June 2
•814 12
834 83
*84 14
84 8'4 *814 14
No par
6 Jan 20
2914 6,300 Park-Tilford Inc
29 2912 29
24% 283
301
25% 291
29
4 2612 291
Ds
•14 148 oils
Parmelee Transporta'n _No par
%Mar 21
114, 11
13
•1
•118 114
112 *1
as Apr 18
700 Panhandle Prod & Ret_No par
112 112 •112 2
•1% 2
113 13
4 2
8
*13
113 11
112 218 17,100 Paramount Publix Ms. __-_10
1% 134
la Apr 5
8
138 13
113 13
114 138
114 1%
9,100 Park Utah C M
1
4 Jan 9
218 2%
27
8 3
3
314
25* 31
214 27
3
3 3s
13
No par
14 Jan 4
112
14 11
2
14 11
1% 13
*118 114
114 114 3,100 Pathe Exchange
Preferred class A
No par
114 Jan 25
814 814 6,400
91
8
8% 8%
812
814 914 *8
713 8
1534 17
53 Jan 16
8
1812 19% 18% 193 37,600 Patin° Mines & Enterpr No par
8
163 1814 173 193
4
1918 197
4
3,600 Peerless Motor Car
3
4
37
8 4
3 Feb 16
4
4
3% 4% *334 4
334 34
4
4
No par x2518 Feb 27
1,300 Penick & Ford
5412 55
534 54
50 50 *51
531 531
5614 52
52
8
4134 44
No par 1914 Mar 2
38% 404 3912 421
4212 423 11,200 Penney (.1 0)
43% 441
4
42 43
Preferred
100
100 90 Jan 4
*105 107 *105 107 •105 107
105 105 •10412 106 *10412-106
/ Jan 25
1
4
- Par
3% 32
No
318 31
38 4
3
44 4% *418 412 1,800 Penn-Dille Cement
314 31
Preferred series A
100
*10
418 Mar 2
163 •1012 165* *1012 162 *103 163 *1013 165* *1012 16%
8
*
8
2938 3034 2958 31
3,400 People's CI L & C (Chics)_ --100 2814 Oct 27
2912 3014 2814 29
32
2934 30
30
64 Feb 2
100 Pet Milk
11
1012 1012 *10
No par
*10
12 *19
12
*1014 101 *1012 12
5 101*
438 Jan 3
10% 103
4 5.800 Petroleum Corp of Am-N,par
913 934
8 1012 118* 1012 11
9
94 103
3
412 Jail 4
1178 127
36,700 Phelps-Dodge Corp
135* 153
25
1514 16
8 135* 153
1514 1614 154 16
*25
30 .25 30 *25
200 Philadelphia Co 6% pre,--50 25 April
28
30
2812 28
2712 2712 *28
$6 preferred
46
46 •_ _ 46 *38
No pox 40 Oct 2
46
46
*40
46 *35
478 518
418 4 8
418
5
4
4% 44 7,300 Phila & Read C &I--__No par
2% Feb 27
412 5
5 18 512
12
*12
12
600 Phillip Morris & Co Ltd- _ --10
12
114 1218 12
8 Feb 23
1134 113
1214
12
4 12
Phillips Jones Corp__.No par
3 Feb 8
11
*8
*814 12
*8
12
*812 113
4 *812 113
4 *812 113
1338 143
1234 14
8 133 15
No par
4 JIM 4
/
1
4
1514 158 1514 157 45.100 Phillips Petroleum
1478 16
4
10 Phoenix Hosiery
71
8
*7
*7
*7
8
6 14 Mar 15
*7
712
7
712 *7
7
218
212 212 1,600 Pierce-Arrow class A.
14 Apr 18
2
par
238 212
2*
3
24 234
2
28* 25
8
2,500 Pierce 011 Corp
14 Jan 3
25
3
4
7
8
4
3
7
8
3
4
3
4
3
4
4
4
8
3
3 • 3
8
43
300
*712 9
•
Preferred
7
378 Feb 2
100
8
612 734 *613 712 *7
8
8
712
112 138 5112 184 •112 1s
5,100 Pierce Petroleum
112 112
18 Jan 23
13
8 112
No par
114
1
1912 20
19
18
20
94 Feb 2
18
2012 2012 2013 20's 2014 2012 1,800 Pillsbury Flour MIlle._ _No par
200 Pirelli Co of Italy Amer shares 3338 Apr
*60 64 *6314 674 6518 6518 •6634 6818 *6612 68'8 6618 6618
4 Feb 25
12 *11
12
12
200 Pittsburgh Coal of Pa
1212
.958 12
100
124 1218 *1214 13 •12
300
35 •40
30
Preferred
44 8 40
,
40 .
35
45
100 17 JAI]28
35 35 *30 35
- 5 Bld and asked prices, no sake on this day. a Optional sale. a Sold 16 days z Ex-dividend. c Cash sale. y Ex-rights.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per chars $ per share $ Per share
2014June 3
6114May 133 Sept
4
218June 6
13 Apr
312 Sept
8June 3
183
3 July 1318 Jan
4334 Sept 20
9 June 2074 Mar
33 Sept 18
918 June 20 Jan
811 July 10
1 July
6 Aug
1514 Aug 28
3 Apr 1018 Sept
58 Oct 14
2212 Dec 3514 Jan
3034Sept 15
10 May 21 Jan
8June 8
47
612 Dec 16 Apr
6 Jan 5
5 Dec 19 Jan
21 Jan 9
20 Dec 62 Feb
818June 12
212 May
718 Jan
4838 Oct 25
13 May 2138 Deo
953 Aug 28
4
28 June 6214 Feb
1312July 3
115 June
618 Sept
25 July 1
315 May 28 Feb
338July 11
3 July
4 Mar
5
2278July 11
7 Dec 36 Mar
2834 Oct 10
778 Dec 18 Jan
20 July 19
5 Aug
1 July
57 July 18
20 May 38 Jan
21 Sept 12
514 May 1913 Jan
22 Sept 1
14 Jun
2214 Jan
%June 2
112 June
514 Sept
16 July 7
34 Apr
878 Sept
1734July 7
2 June 123 Seth
8
72 Sept 6
25 June 65 Sept
2813July 19
11 June 2312 Jan
54July 18
,
3* June
3 8 Aug
3
30 July 18
4 Dec 143 Aug
5
22 July 17
518 June 14 Sept
7412 Aug 10
133 May 304 Mar
8
284July 7
318 May 1618 Sept
58 July 3 20 May 3514 Mar
218June 22
May
3 Aug
4
63 Sept 14
4
34 Apr
114 Sept
363 Sept 14
4
7 sJune 2935 Sept
3
113
8July 10
2 June
64 Sept
103
4July 18
2 June 1338 Jan
25 June 9
5 June 2718 Sept
18%June 27
7 Aug1518 Sept
1112July 17
218 July
978 Mar
2012 July 10
7l June 19 Feb
27 July 10
8 May 1914 Sept
7114July 7
114 May
514 Sept
94July 18
18 May
6 Sept
60%June 28
2014 July 467 Mar
8
145 Aug 18 101 May 14214 Oct
233
8July 19
2614 Dec 183 Sept
4
253
4Ju1y 19
1438 June 3118 Mar
212June 26
14 June
24 Aug
10 June 6
114 Dec 10 Aug
1244July 17
13 June 2714 Aug
115 June 28
204 May 324 Feb
183
33 July
4Sept 18
84 Sept
130 Sept 23 45 July 92 Jan
12712 Oct 23
87 July 125 Mar
10918July 19 61 July 105 Jan
2012July 13
63 June 203 Sept
8
s
5518July 7
1318 July 337 Sept
8
2811June 12
3 June 13 Sept
18
6014June 3
1818 May 3914 Aug
813 Jan 6
418 July 19% Aug
27 July 18
34 May 107 Aug
s
1218June 28
14 Apr
512 Jan
1138June 2
218 May 1014 Sept
113
4July 5
112 June
31
4Sept
2312July 7
414 June 1413 Sept
1178June 23
34 Dec 10 Sept
22 June 23 20 Apr 30 Aug
2314June 12
',June
33 Aug
4
2212 Aug 9
Ds Dec
614 Feb
90 June 19 20 June 57 Mar
1017 Aug 8
8
70 May 100 Oct
110 Jan 11
90 June 10918 Mar
387 Sept 20
8
1034 May 214 Sept
3612July 13
13'tJune 4314 Sept
46 Jan 12
2518 July 248 Sent
9 July 17
114'May
Ps Dec
79 July 13 49 July 88 Sept
10 June 7
238 June
8 Jan
43 June 5
15 June 33 Aug
57
8July 18
114 Feb
24 Aug
1734July 6
5 Jan 11 Aug
83
4July 7
4 Aug
/ Apr
1
4
30 42une 9
3
21 May 1014 Aug
8%July 18
Ds Jan
414 Mar
15 June
3 June
978 Jan
7 June 9
314 June 15 Sept
2514July 18
9 May 2218 Jan
106 July 19
90 May 106 Nov
914June 13
114 May
94 Sept
213
4June 13
318 May 20 Sept
/
1
4
965
4July 13
12 June 4214 Nov
32 July 12
1678 June 37 Feb
4348 Jan 11
20 4 June 474 Aug
3
29 July 5
314 May 14 Aug
943
4July 14
58 June 1043 Mar
4
67 July14
s
118 July
514 Jan
14 July 10
- _
3638 Oct 9
Apr
io Sept
3 July 1
14 June
2 Jan
414June 21
14 Dec
14 JBLI
212June
4'4 July 18
Ai; - - Sept
1
2's July 10
14 May
114 Aug
97
8July 18
114 June
534 Feb
2218July 17
912 Sept
318 July
94 July 17
11 June
4
4 Apr
/
1
4
59% Aug 29
16 June 3244 Mar
525g Sept 18
13 May 3418 Mar
108 Aug 1
60 June 91 Mar
912June 19
18 Apr
213 Aug
32 July 5
3 Nov
8 Sept
78 Jan 9 89 July 121 Jan
1514June 8
5 Dec 1218 Jan
15 July 3
23 May
4
74 Sept
187 Sept 19
8
3 4 June Ms Sept
7
36 July 7
18 June 41 Mar
62 July 8
48 June 76 Sept
912July 14
2 Jlsne
7 8 Sept
7
147
8June
7 June 13 Aug
163
4July 18
312 Apr 12 Sept
84
i83
4Sept 18
2 Jun
814 Sept
127
8.1une 7
2 Nov
94 Aug
10 June '26
114 June
9 Jan
1% July 12
14 Jan
3 Sept
4
13'4 July12
318 Jan
9 Aug
Is May
234J une 21
I% Sept
2678J une 7
9 Dec 2212 Jan
/
1
4
6818 Oct 6
21 Jun
3114 Mar
23 July 18
3 May 113 Sept
8
48 July 14
17 Dec 40 Jan
New York Stock Record-Continued-Page 7
3111
tW"FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NO?' PER CENT.
Saturday
Oct. 21.
Monday
Oct. 23.
Tuesday
Oct. 24.
Wednesday
Oct. 25.
Thursday
Oct. 26.
Friday
Oct. 27.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan 1
On bash of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previa,.
Teat' 1932.
Lowest.
Highest.
$ Per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & allscell. (Con.) Par $ per share $ per share $ per share $ per share
513 612 .512 612
6
47 Aug
4July 6
6
1,500 Pittsburgh Screw &BoltNo par
17 Feb 15 113
2 Apr
8
63
4 63
4
7
714
612 714
4May 26
.15
2512 .15
912 June 24% Sept
2512 "15
Pitts Steel 7% sum
2512 *15
2512 .15
2512
25 .15
_ _100 1014 Jan 6 383
8July 18
*1
3
12 July
*15
8 212 *I
67
Pitts Term Coal Corp_ _No par
212 *178 3
*112 3
*13
4 3
12 Feb 8
pref212 Aug
13
*8
15
*8
•12
15
12
4 Jan 18 2312July 20
"8
5 Dec 1212 Mar
12
15
12
*8
10
100
6% preferred
*214 3
*214 21, *214 412 *23
612July 18
3 Feb 6
4
8 412 *23
Pittsburgh United
25
8 412 *214 412
5 Dec
8
3114 Sept
39 - 34
110
.30
Preferred
36
14 May 44 Sept
38
3
*35
38
38
100 15 4 Feb 27 64 July 19
38
35
37
37
*218 4
*218 312 *218 312 "218 3
214 214
7 June 19
38 Apr 1
100 Pittston Co unto
12 Dec
No par
/
1
8
3 Sept
/ *24 27
1
4
5
63 Feb 24 1758July 7
4
1218 1312 13
83 Nov
8
8
4
137
1212 Sept
8 1314 1412 1412 151 1 1418 1412 137 143 18.000 Plymouth Oil Co
134 Apr 3 1334July 7
112 May
8 1,000 Poor & Co class B
914 94 .
652 Sept
No par
/
1
812 918
4 83
4
812 9
/
4
912 105
83
78 81
8 June 6
/
1
4
300 Porto RIO-Am Tob el A_No par
158 Mar 23
114 May
3
3
4 *3
3
*23
4 34
33
4 *318 33
,
3
3
*3
658 Sept
4 May 17
5 May
8
114
114
112 112
.114
Class B
112
5 Feb 27
8
112
112 .112 134 *I% 112
300
No par
2 Aug
/
1
4
3
4 Feb 27 40 4Ju11e 7
135 1512 147 1612 1512 17,
8
13 July 1712 Sept
4
4
8
4 1714 2014 1812 2114 1918 213 31,000 Postal Tel & Cable 7% prof 100
5 June 1214 Sept
/
1
4
24
.14
Prairie Pipe Line
7 Mar 22 22 July 6
*163 22 .17
*1514 24
4
25
20
*1612 22
*1512 21
512June 8
900 Pressed Steel Car
2
2 18
58 Jan 21
%June
2
2 18
4 Aug
24 218 .218 23
/
1
4
4 .214 23
No par
4 *214 23
23 June 17 Sept
3 Jan 27 18 June 7
8
100
.612 812 *612 812 .63
4 712
Preferred
71, 712 .612 812 .67
100
s 812
197 June 423 Jan
4
195 Feb 28 50 Apr 20
397 403 12.000 Prozter 4 Gamble
8
8
8
41
4
393 41
3818 373
4 3812 393 z3812 393
4
4
No par
4 39
81 July 10312 Dec
160
5% pret (8er of Feb 129)100 97 Apr 18 10612 Oct 26
*105 106 .105 106
10612 10612 10612 10612
106 106
106 106
18 May
14
3
4
5
8
3
4
3
4
7
8
7
8
78
78
1
278June 21
15 Mar
3,700 Producers & Refiner: '11,'orp_50
8
• 14 Jan 3
7
8
7
8
.212 5
50
3 Feb 2 13 June 21
1 May
*312 5
93 Mar
4
.218 41/4 .2
412
.2
Preferred
5
.21 5
/
4
28 July 60 Mar
12,000 Pub Ser Corp of N ,1.. __No par 3314 Apr 4 5718June 13
4 3738 38
37
383
8 3812 4018 3714 3812 383 393
4 3712 383
8
62 June 907 Sept
20 8812 Jan 31
70
70
8
500
71
71
$5 preferred
72
72
No par 6612Sept
.7112 72
*7112 7412 72
72
7112June 10218 Aug
800
863 863
6% preferred
8
8712 8712
4 863 8812 *88
8
100 80 Apr 4 10138 Jan 24
8912 875 875 *8712 89
8
8
9212 May 114 Mar
*91
043
4
400
*943 97
95
8
s
96
97
*91
943 943
100 917 Apr 17 11212 Ian 2
8
7% preferred
8 94 94
100
*110 120 *110 120 *110 120 *110 120 .110 120
8% preferred
110 110
100 107 Apr 25 125 Jan 9 100 July 13014 Mar
83 June 10312 Dec
400 Pub Ser El & Gas pf S5_No par 891251ay 3 10312 Jan 11
94
94
*93
98
96
*93
96
*94
•94
953
4 9412 96
1012 June 28 Sept
4
No par
4014 41
443
4 443 4512 6,900 PullmAn Inc
812 Jan 4 5818July 7
z41
44
4214 44 4 45
3
4512 *44
27g June
8
612 Aug
8
8
212 alar 2 153 Sept 20
8 1058 117
No par
4 11% 1218 115 123 35,000 Pure 011 (The)
94 103
3
8 115 123
4 1012 115
8
8Sept 19
50 Jan 80 Aug
340
60 6014 59
8% cony preferred
6112
62
63
59 .
6112 6112. *60
100 30 Mar 3 697
5958 62
43 May 157 Mar
8
8July 11
8
125 1312 1312 14
8
8 1418 1518 1418 1438 4,300 Purity Bakeries
8 143 153
No par
57 Feb 24 253
s
4
1358 143
78 712
212 May 1312 Sept
738 126,900 Radio Corp of Amer__ _No par
6
612 7
6
3 Feb 23 121* July 8
63.1
678 734
63
8 7
658
8
10 June 327 Jan
*2212 23
2278 23
25
25
1,200Preferred
2418 2418 24
25
25
25
50 1314 Feb 28 40 May 31
3 May 235 Sept
/
1
4
8
1312 147
8 14
8
16
14
163
Preferred B
8 1512 163 13.800
612 Feb 28 27 July 8
No par
1514 15 4 1712 15
3
534.1une 8
112 June
74 Sept
/
1
218 218
218 212
214 214
8
212 212 4.000 Radlo-Kelth-Orph
238 2%
212 25
1 Mar 31
No Par
43 July z123 Aug
8
4
1314 1414 1412 1412 15
8
5 Feb 23 20% Sept 14
161 1 1514 1512 .153 1512 2,000 Raybestos Manhattan_No par
15 2 16
,
812 Sept
8June 12
218 July
10
1014
1038 103
8 103 1034 1012 1012 1.800 Real Silk Hosiery
8
10
918 918
512 Feb 27 207
914 10
7 June 30 Sept
.38
50
*38
50
50
•38
50 .38
Preferred
*38
100 25 Jan 4 60 May 16
50 .38
50
Is Apr
112 Sept
2
211
23
4 23
412July 18
8 1,000 Reis (Robt) dr Co
4
/ Jan 3
1
4
27
8 27
3
*212 3
212 3
*234
No par
el Dec
7% Sept
11
1s1 preferred
11
11
11
130
11
11
12
11 Jan 3 1812June 22
/
4
12
1012 104 12
100
12
3
1 May
12 7
74 Aug
9,100 RemIngton-Rand
/
1
212 Feb 23 1114July 17
5 4 Vs
7
6
512 61
1
611
/
4
6%
612 7
6
.22
2812 *20
4 June 29 Aug
lot preferred
28 .23
2912 *25
712 Feb 27 37',July 19
100
27
/
1
4
2912 *2512 2912 .24
*2218 25
5 June 3112 Aug
*2218 25
30
*2218 25
2d preferred
24
8 Feb 27 3514July 13
*2218 2712
24
100
24
25
37 Sept
212 2 4
3
11 Apr
/
4
2 3 27
5
sJune 7
318 5,700 Reo Motor Car
*
23
3 23
314
3
63
3
5
4
278 3
13, Feb 28
8
91 1018 10
/
4
17 June 137 Sept
8
1078 1058 113
43.200 Republic Steel Corp_ __Ns par
8
4 Feb 27 23 July 13
12
1218 1312 1214 13
13
8
5 June 287 Sept
193 223
6% cony preferred
8
4 213 23
10,400
4
21
100
9 Feb 28 5412July 13
2514 27
24
25
29
26
28
61 Sept
/
4
*434 7
1 July
100 Revere copper & Braeo_No par
11 Jan 10 12 June 2
/
4
*43
4 6
.3
7
4 6
6
6
.5
612 .13
*818 18
Class A
2 Dec 1212 Aug
*818 18
24 Mar 2 25 June 2
*81 15
/
1
,
No par
*818 18
.81
, 151* *818 15
,
8
117 Sept
6 Feb 27 2112June 27
55 July
8 2,700 Reynolds Metal Co___ _No par
15
1518 15
147 147
8
4
14
1212 1312 133 1458
1512 15
8
*612 8
3 Feb 127 Sept
4July 12
Reynolds Spring
112 Feb 28 153
*612
*612 8
8
No par
*612 81
*612 8
.8
9
2612 June 4014 Jan
4714 43,400 Reynolds(R J) Tob C18193 B10 2612 Jan 3 25414Sept 15
8
,
4634 4738 465 4714 46
4
8 4512 47
4312 45 2 443 473
64 May 7118June
.60
Class A
61
4
*60
61
10 60 Jan' 623 Jan 24
61 .61
61
•60
.60
61
.60
61
138 July
14 Jun
*ICI_
-_
_ _
Richfield 011 of Callf___No par
_
__ _
3 June 8
14 Feb 21
Oct
12
- Ritter Dental Mfg
4 July
•10 10
12
No par
612 Feb 25 16343une 29
1i *io Ii •16 12 •i5 1-2 •io
912 Aug
33
8 4
112 May
4
4
8
418 412
2 Apr 8 107 lune 8
4 1,500 Rossia Insurance Co
5
4 43
412 43
4
8
43
433 47
8 3218 3218 3234 34
315 315
8
1218 Apr 235 Sept
8Sept 18
34
1,200 Royal Dutch Co (N Y shares) 175 Mar 2 373
3414 3414 34
8
34
34
21
21
17% Sept
45 Jul
8
23
2512 247 2714 27
4
8
10
61 Feb 27 313 Sept 19
2714 2814 16,500 St Joseph Lead
/
4
4
2812 263 28
/
4
3018 July 591 Mar
8
7.100 Safeway Stores
3 4 3958 375 3914 3712 39
53
/
4
No par 28 Mar 3 6238July 17
40
3814 404 *391 40
39
Oct
*83
6% preferred
86
60 Slay 90
85
120
89
85
100 72 Apr 5 9412July 13
8518 8518 86
87 .85
87
87
.96 100
69 June 99 Oct
170
7% preferred
98
98 .98
9812 99
100 8014 Feb 15 105 Sept 12
997 •9818 100
9814 99
8
73, Feb
47
8 5
11 July
/
4
.5
.518 6
6
900 Savage Arms Corp____No par
214 Apr 3 12 July 1
5% 6
6
6
.6
612
45
41 4%
/
4
Jan
12 Dec
4
5
45
8 5
. 2,500 Schulte Retail Stores_ _.•;o par
58 Mar 3 1014July 11
4% 41
5
5
412 412
.15
19 .1518 2114
Preferred
30
.15
5 Oct 30 Jan
213
8
4July 12
1712 19
100
31g Apr 25 353
4
*1914 2178 •203 21
38
38
18 May 42 Feb
38
190 Scott Paper Co
39
40
40
No par 28 Jan 24 447 July 19
40
40
40
40
4012 40
314 363
8 3214 35
6% Apr 2058 Dec
4
32
35
33
363
4 333 34% 333 3658 37.000 Seaboard Oil Co of Del_No par 15 Feb 13 43% Sept 26
23 Jan
434 July 13
*3
33, .3
35
34 .318 3 4 "27
Apr
Seagrave Corp
1
3
1le Feb 2..,
No par
33
8
03
35
.2%
311 34% 3412 39
/
4
9 8June 372 Jan
7
8
/
4
8
/
1
3514 38
373 3958 365 38% 367 391 94,300 Sears. Roebuck & Co No par 124 Feb 25 47 July 17
4
2
2
2
12 July
2
3 Aug
200 Second Nat Investors
.24 214 *218
/
1
5 June 7
1
11 Feb 28
/
4
214 *218 214 .218 214
*2814 373 02814 372 .2814 373 .2814 3758 •2814 373 •2814 373
8
Preferred
2114 June 3618 Aug
1 24 Feb 24 48 July 6
8
114
114
/ may
1
4
1 Aug
13, 112
112
112 2,100 Seneca Copper
/ Mar 28
1
4
3 8June 2
5
No par
112
4
112 13
112
18
, 13
4
37
35
8 418
538 Jan
11 June
4
/
4
4 18 7,100 Servel Inc
414
3% 4
712July 18
418 412
1
11 Feb 4
/
4
418 41%
618 612
4
718 6,100 Shattuck (F 0)
5 May 123 Mar
6
No par
7
7/
1
4
5% Apr 8 13 4July 8
6% 7
714
,
7
63
8 7
*412 47
5
73 Sept
4
112 July
514 .47
300 Sharon Steel Hoop
No par
8 5
112 Feb 23 12 July 14
641
/
1
4
"
5
512 512 *518 6
4
414
43
43
47
43
414
7 Sept
514 2,100 Sharpe & Dohme
2 Feb 27
1% June
5
858June 28
No par
•414 412
43
4
/
1
4
30% 307 .29
8
Cony preferred ser A_No par 2114 Mar 2 417
3614
34 .32
200
8July 13
1112 July 3058 Jan
*3212 36 .34
34
34
34
75
63
4 7
8% Sept
718
212 Apr
312 Feb 17
1158July 7
No par
a718 75
8
7% 814
712 77
712 714 12,700 Shell Union 011
5717 54
1,400
Cony preferred
"5314 55
18 May 6514 Sept
100 2812 Mar 28 61 July 7
54
56
3
53
5
312 .5558 55 4 56
53
1412 153
43 Feb 28 31 July 19
4 147 161
23 June 1358 Sept
4
163 173 17,000 Simmons Co
4
4
No par
153 1717 1714 1812 1612 18
8
8'4 858*85
712 Aug
47 Feb 28 123
8 91
314 Apr
,June 2
8 5,500 Simms Petroleum
104 107
918 101
10
8 10 4 107
,
1014 11
55 Sept
63
612
978June 2
212 Feb
65
8 7
8
8 1,600 Skelly 01: Co
5
714 75
25
3 Feb 20
758 75
718 7 8
.63
4 71
.5212 54
Jan 3312 Sept
Preferred
12
"5212 55
551
/
4
100
541 541 *5212 551 *5212 5518 .54
/
4
100 22 Feb 28 5712July 20
.13
010
4
25
33 June 193 Sept
4
25 .12
Sloss-Sheff Steel & Iron_100
25
.8
25
25
010
.8
25
7 Jan 3 35 July 14
*1212 18
2912 Sept
15
7% preferred
.16
6 July
22
16
30
.16
21
100
2417 .1812 24 .16
814 Feb 7 42 July 15
37
17 Dec
7 Sept
/
1
4
41 41
/
4
4
93
4July 13
418 514
558
5 Mar 31
8
5
5
514 6
518 3,700 Snider Packing Corp__No par
6 Mar 23 1512July 7
514 May 1214 Sept
1112 123
8 1158 1218 1114 12
56,400 Socony Vacuum Corp
10
/ 113
1
4
1014 107
25
8
8 1012 11
*82
86
35 June 67 Sept
082
84
84
86 .86
84 .85
87
87 .85
200 Solvay Am Invt Tr pref___100 58 Feb 25 02 July 3
3258 357
4
40
412 Apr 183 Sept
3518 371 1 37
40
41
39
40
3918 423 14,600 So Porto Rico Su r__ _No par
157 Jan 12 4858July 17
11812 11812 .119 11914 119 119 .119 1191. •119 119 *119 11914
8612 May 11212 Dec
Preferred
20
/
1
4
100 112 Jan 4 132 July 14
1712 174 173 1838
18
4
183
8 173 183
4
153 June 323 Feb
4
8 177 1814
1712 1814 5,300 Southern Calif Edison
25 1714 Oct 20 28 Jan 11
47
47
*3
47
47
8 .3
114 May
3 Feb
Southern Dairies Cl 11 No par
4.1une 10
47
8 *3
*3
47
8 .3
73
•
114 Feb 28
412 July 12
Jan
61
8July 14
.512 7
*512 712 .
512 7
4 Jan 18 117
200 Spalding (AG)& Broo_No par
614 641 " 3 7,2 .612 712
.36
45 .36
Jan
45
36
36
25 Dec 95
*36
45 .36
50
45
1st preferred
3.5
36
100 2518 Mar 28 61 June 27
•-___ 10 *____ 13 *_ 13 .____ 13 "____ 13 .____ 13
8% Slar
1512July 19
Spang Chalfant&Co InoNo par
93 Mar
4
412 Feb 18
020
25
020
25
25
020
020
35 .20
15 Nov4812 Jan
Preferred
34
100
34
35
100 1712 Feb 9 50 June 13
5 Sept
312 4
1 May
33
8 4
8 June 12
418 43
312 4
8
4
418 412
4 14 5,200 Sparks WIthington_ __No pa
34 Feb 28
1% Apr
*13
.13
4 3
4 3
.13
4 3
12 Jan 10
12 July
13
4 214
512June 20
*178 3
2
2
90 Spear & Co
No pa
*1312 16
15
15
"1314 153
4 1512 16
8 May 11 Sept
71, Apr 10 22 July 19
1512 1512 .15
163
4
500 Spencer Kellogg & Sons No par
3% 4
4
43
74July 18
4
/
1
4% 518
218May 3
5's 53
4
514 5 8
1
5
514 53 52,400 Sperry Corp (The) v t c
8
--•712 10
.712 10
*71 10
/
4
•712 10
- 8 Sept
87*712 10
- *712 10
3 Dec
Spicer Mfg Co
5 Jan 3 16 June 12
No par
23
23 .23
25
23
25
.21
23
912 June 18 Sept
3212June 12
23
23
*2114 25
70
Cony preferred A_ No par 1114 Mar 21
13
14
14
143
8 14
1412 147 157
8
151j 1.800 Spiegel-May-Stern Co_No par
8 15
5 May
8
5 Aug
15
15
1 Feb 28 1714 Sept 16
2012 223
8 2112 23
2112 23
2278 2412 23
24
227 24 123,800 Standard Brands
83 June 17% Aug
8
8
No par 1314 Mar 2 3738July 18
*1213 12212 *1213 12212 1223 1223 .1213 122 .1213 122
8
8
8
8
8
s
121% 1213
8
200
Preferred
No par 120 July 11 124 May 4 110 June 123 Dec
.458 5
5
5 14
93 Aug 28
518 6
53
4 614 .512 6
512 53
% July
2 Jan
1,700 Stand Comm Tobacco_No par
1 Jr.° 3
818 97
75 June 3414 Mar
912 97
8
8
912 101
914 98
91 107
/
4
51sMar 31
8% 912 11,900 Standard Gas & El Co_ No pa
2212June 13
8 1012 113
8 1012 105
91 1018 1012 1012 1014 105
/
4
8 1018 1058 2,800
94 June 4114 Jan
/
1
Preferred
85 Apr 3 2578June 13
8
No par
•24
2614 2614 *2418 2918 .2418 29
28
.241 26
/
4
2418 2.418
300
21 July 6212 Aug
$6 cum prior prof ___ _No par 17 Apr 4 61 June 13
*2812 3214 .30
341„ 31
31
30
33
3314 3314 33
Jan
33
700
$7 cum prior pref
28 June 75
No ,iar 20 Apr 4 66 June 13
.1
lit
118
118
114
114
13
8
13
8 .114
I%
114
13
12 mar 31
8 1,000 Stand Investing Corp_ _No pa
214 Aug
sJune 2
'4 June
27
997
8 997
8
*98 8 997
5
8
99 4 997
3
8 10058 10058 *10012 101
101
101
900 Standard 011 Export pret_ _ 100 9212 Mar 3 I023
4Sept 15 z81 June 10012 Dec
4
343 3714 353 373
4
4 373 39
4
41
39% 4112 40
395 405 42,300 Standard Oil of Calif_ No par
8
8
1518 June 31% Sept
1912 Mar 3 447 Sept 20
8
3418 343
34
8 3414 341 34
333 34
33 33
4
/
4
33
34
6,500 Standard 011 of Kanoas__10 1258 Apr 4 35 Sept 26
/
1
7 Apr 164 Aug
a41
433
8 413 4214 4118 4214 95,100 Standard Oil of New Jersey_25 22% Mar 3 437
8 393 41
3812 397
8
8 3912 403
8
19% Apr 375 Sept
8Sept 20
.6
8
.6
.6
8
8
06
8
.6
8
06
8
Starrett Co (The) L S_ _No par
834 Sept
3 July
4 Feb 16 1112June 14
•139
15
8
112
112
II, 13
112
8 *114
15
8 •112 2
700 Sterling Securities 131 A_No par
158
24 Sept
/
1
18 May
5 Jan 11
8
3 8June 13
7
*212 4
*23
4 4
•3
4
4
4
*4
47
8
4
4
200
Preferred
4 Sept
8
No par
112 Feb 10
5 July
73
4June 13
3018 •28
.28
30 .28
3018 .28
301 •28
/
4
30 .28
30
Convertible preferred___ _50 20 Mar 2 361* July 3
134 June 26 Aug
/
1
53
57
5
/ 53
1
4
6
8
54 6
3
518 534
6 14 8,200 Stewart-Warner Corp
/
1
4
53
4 614
1112.1uty 19
10
212 Feb 24
17 May
8
812 Sept
718 73
4
7 8 88
,
,
814 9
814 85
73
4 814
814 81 11,800 Stone & Webster
/
4
73 Sept
8
No par
45 July
8
654 Feb 27 1914July 13
412 4% 7,700 Studebaker Corp (The) No par
4
/ 5
1
4
4
458
418 43
8
414 412
45, 47
4
11 af ar 20
/
4
212 May 133 Sept
83
8June 6
.18
2118 .19
2112 21
20
20
22
223
20 .19
4 21
190
Preferred
100
9 Apr 3 3818June 5
30 Nov 104% Mar
47
*46
4714 47
48
4718 4718 *4712 48
48
04714 48
400 Sun 011
8
No par 35 Feb 25 50 July 18
24% Apr 397 Oct
99 99
*9712 9914 9712 9712 .9712 9914 *9712 9914
.963 99
8
30
Preferred
100 89 Mar 16 103 July 26
68 July 92 Dec
10
•16
.1618 18% *16
19
.161s 184 *161 1834 *1618 19
/
4
Superheater Co (The)__No par
74 Feb 17 27 July 19
/
1
7 June 1418 Sept
238 212 0238 23
2
2,
8
218 23
8 3,700 Superior Oil
23
8 212
8
214 24
/
1
No par
2 Sept
4 12July 13
5 Jan 4
4
14 Jan
1118 . 11
1114 4,700 Superior Steel
1058
4 11
93 11
8
812 92 10
111 1 113
100
2 Feb 28 223
/
1
914 Sept
8July 13
24 May
434 414
/
1
45
41 43
/
4
4
434 43
418 43
8
414 414
43
4
900 Sweets Cool Amer (The) .50
Jan
1 Mar 22 10 July 19
11
138 July
•118
11
*7
6
1 18
.13
118
8
114
112 "1,
400 Symington Co
118
8
118
112
No par
la Apr 8
1 Sept
3 June 7
14 Mar
314 3 4
,
800
3
314 3 8
3 18
3
31 1 314
27
Class A
2% •27s 314
No par
'4 Apr 11
23 Aug
4
12 May
514July 3
12
12
12
1214 .11
600 Telautograph Corp
12
12 .11
1214 .11
Ws 1112
135 Mar
No par
818 Feb 17 163 July 7
s
6 July
47
314
47
8
2,300 Tennessee Corp
43
4 5
41 47
/
4
.
414 414
1.8 Feb 28
8
34 4
3
43 Sept
8
No par
314
1 May
714 Aug 10
2218 2338 2318 2412 2412 253
2118 23
24% 253 37,200 Texas Corp (The)
8
4 2518 26
25 10 4 Feb 2
3
301
914 June 1814 Sept
/
4Sept 18
/
4
4
3114 34
8 371 383 50.600 Texas Gulf Sulphur_ __No par
3358 36
8 367 383
3518 38,
8
1514 Feb 20 41 Sept 19
4 37% 383
4
12 July 263 Feb
14
5
5
14 314
27
8 3
8.600 Texas Pacific Coal &312 312
3
31
3
312 33
4
312 3
1% Mar 3
4 Aug
011
10
112 Apr
612May 29
73, 73
812 Sept
6
65
8
612 7
612 758
714
718 7 4
73 13.000 Texas Pacific Land Trust____1
8
3
4
312 Mar 31
212 June
1118June 12
•Bid and asked prices, no sales on this day. a Optional sale. z Ex-dividend
y Ex-rights
c Cash sale.
..
New York Stock Record-Concluded-Page 8
3112
Oct. 28 1933
rerFOR 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. 21.
Monday
Oct. 23.
Tuesday
Oct. 24.
Wednesday
Oct. 25.
Thursday
Oct. 26.
Friday
Oct. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100 share lots.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Loweat.
Highest.
-$ per share S per share $ Per share $ Per share 5 per share S per share Shares. Indus. & %Miceli.(Cowl.) Par $ per share 3 per share $ per share $ per share
91g 918
*10
9
11
93
1018 1012 1.300 Thatcher Mfg
94 10
*91
. 11
5 Fob 15 2218July 19
No par
2 Apr 10 Nov
404 *3912 4412 .393 4018 *39
*39
4412 .39
404 *40
4
$3.60 cony prof
8
No par 275 Feb 6 44 July 18
404
2218 Apr 32 Dec
.53
6
8 614
*5 4 6
3
6
5
238 Mar 31
700 The Fair
54 6
3
1212Slay 31
No par
6% 618
6
212 Dec
8% Sept
•5018 .55 .504 55
.5118 55
7% preferred
*514 55
*5018 55
*5118 55
100 33 Feb 28 70 July 5
38 July 85
Jan
6
4,300 Thermold Co
63
4
6
612
No par
614 6 s
1 Feb 28 1012July 17
, 612 634 57 6,4 53 6
7 June
8
4 Sept
1413
14
14
*13
1412 '13
100 Third Nat Investors
1412 *14
1412 *14
1412 *13
1 10 Mar 1
2114July IS
10 May 174 Dee
612 612 .63
25
712
4 7
612 Oct 20 1512June 2
100 Thompson (J 11)
714 .612
•63
8 7 2 *612 712 *7
,
74 Nov 163 Mar
4
1118 13
10 4 117
3
4
1034 113* 12
8
538 Jan 6 2014Sept 14
1212 1112 1218 113 125 13,400 Thompson Products IneNo par
23 June 10 Feb
4
234
3
27
314
3
8 6,800 Thompson-Starrett Co_No par
3 14
4 Mar 3
314 312
314 312
912June 19
314 33
214 Aug
3 June
8
*22
2418 *21
2418 *22
2418
*21
24
24
53.50 oum pref
2418 *21
No par 12 Jan 10 30 June 19
12 June 1712 Sept
912 1018
97 101*
938 103
34 Jan 13 113
8 a912 1018 10
10 4
3
9% 1012 33.100 Tidewater Assoc 011
No par
4Sept 26
2 Apr
53 Sept
8
54
5112 5218 .521 5218 *52
53
53
4
5412 2,900
Preferred
54
533 54
100 2312 Apr 6 55 July 3
20 Feb 60 Sept
*15
40
*15
Tide Water 011
40
94 Apr 20 20 Sept 29
*15
40
40 .15
40 .15
*15
40
No par
5 June 10 Aug
*73
74
75
200
74
*72
74
75
74
Preferred
75
73 .72
*72
100 45 Feb 2 74 Oct 11
30 Feb 62 Sept
3
3 14
314 333
14 Mar 22
10
4
3% 414
4 18 4,900 Timken Detroit Axle
8 4June 20
2 July
,
3 4 414
3
312 37
63 Sept
4
2214 237
8 223 2433 2312 25
8
*
133 Feb 23 3512July 7
4
245 263
4 25 4 2612 2514 2633 11.800 Timken Roller Bearing_No par
73 July 23
4
,
Jan
a43
4 54
5
512 54 27.300 Transamerica Corp__ _No par
512 5%
512
258 Mar 2
5 4 614
3
514 6
218 Jan
74 Sept
9'2 July 13
612 714
9
83
9
4 914
8
7
93
8 4,100 Transue & Williams Si'l No par
4
814
1712 July 19
27 Mar 21
8% 93
214 July
84 Sept
4
3
54 4
12,700 TM-Continental Corp_ _No par
412
234 Feb 27
43
45
4 5
8 5
43
8 43
4
834July 7
14 May
48 5
513 Sept
5497 61
*497 61
8
52
.52
55
*5118 61
55 .4814 55
6% preferred
200
No par 41 Apr 8 x75 May 16
42 'Jan 72 Sept
257 2612 .263 28
8
4
25 4 263
3
4 2714 278 2712 2712 *2612 2712 1,500 Tile° Products Corp
No par 204 Feb 25 387
8July 17
8May 314 Mar
193
*13
8 2
4 .112 214
12 Apr 4
214 214 *2
.112 212 *112 23
514July 15
100 Truax Traer Coal
No par
23
8
14 May
318 Jan
5
5
2 Mar 3 123
512 55
53
533 614
4 6
54 512
10
8 7.900 Trusoon Steel
4June 12
4
2 Apr
.518 53
714 Aug
233 2 8
2
2
2
2 14
3
2
2
4
214 212
3 Jan 16
23
No par
212 1,200 Ulan & Co
614June 19
1: May
318 Aug
24
2212 25
243
8 2234 2414 24
25
2512 3.700 Under Elliott Fisher Co No par
2514 24
26
91 4 Feb 24 3912July 7
73* July 2438 Sept
3314 35
364 38
3914 437
8
35
39
8 403 43
4012 4412 9,100 Union Bag & Pap Corp_No par
512 Jan 13 60 July 18
512 June 1133 Aug
39 4 41% 4014 41% 39
3
345 3712 3612 40.34 3712 40
8
8July IS
407 49.400 Union Carbide & Carb_No par 1934 Feb 24 517
8
151 May 368 Mar
:
173 18% 18
4
84 Mar 2 2333July 7
184 1914 1918 2012 1912 2018 1912 1934 15,100 Union 011 California
25
19
8 July 1533 Sept
8
1814 .155 18
*155 177
8
14% 1512 16
16
8
700 Union Tank Car
No par 104 Feb 21 2234June 2
*154 173 *16
8
113 June 1914 Jan
4
2412 2718 2612 2814 2618 283
4 273 3014 28
4
1611 Mar 2 467 July 17
30 149.700 United Aircraft & Tran_No par
29% 28
612 May 345* Sept
62 .62
62
63
63
644 65
*60
6412 6012 6012 62
GOO
50 5112 Mar I 68 June 18
6% pref series A
3014 May 58 Dee
4 21
2118 213
2012 2012 2014 2112 2014 21
2218 213 218 3,600 United Biscuit
100 1312 Feb 24 2758July 10
II July 2812 Mar
•1075 109 *1073 109 .108 109 .108 109
106 108
108 108
100 92 May 2 z110 July 14
8
8
280
Preferred
75 July 103 Mar
247
243
8 2412 2612 25% 26
4 24
23
234 23
2518 26,
4 5,900 United Carbon
1014 Feb 25 3058July 17
No par
65 June 18 Sept
8
57
57
512 6
47 Mar 31 1412June 13
614
618 612
633
57
No par
58 614
618 55.900 United Corp
312 June 14 Sept
4 277 29
4 2914 293
2812 283
8
2812 29
283 29
Preferred
4
2818 2814 2,800
No par 2478 Apr 1 407
8June 13
20 June 393 Sept
8
43
43* *35
318 34
3 Feb 17
4
440 United Dyewood Corp_ _ __100
8June 21
8 414 *314 43
312 4,4
333 333
67
4
7 Apr
8
34 Sept
1 Mar 31
4
412 412
412 43
4
.412 5
800 United Electric Coal_ No par
54 54 *412 5
43
4 43
8s July 14
23 July
8
67 Aug
8
.5812 58 60 5814 591 58 5912 8.500 United Fruit
58
56
53
5612 56
No par 2314 Jan 3 68 Aug 31
1014 Jane 325* Aug
1612 1733 1614 167s 16% 163 23.100 United Gas Improve
8 1612 1712 1612 17
1612 167
14 Mar 31 25 July 13
No par
4
914 Jane 22 Sept
No par 85 May 1 100 Jan 9
88
88
88
8512 873
8814 8814 88
88
4 86
88
1.200
86
Preferred
70 June 99 1)ec
8 '13
.14 2,
100
4 24 *17s 24 "14 218
•I% 2
4 218 •13
4 Jan 23
United Paperboard
512July 13
12 1)ec
114 Aug
312 Star 3 217
.1012 11
1012 11
1014 10 4 *1014 11
105 1033 *1014 12
,
600 United Piece Dye Wks_No par
8July 19
33 June 117 SeD1
8
8
*60
*60
*60
*60
"60
100 50 Apr 19 85 July 13
70
70 "60
70
70
70
70
633% preferred
6412 June 9312 Jan
23
8 238 .25
218 212
214 212
314 .25* 27
as Feb 28
8 •23* 27
8 1,000 United Stores Maas A__No par
714July 6
54 May
3 Jan
*5112 60 .5112 60
•5112 60 .5112 60
Preferred class A _ __ _No par 45 Mar 21 66 July 20
*5112 60 .5112 60
27
Jan 4814 Mar
3912 37
40
37
40
39
414 414 41
41
.4033 41
2,200 Universal Leaf robaccoNo par 214 Apr I 51 12July 17
11 May 31 Sept
.20
22 .20
20
20
22
1914 193
80 Universal Pictures 1s1 pfd. 100 10 Apr 24 35 June 13
20
20
4 183 19%
4
103 Dec 50 Jan
4
218 218
218 212
14 Apr 4
218 233
3 8July 13
3
12 Apr
212 233
24 Aug
214
213 *24 2,2 2.300 Universal Pipe & Rad__No par
64 Mar 1
123 1314 1314 13 4 1312 14
4
144 15'2 143 147
4
8 1414 1414 3.100 U 8 Pipe & Foundry
,
20
2218July 5
74 June 1818 Sept
*1512 1612 16
*154 16
4
16, *153 1512 *153 1612
16
4
4
400
No par 123 Apr 10 19 May 25
16
let preferred
4
1112 June 1638 Aug
*11. 2
*112 2
1
13
8
112 .15* 2
15o
No par
13*
6 June 13
1 Oct 24
400 V 8 Distrlb Corp
518 Deo
2 June
15*
100
218June 8
3 Jan 30
8
300 U S Express
•
ss
N
%
*54 1
7
8
7
.3
8
3
5X
78
7
7
8
14 Jan
114 Sept
1714 18
155 1614 1614 17
8
1912 213
4 2112 213
No par
164 17
4 3,400 U S Freight
7 Feb 16 295*July 7
312 May 153 Sept
4
US & Foreign &cur_ _No par
8
85
812
8
84 9
84 83
84
.
318 Feb 23 173
8
,
1% June
4July 8
83
8% 8%
4 84 4,300
614 Sept
.61
Preferred
67
*61
63
6712 63
67'2 063
6712 *6012 6712 .61
500
No par 3612 Mar 28 84 July 19
26 June 64 Sept
4514 46
45
42
46
4212 4314 443
4 4412 45
4512 453
20 18 Feb 25 5312July 8
4 5.500 US Gypsum
1012 June 27 Sept
•103 1174 .9814 1173 .98, 1173 .9814 1173 *100 1173 *98, 1173
4
4
7% preferred
4
4
100 10114 Jan 9 121 Sept 20
4
4
8478 June 105 Oct
*412 612 .44 52
.37
512 *414 6
138 Apr 3 117
100 U 5 Hoff Mach Corp__No par
8June 8
512 512 *414
6 Sept
54 Apr
5'2
64'4 6118 6412 633 67
541s 61% 56,2 6012 5518 6212 60
1312 Feb 28 94 July 17
45,500 U S Industrial Alcohol_No par
4
1314 June 3614 Sept
1714 July IS
614 718
No par
74 8
3
233 Mar 1
.3
7 4 914
9 8 10
3
114 May
914 9 2
912 4.800 v S Leather v t a
,
9
714 Sept
8
10
8
3
1112 113 1314
147 1614 1514 16
127 144 153 161
Class A v to
414 Feb 25 273 July 18
8,300
314 June 16 Sept
4
No par
7718 7718 7718 *76
764 764 •76
•7512 78
79
75
600
76
Prior preferred v t o
100 30 Feb 23 784 Sept 20
4414 June 7018 Sept
512 512
6
614
67
6
8 8
612
67
8 7
633 714 3,900 U S Realty & Impt_ _No par
212 Feb 28 141 2July 7
2 June 1184 Sept
8 123 134 123 145
103 127
8
8
4
1412 164 143* 157
2% Feb 27 25 July 18
143 1614 77,000 U S Rubber
No par
4
114 June 1014 Aug
437$ July 18
1912 2312 233 25 8 2314 2412 233 26
4
1712 2012 1914 22
1st preferred
3
17.500
4
100
51 Feb 23
:
318 June 2034 Aug
85
92% 8914 96
9212 963
7714 87
9434 92
4 92
9714 98,300 11 8 Smelting Ref & Mln.-50 1312 Jan 3 1055*Sept 19
10 June 223 Aug
4
•51
5112 5112 5112 .515 52
52
8
Preferred
52
*51
5218 *51
:
300
5218
50 391 Jan 4 58 Sept 20
31 July 457 Aug
s
343 3733 363 383
8
4
8 394 407
8 3918 423
8 3614 395
3
100 23 8 Mar 2 6712July 18
8 3914 4112 225,000 U S Steel Corp
2114 June 525* Feb
81
764 764 764 8012 7712 784 7712 83
83
Preferred
6.900
8112 83
100 53 Mar 2 10512July 17
5112 Juno 113 Feb
9512 9512 •94
99
98
96
98
96
600 US Tobacco
97
99
983 ."96
4
No par 59 Jan 9 102 Oct 16
55 June 66 Apr
3
34 318
178 Apr 18
No par
314 3
8June 13
3 8 312
3
87
112May 103 Jan
13 312 *314 312 3,000 Utilities Pow & Lt A
312 33
8
3
1,
1,
4
118
4
14
133
14
118
13
14
8
38 Jan 6
114
114 2,800 VE4(13C0 Sales
318July 19
14 Mar
No par
14
118 Sept
8
247 247 .243 2518 *243 2518 .243 251 •243 2518 *244 2518
4
4
8
4
100 1518 Jan 11
4
Preferred
100
247
8Sept 28
12 June 20
Jan
143 1612 15 4 174 16
4
3
18
738 Mar 2 3614July 19
18
1812 16,800 Vanadium Corp of Am.No par
193
8 173 19
18
4
54 May 23% Sept
037
8 412 .418
5
5
518 54
533
54
533
450 Van rtaalte Co Inc
5
5
8May 5 10 July 5
No par
13
2 Dec
7 Feb
535
36
40 .37
7% 1st pre( stamped-.._ _100 147
36
35
38 .35
30
3712 371 *37
40
8May 11 3712 Oct 25
3
233 3
234 2 4
234 234
3
3
1.300 Virginia-Carolina Chem No pa
338 33
738July 19
5 Feb 23
8
314 314
.2 Mar
23 Aug
8
1614 513
8 13
"11
127 127
8
15
13
400
1514 151 .14
15
6% preferred
338 Mar 2 2612July 18
100
J18 Feb 1114 Aug
3
100
*58
*55
70
7% preferred
70 .58
70
70
*573 70
4
100 35 Mar 31 6312July 18
20 Apr 6934 Nov
4
573 573 "58
4
743 .72
741 .71
8
74
7312 74
70 Virginia El & Pow $6 pf No par 654 Apr 17 855* Jan 25
•7312 74 .7312 74
76
60 June 90 Sept
47
45
483
1,480 Vulcan DetinnIng
44
46
4314 47
100 123 Feb 25 6778June 8
39
4
4014 40, 4512 42
4
714 July 347 :.tig
55 Mar 29 12 July 5
7
7
7
7
612
56
800 Waldorf System
No par
618 6%
06
6 14
6
6
718 May 19 Jan
Walworth Co
4
3% 4
par
4
2,500
*33
No
4 4
7 Apr 6
8
33
33
4 433
4 34
3
3% 333
83
8June 27
3 June
4
43* Aug
12
12
.7
*712 12
.8
.8
Ward Baking class A No Par
12
08
.6 8 12
12
,
218 Mar 16 20 July 11
214 May 1014 Jan
Class B
.218 214
24 214
2
2
24 24 1,300
214 21z
No par
214 214
558July 10
53 Apr 13
54 May
23 Jan
8
.30
*30
*29
.28
28
34
Preferred
31
33
29
29
*30
300
35
100 1112 Apr 17 447
:
8July II
12 May 401 Mar
614 63
612 7
4
612
614 63 71,100 Warner Bros Pictures
8
6
53
5
4 612
513 63
4
5
1 Feb 25
412 Sept
9, Sept 15
8
12 June
$3.85 cony pref
4
No par
*1812 2112 •1812 213 *1812 2134 .1812 211 *184 25 .1812 22
414 Feb 7 2412 Oct 6
4 June 20 Feb
17
17
24
2
No par
17
114
2
112
58 Mar 21
4
2,
8 2-18 3.300 Warner Quinland
112 13
47
8June 10
I: May
233 Aug
8
8
812
81
733 84 10,100 Warren Bros
No par
63
67
4 8
8 73
21: Feb 25 2238June 19
4
612 714
114 May
83* Sept
Convertible pref
.1212 18
130
15
*12
15 .1212 15
15
No par
*124 15 .1333 15
74 Feb 14 355
2 June 1712 Jan
,June 17
17
18 .17
173
8 17
No par
1812 1,800 Warren Fdy & Pipe
5 Feb 20 223
17,2 18s 1812 191 *17
17
1414 Sept
714 Slay
4Sept 26
412 412
4
4 54 1,100 Webster Elsenlohr
4 5% 543
412 412
412 43
534 *43
No par
5
1 Jan 16
2 Jan
's Slay
8 July 8
118
1
118
4 1,200 Wells Fargo & Co
11
1
1 18
*118 114 •118
1
13
l's
I
% Apr I 1
31:June 9
1-3* Sept
'4 July
8 2014 22ls 21
1614 1613 1712 1818 171 193
2112 207 213
8
4 5.400 Wesson 011 & Snowdrift No par
7 Mar 3 3712July 18
84 July 20 Sept
053
Cony preferred
•46
57
49
05314 55
700
5312 54
50
503 *5012 52
4
No par 40 Mar 3 63 July 18
4
423 July 5812 Sept
4312 467
404 45
8 4314 483
8 473 511
4818 5014 4712 50% 49,800 Western Union Telegraph 100 1714 Feb 25 7714 July18
4
1238 June 60 Feb
8
26
4 25
10.100 Westingh'se Air lirake_No par 113 Jan 3 3538July 7
2312 25
2512 253* 263
4 257 263
25
2612 25
4
94 Apr 1818 Seln
283 323
8
8 31 18 3312 313 337
33
8
3
32% 35
4
344 323 35% 57,200 Westingbouse El do Mfg__50 1933 Feb 25 58,14July 14
8
153 June 4312 Sept
570
*80
79
8014 77
1st preferred
86
80
80
80
80
*SO
80
90
60 601: Feb 2 96 July 18
:
521 June 82 Sept
57
.43
4 512
1,000 Weston Elea Inatruml_No par
.6
6
5% 6
512 512
8
6
63
8
914 Feb
34 Feb 27 1314July 8
212 Apr
•12
Class A
20
*12
*12
20
20
20
20 .13
*12
20 .14
No par 10 Mar 31 2214July 20
1314 Apr 19 Jan
40 West Penn Elea class A _No par 30 Apr 22 73 June 14
4312 4312 *42
45 .4612 49
46
45
45 45
*464 493
4
25 May 80 Sept
90
4812 4812 48% 483 049 . 517
Preferred.
53 .524 59
525* 525*
8 52
8
Jan
22 June 76
100 37 Apr 4 7734June 14
60
.4012 4212 *4012 4212 4219 42% '43 8 50
44 '4312 50
6% preferred
44
,
20 June 70 Jan
100 334 Apr 6 6912July 14
•I0014 104 010014 103
50 West Penn Power pref___ _100 92 Apr 13 1101 Jan 19
10212 10212 •100% 104 *10012 104 .10 12 104
Oct
80 JUlle 11 1
8
20
87 87
6% preferred
587% 8812 878 873 *87% 8812 .87% 8812 884 8812
8
4
6612 June 1013 Mar
100 81 Apr 3 101 Jan II
312 312 1,000 West Dairy Prod al A_ _No par
334
338
7
8 433 *314 433
35* 3 8
*314 414 .31
:
161 Mar
:
31 Nov
21: Apr 6 1134June 12
*114
13
134
8
I%
600
13
4
13
8
Class B v t 0
14
1 12 *114
8
13*
I% "15
8
43 Mar
414June 12
1 June
No par
7 Mar 31
1
•1112 1212 1212 127
900 Westvaco Chlorine ProdNo par
4
4 1214 1212 •1212 14
8 124 1212 123 123
5 Mar 3 2012July 13
3 June 1233 Mar
.11
15 •12
16
1412 .133 15
200 Wheeling Steel Corp
1512 1512 1414 1414 *15
s
6 June 15 Sept
No par
74 Jan 4 35 July 3
1934 •16
*1514 21
White Motor
193 "16
4
*16
'1514 21
.154 21
193
4
67 June 2714 Sept
8
50 14 Jan 25 2612July 13
2333 233
8 25
4
25
253 *2412 2512 •23
25
800 White Rock Min Spr atf No par
2412 2412 25
8July 19
383
11 July 2812 Mar
113 Apr I
8
4 2
.112 2
.13
100 White Sewing maohine_No par
*13
4 2
112 112 "15
*112 2
8 2
43
4Ju1y 6
14 Apr
214 Aug
12 Jan 20
6
6
6
612
6
6i2
6
614
6
612 612
6
1,200
Cony preferred_ _...,__No par
1012Ju1y 6
4
25 Sept
11 Jan 14
54 Apr
4 .2 4 27
3
23
24 2
8 23
3
3
3
27
3
3
*23
4 34 1,200 Wilcox 011 St C188
814 Aug
23 May
4
512June 2
2 Mar 2
5
"243 27
8
8
o
2433 243 .2278 267 *227 265* .227 263s *227 26%
8
8
8
100 Wilcox-Rich cl A conv_No par
2714 Sept 13
1312 June 2012 Mar
15 Mar 1
414
5 8 53
,
55*
8
7 Jan 3 11 June 7
3
/June
1
4
454 518 3.900 Wilson & Co In°
518
45
44 518
4 5
334
114 Mar
No par
47 Sept
1334 143
1414 1514
12
1314 1214 137
13
1412 1418 15
5,800
Class A
4 Jan 3 22 June 6
14 May
No par
40
40 40
30
4212 40
35
35
4114 39
34'i 35
'2,800
Preferred
11 June 31 Mar
HI Mar 2 7212July 15
100
35
357
8 36
38
3618 3714 373* 3833 3712 3814 37
3814 20,500 Woolworth (F W)Co
8July 8
22 June 455 Mar
10 2518 Apr 8 507
20
8 1712 1914 18
2114 2012 21
20
203
1618 173
4 5,300 Worthington P dc M
19
8July 7
8 Mar 2 397
5 May 24 Sept
100
35 .2612 35 .27
*27
36 '30
•30
36
36
Jan
.2533 27
1411 June 41
Preferred A
100 14 Mar 15 51 June 7
25 .24
33
313 '25
32 .25
224 2214 25
32 .25
200
Preferred 13
12 May 31 Sept
100 14 Feb 28 47 Juno 6
37 Apr 1812 Sept
0111
14
.133 16
8
8
: 14 .13% 183 *133 183
133 134 14
4
20 Wright Aeronautical__ _No par
6 Apr 6 24 Slay 27
49% 49% 50
50
52
52
*4714 52
53
53
2514J u ne 57
53
Jan
534
800 Wrigley(Wm)Jr(Del)No par 344 Feb 28 5314 Sept2()
4
8
4
143 01312 15 .1418 15
200 Yale & Towne Mfg Co
•133 1412 5133 1412 '133 1412 14
4
15 Sept
612 July
25
7 Jan 20 23 June 17
37
4
43
412 5
8 43
4
4
4
412
414
218 Mar 2
412 413 7,900 Yellow Truck & Coach el 13_10
73
13* J11,11
4July 7
754 Sept
3
29
.2712 29
29
30
31
31
.2712 31
2712 27,
•2712 31
Preferred
2
12 May 404 Sept
100 18 Mar 2 42 July 10
3
107 107
103 10 4 11
8
8
1133 Sept
11
8 11% 11% 1112 1112 "103 1114
31 Mar 30 1918 July 19
3 June
:
700 Young Spring & Wire_ _No par
8
173 1834 17
8
:
3
,
18
3
8July 18
711 Feb 28 373
4 May 271 Sept
1614 177 15.300 Youngstown Sheet & T _No par
133 15 4 1412 1612 158 1814
8
•114 2
Jan
.11 4 2
.114 2
2
12May
2
2
2
2
is Feb 27
400 Zenith Radio Corp____No par
312July 18
.14 212
97 Mar
Dee
43
518
4
5
4 512
7.300 Zonite Products Coro
512 512
318 Feb 28
812July 8
51 s 6
53
'
8 512
1
412 5
y Ex-rIghta.
•Bid and asked prices. no sales on We day, a Optional sale a Sold seven days. z Ex-dividend
*21
New York Stock Exchange —Bond Record, Friday, Weekly and Yearly
3113
Jan. 1 1909 the 'Indianae method of quoting bonds was changed and prices are now "and interest"—except for income and defaulted bonds
Week's
I
Price
BONDS
cf.s.
Friday 1 Range or
N. Y. STOCK EXCHANGE
Last Sale. 42
Oct. 27.
Week Ended Oct. 27.
—
Ask Low
8441.
mill; No.
U. S. G 00000merit.
First Liberty Loan—
J D 1021144 Sale 102103410231n 694
34% of 1932-47
J D 101 103 44 10120440ct'33 ____
,
Cony 4% of 1932-47
1 D 1021544 Sale 1021344102.n 211
Cony 44% of 1932-47
J D 1011341 ___ 102 Aug'33 ____
2d cony 4 q % of 1932-47
Fourth Liberty Loan
A 0 1031%, Sale 103342 1031344 1325
44% of 1933-38
4 4% (called)
3
101.44 Sale 101' 32101", 337
Treasury 44e
1947-1952 A 0 11034: Sale 110344 110134, 451
1944-1954 J 13 106344 Sale 108442 1062334 758
Treasury 4s
Treasury 34e
1946-1956 M 8 104"ss Sale 104344 1043%4 1089
1 reasury 332,
1943-1947 1 D 1013344 Sale 1013034 102542 512
Treasury 35_ Sept 15 1951-1955 M 5 98444 Sale 98544 '981444 1194
Treasury 3325 June 15 1910-1903J D 1012444 Sale 100344 102444 329
Treasury 3325 Mar 15 1911-1943 M 8 101,034 Sale 1013344102
227
Treasury 345 June 15 1916-1949 J D 992334 Sale 90",,100000 439
,
Treasury 334s
Aug 1 1941 F A 100,344 Sale 100.3210111u 2095
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 27.
t
Price
Friday
Oct. 27.
MOISPI
Since
Jan, 1.
?etre
Range or
Last Sala.
Ask Low
Bid
High
High
High NO Low
Deutsche Ilk Am part elf 43s _1932
99"n103un
Stamped extd to Sept 1 1935_ -- 7212 Sale 7112
212 30
60
85
3
4212 62
101 102un Dominican Rep Cust Ad
5401914 M g
- A t
9933441034.4
35% 59
let ser 548 of 1926
4912
3
A N_
1940 NI O 48 Sale 47
101.42102
2d series sink fund 514s
2 53414 56
48
Dresden (City) external 7s 1945
33%
27
337 Sale 3214
6512
8
4
100.441033044 Dutch East Indies extl 68_1947 J J 137 Sale 127
93 14714
101"3210244
40
9314 146%
-year external 65
1962 M S 13514 Sale 128
140
131
190,3,Z2110171:44,
1953 „,,,.
------------135Aug'33 —5- 127 136
30
-3
_
9212 141
-year
1
9814441051144
9134 14512
30-year ext 5 443__ __Mar 1953 M . ____ ____
13
i.._:, ____ ____ 125 Aug'33 _
!,N vto 02 1a4 cv o
(
125 125
!0
9711 99%:: E, Marcil trf11 ( pui iponson
. 2
26
8 A.1948
4812 37
64
Oct'33
93'
J J _ _ _ _ 42% 43 Sept'33
323 55
Certificates of deposit
4
96 102.ai
------------45 Aug'33 ---45
963%4102.0
Certif.of dep coupon off__
45
.,
,
95..1041 '44 Estonia (Republic of) 78____1967 3 i 5 01 72 2 5 ,4
\1. l 7
4212 55
0
6
58
; 72
6
52 2
7,
8
9
6
5812 793
1001144101.44 Finland (Republic) ext 68_1945
4
5918 85
External sinking fund 7s__1950 M 8
81
83
36
57
State & City—See note below.
External sink fund 64E3_1956 M 5 7113 Sale
)
:E1a
80 2
2
34
77%
973 973
54
4
77
4
NY City 4 .,s__ ..
External sink fund 54s-195 F A
29
77
77 Sale
1
973 Feb'33
4
May 1957 MN
8
737 72
Finnish Mun Loan 6345 A..1954 A 0 72
557 7612
8
Oct'33
Foreign Govt. & Municipals.
3
1718 3714
55
External 6!4s series B____1954 A 0 7118 747 74
78
Agrfe Mtge Bank 5? 6s.....1947 F A 23
24
24
26
'
15
25
Frankfort(City of) s f 634s__1953 M N
24
2018 51
45
Feb 1 1934 subseu coup on.
2314 Sale 2212
Oct'33 ____
3314 25
25
1718 3638 French Republic extl 748_1941 J 0 15514 Sale 14212
1577 437 118 160
Sinking fund (Is A Ayr 151948 - --(5 ____ 2412 25
8
Oct'33 ____
A
External 76 of 1924
With Oct 15 1933 coupon_ __
15114 Sale 14112 15314 307 6112% 160%
2512 Oct'33 ----2512 28
63
7812 German Government Interna1949 j 0
11 14 7214 74
Akershue (Dept) ext 513___ 1963 8 7214
7412 15
4618 643
tional 35-yr 554s of 1930 1965 J D 4538 Sale 42
,
2058
3
7
35 4 84%
Antiouula (Dept) coll 7e A..1945 J J
912 1112 912
10
53% 8814
1945 J J
24
73
61s 2012 German Republic extl 7s_1949 A 0 7112 Sale 6918
External of 7s ger 13
912 11
2
62 20% German Prov & Communal Ms
External s f 7s ser C
8 Sale
J
1945 J
84
95
95
8
3
2612 5511
(Cons Agile Loan)645 A.1958 1 D 30 Sale 28
207
8
6
67
5
Externals t 7e sec D
0
37
5
9
12
912 1012 84
1945 J J
6
1712 Graz (Municipality) 8s
45
84
1957 A 0
External a t 7s let sec
812 Sale
_1937 M N 1 /12
1954
84
92
,
g
101% 124%
1872 Gt Brit tere (UK of) 548_
Af I7
External see s f 7a 2d eer__1957 A 0 5812 Sale a812
5
F A
Me
7!,
a812
3
458 18
External sec a 1 78 3(I ger_ _1957 A n
_ al L 23 Oct'33 -1 _6 10514 121%
l
4
_0 _
F A _ __
Sale
2
9118
71
t4% fund loan £ opt 1980.1990 MN /5
Antwerp (City) external 5e__1958 J, !). V8
al0 2 a lgr, 371 472 a10712
2
734
?
5
57
7512 Greek Governments f ser 78_1964 51 N
all)
2812
Argentine Govt Pub Wks 80_1980 A
41
54
32
55
8
. 545 60
14%
Argentine Nation (Govt of)—
Sinking fund sec 6s
9
8_ _F A_
1314 134 F33
3
2
14
?,4
15
41
Sink funds 65 of June 1925-1959 . D., 534 Sale a5318
20
755
8
August 1933 coupon _________
10
51
55
,
11
67
78%
ila m Repu
Ext1 a 1 65 of Oct 1926____1959 A u 545 Sale 53
4012 75,2 HalTurg( tlz)) .. a series A_'52 A 0 7014 7212 3
18
s 2 se 6
73
3712 575
2
r
55
38
8
25
59
External a f 6i3 series A.___1957 M S 5418 Sale 5312
5512 45 a4018 75
753 Heidelberg (German) extl 745 50 ,l
4
23
1946 i
. '
60
External (is series 13_ _Dec 1958 J 0 5412 Sale 5312
Sale 25
l e 33
612
5412 11 a4034
Kill, f (is of May 1926_ _ _1960 M N
75
47
404 7558 HeisIngfors (City) ext 8 348_ _196G A 0
13
54 Sale 5312
55
Hungarian Munic Loan 7481945 J J 685 Sale 71
External 0 18s (State Ity).1960 M S 5412 Sale 5312
154 31
49 64018 75
26 8 73
55
2018 23
Ext1 Bs Sanitary Works_ _ _1961 F A 53% Sale 5334
4014 7558
Unmatured coups attached__ J J --------23 June37 3 _..11 1
'
27 3
26%
-?
544 16
29%
19
7518
41
Extl 8s pub wk May 1927 1961 NI N 545 Sale 5312
External s 1 7s (coup)
1946 J J 275 28
17 NCflcy:33
612 ia t
8
5458 20
8
Public Works extl 554s_1982 __F A
38
16, 1612
2
8912
Untnatured Coups attached_ J J
4912 50 403
4
23
50
24
41
Argentine Treasury 55 i...._ _1945 1 5 70
Hungarian Land M Inst 740 '61 M N
497 92
8
71
.
7512
8
80
71% 90
2312 41
Australia 30-yr 55.. _July 15 1955
Sinking fund 7lis eer 13_1961 M N -1.i. -f 14 15
: 6i
438
3512
3
5
4
7
,0
90 500
8
, E,a e 8 32
6s
5914 Sale a857
3114 45
Hungary (Kingd of) s f 7546_1944 F A 373 40
External 58 of 1927..Sept 1957 Li 5
7214 90
8 a3718
3
367
8
323
External g 4 Hs of 1928_1956 ^ N
7618 10714
681 8312 Irish Free State Intl 01 bs__ _1960 M N 100 1047 101
8
10602 27
.,3
8312 497
825 Sale 7 18
9
8
Austrian (Govt) 0 f 70
Italy (Kingdom of)(nil 76_1951 J D 104 Sale 9614
104 4 298 68514 104%
3
1943 J D 5712 94
8912 47 a85 100
88
Internal sinking fund 70_1967 J J 448 Sale 4612
893 101
4
8472 Italian Cred Consortium 7, A'37 NI 8 90
4312 69
30
97
22
48
36
9612 96
Bavaria (Free State) 6 40
82
External sec et 70 ser F1___1947 NI 9 923 Sale 91
97
1
92:8 32
1945 F A
8
38
36% Sale 36
32
Belgium 25-yr extl 64a
49 a7212 9512
8812 10202 Italian Public Utility extl 70_1952 J
901
90 Sale 87
1949 M 5 92% 95
96% 86
9212
External of lis
Japanese Govt 30-yr s t 840_1954 F A 8212 Sale 8114
4514 90 4
98
3
87
8412 96
1955 J .
94% 48
1 92 Sale a92
External 30-year at 7s
Eat!sinking fund 54s.___1965
3512 81
94% 108%
149
73
o 72 Sale 6814
N
1955 J 0 96 Sale 9512
9612 78
9312 10712 Jugoslavia (State Mtge
StabilIzation (
a_ _ ._ 1 68 M N 9512 Sale 941.
BanN- M
57 A
9534 56
65
88%
Bergen (Norway) 5s_ _Oct 15 1949 A 0 8112 8412 58112
29
12
Secured II f g 78
2712
82
17
External sinking fund be_ _1964) M. __,A 593 02
8
293 64
8312 9038 Leipzig (Germany) s 1 7s_1947 F A
25
7418 Oct'33 _ _._
33
4
%
Berlin (Germany),f 6 303_1950 A k.
49.4 6012
2 Oct'33 --11
to Lower Austria (Prov) 734s__1950 J 0 " P.'61e3.1
____ 60
, 3078 Sale 3012
-33
35
Externals 1 6s
Lyons (City of) 15
2418 57
June 15 1958 . 0
-year 65_1934 M N 147 Sale 13812 15014 27 al01 152
1
Sale 28
Bogota (City) extl of 8a.._ _1945 A 0 52914
a10114 15218
Marseilles (City of) 15-yr 63_1934 151 N
2772 37
3
30
15
217s Sale 19%
4
Bolivia (Republic of) extl 85 1947 151 N
15
Medellin (Colombia) 65411.__1954 .1 0 149 81118 133
7% 23
77
49
714 9
8
63
4
712
% 1734 33
312 1312 Mexican Irrig Asstng 454s_1943 M N
External secured 7e (flat)_1958 J J
218 612
518 4 Sept'33 __—
2
6
18
55* 612 512
External 0170 wan
3% 1314 Mexico (US) extl 58 of 1899 £ '45 Q 2 ---- 4
4
1669 M 8
502 6
512
6
17
-- - 4 Sept'33
Bordeaux (City of) 15-yr 68_1934 M N 143
------------714 Oct'33 _
318 1014
19 al01% 15212
1945
Sale 139
15014
Brazil (U S of) external 81_ _1941 .1 0
Asseiitl ng 58,56olfair8g9e9
Assen ti
165 43
5% 54
8
_2
1
_
53 3
3
8;8
2912 21
23 14
29 Sale 28%
334 512 3 8 JUae' 72
External, t 640 of 1928__1957 A
Assenting 45 of 1904____ _____
24 8
,
0
257
8 53
External 13 f 6340 of 1927__1957 A 0 2512 Sale 2412
Assenting 48 of 1910_ _ _5
5
55
26
25 Sale 2412
67
6,2 Sale
5
7s (Central RY)
Assenting 441 of 1910 large __ __
1212 3612
2% 8
1952 J 0 2314 253 23
2
5
4
Bremen (State of) extl 7o.._1935 M _S
,
Treast12 gt45 o1 1910 (T41,1313_3_
Assen n o .13.
3412 7212
24 8
,
2.22 2
5
6
5. 512 4
16
43
43 Sale 4014
•
Brisbane (('Ity) 5 f Esi
•
8411 75
1957 M 33 73 Sale 7014
.1.5
73
45
Sinking fund gold 1553
Small
4958 F _
•
A 72% Sale 70
8
637 75
•
724 49
29
-year of Bs
Milan (City, Italy) extl 614,1952 AO 8712 Sale 8312• 88
74
ao
7018 84
1950 J u
98
,
84
17
Budapest (City) exti a 1136...1962 J D. 84 Sale 82
2418 3518 Minas Geraes (State) Brazil—
3118 34
31 Sale 530 4
3
Buenos Aires(City)64a 2 13 1956 J
12
External 5 f 814s
36
1958 M S 19% 22
20
10
J
1
i 1123 4
42
19
37
74 65741.2
External a f 68 oar C-2_ _ __1960 A 0 42 Sale 42
Ext sec 634s series A
1112 36
1959 M 5
3197%
40
3714
3714
5
External s t 6s oar C-3_ _..1960 A 0 35
Montevideo (City of) 7,
12% 42
34i2 64
1952 J D 3
4612 44
20 Sale
8
Oct'33
_
Buenos Aires (Prov) extl 60_1961
4212
External s 1 65 eertos A
11
33%
8
1959 MN 63212 Sale 313
325* 21
4
311g Oct'33 ---35
Stpd (Sep 1 33 coup on)11181 61 8 -32
7112 S818
8
2011 417 New So Wales (State) exti 55 1957 F A 87 Sale 833
M 5 28
88% 135
4
3012 2814
3014 —55
External s t 6320
External s 1 5e
8838
71
17% 393
4
Apr 1958 A
88% 161
Sale 8312
30% 3612 313 Oct'33
4
Stpd (Aug 1 '33 coup °n)l= '
:
F
l'
8112 98%
-year ext Be
21
413 Norway 20
4
1943 F A a9412 Sale 933
76
95
4
30
3012
29%
6
Bulgaria (Kingdom) s 1 70_ _1967 J J 28
20
8118 98 4
-year external 88
,
14
1944 F A 9514 Sale a9212
231s
9514 43
1512 1734 15
Oct'33 ____
Stabil'n o 1 7 4s. _Nov 15 1988 51 N
30
-year external 843
20
27
74 08012 96%
12
1952 A 0 95 Sale 903
55
4
223 21
4
21
8
2112
(
aldaa Dept of(Colombia)748'48 . J
40
-year s f 548
,
1
11
24
19852 D a91 Sale 8712
9114 28 a7412 94 4
1218
113 16
4
1218
2
Canada (Dom'n of) 30-yr 48_1960 A 0
External 51 58_ _ _Mar 15 1963 M 8 894 Sale 8612
9234
79
923 Sale 91%
4
923 160
895* (15 67212 92%
4
ba
Municipal Bank extl of 58_19137 J D 8642 sale 80 2
7414 89 4
,
9018 10518
87
8
1
86 Sa e 861
10412 Sale 103
1043 317
4
434s
Municipal Bank ext.! s 1 be-1970 J D
88
9314 102
28 .275
18
1954 , NA 1013 Sale 10112
3
4
102
53
Carlsbad (City) 8 f 8a
Nuremburg (City) exti 65_1952 F A
24
524
8418 88
2912 28
27
66
2
Cauca Val (Dept) Colom 745'46 A 0 66 Sale 6418
35
72
812 214 Oriental Dave' guar 65
1953 M S 68 Sale 8514
11
19
6814
28
1212
1212 Sale 1212
2
Cent Agile Bank (Ger) Is__ _1950 M 8
Esti deb 51is
3112 71
7
9
3914 75
1958 M N 65 Sale 62
56
8
Farm Loan of Ba. _July 15 1980 J .1 58 Sale a527
67
08Oo (City) 30
80
91
-year a f 68_1955 M N go
._
6
6
84 8 68412 0cP33 _.77
3
Farm Loan of 65_0(1 15 1960 A 0 4312 Sale 41%
4
3212 667 Panama (Rep) exti 534o....1963 2 D 9312 95
85 102%
94
10
9312
8
4212 170
.
Farm Loan 68 sec A Apr 15 1938 A 0 407 Sale
3518 75i2
Exti 0855 see A_ _May 15 1983 M N
1814 48
3T2 13
29
32
29
4712 138
Chile (Rep)—Ext1 3 1 70. _1942 /51 N 484 Sale 438
Perrutmbuco (State of) extl 70'47 M
63 21
4
63 21
4
61
94 10
1 s sl 1
804 9,
572 Sale )
2 9
581,44 Sa61 12 8 2
External einking fund Be __1960 A 0
5
1712 Peru (Rep of) external 7s__ _1959 M
a5
1612
3
0
8 Sale
75*
8
61
Ext sinking fund ile_Feb 1961 F A
47 1714
Nat Loan extl 51 6s lot ear 1960 J D
312 1418
88
77 Sale
8
718
814
15
fly ref extol 68
Jan 1961 J J
Nat loan extl a f 6s 2d ser_1981 A 0
3% 14 4
4% 1714
,
135: 27
714
8 Sale
8
58
Ext sinking fund 85_ _Sept 1961 M 5
5
1714 Poland (Rep of) gold 6s____1940 A 0
5212 82 2
,
58
2
8 Bale
8
7%
17
External sinking fund 68..1962 M:8
5
17i2
5114 80
Stabilization loan s f 7s
1947 A 0 76 Sale a(38
7612 134
4
7% 0,
2 73
8
75
8
External sinking fund 641_ _1963 M N
External sink fund g 8s___1950 J
5
74 4
,
17
33 159
70
712 Sale
74
70 Sale 6412
42
8
Chile Mtge 13k 8 Sis June 30 1957 J I)
714 18
913 30
Porto Alegre (City 00 8a___1981 J D
93 Sale
8
9%
2212 Oct'33
18
1034 47
1186,2
B f (1Sse of 1926 June 30 19111 .1 D
912 2012
Ext1 guar sink fund 7Se_1966 J
814 3012
Sale
13%
6
135* 1514 13%
Guar a 1 fla
Aprr30 1961 A 0 5912 Sale a83
61± 17% Prague (oreater City) 734.3._1952 M N
7714 993
4
4
4
10
27
Guar a 11341
N
1982 M
612 165* Prusala (Free State) exit 8411 '51 151 5 7 % 5 1 80
28
537
8
9:4
812 10
10
3
29
8 72
:
Chilean Cons Mimic 7s
1960 M S
External s f tie__ _____ 1952 A 0
Os 154
25
8111
58
818 Sale
5
13
611
175 175
8
3628
12
Chinese (Ilukuang fly) be. _1951 1 I)
12 r3114 Queensland (State) sills 1 70 1941 A 0 13612 Rile: Isola
275*
5
273
4
33
1212 :n 88 10212
Christiania (Oslo) 20-yr a t as '54 M 5 2614 30
25
-year external 61;
81
90
95
78
82
8212 87
a823
8
3
rologno(City)Germany 8148 1850
2214 5738 Rhine
-Main-Danube 7s A
35 8 7112
,
IrZ
32
t 4012 4412 40
16
4512 86
Colombia(Rep)Bent'28__Oct'61 M 8 3012 Sale 2918
Rio Grande do Sul ext)a 1 84_1948 A 0 223 Sale 207
34
12
5
ii3
,4 41
g
4
Oct 1 1933 and sub coupons on_ A 0
1612 49
External Making fund 6a 1968 J D
818 31
33 Sale 33
31
36
Apr 1 1934 and sub coup's on
31% 3612
External s t 76 of 1928
1966 M N 1114 Sale B
9
313 Sale 313
4
31
4
3612 27
1
le
Ester 83(July 1'33 coupon)'61 :1- 71
.t61 4i :
22
0
9:42
External 0170munic loan _1987 1 D 2114 Sale 20
814 3014
34 Sale 34
9
36
With Jan 1 1934 coupon on__
Rio de Janeiro 25
9
-year of 82_1546 A 0 1614
4
2612
351
5S
3
1512
21112 32
16 2 1
Colombia Mtge Bank 6348 of 1947 -A-0 323 Sale 32%
External et 6 40
181g 36
1953 F A
6% 26
16 Sate 153
25
_ 26
Oct'33
18 32 1179
1
4
4
1
Sinking fund 76 of 1928_1946 MN -- _
191 3712 Rome (City) extl 634,
8
1952 A 0 894 Sale 8414
7812 92%
237 23
245* -- -28InkIng fund 70 of 1927...1947 F A
1844 3714 Rotterdam (City) extl 8.3_1964 M N 1044 1091 10712
a8912 1163
2214 Oct'33
___ 23
0
4
Copenhagen ((ity) 1Ss
7312 Roumania (Monopolies) 7s_1959 F A
1952 4 D -67 Sale 66
59
2512 45
6712 —3-1
31 Sale 304
313
4 27
25
-year g 4 hs
58
693 Saarbruecken (City) 1313
4
1953 M N 847 Sale 6114
1953 1 J
84
50
8
65
7212
cordoba (City) exti s 1 7s_ _ _1957
10
14 2334 Sao Paulo(City) e f 8a__151ar 1952 M N
1012 25
13 8
,
8
1312
Sale
N
12
4
External st Th.__ Nov 15 1937 f . N
F1 A
External s t 0545 of 1927 1957 M N
3T14 ,11;112
1 2
24% 40
714 24
6
1612 181 19
Oct'33 ___
Cordoba (Prov) Argentina 751942 1 J
San Paulo (State) exti of 8a_193.8 2 3 20 Sale
3314 sale 341
2434 56
33 2
: 3314
5
1418 32 4
8
,
21
5
Costa Rica (Republic:1—
External sacs t Ss
1312 274
1950 11 J
1714
1414
15
3
76 Nov 1 1932 coupon on_1951
External e 1 7s Water L'n_19543 M 5 1312 15
2534 ___ 27% Oct'33 ____
2313 30
287,
147 Oct'33
8
Th May 1 1936 co5.00n On.1951 1'1 Pa
14
External s f (121
23
1934 20
193 00;33
4
94 2818
Oct'33
Cuba (Republic) 5o of 1904_1944 4-F1 7218 82
Secured s 1 7,
9812
1 4 'I
3 18 A
0
7214 —23 0172
7218
W4 7414
_iCo
External& of 1914 ser A..1949 F A
a9112 10 a7914 93% Santa Fe (Prov Arg Rep) 78_1942 M 5 19
9012 9512 91
121 30 4
4
,
201 19
External loan 4 tis
1949 F A
Saxon Pub Wks(Germany) 75'45 F A 046 Sale 41%
62
90
90
90 Sale 82
31
3512 7734
g4
Sinking fund 545 Jan 15 1953
Gen ref guar 6340
365 Bros
8
1951 M N
36 Sale 3312
36
62
Public wks 51.4, June 30 1945
19 Sale 7912
114
8311 Saxon State Mtge Inn 76_1945 J D 83 Sale 6012
:
30
38
3030
741 54 a6312 69
3 37
:
52
74
63
10
Cundinamarca 6 1 s
1959 NI N
Sinking fund g 6 48....Dec 1946 .1 D 6212 Sale 6014
13
4
1312 13
13
8
1058 223
68
52
6212
8
Csechooloyakht(Rep of) 85_1951 A 0 ASIA Sale 881s
86l 1994 Serbs Croats & Slovenes 88..1962 PA N 23 Sale 20%
990
00
13
90
13% 26%
23
69
Sinking fund 86 ear It
1952 A 0 8804 Sale 8814
External sec 7s oar II
90
1982 M N
1212 2412
21
223 2018
4
223
4 14
Denmark 211-year exti 88....1942 1 J
.511 unmatured coupons on_ ..1— - 90 Sale 88
1912 22 8
,
---- -- 1912 Oct'33 _External gold 51.0
1955 F A 8312 sale
9
133
8
Silesia (Prov of) extl 7e
4412 Sala 4212
40 a5014
45
36
External g 44e Apr 15 1962
7112 sale 6935
97
72
5.814 77% Silesian Landowners Amen (is 1 9r7 2 DA
9 F
25 4 5012
,
3
2818
2712
. 8
8
r Cash sale. a Deferred delivery.
Accrued Interest payable at exchange rate of $4.8665. • Look under list of Matured
NOTE.—State and City Securities.—Sales of State and City securlt as occur very rarely on the New York Stock Exchange Bonds on page 3118
and usually only at long Interva 5, 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 he found on a subeee tient page under the general head of "Quotations for Unlisted Securities."
Low
1° Lee fil
'AL <12,--ii
313
Lt
.,
as824 grs
0, p14
fl
iv, r,
:
Q
8778
IN r
69
3212
r,f
T3
E
_
4 4131 slat 413.,
1
68
1A
L'1,, 10 68
7
3114
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 27.
New York Bond Record-Continued-Page 2
Pfle4
Fridag
Oct. 27.
Week's
Range or
Last Mts.
Range
Since
Jas. 1.
Mon
KWh Na. Law
Ask Low
eta
Foreign Govt. & Municipals.
14612 64 100 149%
Soissona (City of) exti 64_1936 MN 130 149 138
45
5718
50 50 Oct'33
(Prov) external 74_ _1946 P A 49
Styria
4218 4214
4218 May'33
Unmatured coups attached_ _ _ P A
88 10412
.
4
Sweden external loan 5314_1954 MN 1010 lea; 9812 10412 -Lii
150 227 010212 152
Switzerland Govt esti 5%4_1948 AO 148 Sale 137
8214
66
42
3
80
Sydney (City) of 5314
1955 P A 80 Sale 77 4
3318 6812
65% 47
Taiwan Elec Pow a f 5%4_1971 33 62 651 6212
26
70
4
64
64 63
Tokyo City 54 loan of 1912_1952 MS 60
3312 73
64% 35
Externals f 5344 guar__. 1961 AO 64% Sale 62%
8
18
Oct'31
914 12
10
Tolima (Dept of) °YU 74
1947 MN
84 2
2 61
,
'75
741 747s
Tronclbjem (City) lot 5344_1957 MN 70
454 624
Upper Auetria (Prov) 7a
1945 3D 4612 481 53 Oct'33
4112 r56
External of 6314_June 15 1957 3D 4512 4614 46 Oct'33
214 50%
2
8
3612
Urugt ay (Republic) esti 84 1946 P A 3612 40 337
3318
31
8
33
33 36 33
eb 1 1934 & subs coup att__
1512 4018
2814 76
External a f 64
1960 MN 28 Sale 27%
1834 4014
2812 27
External
64--_May 1 1964 MN 28 Sale 2712
94 106
24
106
Venetian Prov Mtge Bank 74 '52 AO 106 Sale 105
9 53 8814
55%
Vienna (City of) extl of 64 1952 MN 5558 Sale 5412
4312 5318
4714 Oct'33
Unmatured coupons attached- MN
85
50
49 104
Warsaw (City) external 74 1953 P A 48 Sale 44
35 4 74
7
6812 32
Yokohama (City) esti 64_ _ _1981 ID 6718 Sale 6514
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 27.
ad
Oct. 28 1933
Pries
Friday
Oct. 27.
Week's
Range
Range of
Stoles
Jars. 1.
Last Sots.
8441
Ask Low
Mon
58 Oct'33
Chicago & East Ill lot 64_1934 AO
1112
C & E III Ry (new co) gen 58.1951 MN 1012 1112 932
09412 Sale a9312 a9512
Chicago & Erie lot gold 54_1982 M
Chicago Great West lot 44....1959 MS 38% Sale 3712 . 39
50 Oct'33
Chic Ind & Louis, ref 64__19473,
53
Refunding gold Ets
1947 3, 53 Sale 53
55 Aug'33
Refunding 45 series C
1947 3,
2512
let dr gen 5s series A
1966 MN 2512 Sale 25
28
lot & gent,series B_May 1966 33 2512 3178 2514
77 78 Aug'33
Chic Ind & Sou 50
-year 44_1956• J 70
4
4
Chic L S & East lot 4344.-1969 3D 993 10312 1003 Oct'33
613
4
Chl M & St P gen 413 ser A198933 60 Sale 5958
J 53 Sale 5158
53
Gen g 3314 ser B___May 1989
3 6312 6514 63
6412
Gen 4314 ser C
May 1989
6414
Gen 4314 ser E
May 1989 33 6378 Sale 6312
6612
Gen 4344 sec F
May 1989 33 63 66 65
4114
Chic Milw St P & Fat 54 A_ _1975 P A 4012 Sale 39
1534
Cony ad) 5s
Jan 1 2000 AO 14% Sale 1212
54 53%
Chic & No West gen if 3340-1987 MN 48
5412
60
General 44
1987 MN 60 Sale 58
58
58
Stpd 4s non-p Fed Inc tax '87 MN 8712
68
Gen 4314stpd Fed Inc tax. 1987 MN 68 Sale 68
70%
Can Si stpd Fed Inc tax..,.1987 MN 5812 68% 6812
75 56 Sept'33
4340 stamped
1987 MN 59
81
15
-year secured g 6%4_1936 MS 75 80 79
44
let ref g 54
May 2037 3D 42% Sale 40
4218
let & ref 4348 stPd-MaY 2 37 3D 41 Sale 3812
0
4212
lat & ref 4314 ser C_May 2037 3D 41 Sale 37
4
3214
Cony 41is series A
1949 MN 3112 Sale 283
No.
High
32
68
3
3 4 20
a8614 99
20
5014
28 6018
1
44
53
33 57
17
9 48
8
12
54
614 78%
9418 10314
26
38
73
4
35 64
8
40
7712
55
40
77
18
88
79
313
11
5912
746
314 313
4
4
84 82
31
80
7012
3 36
59
47 73
5 40 8212
56
56
18
43% 92%
42
15
58
63
15
47%
79
16
48
554
44 4412
Railroad
9412
75
2
8514
4
Ala Gt Sou lot cons A 54_1943 3D 84 893 8514
60 83
D 74
80 77 Oct'33
let cons 44 ser B
1943
78 9014
5
86
Alb & Susq lot guar 3344-1946 AO 85 Sale 85
65
7712
Alleg & West lot gu 44
1998 AO 6812 7812 77% Oct'33
98%
9 89
9714
Alleg Val gen guar g 44
1942 MS 9512 96% 96
2 224 45
37
Ann Arbor lot g 4s_ _ _July 1995 Q J 37 Sale 37
18
54
95% 543 8234 9718 Chic R t& P Ry gen 44____1988 ▪ ,/ 5012 5312 5212
Atch Top & S Fe
-Gen g 48_1995 AO 9212 Sale 92
20% 161
94
Refunding gold 44
1934 AO 2012 Sale 16
2 89
9112
9112
AO 90
Registered
1612 1814 18
1812 33
76 89
Certificates of deposit
5
Adjustment gold 48__July 1995 Nov 8538 88 8618 a87
20118 69
Secured 4 Ms series A
1952 MS 20 Sale 16
873
4 55 67518 90
Stamped
July 1995 MN 86 Sale 8518
1514
_ 15
15
1
Certificates of deposit
83% 85
MN
843 85 July'33
4
Registered
914 Sale
10
74
83
4
Cony g 43is
1960 MN
73 84
24
82
ID 8112 ---- 8112
Cony gold 44 of 1909_1955
72 86 Ch St L & NO 54__3une 15 1951 3D 8212 87 84 Oct'33
8215 24
82 81
Cony 44 of 1905
1956 3D 81
6012
6312 Sept'33
Gold 3318
June 15 1931 3D
73 81
7812 Sept'33
Cony a 44 Issue of 1910 1960 3D
2
8 a615
2
Memphis Div lot g 4s____1951 3D 61% 67 615
9712 93 a79 102
Cony deb 4314
1948 3D 9618 Sale 9618
55 7012 Sept'33
5 78 87 Chic T H & So East lot 58__1960 JO 47
8378
83 4 Sale 83
3
Rocky Mtn Div lot 44_ _ _1965 J
4
Inc gu 54
4312 25
Deo 1 1960 MS 423 Sale 1078
9912
89
9512 17
Trans-Con Short L lot 48_1953 33 9112 95 95
10014 Sale 0014 102
80
15 8714 99 Chic Un Sta'n lot gu 434s A.1963 J
96
•S 9314 95 9412
Cal-Miz lot & ref 434s A_1982
4
lot 58 series It
1963 33 1053 Sale 0512 1053
6
4
Ail Knoxv & Nor lat g 54_1946 3D 10014 10512 10312 Feb'31
8
Guaranteed g 5s
1944• D 100 101% 01% 10314
75
90
1
J
89%
89% 93% 39%
Atl & Chart AL lot 431a A 1944
112 Bale 12
113
1st guar 6Hs series C
1963 J
674 96
44
Oct'33
8812 92 91
lot 30-year 54 series B
1944 J
7612 78 754
1952 J
65 7514 Chic & West Ind con 44
76% 25
793 74 June'33
4
Atlantic City lot cons 44._1951 33 67
92
lot ref 53i0 series A
1962 MS 90 Sale 90
22
66
913
4
8312 51
AU Coaat Line lot cons 44July'52 MS 7718 83 79
56
8212 Choc Okla & Gulf cons 54_ _1952 MN 56 Sale 56
38 51
1
68
General unified 4318 A _ _.1964 3D 67 Sale 66
90% Aug'33
743 Cm H & D 26 gold 434o_. 1937 33 9012
4
45
MN 6412 Sale 6412
6812 49
L & N coil gold 44____Oct 1952
• F 9934 Sale 9838
993
1314 52 C 1St L &C latg44.-Aug 21934
5
4 11
39
42 39
Atl & Dan let g 48
1948 J J 38
9458 Aug'33
Registered
August 2 1936 Q F
8
7
50
32
2d 44
1948 J J 31 Sale 31
86 83 Oct'33
20 53 Cin Lob & Nor lot con gu 44_1942 MN
5
37
All & Yad lot guar 44
1949 AO 37 Sale 37
75 8412 Cin Union Term lot 430_2020 3, 10178 Sale 10118 102
29
78 79 Sept'33
Austin & N W lot gu g 54_ _1941 3, 75
lot mtge 54 series B
2020 3, 105 Sale 105
74
10512
92 4
3
6
90% 85
Bait & Ohio let g 44__ _July 1948 AO 88 Sale 88
let mtge g 54 series C
1957 MN 106 Sale 105
106
72
86
27
Reglidered
July 1948 Q J 8412 86 83 Oct'33
.• 1
_ _ _ 7812
3318 7612 Clearfield & Mah lot gu 54..1943
2
7812
67 172
4
Refund & gen 58 series A_1995 3D 65 Sale 643
76 7712 75
Cleve Cin Chi & St L gen 44_1993• D 7878 .
_ 271
99% 83 87918 101
lot gold 54
July 1948 AO 9712 Sale 961s
- 95 93 Oct'33
General 5s series B
1993 3D
374 83
7612 30
Ref & gen 64 serlea C_ _1995 JO 7412 Sale 73
Ref & impt 6a ser C
1941 33 75 85 75
75
43 614 87%
2'
85
P LE& W Va Sys ref 44_1941 MN 85 Sale 84
72 Sale 7012
Ref & leapt 5s set D
1963
73
55 89
18
8534 31
Southw Div lot 54
1950 3, 8414 Sale 8414
6312 Bale 62
8211 40
Ref & impt 4Sie ser E_. 1977 J
454 74
14
68
Tol&Cin Div let ref 44 A _1959 33 6714 70 66
4
Cairo Div lot gold 44-....1939 23 903 93 94 Oct'33
34 4 75
3
50
66
65 Sale 6478
Ref & gen 55 aeries D
2000 M
67% 72% 70
Cin W & M Div let g 48_1991
2511 67
70
2
5712 360
Cony 4;is
1960 P A 56 Sale 54
St L Div lot coil ti g 44_1990 MN 7214 Sale 72
80
69 4
3
7214
65 8 35
7
3
Ref & gen M 55 ser F
1996 MS 64 Sale 63
Stir & Col Div lot g 44
1940 MS 91 Sale 91
2 88 101
91
1003
4
100 10112 00
3
Bangor & Aroostook lot 54 1943 .11
6714 73% 7312 Sept'33
WW Val Div lot g 4s _ _ _1940
5 65 84
7814
7814 Sale 78
1951
Con ref 44
62 82 CCC&I gen cons g 6s_1934 23 10014 101 100 Sept'33
62 Aug'33
Battle Crk dc Stur lot gu 34_1989 JO
8712 --__ 90 Oct'33
80 93 Cleveland & Mahon Val a 54 1938
Beech Creek Ist, gu g 44
1936 ii 90 100 92% Oct'33
97 June'33:....
8912 9212 Clev & Mar lot gu g 4344-1935 MN
8912 Sept'33
2d guar g 54
1936
6818
98 June'33,_Cley & P gen gu 434s ser 8_1942 AO
71
68
70 Sept'33
Beech Crk ext lot g 3;is_ _ _ _1951
_ 86 Jan'33 -- _
Series 13 3314
1942 AO 8614
Belvidere Del cons gu 3344_1943 JJ
99 111 10114 Sept'33
- -12
Series A 4344
1942
2 -11if4
LO-- 90
90
Big Sandy lot 44 guar
1944
-- 91 Anna
Sallee C 3344
1948 MN 86
7 53 83
74
Boston & Maine lot 54 A C..1967 MS 71 Sale 71
Series D 3344
83 Oct'32
1950 AF
8 544 8312
74 71
73%
lot M 54 series II
1955 MN
Gen 4344 ser A
91 Sept'33
1977 P A
9 48 78%
70
70 6612
1st g 4314 ser JJ
1961 AO
597 59
12
544 6812 Cleve Sho Line let gu 4348..1961 AO 83 Sale 83
60
85
4
Boston & NY Air Line 1884s 1951 FA 58
84% 9412 Cleve Union Term lot 5344-1972 *0 8418 88 87
873
4
7
Bruns & West lot gu II 45-1933 JJ 8812 94 93 Oct'33
4
lat f 58 series B
1973 A0 823 Sale 8218
85 10012
8314 17
10012 26
Buff Koch & Pitts gen g 58-1937 MS 100 Sale 100
AO 7212 Sale 7212
lot a f guar 4514 series C.-1977
3338 67%
74
5818 88
1957 MN 55 Sale 53%
Como!4314
46
7012 Coal River Ry lot gu 48-1945 JD 90 _ _ _ 924
36
9212
2
39
Burl r- 14 & Nor lot &roll 54_1934 AO 33
37 36
Colo & South ref & ext 4%8_1935 MN 83 Sale 82
35 35
35
1
84
304
_ 35
20
Certificates of deposit
General mtge 434o oar A 1980 MN 4612 64 64
- 0 8818 91 88%
7878 97
64
88%
3
1
Canada 1300 cons gu be A___1962 A 1948 AD ---- -- 9513
794 983 Col & H V 1st ext g 44
4
9814 20
Canadian Nat guar 4344____1954 MS 9734 984 9610
95 4 12
3
P A 79% _ _ _ 95
Col & Tol lot ext 44
1955
793 99
8
9778 68
95
1
30-year gold guar 4348_ 1957 3, 9712 Sale 961s
77 June'33 _79% 100 Conn & Passum RI, lot 44..A943 *0 70 _
Guaranteed gold 4340. _ _1963 3D 9912 Sale 9714 100 ' 92
J
3 Guaranteed g 58
July 1989 3, 104 Sale 10338 104% 101 a844 10434 Congo! Ry non-cony deb 44_1954 33 441/ 48 50 Oct'33
Non-conv deb 48
1955
84 105
53 Aug'33
8
_
Guaranteed g 54
Oct 1969 AO 1043 Sale 10315 10412 54
Non-cony deb 40
1935 *0
50 4612 Sept'32
10414 45 88438 105
1971) P A 10414 Sale 103
Guaranteed g 54
'3
Non-conv deb 48
1956
- 51 5018 Oct'33
10218 78 80% 10218
Guar gold 4144_June 15 1955 3D 102 Sale 100
1942 3D le Sale 19
2012 42
1956 P A 997 Sale 9814 100 245 80 100 Cuba Nor Ry let 5340
(War II 4344
-year Si g_1952 3, 18 Bale 17%
79% 10014 Cuba RR lot 50
101
20% 21
Guar g 4344
Sept 1951 MS 100 Sale 9814 100
D 17% 1912 18
let ref 7340 series A
1936
9634 107
8
19
Canadian North deb of 74_1940 3D 1063 Sale 1054 10634 41
5
lot lien & ref 64 ear B
1936 J O 17% 23 17 Oct'33
25
-year a I deb 6 Ms
1946 33 110 Sale 0918 11014 15 944 11011
90 1013
4
8
10-yr gold 4314_ _ _Feb 15 1935 J 3 1013 Sale 0118 10112 46
49 £70 Del & Hudson lot & ref 48-1943 MN 82 Sale 81
6412 169
63 Sale 6212
83% 47
Canadian Pao Ry 4% deb stock
Si
1935 AO 96 98 96% Oct'33
8312
8018 114 455
4
Coll in 4344
1948 MS 773 Sale 7712
MN 94 Sale 94
C old 5340
99
51
8013 99%
9412
9812 9938 9814
8
Se equip tr etre
1944
937
6
584 9011 D P.R & Bridge lat ICU g 4a 193 FA 95
8058 65
8
96 Sept'33
Coll tr g 54
Dee 1 1954 JO 80 Sale 795
' 4112 Sale 4012
3
Den & R 0 let cons g 44___ _1936
53t2 80
7414 112
43
166
Collateral trust 4340
1960 33 717 Sale 714
33 43 Sale 43
Consol gold 4314
1936
15
19%
19 June'33
44
6
Car Cent lot cons g 44
1949 33 19
80 10012 Den & R 0 West gen 54 Aug 1955 FA 23 Sale 22
3
99
98 9812
25
96
86
Caro Clinch &0 lot 30-yr 54_1938
Ref & impt 54 tzar B_Apr 1978 * 0 3312 Sale 32
88 99
98
3
34
26
1st & cons g 64 ser A_Deo 16 *52 JO 98 Sale 9234
58 683 Des M de Ft D lot gu 44-1935
4
8012 68 Oct'33
67
Cart & Ad lot gu g 44
1981
33
Certificates of deposit
24 60
212 7
42
1
212 Sept'33
42 Sale 42
Cent Branch U P lot g 44_1948
Des Plaines Val let gen 4318-1947 M
56
6978 68
32 64
8974
Oct'33 25 51
3
Central of Ga lot g 58_ _Nov 1945 P A 22
1955 3D 30
9% 4118 Dot & Mac lot lien a 44
39 37 Sept'33
5
25
MN 247 Sale 24
Consol gold 58
1945
Second gold 44
1995 3D
3
28
2912 30 July'33
8
115s 22
115 Sale 10
Ret & gee 5344 series 13_1959 AO
212 273 Detroit River Tunnel 4348 1961 MN 90 Sale 90
4
90
1112 14
912
10
Ref & gen 54 aeries C
1959 AO 1138 13
Dul Missabe & Nor gen 54_1941 33 104
15
33
0314 Oct'33
32 3212 July'33 --__
Chat'Div pun money 444_1951 3D 22
•
35
35 Dui & Iron Range let 58-.1937 0 104 10412 03 Sept'33
Mac & Nor Div lot g 54_1946 J
---- 35 July'33
Dul Sou Shore & Ail g 58-1937 33 26 Sale 26
28
28
26
28 July'33
Mid Ga & At! Div pun m 50'47 33
24
35
1
28
Mobile Div lot g 54
1946 33 28 Sale 28
55
7412 East Ry Minn Nor Div lot 40'48 * 0 9212 Sale 9212
9212
6
Cent New Engi 1st gu 4s
1961
89 38%
83 83 54
8878
66% East T Va & Oa Div lot 54_1956 MN 85
3
3
2 25
Cent RR & Bkg of Ga coil 54.1937 MN 67 6812 68 Oct'33 ___
82 1021a Elgin Joliet & East Ist g 54_1941 MN 9612 97 96 0.3'33
983
4 25
Central of N J gong 58
1987 .1 J 96 Sale 96
El Paso & W 1st 54
1965 A 0 684
_ 61 Feb'33
83 98
96 98 Aug'33
Registered
1987 Qi
90%
91 Oct'33
7534 9112 Erie & Pitts g gu 3314 ser B 1940
.1
General 44
88 8512 Oct'33
1987
1940
9018 __ _- 90 Aug'33
Series C 3 5411
6312 8312
7812 iiL
Cent Pao lot ref gu g 44 1949 P A 7512 Sale 7438
7812 Sale 78%
Erie RR 1st cons g to prior_ _1996
87
80
a64
34
AO __-- 8412 797 Oct'33
Through Short I. lot gu 44_1954
1996
Registered
7814 Aug'33
45 80
6812 75
Guaranteed g 54
1960 P A 6638 Sale 6618
62 Sale 6114
lot consol gen lien g 44_1996
6234 103
111 June'31
'3
Charleston & Say% let 74_1936
3
Registered
1996
57 June'33
7
8 10718 49 aleal8 117 2
Cheri & Ohio lat con g 58_1939 MN 10638 Sale 1063
A 99% 9912 9918 Oct'33
Penn coil trust gold 44
1951
1014 105
Registered
1989 MN 10314 105 10314 Oct'33
5678 Sale 56
50-year cony 44 series A 1953 A
57
83 87% 10414
103
M
7
General gold 4314
10112 Bale 101
1992
Settees B
1953 A
5514 Sale 5514
9012 9812
5714 17
9812 Oct'33
M
Registered
Gen cony 44 series D
1953 A
40 Mar'33
9312 27 80 95%
Ref & impt 4314
1993 AO 92 Sale 92
Ref & leapt 54 of 1927____1967
5714 Sale 5414
68
79 96
93 105
-1
138
Ref & impt 431s ser B
91 Sale 91
1995
57 Sale 5412
Ref & impt 54 of 1930____1975 A
90 100
573 301
4
Craig Valley lot Se May 1940 33 ___- 100 96 Oto'33
Erie & Jersey lst f 64____1955
9712 98 9714
81
89
98
_
85 Oct'33
Creek Branch lot 44_1948 33
Potts
3
Genessee River lat 0 f 64._1957
9612 99% 9934 Oct'33
13 84% 100
95
94 Sale 94
R & A Div let con g 48_1989
83 9012
_
88 Oct'33
J
2d consol gold 44
1989
Fla Cent & Pen lot cons g 54 1943 .1 .1 27
30 27 Oct'33
93 93
Warm Spring V lot g 54._1941 M
100 102 93 May'33
51 Sale 50
52
30
5818 Florida East Coast lot 4314_1959
27
54
23
533 5212
Chic & Alton RR ref g 38_1949 AO 51
1974M S
1st & ref 54 series A
91
812 Sale
8
9
80
59
90
Div 3344_1949 33 8814 Sale 88
21
Chic Burl &
Certificates of deposit
8 Sale
7
818
8612 8612
33
6
88 8612 July'33 Registered
38 874 99 Fonda Johns & Glov lot 4 Sis 1952
983
1949 33 96 Sale 9512
Illinois Division 44
Proof of claim filed by owner M N
5
914 912 Oct'33
78
95 8
7
1958 MS 905 Sale 9014
9312 110
General 44
(Amended) lot cons 2-1s._1982
9214
6 68
88
1977 PA 87 Sale 87
1st & ref 4314 ser B
43, Oct'33
Proof of claim filed by owner M N
7814 1004
41s 5
50
95
1971 P A 94% Sale 947
lat & ref 54 ser A
Itat of Natured lionds on page 3118.
?Cash sale. a Deferred delivery. •Look under
Low
28
4
100
50
7012
16
39
18 25
16
38
15
19
6
28
72
90
63 6312
46
7214
36
7314
14% 643
4
91 102
95 106 12
9304 10312
10338 114
5978 8012
664 95
50
63
85 9058
92 9934
94% 94%
82 83
93 102
964 1073
4
9614 107
72
7812
88 85
85 96
49 82
47
8212
37
7712
85 95
60 77
66
80
91 93
72 76
9612 101%
8014 90
99
97
9614 98
80
86
96 10112
84
91
-51" If"
70
604
54
494
87
90
8612
773
4
8811 9312
674 940
4
47
77
854 97
90 95
77 77
38
6014
40 62
497,
10
15
16
11
1-31;
673
4
91
79
98
82012
27
8
/
1
4
11
8912
9912
9712
96
66
6712
52
60
1
45
33
25
75
10112
99
12
PA
69%
4014
30
91
104
1057
8
39
41
413
4
41
34
84 93
65
98
785 98%
4
61
72
90
91
88% 90
8712 85
7814 7814
4012 74
41
57
99 100
3012 68
30 4 67
3
40
4018
2014 6712
204 6712
81 1024
75 102
15
344
3
2
40
63
213
4
21
4%
612
412
44
3
.1
New York Bond Record-Continued-Page 3
53
I
BONDS
t
3
N. Y. STOCK EXCHANGE , h
.,,c,,
Week Ended Oct. 27.
mu
Frtala
Oct. 27.
Wesk's
Range or
Last Sale.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 27.
11
so 0
1
Ask Low
High No.
87 Nov'32
9712 Sale 9712
9812
B44
Fort St UO3 Co 1st g 4149__1941 J
Ft W & Den C let g 5148-1981 J D
Frem Elk & Mo Val let 6s_ _1933 AO
Oa & Ala Ry lot eons Es Oct 1945 J J
1418 197 27 July'33
8
Ga Caro & Nor let gu g 55 1929
Extended at 6% to July 1 1C.44 J J
27
18
2618 July'33 _ _
1
40
40
43
Georgia Midland 1st 3s____1946 AO 39
Jan'31
Gouv & Oswegatchle let 55_1942 J D
---- 100
97
_
913 Sept'33
4
Or R& I ext 181 gu g 414e_ _1941 J J 89
Grand Trunk of Can deb 713_1940 A 0 10612 Bale 10512 10612 47
-year s f 6s
10414 51
15
1936 • S 10418 Sale 103%
Grays Point Term le: 58
1947 J D 55 --- 06 Nov'30 _ _
Great Northern gen 75 ser A_1936 J .1 81 Sale 79
82
157
794 20
let & ref 44(e series A
1961 J .1 7812 Sale_ 7812
Stpd (without Jly 133 coup)
8612 July'33 _ - _ _
_
7212 103
General 514e series B.._ 1952 • J -71i4 Sale 701
33
69
General be series C
1973 J J 6612 Sale 66%
General 4145 series D
68
6514
65%
4
1976 J J 65
65% 34
General 414e series E
1977 J J 64 Sale 64
Oct'33
Green Bay & West deb ethi A___ Feb 26
__
_- 30
Debentures ctfs B
4
Oct'33
5
Feb
-'
7
Greenbrier Ry let go 48__ _1940 NI N
90 Sept'33
-Gulf Mob & Nor let 5148 B 19541 AO
62
17
61
10
61
let mtge be series C
6014 58
1950 AO 58
Gulf&S list ref & ter baFeb 1952 J J 5518 ---- 45 June'33 _ _ _ _
Stamped (July 1 '33 coupon on) J J 55% ---- 4014 June'33
Hocking Val 1st cons g 4343_1999
Housatonic Ily cons g be_ __ _1937
II & T C let g 5s lot guar___1937
Houston Belt & Term let 58_1937
Ilud & Manhat 1st 5s ser A_1957
Adjustment Income Is Feb 1957
J J
MN
J J
J J
F A
AO
983
4
83
965
8
90
745
36
Sale
85
100
98
Sale
Sale
98%
99 2
,
8512 Oct'33
965
8
96%
91
Oct'33
7412
78
36
39
39
5
46
84
Illinois Central 1st gold 48__1951 J J
Oct'33
_
90
lst gold 334s.
Oct'33
78
1951
7812
Extended 1st gold 3145__ _1951 AO 80
Oct'33 _ _ _ _
80
let gold 3s sterling
73 Nlar'30 -- 1951 MS
Collateral trust old 48
13
67
4
1952 A 0 663 Sale 66
Refunding 45
30
73
70
1955 MN 45
70
Purchased lines 314e
_
55 June'33
1952 J J
Collateral trust gold 48_1953• N 8112 Sale 58
6112 20
Refunding be
80
7814
80
_1955 MN 76
15-year secured 634s g_ _ _1936 J J 911 Sale 9114
8
9112
40
-year 48it
189
58
Aug 1 1966 F A 57 Sale 5418
Cairo Bridge gold 4s
85 Sept'33
1950 J D
Litchfield Div let gold 38_1951 22
3
_ _ _ _ 73 s Aug'33 - - Louley Div & Term g 3146 1953 J J 65
Oct'33
67
75
Omaha Div let gold 3s._ _1951 FA _
Oct'33
67% 68
St Louis Div & Term g 38_1951 J J 01
Oct'33
673 69
4
Gold 31.4s
1951 J J 6012 677 74 Sept'33
Springfield Div let g 33i9_1951 J J 60
75 Aug'33 - _
Western Lines 1st g 48_ _1951 F A
80 Sept'33
111 Cent and Chic St L & N 0
Joint let ref be series A
81 63
645
1963 J O 0314 Sale 62
let & ref 414s series C
593
4 20
1963 3D 5714 59% 5818
lad Bloom & West let ext
_ 891* Oct'33
48 1940 AO 90
Ind III & Iowa let g 45
8014
_ 8014
1950 J J 80
Ind & Louisville 1st gu 45 1958 JJ 36'43
42
42
Ind Union Ry gen be eer A 1965 22 9312 101 100
2
100
Gen & ref be series 11
_
Oct'33
100
rat & tart Nor let 6s ser A _ 1985 .1
32
33
3212 Sale 30
_1952
Adjustment 68 ser A _July 1952 AO
183
8
9
8% Sale
1st be series B
5
2712
1956 J J 2514 2912 2712
let g be series C
2713
1956 J J ____ 2812 271*
Int Rye Cent Amer 1st Sell 1972 MN
6
1
53
53 Sale 52
let coil trust 8% g notes..1941 MN
60 Sept'33
5514 57
let :ten & ref 614s
10
4614
49
49
50
1947 FA
Iowa Central let gold Es_
1938
Certificates of deposit
D
712
414 7
712
1st& ref g 4s
3% 32
23
4
3
1951 M
4
51, 27
18
26,
8
2312 80
83-84- - - 4
9
96% 10612
933 104,
4
4
"4314
6634
66
39
4012
37
34
29
314
8814
2212
23
4212
4014
- 1664
87
86 2
,
8312
77%
74
74
32
113
90
68
6612
45
4014
84 10012
90
75
8512 96%
78 100
88%
72
36
593
4
7812 90
7612 79%
72
80 _
50
46
55
40
52%
8018
30
50%
58
58
58
53
62
75
66
78
80
5641
691a
88
94%
73
85
7338
73
6818
7012
74
75
853
4
387 7412
8
69
37
8912 92%
85
75
5478
27
85 101
85 100
18% 5412
3
25
18
50
16
4912
3314 65,2
6118
37
25
55
2
1
10
6
r.
Price
Week's
Range or
Last Sale.
Friday
t On. 27.
-Ala
Ask
51
J
Milw dr State Line 1st 3%8_1041
Minn & St Louis let cons 58_1934
514 8
1934 MN
Ctfs of deposit
418 5
1st & refunding gold 4s
1949 MS
Ref & ext 50-yr 55 ser A 1962
Q F
334
4 44
Certificates of deposit
3,
M St P & SS NI con g 4e Int gu '38 J .1 347 Sale
8
38
1st cons 58
1938 J .1 27
4118 43
1st cons 5s gu as to int1938 J
1st & ref 69 series A
1946 J 3 ____ 30
2012
25
-year 5%a.
1949 MS 18
1st ref 514e set B
1978 J J 59 Sale
let Chicago Term s 1 48_1941 MN
Mississippi Central 1st 58.....1949 J J
Nash Chatt dr St L 4s ser A1978 F A
N Fla & S 1st gu g bs
1937 F A
Nat Ry of Mex pr lien 4148 1957 J J
Assent cash war rct No. 4 on
,
A0
Guar 48 Apr '14 coupon 1977 --Assent cash war rct No. Son
Nat RR Mex pr lien 414e Oct '28
Assent cash war rct No. 4 on
1st consold 48
1951 AO
Assent cash war rct No. 4 on
Naugatuck RR lot g 4s__1954 111, N
New England RR cons 58 1945 J .1
Comm! guar 48
19 5 J
,
NJ Junction RR guar let 49_1986 FA
NO& NE let ref &inlet 43.48 A '52
.1
New Orleans Term 1st 4s_ _1953 J 3
N 0 Tex & Mex n-c Inc 58_1935 A 0
1st 58 series B
1954 AO
let be series C
1956 FA
1st 414s series D
1956 F A
let 534s series A
1954 AO
N & C Bdge gen guar 4%8_1945 J 11
N Y B & M 13 let con g
5s__1935 A 0
514
414
314
312
33
35
3912
26
20
583
4
90
8412
Oct'33
4%
Aug'33
Aug'33
3712
35
4118
Oct'33
21
60
July'33 _
July'33
218
-14
48
2
12
7
23
1514
1514
3
80
7812
82
73
71
40
6212 24
62
6513 22
65
3912
41
84
2Stz 46
2314
1338 204
1118
2112
2538 166
281* Oct'33
2512 38
213
4
814
912 138
34
25
23
2512 185
22
7318 Oct'33
46 June'33 _
44 Aug'33 _
2
4612
4612
Oct'33
65
30 Sept'33
18
18
2
8
8
3
16
1312
75 Sept'33
4
9112
9112
_
8
933 Sept'33
7612
7812 26
Oct'33
84
8014 Oct'33
813j
813
4
97 Sept'33
18 July'28
214
23
4 214
4
_ _ 123 July'311
3% lx Sept'33
8134 831
9212 99
2
1
Oct'33
27
8
2 53 22 Ape2S
Oct'33
2
-45i8 75
7112 Nov'32
7514 _
80 Sept'33
73
73
73 Sale
____
92 Nov'30
58 Sept'33
5014 65
Oct'33
60
6512 65
1418 193 17
18
4
1.5
20
197 18
15
Oct'33
2212 21
_
19
Oct'33
20
18%
21
17
20
85
9312 Aug'33
10112 B;1e 10112 10112
-
3
4
12
118
112
24
16
2812
912
a812
37
90
65
11408
6012
818
612
11
43
8
48
391*
5412
34
317
8
71
90
85
15
32
681: 8812
59
8714
514 73
55
7712
a3212 6512
1812 44
7
2412
18
44
2 312 2413
,
1812 4412
3
24
1812 44
1814 4414
5013 a74
48
46
36% 60
46
4612
44
65
28 r72
7% 37
414 213
8
4% 25
62
75 4
3
87 4 94
,
90
93%
7018 80
52
8772 86's
60
82
60
85
8618
97
4
r434
1
214
2
1i
1
3
5
1
-lig
- if
73
79
6
3
17
N Y Cent RR cony deb
8212 Sale 8212
8612
8
68__1935 MN
Consol 4s series A
773
4 55
1998 FA 77 Sale 76
Ref & Inapt 434s Series A_.2013 AO 59 Sale 58
5912 86
Ref & impt 38 series C
AO 63 Sale 62
6412 307
N Y Cent & Rod Ely NI 3148 2013 J J 813 Bale 8112
Ill
83
4
1997
Registered
77 Sept'33
82
1997 J J _
Debenture gold 48
87% 41
Sale 8612
1934 MN
30-year debenture 48
14
78
75
78
78
1942 J J
Ref & Inapt 434s ser A_ _ 2013
5812 Sale 58
151
60
Lake Shore coll gold 3348_1998 FA 71 Sale 70
7212
FA
Registered
6912 Sept'33 -1998
Mich Cent colt gold 310_1998 FA -_-_-_-_ 72
1
7118
714
Registered
_ 72 69 July'33
1998 FA
N Y Chic & St L 1st g 48_
0 132 Sale 82
8312 39
1937
Refunding 5148 series A 1974 A0 473 491 44
4834 71
4
Ref 4348 series C
43
370
1978 NI S 4214 Sale 39
3-Yr 6% gold notes
4734 95
1935 40 46 Sale 42
N Y Connect let gu 414e A_1953 FA 99 Sale 99
8 43
997
1st guar 55 series B
1953 FA 103 104 10212 Sept'33
N Y Erie 1st ext
9218 Oct'33
gold 45 1947 MN 93%
N Y Greenw L gu g 58_1946 MN
5.314 -6 63
Oct'33
7
N Y & Ilarlem gold 3148_2000 MN
8
8418 853 855 Sept'33 _
4
NY Lack & W ref 4%s 13
Oct'33
96
1973 MN
N Y & Long Branch gen 45...1941 NI
76 June'33
N Y&NE Bost Term 4s.. 1939 AG
9512 July'29 _
N Y N II & H n-c deb 4s_ _ _ _1947 M
Oct'33 - -65
65
Non-cony debenture 348_1947 MS 55
65 Aug'33
63
Non-cony debenture 33.48_1954 AG
1
5214
5214
Non-cony debenture 4e..1955 I .1
2
52
51%
53
MN
Non-cony debenture 4s
52
7
517 50
8
1956
2
Cone debenture 314e
Oct'33
58
58
1956
J
Cony debenture (ie
73% Sale 7353
7514 54
1948
J
Registered
90 Aug'33
73
Collateral trust 641
84
75
4
1940 AO 743 Sale 74
Debenture 4s
29
49
4618 Sale 45
1957 MN
1st & ref 434s ser of 1927 1967 Jo 58% Sale 58
603
4 63
88
8812 24
Harlem R dr Pt Ches let 4s 1954 MN 88
89
r Cash sales. a Deterred dellv.ry. z Optional gale Sept. 21 at 83. • Look under list of %tarn red Boons on page 3114
Range
Since
Jan. 1.
Lem
mob No. Low
6012 Oct'33 -40
Mo-III RR 1st 55 ser A
97 1514
8
1959 J J
Mo Kan & Tex let gold 4s 1990 J D 783 Sale
4
Mo-K-T RR pr lien 59 ser A _1962 J J 7112 Sale
40-year 4s series B
J 62 Sale
1962
Prior lien 414e ser D
J 65 Sale
1978
Corn adjust be ser A_Jan 1987 A 0 3912 Sale
25 Sale
Mo Par 1st & ref Es ser A.,1965 F A
General 45
1212 Sale
1975
let & ref 56 aeries F
4
243 Sale
1977
Certificates of deposit
let & ref Se ser G
1978 FYI-111 -25- S;Ie9 Sale
Cony gold 514e
1949 M N
O 243 Sale
8
let ref g 5s series H
1980
let & ref Es ser I
Sale_
1981
NI A
A
Mo Psi 3d Meat at 4% July 1938 F N
273458%
Mob & Mr prior lien g be
61
1945 J 3 65 - .
I .1 60
Small
90
let M gold 45
1945 J J
Small
42
MS 16
Mobile dt Ohio gen gold 4e_ _1938 J---- 38
15
Montgomery Div 1st g 59..1947 FA
20
NO
Rat & impt 414e
1977
Sec 5% notes
1938
Ni SS
Mob & Mal 1st gu gold 49_1991 N1 S 737:2 11 41110
--4
Mont C let gu 6s
9114 93
1937 J
let guar gold be
J J 82% 90
1937
Morris & Essex let gu 33.49_2000
7612 Sale
N1 N
Constr NI bs Ber A
84
1955'1D 82
78
791
Ccriltr M 4149 ser B
1955 let N
James Frank & Clear 1st 46 1959 3D 72
75
60
_
72 Sept'33
73
Kal A & G R let gu g bs___
.1
103 Mar'31 _ _
_1938
Kan & M let gu g 4s
60 V(i"
Oct'33
75
1990 AO 68
75
K C Ft S & lei Ily ref g 4s
4
313 6112
17
1936 40 363 42
4
3714
63
3 4
Certificates of deposit
32
5712
AO 35
383
36
36
4
5
Kan City Sou 1st gold 3s_
6712
..1950 AO 35914 Sale 59
6212 34 648
Ref & impt Is
47
80
Apr 1950 J J
32
70
6814 Sale 6712
Kansas City Term let 4s___1960
83
96
9218 Sale
9338 65
Kentucky Central gold 45_1987 J J 88 Sale 9118
7414 93
4
9012
88
Kentucky & Ind Term 4148_1961
84 Aug'31
75
65
Stamped
-8/ 75
1961 JJ 65
75 June'33 _ _
80
Plain
1981
89
70
Apr'30 _ _
Lake Erie dr West let g 5s__1937
58
93
J
7812 85
4
8112
8112
2d gold Es
55
7812
1941 J J 60% 78
6218 Oct'33
Lake Sh & Mich So g 33.4
D 86 Sale 86
71% 87,
4
8 1997
.8714 32
Registered
7212 80
1997 3D
80
Oct'33
__
Lehigh & N Y 1st gu g 4s..1945 km S 60
46
70 4
3
60
66
Oct'33
_
Leh Val Harbor Term gu Is 1954 FA
793 90
4
86
86
2
Leh Val NY 1st gu g 43413_1940 J J 85% 87
5972 S7
82
83
82%
82
2
Lehigh Val (Pa) cons g 4E1_2003 MN _42
'15
62
4314 70
Sale 4014
Registered
MN
28
45
45 June'33 _
General cone 4 34s
3214 64'.2003 MN 44- Sale 46
4634 27
General cons 50
33
2003 MN 51Sale 51
88,2
1
51
Leh V Term Ry 1st gu g bs 1941 AO
82 1001a
8
82
82%
3
Lox & East 1st 50-yr 58 gu_1965 AO 917 98
79 10012
97 100
9912 Oct'33
Little Miami gen 48 series A_198: Ni N 90
8112 8112
_
8112 Sept'33
Long Dock consol g 68
90% 101
1935 AO 9912
_ 100
100
17
Long IslandGeneral gold 413
1938 3D 993
95% 993
4
4
_ 9913
9913
3
Unified gold 48
1949 M
82 rO912
92% Sale 92
92% 13
Debenture gold 55
1934 ID 1003 101% 1003 Oct'33 _ _
97 10112
4
4
20
-year p m deb be
MN
90 100
1937
9712 Sale 8718
9712 12
Guar ref gold 4s
1949 MS 927 Sale 93
76
95
8
93
1
Louisiana & Ark 1st baser A_1969 J J 4312 Sale 42
20
57
N Y 0& W ref g 4s June____1992 let S
4312 73
Louis & Jeff Ildge Co ad g 48 1945 M
70
8218 8312 8312 Oct'33
85
General 4e
1955 ID
Louisville & Nashville Es_ _ _1937
N 10312 104 104
9634 104
104
N Y Providence & Boston 49 1942 AO
9
Unified gold 48
.1 93 Sale 93
1940
8112 98
NY & Putnam let con gu 49_1993 40
9514 78
Registered
J J
77
85
82
Apr'33
NY Sipm & West let ref 58_1937 jJ
let refund 5148 series A...2003 AG 92 Sale 92
8512 99
FA
93
J1
2d gold 4148
1937 FA
let & ref 58 series It
2003 AG 8918 9012 8812
8312 9212
9014
General gold bs
10
1940
let & ref 4148 series C
We 90
2003 AO 8114 8312 82
8312 42
N
Terminal let gold 56
1943
Gold 55
AO 101 10312 101
87 1023 N Y W Ches & B lot ser I 410'48 I .1
1941
g
101
4
Paducah & Mem Div 4e 1946 FA
58
75% 8614 65 June'33
70
_
St Louis Div 2d gold 3a_ _1980 MS 6012 Sale 59
43
623 Nord Ry ext sink fund 0148 1950 A
4
13
61
Mob & Monts let g 4%8_1945 NI S 94
9312 Norfolk South let & ref A 5E3_1961 FA
82
_ _ _ _ 9312 Oct'33
South Ity joint Monon 48_1952 3 .1 57
40
73
641 72 Sept'33 _
Certificates of deposit
MI Knoxv & Cin Div 45_ _1955 MN 84% 871 87% Oct'33 _ _ _
75
9214 Norfolk & South 1st gold 56_1941 MN
Norf & West RR ImprAext 6s '34 FA
Mahon Coal RR let be
9514 10114
1934 J J
100% July'33
& W Ry let cons g 4s___1996 40
Manila RR (South Lines) 48 1939 MN
5514
a4938 551 j
5514
4934 59
Registered
1966 40
let ext 45
50
1959 MN
52
51 July'33
89
32
Dbel 1st lien dr gen g 4e 194 J J
4
Manitoba SW Colonlza'n ts 1934 3D 9412 961 5943
70 a96
951.Pocah C & C joint 48
4
9
1941 JO
Man 0 11 & N W tat 33.48_1941
47
50
J
50
60
50
Oct'33
North Cent gen & ref 5s A 1974 MS
Men Internet 1st 4e mad__ _1977 MS
2 Sept'32
Gen & ref 414s ser A
1974 M
Michigan Central Detroit & Bay
North Ohio 1st guar g 5s_ 1945 A0
City Air Line 45
93 4 95 4 North Pacific prior lien 45_1997 @
,
1940 I J 9414 943 9514 Oct'33
,
8
Jack Lane & Sag 3148___ _1951
S
Registered
Q
-- 79 blay'26
let gold 334s
"79" -6417 Gen lien ry dr Ida 3s_Jan 2047 Q F
1952
N 8514 88
88
88
Ref & impt 41411 ser C
61
J
1979
75
Oct'33
75
75
80
Registered
Jan 2047 Q F
Mid of N J 1st ext be
40
1940 AO 6314 71
75 4
3
Ref & impt 4348 series A2047
J
6612 Oct'33
Mil & Nor let ext 414e (1880)1934
50
76
D
76 Sept'33
Ref & Impt 68 series B____2047
J
Cons ext 4)4s (1884)
68
1934 JD 62
70
Ref & Impt 5s series C____2047 3 J
68 Sept'33
75
6111 Spar & N W 1st gu 48..1947 MS 51
5712
58
Ref h !met 5s serles D_2047
6 3411 66
58
Nor Ry of Cant guar g 58___1938 A 0
3115
16-
30
49
1
,
1812
18%
16%
17
90
98
75
35
3512
36
36
3611
9312
102
46
5712
3413
39
683
4
70
60
64
3412
80
68
65
57
66
14
12
51g
87
89
86
513
4
84
85
76
92
8418
74
80
83%
7712
933
4
8612
74
77
71
78
09
913
4
6712
563
4
87
100
1031g
9218
65
89
98
76
45- 7 -0
44
65
44 a85
45
71
45
71
43
60
57
9912
90
80
59
95
34% 65
45
75%
82% 9012
50% 67
43
61%
a57%
6012
53
53
85 Nov'32
7412 Oct'33
4812
48
4112 June'33
37
3512
75
Oct'33
44
403
4
77
3
73
64
2312
33
1612
64
31
1273 Sale 123
1273
8
8
• 578
213
13 Aug'33
25 Aug'33
12
18
10112 103 10112 Sept'33
98% Sale 98
9914
963 9418 Jan'33
4
4
100 Sale 993
100%
9912 Sale 99%
100
96_ 98
98
913 4 66 88
Oct'33
3914 4312 3834 39
8414 Sale 83
8514
83% Aug'33
81
58 Sale 573
4
5914
____ 54% 5512 Jan'33
69 Sale 69
69 18
80 Sale 7918
81
7212 80
74
74
6314 74
7314 Oct'33
100 Sept'33
37
983 127 8
4
7
60 Sale
5314 56
81
95
7212 75
48
54
_ _ 70
25
40
693 _ _ _ _
4
44 Sale
4
3
109
81
3
1
3
119
124
4
175
5
78
65
4112
62
75
60
13
13
283
2
101 10412
87 10012
941g 9418
03% 1013
4
8912 100
944 10012
88
88
4518
17
73
8912
7438 85
48
62
5512 5512
50 87812
9212
80
591g 84
564 83
100 100
New York Bond Record
3116
.1
,...g
BONDS
N. Y. STOCK EXCHANGE rt
,
a.
Week Ended Oct. 27.
Price
Friday
Oct. 27.
Bid
Ask
5214
Og & L Chem let Ku g 45.1948.1 .1 45
Ohio ConrectIng fly let 4&.1943 M S 89_
-0
Ohio River RR 1st g 5a__ 1936 J D 8514 10
1937 A 0 85
91
General gold be
Oregon RII & Nay corn g 45,1946.3 D 9214 Sale
Ore Short Line let cons g 58_19/6 J .1 106 ---1946.3 1 10612 Sale
Guar stud cons 5s
1961 J J 8512 Sale
Ore-Wash RR dr Nay 4s
Pac RR of Mc, let ext g 48_1938 F A
2d extended gold 541
1938 J 1
Paducah & Ills lets f g 440_1955 J .1
Paris-Orleans RR ext 5345.1968 M S
Paulleta Sty let ref e f 75_ _ _1942 M 9
Pa Ohio & Del let & ref 445e A '77 A 0
Pennsylvania RR cons g 0_1943 MN
1948 M N
Consol gold 45
45 sterl stpd dollar May 1 1948 M N
Corml sinking fund 440_1960 F A
General 434* series A
1965 / D
General be series 13
1968 J 111
-year secured 654*
1936 F A
I5
40-38 „
,„. cored gold 58_1964 Ni N
1971 A 0
Deb g 440
1981 A 0
General 444s eer D
Peoria dr Eastern let cons 49_1940 A 0
Income 4e
April 1990 Ain
Peoria & Pekin 17n let 5)4s.1974 F A
Pere Marquette let ser A 68..1956 J .1
let 45 series B
1956 J 1
let g 43.4* series C
1980 M 9
plane Salt & Wash let g 48_1943 NI N
1974 F A
General be miles B
General g 440 series C.._..1977 1 1
Philippine Ry let 30-yr a 4s '37 .1 1
85
88
;
Week's
Range or
g1
Last Bale, 54.1
1
Range
Since
Jan. I.
High No. Low
High
Low
3812 5814
5
51
51
_
97 Mar'32 ____ ____
80
__90
90 Aug'33 ____
91
70
91 Aug'33 8418 98
9214
9414 53
99 10712
1
10512 10512
1061* 44 100 10712
105
90
75
8512
88
/ 103
1
4
9012 90
/
1
4
88
91
944 9414
/
1
119 122 11812
51
50
____ - -12 90
89
9912 100
9912
100 Sale 100
9912 Sale 9912
104 Sale 10312
88 Sale 8712
9612 Sale 9618
10414 Sale 04
923 Sale 92
4
a7512 Sale 75
83 Sale 8214
6412 sale 6412
53 10
4
53
4
88 ---- 88
63 Sale 6218
5012 Sale 50
__- .54
513
4
10018 10114 10014
100 Sale 100
9412 9312
213 Sale 203
4
4
Oct'33 ____
Oct'33 ____
Aug'33 ____
35
121
Oct'33 ___
Oct'33 ____
10034 11
10114 15
1004 36
/
1
61
105
9114 141
9912 158
104
/ 125
1
4
64
95
78
/ 88
1
4
105
85
4
6412
3
6
/
1
4
2
90
63
16
50 12 70
19
52
10114 20
6
100
9412 14
2212 48
7312 93
/
1
4
76
90
93
9412
a961 123
/
4
36
52
71
9312
95 4 1013
3
8
91 10112
90 10112
9412 105
731 941
/
4
/
4
78 100 4
3
95 1053s
73
98
56
8614
9012
68
30
72
114 1612
693 90 4
4
3
2834 76
63
28
6812
28
94 101,
4
93 10212
81
96
19
35
/
1
4
-Continued-Page 4
Price
Week'.
Range
Sines
Range or
13
PridaV
Oct. 27.
Lai Sala.
571
Jan. 1.
Bid
High No. Low
Ask Lew
Hioh
55
863
8 41
Southern Ry 1st cons g 5s__1994 .1 1 85 Sale 84
9618
.1 J ____ 851s 85 July'33 ____
5812 85
Registered
122
53
Devei & gee 48 series A ___1956 A 0 52 Sale 5012
17
644
/
1
1956 A 0 65 Sale 65
20
85
6512 76
Bevel & ken fie
1956 A 0 69 Sale 69
/
1
4
691 24
/
4
Devel 64 ken 6455
20
/ 90
1
4
40
8114
1
/
1
4
691
/
4
/
1
Nlem Div let g 5s
1996.3 J 5614 694 69
63
70
St Louis Div let g 4e
2
63
36
76
1951 1 J 63
91 Sept'33 ____
91
East Tenn reorg lien g 58_1938 NI S 80
60
91
487
8
Mobile & Ohio coil tr 48_1038 M S 4412 50
20
665
8
8
49
94 10
/
1
94
94 30
13
10
Spokane Internal let g 69_1955 J .1
Staten Island Ry let 440_ A943 J D --------60 May'32 ____
_ _
984 100
/
1
Oct'33 --_ __._- Sunbury & Lewiston let 45_1936 1 J 91 100 100
BONDS
N. Y STOCK EXCHANGE
Week Ended Oct. 27.
SS
L.Z.' C.
1947 A 0
Tenn Cent let 6s A or 13
Term Assn of St L let g 440 1939 A 0
let cons gold 5s
1944 F A
1953 J 1
Gen refund e f g 48
Texarkana & Ft 8 let 540 A 1950 F A
1943 .1 J
Tex dr NO con gold be
Texas & Pac let gold 5e
2000 i D
2dinc59(Mar'28cpon)Dec2000 Mar
1977 A 0
Gen & ref 5s series B
1979 A 0
Gen & ref bs series C
1980 .1 D
Gen & ref be series D
Tex Pac-Mo Pac Ter 540 A 1964 NI S
Tol & Ohio Cent let gu 58_1935 J 1
Western Div let g 5a
1935 A 0
1935 .1 D
General gold 5a
Tol St L & W 50
-year g 4s_1950 A 0
Tot W V & 0 gu 4s ser 0
1942 M S
Toronto Ham 64 Buff let g 4s 1946 J D
Union Pro RR let & Id gr 4s 1917 J 1
.1 1
Registered
let lien & ref 4e
June 2008 M S
1967 J J
Gold 440
let lien dr ref be
June 2008 M 19
1968 J D
40
-year gold 0
U NJ RR & Can gee 48
1944 M
Vandalla cons g 4e series A 1955 F A
Cons s f 48 series 11
1957 NI N
Vera Cruz & P east 4.10----1933 J 1
Virginia Midland gee 5e
1938 MN
Va & Southwest 1st gu 55_2003 1 J
let cons ba
1958 A 0
Virginian Ry let be series A_1982 M N
let mtge 440 aeries B
1962 M N
4
a935 10234
94 1023
4
993 10212
4
09118 985
8
8912 8912
9618 9718
92
9212
96, 9814
8
9118 103
941 10212
/
4
76 10018
1939 M N
761 99
/
4
/ Wabash RR let gold 55
1
4
1939 F A
2,1 gold be
93
69
Deb de aeries; B registered 1939 1 .1
/
4
991 10114
let lien 50
-year g term 48_1954 J J
100 102
Bet & Chic Ext let 5s.._1941 1 J
100 10012
Des Moines Div 1st g 0_1939 1 J
94
94
Omaha Div lat g 340_
30
.1941 A 0
697
8
Toledo & Chic Div g 45 1941 M 9
684
/
1
30
30
7012 Wabash Ry ref &gen 540 A 1975 M 9
Refargen 5e(D'eb 32 coup)13 '76 F A
.
95 95
Ref & gee 440 series C
1978 A 0
105 105
Ref & gen be series 13
____ ____
1980 A 0
Warren let ref gu g
2000 F A
80 80
Washington Cent 151 gold 45 1918 Q M
340_66
9018 Wash Term lot gu 3458_1945 F A
2
85 12
Reading Co Jersey Cen coil 48'61 A 0 8512 Sale 85
let 40-year guards
9014 53
1997 1 .1 88 Sale 8612
753 95
4
/
1
4
Gen & ref 440 series A
1945 F A
Western Maryland 1st 0......1952 A 0
_ 88
1997 .1
95
90
78
29
8712
Gen dr ref 440 series 13
1941 M N 95 ____ 113
lst Is ref 540 series A
_
.1Oct'30 ____ ____
Rensselaer & Saratoga 6a
1977 J ./
Rich & Nferch let g 48
40 July'33 ____
1948 NI N
1937 1 1
38 --- West N Y & Pa 1st g 5s
40
General gold 48
9712 101
2
101
RIclam Term Ry let gu 5s 1952 1 J 100 ---- 101
1943 A 0
Rio Grande June 1st gu 5s_ _1939 1 0 85 __ 83 Sept'33 ____
Western Pac let bs ser A
1946 M 9
83
85
114 West Shore let0guar
114 _- 114 Oct'33 ____
114
2381 J J
Rio Grande Sou 1st gold 49_1949 J .1
Registered
1
314
212_ _ 314 July'33 ___
Guar 4s (Jan 1922 coupon) '40 J 1
2361 1 J
ale
Wheel et L E ref 4 34* ser A.1966 M S
87
55
7412 20
Rio Grande West let gold 4a_1939 J 1 7312 § - 73
Refunding bs series B
254 8418
/
1
4
55
55 12
55
1966 NI S
let con & coil trust 49 A 1949 A 0 54
RR let consul 48
384
/
1
14
14
157
8 25
1949 141 S
R I Ark & Louis let 440_1934 M 8 1412 17
49
5014 54
19'9J J
Oct'33
3558 5712 Wilk & East let gu g be
-Canada let gu g 0
1912 1 D
Rut
Will & SF 1st gold be
64
1941 J 1 57
5712 Oct'33 _
62
39
Rutland let con 440
1938 1 D
Winston-Salem S B let 0_1960 J .1
1947 J J 893 91
Wis Cent 60-yr 1st gee 0_1949 J 1
70
93
4
89
/ Oct'33 __
1
4
St Joe & Grand Isl let 4s
Sup & Dul div dr term let 4s '36 M N
64
6434
1996.3 1 60
6414 Oct'33 __
75
St Lawr & Adr lat g ba
Wor & Conn East let 440 1943 1 1
68
70
1996 A 0 ---- 80
70 June'33 ____
2d gold 6s
St Louis Iron Mt & Southern*
*
•
1933 MN
INDUSTRIALS.
Itly & 0 Div let g 4s
Abitibi Power & Paper let be 1953 1 D
2813 65
2
58
58
59
St L Pent & N W 1st gu 58.1948.3 1 54
3012 Abraham & Straus deb 6443_1943
8
1512 41
4
-San Fran pr lien 48 A 1950 J 1 133 Sale 1314
St L
With warrants
A 0
812 30
133
4 25
133 Sale 13
4
Certificates of deposit
Adams Express coil tr g 49..1948 M 8
33
1950.3 1 15
10
9
15
15
/
1
4
18
Prior lien be series Fi
93 3034 Adriatic Elec Co exti 7a_ _1952 A 0
4
4
144
/
1
4
143 Sale 143
4
____
Certificates of deposit
8
1978 M 9 133 Sale 111
083 2912 Albany Perfor Wrap Pap ils 1948 A 0
8
/
4
13
/ 104
1
4
Con NI 440 series A
814 2612 Allegany Corp coil tr be_ _1944 F A
Certits or ueposit stamped - =-4 _-: 1212 Sale 111
98
/
4
13
Coll Ltc cony 58
49
7212
4
59
1949J D
621*
St L El W let g 1s bond ctfa_1989 NI -14 5614 61
Coll & cony be
1950 A 0
333 5314
8
3
45
__- 45
26 g 49 Inc bond etre Nov_ .1989.2 1 43
6714 Allis-Chalmers Mfg deb be_ _1937 M N
19
5118 13
let terminal & unifying 58_1952 J J 49 Sale 4814
AlpIne-Nlontan Steel 1st 75_1955 M S
56
1990.2 J 45 Sale 45
12
3
45
Gen & ref g be ser A
PC C & St L gu 440 A_......1940 A 0
1942 A 0
Series B 440 guar
1942 NI N
Series C 440 guar
1945 NI N
Series D 414 guar
1949 F A
Series E 440 guar gold
1963 1 D
Berke F 4e guar gold
1967 NI N
Series G 45 guar
Series II cone guar 4s_ _ _ .1960 F A
Series I cons guar 484*. _1963 F A
Series J C008 guar 434e.,1964 M N
General NI Es series A_1970 .1 D
Gen mtge guar 6 ser I-1975 A 0
1977.3 1
Gen 440 aeries C
Pitts McK & Y 2d gu 6e__1934 J 1
Pitts Sh & L E let g be
1940 A 0
1943.3 1
let conzol gold 68
1943 M N
Pitts Ye A Char let 4e
Plos & W Valet 4418 ser A_1954 .1 D
1958 A 0
let M 4156 series B
1980 A 0
151 81 4455 series C
Pitta Y & Ash let 4s set A...1948 1 D
1962 F A
let gee be series B
Providence See' deb 0-1957 M N
1956 M S
Providence Term 1st 48
10212 ---- 910218 1023
4 14
4 11
102
/ ____ 10234 1023
1
4
10212 __-- 1024 Sept'33 __
/
1
98
9812 Sept'33 _
9012 ____ 8912 Aug'33 ____
98 ____ 9718 Aug'33 ____
98 __-- 92 May'33 ____
98 -- 9618 Sept'33 ____
2
10212
10012 ____ 102
Oct'33 ____
10014 ____ 102
6
9514
94 Sale 9378
953
4 30
9314 Sale 9314
861g 88
13
8614
87
1007* ---- 101 Sept'33 .......I
3
10114
10114 Sale 101
78... 100 Mar'33 _94 Mar'33 __
94
97
_ _ 6212 63 Sept'33 ____
61Sale 61
5
61
6112 21
_
_ 6318 5934
9214 __-- 95 Aug'33 ____
95
_- 105 Sept'33 ____
/
4
35 -_-_ 711 July'31 ____
80
____ 80 June'33 ____
66 Sale 65
67
18
4514 50
50
9
50
----- 984 Nlay'29 ____
____ -70
3712 APr'33 ____
7018 9812 7212 Oct'33 _-__
55
Oct'33 ____
4712 60
39
48
38
Oct'33 __
5518
__ 56 Aug'33 --__
1312
1414 17
124 -/ 15
1
13 Sale 1312
/
1
4
1514 48
13
1412 135
8
1514 50
125 1412 14
8
1512 13
--------50 Feb'33 --__
_ . 52 Feb'33'____
6018- - 9214
8914 9212
9214
3
95 _-__ 97 July'33 -_
7014 Sale 68
704 62
/
1
7818 80
7612
7812
3
1034 Sale 10318 10314 12
86
8718 87
87
2
21
36
34 Sale 33
81 Sale 8012
45
82
7418 77
75
Oct'33 --__
83 Sale 83
8312
5
82
__ 8218 Oct'33 ____
8712 89
88
Oct'33 ___
323 37
4
3414
ii
36
--------86 SePt.'33,--_
_
83
/ 8912 8514 Oct'33 ____
1
4
1012 15
1518 Oct'33 ____
914 1012 9
9
2
/
1
---- -- __ 854 Sept'31 ____
97
Sale
Sale
5212
Sale
Sale
Sale
88
98
67
9514
51
54
43
26
86
a5414
43
33
85
713
_ _
3712 37
____- -12
62
76
35
55
2712 47
41
56
5
/ 32
1
4
513 32
4
327*
41 32
/
4
50
60
0511 62
/
4
87
92,
4
921 97
/
4
53
74
52
8412
9914 10314
794 93
/
1
2018 58
67
8512
64'4 80
65
84
824 82,
/
1
s
70
91
184 45
/
1
85
87
761 92
4
83 27,
4
4
6
2112
___ ____
•
*
•
96
67
98
48
55
4712
a3014
86
544
4
9614
2
6718
16
98
5212 17
5612 48
4712 119
184
31
37
87
9
55
6212 Amer Beet Sug cony deb 68_1935 F A
74
7812 7512
1
7512
8012 American Chain deb s I 8s...1933 A 0
- r
r
5-yr 1st mtge Is
58
1938 A 0 __
1
60
_ _._ 60
Amer Cyanamid deb Ss_ _1942 A o 893 4 92 90 Oct'33 --__
Am de Foreign Pow deb 58_2030 M 9 4014 Sale 3514
9712 100
4012 276
American Ice a f deb de_ _1953 .1 14 70 Sale 70
96
75
2
70
70
9018 Amer 10 Chem cony 540_1949 MN 8614 Sale 8512
54
87
Am Internet Corp cony 5449 1949 1 J
89 104
72 Sale 72
72 18 16
Amer Mach & Fdy a f 68._ 1939 A 0 10518 ____ 10518 10518
1
8012 Amer Metal 545% notes_
54
6318 44
61 Sale 61
131
1934 A 0 98 Sale 9612
98
83 100
Am Sin & R let 30-yr 58 ser A '47 A 0 100 Sale 9914 10018 86
100 Oct'33 -86 101
95 10012 Amer Sug Ref 5
8
_ 1002 Oct'33 __ _ _
1002
8
-year 68_ _1937 J 1 10414 Sale 104
28
105
94 100
Am Telep & Teleg cony 0_1936 M S 10212 103 411023 10212
Oct'33 ____
100 191:114 100
4
4
30
-year coil tr 5a
90
98
Oct'33 ____
70
____ 97
63
1946 J 13 105 Sale 1054 107
/
1
/
1
4
•
•
35
-years f deb be
4
1960 1 J 1043 Sale 1044 10512 345
/
1
•
20-years f 5448
1943 MM 10714 Sale 107
*
•
1074 92
/
1
2314
Cony deb 440
3
Oct'33 ___
15
12
15
44
112
1939 J 1 a11012 Sale 110
12 list
Debenture be
2
5
414 6
5
8
/
1
/
1
1985 F A 1047 Sale 1044 1054 665
e
A:n Type Found deb 68.._ _1940 A 0 2814 29
•
•
8
3012
/
4
/ 301
1
4
1412 Am Wat Will & El coil tr 5s 1934 A 0 97 Sale 961
2
10
7
6
7 Sale
97
/ 85
1
4
/
1
4
/
4
Deb g 65 Belles A
2
/ 1712
1
4
37
8
6
712 Sale
68 12 19
68 6812 68
1976 NI N
11 18
/
4
9
8
6
6
/ 8
1
4
8
Am Writing Paper let g 6a_ _1947 1 J 43 Sale 41
•
•
6
43
Anglo-Chilean Nitrate 79_1945 M N
412
63
4 23
612 Sale
1
3
/
1
4
33
4 23
9
/ Ark & Mem Bridge Is Ter 59_19114 M S --------79 Sept'33 ____
1
4
33 Sale
4
Armour & Co (III) let 4445_1939 J I) 87 Sale 87
8812 38
/
1
4
1
712 Armour & Co of Del 540_1943 .1 J 803 Sale 80
4 Sept'33 __
7
54
83
4
9912 102
Armstrong Cork cony deb 58_1940 .1 D 90 Sale 88
10112 ____ al0012 Oct'33 -- _22
/
1
4
90
75
96
Associated 011 6% g notes.,. 1935 M S 10314 Sale 10314
Oct'33 -___
80 ____ 94
3
10314
71
Atlanta Gas L 1st be
40
4
___ 983 Feb'33 ____
a563 Sale 56
5812 47
4
1947 J D 961
53
80
64
69
All Gulf & W I SS coil It 68 1959 1 .1
677 Sale 6714
8
54 255
5112
54
23
6714 9312 Atlantic Refining deb 6a___ _1937 J J 10418 Sale 103
903
4 15
903 Sale 85
4
/ 1044 24
1
4
/
1
381 74
/
4
Baldwin Loco Works let 68_1940 M N 10018 ---_ 10014 Oct'33 ____
4
5412 26
54 Sale 523
3714 7412 Batavian Petr guar deb 440_1942 J J 1011 Sale 10112 10212 33
53
/ 115
1
4
/
4
52 Sale 51
/
1
4
3814 7212 Belding-Ileminway 13s
8
537 140
8
98
Oct'33 --__
1938 .1 J 98 100
5212 Sale 515
3
Bell Telep of Pa be series B 1948 .1 J 10612 Sale 106
893 110 670 4 95
8
22
107
89 Sale 88
974 10212
let & ref be series C
32
/
1
1960 A 0 107 108 1064 108
1023 ____ 10212 Sept'33 ____
4
95
95
Oct'33 ____
Beneficial Indus Loan deb 6s 1948 M S 90 Sale 90
91
9514 _..__ 95
45
60
84
280
75
Berlin City Eiec Co deb 640 1951 J 13 a3812 Sale 37
49
41
701:: Sale 6912
Deb sinking fund 645s
____ ____ 9212 May'30 ____ ____ ____
1959 F A 40 Salo 371
33
/
4
41
8
Debenture 65
72
/
1
40
1955 A 0 393 Sale 364
Berlin F,lec El & Underg 8545 1956 A 0 a3612 Sale 3612
43
39
Beth Steei let dr ref 6e guar A '42 M N 100 Sale 100
/
1
4
/ 10112 32
1
4
30
-year p m & impt of 59_1936 J 1 9814 Sale 984
991 33
/
4
/
1
28
70
45
1
,Cash sales. a Deferred delivery. • Look under 1st of 41stured Bonds on page 3119.
25
58
8
45
45 Sale 4314
96 10212
2
2
1011 2 --- 10112 101,
10214 Sale 102
9112 103
10212 15
/
1
843 Sale 844
4
68
9112
8814 30
59
8618
3
2
7712
7612 7914 77,
70
60
65
18
65
_ 65
9114 _-- 8 93
/
1
4
935
857 10012
5
935
8
3
--------95 Mar'29 ___,_ ____
.7554 Sale 55s8
/
1
16
57
4212 --5
7
56 Sale 55
24
57
4314 763
8
567
8 38
554 57
/
1
43
56
75
4
71
71
80
50
73
71
95
9734 95
1
95
86
971
/
4
9812
98121 9812 Sept'33 ____
80
92
83
/ 911 92 Aug'33 --__
1
4
/
4
73
93
6512
64
67
44
71
6
6512
_ 9618 Apr'31 ____
80 Feb'33 -881/4- -75
89
80
____-- _8034
9014 1017
8
10114 243
10018 Sale 100
99
9914 100
10 a9112 9915
99
89 Sale 89
9212 153 078
9313
8912 Sale 88
913
4 27 a75
95
103 Sale 103
1053
4 44
95 10714
83 Sale 8212
8412 111 06914 08919
96 10112
3
101
94 ___ 85 Apr'33 ____
85 85
94
. 85 June'33 --__
85 85
218 Sept'33 -__
11 _-/ 3
4
112 5
981 Sale 9812
/
4
80
991
/
4
6
984
/
1
--- 80
76 Sept'33 --_
60
85
-,- 65 65
65
3
364 70
81 10112
10014 61
971 Sale 97
/
4
88 Sale 88
91
10
78
941
/
4
s Ion 101 10012
-.
4
2978
2812
2814 30
St Paul & K C Sh L let 43.45.1941 F A
75 June'33 ____
/
4
St P & Duluth let cons 431_ _1968 1 13 751 90
1
50
50
60
St Paul E Gr Trk let 410_1947 1 1 50
St Paul Minn 64 Nfanitoba238
99
8
Cons M 5s ext to July 1 1943-- -_- _- 977 Sale 9758
91
7
8
1937 1 -D 903 9412 a90
Mont ext let gold 4s
8912 88
Oct'33 __
Pacific ext gu 4s (sterling)_1940 J .1 __
10318 L'3
St Paul Un Dep let & ref 59_1972 J J IOUs Sale 1001s
S A & Ar Pass let gu g 48_1943 J .1
Santa Fe Pres & Phen let 5e_1942 M S
1931 A 0
Bay Fla dc West 1st g 6e
1st gold 5s
1935 A 0
Scioto V & N E let gu 45_1989 51 N
Seaboard Air Line let g 48_1950 A 0
Gold 4s stamped
1950 A 0
Certlfs of deposit stamped__ A 0
Adjustment be
Oct 1949 F A
Refunding 0
1959 A 0
Certificates of depostit __-- 7,
..
lot & cons 68 series A
1945 IQ S
Certificates of deposit --__ ,-_.-,
..
Atl & Birm 30-yr 1st g 4s 1933 M 5
Seaboard All Fla let Hu 6F1A 1935
A 0
Certificates of deposit
Series B
1935
F A
Certificates of depoeit
So & No Ala cons gu g 5s_ __1936 F A
Gen cons guar 50
-year 59_1963 A 0
So Pac coil 48(Cent Pac coil) ,49 J D
let 4458 (Oregon Linea) A 1977 MS
20-year cony 55
1934 J D
Gold 444,8
1968 M 9
Gold 440 with warranta 1969 M N
Gold 440
1981 M N
_ _1950 A 0
San Fran Term let
4e_So Pac of Cal 1st con gu 41541 1937 NI N
1937 .1 .1
Bo Pac Coast lat gu g 4s
1955 1 1
So Pac RR 1st ref 4s
.
Stamped (Federal tax). _1955 J J
Oct. 28 1933
80
99
5312 73
92 114,
2
241 5612
/
4
2612 69
01913 60
49
b
65
9112
50
62
26 4 85
,
•
60 601 1
7012 941
/
4
231 6512
/
4
72
52
89
64
6612 864
/
1
10214 106
60
993
4
78 10014
1023 10612
8
8961
/
4r105
100 10713
93 10713
9912 10913
99 119
9212 1071
.
30
67
7412 98's
49
8918
02114 5618
218 1418
7818 85
77
924
/
1
7118 00
65
9112
10112 10412
081 983
/
4
4
36
68
97 104 4
3
794 104
901 10212
/
4
83
9813
101 111
10012 11138
937*
75
33
7013
32
6913
284 6413
628
637
8
71 10114
79 100,
2
New York Bond Record -Continued- Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 27.
Bing & Bing deb 03.4s
1950 MS
Botany Cons Mills 63.45.
1934 * 0
Certificates of deposit
AO
Bowman-Hilt Hotels 1st 713__1934
Stmp as to pay of 5435 pt red.. MS
11'way & 7th Ave let cons 513_1943 J O
Brooklyn City RII 1st 5s.. _1941
J
liklyn Edison Inc gm n 58 A._1940 J J
Gen ridge 5s series F
1952 J J
Bklyn-Slanb It T sec 8s___1968 J J
Ilklyn Qu Co & Sub con gtd bs'41
N
1st be stamped
1941 J J
Bklyn Union El 1st 5 513
1050 FA
Ilklyn Un Gas 1st cons g 53_1945 MN
1st lien & ref Os series A 1947 MN
Cony deb g 5348,
1936 JJ
Debenture gold 55
1950 J D
1st lien & ref series B
1957 MN
Buff Gen El 434s series B_ _198l FA
Bush Terminal 1st 4s
1952 AO
Canso! Ss
1955 JJ
Bush Term Bldgs be gu tax ex '30 AO
By-Prod Coke let 534s A_.1945 SIN
Price
Friday
Oct. 27.
Ask Low
Bid
30 Sale 27
1018 1412 10
512 12
12
8
93 1018
•
761
72
10612 107
10814 Sale
903 Sale
4
-533.
4
10712
1113
4
963
4
104
10012
40
11%
3612
57
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
412 May'33
3
74
74
10012 1073
4 15
10614
1063
4 40
8912
181
91
51) Aug'33
50 Nov'33
Sale 7412
7634 26
Sale 10712 1083
4 17
114 0.113 Oct'33
4
185 153 Feb'33
53
Sale 96%
93
8
3
1061 1055
106
Sale 10013 1013
8 20
39
8
44
44
8
Sale 107
117
8 13
6
3712
3714 36
3
Sale 57
57
1013 10112
8
10112
10112
10112
Sale 1023 al031 1
4
106 1053
4
10534
102 10012 101
103 10018
10012
Sale 3318
1212
15
Sale 10418
Sale 94%
Sale 100
10012
1055 104
- 8
69
72
Sale 4912
7518 7218
Sale 1021
/
4
1004 10018
/
1
Sale 75
Sale al3.5
•
4
Sale 1043
1
4
37,
2
51
111
1
17
40
16
15
44
105
83
96
1013 145
4
4
10112
2
105
6
71
7
54
5
73
2
10218
10012 12
4
70
12
67
10618
30
Del Power & Light 154 4345_1971 J J 10012
10134 45
Sale 100
1st & ref 431s
'
3 94
05
95
8
1969
951.
let mortgage 4345
94 10114 10112 Oct'33
1969 J J
Den Gas & El L 1st & ref s bs 51 MN
94
91 Sale 91
17
Stamped as to Penne t0x_1951 MN
4
93
93 Sale 9212
Detroit Edison bs ser A
1949 AO 997 Sale 9914
8
10012 49
Gen & ref be series 11
1955 3D 986 Sale 98%
8
9978 24
Gen & ref 5s series C
1962 F A 987 Sale 98
8
993
8 41
Gen & ref 43413 series D 1961 FA
92 Sale 91%
51
93
Gen & ref bs series E
991. 24
1952 * 0 99 Sale 98%
Dodge Brea cony deb (15__1940
N
97 Sale 963
4
984 437
Dold (Jacob) Pack tel / _1942 MN
(
1
4_
781/4 --_ 80
Oct'33
Donner Steel let ref 7s
1942 ii 90 100
9112
1
. 9112
Duke-Price l'ow let Os ser A _1966 MN 6913 71
57
673
4
70
Duquesne Light let 4 hs A 1887 * 0 10414 Sale 104
1043
4 66
1st 51 g 4345 series B
.1957 M
105 1053 1053
2
4
1053
4
4
East Cuba Sag 15-ye 51 g 714s'37 231 S
•
•
Ed El III Bklyn let eons 4s_ _1939 J J 102 103 10131
4
103
Ed Elec(N Y) 1st cons g 53_1995 J J 10812 Sale 1073
3
4
1081 2
El Pow Corp (Germany) 6345 '50 MS 393 Sale 39
4
4114 24
1st sinking fund 63.4,. - _1953 * 0 40 Sale 384
4112 49
Ernesto Breda Co let M 75__1954
With stock purchase warrants_ FA
8014 85
8112
8112
3
Federal Light & Tr let 55___1942 MS 60
1st 11en e f be stamped____ 1942 M
60
1st Ilen 68 stamped
1942 MS 63
30-year deb Os aeries 11_ 1954 J O 4314
Federated Metals a 1 713___ -1939
' 100
is
Fiat deb 8 f g 7e
1948 J J 10014
Framerican Ind Dev 20-yr7340 42
'
3 96
.
Francisco Sug 1st s f 7 hn
1942 MN
12
67 089
Oct'33 _
6312
70
683
4
70
6912 Oct'33
54
5218
521
/
4
10112 101
Oct'33
Sale 10018
10011
9714 961
/
4
9714
15
20
15
6
_
1
3
.5
1
Gannett Co deb 65 ser A _ _ _1943 FA 73
79
7612
7
77
Pone g 5619,11. J D 103 106 1035
Gas& El of lierg
8
1033
8
3
Oelsenkirehen Mining 85_
1934 M S 4678 Sale 4414
4814 30
(ben Amer Investors deb 58 A1952 F A
82
8312 8312
1
8313
Gen Baking deb s f 5 hs
1940 A 0 102 Sale 102
103
21
Gen Cable 1st 5? 534e A_ _ _1947 J . 50 Sale 4912
1
50
7
Gen Electric deb g 33.45....1942 F A
40
4312 99
3
100
Oen Elec(Germany) 75 Jan 15'45 .1 3 4212 Sale 41
4212 16
S f deb 8 hs
1940 J D 40 Sale 37
22
40
20-year s f deb Gs
1048 M N
37 Sale 35
32
37
Gen Petrol let s f 55
1940 F A 104 Sale 104
105
31
1939 J
Oen Pub fiery deb 534s
86
Oct'33
81
33
-g
Oen Steel Cast 534s with MUT'49 3 J 63
75 69
69
Gen Theatres Equip deb Os..1940 * 0
•
Certificates of deposit
7
318
4'2 318
31
/
4
5512 21
Good Hope Steel & Ir sec 73_1945 A 0 5434 Sale 52
Goodrich (It F)Cola,0345_1947 J J 921s Sale 8712
9234 27
1945 ▪ D 6513 Sale 6318
Cons deb 133
6512 98
Goodyear Tire & Bubb let 581957 M N
139
8812 Sale 87
89
/
1
4
12
Gotham Silk hosiery deb 1 .1936 J0 8512 89
89
8814
1940 FA
•
Gould Coupler let i f 65
•
4
1
Ot COOP El l'ow (Japan)7.3_1944 F A 623 6512 61%
61%
1050 3 3 5912 623 594
151 & gen 13 f 634e
8
/
1
14
6014
Gulf States Steel deb 534s_ _1942 J D 50
6412 677 Oct'33
_
8
Ilackeneack Water let 48_ 1952 J J 973 9814 973
1
4
4
9734
Cn.h MS tea.
a Deterred delivery. • Look under (let of Ntaltured Bonds on 1)‘Re 3118
,
t3
,O.
Price
Friday
Oct. 27.
Range
Since
Jan. I.
Week's
Range or
Last Sale.
Bid
408 Low
High
High
43
Hansa SS Lines 6s with warr_1939 * 0 42 Sale 41
30
6112
2712 Ilarpen Mining 65 with warr..1949 J J 6012 65 6018
2514 28 a2412 a2412
2012 Havana Elec COD.901 g 55.. __1952 FA
5
1212 012
612
Deb 5)4e series of 1928..1951 MS
4
412 Hoe(10 & Co let 634s ser A_1934 * 0
413 Sale 39
4
411
/
4
Holland-Amer Line 65 (flat)_1947 MN
•
6612
6512 76
Houston Oil sink fund 53.4s..1940 MN 65 Sale 65
42
100% 108
Hudson Coal 1st s 358 ser A_1962 3D 42 Sale 40
8
106
/
4
1949 MN 10412 1061 1035
100 108
Hudson Co Gas 1st g 5a
8414 98
Humble 011 & Refining 5s.. _1937 * 0 10312 Sale 10313
1033
4
57
60
107
1111noie Bell Telephone 5,5
1956 3D 10618 Sale 106
Illinois Steel deb 4345
212 87
1940 A 0 10412 Sale 10412 105
39 Sale 36
101•4 112
4012
liseder Steel Corp mtge 813_1948 P A
947 June'33
8
10434 1174 Ind Nat Gas &()Bret 5a
/
1
1936 MN
158 158
Inland Steel let 43.4s
8514
1978 A0 831* Sale 8312
84 Sale 8318
84
93 105
lat M a f 4 he ser 13
1981 FA
6212
9778r10734 Interboro Rap Tran let 50..1988 .1 3 GO Sale 60
9713 1051
10
-year 65
/
4
1932 A0
23
23
39
2214 24
Certificates of deposit......
6712
10
-year cony 7% notes
5
1932 Si-i
3314
0212
6212
19
6218 65
8412
Certificates of deposit......
51
52
55
37
74741 Interlake Iron let 5811
1951 MN 51
lot Agric Corp let & colt tr Es
6312 62
100 1063
62
Stamped extended to 1942. _ _ MN 62
4
7713 Sale 75
7712
62 4 9212 Int Cement cony deb Es _ _1948 MN
,
081 087'2 Internet Hydro El deb Os.
/
1
4212
..1944 AO 424 Sale 41
a83 10018 Inter Mere Marine a f 8s_ _ _ 1941 AO 45 Sale 45
.50
Internet Paper 58 ser A & 13_1947
56
.1 56 Sale 51
Ref 5 f 6s series A
14 1314
/
1
4
3713
1955 MS 3712 Sale 33
Int Telep & Teleg deb g 4 he 1952
10% 27
4312
'
3 42 Sale 38
Cony deb 43.4e
10014 108
49
/
1
4
4
1939 J J 493 Sale 45
Debs bs
100 107
4514
1955 FA 45 Sale 4012
48
Investors Equity deb 58 A....1947 3D 833 90
86
86
75
8
Deb 55 Fier B with ware.. _1949 * 0 835 9012 85
7012 105
Oct'33
8
26
Without warrants
87
5712
Oct'33
1948 AO 83% 90
0312 110
97 105
' 103 Sale 102
/ 10112
1
4
3
/ K C Pow & Lt 1st 4 hs Ber B_1957
1
4
1st M 43.4s
1023
4
1981 FA 102 Sale 101
•
Kansas Gas & Electric 410_1980'is 8212 Sale 82
83
25
5512 Karstadt (Rudolph) let 68_1943 MN
/
1
1712
16 Sale 154
27
Certificates of deposit
71%
15
15 Sale 15
Keith (B. F.) Corp. let 139_ _ _1948 MS 4514 Sale 443
90 100
4
46
Kelly-Springfield Tire( ..1942 * 0 4518 62
38
38
45
45
/
1
4_
Kendall Co 534s with warr _ _1943 M S 7518 77
75
75
-if Keystone Telep Co 1st 58_ ..193.5 J J 69 7278 a69 Oct'33
334 681s Kings County El L & P 5e.1937 AO 10514 10614 10514 Sept'33
/
1
Purchase money 85
17
.5.
130
1997 AO 130 Sale 130
68
393 Kings County Elev 1st g 4s 1949 P A 68 .71
8
7114
7114
881 89
Kings Co Lighting let Es
/
4
106
1954 J J 106 Sale 106
Finn and ref 63.4s
6612 877
8
1954 J
1073 - - -. 11018 Sept'33
4
84 0100
Kinney(OR)& Co 734% notes'36 J O 7712 82
7712
7712
Kresge Found'n Coll It 65_ _ _1936 31) 7118 Sale 69is
97 108
7112
Kreuger & Toll class A etre of dell
for sec f g 5a
97 10314
MS 11 Sale 1012
11
1959
98 101%
95% 1041 Lackawanna Steel 1st Is A__1950
S 95
/
4
9811
9312 9714
104 10815 Laclede G-L ref & ext 5a____1934 * 0 86% 90
8312
8018
Coll & ref 534s series C___1953 FA
95 10112
563
56% Sale 5614
4
Coll dr ref 5343 series D....1980 FA 51 4 55
95 102
54
53 4
3
,
Lautaro Nitrate Co Ltd(
54
3
/
1
4_1954 3 3
7
7 Sale
Lehigh C & Nav s f 4 3431954• J 8612 89
3012 68
89
89
818 3013
Cons sink fund 434s ser C_I954
'
3 86
8
897 897 Sept'33
8
981 10714 Lehigh Val. Coal 1st &refs(55'44 FA 7014 73
/
4
Oct'33
/ 76
1
4
871 1011
/
4
1st & ret 8 f 53
/
4
1954 FA
34
4412 4112 Oct'33
let & ref sf5s
93 10512
3112
34
1964 FA
34
38
let & ref sf ba
97 1053
4
34
32
1974 FA 34
39
97 107
.1
Secured 6% gold notes_ 1938
Oct'33
7918 85 80
35
7814 Liggett & Myers Tobacco 78_1944 * 0 12414 Sale 124
125
Is
163 6312
4
1951 FA 1103 Sale 110
III
4
085
8014 Loew's Inc deb a f 8s
1941 A0 845 8512 8112
85
8
10012 10413 Lombard Elec 7s ser A
1952 J O 87
87
/
1
4
89
89
79 10012 Lorillard (P) Co deb 7s
1944 AO 115 118 117
11712
58
5.
88
1951 P A 10114 Sale 10012 10114
3675.4 Louisville Gas & El(Ky)58_1952 MN
/
4
9812
95
971 971
/
4
•
Lower Austria Hydro El 6348 '44 P A 49 Sale 47%
49
100 107
McCrory Stores Corp deb 53413'41
94 10212
Proof of claim flled by owner.
58
53 Sale 55
8934 99
McKesson & Robbins deb 534e'543 MN 60 Sale 56
60
9512 10218 Menai Sugar 1st a f 7 ha_ _1942 * 0
88 100
Certificates of deposit
15 Aug'33
1014 21
Stamped Oct 1931 coupon 1942 A 88 r94134
-6
8518 104
Certificates of deposit
2712 July'33
4
14
865 103 :gantlet RY (N Y) cone g 48_1990
4
41
41 Sale 33
8418 10312
Certificates of deposit
3612
3612
3012 39
2d 4s
75 100
3012
2013 3-15 3012 Sale 3012
Manila Elec RR & Lt 51 58_1953 MS 72
84 103
943 Sept'33
4
90
Mfrs Tr Co etre of panic in
70 4 99
3
A I Namm & Son let 8e
65
80 4
3
Oct'33
1943 3D 60
621 63
Marion Steam Shovels f 6s_ _1947 * 0 4712 487 484
57
92
4378
/
1
8
43
81 12 Market St Ry 7s ser A _ A pril 1940 QJ 67
7014
69% 6912
971 1053 Mead Corp let Os with warr_1945 MN
/
4
8
a5312
53 Sale 53
96 107
Merldionale Elec 1st 7s A._.1957 AO _ 1011 78
78
Metz Ed let dr ref Is ser C 1953 33 88
go 88 Oct'33
•
let g 434s eerles D
1988 MS 7712 Sale 7712
7814
95 1041
: Metrop Wat Sew & Dr 5 ha_1950 A0 8014 Sale 77
8014
106 120
Met West Side El(Chic) 45_1938 P A
Oct'33
8
113 171 14
31 18 883 !Meg Mill Mach 1st s1 7e
4
37
1958 3D 4112
40%
30
Midvale St & 0 coll tr s f bs 1938 MS 96% Sale 9812
88
973
s
Milw El Ry & Lt 1st 55 B
1961 3D 7413 Sale 7212
7412
72
let mtge ba
82
1971 1 .1 7112 73
74
7213
J J 83 Sale 83
Montana Power 1st be A
1943
8518
63
75
Deb Es series A
1962 3D 65 Sale 65
65
031 72% Montecatini Min &
/
4
68
Deb g 7s
7712
a9918
1937 J J a9918 Sale 07
48
6912 Montreal Tram let & ref 55._1941 3 3 933 Sale 92
94
4
81 101
Gen & ref e f be series A 1955 AO 71
73 a7414 July'33
93 1003
3
Gen & ref 51 5s tier 13
1955 AO 723 Sale 72%
4
723
4
94 102
Gen & ref 5 f 434e ser C 1955 A0 64_ _ 63%
63%
1012 53
Gen & ref a f 513 ser D
1955 * 0
7414 Aug'33
_ -3
5
Mortis & Co 1st s f 430_
1939 J J
83
8
11/1 Sale 875
7
66
80
Mortgage-Bond Co 4s ser 2 1906 AO 201
5
_ - 403 Dec'32
103 105
Murray Body let 63.4e
1934 J
75 4- 2 89 Sept'33
011
3512 75
Mutual Fuel Gas 1st gu g 58.1947 • N 9818 10112 99
99
76
87
Slut Un Tel gtd &sett at 5% 1941 MN 80
893 Oct'33
8
98
97 10334
36
7512 Names(A I) & Son_ _See Mfrs Tr
9(3 102, Nassau Flee go g 45 stpd_1951 33
4
5412 56
5412
55
291 6212 Nat Acme let f 6a
/
4
1942 3D 53
70 Aug'33
75
2813 57
/ Nat Dairy Prod deb 51
1
4
/
4s
1943 FA 8412 Sale 8312
8412
25
15513 Nat Steel let coil 58
1956 A0 9014 Sale 8912
9012
101 105
Newark Consol Gas cons 55.1948 3D
_ _ _ 105
Oct'33
713 89
3
Newberry (JJ) Co 634% notes'40 * 0 10383
831285
87
47
New Eng Tel & Tel 5s A__ _ _1952 3D 10712 Sale 10712
85
10814
•
let g 4 ha aeries 1)
1981 MN 104% Sale 104
1041
1
73 NJ Pow At Light let 4 3.4y,..196() AD 73 Sale 73
4
7814
New On Pub Serv let 5a A 1952 AO 50 Sale 4812
37
6518
501
82
97
First & ref bs series B
1955 3D 50 Sale 43
50
(13312 753 N Y Dock let gold 48
4
1951 FA 42 Sale 42
44
68
913
4
Serial 5% notes
193s AO 33 Sale 32
33
7412 8912 NY Edison 1st & ref Ohs A_1941 * 0 11212 Sale 112
112%
AO 1063 Sale 10612
let lien & ref be series 1.3
1944
4
1071
let lien & ref Es series C
37% 75
1951 AO 106 Sale 106
107
31
N Y Gas El LIII & Pow g 5s 1948 J O 110 Sale 1097
66
8
1111
42
82
Purchase money gold 48..1949 FA 10014 Sale 10014
102
N
923 9934 NY LE&WCoal& RR 530'42
8
71
75 May'3
88
N Y LE& W Dock & Imp ba 43,
3
100 June'3
H(eh No. Low
8
2
30
Oct'33
5
41
/
4
12
4
Cal0& E Corp tint & re 155_1937 MN 105 Sale 105
10512
3
Cal Pack cony deb Es
8912 a89
8918
1940 J J 83
4
Cal Petroleum cony deb s f 58'39 FA 9612 9713 963 Oct'33
Convdehe?g53.p
7
9912
1933• N 9912 10012 9912
Camaguey Sugar Me of deposit
for 1st 713
4% 10
4 412 312
33
1942
5
Canada SS L 1st & gen 65..1941 AO
1714
17
1812 17
Cent Diet Tel 1st 30-yr 5a_ _ 1943 J O 10613 1063 10612 107
8
4
Cent Hudson 0 & E be_Jan 1957 MS 10512 107 10514
7
10512
Cent III Elec. & Gas 1st 55_1951 FA
32
52
02 Sale 51 3
,
Central Steel let g s f 8s_ ..._1941 51 N 102% 104 104
Oct'33
Certain-teed Prod 534s A....1948 MS 4512 Sale 43
4613, 38
Chesap Corp cone Ss May 15 '47 MN 9714 Sale 943
4
9312 344
Ch 0 L & coke 1st gu g 5s_ _1937 3 .1 10212 103 10218
13
103
Chicago Railways 1st 58 stpd
Aug 11933 25% part. pd
•
FA
ChIlds Co deb 58
16
34
8
1943 * 0 337 Sale 32
Chile Copper Co deb 55
85
53
11117 J 13 53 Sale 46
Cln 0 & E 1st M 4s A
9512 44
1968 * 0 9412 Sale 9413
Clearfield lilt Coal tat 4s._ _19411 J
38 Apr'33
Small series B
45 _
-1941. .1 J
Colon 011 cone deb Bs
6817
4
66 Sale 6(3
1933 J
Colo Fuel & Ir Co gen s f 58.1943 FA
9
35
3518 39
3618
Col Indus 1st & coil 55 gu _ _ _1934 P A
2218 29
22 Sale 17
Columbia 0& E deb 55 May 1952 M
7414 41
7312 Sale 73
Debenture be
7438 27
7414
Apr 13 1952 * 0 7318 75
Debenture 55
72 Sale 72
7318 41
Jan 15 1961
.1
Columbus fly P & L let 4345 1957
88
7
4
J 873 91
88
Secured cony g 534e
24
102
1942 A0 a10112 Sale 101
Commercial Crealt sI es A__1934 SIN 101
Coll tr sf 534% notes_ _ _1935 J .1 101 18
Comm'l Invest Tr deb 53.4s.1i 4e F A a10314
,
Computing-Tab-Ree e t 65..1041
1053
4
Conn fly & List & ref 54 he 1951 • J 983
8
Stamped guar 43.4e
1951 J .3 100
Consolidated Ilydro-Elee Work
of Upper Wuertemberg 75.1956 J J
40
Cons Coal of Sid let & ref 58_19511 .1 D
123
4
Consul Gam(N Y)deb 5348_1945 FA 10418
Debenture 4348
4
1951 3D 943
Debenture be
1957• J 10012
Consumers Gas of Chic gu 551938 JO 1005
8
Consumers Power 1st be C 1952 MN 10418
Container Corp let (313
1940 3D 69
15
-year deb 5s with warr_1943
'
is 54
Copenhagen Telep 58
-Feb 15 19,54 FA
74
Corn Prod Refg 1st 25-yr.f 5s'34 MN 10218
Crown Cork & Seal s f(
/ 1947 J O 10014
1
4
Crown W0Ilarnette Pater 63_1051 J J
75
Crown Zellerbach deb 55 w w 1940 MS 67
Cuban Cane Prod deb 6s
'
3
1950
Cumb T & T let dr gen 5s
8
1937 J J 1053
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 27.
3117
No. Lose
High
29
51
61
4
39
721
/
4
1
/
4
401
18
5
314 15
•
45
177 411
4
/
4
26
38
73
47
2712 64
12 10138 10114
18 100% 10412
25
51
42
39
21
98
100% 107 8
7
95 1053
8
26% 5812
944 971
/
1
/
4
90
80
65
90
47
70
1
14
3012
5
6
52
32
73 4
,
70
3812 65
2
84
29 a50
2414 59
75
/
4
13 02912 591
39
68
14
10
49
40
1713 55
131
2013 67
193
18
5934
214
75
923
5
1
80
92
9232
75
6
74
49
33
5
10
11
8
6
2
1
1
21
9612 105
96 1053
4
95
72
13% 4114
19%
13
2913 61
8412
32
55
79
644 75
/
1
101 108
1153 135
4
6812 7712
99 10.1
110 11412
042
98
311 831/
/
4
28
10
4
27
18
5
76
1
75
7918
48
487
3
213
7712
78
45
20
1612
22
57
1177
4
102
48
7412
010213
90
9412
42
6
6
7
6
30
17
4
22
8
9
26
110
18 4
,
1013
4
97,
4
70
68
147
8
91 12
91
70
55
55
50
80
12612
111
89
9014
120
1053
5
1.02112
53
4812 01
2313 6513
31 35
1
40
5
2
3
9
11
9
16
45
90
46
5
14
2
8
23
1
10
11
3
14
147
99
IS
33
47
10
22
33
38
26
15
42
23
71
3
29
22%
17%
87%
2712
4113
4012
34
94%
40
75
2514 59
757
4
57
30 0317
87 12018
82
99
7112 90
6512 81
11
19
30
8718
80
991
/
4
63
871
/
4
62
85
93
60
45. 78
/
4
0714 991
781 9412
5914 a7414
1393 7474
3
i71 63%
4
6834 74.4
78
911
/
4
94
69
94% 1073
2
75
9314
51
59 4
1
53
70
771 96
/
4
89
9512
1021 ION
/
4
65
883
4
100 111%
9012 1074
73
95
4313 6412
4414 135
42
63
4711
20
10133 115
4
10114 108%
101 10814
1011 11 2
/ '
4
%
/19314 101
75
75
N.,
New York Bond Record-Concluded-Page 6
3118
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 27.
z,
111
t5
qt
55, a.
Price
Friday
Oct. 27.
Week's
4.•
Ranoe or,...e».
Last Said. 8
-Ei
Range
Since
Jan. 1.
Oct. 28 1933
..
..i.1
Price
Week's
4
Range
Friday
Range or
or7.i.
3
Since
Last Said.
Oct. 27.
cr151
Jan. I.
--Bid
.40 Low
High !Vo. Low
Nigh
.
1
Studebaker Corp 6% g notes 1942.7 D
r
31
Certificates of deposit
35
317
8
3214
8
3174 45
Syracuse Ltg Co let g 5s__ _1951 1 13 1041s 109 1063
4 107
3 103 11014
Tenn Coal Iron & RR gen 58_1951 J J 1033 10412 1033
4
4 105
6
97 105
Tenn Cony & Chem deb 68 B 1944 M S 60
6812 56
66
7
50
76
Tenn Elec Pow 1st 65
1947 1 D 6712 Sale 65
68
32
65 10014
4
Texas Corp cony deb 5s_....1944 A 0 963 Sale 9612
975 228
4
7714 9912
Third Ave fly 1st ref 4s
45
1960 J J 44
44
46
28
36
551 2
Ad1 Inc 5s tax-ex N Y_Jan 1960 A 0 24 Sale 24
2412 63
205 37
8
Third Ave RR 1st g 5s
1937 J .1 8712 887 87
11
87
3
83
9412
Tobacco Prods (N J) 654a...2022 MN 1013 Sale 101
4
s
89 10312
1013 113
Toho Elec Power let 7a 1955 M 8 7518 7812 7712
7712
1
41
801 4
Tokyo Elec Light Co Ltd
let 614 dollar series
1953 .1 D 6114 Sale 59
30
68
62
73
Trenton G & El 1st g bs__ _1949 M S 1031
_ 103 Sept'33 ----102'z 10014
Truax-Traer Coal cony 648_1943 MN 33 4--- 35
41
Oct'33 ____
1512 48
70
8
Trumbull Steel 1st at 6s
797 7012
1940 MN
75
5
394 833
4
Twenty-third St fly ref 5s 1962 1 J 25_ 28 Aug'33 ____
15
28
Tyrol Hydro-Elec Pow 75(s,1955 MN 4612 - 4812 4712
4712
3
46
6312
46 Sale 46
Guar sec a 1 7s
46
8
1952 F A
45
6214
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 27
FE
.,a,
Nigh
High Ni. Log
Bid
Ask Low
5 1014
8
1014 Sale 10
1014 61
32
6512
63
65
64
6512 10
98 101
9912 10012
983 10514
4
3
412
3 Sale
1
3
2
3
112 412
2
_-- 23 Oct'33 ____
4
10412 Sale 104
19
98 109
105
90 10412
100 103 100
10012 88
100 Sale 9938 100
20
90 104
10412 Sale 10418 1045 120
8
9811 106
3878 8714
5214 12
48
493 49
4
99
993 9912
4
947 105
s
993
4
6
5112 74
5314 Sale 5314
101
61
49 Sale 4538
2818 60
493 345
3
223 Sale 223
4
1013 32
4
2214
1
6912 Sale 6812
89
80
94
71
87
64
05
67 65
1
65
4
613 89s
6812 28
673 Sale 6712
4
8
847
64
61
20
64
6014
57
923
9114 9412 92
4 18
88 10714
4
99
9814 Sale 9814
20
9018 1043
1013 103 10218 10314 10
4
98 10612
86
99
99
1
UJigawa Elec Power at 7s
99
___ 99
1945 M S 71 Sale 6918
71
6
3712 78
a7512 gale 7414
7614 27
6314 8112 Union Elec Lt & Pr(Mo)
2
Gen mtge gold be
4
1027
8 51
1957 A 0 10118 Sale 1011/
94 1047
Ohio Public Service 7345 A1940 A 0 92 Sale 92
Un E LA P (111) let g 61413 A 1954 J J 1023 103 103
4
90 105
93
1033
4
15
7 100 105
Union Elev fly (Chic) 5s,.1945 A 0 1412 20
let & ref is series B
20 Aug'33 ____
1947 F A 90 Sale 90
86 104
1438 29
2
90 3
4
Old Ben Coal 151 58
Union 011 30-yr 6s A_May 1942 F A 10712 Sale 10712 10814 32
14
35
23
3
1944 F A 20
20
993 109
4
203
4
Ontario Power N F 1st 5s 1943 F A 402 Sale 10114 102
8
1st lien at 5s ser C___Feb 1935 A 0 1017 Sale 10118
102
9318 103
9812 102
7
11
Ontario Transmission 1st 53_1945 MN , 9812 Sale 9818
Deb Oa with warr_ _Apr 1945.7 D 97 Sale 97
9812 11
98
60
897 10014
75
8
99
Oslo Gas & El Wks extl Os 1963 M S 77
UnIted Biscuit of Am79
7758
84
79
12
2
64
9512 103
deb 6s_19-42 M N 10212 103 10212 10212
Otis Steel let M 6s ser A
1941 M S 25 Sale 24
26
United Drug Co (Del) 58_1953 M S 63 Sale 6112
8
911 46
43
7112
6412 21
United Rya St List g 45
18
Oct'33 ____
1934 J .1 1818 20
14
224
Pacific Coast Co 1st g ba
US Rubber let & ref baser A 1947 J J 6012 Sale 56
1946 J D 3212 45
27 Aug'33 ____
38
23
2914 75
81
98
Pacific Gas & Elgen & ref 5e A '42
United SS Co 15
994 107
, J 10418 Sale 1033
4 10518 65
-year
93
_ _1937 M N 93 Sale 904
4
75
93
Pao Pub Serv 5% notes_ _ _1936 54 8 0412 703 67
67
4
1
607 884 Un Steel Works Corp 6 Me A _1951 J D 3258 Sale 313
8
4
333
88_4 30
2612 6014
Sec at 65(s series C
Pacific Tel & Tel let 5s
1951 1 D 33 Sale 32
4
1937 J J 10514 Sale 105
10512 24 101 1073
333
8 17
2512 60
Sink fund deb 634s ser A 1947 J 1 3214 Sale 31
Ref mtge te aeries A
1952 MN 107 Sale 107
10812
4
3312 101
6 10012 1083
233 5913
4
•
•
Pan-Am l'etCo(of Cal)conv 60'40 J D
Un Steel Works (Burbact07s 1951 A 0 105 10833 105
/
105
2 9314 105
3878 Universal Pipe & Bad deb 68 1936 .1 D ---- 2612 27 Aug'33 ____
293
295 Sale 2812
8
8
Certificates of deposit
6
25
10
39
Unterelbe Power & Light 68_1953 A 0 4112 Sale 397
25 r42
31
Paramount-B'way 1st 534t,_ 1951 1 J 30 Sale 2812
15
8
4112 42
30
6612
Utah Lt & Trac 1st & ref 55_1944 A 0 5418 5612 533
38
Certificates of deposit
29
Oct'33 --__
35
29
4
54
14
5012 73
Paramount Fam's Lasky 63_1947
Utah Power & Light let 5s_ _1944 F A 61 Sale 603
8
62
52
56
79
•
•
•
Utica Elec L & P lst s f g 58_1950 1 J 104 107 100 May'33 ____ 100 105
Proof of claim filed by owners
.7 D 2812 30
1012 3412 Utica Gas.4 Elec ref & ext 501957 J .1 10512 10612 10514
Certificates of deposit
4
3118
29
10514
1
9912 10882
Paramount Publlx Corp 5345 1950 P A
Util Power & Light 534s_,..,1947 1 D 28 Sale 265
8
2812 42
1318 41
*
4,
*
26 Sale 2314
Deb ba with warrants_. 1909 F A
Proof of claim filed by owner.._ ---26
127
12
37
Certfilcates of depoMt
Deb 5s without warr._.1959 F A
---- 2914 Sale 28
1814 38
712 35
2912 24
255 June'33 ____ 1458 2558
8
Park- Lex 6345 ctfs
18
1
1953
8
8
8
812 9
61 35
Parmelee Trans deb 68
- 0 28
Vanadium Corp of Am cony Os'41 A 0 6312 Sale 6212
29
1944 A 2918 72
2812
3434 81
64 2 23
,
Pat & Paesalc GA El cons 58 1949 M 0 103 107 10312 Sept'33 ____ 101 10614 Vertlentes Sugar 73 ctfs
43
8 6
1942 ____
43
8
412
8
112 1814
Pathe Exch deb 75 with warr 1937 MN 80
Victor Fuel lot a f 58
4712 87
84 a80
1
38
a80
1953.7 1 15
15
Oct'33 ____
1012 21
Pa Co gu 334s coll tr A reg 1937 54 S 9514 Sale 9514
9514
1
9434 9514 Va flee & Pow cony 534s.A942 NI El 9918 10012 98
98
2
95 1055
8
____ 813 July'33 ____
2
Guar 334s coil trust ser 11_1941 F A 86
75
50
Oct'33 ____
473 65
8
8I5s Va Iron Coal & Coke 1st g 5s 1949 M 5 4712 65
Guar 334s trust etre C
8434 Va Ey & Pow let & ref 58
1942 J D 85 _ _ _ 8434 Oct'33 ___
1934 J J 100M Sale 1005
73
4 10118 14
9712 103
Guar 334s trust ctfs D_ _ _1944 1 D 8312 -___ 8212
18
823 Walworth deb 634s with warr '35 A 0 10
8
78
18 Sept'33
8255 22
__
10
35
Without warrants
Guar 4s tier E trust cHs
A 0 ---- 37
80
98
Oct'33 ____
98
1952 MN 8512 99
21 July'33 ____
1614 25
74! 95
lot sinking fund 65 ser A....1945 A 0 21
Secured gold 454s_ _ _ _,_ _ _1963 1 1 N 8812 Sale 8734
9
90
66
23
19
812 43
2155 32
Penn-Dixie Cement let 6s A 1941 54 S 5712 60
4
5712
5712
4
34i2 753 Warner Bros Pict deb 6s____1939 NI 5 4012 Sale a38
4214 175
12
48
Pennsylyr Ma P & List 434s 1981 A 0 8518 Sale 843
22
4
88
151
76
22
9612 Warner Co 1st 68 with warr_1944 A 0 16
Oct'33 __
10
3018
Peop Gas LA C 1st cons 68_1943 A 0 104e 106 105
Without warrants
A 0 16
18
105
3 102 114
1812 Oct'33 ____
125 40
8
Refunding gold ba
95
1947 51 5 9418 Sale 94
10712 Warner-Quinlan Co deb 6s_ A939 IN S 35 Sale 311z
17
90
36
1312 384
45
Warner Sugar Refln let 78_1941 „I D 105 Sale 105
10512
6 10212 106
Phil& Co sec 58 Belles A.-__1967 J 0 7312 Sale 72
Warren Bros Co deb fia
1941 M 5 4412 Sale 43
91
75
76
68
46
18
30
7514
Phila Elec Co 1st & ref 4358-1967 51 N 102m sale 10214 1041 1 26
Wash Water Powers f bs
1939 J J 10112 Sale 10112 102
97 10512
2 100 106
9512 Sale 95
1st & ref 48
Westchester Ltg 53 stpd 041_1950 .1 D 106 1103 10612 10712 24 102 11012
95
34 119
1971 F A
4
90 100
Phila & Reading C & I ref Os 1973 1 J 5214 Sale 51
747 West Penn Power ser A 5E1_1946 M S 108 10614 1057
8
53
18
48
8
1061s 13 10018 108
Cony deb (is
1st 5s series F
1963 M S 106 108 10755 1083
1949 M S 4414 Sale 4112
45
3212 6912
56
8 10 10014 1094
3
Phillips Petrol deb 5yis _ _ A939 J D 883 Sale 8818
let sec Os series 0
4
4
.
1956 J D 1043 Sale 1043
6718 90
90
52
4 1043
4
1
niz 107
Pillsbury F1'r Mills 20-yr 8E4_1943 A 0 10512 sale 10512 1054
Western Electric deb 5s
A 0 985 Sale 985
8
1914
2
95 107
8 100
81 102
145
Pirelli Co (Italy) cony 7s-.
9311
.1952 M N 100 Sale 100
4
4
100
8
0314 22
2 a995 10212 Western Union coil trust 58.1939 J .1 923 Sale 923
52
Pocah Con Collieries let s f 5s '57 J 1 61 Sale 61
Funding & real eat g 4345.1950 M N 7412 Sale 74
7014
64
5
60
75
24
3712 84
Port Arthur Can & Dk 6s A_1953 F A ____ 6612 66
15
-year 614e
Oct'33 ...._ _
1936 F A 9612 Sale .95
73
59
9612 33
55 100
1st m (is series B
25
-year gold bs
66 Sale 66
1953 F A
06
73
2
1951 7 D 78 Sale 78
66
79
33
3612 8814
Port Gen Elec 1st 434s ser C 1960 M 5 45 Sale 4414
1960 M S 77 Sale 76
30
-year 5s
208
4312 7034
49
78
113
3634 9713
Portland Gen Elec 1st bs__ _1935 J J 88 Sale 88
90
14
88 Ellis Westphalia Un El Power 53_1953 1 .1 3914 Sale 3755
40
161
2313 5713
Porto Rican Ara Tob cony 60 1942 1 J 36 Sale 36
Wheeling Steel Corp 1st 534s 1948.7 1 71 Sale 71
52
38
20
18
73
9
52
86
Postal Teleg & Cable coll 58_1953 1 1 4114 Sale 38
1st & ref 434e series 1l
4214 316
1953 A 0 64 Sale 62
1618 57
68
23
4155 75
•
•
Pressed Steel Car cony g 58_1933 1 i
White Sew Mach 6s with warr '36 .1 J 431
__ 04212 Oct'33 ____ a27
45
Pub Set.) El & Gist & ref 4)0'67 J 1 10114 Sale 101M
Without warrants
,
J .1 431t4 65
3
8-104
48
97 1057
45 Sept'33 ____
8
2212 50
1st & ref 4)4s
Panic a t deb (la
1970 F A 10012 Sale 10012 10312 12
1940 NI N 4318 52
9714 10058
4212 Oct'33 ____
2214 50
lat & ref 4s
1971 A 0 96 Sale 96
9712 40
9014 10012 Wickwire Spencer St'l 1st 7a_1935
Ctf dep Chase Nat Bank ___ _ ____
Pure 011 a f 5 A % notes
9234 Sale 9212
1937 F A
4
5 Sale
683 93
9318 32
5
lls 16
5
1
E3 f 5M% notes
75(Nov 1927 coupon) Jan 1935
63'2 89
1940 M 8 88 Sale 88
8812 32
Ctf dep Chase Nat Bank_ _ _ MN
Purity Bakeries a f deb 5s. A948 1 J 8014 Sale 8014
5 Sale
78 1414
81
6
55
5
8513
5
6
*
Willys-Overland s f 6s A __ _ _1911 IN 5
•
Wilson & Co 1st s f 65
Radlo-Keith-Orpheum part paid
_1941 A 0 991 4 Sale 983
4
9912
9914 45
84
------------Youngstown Sheet & Tube r4s '78 J J 7158 Sale 7114
ctfs for deb 6s & corn stk 1937 MN
A__9812 99
60 Dec'32
853
4
52
73
41
*
*
1st mtge s f 5s ser It
1941 J D
Debenture gold Os
1970 A 0 7055 Sale 7012
72
38
5214 05
Remington Arms let a f 65_ A937 M N 99 Sale 9812
58 10018
99
8
MN 68 Sale a67
Rem Rand deb 5348 with war '47
6912 50 o4114 7812
Repub IA S 10-30-yr 558 L...1940 A 0 8114 8512 82
92
82
55
1
Ref & gen 534e series A_ _1953 1 J 6512 Sale 643
76
30
4
5
6512
Revere Cop & Brass 6s ser A 1948 M fil 80
85
494 90
3
85
85
(Negotiability Impaired by Maturity)
Rheinelbe Union s f 78
1946 2 .1 3514 39
2812 6618
3718
3814 31
Rhine-Ruhr Water series 6 1953 1 J 34 Sale 3314
3212 5712
32
36
,
Rhine-Westphalia El Pr 78 1950 MN 64 Sale 615
MATURED BONDS.
77
8
12 a42
64
1
"3
Price
Week'sRange
b
Direct mtge 6s
31
7012 N. Y. STOCK EXCHANGE u t
29
1952 MN 40 Sale 3958
42
Friday
.
,1
Slime
Range or
Cons Si 6a of 1928
Week Ended Oct. 27.
303 7014
4
1953 F A 41 Sale 3912
4112 54
:: a, Oct. 27.
Jan. 1.
Last Said. ,
nj,
Con M 68 of 1930 with wan '55 A 0 41 Sale 3914
70
32
.
41
85
--•
*
M N
•
Richfield 011 of Calif (ts
Foreign Govt. & Municipals.
1944
Bid
Ask Low
NW No. Low
Nigh
MN 2414 Sale 3214
1912 32
Mexico Tress 68 assent large '33 .1 J
Certificates of deposit
2412 13
5
8
10 Sept'33 ._ _
33 11 14
4
Rime Steel 1st at 71s
3712 5312
Small
1955 F A 5118 53
53 8 Oct'33.
3
314 1012
i J ---- ---- 61e Oct'33 ____
Roch CI & El gen M 5 Me ser C '48 M S 104 Sale 104
9612 107
3
104
Gen mtge 4 As serlea D
897 99 4
Railroad.
8
3
1977 NI 5 9012 ____ 91
Oct'33 ____
Gen mtge be aerles E
100 Sale 100
96 10514 From Elk Ar Mo Val let Os_ _1934
10112 10
1962 M S
_
9814 9912 9814
5414 100
9814
5
Roch & Pine C & 1 9 m 5.1_1946 M N
___ 73 a5712 May'33 ____ a5712 a5712 Norfolk South 1st & ref 55 A_1961 --FA
6 Sale
518
212 16
24
6
Royal Dutch 48 with warr 1945 A 0810014 Sale 100
83 1023a St Louie Iron Mt & Southern
1023 167
4
Ruhr Chemical s f 13s
4
Ely & CI Div let g 4a
47 1* 11 3333 62
1948 A 0 47 Sale 47
1933 M N 49
50
48
50
80
353 6112
8
81 116
St Joseph Lead deb 5 Ms_
Seaboard Air Line 1st g 411 1950 A 0 20
1941 MN 11514 Sale 111 2 11514 129
,
174 31
30
31 Sept'33 ____
93
St Jos Ity Lt Fit & Pr 1st - 0.1937 SIN
77
Gold 48 stamped
79
79
5
837 79
1
8
1950 A 0 15 Sale 15
5
518 2612
15
St L Rocky Mt & P 58 stpd_1955 J i
307 50
8
Refunding 4s
6
43
40 Sept'33 _ _
6 sale
1959 A 0
155 163
4
614 13
51
St Paul City Cable cons 5s_ _1937 .1 1 47
42
All & Birm 30-yr let g 4s 1933 11.1 5 10
51 Aug'33 ____
49
15
17
Oct'33 ____
6
31
61
50
Guaranteed 54
69
1937 2 J
52 Sept'33 ___
San Antonio Pub Serv 1st 68 1952. J ___- 81
744 92
18
Industrials
1
78
7514
76
Schulco Co guar 61.0
50
Abitibi Pow & Paper let 56_1953 ./ 13 2218 Sale 21
25
40
1946 1 1 30
40 July'33 ____
10 4 3314
3
233
4 39
American Chain deb 8 Ins_ 1933 A 0 9812 Sale 9518
Stamped (July 1933 coup on) : 30
2012 50
Oct'33 ____
____ 35
9812 26
38
9812
50
Guar a f 634s series B __ _1946 --IV way & 7th Ave let cons 53_1943 J D
28
A 1131 30
50
.
40 Aug'33 ____
II
95 Sale
8
2
8
1
95
8
95
35
58 x Chic Rye 5s stpd 25% part paid__ F A
,
Stamped- 35
Oct'33 __
35
58
5212 60
49
70
58 Sept'33 __._
Sharon Steel Hoop s f 534s.1948 1A
16
563 Cuban Cane Prod deb 6a_ _ _1950 J J
4
5
3512
35
3712 35
4 Sale
25
h 13
8
45 114
8
Shea! Pipe Line s f deb 58.-1952 M N 883 Sale 8812
93
69
East Cuba Sug 15-yr a f i710 37 54 S 10 Sale
8912 25
4
.
9
1212 36
23 3312
8
Shell Union 0118 f deb Os
9214 Gen Theatres Equip deb 60_1940 A 0
65
1947 M N 8812 Sale 8814
8918 29
418 412 3 8
1
43
8 59
5
914
Deb 56 with warrants_
6312 93, Gould Coupler ist s f (is
4
4
1949 A 0 883 Sale 8853
8912 20
1940 F A
1018 12
47 20
8
3
10
1012
8
Shlnyetau El Pow 1st 6148_1952 J D 6014 6212 6014
28
657 Hoe (it) & Co 1st 6 Sis sec A _1934 A 0 30 Sale 30
5
6014
1272 32
30
2
Siemens & Halake a f 7s
70 95
14
7
75
Interboro Rap Tran 68
1935 1 J 7455 7712 7314
1932 A 0 2314 Sale 2314
24
9
12
3312
Debentures f 6 Ms
8212
10
-year 7% notes
1951 M 5 5714 Sale 5612
46
5814 31
1932 M 5 6214 Sale 6214
5112 75
6412 16
95
Sierra & San Fran Power 56_1949 F A 9312 95
Manatl Sugar islet 7 Ms....1942 A 0 101 1 233 1514 Oct'33 ____
3
89 102
94
5
34
4
Silesia Elec Corp of 8 Ma_ 1946 F A
stmpd net 1931 coupon _ _1942 A 11
5912
26
28
4
36
3512 Sale 333
314 27
1514 Oct'33 ____
2
297
s
Sileslan-Am Coro coil tr 78-1941 F A
4612 Pan-Am Pet Co (Cal) cony 6e '40 J D 30 Sale 30
32
5
37
3712 a3458
35
9
254 397
313
8
4
Sinclair Cons 011 15-yr 7s
1937 M S 10218 Sale 1013
9014 10312 Paramount Fam Lasky 6s_ _ _1947
8 10214 46
8812 102
1st lien 614e series B
54
102
Proof of claim tiled by owner__ J D 28
1938 1 D 102 Sale 101
2912 31
14
313 2812
4
30
Skelly 011 deb 534s
1939 M 8 84 Sale 835
5955 8614 Paramount Publlx Corp 5 Sis 1950
8
84
30
Solvay Am Invest 53 ser A 1942 M 19 9658 9812 9712
Proof of claim filed by owner__ F A 30 Sale 27
99h
87
17
98
35
27
3014 68
99 107
South Bell Tel & Tel lEd 8 f 59 41
Pressed Steel Car cony g511 .1933 2 .1
'
J 10412 Sale 10412 10512 69
5812 Sale 5812
2
354 65
5812
Sweet Bell Tel 181 & ref 56..1954 F A 1065 Sale 10612 1073
8 79 100 10712 Radio-Keith Orpheum 6s_1911 J D
12
2412 23 Aug'33 ____
812 30
Southern Colo Power 6s A 1947 J J 63 Sale 63
59
81
Richfield 011 of Calif 6e
11
6618
1944 M N
2312 Sale 23
21
2412 41
3254
Stand 011 of NJ deb 56 Dec 15 5(6 F A 10412 Sale 10412 1051i 104 100 10512 Stevens Hotels Belles A
1946.7 2
1518 Sale 15
2912
5
10
1514
8814 102 Studebaker Corp 6% notes 1942 J D 32
10112 145
Stand Oil Of N Y deb 444 1251
4
D 1003 Sale 10012
2014 4614
3112 31
3414 48
•
•
Stevens Hotel 1st iie mice A 1945
Willes-Overland •f 804* ._ _1933 M 5 30
35
30
30
7955
33
2
r Cash sale. a Deterred delivery. z Optional sale, July 6, 81,000 at 301 4. * Look under list of Matured Bonds on this page.
N Y Rye Corp Inc . _Jan 1965 Air
Prior lien 038 series A
681965 1 J
NY & Mehra Gas 1st (is A__1951 M N
NY State Rya 4)4s A ctfs__1962 ---65(8 series B ctfs
1962-_ N Y Steam (is ser A
1%1
1947 M let mortgage 5a
1951 M N
let 1.1 58
1956 M N
N Y Telep 1st & gen a f 45(13_1939 IN N
N Y Trap Rock 1st 6a
1946 J 0
Nlag Lock &0 Pow 1st 58 A_1955 A 0
Niagara Share deb 5 Ms _ __ _1950 M N
Norddeutsche Lloyd 20-yr a f6s'47 M N
Nor Amer Cern deb 65(s A 1940 151 6
North Amer Co deb 58
1961 F A
No Am Edison deb 53 ser A.1957 M S
Deb 5345 ser B___Aug 15 1963 F A
Deb 543 stiles C---Nov 15 1969 M N
Nor Ohio Trac & Light 6a 1947 M S
Nor States Pow 25-yr 5s A 1941 A 0
1st & ref 5-yr Cs ser B___ _1941 A 0
North W T 1st td g 4345 gtd_1934 2 .1
Norweg Hydro-El Nit 5 Hs 1957 50 N
Matured Bonds
Financial Chronicle
Volume 137
3119
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Oct. 21 to Oct. 27, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices
Par Price. Low. High. Shares.
Railroads
Boston & Albany
100 115
112
Boston Elevated
100 57
5655
Boston & Maine
Prior pref stpd
100
29
Preferred stamped_ _100
10
Chic Jet Ry & Un Stk Y100
8635
East Mass St Ry corn_ _100
14
Maine Central corn
64
NYN Haven& Harttord100
144
Old Colony RR
100 9251 9155
Pennsylvania RR
50 27
234
Low.
115
57%
33
322
Jan 121
80
53% MAY 70
31
10
87
135
635
174
92%
2755
225
17
6
75
200
351
114
73
13%
Miscellaneous
American Continental _ _ ..*
435 555
Amer Pneu Service pret_50
5
5
Common
23
135
14 2
Amer Tel & Tel
100 117% 111% 119
Amoskeag Mfg Co
735
651 835
Andes Petroleum
1
70 Ile
8c
Bigelow Sanford Carpet_ _
21%
21
20
lloston rem Prop Tr corn.*
834 955
Brown 1206% cum pret.100
651 7
.East Gas & Fuel Aden
Common
6
6%
8% cum pref
100
454 48
414% prior preferred 100 56
544 564
Eastern Steamship com •
734 7%
1st preferred
100 100
100 100
Edison Elec Ilium
100 14735 146 148
Employers Group
7
7
735
Gilchrist Corp
5
5
Gillette Safety Razor
9% 1255
Ilygrade Sylvania Lamp_•
224
22
International Hydro Elec._ -----5% 6
Libby MeNiel & Libby _ _ _ •
4
4
Loew's Boston Theatres_ _ _
8
6
Mass Utilities Assoc v t c..• --255 254
Mergenthaler 1.1notYDe- •
244 25%
National Service
• 750
Mc 75c
New England P Scorn
•
14 155
New Eng Tel & Tel_ _ _ _ 100 8755 87
8855
Pacific Mills
100
2054 25
fleece Button hole Nlach10
855 84
Shawmut Assn tr ctfs----•
734 8
Stone & Webster
•
754 9
Swift & Co
25 1334
13
154
Torrington Co
•
3834 39%
United Founders Coln.-- •
134
1345
1
U Shoe Mach Corp
25 5134 49
5254
Preferred
25
32% 33
Venezuela Met Oli Corp_ 10
235 3
Waldorf System Inc
6
6
Warren Bros Co
•
8
6% 854
Mining
Calumet & Uccle
25
351 5%
Copper Range
25
4
254 4
Isle Royal Copper
25
1
131
1
Nipissing Mines
0
'
23.5
2%
North Butte
2.50 45c
45c 55c
Old Dominion Co
25
55e 55c
Pond Crk Pocohantas Co_•
11
10
Quincy Mining
25
1
1%
134
Utah Apex
5
1
134
Utah Metal & Tunnel__ _ _1
134
Ole
1%
BondsAmoskeag Man Co 63_1948
Chicago Junction fly At
Union Stk-Yds 53_1940
E Mass St fly Her A4 43'48
• No par value. z Ex-dividend.
Range Since Jan. 1.
.5
20
20
20
610
40
1,524
260
875
3,637
541
6,050
136
130
25
57
16
904
3
10
34%
95
424
July
July
Aug
July
Aug
July
July
July
Mar
65.1 July
3
Apr
64 July
25c. Ma
2% July
86;4 AP 134% July
14 Fe
July
11
Apr 33o June
Sc
Feb 30 June
6
July
634 Apr 14
July
14
155 Jan
3%
110
149 3555
169 53
5
200
25 82
278 133
600
20
5
134
94
773
50 12
130
134
10
5
15
1,420
1%
395 1554
30 40c
1%
65
534 67
853
5%
50
635
1,084
535
715
1,873
7
288 22
725
54
1,825 33
105 30%
170
10 255c4
24
1,940
326
325
500
75
2,280
100
260
90
12
3,18
Feb
Feb
May
Jan
Mar
leb
Ma
Jan
July
Feb
114
1%
55
85c
200
400
94
300
31c
250
June
Apr 12
July
69
AD
Dec
Oct 69
July
17
Jan
Jan 105% Aug
Jan
Mar 183
Jan
10% June
June
7
May
Apr 204 Jan
July
29
Feb2,i
Apr
13% July
Feb
7 June
Jan
8
May
Apr
3% June
Feb 34% June
Mar
135 May
Oct
4 June
July
June 102
Mar 2955 July
Jan
955 June
Jan 104 July
Feb
1955 July
Feb 244 July
Apr 43
Aug
July
Apr
3
Jan 564 July
Oct
Jan 33
Mar
855 Sept
Feb 13% June
Feb 22% June
Jan
Apr
Jan
Jan
Jan
Apr
Jan
Feb
Jan
Jan
955
7
3
331
14
154
1754
455
151
154
July
Jan
July
July
June
June
June
June
June
Sept
6335 6335 $4,000
31
Feb
6854 July
2,000
1,000
93
24
Ma
Del
100% Aug
45
Aug
9815 9854
35
35
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Oct. 21 to Oct. 27, both inclusive, compiled from official sales lists:
Stocks-
Friday
sates
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
II
34
755
1334
894
24
1551
87
64
24
23
855
251
31
4
2
54
104
1055
834
2
12
87
651
250
34
50
34
2
120
74 1,850
1355
200
1355 6,650
10
5,450
254
90
154 10,904
87
20
750
631
54
35
1
3
10%
655
834
1
555
70
3%
Apr
Oct
Apr
Feb
Oct
Feb
Oct
Apr
Feb
Jan
Apr
5
2
12
3
log
17%
534
2
16
4%
104
1831
200
100
1,700
4,400
250
150
51 June
Jan
1
451 Jan
14 Feb
755 Apr
144 May
34
6
%
34
134
83-4
451
%
135
2
2134
10
655
13
255
55
6%
38
42,
4
%
300
250
300
1,200
10,800
60
40
100
4,700
1,650
1,600
3,700
1.15C
6,200
400
30
40
2.050
51
5
54
55
1
8%
4
9
1
124
10
14
6
2
31
535
38
42
6
34
35
151
955
44
1354
24
23
13
9
154
2%
34
654
38
4434
Mar
Feb
Ma
Feb
Feb
Feb
Oct
Mar
Feb
Apr
Oct
apr
Alg
Feb
Feb
Oct
Oct
Sept
--dadd
4V475142 r12.aW.:a.-"= ,
854
455
Jan
Feb
Oct
Oct
Feb
May
Apr
Apr
. .
1534
454
2151
10
355
4
1
8
255
2
1•21-2Ci "F,TaNtlEtqra
335
ogzz=
i/gg,
,,,
255
High.
Low.
250
200
2,750
150
50
80
40
1,200
NX..0.trA.NONc.MM
27
4
3854 30%
21
27
355 455
5
4
24 255
12
13
351 34
334 335
t,...COM
Abbott Laboratories corn •
Acme Steel Co
25
Advanced Alum Castings.5
Adams (J D) Mfg com
*
Adams Royalty Co corn_ _•
Altorfer Bros cony pref _ •
American Pub Scrv prof 100
Asbestos Mfg Co cont.__ _1
Assoc Tel UtilCommon
•
86 cone pref A
•
Automatic Wks cony pref.*
Bactlan-mesains Co oom.•
Beatrice Creamery corn_25
Bandit Aviation com---•
Berghoff Brewing Co_ ___ I
Milks Mfg ci A cony
•
Borg-Warner Coro corn. In
7% preferred
100
I Mach & Sons(E .1) com__*
Brown Fence & Wire_
Class A
•
Class B
•
Bruce Co (E L) corn
•
Butler Brothers
10
Castle & Co (A NI) com_10
Central Ill PS pref
•
Central III Secur Corp
Common
1
Convertible preferred_ •
Cent Pub Sere Corp A_ _1
Central Pub CHI A
Cent 8 W UM common..
•
l'rior lien pref
•
l'referred
•
Chain Belt Co coin
•
Chicago Corp Common..
•
Preferred
•
Chicago Mail Order com.5
CM & N W fly corn_ ... _100
Chicago Yellow Cab cap. •
Cities Service Co com.--•
Club Alum (lien corn __•
Coleman Lamp & St com_•
Congress Hotel Co corn _100
Commonwealth Edison 14114
Range Since Jan. 1.
Friday
Sales
Last Week-s Range for
Sale
iVeek.
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
154 July
44 Jan
Cord Corp
33,400
5% 8
5
736
Crane Co
1155 July
Feb
Common
25
3
1,000
6
555 651
July
Feb 59
32
260 15
3634
Preferred
100
•
Aug
16
455 Jan
1454 16
De Mets Inc pref
70
834 July
Jan
455 555
220
2
Dexter Co (The) com_ __5
July
15
5
250
I% Feb
Eddy Paper Corp (The).*
534
955 103,
3
Elec Household Lail Corp 5
1355 June
Feb
650
FitzSimons & Connell Dock
Oct
451 Feb 14
& Dredge Co com
14
13
100
755 May 21
Gardner Denver Co corn.*
18
Aug
16
60
July 2355 July
Gen Household CBI corn.' 14
12% 1415 2,100 10
55 Feb
30
Gen Parts Corp cony pref _•
Sept
34
34
Godchaux Sugar Inc cl 13_ 5
51 Mar 1455 July
551 6
400
6
Goldblatt Bros Inc com__•
2155 2155
50 10% Mar 2755 June
Great Lakes Aircraft A._ _*
2 June
800
55
4
34 Feb
94
Great Lakes D & D.---• 1855
may
1454 1835 5,300
64 Feb 20
55 Apr
Grigsby Grunow Co oom.•
455 July
6,200
155 2
355 Mar
Hall Printing common__10
455
4
934 July
600
454
Feb
655 June
1
Houdaille-Hershey cl B__•
600
2% 3%
351 Mar 1435 June
Class A
755 8
150
•
634 Apr
Indep Pneum Tool v t c--•
June
16
200
1055 10%
Jefferson Elec Co com____• 1034
Aug
335 Mar 15
10
200
1055
4
Kalamazoo Stove com__.• 18
Feb 374 June
850
18
14
Ken-find T & L cons A..*
454 June
1% Feb
3
300
3
Ken Util Co Jr cum pref _50 11
635 May 25
40
May
11
1255
755 Oct 184 July
Kingsbury Brew Co cap_ _1
734 8% 1,850
8
La Salle Ext Unlv corn_..5
1% June
54
54 Feb
I
200
1
Libby McNeill & Libby_10
734 June
134 Feb
1,700
355
Lion 011 Ref Co corn
84 July
14 Feb
50
6
6
•
Lynch Coro corn
Sept
Feb 44
8
334 3,300
5 32
29
McGraw Elec corn
6 June
14 Apr
50
4
4
•
McWilliams Dredging Co • 14% 134 15
Jan
750
7
1634 May
June
135 Mar
Manhattan-Dearborn corn•
5
5
155
155
Mapes Cons Mfg cap____*
Sept
May 36
30
2
3331 33%
Marshall Field common..
June
4% Feb 18
• 1454 124 144 4,900
Meadows Mfg Co corn.
151 June
35 Jan
30
..t
%
31
Mer & Mfrs See cl A corn_•
25
235 June
34 Oct
%
31
14
Mickelberry's Food Prod
231 Feb
Common
500
734 June
235 3
1
34 Jan
Middle West Util new_..*
55 May
55
51
51 4,150
$6 cony pref A
355 May
,
55 Feb
,
50
155 1%
Midland United Co com •
231 June
35
51 May
1
200
36
Midland CBI
6% prior lien
434 June
1% May
1,200
IN
100
1%
7% class A pref
55 Oct
4 May
100
500
34
55
7% prior lien
June
8
154 131
1,000
100
134 Oct
Miller At Hart Inc cony pfd*
Jan 2155 June
5
50
755 74
•
8
Modine Mfg corn
836 Apr 1555 June
8
50
8
NIosscr Leather Corp corn •
10 June
735 8
100
1% Jan
Muskegon Mot Spec cl A.
94 Aug
155 Apr
7
755 1,530
National Battery Co pref.•
Sept
Apr 25
130 14
22
20
National Leather corn_ _10
3 May
1
350
54 Mar
154
Natl Standard corn
Feb 25 June
200 10
20
20
•
Noblitt-Sparks Ind corn_ • 22% 21
9% Mar 2034 July
800
2234
North Amer Car com_ _ _20
8 Slay
250
254 Apr
335 4
Nor Amer Lt & Pow corn.*
754 June
1% Apr
155 255
500
Northwest Bancorp com__•
JUDO
Oct 14
1,85
5
4
4
454
Northwest Eng Co corn_ •
10 June
20
24 Jan
4
455
Northwest UM
June
6
Oct
20
pref 100
1
1
1
135
Okla Gas & El Co 7% pf100
160 6035 Oct 6315 Oct
62
6355
Parker Pen Co corn
Apr
10
84 May
3
6
4
200
Penn G & E class A com_ _*
May 10 June
854 855
100
5
Peoples G L & C cap_ _100
Sept
2,000 30
30
Sept 30
30
Perfect Circle (The) Co_ _•
2794 June
Jan
50 18
2155 2134
Pines Winterfront
July
5
155
1
50
Feb
155
Prima Co common
• 12% 11
1,600 10
Feb 3454 July
13
Process Corp corn
Apr
200
636 May
1
2% 3
Public Service of Nor Ill
Common
Jan
Apr 47
20
100
50 16
20
Common
21
20
1,150 18
Jan
Apr 48
6% preferred
Jan
100
40 3735 Apr 85
51
51
Quaker Oats Co
Common
July
Feb 145
• 118
11334 120
810 83
Preferred
Oct
100 120
11051 120
Apr 120
20 108
Raytheon Mfg CO
common v t c
8
May
50c
Oct
151 235
800
1
234
6% pref v t c
6% June
51 Oct
200
5
31
55
Ise
Reliance Mfg Co
Common
Feb 18- June
2
12
12
10
100
6
Ryerson & Sons Inc com.._. 1235
May
7% Mar 20
11
10
1254
Sears. Roebuck & Co corn • 39
July
134 Feb 47
3451 3955 1,35
Southw G & E 7% pref_100
June
Oct 60
40
4155 4155
6
Standard Dredge cony pfd'
8% May
9,6 Mar
35
294 235
Common
4
May
155
15
134
*
135
54 Ma
StorklIne Fur cony pref _ _25
May
July
8
15
3
455 455
Sutherland l'aper com_ _10
9
Sept
5
751
231 May
734 731
Swift International
15 2355 19% 23% 4,60
12% Feb 3255 June
Swift & Co
25 1435 124 15% 15,150
7
Feb 24% July
Thompson , RI com......25
.1
654 Ma
15% June
550
651 7
US Gypsum corn
5235 July
Ma
20 4536 4355 46% 1,850 18
Utah Radio Prod com_ •
355 Sept
54 Jan
135 1%
350
•
1
Utll & Ind Corn
1%
1
354 June
800
% Fe
Convertible preferred_ •
June
7
600
146 Mar
3
336
Vortex Cup Co corn
150
4% Feb
1054 June
6
•
64
655
Class A
25
25
Mar 2755 July
100 17
• 25
•
1%
Wahl Co corn
151
July
151
3
400
31 Jan
Walsreen Co common
1555 1754 1,500 11% Feb 214 July
• 1735
634% preferred
87% 8755
100
50 75% May 87% Oct
Ward monts)& Co el A.• 6254 56
63
360 47% Feb 8335 July
Waukeska Motor Co corn.*
25% 25%
Feb 45 June
10 12
Western P L& T cl A_
•
1
10
55 June
Apr
34
36
Wleboldt Stores Inc corn_ •
10% 10%
100
4
Any 14% June
Wis Bankshares corn
•
4
4
4
Apr 10
40
3
Jan
Yates
-Amer Mach pt pt. •
5
51, Jan
3% July
55
35
Zenith Radio Corp com_ •
135 2
35 Mar
34 July
95
Bonds
Chic City fly 5.3 1927
Chicago Railways 5s
Certificates of deposit
-----Grigsby Grunow 6s_ _ _1936
Nietrop West Side El 4s '38
• No par value. x Ex-dividend.
4635 4654 51,00
454 Mar
61
5251 5255
32
32
12
12
4834 Ma
Oct
32
12
Oct
67% July
July
42
1836 June
4.000
1,000
1,000
July
y Ex-rights
Toronto Stock Exchange.
-Record
of transactions at
the Toronto Stock Exchange, Oct. 21 to Oct. 27, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Iireek's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Abitibi Pr A: Paper corn..* 1.30
1.00 1.30
550
6% preferred
100
4
4
100
Alberta Pacific Grain A_ •
24 2%
95
Beauharnois Power corn _ ..•
4
34 4
165
Bell Telephone
100 110
10655 110
278
Blue Ribbon Corp corn....
3
3
3
10
655% preferred
50 22
22
22
10
Brantford Cordage 1st pf 25
2134 2155
10
Brazilian T,L & Pr corn.* 12%
12
134 3,485
Brewers & Distillers corn_* 2.35
2.10 2.45
12,250
B C l'ackers corn
•
2%
2% 2%
170
Range Since Jan. 1.
Low.
High.
4
34 Mar
Jan 10
231 Oct 10
7
3
% Oct
Apr 118
80
Apr
1
10
Feb 23
Jan 22
18
755 Mar 19
Jan 3.85
550
Apr
1
7
July
July
July
July
July
June
Oct
Sept
July
July
July
Financial Chronicle
July
July
July
July
July
July
July
July
July
July
Sept
July
July
Oct
Sept
July
July
July
July
July
June
July
July
Sept
July
Feb
105 1455
•
2334 23%
13 C Power A
190 1054
15
16
*
Building Products A
44 20
30
29
25 30
Burt (I' N) Co corn
114
*
2% 414 1,110
Canada Bread corn
5 40
100
40
40
1st preferred
214
960
5%
•
Canada Cement corn
53.4 6
35 13
2734 27%
* 27%
Preferred
5 25
•
26
26
Can K Ire & Cable A
255
80
5X
514
63.1
Canadian Canners com___•
9
•
3
1,037
934
Cony pret
73
13 46
100
77
75
1st preferred
3
360
4%
534
Canadian Car & Idy corn.*
90 10
17
16
Can Dredge & Dock corn.*
10 100
135 135
Can General Electric com50
115 51
50 5834 5734 5834
Preferred
155
Canadian Ind Alcohol A-* 1634
1034 1634 13,329
54
150
•
1154
11
B
615
375
1134
10
• 1134
Canadian 011 corn
31 79
100 95
9334 95
Preferred
9
2,427
12
1334
Canadian Pacific Ry _ _ _ _25 1234
730
334
6% 8%
•
Cockshutt Plow corn
734
2
1,030
A
8%
755
Consolidated Bakeries_ _ -•
35
25
134
135
Consolidated Industries_ •
1,207 54
10634 128
Cons Mining & Smelting 25 128
114 170
181 182
100 182
Consumers Gas
8
30
15
15
Crow's Nest Pass Coal_100
Apr 28
Apr 21
Feb 3834
9%
Mar
Oct 7615
1034
Feb
Apr 4514
Oct 30
Mar 1014
Apr 14
Apr 80
Apr II%
Mar 2235
Feb 135
Mar 60
Mar 40
Mar 3815
Apr 2034
May 97
Apr 2134
Feb 1534
615
Jan
5
Apr
Mar 140
Jan 190
June 20
616 1234
1834 21
Dominion Stores com_ _ _ _* 20
815
6
•
1234 1234
Fanny Farmer corn
25 23
2914 2955
•
Preferred
6
5,000
9
1134
Ford Co of Canada A _ _ _ _• 1134
6 80
105 105
Goodyear T & R pref _100
1,280
335
134
3
315
Gypsum,!Arne & A labast _*
2%
70
515
5
5
Paper_ _ ..•
Hinde & Dauche
International Nickel corn.* 19.60 16.90 20.30 31,536 8.15
4
55
654
4
•
Int Utilities A
5 82
85
85
lot Mill A preferred_ __100
Feb 2734
15
Jan
Jan 2914
Apr 21
Apr 10734
735
Feb
8
Mar
Mar 23.25
Oct 1334
Oct 90
•
Pennroad Corp v t c
50
Pennsylvania RR
50
Penna Salt Mig
Phila Elec of Pa $5 pref_ _ _ •
25
Phila Flee Pow pret
Phila Rapid Transit_ _ _ _50
50
7% preferred
Coal & Iron_ •
July Phila & Rd
,
JI113 Philadelphia Traction_ 50
p0100
Oct Scott Paper scr A 7%
•
July Tacony-Palmyra Bridge_
Sept Tonopah-Belmont Devel _1
1
Tonopah Mining
June
50
July Union Traction nom__ _ _•
July United Gas Impt
•
Preferred
July
..)0
June Victory Insurance Co_
Laura Secord Candy com_*
Loblaw Groceterlas A _ -- -•
B
•
Massey-Harris corn
•
Moore Corp corn
100
A
100
11
*
Orange Crush corn
Page-Hersey Tubes coin- •
•
Pressed Metals com
•
Riverside Silk Mills A _
*
Simpson's Ltd B
100
Preferred
Stand Steel Cons com___.•
•
Steel of Canada corn
25
Preferred
•
Tip Top Tailors com
100
Preferred
*
Traymore Ltd corn
20
Preferred
*
Union Gas Co com
•
Walkers,111ram,com
•
Preferred
Western Can Flour pret 100
Weston Ltd, Geo, corn_ •
100
Preferred
Bank
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
47
1355
13
334
434
1034
95
100
15
48
1434
1434
5
1134
95
100
55
37
1,900
211
4,455
444
16
7
100
36
1015
1055
2%
5
65
70
Jan 4855
Apr 2155
Mar 21
Mar 1134
Mar
1734
Apr 107
Apr 125
255
Oct
Aug
July
July
June
July
July
July
June
60
1434
18
3
31
8%
2634
3014
60
1734
1855
3
3255
11
2934
3051
88
130
25
18
45
8,702
825
10
40
8'
7
3
6
1
14%
25
Apr
Apr
Mar
Sept
Mar
Jan
Feb
Mar
70
26
19
655
52
1934
33
34
July
July
Oct
June
July
July
July
July
735
65
%
334
351
28
1434
45
46
88
20
734
45
69
415
155
85
4
196
4
4134 60,115
4,939
1534
20
45
1,155
49
13
8834
I
35
Mar
May
12
70
255
5
7%
66
18
70
5954
9034
June
Aug
Sept
Oct
July
July
July
July
Sept
Oct
1434
1055
2855
1
4
4
40
15
148
195
145
188
Loan and Trust
Canada Permanent_ _ 100
Boron .4 Erie 20% paid_ •
143
137
145
194
274
143
185
145
142
148
195
280
145
188
147
80
142
147
80
277
91
80
49
68
16
91
g
X Aug
1
2%
4
9%
45
1635
67
Sept
May
Mar
Mar
May
Mar
May
120
124
123
151
228
12315
152
Apr
Apr
Apr
Apr
Apr
Apr
Apr
2 120
9 77
175
175
185
220
285
183
215
July
July
July
July
July
July
July
May 167
May 102
July
Jar
* No par value.
-Record of transactions at the Toronto
Toronto Curb.
Curb, Oct. 21 to Oct. 27, both inclusive, compiled from
official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
•
Brewing Corp Common..
•
Preferred
Canada Bud Brew com_.
Canada Malting corn_ _ _ _•
Canada Vinegars corn_ _ _ _•
•
Canadian Wineries
Can Wire Bound Boxes A..
*
Consolidated Press A_
Cosgrave Export Brew_ _10
5
1334
1034
29
21
•
Distillers Seagrams
•
Dominion Bridge
Dom Motors of Canada.10
Dom Tar & Chem pref.100
Goodyear Tire & Rub corn*
•
Ilamilton Bridge com_
•
Honey Dew corn
•
Preferred
_5
Imperial Tobacco ord
2
034
27
Montreal L H & P Cons_ •
National Breweries corn. •
National Grocers pref _ _100
National Steel Car Corp_ •
•
Ontario Sliknit com
WO
Preferred
Power Corp of Can corn. •
*
Rogers Majestic
Robert Simpson pref_ _ _100
Service Stations com A_ •
100
Preferred
Shawinigan Wat & Pow •
Stand l'av & Mat corn _ •
Toronto Elevators com___•
•
Waterloo Mfg A
Oil
•
British American 011
•
Imperial 011 LW
International Petroleum_ _*
McColl Frontenac Oil corn..
100
Preferred
5
North Star 011 corn
5
Preferred
Supertest Petroleum ord.*
*
• No par value.
434
8515
91
6%
20
1334
1234
1834
1035
23.4
16
Low.
High.
9%
19
18
40
26
911
935
12
8
July
July
July
July
July
July
July
June
July
5%
1434
11
3015
22
5
935
8
454
2,194
2,165
2,045
2,220
70
135
110
50
175
15
,14
555
1334
1334
155
315
3
114
Jan
Mar
Apr
Mar
Jan
Jan
Mar
Apr
Jan
1534
24
134
15
855.4
6
95c
7
11
2154
27
1%
15
91
6
95c
7
11
6,895
85
165
10
31
10
200
10
5
4
1415
1
10
40
215
55
5
7
Feb 5135 July
July
Feb 33
534 July
Apr
July
Apr 27
Mar 11434 July
Apr 1134 July
3% July
Mar
July
Sept 17
Feb 1115 Sept
33%
2455
91
834
434
30
615
3
70
34
24%
92
815
415
30
7
3
70
321
10
20
10
25
2
255
1,115
5
2654
16%
85
514
4
28
6
6%
5
30
30
1636 1655
134 2
20
20
255
2
385
130
20
110
15
155
214
16
9%
51
12%
1%
1335
1234
1934
1134
72
155
2%
1634
90
6,086
5,936
4,432
705
4
205
100
110
715
714
1055
734
5414
54
155
11%
99
Stocks--
•
American Stores
BellTel Coot Pa pref_100
"
Budd (E G) Mtg Co
50
Cambria Iron
Camden Fire Insurance_5
10
Fire Association
Horn & Hard (Phila.) corn.*
Horn & Hard(NY)com_ •
1(50
Preferred
.
Insurance Co of N A_ _ _10
•
Lehigh Coal & Nay
50
Lehigh Valley
Mitten Bank Sec pref __ _25
3655 HA
113% 113%
454 534
3634 36% 3655
12
1255
32
31
69
69
69
1635 1635
88
88
39
38
39
734 854
15%
13
111
134
255
23
50
9655 9614
3134 3135
2%
534
4%
1834
105%
22
351
X
163-4
Bonds
Flee Az Peoples tr ctfs 4s '45
Peoples Pass tr ctfs 4s 1943
Phil El (Pa) 1st 5s ___1966
PIMA El Pow CO 534s 1972
15
6
1614
8655
515
Range Since Jan. 1.
High.
Low.
Feb 47%
100 30
150 10614 Mar 116
9%
% Mar
600
Apr 40
20 33
Apr 1434
9
200
.50 2134 Feb 5334
Oct 99
10 69
Oct 2536
100 16
50 8034 Feb 9455
Mar 4534
300 25
sg Mar 1315
300
835 Feb 27%
360
2%
54 Feb
300
314 9,100
2735 13,500
100
50
320
9734
600
3135
2%
600
200
531
515
775
19%
200
16
10534
65
22
'Is 1,600
15 2,100
300
634
1731 11,000
88%
500
100
535
134
13%
2534
89
28%
15.5
3
234
15
99%
1834
311
X
334
14
86
3%
July
Sept
July
Sept
July
July
Jan
June
July
July
July
July
July
8% July
Mar
July
Jan 42
Oct
Mar 51
Sept 103% Jan
Jan
Apr 33
July
6
May
Feb
9% July
9% July
Feb
Mar 2334 June
Jan 10534 Oct
June 3055 Jan
Jan
% Oct
Jan
134 Sept
Mar 1234 Jan
Mar 2414 July
May 9955 Jan
Feb
615 July
18
18
$7,000 15
Apr 23% June
2655 2634
1,000 2315 Aug 34
Jan
10735 10734
300 10234 Mar 11034 Feb
10635 10615 2,000 103
Feb
Maw 108
* No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange,. Oct. 21 to Oct. 27, both inclusive, compiled from official sales lists:
Stocks-
.
Friday
Sales
Last IVeek's Range for
of Prices.
Week.
Sale
Par Price. Low. High. Shares.
•
Arundel Corporation
Baltimore Tube com _100
•
Black & Decker corn
25
Preferred
Ches & PotTel of Balt pt100
Comm Credit Corp corn- _
25
Preferred B
100
615% 1st pret
25
7% preferred
Consol Gas,E L & Pow._ _.
100
6% pref ser D
100
5% preferred
Emerson Brom° Seitz A..•
Fidelity Az Guar Fire_ _10
50
Fidelity Az Deposit
100
Houston Oil pref
Insurance Shares AId ars..
Mfrs Finance corn v t___25
25
2d preferred
Maryland Casulty Co_ _ _ _2
10
Maryland Trust Co
Merch & Miners Transp__*
MononW Penn P S 7% pf25
MtVer-Woodb Mills pf _100
New Amsterdam Cas___10
50
Northern Central
•
Penna Water & Power
Southern Bankers Scour
100
Preferred
Un Porto Rican Sug pref_•
US Fidelity Az Guar_ _10
Western Md Dairy prof__
20
18
455 4%
4% 6%
5%
9
9
9
11436 115
15
15
15
23
23
90
90
23
23
23
5215 55
55
10636 107
97
96
96
23
21
23
1015
9
24
22
4%
4
4%
234 255
1935
255
30
2314
1054
73
7.J
800
3%
234
814
27
15
2334
10
71
48
80e
3%
234
8%
30
15
2354
1134
73
49
7c
70
500 50c
354 4/5
65
65
Range Since Jan. 1.
Low.
914
1
1
5
112
451
4%
70
1834
43
11334
91%
1515
434
15
214
255
400
2
114
83-4
1934
10
9%
7
63
40
High.
Apr 33
July
Jan
534 July
Feb
815 July
May 13
July
Apr 116% Feb
Apr 2434 Oct
Apr 2434 Oct
Mar 95
Sept
Mar 24
Oct
Apr 70 June
May 11014 Feb
Apr 102
Jan
Apr 2431 Jan
Mar 15 Juno
Mar 3955 July
,
Mar
73-1 July
335 Sept
Oct
Mar
Mar
Mar
Oct
Jan
Feb
Mar
Apr
May
Apr
50
Jan
500
Oct
111 Mar
May
60
1
314
5
1014
3415
1735
35
1715
76%
60
Feb
Oct
June
July
July
July
July
Jan
Aug
Jan
7c
1
7
75
Oct
Jan
June
June
Range Since Jan. 1.
4
11
9
25
21
455
9
8
4
1234
1134
17
10
72
134
214
15
90
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par Price. Low. High. Shares.
bon:
High.
Low.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Oct. 21 to Oct. 27, both
inclusive, compiled from official sales lists:
14..4000W0WWW0s4=000.i
Range Since Jan. 1.
Apr 42
Mar 2834
Aug 100
Mar 1855
9
June
Sept 45
1554
Jan
4
31 Mar
4655 Mar 85
July
July
July
July
July
Aug
July
July
July
Apr
Apr
Feb
Apr
Feb
Feb
11
48
21%
6
27
8
July
July
July
July
May
June
Jan
Apr
Mar
Mar
Apr
Apr
Apr
Mar
Feb
16
16
20%
15
80
5
414
22%
20
July
July
Sept
July
June
July
July
July
Oct
9
Bonds
Baltimore City
.
48 sewerage Inapt _ _1961
1958
48 water loan
1951
48 B & P (cpn)
1954
48 annex Impt
48 2d water serla1_1950
Consol GE L & P 4358'35
Un Ry & El fund 5s flat '36
(
Income 4s flat) _ _ ..l949
1049
let de f Tint)
9751
9734
99
98
9754
10255
9
31
14
9
9
9734
973j
1)9
98
0754
10215
9
03.1"
DCQOOQQO
0
D00000
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Oct. 28 1933
..40Wo.Nri.C,4WW
Ot,tC
10000011.
0v0. 00000,
3120
87
87
99
9515
97%
1023.4
835
15
May
May
Oct
Mar
Oc
Oct
Apr
Apr
10235 Feb
Jan
100
Oct
99
Jan
100
9734 Oct
10314 Dec
1455 June
114 Jan
RI,.
A,,,.
L&1,: Ilmr
• No par value.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, Oct. 21 to Oct. 27, both
inclusive, compiled from official sales lists:
Stocks-
rriaay
sales
Last Week's Range for
of Prices.
Week.
Sale
Par Price. Low. High. Shares,
814 9
•
Aluminum Industries_
1054 12
Amer Laundry Mach_ _20 1115
2
2
"
Products corn
Amer
1414 10
25 16
Amer Rolling Mill
1
1
•
Burger Bros
255
234
•
Churngold Corp
85
85
100
CNO&TPpref
CM Gas'& Elec pref._ _100 71% 71% 7134
455 4%
4%
.
Cincinnati Street Ry _ _ 50
Cincinnati Telephone_ _50 6534 6555 6714
19
19
CM Union Stock Yards_ •
7
7
•
Coca Cola A
1015
8
• 1015
Radio A
Crosley
5% 615
20
Eagle-Picher Lead
8
8
8
•
Gibson Art corn
2
2
•
Gruen Watch
19
19
Hobart Alfg
21
20
21
corn
Kroger
35
%
Magnavox Ltd
335 3%
315
Meteor Motor
40
39
• 40
Procter & Gamble
162 162
100
8% preferred
Randall A12 12
: 16%
15
1634
Rapid Electrotype
851
8
•
Richardson corn
1511 17
10 1655
U S Playing Card
ft
fl
On
TT Q prin• ,f, T Ithn nmf
• No par value.
Range Since Jan. 1.
Low,
3
25
314
634
60
I%
295
634
1
25
25
%
21 75
129 62
497
4%
81 5715
10 1634
534
10
231
171
255
650
7
22
115
50
100 10
206 1534
15
100
315
5
139 19%
16 150
4
6
10 13
4
230
9
892
3
3
High.
Mar 16
June
19
Afar
July
Oct
355 June
Feb 3034 July'
Feb
215 June
Feb
8 June
June 85
Sept
Sept 93
Jan
9
May
May
May 7534 July
Sept 24
July
Oct
7
Sent
Mar 15 June
Feb
8% July
June
Apr 14
5 June
Mar
Feb 27 June
July
Feb 35
2 June
Apr
9 June
Oct
Mar 4631 July
Aug
Apr 170
1215 July
Fel
1831 June
May
Jan
1354 July
Mar 2734 July'
Anti
11
Aor
Financial Chronicle
Volume 137
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Oct. 21 to Oct. 27, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
Amer Window Glass pfd100
Blase-Knox Co
•
Clark (DL)Candy Co .°
Columbia Gas & Mee_ _.*
.
Duquesne Brewing A_._5
Fort Pittsburgh Brew---1
IlarbInson-Walker Re1 _ .._ *
Jones & Laughlin Steel
Preferred
100
Koppers Gas&Coke pfd 100
Lone Star Gas
•
Mesta Machine
5
Phoenix Oil
25c
Pittsburgh Brewing
50
Preferred
50
Pittsburgh Plato Glass 25
Pgh Screw & Bolt Corp_ _ _*
Plymouth Oil Co
5
RCIIIIOT CO
1
Ruud Manufacturing_ _•
1
San Toy Mining
Shamrock 011 & Gas
•
United Engine & Fdy__ *
Vanadium Alloy Steel_ ___•
Westinghouse Air Brake_ •
Wcstinghse Elec & Mfg_50
Western Pub Sere v t C_ _C
Unlisted
Gulf 011 Corp
25
Lone Star Gas 6% pref_100
654% preferred
100
Pennroad Corp
13
1055
1%
14%
55%
16
22
36%
641
2c
1%
19
67
Range Since Jan. 1.
Low.
High.
13
14
10
105G
5
555
1155 1455
5
1% 155
14% 1435
42
846
150
1,233
100
1,884
200
734
4
3
955
5
1%
655
July
Feb
May
Mar
Sept
Jan
Feb
15
19
11
28
%
87
2%
25%
Oct
July
July
July
July
Mar
July
60
5555
6
14
8c
3%
22
32%
5%
1335
1
10
2c•
1%
18
18
24
29%
4%
37
45
5
7
Sc
3%
10
13
155
6%
1
6
le
1
10
14
1255
19%
4%
Feb
Mar
Ma
Feb
May
Oct
Mar
Mar
Feb
Feb
Oct
May
Feb
Feb
Feb
June
Jan
Feb
Oct
75
67
12%
2055
25c
10
40
3915
11%
1755
2%
12
6c
3
24
20
3535
5855
10
May
June
June
Sept
June
Mar
18
19
2655
35%
555
10
148
3,310
273
500
110
250
572
995
57
1,400
180
500
400
10
110
755
1,054
1,100
47
4736
67
6934
7455 7934
355
355
1,000
119
10
90
2634 Jan
Apr
65
80
Jan
1
Apr
61
9155
90
6
July
June
July
July
60
56
65e
16
8c
35 "
,
22
36%
7
1334
1%
11
2c
iq
may
June
July
May
June
May
June
July
June
June
July
July
June
•No par value.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Oct. 21 to Oct. 27, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
Allen Industries corn
*
Preferred
•
City Ice & Fuel
•
Cleve Elec 1116% pre(__100
Cleveland Ry corn
100
Ctfs of deposit
100
Cleve Securities P L prof.*
Cleve Worsted Mills com •
Corr McKin Stl vtg com100
Dow Chemical corn
*
El Controller & Mfg corn •
Faultless Rubber corn
•
Fed Knitting Mills coin.*
*
Foote-Burt COM
Geometric Stamping
•
Godman Shoe co
corn
*
Greif Bros Copper el A •
I larris-Seybold-Potter cm •
Interlake Steamship corn.*
Kelley Island L & Tr com_•
McKee, AG,dr Co class II*
Medusa Cement
•
Metrop Pay Brick pref.
_100
Mohawk Rubber corn_
•
Preferred
100
National Acme corn
10
National Refining corn...25
l'acker Corp corn
•
Patterson Sargent
P
*
Itichman Brothers corn_ _.*
Robbins dr Myers pf v t 025
Selberling Rubber corn_ _°
Sherwin-Williams corn_ _25
AA preferred
100
Thompson Products Inc_ •
•
Vichek Tool
Weinberger Drug
•
• No par value.
15%
34
1055
3055
8
22
3834
9734
234 255
18% 1836
15
is
106 106
39
39
37
37
4
4
10
11
1034 1034
68
68
16
16
22
22
303-4 3055
734 8
%
31
4
4
2055 2034
55
55
21
22
10
10
15
15
10
10
48
48
3
3
8
8
4
4
635 534
454 455
1055 1255
3955 4255
2
2
3
355
3634 39
97%
97
1155 1234
255 255
754 734
100
105
80
51
20 •
50
94
188
44
10
100
400
10
80
20
27
13
330
47
25
55
165
31
260
10
200
115
48
45
813
240
710
670
378
360
15
8
Range Since Jan. 1.
Low.
1
6
954
95%
32
20
35
4
354
30
10
17%
26
535
55
4
8
55
14
655
1234
6
48
1
5
2
3
2
955
2234
1
1
1334
70
63-4
135
7
High.
Jan
6
Jan
1815
Apr 25
Mar 110
Apr 49
Apr 49%
Feb
55
Jan 15
Jan 24
Jan 78
Feb 22
Jan 25
Mar 34
Aug
9
Oct
4
Oct
4
Mar 25
Mar
1
Feb 29
Apr 16
Aug 2054
Feb 20
Oct 52
Mar
754
May 14%
Apr
734
Apr
9
Feb
7
Jan 20
Apr .53
Jan
234
Mar
7
Feb 43
Mar 9855
Feb 20
Mar
455
Feb
0
June
Oct
July
Jan
July
July
May
June
July
July
July
July
June
Jan
July
Oct
Aug
Aug
July
July
May
July
Sept
July
June
July
July
Apr
Slay
July
Oct
June
July
July
Sept
July
June
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Oct. 21 to Oct. 27, both inclusive, compiled from official sales lists:
Stocks-
"may
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
A S Aloe Co prof
100
Brown Shoe prof
100
Common
•
Columbia Brewing corn_ _5
Ely & Walker Dry Goods
2nd preferred
100
Common
25
Falstaff corn
1
Hamilton-Brown Shoe
Common
25
International Shoe corn...*
McQuay-Norrls corn
•
1510 Portland Genet corn 25
Natl Candy 1st pref._ _100
Common
Rice-Stlx Dry Goods COM_•
Southwest Bell Tel pro 1100
Wagner Electric corn...15
3
4
70
14
834
3
113
44
4
70
70
13
14
755 855
3
38
41
7
10755
16
654
1 163.4
655
Bonds
city & Suburb PS 5s 1034
8
118
44
4
21
3
4035
41
7
10734
17
7
117
654
21
Range Since Jan. 1.
Low.
50
5
2 109
100 29
205
4
5
170
364
High.
July
8
Oct
Jan 120
Sept
Apr 5334 July
Oct
555 Sept
55
May
6
Mar
7% Oct
72
18
9
July
Juno
Oct
50
254 Feb
5
July
128 26
Mar 55
July
10 24% Mar
4454 July
73
434 Feb
1334 June
50 85
Apr 10735 Oct
135
534 Mar 22
July
255
3
Feb
10 June
118 10934 Apr 118
Sep1
125
455 Apr 1235 July
$3,000
20
July
23
Am
• No par value.
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Oct. 21 to Oct. 27,
inclusive, compiled from official sales lists:
both
Stocks-
Friday
Sales
Last IT'eek's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
Alaska Juneau Gold Mm..
Alaska Packers Assn
ASSOC Ina Fund Inc
Bank of Calif N A
Bond & Share Co Ltd
Byron Ja kson Co
Calainba Sugar coin
23%
72%
1
121
4%
356
22% 20%
2755
29
75
1%
121
4%
355
23
Range Since Jan. 1.
Low,
9,195 1134
30 55
1,700
55
23 101
260
154
1,447
1
3,123
8
High.
Jan 32%
May so
Apr
355
Feb 160
Feb
555
Mar
6%
Mar 24%
Aug
July
July
July
July
July
Oct
3121
Friday
Sales
Last Week's Range for
Sale
of Prices.
TVeek.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. I.
Low.
H(oh.
Calaveras Cement Co corn_
255 234
455 June
100
255 Oct
Calif Copper
July
750
55 Jan
.%
1
34
Calif Cotton Mills com__ _ _
9
7
9
285
55 Jan 16
July
Calif Packing Corp
21
18% 22
1,851
8% Mar 3454 July
Calif West Sts Life Ins Cap
1555 1655
196 13
Apr 31% Jan
Caterpillar Tractor
8% Feb 29% July
16
1956
2055 9,259
Clorox Chemical Co
1855 19
May 2155 June
250 13
Coast Cos G dr E6% 1st pf60% 62
77 57
May 79
Jan
Cons Chem Indus A
2155 23
499 11
Mar 28
July
Crocker First Natl Bank
212 212
10 185
Apr 224
July
Crown Zellerbach v t 0._
4%
3% 4%
1
1,522
Feb
8% July
Preferred A
31
28
296
31
735 Mar 43% July
Preferred B
30
29% 27
Mar 43
259
7
July
Emporium Capwell Corp. -----6
100
6
255 Feb
8% July
Firemans Fund Indemnity_
22
149 1255 Apr 25
22
22
July
Firemans Fund Ins
44
47
47
562 34% Mar 61
July
First Nat Corp of Portland.
134, 134
1055 Apr 16
July
FoodMach Corp corn
10% 13
1,885
5% Jan 16% July
Golden State Co Ltd
355 Apr 10% July
5%
408
535
53-4
Hawaiian C & S Ltd
48 2755 Jan 4955 Sept
45
45
Home F & M Ins Co
Apr 30% July
30 18
28
28
Honolulu Oil Corp Ltd_ _ _
13% 1335
545
8% Feb 1655 July
1354
Hunt Bros A corn
110
2
5
Feb 1055 May
,5
Investors Assoc The
30
July
6
6
9
2% Mar
Langendorf United Bak A_
873
4% Feb 1434 July
12% 13
Leslie Calif Salt Co
23%
300 1155 Feb 27
July
22
Los Ang Gas & El Corp pf_
20 8355 May 98% Jan
3655 8655 8655
Lyons Magnus Inc B
300
June
6
1
Sept
455 5
Magnavox Co Ltd
June
1,325
1
% Mar
55
55
(I) Magnin & Co corn
3% Feb 10
July
100
7
7
7
Merchant Calif Mach corn_
2% June
54 Feb
155 , 457
1%
Mere Amer RIty 6% prof.. ------ 76
76
Jan 7635 Sept
15 60
Natomas Co
Feb 7835 Oct
69
7155 7,494 15
45
No Amer Inv corn
July
2
Feb
8
105
555 5%
6%-preferred
July
Mar 31
10 11
22
22
22
555% preferred
735 Apr 27
July
10
20
20
20
North Amer Oil Cons
6% Oct
355 Apr
815
734 9% 6,565
Oliver United Filters B._
555 July
54 Feb
100
2% 2%
Pacific G & E corn
July
19%
Oct 32
19
2055 5,199 19
6% 1st preferred
2155 21% 21% 4,087 2155 Oct 25% Jan
555% preferred
1,854 1955 Oct 23% Jan
19% 19% 19%
Fee Lighting Corp corn _
Jan
Oct 43
1,083 25
26
25
6% preferred
Oct 93% Jan
--7734 76% 7755
180 76
Pax Pub Serv non-vot corn.
35 Mar
2% June
206
X
%
Non-cotpre(
Apr
June
6
312
235
2% 2%
Pao Tel & Tel corn
Apr 94% July
125 67
85
85
84
6% Preferred
July
119 99% AO 111
10615 10355 10655
ParaffIne Cos corn
8% Feb 29
July
1,529
27%
24
Pign Whistle Prof
54 Oct
100
234 July
34
34
Ry Equip & Rlty 1st prof.. -----3% Apr
5% 5Y
35
6% July
Series 2
1% Star
July
2% 2%
4
120
Roos Bros corn
Jan
2
5
655 June
100
5
San Joan L & P7% pr pf _ - 79
May 97
79
79
Jan
17 75
Schlesinger dr Sons B F corn
4 Jan
22
1% June
%
51
Preferred
July
3% 3%
5
2
255 June
Shell Union Oil cons
4
8
Feb 11% July
2,62
635 8
Sou Pacific Co
1155 Feb 3855 July
1635 2155
So Pac Golden Gate A
435 Jan
635
6
8% July
245
6
Stand 011 Coot Calif
Feb 44% Sept
4055 35
41% 7,571 20
Tide Water Assd 011 corn._ ------ 10
335 Feb 11% Sept
1,140
10%
6% preferred
Apr 54% Oct
54
5455
460 24
52
Transamerica Corp
9% July
655 38,062
5
435 Mar
534
Union Oil Co of CaUf
19%
9% Feb 23% July
1755 20.55 2,139
United Air
29%
Feb 46
July
4,340 17
25
30
Wells Fargo Bk & U Tr_ _ - ------ 198 198
Apr 220
July
15 165
West Amer Fin Co s% prof
% Mar
% Jun
100
51
55
Western Pipe & Steel Co...
555 Feb 17
934 1055
July
257
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Oct. 21 to Oct. 27,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Alaska Juneau
10
Bolsa Chica 011 A
10
355
Chrysler Corp
• 4154
Citizens Natl Bank
20
Claude Neon El Products_"
834
Consolidated 011
115
5
Goodyear T dr It pref _ _100 61
Goodyear T & R Akron_ _ _ --- _ .
Hancock Oil corn A
7%
•
Lo: Angeles Cias & El pf 100 8554
Los Angeles Invest Cu..10
Mortgage Guar Co_ _100
Pacific Finance Corp com10
9
Pacific Gas & Elec com_25
Pacific Lighting corn
6% Preferred
• 77
Pac Mutual Life I nsur_ _10
Pacific Western 011 Corp."
755
Republic Petrol Co Ltd_10
5
Security First Natl Bank
of LA
25 28
Shell Un Oil Corp corn.
..5
Signal Oil& Gas A
So Cal Edison Ltd com....25 18
7% Pref A
25 2234
6% Prof B
25 1955
53-4% Pref C
25 173-4
Southern Pacific Co _ _ 100 1955
.
Standard Oil of Calif
• 4034
Title Ins & Trust Co_ _25
Transamerica Ccrp
5%
•
Union Bank & Trust Co 100
Union 011 of Calif
25 1954
Van De Kamm BakersCommon
•
19
354
387
%
26
731
1155
61
27%
634
85
155
555
655
1934
2535
77
24
6%
435
28
355
4154
26
855
1255
61
3154
734
8554
1%
6
9
20
26
77
24
7%
555
800
1,500
1,000
100
400
400
20
500
800
187
100
84
1,600
300
600
8
50
3,000
3,200
Range Since Jan. 1.
Low.
14
155
934
26
6
555
22
25%
3%
82%
1
534
4
1815
2535
77
19
255
155
31
28
2,150 28
7% 8
400
455
4
400
4
134
1,300 1715
177% 1855
2255 22%
600 2255
1955 1934
400 1934
1755 1736
1,600 1754
2,10
1155
1634 2155
353-4 4134 2,400 20
25
60 20
2534
6% 12,500
5
43.4
100 100
12 100
1734 20
2,900
934
5
5
100
5
High.
3255
5%
5155
38
1355
1555
72
4236
1254
98
534
23
1134
3034
43
9236
3034
955
6
Aug
July
Sept
Jan
July
July
July
July
July
Jan
June
June
Ju'y
July
Jan
Fel
July
Sepi
Ocl
Oct 4534
Mar 11%
Mar
6
Apr 2734
Oct 2755
Oct 243-4
Oct 2255
Feb 3834
Feb 4455
Apr 31
Apr
954
Apr 200
Feb 23
Jar
July
July
Jar
Fel
Jai
Jar
July
Sep
July
July
Fel
Jul:
Apr
Jan
Mar
Mar
Jan
Jan
Mar
Oct
Feb
Apr
Jan
Oct
Mar
Oct
Oct
may
Max
Mar
Feb
Oct7
Ate
• No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Oct. 21 to Oct. 27,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares
Abitibi Power
Admiralty Alaska
1
Aetna Brew
1
Allied Brew
1
Altar Consolidated
1
American Republics
•
Angostura Wuppermann_1
Arizona Comstock
1
Black hawk
1
Brewers & Distillers v t c_•
13u1olo Gold
5
Carnegie Metals
1
Castle Tretheway
1
1%
4%
334
355
43c
254
Range Since Jan. 1.
Low.
55
1%
400
54
100 10c
500
Sc
155 1%
600
1
4*4 5si
1,350
4
1 75 1.75
200
1%
2
2
300
155
235
315 2,000
24
2% 335 10,700 1.15
39c 50c
4,400 39c
255 16,100
2
1%
20
2155
450 15
1.00 1.20
500 1.00
49e 49e
500 30e
Oct
Mar
Oct
Oct
June
June
High.
334
19e
3
11%
254
355
oct 334
July
355
Oct 57c
July
3%
Aug 2134
Oct 1.60
May 49e
Aug
Feb
June
June
Aug
June
Oct
Oct
Aug
July
Oct
Sept
Oct
Financial Chronicle
3122
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
Central Amer Mines
1
1,500 500
2.11
1.96
1 220
Como Mines
80
20e 220 15,000
1
Croft Brew
1
134
14 9,700
1
Davison Chemical
300 150
34
34
Distilled Liquors
8,300 13%
5 1515 14
16
Eagle Bird Mine
1
24 2,700 1.23
2 1.70
El Canada Units
4
54 5,700
531
4
Elizabeth Brew
1%
1,300
1
21.1
2
134
1%
Fada Radio
1
135 6,200
134
11.1
64
Falstaff Brew
1
711 84 2,800
135
Flock Brew
200
2
14
134
80
Fuel Oil Motors
10
700
80
8c
134
Fuhrmann & Schmidt_ __I
400
14 134
2%
1,200
General Electronics
1
3
234 3
815
500
Golden Cycle
164 18
10 18
24
400
Greyhound
411
4
1,000 25e
Hendrick Ranch
300 30e
• 30e
100 560
1
llowey Gold
1.00 1.00
500 100
150 150
1
Imperial Eagle
2%
250
Indian Motor
33.1
•
39.1
400 400
Ironrite
14
94 480
14
200
134 14
Jetter Brew
1
1
315 1,600
3
Kildun Mining
1
8
300
8
Kingsbury Brew
8
1
8
3
2,600
3
3
1
Kuebler Brew
4,000 19c
930 1.04
1 1.04
NIacassa Mines
July
2%
May 22e
211
July
2%
May
Oct 184
Oct 3.75
Oct
854
331
Aug
234
Oct
Oct 20%
Oct
5%
Sept 280
Sept
315
Oct
Mar 18
4%
Sept
June
14
Mar 1.25
Sept 15c
July
411
35
June
34
Oct
5
May
Oct 1714
311
July
Jan 1.30
Oct
Oct
July
June
Oct
July
Aug
Juno
May
May
June
Feb
July
May
Oct
Oa
Jan
Sept
Oct
Oct
Oct
July
July
July
Aug
Oct
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Marmon Motors
120 15c
400
Natomas Co
71
62
270
•
Newton Steel
234 454
500
•
Oneida Brew
1
100
'X
54
Paramount Publix
134 2
2
10
15,000
134
Paterson Brew
134
1
200
134
Peerless rights w I
1.000
31
34
Petroleum Conversion_ __I
34
34 2.300
34
2
Polymet Mfg
211
211 4,700
1
334 34 3,800
334
Railways new
1
614 634 25,700
Rayon Industries A
615
1
214 2%
Rhodesian Selec Tr___5 sit
100
37c 400
Richfield Oil
2,800
Ross Union Distill____3.50 22% 20% 23
2,000
2
2
Rustless Iron
100
•
250 250
Shortwave & Television_A
700
114 134
1%
1,500
Simon Brew
1
411 411
435
1,000
Squibb Pattison Br pref _A
1.15 1.30
3,600
Sylvanite Gold
1 1.25
734 74
300
735
United Cigar new w I
5
260 26e
100
Van Sweringen
•
14 115
100
Venezuelan Hold
114
•
16c 220
2,600
Willys-Overland
5
114 114
100
Preferred
100
Oct. 28
1933
Range Since Jan. 1.
Low.
120
56
2
34
12c
1%
11
38c
111
31
44
1
37c
1
2
15c
14
411
95e
7
12c
115
6c
h
High.
Oct
34 June
Oct
Oct 79
May 10% July
Oct
% July
3
Mar
254 July
Sept
3 June
Oct
11 Oct
Apr
14 Feb
Sept
5
July
Apr
5
Oct
July
634 Sept
Jan
Sept
4
1
Oct
June
Jan 32
July
Oct
334 July
May
11 June
Sept
111 Oct
Oct
6% Oct
July 1.45
June
Sep
814 July
Jan
1% July
Sep
2
Oct
Ma
.4 June
May
Au
5
* No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Oct.21 1933) and ending the present Friday, (Oct. 27, 1933). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High Shares.
Week Ended Oct. 27.
Stocks-
Indus. & Miscellaneous.
300
5
5
•
Aero Supply class A
800
1
Class 13
100
5,
4 5%
•
Ainsworth Mfg com
300
234
231 234
•
Air Investors com •t 0100
Convertible pref
1515 15%
•
200
Warrant
54
34
Allied Intermit Investing
100
834 834
•
$3 cony pref
.5,600
84 10
•
Allied Mills Inc
6,150
62
50
Aluminum Co common_ • 19
400
57
54
100
6% preference
100
10
10
Aluminum Goods Mfg__ *
500
29% 30
Aluminum Ltd
•
100
45
45
100
6% preferred
700
134 235
2
Amer Beverage COrp----5
Amer Capital
400
•
Class B
36
34
1,700
1034 1111
• 11
$3 preferred
834 1115 11,400
Amer Cyanamid Class B. • 10%
131
134
1
900
Amer Dept Stores Corp
1,700
Amer Founders CorD1114 124
150
50
1st 7% pref ser B
150
114 11%
1st 6%, prof ser D
50
50
84
84 84
Amer Hard Rubber____100
300
American Investors
234
2
1
100
14
14
Amer Nlfg Co corn
100 14
25
934
934 94
•
Amer Meter Co
111 1% 2,400
Amer Pneumatic Service....
24
1,600
1% 211
Anchor Post pence
•
1
1
400
I
Arcturus Radio Tube_
1315 1414
600
•
Armstrong Cork com
100
2
2
Art Metal Works com_ _..5
200
2
2
2
Assoc Rayon corn
9
• 11%
1114 24,900
Atlas Corp com
39
600
•
40%
$3 preference A
4%
415 54 8,700
Warrants
3% 4
600
4
•
Atlas Plywood Corp
14 1% 1,200
Automatic Voting Mach_ _•
75
61
6434
Axton-Fisher Tob A_ AO
25
Babcock & Wilcox
100 3914 39% 41
515 2,20
4
Bellanca Aircraft v t
Blue Ridge Corp
1,600
14 2
2
1
Common
• 29
1,30
29
29
% opt cony Wei
30
634
6
Brillo Nlfg corn
British Amer Tobacco Ltd
274 3,100
Amer deo rots for bearer. 274 26
27
100
27
Amer dep rcts for cog
British Celanese Lid
331 335 7,100
334
Am dep rots reg sits
100
184 184
Bulova Watch cony pref. •
300
Burco warrants
34
Si
Burma Corporation
1,400
33.1
3
Am dep rots for rag she
700
431
3
10
Butler Brothers
434
Can Indust Alcohol A _ .....• 1534 104 16% 12,200
915 1411 2,500
Class B non-voting_ ___• 1434
1,000
Carrier Corp
615
73.1
' 731
Celanese Corp of America
250
109 110
7% 1st panic pref___100
400
7% prior pref
89
90
100
1,700
Celluloid Corp corn
22
19
20
15
75
85
1st preferred
80
•
275
45
$7 div preferred
40
2
100
Centrifugal l'ipe Corp_ ___•
231 235
Charis Corp COM
100
9
9
•
Chicago Corp
200
Cony preferred
214 2136
•
Cities Service common__•
234 236 40,800
234
1,000
Preferred
x
• 144 14
Preferred B
100
•
14 1%
30
Preferred BB
12% 124
•
100
City Auto Stamping
9
9
•
Cleveland Tractor
300
215
2
235
•
Club Aluminum Uterisil_.
100
35
34
Compo Shoe Mach ctfs
600
13% 104 13%
I
Consolidated Aircraft_ . •
5,000
9
9
6
Consol Auto Merchandise
Common v t c
200
1,5
're
•
rK34 1,200
Consol Theatres v t c
•
34
Cooper Bessemer Corp
300
•
$3 pref A w w
17
15
15,800
Cord Corp
511 8
734
Corroon & Reynolds
100
14 134
1
200
$6 pref A
•
11
10
Courtiauds Lid
Amer dep rcts ord__ _£1
915 1054 3,300
100
Crane Co com
25
5
5
1,800
Crocser Wheeler Elec. •
434
200
•
Crowley NIliner
394 334
500
Crown Cork Internal A_ •
534 6%
1,300
•
Detroit Aircraft Corp_
3.4
34
Distillers Co Ltd
1954 17% 204 17,900
£1
Distillers Corp Seagram&• 20% 15% 204 22,800
600
•
Dow Chemical
60
100
105 105
Preferred
Range Since Jan. 1.
High.
Low.
5
11
134
4
515
34
Oct
Feb
Feb
Jan
Star
Jan
10
411
10%
3%
17
1
June
June
June
June
June
June
34
3
37%
37
715
13%
20
1%
Mar
Apr
Feb
Mar
Apr
Mar
Feb
Mar
1011
154
954
7734
16
5314
65
534
July
Aug
June
July
June
June
July
Mar
"re Feb
431 Jan
sq Feb
31 Jan
34 Apr
Apr
8
9
May
84 Oct
Apr
2
10
Feb
5 May
1
June
34 }eh
34 Feb
44 Mar
X Mar
.4 Apr
514 Apr
33
Mar
24 Feb
1% Apr
1% June
254 'Feb
25
Jan
14 July
14
1614
15%
1%
231
204
20
16
6
25
20
3
3
215
24
431
54
18%
434
10
615
34
65
59
7
Juno
July
June
June
June
June
June
June
June
June
July
July
Sept
July
July
May
June
June
May
June
June
June
June
Aug
Sept
131 Oct
2134 Mar
&Si Oct
44 June
37% June
114 Apr
161£
164
Jan
Jan
274 Oct
Sept
27
Apr
1
124 May
34 May
44 June
2014 Oct
31 July
1;4
115
294
74
4
Feb
Feb
May
July
Feb
34
64
38%
34
17
July
June
July
July
July
27
51
2
20
20
2%
6%
July
AP 110
Oct
Apr 90
Apr 2614 Oct
Oct
90
Jar
May 584 Oct
4% July
Jan
124 July
Jun
134
z2
1014
1
5
5
1%
54
,
104
1
Ma
Fe
Mar
Apr
Apr
May
Apr
May
Oct
Mar
lie Jan
54 Jul
July
May
May
June
May
June
July
June
Oct
July
34 June
234 June
20
1514
4
20
July
July
July
July
1034
Mar
114
Ma
11
Fe
854
Oct
94
Jan
''is
Jan
214
Jul
July 49%
78
Mar
May 105
Oct
July
July
June
July
June
Aug
July
July
Oct
6
Ma
4% Fe
14 AP
Ma
6
4%
414
214
315
24
14
17%
15
30
9615
32
64
30
331
25
18
6
1
13
12
Friday
Sales
Last Week's Range for
of Prices
Sale
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Range Since Jan. I.
Low.
10
12%
10 12
Driver-Harris
700
3.34 Feb
1
15
Dublier Condenser
600
%
"i• Feb
3h 4
1,000
4
Duvai Texas Sulphur_ _ _•
3-4 Feb
•
Easy Wash Mach 11
63.4 615
500
131 Jan
111
•
Eisler Electric Corp
1,200
34 Apr
434 5
414
500
Elm,Power Assoc cow ____ 1
24 Apr
5
54
Class A
500
234 Apr
Electric Shareholding
35
35
• 35
400 35
$6 cony pref w w
Apr
2214 224
Emerson's Bromo Seitz A•
25 22
Mar
134 2
135
4,400
Equity Coop corn
10c
134 Oct
434 4%
200
1
Fairchild Aviation
24 June
854 8% 4,100
84
1
Falstaff Brewing
815 Oct
74 8
•
8
E D Corp
200
3% Mar
935 11% 1,100
•
Ferro Enamel Corp
8% Oct
18
20
Flat Am dep rcts
400
9
Mar
134 2% 4,300
1
135
Fidelio Brewery
134 Oct
110 110
First National Stores pf 100
10 108% Mar
54 734 3,900
Fisk Rubber Corp
I
64
14 Apr
3% 315
Flintokote Co Cl A
•
14 Feb
500
Ford Motor Co Ltd
535
014 5% 16,500
Amer dep rots ord reg_Ll
2% Feb
94 1134 3,500
Ford Motor of Can cl A_ •
454 Feb
Ford Motor of France
314
315
Amer deposit receipts__
200
3
Ma
Foundation Company
434 414
Foreign shares
•
44
500
24 Mar
14 191
•
General Alloys Co
1%
1.700
4 Ala
5
635 2,000
General Aviation Corp_ _.1
634
2% Jan
10
1034 1,100
Gen Elec Ltd Am der rcts •
64 Jac
Gen Investments Corp
Common
X
5
100
11 Oct
134 1%
General Rayon, A
100
•
54 May
52
6914 1,685 23
stock..General Tire & Rubber__25 65
APr
561£ 564
6% pref A
100
50 51
May
2
2
Gilbert (A C) Co corn_
100
•
1.11 Feb
• 1315 1134 14% 3,500
Glen Alden Coal
04 Apr
631
6
Globe Underwriters Exch.
•
634
300
Fe
4
534
5
Godchaux Sugars el
_..•
534
900
2% Apr
714
1
Gold Seal Electrical
3-4
1,700
4 Jan
1831 184
Gorham 83 pref w w
•
150
954 Jan
18
Gorham Alfa corn vi c..
• 22
23% 4,500
0
Jan
Grand Rapids Varnish_ •
714
7
300
43£ Jun
15
Gray Tel Pay Station_
•
15
50
84 Apr
GC Alt & Pao Tea12414 134
Non-vot corn stock...' 128
810 1244 Oct
7% let preferred-A0° 12131 1204 123
280 118
Mar
23
Great Northern Paper...25
2314
100 11
Apr
•
Groc Store l'rod vi c
35
31
300
36 Jan
•
Hazeltine Corp
434 4%
100
134 Mar
•
Helena Rubenstein
%
36
200
11 Mar
Heydcn Chemical Corp _10 1634 18% 16%
200
8
Apr
16
Horn & Harden coin_
•
18
42.5 ish• Oct
7% preferred
88
100 88
88
20 85
Feb
Hygrade Food Prof
435
5
4
435 1,700
234 Slur
Hydro-Elec Securities.
•
514 634
600
34 Slur
Imperial Chem Industries
Am dep rcts ord rug
634 64
500
4,34 May
Insurance Co of No m.10
36
37
200 25
Mar
International Products_ •
11£ I%
500
3-4 Feb
Intl Safety Razor It
3
3
•
100
115 Mar
Interstate Equities
Common
1
131 1%
20
34 Jan
19
50 19
$3 cum pre ser A
19
20
Apr
9
Interstate Hosiery Mill_ .._• 15
15
15
10
731 Jan
Irving Air Chute
1
34 4
1,00
314 Sept
Jonas & Naumburg com •
10
11
11
31 Feb
$3 cony preferred
5
5
10
2
Feb
Kimberly-Clark 6% p1_100 5734 a55
574
2 a55
Oct
•
Klein (I) Emil)corn
13
14
800
July
94
Kolster-Brandes Lid
American shares
El
14
300
14
14 Jan
Krenger Brewing
114 10
1
11%
1,800
9% Oct
Lakey Fdy & Mach
94
•
34
200
11 Jan
Langendorf Un Bak A
1234 124
• 124
300 10
Oct
Lefcourt Realty pref____•
8
834
600
894
3
Apr
84 8%
Lehigh Coal dr Navigation•
100
514 Apr
Lerner Stores
50%
100 5036 50
634% pref w w
200 17
Feb
Libby-McNeil & Libby_ 10
234 411 4,600
114 Fe
Louisiana Land & Ex plor.•
14 14
14
100
"is Apr
Maryland Casualty Co_ ..2
24
2% 3
300
14 Apr
34 54 3,100
Massey Ifarrls Co cam_ •
3
Oct
151
,
31 1% 4,000
Mavis Bottling class A__1
11 Jan
43
Nlayflower Associates.
43
•
100 27
Ate
McCord Had & Mfg B. •
14 2
200
1
Feb
13
McKee(A G)& Co B __ •
14
50 14
Oct
Mead Johnson & Co com.•
474 48
300 383£ Vet
•
Mesabi Iron Co
200
'11
14
34 May
1% 1%
Michigan Sugar.
•
200
14 Oct
Midland Royalty $2 prof.'
754 7%
100
34 May
24
Midvale Co
•
24
Mar
100 11
Minneapolis IloneywellRegulator pref
100 7634 754 7714
140 59
Apr
2% 315
Molybdenum Corp v to._1
334
211 Oct
1,700
Montgomery Ward & Co
Class A
• 6254 58
64
530 4634 Feb
High.
2615 July
131
8
9
; g
A e
u t
e
July
2
1214 June
11% June
594 JUTIC
29
July
J ti y
A
: ur g
12
5
64 JulY
Oct
8
834 July
t
Oct
20
434 Aug
July
115
934 July
73: 3u y
6 4 Jutlie
19% July
5% July
5% J I.iey
4X °l t
July
10 4 JulY
111
24 July
iuuti ye
l
1402x j‘ tuie
10
July
90
244 July
JulY
7
July
15
July
get
29'1;4 j.SoplAuue
1999
1
18134 AlaY
Ot
e
127
27 sela
3
June6
July
194
5
21%
9
Aug
u ne
nli
July
j34
July
: jyyy
95
49
21811*
Lull
44
1%
24%
17
814
2%
84
5734
13%
July
July
June
May
June
July
oct
Aug
1%
2344
114
1211
1014
14
June
June
May
Oct
July
June
Si
84
214
5
104
234
43
8
1911
69
'ire
3%
74
2914
Sept
June
MaY
June
July
July
Sept
July
Juno
May
May
July
Oct
July
7734 Oct
July
6
32
July
Financial Chronicle
Volume 137
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Nat American Co
•
1% 1%
National Aviation
854 104
• 104
Natl Belles Hess com___1
24
155 24
Nall Bond & Share Corp_ _• 31
3255
30
Natl Distillers new
• 31
2634 314
National Investors com__1
156 174
Warrants
55
54
National Leather corn__.•
154
54 534
Natl Rubber Mach com *
2
2
Nat Service common
4
1
4
54
Nat Steel warrants
434 456
Natl Sugar Refining
•
35
32
Nat Toll Bridge A
•
yi
yi
National Union Radio_ I
1
1
Newberry (J J) Co com •
1555 1554
New York Shipbuilding
Founders shares
1
854 11
Niles-Bement-Pond
9
•
9
Nitrate Corp of Chile
Ctrs for orrl B shares.
55
rt
Noma Electric corn
•
1
1
Northwest Engineering_ __.
4
4
Novadel-Agene Corp__ •
4334 464
Ohio Brass class B
*
11
11
011stocks Ltd corn
'
754 754
,
Pacific Eastern Corp _ __ _1
155 14
154
Pan-American Airways_ 10 9755 4134 484
Paramount Motors
•
454 555
Parke. Davis dr Co
• 194 1934 21
Parker Rust-Proof
•
55
48
Pennroad Corp v t e_____1
354
254 355
Pennsylvania Salt Mfg__50
•
51
51
Pepperell Mfg
100 8334 7834 8334
Philip Morris Inc
10
255 3
Phoenix SecuritiesCommon
1
1
134
Pitney-Bowes Postage
Meter
•
354
3
Pittsburgh & Lake Erie.50
55
54
Pittsburgh Plate Glass_ _25 3634 3154 3634
Potrero Sugar
5
155
1
1.4
Prudential Investors
•
555
534 555
S5 Preferred
• 60
60
60
Quaker Oats corn
115 117
Railroad Shares
55
35
•
Rainbow Lumln ProdClass A
•
54
%
Class B
bs
SA
Reliance Internet A
•
2
2
Reybarn Co
10
134 154
Reynolds Investing
1
55
55
Royal Typewriter
854 955
•
Ruberold Co
•
26
26
Safety Car Mg & Ltg__100
42
35
St Regis Paper Com
10
355
3
7% preferred_
100
28
28
Seaboard Utilities Shares_l
51S
5I•
he
Securities Corp General_ •
355 356
Seeman Bros corn
" 36
36
36
Segal Lock & Hardware__•
56
54
55
Selberling Rubber coin_ •
3
4
Selected Industries'noCommon
1
154 2
Allotment certificates..... 445
4454 4451
Shenandoah CorpCommon
1
154 154
$3 cony pref
25 17
17
17
Sherwin Williams com-25 38% 3355 40
6% preferred A A__100 9654
9634 99
singer Mfg
100
1394 145
Smith (A 0) Corp com_ __
264 26
2655
Sonotone Corp
3
34
34
Spanish & Gen Corp LtdAmer dep rec reg shs__£1
55
5)
Stahl Meyer corn
•
654 654
standard Brewing
•
2
2
Starrett Corporation
I
% 1
6% preferred
2
10
2
256
Stutz Motor Car.
•
7%
6
754
Investing corn
Sun
•
254 255
Swift dr Co
28 1555
1255 1555
Swift Internacional
15 2334 1955 24
Taggart Corp
*
2
154 2
Tastyeast Inc Class A__ ..
•
135
155
154
Technicolor Inc corn
• 1035
1054 12
Tranaeont Air Trans
•
251
294 24
Trans Lux Pict ScreenCommon
1
14
14 154
TM-Continental warrants__ ______
2
2
Triplex Safety GlassAm dep rcts ord reg_El
1754 184
Trunz Pork Stores
• 123) 1254 1254
Tubize ChatIllon Corp_ _1
13
1554
Class A
1
26
26
Tung Sol Lamp Wks.._ _.
•
354
354 34
Union Tobacco
•
Si
Yi
United Dry Docks
•
134
154
1.14
United Founders
1
1
1
14
United Molasses CoAm dep rcts ord ref __£1
355
3
34
United Shoe Mach com_25 504 4955 5134
Preferred
25 3251 3234 3255
United Stores v t c
•
it
55
US Foil till
1
1
I
USA Internatl Seem1st pref with ware
•
555 634
US Lines pref
•
41
44
US Playing Card
10
1
1
11 S Stores v t c
• 1555 1554 1654
United Wallpaper
•
155
155
Utility Equities common.•
14
154
155
l'rlority stock
• 38
38
40
Utility & Indus CorpCommon
•
1
1
Preferred
•
334
355
WACO Aircraft
•
10
10
Waitt-Bond el 13
•
14 154
Walgreen Co
• 17
16
17
iiirarn Walker-Gooderham
& Worts Ltd corn
• 394 2754 4035
Cumulative pref
•
1454
14
Watson (J Warren) Co_ _ _•
54
55
54
Western Maryland Ry7% 1st pref
35
100
40
Williams (It CIA Co
•
11
11
Woolworth (F W) Ltd....Am den rcts ord shs
2154 2256
Public UtilitiesAlabama Power $7 pref..•
Am Cities Pow & LtConv class A
25
New class B
1
Amer Common'Ith Power
Class A common
•
Amer dr Foreign l'ow warr_
Amer Gas & Elee com___•
25
Amer L & Tr corn
Am Superpower Corp oorn•
•
lot preferred
Preferred
•
Low.
Jan
Apr
Jan
Feb
Oct
Feb
Apr
Feb
Mar
Mar
Feb
Feb
Oct
Jan
Apr
loo
yi
1,300
414
14,900
4
1,200 z20
87,800 264
700
1
500
55
1,700
34
100
"le
5.4
2,900
400
4
400 2234
200
4
100
4
300 10
900
200
155 Jan
455 Apr
High.
154
1334
454
39
3534
4
234
355
554
234
1434
4534
%
255
19
June
Sept
July
July
Oct
June
June
May
July
may
June
July
June
June
May
2034 Aug
174 June
June
July
June
Aug
July
Sept
June
Aug
May
June
Sept
July
Aug
Oct
July
800
300
200
600
50
2,200
600
5,600
1,200
2,700
850
16,800
25
240
400
51.
4
2
344
6
3
154
20
255
1234
2034
155
424
264
14
700
S s
700
250
2,225
400
3,200
200
SO
100
2
28
13
54
3
57
64
55
Feb555
Mar 85
Feb3934
Mar
254
Feb
1034
Mar 79
Mar 140
Mar
154
June
July
July
July
July
July
July
June
300
100
300
200
300
1,100
100
150
2,600
10
200
300
100
1,200
800
51
55
14
55
4
51.4
15%
164
155
124
54
2
26
4
1%
Apr
Feb
Feb
Apr
Mar
Mar
Feb
Feb
Mar
Mar
Oct
Apr
Jan
Jan
Apr
June
June
June
June
July
June
July
July
July
June
June
June
Sept
June
July
1,100
50
4 Feb
2655 Mar
200
100
7,310
30
190
150
3,500
14
1234
1255
80
90
1194
3
Feb
5
2654
May
Mar 45
May 99
Mar 17554
Feb 52%
Oct3%
June
July
July
Oct
July
June
Oct
300
300
300
700
300
1,200
200
19,200
3,600
800
3,500
3,500
200
Its
2%
155
35
51
,
6
154
7
124
34
55
255
255
Jan
155
Apr14
3
Oct
Apr
24
6
Apr
Oct 20
Feb
.5
Feb 244
Feb 3231
Apr
54
Apr
294
14
Feb
655
Oct
July
June
Sept
June
June
July
June
July
June
June
July
Oct
May
300
1,100
Jan
4
Mar
254
Jan 10
Feb 5654
Feb 194
Feb
84
Oct455
Feb 584
Feb
854
Mar 2734
Mar 694
Mar
64
51
July
Feb 82
Feb455
Mar
14 Mar
4 Apr
354 June
14
54
44
3
154
1254
3554
80
854
56
154
10
40
155
7%
43.4 June
July
70
825
100
•i
fie
56
54
5355
53
3734 42
9,200
800
200
300
ate
55
434
37
Apr
May
Apr
Sept
154
255
70%
76
June
June
June
July
654
500
75
4855
155
600
250
1574
251
300
1834 72,800
500
37
2,200
40
4
39
134
134
155
10
2255
25
Mar
May
Mar
Apr
Apr
Feb
Apr
Apr
124
68
44
2655
654
4134
5934
66
June
July
June
July
July
June
June
June
551
48%
155
1534
2%
1534
3554
38
Jan
Apr 138
68
July
4056 Sept 8255 Jan
12
13
1634 164
375
50
455 Feb
Mar
6
29
21
June
July
1434 1455
15
16
18
1834
50
300
250
Apr
6
734 Apr
Mar
10
21
25
25
May
June
June
855
155
15
6234
7055
59
Sept
July
July
June
Jan
July
1,600
700
350
30
50
25
234
54
3
184
4336
4854
Mar
Apr
Apr
Mar
Apr
Mar
1856 194
125
1836
Oct
3
13.4
134
54
200
600
1,200
600
49.4 534
53%
51
40
40
2,200
230
75
44
51
40
300
9,000
200
100
9,900
200
100
40
000
30
54
54
156
234
51i
5.1
2155
804
34
84
63-4
4
all
32
4551
.5051
3
15.4
155
34
634
256
234
354
he
155
3355
104%
4834
10
734
54
1134
32
4554
5034
635
355
255
354
51
155
3355
105
5155
10
4155 4554
10
10
11554 117
Oct
3
55 Fen
55 Feb
55 May
Oct
Oct
Oct
27
July
11
33.4
3
1
June
June
June
June
June
16
824 Feb
Jan
74
Jan
734
APr
34
May
355
Feb
64
Septit
Apr
354
Apr 35
Apr 1084
Apr 724
Sept15
July
Sept
June
May
may
June
June
Aug
June
June
160 2654 Apr 6235 July
Aug
OCt 19
25 10
175 10954 Apr 119
July
50
44
32
735
5%
64
45
14
931
4155
156
54
42
24
4
2734
85
July
Oct
June
July
June
July
July
June
June
June
June
June
June
Aug
June
July
3654 June
634 June
Former Standard Oil
Subsidiaries
Buckeye Pipe Line
32
50 33
33
100
chesehrough Mfg
25 12454 108% 125
450
Rumble Oil & Ref
25 854 7955 87
6,700
Imperial Oil (Can) coup__' 1255 1155 12.4 12,400
Registered
•
1155 1155
100
National Transit ......12 50
7
7
100
New York Transit
5
354
3
200
l'enn Men Fuel corn
24 255
1
100
South Penn Oil
16
25
2,400
1834
Standard Oil (Indlana)__25 2955 2834 3055 20,600
Standard Oil (Kr)
10 15
14
1555
4.000
Standard Oil (Nob)
14
1455
25
300
234 2755
Standard 011(Ohio) corn 25 25
660
25
71
40
64
64
54
3
151
11
17
834
11
1554
Jan 3934
Apr 125
Mar 8854
Mar 1534
Mar 15
Apr
10
Feb455
Feb
4
FeD 2254
Mar 34
Mar 194
Apr 2055
Mar
41
June
Oct
Sept
July
July
May
July
June
•Itily
Sept
July
July
July
55
134
50
2654
94
7555
50
Other Oil Stocks
Amer Maracaibo Co
1
Arkansas Nat Gas com.. •
Common class A
•
Carib Sy ndlcate
258
Colon 011 Corp corn
•
Columbia Oil& Gan vte _•
155
z1
54
54
34
Mar
Feb
Mar
Feb
Feb
Apr
July
June
June
July
July
June
June
June
June
July
July
355 Feb6455 July
754 Feb1755 July
51 Jan
154 July
Mar
APr
Mar
Apr
Mar
Apr
Apr
30
884
46
82
46
Apr
Mar
Apr
Apr
Mar
Feb
Feb
Feb
Mar
Apr
Sept
II. Apr
Mar
20
Oct
1
5% Apr
Mar
74
Feb
354
Apr755
Au
1355
Mar
4
Feb21
tie
255
1755
12
23-4
.52
15
10634 1064
16
1855
1955
14
154
134
13
54
2
834
Si
1
155
8
54
1155
100
%
1.700
654
26
8,50
14
1.600
334 18,800
90
56
400
20
9955 May 110
June
July
June
July
June
June
May
28
50
44
100
2454
200
100
334
254
600
274 12,400
1,100
26
74 3,600
355 5,200
14
1,500
1,600
'Si
% 5,400
22
25
154 4,100
851
20
75
.50
100
200
100
100
300
%
44
2354
1255
3
55
20
2735
2454
44
2554
18
2955
26
Jan
27
2431 Jan
2255 Jan
June
1
July
June
July
June
July
June
June
%
6%
2454
14
314
Mar
Oct
Feb
Oct
Oct
Mar
Mar
Oct
22
Oct
19
1755 Oct
lir Mar
65
154
28
1
354
44
504
Sept
856
44
135
854
4
11
934
200
200
300
200
Mar
Jan
Mar
June
Jan
APr
Apr
2556 Feb
24 Sept
20
20
4,100
25
200
50
150
2234 2251
19 t 1994
174 1754
he
'is
174
4
8
56
54
134
25
34
10
10
556 .534
14 14
854 834
4
4
1554 154
144
14
134 July
15 July
June
15
June
June
June
July
800
600
100
350
100
500
50
20
Mt Apr
lit Feb
10
Oct
28
234
1474
2054
July
Sept
Oct
June
June
100
1,600
200
1,400
300
Apr
Sept
Apr
Feb
554
564
3254
2
1155
3951 3951
155 155
34
Si
10% 1034
1034
Oct
34 June
Oct
255 July
Sept 1055 June
3 4 June
Apr
Oct 1856 Jan
Mar
151 June
Feb 11034 Aug
Feb 174 July
June 224 Jan
12
7
554
8
Feb
Max
Mar
Jan
Apr
2634 264
254 255
56
54
255
las
15
4
70
6
1536
330
20
75
200
155
304
3094
55
255
3954
800
2,100
610
2,200
25
400
25
100
300
134 1655
7% 754
6
6
15% 1651
354 June
44 July
22,400
600
110
391
100
600113.) Jan
% 134
56
4
2% 4
'IS
42
15
15
he
51
10534 10556
1234 1254
154 1651
High.
Jan
June
June
June
July
May
Jan
Jan
Oct
July
June
June
June
June
June
July
Oct
Mar
Low.
1655
2
1334
155
5355
84
2534
60
1855
15
2854
4055
954
Si
334
3
35
4
Assoc Gas & Elea
New common
34
Class A new
.3)
Of preferred
255
Warrants
Assoc Tel $1.50 pref
*
At1.40C Telep Util cora_•
15
Bell Telep Co of Can.. __I00
Brazilian 'Tr L & P ord_ •
Buff Nies At East Pow_25 1634
Cables & Wireless LtdAm dep rcts A ord shs £1
155
Am dep rem B ord shs-EI
55
Cent Hud G & E v t c_..
Central & S'west Util$7 prior lien pref
•
$7 preferred
*
Cent States Elea new oom 1
14
7% preferred
100
6% pref x-warr
_100
Cities Sees- P & L $7 pref..*
86 preferred
*
Cleveland Elec Ilium
6% preferred
100
Columbia Gas & Elea
Cony 5% pre(
100 851
4
Commonwealth Edlson.100
Common & Southern Corp_
Warrants
55
Community \Vat Serv
1
Consol G E LAP Ball corn •
Duke Power Co_ _ _ __100 3734
East Gas & Fuel Amos
Common
•
67 preferred
East States Pow corn B_ •
East Utli Assoc corn
•
Cony stock
•
Elec Bond & Share COln_ _5 17
$5 cumul preferred_
•
$6 preferred
• 40
Elec l'ow & Lt
2d preferred class A_ •
Empire Dist El 6% pref100
Empire Gas & Fuel
6% preferred
100
100
7% Preferred
8% preferred
100 18
European Electric Corn
Class A
10
751
Option warrants
Gen G & E cony pref B___• 1155
Gen l'ub Serv $6 pref_..*
Georgia Power $6 pref ___• 454
Hartford Elec Light__ _25
Internet Hydro-Elec-Pref $3.50 series
50
Internatl Utility
Class A
•
Clean B
I
134
Italian Superpower A_
•
Warrants
Long Island LtgCommon
•
55.4
7% preferred
50 5134
6% 13 mei
100
Marconi Jut Marine
Commun Am dep rcts___
655
Marconi Wire! T or Can_l
2%
Mass Util Assoc v t c__ •
Memphis Nat Gas
5
Middle West Util 00111--•
X
$6 cony pref A
•
Montreal Lt. Ht & Pr
•
Mountain Sts T dr T___100
National P & L. $6 pref. •
Nev Calif Elec com_ _ _100 10
New England Pow Assn
56 preferred
• 4554
New Orleans I'S pref... ...5
N Y Telep 655% pret__100 117
Nlagara Ilud PowCommon
655
15
Clam A opt warrant __ ......
No Amer Lt & Pr $6 pref_*
No Amer Util Sec corn
•
Nor Mateo Pow corn A..100
Okla Nat Gas pref
100
4
Pacific0& E e% 1st p125
Pennsylvania Water & Pr_•
Puget Sound P & 1.35 preferred
• 144
56 preferred
*
Ry & Light Secur corn_
•
Shawinigan Vat & Pow_ _•
Sou Calif Edison
7% pref series A
25 2234
25
6% pref series B
555% preferred C_ _ 25
So Natural Gas Co corn ....5
'to
Standard PAL
Preferred
* 28
Swiss Amer Elee pref _100
.
Tampa Electric common.
•
Union Gas of Canada.._•
334
United Corp warrants
254
United Gas Corp com____1
255
• 26
Prof non voting
Option warrants
United I.t & Pow corn A_ •
56 cony 1st prof
• 1355
US Elec Pow with wan..)
Si
Warrants
Utah Pr & Lt $7 pref
•
Urn Pow & Lt new Com. I
7% preferred
100
8
Western l'ower 7% pref 100 75
Range Since Jan. 1.
Oct
Apr
Oct
Mar
Apr
Aug
Apr
Apr
Feb
Jan
Apr
Mar
Jan
May
Mar
,*pr
20
100
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High.
$
554
521
4
51
234
4
214
39
574
10
2
856
1%
'le
55
54
76,000
1,800
100
Public Utilities
(Concluded)
555 655 10.700
55 2,300
ett
7
754
75
100
154
134
2455 244
300
350
454
4
2155 22
700
300
48
4836
500
100
2.700
100
10
100
400
16,800
2654
254
Range Since Jan. I.
3123
62
July
1651 July
2214
Oct
6534
Jan
June
June
June
June
June
June
June
%
1.4
4
155
14
28
42
2456
334
255
254
2155
36
3
12%
34
35
22
1
8
75
'Si
1%
154
34
15-4
1
4,200
1
300
1'%
155
3,100
455 • 9,500
134
000
155
600
III
255
54
4
74
4
24
Financial Chronicle
3124
....
Friday
Sales
Last Week's Range for
Sale
of Prices.
Other OH Stocks
Week.
(Concluded)
Par Price. Low. High.
$
Cosden 011 Co-1
New common
5 1134
Creole Petroleum
34
Crown Cent Petrolcom •
7
5
Darby Petroleum new
14
*
Derby Oil& Ref coin
Preferred
*
.
Gulf 011 Corp of Penns _25 49
International Petroleum _• 184
Kirby Petroleum
•
%
Leonard 011 Develop___25
Lone Star Gas Corp
•64
* 5
Margay On corn
24
•
Mexico-Ohio 011Co
*
Michigan Gas & 011
Middle States Petrol*
Class B v t c
445
,
Mountain Pruducers____ In
National Fuel Gas
•
134
New Bradford 011 Co_ ...2
Nor Ruropean Oil com_ *
1
Pantepec 01 of Venez___•
Petroleum Corp of AmerStock purchase warr____
lie
35
Product's Royalty
1
Pure Oil Co 6% pref___100
141
•
Reiter loiter Oil
h
Richfield 011 pref
25
Root Refining Co-334
10
Cone prior pref
•
Ryan Consol l'etrol
Salt Creek Prod Assn___10
534
Southland Royalty Co___5
Sunray oil
34
5
5
Swiss Oil Corp
7
Texon 011 Is land Co,._....•
Venezuela Petrol
5
Mining-Bunker Hill & Sullivan...10
Bwana M'Kubwa CopperAmerican shares
5
Consol Copper Mines
Consol MIn 3: Smelt Ltd 25
*
Copper Range Co
I
(-111118S/0 Consul u.,, NI
Olaf Mexican 7.tlning__50c
Evans Wallower Lead _....•
1
Falcon Lead Mines
Goldfield Consol kilnes..10
25
Heels Mining Co
144._..5
Hollinger Consol 0 .
Bud Bay Min & Smelt_ __•
Internal Mining Corp_ __1
Warrants
Iron Cap Copper Co___ _10
hIrkland Lake 0 M Ltd_1
Lake Shore Mines Ltd_ __ 1
26
New Jersey Zinc
New mont Mining Corp_ 10
N Y Is Honduras Rosario10
Niplesing Mintz;
5
1
Ohio Copper Co
Pacific Tin Spec Stock_ .
Pioneer Gold Mines Ltd I
Premier Gold Mlning
I
Roan Antelope CopperAmerican shares
St Anthony Gold Mines__I
Shattuck Denn kilning___5
Silver King Coalition_ _5
So Amer Gold & Platt newt
Standard Silver Lead ____1
Teak-Hughes Millet"
1
1
Tonopah Mining Co
(tilted Verde Extension 50c
5
Utah Apex Mining
weruden Copper NI Ming__ I
Wright- Ilargreaves Ltd_.
•
Yukon Gold Co
5
BondsAlabama Power Co1946
1st & ref be
1951
let Is ref 58
1956
1St dr. ref as
1966
lot Is ref as
1967
1st Is ref 448
Aluminum Co 8 f deb 5s '52
Aluminum Ltd deb 55_1948
Amer Is Corn'wealths Pow
1940
Cone deb es
1953
5445
Amer dc Continental 5131943
Am El Pow Corp deb 6557
Amer (1 Is El deb 5.,.2O23
Am Gas Is Pow deb 66_1939
Secured deb 50
1953
Am Pow Is Lt deb 6s_.2011
Am Radial deb 44s_ _ 1947
Am Roll 51111 deb 58_ _1948
444% notea..._Nov 1933
Cone Is
1933
Amer Seating cone 68_1936
Appalachian El Pr 55_1956
Appalachian Power 58.194 1
Debenture 0s
2024
Arkansas l'r Is Lt Es_ 1956
Aseociated Elee 448_1953
Associated Gas Is El CoCone deb 644a
1938
Registered
444e
1948
Cone deb 444a
1949
Cone deb 5s
1950
Deb 5a
1968
Registered
CODY deb 545
1977
Assoc Rayon 58
1950
A880C T & T deb 54a A '55
Assoc Telep 1411648_1944
Certificates of deposit_
6% notes
1933
Baldwin Loco Works6s with wart
1938
68 without warr
1938
Bell Telep of Canadalot M 55 series 4_1955
1957
1st M &series B
1s1 ki 5s ser C
1960
Bethlehem Steel 68_1998
Birmingham 8 ler 4440 )968
Boston Consul Gas 58.1947
Broad River Pwr 6s A _1954
Buffalo Gen Flee 5s...1939
1956
Gen Is ref 5s
Canadian Nat Ry 78..1936
Canada Northern Pr 55 '53
Canadian Par RY (18._ 1942
Carollna Pr Is Lt 58.,__1955
Caterpillar Tractor 50_1935
44
13,,
"16
34
4
1044
1044
34
1
49%
63
4934
'is
1444
1134
134
%
244
3
4
6
at
3
34
70
71
553.4
97%
6345
1%
80
7444
284
20%
50
102
6744
10044
90
42
834
1044
6974
2734
16
15
3344
1554
1545
,
1641
45
4344
1074
1034,
4
714
10134
1004
1004
60
1053-4
101
60
Range Since Jan. 1.
High.
Low.
Bonds (Conlinued)-
344 1,000
1134 86,400
2,000
1
400
74
400
174
25
27
504 6,300
22,900
19
800
1
200
h
674 2,300
200
54
100
241
200
434
2
44
4
444
4
25
24
z834
44
4
444
4
2
1
Oct
May
Feb
Aug
Mar
Apr
Mar
Feb
Jan
Apr
Apr
Mar
Feb
Feb
34
1154
144
8
241
27
62
194
2
14
114
7
5
644
Oct
Oct
July
Oct
June
Oct
July
Oct
June
June
June
Aug
Apr
Sept
h
4
441
434
124 1374
14 144
44
45
45
134
200
1,400
900
700
400
6,000
41
3.45
10
4
116
h
Jan
Jan
Feb
Jan
Jan
Mar
134
634
20
2
34
344
June
June
Mar
Sept
Ire
'is
M
516
4334 49
144
1
5.4,
%
600
3,300
110
7,600
300
4
II, Jan
134
111 Ma:
21
ADS 57
4 Apr • 134
h Jan
24
June
Jul e
Sept
July
June
434
1%
534
534
34
134
8
4
200
10
500
2,600
8,600
300
1,000
400
37-4
.34
3
334
31
1
641
4
May
Feb
Feb
Feb
Jan
Oct
Apr
Jan
8
434
94
634
14
134
134
144
Jule
June
June
June
June
Oct
May
June
450
514
Oct
2
834
45
7
144
27
44
164
1
3.4
6
5
23.1
434
3%
134
54
474
''ie
134
61 4
/
34
June
July
1445
Jan
SOO
"Is 174
44
134 1,500
20
1244 127
100
4
4
,/,74 11,700
8,000
'16 1
300
3/
34
34
31,, • 1,900
34
% 5,600
1,100
44 5
104 10,600
9
834 1034 13,400
834 1074 3,500
454 4,400
3
200
4 1
300
45
4
4341 5141 64,700
3,400
52
63
14,300
38
52
400
224 2534
1.600
241 235
% 12,500
%
200
1454
13
84 12
53,300
018 1.44 15,400
4
1
q
55
154
1‘,
kl
44
5 16
lua
234
641
264
7%
234
44
54
2534
2645
1144
734
1
11'
3
344
'111
Jan
13.4 June
Apr
24 June
Jan 140
Sept
Feb
63-4 Julio
45 June
Jan
1% June
Jan
14 June
Fel'
Apr
III June
Jar
1 1,, July
Feb84 June
Jan
Sept
Jan
124 July
4
Aug127/, Oct
Aug5% Sept
Jan
254 June
4 Fen
Jan
Mar 5134 Oct
Mar 65% Sept
Mar 5735 Sept
Feb 284 Sept
Judy
Jan
4
4 June
Jan
.lan
1434 Oct
Jan
1534 July
Apr
144 June
2134 24% 10,200
'It 12,200
34
2
24 2,500
300
644 6%
21,200
2
3
41,
34 12,20
545 645 40.000
X
4 1,000
24 34 3,50
400
45
134
%
34 10,200
64 834 117,000
35 3,500
34
73-4
'III
44
244
2
411
341
41
144
%
ha
334
'as
3
25,000
17,000
4,000
20,000
51,000
112,000
13,000
144 1% 19,000
14 144 9,000
2,000
80
80
214 2245 13,000
45,000
7434 76
2644 26% 7,000
2244 48,000
20
98,000
52
50
32,000
1004 102
66% 67% 24,000
984 10045 828,600
8234 90 371,000
1,000
42
42
29,000
84
82
10431104% 3,000
5,000
73
7341
7044 36,000
69
2641 27% 99,000
39
7554
70
71
62
5544
97%
634
16
16
15
134
14%
1474
14%
164
44
4174
104
1054
,
1544
44
77
72
73
624
58
9845
64%
174
16
154
144
16
16
144
18
46
4474
1144
1135
,
16
96 10544
713-4 737-4
.
10131 10144
10034101%
10054 10141
10844 10344
5934 6134
10434 1044
3144 3274
10544 10541
1 044 10444
10174 1014
7345 75
98 1014
534 61
9974 100
Mar
Jan
Feb
Jan
Oct
Feb
Feb
Mar
Mar
Jan
Jan
Jan
Feb
2844
4
44
7%
3
44
74
13-4
8
14
is
844
1
Sept
June
June
July
Oct
Apr
July
Sept
June
June
June
Sept
June
89
62
61
5874
53
80
4734
Sept1004
Sept97
Apr 95
Apr 8941
Sept8144
Apr 99
Mar 80
Jan
Jan
Jan
Jan
Jan
Jan
June
4
41
64
124
69
13
11
3244
83
33
45
8141
22
7144
94
63
82
3544
Apr
54
Apr
534
Apr 85
Apr 40
Apr92
Apr 42
Apr 374
Apr 7341
Apr 102
Apr 81
Apr 165
t)ct 97
Apr
51
Apr974
Apr1004
Apr 857-4
Apr9034
Apr 4734
July
July
may
July
Jan
July
Judy
July
Oct
July
July
Oct
July
Jan
Oct
Feb
Jan
Jan
264 July
Ma
90,000 13
,
6,000 1234 Star 2541 Jan
Jan
6.000 124 Mar 27
114,000 114 Mar 2644 Jan
Jan
Sept28
102,000 13
Mar 27
Jan
161,000 13
1,000 zI345 Sept25
Jan
5,000 1434 Sept35% Jan
Apr 52
Jun
60,000 33
Feb 474 July
48,000 15
Mar 244 Jan
5
69,000
7,000 1044 Oct1344 Oct
Apr 5344 Jan
4,000 11
101,000
84,000
96
70
27,000 87
42,000 854
82,000 87
4,000 99
9,000 52
4,000 9954
8,000 2744
5,000 101
3.000 903.6
2,000 98
6,000 59
103,000 7034
40,000 54
63,000 68
Oct11734 Aug
July 8241 Aug
Feb 103
Apr 1024
Mar 1027-4
May 112
Sept90
Apr 105
APr 484
Feb 10744
Star 10645
Apr 1024
Star 78
Mar 1134
Apr
7934
Mar 100
Aug
Sept
Sept
June
Jan
Jan
Jan
Jan
Jan
June
July
July
July
Oct
Oct. 28 1933
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
S
Price. Low. High.
Range Since Jan. 1.
Low,
High.
Sept
28,000 864 Mar 104
Cedar Rapids M & P 55'53 103
10131 103
Oct 9334 Apr
Cent Arizona Lt Is Pr Is'60
6,000 75
76
75
Central German Power
12,000 3331 Sept 6434 Jan
3854 41
1934
Os part ctfs
Jan
5,000 9831 June 105
104 104
Central Illinois Lt 55_ _1943 104
Central Ill Pub Service-July
Apr 80
5,000 52
1956
614 6146
be series E
5734 43,000 4834 Apr 7444 July
lot & ref 4 he ear F_ 1967 5774 55
Jan
Apr 714
21.000 52
E83.4 61
1968 61
5s serle0(1
Jan
Apr 73
9,000 48
5444 58
444s series II
1981 58
Jan
May 101
7,000 85
90
91
Cent Maine Pow 58 D 1951. 91
4 Jan
Sept 931
1,000 30
414s series E
1957 3044 804 8044
Jan
6.000 5344 Apr 76
66
66
Cent Ohio Lt & Pow 5.5 '50
Jan
Apr 75
4944 5334 9,000 49
Cent Power 5s ser 0__1957
Jan
Apr 67
91,000 42
Cent Pow & Lt 1st 58.1956 4735
4641 50
July
23,000 z2731 Apr 56
35
37
Cent States Flee 5s_ _ _1948 35
Deb 54s Sept 15 1954
Apr 5644 July
63,000 28
40
3534 35
With warrants
July
Cent States P & I. 545 '53 334 3/4 404 69,000 2344 Apr 54
35,000 584 Apr 844 Jan
73
Chic Dist E ee Gen 448'70 7144 70
Mar 684 July
29,000 47
53
51
(Ohio Rye Es etfa
1927
Cincinnati Street RyJune
1952 5174 5034 5174 3,000 404 Sept 65
544s series A
Julie
Oct 65
8,000 47
49
53
1955
68 series 13
1966 34
May
Cities Service 55
323-4 3434 17,000 2444 Mar 46
1950 334 324 35 484,000 2434 Mar 454 May
Cone deb 58
July
Feb 67
5345 19,000 42
53
Cities Service Gas 544e '42 53
5,000 54
Jan 784 June
6514 66
Cities Sere Gas Pipe L 43 66
1
Apr 431 June
Cities Sere P & L 544a 1952 323-4 3134 334 118,000 25
1940 3234 314 3274 37,000 2544 Apr 434 June
54a
10,000 1134 Mar el 074 May
10534 106
Cleve Elee In let Se.. 1933 106
Apr 110
6,000 102
Jan
106 107
1961 106
Is series B
Commers und Privet
I
Bank 534*...1937 5174 5174 54 148,000 464 June 6634 Jan 1
Commonwealth Edison29,000 z9144 Apr 106% Jan
lst M 55 series A _ _ _ 1953 97% 9744 98
Apr 10544 Jan
15,000 92
97
93
1st M 58 series, H__1954
8844 904 35,000 58334 Apr 10244 Jan
let 445e series C,.1956
91
33,000 834 Apr 1014 Jan
let M 43 series D1957 894 89
-is
Jan
Apr 101
8944 9031 12,000 82
1960
4448 series E
7944 794 804 105,000 7444 Apr 934 Jan
let M 4s series F___1981
Apr 1064 Jan
36.000 95
1962 10044 1004 102
545e series G
634 66
Apr 874 Jan
22,000 57
Com'wealtb Subsld 548'48
3945 4145 20,000 364 Apr 59 June
Community Pr & Lt Is 1957 40
Connecticut Light & Power
1,000 974 May 10534 Feb
10341 10351
1956
4348 series C
1054 105% 2,000 9741 May 1074 Feb
1962
55 series D
May 10034 Sept
Conn River Pow 5s A 1952 944 944 954 38.000 89
1024 10244 10,000 994 Mar 105
Consol 0, EL & P 435e '35
Sept
Consol Gas(Balt City)
1939 10741 10741 10734 2,000 10254 May 10844 Jan
5s
3,000 974 Apr 1074 Jan
10541 106
1054 106
Gen mtge 4455
Consol Gas El 1.t &P (Haiti
1,000 9544 May 10734 Jan
104 104
435s series H
1970
May 100
1981 9751
973/1 983.4 65,000 89
let ref 8 f 4ii
Aug
Congo' OM USII CoJan 484 July
1st & coll 65 ser A I943 404 3874 404 23,000 21
ConsumersPow 4 As- _1958 9331 9844 10054 76,000 9014 Apr 10434 Jan
Jan
Mar 106
1936 104% 10444 101% 12,000 100
let & ref 5e
654 June
AD
4654 162,000 37
Cont'l Oita de El 58--1958 4241 42
Mar 10141 Oct
101 1014 25,000 92
Continental (ill 5 411. 1931
Cosgrove-Meehan Coal
44 434
July
434 Oct11
3,000
1945
644s
8,000 66
8144 82
June
Aug 11940
Crane Co Es_ .
AP
92
Apr 81.4 July
1,000 25
63
63
_Crucible Steel 5s_ _ __1040
60
1,000 5545 Apr 81
60
July
Cuban Telep 7%e_ _ _ _ 1941
Mar 10034 July
Cudahy Pack deb 5481937 98% 974 083-4 39,000 87
17,000 9944 Mar 105 June
Sinking fund 5s_.1946 102% 1024 103
Cumb Co P & L 448_1956 814 814 924 12,000 7241 Apr 914 Feb
Apr 10845 Jan
108 10644 2,000 100
Dallas Pow & Lt 68 A.1949
Apr 10614 Jan
Dayton Pow Is Lt 55_1911 1054 105 10541 16,000 99
7541 23,000 60
74
Del Flee Power 548..1959
Apr 854 June
101
101
6,000 91134 Apr 1024 Jan
Denver Gas Is Elea 58.1949 101
67
20,000 60
Derby Gas Is Elea 5s_ _1946 6545 65
May 83
July
30,000 75
Mar 9844 Jan
Del City Gas 68 ear A 1947 8531 8554 86
Jan
50,000 68
7934 80
_1950
58 let series B
May 91
Detroit Intl Bridge141 14 1,000
1952
34 Mar
Deb 7s
43.4 June
Dixie Gulf Gas 6.44s 1937
83
11,000 70
82
W lth warrants
82
API' 9444 July
1907 9341 9354 94
15,000 88
Duke Power 44s
June
Jan 102
92
92
Eastern Util Assoc 55.1935
May 9836 Jan
2,000 90
Eastern Utilities Investing15
15
Jan
Is ser A w w
934 Feb 23
5,000
1954
Edison Hee III (Bostom,
2-year 58
1934 10245 10234 10234 10,00
994 Apr 10334 Jan
5% notes
1935 10274 10245 1034 31,000 954 Apr 103% Jan
Elec Power & Light 58_2030 324 314 354 140,000 2,
July
Apr 59
Elmira Wat. Lt & RR 5s 56
59
Oct 88
Jail
6234 2,000 57
70
7044 4,000 65
El Paso Electric 5s_ __IMO
Apr 8644 Jan
El Paso Nat Gas
a60 a60
1938
Jan
1,000 35
Deb 0,55 w w
Oct z50
25
1,000 25
25
Deb 645s
1938
Oct 50
Jan
July
15,000 37
53
55
Empire Dist El 5s..__195'2 53
Apr 67
Empire 011 Is Ref 5481943 464 46% 4834 116,000 2844 Apr 584 July
Ercole Morelli B1640..1953
14,000 63
82
84
With warrants
Oct
June 84
Erie Lighting 55
Jan
83
Mar 104
1967
11834 8834 2,00
European Elea 648-196o
Without warrants ...._ .
Sept
7545 7534 76
Mar 80
10,000 60
Furonean Mtge Inc 75 C•47 3074 3031 31
Apr 394 Aug
7.000 23
Farmers Nati Mtge 7s1963
414 4144 2,000 24
Mar 4544 Aug
Federal 'Rater Sere 541354
July
Apr 43
2644 284 61,000 18
Finland Residential Mtge
Jan 724 Oct
Banks 6s
7244 7,000 38
7231 72
1961
Firestone Cot Mills 58.48 8776 8631 8745 31,000 68
Mar 8945 July
Firestone Tire & Rub 5s '42 914 90
Apr 92% Aug
91% 18,000 71
Fla Power Corp 546_1979
74
Judy
Apr
574 5934 11,000 44
Florlda Power Is Lt Es 1954 593.4
Mar
7054 July
587-4 59% 72,000 48
Jail
Gary El Is Gas 5s ser A 1934 38
354 Mar 72
38
3844 10,00
Gatineau Power 1st 5s 1956 7541 7345 7644 72,000 593.4 Alur 834 July
Deb gold 68 June 15 1941 6944 69
Mar 724 July
31,000 39
70
Deb 68 Harlem B___ _1941 6731 67
Mar 73
July
6744 15.000 39
General Bronze 6s_...._1940 58
58
624 8,000 5434 Apr 74
Aug
Gen motors Accent Corn5% .erlal notes.
.1934
1033/1103% 3,000 10034 Mar 10334 Aug
Mar 1043-4 July
5% serial notes
1936 1034 1034 103% 19,000 100
Jan
Oct 75
Gen Public Serv 58.....1953
6644 6645 9,000 54
Mar 38 June
25,000 12
2334 29
(len Pub Utll 644a A.1926 29
June
1933 a3941 3944 3946 14,000 174 Mar 48
2 yr cone 64s
Mar 60 June
Gen Rayon deb Os A..1948 4044 404 4045 6,000 20
Oct 1084 Aug
20,000 00
("en Refractorles Os.... 1933-s 96
90
97
May 11
2
544 514 5,000
General Vending 6s__..1937
Aug
Gen Wet Wks Is El 55 1943 434 433-4 4541 34,000 3854 Mar 60
May
Apr 9014 Jan
67
Georgia Power ref 5s 1967
6834 76,000 60
Gesture'deb 68
1953 424 3944 424 23,000 313.4 June 694 Jan
Apr 102' Feb
9644 96% 37,000 89
(meth,&grecs Razor Os 40
,
Apr 7134 July
Glen Alden Coal 48_1965 5734 574 5835 32.000 45
,
(Jet
Apr 95
25,000 75
94
95
1935 95
Glidden Co 54
4s.
Globel (Adolf) 6t49 _1935
Apr 9344 Jule
7945 84% 31,000 65
With warrants
July
Apr 102
Grand Trunk Fly 644s 1938 10134 1014 10174 11,000 04
Apr 7541 Sept
18,000 50
Grand Trunk west 48.1950 6735 673-4 69
Apr 1014 Sept
0341 984 4,000 80
Or Nor Pow 5s
1935
May 1064 Jan
9941 23,000 93
Great Western Power 5a'46 0931 99
Apr 10231 July
101
10145 16,000 92
Gulf 011 of i'a 5a
1937 101
Mar 102% Aug
1947 10044 100 10144 32,000 92
5s
Jan
Apr 32
Gulf States Util 5s_._ 1956 7041 665% 704 26,000 60
2,000 0044 Apr 10351 Aug
Hackensack,
ater 58_1977 9841 9834 101
Mar 10435 Sept
1014 10245 10,000 96
50
1938
Mar 7234 July
643-4 6644 12,000 40
Hall Printing 5 he____19471
Financial Chronicle
Volume 137
Bonds (Conlinucd)-
Friday
Sales
Last Week's Range for
Sale
of Prices.
;Week.
Price. Low. High.
Hamburg Electric 75__1935
674 67% 3,000
Hamburg El & lInd 54538
6234 6431 16,000
1934
Hanna (M A) Os
10031 100% 3,000
Hood Rubber is
1936
4,000
6834 69
1936 5834 57
535s
61
35,000
Houston Gulf Gas 65_ _1943 49
48% 50% 10,000
Hone L & P 1st 4345 E 1981
9234 34,000
90
let & ref 4/50 ser D_1978 92
92
3,000
92
1953 9834 9831 100
55 series A
11,000
Hudson Bay M & S135_1935 111
14.000
105 114
Hung-Italian 13k 7545 1963 5134 51
514 6,000
Hyradulic Pow 55 ------350 104
13,000
104 105
Ilygrade Food l'rod 681949 474 46
474 7,50
1947
Idaho Power 58
11,000
9534 97
1111nois Central RR 4 As 34
68
70% 50.000
Ill Northern UM
_1957 90
894 9235 19.00
III Pow & L let 68 stir A '53 5936 59
46,00
62
let & ref 54e ser B..1954 55
38,00
5434 57
let & ref 55 her C..._1956 535% 5334 55
45,00
S f deb 5345__ May 1957 434 4334 45
8,00
Indiana Electric Corp1947
es series A
Os
65
6,00
63
1953
645 series 13
1,00
70
70
1951 594 55% 5911 21,00
55 series C
Indian Gen Serv 5s_ 1948
100 10031 3,00
Indiana Hydro-Eleo 55 '58
53% 5551 9,00
Indiana & Mich Elea1955
let & ref 55
86
861.4 11,00
1957 102
4,00
fe
102 102
Indiana ServIce 5s _ _ _1950 26/4 254 26% 13,000
Indianapolis Gas 5s A 1942
714 7235 5,00
Ind polls P & 1.65 set A '67 8534 834 8531 10,00
Intercont Pow 6s__ _ _1948
With warrants
394
334
331 6,00
International Power tieoSecured 634s ser C_ _1955 91
36,000
894 91
1957 93
75 series E
36,000
96
93
1952 8434 834 85
7s series F
13,000
International Salt 58._1951
19,000
8434 87
International Sec 5s_ _1947
47
5031 50,000
Interstate Jr & Steel 545'46
2.000
54
54
Interstate Power 55_ __1957 4635 4655 4831 77,000
,
1952 34% 33% 354 39,000
Debenture Is
Interstate Public Service
55 series D
1956 5734 5834 58
11,000
1958 52
4i45 eerier) F
534 19,000
52
Invest Co of Amer 55..1947
Without warrants
724 724 10,000
Iowa-Neb L & P 6a.__1957 71
13,000
73
71
55 series 13
1961
7031 8,000
70
Iowa Pow dr Lt 4345_1958 8034 8034 804 1,000
lowa Pub Fiery 65_ _1957
6736 18,000
65
Iowa Ry & Lt 5413_1945
7431 75% 12,000
Imam Hydro Elea is. 1952 80.4 80
8031 10,000
Isotta Franshini 75 _A942 85
844 85
3,000
Italian Superpower of Del
Drabs 65 without war '63 684 674 6834 31,000
Jacksonville Gas 58. _.1942
434 4331 2,000
Jamaica \Vat SuDP 53413 55 102
4,000
102 102
'
Jersey (2 P L Zus t3 _1947
914 16,00
90
4%8 series C
1961 8134 81
8336 66.00
Kansas Gas dr El Os A.2022
7031 704 2,00
Kansas Power 55
1947
2,00
65% 66
h annals Power dr Light
65 series A
1955
2,00
89
89
Le series B
11157
2,00
80
80
Kentucky Utilities Cu1961
bit M 65
58
0836 15,00
5.14s series IF
1955 633% 604 64
20,00
58 series 1
1969 Si
5811 16,00
57
Kimberly-Clark 5s_ .1943
92
9,00
90
KePliers U & C deb 55 1947
75
764 6,000
Sink fund deb 5%5_1950 81
81
5,000
81
Kresge(S Si Co 55_ _1945
924 92%.3.00
Certificates of deposit......... 90
7,000
91
5548
Laclede Gam
1936 57
11,000
56
58
Larutan Gas Corp 64s '35 9235 92% 92% 8,000
Lehigh Pow Stour 68_2026
69
7054 25,000
Leonard Tletz 745_1946 28
12,000
27% 31
Lexington Utilities 55_1952 57
22,000
60
57
Libby MoN & Libby 58 '42 603.4
6134 17,000
58
1942 90
Lone Star Gas Us
1,000
90
90
Loa Angeles Gas & Elec95
Os
1,000
95
95
1939
5s
104 104
5,000
1947
534s series IT
1014 1014
1,000
,
1943
5385 series I
101 1014 6,000
Louisiana Pow & Lt 55 1957 78
79
62,000
77
E (is A.1937
Louisville G &
4,000
100% 10034
1961 88
4345 aeries C
Mt
914 11,000
Manitoba Power I 34s.1961
234 274 40,000
Mansfield Slink Smelt
1941
75 ex-warrants
53
53
3,000
Mass Gas Co
Sink fund deb 55-1955
81
79
13,000
1946 853.4 8531 86
534e
9,000
McCord Radiator & 511g68 with warrants_ __1943
35
38
3,00
Power & Lt 55 48 9154 91
9134
Memphis
5,000
Metropolitan Edison
I
,
86
87
Se series1982
33,00
Utilities
Middle West
1932
7
7
3.00
:is Ws of dep
634 7
6,00
58 ctfs of deposit.__ 1933
631 64 1,00
5s ctfs of deposit. _.1034
634 7
4,00
55 ctIs of deposit_ _1935
....1943
6134 614 12.00
Midland Valley 5s_
4931 52
6,00
Middle States Pet 634s '45
9831 99% 20,000
Milwaukee Gas Lt 434e '61
10,00
Mini:leap Gas Lt 4348_1950 77
7535 77
1955
66
6834 7,00
Minn P & L 58
1978
65
13634 2,00
lot & ref 4345
48
3,00
47
Mississippi Pow 455_1966
5934 60% 19,00
Miss Pow & Lt 6s____1957
Miss River Pow 15165_1951 10231 1024 1034 5,00
93
15,00
511asourl l'ow & 1.1 034s '55 90
90
4834 7,000
Missouri Public Serv 55'47 46
46
Slonongahela West Penn
62
15,000
61
Pub Serv Wieser 11_1953 62
Montreal L H & P Con
let & ref be eer A __ _ 1911 10334 101% 10334 36.000
1970 102% 101% 1024 20,000
be aortae 13
Munson S9 Line 614a-1937
77,000
16
94 16
With warrants
Narragansett Elea be A '67 9934 9934 1014 63,000
4,000
1957
100 100
58 series 13
Nat Pow & Lt 65 A _ _2026 634 624 6434 25,000
Deb be series B.....030 U335 534 5431 19,000
Nat Public Service 55 1978
Certificates of deposit.-835 104 33,000
1034
1935
9734 97% 11,000
National Tea .5s
9634 9714 14,000
Nebraska Power 445_1981
35
Nelsner Bros Realty (Is_'48
3734 8,000
Nevada-Calif Flee 58_1956 6235 574 66 157,00
12,000
N E Gas & El Assn 55_1947 4136 40% 42
10.00
1948
43
41
Cony deb fe
1950 394 394 4255 81,00
Cony deb So
New Eng Pow Assn 58_1948 57% 5535 584 109,000
72.00
Debenture 634o._ -.1951
GO% 5931 61
404 444 24.00
New Orl Pub dery 445'35 43
11,00
1949 31
2936 31
lis series A
Range Since Jan. I.
High.
Low.
Bonds (Continued)
-
624
40
92
44
3154
3131
7934
7834
88
77
354
994
41
854
33
85
52
50
454
38
Apr
Sept
Jun
Feb
Mar
Mar
Apr
Apr
May
Apr
Feb
Apr
Apr
May
Apr
Slay
Apr
Apr
Apr
Apr
57
62
484
98
49
Apr 91
Feb
Apr 91
Jan
Apr z7834 Jan
Mar 105
Jan
May 76
Jan
80
94
14
65
7334
Apr 99
Jan
Jan
May 105
Apr 44
July
Apr 8331 Jan
Apr 9634 Jan
8634
724
1014
78
68
61
9634
9634
104
120
55
1074
65
10234
854
10034
7734
74
71
8094
Jan
Jan
July
July
July
July
Jan
Jan
Jan
July
July
Jan
June
Jan
JUIF
Feb
July
July
Jan
Jan
1%
Jan
74
70
45
744
40
21
3834
2034
July
May
Apr
Mar
Mar
Ai)
AD
AP
4634
45
Apr
An
63
63
6336
74
604
744,
71
63
Ma
Apr
May
Ma
AD
Oct
Apr
Jan
3734
3034
98
86
804
69
95
Apr 72
Aug
Apr 5334 July
Slay 1024 Sept
Apr 1014 Jan
Mar 9631 Jan
Apr 854 Jan
May 80
Feb
83
71
Apr
May
954 June
904 Aug
54
56
52
72
70
72
77
6634
47
584
56
25
56
4634
84
Oct
Apr
Apr
Apr
Apt
Mat
Apr
Mar
Mar
Jun
Apr
June
Oct
Mar
Slay
7734
82
80
02
84
87%
96
93
804
96
8834
6834
74
77
97
June
June
July
Oct
Aug
July
Jan
July
July
Aug
Jan
Jan
July
June
Mar
914
1004
99
9734
734
99
88
20
May
Mar
Mar
Apr
May
Mar
Oct
Apr
ion
1064
1044
10354
I/4 St
10294
102
53
Jan
Jan
Feb
Aug
Jan
Jan
Feb
July
4754 Apr
55
July
714 Apr
Apr
75
9431
99
10
June
91
96
85
9034
611,
6734
e4
634
Feb
Oct
Oct
Oct
July
June
July
July
78
72
77
13434
844
9234
834
92
664
86
8% Apr 47
May 103
81
Jan
Jan
Oct
Jan
Jan
Aug
July
Feb
Feb
Aug
Jan
Jan
July
Jan
79
Apr
34
331
334
44
37
274
91
72%
65
57
44
50
98
79
37%
Mar 18
July
July
Mar 18
Mar
July
18
Mar
18 • July
Feb 614 Oct
Mar 60
July
Apr 10234 Aug
Apr 90
Jan
Oct 87
Jan
Apr 81
Jan
Apr 7334 Jan
Apr 83
Jan
May 1054 Jan
Apr 934 Sept
AD
66
Jan
46
Apr
84
82
Fe
Fe
9734 Feb
76
Jan
103% Sept
1024 Oct
Feb 31
8
July
Aug
9434 May 104
96
Apr e10334 Aug
50
Mar 86
Jan
Mar 74
41
Jan
731
8331
88
17
874
37
38
37%
3534
40
40
254
Oct 2334 Jan
Jan 984 July
May 1024 July
Apr 50
July
Apr 7634 July
Apr 5934 June
Sept 60
Jan
Apr 6994 Jan
Mar 684 June
Mar 7254 June
Apr 65
Jan
Apr 4934 Jan
3123
Friday
Soles
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Range Since Jan. 1.
Low.
High.
NY Central Elm 5355 1950
60
60% 4,000 56
Sent 82
Jan
N Y & Foreign Investing
1948
5345 with wart
56
56
5,000 56
Sept 7834 Mar
NY Penns & Ohio 434e '35 9731 97% 98% 15,000 88
Apr 9934 Sept
N Y P&L Corp 1st 445'87 85
8434 87% 88,000 8034 Sept 99
Jan
N Y State G & E 445_1980 69
69
72
37,000 6734 Sept 9134 Jan
NY & k%asten't Its 20114 93% 93
9334 16.000 82
A or 971, Jan
Debenture Os
1954 101
101 102
12,000 9834 June 105
Feb
Niagara Fails Pow 613-1950
10531 106
10,000 1013, Mar 11.1836 Jan
1950
5s series A
104 10434 12,000 9634 May 106
Jan
Nippon Elec Pow 6348 1953 6334 634 634 22,000 3534 Feb 674 July
No American Lt & Pow
5% notes
1934
10094 1007-4 3,000 8634 Apr 10031 Sept
5% notes
1935
96
2,000 74
96
Apr 96
Aug
5% serial votes____1936 8751 874 87% 5,000 68
Slay 9234 Sept
4 he series A.
1956 31
304 314 25,000 2134 Apr 4734 July
Nor Cons Utll 5348___1948
5,000 22
234 2*
Slay 43
July
Nor Ind G & E tis_ _ _1952
85
1,000 7834 Sias 10234 Feb
85
,
Northern Indian* P B1966 034 634 65
5s series C
10,000 5954 Apr 9034 Feb
1960 6131 6034 64
55 series 13
Apr 91
25,000 59
Feb
5345 series F
1970 5931 59
Apr 854 Jan
6134 6,000 54
Nor Ohio Pow & Lt 545'51 89
Apr 1033% Jan
883% 9034 22,000 80
Nor Ohio Trac & Lt 5s '56
May 1004 Jan
3,000 77
86
8634
No iState3 Pr 5St% notes'40 80
Mar 96
July
3,000 70
79 • 80
Refunding 4 tie_ -.1961 S674 85
Alit 9734 Jan
8634 48,000 75
N'western Elect Os_ _ _1935
9,000 6336 Oct 93
Jan
65
66
N'western Pun dery 55 1957
Apr 754 July
60
624 7,000 55
Ogden Gas 55
1945
Sept 1014 Feb
4,000 82
83
85
Ohlo Edison 1st 65
Jan
Apr 98
1960 86
66,000 73
8534 86
Ohlo Power 1st 55 B__1952 984 98 100
18,000 9034 May 1043% Jan
1t& ref 434s set D 1956 894 89
Ayr 9934 Jan
92
56,000 81
Ohio Public Service Co
Gs series C
8034 834 11,000 75
Apr 9534 Jan
let & ref 5s aer D-19
1954
53
82
1,000 64
82
Mar 8934 Jan
.53-45 series E
Apr 90
7,000 70
7931 81
Jan
Okla Gas & Else 6s_...1950 804 80
8334 38,000 7034 Apr 914 Jan
Os series A
Slur 8334 July
1949 6731 674 70
7,000 63
Okla Pow dt Water 55_ 1946
mar 63
July
5,000 35
454 49
Osgood Co 6s with wart '38 3534 34
July
8,000 254 May 40
35.11
Oswego Fails fie
194i 63% 523-4 54
Apr 86 3.4 July
11,000 36
Pacific Coast Pow 5s...1941
40
Feb
3,000 7034 Oct 93
7631 77
Pacific Gas & El Co
1st 6e series 13
Mar 11234 Jan
106
1053% 10794 16,000 101
1st & ref 55 set C...._1962 102
1941
102 10151 22.000 9834 Apr 10636 Jan
6s series 13
1965 99% 99 10134 68,000 9434 Slay 10534 Jan
let & ref 4348 E._..1957 90% 8934 9334 85.000 864 Apr 10134 Jan
1st & ref 44s F. _ _1960 90
Mar 1014 .Tan
8931 9334 40,000 86
Pac Investing 5s
Apr 81
6,000 64
72
73
July
Pao Pow & Light Se___1955 50% 50
July
19
48
Apr 73
53 100,000 48
Pacific Western 0116 345 '43
Witb warrants
81
July
744 764 7,000 5734 AD
Palmer Corp of La 63_1938
90
91
6,000 7935 Apr 944 Aug
Penn Cent L & P 4%a 1977 66% 65
Apr 8034 Feb
26,000 60
67
Os
1979 69
Oct90
Feb
12,000 68
68
69
Penn Electric 48 F....1971 62
614 6334 22,000 5134 Apr 744 I.JarT
Penn Ohio Edison
Deb 6s x-warr
1950 5136 51
Jan
Oct82
53
22,000 50
Deb 536s series B
1959 454 45
Sept7534 Jan
464 38,000 44
Penn-Ohio P & L 545 11154
May 1034 Feb
924 14,000 85
91
Penn Pub Serv Os C_ _1947
Jan
Oct100
79
2,000 77
77
Penn Telephone 58 C..1960 94
Star 974 Feb
5,000 90
93
94
PennH at&Pow 44813_ 1948 9934 9834 9934 15,000 9431 Stay 101
90
6
Jan
5s
10431 10534 21,000 99.4 Apr 1084 Aug
Peoples Gas Lt & Coke
le series 13
1981 70
Apr 9331 Jan
72
21,000 68
70
6s series C
1957 8914 8831 9131 20,000 874 Sept1084 Jan
Peoples Lt & Pwr 55_ _1979
3
3
334 12,000
531 ADr
84 May
Phila Electric Co 55-1966 10634 10634 10834 11,000 10234 Mar 1104 Jan
Phhla Elec Pow 649_1972
Feb
106 107
27,000 1014 Mar 106
Phila Rapid Trans 65_1962
484 4834 2,000 434 May 6034 Jan
Plaits Suburban Counties
Gas & Elec 4345__ 1957
10034 10134 17,000 9534 May 10431 Jan
Phila Suburban Wat 58 '55
100 10055
4,000 954 Mar 1044 Jan
Piedmont Hydro El Colat & ref 845 A__1960 7834 7734 7834 56,000 65
Jan 784 Oct
Piedmont dr Nor bs_..1954
774 9,000 6034 Apr 8334 July
76
Pittsburgh Steel 65_1948 8031 8031 8011 2,000 6334 Feb 82
July
Pomerania Elm 6o_ _ _1953 3234 304 3234 30,000 28
May 5934 Jan
Portland Gas sr Coke 5s '40
Jan
Slay 100
9255 934 7,000 82
Potomac Edison 5s..E 1956 82% 81
Apr 9134 Aug
8434 22,000 74
1961
434sseriesF
Slay
5,000 65
7934 80
8634 July
Potomac Elea Pow 55..1936
10334 1034
Apr 1064 Feb
1,000 102
Fotrero Sugar 7s
July
1947
15
3,000
13
13
834 Feb
July
Power Corprean)445/3 '59
Apr 64
53
5334 10,000 28
Power Corp of NY
61.45 series A
Oct 9934 Feb
8034 8131 5,000 80
19 7
Aug
942
4
Oct 65
5)48
7,000 51
51
52
Procter & Gamble 434e 47 10534 10534 10594 51,000 9834 May 106
Oct
Prussian Elea deb 8s..1964
Jan
45
28,000 3634 Sept 70
40
Pub Serv (NII) 434s B 1957
Apr 9534 Feb
4,000 8.5
90
90
Pub Serv of NJ pet ctfs 10934 10931 11031 16,000 10334 Apr 119
Jan
Pub Serv of Nor Illinois
Apr 10036 Jan
1st & ref 55
1956 71
7231 12,000 66
71
Apr 98
Jan
Os series C
1966
72
723% 13.000 61
Apr 9034 Jan
4345 series D
1978
6734 6735
1,000 60
1st & ref 434s set E.1980
Apr 914 Jan
1,000 61
6734 6731
Jan
1st & ref 44e set F_1981 67)4 664 6734 27,000 6034 Apr 93
6345 series G
1937
57,000 804 Apr 1074 Jan
8934 91
Pub fiery of Oklahoma
55 aeries C
Aug
11,000 524 Apr78
68
69
Apr 81
19 1 69
asserted D
195
67
July
684 6934 13,000 54
Apr 8034 Jan
Pub Serv Sub 545 A.1949
5436 5434 10,000 42
Puget Sound P & L 534e '49 50
50
Apr 6734 Jan
5134 94,000 47
Jan
let & ref Ors ser C._ _ 1950 47
51
39,000 4531 Apr 66
47
1st & ref 434s set D_1950 463-4 4634 4834 52.000 40
Jan
Mar 63
Quebec Power b.f.._ .1968
July
API• 96
8635 8734 6,000 71
Queens Borough G & 1958
E
Ref 434s
Jan
3,000 8834 Slay 100
9034 91
Reliance Management
:is with warrants_..1954
June
Feb 68
1,000 55
a563.4 a5634
Republic Gas 68 A_ _ _ _1945 184 1834 1834
3.000 14
Apr 243.4 June
Os Ws of deposit__ 1945 1834
Apr
244 June
18
1834 21,000 13
Rochester Cent Pow Se '53 31
3034 3134 19,000 25
Mar 48
Jan
Rochester Ry & Lt 55-1954
10534 10534 3,000 100
Mar 10894 Feb
Ruhr Gas Corp 636e.1953 484 4434 50
Jan
Sept67
89,000 32
Ruhr Housing 64s...1958 324 3234 3334 2,000 234 May 6031 Jan
Safe Harbor Wat Pr 4%879 100
Jan
Apr102
994 10034 28,000 90
St Louis Gas & Coke 68 '47
534
Oct1634 Jan
534 6
17,000
5
San Antonio Pub Serv 55'58 704 70
72
24,000 z65
May 844 July
San Joaquin L & P65 series B
1952
974 984 6,000 924 May 107
Jan
Os series 13
1957
Jan
88
88
2,000 7734 May 98
Sauda Falls Os
1955 104
104 104
Jan
10,000 9734 Mar 105
Saxon Pub Works 85..1937
444 474 25,00
3634 Sept6714 Jan
Schulte Real Estate 65 1935
9
9
1,000
7
Apr
1734 July
Scrlop (F.: MO Co 545_1943
72
7235
7,000 5534 Apr 74
Oct
Seattle Lighting 55___1949 31
31
3231 18,000 2834 Sept54
July
Servel, Inc 5s
70
70
2,000 494 Jan 7634 Sept
Shawinigan IV & P4348'68 7234
1947
7031 7234 52,000 49
Apr 8014 July
4.34s series 13
1968 72
7034 72
15,000 50
Alit 8034 July
1st &leaflets C
78
80
1970 80
July
Mar 87
24.000 57
1st 445 series D..1970
July
7031 7174 21,000 484 Mar 81
Sheffield Steel O365. __1948 854 85
8535
Sept
5.000 65
Apr 92
Sheridan Wyo Coal 6s 1947 3934 3934 40
July
3,000 23
Feb 48
Southeast P & L 6s___202b
5136 Si
Without warrants
53 143,000 46
Sept 824 Jan
Sou Calif Edison 55._ _1951 99 X
99 10131 44,000 94
May 10534 Jan
Refunding te
9834 101% 39,000 943.4 Apr 105% Jan
1952
Refunding 58 June 11954 994 99 1014 19.000 94
May 10534 Jan
Gen dr ref 5e
Jan
1939 1054 10534 10534 10.000 101
Feb 1018
3126
Bonds (Concluded)
Sou Carolina Pow 56_1957
Sou Calif Gas Co 4345_1261
5343 series B
1952
Sou Calif Gas Corp fre 1937
Sou Counties Gas 434s '68
Southern Gas 6348-___1935
Sou Indiana 0a, El 54E1'57
Sou Indiana Ry 4n____11151
Southern Natural Gas 66'44
Stamped
Unertamped
Southwest G & E Si A.1957
56 series B
1957
S'western Assoc Tel 58 1961
Sou'west Lt & Pow 58_1957
Bou'weet Nat Gas 68--1945
S'western Pow it Lt 68 2022
S'western Pub Fiery 68_1945
Staley (A E) Mfg 6s__1942
Stand Gas & Elea 6s-- 1935
Centres
1935
1951
Debenture 66
Debenture 6s_Dee 1 1966
Standard investing 5348'39
55 ex warrants
1937
Stand Pow & Lt 68-___1967
Stand Telephone 5%6_1943
Stinnes (Hugo) Corp
75 without warr Oct 1'36
78 without warr--1946
Sun 011 deb 534e
1939
Sun Pipe Line 56
1940
Super Power of 111445-'68
1st 434s
1970
1961
is
Swift & Co lst ma!
63_1944
5% notes
1940
Syracuse Ltg 5413_1954
58 series B
1957
Tennessee Else Pow 581956
Tennessee Pub Serv 58 1970
Tern!114dro Ewe 63461953
Texas Cities Gas 58..__1948
Texas Ewe Service 56_1960
Texas Gas Utll 68-1945
Texas Power 6- Lt 68-.1956
418
1937
is A
2022
Thermold Co w w 66_1934
Tide Water Power 56_1979
Toledo Edison 55
1962
Twin City Rap Tr 5348 '52
Financial Chronicle
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Price. Low. High.
60
834
594 60
6,000
8334 85
13,000
9834 9934 11,000
88
7,000
88
8334 834$ 2,000
9634 97
2,000
101 1034 7,000
54
5535 10,000
Range Since Jan. 1.
Low.
48
79
94
72
75
9134
98
34
High.
Apr 7334
Apr 95
May 103
May 93
May 93
Jan 1004
Apr 1054
Apr 64
July
Jan
Jan
Sept
Sept
Aug
Jan
July
Oct. 28 1933
Foreign Government
and Municipalities
(Concluded)
Saarbruoken 75
Santiago 78
1935
1949
Sales
Friday
Last Week's Range for
ofPrices.
Sale
Week.
Price. Low. High.
10334 1034
6
6
Range Since Jas. 1.
Low.
High.
1,000 1034 Jan 1034 May
Mar 1334 June
4
1,000
• No par value. a Deterred delivery. 0 o 6 Cann:Mates of deposit. 00n. Con
solidated. own Cumulative. oonv Convertible. s See note below. us Mort
gage. a Sold under the rule. n-v Non-voting stock. r Sold for cash. v
Voting
w 1 When issued.
grunt certificates,
z Ex-dividend
w w With warrants.
101
is Without warrants.
54
I See alphabetical list below for "Deferred delivery" sales affecting the range
1,000 39% Apr 724 July for the year:
60
60
Apr 75
564 56
5835 17,000 39
July American Manufacturing, pref.. Feb. 7. 30 at 4331.
Apr 8244 Jan Arkansas Natural Gas, coin., class A, March 15, 400 at 34.
693$ 11,000 SO
67
Jan Associated Gas di Elea 5. 1968. registered. Mar 29. $1,000 at 13.
27,000 52
6734 69
A10 82
48
July Buenos Aires 75 stamped Oct. 20, 31,000 at 29.
2,000 35
45
45
Mar 59
5434 5334 564 24.000 50 Sept 7844 Aug Central States Etectric 511 1948, April 7. 416,000 at 273$
9,000 26
Mar 43 May Cities Service, corn., April 13, 100 at 134.
39
39
37
464 49
Apr 6834 July Commonwealth Edison 55. series A. 1953. April 24. $5,000 at 91
14,000 32
47
55
5,000 55
55
Oct 714 July Commonwealth Edison 4%s. series C 1956, April 24 12.000 at 83.
904 903$ 9134 3,000 6931 Mar 95 Sept El Paso Natural Gas, 634s, w w, 1943. Oct. 26, $1,000 at 60.
Mar 77
6134 54,000 35
614 59
July Gen. Bronze Corp. 6e, 1940* low, Apr. 10. 17.000 at 43.
Apr 77 July Indiana Electric 56, series 0, 1951. Feb. 1, $7,000 at 80.
614 5934 614 71,000 35
4134 4334 24,000 2834 Apr 62 June International Petroleum. Feb. 2. 200 at 834.
42
47,000 284 Apr 604$ July Jersey Central Pow & Light 534% prat May 29, 25 at 58.
414 414 43
Apr 79
10,000 63
Aug Lefcourt Realty Corp., pref. Apri 4, 100 at 234
67
67
Apr 794 Aug Niagara-Hudson Power class B option warrants March 21. 100 at 144.
67
10,000 63
67
38
3734 3934 36,000 264 Apr 59 June Peoples Light & Power 56, 1979, April 18, 32,000 at M.
Apr 3234 Jan San Antonio Public Service 5e, 1958. May 3. 11.000 at 64.
17% 1834 13,000 10
Syracuse Lighting 5145, 1954. Feb. 1, $1,000 at 10934.
40,000 303$ JU/Y 65
41
44
Jan Union American Investment 58w. w. 1948. April 12. $1,000 at 72.
41
34
4114 36,000 29 July 5914 Jan Valvoline 00 76. 1937, July 10. $1.000 at 604.
40
10254 104
311
"994 Apr 10434 Sept Western Newspaper Union 68, 1944. March 16. 31.000 at 21.
1013$ 10134 1014 12,000 953$ June 1024$ Oct
•See alphabetical list below for "Under the rule" sales aneeting the range for
14,000 59 May 84
69
67
Jan
69
27,000 60
Apr 83% Jan the year Telephone 61.50 preferred. Feb. 9. 100 at 1934.
68
65
68
Associated
Oct 934 Jan American Community Power 534s. 1953, June 16. $1.000 at 10.
8,000 75
814 83
10434 10434 10544 23,000 9631 Apr 1054 July Chicago District Electric 5345, 1935. Feb. 2. 37,000 at 9544.
9934 100
Mar 1130% Juiv Cleveland Electric illuminating 56 1939. June 1, $1.000 at 1074.
17,000 87
Apr 610834 Feb BYgrade Food Products
10344 10341 1,000 101
series B, 1949, July 25, $1.000 at
Mar 10634 Jan Narragansett Electric Si,6s. 13, 1957. Jan. 17. $1.000 at 1(14. 6234.
1024 1024$ 5,000 96
series
5814 6,000 55 Sept 954$ Jan New York & Westchester Ltg 681954. Mar. 27, 35,000 at 1084.
57
4,000 68 Sept 94
6934 70
Jan Singer Mfg. Co. Am. dep. rcts., July 6, 1281 34.
28.000 69
Jan 814 Feb Tennessee Puolle Service 5s, 1970. Jan. 13. 11.000 at 9534.
7734 764 78
Feb 60 July United States Rubber 68, 1933. May 19. 68.000 at 10094,
7,Ill 46
5534 56
16,000 66
7234 74
Apr 90
JAZ)
74
244 38,000 llg Feb 33
224 18
Aug
Apr 92
Jan
773$ 76
7934 31,000 70
CURRENT NOTICES.
20,000 90
Apr 104
Jan
9935 9934 100
Apr 8234 Jan
2,000 66
66
66
66
- C. Beane, senior partner of the brokerage firm of Fenner, Beano
A.
43
46
15,000 264 Apr 674 July
46
584 19,000 44% Apr 69
Jan & Ungerleider, made the following statement this week:
5834 56
913$ 101,000 ROM Apr 9034 Jan
91
90
"The retirement from our firm of Messrs. Samuel Ungerleider and Abe
2334 244 35,000 19 Sep
24
3414 May Ungerleider will be effective Oct. 31. Our firm gave its consent to the
Ulan Co deb es
Jan 43 July withdrawal of the Messrs. Ungerleider prior to the year-end in order that
12,000 15
a3334 34
1944 34
Union Atlantic 434s_ __1937
Apr 1013$ Aug they could take full advantage of opportunities in the new industrial field
101 1014 7,000 92
Union Elea Lt & Power'
in which they are to be engaged. We regret exceedingly the resignation of
1967
96
974 19,000 8734 Apr 994$ Sept
much success in reentering the field of their
56 series B
1967 9935 99 100
19,000 9231 Apr 106
Jan our partners but wish them
Un Gulf Corp 5s_July 1'60 102
Apr 103
10174 1023-4 28,000 96
Feb earlier accomplishments.
United Elee(N J)48-1949 10034 10034 10134 11,000 95 Mat 103
Jan
"For reasons of convenience in the conduct of our business and because
United Eleo Seri 78..1956 824 8044 823$ 99,000 67
,
JULV 8334 Feb of its broad ramifications the name of the firm will not be changed untiljthe
United Industrial 6461941 47
444 49
25,000 36 May 66
Jan
end of the calendar year."
1.9 6.
1945 48
443$ 49
20,000 363 May 68
Jan
United Lt &Pow 68-1975 36
Samuel Ungerleider will assume the leadership of the Distillers & Brewers
35
37
17,000 274 Apr 60 June
1st 6148- _April I 1959 593$ 59
60
13,000 fetg Mar 82
July Corp. of America as President and Chairman of the Board.
deb g 634e
1974
3634 38
2,000 294 Apr 65 July
(In Lt & Ry 645
Scheuer & Co., textile brokers and consultants of 72 Leonard St., will
1952 3911 39
414 90,000 3134 Apr 61
July
65 series A
1952
7,000 64
65
Apr 8331 July open a fully equipped uptown branch at 1450 Broadway, on or about
66
El Rubber-.
Nov. 6. The sales staff of the silk and synthetic yarn department of the
634% serial notes....1934984 984 984 1,000 6054 Apr 99
Aug
634% serial notes___1935
75
78
3,000 2934 Feb 90 July firm will be transferred uptown. The cotton and cotton mixture fabrics
644% serial notes.. _1936
65
87
4,000 27
Feb RI
July will continue to be handled at the main office. The designing staff and
64% serkil notes- -1937
60
Apr 8034 July laboratory will operate as heretofore downtown. The new branch will be
62
2,000 25
84% serial notes--1938
60
60
3,000 27
Feb 804 July managed by Messrs. Arthur"Cohen and S. Mortimer Bloom-and
Messrs.
Utah Pow & Lt 6s...2022
51
51
1,000 45
Apr 674 July
Utica Gas & El 5s E_ _ _1952 97
97
Feb 10234 Jan Muldoon, Eichler, Bender, Shea, Rosenbaum and Marx will be associated
98% 5,000 92
55 series D
1956 9644 9644 973$ 7,000 944 June 103% Jan with them.
Varurna %Vat Pow 5348 '57
85% 8534 1,000 68
Jan 88 July
James H.Nutter,formerly District Sales Manager of Henry L. Doherty
Van Camp Pack 68_1948
9
9
9
2,000
6
Oct 2431 May
Vs Else & Power 66_ _1966
9334 9434 10,000 89 May 101
Jan & Co., in Louisville, and F. Lamar Dupree, formerly with the Louisville
Va Public Serv 54s A 1946 6134 603$ 6234 9,000 67 May 77
Jan offices of James C. Willson & Co.and Blyth & Co.. announce the formation
1950 59
lat ref 58ser B
584 5931 12,000 64
Apr 714 Jan of Nutter-Dupree & Co., Incorporated, 415 W.
Jefferson St., Louisville,
68
1946 46
45
46
8,000 43
Apr 71
July
KY., to engage in a general securities business.
Waldorf-Astoria Corp
. with warrants 1954 1134 1034 114 5,000
/8
Oct
234 Feb 13
-Leonard L. Clark, formerly with Rogers, Caldwell & Co., and Caldwell
Ctfs of deposit
24 Feb 10 May
34 44 8,000
1937
Ward Baking 68
97
5,000 9034 Apr 9734 Aug & Co., has formed the firm of Clark & Co.. with offices in the Nashville
9/
Wash Gas Light 66-1958 834 824 834 47,000 78
Trust Bldg., Nashville, Tenn., for the transaction of a general investment
Mar 944 Feb
Wash Water Power 58_1960
85
86
31,000 86 Sept 10244 Jan business, specializing in Tennessee municipal bonds. Associated with Mr.
West Penn Else 5s____2030 56
54
56
3.000 4414 May 71 June Clark is H. E. Flippen.
West Penn Pow 4s. _1961
9834 9834 2,000 93 May 101
Jan
West Texas Utll 56 A.1967 4731 46
-G. L. Christrom & Co., Inc., announce that Miller H. Pontius, for49
54,000 354 Apr 67
July
Western Newspaper Union
merly Vice-President in charge of the Chicago office, has moved to New
139
1944 29
25% 29
Feb 35 June
12,000 z2.2
York as Vice-President in charge of sales activities of all offices. Paul
Western United Gas & Elea
181 5346 ser A
Apr 89% Feb Lundquist has been elected Assistant Vice-President in charge of the Chicago
1955 744 723$ 743$ 25,000 64
Westvaco Chlor Pro 54837 10134 101341023-1 8,000 101
Mar 10334 Jan office.
Wheeling Electric es_ _1941
101 10134 3,000 99 May 1044 Jan
- G. Scarritt and Joseph Ilardach announce the formation of a new
E.
Wise Else Pow 5s A.. _1954.
Mar 103
Jan
1004 1003$ 1,000 97
Win Minn Lt & Pr 53_1944
70% 17,000 68% Oct 91
Feb firm under the name of Scarritt & Bardach, which will hold membership in
69
Wise Pow & Lt 58 F_1958 65
59 May 894 Jan the New York Stock Exchange. Mr. Scarritt will be the floor member of
65
11.000
65
&series E
Jan
1958
665( 6634 3,000 1324 May 89
Wise Public Service (38 1952
Oct 97
834 3,000 80
Jan the firm, which has opened offices at 120 Broadway, New York.
80
Yadkin River Pow 58_1941
2,000 75 May 9034 Aug
7531 77
Madison & Co. Inc., 52 Broadway, N.
dealers in municipal,
York Railways 58
85% 5,000 78 Apr 92 Jan State and land bank bonds are distributing a Y. City,discussing the present
1937
85
'
circular
position and future prospects of New York City in which they present a
Foreign Government
brief summary of the city's new financial program.
And Municipa titles
-George & Farrington, members of New York Stock Exchange,announce
Agri° Mtge Bk (Colombia)
78
Mar 4034 July the opening of an up-town New York office in the Hotel Delmonico, Park
1,000 16
27
27
1947
781947 with coup
Oct 27
Oct Ave. and 59th St. in charge of S. K. Farrington Jr., resident partner.
27
1,000 27
27
Baden exti 78
Sept 5731 Jan
1951 264 24
264 13,000 21
-Alpha Distributors, Inc. have opened branch offices in Chicago at
Buenos Aires (Pro,)
208 So. LaSalle St. under the supervision of V. B.Seaman,and in Cleveland
74a stamped_ _1947
Oct 43,4 July In the Swetland Building under the supervision of F. W. Staffeld.
364 3634 5,000 31
7 stamped
1952
3336 3336 1,000 .294 May 4614 JULY
Cauca Valley 78
-John Elliott, formerly a member of the firm of Kidder. Peabody &
Mar 194 J1111
1948
7
935
934 955 9,000
Cent Bk of German State &
Co., has joined the staff of C. W. Young & Co.. investment management
Prov Banks 6s B_-.1951 52
Jan and counseling organization In the Chrysler Building, New York.
4851 533$ 30,000 3634 May 66
68 series A
Jan
1952 2835 2834 304 11,000 22 Sent 55
York City,
Danish 58
Jan 744 Sept a -Clinton Gilbert & Co., 120 Broadway, Newand trust have prepared
1953
65
2,000 57
65
comparative table of New York City banks
companies from
Danzig Port & Waterways
Dec. 31 1931 to Sept. 30 1933, inclusive.
25
-year 6348
Jan
1952
364 4035 9,000 3631 Oct 54
German Cone Munie 7a...'47 34
-Williams, Bailey & Benjamin announce that Frederick W. Vogell Jr.,
334 363$ 58,000 26H June 824 Jan
Secured es
1947 334 3134 344 64,000 26 May 614 Jan formerly of F. W. Vogell Jr. & Co., is now associated with the trading
Hanover (City) 78_1939
Mar department of their New York office.
3536 35% 1,000 354 Oct 81
Hanover(Prov)614s 1949 384 3834 3934 25,000 28 May 544 Jan
-The Continental Bank & Trust Co. of New York has been appointed
Indus Mtge Bk (Finland/
1st mtge coils! 78-1944 843$ 844 85
5,000 59 Mar 924 July transfer agent for the $1 par value capital stock of the Cummins Distilleries
Mendoza 7348
Mar 394 July Corporation.
17,000 17
1951 37
3534 37
745 stamped
Oct 353$ Oct ."="iMch Brothers, Inc., announce the organization of a real estate bond
1951 34
3341 354 16,000 25
Mtge ilk of Bogota 78_1947
department under the management of J. M. Pringle, formerly of Pringle
78 issue of Oct '27
Mar 35 July & Co., Inc.
21
2,000 20
20
Mtge Bk of Chile 68_1931
834
735 Sept 1514 June
834 8% 19,000
"Are Bank Stocks Undervalued?" is the title of a special circular
Mtge Bk of Denmark 58'72
10,000 573$ Apr 75 July
71
73
Parana 78
1958
814
5
Jan 1634 July prepared by Munds, Winslow & Potter, members of the New York Stock
8
834 10,000
Rio de Janeiro 641-1959
Jan 224 July Exchange.
7
14
14
1,000
Russian G0vt-Kenneth 15..Sarles,formerly of Blyth & Co., Inc..has become associated
1919
6
2
Apr
44$ 63$ 83,000
834 July With the New York office of Stranahan, Harris & Co., Inc. _
6348
44$
134 Mar
4
54 190,000
734 July
6348 eertlficates-_1919
1921
2
Mar
84 July
514
-James Talcott, Inc. has been appointed factor for Hanover Woolen
4
541 277,000
5348
1921
61.40 eertilleatss
44
74 July Mills, Inc., Hanover, Ill., manufacturers of woolens.
4
14 Apr
534 99,000
Financial Chronicle
Volume 137
3127
Quotations for Unlisted Securities-Friday Oct. 27
Port of New York Authority Bonds.
Public Utility Bonds.
Bid
Ask
eta
Arthur Kill Bridges 4Ra
Bayonne Bridge 48 series C
series A 1934-46
J&J 3 73
M&S 07.50 6.25
1938-53
Inland Terminal 4)48 ser D
Geo. Washington Bridge
Mdc8 70
1936-60
46 series B 1938-50_ _J&D 65.10 4.75 Holland Tunnel 43is series E
4 Rs ser B 1939-53_ _M&N 95 10 4.75
1934-60
M&S b4.70
Ask
83
80
4.40
U. S. Insular Bonds.
Philippine Government
48 1934
Els 1948
4)4s Oct 1959
4388 July 1952
5s April 1955
bs Feb 1952
5149 Aug 1941
Hawaii 430 Oct 1956
Bid
Ask
97 100
94
90
93 97
93
97
95 100
95 100
101 104
99 102
Bid
Ask
98 103
Honolulu 58
US Panama 3e June 1 1961. 10312 10412
10038 100
0012 0178
2s Aug 1 1938
26 Nov 1 1938
Govt of Puerto Rico
98 102
43.84 July 1958
99 103
foi July 1948
Federal Land Bank Bonds.
Bid I Ask!
48 1957 optional 1937.M&N 8512 8612 438s
Is 1958 optional I938_M&N 8512 8612 43.84
IRs 1956 opt 1936____J&J 86121 8712, 4384
4 Rs 1957 opt 1937____J&J 8612 87121 43.4s
IRs 1958 opt 1938___M&N 8612 8712 450
55 1941 optional 1931_M&N 061, 9712 4545
43-48 1933 opt 1932___J&D 10018 1 1003 434s
8
1942
1943
1953
1955
1956
1953
1954
Bid
opt 1932__Mda4 9112
opt 1933____J&J 9112
opt 1933____J&J 89
opt 1935____J&J1 89
opt 1936____J&J 89
opt 1933____J&J 9112
opt 1934____J&J 9112
Ask
9212
9212
90
so
90
9212
9212
New York State Bonds.
Bid Ask
Canal Ac Highway
55 Jan dr Mar 1933 to 1935 53.00
be Jan & Mar 1936 to 1945 53 50
&Jan & Mar 1946 to 1971 93,75
Highway Imp 4384 Sept '63 11512
Canal imp 4 if s Jan 1964_ _ 11512
Can & Imp High 4348 1965_ 106
Bid
World War Bonus
43.4s April 1933 to 1939_
4384 April 1940 to 1949_
Institution Building
4s Sept 1933 to 1940
4s Sept 1941 to 1978
Highway Improvement
48 Mar & Sept 1958 to'67
Canal Imp 48 J &J '60 to'67
Barge C T 4s Jan 1942 to '46
Ask
93.00
93.60
03.25
93.50
108
108
108
110
110
110
New York City Bonds.
Bid Ask
Bid
a3s MA y 1935
94121 a4 Re June 1974
94
853
4
43345 slay 1954
78
85 4
3
7912( a434 a Feb 15 1978
a3 Rs Nov 1954
78
853
4
79121 a434 Jan 1977
a4s Nov 1955 Ac 1956
81
85 4
3
83 a4 Rs Nov 15 1978
Sial & N 1957 to 1959_
83 84 a4 Rs March 1981
853
4
a4s May 1977
83 84 a43.4s M & N 1957
8914
048 Oct 1980
83 84 a4 Rs July 1967
8914
44 tit; Feb 15 1933 to 1940_ 57.00 600 a4 Rs Dec 15 1974
8914
a4 Rs Marih 1960
8312 8512 a4 Rs Dec 1 1979
8914
a4 Rs Sept 1960
853 863
4
4
a4 lie March 1982k 1964
853 8634 ails Jan 25 1935
99
4
as Re April 1968
99
853 863 068 Jan 25 1936
4
4
o43-(8 April 16 1972
85 4 863 a6s Jan 25 1937
99
3
4
a Interchangeable. S BAAL c Registered coupon (serial). dCoupon.
Ask
863
4
863
4
8634
863
4
863
4
90,2
9012
9012
90,2
9912
9912
9912
New York Bank Stocks.
Par Bid I Ask I
llank of Manhattan Co_20 213 233
4
4
Bank of Yorktown
100 20 I 30
Ilensonhurst Nati
100 25
34
Chase
20 193 2114
4
Citizens Bank of Bklyn_100
95
City (National)
20
23%
Comml Nat Bank & Tr..100 104 114
Fifth Avenue
100 975 1025
First National of N Y
100 1125 1175
Flatbush National
100 35
Greene
Fort
100 --_ 26
Grace National thank...100
175
Kingsboro Nat Bank
100 18
58
Par Bid
25
Lafayette National
5
Nat Bronx Bank
60 23
25 22
National Exchange
4
Nat Safety Bank & Tr__.25
25
Penn Exchange
100
Peoples National
Public Nat 13k & Tr new.15
Sterling Nat Bank & Tr__25
Textile Bank
100
Trade Bank
Washington Nat Bank 100
Yorkville(Nat Bank of).100
5
21
Ask
8
2812
25
8
9
80
23
14
17
18
23
4
40
12
30
Trust Companies.
Par
Bence Comm Italians.. 100
Bank of New York az Tr_100
Bank of Sicily Trust
20
Bankers_
10
Bronx County
2
Brooklyn
1001
Bid
Ask
142
290 36610
12
5014 5214
5
9
80
85
Central Hanover
20 110
Chemical Bank & Trust..10 3014
Clinton Trust
.50 40
Colonial Trust
100 10
Continental Ilk AL Tr
10 11 1s
Corn Exch Ilk dc Trust..
.20 4514
114
3214
50
13
12%
47,
4
Par
20
100
100
10
100
25
Bid
Ask
4
1614 173
230 260
257 262
1414 153
4
1860 1960
321 3413
Manufacturers
20
25
New York
Title Guarantee & Trust.20
14
15 2
,
7912 8212
4
1314 143
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
Underwriters Trust
United States
100 55
100 1565
65
1615
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par In Dollars.
Alabama & Violu3burg (III Cent)
100
Albany & Susquehanna (Delaware & Iludson)-100
Allegheny & Western (Buff Roch & Pitts)
100
Beech Creek (New York Central)
Boston Ac Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
100
Caro Clinehfield & Ohio(L & N A CL)4% _ __ _100
Common 5% stamped
100
Chic Cleve eine& St Louis pref(NY Cent)...100
Cleveland & Pittsburgh (Pennsylvania)
50
stock
etteruaan
so
Delaware (Pennsylvania)
25
Georgia Hit & Banking (L & N, A C I.)
100
Lackawanna RR of NJ (Del Lack & Western).100
NI lehigan Central (New York Central)
100
Morrie & Essex (Del Lack & Western)
50
New York Lackawanna Ac Western(D L dc W)_100
Northern Central (Pennsylvania)
50
old Colony (N Y N H & Hartford)
100
Oswego & Syracuse (Del Lack & Western)
60
Pittsburgh Bees de Lake Erie(U S Steel)
50
Preferred
50
Pittsburgh Fort Wayne &Chicago(Penn)
100
Preferred
100
itonaselaer &Saratoga (Delaware & Hudson)..100
St Louis Bridge 1st pref (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
New Jersey RR At Canal (l'enna)
United
100
Valley (Delaware Lackawanna & Western)...100
Vicksburg Shreveport at Pacific (III Cent)
100
Preferred
100
Warren RR of N J (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
50
• No par value.
d Last reported market.
Bed.
Ask.
72
8.00
78
11.00
170
180
80
6.00
86
26
2.00
30
111
8.75
115
135
8.50
3.00
43
--49
4.00
63
68
68
5.00
72
70
5.00
78
3.50
64
66
36
2.00
40
2.00
32
36
138
10.00
145
62
4.00
66
50.00
700
3.875
58
61
5.00
78
84
4.00
72
76
7.00
90
95
4.50
60
65
1.50
29
32
3.00
60
115
7.00
125
7.00
145
150
6.90
102
107
6.00
107
111
3.00
53
107
3.00
111
10.00
205
210
5.00
78
8.5
6.00
60
70
5.00
60
70
3.50
40
45
3.00
61
56
e Detail! ed.
I Ex-coupon.
Ask
Bid
Amer S P S 5 Rs 1948.M&N
4012 4412 N Y Wat Ser bs 1951.M&N
Atlanta (3 L bs 1947 __J&D 9712 --- Oklahoma Gas 6s 1940
Central Gas & ElecOld Dom Pow 6e.May 16'61
lat lien coil tr 5 Rs'46J&D 3512 3912 Parr Shoals P 5s 1952.A &O
1st lien coil tr Be '411_MdtS 383 423 Pennsylvania Elec 5s 1962._
4
4
Fed P S 1st ila 1947___J&D 01512 20
Peoples 1.& P 5 Re 1941 .14,1
Federated CBI 53.4a 57 M&S. 3214 3714 Public Serv of Colo es 1961_
Ill Wat Ser 1st bs 1952_J&J
Roanoke W W bs 1950 Jdc.1
75
72
Iowa So Util 5145 1950 J&.1 46
4912 Sierra & San Fran 2d B 5s49
Keystone Telephone 53-s'55 5914 62
United Wes Gas & E 554941
Louis Light hat be 1963_48,44 102
Virginia Power 5s 194'
Newp N & Ram ba '44 J&.
79
8112 Weatern P f3 5 Ria 1960..F&A
Norf & Portsmouth Tr 5s'36 983 100
4
14
Bid
7012
69
4812
5612
6714
32
8012
6112
7712
80
An
723
4
7112
50 2
,
6112
69%
35
82%
64
8012
40 - 5112
Public Utility Stocks.
Par
Arizona Power pref....100
Assoc Gas & El or1g pref..'
$6.50 preferred
•
$7 preferred
•
Atlantic City Elec $6 pref.•
Bangor Hydro-El 7% pf 100
Birmingham Elec S7 pref._•
Broad River Pow pf___ 100
Cent Ark Pub Serv pref _100
Cent Maine Pow 8% pf_um
$7 preferred
100
Cent Pub Sera Corp pref.•
,
Columbus Ry, Pr & Lt
1st S6 preferred
100
$6.50 preferred B
100
Consol Traction (N J) 100
6% preferred.
luu
8.60% preferred
100
Consumers Pow 5% pret..•
Della()Pow & Lt
pref 100
Dayton Pr & Lt $6 pref_100
Derby Gas & Hee $7 pref.•
Essex-Hudson Gas
100
Foreign Lt & Pow units....
Gas & Flee of Bergen
100
Hudson County Gas....100
•
Idaho Power 6% pref
7% preferred
100
Inland Pow Ac Lt pref_ 100
Jamaica Water Supply pf _50
Ask
10
112 312
112 3
112 3
84 8812
10012 104
203 2314
4
2412 28
50 55
56
60
69
65
14
Bid
70
60
173
4
63 4
3
65 4
3
56
95
8314
249
1441
47
9312
14412
62
7012
47
75
63
193
4
663
4
673
4
5812
_
8512
53
67
7312
3
4912
Par
Jersey Cent P & L S7 p1.100
Kansas City Pub Serv corn_.
Preferred
•
Kansas Gas & El 7% p1100
Kings Co Ltg
pref.._100
Memphis Pr .0 Lt 7% pref.*
Metro Edison $7 pre B__•
6% preferred ser C
•
Mississippi P & L $6 pref •
Miss River Power pret__100
'do Public Sera pref___100
,
Mountain States Pr corn_ _ _*
$7 preferred
100
Nassau & Suffolk Ltg pf liou
Nebraska Power $7 pref.100
Newark COL1801 Gas__ __ luO
New Jersey Pow & Lt $6 Of•
N Y dc Queens E L & P p1100
Northern States Pr $7 Pf 100
Pacific Northwest P S____•
8% preferred
100
Prior preferred
100
Philadelphia Co $5 pret_50
Somerset Un Md Lt.___100
South Jersey Gas & Else.100
Tenn Flee Pow 6% pre(_100
United(3k E(NJ) pref 100
Wash Ry & Flee com___100
100
5% Preferred
Western Power 7% pref _100
Bid
64
is
3
8
67
82
49
Ask
681•
12
112
70
87
55
72
16 54
1714 1913
8112 84,
2
6
912
3
5
10
40
53
8512 8714
9514 99
58
63
100 105
.51
5512
10
9
314 5
35
70
78
147 154
3312 37
38
42
265
-18514 I9 2
78
Investment Trusts.
Par
Administered Fund
1
Amer Business Shares
Amer Composite Tr Shares_
Amer & Continental Corp_
AM Founders Corp 6% pt 50
7% preferred
50
Amer dz General Sec el A__•
Class B coin
$3 preferred
Amer Irwuranstocks Corp.
Assoc Standard 011 Shares..
Bancamerlca-Blair Corp...
Bancshares, Ltd
Participating shares __50C
Beale Industry Shares
•
British Type Invest A
1
Bullock Fund Ltd
Canadian Inv Fund Ltd
Central Net Corp class A..
ClassB
Century Trust Shares_ ___•
Corporate Trust Shares.._.
Series AA
Accumulative series
Series AA mod
Series ACC Mod
Crum & Foster Ins Shares
Common 13
10
7% preferred
100
Crum & Foster Ina corn___•
8% preferred
Cumulative Trust Sharas__•
Deposited Bank Sha ser A__
Deposited 'weir Sha A
Diversified Tristee She B._
Dividend Shares
Equity Trust Shares A
Fidelity Fund Inc
First Commonstock Corp..
Five-year Fixed Tr Shares_
Fixed Trust Shares A
•
Fundamental Tr Shares A..
Shares B
Fundamental Investors
General Investors Trust _.•
Guardian Invest pref w war
Huron Holding Corp
Ask
Bid
14.84 16.12
1 02 1.12
33
8 4
,
4 4 54
,
12
16
4
123 163
4
6
10
1
45
35
13
4 212
412 5
4
412
1.05
3.00
.45
1114
2.95
20
12
15 13
7
2 08
2 02
2 02
2.18
2.18
1 30
.70
1214
3.10
22
212
1714
2.25
2.23
14
18
7712
16
14
85
90
3 79
1.93 2.15
2.83 3.15
67
8
2.85 315
412 5
1.12 1.17
2.65 3 00
46.14 49.71
.88 1.04
3.71
7.94
6.66
4
412
34
3
1.93 2.13
418 412
512 7
.28
Par
Low Priced Shares
Major Shares Corp
•
Maas Investors Trust
•
Mutual Invest Trust
National Wide Securities Co
Voting trust certificates
N Y Bank & Trust Shares
No Amer Bond trust ctts
No Amer Trust Shares_1953
Series 1955
Series 1956
Northern Securities
100
Pacific Southern Invest PL.•
•
Claaa A
Class B
Quarterly Inc Shares
Representative Trust Shares
Royalties Management....
Second Internet Sec cl A__•
Class B common
•
6% preferred
50
Selected Amer Shares Inc__
Selected American Shama_
Selected Cumulative She...
Selected Income Shares....
Selected Man Trustees She.
Spencer Trust Fund
Standard Amer Trust Shares
Standard Utilities Inc
•
State Street Inc corn
Super Corp of Am Tr She A
AA
BB
Supervised Shares
Trust Fund Shares
Trust Shares of America
Trustee Stand Investment C
Trustee Standard 011 She A
Trustee Amer Bank Sim A_
Series B
Trusteed N Y Bank Shares_
20th Century °rig series
Series B
Two-year Trust Shares
Bid Ask
5
2
17.05 18.52
1.03 1.12
301 3.11
1.29 1.39
2%
763 f657
8
.3
1.73
2.23 2.45
2.23 2.45
48
58
22
20
2 2 414
,
12
1.31 1.41
8.12 8.87
3
4
14
4
2
12 2
23
19
1.15 1.23
2.41
6 40 ea?,
3.30 3.75
512 5%
141s 1514
2.70 '3.14
.78 .84
58.39
2.93
2.01
306
2 02
541
5.42
1.28 1.55
314
2%
2.0
1.9
47
8
412
1.73
.77
1.20
1.60
2.4
143
s
34
3
314
2.35
2.30
- 11;8
.88
2:ii
1518
.38
United Bank Trust
35
8 438
Incorporated Investors....' 16.67 18.10 United Fixed Shares ser Y
214 3
Independence Tr Sham __• 1.93 2.20 United Insurance Trust
13
4
Indus & Power Security...• 1114 13
U S & British International
Internet Security Corp(Am)
812 12
•
Preferred
OR% preferred
1112 12
US Elec Lt & Pow Shares A
100 1212 16
6% preferred
2.02 2.12
16
100 12
Investment Goof America _•
.75 .85
Voting trust etre
7% preferred
tin N Y Bank Trust C 3.__
100
Investment Fund of N J__•
Un Ins Tr She ser F
13
4
514 14
Investment Trust of N Y.•
8
412 47 U S Shares ser It
3-
Telephone and Telegraph Stocks.
Par Bid
Ask
Amer Dist Teleg(N J) corn • 60
65
Cincin & Sub Bell Telep_ _50 6512 6812
Cuban Telco 75 pref___100 20
27
Empire & Bay State 1'61_100 363
4
Franklin Teleg
287
8
Int Ocean Teleg 6%____100 6514 161;
Lincoln Tel dr Tel 7%
• 897
8
Mount States Tel & Tel_100 10312 107
New York Mutual Tel__100
Pari Bid Ask
New England Tel & Tel.100 8612 8812
Northw Bell Tel pt 634%100 10512 10714
Pac & Atl Teleg U S 1%__25 1312 17
Roch Telep $6.50 let p1.100 9514
66"
So 4z Atl Teleg $1.25____25 15
TM States Tel & Tel $6___• 100
Preferred
7
10
73
4 94
Wisconsin Teiep 7% pref1011 107 109
Sugar Stocks.
Par Bid Ask
Fajardo Sugar
100 53 60 Savannah Sugar Ref
12 113
Haytian Corp Amer
7% preferred
•
United Porto Rican
Preferred
z Ex-stock dividends.
s Ex-dividend.
Ask
Par Bid
91
• 86
98
100 93
23
14
•
33
3128
Financial Chronicle
Oct. 28 1933
Quotations for Unlisted Securities-Friday Oct. 27-Concluded
Aeronautical Stocks.
Chain Store Stocks.
Par Bid
Bohack (H C) Corn
• 13
7% preferred
100 78
1
Butler(James)corn
100
Preferred
100
3
14
Diamond Shoe prat
100 51
Edison Bros Stores pref_lOr 63
Fan Farmer Candy 1313
_• 2112
Fishman(M H)Stores- _•
614
Preferred
100 58
Kobacker Stores crier_ _ _100 1512
Kress (S H)6% pref
10 10
Lerner Stores pref
100 50
Lora & 1 tutor.
100 10014
let preferred 6%
100 78.12
Sec preferred 8%
100 7812
Ask
17
88
212
74
Ask
Par Bid
100 9012 _
Melville Shoe pref
Miller (I) & Sons pref _100 12
70
MockJuds&Voehringerpf 100 60
931.,
Murphy (G CI 8% pref _100 87
I
•
Nat Shirt Shops (Del)
100 15
Preferred
Newberry (J J) 7% pref_100 78
NY Merchandise let p1.100 80
212
25
84
---
14
.
8
70
2012
438
piggly-Wiggly Corp
•
11
60 Reeves(Daniel) pref_._.A00 100
100 72
Schiff Co pre
12 .
Silver (Isaac) & Bros pf_ inn
18
100 14
U S Stores pref
Industrial Stocks.
Par
Alpha Portl Cement pt....100
•
American Arch Si
100
American Book 84
Amer Dry Ice Corp__
50
Bike(E W)1st pref
10
2d pref B
Bohn Refrigerator pf-100
•
Bon Ami Co B coin
Brunsw-Balke-Col pref_ _100
100
Burden Iron pref
Canadian Celanese com___•
100
Preferred
•
Carnation Co corn
100
Preferred $7
Chestnut & Smith corn---_•
100
Preferred
Color Pictures Inc
Columbia Baking corn-.
•
let preferred
2d preferred
100
Congoleum-Nairn $7 pf
Crowell Pub Co $I com-•
100
$7 preferred
De Forest Phonofilm Corp-.
•
Doehler Die Cast pref
$50 par
Preferred
Eiseman Magneto corn--°
Preferred
100
Flour Mills of America..._*
Gen Fireproofing $7 pf-.100
•
(Ireton & Knight corn
Preferred
100
Herring-Hall
-Mary Bate_100
Howe Scale
100
100
Preferred
Industrial Accept coin_ ___•
Preferred
100
Locomotive Firebox Co__ _•
Macfadden Publlerus com_5
Par
Bid
Ask
60_ Macfadden Publiens pt..*
1114 13 4 Merck Corp $8 pref
- 3100
.100
4312 4612 National Licorice corn..
34 612 National Paper & Type 100
15
New Haven Clock pref 100
212
New Jersey Worsted pf 100
•
15
30 Ohio Leather
30
35 Okonite Co $7 pref
100
•
4614 473 Publication Corp corn
4
2212
$7 let preferred
100
•
2212 25 Riverside Silk Mills
•
98 102 Rockwood de Co_
1378 1514
Preferred
100
883
4
Rolls-Royce of America_ •
____
2
Preferred
100
413 10 Roxy Theatres units
4
5
Common
•
12
•
Preferred A
212 - - Ruberoid Co
2,
100
•
112 312 Splitclorf Beth Elec
105
___ Standard Screw
100
1718 1912 Standard Textile Pro.. 100
82 89
Class A
100
12 114
Class B
100
1812 2212 Stetson (J B) corn
*
9
1212
Preferred
25
4 Taylor Milling Corp
•
-- 2 16 Taylor Wharton heat corn •
612
2s
Preferred
100
2
35
45 Tenn Products Corp pref _50
214 414 TubiseChatilion cupf-100
25
30 Unexcelled Mfg. Co
10
1412 18 White Rock Min Spring
1
2
$7 let preferred
100
512 812
810 2d pref
100
4 Woodward Iron
100
28- 30 Worcester Salt
100
4
6 Young (J S) Co com
100
218 318
7% preferred
100
Bid
Ask
173 21
4
101 105
20
25
10
11
20
40
1912 24
35
20
814 912
80
74
18
19
4
10
0
i571
L
i
14 13s
5
8
14 i
25
2812
1
4012 44
7
8
4
1
312
1212
912 13
10
13
14
-5
112 4
62
52
24
92
135
418 12
14712 53
5712 62
8212
Central Airport
Kinner Airplane de
•
Insurance Companies.
Par
Bid
Aek 1
Par Bid
Ask
3
4
Aetna Casualty & Surety_10 40 4 423 Hartford Steam Boiler__ _10 4714 5014
HI , es
5 17
:
8
1487
Aetna Fire
1812
10 323 5317843:38,84s home10 6
Fire Security
112 212
ad8ire
10
Aetna Life
10
Homestead
1012
9
10
54
Agricultural
25 43
10
67
s
1318 1518 Hudson Insurance
American Alliance
10
Importers & Exp. of N Y_25
11
American Colony
6
rbocker
yire
7
5
5
84 84 u
American Equitable
5 123 153 Knickerbocker
114 214
5
American Home
10
818 ot8 Maryland Casualty
23
8 438
2
American of Newark._ _24
.
9:
8
97 117
8
Ins
25
American Re-Insurance_..10 35::,i 31812,84 MaBn
Merchants Fire
4
4
reAssur com212 273 313
& s
American Reserve
10
8
43
8 63
8
8
American Surety
25 153 173 Meech & Mfrs Fire Newark 5
10
23
8
1714 1914 Missouri States Life
Automobile_
10
10
514 74
218 318 National Casualty
Baltimore Amer
234
8
10 423 4438
4 National
4
Bankers & Shippers__ _25 343 443 Natio i Flre
Liberty
8
45
8 55
2
Boaton
100 425 450
8
8
20 5712 6112
Carolina
10 135 155 National Union Fire
New Amsterdam Cas
lelre
5 1014 1214
127 137
City of New York
100
10 1414 164
7
78 9 a
12
Connecticut General Lins_10 217 231s New Brunswick
N w England F
Fire
77 1178
8
10
Consolidated Tndernnity___5
N j rsep
e
1
10 3414 3714
938
8
Continental Casualty
5 133 1 634 Ne:Ilam yshire Fire
20 1712 2012
Coamonolitan Fire
10
2% 213 Norther
38
ew Yo Fire
4
5
83 113
4
Eagle Flee
212 19
Northern
51
12.50 46
Employers Re-Insurance_10
8
2.50 143 16%
812
1
Excess
5 56 8 8092182 North River
No
Northwestern National....25 84 89
Federal
10
25 3434 4434
Fidelity & Der:malt of Md_20 2212 2412 Pacific Fire
10 5412 5612
Firemen's of Newark
5
Accident
8
103 123
8
Franklin Fire
5
4
554 16588 Ph leen"edxnce-Washington.._10 203 223
0 PrProv ld
55
e ie
8
8
5
General Alliance
• 18
30
10 1212 1612 Rochester American
1 14 8e Paul Ne HN ven
t
19
0
5
8
GeeGlenrsgiFealillsereFlere
6 2414 26 9 oury FIrly& aiari ne _ 2:0 114
2312 2512
Globe & Republic
61 Southern Fire
14
10 12
Globe Ar Rutgers Fire
25 51
8
83
Great American
5 1538 167 Springfield Fire it Marine.25 78
412 612
8 Stuyvesant
10
6
Great Amer Indemnity,. _1
100 350
Halifax Fire.- .....
00
10 1318 1518 Sun Life Assurance
39 Travelers
Hamilton Fire
100 376
25 29
91
3 8 415
5
3
Har moni Fire
Han overs
10 2412 2612 U S Fidelity de Guar Co...2
4 277 297
8
10 1418 1618 U S Fire
s
2.50 1818 201s
Hartford Fire
.10 4214 4414 Westchester Fire
Realty. Surety and Mortgage Companies.
sk
Par Bel
% A3,s
Bond & Mortgage Guar- _20
50
Empire Title de Guar_100 22
Guaranty Title & Mortgage. 50 80
4
Home Title Insurance_ -25
3 4 53
3
20
International Germanic Ltd 15
Bid
Active Issues.
Bid
6214
72
99
30
30
7012
72
6512
083
4
98
151
4812
Equit Office Bldg 581952._
1,13
EIaytian Corp 83 1938
50
Hoboken Ferry 55 1946
International Salt 5.5_1951 88
Journal of Comm 6)411-1937 5012
Hans City Pub Serv 6e 1961 2112
Loew's New Brd PropJacD 6912
el' 1946
Ask
66
78
Ask
Bid
Merchants Karig 68 1937.... 8412
N 0 Or No RR 58'55.F&A e29
32
N Y & Hob Ferr 58'46 MD 50
55
N Y Shipbdg 55 1940_M&N 88
40
7812 Piedmont & Nor Ry 55.1954 72
78
Pierce Butler & P 634e 1942 8112 415
76 Prudence Co Guar Coll
lie, 1961
483 50 4
4
3
114 Realty Assoc Sec 6e'37_J&J 82814
61 Broadway 6)48 '60_A&O 55
1121 Stand Text Pr 650'42 M&S 13 17
Struthers Wells Titusville
52
6)4e 1943
4312
36
1612
58 Tol Term RR 4348'57_M&N 84
86
Ward Baking let 6s____1937 9512 98
91
5512 Witherbee Sherman as 1944
New
24
912 13
Woodward Iron Si 1952_1&.7 e32
3612
7412
Chicago Bank Stocks,
Par Bed
Amer Nat Bank de Trust _100 70
1
Central Republic
100
Continental Ill Bk & Tr_100 24
AM
Pal
ti
80 First National
100
112 Harris Trust & Savings.._100
100
25 Northern Trust Co
Par Bid
Ask
Lawyers Mortgage
20
114
23
4
Lawyers Title & Guar--100 1014 1214
National Title Guaranty 100
2
N Y Title & Mtge
10
15s
New York Real Estate Securities Exchange
Bonds and Stocks.
Industrial and Railroad Bonds.
Adams Express 45 '47..J&D
American Meter 65 1946_
Amer Tobacco 48 1951 F&A
Am Type Fdrs 68 1937 M&N
Debenture 65 1939_ _MdeN
Am Wire Fab 78 '42__M&S
Bear Mountain-Hudson
River Bridge 78 1953 A&O
Chicago Stock Yds 58_1981
Consol Mach Tool 711_1942
("one& Tobacco 45 IASI__ _
Consolidation Coal 4.5s '34_
Par Bid .Ask
Ask
2
10 Southern Air Transport_•
5
•
2
3 Swallow Airplane
United Aircraft Transport
4612 50
1
3
Preferred x warr
7 Warner Aircraft Engine._.•
s
12
12
Par Bid
Alexander Indus 8% pf _100
Aviation Sec Corp (N E)__•
1
Bid
Ask
52
54
180 190
240 265
Bonds'
Home Loan BondsHome Owners Loan Corp
1951
45w I
1951
4s I r
Broadway Barclay Office
Bldg 6s '31
Central Zone Bldg et:8
1948
Chrysler Bldg 8ii
Dorset (The) 68 alb_
Drake (The) 138
1939
80 Fifth Ave Bldg 136_. _1940
502 Park Ave Bldg ctfs_.._..
1958
40 Wall St Bldg 68
42d St & Lexington Ave
1945
Bldg 6558
Fox Theatre & Office Bldg
Certificates of deposit.
1- gg
e
Fuller Bldg 510
Harriman Bldg Corp 68.1951
Hearst Brisbane Prop 68 '42
Hotel Lexingtqn 6s Ws__
Hotel St George 534a....1943
1939
Kenmore Hall Os
Lincoln Bldg Certificates__
London Terrace Ants 6s'40.
Marcy (The) de 1940
Mortgage Bond(NY)514s..
New Weston Hotel Annex
1940
fis
Ask
Active Issues.
Bonds (Concluded)
N Y Athletic Club 68_1946
Oliver Cromwell Hotel
8
Certificates
8412 847
3
8412 84 4 165 B'way Bldg 5lie_ -1951
Park Central Hotel cas
27 Pennsylvania Bldg Ms_
23
2712 3214 Penny (J C)Corp 5148..1950
42 46 Prudence Co 5Es
1961
27
5125 series 13
20
1933
- Savoy Plaza Corp (ls ctfs '45
21
_ Sherry Netherland Hotel
13
2812--12
10
Certificates of deposit......
41 816 Madison Ave Bldg 81213
37
1938
22 10K 40th St Bldg ctfs
17
10 301 E 38th St Bldg etre
6
10 2480 Broadway Bldg 612s '37
6
40
___ Trinity Bldgs Corp 5120.1939
2124-34 Bway Bldg ctfs.
52 2 Park Ave Bldg 65......1941
51
5612 60 West End Ave & 104th St
1412 1612
Bldg 6s
1939
24
30
Stocks
35
Alliance Realty Co
40 Beaux Arta Apt Inc units_
36
1412 17 39 Broadway Bldg Units
20
.... City de Suburban Homes_
30
15 French (F F) Investing
French (F F) Operators18
Units
Bid
Ask
17
1912
_
1112
50 15
7
9
1912 23
97
__48-24
2
5
8
15
1612
18
14
2712
___
26
37
94
.
if
8
32
3312
15
19
;61
6 2.
912
0
14
4
7
1
212
75
Other Over-the-Counter Securities-Friday Oct. 27
Short Term Securities.
Bid
Allis-Chal Mfg be May 1937 86
Amer Metal 534e 1934_ A&O 973
8
Amer Wat Wks be 1934 Ade0 9512
Bid lAsk
Ask
88 Meg Pet 4348 Feb 15 '34-'35 10012 _975 Union 011 be 1935-F&A 10114 102
8
973
4
Water Bonds.
Bid
Ask
Ask
M&S 97 100
92 HuntIon W 1st6,
89
let in Si 1954 ser B__M&S 87
87
82 85
58 1962
82
81
83 Joplin W W 5857ser AM&S 79
Si
Kokomo W W 56 1958_1&D 79
79
96
98 Monm Con W 1st 58'56 J&D 78
90
Morton Val W 5)45'50.1&J 88
90
86
88 90 Richm W W 1st be'57.M&N 85
St Joseph Wat S. 1941_A&O 9412
81
78
93 South Pitta Water Co
91
F&A 99
95__
1st 58 1955
let & ref 68 110 ser A -J&J 93 95
94
96 95
1st & ref be '60 ser Er-1,W 93
91
93 Terre H'te WW6s'49A J&D 85 87
91
93
1st in 58 1956 ser B__J&D 83 88
73
75
_ Texarkana W let 5s'58 F&A
75 80
88- - Wichita Wat 1st 13s '49 M&S 98 100
79 82
let m Si '66 ser B..F&A 90
73
75
1st m 58 1980 ser C.M&N 87
Bid
Alton Water Si 1958__A&O 91
Ark Wat let 58 A 1956.A&O 8512
Ashtabula W W Si'58_A&O 8012
Atlantic Co Wat Si'58 M&S 81
Birm WW let 530 A'54A&O
1st m Si 1954 ser B__J&D
let 58 1957 series C__F&A
Butler Water Si 1957__A&O
City of Newcastle Wat 58'41
City W (Chat) 5a B '54 J&D
let 5s 1957 Series C.I11&N
Commonwealth Water
F&A
1st fte 19156 B
1st m Se 1957 ser C...F&A
Davenport W Si 1961J&J
J&J
ESL&IntW 511'42
let m fa 1942 der B J&J
let Se 1960 ser D.. F&A
Railroad Equipments.
Bid Aek
Atlantic Coast Line As
4.90 4.50 Kanawha & Michigan 65_
Equipment 650
4.75 4.40 Kansas City Southern 53.5s.
Baltimore & Ohio 68
4.90 4.50 Louisville & Nashville
Equipment 4144 & 58
,
4.90 4.50
Equipment 6544
Buff Roch & Pitts equip 6s
5.00 4.20 Minn St P & SS M 4 he & be
Canadian Pacific 4
& 84 5.50 4.50
Equipment 63.4e & 7e......
4.20 3.75 Missouri Pacific 6345
Central RR of N J 65
4.20 3.90
Chesapeake & Ohio 65
Equipment 68
4.20 3.90 Mobile & Ohio 5s
Equipment 63.55
4.20 3.90 New York Central 43.4e & Si
Equipment 5s
Chicago & North West 65..... 8.00 6.50
Equipment 6.
8.03 6.50
Equipment 8
Equipment 75
11.00 8.00 Norfolk & Western 4548
Chic R I & Pars Ois &
11.00 8.00 Northern Pacific 78
Equipment 68
Colorado & Southern
- 5.50 5.00 Pacific Fruit Expresti 75....
4.75 4.00 Pennsylvania RR equip 58
Delaware & Hudson 6e
Erie 43.4458
6.00 5.00 Pittsburgh & Lake Elie 63.48
6.00 5.00 Reading Co 412s & 6e
Equipment 6e
5.00 4.50 St Louis & San Fran As
Great Northern 6e
5.00 4.50 Southern Pacific Co
Equipment 55
4.40 4.00
Hocking Valley be
Equipment is
4.40 4.00 Southern Ry 4344 & /55
Equipment Oe
4.75 4.50
Equipment 66
Illinois Central 434e & 55_
4.75 4.50 Toledo & Ohio Central 65.- _
Equipment tlei
4.75 4.50 Union Pacific 75
Equipment 7s & 6
• No par value. a Last reported market.
Bid
5.50
6.00
4.75
4.75
12.00
12.00
12.00
12.00
12,00
4.75
4.75
4.75
4.00
4.75
4.50
4.00
600
4.30
12.00
4.75
4.75
5.75
5.75
6.00
4.00
Ask
4.50
5.00
4.25
4.25
8.00
8.00
8.00
8.00
8.50
4.50
4.50
4 50
3 00
4 00
3.50
3 70
5.00
3.50
8.00
4 50
4 50
5.00
5 00
5.00
3.00
e Defaulted. s Ex-dividend.
3129
Financial Chronicle
Volume 137
Current Earnings-Monthly, Quarterly Half Yearly
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia Ai Florida
Minneapolis di St Louis
Southern
St Louis Southwestern
Western Maryland
Current
Year.
$
3,581,882
2,318,000
16,600
178,640
1,869,678
251,900
212,622
Period
Covered.
3d week of Oct
3d week of Oct
2d week of Oct
2d week of Oct
3d week of Oct
3d week of Oct
2d week of Oct
Previous
Year.
Inc.(+) or
Dec.(-).
$
3,570,983
+10.899
2,774.000 -56.000
15,400
+1,200
-54,337
232,977
1,961,509
-91,831
287,045
-35,145
252.302
-39,680
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Length of Road.
Gross Earnings.
Month.
1933.
1932.
46,000.776
274,890,197 231.978.621 -46,080.759
69.022,941
288,880.547 40,180,139
267,480.682 +3.584,364
254,378,672
245.869,626 +35,484,283
237,493,700 +59.581.784
251.782 311 +48.737.988
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
inc.(+1 or
Dec.(-).
Net Earnings.
Month.
1933.
Miles.
241,881
241.189
240,911
241.680
241,484
241.455
241,348
241,166
Inc.(+) or Dec.(-).
1933.
January
February
March
April
May
June
July
August
1932.
Miles.
241.991
241.467
241,489
242.160
242.143
242,333
241,908
242,358
1932.
Amend.
8
45,603,287
41,480,593
43,100,029
52,585,047
74.844,410
94,448.669
100,482,838
96.108.921
$
45,964,987
58,187,604
68.356,042
56,281,840
47,418,270
47,018.729
48,148,017
62.553,029
$
---361.700
---14,727,011
--25,258,013
--3,676,793
4-27,428,140
4-47,429,940
4-54,334,821
4-33.555.892
Per Cent.
---0.79
26.21
.--38.94
--6.55
4-57.85
4-100.87
4-117.74
A-53.84
New Earnings Monthly to Latest Dates.
Akron Canton & YoungstownSeptember
1930.
1931.
1932.
1933.
$217,660
Gross from railway___ $140,475
$153,036
$128.136
Net from railway_ ___
79,796
38,429
36,121
49,089
Net after rents
59,784
12.827
16,726
24,630
From Jan 1
Gross from railway__ _ 1,223,541
1,182,962 1,498.284 2,182,605
Net from railway..__ _
752,765
461,302
357.790
456,916
Net after rents
217,152
429,927
163,457
252.250
AltonSeptember1930.
1931.
1932.
1933.
Gross from railway..-- $1,240,812 $1,198,633 $1,537.654 $1,974,008
Net from railway....
330,004
279,552
370,191
387,228
Net after rents
-1,212
222,656
130,885
172,965
From Jan 1
Gross from railway
10,039,268 10,671,188 14,680,243 18,696,147
Net from railway..
3,052,023 2,437,855 2,886,840 3,152,740
Net after rents
594,117
431,458
177,490
1,209,814
& SouthernAlton
September
1931.
1930.
1932.
1933.
Gross from railway__
$93,504
$78,050
$89.068
895,576
Net from rallway..__
34.495
32,826
35,490
46.433
Net after rents
23,792
29,721
37,204
20,642
From Jan 1
Gross from railway
670.847
820.108
765,507
828,413
Net from railway_
261,773
227.345
320,930
285,596
Net after rents
219.453
151.176
233.843
182,309
Ann ArborSeptember
1933.
1932.
1931.
1930.
Gross from railway_ _ _ $283.302
$243,997
8305.640
8446.723
Net from railway_ _ _ _
72,983
33.380
28,463
126,766
Net after rents
40,759
3,100
-14.840
72.147
From Jan 1
Gross from railway_ _ _ 2,210,034 2.350,059 3.085,339 3,800.341
Net from railway_ _ _
291.062
449.317
443,206
873.776
Net after rents
157,079
-30.843
39.983
399,433
Atchison Topeka & Santa Fe SystemSeptember1933.
1932.
1931.
.1930.
Gross from railway---$10,704,549 $10,935.524 $14.745.075 $22,016,688
Net from railway...._
2.982.967 2,983,477 4,620.835 8.204,027
Net after rents
2,055.075
1,889,195 3,104,950 6,169,956
From Jan 1
Grossfrom railway--- 87.530,415 98.834.004 139,610.186 170.626,262
Net from railway._ 17,383,834 21.306.609 37,153.934 46.496.709
Net after rents
7,948,739 10.551,648 23,140.772 29,378,248
Atlantic Coast LineSeptember1933.
1932.
1931.
1930.
Gross from railway-- $2,279,541 $2,211,839 $2,949,079 $4,251,327
Net from railway...-. -132.136
12,271 -300,284
416.115
Net after rents
-188,860 -129,787 -508,351
170.855
From Jan 1
Gross from railway.- 29.085.762 29,013,698 43,505.849 47.941,647
Net from railway.- 7.226,322 3,883,930 9.827,912 10,336.385
Net after rents
3.208,975 -396,243 4,567.226 5.714.395
Baltimore & Ohio System
Baltimore 8c OhioSeptember1932.
1933.
1931.
1930.
Gross from railway ....$13,356,708 $10,050,961 $14,860.996 $19,160,487
Net from railway-- 4,416,623 3,316,048 4.797,368 5.877,167
Net after rents
3,379,018 2.276,381 3.739,557 4.755,986
From Jan. 1
Gross from railway
97,592,905 94,519,333 134.283,764 161,220,821
32,482,443 24,169,298 31,258.322 42.674.156
Net from railway
22,679,436 15,119,547 21,655,359 32,216,728
Net after rents
B & 0 Chicago TerminalSeptember1933.
1932.
1931.
1930.
$266.628
$294,040
Gross from railway -- $284,482
$336.985
64,967
--1,451
65.678
80,326
Net from railway---117,339
2,687
98.180
135.727
Net after rents
From Jan. 1
Gross from railway -- 2,321,804 2,402,159 2,484.276 2.936.179
335,199
322,057
439.589
401,990
Net from railway
848,878
760.924
641,627
903,609
Net after rents
Bangor & AroostookSeptember
1933.
Gross from railway___ 8363.641
Net from railwayNet after rents
58,711
From Jan 1
Gross from railway_._ 4,295,070
Net from railway..
Net after rents
1,205.953
1932.
$265,810
--56,792
-53,848
1931.
$408,864
55,224
27.739
1932.
$622.058
228,645
181.347
4,691,748
1,622,644
1.198,675
5,133,693
1.388,874
963.764
6.308.685
2.322,050
1,796,366
Boston & Maine1932.
1933.
1931.
September
1930.
Gross'from railway..- _ $3,847,948 $3.691,691 $4,722.612 $5,831,542
1.125,384
1.309,200
1,690.129
Net from railway__ _ _ 1,139,937
726,231
808,124
861,961
Net after rents
1.120,489
From Jan 1
Gross from railway.._ _ 31,388,045 34,274,334 44.664.042 52.574.487
Net from railway_ _ _ _ 8,916.662 8,979.742 12,199.883 13.569.877
5.592.628 5.414,995 7,885,997 9,048.789
Net after rents
Cambria & Indiana1932.
1931.
1930.
September
-1933.
890,901
$97.550
Gross from railway --$93,668
32,070
17.709
23,694
Net from railway____
60.214
67,976
Net after rents
75,850
From Jan. 1
788,061
911.485
908,417
Gross from railway _ _
197,019
211.161
Net from railway....
294,095
551.646
688.018
711.443
Net after rents
Central RR of New Jersey1933.
SeptemberGross from railway_ -- 82,570,943
Net from railway_ _ _ _
871,702
293,141
Net after rents
From Jan 1
Gross from railway.._ _ 20,365,909
Net from railway.... 5,769,307
Net after rents
1,965,608
Chicago Burlington & QuincySeptember1933.
Gross from railway -- 47.400.507
Net from railway_
Net after rents
1,599.584
From Jan. 1
Gross from railway
56,714,645
Net from railway...Net after rents
8,676,900
1931.
1930.
1932.
$2,577,433 $3,138,872 $4,296,909
1,289,047
739,032
827.295
125,956
724,874
258.446
22.820.009 30,221,963 39.536,914
7,238,714 10,221.330
5,802,317
1,788,947 3,078,152 5.461,323
1931.
1930.
1932.
87,097.276 *9,199.057 $12,847.311
2.150.239 2,764,693 4,193.605
1.135,056 1,803,272 2.883,798
59.384,189 85.758,101 106.926,605
15.199.254 26.311.154 32,240.636
6,507.505 16.619,486 21,356.101
Chicago & Eastern Illinois1932.
1931.
1933.
SelpemberGross from railway
$1,157,640 $1,090,353 81,265,418
252,475
157,327
Net from railway
Net after rents
103,532
1,160 -114.927
From Jan 1
Grossfrom railway...... 8,962,517 9.036,981 11.712,444
Net from railway..
924.491
1.151.910
Net after rents
-3,696 -1,208.350 -1.210,296
Chicago Great Western1932.
1931.
September1933.
Gross from railway -- $1.363.990 $1,276.417 31.717,426
Net from railway_
271.405
512,764
Net after rents
215.401
213,544
14,298
From Jan. 1
Gross from railway
10,796,853 11,332.253 15.209,788
Net from railway_
2,683,302 4,463,381
Net after rents
1.957.337
693,250
350,251
1930. •
$1,673.804
342.557
21,203
15,290,640
2,117.866
-551.375
1930.
$2,152,404
772.826
453.943
17,137,161
4,381,833
1.977.612
Chicago Milwaukee St Paul & PacificSeptember1932.
1930.
1933.
1931.
Gross from railway - $7,995,720 $8,490,291 $9,535,783 $13,579,564
Net from railway...-. 2,020,192 2,530,311
2,390.244 4.105,789
Net after rents
960,277 1.470,477 1,269.658 2.852,851
From Jan. 1
Gross from railway
64.260.152 63,053.973 86,081,067 109,265.214
Net from railway_ --- 16,111,897 7,771,512 16,676.577 22.892.237
Net after rents
6,440,115 -2,396,614 6,175,525 12.175,298
Chicago & North WesternSeptember1932.
1933.
Gross from railway___ $7,111,648 $6,625,516
Net from railway..
1,855.950
Net after rents
991,721
1,275,382
From Jan. 1
Gross from railway
54,976,502 54,607,791
Net from railway_
8,225,964
Net after rents
194,743
4.243.525
Chicago R I & Pacific SystemSeptember1932.
1933.
Gross from railway
$5.669,104 $6,205.553
Net from railway__ _
1.688,883
986,786
848,062
Net after rents
298,211
From Jan 1
Gross from railway.... 48,489,727 54,214,047
Net from railway........ 9,807,253 11,554.834
Net after rents
2.435.394 3.212,635
Chicago St Paul Minn 8c Omaha1932.
September1933.
Gross from railway..-- $1,393,844 81.470.232
340,494
Net from railway_
186.152
Net after rents
240.810
From Jan 1
Gross from railway...... 10,983.367 11.206,892
1.111.602
Net from railway..
Net after rents
1.198.717 -270.562
Delaware & HudsonSeptember1933.
1932.
Gross from railway.... $2,269,575 $1,966,628
Net from railway........558,205
149,438
Net after rents
475,709
52,957
•
From Jan 1
Gross from railway.... 16,266.109 17,367,998
Net from railway
1,105,703
593,388
Net after rents
394.319 -240,396
Delaware Lackawanna & Western
September
1933.
1932.
Gross from railway..__ $4.009.949 $3,874.822
Net from railway_ _ _ _
909,549
979.296
Net after rents
558,131
481,733
From Jan 1
Gross from railway.. 32.309.303 34,933,044
Net from railway....-- 6,630,196 6,727,513
Net after rents
2.614.567 2,705.348
Denver & Rio Grande Western
1933.
September
1932.
Gross from railway...... 81.898.229 $1.924,529
Netfrom railway.
839,864
Net after rents
637,305
651.960
From Jan 1
Gross from railway...... 11.776.081 • 12.179,751
Netfrom railway..
2,477,912
Net after rents
1.795.921
1,038.619
1931.
1930.
88.729.311 812,322,021
1,934,514 4.108.189
926,307 3,024.110
80,285,317 100,749,359
14,808.188 22.295.399
6.205.156 13.327,777
1931.
1930.
$7,868,791 $10,465,819
2,167.768 3,404,961
1,245,018 2.272,857
78,335,064 95,199,951
20,711,577 24,956,578
11,661,258 12,979,536
1931.
1930.
81,608,007 82.252.808
230,752
578.350
40.800
358,141
14,425,926 18.958.795
1.801.007 3.561,472
252.966 1,863,620
1931.
1930.
$2,580,355 83,440,753
550.860
978.019
470.067
904,654
23,469.996 28,496,810
3,500.574 5,564,940
2,827,432 4,499,516
1931.
1930.
$5.718.467 85.649,599
983,661
1,411,874
951,509
521.670
44,932,510
9,628,055
5.450,906
52,395,741
12,654.580
8,247.777
1930.
1931.
32.401.443 $2.880.671
1.019,315 1,079.877
870.334
829,848
17.289.646 21,489.418
4.912,124 6,105.139
3.533,796 4.691,611
3130
Financial Chronicle
Detroit & MackinacSeptember
1933.
1932.
1930.
1931.
Gross from rallway___
$53,872
$97.151
$86.065
$89,374
Net from railway__
16.453
13,476
33.083
37,769
Net after rents
6,616
8.833
25,553
31,437
From Jan 1
Gross from railway
Z435.918
840,017
572,192
786.776
Net from railway
77,507
221,897
44.786
105,520
Net after rents
9,023
14.954
165,699
72.481
Detroit Toledo & IrontonSeptember
1933.
1930.
1931.
1932.
Gross from railway.._
$656.882
$387,589
$336.978
$266,898
Net from railway____
189.812
172.700
64.207
52,239
Net after rents
156,303
129,377
4,124
380
From Jan 1
Gross from railway
8,470,274
2,981,923 3,255,542 4.713,441
Net from railway
1,508,666 3,671,036
1.192.000
839.633
Net after rents
925,666 2,864,913
798,610
388,585
Detroit & Toledo Shore LineSeptember
1931.
1930.
1933.
1932.
Gross from railway.-- $220,218
$242,865
$197,725
$146.857
Net from railway____
92,318
76,702
61.947
109,513
Net after rents
17,141
17,181
15,060
47.512
From Jan 1
Gross from railway
1,619.104 2.227.614 2,864.379
1,900.921
Net from rallway
969.063 1,315,747
678.247
949,925
Net after rents
539,702
337,985
182,036
398,883
Erie SystemSeptember1931.
1930.
1932.
1933.
Gross from railway.-- $6,847,873 $6,280,947 $7,353.447 $9,485,338
Net from railway_ 1.859,756 1,364.702 1,014,483 1,995.734
Net after rents.
1.564,531
632.131
951,231
1.489,660
From Jan. 1
Gross from railway.-- 53,973.679 55,024,863 69,335.435 83.044.954
Net from railway____ 12,218,985 8,790.839 11,258,574 14,340,327
Net after rents
9,417,115 5,650.506 8,161,030 11,089,294
Erie RR1931.
September1932.
1930.
1933.
Gross from railway._ $5.979.755 85.480,828 $6,421,648 $8,321,513
Net from railway.... 1,817,639 1,474.226 1,142.788 1,991.225
Net after rents
607,181
1.441,729
920,116
1.344,526
From Jan 1
Gross from railway.-- 47,301,048 48.491.289 61,056.423 72.807.045
Net from railway
12,691,084 10.599,237 12,287.117 14.450.722
Net after rents
8.646.002 5.766,917 7.834,977 10,063,932
Chicago & Erie1931.
September
1930.
1932.
1933.
Gross from railway-- S848,118
$931.800 $1,163,826
8800.119
Net from railway-343,378
322,355
417.432
461,310
Net after rents
24.950
122.806
31,115
145.134
From Jan 1
Gross from railway
6.533,574 8.279,013 10.237,910
6,672.831
Net from railway.
- 2.936.743 2.198.852 3.036.053 4,001,779
Net after rents
771.113 326,053 1,025,362
116.411
New Jersey & New YorkSeptember1931.
1933.
1932.
1930.
Gross from railway___
$108.495
$92,487
$77.296
$115.545
Net from railway....
10.234
8.587
-2.007
14,526
Net after rents
-15.024
-15,281
-24,298
-19,248
From Jan!
Gross from railway___
715,786
828.864 1.006.329 1.077.208
Net from railway.... -32,575
140.745
37.837
131.001
Net after rents
-241,448 -184,578 -140.122 -184.101
Florida East CoastSeptember1932.
1933.
1931.
1930.
Gross from railway.-- $279,619
$300,346
$365.863
$555.656
Net from railway.... -136,358 -107.178
-94.561
-30.279
Net after rents
-226,906 -197,375 -202,739 -169,283
From Jan 1
Gross from railway--- 5,218,251
5,345,323 7,483,170 9,364,289
Net from railway.... 1,115,777
995,587 2,090,437 2,606,301
Net after rents
560,995
83,893 225,696
895,941
Galveston WharfSeptember1932.
1933.
1931.
1930.
$1.00,950
Gross from railway
8188.325
$92.599
$203.104
Net from railway....
40,506
15,552
85.705
93.995
Net after rents
-7.434
22.286
62,884
70,813
From Jan 1
Gross from railway
796,860 1,254,582 1,347.665 1,341,400
Net from railway
211,090
414,843
470.147
457.295
Net after rents
37.262
207,241
264.791
248,753
Great Northern Ry1933.
September1932.
1931.
1930.
Gross from railway __ $7,239,787 $6,121,284 $7,702.988 812.326.041
Net from railway_
2,475.306 3,291.739 6.484,761
Net after rents
1,648,729 2,420,338 5,375,134
2.466,508
From Jan 1
Gross from railway.... 45.082,229 39,699.501 58.268.342 77.831,743
Net from railway_
4,610,374 14.878,880 21.589,110
Net after rents_ _-- 7.888,378 -2,052,440 7,625,777 13,913,179
Gulf 8c Ship IslandSeptember1932.
1933.
1931.
1930.
Gross from railway-8131.286
$97.731
$87,029
8232,590
Net from railway....
17.531
4.979
28,371
65,628
Net after rents
-10,372
-20,998
6.429
16.309
From Jan 1
Gross from railway.783,755 1,303,508 2.087,112
802.838
Net from railway
26,688
-12,914
131.727
363,280
Net after rents
-122,361 -215.216 -386.417
-53,723
Illinois Central SystemSeptember1931.
1932.
1933.
1930.
Gross from railway... $7,778,220 $7.914.981 89.126,120 811.913.005
Net from railway__
1.477,827 3,604,778
2.167.809 2.501.806
Net after rents
762.987 2.749,377
1,403,248 1,662.722
From Jan. 1
Gross from railway
64,329,423 66.119,140 89,460,402 113,630,796
Net from railway_
18,567,948 15.888,888 15.390.245 24,793,688
Net after rents
11,321,596 8,048,604 6,694.434 15,587,406
Illinois Central RRSeptember1931.
1932.
1930.
1933.
Gross from railway.... 86.699.533 86.786.540 37.687,435 89.912.152
Net from railway- 1.823.616 2.070.574 1,207.587 2.855.426
Net after rents
1.294,041
735,574 2,276,809
1.464.053
From Jan 1
Gross from railway.- 55,951.861 67.472.699 76.623.082 95.889,267
Net from railway_ 15.939,347 13.884.544 13,605,222 20,745.290
Net after rents
10.684.957 8.060.478 7.449.864 14,002.387
Yazoo & Mississippi ValleySeptember1932.
1933.
1931.
1930.
Gross from railway.... $1,078.687 81,128.441 *1.438.685 82.000.853
Net from railway
344.193
431,032
270.240
749,352
Net after rents
109,207
198.669
472,568
27.413
From Jan 1
Gross from railway
8.377.562 8,646,441 12,837,320 17.675.185
Net from railway.... 2,628.601
2,004,344
1.785,023 4.039,611
Net after rents
636,639
-11.874 --755,430 1,581.575
International Great NorthernSeptember1933.
1931.
1932.
1930.
Gross from railway.$986,751
8878.659 31,177.099 $1,505,356
Net from railway......
275.866
263,398
460,692
rents
Net after
118,028
168.046
176,369
349.686
From Jan 1
Gross from railway-9.570.337 7,610.263 14,804,308 11.537,610
Net from railway_
1.241,203 4.181.304
1,744.451
1,330.143
Net after rents
250.854 2,286,829
592,835
Oct. 28 1933
Lake Terminal
1933.
September1932.
1931.
1930.
Gross from railway__ $46.820
870.545
$59,356
$98,939
Net from railway_ _ _ _
31,294
21.166
23,433
24,028
Net after rents_ ___. _
23,553
22,237
19,847
12,530
From Jan 1Gross from railway ___
505.177
261.818
507.071
773.565
Net from railway_ ___
59,720
212,458
90,875
131.621
Net after rents
188,584
49,053
49,818
52.073
Lehigh Valley
September1932.
1933.
1931.
1930.
Gross from railway... $3,639.106 83.163.159 83.795.020 84,922.923
Net from railway_ _ 1,000.383
564.133
558,653
966.052
Net after rents
691,325
244,435
170,884
603.054
From Jan 1Gross from railway
28,211,973 28.583,905 38.405.546 45,924.661
Net from railway
5,955,787 4,482.071
6,884,627 9,434.892
Net after rents
2.938,844 1,404.601
3.339,909 5,886,692
Maine Central
1933.
September1932.
1931.
1930.
Gross from railway.- 8972,817
$875,456 $1,224,174 81,637,278
Net from railway....
291,402
215,098
309.471
401,527
Net after rents
142.952
202,871
189,750
285.915
From Jan. 1Gross from ra,
lway
7,830,289 8,668,777 11,630,591 14,600,613
Net from railway.... 2,235,293
1,917.522 2.712.263 3.542,159
Net after rents
1,473.715 1,095,816 1,532,758 2,282,630
Minneapolis & St Louis
1932.
September1933.
1931.
1930.
Gross from railway __ $693,096
$796.215
$868,057 81.260.255
Net from railway_ _ _ _
182,744
108,904
104.197
384,298
Net after rents
95,601
47.665
34,215
251.533
From Jan 1Gross from railway___ 5,687,337 5,811,091 8,025,949 9.662.833
Net from railway_ _ _ _
149,897
684,402
867,450
1.438.095
Net after rents
157,390 -460,556
137,546
424.907
Minn St Paul & Sault Ste Marie
1933.
September1932.
1931.
1930.
32.450.780 $2,338.469 $2.540,127 $4,607,483
Gross from railway
Net from railway....
682,925
875,962
640.130 1.919,726
Net after rents
558,358
357.859
275.521
1.491.545
From Jan 1
Grass from railway- 16.637.669 16.561.819 22,363,850 30.777.243
3,214,047 1.219.899 3,715.711
Net from railway._
6,624,934
Net after rents
692,866 -1.615.329
565,037 3,189,321
Missouri-Kansas-Texas1932.
1933.
September1931.
1930.
Gross from railway__ $2,516,431 $2.294,914 $2.919,597 $3.921.430
Net from railway...
848,464
809,717 1,018,108
1,486.196
Net after rents
637.491
1,155,215
From Jan 1
18,356.297 19,999,810 25.537.716 33.703.193
Grossfrom railway
4,222,907 5.322,432 6,373.929 10.116,721
Net from railway_
Net after rents.....
2,677,554 6.158,538
Missouri Pacific1932.
1933.
September1931.
1930.
Gross from railway
$6.280,526 $8,282,041 87,549.635 810.579.058
2,013.538
Net from railway_
1,986,381 3.103,936
Net after rents___ -841,526
1,402,589
1,622,253 2,057.878
From Jan 1
Gross from railway.- 50,624,060 51,976,541 74,235,423 92,205,418
11.780.584 20,412,034 23.413,632
Net from railway_
5,581,129 5.769.760 13,730,845 15,550,714
Net after rents
Newburgh & South ShoreSeptember1932.
1933.
1931.
1930.
Gross from railway.$29,283
$46.629
$48.567
3107.582
Net from railway__._
-4.858
-4,129
-18.857
-6.584
Net after rents
-11.718
-9.929
-26.856
-19,105
From Jan 1
Gross from railway
341.818
438,787
743,173 1,060.411
Net from railway.... -42.503
-71.998
607
285,799
Net after rents
-86.935 -144,911
-73,631
162.375
New York Central System
New York Central
September1932.
1933.
1931.
1930.
Gross from railway_ _ _$26,615,050 823.998.513 831,269.317 840,939.551
Net from railway7.261.659 6,025,694 9,677,941
4,358.929 3,437,805 2,183,913 5,615,570
Net after rents
From Jan 1Grossfrom railway_ 211,377,943 220,962,675 296,329,639 368.433,394
Net from railway48.650.609 60.481,418 81,075,464
25,785.796 13,359.142 24,647,729 46,639.745
Net after rents
Pittsburgh & Lake ErieSeptember1932.
1933.
1931.
1930.
Gross from railway.... $1,468.946 $1.027,194 31,359,319 32,223,956
Net from railway..
124,870
175.629
541,153
Net after rents
335.435
149,023
238,937
656,457
From Jan 1
Grossfrom railway.....10,960,320 9,129,160 13,909.083 21,835.780
Net from railway_
755.403 1,880,856 4,651,517
2,340,076
Net after rents
1,047,102 2,580,152 5,756,928
New York Chicago & St Louis
September1933.
1932.
1931.
1930.
Gross from railway.-- 82.789,938 $2,332,751 82,896.328 33.924.542
937,821
Net from railway_ _ _ _
667,156
538,428 1.173.520
Net from rents
551,360
301,987
94,455
675.577
From Jan. 1Gross from railway
22.901.573 21.988.525 28.379.207 35,929.068
Net from railway_ _ _ _ 7.648.365 4.902,109 6,672.462 8,936,318
4,016,701
Net after rents
1,139.910 2,238,409 4.853.856
New York New Haven & HartfordSeptember1933.
1932.
1931.
1930.
Gross from railway.... 86.041.313 36.022,517 $8,228,183 $9,753,110
Net from railway..... 1,765.303 1,904.307 2,425,414 3,152.384
Net after rents..
926,157 1,024,532 1,451,442 2,041,828
From Jan. 1
49,915.704 56,988.529 76,626.346 90.130.959
Gross from railway
Net from railway- 13,525.206 16.532,027 23.566.983 28.874.807
5.728,438 8.371.236 13.863,592 18,127,388
Net after rents
New York Ontario & Western
September1933.
1932.
1931.
1930.
Gross from railway.-- $809,094
$977.263 $1,000,666
$961,188
Net from railway_ __ _
209,230
284.526
276,339
285.316
Net after rents
112,474
177,046
146,601
188,991
From Jan. 1Gross from railway..._ 7,320,925 8,017,635 8,834,394 8,320.948
Net from railway_ _
2,123,318 2.359,131
2,476,354 1,643,902
Net after rents
1.401,389
1.415,920
1,466,513
845,249
New York Susquehanna & WesternSeptember1933.
1931.
1930.
Gross from railway.-- $282,897
8277.415
$278.630
$378.774
.
Net from railway
68,263
79,034
37.451
118,281
Net after rents
24.256
35.935
-9,564
62.957
From Jan 1Gross from railway... 2,401,885 2,582,816 3,260.841
3.482.224
railway....
Net from
630,663
694,921
940,230
969,151
Net after rents
239,487
267,085
418.772
460.060
Norfolk & Western
September1933.
1932.
1931.
1930.
Gross from railway.... $7,074.403 85.464,407 $6,972,147 $8,740,277
3,564,523 2,574.549 2.828,835 3,762,919
Net from railway
3,152,790 2,127.107 2,377.048 3,248,174
Net after rents
From Jan. 1Gross from railway-. 51,315,840 44.563,991 60,301,821 77.156,102
22,295,532 16,078.734 21,932,079 31.250.054
Net from railway
17,647,046 11.464.611 17.075,534 25,526,992
Net after rents
Financial Chronicle
Volume 137
Northern PacificSeptember
1933.
1932.
Grossfrom railway_ _ _ 15.100,885 $5,075,457
Net from railway_
1,591,854
Net after rents
1.196,890
1,535,350
From Jan 1
Grossfrom railway_ _ _ 34,833,327 34,980,386
Net from railway_
3,252.090
Net after rents
-24.416
3,007,991
Pere MarquetteSeptember1932.
1933.
Gross from railway-- $1,881,434 $1,724,388
Net from railway____
286,342
331,485
Net after rents
15,502
109,392
From Jan. 1
Gross from railway
16,483,065 15.822,819
Net from railway
3,010,670 2,055.388
Net after rents
1,211.221
-71,340
Pennsylvania SystemSeptember1932.
1933.
Gross from railway---130,974,333 126,389,979
Net from railway-- -- 10,542,732 8,473,364
Net after rents
7,052.093 4,505,744
From Jan. 1
Gross from railway...242,941,088 245,445,688
Net from railway_ _
74,601.883 59,810.113
Net after rents
46,696,402 28,732,619
1930.
1931.
$5.791,388 $8,538,338
3,335,713
1,691,311
1,265,856 2.988,759
47,646.803 60,492.158
7,158.922 12,033,120
3.773,600 8,893.221
1930.
1931.
$2,138.151 $3,223,997
831,659
258,854
556.313
-10,380
20.881,172 29,212,887
3,101,033 6.712,235
876,555 3.900,388
1930.
1931.
$37,060,319 148,609.441
9,909.298 13,976.912
5.592,482 8,963,494
347.910,616 442,807,015
72.088.113 111.780,229
38,089.193 73,038.411
Pennsylvania RR1932.
September1933.
Gross from railway_ -$30.912,782 326,972,153
Net from railway_ _ _ _ 10,551,021
9,111,705
Net after rents
7.078.542 5,165,956
From Jan. 1
Gross from railway 242,460.202 250.620.812
Net from railway_ _
74.601,696 65,491,976
Net after rents
46,811,921 34,543,565
1930.
1931.
136.968,283 148.501.128
9.888.512 13,959,839
5.592,857 8.968,140
347,170,749 441,913,777
72,075.680 111.728.604
38.201,125 73,111,792
Peoria & Pekin Union1930.
1931.
September1932.
1933.
$136.655
$81,072
Gross from railway.-$76.678
$80.882
39.327
Net from railway_ - _ 4,939
14,186
22,536
73,550
Net after rents
9,722
20.078
27,046
From Jan. 1
836,056 1,242,745
Gross from railway--631.953
662,927
233,902
Net from railway__
82,941
94,884
144,602
302.411
158.406
Net after rents
163,621
197,942
Pittsburgh & Shawmut1930.
1931.
September1932.
1933.
$85,168
Gross from railway...
$67,837
$74,838
$59.436
23.082
Net from railway__ _
20.766
20,325
11,172
23,248
Net after rents
21.982
16.976
13,463
From Jan. 1
903,358
Gross from railway__..
685,663
581,236
500.147
238,264
Net from railway_ _ _ _
161,413
96.896
90,928
246.989
Net after rents
159.542
77,156
89,083
Pittsburgh Shawmut & Northern1930.
1931.
September1932.
1933.
$133.649
Gross from railway.-- $113.349
$95,141
$70.281
24,893
Net from railway_ _ _ _
13.389
2,362
35,460
15,207
Net after rents
7.640
-3,655
28.860
From Jan. 1
Gross from railway.-972.100 1,198.615
689.486
724,460
207.903
Net from railway..
211.938
13.195
125,531
114,903
Net after rents
154.320
-44,819
65,322
Reading Co1930.
1931.
September1932.
1933.
Gross from railway.-- $4,436,235 $4,043.235 $5,700,31.3 V7,305.383
1,486.691
Net from railway.... 1,626,230
1.325,351
1,267,358
1,049.072 1,249,048
Netafter rents
1,119,291
1,455,866
From Jan 1
Gross from railway.... 36,606,871 38,428,278 53,753,249 65,524.569
Net from railway.... 12,283.660 8,548,687 6,663,106 10,781,645
Net after rents
7,291.573 4,391,556 8,349.304
9,905,521
Richmond Fredericksburg & Potomac
1930.
1931.
eptember1933.
$632,591
Gross from railway... $369.1:11
$500,872
$372,005
83,451
Net from railway____
-14,100
43,581
32,878
33,708
Net after rents
-8,125
• 2,254
2,394
From Jan. 1
Gross from railway... 4,575,757 4,968,275 7,130,194 8,063,238
1,880,724
Net from railway
1.071.238 1,909,151
1.069,851
1,015,239
Net after rents
1,045,347
386.445
374,511
Rutland1930.
1931.
September1932.
1933.
$495,951
$423,698
Grossfrom railway$349.790
$335,977
136,320
77,496
Netfrom railway
59,858
107,681
Net after rents
55,270
42,913
52,484
From Jan 1
Gross from railway_ _ - 2,566,632 2,980,274 3.479.287 4,060,906
641,479
Net from railway_
366.506
412,216
487.462
215.116
Net after rents
250.087
226,458
St Louis-San Francisco System1931.
1930.
September1932.
1933.
Gross from railway.-- $3,584,355 $3,745,344 14,679,388 16.334,193
Net from railway......
1,326,277 1,980.781
947,516
684,063
940,912 1,588,996
Net after rents
542,727
407.050
From Jan 1
Gross from railway
30,267,878 31,918.651 44,340,690 57,045,977
Net from railway.-- _ 5,333,852 5,963,615 11,963,846 15,838,693
Net after rents
2,102,508 2,155,605 8,007.346 12.354.993
St Louis Southwestern Linea1931.
1930.
1932.
September1933.
Gross from railway- $1,104,176 $1,089,808 $1.342.652 $1,691,120
444,381
324,411
222,923
Net from railway
346,611
248,840
92,407
45,725
Net after rents
181,685
From Jan 1
Gross from railway...6,706,112 9.413,723 13,718.941 17,118,785
1,487,057 3,880.463 3,904.055
Net from railway_ _ -- 2,926.484
1.777.368
Net after rents
1.216,919 .-299.352 1,709,567
Seaboard Air Line1931.
1930.
1932.
September1933.
Gross from railway.-- $2,249,520 $2,157,701 $2,771,324 $3,665.122
198,918
714,394
134,234
Net from railway....
274.514
407.904
4,956
-27,567
Net after rents
94,642
From Jan. 1
Gross from railway.-- 23,567,383 23,301,854 33.357,970 37,666.995
7,951.436
5.774,191
Net from railway-. 4,287,017 2,503,751
52,244 2,469,505 4.527.110
1,815,048
Net after rents
Southern Pacific System1930.
1931.
1932.
1933.
SeptemberGross from railway-- $12,320,288 $12.584,771 $16,780,321 $23,673,828
3,378,053 3,302,720 4,721,696 8.752,945
Net from railway
1,510.518 2,703,399 6.069.342
1,789.426
Net after rents
From Jan 1
Gross from railway__ 95,076,067 108,657,813 155,060,355 197.247,061
52,091.869
Net from railway.-- 19,164.747 20,602,490 36,666,254 31,049,304
4.077,541 3,185.908 17,837,361
Net after rents
Southern Ry System
Alabama Great Southern1933.
September$436,536
Gross from railway...
135,645
Net from railway____
100,992
Net after rents
From Jan. 1
Gross from railway- 3,360.553
804,223
Net from railway
444,842
Net after rents
1932.
$358.755
78.785
36,193
1931.
$507.050
73,768
37.677
1930.
$644.770
141,965
96.132
3,074,748
54.112
-286,186
4.786,160
555,853
275,704
6,140,651
1,152.994
867,449
Cm n New Orleans 8c Texts PacificSeptember1933.
1932.
Gross from railway... $1.076,882
1802.014
Net from railway____
463,042 -221,050
Net after rents
320,931
185,715
From Jan. 1
Gross from railway
8,967.167 7.668,891
Net from railway
3,665,571
1.545,565
Net after rents
2.730.542 1.124,865
Georgia Southern & Florida1932.
1933.
September$128,913
Gross from railway__ $126,547
-2,408
18,483
Net from railway____
15.986
Net after rents
-9,726
From Jan. 1
1,456,735
Gross from railway... 1,251,132
202,764
Net from railway
169,297
104.072
11,106
Net after rents
New Orleans & Northeastern1932.
1933.
September$162,454
Gross from railway___ $197,194
15.818
74,987
Net from railway____
--16,756
32.468
Net after rents
From Jan. 1
1,518.743
Gross from railway..... 1,423,071
28,031
207.671
Net from railway
-212,721 --336,604
Net after rents
Northern Alabama1932. .
1933.
September$43,658
Gross from railway
$46,868
18,213
18,589
Net from railway._ -369
Net after rents
-1,111
From Jan. 1
342,250
388,469
Gross from railway
73,954
148,215
Net from railway_..__
-90.503
Net after rents
-20,656
RySouthern
1932.
September1933.
Gross from railway..... $6,600,179 $6,385,104
1,586,152
Net from railway
2,089,715
957,106
1,472,762
Net after rents
From Jan 1
57,522,084 54,340,726
Gross from railway
Net from railway.... 16,974,063 7,497,656
Net after rents
11,242,866 1.356.617
3131
1930.
1931.
S1,039,648 11.384,917
399,865
166,306
335,521
131,025
11.524,967 14,030,544
2.323,803 3.489,362
1,645,499 2,679,380
1931.
$184.463
4,213
-4,538
1930.
$264,989
51,105
34,508
2,287,585
342,621
153.810
2,826,082
527,936
288,321
1931.
$255,277
40,467
--15,519
1930.
$355,204
96.979
25,512
2.401,248
240,960
--299,311
3,302,447
816,021
179,566
1931.
$52,623
11,749
--7,321
1930.
$75.084
22,145
436
508,539
112,504
-66,067
755.567
238.415
21,331
1930.
1931.
$7.803,235 $9.767,940
2.862.581
1,552,551
772,291 2.061,066
75,537,525 90.752,819
14,060.105 21,930,719
6,435,832 14,034.093
Staten Island Rapid Transit1930.
1931.
1932.
1933.
September$206.908
$184,276
1,147,669
Gross from railway... $144,941
58,383
52,121
35,948
34,095
Net from railway
26,127
21.907
846
3,186
Net after rents
From Jan 1
1,367,970 1,658,883 1,886,202
Gross from railway
1,286,504
493,409
421.562
307,887
Net from railway......
300,454
251,624
142,461
4,858
29,647
Net after rents
Tenn
Central1930.
1931.
1932.
1933.
September
$280,913
$212,703
$157,150
Grossfrom railway-- - $183,922
76,940
47.790
38,675
Net from railway_
47.460
27.747
18.994
39.196
Net after rents
From Jan 1
Grossfrom railway_ - - 1,446,454 1,342,642 2,019,376 2,344,751
496,541
363.114
257,444
Net from railway....
172,302
280,943
109,958
Net after rents
216,042
•
Texas & Pacific1930.
1931.
1932.
1933.
SeptemberGross from railway.... $1,682,288 $1,743,738 $2.124,550 $2,990.508
923.739
581,375
547,501
539,884
Net from railway...__
652,097
334,466
372,394
369,860
Net after rents
From Jan 1
Gross from railway...... 14,895,229 15,712,565 23,224,463 28,880,941
8,680,109
Net from railway_ __ _ 4,499,273 4,480,976 7,412,357 5,340,652
2,523,488 2,306,595 4,425,402
Net after rents
Union Pacific System1930.
1931.
1932.
1933.
SeptemberGross from railway...311,002,121 111.380,830 314.574,426 S19.429.437
Net from railway-- 4,318,042 4,725,324 5,788.780 7.929,515
5,477,526
2.516.611 3,266.184 3.918,381
Net after rents
From Jan 1
84.892,836 117.711,302 138,762.178
Gross from railway.-- 78.873.313
Net from railway...... 24,856.271 24.657.804 30.017,230 39.324.096
11,569,838 10,621.472 13,602,089 22,196.473
Net after rents
Union RR (Pennsylvania)1930.
1931.
1932.
1933.
September$864,910
$396,128
$147,693
Grossfrom railway.... $552,915
264,615
37,253
-91,685
203,869
Net from railway.... _
305.373
76.146
-82,254
225,877
Net after rents
From Jan 1
Gross from railway..._ 2,635,268 1,495,426 4,016,520 7,182,348
1,773.717
81,703
345,457 -769.172
Net from railway
458,248 2,089,314
545,079 -616,454
Net after rents
Virginian1930.
1931.
1932.
1933.
SeptemberGross from railway...... $1,242,914 $1,036,444 $1,392,464 $1,435,811
753,438
768,417
487,836
Net from railway_
686,579
684.630
426,985
608,791
Net after rents
From Jan 1
13,061,803
9,371.075
Gross from railway.... 10,034,878 4,270,309 11,586,106 6,148,414
5,380.328
Net from railway
3,583,266 4,639,877 5,328.533
4,474,607
Net after rents
Wabash1930.
1931.
1932.
1933.
September15,061.907
Gross from railway.... $3,226,232 $3.153,002 13.875.101
1,252,467
289,637
784.412
830,556
Net from railway_
749,380
259,473 -333,657
404,740
Net after rents
From Jan 1
27,119,771 28,255,572 38.717.735 47.572,985
Gross from railway4,461.309 6,633.323 10,646,077
Net from railway.... 6,104,334 -585,901
1,015.958 5,426,050
1,532,696
Net after rents
Wheeling & Lake Erie1930.
1931.
1932.
1933.
September$795,191 $1,021,225 $1,252,031
Gross from railway- $1,162,774
270,429
219,102
281,383
382,506
Net from railway....
182,533
121,321
183,827
274,155
Net after rents
From Jan 1
13,118,628
Grossfrom railway.... 8,107,752 6,122,263 9.267,068 3,850,828
Net from railway........ 2,501,938 1,253,166 2,005,692 2.740,252
316,049 1.038.807
1,485,324
Net after rents
-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:
Gulf Coast Lines.
1930.
1931.
1932.
1933.
Month of September$610,775 $1,089,411
$546,109
$595,078
Operating revenues
212,954
205,207
def52.318 def51,683
ncome
Net ry. oper. i
9 Mos.End.Sept.31
$6,208,956 17,756.537 $8,819,473 $12,295,473
Operating revenues
1,512,824 2,832,508
196.180
831,887
Net ry. oper. income....
'33, p. 3525
VirLast complete annual report in Financial Chronicle May 20
Financial Chronicle
3132
Oct. 28 1933
Atchison Topeka & Santa Fe Ry. System
New York New Haven & Hartford RR.
(Includes the Atchison Topeka & Santa Fe Ry.-Gulf Colorado &
Santa Fe Ry.-Panhandle & Santa Fe Ry.)
1930.
1931.
Month of Sept.1933.
1932.
Railway oper. rovenues_$10,704,549 $10,935,524 $14,745,075 $20,016,688
Railway oper. expenses.. 7.721,582 7,952,147 10,124,340 11,812,660
1,816,607
Railway tax accruals_ - 928,746 1,086.177 1,435,710
217.464
80,173
8.005
Cr854
Other debits
1932.
1931.
1930.
Month ofSeptember1933.
Total oper. revenue-- $6,041,313 86.022.517 $8,228,183 89.753,110
1,451.442 2,041.828
926,157 1,024,532
Net ry. oper. income-35,849
637.783
Net after charges
def127,815
9 Mos. End.Sept.30
Total oper. revenue_
$49.915.704 $56,988,529 876.626.346 890.130,959
Net ry. oper. income... 5,728,438 8,371.236 13.863.592 18,127,388
Net after charges
def3,652,468 def39.394 6,909,572
laPlast complete annual report in Financial Chronicle April 1 1933,
p. 2232, and April 8 1333, p. 2414.
Net ry. oper. Income_ $2,055,075 $1,889.195 $3,104,949 86,169,955
13,231
13,513
Average miles operated_
13,532
13,546
9 Mos. End.Sept. 30
Railway oper. revenues_$87.530,415 $98,834,004$139.610,185$170,626,261
Railway oper. expenses.. 70,146,581 77.527,395 102.456,252 124,129,553
Railway tax accruals..- _ 8,825,730 9,988,843 12.270,312 13,331,459
Other debits
766,119 1,742,849 2,787,001
609,365
Net ry. oper. income_ $7,948,739 $10,551,648 $23,140,771 $30,378,247
13,164
13,437
13,545
Average miles operated_
13,548
10 Last complete annual report in Financial Chronicle Apr. 8 '33, p. 2412
Boston & Maine RR.
75,449
1932.
$726,231
2,045
83.212
1930.
1931.
$861,960 $1,120,489
445
1.162
103,061
84,782
$883,573
705,351
$807,398
668,410
$945,580 $1.223,105
682,650
641.650
Month of SeptemberNet ry. oper. Income_-Net misc. oper. inc._Dr
Other income
1933.
$808.124
Gross income
Deduc. (rent., int., &c.)
$540.455
$303,929
$138,988
Net income
$178,222
9 Mos.End. Sept.30
85.414.995 '$7,885,997 89.048.788
Net ry. oper. income
$5,592,628
def5,603
12,153
def5,954
8.728
Net misc. oper.income
916,112
936,244
823,540
761.403
Other income
$6,345,303 $6,232,581 $8,796,506 $9,997,185
Gross income
Deduc. (rent.. int., &c.) 5,889,417 5,858,606 5,901,499 5.961,732
8373,975 $2,895,007 $4,035,453
$455,886
Net income
reLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2412
Chicago Rock Island & Pacific Co.
(Rock Island Lines)
1931.
1930.
1932.
1933.
Month of September$4,599,615 $5,075,982 $6,312,348 $8,366,484
Freight revenue
890,457 1,201,185
553,709
573,703
Passenger revenue
202,226
226,393
233,111
188,980
Mail revenue
123.422
141,588
217,795
78.296
Express revenue
298,005
447,244
250,214
228,510
Other revenue
Total ry. oper. rev--- $5,669,104 $6,205,553 $7,868,791 $10,465,819
Railway oper. expenses_ 4,682,318 4,516,670 5,701,023 7,060,858
Net rev,from ry. oper.
Railway tax accruals_ _ _
Uncoil. railway revenue_
$986,786 $1,688,883 $2,167,768 $3,404,961
700,000
500,000
550.000
425,000
1,254
656
1,716
2,791
Total ry. oper.income
Equip, rents-debit bal-debit bal
Jt.facil. rents
$558,995 $1,187,167 $1.616,514 $2,704,305
338,731
271,476
227,937
186,724
100.020
92,717
111,168
74,060
$848,062 $1,245,018 $2,272,857
Net ry. oper. income- $298,211
.
9 Mos.End Sept.30
*39.881,676 $43,710,662 $62,914,069 $74,400,063
Freight revenue
4,264,621 5,294,930 8,384,802 11,945,176
Passenger revenue
1.994,815 2,140,236 2,295,472
1,791,243
Mail revenue
672,514
892,085 1,546,623 2,128.479
Express revenue
1,279,043 2,331,555 2,684,625 4,424,557
Other revenue
Total ry. oper. rev__ ..$48.489.727 $54,214,047 $78,335,064 $95,199,951
Railway oper. expenses- 38.682,474 42,659.183 57,6*487 70,243,373
Net rev,from ry.oper. $9,807,253 $11,554,834 $20.711,577 $24,956.578
4,290,000 4,750.000 5,030,000 5,448,000
Railway tax accruals
13.161
16.675
27,057
17,058
Uncoil,railway revenue_
Total ry. oper. Income $5,504,092 $6,787,806 $15,664,902 $19,481,233
Equip, rents-debit bal. 2,266,105 2,669,522 3,105,420 2,565,328
945,474
898.024
905,649
702.593
Jt.facil.rents-debit bal.
Net ry. oper. income- $2,435,394 $3,212,635 $11.661,258 $12,979.536
*Mast complete annual report in Financial Chronicle Apr. 22'33, p. 2784
Erie Railroad Co.
(Including Chicago & Erie RR. Co.)
1931.
1933.
1932.
1930.
Month of September-.
$6,827.873 $6,280.947 $7,353,447 $9,485.338
Operating revenues
Oper. expenses & taxes. 4,968,118 4,916.245 6,338,963 7,489,603
Operating income..,.,.$1,859,756 $1,364.702 $1,014,483
Hire of equip, and joint
382,351
413.471
370,095
-net deb
facility rents
8632.131
$951,231
income_ $1,489,660
Net ry. oper.
9 Mos. End.Sept.30
53.973.679 55,024.863 69,335,435
Operating revenues
Oper. expenses & taxes.. 41,754,695 46,234,024 58.076,861
$1,995,734
431,202
81,564,531
83,044,954
68,704,627
Operating income---$12,218,985 $8,790,839 $11,258,574 $14.340,327
Hire of equip, and joint
-net deb 2,801,869 3,140,333 3,097.544 3,251,033
facility rents
Net ry. oper. income- $9,417,115 $5,650,506 $8,161.030 811,089,294
la'Last complete annual report in Financial Chronicle Mar. 18 1933, p.
1878, and Apr. 15 1933, p. 2598.
New York Ontario & Western Ry.
1932.
1933.
1931.
Month of September
$977,263 $1,000,665
$809,094
Operating revenues
692,737
724,327
599,864
Operating expenses
1930.
$961,185
675,869
$209,230
38,000
def 1
$284,526
55,000
7
1276.338
42,500
92
$285.316
42,500
115
Total ry. oper. income $171,230
Eq.& it. fac. rents (net) def58,756
$229,519
52.474
$233,746
87.145
8242.701
53,710
Net oper. income_ _ $112,474
-9 Mos. End. Sept. 30
7,320.925
Operating revenues
5,197,607
Operating expenses
$177,046
$146,062
$188,990
8,017.635
5,658,504
8,834,394
6,358,040
8.320,947
6,677.045
Net rev,from ry. oper.
Railway tax accruals_ _ _
Uncollectible ry. revs_ _ _
Net rev.from ry. oper. $2,123,318 $2,359,131 $2,476,354 $1,643,902
435,000
382.500
382,500
363.000
Railway tax accruals__
722
1,479
699
1,056
Uncollectible ry. revs_ __
Total ry. oper.income $1.759,262 31.923,409 $2,092,374 $1,260,702
625,861
415,454
Eq.& it. fac. rents (net) df357,673 def507.459
$845.248
Net oper. income_ _ 11.401,389 $1,415,920 81,466,513
tarLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1881
Norfolk & Western Ry.
1932.
1931.
1933.
1930.
Month ofSeptember2,268
2,282
2,184
2,240
Aver, mileage operated..
Net ry. oper. income___ $3,152,790 $2.127,108 $2,377,048 $3,248,174
165,320
120,830
319,453
280,236
Other inc. Items (bal.)__
$3,273,620 82,292,428 $2,696,501 $3,528,411
GrossIncome
339.645
329.672
363.008
411,020
Int. on funded debt
82,943,947 $1.952.783 $2,333,493 $3,117,390
Net income
Prop, of oper. expenses
49.61%
52.89%
59.43%
to operating revenues_
59.95%
Prop,of transp. expenses
22.96%
24.69%
22.69%
19.08%
to operating revenues_
9 Mos.End.Sept.30
2,268
2,253
2,227
2,240
Aver. mileage operated.
Net ry. oper. income---$17,647,046 $11,464,611 817.075,533 $25,526,991
1,342,263
1,964,052 2,054,063
Other Inc. items (bal.),.,. 1.147,078
$18,794.124 812.806,874 819,039.585 $27,581,055
Gross income
2,914,709 3,104,492 3,429,604 3,720,340
Int. on funded debt
815.879.415 $9,702,382 $15,609,980 $23.860,715
Net income
expenses
Prop, of oper.
56.55%
63.92%
63.63%
59.50%
to oper. revenues_ _
Prop'n of transp. exp.
26.51%
22.11%
26.24%
23.87%
to oper. revenues
Last complete annual report in Financial Chronicle April 1 '33, p. 2231
1217-
Pennsylvania RR. Regional System
9 Mos, End.Sept. 30.
Months of September
1932.
1933.
1933.
1932.
$
$
Revenues22,859,054 19.218,327 179.744.579 176,325,424
Freight
5,045,004 4,854,623 38,933,320 46,983,902
Passenger
938,501 8,153,512 8,861,875
884.680
Mail
648,829
580,347 3,612,049 4,755,528
Express
592,980
571,443 5,011,955 5,455.024
All other transportation
840,889 7,225,286 8,585,642
1,007,860
Incidental
41,819
38,507
318,987
356,888
Joint facility-credit__ 5,893
6,033
76.466
58,600
Joint facility-debit
Ry.oper. revenues,.,. 30,974,333 27,036,604 242,941,088 251,167,818
ExpensesMaint. of way & struc's 2,568.456 1,752,318 19,620.115 20,167,868
Maint. of equipment--- 5,880.795 4,787,568 46.953,628 49,835,110
509,296
525,935 4.561.892 5,598,738
Traffic
9,911.057 9,172,361 83,757,251 94,298,318
Transportation
334,230
320,100 2,668,615 3,353,478
Miscellaneous oper
1,242,254 1.364,510 11,193,952 12,748,818
General
Transp.for investment
14,487
366,755
6.177
416,248
Credit
Ry.oper. expenses... 20,431,601 17,916,615 168,339,205 185,635.575
Netrev.from ry.oper. 10.542,732 9.119,989 74,601,883 65.532,243
Railway tax accruals _
Uncollectible ry. rev,.,.,.
2,555,500
5,080
2,857,411 19,216,900 21,486,294
61.657
7,493
88,703
Ry.oper. income___7,982,152
6,255,085 55,296,280 43,984,292
Equip.rents-dr.bal- -_
Jt.facility rents-dr. bal.
Missouri-Kansas-Texas Lines.
1931.
1930.
1932.
1933.
Month ofSeptember2,393
3,188
3,294
3.294
Mileage operated (avg.)..
$2,516.431 82.294.914 82.948,496 83.921,429
Operating revenues
1,667,967 1,485.197 1.912.099 2,435,233
Operating expenses
680,367 1,206.421
501.715
632,703
Available for interest__
405,714
406,180
405.248
404,369
Int.chga..incl• ad.'. bds.
$800,241
8274,652
896.466
$228,333
Net income
9 Mos. End.Sept. 30
3,223
3,188
3,294
3,294
Mileage operated (avg.)818.356,297 $19.999,810 825.703.795 $33,703,193
Operating revenues
14,133.390 14.677.378 19.219,072 23.586.471
Operating expenses
Available for interest--- 1.442,052 2.383,894 3,174,285 6.781.942
Int.chgs.,incl. adj. bds. 3,639,534 3.647.444 3,651.685 3,673.416
def$2,197,482def$1263.550 def$477,400 $3,108,525
Net income
O'Last complete annual report in Financial Chronicle May 13 '33, p. 3330
780.934
160,793
7,337,697
1,262,181
7.602,383
873,954
Net ry.oper.Income__ 7,052,093 5,313,358 46,696,402 35,507.955
The figures shown in this statement do not include the results of operation
of the West Jersey & Seashore Railroad for the period subsequent to June
24 1933, that road having been leased to the Atlantic City Railroad (Pennsylvania-Reading Seashore Lines), effective June 25 1933. The figures
for the year 1932 include the results of operation of the West Jersey & Seashore Railroad for the entire period covered by this statement.
OrLast complete annual report in Financial Chronicle April 8 '33, p. 2410
Maine Central RR.
1930.
1931.
1932.
1933.
Month ofSeptember$875,456 81,224,174 $1,637,278
Railway oper. revenues.. $972.817
127.514
32,215
50,020 def13,330
Surplus after charges
--9 Mos. End.Sept.30811,630.591 $14,600,614
Railway oper. revenues. $7,830,289 $8.668.777
863,747
113.539
25,672 def378,816
Surplus after charges.....
rirLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2081
769,494
160,565
Pere Marquette Ry.
Month ofSeptemberNet railway oper.income
Non-operating income--
1933.
8109.392
28,068
1932.
1931.
$15,502 def$10,380
46,613
29,164
1930.
$556.312
49.149
Gross income
Interest on debt
Other deductions
$137,460
298,161
14,631
$62,115
303.424
11,813
$605,462
267,174
9,874
$18.783
304.205
13,504
def$175,332 def$253,122 def$298,986
8328,412
Net Income
Inc. appllc. to sink, and
31
4
other reserve funds_
def$175,332 def$532,154 def$298,991
8328,412
Balance
-9 Mos. End. Sept. 30 $1,211,221 def$71,340
$876.555 $3,900.388
Net railway oper. Inc
361,076
332,590
462,439
410.701
Non-operating income
$339,361 81,209.134 $4,462.828
$1,572,296
Gross income
2,087.121
2,691.182 2,718,568 2,682.181
Interest on debt
94.082
141,313
117,207
120,215
Other deductions
def$1.260,200 df$2,496,414=1,593,261 $2,181,624
Net income
Inc. applic. to sink, and
2,049
2,222
2,606
1,236
other reserve funds.-def$1,262,805df$2.498,463d1$1,594.498 $2,179.401
Balance
Vi'Last complete annual report in Financial Chronicle May 20 '33, p. 3525
Financial Chronicle
St. Louis-San Francisco Ry. System.
Volume 137
Month of September-1933.
1932.
1931.
1930.
Operated mileage
5.890
5,890
5.883
5,890
Freight revenue
$3.097,429 $3,186.566 $3.882.116 $5,174,736
Passenger revenue
199,184
240,594
411,496
609,008
Other revenue
318,184
287,741
550,448
385.775
Total oper. revenue
43,584,355 .3,745,344
Maint of way & struc_
629,098
522,775
Maint. of equipment_ _ _
770.947
839.171
Transportation expenses 1,177,364
1,213.608
Other expenses
290.498
254,659
4.679,388 $6,334,193
890,388
559,334
982.552
854,491
2,101.640
1,597,021
378.830
342,266
Total oper. expenses
$2,900.292 $2,797,828 53,353,112 $4.353.412
Net ry. oper. income__ _
1.588.996
940,912
542.727
407.050
9 Mos.End. Sept.30
Operated mileage
5,8905,891
5,821
5,890
Freight revenue
$26,054,922 $26,590.937 *36.180,770 $45,657.912
Freight revenue
1.712.505
2,475,718 4,336,345 6,592,631
Other revenue
2,851.996
2,500,451
3,823,575 4,795.434
Total riper. revenue._$30,267,878 531.918,651 $44,340.690 $57,045.977
Maint.of way and struc_ 5,206,581
4,612,107
7.493.886
5,014.146
Maint. of equipment_ - 7,086,313 7,069,703
7.921,293 10,505,622
Transportation expenses 10,334,894 11,562,288 16.054.771 19.913,340
Other expenses
3.294,435
3.386,635
2,710.939
2,306.237
Total oper.expenses_ _$24,934.026 $25,955,036 $32,376,844 341,207.284
Net ry. oper. income_ _ _ 2,102,508
8,007.346 12,354.993
2,155,605
ICV'Tast complete annual report in Financial Chronicle May 27 '33, p. 3713
St. Louis Southwestern Ry. Lines.
Month of September
Net ry. oper. income_ _ _ _
Non-operating income__
1933.
$181.685
8,611
1932.
$45.725
9.194
1931.
$248,840
10,900
1930.
$92,407
9,242
Gross income
Deduct,from gross Inc
$190,296
278,158
$54,919
287,554
$259,740
250,041
$101,650
244.828
Net income
$9,698 def$143,178
def$87,862 def$232,635
9 Mos. End.Sept. 30
Net ry. oper. income_ _
$1,216,919 def$299,352 81.709,567 $1,777.368
Non-operating income_.
104,627
98,908
114,371
65.342
Gross Income
Deduct,from gross Inc
$1,282,261 def$200.444 51,814.194 $1,891,739
2,470,904
2,090,606
2.238,889
2,575,504
Net deficit
8198,866
$44,695
$1,293,243 $2,671,348
10 Last complete annual report in Financial Chronicle May 13 '33, p. 3336
-
Soo Line System.
(Minneapolis St. Paul & Sault Ste. Marie Ry. Co.)
Month of September
1930.
1931.
1932.
1933.
Net after rents
8275,521 51,491.545
$357,860
$558,358
Other income net
-Dr._
24,791
99,990
98,887
81.462
Int. on funded debt
-Dr
565,272
506,556
510.250
575,165
Net deficit
Division of net between
Soo line
W. C. Ry. Co_ dot..
_
$98.268
$251,278
Cr12,767
111,035
Cr12,636
263,914
8331,025 Cr$901,4S0
Dr168,710
162.314
Cr966.366
64,886
System
Dr$98.268 Dr$251,278 Dr$331,025 Cr9$01,480
9 Mos.End. Sept. 30
Net after rents-Dr. _
3565,036 $3.189,321
$692.866 $1,615,329
Other income
-Dr
155.007
417,774
845,503
828,223
Int. on funded debt
-Dr 5,187,930
5,045,183
5,062.698
4.698.453
$5,323,287 37,159,285 34.915,435 $2.010,869
DIVIS1011 of not between:
Soo lino
-Dr
3,005.513
478,081
4.537,449
3,790,518
W. C. Ry. Co -Dr.. 1,532,769
1,909.922
2,621.836
1,532,787
System-Dr
$5,323.287 $7,159,285 $4,915,435 $2,110,869
arLast complete annual report in Financial Chronicle Apr. 22 '33, p. 2791
Southern Pacific Lines.
Mont'? ofSeptember
1931.
-1933.
1932.
1930.
Aver. miles of road oper_
13,701
13.814
13,496
13,843
Revenues
Freight
59.545,014 59,603.713 512.550.780 $18,352.674
Passenger
2,562.272
1,749,783
1.570,646
3,402,280
Mail
384,335
303.886
306,506
401.009
Express
351,906
275,822
439.848
546,542
All other transportation_
307.110
371.149
447.212
496.478
Incidental
294,297
285,692
430.165
525,938
Joint facility-Cr
10,166
18,962
9.956
24.012
Joint facility-Dr
35,881
44,708
53.253
75,107
Railway oper. revs__ -$12,320,288 $12,584,771 $16,780,321 $23,673,828
Expenses
Mann. of way & struc
1,154,878
1,283,758
1,902.012
2.505,763
Maint. of equipment_ _
2,193,732
2,110.936
2,582.749
3.330,330
Traffic
356,584
422.328
502.561
529,194
Transportation
4,321.249
4,498.616
5.959.375
7,421,174
Miscellaneous
196,412
203,798
311.131
351,784
General
732,337
779.966
824,717
907.095
-Dr.
Transport.for Inv.
12.958
17.350
23,919
124,458
Railway elm'. exp..- $8,942,234 59,282,050 $12,058,625 $14.920,882
Income
Net rev,from ry. oper.- 3,378,053
3,302.720
4,721,696
8,752,945
Railway tax accruals__. 1,059.182
1.184,992
1,423.176
2.804.067
Uncollectible ry. revs
17.219
5,896
4,544
5.291
Equipment rents (net)._
489.121
580.574
563.027
822,448
Joint facility rents (net)_
23,105
20,740
27,550
51.795
Net ry. oper. income- $1,789,426 51,510,518 52,703.399 56.069.342
9 Mos.End.Sept. 30
Aver. miles of road oper13.580
13,718
13,820
13.842
Revenues
$72,370.714 $80.527,821$114,466,274$146,674,999
Freight
13.199,953 17.304,700 26.194.229 33.960.431
Passenger
3,213.814
2.929.564
Mail
3.511.296
3,649,229
2,350,465
Express
2,653.103
3.861.735
4.878,340
2,755.040
3,781.680
All other transportation- 2,544.539
3.854,910
2,099,925
Incidental
2,734,566
3,838.871
4,962.106
101.057
91.122
169.757
Joint facility-Cr
217.715
510.214
632.288
763.486
Joint facility-Dr
950,670
Railway oper. revs---$95.076,067$108,657,8135155.060,3553197.247.061
ExpensesMaint.of way and struc_ 9.913,723 12,877.770 19,479.788 25,766,715
Maint. of equipment-__ 18.335.954 20.507.342 27,153.789 35.342.264
3.473,087
3.958.319
4.837.488
TraffIc
5.550.177
Transportation
35.870.581 41.614.261 56.767,411 67.542.890
1.610,419
Miscellaneous
1,997.346
2.845,504
3.642.267
6.832.064
7.258.502 7,782.151
General
8.610.676
-Dr-158.216
124.508
472.031
Trans. for invest.
1.299.800
Ity.oper.expenses_-_$75.911.320 $88,055.3233118,394.1013145,155,191
Income
Net rev, from ry. oper__ 19,164.747 20,602,490 36,666.254 52,091.869
10,536,775 11,901.964 12.824.560 14,607.909
11y. tax accruals
91.640
45,768
48.429
Uncoil. ry. revenues_ _ _ _
60,422
-Dr.. 4,109.661
5,120.224
5,911 837
Equip. rents (net)
: 5
--Dr _
349.130
348.625
facil. rents(net)
Jt.
Net ry. oper. Income_ 54.077.541 $3,185.908 317.837,361 831.049,304
ia"Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2967
6.173m
3133
Texas & Pacific Ry.
Month of September1933.
1932.
1931.
1930.
Operating revenues__ _ _ $1,682,288 $1,743,738 $2,124,550 $2.990,508
Operating expenses_ _ _ _ 1,142.404
1.196.237
1,543,175
2,066.769
Net rev, from oper _ _ _
$539.884
5547,501
$581,375
$923,739
Railway oper. income__
437.473
456,950
456.875
778,638
Net ry. oper. income_.
369,860
372.394
334.446
652.097
Gross income
404.480
404,895
686,867
Net income
52.087
52,063
9,856
353,809
9 Mos. End.Sept. 30
Operating revenues
514.895.229 $15,712,565 523.224,463 $28,880,941
Operating expenses.... 10,395,956 11,231,589 15.812,105 20,200,832
Net rev,from oper
54,499,273 $4,480,976 57.412,358 $8.6K,109
Railway oper. income
3,581,946
3,462,006
6,162,357
7,114,019
Net ry. oper. income_ _ - 2,523,488
2,306,595
4,425,402
5.340,652
Gross income
2.799,777
2.655,459
5,697,602
Net income
def401,465 def557,633
1,541,713
2,646,580
PO Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2968
-
Union Pacific System.
Month of September1933..
1932.
1931.
1930.
Operating Revenues
Freight
89.110,011 $9,563,974 511,920.851 316,256,580
Passenger
1.039.915
932,8621,412.579
1,815,127
Mail
331,953
380.408
356,189
381.760
Express
109.157
259.556
157,564
289.855
All other transportation_
251.842
381.776
225,568
406,954
Incidental
159,243
219.256
144,673
279,161
Railway oper. revs...$11,002,121 $11,380,830 $14.574,426 $19,429,437
Operating ExpensesMaint. of way & struc
936,529
960,548
1.197.415
1.997.937
Maint. of equipment... 1,768,713
2,153.796
1,612.471
2,948,212
Traffic
235,492
301,138
201,386
344.636
Transportation
3,169,885 3,232,767
5,244.860
4,262.133
Miscellaneous operations
224.373
138,985
134,742
295,868
General
499.262
448,806
646.791
668,832
Transp. for invest.-Cr_
423
Railway oper. expens_ $6,684,079 $6,655,506 $8,785,646 311,499,922
Income Items
Net rev, from ry. oper.. 4.318.042
5.788.780
4.725,324
7.929.515
Railway tax accruals_ _ _ 1,043.482
1,248,515
980.893
620,765
Uncoll, railway revenues
657
771
2,531
639
Ry. oper. Income....$3.273.903 $4 102,028 54,807,116
Equipment rents-Dr..
760,478
847,502
787,935
Joint fac. rents, not
-Dr
41,233
56,814
47.909
56,680,351
1,145,657
57.178
Net railway oper. Inc_ $2,516.611 $3,266,184 53.918.381 85,477,526
Aver, miles of road oper.
9.796
9,866
9,843
9,859
Ratio of exps. to rev_ _ _ _
60.28%
60.75%
58.48%
59.19%
9 Mos. End.Sept. 30
Operating Revenues
Freight
$64,688.322 $68.190,046 $93,867,989 5109118.180
Passenger
7,004,025
8,393.675 12.925,313 16.846,209
Mail
3.043,200
3.251,000 3,563,554
3.695,711
Express
1.020,741
2.141.575
1,378,565
2,893,400
All other transportation_ 1.918,663
3,037.074
2.350,478
3,826.494
Incidental
1,198.362
1.329.072 2,175.797
2,382.184
Railway oper. rev_ _378,873,313 384.892.836 5117711.302 5138762,178
Operating ExpensesMatnt of way & struc
.
7.799,897
8.362,257 16.267.372 18.380.491
Maint. of equipment
13,776,008 14,596,617 22.617.864 26,096,962
Traffic
2,002,108
2,523,229
3.288,063
3,634.952
Transportation
24,959,784 28,349,518 37.187.790 42.674,682
Miscellaneous operations 1.006.887
1,346,346
2,251.343
2,638.451
General
5,056.423
4,472.358
6,087.638
6,012,967
Transp. for invest.-Cr.
4ef642
5,998
423
Railway oper. ens._ _$54,017,042 $60,235,032 $87,694,072 $99.438.082
Income Items
Net rev, from ry. opers_ 24.856.271 24,657,804 30.017,230 39,3241196
Railway tax accruals _ 8,783.482
9,047,194 10,818,993 11,777.337
Uncoil, railway revenues
10,710
10,331
12,095
6.156
Railway oper. incomo.$16.060,694 $15,599.900 $19,187.906 $27.540.603
Equipment rents-Dr.. 4.092,213
5,173.251
4.541,204
4,886.714
Joint fac. rents, net
-Dr.
437,224
398.643
457,416
412,566
Net railway oper. inc_$11,569,838 $10,621.472 $13,602.089 $22,196.473
Aver. miles of road oper.
9.876
9,861
9.842
9.807
Ratio of exps. to revenue
68.49%
74.50%
70.95%
71.66%
rO"Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2962
Earnings of Large Telephone Companies.
-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
August 1933
August 1032
8 months ended Aug. 31 1933
S months ended Aug. 31 1932
Operating
No. of Co. Operating
Stations in Revenues. Expenses.
Service.
$
S
14,368,127 79,356,279 55,699,732
15,635,065 82,805,430 60,924.802
633,038.528 451,473,868
705,476,352 512,288,761
Operating
Income.
$
16,382,543
14,345,959
120,811,167
129,619,210
INDUSTRIAL AND MISCELLANEOUS CO'S.
Abbott Laboratories.
Earnings for Six Months Ended June 30 1933.
Net income after charges
3236.490
Earnings per share on 145.000 shs, capital stock
51.63
arLast complete annual report in Financial Chronicle May 20 '33, p. 3537
Air Reduction Co., Inc.
Period End. Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Gross income
53,960,045 52.884.190 310.977.727 59,376.316
Operating expenses
2,351.527
Reserves
423,869
397.954
1.207.278
1,246.327
Federal taxes (est.)
39,604
173,162
334.078
170.980
Net profit
51.037,402
5425.920 $2,137.324 $1,667.130
Shs.stk. outst.(no par)._
841.288
841 288
841,288
841,288
Earnings per share
$1.23
$2.54
$9.50
$1.98
itCY'Last complete annual report in Financial Chronicle Jan. 28 '33, p. 659
Alabama Power Co.
(A subsidiary of The Commonwealth & Southern Corp.)
-Month of September- -12 Mos. End. Sept. 301933.
1932.
1932.
1933.
Gross earnings
31,374,567 51,326,696 515.475,852 516.081,791
Oper. exps. incl. maint
385.891
406.184
4,439.101
4,826.286
Taxes
193.886
159.450
1,973.454
2,087.282
Fixed charges
390.457
385,945
4,591.307
4.673,487
92,683
Prov. for retire. reserve_
77.900
934.350
1.030,950
$311,648
Net income
$297.216 53,245.030 53.756.391
Divs. on pref. stock....
195.192
2,340,097
2342.171
195.079
Balance
$116,455
5102,137
8902.859 31,416,294
"Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2597
3134
Financial Chronicle
Allis-Chalmers Mfg. Co
Period Ended Sept. 30- 1933-3 Mos.-1932. 1933-9 Mos.-1932.
Billings
$4,029,358 $3,840,485 $9,407,976 511,155,557
Unfilled orders
5,873,753 6,882,843
Oper. losses before deducting deb.int. & depreciation
978,245
1,098,631
27,467
193.142
Loss after deducting deb.
int. & depreciation
2.040.440 2,349,694
381,532
543,796
KR"Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1877
American Bank Note Co.
(And Subsidiaries)
Period End.Sept. 30
1933-9 Mos.-1932.
- 1933-3 Mos.-1932.
Earnings
$168,453
$62,747
$113,482 def$136,514
82,626
104.241
Miscellaneous income_ _ _
28,209
24.795
Total income
Depreciation
Other deductions
$138,277 def$108,305
74.932
73,720
19,622
15.327
Net income
Pref. div. for sub
Preferred dividends_ _ _ _
6251,079
220.836
57,469
$166,988
224.845
62.499
644,935 def$198,564 def$27,227 def$120,356
19,243
23,464
7,288
7,326
67.435
202.304
202,304
67,434
$346.124
Deficit
$248,774
$29,825
$273.287
IZTLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1377
American-Hawaiian Steamship Co.
1933.
1932.
9 Months Ended Sept. 3056.548.966 $5,595,343
Gross earnings
5,648.846 5.776.379
Expenses
Operating profit
Other income
$900,120 loss$181,036
15.040
55.192
Total income
Interest
Depreciation
Loss on sale of securities
$915,160 loss$125,844
3,437
4,783
363,555
369.639
43,515
$548,168 loss$543,781
Profit before Federal taxes
September profit before Federal taxes was $149,072 against net loss of
$8,462 in Sept. 1932.
arLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2071
American Hide & Leather Co.
3 Mos.End.
12 Weeks Ended
Sept.30'33. Sept.17'32. Sept. 19'31. Sept. 20'30.
PeriodOper. profit after deprec.
$379,719
$148,048
x$29,056
int. and res.for exp-$27,145
64,700
Res,for income taxes-x$29,056
Net profit
$315,019
$148,048
$27,145
x Profit before inventory adjustment.
annual report in Financial Chronicle Sept. 9 '33, p. 1939
ItZPLast complete
and Aug. 26 '32, p. 1581.
American Ice Co.
(and Subsidiaries)
Period Ended Sept. 30.1933-3 Mos.-1932. 1933-9 Mos.1932.
Net profit after deprec.& Fed.
taxes
$777.066 $984,082 $973.618 $1,411,820
Earns, per sh. on 559,200 shs.
corn. stk. (no par)
$1.01
$0.62
$1.40
$1.38
rjg Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1721
American Machine & Metals, Inc.
(And Subsidiaries)
1933-9 Mos.-1932.
Period End.Sept. 30- 1933-3 Mos.-1932.
$132,484
$ 99,249
$327,256
$341,169
Gross profit on sales_
138.970
148,115
47,134
41,200
Interest, discount, &c__
$179,618
165,306
14,179
25.711
Gross hacorde
Costs and expenses
Depreciation
Interest on bonds
Loss
Profit on retire, of bonds
$140,449
154,646
22,280
29,478
$466,226
441,560
46,012
77,832
$489.284
552,718
63,046
91.398
$25,578
10,150
$65.955
54,625
$99,178
62,566
$217,878
112,773
$11,330
$36,612
$105,105
$15,428
Net loss
IZ'Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2071
American Metal Co., Ltd.
1933-9 Mos.-1932.
1933-3 Mos.-1932.
Period End.Sept. 30
Net profit after taxes,
inv, adjust., deprec.,
$38,041 y$1,412,569
depl. & other charges_ x$104,010 y$791.116
Earns, per sh. on 66,670
Nil
Nil
$0.57
$1.56
shares of pref. stock
x Does not include net profit of $737,060 from sale of certain securities,
which is being held in reserve. y Loss.
tarLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1378
American Power & Light Co.
(And Subsidiaries)
1932.
1933.
12 Months Ended Aug 31.
Subsidiaries
$72,377.831 $77,428,650
Operating revenues
35,532,725 36,419,574
Operating expenses, including taxes
Net Revenues from operation
Other income
$36,845.106 $41,009,076
666,792
315,919
Gross corporate income
Interest to public and other deductions
Interest charged to construction
Retirement reserve appropriations
$37,161,025 $41,675,868
16,597.588 16,632,017
Cr155,490 Cr509,100
4,680,026 4,509,967
Balance
$16,038,901 621,042,984
Preferred dividends to public(fun dividend requirements applicable to respective 12
-month periods
7,162,268 7,114,820
whether earned or unearned)
125,627
88.270
Portion applicable to minority interest
Net equity of Amer.Pow.& Lt. Co.in income of
$8,788,363 $13,802,537
subsidiaries
"American Power et Light Co.
Net equity of American Power & Light Co. in in$8,788.363 $13,802,537
come of subsidiaries (as shown above)
1.016.486
369,858
Other income
Total income
Expenses, including taxes
Interest to public and other deductions
$9,158.221 $14,819,023
234,638
180,820
3.109,152
3,096,257
Balance carried to consolidated earned surplus-- $5,881,144 $11,475,233
larLast complete annual report in Financial Chronicle Aug.26 '33, p. 1584
Oct. 28 1933
American Water Works & Electric Co., Inc.
(And Subsidiary Companies)
-Month ofSeptember- -12 Mos. End. Sept. 3°1933.
1932.
1933.
1932.
Gross earnings
$3,710,135 $3,533,221 $42,868,756 $45,175,479
Oper. exps., maint. &
taxes
1,808,766
1,774,774 20,621,088 22,154,314
Gross income
$1,901,368 $1,758,446 $22.247,668 $23,021.165
Int. & amortiz. of disc.
Int.& amortiz.of disc. ofsubsidiaries
8.769.458 8,704,193
Preferred dividends of subsidiaries
5,695,889
5,642,398
Int. and amortiz. of disc. of Amer. Water Works &
Electric Co., Inc
1,299,160
1,318,927
Reserved for renewals, retirements and depletion_
2,890,232 2,656,512
Net income
Preferred dividends
$33,592,927 $4,699,133
1,200,000
1,200,000.
Available for common stock
$2,392,927 $3,499,133
Shares of common stock
1,749.276
1,750.888
Earnings per share
$1.37
$2.00
10'Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1713
American Writing Paper Co., Inc.
1932.
1931.
9 Mos.End.Sept.30-- 1933.
1930.
Net sales
$33,323,381 $3,224,028 35,690,927 58.002,272
Mfg. cost of sales, adm.
3.053.920 3,176,512 5,379,271
& general expenses
7,517,841
Operating profit
Other income
$269,461
23,789
$47,516
41.443
$311,656
100.412
$484,431
76,545
Total income
Interest
Federal taxes
Depreciation
Other deductions
$293,250
231.922
$88,959
232,693
$412.068
236,348
127,697
114,901
160,401
130,937
201,510
104,600
$560.976
243.042
25,925
82,254
$181,270
$4435,072
Net loss
$130.390prof$209.755
For quarter ended Sept. 30 1933 net profit was $56,695 after taxes and
63 cents a share on 89.266 shares of $6 preferred
charges, equivalent to
stock. This compares with net loss of $56,208 in preceding quarter and
net loss of $188,457 in September quarter of previous year.
tarLast complete annual report in Financial Chronicle April 8 '33, p. 2426
Artloom Corp.
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after deprecia$92,359 1055556,910
tion, &c
$12,380 1084226,727
920'last complete annual report in Financial Chronicle Apr. 1 '33, p. 2247
Associated Oil Co.
(And Subsidiaries)
1933.
1932.
9 Mos.End. Sept.301931.
1930.
$25,822,318 $27,302,158 $30,128.011 $38,213,175
Gross earnings
20.465,262 20.573,897 22,975,457 26,670,526
Expenses and cost
Operating income__-- $5,357,056 $6.728,261 $7,152,554 $11,542,649
244,696
Other income (net)
160,934
658,956
3k2,555
,
$5.601,752 $6,889,196 $7,811.510 $11,88a,204
• Totalincome
329.563
Interest, discount, &c..436,789
561,538
678,264
Deprec. and depletion- 3,719,523 3,695.313 3.783,857 3.864.542
Cancell. leases, aband.,
150,117
wells, &c
90.903 1,607,061
2,661,185
Federal taxes
84,652
$1.402,548 $2.666,189 $1,859,054 64.596,561
1.717,809
1,946,850 3,435,618
Net income
Dividends
$1,402,548
$948,380 def$87,796 $1,160,943
Surplus
Earns, per sh. on 2,290.412shs.cap.stock (Per
$25)
$01
$j-1
Quarterly Statement.-Incomest2tement for quarter ended Sept. 30 19131
6$.81
$
2
follows: Total volume of business done, $9,077,694; expenses and costs.
$6.855.727; operating income, $2,221,968; other income (net), $22,033;
total income, $2,244,000; interest, discount and prrem. on funded debt.
$101,307; depreciation and depletion charged off, $1,272,558; property
retirements, Cr$3,327; net income for quarter. $873,462; equivalent to 38
cents per share on the outstanding capital stock.
'Last complete annual report in Financial Chronicle Mar. 15'33, p. 1878
Atlantic Gas Light Co.
-Month ofSeptember- -12 Mos.End.Sept.301933.
1932,
1932.
1933.
$169.041
$161,928 $2,264,105 $2,302,138
123,517
117.268 1,569.820 1.666.130
$45.523
Net earnings
$44,659
$636,007
$694,284
Interest & other income
40,374
charges (net)
31,065
380,369
398.231
Gross revenues
Operating expenses
Net income
Prov. for Fed inc. tax
Provison for retirements
$5,149
def323
8,091
$13,593
def26
13,831
$296,053
21,698
99.701
$255,638
4,888
249.649
def$2,618
Net income
def$211
5174,753
$1.100
la'Last complete annual report in Financial Chronicle April 29 1933, p.
2972 and April 22 1933, p. 2795.
Atlas Plywood Corp.
3 Months Ended Sept. 30-1933.
1932.
Net profit after int., deprec. and Federal taxes... 446,610
y$56,278
Earnings per share on 131.000 shares com. stock..
Nil
$0.36
x Subject to final audit. y Lees.
O"Last complete annual report in Financial Chronicle Sept.16'33, p. 2105
Powder Co.
(And Subsidiaries)
1933.
1932.
1931.
1930.
9 Mos.End.Sept.30
$6,919,619 $6,368,616 $9,589,388 $12,867,878
Net sales
Cost of goods sold, delivery and other exps- 6,487,313 6,567,785 9,091,660 11,894,063
$432,306 loss$199,139
$973,814
Net operating profit
$497,728
95,688
120,638
217,281
229,362
Other income
Gross income
Federal income tax
Net income
Surplus begin, of year.
$527.994 loss$78,500
90,954
$715,009 $1,203,177
64,378
128,077
6437,040 loss$78,500
3,878,845 4,564,487
$650,631 $1,075,099
8,355,520 8,704,229
$4,315,885 $4,485,987 $9,006,151 $9,779,328
Total surplus
396,354
408,536
405,000
443,833
Preferred dividends.._ _
183,621
784,305
784.305
Common dividends
$3,919,531 $3,893,830 $7,778,013 $8,590,024
Surplus Sept. 30
Nil
$2.56
$0.79
$0.15
Earns, per sh.on com.stk.
complete annual report in Financial Chronicle Feb.4 1933, p.837
arLast
Financial Chronicle
Volume 137
Atlantic Gulf & West Indies SS. Lines.
(And Subsidiary Companies)
-Month of August- -8 Mos.End. Aug.311933.
1932.
1933.
1932.
Operating revenues
$1,530,019 $1,458,371 314.625.442 313,017.738
Oper. exp. (incl. depr.)_ 1,482,109
1,512,529 12,840,408 12,724,445
Net oper. revenue_ _
$47,910 def$54.158 $1,785,033
$293,293
Taxes
14.731
16.700
133.097
147.158
Operating income_ _ _ _
$33,178 def$70,859 31.651.936
3146.134
Other income
4.538
4.000
45,292
73.356
Gross income
$37.716 def$66,858 31,697.228
3219,491
Interest and rentals
141.185
1,183.495
144.743
1,220.463
Net income
def$103,468 def$211,602
$513,733df31,000.972
r;frLast complete annual report in Financial Chronicle May 20 '33, p. 3395
Aviation Corp. of Delaware.
(And Subsidiaries)
9 Months Ended Sept. 301932.
1933.
Profit from operation
$1,166.868 loss$276.259
Depreciation
1.124,865
1.108.805
Profit
Other income
Profit on sale secur
1931.
$395.406
1.023.738
$42,0031055$13850641oss $628,332
270,869
313,056
478.705
207.565
Total profit
Expenses of parent company
Loss on flying equipment
Loss on sale of securities
$520,4371oss$1072008 loss$149.627
100,247
111.836
330,066
59.493
24,370
1.631,665
438.214
Net profit
3395.82010ss$2875002 loss$917.907
Earnings per share on 2.777.753 shs.
capital stock (par $5)
$0.14
Nil
Nil
The company reports for the quarter ended Sept. 30 1933, net profit of
$74,769 after depreciation, expenses, loss on sale of flying equipment
and including profit of $508 on sale of securities. This net profit is equal
to 2 cents a share on 2.777,753 shares (par $5) capital stock and compares
with a net loss of $309,630 in the September quarter of 1932.
al Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2613
-
Baldwin Locomotive Works.
V12 Months Ended Sept. 30Sales
Costs and expenses
Depreciation
1933.
1932.
$7,728,372 314.653,472
9,329.552 16,365,240
1,847.433
1.877.753
Operating loss
Other income
53,448,613 $3.589,521
769.808
800.810
Loss
$2.678.805 32.788.711
Interest, &c
1,367.400
1.520.640
Midvale Co. minority interest
Cr41,382
Dr2.573
V
Net loss
54.004,823 34.311,924
la'Last complete annual report in Financial Chronicle Jan. 28 '33, p. 653
Barnsdall Corp.
(And Subsidiaries)
Period End.Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after int., taxes,
dePrec., intangible development costa, &c__
$110,770
$108,702 31,946.069
3468.643
Vi"Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1710
Beech-Nut Packing Co.
(And Subsidiaries)
9 Mos.End. Sept.301933.
1932.
1931.
1930.
Net profits
x$1,244,528 x$1,427,359 x$1,618,079 y$2,288,852
Previous surplus
7.853,265
7,671.826
7,589,625 6.387,563
Adjustments
Cr18,254
Cr365
Dr5,438
Crl.838
Total surplus
$9.116,047 39,093.746 39,208,070 58.678.253
Dividend (cash)
1,004,299
1,004.299
1.004,299 1,004.298
profit & loss surplus
$8,111.748 $8,089,447 $8,203,771 37.673,954
shs.com.outst.(par $20)
446,250
446.250
446.250
446.250
Earnings per share
$2.79
$3.20
$3.63
$5.13
x After Federal taxes. y Before Federal taxes.
'Last complete annual report in Financial Chronicle Mar. 4 '33,
p. 1554
Belding Heminway Co.
Period End.Sept.30- 1933-3 5fos.-1932.
1933-9 Mos.-1932.
Gross operating profit.._
$487,137
3317.880 31.243.339
3730.592
Expenses
241.905
274,488
759.172
755.264
Operating profit
$245.232
343.392
3484,167 loss$24.672
Other income
5,676
27.637
36,122
51.672
Total income
$250,908
371.029
3520,289
$27.000
Depreciation
17,369
8.889
44.173
38.958
Interest
7.068
11,338
24,082
30.088
Other deductions (incl.
Idle plant expenses
16.280
31.225
74.826
190.998
Net profit
$210,191
$19,577
$377.208 I055$233,044
Earns. per sh.on 465.032
shs. cap.stock (no par)
$0.45
30.04
30.81
Nil
arLast complete annual report in Financial Chronicle April 1
'33, p. 2247
Bethlehem Steel Corp.
(And Subsidiaries)
Period End.Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Total income
34,879,146 def$541,756 $5.682.561 31.161.075
Interest charges
1,697.488
5,009.465
5.197.656
Prov. for deprec., obsol. 1.688,534
and depletion
3.473.709
3.186.480 10,038.490
9.746,178
Net deficit
$283,097 35,425.724 39.365.394 313.782.759
preferred dividends
1.645.000
Balance. deficit
$283,097 $5,425.724 39,365,394 315.427.759
The value of orders on hand Sept. 30 1933 was 372,155.458. as compared
with $42,647.681 at the end of the previous quarter and $23.598.882 on
Sept. 30 1932.
Operations averaged 40.8% of capacity during the third
1933, as compared with 28.7% during the previous quarter, quarter of
during the third quarter of 1932. Current operations are at and 13.3%
the rate of
approximately 24% of capacity.
nirLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1710
(Sidney) Blumenthal & Co., Inc.
(And Subsidiaries)
Period End.Sept.30- 1933-3 Mos.-1932.
Earnings from operation $483,220 loss$66,441 1933-9 Mos.-1932.
3343,327
$579,379
Amt.set aside for deproc.
96.469
91,939
288.458
290,916
Net income
$386,751 loss$158,380
$54,869 1055$870,295
iL; -Lost complete annual report in Financial Chronicle
9
Feb. 25 '33, p. 1379
3135
Bell Telephone Co. of Penn.
Period End. Sept. 30.1933-3 Mos.-1932. 1933-9 Mos.-1932.
Net income after deprec.
taxes int., etc
$1.409.311 31,195.789 $4.439,803 35.324.003
tO Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1012
-
Bon Ami Co.
(And Subsidiaries)
9 Mos.End.Sept.301931.
1930.
Gross profit on sales_ __ _ 31,814,139 31,857.504 31,955.444 32.095.951
1933..
.
Profit before deprec., &c 1,050,620
1.010.246
1,150.804
1,228.784
Depreciation
54,121
50,335
46,856
51.856
Federal taxes
117.744
124,585
128.392
132.339
Proportion applicaple to
minority interest
62
56
94
82
Net profit
3848,693
$835,270
3975.462 $1,044,507
Earns. per sh. on 100.000
shares class A stock
x$8.48
x$8.35
39.75
$10.44
x Under the participating provisions of the shares, earnings are equivalent
to $3.87 a share on 100.000 no par shares or class A stock and $2.31 a share
on the 200,000 no par shares of class B stock. This compares with 33.80
a share on the class A and $2.27 a share on class B stock in the first nine
months of 1932.
The class A stock is entitled to $4 per annum, then after class B stock has
received $2.50 per annum, both issues participate equally as a class in
further distributions.
IZ'Last complete annual report in Financial Chronicle Mar. 4 '44, p. 1554
Borg-Warner Corp
(And Constituent Companies)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after deprec..
taxes. int., &c
3650,931 loss$468,469
3986.103 loss$32.508
Shares of common stock
outstanding ($10 par) 1,150,904
1,209,635
1,150.904
1,209.635
Earnings per share
Nil
$0.51
30.70
Nil
rO'Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1889
Brazilian Traction Light & Power Co., Ltd.
Gross earns.from oper
Operating expenses
-Month of September- -9 Mos. End. Sept.301933.
1932.
1933.
1932.
$2,450,869 $2,241,861 321,362.167 $22.691.127
1,061,936
965,177
9,593.556
9,566.717
Net earnings
31,388,933 31.276,684 511.768,611 313.124,410
The operating results as shown in dollars are taken at average rates of
exchange. They have been approximated as closely as possible, but will be
subject to final adjustment when the annual accounts are made up. Reserves
for possible increase in taxes and other charges previously referred to and
exchange differences have again adversely affected the earnings In comparison with the same month last year, but this comparison is more favorable on account of the disturbed conditions in Brazil in September 1932.
The above figures are also subject to provision for deprec. and amortiz'n.
Owing to exchange and remittance difficulties the rate ofexchange adopted
for the month is necessarily arbitrary although less than the official rate
which is nominal only.
tarLast complete annual report in Financial Chronicle July 1 '33, p. 133
Briggs & Stratton Corp.
Period End. Sept. 30.1933-3 Mos.-1932. 1933-9 Mos.-1932.
Net profit after charges and
taxes
$126.292
$3,773 $187,925
517.817
Earnings per sh. on 300.000
shs. outstanding (no par)_
$0.42
$0.01
$0.62
$0.06
IZPLast comp:ete annual report in Financial Chronicle Apr. 8 '33, p. 2428
Brooklyn Edison Co., Inc.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-12 Mos.-1932.
Sales of electric energy
(kilowatt-hours)_
_ 255.918,757 242.116.202 1047,308109 1076.783489
Sales of electric energy-- 39.739,710 $9.838,434 $44,400,422 546.268.880
Miscellaneous income __
485.399
530,455
1.960.805
1.791.508
Total oper.revenues310,225,108 310,368,889 346.361.227 348.060.388
Operating expenses
4,414,801
4,877,147 18.653,203 21.357.622
Retirement expense.._ _ 1,029,373
962,089
4,752.,36
4,735.581
Taxes (incl. provision for
Federal income tax)__ 1,905,575
1,593.426
7,038.638
6,209.239
Operating income__ __ $2,875.360 32,936,228 315,916.649 315.757.946
Non-operating revenues
177.942
187,611
787,849
541 807
Non-oper. rev. deduct'ns
10,921
10,517
167.692
92,631
Gross corporate Inc__ $3,042,380 $3,113,321 316,536.806 $16.207.121
Int. on long-term debt__
837,288
837,455
3,349,510
2.846.781
Miscell. Int., amortization of debt disct. and
exp. & misc. deduct'ns
65,608
65,677
262.434
320.882
Net income
$2,139,484 52,210,190 512,924.862 313.039.457
PO Last complete annual report in Financial Chronicie Feb. 25 '33, p. 1373
-
Brunswick-Balke-Collender Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after deprec.,
deplet
.& 0th. chgs x$50.700
3265,226 x$452.822
3848.146
x After inventory adjustments of $6,223 for the 3 months and $44,138
for the nine months.
larLast complete annual report in Financial Chronicle Apr. 22 '33, p.2802
Central Illinois Electric & Gas Co.
-Month ofSeptember- -12 Mos.End.Sept.3°1933.
1932.
1933.
1932.
$309,568
$312,904 $3,916.743 $4.309.502
182,355
182,233
2,174.764
2,252,864
Gross revenue
Operating expenses
Net earnings
Interest & other income
charges (net)
3127,213
$130,671
77,653
76.901
Net income
Prov. for Fed. inc. tax_
Provision for retirements
$49,559
537
44,677
$53,769
1
53.751
$1,741,979 32.056.638
928.003
916,157
3813.975 31.140,480
31.826
31.236
524.647
664,849
Net income
$4,345
515
$257,502
$144,394
lcarLast complete annual report in Financial Chronicle April 8 '33, p. 2419
Central Indiana Gas Co.
-Month ofSeptember- -12 Mos.End.Sept. 301933.
1932.
1933.
1932.
$102,380
3101.324 31.198.394 51,453,163
77,944
80,798
920.698
1.081.963
Net earnings
$24,436
$20.526
8277.695
$371.200
Interest & other income
charges (net)
24.917
24,595
298,142
293,850
Net income
def$480
def$4,069 defS20,447
$77,350
Prov. for Fed. inc. tax_
8.171
Provision for retirements
5,182
6,240
61.816
144.566
Net deficit
$5,663
310,309
382,263
S75,387
1:17 Last complete annual report inFinanical Chronicle July 19 '33, p.
862
Gross revenues
Operating expenses
Financial Chronicle
3136
Columbus Ry., Power & Light Co.
Canada Northern Power Corp., Ltd.
-Month of September- 9 Mos. Ended Sept. 30
193'.
1933.
1932.
1933.
$309,361
$287,609 $2,700.326 $2,561,080
802.166
816,235
90.559
91.404
Gross earnings
Operating expenses
$197,950 $1,884,091 $1,758,884
$217,957
Net earnings
Last complete annual report in Financial Chronicle mar. 25 '33, p. 2066
1N-
Central Power & Light Co.
(And Subsidiaries)
Period Ended Sept. 30 1933Electric revenues
Ice revenues
Water revenues
Railway revenues
Bus revenues
Non-operating revenues
3 Months. 9 Months.
$1,174,156 $3,332,308
1,429.778
454,653
438,077
149,316
8.292
25,197
26,598
10,937
Dr.9.719 Dr. 4,951
Total gross earnings
Operation
Maintenance
Provision for retirement
State and local taxes
Federal income taxes
Interest on funded debt
General interest
Amortization of bond discount and expense
Interest charged to construction
$1,787,633 $5,247,007
2.147.032
731,506
210,437
83,119
465,778
155,126
439,896
154,184
27,491
7,526
1,366,968
455,806
33,751
10.260
49,239
147.737
Cr36
Cr24
$146,891
105,299
Net income
x Preferred stock dividends
$407,952
351,126
$56,826
$35.591
Balance
x Exclusive of cumulative preferred dividends from Jan. 31 to Sept. 30
to $280,842 which have been suspended.
1933 amounting
TO Last complete annual report in Financial Chronicle Apr. 1 '33, p. 2235
Balance, surplus
$1,260,349 $1,449.863 $1,902,367 $1.356,641
Commercial Credit Co.
(And Subsidiaries)
19:33-3 Mos.-1932.
1933-9 Mos.-1932,
Period End.Sept.30Gross volume
$62,774,034 $29,905,884 $138791,936 8117047,570
Net income after charges
505,087
906.404
1,854,059
1,837,159
& Fed. taxes
13al. avail,for com.stock
after providing for full
diva. on pref. & class A
36,379
436.096.
703.863
550.975
stocks
$0.03
$0.43
$0.73
$0.57
Earns. per share on com_
Net income on the common stock for Sept. 1933 was at the annual rate
for any month since Juno 1931.
of $2.74 per share, the best
10 Last complete annual report in Financial Chronicle Feb. 18 '33, p. 1191.
The Commonwealth & Southern Corp.
Net income
Divs. on pref. stock_
$705,277
749.721
$729,176 $9,284,969 $16,173,559
749,700
8,995,624
8,996,046
def$44,444 def320,524
$288,923 $7,177,935
Balance
* Includes interest, amortization of debt discount and expense, and
earnings accruing on stock of subsidiary companies not owned by The
Commonwealth & Southern Corp.
farLast complete annual report in Financial Chronicle June 3 '33, p. 3902
Consolidated Chemical Industries, Inc.
Childs Company.
Income from operation
Interest
Non-recurring income
$728,132 $1.209,558
18,054
23.214
1,097
23
Total income
Interest and discount
Federal taxes
Depreciation and amortization
Unamortized costs of units discontinued
Reserved for Canadian exchange and bad debts
8751,369 $1,228,710
548,502
365,723
12,578
11,686
689,909
493.698
31,936
7,549
129,358
51,270
$183,574
$178.557
Net loss
-For the quarter ended Sept. 30 1933 net loss was $181,881 after
Note.
net loss of $214,512 in the September
charges and taxes, comparing with
quarter of 1932.
-The foregoing is subject to adjustment at the end of the year
Note.
when accounts are finally audited.
KirLast complete annual report in Financial Chronicle Feb. 18 '33, p.1191
Clark Equipment Co.
(And Subsidiaries)
1932.
1933.
$73,812
$385.349
47.091
33.535
1030.
1931.
$751,254 $1,365,895
102.042
46,823
$418,884
271,987
26,832
638
215.128
$120,903
270.181
16,866
127
201,074
$798,077 $1,467,937
431,860
316,682
60.338
43.849
6,485
180
474,511
353,478
57,946
10,071
Cr.88
145,357
Cr.45
loss895.614 loss$512,657
Net profit
2.069.492
1,187,775
Surplus at Dec. 31
Refund of tax
Surplus adjustment__ --
$2,090,741 $2,266,856 $2,719,699 $3,074,247
Net income
816,992
491,202
Divs. on 6% pref. stock..1 830,393
817,3311
1
325,588
Divs.on 6 yi% pf. stock_ J
Divs, on corrunon stock_
900,816
1930.
(And All Subsidiary Companies)
1932.
1933.
9 Months Ended Sept. 30$12,135.036 $14,696,208
Sales and rentals
11.406,904 13.486,649
general expenses
Cost of sales and
Total income
Admin. & selling exPs-Cash discount given_ _ -Int. and exchange paid_ _
Depreciation
Federal tax
Loss and amortiz.on secs
Frost minority interest
Gross income
$3.394,944 $3,358,767 $3,590,282 $3,962,451
1,091,911
870,583
888,204
Interest, &c.,charges__ _ 1,304,203
$74,817
68,637
$6,180
$73.587
$76,798 def$45,338
Balance, surplus
Earns. per sh. on 100,000
shs. of no par common
Nil
$0.06
$0.73
$0.77
stock outstanding
IarLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2429
9 Mos.End. Sept. 30
Gross profit
Miscellaneous income
1932.
1931.
12 Mos. End.Sept. 30-- 1933.
1930.
Gross revenue
89,217,465 $8,891,069 $9,282,670 $9,928,549
3,617,999
3,465,764
3,488,051
Operating expenses
3,867,757
1,000,000
1.062,704
1,180,771
Depreciation
1,000,000
1,003,834
Taxes (incl. Federal)_ _ _ 1.153,699
1.074,389
1,098,342
(And Subsidiary Companies)
-Month of September- -12 Mos. End. Sept. 301933.
1932.
1933.
1932.
$9,196,151 $9,026,911 8109362,674 8118504,378
Gross earnings
Oper. exps., incl. maint_ 3,199,742 3,143.948 38.246.918 41,441,184
976.950 11,913,695 11,953,343
1,154,118
Taxes
3,383,601 40,395,228 39,367,371
3.338,196
Fixed charges *
793,235
798,816
9,568,919
9,521,861
Prov. for retire. reserve_
Century Ribbon Mills, Inc.
(Including Century Factors, Inc.)
1931.
1932.
1933.
9 1.fos. End. Sept. 30Net after depreciation
$135,512
$10,014
$125.697
and Federal taxes_ .._ _
61.925
55,352
48,899
Preferred dividends.___
Oct. 28 1933
30
327
$73.786
1,256,277
$436.469
1,688,741
335
1.179
Period End.Sept. 30- 1933-3 Mo5.-I932.
Net profit after deprec.
$79,428
Federal taxes, &c--- - 3146.886
1933-9 M05.-1932
.
$302,295
$236,745
Consolidated Film Industries, Inc.
(And Subsidiaries)
1933-9 Mos -1932.
Period End.Sept. 30-- 1933-3 51os.-1932.
Consol. net profit after
3253.901
$198,663
3685,273
$716,478
dopr.. Fed. taxes, &c_
Earns, per sh. on 524,973
Nil
30.10
$0.16
30.22
shs.com.stock(par $1)
fgrEast complete annual report in Financial Chronicle Apr. 8 '33, p. 2429
Consolidated Gas Co. of New York.
(And Affiliated Companies)
Period End. Sept. 30-1933-3 Mos.-1932. 1933-12 Mos.-1932.
cu. ft_.. 7.765.250
7,975,536 39,346.493 41,340,606
Sala; of gas, M
Sales of electric energy,
1,016,692
967,664 4,203,347
4,258,157
53 lew.h
915,894
873,077 11,270.104 10,376,021
Sales ofsteam. M pounds
89,107,424 39,397.752 $45,090.781 $47.483,795
Sales of gas
37,534,799 37,859,491 169,157,221 175,706,580
Sales of electric energy
793,810
9,647,344
760,457 10,174,842
Sales of steam
248,306
305,997
2,232,912
Miscellaneous income__ _
898.687
32
Total oper. revenues_ -847,684.339 548, 3,6978225,321,5315235.070,63/
22,995,412 24,431,352 99,544,096 106.933,864
Operating expenses
Retirement expense_ __ _ 3,621,431
3.315,370 16,016,958 14,587,832
Taxes (incl. provision for
8,819,281
Federal tax)
8,084,750 34,963.047 32.406,505
Operating income__ -$12,248,215 512,492,225 74,797,431 881,142,430
72,497
Non-operating revenues_
530,559
57.649
3481,549
53,326
247,539
Non-oper. rev. deduc'ne
55,137
270,206
Gross corp. income_512.267,386 $12,494,737 $75,008,773 581.425,450
5.003,130 4,899,599 20.017,828 17,679,989
Int, on long term debt
Misc. int., amort. of
debt discount & exp.
& misc. deductions._ _
489,871
1.672,907 2,118,822
378,371
Diva, on pref. stock of
affiliated cos. held by
654,549
minority
162,534
651.380
163,033
$1.092,161 $1,556,835 31.330,063 $2,126,725
Total surplus
19,664
Past royalties
j 60,720
366,889
60,2741
59,519
Preferred dividends__ _ _
1555.899
Common dividends __
78
Divs. to minority int-..
x Net income
36.611,850 37.053,732 352.766,657 560.972.089
Div. on $5 cum. pref.stk
10,496.245 10,496,245
Div. on corn.stk. of affil.
cos. held by minority_
405,764
404,120
Final surplus & undiv.
8963,174 $1,490,365
profit Sept. 30 ____ 51,032,641 51.496,561
249,838
243,816
237.317
236,216
Shs. corn. stock (no par)
$1.50
$0.05
Nil
Nil
____
Earnings per share
profits
The company reports for the quarter ended Sept. 30 1933 net
taxes, interest, minority Interest. &c.,
of $52,937 after depreciation,
70/ preferred stock, to 14 cents
equivalent after dividend requirements on
net loss
a share on 236,216 shares of common stock. This compares with a
of $167,687 in the September quarter of 1932.
report in Financial Chronicle April 22 '33, p. 2803
larLast comptete annual
Balance avail. for divs.
on common stock_
$41,866,292 850,070,081
x Includes the interest of minority stockholders.
Consolidated Income Account for 9 Months Ended Sept. 30
1932.
1933.
Sales of gas, NI cubic feet
29.001,301 30,825,212
3,113,949
3.098,219
Sales of electric energy, NI kw. h.
7.776,856
7,900,873
Sales of steam, NI pounds
$33.206,647 $35.345,067
Sales of gas
Sales of electric energy
123,963,081 128,665.096
7,219,797
7.165.412
Sales of steam
689,508
1,118,995
Miscellaneous income
Coca-Cola International Corp.
Period End.Sept.30Gross income
Expenses
1933-9 Mos.-1932.
.-1932.
1933-3 Mos
$828,843 $2,300,079 32,877,21(1
$614,384
6,126
5,549
1,230
150
Profit
Dividends
$614,234
614,298
$827,613 $2,294,530 $2,871,091
2,868,756
2,299,829
828,384
$5,299 Sur$2,335
$771
$64
Deficit
Feb. 25 '33, p. 1380
10 Last complete angual report in Financial Chronicle
Commercial Solvents Corp.
1933-9 Mos.-1932.
Period End. Sept. 30-- 1933-3 Mos.-1932.
Net profit after deprec..
$894,836
$305,562 $1,279,365
$642,317
Federal taxes, &c____
2,530,218
2.635.684
2,530.218
Shs. coin outst.(no par) 2,635,684
$0.35
80.48
$0.12
$0.24
Earnings per share ____
'Last complete annual report in Financial Chronicle Feb. 4 '33, p. 847
Total operating revenues
Operating expenses
Retirement expense
Taxes (incl, provision for Federal income tax)
Operating income
Non-operating revenues
Non-operating revenue deductions
3165,024.6498172,348,956
71,642,753 77.221.95.3
11,810,434 11,403,163
. 26,852,281 25.070,825
$54.719.179 358.653,015
242.111
316,602
163.627
164,399
354.797,663 $58,805,218
Gross corporate income
Deductions from gross corporate income:
15.011,294 13,739,396
Interest on long term debt
Misc, int., amort. of debt discount & exp. &
1.606,992
1,239,699
miscell. deductions
Divs, on pref. stock of affiliated cos. held by
490.197
488,281
minority stockholders
838,058,388 $42,968,633
x Net income
x Includes the interest of minority stockholders.
tO Last complete annual report in Financial Chronicle Feb. 25 '93, p. 1366
Financial Chronicle
Volume 137
Consumers Power Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of September- 12 Mos. Ended Sept. 30
1933.
1932..
1933.
1932.
Gross earnings
$2,146,943 $2,155,617 $26.179,985 328.889.475
Oper. exp., incl. maint
763,332
719,130 9,116,160 8,873.118
Taxes
249,783
1.10,116 2,600,230 2,661.286
Fixed charges
384,885
417,520 4,648,747 4,374.374
Prey. for retirement res_
232,009
232,000 2.784,000 2.784,000
Net income
Divs.on preferred stock_
•
$516,941
347,078
$598,849 $7.030,847 89.996,695
347.476 4,161,114 4,185.858
Balance
$251,372 $2,869,732 $5,810,837
$169.863
129 Last complete annual report in Financial Chronicse April 15'33, p. 2604
-
Continental Baking Corp.
(And Subsidiaries)
-13 Weeks Ended- -39 Weeks EndedPeriodSept.30'33. Sept. 17'32. Sept. 30'33. Sept. 17'32.
Net income from roper- $1,600,059 $1,272,780 $3,761.869 33.736.863
Other income
414.211
45,154
163,086
48,213
Total income
31,648.272 $1.317,934 33,924.955 $4,151.074
Interest and amortiz_ _ _ '7.738
26.226
82,016
32,992
Depreciation
1.325.500
1,581.995
517.670
428.142
Federal taxes
357.300
104,400
322,500
170.000
Minority Interest
16.256
5,028
14,266
4,703
Net income
$657,844 $2,145,873 $2,132.585
$1,019,201
."Last complete annual report in Financial Chronicle Feb. 18 '33, p. 1193
Crosley Radio Corp.
6 Mos.End.Sept.30-1930.
1931.
1932.
1933.
Sales
54.633,578 31,999,333 33.671.057 84,410.674
Costs, royalties, taxes,
depreciation, dm
4,437,882 2,267,894 3.708.209 4,905,343
Other deductions
28.810
23,800
32,139
25,891
Net profit
$169,8051oss$300,700 1065$60,952 loss$523,479
Earns. per sh.on 545,800
shs. cap.stk.(no par)Nil
Nil
Nil
$0.31
For the quarter ended Sept. 30 1933, net profit was $64,894 after taxes
and charges,equal to 12 cents a share, comparing with a net loss of $223,002
in September quarter of 1932. Sales for quarter ended Sept. 30 1933 were
$2,294,950.
rii'Last complete annual report in Financial Chronicle May 27 '33, p. 3727
Curtis Publishing Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after deprec.
and Federal taxes_ _Joss$194,354
3150.557 81.306372 35,129,285
Earns. per oh. on 1,800,000shs.corn.stock(no
par)
Nil
$0.22
Nil
Nil
Vi"Last complete annual report in Financial Chronicle Feb. 4 '33, p. 847
3137
Eastern Massachusetts Street Ry.
By.oper. revenue
Ry. oper. expenses
-Month of September- -9 Mos.End.Sept.301933.
1932.
1933.
1932.
$469.052
$469,191 $4,372,105 $4,807.623
309.757
329.169 2,846.667 3.326.037
Net rev, from ry. oper
Taxes
$159,294
23,691
3140.022 81,525.437 31.481.545
19.150
203,598
221.792
Balance
Other income
3135,602
12.118
8120.871 $1,321.838 31.259.79.3
10.743
113.100
91.189
Gross corporate Inc__
Interest on funded debt,
rents, &c
3147,721
$131,615 $1,434.939 31,350.983
Available for deprec..
dividends, &c
Deprec. & equalization..
(And Wholly Owned Subsidiary Companies)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Income from operations _$12,342,407 $5,392,825 $27,191.480 $16,781,819
prov. for deer. & obsol.
of plants & equipment 3,218,736 3,244,058 9.646,744 9,771.113
Netincome from oper_ $9,123.671 32,148.767 817,544.736 $7,010,706
Income from marketable
occurs.,invest.in affil.
cos. not wholly owned
& miscell. investments 1,746,962
1.080,313 4.166,425 3,461,272
Total income
$10,870,633 83,229.080 $21,711.161 310,471,978
Provision for Fed.taxes_ 1,370,590
2.719,752
175,151
664.036
Net inc., excl. of inc.
from invest. in Gen.
Motors Corp
39.500.043 53.053.929 318,991,409 59,807,942
Inc.received from invest.
In Gen. Motors Corp_ 2,499,362 2,494,666 7,498,085 9,978,666
Net inc. before int. on
bonds of sub. cos_ _ _$11,999,405 $5,548,595 826.489.494 819,786.608
Int. on bonds ofsub. cos.
17,499
17,425
52,256
53,091
Net income
$11,981,980 $5,531,096 326,437.238 819,733.517
Divs. on deben. stock.... 1.637,262
1,632,393 4.907,587 4,891,741
Consol. earns. applic.
to common stock_ - _$10,344,718 $3,898,703 $21,529,651 $14,841,776
Amt.earn.on com.stk_x-$10,447.092 $3,952,717 $21,724,642 $14,914,884
Av.No.shs.com.stk. outstand'g during period_ 11.048.311 10,838.799 10,961.479 10.865.592
Amount earned a share_
$0.95
$0.36
$1.98
$1.37
x Including E. I. du Pont de Nemours & Co.'s equity in undivided
profits or losses of controlled companies not consolidated.
Surplus Account Sept. 30.
1933.
1932.
Surplus at beginning of year
8178,717,373 $198,933,044
Net income nine months
26.437.238
19,733,517
a Adjustment resulting from revaluation of investment in General Motors Corp
Dr.14.500,000 Dr.9,981,220
Adjustment resulting from disposition ofcommon
stockln treasury
4,023,149
Total
Dividends on debenture stock
Dividends on common stock-ist quarter
2d quarter
3d quarter
$194,677.760 $208,685,341
4,907,587
4.891,741
5,435.950 10,957.449
5,475,306
8,124,042
5,524,114
5.422,472
Surplus at Sept. 30
$173.334,803 $179,289,637
a In accordance with past custom, the value of du Pont Co.'s investment
in General Motors Corp common stock was adjusted on the books of the
company in March, 1932. to $168.682,618 ($16.90 a share), and in March,
1933. to $154.500,000 ($15.45 a share), which closely corresponded to its
net asset value as shown by the balance sheets of General Motors Corp.
at Dec. 31 1931 and Dec. 31 1932, respectively.
rirLast complete annual report in Financial Chronicle Feb.4'33, p. 834.
Eastern Gas & Fuel Associates.
1933.
1932.
12 Months Ended Sept. 30-$11,008,298 311,126,002
Total income
2.874,437 2,561.605
Depreciation & depletion
Int., debt disc. & exp., Federal taxes, min.interest 4,190.076 3,980,057
74,619
663.761
679.882
$77,207
99.950
$56,996
99,856
$771,178
958.484
$671,101
966,536
Net deficit carried to
Profit and loss
3187,305
322.742
342,859
$295,434
KirLast comptete annual report in Financial Chronicle Mar. 11 '33, p. 1718
Eastern Utilities Associates.
(And Constituent Companies)
-MentholSeptember- -12 Mos. End. Sept. 30.1932.
1933.
1933.
1932.
Gross earnings
$694,737
8680.174 88,202,296 38.298,374
Income from investments
& other sources
12,909
12,909
233,053
232,854
Net operating revenue $313,696
$311.661 $3,559,478 $3.588.273
Net income *
1,760.056
1,811.119
* After taxes, interest, deprec., sub. pref. divs. & minority interests.
"Last complete annual report in Financial Chronicle Mar. 25'33, p. 2067
Edmonton Street Ry.
RevenuePassenger
Advertising
Special cars
Police
Mail carriers
Other revenue
-Month of September- -9 Mos.End. Sept.301933.'
.
1932.
5477,921
8528.596
348,479
$44,874
2,435
2,830
254
406
114
252
7
63
2.140
2.099
233
233
3,341
3,341
371
371
3,424
3.907
359
276
Total
ExpenditureMaint. of track & overh.
Maintenance of cars---Traffic
Power
Other transp.expenses_ General & miscellaneous
346.224
849,704
5489.476
3540.930
3,284
6,189
213
4,910
20.066
3.706
3,856
5.225
190
4.918
19,241
3.308
27,739
55,470
2,076
50,842
184,875
36.203
30,072
56.255
2,091
53.202
192.993
35,446
Total operation
Operation surplus
Fixed charges
Renewals
$38,371
7,853
12,591
$36,741
12,963
17.506
$357,209
132.266
113,323
18.000
$370,062
170.867
157.556
19,000
def$4,738
def$4.543
surp$943
def$5,689
Total surpl. or deficit_
(E. I.) du Pont de Nemours & Co.
70.513
Electric Auto-Lite Co.
(And Subsidiaries)
Period End.Sept. 30.1933-3 Mos.-1932. 1933-9 Mos.-1932.
Net profit after depreciation
taxes, etc
$534,223 3360.205 3850.235 $1,458.719
Earnings per share on 889.309shs. ofcorn.stock_ _
$0.71
$1.38
$0.32
$0.52
W'Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1723
Electric Power & Light Corp.
(And Subsidiaries.)
12 Months Ended Aug.31Subsidiaries
Operating revenues
Operating expenses, including taxes
$68.713.936 $74.865.875
35,769.047 36.699.404
Net revenues from operation
Other income
332,944,889 338,166,471
361,174
134,115
1933.
1932.
Gross corporate income
$33,079.004 $38,527,645
Interest to public and other deductions
15,899,325 16,536,825
Interest charged to construction
Cr22.383 Cr675.760
Retirement and depletion reserve appropriations__ 7.300,067 6.116,770
Balance
39,901,995 516.549,810
Pref. divs. to public (full div. requirements applic.
to respective 12
-month periods whether earned
or unearned)
7,909,044 7,915.585
Portion applicable to minority interest
157.360
74.824
Net equity of Electric Power & Light Corp. in
income of subsidiaries
$1.918,127 88,476.865
Electric Power Re Light Corp.
Net equity of Electric Power & Light Corp. in
income of subsidiaries (as shown above)
1,918.127 8.476,865
Other income
77,226
263,689
Total income
Expenses. including taxes
Interest to public and other deductions
$1,995,353 88.740,554
442,875
506.811
1,592.345 1.591.218
Balance carried to consolidated earned surplus__ def$39.867 sur$6642525
arLast complete annual report in Financial Chronicle Aug. 19'33, p. 1407
Fall River Gas Works Co.
-Month of September -12 Mos.End.Sept 301933.
1932.
1933.
1932.
Gross earnings
$75,384
$77,897
8903.342
3964,017
Net operating revenue271.985
28.479
296,491
22,950
Balance before depreciation
247.202
272,023
Fox Film Corp.
Earnings for 26 Weeks Ended Sept. 30 1933.
Grossincome from sales and rentals offilms
Dividends from investments
Other income
$14,678330
258.384
512,608
Total income
Expenses
Amortization of production costs
Participation in film rentals
Interest
Amortization ofdiscount and expenses on funded debt
Depreciation of fixed assets
$15.449,322
4,218,586
8,171,878
2,396,472
161.526
32,014
138,069
33.943,785 14.584.340
Net Income
1,104,861
1,103,473
Divs, paid on 4H% prior pref.stock
Diva, paid on 6% pref. stock, excl. of diva. on
1,970,514 1.970.220
stock owned by Eastern Gas & Fuel Associates
Net operating profit
Profit on foreign exchange
Settlement ofcontracts entered into in prior years
$868,410 31.510,647
Surplus
$0.43
$0.76
Earns. per share on 1,987,762 shs. common stock
O"Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2604
Surplus Sept. 30
$662,582
The above statement includes wholly owned subsidiary controlled and
(or)affiliated companies, but does not include Wesco Corp.and subsidiaries.
VirLast complete annual report in Financial Chronicle June 24'33, p.4453
3330.777
487,805
Dr156.000
3138
Financial Chronicle
Oct. 28 1933
Gannett Co., Inc.
Grigsby-Grunow Co.
(And Wholly-owned Subsidiaries)
9 Mos.End.Sept.30-- 1933.
1930.
1932.
1931.
Comb, net profit after
deprec.. Out before int.,
amort.& income tax.._ x$859,907 x$778.662 x$1.088.216 $1,124,302
Net profit after all chges.
608,759
607,805
543,980
440.524
x And including equity of Gannett Co., Inc., in undsitributed net profit
of controlled companies.
10 Last complete annual report in Financial Chronicle April 1 '33, p. 2251
-
General Baking Co.
13 Weeks EndedSept. 30'33. July 1 '33.
Net profit after int., deprec., Fed. taxes. &c
$597,510
$711,913
Earns, per share on 1,588,697 shares corn. stock
$0.34
$0.27
For the 39 weeks ended Sept. 30 last net profit was $1,734,066 after
charges and taxes, equal to 76 cents a share on the common stock.
10'Last complete annual report in Financial Chronicle Feb. 4 '33, p. 850.
General Cable Corp.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Gross mfg. profit__ _ _
$987.849
$743,472
$300.476
$658,578
Expenses, &c
1,380,228
356.257
402,389 1,068,397
Net operating profit__
Miscel. charges (net)__
$302,321 loss$101,913 loss$80,548 loss$636.756
168,415
59,848
38,514
96,325
Profit
Interest
Depreciation
$242,473 loss3140,427 loss$248,963 loss$733,081
598,537
186.340
195,741
563,901
1,078,736
360.646
359,646 1,080,115
Net loss
1,892.979
2,410,354
$304,513
$695.814
10 Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1557
-
General Motors Corp.
(And Subsidiaries)
Period End. Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
y Net sales
178,967,035 74.575,864 490,921.509 371,374.398
x Net profit after taxes,
33,341,618 1oss4464,229 81.409.794 10,555.175
deprec.. interest, &c
Preferred dividends
2.294.555
2,344,207
6.884.290
7.032.622
Balance
31,047.063 def6.808,436 74,525,504
3,522,553
Earns, per sh. on avge.
corn.shs. outstanding
def.$0.16
$1.73
80.72
$0.08
x Including equities in the undivided profits or the losses of subsidiary
and affiliated companies not consolidated. y Excluding inter-divisional
transactions.
to-Last complete annual report in Financial Chronicle April 1 1933,
2231, and April 15 1933, p. 2595.
General Printing Ink Corp.
9 Mos. End.Sept. 30
Operating profit
Other income
1933.
$409,428
72,833
1932.
$240.150
62,411
1931.
$683,179
73,120
1930.
$745,319
88,390
Total income
Other deductions
Federal taxes
$482,261
126.575
54.800
$302,597
102,498
35.100
$756.299
136,808
75,300
$833,709
121,277
83,722
Net profit
$300,886
$164.999
$544,191
$628,710
185,489
Shs. corn, stock outstdg_
185.489
185,210
185,000
Earnings per share
80.69
Nil
$1.91
$2.34
For the quarter ended Sept. 30 1933, net profit was $145.142 after charges
and taxes, equal to 47 cents a share on common, comparing with $25,710
or 64 cents a share on pref. stock in the Sept. quarter of 1932.
10 Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1382
.
General Refractories Co.
Period End. Sept. 30- 1933-3 Mos
.-1932.
Total income
$382.556 def$73.135
26.271
Income, taxes, &c
21,530
86.200
Interest on bonds
62.500
Crl,799
Int. on floating debt..
5.569
6.133
19,600
Bond discount and exp
78.021
Deprec. and depletion
68,713
(And Subsidiaries)
Period Ended Sept. 9 19333 Months. 36 Weeks.
Net sales
$2,591,728 $6.408.898
Royalties
100.508
236.910
Cost of sales before depreciation and amortization_ 2.181,996
5.454,566
Advertising, sales promotion, selling, engineering
and administrative expenses
491.130
1.576.185
Depreciation and amortization
254,782
786.116
Loss on sale of capital assets
279.390
438.767
Other income charges
46,576
139.613
Net loss
Amount applicable to minority interest
$762,653 $2.223,260
2,312
7,730
Net loss, majority interest
Earned Surplus Account.
Deficit at Dec. 31 1932
Net loss as above
$760,340 $2,215.530
$5.541,651
2,215.530
Deficit at Sept. 9 1933 (since March 101931)
$7,757.181
10 Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1559
-
(M. A.) Hanna Co.
(And Subsidiaries)
Period End.Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after taxes,
int., depr., deplet., &c $477,424
$160,659
$872,334
3452,935
Earns. per sh. on 1,016 961
shs. corn. stk.(no par)
$0.24
Nil
$0.15
Nil
1arLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1383
Haverhill Gas Light Co.
-Month of September- -12 Mos.End.Se 1.3°1932.
1933.
1933.
1932.
Gross earnings
$53.162
$55.872
$596.594
8657,726
Net operating revenue
18,251
19,330
145,596
168,165
Balance before depreciation
141.877
163,525
Hayes Body Corp.
(and Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after deprec.,
interest, &c____ ---$75,322
886,386
$273,443
$269.713
to Last complete annual report in Financial Chronicle May 20 '33, p. 3546
-
Hercules Powder Co.
9 Mos.End.Sept.30-1933.
1932.
1931.
1930.
Gross receipts
$15.803.283 812,815.073 $15,523,274 820,416,664
x Net earnings from all
sources
2,080.651
598,873
1,218.958
2.444.275
Fed'l income tax (est.)
349,637
60,286
131.071
284.015
Net profit for period_ - $1.731,015
$538,587 $1,087,886 $2,160,260
Proceeds from sale of
capital stock in excess
of stated value
110,425
177.765
Surplus at begin, of year 9,727,806 12.254,665 13,329,725 13,380,596
$11,458,820 812,793,253 814.528,036 815.718,621
Total
554,904
Divs. on pref. stock_ _ _ _
562,276
599.765
599,765
Divs, on common stock..
655.522
950,097
1,361,660
1.353,118
Surplus at Sept. 30.... _$10,248.395 $11,280,880 $12,566,611 $13,765.737
Shs.com.stk.out.(no par)
606.234
606,234
606.234
603,079
Earnings per share
32.02
defs0.04
$0.81
$2.59
x After deducting all expenses incident to manufacture and sale, ordinary
and extraordinary repairs, maintenance of plants, accidents, deprec., &c.
'Last complete annual report in Financial Chronicle Feb.4 1933, p. 852
1933-9 Mos.-1932.
$593,482 def$130,758
70.127
•.
227,866
187.500
10.957
15.457
26.939
58,800
217,192
209,292
9 Mos.End.Sept.30
1933.
1932.
1931.
1930.
Net loss after all charges $533,215
$970.404
$889.257
$562,054
10 Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1384
-
$187,729 def$251,047
Net income
$40,399 def$665,793
Shares capital stock out250,206
300.000
300,000
standing (no par)
250,206
Nil
Nil
$0.75
$0.16
Earns. per sh.on cap.stk
annual report in Financial Chronicle Mar. 11 '33, p. 1725
ItO'East complete
(Including Houston Pipe Line Co.)
Period End.Sept. 30
1933-3 Mos.-1932.
1933-9 Mos.-1932.
Gross earnings
$1,302,095 $1,298,807 $3,363.217 $4,417,819
Exp. & ordinary taxes
728.772
829.485
2,122,462
2,713.313
(A Subsidiary of the Commonwealth & Southern Corp.)
-1%loath of September
- 12 Mos. Ended Sept. 30
1933.
1933.
1932.
1932.
$1,915,107 $1,841,920 $22,113,729 $23,105,788
Gross earnings
7.434,400
595.777
8,400,128
656.636
Oper. exp., incl. maint
1.766,241
177.796
1.744.874
183.714
Taxes
6,013.184
480.193
5.642 867
510,758
Fixed charges
1,320.000
110,000
110.000
1,306.156
Prov. for retirement res_
$453.999
245.873
$478,153 $5.579,902 $6,011,761
287.506
3.075,388
3.446.722
$208.125
Balance
$190,647 $2,504,514 $2,565,039
Gillette Safety Razor Co.
(And Subsidiaries)
1932.
1931.
9 Months Ended Sept. 30.
1933.
Net income before charges
$3,843,180 $6,428,605 $7,227.646
400.329
665.458
176.657
Interest
536.142
433,262
826,184
Depreciation
502.813
837.072
Income taxes
547.157
*$2.686.104 $4.655,062 55.233.211
1.800.000
Net profit
Special reserve
Balance to surplus
$2,686,104 $4,655,062 $3,433,211
Earnings per share on common__
$1.75
$1.14
$0.76
* After price adjustment of $1,050,000.
Noce.
-in the report for the 9 months ended Sept. 30 1933, subsidiaries
outside of North America are included for the 9 months ended Aug. 311933.
No unrealized profits on foreign exchange in this period have been credited
to earnings. Realized profits included in earnings amounted to $81.434.
For the quarter ended Sept. 30, last, net profit after interest, depreciation.
Federal adjustments, was $453,278, equal after preferred dividend requirements, to 3 cents a share on the common stock comparing with $1.371,277.
or 48 cents a common share in the Sept. quarter of 1932.
10 Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1558
-
Hagerstown Light & Heat Co. of Washington County.
Gross revenues
Operating expenses
-Month ofSeptember- -12 Mos.End.Sept.301933.
1932.
1933.
1932.
$164,868
$188,037
$14,914
315.758
116,233
110,869
9,292
9.439
Net earnings
Int. & other income
charges (net)
Prov. for Fed. Inc. tax
Prov. for retirements......
Net income
Houston Oil Co. of Texas.
Operating income____
Other income
Georgia Power Co.
Net income
Divs. on 1st pref. stock_
Heywood-Wakefield Co.
$5,474
$6,465
$53,998
$71,804
1,400
316
1,200
1,437
409
1,301
16,619
2,468
14,939
15,252
3,217
15,349
$2,558
$3,316
$19,970
$37,979
$573,323
217,958
$469,322 $1,240.754 $1.704.506
172,321
222,016
249.875
Total income
Abandoned leases, int.,
arnort.&Fed.taxes,&c.
Deprec. & depletion.._.._
8791.281
$641.644 31,462,770 81,954,381
586,427
414.614
378.162
437.166
1,179,730
1,227,473
995.491
1.254.110
Net loss
8209,760
8173.685
$944.433
$295.220
10 Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1726
-
Hudson & Manhattan RR.
-Month ofSeptember- -9 Mos.End.Sept.301933.
1932.
1933.
1932.
$626,075
$722.404 86.001.458 $7,027.376
375,141
378.059
3,468,329
3,81:1.381
Operating income._
$250.934
$344,345 82,533.128 83,213.994
Non-oper. income
23,333
26,698
222,409
256,676
Gross income
8274,267
$371,043 82.755.537 $3,470.671
Income charges
314,774
313,746
2,831.206
2,838,031
Net income
def$40,506
$57,297 def$75,669
$632.640
10 Last complete annual report in Financial Chronicle Apr. 8 '33, p. 2412
Gross oper. revenue
Oper. expenses & taxes
International Cement Corp.
Period End. Sept.30- 1933-3 Mos.-1932,
1933-9 Vfos.-1932Gross sales
$3 725 755 $4 166 368 $9,669,315 $11,274,826
619.567
Packages disc. & allow.886.191
1,641,620
2,366.951
Manufacturing cost__....1,362.048
1,754,864
3,384,926
4,709,233
635.788
Ship.,sell.& admin. exp.
703,880
1,779.836
2,349,496
220.957
Interest & finance exp
220,426
700.610
593.228
99,554
Reserves for conting., &c
165,344
359.539
421.292
Reserve for deprec
757,603
955.087
2,025,705
2,113,293
$30.236 loss$519,424
Net profit
$222,921 31.278,666
la'Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2595
International Printing Ink Corp.
(And Subsidiaries)
Period Ended Sept. 30 1933Sales (net)
Costs and expenses
Other deductions (net)
Net profit
Preferred dividends
3 Mos.
9 Mos.
52.831.296 $7.359.615
2,624.006
7,246,519
17,400
50,788
$189,890
81,370
$62,308
247,381
Surplus
$108.520 def$185,073
Earns, per sh. on 258,041 shs. corn. stk.(no par)
Nil
$0.41
Last complete annual report in Financial Chronicle April 1 '33, p. 2254
10
-
Financial Chronicle
Volume 137
International Silver Co.
(And Subsidiaries)
Period End.Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after taxes,
depreciation, &c
$149,745 loss$416,931 loss$262,905loss$1280594
Earns, per sh. en 91,197
shs.com.stk.
Nil
Nil
Nil
(par$100)
x$0.50
r After allowing for div. requirements on 59,506 shs. of 7% pref. stock
on which no diva, have been paid since Jan. 1 1933.
la"Last complete annual report in Financial Chronicle Mar. 11 '33, p.1727
Island Creek Coal Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net income after deprec..
Federal taxes, &c____ $391,560
$711,481
$152,630
$656,064
Earns, per sh. on 593,865
shs.corn.stock (par $1)
$0.19
$1.00
$0.90
$0.59
lZP'Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2983
Jamaica Public Service, Ltd.
(And Subsidiary Companies)
-Month of August--12 Mos.End.Aug.311933.
1932.
1932.
1933.
$794,008
$793,997
Gross earnings
$61,784
$60,833
Oper.expenses & taxes
465,788
478,654
36,468
37,003
Net oper. revenue_
Inc.from other sources_x
$23,830
10.542
$25,316
9,309
$328.220
$315,342
3.911
Balance
Interest and amortization
213,287
216,006
$328,220
112.765
8319.253
112,167
Balance
$207.085
$215,454
x Interest on funds for construction purposes.
During the nine and a half years under Stone & Webster supervision,
the company has expended for maintenance, which is included in operating
expenses, a total of 10.35% of the entire gross earnings over this period.
KEPLast complete annual report in Financial Chronicle May 6'S3 p. 3160
Jones & Laughlin Steel Corp.
(And Subsidiaries)
Period End.Sept. 30 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Profit after taxes
$690,441 $2,362,158
$412,423
$499.149
Depreciation & depletion 1,400,257 1,159,984 3,750,184 3,489,061
341,640
Interest
299,954
96,025
110,512
Net loss
$997,133 $1,682,919 $44,740,579 26,192,859
Preferred dividends
440,354 2,054,986
146,784
440.354
Total deficit
$2.123,273 $5,180,933 $8,247,845
$1.143,917
larLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1727
(Julius) Kayser & Co.
(And Affiliated Co..)
3 Months Ended Sept. 301932.
1933.
Income from operation
$94,961
$202,076
Interest
447
413
Depreciation
118,570
78,051
Reserves for taxes
19.095
Net profit
$104,517 lows$24,056
Em_pl. preferred dividends
8.331
8,254
J. K. common dividends
1931.
$287,428
770
145.786
10,000
$130,872
9.950
118,355
Surplus
22.567
$96.263 def$32,387
Shs. corn, stock outstanding (par $5)
x473,420
x473,420
412,120
Earnings Per share
$0.25
Nil
$0.23
x No par shares.
IIWLast complete annual report in Financial Chronicle Aug. 19'33, p. 1408
(D. Emil) Klein Co., Inc.
9 Mos.End.Sept.30-1930.
1931.
1932.
1933.
Net profit after charges
and Federal taxes..-- - $138.794
$244,848
$241,000
$168,000
Earns.per sh.on com.stk.
$1.99
$1.94
$1.37
$1.15
lZ"Last complete annual report in Financial Chronicle Jan. 28 '83, p. 670.
Lambert Co.
Period End.Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after charges
and taxes
$639,442 $1,830.087 $3,207,827
$541.120
Earns, per sh.on 748,996
shs.cap.stk.(no par)_
24.28
$0.85
$2.44
$0.72
KE'Last complete annual report in Financial Chronicle Feb. 25 '33, P. 1385
Lehigh Valley Coal Corp.
1933-9 Mos.-1932.
3937,895
38,200
1318,551
54,481
x Total income
Other income
2676,505
215,912
$103,847
149,292
$899,695
657,854
2264,070
583.680
• x Gross income
Int., carrying charges on
reeve coal lands, Fed.
taxes & misc. deduc'ns
8892,416
1253,139 $1.557,549
2847,750
Net income before deprec. & depletion_
Deprec'n & depletion.....
Inc. applic. to min.int_ _
398,736
489.791
$493,680 def$236,652
208,059
264,069
2,487
def6,523
1,307,515
1.506.453
$250.035 def$658,702
681,978
663.085
def12,528 def15,295
Net income applic. to
Leh.Val.Coal Corp_ 2227,124 def$438.189 def$419,416def$1306.493
def$1.93
def$1.85
def$5.75
$1.00
Earnings per share pref_
Earnings per share comdef$0.51
def$0.77
$0.05
der$1.51
mon (after pref. div.).
227,178
227,101
227,178
227,101
Shs. of pref.stk.outst'g_
1,202,809
1,203,594
1,202,809
Shs,ofcom.stk,outst'g_ 1,203,594
Excludes depreciation and depletion.
x
Igi'Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1385
Libby-Owens
-Ford Glass Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Manufacturing profit__ _ 22,320.543
$402,022 $6,384,834 $2.250,403
467,182
Depreciation
460,326
1,390.310
1.401,547
Profit
Other income
21.853,361 loss$58.304 $4,983,287
156,966
50,258
332,893
Total income
$2,010,327
Interest, discount. &c
10,276
Adminis. & general exp.
contingencies, &c_ _ _ 473,116
Loss oper. of gas prop-
$860,093
295.162
loss$8,046 $5,316,180 21.155,255
100,400
173,664
319.543
350,566
27,935
1,458.498
1,246.684
27,935
Net profit
$1,526,935 loss$487.037 $3,684,018 loss$438,907
Earns, per sh. on 2,559,Nil
$0.59
Nil
042 no par shares.. _
$1.44
tO
-Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1562
Lily-Tulip Cup Corp.
12 Months Ended Sept. 301933.
1932.
Net income after depreciation and Federal taxes
2388,040
$269.257
available for common stock
Earnings per share on 189,545 shares common stock
$1.42
$2.05
W Last complete annual report in Financial Chronicle May 6 '33, p. 3176
.
Link-Belt Company.
(And Subsidiaries)
1933-9 Mos.-1932.
1933-Month-1932.
$609,189 $5,417,538 $5,355,189
$782.973
625,546 y5,494,081 x5.779.940
714.583
Period End.Sept.30Sales to customers
Cost of sales
Net profit on sales__
Other income
$68,390 def$16,357 def$76,543 det$424,752
26,805
188,917
236.679
21,050
Total income
Sundry chgs. to income.
$89,440
8,129
$10,448
21,271
$112,374 der$188,073
60,244
131,736
252,130 def$319.809
Net credit to surplus
$81,311 def$10.824
x Includes depreciation of $416,675. y Includes depreciation of 2381,868.
lOPLast complete annual report in Financial Chronicle Feb. 25'33, p. 1386.
Loblaw Groceterias, Ltd.
-1932. 1933-16 Weeks
-1932.
Period End.Sept.23- 1933-4 Weeks
Sales
$1.054,926 $1,033,620 $4,034,118 $4.144,145
Net profit after charges
and income taxes
59 876
195,177
235,502
49,945
la
-Last complete annual report in Financial Chronicle July 22 '33, p. 701
Long-Bell Lumber Corp.
1932.
1931.
1933.
1930.
9 Mos.End.Sept.30-$372.389 $2,608,112
Operating profit
2412.8481oss$1425170
Depletion
890,130
535.138
1,106,949
1,477,272
576,404
758,298
919,948
Depreciation
560,153
Interest
1,403.145
1,128,633
1,167,386
1.510,502
Inventory adjustment_
x400,000
Net loss
$2,166,068 $3,704,107 23.296,003 $1,299,610
x Inventory adjustment as of June 30 1931.
rarlast complete annual report in Financial Chronicle Mar.25'33, p.2080
Ludlum Steel Corp.
(And Subsidiaries)
Period End,Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after taxes
and depreciation -_-- $166,305 loss$101,776
$79,070 loss$241,412
Earns. per sh.on 198.405
common shs.(par $1)
Nil
xN11
Nil
x$0.46
x After allowing for dividend requirement s on 46,050 shares (no par)
of $6.50 preferred stock.
10 Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1728
-
MacAndrews & Forbes Co.
Period End. Sept. 30
- 1933-3 Mos.-1932. 1933-9 Mos.-1932.
Net profit after exps. &
Federal taxes
$618,843
$378,039
$236,936
$110,824
Preferred dividends_ _ 92,910
90.168
30,811
29,856
Common dividends
274,236
79,911
349,503
151,947
Surplus
$10.893
$179,172
8106
255,133
Shares corn, stock outstanding (par $10)
x319,643
303.894
x319,643
303,894
Earnings per share
$1.74
$0.89
$0.25
$0.68
x No par value.
tO
-Last complete annual report in Financial Chronicle Apr. 22 '33, p. 2807
McGraw-Hill Publishing Co.
Lehigh Coal & Navigation Co.
Earnings for 12 Months Ended Sept. 30.
Parent Company1932.
1933.
Income before interest charges
$2.926,690 $3,299,483
Interest charges
1,034.925
1,030,713
Net income of parent company
$1,895.977 $2,264.558
Earnings per share on 1,930,065 shs. capital stock
outstanding (no par)
20.98
$1.17
Company and Subsidiaries
Consolidated net income after interest, taxes,depleLion, depreciation and reserves and taking into
account profit and losses of sub. cos
$1.054,565 $1,163,808
Earnings per share on 1.930,065 shares
$0.54
$0.60
ta"Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1385
(And Subsidiaries)
Period End. Sept.30- 1933-3 Mos.-1932.
x Income from mining &
selling coal
8111,119
$689,670
x Deficit from oth. oper_
7,272
13,165
3139
Period End.Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after all int.,
taxes and deprecia'n-$42,160 losst2,205 1°8466,598 loss$131,941
1:21IPLast complete annual report in Financial Chronicle June 17'33, p.4282
Mathieson Alkali Works, Inc.
Period End. Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Total earns,from oper__ $764,518
$406,698 $1,899.434 21.399.650
Prov.for deprec.& depl_
284,480
285,481
852.420
857.415
Net earns, from oper_
Income credits (net)____
$480,038
Dr.8,703
2121,217 21,047.015
7,068
18,967
$542.235
33.335
Total Income
Prov. for Fed. inc. tax....
8471.335
55,668
8128,285 21,028,047
1,877
108.697
2575.570
26,946
Net inc. trans, to sur- $415,667
$126,409
$919,350
$548.624
Shs.com.stk.out.(no par)
623,283
650.436
623.283
650,436
Earnings per share
$0.60
$0.13
$1.27
$0.65
KErLast complete annual report in Financial Chronicle Feb. 18 '33, p. 1212
Maytag Co
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net sales
33.888,418 31.103.011 $6,639,906 $4,108.529
Net profit after charges,
deprec.,Fed.taxes,&c.
594,779
19,725
670,990
41,913
Earn, per sh. on 1,617,922 shs. corn,(no par)
after pref. diva
Nil
Nil
10.18
Nil
10 Last complete annual report in Financial Chronicle May 6 '33, p. 3174
-
Mexican Light & Power Co.
(And Subsidiaries)
-Month ofSeptember- -9 Mos.End.Sept.30
NI
1933.
1932.
1932.
1933.
Gross earns,from oper- 2685.986
723,033 $6.657,924 $7,008,286
Oper.& deprec. expenses
422.811
473.360 4,203,282 4,434,185
Net earnings
$263,175
$249.673 $2.454,642 82,574,101
The operating results as shown in Canadian dollars are taken at average
rates of exchange. They have been approximated as closely as possible, but
will be subject to final adjustment when the annual accounts are made up.
32rL4zst complete annual report in Financial Chronicle Aug.26'33, p. 1576
Financial Chronicle
3140
Oct. 28 1933
Mexico Tramways Co.
National Cash Register Co.
(And Subsidiaries)
-Month of September- -9 Mos. End. Sept. 301932.
1933.
1933.
1932.
Gross earns. from Apr__
$205.181
$232,399 $2,082,959 $2,206,910
Operating & deprec. exps
2,875,460
322.607
2,764.852
283.924
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after deprec..
taxes & other charges $242,135
$915,126
$841,907 S1.880,305
IG5'Last complete annual report in Financial Chronicle Apr. 8 1933, p. 2415
Net earnings, Dr
$668,550
$78,743
$681.893
$90.208
The operating results as shown in Canadian dollars are taken at average
rates of exchange. They have been approximated as closely as possible.
but will be subject to final adjustment when the annual accounts are made
up.
ICrLast complete annual report in Financial Chronicle Aug. 26 '33, p.1576
Michigan Gas & Electric Co.
Period Ended Sept. 30 1933
Total gross earnings
Operating expenses and taxes
Interest deductions (net)
3 Mos.
$301,305
202,095
63,744
9 Mos.
$826,218
576.066
191,831
$35,466
$58,322
31,865
2,252
Net income
*Prior lien dividends
*Preferred dividends
Balance
$35,466
$24.205
• Exclusive of cumulative preference stock dividends on: Prior lien
stocks from May 1 to Sept. 30 1933, $39,845; and of preferred stocks
from Feb. 1 to Sept. 30 1933. 318,165, which have been suspended.
arLast complete annual report in Financial Chronicle April 15 '33, p. 2606
Michigan Public Service Co.
Period Ended Sept. 30 1933
Gross earnings
Operating expenses and taxes
Interest, &c., deductions (net)
3 Mos.
$245,864
132,391
67.044
9 Mos.
$596,443
327.917
202.803
$46,428
Net income
665.724
-Cumulative preferred stock dividends amounting to $40,083 have
Note.
period.
been suspended for the nine-months'
lrarLast complete annual report in Financial Chronicle May 13 '33, p. 3343
Mid-Continent Petroleum Corp.
(And Subsidiaries)
1933-9 Mos.-I932.
" Period End.Sept. 30-- 1933-3 Mos.-1932.
$1,964,918
Operating profit
$776,031 $2,505,341 $2,286,730
Depr., depl., Fed, taxes,
leaseholds abandoned
1,250,762
988,045
3,675.660
and surrendered, &c
3,230.637
818,991
Inventory adjustment_
$714,156 def$212,014 df$1.989,310 def$943,908
Net profit
Earn.per sh.on 1,857,912
Nil
Nil
Nil
$0.38
shs. cap.stk.(no par) _
O"Last complete annual report in Financial Chronicle April 15 '33, p. 2623
Missouri Gas & Electric Service Co.
Period Ended Sept. 30 1933Electric revenues
Gas revenue
Water revenues
Ice revenues
Non-operating revenues (net)
Total gross earnings
Operation
Maintenance
Provision for retirement
Taxes. State and local
Interest on funded debt
General interest
Amortization of debt discount and expense
3 Months. 9 Months.
$121.676
$349,146
10.902
45,365
119
364
9,632
16,974
182
Dr636
$142.511
85.623
6,932
5,208
10,290
23,408
5.682
1,847
$411.213
253,450
19.764
15.506
30.948
70.238
19,419
5,542
Net income
$3,519
def$3,654
-Cumulative preferred stock and prior lien stock divs. of $59,215
Note.
have been suspended for the nine month's period.
r:=4 Last complete annual report in Financial Chronicle Feb. 4 '33, p. 2242.
-
Missouri Public Service Co.
(And Subsidiary Company)
3 Mos.
Period Ended Sept. 30 1933$339.031
Gross earnings
195,856
Operating expenses and taxes
115.361
Interest deductions (net)
9 Mos.
$977.761
573,566
348.626
$27,813
$55,569
Net income
Note.
-Cumulative preferred stock dividends amounting to $103,841
have been suspended for the nine-months' period
arLast complete annual report in Financial Chronicle April 1 '33, p.2242
Monsanto Chemical Co.
(And Subsidiaries)
1933-9 Mos.-1932.
Period End. Sept. 30-- 1933-3 Mos.-1932.
Net profit after charges
$736.042
$201.821 $1,519.704
$680,757
and taxes
431.802
429,000
429,000
431,802
Shs, corn, stock outstand
$1.71
$0.47
$3.51
$1.57
Earnings per share
1::Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1897
National Power & Light Co.
•
(And Subsidicries)
12 Months Ended Aug. 31SubisidiariesOperating revenues
Operating expenses, including taxes
$68,204,181 $73,153,505
35,182,218 38.403,845
Net revenues from operation
Other income
$33,021,963 $34,749,660
373,894
172,187
Gross corporate Income
Interest to public and other deductions
Interest charged to construction
Retirement reserve appropriations
$33.194,150 $35.123,554
12.867,860 12,955.309
Cr71.369
Cr4,830
5,687,472
5,489,044
1933.
1932.
$14,842,076 $16,552,142
Balance
Pref. diva, to public (full div. requirements applic.
to respective 12-month periods whether earned or
6,049,555
6,041,821
unearned)
26,641
44,128
Portion applicable to minority interest
National Distillers Products Corp.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after deprec.,
int., Fed. taxes, &c_ _ $1,477,925
$79,385 $1,954,273
$370,415
Earns. per sh. on 628,027
shs com.stk.(no par)
$2.35
Nil
x$2.81
Nil
x After deducting $191,225 paid in divs. on pref. stock now retired.
arLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2082
(The) Nevada-California Electric Corp.
(and Subsidiary Companies)
Month of September
12 Mos. End. Sept. 30
1933.
1932.
1933.
1932.
Gross operating earnings $373,619
$366,142 $4,666.048 $5.187.120
11,127
13,119
Maintenance
141,540
182,264
Taxes (incl. Federal inc.
40,060
33.583
391.214
tax)
415.959
108,684
102,737
1,557.097
Other oper. & gen. exp.
1,868,166
Total oper.& gen. exp.
& taxes
Operating profits
Non-oper. earns. (net)
$159,872
213,747
1.214
3149.440 $2.089,852 $2.466,390
216,702
2,576,195
2,720,729
2.221
70,488
114,232
Total income_
Interest
$214,961
130,749
$218,923 $2.646,683 $2,834.962
130.705
1.576.561
1.561,965
Balance
Depreciation
$84,212
48,281
$88,217 $1,070,122 $1,272.996
67,907
662.559
664,171
Balance
Discount & expense on
securities sold
Miscellaneous additions
& deductions (net Cr.)
$35,930
$20,310
$407,562
$608,824
8.751
8,893
107.557
107,419
*2,775
7,204
194,603
123,422
Surplus avail, for redemption of bonds,
$24,403
di v., &c
$18,621
$494,609
$624,828
*Net debit.
tarLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2607
Newport Industries, Inc.
(And Subsidiaries)
Period End.Sept. 30- 19:33-3 Mos.-1932.
1933-9 Mos.-1932.
$717,045
$428,828 $1.789.754 $1,338,046
Net sales
624,528
472,443
Cost and expenses
1,640,068
1,427,061
48,255
Depreciation
49,739
142.878
148,415
3,227
Cr3,907
Int. and other chgs.(net)
11.419
Dr23,168
6,250
Capital stock tax
6,250
Profit
Loss on sale of stock_
Dividends received
Other income
$34,785 loss$89,447 loss$10,862 loss$260,598
11,671
5,221
Cr25,872
18
9,263
5,454
38,380
3,644
Net profit
x$34,803"xloss$91.855 y$24,108yloss$227,439
x Exclusive of proportion of losses of affiliated company amounting to
$16,346 charged to deficit account in 1933 and $12,438 in 1932.
y Exclusive of idle plant expense of $39,487 charged against reserve
previously created for that purpose in 19:33 and $40.763 in 1932, and
proportion of losses of affiliated company amounting to $62,098 charged to
deficit account in 1933 and $89,347 in 1932.
a"Last complete annual report in Financial Chronicle March 25 1933, P•
2082 and April 29 1933, p. 2986.
New York Dock Co.
(Including New York Dock Trade Facilities Corp.)
9 Months Ended Sept. 301933.
1932.
Revenues
$2,017.582 $2,262.441
Expenses
1,000,245
1,132,179
Taxes. interest, &c
882,444
994,054
Net income
$74,892
$136,207
a'Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2625
New York Edison Co.
Period End. Sept. 30- 1933-3 Mos.-1932. 1933-12 Mos.-1932.
Sales of el. energy, ii1V h _384.086,484 385,799,180 1680195.096 1789739.720
Sales of electric energy--$14,316.056 $14,827,249 $65.907.955 $70.110,999
Miscellaneous income_ _ _
272,962
215,224
1.144,609
1,075,069
Total oper. revenues_ -$14,589,017 $15,042,473 $67,052,564 $71.186.069
Operating expenses
8,923.440
9,352,691 37,609.978 39.024,091
Retirement oxpense_
612.501
614,888 2.788,930
1,796,303
Taxes (Incl. provision for
2,124,447
Federal tax)
1,803,689
7.874.596
7,658.421
Operating income_, $2,928.629 $3.271,204 $18,779,061 $22,707,254
Non-operating revenues_ 2,838,359 2.950,695 12.913.979 11,769,192
Non-oper. rev. deduc'ns
90,423
298,826
523.372
863,520
Gross corporate inc_ _ _ $5,676.565 $5,923,073 $31.169,669 $33,612,927
Int. on long term debt.... 1,616.935
1,617,775
6.468,055
6.002,395
Miscell. deductions
63,968
61,796
240.221
233,972
Net income
$3,995,663 $4,243,502 $24.461,392 $27,376,559
Income Account 9 Months Ended Sept. 30.
1933.
1932.
Sales of electric energy (kw.h.)
1232998875 1307717.426
Sales of electric energy
$48,186,650 $51.326,734
Miscellaneous income
809,448
722.889
' Total operating revenues
P.
$48,996,098 352.049.624
Operating expenses
27,406.906 28.748.881
Retirement expense
2.038.882
2,146,449
Taxes (including provision for Federal income tax)_ 6,059.922
5.852.984
lio
. Operating Income
Non-operating revenues
Non-operating revenue deductions
613.490.387 $15,301,310
8,649.009
8,887.831
301.453
762,302
Gross corporate income
;
$21.837.943 623,426,839
Net equity of Nat. Power & Light Co., in income
Interest on long term debt
4.850.828
4,697.098
$8,773,614 $10,458,459
of subsidiaries
Miscellaneous deductions
184,293
198,686
National Power & Light Co.
Net equity of Nat. Power & Light Co. in Income of
income
Net
$16.802.821 $18,531,055
$8,773,614 $10,458,459
subsidiaries (as shown above)
192.698
381,157
Other income
OrLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1375
Total income
Expenses, including taxes
Int. to public & other deductions
$8,966.312 $10.839,616
121.760
142,278
1,356.752
1,356,685
$7.487,800 $9,340,653
Balance carried to consolidated earned surplus
r•NPLast complete annual report in Financial Chronicle Aug. 26 '33, p. 1573
North American Cement Corp.
12 Months EndedSept. 30'33. Sept. 30'32. June 30 '32.
Net loss after taxes, deprection. deple$675,488
tion, interest and amortization_ __ - $841,279
$869.873
arLast complete annual report in Financial Chronicle May 20 '33, p. 3551
3141
Financial Chronicle
Volume 137
New York Steam Corp.
Ohio Edison Co.
1933-12 Mos.-1932.
Period End.Sept. 30- 1933-3 Mos.-1932.
915.894
873,077 11,270,104 10,376,021
Sales of steam (M.lbs.)
$760,457 $10,174,842 $9,647,344
$793.810
Sales of steam
57,874
60,514
Miscellaneous income_ _
6,724
1,933
(A subsidiary of The Commonwealth & Southern Corp.)
-Month ofSeptember- -12 Mos. End.Sept. 301932.
1932.
1933.
1933.
Gross earnings
$1.210.573 $1,139.407 $14.707,268 $16,153,806
383.835
372,670 4,387.310 4.839,055
Oper. exps., mcl. maint1,558,500
1,356,950
124.400
152.300
Taxes
313.110 3.899,575 3,692,885
324,370
Fixed charges
1.200,000
1,200,000
100,000
100,000
Prov. for'retire. reserve.
Total oper. revenues_
Operating expenses
Retirement expense_ __ _
Taxes (incl. provision for
Federal income tax)_ _
$800,534
892.356
36,636
Operating deficit
Non-operating revenues_
Non-oper. rev. deducts_
$336,793
20,888
Dr7,263
208,335
$762,390 $10,235,356 $9,705,219
5,476,247 5,358.946
915,181
415,041
450,804
34,923
195,996
1,129,156
887,799
$383,711 sur3,179,149sur3,043,433
68.168
48,607
5,928
Dr10,133
Dr29,259
Dr7,242
Total income
def$323,168 def$385,025 $3,218,058 $3,081,907
1,231,868
1,438,745
Int. on long-term debt
360,698
358,954
Misc.int., amort.of debt
disc. & exp. & miscell.
230,254
181,834
22,991
deductions
48,831
Deficit
Preferred dividends_
$730,954
$768,715sun .597,478sunl.619.785
639,214
636.048
$961,430
Balance, surplus
$980,571
Income Account for Nine Months Ended Sept. 30.
1932.
1933.
7,900.873 7,776.856
Sales of steam (M.lbs.)
$7,165.412 $7,219.797
Sales of steam
12.026
14,927
Miscellaneous sources
$7,180.339 $7,231,823
Total operating revenues
3.838,786 3.946,128
Operating expenses
311,074
316.035
Retirement expense
758.614
813.255
Taxes (including provision for Federal income tax)
$2,212,264 $2,216.007
Operating income
63,531
34,499
Non-operating revenues
Dr9,322
Dr20,790
Non-operating revenue deductions
$2,255,005 $2,241,184
Gross corporate income
977.693
1,078,315
Interest on long-term debt
153,151
150,661
Misc. int., amort. of debt disc. & exp.& misc.deduc
$1,026,028 $1.110,340
Net income
ig"Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1375
New York Telephone Co.
-Month ofSeptember- -9 Mos.End.Sept.301932.
1933.
1932.
1933.
Operating revenues
$14,817,830 $15.735.302 $135477,814 $148729,886
1,351,100
1.505.505
ifficollectible oper. rev
184,064
131,358
Operating revenues__ 414,949,188 $15,919,366 $136828,914 $150225,391
Operating expenses
10.789,614 11,775,803 100,277,091 112,725,283
Net oper. revenues....$4,159,574 $4,143,563 $36,551,823 $37.510,108
Operating taxes
1,207.333 11.220,413 11,619.268
1,484,618
Net operating income- $2,674,956 $2,936,230 $25,331,410 $25,890,840
OrLast complete annual report in Financial Chronicle Mar. 11'33, p. 1713
$229,226 $3.661,882 $5,064.915
1.864.094
1,866.849
155,534
$73,692 $1,795,033 $3,200,820
$94,473
Balance
VE"Last complete annual report in Financial Chronicle May 6 '33, p. 3163
(The) Orange & Rockland Electric Co.
-Month of September- -12 Mos. End. Sept. 301933.
1932.
1932.
1933.
$719,869
$753,634
$62,410
967.063
Operating revenues
Oper. exps , incl. taxes,
-but excl.depreciation_
*
Depreciation
34,861
7,563
38,060
7,386
399.657
90,222
418,104
88,169
Operating income_
Other income
$19.986
3,186
$21,617
3,280
$229.990
35,969
$247,361
28,575
Gross income
Interest on funded debt_
Other interest
Amortization deductions
Other deductions
Divs,accrued on pf.stk_
Fed. income taxes incl.
in oper. expenses
$23,172
5,208
183
1,148
333
8,200
$24,897
5,208
215
1.148
449
7,852
$265.959
62,500
705
13,777
4,284
97,266
$275,936
62,440
1,242
13,106
4,437
82,922
3,250
2,950
35,250
33.015
Otis Elevator Co.
(And Subsidiaries)
9 Months Ended Sept. 30Gross operating income
Expenses
Depreciation
1932.
1933.
$3.004.828 $5,818.675
4.372.564 5,339,718
539,760
544.785
$1,907,496
Net operating loss
261,124
Income from interest, discount, &c
Divs. & distrib. from foreign subs., unconsol. at
388.479
depr. exchange value
$65.828
302,503
688.091
$1,257,893prof$924,766
Net loss
nil
$0.31
Earn, per sh. on 2,000.000 corn ails
For the quarter ended Sept. 30 1933 net loss was $230.157 after taxes
and charges, comparing with net Income of $358.715 equal to 13 cents a
share on the common stock in the Sept. quarter of 1932.
WEast complete annual report in Financial Chronicle April 15'33, p.2625
Packard Motor Car Co.
1933-9 Mos.1932. Period End. Sept. 30- 1933-3 Mos.-1932.
Net profit after all chgs_ $622,785loss$1903671 loss$487,084loss$4416798
10
-Last complete annual report in Financial Chronicle Apr.8 1933, p. 2440
-Proof Co.
Parker Rust
New York Westchester & Boston Ry.
-Month ofSeptember- -9 Mos.End.Sept.301932.
1933.
1932.
1933.
Railway operating revs_ $141.292
$154.969 $1,264,114 $1,412.918
Railway oper. expenses_
112,069 1,009,818 1,029.712
113,218
Net oper. revenue.._ _ _
Taxes
$28,073
26,854
$42,899
28.077
$254.296
241,686
$383,205
244,770
Operating income_ _ _ _
Non-operating income.._
$1,219
2,221
$14,822
2,107
$12,610
17.638
$138,434
20,739
Gross income
Deductions
Rents
Bond,note, equipt. trust
ctf. int. (all int. on
advances)
Other deductions
83,441
$16,929
$30.249
$159,174
33,531
33,537
302.882
302,919
208,341
2,161
203.972
2,317
1.861,918
21,082
1,822,615
20,710
Net deficit
$222.897 $2.155,633 $1,987,071
$240,593
PI"Last complete annual report in Financial Chronicle Apr. 8 '33, p. 2423
North American Co.
Consolidated Income Statement-12 Months Ended Sept. 30.
x1931.
1933.
1932.
x1930.
Gross earnings
$101.677,290 8109416,318 8120684,598 8140296,108
Open. exp. and taxes-- 54,020,738 57,285.503 64.400,378 72,840,034
Net Inc. from oper-447,656,552 $52,130,815 $56,284,219 $67,456.075
y Other net income
5.299,118 7,320,469 7,606,649 7,143,394
Total income
$52,955,670 $59,451,284 $63,890,870 $74,599,469
Interest charges_ _ _ _
17,230,616 16,754,077 14,943,586 17.984,344
Pref. diva. of subsidiaries 8,307,280 8,348,327 8,470,042 9,966.425
Minority interests
1,606,126
2,002,893
991,934
1,349,379
Reserve for depreciation 13.495,022 14.007,249 13,660.894 14.860,462
Net income
$12,930,817 $18,992,252 $25,210.221 $29.785.345
1,820.034
1.820.034
Divs. on No. Am.pf.stk 1,820,034
1,820,034
Bal. for common stock
dive. and surplus-511,110,784 $17,172,218 $23,390,187 $27,965,311
Barns, per share on avgo.
$2.42
$3.64
corn.stk. out.(no par)
$1.43
$44.81
x Excludes gross earnings, operating expenses and all other details of
Income accounts of former California subsidiaries for entire 12 months
ended Sept. 30 1931 and for three months and 18 days ended Sept. 30
1930, and includes in other net income the proportion applicable to these
respective periods of dividends on the common stock of Pacific Gas &
Electric Co. received in consideration for the North American interests in
such subsidiaries. y Includes stock dividends received from non-subsidiary
companies taken up, where retained, at amount charged in respect thereof
to surplus of issuing company: 1933. none; 1932, $827,451; 1931, $1,271,115: 1930, $1,166,908, and where sold, at proceeds of sale: 1933, none;
1932, none; 1931. $52,191; 1930, $86,706.
-Company does not include in consolidated income the undisNote.
tributed earnings applicable to its substantial interests in non-subsidiary
companies. On March 30 1933 the company increased Its ownership to
66% of the total outstanding common stock of North American Light &
Pciwer Co., the accounts of which are not consolidated in this statement.
The consolidated deficiency of that company and subsidiaries for the six
months ended Sept. 30 1933. after provision of $1,786,661 for cum. pref.
dividends in arrears, amounted to $1,291,263. The proportion of such
deficiency applicable to this company's holdings of the common stock
amounted to $857,865.
arLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1536
Otis Steel Co.
Period End. Sept. 30- 1933-3 Mos.-1932. 1933-9 Mos.-1932.
Net loss after taxes, int.,
$836.025 $1,139,829 $2,176,195
$182,205
depreciation, &c
ra'Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1900
$250,068
155.595
Net income
Divs. on pref. stock_ _ _ _
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
Net profit after deprec..
$200.220
Federal taxes, &c._ $180,324
$417,813
$1.713
95,735
Shs. corn. stk. outstand_
96,135
95,735
96,135
$2.01
Earns, per share
Nil
$4.27
$1.85
ta'Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1389
Peoples Gas Light & Coke Co.
(And Subeadiary Companies)
Period End.Sept. 30- 1933-3 Mos.-1932.x 1933-9 Mos.-x1932.
Gas sales
$6,736,849 $7.449.604 $22,384,819 $25,193,019
403,432
770.403
Other oper. revs.
-net.....
161.285
343,183
Total gross earnings- $7,080.033 $7,610,888 $23,155,222 $25,596,452
Gas purchased
1.768.187 5,256.359 5,599.961
1.747.506
8,299.885
Operation
7,205.281
2,696.111
2,344.041
985.816
Maintenance
321.725 1.018,389
334.021
State, local & 0th. taxes
681,369 2,436,054 2,041.830
897,706
393.810
276,189
Federal income taxes..... Cr35,193
53.406
Depreciation
674,411 2,229,205 2,023.234
878,408
Net earnings from ope. $913.544 $1.415,680 $4,733,743 $6,251,917
Interest rec, from affi685.850
629.353
liated companies, &c_
228,273
209,010
Net earnings
$1,122,554 $1.643,953 $5,363,097 $6.937.767
Interest on funded debt.. 1.197.209
1,099.135 3.615.881 3,238.552
115.973
26.341
Int. on unfunded debt
76,522
8,291
Amort. of debt disc, and
229.331
189.696
expense
74,488
68.9o4
Net income
def$151,910
Shares in the hands of the
public
676,151
Earnings per share
def.$0.22
$393,809 $1,531,177 $3,353,911
686,492
$0.57
676.151
$2.26
686.492
$4.89
Consolidated Income Account for 12 Months Ended Sept. 30.
x1932.
1933.
$30,778,043 $33.861,271
Gas Sales
537,940
910,333
Other operating revenues-net
Total gross earnings
Gas purchased
Operation
Maintenance
State, local and other taxes
Federal income taxes
Depreciation
$31,688.376 834.399.211
7.143,253 7,319,223
10,139,704 11.235,819
1.409,294
1,465.945
3,099.938 2.734,747
370,210
490.604
2.903.616 2.543,842
Net earnings from operations
$6,565,710 88.665.682
Interest received from affiliated companies,&c---898,707 1.054,218
Net earnings
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
$7,464.417 89,719,900
4.834,529 4,309,320
155.254
35.719
306,477
254,218
Net income
$2.339,949 $4,948,849
Shares in the hands of the public
686,492
676,151
Earnings per share
$7.21
$3.46
x Solely for the purpose of placing the operating results for the periods
shown above on a comparable basis, certain of the expenses and reserves
applicable to the year 1932, initally provided for in the last quarter of that
year, have been allocated to the several quarters of 1932. The items referred
to include additional provisions for personal property taxes, and reserves
for uncollectible accounts, possible reductions in interest received from
affiliated companies, maintenance equalization and additional depreciation.
The allocation of these items as between quarters does not affect the
net income per share as shown in the annual report for the year 1932.
With respect to the statement covering the 12 months ended Sept. 30
1932, effect has also been given to reductions in net income indicated by
a special audit of the company's accounts as of March 31 1932, and to an
increase, subsequently determined, in personal property taxes for the
year 1931.
la'Last complete annual report in Financial Chronicle Feb. 18 '33, p. 1194
3142
Financial Chronicle
Oct. 28 1933
Pennsylvania Coal & Coke Corp.
(And Subsidiaries)
3 Mos.End.Sept.30-1932.
1933.
Gross earnings
5597,544
$420,959
Oper. exp. & taxes (not
incl. Federal tax)-- -427,896
584.093
Operating income
Miscellaneous Income__ _
$13.451
11,412
Gross income
Depletion & deprec'n - Other charges
$24,863
37.009
14,901
1931.
$612,791
Roanoke Gas Light Co.
1930.
$857,473
642,765
816,720
defS6,937 def$29,974
31,894
21.119
$40.753
• 35,055
$1,919
52.442
46,391
$75,809
62.506
44.499
$14,182
51.224
25.675
Net def. bet Fed. tax$31,196
996,914
862,717
$27,047
10 Last complete annual report in Financial Chronicle April 15'33, p.2626
Philadelphia Electric Co.
9 Months Ended Sept. 30x1932.
1933.
Operating revenue (Including non-operating)--- $45,018,373 $47,522,184
Operating expenses (including renewal and replacement reserve and all taxes)
22,604,282 24.937,296
Income deductions
6,074.118 6.062,396
Net income
$16.339.974 816,522,492
Dividends on pref.stock and other prior deductions 1.794.968 1.951.581
Balance
914,545,006 $14,570,911
x 1932 figures restated and adjusted for comparative purposes.
tarLast complete annual report in Financial Chronicle April 15'33, p.2608
Pittsburgh Screw & Bolt Corp.
Period End. Sept.30Gross profit on sales_ _
Expenses
1933-3 Mos.-1932.
970,227
$382,713
139,906
146,947
1933-9 MOS.-1932.
$602.038
$199,055
419,734
460,643
Operating profit
Other income
$235,766 loss$69,679
18,187
12,776
$182,304 loss$261.588
71.453
61,259
Total income
Miscell. deductions
Depreciation
Interest
$248,542 loss$51,492
7,369
5,253
77.266
77,571
53,790
52,911
$253.757 loss$200.329
45,234
28.229
232,714
231,799
159,106
161,370
Net profit
$110,691 loss$187,801 log8E183,2971054621,727
Earns, per sh. on 1,500,000 shs. com.stk. (no
Nil
Nil
$0.07
Nil
Par)
la'Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2084
Pittsburgh Terminal Coal Corp.
(And Subsidiaries)
Period End.Sept.30
1933-3 Mos.-1932. 1933-9 Mos.-1932.
Net loss after deprec..
depletion, &c
$592,154
$173,952
$187,321
$541,093
PO
-Last complete annual report in Financial Chronicle April 1 '93, p. 2257
Portland General Electric Co.
(And Subsidiaries)
12 Months Ended Sept. 30Gross revenue incl. other income
Balance after taxes
Net income (after charges and depreciation)
1933.
1932.
$7,486,762 57,895,535
4,593,409 4,821,872
1,347,482
1.808,270
Public Service Company of Oklahoma.
[Accounts of subsidiary companies have not been consolidatedl
Period Ended Sept.3019333 Months. 9 Months.
Gross earnings
$1,225,685 $3,529,313
Operating expenses and taxes
758,546 2.175,489
Interest, &c., deductions
268,131
804,445
Net income _
$199,008
$549,379
Prior lien stock dividends
133.773
401,018
Balance
$65,236
$148,361
rirLast complete annual report in Financial Chronicle Apr. 1 '33, p. 2244
Reliance International Corp.
Income Account for 9 Months Ended Sept.30 1933.
Cash dividends received
$188.856
Interest received and accrued
53.025
Total income received
Expenses
$241,881
57.911
Balance
Net loss from sales of securities
$183,970
248.740
Loss for the period
$64,770
Dividends paid on preferred stock
225,662
report in Financial Chronicle May 20 '33, p. 3553
10PLast complete annual
Reliance Management Corp.
Income Account for 9 Months Ended Sept. 30 1933.
Cash dividends received
Interest received and accrued
Management fee
Net profit from sales of securities
Total income received
Expenses
Interest on debentures
912,358
45,285
24,635
54,768
$137,046
31.748
39,938
Net profit for the period
Adjustment of reserve for securities held by Reliance International Corp. pending sale
Refund of Federal income tax (1929)
Surplus for the 9 months ended Sept. 30 1933
Deficit Jan. 1 1933 in excess of capital surplus
$65,360
6.716
2,253
$74,329
3,905.986
Deficit Sept. 30 1933
$3.831,657
"Last complete annual report in Financial Chronicle Feb. 18'33, p. 1216
Reo Motor Car Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after taxes, depredation, dm
$315,649
$639,870 $1,078,593 $1,980,051
V9PLast complete annual report in Financial Chronicle April 8 '33, p. 2441
Republic Steel Corp.
(And Subsidiaries)
Period End.Sept.30- 1933.-3 Mos.-1932.
1933-9 Mos.-1932.
Operating profit
$2,922.5291oss$666,410 $5,522,728 1os4280,958
Interest
775,902
832.772 2.378,736 2,552.674
Depr. and depletion.-- 1,930,730
5.721.163 5,581.839
1,845.171
Profit
$215.897loss$3344353loss$25771711oss$8415471
Trumb. Cliffs pref. dive
67,658
203.609
75,000
225,000
Net profit------5148,239loas$34193531oss527807801osaS8640474
VirLastconpleteannuzIrepYt ln Fist ri I! Cr)5i'. 1 i. Li 1, p. Lif!
-Month ofSeptember- -12 Mos.End.Sept.301933.
1932.
1932.
1933.
$37,125
$38.324
$473,054
5427,107
22,481
17,205
219,715
222,483
Gross revenue
Operating expenses
Net earnings
Int. & oth.inc.chgs.(net)
Prov. for Fed. inc. tax....
Prov. for retirements
$15,843
10,297
323
2,607
$19,919
8,876
907
2,797
$207,392
106.677
7,557
32.014
8250,571
102,168
8,818
35,782
$2.615
$7.339
$61,143
$103,801
Net income
Schenley Distillers Corp.
Earnings for Period from July 11 1933 to Sept. 30 1933.
Total income
$1,280,919
Net after interest, depreciation. Federal taxes (est.), &c
814,625
Earnings per share on 1,050.000 shares stock (par $5)
$0.77
Seaboard Oil Co. of Del.
(Formerly Mexican Seaboard Oil Co. and Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
x Gross earnings
5768.135
$733,886 $2,109,748 $1,989,073
Operating expenses
218,895
213,541
625,372
639,663
Operating profit
Other income
9549.240
10,228
$520,345 $1,484,376 $1,349.410
13,086
38,827
51.298
Total income
Deprec., depletion,&c
5559.467
222,019
$533,431 51,523,202 51.400,708
296,043
672,668
788,510
Net profit
$337,449
$237.388
$850.535
$612,198
x After deducting share of products accruing to operators of Kettleman
Hills absorption plant.
IgrLast complete annual report in Financial Chronicle Apr. 1 '33, p. 2259
Sharp & Dohme, Inc.
Period End.Sept.30
1933-3 Mos.-1932.
1933-9 Mos.-1932.
Gross profit
$1,367,643 $1,205,229 $3,578,838 $3,684,273
Expenses
832,163
874,916 2,567,096 2,843,154
Charges (net)
58.460
31,629
140,292
112,195
Depreciation
35,420
34.911
114,914
103,793
Federal taxes and prov.
60.720
for contingencies
36,269
104,024
85,956
Net profit
$380,881
$227,504
9652,513
$539,175
Prof. dividends paid_ _ _ _
343,627
114,542
572,712
515,441
Earns. per sh.00 776,627
shs. com.stk.(no Par)
$0.23
$0.03
$0.04
Nil
arLast complete annual report in Financial Chronicle Feb. 26 '33, p. 1391
(Frank G.) Shattuck CO.
(and Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Consol. net profit after
deprec.. Fed.taxes.&c
$58,470
$97,627
822,557
$510,951
Earn, per sh. on 1,290,000 shs. cap. stk. (no
par)
$0.04
$0.07
$0.02
$0.39
rarLast complete annual report in Financial Chronicle May 6 '33, p. 3177
Sierra Pacific Electric Co.
(And Subsidiary Companies)
-Month of September- -12 Mos.End.Sept.301933.
1932.
1933.
1932.
Gross earnings
5131.388
$128,691 $1,384.186 51,511,354
Net operating revenue_ 42,746
59.658
543,906
646,947
Balance before depreciation
418,709
554,437
"Last complete annual report in Financial Chronicle Feb. 4 '33, p. 843
Sonotone Corp.
Earnings for 6 Months Ended June 30 1933.
Net income after charges
Earnings per share on 600,000 shares common stock (after
allowing for preferred dividends)
$60.842
$0.10
Southern California Edison Co., Ltd.
12 Months Ended
Gross earnings
Operatink expense and taxes
Interest amortization of bond discount
Set aside as reserve for depreciation
Sept.30'33. Dec. 31 '32.
$35,479,755 $37,158,391
12,087,993 11,664,963
7,337,363 7,115,343
4.434,943 4,650,000
Remainder for dividends
Dividends on preferred stocks
Dividends on common stock
$11,619,455 $13,728,085
7,141,095 7.184,654
6,449.056 6,479,683
Remainder after dividends
def$1,970,697
863.747
Average number of com.shard; outstanding
3,224,528 3,239,842
Earnings per share
$2.02
$1.39
Earnings for nine months ended Sept. 30 follows; Gross earnings, $26.
360,379, (1932. 828,039,015); operating expenses and taxes, $9,043,521
(1932 $8,620,490): interest and amortization of bond discount, $5,523,108
(1932 $5,301,088); balance, $11,793,750 (1932 $14,117,437)•
farLast complete annual report in Financial Chronicle Mar. 13 '33, p. 1874
Southwestern Bell Telephone Co.
9 Months Ended Sept. 301933.
x1932.
Gross revenues
$50.015,870 $55,217,594
Operating income
10.689,873 11,316,071
x Revisions in 1932 figures were made for comparative purposes to allow
for changes, effective Jan. 1 1933 in the Uuniform System of Accounts for
Telephone Companies perscribed by the I. S.0. Commission.
airLast complete annual report in Financial Chronicle Mar. 25 '33, p. 207
Standard Brands, Inc.
(And Subsidiaries)
Period End.Sept. 30-- 1933-3 Mos.-1932.
1933
TM7I
4
Gross profit after costs_ _$10.952,873 910,758,195 $33,232,126 $34,166,165
Expenses
6.790.451
7,007.237 21,137.514 21,258.400
Operating profit
$4.182,421 $3.750.958 $12.094.612 $12,907.765
Other income
184,438
x208.911
587,093
x642,391
Total income
54.348,880 53,959,869 312,681,705 813,550.156
Charges
198,352
224.473
681,073
603,606
Federal & foreign taxes..
475,037
487.598 1,568,544
1,678,846
Minority interest
4,022
6,082
15,440
20.030
Net income
93.669,447 $3,241.715 810,416,646 911,247,675
Preferred dividends_ _ _ _
122.983
166,075
412.403
500.591 Common dividends
3,161,339 3.772.729 9,449.287 11,322,234
Surplus
8385.125 def$697,089
$554.956 def$575.150
Profit and loss credit
23.518
50,183
790,268
120,688
Profit and loss charges
52,372
35,033
577,377
69.863
Surplus
8356.271 def$681,939
8767,846 def8524,325
Shs.com.stk.out.(no par) 12,645,369 12.645,066 12,645,369 12,645,066
Earnings per share
$0.28
$0.24
$0.79
$0.85
x Adjusted to exclude dividends on company's common stock included
in income in 1932.
arLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1365
Financial Chronicle
Volume 137
3143
Southwestern Light & Power Co.
Tide Water Associated Oil Co.
(And Subsidiary Company)
Period Ended Sept. 30 19333 Months. 9 Months.
Gross earnings
$457,319 $1,502,952
Operating expenses and taxes
337.732
1,095,576
Interest deductions (net)
116,828
350,415
(And Subsidiaries)
1933.
1930.
1932.
1931.
9 Mos.End.Sept. 30-$
$
$
$
a Tot,volume of business
done
60,986.747 67,390,431 71,571.309 106,933,225
b Total expense incident
to operation
46,281.358 53.535,585 58,649,511 85,528.357
Net income
x Preferred stock dividends
92,759
25,621
$56,961
140,943
Net loss for period
922,863
$83.982
x Exclusive of cumulative preferred and class A common stock dividends
from Jan. 1 to Sept. 30 1933, amounting to $103,441 which have been
suspended.
larLast complete annual report in Financial Chronicle June 3 '33, p. 3909
Sterling Securities Corp.
Income Account 9 Months Ended Sept. 30 1933.
Dividends received
Interest received
$268,075
57.904
Total income
Operating expenses
Provision for State franchise and miscellaneous taxes
$325.979
64,464
4.522
Net income for period before adding profits or deducting
losses on sales of securities and adjustment of security
valuation by application of market quotations
$256,993
Deficit Dec. 31 1932 on basis of carrying investments at cost
14,942,432
Net loss on sales of securities on basis of average cost
825,826
Net excess of cost over amount of investments priced at Sept.
30 1933 market quotations
474,702
Deficit Sept. 30 1933 on basis of carrying investments priced
at market quotations at that date
$15,985,967
Note.
-The unrealized shrinkage in market valuation of investments
at Sept. 30 1933 was $474,702 as compared with $4.920,197 at Dec.31 1932.
rO Last complete annual report in Financial Chronicle Jan. 28 '33, p. 676
-
Sutherland Paper Co
Period End. Sept.301933-9 Mos.-1932.
1933-3 Mos.-1932.
Net inc. after deprec.,
taxes & other charges- $181,695
$296,916 loss$18,675
33',478
Shs. corn. stk. outstand287,000
300,000
287,000
300.000
Earns, per share
Nil
$0.10
$1.03
$0.63
IZ"Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1735
Tacony-Palmyra Bridge Co.
9 Months Ended Sept. 301932.
1933.
Tolls
$412,074
$470,563
Miscellaneous income
1931.
$503,403
2
Total income
Operation and maintenance expense..
Depreciation
Administration and general expense..
Taxes
Interest
Other expenses
$412,074
36.980
31,500
45,865
40.215
147,148
$470,568
33,772
31,500
51,753
49.613
149,273
128
$503,406
34,982
22.500
51.702
32,524
151,815
428
Profit before other income
Profit on sale of company's bonds.
retired
$110,365
$154,528
5,737
Net profit
Surplus, Jan. 1
Federal capital stock tax
$117,079
94,136
Dr.750
$160,265
121,790
$209,453
55,123
Total surplus
Reserve for contingencies
7j% cum. pref. stock dividend
Class A participating dividend
Common dividend
Div.on 75i% cum. pref.stock held in
investment account
$210.465
4,500
22,500
37,500
30,000
$282.055
4,500
22,501
67,500
54,000
$264,576
Total income
15,061,415 14.705,594 14.220,928 23.595.812
Interest, disc. & prem.
on funded debt
376,009
495,738
647.129
781,767
Canceled leases, develop.
exps.,aband. wells,&c
3,028,660 4.338,887
Property retirements_ _ _
121,990
79,913
Amortiz. of inv.& unde920.089
veloped leases
677,120
Depreciation & deplet'n. 9,907.308
9.137.159 9,629,903 9,148,162
Estimated Federal tax
297.305
515.555
Net profits for the
nine months
3,438,714
c Min. interests prop. of
current earnings
799,474
4,315.663
915,236
8,811.442
820,293
739.525
924,919
T.W.A.011 Co. stockholders' proportion
175.711
7,886,523
of net profit
2,639,240 3.495,370
Earned surp. at begin13,694,405 13,739.247 2C,517.486 16,888,080
ning of year
d34.097.880
Capital surplus
Total surplus
16,333,645 51,332,497 20,693,197 24,774,602
Adjusts. applic. to Burp.
Cr89,115 Cr1.018.489
147,875
of prior yrs. (net)_ _ _ - Dr15,730
034,097,880
Charges
Balance
16,318,114 17,323.732 21.711,686 24,626.727
Divs. on pref. stock_
3.017,493 3,296.976 3.297.802
1,736,7N3191
Div. on corn. stock
$0.78
Earnings per corn. share
Nil
anc1 ts
.01
a By the Tide Water Associated 011 Co. $0 9 subs, as represented by
and earnings excl. of inter-company sales and
their combined gross sales
transactions. b Incl. repairs, maint., pensions, admin., insurance, retire.
of physical property, cancellation of leases, development expenses on both
productive and unproductive acreage, abandoned well and all other charges
except deprec. and depletion and Federal income tax. c Includes divs. on
sub. cos. pref.stock. d Created by reducing the stated value of Tide Water
Associated Oil Co.(Del.) common nock to $10 per share, approved by the
stockholders May 5 1932. e Revaluation of assets and write-off of unrecoverable and intangible items under program approved by the stockholders May 5 1932. $34,740,617, less proportion applicable to minority
interest, $642,737; balance, $34,097,880.
Note.
-In addition to taxes aggregating $2.779.321 included in the above
statement for 1933, Federal and State taxes on gasoline, distillates and
Ity ricating oils paid or accrued amounted to $16,650,225.
-The consol. income account for quarter ended Sept.30
Quarterly Report.
1933 fodows: Gross sales, $23,702,691; costs and expenses, $16,591,234:
operating income, $7,111,457; non-operating loss, $203,733; total income.
$6,907.724; interest, discounts, &c., $116,140; depreciation and depletion,
$3,420,717; amortization, abandonments. &c., $309.135; minority interest.
$229,541; Federal taxes, $297,305; net income, $2,464.885.
arLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1715
$209,454
6,713
Operating income_ _-- 14,705,388 13,854.846 12,921.798 21.404.867
Other income
356.026
850,748
2,190,944
1,299.129
Cr587
Tide Water Oil Co.
Cr225
22,501
67,500
54,000
----
Surplus, Sept. 30
$116,552
$133,779
9120,576
W'Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1392
Tampa Electric Co.
-Month of September- -12 Mos.End.Sept
.301933.
1932.
1932.
1033.
Gross earnings
$298,183
$291,070 $3,657,669 $3,873,787
Net operating revenue
after depreciation _ _. _
85,969
95,345
1.294,529
1,385,814
Balance for dividends and surplus
1,271,096
1,346,384
10 Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1016
-
(The) Tennessee Electric Power Co.
(A subsidiary of the Commonwealth & Southern Corp.)
-Month ofSeptember- -12 Mos. End. Sept. 301933.
1932.
1933.
1932.
Gross earnings
$982,155
$944,088 $11,336,146 $12,220,858
Oper. exps., incl. maint_
309,745
306,460
3,715,483
4.146,054
Taxes
152,527
134,049
1,521,254
1,720,293
Fixed charges
220,340
220,452
2,665,085
2,607.647
Prey. for retire. reserve_
105.000
105,000 1,260,000
1,260,000
Net income
$178,126 $2,174,322 $2,486,862
$194,542
Divs, on pref. stock_ _ _ _
129,376
129,274
1,552.430
1.550,770
Balance
$65,165
$48,851
$621,892
9936,092
larLast complete annual report in Financial Chronicle May 6 '33, p. 3164
Texas Gulf Sulphur Co.
'Firiod Ended Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net income after deprec.
and Federal taxes but
before depletion
$2,611,362 $1.434,853 $5,025,927 $4,541,811
Dividends paid
635,000
1,270,000
1,905,000
3,810,000
Balance
$1,976,362
$164,853 $3,120,927
$731,811
Earns, per share on 2,540.006 abs.cap,stock
par)
$1.03
$0.57
$1.98
$1.78
During the quarter ended Sept. 30 1933 company increased its reserves
for depreciation, &c. and for accrued Federal taxes by $235,696, making
total of these reserves $13,951,615 at Sept. 30 1933
laPLast complete annual report in Financial Chronicle March 4 1933, p.
1569 and Feb. 25 1933, p. 1.391.
ir
(And Subsidiaries)
1930.
1931.
1932.
9 Mos.End. Sent.
1933a Tot. vol. of business_ _$36,005,200 $40,877,486 342,800.033 $71,271,053
b Total exps, incident to
operations
27,354,540 34,319,996 37,891,875 61,976.568
Operating income_ ___ $8,650,660 $6,557.491 34.908,158 $9,294,485
1.794.821
630,336
Other income
729,788
239,490
Total income
38,890,150 37,287,279 $5.538,494 $11,089,306
Canceled leases,develop.
1,674,926
1,510,373
exps.,aband. wells,&c
Prop. retirement (net)..19,174
97,517
Amortiz. ofinvest.& undeveloped leases
794,446
646.956
5,026.117
5,507,073
Depr.& depl.charged off 5,881,980
5,136,154
400,000
Est. Fed. income tax
265,811
Net profit 9 months.... $1,850,397 31,484,995 41.478,952 $3,988,263
Earned surplus at beginning of year
6,482,748 26,053,231 28,218,466 29.403.499
Total surplus
$8,333,145 $27,538,226 $26,739.508 $33,391,762
Adjusts. applic. to surp.
10,625
Cr18,038 Cr947,615
of prior years
22,456
747,922
747,923
747,923
Preferred dividends_
747,923
1,315,093
767,137
1.643,767
Common dividends
Royal. of assets & writeoff of unrecovered &
17,813,325
intangible items
Adjusts applic. to Burp.
41,263
of prior years
Earned sur.end of per. $7,562,766 $7,309,986 $26,172,063 $31,317,922
1,555,887
1,555,912
Paid-in surplus
Nil
$1.48
$0.34
Earnings per corn.share_
$0.50
a Done by Tide Water Oil Co. and its subs, as represented by their
sales and earnings excl. of inter-co. sales and transctions.
combined gross
b Incl. repairs, maint., pensions, admin., insurance and other charges.
c Loss.
Note -In addition to taxes aggregating $1,869,352 included in the above
statement for 1933, Federal and State taxes on gasoline and lubricating oils
paid or accrued amounted to $10,799,144.
-Consolidated income statement for the quarter
Quarterly Earnings.
ended Sept. 30 1933 follows: Total volume business done, $14,822,258:
total expenses and costs,$10,167,196; net non-operating expenses, $183.786:
depreciation and depletion, $2,045,101; amortization of investments and
undeveloped leases, $273,811; property retirements, $38,651; estimated
Federal income tax, $265,811; net income. $1,847.900, equivalent to 73
cents a share on the common stock.
tarLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1715
Twin City Rapid Transit Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-I932.
Gross earnings
31.807,790 31,935,334 $5,965,478 $6,977,272
1,453,035
Balance after expenses
1,249,643
223,068
378,085
Net loss after taxes &
fixed charges
151,739 prof39.381
90,256
211,376
110
-Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1016
Transue ige Williams Steel Forging Corp.
Ulen & Co
Period End.Sept. 30
- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Profit before charges$54,401 loss$16,571
$68,197
$74,194
Depreciation
51.611
121.4551
139,903
164.320
117,9601
173.091
Cr422
Cr2,165
Cr950
19,049
er Charges
(And Subsidiaries)
1931.
9 Months Ended Sept. 30-1933.
1932.
z Net earnings
4145,100 y$231,013 pr$270,130
x Before extraordinary credits to surplus. After surplus adjustments.
Including setting aside $475,000 as a general reserve, there was a net loss of
$5,575. y After direct charges to and adjustment of surplus account net
loss amounted to 9295,345. z After operating expenses, int. charges, &c.
arLast complete annual report in Financial Chronicle Apr.8'33, p. 2444.
gg
prof$3,740
$55,564
$69,541
$82,266
Net loss
farLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1037
3144
Financial Chronicle
Union Carbide & Carbon Corp.
Oct.
Virginia Iron, Coal & Coke Co.
(And Subsidiary Companies)
Period End.Sept. 30- 1933- 3 Mos.-1932. 1933-9 Mos.-1932.
Earnings after provision
for income,&c., taxes_ $6,594,979 $4,045,996 514.804.107 512.364,820
Int. on funded debt and
dividends on preferred
stock of subsidy cos__
299.599
919.709
902.714
305.293
x Depr. &, other charges_ 1.691.717 1,755.785 4.996,520 5,223.757
Balance
$4.603,663 $1.984.918 $8,904.873 $6,221.354
Shs.com.stk.out.(no par) 9,000,743
9,000,743
9,000.743
9.000.743
Earnings per share
$0.22
$0.51
$0.99
$ 0.69
x Estimated.
rO'Last complete annual report in Financial Chronicle Apr. 1 '33, p. 2231
Operating loss
Other income
$23,038 prof.$5,240
19.188
32,187
Total income
mt., deprec. & taxes....,.
United Gas Corp.
1933.
1932.
$21,164,430 $23,044,627
11,158,208 10,439,330
$10,006,222 $12,605,297
94,086
202.572
Gross corporate income
$10.100.308 $12,807,869
Interest to public and other deductions
1,369,896
1,500,365
Interest charged to construction
Cr.10,447 Cr.378,235
Retirement & depletion reserve appropriations
2,714.064
2,125.000
Balance
$6,026,795 59.560.739
Pref. cilvs. to public (full div. requirements appl.
to respective 12
-months' periods whether
earned or unearned)
31,983
31,290
Portion applicable to minority interests
Cr.31,530
40,590
Net equity of U.G.C. In income of subsids__ $6,026,342 $9,488,859
United Gas Corp.
-Net equity of U.G.C.in income
of subsidiaries (as shown above)
$6,026,342 $9.458.859
Other income
59.217
52,095
Totalincome
$6.085,559 $9,540,954
Expenses, including taxes
116,583
119,768
Interest to public and other deductions
2,978,496
3,034,522
Balance carried to consolidated earned surplus $2.990,480 $6,386.664
10'Last complete annual report in Financial Chronicle May 20'33, p. 3524
United States & Foreign Securities Corp.
Income Account Nine Months Ended Sept. 30 1933.
Cash dividends received
Interest received and accrued
5683.087
226,050
Total
Interest paid
$909,137
410
Balance
Net realized loss on investments _
$908.726
1.475,305
Net loss
Expenses
$566,579
98.798
Loss for the period
$665.377
-Aggregate depreciation in value of investments, excluding investNote.
ment in United States & International Securities Corp. which is carried at $1:
As at Dec. 31 1932
$10,861,533
As at Sept. 30 1033.._4,842.160
farLast complete annual report in Financial Chronicle Jan. 21 '33, p. 508
United States Freight Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Gross revenues
$8,221,480 55.905,182 $20.975,963 $17,810,052
Expenses
7,854,592
5.767,714 20.273,390 17,552,553
Interest
68
256
4,148
Federal taxes, &c
56,542
3,747
112,926
21,832
Depreciation
17.177
17.950
51.530
72,645
Net income
5293,169
5115,703
$537,861
$158,874
Earns. per sh. on 299,640
shs. cap. stk. (no par)
$0.98
$0.38
$0.53
$1.80
rirLast complete annual report in Financial Chronicle Apr. 25 '33, p. 2087
United States & International Securities Corp.
Income Account Nine Months Ending Sept. 30 1933.
Cash dividends received
Interest received and accrued
$516.044
143.737
11 Total
Interest paid
$659.781
10,838
Balance
Net realized loss on investments
$648,943
141.543
Balance
Expenses
$507.400
95,629
Net profit for the period
$411,771
Note.
-Aggregate depreciation in value of investments:
As at Dec. 31 1932
526,562,443
As at Sept. 30 1933
20,036,450
tarLast complete annual report in Financial Chronicle Jan. 21 '33, p. 508
United States Leather Co.
Per.End.Sept. 30-1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after deprec..
taxes. &c
x$782,268loss$137.119 y$914,427 10553551378
x Equivalent after allowing for dividend requirements on 78,067 shares o
7% curn, prior preference stock and under the participating provisions of
the shares, to $1.50 a share on 247,168 (no par) shares of $4 non-cum. class
A participating and convertible stock and 69 cents a share on 397.010 (no
par) snares of common stock. y Equal after 7% preference div. requirements, to $2.04 a share on the class A stock.
larLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2444
Warner-Quinlan Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after taxes,
$97,143 loss$439.274 loss$565,6571oss$1200854
interest and reserves.._
nrLast compete annual report in Financial Chronicle May 27 '33, p. 3739
$20,462
73.274
$13,835
113.770
$24,429
48.323
$52,812
114,352
$99,935
152.520
$9.149
34,119
Net loss
$52,585
561,540
$23,894
$24,970
Note -The above shows results of operations for nine months after
having made allowances for depreciation and depletion.
ta'Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1737
Warren Brothers Co.
r_:70
Net revenues from operation
Other income
1933-9 Mos.-I932.
$634,781
$680,024
648,616
700.486
Period End.Sept. 30-- 1933-3 Mos.-1932.
Gross
$184.532
$266,228
Expenses
179,292
289,266
United American Bosch Corp.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Sales
$981,600
$777,400 $2,216,800 $2,227,953
Net income after deprec.
and other charges_
75,994 loss176,586
41,079 loss647,115
Earns, per sh.on 278.399
shs. cap. stk.(no par)
$0.27
Nil
$0.15
Nil
Last comp:ete annual report in Financial Chronicle Mar. 25 '33, p. 2086
(And Subsidiaries)
12 Months Ended Aug. 31Subsidiaries-Operating revenues
Operating expenses, including taxes
28 1933
(And Wholly Owned Subsidiaries)
8 Months Ended Aug. 311932.
1933.
Net profit after deprec., int., taxes, losses on sales
$200,041
of capital assets, &c
$605,849
There is included in earnings, accrued interest on Cuban treasury notes
in amount of $388,912. discount on company's debentures purchased for
retirement and 35% of the recovery of unrealized loss in exchange. Company
has taken up as income to Aug.31 1933, a dividend received from a partially
owned company and paid in the cpiatal stock of another partially owned
company at its net tangible asset value, amounting to $460,506.
Company's share of net losses of controlled companies for eight months
ended Aug. 31 1933, exceeds its share of net profits of such companies for
that period by $171,150. Company's share of the net profits of uncontrolled and affiliated companies for the same period (after deducting therefrom the portion'of dividends received in excess of the surplus of such
companies on Dec. 31 1932) amounted to approximately $255.000, which is
approximately $84,000 in excess of its share of net losses of controlled
companies. Net profit of company of $605,849 for the accounting period
does not reflect undistributed profits or losses of either controlled or uncontrolled partially owned companies.
10 Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2991
-
Weeden & Co.
Period End.Sept. 30
- 1933-3 Mos.-1932.
Net income after taxes
loss$7.185
$70,394
and other charges..
30.000
29,000
Shs. corn. stk. outst'd'g_
Nil
Earnings per share
$2.35
1933-9 Mos.-1932.
$73,349
29,000
$2.53
$98,054
30,000
$3.27
Westinghouse Air Brake Co.
(and Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after taxes, depreciation, &c _____
$236,210prof$428,848
$518,781pr$1,031,376
Earns. per sh. on 3,172,111 shs. cap. stk. (no
nil
par)
$0.13
till
$0.32
Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2087
Wheeling Steel Corp.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after taxes,
deprec.,deplet.,int..&c. $263,335 loss5775.353 loss556,940lo58$2284813
rdrLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1907
White Rock Mineral Springs Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after charges
and taxes
$126.063
$145,636
$385,034
$567,769
Earns, per sh. on 250,000
$0.40
shs. corn. stk.(no par)
$0.48
$1.23
51.96
tarLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2630
(William) Wrigley Jr. & Co.
(And Subsidiaries)
Period End.Sept. 30-- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Earnings
54,783,555 53,909,135 $13,518,536 $13,245,749
Expenses
2,207,786
1,760,429
6,061.808
6,030,010
Depreciation
188,299
174,770
556,254
530,207
Federal taxes
331,856
272,446
944,524
982,829
Net profit
52.055.614 $1,701,489 $5,949.442 $5,709,210
Shares capital stock outstanding (no par)
2,000,000
1,976,315
2,000,000
1,976,315
Earnings per share
$1.03
$0.86
52.97
$2.88
-Last complete annual report in Financial Chronicle Mar. 4 1933. 13 1181
iV
.
Yale & Towne Mfg. Co.
Per. End.Sept. 30
1933-3 Mos.-1932.
Net profit front opera__ _
$112,129 loss$114,006
Interest received
17.907
26,028
Other income
11,958
10,500
Profit _
Depreciation charges__ _
1933-9 Mos.-1932.
577.276 loss$287,209
72,108
80,388
31,500
27,374
$141,994 loss$77,478
114,368
122,208
5176.758 loss$175.321
338,549
362.943
Net profit
527.626 def$199,686 def$161,791 def$538,264
tarLast complete annual report in Financial Chronicle Apr. 1 '33, p. 2230
Yellow Truck & Coach Mfg. CO.
(And Subsidiaries)
Per.End.Sept.30
1933-3 Mos.-1932.
1933-0 Mos.-1932.
Net sales
54,941.792 13.215,416 512,081.498 113.271.618
a Net profit before prov.
for depreciation
269,289 loss819,409 1088459.755 1oss1644,819
Prov. for depreciation
229,027
231.413
688.314
699,100
Net loss
prof$40,262 31,050,822 31.148,069 52.343,919
Earns. per sh. on 150.000
slut. 7% pref. stock_
$0.27
Nil
Nil
Nil
a Including company's proportion of net profit or losses of wholly owned
and controlled companies not consolidated.
ri Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1395
-
Youngstown Sheet & Tube Co.
(And Subsidiaries)
Pericd End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after taxes, interest, deprec., &c.._ _ 51.177.576 53,241,4.14 56.858,538 59,588,011
1arLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2064
Zonite Products Corp.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
$161.755
Operating profit
Interest
3,444
3.803
Depreciation
19,073
19.563
Federal taxes
19.203
28,465
5183,906
1933-9 Mos.-1932.
5479.455
$676,519
11.517
12.379
58,072
57,833
59,243
83,056
Not profit
5120.035
$132,075
$350,623
$523,251
Earns. per sh. on 845.556
shs. cap.stk.(par $1)$0.14
$0.15
$0.41
$0.62
ItarEast complete annual report in Financial Chronicle Apr. 29 '33, p. 2995
Financial Chronicle
Volume 137
3145
General, Corporate and Investment News
STEAM RAILROADS.
Freight Cars and Locomotives Placed in Service in First Nine Months.—
Class I railroads of the United States in the first nine months of 1933 placed
in service 1,872 new freight cars, the car service division of the American
Railway Association announced. In the same period last year 2,679 new
freight cars were placed in service. The railroads on Oct. 1 this year had
275 new freight cars on order compared with 1,275 on the same day last year.
The railroads placed one locomotive in service in the first nine months
this year compared with 36 in the same period in 1932. New locomotives
on order on Oct. 1 this year totaled one compared with four on the same
clay last year.
Freight cars and locomotives leased or otherwise acquired are not included in the above figures.
Less Freight Cars and Locomotives in Need of Repairs.—Class I railroads on
Oct. 1, had 295,056 freight cars in need of repair or 14.6% of the number
on line, according to the car service division of the American Railway
Association. This was a decrease of 9,146 cars below the number in need of
repair on Sept. 1, at which time there were 304,202 or 14.9%. Freight cars
in need of heavy repairs on Oct. 1 totaled 228.277 or 11.3%, a decrease of
1,067 cars compared with the number in need of such repairs on Sept. 1,
while freight cars in need of light repairs totaled 66,779 or 3.3%,a decrease
of 8,079 compared with Sept. 1.
.Locomotives in need of classified repairs on Oct. 1 totaled 10,735 or
21.5% of the number on line. This was a decrease of 265 compared with
the number in need of such repairs on Sept. 1, at which time there were
11.000 or 21.9%. Class I railroads on Oct. 1 had 5,522 serviceable locomotives in storage compared with 5,802 on Sept. 1.
Ann Arbor RR.—Co-Receiver.—
See Wabash By. below.
Application for Reconstruction Loan Withdrawn.—
The approval of the application of the receivers of the company for a
oan of $365,243 from the Reconstruction Finance Corporation, filed on
March 281933. was denied on May 271933. On June 91933,the applicants
filed a petition for re-argument before the Commission. The applicants
desiring to withdraw the application for a loan. the Commission has accordingly dismissed the application.—V. 137, P.2630.
Arizona Southern RR.—Abandonment.—
-S. 0. Commission on Oct. 12 Issued a certificate permitting the
The I.
company to abandon, as to inter-State and foreign commerce, its line of
railroad which extends from Silverbell to the point of intersection with
the railroad of the Southern Pacific Co. at Red Rock. approximately
21 miles, all in Pima and Final Counties, Ariz.
Baltimore & Ohio RR.—Interest on RFC Loans Reduced
When Road Agrees to Salary Reductions of Officers.—
The company has agreed with the Reconstruction Finance Corporation
that it will adhere to a salary schedule approved by the Government
lending agency and observe all lawful orders of the Federal Co-ordinator of
Railroads. Observance of tnese requirements will be rewarded by a
reduction in interest rates on its loans of $71,625,000 from the RFC, the
L-S. C. Commission has been advised.
Writing the Secretary of the 1.-S. C. Commission, George R. Cooksey,
Secretary of the RFC, under date of Sept. 15, stated:
'This is to advise you that the directors of the RFC have approved as
reasonable the compensation received by the officers, directors and employees of the Baltimore & Ohio RR., as shown by certified schedule, of
salaries filed with th's Corporation by said carrier, subject to the condition
that the carrier effect the following reductions in compensation paid to
officers listed below:
Reduced
Compensation
Compensation
per Annum as
per Annum.
of JU'y 1 '33.
$60,000
Daniel Willard, President
$75,000
45.000
George Shrivel., Senior Vice-President
62.315
"Upon execution by the carrier of a standardized form of agreement with
the RFC, providing that while any loan from the RFC is outstanding and
unpaid (1) the compensation determined to be reasonable will not be increased and (2) the carrier will ooserve all lawful orders of the Co-ordinator
(Federal) of Railroads and will cause all of its subsidiary and controlled
companies to observe all such lawful orders, the carrier will be entitled
to a refund, allowances or adjustment of interest on its loan or loans from
RFC to 5% from July 1 1933."—V. 137, p. 2973.
California & Oregon Coast RR.—Extension Opposed.—
Construction by the road of an 82
-mile extension of its line from Waters
Creek to Crescent City, Ore., has been opposed in a tentative report by
-S. C. Commission. The applicant :proposed to
an examiner of the I.
finance the construction out of funds borrowed from the Government.
Such a request has been laid before the Public Works Administration,
having been withdrawn from the Reconstruction Finance Corporation.—
V. 137, P. 2630.
Canadian National Rys.—Rail and Air Transportation
May Be Co-ordinated.—
A co-ordinated system of air and rail transportation for Canada—looking
admittedly some years to the future—was the object of a conference at
Ottawa, Canada, between E. W. Beatty, K.C. (President of the Canadian
Pacific By.); S. J. Hungerford (President of the Canadian National By.):
Gen. A. A. MacNaughton, chief of staff; V. I. Smart. deputy Minister of
Railways, and directors of Canadian Airways Ltd.
Both Canadian railways are large shareholders in Canadian Airways,
Ltd., and the conference was with a view to co-ordinating air and rail facilities for both passenger and freight traffic to the greatest possible advantage.
The railway interests of Canada are adopting the policy of following the
development of aviation as a traffic carrier with the utmost closeness in
order that they may not repeat their mistake with the motorbus and allow
air transportation to become a serious competitor ("Journal of Commerce").
—v. 137, p. 1577.
Canadian Pacific Ry.—Dominion of Canada May Guarantee Bank Loans.—
The "Journal of Commerce," in a special dispatch from Montreal Oct. 20.
saYs:
"The Canadian Government will act shortly to guarantee a total of
$50,000,000 to $60.000,000 in short-term bank loans for the Canadian
Pacific By. to enable the road to renew $30.000,000 in short-term notes
and finance its requirements for the coming year.
"Up to the present the Canadian Pacific has borrowed $30,000.000
from Canadian banks secured by $40.000,000 of4% consolidated debenture
stock. It is expected that an Order-in-Council will be passed withia the
next few weeks confirming a arrangement already made whereby the
Dominion Government guarantees principal and interest on Canadian
Pacific's bank loans.
"The loans will run for five years and carry a 5% interest rate. Because
of the size of the road's requirements, the loans will be shared by a number
of institutions besides the Bank of Montreal, the company s bankers.
The Royal Bank of Canada, the Bank of Nova Scotia, and the Canadian
Bank of Commerce, as well as several others, are expected to participate.
"Necessity for relying upon Government aid is the result of the condition of the capital markets, which make it impossible for the carrier to
selLany securities to the public."—V. 137. p. 2630.
Pledged
p Chicago Rock Island & Pacific Ry.—Interest on RefundAs Well as on Those with Public Asked by
Mortgage 4s
ing Ifolders---Judge Considering Issue,—
' Federal Judge Wilkerson has taken under advisement a petition of the
protective committee for the 1st & ref. mtge. 4% bonds, asking that if
interest is paid on about $61,000,000 general mortgage 4% bonds in the
hands of the public on or before Jan. 1 that it be paid also on the $38,000,000
of these bonds pledged with trustee of the 1st & ref. mtge.
The semi-annual interest on the general mortgage bonds, due July 1.
was not paid and the 6 months' grace period expires Jan. 1. Indications
around July 1 were that the general mortgage interest could be paid shortly
after that date, but the subsequent slump in traffic and earnings was
disappointing.
The semi-annual payment on general mortgage bonds in the hands of
the public would require about $1,230,000. Payment of bonds pledged,
if ordered by court, would require another $760,000, or a total of about
$2,000,000.
Judge Wilkerson entered an order deferring the payment of the semiannual interest, due Nov. 1, on $32,229,000 4 % convertible bonds and
on $5,411,000 Choctaw. Oklahoma & Gulf5% consolidated mortgage bonds.
The company has paid all principal and interest maturities on the
equipment trust certificates, but has paid no other bond interest since it
filed a bankruptcy petition early in June except July 1 interest on two small
underlying issues.
Judge 'Wilkerson also has taken under advisement a petition by bondholders and the Reconstruction Finance Corp., for the appointment of a
trustee for the company.
In a summary of its work since July 24, issued Oct. 20 by
the general mortgage bondholders' committee of which Leon
0. Fisher is Chairman, the committee says in part:
Deposits of Bonds.—The committee first called for deposits by its circular letter of July 24 1933. Since that date bonds of the face value of
over $23,000,000 have been deposited by more than 325 bondholders, and
the deposits are continuing. The committee has not authorized the
payment of any commissions for deposits. Its total expenses for advertisements and for printing and sending the circular of July 24 1933 have
been less than $1,500.
Certificates of Deposit Listed.—The certificates of deposit have been
listed on the New York Stock Exchange and admitted to trading.
Deferment of Interest on the Bonds.—As stated in the committee's letter
of July 24 1933, on June 26 the Court entered an order authorizing the
company "temporarily to defer" payment of the interest due July 1 1933
on the gen. mtge. bonds, and directing payment of the interest "when
and as funds are available from the earnings of the trust estate."
July 6 1933 the cornmittee was informed by letter from the railway
'
company that it expected to pay the July 1 interest "in the near future.
Aug. 28 1933 the Railway company, in a petition to the Court, stated that
"the debtor now expects it will be in a position to pay the said interest
not later than Nov. 1 1933."
The trustees of the 1st Sr ref. mtge., to secure which $38,400,000 of the
gen. mtge. bonds have been pledged, have petitioned the Court for an
order directing the payment of the interest on the pledged bonds if and when
interest is paid on the $61,581,000 gen. mtge. bonds in the hands of the
public. We are opposing this petition. If such an order is granted, the
effect may be to delay, and possibly to defeat, the payment of interest.
However, if the interest is not paid by Jan. 1 1934, the trustees of the
general mortgage can declare the principal due. As the bonds bear interest
at only 4%, do not mature until 1988, and are secured by a first lien on
more than 3,000 miles of railroad, consisting largely of main lines, there
is a strong incentive for the Railway company and all the junior security
holders to see that the interest is paid by Jan. 1 1934.
Payment of Interest to the RFC and the Banks—Aug. 28 1933 and again
Sept. 26 1933 the committe unsuccessfully opposed applications made
by the Railway company for leave to pay interest to the Reconstruction
Finance Corporation. As the RFC holds no mortgage on or preferred
claim against the railroad, but holds only collateral consisting of bonds
not superior in lien to the general mortgage, the committee was and is of
the opinion that the RFC should receive no interest until the general
mortgage interest has been paid. The committee expects to oppose any
further payments to the RFC or to the hanks.
Trustees.—Sept. 26 1933 the committee, jointly with four other committees, applied to the court for the appointment of trustees of the company.
This application has not been decided.
Plan of Reorganization.—Under Section 77 of the Bankruptcy Act It is
the duty of the company first to present a plan of reorganization, although
plans may be presented by the trustees, by the creditors, or by the 1.-S. C.
Commission. The committee has formally called upon the company to
present its plan promptly, and if it fails to do so and the bondholders are
prejudiced by the delay, the committee will take appropriate action under
Section 77.
Apportionment of Earnings.—A proposed formula, suggested by the
company, for the allocation of the earnings of the trust estate among
the several first mortgage districts is under consideration.
Proposed New Prior Liens
.—The suggestion has been made that trustees'
certificates, or other obligations in the nature of receiver's certificates,
be issued and sold to raise funds with which to purchase rails and to improve
the railway property. The indications are that such an application will
be made to the Court in November. If one is made, it will, of course.
be of the g.reatust importance to the general mortgage bondholders, and
the committee expects to take whatever steps may be necessary to protect
their interests.
Bondholders Who Have Not Deposited Their BondsShould DoSo Promptly.—
It is highly des rable that the bondholders who have not deposited their
bonds should do so promptly. The prompt deposit of the largest possible
number of bonds Is in the interest of the bondholders generally, and, the
committee believes, is in the personal interest of each bondholder.
The response to the committee's letter of July 24 1933 has been gratifying,
but the committee has not felt that it was in a position to file a petition for
leave to intervene in the proceeding until it was more truly representative
of all the bondholders. It believes that its intervention may be a matter
of importance to all the bondholders. Until it does intervene it is heard
only by courtesy and not as a matter of right, and has no right to appeal.
Furthermore, in negotiations relating to any plan of reorganization the
proportion of bonds represented by the committee will be of importance.
It is a mistake to suppose that deposits should be postponed until a plan
of reorganization has been presented, as some of the committee's most
important work precedes the adoption of a plan.
Each bondholder has a personal interest in depositing his bonds. Unless
he does so, or keeps in touch with the bankruptcy himself or through an
attorney, he is substantially in the position of a creditor in a bankruptcy
proceeding who does not bother to look after his own interests. In the
important matter of proving claims, for example, the practice under
Section 77 is not yet established, and it is possible that the right of a bondholder who is not represented by anyone may be seriously prejudiced if
not forfeited.
The committee is composed exclusively of officers of insurance companies and savings banks owning as an investment substantial amounts
of the bonds, all of which have been deposited. The members have agreed
to serve without compensation. They have no interest except to protect
the rights and interests of the holders of the deposited bonds.—V. 137, p.
2973.
Chicago & Western Indiana RR.—Bonds.—
The I.
-S. C. Commission on Oct. 9 authorized the company to issue not
exceeding $1,700,000 1st & ref. mtge. bonds, series C, to be applied at not
less than par and int, in payment for property heretofore acquired.
Authority was also granted to the Chicago & Eastern Illinois By., the
Chicago & Erie RR., the Chicago Indianapolis & Louisville By., the
Grand Trunk Western RR.,and the Wabash Ry.and its receivers to assume,
severally, or jointly and severally, obligation and liability, as lessees, in
respect of said bonds by entering into a proposed joint supplemental lease
to be dated Sept. 1 1932.
The report of the Commission says in part:
Our certificate and order, issued March 16 1929, authorized the Western
Indiana to acquire the properties of the Burlington South Chicago Terminal RR. at a cost of $1.700,000, payable in cash on or before Jan. 11933.
The Belt By. of Chicago was also authorized to lease these properties.
The Western Indiana had entered into a contract under date of Oct. 16
1928 agreeing to purchase the properties at the price named. It states
3146
Financial Chronicle
that it intended to pay the purchase price from funds to be obtained by
the sale of its bonds, but owing to changed conditions the Terminal company
has agreed to accept in lieu of cash an equal amount of the Western Indiana's 1st & ref. mtge. bonds. series C.
In approving the proposition the Commission overruled objections by the
Archer Ave. Improvement Association, Inc., to the effect that the purchase
price was excessive.
Commissioner Porter in a dissenting expression, said the proprietary
lines are in no position to assume more burdens than they are now bearing.
He added that in 1932 one of the proprietary companies reported no net
Income with the fixed charges having been met by its parent company,
while the other four reported substantial deficits for the year. He also
pointed out that one of the latter category is in receivership and another in
13ankruptcy. "The funded debt obligations of each of the three companies
that are still in possession of their properties now equal or exceed 55% of
its capital liabilities plus surplus. None of the five is in a position to assume
additional fixed charges nor is it compatible with the public interest for
them to be authorized to do so," Commissioner Porter argued.
-V.136. P.
3153.
Cleveland Cincinnati Chicago & St. Louis Ry.-New
Directors.
Edward B Greene and R. B. Starbuck have been elected directors.
V. 136, p. 4454.
Florida East Coast Ry.-To Abandon Trackage.
-
Receivers have requested authorization from the I.
-S. C. Commission to
abandon the 27-mile Orange City branch extending from New Smyrna to
Orange City Junction, Fla., because of sustained operating losses incurred
in its operation.
-V.137, p. 2459.
Long Island RR.
-To Sell Rockaway Track to City.
-
The "Journal of Commerce" Oct. 20, stated:
The Lond Island RR. and the Board of Transportation have agreed on a
price of $16,000.000 for the purchase by the city of the Far Rockaway and
Rockaway Beach divisions of the railroad, to be purchased for use in conjunction with the new Queens Boulevard subway, according to an announcement made by George I,e Boutelier, Vice-President of the Long Island RR.
Mr. Le Boutelier said the Rockaway' would benefit by a Sc.fare and that
the cost to the city for this division of the Long Island was $29,000,000 less
than what a new line would amount to.
The railroad official also pointed out that the city had applied to the
Reconstruction Finance Corporation for a $29,500.000 loan, $2,000,000 of
which would be used for a connecting link between the present Long Island
track and the Queens Boulevard subway. It was indicated that the Long
Island could turn over to the city the tracks within 8 months after the
contract is signed.
-V. 137, p. 2631.
Manila Ry. Co. (1906), Ltd.
-Purchases DebenturesEarnings.
The 26th annual general meeting was held in London, England, on
Oct. 6 1933.
C. B. 0. Clarke (the Chairman) said that in 1931 the "A" debenture
holders had sanctioned a scheme whereby the company was empowered to
sell Southern Lines bonds and invest the proceeds in the purchase of "A"
debentures for cancellation. Under that plan a total of £120,200 "A"
debentures had been canceled, to which a further £50 had been added
during the year under review. Of the total issue of £2.500,000 they had
now eliminated £703,080, leaving a balance outstanding of £1,796.920.
Through the operation of the sinking fund a further amount of E25,510
of"B" debentures had been redeemed during the year. A total of £1,299.302 of those debentures had now been eliminated, leaving a balance outstanding of .C1400.698, of which the company held 4105.190 for the future
requirements ofl tiennsinlgniZund
ent n he e c
nr in
s .(500.
They had nowr woulderedeemed more than
ne
remainder
be rseu
to the operation of the sinking fund until 1956, though the amount to be
absorbed by the fund depended upon the market or purchase price
finally
of the debentures. The investment of the sinking fund was a feature of
the directors' policy and the constant subject of their deliberations.
With regard to the revenue account, the balance brought forward was
£23,552, to which had been added the revenue for the year to June 30 1933
of £60,065, making a total of £83,618, from which had been deducted
E50,000 appropriated to income tax reserve, leaving a balance of £33,618.
As the accounts now contained a reasonable reserve for their liability under
the heading of taxation, the directors felt justified in recommending that
the dividend on the preference capital be increased by 1% over the rate
per annum paid a year ago. It would be remembered that last year they
had paid 3% in respect of a period of 18 months (London "Statist").
V. 133, p. 1612.
Minneapolis & St. Louis RR.
-To Renew Certificates.
-
The receiver has requested authority of the I.
-S. Commierce Commission
to issue $1,185,000 receivers' certificates in renewal of a like amount ofsuch
securities now outstanding.
-V.137. p. 1047.
Missouri Pacific RR.
-Court Authorizes Interest or Principal Disbursements on 6 Issues.
Federal Judge Faris at St. Louis has authorized the trustees to pay the
following principal and interest on obligations due Nov. 1;
$76,560 semi-annual int. on Missouri Pacific 3rd mtge. 45.
$266,000 annual principal payment and $43,890 semi-annual interest
on Missouri Pacific equipment trust 5%s, series B.
$260.000 annual principal payment and $45,500 semi-annual interest
on MiasurI Pacific equipment trust 58, series C.
$116.000 annual principal payment and $20,300 semi-annual interest
on New Orleans Texas & Mexico equipment trust 5s, series A.
$160,650 semi-annual interest on Missouri Pacific equipment trust
4%s,series F' (including interest at rate of 4%% per annum on the unpaid
$595.000 instalment of series F due May 1 last).
$19.975 semi-annual interest on Pacific RR. of Missouri 1st mtge.
St. Louis real estate 5s.
Judge Faris also stipulated that the trustees may make subsequent
payments on these securities as they become due until further orders from
the court.
Nov. 1 Interest on Iron Mountain Bonds to Be Paid.
Interest of 2% will be paid on Nov. 1 by J. P. Morgan & Co., paying
agent, on St. Louis Iron Mountain & Southern By., River & Gulf Division.
1st mtge. bonds. The bonds matured May 1 so that no coupons remain
attached to the issue. In the absence of coupons covering the November
interest, the bonds will have to be transmitted to J. P. Morgan & Co.,
who will return the bonds with a notation of interest payment stampe
on the bonds, together with remittance for interest.
The payment has been authorized by the Federal Court at St. Louis.
The New York Stock Exchange has ruled that as interest of 2% will
be paid on Nov. 1 on St. Louis Iron Mountain & Southern By., River
and Gulf Divis*on, 1st mtge. 4% bonds, due on May 1 1933, they will
be quoted ex-interest 2% on Nov. 1 and will continue to be dealt in flat.
Rail Abandonment Favored.
-
The I.
-S. C. Commission Examiner has recommended that the company
be granted permission to abandon 137 miles of its branch line in Kansas.
The proposed abandonment consists of two sections of track, one extending northwest from Fort Scott 90.5 miles to Lomax. Kan.; in Bourbon.
Linn, Anderson, Coffer and Osage counties, and the other from Mound
City westward 46.8 miles to Leroy in Linn, Anderson and Coffey counties,
Kan.
Insufficient revenues, caused by decreased production of farm products
and truck line competition are given as responsible for the proposed abandonment.
-V. 137, p. 2632.
Norfolk Southern RR.
-New Receiver.
G. R. Loyall, one of the receivers, has resigned. and his resignation has
.
been accepted by Federal Judge Luther B. Way, Morris S. Hawkins,
ass stant to the receivers since July 28 1932, has succeeded Mr. Loyall.
Windholz,co-receiver with Mr. Loyall since July 1932,is to continue
L.H.
In that capacity with Mr. Hawkins.
Mr. Loyall is to be retained in an advisory capacity by the Court and the
receivers until Jan. 31 1934, at the same salary he was receiving as co-V. 137, p. 486.
receiver.
Norfolk & Western Ry.-Buys Rails.
-
The company has just ordered 10,000 tons of 131-pound rails, awarding
7.500 tons to the Carnegie Steel Co. and the balance to the Bethlehem
-V.137, p. 2459.
Steel Co.
Oct. 28 1933
Northeast Oklahoma RR.
-Abandonment.
-
The I.
-S. C. Commission on Oct. 12 issued a certificate permitting the
company to abandon that part of its railroad extending from a point 1,002
feet, more or less, west of the point where its right of way intersects with
the east line of Section 10, Township 32south, Range 23 east, to the western
terminus of the railroad in the southwest quarter of Section 5 of said township, 2.407 miles, all in Cherokee County, Kan.
-V.114, p. 1408.
Northern Ohio Ry.-Certificates of Deposit Listed.
-
The New York Stock Exchange has authorized the listing of certificates
of deposit representing $2,500,000 1st mtge. 5% gold bonds, due Oct. 1
1945. Certificates of deposit will be issued by National State Bank of
Newark, at Newark, N. J. The National State Bank of Newark, will act as
transfer agent of the certificates of deposit, and certificates of deposit may
also be presented for transfer at Guaranty Trust Co., 140 Broadway.
New York.
-V.136, P. 3155.
Oklahoma Union Ry.-To Be Scrapped.
-
The road, recently sold by the receiver, has been bought by a salvage
concern and will be dismantled and disposed of as scrap. The road, an
electric line operated between Tulsa and Sapulpa, Okla., a distance of
about 14 miles. J. A. Frates and F. A. Bodovitz are receivers.
-V. 129.
p. 276.
Pennsylvania RR.
-Motor
Affiliate Reviewed.
-
Transport
Operations
of
An article giving the history, present organization and operating practices of the Pennsylvania RR. motor coach operating affiliate, the Penn's
sylvania Greyhound Lines, Inc., by S. R. Sundstrom, President of the
latter, will be found in the "Railway Age" of Oct. 21 1933, pages 564 to
and including 568.-V. 137, p. 2974.
St. Louis Southwestern Ry.-Bus Line Merger.
A merger of the main motor bus lines of five major motor bus companies
operating west of the Miss'ssippi River has been effected by the organization
of a new company known as Southwestern Greyhound Lines, Inc. The
merger, which is expected to be completed on or before Nov. 1 1933, involves all except a few branch lines of the Southwestern Transportation
Co., a subs•diary of the St. Louis Southwestern Ry.(Cotton Belt Route).
Western Greyhound Lines, Inc. Southland Greyhound Lines, Inc., Pickwick Greyhound Lines, Inc. of Arizona, and Pickwick Greyhound Lines.
'
Inc. of Texas.
The Southwestern Transportation Co. will continue to operate all of its
motor freight lines in the States of Missouri, Arkansas, and Texas, but will
cease operation of highway motor buses.
Southwestern Greyhound Lines, Inc. is a Delaware corporation and will
have its principal offices at Fort Worth, Texas. P. W.Tibbetts is President
of the company, H. H. Morgan, Assistant to the President, 0. S. Caesar
Is Vice-President, and G. P. Schmal is Vice-President and Comptroller.
R. E. Maxwell of Chicago is Secretary.
Actual operation of the various bus lines involved will be taken over by
the new company as soon as the transfers of the various State license
permits have been formally approved.
-V.136, P. 3336.
Texas & Pacific Ry.-Buys New Equipment.
-
The Budd Manufacturing Co. of Philadelphia, Pa., on Oct. 20 completed
for the Texas & Pacific Ry., a two-car stainless steel "shotwelded" air-conditioned, rubber tired, gasoline driven train, which will leave in a few days
for Fort Worth, Tex., under its own 480 hp. It will provide 50% more speed
than the two-car steam train it is replacing, with one-fifth of the horsepower
and one-sixth of the weight at one-half of the operating cost. It will haves
maximum speed of 75 miles an hour. 76 passengers, separate compartments
and toilet facilities for white and colored travelers and the first standard
railway postal compartment translated into stainless steel ever authorized
by the United States Post Office Department, the only features of the new
train reminiscent of past or current railroad practice are the signal cord and
the fact that it runs on steel tracks.
The new equipment will be placed in service on the 500
-mile round trip
run between Fort Worth and Texarkana and replace the present steam
-V. 136. p. 2968.
equipment on that route.
Wabash Ry.-Change in Receivers Made.
-
Walter S. Franklin has with&awn from the receiverships of the Wabash
By. and Ann Arbor RR. to accept the position of Vice-President in charge
of traffic of the Pennsylvania RR . with headquarters at Philadelphia.
Mr. Franklin came to the Wabash and Ann Arbor properties in October
1931 as President, at a base salary of $50,000, which was subsequently
adjusted through application of two 10% reductions. Prior to his association with the Wabash properties Mr. Franklin was Assistant to Vice
President in charge of operation of the Pennsylvania RR. at Philadelphia.
To fill the vacancies created through the withdrawal of Mr. Franklin.
on Oct. 19 1933 the District Court of the United States for the Eastern
Division of the Eastern District of Missouri appointed Norman B. Pitcairn,
formerly President of the Detroit Toledo & Ironton RR., an additional
receiver of the Wabash to serve as co-receiver with Frank C. Nicodemus Jr.
Also, on Oct. 20 1933, the District Court of the United States for the
Western Division of the Northern District of Ohio, at Toledo, likewise
appointed Mr. Pitcairn an additional receiver of the Ann Arbor RR. to
serve as co-receiver with Mr. Nicodemus.-V. 137, p. 2975.
Yazoo & Mississippi Valley RR.
-Bond Extension Sought.
The company has asked the I.
-S. C. Commission for authority to extend
to Jan. 1 1939, the maturity date of $17,037,000 gold improvement bonds
due Jan. 1 1934.-V. 136, p.3340.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Oct. 29.
-Further reduction in electric
production shown during week ended Oct. 14 1933. Gain over same period
in 1932 declines to 7.4%, p. 2874.
American Commonwealths Power Corp. (Del.).
Terms Stated for Utilities Deal
-Company Asks to Join in
Reorganizing of Two Former Subsidiaries
-Community Power
Receiver Seeks Leave to Assent.
Receivers for the American Commonwealths Power Corp. (Del.) have
applied to the Chancery Court in Wilming.on, Des., for permission to
participate in the reorganization plans of the National Gas & Electric
Corp. (V. 136. P. 866) and the General Public Utilities Co. (see plan
below), former subsidiaries of the Commonwealths company.
Under the plan, inter-company dent and stock owned by the American
Commonwealths Power receivership estate is entitled to 10.65% of the
common shares of the new company to oe organized to replace the National
Gas & Electric Corp. All the bonds of the new company will be owned by
holders of present first mortgage bonds of National, and this group also
will own 61.49% of the new common stock. In addition, through ownership
of $16,000 of convertible 5%% gold notes of National, the American Commonwealths esta.e is entitled to an additional 2.32% of the new common
shares of the National successor company.
American Commonwealths Power Corp. also owns $146.531 of unsecured
debt of the General Public Utilities Co., and under that company's reorganization plan will be entitled to 5,861 common shares in the company
that will succeed It. In addition, there is about 813,000 accrued interest on
this unsecured debt, which will be adjusted in cash, new common stock, or
otherwise, in such manner as the reorganization committee shall determine.
The receivers for the American Community Power Co. have applied to
the same Court for permission to assent to the General Puolic Utilities Co.
plan as holders of $559,792 unsecured debt, entitling them to 22.392 corn
shares of the new company, and of $50,000 accrued interest, subject to the
conditions indicated.
The American Commonwealths Power estate is a creditor of the America
Community Power Co.. for which no reorganization plan has been devised
yet. The noteholders of this company, however,some time ago reduced to
possession the General Public Utilities Co. bonds, held as collateral for
their securities. The debentures of American Community Power arc secured
by General Public Utilities common stock. It is expected that consummation of the General Puolic Utilities plan will be followed by measures
for the reorganization or llquidation of American Community Power assets.
Hearings will be held in Wilmington on Nov. 10 on the petitions of the
receivers for the two companies.
-V. 137, p. 683.
Financial Chronicle
Volume 137
American & Foreign Power Co., Inc.
-Banks Extend
$50,000,000 Debt for Year.
The $50,000,000 bank loans due Oct. 26 have been extended for one
year, with interest at 5%'%. The Electric Bond & Share Co., which controls American & Foreign Power, in turn purchased $10,000,000 of the
renewed loans from the banks. No bonus or commission was paid for the
renewal of the loans, which were unsecured, as heretofore. The entire
amount of $50,000,000 will have equal rank.
-V. 136, p. 4265; V. 137,
p.2460, 2628, 2632.
American Gas & Power Co.
-Proposed Control.
-
3147
Gas output of the Commonwealth & Southern Corp. system for September was 565,244,000 cubic feet, as compared with 629,911.100 cubic
feet in September last year, a decrease of 10.27%. For the nine months
ended Sept. 30 1933 the output was 5,513,409,000 cubic feet as compared
with 5,929,598,100 cubic feet for the corresponding period last year, a decrease of 7.02%. Total output for the year ended Sept. 30 1933 was
7,591,398,200 cubic feet as compared with 8,228,352,700 cubic feet for the
12 months ended Sept. 30 1932, a decrease of 7.74%.-V. 137, p. 2102.
Community Gas & Power Co.
-To Be Organized.
See United American Utilities, Inc., below.
Consolidated Gas Co. of New York.
-Dividend Rate
Decreased.
-The directors on Oct. 26 declared a quarterly
American Power & Light Co.
-Earnings:
For income statement for 12 months ended Aug. 31 see "Earnings De- dividend of 75 cents per share on the common stock, no par
value, payable Dec. 15 to holders of record Nov. 10. Quarpartment" on a preceding page.
-V. 137, p. 2804.
terly distribution of 85 cents per share were made on this
American Water Works & Electric Co., Inc.-Output.
- issue on June 15 and Sept. 15 last, as compared with $1
Output of electric energy of the company's electric properties
per share each quarter from Dec. 16 1929 to and incl. March
for the week ended Oct. 21. totaled 32,869.000 kwh., an increase of 17%
over the output of 28,011,000 kwh. for the corresponding period of 1932.
15 1933 and 75 cents per share each quarter from Dec. 15
Comparative table of weekly output of electric energy for the last five
1928 to and incl. Sept. 16 1929.
Years follows:
Wk.End- 1933.
1932.
1930.
1929.
1931.
The following statement was issued by President George
Sept.30_ _ -32,196,000 27,156,000 30,781,000 34,803,000 37,783,000
B. Corteleyou:
Oct. 7..-.31,221,000 27,406,000 30.993,000 34,576,000 38.302,000
See United American Utilities. Inc., below.
-V.136, p.4080.
Oct. 14-32,184,000 27,827,000 32,156,000 34,892,000 38,790,000
Oct. 21____32,869,000 28.011,000 31,789,000 34,915,000 38,609,000
-V.137..2975,2804.
Arizona Power Co.
-Readjustment Plan.
In last week's "Chronicle" p. 297 in a digest of the readjustment plan
It was stated that in the exchange of securities each $1.000 of first lien &
unifying mortgage bonds of Arizona Power. 6% series, due in 1947. will
receive $500 of new first and refunding mortgage bonds, 434% series, due in
1949; one share of new $6 non-cumulative preferred stock, and a cash
payment with respect to unpaid interest. The number of shares should have
been stated as five and not one.
-V.137. P. 2975.
Associated Gas & Electric Co.
-Output Increase Now
Down to 5%.
For the week ended Oct. 14 the Associated System reports net electric
output of 52,620,757 units (kwh.), an increase of 2,497,169 units, or 5%
above the same week of last year. This is the fourth successive week in
which the per cent increase was lower than in the previous week and compares with an increase of 7.4% for the four weeks to date.
0. Gas output at 318,493,200 cubic feet was 3.5% below that reported for
the corresponding week of 1932.-V. 137, p. 2975, 2804.
Bell Telephone Co. of Penn.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V.137. p. 1049.
Berlin Power 8c Light Corp.
-Declares 10% Dividend.
The above company has declared a dividend of 10% (same as last year)
on its common stock for the business year ending June 30, according to
Information received by the New York & Hanseatic Corp.
-V.133, p.3786.
Brooklyn Edison Co., Inc.
-Earnings.
-
For income statement for 3 and 12 months ended Sept. 30.see "Earnings
Department on a preceding page.
Nine Months Ended Sept. 301932.
1933.
Sales of electric energy (kwh.)
768,148,231 777,739,658
Sales of electric energy
$32,432.710 $33.783.324
Miscellaneous income
1,304,632
1,454,094
Total operating revenues
Operating expenses
Retirement expense
Taxes (incl. provision for Federal income tax),...
$33,886,803 $35,087,956
13,516.890 15,176,130
3.480.018
3,499,611
4,801,572
5.566,546
Operating income
Non-operating revenues
Non-operating revenue deductions
$11,303,756 $11,630,235
575,629
507,458
Dr45,403
Dr47,409
Gross corporate income
$11,831,976 $12,092,291
Interest on long-term debt
2,321,624
2,512.102
Miscell. int., amort, of debt discount and expense
and miscellaneous deductions
196,825
246,267
Net income
-V. 137, P. 862.
$9,123,048 $9,524,399
Central Hudson Gas & Electric Corp.
-Rates Reduced.
Rate reductions filed by the company designed to save electric consumers
$105.000 annually were approved on Oct. 26 by the New York P. S. Commission.
The territory in which the new rates, which will become effective Nov. 1,
are applicable includes Poughkeepsie, Beacon, Newburgh, Kingston, Catskill. Cold Spring, Saugerties and Wappinger Falls, and rural sections in
Dutchess, Greene, Orange, Ulster, Columbia and Putnam Counties, N. Y.
-V. 137, p. 2805.
Central Power & Light Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V. 137, p. 2976.
Chicago North Shore & Milwaukee Ry.-Receivers'
Certificates Authorized.
Receivers were authorized by the Illinois Commerce Commission on
Oct. 21 to issue and sell receivers' certificates up to a principal total of
$600,000, to hear not more than 6% interest and mature within three years
from date of issue. Proceeds of the sale must be used only to discharge
tax and real estate purchase mortgage obligations and equipment obligations due since the appointment of the receivers, and other necessary
expenditures of operations -V. 137. p. 487.
Chicago Rapid Transit Co.
-Urges Bondholders to
Deposit.
The holders of "elevated" bonds who have not deposited their securities
with the bondholders' committee are urged to do so now by D. F. Kelly,
Chairman of the committee. Mr. Kelly further says:
"Now that negotiations for a reorganization actually are under way, we
emphasize the necessity for all those who have not deposited their bonds
to do so immediately. In our negotiations with the Surface Lines we are
being constantly reminded that substantially 90% of the bondholders of
the Surface Lines have deposited their holdings with representative protective committees. While we have on deposit more than the percentage
of bonds required under the specific issues of Elevated 1st mtge. bonds to
authorize directions of the trustees, our position in the present negotiations
would obviously be greatly strengthened if this committee had on deposit
and represented an equally large proportion of 1st mtge. Elevated bonds."
-V. 136, p. 3906.
Chicago Surface Lines.
-Increase in Passengers.
1933
Per.End.Sept.30-Month-I932
.
1933-9 Mos.-1932.
Total rev, pass. carried_ 54,945.095 49,654,342 476.452.735 484,367.309
-V.136. p. 1884.
Columbus Ry., Power & Light Co.
-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. P. 1764.
Commonwealth & Southern Corp.
-Sept. Output.
Electric output of the Commonwealth & Southern Corp. system for the
month of September was 456,302,126 kwh. as compared with 422,538,987
kwh.for September 1932, an increase of7.9k. For the nine months ended
Sept. 30 1933 the output was 3,973,300,847 kwh., as compared with 3,770.892.148 kwh. during the corresponding period of 1932, an increase of 5.37%.
Total output for the year ended Sept. 30 1933 was 5,272,810.566 kwh., as
compared with 5,164,070,181 kith. for the 12 months ended Sept. 30 1932.
an increase of 2.11%.
The dividend action taken by the trustees is due to recent increases in
Federal and local taxes and to loss of revenue resulting from rate reductions
and decreased sales, together with increases in operating expenses, already
experienced, but confronting companies to a much greater degree as the
result of compliance with the provisions of the NRA.
Earnings.
-For income statement for the 3, 9 and 12
months ended Sept. 30 see "Earnings Department" on a
preceding page.
-V. 137, p. 1764.
'Cortland County (N. Y.) Traction Co.-Dieseives.II/he voluntary dissolution Qf this company has been approved by the
New York P. S. Commission,D The entire street railway operations of the
company were discontinued eSriy this year and the company now owns no
railway property and has relinquished its former franchises. ("Journal of
Commerce.")
-V.136, p. 1545.
-Earnings.
Eastern Gas & Fuel Associates.
For income statement for 12 months ended Sept. 30 see "Earnings De-V. 137, p. 2272.
partment" on a preceding page.
-Output of Affiliates(kwh.)Electric Bond & Share Co.
Week Ended Oct. 191933.
American Power & Light Co_81,181,000
Electric Power & Light Corp-35,785,000
National Power & Light Co--64.929,000
-V. 137, p. 2976, 2806.
1932.
69.225,000
35,829,000
58,950,000
Increase.
+17.3%
-0.1%
+10.2%
Electric Power & Light Corp.
-Earnings.
For income statement for 12 months ended Aug.31 see "Earnings Department" on a preceding page.
-V. 137. p. 2806.
-Plan of Readjustment.
*----General Public Utilities Co.
A plan of readjustment dated as of Sept. 25 bas been executed by the
readjustment committee consisting of Burton A. Howe, Chairman:, A. C.
Allyn. Herbert W. Briggs, Walter E. Kennedy, Oscar D. Randal, William
R. Sprott Jr., and James T. Woodward. Graham, McMahon, Buell &
Knox, 1 Cedar St., New York and Chadbourne, Hunt, Jaeckel & Brown,
70 Pine St. New York are Counsel, and A. J. Ward, 44 Wall St., New
York, is Secretary of the committee.
Under the provisions of the plan, holders of the $7 cum. preferred stock;
$6.24 contracts and $6 pref. stock, who become parties thereto, will be
entitled to receive new securities of General-Public Utilities Co. or of a new
company. if the organization,of Such new meipony proves necessary, (as
outlined below).
The holders of the unsecured debt in the amount of $2,506.324 have
agreed to co-operate in the consummation of the plan and to deposit their
holdings to the extent therein required, subject as to $706,323 of the unsecured debt to the approval of the Court having jurisdiction of the holders
thereof.
The plan provides for the cancellation of the existing common stock, or
If deemed necessary, the delivery in exchange therefor of 10 shares of new
common stock. Scrip certificates representing fractional interest in the
new 5% preferred stock and new common stock will be issued in such form
and on such terms and conditions as the readjustment committee may
determine, subject to the provisions of the plan in connection with such
scrip certificates.
In proceedings pending in tl e Circuit Court of t' e 11th Judicial Circuit
of Florida, in which the appointment of a receiver for General Punlie
Utilities Co. asked, an order has been entered "that any and all action on
application of the plaintiffs for the appointment of a receiver and for an
injunction herein, be, and the same is hereby postponed and deferred until
the further order of this Court; said postponement being conditioned upon
the defendant corporation filing and submitting to this Court from time to
time as it may direct reports showing the progress made in carrying out the
.
plan .and upon the carrying out of said plan within six months or
within such further time as may be allowed by this Court, this Court hereby
retaining jurisdiction of this cause and assuming supervision over the reorganization set forth in the aforementioned plan, and the manner and
means by which the same is effectuated."
In order to procure the advantages of said order, it is essential that all
classes of securities, obligations and claims dealt with in the plan be deposited thereunder at the earliest possible date.
Deposit of all classes of securities, obligations and claims dealt with in the
plan may therefore now be made and the holders of the $7 cum. pref. stock
and the $6.24 contracts and $6 preferred stock (to the extent admitted to
participation) may become parties to the plan of readjustment by depositing
their holdings on or before Dec. 1 1933 (the date of Nov. 1 1933 fixed in the
plan itself having been extended by the committee) with the depositaries
appointed by the committee as follows:
(a) For $7 pref. stock-Bank of the Manhattan Co.,40 Wall St., N.Y.C.
(b) For $6.24 contracts and $6 pref. stock-Boatmen's National Bank of
St. Louis, 300 North Broadway, St. Louis, Mo.
A. C. Allyn, Chairman of the board, in a statement to
the holders of securities, obligations and claims of or against
the company, states in substance:
Company is confronted by a serious problem. Its business and its net
earnings have decreased very materially during the past few years as a
result of general conditions and rapidly increasing tax burdens, and it is
faced with nearby maturities and demand obligations which cannot be
refunded by the sale of new securities under existing conditions.
The plan of readjustment, it is believed, deals fairly and constructively
with the rights and positions of the holders of all classes of securities and
offers a solution of the existing difficulties. The plan is designed primarily
to provide for demand and nearby maturities, to conserve cash and to
improve current position.
Provided the plan is consummated with the unanimous co-operation of
the holders of all securities dealt with in the plan, upon the consummation thereof
(a) The company will have no funded debt maturing prior to April 1 1955.
(b) The long-term funded debt of the company (i. e., 1st mtge. & coll.
trust gold bonds) will be increased through the conversion or exchange,
under existing rights, of the 2
-year secured notes from $10,527,000 to
$13.606,200.
(c) Short-term debt (secured and unsecured), which is either on a demand basis or matures within three months, amounting at Sept. 14 1933 to
$5,072,324, will be eliminated, through the conversion or exchange of
$2,566,000 thereof (secured) into long-term funded debt and the exchange
of the remaining $2,506,323 theeof (unsecured) for common stock.
(d) Aggregate interest charges on indebtedness (other than current indebtedness incurred in the ordinary course of business which should be discharged from operating receipts) will be reduced on an annual basis from
$1.028,489 to $884.403, an annual saving of over $144,000.
(e) Dividend requirements at the rate of $7 per share per annum on
33,686 shares of the outstanding cum. pref. stock will be eliminated.
3148
Financial Chronicle
(f) Claims against the company, actual and potential, estimated at
$800,000 will be funded through the issuance of a like par amount of new
pref. stock, the dividend requirements of which will be at the rate of 5%
per annum, non-cumulative for approximately three years and thereafter
cumulative only to the extent earned.
In order for the plan to be successfully consummated, the co-operation
of the security holders of the company in the following particulars is essential:
The above-mentioned unsecured indebtedness of the company amounting
to $2,506,324 must be exchanged into common stock, and the holders of
such unsecured indebtedness have already agreed to the plan and to deposit
said indebtedness thereunder upon the request of the readjustment commitee and subject, as to $706,323 thereof, to the approval of any court
having jurisdiction.
The outstanding $2,566,000 secured 2
-year notes, matured and unmatured, must be converted into 1st mtge. & coll, trust gold bonds, and,
unless such conversion is complete, there is no assurance that the plan can
be consummated as the decision in this matter is necessarily left to the
readjustment committee.
litiders of $6.24 contracts, $6 pref. stock claims and $7 pref. stock must
deposit under the plan to the extent required.
The agreement of the holders of unsecured indebtedness amounting to
$2,506.323 to accept common stock in lieu thereof is contingent upon the
successful consummation of the plan, and for such consummation the fullest
co-operation of the security holders is essential.
The present right of conversion of the unmatured 2
-year notes expires
Nov. 20 1933. In order for the plan to be successfully consummated, the
-year notes. both matured and unmatured, should be converted, under
2
the rights now existing, into 1st mtge. & coll. trust 63i% gold bonds,
series C, on the basis of $1.200 of such bonds and $50 in cash, with an adjustment for accrued interest, for each $1.000 of such notes.
D gest of Plan of Readjustment, Dated as of Sept. 25 1933.
Object of Plan.
-The plan, if consummated, and assuming the conversion
or exchange of all of the 2
-year notes and the deposit under the plan of all
other securities, obligations and claims therein provided to be dealt with.
will (1) fund into long-term debt $2,566,000 2
-year notes, outstanding in
the hands of the public on Sept. 14 1933, now overdue or to become due
Dec. 1 1933; (2) convert claims that might result in a liability estimated
at approximately $800,000 into the new 5% pref.stock;(3) convert $2,506,323 of unsecured debt into new common stock and eliminate the payment
or accrual of interest on such principal amount after July 11933;(4) change
33,686 shares of $7 cum. pref. stock into new common stock: (5) In effect
remove from the capital structure 506,500 shares of common stock now
outstanding.
Securities and Obligation to Remain Undisturbed and to Be Effected by Plan.
(1) Securities to remain outstanding in hands of public (and to
be assumed by new company if the plan is consummated
through medium of new company):
1st mtge. & coll, trust gold bonds
Series A,6%%,due April 1 1956
$8,925,000
Series C.6%,
due April 1 1955
1,602,000
(2) Securities to be converted or exchanged into long-term debt:
2
-year cony.secured 6% gold notes, due Dec. 1 1931
32,000
2
-year cony. secured 6; % gold notes, due Dec. 1 1933
,
5
2,534,000
(3) Securities and obligations to be entitled to participation
the plan:
notes and accounts due to affiliated and connected co's_ - 2,506,324
Assignments and agreements in connection with $6.24
prior pref, stock of American Commonwealths Power
Corp. (N. J.), called "$6.24 contracts")
420,581
$7 cumulative pref. stock (no par)
33,686 shz.
(4) Claims which may be admitted to participation in the plan:
Possible liability to owners or subscribers of 1st pref. stock
$6 series of 1929 of American Commonwealths Power
Corp. (Del.) to the extent admitted to participation in
the plan, such owners or subscribers being called "$6
pref. stock claimants" (estimated)
375,000
(5) Stock to aid in consummation of the plan, but to participate only to a nominal extent. if at all:
Common stock (no par)
506,500 shs.
The $6.24 contracts outstanding may be increased inasmuch as the offer
of settlement made to customer-owners has not been exhausted or withdrawn. The amount of unsecured debt does not include items incurred
and to be discharged in the ordinary course of blueness.
As to the $6.24 Contracts and the $6 Preferred Stock Claimants.
American Commonwealths Power Corp. (Del.), the then parent company in the American Commonwealths Power Corp. system, of which
G.P.U. was a member, caused to be sold to customers in the territories
served by G.P.U. and its subsidiaries $6.24 dividend prior pref. stock of
American Commonwealths Power Corp. (N. J.) and 1st pref. stock $6
dividend series of 1929 of the parent company. Shares of both classes of
such stock were so sold in the territory served by the subsidiaries of G.P.U.
to customers of such subsidiaries. When American Commonwealths
Power Corp. went into receivership, G.P.U. and its subsidiaries were subjected to claims by such customers seeking to hold C.P.U. and its subsidiaries liable for damages for the sale of the above-mentioned classes of stock.
Such claims presented not only a possibility of ultimate liability for money
damages, but a more serious menace of the loss of good-will and friendly
public relations. C.P.U. accordingly offered to certain customer-owners
of the $6.24 pref. stock a settlement whereby C.P.U. acquired from the
holders their interests and claims in respect of such stock, and whereby
G.P.U. agreed, among other things, as follows:
'Undl the company has adjusted and funded the rights of the stockholder as and in the manner hereinafter set forth in paragraph B hereof,
the company will pay to the stockholder monthly an amount in cash equal
to the monthly dividends which the stockholder would have been entitled
to receive, beginning with the monthly dividend due Jan. 1 1932, upon the
number of full shares of the $6.24 dividend prior pref. stock which the
stockholder has heretofore purchased and fully paid for under his said
agreement or agreements. In case of the liquidation of the company prior
to said adjustment and funding of the rights of the stockholders, the liability of the company shall be limited to 895 plus any accrued and unpaid
monthly payments as above provided for each full share of the $6.24 dividend prior pref, stock which the stockholder has heretofore purchased and
fully paid for under his said agreement or agreements."
This settlement was effected with the holders of over 97% of the $6.24
pref. stock in respect of which said offer was made. No actual settlement
or adjustment has been made with the customer-owners of the $6 pref. stock.
although they, too, have made demands upon G.P.U. and its subsidiaries
and have commenced litigation thereon;such demands and litigation present
a menace similar to that found in the $6.24 pref. stock situation and therefore to the extent provided for herein they are included in the plan. The
proposed adjustment in respect of the $6 pref. stock will be offered only
to those persons who originally purchased or subscribed for shares of the $6
pref. stock as a result of sales efforts of the managers or employees of G.P.U.
and(or) of its subsidiary companies and in such other individual cases as
upon recommendation or concurrence of the readjustment committee may
be authorized by the board of directors of G.P.U.
As to a Possible Liability for Additional Income Taxes in Respect of the
Years 1929 and 1930.
The Commissioner of Internal Revenue has heretofore made additional
assessments against those corporations of the American Commonwealths
Power Corp. system which are in receivership and has also served upon
the receivers of American Commonwealths Power Corp. (Del.) and the
members of the affiliated group notice of a deficiency in income tax, paid
on the consolidated income tax return of the affiliated group for the years
1929 and 1930, in the amount of $1,108,784. U.P.U. and its subsidiaries
are included among those against whom such deficiency is asserted. The
claim for additional tax is being contested, and it is impossible at this time
to make any estimate of the amount, if any, at which such deficiency will
finally be adjusted or of the effect thereof upon 0.P.U. and(or) its subsidiaries. It is thought, however, that this should have no adverse effect
upon the plan inasmuch as the relative rights of the U. S. Government
and of the creditors of G.P.U. will be the same after the plan is COM31101mated as at the present time.
How Plan Is to Be Consummated.
In order to save expense it is hoped that the plan may be consummated
by amending the certificate of incorporation of C.P.U. through appropriate
corporate action of its board of directors and preferred and common stoc%
holders. If, however, this procedure is not feasible because of failure of
any class of security holders or claimants to adequately co-operate or for
any other reason, then the plan may have to be consummated through the
Oct. 28 1933
medium of a new company to be organized in Florida or such other State
as the committee may deem advisable, which will acquire the property
and assets of G.P.U.
New Caption:Mon.-Assuming that all of the matured notes and unmatured notes are converted or exchanged into bonds of series C and that
of the unsecured debt, $6.24 contracts, $6 pref. stock and $7 cum. pref.
stock become parties to the plan, the new capitalization to be issued and
outstanding in hands of the public will be as follows:
Series A 63 % bonds. due April 1 1956
58.925,000
Series C 6;i% bonds, due April 1 1955
5% preferred stock (new)
48
0 0:000
Common stock (new)
*133,939 shs.
* The amount required for the purposes of the plan is estimated at
approximately this number of shares.
Conversion of Matured and Unmatured Notes.
In order for the plan to be consummated it is requisite that all of the
matured and unmatured notes (or such amount less than all as the Committee shall deem sufficient) be converted or exchanged into bonds of
series C on the basis of the rights now existing, to wit: For,each $1,000 of
matured or unmatured notes (in the case of the unmatured notes accompanied by the coupon maturing Dec. 1 1933) $1,200 of bonds of series 0
with a cash payment of $50 and with an adjustment in cash for accrued
Interest to the date of such conversion or exchange.
Exchange of New for Old Obligations.
OutReceive
ExistingObligationsstanding.
New Pref. Shs. New Corn. Shs.
Unsecured debt
z$2,506.324
100,253 shit,
Each $100
4 Mts.
$6.24 pref. stock contracts
420,581
x4,205 shs.
Each share
1 sh.
$6 pref. stock claims
x375,000
x3,750 shs.
Each share
1 sh.
$7 pref. stock G.P.0
33.686 shs.
33,686 shs.
Each share
1 sh.
Common stock G.P.0
506,500 shs
y10 shs.
x Estimated. y This total of 10 shares is to be issued in exchange for
the total 506,500 old shares and only if deemed necessary in connection with
cancellation of common stock now outstanding. z Unpaid interest on such
unsecured debt accrued from Jan. 1 1932 to July 1 1933 will be adjusted
with the holders of such unsecured debt, in cash, new common stock or
otherwise, on such basis as the committee shall determine and in such
manner as shall not unduly affect the current position of G.P.U. or the new
company. If the plan is consummated, no interest on the unsecured debt
will be accrued after July 1 1933.
Pro Forma Comparative Condensed Consolidated Income Accounts Year
Ended July 31 1933.
Total gross revenues
$4,016,148
Operations
1,781,349
Maintenance
195,620
Taxes (excepting Federal income tax)
309,623
Net operating income
Interest on funded debt
Interest on unfunded debt
$1,729,557
353,105
11,720
Balance
Amortization
Depreciation
Interest charges on bonds of General Public Utilities Co
51,364,732
9,968
322,923
.184,403
Balance available for Federal income tax, dividends & surplus
$147,437
Pro Forma Consolidated Balance Sheet as of July 31 1933.
'Giving effect to plan of readjustment and assuming conversions ol
deposit under plan of all securities, claims and obligations dealt with therein.]
Assets
LtabtlittesPlant, property dc investml_326,594,701 Funded debt G.P.I7
Y513.608,200
Cash on hands and in banks_ :341,675
Subsidiary companies
5,817,000
456,391 Accounts payable
Accounts receivable
138,260
56,336 Ice coupons outstanding
Notes receivable
11,312
291,614 Interest on funded debt
Inventories
362,189
1,647 Interest on unfunded debt___
Interest & dividends recelv
18,858
13,556 Taxes, Insurance, arc
Special deposits, incl. sic. fds_
216,806
9 Due to Community Power &
Miscellaneous investments._
32,131
Prepaid taxes, Insurance, &c.
Light Co. and subsidiaries
7,405
Due to other associated co's
Due from Community Power
5,012
20 Deferred liabilities
& Light Co
315,978
412,655 Reserves
Total deferred charges
1,328,449
New 5% pref.stock(MOO par)
800,000
Common stock and surplus :5,573,265
338,200,739 Total
Total
$28,200,739
Adjusted to reflect note conversion cost of $50 In cash per note to noteholders of $2,625,000 of notes to be exchanged into series C 6;e % bonds.
and interest adjustment on account of different interest payment dates.
Conversion of all notes assumed at July 31 1933. No other expenses
of plan included. y Increased to reflect conversion of $2,625,000 of matured and unmatured notes outstanding at July 31 1933 into 53,150,000
of series C
% bonds at rate of $1,200 par amount of bonds for each
$1.000 par amount of notes. z Represented by shares of new common
stock to be issued under plan.
-V. 137. P. 864.
Honolulu Rapid Transit Co.-Purchases Add'l Buses.
The company has just taken delivery of 20 new buses, the same to be
placed in operation on Nov. 1 1933. They will replace a portion of the
company's rail operations. This increases the number of buses to 33.
-1r. 136. P. 1884.
Interborough Rapid Transit Co.
-Ordered
Interest on Manhattan Ry. Bonds.
-
to [Pay
1
The payment of approximately $900,000 of interest on let & 2d mtge.
bonds of the Manhattan Ry. by the receivers for the I.R.T. was ordered
on Oct. 23 by Judge Julian W. Mack of the U. S. Circuit Court of Appeals.
Judge Mack deferred action on a motion to compel the LILT. receivers
to pay approximately $1,400,000 of taxes due the city on Manhattan
properties. This question, he said, may be brought up for reargument
about Dec. 1.
Under Judge Mack's order, which was mado over the opposition-of
counsel for the receivers, about $813,000 in interest on the let mtge. 4%
bonds must be paid forthwith. It has been in default since Oct. 1. The
payment on the 2d mtge. interest amounting to about $94.000,1must be
made by Dec. 1, the due date.
-V. 137. l'o• 2976.
Jamaica Water Supply Co.
-Earnings.
-
12 Mos. Ended Sept. 30Operating revenues
General and operating expenses
Maintenance
Uncollectible bills
Taxes, State and ocal
1933.
1932.
$1,648,373 $1,638,227
535,314
5 5: 0
40 945
9 6
389:587
9,237
140,994
147:23
401
Operating income
Miscellaneous rent revenues
Miscellaneous interest revenues
$924,809
660
971
$894,738
678
2,610
Total revenue
Non-oper, revenue deductions (rent revenues)
Interest on long term debt
Amortization of debt discount and expense
Refund of State tax to bondholders
Miscellaneous interest deductions
Retirement reserve including depreciation
Federal income tax
$926,241
719
326,705
14,781
3,820
25,208
102,000
49,357
5898,027
1,191
'328,876
14,996
3,713
13,903
104,726
51,413
Net income transferred to surplus
-V. 137, p. 2976.
$403,650
$379,208
anhattan Ry.-/ndepe•nitent-Brmethold'ere'rThnifrittee.-
t the request of a group of bondholders, a protective committeeto
di3senti
l
rom the policies pursued' by the existing committee has been
formed nder the chairmanship of Rollin C. Bottle, former Vice-President
Volume 137
Financial Chronicle
the Court ruled that intangibles, owned and used in West Virginia, are
not exempt from the specific tax, despite the fact the corporation insisted
they may be taxed only in Virginia, where the company is incorporated.
.-V. 122, p. 214; V. 113. p.2510.
(Washington "Post")
of the Chatham & Phenix National Bank and former partner of Eastman.
Dillon & Co. Tne personnel of the new committee, in addition to Mr.
Bortle, follows: Jules S. Bache, Theodore S. Watson, Leon Brown, and
John F. Russell Jr., with Charles Franklin counsel, 165 Broadway. N. Y.
City, and George B. Hodgman, Sec., 149 Broadway, N. Y. City.
Peoples Gas Light & Coke Co.,. Chicago.
-Reasons for
Passing of Dividend Stated.
-Chairman James Simpson,
Oct. 20, in his letter to the stockholders says:
For the first time since 1921 the directors have found it necessary to pass
A statement issued by the committee follows:
The committee has been formed to represent the free bondholders who
have refused to deposit their bonds with the existing committee headed by
Van S. Merle-Smith, because of the attitude that committee is oeieved
to be against the best interest of the bondnolders.
Counsel for the ManhattariRy. has advised that, under the existing lease,
neither the I. R. T. nor its receivers can evade the obligation therein
definite.y provided, to pay the accrued taxes and interest on the bonds.
and that the filed reports of the receivers show earnings of Manhattan and
Interborough amply sufficient to meet all fixed charges on Manhattan
bonds, taxes, &c.
This committee is not asking at this time for the deposit of bonds, but
urgently requests all bondholders to authorize the committee to represent
them in the pending receivership in order to insure proper safeguarding
of their interests, and the preservation of tne company's properties, which.
it is recognized by competent engineers, constitute one of New York's
most valuable rapid transit units.
The Manhattan Ry.'s stockholders have given assurance of their most
sympathetic co-operation, feeling as tney do. that the complete protection
of the bondholders and the necessity of obtaining court authority for the
prompt payment of taxes and interest are essential, lest their own immensely valuable equity is wiped out.
The committee also feels that since the so-called Merle-Smith committee has actually been working at cross-purposes with the Manhattan
Ry.'s officers, directors and stockholders, it has become imperative to
form an independent committee not affiliated with the Interborough or
any other interests, to insure protection of all the bondholders.
The committee has agreed to function without compensation and hopes
to avoid the confusion caused by ill-considered cross currents injected
into the situation by the existing committee, which was allowed to intervene in the proceedings on the very day that the Interborough receivership
was extended to Manhattan Ry.
There will be no expense to bondholders authorizing the committee to
represent them officially. We merely ask that you list your holdings
with us immediately, and write us that we may represent you. It is
important that this be done at once.
Van S. Merle-Smith, of Roosevelt & Son, Chairman of
the protective committee for Manhattan Ry. consol. mtge.
4% gold bonds due April 11990, issued the following statement Oct. 23:
I have seen the advertisement addressed by Mr. Bortle and his committee to Manhattan Ry. bondholders. The committee's membership
and counsel indicate that it is closely affiliated with the group of Manhattan stockholders that have been supporting Mr. Amster. Provided the
affiliations and policy of the committee are understood it may offer proper
representation to those bondholders who have also predominating stock
interests and who further believe that it would be beneficial to such interests
to have Mr. Amster appointed receiver for the Manhattan properties.
The implication that the committee of which I am Chairman is affiliated
in some way with Interborough interests is too ridiculous to merit comment.
I. R. T. Receivers Ordered to Pay Interest on Bonds.
See Interborough Rapid Transit Co. above.
-V.137, p. 2807.
Michigan Gas & Electric Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V. 137. p. 1240.
Michigan Public Service Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 1933 see' Earnings Department" on a preceding page.
-V. 136, P. 3343.
Missouri Gas & Electric Service Co.
-Earnings.
--
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V. 137, p. 685.
Missouri Public Service Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V. 136, p. 2242.
Montreal Light, Heat & Power Consolidated.-Makes
Offer for Plant.
Offer has been made by the town of Ste. Anne de Bellevue,in the province
of Quebec. Canada. to sell its electrical plant to this company for $90,000,
but this offer has been countered by the company with a bid of $50.000.
.
The tOW11 13 plant was constructed 19 years ago at an original cost of
$130,000. Power has been received by the town from this company under
a Contract which expired on July 16. The company continues to supply
electricity, which is retailed to consumers at 8 cents a kwh. net.
-V. 137.
IL 2976.
National Power & Light Co.
-Earnings.
-
For income statement for 12 months ended Aug. 31 see "Earnings Department" on a preceding page.
-V. 137, p. 2462.
National Public Service Corp.
-Time for Deposits
Extended.
The holders of the 5% debentures due 1978 have been advised by the
protective committee headed by E. Ii. Marshall that the time for depositing
the securities has been extended until Jan. 2 1934. The committee reports
that $11,000,000 of the $20,000,000 of outstanding debentures had been
deposited with it, and that it hoped to have sufficient within 60 days to
enable it to institute foreclosure proceedings
.-V. 137, p. 1241.
New Jersey Bell Telephone Co.
-New Director, &c.
-
Franklin Conklin Jr. of Newark has been elected a director to succeed
Edward D. Duffield, who recently was elected a director of the American
Telephone & Telegraph Co.
Douglas Thomson of Englewood, N.J., has been elected a member of the
Executive Committee in place of Mr. Duffield.
Mr. Conklin is Secretary of the Flood & Conklin Co.. varnish manufacturers.
-V. 137, p. 867.
New York Edison Co.
-Earnings.
For income statement for 3, 9 and 12 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137. p. 2103.
the payment of a quarterly dividend (see V. 137, p. 2463).
As Chairman of the company, I want to tell you of the more important
problems and difficulties with which the company has had to contend and
which still confront it. They were responsible for the passing of the dividend
for the quarter ending Sept. 30 1933.
The net income of the company and its subsidiaries for the nine months
ended Sept. 30 1933, was equivalent to $2.26 per share on the capital stock
outstanding in the hands of the public. The aggregate dividends declared
and paid for the same period were $2.25 per share, leaving no current
earnings available for the payment of a dividend. The only other source
from which dividends could properly be paid is earned surplus, and recent
legislation has legally established this limitation.
The surplus of the company and its subsidiaries as of Sept. 30 1933,
amounted to $3,365.896. At the last meeting of the Board, held Sept. 25
1933. there was evidence to justify the conclusion that the surplus of the
company might not come within the definition of earned surplus, either as
contained in recent enactments of the State Legislature or as that term is
commonly used. The determination of this question involved an investigation of the voluminous records of the company for past years. This
work is still proceeding and in consequence the Board had no alternative
but to pass the dividend.
During the depression the number of general customers has materially
decreased, the quantities of gas sold to them have fallen off, and during this
same period rates have been reduced, with the result that the gross earnings
of the company and its subsidiaries for the first nine months of 1933 were
$2,441,230 less than for the corresponding period of 1932.
By constant efforts the management of the company has succeeded in
reducing expenses over which it has control by approximately $1.100,000
for the first nine months of 1933, as compared with the corresponding
period of last year. This accomplishment has been more than offset by
increases in local. State and Federal taxes and by additional operating Mats
resulting from the application of the National Industrial Recovery Act.
In December 1932, the assessment upon the company's personal and
real property for 1931 was so increased as to result in an annual addition
to the company's taxes of approximately $448,052. This increase the
company is contesting in Court.
In July of this year the Retailers' Occupation Tax (the so-called Sales
Tax) became effective. The State officials have served notice that this tax
applies to the sale of gas. If this contention is sustained an additional
expense in excess of $600,000 per year will be imposed upon the company.
The application of this tax to the sale of gas is being contested on the ground
that gas is not tangible property.
During the early part of this year Congress enacted the new Federal
Capital Stock Tax and Excess Profits Tax Law,which imposes an additional
burden on the company and its subsidiaries amounting this year to approximately $67,000.
During the current year the State Legislature enacted an amendment to
the Public Utilities Act, under which the company is obligated to pay to
the State all expenses incurred by the Illinois Commerce Commission in its
regulation of the company's affairs not to exceed one-half of 1% of the
company's gross operating revenue.
On Sept. 1 1933, the company began operations under the NIRA. This
will increase the company's expenses by an amount estimated to be in excess
of $300,000 per annum.
These facts are brought to your attention because public utilities, unlike
other businesses, are under strict State regulation as to the rates which they
can charge. Unlike other businesses, they cannot pass these mounting
costs, including increasing taxes, on to the consumer without the approval
of a State regulatory body.
Even under these existing conditions pressure is being brought to bear
upon the Illinois Commerce Commission to seek further rate reductions
from this company. It is our belief that these demands do not emanate
from any sizable group of persons served by the company.
Economic realities must be faced. Any further rate reductions or increases
In taxes are impossible at this time without seriously affecting the company.
When pressure is brought to reduce rates, it may not be realized that,an
insignificant reductlion to the individual consumer places an enormous
burden on the company. For example, a reduction of 10 cents a-month on
each consumer's bill costs the company approximately $1,000,000 a year.
So much for our difficulties
-in spite of all these burdens the company is
going forward in the development of its business.
The company,since July 20 of this year, has actively engaged in campaigns
to increase the number ofits customers using gas for space and water heating.
The results have been most gratifying and satisfactory. During this campaign the number of space heating customers has increased by 6,000.
When the installations are complete and operating the effect will be to
increase very substantially the company's sales and to give its business
greater stability by further diversifying the outlets for gas. The company
has recently been able to resume the sale of gas in very substantial quantities
for use as boiler fuel in large industrial establishments. The net revenue
from this business should have a very beneficial effect upon the net income
of the company.
These efforts by no means exhaust the possibilities for further substantial
increases in the quantities of gas sold for residential, commercial and
industrial purposes.
The physical properties of the company are being maintained in a high
state of efficiency and the company is in a sound and solvent condition.
Its cash position is sound. The company is, therefore, in a pysition to take
advantage of any improvement in general economic conditions which may
come. Some signs of such improvement have recently been noticeable. •
The company is engaged in a legitimate business, giving good service to
its customers at reasonable rates. The company is, therefore, entitled to
earn and pays fair and reasonable return on its invested capital. To accomplish this result the management has made every possible reduction in
operating expenses and is resisting by every lawful means the imposition of
excessive taxes and regulatory burdens.
Earnings.
For income statement for 3, 9 and 12 months ended Sept. 30 see "Earn-V. 137, p. 2977.
ings Department" on a preceding page.
-Earnings.
Philadelphia Electric Co.
For income statement for 9 months ended Sept. 30 see "EarningaiDepartment" on a preceding page.
-V. 137. p. 867.
-Removed from List.
iedmont Hydro-Ele$ric Co.
i
-Bonds Purchased.
New York Railways Corp.
The Fifth Avenue Coach Co., which has acquired approximately $7,500,000 of New York Railways Corp. 40
-year 6% income bonds, due
Jan. 1 1965, is prepared to make additional purchases thereof at $100 per
$1,900 bond, it was announced on Oct. 27.
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
-P.
of either J. & W. Seligman & Co., 54 Wall St., N. Y. City. or G. M.
-V.
Murphy & Co., 52 Broadway, N. Y. City.
p. 2976.
-Earnings.New York Steam Corp.
For income statement for 3. 9 and 12 months ended Sept. 30 see "Earn-V. 137, p. 867.
ings Department" on a preceding page.
-Earnings.
North American Co.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 2636.
-Intangibles Taxable.
Northern Virginia Power Co.
In an opinion on Oct. 14 at Charles Town in the Jefferson County Circuit
Court, Judge D. H. Rodgers held the company subject to taxation upon
Virginia.
in a
The opinion is one of the first in connection with a new State law.
The company contended in a petition that the Board of Public Works
bad wrongfully assessed the corporation on approximately $40,000 in
intangibles. The company appealed from the assessment to the Circuit
Court.
3149
re
he Chicago Curb Exchange n Oct. 12 removed from the list the st:&
tge., series A, 60 of 60.-V. 133, p. 2603.
-Earnings.
Portland General Electric Co.
For income statement for 12 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137. p. 867.
Public Service Co. of lndiana.-Would Abandon Louisville (Ky.) Cars.
In a petition filed with the Indiana•P. S. Commission the company has
asked authority to abandon its traction line between Seymour, Id., and
Louisville. Ky., as well as its street car lines in Jeffersonville and New
Albany, Ind., and to cut its service on the remaining track to one car a
day each way.
Losses running from $250.000 In 1930 to $402,000 in 1932 are citedras
reasons for seeking permission to abandon part of the system.
In a statement accompanying the petition Chester D. Porter, VicePresident of the company, said that efforts had been made to reduce the
losses, but that the deficit for the first six months of 1933 had amounted
to $191,895.-V. 137, p. 2464.
Public Service Co. of Oklahoma.
-Earnings.
-
Fir income statement for 3 and 9 months ended Sept. 3() 1933 see "Earnings Department" on a preceding page.
-V.137, p. 867.
Qi
ce
'--Republic Gas Corp.-Rgmoved from List.
New York Curb Exchang has suspended deali
st
until further notice,
-V. 7. p. 2808.
in the common
Financial Chronicle
3150
Richmond Rys., Inc., Staten Island, N. Y.
-Bus Line
Application Denied.
The Transit Commission denied on Oct. 18 the application of the Staten
Island Coach Co., Inc., an Associated Gas & Electric suosidiary, for
permission to substitute buses on the lines of the Richmond Railways.
Commissioner Leon G. Godley, in the ruling opinion, held that the
prospectus submitted by the applicants failed to show that they had or
could procure sufficient funds to finance the enterprise. The Commissioner
criticized particularly an arrangement whereby the operating company was
to rent its buses from the Omnibus Finance Co. for $7 a day for each bus.
Mr. Godley termed the rental excessive.
On the set-up submitted by the petitioner, Mr. Godley showed that an
operating deficit of $177,000 a year would be likely to accrue.
-V. 136. P.
2244.
-Earnings.
Southern California Edison Co., Ltd.
For income statement for 9 and 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2637.
-Removed from List.
outhern California Gas Corp.
The Los Angeles Curb Exchange
removed from unlisted trading
privileges the $6.50 preferred stoc , the company having failed to file
formal application for listing.
-V. 134. p. 3275.
-Earnings.
Southwestern Bell Telephone Co.
For income statement for 9 months ended Sept. 30 see "Earnings Department on a preceding page.
-V.137, p. 2104.
-Earnings.
Southwestern Light & Power Co.
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V. 137, p. 2274.
-Appeal Granted.
Staten Island Edison Corp.
The New York P.S.Commission on Oct.25 announced that it had granted
the petition of the above company for a rehearing on the Commission's
order for a 10% rate cut. The effective date for the order was advanced
from Oct. 25 to Nov. 20. Rehearings will begin on Oct. 30. The company
will be allowed to present only testimony involving the proposed reduction's
direct effect on the company by reason of agreements and codes adopted
under the National Recovery Administration and as a result of city or-V.137. p. 2809.
dinances, including those imposing gross receipt taxes.
Oct. 28 1933
Price of Lead Advanced.
-The American Smelting and Refining Co.
advanced the price of lead 15 points to 4.30 cents a pound. "Wall Street
Journal," Oct. 26.
Matters Covered in the "Chronicle" of Oct. 21.-(a) Automobile production
in September, p. 2876: (b) Prices of cigars advanced-Average advance of
$1.50 a thousand made on many five-cent brands, p.2882;(c) Steel Production declines sharply as shipments against old contracts are completed
Operations now at 39% of capacity-Price of steel scrap lower, p. 2884:
(d)Fair buying of copper at lower prices
-Lead drops to 4.10c., New York
Zinc holds, p. 2885: (e) 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
-Pool trading in alcohol stocks-Report
furnish data from own records
on,p. 2900.
-Earnings.
Abbott Laboratories.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 136. p. 3537.
-Earnings.
Air Reduction Co., Inc.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137. p. 2104.
Department" on a preceding page.
-Investment Trust Avge. Lower.
Allied-Distributors, Inc.
Investment trust securities declined further during the week ended
Oct. 20. The average for the common stocks of the five leading management
trusts, influenced by the leverage factor, as compiled by th a corporation,
stood at 11.32 as of that date, compared with 14.32 on Oct. 13. The low
for the current year to date was 8.22 on March 31.
The average of the non-leverage stocks stood at 12.56 as of the close
Oct. 20, compared with 14.00 at the close on Oct. 13. The average of the
mutual funds closed at 9.69 compared with 10.49.-V. 137, p. 2977. 2810.
-Earnings.
Allis-Chalmers Mfg. Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
The Sept. 30 1933 balance sheet shows cash and marketable securities
of 55,603.077 and net current assets of 1124,648,427. On Dec. 311932, cash
and marketable securities amounted to $5,168,020 and the net current assets
525,713,600.-V. 137. p.2640.
-Earnings.
American Bank Note Co.
-Earnings.For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Twin City Rapid Transit Co.
-V. 137, P. 1053.
For income statement for 3 and 9 months ended Sept. 30 see "Earning,' .Department" on a preceding page.
-V.137. p.687.
Department" on a preceding page.
Sugar Co.
-Offers
to Pay 20% Cash and
„401 "American Beet
“'"" "
1 1
-Proposed Reorgt-Plan. Extend Balance of Debentures for Five Years."'United American Utilities, Inc.
holders of securities of
A plan for composition of the conflict between
the United American Utilities, Inc., and its subsidiary, the Pacific Freight
Lines Corp., Ltd., has reached the stage where it will become the object
of a petition before the Chancery Court in Wilmington, Del., at an early
date. The United American Utilities, Inc., formed in 1929 by the late
A. E. Fitkin, was known as United American Shares Corp., an investment
trust,and acquired a portfolio of stocks, which were liquidated in the winter
after stocks had rallied from their crash in October. Mr.Fitkin then determined to use the company as a vehicle for the purchasing and expansion
of public utilities and changed the name to the present title in Marcia 1930.
The Pacific Freight Lines Corp. was acquired in April 1930. but receivers
were appointed in February this year, resulting in a receivership for United
American Utilities in the following month.
The plan of reorganization of U. A. U. will contain,
among other things, the following features:
(a) The Fitkin interests will cause to be organized in Delaware a corporation to be known as Community Gas & Power Co., having an authorized capital of 650,000 shares, of which 539,000 shares shall be non-voting
and deaignated as class A,and 111,000 shares shall be voting and designated
as class B. The entire 650,000 shares shall be common stock (par $1),
the only distinction between the two classes of stock being that the voting
power shall be vested wholly in the class B shares. The new company
shall have no funded debt and no preferred stock.
(b) The Fitkin interests will cause to be transferred to the new company
105,000 shares of the common stock (being all of the shares ofcommon stock
now outstanding) and 50,000 shares of the $6 preference stock out of 82,500
shares now outstanding of American Gas & Power Co. [The Fitkin interests bought control of latter company from American Commonwealths
Power Co. receivers early in 1932.1
(c) The new company will issue to or upon the order of the Fitkin interests
the entire 650.000 shares of its stock mentioned in (a) above in payment
for the stock of American Gas & Power Co. acquired by the new company,
and, upon receipt of said shares of the new company. the Fitkin interests
will cause approximately 401,628 shares of class A stock and approximately
56,105 shares of class B stock of the new company to be deposited with the
depositary or depositaries under the plan under an agreement whereby said
depositary shall be authorized to issue the shares of stock so deposited with
it in exchange for the bonds, class A and common stock of U.A.U. and the
preferred stock of Pacific Freight Lines, as follows:
-year
60 shares of class A stock of the new company for each 51,000 of 10
6% convertible gold bonds of U.A.U. (with March 1 1933 and all subsequent coupons attached) surrendered for exchange.
1.4 shares of the class A stock of the new company to be issued for each
share of the class A stock of U.A.U. surrendered in exchange therefor.
3 shares of class A stock and 1 share of class B stock of the new company
for each 4 shares of the common stock of U.A.U. surrendered in exchange
therefor.
1.5 shares of class A stock of the new company for each share of the preferred stock of Pacific Freight Lines surrendered for exchange.
The various securities may be surrendered in New York to Battle, Levy,
Van Tine & Fowler or to Hayward, Jones, Nutt & Murray in approval of
the plan -V. 137. p. 2809.
-Earnings.
United Gas Corp.
For income statement for 12 months ended Aug. 31 see "Earnings De'
-V. 137. p. 2275.
partment" on a preceding page.
-Electric Output.
United Gas Improvement Co.
1932.
1933.
Week Ended Oct. 2169,660.994 66,577,474
Electric production of U. G.I. System (kwh.)-V. 137, p. 2977.
-Resignation:
Utilities Power & Light Corp.
Charles W. Higley has resigned as director in the above corporation and
-V.137, p. 2638.
Public Utilities Securities Corp.
Westchester Lighting Co.-Listing of $155,000 Additional 1st Mtge.5% Bonds.
The New York Stock Exchange has authorized the listing of $155,000
1st mtge. 5% 50-year gold bonds, due Dec. 1 1950, on official notice of
ssuance in exchange for bonds of the New York Suburban Gas Co., making
the total amount of bonds applied for 58,740,000.-V. 133, p. 3632.
Westphalia United
Exempt F7 OM Tax.-
Electric Power
•
Corp.
-Bonds
The New York Stock Exchange on Oct. 23 announced that It Is further.
advised of a letter dated Oct. 18 1933,signed by D. S. Bliss, Acting Deputy
Commissioner of Internal Revenue, regarding the Federal tax on foreign
bonds transferred in the United States, advising that as the corporation
is completely owned, controlled and operated by a foreign government.
or a political subdivision, it is held that transfers of bonds of the corporation are not subject to the Federal stamp tax. However, if and when
the 634% cony, gold notes are converted into preferred stock the stamp
-V. 137, p. 316.
tax_will attach to all transfers of bonds thereafter made.
INDUSTRIAL AND MISCELLANEOUS.
-Copper in the domestic market sold at
Price of Copper Advanced.
sp cents a pound, up 34 cent. Some copper, however, was available at
centsto 8Y6 cents a pound for delivery to the end of the year. New
York "Times" Oct. 26, p. 29.
8
The company has made an offer to holders of the $2,885,000 6% debentures due Feb. 11935, under which holders of each $1,000 bond outstanding may receive 20%, or $200, in cash and extend the remaining principal
amount of $800 to Feb. 1 1940 at the same interest rate. Upon deposits
of debentures the interest coupon due Feb. 1 1934 will be paid immediately.
If the debentureholders accept the proposal, the fixed obligation of
the corporation will be reduced to $2,308,000.
Bonds may be deposited with the Bankers Trust Co. of New York City.
It is required that 90% of the principal amount of the bonds must be deposited by Dec. 1 1933 to make the offer operative. The plans, prepared
by the late Sidney W. Sinsheimer, President, will not involve either the
bondholders or the company in any expense for commissions or underwritings.
In a statement to bondholders, W. N. Wilds, Vice-President, said:
"The officers and directors of the company have given careful consideration to the financial position of the company, the general credit and banking facilities open to the company and the uncertainties involved in a refunding issue under the new Federal laws affecting industry and the issuance of
securities. Annual current financing for the crop requirements during the
last two years has been seriously interfered with by the proximity of the
due date of the debentures, and the board of directors has, therefore, concluded that it is essential that some action be taken seeking the co-opera.
tion of the owners of the debentures for the purpose of preserving their Interests as debentureholders and the continued operation of the company.
Attached to the offer is a memorandum prepared by Mr. Sinsheirner
before his death, which says in part:
"It is definitely considered that the proposed 20% cash payment represents the greatest payment which could be made at this time from working
capital without placing the company and Its securityholders in jeopardy.
The property of the company has been maintained in excellent condition.
Relations with the growers supplying the company with raw material
are excellent. These matters are reflected in the continued increase in
the company's annual production, which rose from 1,999,000 bags in 1928
to 2,740,000 bags in 1933."-V. 137. p. 2640.
-Usual Extra Distribution.
American Chicle Co.
-
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 50 cents per share on the
common stock, no par value, both payable Jan. 2 1934 to holders of record
Dec. 12 1933. Like amounts have been paid on this issue each quarter
since and incl. Jan. 1 1930.-V. 137, P. 2978.
-To Be
American Colonial Insurance Co., N. Y.
Organized.
The stockholders of the American Colony Insurance Co., American
Merchant Marine Insurance Co. and Colonial States Fire Insurance CO.
will vote Oct. 30 on the proposal of directors to merge these concerns into
a new company to be known as the American Colonial Insurance Co. The
three companies are affiliated with Equity Corp., headed by David 11.
Milton.
The Equity Corp. in its registration statement with the Federal Trade
Commission revealed that it held 56.140 shares of the capital stock of
American Colony Insurance Co. out of 75,000 shares outstanding; 75,400
shares of American Merchant Marine Insurance Co. capital stock out of
80,000 shares outstanding, and 42,601 shares of capital stock of Colonial
States Fire Insurance Co. out of a total of 62,500 shares outstanding.
The merger will be on the basis of assets. If stockholders ratify the proposals of the directors the consolidation will await the approval of George
S. Van Shaick, Superintendent of Insurance. The three companies were
organized in New York State and originally underwrote fire, marine and
automobile insurance. The consolidation will affect assets totaling approximately 52.500,000.
American Commercial Alcohol Corp.
-Expansion.
The corporation is spending approximately $500,000 to double the
capacity of its distilling plant at Pekin. Ill., which now has a capacity of
7,500 bushels of grain daily, or 35.000 proof gallons of whisky. The additional capacity will give the plant an output of approximately 70,000 gallons
daily or about 25,000.000 gallons annually.
The other plants of the company on the seaboard, in New Orleans, Philadelphia and in California, are producing industrial alcohol and many also
produce rum or brandy. Shipments of anti-freeze alcohol are going out in
satisfactory volume, and it is expected the Government allotment for the
industry will be increased this year to provide for increased demands from
Industry and for antirreeze.-V. 137, P. 1939,
American Hawaiian Steamship Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Do-V. 137, P. 2104.
partment" on a preceding page.
American Hide & Leather Co.
-Earnings.
For income statement for 3 months ended Sept. 30 see "Earnings Do-V. 137, p. 2641.
partment" on a preceding page.
-Earnings.
American Ice Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 2465.
Department" on a preceding page.
American Machine & Metals, Inc.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137. p. 1053.
Department" on a preceding page.
American Metal Co. Ltd.
-Earnings.3 and
For income statement for' 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, P. 2275.
American Rolling Mill Co.
-Redemption of Notes
Exchange Offer Extended.
President Charles R. Hook on Oct. 25 announced that although the
gold notes of the company become due Nov. 1 and funds for their
payment will be deposited prior to that date with the Guaranty Trust Co.,
as trustee and paying agent, the company does not plan to terminate until
April 30 1934, the right of any holder to exchange his note for a 5% convertible note of the company under the plan of July 21 1933, declared
Operative some time ago.
Mr. Hook said that the company had been advised by its counsel that
anyone depositing a 4;4% gold note for exchange under the plan prior to
the termination of the right to exchange would be entitled to receive a note
bearing interest from Nov. 1 1933, even though such exchange were made
subsequent to teat date.
434%
Listing of $13,992,000 5%Convertible Notes, Due 938.
The New York Stock Exchange has authorized the listing of $13,992.000
5% convertible notes, due Nov. 1 1938, upon official notice of issuance at
any time or from time to time in exchange for outstanding 3
-year 44%
gold notes maturing Nov. 1 1933.
The 5% convertible notes. due Nov. 1 1938, are issued under a trust
Indenture dated Sept. 28 1933 between the company and Guaranty Trust
Co., as trustee. The execution and the issuance of the notes is in pursuance of a plan for the refunding of the 3
-year
% gold notes maturing
Nov. 1 1933 originally proposed by the board of directors July 10 1933.
(For details of plan see V. 137. P. 869.)-V. 137. p. 2978, 2640.
American Surety Co. of N Y.
. -Balance Sheet Sept. 30.1933,
1932.
1932.
AssetsLiabilities-$
Real estate
10.000,000 8.300,000 Capital
Securities
12,995,448 10,722,632 Surp.&undiv. prof.
Prems. in courseSpec.claim reserve
of collection_ _ _ _ 1,788,159 1,809,593 Res. for unearned
Cash
prelnIUMS
950.740
886,938
Reinsur. and other
lies, for contingent
accounts receiv. 206,855
claims
454,880
Accrued interett &
Res. for reported
rents receivable_
71,116
losses
71,009
Res.for unreported
losses
Res.for exp.& tax
Reins, and other
accts. payable
Total
26,012,318 22,245,050
-v. 137, P. 492.
Total
8
3
7,500,000 7,500,000
1,905,521 1,841,383
1,150,000
5,802,332 5,965,064
3,734,332 4,468,160
4,472,073
851,121
387,618
469,323
26,012.318 22,245,050
American Writing Paper Co., Inc.
-Earnings.
-
Consoldated Balance Sheet Sept. 30.
1933.
1933.
1932.
1932.
Assets8
Liabilities•
$
•Plant & equip__ 7,317,899 11,929,232 Capital stock
9.278,572
Investments
18,604
414,758 Preferred stock_ _62,231,650
Cash
267,266
c197,252
638,861 Common stock_
Notes and accounts
Gold bonds
5,153,500 5,188,500
receivable, &c_ _ 709,320
153,000
612,543 Serial notes
Inventories
1,123,239
108,733
915,779 Accounts payable_ 292,949
prepaid expenses_
39,993
58,339 Notes payable_
200,000
Deferred assets_
30,005
225.851
6,578 Accrued accounts_ 207,661
Pinking fund cash_
10
1,223,325 def378,565
Surplus
Trademarks, dec._
1
Total
9.506,337 14,576,091
Total
9,506,337 14,576,091
a After depreciation. b Represented by 89.266 no par shares, excluding
734 shares in treasury. c Par $1: excludes voting trust certificates in
treasury for 2,748 shares.
-V.137. p. 2978.
A
"Angostura Wuppermanyorp.-Admitted to List.
--g
The New York Produce Exchange as admitted to list the $1 par common
k.
-V. 137, P. 2276.
Appleton Co., Anderson, S. C.
-To Electrify Plant.
-
Plans for complete electrification of the plant at Anderson, S. C., at a
total cost of around $200.000 was announced on Oct. 20.
With the installation of the project scheduled to be completed about
Jan. 1, electric power will supplant mechanical power at the mill and will
give the plant modern and up-to-date equipment throughout.
-V.136. p.495
Artloom Corp.-Earninqs.-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Balance sheet as of Sept. 30 1933, shows a ratio of
current liabilities of 10.5 to 1. Cash, U. S. Governmentcurrent assets to
and other bonds
at Cost, amounting in all to $1,019,729, were alone more than five times all
current liabilities. Balance sheet also reveals as an asset 4.973 shares of
Artloom's own preferred, listed at cost of $273,948. This brings total pref.
stock outstanding in the hands of the public to 6.759.-V. 137. p. 2978.
Associated Oil Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2978.
Atlas Plywood Corp.
-Earnings.
-
For income statement for 3 months ended Sept. 30 see "Earnings Department" on a preceding page.
On Sept. 30 the company had net current assets of $1,017,316. against
$966,667 on June 30. Book value of the 131,100 shares of common was
$13.35 per share. Cash and marketable securities totaled over $500,000
or equivalent to about $3.85 per share. There were no bank loans.
V. 137, p. 2105.
Atlas Powder Co.
-Earnings.
For income statement for nine months ended
Department" on a preceding page.
Sept. 30 see "Earnings
Consolidated Balance Sheet Sept. 30.
1933.
1932.
1933.
Assets$
Liabilities$
$
2,190,952 2,175,367 Accounts payable_ 416,173
Cash
U. S. Govt. sec
1,842,000 1,900,000 Fed. Income taxes
Other mark. Fee_ 1,031,718
943,133
accrued
79,142
Accts.& notes rec. 2,646,537 2,343,228 Dividend accrued
Inventories
1,910,083 1,779,861
on,pref. stock._
86,713
Stock of Atlas PowRes've for deprec.
y1,342,466 1,243,074
der Co
uncollectible ac108,915
Mises. receivable_
97,000
counts & conting 7,887,511
Plant. prop. & eq.14,309,738 15.595,792 Preferred stock_ __ 9,860,900
G'd-will, pat., dte. 4,060,403 4,060,393 a Common stock_ 8,714,625
Scour. of affiliated
Surplus
3,919,531
1,432,133 1,567,816
cos. at cost
. 29,651
Deferred items_ _
98,420
-Earnings.
Beech-Nut Packing Co.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Balance Sheet Sept. 30.
1932.
Liabilities
Assets
Common stock__
x Real est., bldgs.,
Jtc
3,252,173 3,262,750 Pref. stock class A
81,286 Accounts payable_
Mtges.& see.loans
66,456
Pats., tr.-mks., &e,
71,169 Dividends payable
66,615
Securities owned
1,868,480 2,302,951 Expenses and taxes
Cash
3,428,772 2,990.173 Reserves
Surplus paid in.__
U.S.Gov.& ruin.
bonds
4,605,908 3,459,961 Earned surplus_
622
Cash for red. notes
622
Accts. & notes rec. 1,397,869 1,290,939
Inventories (cost).. 5,363,284 6,619,075
69,224
Due from sub. cos.
69,805
517,336
Deferred assets
478,832
1933.
1933.
1932.
8,925,000
4,500
132,489
334,766
349,683
1,289.929
1,450,700
8,111,748
8,925,000
4.500
183,445
334,766
364,286
1,313,342
1.450,700
8.089.447
20,598,816 20.665,488
Total
Total
20,598,816 20,665,488
x 4fter reserves for depreciation of $2,883,915 in 1933 and $2,691,398 in
1932.-V. 137, p. 2978.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
on a preceding page.
Comparative Ba!ance Sheet.
Sept. 30'33. Dec. 31'32.
AssetsLiabilitiesSept. 31133. Dec. 3132.
a Land, bldgs., maY Capital stock _ _ _$1,757,200 $1,757,200
601,000
429,000
chinery, &c___ _ $756,091 $924,125 Gold notes
137,929
169,042
Cash
464,437 Accounts payable_
600,600
61,936
71,586
Accrued accounts.
Notes & accts. rec.,
&c. (after res.). 733,358
587,589 Due Corticelli Silk
44,958
Co
Inventories
1,576,472 1,475,600
N. Y. City tax rev.
Reserve for conting35,000
bills
encies
25,000
Capital surplus__ 1,558,618 1,558,618
Secured notes lea.
387,653
(not current)_
156,688 Earned surplus
106,688
Invest. in and adv.
to attn. cos
174,716
160,586
Other assets
239,654
316,485
Deferred charges
173,831
97,815
Good-will
1
1
$4,373,099 $4,196,641
Total
Total
$4,373,099 34,196,641
x After reserves for depreciation and obsolescence. y Represented by
465,032 no par shares.
-V. 137. p. 1243.
Bethlehem Steel Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Eugene G. Grace, President, said the value of orders on hand on Sept. 30
1933 was $72,155,458, as compared with $42,647,681 three months before
and $23,598.882 on Sept. 30 1932. This increase, he said, was accounted
for by the receipt of Government contracts for the building of naval vessels
totaling about $29,000,000. These will be constructed by a subsidiary of
Bethlehem.
Current operations. Mr. Grace said, were at approximately 24% of
capacity. For the third quarter they averaged 40.8%. compared with
28.7% during the previous quarter and 13.3% during the third quarter
of 1932.
"There has been a gradual decline in the demand for steel recently,"
Mr. Grace said. "There has been a let-up in the demand from the automobile industry. Undoubtedly there was also a substantial amount of
forward buying in the third quarter in the anticipation of higher prices
under the industry's code. Unless substantial rail orders are placed soon.
the corporation will probably show a decline in unfilled orders for the
fourth quarter."
Mr. Grace said he had heard discussion of possible car buying by the
railroads later this year, but that thus.far he had received no first-hand
Information on the subject. Such purchases, he said, would help the steel
situation.
With regard to the recent cut in the price of steel rails from $40 a ton
to $37.75 by the four large producers of rails, Mr. Grace said his company
had filed its price with the American Iron St Steel Institute and had notified
Joseph B. Eastman, Federal Co-ordinator of Railroads, of the reduction.
Mr. Grace said that he had not received any word as yet re;arding the
placing of this business, but assumed that if any orders were booked they
would be placed by the railroad companies with nearby mills, since the
price quoted was $37.75 a ton f.o.b. at the mill.
Mr. Grace said he estimated that the minimum rail requirements of this
country, for replacement purchases, was more than 2,000,000 tons a
year. The 800,000 tons of orders obtained by Mr. Eastman would keep
the rail mills busy for about four months, Mr. Grace said.
"There will probably be a gradual release of orders under the Government's public works program," Mr. Grace said. "The naval orders
received by Bethlehem are a part of this program."
The steel industry's code, Mr. Grace said, cost his company $1,000,000
a month, at the rate of employment in effect during August. The cost to
the entire steel industry, he declared, would be about $100,000,000 a
year.
-V. 137. p. 2811.
-Removed from List.
,Big Missouri Mining Co.
1932.
$
394,213
4,518
90,761
8,845,236
9,860,900
8,714.625
3,893,830
30,964,595 31,804,084
Total
Total
30,964,595 31.804,084
x Represented by 261,439 no par shares. y 11,896 shares preferred and
shares common (latter including 8,992 shares under option to
20.248
-V. 137, p. 1582.
employees at cost of acquiring said shares.)
Atlas Tack Corp.-New Directors.
The election of Kermit Roosevelt and John Sargent to the board of
directors fills the vacancies created by the resignations of Ralph Horn-V. 137, p. 2978.
blower and Sinclair Weeks.
Aviation Corp. of Delaware.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings De-V. 137, P. 2978.
partment" on a preceding page.
Baldwin Locomotive Works.
-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings
-V. 137, p. 2810.
Department" on a preceding page.
Barnsdall Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
William Dewey Loucks, Chairman, states that the corporation is progressing with its policy to have no bonds, bank loans or preferred stock
ahead of the common stock. In 1928 the corporation had outstanding
$25,000,000 of bonds and over $6,000,000 of bank loans. At the present
time, the bonds having been heretofore retired, the bank loans have been
further reduced, so that they are now below $1,000,000, and Mr. Loucks
states this policy will continue until the bank loans are entirely retired.
If inventories were written up to market Sept. 30, Mr. Loucks declared
the corporation would have shown substantial earnings for the three months
ended Sept. 30. Such adjustments will be made as of Dec. 31, next
V. 137, p. 1243.
-Earnings.Belding-Heminway Co.
1,400,000
810,441
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
g
3151
Financial Chronicle
Volume 137
Clhe New York Produce Exchange as removed from the
ed
common stock.
t the $1 par
-Accumulated Dividend.
Blue Ribbon Corp., Ltd.
A dividend of 50 cents per share has been declared on the 634% cum.
pref. stock. par $50, payable Nov. 1 to holders of record Oct. 25. A
like amount has been paid in each of the seven preceding quarters, prior to
which the stock received regular quarterly payments of 813i cents per
share.
New President, Etc.
The following directors were elected at a recent general meeting of the
corporation according to announcement on Oct. 19: W. S. Greening, A. C.
Matthews, Col. J. F. Michie and C. E. Spooner, of Toronto; J. M. DeC.
O'Grady, J. Ball and William Hood, Winnipeg.
At a subsequent meeting of the directers, W. S. Greening of Toronto
(formerly President) was elected Chairman of the Board, with J. M. DeC.
O'Grady of Winnipeg as President. C. E Spooner is now Vice-President.
Changes were made in the active management of the Pure Gold Manufacturing Co., a wholly owned subsidiary, as follows: C. C. Moffitt, formerly
Sales Manager, was appointed General Manager, and W. G. Cherry,
Assistant Manager.
The directors of the Pure Gold Manufacturing Co. are: W. S. Greening,
President; C. R. Cherry and C. E. Spooner, Vice-Presidents; C. C. Moffitt,
J. M. DeC. O'Grady, J. C. Jamieson and W. G. Cherry, directors.
-V.
137, p. 2276.
Blue Ridge Corp.
-Regular Preference Dividend.
The directors on Oct. 19 declared the 17th regular quarterly dividend on
the optional $3 cony, preference stock, series of 1929, payaole Dec. 1 to
holders of record Nov. 6, at the rate of 1-32nd of a share of common stock
for each share of preference or, at the option of holders, at the rate of 75
cents per share in cash. A similar distribution was made on Sept. 1 last.
V. 137. p.1244.
3152
Financial Chronicle
(Sidney) Blumenthal & Co.
-Earnings.
-For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1055.
Bon Ami Co.(& Subs.).
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 2276.
Boot's Pure Drug Co., Ly.-Removed from List.4,
(The New York Curb Exchange has removed from tmlisteditrading
privileges the Guaranty Trust C . of New York, American depositary
receipts for ordinary registered shares par value El.
Borg-Warner Corp. (& Subs.).
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding Inge.
During the third quarter of 1933 the company retired $500,000 of Morse
Chain Co. bonds.
Current assets as of Sept. 30 1933, including 38,555,928 cash and marketable securities, amounted to $15,711,564 and current liabilities were
82,520,319. This compares with cash and market securities of $8,151,543,
current assets of $13,537.085 and current liabilities of $1,349,849 on
Sept. 30 1932.-V. 137, p. 1055.
Boss Manufacturing Co.
-Larger Distribution.
The directors have declared a dividend of $1.75 per share on the common
stock, payable Nov. 15 to holders of record Oct. ;31. This compares with
25 cents per share paid each quarter from Aug. 15 1932 to and incl. Aug.
15 1933 and with $1 per share each quarter from Nov. 15 1930 to and incl.
May 16 1932.-V. 136, p. 161.
-Extra Dividend.
(C.) Brewer & Co., Ltd., Honolulu.
The directors have declared an extra dividend of $1 per share on the
outstanding $8,000,000 common stock, par $100, payable Oct. 2'to holders
of record Oct. 20. An extra distribution of like amount was made on
July 25 last.
The company is also paying monthly dividends of 75 cents per share
on the stock.
-V. 137, p. 691.
Brewing Corp. of Canada, Ltd.-Expansion.E.P. Taylor,President and General Manager,states that this corporation
has acquired a major interest in the Cosgrave Export Brewery Co., Ltd.,
through the purchase of a substantial block of common stock of the latter company.
The Cosgrave brewery has a capacity of 100,000 barrels per annum.
Companies controlled by the Brewing Corp. of Canada, Ltd. include
'
Carling Breweries, Ltd., London; Dominion Brewery Co., Ltd., Toronto;
Regal Brewing Co., Ltd. Hamilton; Kuntz Brewery, Ltd., Waterloo;
Brading Breweries, Ltd., Ottawa; British-American Brewing Co., Ltd.,
'
Windsor, and Taylor & Bate, Ltd., St. Catharines.
E. P. Taylor has been added to the board of directors of Cosgrave Export
Brewery Co., Ltd. It is understood that the acquisition of this interest
in the Cosgrave Brewery was made at figures substantially below present
market levels.
Mr. Taylor has just returned from a trip to England and it is announced
that more than 20% of the pref. stock of Brewing Corp. of Canada, Ltd.,
of which there are 146,056 shares outstanding, has been acquired by an
English group which includes several prominent British investment trusts.
During the last six months af the current year, the Brewing Corp. of
Canada, it is stated, will show a substantial improvement in operating results over the same period of last year, due both to an improvement in the
-V. 137, p. 2467.
company's sales and to drastic economies.
-Earnings.
Briggs & Stratton Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Current assets as of Sept. 30 1933 including $1,408,645 cash and marketable securities, amounted to $1,972,697 and current liabilities were $157,045.
This compares with cash and marketable securities of $1,566,609, current
assets of $1,977,059 and current liabilities of $75,170 on Sept. 30 1932.F. 137, p. 1055.
Bristol-Myers Co. (Del.).
-Initial and Extra Dividends.
The directors on Oct. 25 declared an initial quarterly dividend of 50
cents per share on the common stock, par $5. and an extra dividend of
10 cents per share, both payable Dec. 1 to holders of record Nov. 15.
This is the first dividend declaration by this company since it was reestablished as an independent unit following its segregation from Drug Inc.
The distribution is at the rate previously contributed by the company to
the dividends of Drug Inc. See. also V. 137, p. 1767.
British Columbia Pulp & Paper Co., Ltd.
-Resumes
Interest.
-
Oct. 28 1933
shareholders. Mr. Carlisle the 2d preference class B shareholders and the
other directors the common shareholders. C. H. Carlisle is also President
of the Goodyear Tire & Rubber Co. of Canada and a director of the Dominion Bank. Dr. J. H. McConnell, 1st Vice-President, and C. W. Band,
2d Vice-President, are old members of the board. Others on the board are:
Charles B. Shields. Vice-President of Loblaw Groceterias Co.; A. V. Loftus,
who has been General Manager for several years; R. S. Waldie, and H. J.
Symington. Mr. Band is also President of Maple Leaf Milling Co.
Henry F. Gooderham had previously been President and a director of
the Canada Bread Co.
Income Account for Years Ended June 30.
1933.
1932.
1931.
1930.
Profits after int. on bds_
$257,182
$451,763
$467,957
$701,922
Int. from investment9,193
22,876
21,193
15,491
Int. on adv. to sub
22,327
Profit on sale of invest_
Dr7.679
Total income
Depreciation
Taxes
Approp.for bad debt res.
First pref. dividend
Class B pref. dividend._
Dom. & Prov. inc. taxes
Common dividend
Transf. to res.for deprec.
in val. of invest, and
adv.to sub.company_
Deficit
Balance forward
$288.703
213,788
$474.640
213,408
30,000
87,500
12.500
23,000
35,000
87,500
37,500
30,000
25,000
150,000
87,500
175,000
250,000
$178,768
1,821,749
$709,734
239,786
40,622
125,000
$103,085
1,642,981
$489.150
219,975
20,000
44.000
87.500
175,000
$182,325 sur$16,827
2,004,075
1,987.248
$1,539,896 31,642,981 $1,821,750 $2,004,075
Total surplus
200,000
200,000
Shs.corn. outst.(no par)
200,000
200,000
Nil
Nil
Earns, per sh. on coin
Nil
$0.83
Balance Sheet June 30.
1932.
LiabilitiesAssets1933.
1933.
1932.
y Fixed assets__ _53,398,016 53,548,395 7% pref. stock_51,250,000 $1,250,000
177,289 B prof. stock
Cash
139,021
2,500,000 2,500,000
247,625 x Common stock__
Receivables
215,500
25,000
25,000
94,982 Funded debt
80,564
Inventories
987,300
987,300
24,330 Mortgages
Prepaid expenses_
37,855
6,400
6,400
375,445 Bond int. accrued_
Investments
531,472
24,683
24,683
110,407 Accounts payable_ 236,491
Marketable secur_ 110,408
227,558
25,000 Wages accrued. _ _
Mortgages
29,450
17,428
15,147
Good-will
2,354,634 2,356,634 Tickets outstand'g
12,847
9,162
Dividends payable
21,875
21,875
Deprec. reserve_ _
. 275,000
250,000
Surplus
1,539,896 1,642,981
Total
Total
56,896,919 $6,960,108
56,896,919 $6,960,108
x Represented by 200.000 no par shares. y After reserve for depreciation of $2,123,823 in 1933 and $1,959,992 in 1932.-V. 137, p. 2811
-New Director-Earns.
Canadian Bakeries, Ltd.
-J. R. Murray. Vice-President and General Manager of Alberta Pacific
Grain Co., has been elected a director, succeeding Major A. E. Nash,
Toronto.
Income Account for Years Ended Aug. 31.
1933.
1932.
1931.
1930.
Operating profit
$42,238
$59,648
$116,525
3192,934
86,780
Depreciation
82,687
101,231
161,144
44,317
Int. on 1st mtge. 63 s
,
6
45,755
48,003
48,880
Prov.for red, of bonds_
14,158
Prov.for red,of pref.shs.
10,000
and
Prov. for Dominion
9,702
Provincial inc. taxes
5,286
10,500
Other charges
7,500
598,561
Deficit
374,080
$59,248
$32,710
pref. shares_
Div. on 1st
52,050
67,025
Div. on 2d pref. shares_
70,000
$98,561
Total deficit
$74,080
$196,273
$84,760
10,260
Previous surplus
822
74,422
234,785
Profit on red, of bonds
9,905
and stock
22,019
11,158
Surp. arising from reCr50,000
demp. of 1st pref. stk_
Reserve for bond sinking
fund transferred_
Cr61,500
First interest payments under the amended financing plans of the company was paid Oct. 16 as a result of the improved condition of the company's affairs, according to President Lawrence Killam.
Last May a majority of the holders of the 53,324,000 outstanding 6%
1st mtge. bonds voted approval ormodifications in the trust deed whereby
semi-annual instalments of interest falling due in 1933 and 1934 would be
postponed to be payable in order of their maturity as and when cash available from operations should be sufficient to pay them. Sinking fund in- .
stalments which fell due in 1932, 1933 and 1934 were canceled.
Interest which fell due on the 6% mortgage sinking fund gold bonds
on May 1 1933 was paid Oct. 16, together with interest from May 1 at
8% per annum. This payment on what is known as coupon A was made
on presentation of the postponed interest coupons. By a previous agreement holders of the 7% gen. mtge. bonds due in 1950, outstanding to the
amount of $1,445.400, agreed to postponement of interest until Nov. 1
1934 and sinking fund until Nov. 1 1935.-V. 136, p. 4272.
$38,512
Profit & loss, surplus_ def$28,396
$10,260
$822
Earns, per sh. on 20,000
Nil
shs. no par cl. A stockNil
Nil
Nil
Balance Sheet Aug. 31,
1932.
Assets1933.
Liabilities1933.
1932.
b Capital
aLand,b1dgs„plant
52,013,000 52,013,000
and equipment_51,678,773 $1,764,147 Res. for sink. fund
50,000
106,284 1st mtge.630._ _
76,007
Cash
. 671,300
692,300
Dom. of Canada
Accts. & bills Pay67,072
71,848
% bonds_ _ .._
50,710
20,050 Prov. for Dom. &
160,844 Prov.Inc. taxes
Accts. receivable._ 131,252
12,932
Inventories
80,007 Surplus
67,340
def28,396
10,260
13,346
Deferred charges__
13,232
Good-will, trademarks, &c
705,664
705,664
Brunswick-Balke-Collender Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Current assets as of Sept. 30 1933, amounted to $8,150,418 and current
liabilities were $380,337 against $10,524,392 and $342,578, respectively,
on Sept. 30 1932.-V. 137, p. 1055.
$2,722,976 $2,850,341
Tctal
Total
52,722,976 52,850,341
a After reserve for depreciation of $963,058 in 1933 and $878,443 in 1932.
b Represented by $913,000 7% 1st cum. sinking fund pref. shares (par
$100), $1,000,000 7% 2d cum. cony. pref. shares (par $100) and 20,000
class A shares (no par) at stated value of $5 per share.
-V. 135. p. 3361.
Canadian Celanese, Ltd.
-Plan to Wipe Out Dividend
-Interim Dividend.
Bulolo Gold Dredging, Ltd.
The directors have declared an interim dividend of 60 cents per share
on the common stock, par $5 payable Dec. 4 to holders of record Nov. 9.
The dividend payment to London and Australian stockholders will be
made on Dec. 15. Dividend payments to non-residents of Canada will
-V. 137, p. 2979.
be subject to the 5% Dominion tax deduction.
Arrearages on Preferred Stock Dropped.
-
Business in the third quarter of the year was extraordinarily active.
Merchants bought early and freely in anticipation of advancing prices.
Our gain over 1932 in July, August and September was 33%, and for
the nine months 19%.
Since early September the rate of gain in volume has been ebbing, but
our sales thus far in October are still substantially ahead of 1932.
We were among the first to sign the President's re-employment agreement, and we have scrupulously observed its provisions with respect to
hours, wages and in all other ways. Recovery policies have substantially
increased expense as well as volume.
It Is our belief that on the whole the effect of recovery policies will be
beneficial to the independent merchants and therefore to wholesalers.
The code for wholesalers is still in process of negotiation.
Fortunately we made heavy purchases of staple merchandise early in the
year before price advances became pronounced. We still own many goods
at prices below to-day's replacement cost.
Operations in July, August and September showed a net profit for each
month. Total net earnings for the three months were more than sufficient
to wipe out the loss in the first six months. For the nine months we have
made a modest amount of net profit.
In normal years the last quarter is the most profitable in merchandising
businesses. The outlook for the remainder of the year is good, unless
business in general should sag sharply.
-V. 137. ri• 1056.
•
The directors on Oct. 20 decided to go no further with the plan whereoy
dividend arrearages on the pref. stock would have been wiped out by a
payment in cash and an allotment in common stock to the pref. stockholders.
The following official statement was issued:
"In view of the opposition which as been expressed by certain shareholders to the proposed scheme for liquidating the arrears of dividends on
the preferred shares of Canadian Celanese, Ltd., the board of oirectors
-although supporting proxies have been received from a majority of the
preferred shareholders as well as from a majority of the common shareholders
-do not consider it in the interests of the company, in view of this
opposition, to proceed further with the plan." See also V. 137. p. 2467.
Century Ribbon Mills, Inc. Earnings.
-For income statement for nine months ended Sept. 30 see "Earnings
Department" on a Preceding page.
Comparative Balance Sheet.
Sept. 3033. Dec. 31'32. LiabilitiesAssetsSept. 3033. Dec. 3132
y Plant, eq't, dee_ _31,679,120 $1,868,494 Preferred stock
$996,500 5996,500
x Common stock__ 2,000,000 2,536,814
Due from Dept. of
Notes payable__ _
Century Factors,
500,000
900,000
Inc
Res. on ,hares for
55,678
357,800
531,267 liquid.& redemp.
Cash
16,358
z10,540
value
Notes & tr. accept.
149,475
Accts. receivable_ 2,322,116 1,230,987 Due to depart. of
Inventories
1,163,172 1,183,037
Century Factors,
Inc
7,139
Other curr. assets_
778,338
12,923 Res,for income tax
14,557
Deferred assets.,,.
15,000
34,831
16,436 Acceptance against
Prepaid expenses.
Treasury stock,_ _
93,071
letters of credit_ 184,087
Accounts payable_
2,178
410,056
Surplus
411,213
718,264
Canada Bread Co., Ltd.
-New President, &c.
At a meeting of the new board of directors, C. H. Carlisle was elected
President, J. H. McConnell as Vice-President and C. W. Band as 2d VicePresident. Dr. McConnell with R. S. Waldie, represents the 1st pref.
Total
$5,743,842 $4,854,583
Total
55,743,842 $4,854,583
x Represented by 100,000 shares of no par value. y After deducting
8955,995 reserve for depreciation in September and $1.116,145 in December.
-V. 137, p. 2277.
r. Customers' notes receivable only.
-Business Shows Gain.
Butler Brothers, Chicago.
President Frank S. Cunningham, Oct. 21 states:
Financial Chronicle
Volume 137
Central Oklahoma Service Co.
-Protective Committee.
See Southwest Utility Dairy Products Co. above.
-V.126, P. 1986.
Central Zone Building (Inc.) N. Y. City.
-Bondholders
Buy Building.
The building, a 24-story loft and office building at 305-313 East 45th St..
extending through to 306-312 East 46th St., between First and Second Ayes.,
was sold at foreclosure sale Oct. 24 to the Central Zone Property Corp.. a
corporation organized for the purpose of bidding in the property pursuant
to a plan of reorganization of the Real Estate bondholders' protective committee, of which George E. Roosevelt is Chairman. The buyer's bid,
$225,000, was the only bid made for the property.
Nathan M. Bergeman, as counsal for the Roosevelt committee, stated
that this was one of the first plans of reorganization to be carried into effect
by the committee after approval of the plans by Samuel Seabury, the
arbitrator named in the committee deposit agreement.
The foreclosure action was brought by the Continental Bank & Trust Co.
of New York,trustee, as plaintiff against the Central Zone Building, Inc..
and other defendants to satisfy a judgment of about $2,203,540 and interest.
-V. 136, p. 1205.
3153
Crown Zellerbach Corp.
-Preferred Dividends.
The directors have declared dividends of 3734 cents per share on the $6
cum. series A and B preference stocks, no par value, payable Dec. 1 to
holders of record Nov. 13. A like amount was paid on both issues each
quarter since and including Dec. 1 1931.-V. 137, p. 1770.
Curtis Publishing Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, P. 1942.
Detroit Michigan Stove Co.-Earnings.
PeriodLoss for year
Previous earned surplus
Capital surplus
Surp.from change in stock to $1 par
Surplus
13 Mos.End. 12 Mos.End
July 31 '33. June 30'32.
$321,631
$480,550
219,191
224,168
485,528
166,553
$69,091
$224.168
Comparative Condensed Balance Sheet
July 3133. June 30'32.
AssetsJuly 31 '33. June 3032. LiabilitiesChevrolet Motor Co.
-New General Sales Manager.
Cash
$76,516 Accounts payable_ $272,696
$51,046
$39,793
William E. Holler has been appointed General Sales Manager, succeedMarketable secure.
3,543 Accrued payroll,
ing H. J. Klingler, who has been made General Manager of the Pontiac
commissions, &c
25,063
Customers accts.
17,358
Motor Co. Mr. Holler formerly was Assistant General Sales Manager of
301,507 Purch. money ob& notes rec., &e_ 263,307
ligations
the Chevrolet company in charge of the Eastern Statess-V. 137, p. 2979.
14,000
Owing from offi14,000
4,147 rtes. for unearned
cers & empLs_
Childs Co.
541
-Earnings.
606,109 income
1,167
Inventories
515,735
7% cum. pref. stk. 2,130,000 2,130,000
.
Cash in closed bks _
For income statement for 9 months ended Sept. 30 see "Earnings De74,612
y Common stock_ 1,099,980 1,266,534
.
Purch money mtge.
partment" on a preceding page.
-V.137, p. 872.
69,091
224,168
note
500,000 Capital surplus_ _ _
500,000
Chrysler Corp. (Del.).
Investments in
-Dodge Sales Gain.
other companies
91,340
100,285
Retail deliveries of Dodge trucks during the week ended Oct. 21 amounted.
z Land,bldgs.,mato 847 units, against 793 units delivered during the preceding week, an
increase of 6.8%. In addition to the 847 new trucks. Dodge dealers sold
chinery, equip.,
&c
501 used trucks, making a total of 1,348 units for the six-day period.
2,061,341 1,833,540
From Jan. 1 to Oct. 21 of the current year Dodge dealers delivered 19,059
Patterns and flasks
237,102
Good-will & pats
new commercial cars and trucks, against 7,524 units sold during the cor1
1
Def. charges to
responding period last year.
Retail deliveries of new passenger cars and trucks for the week ended
future operations
53,991
30,269
Oct. 21 totaled 4,230. a gain of 9% over sales recorded for the preceding
$3,611,373 $3,693,020
Total
Total
week and 498.3% over sales recorded for corresponding period in 1932.
$3,611,373 $3,693,020
Dodge dealers deliveries to date this year total 154,133 vehicles, comx After reserve for depreciation of $1,342,677 in 1933 and $1,301,725
pared with 60,565 retail sales in corresponding period of 1932. Of these
in 1932. y Represented by 1.099,980 shares of $1 par in 1933 and 1,099,980
sales 73,104 were Dodge passenger cars, 61,970 Plymouths and 19,059
shares of no par value in 1932.-V. 135, p. 2837
of Dodge commercial cars and trucks.
istilled Liquors Corp.Admitted to List.
Retail deliveries of Chrysler and Plymouth cars by Chrysler dealers
he New York Produce Exchange as admitted to list th 5 par capital
during the week ended Oct. 7 totaled 3,000 units, compared with 3,663
sto "when issued."
-V. 137. p. 813.
in the preceding week. The deliveries were 278% over the corresponding
The Continental Bank & Trust Co. of New York has been appointed
week of 1932.
registrar for the $5 par value capital stock.
Chrysler dealers' deliveries for the first 40 weeks of 1933 were 73.1%
•
higher than for the corresponding period of 1932 and 45% higher than the
-Organized.
Distillers & Brewers Corp. of America.
total number of deliveries reported for entire year 1932.-V. 137, p. 2979.
Samuel Ungerleider on Oct. 23 announced his resignation from the firm
Clark Equipment Co.(& Subs.).
of Fenner, Beane & Ungerleider, effective Oct. 31, to become President
-Earnings.
-and Chairman of the above corporation, a holding company, which will
For income statement for 9 months ended Sept. 30 see "Earnings Deopen offices on Nov. 1 at 21 West St., N. Y. City. Curtis B. Dall, son-inpartment" on a preceding page.
law of President Roosevelt, is identified with Mr. Ungerleider in the direcConsolidated Balance Sheet Sept. 30.
torship of the company.
Assets1933.
It was stated that the firm already has a large stock of domestic and
1932.
1932.
LiabilUies1933.
Cash
imported wines and liquors in pond here and aoroad, and will conduct a
$1,180;785 $1,169,431 Current accts. pay.
Ctrs. of deposit.
$158,945
$54,850
manufacturing and distributing business on a large scale, with offices for
40,000 & payrolls
U.S. Govt.secur
293,730
the present at 44 Wall Street, N. Y. City.
Reserve for conOther mark. secur. 654,242 1,091,278
Before prohibition Mr. Ungerleider was head of the Ungerleider Distilling
79,502
tingencies
Cash surr. val. life
Co. at Columbus, Ohio, stated to have oeen one of the largest blenders of
Taxes, royalties,
insur. policies_ _
22,398
55,528
whiskey in the country.
41,252
24,620
&o., accrued_ _ _
Notes receivable
21,051
22,600 Minority interest
Accts. receivable
Distillers Products Corp.
254,944
-Opens Sales Offices.
99,544 in capital and
Accrued Interest
8,175
The corporation has opened a sales office in the Empire State Bldg.,
7,858 surplus in Forst
Inventories
1,132,284 1,235,009
984
1,098
N. Y. City.
Gear & Forge Co
-V. 137, P. 2980.
Investments in &
Preferred stock.... 1,132,200 1,143,100
adv. to subsids_
(E. I.) du Pont de Nemours & Co.
76,719
-Earnings.
-77,764 y Common stock._ 4,771,949 4,779,181
z Real est., bldg.,
752,755
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Capital surplus.__ 596,818
machinery,&c_. 4,079,223 4,456,413 Surplus
1,032,641 1,496,561
Department" on a preceding page.
-V.137, p. 2981.
Deterred charges &
prepaid expenses
Electric Auto-Lite Co.(& Subs.).
74,109
-Earnings.
41,923
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Total
$7,797,660 $8,283,074
Total
$7,797,660 $8,283,074
Department" on a preceding page.
-V. 137 p. 2107.
x After reserve for depreciation of $2,673,407 in 193'3 and $2,141,566 i
n
'Zmpire Sheet & Tin Co. gir.gettireti7-1932. y Represented by 236,216 no par shares in 1933 and 237,316 in 1932.
-V. 137. p. 1057.
his company was organized 0516 in Ohio as a forerunner of the reorganization of Empire Steel Corp.see latter company below).
Claude Neon
ctrical Products Corp., Ltd.Steel Corp.
-Plan of Reorganization.
Toval from List._L/
The 1st mtge. bondholders' committee of' Ashtabula Steel Co. and the
he Los Angeles Cur Exchangjhas removed from unlisted trading
1st mtge. bondholders' committee of Mansfield Sheet & Tin Plate Co.,
p vileges the preferred s ck, because of company's failure to file formal
the general creditors' committee and the reorganization committee of Emapplication for listing.
pire Steel Corp., acting together, have adopted a plan for the reorganization
-V. 137. o. 2278.
of the property and affairs of the company. A statement issued by the
committees in connection with the plan says in part:
Coca-Cola International Corp.
-Earnings.
-"From information at hand to date, each property subject to mortgage
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
is not immediately worth the amount of the bonds outstanding thereon
Department" on a preceding page.
-V. 137. p. 693.
and the unmortgaged property is not worth the amount of unsecured claims
filed and allowed, and the stockholders, who have made no organized effort
Commercial Credit Co.-Earnings-Di4 ector.to save the property, do not appear to have any equities."
.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Digest of Plan of Reorganization.
John P. Maguire, President of Textile Banking Co., New York, has
New Company.
acting for the interest of creditors
-The committees
and bondholders of Empire Steel Corp. caused the formation and incorbeen elected a director.
-V. 137, p. 2468.
poration of a new corporation to purchase part or all of the assets of Empire
Commercial Solvents Corp.
Steel Corp.,and secured from said interested parties approximately $500,000
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
or more through subscription to common stock and bonds of a proposed
Department" on a preceding page.
first mortgage bond issue to be authorized by such proposed corporation.
-V. 137, p. 872.
!Empire Sheet & Tin Co. was organized Oct. 16 and purchased properties
"'Consolidated Chemical Corp.
Oct. 18. See V. 137, p. 2982.]
Capitalization.
-New corporation will have an authorized capital stock
of 125,000 shares (no par) common stock and an authorized first mortgage
arence A. Southerland, ofjihnington, Del., was appointed tem$1,500,000.
pory receiver for the corporatio y Chancellor J. Ocottin Chancery bond issue of shall bear interest at the rate of6% commencing Oct. 1 1933,
cellor
. Wolcott
The bonds
Court, Wilmington on Oct. 2
The corporation's plants are in West
and payable semi-annually on April 1 & Oct. 1, the interest payable April
Virginia and New Jersey', Mr. Southerland will serve pending final deter1 1934 and Oct. 1 1934, to be credited on the books of the new company
mination of the receivership action.
-V. 136. p. 163.
and to be paid only if earned, with an appropriate provision that any
failure to pay interest prior to April 1 1935, shall not be considered a default
Consolidated Chemical Industries Inc.
-Earnings.--- under the bond mortgage. Any interest due and unpaid prior to April 1
1935, shall be payable thereafter when earnings are avilable for that purpose
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
or, in any event, at the maturity of the bonds. Bonds shall mature in 10
Department" on a preceding page.
-V. 137. p.694.
years: red, all or part at par and int., at any time upon 60 days' notice. Ten
Consolidated Film Industries, Inc.
per cent of each year's net earnings, but not to exceed $200,000, are to be
-Earnings.
--set aside and used to retire bonds by purchase upon the market or by call.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
at the option of the company. Convertible at any time prior to call into
Department" on a preceding page.
-V. 137. p. 1584.
two shares of common stock for each $100 of bonds. Said mortgage is to
Continental Baking Corp.
cover such of the present mortgaged properties as may be acquired here-Earnings:
For income statetOttt for 13 and 39 weeks ended Sept. 30 see "Earnings under.
Those joining in forming the new corporation and providing the case
Department" on a preceding page.
-V. 137, p. 2980.
capital therefor shall be entitled to $100 of bonds and three shares of the
no par common stock of the corporation for each $100 paid in.
Continental Oil Co.
-Bonds Called.
Ashtabula Steel Co. Bonds.
AR of the outstanding Prudential Refining Co. 1st mtge. 6t% 15
-year
s. f. gold bonds, due June 1 1943, have been called for payment Dec. 1 next
The bondholders' protective committee of Ashtabula Steel Co. bid at
at 105 and int. at the Guaranty Trust Co., trustee, 140 Broadway, N. Y. foreclosure for the property covered by the Ashtabula mortgage, an amount
-V. 137, p. 872.
City.
reprcsenting the fair liquidating value of the property offered for sale.
[Aehtabula properties were bid in for $110,000 at sale on Oct. 18.1
Cosmos Imperial Mills, Inc.-Preferred Dividend.
Mansfield Sheet ct Tin Mate Bonds.
A dividend of 87ji cents per share has been declared on the 7% cum.
The bondholders' protective committee of Mansfield Sheet & Tin Plate
sinking fund pref. stock, par $100, payable Nov. 15 to holders of record
Co. bid at foreclosure for the property covered by the Mansfield mortsimilar distribution was made in each of the five preceding
Oct. 31. A
gage an amount representing the fair liquidating value of the property
quarters, prior to which the stock was on a regular $7 annual dividend basis.
offered for sale. [Mansfield properties were bid in for $600,000 at sale
-.V. 137. p. 1058.
on Oct. 18.1
Crosley Radio Corp.
-Earnings.
Sale of Unmortgaged Properties.
For income statement for 6 months ended Sept. 30 see "Earnings DeThe general creditors' committee in conjunction with the bondholders'
partment" on a preceding page. Current assets as of Sept.30 1933 amounted
protective committees bid at the sale of the unmortgaged property an
amount, including the assumption of receivers' obligations, liabilities and
to $2,852,365 and current liabilities were $685,513. This compares with
current assets of $2,129,504 and current liabilities of $206,649 on Sept. 30
contracts as a going concern, as they and the reorganization committee
deemed advisable. 'Properties sold Oct. 18 for $624,500.1
1932. V. 137. p. 2278.
-
El
3154
Financial Chronicle
Sale of Cleveland Plant.
The plan does not contemplate the acquisition of the Cleveland plant.
The committees, however, may, in their discretion, include the Cleveland
plant and the bondholders of the issue of bonds outstanding thereon. in
the amount of 3270,000, in case they can arrange with such bondholders
upon a basis of so doing which is satisfactory to the committees and shall
receive the court's approval. In case such arrangements are made, the
committees shall have full power and authority to amend or supplement
this plan accordingly. 'Cleveland plant was bid in for $147,000 at sale on
Oct. 28 1933
Earlier on Oct. 20 Mr. Rogers and Mr. McNaughton purchased the
Connecticut properties of the company in an auction sale at Hartford
for $2,226,000. The auctions were the second and third in connection
with the foreclosure, whereby Sylvester Z. Poll,founder and original owner
of the chain, resumes control of the property, which he sold to the Fox
interests five years ago for $18,500,000.
Last week Messrs. Rogers and McNaughton bought $3,326,000 1st mtge
bonds of the Fox New England circuit for $650.000.-V. 137. p. 2982
Franklin County Distilling Co., Inc.-Changes Naitre.
The stockholders on Oct. 26 approved the proposI change in the name
Distribution of Securities of New Companies.
ofihe company to the K. Taylor Distilling Co., Inc,J Col, Kenner Taylor,
(a) Holders of certificates of deposit of the Ashtabula bonds will receive
who prior to prohibition was Secretary and General Manager of E. H.
an amount of first mortgage convertible 6% bonds of said new corporation
Taylor Jr. & Sons, manufacturers of the famous "Old Taylor" whiskey,
equal to 15% of the face value of the bonds of depositing Ashtabula bondwas elected President of the company at a recent meeting of the board of
holders, and in addition thereto one share of no par stock for each $100 of
directors. With his election, Col. Taylor consented to the use of his name
the balance of the face amount of Ashtabula bonds and each $100 of interest
by the company. The name of the corporation, therefore, was changed
coupons which mature on or prior to Oct. 1 1933.
to include the name of Taylor, long famous in the Kentucky bourbon
(b) Holders 3fcertificates of deposit of Mansfield Sheet & Tin Plate Co.'s
whiskey business.
bonds will receive an amount offirst mortgage 6% convertible bonds of new
The company has acquired the plant and property of the old Frankfort
bonds of depositing
corporation equal to 20% of the face value of the
distillery, located at Forks of Elkhorn, near Frankfort, Ky. Contracts
Mansfield bondholders,and in addition thereto one share of stock for each
for the rehabilitation of the property have been let through the engineering
$100 of the balance of the face amount of deposited Mansfield bonds and
firm of Ford, Bacon & Davis, Inc.. and work is progressing rapidly. The
each $100 of interest coupons which mature on or prior to Oct. 1 1933.
plant will have a capacity of 120 barrels daily and production will be
(c) General creditors (whose claims have been allowed and who shall
started immediately after completion of the reconstruction work and the
creditors' committee for the
have assigned their claims to the general
installation of new machinery.
purpose of this reorganization) will receive one share of stock for each
5100 of the amount of their claims, including interest to Oct. 1 1933.
-Earnings.
Gannet Co., Inc.
Expenses.
-The expenses of foreclosure and sale chargeable to the comFor inn. 133 state slant far 9 manths ended Sept. 30 see "Earnings
mittees and other expenses and disbursements of the committees, including
-V. 137, p. 876.
Department" on a preceding page.
indebtedness incurred to depositaries or trustees, shall
counsel fees and any
be paid by or charged to the new company, and any cash dividends that
--Order.
General American Transportation Corp.
may be paid on the bonds that are deposited with or on the claims assigned
The corporation has received an order from the DuPont company for
to any of the committees participating shall be paid to the new corporatank cars for the transportation of anhydrous ammonia. Each
10 special
tion. Likewise, all cash payments required by the decree of court to be
car will have a capacity of 50,000 pounds. The tanks will be forge-welded
made by or under the authority of the committees in accordance with the
and surrounded with four inches of cork insulation. The cars are now
provisions hereof as successful bidders at such sale for the properties so
-V. 137.
being built in General American's tank car plant at Sharon. Pa.
purchased, shall be paid by the new corporation. All expenses of the
p. 1586.
be similarly paid by or charged to
organization of the new company shall
the new company.
--Earnings.
General Baking Co.
-W.A. Thomas,
-1st Mtge. Bondholders' Committee.
Ashtabula Steel Co.
For income statement for 13 and 39 weeks ended Sept. 30 see "Earnings
Chairman; A. T. Ullman, Secretary.
-V. 137, p. 2643.
- Department" on a preceding page.
Mansfield Sheet & Tin Plate Co.-lst Mtge. Bondholders' Committee.
Frank A. Scott, Chairman, Henry L. Goemann, Warren Bicknell.
-Earnings.
General Cable Corp.
-T. 0. Kennedy, Chairman, J. Howard
General Creditors' Committee.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Parker, Henry G. Brunner.
-Frank A.Scott, Chairman, Osborne Mitchell,
Reorganization Committee.
&rent assets as of Sept. g0 1933;amounted to $9,109.813 and current
-V. 137, p. 2982.
T.0. Kennedy.
, .liabilities were $2,474.922. This compares with current assets of $10,,• ,,V312,298 and current liabilities of 8962,087 on Sept. 30 1932.-V. 137.
-To Wind Up.
'Equinox Mill, Anderson, S. C.
p. 1419.
Carleton R. Richmond, Secretary, announces a special meeting of the
stockholders to ne held on Nov.20, to determine whether the company shall
-Number of Workers Increased.
General Electric Co.
go into liquidation, wind up its affairs and dissolve.
The company has added 7,600 employees to its payrolls since March 1.
Increased.
payroll rate is to-day $17,000,000 greater than it was
and the total annual
Fada Radio & Electric Corp.-Business
on that date, President Gerard Swope made known on Oct. 24 in a statePresident F. A. D'Andrea reported that business of the company showed
ment to the company's 187,000 stockholders mailed with regular dividend
improvement during August and September 1933. The volume was 35%
- checks.
greater in August and 37% larger last month than in the 1932 months.
New business booked the first nine months of the year has shown a steady
V. 137, p. 147.
rise, and for the first time since 1929 orders have exceeded those for a
i
like period of the previous year.
)'Fashion Park Associates Inc.-Removed from List.
Another significant fact. Mr. Swope points out. Is that this year, for the
Z
------ The New York Produce Exchange as removed from the list the pref ed
first time in three years. orders for the third quarter totaled more than the
on and voting trust certificates for
s k (par $100). the (no par) co
sales billed in the same period.
-V. 137, p. 2813.
preferred stock.
In referring to the National Recovery Administration, President Swope
Fidelity Title & Mtge. Guaranty Co., Ridgewood, declares General Electric has conformed not only to the letter but to the
spirit of the Act and began operating under the electrical manufacturers
-Liquidation Hearing Nov. 13.N. J.
code, as to hours of employment and wages, a week before the code went
A plan for liquidating the company will be ruled upon Nov. 13 by Vice- into effect on Aug. 15.
Chancellor Fallen in Jersey City, N. J. '
These requirements necessitated but little change in the company, for
The proposed plan of liquidation has the approval of more than 80%
the maximum work-week since May 1 1931 has been only 40 hours, and
of bondholders, certificate holders and creditors. It contemplates convertthere were but few employees whose pay was at a lower rate than that
ing into cash for distribution all assets of the company which now are being
prescribed by the code.
administered by three trustees.
The company was taken over by the Department of Banking and InsurFinance Service Company Opens Dallas,Texas, Office.
ance Jan. 12 1932, on request of directors seeking to conserve assets for
The General Electric Contracts Corp., an organization to extend a combondholders and creditors. Shortly thereafter Vice-Chancellor Fallon
plete finance service to customers of General Electric in the home appliappointed Merritt Lane, John Milton and Henry W. Parmlee as trustees
ance field through its regular dealers, in the South, has just opened an office
to manage the company.
in Dallas, Texas.
The new plan has received the approval of Edgar G. Wandless. Alfred
The corporation, with main offices in New York City, was organized
Dogbell. Edwin Howey Jr., Howard H. Reddick. George H. Pfeiffer and
Jan. 1 of this year. Other branch offices are located in Chicago, PhilaEdwin Ii. Whitehead, who comprise the community committee of investors
-v. 137, p. 2982.
delphia, Cleveland, Louisville and Schenectady, N. y.
in guaranteed first mortgage certificates and bonds; also of the security
2814.
holders' reorganization committee, composed of William R. Hewitt, Henry
G.Rohrs, Francis C.Cassidy and John J. Scannell, holders ofsuch securities.
General Motors Corp.-Earnings 9 Months Ended Sept 30
Holders of bonds and certificates amounting to $8,320,450, as well as
-Alfred P. Sloan Jr., President, announced the
1933.
creditors having claims amounting to $167,000, are entitled to participate
in the plan.
following on Oct. 25:
Distribution of the assets to those who assent to the plan will be made
Net earnings of General Motors Corp.,including equities in the undivided
as rapidly as circumstances will permit, ratably in proportion to the amount
profits or the losses of subsidiary and affiliated companies not consolidated.
of claims. All bonds and voting trust certificates, representing all of
for the third quarter ended Sept. 30 1933, were $33,341,618. This compares
company could be distributed ratably among assenting
the stock of the new
with a loss of $4,464,229 for the corresponding quarter of a year ago. After
certificate holders, bondholders and creditors.
deducting dividends of $2,294,555 on the preferred stock, there remains
The property will be acquired by a new company as of Dec. 31 last for
$31,047,063, being the amount earned on the common shares outstanding.
The property includes a building at
the purposes of the liquidation.
This is equivalent to $0.72 per share on the average common shares out60 East Ridgewood Ave. Ridgewood, valued at $121,000 and subject to a
standing during the quarter under review and compares with a loss of
'
mortgage of $100,000; a building at 41 Main St., Hackensack, valued at
$0.16 per share in the corresponding quarter of 1232.
$51,000; mortgages estimated to be in good standing $4,200,000; mortgages
Net earnings for the 9 months ended Sept. 30 1933, Including equities,
doubtful in nature, or in the course of foreclosure, $1,750,000; real estate acwere $81,409,794 or the equivalent, after deducting dividends of $6,884,290
quired through default of mortgages of the face amount of $1,823,700
on the preferred stock, of $74,525,504 or 51.73 per share on the average
appraised at $1,911,000.
common shares outstanding during this period. This compares with net
The new compary would obtain a loan to pay the cost of receivership and
earnings of $10,555,175 for the correspondong 9 months of 1932, which.
expenses incidental to formation of the new company.
after the deduction of preferred dividends, amounted to $0.08 per share
The company would issue scrip certificates amounting to $155,000 sinking
earned on the common stock.
shares of common stock. The scrip
fund bonds of 86.375,000 and $85,000
The above earnings do not reflect any provision for losses on cash balances
would be issued for a term of one year and would go to certificate holders and
in closed banks, since the extent of these losses is not determinable at this
bondholders in payment of interest on their securities from the last date of
time. At Sept. 30 1933 cash balances in closed banks amounted to
payment by the company Feb. 1 1932. trustees would be empowered to $13,108,121.
Ten-year bonds would be issued, but
Net sales of General Motors Corp., excluding inter-divisional transpurchase them from time to time for cancellation. The income of the new
actions, for the third quarter ended Sept. 30 1933, amounted to $178,company would be used to ratably reduce the company's indebtedness to
967,035, as compared with $74,575,864 for the third quarter of last year.
the holders of them.
Net sales for the nine months ended Sept. 30 1933, amounted to $490,As of Dec. 31 1932 70% of the property acquired by the trustees through
921,509, as compared with $371,374,398 for the corresponding period
foreclosure proceedings was rented with a gross rental of $136,000. It is
of 1932.
received by the new company from
believed that $250,000 a year will be
Cash, U. S. Government and other marketable securities at Sept. 30
mortgagors.
1933 amounted to $232,566,172 (excluding cash balances in closed banks),
No interest on the bonus to be issued would be paid until after all of
compared with $172,780,05 at Dec. 31 1932 and $209,098,832 at Sept. 30
would be 3%. Present
the scrip had been reduced and then the rate
1932. It will be recalled that the report dealing with the second quarter's
holders would receive bonds on the basis of 73% of their present holdings
operations stated that there had been an increase of $64,777,077 in cash
and 25% in common stock.
-V. 134, P• 513.
and cash investments during the three months' period ended June 30 1933.
As a result of the third quarter's operations there has been a further
-Court Review Granted in Proposed increase of $32.077409 in these items.
Film Securities Corp.
Net working capital at Sept. 30 1933 amounted to $285,292.313 (exclud-See under latter company below
Sale of Loew's, Inc. Stock.
ing cash balances in closed banks). This compares with $225,437,194 at
-V. 137, p. 1418.
Dec. 31 1932 and $240,411,639 at Sept. 30 1932. In other worlds, there
has been an improved working capital position during the quarter of
-Sells Cambridge (Mass.) $25,792,482 and a total improvement during the nine months of the year
Ford Motor Co., Detroit.
Plant.
of $59,855,119.
From the above it will be recognized that both from a working capital
-V. 137. p. 2982.
see It. H. White & Co. below.
Position as well as from a cash and cash investment position, the financial
-Resumes Div. situation of the corporation has not only been maintained but has again been
Fort Pitt Brewing Co., Sharpsburg, Pa.
Importantly strengthened. As a matter of fact, notwithstanding the subA dividend of 10 cents per share has been declared on the common stock,
normal operations of the past three and three-quarter years of the deprespar $1. payable Nov. 10 to holders of record Oct. 31. The last payment,
-V. 135.
sion period and the payment of dividends in excess of earnings by approxiamounting to 5 cents per share, was made in 1930. See also.
mately $53.000,000 during that period, cash and cash investments as of
p. 3863.
Sept. 30 1933 were greater by $105,214,642 than the corresponding items
Fox Film Corp.
-Earnings.
as of Dec. 31 1929, and working capital likewise by $34,004,531.
During the third quarter ended Sept. 30 1933, General Motors dealers
For Income statement for 26 weeks ended Sept. 30 1933 see "Earnings
In the United States delivered to consumers 245,128 cars and trucks, comDepartment" on a preceding page.
-V. 137, p. 2469.
pared with 104.773 cars and trucks in the corresponding quarter of 1932Fox-New England Theatres, Inc.-Prope7ties Sold.
a gain of 140,355 units, or 134.0%. Sales by General Motors operating
divisions to dealers in the United States during this quarter amounted to
The Massachusetts properties of the company were sold at auction Oet. 20
244,783 cars and trucks, compared with 73,792 cars and truc a in the
for $875,000 to William B. F. Rogers and John A. McNaughton of New
corresponding quarter of 1932-a gain of 165,991 units, or 210.7%. Total
York City. representing bondholders. The sale was conducted in the
sales to dealers, including Canadian sales and overseas shipments, amounted
Fox-Poll Theatre Bldg. at Springfield, Mass.. by Thomas J. Spellacy,
to 285,680 cars and trucks, compared with 97,408 cars and trucks In the
special master in the proceedings, named by Judge Edwin S. Thomas of
third quarter of 1932-a gain of 188,272 units, or 193.3%.
the U.S. District Court at Hartford, Conn.
Volume 137
Financial Chronicle
3155
par, the total held as of Sept. 30, being $27,000 which amount during October has been further increased to $60,000.
As of Sept. 30, 300,160 shares of stock had actually been issued and
287,840 shares were held in escrow. Of total of 300,160 shares of stock
thus presently outstanding 263,060 shares are owned by the public or are
carried by the company in its investment account and 37,100 shares acquired
by the company are carried as treasury stock.
Of the 263,060 shares of stock above mentioned, 141,465 shares have
been deposited in the voting trust and are now represented by voting trust
certificates, whereas 121,595 shares are still outstanding. Of the shares
of stock issued, 53,201 shares represented by voting trust certificates are
owned or to be owned by the company, as are also 920 shares of the undeposited stock, making a total of 54.121 shares the ownership of which is
vested or will be vested in the company.
In addition to the foregoing the company has the potential right to
obtain certificates representing 77,600 shares additional by the exercise
of the warrants attached to its holdings of the new bonds, and by the
reversion to it of stock reserved to be issued in the event of failure to pay
interest coupons when due. Assuming the deposit under the voting trust
of the 920 shares of stock aforementioned which the company should presently receive, the outstanding stock will be reduced to 120,675 shares, while
Names Divisional Heads.'
the voting trust certificates issued or presently issuable represent 467,325
Appointments of general managers of the Pontiac, Buick and Olds
shares, of which,as previously shown,the company is the potential holder of
divisions of the General Motors Corp. were announced on Oct. 21 by
certificates represeming 131,721 shares, leaving 335,604 shares potentially
Alfred P. Sloan Jr., President of the corporation.
in the hands of the public.
"Separate division identity and executive responsibilities incident to
Comparattve Balance Sheet Sept. 30.
same have, from the very beginning of the corporation's existence, been a
1933.
1932.
1932.
1933.
fundamental principle in its administrative policy," Mr. Sloan said. "On
LiabilitiesAssetsa
8
$
$
period of depresaccount of the sharp contraction of volume incident to the
Real estate, Am___17,709,358 18.116,300 x Cap. & surplus__16,074,130 20,861.298
sion, it became absolutely essential to effect certain consolidations in order
Patents at cost_ __
32,449 2
-year 5% notes_ - x40,000 5,000,000
29,217
to make possible essential economies in operation. It is believed that the
Cash
303,091 5-yr.lst mtg.inc.65 5,280,000
283,410
improved outlookjustifies reinstating the operating plan in accordance with
Notes receivable
334,809 Notes pay'le (sec.) 250,000
283,460
the corporation's established policy."
703,249 Accrued int. on 5
976,070
H.J. Klinger, Vice-President and General Sales Manager ofthe Chevrolet .Accts. receivable
28,600
Cash in banks in
year bonds
motor division, has been appointed General Manager of the Pontiac motor
hands of receiver
24,500 Rea. for employ.
24,190
division, effective Oct. 23. Harlow H. Curtice, President of the AC Spark
26,868
pensions
Inventories
1,806,386 2,710,130
Plug division of General Motors since 1929. has been appointed General
Accrued bat. receiv
Res. for coining _ 1,541,451
625
Manager ofthe Buick motor division,and C.L:McCuen,technical assistant
405.000
Gen'l Refractories
Bills payable
to the general manager of the Olds and Buick divisions, has been appointed
129,035
Co.secur. reacq. y581,639
Accts. payable_ __ 235,469
General Manager of the Olds division.
92,986
77,969
Due from officers
Accrued accounts_
I. J. Reuter, who became General Manager of the Olds and Buick
512
511
and employees__ 503,770 1,208,142 Unclaimed diva__
divisions when they were consolidated early in 1932, has resigned.
Marketable secur_ 170,213
173,882
Commenting on the appointments, W. S. Knudsen, Executive ViceAccrued inc. from
President of General Motors Corp., said:
notes and invest.
19.518
"It will be recalled that on April 1 1932, the Pontiac and Chevrolet
Empl. mortgages_
1,889
1,861
motor divisions were consolidated, and likewise, Buick and Olds motor
Mtscell. investml_ 834,271 a2,388,300
divisions. The sales functions of the Buick, Olds and Pontiac divisions were
Deferred sects_ _ __ 348,502
472,598
consolidated and have since been conducted under the auspices of the BuickOlds-Pontiac Sales Co., with the resulting consoliciation in the retail sales
23,552,999 26,488,832
Total
Total
23,552,999 26.488.832
outlets through the sale of two or more of the car lines by the same dealer.
The appointment of individual executives in charge of each division in no
a Includes 37.100 shares of treasury stock. x Represented by 263,060
way alters the corporation's policy in respect to the latter part. General
shares of no par value in 1933 and 300,000 in 1932. y $27,000 bonds and
Motors dealers handling the Buick and Pontiac lines together are not
12.854 shares of common (v.t.c.) stock. z Not yet deposited with trustee.
affected, nor does the above affect in any way whatsoever the operating
-V.137. P. 1419.
policy of the Chevrolet and Cadillac Motor Car Companies."
F. S. Kirnmerling has been appointed President and General Manager
-Removed from List.
ladding, McBean & Co..
ng pd.of the A. C. Spark Plug Co., a division of General Motors. succeeding
he Los Angeles Curb Exchange asem
roved from unlisted
Mr.Curtice,
of company's failure to file formal
vi es the common stock, beca
D. E. Ralston has been appointed General Sales Manager of the Olds
5pplication for listing.
p. 1772.
-V. 137,
Motor division.
W. F. Hufstader, formerly Buick Sales Manager with the Buick-Olds
Globe Grain & Milling Co., Los Angeles.-Earnirig8.Pontiac Sales Co. has been made General Sales Manager of the Buick
1930.
1931.
Years End. June 301932.
1933.
Motor Co., according to H. H.Curtice, newly appointed General Manager.
$238,937
Net income for year_....
$17,943 loss$400,789 loss$171,354
97,536
1st preferred dividends
80,167
45,365
Oldsmobile Sales Ahead.
16,000
16,000
2d preferred dividends__
• 16,000
16,000
Retail sales of Oldsmobile cars for the year to Oct. 10 were 9.728 ahead
480,000
420,000
Common dividends
of the corresponding period last year. according to R. M. W. Shaw, Sales
Spec. res. for probable
Manager.
losses on notes & accts.
"Retail sales during the first 10 days of October continued to reflect
receivable
75,000
70,000
the improvement shown throughout 1933." he said.
-V.137, p. 2983.
Loss on prop, due to forfeit for taxes
1,500
General Printing Ink Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Balance,deficit
$687,520
$354.599
$538,655
$68,057
Department" on a preceding page.
-V. 137. P. 877.
2.987.800
Previous surplus
2,633,201
1,943,317
1,404,663
Dr2,363
Adjustments
Gillette Safety Razor Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings DeSurplus June 30
$1,336,605 $1,404,663 $1,943,317 $2,633,201
partment" on a preceding page.
In a letter which will shortly be sent to stockholders, President Lambert
Balance Sheet June 30.
93
explains that when the company cut the price of its blades two months
1933.
Assets1933.
1932.
1932.
Ltatratttes-ago it promised to protect the trade against loss on their stocks on hand
00,000
1932
$200,000 $2 .
x Plant & equip_...$4,711,835 $4,906,540 2d pref.stock
by shipping additional merchandise or issuing credits. The reserve of
Cash
139,150
271,330 Common stock_ _ 6,000,000 6,000,000
$1,050,000 representing the entire cost of this adjustment has been charged
y Accounts & notes 887.779
Notes padablei s
883.788 8undry yepos _t_ ___ 990,000 1.000,000
against third quarter earnings.
receivable
After paying the Sept. 30 dividend on common stock and interest on
Adv. on purch.,
Accts. payable Sc
debentures due Oct. 1, the company and its subsidiaries had a total of
91:727
50
43
contracts, &c__ _
39,931
33,379
accrued !labile__ 111,675
$8,332,960 of cash and securities at niarket value, of which $7,656,550
12,299
4,000
Inventories
1,458,640 1,128,241 Dividends payable
represented cash and United States Government obligations.
1,336,605 1,404,663
Prepaid expenses
88,203 Surplus
67,804
At Sept. 30 1933, company held in its treasury, or
retired, $15,Deposit on grain &
291,000 debentures, leaving outstanding in the hands of the public $4,709,cotton margins_
36,132
000, which is the same amount as was outstanding on June 30 1933.
Advance to cotton
As a result of the price reduction of last August, when blades were cut
growers
39.563
22,114
to 49 cents from $1 a packet of ten, the company's market was broadened
Deferred accts. rec.
41,770
20.874
and the competitive position improved. Commenting on the assurance
Empl. & sundry
given the trade that Gillette would protect them against' oss On stocks
notes& accts. rec
10,197
10,660
due to the price cut by shipping additional merchandise or issuing credits,
Investments
1,036,439 1,046,626
President Lambert stated there has been an enhancement of good will.
Good-will & ttade
rrks
"There has been a stimulated consumer demand for the company's prod100,000
100,000
ucts," he added.
Adv. to & invest.
The entire cost of making this adjustment to the trade, amounting to
In subtid. cos.__ 109,171
166,123
$1,050,000, has been charged against the third quarter earnings.
-V.
137, p. 2279.
$8,642,280 $3,713,993
Total
$8,642,280 $4,713,993 Total
z After deducting reserve for depreciation amounting to $3,642,907 in
General Refractories Co.
-Financial Report.
deducting reserve for bad debts of
1933 and $3,465,692 in 1932. y After
For income statement for 3 and 9 months ended June 30 see "Earnings
$165,975 in 1933 and $154,604 in 1932.-V. 136, p. 851.
Department" on a preceding page.
M. G. Myrelins, 'Treasurer, states in part:
.
Goodyear Tire 8c Rubber Co. Akron 0.-Pref Div.During the third quarter of 1933 the company continued to feel the
A dividend of 50 cents per share has been declared on the $7 cum. pref.
effects of the fa orable influence noted during the second quarter, with the
holders of record Dec. 1 1933.
stock, no par value, payable Jan. 1 1934 to
result that substantial progress was made In improving its financial position.
A similar distribulon was made on this issue on April 1, July 1 and on
Under date of Sept. 1.1933 the No. 1 interest coupon on the 5
-year 6%
Oct. 2 last. Previously, the company paid regular quarterly dividends of
lit mtge. cumulative income bonds was paid in cash from current receipts
-V.137, p.2983.
$1.75 per share on the preferred stock.
and without further borrowing from banks. As a result of this cash
payment, there reverted to the company for cancellation 6,000 shares of
-Earnings.
Grigsby-Grunow Co.
capital stock which would have been issued to bondholders in the form of
For income statement for 3 months and 36 weeks ended Sept. 9 1933
voting trust certificates upon failure to pay interest In cash.
see "Earnings Department" on a preceding page.
The plan of refinancing of Jan. 25 1933 having been made fully operative
Comparative Balance Sheet.
and all of the terms of the deposit agreement of the same date having been
fulfilled on the part of the noteholders' committee, the members thereof
Sept.9'33. Dec.31'32.
Sept.9'33. Dec.31'32.
have declared the committee dissolved as of Sept. 25 1933.
$
Assets
Lfabitittes$
Developments during the quarter have placed the company's new 6%
x Land, buildings,
Capital stock .. _ _ _y21,415,467 21,413.317
bonds in a position where their chief possibility for further appreciation
mach.,leaseholds
2,366,700 2,451,900
Funded debt
lies in the warrants attached thereto, zhich entitle the holder thereof to
&c
11,859,688 12,982,855 Accts. and notes
purchase voting trust certificates for capital stock. On this account the
454,015
Patent rights,good1,336.084
payable
point has now been reached where the interests of bondholders are to a
will, &c
3,215,237 3,215,237 Contingent reserve,
considerable degree identical with those of the holder of voting trust certifiCash
519,304
500,042
189,872 1,075,878
&c
cates or capital stock.
Accts. and notes
58,025
Minority interest_
48,714
The important changes in the balance sheet during the third quarter
receivable
978,019 Accrued curr. lia1,089,835
Were:
819,802
bilities
974,227
Inventories
2,223,898 1,425,247
"Notes receivable for stock subscription amounting as of June 30 to
Market securities,
Notes payable sub$628411 were entirely canceled and the stock covered thereby taken back
at market
5,142 sidiaries
115,004
129,595
intoinvestment account at its original sale price.
Investments
600,583
770,683 Capital mu plus_ _ _ 907.687
908,256
Income tax claim_ 336.000
"Notes receivable for loans were likewise somewhat reduced in a similar
336,000 Profit & loss deficit 7,757,181 5,541,650
manner. As result total amount due from officers and employees was
Cash surrender val.
23,282
insurance poi_
26,017
reduced from 31,258,130 to $503,769."
49,433
Other EiSSCt9
78,415
As result of the above transactions, the company acquired voting trust
331,524
certificate's for 12,854 shares of its own capital stock, which are carried on
Deferred charges
308,462
the balance sheet at the same amount as that at which the corresponding
19,926,009 21,193,302 Total
capital stock is carried as a liability, namely. $554,639. The cost of such
Total
19,926,009 21,193,302
voting trust certificates over and above the preceding amount was charged
x After depreciation and amortization. y Represented by 2,724,256
to the reserve for contingencies.
no-par shares.
All notes payable to banks to March 1 1936 amounting to $320,000 were
Radio Sales Continue Gain.
converted at par into new 6% bonds. All of the 5% notes have been retired,
October will represent the fifth consecutive monthly increase for Majestic
with the exception of $40,000, which during the month of October has been
radios and the best month since 1931,according to John F. Ditzell, Assistant
further reduced to $10,000. In connection with the settlement of claims
Vice-President and General Sales Manager.
against the company, it has acquired some of its own bonds at or below
For the nine months ended Sept. 30 1933, General Motors dealers in
the United States delivered to consumers 644,892 cars and trucks, compared with 450,347 cars and trucks in the corresponding period of 1932-a
gain of 194,545 units, or 43.2%. Sales by General Motors operating divisions to dealers in the United States during this period amounted to 672,545
cars and trucks, compared with 420,543 cars and trucks in the first nine
months of 1932-a gain of 252,002 units, or 59.9%. Total sales to dealers,
including Canadian sales and overseas shipments, amounted to 784,302
cars and trucks, compared with 492,323 cars and trucks in the corresponding period of 1932-a gain of 291,979 units, or 59.3%.
In the report covering the second quarter's operations, attention was
called to the accelerating improvement in rate of activities that characterized the operations of that quarter. This improvement continued
during the quarter under review, although at a somewhat declining rate.
It is unreasonable to expect other than a curtailment during the balance of
the year in accordance with the usual seasonal falling off affecting retail
sales, as well as by the yearly readjustment of models affecting manufacturing schedules, the latter always having an important influence on
the corporation's operations for the fourth quarter, and this year will form
no exception.
Financial Chronicle
3156
"Our radio sales have shown a tremendous increase in the past three
months, with each succeeding month surpassing the preceding one," stated
Mr. Ditzell. "August of this year shows a 500% increase over the same
period of 1932. September set a new record with a 132% gain over the
preceding month and a 274% gain over a like period of 1932. October
this year will show a 50% increase over the past month and a gain of 150%
over the corresponding period of 1932."
Daily orders received at the Majestic factories are now better than
50% of the total daily production, which is running between 4,000 and
5,000 sets per day. Unfilled orders total 50,000 units, according to Mr.
Ditzell.-V. 137, p. 2644.
Glenwood Arms Building Corp., Chicago.
-Pays $1
Dividend.
President E. M.Nolan announced following a meeting of the stockholders
that a dividend of $1 per share had been declared, to be paid out of capital
surplus. All of the stockholders are former bondholders on the property.
The Glenwood Arms is at 6726 and 6728 Glenwood Ave., Chicago. It
was financed by the Ritchie Bond & Mortgage Co. with a bond issue of
$92,500, which had been reduced by $1,000 at the time of default. The
underwriting house conducted the foreclosure, converted all the bonds
into stock, and turned the property over to the bondholders, at the expiration of the period of redemption. They elected their own officers last
April. During the period the property was in receivership all expenses of
foreclosure and reorganization were absorbed out of income. All taxes
and insurance have been paid, there is a reserve in the treasury after voting
the first dividend, and the building is 100% rented, according to Mr.
Nolan. (Chicago "Journal of Commerce.")
-""'Guelph (Ont.) Carpet & Worsted Spinning Mills, Ltd.
-Increases Common Dividend.
A dividend of 75 cents per share has been declared on the common stock,
no par value, payable Nov. 1 1933 to holders of record Oct. 20. This compares with 50 cents per share paid on this issue on Nov. 1 last and 25 cents
per share paid on Nov. 1 1931.-V. 135, p. 3863.
(M. A.) Hanna Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1062.
Harborside Warehouse Co., Inc.
-Organized.
See Pennsylvania Dock & Warehouse Co. below.
Harmony Mills.
-Seeks to Sell Cohoes Mill.
Several real estate men, railroad officials and industrial representatives
were brought together on Oct. 26 by Leon Cutler, President of A. A. Abbott
& Co.. Inc., realty brokers, in N. Y. City, to see in moving pictures the
plant of the Harmony Cotton Mills at Cohoes, N. Y. which is offered for
sale. The property, consisting of 14 five-story buildings,
is held at about
$300,000. (New York "Times.")
-V. 137, p. 2108.
Hayes Body Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1420.
Hercules Powder Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Balance Sheet Sept. 30.
1933.
1932.
1933.
1932.
Assets
Liabilities$
Plants & property y18973,039 20.056,329
Commpn stock_15,155,850 15,155,850
Good-will
5,000,000 5,000,000 Preferred stock....11,424,100 11,424,100
Cash
3,334,848 2,655,534 Accounts payable_ 396,915
308,815
.Accts. receivable._ 4,048,915 2,965,929 Fret. dividend__ __
92,392
93,047
Hercules Powder
Deferred credits__ 132,101
178,745
Co. cap. stock
1,715,540 1,648,889 Federal taxes(est.) 314,157
83,206
U. S. Govt. secur_ 3,522,370 3,627,285 Reserves
4,293,838 2,723,460
Invest.security _ _ _ 661,587
705,899 Profit and loss__ ...10,248,395 11,280,880
Materials & supp.. 2,454,438 2,057,736
Finished products_ 2,129,591 2,245,724
Deferred charges__ 217,419
284,780
Total
42.057,747 41,248,104
Total
42,057,747 41,248,104
x Represented by 606,234 no par shares. y After depreciation reserve of
$11,935,427.-V. 137, p. 1420.
Herzog Iron Works, St. Paul, Minn.
-Stock Offered.-,
E. W. Wichman & Co., Minneapolis, are offering 10,000
shares of common stock at $11.75 per share.
This stock will be sold by the bankers only to residents of the State of
Minnesota.
The company has agreed to make application to list these shares on the
Minneapolis and St. Paul Stock Exchange.
A circular issued in connection with the offering affords the following:
Business.
-Company is one of the outstanding corporations in the
country engaged in the manufacture, sale and instalation of ornamental
metals used throughout the building trade. The company does a national
business and has furnished ornamental metal for many outstanding buildings throughout this country, Central and South America.
Capita:ization.
$116,900
Preferred stock ($100 Par)
178.100
Common stock ($10 par)
Net Profits Avai'ab'e for Dividends on Common Stock After Dividends on
Preferred Had Been Paid for Calendar Years.
$4,079 1926
1918
$65.874 1930
$20,363
$10,257 1922
9.719
1919
63,568 1927
27,400 1931
29,838 1923
152.133 1928
41.117 1932
440
1920
175,586 1924
29,720
1921
38.274 1929
55,442 1925
Dividends.
-On common (cash): 1920. 33 1-3 and 15% bonus; 1921,
10% and 654% bonus; 1922. none; 1923, 19% and 20% bonus; 1924, 15%
and 20% bonus; 1925, 10%; 1926,2234% and 10% bonus; 1927,6%;1928.
6%; none since.
Balance Sheet Sept. 21 1933 (after this financing).
Ltabutiles
Assets-$43,068
Cash
$40,659 Accounts payable
Accounts receivable, trade
32,200 Note payable to P. W.Herzog.. _ 16,343
116,900
Notes receivable
1,729 Preferred stock
278,100
Inventories of merchandise
38,421 Common stock
Work in process
115,110
52,522 Surplus
N. It. A. excess costs to be
recovered
11,700
Stocks and bonds
23,527
Cypress Realty Co. stock
79,238
Deferred assets
30,096
Fixed assets, depreciated
259,427
Total
$569,523
Total
$569,523
Heywood-Wakefield Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Richard N. Greenwood, President, says in part:
Shipments were 3% in excess of those pilled in the corresponding months
of the year 1932. Progressive improvement has been shown in reducing the
loss for each quarter of the current year when compared with results a
year ago, notwithstanding that gross profits in the third quarter were
seriously affected by rising costs of manufacture resulting from compliance
with the terms of the National Recovery Act. Price advances made to
meet these new conditions could not be introduced simultaneously with the
abrupt upward adjustment in costs of lanor and material, and are relatively
ineffective in the sales income reported for this period. Increased production at the factories, however, has absorbed a larger share of the company's fixed overhead cost and contributed to the improvement in net
results.
Incoming orders during September and so far in the month of October
have not shown the same comparative improvement as in the months
immediately preceding but in the aggregate, for the current year to Sept. 30.
exceed by 18% the volume of orders received a year ago. The company
has a substantial backlog of unshipped orders on hand which, together with
Oct. 28 1933
current business received, should permit of a reasonably favorable rate of
production and shipment during the balance of the year.
Consolidated Comparative Balance Sheet. .
Sept. 3033. Jan. 133.
AssetsSept. 3033. Jan. 133. LiabilitiesAccounts payable_ $110,437
Cash & temporary
$59,592
cash investments $475,377 $1,169,539 Accrued payrolls,
868,065 taxes, &c
194,223
Accounts receivable 971,657
113,777
724,400
194,739 First pref. stock
Notes receivable__ 120,419
739,200
Inventories
1,875,993 1,557,196 Second pref. stock 2,231,800 2,277,400
5,303 Common stock
Miscell. investin
5,302
1,500,000 6,000,000
Plants & equipment 2,819,088 4,471,887 Surplus
2,609,062 d1518,537
Patents and good315,981
will
1
88,722
Deferred charges_ 102,084
Total
$7,369,921 $8,671,432
-V. 137. p. 1249.
Total
$7,369,921 $8,671,432
Hotel D'Alba, Palm Beach, Fla.
-Bondholders to Receive
About 73/i Cents on Dollar.
The real estate bondholders protective committee George E. Roosevelt,
Chairman, in a letter to depositors of 1st mtge. sinking fund 654% coupon
gold bonds of Southern Florida Realty Corp., secured by Hotel D'Alba,
Palm Beach, Fla., states in substance:
Subject to the approval of Samuel Seabury, Arbiter, as provided in the
deposit agreement, the committee has entered into an agreement dated
Oct.9 1933, with Robert E.Graham & Co.,Inc.,for the sale of the deposited
bonds of this issue. The agreement provides that the bonds on deposit with
the committee at the time of the closing of the agreement, which it is
expected will be held on or about Jan. 15 1934. are to be sold for a price of
$7.50 in cash for each $100 in principal amount thereof.
There were on deposit with the committee on Oct. 14 1933. $3.587.300
of bonds. The total principal amount of bonds outstanding is $3,725,000.
From the proceeds of the sale of the bonds it will be necessary to pay the
following: (a) approximately $13,500 for the brokerage commissions
provided for in the agreement, amounting to 5% of the gross purchase
price, (b) approximately $15,200 representing the principal of and accrued
interest on the loan obtained in January 1932, upon the security of the
deposited bonds by the members of the committee of which Nicholas Roberts
was chairman, (c) approximately $2,000. representing the unpaid expenses
and disbursements a the committee, of its counsel and of the depositary
incurred with respect to this issue, including the proportion of the general
expenses and disbursements of the committee allocated to this issue. and
(d) $7,000, the compensation of the depositary. The committee will also
reserve from the purchase price an amount for its compensation and for the
fee of its counsel, the allowance of which will be subject to the approval of
the arbiter as provided in the deposit agreement. The balance of the
purchase price will be distributed prop rata to depositors.
It is estimated that the committee will be in a position shortly after the
date of closing to distribute to depositors approximately $5.75 in cash for
each $100 in principal amount of bonds deposited by them.
-V.121, p. 592.
Hotel St. George (Clark Henry Corp.),
Protective Committee.
-
Brooklyn.
-
George V. McLaughlin, Pres. of Brooklyn Trust Co.: Douglas Vought,
Vice-Pres. of William A. White & Sons; and William T. Hunter, Pres. of
A. Schrader's Son. Inc., have been added to the membership of the protective committee for the 1st mtge. 554% serial gold bond certificates,
series A, according to a notice sent to holders of these certificates and
certificates of deposit therefor. Other members of the committee are:
Percy Cowan, Joseph W.Dixon, William M. Greene and Alvin J. Schlosser
who is chairman. R. W.Wilson, 15 Broad St., N.Y.City,is Secretary and
Frueauff, Robinson & Sloan, 60 Wall St., N. Y. City are counsel.
The committee reports the results of a careful investigation and study of
the operations and financial affairs of the hotel as showing that earnings
from the property during 1932 and the first eight months of 1933 were
more than sufficient to cover interest on the bond certificates but not
sufficient to cover maturities of principal of bond certificates.
The committee is now investigating one financial transaction which
from information in hand it feels might be open to criticism but expresses
entire satisfaction with the management. The operating results in the
Hotel St. George, including current results, compare very favorably, it
believes, with many of the hotel properties which have thus far survived the
depression and these it attributes very largely to the efficiency of the
management. It has therefore informed the corporate trustee that in its
view the best interests of the bond certificate holders will be served at this
•
time by a continuance of this management.
First half 1933 taxes have now been paid by the corporate trustee out of
funds accumulated from current operations under the assignment to it of
net income, the notice points out, and by Nov. 1 the trustee is expected to
be in possession of sufficient funds to pay the tax due at that time.
"Assuming a continuation of good manage ment, the committee feels
that the hotel property is in a position to reflect favorably any improved
,
trend in current business," the notice continues, "and owing to its very
substantial going-concern value, it should, with only moderate financial
readjustment, be in a position to carry on successfully. Because of these
favorable aspects of the situation the committee believes that a prompt
,
reorganization should be undertaken.
'
The committee hopes to be able to submit a definite plan in the very
near future and urges holders to deposit their bond certificates promptly
so that it will be in position to serve the best interests of all. At present it
represents holders of approximately 30% of the outstanding bond certificates. Halsey, Stuart & Co., Inc., is depositary for the committee in New
York and Chicago, while the Pennsylvania Co.for Insurances on Lives and
Granting Annuities, Philadelphia, is sub-depositary.
-V. 136, p. 4280.
Houston Oil Co. of Texas.
-Earnings.
For Income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1250.
Hungerford Hotel (Seattle).
-Sept. 1 Coupons Paid.
Funds sufficient to meet interest coupon payment due Sept. 1 on the
Hotel first mortgage 654% serial coupon bonds have now been received,
it is stated in a letter mailed to bondholders by Pacific Realty Securities
Co. Coupons may now be presented for collection in the usual manner to
the depositary, American National Bank & Trust Co.. Chicago.
'
411
"Arrangements have been entered into," says the letter, "whereby.
beginning Oct. 1 1933 the net income from the property, after payment of
operating expenses, ground rent and other charges, will be turned over to the
trustee in the interest of the bondholders."
-V.IN,p.3032.
Hunt Bros. Packing Co.
-Reduces Authorized Stock.
The stockholders on Oct. 18 voted to reduce the authorized capital stock
from 1,000 000 shares to 400,000 shares, no par value. This action was
taken to effect an annual saving in the Delaware franchise tax, based on
the number of authorized shares of capital stock. As was the case before
the change, the authorized stock is represented on a 50-50 basis of class A
and class B shares, and there is no change in the number of shares outstanding or in the proportionate interest of the present stockholders.
-V. 137,
p. 2110.
Hupp Motor Car Corp.
-Comparative Balance Sheet.Sept. 3033. Dec. 3132.
Assets$
WI estate, plant.
&c
7,989,413 8,462,607
Inv. az advances 1,215,043 1,242,242
Cash
2,144,538 2,577,936
Cash on deposit in
closed banks
477,889
Govt. bonds
2,320,890 2,325,851
Accr'd int. reedy_
38,292
31,979
Notes & accts. rec_ 266,738
226,061
Inventories
1.427,296 2,115,281
Deferred charges__
.51,585
51,993
Tools, dies, jiggs,
1
1
&c., after amort.
1
1
&c_ _ _ _
,
Sept. 3033, Dec. 3132.
Liabilities
Common stock_ ..13,29l,285 13,291,285
Acc'ts payable__ 321,979
365,223
Misc. curr. res've. 507,577
471,580
Tax reserves, &c__ 338,583
280,363
Dealers' deposits_
86,764
106,479
Res. for for. exch.
loss
22,977
16,967
Contingent reserve,
aic
539,488
554,700
Surplus
817,128 2,013,260
Total
15,925,781 17,039,857 Total
x After depreciation.
-V.137. p.2984.
15,925,781 17,039,857
Financial Chronicle
Volume 137
3157
Huron•an Mining & Finance Co.,Ltd. reposed-_.to the effect that among the collateral of this issue there is an obligation of
Frederick
Ltd. for
Merger.
-he shareholders of this company, the Keeley paid off onLeyland & Co.,obligation£1,220.000, and that there has been
account of this
£220,000. reducing said obligation to
Silver Mines, Ltd., and Vipond Consolidated Mines, Ltd.,, £1,000,000.-V. 136, p. 3547.
will on Nov.24 voted on an alyt v
.
.ov*plan of malgamation,
.
,
International Printing Ink Corp.
-Earnings.
IrbittlltDntlined_aw,fallows:
For income statement for 3 and 9 months ended Sept.30 1933 see "Earn)
It is proposed to merge the interests of the Huronian Mining St Finance
Co.. Ltd., the Keeley Silver Mines. Ltd., and Vipond Consolidated Mines,
Ltd., all of which are closely associated in management.
The result will be the establishment of a new company, Anglo-Huronian.
Ltd., whose assets will consist principally of cash and marketable securities,
and the administration of the three companies having objects altogether or
In part similar will then be unified in the one company.
These three companies are in addition closely interlocked through the
ownership of shares in each other as follows:
Viponds.
Keeleys.
Huronians.
Huronian owns
None
401.523
289,252
Keeley owns
554.025
78,788
None
Vipond owns
304,125
None
None
In order to prevent the cancelatlon of these interlocking shares in an
amalgamation and the resulting reduction in the capital structure of the
now company, it is proposed in effect to offer the total of the above interlocking shares or the equivalent of these shares in the form of shares in the
new company to the shareholders of the three merging companies, as set
out below. These shares will be offered to shareholders other than the three
merging companies, which will not participate, at the equivalent of 40c.
(Canadian currency) per share for the present shares.
Assets.
The net liquid assets of the three companies as established by the market
value of securities held (except in the case of the interlocking shares), and
the cash positions, less liabilities, at the close of business on July 31 1933,
as shown on the balance sheets certified by Clarkson, Gordon, Dilworth,
Guilfoyle & Nash, chartered accountants, were as follows:
Cash Less.
Huronian
Keeley
Vipond
Outside Interlocking
Shs. (0)40c.
Curr. Liabil. Investments.
$822.551
$298.814
644,290
716,732
761,042
766,763
Total.
$276,309 $1,397,675
1,614,147
253,125
1,649.455
121,650
Total
$651.084 $4,661,277
61,782,309 $2,227,883
The interlocking shares will be represented in the new company by the
shares offered to the present shareholders, and the net liquid assets of the
new company will thus be approximately $4 661 277, less cost of organization, distribution of new shares, dissolution of the merging companies, and
Canadian income tax on distribution, which would otherwise be chargeable
against the individual shareholders.
In addition to the cash and outside investments, which can be exactly
compared, all the various mining properties of the three merging companies
will be vested in the new company.
It is quite impossible to fix the value of these various mining properties,
but considering the close interlocking share interest existing among the
three companies, and having regard to the hazards of future mining results
at the properties, the directors, after having consulted shareholders representing almost 50% of the issued capital of the three companies, recommend amalgamation on the following basis.
Basis of Merger.
The assets of the three companies shall be transferred to and their
by a new company which will have a capitalization of
2,000,000 shares without par value, on the basis of one share of the new
company for each five shares of the present companies other than those
held by the merging companies. This will require the issue of approxiMatelY 927,064 shares of the new company's stock.
Further Rights.
In addition to this exchange the shareholders of the merging companies
of record Nov. 25 (other than the merging companies) are offered as
mentioned above the right to purchase on or before Dec. 11 shares of the
new company's stock representing approximately the 1,627.712 interlocking shares of the present companies, at the rate of seven shares of the new
company's stock for each 103 shares of the merging companies' stock held
by shareholders other than the merging companies, at the price of $2 per
share new stock (Canadian currency). This will require the issue of
approximately 324,473 shares.
Subscriptions are payable either to the Trusts and Guarantee Co., Ltd.,
302 Bay St., Toronto 2, Canada, or to Anglo-Canadian Trustees, Ltd..
Friars House, 39-41 New Broad St., London B.C. 2, England.
liabilities assumed
Underwriting.
The shares offered to shareholders, together with a further 1,068 shares
representing the surplus on adjustments, have been firmly underwritten
by the Transvaal Agency, Ltd., R. Home Smith and Andre Dorfman.
F. H. Hamilton and E. Turk, directors of the Transvaal Agency, Ltd., as
well as Smith and Dorfman, are directors of the three merging companies.
New Capital Structure.
On completion of the amalgamation there will therefore be 1,252,605
shares of the new company outstanding (as against 6,263,026 outstanding
shares of the merging companies), leaving a balance of 747,395 shares in
the treasury.
Dealing With Fractions.
No fractional shares will be issued where such would otherwise result
either upon the exchange of shares or through the rights to purchase
additional shares. In both cases shares representing such fraction will be
sold in the market from time to time and the shareholders paid their
proportionate parts. In fractions arising from exchange the proportionate
part will be of the whole net price received. In fractions arising from rights
to Purchase at $2 per share, the proportionate part will be of the surplus, if
any,over the net price to the new company of$2 per share.
-V.137, p.2110.
Income Leasehold Co.
-Omits Dividend.
The directors recently voted to omit the quarterly dividend
ordinarily
pay able about Oct. 1 on the common stock, par $25. In each of the three
preceding quarters a distribution of 25 cents per share was made on this
Issue, as against 37;i cents per share previously.
-V. 136. p. 167.
Industrial & Power Securities Co.
-Extra Distribution.
An extra dividend of five cents per share has been declared on the common
stock, par $1, in addition to the regular quarterly dividend of 15 cents per •
share, both payable Dec. 1 to holders of record Nov. 1. An extra distribution of like amount was made on this issue on March 1 last.
-V. 137.
p. 1773.
International Cement Corp.
-Earnings.
-For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V. 137, p. 878.
International General Electric Co. Inc.
-Obituary.
-Vice-President Herbert H. Dewey died in Schenectady. N. Y., on
-V. 132, p. 2937.
Oct. 25 after a short illness.
International Mercantile Marine Co.
-Liner "Lapland"
Sold for Scrapping.
The Red Star Liner "Lapland," which, in her time, earthed thousands
of passengers in the New York-Antwerp run, and also served with distinction as a troopship during the World War, has been sold to shipbreakers
and will be broken up for scrap, according to an announcement made on
Oct. 23 by P. V. G. Mitchell, Vice-President of the above company, which
owned the vessel.
"The sale of the 'Lapland' is in accord with the policy of the Shipping
Board, which has frequently emphasized the importance of American shipping companies divesting themselves of their foreign flag tonnage," said
Mr. Mitchell. "We began to get rid of our foreign vessels as far back as
1926 when we disposed of the big White Star Line fleet in order to concentrate on the development of American ships."
The "Lapland" is an 18,866-ton vessel and was built at the Belfast
yards of Harland & Wolff in 1908. She was constantly employed in the
New York-Antwerp service, except for the war years, until two years
ago, when she was withdrawn. Recently the "Lapland" has been engaged
In cruises from England to Mediterranean ports. A few years ago the liner
was thoroughly reconditioned at a cost which was said at the timo to be
around 31,0130,000.
Change in Collateral.-.
The New York Stock Exchange has received a notice from the trustee of
above company's 1st mtge. collat. trust 6% sinking fund bonds, due 1941,
ings Department" on a preceding page.
Assets
-
Comparative Consolidated Balance Sheet.
Sept. 30'33.Dec.31'32.
Sept.30'33.Dec.31'32,
x Land, bidgs., machinery &equip_ 3,930,704
Cash
1,917,786
Marketable secur_ 269,210
Notes & accts. reT. 2,369,973
Accrued int. rec
6,426
Inventories
2,251,163
Miscell. invest. &
adv
612,737
Formulae,g'd-will,
1
Deferred charges
143.282
$
6% preferred stock 5,424.700 5,668.000
y Common stock_ 2,580,410 2,577,150
Accts, pay'le, dm-- 597,797
491,355
Comm.& accruals. 145,557
Dividends payable
81,370
85,020
Prov. for British
income tax
72,100
46,450
Empl.stock perch.
611,555
plan
252.635
269,131
Miscellaneous res.. 208.337
173,693
1 Res. for exchange_ 481,025
107,279 Paid-in surplus_ _ _ 1,749,541 1,820,657
Surpl. from retire.
4,107,144
2,016,843
269,210
1,988,506
10,111
1,927,487
1:60112
Pref.
Deficit shares--
Total
11,501,282 11,038,136
Total
11,501,282 11,038,136
x After depreciation. y Represented by 258,041 no-par shares.
-V.137.
p. 1421.
International Shoe Co.
-Preferred Stock Called.
All of the outstanding pref. stock has been called for redemption as of
Dec. 1 next at 105 and int. Payment will be made at the office of the
company, 1509 Washington Ave. St. Louis, Mo.
This stock may be offered for earlier redemption and will be redeemed
'
by the company at 105 if presented for payment at the company's office
during the first 14 days of November.
-V. 137, P. 1946.
International Silver Co.
-Earning -Sales.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Sales for the first nine months of this year exceeded the total for the corresponding period last year by $493,000, or an increase of 8.6%. Treasurer
Yeamans stated.
-V. 137. p. 878.
"'-Investment Co. of America.
-Plans Reorganization.
-
Plans for reorganization of the company with the introduction of$630.000
of new capital to strengthen its fiscal position and practically double the
excess equity on debenture coverage requirements are outlined in a letter
from the trustees to shareholders. The plan calls for formation of a new
corporation under the name of The Investment Co. of America to assume
the debenture and other liabilities, and issue shares as follows:
(a) For each outstanding preferred share one share of the new corporation.
(b) For each outstanding common share an option to purchase one share
of the new corporation for $115 at any time (without limit).
(c) For each outstanding option to purchase a common share, an option
to purchase one share of the new corporation for $155 on or before Dec. 31
1942.
New shares, of one class, will be issued at liquidating value as of the date
the plan becomes effective to provide the new capital.
-V.137, p. 1773.
Island Creek Coal Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2816.
Jewel Tea Co., Inc.
-Sales.
-
Period End. Oct. 7- 1933-4 Wks.
-1932. 1933-40 W33.-1932.
Sales
$834,196
$833,484 $7.658,622 $8.445.810
Avge. no. of sales routes
1,361
1,336
1.348
1.335
Sales of the 84 stores of Jewel Food Stores, Inc., a subsidiary, for the
four weeks ending Oct. 7 1933, were $314,777. Sales of the Jewel Food
Stores, Inc. for tne 40 weeks ending Oct. 7 1933 with an average of 86
stores were 32,982,398.-V. 137. p.2644, 1946.
Jones & Laughlin Steel Corp.
-Defers Preferred Dividend.
-The directors on Oct.24 decided to defer the quarterly
dividend due Jan. 1 1934 on the 7% cum. pref. stock, par
$100. On April 1, July 1 and Oct. 2 last, the company paid
a dividend of 25 cents per share, compared with 75 cents
per share on Jan. 2 1933 and on Oct. 1 1932, $1 per share on
July 1 1932 and $1.75 per share previously each quarter.
Earnings.
For income statement for 3 and 9 months ended Sept. 30 see ",Earnings
Department" on a preceding page.
-V.137. P. 878.
(Julius) Kayser & Co.
-Earnings.
For income statement for 3 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V.137, p. 1408.
Keeley Silver Mines, Ltd.
-Proposed Merger.
-
See Huronian Mining & Finance Co., Ltd. above.
-V.137, p 2111.
Brewing Co., ly.-Removed from List.
pa
he Chicago Curb Exchange n Oct. 12 removed from the
's stock.
-V. 137. p. 158 .
the corn-
(D. Emil) Klein Co., Inc.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
The company reduced its outstanding preferred stock $175.000 through
the purchase of 1,750 shares since Dec. 31 1932, total preferred stock outstanding on Sept. 30 1933 being $476,000. Current assets as of Sept. 30
1933, including $1.203.186 tobacco inventory and $394,433 cash and
accounts receivable, amounted to $1,627,203, while current liabilities were
only $25,000. Total assets were $1.890.186 and earned surplus $1,000,324.
The last quarterly dividend of 25 cents a share was paid Oct. 1.-V. 137.
p. 2985.
Koppers Co., Pittsburgh, Pa.
-Changes in Personnel.
-
C. D. Marshall, who has been Chairman of the board, has been elected
Chairman of the executive committee. H. B. Rust, formerly President,
has been made Chairman of the board, and W. F. Rust, formerly VicePresident, has been made Vice-Chairman.
John T. Tierney, heretofore Vice-President. has been elected President.
J. P. Williams Jr. was elected a Vice-President.
-V. 132, p. 3726. .
Lambert Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V.137, p. 880.
Lehigh Coal & Navigation Co.
-Semi
-Annual Dividend
of 20 Cents.
-The directors on Oct. 25 declared a semi-annual
dividend of 20 cents per share on the common stock, no par
value, payable Nov. 29 to holders of record Oct. 31. The
company in June last had announced that thereafter dividends would be payable declared semi-annually instead of
quarterly as theretofore.
A distribution of 10 cents per share was made on Feb.
28 and May 31 1933, compared with 20 cents per share on
Aug. 31 and Nov. 30 1932 and 25 cents per share on Feb. 29
and May 31 1932.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1063.
Lehigh Valley Coal Corp.(& Subs.).
-Earnings.
--
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V. 137, p. 1774.
3158
Financial Chronicle
-Earnings.
Libbey-Owens-Ford Glass Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, P. 2985.
Department" on a preceding page.
-Earnings.
Lily-Tulip Cup Corp.
For income statement for 12 months ended Sept. 30 see "Earnings De-V. 137. li• 1063.
partment" on a preceding page.
-Earnings.
-Link-Belt Co.
For income statement for month and 9 months ended Sept. 30 see
"Earnings Department" on a preceding page.
Consolidated Balance Sheet Sept. 30.
1932.
1933.
1933.
1932.
$
Liabilities$
$
Assets$
Bldg., mach., land 5,913,944 6,495,992 Preferred stock_ 3,821,300 3,821,900
172,600 Common stock„:10,109,362 10,257,657
Dodge clock invest 172,600
2.980.985 4,588,703
46,182
67,559 Surplus
Deferred charges_
498,822
877,449
2,444,096 2,575,497 Reserve
Cash
484,066
Receivable
1,956.362 1,810,424 Current liabilities. 569,985
2,063,431 2,560,197
Inventory
Securities
5,693,594 5,885,852
83,027
68,871
Accrued int. recelv
18,359,082 19,651,149
Total
18,359,082 19,651,149
Total
x Represented by 677,326 shares of no par stock in 1933 and 709,177 in
1932.-V. 137, p. 2645.
-Earnings.
Lion Oil Refining Co.
The company will show a net profit after all charges of approximately
$120,000 for the third quarter of 1933, according to Colonel T. H. Barton,
President. Deficits were reported in both the first and second quarters
of the year.
Colonel Barton said that while the situation in Lion's retail sales department Is still not quite satisfactory, the production and refilling divisions
-V. 137, P. 501.
are showing nice profits.
-Earnings:
Loblaw Groceterias, Ltd.
For income statement for 4 and 16 weeks ended Sept. 23 see "Earnings
-V. 137, p. 2282.
Department" on a preceding page.
-Court Review Granted in Sale of Stock.
Loew's, Inc.
Oct. 28 1933
-Earnings.
Long-Bell Lumber Corp.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137. p. 701.
-Earnings.
Ludlum Steel Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2985.
-Extra Distribution.
Lynch Corp.
The directors have declared an extra dividend of 25 cents per share
on the common stock, no par value, in addition to the regular quarterly
dividend of 25 cents per share, both payable Nov. 15 to holders of record
Nov. 6. Quarterly distributions of 25 cents per share were made on this
issue from Aug. 15 1932 to and incl. Aug. 15 1933, as compared with 50
-V. 137. P. 1947.
cents per share previously each quarter.
-Earnings.
MacAndrews 8c Forbes Co.
Per income statement for 3 and 9 months ended Sept. 30 see "Earn-V. 137, p. 2985.
ings Department" on a preceding page.
McGraw-Hill Publishing Co., Inc.-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137. P. 2817.
Department" on a preceding page.
Master Tire & Rubber Corp.
-Refinancing Plan.
We have been advised that the stockholders on Sept. 18 approved a plan
of refinancing which provides for the issuance of a new class of stock.
-V.137, p. 502.
Further details are not as yet available.
-Earnings.
Mathieson Alkali Works, Inc.
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V. 137, p. 701.
-Earnings.
Maytag Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
INA
Current assets as of Sept. 30 1933, including $4,691,904 cash and marketable securities, amounted to $6,100,267 and current liabilities were
$1,056.709. This compares with cash and marketable securities of $3,104,184, current assets of $4,477,271 and current liabilities of $336,340 on
Sept. 30 1932.-V. 137, p. 2645.
Metropolitan Corp. of Canada, Ltd.-MeetinglPostJudge John C. Knox in U. S. District Court directed on Oct. 24 that a
poned.hearing be held before him on Nov. 15 on the proposed sale at auction on
Nov.27 of 660,900 shares of common stock of this company by the Chemical
The bondholders' meeting scheduled for Oct. 16 has been postponed until
-year 6%
Bank & Trust Co., successor trustee of a $20,000,000 issue of 2
Nov. 8.-V. 137, p. 2471.
gold notes of the Film Securities Corp.. which fell due Apr. 1 1933.
John it. Hazel and Thomas Nelson Perkins, appointed by the dourt as
Mid-Continent Petroleum Corp.
-Earnings.
trustees for certain stock after the Government had won a court decree
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
under the Clayton Anti-Trust Act against Fox Theatres Corp. and Fox
.4
Department" on a preceding page.
Film Corp. for divestment of certain stock holdings, advised Judge Knox
Current assets as of Sept. 30 1933 were $16.035,489, of which $6,367,738
of the proposed sale of the Loew's stock, and asked for instructions as to
was in cash and short-term U. S. Government notes. Current liabilities
their duties. They requested that if there should be no further duties for
were $2,444,556. The company has no bank loans, bonds or preferred
them to perform the Cohrt direct them to wind up the affairs of the Securistock.
. 137. p. 1591.
ties corporation and relieve them from further duties as trustees.
The stock which is announced for sale at auction at the Exchange Sales
\----Midwestern Food Proçlucts Corp.
-Removed from List.
present market price
Room, 18 Vesey St., at 2 p.m. Nov. 27, is valued at
a'he Chicago Curb Exchange 9n Oct. 12 removed from the list the co
at approximately $18,000,000.
paty's stock.
The Film Securities Corp. was formed in 1931 to take over the stock of
Loew's Inc., as part of the plan to divest the Fox corporations of all holdings
Monsanto Chemical Co.
-Earnings.
in Loew's Inc., Metro-Goldwyn Pictures Corp. and Metro-Goldwyn-Mayer
For income stitement for 3 and 9 months ended Sept. 30 see "Earnings
Distributing Corp. The trustees were notified on March 28 that the bondDepartment" on a preceding page.
holders would grant no extension. On April 1 interest due amounting to
Edgar M. Queeny, President, states that the third quarter's earnings are
$600,000 was paid, as was $1,730,000 on account of principal. The corthe best in the company's history, but do not reflect the higher wage rates
poration was unable to meet a subsequent demand for the remaining prinand higher raw material costa now in effect or in prospect.
41
cipal. Early in April the Chase National Bank, the original trustee, withEarnings for the third quarter permitted retirement in anticipation-of
drew and the Chemical Bank was substituted.
maturing of $200,000 of the company's bonded indebtedness. In the
In their report to Judge Knox, Mr. Hazel and Mr. Perkins said that they
current nine months' period the net property account has increased more
had no effective means "of controlling the proposed sale, the manner in
than $600.000 and its investment account more than $750,000. Reserves
which it shall be conducted, or the qualifications of any purchaser." and
for depreciation increased $555,000.
that they "have no effective means of protecting the interests of junior
securityholders of the Film Securities Corp."
Further Redemption of Bonds Announced.-'
The individual trustees explained that the Chemical Bank, as trustee
The company is calling for redemption on Dec.30 next $300.000 Principal
under the issue, was authorized to declare a sale without preliminaries
amount of its 534% 1st mtge. sinking fund gold bonds due 1942. On
by the term of the mortgage, but that if the sale is held, they will "no longer
Sept. 30 last the company redeemed $200,000, while during the first half
have even the inadequate control of the situation they now have through
an additional $80.000 was retired. This latest proposed retirement will
their control of Film Securities Corp.,the owner of the equity of redemption
decrease the company's outstanding funded debt to $1,073,000, as comof the pledged Loew shares."
pared with $1,653,000 on Dec. 311932.-V. 137, D. 1775.
Bondholders include Western Electric, Chase National Bank, Dillon,
Morris Plan Co. of New York.
-New Officer.
Read & Co., Hayden, Stone dr Co., Bancamerica-Blair Corp., Securities
-V.137, p. 1251.
Allied Corp. and First of Boston Corp.
George J. Grew of Rye, N. Y., a member of the company's counsellor
staff for 14 years, has been appointed an Assistant Vice-President.
Ohio Theatres, Inc.
-Foreclosure, &c.
V. 137, p. 2282.
The reorganization committee for Stillman Investment Co., 1st mtge.
oo
(George) Muehlebac Brewing Co.
leasehold 13;i% gold bonds; Euclid East 17th Co., 1st mtge. leasehold
-Removed from List.
he Chicago Curb Exchange n Oct. 12 removed from the list the com% gold bonds, and Loew's Ohio Theatres, Inc. 1st & ref. mtge. leasehold 6% gold bonds (A. C. Coney, Chairman) In a:letter to the holders of
p y's stock.
-V. 137, p. 298 .
the above bonds. dated Oct. 19 states:
Munsingwear, Inc.
-Business Volume Gains.
"On Aug. 1 1933, the committee declared operative the modified plan of
reorganization (V. 136, p. 4472). Shortly thereafter, the original trustees
The corporation has shown a decided pickup in the dollar volume of its
business this year as compared with last, according to officers of the
under the respective mortgages securing the above issues of bonds resigned
trustees were appointed with the approval of the committee.
company.
and successor
The dollar volume of business in the first nine months of 1933 was 17%
The Cleveland Trust Co. is now trustee under the mortgage securing the
greater than in the corresponding period last year. September business
1st & ref. bonds and National City Bank of Cleveland is now trustee under
and
was 25% greater than that of September
the respective mortgages securing Stillman Investment Co. bonds
The company is employing more help 1932' it did last year and there
Euclid East 17th Co. bonds.
than
has been a deckled pickup from the low period of the depression in March.
"As a further step in carrying out the modified plan, the committee
Officers said the earning position of the company was much better.
requested the various trustees to declare all of the above bonds to be
(Minneapolis "Journal.")
-V. 137, D. 1591.
immediately due and payable and to foreclose the respective mortgages
securing such bonds. Accordingly, Cleveland Trust Co., trustee, on Oct. 2
National Associated Dealers, Inc.
1933,instituted its action in the Common Pleas Court of Cuyahoga County,
-New President
-Ohio, to foreclose the mortgage securing the 1st. & ref. bonds and-thereafter
Two More Trusts to Be Organized.
National City Bank of Cleveland, as trustee under the Stillman mortgage
M. Gerard has been elected President.
Julian
and as trustee under the Euclid East 17th mortgage joined in the same
Interests close to Mr. Gerard have acquired from Gilbert Eliott & Co.the
action to foreclose said respective mortgages.
majority holdings which the latter held in the stock of the corporation,
"Pursuant to the request of the committee, the various trustees above
according to an announcement made on Oct. 24.
mentioned entered into an agreement with Loew's Ohio Theatres. Inc..
Barrington Elliot and T J.Fitzpatrick who originally organized and had
whereby it is required to deposit promptly in separate bank accounts in
been handling the security distribution up until the present time, will
National City Bank of Cleveland the receipts from its business conducted
retain their interest in the corporation and they continue as Vice-Presidents.
property (comprising
In the Stillman Theatre property and the East 17th
In connection with his election as president of National Associated
the State and Ohio Theatres and the Ohio office building) and In separate
Dealers, Inc., Mr. Gerard, said:
bank accounts in Cleveland Trust Co. the receipts from its business con"For the present the management expects to confine its activities to the
property.
ducted in the Park Theatre property and the Granada Theatre
specialized type of trust. In addition to Trusteed New York Bank Shares
Company is permitted to draw upon such respective accounts for amounts
there is also in the course of preparation two other trusts with specialized
reasonably and properly required for the maintenance and operation of the
portfolios, announcements of which will be made at a later date. Meanproperty and business. It is provided that the company may use the
while steps are being taken to register Trusteed New York Bank Shares
deposited receipts for the Park and Granada Theatre properties and business
in accordance with the Securities Act of 1933.-V. 135, p. 3366.
properties and
only to pay expenses of maintaining and operating such
business. Likewise the company may use the receipts from the Stillman proNational Cash Register Co.-Ealnings.perty and business only for the expenses of maintaining and operating such
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
property and business and may use the receipts from the East 17th pro-V. 137. p. 2817.
Department" on a preceding page.
perties and business only for the expenses of maintaining and operating such
properties and business. It is specifically stated in the agreement that
National Distillers Products Corp.
-Earnings.
the funds so deposited in Cleveland Trust Co. are subject to the prior lien
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
of the 1st & ref. mtge. and that the funds so deposited in National City
Department" on a preceding page.
-V. 137. p. 2986.
Bank of Cleveland in connection with the Stillman property and the East
17th property are subject respectively to the Stillman mortgage and the
National Transit Co.-Subsidiary Liquidating.
Euclid East 17th mortgage as a prior lien and to the 1st & ref. mtge. as a
The Maryland Pipe Line Co., a whiny owned subsidiary,lain the process
second lien. The company is required to file periodical statements with the
of liquidation and 33 miles of lines are being removed, a dispatch from Oil
disclosing the receipts and disrespective trustees and with the Court fully
City, Pa.. states. The line runs from Fawn Grove, Pa. to Canton, Md..
bursements. Said reports and the nature and amount of the disbursements
and formerly supplied the Standard Oil Co. of New Jersey refinery at
are subject to the approval of the Court. The Court authorized and inBaltimore, Md., with midcontinent crude oil. The line, which the National
appointing a restructed the trustees to execute this agreement in lieu of
Transit Co. acquired from the Standard 011 Co. of New Jersey following
ceiver of the properties and business in question. The committee believes
dissolution of the Standard 011 interests in 1911, has not been in use for
it is in the best interests of the bondholders that the foregoing arrangethat
-V. 136, p. 3734.
the past several years.
ment be followed during the period of foreclosure.
"The committee intends to acquire at the foreclosure sale or sales the
-Earnings.
Newport Industries, Inc.
corporation.
several theatre properties above mentioned through a new
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
When such corporation acquires these properties, new securities will be
-V.137. P. 1064.
Department" on a preceding page.
and delivered to the holders of certificates of deposit representing
Issued
the respective three issues of bonds and payment of interest due upon the
-Dividend Omitted.
New Process Co.
new bonds and adjusted interest upon the old bonds will be made to such
The directors have voted to omit the quarterly dividend ordinarily
holders, all in accordance with the terms of the modified plan. It is estimated
payable about Nov. 1 on the common stock, no par value. Quarterly disthat it will require several months before the new securities and accrued
tributions of 25 cents per share were made on OA issue to and incl. Aug. 1
-V. 137. p. 2817.
interest can be distributed to the depositing bondholders.
Financial Chronicle
Volume 137
1933, and, in addition, the company paid an extra dividend of 50 cents per
share on Dec.30 1931 and Dec.30 1932.-V. 135, p.4394.
New York Dock Co.
-New Director-Earnings.
At a meeting of directors of the New York Dock Co. and the New York
Dock Trade Facilities Corp., H. C. Sonne, of Atnsinck. Bonne & Co., was
elected a director to fill the vacancy caused by the resignation of H. C
McCollom.-V. 137. p. 882.
1. For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 882.
North American Cement Corp.
-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2472.
Otis Elevator Co.-Earninds.-
Assets
Cash
Notes & accts. ree_
Inventories
Prepaid insurance,
taxes, &e
x Equip., leaseh'ds
& leaseh'd impr_
Lease deposits_ _ _
Deferred charges_ Good-will & trademaims
3159
Consolidated Balance Sheet June 30.
Liabilities
1933.
1932.
$14,328
$23,950 Notes pay. banks.. $95,000
$95,000
12,850
24,409 Notes pay. others_
63,587
73,102
69.019
86,402 Accounts payable_ 143,343
133.008
Accrued expenses..
34,728
18,923
22,020
23,950 Res've for possible
addl Federal In1,354,029 1,536,608
come taxes
29,000
29,000
6,194
6,194 Reserve for en:1Di
931
473 compens. insur
7,761
4,939
y Preferred stock_ 1,359,760 1,359,760
1 z Common stock
1
108,000
108,000
Capital surplus_
98.254
103,987
Deficit
458,061
223,728
Total
Total
$1,479,372 51,701,989
$1,479,372 $1,701,989
x After reserve for depreciation and amortization of $1,070,709 in 1933
and $926,607 in 1932. y Represented by 84,985 no par shares. z Represented by 108,000 shares of $1 in 1933 and 108,000 shares of no par value
Otis Steel Co.
-Earnings.
•
For income statement for 3 and 9 months ended Sept. 30 see "Earn L,,. in 1932.
Note.
-Dividends of $263,454 accumulated to June 30 1933 on the par,_Ings Department" on a preceding page.
-V. 137, p. 1777.
• ticipating preferred stock, have not been paid or declared by the board of
-- ''Pacific Freight Lines Corp., Ltd.
'
-Proposed Reor Pl • dlrectors.-V. 135, p. 4396.
See United American Utilities. Inc., under "Public Utilities" anove.
Pennsylvania Dock & Warehouse Co.
-Plan Con-V. 136, p. 858.
summated.
The plan of reorganization (V. 136. p. 1215) has been consummated,
Packard Motor Car Co.
-Earnings.
according to an announcement by Pierpont V. Davis. Chairman of the
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Committee. Holders of certificates of deposit for leasehold mortgage 6%
Department" on a preceding page.
-V.137, p. 2648.
sinking fund gold bonds may now receive a principal amount of 40
-year
Harborside Warehouse Co., Inc.. equal to the principal
-Chinese Line Inaugurated. income bonds of represented by their certificates of deposit upon surrender
Pan American Airways, Inc.
amount of bonds
The first regular air service along the China coast, between Shanghai
thereof to City Bank Farmers Trust Co., depositary, or The Pennsylvania
and Canton, will be inaugurated Oct. 24 by the China National Aviation
Co. for Insurances on Lives and Granting Annuities, Philadelphia, subCorp., in which the Pan American Airways System is associated as a partdepositary.
ner with the Chinese National Government. The new service will link
In accordance with the order of the U. S. District Court for the District
centers of coastal China-Shanghai, Wenchow, Foochow, Amoy,
the chief
of New Jersey, holders of the bonds who have not yet deposited their bonds
Swatow and Canton. The airway is just short of 1,000 miles in length.
may exchange them for income bonds upon surrender of same to the subProviding a one-day service from Shanghai to Canton, the air schedules
depositary on or before Nov. 3 1933.-V. 137, p. 1592.
will reduce by days the time heretofore required for transport and communication between the important cities in this area.
Pitney-Bowes Postage Meter Co.
-Notes Called.
At the outset only air mail and express will be carried, but it is planned
Holders of 10
-year 6% secured sinking fund gold notes, due Dec. 1 1937,
to open the service for passengers within 90 days.
-V.137, p 2117.
• are being notified that a number of these notes have been drawn for redemption on Dec. 1 1933 at 10034 and int. Notes designated for redemp(Alexander) Pantages (Pantages Office & Theatre tion sh ,uld be presented at the Chase National Bank of the City of New
-V. 137, p. 1592.
York, successor trustee, 11 Broad St., N. Y. City.
Bldg.), Los Angeles.
-See Warner
-Interest Coupons Paid.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 884.
Bros. Hollywood Theatre below.
-V. 115, p. 1951.
Parker Rustproof Co.-Earnings.
For income statement for , and 9 months ended Sept. 30 see "Earnr
ings Department" on a preceding page.
-V. 137, p. 1065.
Park Place-Dodge Corp.
-No Interest on Nov. 1
Financial Report.
Douglas G. Wagner, President, in letter to holders of 20-year general
mortgage gold bonds and of voting trust certificates, states:
The report f w the fiscal year ended Aug. 31 1933 discloses a net profit
forythe year of $3,379 after payment on May 1 1933 of % of 1%, on the
gen. mtge, gold bonds. Of such balance of $3,379, the amount of $2,312
was applicable toward the payment of interest Nov. 1 1933 on the gen.
mtge. gold bonds. For the purpose of computing income earned toward
the Payment of interest on the gen. mtge. bonds, the actual cash income
Is used. This amount, being less than % of 1% of the outstanding gen.
mtge. bonds, no interest payable Nov. 1 1933 could be declared thereon,
and the said amount was thereupon transferred to interest income reserve
account, in accordance with the terms of the mortgage. The Nov. 1 1933
coupon, therefore, should not be presented for collection.
Condensed Earning Statement for Year Ended Aug. 31 1933.
Income_________________________________________________ $100.229
Operating expenses, incl. provision for doubtful accounts_...._
50.917
Real estate taxes
28,093
Interest on first mortgage
13,237
Interest on gen. mtge. bonds %% paid May 1 1933
4,601
Net profit for year
Amount applicable to interest income reserve
$3,379
2.312
Net to surplus
Condensed Balance Sheet as at Aug. 31 1933.
As et LlaSUUlesLand, building az equipment- $1,154,739 1st mortgage 85. 1937
Cash
32,457 General mortgage bonds_ _
Due from tenants (net)
1,575 Accrued int. on 1st mtge.__
New York City 41% reveAccrued real estate taxes_ _
nue bills & accrued Int..
13,048 Accrued expenses
Deferred charges
7,589 Prepaid rent & tenant depos_
Income interest reserve
Capitalstock(9,202shs.no par)
Surplus
$1,067
Total
-Nr. 136, p. 2987.
$1,209,409
$225,000
920.200
2,812
4,455
268
737
2,312
52,555
1,067
$1,209,408
Total
Pennsylvania Coal & Coke Corp.(& Subs.).
-Earns.
--
For income statement for three months ended S pt. 30 see "Earnings
,
Department" on a preceding page.
-V, 137, p. 2988.
Pennsylvania Warehousing & Safe
Philadelphia, Pa.
-Smaller Distribution.
-
Deposit
Co.,
A quarterly dividend of 60 cents per share was recently declared on the
capital stack, par $50. payable Oct. 2 to holders of record Sept. 23. Previously, the company made quarterly distributions of $1.25 per share on
this issue.
--""•• Pfeiffer Brewing Co.
-Removed from List.
The Chicago Curb Exchange on Oct. 12 removed fro
pany's stocks -V.137, p. 1426.
e list the com-
Pig'n Whistle Corp.
-Earnings.
--
Years End. June 301932.
1931.
1933.
1930.
Sales
$1.970,041 $2,670,019 $3.688,340 $3,996,421
Cost of goods sold
1,097,436
1.520,322
830,596
1,738,997
Operating expenses
2,001,056
1,199,655
1,969,069
1,597.446
Deprec. & amortization..
156.547
150,780
151,603
124,343
Interest, discount, &c.&
other expenses
3.526
1,945
3,776
Cr21,287
Loss on disposit'n of cap.
assets of closed units18,069
Amortiz. of prior years'
Initial losses at new
stores
2,400
13,566
11,962
Federal income tax,est'd
19,300
Net profit trans'd to
surplus
loss$233.658 loss$187.337
Previous earned surplus.- def223,728
62,966
Total earned surplus_ _def$457,3813 def$124,371
Surplus adjustment_ _ _ _
Dr675
Divs. paid on pref. stock
Reserve for possible add'!
Federal taxes
Extraordinary charges_
99,357
Earned surp. June 30_def$458,061 def$223,728
Common abs. outstand'g
108,000
x108,000
($I Par)
Earns, per share
Nil
Nil
x No par shares.
$671
148.931
$154.036
101,149
$149,602
$255,184
63,750
102.000
4,253
22,886
$62,966
$148,931
x108,000
$0.006
x108.000
$0.49
Pittsburgh Plate Glass Co.
-Dividend Rate Increased.
The directors on Oct. 26 declared a quarterly dividend of
25 cents per share on the common stock, par $25, payable
Jan. 2 1934 to holders of record Dec. 9 1933. Quatterly distributions of 15 cents per share were made on this issue on
April 1, July 1 and Oct. 1 last, as compared with 25 cents
per share paid each quarter from Dec. 31 1931 to and incl.
Jan. 2 1933 and 50 cents per share previously.
-V. 136, p.
4103.
•
Pittsburgh Screw & Bolt Corp.
-Earnings.For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Current assets as of Sept. 30 1933, including $3.063,412 cash and marketable securities, less reserves, amounted to $5,024,007 and current liabilities
were $533.293. This compares with cash and marketable securities, less
reserves, of $3,140,835, current assets of $4.923,272 and current liabilities
of $272,776 on Sept. 30 1932.-V. 137, p. 506.
Pittsburgh Terminal Coal Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1426.
.""*"...F'oor's Publishing Co.
-Petitioned in Bankruptcy.
The company was petitioned into involuntary nankruptcy in the Federal
District Court on Oct. 20 on claims of $4.092 according to a special dispatch
to the "Herald Tribune" from Wellesley, Mass. 's be dispatch further
states:
"The involuntary petition was brought against the company by the
Standard Envelope Co., of New York, ana others. Judge Lloyd W. Allen.
of Newton, counsel for Poor's Publishing Co., and company oificials in
Wellesley were not available to-night for questioning."
-V.136. P. 1567.
Prudence Co., Inc.
-Pays May 1 1933 Interest.
The company announces that sufficient funds have now been accumulated to pay in full the balance due on the May 1 1933 coupons pertaining
to the collateral trust 534% gold bonds, due May 1 1961. Also unpresented
coupons pertaining to the above issue due on Nov. 1 1932 or on prior dates
will be paid on presentat on.
Payment will be made on presentation of said coupons (or receipts
representing the unpaid balance of the coupons) at either of the following
offices: 331 Madison Ave., N. Y. City, or 162 Remsen St., Brooklyn,
-V. 137. P. 2820, 2118.
N. Y.
-Retires5%
Railway Equipment & Realty Co., Ltd.
Equipment Trust Certificates.
it is announced that all of the outstanding Key System Transit Co.534%
equip. trust gold certificates due serially to 1938 word redeemed at 102 and
int.-V. 137. p. 884.
Reliance International Corp.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Condensed Balance Sheet.
Sept. 30'33. Dec.31 '32.
Sept. 30'33. Dec.31 '22.
Liabilities$
$
Assets$
$
Cash
7,366
309,355 Sundry accounts
payable
19,118
23.512
Due for securities
50
sold
10,811
7,084 Unclaim. dividend
d Preferred stock_ 4,261.025 4,261,025
Divs. receivable &
865,314
interest accrued
53,003
54,767 c Common stock__ 876,348
b Invest, at cost 11,556,853 11,568,961 Capital surplus___ 6.471,541 6,790,267
Total
11,628,031 11,940,167
11,628.031 11.940,167
Total
b Market value, $7,039,305 on Sept. 30 1933 and $5,306,355 on Dec. 31
1932. c Represented by 622,783 shares no par value on Sept. 30 1933
and 613,104 shares of no par value on Dec. 31 1932. d Represented by
170,441 shares of no par value.
-V. 137, p. 1255.
Reliance Management Corp.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Condensed Balance Sheet.
AssetsSept. 30'33. Dee. 31 '32.
Liabilities- Sep& 30'33. Dec.31 '32.
Cash
$10,234 $446,857 Accounts yable_
$1,250
Divz.ree.& int.acer
17,508
14,852 Unclaimed divIDue for sec. sold_
8,380
dends and bond
Managem't fee rec.
2,954
2,352
interest
1,340
1,290
Def.Charge-N.Y.
Accrued interest
State fran. tax_
1,838
on 5% debenDue from Reliance
tures
8,875
22.187
Internat'l Corp.
5% debentures,
for secur. sold__
7,084 set. A, due 1954 1,065,000 1,065,000
7,084
b Investments_ _
962,029 C Capital stock.._ 4,269,400 4.269.400
1,464,755
Invest.sec. held by
Deficit
3,831,657 3,905,986
Rel. Int. Corp.
pending sale_ _ __
11,672
10,498
Total
51.514,208 $1,451,891
Total
$1,514,208 $1,451,891
b Market value, Sept. 30 1933, $1,441,260 and Dec. 31 1932, $957,462.
c Represented by 441,210 no par shares.
-V. 137, p. 1427.
3160
Financial Chronicle
-Sales Higher.
(Robert) Reis & Co.
Sept. 30 1933. June 30 1933. Mar. 31 1933.
Quarter Ended$353,180
$597,520
$582.917
x Gross sales
Excluding Valco Manufacturing Co.
-V. 137, p. 1427.
x
-Earnings.
Reo Motor Car Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1067.
Republic Steel Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V.137, p. 884.
-Listing of "AmerRoan Antelope Copper Mines, Ltd.
ican Shares".
The New York Stock Exchange has authorized the listing of 400,107
"American shares," which have been issued under the deposit agreement
dated July 10 1928, to represent 1,600,428 deposited ordinary shares of
the company (each American share representing four deposited ordinary
registered shares), with authority to add to the list: (a) 1,139,796.54
American shares on official notice of issuance, as may be issued by the
depositary pursuant to the provisions of the deposit agreement, dated
July 10 19281, against the deposit thereunder of ordinary registered shares
presently issued and outstanding; (b) 187,500 American shares upon
official notice of issuance of such American shares, which may be issued
by the depositary pursuant to the provisions of the deposit agreement
dated July 10 1928, against the deposit thereunder of ordinary shares
Issued on the exercise of certain options to the original subscribers to the
company's 7% debenture stock (all of which 7% debenture stock has since
been redeemed-See V. 137, P. 1567, and (c) 17,29154 American shares
upon official notice of issuance of such American shares which may be
issued by the depositary pursuant to the provisions of the deposit agreement dated July 10 1928, against the deposit thereunder of ordinary
shares issued on the exercise of certain options to employees of the company.
The American shares are issued pursuant to the deposit agreement
dated July 10 1928 made between Chas. D. Barney & Co. (depositors),
American Exchange Irving Trust Co. (now Irving Trust Co.), depositary,
and all present and future holders of certificates issued and to be issued
under the deposit agreement.
The listing of the American shares is intended to replace the present
listing of such shares on the New York Curb Exchange, the authority for
which latter was granted on July 25 1928.
-Year Ended June 30 1933.
Profit and Loss Statement
£810,110
Copper sales account
368,402
Metal stocks
£1,178,512
Total
756,713
Operating expenses at mine
62,000
Realization expenses
24,274
London administration and other expenses
Amount payable in respect of copper quota allocation under
arrangement with Rhodesian Selection Trust, Ltd. (arrange18,070
ment terminated Dec. 31 1932)
105,000
Debenture interest
150,000'
Depreciation reserve
9,250
Reserve for Northern Rhodesian taxation
Oct. 28 1933
Each unit will have a displacement, on service duty, of about
63,000 tons. The first unit will be anchored between New York and Bermuda, and the complete route to Europe has been fixed to give the best
climatic conditions for flying. It is expected that the seadromes will
enjoy some favor as ocean resorts.
The project was first copceived by E. R. Armstrong in 1913. Since that
time the foremost authorities, both here and abroad, have co-operated over
a period of years in working out the structural form. Details of design
and construction have been elaborated and verified by companies which
include: Sikorsky Aviation Corp., Belmont Iron Works, Sun Shipbuilding
& Dry Dock Corp., General Electric Co. and H. J. Gielow, Inc., naval
architect.
dee 9.
Segal Lock & Hardware Co., Inc.
-Operations.
The company reports that its razor blade division at Norwalk. Conn., is
now working on two an ifts and that,a number of additional manufacturing
units have been ordered to increase its output of blades. The company
has just opened an important national account for blades and razors with
Palmer, Ltd. drug wholesalers of Canada. Other large distributors
include United Cigar Stores Co., Whalen Drug Co., and Owl Drug Co. on
the Pacific Coast. In addition to the Segal blade, which now fits all types
of double-edged razors, the company is manufacturing a number of special
blades under the trade-names of Sweedo, Schaeffer, Ten-Strike, Scotti,
Sparten, and Win-U.
-V. 137. p. 2989.
-Earnings.
Sharp & Dohme, Inc.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2475.
(Frank G.) Shattuck Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 1067.
Department" on a preceding page.
Sherwin-Williams Co., Cleveland.
-Common Dividend
Increased.
-The directors on Oct. 25 declared a quarterly
dividend of 50 cents per share on the common stock, par
$25, payable Nov. 15 to holders of record Oct. 31.. This
compares with 25 cents per share paid on this issue on Feb.
15 and Aug. 15 last, 37 cents per share on Nov. 15 1932,
50 cents per share on Aug. 15 1932, 75 cents per share on
May 16 1932 and $1 per share previously each quarter.
The May 15 1933 dividend was omitted.
-V. 137. ro. 885.
-Liquidating Dividend.
Skinner Organ Co.
The directors recently declared an initial liquidating dividend of 5 cents
per share on the common stock, no par value, payable Oct. 17.
The last quarterly dividend of 10 cents per shart was paid on the above
Issue on Feb. 8 1932, compared with 25 cents per share on Nov. 1 1931.
3734 cents per share on Aug. 1 1931 and 6234 cents per share on May 1 1931
-V. 135, p. 644.
-Earnings.
Sonotone Corp.
For income statement for 6 months ended June 30 1933 see "Earnings
-V. 137, p. 2650.
Department" on a preceding page.
-South American Gold & Platinum Co.-Initial Div.£53,205"
An initial dividend of 10 cents per share has been declared on the capital
Balance Sheet June 30 1933.
12 to holders of record Dec. 2.
k, par $1. payable D
Liabilities
Assets.
Admitted to List.
£1,469,299
Zl. Capital stock
Properties(nominal)
'
x 7% deb. stock (secured)_ _ _ 1,508,750
as admitted to unlisted trading privileges
Expend. on develop.and equip.
an
he New York Curb E
3,797
4,476,335 Appl.for 6% deb.stock
of properties, at cost
uable, share for share, in exchange for
t anew capital stock (par $1
1,862,274
Investments (less reserve)
1 General reserve
old capital stock par $5. The Committee on Securities rules that deliveries
186,054 Depreciation reserve account_ 250,000
Materials and supplies
against transactions in the new capital stock par value $1 must be in the
85
Metal stocks
388,637 Debenture interest unclaimed_
form of certificates bearing a stamp to indicate the change in par value to
Sundry creditors and reserves_ 227,989
Native Labor Association, Ltd.,
$1 per share.
22,445
deposit account
4,350 Profit and loss account
15,098
Southwest Public Service Co.
Sundry debtors & unexp. values
-Protective Committee.
274,163
Cash
See Southwest Utility Dairy Products Co.below.
-V.134,p.2740; V.124,
p.936.
£5,344,639
Total
Total
£5,344,639
Southwest Utility Dairy Products Co.
-Protective
x Since the date of this balance sheet, the whole of the 7% debenture
stock has been replaced by £1,500,000 6% debenture stock (secured)
Committee.
redeemable on or before June 1 1960 by drawings at 106% or by purchase
The members of the protective committee representing (1) Southwest ,
-v. 137, P. 156.
Utility Dairy Products Co. (formerly Southwest Utility Ice Co.) 1st mtge.
6% sinking fund gold bonds, series A, due May 1 1941; (2) Southwest
Sagamore Manufacturing Co.
-Dividend Resumed.
Public Service Co., 1st mtge. 654% sinking fund gold bonds, series A, due
A dividend of 50 cents per share has been declared on the common stock,
March 1 1937. and (3) Central Oklahoma Service Co., 1st mtge. 654%
payable Nov. 1 to holders of record Oct. 24. Quarterly distributions of $1
gold bonds. due March 1 1938 are as follows: George B. Macomber, Chairper share were made from April 30 1931 to and incl. May 4 1932; none since.
man; Hamilton Allport, R.D.Gordon,L.A. Wert,and Thomas A. Tunney.
-V. 136, p. 1035.
Robert T. Rinear. Sec., 20 Pine St., New York. Rushmore, Bisbee & Stern.
Counsel, New York.
Creek Consolidad Oil Co.
-Admitted to List..The Bank of New York & Trust Co., 48 Wall Street, New York, is
The New York Curb Exchange as admitted to unlisted trading privile
depositary.
w common stock ($1 par in substitution for the old common st
th
The operations of Southwest Utility Dairy Products Co., Southwest
($10 par).
Public Service Co. and Central Oklahoma Service Co. are conducted on a
unified basis by the same receiver for each company. The three companies
Schenley Distillers Corp.
-Earnings.
are likewise related in that Southwest Utility Dairy Products Co. owns all
For income statement for period from July 11 1933 to Sept. 30 1933 see
of the common stock of Southwest Public Service Co. and of Central
"Earnings Department" on a preceding page.
Oklahoma Service Co., and also owns 50% of the preferred stock of the
President Jacobi says: "At organization the company had an annual
latter company.
production capacity of about 3,600,000 gallons of rye and bourbon whiskies.
On March 1 1932, the U. S. District Court for the Western District of
To meet future increased demands substantial enlargement of plants at
Oklahoma appointed Paul H. Andres receiver in equity for the three comSchenley. Pa., and Frankfort. Ky., and reconstruction of Squib° plant at
panies. Defaults in interest and sinking fund upon each of the issues of
Lawrenceburg, Ind., are under way. It is expected these improvements
bonds of the companies have occurred.
will be completed in a short period, when annual production capacity will
exceed 20,000,000 gallons.
Operating Statement, 11 Months Ended Jan. 31 1933.
rectifying plant, bottling house and warehouses adjacent
"A blending and
Southwest
Southwest
Central
to Schenley are nearing completion. Plans have been made for extensive
Util. Dairy
Public
Oklahoma
advertising to keep the company's well known brands before the public."
Prods. Co. Service Co. Service Co.
Total
-V.137, p. 2820.
Net sales & revenue_ -_ - $512,193
$174,236
$823,556 $1,509,987
206,366
Cost ofsales & revenue_ _
48,285
694,905
440,254
-Earnings.
Seaboard Oil Co. of Del.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
$305,827
Gross profit
$125,950
$383,302
$815,081
Department" on a preceding page.
Selling & delivery exp.__
85,625
29,481
276,707
391,815
As of Sept. 30 1933 current assets amounted to $3,171.046 and current
92,608
General expenses
30,180
96,850
219,639
liabilities $188.054.-V. 137, p. 1428.
Net profit from opera_
$127.593
$66,288
$9,744
$203,626
eaboard Surety Co.-R5noved from List
h
6,490
Income credits
6,490
he New York Produce Exchange as removed from t list the $10 par
co
on stock.
-V. 134, p. 2925.
$134,083
Net income *
$66.288
$9,744
$210,116
expense not allocated to component companies_
Administrative
$97,635
-Asks NRA for $30,000,000
Seadrome Ocean Dock Corp.
,
Balance, before interest, depreciation and certain taxes
to Bridge Atlantic.$112,480
The "Iron Age" Oct. 19 stated in part:
* Subject to further charges upon allocation of presently unallocated
In a petition to the Federal Emergency Administration of Public Works,
administrative expense.
-V. 135, P. 3536.
the Seadrome Ocean Dock Corp. asks for $30,000,000 for the self-liquidating
Southwest Utility.Ice Co.
project of building and operating five landing platforms at intervals across
-Protective Committee.
the Atlantic Ocean. The seadreme is a steel and iron openwork structure
A protective committee has been formed for the 1st mtge. 6% sinking
with the landing deck 100 feet above waterline, and buoyancy tanks averfund gold bonds. Company is now known as Southwest Utility Dairy
aging 40 feet below the waterline. Waves, in full gale, pass through the
Products Co. which see V. 126, 1?• 1353.
supporting columns without breaking or exerting any impact on the structure. When tests were conducted on a two-ton working model in 1929,
(A. G.) Spalding & Bros.
-Bank Indebtedness Paidwaves 180 feet in height, to scale, and simulated gale conditions, failed to
Status.
produce any noticeable pitch or roll.
At the special meeting of stockholders held on Oct. 26 J. W. Curtiss.
The five seadromes would require 125,000 tons of steel and about 50,000
Chairman of the board,said that while the first six months of the company's
tons of pig iron ballast. It is estimated that 10,000 men would be employed
fiscal year were poor, the last six months ended Oct. 31 have been brighter.
immediately, upon acceptance of the 'project, and the work would continue
During August, he said, the company paid up all its bank indebtedness
for over two years. It is also pointed out that large sums of money would
and had now over $1,500,000 cash on hand.
be used immediately in order to start construction on suitable transatlantic
Present indications are that the company will report a substantial loss
airplanes.
for the year ended Oct. 31 1933, and that sales will be about $9,500,000.
In supporting their application the Seadrome officials compare the total
It was stated.
cost to that required for one airplane carrier of the Saratoga class. All the
facilities of airports at sea will be made available to transport airplanes;
At the special meeting the first preferred stockholders nominated eight
complete service will be provided at frequent intervals, and radio beacons,
of the present directors, or a majority of the board of 15. These, with
together with ocean patrol service, are expected to reduce the usual hazards
the other seven serving directors, were then voted on and elected. The
new board is identical in personnel with that of the present directorate
of air travel to a minimum. Air transport companies will be licensed,
and will serve until the next annual meeting of stockholders.
by franchise, to operate over the seadrome route on a toll basis, thereby
The meeting was called pursuant to the provisions of the company's
establishing transatlantic air service in the hands of American interests.
amended certificate of incorporation which states that the first preferred
Each seadrome will have over 275,000 sq. ft. of space for plane maneuver
stockholders shall have the right to elect a majority of the board on the
ing, and the hotels, shops, radio apparatus, &c., will be established between
Profit for period
Z
Financial Chronicle
Volume 137
failure of the company to pay into the sinking fund an annual sum equal
-V. 137.
to 3% of the aggregate par value of the first preferred stock.
p. 2475.
-Earnings.
Standard Brands, Inc.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Distilling
Company
Starts Operations.
Bottling of gin was started on Oct. 24 at the plant of the Fleischmann
Distilling Corp. at Peekskill, N. Y. The company has been granted a
permit to manufacture medicinal gin and its plant has been designated as
Registered Distillery No. I. The manufacture of medicinal gin will
continue until the repeal of prohibition, when it is planned to continue
operations with the production of Fleischmann's Dry Gin and Royal Arms
Dry Gin.
The entire gin output of the Fleischmann Distilling Corp. has been
contracted for by Penn-Maryland, Inc., jointly owned by National Distillers' Products Corp. and the U. S. Industrial Alcohol Co.
The Peekskill plant was a prominent factor in the gin industry before
Prohibition. The distillery premises, covering approximately 15 acres and
including 15 buildings, were kept intact during the entire period of prohibition, and a new bottling plant is now in the course of construction.
The new building will be approximately 300 feet long and 80 feet wide,two
-V. 137, p. 2821.
stories high.
-To Decrease
Standard Oil Co. of Kansas (Del.).
Capitalization-Plans to Place Stock on a $2 Annual Dividend
-President C. B. Wrightsman Oct. 25, in a letter
Basis.
to the stockholders, states in substance:
A special meeting of stockholders will be held on Nov. 22 1933. The
meeting is called primarily to authorize the retirement of 120,000 shares
of the company's capital stock now held in its treasury. This stock has
been acquired by the company at an average cost of less than $17.85 per sh.
Your management has been energetic in acquiring valuable oil leases
and royalties, with the result that the current earnings of the company.
even under the present drastic curtailment of production, have now reached
the point where the directors contemplate placing the stock of the company
on a $2 per share per annum dividend basis. The board believes, however,
that it Is first essential to increase the surplus of the company by the retirement of 120,000 of the shares now owned by the company -V.137, p. 1952.
-Admitted to
****1...Sta dard Steel Construction Co., Ltd.
Lit.-''
f'Fhe27ew York Produce Exchange has admitted to list the no par com.
.
)
.
-V. 137, p. 1256.
s k.
---Earnings.
Sterling Securities Corp.
For income statment for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Balance Sheet.
Sept.30'33. Dee.31'32.
Sept.3033. Dee.31'32.
$
LtabllttiesAssets10,290
8,679
Cash
560,761 4,904,715 Accts. pay.& acct.
Due from brokers_
Accts. payable for
29,068
61,529
securities purch_
Divs. & Int. rec.51,034
57,325
c Investments_ _ 14,977,629 11,812,981 e Cony. 1st pfstk _13,943,250 13,943,250
d Pref. stocks____ 2,500,000 2.500,000
Syndicate partic._
38,306
603,802
Prepaid expenses_
2,621 a Corn. cl. A stock 603,803
1,588
-See bCorn. el. B stock__
Capital surplus_ .i4,594.012 14,594,912
15,985,967 14,942,432
Deficit
15,664,676 16,771,352
Total
Total
15,664,676 16,771,352
a Represented by 603.802% no par shares. b There are outstanding
298.297 shares class B common stock (no par), but are given no value in
balance sheet. c Market value at Sept. 30 1933 and at cost Dec. 31 1932.
d Represented by 500,000 (no par) shares. e Represented by 278,865
shares of $50 par value.
-V. 137, p 1256.
-Removed from List.
Studebaker Mail Order Corp.
The Chicago Stock Exchan a removed from the list the 200,000 s area
doss A stock (no par) and 100, 00 shares common stock (no par), because of
failure to maintain proper transfer facilities -V. 131. p. 128.
-Resumes Common Dividend.
Sutherland Paper Co.
The directors have declared a dividend of 10 cents per share on the common stock, par $10, payable Nov. 15 to holders of record Nov. 6. The
company on Jan. 30 1932 paid a quarterly dividend of like amount on this
issue; none since.
A further dividend of 10 cents per share has also been declared on the
common stock, payable Dec. 15 to holders of record Dec.5.
Earnings.
For income.statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, P. 885.
-Earnings.
Tacony-Palmyra Bridge Co.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V.137, p. 1781.
(The K.) Taylor Distilling Co., Inc.
-New Name.
See Franklin County Distilling Co., Inc. above.
10 East 40th Street Bldg., Inc.
-OrganizedSee 10 East 40th Street Corp.
Manufacturers Trust Co. is trustee for $3,054.600 1st nage. 5% sinking
fund bond certificates, series A,and $165,000 1st mtge.5% bond certificates,
series Il of the corporation.
-Reorganization Plan.
10 East 40th Street Corp.
The protective committee for the 1st mtge. 6% gold bond certificates
announces that the plan of reorganization (V. 137, p. 1952) has been consummated and that the new securities loanable under the plan in exchange
for the first mortgage 6% gold bond certificates, represented by outstanding
certificates of deposit therefor, are now ready for delivery at the office of
Manufacturers Trust, Co., depositary, 55 Broad St.. New York.
For each $1,000 principal amount of bond certificates, holders of the
certificates of deposit therefor will be entitled to receive; $600 principal
amount of new first mtge. 5% sinking fund bond certificates, series A, of
10 East 40th Street Building, Inc., the new company; $500 principal
amount of 6% non-cumulative income debentures of the new company; and
-V.137, p. 2821.
five shares of class A stock of the new company.
-New Well.
Texas Gulf Producing Co.
The company has completed A-1 Well in the Greta Field, Refuglo County,
Texas, at a depth of 4,395 feet, flowing 450 barrels a day, it is announced.
The well is 38 feet in oil sand and indicates greater sand thickness than has
heretofore been found in any other part of the field. When the A-1 well
has fully cleaned itself out, production will be restricted to present field
allowable of 200 barrels per day, and rigging is now being set up for well
The Greta oil field now Is the most active in the Gulf coast area. Each
operator in the field has agreed to consent to a pro rata distribution of allow-acre unit basis
ables based on acreage, the field being drilled on a 20
throughout -V. 137, p. 2476.
-Earnings.
Texas Gulf Sulphur Co., Inc.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, P• 706.
Department" on a preceding page.
''",Textile Banking Co.-Reyoved from List.
COI
ie New York Produce Exchange as removed from tilist the $25 par
on stock.-V. 137. p. 2476.
-New President, &c.
Thrift Stores, Ltd.
W. Maurice Hodgson has been elected President to succeed M. Rudolph
who has been elected Chairman of the board. There will be no change in
the management. J. Schafran, Vice-President and General Manager,
continuing in the same capadty.-V. 137. p. 2120.
3161
Tide Water Associated Oil Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings De-V. 137, p. 2990.
partment" on a preceding page.
Tide Water Oil Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings De-V. 137, p. 2990.
partment" on a preceding page.
-Earnings.
Transue & Williams Steel Forgings Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, P. 1952.
Department" on a preceding page.
-Earnings.
Ulen & Co.
For income statement for 9 months ended Sept. 30 see "Earnings De-V. 137, p. 886.
partment" on a preceding page.
-Earnings.
Union Carbide & Carbon Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 886.
Department" on a preceding page.
-Earnings.
United American Bosch Corp.
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 $3,174,278 and current
liabilities were $677,734, comparing with $3,080.698 and $351,653, re-V. 137. p. 707.
spectively .on Sept. 30 a year ago.
United Puerto-Rican Sugar Co. (Md.).-Time Limit
Extended.
The East Puerto Rican Sugar Co., the new company formed under the
reorganization plan for the United Puerto Rican Sugar Co. (of Maryland),
United Puerto Rican Sugar Co. (of Puerto Rico) and the United Puerto
Rican Bank, has notified security holders of these companies that the time
for deposit of securities under the plan has been extended to Nov. 1. The
plan has been worked out under the supervision of an advisory group consisting of Heyward E. Boyce, Chairman; Harry N. Baetjer and A. H. S.
Post. Compare V. 137, p. 2822.
U. S. & Foreign Securities Corp.-Earninqs.-
Corporation reports net assets as of Sept. 30 1933 of $26,525,000 available
for 211).890 shares of 1st pref. stock, or the equivalent of approximately
$126 per share. This compares with net assets of $23,327,000, equivalent
at the
to approximately $109 per share on 214,010 shares of 1st pref.
of $7.50 per
end of 1932, at which time there were accumulated dividendsstock,
These figures are based on market
share which have since been paid off.
quotations or nominal value ($1) in the absence thereof, and a valuation
of $1 for the company's investment in United States & International
Securities Corp.
-V. 137, p. 2823.
--Earnings.
United States Freight Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
The report states that as compared with 1932. July showed a 50%
increase in volume, August a 40% increase and Sept. 20% over the same
months last year. October tonnage is holding approximately on the same
level as that for September, it is said. During Sept., company established
-V. 137, p. 1071.
an all-time record in total number of shipments handled.
-Earnings.
U. S. & International Securities Corp.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceaing page.
Corporation reports net assets, based on market quotations, as of
Sept. 30 1933, of $22,748,000. equivalent to approximately $89 per share
on 255,740 shares of 1st pref. stock. This compares with net assets of
$17,208.000, equivalent to approximately $61 per share, on 283,490
shares of 1st pref. stock outstanding on Dec. 31 1932.-V. 137. p. 510.
-Earnings.
United States Leather Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 1782.
Department" on a preceding page.
-President Irvin Asks SupUnited States Steel Corp.
port for Company Union.
President Wm. A. Irvin has appealed to Youngstown district workers to
aid the steel executives restore prosperity by supporting the company
unions. He and other high officials of the corporation addressed more
than 5,000 mill workers and their families at New Castle.
"Success of the employees' representation plan depends entirely on wholehearted support of both management and employees," he declared. "I
pledge you the support of the management. We are certain we will receive
the co-operation of our workers, who will help us speed on to National
recovery with President Roosevelt."
Mr. Irvin recounted the history of the corporation and affiliated companies, claiming their motto has always been "fair, square treatment to all
and no favorites."
He said the corporation has worked for the welfare of its employees during
the depression, trying "its utmost" to keep as many plants operating as
possible for the "sole purpose of providing employment.' He read a list
of projects conducted under the corporation's auspices, including welfare
work, &c.
"Now. there is the representation plan which I am convinced will be
success ul," he declared. "Its start has been more than gratifying. There
Is no question but what the men in the Industry will give their hand in this
-V. 137, p. 2823.
co-operative endeavor."
-81 -Cent Preferred Dividend.
United Stores Corp.
The directors on Oct. 26 declared a dividend of 8134' cents per share on
the $6 cum. cony. pref. stock, no par value. payable Dec. 15 to holders of
record Nov. 24. A like amount has been paid each quarter since and
incl. June 15 1932, while from March 16 1931 to and incl. March 15 1932
-V. 137. p. 2476.
the company paid quarterly dividends of $1 per share.
-Earnings.
Ventures Ltd.
The company reports a loss for year ended Dec. 31 1932 of $235,668.
Consolidated Balance Sheet Dec. 31 1932.
LtaMlUies$59,950 Canadian Bank of Commerce_ $122,554
Cash
271,609
4,565 Notes payable
Due from associated cos
8,157 Balance payable on purchase of
Sundry amounts receivable_ _
50,869
shares
6,112,665
Investments
6,692 Accounts payable and accrued
Office furniture, fixtures, &c__
203,312
charges
Field and camp equipment and
6,670,893
1,283 Capital stock
supplies
21,578
Organization expense
Commission on sale of capital
137,219
stock
5,678
Advances for expense
4,254
Prepaid expenses
957,195
Deficit
Total
$7,319,237
Total
$7,319,237
-Initial and Extra Dividends
Vick Chemical Co.(Del.).
The directors on Oct. 27 declared an initial quarterly dividend of 50 cents
per share and an extra dividend of 10 cents per share on the capital stock,
par $5, both payable Dec. 1 to holders of record Nov. 15.
This is the first dividend declared by this company since the segregation
of the various component units of Drug, Inc., and is at the rate previously
contributed by Vick to the dividends of Drug, Inc.
The company stated that having been in existence only since Sept. 1
the new company did not report any earnings, but earnings of the old
company up to Aug. 31 were approximately $1.28 a share for the eight
months' period on the 700,280 shares of the new Vick Co. now outstanding.
It was explained that the dividends covered the last quarter of the
year and the amount was fixed by previous agreement among the several
units which formerly composed Drug, Inc., in order that the total dividend
received by Drug. Inc., stockholders for 1933 should not be less than
they would have received for the yehr if Drug, Inc., had not been dissolved Aug. 31 1933. This rate was $3 a share. For 1934 the rate of
dividends for each quarter will be fixed by the directors In accord with
the profits then being earned.
See also V. 137, P. 1782.
3162
Financial Chronicle
Virginia-Carolina Chemical Co.
-Temporary Injunction
Continued.
After a three-day hearing, Judge W. A. Moncure in Chancery Court in
Richmond. Va., on Oct. 25 took under advisement the petition of Alfred
Levinger of New York, a director of the above company, who contends
that control of the corporation no longer rests with the prior preferred
group of stockholders.
At the same time the Court served notice it would continue a temporary
Injunction granted Mr. Levinger until Nov. 15.
Mr. Levinger lost a battle at the annual meeting Oct. 11 when a group
headed by George S. Kemp,a Richmond broker, gained control of the board
of directors.
Mr. Levinger's counsel contended that the petition sought a friendly
court action to determine the rights of the prior preferred group to name a
majority by one of the board.
An adjourned meeting of the stockholders is scheduled for Nov. 10.
(New York "Times.")
-V. 137. p. 2991.
Virginia Iron, Coal & Coke Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 886.
Warner Bros. Hollywood Theatre (Corp.), Los
Angeles.
-Interest Coupons Paid.
Funds have been deposited with the trustees to meet interest coupons on
Warner Bros. Hollywood Theatre 1st mtge. leasehold 6%% bonds, according to the Realty Bond Reorganization Co. which is handling the
negotiations for the bondholders' committee.
Funds also had been advanced for the payment of past due interest on the
Alexander Pantages 1st mtge. leasehold 6% bonds. Both issues went into
default on May 1 1933.
The interest coupons are being paid in full. it was stated and the depositaries have been instructed to return deposited bonds to holders of
certificates of deposit. As a result of these payments approximately
$63,997 is being released immediately, most of which will go to Southern
California investors.
The two committees which have functioned in the interests of bondholders of these issues are now being dissolved, it was stated. The personnel
of these committees was identical and consists of H. H. Cotton, Chairman; Charles C. Irwin, John Treanor and J. B. Van Nuys. Wilfred N.
Howard is Secretary.
-V. 124, p. 1235.
-Earnings.
Warner-Quinlan Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137. P. 887.
Department" on a preceding page.
-Report of
Warren Brothers Co., Cambridge, Mass.
-Charles R. Gow,
Eight Months' Earnings to Aug. 31 1933.
President, states in part:
Consolidated net profits of the company and its wholly owned subsidiaries
for the eight months ending Aug. 31 1933 were $605,848, after dedu U ig
depreciation, interest taxes, losses on sales of capital assets and securites,
and adjustment affecting prior years. There is included in earnings accrued
interest on Cuban Treasury notes in the amount of $388,912. discount on
the company's debentures purchased for retirement and 35% of the recovery
of unrealized loss in exchange. Company has taken up as income to Aug. 31
1933 a dividend received from a partially owned company and paid in the
capital stock of another partially owned company at its net tangible asset
value amounting to $460,506.
Company's share of the net losses of controlled companies for eight
months ending Aug. 31 1933, exceeds its share of the net profits of such
companies for that period by $171,150. Company's share of the net profits
of uncontrolled and affiliated companies for the same period (after deducting
therefrom the portion of dividends received in excess of the surplus of such
companies on Dec. 31 1932) amounted to approximately $255,000 which
is approximately $84,000 in excess of its share of the net losses of controlled
companies. The net profit of company of $605,849 for the accounting
period does not reflect undistributed profits or losses of either controlled
or uncontrolled partially owned companies.
As a consequence of dividends received the equity of Warren Brothers
Co. in the surplus of non-controlled and affiliated companies (not included
in the book values of Warren Brothers Co.'s investments) has been reduced
from approximately $800,000 to approximately $600,000 since Dec.31 1932.
Current assets of company and its wholly owned subsidiaries including
cash on hand and in banks of $938,740 on Aug. 31 1933 were $1,754,790.
which does not include any portion of the company's portfolio.
Current liabilities, including bank loans of $876,430 (of which $691,419
represents at current rate of exchange a loan of its Argentine subsidiary
secured by Argentine tax liens) were $1,233,829. Cash discounts were
taken on accounts payable where it was advantageous to the companies
to do so and other accounts payable have been paid when due.
Government and municipal securities owned by company and its wholly
owned subsidiaries as of Aug. 31 1933 had a book value (at current rates
of exchange) of $15,849,343 which represents the cost or the estimated
market value of the securities at the time of acquisition.
Collections of tax liens in Argentina have continued to become more
difficult on account of the depression and it has been necessary, under
the terms of the trust deeds, to deposit cash with the trustee to replace
liens on which collections are in arrears until the arrears are collected.
After deducting from the outstanding funded debt of company and its
wholly owned subsidiaries securities purchased for retirement and cash in
the hands of the trustee of the Argentine debenture issues, the funded
debt on Aug. 31 1933. was $6,994,068 a decrease of $669,177 since Dec. 31
1932, in spite of the fact that during that period funded debt has been
revalued at an increase of $447,536 due to the rise in Argentine exchange.
As shown in annual report for the year ending Dec.31 1932,the company
had charged in part against current profits and in part against surplus
$1,113,262 for unrealized loss in foreign exchange, thereby carrying all
assets and liabilities except fixed assets at current rates of exchange. Of
such unrealized loss there has been recovered to Aug.31 1933 due to improveintent in exchange, $768,152 of which $268.853 has been credited to profit
& loss and $499,299 to surplus which is substantially in the same proportion
used in the distribution of the original charges made against these accounts.
Consolidated capital, surplus and reserves for contingencies and bad
debts of company and its wholly owned subsidiaries as of Aug. 31 1933
aggregated $15,468,603, being an increase for the period of $1,180,838.
The surplus as of Aug. 31 1933 was $4,019,886, being an increase of $1,105.148 for the period.
The holdings of company of Cuban Mi% gold treasury notes have a
face value of $9,748,300 and are carried on the books at 95% of par plus
accrued interest. The principal of these notes was originally payable on
June 30 1935. Two and a half years' accrued interest on these notes,
represented by the five semi-annual coupons bearing compound interest
and which matured on June 30 1933 (Warren Brothers Co.'s portion of
which amounted to approximately $1,420,000) was not paid at maturity.
On Aug. 2 1933. a contract was entered into between the fiscal agents of
the said note issue and the Cuban Government whereby it was agreed that
the holders of the treasury notes could exchange their holdings for an
eq ual face amount of new treasury notes maturing on June 30 1950 and
bearing interest at 535% per annum. The Government agreed to deposit
,
with the trustee sufficient of the proceeds of an authorized issue of silver
coinage to meet the five coupons which were past due. Funds more than
sufficient for the payment of the first two of these coupons were deposited
and Warren Brothers Co. received in August of this year $591,095 in
payment of its coupons No. 1 and No. 2 and agreed to an extension of
time for the payment of coupons Nos.3,4 and 5. The Government further
agreed to appropriate $1,100,000 per annum from the proceeds of the sugar
consumption tax for the amortization by lot of the principal of the new
notes, and the original security pledged for the payment of the old notes
was retained as security for the payment of the new notes in a modified
form. This contract was entered into by the Cuban Constitutional Government and was ratified by both branches of Congress. The holders of a
majority of the notes agreed to co-operate with the de Cespedes Government to defer the payment of Coupon No.3 to Dec.31 1933; Coupon No.4
to March 31 1934,and Coupon No.5 to June 30 1934. Since the subsequent
revolution no further payments from the proceeds of the seigniorage of
silver have been made to the trustee, and while the present de facto government has in general indicated as itepolicy the payment of its foreign oblige,
tions no payments have been made as yet on the obligations due Warren
Brothers Co. and the Government has issued a Presidential Decree dated
Sept. 27 1933 purporting to set aside the agreement entered into on Aug.2
1933 above referred to. Formal protest has been filed by the company
against this action.
Oct. 28 1933
The companies in which Warren Brothers Co.is interested have continued
to confine their domestic and foreign operations to work payable in cash
or in securities which can be readily sold or safely and adequately financed.
In the past, municipal street paving has constituted a major part of the
company's operations. This field has been greatly curtailed during the
accounting period due to the lack of available cash in municipal treasuries.
the inability of municipalities to market their bonds and the absence of
any adequate market for special assessment bonds, certificates and tax liens
offered to contractors in payment for their work.
Paving contracts secured to Aug. 31 1933 by company and its licensees
aggregate $1,886,152 chiefly domestic, which is 44% below the award
secured in the corresponding period of 1932. Contracts carried over front
1932 and secured in 1933 to August 31 aggregate $4,546.407 which is also
a decrease of 44% below the corresponding figures for the previous year.
There is a large construction program now being carried out under the
auspices of the Federal Government which will make funds available to
States, counties and municipalities for public improvements. The Federal
and State organizations for the administration of these programs have now
been practically completed. In the month of Sept. 1933 paving contracts
awarded to company and its licensee companies aggregate $1,047.088.
which is 55% of the awards secured in the first eight months of 1933 and
is more than twice the amount of the awards secured in the month of
Sept. 1932.-V. 137. p. 1782.
Weeden & Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 136. p. 2087.
-Initial Cash Dividend.
(The) Wehle Brewing Co.
An initial cash dividend of 50 cents per share has been declared on the'
capital stock, par $10, payable Nov 1 to holders of record Oct. 23.-V. 137.
p. 1597
Wesson Oil & Snowdrift Co., Inc.
-Earnings.
1932.
1931.
Years End. Aug 31.
1933.
1930.
Net profit after int. &
$1,616,150 $2,111,928 $2,546,861 $3,203,420
taxes
Divs.on $4 pref.stock _ _ 1.188,001
1,282,769
1.431,267
1,536,276
750,000
Divs.on common stock 364,864
1,200,009
1,200,000
Surplus
Shares of common stock
outstanding (no par) _
Earnings per share
-V. 137, p. 1782.
$63,285
$79,159 def$84,406
584.154
$0.73
600,000
$1.38
600.000
$1.86
$472,150
600.000
$2.78
Westinghouse Air Brake Co.
-Earnings.
-For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 887.
Department" on a preceding page.
Westinghouse Electric & Mfg. Co.
-Strike Ended.
-
A strike of 3,000 employees of the company's plants at East Springfield
and -Chicopee Falls, Mass., was settled by the National Labor Board on
Oct. 20, a Washington (D. C.) dispatch states. The men returned to
work on Oct. 23.
The employers agreed to take back the strikers without discrimination
and to bargain collectively with the employees'representatives in accordance
with the labor provisions of the NIRA.-V. 137. p. 2992.
Wheeling Steel Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 887.
(R. H.) White & Co., Boston.
--Acquires Plant.
The company is reported to have purchased from the Ford Motor Co.
for approximately $500,000 the latter's plant located, on Charles River
Road in Cambridge, Mass.
R. H. White & Co., it is said, will immediately start remodeling the building, partly for use as a warehouse with a portion devoted to a new system
of retail merchandising, and it is estimated that hundreds of new hands
will be employed in the remodeling process and in its permanent operation.
-V. 133, p. 659.
•
White Rock Mineral Springs Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earning"
Department" on a preceding page.
-V. 137. p. 1598.
Wisconsin Investment Co.
-Initial Dividend on New
Preferred Stock.
-The directors have declared an initial semi-annual dividend of 30 cents
per share on the 6% cum. pref. stock, par $10. Payable Nov. 1 to h lens
of record Oct. 20. Semi-annual distributions of 75 cents per share ha I been
made on the old $25 par pref. stock up to and incl. May 1 1931; none since.
On March 15 1933 the stockholders approved a plan whoeby one share of
$10 par pref. and those shares of $1 par common we-e issued in exchange
for each pref. share of $25 par value.
-V. 137, p. 887.
(Wm.) Wrigley Jr. Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1072.
Yale & Towne Mfg. Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1431.
Yates American Machine Co., Beloit, Wis.-Earnings.
Year End. June 301933.
Loss from operations...$173,176
Other income
34,954
1932,
$354,576
91,585
1931.
$492,814
122,093
Total loss
Depreciation
Interest charges
Bond disct. and exp-..,.
Other charges
Prov,for int. on disputed
income tax assessment
Reserve for obsolescence
Loss on sale of plant and
equipment
$262,991
$370.721 prof$52,535
224.640
118,037
139,581
107,504
10,000
$138,221
87.053
90,594
10,000
63,199
93,215
10,000
77,497
1930.
$41.106
93.641
6,500
122,430
18,002
Net deficit
$440,616
$389,068
$624,264
$443,703
Consolidated Baal= Sheet June 30.
Assets
,
1933.
1932.
1932.
1933.
LtzbattiesProp., plant ds eq.
Funded debt
$1,389,000 $1,391,500
(less deprec.)._$2,421,701 $2,519,537 a Capital stook _
4,050,000 4,050,000
Cash
238,739
384,778 Accts. pay., accr.
Marketable secure. 159,620
106,457
118,620 exp. ds bond Int. 121,882
Customers'notes dr
Prov, for local and
accts. receivable
State taxes
30,120
23,037
(less reserve)...375,593
409,568 Reserves for conOther accts. rec
22,207
134,512 tingencies
149,947
149,947
Inventories, dec.__ 1,102,407 1,212,880 Deferred credit to
Secured notes ree_ 108,000
income
679
812
Other Investments
43,042
44,992
Sinking funds_ _
571
571
Unamort. dise, on
funded debt....
66,666
56,667
Oth. deterred ehgs.
101,773
97,955
Deficit
1,116,923
727,856
Total
Total
$5,741,428 $5,721,752
$5,741,428 $5,721,752
a Represented by 135,000 shares of participating preference stock and
135.000 shares of common stock, both of no par value.
-V. 135. p. 3014
Yellow Truck & Coach Mfg. Co.(& Subs.).
-Earnings.
For income statement for 3 and 9 months endel Sept. 30 see "Earnings
-V. 137. p. 887.
Department" on a preceding page.
Youngstown Sheet & Tube Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 2824.
Department" on a preceding page.
Zonite Products Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 2992.
Department" on a preceding page.
Financial Chronicle
Volume 137
3163
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-WOOL-ETC.
-METALS
-DRY GOODS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
,
found in an earlier part of this paper ammediatel following the
editorial matter, in a demartment headed INDICATIONS OF
BUSINESS ACTIVITY.
Friday Night, Oct. 27 1933.
-On the 23rd inst. futures reflected the imCOFFEE.
provement in major commodities following the President's
message on Sunday and advanced 10 to 14 points in the early
trading but subsequently reacted and ended with only minor
gains for the day. Santos contracts closed 1 point lower to
5 points higher and Rio 1 point lower to 4 points higher with
sales of 12,000 bags of the former and 5,000 bags of the
latter. Cost and freights were generally unchanged. The
spot market was quiet at 8% to 9c. for Santos 4s. On the
24th inst. ended 16 to 19 points higher on some new Wall
Street buying which found offerings lacking. Cost and
freight offerings were scarce. On the 25th inst. futures lost
a part of an early advance but ended 6 to 16 points net
higher. On the 26th inst. futures closed 1 to 6 points lower
under general liquidation. Holders, however, were not inclined to sell. To-day futures fluctuated within narrow
range and ended 3 to 7 points higher. No announcement
was made by the Grain Stabilization Corporation of month
offering and talk is heard that the Government was considering the suggestion to turn the coffee over to the Federal
Relief headquarters.
Rio coffee prices closed as follows:
Spot (unofficial)
December
March
M
7.00 May
5.73 July
5.81 September
Santos coffee prices closed as follows:
5.87
5.93
5.99
can, 63/2c. On the 23rd inst. futures closed 7 to 17 points
higher in response to the advance of grain markets. Speculative buying increased. Most of the selling was credited
to scattered longs. Exports were 908,152 lbs. to London,
Liverpool and Antwerp. Hogs were about unchanged with
the top $4.65. On the 24th inst. futures were steady
throughout the day on small buying by trade interests,
stimulated by a better foreign inquiry. Prices closed 3
points lower to 3 points higher. Exports were 1,961,644
lbs. to London, Manchester, Rotterdam, Copenhagen and
Oslo. Hogs were 10 to 15c. lower with the top $4.50. Cash
lard in tierces, 5.20c.; refined to Continent, 63c.; South
America, 6c. On the 25th inst. futures closed 13 to 18
points higher owing to small hog receipts and a better
foreign demand. There was some speculative demand
prompted by the general belief that prices will go higher
due to the Government program to raise commodity prices.
On the 26th inst. futures closed unchanged to 3 points
lower. There was some liquidation induced by the weakness
in grain. Exports were 476,750 lbs. to Hamburg. Hogs
were 10 to The. higher with the top $4.60. Cash lard in
tierces, 5.35c.; refined to Continent, 63'c.; South American,
63 e. To-day futures closed 2 to 5 points lower.
4
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat. Mon. Tues.
Wed. Thurs. Fri.
October
5.05
5.12
5.15
5.30
5.30
5.25
December
5.10
5.25
5.25
5.45
5.42
5.40
Jan.
5.67
5.87
5.82
6.00
5.97
5.95
Season's High and When Made. I Seasons Low and When Made.
'
October
4.37
8 50
July 19 1933 October
December__ .8.87
July 19 1933 December_ _ 4.27
Oct. 16 1933
!January
January
4.82
9.95
Oct. 16 1933
PORK, steady; mess, $17.50; family, $20.50; fat backs,
$13 to $15.50. Beef,steady; mess, nominal; packet, nominal;
family, $11.87 to $12.75, nominal; extra Indiamess,nominal.
COCOA futures on the 23rd inst. 8 to 11 points higher Cut meats, steady; pickled hams, 4 to 8 lbs., 65O.; 8 to 10
with sales of only 89 lots or 1193 tons. October ended at lbs., 5%c.; 14 to 16 lbs., 103(c.; 18 to 20 lbs. 93c.; 22 to
/
'
3.74c., December at 3.84c., January at 3.92c., March at 24 lbs., 830.; bellies, clear, f. o. b. N. Y., 6 to 12 lbs.,
/
4.08c., May at 4.23c.; July at 4.38e. and September at 4.54c. 930.; bellies, clear, dry salted, boxed, N. Y., 14 to 16 lbs.,
to 20 lbs., 65 te. Butter, creamery, firsts to higher
On the 24th inst. futures ended 10 to 13 points higher on 63.Ic.; 18
buying by Wall Street inspired by the weakness of the dollar score than extras, 175- to 25e. Cheese, flats, 13 to 215/20.
in foreign exchange and the announcement from Washington Eggs, mixed colors, checks to special packs, 13 to 32c.
that the Government would purchase newly-mined gold at
PETROLEUM.
-The summary and tables of prices fora little above the world price. Futures closed with Dec- merly appearing here will be found on an earlier page in our
ember at 3.97e., January at 4.04e., March at 4.19c., department of 'Business Indications," in the article entitled
May at 4.34c., July at 4.490. and September at 4.64c. On "Petroleum and Its Products."
the 25th inst. futures closed 5 to 7 points higher with sales of
OILS.
-Linseed was quiet with prices steady. Some
2,626 tons. December ended at 4.02c., January at 4.10c.,
March at 4.25c., May at 4.39c., July at 4.540. and Septem- crushers quoted 8.7c. as their inside pike for tanks, New
ber at 4.60e. On the 26th inst. futures closed 11 to 16 points York, but better than this price it was reported could be
lower with sales of 1,688 tons. New York warehouse stocks done in some directions. Cocoanut, Manila, tanks, spot,
/
decreased 177 bags to 933,932 against 903,915 a month ago. 23.. to 25se.; tanks, New York, spot, 23/g to 3c. Corn,
November closed at 3.83c. December at 3.90e., January at crude, tanks, f. o. b. Western mills, 33e. China wood,
/
3.98e., March at 4.10e., May at 4.25c., July at 4.40e. and N. Y. drums, delivered, 730.; tanks, spot, 70.; Pacific
September at 4.54c. To-day futures closed 1 to 4 points Coast, tanks, spot, 6.7e. Olive, denatured, spot, Greek,
higher. Some new investment buying was reported. New 68c.; Spanish, 70 to 72c.; shipment carlots, Greek, 68c.;
York warehouse stocks dropped 1,400 bags. December Spanish, 70 to 72c. Soya Bean, tank cars, f. o. b. Western
ended at 3.90c., Jan. at 3.98c., March at 4.12e., May at mills, 5.8 to 6c.• cars, N. Y., 7.1c.; L. C. L., 7.5c. Edible,
'
Olive, $1.55. Lard, prime, 9Mc.; extra strained, winter, Sc.
4.27c., July at 4.40c. and Sept. at 4.56c.
Cod, Newfoundland, 36 to 37c. Turpentine, 463' to 51c.
SUGAR.
-On the 23d inst., futures closed 7 to 9 points Rosin, $4.05 to $5.60. Cottonseed oil sales to-day including
higher on buying and covering based on the theory that switches, 57 contracts. Crude S. E., 35c.
developments at Washington were inflationary. Wall
Prices closed as follows:
Street bought. So did Cuba. Sales were 21,150 tons. On October
4.6514.85
4.50@ Did February
the 24th inst., futures closed o to 8 points higher with sales November
4.35(4.55 March
4.86 trad
December
4.52(4.58 April
4.85 5.05
of 22,900 tons. The weakness of the dollar in foreign ex- January
4.63(a4.68 May
5.03 trad
change and President Roosevelt's speech favoring a managed
RUBBER futures on the 21st inst., closed 5 points lower
currency caused further short covering and there was some
renewed long buying. On the 25th inst., futures after an to 8 points higher. There was an early advance of more than
early advance of 4 to 6 points, reacted under selling pressure 20 points. Actuals were steady with importers offering
and closed 1 point lower to 1 point higher, with sales of nearby standard ribs at 7c. or more and December arrival
27,400 tons. Profit taking and the lack of interest shown at 73/gc. Latex, browns and ambers were firm and unby refineis were weakening factors. On the 26th inst., changed. October futures closed at 7.05c., Dec. at 7.25c.,
futures closed only 1 to 3 points lower, with sales of 11,900 March at 7.64 to 7.65c., May at 7.80 to 7.85c. and July
tons. Offerings became scarce on the decline. Reports at 8.05o. On the 23d inst. futures closed 19 to 30 points
that the Commodity Credit Corporation was considering higher with sales of over 5,600 tons. At one time the rise
making loans to beet and cane-sugar producers and to reached 40 to 45 points. Rubber responded with other
growers had little if any effect. To-day futures reflected markets to the President's speech. Some dealers did a fair
the strength in the raw market and advanced 7 to 10 points. factory business in standard ribs and other types, while others
-Nov. ribs were quoted at
Cuban raw sugar was said to have sold at 1.30c., an advance reported a small inquiry. Oct.
7%c. or %c. Latex rose %c. to 85c. Futures closed with
of 10 points on the spot basis.
Oct. at 7.30c., Dec. at 7.50 to 7.51c., Jan. at 6.57 to 7.58c.,
Prices closed as follows:
March at 7.85 to 7.90c., May at 8.07 to 8.09c., July at 8.34
December
1 42
1.33 May
January
1.48
1.32 July
to 8.35c. and Sept. at 8.54c. On the 24th inst., futures
1.37 September
1.52
March
closed 31 to 44 points higher, with sales of 4,160 tons. OutLARD futures on the 21st inst. closed 15 points higher on side prices were also higher. The weakness of the dollar
a fair demand stimulated by the light hog movement and and the announcement that the Government would purstronger grain markets. Reports of the probable recog- chase newly mined gold at slightly above the world price
nition of Russia by this country also had a bullish influence. were the bracing influences. Dee. ended at 7.87 to 7.90c.,
Liverpool lard closed 3d. to 6d. lower. Exports of lard Jan. at 8.01c., March at 8.29 to 8.30c., May at 8.50c.,
were 463,115 lbs. to Aberdeen, Antwerp, Hull and Naples. July at 8.70c. and Sept. at 8.85e. On the 25th inst., futures
Hogs closed steady with the top price $4.60. Cash lard ended 9 to 20 points higher on sales of 5,090 tons. Dec.
in tierces, 5.10c.; refined to Continent, 63c.; South Ameri- closed at 7.96c., Jan. at 8.110., March at 8.40c., May at
Spot (unofficial)
December
March
8Si May
8.12 July
8.22 September
8.25
8.27
8.47
3164
Financial Chronicle
8.60c., July at 8.83c. and Sept. at 9.05c. On the 26th inst.,
futures declined 28 to 40 points on sales of 3,010 tons. Dec.
closed at 7.68 to 7.70c., Jan. at 7.82e., March at 8.10 to
8.12c., May at 8.31 to 8.35c., July at 8.50e. and Sept. at
8.65c. To-day futures closed 30 to 40 points higher on
buying inspired by more favorable reports from London on
restriction. Dec.ended at 7.98 to 8c., Jan. at 8.17c., March
at 8.42 to 8.45e., May at 8.680., July at 8.90e. and Sept.
at 9.10e. Sales totaled 423 lots.
Oct. 28
1933
LEAD was in fair demand and higher at 4.300. New York
and 4.15o. East St. Louis. Most of the demand was for
November shipment. Sales over the past week are estimated
at 9,000 tons. World production of lead in September totaled 116,368 short tons against 98,988 in August and 99,686
in September, 1932 according to the American Bureau of
Metal Statistici: Output in the United States in September
was 28,021 tons against 18,611 tons in August. In London
on the 26th inst. prices advanced 2s. 6d. to £12 is. 3d. for
spot and £12 6s. 3d. for futures; sales 500 tons of futures;
HIDES futures on the 21st inst. closed quiet at a decline at the second session prices dropped 3s. 9d. on sales of 250
of 15 to 20 points. Sales were only 240,000 lbs. Selling tons of futures.
was inspired by unsettled securities markets and the general
ZINC of late has been steady at 4.75c. East St. Louis with
weakness in other commodities. December ended at 8 to
8.20c., March at 8.45 to 8.55c., June at 8.70 to 8.80e. and demand small. In London on the 26th inst. prices were unSept. at 8.95e. On the 23rd inst. futures closed 30 points changed at £16 for spot and £16 6s. 3d.for futures; sales 450
net higher with sales of 520,000 lbs. •There was a keener tons of futures.
interest in spot hides. The President's speech was generally
STEEL.
-The only brightening feature in the trade is
interpreted as constructive and created more confidence. the promised orders for over a million tons of rails and track
Futures closed with December 8.30 to 8.50c., March at 8.75 accessories from the railroads. Now that the carriers have
to 8.85c., June at 9 to 9.10c. and Sept. at 9.25c. Outside estimated their rail requirements and it is expected that they
prices: butt brands 9c.; packer, native steers 9c., Colorados will concentrate on their needs for cars and other rolling
83/2e.; Chicago, light native cows 8c. New York City calf- equipment. On the whole the steel trade is dull. Structural
skins
-9-12s, $2.35; 7-9s $1.65; 5-7s, $1.15. On the 24th steel business is much more active than a month ago, but
inst. futures after a weak opening rallied and closed 15 to 25 it falls far short of the 35,000 tons weekly average of a few
points higher with sales of 880,000 lbs. December ended at years ago. There was a fair demand for reinforcing steel
8.45c., March at 9 to 9.050. and June at 9.25c. On the for highway construction. Semi-finished billets, rerolling,
25th inst. futures closed 45 to 65 points higher with sales of $26 to $27; forging, $31 to $32; sheet bars, $26; slabs, $26;
1,120,000 lbs. March ended at 9.50c., June at 9.85e. and wire rods, $35; skept, 1.60c.• sheets, hot rolled, 1.65c.;
Sept. at 10.15e. On the 26th inst. futures closed 20 to 25 galvanized, 2.85c. Hot rolled bars, 1.750.; plates, 1.70c.;
'
points higher on sales of 2,640,000 lbs. December ended at shapes, 1.70c.
9.15c., March at 9.75c. to 9.80c., June at 10.05 to 10.10e.
PIG IRON was dull. What demand there is is confined
Said Sept. at 10.35 to 10.500. To-day prices closed 20 to 35 to small tonnages, such as five and ten tons per lot. Sales
higher with sales of 40 lots. March ended at 10.10c.; in the New England district last week were 1,000 tons as
points
June at 10.40 to 10.45e. and September at 10.70c.
against around 400 tons in the preceding week. Foundry
No. 2 plain Eastern Pennsylvania was quoted at $17.50;
OCEAN FREIGHTS continued quiet.
Buffalo, $17.50; Birmingham, $13.50; Chicago, $17.50;
-Nov. 1 Cuba to United Kingdom,
CHARTERS INCLUDED: Sugar.
Valley and Cleveland, $17.50.
-Montreal, Oct., picked
13s. 9d.• Cuba to Marseilles. Nov.• 145. Grain.
Kingdom. is. 43.6d.
Hampton Roads to Santos.
United '
-Boston wired a Government report on Oct. 24
WOOL.
-Transatlantic trip, Hampton Roads, 55c.;
Coal.-Nov.'
9s.: Rio. 8s. 6d. Trips.
saying:"Trading in wool on the Boston market is practically
Gulf, 72%c.
at a standstill, while there is almost a total
COAL was in only fair demand at best, but prices were demand for sizable quantities of wool. The lackabsence of
of trading
firm. Smokeless coal shipments were small. The output of does not appear to be having any depressing effect
upon
bituminous coal last week was estimated at 7,100,000 tons, quoted prices. The heavy buying in September
served to
an increase of 400,000 tons over the previous week but 700,- cover to large extent the current mill
requirements.
000 less than a year ago, according to the National Coal view of the situation among manufacturers, members of In
the
Association. Some NRA prices for Illinois coal are: South- Boston wool trade are not making
attempts to stimulate
ern, lump over 7 inches, $2.65; 13' to 2 inches, $2.20; sales."
furnace or egg, 6 by 3, $2.25; screenings, M inch, $1.10;
-On the 23rd inst. futures closed at an advance
SILK.
-inch lump, $2.40; 1M, to 2
mine run, $1.95; central, 7
-inches,
$1.95; egg, 6 by 2, $1.90; 13,4-inch screenings, 80c.; run of of 7 to 9c. with sales of 1,900 bales. The President's
speech seemed to create greater confidence and led to good
mine, $1.70.
buying. Most of the selling was in the shape of profitSILVER futures on the 21st inst. closed 5 to 15 points taking. Oct. ended at $1.43 to $1.46, Nov. at $1.43 to
higher with sales of 870,000 ounces. The bar price advanced $1.44, Dec.,1.42 to $1.43; Jan.-Feb., Mar. and May,
8
54c• here to 363/c., while London was 3-16d. higher at $1.42 and Apr., $1.41 to $1.42. On the 24th inst. futures
18 3-16d. Futures here closed with Oct. 37.10 to 37.20c.; closed 4 to 7 points higher, following the action of other
December, 37.20 to 37.25c.; January, 37.40 to 37.45c.,. commodities and was affected by the same influences.
and March at 37.75c. On the 23rd inst. futures closed 49 Nov. ended at $1.56 to $1.57; Dec. at $1.56 to $1.563..;
to 70 points higher on buying based on the theory that Jan. and Feb., $1.56 to $1.57; Mar., $1.56; Apr., $1.56
recent developments at Washington were inflationary. The to $1.56 and May at $1.563. Sales totaled 2,390 bales.
I
bar price rose V to 37%c. London bar metal was 18 3-16d. On the 25th inst. futures closed 1 to 7 points higher on sales
Futures here closed with December at 37.75c.; February at of 2,550 bales. Nov. ended at $1.58 to $1.59, Dec. and
38.15c.; March, 38.350.; May, 38.85c., and July, 39.250. Jan., $1.59 to $1.60, Feb. at $1.58 to $1.60, Mar. at $1.57
On the 24th inst. futures ended 85 to 97 points higher with to $1.58, Apr., $1.58 and May at $1.57 to $1.58. On the
sales of 4,475,000 ounces. October closed at 38.62c.; 26th inst. futures declined 6 to 73'2c. on sales of 2,440 bales.
December at 38.70c.; March at 39.30c., and May at 39.70e. Nov. ended at $1.51 to $1.51
Dec. at $1.513/2 to $1.523/2;
On the 25th inst. futures closed 35 to 50 points higher with Jan. and Feb. at $1.51 to $1.52; Mar. at $1.51%; Apr. at
May at 31.513/ to $1.52, and June at
of 5,925,000 ounces. December ended at 39.14c.; $1.52 to $1.52
sales
March at 39.65c., and May at 40.10c. On the 26th inst. $1.50M. To-day prices closed declined to 2e.owing to the
futures closed 5 to 30 points lower on sales of 4,075,000 weakness of yen exchange and Japanese silk markets. Nov.
ounces. October ended at 38.75 to 38.85e.• December, ended at $1.493/2 to $1.51; Dec. at 31.503.; Jan. at $1.503/
'
38.93 to 38.95c.• March, 39.60c.; May, 39.96 to 40e. and to $1.52; Feb. at $1.51 to $1.52; Mar. and Apr. at $1.50
July, 40.36c. Vo-day futures closed 50 to 64 points higher to $1.51; May at $1.50% to $1.51 and June at $1.50 to
on buying based on the theory that if the present price- $1.51. Sales were 154 lots.
raising scheme of the government fails to produce the desired
results, more direct inflationary measures will be taken.
COTTON
November closed at 39.40c.; December at 39.50c.; March at
Friday Night, Oct. 27 1933.
40.12 to 40.150.; May at 40.60c., and July at 41e. Sales
THE MOVEMENT OF THE CROP, as indicated by
were 3,603,000 ounces.
our telegrams from the South to-night,is given below. For the
COPPER was in small demand for domestic account and week ending this evening the total receipts have reached
prices of late have been weaker both for domestic and 348,464 bales, against 376,859 bales last week and 376,794
foreign delivery. There were fewer bids at 80. a price at bales the previous week, making the total receipts since
which consumers appeared anxious to buy early in the week. Aug. 1 1933, 3,272,633 bales, against 2,947,547 bales for the
Sales over the past week were estimated at 6,500 tons. same period of 1932, showing an increase since Aug. 1 1933
Foreign quotations were 7.90 to 7.95e. In London on the of 325,086 bales.
26th inst. standard copper advanced 8s. 9d. to £33 12s. 6d.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
for spot and £33 16s. 3d. for futures; sales of 600 tons of
Total.
futures; electrolytic bid advanced 10s. to £37; asked un- Galveston
13,256 18,278 39,609 15,551 16,31'7 15,379 118,390
changed at £37 10s. At the second London SESS1011 that day Texas City
13,371 13,371
Houston
17,080 18.879 27.740 14,608 13,037 28.023 119,367
standard dropped 3s. 9d. on sales of 200 tons of futures. Corpus Cnristi
804 1,275 1.291
613
583 1.073 5,639
New Orleans_ _ 8.761 12,096 12,724 5,883 4,711 22,090 88,285
TIN was higher during the week and of late Straits were Mobile
763 1,116 4.045 1,397
2
388 8.541
quoted at 489/sc. Consumers were buying on a hand-to- Pensacola
2.500
983 4,483
Jacksonville
---------------401
401
mouth basis and mostly in five and ten ton lots. London, Savannah -------------------- 1,119
389
508 1.031
523
92 4532
the first session on the 26th inst. rose £1 7s. 6d. on Brunswick
at
--------237
237
_
Charleston
244
223
244
230
154.
875 1.970
standard to £225 for spot and £224 17s. 6d. for futures; Lake Charles_ _-- - -- -- ---'
_
----___ 2,188 2,188
sales, 30 tons of spot and 620 tons of futures; spot Straits Wilmington
61
84
84
29
90
178
508
274
272
274
2'78
524
456 2,078
rose £1 2s. 6d. to £230 10s.; Eastern c.i.f. London unchanged Norfolk
12s. 6d.; at the second London session prices were Baltimore496 496
at £227
unchanged with sales of 5 tons of spot and 95 tons of futures. Totals this week_ 41.632 55.211 87.042 811840 87.887 87.848 848484
Financial Chronicle
Volume 137
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared
with last year:
1933.
Receipts to
Oct. 27.
1932.
Totals
On Shipboard Not Cleared for
Oct. 27 at
-
1932.
1933.
656,604 748,156 798,158
42,305
60,102
53,277
961,683 1,537,558 1,422.233
97,054
235,705 126,990
13,125
13,829
16,008
487.456 826,801 979,460
98,915
79,488
5,258
87,976
17.515
90.212
103,378
18.935
21,887
6.425
126,969
39,372
7,090
147,961
141,910
35,930
19,998
190,590
67,818
62,556
18.287
25,161
103.107
99.828
22.800
55,291
111,907
12,890
1,650
205.508
9,168
1,750
5.389
348,464 3.272.633 387.507 2,947.547 3,927,568 4,244,308
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1933.
1929.
1930.
1928.
1932.
1931.
Galveston__ -- 118.390
Houston
119,367
New Orleans66.265
Mobile
8,541
Savannah _ __
.
4.532
Brunswick _ _ _
237
Charleston.. _ _
1.970
Wilmington__
506
Norfolk
2,078
N'port News_
All others_ _ -26.578
128,082
149,322
52,859
9,647
0,683
86,985
130,210
163,510 136,227
77,833
63,416
47,650
21,101
31.649
13,717
7,294
4,251
19,668
5,608
8.644
4,149
10.161
5,085
30,247
42,185
22,119
17,055
16,446
Total this wk_
387,507
453,232
448.230
503.270
535,822
348,464
6.292
2,044
2,331
111.239
168,813
114,628
30,597
21,791
152,182
204,237
78,306
16,839
23,131
17.965
7,187
13,995
14,297
9,948
20,436
Since Aug.1-_ 3,272,633 2.947.547 3.406.515 4.428.651 4,192.9544,168.981
The exports for the week ending this evening reach a total
of 245,831 bales, of which 34,931 were to Great Britain,
12,135 to France, 60,046 to Germany, 27,716 to Italy, nil to
Russia, 92,874 to Japan and China, and 18,129 to other
destinations. In the corresponding week last year total
exports were 151,122 bales. For the season to date aggregate exports have been 2,195,504 bales, against 1,916,171
bales in the same period of the previous season. Below
are the exports for the week
Week Ended
Oct. 27 1933.
Great
GerExports from
- Britain. France. many.
Galveston
Houston
Corpus Christi_
Texas City
New Orleans
Lake Charles
Mobile
Jacksonville.
Pensacola
Panama City
Savannah
Brunswick
Charleston
Wilmington
Norfolk
New York
Los Angeles_ _
San Francisco
13,911
7,816
5,926
603
25
652
617
188
323
820
3,950
Exported to
Japan&
Italy. Russia. China. Other.
800 15,874 5,384
25,231 18,608
3;ogi
718
508
7,287 4,440 1,651
965
412
2,763 2,013
1,582
251
1,163
4,742
237
24,066
31,238
11,250
17,620
2:865
2,500
1,525
100
100
-500
1:666
1.800
Total.
5,158
1,720
992
660
7.115
1,250
434
65.193
84,613
21,969
1,771
38,138
3,279
5,887
1,770
574
4,483
"Roo 7,442
237
3,950
-566 1,825
100
200
200
2,500
100 1,900
Total
34,931 12,135 60,046 27,716
92,874 18,129 245,831
Total 1932
Total 1931
31,071 7,723 42,120 11,516
60.252 14,305 92,312 34,513
____ 31,682 27,010 151,122
____ 102,583 22.776 326,741
From
Exported to
Aug.1 1933 to
Great
Ger- I
Oct. 27 1933.
Japan tti
Exports from- Britain. France. many. 1 Italy. Runt China. 'Other.
Galveston.. _
Houston _ _ - _
Corp. Christi
Texas City.Beaumont
New Orleans_
Lake Charles
Mobile
Jacksonville.
Pensacola
Panama City
Savannah...
Brunswick
Charleston Wilmington
Norfolk
New York...
Boston
Los Angeles_
San Francisco
Seattle
Total
Total 1932..
Total 1931_
58,629
86,871
74.541
3,039
1,092
49,206
3,325
8,016
718
12,238
16,244
18.690
2,48
19,19
2,590
7,879
1,455
93
Total.
70,251
66,0351 31.382 __
156,1831 74,937 457,417
88.047 152,130 88,311 ____ 224.614100,149 740,122
46.673 21,447 12.8251 ____ 101,729 25.761 282,976
8,882
__
11,425
3,908 27,254
3,900
650
804
6,448
33,192 47,693 61:73421,274 72,800 34.884 320.782
10,549
11,348 2,200 8,950
11,844 7,311
55,527
3,909 30,478 6,635 -___
5,475 4,291 58,803
4,810
300
5,828
____
17,858 10,716 ____
3,900
628 45,340
183 11,341
---- ---2,500
304 30.568
____
40,521
100 .......
8.698 3,319 71,328
__
____
5,371
25
7.884
27,594
____
931 47,715
4,82.
500
5,325
1.350
206
4.146
___
2,296
1,148 2,944
14,269
SO
968
1,018
____
1,000 ---- __-6,865
623
9.943
50 ---- ---_
2,456
134
2,733
---- --80
---80
366,303265.636 458,222213,90430,22
598.212 263,003 2,195,504
285,295,265,023 581,896 173,695
193,190, 73,309 354,651 130.838
I
362,286247,976 1.916,171
661,423210,334 1,623,745
__ __
____
-Exports to Canada.
-It has never been our practice to include in the
NOTE.
above table reports of cotton shipments to Canada. the reason being that virtually
all the cotton destined to the Dominion conies 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 corning to hand. In view,
however, of the numerous inuuirles we are receiving regarding the matter, we will
say that for the month of September the exports to the Dominion the present season
have been 14,624 bales. In the corresponding month of the preceding season the
exports were 8,842 bales. For the two months ended Sept. 30 1933 there were
32,039 bales exported as against 13,602 bales for the two months of 1932.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton shipboard, not
cleared, at the ports named:
Stock.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
Galveston
118,390 792,298 128,082
Texas City
13,371
78,688 14,132
Houston
119,367 1,157,311 149,322
Corpus Christi
5,639 284,166 7.280
Beaumont_..
5,651
__-New Orleans
66,265 482,078 52,859
Gulfport
Mobile
8.541
63,446 9,647
Pensacola
4,483
80,091 1,211
Jacksonville
401
8,919
196
Savannah
4,532 116,541 6.683
Brunswick
237
7,884
.,
Charleston
1.970
82,488 6,292
Lake Charles-2,188
73,985 7,293
Wilmington
506
10,082 2,044
Norfolk
2,078
18,859 2,331
N'port News_
New York
Boston
Baltimore
135
10,146
496
Philadelphia
3165
GerOther CoastGreat
Britain. France. many. Foreign wise.
Galveston
3.500
New Orleans
8,512
Savannah
10,000
Charleston_ _ _ _
Mobile
5.729
Norfolk
Other ports *
4:866
5.500 7,500 32.000
6,761 16,812 11,974
600
313
4,186
3:666 15:666 67,6615
Total.
Leaving
Stock.
4,000 52,500 695.656
44,059 782.742
10,600 137,361
67.818
10.228 116,741
2o.161
-866 eo;o4:36 1,894,702
Total 1933
32,241 15,574 39,312 115.760 4.500207.387 3.720.181
Total 1932
22.931 20,568 25,549 115,451 3,566 188,0554.056,253
Total 1931
21.649 7,784 19,987 135.278 13,150 197,848 4,171,003
•Estimated.
Speculation in cotton for future delivery was rather
quiet on the 21st inst. and early prices rose 15 to 17 points
on moderate buying by the trade, commission houses and
local traders inspired by a feeling that the week-end developments at Washington would prove helpful. It was
also reported that some outside buying orders were being
scaled slightly under the market. Later however, prices
eased off gradually due to steady hedge selling. Japanese
interests too, were rather steady sellers. Fluctuations
towards the close were rather more violent and at times
prices broke 4 to 5 points between sales but this was
attributed more to the small volume of trading than to
any particular weakness.
On the 23rd inst. the market reflected the general constructive interpretation of President Roosevelt's radio remarks on agricultural values and gold purchases by the
Government. There was an early advance of 23 to 25
points owing to new outside speculative buying and a fair
foreign demand. Another contributing factor to the rise
was the firmness in wheat and stocks. Later on, however,
the market reacted and nearly all of the early gains were
lost due to steady Southern selling. The follow-up demand
proved disappointing,and some early buyers became discouraged over the action of the market and sold. The ending was
7 to 13 points net higher. The uncertainty over the future
course of the dollar and the effect of the gold purchasing
plan as announced by the President made buyers cautious.
On the 24th inst. prices ended 20 to 27 points 'higher on
more active buying stimulated by the Washington announcement that newly mined gold would be purchased on the
25th inst. at slightly above quotations in London and Paris
markets. The market fluctuated within narrow limits most
of the day, but toward the close demand broadened and
the ending was at the top prices of the day. Better Liverpool cables than due, a decline in the dollar, and the
strength of stocks also 'had a bracing influence. Buying
was not aggressive, however, and while Southern pressure
appeared to have lessened, there was considerable cotton
for sale at around the 91
hc. level. Some of this selling, it
was believed, was against option cotton furnished the farmers by the Government in compensation for plowing up
about 10,000,000 acres of this season's cotton. Southern
reports said farmers were holding cotton, and the basis
was firm.
On the 25th inst. prices ended 14 to 18 points higher,
although at one time the advance was greater. The market was moderately active, and there was evidence of more
outside buying interest. Wall Street was a buyer, and so
was the trade. The Government's new gold policy seemed
to create more confidence. There was a good deal of
buying on the theory that recent developments at Washington was inflationary. Stronger markets for stocks and
wheat were also influential factors in the rise. The Census
Bureau reported that up to Oct. 18 there had been 8,605,588
running bales of cotton ginned, compared with 7,309,094
bales last year and 9,496,965 bales two years ago. Reports
from the South, especially from the Western belt, show
many producers are more inclined to accept the market price than sign up for a 40% reduction from the area
planted last spring.
On the 26th inst. prices ended at a loss of about 50c.
a
bale, due partly to increased hedging operations and partly
to the easier tone of other markets. An early
announcement from Washington placing the gold price at $31.54, or
18c. above Wednesday's price, stimulated a
little buying
early, but Wednesday's buying on the theory that an
advance in the gold price was inflationary seemed to
exhaust
this character of buying, and while there was a
scattering
outside interest, it was noticeably less active. Reports
from
the interior stated that offerings of spots were
larger, and
that farmers were most disposed to accept current
prices
Financial Chronicle
3166
than to tie themselves up with a pledge to reduce the acreage next year. Hedging pressure increased as a result of
the larger spot sales. Recent buyers were liquidating.
To-day prices, after early weakness, advanced and ended
8 to 12 points higher. Early weakness was caused by hedge
pressure and selling by spot houses, New Orleans and Continental interests. Later on, however, the trade, Wall
Street, local operators, commission house and Liverpool
buying sent prices upward. There was a good demand for
gray goods at firm prices against requirements in the first
quarter of 1934, and this resulted in a good deal of price
fixing by mills. The advance in securities and grains caused
some outside buying. Final prices show a rise for the week
of 42 to 44 points. Spot cotton ended at 9.85c. for middling,
a rise since a week ago of 45 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. 21 to Oct. 27Middling upland
Sat. Mon. Tues, Wed. Thurs, Fri.
9.40 9.50
9.70 9.90 9.80 9.85
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 27 for each of the past 32 years have been as follows:
1933
1932
1931
1930
1929
1928
1927
1926
9.85c.
6.45e.
6.80e.
11.25c.
18.40c.
19.60c.
21.15c.
12.55c.
1925
1924
1923
1922
1921
1920
1919
1918
20.70e.
24.20e.
31.75c.
23.90e.
18.90e.
22.15c.
37.40e.
32.40e.
1917
1916
1915
1914
1913
1912
1911
1910
28.60e. 1909
19.00c. 1908
12.15e. 1907
1906
14.50e. 1905
11.25c. 1904
9.50c. 1903
14.75c. 1902
14.55e.
9.40c.
10.95c.
10.75c.
10.65e.
9.90c.
10.35c.
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.
Futures
Market
Closed.
Spot Market
Closed.
SALES.
Spot.
Saturday___ Quiet, unchanged__ Barely steady_ _
Steady, 10 pta. adv.. Barely steady - _
Monday
Tuesday --- Steady, 20 pta. adv. Firm
Wednesday.. Steady, 20 pta. adv_ Steady
Thursday _- Quiet, 10 pts. dee_ _ _ Steady
Barely steady.._
Steady,5 pta. ad v
Friday
Total week_
Since Aug. 1
Contr't. Total.
5,200
5,200
300
200
300
300
387
300
500
187
500
687 6,000 6,687
25,044 60,100 85.144
FUTURES.
-The highest, lowest and clos ng prices at
New York for the past week have been as follows:
Saturday,
Oct. 21.
Oct. (1933)
Range__
Closing_
Nov.
Range __
Closing_
Dec.
Range __
Closing_
(1934)
Jan.
Range__
Closing_
Feb.
-
Monday,
Oct. 23.
Tuesday, Wednesday, Thursday,
Oct. 24.
Oct. 25.
Oct. 26.
Friday,
Oct. 27.
9.11- 9.12 9.20- 9.30 9.28- 9.41 9.47- 9.66
9.07n
9.20- 9.41
9.24n
9.46n
9.58n
9.48n
9.54n
9.20- 9.37 9.28- 9.48 9.35- 9.54 9.63- 9.75 9.52- 9.72 9.54- 9.72
9.21- 9.23 9.28- 9.29 9.52- 9.54 9.68- 9.70 9.58- 9.60 9.64- 9.66
9.25- 9.43 9.35- 9.51 9.43- 9.59 9.71- 9.82 9.59- 9.78 9.60- 9.79
9.25 -- 9.35- 9.36 9.59- 9.76- 9.78 9.66- 9.729.33n
9.42n
9.68n
9.83n
9.72n
9.78n
9.40- 9.57 9.50- 9.68 9.58- 9.77 9.86-10.00 9.73- 9.94 9.75- 9.94
9.42- 9.44 9.50- 9.51 9.77- 9.91- 9.92 9.78- 9.85- 9.87
9.48n
9.57n
9.82n
9.98n
9.95n
9.91n
9.52- 9.89 9.65- 9.82 9.71- 9.90 10.00-10.13 9.86-10.07 9.89-10.01
9.55- 9.65- 9.88- 9.90 10.05-10.07 9.92- 9.93 9.98-10.0C
9.62n
9.94n
9.72n
10.11n
9.97n
10.04n
9.67- 9.85 9.80- 9.95 9.86-10.03 10.14-10.25 10.00-10.20 10.01-10.11
9.70- 9.80- 9.81 10.00-10.03 10.18-10.19 10.03-10.04 10.11-10.12
10.30-10.30 10.26-10.21
10.17n
10.26-10.21
nInfalnir
n Nominal.
Range of future prices at New York for week ending
Oct. 27 1933 and since trading began on each option:
Option for-
Oct. 27Stock at Liverpool
Stock at London
Stock at Manchester
1933.
bales- 758,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
Range for Week.
Oct. 1933._ 9.11 Oct. 21 9.66
Nov. 1933__
Dec. 1933._ 9.20 Oct. 21 9.75
Jan. 1934__ 9.25 Oct. 21 9.82
Feb. 1934
Mar. 1934_ 9.40 Oct. 2110.00
April 1934
May 1934__ 9.52 Oct. 2110.13
June 1934
„July 1934._ 9.67 Oct. 2110.25
Aug. 1934
Sept. 1934..
Oct. 1934._ 10.26 Oct. 27 10.30
Range Since Beg nning of Option.
Oct. 25 5.93
6.50
Oct. 25 6.30
Oct. 25 6.35
6.62
Oct. 25 6.84
8.91
Oct. 25 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
Oct. 25 9.27 Oct. 16 1933 11.78 July 27 1933
Oct. 26 10.26 Oct. 27 1933 10.30 Oct. 26 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,
ncluding in it the exports of Friday only.
1932.
628,000
1931.
572,000
113,000
1930.
632,000
81,000
107,000
839.000
735,000
685,000
755,000
488.000
218,000
26,000
61,000
99,000
420,000
185,000
22,000
65,000
82,000
182,000
201.000
10,000
73,000
26,000
399,000
231.000
12,000
90,000
34,000
892.000
774.000
492,000
766.000
123,000
Total European stocks
1,731,000 1,509,000 1,177,000 1.521,000
40,000 103,000
India cotton afloat for Europe__ - 70,000
73,000
American cotton afloat for Europe 467,000 384,000 498,000 496.000
Egypt,Brazil,&c.,afl't for Europe 83,000
85,000 100,000 103.000
Stock in Alexandria, Egypt
341,000 504,000 647.000 577,000
Stock in Bombay, India
587,000 598,000 565.000 430,000
Stock in U. S. ports
3,927,568 4,244,308 4,368,851 3,676,998
Stock in U. S. interior towns___ -1,881,910 2,030,251 1,750,430 1,503,734
65,073
51,334
37,918
2,167
U. S. exports to-day
Total visible supply .
9.153.551 9.47,5,893 9,184.199 8.412,899
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpool stock
Manchester stock
Continental stock
American afloatfor Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
413,000 296,000 212,000 243,000
39,000
59,000
26,000
52,000
818,000 716,000 406,000 613,000
467,000 384,000 498,000 496,000
3,927,568 4,244,308 4,368.851 3,676,998
1,881,910 2,030,251 1,750.430 1,503,734
65,073
51.334
37.918
2,167
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
7,611,551 7.782,893 7,299,199 6,616,899
Total East India, &c
Total American
345,000
332,000
360,000
389.000
42,000
74,000
70,000
83,000
341,000
587,000
48,000
56,000
73,000
85,000
504,000
598,000
87.000
86,000
40,000
100,000
647,000
565,000
71,000
123,000
103.000
103,000
577,000
430,000
1,542,000 1,696,000 1,8F5,000 1,796,000
7,611,551 7.782,893 7,299,199 6.616,899
9,153,551 9,478,893 9,184,199 8,412,899
Total visible supply
5 54d.
Middling uplands, Liverpool
5.624.
4.97d.
6.24d.
9.85c.
6.35c.
Middling uplands, New York.6.70c.
11.20c.
7.66d.
Egypt. good Sakel, Liverpool_ -8.90d.
8.55d. 11.054.
Peruvian, rough good, Liverpool_
4.55d.
Broach, fine, Liverpool
5.27d.
5.70d,
4.61d.
5.13d.
Tinnevelly, good. Liverpool
5.40d,
4.99d.
5.95d.
Continental imports for past week have been 175,000 bales.
The above figures for 1933 show an increase over last
week of 258,696 bales, a loss of 32:1,342 from 1932, a
decrease of 30,648 bales from 1931, and a gain of 740,652
bales over 1930.
AT THE INTERIOR TOWNS the movement--that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to Oct. 27 1933.
9.14n
Range__
Closing_
Mar.
Range__
Closing_
AprtlRange __
Closing.
May
Range._
Closing _
June
Range __
Closing_
July
Range__
Closing _
Aug.
Range__
Closing _
Sept.
Range__
Closing _
Oct.
Range__
Oct. 28 1933
Towns.
Ship- Stocks
menu. Oct.
Week. , Season. Week. 27.
Receipts.
10,595 1,584 11,323
Ala., Rirming'm 1,798
300 6,490
4,852
Eufaula
300
732 43,518
Montgomery. 1,737 20,642
518 48,061
Selma
2,074 28.808
Ark.,Blytheville 10,619 54,749 3,462 52,874
561 11,864
7,965
Forest City... 1,530
Helena
5,715 24,124 2,502 29,567
2,602 29,120 2,939 19,810
Hope
681 5,155
6,53
2,214
Jonesboro
Little Rock
7,778 46,309 4,034 47,415
495 15,729
14,18
3,690
Newport_
Pine Bluff
8,145 50,113 5,828 38,747
19,145 1,165 18,163
Walnut Ridge 5,190
159
Ga., Albany
52 7,561
9,078
Atheni
,
600 18,950 1,340
Atlanta
13,308 2,561172,010
3,344
Augusta
4,556 86,319 3,214138,429
500
Columbus...
6,600 1,000 15,001
427
Macon
9,317
500 34,536
Rome
1.175
4,488
850 6,875
La., Shreveport 3,840
32,783 1,238, 40,231
Mis8,Clarksdale 9,644 73,927 4,672 62,641
Columbus_.. 1,311
7,885
334' 9,703
Greenwood
9,282 97,723 6,0831 99,318
Jackson
2,229
18,097 1.508, 19,456
,
Natchez
314
1,368
54', 3,233
Vicksburg_
1,71
10,341 1,753 10,007
Yazoo City... 2,236 21,699
805 20,125
Mo., St. Louis. 6.421
39,733 6,341
388
N.C.,Greensb'ro
255
1,261
208 17,066
Oklahoma
15 towns*.
68,022 340,058 51,424150,113
S.C., Greenville 5,821
38,966 3,785 84,591
Tenn.,Memphis 87,60'i 526,684 55,299499.532
Texas, Abilene_ 5,689
31,739 5,029 5,501
Austin
404
332 4,287
14,767
Brenham....
485 8,578
660 23,454
Dallas
4,059 54,643 4,924 18,797
Paris
1,887 32,186 2,456 12,106
Robstown
63
124 1,707
4,706
San Antonio.
200
531
200
8,621
Texarkana _ 1,707
973 14,644
13,812
Waco
4,335 62,082 4,896 20,772
Movement to Oct. 28 1932.
Receipts.
Week. Season.
1,861
345
1,394
3,669
18,282
1,657
6,025
3,27.
1,548
12,179
4,760
8,603
7,60
69
1,745
3,431
5,030
1,736
1,216
910
5,205
9,631
518
9,148
2,298
300
1.537
2,700
5,700
809
Ship- Stouts
meats. I Oct.
Week. 28.
10,108 1,362, 5,454
329, 6,901
4,571
524 51,037
17,940
38,267 1,924, 59,951
94,025 13,938 81,984
216 19,518
9,526
2,262 44,763
32,87
34,711 1,5711 32,515
2561 4,710
5,29
7,566 64,0013
50,9
24,72. 1,181 27,515
4,583 132,512
52,23
3,635 24,717
32,70
21 3,195
1,00.
825 46,615
10,87.
20,078 1,717132,309
59,41. 3,057115,440
600 24,324
7,20
280 42,364
12,736
325 9,872
3,696
47,913 1,712 80.405
4,699 80,964
66,27
5,508___ 9.405
73,347 3,651105,889
893 32,284
22,22
200 6,660
4,399
617 20,721
19,172
21,597 1,283 29,013
104
35,321 5,700
322 12,782
2,284
68,201 298,782 31,897160.437
25,850 2,244 68,272
3,0
98.928 560,023 61,334468,867
5,863
.52
14,118
.
15,1316 2,472 4,052
2,192
602 12,166
306 9,397
6,055 44,762 4,644 18,711
3,418 20,308 2,948 15,214
6,185
3
451 1,231
513
8,022
709
980
2,940 25,379 1,44 23,782
6,585 45,237 5,306 17,055
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
increased during the week 96,632 bales and are to-night
148,341 bales less than at the same period last year. The
receipts at all the towns have been 37,679 bales less than
the same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
V°lame
Financial Chronicle
137
Week.
5,700
60
1932
Since
Aug. 1.
36,008
786
3,030
46,645
53.820
253
681
7,500
2,126
41,794
50,145
16,640
143,080
14,184
130,859
496
278
7.527
10,141
3.228
48,617
135
194
3,504
6,415
2.392
36,486
8,301
61,986
3,833
45,293
8,339
81,094
10,351
85.566
-----1933
Oct. 27ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Week.
6,341
403
2,496
7,400
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South
Total to be deducted
Leaving total net overland *
Since
Aug. 1.
39,585
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this week has been 8,339 bales, against 10,351 bales for
the year last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 4,472 bales.
-19321933
In Sight and Spinners'
Since
Since
Aug. 1.
Takings.
Week.
Aug. 1. Week.
Receipts at ports to Oct. 27
348,464 3,272,633 387.507 2,947,547
Net overland to Oct. 27
10,351
85,566
8,339
81,094
Southern consumption to Oct. 27_ 90,000 1,405,000
93,000 1,188,000
Total marketed
446,803 4,758,727 490,858 4,221.113
Interior stocks in excess
681,546
690,046 140.389
96,632
Excess of Southern mill takings
over consumption to Oct. 1_ _ _ _
*128,329
*169,042
____
Came into sight during week
Total in sight Oct. 27
543,435
-___ 5,279,731
North. spinn's' takings to Oct. 27- 27,754
631,247
4.774,330
10,789
252,881
218,463
* Decrease.
Movement into sight in previous years:
Week1931-Oct. 30
1930
-Oct. 31
1929
-Nov. I
Bales.
5.450.654
6,441.807
6,699.249
Bales. I Since Aug. 1766,266 11931
654,75811930
772,26111929
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
C osing Quotations for Middling Cotton on
-
Week Ended
wt.zI.
oaturaay. Monday. Tuesday. wecrgay.i nursa y. r may.
Galveston
New Orleans_
Mobile
Savannah
Norfolk
Montgomery- - Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_ -_ -
9.05
9.15
8.97
9.12
9.22
8.75
9.22
8.80
9.05
8.76
8.70
8.70
9.15
9.22
9.03
9.18
9.28
8.85
9.28
8.90
9.10
8.83
8.80
8.80
9.40
9.45
9.27
9.49
9.54
9.05
9.53
9.10
9.40
9.079.05
9.05
9.55
9.59
9.43
9.65
9.70
9.25
' 9.69
9.30
9.55
9.23
9.20
9.20
9.45
9.12
9.33
9.53
9.'8
9.15
9.59
9.30
9.45
9.13
9.10
9.10
9.50
9.57
9.40
9.65
9.65
9.20
9.65
9.35
9.50
9.24
9.15
9.15
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Oct. 21.
Monday,
Oct. 23.
Tuesday, Wednesday, Thursday,
Oct. 26.
Oct. 25.
Oct. 24.
Fr
Oct. 27.
Oct.(1933) 9.08b-9.111). 9.19- 9.39 Bid.
___
November
Decemb -r_ 9.20- 9.22 9.27 --- 949- 9.50 9.64- 9.54- 9.57 9.6;- 9.62
Jan.(1934) 9.279.33b-9.34a 9.56- 9.73- 9.64- 9.6) Bid
February.
March_ _ 9.40- 9.41 9.49- 9.50 9.73- 9.74 9.89 -- 9.78- 9.80 9.84 April
May
9.56- 9.64- 9.88- 9.89 10.03- 9.9210.01
June
July
9.699.77b-9.79a 10.00-10.1710.0510.11 Bid
August
Septen ber
Octobet
Tone
Steady.
Steady.
SpotSteady
Steady.
Steady. Vet) et'dy•
,
Options... Steady. Barely fitdv Vary sa'rly. Rtondv
Stands?
Steady
ACTIVITY IN THE COTTON-SPINNING INDUSTRY
FOR SEPTEMBER.
-Persons interested in this report will
find it in our department headed "Indications of Business
Activity," on earlier pages.
COTTON GINNED FROM CROP OF 1933 PRIOR TO
OCT. 18.
-The Census report issued on Oct. 25, compiled
from the individual returns of the ginners, shows 8,605,580
running bales of cotton (counting round as half bales and
excluding linters) ginned from the crop of 1933 prior to
Oct. 18, compared with 7,309,094 bales from the crop of
1932, and 9,496,965 bales from the crop of 1931. Below
is the report in full:
State.
Running Bales (Counting Round as
Half Bales and Excluding Linters).
1933.
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
New Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
1932.
1931.
749,454
17,050
598,779
21.646
21.726
899,574
395,087
838,584
85,951
30,284
481.522
690,420
546,327
191,207
3,015,261
19,195
3,513
615.786
19,675
752.775
33,521
12.804
600,343
489,372
721,509
139.997
14.991
391,082
539,789
457,105
158,000
2,344,647
13,009
4.689
946.202
24,150
701.781
65,065
38,836
988,716
526,271
823.837
87.128
23,266
453,612
551.362
657,818
203,758
3,384,202
18,599
2,362
United States
S695 5S0 *7,3^9, i94 *9.496.965
,
x Includes 171.254 bales of the crop of 1933 ginned prior to Aug. 1 which
was counted in the supply for the season of 1932-33, compared with 71,063
and 7,307 balm of the crops of 1932 and 1931.
3167
The statistics in this report include 326.475 round bales for 1933: 246.367
for 1932 and 318,940 for 1931. Included in the above are 1,183 bales of
American-Egyptian for 1933: 2,526 for 1932, and 3.909 for 1931.
The statistics for 1933 in this report are subject to revision when checked
aga nst the individual returns of the ginners being transmitted by mail.
The corrected statistics of the quantity of cotton ginned this season prior
to Oct. 1, are 5,909,746 bales.
Consumption, Stocks, Imports, and Exports
-United States.
Cotton consumed during the month of September 1933, amounted to
499,486 bales. Cotten on hand in consuming establishments on Sept. 30,
was 1,160,457 bales, and in public storage and at compresses 7,374,556
bales. The number of active consuming cotton spindles for the month
was 26,002,148. The total imports for the month of September 1933.
were 7,493 bales and the exports of domestic cotton, excluding linters,were
869,244 bales.
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 ended 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.
-Reports
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph this evening indicate that cotton picking
and ginning has been delayed somewhat by showers and
damp weather in some parts of the cotton belt. Otherwise
conditions have been favorable and picking and ginning
made satisfactory progress. The crop is practically gathered
except in the northern part of the belt.
• Memphis.
-There has been rain on one day. Picking
continues active.
Rain. Rainfall.
dry
dry
dry
dry
1 day 0.34 in.
1 day 0.12 in.
2 days 0.05 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
Vicksburg. Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa, Fla
Savannah, Ga
Atlanta, Gs,
Augusta, Ga
Macon, Ga
Charleston, S. C
Asheville, N.0
Charlotte, N. C
Raleigh, N. C
Wilmington, N. C
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
2 days
3 days
1 day
1 day
0.12 in.
1.02 in.
0.42 in.
0.02 in.
3 days
83 in.
2 days 0.92 in.
1 day 0.02 in.
dry
1 day 0.14 in.
2 days9.06 in.
dry
2 days 1.20 in.
5 days 8.12 in.
5 days 2.80 in.
1 day 0.18 in.
1 day 0.08 in.
4 days 4.47 in.
1 day 0.06 in.
dry
dry
2 days 2.10 in.
1 day 0.01 in.
dry
1 day 0.64 in.
1 day 0.02 in.
1 day 0.20 in.
dry
dry
Thermometer
high 84 low 64 mean 74
high 84 low 64 mean 74
high 84 low 42 mean 63
high 92 low 50 mean 71
high 86 low 68 mean 77
high 86 low 64 mean 75
high 84 low 50 mean 67
high 90 low 62 mean 76
high 86 low 52 mean 69
mean 69
high 88
high 86 low 48 mean 67
high 94 low 60 mean 77
high 82 low 42 mean 62
high 76 low 44 mean 60
high 82 low 42 mean 62
high 82 low 50 mean 72
high 85 low 46 mean 61
high 82 low 40 mean 61
high 84 low 40 mean 62
high 79 low 46 mean 62
high 82 low 44 mean 63
high 78 low 50 mean 64
high 82 low F8 mean 70
high 84 low 68 mean 76
high 78 low 56 mean 67
high 86 low 62 mean 74
high 84 low 50 mean 67
high 74 low 44 mean 64
high 80 low 42 mean 61
high 80 low 44 mean 62
high 79 low 49 mean 64
high 76 low 30 mean 28
high 76 low 35 mean 60
high 80 low 38 mean 59
high 80 low 42 mean 61
high 83 low 39 mean 61
high 78 low 40 mean 59
high 78 low 36 mean 62
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:
Oct. 27 1933. Oct. 28 1932.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gaugeAbove zero of gauge_
Above zero of gauge_
Feet.
2.1
4.4
8.5
7.6
3.5
Feet.
1.6
7.2
10.8
3.0
11.5
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week I
Receipts at Ports.
Stocks at Interior Towns. 'Receiptsfrom Plantations
Ended
1933. I 1932.
1931.
1933.
1932.
93 .
1933. I 1932. I 9131.
July
28-- 103,031 62.468 40,927 1,204,989 1,352.270 798,241 64,4511 52,8841 20,743
Aug.
Nil
96.563 98,638 12.986 1,177,653 1.332,994 776,0151 57,227 79.36
3,518
11- 77,524 75.602 24.023 1,151.524 1,313,467 755,510 51.108 56.07
18-103,437 85,716 49,406 213,973 1.293,783 734,805121,8743,005 82.2 66,032 38.901
86,882 72,600
25__ 142,921 111.142 80,809 1,109.002 1,269.523
Sept.
206,619 164,553126,962 1,111,525 1.261,495 725,430209,142 148,525 117,587
8..188,484183.676 167,441 1,118,779 1,271,735 728.548 195,738 193,916 170,559
15_ 276,295235.434 241,800 1,152.214 1.344,300 749.994 309,710307.999 263,246
22_ 328,745255.127 322,698 1 231,5021,452.801 811.978408,033 356,228 384,682
29._ 406,645322,464445,906 1.366.5891,571.911 945,683541.732 441.574579.611
Oct
.I
1.1,02,765 1.695.4921.141,662 538,013 123,581 713,700
13_ 376,794347.025519,398 1.657.587 1,802.899 1,349,792 531,616454.432 727.528
20..376,859 395,485380,980 1,785,278 1,889,862 1,559,483504,5504R2,448 590,671
27_ _ 348,464387,507453,232 1,881,910 2,030,251 1,750,430445,096 527.896644,179
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 3,957,684 bales;
in 1932 were 3,574,189 bales and in 1931 were 4,304,791
bales. (2) That, although the receipts at the outports the
past week were 348,464 bales, the actual movement from
plantations was 445,096 bales, stock at interior towns
having increased 96,632 bales during the week. Last year
receipts from the plantations for the week were 527,896
bales and for 1931 they were 644,179 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Financial Chronicle
3168
Cotton Takings,
Week and Season.
1932.
1933.
Week.
Week.
Season.
Season.
9,108.254
8,894,855
Visible supply, Oct. 20
7,791.048
7.632,242
Visible supply, Aug. 1
631,247 4,774,330
543,435 5,279,731
American in sight to Oct. 27-279,000
7,000
121,000
8,000
Bombay receipts to Oct. 26_ _ _
18,000
94,000
18,000
142.000
Other India ship'ts to Oct. 26_
55,000
189,000
80,000
317,400
Alexandria receipts to Oct. 25
137,000
120,000
14,000
15,000
Other supply to Oct.25_*b_ _
9,558,290 13,612,373 9,834,501 13,264,378
Total supply
Deduct
Visible supply
9,153,551 9,153,551 9,478,893 9,478,893
355,608 3,785.485
404,739 4,458,822
Total takings to Oct. 27-a
254,608 2,889,485
306,739 3,510.422
of which American
101,000
896.000
98,000
948.400
of which other
receipts in Europe from Brazil, Smyrna, West Indies, &c.
* Embraces
a This total embraces since Aug. 1 the total estimated consumption by
-takings
Southern mills. 1,405,000 bales in 1933 and 1,188,000 bales in 1932
not being available-and the aggregate amounts taken by northern and
foreign spinners. 3,053,822 bales in 1933 and 2,597,485 bales in 1932,
of which 2,105,422 bales and 1,701.485 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Since
Week. Aug. 1.
121,000
7,000
Bombay
Week.
Total all
1933
1932
1931
Since
Aug. 1.,
279,000 14,000
8.000
147,000
Since Aug. 1.
Great
Great Conti- ;Japan&
Britain. neat. I China. Total.1 Britain.
Bombay
12,000
1933
10,000
1932
1931
Other India
5,000 13,000
1933
6,000 12,000
1932
3,000 12,000
1931
Week.
Since
Aug. 1.
For the Week.
Exports
from
-
1931.
1932.
1933.
Oct. 26.
ReceiPtS al
-
1,000 13,000
8,000 18,000
8,000 8,000
18,000
18,000
15,000
5,000 25,000 1,000 31,000
6,000 22,000[ 8,000 36,000
3,000 12.000 8,000 23.000
Conti- Japan &
neat.
China.
Total.
87,000 46,000 143,000
59,000 148,000 212,000
49,000 285,000 339,000
10,000
5,000
5.000
40,000 102,000
25,000 69,000
32,000 65,000
142,000
94,000
97,000
50,000 189,000 46,000 285,000
30,000 128,000 148,000 306,000
37.000 114.000 285,000 436,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
1,000 bales. Exports from all India ports record a decrease
of 5,000 bales during the week, and since Aug. 1 show a
decrease of 21,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
October 25
--
1933.
1931.
400,000
1,585,86i
Receipts (Cantars)This week
Since Aug. 1
1932.
275,000
1,045,676
400,000
1,854,166
Exports (Bales)-
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
To Liverpool
To Manchester, &c
To Continent & India
To America
9,000
8,000
7,000
1,000
25.067
37,802 5,000 19,067
32,718 3,000 17.195 7,000 28.374
97,059 11,000 95,347 11,000 123,613
3,910
11,242
5.480
25,000 178,821 19,000 137,089 18,000 180.964
Total exports
-A cantar is 99 lbs. Egypt an bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Oct. 25 were
400,000 canters and the foreign sh pments 25,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yarns is quiet and cloths is firm. Demand for cloth is improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
1932.
1933.
32s Cop
Twist.
5,1i Lbs. Shirt- Cotton
tugs, Common Iliddl'g
Upl'ds.
to Finest.
32s Cop
Twist.
831 Lbs. Shirt- Cotton
tags, Common Middrg
Uprds.
to Finest.
d.
d.
s. d.
9%010%
7 @91
6.47
7,1€4 934
,
1
9%010%
934010%
8%1010
8%010
7
7
4
4
9 010%
8%10 9%
8341810
8%010
8%010
4
3
3
4
4
8%@10
85pg 934
8%@ 934
8U0 974
4
4
4
4
d.
s. d.
.d.
July-
s. d.
4.67
6.25
5.90
5.16
5.53
1(48 4
2 @85
3 08 6
7 090
4.69
5.51
5.78
6.45
86
85
85
86
86
5.60
5.38
5.47
5.42
5.80
7
5
3
3
3
1492
090
08 8
086
@86
6.57
6.38
5.88
8.07
5.73
8
86
86
86
5.44
5.44
5.51
5.54
3
3
3
3
08 6
0, 8 6
1486
0 86
5.79
5.64
5.46
5.62
Aug.-
15_ _
Oct
09 1
09 1
08 6
@86
ZOOG 66666
Sept.
-
d.
@84
935 C411
,
9 010%
8%010%
8%010%
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 245,831 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Ba'es.
-To Japan-Oct.20-Azumasan Maru,11,250 11,250
CORPUS CHRISTI
4.143
To Liverpool
-Oct. 21-Mercian, 4,143
1,783
To Manchester-Oct. 21-Mercian, 1,783
718
To Bremen-Oct. 21-Haimon, 490_ _ _Oakwood, 228
77
-Oakwood,77
To Gdynia-Oct. 21
2,833
-West Camak, 2,833
To Havre-Oct. 23
250
-West Camak, 250
To Dunkirk-Oct. 23
415
-West Camak, 415
-Oct. 23
To Ghent
500
-West Camak, 500
To Rotterdam-Oct. 23
Oct. 28 1933
Bales.
GALVESTON-To Genoa-Oct. 19-Monfiore, 1,824
1,824
To Naples
Oct. 21-Clara, 150...
-Oct. 19-Monfiore, 500
650
To Leghorn-Oct. 19-Monfiore,_100
100
To Liverpool
-West Hobomac, 5,045---Oct. 25
-Oct. 20
Dramatist, 6,335
11,380
To Manchester
-West Hobomac, 692Oct. 25
-Oct. 20
Dramatist, 1,839
2,531
To Dunkirk-Oct. 21-Toronto, 800
800
To Oslo-Oct. 21-Toronto, 100
100
To Gothenburg
-Oct. 21-Toronto,988
988
To Copenhagen-Oct.21-Toronto,666
666
To Gdynia-Oct. 21-Toronto, 2,600
2,600
To Bremen-Oct. 21-Hohenfels, 3,888; Malmen, 4,372;
Raimund, 7,614
15,874
To Rotterdam-Oct. 25-Breedijk, 804
804
To Venice-Oct. 21-Clara, 1,701
1,701
To Trieste-Oct. 21-Clara, 1,109
1,109
To Japan-Oct. 21-Vancouver Maru, 5,615__ _Oct. 17Azumasan Meru, 5,200--Qct. 21-Sangstad, 4,328....
Oct. 25-Taketoyo Meru, 1,125; Dryden, 6.798
23,066
To China-Oct. 21-Vancouver Mani, 1.000
1,000
HOUSTON-To Bremen-Oct. 19-Raimund, 1,767--Oct. 16Hohenfels, 2,248 ..Oct. 23-Malmen, 10,016_ Oct. 26
-Sangstad. 11,200
25,231
To Naples
-Clara, 850
-Oct. 19
850
To Venice-Oct. 19
-Clara, 1,649
1,649
To Trieste-Oct. 19
-Clara, 2,745
2,745
To Liverpool
-Oct. 21-Induna, 6,999__ _Oct. 23-Mercian,
656
7,655
-Patrick Henry, 9,493-__Oct. 16
-MonTo Genoa-Oct. 20
Bore, 3,571
13,064
To Guayaquille-Oct. 14
-Velma Lykes,32
32
To Japan-Oct. 21-Patrick Henry, 12,979__ _ Oct. 23Taketoyo Meru, 8,900--Oct. 24-Ingola, 5,559
27,438
To China-Oct. 21-Patrick Henry, 1,000__ _Oct. 24-Ingola,
3,800
2,800
To Manchester
-Mercian, 161
-Oct. 23
161
To Rotterdam-Oct. 24-Breedijk, 1,246
1,246
To Antwerp-Oct. 24-Breedijk, 100
100
To Ghent
-Oct. 24-Breedijk, 300
300
To Leghorn-Oct. 16-Monfiore, 300
300
To India-Oct. 16-Monfiore, 42
42
NEW ORLEANS
-To Havre-Oct. 18-Syros, 3,737---Oct. 21Louisiane, 1,950
5,687
To Antwerp-Oct. 18 Syros, 300
300
To Ghent
-Oct. 18-Syros, 1,005
1,005
To Rotterdam-Oct. 18-Syros, 280
280
To Japan-Oct. 18-Sllverelm, 9.700.... Oct. 24-Dardnus,
15,845
6.145
To
18, Sdverelm, 1,400......Oct. 24-Dardnus,375
-Tripp, 400
ToHamburg, Oct. 19
400
-Tripp, 4,040
To Bremen-Oct. 19
4.040
To Gothenburg-Oct. 19
-Tugela, 1,000---Oct. 25-Trolle1,300
holm, 300
To Gdynia-Oct. 19
-Tugela, 2,582.... Oct. 25-Trolleholm,
250
2,832
To Rotterdam-Oct. 21-Recca, 100
100
To Barcelona-Oct.20
-Carlton, 1,048
1,048
To Bolivia-Oct. 21-Carrillo, 200
200
-Tripp, 25
To London-Oct. 19
25
To Dunkirk-Oct. 21-Louisiane, 500---Oct. 25-Trolle1,600
holm, 1,100
To Antwerp-Oct. 21-Louislane, 50
50
-Marina, 900... _Oct.25
0
To Geonoa-Oct.23
-West Ekonk,
1,651
751...
-West Hobomac, 377
TEXAS CITY
-To Liverpool-Oct. 20
377
-West Hobomac, 226
To Manchester
-Oct. 20
226
38
To Oslo-Oct. 21-Toronto 38
216
To Gothenburg-Oct. 21-Toronto, 216
-318
To Copenhagen-Oct. 21-Toronto
318
88
To Gdynia-Oct. 21-Toronto, 88
508
To Bremen-Oct. 21-Raimund, 508
2,500
SAVANNAH.
-To Japan-Oct. 20-Takal Maru, 2,500
933
To Bremen-Oct. 24-Sundance, 933
200
To Rotterdam-Oct.24-Sundance,200
3,759
To Bremen-Oct.25-Hazelside, 3,759
To Hamburg
-Oct.25-Hazelside, 50
50
-To China-Oct.21-Bradien, 2,500
PANAMA CITY.
2,500
-Maiden Creek, 495
495
To Liverpool
-Oct.25
-Maiden Creek, 325
325
To Manchester
-Oct.25
638
To Bremen-Oct. 25-Arizpa,638
525
To Hamburg-Oct. 25-Anzpa, 525
-Habana,200
-To Corunna-Oct.20
200
NEW YORK.
SAN FRANCISCO. To Japan-(7)-1,800
1,800
To Manila-(7)-100
100
-Oct. 19-DInteld1jk, 50
-To Liverpool
LOS ANGELES.
100
Oct. 21-Pacific Trader, 50
-Portland, 500
To Bremen-Oct. 20
500
-Wales Marti, 800 ..Oct. 20-Kwansai
To Japan-Oct. 19
-President Monroe, 1,000
1,900
Maru, 100_ _ _Oct. 23
BRUNSWICK. To Bremen-Oct. 21-Sundance, 237
237
CHARLESTON.
-To Liverpool-Oct. 24
-Wentworth, 3,950_ -- - 3,950
-To Bremen-Oct. 25-Sundance, 1.525
WILMINGTON.
1,525
-Oct.25-Sundance,300
To Ghent
300
PENSACOLA.-To Liverpool-Oct. 26
-Maiden Creek, 80
80
-Maiden Creek, 243
-Oct.26
To Manchester
243
To Bremen-Oct. 26-Arizpa, 251
251
-To Liverpool-Oct.24
-Eglantine, 552
552
LAKE CHARLES.
To Manchester-Oct.24-Eglantlne, 100
100
-Cripple Creek.412
To Bremen-Oct.25
412
-City of Omaha, 865
To Havre-Oct. 24
865
-City of Omaha, 100
To Dunkirk-Oct. 24
100
50
To Antwerp-Oct.21-City of Omaha. 50
-City of Omaha,750
-Oct. 24
750
To Ghent
-City of Omaha, 450
To Rotterdam-Oct. 24
450
MOBILE.-To Liverpool-Oct. 16-Afoundria, 192
192
To Manchester-Oct. 16-Afoundria, 425
425
-West Ekonk,417
417
To Genoa-Oct. 16
City, 2,748
-Gateway
2,746
To Bremen-Oct. 16
-Gateway City, 284
To Gdynia-Oct. 16
284
-Gateway City, 15
15
To Hamburg-Oct. 16
-Gateway City, 150
150
To Rotterdam-Oct. 16
-Clara, 1,606
1,606
To Mestre-Oct. 24
-Clara,50
50
To Trieste-Oct.24
-City of Newport News, 100
-(7)
100
-To Bremen
NORFOLK.
JACKSONVILLE.-To Liverpool-Oct. 24
-Norwegian, 113--113
-Oct.24
-Norwegian,75
75
To Manchester
1,582
To Bremen-Oct.20-Hazelside, 1,496; Sundance, 86
245,831
Total
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High
StandHigh
StandHigh
Density. ard.
Density.
DensUy. ard.
.500.
.650. Piraeus
.750.
.25c. Trieste
Liverpool .25c.
.500.
.650. Salonlca .75c.
.250. Flume
Manchester.250.
.500. Venice
.50c.
.500. Barcelona .350.
Antwerp .35c.
•
• Copenh'gen.38a.
.400. Japan
.250
Havre
• Naples
*
.40o.
.35c.
.500. Shanghai
Rotterdam
.55c. Leghorn
.40o.
.550. Bombay z .400.
.40o.
Genoa
.35e.
.50e. Gothenberg.42c.
.61o. Bremen
.46c.
Oslo
.500.
.57c. Hamburg .35e.
Stockholm .420.
Only small lots
*Rate Is open.
-Sales, stocks, &c., for past week:
LIVERPOOL.
Forwarded
Total stocks
Of which American
Total imports
of which American
Amount afloat
Of which American
Standard
.900.
.90c.
.65c.
.530.
.Mc.
.550.
.57o.
Oct. 13. Oct. 20. Oct. 27.
Oct. 6.
53,000
56,000
48.000
48,000
746.000 753,000 752,000 758,000
394,000 399.000 404,000 413,000
58,000
52,000
46,000
49,000
46,000
31,000
26,000
23,000
160,000 160,000 166,000 166.000
98,000
93,000 101,000 108,000
Financial Chronicle
Volume 137
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Monday,
Friday.
Moderate
demand,
A fair
business
doing,
Moderate
demand.
5.53d.
A falr
business
doing,
Tuesday, Wednesday. Thursday.
Moderate
demand,
Saturday.
Market, 1
12:15
P. M.
5.484.
5.544.
Mid.Uprds
Good
demand.
5.544.
5.53d.
5.54d.
Steady, unFutures.
{ Steady, Steady, un- Steady, Steady, tin5 to 7 pts. ch'ged to 2 3 to 5 pts. ch'ged to 2 Steady, changed to
Market
pts. adv. unch'ged. 2 pts. decl.
decline.
opened
advance. pts. adv.
Market,
4
P.M.
Steady
Quiet but
Steady,
Steady,
Quiet but Quiet but
stdy., 3 to stdy., 1 to Ito 2 pts. 1 to 2 pts. Indy., u1-2 to 3 pta.
advance. ch'ged to 2 advance.
5 pts. adv. 3 pts. dec. decline,
pts. adv.
Prices of futures at Liverpool for each day are given below:
Sat.
Oct. 21.
to
Oct. 27.
I
Mon.
I
Tues.
Wed.
I Thurs.
Fri.
2.1.11)aa.aol z.w
12:15 12:30 12:15 4:0012:15 43.11) LZ:loi '*;u1.10 .
p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. W.p. m.p. m.p. m.rp. m.
New Couraa. d.
October (1933) __ __
January (1934) _ __
March
May
July
October
December
January (1935) __ __
March
May
July
d.
5.34
5.34
5.31,
5.38
5.40
d.
5.33
5.33
5.3.5
5.37
5.39
5.4 __ _
5.50_ _
d.
5.31
5.31
5.34
5.36
5.38
d.
5.28
5.28
.5.30
5.32
5.34
d.
5.30
5.30
5.32
5.39
5.36
d.
5.33
5.32
5.33
5.34
5.36
d.
5.32
5.31
5.33
5.3
5.36
d.
5.3
5.33
5.34
5.3
5.36
d.
5.34
5.33
5.3
5.3
5.36
d.
5.3
5.33
5.3
5.3
5.
d.
5.37
5.36
5.37
5.38
5.39
5.45__ __ 5.43-- __ .5.43__ __ 5.43 ____ 5.46
5.49... __ 5.47-- __ 5.47 __ __ 5.47 ____ 5.49
BREADSTUFFS.
Friday Night, Oct. 27. 1933.
FLOUR has been in rather small demand. Prices for the
most part moved with wheat. At one time leading grades
were 65 to 85c. above last week's prices.
WHEAT fluctuated violently during the week, and in the
end showed a rise for the week on continued Government
buying and President Roosevelt's statement regarding gold
purchases, and prospects for early recognition of Soviet
Russia. On the 21st inst. prices advanced more than 2c.
4
early, but reacted toward the close and ended 1 to %c.
higher. Bullish enthusiasm was fired by reports of the
probable recognition of Russia by the United States and a
feeling that the week-end developments at Washington
would prove helpful. Profit-taking sales held the market
within comparatively narrow range. Continued buying by
the Government for relief purposes and stronger outside
markets offset all bearish influences.
On the 23rd inst. futures closed 3% to 4%c. higher, on
good buying by Eastern interests and local professionals,
In-spired by the general constructive interpretation of the
President's speech on agricultural values and gold purchases
by the Government. Closing prices were about the best
of tile day. Commission houses were steady buyers. Offerings were light. There was a slight recession towards the
end on profit-taking sales. Winnipeg advanced 2% to 3%c.,
owing to unfavorable weather and very light country marketings. Liverpool was firm, owing to a stronger Buenos
Aires market. Liverpool was % to 1%d. higher on buying
inspired by unfavorable reports on the Australian crop. On
the 24th inst. prices ended 114 to 11
,4c. lower. There was a
slight advance early on buying by Eastern and local interests, influenced by the strength of rye, but it was only
momentary. A reaction followed under general long liquidation inspired by Washington reports that the Government
buying had ended, at least for the present. The Government was said to have purchased sufficient wheat for relief
purposes for the present. Some of the selling was induced
by talk of the possibility of importing German soft wheat.
Liverpool ended % to %d. lower, and Winnipeg was % to
lc. off. Export demand for Canadian wheat was quiet.
One authority placed the- wheat crop in the three Western
Provinces at 247.000,000 bushels, or 20,000,000 bushels less
than last month's forecast.
On the 25th inst. prices closed 2% to 3
/ higher, on
1
4c.
good buying by Eastern and local interests, based on the
constructive interpretation put upon recent developments
at Washington. The strength of stocks also induced buying. There was a moderate recession towards the close.
en heavy general liquidation. Trading was brisk, but there
was absence of outside buying interests. Cash wheat was
1 to 2c. higher. Outside markets were strong. Liverpool
1d.
2
closed IA to / higher.
• On the 26th inst. prices ended 2% to 3e. lower, under
scattered selling by discouraged holders. Depressing factors were the announcement from Washington that Government buying for relief purposes would cease for the present,
and disappointing cables. Eastern interests were selling.
There was a lack of aggressive buying. Liverpool was 11
/
4
/
2d.
to 11 lower. Russian shipments were 1,824,000 bushels,
and Danubian exports 776,000 bushels. Winnipeg was 1%
to 2c. lower.
To-day prices ended 3% to 3%c. net higher, and went
Into new high ground for the movement. Minneapolis was
•2%c. higher, and Kansas City 3% to 3%c. up. Early prices
at Chicago were lower. Confirmed reports that the,Government was buying cash wheat revived bullish enthusiasm
and resulted in good general buying. The Government's
efforts to raise prices have pushed all other influences
3169
into the background. The early weakness was due to reports of more favorable weather in Australia, beneficial
rains in the Argentine, and a better crop outlook there.
Subsequently a stronger stock market and rising prices for
cotton caused buying, and consequently an advance. Final
prices show a rise for the week of 6% to 7%c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
92% 101% 100% 103% 101% 105
No.2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
82
86% 85
December
88
85% 89%
85
89
88
May
91% 88% 91%
87
85% 88% 85% 8934
July
83
Season's Low and When Made.
Season's High and When Made.
July 18 1933 December__ 67%
Oct. 17 1933
December-124
71%
Oct. 17 1933
July 18 1933 May
May128%
Oct. 17 1933
Oct. 2 1933 July
July
7034
93%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sal. Mon. Tues. Wed. Thurs. Fri.
6434 63% 65% 63% 64%
61
October
61% 64% 63% 6534 63% 64
December
65% 6834 67% 6934 6734 67%
May
INDIAN CORN moved nervously with wheat, and shows
an advance for the week. Like other markets, it readily
responded to the President's statement on gold purchases.
On the 21st inst. prices closed % to %c. higher, in response
to the advance in wheat. Commission houses and local
operators bought. Wet weather over the belt is restricting
the movement of corn. Country offerings to arrive were
moderate. On the 23rd inst. prices followed those of wheat
upward, and ended 2% to 3c. higher. The President's speech
inspired support. Country offerings to arrive were smaller,
producers being inclined to hold for higher prices. On the
24th inst. prices ended % to %c. lower, being influenced by
the trend of wheat. Local operators sold. Commission
houses were on both sides of the market. Country offerings
to arrive were larger. On the 25th inst. prices were under
the influence of trend in wheat, and closed 2 to 2%c. higher.
Commission houses were buying. Profit-taking sales caused
a reaction towards the close. On the 26th inst. prices ended
14 to lAc. lower, in sympathy with wheat. Early prices
were firmer on buying induced by the announcement that
the Government woqld loan farmers, for corn held in warehouses, on the basis of 50c. a bushel at Chicago. To-day
prices advanced more than 2c. from the early low, and
ended ty to 114c. net higher. The chief influence was the
4
/
advance in wheat. Final prices show an advance for the
week of 5% to 5%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
58% 61% 61% 62%
5534 59
DAILY CLOSING PRICES OF CORN FUTURES IN CHIAGO.
Sat. Mon. Tues. Wed. Tues. Fri.
December
43% 45% 4534 47% 4734 48%
May
4934 5234 51% 53% 52% 54%
July
5134 5434 5334 5534 54% 56%
Season's High and When Made.
Season's Low and When Made.
December.-- 77
July 17 1933 December___ 3734
Oct. 14 1933
May
82
July 17 1933 May
Oct. 14 1933
4334
July
57
Oct. 4 1933 July
Oct. 14 1933
46
OATS show an advance for the week on buying based on
the President's gold purchasing announcement. On the 21st
inst. prices ended % to 1%c. higher, on buying by commission houses. Offerings were readily absorbed. Pressure
was light. On the 23rd inst. prices responded to the advance
in wheat and corn, and ended 2% to 2%c. higher. Receipts
were small and cash demand good. On the 24th inst, prices
ended %c. lower to %c. higher. Commission houses were
fair buyers. There was a good demand from cash interests.
On the 25th inst. prices ended 1% to 2%c. higher, owing
to fair buying by commission houses and a lack of pressure.
Receipts were small and shipments larger. On the 26th inst.
prices declined in sympathy with wheat, and ended 1% to
2c. lower. Support was lacking. To-day prices ended 11
4
to 1%c. higher, with wheat strong. Final prices show a rise
for the week of 4% to 5%C.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Tues, Fri.
No.2 white
41% 443-4 44% 48% 44% 45%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
3334 35% 3534 37% 3534 3734
May
35% 38% 3834 4034 38% 3934
July
33% 353-4 36
3734 35% 37%
Season's High and When Made.
Season's LX)W and When Made. 3
r93
December.-- 52%
Oct.
July 17 1933 December-- 25
May
56%
July 17 1933 May
28%
Oct. 17 1933
July
40%
Oct. 3 1933 July
27%
Oct. 17 1933
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs, Fri.
October
3134 32% 30% 31%*
2934 31
December
303-4 313-4 3234 33% 31% 3234
RYE was dull and featureless on the 21st inst., and the
eliding was 1
4c. lower to %c. higher, with commission houses
on both sides of the market. On the 23rd inst. prices followed the trend of wheat and other major markets and
ended 3 to 4c. higher. A cargo of Polish rye, it was rumored,
had been bought to come to this country through Gulf ports.
On the 24th inst. prices closed 1% to 2%c. higher, on a
good demand from commission houses and local operators,
stimulated by reports that the import duty would be raised.
Bids on rye to arrive were advanced 7c., the basis being
8%c. over December, net Chicago. The duty on rye is
expected to be raised to 222 as compared with tile present
/
1c.
duty of 15c. On the 25th inst. prices ended 314 to 3%c.
/
higher on buying stimulated by the agitation for an embargo
on rye. At one time prices rose nearly Sc., but profittaking sales caused a reaction. Commission houses were
good buyers. On the 26th inst. prices ended 1% to 21/4c.
3170
Financial Chronicle
lower, despite repors that an embargo would be placed on
further imports of foreign rye. There was considerable
long liquidation. To-day prices ended 1% to 2%c. higher,
on a good outside demand. Chicago December was 18c.
over Winnipeg, or very close to an import basis. Final
prices are 7% to 8%c. higher than a week ago.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
5331 5631 5831 6231 6031 62
May
• 5931 63
65
6931 6631
July
5931 6331 6531 6831 6631 6831
6831
Season's High and When Made.
Season's Low and When Made.
December_
%
July 19 1933 December__ 44
Oct. 17 1933
May
July 19 1933 May
1165-.‘
Oct. 17 1933
51
July
69%
Oct. 25 1933 July
Oct. 17 1933
5231
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
3931 3431 4131 4331 4231 4331
December
4031 3631 4231 4431 4334 44
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
44
47
47
4931 4831 5031
May
4931 5231 5131 5331 5231 5431
July
5031 5331 524 5431 5331 5531
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sot. Mon. Tues. Wed. Thurs. Fri.
October
3231 3474 35
3531 3431 3431
December
34
3631 3531 3631 3531 3531
Closing quotations were as follows:
GRAIN
Wheat, New YorkOats, New York
No.2 red. c.i.f., domestic_ _ _ 105
No 2 white
4574
Manitoba No. 1.f.o.b. N.Y.. 7331
No. 3 white
4431
Rye.No.2.f.o.b.bond N.Y. 5031
Corn, New YorkChicago, No.2
nom'l
No.2 yellow, all rail
62% Barley
62%
No.3 yellow.all rail
N Y 474 lbs. malting_
611
Chicago. cash
45-71
FLOUR
Spring pats- high protein $6.904 2 Rye flour patents
34 70 $5.10
Spring patents
6.65- 6.91 Beminola, bbl., Noe. 1-3 8.25- 8.75
Clears, first spring
6.50- 6.70 Oats goods
2.43
5
Soft winter straights---- - 90 8.30 Corn flour.
180
Hard winter straights.-- 6.50- 6.75 Barley goods
6.75- 7 01
Hard winter patents
Coarse
4.00
600- 625
Hard winter clears
Fancy pearl.Nos 2.43:7 5.50- 5.70
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Flour. I Wheat. I Corn.
Rye. I Barley.
I Oats.
bbls.196Ibs.bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.561bs. bush.48168.
171,000
Chicago
238,090 2,429,000
193
12,000 142,000
750.000
Minneapolis196,000,
83.0001
47,000 252,000
Duluth
1,282,000
67,000
174,0001
48,000 25 ,000
Milwaukee_ _ _
14,000
399.090
45,000
1,000 136,000
Toledo
101,000
38,000
32,00
2,000
I
Detroit
45,000
9,0001
14,000
19,000
11.000,
Indianapolis_
32,000
502.000,
56.000
126,000
119,000
St. Louis_
185,000,
48,000
2.0001
49.000
23,111
36.000
Peoria
406,000,
21.000
14,000
50,000
415,111
13,000
Kansas City-293,000
20.000
169.000
Omaha
304.0001
24,000
St. Joseph_
113,000i
89,0001
13,000
Wichita
17.000,
84,0001
Sioux City_ _
13,000
23.0001
13,000
7,000
847.000
Buffalo
41,000 244,000
1,820,0001
Receipts at-
Total wk. '33
Same wk. '32
Same wk. '31
353,000 5,202,000
415,010 10,636,090
500,000 8.454,000
5,814,000
7,252,000
2.905,000
779.000 379,000
1,007,000 335,000
1,523,000 1,215,000
911,000
836,000
344,000
I
I
Since Aug.1I
3,823,000 83,409,000 57,771.000 33,211,000 4,385.00018,401,000
1933
4,656.000 142,144,000 62,234.000 42.343,000 4,434,00014,729.000
1932
5,960.000 144.059,000 35.353,000 28,524,00015,107,000 2,545.000
1931
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Oct. 21, follow:
Receipts al-
I
Flour.
Wheat. I
Corn.
I
Oats.
I
Bye.
I Barley.
bbls.1911bs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.561bs. bush.481bs.
134,000
162,000
New York_ __
722,000
71,000
Philadelphia_ _
34,000
78,000,
24,000
10,000
8,000
Baltimore_ _ _
19.000,
6,000
11,000
9,000
11,000
Newport News
1.000
New Orleans•
69,0001
9,000
30,000
24,000
Montreal _ _ 103,000 2,899,000
28,000
Sorel
308,000
I
Boston
51,000
17,000
2,0001
10,000
Quebec
513,000
5,000
Halifax
7.000
286,000
Total wk. '33 332,000 4,586,000
Since Jan.1'3312,143,000 82,074,000 4,973,000
150,000
3,703,000
21,000
3 0,000
614,000
41,000 138,000
Week 1932_ _
314,000 4,392,0001
659,000
64,000
Since Jan.1'32 13,085,000130,003.000.4.934,000 9,683,00011,098,000 7,461,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, OA. 21 1933, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
694,000
17,766
2,000
1.000
1,000
3,000
28,000
103,000
2,899,000
308,000
513,000
5,000
7,000
New York
Boston
Newport News
New Orleans
Montreal
Sorel
Quebec
Halifax
ii ....
t Total week 1933.._ 4,414,000
...ma somik 1932
5.045.000
2,000
139.000
137,766
81.292
28,000
557.000
71,000
138,000
The destination of these exports for the week and since
July 1 1933 is as below:
Oct. 28 1933
Flour.
Exports for Week
and Since
Week
Since
July ItoOct. 21
July 1
1933.
1933.
United Kingdom_
Continent
So.St Cent. Amer..
West Indies
Brit. No.Am.Col
Other countries_ _ _
Total 1933
Total 1932
Wheat.
Week
Oct. 21
1933.
Corn.
Since
July 1
1933.
Week
Oct. 21
1933.
Since
July 1
1933.
Barrels. Barrels. Bushels.
Bushels. Bushels. Bushels.
978,000 17,157,000
74,320 1,075,985
302,318 3,435,000 24.969,000
36,081
1,000
17,000
77,000
14,000
1,000
254,000
12,000
20,000
3,000
12,365
92,280
155,000
2,000
5,000
137,766 1,744,583 4,414,000 42,370,000
81.292 1.145.638 5.045.000 64.922.000
2,000
139.000
25,000
704.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Oct. 21, was as follows:
United States
Boston
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.
5,000
309,000
120,000
227,000
25,000
104,000
43,000
517,000
1,712,000
19,000
31,000
205,000
290,000
4,000
91,000
608.000
6,191,000
79,000
737,000
44,000
2,199,000
18,000
5,620.000
4,824.000 2,736.000
532,000
36.628,000 3,314.000
624,000
9,718,000 6,837,000 2,925,000
659.000
781,000
529,000
5,333,000 2,291,000
512,000
944,000 1,842,000
931,000
377,000
30.000
392,000
6,302,000 18,376,000 5,732,000
1,142,000
540,000
549,000
157,000
650,000 2,366,000 3,582,000
29,642,000 3,185,000 17,919.000
19,261,000 4.035.000 11,006,000
405,000
12,000
22,000
6,105,000 9,854,000 1,676,000
388,000
7,573,000
101,000
573.000
75,000
Rye,
bush.
Barley,
bush.
9,000
21,000
22,000
6,000
3,000
8,000
2,000
76,000
79.000
197,000
9,000
27,000
20,000
64,000
79,000
29,000
11,1)00
23,000
3,667,000 1,602,000
1,154,000
396,000
32,000
1.13,000
3,622,000 8,826,000
2,737,000 2,970,000
30,000
32,000
1,423,000
840,000
92,000
80,000
Total Oct.211933_ _ _145,985,000 59,397.000 47,867,000 13,131,000 15,850,000
Total Oct. 14 1933 _146.693,000 59,244,000 48,274,000 13,006,000 15,657,000
.
Total Oct.22 1932_ _186,177,000 26.195,000 27,423,000 8,498.000 7,116,000
Note.
-Bonded grain not included above: Wheat, New York, 887,000 bushels:
New York afloat, 402,000; Boston, 13,000: Buffalo, 2,947,000: Buffalo afloat,
1,633,000; Duluth, 18,000; Erie, 1,393,000; Canal, 1,103,000: total, 8,396,000
bushels, against 14,531,000 bushels in 1932.
Corn,
Wheat,
Oats,
Rye,
Barley,
bush,
Canadianbush,
bush,
bush.
bush.
Montreal and other water
39,841,000
points
2,952,000
959,000 1,428,000
Ft. William & Pt. Arthur_64,503,000
4,154,000 2,386,000 4,806,000
17,789,000
Other Canadian
964,000
84,000
649,000
Total Oct.21 1933_.....122,133,000
Total Oct. 14 1933_ -117,448,000
Total Oct.22 1932_ _111,073,000
Summary
145,965,000 59,397,000
American
122,133,000
Canadian
8,070.000 3,429,000 8,883,000
7,964,000 3,758,000 8,888,000
2,948,000 3,600,000 1,724,000
47,867,000 13,131.000 15,850,000
8,070,000 3,429,000 6,883,000
Total Oct. 21 1933.....,268,098.000 59,397,000 55,937,000 16,560,000 22,733,000
Total Oct. 14 1933_ _ _2(34,141,000 59,244,000 56,238,000 16,764,000 22,325,000
Total Oct.22 1932-.297,250,000 26,195,000 30,371,000 12,098,000 8,840.000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Oct. 20, and since July 1 1933 and July 2
1932, are shown in the following:
Wheat.
Exports.
North Amer_
Black Sea...._
Argentina_ __
Australia _
0th. countr's
Total
Week
Oct. 20
1931.
Since
July 1
1933.
Corn.
Since
July 2
1932.
Week
Oct. 20
1933.
Bushels. I Bushels. I Bushels,
Bushels.
6,300.000 69,061,000101,898,000
6,000
1,488,000 11,696,000 8,992,006 357,000
1,253,000 41,787,000 12,586,000 4,217,000
1,002,000 28,281,000 25,289,000
584.000, 8,392,000 12,877,0001 127,000
10,627,000159.217.000161,642.000I 4,707,000
Since
July 1
1933.
Since
July 2
1932.
Bushels.
Bushels.
77.
915,000
14,963,000 9,268,000
67,752,00 89,001,000
1.79.000 11,208,000
84,588,00 110,390 000
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
OCT. 25.
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Oct. 25, follows:
Attending the eastward progress of an extensive "high," much cooler
weather overspread the northwest and interior States at the beginning of
the week, with freezing temperatures reported on the morning of the 19th
as far south as southwestern Virginia. There was a subsequent rapid rise in
temperature, and the middle part of the period was abnormally warm in
the central valleys and eastern States. Later a second extensive "high"
moved eastward, attended by another drop in temperature, with freezing
again reported in the western Lake region and much cooler weather in
the Ohio Valley and the East.
Rainfall was scanty, with most sections of the country having fair weather
until the latter part of the week when showers were widespread from the
Mississippi Valley eastward. There was some snow in the northwestern
States and western Lake region; Duluth. Minn., reported eight inches.
Chart I shows that the temperature for the week averaged below normal
from the Ohio and lower Missouri Rivers northward and northwestward.
It was especially cold in the Northwest where the weekly mean temperatures
were as much as 10 deg, below normal in places. In the upper Mississippi
Valley and western Lake region they were mostlyfrom 3deg.to 5 dog, below,
and in the eastern Lake region 1 deg.or 2deg. Elsewhere it was warmer than
normal, especially in the South, Southwest and Far West. In the South
Atlantic and Gulf States the mean temperatures were generally from 4 deg.
to 10 deg, above normal, while nearly all sections west of the Rocky Mountains had excesses ranging from 3 deg. to 9 deg.
This chart shows also the southern limit of freezing weather reported
from first-order stations. In the East, minima of 32 deg. or lower, reached
southward to Lynchburg and Wytheville. Va., but in the lower Lake
region and Ohio Valley they were mostly from 36 deg. to 40. Farther west
freezing occurred to south-central Iowa and north-central Kansas, while
18 deg. to 20 deg. were recorded in the northern and northwestern Croat
Plains. The lowest reported from a first-order station was 16 dog. at Valentine, Neb., on the 22nd.
•
Chart II shows that rainfall was heavy at points along the south Atlantic Coast, locally in Alabama, the western Lake region, and parts of
Oklahoma. Arkansas and Missouri. Moderate amounts occurred in most
of the Ohio Valley and the far Northwest,with some heavy falls along the
north Pacific Coast. However, a large area of the Southwest, extending
to the Pacific Ocean and comprising one-fourth or more of the United
States, had an entirely rainless week.
Volume 137
Financial Chronicle
With the exception of local interruption by rains to field work in Arkansas, Missouri, the western Lake region, and some adjoining sections.
the week was quite favorable for seasonal farm operations rather generally
from the Great Plains eastward. Fall work is well abreast of the season
and harm, so far, from frost has been confined largely to late truck crops
and gardens. West of the Great Plains cold,stormy weather, with considerable snow in some places interrupted fall work from the northern Great
Plains westward to Washington; otherwise, conditions were favorable for
harvesting and storing crops, but it was rather generally too dry for working
the soil.
The week brought no important change in the soil moisture situation
except in limited areas. The outstanding favorable feature was the generous jurecipitation that occurred from the State of Washington eastward
to and including much of Montana, when the increased moisture was
timely and of marked benefit. To the southward, however, the drouth
situation is still greatly unrelieved, and general precipitation is badly
needed in nearly all central and southern sections from the Rocky Mountains westward.
East of the mountains the week brought timely showers to eastern
Kansas, most of Missouri, and rather generally from the Ohio Valley
northward. These were especially favorable for fall seeded grains and
late pastures. Drouthy conditions are still unrelieved in the Great Plains.
with rains especially needed in northwestern Oklahoma, southwestern
Kansas,and from Nebraska northward. In the South and East soil moisture
is sufficient for present needs in the Ohio Valley States, where recent weather
has been decidedly favorable,and also in the middle Atlantic area southward
to Virginia, and in most south Atlantic districts. There is a decidedly dry
area, comprising most of Virginia, North Carolina,southeastern Kentucky.
and eastern Tennessee, while rain is still needed in extreme western Florida,
and from western Alabama westward to and including Texas.
SMALL GRAINS.—Winter wheat made fine growth in the Ohio Valley
and stands are generally good,though seeding is still difficult in southeastern
Kentucky and parts of Tennessee. In Iowa and Missouri wheat is generally doing well with some being pastured in the latter State. In Kansas
seeding is completed,
except in the southwest where it is three-fourths
done, but further work is being delayed by lack of moisture; condition
is good in the east and fair in the central part, but poor to only fair in the
west. In Texas and Oklahoma progress was fair to good, but further
seeding made only slow advance due to dry soil, and rain is needed generally. Moisture is still rather badly lacking in most sections from the
Dakotas and Nebraska westward,except in the more northwestern portions,
with the soil generally dry and many winter grains not germinating well.
Good rains or snows occurred in Montana,northern Idaho,and Washington,
with the moisture especially beneficial in the last-named State. Showers
were helpful in many parts of the dry southeast and considerable fall
plowing was accomplished during the week, but general rains are still
desired in North Carolina and Virginia, where hard soil is retarding this
work.
CORN AND COTTON.—Corn husking has begun or is well under way
rather generally in the main producing area, though drying was retarded by
cloudy, showery weather in the central and eastern portions of the belt.
In Iowa husking progressed rapidly in the north and west, but slowly in
the southeast where the grain is still too moist to crib.
Cotton picking and ginning were delayed some by showers and damp
weather in the northwestern belt, including eastern Oklahoma, western
and northern Arkansas, and some other central northern districts. Otherwise conditions were mostly favorable for field work, with picking and
ginning advancing satisfactorily. The cotton crop is practically gathered,
except in the northern part of the belt.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Temperatures considerably above normal in east.
but about normal in west and northwest. Light frosts general on 19th,
except in southeast; killing frosts in sections of valley. Precipitation negligible to moderate. Drouth in Norfolk area, with late seeds dormant and
late truck and pastures poor to good. Elsewhere husking corn continues:
considerable immature or decaying Hard ground still retarding seeding of
small grains, but many fields dOing well. Harvesting apples nearing
completion.
North Carolina.—Raleigh: Rather mild, with some beneficial showers,
though most of State still very dry and general rain needed. Good progress
in harvesting and housing cotton, corn, sweet potatoes and other crops
and seeding wheat. Picking cotton three-fourths done.
South Carolina.—Columbia: Week mild and relatively dry. Fall plowing good progress on favorable soil. Oat and wheat sowing progressing;
oat seeding well advanced. Sweet potato harvest continues. Cotton picking has been pushed and is practically completed: ginning continues. Haying about finished. Beans are being picked on coast.
Georpia.—Atlanta: Mostly light showers latter part. Considerable plowing accomplished; sowing winter grains and late crops progressing. Picking
cotton practically completed. Harvesting other crops well along. Late
truck and pastures improved generally, though moisture needed in southwest where cane and late crops suffering from drouth.
Florida.—Jacksonville: Drouth continues in extreme west; moderate rain
in interior and excessive on east coast. Cotton and corn season practically
over. Sugar cane fair to good;some grinding. Potatoes fair: sweet potatoes
fair to good. Strawberries will be late; planting continues. Citrus good;
some splitting.
Alabama.—Montgomery: Week warm for season; moderate to heavy
rains in south and east, but soil dry in west and northwest. Picking cotton
finished, except at scattered points in north. Planting winter grains, cover
crops and vegetables advancing rapidly, except in dry areas. Harvesting
corn, sweet potatoes and other summer crops well advanced.
Mississippi.—Vicksburg: Light or no rain; slightly warm. Top crop of
cotton very poor; picking approaching completion to northern border;
ginning fair progress. Progress of gardens, plowing, pastures and truck
generally poor.
Louismna.—New Orleans: Warm, with very little rain. Continued
favorable for harvesting crops and all cotton is out, with rice nearly all
threshed and corn gathering nearing completion. Cane cutting begun
more generally; condition fairly good. More moisture needed in many
localities for truck and seeding of small grains.
Teras.—Houston: Slightly warm in most sections; scattered showers in
east, mostly along coast. Picking and ginning cotton progressed rapidly
and practically completed, except in northwest where there is a top crop.
Sowing winter grains slow, as soil too dry, though some early-planted wheat
up to good stands. Conditions favorable for truck in extreme south. Livestock and ranges fair to good. General rain needed.
Oklahoma.—Oklahoma City: Warm and dry in west, north-central and
south-central, but moderate to heavy rains elsewhere. Picking cotton good
progress in dry areas, but only fair advance elsewhere; picking nearing completion in some localities. Most corn gathered. Progress of winter wheat
fair, except poor in extreme northwest where moisture needed; crop affording some pasture. Broomcorn harvest nearly completed in panhandle.
Pastures and livestock fair, except poor in extreme northwest.
Arkansas.—Little Rock: Cotton picking delayed in west and north by
damp, rainy weather of past week; rapid progress elsewhere and picking
about completed over large portion of State. Some fields of late corn still
In roasting-ear stage, but remainder matured. Weather very favorable
for all fall and winter crops.
Tennessee.—Nashville: Favorable for drying corn and excellent progress
in harvesting cotton, corn, potatoes and peanuts. Late growing crops
checked by frosts, but no damage. Firing dark tobacco continued, and
late cuttings curing; green stripping of burley begun. Plowing and seeding
continued where sufficiently moist, but some areas very dry and stock
water scarce.
Kentucky.—Loulsville: Temperatures variable: light to heavy frosts in
north, but damage slight. Moderate to heavy rains in north and west, but
still dry in southeast where pastures dried and seeding difficult. Otherwise
progress of seeding good; finished in north and continues in south. Favorable for curing late tobacco.
THE DRY GOODS TRADE
New York, Friday Night, Oct. 27 1933.
Although the much cooler weather of the last few days,
as well as better reports from the security markets, produced by the new monetary policies of the Administration
caused retail sales to show a slight improvement, the
3171
volume of business for the week as a whole continued to
fall behind the record for the same period of last year.
For the first half of October, according to compilations made
by the Federal Reserve Bank of New York, sales of New
York and Brooklyn department stores were 1.7% below those
of the first half of October 1932, while Northern New Jersey
sales •were 5.5% lower, making the total decline 2.2%.
Although this result indicates a certain relative improvement over the first half of September, when the decline
as compared with the preceding year was 7%, nevertheless
it cannot be construed other than unfavorable inasmuch
as retail prices, on the average, are now about 15% above
those of a year ago, so that the drop in dollar volume means
that unit sales have decreased a little over 17%. It may
be left to conjecture to what extent the disappointing trend
in retail business is attributable to previous anticipatory
buying on the part of the public, to continued failure of
consumer purchasing power to show more striking improvement or to the growing resistance of buyers to higher
price demands.
Inactivity again featured the wholesale dry goods markets, with the result that reports of price concessions continued to circulate. Re-orders by retailers were few and
far between, as store inventories are ample and retailers
appear eager to diminish rather than increase their stock
of merchandise. Women's apparel lines were particularly
spotty, due to the continued slackening in the sale of
dresses. Dry goods wholesalers and jobbers were advised
by the Wholesale Dry Goods Institute to cease purchasing
for forward delivery until sellers abandon their present
contract clauses which "protect the seller against every
possible contingency and generally leave the buyer without any protection whatever." Trading in finished silk
goods was quiet, reflecting the inactivity in the dress trade.
Prices of silk fabrics are expected to advance when the
increased costs for dyeing and finishing go into effect,
following the resumption of operations after the six weeks'
stoppage. Prices of greige goods were firm. Demand for
rayon yarns is still in excess of production, but no change
in prices is looked for when books are opened on Nov. 1 for
sales for January delivery. Some discussions are heard
as to what effect the steady decline in silk prices will have
on rayon sales.
DOMESTIC COTTON GOODS.—Trading in gray cloths
started the week in the same dull fashion as has been its
feature for some time, but new life was injected into the
market following the announcement of President Roosevelt's
new monetary policy, which caused an advance in raw cotton prices, and, in turn, created a better feeling in goods
markets. A number of buyers who had allowed their requirements to accumulate because of their fear of lower
prices, entered the market, and although the buying that
developed was not enormous, it was sufficient to cause
mills to maintain a stronger attitude, while second-hand
offerings, heretofore a disturbing factor, fell off sharply.
Offerings by mills through the remainder of the year were
relatively small and sellers showed little inclination to
accept orders for January and later deliveries at nearby
prices. Sheetings, while not making any general advance
in prices, showed improved activity and a stronger tone.
Carded broadcloths were Sharply higher, while narrow print
cloths were less active, but with a stronger tone apparent.
Trading in fine yarn cloths continued quiet, with intimations that quoted prices might be shaded on some types of
Ftandard constructions. Closing quotations in print cloths
were as follows: 39-inch 89's, 9 to 91 3c.; 39
-inch 72x76's,
,4
8% to 8%c.;• 39
-inch 68x72's. 7%c.; 38%-inch 64x60's, 6%
to 6%c.; 38%-inch 60x48's, 5% to 5%c.
WOOLEN GOODS.—The lull in trading in men's wear
goods continues. The bulk of the buying of fabrics for the
spring season has been completed, and re-orders are not
expected for some time to come. Despite the slackening
in sales, prices held firm and there were few if any reports
of price concessions, although in some instances buyers
asked for deferred shipments. Retail business in men's
apparel, because of more favorable weather conditions,
showed some expansion in certain centers, and retailers
were reported as showing an active interest in spring and
summer merchandise now being displayed by manufacturers. Wintry temperatures in some sections of the country stimulated sales of topcoats and caused an early spurt
in overcoats. Business in women's wear fabrics for spot
delivery shows slight improvement, with interest centering
in tweeds and similar materials. Women's tweed suits are
said to continue in brisk demand, and better business was
done on dressy coats.
FOREIGN DRY GOODS.—Trading in linen suitings has
been a little more active, with tweedy types continuing to
engage the attention of buyers. In view of the unsettled
exchange situation importers withdrew their offerings temporarily and new prices are to be quoted next week. Orders
for household linens also improved somewhat as the approaching holiday season is causing retailers to replenish
their stock, particularly in gift numbers. While inquiry
in burlap for spot and afloat goods was negligible, a moderate demand for later shipments developed. Prices
strengthened substantially, largely under the influence of
the advance in sterling. Domestically, lightweights were
quoted at 4.30c., heavies at 5.60c.
3172
Financial Chronicle
Oct. 28 1933
State and City Department
NEWS ITEMS
Alabama.—Text of Constitutional Amendment Authorizing
Issuance of Floating Debt Funding Bonds.—Thefollowing is the
text of Section 1 of the constitutional amendment approved
by the voters of the State at the special election on July 18
—V. 137, P. 1272—authorizing the issuance of $17,000,000
in bonds to fund the floating indebtedness of the State:
Be it enaded by the Legislature of Alabama:
Section 1. The following amendment to Section 213 of the Constitution
of the State of Alabama to be known and designated as Article XXIII
thereof is hereby proposed, and an election is hereby ordered by the qualified electors of the State of Alabama upon the proposed amendment and
the day hereby appointed for the said election is the first Tuesday after the
expiration of three months from and after the final adjournment of the
present session of the Legislature. The proposed amendment is as follows:
"Section 213. After the ratification of this Constitution, no new debt
shall be created against, or incurred by the State, or its authority except to
repel invasion or suppress insurrection, and then only by a concurrence
of two-thirds of the members of each house of the Legislature, and the vote
shall be taken by yeas and nays and entered on the journals; provided.
the Governor may be authorized to negotiate temporary loans, never to
exceed $300.000, to meet the deficiencies in the Treasury, and until the
same is paid no new loan shall be negotiated: (provided, further, that this
Section shall not be so construed as to prevent the issuance of bonds for
the purpose of refunding the existing bonded indebtedness of the State.
Provided, further, that this Section shall not be so construed as to prevent
the Governor from paying interest at the rate of not exceeding 5% per
annum, payable semi-annually from July 1 1933, on the floating indebtedness of the State at the close of business on Sept. 30 1932, as shown by
outstanding and unpaid warrants drawn on the Treasury, as provided by
law, amounting in the aggregate to $16.943.357.12 and items enumerated
in an Act of the Legislature No. 294. being Senate Bill 272, approved
Nov.9 1932. all of which are hereby ratified and confirmed). All warrants
and (or) instruments issued or to be issued representing such indebtedness
shall be a direct obligation of the State, and for the prompt and faithful
payment of the principal and interest thereon the full faith and credit
of the State is hereby irrevocably pledged, and such warrants and (or)
Instruments shall be exempt forever from all taxes of every kind. Any
Act creating or incurring any new debt against the State, except as herein
provided for, shall be absolutely void. To create a sinking fund for the
prompt and faithful payment of the floating indebtedness of the State.
and interest thereon, the net proceeds of any income tax which may be
levied by the Legislature pursuant to law is hereby pledged. To prevent
future deficits in the State Treasury, it shall be unlawful from and after
the adoption of this amendment for the State Comptroller of the State of
Alabama to draw any warrants or other order for the payment of money
belonging to, or administered by, the State of Alabama upon the State
Treasurer, unless there is in the hands of such Treasurer money appropriated and available for the full payment of the same. In ease there is,
at the end of any fiscal year, insufficient money in the State Treasury
for the payment of all proper claims presented to the State Comptroller
for the issuance of warrants, the Comptroller shall issue warrants for that
proportion of each such claim which the money available for the payment
of all of said claims bears to the whole, and such warrants for such prorated sums shall thereupon be paid by the State Treasurer. At the end of
each fiscal year all unpaid appropriations which exceed the amount of
money in the State Treasury subject to the payment of the same after the
proration above provided for, shall thereupon become null and void to the
extent of such excess. Any person violating any of the provisions of this
amendment shall, on conviction, be punished by a fine of not exceeding
$5,000, or by imprisonment in the penitentiary for not more than two years,
one or both, at the discretion of the jury trying the same, and the violation
of any of the provisions of this amendment shall also be ground for impeachment."
Arkansas.—State Supreme Court Holds State Cannot Be
Sued—Bars Receivership on Defaulted Bridge Bonds.—The
following dispatch from Little Rock on Oct. 23 to the New
York "Journal of Commerce" reports on the decision of the
State Supreme Court given that day in the suit brought for
receivership of the DeValls Bluff Bridge and the impounding
of revenue to pay off defaulted bonds(V. 137, p. 522):
Setting forth in a lengthy decision the contention that the State can
never be sued in its own courts or other courts, even with consent of the
Legislature, the Arkansas Supreme Court to-day issued pre-emptory instructions to the Pulaski Chancery Court not to grant receivership for the
DeValls Bluff Bridge as petitioned by Bennie Mayo and Bernice Mercer.
The suit is similar to that filed by the New York Trust Co. as trustee
of White River Bridge Corp. bonds on which Federal Judge John E.
Martineau placed the structure in receivership and ordered its tolls impounded to meet interest and principal on $484.000 of outstanding bonds.
Appeal from this decision is expected in December by the Eighth Circuit
Court of Appeals at Omaha. The Arkansas Supreme Court granted the
writ of prohibition on petition of Commissioner of Revenue Fred Watson,
defendant in the action. It held that a suit against a State officer is
actually a suit against the State itself and hence cannot be maintained.
The Supreme Court's decision will not have the effect of vacating the
Federal Court receivership, which will be continued pending the Circuit
Court of Appeals decision.
Colorado.—Motor Vehicle Tax Held Unconstitutional by
Supreme Court.—According to Associated Press dispatches
from Denver on Oct. 18 the State motor vehicle tax for unemployment relief (V. 136, P. 3569) was held unconstitutional on that day by the State Supreme Court.
This tax was recently held constitutional by the District
Court—V. 137, P. 2134.
Kentucky.—Municipal Bondholders' Protective Committee
Outlines Plans for Procedure.—The following statement was
issued by the municipal bondholders' protective committee
on Oct. 21, setting forth its plans for procedure in settling
up the numerous bond defaults which have occurred throughout the State in the past few years:
Wm. B. Dana Co., New York. N. Y.:
Gentlemen:—In answer to a number of inquiries as to this committee's
plans for procedure, we are now ready to make the following general
statement:
The organization last spring of this committee was prompted by a
feeling on the part of its members that the financial situation of Kentucky's
municipalities called for some action. This feeling was further strengthened
alarm on the part of bondholders as (defaults
by an increasing evidence
of principal and interest became more numerous. A general review of the
situation in the State has been followed by preliminary financial reports
In a majority of counties and smaller cities. It became immediately
evident that similar general conditions are in existence in each community
investigated, and these conditions arise from inadequate and antiquated
bookkeeping methods,from the need of a budget system, and from the need
of the enactment of laws for the protection of sinking fund moneys.
The committee, then, plans to work for this general reform throughout
the State: a reform by which all holders of Kentucky bonds will benefit:
but in many instances, individual programs for specific communities will
have to be formulated. These plans differ in different counties, and can
be definitly and finally prepared only after a complete audit of the county
involved has been made. We, the committee, have in mind tentative
plans in the case of each county on which we have made a preliminary
report, but those plans will necessarily be subjected to alteration as we
come into possession of more substantial information.
It is to complete these audits that we must have the co-operation of
bondholders in the form of deposited bonds. We feel confident that the
personnel of this committee, and its statement to bondholders that definite
plans are on foot, is an assurance to all Kentucky municipal bondholders
that they may feel certain of material benefits from our activities, and
that the most immediate way to profit from these benefits is to assist the
comznittee's efforts by deposit of bonds without delay. The continuance
of this committee depends entirely upon whether bondholders care to
avail themselves of this opportunity to put their Kentucky municipal
bonds on a marketable basis.
Yours very truly.
JOHN R. LINDSAY, Secretary.
Cook County, Ill.—Supreme Court Rules Against Reduction in Small Homes Assessments.—The County Board
of Appeals was ordered by the State Supreme Court on
Oct. 21 to expunge its order for a 15% reduction of 1931
tax assessments on small homes,reports the Chicago "News"
of Oct. 21, which continues as follows regarding the order:
The order will have no bearing on the recent general reduction of 25%
on all 1932 real property valuations in the county, it was pointed out.
That cut was announced last week by Assessor J. L. Jacobs.
The 15% order of appeals board was issued on March 22 and on May 1
the high court was petitioned for a writ of mandamus forcing the board to
rescind Its order. The writ was filed on behalf of Kilmer Fox Thomas of
Evanston. owner of a small flat building which would have been benefited
by the order.
Gist of the Opinion.
"Section 34 of the amended Revenue Act." the opinion held, "empowers
the board of appeals to revise and correct the entire assessment of any
taxpayer or any part thereof. It contains no authority to revise the entire
assessment in a taxing district on a particular class or classes of property.
. . . ."
The court also said: "It is clear that in reviewing the assessment of any
property because it is over-assessed, under-assessed or exempt, the board
of appeals may act only upon the complaint of a taxpayer. Such complaint
must describe the particular property the assessment of which is sought
to be revised, and the hearing and action of the board must be on the complaint after notice given the assessor and all persons and corporations that
would be affected by the revision of the assessment of the particular party
described in the complaint."
Justices Stone and De Young dissented.
Sees Important Principle.
"The decision is important as establishing the principle of uniformity of
assessment as practiced by the assessor's office," said Mr. Jacobs, to-day.
"With all doubts as to the amount of taxes now due, many persons who
have held off from paying their taxes will now pay up and the process of
collection should be materially speeded up.
"The assessor's office is now compiling the 1932 tax roll, in which there
will be a uniform reduction of 25% on land and buildings. The decision
means that the orderly operation of the county's taxing machinery can
continue to function on a uniform basis without discrimination in favor
of any type of property."
Grand Rapids School District, Mich.—Education
Board Requests Retention of Bonds on New York State Legal
Investment List.—The Board of Education of the above
district intends to keep its bonds on the legal investment
list for New York State savings banks, despite the fact
that the bonds of the city proper were removed recently
from this list after a default on their obligations—V. 137,
P. 3002. The Board contends that the district is a separate
entity from the city and should not be penalized for the
city's default. We give the following from the Grand
Rapids "Press" of Oct. 20:
An effort will be made by Grand Rapids Board of Education to keels
its credit rating unimpaired and to retain its bonds on the approved investment list for New York State banks, the board decided at a meeting in
committee of the whole Thursday night.
The board instructed its attorney, Ganson Taggart. to ask for a hearing
from the New York State statistical and investment department of the
State Banking Department before final action is taken in removing the
school district's bonds from its listings. Mr. Taggart was authorized to
send a letter to the banking department pointing out that the board of
education is a separate entity from the city of Grand Rapids, which had
defaulted on its bonds.
No New Bonds Since 1926.
Mr. Taggart read a draft of a communication Informing the banking
department that the school district had incurred no new bonded indebtedness since 1926 but had substantially reduced its bonded indebtedness
since that time and had not defaulted on any of Its bonds. The letter also
points out that the board has no outstanding indebtedness now to its
teachers and expects to operate within its budget this year. Mention is
made that the board has control of its own funds and keeps them in a
separate account and depository from city funds.
The letter states also that the board has a consistent record for payment
of its obligations during a long period of years and should not be penalized
for the city's act in defaulting its obligations.
Imperial Irrigation District, Calif.—Bond Deposits
Reach 66% of Outstanding Bonds.—Sixty-six per cent of the
outstanding bonds of the above district, aggregating about
$9,400,000, have been deposited under the refunding plan
sponsored by the bondholders' protective committee, according to Fred L. Murphy of San Francisco, who is now in
New York as a representative of the committee to explain
the plan to Eastern bondholders. Mr. Murphy reports
that 80% of all Pacific Coast bondholders have deposited
their bonds. Most of the large institutional holders, after
investigating the plan, have deposited and there have been
no refusals by the courts, on behalf of estates with large
holdings, to issue the necessary orders for deposit.
The Imperial Irrigation District has based its 1933-1934 tax levy on the
operation of the proposed plan which provides a temporary reduction
aggregating approximately 50% in the interest rate during the years 19331936, inclusive, and the establishment of a sinking fund beginning in 1938
to retire all bonds by matullty. The plan contemplates no reduction in
principal or any permanent reduction In interest. (See V. 136, p. 3573.)
The committee is urging the deposit of the remaining bonds, pointing
out that if the plan does not become effective the Irrigation District, under
California laws, has the right to ask for a two-year moratorium. After
such time, the committee states, an entirely new plan would have to be
devised, which of necessity would be less favorable to the bondholders than
the present plan.
The bondholders' protective committee is composed of Charles J. Lick,
Chairman; Milo W. Bekins, Archibald Borland, Victor Etienne Jr., Robert
Fullerton Jr. and Ed. Haas.
Volume 137
Financial Chronicle
3173
Miami, Fla.—Bondholders' Committee Sets Nov. 10 as Last
Day for Bond Deposits in Cash Distribution.—It was announced on Oct. 27 by the Bondholders' Protective Committee for the above named city that Friday, Nov. 10, is
the last day on which holders of Miami bonds may deposit
their holdings with the Chemical Bank & Trust Co., Depositary, and share in the distribution of cash to be made by the
said Committee.
New York City.—Joseph V. McKee Presents 21-Point
Platform in Mayoralty Campaign.—In a speech delivered in
the Bronx on Oct. 26, Joseph V. McKee, Recovery party
candidate for Mayor, presented a comprehensive program
for civic reform. It contains 21 points on municipal economy,
reorganization of government and elimination of political
influence in government. Mr. McKee stated his program as
follows:
Auditor-General John K. Stack Jr. said that if the Legislature is asked to
vote bonds the total should be limited to the few millions required to rehabilitate the hospitals for the insane.
"We certainly need more beds for State patients," he said, "but there
is no need of spending $12,000,000 or more for new schools and other
institutions."
Gov. Comstock replied that it is the duty of the State to undertake
as large a program as possible to aid industry and relieve unemployment.
So eager are State officials to evade the Constitutional provision prohibiting borrowing that Attorney-General Patrick H. O'Brien is willing to
regard the State as facing a rebellion. A letter received from him by
Gov. Comstock pointed out that the Constitution allows bond issues without sanction of the voters in the event of an insurrection.
The Federal Government has refused to finance the $25,000.000 building
program proposed by Michigan, Gov. Comstock told the Administrative
Board Tuesday. Ile said that he might suggest an alternative scheme to
the Legislature when it meets in special session in November or December.
Because neither the Administrative Board nor the legislators can pledge
the faith and credit of the State without a vote of the people. the Governor
had suggested to the Federal Government that it lease State land and undertake the building program without State participation. He promised to
return, within 25 years, 70% of the $25,000,000 that would be spent.
"Washington has refused to proceed with this plan.' the Governor
told the Board. "The officials there demand that Michigan pledge the
faith and credit of the State. The Constitution prohibits us from complying without a vote.
Bond Issue Only Way Out.
"There is one possible solution. We might ask the Legislature to
authorize a bond issue of $25,000,090 and then pledge these bonds as
security for the loan. The Supreme Court might be persuaded to hold
these bonds good because of the emergency. There has been a tendency
in the courts lately to waive Constitutional requirements when an emergency
arises.
.'We are certainly faced with an emergency. The Federal Government
wants to spend $3,300,000,000 for public improvements, thus aiding in
national business recovery, but is being hindered by Constitutional inhibitions. We would have to delay the program until November, 1934,
before the proposed bond issue could be submitted to the voters. That is
too long to wait. Construction muststart at once if industry is to be aided."
However, a series of opinions upheld the provisions vesting discretionary
power in district and superior court judges to grant continuances in foreclosure trials from term to term for two years.
Such continuances, the Court held, are contingent upon payment of
"proper compensation" to the mortgagee.
The law as passed by the Legislature would have provided for a n'nemonth arbitrary trial delay and discretionary continuances of cases by the
trial judge thereafter.
Public Works Tentatively Approved by Federal Government.—
An Associated Press dispatch from Lansing, on Oct. 23,
reported that Federal approval of the above program had
been tentatively received that day. A telegram is said to
have reached the Governor's office from Col. Henry M.
Waite, Deputy Public Works Administrator, approving
Federal loans for the proposed $25,000,000 projects provided
that the State Supreme Court shall hold valid a law authoriz1. I shall destroy boss rule in City Hall.
2. I shall destroy the power of 'Tammany Hall's stupid and arrogant
ing the Administrative Board to negotiate the loan. The
leadership, to the end that the municipal government be placed back again
suggested law has not yet been enacted. It is to be laid
in the hands of the people.
3. I shall reorganize the government of this city so that it functions for
before the Legislature in a special session to be called within
the people and not for the politicians, to the end that taxes may be reduced
the next few weeks by Governor Comstock, according to
and the present heavy burden be lifted from an overpatient people.
4. I shall abolish unnecessary jobs and protect the employees of the city
report.
who are giving an honest day's work.
5. I shall not reduce the salaries of any civil employee whether in schools,
Municipal Bond Elections Scheduled for Nov.7 Aggrepolice, Fire Department or other branches of the city government. I
gate Over $300,000,000.—At the general election to be held
,lieve in their mandatory increases and shall see that there be no impairment of their pension rights.
on Nov. 7 the voters throughout the country will be called up6. I shall repeal the recent unnereasary increase in water rates.
on to pass judgment on the proposed issuance of more than
7. I shall repeal the nickel tax on taxi riders.
8. I shall impose no further taxes and shall finance the city through effi$300,000,000 in bonds, many of which depend on favorable
cient, honest and economical government.
action by the Public Works Administration after they have
9. I shall reorganize the Board of Education and take the politicians out
of the schools.
been authorized, according to the "Wall Street Journal"
10. I shall seek the abolition of our costly county government.
of Oct. 26. At the election on Nov.8 1932 the voters acted
11. I shall abolish the Board of Aldermen and seek to set up a local town
upon a total of almo,st $159,000,000 bonds,of which approval
council with home rule.
12. I am against tolls on existing bridges.
was given to more than half the proposals. In 1931 the
13. I shall take home relief out of politics and see that every dollar carries
voters ratified only about $9,000,000 bonds, but in the pre100 cents of relief to the poor.
14. I shall select men and women, Democrats and Republicans, for places
ceding year sanction was given to the total of approximately
In the city government on merit and for personal fitness only.
$400,000,000. A feature of this year's vote is the absence of
15. I shall seek unification of our subways to preserve the 5
-cent fare.
16. I shall use Federal funds for the completion of a necessary program
State highway issues, which formerly constituted a majority
of public works, both for benefit to the city and relief of unemployment.
of the new flotations. During the past two years the voters
17. I shall reorganize the Health and Hospital Departments,so that those
departments become not the haven of political favorites but the place for
have been called upon much less frequently to endorse new
the relief of the poor sick of the city.
bond issues, due to the heavy tax burden now carried by
18. I shall drive every racketeer and gangster from the city by the apmost municipalities on the score of their outstanding debts,
pointment of a non-political Police Commissioner and a clean-up of the
police courts.
and of the bonds up for approval most of them have been
19. I shall establish the highest standards of public service by my own
for relief purposes or various public improvements, on which
example and that of all my appointees.
20. I shall always remember the struggles of my youth and shall never
funds have been sought from the Federal Government. One
be so high that I shall lose the common touch.
of the few new issues favorably voted recently was the $20,21. I, and not Curry; I, and not McCooey; I, and not Theofel; I, and not
Rendt; I, and not Flynn,shall be Mayor of the city.
000,000 Texas relief bonds approved in August. Some of
As he closed his speech, Mr. McKee declared his intention of abolishing
the more important bond issues planned for Nov. 7 are as
the Board of Estimate and the Board of Aldermen,supplanting them with a
single board composed of three city-wide officials and representatives from
follows: $87,854,000 Detroit subway bonds; $60,000,000
borough organizations based on the New England town meeting plan.
New York State relief; $50,000,000 Pennsylvania bonus; $34,Samuel Untermyer Warns Estimate Board Immediate 971,000 San Francisco public works program; $30,000,000
Budget Cut Is Essential.—Samuel Untermyer, the city's California veterans' aid; $18,000,000 Salt Lake City light
special financial adviser, informed the Board of Estimate and power projects, and $10,000,000 Pennsylvania toll
on Oct. 26 that he would not be able to negotiate the loans bridge bonds.
that are required immediately to meet the Nov. 1 payrolls
general
In addition to the flotations
if the bankers did not receive assurance that at least $15,000,- election, there are a number up for approval at the
large issues scheduled for
000 will be cut at once from the proposed 1934 budget of elections in the remainder ofofNovember and December,
$555,976,996. Mr. Untermyer proposed that the Board notably the $170,000,000 State of California proposal on
adopt immediately a resolution directing the Budget Director to make a further 5% reduction in the appropriations Dec. 19.
New York State.—Governor Lehman Urges Approval of
of the 165 city departments. In his statement he expressed
the belief that the economies he was demanding need not $60,000,000 Unemployment Relief Bonds.—A public appeal
involve a general reduction "on the salaries of any useful was issued by Governor Herbert H. Lehman on Oct. 21 for
employees," but he demanded a thorough weeding out of support of the $60,000,000 unemployment relief bond issue
superfluous and sinecure jobs, a reduction to the 1929 basis which will come before the voters on Nov. 7 as Propoof the salaries of all officials under the control of the Board of sition 1. In his statement it was pointed out by the Governor
Estimate, and the Aldermanie salaries from $5,000 to $2,000 that in New York State at least 350,000 families, reprea year, to take effect immediately.
senting 1,500,000 persons, were obtaining their only means
Michigan.—Federal Government Rejects $25,000,000 State of life through unemployment relief and that there was no
Building Program.—Special legislation to give a State Board immecliate prospect for a reduction of this number. The
the authority to pledge the faith and credit of Michigan for Governor stressed the care of the unemployed as an indisapproximately $25,000,000 will probably be necessary to pensable step toward economic recovery.
(The text of this measure was given in V. 136, p. 3010.)
get the proposed building program under way, Governor
Comstock told the Administrative Board on Oct. 17. The
Oklahoma.—Recently Enacted Mortgage Moratorium Law
Governor received word from Attorney-General O'Brien, Held Largely Invalid.—The State Supreme Court on Oct. 17
who was at Washington, that Federal officials were not in held unconstitutional a provision of the State mortgage
a position to approve any Michigan legislation so far enacted moratorium law, enacted by the last Legislature, which
or proposed. The Attorney-General suggested the only way would have delayed foreclosure proceedings for nine months
he could see of meeting the constitutional mandate that the after filing of a suit. An Associated Press dispatch from
faith and credit of the State be pledged only by a vote of the Oklahoma City to the Kansas City "Star" of Oct. 18 reports
people would be to issue bonds under a section of the State as follows on the decision:
Constitution permitting such action to combat insurrecA major provision of the Oklahoma mortgage moratorium law, enacted
tion. We quote in part as follows from a Lansing dispatch by the last Legislature, was held unconstitutional by the State Supreme
Court to-day. The Court declared invalid a section that would have
to the Detroit "Free Press" of Oct. 18:
delayed foreclosure proceedings for nine months after filing of a suit.
Selmer, Tenn.
-1933 Statute Authorizing Issuance of
Water and Sewer Revenue Bonds Upheld.—The legality of
an Act of the 1933 Legislature authorizing municipalities
to issue water works and sewer bonds on a revenue retirement basis without referenda, was upheld as constitutional
by Chancellor R. B. C. Howell on Oct. 16 in a test case
instituted by the above named municipality, according
to Associated Press dispatches from Nashville on that day.
Colonel Harry S. Berry, Tennessee engineer for the Federal
public works program, is said to have declared that this
decision represents the most vital step in the promotion of
the public works program in this State in view of other
3174
Financial Chronicle
legal restrictions against cities and towns borrowing through
bond issues. An immediate appeal of this "decision to
the State Supreme Court is expected.
Texas.—Special Session of Legislature Ends.—The special
session of the Legislature adjourned early on Oct. 14. Called
to accomplish three pieces of legis:ation—relief bond disbursement, anti-trust law modification in line with the provisions of the National Industrial Recovery Act, and refrigeration for the Governor's Mansion—the Legislature
enacted all three and in addition it passed 125 bills out of
327 that were introduced during the session. An Austin
dispatch to the Houston "Post" of Oct. 14 reported in part
as follows on the results of the session:
The Texas Legislature adjourned its special session sine die at 1 a.m.
Saturday. after enacting a bill providing for immediate issuance of $5,500,000 in State relief bonds out of a total of $20,000,000 authorized in a special
election last August. It also modified the State Anti-Trust laws to make a
plea of compliance with the President's National Recovery Administration
agreement a defense against Torosecution.
The bond relief bill authorizes the issuance of $5.500,000 in State securities, proceeds of which would be administered by a Relief Commission, replacing in personnel the Texas Rehabilitation and Relief Commission,
which has functioned in the distribution of Federal unemployment money.
The electorate at a special election in August authorized the Issuance of
not to exceed $20.000,000 in relief bonds.
The two Houses were at variance on how big to make the initial bond
issue and on the personnel of the administrative setup. The House proposed to issue $5,000,000 in bonds and the Senate $6,000.000. The Senate
proposed an entirely new administrative setup. The House wanted to
retain the existing Rehabilitation and Relief Commission and add to it the
Lieutenant-Goverhor and the Speaker of the House.
Governor Chairman.
The compromise bill which finally was accepted would create a commission
of nine members to administer the relief funds. The Governor would be
ex-officio Chairman, but would not be empowered to vote except in cases
of a tie. Three of the commissioners would be named by the Lieutenant.Governor, three by the Speaker of the House and one by the Governor.
The other members would be the Chairman of the State Industrial Accident
Board and the Chairman of the Civil Judicial Council. Fred Adams of
Crockett is the incumbent Chairman of the Industrial Accident Board
and W. N. Crestman of Dallas is the present Chairman of the Judicial
Council.
The Senate's original bill fixed the proposed commission's personnel as
the Governor, one member to be appointed by each the Governor and the
Lieutenant-Governor, the Chairman of the Highway Commission, the
Chairman of the Board of Control, the President of the three regional
Chambers of Commerce, and T. A. Low of Brenham, a member of the
existing commission by appointment of Governor Ferguson.
. 25-3 Vote on Plan.
The bill provided for full participation in the President's recovery plan
and proposed that a code approved by the Chief Executive shall be recognized as complete defense in event of prosecution for alleged Anti-Trust law
violations. The defense would apply in the cases of both inter-State and
intra-State business.
Lawrence Westbrook would be retained as State Relief Director. However. he would be subject to removal by a majority of the Commission.
b. The detail of selling the bonds would be handled by a separate bond
commission, which would comprise the Comptroller. Treasurer and Attorney-General.
Is The interest rate on the bonds would be 4%. The principal would
be amortized in nine annual payments, with the first in 1935, and the last in
1943. The first principal psyment would be $500,000 and it would be
graduated up to $775,000. The bonds would be retired out of returns to
the general revenue fund from other than the ad valorem tax.
Distributed by Counties.
Relief funds would be distributed in the various counties through committees named by local authorities and approved by the State Commission.
In the smaller counties committees of five members would be named by
the Commissioners' Courts. In counties containing a city of more than
100,000 population,four of the committeemen would be named by the Commissioners' Court and three others by the governing bodies of the cities.
The committees would select the county administrators.
Five per cent of the relief money could be spent for administration within
the counties provided the Federal Government did not take care of this
expense. One per cent could be used for hospitalization of indigents and
1% for distribution of pork and other food stuffs provided by the Federal
Government.
The present State Commission would serve until a majority of the new
commission is appointed and qualifies. Each of the present county boards
would continue to serve until a majority of the new board qualifies.
Governor Vetoes Municipal Bond Bill.—Governor Ferguson
on Oct. 25 vetoed Senate Bill No. 78, that proposed to validate all outstanding issues of municipal bonds and warrants
but required elections on any city application for a public
works loan or any improvement to municipal utility plants,
according to Austin advices on that day. It is stated that the
veto was requested by Federal Public Works Administrator
Ickes.
As reported briefly in V. 137, p. 3004, Governor Ferguson
signed on Oct. 16 the bill providing for the immediate issuance of $5,500,000 in State relief bonds. (See above description of bonds.)
BOND PROPOSALS AND NEGOTIATIONS
ABERDEEN, Brown County, S. Dak.—FEDERAL FUND ALLOTMENT.—Tne Public Works Administration has announced an allotment
of $789,000 to this city for toe construction of a storage reservoir, diversion
dam and water treatment plant. Of the total. 309' of tne cost of labot and
material, approximately $583,000. is a grant. The remainder is a loan
secured oy 4% general obligation bonds.
ALBION, Noble County, Ind.—PWA ALLOTS FUNDS.—The Public
Works Administration announced on Oct. 25 the allotment of $32,000 to
the,town for the installation of a water tank. This includes the usual grant
of 30% of the cost of labor and materials, with the balance of the expenditure representing a loan to the town, secured by its 4% revenue bonds.
ALEXANDRIA, Va.—FEDERAL FUND ALLOTMENT.—It was announced by the Public Works Administration on Oct. 18 that an allotment
of $300,000 was made to this city for street improvement purposes. A
grant of 30% of the total amount was made by the PWA toward the cost
of labor and material. The balance is a loan secured by 4% general
obligation bonds.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.—SEEKS LOAN OF
$9.104,000.—The county on Oct. 19 made formal a' dication to the State
Public Works Advisory Board for a loan of $9,104,111 with which to purcnase the Wabash bridge and tunnel and to permit of the construction of an
additional tunnel, thereby providing a second underground outlet to tne
South Hills. The State Board will investigate the application and forward its recommendations to the Public Works Administration at Washington.
ALTOONA SCHOOL DISTRICT, Blair County, Pa.—BOND SALE.
—The issue of $475,000 coupon tax anticipation bonds offered on Oct. 26—
V. 137. p. 2666—was sold as 5s, at par and accrued interest, to the Pennsylvania School Employee's Retirement Board, the only bidder. Dated
Oct. 1 1933 and due serially on Oct. 1 from 1934 to 1939 incl.
AMERICAN RIVER FLOOD CONTROL DISTRICT (P. 0. Sacramento), Calif.—FEDERAL FUND ALLOTMENT.—The Public Works
Oct. 28
1933
Administration has announced an allotment of $194,824 to this district
for the construction of levees and flood protection. The PWA makes a
grant of 30% of the cost of labor and materials on this project. The
remainder of the amount is a loan secured by 5% general obligation bonds.
ANDERSON, Madison County, Ind.—OBTAINS PWA ALLOTMENT.—The Public Works Administration has announced the allotment
of $209,000 to the city for water supply purposes. This sum includes the
usual grant of30% of tne expenditure for labor and materials. The balance
of the advance constitutes a loan to the city, secured by its 4% general
obligation bonds.
ANN ARBOR, Washtenaw County, Mich.—REPORT OF PWA
ALLOTMENT.—The Public Works Administration has announced the
allotment of $650,000 to the city for the construction of a trunk line sewer
system. Of the total, 30% of tne approximately $518,000 to be expended
on labor and materials constitutes a grant, while the balance of the entire
amount represents a loan to the city secured by 4% general obligation
bonds.
ANNE ARUNDEL COUNTY (P. 0. Annapolis), Md.—OBTAINS
PWA LOAN AND GRANT.—An allotment of $62,000, representing a
loan and grant for the construction of sewage disposal facilities, has been
advanced to the County Sanitary Commission, the Public Works Administration announced on Oct. 25. The PWA will make a direct grant of 30%
of the $47.000 to be expended for labor and materials. The balance of the
total cost of the project constitutes a loan, against which the Administration will accept 4% general obligation bonds.
ASHLEY, Delaware County, Ohio.—BONDS AUTHORIZED.—The
Village Council has adopted a resolution providing for an issue of $2,000
not to exceed 6% interest fire department equipment purchase bonds,
to be dated about Jan. 1 1934 and mature serially in from I to 5 years.
BANNOCK COUNTY COMMON SCHOOL DISTRICT No. 30
(P. 0. Lava Hot Springs), Ida.—BOND OFFERING.—Sealed bids will
,
be received unt 1 8 p. m. on Nov. 3, by Charles Mason, Clerk of the Board
of Trustees, for the purchase of a $30.000 issue of coupon school building
bonds. Interest rate is not to exceed 4%. payable semi-annually. Payable
on the amortization plan for a period not exceeding 20 years from the date
ofissuance. Said bonds to bear date corresponding to date of their issuance,
with interest only payable for the first five years, and the principal and
interest payable thereafter amortized pursuant to Sec. 32-710 I. C. A.
1932. The board resnrves the right to reject all bids and sell the bonds at
private sale. A certified check for 2% must accompany the bid. (These
bonds were voted on Sept. 25.—V. 137, p. 2836).
FEDERAL FUND ALLOTMENT.—It was announced on Oct. 25 by
the Public Works Administration that it had made an allotment of $42,600
to this district for alterations and additions to the existing high school.
In line with its customary procedure. the PWA made a grant of 30% of the
cost of labor and material on this project. The remainder of the sum above
stated is a loan secured by 4% general obligation bonds.
BAY CITY, Bay County, Mich.—BOND ELECTION.—G. C. Lang,
City Clerk, reports that at an election to be held on Oct. 30 the voters will
be asked to approve of the issuance of $850,000 sewer relief bonds.
BEDFORD CITY SCHOOL DISTRICT, Cuyahoga County, Ohio.—
BONDS NOT SOLD.—The issue of $124,318.77 6% (finding bonds offered
on Oct. 26—V. 137, p. 2836—failed of sale, as no bids were obtained.
Dated Nov. 1 1933 and due on May and Nov. 1 from 1934 to 1941 incl.
BELINGTON, Barbour County, W. Va.—FEDERAL FUND ALLOTMENT.—An allotment of $45,000 to this town was announced by the
Public Works Administration on Oct. 18, the funds to be used for a water
supply filtration plant. It is stated that 30% of the total cost of labor and
materials, wh ch 'a approximately $35,000, is a grant. The remainder is a
loan secured by 4% revenue bonds.
BELLEVUE, Eaton County, Mich.—HIGHER INTEREST RATE ON
BOND ISSUE SOUGHT.—The State Public Debt Commission has been
asked to approve of a change in the rate of interest on the recently approved
$4,100 refunding school bond issue. The Board of Education desires to
have the rate increased from 4 to 5%,as the owners of the defaulted bonds
have refused to exchange their holdings for the refunding bonds bearing
the lower coupon rate.
BELLINGHAM, Whatcom County, Wash.—BOND ELECTION
DETAILS.—In connection with the report given in V. 137. p. 2666, that
an election would be neld in December to vote on the issuance of $150,000
in light and power plant bonds, we quote as follows from tne "Electrical
World" of Oct.21:
"At an election on Dec. 2 the voters of Bellingham will decide on the
Issuance of $150.000 in utility bonds to finance a municipal power and light
plant. The project calls for construction of a dam and power plant in the
vicinity of Cemetery Hill, on Whatcom Creek, and repair and use of the
present plant at the moutn of tne creek, abandoned in 1927."
BESSEMER, Jefferson County, Ala.-2141INICTPAL OW7VERSHIP
OF POWER PLANT APPROVED.—The following report on the approval
accorded the proposed municipal ownership or the water and power plants
oy the voters of this city is taken from the New York "Sun" of Oct. 21:
"The electors of Bessemer. Ala., a suburb of Birmingham. voted yesterday in favor of municipal ownership of their power and water plants. Two
weeks ago Birmingham turned down a similar proposition.
"Eight Alabama towns, including Bessemer, have now voted in favor
of municipal ownership of power pants. Most of them are small communities. They are Hartselle. Torrent City, Russellville, Guntherville,
Sheffield. Florence and the city of Muscle Shoals. The last three are
communities adjacent to the Government's power facilities at Muscle
Shoals. In addition to Birmingham, the town of Homewood has voted
against municipal ownership."
BLAIR, Washington County, Neb.—BONDS DEFEATED.—At the
election held on Oct. 17—V. 137. p. 2836—the voters defeated the proposal
to issue $15,000 in city bonds by a count of 207 "for" to 430 "against.
BOULDER, Boulder County, Colo.—BOND ELECTION.—It is said
that at the election in November the voters will pass on the issuance of
$150.000 in bonds divided as follows: $80,000 city hall, and $70,000 sewage
system bonds.
BOX ELDER COUNTY (P. 0. Brigham City), Utah.—FEDERAL
FUND ALLOTMENT.—The Public Works Administration has announced
an allotment of $35.400 to tnis county for road improvements and court
house repairs. The PWA granted the customary 30% toward the cost of
labor and material on this project. The remainder is a loan secured by
4% general obligation bonds.
BRAINARD,Butler County, Neb.—FEDERALFUND ALLOTMENT.
—It was announced on Oct. 25 by the Public Works Administration that
it had made an allotment of $22,000 to the village for sewage system construction. Following the usual procedure, the PWA made a grant of 30%
of the cost of labor and material on this project. The remainder of the sum
allotted is a loan secured by 4% general obligation bonds.
BRISTOL, Bristol County, R. I.—OBTAINSPWA ALLOTMENT.
The Public Works Administration announced on Oct. 25 an allotment of
$200.000 to the town for sewerage construction purposes. This includes
a direct grant of 30% of the approximately $132,000 to be spent for labor
and materials. The balance of the money represents a loan to the town.
secured by 4% general obligation bonds.
BROADWAY, Rockingham County, Va.—FEDERAL LOAN APPLICATION FILED.—It is stated that on Oct. 20 the town made application
to the Federal Government for an $80,000 public works loan, with which to
build a water and a sewerage system. After the 30% grant by the Government is deducted, the town's indebtedness to the Public Works Administration would be $56,000.
BROOKHAVEN (P. 0. Patchogue) Suffolk County, N. Y.—BOND
SALE.—The $4,500 coupon or registered Cherry Grove Public Dock
District bonds offered on Oct. 24—V 137. p. 3005—were awarded as 6s
to Sherwood & Merrifield. Inc. of New York, the only bidder. at a price of
100.11, a basis of about 5.99%. Dated Aug. 1 1933 and due $225 annually
on Feb. 1 from 1934 to 1953,inclusive.
BUFFALO, Johnson County, Wyo.—BOND ELECTION.—It IS said
that an election will be held on Nov. 21 in order to vote on a proposed
Volume 137
Financial Chronicle
$43,000 public works loan with which it is intended to improve the water
system.
BUHL, Twin Falls County, Idaho.
-BONDS VOTED.
-At the election held on Oct. 17-V. 137, p. 2667
-the voters approved the issuance
of the $35,000 in 4% water works impt. bonds by a count of83 to 34. Dated
Nov. 1 1933. Due in 20 years. We are informed by the City Clerk that
no date of sale has been set as yet.
BURLINGTON, Chittenden County, Vt.-BOND ISSUE VOTED.
W 0. Lane. City Treasurer,reports that the $160,0004% bond issue voted
W.
on Oct. 10 will be dated Nov. 1 1933 and mature Nov. 1 as follows: $50,000
in 1934 and $10,000 from 1935 to 1945, incl. Denom. $1,000. Prin. and
int. payable in Burlington. Legality to be approved by Ropes, Gray,
Boyden & Perkins of Boston.
CAMBRIDGE, Guernsey County, Ohio.
-REFUNDING BONDS
AUTHORIZED.
-The City Council has announced that an issue of $23.270.70 6% refunding bonds will be offered for sale in about three weeks.
Purpose a the sale is to provide funds for the payment of October. November and December maturities. Should no bids be obtained, holders of
maturing bonds will be asked to accept the refunding obligations in exchange. Althougn the bonds which came due in October remain unpaid,
Interest charges due at that time were fully paid.
-BONDS NOT SOLD.
-Samuel E.
CANTON, Stark County, Ohio.
Barr, City Auditor, reports that no bids were obtained at the offering on
Oct. 23 of $62,602.77 6% special assessment improvement bonds, comprising four issues.
-V. 137. p. 2837.
CAPE GtRARDEAU SCHOOL DISTRICT (P. 0. Cape Girardeau),
Mo.-BOND ELECTION.
-Ii is reported that an election will be held on
Nov. 15 in order to vote on the issuance of $130,000 in school bonds.
-OBTAINS PWA ALLOTCARLISLE, Cumberland County, Pa.
MENT.
-An allotment of $220,000 to the Borough to finance the construction of a sewage disposal plant has been announced by the Public
Works Administration. This includes the usual grant of 30% of the cost
of labor and materials, while the balance made available constitutes a loan
by the PWA,secured by 4% general obligation bonds.
CENTER TOWNSHIP (P. 0, Muncie) Delaware County, Ind.BOND OFFERING.
-Carl E. Ross, Township Trustee, will receive sealed
bids until 10 a. m. on Nov. 6 for the purchase of $216,750 not to exceed
5% interest funding bonds. Dated Nov.1 1933. Due as follows: $11,000
July! 1935:$11,000 Jan. land July 1 from 1936 to 1943 incl.:$11,000 Jan. 1
and $9,375 July 1 in 1944. and $9,375 Jan. 11945. Principal and interest
(J. & J.) are payable at the Merchants National Bank, Muncie.
CERRO GORDO COUNTY (P. 0. Mason City). lowa.-BOND
SALE DETAILS.
-The $33,000 funding bonds that were purchased by the
-are
First National Bank of Mason City, as 4;4s at par
-V. 137, p. 3005
due as follows: $1,000. Jan. and $2,000. July 1 1935 to 1941, and $1,000
on Jan. 1 and $3,000, July 1 1942 to 1944.
CHANDLERVILLE, Cass County, III.
-BONDS AUTHORIZED.
An ordinance was passed recently authorizing the issuance of $63,000 water
works system construction oonds, to mature in 1958. It is hoped that the
issue will be taken by the Puollc Works Admiaistration.
CHARLOTTE, Mecklenburg County, N. C.
-BOND AUTHORIZATIONS WITHDRAWN.
-It is stated that at a meeting of the City Council
held on Oct. 18, bond authorizations totaling $710,000 were withdrawn
In order to clear the record of dead issues. The authorizations dealt with
consisted of $500.000 street widening bonds.$135.000 school funding bonds.
and $70,000 airport bonds.
CHICAGO, Cook County 111.-3961.350 WARRANTS CALLED FOR
PAYMENT.
-The Board of Education has called for redemption a toval
'
of $961.350 tax anticipation warrants of 1931, including $526.500 issued
against toe educational fund, $420,600 against the building fund, and
$14,250 of playground :Lund warra its. Interest on the warrants will cease
to accrue after Oct. 26 1933.
CHOWAN COUNTY (P. 0. Edenton), N. C.
-REPORT ON FINANCIALSTATUS.
-In response to our inquiry regarding the present financing
basis of his county, we are informed as follows by Richard D. Dixon,
Clerk of the Superior Court, in a letter dated Oct. 23:
Population, 11.282. Bonded indebtedness, $440,000; assessed valuation,
fiyi millions; in default on principal and interest, about $50,000. dating
from July 1 1932.
Tax Collecting History.
Year.
Amt. Levied. Per Cent Collected.
Valuation.
1928
99 plus.
$154,685
$10,000,000
1929
99 plus.
136,382
10.000,000
95 plus.
1930'
,
, ,
1931
80 plus.
106,527
8.000,000
1932
60% to Oct. 23'33
94,171
7,650,000
Should there be a decided pick-up in crop prices from now on, Chowan
County should be able to meet some of the past-due items on bonds and
interest.
CLALLAM COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Port Angeles), Wash.
-BOND OFFERING.
-Sealed bids will be received until
10.30 a.m. on Nov. 2, by Miss C. Staley, Secretary of the Board of Education, for the purchase of a $70.000 issue of school bonds. Due in 12 years,
optional in 5 years. We are informed by the above Secretary that the
bonds carried at the election on Oct. 7 by a count of 886 to 168. (See
V. 137, p. 2488.)
COHOES, Albany County, N. Y.
-FAILS TO OBTAIN BANK
LOAN.
-The National Bank of Cohoes and the Cohoes Savings Bank
refused recently to participate in a loan of $20,000 to the city through the
purchase of poor relief certificates of indebtedness, according to report.
COLUMBIA, Boone County, Mo.-BOND ISSUANCE PROPOSED.
At the general election on Nov. 7, it is said that the voters will be asked
to pass on the issuance of $175,000 in school bonds.
CONNECTICUT (State of).
-BORROWS ADDITIONAL $500.000.
The borrowing on Oct. 20 of an additional $500,000 from local banks to
pay ordinary expenses increased to $3,900,000 the total of temporary
loans negotiated to that date, according to report. The first considerable
State income is expected to be received during November, consisting of
about $2,000,000 to be paid over to the general fund from the Tax
Department.
COSHOCTON, Coshocton County, Ohio.
-BONDS AUTHORIZED.
-The City Council recently authorized the issuance of $12,000 poor relief
bonds.
COTTER, Baxter County, Ark.
-FEDERAL FUND ALLOTMENT.
-An allotment of $55,000 to this town for water works system construction
was announced on Oct. 25 by the Public Works Administration. A grant
of $12,900, representing about 30% of the cost of labor and material on
this project, was made by the PWA. The remainder is a loan secured
by 4% revenue bonds.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-$1.000.000 BOND
-The State Poor Relief Commission on Oct. 19 apISSUE APPROVED.
proved the County's application for permission to issue $1,000.000 PringleRoberts poor relief bonds.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-$3,760.000
-The three issues of 6% coupon or
-OFFERED FOR SALE.
BONDS RE
registered refunding bonds, aggregating 93.760,000. for which no bids were
-are being re-advertised for award at
obtained on Oct. 3-V. 137, jo. 2667
11 a. m.(Eastern Standard Time) on Nov. 13. This. however. is assumed
to be for the purpose of removing all technicalities in connection with the
financing, as the county has already announced that the bonds would be
offered in exchange for a like amount of special assessment and general
obligation issues which came due on Oct. 1 1933. Particulars of the issues
-V. 137. P. 2137, with
are the same as were contained in the first offering
the exception that the bonds are to be dated Nov. 11933. instead of Oct. 1
1933. Following the failure to sell the bonds, and in accordance with a
previous announcement, the county presented to holders of bonds, due
Oct. 11933. a "Plan of Exchange." The exchange offer, however, has been
delayed, owing to a defect in the bond proceedings which must be corrected
before the bonds can be approved by Squire, Sanders & Dempsey of Cleve-
3175
land.
-V. 137, P. 3006. It is believed that the present offering is being
made for that purpose.
DAYTONA BEACH, Volusia County, Fla.
-CITY BONDS ACCEPTABLE FOR TAX tAYMENTS.-The City Commissioners have authorized
by resolution the acceptance of city bonds at par in payment of delinquent
taxes of 1932 and prior years. It is reported in the Jacksonville "TimesUnion" of Oct. 19 that under the resolution tax sales certificates of dates
specified are redeemable with bonds of the city zone within which the
delinquent property is located, but only for the remainder of 1933. Credit
is given also for unpaid coupons at their face value for the same period.
Taxes for 1933 must be paid in cash.
DAYTON CITY SCHOOL DISTRICT, Montgomery County, Oh.o.
-The two issues of 57,coupon refunding bonds
-BONDS NOT SOLD.
aggregating $260.000 offered on Oct. 24-V. 137. p. 2838
-failed of sale.
as no bids were obtained. Dated Oct. 1 1933 and due serially on Oct. 1
from 1935 to 1944, inclusive.
DEARBORN, Wayne County, Mich.
-BONDS NOT SOLD.
-The
$368,760 not to exceed 4% interest coupon swimming pool revenue construction bonds offered on Oct. 24-V. 137, p. 2838
-failed of sale, as no
bids were obtained. The offering comprised three issues, due serially from
1936 to 1960 incl.
DENVER SCHOOL DISTRICT NO.1(P.O. Denver),Denver County,
Colo.
-BOND ELECTION.
-At a meeting held on Oct. 23 the Board of
Education called a special school bond refunding election for Nov. 28.
Taxpayers will be asked to authorize the issuance of $859,000 of bonds to
take the place of an equal total of bonds which mature in 1934 and 1935.
It is said that about 10% of the approximately $9,000,000 of school bonds
still outstanding are included in the refunding proposal. Portions of seven
issues which mature during the next two years are included.
DES MOINES, Polk County, Iowa.
-PROPOSED FEDERAL LOAN
APPLICATION.
-It was voted on Oct. 19 by the Board of Water Works
Trustees to ask the Public Works Administration for a 30% grant to make
water main extensions if the City Council will issue bonds for the remaining
70% of the cost.
DETROIT, Wayne County, Mich.-REF4INDING COMMITTEE
ASKS DEPOSIT OF BONDS OF DISTRICTS. VILLAGES AND TOWNSHIPS ANNEXED BY CITY.-Tne Bondnolders' Refunding Committee,
wnich announced last week the deposit for exchange of 53% of the more
than $300,000,000 bonds and notes affected by the projected refinancing
plan, and the availability of $1,118,730 for payment of interest charges
V. 137, p. 3006. has aiso issued the following supplementary statement:
"The Committee is advised that the following districts, villages and
townships were annexed wholly or i3 part by toe City of Detroit. Their
obligations should therefore be deposited to be refunded under the pain,
subject to the opinion of counsel as to their constituting valid obligations
of the City of Detroit."
Dearborn School District No. 1.
Hamtramck School District No. 6.
Gratiot School District No. 1.
Hamtramck Scnool District No. 9.
Greenfield School District No. 2.
Hamtramck School District No.10.
Greenfield School District h o. 3.
Oakwood School District No. 12.
Greenfield School District No.4.
Redford School District No. 1.
Redford School District No.2.
Greenfield Scnool District No. 9.
Greenfield School District No. 11.
Redford School District No. 7.
Grosse Pointe School District No. 1.
Redford Scnool District No. 10.
Grosse Pointe School District No. 8.
Redford Free School Distric; No.8.
Grosse Pointe School Distr ct No. 10. Redford and Greenfield School
Grosse Pointe and Gratiot Scnool
District No. 12.
District No. 7.
Springwells School District No. 7.
Oakwood Paving District No. 1.
Oakwood Paving District No. 2.
Village of Delray.
Village of Fairview.
Township of Greenfield.
Village and Township of Oakwood.
Vi lage and Township of Redford.
Village of St. Clair Heights.
Township of Springwells.
The City of Detroit, Michigan. Bondholders' Refunding Committee,
W. LAUD-BROWN, Secretary,
16 Wall St., N. Y. City.
Following a conference of city officials on Oct. 23 it was decided to
make payment of the $1,700.000 payroll due Oct. 30 on the basis of 80%
In scrip and 20% in cash, according to report.
DICKINSON (P. 0. Port Dickinson), Broome County, N. Y.
BOND SALE.
-The $30,000 coupon or registered Front St. Water District
No. 3 bonds offered on Oct. 20-V. 137. p. 2838
-were awarded as 4.10s
to the George D. B. Bonbright Co. at par plus a premium of $30, equal
to 100.10, a basis of about 4.09%. Dated Oct. 1 1933 and due $2,000
annually on Oct. 1 from 1938 to 1952 incl. Other bids for the issue were
as follows:
Prem.
BidderInt. Rate.
Sherwood & Merrifield, Inc
$33.00
5.50%
95.71
Rutter & Co
5.25%
101.00
Endicott National Bank
5.50%
85.30
Manufacturers & Traders Trust Co
5.307
0
144.00
A. C. Allyn & Co
5405
45.00
J. & W. Seligman & Co
5 205
132.00
Marine Midland Bank of Binghamton
5.25%
-A proposal
DOUGLAS, Allegan County, Mich.
-BOND ELECTION.
to issue $5,600 not to exceed 4% interest paving bonds will be submitted
to the voters at a special election to be held on Nov.6. Bonds would mature
9700 annually on Aug. 1 from 1934 to 1941 incl.
DOUGLAS COUNTY (P. 0. Superior), Wis.-FEDERAL FUND
-An allotment of $437,500 to this county for grading and
ALLOTMENT.
bridge projects has been announced by the Public Works Administration.
The PWA granted the customary 307 toward the cost of labor and material
o
on this project. The remainder is a loan secured by 4% general obligation
bonds.
DOUGLAS COUNTY UNION HIGH SCHOOL DISTRICT NO. 11
-The $10.000 issue of
-BONDS NOT SOLD.
(P. 0. Reedsport), Ore.
-was not
6% semi-ann. funding bond., offered on Oct. 9-V. 137, P. 2618
sold as no bids were received, according to the District Clerk. Dated
July 15 1933. Due $1.000 from July 15 1934 to 1943, inclusive.
-BOND ELECTION.
-A special
DOWNEY, Bannock County, Ida.
election will be held on Nov. 18, according to report, in order to have the
voters pass on the proposed issuance of $70,000 in 6% water works bonds.
-FEDERAL FUND ALLOTDURHAM, Durham County, N. C.
MENT.
-An aLotment of $710.000 to this city for sewer improvements
was announced on Oct. 18 by the Public Works Administration. The total
cost of laoor and materials will be approximately $533,000, of which 30%
will oe a Federal grant. The remainder of the funds is a loan secured by
4% general obligation bonds.
-INCREASE IN
DUVAL COUNTY (P. 0. Jacksonville), Fla.
-The following report is taken from
FEDERAL FUND ALLOTMENTS.
-Union" of Oct. 22:
a Washington dispatch to the Jacksonville "Times
"Duval County, Florida, which includes Jacksonville, led the Nation
.in the percentage of increase of obligations incurred from the public works
fund during the month of September, a gain of 69% being recorded.
"The total obligations increased from $98,904 to $166.959. In Dade
County, Miami, the obligation increased from $77.740 to $108,328, or
39%. Dade's September case total was 10,386, as compared with 11,460
In August, or a decrease of 9%.
"Duval's case total was 20.904 against 19,376, a gain of 8%."
EAST BUFFALO TOWNSHIP SCHOOL DISTRICT (P. 0. Lewisburg) Union County, Pa.
-Hector W. Ocker.
-BOND OFFERING.
District Secretary, will sell at puolic auction at 2:30 p. m. on Nov. 4 an
issue of $15,500 school bonds. Denom. $500. Rate of interest to be
announced at the time of sale.
EAST HAVEN, New Haven County, Conn.
-VOTES 5100.000 BOND
ISSUE.
-At a special meeting of the Town electors on Oct. 20, approval
was given to the issuance of $100,000 bonds for the purpose of providing
for the payment of part of the 5109,000 notes maturing shortly. The bonds
are to bear 4%% interest and mature $10,000 annually on Oct. 1 from
1934 to 1943, incl. The meeting also resulted in passage of the Finance
Committee's recommendation that taxes be made payable semi-annually
on March 15 and Aug. 15 instead of annually in July as at present. At
the same time it was decided to forego action on the proposal to issue bonds
to the Federal Government to provide for the construction of a $575,000
high school building. The favorable action on the $100,000 bond issue
Increased the total of bonds authorized and outstanding to 9620.201, It
is said. The Town's bonded debt limit at present is $826,865.
3176
Financial Chronicle
EAST LIVERPOOL,Colurnbiana County,Ohio.
-BOND ELECTION.
-At the general election on Nov. 7 the voters will consider the question
of issuing $998.640 bonds for the purpose of acquiring or constructing a
municipal electric light system. Preivously. It was reported that the
amount would be $1,251,891.23-V. 137, p. 1796.
EAST ORANGE, Essex County, N. J.
-OBTAINS BANK LOAN.
City Treasurer Clapp announced on Oct. 26 that local banks had granted
a loan of about $90,000 for the purpose of paying the salaries of school
teachers and other municipal employees for the second half of September.
It has not been determined when the October payroll will be met.
Oct. 28 1933
FOND DU LAC, Fond du Lac County, Wis.-FEDERAL FUND
ALLOTMENT.
-An allotment of $434,700 to this city for a water disposal
plant is stated to have been announced by the Public Works Administration.
Of the total,30% of the cost oflabor and materials, approximately $341,000,
is a grant. The remainder is a loan secured by 4% general obligation bonds.
FORREST, Livingston County, Ill.
-BONDS VOTED.
-At an
election held on Oct. 17 a vote of 223 to 52 was cast in favor of the proposal
to issue $332,000 water works construction bonds. The bonds. bearing
interest at 4% and due in 1956, will be purchased by the Public Works
Administration.
FORT LORAMIE SCHOOL DISTRICT, Shelby County, Ohio.
--BOND ELECTION.
-The question of issuing $335,000 not to exceed 6 ';
,
interest school building construction bonds will be submitted for consideration of the voters at the general election on Nov. 7,
FOSTORIA, Seneca County, Ohio.
-BOND OFFERING -Gerald
EAU CLAIRE COUNTY (P. 0. Eau Claire), Wis.-BONDS SOLD
D. King, City Auditor, will receive sealed bids until 12 m. on Nov. 9 for
We are informed by the County Clerk that the $50,000 block of road bonds
the purchase of $37.395 6% refunding bonds. The bonds to be refunded
tentatively offered in May
-has been sold to the Union
-V. 136. p. 3757
came due on Sept. 1 1933. The new issue will be dated Oct. 1 1933. One
National Bank of Eau Claire.
• bond for $395, others for $500. Due Oct. 1 as follows: $3,3'd5 in 1935;
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND OFFERING.
- $4,000 in 1936 and 1937; 33.000. 1938; $4,000 from 1939 to 1943, incl..
and $3,000 in 1944. Interest is payable in A. & 0. Bids for the bonds to
Francis C. Mishler, County Auditor, will receive sealed bids until 10 a. m.
bear interest at a rate other than 6%. expressed in a multiple of X of 1%,
on Nov. 15, for the purchase of $72,000 6% bonds. Dated Nov. 15 1933.
will also be considered. A certified check for $500, payable to the order of
Denom. $500. Due $8.000 on Nov. 15 from 1935 to 1943. Incl. Principal
the City Treasurer, must accompany each proposal. This issue was reand interest (M. & N. 15) are payable at the County Treasurer's office.
cently authorized by the City Council
-V. 137, p. 2339.
A certified check for 3% of the bonds bid for, payable to the order of the
Board of County Commissioners, must accompany each proposal. The
FREEDOM TOWNSHIP (P. 0. McKee) Blair County, Pa.
-BOND
opinion of Matson, Roos, McCord & Clifford of Indianapolis as to the
-William W. Wertman, Secretary of the Board of SuperOFFERING.
validity of the bonds will be furnished, and no conditional bids will be
visors, will receive sealed bids until 7:30 p. m.on Nov. 10, for the purchase
7
accepted.
of $4,000 55 coupon tax anticipation bonds. Dated Nov. 11933. Denom.
$500. Due Nov. 11943, optional after three years. Bonds may be regisEMPORIA, Lyon County, Kan.
-BOND RE
-ISSUANCE REQUIRED.
tered as to principal, and will not be sold at less than par. Interest is
-It is stated that the city win re-issue $19,000 in pavement bonds, because
payable in M.& N. They are being issued in accordance with Act No. 130,
Property owners have been delinquent in taxes. It is understood that the
approved by the State Legislature on May 18 1933. Successful bidder to
interest on the new bonds is 4X %,while the original rate was 5% and 5X%•
pay for any legal opinion required, although the Township will pay for
approval of the issue by the Pennsylvania Department of Internal Affairs.
EL PASO COUNTY (P. 0. El Paso), Tex.
-PROPOSED FEDERAL
Bids must be accompanied by a certified check for $500, payable to the
LOAN.
-It is stated by'the County Judge that an application has been
order of the Township.
made to the Federal Administrator for a loan for a right-of-way and the
county officials have offered to pledge $95,000 worth of road bonds voted
FULTON COUNTY (P. 0. Atlanta), Ga.-NO ACTION TAKEN ON
in 1931 as security for the loan. Application has also been filed for an
PROPOSED FEDERAL LOAN.
-We are informed by the County Clerk
$85,000 loan and grant to resurface lateral roads and the county has offered
that no definite action has as yet been taken in connection with the proposed
to pledge sufficient of the income from the road and bridge fund to secure
filing of the application with the Public Works Administration for a $2,500,repayment of this loan, provided the recent act of the Legislature authorizes
000 loan to be used for a joint city and county jail and court house annex.
such action.
GARFIELD COUNTY (P. 0. Glenwood Springs), Colo.
-WAREL PASO, El Paso County, Tex.
-BONDS VALIDATED.
- RANTS CALLED.
-It is reported that various school warrants are called
According to news reports from this city, the Legislature has passed a bill
for payment,interest ceasing on and after Nov.3 at the office of the County
validating the $1,500,000 refunding bonds authorized in 1932, in order to
Treasurer.
remove any question as to their legality. The bonds were questioned in a
suit by the city to forfeit $15,000 put up on an option to purchase the issue.
GEORGETOWN, Vermilion County, 111.
-REPORT OF PWA ALLOTMENT-The city has obtained an allotment of $140,000 from the PWA
EMERY, Hanson County, S. Dak.
-BONDS VOTED.
-At an election
to be used for the construction of a water works filtration plant, the Adheld recently, the voters are stated to have favored the issuance of $3,500
ministration announced on Oct. 25. This includes a direct gift of 30%
in 4% fire house and jail bonds by a substantial margin. Dated Dec. 15
of the approximately $100,000 to be used for labor and materials, while
1933. Due from 1937 to 1948.
the balance of the money represents a loan to the city, secured by its 4%
ENDERLIN SPECIAL SCHOOL DISTRICT NO.22(P. 0. Enderlin)
vevenue bonds.
Ransom County, N. Dak.-BOND OFFERING-Sealed bids will be
GLADSTONE SCHOOL DISTRICT, Delta County, Mich.
-BONDS
received until 2 p. m. on Oct. 31 by 0. C. Retzlafe, District Clerk, for the
VOTED.
-At the election held on Oct. 16-V. 137, p. 2668
-the proposal
purchase of a $23,500 issue of school bonds. Interest rate is not to exceed
to issue $25,000 school building remodeling and repair bonds was approved
6%,payable J. & J. Denom. $500. A certified check for 2% must accomby a vote of 67 to 19. The issue is to bear interest at 4% and mature
pany the bid.
Nov. 1 1948.
ERIE, Erie County, Pa.
-2500.000 BOND ISSUE APPROVED.
GLEN ULLIN, Morton County, N. Dak.-BOND ELECTION.
-It is
Thomas Mehaffey, Director of Finance, was informed on Oct. 10 that the
stated that an election will be held on Nov. 9 in order to vote on the proState Department of Internal Affairs had issued its certificate in approval
posed issuance of $14,000 in community hall bonds.
of the $500,000 5X% funding and refunding bond issue which was awarded
on Sept. 29 at par and accrued interest to E. H. Rollins & Sons of PhilaGLOUCESTER, Essex County, Mass.
-LOAN OFFERING.
-Wilmot
delphia and associates. Of the proceeds of the loan, $218,000 will be used
A. Reed, City Treasurer, will receive sealed bids until 2 p. m. on Nov. 1
to pay bonds now in default, while the balance will be applied to the payfor the purchase at. discount bas's of a $150,000 revenue anticipation loan.
ment of scrip and other floating indebtedness. V. 137, p. 2668.
Dated Nov. 6 1933. Denom. $25,000, $10,000 and $5,000. Due Feb. 9
1934. Payable at the First National Bank, Boston, or at the First of
ETNA, Allegheny County, Pa.
-BOND SALE.
-The issue of $16,000
Boston International Corp., N. Y. City. The notes will be authenticated
bonds offered on Oct. 16-V. 137, p. 2668
-was awarded as 4s to Singer,
as to genuineness and validity by the First National Bank of Boston.
Deane & Scribner of Pittsburgh, at par plus a premium of $266, equal to
under advice of Ropes, Gray. Boyden & Perkins of Boston.
101.66. a basis of about 4.29%. Dated Nov. 1 1933. Due as follows:
$5.000 in 1938 and 1943 and $6,000 in 1948.
GRAFTON COUNTY (P. 0. Woodsville), N. H.
-BOND SALE.The issue of $55.000 funding bonds offered on Oct. 24-V. 137, p. 3007
EUREKA, Lincoln County, Mont.
-BONDS VOTED.
-It Is reported
was awarded as 3Xs to Brown Bros. Harriman & Co. of Boston at a price
that at a recent election the voters approved the issuance of $30,000 in
of 100.155, a basis of about 3.70%. Dated June 15 1933 and due on Dec. 15
water bonds.
as follows: $5.000 from 1933 to 1935, incl. and $10,000 from 1936 to 1939.
FAIRFAX COUNTY (P. 0. Fairfax), Va.-BOND ELECTION.
-It is
incl. Bids for the bonds were as follws:
said that at the election in November, the voters will be asked to pass on
BidderInt. Rate. Rate Bid.
the proposed issuance of $50,000 in jail bonds. (A similar amount for this
Brown Bros. Harriman & Co. (purchasers)
3q57
100.155
purpose was recently allotted to this county by the Public Works Aciminis4J
Burr, Gannett & Co
100.22
tration.-V. 137, p. 2668.)
Ballou, Adams & Whittemore
4f
100.65
Arthur Perry & Co
100.34
FAIRMOUNT, Grant County Ind.-NOTE OFFERING.
4
-Sealed
Estabrook & Co
4jó/100.08
bids addressed to the Town Clerk will be received until 7:30 p. m.on Nov.6.
'
Paine, Webber & Co
for the purchase of $2.000 fire department equipment purchase notes.
4
100.57
E. H. Rollins & Sons
100.26
4%
FANNIN COUNTY (P. 0. Bonham), Tex.
-PROPOSED BOND ISSU-The bonds are payable as to both
ADDITIONAL INFORMATION.
-The County Commissioners are said to have given notice that
ANCE.
principal and interest (J. & D. 15) at the National Shawmut Bank, Boston.
$50,000 in bonds or warrants will be issued at the next regular meeting in
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
November to take up deficiency warrants. It is reported that the bonds
Financial Statement.
will bear 5% interest rate.
Assessed valuation (1932)
365,420,512
FANWOOD, Union County, N. J.
-BOND OFFERING.
-Samuel W.
Outstanding bonds
$178,000
McAneny, Borough Clerk, will receive sealed bids until 8:30 p. m. on
Present issue
55,000
Nov. 8, for the purchase of $120,000 not to exceed 6% interest coupon
bonds, divided as follows:
Total debt-------------------------------------------- 2233.000
$63,000 sewer assessment bonds. Due $7,000 on July 1 from 1934 to
1942, inclusive.
GRAND COUNTY (P. 0. Moab), Utah.
-FEDERAL FUND ALLOT57,000 sewer bonds. Due $3.000 on July 1 from 1934 to 1952, incl.
MENT.
-The Public Works Administration announced on Oct. 18 an
Each Issue is dated July 11933. Denom. $1,000. The entire $120,000
allotment of $130,000 to the Board of Education for building construction.
bonds mature annually on July 1 as follows: $10,000 from 1934 to 1942,
Of the total,30% of the cost oflabor and materials, approximately $103,000,
incl. and $3,000 from 1943 to 1952, incl. Principal and interest (J. & J.)
is a grant. The remainder is a loan secured by 4% general ooligation bonds.
are payable in lawful money of the United States at the Plainfield Trust Co..
Plainfield. The amount of the bid must be not less than $120,000 or more
GRAND ISLAND, Hall County, Neb.-BOND ELECTION.
-It is
than $120,999.99. Bidder to name a single interest rate for both issues.
reported that an election will be held on Nov. 21 in order to vote on the
A certified check for 2% of the bonds bid for, payable to the order of the
proposed issuance of $184,000 in storm sewer bonds.
Borough, must accompany each proposal. The approving opinion of Clay.
GRAND JUNCTION, Mesa County, Colo.
-FEDERAL FUND
Dillon & Vandewater of New York will be furnished the successful bidder.
ALLOTMENT-It was announced on Oct. 25 by the Public Works Administration that it had made an allotment of $100,000 to this city for
FLINT, Genesee County Mich.
-ANNOUNCES REFUNDING PRO
water works construction purposes. Of the total 30% of the cost of labor
GRAM.
-Olney L. Craft, Director of Finance, recently announced that the
and material on the project is a grant by the PWA. The remainder is a
city is prepared to proceed with the projected refunding of various bonds
loan secured by 4% general obligation bonds.
and interest coupons. The original program was reported in V. 137, P.
BOND CALL.
-It is stated that various paving districts, sidewalk
1274. The plan now proposed contemplates the refunding of general oblidistrict, sanitary sewer district bonds and combined sewer district bonds
gation serial bonds maturing from June 1 1932 to June 30 1935 incl.; special
are called for payment on Nov. 13 at the office of the City Treasurer.
assessment bonds maturing from Dec. 15 1932 to June 30 1935 incl., and
general obligation bond coupons maturing from Jan. 1 1932 to June 30 1933..
GRAYLING, Crawford County, Mich.
-BOND ELECTION.
-At an
Mr. Craft's recent statement continues as follows:
election to be held on Oct. 30 the voters will be asked to approve of a
"We request that bonds be deposited with the Citizens Commercial &
$37,300 general obligation water works bond issue, to bear 4% interest and
Savings Bank at Flint, Mich., as rapidly as possible. Coupons should
mature annually over a period of 30 years.
be mailed direct to this office as refunding notes will be issued in registered
GREEN TOWNSHIP SCHOOL DISTRICT, Ohio.
form in exchange for them.
-BOND ELEC"The refunding bonds are dated April 15 1933. The refunding notes
TION.
-At the general election on Nov. 7 the voters will be asked to ap(for coupons) are dated July 1 1933. Necessary adjustments because of
prove a $25,000 school building construction bond issue.
differing coupon dates between old and new bonds or the accumulated
GREENE COUNTY (P. 0. Xenia), Ohio.
-BOND OFFERING.
interest on defaulted bonds and(or) coupons will be paid in cash at the
James J. Curlett, County Auditor, will receive sealed bids until 12 m. on
time of exchange.
Nov. 10,for the purchase of *22,5006% poor relief bonds. Dated Nov. 10
"The legal opinion on general obligation refunding bonds and notes is
1933. Due March 1 as follows: $4,700 in 1934; $4.100, 1935; 34.300, 1936:
by Chapman & Cutler of Chicago, Ill. The legal opinion on special assess$4,600, 1937. and $4,800 in 1938. Interest is payable in M.& S. Bids for
ment refunding bonds is by Miller, Canfield, Paddock & Stone of Dethe bonds to bear interest at a rate other than 657, expressed in a multiple
troit, Mich.
of X of 1%, will also be considered. A certified check for $225, payable to
"Additional copies of the refunding proposal may be obtained through
the order of the County Commissioners, must accompany each proposal.
this office.
"Letters of transmittal to accompany bonds and(or) coupons may be
HALL COUNTY (P. 0. Gainesville), Ga.-BOND SALE.
-A $78,000
obtained from this office upon request.
issue of road bonds is reported to have boen purchased recently by J. II.
"Authority to refund in accordance with our previously published reHilsman & Co. of Atlanta.
funding proposal has been given by the Public Debt Commission of the
HAMILTON COUNTY (P. 0. Cincinnati), Ohlo.-BOND OFFERState of Michigan.
-E. J. Dreihs, Clerk of the Board of County Commissioners, will
ING.
OLNEY L. CRAFT,Diredor of Finance."
receive sealed bids until 12 m. on Nov. 10 for the purchase of $63,524.42
FOLKSTON, Charlton County, Ga.-BOND ELECTION.
4X % sanitary sewer construction bonds. Dated Nov. 1 1933. One bond
-It is reported that an election will be held on Nov. 20 in order to vote on the profor $524.42, others for $1,000. Due Nov. 1 as follows: $3,524.42 in 1935;
posed issuance of $17.000 in water system bonds.
$4,000 from 1938 to 1938, incl., and $3,000 from 1939 to 1954, incl. Prin.
EAST PALESTINE. Columbiana County, Ohio.
-BOND ELECTION.
A Proposal to issue $50.000 bonds to provide for the installation of watersoftening equipment will be submitted for consideration of the voters at
the general election on Nov. 7.
Volume 137
Financial Chronicle
and int.(M. & N.) are payable at the County Treasurer's office. Bids for
the bonds to bear interest at a rate other than 44% expressed in a multiple
of 11 of 1%, will also be considered. A certified check for 3636, payable to
the order of the County Treasurer, must accompany each proposal. A complete transcript of the proceedings will be furnished the successful bidder.
ADDITIONAL BOND ISSUE.
-Mr. Dreihs will receive sealed bids at
the same time for the purchase of $25.046.96 4%% water supply bonds.
Dated Nov. 1 1933. Due Nov. 1 as follows: $2,046.96 in 1935;$2,000 from
1936 to 1939, incl., and $1,000 from 1940 to 1954, incl. Bids for this loan
must be accompanied by a certified check for $251. The right to indicate
a rate of interest other than 43 % is reserved to the bidder.
HARRINGTON, Kent County, Del.
-RECEIVES PWA ALLOTMENT.
-An allotment of $125,000 to the town for a water disposal plant
has been announced by the Public Works Administration. This sum includes the usual grant of 30% of the cost of labor and materials, while the
balance of the total constitutes a loan by the PWA,secured by 4% general
obligation bonds.
HARTFORD (P.0. White River Junction), Windsor County, Vt.BOND ELECTION.
-At an election to be held on Oct. 30 the voters will
decide the fate of a public works program necessitating the issuance of
about $86.000 bonds. The Public Works Administration will be asked to
supply the requisite funds on the basis of a direct grant of 30% of the cost
of labor and materials, with the balance of 70% made available as a loan.
HASTINGS, Adam County, Neb.-BONDS VOTED.
-At an election
held on Oct. 17 the voters approved the issuance of $100,000 in storm sewer
bonds. We give the following report on the election as it appeared in the
Omaha "Bee" of Oct. 18:
"Hastings voters Tuesday favored the issuance of $100,000 in bonds
for the building of a storm sewer. On the basis of an unofficial tabulation
of votes, the count was 1,904 for the bond issue and 908 against it.
"A grant of 30% of the cost of the project will be asked of the Federal •
Works Administration. Plans for the project already have been approved
by the State Public Works Advisory Board."
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 28, N. Y.
COUPON PAYING AGENT NAMED.
-The Manufacturers Trust Co.
of New York City has been named coupon paying agent for $108,000 6%
tax anticipation certificates of indebtedness.
HERKIMER (P. 0. Herkimer), Herkimer County, N. Y.
-BOND
SALE.
-The $12,000 coupon or registered judgment bonds offered on
Oct. 24-V. 137, p. 3007
-were awarded as 510, at a price of par, to the
First National Bank of Herkimer. A bid of 100.33 for the issue at 6%
Interest was submitted by Sherwood & Merrifield, Inc. of New York City.
The bonds are dated Sept. 1 1933 and due $1,000 annually on March 1
from 1934 to 1945, inclusive.
-REPORT ON
HILLSBOROUGH COUNTY (P. 0. Tampa), Fla.
TECHNICAL BOND DEFAULT-The following communication was
sent to us recently by Chas. E. Culbreath, Clerk of the Circuit Court.
inlreply to our inquiry regarding the present status of the proposed refunding program:
"All special assessment bonds and all bonds included in the refunding
program are technically in default, pending the action of the Florida
Supreme Court on validation proceedings now before it.
An attack was made by taxpayers on the refunding. The Circuit
Court on Sept. 18 1933 ordered the bonds validated, but the taxpayers
filed an appeal to the Supreme Court.
We hope the appeal will be heard within the next 30 days."
HILLSBORO SCHOOL DISTRICT, Highland County, Ohio.
BOND ELECTION.
---A proposal providing for the issuance of $130,000
school building construction bonds will be among those to be considered
by the voters at the general election on Nov. 7.
HILLSIDE TOWNSHIP, N. J.
-H. L. Allen
-BOND EXCHANGE.
& Co., of New York, acting on behalf of the township, have effected
exchange of an additional 132,000 6% temporary assessment and impt.
bonds for a like amount of long-term serial obligations, according to report.
The temporary bonds are part of the total of $500.000 which came due
on Oct. 1 1933, of which only 567,000 remain to be exchanged for serial
bonds. The serial bonds mature from 1936 to 1940 incl. Refunding of
the $32,000 bonds was effected at a price of 99, it is said.
HOLLIDAYSBURG SCHOOL DISTRICT, Blair County, Pa.
BONDS NOT SOLD.
-No bids were obtained at the offering on Oct. 19
of $16,000 5% tax anticipaticm bonds
-V. 137, p. 2669. Dated Oct. 2
1933. Due Oct. 2 1943, optional in three years.
HOLTON, Jackson County, Kan.
-It is said
-BOND ELECTION.
that an election will be held on Nov. 3 in order to submit a proposal to
issue $100,000 in dam construction bonds.
HONEY BROOK, Juniata County, Pa.
-BONDS AUTHORIZED.The State Department of Internal Affairs on Oct. 17 approved of an issue
of $12,000 well and reservoir bonds.
HOOPESTON SCHOOL DISTRICT, Vermilion County, Iii.
PROPOSED BOND ISSUE.
-In accordance with a resolution adopted on
Oct. 6, the Board of Education has made public announcement of its
intention to issue up to $50,000 bonds for the purpose of providing for the
payment of delinquent teachers' salaries and other obligations incurred
prior to July 1 1933.
HOT SPRINGS, Fall River County, S. Dak.-PROPOSED FEDERAL
-In connection with the $32,200 sewage disposal bonds approved
LOAN.
by the voters on Sept. 12-V. 137, p. 2306
-we are informed by the City
Auditor that this is a Federal Aid project and the bonds will be sold to the
Public Works Administration.
HUNTINGTON (P. 0. Huntington) Suffolk County, N. Y.
BOND SALE -William Watt, Town Supervisor, reports that the $18,500
coupon or registered refunding water bonds offered on Oct. 20 were awarded
as 5%s to A. C. Allyn & Co. of New York at a price of 100.31, a basis of
about 5.22%. The sale consisted of:
$12,500 series A bonds. One bond for $500, others for $1,000. Due Nov. 1
as follows: ELM) from 1945 to 1956, incl. and $500 in 1957.
Interest is payable in M.& N.
5,000 series B bonds. Denom. $1,000. Due Jan. 1 as follows: $2,000 in
1949 and $3,000 in 1950. Interest is payable in J. & J.
1.000 series 0 bonds. Due Jan. 1 1949. Interest is payable in J. & J.
Each issue is dated Oct. 1 1933. Principal and semi-annual interest are
payable in lawful money of the United States at the Huntington Station
Bank, Huntington Station. Legality approved by Clay, Dillon & Vandewater of New York.
HUNTINGTON TOWNSHIP RURAL SCHOOL DISTRICT, Ross
County, Ohio.
-BOND ELECTION.
-The question of issuing $8,400
school lzmilding extension and repair bonds will be included on the ballot
at the general election on Nov. 7.
IDAHO FALLS SCHOOL DISTRICT (P. 0. Idaho Falls) Boonne•
villa County, Ida.
-It is stated by the
-PROPOSED BOND ELECTION.
Superintendent of Schools that an election will be held in the near future
to have a vote on the proposed issuance of bonds covering 70% of a proposed
$125,000 loan from the Federal Government, should the application be
granted. It is said the money would be used to reconstruct and enlarge
school buildings.
IMPERIAL, Ches. County, Neb.-BOND ELECTION.
-It' is said
that an election was held on Oct. 27 to vote on the issuance of $15,000 in
% village bonds. Due in 20 years. optional in 5 Years.
not exceeding
INKOM SCHOOL DISTRICT (P. 0. Inkom) Bannock County,
-BONDS VOTED.
-It is reported that at an election held on Oct. '7
Ida.
the voters approved the issuance of $25,000 in high school bonds.
INTERNATIONAL FALLS, Koochiching County, Minn.
-BONDS
-At the election held on Oct. 17-V. 137, p 2839
DEFEATED.
-the voters
.
rejected the proposal to issue $230,000 in water supply bonds. The count
on the proposal was 474 "for" to 242 "against," the vote being short of the
two-thirds majority required under the Home Rule Charter,
IONIA, Ionia County, Mich.
-BONDS VOTED.
-At an election held
on Oct. 16 the voters approved of $50,000 water works construction bonds
by a count of 884 to 306. The measure had been defeated on two previous
occasions.
IRONTON, Lawrence County, Ohio.
-BONDS NOT SOLD.
-No
bids were obtained at the offering on Oct. 25 of $21,000 6% refunding
bonds, dated Dec. 1 1933 and due $3,000 annually on Oct. 1 from 1937 to
1943 incl.-V. 137, p. 2839.
3177
JACKSON, Jackson County, Mich.
-PROPOSED VOTE ON BONDS
REJECTED.
-The City Commission on Oct. 19 rejected the proposal to
submit an $80,000 general obligation drainage bond issue for consideration
of the voters at the general election on Nov. 7.
JACKSON TOWNSHIP RURAL SCHOOL DISTRICT, Highland
County, Ohio.
-BOND ELECTION.
-The Board of Education has
announced that at the general election on Nov. 7 the voters will be asked
to approve of a 312,000 school building construction bond issue, to mature
in not more than 12 years.
JERSEY CITY, Hudson County, N. J.
-STATE SINKING FUND
-The State Sinking Fund Commission
PURCHASES $1,027,000 BONDS.
recently purchased $1,027,000 6% tax revenue bonds of the City on a
4.50% yield basis. Funds for the purpose,according to the Newark "News"
of Oct. 20, were obtained through the sale of a corresponding amount of
sinking fund holdings of Montclair, South Orange and Maplewood, Essex
County, Westfield, Ridgewood and Union County bonds, bearing interest
rates ranging from 4 to 5%%, to George E. Bailey & Co., investment
house of Jersey City, State Treasurer Middleton, a member of the Commission, stated that the purchase of the bonds, which mature in 1943, was
effected to assist Jersey City. The aforementioned newspaper further
commented on the purchase as follows:
"What the sinking fund did was swap $1,027,000 of the cream of its
holdings for the same amount of Jersey City tax revenue bonds. The
bonds that were sold by the State are marketablvat prices to yield from
4.75 to 5%. The Jersey City bonds were practically unsalable in the
open market, but they were taken by the State on a 4.50 basis."
BOND TRANSACTION TO BE INVESTIGATED.-Appropos of the
above transaction, Senator Kuser of the State Joint Economy and Reorganization Committee, has stated that a special meeting of that body will
be held on Nov. 9 for the purpose of inquiring into this latest purchase of
bonds by the State Sinking Fund Commission and to make a study of the
general practices of the Commission in such matters. The Committee's
findings will be presented for consideration of the State Legislature when
it convenes on Nov. 14 1933, according to Mr. Kuser, who, it is said,
further remarked as follows:
"It is my belief that drastic changes must be made in the operations of
the sinking fund to protect both the credit of the State and prevent raids
upon the State Treasury for the purposes of meeting maturities of municipal
bonds. As far as I am concerned, I shall use every means at my disposal
to secure action in this matter."
-BONDS
JOHNSTOWN SCHOOL DISTRICT,Cambria County, Pa.
AUTHORIZED.
-The State Department of Internal Affairs on Oct. 19
approved of an issue of $500,000 5% bonds.
-Sealed bids
KENOSHA, Kenosha County, Wis.-BOND OFFERING.
will be received until 2 p.m. (Central standard time) on Nov. 24, by A. E.
Axtell, Director of Finance, for the purchase of !TIE issues of coupon refunding bonds agg.regating $40,500, divided as follows; 511,000 school, 2d series
of 1925;510,000 school, series of 1929:57.500 grade separation; $5,000 school
2d series of 1930; $5,000 first public park; $2,000 New Bain school bonds.
Denom. $1,000, one for $500. Dated Dec. 15 1933. Due on Dec. 15 1940.
The bonds will not be sold for less than par, on the lowest interest bid.
Bidder must pay accrued interest from date of issue to date of payment.
The call for bids is on this basis; A par bid with the rate of interest which
the bidder will accept over the period stipulated by the bonds. Prin. and
int. (J. & D.) payable at the City Treasurer's office. Legality will be
approved by Chapman & Cutler of Chicago. Authority; Chap. 67, Wisc.
Statutes, 1933. A certified check for $400, payable to the city, must
accompany the bid.
-BOND BIDS TO BE
KENTUCKY, State of (P. 0. Frankfort).
RECEIVED.
-We are advised that the State ighway Commission will
receive proposals on Nov. 10 for the sale to the Commonwealth of the
following bridge revenue bonds; $135,000 Project No. 1; 353,000 Project
No. 2; 170,000 Project No. 3, and $111,000 Project No. 8 bonds.
.-An issue of
KNOX COUNTY (P.O. Knoxville) Tenn.
-NOTESALE
$150,000 tax anticipation notes was offered for sale on Oct. 25 and purchased
by the Hamilton National Bank of Knoxville, as 6s at par. Denom.$1,000.
Dated Oct. 25 1933. Due on June 25 1934. Payable at the Hamilton
National Bank. Legal approval by Masslich & Mitchell of New York.
No other bids were received.
LA CENTER SCHOOL DISTRICT(P.O.Vancouver),Clark County,
Wash.
-BONDS DEFEATED.
-It is reported that at an election held on
Oct. 14, the voters defeated the issuance of $17,500 in school construction
bonds.
•
LAC LA BELLE P. 0. Oconomowoc), Waukesha County, Wis.BOND DETAILS.
-The $3,500 issue of street paving bonds that was sold
at par recently
-V. 137, p. 2840
-was purchased by the Oconomowoc
National Bank as 68. Coupon bonds dated July 20 1933. Due $500 from
March 1 1934 to 1940 incl. Interest payable M.& S.
-Edward
LAKE PLACID, Essex County, N. Y.
-BOND OFFERING.
C. Herb, Village Clerk, will receive sealed bids until 2 p.m. on Oct. 30
for the purchase of $36,000 5% coupon or registered bonds, divided as
follows:
$18,000 water bonds. Due $1,000 on May 1 from 1938 to 1955. incl.
18,000 refunding bonds. Due $1,000 on Nov. 1 from 1934 to 1951, incl.
Each issue is dated Nov. 1 1933. Denom. $1,000. Bids will also be
considered for the bonds to bear interest at a rate other than 5%, but not
exceeding 6%. Principal and interest (M. & N.) are payable in lawful
money of the United States at the Lake Placid National Bank. A certified
check for 2% of the bonds bid for, payable to the order of the Village, must
accompany each proposal. The approving opinion of Thomson, Wood
& Hoffman of New York will be furnished the successful bidder.
-At the
-BOND ELECTION.
LAKEVILLE, Dakota County, Minn.
general election in November it is said that the voters will pass on the
proposed issuance of $15,000 in sewer and disposal plant bonds.
-REPORT ON PRESENT FINANLARGO, Pinellas County, Fla.
CIAL STATUS -Replying to our inquiry regarding the present official
status of the above-named municipality, we are advised as follows by
Geo. L. Brown. Town Attorney, in a recent communication:
"The 'City of Largo,' Fla., as established by Act of the Legislature
in 1925, does not now exist, as the Act was declared unconstitutional by
Supreme Court decision, and the place reverted to its old 'Town' Charter
and again became the 'Town of Largo.' The Town had issued, and feels
bound to pay the two issues of $35,000 each, one in 1915 and one in 1924.
We do not know the exact legal status of the other issues of bonds under
the 'City' charter of 1925. but it seems that since the Legislative Act was
unconstitutional and void, nothing legal could have been done under it,
and if that is the result of course the,present 'Town of Largo' is indebted
to the extent of about $70,000 only.
'
LIBERTY TOWNSHIP RURAL SCHOOL DISTRICT, Ross County,
Ohio.
-BOND ELECTION.
-A bond issue of $10.500 to finance tne construction of an addition to the present school building will be submitted
for consideration of the voters at the general election on Nov. 7. Issue
would mature within 20 years.
LINCOLN, Lancaster County, Neb.-FEDERAL FUND ALLOTMENT.-Tne Public Works Administration has anounced an allotment
of $216,000 to this city for a water distributing system. The customary
30% was granted by the PWA toward the cost of labor and materials on
this project. The remainder is a loan secured by 4% general obligation
bonds.
LINCOLN COUNTY (P. 0. Shoshone) Ida.
-BOND DETAILS.
The $44,000 tax anticipation bonds that was purchased at par by the First
National Bank of Boise
-bear interest at 6%. Due
-V. 137,, p. 2840
$26,000 on Jan. 2 1934 and $18,000 on July 2 1934. Interest payable at
maturity.
LINDENHURST, Suffolk County, N. Y.
-BONDS DEFEATED.
Timothy J. Gibson, Village Clerk,states that at the election held on Oct. 21
the proposal to issue $325,000 water system bonds was defeated by a vote
of 276 to 237.
LINN, Washington County, Kan.
-BONDS VOTED.
-The voters are
said to have recently approved the issuance of $26,616 in water works construction bonds.
LINN COUNTY (P. 0. Cedar Rapids), Iowa.
-An
-BOND SALE.
$85,000 issue of refunding bonds was offered at public auction on Oct. 23
3178
Financial Chronicle
and awarded to the Iowa-Des Moines Co. of Des Moines, as 4s, paying a
premium of $1.00, equal to 100.001, a basis of about 3.99%. Dated Nov. 1
1933. Due on Nov. 1 as follows: $30,000 in 1945 and 1946, and $25,000
in 1947. Interest payable M. & N.
LIVINGSTON PARISH SCHOOL DISTRICT NO. 3 (P. 0. Springville), La.
-BOND OFFERING.
-It is reported that sealed bids will be
received by W. E. Waicom, President of the Parish School Board, until
Nov. 14, for the purchase of a $25,000 issue of school bonds.
LIVINGSTON TOWNSHIP (P. 0. Livingston), Essex County,
N. J.
-NOTE FINANCING.
-The Township Committee adopted resolutions on Oct. 16 providing for the substitution of $329,814 tax revenue and
anticipation notes, bearing a later maturity date, for a corresponding
amount held by the Orange National Bank, which, as a result of liquidation
now in progress, will be replaced by the Orange First National Bank next
month, reports the Newark "News" of Oct. 17. The committee also voted
to issue $32,000 emergency relief bonds for a similar amount of notes held
by the institution. The notes being renewed are as follows: $31,736 against
outstanding 1930 real and personal taxes of that amount, $56,960 against
similar outstanding taxes for 1931, $92,225 against 1932 outstanding taxes
of $141,000, $54,208 tax revenue note against the first half of 1933 taxes
and $94,085 tax anticipation notes against last half of taxes for this year.
LUCAS, Richland County, Ohio.
-At the
-BOND ELECTION.
general election on Nov. 7 the voters will consider the question of issuing
$15,500 water works system construction bonds.
LYMAN COUNTY (P. 0. Kennebec) S. Dak.-BOND ELECTION.
At the regular election in November the voters will pass on the proposed
issuance of $40,000 in 4% road bonds. Due in 20 years.
McLOUGHLIN UNION HIGH SCHOOL DISTRICT (P. 0. Milton)
Umatilla County, Ore.
-Sealed bids will be received
-BOND OFFERING.
until 7;30 p. m. on Oct. 31, by W.C. McK nney, District Clerk, for the
purchase of a 845,000 issue of 55.5% refunding bonds. Dated Jan. 15 1933.
Due on Jan. 15 as follows; $6,000, 1935 to 1939, and $15.000 in 1940. Int.
payable J. & J.
McMINNVILLE, Yamhill County, Ore.
-BOND ELECTION.
-At the
regular election in November the voters will pass on the proposed issuance of
$56.000 in sewer system bonds. It is said that the project will cost about
$75,000, the money to be obtained from the Federal Government.
-BOND ELECTION.
MADISONVILLE, St. Tammany Parish, La.
It is reported that an election will be held on Nov. 21 in order to vote on
the proposed Issuance of $38,000 in water works bonds.
MAHONING VALLEY SANITARY DISTRICT (P. 0. Youngstown), Ohio.
-The Board of Directors
-NOTICE TO BONDHOLDERS.
has announced that interest and maturities of series "A" and "C" bonds,
due on Nov. 1 1933 at the State Treasurer's office, Columbus, will not be
paid on that date. Notice of a later date of payment will be published
when determined, according to the announcement.
-At an elecMALONE, Franklin County, N. Y.
-BONDS VOTED.
tion held on Oct. 25 the voters authorized a $100,000 bond issue to finance
a new sewerage system "with the assistance of State or Federal funds."
MANCHESTER, Hillsboro County, N. H.
-BOND SALE.
-Award
was made on Oct. 18 of $100,000 414
permanent improvement bonds to
Arthur Perry ac Co. of Boston, at a price of 102.319, a basis of about 4%.
Dated July 1 1933 and due $10,000 annually on July 1 from 1934 to 1943,
inclusive. (The original report of this sale, given in V. 137. p. 3008 inadvertently was published under the heading of Manchester, Hartford
County, Connecticut.)
MAPLE BLUFF (P. 0. Madison), Dane County, Wis.-BOND SALE.
-We are informed that the $15,000 issue of5% semi-annual road and drainage system bonds, voted on June 20-V. 137, p. 177
-was purchased by
the First Wisconsin Co. of Milwaukee, at a price of 100.64, a basis of
about 4.92%. Due in 10 years.
MARION, Linn County, Iowa,
-BONDS OFFERED.
-It is reported
that bids were received until 7:30 p.m. on Oct. 27 by W. K. Lothian, City
Clerk,for the purchase of a $16,000 issue ofsewer outlet and purifying plant
bonds. Printed bonds and attorney's opinion will be furnished by the
city.
MARION JUNCTION, Turner County, S. Dak.-BOND OFFERING
-Sealed bids will be received until 2 p. m. on Nov. 9 by Jonn J. Gering.
City Auditor, for the purchase of a $17,500 issue of coupon sewage disposal
system bonds. Interest rate is not to exceed 4%, payable semi-annually.
Denom. $1,000. Dated Aug. 29 1933. Due $500 in 1936 and $1,000.
1937 to 1953. Prin. and int. payaole locally. Legality approved by
Judge & Chapman of Sioux Falls. No certified check is required.
MARSHFIELD, Wood County, Wis.-BONDS NOT SOLD.
-We are
informed by the City Clerk that the $40,000 issue of5% special assessment.
street impt. bonds offered on March 17-V. 137. P. 3008
-was not sold,
the bids being rejected. Dated Oct. 15 1933. Due $4,000 from Oct. 15
1934 to 1943 incl.
MARTIN COUNTY (P. 0. Shoals) Ind.-BOND OFFERING.3. R. Marshall, County Auditor, will receive sealed bids until 10 a. m. on
Nov. 7 for the purchase of $11,000 6% poor relief bonds. Dated Nov. 7
1933. Denom. $550. Due $550 on May 15 and Nov. 15 from 1934 to
1944 incl. Interest is payable semi-annually.
MASKELL, Dixon County, Neb.-BONDS VOTED.
-At the election
held on Sept. 29-V. 137, p. 2308
-the voters approved the issuance of
$5,000 in water works bonds by a count of 58 to 5.
-Sealed bids
MEDFORD,Jackson County, Ore.
-BOND OFFERING.
will be received until 7:30 p. m.on Nov.7. by M.L. Alford, City Recorder.
for the purchase of a $311.000 issue of6% refunding bonds. Denom.$1,000.
Dated Jan. 11934. Due on Jan. 1 as follows: $13.000 in 1939; $14.000 in
1940 $15,000, 1941; $16,000. 1942; $17,000, 1943: $18,000, 1944; $19,000.
1945 $20,000, 1946: $21,000. 1947. $23,000. 1948: $24.000. 1949; $26,000.
1950 $27,000, 1951; $28,000. 1952 and $30,000 in 1953. Prin. and int.
(J. & J.) payable at the City Treasurer's office. A certified check for 2%
of the par value of the bonds is required. (These are the bonds that were
offered for sale without success on Sept. 19-V. 137. p. 2308.)
-REFUNDING BONDS
MENOMINEE, Menominee County, Mich.
AUTHORIZED.
-The City Council on Oct. 16 approved of an application
to the State Public Debt Commission for permission to refund $10,000 4g%
fire department equipment bonds which came due on Oct. 1 1933. The
bonds are dated April 1 1926. The new issue would be dated Oct. 1 1933
and mature $5,000 on Oct. 1 in 1936 and 1937.
-BONDS
MIDWAY SCHOOL DISTRICT, Washington County, Pa.
APPROVED.
-An issue of $20,000 school building construction bonds was
approved on Oct. 17 by the State Department of Internal Affairs.
-PROPOSED
MILFORD (P. 0. Milford), New Haven County, Conn.
VOTE ON BOND ISSUE.
-It is planned to hold an election on a proposal
providing for an issue of $900,000 bonds to finance the construction of a
sewage disposal plant.
MILLCREEK SCHOOL DISTRICT (I'. 0. Alvordton) Williams
County, Ohio.
-BOND OFFERING.
-F. D. Calvin, Clerk of the Board
of Education, will receive sealed bids until 12 m. on Nov. 18, for the purchase of $3,200 6% funding bonds. Dated Nov. 18 1933. Denom. $200.
Due $200 on May and Nov. 18 from 1934 to 1941, incl. Interest is payable
semi-annually. Bids for the oonds to bear interest at a rate other than 6%,
expressed in a multiple of X of 1%, will also oe considered. A certified
check for $32, payable to the order of the Board of Education, must
accompany each proposal. Bonds are being issued in accordnace with
Senate Bill No. 175 passed on Oct. 2 1933.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BONDS PARTIALLY AWARDED.
-Of the $1.200,000 coupon corporate purpose bonds
offered for sale on Oct. 23-V. 137. p. 3009-a block of $600,000 bonds was
awarded to a syndicate composed of the City Co. of New York, Inc., the
First Wisconsin Co. of Milwaukee. Blyth & Co. of New York, Kelley,
Richardson & Co. of Chicago, the First National Bank of St. Paul. A. G.
Becker & Co. of Chicago, and the Milwaukee Co. of Milwaukee, as 410,
at a price of 95.10, a basis of about 6.32%, with a 30
-day option on the
remainder of the issue. Due from Nov. 1 1934 to 1938, inclusive.
BONDS OFFERED FOR INVESTMENT.
-The successful bidders offered
the above bonds for public subscription priced as follows: 1934 maturity to
yield 4.50%;1935,4.75%; 1936. 5.00%, and 1937-38, 5.25%. They are
offered subject to the approval of legality by Chapman & Cutler of Chicago.
Oct. 28 1933
MINNEAPOLIS, Hennepin County, Minn.
-BOND SALE
-.The
$900 issue of special park acquisition and improvement bonds offered for
sale on Oct. 24-V. 137. p. 2840
-was purchased by the First National
Bank & Trust Co. of Minneapolis as 410 at par. Dated Nov. 1 1933.
Due $180from Nov.1 1934 to 1938,incl. No other bids were received.
MINOCQUA, Oneida County, Wis.-BOND ELECTION.
-It is said
that an election was held on Oct. 25 to vote on the proposed issuance of
$29,000 in sewage disposal plant bonds.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND OFFERING.
-Sealed bids addressed to F. E. Treon, Clerk of the Board of County
Commissioners, will be received until 10 a. m. on Nov. 14 for the purchase
of $848,000 6% coupon refunding bonds. Dated Oct. 1 1933. Denoms.
$1,000. $500 and $100. Due as follows: $42,000 April and $43,000 Oct. 1
from 1937 to 1945, incl.; $42,000 April and $41,000 Oct. 11946. Principal
and interest (A. & O.) are payable at the County Treasurer's office. Bids
for the bonds to bear interest at a rate other than 6%,expressed ma multiple
of X of 1%, will also be considered. A certified check for 38,480, payable
to the order of the County Treasurer, must accompany each proposal.
Reputable attorneys have been employed to assist in the preparation of
legislation and the issuance and sale of the bonds and will certify as to the
legality thereof, according to the notice of sale.
MONTPELIER, Bear Lake County, Ida
.-BOND ELECTION.
It is stated by the City Clerk that an election will be held on Oct. 31 to
vote on the issuance of $80,000 in water works system bonds. (This report
supplements the preliminary notice given in V. 137, p. 3009.)
MOUNT RAINIER, Prince Georges County, Md.-PWA ALLOTS
FUNDS.
-The Public Works Administration recently announced the allotment of $33,000 to the Town for street paving purposes, on the basis of
a grant of 30% of the cost of labor and materials, with the balance of the
cost representing a loan, secured by 4% general obligation bonds.
•
NACHES SCHOOL DISTRICT (P. 0. Yakima) Yakima County,
-It is stated that at a recent election the
Wash.
-BONDS DEFEATED.
voters rejected the issuance of $16,000 in school bonds.
NASHUA, Hillsboro County, N. H.-PWA ALLOTS FUNDS.
-The
Public Works Administration announced on Oct. 18 an allotment of $173,000
to the City to pay for the removal of street car tracks. This advance was
made on the basis of a direct grant of about 30% of the $145,000 to be
expended for labor and materials, with the balance representing a loan to
the City, secured by 4% general obligation bonds.
-BOND OFFERING.
NEW JERSEY (State of).
-John McCutcheon.
Secretary, announces that the Issuing Officials will receive sealed bids at
the State Treasurer's office until 12 m. on Oct. 31 for the purchase of
$5,000,000 not to exceed 5% interest, series C, Act of 1932, coupon or
registered emergency relief bonds. Dated Nov. 1 1933. Due $625,000
annually on Nov. 1 from 1934 to 1941, incl. Bidder to name a single interest rate for the entire issue, expressed in a multiple of X of 1%. Principal and interest (M. & N.) are payable at the First Mechanics National
Bank Trenton. Proposals must be accompanied by a certified check for
2% of the bonds bid for, payable to the order of Albert C. Middleton,
State Treasurer. Further details regarding the bond sisue, as contained
in the notice of sale, are as follows:
"The bonds will be a direct obligation of the State,and the faith and credit
of the State is pledged for the payment of interest thereon as the same shall
become due and the payment of principal at maturity. The principal and
interest of such bonds will be exempt from taxation of the State or by any
county, municipality or other taxing district of the State. It is expected
that the permanent bonds will be ready for delivery on or about Nov. 10
1933, but until permanent bonds can be prepared, the Issuing Officials may.
in their discretion, and if the successful bidder should desire it, issue in lieu
of such permanent bonds, temporary bonds or certificates, in such form
and with such privileges as to registration and exchanre for permanent
bonds as may be determined by the Issuing Officials. The opinion of the
Attorney-General, approving the validity of the bonds, will be furnished
the purchaser and circulars including forms of proposals may be obtained
upon application to Honorable Harry B. Salter at his office in the State
House. Trenton."
NEW ORLEANS, Orleans Parish, La.
-BONDS CALLED.
-It is
stated by Horace P. Phillips, Secretary of the Board of Liquidation, City
Debt, that the city will redeem Nos. 554 to 566 of court house bonds, on
Jan. 1 1934. on which date interest shall cease.
NEW PHILADELPHIA, Tuscarawas County, Ohio.
---BONDS
AUTHORIZED.
-Issuance of $13,400 poor relief bonds was authorized on
Oct. 19 by the State Poor Relief Commission.
NEWPORT, Cocke County, Tenn.
-BOND SALE NOT CONTEMPLATED.
-In connection with the $25,000 6% funding bonds authorized
in the legislative bill signed by the Governor last June
-V. 136. p. 4496
we are now informed that the bonds will not be offered for sale as it will be
unnecessary.
-APPLIES FOR FEDERAL LOAN.
NEW YORK (City of).
-Mayor
John P. O'Brien announced on Oct. 21 that he had signed an application
for a Federal loan of $2,020,000 to be used in completing the construction
of a steel pier shed at Pier 32, Canal St. The city has already spent
$501,210.34 on the project. The Mayor proposed that the Federal Government accept city corporate stock as security for the desired loan, the stock
to run for 30 years at an interest rate to be agreed upon. Of the total
estimated cost, $1,082,348 will go for labor and $771.682 for materials.
The money will be required, the Mayor indicated, in monthly instalments
over a period of a year, ranging from 810,000 the first month to a maximum
of $329,000 in the eighth month.
NEW YORK (City of).-OBTAINS ADDITIONAL $15,000,000 LOA21.
7
-Members of the city-wide banking group participating in the recently
formulated four-year financial plan for the city, which was approved at the
special session of the State Legislature last week-V.137, p.3003
one-day
on Oct. 25 arranged to make a loan of an additional $15,000,000 to the city
for general operating purposes. The banks agreed to purchase that amount
of4% revenue bills, due in the latter part of December. The initial advance
of $25,000,000 made in accordance with the provisions of the comprehensive
agreement between the municipal government and the banking syndicate
was granted at an interest rate of 4 X %. This sum was made available on
Sept. 29-V. 137, p. 2671. A further loan of $25,000,000 is expected to
be made to the city during the middle of November for payrolls and other
charges.
ADDITIONAL FEDERAL FUNDSSOUGHT
.-The Board of Education
on Oct. 25 voted to apply to the Federal Government for an additional
$11.075,000 to be used in the construction of thirteen more elementary
and high school buildings, thereby increasing to $27,571,808 the amount
sought for its building program.
NEW YORK (State of).
-AWARDS $29,500,000 BONDS.
-The
$29,500,000 coupon or registered bonds offered on Oct. 24-V. 137.i. 2841
-were awarded on a net interest cost basis to the State of 3.437 o to a
rd
composed of the City Company of New York, Inc., First National
syndicate
Bank, Guaranty Company of New York, Bankers Trust Co., Brown Bros.
Harriman & Co. and the First of Boston Corp. This group paid a price of
100.109 for $10,000,000 bonds as 3345. $10,000,000 as 310 and $9,500,000
as 334s. The interest cost of 3.437% in the present instance compares with
the rate of 2.936% obtained by the State at the sale on June 28 1933 of
$26.595,000 bonds to the Chase National Bank of New York and associates.
Commenting on the higher basis cost. State Comptroller Tremaine stated
that it was due largely to market conditions and to the fact that the bulk
of the bonds sold in June mature in a relatively short period of time in
comparison with the maturities of the bonds included in the current sale.
Another factor reported to have influenced the terms offered by the bankers
at the recent sale is the announcement of President Roosevelt regarding the
Government's new policy with respect to the domestic gold market, "as it
relates to the future value of the dollar." The $29,500,000 bonds sold on
Oct. 24 include the following:
$10,000,000 emergency construction bonds were sold as 330. Due $400.000
annually on Oct. 15 from 1934 to 1958, inclusive.
10,000,000 general improvement bonds were sold as 3 Xs. Due $400,000
annually on Oct. 15 from 1934 to 1958, inclusive.
9,500,000 grade crossing elimination bonds were sold as 334s. Due
$190,000 annually on Oct. 15 from 1934 to 1983. inclusive.
Each issue is dated Oct. 15 1933. Members of the successful group
immediately accepted subscriptions to tne issues at prices yielding from
0.75% to 3.50%, according to maturity. The large amount of orders
received necessitated the closing ofsubscription books at the close of business
on the day of the award, The $10,000,000 34% bonds are priced to yield
from 0.75 to 3.50%; the $10,000,000 310 from 0.75 to 3.47%, while the
Volume 137
Financial Chronicle
3179
yield range on the $9,500,000 33.1'% grade crossing elimination bonds is
from 0.75 to 3.35%. According to the bankers, the bonds meet the requirements as a legal investment for savings banks and trust funds in New York,
Massachusetts, Connecticut and certain other States. They are acceptable
to the State of New York as security for State deposits, to the Superintendent of Insurance to secure policyholders, and to the Superintendent of
Banks in trust for banks and trust companies.
In addition to the successful bid,two other offers were made for toe bonds.
A large syndicate needed by tne Chase National Bank of New York named
a price of 100.349 for all of the bonds at 3;i% interest, which figured an
Interest cost oasis to the State of 3.479%. The New York Life Insurance
Co. bid on Its now behalf for $5,000.000 bonds of the $9,500.000 grade
Creasing issue as 3SO,at a price of par. The following were associated with
the Chase National Bank in bidding for tne bonds: Hallgarten & Co.,
Barr Bros. & Co., Inc.' R. W.Pressprich & Co. Salomon Bros. & Hutzler,
N. W. Harris Co., Inc.;the
Co.: Hayden, Stone & Co.;
Kidder, Peabody &.
F. S. Moseley & Co., Blyth & Co., the Manufacturers Trust Co., the
Marine Trust Co. of Buffalo, the Empire Trust Co. the Northern Trust
Co. of Chicago, the Chemical National Bank & Trust Co., Edward B.
Smith & Co.,the Lee Higginson Corp.; J. & W.Seligman & Co., Hemphill.
Noyes& Co.: R. H. Moulton & Co., the New York State National Bank of
Albany, the Philadelphia National Co.. the National Commercial Bank &
Trust Co.. the Bank of American National Trust & Savings Association of
California, Stranahan, Harris & Co.', Graham. Parsons & Co.; the First of
Michigan Corp., Laurence M. Marlon & Co., the Wells-Dickey Co., the
Wells Fargo Bank & Union Trust Co., Kelley, Richardson & Co.: Green,
Ellis & Anderson; the Lawyers County Trust and Edward Lowber Stokes
& Co.
The official re-offering of the bonds by the bankers appears as an advertisement on page vi of this tssue.
PLEASANTVILLE, Westchester County, N. Y.
-BOND OFFERING.
-Gladys D. Valentine, Village Clerk, will receive sealed bids until 7 Pm.
on Oct. 31 for the purchase of $45,000 not to exceed 6% interest coupon or
registered highway bonds. Dated Nov. 1 1933. Denom. $1,000. Due
Nov. 1 as follows: $2,000 from 1935 to 1946, incl. and $3,000 from 1947
to 1953 incl. 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 the United States at the Mount Pleasant
Bank & Trust Co. Pleasantville. A certified check for $900, payable to
the order of the Village, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished the
successful bidder.
-BOND OPTION
NORTHAMPTON, Northampton County,_ Pa.
NOT EXERCISED.
-Hale A. Guss, Borough Manager, states that the
30
-day option granted to Leach Bros., Inc., of Philadelphia on an issue of
$167.000 4% coupon bonds, after no bids had been received on Sept. 19
-V.137, p. 2309
-was not exercised by the bankers. owing to the refusal
of their attorneys to certify to the legality of the bonds. The bankers.
in awaiting determination, had made public offering of the obligation at a
price of 102.50. yielding 4.20% to optional date and 4.75% thereafter,
as noted in V. 137, p. 2492. The bonds were to be dated Sept. 15 1933
and mature serially from 1938 to 1954,incl.,although optional Sept.151938.
NORTH BEND, Coos County Ore.-BONDS NOT SOLD.
-The
$30,500 issue of6% semi-ann, refunding bonds offered on Oct. 24-V.137,
p 3009
-was not sold as no bids were received, according to the City
Kecorder.
PULASKI, Pulaski County, Va.-FEDERAL FUND ALLOTMENT.
On Oct. 18 the Public Works Administration announced an allotment of
$30,000 to this town for oridge construction purposes. Of the total, 30%
of the cost of labor and materials, approximately $26.000, is a grant. The
balance is a loan secured oy 4% general obl gallon bonds.
PULLMAN SCHOOL DISTRICT NO. 59 (P. 0. Colfax), Whitman
County, Wash.
-MATURITY.
-The 120.000 school bonds that were
-V.137. p.2141
sold on Sept. 2 to L. A. Quaife of Rosalie as 4.95s at par
are due from 1935 to 1945, according to the County Treasurer.
-It is reported
-BOND ELECTION.
QUITMAN,Clarke County, Miss.
that an election was held on Oct. 28 in order to vote on the issuance of
$30,000 in water works bonds.
RADCLIFFE INDEPENDENT SCHOOL DISTRICT (P. 0. Rad-Sealed bids will
cliffe), Hardin County, Iowa.
-BOND OFFERING.
be received until Nov. 6 by W. Hoffman, President of the School Board,
for the purchase of an $8,500 issue of 4)% semi-annual school auditorium
and gymnasium bonds. Due in 20 years. (These are the bonds that were
voted by a count of 183 to 45 at the election on Oct. 6-V. 137, p. 3010.)
-WARRANTS
RIO GRANDE COUNTY (P. 0. Del Norte), Colo.
CALLED.
-It is said that various county and school warrants are called
for payment at the office of the County Treasurer. Interest ceases on
county warrants on Nov. 5, school warrants on Oct. 25.
SABINA VILLAGE SCHOOL DISTRICT, Clinton County, Ohio.
BOND ELECTION.
-At the general election on Nov. 7 the voters will be
asked to approve of the issuance of $25,000 school building addition construction boucle.
ST. CLOUD,Stearns County, Minn.
-VOTERS APPROVE MUNICIPAL PLANT CONSTRUCTION.
-We are informed by the City Clerk that
-the voters
at the referendum election held on Sept. 12-V. 137, p. 1617
approved the construction of a sewage disposal plant and artesian Water
softening plant. It is said that a bond election on the proposed issuance
of $431,000 bonds for these purposes will be held later.
-BOND OFFERING.
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
Sealed bids will be received until 1:30 p. m. on Oct. 31 by W. H. Borgen,
County Auditor, for the purchase of a $500,000 issue of 4% road bonds.
Denom. $1,000. Dated Nov. 1 1933. Due $50.000 from Nov. 1 1935
to 1944 incl. Prin. and hit. (M. & N.) payable in lawful money at the
Irving Trust Co. or at any other place designated by purchaser. The
bonds cannot be sold under par. Authority for issuance is Chapter 10,
Mimi. Stat. 1927, and amendments thereof and under the National
Industrial Recovery Act. Said bonds to be paid for within 10 days after
notice that the same are ready for delivery, and the said delivery and
payment to be made at the County Treasurer's office. If payment for
or delivery of said bonds is desired at any other place, it shall be at the
expense of the buyer. Blank bond forms will be furnished by the county
at its own expense, and no allowance will be made for the same, if furnished
by the successful bidder. The legality will be passed upon by Thomson,
Wood & Hoffman of New York. A 2% certified check is required.
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 27
(P. 0. Hibbing), Minn.
-PRICE PAID.
-The $100,000 Issue of funding
bond's that was purchased by the Hibbing Clearing House Association, as
-was sold at par. Due on Nov. 1 1934.
-V. 137. p. 3010
13s
-BOND ELECTION
SALT LAKE CITY, Salt Lake County, Utah.
CONTEMPLATED.
-It is said that a call for a special bond election
may be issued as Mayor Louis Marcus has announced that the city may
be unable to obtain a $3,014,900 public works loan unless long-term securities are authorized by popular vote.
SALT LAKE CITY SCHOOL DISTRICT (P. 0. Salt Lake City),
Utah.
-FEDERAL FUND ALLOTMENT.
-An allotment of 1300.000 to
the Board of Education for an addition to the junior high school building
was announced on Oct. 18 by the Public Works Administration. Approximately $240,000 of these funds will be used for labor and materials. A
grant of 30% of this sum was made by the PWA. The balance is a loan
secured by 4% general obligation bonds.
-An election
SANDSTON, Henrico County, Va.-BOND ELECTION.
Is said to be scheduled for Nov. 21 in order to have the voters pass on the
Issuance offrom $50,000 to $60,000 ofsewage disposal plant bonds. According to report an application will be made to the Federal Government for a
loan.
-BOND SALE.
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
The issue of $45,000 refunding bonds offered on Oct. 26-V.137. p. 2842
was awarded as 5s to Assel, Goetz & Moerlein of Cincinnati at par plus
a premium of $50.50, equal to 100.11, a basis of about 5.47%. Dated
Nov. 1 1933 and due $9,000 on Nov. 1 from 1935 to 1939 inclusive.
-It IS reported
-BONDS VOTED.
SANDY, Salt Lake County, Utah.
that at a recent election the voters approved the issuance of $15,000 in
water bonds by a count of 162 to 28.
-An
SAN FRANCISCO (City and County) Calif.
-NOTE SALE.
issue of $1,500,000 tax anticipation notes was offered for sale on Oct. 23
and was purchased by a syndicate composed of the Anglo-California
National Bank. the Bank of America National Trust & Savings Association,
and R. H. Moulton & Co., all of San Francisco, at 2%. Due on Dec. 20
1933.
SAULT STE. MARIE, Chippewa County, Mich.
-ADDITIONAL
INFORMATION.
-C. W. McNear & Co. of Chicago, paid a price of par
for the issue of $30.000 5 i'7 water department refunding bonds purchased
0
on Oct. 16--V. 137, p. 3011. Dated Nov. 1 1933. Interest payable semiannually. Denoms. $3,000 and $1,000.
SCIOTO COUNTY (P.O.Portsmouth), Ohio.
-BOND OFFERING.
Orin L. Graves Clerk of the Board of County Commissioners, will receive
sealed bids until 10:30 a. m. on Nov. 6 for the purchase of 183.000 514V
poor relief bonds. Dated Nov. 15 1933. Due 11,000 March and 12,000
Sept. 11934,and $5,000 March and Sept. 1 from 1935 to 1942 incl. Interest
is payable in M.& S. Bids for the bonds to bear interest at a rate other than
%. expressed in a multiple of ).‘ of 1%. will also be considered. Purchaser to pay charges, 1 any, for delivery of bonds outside of Portsmouth.
A certified check for 1% of the bonds bid for, payable to the order of the
County Commissioners, must accompany each proposal. Previous mention
of this Issue Was made in V. 137. p. 3010.
SEATTLE, King County, Wash.
-BOND CALL.
-It is reported that
H.L. Collier, City Treasurer, is calling for payment from Oct. 21 to Oct.31,
various local improvement district bonds and coupons.
SEATTLE, King County, Wash.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration has announced the allotment of $111.-
NORTH ELBA (P. 0. Lake Placid), Essex County, N. Y.
-BOND
OFFERING.
-Ethel M. Wells, Town Clerk, win receive sealed bids until
2 p.m. on Oct. 30 for the purchase of $20,000 5% coupon or registered
refunding bonds. Dated Nov. 15 1933. Denom. $1,000. Due $1,000
on Nov. 15 from 1934 to 1953, incl. Bids will also be considered for the
bonds to bear interest at a rate other than 5%, but not exceeding 6%.
Principal and interest (M. & N. 15) are payable in lawful money of the
United States at the Bank of Lake Placid A certified check for 2% of
the bonds bid for, payable to the order Of the
Town, must accompany
each proposal. The approving opinion of Thomson, Wood & Hoffman of
New York will be furnished the successful bidder.
ORANGE COUNTY (P. 0. Orlando), Fla.
-TEMPORARY LOAN.The County School Board is reported to have made arrangements with a
local bank for a loan of $100,000 to be used in the payment of teachers'
Salaries until revenue from taxes is available. It is said that the first allotment, for $27,500, will be Nov. 2 payments. The loan is based on the
revenue from the tax on auto license tags.
OREGON State of (P. 0. Salem).
-The $600,000
-BOND SALE.
issue of 4
0 semi-ann. Veterans' State Aid gold. Series No. 9 bonds
offered for sale on Oct. 20-Y. 137, P. 2841-was purchased by Stone &
We'aster and Blodget. Inc. of New York, at a peke of 91.26. a oasis of
about 5.12%. Dated Nov. 1 1932. Due on April and Oct. 1 from April 1
1946 to April 1 1949.
OREGON, State of (P. 0. Salem).
-MUNICIPALITIES AUTHORIZE BONDS.
-We are advised that the follow ng mun'cipalities have
authorized the acceptance of their general obligation bonds in payment of
special assessment liens, penalties and purchase price of lands, under
Chapter 13 of the Laws of 1933: Astoria, Eugene, Burns, Rainier, Bend,
Klamath Falls, La Grande, North Bend, Reedsport, and Vernonia.
OSHKOSH, Winnebago County, Wis.-BOND SALE.
-We are now
Informed that the $300,000 issue of emergency relief bonds authorized by
the City Council recently
-was purchased on Oct. 16
-V. 137, p. 2842
by the First Wisconsin Co. of Milwaukee as 4s,at a Price of 9810OTTUMWA, Wapello County, lowa.-BONDS OFFERED.
-It IS
reported that Letha Strang, Secretary of the River Front Commission, will
offer for sale at 2 p. m.on Oct. 27, an issue of 1120.000 improvement bonds.
PAGE COUNTY (P. 0. Clarinda), Iowa.
-BONDS AUTHORIZED.
-At a meeting held recently the Board of Supervisors passed resolutions
calling for the issuance of $22,000 in 43i% semi-annual bonds divided
as follows:
$17,000 funding bonds. Denom. $1,000. Dated Sept. 1 1933. Due on
Dec. 1 a f Mows. $5,000 in 1940 and 1941, and $7,000 in 1942.
5,000 funding bonds. Dated Sept. 1 1933. Due on Dec. 1 as follows:
$1.000 in 1936, and $2,000 in 1937 and 1938.
PAINESVILLE, Lake County, Ohio.
-PROPOSED EXPENDITURE
OF $100,400.
-The City Council bas approved of the preparation of plans
for the construction of a water storage reservoir at an estimated cost of
$100,400. It is believed that the Public Works Administration will contribute $27,500 to the cost of the project as an outright gift.
PARIS, Henry County, Tenn.
-BOND SALE AUTHORIZED.
-The
City Council is said to have adopted an ordinance recently authorizing the
sale of $60,000 in public improvement bonds to W. N. Estes & Co. of
Nashville. Dated Aug. 1 1933. Due from Oct. 1 1934 to 1943.
PARKER, Turner County, S. Dak.-BOND OFFERING.
-It is
reported that sealed bids will be received until 6 p. m.on Oct.31 by Emma A.
Clark, City Clerk. for the purchase of an $8,000 issue of 4% semi-annual
water works bonds. Dated Jan. 1 1934. A certified check for 5% of the
bid 18 required. (The tentative report on this offering appeared ink'. 137,
p.2671.)
PARK RIDGE, Cook County, III.
-PLAN FEDERAL LOAN.
-The
city proposes to issue $120,000 bonds to provide for the construction of a
new city hall building. The Public Works Administration will be asked to
make the necessary funds savailable, on the basis of a direct grant of 30%
of the cost, with the balance of 70% representing a loan to the city and
secured by 4% bonds,
PASCO, Franklin County, Wash.
-BONDS DEFEATED.
-At an
election held recently it is said that the voters rejected the proposed issuance
of 180,000 in water plant bonds by a decisive vote.
PASSAIC, Passaic County, N. J.
-BONDS NOTSOLD.
-No bids were
received on Oct. 24 at the offering of $1.410,000 not to exceed 6% interest
coupon or registered water system bonds
-N. 137. p. 3010. Bids were to
be based on one of three maturity schedules, depending on the rate of
interest named in the proposal.
PATEROS, Okanogan County, Wash.
-BONDS NOT SOLD.
-The
$16,000 issue of not to exceed 6% semi-ann. water bonds offered on Oct. 3
-V.137, p. 2309-was not sold up to Oct. 16, according to the Town Clerk.
He states that the Did of the State Finance Committee was the only bid
received and it was held up pending compeltion of loans from the State
and Federal Government.
PERRY SCHOOL TOWNSHIP, Marion County, Ind.
-BONDS
AUTHORIZED.
-The Board of Township Trustees has authorized the
issuance of $24,400 not to exceed 5% interest funding bonds, to mature
beginning July 1 1935. Interest will be payable semi-annually. The net
assessed value of all property in the taxing unit is S9,983.080, and the
present indeotedness without this issue IS $I 3,000. represented by outstanding bonds of said school township with interest not exceeding 6%
per annum and with no dilinquent interest thereon past due.
PHILIPSBURG, Centre County, Pa.
-BOND ELECTION.
-At the
general election on Nov. 7 the voters will pass upon a proposal calling for
the issuance of $33,000 street improvement bonds.
-FEDERAL FUND ALLOTPOCATELLO, Bannock County, Ida.
MENT.
-The Public Works Administration has announced allotments
aggregating 1.336,674, to this city, divided as follows: $187.000 distributing
reservoir, and $149,674 water Mains bonds. The PWA makes the customary 30% grant toward the cost of labor and materials. The remainder is
a loan secured by 4% general obligation bonds.
PORT ANGELES, Clallam County, Wash.
-BONDS VOTED.
It is stated that at an election held on 'Sept. 29 the voters approved the
issuance of $55,000 in bridge bonds by a wide majority. It is believed
that the city will make application to the Public Works Administration
for a loan.
-PURCHASERS.
PROVO, Utah County, Utah.
-The $15.000fig
semi-annual refunding bonds that were reported sold-V. 137. p. 3010
were purchased by a syndicate composed of the Continental National
Bank, the First Security Bank and Snow, Bergin & Co., all of Bait Lake
City, at par.
3180
Financial Chronicle
160 to this city for the construction of an arch bridge. The customary 30%
grant toward the cost of labor and materials was made by the Public Works
Administration. The remainder is a loan secured by 4% general obligation
bonds.
SHARPSBURG SCHOOL DISTRICT, Allegheny County, Pa.
BOND OFFERING.
-Roy Burkhart, President of the School Board, will
receive sealed bids until 8 p. in. on Nov. 13 for the purchase of $45.000
43.,41 or 5% coupon school bonds. Dated Dec. 1 1933. Denom. $1,000.
Issue is to mature on the basis of either $20,000 in five years and the balance
of $25.000 in 10 years, or the entire $45,000 in 10 years. Interest is payable
in J. & D. A certified check for $2,000, payable to the order of the District,
must accompany each proposal.
SHERIDAN COUNTY SCHOOL DISTRICT NO.46(P.O. Redstone)
Mont.
-BOND SALE DETAILS.
-The $1,879.52 issue of funding bonds
that was purchased by the State of Montana, as 6s, at par-V. 137, la•
2673
-is dated July 1 1933. Due in from 5 to 10 years, optional after 5
years. Interest payable J. & J.
SIOUX CITY SCHOOL DISTRICT (P. 0. Sioux City) Woodbury
County, Iowa.
-BOND ELECTION.
-It is reported that an election will
be held on Nov. 13 in order to vote on the proposed issuance of $385,000 in
school remodeling bonds.
SIOUX FALLS, Minnehaha County,S. Dak.-BONDS NOT SOLD.
The four issues of 4% semi-ann. bonds aggregating $575,000, offered on
Oct. 23-V. 137. p. 2673-were not sold as no bids were received, according
to the City Auditor. The lames are as follows: $300.000 city hall; $210,000
sewage disposal plant; $35,000 park impt. and $30,000 trunk sewer bonds.
Due serially in 30 years.
CORRECTION.
-It is stated by the Clerk of the Board of Education
that the report given in V. 137. p. 2673, to the effect that $600,000 school
bonds would be offered in conjunction with the above issues on Oct. 23,
is erroneous.
SOUTH EUCLID-LYNDHURST VILLAGE SCHOOL DISTRICT,
Cuyahoga County, Ohio.
-BOND OFFERING.
-Paul H. Prasse, Clerk
of the Board of Education, will receive sealed bids until 12 m.(Eastern
Standard Time) on Nov.3 for the purchase of $1,952.50 6% school building
equipment bonds. Dated Nov. 1 1933. One bond for $452.50, others for
$500. Due Oct. 1 as follows: $452.50 in 1935 and $500 from 1936 to 1938
incl. Interest is payable in A. & 0. Bids for the bonds to bear interest at
a rate other than 6%,expressed in a multiple of % of 1%, will also be considered. Bonds will be delivered at the main office of the Cleveland Trust
Co., Cleveland.
SPEARFISH, Lawrence County, S. Dak.-FEDERAL FUND
ALLOTMENT.
-It was announced on Oct. 25 by the Public Works
Administration that it had made an allotment of $64,280 to this city for
tee construction of a dam. Of the total, 30% is the customary PWA grant
toward the cost of labor and material. The balance is a loan secured by
4% general obligation bonds.
SPENCER, McCook County, S. Dak.-BOND OFFERING.
-Sealed
bids will be received until 8 p. m.on Oct. 30 by J. A. Callant, City Auditor,
for the purchase of a $21.000 issue of 4% semi-annual water works bonds.
SPOKANE COUNTY SCHOOL DISTRICT No. 330 (P.O.Spokane),
Wash.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m.
on Nov. 17, by Paul J. Kruesel. County Treasurer, for the purchase of an
$8,000 issue of school bonds. Interest rate is not to exceed 6%, payable
semi-annually. Dated Dec. 151933. Bonds to run for a period of 10 years
from date of issue. The various annual maturities of said bonds will
commence with the second year after date of issue and will (as nearly as
practicable) be in such amounts as will, together with interest on the outstanding bonds be met by equal annual tax levies for the payment of said
bonds and interest. Prin. and int. payable at the County Treasurer's
office, at the fiscal agency of the State in New York, or at the State Treasurer's office. A certified check for 5% is required.
STAPLETON, Logan County, Neb.-BONDS DEFEATED.
-At the
election held on Oct. 17-V. 137, p. 2843
-the voters rejected the proposal
to issue $16,400 In impt. bonds by a count of 62 "for" to 72 "against.'
SWISSVALE, Allegheny County, Pa.
-PROPOSED BOND ISSUE.
The Borough Council has under consideration the issuance of $100,000 4%
bonds for various improvement projects. Although the issue would be
advertised for sale in the usual manner, it is expected that the funds will
be supplied by the Public Works Administration on the basis of a loan and
grant,in accordance with the provisions of the National Industrial Recovery
Act.
TAFT, Kern County, Calif.
-BONDS DEFEATED.
-At the election
held on Oct. 17-V. 137, p. 2843
-the voters defeated the proposed issuance
of $75,000 in fire mains and water bonds. The count was 176 "for" to
108 "against," less than the required two-thirds majority.
THOMAS COUNTY (P. 0. Thedford), Neb.-BOND DETAILS.
The $14,000 issue of refunding bonds that was purchased by the Kirkpatrick-Pettis-Loomis Co. of Omaha
-V. 137, p. 2673
-was sold as 4%s
at par. Registered bonds dated Oct. 1 1933. Denom. $1,000. Due
$1.000 in 1936 and 1937, and $2,000 from 1938 to 1943. Interest payable
A. & 0.
TOMAH, Monroe County, Wis.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration has announced an allotment of $48,700
to this city for the construction of a municipal building. The total cost of
labor and material for this project will be about $41,400. Of this amount,
30% is a PWA grant. The balance is a loan secured by 4% general
obligation bonds.
TOOLE COUNTY SCHOOL DISTRICT NO. 1 (P. 0.Sweet Grass),
Mont.
-BOND SALE POSTPONED.
-It is stated by the District Clerk
that the sale of the $8,602.74 6% semi-ann. funding bonds, scheduled for
Oct. 10-V. 137. p. 2493
-was postponed.
TREMONT SCHOOL DISTRICT, Tazewell County, Ill.
-BOND
SALE.
-An issue of $3,000 5% high school building bonds has been purchased at par by a local bank. Due on Nov. 1 from 1935 to 1937 incl.
TRENTON, Grundy County, Mo.-BOND ELECTION.
-It 18 reported that at an election to be held on Nov. 14 the voters will be called
on to approve or reject the issuance of $250.000 in light and power plant
bonds. (This proposal was defeated at a previous election.
-V. 136 p.
2652.)
TRIPOLI SCHOOL DISTRICT (P. 0. Tripoli), Bremer County,
Iowa.
-BONDS VOTED.
-At an election held on Oct. 12 the voters are
said to have approved the issuance of $40.000 in school building bonds by
a count of 370 to 205.
TRUMANSBURG, Tompkins County, N. Y.
-The
-BOND SALE.
$59,000 coupon or registered water bonds offered on Oct. 20-V. 137, 13•
3011-were awarded as 5s to A. C. Allyn & Co. of New York at a price
of 100.82, a basis of about 5.68%. Dated Nov. 1 1933. Due Nov. 1
as follows: $2,000 from 1938 to 1966 incl., and $1,000 in 1967.
UHRICHSVILLE,Tuscarawas County, Ohio.
-BONDS APPROVED.
-An issue of $5,100 bonds for poor relief purposes was approved on Oct. 19
by the State Poor Relief Commission.
UTAH, State of (P. 0. Salt Lake City).
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration on Oct. 18 announced an
allotment of $1,515,000 to the State for building construction. Of the
total. 30% of the cost of labor and materials, approximately $1,183,000, is
a grant. The balance is a loan secured by 4% notes.
VINTON COUNTY (P. 0. McArthur), Ohio.
-BOND ISSUE
APPROVED.
-A bond issue of $10,300 to be sold for the purpose of providing poor relief funds was approved on Oct. 19 by the State Poor Relief
Commission.
WAGNER, Charles Mix County, S. Dak.-BONDS VOTED.
-At an
election held on Oct. 9 the voters approved the issuance of $8,500 in water
works and sewage bonds by a count of 153 to 61. Interest rate not to exceed
5%. Due in 10 years. It is said that an application or a loan will be made
to the Federal Government.
WARREN, Trumbull County, Ohio.
-BONDS NOT SOLD.
-The
Issue of $11,600 5% fire department equipment purchase oonds offered
on Oct. 6-V. 137. p. 2141-failed of sale, as no bids were obtained.
Dated Sept. 1 1933 and due serially on Oct. 1 from 1935 to 1939 incl.
Oct. 28 1933
WASHINGTON, Fayette County, Ohio.
-BOND ELECTION.A proposed issue of $300,000 water works plant acquisition bonds will be
considered by the voters at the general election on Nov. 7.
WASCO COUNTY (P. 0. The Dalles), Ore.
-BONDS OFFERED.
Sealed bids were received until 10 a. m. on Oct. 23, by H. W. Scherrer,
County Clerk, for the purchase of a $5,000 issue of not exceeding 4%
refunding bonds. Denom. $1,000. Dated Nov. 151933. Due $1,000 from
Nov. 15 1935 to 1939, incl. Interest payable M. & N. The proceeds are
to be used to take up and pay road bonds, payable on Nov. 15 1933.
WAYNE COUNTY (P. 0. Richmond), Ind.
-BOND SALE.
-The
issue of $84,000 6% coupon poor relief bonds offered on Oct. 20-V. 137,
-was awarded to C. W. McNear & Co. of Chicago at par plus a
P. 2142
premium of $2,576, equal to 103.06, a basis of about 5.30%. Dated
Nov. 15 1933. Due $5,250 on May and Nov. 15 from 1935 to 1942 incl.
ds f ro
BiBidder the issue were as follows:
Premium.
C. W. McNear & Co. (purchaser)
$2:5701. 0
1 484 1
3 0
6
Walter, Woody & Heimerdinger, Cincinnati
Magnus & Co., Cincinnati
Second National Bank, Richmond
425.00
Dickinson Trust Co., Richmond
610.05
WAYNESBORO SEPARATE SCHOOL DISTRICT (P. 0. Waynes-BOND ELECTION.
boro), Wayne County, Miss.
-At the general
election in November the voters vrill be asked to pass on the issuance of
$40,000 in school building bonds, according to report.
WESTMINSTER, Carroll County, Md.-BONDS APPROVED.
-At
an election held recently a proposal to Issue $250,000 sewerage system construction bonds was approved. The Public Works Administration has
already allotted $289,000 to aid in the project, it is said.
WILL COUNTY SCHOOL DISTRICT NO. 86 (P. 0. Joliet), III.
-J. G. Skeel, Clerk of the Board of
ADDITIONAL INFORMATION.
Education, states that the report of the purchase in August of $141,000
5% funding bonds at par by C. W. McNear & Co. of Chicago
-V. 137,
2(
.1 0Twas incomplete, in that the amount actually purchased was
1
64
-BOND REFUNDING PLANWILLOUGHBY, Lake County, Ohio.
NED.
-The Village Council has under consideration the proposed refunding
of $118,225 bonds which came due on Oct. 1 1933. This includes about
$93,000 special assessment and $25,000 general obligation bonds.
-NOTE SALE DETAILS.
WILSON, Wilson County, N. C.
-The
$30,000 6% revenue anticipation notes that were sold to the Branch Bank-V. 137. p. 3012
-are said to be dated
ing & Trust Co. of Wilson at par
Oct. 5 1933 and are due May 5 1934.
WINCHESTER Conn.-BOND OFFERING.
-J. Albert Smith, Town
Treasurer, will receive sealed bids until 7 p.m.on Oct. 31 for the purchase of
% coupon funding bonds. Dated Nov. 11933. Denom.$1,000.
$100,000
Due Nov. 1 as follows: $8,000 from 1935 to 1943 incl. and $7,000 from 1944
to 1947 incl. Principal and interest (M. & N.) are payable at the First
National Bank, Boston. This institution will supervise the preparation of
the bonds and will certify as to the genuineness of the signatures of the
officials and the seal impressed thereon. Legality to be approved by Ropes.
Gray, Boyden & Perkins of Boston.
WINCHESTER (P. 0. Winsted), Litchfield County, Conn.
-The Board of Selectmen on Oct. 10 authorized
BONDS AUTHORIZED.
a bond issue of $100,000 to provide for the payment of the floating indebtedness of the town.
WINCHESTER, Scott County, Ill.
-BONDS AUTHORIZED.
-The
City Council passed an ordinance on Oct.4 providing for an issue of $20,000
4% water works system bonds, to be dated Dec. 1 1933. Denom. $500.
Due $500 on June and Dec. 1 from 1934 to 1953 incl. Principal and interest
(J.& D.) payable at a bank or such other place mutually agreed upon by the
City and the successful bidder.
WINSTON-SALEM,Forsyth County, N.C.
-BONDS AUTHORITED.
At a meeting held on Oct. 20 the Board of Aldermen is reported to haveapproved the issuance of $1,552,000 in bonds to fund the city's floating indebtedness represented by short-term bond anticipation notes issued during
the past two years, which mature between Oct. 27 and Nov. 10. It is
understood that these 6% bonds are to be exchanged for the short-term
notes. Denoms. $1,000, $500 and $100. Due over a period of 10 years.
WOOD COUNTY (P. 0. Bowling Green), Ohio.
-BOND SALE.
The issue of $56,800 poor relief bonds offered on Oct. 12-V. 137. p. 2494
was awarded as 45s to Braun, Bosworth & Co. of Toledo at par plus
premium of $97, equal to 100.17, a basis of about 4.43%
Dated Oct. 1
1933 and due on March 1 as follows: $11,600 in 1934; 310,300, 1935;
311,000. 1936; $11,600 in 1937, and $12,300 in 1938.
WRIGHT COUNTY CONSOLIDATED SCHOOL DISTRICT No. 8
(P. O. Mountain Grove), Mo.-FEDERAL FUND ALLOTMENT.
-An
allotment of $69,157 to this district for school construction was announced
on Oct. 25 by the Public Works Administration. Of the total cost of labor
and material on this project approximately $63,000, the PWA makes a
grant of 30%. The balance is a loan, secured by 4% general obligation
bonds.
YANKTON, Yankton County, S. Dak.-BONDS NOT SOLD.
-The
four issues of4% semi-ann. bonds aggregating $114,250,offered on Oct.23-were not sold and the matter was laid over until Oct. 30.
V. 137. p. 2674
It is stated by the City Auditor that no bids were received, The issues are as
follows: $70,000 city hall; $28,500 water works and sewerage; $8,750 street
impt. and $7,000 paving repair bonds.
YOUNGSTOWN, Mahoning County, Ohio.
-BOND ELECTION.
At the general election on Nov. 7 the voters will be asked to approve of
the issuance of $500,000 bonds "for the purpose of acquiring and installing
electric light equipment for the transmission of electricity and for supplying
electricity to the corporation and the inhabitants thereof."
YOUNGSTOWN, Mahoning County, Ohio.
-BONDED DEBT
PLACED AT $7,216,638.
-Hugh D. Hindman, Director of Finance, recently stated that the bonded debt of the City at the close of the year,
all maturities have been met and new bonds of $1,298,060.97 sold
after
will be $7,216.638, according to report.
OCT. 1 BOND INTEREST PAID.
-Mr. Hindman stated on Oct. 24 that
all interest which was due on Oct. 1 1933 was being paid on the later date.
CANADA, Its Provinces and Municipalities
COBALT, Ont.-AGAIN DEFAULTS ON SCHOOL BONDS.
-The
Town has decided to again default on $2,200 school bonds guaranteed
by the Province of Ontario and held by the Canadian Bank of Commerce,
according to the "Financial Post" of Toronto of Oct. 21. In addition, the
Town Council has informed Provincial authorities that the municipality
Is no longer able to pay its 20% share of poor relief expenses and has asked
the Government to assume the entire load.
EAST YORK TOWNSHIP, Ont.-DEFAULTS ON BONDS.
-Although interest payments are being met, the township has defaulted in
payment of bond principal, according to the "Financial Post" of Oct. 28.
Its funded debt on Dec. 31 '32 amounted to $6,289,932, it is said, while the
population is over 30,000. York Township, Ont., which also is in default.
-V 137. p. 3012-is one of the largest creditors of the above-mentioned
municipality. holding 11,000,000 bonds. No interest has been paid
on that amount, according to report. The Ontario Municipal Board is
expected to assume charge of East York Township's affairs, with a view
toward refunding its indebtedness, it is further stated.
HULL, Oue.-ADDITIONAL INFORMATION.
-The $115,506 5 %
bonds awarded on Oct. 16 to the Banque Provinciale du Canada at a price of
98.30, a basis of about 5.75%-V. 137, p. 3012-bear date of May 1 1933
and mature on May 1 as follows: $1,500 in 1934 and 1935; 32,000 from 1936
to 1940 incl.; $2,500 in 1941 and 1942, and $97,500 in 1943.
MONTREAL, Que.-DEFICIT IN 1932.
-The annual report of the
Director of Finance,submitted to the City Council on Oct. 19, and covering
the fiscal year ended Dec. 31 1932. shows that municipal operations in
that period resulted in a deficit of $1,426,584, according to report.
-An issue of 155,0005% bridge bonds was
PARIS, Ont.-BOND SALE.
sold recently to Gairdner & Co. of Toronto at a price of 99.62, a basis of
about 5.04%. Due serially in from 1 to 20 years.
@FedFRASER